National Integrity VAROOM

As filed with the Securities and Exchange Commission on April 24, 2020

Registration Nos. 333-167372and 811-04846

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-4

REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933

Pre-Effective Amendment Number

Post-Effective Amendment Number: 11    [ x]

REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940

Amendment Number: 136    [ x]

(Check appropriate box or boxes)

Separate Account I of National Integrity Life Insurance Company

(Exact Name of Registrant)

National Integrity Life Insurance Company

(Name of Depositor)

400 Broadway, Cincinnati, Ohio 45202

(Address of Depositor's Principal Executive Offices) (Zip Code)

(513) 629-1114

(Depositor's Telephone Number, including Area Code)

The Western and Southern Life Insurance Company

(Name of Guarantor)

400 Broadway, Cincinnati, Ohio 45202

(Address of Guarantor's Principal Executive Offices) (Zip Code)

(513) 629-1114

(Guarantor's Telephone Number, including Area Code)

Bryan J. Kreyling, Esq.

Associate Counsel

Western & Southern Financial Group, Inc.

400 Broadway

Cincinnati, Ohio 45202

(Name and Address of Agent for Service)

Approximate Date of Proposed Public Offering:Continuous

It is proposed that this filing will become effective (check appropriate box)

	immediately upon filing pursuant to paragraph (b) of Rule 485
x	on May 1, 2020 pursuant to paragraph (b) of Rule 485
	60 days after filing pursuant to paragraph (a)(1) of Rule 485
	on (date) pursuant to paragraph (a)(1) of Rule 485
	75 days after filing pursuant to paragraph (a)(2) of Rule 485
	on (date) pursuant to paragraph (a)(2) of Rule 485

If appropriate, check the following box:

This post-eff amendment designates a new effective date for a previously filed post-eff amendment.

Title of Securities Being Registered: VAROOM^® Flexible Premium Variable Annuity

VAROOM^®Variable Annuity

May 1, 2020

National Integrity Life Insurance Company

Separate Account I of National Integrity Life Insurance Company

This prospectus describes a flexible premium variable annuity contract. This prospectus contains information about Separate Account I of National Integrity Life Insurance Company (Separate Account I) and the contract that you should know before investing. You should read this prospectus and any supplements, and retain them for future reference.

The Securities and Exchange Commission (SEC) has not approved or disapproved these securities or determined that this prospectus is adequate. Any representation to the contrary is a criminal offense.

A registration statement relating to this contract, which includes a Statement of Additional Information (SAI) dated May 1, 2020, material incorporated by reference, and other information about Separate Account I and National Integrity Life Insurance Company, has been filed with the SEC (file numbers 811-04846 and 333-167372). The SAI is incorporated by reference into this prospectus. A free copy of the SAI is available by sending in the form on the last page of this prospectus, or by writing or calling our Administrative Office listed in the Glossary. The SEC maintains a website at www.sec.gov that contains the SAI and other information that is filed electronically with the SEC. The table of contents for the SAI is at the end of Part 9 of this prospectus.

Beginning on January 1, 2021, as permitted by regulations adopted by the SEC, paper copies of the annual and semi-annual shareholder reports for the Funds available under your variable annuity contract will no longer be sent by mail unless you specifically request paper copies of the reports from National Integrity Life Insurance Company or your financial intermediary. Instead, the reports will be made available on our website at www.westernsouthern.com, and you will be notified by mail each time a report is posted and provided with a website link to access the report.

You may elect to receive all future reports in paper and free of charge. You can contact us at 1-800-433-1778 or contact your financial intermediary if you wish to continue receiving paper copies of your shareholder reports. Your election to receive reports in paper will apply to all Funds available under your variable annuity contract.

The contract must be issued as a traditional IRA, Roth IRA, or SEP IRA (collectively referred to as IRAs). This contract does not provide the tax advantages typically provided by an annuity contract. The tax advantages of this contract exist solely through its qualification as an IRA.

Except for the Fidelity VIP Government Money Market Portfolio, the Funds available for investment under this contract are also available for direct purchase by the general public.

Two of the reasons Exchange-Traded Funds (ETFs) are attractive to direct purchasers are tax efficiency and cost-effectiveness.  Tax efficiency associated with ETFs will not be realized by purchasing this contract because this contract is an IRA.  The ETFs in which the subaccounts invest are cost-effective, but that cost-effectiveness will be reduced by the expenses of this contract. These expenses include the administration expenses that are used, in part, to reimburse us for the cost and commissions associated with investing in the underlying ETFs.

If you purchase shares of these Funds directly from a broker-dealer, you will not pay separate account expenses, but may pay commissions. You will also not have access to an annuity benefit, a guaranteed Death Benefit and an optional guaranteed living benefit. Because of these additional separate account expenses, which affect your contract values and the returns on your investment, you should refer only to information about returns on the Subaccount Units available through this contract, and should not refer to information about returns on these Funds that may be available through other sources.

This annuity is not a deposit of a bank or other financial institution. It is not insured by the Federal Deposit Insurance Corporation, the National Credit Union Share Insurance Fund or other federal entity. It is subject to investment risks, including possible loss of the principal amount invested.

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This prospectus does not constitute an offering in any jurisdiction where such offering may not lawfully be made. No person is authorized to make any representations in connection with this offering other than those contained in this prospectus.

You may invest your premiums in any of the Subaccounts listed below.

Equity Subaccounts

iShares^® Core S&P 500 ETF

iShares^® Core S&P Mid-Cap ETF

iShares^® Core S&P Small-Cap ETF

iShares^® S&P 500 Growth ETF

iShares^® S&P 500 Value ETF

Vanguard^® Dividend Appreciation Index Fund, ETF Shares

Vanguard^® Large-Cap Index Fund, ETF Shares

Vanguard^® Mega Cap Index Fund, ETF Shares

Fixed Income Subaccounts

Fidelity^®VIP GovernmentMoney Market Portfolio, Initial Class

iShares^® Core U.S. Aggregate Bond ETF

iShares^® iBoxx $ High Yield Corporate Bond ETF

iShares^® Intermediate-Term Corporate Bond ETF

iShares^® TIPS Bond ETF

Vanguard^® Intermediate-Term Corporate Bond Index Fund, ETF Shares

Vanguard^® Short-Term Bond Index Fund, ETF Shares

Vanguard^® Total Bond Market Index Fund, ETF Shares

International and Alternative Subaccounts

iShares^® International Treasury Bond ETF

Vanguard^® Developed Markets IndexFund, ETF Shares

Vanguard^® Emerging Markets Stock Index Fund, ETF Shares

Vanguard^® Real Estate Index Fund, ETF Shares

iShares ® and Blackrock® are registered marks of BlackRock, Inc. and its affiliates (BlackRock). All other trademarks, service marks or registered trademarks are the property of their respective owners. BlackRock's only relationship to National Integrity Life is the licensing of certain trademarks and trade names of BlackRock. National Integrity Life's variable annuities are not sponsored, endorsed, sold or promoted by BlackRock. BlackRock makes no representations or warranties to the owners of National Integrity Life's variable annuities or any member of the public regarding the advisability of investing in them. BlackRock has no obligation or liability in connection with the operation, marketing, sale or trading of National Integrity Life's variable annuities.

Vanguard is a trademark of The Vanguard Group, Inc.

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TABLE OF CONTENT

	Page VN-
Glossary	5
Part 1 – Fees and Expense Tables and Summary of Contract	7
Fees and Expenses	7
Contract Owner Transaction Expenses	7
Separate Account Annual Expenses	7
Total Annual Fund Operating Expenses	7
Examples	9
Accumulation Unit Values	9
Summary of Contract	10
This Contract is an IRA	10
Parties to the Contract	10
Your Rights and Benefits	10
Investment Goals and Risks	11
Account Value and Surrender Value	11
Your Right to Revoke (Free Look Period)	11
Part 2 – National Integrity Life and the Separate Account	12
National Integrity Life Insurance Company	12
Separate Account I	12
Subaccounts	12
Distribution of Variable Annuity Contracts	13
ETF Custodian	13
Changes in How We Operate	13
Part 3 – Your Investment Options	14
The Fund Families and the Funds	14
Static Asset Allocation Models	18
The Fixed Account	18
Part 4 – Deductions and Charges	19
Separate Account Charges	19
Fund Expenses	19
Withdrawal Charge	19
Reduction or Elimination of the Withdrawal Charge	20
Commission Allowance and Additional Payments to Distributors	20
Optional Benefit Charges	21
Tax Reserve	21
State Premium Tax	21
Part 5 – Terms of Your Variable Annuity	21
Purchasing the Contract	21
Premium Payments	22
Units in Our Separate Account	23
How We Determine Unit Value	23
Allocations and Transfers	23
Detrimental Effect of Trading on Unit Values	24
Specific Notice Regarding the Use of this Annuity for Market Timing or Frequent Trading	25
Withdrawals	25
Free Withdrawal Amount	26
Timing of Payment of a Withdrawal or Surrender	26
Assignments	26
Death Benefit	26
Spousal Continuation	28
Selecting and Changing Your Beneficiary	28

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Filing Death Claims	28
Maturity Date and Annuity Option	29
Annuity Payments	29
How You Make Requests and Give Instructions	30
Abandoned or Unclaimed Property	30
Part 6 – Optional Benefits	30
Guaranteed Lifetime Withdrawal Benefit	30
Lifetime Payout Amount (LPA)	30
Nonguaranteed Withdrawal	32
Other Important Facts about Withdrawals	32
GLWB Rider Charge	33
GLWB Investment Strategies	34
Allocations and Transfers for the GLWB	35
Withdrawal Protection for Required Minimum Distributions	36
Continuation of the Spousal GLWB at Owner’s Death	36
Guaranteed Payment Phase	36
Cancellation and Termination of Rider	37
Additional Rules	37
Additional Rules that Apply to the Spousal GLWB Rider	37
Should You Purchase the GLWB Rider	38
Examples	38
Part 7 – Voting Rights	38
How Fund Shares Are Voted	38
How We Determine Your Voting Shares	38
Part 8 – Tax Aspects of the Contract	39
Tax Status of the Contract	39
Types of IRAs	39
Rollovers and Transfers	40
Early Distributions	40
Required Minimum Distributions (RMD)	41
CARES Act	41
Inherited IRAs	42
Federal and State Income Tax Withholding	43
Tax Status of the Company	43
Transfers Among Subaccounts	43
Seek Tax Advice	44
Part 9 – Additional Information	44
Systematic Withdrawal Program	44
Cyber Security and Certain Business Continuity Risks	44
Anti-Money Laundering	45
Income Plus Withdrawal Program	45
Choices Plus Required Minimum Distribution (RMD) Program	46
Systematic Transfer Program	46
Customized Asset Rebalancing Program	46
Legal Proceedings	47
Table of Contents of Statement of Additional Information	47
Appendices	48
Appendix A – Financial Information for Separate Account I of National Integrity Life	48
Appendix B – Withdrawal Charge Examples	58
Appendix C – Illustrations of Guaranteed Lifetime Withdrawal Benefit	60

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GLOSSARY

Account Value - the value of your contract, which consists of the value of your Investment Options added together.

Administrative Office - the address you are required to use to make requests and give instructions about your annuity contract.

Regular Mail:	Overnight Mail:
National Integrity Life Insurance Company PO Box 5720 Cincinnati, Ohio 45201-5720	National Integrity Life Insurance Company 400 Broadway, MS 74 Cincinnati, Ohio 45202-3341
Phone:
1-800-433-1778

Annuitant- the human being whose life is used to determine the Maturity Date of the contract and the amount of the Annuity Option.

Annuity Date - any date on or before the Maturity Date that you elect an Annuity Option.

Annuity Option - an arrangement under which income payments are made.

Business Day - any day that the New York Stock Exchange is open.

Contract Anniversary - occurs once annually on the same day as the Contract Date.

Contract Date - the date we issue you the contract; it is shown on the specification pages of your contract.

Contract Year - a year that starts on your Contract Date or any Contract Anniversary.

Death Benefit - benefit paid to the beneficiary on the Death Benefit Date.

Death Benefit Date - the date we receive an original certified death certificate and our death claim forms in Good Order, including the beneficiary's election of form of payment.

Exchange-Traded Funds (ETFs) - a typeof investment fund that invests in a basket of securities or other assets and trades like a stock on an exchange.

Fixed Account - an Investment Option offering a fixed rate of return.

Free Withdrawal Amount- the amount you may withdraw in any Contract Year without paying a withdrawal charge.

Fund - an investment in which a Subaccount invests; all Funds in this annuity are ETFs, except the Fidelity VIP Government Money Market Portfolio.

General Account - the Company’s account that contains all of our assets other than those held in separate accounts.

Good Order - complete information we require to process your application, claim or any request received at our Administrative Office, the address of which is noted above in this Glossary.

Guaranteed Lifetime Withdrawal Benefit (GLWB)- an optional benefit Rider that guarantees lifetime payments will be available for withdrawal.

GLWB Investment Strategies - investment strategies available for the GLWB Rider.

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Investment Options -Subaccounts and the Fixed Account, collectively.

IRA -Individual Retirement Annuity under section 408(b), 408(k) or 408A of the Tax Code.

IRS - the Internal Revenue Service.

Maturity Date - the 100^th birthday of the Annuitant named on the Contract Date. The Maturity Date is the latest date you can either elect an Annuity Option or receive a lump sum payment.

Rider -a supplement to your contract that provides optional benefits at an additional cost.

Required Beginning Date - April 1^st of the year after the calendar year in which the owner reaches the qualified age under the Code and applicable IRS regulations (for an owner that reached age 70½ on or before December 31, 2019, age 70½, and for an owner that reaches age 70½ on or after January 1, 2020, age 72); this is the date when the owner must begin taking Required Minimum Distributions from a Traditional or SEP IRA unless an exemption is otherwise available under applicable law.

Required Minimum Distribution (RMD) - annual withdrawal amount required under the Tax Code based on the prior calendar year-end fair market value of this contract only, as calculated by us.

Separate Account - Separate Account I of National Integrity Life Insurance Company. Its assets are segregated from the General Account by National Integrity Life and divided into Subaccounts.

Subaccounts - Investment Options available to you under the contract other than the Fixed Account. Each Subaccount is a division of the Separate Account and invests exclusively in a single Fund with the same name.

Surrender Value - your Account Value reduced by any withdrawal charge and premium tax.

Systematic Transfer Option (STO)- a Fixed Account that accepts new premiums, which must be transferred from the STO into Subaccounts within either a six-month or one-year period.

Tax Code - the Internal Revenue Code of 1986, as amended, or any corresponding provisions of subsequent United States tax laws, and applicable regulations of the Internal Revenue Service (IRS).

Unit - measure of your ownership interest in a Subaccount.

Unit Value - value of each Unit calculated on each Business Day.

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Part 1 – Fees and Expense Tables and Summary of Contract

Fees and Expenses

The following tables describe the fees and expenses that you will pay when buying, owning, withdrawing from and surrendering the contract.

The following table describes the maximum fees and expenses that you will pay at the time you buy the contract, withdraw from or surrender the contract, or transfer contract value among Subaccounts.

Contract Owner Transaction Expenses

Maximum Deferred Sales Load (withdrawal charge) as a percentage of premiums ¹ 7%

The following table describes the fees and expenses that you will pay periodically during the time that you own the contract, not including Total Annual Fund Operating Expenses.

Separate Account Annual Expenses(as a percentage of average Account Value in Subaccounts)

	Maximum Charge	Current Charge
Mortality and Expense Risk Charge	1.00%	1.00%
Administration Charge	0.75%	0.75%
Optional Guaranteed Lifetime Withdrawal Benefit, Investment Strategy 1	1.50%	0.60%
Optional Guaranteed Lifetime Withdrawal Benefit, Investment Strategy 2	1.50%	0.80%
Highest Possible Total Separate Account Annual Expenses 2, 3	3.25%	2.55%

Total Annual Fund Operating Expenses

(expenses deducted from Fund assets, including management fees, distribution fees and other expenses)

The next item shows the minimum and maximum total operating expenses charged by the Funds that you may pay periodically during the time you own the contract. More detail concerning each Fund’s fees and expenses is contained in the prospectus for each Fund.

Minimum: 0.04% Maximum: 0.49%

Details of the Fund operating expenses are on the next page.

_________________________________________________________

¹The withdrawal charge decreases over time and is eliminated for each premium after it reaches five years old. See Part 4.

²Assessed daily on the Account Value in the Subaccounts.

³You may elect only one of the optional Guaranteed Lifetime Withdrawal Benefit Investment Strategies. Therefore, the Highest Possible Total Separate Account Annual Expenses reflect the election of Investment Strategy 2, which carries the higher current charge.

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Total Annual Fund Operating Expenses (continued)

Gross annual Fund expenses¹as a percentage of average net assets in each Fund:

Fund	Manage- ment Fees	12b-1 Fee	Other Expenses	Acquired Fund Fees and Expenses	Total Annual Gross Expenses
Equity Subaccounts:
iShares Core S&P 500 ETF 2	0.04%	0.00%	0.00%	0.00%	0.04%
iShares Core S&P Mid-Cap ETF 2, 3	0.06%	0.00%	0.00%	0.00%	0.06%
iShares Core S&P Small-Cap ETF 2	0.07%	0.00%	0.00%	0.00%	0.07%
iShares S&P 500 Growth ETF 2	0.18%	0.00%	0.00%	0.00%	0.18%
iShares S&P 500 Value ETF 2	0.18%	0.00%	0.00%	0.00%	0.18%
Vanguard Dividend Appreciation Index Fund, ETF Shares	0.05%	0.00%	0.01%	0.00%	0.06%
Vanguard Large-Cap Index Fund, ETF Shares	0.03%	0.00%	0.01%	0.00%	0.04%
Vanguard Mega Cap Index Fund, ETF Shares	0.05%	0.00%	0.02%	0.00%	0.07%
Fixed Income Subaccounts:
Fidelity VIP Government Money Market Portfolio, Initial Class	0.17%	0.00%	0.09%	0.00%	0.26%
iShares Core U.S. Aggregate Bond ETF 2, 4, 5	0.04%	0.00%	0.00%	0.01%	0.05%
iShares iBoxx $ High Yield Corporate Bond ETF 2	0.49%	0.00%	0.00%	0.00%	0.49%
iShares Intermediate-Term Corporate Bond ETF 2, 6	0.06%	0.00%	0.00%	0.00%	0.06%
iShares TIPS Bond ETF 2	0.19%	0.00%	0.00%	0.00%	0.19%
Vanguard Intermediate-Term Corporate Bond Index Fund, ETF Shares	0.04%	0.00%	0.01%	0.00%	0.05%
Vanguard Short-Term Bond Index Fund, ETF Shares	0.06%	0.00%	0.01%	0.00%	0.07%
Vanguard Total Bond Market Index Fund, ETF Shares	0.03%	0.00%	0.01%	0.00%	0.04%
International and Alternative Subaccounts:
iShares International Treasury Bond ETF 2	0.35%	0.00%	0.00%	0.00%	0.35%
Vanguard Developed Markets Index Fund, ETF Shares	0.04%	0.00%	0.01%	0.00%	0.05%
Vanguard Emerging Markets Stock Index Fund, ETF Shares	0.08%	0.00%	0.02%	0.00%	0.10%
Vanguard Real Estate Index Fund, ETF Shares	0.11%	0.00%	0.01%	0.00%	0.12%

(1) Each Fund’s expenses were provided in the most recent prospectus for that Fund. We have not independently verified the information. Current or future expenses may be more or less than those shown. More details concerning each Fund's fees and expenses are contained in the prospectus for that Fund.

(2) The Fund's investment advisory agreement provides that the Fund's investment advisor will pay all operating expenses of the Fund, except the management fees, interest expenses, taxes, expenses incurred with respect to the acquisition and disposition of portfolio securities and the execution of portfolio transactions, including brokerage commissions, distribution fees or expenses, litigation expenses and any extraordinary expenses.

(3) The Fund's expense information in the table has been restated to reflect current fees.

(4) The Fund may incur Acquired Fund Fees and Expenses (AFFE). AFFE reflect the Fund’s pro ratashare of the fees and expenses incurred by investing in other investment companies. The impact of AFFE is included in the total returns of the Fund. AFFE are not included in the calculation of the ratio of expenses to average net assets shown in the financial highlights section of the Fund’s prospectus

(5) The Fund’s net expenses are 0.04%. The Fund’s advisor has contractually agreed to waive a portion of its management fees in an amount equal to the AFFE, if any, attributable to investments by the Fund in other registered investment companies advised by the Fund's advisor, or its affiliates, through June 30, 2026. The contractual waiver may be terminated prior to June 30, 2026 only upon written agreement of the Trust and the advisor.

(6) The expense information in the table has been restated to reflect current fees.

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Examples

The examples that follow are intended to help you compare the cost of investing in this contract with the cost of investing in other variable annuity contracts. Each example assumes that you invest $10,000⁴ in the contract for the time period indicated. Each example also assumes that your investment has a 5% return each year. Your actual return may be higher or lower.

Highest Cost Example with Rider

The following example includes the maximum mortality and expense risk charge, administration charge, withdrawal charge, and maximum Fund operating expenses; it also assumes you elect the GLWB Rider at the maximum charge. If the current GLWB Rider charge was used, the total cost would be less than indicated in this example. Based on these assumptions, your costs would be:

If you surrender your contract at the end of the applicable period:

1 year	3 years	5 years	10 years
$1,091	$1,786	$2,398	$4,108

If you remain invested in the contract, or if you select an Annuity Option with a life contingency at the end of the applicable period:

1 year	3 years	5 years	10 years
$391	$1,186	$1,998	$4,108

Highest Cost Example without Rider

The following example includes the maximum mortality and expense risk charge, administration charge, withdrawal charge, and maximum Fund operating expenses; it also assumes you do not elect the GLWB Rider. Based on these assumptions, your costs would be:

If you surrender your contract at the end of the applicable period:

1 year	3 years	5 years	10 years
$934	$1,322	$1,635	$2,644

If you remain invested in the contract, or if you select an Annuity Option with a life contingency at the end of the applicable period:

1 year	3 years	5 years	10 years
$234	$722	$1,235	$2,644

Accumulation Unit Values

See Appendix A

_________________________________________________________

⁴ This contract requires a minimum initial premium of $25,000.

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Summary of Contract

This Contract is an IRA

This contract is a variable annuity that must be issued as an Individual Retirement Annuity (IRA) as defined by section 408(b), 408(k) or 408A of the Tax Code. The contract itself does not provide the tax advantages typically provided by a variable annuity. The tax advantages available with this contract exist solely through the contract's qualification as an IRA.

You should read Part 8, “Tax Aspects of the Contract” for more information and consult a tax advisor about your particular circumstances. Most of the withdrawals you make before you are 59½ years old are subject to a 10% federal tax penalty on the amounts withdrawn.

You may want to purchase ETFs through a variable annuity issued as an IRA vs. directly though the IRA for several reasons, including, but not limited to, that this annuity provides a guaranteed minimum death benefit, access to guaranteed annuitization that can provide income for life and offers an optional living benefit that can provide income for life.

Parties to the Contract

• National Integrity Life Insurance Company - “We,” “our,” “us,” “the Company” and “National Integrity Life” mean National Integrity Life Insurance Company.

• Owner - “You” and “your” mean the owner. This variable annuity contract is a contract between you and us. You, as the owner, have certain rights under the contract. Because this contract is an IRA, joint owners are not allowed and you may not transfer ownership.

• Annuitant - You are the Annuitant, the person whose life is used to determine the Maturity Date of the contract and the amount of the annuity benefit, when elected. The Annuitant must be a natural person, and cannot be changed after the Contract Date. Joint Annuitants are not allowed until an Annuity Option is elected and will have no effect until the Annuity Date.

• Beneficiary - The beneficiary is the person or persons who will receive the Death Benefit upon your death prior to the Annuity Date and upon election of Annuity Benefit, to receive any remaining payments. See Part 5, sections titled “Death Benefit,” “Selecting and Changing Your Beneficiary,” and “Maturity Date and Annuity Options.”

• Custodial Account - If the contract is purchased through an established IRA custodial account, the contract owner will be considered the account, the Annuitant will generally be you as the account owner, and the account must be the beneficiary.

• Covered Person - A person covered under one of the GLWB Riders. See Part 6.

Your Rights and Benefits

As the owner of the contract, you have the following rights:

• To contribute, transfer and withdraw money. See Part 5.

• To invest your premiums in the Investment Options. See Part 3.

• To elect the optional benefits available at the time you purchase the annuity contract (for an additional cost). See Part 6.

• To elect an Annuity Option. See Part 5, section titled "Maturity Date and Annuity Option."

• To name one or more beneficiaries to receive the Death Benefit. See Part 5, sections titled "Death Benefit" and “Selecting and Changing Your Beneficiary.” If the owner is a custodian, the owner must name itself as the sole beneficiary.

Your rights are subject to the rules and significant limitations stated in your contract, in this prospectus and under the Tax Code.

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Investment Goals and Risks

This contract allows you to accumulate money for retirement or other long-term goals. This contract is intended for long-term investing only and is not intended as a vehicle for frequent trading.Transfers among Subaccounts are strictly limited under the terms of this contract. See Part 5, section titled "Allocations and Transfers."

An investment in any of the Subaccounts carries with it certain risks, including the risk that the value of your investment will decline and you could lose money. The Subaccounts invest in ETFs (except the Fidelity VIP Government Money Market Portfolio), each of which invests primarily in either common stocks or bonds. You could lose money if one or more of the issuers of stocks or bonds held by the ETFs become financially impaired or if the market as a whole declines. There is also the inherent risk that holders of common stock generally are behind creditors and holders of preferred stock for payments in the event of the bankruptcy of a stock issuer. Holders of corporate bonds are subject to issuer risk as well as credit risk (the risk that the issuer will default on its payment obligations under the bond) and interest rate risk (the risk that changes in interest rates may reduce (or increase) the market value of the bond). Some of the Subaccounts invest in Funds that invest in high yield securities that are rated below investment grade, commonly referred to as “junk bonds.” High yield securities may be subject to greater levels of credit or default risk than higher-rated securities. Some of the Subaccounts also invest in securities issued by companies in foreign countries, which means that world events, such as political upheaval, financial troubles, or natural disasters, will adversely affect the value of these securities. Foreign investments are also subject to currency risk, which is the chance that the value of a foreign investment, measured in U.S. dollars, will decrease because of unfavorable changes in currency exchange rates.

Shares of ETFs may trade at a discount from their net asset value in the secondary market. This risk is separate and distinct from the risk that the net asset value of the ETF shares may decrease. The amount of such discount from net asset value is subject to change from time to time in response to various factors.

For a complete discussion of the risks associated with investing in any particular Subaccount, see the prospectus of the corresponding Fund.

Account Value and Surrender Value

Your Account Value consists of the values of your Investment Options added together. Any amount allocated to a Subaccount will go up or down in value depending on the investment performance of the Fund. The value of premiums allocated to the Subaccounts is not guaranteed. Your Account Value also is subject to charges. See Part 4.

Your Surrender Value is equal to your Account Value, minus any withdrawal charge and applicable premium tax. See Part 4.

Your minimum Account Value is $5,000 if this Contract is issued in New York and $2,000 if this Contract is issued in any other state. If the Account Value goes below the minimum Account Value and we have received no premiums from you for three years if this Contract is issued in New York and two years if this Contract is issued in any other state, we may terminate the contract and pay you the Account Value. We will notify you in advance and will give you at least 60 days to contribute additional premium to bring the Account Value above the minimum if you wish to keep your contract in force. The minimum Account Value does not apply if you have a GLWB Rider.

If you take withdrawals (other than the Free Withdrawal Amount or RMD), this contract also requires that you have a minimum Account Value of $20,000 remaining after the withdrawal. (Please note that you may fully surrender your contract at any time.) This rule does not apply if you have a GLWB Rider. See Part 5, section titled “Withdrawals.”

Your Right to Revoke (Free Look Period)

You may cancel your contract within 10 days after you receive it by returning it to our Administrative Office by mail, postmarked within the 10-day period. We will extend the 10-day period if required by state law. If you cancel your contract, we will return your Account Value, which may be more or less than your original premium depending upon

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the investment performance of the Subaccounts you selected and any applicable charges. You bear the investment risk, as well as any fees and charges incurred, during the free look period. See Part 4 for more discussion of the fees and charges. Some states require that we return your premium, or some amount other than your Account Value. In that case, we will return the greater of the amount required by state law and your Account Value.

Part 2 – National Integrity Life and the Separate Account

National Integrity Life Insurance Company

National Integrity Life is a stock life insurance company organized under the laws of New York on November 22, 1968. Our principal executive office is located at 400 Broadway, Cincinnati, Ohio 45202. We are authorized to sell life insurance and annuities in eight states and the District of Columbia. National Integrity Life is a subsidiary of The Western and Southern Life Insurance Company, a life insurance company organized under the laws of the State of Ohio on February 23, 1888.

National Integrity Life guarantees certain amounts under the contract. We refer to these guaranteed amounts as “insurance obligations,” such as income payments under the GLWB Rider after your Account Value is exhausted. In this case, we will pay you the income payments from our General Account. Benefit amounts paid from the General Account are subject to our financial strength and claims paying ability and our long-term ability to make such payments. There are risks to purchasing any insurance product.

The Western and Southern Life Insurance Company, National Integrity Life’s parent company, has guaranteed the insurance obligations of National Integrity Life to its contract owners, including the owners of this contract (the Guarantee). Amounts covered by the Guarantee are subject to the financial strength and claims paying ability of The Western and Southern Life Insurance Company. The Guarantee does not guarantee investment performance on the portion of your Account Value invested in the Subaccounts. The Guarantee provides that contract owners can enforce the Guarantee directly.

Separate Account I

Separate Account I of National Integrity Life Insurance Company was established in 1986, and is maintained under the insurance laws of the State of New York. The Separate Account is a unit investment trust, which is a type of investment company governed by the Investment Company Act of 1940 (1940 Act).

Under New York law, we own the assets of our Separate Account and use them to support the Subaccounts of your contract and other variable annuity contracts. You participate in the Separate Account in proportion to the amounts in your contract. National Integrity Life Insurance Company is responsible for all obligations under the contract.

Income, gains and losses, whether realized or unrealized, from assets allocated to the Separate Account are credited to or charged against the Separate Account without regard to our other income, gains or losses. The assets of the Separate Account may not be charged with the liabilities arising out of our other businesses. We may allow fees that are owed to us to stay in the Separate Account, and, in that way, we can participate proportionately in the Separate Account. We may also periodically withdraw amounts that are earned and owed to us from the Separate Account.

Subaccounts

The Separate Account is divided into Subaccounts. Each Subaccount invests in shares of a Fund with the same name. The Subaccounts available in this contract are listed in Part 3. We may add, substitute or close Subaccounts from time to time, and we may limit the amount of your investment in one or more of the Subaccounts on a nondiscriminatory basis.

Each Subaccount available in this contract (except for the Fidelity VIP Government Money Market Portfolio) invests in the shares of a distinct ETF. Each ETF available through a Subaccount is a registered investment company. ETF shares are traded throughout the day on exchanges, such as the NYSE Arca, Inc. ETF shares may trade at, above or below their net asset value; however, for purposes of valuing the Subaccount Units, we will use the daily closing price of each ETF on its primary exchange.

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Each ETF available through a Subaccount in this contract seeks investment results that correspond to an index. The returns on the ETF shares will not precisely correlate with the performance of the index. You cannot invest directly in an index. You may want to purchase this variable annuity instead of one that does not invest in passively managed ETFs for several reasons, including, but not limited to, that the underlying fund costs are substantially lower than those of most variable annuities on the market today.

Distribution of Variable Annuity Contracts

Touchstone Securities, Inc., an affiliate of National Integrity Life, serves as the principal underwriter for our variable annuity contracts. Touchstone Securities, Inc. and National Integrity Life are under the common control of the same parent company: The Western and Southern Life Insurance Company. The principal business address of Touchstone Securities is 400 Broadway, Cincinnati, Ohio 45202. The contracts are sold by individuals who are licensed insurance agents and registered representatives of broker-dealers or financial institutions that have entered into distribution agreements with us.

ETF Custodian

Mid Atlantic Trust Company (MATC), a South Dakota registered non-depository trust company, is the custodian for the ETFs held by the Subaccounts. MATC provides certain services to the Separate Account, including custody of and accounting services for the ETFs owned by the Separate Account. MATC also facilitates execution of the purchase and sale of the ETFs through third-party broker-dealers. We pay for these services under an agreement with MATC. The third-party broker-dealers, working with MATC, provide the ETFs to the Separate Account at the daily closing price of each ETF on its primary exchange. These brokerage fees are paid by MATC.

The services of MATC and the third-party broker-dealers underlie the process supporting this variable annuity and the subaccounts’ investments. If either MATC or the third-party broker-dealers terminate or significantly modify the services provided to us, we will seek to replace those services through other providers or through other methods. If suitable replacement services are not available, we will take such other actions or make changes in how we operate as allowed by law and your annuity contract to mitigate any adverse effects on the Separate Accounts, you and us to the greatest extent reasonably possible. These actions could include working directly with broker-dealers to purchase ETFs; bringing in-house the services being provided by MATC; and/or making available index mutual funds as underlying investment options. While we believe it is highly unlikely, it is possible that under a worst-case scenario we would be required to disallow additional contributions into the contract, and that transfers could only be made into the money market subaccount (although your then-current allocations would not be affected).

Changes in How We Operate

We can change how the Company or our Separate Account operates, subject to the approval of federal or state regulators when required by the 1940 Act or other applicable laws. We will notify you if any changes result in a material change in the Funds or Investment Options. We may take one or more of the following actions:

• combine the Separate Account with any other separate account we own;

• transfer assets of the Separate Account to another separate account we own;

• add, remove, substitute, close, change, combine or limit investment in Subaccounts or withdraw assets relating to your contract from one Subaccount and put them into another;

• register or end the registration of the Separate Account under the 1940 Act;

• operate our Separate Account under the direction of a committee or discharge a committee at any time (the committee may be composed of a majority of persons who are “interested persons” of National Integrity Life);

• restrict or eliminate any voting rights of owners or others that affect our Separate Account;

• cause one or more Subaccounts to invest in a fund other than or in addition to the Funds;

• operate our Separate Account or one or more of the Subaccounts in any other form the law allows, including a form that allows us to make direct investments; we may make any legal investments we wish;

• make any changes required by the 1940 Act or other federal securities laws;

• make any changes necessary to maintain the status of the contracts as annuities and/or IRAs under the Tax Code; or

• make other changes required under federal or state law relating to annuities.

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Part 3 – Your Investment Options

You may invest your premiums in the Subaccounts, the Fixed Account, or both, subject to any restrictions described in this prospectus. If you purchase one of the GLWB Riders, your Investment Options are limited. See Part 6.

Each Subaccount invests in the shares of a distinct Fund. Each Subaccount and its corresponding Fund share the same name. The value of your Subaccount will vary with the performance of the corresponding Fund. For a full description of each Fund, see that Fund’s prospectus and SAI.

The Fund Families and the Funds

Below is a description of each ETF Fund family, iShares and The Vanguard Group, as well as the Fidelity Variable Insurance Products, which offers the Government Money Market Portfolio in this annuity, followed by a brief description of each Fund. Each Fund has a separate prospectus and SAI that provides more details about management fees and other expenses deducted from the Fund, the Fund’s principal investment strategies, and the risks associated with investing in the Fund. The Fund descriptions included below were taken from the most recent publicly available documentation for the Funds as of the time this prospectus was drafted. More recent disclosure may be available in the Funds’ current prospectuses. There is no guarantee that a Fund will meet its investment objective. For a prospectus containing complete information on any Fund, including the risks associated with investing, call our Administrative Office toll-free at 1-800-325-8583.

Fidelity Variable Insurance Products

The Fidelity VIP Government Money Market Portfolio is a Fidelity® Variable Insurance Product and a series of Variable Insurance Products Fund V.Fidelity Management & Research Company, located at 245 Summer Street, Boston, MA 02210, is the investment advisor.

iShares

iShares Trust is a registered investment company that consists of separate investment portfolios called Funds. All the Funds listed below are ETFs. BlackRock Fund Advisors (BFA), 400 Howard Street, San Francisco, CA 94105, is the investment advisor to each Fund listed in this section. BFA uses a “passive” or indexing approach to try to achieve each Fund’s investment objective. Unlike many investment companies, each iShares Fund does not try to “beat” the index it tracks and does not seek temporary defensive positions when markets decline or appear overvalued. BFA uses a representative sampling indexing strategy to manage each Fund as described in the Fund's prospectus. Each iShares Fund generally invests at least 90% of its assets in securities of the underlying index, depositary receipts representing securities of the underlying index, and/or securities that provide substantially similar exposure to securities in the underlying index. Each Fund, except iShares TIPS Bond ETF, may invest the remainder of its assets in certain futures, options and swap contracts, cash and cash equivalents, including money market funds advised by BFA or its affiliates, as well as in securities not included in its underlying index, but which BFA believes will help the Fund track its underlying index.

The Vanguard Group, Inc.

The Vanguard Group, Inc. is a family of investment companies. Many of the investment companies offer ETF shares, including all those listed below. Each corresponding Subaccount invests in the ETF share class. The Vanguard Group, Inc., P.O. Box 2600, Valley Forge, PA 19482, is the investment advisor to each Fund listed in this section.

Equity Funds:

iShares Core S&P 500 ETF

The Fund seeks to track the investment results of the S&P 500® Index, which measures the performance of the large-capitalization sector of the U.S. equity market. The component stocks of the index are weighted based on the float-adjusted market value of their outstanding shares. The index consists of securities from a broad range of industries. The components of the index are likely to change over time.

iShares Core S&P Mid-Cap ETF

The Fund seeks to track investment results of the S&P MidCap 400®, which measures the performance of the mid-capitalization sector of the U.S. equity market. The component stocks of the index are weighted based on the float-

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adjusted market value of their outstanding shares. Component stocks are selected by the index provider based on the index provider's liquidity measures. The index consists of stocks from a broad range of industries. The components of the index are likely to change over time.

iShares Core S&P Small-Cap ETF

The Fund seeks to track the investment results of the S&P SmallCap 600®, which measures the performance of the small-capitalization sector of the U.S. equity market. The component stocks of the index are weighted based on the float-adjusted market value of their outstanding shares. Component stocks are selected by the index provider based on the index provider's liquidity measures. The index consists of stocks from a broad range of industries. The components of the index are likely to change over time.

iShares S&P 500 Growth ETF

The Fund seeks to track the investment results of the S&P 500 Growth Index™, which measures the performance of the large-capitalization growth sector of the U.S. equity market. It is a subset of the S&P 500^® and consists of those stocks in the S&P 500^® exhibiting the strongest growth characteristics, as determined by the index provider. The components of the index are likely to change over time.

iShares S&P 500 Value ETF

The Fund seeks to track the investment results of the S&P 500 Value Index™, which measures the performance of the large-capitalization value sector of the U.S. equity market. It is a subset of the S&P 500^® and consists of those stocks in the S&P 500^® exhibiting the strongest value characteristics, as determined by the index provider. The components of the index are likely to change over time.

Vanguard Dividend Appreciation Index Fund, ETF Shares

The Fund seeks to track the performance of a benchmark index that measures the investment return of common stocks of companies that have a record of increasing dividends over time. The Fund employs an indexing investment approach designed to track the performance of the NASDAQ US Dividend Achievers Select Index, which consists of common stocks of companies that have a record of increasing dividends over time. The Fund attempts to replicate the target index by investing all, or substantially all, of its assets in the stocks that make up the index, holding each stock in approximately the same proportion as its weighting in the index.

Vanguard Large-Cap Index Fund, ETF Shares

The Fund seeks to track the performance of a benchmark index that measures the investment return of large-capitalization stocks. The Fund employs an indexing investment approach designed to track the performance of the CRSP US Large Cap Index, a broadly diversified index of large U.S. companies representing approximately the top 85% of the U.S. market capitalization. The Fund attempts to replicate the target index by investing all, or substantially all, of its assets in the stocks that make up the index, holding each stock in approximately the same proportion as its weighting in the index.

Vanguard Mega Cap Index Fund, ETF Shares

The Fund seeks to track the performance of a benchmark index that measures the investment return of large-capitalization stocks in the United States. The Fund employs an indexing investment approach designed to track the performance of the CRSP US Mega Cap Index. The index is a float-adjusted, market-capitalization-weighted index designed to measure equity market performance of mega-capitalization stocks in the United States. The Fund attempts to replicate the target index by investing all, or substantially all, of its assets in the stocks that make up the index, holding each stock in approximately the same proportion as its weighting in the index.

Fixed Income Funds:

Fidelity VIP Government Money Market Portfolio, Initial Class

The Fund seeks as high a level of current income as is consistent with preservation of capital and liquidity. The Fund normally invests at least 99.5% of its total assets in cash, U.S. Government securities and/or repurchase agreements that are collateralized fully (i.e., collateralized by cash or government securities). The Fund invests in U.S. Government securities issued by entities that are chartered or sponsored by Congress but whose securities are neither issued nor guaranteed by the U.S. Treasury. The Fund invests in compliance with industry-standard regulatory requirements for money market funds for the quality, maturity, liquidity, and diversification of investments.

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iShares Core U.S. Aggregate Bond ETF

The Fund seeks to track investment results of the Bloomberg Barclays U.S. Aggregate Bond Index, which measures the performance of the total U.S. investment-grade bond market. The index includes investment-grade U.S. Treasury bonds, government-related bonds, corporate bonds, mortgage-backed pass-through securities, commercial mortgage-backed securities (MBS) and asset-backed securities (ABS) that are publicly offered for sale in the United States. The components of the index are likely to change over time. The securities in the index must have $300 million or more of outstanding face value and at least one year remaining to maturity, with the exception of amortizing securities such as ABS and MBS, which have lower thresholds as defined by the index provider. In addition, the securities in the index must be denominated in U.S. dollars and must be fixed-rate and non-convertible. The index is market capitalization-weighted and index components are updated on the last business day of each month.

iShares iBoxx $ High Yield Corporate Bond ETF

The Fund seeks to track investment results of the Markit iBoxx^® USD Liquid High Yield Index, which is a rules-based index consisting of U.S. dollar-denominated, high yield corporate bonds for sale in the United States. The index is designed to provide a broad representation of the U.S. dollar-denominated liquid high yield corporate bond market. The index is a modified market-value weighted index with a cap on each issuer of 3%. There is no limit to the number of issues in the index. The components of the index are likely to change over time. The bonds eligible for inclusion in the index include U.S. dollar-denominated high yield corporate bonds that: (i) are issued by companies domiciled in countries classified as developed markets by the index provider, (ii) have an average rating of sub-investment grade, (iii) are from issuers with at least $1 billion outstanding face value, (iv) have at least $400 million of outstanding face value, (v) have an original maturity date of less than 15 years, (vi) have at least one year to maturity, and (vii) have at least one year and six months to maturity for new index insertions.

iShares Intermediate-Term Corporate Bond ETF

The Fund seeks to track the investment results of the ICE BofAML 5-10 Year US Corporate Index, which measures the performance of investment-grade corporate bonds of both U.S. and non-U.S. issuers that are U.S. dollar-denominated, publicly issued in the U.S. domestic market, fixed-rate, have a remaining maturity of greater than or equal to five years and less than ten years, and have $250 million or more of outstanding face value. Excluded from the index are equity-linked securities, securities in legal default, hybrid securitized corporates, Eurodollar bonds, taxable and tax-exempt U.S. municipal securities, and dividends-received-deduction-eligible securities. The index is market capitalization-weighted, and the securities in the index are updated on the last calendar day of each month.

iShares TIPS Bond ETF

The Fund seeks to track the investment results of the Bloomberg Barclays U.S. Treasury Inflation Protected Securities (TIPS) Index (Series-L), which measures the performance of the inflation-protected public obligations of the U.S. Treasury, commonly known as “TIPS.” TIPS are income-generating instruments issued by the U.S. Treasury whose interest and principal payments are adjusted for inflation. The inflation adjustment, which is typically applied monthly to the principal of the bond, follows a designated inflation index, the consumer price index (“CPI”), and TIPS’ principal payments are adjusted according to changes in the CPI. A fixed coupon rate is applied to the inflation-adjusted principal so that as inflation rises, both the principal value and the interest payments increase. This can provide investors with a hedge against inflation, as it helps preserve the purchasing power of an investment. Because of this inflation adjustment feature, inflation-protected bonds typically have lower yields than conventional fixed-rate bonds. The index includes all publicly-issued U.S. Treasury inflation-protected securities that have at least one year remaining to maturity, are rated investment-grade, and have $300 million or more of outstanding face value, excluding amounts held by the Federal Reserve System Open Market Account or bought at issuance by the Federal Reserve System. The Fund generally invests at least 95% of its assets in U.S. government bonds. The Fund also may invest up to 5% of its assets in repurchase agreements collateralized by U.S. government obligations and in cash and cash equivalents, including shares of money market funds advised by BFA or its affiliates.

Vanguard Intermediate-Term Corporate Bond Index Fund, ETF Shares

The Fund seeks to track the performance of a market-weighted corporate bond index with an intermediate-term dollar-weighted average maturity. The Fund employs an indexing investment approach designed to track the performance of the Bloomberg Barclays U.S. 5-10 Year Corporate Bond Index. This index includes U.S. dollar-denominated, investment-grade, fixed-rate, taxable securities issued by industrial, utility, and financial companies,

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with maturities between 5 and 10 years. The Fund invests by samplingthe index, meaning that it holds a range of securities that, in the aggregate, approximates the full index in terms of key risk factors and other characteristics. All of the Fund’s investments will be selected through the sampling process, and under normal circumstances, at least 80% of the Fund’s assets will be invested in bonds included in the index. The Fund maintains a dollar-weighted average maturity consistent with that of the index.

Vanguard Short-Term Bond Index Fund, ETF Shares

The Fund seeks to track the performance of a market-weighted bond index with a short-term dollar-weighted average maturity. The Fund employs an indexing investment approach designed to track the performance of the Bloomberg Barclays U.S. 1-5 Year Government/Credit Float Adjusted Index. This index includes all medium and larger issues of U.S. government, investment-grade corporate, and investment-grade international dollar-denominated bonds that have maturities between 1 and 5 years and are publicly issued. The Fund invests by samplingthe index, meaning that it holds a range of securities that, in the aggregate, approximates the full index in terms of key risk factors and other characteristics. All of the Fund’s investments will be selected through the sampling process, and at least 80% of the Fund’s assets will be invested in bonds held in the index. The Fund maintains a dollar-weighted average maturity consistent with that of the index, which generally does not exceed 3 years.

Vanguard Total Bond Market Index Fund, ETF Shares

The Fund seeks to track the performance of a broad, market-weighted bond index. The Fund employs an indexing investment approach designed to track the performance of the Bloomberg Barclays U.S. Aggregate Float Adjusted Index. This index represents a wide spectrum of public, investment-grade, taxable, fixed income securities in the United States, including government, corporate, and international dollar-denominated bonds, as well as mortgage-backed and asset-backed securities, all with maturities of more than 1 year. The Fund invests by samplingthe index, meaning that it holds a broadly diversified collection of securities that, in the aggregate, approximates the full index in terms of key risk factors and other characteristics. All of the Fund’s investments will be selected through the sampling process, and at least 80% of the Fund’s assets will be invested in bonds held in the index. The Fund maintains a dollar-weighted average maturity consistent with that of the index, which generally ranges between 5 and 10 years.

International and Alternative Funds:

iShares International Treasury Bond ETF

The Fund seeks to track the investment results of the S&P International Sovereign Ex-U.S. Bond Index, which is a broad, diverse, market value-weighted index designed to measure the performance of bonds denominated in local currencies and issued by foreign governments in developed market countries outside the U.S. The index methodology is designed to balance the weighting of each country within the index by limiting the weightings of countries with higher debt outstanding and reallocating this excess to countries with lower debt outstanding. To be eligible for inclusion in the index, the issuing country must be a “Developed Country” as classified by the index provider. The index includes securities issued by the governments in the following 19 countries: Australia, Austria, Belgium, Canada, Denmark, Finland, France, Germany, Ireland, Italy, Japan, the Netherlands, Norway, Portugal, South Korea, Spain, Sweden, Switzerland, and the United Kingdom. The index includes bonds having a remaining maturity greater than one year.

Vanguard Developed Markets Index Fund, ETF Shares

The Fund seeks to track the performance of a benchmark index that measures the investment return of stocks issued by companies located in Canada and the major markets of Europe and the Pacific region. The Fund employs an indexing investment approach designed to track the performance of the FTSE Developed All Cap ex US Index, a market-capitalization-weighted index that is made up of approximately 3,885 common stocks of large-, mid-, and small-cap companies located in Canada and the major markets of Europe and the Pacific region. The Fund attempts to replicate the target index by investing all, or substantially all, of its assets in the stocks that make up the index, holding each stock in approximately the same proportion as its weighting in the index.

Vanguard Emerging Markets Stock Index Fund, ETF Shares

The Fund seeks to track the performance of a benchmark index that measures the investment return of stocks issued by companies located in emerging market countries. The Fund employs an indexing investment approach designed to track the performance of the FTSE Emerging Markets All Cap China A Inclusion Index, a market-

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capitalization-weighted index that is made up of approximately 4,018 common stocks of large-, mid-, and small-cap companies located in emerging markets around the world. The Fund invests by samplingthe index, meaning that it holds a broadly diversified collection of securities that, in the aggregate, approximates the index in terms of key characteristics. These key characteristics include industry weightings and market capitalization, as well as certain financial measures, such as price/earnings ratio and dividend yield.

Vanguard Real Estate Index Fund, ETF Shares

The Fund seeks to provide a high level of income and moderate long-term capital appreciation by tracking the performance of a benchmark index that measures the performance of publicly traded equity real estate investment trusts (REITs) and other real estate-related investments. The Fund employs an indexing investment approach designed to track the performance of the MSCI US Investable Market Real Estate 25/50 Index, an index that is made up of stocks of large, mid-size, and small U.S. companies within the real estate sector, which is composed of equity REITs, including specialized REITs, and real estate management and development companies. The Fund attempts to track the index by investing all, or substantially all, of its assets in the stocks that make up the index, holding each stock in approximately the same proportion as its weighting in the index.

Static Asset Allocation Models

We may offer one or more asset allocation models in connection with your variable annuity at no extra charge. Asset allocation is the process of investing in different asset classes – such as equity funds, fixed income funds, and alternative funds – depending on your personal investment goals, tolerance for risk, and investment time horizon. By spreading your money among a variety of asset classes, you may be able to reduce the risk and volatility of investing, although there are no guarantees.

We have no discretionary authority or control over your choice of Subaccounts or your other investment decisions. We may make available educational information and materials, such as a risk tolerance questionnaire, that may help you select an asset allocation model, but we do not recommend asset allocation models or otherwise provide advice about whether an asset allocation model may be appropriate for you.

Our asset allocation models are "static."  Although we may change or terminate asset allocation models we are offering to new contract purchasers, we will not change your allocations unless you advise us to do so. You will not be notified if the models are terminated or changed. You will not be provided with information regarding any terminations or changes to the asset allocation models. If you elect to invest using an asset allocation model, and if you elect automatic rebalancing, we will continue to rebalance your percentage allocations among the Funds in your existing model.  

You should consult your investment professional periodically to consider whether any model you have selected is still appropriate for you. You may choose to invest in an asset allocation model or change your asset allocation at any time, subject to the limitations stated in your contract and this prospectus. See Part 5, section titled “Allocations and Transfers.”

Asset allocation does not ensure a profit, guarantee that your Account Value will increase or protect against a decline if market prices fall. An asset allocation model may not perform as intended. Any asset allocation models offered are based on then-available Funds in this annuity. We may discontinue, add, eliminate or change the models at any time.

The Fixed Account

Our Fixed Account is offered through our General Account, which also supports any portion of the Death Benefit, the annuity benefit, and any guarantees under a Rider that are in excess of Account Value. The General Account is not registered under the Securities Act of 1933 or the 1940 Act. Disclosures regarding the Fixed Account and the General Account are subject to certain provisions of the federal securities laws relating to the accuracy and completeness of statements made in prospectuses.

Systematic Transfer Option (STO)

We offer a STO (a Fixed Account) that provides a fixed interest rate on each premium allocated to the STO. That interest rate is guaranteed for that premium while in the STO period selected. Available STO periods are six

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months or one year. All STO premiums will be automatically transferred into the Subaccounts within either six months or one year of your premium payment into the STO, depending on which STO period you select. You can invest in either the six-month or one-year STO at any one time, but not both. We require a minimum premium to the STO of $6,000 to fund the six-month STO or $12,000 to fund the one-year STO. We will automatically transfer equal amounts monthly for the six-month STO and either monthly or quarterly for the one-year STO. Once you have invested premium in a STO, it cannot be transferred from the STO except as the automatic transfers described above.

The STO is available for new premiums only. You cannot transfer from the Subaccounts into the STO. See “Systematic Transfer Program” in Part 9 for more details on this program. If you elect a GLWB Rider, the STO is only available for your initial premium received by us on or before the Contract Date.

Part 4 – Deductions and Charges

Separate Account Charges

We deduct a daily charge equal to an annual effective rate of 1.75% of your Account Value in each of the Subaccounts to cover our separate account charges, which include

• mortality and expense risk charge of 1.00%; and

• administration expense charge of 0.75%.

A portion of the separate account charges pays us for assuming the mortality risk and the expense risk under the contract. The mortality risk, as used here, refers to our risk that Death Benefits are greater than anticipated, or that annuitants, as a class of persons, will live longer than estimated and we will be required to pay out more annuity benefits than anticipated. The expense risk is our risk that the expenses of administering the contract will exceed the reimbursement for administrative expenses.

The administration expense charge is used to reimburse us for administrative expenses, including, but not limited to, processing applications, issuing contracts, processing customer orders and other requests, making investments, providing regular reports and confirmations to customers, providing reports and updates to regulators, maintaining accounting records for each contract owner, administering income payments, furnishing accounting and valuation services (including the calculation and monitoring of the daily Unit Values), reconciling and depositing cash receipts, and providing forms.

The administration expense charge also reimburses us for the cost and commissions associated with investing in the underlying ETFs, including brokerage commissions. The brokerage commissions associated with the ETF trades will be paid directly by MATC to the executing broker, and indirectly by us under an arrangement with MATC. See Part 2, section titled “ETF Custodian.” This arrangement is a proprietary fee arrangement based on a percentage of assets invested in the ETFs. Ultimately, this cost is passed along to you as part of this administrative expense.

The administration expense charge may also reimburse us for the costs of distribution of this variable annuity. We expect to make a profit from the separate account charges. The separate account charges cannot be increased without your consent.

Fund Expenses

The net asset value of the Fund shares reflects investment management fees and other expenses that have already been deducted from the assets of the Funds. Please refer to Part 1, section titled “Total Annual Fund Operating Expenses,” and the individual Fund’s prospectus for details on Fund expenses.

Withdrawal Charge

If you withdraw your premiums, you may be charged a withdrawal charge of up to 7% of the premium. The amount of the withdrawal charge is a percentage of each premium withdrawn and not of the Account Value. The charge

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varies, depending upon the "age" of the premiums included in the withdrawal. The “age” of a premium is the number of years that have passed since each premium was paid.

Premium Year	Charge as a Percentage of the Premium Withdrawn
1	7%
2	7%
3	6%
4	5%
5	4%
thereafter	0

When you take a withdrawal, the oldest premium is treated as the first withdrawn, then next oldest and so on. Any gain or earnings in your contract come out only after an amount equal to all your premiums, and any applicable charges on those premiums, is withdrawn. Please note, however, that for tax purposes, withdrawals are generally considered to be gain first. See Part 8.

Because the withdrawal charge applies to each premium, if your Account Value has declined due to poor performance of your selected Subaccounts or you have taken previous withdrawals, including the Free Withdrawal Amount, the withdrawal charge may be greater than the amount available for withdrawal. In some instances, your Account Value may be positive, but you will not have money available to withdraw due to the amount of the withdrawal charge still applicable to your premiums. A withdrawal charge applies to the withdrawal charge amount itself since this amount is part of the premium withdrawn.

You may take your Free Withdrawal Amount each Contract Year without paying a withdrawal charge. More details on the Free Withdrawal Amount are in Part 5, in the section titled "Free Withdrawal Amount."

We will not deduct a withdrawal charge from:

• the Death Benefit; or

• a withdrawal used to buy an immediate annuity from us after the first Contract Anniversary with either: (i) life contingencies; or (ii) a period certain that provides for fixed payments over 10 or more years.

If you take withdrawals (other than the Free Withdrawal Amount or RMD), this contract also requires that you have a minimum Account Value of $20,000 remaining after the withdrawal. (Please note that you may fully surrender your contract at any time.) This rule does not apply if you have a GLWB Rider. See Part 5, section titled “Withdrawals.”

For more information and examples of application of the withdrawal charge, see Appendix B.

Reduction or Elimination of the Withdrawal Charge

We can reduce or eliminate the withdrawal charge for individuals or a group of individuals if we anticipate expense savings. We may do this based on the size and type of the group, the amount of the premium, or whether there is some relationship with us. Examples of these relationships would include being an employee of National Integrity Life or an affiliate, receiving distributions or making internal transfers from other contracts we issued, or transferring amounts held under qualified plans that we, or our affiliates, sponsored. We will not unlawfully discriminate against any person or group if we reduce or eliminate the withdrawal charge.

Commission Allowance and Additional Payments to Distributors

We generally pay a commission to the sales representative equal to a maximum of 6% of premiums, and up to 0.70% trail commission paid on Account Value starting in the second Contract Year. Commissions may vary due to differences between states, sales channels, sales firms and special sales initiatives.

A broker-dealer or financial institution that distributes our variable annuity contracts may receive additional compensation from us for training, marketing or other services provided. These services may include special

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access to sales staff and advantageous placement of our products. We do not make an independent assessment of the cost to the broker-dealer or financial institution of providing such services.

National Integrity Life has agreements with some broker-dealer firms under which we pay varying amounts, but no more than 0.25% of Account Value, for enhanced access to their registered representatives. This payment to broker-dealer firms is separate from and in addition to brokerage commissions paid to our distributors from your Distribution Charge. The broker-dealer firms are BBVA Securities, Inc., BOK Financial Securities, Inc., Cetera Investment Services LLC, Commerce Brokerage Services, Inc., CUSO Financial Services, LP, Frost Brokerage Services, Inc., Hancock Investment Services, Inc., Infinix Investments, Inc.,LPL Financial LLC, M&T Securities, Inc., PNC Investments LLC, and US Bancorp Investments, Inc.

Depending on the arrangements in place at any particular time, a broker-dealer, and the registered representatives associated with it, may have a financial incentive to recommend a particular variable annuity contract. This could create a conflict of interest between the broker-dealer or the registered representative and the customer. These payments could provide incentive to a broker-dealer or registered representative to recommend a Contract that is not in your best interest. You can find more about compensation in the SAI.

Optional Benefit Charges

You may purchase one of the GLWB Riders offered with this contract, which provide optional benefits for an additional cost. The additional cost of the Riders, along with complete details about their benefits, is provided in Part 6.

Tax Reserve

In the future, we may charge for taxes or set aside reserves for taxes, which will reduce the investment performance of the Subaccounts.

State Premium Tax

We will not deduct state premium taxes from your premiums before investing them in the Investment Options, unless required by your state law. If you elect an Annuity Option, we will deduct any applicable state premium taxes from the amount available for the Annuity Option. State premium taxes currently range from 0 to 1.0% for IRAs.

Part 5 – Terms of Your Variable Annuity

Purchasing the Contract

If you wish to purchase a contract, you must apply for it through an authorized sales representative. The sales representative will send your completed application to us, and we will decide whether to accept or reject it. If we accept your application, we will issue a contract and send it to you either directly or through your sales representative.

To apply for a contract, you must be of legal age to enter into a contractual relationship under applicable state law, generally 18 years old. You must be no older than 80 at the time of application.

This contract must be issued as an IRA. Subject to various rules and limitations, the Tax Code permits you to transfer or roll over money tax-free from one IRA to another IRA or from certain other qualified plans, such as a 401(k) plan, to an IRA. See Part 8.

If you are transferring money from another annuity contract that is an IRA to acquire this contract, you should carefully compare this contract to your current contract. You may have to pay a withdrawal charge under your current contract to transfer to this contract, and this contract has its own withdrawal charges that would apply to you. The other fees and charges under this contract may be higher (or lower), and the benefits may be different, than those of your current contract. In addition, you may have to pay federal income and penalty taxes on the transfer if it does not qualify for tax-free transfer or rollover treatment. You should not transfer from another annuity contract unless you determine that the transfer is right for you. Please note that the person who sells you this

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contract generally will earn a commission on the sale. You should also consult a tax advisor before requesting a tax-free transfer or rollover.

Premium Payments

Minimum initial premium	$25,000
Minimum additional premium	$1,000
Maximum total premium without prior approval	$1,000,000
Maximum additional premium	up to applicable IRA limits each calendar year plus permissible transfers and rollovers

Because the initial premium must be $25,000 or more, the contract can only be purchased by transfer or rollover from an existing IRA or from certain other qualified plans, such as a 401(k) or a 403(b) plan. You can make additional premium payments at any time before age 81, or earlier if limited by the Tax Code. For example, you cannot contribute new premiums other than transfers and rollovers to a traditional IRA for the calendar year in which you reach the qualified age under IRS regulations (for an owner that reached age 70½ on or before December 31, 2019, age 70½, and for an owner that reaches age 70½ on or after January 1, 2020, age 72), and thereafter.

You must determine whether any premium qualifies as a permissible contribution subject to favorable tax treatment under the Tax Code. You must also determine whether such amount qualifies as a permissible transfer or rollover contribution under the Tax Code. For example, you cannot roll over from a SIMPLE IRA during the first two years of participation in the SIMPLE IRA and a roll over of an after-tax contribution that had been made to a Roth IRA may be a taxable event. You cannot roll over distributions from an existing IRA or from certain other qualified plans that are part of a series of substantially equal payments made over your life expectancy, distributions made for a specified period of 10 years or more, RMD distributions or hardship distribution. For more information about limitations, see Part 8, section titled “Rollovers and Transfers.”

If you transfer or roll over money into this contract in the calendar year on or after you reachthe qualified age under IRS regulations, you must take your RMD for the current calendar year before you purchase this contract.

We may refuse additional premiums if: (1) you have allocated some or all of the premium to an Investment Option, to which we are no longer accepting additional premiums; (2) the additional premium does not meet our minimum additional premium amount or exceeds our maximum premium amount for the annuity contract or for a specific Investment Option; (3) the total premiums paid under all annuity contracts issued by us, or our affiliates, on your life exceed $1,000,000; (4) we believe that the additional premium is being made by or on behalf of an institutional investor; or (5) for any reason allowed by law. You cannot purchase this contract with a rollover or transfer of death benefits from another annuity.

Your premiums are invested in the Investment Options you select. Each premium is credited as of the date we receive the premium in Good Order at our Administrative Office, except that additional time is allowed for the application of the initial premium under Rule 22c-1 of the 1940 Act. Good Order means complete information we require to process your application or any request.

Initial premium allocated to the subaccounts will be priced at the unit value determined no later than two business days after receipt of a completed application (including all necessary related information).  If the application is not complete, we may retain the initial premium for up to five business days while attempting to complete it.  If the application is not completed within five business days, you will be informed of the reason for the delay.  The initial premium will be returned unless you specifically allow us to hold the premium until the application is completed.

Once received in Good Order, premiums allocated to Subaccounts are used to purchase Units at the Unit Value as of the next close of the New York Stock Exchange.

Each additional premium will be credited to your Subaccount under your stated allocation as of the date we have received the premium in Good Order at our Administrative Office. If you submit a different allocation, a 60-day waiting period will start before you can make a subsequent transfer or allocation change. See Part 5, section titled "Allocations and Transfers."

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All premiums are deemed received when they are received in Good Order at our Administrative Office.

Units in Our Separate Account

Your investment in the Subaccounts is used to purchase Units. On any given day, the value you have in a Subaccount is the number of Units you own in that Subaccount multiplied by the Unit Value. The Units of each Subaccount have a different Unit Value.

Units are purchased when you contribute new premium to your contract or transfer amounts to a Subaccount. Units are redeemed (sold) when you make withdrawals or transfer amounts out of a Subaccount into a different Subaccount. We also redeem Units to pay the Death Benefit or if you elect an Annuity Option, or as permitted or required by law. The number of Units purchased or redeemed in any Subaccount is calculated by dividing the dollar amount of the transaction by the next computed Unit Value for that Subaccount, calculated as of the next close of business of the New York Stock Exchange.

Each Unit represents a fractional undivided interest in the assets held in the related Subaccount. If Units of any Subaccount are redeemed, the fractional undivided interest represented by each remaining Unit will be increased. If additional Units are issued by any Subaccount, the fractional undivided interest represented by each remaining Unit will be decreased. Units will remain outstanding until redeemed by a contract owner.

If we make a mistake in executing any purchase or redemption, we will reprocess, if necessary, any trades made in error and ensure that you receive the correct Unit Values. We will put you in the same position you otherwise would have been in. Depending on the change in Unit Values between the error and correction, we may experience a gain or loss as a result of any reprocessing.

The Unit Value of each Subaccount will fluctuate with the investment performance of the corresponding Fund, which reflects the investment income, realized and unrealized capital gains and losses of the Fund, and the Fund’s expenses.

How We Determine Unit Value

We determine the Unit Value for each Subaccount after the close of business of the New York Stock Exchange, which is normally 4 p.m. Eastern Time on each Business Day. To value your Subaccount Units invested in ETFs, we use the daily closing price of each ETF on its primary exchange. Note that the ETF shares may trade at a discount from the net asset value of the ETF. To value your Subaccount Units invested in the Fidelity VIP Government Money Market Portfolio, we use the daily net asset value provided by Fidelity for the VIP Government Money Market Portfolio. In addition to the Fund shares, the Subaccounts that invest in the ETFs also hold an accrual for any dividends or other distributions declared by the ETF, which will be reinvested in the ETF on the next Business Day after payment.

The Unit Value of each Subaccount for any Business Day is equal to the Unit Value for the previous Business Day, multiplied by the net investment factor for that Subaccount on the current Business Day. The net investment factor measures the investment performance of a Subaccount from one Business Day to the next.

We determine the net investment factor by dividing the net asset value of the Subaccount for that valuation period by the net asset value of the Subaccount for the preceding valuation period. We subtract from that result the daily equivalent of the annual separate account charges for each calendar day since the last day that a Unit Value was determined (for example, a Monday calculation will include charges for Saturday and Sunday).

Generally, this means that we adjust Unit Values to reflect the change in value of the Fund shares, for the separate account charges and, if elected, the GLWB Rider charge.

Allocations and Transfers

Only one investment allocation to the Subaccounts may be in place at any time on your contract. This allocation applies to your current investment, future premiums, and rebalancing. In addition to your one allocation to the

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Subaccounts, you may allocate some or all of your initial premium and additional new premium to the STO. Transfers from the STO to the Subaccounts must be according to your one investment allocation to the Subaccounts.

You may reallocate all or part of your Account Value among the Subaccounts; however, each reallocation triggers a 60-day waiting period before you can make another allocation change. A transfer between or among Subaccounts is an “allocation change.”Here are the details:

• A 60-day waiting period applies after your initial allocation on the Contract Date. This means you must wait 60 days after the contract is issued before you make an allocation change.

• A 60-day waiting period applies after any voluntary allocation change. This means you must wait 60 days after the date you make an allocation change before you make another allocation change.

• The following allocation changes will not trigger the 60-day waiting period:

◦ automatic rebalancing;

◦ automatic transfers from the STO;

◦ reallocation as a result of any material change in a Fund or a Subaccount (see Part 2, section titled “Changes in How We Operate”);

◦ automatic transfers that take place upon cancellation of a GLWB Rider, unless you make additional voluntary allocation changes in connection with the GLWB Rider cancellation.

Allocations and transfers are restricted further if you have a GLWB Rider. See Part 6.

To request a reallocation, you may write to our Administrative Office at the address in the Glossary. Mail sent to any other address may not be in Good Order. You may also contact your sales representative to request a reallocation. Each request for a reallocation or transfer must specify:

• the contract number; and

• the Subaccounts and allocation percentages stated in whole percentages.

If one portion of a reallocation request involving multiple Subaccounts violates our policies or is not in Good Order, the entire request will not be processed. You will need to resubmit a request that is in Good Order for your reallocation to be processed.

You may also request a reallocation through our telephone transfer service using your personal identifiers. We will honor telephone instructions from any person who provides correct identifying information. We are not responsible for fraudulent telephone requests we believe to be genuine according to these procedures. Accordingly, you bear the risk of loss if unauthorized persons make reallocations on your behalf. Telephone reallocations may be requested from 9:00 a.m. to 5:00 p.m. Eastern Time, on any day we are open for business. We do not guarantee that we will be able to accept transaction instructions via telephone at all times, and we reserve the right to limit, restrict or terminate telephonic transaction privileges at any time.

If we receive your request in Good Order at our Administrative Office before the close of regular trading on the New York Stock Exchange (normally, 4:00 p.m. Eastern Time) on a Business Day, you will receive the Unit Values for the Subaccounts as of the close of business on the day you call.

Requests received at our Administrative Office at or after the close of regular trading on the New York Stock Exchange (normally, 4:00 p.m. Eastern Time) on a Business Day, or received on a day other than a Business Day, will be processed using Unit Values as of the close of business on the next Business Day. We will confirm all reallocations in writing.

Detrimental Effect of Trading on Unit Values

This contract is intended for long-term investing only and is not intended as a vehicle for frequent trading. Reallocations (transfers) among Subaccounts are strictly limited under the terms of this contract. See Part 5, section titled "Allocations and Transfers." We may refuse any reallocation request for an owner or certain owners if we believe, in our sole discretion, that a specific request or group of requests may have a detrimental effect on Unit Values. We will notify you or your designated representative if your requested reallocation is not made.

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Specific Notice Regarding the Use of this Annuity for Market Timing or Frequent Trading

This contract is not designed to serve as a vehicle for trading in response to short-term fluctuations in the market. You cannot engage in intra-day trading of the ETFs available through the Subaccounts. Any person that intends to engage in stale price arbitrage, utilize market timing practices or make frequent transfers for any reason should not purchase this contract.

If we determine, in our sole discretion, that a contract owner is attempting to engage in improper trading, we may revoke their same-day reallocation/transfer privileges and require their trades to be submitted via U.S. Mail or overnight delivery service. We may reject transactions made in violation of our market timing policies. We may modify these restrictions at any time in our sole discretion.

Withdrawals

You may make withdrawals as often as you wish, subject to following rules:

• Each withdrawal must be at least $250.

• Your Account Value remaining after a partial withdrawal, including any withdrawal charge, must be at least $20,000. (Please note that you may fully surrender your contract at any time.) This rule does not apply to a withdrawal of your Free Withdrawal Amount, your RMD, or if you have a GLWB Rider.

Unless you request a withdrawal from a specific Investment Option, we will take the withdrawal from your Investment Options, pro rata, in the same proportion their value bears to your total Account Value. For example, if your Account Value is divided in equal 25% portions among four Subaccounts, when you make a withdrawal, 25% of the withdrawal will come from each of your four Subaccounts.

Withdrawals are processed when a request is received in Good Order at our Administrative Office. When you take a withdrawal from a Subaccount, Units are redeemed at the Unit Value as of the next close of the New York Stock Exchange.

The total amount deducted from your Account Value will be the withdrawal amount requested, plus any withdrawal charge that applies (see Part 4, section titled "Withdrawal Charge"). The amount you receive will be the amount you requested, less any applicable tax withholding. Withdrawals are handled differently if you elect a GLWB Rider. See Part 6.

Withdrawals are attributed to your Account Value in the following order: (1) any remaining Free Withdrawal Amount; (2) premiums that are no longer subject to a withdrawal charge and have not yet been withdrawn; (3) premiums subject to a withdrawal charge; and (4) any gain, interest, or other amount that is not considered a premium. Your investment comes out first, beginning with the oldest premium first, then next oldest and so on. Any gain or earnings in your contract come out only after an amount equal to all premiums, and any applicable charges on those premiums, are withdrawn. Please note, however, that for tax purposes, withdrawals prior to the annuity starting date are considered to be gain first. See Part 8.

Your financial professional or a third party may have offered you asset allocation or investment advisory services for your contract. Fees you pay for such investment advisory services are in addition to any contract charges. While we no longer accept these arrangements, if you already have them in place the payments are withdrawals from your Account Value and will be subject to any applicable withdrawal charge. We will withdraw the requested payment according to the third party's instructions (including instructions about which Subaccounts to withdraw the fee from) and send you a confirmation of the transaction. We will not verify the accuracy of the amount being requested.

Examples of withdrawals and the application of a withdrawal charge are located in Appendix B.

Additional restrictions apply to withdrawals if you have a GLWB Rider. See Part 6.

Your Death Benefit is reduced by withdrawals on a proportional basis. See Part 5, section titled "Death Benefit."

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Most of the withdrawals you make before you are 59½ years old are subject to a 10% federal tax penalty. See Part 8.

Free Withdrawal Amount

You may take your Free Withdrawal Amount each Contract Year without paying a withdrawal charge. The Free Withdrawal Amount is the greater of:

• 10% of your Account Value on the date of the withdrawal, minus any partial withdrawals taken during the current Contract Year; or

• 10% of your Account Value at your most recent Contract Anniversary, minus any partial withdrawals taken during the current Contract Year. (During your first Contract Year, this amount is 10% of your initial premium received on the Contract Date.)

If your RMD (based on the fair market value of this contract only as calculated by us) is greater than your Free Withdrawal Amount, we will allow you to take the RMD as your Free Withdrawal Amount, but only once each Contract Year. Because your RMD is based on a calendar year, you should plan in advance to coordinate your RMD with your available Free Withdrawal Amount.

If you do not take the Free Withdrawal Amount in any one Contract Year, you cannot add it, or any unused portion of it, to the next year’s Free Withdrawal Amount.

The Free Withdrawal Amount does not apply to a full surrender. Taking your Free Withdrawal Amount will not reduce the total withdrawal charge applicable to your premium. If you take a subsequent withdrawal for more than the Free Withdrawal Amount or if you surrender the contract, we will assess any applicable withdrawal charge on the amount of your premiums withdrawn, which are not reduced for any Free Withdrawal Amount you have taken.

The Free Withdrawal Amount is available for withdrawal only. The Free Withdrawal Amount is not available for transfer to another IRA or other qualified contract or account.

Timing of Payment of a Withdrawal or Surrender

We normally send you partial or full withdrawals (or apply your Account Value to the purchase of an Annuity Option) within seven days after receipt of the required form at our Administrative Office. However, we can defer our action for any period during which:

(1) the New York Stock Exchange has been closed, other than a weekend or holiday, or trading on it is restricted;

(2) an emergency exists as determined by the SEC so that disposal of securities is not reasonably practicable or it is not reasonably practicable for the Separate Account fairly to determine the value of its net assets; or

(3) the SEC, by order, permits us to defer action in order to protect persons with interests in the Separate Account.

Assignments

This contract is an IRA and you are not legally permitted to assign, pledge or otherwise transfer the contract. Pledging or assigning an IRA can cause loss of qualified status and result in some or all of the Account Value being included in your income. A 10% federal tax penalty also may apply.

Death Benefit

We will pay the Death Benefit to your properly designated beneficiary if you die before the Annuity Date.

The Death Benefit amount will be the greater of:

1. the Account Value on the Death Benefit Date; and

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2. your total premiums minus proportionate adjustments for partial withdrawals, including any withdrawal charge. A proportional adjustment means that your Death Benefit will be reduced by the same percentage as your withdrawal bears to your Account Value at the time of withdrawal.

Example of the effect of withdrawals on the Death Benefit:

• if your Death Benefit is $100,000 and your current Account Value is $80,000,

• and you take a withdrawal of $10,000,

• we will reduce your Death Benefit by 12.5% because that is the same percentage that your withdrawal bears to the Account Value at the time of the withdrawal

($10,000 / $80,000);

• therefore, your Death Benefit is reduced by $12,500.

Because the Account Value at the time of the withdrawal in this example is less than the Death Benefit, the Death Benefit is decreased by a larger dollar amount than the partial withdrawal amount.

This example is for illustrative purposes only and does not predict results.

Your beneficiary generally has a choice of how to receive the Death Benefit.

1. The beneficiary may take a lump sum. If the beneficiary elects this option, we will pay the Death Benefit to the beneficiary.

2. The beneficiary may defer for up to five years. If the beneficiary elects this option, we will allow the beneficiary to keep the Death Benefit invested in the available Subaccounts for a period of up to five years. Separate account charges will continue to apply. At the end of five years, the entire amount must be paid to the beneficiary.

3. The beneficiary may treat the contractas an inherited IRA. If the beneficiary elects this option, we will allow the beneficiary to keep the Death Benefit amount invested in the available Subaccounts. Separate account charges will continue to apply. The beneficiary must choose to receive the Death Benefit as either:

a) an immediate annuity with a life contingency; or

b) substantially equal payments over his or her life expectancy or other payout period as defined by the Tax Code. Certain beneficiaries may choose the longer of his or her life expectancy or the deceased owner’s life expectancy (both as defined by the Tax Code) if the owner dies after the Required Beginning Date; for other beneficiaries, the payout period may be limited to 10 years. (For Roth IRAs, the owner is presumed to have died before the Required Beginning Date.)

Distributions must begin by December 31 of the calendar year after the owner’s death; however if the beneficiary is your spouse and has elected this option, distributions may begin at the end of the calendar year in which the owner would have reached the qualified age under IRS regulations, if later. A spouse also may elect to continue the contract as described below in the section titled “Spousal Continuation.” If the beneficiary fails to make an election within a reasonable time, we may automatically process the claim as if option two were elected.

The following restrictions apply to the inherited IRA contract: (i) the inherited IRA owner may not add premium to the contract; (ii) the Death Benefit available to the beneficiary of the inherited IRA owner is the Account Value on the Death Benefit Date after the death of the inherited IRA owner; and (iii) the beneficiary of the inherited IRA owner will be required to receive the remaining Account Value either in a lump sum, over five years or over the life expectancy of the inherited IRA owner as determined by the Tax Code.

For more information on inherited IRAs, see Part 8, section titled “Inherited IRAs” and IRS Publication 590. You should seek independent tax advice.

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If your beneficiary is not a human being, the beneficiary must elect either a lump sum or deferral for up to five years. If the owner is a trust, custodian or other entity, the owner must name itself as the sole beneficiary.

Spousal Continuation

If your sole primary beneficiary is your spouse, the contract may be continued in your spouse’s name as the owner.If spousal continuation is elected, we will increase the continued contract’s Account Value to the same amount that would have been paid to your surviving spouse had he or she taken the Death Benefit as a lump sum distribution. This increase will be added to the Subaccounts you have selected on a pro rata basis. For example, if the Account Value at death was $100,000, but we would have paid out a Death Benefit of $115,000, the surviving spouse’s contract will continue with $115,000 as the Account Value.

All terms and conditions of the contract continue to apply including the withdrawal charge. When the surviving spouse dies, the Death Benefit will be paid to the beneficiary named by the surviving spouse.

A same-sex surviving spouse is recognized as your spouse under the Tax Code and will qualify for the federal tax advantages of spousal continuation.

The survivor of a civil union or domestic partnership is not recognized as your spouse under the Tax Code and the federal tax advantages of spousal continuation are not available. The survivor of a civil union or domestic partnership may elect to continue the contract under its terms. The continuation of the contract by such surviving civil union or domestic partner, however, is treated as an ordinary transfer of ownership and will be a taxable event.

Selecting and Changing Your Beneficiary

You may name one or more beneficiaries as primary or contingent beneficiaries. The Death Benefit will be paid to your primary beneficiaries who are alive at the time of your death. If no primary beneficiary survives your death, then the Death Benefit will be paid to your contingent beneficiaries, if any. If no beneficiary survives your death (primary or contingent) or none has been named, the Death Benefit will be paid to your estate.

If multiple beneficiaries in either category (primary or contingent) are named, the Death Benefit will be split into equal shares among the beneficiaries in that category who are alive at the time of your death, unless you specify otherwise in your beneficiary designation.

If you die on or after the Annuity Date and before the entire interest in the contract has been distributed, then the rest of the annuity must be distributed to the beneficiary at least as quickly as the method in effect when you died.

You may change any beneficiary by sending the appropriate form in Good Order to the Administrative Office. We may limit the number of beneficiaries you can have at one time. Please consult your financial professional and tax advisor to properly identify your beneficiaries so that the Death Benefit is paid as you intend. Please be sure to name your spouse as your sole primary beneficiary so that spousal continuation of the contract can occur, if that is your intention. You may wish to name a contingent beneficiary in case your spouse dies before you. If the owner is a custodian, the owner must name itself as the sole beneficiary.

Filing Death Claims

To file a death claim, the beneficiary must promptly submit an original certified death certificate and company death claim paperwork that is in Good Order, including the beneficiary's election of how they wish to receive the Death Benefit proceeds. On the date we first receive notice of the owner’s death, we will stop all pending automatic transactions including rebalancing and systematic withdrawals; however, any money in the STO will be transferred to the Subaccounts according to the owner’s allocation.

During the period from the date of death until we receive all required paperwork in Good Order, the Account Value will remain invested in the Subaccounts as allocated by you at the time of your death. As a result, the Account Value continues to reflect the investment performance of the Subaccounts during this period and will be subject to market fluctuations. Separate account charges will continue to apply.

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If there are multiple beneficiaries, after one beneficiary submits death claim paperwork, the Death Benefit will be calculated and the first beneficiary will receive payment according to his or her election. The remaining beneficiaries’ share of the Death Benefit will be invested in the Subaccounts as allocated by you at the time of your death and subject to market fluctuations.

Maturity Date and Annuity Option

Your Annuity Option is available anytime on or after your first Contract Anniversary until the Maturity Date. You may elect your Annuity Option by writing to the Administrative Office any time on or after your first Contract Anniversary and before the Maturity Date. Upon the Maturity Date, you may elect to receive a lump sum of your Account Value, or you may elect an Annuity Option.

An Annuity Option can provide for fixed payments, which may be made monthly, quarterly, semi-annually or annually. For any annuity, the minimum payment must be at least $100. If the minimum monthly payment under a guaranteed Annuity Option would be less than $20, we will pay you a lump sum of your Account Value instead. All Annuity Options are funded through our General Account.

The amount applied toward the purchase of a guaranteed Annuity Option under the contract will be the Account Value less any premium tax. The guaranteed Annuity Options are single life and ten years certain or joint life and ten years certain. These options provide a fixed life income annuity with 10 years of payments guaranteed.

We will also use the Account Value less any premium tax to determine your annuity payments if you select a nonguaranteed Annuity Option with either (i) life contingencies, or (ii) a period certain that provides for fixed payments over ten or more years. If you select any other nonguaranteed Annuity Option, the amount applied to determine your annuity payments will be the Surrender Value, or if this Contract is issued in New York, the amount applied to determine your annuity payments under (ii) above will be the greater of the Surrender Value or 95% of your Account Value.

We currently offer additional Annuity Options listed below; however, we may eliminate or change the non-guaranteed options available at any time:

• period-certain annuity, which provides for fixed payments for a fixed period. The fixed periods available may vary from time to time and the fixed period selected may not extend past your life expectancy. The amount is determined by the period you select. If the Annuitant dies before the end of the period selected, the beneficiary will receive the remaining periodic payments.

• period-certain life annuity, whichprovides for fixed payments for at least the period selected and after that for the life of the Annuitant or the lives of the Annuitant and any joint Annuitant under a joint and survivor annuity. The fixed periods available may vary from time to time. If the Annuitant (or the Annuitant and the joint Annuitant under a joint and survivor annuity) dies before the fixed period selected ends, the remaining payments in the fixed period will go to the beneficiary.

• life only annuity, which provides fixed payments for the life of the Annuitant, or until the Annuitant and joint Annuitant both die under a joint and survivor annuity. Once the Annuitant (or last joint Annuitant) dies, no further payments will be made and no value remains for any beneficiaries.

If you have not already selected a form of Annuity Option, we will contact you prior to your Maturity Date. You can tell us at that time if you would like a lump sum payment, or select the type of annuity you want. If we do not receive your election on or before your Maturity Date, you will automatically receive the single life and ten-year certain Annuity Option guaranteed under the contract.

Annuity Payments

Once payments begin under an Annuity Option, payments will not change. The size of payments will depend on the amount applied to the Annuity Option, the form of Annuity Option you chose and, in the case of an Annuity Option with life contingencies, on the Annuitant's age and sex (where permissible).

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If the age or sex of an Annuitant has been misstated, you will receive the benefits that would have been purchased at the correct age and gender. Any overpayments or underpayments made by us will not be charged or credited with interest, unless required by your state. If we have made overpayments because of incorrect information about age or gender, we will deduct the overpayment from the next payment or payments due. We add underpayments to the next payment.

How You Make Requests and Give Instructions

When you write to our Administrative Office, use the address listed in the Glossary of this prospectus. We cannot honor your requests unless they are in proper and complete form. Whenever possible, use one of our printed forms, which may be obtained from our Administrative Office.

Abandoned or Unclaimed Property

Every state has laws that generally provide for payment to the state of unclaimed property, including proceeds of annuity contracts, under various circumstances.  This is called escheatment.  In addition to the state unclaimed property laws, we may be required to escheat property pursuant to regulatory demand, finding, agreement or settlement. To help prevent escheatment, it is important that you keep your contact information on file with us up to date, including the names, addresses, phone numbers, social security numbers and dates of birth for owners, annuitants, beneficiaries and other payees.  Such updates must be communicated in Good Order to our Administrative Office.

Part 6 – Optional Benefits

You may purchase one of the optional GLWB Riders offered with this contract, which provides additional benefits for an additional charge. You may only elect a Rider at the time of application. Benefits under a Rider will replace or supplement the standard contract benefits. Charges for an optional benefit Rider are in addition to the standard contract charges. Be sure you understand the charges. Carefully consider whether you need the benefit and whether it is appropriate for your particular circumstances. Also consider whether you can buy the benefit more cheaply as part of the variable annuity or with a separate contract.

Guaranteed Lifetime Withdrawal Benefit

Each Guaranteed Lifetime Withdrawal Benefit (GLWB) is an optional Rider you may purchase for an additional charge. You may select the Individual GLWB Rider or the Spousal GLWB Rider.

The GLWB Rider guarantees lifetime payments for you (or you and your covered spouse if you elect the Spousal GLWB Rider) regardless of how your investments perform, as long as the Rider is in effect. You are the covered person under the Individual GLWB Rider. You and your spouse are the covered persons under the Spousal GLWB Rider. If you take Nonguaranteed Withdrawals, as explained below, your Benefit Base will decrease immediately, your lifetime payments may decrease and the Rider may terminate.

Lifetime Payout Amount (LPA)

The LPA is the amount we guarantee you can receive each calendar year for your lifetime (or for as long as either you or your covered spouse is alive if you elect the Spousal GLWB Rider). You are eligible to begin receiving your LPA on the LPA Eligibility Date.

For the Individual GLWB Rider, the LPA Eligibility Date is the earlier of the following:

• January 1^st after the calendar year in which you turn age 60 (if you turn age 60 on January 1^st, your LPA will be available beginning on that day); or

• the Contract Date, if you are age 60 or older at the time you purchase your contract. The LPA available during the calendar year in which you purchase your contract will be prorated for the portion of the calendar year remaining.

For the Spousal GLWB Rider, the LPA Eligibility Date is the earlier of the following:

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• January 1^st after the calendar year in which the younger of you or your spouse turns age 60 (if the younger of you or your spouse turns age 60 on January 1^st, your LPA will be available beginning on that day); or

• the Contract Date, if the younger of you or your spouse is age 60 or older at the time you purchase your contract. The LPA available during the calendar year in which you purchase your contract will be prorated for the portion of the calendar year remaining.

The LPA is equal to the applicable Withdrawal Percentage multiplied by the Benefit Base on January 1^st each year on or after the LPA Eligibility Date. For the Spousal GLWB Rider, that amount is then multiplied by 90% (this 90% is called the Spousal Factor).

Withdrawal Percentage - The applicable Withdrawal Percentage is determined by the following formula:

A + B + C, where:

(A) is the Age Based Percentage stated on the chart below:

Age*	Age Based Percentage
60-64	4.00%
65-69	4.50%
70-74	5.00%
75 and above	5.50%

*The Age Based Percentage is determined by your age (or the age of the younger of you or your spouse if you have elected the Spousal GLWB Rider). The Age Based Percentage is locked in on the date of the first withdrawal from the contract on or after the LPA Eligibility Date.

(B) is the cumulative Deferral Percentage. The cumulative Deferral Percentage begins at zero and increases by 0.10% for each complete calendar year that you do not take a withdrawal.

(C) is a First-Year Deferral Percentage stated on the chart below:

Contract Date	First-Year Deferral Percentage
January 1-March 31	0.075%
April 1-June 30	0.050%
July 1-September 30	0.025%
October 1-December 31	0.000%

The First-Year Deferral Percentage is a one time addition to your Withdrawal Percentage that varies based on your Contract Date, provided you do not take a withdrawal in the calendar year containing the Contract Date.

Benefit Base - Your initial Benefit Base is equal to your initial premium received by us on the Contract Date. Your Benefit Base will be adjusted as follows:

1. On each Contract Anniversary, your Benefit Base will be compared to your Account Value and if the Account Value is greater than the Benefit Base, we will step up your Benefit Base to equal the Account Value.

2. If you take a Nonguaranteed Withdrawal, we will immediately decrease your Benefit Base as described in the section titled “Nonguaranteed Withdrawal” below.

3. On the date we receive an additional premium during the first Contract Year, we will immediately increase your Benefit Base by the amount of the additional premium. Additional premiums received after the first Contract Year will not increase your Benefit Base. They will, however, increase the Account Value, which is used to determine if a step up applies on the next Contract Anniversary.

The Benefit Base is used only to calculate the LPA and Rider charge. The Benefit Base is not available for withdrawal or payable as a death benefit.

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If you (or the younger of you and your spouse if you have elected the Spousal GLWB Rider) have reached the LPA Eligibility Date on the Contract Date, your LPA for the calendar year that contains the Contract Date will be prorated for the portion of the calendar year remaining. The factor used to prorate the LPA is the number of days remaining in the calendar year (not including the Contract Date) divided by the number of days in the calendar year.

If you withdraw less than the LPA in any calendar year, you cannot carry over or add the remaining LPA to withdrawals made in future years.

If your RMD is greater than the LPA for any calendar year, the LPA will be set equal to the RMD for that calendar year as long as calendar year withdrawals are limited to the RMD.

Nonguaranteed Withdrawal

Before your LPA Eligibility Date, a Nonguaranteed Withdrawalis the total amount of any withdrawal, including any withdrawal charge.

On or after your LPA Eligibility Date, a Nonguaranteed Withdrawal is all or a portion of any withdrawal, including any withdrawal charge, that, when combined with your total withdrawals for that calendar year, exceeds your LPA.

If you take a Nonguaranteed Withdrawal, your Benefit Base will immediately decrease by the adjusted Nonguaranteed Withdrawal amount. The adjusted Nonguaranteed Withdrawal amount is defined as the Nonguaranteed Withdrawal amount multiplied by the greater of 1.0 and the ratio of Benefit Base to Account Value (Benefit Base divided by Account Value), where both values are determined immediately before the Nonguaranteed Withdrawal. The Account Value immediately before the Nonguaranteed Withdrawal means that the Account Value will be reduced by any remaining LPA prior to the calculation.

Taking Nonguaranteed Withdrawals could reduce your future benefits by more than the dollar amount of the Nonguaranteed Withdrawals.

The example below demonstrates how a Nonguaranteed Withdrawal affects the Benefit Base, using the following assumptions:

• Individual GLWB in effect

• Benefit Base = $100,000

• Account Value = $85,000

• LPA = $5,000

• One withdrawal is taken during the calendar year = $7,000

• Withdrawal taken after LPA Eligibility Date

• No withdrawal charge applies.

The Nonguaranteed Withdrawal amount is $2,000, which is equal to your total calendar year withdrawals ($7,000) minus your LPA ($5,000). The adjusted Nonguaranteed Withdrawal is $2,500:

$2,500 = $2,000 (Nonguaranteed Withdrawal amount) x the greater of 1.0 or [$100,000 (Benefit Base immediately before the Nonguaranteed Withdrawal) / $80,000 (Account Value immediately before the Nonguaranteed Withdrawal)]

Your Benefit Base will be reduced by $2,500 to $97,500.

Other Important Facts about Withdrawals

• You will not receive the intended benefit of this Rider if you take Nonguaranteed Withdrawals. Nonguaranteed Withdrawals can have a significant negative effect on your Benefit Base and your LPA.

• A withdrawal charge may apply. If you withdraw more than your Free Withdrawal Amount (10% of the Account Value in any Contract Year) but the withdrawal does not exceed your LPA, any applicable withdrawal charge will be waived. If you withdraw more than the Free Withdrawal Amount and any portion of the

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withdrawal is a Nonguaranteed Withdrawal, a withdrawal charge, if any, will be applied on the entire amount that is greater than the Free Withdrawal Amount. See Part 4, “Withdrawal Charge” and Part 5, “Withdrawals." Following is an example of how a withdrawal charge may apply:

Assume:

Individual GLWB in effect

Premium:                        $40,000

Account Value before withdrawal:            $18,000

Withdrawal charge percentage applicable to premium:    6%

Lifetime Payment Amount:                $ 2,000

Case 1: Owner requests withdrawal of $2,000 (LPA)

The Free Withdrawal Amount is calculated as $18,000 x 10% = $1,800. The $2,000 requested withdrawal is greater than the remaining Free Withdrawal Amount; however, it does not exceed the LPA. No withdrawal charge will apply.

Case 2: Owner requests withdrawal of $2,500

The Free Withdrawal Amount is $1,800. Since the requested withdrawal exceeds the LPA, withdrawal charges will apply. After applying the withdrawal first to the Free Withdrawal Amount, this leaves $700 ($2,500 - $1,800), which will be subject to a withdrawal charge of $42 ($700 x 6%).

• Withdrawals must be taken pro rata from your Investment Options. You cannot make a withdrawal from specific Investment Options.

• You may not take a withdrawal on your Contract Date.

• If you request a withdrawal, we will withdraw the total amount you requested from your Account Value, however the amount you receive will be net of tax withholding and withdrawal charge, if applicable.

• You must use our withdrawal form to request withdrawals. Contact our Administrative Office to obtain the form.

GLWB Rider Charge

The GLWB Rider charge is a daily charge taken from the Account Value in your Subaccounts. The charge is in addition to the separate account charges for the contract and reduces your Unit Values. The charge varies depending on which GLWB Investment Strategy you choose. The following table shows the effective annual rates for the Rider charge:

GLWB Investment Strategy	Current GLWB Charge	Current GLWB Charge with Total Separate Account Expenses
Strategy 1 – Basic Allocation	0.60%	2.35%
Strategy 2 – Self Style Allocation	0.80%	2.55%

We may increase the annual charge for the GLWB Rider up to the maximum of 1.50%. The maximum GLWB charge with total separate account charges is 3.25% for either GLWB Investment Strategy.

If we do increase the charge, we will give you prior written notice of each increase. If you do not wish to accept an increase, you may elect to either

• cancel the Rider; or

• continue the Rider with a reduction in the Withdrawal Percentage as determined by us, effective at the time of the Rider charge increase. The maximum reduction in the Withdrawal Percentage is 1.00%, regardless of the number of Rider charge increases.

We do not deduct the Rider charge during the Guaranteed Payment Phase.

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The GLWB Rider charge is the same for the Individual GLWB Rider and the Spousal GLWB Rider. The LPA is adjusted downward – by the Spousal Factor of 90% – for the Spousal GLWB Rider instead of an additional charge.

GLWB Investment Strategies

If you purchase a GLWB Rider, you must allocate your premium to only one of the two GLWB Investment Strategies described below. Once you select a GLWB Investment Strategy, you cannot switch to another GLWB Investment Strategy. As a result of the GLWB Rider investment restrictions, you will always have some degree of exposure to the market. You cannot eliminate this exposure even during periods of market volatility. These GLWB Investment Strategies are designed for long-term investors seeking withdrawal guarantees. (Note that the Subaccounts available in the GLWB Investment Strategies are also available without the Rider.)

The GLWB Investment Strategies are intended in part to reduce the risk of investment losses that could require us to use our own assets to make payments under the GLWB Rider. The GLWB Investment Strategies are designed to lower the volatility of returns from your Subaccounts. Subaccounts that are available without limitation (if the GLWB Rider is not selected) may offer the potential for higher returns. Before you select the GLWB Rider, you and your financial representative should carefully consider whether the GLWB Investment Strategies available with the Rider meet your investment objectives and risk tolerance.

GLWB InvestmentStrategy 1– Basic Allocation

You must allocate your premium according to one of the three models: Blend, Growth or Value. You may reallocate from one model to another, as discussed below.

Subaccount	Model 1 - Growth	Model 2 - Blend	Model 3 - Value
iShares Core S&P 500 ETF	30%	40%	30%
iShares Core S&P Mid-Cap ETF	10%	10%	10%
iShares Core S&P Small-Cap ETF	5%	5%	5%
iShares International Treasury Bond ETF	5%	5%	5%
iShares S&P 500 Growth ETF	10%
iShares S&P 500 Value ETF			10%
Vanguard Developed Markets IndexFund, ETF Shares	5%	5%	5%
Vanguard Total Bond Market Index Fund, ETF Shares	35%	35%	35%

GLWB InvestmentStrategy 2 – Self Style Allocation

You may select one or more of the Subaccounts in two or more groups, as long as your allocations add up to 100% and are within the minimum and maximum allocation percentages indicated for each group.

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Group 1 Core Fixed Income	Group 2 Core Equity	Group 3 Non-Core Fixed Income	Group 4 Non-Core Equity	Group 5 International/Alternative
Minimum 35% Maximum 65%	Minimum 35% Maximum 65%	Minimum 0% Maximum 30%	Minimum 0% Maximum 30%	Minimum 0% Maximum 15%
iShares Core U.S. Aggregate Bond ETF	iShares Core S&P 500 ETF	iShares iBoxx $ High Yield Corporate Bond ETF	iShares Core S&P Mid-Cap ETF	iShares International Treasury Bond ETF
iShares Intermediate-Term Corporate Bond ETF	Vanguard Dividend Appreciation Index Fund, ETF Shares	iShares TIPS Bond ETF	iShares Core S&P Small-Cap ETF	Vanguard Developed Markets Index Fund, ETF Shares
Vanguard Total Bond Market Index Fund, ETF Shares	Vanguard Large-Cap Index Fund, ETF Shares	Vanguard Intermediate-Term Corporate Bond Index Fund, ETF Shares	iShares S&P 500 Growth ETF	Vanguard Emerging Markets Stock Index Fund, ETF Shares
		Vanguard Short-Term Bond Index Fund, ETF Shares	iShares S&P 500 Value ETF	Vanguard Real Estate Index Fund, ETF Shares
		Fidelity VIP Government Money Market Portfolio	Vanguard Mega Cap Index Fund, ETF Shares

For more information about these Subaccounts, including information relating to their investment objectives and policies, and the risks of investing, see Part 3, as well as the Fund prospectuses. You can obtain a copy of the Fund prospectuses by contacting our Administrative Office listed in the Glossary. You should read the Fund prospectuses carefully before investing.

In addition to your allocation to one of the two GLWB Investment Strategies, you may invest some or all of your initial premium received by us on the Contract Date in the STO. Transfers from the STO to the Subaccounts must be according to GLWB Investment Strategy and allocation you have selected. See Part 3, section titled “The Fixed Account” for more information about the STO.

Subject to required approvals by federal and state authorities, we may add, remove, change, close, substitute or limit investment in the GLWB Investment Strategies or the Subaccounts at any time.

Allocations and Transfers for the GLWB

In addition to the allocation and transfer rules under the contract (See Part 5, section titled "Allocations and Transfers"), the following additional rules andlimitations apply to your allocations and transfers:

• Your one allocation allowed on the contract must meet the requirements of one of the two GLWB Investment Strategies.

• Your Account Value will be automatically rebalanced to your allocation percentages each contract quarter.

• You cannot move from one GLWB Investment Strategy to another.

• In GLWB Investment Strategy 1, you can reallocate your Account Value invested in one model to another model. The reallocation will reset your Account Value to the required percentages for the new model. Each reallocation triggers the 60-day waiting period before you can make another reallocation.

• In GLWB Investment Strategy 2, you can reallocate your Account Value invested in Strategy 2 as long as your new allocation is within the minimum and maximum allocation percentages for each group. Each reallocation triggers the 60-day waiting period before you can make another reallocation.

Your financial professional or a third party may have offered you asset allocation or investment advisory services related to this annuity contract or Rider for an additional fee to be deducted from your contract. Such fees are considered withdrawals and could cause a Nonguaranteed Withdrawal. Therefore, if you purchase a GLWB Rider, we do not recommend using this annuity contract to pay for such services.

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Withdrawal Protection for Required Minimum Distributions

If your contract is a traditional IRA or a SEP IRA, you may be required to withdraw money in order to satisfy minimum distribution requirements imposed by the Tax Code after you reach the qualified age under IRS regulations (for an owner that reached age 70½ on or before December 31, 2019, age 70½, and for an owner that reaches age 70½ on or after January 1, 2020, age 72).

We will calculate the RMD for this annuity contract based on its prior calendar year-end fair market value. We do not consider your other assets or distributions in making this calculation. This is the RMD protected under the GLWB Riders except if you elect the spousal Rider, and your spouse is more than 10 years younger than you. In that case, due to your age difference, you will be required to take your RMD for this annuity contract before the LPA Eligibility Date; if you take your RMD from this contract’s Account Value, each withdrawal will be a Nonguaranteed Withdrawal until the LPA Eligibility Date is reached. You are solely responsible for meeting all requirements of the Tax Code.

After the LPA Eligibility Date, you may take the greater of your LPA or your RMD each calendar year. In the year you turn the qualified age the Tax Code provides that you may take your first RMD prior to April 1st of the following calendar year; however, with a GLWB Rider, you must take your first annual RMD in the calendar year you turn the qualified age in order to avoid a potential Nonguaranteed Withdrawal.

We may make any changes we deem necessary to comply with the tax laws. We are not liable for any tax consequences you incur arising from this contract or your obligations under the Tax Code. You should discuss these matters with your tax advisor prior to electing a GLWB Rider.

Continuation of the Spousal GLWB at Owner’s Death

Married spouses – If your covered spouse is recognized under the Tax Code, including same-sex spouses, he or she will have the option to continue the contract and the GLWB Rider at the time of your death. Your covered spouse will become the owner and Annuitant of the contract and all terms and conditions of the contract continue to apply. See Part 5, section titled “Spousal Continuation.”

Civil Union or Domestic Partners – for civil union or domestic partners as defined by state law, the covered partner may continue to receive the LPA under the terms of the Rider. Due to federal tax laws, however, not all terms of the contract can be applied. If the covered partner wishes to continue receiving the LPA, he or she must elect to treat the contract as an inherited IRA. See Part 5, section titled “Death Benefit.” All provisions of the contract and the GLWB Rider still apply, except (i) the covered partner must take at least the RMD each calendar year (caution: this may cause a Nonguaranteed Withdrawal if the LPA Eligibility Date has not been reached); (ii) the covered partner cannot add premium to the contract; (iii) the Death Benefit available to the beneficiary of the covered partner is limited to the Account Value on the Death Benefit Date; and (iv) the beneficiary of the covered partner will be required to receive the remaining Account Value either in a lump sum, over five years or over the life expectancy of the covered partner as determined by the Tax Code. These restrictions are required by the Tax Code.

Guaranteed Payment Phase

The Guaranteed Payment Phase begins on or after the LPA Eligibility Date if either:

• Before the Maturity Date, the Account Value reduces to zero (other than as a result of a Nonguaranteed Withdrawal or the voluntary election of an Annuity Option).

• On the Maturity Date, you elect to continue to receive annual payments equal to the then current LPA through a life only Annuity Option (or joint life if you have elected the Spousal GLWB Rider and both you and your covered spouse are still living.) If you do not elect the LPA Annuity Option, you will automatically receive a single life and 10-year certain Annuity Option under your Contract.

When the contract begins the Guaranteed Payment Phase, we will send you a written notice and any remaining LPA that you have not taken during the current calendar year. (If your contract enters the Guaranteed Payment Phase on the Maturity Date, we will set your Account Value to zero.) Beginning the next calendar year, and in each calendar year during the Guaranteed Payment Phase, you will receive your LPA. The Guaranteed Payment Phase will continue until the death of the owner (or owner and covered spouse if the Spousal GLWB is elected).

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Once the Guaranteed Payment Phase begins, all other rights, benefits, values and charges under the contract and the GLWB Rider will terminate, except those described in this section and in the "Cancellation and Termination of Rider" section below. The Guaranteed Payment Phase will end if the Rider terminates. See "Cancellation and Termination of Rider" section below. We should be notified immediately upon the death of the owner (or covered spouse if the Spousal GLWB is elected).

Cancellation and Termination of Rider

You may cancel the Rider during the first 45 days of each Contract Year beginning on the fifth Contract Anniversary. Upon termination of the Rider, the Rider charge will no longer be assessed. All other charges will remain in effect.

This Rider will terminate automatically on the earliest of the following dates:

1. for the Individual GLWB Rider, the date you die, and for the Spousal GLWB Rider, the date the later of you or your covered spouse dies;

2. the date the Account Value equals zero due to a Nonguaranteed Withdrawal;

3. the date that ownership of the contract or Rider is transferred or the contract, Rider or any benefits under the contract or Rider are assigned unless: in New York, the new owner is a covered person; in New Hampshire and Vermont the new owner assumes full ownership of the contract and is essentially the same person as the current owner (e.g. a change to a court appointed guardian representing the owner during the owner’s lifetime) or the new owner is a covered person;

4. on the Maturity Date, unless you elect to receive your LPA through a life only Annuity Option, or joint life only Annuity Option if you have elected the Spousal GLWB Rider and your covered spouse is still living;

5. the date you voluntarily elect an Annuity Option under the contract;

6. the date you cancel the GLWB Rider; or

7. the date you surrender the contract.

Once cancelled or terminated, this Rider may not be reinstated.

Additional Rules

The following additional rules apply if you elect a GLWB Rider:

• You must be between 45 and 80 years old on the Contract Date in order to elect the Individual GLWB Rider. In order to elect the Spousal GLWB Rider, the younger of you or your spouse must be at least 45 years old and the older of you or your spouse must be no more than 80 years old on the Contract Date.

• The Company may refuse to accept additional premiums on a nondiscriminatory basis at any time.

• We may require proof that you (or your covered spouse) are living at any time.

• You cannot switch from an Individual GLWB Rider to a Spousal GLWB Rider or vice versa.

• Income Plus Withdrawal Program is not available.

• Choices Plus Required Minimum Distribution Program is not available.

• Customized Asset Rebalancing Program is not available.

• Systematic withdrawal of RMD only is not available.

Additional Rules that Apply to the Spousal GLWB Rider

1. Only your legal spouse (as defined by applicable state law) on the Contract Date may be named as a covered person under the Spousal GLWB Rider.

2. You must name your spouse as your sole primary beneficiary.

3. You cannot add or change a spouse as a covered person.

4. If your marriage is terminated (such as by divorce or dissolution) or your spouse dies, your spouse is automatically removed as a covered person. If you subsequently remarry, you cannot add the new spouse.

5. You must provide us with notice of the divorce or termination of marriage.

6. Once the spouse is removed as a covered person, lifetime withdrawals under the Spousal GLWB Rider are no longer guaranteed for the lives of both you and your spouse. (If a spouse is removed, you can name a new beneficiary to receive the Death Benefit.)

7. If a spouse is removed and is no longer a covered person, the LPA Eligibility Date and the Age Based Percentage are still based on the younger of you or your (now removed) spouse.

8. If a spouse is removed and is no longer a covered person,the Spousal Factor of 90% will continue to apply to your LPA calculation.

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Should You Purchase the GLWB Rider?

The addition of a GLWB Rider to your annuity contract may not be right for you. For example:

• if you are purchasing the GLWB Rider to meet income needs, you should consider whether an immediate annuity is better suited to your situation;

• if you do not expect to take withdrawals while this Rider is in effect, you do not need a GLWB Rider because the benefit is accessed through withdrawals; or

• if you are likely to need to take withdrawals prior to your LPA Eligibility Date or in an amount that is greater than the LPA or RMD for this contract only, you should carefully evaluate whether a GLWB Rider is appropriate, due to the negative effect of Nonguaranteed Withdrawals on your Benefit Base.

• If your spouse is 10 or more years younger than you, the Spousal GLWB Rider may not be suitable for you.

Benefits paid may not exceed the charges associated with the Rider depending on how long the covered person lives.

You should consult with your tax advisor and financial representative and carefully consider your alternatives before deciding if a GLWB Rider is suitable for your needs.

Examples

Please see Appendix C for hypothetical examples that illustrate how the GLWB Riders work.

Part 7 – Voting Rights

How Fund Shares Are Voted

National Integrity Life is the legal owner of the Fund shares held by the Separate Account. As a shareholder, we have the right to vote on certain matters with respect to the Funds. Among other things, we may vote to elect the Fund’s Board of Directors, to ratify the selection of independent auditors, and on any other matters described in a current prospectus or statement of additional information for each Fund, or any matter requiring a vote by shareholders under the 1940 Act.

Whenever a shareholder vote is taken, we will give you the opportunity to tell us how to vote the number of shares attributable to the Units in your contract. We will send you proxy materials and a form for giving us voting instructions.

If we do not receive instructions in time from all contract owners, we will vote shares for which we have not received instructions in the same proportion as we vote shares for which we have received instructions. As a result of this proportional voting, the vote of a small number of contract owners may determine the outcome of a proposal. We may vote any shares that we are entitled to vote directly, because of amounts we have accumulated in our Separate Account, as we deem appropriate. If the federal securities laws or regulations or interpretations of them change so that we are permitted to vote shares in our own right or to restrict contract owner voting, we may do so.

Fund shares are sold to investors other than us. Therefore, the shares voted by all shareholders will dilute the effect of voting instructions received by us from our contract owners.

How We Determine Your Voting Shares

You vote only on matters concerning the Funds that correspond to the Subaccounts in which you are invested on the record date set by the Trust. We determine the number of shares you vote by dividing your Account Value in each Subaccount by the total value of assets in the Subaccount multiplied by the number of shares in the Subaccount.

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Part 8 – Tax Aspects of the Contract

Tax Status of the Contract

This contract is only available as a traditional IRA, Roth IRA, or SEP IRA. If you were able to purchase this contract as other than an IRA, the contract would not satisfy the diversification requirements under federal tax law to be treated as an annuity contract for federal income tax purposes, and you would be currently taxed on your investment and gain.

Variable annuity contracts (other than certain pension and qualified retirement plan contracts, including IRAs) are generally not treated as annuities for federal income tax purposes, and thus lose their tax-deferred character, if they do not satisfy certain diversification requirements set forth in Section 817(h) of the Tax Code. Investing in the ETF shares that are "publicly available," i.e., that can be purchased directly without purchasing a variable annuity or life insurance contract, is incompatible with these requirements. Accordingly, standing alone, the contract would not be treated as an annuity contract for federal income tax purposes. However, we believe that an individual purchasing a contract as an IRA will not be taxed currently on the investment and gain.

Contracts that qualify as IRAs are not subject to restrictions against investing in publicly available investments if the contracts meet certain requirements set forth by the IRS. We believe this contract will meet those requirements, although there is no guarantee that this will be the case. If this contract is not maintained as an IRA, the taxes on the contributions and any income or gain on the investments will not be deferred (or for a Roth IRA, taxes on the income and gain will not be free from federal income tax) and the tax treatment will be uncertain.

Types of IRAs

Traditional IRAs

Section 408 of the Tax Code permits eligible individuals to contribute to an individual retirement program known as an IRA. An IRA can be in the form of a trust or custodial account or an annuity. An individual may make annual contributions to an IRA of up to the lesser of the limit specified in the Tax Code ($6,000 for 2019 and subject to annual cost-of-living adjustments for later years) or 100% of compensation includible in the individual's gross income. For an individual age 50 or older, the limit is increased by $1,000. The contributions may be deductible in whole or in part, depending on the individual's income and whether the individual or spouse participates in an employer sponsored retirement plan. Contribution limits set by the Tax Code are cumulative limits that apply to all traditional and Roth IRAs owned by an individual. Distributions from another IRA or certain eligible employer plans may be transferred or "rolled over" into an IRA on a tax-deferred basis without regard to these limits. Amounts in the IRA are taxed when distributed from the IRA at ordinary income tax rates. A 10% penalty tax (discussed below) generally applies to distributions made before age 59½, subject to certain exceptions. IRAs have minimum distribution rules (also discussed below) that govern the timing and amount of required distributions from traditional IRAs.

SEP IRAs

Section 408 of the Tax Code permits SEP IRAs, which are a type of IRAs that allows employers to contribute to IRAs on behalf of their employees. Employer contributions made to an employee's SEP IRA cannot exceed the lesser of (1) 25% of the employee's compensation, and (2) a limit specified in the Tax Code ($56,000 for 2019, subject to annual cost-of-living adjustments for later years). Distributions from SEP IRAs are subject to the same restrictions and rules that apply to IRA distributions.

Roth IRAs

Section 408A of the Tax Code permits certain eligible individuals to make non-deductible contributions to a Roth IRA in cash or as a rollover or transfer from another Roth IRA or other IRA. Only individuals with income below certain amounts specified in the Tax Code may contribute to a Roth IRA. An eligible individual may make annual contributions to a Roth IRA of up to the lesser of the limit specified in the Tax Code ($6,000 for 2019 and subject to annual cost-of-living adjustments for later years) or 100% of compensation includible in the individual's gross income. For an individual age 50 or older, the limit is increased by $1,000. Contribution limits set by the Tax Code are cumulative limits that apply to all traditional and Roth IRAs owned by an individual. A rollover from, or conversion of, an IRA to a Roth IRA is generally subject to tax on the full amount rolled over or converted.

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You should consult a tax advisor before converting amounts to a Roth IRA or combining any converted amounts with any other Roth IRA contributions, including any other conversion amounts from other tax years.

Distributions from a Roth IRA generally are not taxed, except that, once aggregate distributions exceed contributions to the Roth IRA, income tax and a 10% penalty tax (discussed below) may apply to distributions made (1) before age 59 1/2 (subject to certain exceptions), or (2) during the five taxable years starting with the year in which the first contribution is made to the Roth IRA or, in general, any other Roth IRA.

Rollovers and Transfers

In many circumstances you may move money tax-free from one IRA to another IRA or from other qualified plans, such as a 401(k) plan or 403(b) tax sheltered annuities, to an IRA by means of a direct rollover or a transfer. You may roll over, directly or indirectly, any eligible rollover distribution. An eligible rollover distribution is defined generally as any distribution of all or part of the balance from a qualified plan, except you cannot roll over the following taxable distributions from a plan or IRA:

• any distribution that is part of a series of substantially equal payments made over your life expectancy;

• any distribution made for a specified period of 10 years or more;

• any distribution that is an RMD; or

• any hardship distribution.

Also, you cannot roll over from a SIMPLE IRA during the first two years of participation in the SIMPLE IRA and a roll over of an after-tax contribution thathad been made to a Roth IRA may be a taxable event.

You can make only one rollover from an IRA to another (or the same) IRA in any 12-month period, regardless of the number of IRAs you own. The limit will apply by aggregating all of an individual’s IRAs, including SEP and SIMPLE IRAs as well as traditional and Roth IRAs, effectively treating them as one IRA for purposes of the limit. Trustee-to-trustee transfers between IRAs are not limited. Rollovers from traditional IRAs to Roth IRAs (“conversions”) are not limited.

Tax laws are complex and your individual situation is unique. You should always consult a tax advisor before you move or attempt to move assets between any IRA or qualified plan and another qualified contract or plan.

Early Distributions

Premature distributions are subject to an additional penalty tax equal to 10% of the amount of any payment from your IRA that is includible in your income. This penalty is in addition to ordinary income tax.

Some distributions will be exempt from the additional federal tax. There is an exception to this 10% additional federal tax for:

1) distributions made on or after the date you (or the Annuitant as applicable) reach age 59 ½;

2) distributions following your death or disability (or the Annuitant as applicable) (for this purpose “disability” is defined in Code Section 72(m)(7));

3) distributions paid in series of substantially equal payments made annually (or more frequently) for your life (or life expectancy) or joint lives (or life expectancies) of you and designated beneficiary;

4) distributions made to you after separation from service after attaining age 55 (does not apply to IRAs);

5) distributions made to you to the extent such distributions do not exceed the amount allowable as a deduction under Code Section 213 to you for amounts paid during the taxable year for medical care (determined without regard to whether you itemize deductions for such taxable year);

6) distributions to an alternate payee pursuant to a qualified domestic relations order (within the meaning of Code Section 414(p)(1));

7) distributions from an IRA for the health insurance (as described in Code Section 213)(d)(1)(D)) for you and your spouse and dependents if you have received unemployment compensation for at least 12 weeks (this exception will no longer apply after you have been re-employed for at least 60 days);

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8) distributions from an IRA made to you, to the extent such distributions do not exceed your qualified higher education expenses (as defined in Code Section 72(t)(7)) for the tax year;

9) distributions from an IRA which are qualified first-time homebuyer distributions (as defined in Code Section 72(t)(8));

10) distributions made to a reservist called to active duty after September 11, 2001, for a period in excess of 179 days (or for an indefinite period), from IRAs or amounts attributable to elective deferrals under a 401(k) plan made during such active period; and

11) distributions made on account of an IRS levy upon a qualified contract.

With respect to 3) above, if the series of substantially equal periodic payments is modified (other than by reason of death or disability) before the close of the 5-year period beginning with the date of the first payment and after you attain age 59 ½, or before you attain age 59 ½, then the tax for the year of the modification is increased by the 10% additional federal tax, plus interest for the tax years in which the exception was used. You should consult with your tax adviser before taking any partial withdrawals from your Contract.

Required Minimum Distributions (RMD)

For traditional and SEP IRAs, RMDs generally must commence no later than April 1 of the calendar year following the calendar year in which the owner reaches the qualified age under IRS regulations (for an owner that reached age 70½ on or before December 31, 2019, age 70½, and for an owner that reaches age 70½ on or after January 1, 2020, age 72). The distribution required by April 1 is the distribution required for the year in which the owner actually turns the qualified age. Unless an exemption is otherwise available, you must take distributions for each calendar year after the year the owner turns the qualified age by December 31 of that year. The amount of the RMD is based on the prior year-end fair market value of your contract.

If your contract provides an additional benefit, such as the optional GLWB Rider, the fair market value of your contract may increase by the actuarial present value of the benefit. Therefore, the amount of the RMD you must take may increase.

If you have more than one IRA, the distributions required by the Tax Code for all IRAs in the aggregate may be met by taking distributions from one or more of your IRAs. Please note, however, that only the RMD as defined in the Glossary (for this contract only one time each Contract Year) is protected from a withdrawal charge (see Part 5, section titled “Free Withdrawal Amount”) and from being a Nonguaranteed Withdrawal if you have a GLWB Rider (See Part 6, section titled “Withdrawal Protection for Required Minimum Distributions.)

Failure to comply with the RMD rules applicable to qualified contracts may result in the imposition of an excise tax. This excise tax generally equals 50% of the amount by which an RMD exceeds the actual distribution from the contract.

Roth IRAs do not require distributions at any time prior to the owner's death.

CARES Act

The Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”), which was enacted on March 27, 2020, contains provisions relaxing certain requirements applicable to distributions from certain retirement plans, individual retirement accounts and individual retirement annuities. Among other things, it waives RMD payments for 2020 from certain types of retirement plans. The CARES Act also waives certain early withdrawal penalties on withdrawals of up to $100,000 by participants in certain types of retirement plans, who meet applicable eligibility requirements (generally that an individual, or an individual’s spouse or dependents has been diagnosed with coronavirus, or the individual has otherwise experienced adverse financial consequences as a result of being quarantined, being furloughed or laid off or having work hours reduced due to such virus, among other things). You should consult your financial or tax advisor for more information about the effect of the CARES Act and for assistance in determining whether you qualify to rely on any of these provisions in connection with your contract.

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Inherited IRAs

The death benefit paid under this contract may be extended as an inherited IRA. This occurs if, after the death of the owner, the owner's beneficiary directs that the death proceeds be titled as an inherited IRA. See Part 5, section titled “Death Benefit.” The owner's beneficiary of the original IRA contract will become the inherited IRA owner and may name his or her own beneficiary in the event of death.

The inherited IRA owner may invest in the Subaccounts then available under the contract. Separate account charges will continue to apply. The inherited IRA owner must take RMDs beginning on or before December 31 of the calendar year after the original owner’s death. If the beneficiary is a spouse and has elected this option, distributions may begin at the end of the calendar year in which the owner would have reached the qualified age for purposes of IRS regulations (for an owner that reached age 70½ on or before December 31, 2019, age 70½, and for an owner that reaches age 70½ on or after January 1, 2020, age 72), if later.

Prior to January 1, 2020, the following rules apply to inherited IRA owners who were beneficiaries designated by the original owner. If the original owner died before the Required Beginning Date, the inherited IRA owner must take RMDs over his or her life expectancy as defined by the Tax Code.  If the owner died after the Required Beginning Date, the inherited IRA owner may choose the longer of his or her life expectancy or the deceased owner’s life expectancy, both as defined by the Tax Code.  (For Roth IRAs, the owner is presumed to have died before the Required Beginning Date.) Separate rules apply for non-designated beneficiaries.

The following chart summarizes the date when RMDs must begin and the life used to measure the RMDs under the rules in effect prior to January 1, 2020:

Death of Owner	Spouse	Nonspouse
Before Required Beginning Date	Distributions must begin by the later of (i) 12/31 of year after the calendar year of owner’s death, or (ii) 12/31 of the year when the deceased owner would have reached the qualified age under IRS regulations RMD based on beneficiary life expectancy.	Distributions must begin by 12/31 of year after the calendar year of owner’s death. RMD based on beneficiary life expectancy.
After Required Beginning Date (Traditional and SEP IRAs only)	Distributions must begin by 12/31 of year after the calendar year of owner’s death RMD may be based on longer of the owner’s or beneficiary’s life expectancy.	Distributions must begin by 12/31 of year after the calendar year of owner’s death RMD may be based on longer of the owner’s or beneficiary’s life expectancy.

On or after January 1, 2020, the Setting Every Community Up for Retirement Enhancement Act of 2019 (“SECURE”) changed the RMD rules, dividing the category of designated beneficiaries into two categories - “eligible designated beneficiaries” and non-eligible designated beneficiaries. Inherited IRA owners who are eligible designated beneficiaries are subject to the same rules that were in effect prior to January 1, 2020 as described above. Inherited IRA owners who are non-eligible designated beneficiaries must take RMDs within 10 years of the death of the original owner. An “eligible designated beneficiary” is the owner’s surviving spouse, minor child (until the child reaches the age of majority, at which time the 10-year rule begins to apply), or an individual who is disabled, chronically ill, or not more than 10 years younger than the IRA owner. Separate rules apply for non-designated beneficiaries.

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The following chart summarizes the date when RMDs must begin and the life used to measure the RMDs under the rules in effect for designated beneficiaries on and after January 1, 2020:

Death of Owner	Spouse	Other Eligible Designated Beneficiary	Non-Eligible Designated Beneficiary
Before Required Beginning Date	Distributions must begin by the later of (i) 12/31 of the year after the calendar year of owner’s death, or (ii) 12/31 of the year when the deceased owner would have reached the qualified age under IRS regulations. RMD based on beneficiary life expectancy.	Distributions must begin by 12/31 of the year after the calendar year of owner’s death. RMD based on beneficiary life expectancy.	Distributions must begin by 12/31 of the year after the calendar year of owner’s death. RMD based on a maximum 10-year period.
After Required Beginning Date (Traditional and SEP IRAs only)	Distributions must begin by 12/31 of the year after the calendar year of owner’s death RMD may be based on longer of the owner’s or beneficiary’s life expectancy.	Distributions must begin by 12/31 of the year after the calendar year of owner’s death RMD may be based on longer of the owner’s or beneficiary’s life expectancy.	Distributions must begin by 12/31 of the year after the calendar year of owner’s death RMD based on a maximum 10-year period.

The following restrictions apply to the inherited IRA contract: (i) the inherited IRA owner may not add premium to the contract; (ii) the Death Benefit available to the beneficiary of the inherited IRA owner is the Account Value on the Death Benefit Date after the death of the inherited IRA owner; (iii) the beneficiary of the inherited IRA owner will be required to receive the remaining Account Value either in a lump sum, over five years or over the life expectancy of the inherited IRA owner as determined by the Tax Code.

A tax penalty applies if the inherited IRA owner fails to take the RMD. The tax penalty equals 50% of the excess of the RMD over the amount actually withdrawn from the inherited IRA during the calendar year.

For more information on inherited IRAs, see IRS Publication 590. Seek independent tax advice.

Federal and State Income Tax Withholding

We may be required to withhold federal income taxes on all distributions unless the eligible recipients elect not to have any amounts withheld and properly notify us of that election.

Certain states have indicated that pension and annuity withholding will apply to payments made to their residents. Generally, an election out of federal withholding will also be considered an election out of state withholding. For more information concerning a particular state, call our Administrative Office listed in the Glossary.

Tax Status of the Company

Under existing federal income tax laws, we do not pay tax on investment income and realized capital gains of the Separate Account. We do not anticipate that we will incur any federal income tax liability on the income and gains earned by the Separate Account. The Company, therefore, does not impose a charge for federal income taxes. If federal income tax law changes and we must pay tax on some or all of the income and gains earned by the Separate Account, we may impose a charge against the Separate Account to pay the taxes. We can also set up reserves for taxes. We receive a tax deduction for dividends received by the Funds.

Transfers among Subaccounts

There will not be any current tax liability if you transfer any part of the Account Value among the Subaccounts of your contract.

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Seek Tax Advice

National Integrity Life does not act as your tax or legal advisor. This discussion of the federal income tax treatment of the contract is not designed to cover all situations and is not intended to be tax advice. It is based upon our understanding of the present federal income tax laws as currently interpreted by the IRS and various courts. The IRS or the courts may change their views on the treatment of these contracts. Future legislation may have a negative effect on annuity contracts or IRAs. Also, we have not attempted to consider any applicable state or other tax laws.

Because of the complexity of the tax laws and the fact that tax results will vary according to the particular circumstances, anyone considering buying a contract, selecting an Annuity Option under the contract, or receiving annuity payments under a contract should consult a qualified tax advisor.

You should carefully consider the advantages and disadvantages of owning a variable annuity as an IRA or tax-qualified plan, as well as the costs and benefits of the contract (including the death benefits, income benefits and other non-tax-related benefits), before you purchase the contract as an IRA.

This contract includes an enhanced death benefit and offers an optional living benefit. The IRS requires an actuarial present value of enhanced benefits to be added to the Account Value for purposes of calculating the fair market value of the annuity and determining the RMD.

The IRS has not reviewed the contract for qualification as an IRA and we make no guarantees that the contract will so qualify. National Integrity Life does not guarantee the tax status, federal, state, or local, of any contract or any transaction involving the contracts.

Part 9 – Additional Information

Systematic Withdrawal Program

We offer a program that allows you to pre-authorize periodic withdrawals from your contract prior to your Annuity Date. You can choose to have withdrawals made monthly, quarterly, semi-annually or annually and can specify the day of the month (other than the 29^th, 30^th or 31^st) on which the withdrawal is to be made. If you do not select how often you want to receive withdrawals, we will make them on a monthly basis. You may specify a dollar amount or an annual percentage to be withdrawn, such as the Free Withdrawal Amount. The minimum Systematic Withdrawal is $100. If you do not have enough Account Value to make the withdrawal you have specified, no withdrawal will be made and your enrollment in the program will end. You may specify an account for direct deposit of your Systematic Withdrawals. Direct deposit is required for monthly withdrawals. Withdrawals under this program are subject to withdrawal charges, if any (see Part 4, section titled "Withdrawal Charge") and to income tax and a 10% tax penalty if you are under age 59½. See Part 8.

To enroll in our Systematic Withdrawal Program, send the appropriate form to our Administrative Office. You may terminate your participation in the program upon prior written notice. We may terminate or change the Systematic Withdrawal Program at any time.

Cyber Security and Certain Business Continuity Risks

We rely heavily on interconnected computer systems and digital data to conduct our variable product business activities. Because our variable product business is highly dependent upon the effective operation of our computer systems and those of our business partners, our business is potentially vulnerable to disruptions from utility outages and other problems, and susceptible to operational and information security risks resulting from information systems failure, including hardware and software malfunctions and cyber-attacks. These risks include, among other things, the theft, misuse, corruption and destruction of data maintained online or digitally, interference with or denial of service attacks on websites and other operational disruption and unauthorized release of confidential customer information. Such systems failures and cyber-attacks affecting us, the underlying funds, the principal underwriter and other affiliated or third-party service providers may adversely affect us and your Contract Value. For instance, cyber-attacks may interfere with our processing of policy transactions, including the processing of orders with the

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underlying funds; cause the release and possible destruction of confidential customer or business information; subject us and/or our service providers and intermediaries to regulatory fines and financial losses; and/or cause reputational damage. Cyber security risks may also affect the issuers of securities in which the underlying funds invest, which may cause the underlying funds to lose value. There can be no assurance that we, the underlying funds or our service providers will avoid losses affecting your Contract that result from cyber-attacks or information security breaches in the future. In addition to cyber security risks, we are subject to business interruption risks caused by catastrophes, both natural and man-made, including those associated with pandemics, terrorist attacks, fires or inclement weather events. Such events may cause systems upon which we rely to be inaccessible to our employees, customers, service providers or intermediaries for an extended period of time, causing a negative impact on our ability to provide services and products. These risks also apply to other insurance and financial services companies and businesses.

Anti-Money Laundering

Federal laws designed to counter terrorism and prevent money laundering by criminals might in certain circumstances require us to reject a premium payment and/or “freeze” an owner’s account. If these laws apply in a particular situation, we would not be allowed to pay any request for surrenders (either full or partial), or death benefits, make transfers, or continue making annuity payments absent instructions from the appropriate federal regulator. We may also be required to provide information about you and your Contract to government agencies or departments.

Income Plus Withdrawal Program

We offer an Income Plus Withdrawal Program that allows you to pre-authorize substantially equal periodic withdrawals, based on your life expectancy as defined by the Tax Code, from your contract anytime before you reach age 59½. You will not have to pay a tax penalty for these withdrawals, but they will be subject to ordinary income tax. See Part 8. Once you begin receiving your withdrawals under this program, you should not change or stop the withdrawals until the later of:

• the date you reach age 59½; and

• five years from the date of the first withdrawal under the program.

If you change or stop the withdrawals or take an additional withdrawal, you may have to pay a 10% penalty tax that would have been due on all prior withdrawals made under the Income Plus Withdrawal Program before you reached the date described above, plus interest.

You may choose to have withdrawals made monthly, quarterly, semi-annually or annually and may specify the day of the month (other than the 29^th, 30^th or 31^st) on which the withdrawal is made. You may specify an account for direct deposit of your withdrawals. Direct deposit is required for monthly withdrawals. We will calculate the amount of the withdrawal, subject to a $100 minimum. We are not responsible for any tax or other liability you may incur if our good faith calculations are not correct. You should consult with your tax advisor to ensure these withdrawals are appropriate to your situation.

If on any withdrawal date you do not have enough Account Value to make the withdrawals you specified, no withdrawal will be made and your enrollment in the program will end.

To enroll in our Income Plus Withdrawal Program, send the appropriate form to our Administrative Office. You may end your participation in the program upon prior written notice. We may terminate or change the Income Plus Withdrawal Program at any time. This program is not available in connection with the Systematic Withdrawal Program. Withdrawals under this program are subject to a withdrawal charge, if any. See Part 4, section titled "Withdrawal Charge."

This program is not available with a GLWB Rider. See Part 6.

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Choices Plus Required Minimum Distribution (RMD) Program

We offer a Choices Plus RMD Program that allows you to pre-authorize withdrawals from your IRA after you attain the qualified age under IRS regulations (for an owner that reached age 70½ on or before December 31, 2019, age 70½, and for an owner that reaches age 70½ on or after January 1, 2020, age 72). The Tax Code requires that you take minimum distributions beginning on or before April 1 of the calendar year following the calendar year in which you turn the qualified age. The distribution required by April 1 is the distribution required for the year you actually turn the qualified age. Unless an exemption is otherwise available, you must take distributions for each calendar year after the year you turn the qualified age by December 31 of that year. These withdrawals are subject to ordinary income tax. See Part 8.

You can choose the Choices Plus RMD Program at any time you have reached the qualified age for purposes of IRS regulations by sending the election form to our Administrative Office. You can choose to have withdrawals made monthly, quarterly, semi-annually, or annually and can specify the day of the month (other than the 29^th, 30^th, or 31^st) on which the withdrawal is made. You may specify an account for direct deposit of your withdrawals. Direct deposit is required for monthly withdrawals. As a convenience, we will calculate the amount of the withdrawals. We are not responsible for any tax or other liability you may incur if our good faith calculations are not correct. You should consult with your tax advisor to ensure these withdrawals are appropriate to your situation.

Withdrawals of Account Value that are made as part of the Choices Plus program are not subject to a withdrawal charge, as long as you do not take additional withdrawals. You may end your participation in the program upon prior written notice. We may terminate or change the Choices Plus RMD Program at any time.

This program is not available with a GLWB Rider. See Part 6, section titled "Withdrawal Protection for Required Minimum Distributions."

Systematic Transfer Program

We offer a Systematic Transfer Program where we accept new premiums into a Systematic Transfer Option (STO), which is a Fixed Account, and make transfers out of the STO to one or more Subaccounts on a monthly or quarterly basis. We will transfer your STO premiums in approximately equal installments of at least $1,000 monthly over a six-month or monthly or quarterly over a one-year period, depending on the options you select. You can only invest in either the six-month or one-year STO at any one time, but not both. If you do not have enough Account Value in the STO to transfer to each Subaccount specified, a final transfer will be made on a pro rata basis and your enrollment in the program will end. All interest accrued and any Account Value remaining in the STO at the end of the period during which transfers are scheduled to be made will be transferred at the end of that period on a pro rata basis to the Subaccounts you chose for this program. You cannot transfer Account Value into the STO.

Transfers made under our Systematic Transfer Program do not trigger a 60-day waiting period. See Part 4, section titled “Allocations and Transfers.”

To enroll in our Systematic Transfer Program, send the appropriate form to our Administrative Office. We can end the Systematic Transfer Program in whole or in part, or restrict premiums to the program.

This program is available with a GLWB Rider only for the initial premium we received on the Contract Date. See Part 6.

Customized Asset Rebalancing Program

Asset rebalancing allows you to maintain a diversified investment mix that is appropriate for your goals and risk tolerance. Because your different Subaccounts will experience different gains and losses at different times, your asset allocation may shift from your preferred mix. Asset rebalancing periodically resets your investments to your original allocations, ensuring that your asset mix stays in line with your investment strategy.

We offer a Customized Asset Rebalancing Program that allows you to have your investments rebalanced to your allocation percentages periodically. You can choose to rebalance quarterly, semi-annually or annually.

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The Account Value in the currently available Subaccounts will automatically be rebalanced back to your allocation percentages by selling all existing Units subject to rebalancing and repurchasing Units according to your allocation. You will receive a confirmation notice after each rebalancing. Subaccounts that are closed to new purchases, and the Fixed Account, are not included in the Customized Asset Rebalancing Program.

Transfers under our Customized Asset Rebalancing Program do not trigger a 60-day waiting period. See Part 4, section titled “Allocations and Transfers.”

To enroll in our Customized Asset Rebalancing Program, send the appropriate form to our Administrative Office. You may terminate your participation in the program upon prior written notice. We may end or change the Customized Asset Rebalancing Program at any time. We recommend you consult with your financial professional when establishing your allocation.

This program is not available with a GLWB Rider because quarterly rebalancing is required. See Part 6.

Legal Proceedings

National Integrity Life is a party to litigation and arbitration proceedings in the ordinary course of its business. None of these matters is expected to have a material adverse effect on National Integrity Life.

Table of Contents of Statement of Additional Information

	Page
General Information and History......................................................................................................	1
Administration and Distribution of the Contracts..............................................................................	1
Performance Data and Illustrations..................................................................................................	2
Distributions from Tax Favored Retirement Programs.....................................................................	4
Financial Statements........................................................................................................................	5

If you would like to receive a copy of the Statement of Additional Information, please write:

Administrative Office

National Integrity Life Insurance Company

400 Broadway

Cincinnati, Ohio 45202-3341

ATTN: Request SAI for National Integrity Life VAROOM dated May 1, 2020

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Appendix A

Financial Information for Separate Account I of National Integrity Life

The table below shows the following data for the Subaccounts currently offered: Unit Value at inception; the number of Units outstanding at December 31 of each year since inception; and the Unit Value at the beginning and end of each period since inception.

Subaccount	2019	2018	2017	2016	2015	2014	2013	2012	2011	2010	Value and Inception Date
iSharesCore S&P 500 ETF (3715) Unit value at beginning of period Unit value at end of period Units outstanding at end of period	$51.03 $65.80 1,458	$54.37 $51.03 1,494	$45.45 $54.37 1,942	$41.24 $45.45 2,255	$41.45 $41.24 2,492	$37.14 $41.45 2,642	$28.45 $37.14 1,588	$25.05 $28.45 1,631	$24.95 $25.05 1,670	$25.00 $24.95 0	$25.00 12-21-10
iSharesCore S&P 500 ETF – GLWB Investment Strategy 1 (3715E02) Unit value at beginning of period Unit value at end of period Units outstanding at end of period	$48.58 $62.26 10,700	$52.08 $48.58 15,868	$43.80 $52.08 18,183	$39.99 $43.80 21,445	$40.44 $39.99 24,023	$36.46 $40.44 24,800	$28.09 $36.46 29,031	$24.89 $28.09 33,270	$24.95 $24.89 30,066	$25.00 $24.95 0	$25.00 12-21-10
iSharesCore S&P 500 ETF – GLWB Investment Strategy 2 (3715E03) Unit value at beginning of period Unit value at end of period Units outstanding at end of period	$47.79 $61.12 201	$51.34 $47.79 208	$43.27 $51.34 645	$39.58 $43.27 688	$40.10 $39.58 698	$36.23 $40.10 765	$27.98 $36.23 1,078	$24.84 $27.98 1,392	$24.95 $24.84 1,265	$25.00 $24.95 0	$25.00 12-21-10
iSharesCoreS&P Mid-Cap ETF (3717) Unit value at beginning of period Unit value at end of period Units outstanding at end of period	$44.51 $55.15 373	$51.01 $44.51 1,113	$44.66 $51.01 1,231	$37.66 $44.66 1,256	$39.23 $37.66 1,321	$36.40 $39.23 1,365	$27.71 $36.40 970	$23.89 $27.71 970	$24.87 $23.89 970	$25.00 $24.87 0	$25.00 12-21-10
iSharesCoreS&P Mid-Cap ETF – GLWB Investment Strategy 1 (3717E02) Unit value at beginning of period Unit value at end of period Units outstanding at end of period	$42.38 $52.18 3,646	$48.86 $42.38 5,284	$43.04 $48.86 5,688	$36.52 $43.04 6,569	$38.27 $36.52 7,762	$35.73 $38.27 7,868	$27.37 $35.73 8,796	$23.74 $27.37 10,282	$24.87 $23.74 9,462	$25.00 $24.87 0	$25.00 12-21-10

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Subaccount	2019	2018	2017	2016	2015	2014	2013	2012	2011	2010	Value and Inception Date
iSharesCoreS&P Mid-Cap ETF – GLWB Investment Strategy 2 (3717E03) Unit value at beginning of period Unit value at end of period Units outstanding at end of period	$41.69 $51.22 157	$48.16 $41.69 153	$42.51 $48.16 687	$36.15 $42.51 2,353	$37.96 $36.15 2,358	$35.51 $37.96 2,472	$27.26 $35.51 2,728	$23.69 $27.26 2,899	$24.87 $23.69 791	$25.00 $24.87 0	$25.00 12-21-10
iSharesCore S&P Small-Cap ETF (3718) Unit value at beginning of period Unit value at end of period Units outstanding at end of period	$48.32 $58.31 179	$53.75 $48.32 742	$48.34 $53.75 807	$38.86 $48.34 823	$40.39 $38.86 861	$38.86 $40.39 888	$27.87 $38.86 690	$24.47 $27.87 690	$24.74 $24.47 690	$25.00 $24.74 0	$25.00 12-21-10
iSharesCore S&P Small-Cap ETF – GLWB Investment Strategy 1 (3718E02) Unit value at beginning of period Unit value at end of period Units outstanding at end of period	$46.00 $55.17 1,731	$51.49 $46.00 2,416	$46.59 $51.49 2,685	$37.68 $46.59 3,098	$39.40 $37.68 3,753	$38.15 $39.40 3,869	$27.52 $38.15 4,132	$24.32 $27.52 5,132	$24.73 $24.32 4,692	$25.00 $24.73 0	$25.00 12-21-10
iSharesCore S&P Small-Cap ETF – GLWB Investment Strategy 2 (3718E03) Unit value at beginning of period Unit value at end of period Units outstanding at end of period	$45.25 $54.16 149	$50.75 $45.25 138	$46.01 $50.75 396	$37.30 $46.01 1,223	$39.08 $37.30 1,227	$37.91 $39.08 1,274	$27.41 $37.91 1,274	$24.27 $27.41 1,369	$24.73 $24.27 291	$25.00 $24.73 0	$25.00 12-21-10
iSharesCoreU.S. Aggregate Bond ETF (3710) Unit value at beginning of period Unit value at end of period Units outstanding at end of period	$26.97 $28.74 450	$27.43 $26.97 497	$26.96 $27.43 539	$26.79 $26.96 575	$27.14 $26.79 600	$26.06 $27.14 626	$27.06 $26.06 657	$26.55 $27.06 684	$25.10 $26.55 714	$25.00 $25.10 0	$25.00 12-21-10
iSharesCoreU.S. Aggregate Bond ETF – GLWB Investment Strategy 1 (3710E02) Unit value at beginning of period Unit value at end of period Units outstanding at end of period	$25.68 $27.19 0	$26.27 $25.68 0	$25.98 $26.27 0	$25.98 $25.98 0	$26.47 $25.98 0	$25.58 $26.47 0	$26.73 $25.58 0	$26.38 $26.73 0	$25.09 $26.38 0	$25.00 $25.09 0	$25.00 12-21-10

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Subaccount	2019	2018	2017	2016	2015	2014	2013	2012	2011	2010	Value and Inception Date
iSharesCoreU.S. Aggregate Bond ETF – GLWB Investment Strategy 2 (3710E03) Unit value at beginning of period Unit value at end of period Units outstanding at end of period	$25.26 $26.69 0	$25.90 $25.26 0	$25.66 $25.90 1,509	$25.71 $25.66 1,443	$26.26 $25.71 1,457	$25.42 $26.26 1,483	$26.62 $25.42 1,488	$26.33 $26.62 1,355	$25.09 $26.33 1,309	$25.00 $25.09 0	$25.00 12-21-10
iSharesiBoxx $ High Yield CorporateBond ETF (3713) Unit value at beginning of period Unit value at end of period Units outstanding at end of period	$31.17 $34.94 0	$32.38 $31.17 0	$31.06 $32.38 0	$27.88 $31.06 192	$29.88 $27.88 202	$29.85 $29.88 212	$28.69 $29.85 223	$26.19 $28.69 235	$25.27 $26.19 240	$25.00 $25.27 0	$25.00 12-21-10
iSharesiBoxx $ High Yield CorporateBond ETF – GLWB Investment Strategy 1 (3713E02) Unit value at beginning of period Unit value at end of period Units outstanding at end of period	$29.67 $33.06 0	$31.01 $29.67 0	$29.94 $31.01 0	$27.03 $29.94 0	$29.15 $27.03 0	$29.30 $29.15 0	$28.34 $29.30 0	$26.03 $28.34 0	$25.27 $26.03 0	$25.00 $25.27 0	$25.00 12-21-10
iSharesiBoxx $ High Yield CorporateBond ETF – GLWB Investment Strategy 2 (3713E03) Unit value at beginning of period Unit value at end of period Units outstanding at end of period	$29.19 $32.46 0	$30.57 $29.19 0	$29.57 $30.57 390	$26.76 $29.57 1,405	$28.91 $26.76 1,418	$29.12 $28.91 1,370	$28.22 $29.12 1,428	$25.97 $28.22 1,200	$25.27 $25.97 193	$25.00 $25.27 0	$25.00 12-21-10
iSharesIntermediate-Term Corporate Bond ETF (3711) Unit value at beginning of period Unit value at end of period Units outstanding at end of period	$27.23 $30.66 0	$27.92 $27.23 0	$27.45 $27.92 0	$27.04 $27.45 0	$27.37 $27.04 0	$26.83 $27.37 0	$27.40 26.83 0	$26.05 $27.40 0	$25.06 $26.05 0	$25.00 $25.06 0	$25.00 12-21-10
iSharesIntermediate-Term Corporate Bond ETF – GLWB Investment Strategy 1 (3711E02) Unit value at beginning of period Unit value at end of period Units outstanding at end of period	$25.92 $29.01 0	$26.75 $25.92 0	$26.45 $26.75 0	$26.22 $26.45 0	$26.71 $26.22 0	$26.34 $26.71 0	$27.06 $26.34 0	$25.89 $27.06 0	$25.05 $25.89 0	$25.00 $25.05 0	$25.00 12-21-10

VN-50

Subaccount	2019	2018	2017	2016	2015	2014	2013	2012	2011	2010	Value and Inception Date
iSharesIntermediate-Term Corporate Bond ETF – GLWB Investment Strategy 2 (3711E03) Unit value at beginning of period Unit value at end of period Units outstanding at end of period	$25.50 $28.48 397	$26.36 $25.50 400	$26.13 $26.36 410	$25.95 $26.13 400	$26.49 $25.95 417	$26.17 $26.49 454	$26.95 $26.17 465	$25.84 $26.95 398	$25.05 $25.84 394	$25.00 $25.05 0	$25.00 12-21-10
iSharesInternational Treasury BondETF(3719) Unit value at beginning of period Unit value at end of period Units outstanding at end of period	$23.37 $23.82 392	$24.42 $23.37 776	$22.30 $24.42 787	$22.50 $22.30 745	$24.69 $22.50 778	$25.83 $24.69 761	$26.58 $25.83 477	$25.64 $26.58 477	$25.72 $25.64 477	$25.00 $25.72 0	$25.00 12-21-10
iShares International Treasury BondETF – GLWB Investment Strategy 1 (3719E02) Unit value at beginning of period Unit value at end of period Units outstanding at end of period	$22.25 $22.54 4,086	$23.39 $22.25 5,396	$21.49 $23.39 5,904	$21.82 $21.49 6,150	$24.09 $21.82 6,670	$25.36 $24.09 6,124	$26.25 $25.36 6,042	$25.48 $26.25 5,277	$25.72 $25.48 4,407	$25.00 $25.72 0	$25.00 12-31-10
iSharesInternational Treasury Bond ETF – GLWB Investment Strategy 2 (3719E03) Unit value at beginning of period Unit value at end of period Units outstanding at end of period	$21.88 $22.13 0	$23.06 $21.88 0	$21.22 $23.06 0	$21.60 $21.22 0	$23.89 $21.60 0	$25.20 $23.89 48	$26.14 $25.20 287	$25.43 $26.14 359	$25.72 $25.43 376	$25.00 $25.72 0	$25.00 12-21-10
iShares S&P 500 Growth ETF (3714) Unit value at beginning of period Unit value at end of period Units outstanding at end of period	$56.17 $72.17 285	$57.29 $56.17 867	$45.83 $57.29 1,013	$43.67 $45.83 1,038	$42.18 $43.67 1,102	$37.44 $42.18 1,150	$28.67 $37.44 789	$25.60 $28.67 789	$24.96 $25.60 789	$25.00 $24.96 0	$25.00 12-21-10
iSharesS&P 500 Growth ETF – GLWB Investment Strategy 1 (3714E02) Unit value at beginning of period Unit value at end of period Units outstanding at end of period	$53.48 $68.29 1,393	$54.88 $53.48 2,626	$44.17 $54.88 2,989	$42.35 $44.17 3,296	$41.16 $42.35 3,334	$36.76 $41.16 3,479	$28.31 $36.76 4,275	$25.44 $28.31 4,574	$24.96 $25.44 5,102	$25.00 $24.96 0	$25.00 12-21-10

VN-51

Subaccount	2019	2018	2017	2016	2015	2014	2013	2012	2011	2010	Value and Inception Date
iSharesS&P 500 Growth ETF – GLWB Investment Strategy 2 (3714E03) Unit value at beginning of period Unit value at end of period Units outstanding at end of period	$52.61 $67.04 0	$54.09 $52.61 0	$43.63 $54.09 201	$41.91 $43.63 224	$40.82 $41.91 220	$36.53 $40.82 236	$28.20 $36.53 259	$25.39 $28.20 299	$24.96 $25.39 191	$25.00 $24.96 0	$25.00 12-21-10
iSharesS&P 500 Value ETF (3716) Unit value at beginning of period Unit value at end of period Units outstanding at end of period	$44.71 $57.82 0	$50.12 $44.71 0	$44.25 $50.12 0	$38.40 $44.25 0	$40.41 $38.40 0	$36.66 $40.41 0	$28.36 $36.66 0	$24.56 $28.36 0	$25.04 $24.56 0	$25.00 $25.04 0	$25.00 12-21-10
iSharesS&P 500 Value ETF – GLWB Investment Strategy 1 (3716E02) Unit value at beginning of period Unit value at end of period Units outstanding at end of period	$42.57 $54.71 78	$48.01 $42.57 85	$42.65 $48.01 82	$37.23 $42.65 685	$39.42 $37.23 1,277	$35.99 $39.42 1,271	$28.01 $35.99 1,326	$24.41 $28.01 1,471	$25.03 $24.41 1,223	$25.00 $25.03 0	$25.00 12-21-10
iSharesS&P 500 Value ETF – GLWB Investment Strategy 2 (3716E03) Unit value at beginning of period Unit value at end of period Units outstanding at end of period	$41.87 $53.71 0	$47.32 $41.87 0	$42.13 $47.32 236	$36.85 $42.13 237	$39.10 $36.85 251	$35.77 $39.10 249	$27.89 $35.77 261	$24.36 $27.89 311	$25.03 $24.36 203	$25.00 $25.03 0	$25.00 12-21-10
iSharesTIPS Bond ETF (3712) Unit value at beginning of period Unit value at end of period Units outstanding at end of period	$25.93 $27.60 0	$26.78 $25.93 0	$26.48 $26.78 0	$25.75 $26.48 0	$26.67 $25.75 0	$26.21 $26.67 0	$29.13 $26.21 0	$27.88 $29.13 0	$25.05 $27.88 0	$25.00 $25.05 0	$25.00 12-21-10
iSharesTIPS Bond ETF – GLWB Investment Strategy 1 (3712E02) Unit value at beginning of period Unit value at end of period Units outstanding at end of period	$24.69 $26.12 0	$25.65 $24.69 0	$25.52 $25.65 0	$24.96 $25.52 0	$26.02 $24.96 0	$25.72 $26.02 0	$28.77 $25.72 0	$27.71 $28.77 0	$25.05 $27.71 0	$25.00 $25.05 0	$25.00 12-21-10
iSharesTIPS Bond ETF– GLWB Investment Strategy 2 (3712E03) Unit value at beginning of period Unit value at end of period Units outstanding at end of period	$24.28 $25.64 0	$25.28 $24.28 0	$25.20 $25.28 849	$24.71 $25.20 770	$25.81 $24.71 754	$25.56 $25.81 746	$28.65 $25.56 703	$27.65 $28.65 589	$25.05 $27.65 330	$25.00 $25.05 0	$25.00 12-21-10

VN-52

Subaccount	2019	2018	2017	2016	2015	2014	2013	2012	2011	2010	Value and Inception Date
Vanguard Developed Markets Index Fund, ETF Shares (3722) Unit value at beginning of period Unit value at end of period Units outstanding at end of period	$28.70 $34.57 300	$34.27 $28.70 874	$27.59 $34.27 911	$27.36 $27.59 929	$27.95 $27.36 946	$30.26 $27.95 950	$25.22 $30.26 698	$21.03 $25.22 698	$25.25 $21.03 698	$25.00 $25.25 0	$25.00 12-21-10
Vanguard Developed Markets Index Fund, ETF Shares – GLWB Investment Strategy 1 (3722E02) Unit value at beginning of period Unit value at end of period Units outstanding at end of period	$27.32 $32.71 2,910	$32.83 $27.32 4,197	$26.59 $32.83 4,234	$26.53 $26.59 5,186	$27.26 $26.53 5,377	$29.70 $27.26 5,301	$24.91 $29.70 5,276	$20.90 $24.91 5,763	$25.25 $20.90 5,169	$25.00 $25.25 0	$25.00 12-21-10
Vanguard Developed Markets Index Fund, ETF Shares – GLWB Investment Strategy 2 (3722E03) Unit value at beginning of period Unit value at end of period Units outstanding at end of period	$26.88 $32.11 129	$32.36 $26.88 128	$26.26 $32.36 116	$26.26 $26.26 124	$27.04 $26.26 117	$29.52 $27.04 134	$24.81 $29.52 226	$20.85 $24.81 309	$25.24 $20.85 320	$25.00 $25.24 0	$25.00 12-21-10
Vanguard Dividend Appreciation Index Fund, ETF Shares (3720) Unit value at beginning of period Unit value at end of period Units outstanding at end of period	$47.86 $60.95 0	$49.75 $47.86 0	$41.43 $49.75 0	$37.65 $41.43 196	$39.07 $37.65 206	$36.13 $39.07 217	$28.40 $36.13 228	$26.03 $28.40 240	$25.00 $26.03 245	$25.00 $25.00 0	$25.00 12-21-10
Vanguard Dividend Appreciation Index Fund, ETF Shares – GLWB Investment Strategy 1 (3720E02) Unit value at beginning of period Unit value at end of period Units outstanding at end of period	$45.57 $57.67 0	$47.66 $45.57 0	$39.93 $47.66 0	$36.51 $39.93 0	$38.12 $36.51 0	$35.47 $38.12 0	$28.05 $35.47 0	$25.87 $28.05 0	$24.99 $25.87 0	$25.00 $24.99 0	$25.00 12-21-10
Vanguard Dividend Appreciation Index Fund, ETF Shares – GLWB Investment Strategy 2 (3720E03) Unit value at beginning of period Unit value at end of period Units outstanding at end of period	$44.82 $56.61 314	$46.98 $44.82 765	$39.44 $46.98 3,975	$36.14 $39.44 7,480	$37.81 $36.14 7,682	$35.25 $37.81 7,835	$27.93 $35.25 8,223	$25.81 $27.93 8,572	$24.99 $25.81 3,929	$25.00 $24.99 0	$25.00 12-21-10

VN-53

Subaccount	2019	2018	2017	2016	2015	2014	2013	2012	2011	2010	Value and Inception Date
Vanguard Emerging Markets Stock Index Fund, ETF Shares (3721) Unit value at beginning of period Unit value at end of period Units outstanding at end of period	$21.70 $25.74 0	$25.91 $21.70 1,005	$20.06 $25.91 1,005	$18.20 $20.06 1,005	$22.00 $18.20 1,005	$22.40 $22.00 1,005	$23.94 $22.40 1,005	$20.03 $23.94 1,005	$25.67 $20.03 1,005	$25.00 $25.67 0	$25.00 12-21-10
Vanguard Emerging Markets Stock Index Fund, ETF Shares – GLWB Investment Strategy 1 (3721E02) Unit value at beginning of period Unit value at end of period Units outstanding at end of period	$20.66 $24.36 0	$24.82 $20.66 0	$19.33 $24.82 0	$17.64 $19.33 0	$21.46 $17.64 0	$21.99 $21.46 0	$23.65 $21.99 0	$19.91 $23.65 0	$25.67 $19.91 0	$25.00 $25.67 0	$25.00 12-21-10
Vanguard Emerging Markets Stock Index Fund, ETF Shares – GLWB Investment Strategy 2 (3721E03) Unit value at beginning of period Unit value at end of period Units outstanding at end of period	$20.32 $23.91 335	$24.46 $20.32 471	$19.09 $24.46 1,859	$17.46 $19.09 3,689	$21.29 $17.46 3,836	$21.86 $21.29 3,329	$23.55 $21.86 3,275	$19.86 $23.55 2,727	$25.67 $19.86 1,105	$25.00 $25.67 -	$25.00 12-21-10
Vanguard Intermediate-Term Corporate Bond Index Fund, ETF Shares (3723) Unit value at beginning of period Unit value at end of period Units outstanding at end of period	$30.46 $34.14 443	$31.55 $30.46 489	$30.49 $31.55 531	$29.49 $30.49 566	$29.74 $29.49 591	$28.12 $29.74 616	$29.23 $28.12 647	$26.88 $29.23 674	$25.11 $26.88 703	$25.00 $25.11 0	$25.00 12-21-10
Vanguard Intermediate-Term Corporate Bond Index Fund, ETF Shares – GLWB Investment Strategy 1 (3723E02) Unit value at beginning of period Unit value at end of period Units outstanding at end of period	$28.99 $32.30 0	$30.22 $28.99 0	$29.39 $30.22 0	$28.59 $29.39 0	$29.01 $28.59 0	$27.60 $29.01 0	$28.87 $27.60 0	$26.71 $28.87 0	$25.10 $26.71 0	$25.00 $25.10 0	$25.00 12-21-10
Vanguard Intermediate-Term Corporate Bond Index Fund, ETF Shares – GLWB Investment Strategy 2 (3723E03) Unit value at beginning of period Unit value at end of period Units outstanding at end of period	$28.52 $31.71 0	$29.79 $28.52 0	$29.03 $29.79 1,101	$28.30 $29.03 1,046	$28.78 $28.30 1,056	$27.43 $28.78 1,051	$28.75 $27.43 1,049	$26.66 $28.75 961	$25.10 $26.66 987	$25.00 $25.10 0	$25.00 12-21-10

VN-54

Subaccount	2019	2018	2017	2016	2015	2014	2013	2012	2011	2010	Value and Inception Date
Vanguard Large-Cap Index Fund, ETF Shares (3724) Unit value at beginning of period Unit value at end of period Units outstanding at end of period	$50.51 $65.13 0	$53.81 $50.51 0	$44.88 $53.81 0	$40.87 $44.88 202	$41.17 $40.87 212	$36.96 $41.17 223	$28.24 $36.96 235	$24.85 $28.24 247	$25.07 $24.85 252	$25.00 $25.07 0	$25.00 12-21-10
Vanguard Large-Cap Index Fund, ETF Shares – GLWB Investment Strategy 1 (3724E02) Unit value at beginning of period Unit value at end of period Units outstanding at end of period	$48.09 $61.63 0	$51.55 $48.09 0	$43.25 $51.55 0	$39.63 $43.25 0	$40.17 $39.63 0	$36.28 $40.17 0	$27.89 $36.28 0	$24.70 $27.89 0	$25.07 $24.70 0	$25.00 $25.07 0	$25.00 12-21-10
Vanguard Large-Cap Index Fund, ETF Shares – GLWB Investment Strategy 2 (3724E03) Unit value at beginning of period Unit value at end of period Units outstanding at end of period	$47.31 $60.50 194	$50.81 $47.31 198	$42.72 $50.81 959	$39.22 $42.72 3,315	$39.84 $39.22 3,269	$36.06 $39.84 3,448	$27.78 $36.06 3,889	$24.64 $27.78 3,914	$25.07 $24.64 864	$25.00 $25.07 0	$25.00 12-21-10
Vanguard Mega Cap Index Fund, ETF Shares (3725) Unit value at beginning of period Unit value at end of period Units outstanding at end of period	$51.98 $66.98 510	$54.80 $51.98 563	$45.49 $54.80 612	$41.37 $45.49 651	$41.52 $41.37 680	$37.28 $41.52 710	$28.59 $37.28 745	$25.20 $28.59 776	$25.07 $25.20 809	$25.00 $25.07 0	$25.00 12-21-10
Vanguard Mega Cap Index Fund, ETF Shares – GLWB Investment Strategy 1 (3725E02) Unit value at beginning of period Unit value at end of period Units outstanding at end of period	$49.49 $63.38 0	$52.50 $49.49 0	$43.84 $52.50 0	$40.12 $43.84 0	$40.50 $40.12 0	$36.60 $40.50 0	$28.23 $36.60 0	$25.04 $28.23 0	$25.07 $25.04 0	$25.00 $25.07 0	$25.00 12-21-10
Vanguard Mega Cap Index Fund, ETF Shares – GLWB Investment Strategy 2 (3725E03) Unit value at beginning of period Unit value at end of period Units outstanding at end of period	$48.68 $62.22 63	$51.75 $48.68 296	$43.31 $51.75 301	$39.71 $43.31 321	$40.17 $39.71 331	$36.37 $40.17 341	$28.12 $36.37 356	$24.99 $28.12 403	$25.07 $24.99 425	$25.00 $25.07 0	$25.00 12-21-10

VN-55

Subaccount	2019	2018	2017	2016	2015	2014	2013	2012	2011	2010	Value and Inception Date
Vanguard Real Estate Index Fund, ETF Shares (3726) Unit value at beginning of period Unit value at end of period Units outstanding at end of period	$41.38 $52.38 0	$44.82 $41.38 0	$43.49 $44.82 0	$40.75 $43.49 0	$40.49 $40.75 0	$31.62 $40.49 0	$31.40 $31.62 0	$27.25 $31.40 0	$25.54 $27.25 0	$25.00 $25.54 0	$25.00 12-21-10
Vanguard Real Estate Index Fund, ETF Shares – GLWB Investment Strategy 1 (3726E02) Unit value at beginning of period Unit value at end of period Units outstanding at end of period	$39.39 $49.56 0	$42.93 $39.39 0	$41.91 $42.93 0	$39.51 $41.91 0	$39.51 $39.51 0	$31.04 $39.51 0	$31.01 $31.04 0	$27.08 $31.01 0	$25.54 $27.08 0	$25.00 $25.54 0	$25.00 12-21-10
Vanguard Real Estate Index Fund, ETF Shares – GLWB Investment Strategy 2 (3726E03) Unit value at beginning of period Unit value at end of period Units outstanding at end of period	$38.75 $48.66 78	$42.32 $38.75 153	$41.40 $42.32 434	$39.11 $41.40 1,188	$39.18 $39.11 1,153	$30.85 $39.18 1,196	$30.88 $30.85 1,315	$27.02 $30.88 1,101	$25.54 $27.02 167	$25.00 $25.54 0	$25.00 12-21-10
Vanguard Short-Term Bond Index Fund, ETF Shares (3729) Unit value at beginning of period Unit value at end of period Units outstanding at end of period	$23.95 $24.71 0	$24.06 $23.95 0	$24.19 $24.06 0	$24.30 $24.19 0	$24.50 $24.30 0	$24.60 $24.50 0	$25.01 $24.60 0	$10.00 $25.01 0	-	-	$25.00 5-1-12
Vanguard Short-Term Bond Index Fund, ETF Shares (3729E02) Unit value at beginning of period Unit value at end of period Units outstanding at end of period	$22.99 $23.57 0	$23.23 $22.99 0	$23.51 $23.23 0	$23.76 $23.51 0	$24.10 $23.76 0	$24.35 $24.10 0	$24.90 $24.35 0	$10.00 $24.90 0	-	-	$25.00 5-1-12
Vanguard Short-Term Bond Index Fund, ETF Shares (3729E03) Unit value at beginning of period Unit value at end of period Units outstanding at end of period	$22.68 $23.21 0	$22.97 $22.68 0	$23.28 $22.97 0	$23.58 $23.28 0	$23.97 $23.58 0	$24.27 $23.97 0	$24.87 $24.27 0	$10.00 $24.87 0	-	-	$25.00 5-1-12

VN-56

Subaccount	2019	2018	2017	2016	2015	2014	2013	2012	2011	2010	Value and Inception Date
Vanguard Total Bond Market Index Fund, ETF Shares (3727) Unit value at beginning of period Unit value at end of period Units outstanding at end of period	$26.96 $28.83 2,280	$27.47 $26.96 2,419	$27.00 $27.47 2,567	$26.80 $27.00 2,333	$27.13 $26.80 2,485	$26.07 $27.13 2,603	$27.13 $26.07 717	$26.58 $27.13 717	$25.07 $26.58 717	$25.00 $25.07 0	$25.00 12-21-10
Vanguard Total Bond Market Index Fund, ETF Shares – GLWB Investment Strategy 1 (3727E02) Unit value at beginning of period Unit value at end of period Units outstanding at end of period	$25.67 $27.28 23,597	$26.32 $25.67 32,763	$26.02 $26.32 36,387	$25.99 $26.02 36,348	$26.47 $25.99 39,085	$25.59 $26.47 39,404	$26.79 $25.59 41,522	$26.42 $26.79 35,986	$25.07 $26.42 29,650	$25.00 $25.07 0	$25.00 12-21-10
Vanguard Total Bond Market Index Fund, ETF Shares – GLWB Investment Strategy 2 (3727E03) Unit value at beginning of period Unit value at end of period Units outstanding at end of period	$25.25 $26.78 1,079	$25.94 $25.25 1,881	$25.70 $25.94 8,010	$25.73 $25.70 15,209	$26.25 $25.73 15,162	$25.44 $26.25 15,391	$26.68 $25.44 15,668	$26.36 $26.68 12,545	$25.07 $26.36 4,069	$25.00 $25.07 0	$25.00 12-21-10
Fidelity VIP Government Money Market Portfolio, Initial Class (3730) Unit value at beginning of period Unit value at end of period Units outstanding at end of period	$9.84 $9.86 0	$9.85 $9.84 0	$9.96 $9.85 0	$10.00 $9.96 0	-	-	-	-	-	-	$10.00 9-20-16
Fidelity VIP Government Money Market Portfolio, Initial Class – GLWB Investment Strategy 1 (3730E02) Unit value at beginning of period Unit value at end of period Units outstanding at end of period	$9.70 $9.66 0	$9.77 $9.70 0	$9.94 $9.77 0	$10.00 $9.94 0	-	-	-	-	-	-	$10.00 9-20-16
Fidelity VIP Government Money Market Portfolio, Initial Class – GLWB Investment Strategy 2 (3730E03) Unit value at beginning of period Unit value at end of period Units outstanding at end of period	$9.66 $9.60 0	$9.75 $9.66 0	$9.94 $9.75 0	$10.00 $9.94 0	-	-	-	-	-	-	$10.00 9-20-16

VN-57

Appendix B – Withdrawal Charge Examples

We allow two ways for you to request withdrawals. In the first method, you receive the amount requested, and any withdrawal charge is taken from the Account Value. This reduces your Account Value by the amount of the withdrawal charge in addition to the amount you requested. This is the method used unless you request otherwise or unless you have elected one of the GLWB Riders. In the second method, you receive less than you requested if a withdrawal charge applies because the Account Value is reduced by the amount of the requested withdrawal and any withdrawal charge is taken from that amount.

For both methods, withdrawals are attributed to amounts in the following order:

1. any Free Withdrawal Amount (except in the case of a surrender);

2. premiums that are no longer subject to a withdrawal charge and have not yet been withdrawn (premiums are withdrawn from oldest to youngest);

3. premiums subject to a withdrawal charge that have not yet been withdrawn (premiums are withdrawn from oldest to youngest);

4. any gain, interest or other amount that is not considered a premium

Example Assumptions

Assume one premium is paid, no previous withdrawals have been taken, and the Account Value at the time of the withdrawal is higher than the Account Value on the most recent Contract Anniversary:

Premium:                             $50,000

Account Value before withdrawal:                $60,000

Requested withdrawal:                        $16,000

Withdrawal charge percentage applicable to the premium:    6%

Taxes are not considered in this example.

Using the First Method

The Free Withdrawal Amount is calculated as:

$6,000 = $60,000 (Account Value on the date of the withdrawal) x 10% (free withdrawal percentage) - $0 (previous partial withdrawals during the current Contract Year).

After first applying the withdrawal to the Free Withdrawal Amount, the amount of the withdrawal still to be applied is:

$10,000 = $16,000 (requested withdrawal) - $6,000 (Free Withdrawal Amount).

There are no premiums that are no longer subject to a withdrawal charge, so the withdrawal is next applied to the premium subject to a withdrawal charge. The withdrawal charge for this method is calculated as:

$638.30 = $10,000 (portion of the withdrawal still to be attributed) x 6% (withdrawal charge percentage) / (1 – 6%) (one minus the withdrawal charge percentage).

Using this method, you will receive $16,000; however, the total Account Value withdrawn is:

$16,638.30 = $16,000 (requested withdrawal) + $638.30 (withdrawal charge).

The amount of premium still subject to a withdrawal charge is:

$39,361.70 = $50,000 (premium) - $10,638.30 (portion of withdrawal attributed to premium including the withdrawal charge).

Note, the withdrawal charge does not just apply to the premium withdrawn ($10,000 x 6%). It also applies to the withdrawal charge itself as indicated by the (1- 6%) factor in the withdrawal charge formula.

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Using the Second Method

The Free Withdrawal Amount is calculated as:

$6,000 = $60,000 (Account Value on the date of the withdrawal) x 10% (free withdrawal percentage) - $0 (previous partial withdrawals during the current Contract Year).

After first applying the withdrawal to the Free Withdrawal Amount, the amount of the withdrawal still to be attributed is:

$10,000 = $16,000 (requested withdrawal) - $6,000 (Free Withdrawal Amount).

There are no premiums that are no longer subject to a withdrawal charge, so the withdrawal is next applied to the premium subject to a withdrawal charge. The withdrawal charge for this method is calculated as:

$600 = $10,000 (portion of the withdrawal still to be attributed) x 6% (withdrawal charge percentage).

Using this method, the total Account Value withdrawn is $16,000; however, you will receive:

$15,400 = $16,000 (requested withdrawal) - $600 (withdrawal charge).

The amount of premium still subject to a withdrawal charge is:

$40,000 = $50,000 (premium) - $10,000 (portion of withdrawal attributed to premium including the withdrawal charge).

Note the second method will produce the same withdrawal charge as the first method if the requested withdrawal under the second method is the same as the total Account Value withdrawn in the first method. For example, a requested withdrawal of $16,638.30 using the second method produces the same $638.30 withdrawal charge as shown in the first method above.

This example is for illustrative purposes only and does not predict results.

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Appendix C

Illustrations of Guaranteed Lifetime Withdrawal Benefit

The following examples demonstrate how the GLWB Riders work, based on the stated assumptions. These examples are for illustration only, and do not predict future investment results.

Example #1

This example illustrates the Individual GLWB Rider where withdrawals equal to the Lifetime Payout Amount (LPA), as well as a Nonguaranteed Withdrawal, have been taken, additional premiums have been added and increases to the Withdrawal Percentage and step-ups have been applied. It also illustrates payments for the life of the covered person even though the Account Value has been reduced to zero. All amounts in the table are rounded to the nearest $1.00 in this example.

Assumptions:

• The Contract Date is June 27.

• The Owner's age on Contract Date is 60 years.

• The Initial premium was $100,000; additional premiums of $10,000 were paid in calendar years 2 and 10.

• A Nonguaranteed Withdrawal equal to $776 is taken in calendar year 14.

• Withdrawals equal to LPA are taken in calendar years 6-13, and calendar years 15+.

• No withdrawals are taken that would result in withdrawal charges under the contract.

• The RMD is not higher than the LPA in any calendar year.

• The Rider remains in effect during the period covered in this example.

	As of January 1 (A)				As of February 10 (B)		As of June 27 (C)		As of October 8 (D)
Calendar Year	Covered Person's Age	Withdrawal Percentage	Benefit Base	LPA	Additional Premium	Benefit Base after Additional Premium	Hypothetical Account Value (E)	Benefit Base after Step-Up	Hypothetical Account Value (E)	Annual Withdrawal	Adjusted Non- Guaranteed Withdrawal	Benefit Base After Withdrawal
1 (F)	60 (F)	4.000% (F)	$100,000 (F)	$2,049 (F)	$100,000 (F)	$100,000 (F)	$100,000(F)	$100,000(F)	$99,625	$0	$0	$100,000
2	61	4.050%(G)	$100,000	$4,050	$10,000 (H)	$110,000	$112,614	$112,614 (I)	$112,485	$0	$0	$112,614
3	62	4.150% (J)	$112,614	$4,673	$0	$112,614	$116,985	$116,985	$117,755	$0	$0	$116,985
4	63	4.250% (J)	$116,985	$4,972	$0	$116,985	$121,300	$121,300	$122,188	$0	$0	$121,300
5	64	4.350% (J)	$121,300	$5,277	$0	$121,300	$119,745	$121,300	$120,719	$0	$0	$121,300
6	65	4.950% (K)	$121,300	$6,004	$0	$121,300	$120,719	$121,300	$120,123	$6,004	$0	$121,300
7	66	4.950%	$121,300	$6,004	$0	$121,300	$109,554	$121,300	$110,171	$6,004	$0	$121,300
8	67	4.950%	$121,300	$6,004	$0	$121,300	$106,250	$121,300	$105,343	$6,004	$0	$121,300
9	68	4.950%	$121,300	$6,004	$0	$121,300	$99,338(L)	$121,300	$99,982	$6,004(L)	$0	$121,300

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	As of January 1 (A)				As of February 10 (B)		As of June 27 (C)		As of October 8 (D)
Calendar Year	Covered Person's Age	Withdrawal Percentage	Benefit Base	LPA	Additional Premium	Benefit Base after Additional Premium	Hypothetical Account Value (E)	Benefit Base after Step-Up	Hypothetical Account Value (E)	Annual Withdrawal	Adjusted Non- Guaranteed Withdrawal	Benefit Base After Withdrawal
10	69	4.950%	$121,300	$6,004	$10,000(L)	$121,300	$102,098(L)	$121,300	$102,181	$6,004	$0	$121,300
11	70	4.950%	$121,300	$6,004	$0	$121,300	$97,138	$121,300	$97,727	$6,004	$0	$121,300
12	71	4.950%	$121,300	$6,004	$0	$121,300	$88,053	$121,300	$88,553	$6,004	$0	$121,300
13	72	4.950%	$121,300	$6,004	$0	$121,300	$84,200	$121,300	$83,647	$6,004	$0	$121,300
14	73	4.950%	$121,300	$6,004	$0	$121,300	$78,419	$121,300	$78,981	$6,780 (M)	$1,290 (M)	$120,010(M)
15	74	4.950%	$120,010	$5,940	$0	$120,010	$72,923	$120,010	$73,461	$5,940	$0	$120,010
16	75	4.950%	$120,010	$5,940	$0	$120,010	$70,221	$120,010	$70,531	$5,940	$0	$120,010
17	76	4.950%	$120,010	$5,940	$0	$120,010	$65,236	$120,010	$65,375	$5,940	$0	$120,010
18	77	4.950%	$120,010	$5,940	$0	$120,010	$58,246	$120,010	$58,752	$5,940	$0	$120,010
19	78	4.950%	$120,010	$5,940	$0	$120,010	$50,171	$120,010	$49,888	$5,940	$0	$120,010
20	79	4.950%	$120,010	$5,940	$0	$120,010	$45,705	$120,010	$45,702	$5,940	$0	$120,010
21	80	4.950%	$120,010	$5,940	$0	$120,010	$39,364	$120,010	$38,972	$5,940	$0	$120,010
22	81	4.950%	$120,010	$5,940	$0	$120,010	$34,022	$120,010	$34,012	$5,940	$0	$120,010
23	82	4.950%	$120,010	$5,940	$0	$120,010	$28,914	$120,010	$29,175	$5,940	$0	$120,010
24	83	4.950%	$120,010	$5,940	$0	$120,010	$22,305	$120,010	$22,391	$5,940	$0	$120,010
25	84	4.950%	$120,010	$5,940	$0	$120,010	$15,628	$120,010	$15,559	$5,940	$0	$120,010
26	85	4.950%	$120,010	$5,940	$0	$120,010	$9,330	$120,010	$9,298	$5,940	$0	$120,010
27	86	4.950%	$120,010	$5,940	$0	$120,010	$3,525	$120,010	$3,554	$5,940 (N)	$0	$120,010
28	87	4.950%	$120,010	$5,940	$0	$120,010	$0	$120,010	$0	$5,940	$0	$120,010
29	88	4.950%	$120,010	$5,940	$0	$120,010	$0	$120,010	$0	$5,940	$0	$120,010
30	89	4.950%	$120,010	$5,940	$0	$120,010	$0	$120,010	$0	$5,940	$0	$120,010
31+	90	4.950%	$120,010	$5,940	$0	$120,010	$0	$120,010	$0	$5,940	$0	$120,010

(A) The covered person's age for each year is as of January 1. Also, on each January 1, the LPA is equal to the applicable Withdrawal Percentage multiplied by the Benefit Base.

(B) In any year that an additional premium is added, it is assumed to be added on February 10. For purposes of this example, we selected February 10 as the assumed date of additional premium payments. Since premiums may be paid throughout the year, we hoped to accurately demonstrate the effect on the contract values by using a date other than the Contract Anniversary and January 1, which are the two key dates in the GLWB Rider calculations.

(C) Any step-up is applied on the Contract Anniversary, which is June 27 of each year.

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(D) Any withdrawal is assumed to occur one time per year on October 8. For purposes of this example, we selected October 8 as the assumed date of withdrawals. Since withdrawals may be made throughout the year, we hoped to accurately demonstrate the effect on the contract values by using a random date other than the Contract Anniversary and January 1, which are the two key dates in the GLWB Rider calculations.

(E) The hypothetical Account Value on the Contract Anniversary and on the date of the withdrawal includes deduction of all separate account charges and is before any withdrawal.

(F) The first calendar year begins on June 27, the Contract Date. On this day, the Benefit Base ($100,000) is set equal to the initial premium ($100,000).

The Withdrawal Percentage (4.00%) is equal to the Age Based Percentage (4.00%) plus the cumulative Deferral Percentage (0%) plus the First Year Deferral Percentage (0%).

Since the covered person is at least age 60 on the date the Rider is issued, the LPA is available. It is calculated as the Withdrawal Percentage multiplied by the Benefit Base:

• 4.0% (Withdrawal Percentage) x $100,000 (Benefit Base) = $4,000 (LPA).

Since this is the first calendar year, the LPA is multiplied by a pro rata portion of the calendar year that remains. The pro rata factor is the number of days remaining in the calendar year divided by the total number of days in the calendar year:

• 187 (Days remaining in calendar year) / 365 (Total days in calendar year assuming a non-leap year) x $4,000 (LPA) = $2,049 (1st Year LPA).

(G) Since no withdrawal was taken in calendar year 1 and since the Contract Date was June 27, the First Year Deferral Percentage is determined as 0.050%. The Withdrawal Percentage (4.050%) is equal to the Age Based Percentage (4.00%) plus the cumulative Deferral Percentage (0%) plus the First Year Deferral Percentage (0.050%).

The LPA is determined as the Withdrawal Percentage multiplied by the Benefit Base:

• 4.050% (Withdrawal Percentage) x $100,000 (Benefit Base) = $4,050 (LPA).

(H) An additional premium of $10,000 is made during calendar year 2. Since this premium is during the first Contract Year, the Benefit Base is increased by the amount of the premium.

• $100,000 (Benefit Base) + $10,000 (additional premium amount) = $110,000 Benefit Base after the additional premium.

(I) In calendar year 2, the Benefit Base increases to $112,614 because the hypothetical Account Value on the Contract Anniversary ($112,614) is larger than the Benefit Base ($110,000). In calendar years 3 and 4, the Benefit Base again increases to the Account Value, because the Account Value on the Contract Anniversary is larger than the Benefit Base. In calendar years 5 and later, the Benefit Base is always larger than the Account Value on the Contract Anniversary, and thus is not stepped up.

(J) Since no withdrawal was taken in calendar year 2, the cumulative Deferral Percentage is increased by 0.10%. The Withdrawal Percentage (4.150%) in calendar year 3 is equal to the Age Based Percentage (4.00%) plus the cumulative Deferral Percentage (0.10%) plus the First Year Deferral Percentage (0.050%).

The LPA is determined as the Withdrawal Percentage multiplied by the Benefit Base:

• 4.150% (Withdrawal Percentage) x $112,614 (Benefit Base) = $4,673 (LPA).

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Since no withdrawal was taken in calendar year 3, the cumulative Deferral Percentage is again increased by 0.10%. The Withdrawal Percentage (4.250%) in calendar year 4 is equal to the Age Based Percentage (4.00%) plus the cumulative Deferral Percentage (0.20%) plus the First Year Deferral Percentage (0.050%).

The LPA is determined as the Withdrawal Percentage multiplied by the Benefit Base:

• 4.250% (Withdrawal Percentage) x $116,985 (Benefit Base) = $4,972 (LPA).

Since no withdrawal was taken in calendar year 4, the cumulative Deferral Percentage is again increased by 0.10%. The Withdrawal Percentage (4.350%) in calendar year 5 is equal to the Age Based Percentage (4.00%) plus the cumulative Deferral Percentage (0.30%) plus the First Year Deferral Percentage (0.050%).

The LPA is determined as the Withdrawal Percentage multiplied by the Benefit Base:

• 4.350% (Withdrawal Percentage) x $121,300 (Benefit Base) = $5,277 (LPA).

(K) Since no withdrawal was taken in calendar year 5, the cumulative Deferral Percentage is again increased by 0.10%. The Age Based Percentage has changed to 4.50% because the covered person is now 65. The Withdrawal Percentage (4.950%) in calendar year 6 is equal to the Age Based Percentage (4.50%) plus the cumulative Deferral Percentage (0.40%) plus the First Year Deferral Percentage (0.050%).

The LPA is determined as the Withdrawal Percentage multiplied by the Benefit Base:

• 4.95% (Withdrawal Percentage) x $121,300 (Benefit Base) = $6,004 (LPA).

Because there is a withdrawal during calendar year 6, the Age Based Percentage is locked at 4.50%.

(L) An additional premium of $10,000 is made during calendar year 10. Since this premium is paid after the first Contract Year, the premium has no impact on the Benefit Base. All premiums received are immediately applied to the Account Value. For this example, we have used hypothetical Account Values in an effort to reflect market fluctuations between -6% and +6% annually. In the case of this $10,000 additional premium in Contract Year 10, the premium was applied to the Account Value, but because the hypothetical Account Value also reflects market losses, the $10,000 additional premium, assumed to be made on February 10, had declined in value by the Contract Anniversary on June 27.

The evolution of the hypothetical Account Value can be seen by tracking the Account Value from June 27 of year 9 to year 10. The Account Value goes from $99,338 to $102,098 throughout the year, an increase of $2,760. During that Contract Year, there is a $6,004 withdrawal taken on October 8 and a $10,000 premium applied the following February 10; the premium is $3,996 larger than the withdrawal. That means the market experience resulted in a downward movement of $1,236 ($3,996 - $2,760) throughout the year.

• $99,338          Account Value on June 27 of year 9

• -   $6,004          Withdrawal on October 8

• +$10,000          Premium on February 10

• -   $1,236          Market experience

• = $102,098       Account Value on June 27 of year 10

(M) In calendar year 14, a Nonguaranteed Withdrawal in the amount of $776 ($6,780 amount withdrawn - $6,004 LPA) is taken. The Adjusted Nonguaranteed Withdrawal amount is the Nonguaranteed Withdrawal amount multiplied by the greater of 1.0 and the ratio of the Benefit Base to the Account Value, where both values are calculated immediately before the Nonguaranteed Withdrawal. For this calculation, the Account Value before the Nonguaranteed Withdrawal is $72,977, equal to the Account Value before any withdrawal ($78,981) minus the LPA ($6,004).It is calculated as follows:

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• $776 (Nonguaranteed Withdrawal amount) x the greater of 1.0 and 1.6622 ($121,300 Benefit Base divided by $72,977 Account Value) = $1,290 (Adjusted Nonguaranteed Withdrawal amount).

The Benefit Base is reduced by the Adjusted Nonguaranteed Withdrawal amount:

• $121,300 (Benefit Base) - $1,290 (Adjusted Nonguaranteed Withdrawal amount) = $120,010 Benefit Base after the Nonguaranteed Withdrawal.

(N) In calendar year 27, the Account Value is reduced to zero after the withdrawal; however, the Benefit Base is greater than zero. Therefore, the Rider enters Guaranteed Payment Phase and payments of the LPA continue.

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Example #2

This example illustrates the Spousal GLWB Rider where withdrawals equal to the LPA as well as Nonguaranteed Withdrawals have been taken and increases to the Withdrawal Percentage have been applied. It also illustrates the termination of the Rider if the Account Value is reduced to zero by a Nonguaranteed Withdrawal. All amounts in the table are rounded to the nearest $1.00 in this example.

Assumptions:

•    The Contract Date is August 8.

•    The covered persons' ages on Contract Date are: owner is 60 and spouse is 57.

•    The Initial premium is $100,000; no additional premiums are paid.

•    Withdrawals equal to LPA are taken in calendar years 4-13.

•    A Nonguaranteed Withdrawal equal to $10,000 in calendar year 3.

• Full Account Value is withdrawn in calendar year 14.

•     No withdrawals are taken that would result in withdrawal charges under the contract.

•    The RMD is not higher than the LPA in any calendar year.

•    The Rider remains in effect during the period covered in this example.

	As of January 1 (A)					As of August 8 (B)		As of October 8 (C)
Calendar Year	Covered Persons' Ages		Withdrawal Percentage	Benefit Base	LPA	Hypothetical Account Value (D)	Benefit Base after Step-Up	Hypothetical Account Value (D)	Annual Withdrawal	Adjusted Nonguaranteed Withdrawal	Benefit Base After Withdrawal
	Owner	Spouse
1 (E)	60 (E)	57 (E)	N/A	$100,000 (E)	N/A	$100,000(E)	$100,000(E)	$99,625	$0	$0	$100,000
2	61	58	N/A	$100,000	N/A	$103,610	$103,610(F)	$103,492	$0	$0	$103,610
3	62	59	N/A	$103,610	N/A	$106,597	$106,597	$107,299	$10,000 (G)	$10,000 (G)	$96,597 (G)
4	63	60	4.125% (H)	$96,597	$3,586(H)	$95,353	$96,597	$96,051	$3,586	$0	$96,597
5	64	61	4.125%	$96,597	$3,586	$90,616	$96,597	$91,354	$3,586	$0	$96,597
6	65	62	4.125%	$96,597	$3,586	$87,767	$96,597	$87,334	$3,586	$0	$96,597
7	66	63	4.125%	$96,597	$3,586	$80,398	$96,597	$80,850	$3,586	$0	$96,597
8	67	64	4.125%	$96,597	$3,586	$78,809	$96,597	$78,137	$3,586	$0	$96,597
9	68	65	4.125%	$96,597	$3,586	$74,550	$96,597	$75,033	$3,586	$0	$96,597
10	69	66	4.125%	$96,597	$3,586	$70,018	$96,597	$70,075	$3,586	$0	$96,597
11	70	67	4.125%	$96,597	$3,586	$67,154	$96,597	$67,561	$3,586	$0	$96,597
12	71	68	4.125%	$96,597	$3,586	$61,415	$96,597	$61,764	$3,586	$0	$96,597
13	72	69	4.125%	$96,597	$3,586	$59,341	$96,597	$58,952	$3,586	$0	$96,597
14	73	70	4.125%	$96,597	$3,586	$55,919	$96,597	$56,320	$56,320 (I)	N/A	$0
15	74	71	N/A	$0	$0	$0	$0	$0	$0	$0	$0

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(A) The covered persons' ages for each year are as of January 1. Also, each January 1 on or after the LPA Eligibility Date, the LPA is equal to the applicable Withdrawal Percentage multiplied by the Benefit Base.

(B) Any applicable step-up is applied on the Contract Anniversary, which is August 8 of each year.

(C) Any applicable withdrawal is assumed to occur one time per year on October 8. For purposes of this example, we selected October 8 as the assumed date of withdrawals. Since withdrawals may be made throughout the year, we hoped to accurately demonstrate the effect on the contract values by using a random date other than the Contract Anniversary and January 1^t, which are the two key dates in the GLWB Rider calculations.

(D) The hypothetical Account Value on the Contract Anniversary and on the date of the withdrawal includes deduction of all separate account charges and is before any withdrawal.

(E) The first calendar year begins on August 8, the Contract Date. On this day, the Benefit Base ($100,000) is set equal to the initial premium ($100,000). Since the LPA is not available until the LPA Eligibility Date, the Withdrawal Percentage and the LPA are not applicable.

(F) In calendar year 2, the Benefit Base increases to $103,610 because the hypothetical Account Value on the Contract Anniversary ($103,610) is larger than the Benefit Base ($100,000). In calendar year 3, the Benefit Base again increases to the Account Value, because the Account Value on the Contract Anniversary is larger than the Benefit Base. In calendar years 4 and later, the Benefit Base is always larger than the Account Value on the Contract Anniversary, and thus is not stepped up.

(G) In calendar year 3, a Nonguaranteed Withdrawal in the amount of $10,000 is taken. The Adjusted Nonguaranteed Withdrawal amount is the Nonguaranteed Withdrawal amount multiplied by the greater of 1.0 or the ratio of the Benefit Base to the Account Value, where both values are calculated immediately before the Nonguaranteed Withdrawal. It is calculated as follows:

• $10,000 (Nonguaranteed Withdrawal amount) x the greater of 1.0 and 0.9935 ($106,597 Benefit Base divided by $107,299 Account Value) = $10,000 (Adjusted Nonguaranteed Withdrawal amount).

The Benefit Base is reduced by the Adjusted Nonguaranteed Withdrawal amount:

• $106,597 (Benefit Base) - $10,000 (Adjusted Nonguaranteed Withdrawal amount) =$96,597 Benefit Base after the Nonguaranteed Withdrawal.

(H) January 1 of calendar year 4 is the LPA Eligibility Date; thus, the LPA is now available. Since no withdrawal was taken in calendar year 1 and since the Contract Date was August 8, the First Year Deferral Percentage is 0.025%. Since no withdrawal was taken in calendar year 2, the cumulative Deferral Percentage is 0.10%. The Age Based Percentage (4.00%) is based on the age of the younger covered person. The Withdrawal Percentage (4.125%) is equal to the Age Based Percentage (4.00%) plus the Cumulative Deferral Percentage (0.10%) plus the First Year Deferral Percentage (0.025%).

The LPA is determined as the Withdrawal Percentage multiplied by the Benefit Base multiplied by the Spousal Factor:

• 4.125% (Withdrawal Percentage) x $96,597 (Benefit Base) x 90% (Spousal Factor) = $3,586 (LPA).

Because there is a withdrawal during calendar year 4, the Age Based Percentage is locked at 4.0%.

(I) A Nonguaranteed Withdrawal reduces the Account Value to zero in calendar year 14 and the Rider and annuity contract terminate.

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THIS PAGE INTENTIONALLY LEFT BLANK

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To request a copy of the Statement of Additional Information for the National Integrity Life VAROOM variable annuity dated May 1, 2020, remove this page and mail it to us at the Administrative Office listed in the Glossary.

Name:____________________________ Phone:____________________________ Address:______________________________ ______________________________________

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STATEMENT OF ADDITIONAL INFORMATION

May 1, 2020

VAROOM and VAROOM^® II Deferred Flexible Premium Variable Annuities

Issued By National Integrity Life Insurance Company

Through Separate Account I of National Integrity Life Insurance Company

This Statement of Additional Information (SAI) is not a prospectus. It should be read in conjunction with the applicable variable annuity prospectus dated May 1, 2020.

A copy of the prospectuses to which this SAI relates is available at no charge by writing the Administrative Office at National Integrity Life Insurance Company, PO Box 5720 Cincinnati, Ohio 45201-5720, or by calling 1-800-433-1778.

Table of Contents	Page
General Information and History..............................................................................................................	1
Administration and Distribution of the Contracts.....................................................................................	1
Performance Data and Illustrations.........................................................................................................	2
Distributions from Tax-Favored Retirement Programs............................................................................	4
Financial Statements...............................................................................................................................	5

General Information and History

National Integrity Life Insurance Company (National Integrity) is a New York life insurance company organized onNovember 22, 1968. The administrative office is located at 400 Broadway, Cincinnati, Ohio 45202. National Integrity, the depositor of Separate Account I, is a wholly owned subsidiary of Integrity Life Insurance Company (Integrity), an Ohio life insurance company, which is a wholly owned subsidiary of The Western and Southern Life Insurance Company (WSLIC), an Ohio life insurance company organized on February 23, 1888. WSLIC is a wholly owned subsidiary of Western & Southern Financial Group, Inc., an Ohio corporation, which is wholly owned by Western & Southern Mutual Holding Company, an Ohio mutual insurance holding company.

Administration and Distribution of the Contracts

Administration

National Integrity has responsibility for administration of Separate Account I (the Separate Account) and the variable annuity contracts issued through the Separate Account (Contracts). National Integrity has entered into Service Agreements with Integrity and WSLIC to provide certain services, including administrative services for the Separate Account and the Contracts. Compensation for these services, which is paid by National Integrity, is based on the charges and expenses incurred by the service provider, and will reflect actual costs to the extent reasonably possible.

Custodian

Mid Atlantic Trust Company (MATC), 330 South Poplar, Suite 103, Pierre, SD 57501, is the custodian for the exchange-traded funds (ETFs) held by the Subaccounts. MATC provides certain services to the Separate Account, including custody of and accounting services for the ETFs owned by the Separate Account. MATC also facilitates execution of the purchase and sale of the ETFs through broker-dealers.

Underwriter

Touchstone Securities, Inc. (Touchstone Securities), 400 Broadway, Cincinnati, Ohio 45202, an indirect subsidiary of WSLIC and an affiliate of National Integrity, is the principal underwriter of the Contracts. Touchstone Securities is registered under the Securities Exchange Act of 1934 as a broker-dealer and is a member in good standing of the Financial Industry Regulatory Authority (FINRA). The Contracts are offered through Touchstone Securities on a continuous basis. The amount of distribution allowances paid to Touchstone Securities, the principal underwriter, for all variable annuity contracts issued by National Integrity was $2,229,165 in 2019, $2,265,535 in 2018, $1,945,802 in 2017. Touchstone Securities did not retain distribution allowances during these years.

Sales

The Contracts are sold by insurance agents licensed in the states where the Contracts may be lawfully sold.  The agents are also registered representatives of broker-dealers, which are registered under the Securities Exchange Act of 1934 and are members of FINRA.

We make payments to the broker-dealer firms that distribute our variable annuity contracts in the form of commissions and other incentives. We may make payments in the form of expense reimbursements or marketing allowances to the broker-dealers that distribute our Contracts in exchange for privileges, including additional or special access to broker-dealers' sales staff, opportunities to provide and attend training and other conferences, and marketing enhancements of our Contracts. The method for calculating any additional compensation may include consideration of the level of sales or assets attributable to the firm. Not all broker-dealers receive additional compensation and the amount of compensation varies by firm. These payments could be significant to a firm, and could create a conflict of interest between the firm or representative and the customer. These payments could provide incentive to a firm or representative to recommend a Contract that is not in a customer’s best interest. We generally choose to compensate broker-dealers that have a strong capability to distribute the Contracts and that are willing to cooperate with our promotional efforts.

The following list includes the names of firms that received expense reimbursement or marketing allowance payments of more than $5,000 with respect to variable annuities sold for National Integrity and its parent company, Integrity Life Insurance Company, during the last calendar year.

American Portfolio Financial Services	Huntington Investment Company, Inc.
Ann Arbor Annuity Exchange, Inc.	Infinex Investments, Inc.
Arvest Investments, Inc.	LPL Financial LLC
Ash Brokerage	M&T Securities, Inc.
BMO Harris	PNC Investments, LLC
Cetera Investment Services	The Marketing Alliance, Inc.
Commerce Brokerage Services, Inc.	Zenith Marketing Group
Crump Life Insurance Services, Inc.
Cuso Financial Services
Fifth Third Securities, Inc.
Financial Independence Group, Inc.

Performance Data and Illustrations

We may provide performance information and illustrations using performance information. Performance information may be based on historical returns of the subaccounts. At any time in the future, performance will likely be higher or lower than in the past. Historical performance does not predict future results.

Performance Data

In advertisements or in information furnished to you, we may provide the average annual total return and the cumulative total return of the units of the subaccounts. The money market option may also from time to time include the yield and effective yield of its units. Performance information is computed separately for each subaccount in accordance with the formulas described below.

Total return reflects all aspects of the return of a subaccount, including the automatic reinvestment of all distributions and the deduction of all charges that apply on an annual basis. Performance represents annualized percentage change in net assets of a subaccount, based on a hypothetical $1,000 investment, the performance of the underlying portfolios and the charges that would have been made during the periods shown. Premium taxes, if applicable, are not reflected.

Average annual total returns are calculated by determining the growth or decline in value of a hypothetical investment in the subaccount over certain periods, including 1, 3, 5, and 10 years and then calculating the annually compounded percentage rate that would have produced the same result if the rate of growth or decline in value had been constant over the period. 

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Investors should realize that a subaccount's performance is not constant over time, but changes from year to year, and that the average annual returns represent the averages of historical periods as opposed to the actual historical performance of a subaccount during any portion of the period shown. Average annual returns are calculated using this formula:

P (1+T)ⁿ = ERV, where P is a hypothetical initial payment of $1,000, T is the average annual total return, n is the number of years, and ERV is the redeemable value at the end of the period.

Standardized returns are average annual total returns calculated from the subaccount inception date, which represents the date the subaccount was available in the Contract. Standardized returns reflect the deduction of all Contract expenses, including underlying fund expenses, the annual separate account charges and the withdrawal charge. The cost of the optional guaranteed lifetime withdrawal benefit rider is not included. If the cost of the rider were included, the returns would be lower.

Non-standardized returns are calculated from the fund inception date, which represents the inception date of the underlying fund, rather than the date it was included in the Contract. Performance that predates the inclusion in the Contract is hypothetical and has been adjusted to include Contract expenses. Two sets of non-standardized returns may be presented, each reflecting the deduction of underlying fund expenses and the annual separate account charge. One set also reflects the withdrawal charge. The cost of the guaranteed lifetime withdrawal benefit rider is not included. If the cost of the rider were included, the returns would be lower.

Cumulative total returns are unaveraged and reflect the simple percentage change in the value of a hypothetical investment in the subaccount over a stated period of time. In addition to the period since inception, cumulative total returns may be calculated on a year-to-date basis at the end of each calendar month in the current calendar year. The last day of the period for year-to-date returns is the last day of the most recent calendar month at the time of publication.

Yields quoted in advertising reflect the change in value of a hypothetical investment in a subaccount over a stated period of time, not taking into account capital gains or losses, or any withdrawal charge. Yields are annualized and stated as a percentage.

Current yield and effective yield are calculated for the money market option. Current yield is based on the change in the value of a hypothetical investment (exclusive of capital changes) over a particular 7-day period, less Contract charges that would have applied during the period (the base period), and stated as a percentage of the investment at the start of the base period (the base period return). The base period return is then annualized by multiplying by 365/7, with the resulting yield figure carried to at least the nearest hundredth of one percent.

Effective yield assumes that all dividends received during an annual period have been reinvested. This compounding effect causes effective yield to be higher than current yield. Calculation of effective yield begins with the same base period return used in the calculation of current yield, which is then annualized to reflect weekly compounding pursuant to the following formula:    

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

Individualized Illustrations

National Integrity may provide computer-generated illustrations using programs available through third party firms to provide registered representatives and existing or potential Contracts owners with individualized hypothetical illustrations. The illustrations may include contract values and returns for some or all of the subaccounts. Such illustrations may include graphs, bar charts and other types of formats.

Hypothetical values may be based on: (i) the results of a hypothetical contribution to a Contract invested in a single or multiple subaccounts using standardized and non-standardized average annual returns; or (ii) the results of a hypothetical contribution to a Contract using either static or variable assumed rates of return, as allowed by law.

3

Distributions From Tax-Favored Qualified Retirement Programs

Distributions from qualified plans are subject to ordinary income tax. Special rules may apply to withdrawals from certain types of qualified plans, including Roth IRAs. You should consult with your tax adviser to determine how these rules affect the distribution of your benefits.

Section 72(t) of the Internal Revenue Code provides that any amount received under a qualified contract, which is included in income, may be subject to an additional federal tax. The amount of the additional federal tax is equal to 10% of the amount that is included in income. Some distributions will be exempt from the additional federal tax. There is an exception to this 10% additional federal tax for:

1) distributions made on or after the date you (or the Annuitant as applicable) reach age 59 ½;

2) distributions following your death or disability (or the Annuitant as applicable) (for this purpose “disability” is defined in Code Section 72(m)(7);

3) distributions paid in series of substantially equal payments made annually (or more frequently) for your life (or life expectancy) or joint lives (or life expectancies) of you and designated beneficiary;

4) distributions made to you after separation from service after attaining age 55 (does not apply to IRAs);

5) distributions made to you to the extent such distributions do not exceed the amount allowable as a deduction under Code Section 213 to you for amounts paid during the taxable year for medical care (determined without regard to whether you itemize deductions for such taxable year);

6) distributions to an alternate payee pursuant to a qualified domestic relations order (within the meaning of Code Section 414(p)(1));

7) distributions from an IRA for the health insurance (as described in Code Section 213(d)(1)(D)) for you and your spouse and dependents if you have received unemployment compensation for at least 12 weeks (this exception will no longer apply after you have been re-employed for at least 60 days);

8) distributions from an IRA made to you, to the extent such distributions do not exceed your qualified higher education expenses (as defined in Code Section 72(t)(7)) for the tax year;

9) distributions from an IRA which are qualified first-time homebuyer distributions (as defined in Code Section 72(t)(8));

10) distributions made to a reservist called to active duty after September 11, 2001, for a period in excess of 179 days (or for an indefinite period), from IRAs or amounts attributable to elective deferrals under a 401(k) plan made during such active period; and

11) distributions made on account of an IRS levy upon a qualified contract.

With respect to 3) above, if the series of substantially equal periodic payments is modified (other than by reason of death or disability) before the close of the 5-year period beginning with the date of the first payment and after you attain age 59 ½, or before you attain age 59 ½, then the tax for the year of the modification is increased by the 10% additional federal tax, plus interest for the tax years in which the exception was used. You should consult with your tax adviser before taking any partial withdrawals from your Contract.

Participants in qualified plans (other than IRAs), with the exception of five-percent owners, must begin receiving distributions by April 1 of the calendar year following the later of either (i) the year in which the participant reaches the qualified age under IRS regulations (for an owner that reached age 70½ on or before December 31, 2019, age 70½, and for an owner that reaches age 70½ on or after January 1, 2020, age 72) or (ii) the calendar year in which the participant retires. Owners of traditional IRAs and 5% owners of qualified plans must begin receiving distributions by April 1 of the calendar year following the year in which the owner or participant reaches the qualified age under IRS regulations. Owners of Roth IRAs are not required to take distributions during their lifetime. Distributions from certain TSA plans can be deferred until age 75. After death, distribution rules apply to traditional and Roth IRAs. If you do not take mandatory distributions, you may owe a 50% penalty tax on any difference between the required distribution amount and the amount distributed.

Distributions from qualified plans (other than traditional IRAs) in the form of a lump sum settlement, partial withdrawal, or periodic annuity payments for a fixed period of fewer than 10 years, are subject to mandatory federal income tax withholding of 20% of the taxable amount of the distribution, unless (i) the payee directs the transfer of such amounts to another qualified plan or traditional IRA; or (ii) the payment is a minimum distribution required under the Internal Revenue Code. The taxable amount is the amount of the distribution less the amount

4

allocable to after-tax contributions. All other types of taxable distributions are subject to a 10% federal income tax withholding unless the payee elects not to have withholding apply.

The Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”), which was enacted on March 27, 2020, contains provisions relaxing certain requirements applicable to distributions from certain retirement plans, individual retirement accounts and individual retirement annuities. Among other things, it waives required minimum distribution payments for 2020 from certain types of retirement plans.  The CARES Act also waives certain early withdrawal penalties on withdrawals of up to $100,000 by participants in certain types of retirement plans, who meet applicable eligibility requirements (generally that an individual, or an individual’s spouse or dependents has been diagnosed with coronavirus, or the individual has otherwise experienced adverse financial consequences as a result of being quarantined, being furloughed or laid off or having work hours reduced due to such virus, among other things).

We are not permitted to make distributions from a Contract unless a request has been made. It is therefore your responsibility to comply with the minimum distribution rules. You should consult your tax adviser regarding these rules and their proper application.

The above description of the minimum distribution requirements and the federal income tax consequences of distributions from tax-favored retirement plans, which may be funded by the Contract, is only a brief summary and is not intended as tax advice. The rules governing the provisions of plans are extremely complex and often difficult to comprehend. If you do not fully comply with all rules, which are subject to change, you may suffer adverse tax consequences. You should consult a qualified and competent tax adviser prior to adopting a plan or purchasing a Contract in connection with a tax-favored plan.

Financial Statements

The financial statements of Separate Account I of National Integrity Life Insurance Company as of December 31, 2019, and for the periods indicated in the financial statements, included in this Statement of Additional Information have been audited by Ernst & Young LLP, 221 East 4th Street, Suite 2900, Cincinnati, Ohio 45202, independent registered public accounting firm, as set forth in their reports included thereon. These financial statements are included in this registration statement in reliance on the reports of Ernst & Young LLP given on the authority of such firm as experts in accounting and auditing.

The statutory-basis financial statements of National Integrity Life Insurance Company as of December 31, 2019 and 2018 and for each of the three years in the period ended December 31, 2019, and the statutory-basis financial statements of The Western and Southern Life Insurance Company (WSLIC) as of December 31, 2019 and 2018 and for each of the three years in the period ended December 31, 2019, included in this Statement of Additional Information have been audited by Ernst & Young LLP, 221 East 4th Street, Suite 2900, Cincinnati, Ohio 45202, independent auditors, as set forth in their reports included thereon. These financial statements are included in this registration statement in reliance on the reports of Ernst & Young LLP given on the authority of such firm as experts in accounting and auditing.

You should distinguish the statutory-basis financial statements of National Integrity from the financial statements of the Separate Account and consider the National Integrity statutory-basis financial statements only as they relate to the ability of National Integrity to meet its obligations under the Contracts. You should consider the statutory-basis financial statements of WSLIC as bearing only on the ability of WSLIC to meet its obligations under its guarantee to National Integrity policyholders dated March 3, 2000. You should not consider the National Integrity or WSLIC statutory-basis financial statements as relating to the investment performance of the assets held in the Separate Account.

5

FINANCIAL STATEMENTS

Separate Account I of National Integrity Life Insurance Company

Year Ended December 31, 2019

With Report of Independent Registered

Public Accounting Firm

Separate Account I

of

National Integrity Life Insurance Company

Financial Statements

Year Ended December 31, 2019

Contents
Report of Independent Registered Public Accounting Firm	1
Financial Statements
Statements of Assets and Liabilities as of December 31, 2019	6
Statements of Operations for the Year ended December 31, 2019	8
Statements of Changes in Net Assets for the Year ended December 31, 2019	11
Statements of Changes in Net Assets for the Year ended December 31, 2018	14
Notes to Financial Statements	17

Report of Independent Registered Public Accounting Firm

The Board of Directors of National Integrity Life Insurance Company and

The Contract Owners of Separate Account I of National Integrity Life Insurance Company

Opinion on the Financial Statements

We have audited the accompanying statements of assets and liabilities of each of the subaccounts listed in Appendix A that comprise Separate Account I of National Integrity Life Insurance Company (the Separate Account), as of December 31, 2019, the related statements of operations and the statements of changes in net assets for each the periods indicated in Appendix A, and the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each subaccount as of December 31, 2019, the results of its operations and changes in its net assets for each of the periods indicated in Appendix A, in conformity with U.S. generally accepted accounting principles.

Basis for Opinion

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

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of December 31, 2019, by correspondence with the fund companies or their transfer agents, as applicable. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

/s/ Ernst & Young LLP

We have served as the Separate Account’s auditor since 1993.

Cincinnati, Ohio

April 20, 2020

1

Appendix A

Subaccounts comprising Separate Account I of National Integrity Life Insurance Company

Subaccounts	Statement of operations	Statement of change in net assets
American Funds Insurance Series
Non-Affiliated Class 2	For the year ended December 31, 2019	For each of the two years in the period ended December 31, 2019
American Funds I.S. Managed Risk Asset Allocation Fund
Non-Affiliated Class 4
American Funds I.S. Bond Fund
American Funds I.S. Capital Income Builder Fund
American Funds I.S. Global Growth Fund
American Funds I.S. Growth Fund
American Funds I.S. Growth-Income Fund
American Funds I.S. New World Fund
BlackRock Variable Series Funds
Non-Affiliated Class 3
BlackRock Capital Appreciation V.I. Fund
BlackRock Global Allocation V.I. Fund
BlackRock High Yield V.I. Fund
BlackRock Total Return V.I. Fund
Columbia Funds Variable Portfolios
Non-Affiliated Class 1
Columbia VP - Select Mid Cap Value Fund
Non-Affiliated Class 2
Columbia VP - Small Cap Value Fund
DWS Investments VIT Funds
Non-Affiliated Class A:
DWS Small Cap Index VIP Fund
Non-Affiliated Class B:
DWS Small Cap Index VIP Fund
Fidelity Variable Insurance Products
Non-Affiliated Initial Class:
Fidelity VIP Balanced Portfolio
Fidelity VIP Overseas Portfolio
Fidelity VIP Equity-Income Portfolio
Fidelity VIP Growth Portfolio
Fidelity VIP High Income Portfolio
Fidelity VIP Asset Manager Portfolio
Fidelity VIP Contrafund® Portfolio
Fidelity VIP Index 500 Portfolio
Fidelity VIP Investment Grade Bond Portfolio
Fidelity VIP Government Money Market

2

Non-Affiliated Service Class:	For the year ended December 31, 2019	For each of the two years in the period ended December 31, 2019
Fidelity VIP Growth Portfolio
Fidelity VIP Mid Cap Portfolio
Non-Affiliated Service Class 2:
Fidelity VIP Asset Manager Portfolio
Fidelity VIP Balanced Portfolio
Fidelity VIP Contrafund® Portfolio
Fidelity VIP Disciplined Small Cap Portfolio
Fidelity VIP Equity-Income Portfolio
Fidelity VIP Freedom 2010 Portfolio
Fidelity VIP Freedom 2015 Portfolio
Fidelity VIP Freedom 2020 Portfolio
Fidelity VIP Freedom 2025 Portfolio
Fidelity VIP Freedom 2030 Portfolio
Fidelity VIP Growth Portfolio
Fidelity VIP High Income Portfolio
Fidelity VIP Index 500 Portfolio
Fidelity VIP Investment Grade Bond Portfolio
Fidelity VIP Mid Cap Portfolio
Fidelity VIP Overseas Portfolio
Fidelity VIP Target Volatility Portfolio
Franklin Templeton VIP Trust
Non-Affiliated Class 1:
Franklin Growth and Income VIP Fund
Franklin Income VIP Fund
Non-Affiliated Class 2:
Franklin Growth and Income VIP Fund
Franklin Income VIP Fund
Franklin Large Cap Growth VIP Fund
Franklin Mutual Shares VIP Fund
Franklin Small Cap Value VIP Fund
Templeton Foreign VIP Fund
Templeton Global Bond VIP Fund
Templeton Growth VIP Fund
Rydex Variable Trust (Guggenheim Variable Insurance Funds)
Investor Class:
Guggenheim VT Global Managed Futures Strategy Fund
Guggenheim VT Multi-Hedge Strategies Fund
Guggenheim VT Long Short Equity Fund

3

iShares Trust	For the year ended December 31, 2019	For each of the two years in the period ended December 31, 2019
ETF Shares:
iShares® Core S&P 500 ETF
iShares® Core S&P Mid-Cap ETF
iShares® Core S&P Small-Cap ETF
iShares® Core U.S. Aggregate Bond ETF
iShares® iBoxx $ High Yield Corporate Bond ETF
iShares® Intermediate-Term Corporate Bond ETF
iShares® International Treasury Bond ETF
iShares® S&P 500 Growth ETF
iShares® S&P 500 Value ETF
iShares® TIPS Bond ETF
Invesco (AIM) Variable Insurance Funds
Non-Affiliated Class 2:
Invesco V.I. American Franchise Fund
Invesco V.I. American Value Fund
Invesco V.I. Comstock Fund
Invesco V.I. International Growth Fund
Invesco V.I. Mid Cap Growth Fund
JPMorgan Insurance Trust
Non-Affiliated Class 1:
JP Morgan IT Mid Cap Value
Morgan Stanley Variable Insurance Funds, Inc.
Non-Affiliated Class 1:
Morgan Stanley VIF Emerging Markets Debt Portfolio
Morgan Stanley VIF U.S. Real Estate Portfolio
Non-Affiliated Class 2:
Morgan Stanley VIF Emerging Markets Debt Portfolio
Morgan Stanley VIF Emerging Markets Equity Portfolio
Morgan Stanley VIF U.S. Real Estate Portfolio
Pimco Variable Insurance Trust
Advisor Class:
PIMCO VIT All Asset Portfolio
PIMCO VIT International Bond Portfolio (US Dollar Hedged)
PIMCO VIT CommodityRealReturn® Strategy Portfolio
PIMCO VIT Long-Term U.S. Government Portfolio
PIMCO VIT Low Duration Portfolio
PIMCO VIT Real Return Portfolio
PIMCO VIT Total Return Portfolio

4

Northern Lights Variable Trust	For the year ended December 31, 2019	For each of the two years in the period ended December 31, 2019
Non-Affiliated Class 3:
TOPS® Managed Risk Moderate Growth ETF Portfolio
Touchstone Variable Series Trust
Affiliated (*Service Class):
*Touchstone VST Aggressive ETF Fund
*Touchstone VST Conservative ETF Fund
*Touchstone VST Moderate ETF Fund
The Vanguard Index Funds
ETF Shares:
Vanguard® Developed Markets Index Fund, ETF Shares
Vanguard® Dividend Appreciation Index Fund, ETF Shares
Vanguard® Emerging Markets Stock Index Fund, ETF Shares
Vanguard® Intermediate-Term Corporate Bond Index Fund, ETF Shares
Vanguard® Large-Cap Index Fund, ETF Shares
Vanguard® Mega Cap Index Fund, ETF Shares
Vanguard® Real Estate Index Fund, ETF Shares
Vanguard® Short-Term Bond Index Fund, ETF Shares
Vanguard® Total Bond Market Index Fund, ETF Shares
Fidelity Variable Insurance Products	For the period from July 12, 2019 (commencement of operations) through December 31, 2019
Non-Affiliated Service Class 2:
Fidelity VIP Bond Index Portfolio
Fidelity VIP Extended Market Index Portfolio
Fidelity VIP International Index Portfolio
Fidelity VIP Total Market Index Portfolio
Touchstone Variable Series Trust	For the period from January 1, 2019 through July 11, 2019	For the year ended December 31, 2018 and the period from January 1, 2019 through July 11, 2019
Affiliated:
Touchstone VST Active Bond Fund
Touchstone VST Focused Fund
Touchstone VST Large Cap Core Equity Fund
Touchstone Variable Series Trust	For the period from July 12, 2019 (commencement of operations) through December 31, 2019
Affiliated (*Service Class):
*Touchstone VST Bond Fund
*Touchstone VST Common Stock Fund

5

Separate Account I

of

National Integrity Life Insurance Company

Statements of Assets and Liabilities

December 31, 2019

Subaccount	Investments at fair value		Receivable from  (payable to)  the general account  of National Integrity			Net Assets		Unit Value Range (Lowest to Highest)					Units Outstanding
Affiliated:
Touchstone VST Aggressive ETF Fund	$	5,628,414	$	5		$	5,628,419	$	18.15	to	$	27.04	249,762
Touchstone VST Bond Fund (b)	2,129,061		(4		)	2,129,057		10.17		to	10.20		209,220
Touchstone VST Common Stock Fund (b)	19,789,047		3			19,789,050		10.78		to	10.81		1,833,714
Touchstone VST Conservative ETF Fund	5,619,430		3			5,619,433		14.74		to	18.42		330,844
Touchstone VST Moderate ETF Fund	6,854,757		(8		)	6,854,749		16.70		to	21.04		375,718
Non-Affiliated Initial Class:
Fidelity VIP Balanced Portfolio	2,022,544		—			2,022,544		20.72		to	33.75		75,815
Fidelity VIP Overseas Portfolio	1,222,753		(6		)	1,222,747		11.80		to	47.53		36,289
Fidelity VIP Equity-Income Portfolio	7,810,013		1			7,810,014		31.28		to	110.36		92,599
Fidelity VIP Growth Portfolio	5,227,289		1			5,227,290					181.86		28,743
Fidelity VIP High Income Portfolio	1,742,800		—			1,742,800					31.00		56,225
Fidelity VIP Asset Manager Portfolio	2,776,765		—			2,776,765					60.68		45,757
Fidelity VIP Contrafund® Portfolio	13,550,838		—			13,550,838		50.00		to	98.42		177,867
Fidelity VIP Index 500 Portfolio	4,689,645		3			4,689,648		23.34		to	83.03		100,901
Fidelity VIP Investment Grade Bond Portfolio	1,426,180		1			1,426,181		12.41		to	38.87		75,559
Fidelity VIP Government Money Market	3,369,377		(4		)	3,369,373		9.53		to	9.98		343,935
Non-Affiliated Service Class:
Fidelity VIP Growth Portfolio	323,204		(3		)	323,201					26.49		12,200
Fidelity VIP Mid Cap Portfolio	2,892,056		(2		)	2,892,054		68.96		to	72.23		41,338
Non-Affiliated Service Class 2:
Fidelity VIP Asset Manager Portfolio	1,103,127		(7		)	1,103,120		15.40		to	22.06		64,872
Fidelity VIP Balanced Portfolio	10,559,692		(3		)	10,559,689		18.93		to	27.98		498,139
Fidelity VIP Bond Index Portfolio (b)	84,928		—			84,928		10.15		to	10.15		8,369
Fidelity VIP Contrafund® Portfolio	17,645,539		—			17,645,539		21.59		to	40.90		667,142
Fidelity VIP Disciplined Small Cap Portfolio	1,546,404		—			1,546,404		17.07		to	23.05		86,525
Fidelity VIP Equity-Income Portfolio	3,356,255		(6		)	3,356,249		15.62		to	26.16		176,334
Fidelity VIP Extended Market Index Portfolio (b)	36,575		—			36,575		10.55		to	10.55		3,467
Fidelity VIP Freedom 2010 Portfolio	396,680		7			396,687		14.94		to	15.56		25,948
Fidelity VIP Freedom 2015 Portfolio	413,497		2			413,499		15.41		to	16.59		26,332
Fidelity VIP Freedom 2020 Portfolio	652,544		1			652,545		15.45		to	16.44		41,985
Fidelity VIP Freedom 2025 Portfolio	1,968,579		(1		)	1,968,578		16.32		to	17.38		120,000
Fidelity VIP Freedom 2030 Portfolio	363,113		5			363,118		16.32		to	19.60		21,761
Fidelity VIP Growth Portfolio	3,900,030		(2		)	3,900,028		22.95		to	34.46		136,009
Fidelity VIP High Income Portfolio	6,807,295		(6		)	6,807,289		14.81		to	26.68		336,321
Fidelity VIP Index 500 Portfolio	29,166,158		(1		)	29,166,157		21.89		to	32.38		1,273,461
Fidelity VIP International Index Portfolio (b)	1,511		1			1,512		10.65		to	10.65		142
Fidelity VIP Investment Grade Bond Portfolio	15,004,688		7			15,004,695		12.12		to	18.64		1,065,397
Fidelity VIP Mid Cap Portfolio	8,715,718		(5		)	8,715,713		19.17		to	45.68		335,299
Fidelity VIP Overseas Portfolio	2,672,888		(1		)	2,672,887		11.24		to	22.72		196,054
Fidelity VIP Target Volatility Portfolio	485,798		—			485,798		13.32		to	13.65		36,375
Non-Affiliated Class 1:
Columbia VP – Select Mid Cap Value Fund (a)	1,538,826		(9		)	1,538,817		18.69		to	19.56		80,136
Franklin Growth and Income VIP Fund	1,750,810		3			1,750,813		30.72		to	30.72		56,994
Franklin Income VIP Fund	3,052,864		(3		)	3,052,861		28.69		to	29.27		106,352
JP Morgan IT Mid Cap Value	629,908		(3		)	629,905		25.85		to	39.09		17,757
Morgan Stanley VIF Emerging Markets Debt Portfolio	107,162		2			107,164		27.67		to	35.02		3,259
Morgan Stanley VIF U.S. Real Estate Portfolio	714,048		(3		)	714,045		16.83		to	49.74		17,178
Non-Affiliated Class 2:
American Funds I.S. Managed Risk Asset Allocation Fund	2,148,429		4			2,148,433		13.15		to	13.61		162,954
Columbia VP – Small Cap Value Fund	1,750,674		1			1,750,675		20.35		to	28.58		64,562
Franklin Growth and Income VIP Fund	4,983,198		1			4,983,199		17.39		to	31.25		214,960
Franklin Income VIP Fund	14,512,892		(3		)	14,512,889		15.12		to	29.19		841,738
Franklin Large Cap Growth VIP Fund	5,003,122		(4		)	5,003,118		21.24		to	35.12		169,663
Franklin Mutual Shares VIP Fund	9,919,352		(3		)	9,919,349		14.25		to	28.91		592,600
Franklin Small Cap Value VIP Fund	1,103,579		6			1,103,585		18.42		to	23.32		57,571
Invesco V.I. American Franchise Fund	356,087		—			356,087		25.61		to	38.17		11,579
Invesco V.I. American Value Fund	7,406,337		—			7,406,337		18.52		to	20.96		386,043
Invesco V.I. Comstock Fund	3,721,654		1			3,721,655		17.19		to	33.97		187,984
Invesco V.I. International Growth Fund	2,145,714		—			2,145,714		13.06		to	13.59		161,872
Invesco V.I. Mid Cap Growth Fund	305,347		—			305,347		15.17		to	15.40		20,092
Templeton Foreign VIP Fund	4,336,311		(3		)	4,336,308		9.90		to	22.58		365,814
Templeton Global Bond VIP Fund	585,240		(3		)	585,237		9.42		to	9.68		61,666
Templeton Growth VIP Fund	1,233,773		5			1,233,778		10.94		to	23.32		75,407
Morgan Stanley VIF Emerging Markets Debt Portfolio	953,060		—			953,060		12.98		to	26.56		59,739
Morgan Stanley VIF Emerging Markets Equity Portfolio	2,322,799		—			2,322,799		9.26		to	39.99		145,981
Morgan Stanley VIF U.S. Real Estate Portfolio	2,526,380		3			2,526,383		12.90		to	39.45		169,088

(a) Name Change. See Note 1.	6
(b) New Underlying Fund. See Note 1

Separate Account I

of

National Integrity Life Insurance Company

Statements of Assets and Liabilities (continued)

December 31, 2019

Subaccount	Investments at fair value		Receivable from  (payable to)  the general account  of National Integrity			Net Assets		Unit Value Range (Lowest to Highest)					Units Outstanding
Non-Affiliated Class 3:
BlackRock Capital Appreciation V.I. Fund	$	3,163,985	$	(6	)	$	3,163,979	$	23.16	to	$	24.09	134,364
BlackRock Global Allocation V.I. Fund	612,543		—			612,543		12.79		to	13.48		47,393
BlackRock High Yield V.I. Fund	210,299		—			210,299		12.09		to	12.27		17,341
BlackRock Total Return V.I. Fund	302,668		(3		)	302,665		10.50		to	10.58		28,811
TOPS® Managed Risk Moderate Growth ETF Portfolio	1,152,671		1			1,152,672		11.91		to	12.24		96,638
Non-Affiliated Class 4:
American Funds I.S. Bond Fund	679,668		3			679,671		10.47		to	10.62		64,836
American Funds I.S. Capital Income Builder Fund	3,031,500		—			3,031,500		11.16		to	11.45		269,536
American Funds I.S. Global Growth Fund	2,254,642		4			2,254,646		16.67		to	17.14		133,112
American Funds I.S. Growth Fund	2,567,271		1			2,567,272		19.82		to	20.37		128,388
American Funds I.S. Growth-Income Fund	3,012,851		5			3,012,856		17.72		to	18.21		168,554
American Funds I.S. New World Fund	936,963		1			936,964		12.48		to	12.79		74,304
Non-Affiliated Class A:
DWS Small Cap Index VIP Fund	431,383		3			431,386		33.58		to	35.28		12,471
Non-Affiliated Class B:
DWS Small Cap Index VIP Fund	1,677,648		5			1,677,653		18.57		to	32.13		75,046
Advisor Class:
PIMCO VIT All Asset Portfolio	1,532,510		(7		)	1,532,503		12.94		to	14.52		109,953
PIMCO VIT International Bond Portfolio (US Dollar Hedged)	40,211		1			40,212		10.96		to	11.12		3,650
PIMCO VIT CommodityRealReturn® Strategy Portfolio	1,280,147		(3		)	1,280,144		3.90		to	5.46		318,288
PIMCO VIT Long-Term U.S. Government Portfolio	200,343		6			200,349		11.30		to	11.65		17,362
PIMCO VIT Low Duration Portfolio	2,124,795		(4		)	2,124,791		10.28		to	11.92		189,245
PIMCO VIT Real Return Portfolio	905,845		3			905,848		10.96		to	12.72		74,088
PIMCO VIT Total Return Portfolio	19,493,645		5			19,493,650		11.85		to	14.84		1,375,761
Investor Class:
Guggenheim VT Global Managed Futures Strategy Fund	167,848		—			167,848		6.17		to	7.76		26,773
Guggenheim VT Multi-Hedge Strategies Fund	344,756		7			344,763		8.43		to	10.77		39,806
Guggenheim VT Long Short Equity Fund	71,584		—			71,584		9.87		to	11.94		7,059
ETF Shares:
iShares® Core S&P 500 ETF	18,622,010		(1		)	18,622,009		61.04		to	65.80		299,640
iShares® Core S&P Mid-Cap ETF	5,399,323		(1		)	5,399,322		51.22		to	56.58		100,670
iShares® Core S&P Small-Cap ETF	2,869,836		—			2,869,836		54.16		to	59.73		50,686
iShares® Core U.S. Aggregate Bond ETF	581,931		7			581,938		25.15		to	28.74		22,975
iShares® iBoxx $ High Yield Corporate Bond ETF	74,275		2			74,277		31.74		to	34.05		2,265
iShares® Intermediate-Term Corporate Bond ETF	715,836		2			715,838		27.40		to	29.40		26,046
iShares® International Treasury Bond ETF	2,325,631		3			2,325,634		21.93		to	23.82		104,140
iShares® S&P 500 Growth ETF	2,339,276		(1		)	2,339,275		65.12		to	72.17		35,198
iShares® S&P 500 Value ETF	519,766		1			519,767		54.71		to	59.22		9,195
iShares® TIPS Bond ETF	126,674		2			126,676		22.69		to	24.35		5,517
Vanguard® Developed Markets Index Fund, ETF Shares	2,603,073		3			2,603,076		32.11		to	38.62		71,476
Vanguard® Dividend Appreciation Index Fund, ETF Shares	1,048,545		—			1,048,545		54.58		to	58.55		18,989
Vanguard® Emerging Markets Stock Index Fund, ETF Shares	222,072		2			222,074		23.91		to	29.81		7,934
Vanguard® Intermediate-Term Corporate Bond Index Fund, ETF Shares	61,060		1			61,061		31.92		to	34.14		1,882
Vanguard® Large-Cap Index Fund, ETF Shares	727,554		—			727,554		60.50		to	65.24		11,825
Vanguard® Mega Cap Index Fund, ETF Shares	140,191		3			140,194		61.96		to	66.98		2,201
Vanguard® Real Estate Index Fund, ETF Shares	243,969		(1		)	243,968		46.76		to	50.17		5,148
Vanguard® Short-Term Bond Index Fund, ETF Shares	14,575		—			14,575		22.84		to	24.42		618
Vanguard® Total Bond Market Index Fund, ETF Shares	17,584,050		4			17,584,054		25.15		to	28.83		685,904

(a) Name Change. See Note 1.	7
(b) New Underlying Fund. See Note 1

Separate Account I

of

National Integrity Life Insurance Company

Statements of Operations

For the Year Ended December 31, 2019

	Investment
	Income		Expenses					Realized and unrealized gain (loss) on investments
Subaccount	Reinvested dividends		Mortality and expense risk and administrative charges		Net investment income (loss)			Realized gain (loss) on sales of investments			Realized gain distributions		Change in net unrealized appreciation (depreciation) during the period			Net realized and unrealized gain (loss) on investments			Net increase (decrease) in net assets resulting from operations
Affiliated:
Touchstone VST Active Bond Fund (c)	$	86,409	$	19,138	$	67,271		$	(8,760	)	$	—	$	83,981		$	75,221		$	142,492
Touchstone VST Aggressive ETF Fund	92,037		78,605		13,432			179,469			302,255		538,594			1,020,318			1,033,750
Touchstone VST Bond Fund (b)	27,618		15,417		12,201			5,407			—		26,762			32,169			44,370
Touchstone VST Common Stock Fund (b)	103,101		124,922		(21,821		)	(9,030		)	213,008		1,166,216			1,370,194			1,348,373
Touchstone VST Conservative ETF Fund	149,865		90,016		59,849			(47,938		)	30,835		737,935			720,832			780,681
Touchstone VST Focused Fund (c)	104,395		116,885		(12,490		)	282,833			656,494		1,493,513			2,432,840			2,420,350
Touchstone VST Large Cap Core Equity Fund (c)	42,339		25,826		16,513			394,901			579,998		(501,489		)	473,410			489,923
Touchstone VST Moderate ETF Fund	145,251		102,753		42,498			(208,678		)	349,204		963,493			1,104,019			1,146,517
Non-Affiliated Initial Class:
Fidelity VIP Balanced Portfolio	33,024		25,977		7,047			22,419			87,602		269,782			379,803			386,850
Fidelity VIP Overseas Portfolio	19,727		16,077		3,650			20,343			42,525		202,304			265,172			268,822
Fidelity VIP Equity-Income Portfolio	147,382		100,776		46,606			86,879			475,562		1,070,784			1,633,225			1,679,831
Fidelity VIP Growth Portfolio	12,736		66,588		(53,852		)	332,913			302,192		779,023			1,414,128			1,360,276
Fidelity VIP High Income Portfolio	88,082		22,491		65,591			349			—		129,837			130,186			195,777
Fidelity VIP Asset Manager Portfolio	47,446		36,654		10,792			(3,007		)	114,444		291,287			402,724			413,516
Fidelity VIP Contrafund® Portfolio	58,756		177,546		(118,790		)	751,307			1,487,661		1,228,908			3,467,876			3,349,086
Fidelity VIP Index 500 Portfolio	86,002		60,946		25,056			290,696			66,605		762,756			1,120,057			1,145,113
Fidelity VIP Investment Grade Bond Portfolio	38,688		20,182		18,506			2,838			—		94,004			96,842			115,348
Fidelity VIP Government Money Market	115,969		81,051		34,918			—			—		—			—			34,918
Non-Affiliated Service Class:
Fidelity VIP Growth Portfolio	536		4,650		(4,114		)	43,919			22,000		31,912			97,831			93,717
Fidelity VIP Mid Cap Portfolio	22,258		38,710		(16,452		)	49,020			318,333		207,075			574,428			557,976
Non-Affiliated Service Class 2:
Fidelity VIP Asset Manager Portfolio	16,917		14,395		2,522			(16,068		)	40,284		119,471			143,687			146,209
Fidelity VIP Balanced Portfolio	149,808		131,068		18,740			117,376			421,855		1,279,052			1,818,283			1,837,023
Fidelity VIP Bond Index Portfolio (b)	1,300		250		1,050			(6		)	251		(1,749		)	(1,504		)	(454		)
Fidelity VIP Contrafund® Portfolio	36,537		254,374		(217,837		)	498,701			2,042,138		2,070,548			4,611,387			4,393,550
Fidelity VIP Disciplined Small Cap Portfolio	11,579		20,038		(8,459		)	(24,822		)	116,123		186,289			277,590			269,131
Fidelity VIP Equity-Income Portfolio	58,087		44,415		13,672			9,875			199,564		468,016			677,455			691,127
Fidelity VIP Extended Market Index Portfolio (b)	321		194		127			7			347		2,622			2,976			3,103
Fidelity VIP Freedom 2010 Portfolio	7,508		6,130		1,378			8,626			18,991		27,011			54,628			56,006
Fidelity VIP Freedom 2015 Portfolio	7,200		6,496		704			2,099			30,287		29,412			61,798			62,502
Fidelity VIP Freedom 2020 Portfolio	11,284		9,710		1,574			7,655			34,457		60,875			102,987			104,561
Fidelity VIP Freedom 2025 Portfolio	33,508		27,895		5,613			5,510			50,868		255,525			311,903			317,516
Fidelity VIP Freedom 2030 Portfolio	5,984		6,862		(878		)	52,091			20,566		20,929			93,586			92,708
Fidelity VIP Growth Portfolio	1,847		48,683		(46,836		)	91,572			210,372		692,311			994,255			947,419
Fidelity VIP High Income Portfolio	342,353		75,587		266,766			96,722			—		(33,801		)	62,921			329,687
Fidelity VIP Index 500 Portfolio	473,144		397,331		75,813			1,227,831			398,652		5,073,245			6,699,728			6,775,541
Fidelity VIP International Index Portfolio (b)	30		1		29			—			3		28			31			60

(a) Name Change. See Note 1.	8
(b) New Underlying Fund. See Note 1.
(c) Merger. See Note 1.

Separate Account I

of

National Integrity Life Insurance Company

Statements of Operations (continued)

For the Year Ended December 31, 2019

	Investment
	Income		Expenses					Realized and unrealized gain (loss) on investments
Subaccount	Reinvested dividends		Mortality and expense risk and administrative charges		Net investment income (loss)			Realized gain (loss) on sales of investments			Realized gain distributions		Change in net unrealized appreciation (depreciation) during the period			Net realized and unrealized gain (loss) on investments			Net increase (decrease) in net assets resulting from operations
Non-Affiliated Service Class 2 (continued):
Fidelity VIP Investment Grade Bond Portfolio	$	376,328	$	215,275	$	161,053		$	22,450		$	—	$	904,085		$	926,535		$	1,087,588
Fidelity VIP Mid Cap Portfolio	54,881		110,394		(55,513		)	(96,039		)	754,618		765,703			1,424,282			1,368,769
Fidelity VIP Overseas Portfolio	38,120		46,219		(8,099		)	237,667			159,068		399,899			796,634			788,535
Fidelity VIP Target Volatility Portfolio	6,333		7,034		(701		)	888			11,092		59,831			71,811			71,110
Non-Affiliated Class 1:
Columbia VP – Select Mid Cap Value Fund (a)	—		18,946		(18,946		)	39,277			—		324,583			363,860			344,914
Franklin Growth and Income VIP Fund	42,738		23,169		19,569			68,816			91,020		188,599			348,435			368,004
Franklin Income VIP Fund	180,748		43,626		137,122			55,211			51,991		204,103			311,305			448,427
JP Morgan IT Mid Cap Value	11,176		9,253		1,923			42,608			46,400		51,354			140,362			142,285
Morgan Stanley VIF Emerging Markets Debt Portfolio	5,973		1,514		4,459			(3,218		)	—		12,686			9,468			13,927
Morgan Stanley VIF U.S. Real Estate Portfolio	13,573		10,439		3,134			32,268			26,984		52,569			111,821			114,955
Non-Affiliated Class 2:
American Funds I.S. Managed Risk Asset Allocation Fund	46,647		30,200		16,447			5,788			85,603		187,362			278,753			295,200
Columbia VP – Small Cap Value Fund	4,688		24,983		(20,295		)	(57,504		)	153,127		212,051			307,674			287,379
Franklin Growth and Income VIP Fund	108,172		68,285		39,887			128,849			257,169		607,438			993,456			1,033,343
Franklin Income VIP Fund	774,872		216,059		558,813			(17,270		)	234,197		1,101,237			1,318,164			1,876,977
Franklin Large Cap Growth VIP Fund	—		68,632		(68,632		)	54,764			619,392		735,649			1,409,805			1,341,173
Franklin Mutual Shares VIP Fund	176,931		142,280		34,651			32,761			946,033		784,056			1,762,850			1,797,501
Franklin Small Cap Value VIP Fund	10,932		15,156		(4,224		)	(61,285		)	174,179		112,871			225,765			221,541
Invesco V.I. American Franchise Fund	—		3,895		(3,895		)	9,978			39,765		35,680			85,423			81,528
Invesco V.I. American Value Fund	30,039		96,475		(66,436		)	(135,424		)	533,804		1,039,346			1,437,726			1,371,290
Invesco V.I. Comstock Fund	59,407		49,459		9,948			(18,301		)	453,618		260,690			696,007			705,955
Invesco V.I. International Growth Fund	25,780		27,767		(1,987		)	11,804			129,584		297,474			438,862			436,875
Invesco V.I. Mid Cap Growth Fund	—		3,741		(3,741		)	(1,793		)	41,377		22,100			61,684			57,943
Templeton Foreign VIP Fund	68,692		59,136		9,556			(96,388		)	41,000		479,921			424,533			434,089
Templeton Global Bond VIP Fund	32,247		7,408		24,839			(12,541		)	—		(6,895		)	(19,436		)	5,403
Templeton Growth VIP Fund	34,513		18,127		16,386			(6,286		)	237,089		(92,789		)	138,014			154,400
Morgan Stanley VIF Emerging Markets Debt Portfolio	50,423		13,665		36,758			(9,699		)	—		80,016			70,317			107,075
Morgan Stanley VIF Emerging Markets Equity Portfolio	21,977		31,689		(9,712		)	17,633			149,704		201,278			368,615			358,903
Morgan Stanley VIF U.S. Real Estate Portfolio	39,680		35,442		4,238			72,247			92,208		207,516			371,971			376,209
Non-Affiliated Class 3:
BlackRock Capital Appreciation V.I. Fund	—		40,875		(40,875		)	(58,191		)	530,672		286,750			759,231			718,356
BlackRock Global Allocation V.I. Fund	7,549		9,226		(1,677		)	(4,245		)	24,011		72,658			92,424			90,747
BlackRock High Yield V.I. Fund	8,617		2,442		6,175			(24		)	—		12,522			12,498			18,673
BlackRock Total Return V.I. Fund	6,060		3,640		2,420			(43		)	1,036		11,954			12,947			15,367
TOPS® Managed Risk Moderate Growth ETF Portfolio	23,822		17,339		6,483			4,673			48,646		88,995			142,314			148,797
Non-Affiliated Class 4:
American Funds I.S. Bond Fund	15,506		8,957		6,549			(1,114		)	—		33,974			32,860			39,409
American Funds I.S. Capital Income Builder Fund	61,045		30,091		30,954			5,969			—		288,047			294,016			324,970

(a) Name Change. See Note 1.	9
(b) New Underlying Fund. See Note 1.
(c) Merger. See Note 1.

Separate Account I

of

National Integrity Life Insurance Company

Statements of Operations (continued)

For the Year Ended December 31, 2019

	Investment
	Income		Expenses					Realized and unrealized gain (loss) on investments
Subaccount	Reinvested dividends		Mortality and expense risk and administrative charges		Net investment income (loss)			Realized gain (loss) on sales of investments			Realized gain distributions		Change in net unrealized appreciation (depreciation) during the period		Net realized and unrealized gain (loss) on investments		Net increase (decrease) in net assets resulting from operations
Non-Affiliated Class 4 (continued):
American Funds I.S. Global Growth Fund	$	19,095	$	25,737	$	(6,642	)	$	19,021		$	102,249	$	422,807	$	544,077	$	537,435
American Funds I.S. Growth Fund	12,641		30,234		(17,593		)	9,145			214,748		305,865		529,758		512,165
American Funds I.S. Growth-Income Fund	41,795		41,231		564			14,189			281,585		289,581		585,355		585,919
American Funds I.S. New World Fund	6,500		11,126		(4,626		)	12,173			29,674		147,771		189,618		184,992
Non-Affiliated Class A:
DWS Small Cap Index VIP Fund	4,606		5,757		(1,151		)	(3,801		)	37,912		54,311		88,422		87,271
Non-Affiliated Class B:
DWS Small Cap Index VIP Fund	11,129		19,774		(8,645		)	8,227			123,259		180,863		312,349		303,704
Advisor Class:
PIMCO VIT All Asset Portfolio	42,113		21,737		20,376			(9,244		)	—		137,252		128,008		148,384
PIMCO VIT International Bond Portfolio (US Dollar Hedged)	479		399		80			8			126		856		990		1,070
PIMCO VIT CommodityRealReturn® Strategy Portfolio	56,813		20,041		36,772			(237,080		)	—		317,729		80,649		117,421
PIMCO VIT Long-Term U.S. Government Portfolio	3,891		2,584		1,307			2,567			—		18,774		21,341		22,648
PIMCO VIT Low Duration Portfolio	52,781		29,374		23,407			(3,601		)	—		26,239		22,638		46,045
PIMCO VIT Real Return Portfolio	19,331		18,494		837			(58,400		)	—		139,424		81,024		81,861
PIMCO VIT Total Return Portfolio	575,681		295,048		280,633			(128,415		)	—		1,131,174		1,002,759		1,283,392
Investor Class:
Guggenheim VT Global Managed Futures Strategy Fund	2,246		3,586		(1,340		)	(14,765		)	—		32,488		17,723		16,383
Guggenheim VT Multi-Hedge Strategies Fund	8,505		5,485		3,020			4,720			—		5,411		10,131		13,151
Guggenheim VT Long Short Equity Fund	442		1,116		(674		)	(1,364		)	—		4,876		3,512		2,838
ETF Shares:
iShares® Core S&P 500 ETF	438,050		500,948		(62,898		)	2,752,485			—		2,111,580		4,864,065		4,801,167
iShares® Core S&P Mid-Cap ETF	96,212		144,321		(48,109		)	562,468			—		644,681		1,207,149		1,159,040
iShares® Core S&P Small-Cap ETF	44,851		76,219		(31,368		)	271,765			—		288,672		560,437		529,069
iShares® Core U.S. Aggregate Bond ETF	17,281		17,098		183			19,904			—		15,078		34,982		35,165
iShares® iBoxx $ High Yield Corporate Bond ETF	5,767		2,850		2,917			4,902			—		4,717		9,619		12,536
iShares® Intermediate-Term Corporate Bond ETF	24,569		19,014		5,555			6,255			—		62,519		68,774		74,329
iShares® International Treasury Bond ETF	5,580		63,793		(58,213		)	(11,455		)	—		104,171		92,716		34,503
iShares® S&P 500 Growth ETF	40,567		59,282		(18,715		)	255,784			—		327,518		583,302		564,587
iShares® S&P 500 Value ETF	11,334		12,216		(882		)	26,817			—		95,831		122,648		121,766
iShares® TIPS Bond ETF	2,211		3,166		(955		)	395			—		6,868		7,263		6,308
Vanguard® Developed Markets Index Fund, ETF Shares	85,324		69,723		15,601			106,747			—		358,799		465,546		481,147
Vanguard® Dividend Appreciation Index Fund, ETF Shares	19,938		28,786		(8,848		)	102,401			—		155,265		257,666		248,818
Vanguard® Emerging Markets Stock Index Fund, ETF Shares	8,472		6,702		1,770			7,959			—		29,962		37,921		39,691
Vanguard® Intermediate-Term Corporate Bond Index Fund, ETF Shares	2,109		1,144		965			1,352			—		4,558		5,910		6,875
Vanguard® Large-Cap Index Fund, ETF Shares	13,486		17,950		(4,464		)	29,364			—		139,806		169,170		164,706
Vanguard® Mega Cap Index Fund, ETF Shares	2,682		3,317		(635		)	14,118			—		19,627		33,745		33,110
Vanguard® Real Estate Index Fund, ETF Shares	9,433		7,234		2,199			15,315			—		45,377		60,692		62,891
Vanguard® Short-Term Bond Index Fund, ETF Shares	376		373		3			(26		)	—		485		459		462
Vanguard® Total Bond Market Index Fund, ETF Shares	523,310		487,758		35,552			592,851			—		528,124		1,120,975		1,156,527

(a) Name Change. See Note 1.	10
(b) New Underlying Fund. See Note 1.
(c) Merger. See Note 1.

Separate Account I

of

National Integrity Life Insurance Company

Statements of Changes in Net Assets

For the Year Ended December 31, 2019

	Inccrease (deccrease) in net assets from operations												Increase (decrease) in net assets from contract related transactions																					Unit Transactions
Subaccount	Net investment income (loss)			Realized gain (loss)			Change in net unrealized appreciation (depreciation) during the period			Net increase (decrease) in net assets resulting from operations			Contributions from contract holders		Contract terminations and benefits			Net transfers among investment options			Contract maintenance charges			Net increase (decrease) in net assets from contract related transactions			Increase (decrease) in net assets			Net assets, beginning of period		Net assets, end of period		Units purchased	Units redeemed	Increase (decrease) in units
Affiliated:
Touchstone VST Active Bond Fund (c)	$	67,271		$	(8,760	)	$	83,981		$	142,492		$	1,625	$	(404,189	)	$	(2,193,194	)	$	(7,101	)	$	(2,602,859	)	$	(2,460,367	)	$	2,460,367	$	—	7,554	193,716	(186,162	)
Touchstone VST Aggressive ETF Fund	13,432			481,724			538,594			1,033,750			138,189		(648,419		)	(148,398		)	(8,982		)	(667,610		)	366,140			5,262,279		5,628,419		4,839	38,377	(33,538	)
Touchstone VST Bond Fund (b)	12,201			5,407			26,762			44,370			40,735		(162,268		)	2,212,784			(6,564		)	2,084,687			2,129,057			—		2,129,057		234,133	24,913	209,220
Touchstone VST Common Stock Fund (b)	(21,821		)	203,978			1,166,216			1,348,373			20,309		(1,041,391		)	19,474,212			(12,453		)	18,440,677			19,789,050			—		19,789,050		1,971,207	137,493	1,833,714
Touchstone VST Conservative ETF Fund	59,849			(17,103		)	737,935			780,681			155,043		(1,283,976		)	(60,291		)	(10,252		)	(1,199,476		)	(418,795		)	6,038,228		5,619,433		5,109	79,505	(74,396	)
Touchstone VST Focused Fund (c)	(12,490		)	939,327			1,493,513			2,420,350			57,744		(898,095		)	(16,125,422		)	(9,400		)	(16,975,173		)	(14,554,823		)	14,554,823		—		6,600	572,289	(565,689	)
Touchstone VST Large Cap Core Equity Fund (c)	16,513			974,899			(501,489		)	489,923			31,925		(166,160		)	(3,537,357		)	(4,446		)	(3,676,038		)	(3,186,115		)	3,186,115		—		9,272	175,326	(166,054	)
Touchstone VST Moderate ETF Fund	42,498			140,526			963,493			1,146,517			51,437		(1,664,471		)	(3,124		)	(12,109		)	(1,628,267		)	(481,750		)	7,336,499		6,854,749		11,813	110,967	(99,154	)
Non-Affiliated Initial Class:
Fidelity VIP Balanced Portfolio	7,047			110,021			269,782			386,850			—		(79,948		)	(2		)	(441		)	(80,391		)	306,459			1,716,085		2,022,544		6	3,030	(3,024	)
Fidelity VIP Overseas Portfolio	3,650			62,868			202,304			268,822			—		(122,176		)	(4,364		)	(364		)	(126,904		)	141,918			1,080,829		1,222,747		10	6,591	(6,581	)
Fidelity VIP Equity-Income Portfolio	46,606			562,441			1,070,784			1,679,831			146,328		(676,232		)	(119,742		)	(1,331		)	(650,977		)	1,028,854			6,781,160		7,810,014		1,418	9,780	(8,362	)
Fidelity VIP Growth Portfolio	(53,852		)	635,105			779,023			1,360,276			—		(399,154		)	(112,708		)	(1,162		)	(513,024		)	847,252			4,380,038		5,227,290		384	3,554	(3,170	)
Fidelity VIP High Income Portfolio	65,591			349			129,837			195,777			3,514		(98,662		)	248,388			(322		)	152,918			348,695			1,394,105		1,742,800		25,766	20,613	5,153
Fidelity VIP Asset Manager Portfolio	10,792			111,437			291,287			413,516			3,890		(256,276		)	(57,886		)	(838		)	(311,110		)	102,406			2,674,359		2,776,765		72	5,724	(5,652	)
Fidelity VIP Contrafund® Portfolio	(118,790		)	2,238,968			1,228,908			3,349,086			169,068		(1,645,492		)	(28,538		)	(2,601		)	(1,507,563		)	1,841,523			11,709,315		13,550,838		1,367	24,756	(23,389	)
Fidelity VIP Index 500 Portfolio	25,056			357,301			762,756			1,145,113			—		(469,823		)	(20		)	(907		)	(470,750		)	674,363			4,015,285		4,689,648		2	13,392	(13,390	)
Fidelity VIP Investment Grade Bond Portfolio	18,506			2,838			94,004			115,348			—		(105,546		)	(57,180		)	(605		)	(163,331		)	(47,983		)	1,474,164		1,426,181		704	10,444	(9,740	)
Fidelity VIP Government Money Market	34,918			—			—			34,918			16,004		(1,385,480		)	(5,828,238		)	(3,831		)	(7,201,545		)	(7,166,627		)	10,536,000		3,369,373		1,375,796	2,115,550	(739,754	)
Non-Affiliated Service Class:
Fidelity VIP Growth Portfolio	(4,114		)	65,919			31,912			93,717			—		(84,646		)	(1		)	(111		)	(84,758		)	8,959			314,242		323,201		—	3,503	(3,503	)
Fidelity VIP Mid Cap Portfolio	(16,452		)	367,353			207,075			557,976			—		(322,964		)	454			(382		)	(322,892		)	235,084			2,656,970		2,892,054		230	5,095	(4,865	)
Non-Affiliated Service Class 2:
Fidelity VIP Asset Manager Portfolio	2,522			24,216			119,471			146,209			127,397		(152,915		)	133,536			(3,223		)	104,795			251,004			852,116		1,103,120		13,228	5,745	7,483
Fidelity VIP Balanced Portfolio	18,740			539,231			1,279,052			1,837,023			921,377		(1,442,976		)	1,295,324			(8,054		)	765,671			2,602,694			7,956,995		10,559,689		143,040	88,083	54,957
Fidelity VIP Bond Index Portfolio (b)	1,050			245			(1,749		)	(454		)	51,272		—			34,272			(162		)	85,382			84,928			—		84,928		8,385	16	8,369
Fidelity VIP Contrafund® Portfolio	(217,837		)	2,540,839			2,070,548			4,393,550			314,877		(2,481,950		)	(143,896		)	(53,059		)	(2,364,028		)	2,029,522			15,616,017		17,645,539		22,981	121,909	(98,928	)
Fidelity VIP Disciplined Small Cap Portfolio	(8,459		)	91,301			186,289			269,131			117,781		(122,180		)	57,009			(4,783		)	47,827			316,958			1,229,446		1,546,404		13,580	11,189	2,391
Fidelity VIP Equity-Income Portfolio	13,672			209,439			468,016			691,127			309,494		(569,561		)	183,527			(4,734		)	(81,274		)	609,853			2,746,396		3,356,249		35,930	34,519	1,411
Fidelity VIP Extended Market Index Portfolio (b)	127			354			2,622			3,103			33,472		—			—			—			33,472			36,575			—		36,575		3,467	—	3,467
Fidelity VIP Freedom 2010 Portfolio	1,378			27,617			27,011			56,006			—		(106,051		)	(94		)	(936		)	(107,081		)	(51,075		)	447,762		396,687		2	7,521	(7,519	)
Fidelity VIP Freedom 2015 Portfolio	704			32,386			29,412			62,502			2,000		(47,771		)	(9,531		)	(218		)	(55,520		)	6,982			406,517		413,499		139	3,911	(3,772	)
Fidelity VIP Freedom 2020 Portfolio	1,574			42,112			60,875			104,561			75		(37,712		)	55			(4,464		)	(42,046		)	62,515			590,030		652,545		15	2,864	(2,849	)
Fidelity VIP Freedom 2025 Portfolio	5,613			56,378			255,525			317,516			129,512		—			17,996			(21,415		)	126,093			443,609			1,524,969		1,968,578		9,685	1,400	8,285
Fidelity VIP Freedom 2030 Portfolio	(878		)	72,657			20,929			92,708			—		(273,214		)	77			(101		)	(273,238		)	(180,530		)	543,648		363,118		1,123	19,616	(18,493	)
Fidelity VIP Growth Portfolio	(46,836		)	301,944			692,311			947,419			217,604		(264,344		)	99,734			(8,261		)	44,733			992,152			2,907,876		3,900,028		20,612	17,240	3,372
Fidelity VIP High Income Portfolio	266,766			96,722			(33,801		)	329,687			166,523		(316,133		)	5,844,716			(3,058		)	5,692,048			6,021,735			785,554		6,807,289		903,597	616,314	287,283
Fidelity VIP Index 500 Portfolio	75,813			1,626,483			5,073,245			6,775,541			1,347,905		(3,038,903		)	1,029,979			(86,549		)	(747,568		)	6,027,973			23,138,184		29,166,157		163,249	185,079	(21,830	)
Fidelity VIP International Index Portfolio (b)	29			3			28			60			—		—			1,452			—			1,452			1,512			—		1,512		142	—	142
Fidelity VIP Investment Grade Bond Portfolio	161,053			22,450			904,085			1,087,588			988,556		(1,145,472		)	223,911			(126,384		)	(59,389		)	1,028,199			13,976,496		15,004,695		112,432	118,505	(6,073	)
Fidelity VIP Mid Cap Portfolio	(55,513		)	658,579			765,703			1,368,769			119,759		(764,202		)	1,895,166			(12,161		)	1,238,562			2,607,331			6,108,382		8,715,713		79,822	40,777	39,045
Fidelity VIP Overseas Portfolio	(8,099		)	396,735			399,899			788,535			20,567		(460,296		)	(1,652,157		)	(6,578		)	(2,098,464		)	(1,309,929		)	3,982,816		2,672,887		8,928	163,681	(154,753	)
Fidelity VIP Target Volatility Portfolio	(701		)	11,980			59,831			71,110			8,145		(9,427		)	(683		)	(5,937		)	(7,902		)	63,208			422,590		485,798		802	1,413	(611	)
Non-Affiliated Class 1:
Columbia VP – Select Mid Cap Value Fund (a)	(18,946		)	39,277			324,583			344,914			115,642		(82,714		)	49,332			(1,362		)	80,898			425,812			1,113,005		1,538,817		12,353	7,479	4,874
Franklin Growth and Income VIP Fund	19,569			159,836			188,599			368,004			—		(197,144		)	349			(440		)	(197,235		)	170,769			1,580,044		1,750,813		360	7,320	(6,960	)
Franklin Income VIP Fund	137,122			107,202			204,103			448,427			36,610		(606,687		)	614			(683		)	(570,146		)	(121,719		)	3,174,580		3,052,861		305	20,906	(20,601	)
JP Morgan IT Mid Cap Value	1,923			89,008			51,354			142,285			—		(123,460		)	(3		)	(271		)	(123,734		)	18,551			611,354		629,905		—	4,257	(4,257	)
Morgan Stanley VIF Emerging Markets Debt Portfolio	4,459			(3,218		)	12,686			13,927			2,605		(27,335		)	(716		)	(50		)	(25,496		)	(11,569		)	118,733		107,164		4	792	(788	)
Morgan Stanley VIF U.S. Real Estate Portfolio	3,134			59,252			52,569			114,955			4,254		(81,498		)	(4,737		)	(198		)	(82,179		)	32,776			681,269		714,045		444	2,551	(2,107	)
Non-Affiliated Class 2:
American Funds I.S. Managed Risk Asset Allocation Fund	16,447			91,391			187,362			295,200			110,389		(43,730		)	17,444			(11,826		)	72,277			367,477			1,780,956		2,148,433		10,493	4,498	5,995
Columbia VP – Small Cap Value Fund	(20,295		)	95,623			212,051			287,379			98,245		(101,248		)	(18,660		)	(7,481		)	(29,144		)	258,235			1,492,440		1,750,675		14,895	15,520	(625	)
Franklin Growth and Income VIP Fund	39,887			386,018			607,438			1,033,343			9,512		(675,255		)	29,866			(5,145		)	(641,022		)	392,321			4,590,878		4,983,199		13,480	42,237	(28,757	)

(a) Name Change. See Note 1.	11
(b) New Underlying Fund. See Note 1.
(c) Merger. See Note 1.

Separate Account I

of

National Integrity Life Insurance Company

Statements of Changes in Net Assets (continued)

For the Year Ended December 31, 2019

	Inccrease (deccrease) in net assets from operations											Increase (decrease) in net assets from contract related transactions																					Unit Transactions
Subaccount	Net investment income (loss)			Realized gain (loss)			Change in net unrealized appreciation (depreciation) during the period			Net increase (decrease) in net assets resulting from operations		Contributions from contract holders		Contract terminations and benefits			Net transfers among investment options			Contract maintenance charges			Net increase (decrease) in net assets from contract related transactions			Increase (decrease) in net assets			Net assets, beginning of period		Net assets, end of period		Units purchased	Units redeemed	Increase (decrease) in units
Non-Affiliated Class 2 (continued):
Franklin Income VIP Fund	$	558,813		$	216,927		$	1,101,237		$	1,876,977	$	480,832	$	(1,706,975	)	$	541,829		$	(4,203	)	$	(688,517	)	$	1,188,460		$	13,324,429	$	14,512,889	60,696	102,200	(41,504	)
Franklin Large Cap Growth VIP Fund	(68,632		)	674,156			735,649			1,341,173		100,510		(552,699		)	(108,685		)	(6,634		)	(567,508		)	773,665			4,229,453		5,003,118		5,555	26,663	(21,108	)
Franklin Mutual Shares VIP Fund	34,651			978,794			784,056			1,797,501		442,353		(1,050,055		)	51,602			(57,624		)	(613,724		)	1,183,777			8,735,572		9,919,349		45,921	78,970	(33,049	)
Franklin Small Cap Value VIP Fund	(4,224		)	112,894			112,871			221,541		129,801		(167,574		)	17,067			(1,261		)	(21,967		)	199,574			904,011		1,103,585		9,565	10,686	(1,121	)
Invesco V.I. American Franchise Fund	(3,895		)	49,743			35,680			81,528		32,770		(14,730		)	19,681			(781		)	36,940			118,468			237,619		356,087		3,250	1,638	1,612
Invesco V.I. American Value Fund	(66,436		)	398,380			1,039,346			1,371,290		917,798		(583,955		)	(28,450		)	(26,476		)	278,917			1,650,207			5,756,130		7,406,337		59,663	42,401	17,262
Invesco V.I. Comstock Fund	9,948			435,317			260,690			705,955		261,718		(251,607		)	34,853			(23,384		)	21,580			727,535			2,994,120		3,721,655		23,707	21,387	2,320
Invesco V.I. International Growth Fund	(1,987		)	141,388			297,474			436,875		161,487		(97,727		)	51,295			(13,415		)	101,640			538,515			1,607,199		2,145,714		25,934	17,269	8,665
Invesco V.I. Mid Cap Growth Fund	(3,741		)	39,584			22,100			57,943		15,654		(828		)	87,560			(563		)	101,823			159,766			145,581		305,347		10,125	2,669	7,456
Templeton Foreign VIP Fund	9,556			(55,388		)	479,921			434,089		350,622		(331,667		)	126,049			(23,645		)	121,359			555,448			3,780,860		4,336,308		55,027	37,775	17,252
Templeton Global Bond VIP Fund	24,839			(12,541		)	(6,895		)	5,403		—		(33,521		)	14,432			(175		)	(19,264		)	(13,861		)	599,098		585,237		15,743	17,252	(1,509	)
Templeton Growth VIP Fund	16,386			230,803			(92,789		)	154,400		14,786		(146,160		)	13,146			(2,117		)	(120,345		)	34,055			1,199,723		1,233,778		4,849	11,833	(6,984	)
Morgan Stanley VIF Emerging Markets Debt Portfolio	36,758			(9,699		)	80,016			107,075		101,520		(113,112		)	16,140			(1,832		)	2,716			109,791			843,269		953,060		7,304	6,104	1,200
Morgan Stanley VIF Emerging Markets Equity Portfolio	(9,712		)	167,337			201,278			358,903		133,291		(304,343		)	80,458			(3,955		)	(94,549		)	264,354			2,058,445		2,322,799		18,404	17,426	978
Morgan Stanley VIF U.S. Real Estate Portfolio	4,238			164,455			207,516			376,209		157,894		(260,429		)	43,166			(8,496		)	(67,865		)	308,344			2,218,039		2,526,383		21,263	21,250	13
Non-Affiliated Class 3:
BlackRock Capital Appreciation V.I. Fund	(40,875		)	472,481			286,750			718,356		289,196		(352,801		)	150,025			(11,129		)	75,291			793,647			2,370,332		3,163,979		25,003	21,257	3,746
BlackRock Global Allocation V.I. Fund	(1,677		)	19,766			72,658			90,747		10,874		(69,268		)	(10,304		)	(2,313		)	(71,011		)	19,736			592,807		612,543		2,775	8,555	(5,780	)
BlackRock High Yield V.I. Fund	6,175			(24		)	12,522			18,673		3,900		(2,176		)	67,563			(224		)	69,063			87,736			122,563		210,299		6,238	320	5,918
BlackRock Total Return V.I. Fund	2,420			993			11,954			15,367		49,473		(5,514		)	81,878			(1,928		)	123,909			139,276			163,389		302,665		13,153	1,055	12,098
TOPS® Managed Risk Moderate Growth ETF Portfolio	6,483			53,319			88,995			148,797		40,721		(75,838		)	2,281			(8,602		)	(41,438		)	107,359			1,045,313		1,152,672		4,113	7,733	(3,620	)
Non-Affiliated Class 4:
American Funds I.S. Bond Fund	6,549			(1,114		)	33,974			39,409		75		(3,836		)	152,777			(5,476		)	143,540			182,949			496,722		679,671		16,818	2,875	13,943
American Funds I.S. Capital Income Builder Fund	30,954			5,969			288,047			324,970		182,209		(33,498		)	1,024,410			(4,084		)	1,169,037			1,494,007			1,537,493		3,031,500		116,482	5,120	111,362
American Funds I.S. Global Growth Fund	(6,642		)	121,270			422,807			537,435		199,256		(120,943		)	91,965			(5,227		)	165,051			702,486			1,552,160		2,254,646		24,629	13,269	11,360
American Funds I.S. Growth Fund	(17,593		)	223,893			305,865			512,165		333,196		(54,051		)	202,254			(2,178		)	479,221			991,386			1,575,886		2,567,272		32,489	5,282	27,207
American Funds I.S. Growth-Income Fund	564			295,774			289,581			585,919		241,486		(202,392		)	(25,995		)	(7,429		)	5,670			591,589			2,421,267		3,012,856		21,192	20,670	522
American Funds I.S. New World Fund	(4,626		)	41,847			147,771			184,992		118,689		(32,267		)	17,544			(4,568		)	99,398			284,390			652,574		936,964		15,006	6,391	8,615
Non-Affiliated Class A:
DWS Small Cap Index VIP Fund	(1,151		)	34,111			54,311			87,271		—		(28,976		)	(11,824		)	(82		)	(40,882		)	46,389			384,997		431,386		13	1,292	(1,279	)
Non-Affiliated Class B:
DWS Small Cap Index VIP Fund	(8,645		)	131,486			180,863			303,704		6,202		(47,212		)	120,194			(1,170		)	78,014			381,718			1,295,935		1,677,653		14,573	8,910	5,663
Advisor Class:
PIMCO VIT All Asset Portfolio	20,376			(9,244		)	137,252			148,384		18,000		(146,530		)	(38,599		)	(1,278		)	(168,407		)	(20,023		)	1,552,526		1,532,503		5,445	18,085	(12,640	)
PIMCO VIT International Bond Portfolio (US Dollar Hedged)	80			134			856			1,070		—		—			21,370			(3		)	21,367			22,437			17,775		40,212		1,957	—	1,957
PIMCO VIT CommodityRealReturn® Strategy Portfolio	36,772			(237,080		)	317,729			117,421		36,044		(181,031		)	51,923			(7,027		)	(100,091		)	17,330			1,262,814		1,280,144		34,132	60,754	(26,622	)
PIMCO VIT Long-Term U.S. Government Portfolio	1,307			2,567			18,774			22,648		315		(4,910		)	(2,026		)	(512		)	(7,133		)	15,515			184,834		200,349		1,552	2,113	(561	)
PIMCO VIT Low Duration Portfolio	23,407			(3,601		)	26,239			46,045		111,661		(55,771		)	222,164			(6,788		)	271,266			317,311			1,807,480		2,124,791		30,950	6,424	24,526
PIMCO VIT Real Return Portfolio	837			(58,400		)	139,424			81,861		4,831		(464,701		)	3,390			(1,187		)	(457,667		)	(375,806		)	1,281,654		905,848		5,103	42,962	(37,859	)
PIMCO VIT Total Return Portfolio	280,633			(128,415		)	1,131,174			1,283,392		1,107,365		(2,685,549		)	324,082			(136,015		)	(1,390,117		)	(106,725		)	19,600,375		19,493,650		119,844	220,216	(100,372	)
Investor Class:
Guggenheim VT Global Managed Futures Strategy Fund	(1,340		)	(14,765		)	32,488			16,383		2,852		(84,499		)	3,210			(1,364		)	(79,801		)	(63,418		)	231,266		167,848		2,264	14,911	(12,647	)
Guggenheim VT Multi-Hedge Strategies Fund	3,020			4,720			5,411			13,151		—		(58,266		)	5,755			(1,103		)	(53,614		)	(40,463		)	385,226		344,763		880	7,095	(6,215	)
Guggenheim VT Long Short Equity Fund	(674		)	(1,364		)	4,876			2,838		—		(11,899		)	2			(102		)	(11,999		)	(9,161		)	80,745		71,584		38	1,271	(1,233	)
ETF Shares:
iShares® Core S&P 500 ETF	(62,898		)	2,752,485			2,111,580			4,801,167		127,776		(4,438,855		)	(723,137		)	—			(5,034,216		)	(233,049		)	18,855,058		18,622,009		8,249	96,741	(88,492	)
iShares® Core S&P Mid-Cap ETF	(48,109		)	562,468			644,681			1,159,040		36,654		(1,209,981		)	73,018			—			(1,100,309		)	58,731			5,340,591		5,399,322		5,330	27,044	(21,714	)
iShares® Core S&P Small-Cap ETF	(31,368		)	271,765			288,672			529,069		19,849		(644,696		)	163,875			—			(460,972		)	68,097			2,801,739		2,869,836		4,277	12,828	(8,551	)
iShares® Core U.S. Aggregate Bond ETF	183			19,904			15,078			35,165		16,374		(106,054		)	16,359			—			(73,321		)	(38,156		)	620,094		581,938		2,284	5,157	(2,873	)
iShares® iBoxx $ High Yield Corporate Bond ETF	2,917			4,902			4,717			12,536		325		(65,784		)	2,818			—			(62,641		)	(50,105		)	124,382		74,277		109	2,106	(1,997	)
iShares® Intermediate-Term Corporate Bond ETF	5,555			6,255			62,519			74,329		12,512		(23,049		)	(993		)	—			(11,530		)	62,799			653,039		715,838		1,552	1,990	(438	)
iShares® International Treasury Bond ETF	(58,213		)	(11,455		)	104,171			34,503		16,569		(547,886		)	187,057			—			(344,260		)	(309,757		)	2,635,391		2,325,634		10,236	25,399	(15,163	)
iShares® S&P 500 Growth ETF	(18,715		)	255,784			327,518			564,587		15,835		(327,950		)	(70,510		)	—			(382,625		)	181,962			2,157,313		2,339,275		1,188	7,300	(6,112	)
iShares® S&P 500 Value ETF	(882		)	26,817			95,831			121,766		6,476		(53,287		)	(2,914		)	—			(49,725		)	72,041			447,726		519,767		520	1,492	(972	)

(a) Name Change. See Note 1.	12
(b) New Underlying Fund. See Note 1.
(c) Merger. See Note 1.

Separate Account I

of

National Integrity Life Insurance Company

Statements of Changes in Net Assets (continued)

For the Year Ended December 31, 2019

	Inccrease (deccrease) in net assets from operations										Increase (decrease) in net assets from contract related transactions																				Unit Transactions
Subaccount	Net investment income (loss)			Realized gain (loss)			Change in net unrealized appreciation (depreciation) during the period		Net increase (decrease) in net assets resulting from operations		Contributions from contract holders		Contract terminations and benefits			Net transfers among investment options			Contract maintenance charges		Net increase (decrease) in net assets from contract related transactions			Increase (decrease) in net assets			Net assets, beginning of period		Net assets, end of period		Units purchased	Units redeemed	Increase (decrease) in units
ETF Shares (continued):
iShares® TIPS Bond ETF	$	(955	)	$	395		$	6,868	$	6,308	$	10,461	$	(2,711	)	$	4,600		$	—	$	12,350		$	18,658		$	108,018	$	126,676	731	167	564
Vanguard® Developed Markets Index Fund, ETF Shares	15,601			106,747			358,799		481,147		17,503		(575,583		)	29,149			—		(528,931		)	(47,784		)	2,650,860		2,603,076		3,357	18,919	(15,562	)
Vanguard® Dividend Appreciation Index Fund, ETF Shares	(8,848		)	102,401			155,265		248,818		18,358		(176,638		)	(37,435		)	—		(195,715		)	53,103			995,442		1,048,545		532	4,293	(3,761	)
Vanguard® Emerging Markets Stock Index Fund, ETF Shares	1,770			7,959			29,962		39,691		947		(80,739		)	1,998			—		(77,794		)	(38,103		)	260,177		222,074		610	3,720	(3,110	)
Vanguard® Intermediate-Term Corporate Bond Index Fund, ETF Shares	965			1,352			4,558		6,875		—		(8,391		)	(5		)	—		(8,396		)	(1,521		)	62,582		61,061		—	279	(279	)
Vanguard® Large-Cap Index Fund, ETF Shares	(4,464		)	29,364			139,806		164,706		8,668		(37,858		)	(14,231		)	—		(43,421		)	121,285			606,269		727,554		345	1,108	(763	)
Vanguard® Mega Cap Index Fund, ETF Shares	(635		)	14,118			19,627		33,110		1,245		(17,071		)	(246		)	—		(16,072		)	17,038			123,156		140,194		80	356	(276	)
Vanguard® Real Estate Index Fund, ETF Shares	2,199			15,315			45,377		62,891		2,561		(60,500		)	(12,858		)	—		(70,797		)	(7,906		)	251,874		243,968		152	1,688	(1,536	)
Vanguard® Short-Term Bond Index Fund, ETF Shares	3			(26		)	485		462		—		(4,520		)	533			—		(3,987		)	(3,525		)	18,100		14,575		24	186	(162	)
Vanguard® Total Bond Market Index Fund, ETF Shares	35,552			592,851			528,124		1,156,527		123,551		(4,090,322		)	545,757			—		(3,421,014		)	(2,264,487		)	19,848,541		17,584,054		45,657	180,598	(134,941	)

(a) Name Change. See Note 1.	13
(b) New Underlying Fund. See Note 1.
(c) Merger. See Note 1.

Separate Account I

of

National Integrity Life Insurance Company

Statements of Changes in Net Assets

For the Year Ended December 31, 2018

	Inccrease (deccrease) in net assets from operations												Increase (decrease) in net assets from contract related transactions																					Unit Transactions
Subaccount	Net investment income (loss)			Realized gain (loss)			Change in net unrealized appreciation (depreciation) during the period			Net increase (decrease) in net assets resulting from operations			Contributions from contract holders		Contract terminations and benefits			Net transfers among investment options			Contract maintenance charges			Net increase (decrease) in net assets from contract related transactions			Increase (decrease) in net assets			Net assets, beginning of period		Net assets, end of period		Units purchased	Units redeemed	Increase (decrease) in units
Affiliated:
Touchstone VST Active Bond Fund (c)	$	12,189		$	(13,692	)	$	(97,439	)	$	(98,942	)	$	12,128	$	(798,708	)	$	873		$	(18,210	)	$	(803,917	)	$	(902,859	)	$	3,363,226	$	2,460,367	16,596	72,645	(56,049	)
Touchstone VST Aggressive ETF Fund	13,535			501,419			(1,039,834		)	(524,880		)	55,373		(653,271		)	(212,688		)	(12,543		)	(823,129		)	(1,348,009		)	6,610,288		5,262,279		14,223	56,094	(41,871	)
Touchstone VST Conservative ETF Fund	15,633			35,404			(406,319		)	(355,282		)	70,632		(934,943		)	113,651			(13,555		)	(764,215		)	(1,119,497		)	7,157,725		6,038,228		27,264	76,276	(49,012	)
Touchstone VST Focused Fund (c)	(165,294		)	314,532			(1,574,627		)	(1,425,389		)	110,147		(2,115,456		)	(128,574		)	(21,881		)	(2,155,764		)	(3,581,153		)	18,135,976		14,554,823		19,443	93,369	(73,926	)
Touchstone VST Large Cap Core Equity Fund (c)	(31,001		)	349,253			(580,768		)	(262,516		)	60,277		(469,054		)	(37,148		)	(10,745		)	(456,670		)	(719,186		)	3,905,301		3,186,115		8,411	29,320	(20,909	)
Touchstone VST Moderate ETF Fund	36,783			203,957			(817,838		)	(577,098		)	192,171		(1,054,471		)	(594		)	(20,361		)	(883,255		)	(1,460,353		)	8,796,852		7,336,499		37,195	84,288	(47,093	)
Non-Affiliated Initial Class:
Fidelity VIP Balanced Portfolio	784			163,302			(257,769		)	(93,683		)	—		(231,457		)	(26,037		)	(556		)	(258,050		)	(351,733		)	2,067,818		1,716,085		1	11,031	(11,030	)
Fidelity VIP Overseas Portfolio	1,565			24,917			(235,308		)	(208,826		)	—		(100,497		)	(47,354		)	(437		)	(148,288		)	(357,114		)	1,437,943		1,080,829		—	7,176	(7,176	)
Fidelity VIP Equity-Income Portfolio	60,886			1,050,896			(1,751,381		)	(639,599		)	182,352		(1,215,610		)	(1,603,944		)	(1,588		)	(2,638,790		)	(3,278,389		)	10,059,549		6,781,160		177	36,825	(36,648	)
Fidelity VIP Growth Portfolio	(58,182		)	1,068,471			(1,035,430		)	(25,141		)	—		(528,112		)	(44,972		)	(1,243		)	(574,327		)	(599,468		)	4,979,506		4,380,038		7	3,822	(3,815	)
Fidelity VIP High Income Portfolio	74,584			2,485			(160,787		)	(83,718		)	37,162		(228,739		)	65,674			(371		)	(126,274		)	(209,992		)	1,604,097		1,394,105		30,951	35,942	(4,991	)
Fidelity VIP Asset Manager Portfolio	8,336			85,944			(282,647		)	(188,367		)	109,020		(445,012		)	(77,441		)	(954		)	(414,387		)	(602,754		)	3,277,113		2,674,359		20	7,428	(7,408	)
Fidelity VIP Contrafund® Portfolio	(92,379		)	2,119,945			(2,972,424		)	(944,858		)	408,964		(1,537,905		)	(183,815		)	(2,885		)	(1,315,641		)	(2,260,499		)	13,969,814		11,709,315		4,286	26,890	(22,604	)
Fidelity VIP Index 500 Portfolio	20,758			364,610			(618,983		)	(233,615		)	—		(523,456		)	(29,906		)	(1,118		)	(554,480		)	(788,095		)	4,803,380		4,015,285		33	14,681	(14,648	)
Fidelity VIP Investment Grade Bond Portfolio	14,900			19,336			(73,715		)	(39,479		)	—		(187,907		)	(309,915		)	(736		)	(498,558		)	(538,037		)	2,012,201		1,474,164		2	18,158	(18,156	)
Fidelity VIP Government Money Market	10,604			—			—			10,604			378,813		(924,615		)	20,796			(4,688		)	(529,694		)	(519,090		)	11,055,090		10,536,000		2,292,316	2,347,892	(55,576	)
Non-Affiliated Service Class:
Fidelity VIP Growth Portfolio	(4,600		)	76,115			(73,198		)	(1,683		)	—		(42,622		)	—			(137		)	(42,759		)	(44,442		)	358,684		314,242		—	1,929	(1,929	)
Fidelity VIP Mid Cap Portfolio	(28,605		)	418,567			(882,568		)	(492,606		)	—		(437,242		)	(64		)	(498		)	(437,804		)	(930,410		)	3,587,380		2,656,970		2	6,348	(6,346	)
Non-Affiliated Service Class 2:
Fidelity VIP Asset Manager Portfolio	302			23,402			(85,141		)	(61,437		)	11,278		(128,307		)	29,855			(4,174		)	(91,348		)	(152,785		)	1,004,901		852,116		3,421	8,571	(5,150	)
Fidelity VIP Balanced Portfolio	(7,470		)	538,174			(1,035,327		)	(504,623		)	66,223		(1,019,073		)	1,451,577			(10,062		)	488,665			(15,958		)	7,972,953		7,956,995		107,258	73,662	33,596
Fidelity VIP Contrafund® Portfolio	(188,588		)	2,535,766			(3,628,628		)	(1,281,450		)	154,252		(2,055,860		)	(43,424		)	(66,322		)	(2,011,354		)	(3,292,804		)	18,908,821		15,616,017		28,758	111,187	(82,429	)
Fidelity VIP Disciplined Small Cap Portfolio	(12,247		)	226,596			(383,361		)	(169,012		)	97,485		(162,048		)	(543,131		)	(4,449		)	(612,143		)	(781,155		)	2,010,601		1,229,446		19,990	53,483	(33,493	)
Fidelity VIP Equity-Income Portfolio	14,495			724,264			(943,902		)	(205,143		)	53,220		(654,251		)	(1,889,231		)	(7,202		)	(2,497,464		)	(2,702,607		)	5,449,003		2,746,396		10,850	123,664	(112,814	)
Fidelity VIP Freedom 2010 Portfolio	(645		)	24,478			(51,323		)	(27,490		)	—		(51,305		)	73			(1,134		)	(52,366		)	(79,856		)	527,618		447,762		12	3,738	(3,726	)
Fidelity VIP Freedom 2015 Portfolio	(968		)	21,248			(50,182		)	(29,902		)	2,000		(21,066		)	2			(246		)	(19,310		)	(49,212		)	455,729		406,517		1,599	3,061	(1,462	)
Fidelity VIP Freedom 2020 Portfolio	(960		)	27,282			(71,691		)	(45,369		)	30		(34,898		)	56,067			(5,378		)	15,821			(29,548		)	619,578		590,030		4,042	2,774	1,268
Fidelity VIP Freedom 2025 Portfolio	(1,105		)	18,121			(147,412		)	(130,396		)	778,237		—			209,548			(18,696		)	969,089			838,693			686,276		1,524,969		66,727	1,128	65,599
Fidelity VIP Freedom 2030 Portfolio	(2,728		)	20,943			(75,493		)	(57,278		)	—		(33,327		)	—			(101		)	(33,428		)	(90,706		)	634,354		543,648		—	2,280	(2,280	)
Fidelity VIP Growth Portfolio	(44,087		)	991,496			(886,819		)	60,590			253,667		(530,876		)	(1,029,053		)	(8,294		)	(1,314,556		)	(1,253,966		)	4,161,842		2,907,876		21,889	72,523	(50,634	)
Fidelity VIP High Income Portfolio	317,611			(646,772		)	(56,837		)	(385,998		)	19,207		(565,764		)	457,244			(3,249		)	(92,562		)	(478,560		)	1,264,114		785,554		1,000,399	1,021,150	(20,751	)
Fidelity VIP Index 500 Portfolio	24,109			1,522,805			(2,947,879		)	(1,400,965		)	1,663,342		(2,031,629		)	(750,747		)	(101,287		)	(1,220,321		)	(2,621,286		)	25,759,470		23,138,184		157,878	209,735	(51,857	)
Fidelity VIP Investment Grade Bond Portfolio	115,642			(15,630		)	(421,923		)	(321,911		)	1,358,096		(1,268,078		)	195,154			(143,309		)	141,863			(180,048		)	14,156,544		13,976,496		144,703	133,947	10,756
Fidelity VIP Mid Cap Portfolio	(76,877		)	1,011,094			(1,984,035		)	(1,049,818		)	127,590		(955,027		)	(977,942		)	(14,654		)	(1,820,033		)	(2,869,851		)	8,978,233		6,108,382		26,985	79,163	(52,178	)
Fidelity VIP Overseas Portfolio	(5,774		)	145,033			(916,610		)	(777,351		)	36,952		(405,336		)	6,719			(8,850		)	(370,515		)	(1,147,866		)	5,130,682		3,982,816		21,651	45,805	(24,154	)
Fidelity VIP Target Volatility Portfolio	153			14,361			(48,438		)	(33,924		)	28,290		(1,896		)	(3,233		)	(6,838		)	16,323			(17,601		)	440,191		422,590		2,385	1,073	1,312
Non-Affiliated Class 1:
Columbia VP – Select Mid Cap Value Fund (a)	(17,873		)	34,919			(206,994		)	(189,948		)	39,863		(53,989		)	(11,293		)	(1,771		)	(27,190		)	(217,138		)	1,330,143		1,113,005		7,300	9,056	(1,756	)
Franklin Growth and Income VIP Fund	22,923			86,322			(204,823		)	(95,578		)	—		(156,313		)	(14,425		)	(474		)	(171,212		)	(266,790		)	1,846,834		1,580,044		1	6,561	(6,560	)
Franklin Income VIP Fund	130,422			53,103			(367,239		)	(183,714		)	66,591		(440,927		)	(23,802		)	(870		)	(399,008		)	(582,722		)	3,757,302		3,174,580		104	15,316	(15,212	)
JP Morgan IT Mid Cap Value	(3,157		)	89,086			(179,087		)	(93,158		)	—		(127,724		)	(23,799		)	(391		)	(151,914		)	(245,072		)	856,426		611,354		1	5,015	(5,014	)
Morgan Stanley VIF Emerging Markets Debt Portfolio	5,249			(824		)	(15,456		)	(11,031		)	10,652		(16,395		)	(4,685		)	(56		)	(10,484		)	(21,515		)	140,248		118,733		28	388	(360	)
Morgan Stanley VIF U.S. Real Estate Portfolio	9,348			33,123			(117,845		)	(75,374		)	300		(121,199		)	(38,908		)	(247		)	(160,054		)	(235,428		)	916,697		681,269		243	4,188	(3,945	)
Non-Affiliated Class 2:
American Funds I.S. Managed Risk Asset Allocation Fund	(3,731		)	93,243			(209,898		)	(120,386		)	30,790		(95,396		)	(7,961		)	(13,671		)	(86,238		)	(206,624		)	1,987,580		1,780,956		4,345	11,477	(7,132	)
Columbia VP – Small Cap Value Fund	(21,782		)	271,343			(593,532		)	(343,971		)	118,847		(142,878		)	184,930			(8,970		)	151,929			(192,042		)	1,684,482		1,492,440		18,572	12,260	6,312
Franklin Growth and Income VIP Fund	56,944			416,197			(756,767		)	(283,626		)	65,785		(1,084,575		)	52,344			(6,729		)	(973,175		)	(1,256,801		)	5,847,679		4,590,878		9,071	54,576	(45,505	)
Franklin Income VIP Fund	477,294			58,778			(1,340,075		)	(804,003		)	277,239		(1,349,302		)	538,833			(5,397		)	(538,627		)	(1,342,630		)	14,667,059		13,324,429		69,512	87,238	(17,726	)
Franklin Large Cap Growth VIP Fund	(66,588		)	482,698			(704,536		)	(288,426		)	26,673		(651,101		)	2,841,765			(8,514		)	2,208,823			1,920,397			2,309,056		4,229,453		115,022	33,885	81,137
Franklin Mutual Shares VIP Fund	84,596			675,069			(1,759,600		)	(999,935		)	609,842		(1,291,042		)	6,132			(64,468		)	(739,536		)	(1,739,471		)	10,475,043		8,735,572		53,343	87,698	(34,355	)
Franklin Small Cap Value VIP Fund	(6,709		)	134,685			(276,675		)	(148,699		)	21,564		(202,857		)	28,330			(3,303		)	(156,266		)	(304,965		)	1,208,976		904,011		4,520	13,226	(8,706	)
Invesco V.I. American Franchise Fund	(3,919		)	30,761			(37,942		)	(11,100		)	100		(33,753		)	31,935			(779		)	(2,497		)	(13,597		)	251,216		237,619		1,279	1,664	(385	)

(a) Name Change. See Note 1.	14
(b) New Underlying Fund. See Note 1.
(c) Merger. See Note 1.

Separate Account I

of

National Integrity Life Insurance Company

Statements of Changes in Net Assets (continued)

For the Year Ended December 31, 2018

	Inccrease (deccrease) in net assets from operations												Increase (decrease) in net assets from contract related transactions																					Unit Transactions
Subaccount	Net investment income (loss)			Realized gain (loss)			Change in net unrealized appreciation (depreciation) during the period			Net increase (decrease) in net assets resulting from operations			Contributions from contract holders		Contract terminations and benefits			Net transfers among investment options			Contract maintenance charges			Net increase (decrease) in net assets from contract related transactions			Increase (decrease) in net assets			Net assets, beginning of period		Net assets, end of period		Units purchased	Units redeemed	Increase (decrease) in units
Non-Affiliated Class 2 (continued):
Invesco V.I. American Value Fund	$	(74,874	)	$	925,089		$	(2,033,000	)	$	(1,182,785	)	$	852,565	$	(518,018	)	$	4,459,431		$	(24,471	)	$	4,769,507		$	3,586,722		$	2,169,408	$	5,756,130	286,822	38,120	248,702
Invesco V.I. Comstock Fund	(656		)	411,264			(872,048		)	(461,440		)	362,316		(310,295		)	(70,493		)	(25,469		)	(43,941		)	(505,381		)	3,499,501		2,994,120		24,983	25,911	(928	)
Invesco V.I. International Growth Fund	6,246			33,415			(339,677		)	(300,016		)	196,545		(172,777		)	101,728			(13,365		)	112,131			(187,885		)	1,795,084		1,607,199		33,787	23,655	10,132
Invesco V.I. Mid Cap Growth Fund	(1,739		)	13,570			(26,005		)	(14,174		)	23,133		(639		)	76,582			(646		)	98,430			84,256			61,325		145,581		7,997	293	7,704
Templeton Foreign VIP Fund	50,359			(8,245		)	(772,257		)	(730,143		)	494,938		(632,420		)	199,332			(24,330		)	37,520			(692,623		)	4,473,483		3,780,860		58,716	41,610	17,106
Templeton Global Bond VIP Fund	(8,624		)	(10,685		)	22,862			3,553			56,520		(86,232		)	(19,337		)	(174		)	(49,223		)	(45,670		)	644,768		599,098		6,907	12,000	(5,093	)
Templeton Growth VIP Fund	8,753			276,056			(525,856		)	(241,047		)	6,644		(356,264		)	(70,190		)	(2,620		)	(422,430		)	(663,477		)	1,863,200		1,199,723		2,157	24,410	(22,253	)
Morgan Stanley VIF Emerging Markets Debt Portfolio	33,215			(20,826		)	(82,415		)	(70,026		)	53,453		(117,824		)	80,582			(2,408		)	13,803			(56,223		)	899,492		843,269		15,604	13,011	2,593
Morgan Stanley VIF Emerging Markets Equity Portfolio	(24,478		)	82,499			(580,398		)	(522,377		)	16,957		(272,167		)	814,944			(5,217		)	554,517			32,140			2,026,305		2,058,445		45,807	23,187	22,620
Morgan Stanley VIF U.S. Real Estate Portfolio	24,670			94,295			(348,329		)	(229,364		)	191,871		(294,486		)	(75,586		)	(9,706		)	(187,907		)	(417,271		)	2,635,310		2,218,039		27,199	37,344	(10,145	)
Non-Affiliated Class 3:
BlackRock Capital Appreciation V.I. Fund	(35,701		)	804,633			(772,478		)	(3,546		)	285,691		(260,446		)	143,682			(10,215		)	158,712			155,166			2,215,166		2,370,332		30,079	22,514	7,565
BlackRock Global Allocation V.I. Fund	(5,684		)	12,751			(70,784		)	(63,717		)	25,395		(145,855		)	(36,715		)	(3,144		)	(160,319		)	(224,036		)	816,843		592,807		5,322	18,890	(13,568	)
BlackRock High Yield V.I. Fund	3,125			(86		)	(8,073		)	(5,034		)	25,810		(1,319		)	50,704			(184		)	75,011			69,977			52,586		122,563		6,896	171	6,725
BlackRock Total Return V.I. Fund	1,678			(3,343		)	(2,856		)	(4,521		)	16,902		(2,048		)	(42,663		)	(2,123		)	(29,932		)	(34,453		)	197,842		163,389		3,262	6,327	(3,065	)
TOPS® Managed Risk Moderate Growth ETF Portfolio	2,261			58,152			(160,018		)	(99,605		)	237,142		(21,673		)	4,531			(9,944		)	210,056			110,451			934,862		1,045,313		21,268	2,779	18,489
Non-Affiliated Class 4:
American Funds I.S. Bond Fund	3,778			(4,621		)	(11,968		)	(12,811		)	6,398		—			(836		)	(6,390		)	(828		)	(13,639		)	510,361		496,722		7,111	7,241	(130	)
American Funds I.S. Capital Income Builder Fund	22,855			7,554			(173,784		)	(143,375		)	218,245		(35,910		)	(48,515		)	(4,280		)	129,540			(13,835		)	1,551,328		1,537,493		44,183	31,840	12,343
American Funds I.S. Global Growth Fund	(12,999		)	128,608			(303,137		)	(187,528		)	109,298		(112,713		)	288,359			(5,622		)	279,322			91,794			1,460,366		1,552,160		30,398	11,069	19,329
American Funds I.S. Growth Fund	(17,429		)	163,786			(194,410		)	(48,053		)	163,486		(57,882		)	248,279			(2,280		)	351,603			303,550			1,272,336		1,575,886		26,830	5,721	21,109
American Funds I.S. Growth-Income Fund	(2,393		)	144,276			(257,014		)	(115,131		)	500,152		(163,314		)	201,699			(7,899		)	530,638			415,507			2,005,760		2,421,267		46,078	12,303	33,775
American Funds I.S. New World Fund	(3,879		)	22,790			(127,386		)	(108,475		)	182,128		(22,911		)	78,937			(4,070		)	234,084			125,609			526,965		652,574		24,333	3,446	20,887
Non-Affiliated Class A:
DWS Small Cap Index VIP Fund	(2,174		)	41,646			(94,596		)	(55,124		)	—		(117,217		)	282			(108		)	(117,043		)	(172,167		)	557,164		384,997		267	3,941	(3,674	)
Non-Affiliated Class B:
DWS Small Cap Index VIP Fund	(9,700		)	112,951			(294,378		)	(191,127		)	9,025		(53,248		)	69,457			(1,391		)	23,843			(167,284		)	1,463,219		1,295,935		10,892	8,906	1,986
Advisor Class:
PIMCO VIT All Asset Portfolio	26,192			(5,687		)	(132,146		)	(111,641		)	43,309		(102,027		)	125,630			(2,388		)	64,524			(47,117		)	1,599,643		1,552,526		14,072	9,241	4,831
PIMCO VIT International Bond Portfolio (US Dollar Hedged)	(6		)	54			3			51			13,690		—			—			(3		)	13,687			13,738			4,037		17,775		1,304	—	1,304
PIMCO VIT CommodityRealReturn® Strategy Portfolio	6,816			(299,193		)	59,849			(232,528		)	19,813		(217,547		)	(27,324		)	(9,185		)	(234,243		)	(466,771		)	1,729,585		1,262,814		14,519	69,275	(54,756	)
PIMCO VIT Long-Term U.S. Government Portfolio	1,817			(1,709		)	(8,355		)	(8,247		)	570		(19,132		)	4,891			(698		)	(14,369		)	(22,616		)	207,450		184,834		2,343	3,782	(1,439	)
PIMCO VIT Low Duration Portfolio	5,810			(10,388		)	(17,591		)	(22,169		)	132,238		(120,880		)	(15,324		)	(6,479		)	(10,445		)	(32,614		)	1,840,094		1,807,480		20,651	21,599	(948	)
PIMCO VIT Real Return Portfolio	11,820			(19,863		)	(44,691		)	(52,734		)	290		(96,566		)	(29,756		)	(1,569		)	(127,601		)	(180,335		)	1,461,989		1,281,654		1,665	12,563	(10,898	)
PIMCO VIT Total Return Portfolio	191,370			(8,675		)	(652,104		)	(469,409		)	1,075,376		(2,599,919		)	(109,368		)	(169,885		)	(1,803,796		)	(2,273,205		)	21,873,580		19,600,375		116,220	252,778	(136,558	)
Investor Class:
Guggenheim VT Global Managed Futures Strategy Fund	(4,058		)	(5,952		)	(17,604		)	(27,614		)	1,774		(34,090		)	1,160			(1,812		)	(32,968		)	(60,582		)	291,848		231,266		1,549	6,662	(5,113	)
Guggenheim VT Multi-Hedge Strategies Fund	(6,594		)	8,288			(35,001		)	(33,307		)	4,882		(104,008		)	(23,596		)	(1,617		)	(124,339		)	(157,646		)	542,872		385,226		1,655	16,017	(14,362	)
Guggenheim VT Long Short Equity Fund	(1,326		)	13,920			(26,058		)	(13,464		)	—		(3,934		)	(5,826		)	(130		)	(9,890		)	(23,354		)	104,099		80,745		—	866	(866	)
ETF Shares:
iShares® Core S&P 500 ETF	(159,335		)	2,141,624			(3,244,778		)	(1,262,489		)	290,336		(2,851,133		)	(850,045		)	—			(3,410,842		)	(4,673,331		)	23,528,389		18,855,058		14,941	77,820	(62,879	)
iShares® Core S&P Mid-Cap ETF	(69,396		)	470,030			(1,200,318		)	(799,684		)	85,237		(776,019		)	96,674			—			(594,108		)	(1,393,792		)	6,734,383		5,340,591		9,031	20,310	(11,279	)
iShares® Core S&P Small-Cap ETF	(42,065		)	352,866			(604,110		)	(293,309		)	51,455		(416,530		)	(91,352		)	—			(456,427		)	(749,736		)	3,551,475		2,801,739		5,439	13,203	(7,764	)
iShares® Core U.S. Aggregate Bond ETF	(12		)	8,881			(27,017		)	(18,148		)	12,368		(57,875		)	12,802			—			(32,705		)	(50,853		)	670,947		620,094		2,357	3,661	(1,304	)
iShares® iBoxx $ High Yield Corporate Bond ETF	5,763			21,121			(33,429		)	(6,545		)	325		(128,197		)	9,865			—			(118,007		)	(124,552		)	248,934		124,382		412	4,269	(3,857	)
iShares® Intermediate-Term Corporate Bond ETF	4,306			14,408			(46,851		)	(28,137		)	39,312		(127,920		)	19,240			—			(69,368		)	(97,505		)	750,544		653,039		7,292	10,201	(2,909	)
iShares® International Treasury Bond ETF	(64,187		)	21,540			(99,667		)	(142,314		)	33,440		(342,667		)	94,553			—			(214,674		)	(356,988		)	2,992,379		2,635,391		11,983	21,278	(9,295	)
iShares® S&P 500 Growth ETF	(34,875		)	244,709			(244,061		)	(34,227		)	37,576		(122,033		)	(261,530		)	—			(345,987		)	(380,214		)	2,537,527		2,157,313		2,102	8,076	(5,974	)
iShares® S&P 500 Value ETF	(64		)	35,810			(90,599		)	(54,853		)	7,341		(49,380		)	64,616			—			22,577			(32,276		)	480,002		447,726		2,331	1,824	507
iShares® TIPS Bond ETF	124			613			(6,007		)	(5,270		)	9,162		(23,424		)	3,162			—			(11,100		)	(16,370		)	124,388		108,018		664	1,082	(418	)
Vanguard® Developed Markets Index Fund, ETF Shares	8,236			98,791			(636,765		)	(529,738		)	50,878		(351,747		)	267,711			—			(33,158		)	(562,896		)	3,213,756		2,650,860		8,932	9,554	(622	)
Vanguard® Dividend Appreciation Index Fund, ETF Shares	(9,754		)	227,633			(254,357		)	(36,478		)	41,475		(374,120		)	(55,713		)	—			(388,358		)	(424,836		)	1,420,278		995,442		2,156	10,227	(8,071	)
Vanguard® Emerging Markets Stock Index Fund, ETF Shares	(10		)	20,378			(85,665		)	(65,297		)	17,424		(122,406		)	38,116			—			(66,866		)	(132,163		)	392,340		260,177		2,935	5,839	(2,904	)
Vanguard® Intermediate-Term Corporate Bond Index Fund, ETF Shares	1,089			7,600			(12,620		)	(3,931		)	—		(41,242		)	1,569			—			(39,673		)	(43,604		)	106,186		62,582		53	1,438	(1,385	)

(a) Name Change. See Note 1.	15
(b) New Underlying Fund. See Note 1.
(c) Merger. See Note 1.

Separate Account I

of

National Integrity Life Insurance Company

Statements of Changes in Net Assets (continued)

For the Year Ended December 31, 2018

	Inccrease (deccrease) in net assets from operations											Increase (decrease) in net assets from contract related transactions																				Unit Transactions
Subaccount	Net investment income (loss)			Realized gain (loss)		Change in net unrealized appreciation (depreciation) during the period			Net increase (decrease) in net assets resulting from operations			Contributions from contract holders		Contract terminations and benefits			Net transfers among investment options			Contract maintenance charges		Net increase (decrease) in net assets from contract related transactions			Increase (decrease) in net assets			Net assets, beginning of period		Net assets, end of period		Units purchased	Units redeemed	Increase (decrease) in units
ETF Shares (continued):
Vanguard® Large-Cap Index Fund, ETF Shares	$	(5,903	)	$	88,446	$	(125,305	)	$	(42,762	)	$	17,231	$	(119,022	)	$	(3,839	)	$	—	$	(105,630	)	$	(148,392	)	$	754,661	$	606,269	1,583	3,626	(2,043	)
Vanguard® Mega Cap Index Fund, ETF Shares	(668		)	6,677		(13,320		)	(7,311		)	260		(3,682		)	5,254			—		1,832			(5,479		)	128,635		123,156		216	182	34
Vanguard® Real Estate Index Fund, ETF Shares	4,906			18,183		(47,032		)	(23,943		)	650		(36,200		)	5,807			—		(29,743		)	(53,686		)	305,560		251,874		729	1,460	(731	)
Vanguard® Short-Term Bond Index Fund, ETF Shares	(58		)	1,831		(2,728		)	(955		)	—		(46,788		)	(78		)	—		(46,866		)	(47,821		)	65,921		18,100		12	2,011	(1,999	)
Vanguard® Total Bond Market Index Fund, ETF Shares	42,842			354,962		(1,025,490		)	(627,686		)	294,709		(2,808,318		)	505,241			—		(2,008,368		)	(2,636,054		)	22,484,595		19,848,541		67,529	151,484	(83,955	)

(a) Name Change. See Note 1.	16
(b) New Underlying Fund. See Note 1.
(c) Merger. See Note 1.

Separate Account I

of

National Integrity Life Insurance Company

Notes to Financial Statements

December 31, 2019

1. Organization and Nature of Operations

National Integrity Life Insurance Company Separate Account I (”the Separate Account”) is a unit investment trust registered under the Investment Company Act of 1940 (the “1940 Act”), established by the National Integrity Life Insurance Company (the “Company”), a life insurance company that is a wholly-owned subsidiary of Integrity Life Insurance Company (“Integrity”), which is a wholly-owned subsidiary of The Western and Southern Life Insurance Company. The Separate Account was established on May 19, 1986, under the insurance laws of the State of New York, for the purpose of issuing variable annuity contracts (“Contracts”).

Contract holders may allocate or transfer their account values to one or more of the Separate Account’s investment subaccounts, or for certain contract holders, to one or more fixed guarantee rate options of the Company’s Separate Account Guaranteed Principal Option (“GPO”). Options in the Separate Account GPO include fixed guaranteed rate options over various maturity periods that are subject to a market value adjustment (“MVA”). In addition, certain contract holders may also allocate or transfer their account values to options held in the Company’s general account. Such options include a guaranteed interest division, a quarterly rate option or a Systematic Transfer Option (“STO”). All STO contributions must be transferred to other investment divisions or to a guaranteed rate option within either six months or one year of the contribution.

Each subaccount invests all its investible assets in shares of corresponding investment portfolios (“Underlying Funds”) of the investment companies listed below:

American Funds Insurance Series	Columbia Funds Variable Portfolios
Non-Affiliated Class 2	Non-Affiliated Class 1
American Funds I.S. Managed Risk Asset Allocation Fund	Columbia VP – Select Mid Cap Value Fund
Non-Affiliated Class 4	Non-Affiliated Class 2
American Funds I.S. Bond Fund	Columbia VP – Small Cap Value Fund
American Funds I.S. Capital Income Builder Fund
American Funds I.S. Global Growth Fund	DWS Investments VIT Funds
American Funds I.S. Growth Fund	Non-Affiliated Class A:
American Funds I.S. Growth-Income Fund	DWS Small Cap Index VIP Fund
American Funds I.S. New World Fund	Non-Affiliated Class B:
	DWS Small Cap Index VIP Fund
BlackRock Variable Series Funds
Non-Affiliated Class 3
BlackRock Capital Appreciation V.I. Fund
BlackRock Global Allocation V.I. Fund
BlackRock High Yield V.I. Fund
BlackRock Total Return V.I. Fund

17

Separate Account I

of

National Integrity Life Insurance Company

Notes to Financial Statements (continued)

1. Organization and Nature of Operations (continued)

Fidelity Variable Insurance Products	Franklin Templeton VIP Trust (continued)
Non-Affiliated Initial Class:	Non-Affiliated Class 2 (continued):
Fidelity VIP Balanced Portfolio	Franklin Large Cap Growth VIP Fund
Fidelity VIP Overseas Portfolio	Franklin Mutual Shares VIP Fund
Fidelity VIP Equity-Income Portfolio	Franklin Small Cap Value VIP Fund
Fidelity VIP Growth Portfolio	Templeton Foreign VIP Fund
Fidelity VIP High Income Portfolio	Templeton Global Bond VIP Fund
Fidelity VIP Asset Manager Portfolio	Templeton Growth VIP Fund
Fidelity VIP Contrafund® Portfolio
Fidelity VIP Index 500 Portfolio	Rydex Variable Trust (Guggenheim Variable Insurance Funds)
Fidelity VIP Investment Grade Bond Portfolio	Investor Class:
Fidelity VIP Government Money Market	Guggenheim VT Global Managed Futures Strategy Fund
Non-Affiliated Service Class:	Guggenheim VT Multi-Hedge Strategies Fund
Fidelity VIP Growth Portfolio	Guggenheim VT Long Short Equity Fund
Fidelity VIP Mid Cap Portfolio
Non-Affiliated Service Class 2:	iShares Trust
Fidelity VIP Asset Manager Portfolio	ETF Shares:
Fidelity VIP Balanced Portfolio	iShares® Core S&P 500 ETF
Fidelity VIP Bond Index Portfolio	iShares® Core S&P Mid-Cap ETF
Fidelity VIP Contrafund® Portfolio	iShares® Core S&P Small-Cap ETF
Fidelity VIP Disciplined Small Cap Portfolio	iShares® Core U.S. Aggregate Bond ETF
Fidelity VIP Equity-Income Portfolio	iShares® iBoxx $ High Yield Corporate Bond ETF
Fidelity VIP Extended Market Index Portfolio	iShares® Intermediate-Term Corporate Bond ETF
Fidelity VIP Freedom 2010 Portfolio	iShares® International Treasury Bond ETF
Fidelity VIP Freedom 2015 Portfolio	iShares® S&P 500 Growth ETF
Fidelity VIP Freedom 2020 Portfolio	iShares® S&P 500 Value ETF
Fidelity VIP Freedom 2025 Portfolio	iShares® TIPS Bond ETF
Fidelity VIP Freedom 2030 Portfolio
Fidelity VIP Growth Portfolio	Invesco (AIM) Variable Insurance Funds
Fidelity VIP High Income Portfolio	Non-Affiliated Class 2:
Fidelity VIP Index 500 Portfolio	Invesco V.I. American Franchise Fund
Fidelity VIP International Index Portfolio	Invesco V.I. American Value Fund
Fidelity VIP Investment Grade Bond Portfolio	Invesco V.I. Comstock Fund
Fidelity VIP Mid Cap Portfolio	Invesco V.I. International Growth Fund
Fidelity VIP Overseas Portfolio	Invesco V.I. Mid Cap Growth Fund
Fidelity VIP Target Volatility Portfolio
Fidelity VIP Total Market Index Portfolio	JPMorgan Insurance Trust
Franklin Templeton VIP Trust	Non-Affiliated Class 1:
Non-Affiliated Class 1:	JP Morgan IT Mid Cap Value
Franklin Growth and Income VIP Fund
Franklin Income VIP Fund	Morgan Stanley Variable Insurance Funds, Inc.
Non-Affiliated Class 2:	Non-Affiliated Class 1:
Franklin Growth and Income VIP Fund	Morgan Stanley VIF Emerging Markets Debt Portfolio
Franklin Income VIP Fund	Morgan Stanley VIF U.S. Real Estate Portfolio

18

Separate Account I

of

National Integrity Life Insurance Company

Notes to Financial Statements (continued)

1. Organization and Nature of Operations (continued)

Morgan Stanley Variable Insurance Funds, Inc.	Touchstone Variable Series Trust
Non-Affiliated Class 2:	Affiliated (*Service Class):
Morgan Stanley VIF Emerging Markets Debt Portfolio	Touchstone VST Active Bond Fund
Morgan Stanley VIF Emerging Markets Equity Portfolio	*Touchstone VST Aggressive ETF Fund
Morgan Stanley VIF U.S. Real Estate Portfolio	*Touchstone VST Bond Fund
	*Touchstone VST Common Stock Fund
Pimco Variable Insurance Trust	*Touchstone VST Conservative ETF Fund
Advisor Class:	Touchstone VST Focused Fund
PIMCO VIT All Asset Portfolio	Touchstone VST Large Cap Core Equity Fund
PIMCO VIT International Bond Portfolio (US Dollar Hedged)	*Touchstone VST Moderate ETF Fund
PIMCO VIT CommodityRealReturn® Strategy Portfolio
PIMCO VIT Long-Term U.S. Government Portfolio	The Vanguard Index Funds
PIMCO VIT Low Duration Portfolio	ETF Shares:
PIMCO VIT Real Return Portfolio	Vanguard® Developed Markets Index Fund, ETF Shares
PIMCO VIT Total Return Portfolio	Vanguard® Dividend Appreciation Index Fund, ETF Shares
	Vanguard® Emerging Markets Stock Index Fund, ETF Shares
Northern Lights Variable Trust	Vanguard® Intermediate-Term Corporate Bond Index Fund, ETF Shares
Non-Affiliated Class 3:	Vanguard® Large-Cap Index Fund, ETF Shares
TOPS® Managed Risk Moderate Growth ETF Portfolio	Vanguard® Mega Cap Index Fund, ETF Shares
	Vanguard® Real Estate Index Fund, ETF Shares
	Vanguard® Short-Term Bond Index Fund, ETF Shares
	Vanguard® Total Bond Market Index Fund, ETF Shares

19

Separate Account I

of

National Integrity Life Insurance Company

Notes to Financial Statements (continued)

1. Organization and Nature of Operations (continued)

During the year ended December 31, 2019, the following Underlying Funds had name changes that were made effective:
Date:	New Name:	Old Name:
5/1/2019	Columbia VP - Select Mid Cap Value Class 1	Columbia VP - Mid Cap Value Class 1
The statement of operations for all of the Underlying Funds are presented in the financial statements for the year ended December 31, 2019 except for the following Underlying Funds:
Period:	Underlying Fund:
1/1/2019 - 7/11/2019	Touchstone VST Active Bond Fund
1/1/2019 - 7/11/2019	Touchstone VST Focused Fund
1/1/2019 - 7/11/2019	Touchstone VST Large Cap Core Equity Fund
7/12/2019 - 12/31/2019	Touchstone VST Bond Fund
7/12/2019 - 12/31/2019	Touchstone VST Common Stock Fund
7/12/2019 - 12/31/2019	Fidelity VIP Bond Index Portfolio
7/12/2019 - 12/31/2019	Fidelity VIP International Index Portfolio
7/12/2019 - 12/31/2019	Fidelity VIP Extended Market Index Portfolio
The statements of changes in net assets for all of the Underlying Funds are presented in the financial statements for the year ended December 31, 2019 and December 31, 2018 with the exception of the following Underlying Funds:
Period:	Underlying Fund:
1/1/2019 - 7/11/2019	Touchstone VST Active Bond Fund
1/1/2019 - 7/11/2019	Touchstone VST Focused Fund
1/1/2019 - 7/11/2019	Touchstone VST Large Cap Core Equity Fund
7/12/2019 - 12/31/2019	Touchstone VST Bond Fund
7/12/2019 - 12/31/2019	Touchstone VST Common Stock Fund
7/12/2019 - 12/31/2019	Fidelity VIP Bond Index Portfolio
7/12/2019 - 12/31/2019	Fidelity VIP International Index Portfolio
7/12/2019 - 12/31/2019	Fidelity VIP Extended Market Index Portfolio
All of the Underlying Funds had activity during the year ended December 31, 2019 and December 31, 2018 except for the following Underlying Funds:
Underlying Fund:	2019 2018
Fidelity VIP Total Market Index Portfolio* X N/A
* The Underlying Fund commenced operations on July 12, 2019
As a result of restructuring, the following Underlying Fund that was previously offered is no longer available as an investment option to our contract holders. Any contract holder allocations that remained in this fund were redeemed and used to purchase shares of the surviving funds as indicated:
Date:	Surviving Underlying Fund:	Closed Underlying Fund:
7/12/2019	Touchstone VST Bond Fund	Touchstone VST Active Bond Fund
7/12/2019	Touchstone VST Common Stock Fund	Touchstone VST Focused Fund
7/12/2019	Touchstone VST Common Stock Fund	Touchstone VST Large Cap Core Equity Fund

20

Separate Account I

of

National Integrity Life Insurance Company

Notes to Financial Statements (continued)

1. Organization and Nature of Operations (continued)

Mid Atlantic Trust Company (“MATC”), a South Dakota registered non-depository trust company, is the custodian for the Vanguard ETFs and the iShares ETFs held by the subaccounts.

The contract holder’s account value in a subaccount will vary depending on the performance of the corresponding Underlying Fund. The Separate Account currently has 107 investment subaccounts available. The investment objective of each subaccount is to invest in the corresponding Underlying Fund. Refer to each Underlying Fund’s prospectus for a description of investment objectives.

Under applicable insurance law, the assets and liabilities of the Separate Account are clearly identified and distinguished from the Company’s other assets and liabilities. The portion of the Separate Account’s assets applicable to contract holders’ accounts is not chargeable with liabilities arising out of any other business the Company may conduct.

2. Summary of Significant Accounting Policies

Basis of Presentation

The accompanying financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“US GAAP”).

Investments

Investments in shares of the Underlying Funds are valued at fair value as determined by the closing net asset value per share on December 31, 2019. The difference between cost and fair value is reflected as unrealized appreciation or depreciation of investments.

Share transactions are recorded on the trade date. Realized gains and losses on sales of the Underlying Funds’ shares of the Funds are determined based on identified cost basis.

Capital gain distributions are included in the realized gain distributions line on the Statements of Operations. Dividends are included in the reinvested dividends line on the Statements of Operations. Dividends and capital gain distributions are recorded on the ex-dividend date. Dividends and capital gain distributions from

the Underlying Funds’ are reinvested in the respective Underlying Funds and are reflected in the unit values of the subaccounts.

The Separate Account’s investments are held at fair value. Fair value is the price that the Separate Account would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. Fair Value is established using a three-level hierarchy based upon the transparency of inputs to the valuation of an asset or liability. Inputs may be observable or unobservable and refer broadly to the assumptions that market participants would use in pricing the asset or liability. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability based on market data obtained

21

Separate Account I

of

National Integrity Life Insurance Company

Notes to Financial Statements (continued)

2. Summary of Significant Accounting Policies (continued)

from sources independent of the reporting entity. Unobservable inputs reflect the reporting entity’s own assessment regarding the assumptions market participants would use in pricing the asset or liability and are developed based on the best information available in the circumstances. The Separate Account’s investments are assigned a level based upon the observability of the inputs that are significant to the overall valuation. The three-tier hierarchy of inputs is summarized below.

• Level 1 - inputs to the valuation methodology are quoted prices in active markets.

• Level 2 - inputs to the valuation methodology are observable, directly or indirectly.

• Level 3 - inputs to the valuation methodology are unobservable and reflect assumptions on the part of the reporting entity.

The Separate Account’s investments are valued as Level 1. There were no transfers between levels 1, 2, and 3 during the year. The Separate Account’s policy is to recognize the transfers in and transfers out of levels at the beginning of the annual reporting period.

Unit Value

Unit values for the subaccounts are computed at the end of each business day. The unit value is equal to the unit value for the preceding business day multiplied by a net investment factor. This net investment factor is determined based on the net asset value of the Underlying Fund, reinvested dividends and capital gains, and the daily asset charge for the mortality and expense risk and certain administrative charges, as applicable.

Taxes

Operations of the Separate Account are included in the income tax return of the Company, which is taxed as a life insurance company under the Internal Revenue Code (“IRC”). The Separate Account is not taxed as a regulated investment company under Subchapter M of the IRC. Under the provisions of the policies, the Company has the right to charge the Separate Account for federal income tax attributable to the Separate Account. No charge is currently being made against the Separate Account for such tax since, under current tax law, the Company pays no tax on investment income and capital gains reflected in variable life insurance policy reserves. However, the Company retains the right to charge for any federal income tax incurred, which

is attributable to the Separate Account if the law is changed. Charges for state and local taxes, if any, attributable to the Separate Account may also be made.

Use of Estimates

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

22

Separate Account I

of

National Integrity Life Insurance Company

Notes to Financial Statements (continued)

2. Summary of Significant Accounting Policies (continued)

Subsequent Events

Management has evaluated subsequent events though the issuance of these financial statements and

determined that no additional disclosures are required.

The extent of the impact of the coronavirus (“COVID-19”) outbreak on the financial performance of the Underlying Funds will depend on future developments, including the duration and spread of the outbreak and related advisories and restrictions and the impact of COVID-19 on the financial markets and the overall economy, all of which are highly uncertain and cannot be predicted. If the financial markets and/or the overall economy are impacted for an extended period, the Underlying Funds' investment results may be materially affected.

No additional events were identified requiring further disclosure in these financial statements.

23

Separate Account I

of

National Integrity Life Insurance Company

Notes to Financial Statements (continued)

3. Investments

The aggregate cost of Underlying Fund shares purchased and proceeds from Underlying Fund shares sold during the period ended December 31, 2019 and the cost of investments held at December 31, 2019, for each subaccount, were as follows:

Subaccount	Purchases		Sales		Cost
Affiliated:
Touchstone VST Active Bond Fund (c)	$	196,084	$	2,731,682	$	—
Touchstone VST Aggressive ETF Fund	507,604		859,528		4,803,633
Touchstone VST Bond Fund (b)	2,365,361		268,470		2,102,299
Touchstone VST Common Stock Fund (b)	20,126,855		1,494,991		18,622,832
Touchstone VST Conservative ETF Fund	261,916		1,370,710		5,672,585
Touchstone VST Focused Fund (c)	908,358		17,239,530		—
Touchstone VST Large Cap Core Equity Fund (c)	778,334		3,857,861		—
Touchstone VST Moderate ETF Fund	683,232		1,919,792		7,329,422
Non-Affiliated Initial Class:
Fidelity VIP Balanced Portfolio	120,803		106,545		1,672,358
Fidelity VIP Overseas Portfolio	62,661		143,389		890,470
Fidelity VIP Equity-Income Portfolio	717,430		846,238		6,858,006
Fidelity VIP Growth Portfolio	370,916		635,600		3,181,470
Fidelity VIP High Income Portfolio	850,543		632,035		1,728,871
Fidelity VIP Asset Manager Portfolio	166,001		351,876		2,617,275
Fidelity VIP Contrafund® Portfolio	1,620,344		1,759,036		11,003,218
Fidelity VIP Index 500 Portfolio	152,609		531,697		2,211,832
Fidelity VIP Investment Grade Bond Portfolio	48,415		193,241		1,388,963
Fidelity VIP Government Money Market	13,523,797		20,690,421		3,369,376
Non-Affiliated Service Class:
Fidelity VIP Growth Portfolio	22,536		89,407		203,922
Fidelity VIP Mid Cap Portfolio	356,342		377,352		2,823,373
Non-Affiliated Service Class 2:
Fidelity VIP Asset Manager Portfolio	254,613		107,009		1,094,559
Fidelity VIP Balanced Portfolio	3,172,657		1,966,392		9,510,556
Fidelity VIP Bond Index Portfolio (b)	87,095		412		86,677
Fidelity VIP Contrafund® Portfolio	2,567,917		3,107,648		15,632,427
Fidelity VIP Disciplined Small Cap Portfolio	358,994		203,502		1,550,059
Fidelity VIP Equity-Income Portfolio	814,206		682,238		2,973,837
Fidelity VIP Extended Market Index Portfolio (b)	34,140		194		33,953
Fidelity VIP Freedom 2010 Portfolio	26,526		113,242		351,508
Fidelity VIP Freedom 2015 Portfolio	39,489		64,018		371,652
Fidelity VIP Freedom 2020 Portfolio	45,947		51,962		586,336
Fidelity VIP Freedom 2025 Portfolio	232,256		49,681		1,787,620
Fidelity VIP Freedom 2030 Portfolio	45,773		299,324		293,933
Fidelity VIP Growth Portfolio	709,219		500,949		3,083,672
Fidelity VIP High Income Portfolio	18,137,502		12,178,687		6,904,273
Fidelity VIP Index 500 Portfolio	4,155,793		4,428,893		21,519,811
Fidelity VIP International Index Portfolio (b)	1,485		1		1,484
Fidelity VIP Investment Grade Bond Portfolio	1,933,112		1,831,450		14,589,561
Fidelity VIP Mid Cap Portfolio	2,950,550		1,012,882		8,729,384
Fidelity VIP Overseas Portfolio	298,160		2,245,655		2,263,082
Fidelity VIP Target Volatility Portfolio	27,404		24,914		438,177

(a) Name Change. See Note 1.	24
(b) New Underlying Fund. See Note 1.
(c) Merger. See Note 1.

Separate Account I

of

National Integrity Life Insurance Company

Notes to Financial Statements (continued)

3. Investments

Subaccount	Purchases		Sales		Cost
Non-Affiliated Class 1:
Columbia VP – Select Mid Cap Value Fund (a)	$	212,769	$	150,817	$	1,194,740
Franklin Growth and Income VIP Fund	143,758		230,406		1,345,060
Franklin Income VIP Fund	241,044		622,076		2,862,343
JP Morgan IT Mid Cap Value	57,587		132,999		473,258
Morgan Stanley VIF Emerging Markets Debt Portfolio	6,058		27,096		113,049
Morgan Stanley VIF U.S. Real Estate Portfolio	61,744		113,803		509,934
Non-Affiliated Class 2:
American Funds I.S. Managed Risk Asset Allocation Fund	259,759		85,431		1,936,095
Columbia VP – Small Cap Value Fund	529,459		425,771		1,939,531
Franklin Growth and Income VIP Fund	615,000		958,964		4,413,132
Franklin Income VIP Fund	1,923,860		1,819,368		14,264,466
Franklin Large Cap Growth VIP Fund	747,083		763,828		4,770,679
Franklin Mutual Shares VIP Fund	1,778,325		1,411,366		10,271,683
Franklin Small Cap Value VIP Fund	343,228		195,240		1,222,195
Invesco V.I. American Franchise Fund	124,768		51,957		303,259
Invesco V.I. American Value Fund	1,606,021		859,735		8,233,612
Invesco V.I. Comstock Fund	914,108		428,962		3,837,358
Invesco V.I. International Growth Fund	466,429		237,191		1,991,188
Invesco V.I. Mid Cap Growth Fund	179,204		39,745		306,744
Templeton Foreign VIP Fund	668,704		496,786		4,531,457
Templeton Global Bond VIP Fund	182,375		176,798		607,136
Templeton Growth VIP Fund	333,761		200,630		1,388,754
Morgan Stanley VIF Emerging Markets Debt Portfolio	153,256		113,784		967,163
Morgan Stanley VIF Emerging Markets Equity Portfolio	360,761		315,315		2,249,404
Morgan Stanley VIF U.S. Real Estate Portfolio	434,086		405,506		2,334,822
Non-Affiliated Class 3:
BlackRock Capital Appreciation V.I. Fund	1,064,936		499,847		3,485,908
BlackRock Global Allocation V.I. Fund	64,660		113,336		595,472
BlackRock High Yield V.I. Fund	81,386		6,146		204,896
BlackRock Total Return V.I. Fund	141,985		14,620		296,081
TOPS® Managed Risk Moderate Growth ETF Portfolio	118,874		105,184		1,114,256
Non-Affiliated Class 4:
American Funds I.S. Bond Fund	188,283		38,193		665,289
American Funds I.S. Capital Income Builder Fund	1,283,729		83,736		2,822,686
American Funds I.S. Global Growth Fund	489,321		228,664		1,985,535
American Funds I.S. Growth Fund	799,337		122,961		2,317,816
American Funds I.S. Growth-Income Fund	671,323		383,506		2,851,164
American Funds I.S. New World Fund	208,765		84,319		815,274
Non-Affiliated Class A:
DWS Small Cap Index VIP Fund	42,922		47,043		416,113
Non-Affiliated Class B:
DWS Small Cap Index VIP Fund	387,477		194,846		1,614,167
Advisor Class:
PIMCO VIT All Asset Portfolio	113,122		261,154		1,491,525
PIMCO VIT International Bond Portfolio (US Dollar Hedged)	21,974		403		39,520
PIMCO VIT CommodityRealReturn® Strategy Portfolio	191,002		254,323		1,605,968
PIMCO VIT Long-Term U.S. Government Portfolio	21,290		27,117		186,491
PIMCO VIT Low Duration Portfolio	395,408		100,735		2,152,266
PIMCO VIT Real Return Portfolio	75,848		532,681		915,413

(a) Name Change. See Note 1.	25
(b) New Underlying Fund. See Note 1.
(c) Merger. See Note 1.

Separate Account I

of

National Integrity Life Insurance Company

Notes to Financial Statements (continued)

3. Investments

Subaccount	Purchases		Sales		Cost
Advisor Class (continued):
PIMCO VIT Total Return Portfolio	$	2,239,276	$	3,348,762	$	19,390,878
Investor Class:
Guggenheim VT Global Managed Futures Strategy Fund	15,900		97,041		185,689
Guggenheim VT Multi-Hedge Strategies Fund	16,109		66,701		322,867
Guggenheim VT Long Short Equity Fund	888		13,561		74,972
ETF Shares:
iShares® Core S&P 500 ETF	889,832		5,986,945		13,152,229
iShares® Core S&P Mid-Cap ETF	357,435		1,505,855		4,140,228
iShares® Core S&P Small-Cap ETF	266,212		758,552		2,199,858
iShares® Core U.S. Aggregate Bond ETF	73,077		146,215		599,589
iShares® iBoxx $ High Yield Corporate Bond ETF	9,126		68,851		128,346
iShares® Intermediate-Term Corporate Bond ETF	65,488		71,465		708,997
iShares® International Treasury Bond ETF	233,478		635,951		2,244,644
iShares® S&P 500 Growth ETF	110,314		511,654		1,506,441
iShares® S&P 500 Value ETF	37,319		87,927		435,631
iShares® TIPS Bond ETF	18,371		6,976		127,603
Vanguard® Developed Markets Index Fund, ETF Shares	197,530		710,860		2,536,539
Vanguard® Dividend Appreciation Index Fund, ETF Shares	45,432		249,995		802,509
Vanguard® Emerging Markets Stock Index Fund, ETF Shares	23,851		99,875		222,662
Vanguard® Intermediate-Term Corporate Bond Index Fund, ETF Shares	2,109		9,540		65,068
Vanguard® Large-Cap Index Fund, ETF Shares	31,894		79,780		546,545
Vanguard® Mega Cap Index Fund, ETF Shares	7,045		23,752		92,600
Vanguard® Real Estate Index Fund, ETF Shares	16,285		84,883		243,762
Vanguard® Short-Term Bond Index Fund, ETF Shares	912		4,896		17,810
Vanguard® Total Bond Market Index Fund, ETF Shares	1,672,064		5,057,526		18,453,009

(a) Name Change. See Note 1.	26
(b) New Underlying Fund. See Note 1.
(c) Merger. See Note 1.

Separate Account I

of

National Integrity Life Insurance Company

Notes to Financial Statements (continued)

4. Expenses and Related Party Transactions

The Company assumes mortality and expense risks and incurs certain administrative expenses related to the operations of the Separate Account. All charges listed below are under “Mortality and Expense %” are the annual rates deducted as a daily charge, thus affecting the unit values. All other charges, including the annual administration fee, some optional benefit fees (those not listed under “Mortality and Expense %”), withdrawal charges and transfer charges, if any, are taken from the contract’s account value by redeeming units. Fourteen contracts are currently included in the Separate Account. The products are stated in the table below, along with the mortality and expense charges and the annual administration fee:

	Contracts	Mortality and	Annual Administration
		Expense %	Fee
1	GrandMaster	1.35		$30
2	GrandMaster flex3	1.55		$50
3	IQ	1.35		$30
4	IQ3	1.45		$30
5	IQ Advisor - Standard	0.60	N/A
	IQ Advisor - Enhanced	0.80	N/A
6	AnnuiChoice	1.00		$30
7	AnnuiChoice II	1.15		$30
	AnnuiChoice II - GMAB Rider	1.75		$30
8	Pinnacle Plus	1.67		$40
	Pinnacle Plus- Reduced M&E	1.15		$40
9	Pinnacle	1.35		$30
	Pinnacle-Reduced M&E	1.10		$30
10	Pinnacle IV	1.45		$30
	Pinnacle IV - GMAB	2.05		$30
11	Pinnacle V	1.55		$30
	Pinnacle V - GMAB	2.15		$30
12	AdvantEdge	1.60		$50
13	Varoom	1.75	N/A
	Varoom - Standard option	2.35	N/A
	Varoom - Self Styled Option	2.55	N/A
14	Varoom II	1.90	N/A
	Varoom II - Standard Option	2.55	N/A
	Varoom II - Self Styled Option	2.75	N/A

For optional benefits that are not included in the daily mortality and expense charge, the Company deducts an amount either quarterly or annually, depending on the benefit, to cover the cost of the additional benefits elected.

27

Separate Account I

of

National Integrity Life Insurance Company

Notes to Financial Statements (continued)

4. Expenses and Related Party Transactions (continued)

For charges that are dependent on contract owner actions, e.g., withdrawal charges and transfer fees, the Company deducts an amount at the time of the transaction to cover the cost. In both situations (ongoing benefit charges and transaction charges), the fees are deducted from the account value by redeeming units.

Touchstone Advisors Inc., which is affiliated with the Company, advises each of the Touchstone Variable Series Trust offered through the Company’s variable products.

28

Separate Account I

of

National Integrity Life Insurance Company

Notes to Financial Statements (continued)

5. Financial Highlights

A summary of net assets, unit values and units outstanding for variable annuity contracts, investment income and expense ratios, excluding expenses of the underlying funds and total returns are presented for each period ended December 31. The ranges of lowest to highest unit values and total return are based on the product groupings that represent lowest and highest expense ratio amounts. The first unit value presented in the range of each subaccount within the table corresponds to the highest expense ratio for each subaccount presented within the table. The first total return presented in the range of each subaccount within the table corresponds to the highest expense ratio for each subaccount presented within the table. Therefore, some individual contract ratios are not within the ranges presented.

** Investment income ratio amounts represent the dividends, excluding distributions of capital gains, received by the subaccount from the Underlying Fund net of management fees assessed by the fund manager, divided by the average net assets. These ratios exclude those expenses, such as mortality and expense risk and administrative charges, that result in direct reductions in the unit values. The recognition of investment income by the subaccount is affected by the timing of the declaration of dividends by the Underlying Fund in which the subaccounts invest.

*** Expense ratio amounts represent the annualized contract expenses of the subaccount, consisting primarily of mortality and expense risk and administrative charges, for each period indicated. The ratios include only those expenses that result in a direct reduction to unit values. Charges made directly to contract owner accounts through the redemption of units and expenses of the underlying fund are excluded.

**** Total return amounts represent the total return for the periods indicated, including changes in the fair value of the Underlying Fund, which includes expenses assessed through the reduction of unit values. The ratio does not include any expenses assessed through the redemption of units. Subaccounts 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.

29

Separate Account I

of

National Integrity Life Insurance Company

Notes to Financial Statements (continued)

5. Financial Highlights (continued)

For Year Ended 2019		Unit					Net		Investment		Expense					Total
	Units	Value					Assets		Income		Ratio					Return
Subaccount	(000s)	Range					(000s)		Ratio (**)		Range (***)					Range (****)
Affiliated:
Touchstone VST Aggressive ETF Fund	250	$	20.62	to	$	22.85	$	5,628	1.65	%	1.00	%	to	1.67	%	20.34	%	to	21.16%
Touchstone VST Bond Fund (b)	209	10.17		to	10.20		2,129		1.26	%	1.00	%	to	1.67	%	1.67	%	to	2.00%
Touchstone VST Common Stock Fund (b)	1,834	10.78		to	10.81		19,789		0.55	%	1.00	%	to	1.67	%	7.77	%	to	8.12%
Touchstone VST Conservative ETF Fund	331	15.03		to	18.42		5,619		2.47	%	1.00	%	to	1.60	%	13.62	%	to	14.31%
Touchstone VST Moderate ETF Fund	376	20.40		to	21.04		6,855		2.03	%	1.00	%	to	2.05	%	16.53	%	to	17.77%
Non-Affiliated Initial Class:
Fidelity VIP Balanced Portfolio	76	20.72		to	33.75		2,023		1.73	%	1.35	%	to	1.35	%	22.83	%	to	22.83%
Fidelity VIP Overseas Portfolio	36	11.80		to	15.65		1,223		1.68	%	1.15	%	to	1.55	%	25.79	%	to	26.30%
Fidelity VIP Equity-Income Portfolio	93	31.28		to	31.91		7,810		1.98	%	1.10	%	to	1.35	%	25.72	%	to	26.04%
Fidelity VIP Growth Portfolio	29	181.86		to	181.86		5,227		0.26	%	1.35	%	to	1.35	%	32.50	%	to	32.50%
Fidelity VIP High Income Portfolio	56	31.00		to	31.00		1,743		5.31	%	1.35	%	to	1.35	%	13.55	%	to	13.55%
Fidelity VIP Asset Manager Portfolio	46	60.68		to	60.68		2,777		1.76	%	1.35	%	to	1.35	%	16.65	%	to	16.65%
Fidelity VIP Contrafund® Portfolio	178	50.00		to	51.00		13,551		0.45	%	1.10	%	to	1.35	%	29.80	%	to	30.13%
Fidelity VIP Index 500 Portfolio	101	23.34		to	24.11		4,690		1.91	%	1.10	%	to	1.45	%	29.45	%	to	29.91%
Fidelity VIP Investment Grade Bond Portfolio	76	14.20		to	15.24		1,426		2.65	%	1.00	%	to	1.55	%	7.97	%	to	8.57%
Fidelity VIP Government Money Market	344	9.53		to	9.98		3,369		2.06	%	1.00	%	to	2.75	%	(0.79	)%	to	1.00%
Non-Affiliated Service Class:
Fidelity VIP Growth Portfolio	12	26.49		to	26.49		323		0.16	%	1.35	%	to	1.35	%	32.37	%	to	32.37%
Fidelity VIP Mid Cap Portfolio	41	68.96		to	72.23		2,892		0.78	%	1.10	%	to	1.35	%	21.68	%	to	21.99%
Non-Affiliated Service Class 2:
Fidelity VIP Asset Manager Portfolio	65	19.42		to	22.06		1,103		1.72	%	1.00	%	to	1.67	%	16.04	%	to	16.83%
Fidelity VIP Balanced Portfolio	498	24.59		to	27.98		10,560		1.62	%	1.00	%	to	1.67	%	22.04	%	to	22.88%
Fidelity VIP Bond Index Portfolio (b)	8	10.15		to	10.15		85		3.77	%	1.55	%	to	1.55	%	1.48	%	to	1.48%
Fidelity VIP Contrafund® Portfolio	667	36.51		to	40.90		17,646		0.21	%	1.00	%	to	1.67	%	29.08	%	to	29.96%
Fidelity VIP Disciplined Small Cap Portfolio	87	17.07		to	18.61		1,546		0.81	%	1.00	%	to	1.67	%	21.31	%	to	22.14%
Fidelity VIP Equity-Income Portfolio	176	25.48		to	26.16		3,356		1.87	%	1.00	%	to	1.67	%	24.99	%	to	25.84%
Fidelity VIP Extended Market Index Portfolio (b)	3	10.55		to	10.55		37		1.20	%	1.55	%	to	1.55	%	5.51	%	to	5.51%
Fidelity VIP Freedom 2010 Portfolio	26	14.94		to	15.56		397		1.81	%	1.35	%	to	1.67	%	13.82	%	to	14.19%
Fidelity VIP Freedom 2015 Portfolio	26	15.89		to	16.59		413		1.70	%	1.15	%	to	1.60	%	16.09	%	to	16.62%
Fidelity VIP Freedom 2020 Portfolio	42	16.12		to	16.44		653		1.78	%	1.15	%	to	1.60	%	17.96	%	to	18.50%
Fidelity VIP Freedom 2025 Portfolio	120	17.11		to	17.38		1,969		1.84	%	1.15	%	to	1.60	%	19.57	%	to	20.12%
Fidelity VIP Freedom 2030 Portfolio	22	16.32		to	19.60		363		1.33	%	1.15	%	to	1.67	%	22.04	%	to	22.69%
Fidelity VIP Growth Portfolio	136	34.46		to	31.59		3,900		0.05	%	1.00	%	to	1.67	%	31.74	%	to	32.64%
Fidelity VIP High Income Portfolio	336	20.77		to	26.68		6,807		6.67	%	1.00	%	to	1.67	%	12.85	%	to	13.62%
Fidelity VIP Index 500 Portfolio	1,273	32.38		to	30.14		29,166		1.73	%	1.00	%	to	1.67	%	28.83	%	to	29.71%
Fidelity VIP International Index Portfolio (b)	*-	10.65		to	10.65		2		12.35	%	1.15	%	to	1.15	%	6.52	%	to	6.52%
Fidelity VIP Investment Grade Bond Portfolio	1,065	14.42		to	18.64		15,005		2.58	%	1.00	%	to	1.67	%	7.58	%	to	8.31%
Fidelity VIP Mid Cap Portfolio	335	39.52		to	45.68		8,716		0.70	%	1.00	%	to	1.67	%	21.12	%	to	21.94%
Fidelity VIP Overseas Portfolio	196	22.72		to	21.97		2,673		1.20	%	1.00	%	to	1.67	%	25.37	%	to	26.23%
Fidelity VIP Target Volatility Portfolio	36	13.32		to	13.65		486		1.37	%	1.15	%	to	1.55	%	16.81	%	to	17.28%
Non-Affiliated Class 1:
Columbia VP – Select Mid Cap Value Fund (a)	80	18.69		to	19.56		1,539		—	%	1.15	%	to	1.67	%	29.43	%	to	30.11%
Franklin Growth and Income VIP Fund	57	30.72		to	30.72		1,751		2.50	%	1.35	%	to	1.35	%	24.35	%	to	24.35%
Franklin Income VIP Fund	106	28.69		to	29.27		3,053		5.59	%	1.10	%	to	1.35	%	14.85	%	to	15.14%
JP Morgan IT Mid Cap Value	18	36.84		to	39.09		630		1.70	%	1.00	%	to	1.55	%	24.80	%	to	25.49%
Morgan Stanley VIF Emerging Markets Debt Portfolio	3	27.81		to	35.02		107		5.33	%	1.10	%	to	1.55	%	12.48	%	to	13.00%
Morgan Stanley VIF U.S. Real Estate Portfolio	17	36.36		to	40.27		714		1.86	%	1.00	%	to	1.55	%	17.10	%	to	17.75%
Non-Affiliated Class 2:
American Funds I.S. Managed Risk Asset Allocation Fund	163	13.15		to	13.61		2,148		2.35	%	1.00	%	to	1.55	%	16.16	%	to	16.81%
Columbia VP – Small Cap Value Fund	65	27.02		to	28.58		1,751		0.27	%	1.15	%	to	1.67	%	18.97	%	to	19.59%
Franklin Growth and Income VIP Fund	215	26.69		to	31.25		4,983		2.23	%	1.00	%	to	1.67	%	23.56	%	to	24.40%
Franklin Income VIP Fund	842	23.13		to	29.19		14,513		5.40	%	1.00	%	to	1.67	%	14.12	%	to	14.90%
Franklin Large Cap Growth VIP Fund	170	28.58		to	35.12		5,003		—	%	1.00	%	to	1.67	%	32.33	%	to	33.23%
Franklin Mutual Shares VIP Fund	593	23.70		to	28.91		9,919		1.84	%	1.00	%	to	1.67	%	20.53	%	to	21.35%
Franklin Small Cap Value VIP Fund	58	18.42		to	23.32		1,104		1.06	%	1.15	%	to	1.67	%	24.24	%	to	24.90%
Invesco V.I. American Franchise Fund	12	32.03		to	27.45		356		—	%	1.15	%	to	1.67	%	34.15	%	to	34.86%

(a) Name Change. See Note 1.	30
(b) New Underlying Fund. See Note 1

Separate Account I

of

National Integrity Life Insurance Company

Notes to Financial Statements (continued)

5. Financial Highlights (continued)

For Year Ended 2019		Unit					Net		Investment		Expense					Total
	Units	Value					Assets		Income		Ratio					Return
Subaccount	(000s)	Range					(000s)		Ratio (**)		Range (***)					Range (****)
Non-Affiliated Class 2 (continued):
Invesco V.I. American Value Fund	386	$	18.52	to	$	20.05	$	7,406	0.44	%	1.00	%	to	1.67	%	22.63	%	to	23.46%
Invesco V.I. Comstock Fund	188	27.73		to	33.97		3,722		1.74	%	1.00	%	to	1.67	%	22.86	%	to	23.69%
Invesco V.I. International Growth Fund	162	13.06		to	13.59		2,146		1.33	%	1.15	%	to	1.60	%	26.19	%	to	26.77%
Invesco V.I. Mid Cap Growth Fund	20	15.17		to	15.40		305		—	%	1.15	%	to	1.55	%	31.93	%	to	32.46%
Templeton Foreign VIP Fund	366	18.71		to	22.58		4,336		1.69	%	1.00	%	to	1.67	%	10.65	%	to	11.40%
Templeton Global Bond VIP Fund	62	9.42		to	9.68		585		6.16	%	1.15	%	to	1.55	%	0.43	%	to	0.84%
Templeton Growth VIP Fund	75	19.23		to	23.32		1,234		2.80	%	1.00	%	to	1.67	%	13.23	%	to	14.00%
Morgan Stanley VIF Emerging Markets Debt Portfolio	60	22.19		to	12.98		953		5.39	%	1.15	%	to	1.67	%	12.26	%	to	12.86%
Morgan Stanley VIF Emerging Markets Equity Portfolio	146	31.30		to	39.99		2,323		1.01	%	1.00	%	to	1.67	%	17.52	%	to	18.32%
Morgan Stanley VIF U.S. Real Estate Portfolio	169	32.21		to	18.31		2,526		1.61	%	1.15	%	to	1.67	%	16.69	%	to	17.31%
Non-Affiliated Class 3:
BlackRock Capital Appreciation V.I. Fund	134	23.16		to	24.09		3,164		—	%	1.15	%	to	1.60	%	29.45	%	to	30.04%
BlackRock Global Allocation V.I. Fund	47	12.79		to	13.48		613		1.22	%	1.00	%	to	1.60	%	15.87	%	to	16.58%
BlackRock High Yield V.I. Fund	17	12.09		to	12.27		210		5.15	%	1.15	%	to	1.55	%	13.08	%	to	13.54%
BlackRock Total Return V.I. Fund	29	10.50		to	10.58		303		2.59	%	1.35	%	to	1.55	%	7.46	%	to	7.67%
TOPS® Managed Risk Moderate Growth ETF Portfolio	97	11.91		to	12.24		1,153		2.12	%	1.15	%	to	1.55	%	14.36	%	to	14.83%
Non-Affiliated Class 4:
American Funds I.S. Bond Fund	65	10.47		to	10.62		680		2.61	%	1.15	%	to	1.55	%	7.39	%	to	7.83%
American Funds I.S. Capital Income Builder Fund	270	11.16		to	11.45		3,032		2.77	%	1.00	%	to	1.55	%	15.80	%	to	16.44%
American Funds I.S. Global Growth Fund	133	16.67		to	17.14		2,255		0.99	%	1.15	%	to	1.60	%	32.72	%	to	33.33%
American Funds I.S. Growth Fund	128	19.82		to	20.37		2,567		0.61	%	1.15	%	to	1.60	%	28.35	%	to	28.94%
American Funds I.S. Growth-Income Fund	169	17.72		to	18.21		3,013		1.49	%	1.15	%	to	1.60	%	23.84	%	to	24.41%
American Funds I.S. New World Fund	74	12.48		to	12.79		937		0.81	%	1.15	%	to	1.55	%	26.82	%	to	27.34%
Non-Affiliated Class A:
DWS Small Cap Index VIP Fund	12	33.58		to	35.28		431		1.08	%	1.10	%	to	1.45	%	23.41	%	to	23.85%
Non-Affiliated Class B:
DWS Small Cap Index VIP Fund	75	29.93		to	32.13		1,678		0.75	%	1.00	%	to	1.67	%	22.79	%	to	23.62%
Advisor Class:
PIMCO VIT All Asset Portfolio	110	13.53		to	12.94		1,533		2.79	%	1.15	%	to	1.67	%	9.88	%	to	10.46%
PIMCO VIT International Bond Portfolio (US Dollar Hedged)	4	10.96		to	11.12		40		1.63	%	1.15	%	to	1.55	%	5.25	%	to	5.68%
PIMCO VIT CommodityRealReturn® Strategy Portfolio	318	3.90		to	5.46		1,280		4.29	%	1.15	%	to	1.67	%	9.49	%	to	10.07%
PIMCO VIT Long-Term U.S. Government Portfolio	17	11.30		to	11.65		200		1.97	%	1.15	%	to	1.60	%	11.40	%	to	11.91%
PIMCO VIT Low Duration Portfolio	189	11.01		to	11.92		2,125		2.66	%	1.00	%	to	1.67	%	2.19	%	to	2.88%
PIMCO VIT Real Return Portfolio	74	11.97		to	10.96		906		1.54	%	1.15	%	to	1.67	%	6.52	%	to	7.08%
PIMCO VIT Total Return Portfolio	1,376	13.71		to	14.84		19,494		2.92	%	1.00	%	to	1.67	%	6.44	%	to	7.17%
Investor Class:
Guggenheim VT Global Managed Futures Strategy Fund	27	6.17		to	6.60		168		0.96	%	1.00	%	to	1.60	%	6.41	%	to	7.06%
Guggenheim VT Multi-Hedge Strategies Fund	40	8.49		to	9.00		345		2.28	%	1.00	%	to	1.60	%	3.33	%	to	3.96%
Guggenheim VT Long Short Equity Fund	7	9.97		to	10.41		72		0.58	%	1.00	%	to	1.60	%	3.85	%	to	4.48%
ETF Shares:
iShares® Core S&P 500 ETF	300	61.04		to	65.80		18,622		2.24	%	1.75	%	to	2.75	%	27.64	%	to	28.95%
iShares® Core S&P Mid-Cap ETF	101	52.74		to	55.15		5,399		1.70	%	1.75	%	to	2.75	%	22.63	%	to	23.89%
iShares® Core S&P Small-Cap ETF	51	55.67		to	58.31		2,870		1.50	%	1.75	%	to	2.75	%	19.44	%	to	20.67%
iShares® Core U.S. Aggregate Bond ETF	23	25.15		to	28.74		582		2.74	%	1.75	%	to	2.75	%	5.47	%	to	6.56%
iShares® iBoxx $ High Yield Corporate Bond ETF	2	31.74		to	34.05		74		5.04	%	1.90	%	to	2.75	%	10.96	%	to	11.93%
iShares® Intermediate-Term Corporate Bond ETF	26	27.40		to	29.40		716		3.55	%	1.90	%	to	2.75	%	11.44	%	to	12.42%
iShares® International Treasury Bond ETF	104	21.93		to	23.82		2,326		0.22	%	1.75	%	to	2.75	%	0.91	%	to	1.95%
iShares® S&P 500 Growth ETF	35	65.12		to	72.17		2,339		1.73	%	1.75	%	to	2.75	%	27.17	%	to	28.47%
iShares® S&P 500 Value ETF	9	55.20		to	59.22		520		2.31	%	1.90	%	to	2.75	%	28.00	%	to	29.12%
iShares® TIPS Bond ETF	6	22.69		to	24.35		127		1.83	%	1.90	%	to	2.75	%	5.37	%	to	6.29%
Vanguard® Developed Markets Index Fund, ETF Shares	71	36.00		to	34.57		2,603		3.14	%	1.75	%	to	2.75	%	19.22	%	to	20.45%

(a) Name Change. See Note 1.	31
(b) New Underlying Fund. See Note 1

Separate Account I

of

National Integrity Life Insurance Company

Notes to Financial Statements (continued)

5. Financial Highlights (continued)

For Year Ended 2019		Unit					Net		Investment		Expense					Total
	Units	Value					Assets		Income		Ratio					Return
Subaccount	(000s)	Range					(000s)		Ratio (**)		Range (***)					Range (****)
ETF Shares (continued):
Vanguard® Dividend Appreciation Index Fund, ETF Shares	19	$	54.58	to	$	58.55	$	1,049	1.83	%	1.90	%	to	2.75	%	26.04	%	to	27.14%
Vanguard® Emerging Markets Stock Index Fund, ETF Shares	8	27.78		to	29.81		222		3.24	%	1.90	%	to	2.75	%	17.42	%	to	18.44%
Vanguard® Intermediate-Term Corporate Bond Index Fund, ETF Shares	2	31.92		to	34.14		61		3.47	%	1.75	%	to	1.90	%	11.92	%	to	12.09%
Vanguard® Large-Cap Index Fund, ETF Shares	12	60.81		to	65.24		728		1.98	%	1.90	%	to	2.75	%	27.62	%	to	28.74%
Vanguard® Mega Cap Index Fund, ETF Shares	2	61.96		to	66.98		140		1.96	%	1.75	%	to	2.75	%	27.55	%	to	28.86%
Vanguard® Real Estate Index Fund, ETF Shares	5	46.76		to	50.17		244		3.44	%	1.90	%	to	2.75	%	25.31	%	to	26.41%
Vanguard® Short-Term Bond Index Fund, ETF Shares	1	22.84		to	24.42		15		2.31	%	1.90	%	to	2.75	%	2.11	%	to	3.01%
Vanguard® Total Bond Market Index Fund, ETF Shares	686	25.15		to	28.83		17,584		2.76	%	1.75	%	to	2.75	%	5.84	%	to	6.93%

(a) Name Change. See Note 1.	32
(b) New Underlying Fund. See Note 1

Separate Account I

of

National Integrity Life Insurance Company

Notes to Financial Statements (continued)

5. Financial Highlights (continued)

For Year Ended 2018		Unit					Net		Investment		Expense			Total
	Units	Value					Assets		Income		Ratio			Return
Subaccount	(000s)	Range					(000s)		Ratio (**)		Range (***)			Range (****)
Affiliated:
Touchstone VST Active Bond Fund	186	$	13.20	to	$	16.19	$	2,460	1.95	%	1.00%	to	1.67%	(3.27)%	to	(2.60)%
Touchstone VST Aggressive ETF Fund	283	17.14		to	18.86		5,262		1.64	%	1.00%	to	1.67%	(9.39)%	to	(8.77)%
Touchstone VST Conservative ETF Fund	405	14.64		to	16.11		6,038		1.74	%	1.00%	to	1.67%	(5.63)%	to	(4.99)%
Touchstone VST Focused Fund	566	30.76		to	34.67		14,555		0.45	%	1.00%	to	1.67%	(9.52)%	to	(8.90)%
Touchstone VST Large Cap Core Equity Fund	166	21.94		to	21.61		3,186		0.57	%	1.00%	to	1.67%	(8.06)%	to	(7.43)%
Touchstone VST Moderate ETF Fund	475	17.51		to	17.86		7,336		1.89	%	1.00%	to	2.05%	(7.96)%	to	(6.97)%
Non-Affiliated Initial Class:
Fidelity VIP Balanced Portfolio	79	16.87		to	27.48		1,716		1.41	%	1.35%	to	1.35%	(5.52)%	to	(5.52)%
Fidelity VIP Overseas Portfolio	43	9.38		to	12.39		1,081		1.50	%	1.15%	to	1.55%	(16.14)%	to	(15.79)%
Fidelity VIP Equity-Income Portfolio	101	24.88		to	25.32		6,781		2.12	%	1.10%	to	1.35%	(9.54)%	to	(9.31)%
Fidelity VIP Growth Portfolio	32	137.25		to	137.25		4,380		0.24	%	1.35%	to	1.35%	(1.52)%	to	(1.52)%
Fidelity VIP High Income Portfolio	51	27.30		to	27.30		1,394		5.65	%	1.35%	to	1.35%	(4.60)%	to	(4.60)%
Fidelity VIP Asset Manager Portfolio	51	52.02		to	52.02		2,674		1.65	%	1.35%	to	1.35%	(6.63)%	to	(6.63)%
Fidelity VIP Contrafund® Portfolio	201	38.52		to	39.19		11,709		0.69	%	1.10%	to	1.35%	(7.65)%	to	(7.41)%
Fidelity VIP Index 500 Portfolio	114	18.03		to	18.56		4,015		1.80	%	1.10%	to	1.45%	(5.88)%	to	(5.55)%
Fidelity VIP Investment Grade Bond Portfolio	85	13.15		to	14.04		1,474		2.31	%	1.00%	to	1.55%	(2.08)%	to	(1.53)%
Fidelity VIP Government Money Market	1,084	9.61		to	9.88		10,536		1.62	%	1.00%	to	2.75%	(1.16)%	to	0.63%
Non-Affiliated Service Class:
Fidelity VIP Growth Portfolio	16	20.01		to	20.01		314		0.14	%	1.35%	to	1.35%	(1.63)%	to	(1.63)%
Fidelity VIP Mid Cap Portfolio	46	56.67		to	59.21		2,657		0.53	%	1.10%	to	1.35%	(15.80)%	to	(15.58)%
Non-Affiliated Service Class 2:
Fidelity VIP Asset Manager Portfolio	57	16.73		to	18.88		852		1.47	%	1.00%	to	1.67%	(7.20)%	to	(6.56)%
Fidelity VIP Balanced Portfolio	443	20.15		to	22.77		7,957		1.34	%	1.00%	to	1.67%	(6.04)%	to	(5.40)%
Fidelity VIP Contrafund® Portfolio	766	28.28		to	31.47		15,616		0.43	%	1.00%	to	1.67%	(8.21)%	to	(7.58)%
Fidelity VIP Disciplined Small Cap Portfolio	84	14.07		to	15.24		1,229		0.59	%	1.00%	to	1.67%	(14.75)%	to	(14.17)%
Fidelity VIP Equity-Income Portfolio	175	20.39		to	20.79		2,746		1.86	%	1.00%	to	1.67%	(10.07)%	to	(9.46)%
Fidelity VIP Freedom 2010 Portfolio	33	13.12		to	13.63		448		1.36	%	1.35%	to	1.67%	(5.87)%	to	(5.56)%
Fidelity VIP Freedom 2015 Portfolio	30	13.69		to	14.22		407		1.35	%	1.15%	to	1.60%	(6.80)%	to	(6.38)%
Fidelity VIP Freedom 2020 Portfolio	45	13.67		to	13.87		590		1.38	%	1.15%	to	1.60%	(7.59)%	to	(7.16)%
Fidelity VIP Freedom 2025 Portfolio	112	14.31		to	14.13		1,525		1.48	%	1.35%	to	1.60%	(8.28)%	to	(8.04)%
Fidelity VIP Freedom 2030 Portfolio	40	13.38		to	14.23		544		1.12	%	1.15%	to	1.67%	(9.60)%	to	(9.12)%
Fidelity VIP Growth Portfolio	133	26.16		to	23.82		2,908		0.04	%	1.00%	to	1.67%	(2.10)%	to	(1.43)%
Fidelity VIP High Income Portfolio	49	18.40		to	23.48		786		7.35	%	1.00%	to	1.67%	(5.24)%	to	(4.60)%
Fidelity VIP Index 500 Portfolio	1,295	25.13		to	23.23		23,138		1.56	%	1.00%	to	1.67%	(6.33)%	to	(5.69)%
Fidelity VIP Investment Grade Bond Portfolio	1,071	13.40		to	17.21		13,976		2.30	%	1.00%	to	1.67%	(2.45)%	to	(1.78)%
Fidelity VIP Mid Cap Portfolio	296	32.63		to	37.46		6,108		0.39	%	1.00%	to	1.67%	(16.20)%	to	(15.63)%
Fidelity VIP Overseas Portfolio	351	18.12		to	17.41		3,983		1.31	%	1.00%	to	1.67%	(16.48)%	to	(15.91)%
Fidelity VIP Target Volatility Portfolio	37	11.40		to	11.64		423		1.57	%	1.15%	to	1.55%	(7.46)%	to	(7.08)%
Non-Affiliated Class 1:
Columbia VP – Mid Cap Value Fund	75	14.44		to	15.03		1,113		—	%	1.15%	to	1.67%	(14.75)%	to	(14.30)%
Franklin Growth and Income VIP Fund	64	24.70		to	25.14		1,580		2.66	%	1.10%	to	1.35%	(5.67)%	to	(5.43)%
Franklin Income VIP Fund	127	24.98		to	25.42		3,175		4.95	%	1.10%	to	1.35%	(5.39)%	to	(5.15)%
JP Morgan IT Mid Cap Value	22	29.52		to	31.15		611		0.99	%	1.00%	to	1.55%	(13.21)%	to	(12.72)%
Morgan Stanley VIF Emerging Markets Debt Portfolio	4	24.72		to	30.99		119		5.53	%	1.10%	to	1.55%	(8.39)%	to	(7.97)%
Morgan Stanley VIF U.S. Real Estate Portfolio	19	31.05		to	34.20		681		2.67	%	1.00%	to	1.55%	(9.15)%	to	(8.64)%
Non-Affiliated Class 2:
American Funds I.S. Managed Risk Asset Allocation Fund	157	11.32		to	11.65		1,781		1.34	%	1.00%	to	1.55%	(6.38)%	to	(5.85)%
Columbia VP –Small Cap Value Fund	65	22.71		to	23.90		1,492		0.17	%	1.15%	to	1.67%	(19.54)%	to	(19.11)%
Franklin Growth and Income VIP Fund	244	21.60		to	25.12		4,591		2.49	%	1.00%	to	1.67%	(6.18)%	to	(5.54)%
Franklin Income VIP Fund	883	20.27		to	25.41		13,324		4.84	%	1.00%	to	1.67%	(5.91)%	to	(5.27)%
Franklin Large Cap Growth VIP Fund	191	21.59		to	26.36		4,229		—	%	1.00%	to	1.67%	(3.12)%	to	(2.46)%
Franklin Mutual Shares VIP Fund	626	19.66		to	23.82		8,736		2.33	%	1.00%	to	1.67%	(10.59)%	to	(9.98)%
Franklin Small Cap Value VIP Fund	59	14.82		to	15.76		904		0.88	%	1.15%	to	1.67%	(14.34)%	to	(13.88)%
Invesco V.I. American Franchise Fund	10	23.88		to	20.35		238		—	%	1.15%	to	1.67%	(5.50)%	to	(5.00)%
Invesco V.I. American Value Fund	369	15.11		to	16.24		5,756		0.21	%	1.00%	to	1.67%	(14.33)%	to	(13.74)%

33

Separate Account I

of

National Integrity Life Insurance Company

Notes to Financial Statements (continued)

5. Financial Highlights (continued)

For Year Ended 2018		Unit					Net		Investment		Expense			Total
	Units	Value					Assets		Income		Ratio			Return
Subaccount	(000s)	Range					(000s)		Ratio (**)		Range (***)			Range (****)
Non-Affiliated Class 2 (continued):
Invesco V.I. Comstock Fund	186	$	22.57	to	$	27.46	$	2,994	1.44	%	1.00%	to	1.67%	(13.84)%	to	(13.25)%
Invesco V.I. International Growth Fund	153	10.35		to	10.72		1,607		1.80	%	1.15%	to	1.60%	(16.57)%	to	(16.19)%
Invesco V.I. Mid Cap Growth Fund	13	11.50		to	11.63		146		—	%	1.15%	to	1.55%	(7.34)%	to	(6.96)%
Templeton Foreign VIP Fund	349	16.91		to	20.27		3,781		2.67	%	1.00%	to	1.67%	(16.86)%	to	(16.29)%
Templeton Global Bond VIP Fund	63	9.38		to	9.59		599		—	%	1.15%	to	1.55%	0.35%	to	0.76%
Templeton Growth VIP Fund	82	16.98		to	20.46		1,200		2.03	%	1.00%	to	1.67%	(16.28)%	to	(15.71)%
Morgan Stanley VIF Emerging Markets Debt Portfolio	59	19.77		to	11.50		843		5.55	%	1.15%	to	1.67%	(8.60)%	to	(8.12)%
Morgan Stanley VIF Emerging Markets Equity Portfolio	145	26.64		to	33.80		2,058		0.41	%	1.00%	to	1.67%	(18.90)%	to	(18.34)%
Morgan Stanley VIF U.S. Real Estate Portfolio	169	27.60		to	11.79		2,218		2.48	%	1.00%	to	1.67%	(9.51)%	to	(8.89)%
Non-Affiliated Class 3:
BlackRock Capital Appreciation V.I. Fund	131	17.89		to	18.75		2,370		—	%	1.00%	to	1.60%	0.49%	to	1.10%
BlackRock Global Allocation V.I. Fund	53	11.04		to	11.57		593		0.75	%	1.00%	to	1.60%	(9.06)%	to	(8.51)%
BlackRock High Yield V.I. Fund	11	10.69		to	10.81		123		5.26	%	1.15%	to	1.55%	(4.41)%	to	(4.02)%
BlackRock Total Return V.I. Fund	17	9.78		to	9.83		163		2.46	%	1.35%	to	1.55%	(2.27)%	to	(2.27)%
TOPS® Managed Risk Moderate Growth ETF Portfolio	100	10.42		to	10.66		1,045		1.78	%	1.15%	to	1.55%	(8.82)%	to	(8.45)%
Non-Affiliated Class 4:
American Funds I.S. Bond Fund	51	9.75		to	9.85		497		2.23	%	1.15%	to	1.55%	(2.43)%	to	(2.03)%
American Funds I.S. Capital Income Builder Fund	158	9.63		to	9.83		1,537		2.73	%	1.00%	to	1.55%	(8.69)%	to	(8.32)%
American Funds I.S. Global Growth Fund	122	12.56		to	12.86		1,552		0.53	%	1.15%	to	1.60%	(10.70)%	to	(10.29)%
American Funds I.S. Growth Fund	101	15.44		to	15.80		1,576		0.28	%	1.15%	to	1.60%	(2.10)%	to	(1.65)%
American Funds I.S. Growth-Income Fund	168	14.31		to	14.64		2,421		1.36	%	1.15%	to	1.60%	(3.58)%	to	(3.19)%
American Funds I.S. New World Fund	66	9.84		to	10.04		653		0.75	%	1.15%	to	1.55%	(15.59)%	to	(15.24)%
Non-Affiliated Class A:
DWS Small Cap Index VIP Fund	14	27.21		to	28.49		385		0.97	%	1.10%	to	1.45%	(12.52)%	to	(12.21)%
Non-Affiliated Class B:
DWS Small Cap Index VIP Fund	69	24.37		to	25.99		1,296		0.68	%	1.00%	to	1.67%	(12.91)%	to	(12.31)%
Advisor Class:
PIMCO VIT All Asset Portfolio	123	12.32		to	11.71		1,553		3.09	%	1.15%	to	1.67%	(7.03)%	to	(6.54)%
PIMCO VIT International Bond Portfolio (US Dollar Hedged)	2	10.41		to	10.53		18		1.31	%	1.15%	to	1.55%	0.43%	to	0.43%
PIMCO VIT CommodityRealReturn® Strategy Portfolio	345	3.56		to	4.96		1,263		1.97	%	1.15%	to	1.67%	(15.64)%	to	(15.19)%
PIMCO VIT Long-Term U.S. Government Portfolio	18	10.14		to	10.41		185		2.30	%	1.15%	to	1.60%	(4.05)%	to	(3.61)%
PIMCO VIT Low Duration Portfolio	165	10.77		to	11.58		1,807		1.81	%	1.00%	to	1.67%	(1.45)%	to	(0.77)%
PIMCO VIT Real Return Portfolio	112	11.24		to	10.23		1,282		2.37	%	1.15%	to	1.67%	(3.95)%	to	(3.44)%
PIMCO VIT Total Return Portfolio	1,476	12.88		to	13.84		19,600		2.43	%	1.00%	to	1.67%	(2.31)%	to	(1.64)%
Investor Class:
Guggenheim VT Global Managed Futures Strategy Fund	39	5.76		to	6.17		231		—	%	1.00%	to	1.67%	(10.55)%	to	(9.94)%
Guggenheim VT Multi-Hedge Strategies Fund	46	8.05		to	8.66		385		—	%	1.00%	to	1.67%	(6.67)%	to	(6.03)%
Guggenheim VT Long Short Equity Fund	8	9.27		to	9.97		81		—	%	1.00%	to	1.67%	(14.40)%	to	(13.81)%
ETF Shares:
iShares® Core S&P 500 ETF	388	47.82		to	51.03		18,855		1.85	%	1.75%	to	2.75%	(7.11)%	to	(6.15)%
iShares® Core S&P Mid-Cap ETF	122	43.01		to	44.51		5,341		1.47	%	1.75%	to	2.75%	(13.63)%	to	(12.73)%
iShares® Core S&P Small-Cap ETF	59	46.61		to	48.32		2,802		1.32	%	1.75%	to	2.75%	(11.02)%	to	(10.10)%
iShares® Core U.S. Aggregate Bond ETF	26	23.84		to	26.97		620		2.72	%	1.75%	to	2.75%	(2.67)%	to	(1.66)%
iShares® iBoxx $ High Yield Corporate Bond ETF	4	28.60		to	30.42		124		5.18	%	1.90%	to	2.75%	(4.71)%	to	(3.87)%
iShares® Intermediate-Term Corporate Bond ETF	26	24.59		to	26.15		653		3.33	%	1.90%	to	2.75%	(3.48)%	to	(2.63)%
iShares® International Treasury Bond ETF	119	21.74		to	23.37		2,635		0.30	%	1.75%	to	2.75%	(5.29)%	to	(4.31)%
iShares® S&P 500 Growth ETF	41	51.20		to	56.17		2,157		1.16	%	1.75%	to	2.75%	(2.95)%	to	(1.95)%
iShares® S&P 500 Value ETF	10	43.12		to	45.86		448		2.48	%	1.90%	to	2.75%	(11.70)%	to	(10.92)%
iShares® TIPS Bond ETF	5	21.54		to	22.91		108		2.71	%	1.90%	to	2.75%	(4.15)%	to	(3.31)%

34

Separate Account I

of

National Integrity Life Insurance Company

Notes to Financial Statements (continued)

5. Financial Highlights (continued)

For Year Ended 2018		Unit					Net		Investment		Expense			Total
	Units	Value					Assets		Income		Ratio			Return
Subaccount	(000s)	Range					(000s)		Ratio (**)		Range (***)			Range (****)
ETF Shares (continued):
Vanguard® Developed Markets Index Fund, ETF Shares	87	$	30.20	to	$	28.70	$	2,651	2.85	%	1.75%	to	2.75%	(17.11)%	to	(16.25)%
Vanguard® Dividend Appreciation Index Fund, ETF Shares	23	43.30		to	46.05		995		1.88	%	1.90%	to	2.75%	(4.78)%	to	(3.94)%
Vanguard® Emerging Markets Stock Index Fund, ETF Shares	11	23.66		to	21.70		260		2.52	%	1.75%	to	2.75%	(17.11)%	to	(16.25)%
Vanguard® Intermediate-Term Corporate Bond Index Fund, ETF Shares	2	28.52		to	30.46		63		3.45	%	1.75%	to	1.90%	(3.61)%	to	(3.46)%
Vanguard® Large-Cap Index Fund, ETF Shares	13	47.65		to	50.67		606		1.84	%	1.90%	to	2.75%	(7.09)%	to	(6.27)%
Vanguard® Mega Cap Index Fund, ETF Shares	2	48.58		to	51.98		123		1.93	%	1.75%	to	2.75%	(6.12)%	to	(5.15)%
Vanguard® Real Estate Index Fund, ETF Shares	7	37.32		to	39.69		252		4.38	%	1.90%	to	2.75%	(8.62)%	to	(7.82)%
Vanguard® Short-Term Bond Index Fund, ETF Shares	1	22.37		to	23.71		18		1.94	%	1.90%	to	2.75%	(1.45)%	to	(0.59)%
Vanguard® Total Bond Market Index Fund, ETF Shares	821	23.76		to	26.96		19,849		2.78	%	1.75%	to	2.75%	(2.87)%	to	(1.87)%

35

Separate Account I

of

National Integrity Life Insurance Company

Notes to Financial Statements (continued)

5. Financial Highlights (continued)

For Year Ended 2017		Unit			Investment		Expense		Total
	Units	Value	Net Assets		Income		Ratio		Return
Subaccount	(000s)	Range	(000s)		Ratio (**)		Range (***)		Range (****)
Affiliated:
Touchstone VST Active Bond Fund	242	$13.64 to $16.63	$	3,363	2.37	%	1.00% to 1.67%		1.81% to 2.51%
Touchstone VST Aggressive ETF Fund	325	22.46 to 20.68	6,610		1.68	%	1.00% to 2.15%		14.78% to 16.13%
Touchstone VST Conservative ETF Fund	454	14.98 to 16.96	7,158		2.04	%	1.00% to 2.15%		7.70% to 8.96%
Touchstone VST Focused Fund	640	34.00 to 38.06	18,136		0.51	%	1.00% to 1.67%		11.75% to 12.51%
Touchstone VST Large Cap Core Equity Fund	187	23.86 to 23.35	3,905		0.67	%	1.00% to 1.67%		19.30% to 20.11%
Touchstone VST Moderate ETF Fund	522	18.85 to 19.20	8,797		1.94	%	1.00% to 2.15%		11.22% to 12.52%
Non-Affiliated Initial Class:
Fidelity VIP Balanced Portfolio	90	17.86 to 29.08	2,068		1.42	%	1.35	%	14.86	%
Fidelity VIP Overseas Portfolio	50	11.19 to 11.87	1,438		1.40	%	1.00% to 1.55%		28.27% to 28.99%
Fidelity VIP Equity-Income Portfolio	138	27.50 to 27.92	10,060		1.68	%	1.10% to 1.35%		11.38% to 11.66%
Fidelity VIP Growth Portfolio	36	139.37	4,980		0.22	%	1.35	%	33.32	%
Fidelity VIP High Income Portfolio	56	28.61	1,604		4.56	%	1.35	%	5.50	%
Fidelity VIP Asset Manager Portfolio	59	55.72	3,277		1.86	%	1.35	%	12.57	%
Fidelity VIP Contrafund® Portfolio	224	41.71 to 42.33	13,970		0.98	%	1.10% to 1.35%		20.24% to 20.54%
Fidelity VIP Index 500 Portfolio	129	19.15 to 19.65	4,803		1.77	%	1.10% to 1.45%		19.96% to 20.38%
Fidelity VIP Investment Grade Bond Portfolio	103	13.43 to 14.26	2,012		2.31	%	1.00% to 1.55%		2.61% to 3.18%
Fidelity VIP Government Money Market	1,139	9.72 to 9.82	11,055		0.67	%	1.00% to 2.75%		(2.08)% to (0.33)%
Non-Affiliated Service Class:
Fidelity VIP Growth Portfolio	18	20.34	359		0.13	%	1.35	%	33.19	%
Fidelity VIP Mid Cap Portfolio	53	67.30 to 70.14	3,587		0.61	%	1.10% to 1.35%		19.08% to 19.38%
Non-Affiliated Service Class 2:
Fidelity VIP Asset Manager Portfolio	63	18.03 to 20.20	1,005		1.55	%	1.00% to 1.67%		11.85% to 12.61%
Fidelity VIP Balanced Portfolio	410	21.45 to 24.08	7,973		1.30	%	1.00% to 1.67%		14.18% to 14.96%
Fidelity VIP Contrafund® Portfolio	848	30.81 to 34.05	18,909		0.77	%	1.00% to 1.67%		19.56% to 20.38%
Fidelity VIP Disciplined Small Cap Portfolio	118	16.51 to 17.75	2,011		0.55	%	1.00% to 1.67%		5.01% to 5.73%
Fidelity VIP Equity-Income Portfolio	288	22.67 to 22.96	5,449		1.43	%	1.00% to 1.67%		10.78% to 11.53%
Fidelity VIP Freedom 2010 Portfolio	37	13.94 to 14.43	528		0.98	%	1.35% to 1.67%		10.92% to 11.28%
Fidelity VIP Freedom 2015 Portfolio	32	14.17 to 15.19	456		1.04	%	1.15% to 1.67%		12.89% to 13.48%
Fidelity VIP Freedom 2020 Portfolio	44	14.79 to 14.94	620		1.26	%	1.15% to 1.60%		14.41% to 14.93%
Fidelity VIP Freedom 2025 Portfolio	46	15.60 to 15.37	686		1.24	%	1.35% to 1.60%		15.69% to 15.99%
Fidelity VIP Freedom 2030 Portfolio	43	14.80 to 15.65	634		0.67	%	1.15% to 1.67%		18.69% to 19.31%
Fidelity VIP Growth Portfolio	183	26.72 to 24.16	4,162		0.09	%	1.00% to 1.67%		32.57% to 33.47%
Fidelity VIP High Income Portfolio	70	19.42 to 24.61	1,264		1.48	%	1.00% to 1.67%		5.13% to 5.85%
Fidelity VIP Index 500 Portfolio	1,347	26.83 to 24.64	25,759		1.61	%	1.00% to 1.67%		19.39% to 20.20%
Fidelity VIP Investment Grade Bond Portfolio	1,061	13.74 to 17.52	14,157		2.27	%	1.00% to 1.67%		2.26% to 2.96%
Fidelity VIP Mid Cap Portfolio	348	38.94 to 44.40	8,978		0.50	%	1.00% to 1.67%		18.53% to 19.34%
Fidelity VIP Overseas Portfolio	375	21.69 to 20.70	5,131		1.27	%	1.00% to 1.67%		27.83% to 28.69%
Fidelity VIP Target Volatility Portfolio	36	12.32 to 12.53	440		1.14	%	1.15% to 1.55%		14.50% to 14.96%
Non-Affiliated Class 1:
Columbia VP – Mid Cap Value Fund	77	16.94 to 17.54	1,330		—	%	1.15% to 1.67%		11.65% to 12.24%
Franklin Growth and Income VIP Fund	71	26.19 to 26.58	1,847		5.98	%	1.10% to 1.35%		14.59% to 14.87%
Franklin Income VIP Fund	142	26.41 to 26.80	3,757		4.30	%	1.10% to 1.35%		8.46% to 8.74%
JP Morgan IT Mid Cap Value	27	34.01 to 35.69	856		0.79	%	1.00% to 1.55%		12.01% to 12.63%
Morgan Stanley VIF Emerging Markets Debt Portfolio	4	26.98 to 33.67	140		5.48	%	1.10% to 1.55%		8.02% to 8.51%
Morgan Stanley VIF U.S. Real Estate Portfolio	23	34.18 to 37.43	917		1.58	%	1.00% to 1.55%		1.52% to 2.08%
Non-Affiliated Class 2:
American Funds I.S. Managed Risk Asset Allocation Fund	164	12.07 to 12.37	1,988		0.78	%	1.00% to 1.60%		12.97% to 13.66%
Columbia VP –Small Cap Value Fund	59	28.23 to 29.55	1,684		0.32	%	1.15% to 1.67%		12.09% to 12.68%
Franklin Growth and Income VIP Fund	289	23.03 to 26.59	5,848		5.81	%	1.00% to 1.67%		13.93% to 14.70%
Franklin Income VIP Fund	901	21.54 to 26.82	14,667		4.12	%	1.00% to 1.67%		7.85% to 8.58%
Franklin Large Cap Growth VIP Fund	110	22.29 to 27.02	2,309		0.62	%	1.00% to 1.67%		25.98% to 26.83%
Franklin Mutual Shares VIP Fund	660	21.99 to 26.46	10,475		2.25	%	1.00% to 1.67%		6.54% to 7.27%
Franklin Small Cap Value VIP Fund	67	17.30 to 18.31	1,209		0.51	%	1.15% to 1.67%		8.81% to 9.38%
Invesco V.I. American Franchise Fund	10	25.27 to 21.42	251		—	%	1.15% to 1.67%		24.91% to 25.57%
Invesco V.I. American Value Fund	120	17.63 to 18.83	2,169		0.60	%	1.00% to 1.67%		7.86% to 8.59%
Invesco V.I. Comstock Fund	187	26.20 to 31.66	3,500		1.99	%	1.00% to 1.67%		15.62% to 16.40%

36

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National Integrity Life Insurance Company

Notes to Financial Statements (continued)

5. Financial Highlights (continued)

For Year Ended 2017		Unit			Investment		Expense		Total
	Units	Value	Net Assets		Income		Ratio		Return
Subaccount	(000s)	Range	(000s)		Ratio (**)		Range (***)		Range (****)
Non-Affiliated Class 2 (continued):
Invesco V.I. International Growth Fund	143	$12.40 to $12.79	$	1,795	1.27	%	1.15% to 1.60%		20.77% to 21.32%
Invesco V.I. Mid Cap Growth Fund	5	12.41 to 12.49	61		—	%	1.15% to 1.55%		20.26% to 20.74%
Templeton Foreign VIP Fund	331	20.34 to 24.22	4,473		2.55	%	1.00% to 1.67%		14.75% to 15.53%
Templeton Global Bond VIP Fund	68	9.34 to 9.52	645		—	%	1.15% to 1.55%		0.35% to 0.76%
Templeton Growth VIP Fund	105	20.28 to 24.27	1,863		1.63	%	1.00% to 1.67%		16.53% to 17.32%
Morgan Stanley VIF Emerging Markets Debt Portfolio	56	21.63 to 15.86	899		5.60	%	1.00% to 1.67%		7.76% to 8.49%
Morgan Stanley VIF Emerging Markets Equity Portfolio	122	32.84 to 41.39	2,026		0.66	%	1.00% to 1.67%		32.82% to 33.72%
Morgan Stanley VIF U.S. Real Estate Portfolio	179	30.50 to 12.94	2,635		1.29	%	1.00% to 1.67%		1.16% to 1.84%
Non-Affiliated Class 3:
BlackRock Capital Appreciation V.I. Fund	123	17.80 to 18.54	2,215		—	%	1.00% to 1.60%		30.83% to 31.62%
BlackRock Global Allocation V.I. Fund	67	12.14 to 12.64	817		1.29	%	1.00% to 1.60%		11.90% to 12.58%
BlackRock High Yield V.I. Fund	5	11.19 to 11.26	53		4.90	%	1.15% to 1.55%		5.41% to 5.84%
BlackRock Total Return V.I. Fund	20	10.00 to 10.02	198		2.22	%	1.45% to 1.55%		1.61% to 1.71%
TOPS® Managed Risk Moderate Growth ETF Portfolio	82	11.43 to 11.64	935		1.58	%	1.15% to 1.55%		12.08% to 12.53%
Non-Affiliated Class 4:
American Funds I.S. Bond Fund	51	9.99 to 10.06	510		2.35	%	1.15% to 1.55%		1.70% to 2.11%
American Funds I.S. Capital Income Builder Fund	146	10.55 to 10.67	1,551		2.62	%	1.15% to 1.55%		10.91% to 11.36%
American Funds I.S. Global Growth Fund	102	14.07 to 14.33	1,460		0.63	%	1.15% to 1.60%		29.03% to 29.61%
American Funds I.S. Growth Fund	80	15.77 to 16.06	1,272		0.48	%	1.15% to 1.60%		25.95% to 26.52%
American Funds I.S. Growth-Income Fund	134	14.88 to 15.12	2,006		1.40	%	1.15% to 1.55%		20.19% to 20.68%
American Funds I.S. New World Fund	45	11.66 to 11.85	527		0.84	%	1.15% to 1.55%		27.07% to 27.58%
Non-Affiliated Class A:
DWS Small Cap Index VIP Fund	17	31.10 to 32.45	557		0.96	%	1.10% to 1.45%		12.68% to 13.08%
Non-Affiliated Class B:
DWS Small Cap Index VIP Fund	67	27.99 to 29.64	1,463		0.71	%	1.00% to 1.67%		12.14% to 12.90%
Advisor Class:
PIMCO VIT All Asset Portfolio	118	13.25 to 12.53	1,600		4.46	%	1.15% to 1.67%		11.49% to 12.08%
PIMCO VIT International Bond Portfolio (US Dollar Hedged)	*-	10.37	4		28.25	%	1.55	%	1.08	%
PIMCO VIT CommodityRealReturn® Strategy Portfolio	400	4.22 to 5.85	1,730		11.07	%	1.15% to 1.67%		0.35% to 0.88%
PIMCO VIT Long-Term U.S. Government Portfolio	19	10.57 to 10.80	207		2.08	%	1.15% to 1.60%		7.11% to 7.60%
PIMCO VIT Low Duration Portfolio	166	10.93 to 11.67	1,840		1.25	%	1.00% to 1.67%		(0.44)% to 0.24%
PIMCO VIT Real Return Portfolio	123	11.70 to 10.60	1,462		2.27	%	1.15% to 1.67%		1.83% to 2.36%
PIMCO VIT Total Return Portfolio	1,613	13.18 to 14.08	21,874		1.92	%	1.00% to 1.67%		3.07% to 3.77%
Investor Class:
Guggenheim VT Global Managed Futures Strategy Fund	45	6.44 to 6.85	292		1.42	%	1.00% to 1.67%		6.90% to 7.63%
Guggenheim VT Multi-Hedge Strategies Fund	60	8.63 to 9.21	543		—	%	1.00% to 1.67%		1.95% to 2.64%
Guggenheim VT Long Short Equity Fund	9	10.83 to 11.56	104		0.37	%	1.00% to 1.67%		12.94% to 13.71%
ETF Shares:
iShares® Core S&P 500 ETF	451	51.48 to 54.37	23,528		1.88	%	1.75% to 2.75%		18.42% to 19.63%
iShares® Core S&P Mid-Cap ETF	134	49.80 to 51.01	6,734		1.28	%	1.75% to 2.75%		13.07% to 14.23%
iShares® Core S&P Small-Cap ETF	67	52.38 to 53.75	3,551		1.28	%	1.75% to 2.75%		10.07% to 11.19%
iShares® Core U.S. Aggregate Bond ETF	27	24.49 to 27.43	671		2.32	%	1.75% to 2.75%		0.71% to 1.74%
iShares® iBoxx $ High Yield Corporate Bond ETF	8	30.02 to 32.38	249		5.05	%	1.75% to 2.75%		3.17% to 4.23%
iShares® Intermediate-Term Corporate Bond ETF	29	25.47 to 26.86	751		2.48	%	1.90% to 2.75%		0.70% to 1.57%
iShares® International Treasury Bond ETF	129	22.95 to 24.42	2,992		0.20	%	1.75% to 2.75%		8.42% to 9.53%
iShares® S&P 500 Growth ETF	47	52.76 to 57.29	2,538		1.43	%	1.75% to 2.75%		23.74% to 25.00%
iShares® S&P 500 Value ETF	10	48.84 to 51.49	480		2.17	%	1.90% to 2.75%		12.11% to 13.08%
iShares® TIPS Bond ETF	5	22.47 to 23.69	124		2.13	%	1.90% to 2.75%		0.10% to 0.97%
Vanguard® Developed Markets Index Fund, ETF Shares	88	36.43 to 34.27	3,214		2.91	%	1.75% to 2.75%		22.94% to 24.20%
Vanguard® Dividend Appreciation Index Fund, ETF Shares	31	45.47 to 47.94	1,420		1.99	%	1.90% to 2.75%		18.88% to 19.92%
Vanguard® Emerging Markets Stock Index Fund, ETF Shares	14	28.54 to 25.91	392		2.41	%	1.75% to 2.75%		27.87% to 29.18%
Vanguard® Intermediate-Term Corporate Bond Index Fund, ETF Shares	4	29.79 to 31.55	106		3.21	%	1.75% to 2.55%		2.63% to 3.47%
Vanguard® Large-Cap Index Fund, ETF Shares	15	51.28 to 54.06	755		1.89	%	1.90% to 2.75%		18.69% to 19.73%
Vanguard® Mega Cap Index Fund, ETF Shares	2	51.74 to 54.80	129		1.94	%	1.75% to 2.75%		19.24% to 20.47%
Vanguard® Real Estate Index Fund, ETF Shares	7	40.84 to 43.05	306		4.15	%	1.90% to 2.75%		2.01% to 2.90%

37

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National Integrity Life Insurance Company

Notes to Financial Statements (continued)

5. Financial Highlights (continued)

For Year Ended 2017		Unit			Investment		Expense	Total
	Units	Value	Net Assets		Income		Ratio	Return
Subaccount	(000s)	Range	(000s)		Ratio (**)		Range (***)	Range (****)
ETF Shares (continued):
Vanguard® Short-Term Bond Index Fund, ETF Shares	3	$22.70 to $23.85	$	66	1.63	%	1.90% to 2.75%	(1.57)% to (0.71)%
Vanguard® Total Bond Market Index Fund, ETF Shares	905	24.46 to 27.47	22,485		2.54	%	1.75% to 2.75%	0.73% to 1.76%

* - Less than 500.

38

Separate Account I

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National Integrity Life Insurance Company

Notes to Financial Statements (continued)

5. Financial Highlights (continued)

For Year Ended 2016					Investment
	Units	Unit Value	Net Assets		Income		Expense Ratio		Total Return
Subaccount	(000s)	Range	(000s)		Ratio (**)		Range (***)		Range (****)
Affiliated:
Touchstone VST Active Bond Fund	280	$13.40 to $16.22	$	3,834	1.95	%	1.00% to 1.67%		4.21% to 4.92%
Touchstone VST Aggressive ETF Fund	383	19.57 to 17.80	6,731		1.51	%	1.00% to 2.15%		5.64% to 6.88%
Touchstone VST Conservative ETF Fund	532	13.91 to 15.56	7,728		1.42	%	1.00% to 2.15%		3.31% to 4.53%
Touchstone VST Focused Fund	735	30.43 to 33.83	18,604		—	%	1.00% to 1.67%		11.22% to 11.98%
Touchstone VST Large Cap Core Equity Fund	209	20.00 to 19.44	3,650		0.81	%	1.00% to 1.67%		7.02% to 7.75%
Touchstone VST Moderate ETF Fund	630	16.95 to 17.06	9,571		1.54	%	1.00% to 2.15%		4.56% to 5.78%
Non-Affiliated Initial Class:
Fidelity VIP Balanced Portfolio	104	15.55 to 25.32	2,072		1.29	%	1.35	%	5.82	%
Fidelity VIP Overseas Portfolio	53	8.62 to 9.20	1,218		1.31	%	1.00% to 1.67%		(6.65)% to (6.01)%
Fidelity VIP Equity-Income Portfolio	142	24.70 to 25.00	9,839		2.30	%	1.10% to 1.35%		16.43% to 16.72%
Fidelity VIP Growth Portfolio	39	104.54	4,048		0.04	%	1.35	%	(0.56	)%
Fidelity VIP High Income Portfolio	72	27.12	1,949		5.34	%	1.35	%	13.06	%
Fidelity VIP Asset Manager Portfolio	63	49.50	3,137		1.46	%	1.35	%	1.68	%
Fidelity VIP Contrafund® Portfolio	251	34.69 to 35.12	12,933		0.79	%	1.10% to 1.35%		6.55% to 6.82%
Fidelity VIP Index 500 Portfolio	150	15.97 to 16.33	4,467		1.36	%	1.10% to 1.45%		10.24% to 10.63%
Fidelity VIP Investment Grade Bond Portfolio	121	13.09 to 13.82	2,194		2.21	%	1.00% to 1.55%		3.12% to 3.69%
Fidelity VIP Government Money Market	823	9.74 to 9.85	8,041		0.19	%	1.00% to 1.67%		(1.47)% to (0.80)%
Non-Affiliated Service Class:
Fidelity VIP Growth Portfolio	21	15.27	324		—	%	1.35	%	(0.64	)%
Fidelity VIP Mid Cap Portfolio	59	56.52 to 58.75	3,366		0.41	%	1.10% to 1.35%		10.60% to 10.88%
Non-Affiliated Service Class 2:
Fidelity VIP Asset Manager Portfolio	70	16.12 to 17.94	1,005		1.28	%	1.00% to 1.67%		1.12% to 1.81%
Fidelity VIP Balanced Portfolio	363	18.78 to 20.94	6,178		1.25	%	1.00% to 1.67%		5.19% to 5.91%
Fidelity VIP Contrafund® Portfolio	966	25.77 to 25.91	18,020		0.59	%	0.60% to 1.67%		5.93% to 7.08%
Fidelity VIP Disciplined Small Cap Portfolio	65	15.72 to 16.79	1,054		0.62	%	1.00% to 1.67%		20.27% to 21.09%
Fidelity VIP Equity-Income Portfolio	339	20.47 to 20.58	5,800		2.17	%	1.00% to 1.67%		15.75% to 16.53%
Fidelity VIP Freedom 2010 Portfolio	56	12.94 to 13.23	711		1.03	%	1.15% to 1.60%		3.55% to 4.02%
Fidelity VIP Freedom 2015 Portfolio	51	12.55 to 13.39	643		1.05	%	1.15% to 1.67%		3.82% to 4.36%
Fidelity VIP Freedom 2020 Portfolio	46	12.93 to 13.00	576		1.47	%	1.15% to 1.60%		4.11% to 4.59%
Fidelity VIP Freedom 2025 Portfolio	61	13.48 to 13.12	784		1.63	%	1.45% to 1.60%		4.29% to 4.45%
Fidelity VIP Freedom 2030 Portfolio	98	12.47 to 13.12	1,224		1.24	%	1.15% to 1.67%		4.60% to 5.15%
Fidelity VIP Growth Portfolio	238	20.15 to 18.10	4,080		—	%	1.00% to 1.67%		(1.13)% to (0.45)%
Fidelity VIP High Income Portfolio	462	18.47 to 23.25	8,364		5.85	%	1.00% to 1.67%		12.26% to 13.03%
Fidelity VIP Index 500 Portfolio	1,373	22.47 to 20.50	22,106		1.49	%	1.00% to 1.67%		9.72% to 10.47%
Fidelity VIP Investment Grade Bond Portfolio	1,002	13.44 to 17.02	13,063		2.21	%	1.00% to 1.67%		2.73% to 3.43%
Fidelity VIP Mid Cap Portfolio	340	32.85 to 37.20	7,257		0.30	%	1.00% to 1.67%		10.06% to 10.80%
Fidelity VIP Overseas Portfolio	344	16.97 to 16.09	3,643		1.24	%	1.00% to 1.67%		(6.85)% to (6.21)%
Fidelity VIP Target Volatility Portfolio	35	10.76 to 10.90	381		1.15	%	1.15% to 1.55%		3.43% to 3.85%
Non-Affiliated Class 1:
Columbia VP – Mid Cap Value Fund	80	15.17 to 15.76	1,226		—	%	1.00% to 1.67%		12.24% to 13.01%
Franklin Growth and Income VIP Fund	82	22.86 to 23.14	1,877		2.83	%	1.10% to 1.35%		10.35% to 10.63%
Franklin Income VIP Fund	173	24.35 to 24.65	4,217		5.05	%	1.10% to 1.35%		12.79% to 13.08%
JP Morgan IT Mid Cap Value	35	30.36 to 31.69	980		0.91	%	1.00% to 1.55%		12.92% to 13.55%
Morgan Stanley VIF Emerging Markets Debt Portfolio	5	24.98 to 31.03	140		5.94	%	1.10% to 1.55%		8.84% to 9.34%
Morgan Stanley VIF U.S. Real Estate Portfolio	30	33.67 to 36.67	1,170		1.35	%	1.00% to 1.55%		5.16% to 5.75%
Non-Affiliated Class 2:
American Funds I.S. Managed Risk Asset Allocation Fund	168	10.68 to 10.88	1,804		1.37	%	1.00% to 1.60%		5.56% to 6.20%
Columbia VP – Small Cap Value Fund	49	25.19 to 26.23	1,259		0.39	%	1.15% to 1.67%		30.53% to 31.22%
Franklin Growth and Income VIP Fund	343	20.21 to 23.18	6,054		2.59	%	1.00% to 1.67%		9.76% to 10.51%
Franklin Income VIP Fund	925	19.98 to 24.70	14,189		4.95	%	1.00% to 1.67%		12.12% to 12.88%
Franklin Large Cap Growth VIP Fund	134	17.69 to 21.31	2,190		—	%	1.00% to 1.67%		(3.43)% to (2.77)%
Franklin Mutual Shares VIP Fund	676	20.64 to 21.10	10,106		2.00	%	0.60% to 1.67%		14.12% to 15.36%
Franklin Small Cap Value VIP Fund	77	15.90 to 19.82	1,280		0.80	%	1.15% to 1.67%		28.02% to 28.69%
Invesco V.I. American Franchise Fund	14	20.23 to 17.06	284		—	%	1.15% to 1.67%		0.31% to 0.84%
Invesco V.I. American Value Fund	113	16.35 to 17.34	1,881		0.12	%	1.00% to 1.67%		13.30% to 14.07%

39

Separate Account I

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National Integrity Life Insurance Company

Notes to Financial Statements (continued)

5. Financial Highlights (continued)

For Year Ended 2016					Investment
	Units	Unit Value	Net Assets		Income		Expense Ratio		Total Return
Subaccount	(000s)	Range	(000s)		Ratio (**)		Range (***)		Range (****)
Non-Affiliated Class 2 (continued):
Invesco V.I. Comstock Fund	190	$22.66 to $27.19	$	3,086	1.34	%	1.00% to 1.67%		15.04% to 15.82%
Invesco V.I. International Growth Fund	127	10.42 to 10.54	1,316		1.18	%	0.80% to 1.67%		(2.04)% to (1.84)%
Invesco V.I. Mid Cap Growth Fund (April 29. 2016)	3	10.32	34		—	%	1.55	%	3.20	%
Templeton Foreign VIP Fund	337	17.73 to 20.96	4,039		1.94	%	1.00% to 1.67%		5.39% to 6.10%
Templeton Global Bond VIP Fund	73	9.35 to 9.45	683		—	%	1.15% to 1.55%		1.45% to 1.76%
Templeton Growth VIP Fund	135	17.40 to 16.98	1,979		2.04	%	0.60% to 1.67%		7.79% to 8.96%
Morgan Stanley VIF Emerging Markets Debt Portfolio	72	20.07 to 14.62	1,064		5.53	%	1.00% to 1.67%		8.74% to 9.48%
Morgan Stanley VIF Emerging Markets Equity Portfolio	164	24.73 to 30.96	2,230		0.45	%	1.00% to 1.67%		4.84% to 5.56%
Morgan Stanley VIF U.S. Real Estate Portfolio	183	30.15 to 12.70	2,708		1.06	%	1.00% to 1.67%		4.77% to 5.48%
Non-Affiliated Class 3:
BlackRock Capital Appreciation V.I. Fund	120	13.61 to 14.09	1,648		—	%	1.00% to 1.60%		(1.73)% to (1.13)%
BlackRock Global Allocation V.I. Fund	69	10.85 to 11.23	757		1.01	%	1.00% to 1.60%		2.15% to 2.77%
BlackRock High Yield V.I. Fund (April 29, 2016)	3	10.61	33		5.18	%	1.55	%	6.12	%
BlackRock Total Return V.I. Fund (April 29, 2016)	19	9.84	183		1.84	%	1.55	%	(1.55	)%
TOPS® Managed Risk Moderate Growth ETF Portfolio	83	10.19 to 10.35	843		2.17	%	1.35% to 1.45%		4.50% to 4.92%
Non-Affiliated Class 4:
American Funds I.S. Bond Fund (April 29, 2016)	20	9.82 to 9.85	199		3.40	%	1.15% to 1.55%		(1.79)% to (1.52)%
American Funds I.S. Capital Income Builder Fund	83	9.51 to 9.58	796		3.20	%	1.15% to 1.55%		2.18% to 2.59%
American Funds I.S. Global Growth Fund	87	10.90 to 11.06	958		0.68	%	1.15% to 1.60%		(1.24)% to (0.78)%
American Funds I.S. Growth Fund	62	12.54 to 12.52	775		1.07	%	1.15% to 1.55%		7.53% to 7.47%
American Funds I.S. Growth-Income Fund	118	12.38 to 12.53	1,465		1.32	%	1.15% to 1.55%		9.53% to 9.98%
American Funds I.S. New World Fund	41	9.17 to 9.29	376		0.58	%	1.15% to 1.55%		3.42% to 3.84%
Non-Affiliated Class A:
DWS Small Cap Index VIP Fund	19	27.60 to 28.70	525		1.09	%	1.10% to 1.45%		19.27% to 19.70%
Non-Affiliated Class B:
DWS Small Cap Index VIP Fund	68	24.96 to 26.25	1,332		0.82	%	1.00% to 1.67%		18.69% to 19.50%
Advisor Class:
PIMCO VIT All Asset Portfolio	130	11.88 to 12.60	1,582		2.43	%	1.00% to 1.67%		11.02% to 11.78%
PIMCO VIT CommodityRealReturn® Strategy Portfolio	405	4.21 to 5.79	1,741		1.01	%	1.15% to 1.67%		12.96% to 13.55%
PIMCO VIT Long-Term U.S. Government Portfolio	18	9.87 to 10.04	179		1.88	%	1.15% to 1.67%		(1.03)% to (0.58)%
PIMCO VIT Low Duration Portfolio	196	10.98 to 11.64	2,186		1.44	%	1.00% to 1.67%		(0.39)% to 0.29%
PIMCO VIT Real Return Portfolio	144	11.49 to 12.19	1,689		2.18	%	1.00% to 1.67%		3.34% to 4.04%
PIMCO VIT Total Return Portfolio	1,679	12.79 to 13.56	22,051		1.98	%	1.00% to 1.67%		0.86% to 1.55%
Investor Class:
Guggenheim VT Global Managed Futures Strategy Fund	50	6.02 to 6.36	306		3.68	%	1.00% to 1.67%		(16.19)% to (15.62)%
Guggenheim VT Multi-Hedge Strategies Fund	64	8.46 to 8.97	560		0.10	%	1.00% to 1.67%		(2.14)% to (1.48)%
Guggenheim VT Long Short Equity Fund	17	9.59 to 10.17	175		—	%	1.00% to 1.67%		(1.02)% to (0.35)%
ETF Shares:
iShares® Core S&P 500 ETF	517	43.47 to 45.45	22,723		2.23	%	1.75% to 2.75%		9.07% to 10.19%
iShares® Core S&P Mid-Cap ETF	149	44.04 to 44.66	6,627		1.76	%	1.75% to 2.75%		17.36% to 18.57%
iShares® Core S&P Small-Cap ETF	75	47.59 to 48.34	3,593		1.41	%	1.75% to 2.75%		23.13% to 24.39%
iShares® Core U.S. Aggregate Bond ETF	24	24.32 to 26.96	586		2.34	%	1.75% to 2.75%		(0.40)% to 0.62%
iShares® iBoxx $ High Yield Corporate Bond ETF	10	29.09 to 31.06	301		5.43	%	1.75% to 2.75%		10.29% to 11.42%
iShares® Intermediate-Term Corporate Bond ETF	32	25.30 to 26.44	821		2.44	%	1.90% to 2.75%		0.47% to 1.35%
iShares® International Treasury Bond ETF	129	21.17 to 22.30	2,764		0.66	%	1.75% to 2.75%		(1.92)% to (0.91)%
iShares® S&P 500 Growth ETF	50	42.64 to 45.83	2,162		1.58	%	1.75% to 2.75%		3.88% to 4.95%
iShares® S&P 500 Value ETF	13	43.56 to 45.53	582		2.47	%	1.90% to 2.75%		14.09% to 15.08%
iShares® TIPS Bond ETF	5	22.45 to 23.46	109		1.53	%	1.90% to 2.75%		1.80% to 2.69%
Vanguard® Developed Markets Index Fund, ETF Shares	103	29.63 to 27.59	3,057		3.10	%	1.75% to 2.75%		(0.17)% to 0.85%
Vanguard® Dividend Appreciation Index Fund, ETF Shares	39	38.25 to 41.43	1,500		2.23	%	1.75% to 2.75%		8.91% to 10.03%
Vanguard® Emerging Markets Stock Index Fund, ETF Shares	18	22.32 to 20.06	387		2.55	%	1.75% to 2.75%		9.10% to 10.22%
Vanguard® Intermediate-Term Corporate Bond Index Fund, ETF Shares	4	27.40 to 30.49	118		3.24	%	1.75% to 2.75%		2.36% to 3.41%
Vanguard® Large-Cap Index Fund, ETF Shares	16	43.20 to 44.88	700		2.11	%	1.75% to 2.75%		8.70% to 9.81%
Vanguard® Mega Cap Index Fund, ETF Shares	3	43.39 to 45.49	126		2.27	%	1.75% to 2.75%		8.84% to 9.95%
Vanguard® Real Estate Index Fund, ETF Shares	9	40.03 to 41.84	378		4.86	%	1.90% to 2.75%		5.64% to 6.56%

40

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National Integrity Life Insurance Company

Notes to Financial Statements (continued)

5. Financial Highlights (continued)

For Year Ended 2016					Investment
	Units	Unit Value	Net Assets		Income		Expense Ratio	Total Return
Subaccount	(000s)	Range	(000s)		Ratio (**)		Range (***)	Range (****)
ETF Shares:
Vanguard® Short-Term Bond Index Fund, ETF Shares	4	$23.06 to $24.02	$	98	1.46	%	1.90% to 2.75%	(1.45)% to (0.59)%
Vanguard® Total Bond Market Index Fund, ETF Shares	882	24.28 to 27.00	21,719		2.41	%	1.75% to 2.75%	(0.30)% to 0.73%

41

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National Integrity Life Insurance Company

Notes to Financial Statements (continued)

5. Financial Highlights (continued)

For Year Ended 2015					Investment
	Units	Unit Value	Net Assets		Income		Expense Ratio		Total Return
Subaccount	(000s)	Range	(000s)		Ratio (**)		Range (***)		Range (****)
Affiliated:
Touchstone VST Active Bond Fund	317	$12.86 to $15.46	$	4,188	3.21	%	1.00% to 1.67%		(2.92)% to (2.26)%
Touchstone VST Aggressive ETF Fund	426	18.53 to 16.66	7,073		1.56	%	1.00% to 2.15%		(2.25)% to (1.10)%
Touchstone VST Conservative ETF Fund	634	13.46 to 14.89	8,846		1.40	%	1.00% to 2.15%		(2.38)% to (1.24)%
Touchstone VST Focused Fund	1,042	27.36 to 30.21	24,687		—	%	1.00% to 1.67%		0.27% to 0.95%
Touchstone VST Large Cap Core Equity Fund	228	18.69 to 18.04	3,758		1.55	%	1.00% to 1.67%		(5.61)% to (4.97)%
Touchstone VST Moderate ETF Fund	785	16.21 to 16.13	11,451		1.78	%	1.00% to 2.15%		(2.33)% to (1.18)%
Non-Affiliated Initial Class:
Fidelity VIP Balanced Portfolio	119	14.69 to 23.93	2,226		1.45	%	1.35	%	(0.77	)%
Fidelity VIP Overseas Portfolio	73	9.23 to 9.79	1,712		1.29	%	1.00% to 1.67%		1.90% to 2.59%
Fidelity VIP Equity-Income Portfolio	146	21.21 to 21.42	8,281		3.04	%	1.10% to 1.35%		(5.26)% to (5.02)%
Fidelity VIP Growth Portfolio	42	105.13	4,400		0.25	%	1.35	%	5.73	%
Fidelity VIP High Income Portfolio	65	23.99	1,553		6.12	%	1.35	%	(4.93	)%
Fidelity VIP Asset Manager Portfolio	69	48.68	3,373		1.56	%	1.35	%	(1.21	)%
Fidelity VIP Contrafund® Portfolio	292	32.55 to 32.87	14,233		0.99	%	1.10% to 1.35%		(0.69)% to (0.44)%
Fidelity VIP Index 500 Portfolio	195	14.49 to 14.76	5,153		1.86	%	1.10% to 1.45%		(0.13)% to 0.22%
Fidelity VIP Investment Grade Bond Portfolio	150	12.70 to 13.33	2,543		2.25	%	1.00% to 1.55%		(2.13)% to (1.59)%
Fidelity VIP Government Money Market	1,427	9.89 to 9.93	14,126		0.03	%	1.00% to 1.67%		(1.13)% to (0.67)%
Non-Affiliated Service Class:
Fidelity VIP Growth Portfolio	26	15.37	394		0.15	%	1.35	%	5.61	%
Fidelity VIP Mid Cap Portfolio	69	51.10 to 52.99	3,556		0.39	%	1.10% to 1.35%		(2.83)% to (2.58)%
Non-Affiliated Service Class 2:
Fidelity VIP Asset Manager Portfolio	71	15.94 to 17.62	1,040		1.14	%	1.00% to 1.67%		(1.73)% to (1.06)%
Fidelity VIP Balanced Portfolio	343	17.85 to 19.77	5,575		1.31	%	1.00% to 1.67%		(1.31)% to (0.64)%
Fidelity VIP Contrafund® Portfolio	1,253	24.33 to 24.20	23,589		0.91	%	0.60% to 1.67%		(1.26)% to (0.19)%
Fidelity VIP Disciplined Small Cap Portfolio	44	13.07 to 13.86	586		0.39	%	1.00% to 1.67%		(3.81)% to (3.16)%
Fidelity VIP Equity-Income Portfolio	285	17.68 to 17.66	4,013		2.78	%	1.00% to 1.67%		(5.84)% to (5.20)%
Fidelity VIP Freedom 2010 Portfolio	84	12.49 to 12.72	1,032		1.30	%	1.15% to 1.60%		(2.12)% to (1.67)%
Fidelity VIP Freedom 2015 Portfolio	70	12.09 to 12.66	853		1.37	%	1.15% to 1.67%		(2.17)% to (1.65)%
Fidelity VIP Freedom 2020 Portfolio	32	12.42 to 12.43	382		1.30	%	1.15% to 1.60%		(2.05)% to (1.60)%
Fidelity VIP Freedom 2025 Portfolio	41	12.93 to 12.56	504		2.06	%	1.45% to 1.60%		(2.10)% to (1.95)%
Fidelity VIP Freedom 2030 Portfolio	96	11.92 to 12.48	1,140		0.13	%	1.15% to 1.67%		(2.19)% to (1.67)%
Fidelity VIP Growth Portfolio	178	20.38 to 18.19	3,069		0.03	%	1.00% to 1.67%		5.12% to 5.84%
Fidelity VIP High Income Portfolio	86	16.46 to 20.57	1,333		2.00	%	1.00% to 1.67%		(5.47)% to (4.83)%
Fidelity VIP Index 500 Portfolio	1,248	20.48 to 18.55	18,202		1.87	%	1.00% to 1.67%		(0.60)% to 0.07%
Fidelity VIP Investment Grade Bond Portfolio	1,264	13.08 to 16.45	16,162		3.32	%	1.00% to 1.67%		(2.50)% to (1.84)%
Fidelity VIP Mid Cap Portfolio	389	29.85 to 33.57	7,472		0.24	%	1.00% to 1.67%		(3.27)% to (2.61)%
Fidelity VIP Overseas Portfolio	286	18.22 to 17.15	3,311		1.09	%	1.00% to 1.67%		1.57% to 2.26%
Fidelity VIP Target Volatility Portfolio	23	10.41 to 10.49	238		1.40	%	1.15% to 1.55%		(2.87)% to (2.47)%
Non-Affiliated Class 1:
Columbia VP – Mid Cap Value Fund	72	13.51 to 13.95	989		—	%	1.00% to 1.67%		(6.57)% to (5.94)%
Franklin Growth and Income VIP Fund	98	20.71 to 20.92	2,033		3.61	%	1.10% to 1.35%		(1.96)% to (1.71)%
Franklin Income VIP Fund	199	21.58 to 21.80	4,305		4.77	%	1.10% to 1.35%		(8.09)% to (7.86)%
JP Morgan IT Mid Cap Value	45	26.89 to 27.91	1,125		0.99	%	1.00% to 1.55%		(4.16)% to (3.63)%
Morgan Stanley VIF Emerging Markets Debt Portfolio	9	22.95 to 28.38	226		5.86	%	1.10% to 1.55%		(2.65)% to (2.20)%
Morgan Stanley VIF U.S. Real Estate Portfolio	40	32.01 to 34.68	1,444		1.33	%	1.00% to 1.55%		0.59% to 1.15%
Non-Affiliated Class 2:
American Funds I.S. Managed Risk Asset Allocation Fund	152	10.12 to 10.25	1,542		1.57	%	1.00% to 1.60%		(2.65)% to (2.06)%
Columbia VP – Small Cap Value Fund	51	19.30 to 19.99	996		0.59	%	1.15% to 1.67%		(7.88)% to (7.39)%
Franklin Growth and Income VIP Fund	375	18.42 to 20.98	6,110		3.41	%	1.00% to 1.67%		(2.56)% to (1.90)%
Franklin Income VIP Fund	995	17.82 to 21.88	13,802		4.66	%	1.00% to 1.67%		(8.61)% to (7.98)%
Franklin Large Cap Growth VIP Fund	164	18.32 to 21.91	2,690		0.28	%	1.00% to 1.67%		3.86% to 4.57%
Franklin Mutual Shares VIP Fund	724	18.09 to 18.29	9,629		3.13	%	0.60% to 1.67%		(6.52)% to (5.51)%
Franklin Small Cap Value VIP Fund	72	12.42 to 15.40	926		0.67	%	1.15% to 1.67%		(8.93)% to (8.45)%
Invesco V.I. American Franchise Fund	16	20.17 to 19.20	321		—	%	1.15% to 1.67%		3.00% to 3.55%
Invesco V.I. American Value Fund	105	14.43 to 15.20	1,541		0.01	%	1.00% to 1.67%		(10.87)% to (10.26)%
Invesco V.I. Comstock Fund	187	19.70 to 23.48	2,670		1.76	%	1.00% to 1.67%		(7.76)% to (7.13)%

42

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National Integrity Life Insurance Company

Notes to Financial Statements (continued)

5. Financial Highlights (continued)

For Year Ended 2015					Investment
	Units	Unit Value	Net Assets		Income		Expense Ratio		Total Return
Subaccount	(000s)	Range	(000s)		Ratio (**)		Range (***)		Range (****)
Non-Affiliated Class 2 (continued):
Invesco V.I. International Growth Fund	106	$10.64 to $10.74	$	1,123	1.43	%	0.80% to 1.67%		(3.93)% to (3.73)%
Templeton Foreign VIP Fund	366	16.82 to 19.75	4,269		3.21	%	1.00% to 1.67%		(8.05)% to (7.43)%
Templeton Global Bond VIP Fund	84	9.21 to 9.29	773		7.59	%	1.15% to 1.55%		(5.69)% to (5.40)%
Templeton Growth VIP Fund	166	16.15 to 15.59	2,296		2.60	%	0.60% to 1.67%		(8.05)% to (7.05)%
Morgan Stanley VIF Emerging Markets Debt Portfolio	82	18.46 to 13.36	1,109		5.20	%	1.00% to 1.67%		(2.82)% to (2.16)%
Morgan Stanley VIF Emerging Markets Equity Portfolio	187	23.59 to 29.33	2,271		0.75	%	1.00% to 1.67%		(12.20)% to (11.60)%
Morgan Stanley VIF U.S. Real Estate Portfolio	202	28.78 to 12.04	2,878		1.16	%	1.00% to 1.67%		0.22% to 0.90%
Non-Affiliated Class 3:
BlackRock Capital Appreciation V.I. Fund	111	13.85 to 14.25	1,539		—	%	1.00% to 1.60%		4.91% to 5.54%
BlackRock Global Allocation V.I. Fund	102	10.62 to 10.93	1,093		1.02	%	1.00% to 1.60%		(2.58)% to (1.99)%
TOPS® Managed Risk Moderate Growth ETF Portfolio	13	9.76 to 9.86	131		1.29	%	1.35% to 1.45%		(7.91)% to (7.54)%
Non-Affiliated Class 4:
American Funds I.S. Capital Income Builder Fund (April 23, 2015)	30	9.32 to 9.31	278		3.19	%	1.15% to 1.45%		(6.83)% to (6.90)%
American Funds I.S. Global Growth Fund	131	11.04 to 11.14	1,454		2.27	%	1.15% to 1.60%		4.98% to 5.46%
American Funds I.S. Growth Fund	14	11.66 to 11.76	168		1.00	%	1.15% to 1.55%		4.93% to 5.36%
American Funds I.S. Growth-Income Fund	108	11.30 to 11.39	1,221		1.40	%	1.15% to 1.55%		(0.36)% to 0.05%
American Funds I.S. New World Fund	63	8.87 to 8.95	558		0.80	%	1.15% to 1.55%		(4.87)% to (4.48)%
Non-Affiliated Class A:
DWS Small Cap Index VIP Fund	21	23.14 to 23.98	488		1.09	%	1.10% to 1.45%		(5.98)% to (5.64)%
Non-Affiliated Class B:
DWS Small Cap Index VIP Fund	67	21.03 to 21.97	1,108		0.84	%	1.00% to 1.67%		(6.44)% to (5.81)%
Advisor Class:
PIMCO VIT All Asset Portfolio	144	10.70 to 11.28	1,579		2.90	%	1.00% to 1.67%		(10.70)% to (10.10)%
PIMCO VIT CommodityRealReturn® Strategy Portfolio	426	3.73 to 5.10	1,619		4.41	%	1.15% to 1.67%		(26.90)% to (26.52)%
PIMCO VIT Long-Term U.S. Government Portfolio	9	10.1	94		2.02	%	1.15	%	(2.60	)%
PIMCO VIT Low Duration Portfolio	189	11.02 to 11.61	2,113		3.26	%	1.00% to 1.67%		(1.45)% to (0.78)%
PIMCO VIT Real Return Portfolio	144	11.12 to 11.71	1,627		3.72	%	1.00% to 1.67%		(4.42)% to (3.77)%
PIMCO VIT Total Return Portfolio	1,719	12.68 to 13.36	22,333		4.94	%	1.00% to 1.67%		(1.31)% to (0.63)%
Investor Class:
Guggenheim VT Global Managed Futures Strategy Fund	62	7.19 to 7.54	451		2.08	%	1.00% to 1.67%		(3.19)% to (2.53)%
Guggenheim VT Multi-Hedge Strategies Fund	71	8.65 to 9.11	640		0.61	%	1.00% to 1.67%		0.15% to 0.83%
Guggenheim VT Long Short Equity Fund	19	9.69 to 10.21	192		—	%	1.00% to 1.67%		(0.43)% to 0.25%
ETF Shares:
iShares® Core S&P 500 ETF	529	39.86 to 41.24	21,252		2.15	%	1.75% to 2.75%		(1.50)% to (0.49)%
iShares® Core S&P Mid-Cap ETF	157	37.53 to 37.66	5,946		1.49	%	1.75% to 2.75%		(4.97)% to (4.00)%
iShares® Core S&P Small-Cap ETF	80	38.65 to 38.86	3,127		1.43	%	1.75% to 2.75%		(4.76)% to (3.78)%
iShares® Core U.S. Aggregate Bond ETF	25	24.42 to 26.79	621		2.27	%	1.75% to 2.75%		(2.28)% to (1.27)%
iShares® iBoxx $ High Yield Corporate Bond ETF	11	26.38 to 27.88	291		5.43	%	1.75% to 2.75%		(7.64)% to (6.69)%
iShares® Intermediate-Term Corporate Bond ETF	21	25.18 to 26.09	531		2.48	%	1.90% to 2.75%		(2.22)% to (1.37)%
iShares® International Treasury Bond ETF	126	21.58 to 22.50	2,750		0.12	%	1.75% to 2.75%		(9.79)% to (8.86)%
iShares® S&P 500 Growth ETF	46	41.05 to 43.67	1,906		1.56	%	1.75% to 2.75%		2.47% to 3.52%
iShares® S&P 500 Value ETF	14	38.18 to 39.56	558		2.36	%	1.90% to 2.75%		(5.94)% to (5.12)%
iShares® TIPS Bond ETF	6	22.05 to 22.85	135		0.33	%	1.90% to 2.75%		(4.46)% to (3.62)%
Vanguard® Developed Markets Index Fund, ETF Shares	97	29.68 to 27.36	2,875		2.73	%	1.75% to 2.75%		(3.10)% to (2.10)%
Vanguard® Dividend Appreciation Index Fund, ETF Shares	40	35.12 to 37.65	1,408		2.30	%	1.75% to 2.75%		(4.62)% to (3.64)%
Vanguard® Emerging Markets Stock Index Fund, ETF Shares	17	20.46 to 18.20	345		2.79	%	1.75% to 2.75%		(18.14)% to (17.29)%
Vanguard® Intermediate-Term Corporate Bond Index Fund, ETF Shares	3	26.77 to 29.49	94		3.27	%	1.75% to 2.75%		(1.86)% to (0.85)%
Vanguard® Large-Cap Index Fund, ETF Shares	15	39.75 to 40.87	591		1.95	%	1.75% to 2.75%		(1.75)% to (0.74)%
Vanguard® Mega Cap Index Fund, ETF Shares	3	39.87 to 41.37	124		2.07	%	1.75% to 2.75%		(1.36)% to (0.34)%
Vanguard® Real Estate Index Fund, ETF Shares	8	37.90 to 39.27	306		3.97	%	1.90% to 2.75%		(0.39)% to 0.48%
Vanguard® Short-Term Bond Index Fund, ETF Shares	4	23.40 to 24.16	90		1.30	%	1.90% to 2.75%		(1.85)% to (0.99)%
Vanguard® Total Bond Market Index Fund, ETF Shares	853	24.36 to 26.80	21,034		2.44	%	1.75% to 2.75%		(2.20)% to (1.19)%

43

STATUTORY-BASIS FINANCIAL STATEMENTS

National Integrity Life Insurance Company

Years Ended December 31, 2019, 2018 and 2017

With Report of Independent Auditors

National Integrity Life Insurance Company

Statutory-Basis Financial Statements

Years Ended December 31, 2019, 2018 and 2017

Contents

Report of Independent Auditors	1
Financial Statements
Balance Sheets (Statutory-Basis)	3
Statements of Operations (Statutory-Basis)	4
Statements of Changes in Capital and Surplus (Statutory-Basis)	5
Statements of Cash Flow (Statutory-Basis)	6
Notes to Financial Statements (Statutory-Basis)	7

Report of Independent Auditors

The Board of Directors

National Integrity Life Insurance Company

We have audited the accompanying statutory-basis financial statements of National Integrity Life Insurance Company (the Company), which comprise the balance sheets as of December 31, 2019 and 2018, and the related statements of operations, changes in capital and surplus, and cash flow for each of the three years in the period ended December 31, 2019, and the related notes to the financial statements.

Management’s Responsibility for the Financial Statements

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

Auditor’s Responsibility

Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits in accordance with auditing standards generally accepted in the United States. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor’s judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the entity’s preparation and fair presentation of the financial statements 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 entity’s internal control. Accordingly, we express no such opinion. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluating the overall presentation of the financial statements.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinions.

1

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

As described in Note 1 to the statutory-basis financial statements, the Company prepared these financial statements using accounting practices prescribed or permitted by the New York Department of Financial Services, Division of Insurance, which is a basis of accounting other than U.S. generally accepted accounting principles. The variances between such practices and U.S. generally accepted accounting principles and the effects on the accompanying financial statements are described in Note 1.

Adverse Opinion on U.S. Generally Accepted Accounting Principles

In our opinion, because of the significance of the matter described in the Basis for Adverse Opinion on U.S. Generally Accepted Accounting Principles paragraph, the statutory-basis financial statements referred to above do not present fairly, in conformity with U.S. generally accepted accounting principles, the financial position of the Company at December 31, 2019 and 2018, or the results of its operations or its cash flows for each of the three years in the period ended December 31, 2019.

Opinion on Statutory-Basis of Accounting

In our opinion, the statutory-basis financial statements referred to above present fairly, in all material respects, the financial position of the Company at December 31, 2019 and 2018, and the results of its operations and its cash flows for each of the three years in the period ended December 31, 2019, on the basis of accounting described in Note 1.

/s/ Ernst & Young LLP

Cincinnati, Ohio

April 20, 2020

2

National Integrity Life Insurance Company

Balance Sheets (Statutory-Basis)

	December 31
	2019		2018
Admitted assets	(In Thousands)
Cash and invested assets:
Debt securities	$	2,495,289	$	2,601,505
Preferred and common stocks	19,954		19,710
Mortgage loans	172,483		136,448
Policy loans	50,483		50,325
Cash, cash equivalents and short-term investments	74,495		21,483
Receivable for securities	2,629		3,019
Securities lending reinvested collateral assets	40,713		—
Other invested assets	106,235		84,799
Total cash and invested assets	2,962,281		2,917,289
Investment income due and accrued	23,784		24,442
Current federal income taxes recoverable	—		66
Net deferred income tax asset	9,291		4,892
Other admitted assets	1,676		2,688
Separate account assets	1,487,072		1,543,190
Total admitted assets	$	4,484,104	$	4,492,567
Liabilities and capital and surplus
Liabilities:
Policy and contract liabilities:
Life and annuity reserves	2,389,263		$	2,423,092
Liability for deposit-type contracts	155,431		166,552
Policy and contract claims	602		1,496
Total policy and contract liabilities	2,545,296		2,591,140
General expense due and accrued	24		11
Current federal income taxes payable	1,657		—
Transfer to (from) separate accounts due and accrued, net	(18,790)		(26,194)
Asset valuation reserve	41,172		40,180
Interest maintenance reserve	1,319		—
Other liabilities	8,502		5,235
Payable for securities lending	40,713		—
Separate account liabilities	1,487,072		1,543,190
Total liabilities	4,106,965		4,153,562
Capital and surplus:
Common stock, $10 par value, authorized 200 shares, issued and outstanding 200 shares	2,000		2,000
Paid-in surplus	312,228		312,228
Accumulated surplus	62,911		24,777
Total capital and surplus	377,139		339,005
Total liabilities and capital and surplus	$	4,484,104	$	4,492,567

See accompanying notes.

3

National Integrity Life Insurance Company

Statements of Operations (Statutory-Basis)

	Year Ended December 31
	2019		2018		2017
	(In Thousands)
Premiums and other revenues:
Premiums and annuity considerations	$	209,917	$	249,174	$	224,438
Net investment income	133,567		119,199		120,672
Considerations for supplementary contracts with life contingencies	7,134		8,332		7,870
Amortization of the interest maintenance reserve	(878)		(550)		(542)
Fees from management of separate accounts	7,057		7,477		7,320
Other revenues	1,092		1,183		981
Total premiums and other revenues	357,889		384,815		360,739
Benefits paid or provided:
Death benefits	4,758		4,569		6,118
Annuity benefits	122,658		125,848		112,903
Surrender benefits	340,401		355,911		323,875
Payments on supplementary contracts with life contingencies	9,787		9,708		8,814
Increase (decrease) in policy reserves and other policyholders’ funds	(29,009)		9,747		34,921
Total benefits paid or provided	448,595		505,783		486,631
Insurance expenses and other deductions:
Commissions	11,214		12,227		11,684
General expenses	16,626		17,836		17,728
Net transfers to (from) separate accounts	(167,395)		(183,274)		(162,037)
Other deductions	605		438		563
Total insurance expenses and other deductions	(138,950)		(152,773)		(132,062)
Gain (loss) from operations before federal income tax expense and net realized capital gains (losses)	48,244		31,805		6,170
Federal income tax expense (benefit), excluding tax on capital gains	10,163		9,148		16,485
Gain (loss) from operations before net realized capital gains (losses)	38,081		22,657		(10,315)
Net realized capital gains (losses) (excluding gains (losses) transferred to IMR and capital gains tax)	(2,485)		2,746		(3,753)
Net income (loss)	$	35,596	$	25,403	$	(14,068)

See accompanying notes.

4

National Integrity Life Insurance Company

Statements of Changes in Capital and Surplus (Statutory-Basis)

	Common Stock		Paid-In Surplus		Accumulated Surplus		Total Capital and Surplus
	(In Thousands)
Balance, January 1, 2017	$	2,000	$	312,228	$	45,034	$	359,262
Net income (loss)	—		—		(14,068)		(14,068)
Change in net deferred income tax	—		—		2,020		2,020
Net change in unrealized gains (losses) on investments (net of deferred tax expense (benefit) of ($716))	—		—		7,515		7,515
Net change in nonadmitted assets and related items	—		—		(2,547)		(2,547)
Change in asset valuation reserve	—		—		(2,446)		(2,446)
Change in surplus in separate accounts	—		—		193		193
Dividends to stockholder	—		—		(34,000)		(34,000)
Balance, December 31, 2017	2,000		312,228		1,701		315,929
Net income (loss)	—		—		25,403		25,403
Change in net deferred income tax	—		—		4,892		4,892
Net change in unrealized gains (losses) on investments (net of deferred tax expense (benefit) of ($2,295))	—		—		(8,633)		(8,633)
Net change in nonadmitted assets and related items	—		—		(6,204)		(6,204)
Change in asset valuation reserve	—		—		7,618		7,618
Balance, December 31, 2018	2,000		312,228		24,777		339,005
Net income (loss)	—		—		35,596		35,596
Change in net deferred income tax	—		—		988		988
Net change in unrealized gains (losses) on investments (net of deferred tax expense (benefit) of ($1,054))	—		—		(3,964)		(3,964)
Net change in nonadmitted assets and related items	—		—		6,253		6,253
Change in asset valuation reserve	—		—		(992)		(992)
Cumulative effect of changes in accounting principles	—		—		253		253
Balance, December 31, 2019	$	2,000	$	312,228	$	62,911	$	377,139

See accompanying notes.

5

National Integrity Life Insurance Company

Statements of Cash Flow (Statutory-Basis)

	Year Ended December 31
	2019		2018		2017
	(In Thousands)
Operating activities
Premiums collected net of reinsurance	$	217,051	$	257,506	$	232,308
Net investment income received	121,153		123,530		128,377
Benefits paid	(483,269)		(499,131)		(454,405)
Net transfers from (to) separate accounts	177,631		169,401		168,906
Commissions and expense paid	(27,959)		(29,901)		(29,520)
Federal income taxes recovered (paid)	(9,654)		(13,507)		(20,643)
Other, net	8,149		8,659		8,302
Net cash from (for) operations	3,102		16,557		33,325
Investing activities
Proceeds from investments sold, matured or repaid:
Debt securities	500,259		485,704		409,614
Preferred and common stocks	10,222		46,524		450
Mortgage loans	2,585		31,437		5,454
Other invested assets	21,530		4,068		4,776
Net gains (losses) on cash, cash equivalents and short-term investments	19		12		—
Miscellaneous proceeds	390		—		52,798
Net proceeds from investments sold, matured or repaid	535,005		567,745		473,092
Cost of investments acquired:
Debt securities	(395,913)		(533,287)		(460,423)
Preferred and common stocks	(10,162)		(2,940)		(30,932)
Mortgage loans	(38,620)		(9,000)		(29,850)
Other invested assets	(32,851)		(6,687)		(13,215)
Miscellaneous applications	(40,912)		(1,979)		—
Total cost of investments acquired	(518,458)		(553,893)		(534,420)
Net change in policy and other loans	(157)		(2,816)		(96)
Net cash from (for) investments	16,390		11,036		(61,424)
Financing and miscellaneous activities
Net deposits on deposit-type contract funds and other insurance liabilities	(11,121)		(13,052)		95,666
Dividends paid to stockholder	—		—		(34,000)
Other cash provided (applied)	44,641		(1,140)		(48,767)
Net cash from (for) financing and miscellaneous sources	33,520		(14,192)		12,899
Net change in cash, cash equivalents and short-term investments	53,012		13,401		(15,200)
Cash, cash equivalents and short-term investments:
Beginning of year	21,483		8,082		23,282
End of year	$	74,495	$	21,483	$	8,082

See accompanying notes.

6

National Integrity Life Insurance Company

Notes to Financial Statements (Statutory-Basis)

December 31, 2019, 2018 and 2017

1. Nature of Operations and Significant Accounting Policies

National Integrity Life Insurance Company (the Company) is a wholly-owned subsidiary of Integrity Life Insurance Company (Integrity), which is a wholly-owned subsidiary of The Western and Southern Life Insurance Company (Western and Southern). The Company, domiciled in the state of New York and currently licensed in eight states and the District of Columbia, specializes in the asset accumulation business with particular emphasis on retirement savings and investment products. The Company also offers interest-sensitive life insurance products. For the year ended December 31, 2019, approximately 95.3% of the gross premiums and annuity considerations for the Company were derived from New York. Fort Washington Investment Advisors, Inc. (Fort Washington), a registered investment adviser, is a nonlife insurance subsidiary of Western and Southern and is the investment manager for the Company.

State regulatory authorities have powers relating to granting and revoking licenses to transact business, the licensing of agents, the regulation of premium rates and trade practices, the form and content of insurance policies, the content of advertising material, financial statements and the nature of permitted practices.

Use of Estimates

The preparation of statutory-basis financial statements requires management to make estimates and assumptions that affect amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates.

Basis of Presentation

The accompanying financial statements of the Company have been prepared in conformity with accounting practices prescribed or permitted by the New York Department of Financial Services, Division of Insurance (the Department). The National Association of Insurance Commissioners’ (NAIC) Accounting Practices and Procedures Manual (NAIC SAP or SSAP) has been adopted as a component of prescribed or permitted practices by the State of New York. These practices differ in some respects from U.S. generally accepted accounting principles (GAAP). The more significant differences follow.

Investments

Investments in debt securities and mandatory redeemable preferred stocks are reported at amortized cost or fair value based on the NAIC rating; for GAAP, such fixed maturity investments are designated at purchase as held-to-maturity, trading or available-for-sale. Held-to-maturity fixed investments are reported at amortized cost, and the remaining fixed maturity investments are reported at fair value with unrealized holding gains and losses reported in the statement of operations for those designated as trading and as a separate component of other comprehensive income (loss) for those designated as available-for-sale.

7

National Integrity Life Insurance Company

Notes to Financial Statements (Statutory-Basis)

December 31, 2019, 2018 and 2017

All single-class and multiclass mortgage-backed/asset-backed securities (e.g., CMOs) are adjusted for the effects of changes in prepayment assumptions on the related accretion of discount or amortization of premium of such securities using the retrospective method. The prospective method is used to determine amortized cost for securities that experience a decline that is deemed to be other-than-temporary. Securities that are in an unrealized loss position which the Company intends to sell, or does not have the intent and ability to hold until recovery, are written down to fair value as a realized loss. Securities that are in an unrealized loss position which the Company has the intent and ability to hold until recovery are written down to the extent the present value of expected future cash flows using the security’s effective yield is lower than the amortized cost. For GAAP purposes, all securities, purchased or retained, that represent beneficial interests in securitized assets (e.g., CMO, CBO, CDO, CLO, MBS and ABS securities), other than high credit quality securities, are adjusted using the prospective method when there is a change in estimated future cash flows. If it is determined that a decline in fair value is other-than-temporary, the cost basis of the security is written down to the extent the present value of expected future cash flows using the security’s effective yield is lower than the amortized cost. If high credit quality securities are adjusted, the retrospective method is used.

The Company monitors other investments to determine if there has been an other-than-temporary decline in fair value. Factors that management considers for each identified security include the following:

•The extent and length of time the fair value has been below the book/adjusted carrying value;

•The reasons for the decline in value;

•Specific credit issues related to the issuer and current economic conditions, including the current and future impact of any specific events;

•For structured investments (e.g., residential mortgage-backed securities, commercial mortgage-backed securities, asset-backed securities and other structured investments), factors such as overall deal structure and the Company’s position within the structure, quality of underlying collateral, delinquencies and defaults, loss severities, recoveries, prepayments and cumulative loss projections are considered;

•For all equity securities and other debt securities with credit-related declines in fair value, the Company’s intent and ability to hold the security long enough for it to recover its value to book/adjusted carrying value; and

•For all other debt securities with interest-related declines in fair value, the Company’s intent to sell the security before recovery of its book/adjusted carrying value.

If the decline is judged to be other-than-temporary, an impairment charge to fair value is recorded as a net realized capital loss in the period the determination is made. Under GAAP, if the decline is judged to be other-than-temporary because the Company has the intent to sell the debt security or is more likely than not to be required to sell the debt security before its anticipated recovery, an impairment charge to fair value is recorded as a net realized capital loss. If the decline is judged to be other-than-temporary because the Company does not expect to recover the entire amortized cost basis of the security due to expected credit losses, an impairment charge is recorded to net realized capital loss as the difference between amortized cost and the net present value of expected future cash flows discounted at the effective interest rate implicit in the debt security prior to impairment.

8

National Integrity Life Insurance Company

Notes to Financial Statements (Statutory-Basis)

December 31, 2019, 2018 and 2017

Under a formula prescribed by the NAIC, the Company defers the portion of realized capital gains and losses on sales of fixed income investments, principally debt securities and mortgage loans, attributable to changes in the general level of interest rates and amortizes those deferrals over the remaining period to maturity of the individual security sold using the seriatim method. The net deferral is reported as the interest maintenance reserve (IMR) in the accompanying balance sheets. Realized capital gains and losses are reported in income net of federal income tax and transfers to the IMR. Under GAAP, realized capital gains and losses are reported in the the statements of operations on a pretax basis in the period that the assets giving rise to the gains or losses are sold.

The asset valuation reserve (AVR) provides a valuation allowance for invested assets. The AVR is determined by an NAIC prescribed formula with changes reflected directly in capital and surplus. AVR is not recognized for GAAP.

Policy Acquisition Costs

The costs of acquiring and renewing business are expensed when incurred. Under GAAP, policy acquisition costs, related to traditional life insurance and certain long-duration accident and health insurance policies sold, to the extent recoverable from future policy revenues, would be deferred and amortized over the premium-paying period of the related policies using assumptions consistent with those used in computing policy benefit reserves; for universal life insurance and investment products, to the extent recoverable from future gross profits, deferred policy acquisition costs are amortized generally in proportion to the present value of expected gross profits from surrender charges and investments, mortality, and expense margins.

Nonadmitted Assets

Certain assets designated as “nonadmitted” (principally a portion of deferred tax assets), and other assets not specifically identified as admitted assets within the NAIC’s Accounting Practices and Procedures Manual, are excluded from the accompanying balance sheets and are charged directly to accumulated surplus. Under GAAP, such assets are included in the balance sheets.

Premiums and Benefits

Revenues for universal life and annuity policies with mortality or morbidity risk, except for guaranteed interest and group annuity contracts, consist of the entire premium received, and benefits incurred represent the total of death benefits paid and the change in policy reserves. Premiums received for annuity policies without mortality or morbidity risk and for guaranteed interest and group annuity contracts are recorded using deposit accounting, and credited directly to an appropriate policy reserve account, without recognizing premium income. Under GAAP, premiums received in excess of policy charges would not be recognized as premium revenue and benefits would represent the excess of benefits paid over the policy account value and interest credited to the account values.

Benefit Reserves

Certain policy reserves are calculated using statutorily prescribed interest and mortality assumptions rather than on estimated expected experience or actual account balances as would be required under GAAP.

9

National Integrity Life Insurance Company

Notes to Financial Statements (Statutory-Basis)

December 31, 2019, 2018 and 2017

Reinsurance

A liability for reinsurance balances is required to be provided for unsecured policy reserves ceded to reinsurers not authorized to assume such business. Changes to those amounts are credited or charged directly to capital and surplus. Under GAAP, an allowance for amounts deemed uncollectible would be established through a charge to earnings.

Policy and contract liabilities ceded to reinsurers have been reported as reductions of the related reserves rather than as assets as would be required under GAAP. Commissions allowed by reinsurers on business ceded are reported as income when incurred rather than being deferred and amortized with policy acquisition costs as required under GAAP.

Deferred Income Taxes

Deferred tax assets are recorded for the amount of gross deferred tax assets expected to be realized in future years, and a valuation allowance is established for deferred tax assets not meeting a more-likely-than-not realization threshold. Deferred tax assets are limited to 1) the amount of federal income taxes paid in prior years that can be recovered through loss carrybacks for existing temporary differences that reverse during a time frame corresponding with Internal Revenue Service (IRS) tax loss carryback provisions, not to exceed three years, including amounts established in accordance with the provision of SSAP No. 5R, plus 2) for entities who meet the required realization threshold in SSAP No. 101, the lesser of the remaining gross deferred tax assets expected to be realized within three years of the balance sheet date or 15% of capital and surplus excluding any net deferred tax assets, electronic data processing equipment and operating software and any net positive goodwill, plus 3) the amount of remaining gross deferred tax assets that can be offset against existing gross deferred tax liabilities. The remaining deferred tax assets are nonadmitted. Under GAAP, a deferred tax asset is recorded for the amount of gross deferred tax assets expected to be realized in all future years, and a valuation allowance is established for deferred tax assets not meeting a more-likely-than-not realization threshold.

Statements of Cash Flow

Cash, cash equivalents and short-term investments in the statements of cash flow represent cash balances and investments with initial maturities of one year or less. Under GAAP, the corresponding captions of cash and cash equivalents include cash balances and investments with initial maturities of three months or less.

Other significant statutory accounting practices follow.

10

National Integrity Life Insurance Company

Notes to Financial Statements (Statutory-Basis)

December 31, 2019, 2018 and 2017

Restricted Assets

The Company has assets pledged as collateral, or otherwise not exclusively under control of the Company, totaling $162.8 million and $130.9 million as of December 31, 2019 and 2018, respectively. These assets are primarily collateral pledged to the Federal Home Loan Bank (FHLB). These restricted assets are discussed in more detail in their relevant section.

Investments

Debt securities, common stocks, preferred stocks, and short-term investments are stated at values prescribed by the NAIC, as follows:

Debt securities not backed by other loans are principally stated at amortized cost using the interest method.

Single-class and multiclass mortgage-backed/asset-backed securities are valued at amortized cost using the interest method including anticipated prepayments. Prepayment assumptions are obtained from Bloomberg and broker-dealer prepayment models or derived from empirical data and are based on the current interest rate and economic environment. The retrospective adjustment method is used to value all such securities except securities that are deemed to be other-than-temporarily impaired and securities that are principal-only or interest-only, which are valued using the prospective method.

Unaffiliated common stocks, other than FHLB stock, are unrestricted and reported at fair value utilizing publicly quoted prices from third-party pricing services and the related unrealized capital gains and losses are reported in capital and surplus along with any adjustment for federal income taxes. FHLB stock is carried at cost and is restricted. At December 31, 2019 and 2018, the Company owned $9.5 million and $7.9 million, of FHLB stock, respectively. The FHLB stock is held in conjunction with the issuance of deposit contracts to the FHLB. See Note 9 for further description.

Redeemable preferred stocks that have characteristics of debt securities and are rated as medium quality or better are reported at cost or amortized cost. All other redeemable preferred stocks are reported at the lower of cost, amortized cost or fair value. Perpetual preferred stocks that have the characteristics of equity securities and are rated as medium quality or better are reported at cost. All other perpetual preferred stocks are reported at the lower of cost or fair value utilizing publicly quoted prices from third-party pricing services and the related unrealized capital gains and losses are reported in capital and surplus along with any adjustment for federal income taxes.

Short-term investments include investments with remaining maturities of one year or less at the date of acquisition and are principally stated at amortized cost, which approximates fair value.

Cash equivalents are short-term highly liquid investments with original maturities of three months or less and are principally stated at amortized cost, which approximates fair value.

Joint ventures, partnerships, and limited liability companies are carried at the Company’s interest in the underlying audited GAAP equity of the investee. Undistributed earnings allocated to the Company are reported in the change in net unrealized capital gains or losses. Distributions from earnings of the

11

National Integrity Life Insurance Company

Notes to Financial Statements (Statutory-Basis)

December 31, 2019, 2018 and 2017

investees are reported as net investment income when received. Because of the indirect nature of these investments, there is an inherent reduction in transparency and liquidity and increased complexity in valuing the underlying investments. As a result, these investments are actively managed by the Company’s management via detailed evaluation of the investment performance relative to risk.

Mortgage loans are reported at unpaid principal balances, less an allowance for impairment. A mortgage loan is considered to be impaired when, based on current information and events, it is probable that the Company will be unable to collect all principal and interest amounts due according to the contractual terms of the mortgage agreement. When management determines foreclosure is probable, the impairment is other than temporary; the mortgage loan is written down to realizable value and a realized loss is recognized.

Policy loans are reported at unpaid principal balances.

Debt securities and other loan interest are credited to income as it accrues. Dividends are recorded as income on ex-dividend dates. To the extent income is uncertain, due and accrued income is excluded and treated as nonadmitted through surplus.

Realized capital gains and losses are determined using the specific identification method.

Premiums

Life and accident and health premiums are recognized as revenue when due. Premiums for annuity policies with mortality and morbidity risk, except for guaranteed interest and group annuity contracts, are also recognized as revenue when due. Premiums received for annuity policies without mortality or morbidity risk and for guaranteed interest and group annuity contracts are recorded using deposit accounting.

Policy Reserves

Life and annuity reserves are developed by actuarial methods and are determined based on published tables using statutorily specified interest rates and valuation methods that will provide, in the aggregate, reserves that are greater than or equal to the minimum or guaranteed policy cash values or the amounts required by the Department. The Company waives deduction of deferred fractional premiums on the death of life and annuity policy insureds and does not return any premium beyond the date of death. Surrender values on policies do not exceed the corresponding benefit reserves. Policies issued subject to multiple table substandard extra premiums are valued on the standard reserve basis which recognizes the nonlevel incidence of the excess mortality costs. Additional reserves are established when the results of cash flow testing under various interest rate scenarios indicate the need for such reserves, or the net premiums exceed the gross premiums on any insurance in-force.

Contracts issued that do not incorporate mortality or morbidity risk, such as guaranteed interest contracts, are accounted for as deposit-type contracts. Amounts received as payments and amounts withdrawn on deposit-type contracts are recorded directly to the liability for deposit-type contracts.

12

National Integrity Life Insurance Company

Notes to Financial Statements (Statutory-Basis)

December 31, 2019, 2018 and 2017

The mean reserve method is used to adjust the calculated terminal reserve to the appropriate reserve at December 31. Mean reserves are determined by computing the regular mean reserve for the plan at the rated age and holding, in addition, one-half of the extra premium charge for the year. Policies issued after July 1 for substandard lives, are charged an extra premium plus the regular premium for the true age. Mean reserves are based on appropriate multiples of standard rates of mortality. An asset is recorded for deferred premiums net of loading to adjust the reserve for modal premium payments.

For substandard table ratings, mean reserves are based on 125% to 500% of standard mortality rates. For flat extra ratings, mean reserves are based on the standard or substandard mortality rates increased by 1 to 25 deaths per thousand.

Tabular interest, tabular less actual reserves released, and tabular cost have been determined by formula as prescribed by the NAIC. Tabular interest on funds not involving life contingencies was derived from basic data.

The establishment of appropriate reserves is an inherently uncertain process, and there can be no assurance that the ultimate liability will not exceed the Company’s policy reserves and have an adverse effect on the Company’s results of operations and financial condition. Due to the inherent uncertainty of estimating reserves, it has been necessary, and may over time continue to be necessary, to revise estimated future liabilities as reflected in the Company’s policy reserves.

Reinsurance

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

Securities Lending

At December 31, 2019, the Company had loaned various debt securities, preferred stocks and common stocks as part of a securities lending program administered by Deutsche Bank, of which the fair value was $39.8 million and $7.0 million in the general and separate account, respectively. At December 31, 2018, the Company did not have securities on loan. The general account and separate account collateral is managed by an unaffiliated agent.

The Company requires at the initial transaction that the fair value of the cash collateral received must be equal to 102% of the fair value of the loaned securities. The Company monitors the ratio of the fair value of the collateral to loaned securities to ensure it does not fall below 100%. If the fair value of the collateral falls below 100% of the fair value of the securities loaned, the Company nonadmits that portion of the loaned security. At December 31, 2019, the Company did not nonadmit any portion of the loaned securities.

The Company reports all collateral on the balance sheet with an offsetting liability recognized for the obligation to return the collateral. Collateral for the securities lending program is managed by Deutsche Bank, an unaffiliated agent. At December 31, 2019, total collateral, which approximated $47.8 million, was invested in cash equivalents and was included in securities lending reinvested collateral assets on the balance sheet.

13

National Integrity Life Insurance Company

Notes to Financial Statements (Statutory-Basis)

December 31, 2019, 2018 and 2017

At December 31, 2019, the collateral for all securities on loan could be requested to be returned on demand by the borrower. At December 31, 2019, the fair value of the total collateral is $40.7 million. The fair value of the total collateral in the separate account was $7.1 million at December 31, 2019, which was all managed by an unaffiliated agent.

The aggregate collateral broken out by maturity date is as follows at December 31, 2019:

	Amortized Cost		Fair Value
	(In Thousands)
Open	$	—	$	—
30 days or less	47,837		47,837
31 to 60 days	—		—
61 to 90 days	—		—
91 to 120 days	—		—
121 to 180 days	—		—
181 to 365 days	—		—
1 to 2 years	—		—
2 to 3 years	—		—
Greater than 3 years	—		—
Total collateral	$	47,837	$	47,837

At December 31, 2019, all of the collateral held for the securities lending program was invested in tradable securities that could be sold and used to pay for the $40.7 million and $7.1 million in the general and separate accounts, respectively, in collateral calls that could come due under a worst-case scenario where all collateral was called simultaneously.

The Company does not accept collateral that is not permitted by contract or custom to sell or repledge. The Company does not have any securities lending transactions that extend beyond one year from the reporting date.

14

National Integrity Life Insurance Company

Notes to Financial Statements (Statutory-Basis)

December 31, 2019, 2018 and 2017

Separate Accounts

Separate account assets and liabilities reported in the accompanying balance sheets represent funds that are separately administered, principally for nonguaranteed variable annuity contracts and guaranteed market value adjustment annuity contracts. Assets held in the separate account supporting variable annuities are carried at fair value. Assets held in the separate account supporting market value adjusted annuities are carried at the general account basis. These separate account assets are considered legally insulated from the general account. Surrender charges collectible by the general account in the event of annuity contract surrenders are reported as a negative liability rather than an asset. Policy-related activity involving cash flow, such as premiums and benefits, are reported in the accompanying statements of operations in separate line items combined with related general account amounts. Investment income and interest credited on deposits held in guaranteed separate accounts are included in the accompanying statements of operations as a net amount included in net transfers to (from) separate accounts. The Company receives administrative fees for managing the nonguaranteed separate accounts and other fees for assuming mortality and certain expense risks.

Federal Income Taxes

Western and Southern files a consolidated income tax return with its eligible subsidiaries and affiliates, including the Company. The provision for federal income taxes is allocated to the Company using a separate return method based upon a written tax-sharing agreement. The benefits from losses of subsidiaries and affiliates, which are utilized in the consolidated return, will be retained by the subsidiaries and affiliates under the tax-sharing agreement. Western and Southern pays all federal income taxes due for all members of the consolidated group. The Company will then charge or reimburse, as the case may be, the members of the group an amount consistent with the method described in the tax-sharing agreement.

The Company includes interest and penalties in the federal income tax line on the statements of operations.

Accounting Changes

The Company did not have any material accounting changes in 2019, 2018, or 2017.

15

National Integrity Life Insurance Company

Notes to Financial Statements (Statutory-Basis)

December 31, 2019, 2018 and 2017

Subsequent Events

The Company is exposed to potential risk associated with the recent outbreak of a new strain of coronavirus (“COVID-19”) and is actively monitoring developments through governmental briefings and the relevant health authorities. The effects of the outbreak on the Company are uncertain and difficult to predict, as the situation is actively evolving. Risks include (but are not limited to) the disruption of business operations due to changing work environments for employees, agents and distributors, and business partners; potential economic hardship of policyholders and issuers of investments held by the Company; and disruptions of product marketing and sales efforts. The Company has business continuity plans in place to attempt to mitigate the risks posed to business operations by disruptive incidents such as these.

The Company recognizes in the financial statements the effects of all subsequent events that provide additional evidence about conditions that existed at the balance sheet date. For nonrecognized subsequent events that must be disclosed to keep the financial statements from being misleading, the Company is required to disclose the nature of the event as well as an estimate of its financial effect, or a statement that such an estimate cannot be made. Management has evaluated subsequent events through the issuance of these financial statements on April 20, 2020.

16

National Integrity Life Insurance Company

Notes to Financial Statements (Statutory-Basis)

December 31, 2019, 2018 and 2017

2. Investments

The book/adjusted carrying value and fair value of the Company’s investments in debt securities are summarized as follows:

	Book/Adjusted Carrying Value		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
	(In Thousands)
At December 31, 2019:
U.S. Treasury securities and obligations of U.S. government corporation and agencies	$	3,274	$	295	$	—	$	3,569
Debt securities issued by states of the U.S. and political subdivisions of the states	1,703		337		—		2,040
Non-U.S. government securities	29,451		1,720		—		31,171
Corporate securities	1,778,486		118,119		(4,903)		1,891,702
Commercial mortgage-backed securities	197,333		4,452		(517)		201,268
Residential mortgage-backed securities	220,086		11,534		(643)		230,977
Asset-backed securities	264,956		8,748		(145)		273,559
Total	$	2,495,289	$	145,205	$	(6,208)	$	2,634,286
At December 31, 2018:
U.S. Treasury securities and obligations of U.S. government corporation and agencies	$	3,261	$	252	$	(35)	$	3,478
Debt securities issued by states of the U.S. and political subdivisions of the states	7,727		288		(9)		8,006
Non-U.S. government securities	29,487		523		(700)		29,310
Corporate securities	1,794,746		29,004		(34,431)		1,789,319
Commercial mortgage-backed securities	258,036		1,340		(2,126)		257,250
Residential mortgage-backed securities	271,185		10,485		(3,469)		278,201
Asset-backed securities	237,063		2,593		(3,956)		235,700
Total	$	2,601,505	$	44,485	$	(44,726)	$	2,601,264

At December 31, 2019 and 2018, the Company held unrated or below-investment-grade corporate debt securities with a book/adjusted carrying value of $170.1 million and $160.6 million, respectively, and an aggregate fair value of $176.8 million and $156.6 million, respectively. As of December 31, 2019 and 2018, such holdings amount to 6.8% and 6.2%, respectively, of the Company’s investment in debt securities and 3.8% and 3.6%, respectively, of the Company’s total admitted assets. The Company performs periodic evaluations of the relative credit standing of the issuers of these debt securities. The Company considers these evaluations in its overall investment strategy.

17

National Integrity Life Insurance Company

Notes to Financial Statements (Statutory-Basis)

December 31, 2019, 2018 and 2017

Unrealized gains and losses on investments in unaffiliated common stocks are reported directly in capital and surplus and do not affect net income. The unrealized gains and unrealized losses on, and the cost and fair value of preferred and common stocks are as follows:

	Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
	(In Thousands)
At December 31, 2019:
Preferred stocks	$	3,371	$	135	$	—	$	3,506
Common stocks, unaffiliated	$	16,263	$	320	$	—	$	16,583
At December 31, 2018:
Preferred stocks	$	8,371	$	—	$	(604)	$	7,767
Common stocks, unaffiliated	$	11,349	$	—	$	(10)	$	11,339

18

National Integrity Life Insurance Company

Notes to Financial Statements (Statutory-Basis)

December 31, 2019, 2018 and 2017

The following table shows unrealized losses and fair values, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position.

	Unrealized Losses Less Than 12 Months				Unrealized Losses Greater Than or Equal to 12 Months
	Unrealized		Fair		Unrealized		Fair
	Losses		Value		Losses		Value
	(In Thousands)
At December 31, 2019:
U.S. Treasury securities and obligations of U.S. government corporations and agencies	$	—	$	—	$	—	$	—
Debt securities issued by states of the U.S. and political subdivisions of the states	—		—		—		—
Non-U.S. government securities	—		—		—		—
Corporate securities	(3,299)		72,202		(1,604)		30,612
Commercial mortgage-backed securities(1)	(9)		2,491		(508)		8,090
Residential mortgage-backed securities(1)	(499)		26,661		(144)		6,032
Asset-backed securities(1)	(72)		23,257		(73)		5,662
Total	$	(3,879)	$	124,611	$	(2,329)	$	50,396
Preferred stocks	$	—	$	—	$	—	$	—
Common stocks, unaffiliated	$	—	$	—	$	—	$	—

⁽¹⁾ Amounts relate to securities subject to SSAP 43R.

19

National Integrity Life Insurance Company

Notes to Financial Statements (Statutory-Basis)

December 31, 2019, 2018 and 2017

	Unrealized Losses Less Than 12 Months				Unrealized Losses Greater Than or Equal to 12 Months
	Unrealized		Fair		Unrealized		Fair
	Losses		Value		Losses		Value
	(In Thousands)
At December 31, 2018:
U.S. Treasury securities and obligations of U.S. government corporations and agencies	$	—	$	—	$	(35)	$	2,438
Debt securities issued by states of the U.S. and political subdivisions of the states	(9)		991		—		—
Non-U.S. government securities	(384)		10,391		(316)		6,204
Corporate securities	(24,980)		853,433		(9,451)		160,003
Commercial mortgage-backed securities(1)	(572)		91,735		(1,554)		44,109
Residential mortgage-backed securities(1)	(1,408)		96,640		(2,061)		60,646
Asset-backed securities(1)	(2,851)		103,373		(1,105)		40,226
Total	$	(30,204)	$	1,156,563	$	(14,522)	$	313,626
Preferred stocks	$	(604)	$	7,767	$	—	$	—
Common stocks, unaffiliated	$	(10)	$	3,447	$	—	$	—

⁽¹⁾ Amounts relate to securities subject to SSAP 43R.

Investments that are impaired at December 31, 2019 and 2018, for which other-than-temporary impairments have not been recognized, consist mainly of corporate debt securities, asset-backed securities and residential mortgage-backed securities. The aggregated unrealized loss is approximately 3.4% and 3.0% of the carrying value of securities considered temporarily impaired at December 31, 2019 and 2018, respectively. At December 31, 2019, there were a total of 89 securities held that are considered temporarily impaired, of which 24 have been impaired for 12 months or longer. At December 31, 2018, there were a total of 447 securities held that are considered temporarily impaired, of which 100 have been impaired for 12 months or longer. The Company recorded other-than-temporary impairments on securities of $1.3 million, $1.3 million, and $2.7 million for the years ended December 31, 2019, 2018 and 2017, respectively.

20

National Integrity Life Insurance Company

Notes to Financial Statements (Statutory-Basis)

December 31, 2019, 2018 and 2017

The following is a list of each loan-backed security held at December 31, 2019, with a recognized other-than-temporary impairment (OTTI) for the year ended December 31, 2019, where the present value of future cash flows expected to be collected was less than the amortized cost basis of the securities:

CUSIP	Book/ Adjusted Carrying Value Amortized Cost Before Current Period OTTI		Present Value of Future Cash Flows		Recognized Other- Than- Temporary Impairment		Amortized Cost After Other-Than-Temporary Impairment		Fair Value		Date of Other-Than-Temporary Impairment
(In Thousands)
For the year ended, December 31, 2019:
059469-AF-3	$	220	$	214	$	6	$	214	$	211	6/30/2019
Total	XXX		XXX		$	6	XXX		XXX

The Company had no OTTI on loan-backed securities for the year ended December 31, 2019, due to the intent to sell the security or 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 of the security.

21

National Integrity Life Insurance Company

Notes to Financial Statements (Statutory-Basis)

December 31, 2019, 2018 and 2017

A summary of the cost or amortized cost and fair value of the Company’s debt securities at December 31, 2019, by contractual maturity, is as follows:

	Book/Adjusted Carrying Value		Fair Value
	(In Thousands)
Years to maturity:
One or less	$	94,206	$	94,747
After one through five	867,415		895,834
After five through ten	550,817		591,261
After ten	300,476		346,640
Mortgage-backed securities/asset-backed securities	682,375		705,804
Total	$	2,495,289	$	2,634,286

The expected maturities may differ from the contractual maturities in the foregoing table because certain borrowers have the right to call or prepay obligations with or without call or prepayment penalties and because asset-backed and mortgage-backed securities (including floating-rate securities) provide for periodic payments throughout their lives.

Proceeds from the sales of investments in debt securities during 2019, 2018 and 2017 were $199.4 million, $124.5 million, and $138.5 million; gross gains of $3.6 million, $0.9 million, and $2.9 million and gross losses of $0.9 million, $1.1 million, and $0.4 million were realized on these sales in 2019, 2018, and 2017, respectively.

Proceeds from the sales of investments in equity securities during 2019, 2018 and 2017 were $0.0 million, $46.2 million, and $0.0 million; gross gains of $0.0 million, $8.9 million, and $0.0 million and gross losses of $0.0 million, $0.0 million, and $0.0 million were realized on these sales in 2019, 2018 and 2017, respectively.

Realized capital gains (losses) are reported net of federal income taxes and amounts transferred to the IMR as follows for the years ended December 31:

	2019		2018		2017
	(In Thousands)
Realized capital gains (losses)	$	500	$	5,987	$	(1,948)
Less amount transferred to (from) IMR (net of related taxes (benefits) of $471 in 2019, ($137) in 2018, and $573 in 2017)	1,771		(516)		1,066
Less federal income tax expense (benefit) of realized capital gains (losses)	1,214		3,757		739
Net realized capital gains (losses)	$	(2,485)	$	2,746	$	(3,753)

22

National Integrity Life Insurance Company

Notes to Financial Statements (Statutory-Basis)

December 31, 2019, 2018 and 2017

Net investment income was generated from the following for the years ended December 31:

	2019		2018		2017
	(In Thousands)
Debt securities	$	108,033	$	107,231	$	110,198
Equity securities	1,213		1,987		1,692
Mortgage loans	6,293		6,141		6,149
Policy loans	3,100		3,712		3,757
Cash, cash equivalents and short-term investments	389		474		250
Other invested assets	16,400		1,515		878
Other	370		351		60
Gross investment income	135,798		121,411		122,984
Investment expenses	2,231		2,212		2,312
Net investment income	$	133,567	$	119,199	$	120,672

The Company’s investments in mortgage loans principally involve commercial real estate. At December 31, 2019, 34.2% of such mortgages, or $59.0 million, involved properties located in Tennessee and Massachusetts. Such investments consist primarily of first-mortgage liens on completed income-producing properties. The aggregate mortgage outstanding to any one borrower does not exceed $25.1 million. During 2019, the respective minimum and maximum lending rates for mortgage loans issued were 3.65% and 4.50%. At the issuance of a loan, the percentage of any one loan to value of security, exclusive of insured, guaranteed or purchase money mortgage did not exceed 80.0%. During 2019, the Company did not reduce interest rates on any outstanding mortgages.

23

National Integrity Life Insurance Company

Notes to Financial Statements (Statutory-Basis)

December 31, 2019, 2018 and 2017

3. Fair Values of Financial Instruments

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

The Company uses fair value measurements to record the fair value of certain assets and liabilities and to estimate the fair value of financial instruments not recorded at fair value but required to be disclosed at fair value. Certain financial instruments, particularly policyholder liabilities other than investment-type contracts, are excluded from this fair value discussion.

Fair value is defined as the price that would be received to sell an asset or transfer a liability in an orderly transaction between market participants at the measurement date. The Company’s financial assets and liabilities carried at fair value have been classified, for disclosure purposes, based on the following hierarchy that prioritizes inputs to valuation techniques used to measure fair value into three levels. The Company’s policy is to recognize transfers in and transfers out of levels at the beginning of the quarterly reporting period.

•Level 1 - Quoted prices (unadjusted) in active markets for identical assets or liabilities. The Company’s Level 1 assets and liabilities primarily include exchange-traded equity securities and mutual funds, including those which are part of the Company’s separate account assets.

•Level 2 - Inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. The Company’s Level 2 assets and liabilities primarily include municipal bonds which are part of the Company's separate account assets. The Company determined fair value through the use of third-party pricing services utilizing market observable inputs.

•Level 3 - Significant unobservable inputs for the asset or liability. The Company does not have any significant assets or liabilities carried at fair value that meet the definition of Level 3.

Fair value estimates are made at a specific point in time, based on available market information and judgments about the financial instrument, including discount rates, estimates of timing, amount of expected future cash flows and the credit standing of the issuer. Such estimates do not consider the tax impact of the realization of unrealized gains or losses.

For Level 3 investments, the fair value estimates cannot be substantiated by comparison to independent markets. In addition, the disclosed fair value may not be realized in the immediate settlement of the financial instrument.

Certain investments utilize net asset value (NAV) as a practical expedient for fair value. These investments are reported separately from the hierarchy. Common stock utilizing NAV consists of an investment in a business development corporation as defined by the Investment Company Act of 1940. The investment can be sold or transferred with prior consent from the corporation. The NAV for this investment is $15.00. The Company does not intend to sell any investments utilizing NAV.

24

National Integrity Life Insurance Company

Notes to Financial Statements (Statutory-Basis)

December 31, 2019, 2018 and 2017

As described below, certain fair values are determined through the use of third-party pricing services. Management does not adjust prices received from third parties; however, the Company does analyze the third-party pricing services’ valuation methodologies and related inputs and performs additional evaluation to determine the appropriate level within the fair value hierarchy. The Company performs annual due diligence of third-party pricing services, which includes assessing the vendor’s valuation qualifications, control environment, analysis of asset class-specific valuation methodologies and understanding of market observable assumptions and unobservable assumptions, if any, employed in the valuation methodology. Care should be exercised in deriving conclusions about the Company’s business, its value or financial position based on the fair value information of financial instruments presented below. The following discussion describes the valuation methodologies utilized by the Company for assets and liabilities measured or disclosed at fair value.

Debt and Equity Securities

The fair values of debt securities and asset/mortgage-backed securities have been determined through the use of third-party pricing services utilizing market observable inputs. Private placement securities trading in less liquid or illiquid markets with limited or no pricing information are valued using either broker quotes or by discounting the expected cash flows using current market-consistent rates applicable to the yield, credit quality and maturity of each security.

The fair values of actively traded equity securities and exchange traded funds (including exchange traded funds with debt like characteristics) have been determined utilizing publicly quoted prices obtained from third-party pricing services. The fair values of certain equity securities for which no publicly quoted prices are available have been determined through the use of third-party pricing services utilizing market observable inputs. Actively traded mutual funds are valued using the net asset values of the funds.

Mortgage Loans

The fair values for mortgage loans, consisting principally of commercial real estate loans, are estimated using discounted cash flow analyses, using interest rates currently being offered for similar loans collateralized by properties with similar investment risk. The fair values for mortgage loans in default are established at the lower of the fair value of the underlying collateral less costs to sell or the carrying amount of the loan.

Cash, Cash Equivalents and Short-Term Investments

The fair values of cash, cash equivalents and short-term investments are based on quoted market prices or stated amounts.

Securities Lending Reinvested Collateral Assets

The fair values of securities lending reinvested collateral assets are determined through the use of third-party sources utilizing publicly quoted prices.

25

National Integrity Life Insurance Company

Notes to Financial Statements (Statutory-Basis)

December 31, 2019, 2018 and 2017

Other Invested Assets

Other invested assets primarily include surplus debentures for which fair values have been determined through the use of third-party pricing services utilizing market observable inputs.

Assets Held in Separate Accounts

Assets held in separate accounts primarily include debt securities, equity securities, mutual funds and mortgage loans. The fair values of these assets have been determined using the same methodologies as similar assets held in the general account.

Life and Annuity Reserves for Investment-Type Contracts and Deposit Fund Liabilities

The fair value of liabilities for investment-type contracts is based on the present value of estimated liability cash flows, which are discounted using rates that incorporate risk-free rates and margins for the Company’s own credit spread and the riskiness of cash flows. Key assumptions to the cash flow model include the timing of policyholder withdrawals and the level of interest credited to contract balances. Fair values for insurance reserves are not required to be disclosed. However, the estimated fair values of all insurance reserves and investment contracts are taken into consideration in the Company’s overall management of interest rate risk.

Securities Lending Liability

The liability represents the Company’s obligation to return collateral related to securities lending transactions. The liability is short-term in nature and therefore, the fair value of the obligation approximates the carrying amount.

Separate Account Liabilities

Certain separate account liabilities are classified as investment contracts and are carried at an amount equal to the related separate account assets. Carrying value is a reasonable estimate of the fair value as it represents the exit value as evidenced by withdrawal transactions between contract holders and the Company.

26

National Integrity Life Insurance Company

Notes to Financial Statements (Statutory-Basis)

December 31, 2019, 2018 and 2017

Assets and liabilities measured at fair value on a recurring basis are outlined below:

	Assets/(Liabilities) Measured at Fair Value		Fair Value Hierarchy Level
			Level 1		Level 2		Level 3		NAV
	(In Thousands)
At December 31, 2019
Assets:
Common stocks, unaffiliated	$	7,071	$	5,331	$	—	$	—	$	1,740
Separate account assets*	402,051		368,819		33,232		—		—
Total assets	$	409,122	$	374,150	$	33,232	$	—	$	1,740

* Separate account assets measured at fair value in this table do not include assets backing market value adjusted annuities, which are held at amortized cost, with the exception of securities rated NAIC 6 where the security’s fair value is below amortized cost.

	Assets/(Liabilities) Measured at Fair Value		Fair Value Hierarchy Level
			Level 1		Level 2		Level 3		NAV
	(In Thousands)
At December 31, 2018
Assets:
Common stocks, unaffiliated	$	3,447	$	27	$	—	$	—	$	3,420
Separate account assets*	365,277		334,089		31,188		—		—
Total assets	$	368,724	$	334,116	$	31,188	$	—	$	3,420

* Separate account assets measured at fair value in this table do not include assets backing market value adjusted annuities, which are held at amortized cost, with the exception of securities rated NAIC 6 where the security’s fair value is below amortized cost.

27

National Integrity Life Insurance Company

Notes to Financial Statements (Statutory-Basis)

December 31, 2019, 2018 and 2017

The reconciliation for all assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) for the year ended December 31, 2018, are as follows:

	Beginning Asset/(Liability) as of January 1, 2018		Total Realized/ Unrealized Gains (Losses) Included in:				Purchases, Sales, Issuances and Settlements		Transfers Into Level 3		Transfers Out of Level 3*		Ending Asset/(Liability) as of December 31, 2018
			Net Income		Surplus
	(In Thousands)
Assets:
Common stocks, unaffiliated	$	760	$	—	$	—	$	—	$	—	$	(760)	$	—

* Transfers out of Level 3 are due to utilizing net asset value.

The Company did not have any significant assets or liabilities measured at fair value on a nonrecurring basis as of December 31, 2019 and 2018.

The carrying amounts and fair values of the Company’s significant financial instruments follow:

	December 31, 2019
	Carrying Amount		Fair Value		Level 1		Level 2		Level 3		NAV
	(In Thousands)
Assets:
Bonds	$	2,495,289	$	2,634,286	$	3,569	$	2,629,630	$	1,087	$	—
Common stock, unaffiliated**	16,583		16,583		14,843		—		—		1,740
Preferred stock	3,371		3,506		—		3,506		—		—
Mortgage loans	172,483		180,460		—		—		180,460		—
Cash, cash equivalents and short-term investments	74,495		74,501		74,501		—		—		—
Other invested assets, surplus notes	3,100		3,762		—		3,762		—		—
Securities lending reinvested collateral assets	40,713		40,713		40,713		—		—		—
Separate account assets	1,487,072		1,548,461		375,112		1,114,480		58,869		—
Liabilities:
Life and annuity reserves for investment-type contracts and deposit fund liabilities	$	(1,706,514)	$	(1,748,121)	$	—	$	—	$	(1,748,121)	$	—
Securities lending liability	(40,713)		(40,713)		—		(40,713)		—		—
Separate account liabilities*	(1,064,271)		(1,128,839)		—		—		(1,128,839)		—

* Variable annuity contracts are considered insurance contracts and therefore, are not included in separate account liabilities for purposes of this disclosure.

** Includes FHLB common stock, which is held at cost.

28

National Integrity Life Insurance Company

Notes to Financial Statements (Statutory-Basis)

December 31, 2019, 2018 and 2017

	December 31, 2018
	Carrying Amount		Fair Value		Level 1		Level 2		Level 3		NAV
	(In Thousands)
Assets:
Bonds	$	2,601,505	$	2,601,264	$	3,478	$	2,593,875	$	3,911	$	—
Common stock, unaffiliated**	11,339		11,339		7,919		—		—		3,420
Preferred stock	8,371		7,767		—		2,800		4,967		—
Mortgage loans	136,448		135,375		—		—		135,375		—
Cash, cash equivalents and short-term investments	21,483		21,484		21,484		—		—		—
Other invested assets, surplus notes	3,118		3,438		—		3,438		—		—
Securities lending reinvested collateral assets	—		—		—		—		—		—
Separate account assets	1,543,190		1,539,210		333,342		1,148,808		57,060		—
Liabilities:
Life and annuity reserves for investment-type contracts and deposit fund liabilities	$	(1,849,521)	$	(1,769,506)	$	—	$	—	$	(1,769,506)	$	—
Securities lending liability	—		—		—		—		—		—
Separate account liabilities*	(1,154,728)		(1,076,708)		—		—		(1,076,708)		—

* Variable annuity contracts are considered insurance contracts and therefore, are not included in separate account liabilities for purposes of this disclosure.

** Includes FHLB common stock, which is held at cost.

29

National Integrity Life Insurance Company

Notes to Financial Statements (Statutory-Basis)

December 31, 2019, 2018 and 2017

4. Related-Party Transactions

In the fourth quarter of 2018, the Company purchased $47.6 million of bonds in exchange for cash from Western and Southern.

The Company paid a $34.0 million ordinary dividend to Integrity in December 2017. The dividend was in the form of cash.

The Company did not have any amounts receivable from parent, subsidiaries and affiliates as of December 31, 2019 and 2018, respectively. The Company had $1.7 million and $2.1 million payable to parent, subsidiaries and affiliates as of December 31, 2019 and 2018, respectively. The terms of the settlement generally require that these amounts be settled in cash within 30 days.

Western and Southern guarantees the payment of the Company’s policyholder obligations. In the unlikely event the guarantee would be triggered, Western and Southern may be permitted to take control of the Company’s assets to recover all or a portion of the amounts paid under the guarantee.

5. Reinsurance

Certain premiums and benefits are ceded to other insurance companies under various reinsurance agreements. The ceded insurance agreements provide the Company with increased capacity to write larger risks and maintain its exposure to loss within its capital resources.

The effects of reinsurance on premiums, annuity considerations and deposit-type funds are as follows for the years ended December 31:

	2019		2018		2017
	(In Thousands)
Direct premiums	$	211,024	$	250,112	$	225,146
Assumed premiums:
Affiliates	—		—		—
Nonaffiliates	—		—		—
Ceded premiums:
Affiliates	—		—		—
Nonaffiliates	(1,107)		(938)		(708)
Net premiums	$	209,917	$	249,174	$	224,438

30

National Integrity Life Insurance Company

Notes to Financial Statements (Statutory-Basis)

December 31, 2019, 2018 and 2017

The Company’s ceded reinsurance arrangements reduced certain other items in the accompanying financial statements by the following amounts as of and for the years ended December 31:

	2019		2018		2017
	(In Thousands)
Benefits paid or provided:
Affiliates	$	—	$	—	$	—
Nonaffiliates	906		323		95
Policy and contract liabilities:
Affiliates	—		—		—
Nonaffiliates	1,248		1,036		1,222
Amounts recoverable on reinsurance contracts:
Affiliates
Nonaffiliates	19		45		19

In 2019, 2018 and 2017, the Company did not commute any ceded reinsurance nor did it enter into or engage in any agreement that reinsures policies or contracts that were in-force or had existing reserves as of the effective date of such agreements.

At December 31, 2019, the Company has no reserves ceded to unauthorized reinsurers. Amounts payable or recoverable for reinsurance on policy and contract liabilities are not subject to periodic or maximum limits. At December 31, 2019, the Company’s reinsurance recoverables are not material and no individual reinsurer owed the Company an amount that was equal to or greater than 3% of the Company’s capital and surplus.

Neither the Company nor any of its related parties, control directly or indirectly, any reinsurers with whom the Company conducts business. No policies issued by the Company have been reinsured with a foreign company, which is controlled, either directly or indirectly, by a party not primarily engaged in the business of insurance. The Company does not have any reinsurance agreements in effect under which the reinsurer may unilaterally cancel the agreement. At December 31, 2019, there are no reinsurance agreements in effect such that the amount of losses paid or accrued exceed the total direct premium collected. The Company remains obligated for amounts ceded in the event that the reinsurers do not meet their obligations.

There would be no reduction in surplus at December 31, 2019, if all reinsurance agreements were cancelled.

6. Federal Income Taxes

The Company is included in the consolidated federal income tax return of Western and Southern. The Company had a receivable (payable) from (to) Western and Southern in the amount of $(1.7) million and $0.1 million at December 31, 2019 and 2018, respectively. The tax years 2014 through 2019 remain subject to examination by major tax jurisdictions.

31

National Integrity Life Insurance Company

Notes to Financial Statements (Statutory-Basis)

December 31, 2019, 2018 and 2017

The amount of federal income taxes incurred that will be available for recoupment at December 31, 2019; in the event of future capital losses is $1.7 million, $6.1 million, and $1.5 million from 2019, 2018 and 2017, respectively.

The components of the net deferred tax asset (liability) at December 31 are as follows:

		12/31/2019
		(In Thousands)
		(1)		(2)		(3)
						(Col 1+2)
		Ordinary		Capital		Total
(a)	Gross deferred tax assets	$	25,762	$	3,862	$	29,624
(b)	Statutory valuation allowance adjustments	—		—		—
(c)	Adjusted gross deferred tax assets (a - b)	25,762		3,862		29,624
(d)	Deferred tax assets nonadmitted	16,669		—		16,669
(e)	Subtotal net admitted deferred tax assets (c - d)	9,093		3,862		12,955
(f)	Deferred tax liabilities	3,085		579		3,664
(g)	Net admitted deferred tax asset/(net deferred tax liability) (e - f)	$	6,008	$	3,283	$	9,291
		12/31/2018
		(In Thousands)
		(4)		(5)		(6)
						(Col 4+5)
		Ordinary		Capital		Total
(a)	Gross deferred tax assets	$	23,892	$	3,762	$	27,654
(b)	Statutory valuation allowance adjustments	—		—		—
(c)	Adjusted gross deferred tax assets (a - b)	23,892		3,762		27,654
(d)	Deferred tax assets nonadmitted	16,061		2,966		19,027
(e)	Subtotal net admitted deferred tax assets (c - d)	7,831		796		8,627
(f)	Deferred tax liabilities	2,940		795		3,735
(g)	Net admitted deferred tax asset/(net deferred tax liability) (e - f)	$	4,891	$	1	$	4,892

32

National Integrity Life Insurance Company

Notes to Financial Statements (Statutory-Basis)

December 31, 2019, 2018 and 2017

		Change
		(In Thousands)
		(7)		(8)		(9)
						(Col 7+8)
		Ordinary		Capital		Total
(a)	Gross deferred tax assets	$	1,870	$	100	$	1,970
(b)	Statutory valuation allowance adjustments	—		—		—
(c)	Adjusted gross deferred tax assets (a - b)	1,870		100		1,970
(d)	Deferred tax assets nonadmitted	608		(2,966)		(2,358)
(e)	Subtotal net admitted deferred tax assets (c - d)	1,262		3,066		4,328
(f)	Deferred tax liabilities	145		(216)		(71)
(g)	Net admitted deferred tax asset/(net deferred tax liability) (e - f)	$	1,117	$	3,282	$	4,399
		12/31/2019
		(In Thousands)
		(1)		(2)		(3)
						(Col 1+2)
Admission Calculation Components SSAP No. 101		Ordinary		Capital		Total
(a)	Federal income taxes paid in prior years recoverable through loss carrybacks	$	—	$	3,841	$	3,841
(b)	Adjusted gross deferred tax assets expected to be realized (excluding the amount of deferred tax assets from (a) above) after application of the threshold limitation (the lesser of (b)1 and (b)2 below)	5,450		—		5,450
	1. Adjusted gross deferred tax assets expected to be realized following the balance sheet date.	5,450		—		5,450
	2. Adjusted gross deferred tax assets allowed per limitation threshold.	XXX		XXX		48,727
(c)	Adjusted gross deferred tax assets (excluding the amount of deferred tax assets from (a) and (b) above) offset by gross deferred tax liabilities	3,643		21		3,664
(d)	Deferred tax assets admitted as the result of application of SSAP No. 101 Total ((a) + (b) + (c))	$	9,093	$	3,862	$	12,955

33

National Integrity Life Insurance Company

Notes to Financial Statements (Statutory-Basis)

December 31, 2019, 2018 and 2017

		12/31/2018
		(In Thousands)
		(4)		(5)		(6)
						(Col 4+5)
Admission Calculation Components SSAP No. 101		Ordinary		Capital		Total
(a)	Federal income taxes paid in prior years recoverable through loss carrybacks	$	—	$	1	$	1
(b)	Adjusted gross deferred tax assets expected to be realized (excluding the amount of deferred tax assets from (a) above) after application of the threshold limitation (the lesser of (b)1 and (b)2 below)	5,144		—		5,144
	1. Adjusted gross deferred tax assets expected to be realized following the balance sheet date.	5,144		—		5,144
	2. Adjusted gross deferred tax assets allowed per limitation threshold.	XXX		XXX		50,117
(c)	Adjusted gross deferred tax assets (excluding the amount of deferred tax assets from (a) and (b) above) offset by gross deferred tax liabilities	2,687		795		3,482
(d)	Deferred tax assets admitted as the result of application of SSAP No. 101 Total ((a) + (b) + (c))	$	7,831	$	796	$	8,627
		Change
		(In Thousands)
		(7)		(8)		(9)
						(Col 7+8)
Admission Calculation Components SSAP No. 101		Ordinary		Capital		Total
(a)	Federal income taxes paid in prior years recoverable through loss	$	—	$	3,840	$	3,840
(b)	Adjusted gross deferred tax assets expected to be realized (excluding the amount of deferred tax assets from (a) above) after application of the threshold limitation (the lesser of (b)1 and (b)2 below)	306		—		306
	1. Adjusted gross deferred tax assets expected to be realized following the balance sheet date.	306		—		306
	2. Adjusted gross deferred tax assets allowed per limitation threshold.	XXX		XXX		(1,390)
(c)	Adjusted gross deferred tax assets (excluding the amount of deferred tax assets from (a) and (b) above) offset by gross deferred tax liabilities	956		(774)		182
(d)	Deferred tax assets admitted as the result of application of SSAP No. 101 Total ((a) + (b) + (c))	$	1,262	$	3,066	$	4,328

34

National Integrity Life Insurance Company

Notes to Financial Statements (Statutory-Basis)

December 31, 2019, 2018 and 2017

		2019	2018
(a)	Ratio percentage used to determine recovery period and threshold limitation amount	953%	893%
		12/31/2019
		(1)	(2)
Impact of tax planning strategies		Ordinary	Capital
		(In Thousands)
(a)	Adjusted gross DTAs amount	$25,762	$3,862
(b)	Percentage of adjusted gross DTAs by tax character attributable to the impact of tax planning strategies.	0.00%	12.97%
(c)	Net admitted adjusted gross DTAs amount	$9,093	$3,862
(d)	Percentage of net admitted adjusted gross DTAs by tax character attributable to the impact of tax planning strategies.	0.00%	29.65%
		12/31/2018
		(3)	(4)
Impact of tax planning strategies		Ordinary	Capital
		(In Thousands)
(a)	Adjusted gross DTAs amount	$23,892	$3,762
(b)	Percentage of adjusted gross DTAs by tax character attributable to the impact of tax planning strategies.	0.00%	0.00%
(c)	Net admitted adjusted gross DTAs amount	$7,831	$796
(d)	Percentage of net admitted adjusted gross DTAs by tax character attributable to the impact of tax planning strategies.	0.00%	0.01%
		Change
		(5)	(6)
		(Col 1-3)	(Col 2-4)
Impact of tax planning strategies		Ordinary	Capital
		(In Thousands)
(a)	Adjusted gross DTAs amount	$1,870	$100
(b)	Percentage of adjusted gross DTAs by tax character attributable to the impact of tax planning strategies.	0.00%	12.97%
(c)	Net admitted adjusted gross DTAs amount	$1,262	$3,066
(d)	Percentage of net admitted adjusted gross DTAs by tax character attributable to the impact of tax planning strategies.	0.00%	29.64%

The Company's tax planning strategies do not include the use of reinsurance.

35

National Integrity Life Insurance Company

Notes to Financial Statements (Statutory-Basis)

December 31, 2019, 2018 and 2017

Current income taxes incurred consist of the following major components:

			12/31/2019		12/31/2018		12/31/2017
(1)	Current income tax		(In Thousands)
	(a)	Federal	$	10,163	$	9,148	$	16,485
	(b)	Foreign	—		—		—
	(c)	Subtotal	10,163		9,148		16,485
	(d)	Federal income tax on net capital gains	1,214		3,757		739
	(e)	Utilization of capital loss carryforwards	—		—		—
	(f)	Other	—		—		—
	(g)	Federal and foreign income taxes incurred	$	11,377	$	12,905	$	17,224
			(1)		(2)		(3)
							(Col 1-2)
(2)	Deferred tax assets:		12/31/2019		12/31/2018		Change
	(a)	Ordinary	(In Thousands)
		(1) Discounting of unpaid losses	$	—	$	—	$	—
		(2) Unearned premium revenue	—		—		—
		(3) Policyholder reserves	21,258		19,080		2,178
		(4) Investments	404		976		(572)
		(5) Deferred acquisition costs	4,096		3,836		260
		(6) Policyholder dividends accrual	—		—		—
		(7) Fixed assets	—		—		—
		(8) Compensation and benefits accrual	—		—		—
		(9) Pension accrual	—		—		—
		(10) Receivables - nonadmitted	4		—		4
		(11) Net operating loss carryforward	—		—		—
		(12) Tax credit carryforward	—		—		—
		(13) Other	—		—		—
		(99) Subtotal	25,762		23,892		1,870
	(b)	Statutory valuation allowance adjustment	—		—		—
	(c)	Nonadmitted	16,669		16,061		608
	(d)	Admitted ordinary deferred tax assets (2a99 - 2b - 2c)	9,093		7,831		1,262
	(e)	Capital
		(1) Investments	3,862		3,762		100
		(2) Net capital loss carryforward	—		—		—
		(3) Real estate	—		—		—
		(4) Other	—		—		—
		(99) Subtotal	3,862		3,762		100
	(f)	Statutory valuation allowance adjustment	—		—		—
	(g)	Nonadmitted	—		2,966		(2,966)
	(h)	Admitted capital deferred tax assets (2e99- 2f - 2g)	3,862		796		3,066
	(i)	Admitted deferred tax assets (2d + 2h)	$	12,955	$	8,627	$	4,328

36

National Integrity Life Insurance Company

Notes to Financial Statements (Statutory-Basis)

December 31, 2019, 2018 and 2017

			(1)		(2)		(3)
							(Col 1-2)
			12/31/2019		12/31/2018		Change
(3)	Deferred tax liabilities:		(In Thousands)
	(a)	Ordinary
		(1) Investments	$	2,579	$	2,310	$	269
		(2) Fixed assets	—		—		—
		(3) Deferred and uncollected premium	—		—		—
		(4) Policyholder reserves	506		630		(124)
		(5) Other	—		—		—
		(99) Subtotal	3,085		2,940		145
	(b)	Capital
		(1) Investments	579		795		(216)
		(2) Real estate	—		—		—
		(3) Other	—		—		—
		(99) Subtotal	579		795		(216)
	(c)	Deferred tax liabilities (3a99 + 3b99)	$	3,664	$	3,735	$	(71)
(4)	Net deferred tax assets/liabilities (2i - 3c)		$	9,291	$	4,892	$	4,399

Among the more significant book-to-tax adjustments were the following:

	12/31/2019		Effective Tax Rate		12/31/2018		Effective Tax Rate		12/31/2017		Effective Tax Rate
	(In Thousands)				(In Thousands)				(In Thousands)
Provision computed at statutory rate	$	10,236	21.00	%	$	7,936	21.00	%	$	1,477	35.00	%
Dividends received deduction	(229)		(0.47)		(377)		(1.00)		(732)		(17.33)
Tax credits	(101)		(0.21)		(210)		(0.56)		(11)		(0.27)
Other	483		0.99		5		0.01		152		3.59
Change in federal tax rate	—		—		660		1.75		14,318		339.18
Total statutory income taxes	$	10,389	21.31	%	$	8,014	21.20	%	$	15,204	360.17	%
Federal taxes incurred	$	11,377	23.34	%	$	12,905	34.15	%	$	17,224	408.03	%
Change in net deferred income taxes	(988)		(2.03)		(4,891)		(12.95)		(2,020)		(47.86)
Total statutory income taxes	$	10,389	21.31	%	$	8,014	21.20	%	$	15,204	360.17	%

At December 31, 2019, the Company had $0.0 of net operating loss carryforwards, net capital loss carryforwards and tax credit carry forwards; the company had $0.0 of deferred tax liabilities that are not recognized.

On December 22, 2017, the Tax Cuts and Jobs Act (the Tax Act) was enacted, significantly changing the US income tax law. Among the provisions of the Tax Act were the establishment of a flat corporate income tax rate of 21%, a general repeal of net operating loss carrybacks and a reduction in the maximum deduction for net operating loss carryforwards arising in tax years beginning after 2017, and the elimination or reduction of certain deductions, exclusions and credits.

The Company has recognized the effects of the tax rate change on its deferred tax balances in its December 31, 2017 financial statements. The re-measurement of deferred tax assets and liabilities resulted in a reduction of net deferred tax assets of $11.1 million, of which ($3.2) million and $14.3 million was recorded as an adjustment to the change in net unrealized capital gains (losses) and the change in net deferred income tax, respectively. Upon issuance of the Company’s financial statements for the

37

National Integrity Life Insurance Company

Notes to Financial Statements (Statutory-Basis)

December 31, 2019, 2018 and 2017

year ended December 31, 2017, the Company’s accounting for certain income tax effects of the Tax Act was incomplete; however, the Company included reasonable estimates of these balances in its re-measurement of deferred tax assets and liabilities. At December 31, 2018, the Company has completed its accounting for all the enactment-date income tax effects of the Tax Act.

7. Capital and Surplus

The Company is required by statutory regulations to meet minimum risk-based capital standards. Risk-based capital is a method of measuring the minimum amount of capital appropriate for an insurance company to support its overall business operations in consideration of its size and risk profile. At December 31, 2019 and 2018, the Company exceeded the minimum risk-based capital.

The ability of the Company to pay dividends is limited by state insurance laws. Under New York insurance laws, the Company may pay dividends, without the approval of the New York Insurance Superintendent, provided those dividends do not exceed (when added to the other dividends paid in the preceding 12 months) the lesser of (i) 10% of the Company's surplus as of the prior December 31, or (ii) the Company's net gain from operations for the immediately preceding calendar year, not including realized capital gains. Dividends are noncumulative. As of December 31, 2019, the Company has $37.7 million eligible for dividends in 2020.

8. Commitments and Contingencies

The Company is named as a defendant in various legal actions arising principally from claims made under insurance policies and contracts. The Company believes the resolution of these actions will not have a material effect on the Company’s financial position or results of operations.

At December 31, 2019, the Company does not have any material lease agreements for office space or equipment.

At December 31, 2019 the Company has future commitments to provide additional capital contributions of $12.3 million to investments in joint ventures, limited partnerships and limited liability companies.

38

National Integrity Life Insurance Company

Notes to Financial Statements (Statutory-Basis)

December 31, 2019, 2018 and 2017

9. Life and Annuity Reserves and Deposit-Type Contract Liabilities

At December 31, 2019, the Company’s general and separate account annuity reserves and deposit fund liabilities that are subject to discretionary withdrawal (with adjustment), subject to discretionary withdrawal (without adjustment), and not subject to discretionary withdrawal provisions are summarized as follows:

Individual Annuities	General Account		Separate Account With Guarantees		Separate Account Non-guaranteed		Total		Percent
	(In Thousands)
Subject to discretionary withdrawal:
With fair value adjustment	$	152	$	1,064,271	$	—	$	1,064,423	30.1	%
At book value less current surrender charge of 5% or more	707,176		—		—		707,176		20.0
At fair value	—		—		363,165		363,165		10.3
Total with adjustment or at fair value	707,328		1,064,271		363,165		2,134,764		60.4
Subject to discretionary withdrawal at book value without adjustment (minimal or no charge or adjustment)	845,097		—		—		845,097		23.9
Not subject to discretionary withdrawal	557,456		—		—		557,456		15.7
Total individual annuity reserves (before reinsurance)	2,109,881		1,064,271		363,165		3,537,317		100.0	%
Reinsurance ceded	—		—		—		—
Net individual annuity reserves	$	2,109,881	$	1,064,271	$	363,165	$	3,537,317
Amount subject to greater than a 5% surrender charge that will be subject to minimal or no surrender charge after the statement date	$	29,018	$	—	$	—	$	29,018
Deposit-type contracts (no life contingencies)	General Account		Separate Account With Guarantees		Separate Account Non-guaranteed		Total		Percent
	(In Thousands)
Subject to discretionary withdrawal at book value without adjustment (minimal or no charge or adjustment)	$	1,005	$	—	$	—	$	1,005	0.6	%
Not subject to discretionary withdrawal	154,426		—		—		154,426		99.4
Total deposit-type contract liability (before reinsurance)	155,431		—		—		155,431		100.0	%
Reinsurance ceded	—		—		—		—
Total deposit-type contract liability	$	155,431	$	—	$	—	$	155,431

Interest rate changes may have temporary effects on the sale and profitability of annuity products offered by the Company. Although the rates offered by the Company are adjustable in the long-term, in the short-term they may be subject to contractual and competitive restrictions, which may prevent timely adjustment. The Company’s management constantly monitors interest rates with respect to a spectrum of product durations and sells annuities that permit flexible responses to interest rate changes as part of the

39

National Integrity Life Insurance Company

Notes to Financial Statements (Statutory-Basis)

December 31, 2019, 2018 and 2017

Company’s management of interest spreads. However, adverse changes in investment yields on invested assets will affect the earnings on those products with a guaranteed return.

At December 31, 2019, the Company's general and separate account life insurance account values, cash value, and reserves for policies subject to discretionary withdrawal, not subject to discretionary withdrawal, or with no cash value are summarized as follows:

	General Account						Separate Account - Guaranteed and Nonguaranteed
	Account Value		Cash Value		Reserve		Account Value		Cash Value		Reserve
Subject to discretionary withdrawal, surrender values, or policy loans:
Term policies with cash value	$	—	$	—	$	—	$	—	$	—	$	—
Universal life	208,677		219,625		235,236		—		—		—
Universal life with secondary guarantees	—		—		—		—		—		—
Indexed universal life	—		—		—		—		—		—
Indexed universal life with secondary guarantees	—		—		—		—		—		—
Indexed life	—		—		—		—		—		—
Other permanent cash value life insurance	—		184		196		—		—		—
Variable life	—		—		—		—		—		—
Variable universal life							34,892		34,892		34,892
Miscellaneous reserves	—		—		—		—		—		—
Not subject to discretionary withdrawal or no cash values:
Term policies without cash value	XXX		XXX		—		XXX		XXX		—
Accidental death benefits	XXX		XXX		—		XXX		XXX		—
Disability - active lives	XXX		XXX		—		XXX		XXX		—
Disability - disabled lives	XXX		XXX		—		XXX		XXX		—
Miscellaneous reserves	XXX		XXX		45,000		XXX		XXX		—
Total life reserves (before reinsurance)	208,677		219,809		280,432		34,892		34,892		34,892
Reinsurance Ceded	—		—		1,051		—		—		—
Net life reserves	$	208,677	$	219,809	$	279,381	$	34,892	$	34,892	$	34,892

Federal Home Loan Bank

The Company is a member of the FHLB of Cincinnati. Through its membership, the Company has the ability to conduct business activity (borrowings) with the FHLB. The Company’s strategy is to utilize FHLB funds to increase profitability. The Company has determined the actual/estimated maximum borrowing capacity as $110.0 million. The Company calculated this amount after a review of its pledgeable assets (both pledged and unpledged) and after applying the respective FHLB borrowing haircuts.

40

National Integrity Life Insurance Company

Notes to Financial Statements (Statutory-Basis)

December 31, 2019, 2018 and 2017

	December 31
	2019		2018
	(In Thousands)
Membership stock - Class A (not eligible for redemption)	$	7,188	$	5,569
Membership stock - Class B	—		—
Activity stock	2,323		2,323
Excess stock	—		—
Aggregate total	$	9,511	$	7,892
Actual or estimated borrowing capacity as determined by the insurer	$	110,000	$	125,000

Collateral Pledged to FHLB – General Account:

	2019								2018
	Fair Value		Carrying Value		Aggregate Total Borrowing		Borrowed at Time of Maximum Collateral		Fair Value		Carrying Value		Aggregate Total Borrowing		Borrowed at Time of Maximum Collateral
	(In Thousands)
Total as of reporting date	$	108,686	$	105,184	$	70,600	XXX		$	122,986	$	122,815	$	81,550	XXX
Maximum during reporting period	$	122,216	$	121,485	XXX		$	81,550	$	142,560	$	141,472	XXX		$	97,780

Borrowing from FHLB - General Account:

	2019						2018
	At Reporting Date		Reserves Established at Reporting Date		Maximum Amount During Period		At Reporting Date		Reserves Established at Reporting Date
	(In Thousands)
Funding agreements	$	70,600	$	70,690	$	82,600	$	81,550	$	81,712
Debt	—		XXX		—		—		XXX
Aggregate total	$	70,600	$	70,690	$	82,600	$	81,550	$	81,712

The Company does not have any prepayment obligations under these FHLB borrowing arrangements.

41

National Integrity Life Insurance Company

Notes to Financial Statements (Statutory-Basis)

December 31, 2019, 2018 and 2017

10. Separate Accounts

The Company’s guaranteed separate account consists of non-indexed, guaranteed rate options that include market value adjustments. The guaranteed rate options are sold in fixed annuity products and as investment options within the Company’s variable annuity products. These guaranteed rate options carry a minimum interest guarantee based on the guarantee period selected by the policyholder. The fixed annuity products offered provide a death benefit equal to the account value. The fixed investment options within the Company’s variable annuity products provide the death benefits listed below for variable annuities.

The Company’s nonguaranteed separate accounts consist of subaccounts available through variable annuities and group variable universal life insurance. The net investment experience of each subaccount is credited directly to the policyholder and can be positive or negative. The variable annuities include guaranteed minimum death benefits that vary by product and include optional death benefits available on some products. The death benefits offered by the Company include the following: account value, return of premium paid, a death benefit that is adjusted after seven years to the current account value, and a death benefit that is adjusted annually to the current account value. Some variable annuities also provide living benefits, which include guaranteed accumulation amounts on a date certain, guaranteed minimum withdrawal amounts and guaranteed minimum lifetime withdrawal amounts. The death benefit under the group variable universal life insurance policies may vary with the investment performance of the underlying investments in the separate accounts.

To compensate the general account for risk taken, the separate accounts paid risk charges of $1.2 million, $1.4 million, $1.1 million, $0.9 million and $0.9 million in 2019, 2018, 2017, 2016, and 2015, respectively. The Company’s general account paid $0.0 million, $0.2 million, $0.1 million, $0.1 million and $0.1 million towards separate account guarantees in 2019, 2018, 2017, 2016, and 2015, respectively.

42

National Integrity Life Insurance Company

Notes to Financial Statements (Statutory-Basis)

December 31, 2019, 2018 and 2017

Information regarding the separate accounts of the Company as of and for the year ended December 31, 2019, is as follows:

	Separate Accounts With Guarantees
	Nonindexed Guaranteed Less Than/ Equal to 4%		Nonindexed Guaranteed More Than 4%		Nonguaranteed Separate Accounts		Total
	(In Thousands)
Premiums, considerations or deposits	$	39,032	$	2,334	$	12,335	$	53,701
Reserves for separate accounts with assets at:
Fair value	$	—	$	—	$	398,056	$	398,056
Amortized cost	1,062,057		2,214		—		1,064,271
Total reserves	$	1,062,057	$	2,214	$	398,056	$	1,462,327
Reserves for separate accounts by withdrawal characteristics:
Subject to discretionary withdrawal:
With fair value adjustment	$	1,062,057	$	2,214	$	—	$	1,064,271
At book value without fair value adjustment and with current surrender charge of 5% or more	—		—		—		—
At fair value	—		—		398,056		398,056
At book value without fair value adjustment and with current surrender charge of less than 5%	—		—		—		—
Subtotal	1,062,057		2,214		398,056		1,462,327
Not subject to discretionary withdrawal	—		—		—		—
Total separate accounts reserves	$	1,062,057	$	2,214	$	398,056	$	1,462,327

43

National Integrity Life Insurance Company

Notes to Financial Statements (Statutory-Basis)

December 31, 2019, 2018 and 2017

A reconciliation of the amounts transferred to and from the separate accounts for the year ended December 31, 2019, is presented below:

	2019
	(In Thousands)
Transfers as reported in the Summary of Operations of the Separate Accounts Statement:
Transfers to separate accounts	$	53,701
Transfers from separate accounts	221,572
Net transfers to (from) separate accounts	(167,871)
Reconciling adjustments:
Policy deductions and other expenses	64
Other changes in surplus in separate account statement	—
Other account adjustments	412
Transfers as reported in the Summary of Operations of the Company	$	(167,395)

44

STATUTORY-BASIS FINANCIAL STATEMENTS

The Western and Southern Life Insurance Company

Years Ended December 31, 2019, 2018 and 2017

With Report of Independent Auditors

The Western and Southern Life Insurance Company

Statutory-Basis Financial Statements

Years Ended December 31, 2019, 2018 and 2017

Contents

Report of Independent Auditors	1
Financial Statements
Balance Sheets (Statutory-Basis)	3
Statements of Operations (Statutory-Basis)	4
Statements of Changes in Capital and Surplus (Statutory-Basis)	5
Statements of Cash Flow (Statutory-Basis)	6
Notes to Financial Statements (Statutory-Basis)	7

Report of Independent Auditors

The Board of Directors

The Western and Southern Life Insurance Company

We have audited the accompanying statutory-basis financial statements of The Western and Southern Life Insurance Company (the Company), which comprise the balance sheets as of December 31, 2019 and 2018, and the related statements of operations, changes in capital and surplus, and cash flow for each of the three years in the period ended December 31, 2019, and the related notes to the financial statements.

Management’s Responsibility for the Financial Statements

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

Auditor’s Responsibility

Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits in accordance with auditing standards generally accepted in the United States. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor’s judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the entity’s preparation and fair presentation of the financial statements 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 entity’s internal control. Accordingly, we express no such opinion. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluating the overall presentation of the financial statements.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinions.

1

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

As described in Note 1 to the statutory-basis financial statements, the Company prepared these financial statements using accounting practices prescribed or permitted by the Ohio Department of Insurance, which is a basis of accounting other than U.S. generally accepted accounting principles. The variances between such practices and U.S. generally accepted accounting principles and the effects on the accompanying financial statements are described in Note 1.

Adverse Opinion on U.S. Generally Accepted Accounting Principles

In our opinion, because of the significance of the matter described in the Basis for Adverse Opinion on U.S. Generally Accepted Accounting Principles paragraph, the statutory-basis financial statements referred to above do not present fairly, in conformity with U.S. generally accepted accounting principles, the financial position of the Company at December 31, 2019 and 2018, or the results of its operations or its cash flows for each of the three years in the period ended December 31, 2019.

Opinion on Statutory-Basis of Accounting

In our opinion, the statutory-basis financial statements referred to above present fairly, in all material respects, the financial position of the Company at December 31, 2019 and 2018, and the results of its operations and its cash flows for each of the three years in the period ended December 31, 2019, on the basis of accounting described in Note 1.

/s/ Ernst & Young LLP

Cincinnati, Ohio

April 20, 2020

2

The Western and Southern Life Insurance Company

Balance Sheets (Statutory-Basis)

	December 31
	2019		2018
Admitted assets	(In Thousands)
Cash and invested assets:
Debt securities	$	2,831,739	$	2,937,451
Preferred and common stocks	918,600		717,423
Investments in common stocks of subsidiaries	3,594,940		3,193,138
Mortgage loans	68,898		59,146
Policy loans	158,711		161,223
Real estate:
Properties held for the production of income	2,888		3,193
Properties occupied by the Company	21,718		23,729
Cash, cash equivalents and short-term investments	77,542		87,913
Receivable for securities	1,429		1,581
Derivatives	7,820		1
Receivable for collateral on derivatives	41,680		—
Securities lending reinvested collateral assets	27,635		54,253
Other invested assets	1,778,070		1,643,940
Total cash and invested assets	9,531,670		8,882,991
Investment income due and accrued	38,569		40,335
Premiums deferred and uncollected	49,759		50,247
Net deferred income tax asset	94,540		139,106
Receivables from parent, subsidiaries and affiliates	33,220		31,061
Other admitted assets	13,763		7,758
Separate account assets	1,141,599		961,136
Total admitted assets	$	10,903,120	$	10,112,634
Liabilities and capital and surplus
Liabilities:
Policy and contract liabilities:
Life and annuity reserves	$	2,717,714	$	2,701,370
Accident and health reserves	267,615		262,004
Liability for deposit-type contracts	204,659		213,579
Policy and contract claims	44,662		39,863
Dividends payable to policyholders	40,505		38,196
Premiums received in advance	4,026		3,512
Total policy and contract liabilities	3,279,181		3,258,524
General expense due and accrued	38,151		36,243
Current federal income taxes payable	9,601		45,520
Transfer to (from) separate accounts due and accrued, net	(15)		(25)
Asset valuation reserve	324,838		272,020
Interest maintenance reserve	59,151		59,048
Other liabilities	304,372		247,436
Pension liability	23,536		30,893
Liability for postretirement benefits other than pensions	166,887		155,942
Derivatives	48,246		—
Payable for securities lending	79,589		108,841
Separate account liabilities	1,141,599		961,136
Total liabilities	5,475,136		5,175,578
Capital and surplus:
Common stock, $1 par value, authorized 2,500 shares, issued and outstanding 2,500 shares	2,500		2,500
Surplus Notes	497,519		—
Paid-in surplus	372,103		372,103
Accumulated surplus	4,555,862		4,562,453
Total capital and surplus	5,427,984		4,937,056
Total liabilities and capital and surplus	$	10,903,120	$	10,112,634

See accompanying notes.

3

The Western and Southern Life Insurance Company

Statements of Operations (Statutory-Basis)

	Year Ended December 31
	2019		2018		2017
	(In Thousands)
Premiums and other revenues:
Premiums and annuity considerations	$	231,773	$	237,054	$	246,746
Net investment income	479,104		466,221		539,164
Considerations for supplementary contracts with life contingencies	9		—		—
Amortization of the interest maintenance reserve	5,906		5,728		3,815
Commissions and expenses on reinsurance ceded	1,029		981		932
Miscellaneous income adjustment - termination of reinsurance agreement	—		(694,579)		—
Other revenues	2,042		153		79
Total premiums and other revenues	719,863		15,558		790,736
Benefits paid or provided:
Death benefits	143,563		145,842		143,503
Annuity benefits	50,066		79,245		146,297
Disability and accident and health benefits	15,580		18,298		17,316
Surrender benefits	53,256		64,673		71,352
Payments on supplementary contracts with life contingencies	350		393		441
Other benefits	4,619		5,047		2,916
Increase in policy reserves and other policyholders’ funds	28,128		28,129		39,793
Total benefits paid or provided	295,562		341,627		421,618
Insurance expenses and other deductions:
Commissions	19,811		20,400		23,753
Commissions and expenses on reinsurance assumed	—		878		1,214
General expenses	157,130		134,141		134,399
Net transfers to (from) separate account	(50,204)		(49,514)		(101,619)
Reserve adjustments on reinsurance assumed	(103)		(43,412)		(71,901)
Miscellaneous expense adjustment - termination of reinsurance agreement	—		(694,579)		—
Other deductions	60,564		3,973		52,016
Total insurance expenses and other deductions	187,198		(628,113)		37,862
Gain (loss) from operations before dividends to policyholders, federal income tax expense, and net realized capital gains (losses)	237,103		302,044		331,256
Dividends to policyholders	54,964		52,121		51,964
Gain (loss) from operations before federal income tax expense and net realized capital gains (losses)	182,139		249,923		279,292
Federal income tax expense (benefit), excluding tax on capital gains	25,523		39,879		12,111
Gain (loss) from operations before net realized capital gains (losses)	156,616		210,044		267,181
Net realized capital gains (losses) (excluding gains (losses) transferred to IMR and capital gains tax)	2,229		205,080		2,557
Net income (loss)	$	158,845	$	415,124	$	269,738

See accompanying notes.

4

The Western and Southern Life Insurance Company

Statements of Changes in Capital and Surplus (Statutory-Basis)

	Common Stock		Surplus Notes and Paid-In Surplus		Accumulated Surplus		Total Capital and Surplus
	(In Thousands)
Balance, January 1, 2017	$	1,000	$	55,003	$	4,759,528	$	4,815,531
Net income (loss)	—		—		269,738		269,738
Change in net deferred income tax	—		—		(103,027)		(103,027)
Net change in unrealized gains (losses) on investments (net of deferred tax expense (benefit) of ($31,715))	—		—		126,689		126,689
Net change in nonadmitted assets and related items	—		—		(64,589)		(64,589)
Change in asset valuation reserve	—		—		(32,481)		(32,481)
Change in unrecognized post retirement benefit obligation	—		—		30,991		30,991
Capital contribution	—		57,100		—		57,100
Correction of traditional life reserves	—		—		(613)		(613)
Balance, December 31, 2017	1,000		112,103		4,986,236		5,099,339
Net income (loss)	—		—		415,124		415,124
Change in net deferred income tax	—		—		165,518		165,518
Net change in unrealized gains (losses) on investments (net of deferred tax expense (benefit) of ($57,122))	—		—		(266,672)		(266,672)
Change in net unrealized foreign exchange capital gain (loss)	—		—		(1,770)		(1,770)
Change in reserve on account of change in valuation basis	—		—		(692)		(692)
Net change in nonadmitted assets and related items	—		—		(651,086)		(651,086)
Change in asset valuation reserve	—		—		101,848		101,848
Change in unrecognized post retirement benefit obligation	—		—		11,947		11,947
Issuance of common stock	1,500		—		—		1,500
Capital contribution	—		260,000		—		260,000
Trademark license agreement adjustment	—		—		(198,000)		(198,000)
Balance, December 31, 2018	2,500		372,103		4,562,453		4,937,056
Net income (loss)	—		—		158,845		158,845
Change in net deferred income tax	—		—		(131,377)		(131,377)
Net change in unrealized gains (losses) on investments (net of deferred tax expense (benefit) of ($2,224))	—		—		125,187		125,187
Change in net unrealized foreign exchange capital gain (loss)	—		—		1,562		1,562
Change in surplus notes	—		497,519		—		497,519
Net change in nonadmitted assets and related items	—		—		149,208		149,208
Change in asset valuation reserve	—		—		(52,818)		(52,818)
Cumulative effects of change in accounting principle	—		—		2,103		2,103
Dividends to stockholder	—		—		(260,000)		(260,000)
Change in unrecognized post retirement benefit obligation	—		—		699		699
Balance, December 31, 2019	$	2,500	$	869,622	$	4,555,862	$	5,427,984

See accompanying notes.

5

The Western and Southern Life Insurance Company

Statements of Cash Flow (Statutory-Basis)

	Year Ended December 31
	2019		2018		2017
	(In Thousands)
Operating activities
Premiums collected net of reinsurance	$	233,959	$	239,541	$	249,358
Net investment income received	314,302		412,553		509,990
Benefits paid	(268,636)		(334,477)		(387,279)
Net transfers from (to) separate accounts	50,214		49,504		101,916
Commissions and expense paid	(169,848)		(89,719)		(77,257)
Dividends paid to policyholders	(52,655)		(52,582)		(55,732)
Federal income taxes recovered (paid)	(60,149)		(32,434)		(52,260)
Other, net	1,071		1,032		1,010
Net cash from (for) operations	48,258		193,418		289,746
Investing activities
Proceeds from investments sold, matured or repaid:
Debt securities	321,508		2,285,224		782,780
Preferred and common stocks	553,991		1,152,289		481,055
Mortgage loans	1,041		11,323		15,501
Real estate	1,400		—		476
Other invested assets	460,664		337,964		245,518
Net gains (losses) on cash, cash equivalents and short-term investments	37		90		(23)
Miscellaneous proceeds	26,770		8,357		19,962
Net proceeds from investments sold, matured or repaid	1,365,411		3,795,247		1,545,269
Cost of investments acquired:
Debt securities	(309,030)		(1,660,008)		(885,797)
Preferred and common stocks	(710,369)		(2,047,721)		(575,188)
Mortgage loans	(10,793)		(21,240)		(7,076)
Real estate	(1,121)		(678)		(791)
Other invested assets	(517,164)		(265,138)		(315,724)
Miscellaneous applications	(70,541)		(15,608)		(44,456)
Total cost of investments acquired	(1,619,018)		(4,010,393)		(1,829,032)
Net change in policy and other loans	2,512		3,483		2,298
Net cash from (for) investments	(251,095)		(211,663)		(281,465)
Financing activities
Surplus notes, capital notes	497,435		—		—
Capital and paid in surplus, less treasury stock	—		261,500		57,100
Net deposits on deposit-type contract funds and other insurance liabilities	(8,920)		(11,020)		(6,033)
Dividends paid to stockholder	260,000		—		—
Other cash provided (applied)	(36,049)		(375,272)		22,907
Net cash from (for) financing and miscellaneous sources	192,466		(124,792)		73,974
Net change in cash, cash equivalents and short-term investments	(10,371)		(143,037)		82,255
Cash, cash equivalents and short-term investments:
Beginning of year	87,913		230,950		148,695
End of year	$	77,542	$	87,913	$	230,950
Cash flow information for noncash transactions:
Contribution to Columbus Life Insurance Company in the form of common stock	$	(29,962)	$	—	$	—
Contribution to Gerber Life Insurance in the form of debt securities & common stock	(193,759)		—		—
Contribution to Integrity Life Insurance Company in the form of common stock	—		(245,700)		—

See accompanying notes.

6

The Western and Southern Life Insurance Company

Notes to Financial Statements (Statutory-Basis)

December 31, 2019, 2018 and 2017

1. Nature of Operations and Significant Accounting Policies

The Western and Southern Life Insurance Company (the Company) is a stock life insurance company that offers primarily individual traditional and whole life insurance policies. The Company is licensed in 46 states and the District of Columbia. For the year ended December 31, 2019, approximately 68.6% of the gross premiums and annuity considerations for the Company were derived from California, Illinois, Indiana, North Carolina, Ohio, and Pennslyvania. The Company is domiciled in Ohio. The Company is an indirect, wholly-owned subsidiary of Western & Southern Mutual Holding Company (Mutual Holding), a mutual holding company formed pursuant to the insurance regulations of the State of Ohio. Ohio law requires Mutual Holding to hold at least a majority voting interest in the Company. Currently, Mutual Holding indirectly holds 100% of the voting interest through Western & Southern Financial Group, Inc. (WSFG), its wholly-owned subsidiary. The Company wholly owns the following insurance entities: Western-Southern Life Assurance Company (WSLAC), Columbus Life Insurance Company (Columbus Life), Integrity Life Insurance Company (Integrity) and Gerber Life Insurance Company (Gerber Life). Integrity Life Insurance Company wholly owns National Integrity Life Insurance Company (National).

State regulatory authorities have powers relating to granting and revoking licenses to transact business, the licensing of agents, the regulation of premium rates and trade practices, the form and content of insurance policies, the content of advertising material, financial statements and the nature of permitted practices.

Included within the financial statements, the Company has established and operates a closed block for the benefit of holders of most participating individual ordinary and weekly industrial life insurance policies issued on or before the formation of Mutual Holding in 2000 (the Closed Block). Assets have been allocated to the Closed Block in an amount that is expected to produce cash flows which, together with anticipated revenue from the policies included in the Closed Block, are reasonably expected to be sufficient to support the Closed Block policies, the continuation of policyholder dividends, in aggregate, in accordance with the 2000 dividend scale if the experience underlying such scale continues, and for appropriate adjustments in the dividend scale if the experience changes. Invested assets allocated to the Closed Block consist primarily of high-quality debt securities, mortgage loans, policy loans, short-term investments, other invested assets, and securities lending reinvested collateral. Invested assets of $1,993.5 million and $2,034.6 million were allocated to the Closed Block as of December 31, 2019 and 2018, respectively. The assets allocated to the Closed Block inure solely for the benefit of the Closed Block policyholders and will not revert to the benefit of the Company. The purpose of the Closed Block is to protect the policy dividend expectations of these policies after the formation of Mutual Holding. The Closed Block will continue in effect until the last policy in the Closed Block is no longer in force.

Use of Estimates

The preparation of statutory-basis financial statements requires management to make estimates and assumptions that affect amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates.

7

The Western and Southern Life Insurance Company

Notes to Financial Statements (Statutory-Basis)

December 31, 2019, 2018 and 2017

Basis of Presentation

The accompanying financial statements of the Company have been prepared in conformity with accounting practices prescribed or permitted by the Ohio Department of Insurance (the Department). The National Association of Insurance Commissioners’ (NAIC) Accounting Practices and Procedures Manual (NAIC SAP or SSAP) has been adopted as a component of prescribed or permitted practices by the State of Ohio. These practices differ in some respects from U.S. generally accepted accounting principles (GAAP). The more significant differences follow.

Investments

Investments in debt securities and mandatory redeemable preferred stocks are reported at amortized cost or fair value based on the NAIC’s rating; for GAAP, such fixed maturity investments are designated at purchase as held-to-maturity, trading or available-for-sale. Held-to-maturity fixed investments are reported at amortized cost, and the remaining fixed maturity investments are reported at fair value with unrealized holding gains and losses reported in the statement of operations for those designated as trading and as a separate component of other comprehensive income (loss) for those designated as available-for-sale.

All single-class and multiclass mortgage-backed/asset-backed securities (e.g., CMOs) are adjusted for the effects of changes in prepayment assumptions on the related accretion of discount or amortization of premium of such securities using the retrospective method. The prospective method is used to determine amortized cost for securities that experience a decline that is deemed to be other-than-temporary. Securities that are in an unrealized loss position which the Company intends to sell, or does not have the intent and ability to hold until recovery, are written down to fair value as a realized loss. Securities that are in an unrealized loss position which the Company has the intent and ability to hold until recovery are written down to the extent the present value of expected future cash flows using the security’s effective yield is lower than the amortized cost. For GAAP purposes, all securities, purchased or retained, that represent beneficial interests in securitized assets (e.g., CMO, CBO, CDO, CLO, MBS and ABS securities), other than high credit quality securities, are adjusted using the prospective method when there is a change in estimated future cash flows. If it is determined that a decline in fair value is other-than-temporary, the cost basis of the security is written down to the extent the present value of expected future cash flows using the security’s effective yield is lower than the amortized cost. If high credit quality securities are adjusted, the retrospective method is used.

The Company monitors other investments to determine if there has been an other-than-temporary decline in fair value. Factors that management considers for each identified security include the following:

•The extent and length of time the fair value has been below the book/adjusted carrying value;

•The reasons for the decline in value;

•Specific credit issues related to the issuer and current economic conditions, including the current and future impact of any specific events;

•For structured investments (e.g., residential mortgage-backed securities, commercial mortgage-backed securities, asset-backed securities and other structured investments), factors such as overall deal structure and the Company’s position within the structure, quality of underlying collateral, delinquencies and defaults, loss severities, recoveries, prepayments and cumulative loss projections are considered;

8

The Western and Southern Life Insurance Company

Notes to Financial Statements (Statutory-Basis)

December 31, 2019, 2018 and 2017

•For all equity securities and other debt securities with credit-related declines in fair value, the Company’s intent and ability to hold the security long enough for it to recover its value to book/adjusted carrying value; and

•For all other debt securities with interest-related declines in fair value, the Company’s intent to sell the security before recovery of its book/adjusted carrying value.

If the decline is judged to be other-than-temporary, an impairment charge to fair value is recorded as a net realized capital loss in the period the determination is made. Under GAAP, if the decline is judged to be other-than-temporary because the Company has the intent to sell the debt security or is more likely than not to be required to sell the debt security before its anticipated recovery, an impairment charge to fair value is recorded as a net realized capital loss. If the decline is judged to be other-than-temporary because the Company does not expect to recover the entire amortized cost basis of the security due to expected credit losses, an impairment charge is recorded to net realized capital loss as the difference between amortized cost and the net present value of expected future cash flows discounted at the effective interest rate implicit in the debt security prior to impairment.

Investments in real estate are reported net of required obligations rather than on a gross basis as for GAAP. Real estate owned and occupied by the Company is included in investments rather than reported as an operating asset as under GAAP, and investment income and operating expenses include rent for the Company’s occupancy of those properties.

Under a formula prescribed by the NAIC, the Company defers the portion of realized capital gains and losses on sales of fixed income investments, principally debt securities and mortgage loans, attributable to changes in the general level of interest rates and amortizes those deferrals over the remaining period to maturity based on groupings of individual security sold in five-year bands. The net deferral is reported as the interest maintenance reserve (IMR) in the accompanying balance sheets. Realized capital gains and losses are reported in income net of federal income tax and transfers to the IMR. Under GAAP, realized capital gains and losses are reported in the statement of operations on a pretax basis in the period that the assets giving rise to the gains or losses are sold.

The asset valuation reserve (AVR) provides a valuation allowance for invested assets. The AVR is determined by an NAIC prescribed formula with changes reflected directly in capital and surplus. AVR is not recognized for GAAP.

Subsidiaries

The accounts and operations of the Company’s subsidiaries are not consolidated with the accounts and operations of the Company as would be required under GAAP.

9

The Western and Southern Life Insurance Company

Notes to Financial Statements (Statutory-Basis)

December 31, 2019, 2018 and 2017

Policy Acquisition Costs

The costs of acquiring and renewing business are expensed when incurred. Under GAAP, policy acquisition costs, related to traditional life insurance and certain long-duration accident and health insurance policies sold, to the extent recoverable from future policy revenues, would be deferred and amortized over the premium-paying period of the related policies using assumptions consistent with those used in computing policy benefit reserves; for universal life insurance and investment products, to the extent recoverable from future gross profits, deferred policy acquisition costs are amortized generally in proportion to the present value of expected gross profits from surrender charges and investments, mortality, and expense margins.

Nonadmitted Assets

Certain assets designated as “nonadmitted” (principally investments in unaudited subsidiaries and controlled and affiliated entities, goodwill in excess of the admission limit, and a trademark license agreement), and other assets not specifically identified as admitted assets within the NAIC’s Accounting Practices and Procedures Manual, are excluded from the accompanying balance sheets and are charged directly to accumulated surplus. Under GAAP, such assets are included in the balance sheets.

Premiums and Benefits

Revenues for universal life and annuity policies with mortality or morbidity risk, except for guaranteed interest and group annuity contracts, consist of the entire premium received, and benefits incurred represent the total of death benefits paid and the change in policy reserves. Premiums received for annuity policies without mortality or morbidity risk and for guaranteed interest and group annuity contracts are recorded using deposit accounting, and credited directly to an appropriate policy reserve account, without recognizing premium income. Under GAAP, premiums received in excess of policy charges would not be recognized as premium revenue and benefits would represent the excess of benefits paid over the policy account value and interest credited to the account values.

Benefit Reserves

Certain policy reserves are calculated using statutorily prescribed interest and mortality assumptions rather than on estimated expected experience or actual account balances as would be required under GAAP.

Reinsurance

A liability for reinsurance balances is required to be provided for unsecured policy reserves ceded to reinsurers not authorized to assume such business. Changes to those amounts are credited or charged directly to capital and surplus. Under GAAP, an allowance for amounts deemed uncollectible would be established through a charge to earnings.

Policy and contract liabilities ceded to reinsurers have been reported as reductions of the related reserves rather than as assets as would be required under GAAP. Commissions allowed by reinsurers on business ceded are reported as income when incurred rather than being deferred and amortized with policy acquisition costs as required under GAAP.

10

The Western and Southern Life Insurance Company

Notes to Financial Statements (Statutory-Basis)

December 31, 2019, 2018 and 2017

Employee Benefits

For purposes of calculating the Company’s pension and postretirement benefit obligations, vested participants, non-vested participants and current retirees are included in the valuation. The prepaid pension asset resulting from the excess of the fair value of plan assets over the benefit obligation, which is nonadmitted under statutory accounting rules, is included in other comprehensive income under GAAP.

Deferred Income Taxes

Deferred tax assets are recorded for the amount of gross deferred tax assets expected to be realized in future years, and a valuation allowance is established for deferred tax assets not meeting a more-likely-than-not realization threshold. Deferred tax assets are limited to 1) the amount of federal income taxes paid in prior years that can be recovered through loss carrybacks for existing temporary differences that reverse during a time frame corresponding with Internal Revenue Service (IRS) tax loss carryback provisions, not to exceed three years, including amounts established in accordance with the provision of SSAP No. 5R, plus 2) for entities who meet the required realization threshold in SSAP No. 101, the lesser of the remaining gross deferred tax assets expected to be realized within three years of the balance sheet date or 15% of capital and surplus excluding any net deferred tax assets, electronic data processing equipment and operating software and any net positive goodwill, plus 3) the amount of remaining gross deferred tax assets that can be offset against existing gross deferred tax liabilities. The remaining deferred tax assets are nonadmitted. Under GAAP, a deferred tax asset is recorded for the amount of gross deferred tax assets expected to be realized in all future years, and a valuation allowance is established for deferred tax assets not meeting a more-likely-than-not realization threshold.

Policyholder Dividends

Policyholder dividends are recognized when declared rather than over the term of the related policies.

Statements of Cash Flow

Cash, cash equivalents and short-term investments in the statements of cash flow represent cash balances and investments with initial maturities of one year or less. Under GAAP, the corresponding captions of cash and cash equivalents include cash balances and investments with initial maturities of three months or less.

Other significant statutory accounting practices follow.

11

The Western and Southern Life Insurance Company

Notes to Financial Statements (Statutory-Basis)

December 31, 2019, 2018 and 2017

Restricted Assets

The Company has assets pledged as collateral, or otherwise not exclusively under control of the Company, totaling $181.0 million and $136.8 million as of December 31, 2019 and 2018, respectively. These assets are primarily collateral held in relation to the Company's securities lending program. These restricted assets are discussed in more detail in their relevant section.

Investments

Debt securities, common stocks, preferred stocks, and short-term investments are stated at values prescribed by the NAIC, as follows:

Debt securities not backed by other loans are principally stated at amortized cost using the interest method.

Single-class and multiclass mortgage-backed/asset-backed securities are valued at amortized cost using the interest method including anticipated prepayments. Prepayment assumptions are obtained from Bloomberg and broker-dealer prepayment models or derived from empirical data and are based on the current interest rate and economic environment. The retrospective adjustment method is used to value all such securities except securities that are deemed to be other-than-temporarily impaired and securities that are principal-only or interest-only, which are valued using the prospective method.

Unaffiliated common stocks are reported at fair value utilizing publicly quoted prices from third-party pricing services and the related unrealized capital gains and losses are reported in capital and surplus along with any adjustment for federal income taxes.

Redeemable preferred stocks that have characteristics of debt securities and are rated as medium quality or better are reported at cost or amortized cost. All other redeemable preferred stocks are reported at the lower of cost, amortized cost or fair value. Perpetual preferred stocks that have the characteristics of equity securities and are rated as medium quality or better are reported at cost. All other perpetual preferred stocks are reported at the lower of cost or fair value utilizing publicly quoted prices from third-party pricing services and the related unrealized capital gains and losses are reported in capital and surplus along with any adjustment for federal income taxes.

There are no restrictions on unaffiliated common or preferred stocks.

Short-term investments include investments with remaining maturities of one year or less at the date of acquisition and are principally stated at amortized cost, which approximates fair value.

Cash equivalents are short-term highly liquid investments with original maturities of three months or less and are principally stated at amortized cost, which approximates fair value.

The Company’s insurance subsidiaries are reported at their underlying audited statutory equity. The Company’s noninsurance subsidiaries are reported based on underlying audited GAAP equity. The net change in the subsidiaries’ equity is included in capital and surplus.

12

The Western and Southern Life Insurance Company

Notes to Financial Statements (Statutory-Basis)

December 31, 2019, 2018 and 2017

Joint ventures, partnerships, and limited liability companies are carried at the Company’s interest in the underlying audited GAAP equity of the investee. Undistributed earnings allocated to the Company are reported in the change in net unrealized capital gains or losses. Distributions from earnings of the investees are reported as net investment income when received. Because of the indirect nature of these investments, there is an inherent reduction in transparency and liquidity and increased complexity in valuing the underlying investments. As a result, these investments are actively managed by the Company’s management via detailed evaluation of the investment performance relative to risk.

Mortgage loans are reported at unpaid principal balances, less an allowance for impairment. A mortgage loan is considered to be impaired when, based on current information and events, it is probable that the Company will be unable to collect all principal and interest amounts due according to the contractual terms of the mortgage agreement. When management determines foreclosure is probable, the impairment is other than temporary; the mortgage loan is written down to realizable value and a realized loss is recognized.

Policy loans are reported at unpaid principal balances.

Real estate occupied by the Company and real estate held for the production of income are reported at depreciated cost net of related obligations. Real estate that the Company has the intent to sell is reported at the lower of depreciated cost or fair value, net of related obligations. Depreciation is computed by the straight-line method over the estimated useful life of the properties.

Property acquired in the satisfaction of debt is recorded at the lower of cost less accumulated depreciation or fair market value.

Debt securities and other loan interest are credited to income as it accrues. Dividends are recorded as income on ex-dividend dates. To the extent income is uncertain, due and accrued income is excluded and treated as nonadmitted through surplus.

The Company utilizes customized call and put options to hedge market volatility related to the S&P 500 index . At the beginning of these contracts, a premium is either paid or received for transferring the related risk. The options are not designated as a hedge for accounting purposes and are carried at fair value on the balance sheet with changes in fair value recorded in surplus. The related gains and losses from terminations or expirations are recorded in realized capital gains and losses.

Realized capital gains and losses are determined using the specific identification method.

Premiums

Life and accident and health premiums are recognized as revenue when due. Premiums for annuity policies with mortality and morbidity risk, except for guaranteed interest and group annuity contracts, are also recognized as revenue when due. Premiums received for annuity policies without mortality or morbidity risk and for guaranteed interest and group annuity contracts are recorded using deposit accounting.

13

The Western and Southern Life Insurance Company

Notes to Financial Statements (Statutory-Basis)

December 31, 2019, 2018 and 2017

Policy Reserves

Life, annuity and accident and health disability benefit reserves are developed by actuarial methods and are determined based on published tables using statutorily specified interest rates and valuation methods that will provide, in the aggregate, reserves that are greater than or equal to the minimum or guaranteed policy cash values or the amounts required by the Department. The Company waives deduction of deferred fractional premiums on the death of life and annuity policy insureds and does return any premium beyond the date of death. Surrender values on policies do not exceed the corresponding benefit reserves. Policies issued subject to multiple table substandard extra premiums are valued on the standard reserve basis which recognizes the nonlevel incidence of the excess mortality costs. Additional reserves are established when the results of cash flow testing under various interest rate scenarios indicate the need for such reserves, or the net premiums exceed the gross premiums on any insurance in-force.

Policy reserves for life insurance and supplemental benefits are computed on the Commissioner’s Reserve Valuation Method. The following mortality tables and interest rates are used:

	Percentage of Reserves
	2019		2018
Life insurance:
1941 Commissioners Standard Ordinary, 2-1/4% - 3-1/2%	7.4	%	7.8	%
1941 Standard Industrial, 2-1/2% - 3-1/2%	9.9		10.5
1958 Commissioners Standard Ordinary, 2-1/2% - 6%	18.9		19.7
1980 Commissioners Standard Ordinary, 4% - 6%	39.8		39.6
2001 Commissioners Standard Ordinary, 3-1/2% - 4-1/2%	18.2		16.4
Other, 2-1/2% - 6%	4.5		4.6
	98.7		98.6
Other benefits (including annuities):
Various, 2-1/2% - 8-1/4%	1.3		1.4
	100.0	%	100.0	%

The mean reserve method is used to adjust the calculated terminal reserve to the appropriate reserve at December 31. Mean reserves are determined by computing the regular mean reserve for the plan at the rated age and holding, in addition, one-half of the extra premium charge for the year. Policies issued after July 1 for substandard lives, are charged an extra premium plus the regular premium for the true age. Mean reserves are based on appropriate multiples of standard rates of mortality. An asset is recorded for deferred premiums net of loading to adjust the reserve for modal premium payments.

For substandard table ratings, mean reserves are based on 125% to 500% of standard mortality rates. For flat extra ratings, mean reserves are based on the standard or substandard mortality rates increased by 1 to 25 deaths per thousand.

As of December 31, 2019 and 2018, reserves of $20.8 million and $22.8 million, respectively, were recorded on in-force amounts of $1,033.8 million and $1,216.2 million, respectively, for which gross premiums are less than the net premiums according to the standard of valuation required by the Department. The Company anticipates investment income as a factor in the premium deficiency calculation for all accident and health contracts.

14

The Western and Southern Life Insurance Company

Notes to Financial Statements (Statutory-Basis)

December 31, 2019, 2018 and 2017

Tabular interest, tabular less actual reserves released, and tabular cost have been determined by formula. Tabular interest on funds not involving life contingencies is calculated as one-hundredth of the product of such valuation rate of interest times the mean of the amount of funds subject to such valuation rate of interest held at the beginning and end of the year of valuation.

The establishment of appropriate reserves is an inherently uncertain process, and there can be no assurance that the ultimate liability will not exceed the Company’s policy reserves and have an adverse effect on the Company’s results of operations and financial condition. Due to the inherent uncertainty of estimating reserves, it has been necessary, and may over time continue to be necessary, to revise estimated future liabilities as reflected in the Company’s policy reserves.

Policyholders’ Dividends

The amount of policyholders’ dividends to be paid (including those on policies included in the Closed Block) is determined annually by the Company’s Board of Directors. The aggregate amount of policyholders’ dividends is related to actual interest, mortality, morbidity and expense experience for the year and judgment as to the appropriate level of statutory surplus to be retained by the Company.

Policy and Contract Claims

Policy and contract claims in process of settlement represent the estimated ultimate net cost of all reported and unreported claims incurred through December 31, 2019 and 2018. The reserves for unpaid claims are estimated using individual case-basis valuations and statistical analysis. These estimates are subject to the effects of trends in claim severity and frequency. Although considerable variability is inherent in such estimates, management believes that the reserves for claims are adequate. The estimates are continually reviewed and adjusted as necessary as experience develops or new information becomes known; such adjustments are included in current operations.

Reinsurance

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

Securities Lending

At December 31, 2019, the Company had loaned various debt securities, preferred stocks and common stocks as part of a securities lending program administered by Deutsche Bank, of which the fair value was $77.6 million and $53.0 million in the general and separate account, respectively. At December 31, 2018, the Company had loaned various debt securities, preferred stocks and common stocks as part of a securities lending program administered by Deutsche Bank, of which the fair value was $105.9 million and $21.8 million in the general and separate account, respectively. The Company maintains effective control over all loaned securities and, therefore, continues to report such securities as invested assets in the balance sheets. The general account collateral is managed by both an affiliated and unaffiliated agent. The separate account is managed by an unaffiliated agent.

15

The Western and Southern Life Insurance Company

Notes to Financial Statements (Statutory-Basis)

December 31, 2019, 2018 and 2017

The Company requires at the initial transaction that the fair value of the cash collateral received must be equal to 102% of the fair value of the loaned securities. The Company monitors the ratio of the fair value of the collateral to loaned securities to ensure it does not fall below 100%. If the fair value of the collateral falls below 100% of the fair value of the securities loaned, the Company nonadmits that portion of the loaned security. At December 31, 2019 and 2018, the Company did not nonadmit any portion of the loaned securities.

The Company reports all collateral on the balance sheet with an offsetting liability recognized for the obligation to return the collateral. Collateral for the securities lending program is either managed by an affiliated agent of the Company or is managed by Deutsche Bank, an unaffiliated agent. Collateral managed by an affiliated agent, which approximated $51.7 million and $54.3 million at December 31, 2019 and 2018, respectively, is invested primarily in investment-grade debt securities and cash equivalents and is included in the applicable amount on the balance sheets because the funds are available for the general use of the Company. At December 31, 2019 and 2018, collateral managed by an unaffiliated agent, which approximated $27.7 million and $54.2 million respectively, was invested in cash equivalents and was included in securities lending reinvested collateral assets on the balance sheet.

At December 31, 2019, the collateral for all securities on loan could be requested to be returned on demand by the borrower. At December 31, 2019 and 2018, the fair value of the total collateral in the general account was $79.4 million and $108.5 million, respectively. The fair value of the total collateral in the separate account was $54.2 million and $22.4 million at December 31, 2019 and 2018, respectively, which was all managed by an unaffiliated agent.

The aggregate collateral broken out by maturity date is as follows at December 31, 2019:

	Amortized Cost		Fair Value
	(In Thousands)
Open	$	—	$	—
30 days or less	107,151		107,193
31 to 60 days	—		—
61 to 90 days	1,050		1,050
91 to 120 days	1,600		1,600
121 to 180 days	2,257		2,259
181 to 365 days	8,375		8,373
1 to 2 years	4,549		4,556
2 to 3 years	—		—
Greater than 3 years	8,529		8,529
Total collateral	$	133,511	$	133,560

At December 31, 2019, all of the collateral held for the securities lending program was invested in tradable securities that could be sold and used to pay for the $79.6 million and $54.2 million in the general and separate accounts, respectively, in collateral calls that could come due under a worst-case scenario where all collateral was called simultaneously.

16

The Western and Southern Life Insurance Company

Notes to Financial Statements (Statutory-Basis)

December 31, 2019, 2018 and 2017

The Company does not accept collateral that is not permitted by contract or custom to sell or repledge. The Company does not have any securities lending transactions that extend beyond one year from the reporting date.

Separate Account

The Company maintains a separate account, which holds all of the Company’s pension plan assets. The assets of the separate account consist primarily of marketable securities, which are recorded at fair value. These assets are considered legally insulated from the general accounts.

There are no separate account liabilities that are guaranteed by the general account. (See Note 10 for further discussion on the general account’s responsibility as it relates to the obligations of the Company’s pension plan).

The activity within the separate account, including realized and unrealized gains or losses on its investments, has no effect on net income or capital and surplus of the Company. The Company’s statements of operations reflect annuity payments to pension plan participants and other expenses of the separate account, as well as the reimbursement of such expenses from the separate account.

Federal Income Taxes

The Company files a consolidated income tax return with its eligible subsidiaries and affiliates. The provision for federal income taxes is allocated to the individual companies using a separate return method based upon a written tax-sharing agreement. Under the agreement, the benefits from losses of subsidiaries and affiliates are retained by the subsidiary and affiliated companies. The Company pays all federal income taxes due for all members of the group. The Company then immediately charges or reimburses, as the case may be, the members of the group an amount consistent with the method described in the tax-sharing agreement.

The Company includes interest and penalties in the federal income tax line on the statements of operations.

Postretirement Benefits Other Than Pensions

The Company accounts for its postretirement benefits other than pensions on an accrual basis. The postretirement benefit obligation for current retirees and fully eligible employees is measured by estimating the actuarial present value of benefits expected to be received at retirement using explicit assumptions.

Actuarial and investment gains and losses arising from differences between assumptions and actual experience upon subsequent remeasurement of the obligation may be recognized as a component of the net periodic benefit cost in the current period or amortized. The net gain or loss will be included as a component of net postretirement benefit cost for a year if, as of the beginning of the year, the unrecognized net gain or loss exceeds 10% of the postretirement benefit obligation. That gain or loss, if not recognized immediately, will be amortized over the average life expectancy of the employer’s fully vested and retiree group.

17

The Western and Southern Life Insurance Company

Notes to Financial Statements (Statutory-Basis)

December 31, 2019, 2018 and 2017

Accounting Changes

Effective January 1, 2019, the Company changed its deferred tax assets admission calculation related to clarification updates to Statement of Statutory Accounting Principles 101 - Income Taxes, Exhibit A - Implementation Question and Answers, in the Accounting Practices & Procedures Manual. The Company has recorded a $2.1 million increase to surplus as a result of the change in application of the admission criteria through cumulative effect of changes in accounting principles on the statements of changes in capital and surplus.

Effective January 1, 2018, the Company updated mortality assumptions on certain traditional life reserves. This resulted in a change of statutory reserve valuation that is required to be recorded directly to surplus rather than as part of the reserve change recognized in the statements of operations. As a result, the Company has recorded a $0.7 million decrease to surplus as a result of the change in valuation bases through the change in reserve on account of change in valuation basis line on the statements of changes in capital and surplus.

Business Combinations

On December 31, 2018, the Company purchased 100% of the common stock of Gerber Life from Nestlé S.A. ("Nestlé") for an aggregate purchase price of $1,565.5 million, including direct acquisition costs of $9.3 million. Included in the aggregate purchase price is a long-term license to use Gerber Life intellectual property in connection with financial services. Gerber Life is an insurer that operates primarily in the juvenile life insurance and medical stop-loss insurance markets. Gerber Life is New York-domiciled and is licensed in 50 states, the District of Columbia, Puerto Rico and certain Canadian provinces. In 2019, the Company received $8.2 million from Nestlé as an adjustment to the purchase price of Gerber Life.

The transaction was accounted for as a statutory purchase and reflects the following:

Year	Cost of acquired entity		Original Admitted Goodwill		Admitted Goodwill at Reporting Date		Goodwill Amortized in Period		Admitted Goodwill as a % of Admitted Acquisition
	(In thousands)
2019	$	1,257,274	$	528,082	$	478,525	$	94,555	48.3	%
2018	1,265,517		528,082		528,082		—		62.9

Simultaneously to, and in contemplation of, the purchase of Gerber Life, the Company paid for a long-term license to use Gerber Life intellectual property in connection with financial services. The stated purchase price in the trademark license agreement was $300.0 million. The fair value of the trademark license agreement in isolation was determined to be $102.0 million; as a result, the book value of the asset was reduced by $198.0 million through surplus in the line titled trademark license agreement adjustment on the statements of changes in capital and surplus. The adjustment to the book value of the trademark license agreement had no impact on the Company's total capital and surplus, as the trademark license agreement asset is non-admitted and the change to the book value was offset by a change in the associated non-admitted asset.

18

The Western and Southern Life Insurance Company

Notes to Financial Statements (Statutory-Basis)

December 31, 2019, 2018 and 2017

Subsequent Events

The Company is exposed to potential risk associated with the recent outbreak of a new strain of coronavirus (“COVID-19”) and is actively monitoring developments through governmental briefings and the relevant health authorities. The effects of the outbreak on the Company are uncertain and difficult to predict, as the situation is actively evolving. Risks include (but are not limited to) the disruption of business operations due to changing work environments for employees, agents and distributors, and business partners; potential economic hardship of policyholders and issuers of investments held by the Company; and disruptions of product marketing and sales efforts. The Company has business continuity plans in place to attempt to mitigate the risks posed to business operations by disruptive incidents such as these.

The Company recognizes in the financial statements the effects of all subsequent events that provide additional evidence about conditions that existed at the balance sheet date. For nonrecognized subsequent events that must be disclosed to keep the financial statements from being misleading, the Company is required to disclose the nature of the event as well as an estimate of its financial effect, or a statement that such an estimate cannot be made. Management has evaluated subsequent events through the issuance of these financial statements on April 20, 2020.

19

The Western and Southern Life Insurance Company

Notes to Financial Statements (Statutory-Basis)

December 31, 2019, 2018 and 2017

2. Investments

The book/adjusted carrying value and fair value of the Company’s investments in debt securities are summarized as follows:

	Book/ Adjusted Carrying Value		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
	(In Thousands)
At December 31, 2019:
U.S. Treasury securities and obligations of U.S. government corporation and agencies	$	24,088	$	1,545	$	—	$	25,633
Debt securities issued by states of the U.S. and political subdivisions of the states	15,033		2,328		—		17,361
Non-U.S. government securities	57,511		7,705		—		65,216
Corporate securities	2,369,794		467,074		(3,662)		2,833,206
Commercial mortgage-backed securities	36,817		1,099		(107)		37,809
Residential mortgage-backed securities	233,130		12,281		(75)		245,336
Asset-backed securities	95,366		11,881		(332)		106,915
Total	$	2,831,739	$	503,913	$	(4,176)	$	3,331,476
At December 31, 2018:
U.S. Treasury securities and obligations of U.S. government corporation and agencies	$	27,656	$	882	$	(196)	$	28,342
Debt securities issued by states of the U.S. and political subdivisions of the states	15,030		1,680		(47)		16,663
Non-U.S. government securities	57,986		2,718		(982)		59,722
Corporate securities	2,449,117		211,540		(66,657)		2,594,000
Commercial mortgage-backed securities	53,343		273		(466)		53,150
Residential mortgage-backed securities	240,395		8,933		(1,692)		247,636
Asset-backed securities	93,924		3,527		(907)		96,544
Total	$	2,937,451	$	229,553	$	(70,947)	$	3,096,057

At December 31, 2019 and 2018, the Company held unrated or below-investment-grade corporate debt securities with a book/adjusted carrying value of $57.1 million and $72.0 million, respectively, and an aggregate fair value of $59.4 million and $69.1 million, respectively. As of December 31, 2019 and 2018, such holdings amounted to 2.0% and 2.5%, respectively, of the Company’s investments in debt securities and 0.5% and 0.7%, respectively, of the Company’s total admitted assets. The Company performs periodic evaluations of the relative credit standing of the issuers of these debt securities. The Company considers these evaluations in its overall investment strategy.

20

The Western and Southern Life Insurance Company

Notes to Financial Statements (Statutory-Basis)

December 31, 2019, 2018 and 2017

Unrealized gains and losses on investments in unaffiliated common stocks, mutual funds and common stocks of subsidiaries are reported directly in capital and surplus and do not affect net income. The unrealized gains and unrealized losses on, and the cost and fair value of those investments and preferred stocks are as follows:

	Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
	(In Thousands)
At December 31, 2019:
Preferred stocks	$	25,531	$	1,984	$	(202)	$	27,313
Common stocks, unaffiliated	$	478,826	$	233,044	$	(11,313)	$	700,557
Common stocks, mutual funds	178,868		14,194		(350)		192,712
Common stocks, subsidiaries	3,014,801		693,483		(113,344)		3,594,940
	$	3,672,495	$	940,721	$	(125,007)	$	4,488,209

	Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
	(In Thousands)
At December 31, 2018:
Preferred stocks	$	16,026	$	334	$	(668)	$	15,692
Common stocks, unaffiliated	$	446,459	$	146,776	$	(38,660)	$	554,575
Common stocks, mutual funds	155,207		37		(8,241)		147,003
Common stocks, subsidiaries	2,840,458		418,024		(65,344)		3,193,138
	$	3,442,124	$	564,837	$	(112,245)	$	3,894,716

21

The Western and Southern Life Insurance Company

Notes to Financial Statements (Statutory-Basis)

December 31, 2019, 2018 and 2017

The following table shows unrealized losses and fair values, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position.

	Unrealized Losses Less Than 12 Months				Unrealized Losses Greater Than or Equal to 12 Months
	Unrealized Losses		Fair Value		Unrealized Losses		Fair Value
	(In Thousands)
At December 31, 2019:
U.S. Treasury securities and obligations of U.S. government corporations and agencies	$	—	$	—	$	—	$	—
Debt securities issued by states of the U.S. and political subdivisions of the states	—		—		—		—
Non-U.S. government securities	—		—		—		—
Corporate securities	(2,827)		65,853		(835)		28,129
Commercial mortgage-backed securities(1)	(105)		5,042		(2)		69
Residential mortgage-backed securities(1)	(32)		18,790		(43)		4,371
Asset-backed securities(1)	(210)		16,725		(122)		8,878
Total	$	(3,174)	$	106,410	$	(1,002)	$	41,447
Preferred stocks	$	(202)	$	608	$	—	$	—
Common stocks, unaffiliated	$	(11,313)	$	88,917	$	—	$	—
Common stocks, mutual funds	(350)		40,004		—		—
Total	$	(11,663)	$	128,921	$	—	$	—

⁽¹⁾ Amounts relate to securities subject to SSAP 43R.

22

The Western and Southern Life Insurance Company

Notes to Financial Statements (Statutory-Basis)

December 31, 2019, 2018 and 2017

	Unrealized Losses Less Than 12 Months				Unrealized Losses Greater Than or Equal to 12 Months
	Unrealized Losses		Fair Value		Unrealized Losses		Fair Value
	(In Thousands)
At December 31, 2018:
U.S. Treasury securities and obligations of U.S. government corporations and agencies	$	(122)	$	5,372	$	(74)	$	7,344
Debt securities issued by states of the U.S. and political subdivisions of the states	(47)		5,193		—		—
Non-U.S. government securities	(981)		24,398		—		—
Corporate securities	(60,616)		886,386		(6,042)		58,244
Commercial mortgage-backed securities(1)	(185)		18,196		(281)		17,121
Residential mortgage-backed securities(1)	(858)		56,185		(834)		36,871
Asset-backed securities(1)	(858)		39,938		(49)		1,804
Total	$	(63,667)	$	1,035,668	$	(7,280)	$	121,384
Preferred stocks	$	(668)	$	5,146	$	—	$	—
Common stocks, unaffiliated	$	(38,660)	$	169,629	$	—	$	—
Common stocks, mutual funds	(8,241)		114,637		—		—
Total	$	(46,901)	$	284,266	$	—	$	—

⁽¹⁾ Amounts relate to securities subject to SSAP 43R.

Investments that are impaired at December 31, 2019 and 2018, for which other-than-temporary impairments have not been recognized, consist mainly of corporate debt securities, asset-backed securities, residential mortgage-backed securities and unaffiliated common stocks.

The aggregated unrealized loss is approximately 5.5% and 7.6% of the carrying value of securities considered temporarily impaired at December 31, 2019 and 2018, respectively. At December 31, 2019, there were a total of 99 securities held that are considered temporarily impaired, 13 of which have been impaired for 12 months or longer. At December 31, 2018, there were a total of 421 securities held that were considered temporarily impaired, 36 of which had been impaired for 12 months or longer. The Company recorded other-than-temporary impairments on securities of $17.1 million, $19.1 million and $5.0 million for the years ended December 31, 2019, 2018 and 2017, respectively.

The Company had no loan-backed securities held at December 31, 2019, with a recognized other-than-temporary impairment (OTTI) for the year ended December 31, 2019, where the present value of future cash flows expected to be collected was less than the amortized cost basis of the securities.

The Company had no OTTI on loan-backed securities for the year ended December 31, 2019, due to the intent to sell the security or 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 of the security.

23

The Western and Southern Life Insurance Company

Notes to Financial Statements (Statutory-Basis)

December 31, 2019, 2018 and 2017

A summary of the cost or amortized cost and fair value of the Company’s debt securities at December 31, 2019, by contractual maturity, is as follows:

	Book/Adjusted Carrying Value		Fair Value
	(In Thousands)
Years to maturity:
One or less	$	35,516	$	35,730
After one through five	184,097		195,118
After five through ten	507,351		600,634
After ten	1,739,462		2,109,934
Mortgage-backed securities/asset-backed securities	365,313		390,060
Total	$	2,831,739	$	3,331,476

The expected maturities may differ from contractual maturities in the foregoing table because certain borrowers have the right to call or prepay obligations with or without call or prepayment penalties and because asset-backed and mortgage-backed securities (including floating-rate securities) provide for periodic payments throughout their lives.

Proceeds from sales of investments in debt securities during 2019, 2018 and 2017 were $63.4 million, $1,385.4 million, and $285.0 million; gross gains of $1.5 million, $25.8 million, and $9.2 million and gross losses of $0.3 million, $6.0 million, and $0.5 million were realized on these sales in 2019, 2018 and 2017, respectively.

Proceeds from the sales of investments in equity securities during 2019, 2018 and 2017 were $476.7 million, $1,092.8 million, and $439.0 million; gross gains of $42.2 million, $230.8 million, and $61.4 million and gross losses of $30.2 million, $38.9 million, and $43.7 million were realized on these sales in 2019, 2018 and 2017, respectively.

Realized capital gains (losses) are reported net of federal income taxes and amounts transferred to the IMR as follows for the years ended December 31:

	2019		2018		2017
	(In Thousands)
Realized capital gains (losses)	$	6,135	$	282,807	$	11,982
Less amount transferred to IMR (net of related taxes (benefits) of $1,658 in 2019, $3,425 in 2018, and $2,211 in 2017)	6,009		12,886		4,106
Less federal income tax expense (benefit) of realized capital gains (losses)	(2,103)		64,841		5,319
Net realized capital gains (losses)	$	2,229	$	205,080	$	2,557

24

The Western and Southern Life Insurance Company

Notes to Financial Statements (Statutory-Basis)

December 31, 2019, 2018 and 2017

Net investment income was generated from the following for the years ended December 31:

	2019		2018		2017
	(In Thousands)
Debt securities	$	148,923	$	182,497	$	178,001
Equity securities	30,807		44,065		254,309
Mortgage loans	2,716		1,963		3,854
Real estate	13,175		13,071		13,150
Policy loans	11,827		11,965		12,224
Cash, cash equivalents and short-term investments	2,148		4,967		1,265
Other invested assets	318,696		229,089		96,300
Other	1,106		1,361		1,465
Gross investment income	529,398		488,978		560,568
Investment expenses	50,294		22,757		21,404
Net investment income	$	479,104	$	466,221	$	539,164

The Company’s investments in mortgage loans principally involve commercial real estate. At December 31, 2019, 76.0% of such mortgages, or $52.4 million, involved properties located in Arizona, Washington, and South Carolina. Such investments consist of primarily first-mortgage liens on completed income-producing properties. The aggregate mortgage outstanding to any one borrower does not exceed $21.2 million. During 2019, the respective minimum and maximum lending rates for mortgage loans issued were 4.75% and 5.25%. At the issuance of a loan, the percentage of any one loan to value of security, exclusive of insured, guaranteed or purchase money mortgage did not exceed 80.0%. During 2019, the Company did not reduce interest rates on any outstanding mortgages.

Derivative Instruments

The Company entered into an equity hedge program designed to hedge the market value risks associated with the broad equity market in the third quarter of 2018. Hedging this risk reduces the economic sensitivity to price declines. At the beginning of these contracts, a premium is either paid or received for transferring the related risk. The options are not designated as a hedge for accounting purposes and are carried at fair value on the balance sheet with changes in fair value recorded in surplus. The related gains and losses from terminations or expirations are recorded in realized capital gains and losses. The change in fair value was $(49.8) million and $0.0 million for the years ended December 31, 2019 and 2018, respectively. The net gain/(loss) recognized through net income within realized gains and losses was $0.0 million and $81.3 million for the years ended December 31, 2019 and 2018, respectively.

The Company has entered into a collateral agreement with the counterparty whereby under certain conditions the counterparty is required to post assets on the Company’s behalf. The posted amount is equal to the difference between the net positive fair value of the option and the agreed upon thresholds that are based on the credit rating of the counterparty. Inversely, if the net fair value of the option is negative, then the Company may be required to post assets using similar thresholds. At December 31, 2019 and 2018, $41.7 million and $0.0 million, respectively, of cash collateral has been posted by the Company.

Information related to the Company’s derivative instruments as described above and the effects of offsetting on the balance sheet consisted of the following for the years ended December 31:

25

The Western and Southern Life Insurance Company

Notes to Financial Statements (Statutory-Basis)

December 31, 2019, 2018 and 2017

	2019		2018
	(In Thousands)
Derivative assets:
Gross amount of recognized assets	$	7,820	$	—
Gross amounts offset	—		—
Net amount of assets	$	7,820	$	—
Derivative liabilities:
Gross amount of recognized liabilities	$	(48,246)	$	—
Gross amounts offset	—		—
Net amount of liabilities	$	(48,246)	$	—

3. Fair Values of Financial Instruments

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

The Company uses fair value measurements to record the fair value of certain assets and liabilities and to estimate the fair value of financial instruments not recorded at fair value but required to be disclosed at fair value. Certain financial instruments, particularly policyholder liabilities other than investment-type contracts, are excluded from this fair value discussion.

Fair value is defined as the price that would be received to sell an asset or transfer a liability in an orderly transaction between market participants at the measurement date. The Company’s financial assets and liabilities carried at fair value have been classified, for disclosure purposes, based on the following hierarchy that prioritizes inputs to valuation techniques used to measure fair value into three levels. The Company’s policy is to recognize transfers in and transfers out of levels at the beginning of the quarterly reporting period.

•Level 1 - Quoted prices (unadjusted) in active markets for identical assets or liabilities. The Company’s Level 1 assets and liabilities primarily include exchange-traded equity securities and mutual funds, including those which are part of the Company’s separate account assets.

•Level 2 - Inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. The Company’s Level 2 assets and liabilities primarily include debt securities within the Company’s separate account for which public quotations are not available, but that are priced by third-party pricing services or internal models using observable inputs. Also included in Level 2 assets and liabilities are NAIC 4 rated preferred stock, NAIC 6 rated bonds, options, and stock warrants. The fair value of these instruments is determined through the use of third-party pricing services or models utilizing market observable inputs.

26

The Western and Southern Life Insurance Company

Notes to Financial Statements (Statutory-Basis)

December 31, 2019, 2018 and 2017

•Level 3 - Significant unobservable inputs for the asset or liability. The Company’s Level 3 assets and liabilities primarily include certain debt securities and private equity securities within the Company’s separate account that must be priced using non-binding broker quotes or other valuation techniques that utilize significant unobservable inputs. Also included in Level 3 assets and liabilities are preferred stocks being priced by utilizing recent financing for similar securities.

Fair value estimates are made at a specific point in time, based on available market information and judgments about the financial instrument, including discount rates, estimates of timing, amount of expected future cash flows and the credit standing of the issuer. Such estimates do not consider the tax impact of the realization of unrealized gains or losses.

For Level 3 investments, the fair value estimates cannot be substantiated by comparison to independent markets. In addition, the disclosed fair value may not be realized in the immediate settlement of the financial instrument.

Certain investments utilize net asset value (NAV) as a practical expedient for fair value. These investments are reported separately from the hierarchy. Investments utilizing NAV consist mainly of equity interest in limited partnerships and limited liabilities in the separate account. These investments contain fixed income, common stock, and real estate characteristics. The interests in these partnerships can be sold or transferred with prior consent from the general partner. The average remaining life of the investments is 21.5 years. The Company's unfunded commitment for these investments is $21.2 million. In addition, a collective trust in the separate account utilizing NAV is primarily investing in domestic fixed income securities. Shares in the trust can be redeemed at their net asset value. The NAV for this investment is $10.93. The Company does not intend to sell any investments utilizing NAV.

As described below, certain fair values are determined through the use of third-party pricing services. Management does not adjust prices received from third parties; however, the Company does analyze the third-party pricing services’ valuation methodologies and related inputs and performs additional evaluation to determine the appropriate level within the fair value hierarchy. The Company performs annual due diligence of third-party pricing services, which includes assessing the vendor’s valuation qualifications, control environment, analysis of asset class-specific valuation methodologies and understanding of market observable assumptions and unobservable assumptions, if any, employed in the valuation methodology. Care should be exercised in deriving conclusions about the Company’s business, its value or financial position based on the fair value information of financial instruments presented below. The following discussion describes the valuation methodologies utilized by the Company for assets and liabilities measured or disclosed at fair value.

Debt and Equity Securities

The fair values of debt securities and asset/mortgage-backed securities have been determined through the use of third-party pricing services utilizing market observable inputs. Private placement securities trading in less liquid or illiquid markets with limited or no pricing information are valued using either broker quotes or by discounting the expected cash flows using current market-consistent rates applicable to the yield, credit quality and maturity of each security.

27

The Western and Southern Life Insurance Company

Notes to Financial Statements (Statutory-Basis)

December 31, 2019, 2018 and 2017

The fair values of actively traded equity securities and exchange traded funds (including exchange traded funds with debt like characteristics) have been determined utilizing publicly quoted prices obtained from third-party pricing services. The fair values of certain equity securities for which no publicly quoted prices are available have been determined through the use of third-party pricing services utilizing market observable inputs. Actively traded mutual funds are valued using the net asset values of the funds. The fair value of equity securities included in Level 3 has been determined by utilizing recent financing for similar securities.

Mortgage Loans

The fair values for mortgage loans, consisting principally of commercial real estate loans, are estimated using discounted cash flow analyses, using interest rates currently being offered for similar loans collateralized by properties with similar investment risk. The fair values for mortgage loans in default are established at the lower of the fair value of the underlying collateral less costs to sell or the carrying amount of the loan.

Cash, Cash Equivalents and Short-Term Investments

The fair values of cash, cash equivalents and short-term investments are based on quoted market prices or stated amounts.

Securities Lending Reinvested Collateral Assets

The fair values of securities lending reinvested collateral assets are determined through the use of third-party sources utilizing publicly quoted prices.

Other Invested Assets

Other invested assets primarily include surplus debentures for which fair values have been determined through the use of third-party pricing services utilizing market observable inputs.

Derivative Instruments

The fair values of free-standing derivative instruments, primarily options and stock warrants, are determined through the use of third-party pricing services or models utilizing market observable inputs.

Cash Collateral Receivable

The receivable represents the obligation to return cash collateral the Company has posted relating to derivative instruments. The fair value is based upon the stated amount.

28

The Western and Southern Life Insurance Company

Notes to Financial Statements (Statutory-Basis)

December 31, 2019, 2018 and 2017

Assets Held in Separate Accounts

Assets held in separate accounts include debt securities, equity securities, mutual funds, private equity, and private debt fund investments. The fair values of debt securities, equity securities and mutual funds have been determined using the same methodologies as similar assets held in the general account. The fair values of private equity and private debt fund investments have been determined utilizing the net asset values of the funds.

Life and Annuity Reserves for Investment-Type Contracts and Deposit Fund Liabilities

The fair value of liabilities for investment-type contracts is based on the present value of estimated liability cash flows, which are discounted using rates that incorporate risk-free rates and margins for the Company’s own credit spread and the riskiness of cash flows. Key assumptions to the cash flow model include the timing of policyholder withdrawals and the level of interest credited to contract balances. Fair values for insurance reserves are not required to be disclosed. However, the estimated fair values of all insurance reserves and investment contracts are taken into consideration in the Company’s overall management of interest rate risk.

Securities Lending Liability

The liability represents the Company’s obligation to return collateral related to securities lending transactions. The liability is short-term in nature and therefore, the fair value of the obligation approximates the carrying amount.

Assets and liabilities measured at fair value on a recurring basis are outlined below:

	Assets/(Liabilities) Measured at Fair Value		Fair Value Hierarchy Level
			Level 1		Level 2		Level 3		NAV
	(In Thousands)
At December 31, 2019
Assets:
Bonds, industrial and misc.	$	1,047	$	—	$	1,047	$	—	$	—
Bonds, exchange traded funds	5,868		5,868		—		—		—
Common stocks, unaffiliated	700,557		697,947		—		—		2,610
Common stocks, mutual funds	192,712		192,712		—		—		—
Derivative assets	7,820		—		7,820		—		—
Separate account assets	1,141,599		706,951		140,561		19,844		274,243
Total assets	$	2,049,603	$	1,603,478	$	149,428	$	19,844	$	276,853
Liabilities:
Derivative liabilities	$	(48,246)	$	—	$	(48,246)	$	—	$	—

29

The Western and Southern Life Insurance Company

Notes to Financial Statements (Statutory-Basis)

December 31, 2019, 2018 and 2017

	Assets/(Liabilities) Measured at Fair Value		Fair Value Hierarchy Level
			Level 1		Level 2		Level 3		NAV
	(In Thousands)
At December 31, 2018
Assets:
Bonds, exchange traded funds	$	4,889	$	4,889	$	—	$	—	$	—
Common stocks, unaffiliated	554,575		551,875		—		—		2,700
Common stocks, mutual funds	147,003		147,003		—		—		—
Preferred stocks	866		—		573		293		—
Separate account assets	961,136		561,325		128,292		18,656		252,863
Total assets	$	1,668,469	$	1,265,092	$	128,865	$	18,949	$	255,563

The reconciliation for all assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) for the year ended December 31, 2019 are as follows:

	Beginning Asset/(Liability) as of January 1, 2019		Total Realized/Unrealized Gains (Losses) Included in*:						Purchases, Sales, Issuances and Settlements		Transfers Into Level 3**		Transfers Out of Level 3**		Ending Asset/ (Liability) as of December 31, 2019
			Net Income		Surplus		Other
	(In Thousands)
Assets:
Preferred stocks	$	293	$	—	$	(200)	$	—	$	—	$	200	$	(293)	$	—
Separate account assets	18,656		—		—		1,792		(604)		—		—		19,844
Total assets	$	18,949	$	—	$	(200)	$	1,792	$	(604)	$	200	$	(293)	$	19,844

* Gains and losses for assets held in separate accounts do not impact net income or surplus as the change in value of assets held in separate accounts is offset by a change in value of liabilities related to separate accounts.

** Transfers into and out of Level 3 are due to changes resulting from the application of the lower of amortized cost or fair value rules based on the security's NAIC rating

The gross purchases, issuances, sales and settlements included in the reconciliation for all assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) for the year ended December 31, 2019, are as follows:

	Purchases		Issuances		Sales		Settlements		Net Purchases, Issuances, Sales and Settlements
	(In Thousands)
Assets:
Preferred stocks	$	—	$	—	$	—	$	—	$	—
Separate account assets	—		—		—		(604)		(604)
Total assets	$	—	$	—	$	—	$	(604)	$	(604)

30

The Western and Southern Life Insurance Company

Notes to Financial Statements (Statutory-Basis)

December 31, 2019, 2018 and 2017

The reconciliation for all assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) for the year ended December 31, 2018, is as follows:

	Beginning Asset/(Liability )as of January 1, 2018		Total Realized/Unrealized Gains (Losses) Included in*:						Purchases, Sales, Issuances and Settlements		Transfers Into Level 3**		Transfers Out of Level 3***		Ending Asset/ (Liability) as of December 31, 2018
			Net Income		Surplus		Other
	(In Thousands)
Assets:
Common stocks, unaffiliated	$	4,902	$	(4,389)	$	(3)	$	—	$	—	$	—	$	(510)	$	—
Preferred stocks	—		—		(55)		—		—		348		—		293
Separate account assets	78,597		—		—		1,421		(1,147)		1,757		(61,972)		18,656
Total assets	$	83,499	$	(4,389)	$	(58)	$	1,421	$	(1,147)	$	2,105	$	(62,482)	$	18,949

* Gains and losses for assets held in separate accounts do not impact net income or surplus as the change in value of assets held in separate accounts is offset by a change in value of liabilities related to separate accounts.

** Transfers into Level 3 are due to changes in the price source

*** Transfers out of Level 3 are due to utilizing net asset value.

The gross purchases, issuances, sales and settlements included in the reconciliation for all assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) for the year ended December 31, 2018, are as follows:

	Purchases		Issuances		Sales		Settlements		Net Purchases, Issuances, Sales and Settlements
	(In Thousands)
Assets:
Common stocks, unaffiliated	$	—	$	—	$	—	$	—	$	—
Preferred stocks	—		—		—		—		—
Separate account assets	—		—		—		(1,147)		(1,147)
Total Assets	$	—	$	—	$	—	$	(1,147)	$	(1,147)

The Company did not have any significant assets or liabilities measured at fair value on a nonrecurring basis as of December 31, 2019 and 2018.

31

The Western and Southern Life Insurance Company

Notes to Financial Statements (Statutory-Basis)

December 31, 2019, 2018 and 2017

The carrying amounts and fair values of the Company’s significant financial instruments follow:

	December 31, 2019
	Carrying Amount		Fair Value		Level 1		Level 2		Level 3		NAV
	(In Thousands)
Assets:
Bonds	$	2,831,739	$	3,331,476	$	23,571	$	3,306,905	$	1,000	$	—
Common stock:
Unaffiliated	700,557		700,557		697,947		—		—		2,610
Mutual funds	192,712		192,712		192,712		—		—		—
Preferred stock	25,331		27,313		—		25,981		1,332		—
Mortgage loans	68,898		71,162		—		—		71,162		—
Cash, cash equivalents and short-term investments	77,542		77,589		77,589		—		—		—
Other invested assets, surplus notes	33,945		43,794		—		43,794		—		—
Securities lending reinvested collateral assets	27,635		27,635		27,635		—		—		—
Derivative assets	7,820		7,820		—		7,820		—		—
Cash collateral receivable	41,680		41,680		—		41,680		—		—
Separate account assets	1,141,599		1,141,599		706,951		140,561		19,844		274,243
Liabilities:
Life and annuity reserves for investment-type contracts and deposit fund liabilities	$	(4,270)	$	(4,471)	$	—	$	—	$	(4,471)	$	—
Derivative liabilities	(48,246)		(48,246)		—		(48,246)		—		—
Securities lending liability	(79,589)		(79,589)		—		(79,589)		—		—

	December 31, 2018
	Carrying Amount		Fair Value		Level 1		Level 2		Level 3		NAV
	(In Thousands)
Assets:
Bonds	$	2,937,451	$	3,096,057	$	21,632	$	3,071,925	$	2,500	$	—
Common stock:
Unaffiliated	554,575		554,575		551,875		—		—		2,700
Mutual funds	147,003		147,003		147,003		—		—		—
Preferred stock	15,845		15,692		—		14,182		1,510		—
Mortgage loans	59,146		58,652		—		—		58,652		—
Cash, cash equivalents and short-term investments	87,913		87,919		87,919		—		—		—
Other invested assets, surplus notes	33,974		37,988		—		37,988		—		—
Securities lending reinvested collateral assets	54,253		54,253		54,253		—		—		—
Separate account assets	961,136		961,136		561,325		128,292		18,656		252,863
Liabilities:
Life and annuity reserves for investment-type contracts and deposit fund liabilities	$	(4,469)	$	(4,419)	$	—	$	—	$	(4,419)	$	—
Securities lending liability	(108,841)		(108,841)		—		(108,841)		—		—

32

The Western and Southern Life Insurance Company

Notes to Financial Statements (Statutory-Basis)

December 31, 2019, 2018 and 2017

4. Related-Party Transactions

The Company owns a 100% interest in Integrity and WSLAC, whose carrying values based on underlying statutory surplus at December 31, 2019, are $1.3 billion and $1.1 billion, respectively. The accounting policies of Integrity and WSLAC are the same as those of the Company described in Note 1. The summary financial data for Integrity and WSLAC follows:

	2019		2018
	(In Thousands)
Integrity:
Admitted Assets	$	9,914,360	$	9,415,090
Liabilities	8,643,016		8,283,823
Statutory Surplus	$	1,271,344	$	1,131,267
Net Income	$	13,125	$	59,221
WSLAC:
Admitted Assets	$	14,808,181	$	13,029,413
Liabilities	13,739,451		12,089,615
Statutory Surplus	$	1,068,730	$	939,798
Net Income	$	81,627	$	16,091

The Company has an equity interest in certain partnerships that made payments of principal and interest under mortgage financing arrangements to subsidiaries in the amount of $23.8 million, $16.5 million, and $3.7 million in 2019, 2018 and 2017, respectively.The principal balance of the mortgage financing arrangements with subsidiaries was $303.1 million and $312.8 million at December 31, 2019 and 2018, respectively.

At December 31, 2019 and 2018, the Company had $131.9 million and $107.4 million, respectively, invested, in the Touchstone Funds, which are mutual funds administered by Touchstone Advisors, Inc., an indirect subsidiary of the Company.

In November 2019, the Company paid a $93.9 million capital contribution to its subsidiary, Gerber Life. The contribution was in the form of common stock.

In November 2019, the Company paid a $30.0 million capital contribution to its subsidiary, Columbus Life. The contribution was in the form of common stock.

In February 2019, the Company paid a $100.0 million capital contribution to its subsidiary, Gerber Life. The contribution was in the form of $99.8 million in bonds and $0.2 million in cash.

33

The Western and Southern Life Insurance Company

Notes to Financial Statements (Statutory-Basis)

December 31, 2019, 2018 and 2017

The Company issued a short-term loan to its parent, WSFG, as of January 23, 2019, for $260.0 million. This note had a maturity date of March 24, 2019, and bore interest at a rate of 2.68%, compounding monthly. The principal of the loan was forgiven by the Company as of March 7, 2019, and was accounted for as an ordinary dividend from the Company to WSFG. The accrued interest of $0.8 million was paid by WSFG to the Company on March 7, 2019.

The Company received a $260.0 million capital contribution from WSFG in December 2018. The contribution was in the form of cash.

The Company paid a $35.0 million capital contribution to Columbus Life in December 2018. The contribution was in the form of cash.

On November 16, 2018, the Company sold common stock back to its issuer for $74.4 million. A member of the Company's Board of Directors also serves on the Board of Directors of the company that purchased the common stock.

In the fourth quarter of 2018, the Company sold bonds in exchange for cash to WSLAC, Integrity, and National Integrity in the amounts of $294.3 million, $87.0 million, and $47.6 million, respectively.

The Company paid a $250.0 million capital contribution to Integrity in June 2018. The contribution was in the form of $245.7 million in common stocks and $4.3 million in cash.

In October 2017, the Company entered into a Pension Risk Transfer agreement with WSLAC. Refer to Note 10 for more detail.

The Company received a $200.0 million dividend from WSLAC in December 2017. The dividend was $109.3 million ordinary and $90.7 million extraordinary. The dividend was in the form of cash.

The Company received a $57.1 million capital contribution from WSFG in October 2017. The contribution was in the form of cash.

The Company paid a $36.1 million capital contribution to WSLAC in October 2017. The contribution was in the form of cash.

The Company paid a $30.0 million capital contribution to Columbus Life in December 2017, The contribution was in the form of cash.

The Company had $33.2 million and $31.1 million receivable from parent, subsidiaries and affiliates as of December 31, 2019 and 2018, respectively. The Company did not have any amounts payable to parent, subsidiaries and affiliates as of December 31, 2019 or 2018. The terms of the settlement generally require that these amounts be settled in cash within 30 days.

The Company has entered into multiple reinsurance agreements with affiliated entities. See Note 5 for further description.

34

The Western and Southern Life Insurance Company

Notes to Financial Statements (Statutory-Basis)

December 31, 2019, 2018 and 2017

5. Reinsurance

Certain premiums and benefits are assumed from and ceded to other insurance companies under various reinsurance agreements. The ceded reinsurance agreements provide the Company with increased capacity to write larger risks and maintain its exposure to loss within its capital resources.

The Company had a modified coinsurance agreement with Integrity until it was recaptured on November 1, 2018. Under the terms of the agreement, the Company assumed structured settlements, guaranteed rate option annuities, and accumulation products written before July 1, 2002, and Integrity retained the reserves and the related assets of this business. At the date of recapture, there was no impact to net income or surplus. The recapture is presented in the statements of operations in lines titled miscellaneous income adjustment - termination of reinsurance agreement and miscellaneous expense adjustment - termination of reinsurance agreement for $694.6 million and $694.6 million, respectively.

The Company has a ceded reinsurance agreement with Columbus Life. Under the reinsurance agreement, Columbus Life reinsures the former liabilities of Columbus Mutual, a former affiliate, which was merged into the Company. Life and accident and health reserves ceded from the Company to Columbus Life totaled $493.5 million and $514.2 million at December 31, 2019 and 2018, respectively.

In 2006, the Company entered into a yearly renewable term reinsurance agreement with Lafayette Life, an affiliated entity, whereby the Company provides reinsurance coverage on certain life products and associated riders as this coverage is recaptured by Lafayette Life from unaffiliated reinsurers. Life reserves ceded from Lafayette Life to the Company under this agreement totaled $0.9 million and $1.0 million at December 31, 2019 and 2018, respectively.

Certain premiums and benefits are ceded to other unaffiliated insurance companies under various reinsurance agreements. The majority of the ceded business is due to ceding substandard business to reinsurers (facultative basis).

The effects of reinsurance on premiums, annuity considerations and deposit-type funds are as follows for the years ended December 31:

	2019		2018		2017
	(In Thousands)
Direct premiums	$	237,084	$	241,297	$	251,423
Assumed premiums:
Affiliates	1,111		2,176		1,726
Nonaffiliates	—		—		—
Ceded premiums:
Affiliates	—		—		—
Nonaffiliates	(6,422)		(6,419)		(6,403)
Net premiums	$	231,773	$	237,054	$	246,746

35

The Western and Southern Life Insurance Company

Notes to Financial Statements (Statutory-Basis)

December 31, 2019, 2018 and 2017

The Company’s ceded reinsurance arrangements reduced certain other items in the accompanying financial statements by the following amounts as of and for the years ended December 31:

	2019		2018		2017
	(In Thousands)
Benefits paid or provided:
Affiliates	$	—	$	—	$	—
Nonaffiliates	2,936		4,225		3,420
Policy and contract liabilities:
Affiliates	468,882		488,266		506,178
Nonaffiliates	50,472		50,796		50,260
Amounts recoverable on reinsurance contracts:
Affiliates	—		—		—
Nonaffiliates	227		382		199

In 2019, 2018 and 2017, the Company did not commute any ceded reinsurance nor did it enter into or engage in any agreement that reinsures policies or contracts that were in-force or had existing reserves as of the effective date of such agreements.

At December 31, 2019, the Company has no significant reserves ceded to unauthorized reinsurers. Amounts payable or recoverable for reinsurance on policy and contract liabilities are not subject to periodic or maximum limits. At December 31, 2019, the Company’s reinsurance recoverables are not material and no individual reinsurer owed the Company an amount that was equal to or greater than 3% of the Company’s capital and surplus.

Neither the Company nor any of its related parties, control directly or indirectly, any reinsurers with whom the Company conducts business. No policies issued by the Company have been reinsured with a foreign company, which is controlled, either directly or indirectly, by a party not primarily engaged in the business of insurance. The Company does not have any reinsurance agreements in effect under which the reinsurer may unilaterally cancel the agreement. At December 31, 2019, there are no reinsurance agreements in effect such that the amount of losses paid or accrued exceed the total direct premium collected. The Company remains obligated for amounts ceded in the event that the reinsurers do not meet their obligations.

There would be no reduction in surplus at December 31, 2019, if all reinsurance agreements were cancelled.

6. Federal Income Taxes

The Company and its eligible subsidiaries and affiliates file a consolidated federal income tax return. Amounts due (to)/from the subsidiaries and affiliates for federal income taxes were $(9.6) million and $(45.5) million at December 31, 2019 and 2018, respectively. The tax years 2014 through 2019 remain subject to examination by major tax jurisdictions.

36

The Western and Southern Life Insurance Company

Notes to Financial Statements (Statutory-Basis)

December 31, 2019, 2018 and 2017

The amount of federal income taxes incurred that will be available for recoupment at December 31, 2019, in the event of future capital losses is $36.9 million, $100.9 million, and $17.8 million from 2019, 2018 and 2017, respectively.

The aggregate amount of deposits admitted under Section 6603 of the Internal Revenue Service Code is $32.3 million and $0.0 million in 2019 and 2018, respectively.

The components of the net deferred tax asset (liability) at December 31 are as follows:

		12/31/2019
		(In Thousands)
		(1)		(2)		(3)
						(Col 1+2)
		Ordinary		Capital		Total
(a)	Gross deferred tax assets	$	246,001	$	10,343	$	256,344
(b)	Statutory valuation allowance adjustments	—		—		—
(c)	Adjusted gross deferred tax assets (a - b)	246,001		10,343		256,344
(d)	Deferred tax assets nonadmitted	20,574		—		20,574
(e)	Subtotal net admitted deferred tax assets (c - d)	225,427		10,343		235,770
(f)	Deferred tax liabilities	101,138		40,092		141,230
(g)	Net admitted deferred tax asset/(net deferred tax liability) (e - f)	$	124,289	$	(29,749)	$	94,540

		12/31/2018
		(In Thousands)
		(4)		(5)		(6)
						(Col 4+5)
		Ordinary		Capital		Total
(a)	Gross deferred tax assets	$	365,543	$	17,219	$	382,762
(b)	Statutory valuation allowance adjustments	—		—		—
(c)	Adjusted gross deferred tax assets (a - b)	365,543		17,219		382,762
(d)	Deferred tax assets nonadmitted	104,536		—		104,536
(e)	Subtotal net admitted deferred tax assets (c - d)	261,007		17,219		278,226
(f)	Deferred tax liabilities	110,675		28,445		139,120
(g)	Net admitted deferred tax asset/(net deferred tax liability) (e - f)	$	150,332	$	(11,226)	$	139,106

37

The Western and Southern Life Insurance Company

Notes to Financial Statements (Statutory-Basis)

December 31, 2019, 2018 and 2017

		Change
		(In Thousands)
		(7)		(8)		(9)
						(Col 7+8)
		Ordinary		Capital		Total
(a)	Gross deferred tax assets	$	(119,542)	$	(6,876)	$	(126,418)
(b)	Statutory valuation allowance adjustments	—		—		—
(c)	Adjusted gross deferred tax assets (a - b)	(119,542)		(6,876)		(126,418)
(d)	Deferred tax assets nonadmitted	(83,962)		—		(83,962)
(e)	Subtotal net admitted deferred tax assets (c - d)	(35,580)		(6,876)		(42,456)
(f)	Deferred tax liabilities	(9,537)		11,647		2,110
(g)	Net admitted deferred tax asset/(net deferred tax liability) (e - f)	$	(26,043)	$	(18,523)	$	(44,566)

		12/31/2019
		(In Thousands)
		(1)		(2)		(3)
						(Col 1+2)
Admission Calculation Components SSAP No. 101		Ordinary		Capital		Total
(a)	Federal income taxes paid in prior years recoverable through loss carrybacks	$	—	$	9,934	$	9,934
(b)	Adjusted gross deferred tax assets expected to be realized (excluding the amount of deferred tax assets from (a) above) after application of the threshold limitation (the lesser of (b)1 and (b)2 below)	84,606		—		84,606
	1. Adjusted gross deferred tax assets expected to be realized following the balance sheet date	84,606		—		84,606
	2. Adjusted gross deferred tax assets allowed per limitation threshold.	XXX		XXX		716,334
(c)	Adjusted gross deferred tax assets (excluding the amount of deferred tax assets from (a) and (b) above) offset by gross deferred tax liabilities	140,821		409		141,230
(d)	Deferred tax assets admitted as the result of application of SSAP No. 101 Total ((a) + (b) + (c))	$	225,427	$	10,343	$	235,770

		12/31/2018
		(In Thousands)
		(4)		(5)		(6)
						(Col 4+5)
Admission Calculation Components SSAP No. 101		Ordinary		Capital		Total
(a)	Federal income taxes paid in prior years recoverable through loss carrybacks	$	—	$	17,219	$	17,219
(b)	Adjusted gross deferred tax assets expected to be realized (excluding the amount of deferred tax assets from (a) above) after application of the threshold limitation (the lesser of (b)1 and (b)2 below)	123,991		—		123,991
	1. Adjusted gross deferred tax assets expected to be realized following the balance sheet date	123,991		—		123,991
	2. Adjusted gross deferred tax assets allowed per limitation threshold.	XXX		XXX		639,639
(c)	Adjusted gross deferred tax assets (excluding the amount of deferred tax assets from (a) and (b) above) offset by gross deferred tax liabilities	137,016		—		137,016
(d)	Deferred tax assets admitted as the result of application of SSAP No. 101 Total ((a) + (b) + (c))	$	261,007	$	17,219	$	278,226

38

The Western and Southern Life Insurance Company

Notes to Financial Statements (Statutory-Basis)

December 31, 2019, 2018 and 2017

		Change
		(In Thousands)
		(7)		(8)		(9)
						(Col 7+8)
Admission Calculation Components SSAP No. 101		Ordinary		Capital		Total
(a)	Federal income taxes paid in prior years recoverable through loss carrybacks	$	—	$	(7,285)	$	(7,285)
(b)	Adjusted gross deferred tax assets expected to be realized (excluding the amount of deferred tax assets from (a) above) after application of the threshold limitation (the lesser of (b)1 and (b)2 below)	(39,386)		—		(39,385)
	1. Adjusted gross deferred tax assets expected to be realized following the balance sheet date	(39,386)		—		(39,385)
	2. Adjusted gross deferred tax assets allowed per limitation threshold.	XXX		XXX		76,695
(c)	Adjusted gross deferred tax assets (excluding the amount of deferred tax assets from (a) and (b) above) offset by gross deferred tax liabilities	3,806		409		4,214
(d)	Deferred tax assets admitted as the result of application of SSAP No. 101 Total ((a) + (b) + (c))	$	(35,580)	$	(6,876)	$	(42,456)

	2019	2018
Ratio percentage used to determine recovery period and threshold limitation amount	932%	928%

		12/31/2019
		(1)	(2)
Impact of tax planning strategies		Ordinary	Capital
		(In Thousands)
(a)	Adjusted gross DTAs amount	$246,001	$10,343
(b)	Percentage of adjusted gross DTAs by tax character attributable to the impact of tax planning strategies	19.61%	3.88%
(c)	Net admitted adjusted gross DTAs amount	$225,427	$10,343
(d)	Percentage of net admitted adjusted gross DTAs by tax character attributable to the impact of tax planning strategies	21.32%	4.21%

		12/31/2018
		(3)	(4)
Impact of tax planning strategies		Ordinary	Capital
		(In Thousands)
(a)	Adjusted gross DTAs amount	$365,543	$17,219
(b)	Percentage of adjusted gross DTAs by tax character attributable to the impact of tax planning strategies	10.99%	4.50%
(c)	Net admitted adjusted gross DTAs amount	$261,007	$17,219
(d)	Percentage of net admitted adjusted gross DTAs by tax character attributable to the impact of tax planning strategies	15.12%	6.19%

39

The Western and Southern Life Insurance Company

Notes to Financial Statements (Statutory-Basis)

December 31, 2019, 2018 and 2017

		Change
		(5)	(6)
Impact of tax planning strategies		Ordinary	Capital
		(In Thousands)
(a)	Adjusted gross DTAs amount	$(119,542)	$(6,876)
(b)	Percentage of adjusted gross DTAs by tax character attributable to the impact of tax planning strategies	8.62%	(0.62)%
(c)	Net admitted adjusted gross DTAs amount	$(35,580)	$(6,876)
(d)	Percentage of net admitted adjusted gross DTAs by tax character attributable to the impact of tax planning strategies	6.20%	(1.98)%

The Company's tax planning strategies include the use of reinsurance.

Current income taxes incurred consist of the following major components:

			12/31/2019		12/31/2018		12/31/2017
			(In Thousands)
(1)	Current income tax
	(a)	Federal	$	25,236	$	39,452	$	11,938
	(b)	Foreign	287		427		173
	(c)	Subtotal	25,523		39,879		12,111
	(d)	Federal income tax on net capital gains	(2,103)		64,841		5,319
	(e)	Utilization of capital loss carryforwards	—		—		—
	(f)	Other	—		—		—
	(g)	Federal and foreign income taxes incurred	$	23,420	$	104,720	$	17,430

40

The Western and Southern Life Insurance Company

Notes to Financial Statements (Statutory-Basis)

December 31, 2019, 2018 and 2017

			(1)		(2)		(3)
							(Col 1-2)
(2)	Deferred tax assets:		12/31/2019		12/31/2018		Change
	(a)	Ordinary	(In Thousands)
		(1) Discounting of unpaid losses	$	—	$	—	$	—
		(2) Unearned premium revenue	—		—		—
		(3) Policyholder reserves	51,727		49,815		1,912
		(4) Investments	38,325		40,703		(2,378)
		(5) Deferred acquisition costs	17,845		17,533		312
		(6) Policyholder dividends accrual	4,746		4,323		423
		(7) Fixed assets	—		3,785		(3,785)
		(8) Compensation and benefits accrual	102,259		92,711		9,548
		(9) Pension accrual	—		—		—
		(10) Receivables - nonadmitted	26,927		149,927		(123,000)
		(11) Net operating loss carryforward	—		—		—
		(12) Tax credit carryforward	—		—		—
		(13) Other	4,172		6,746		(2,574)
		(99) Subtotal	246,001		365,543		(119,542)
	(b)	Statutory valuation allowance adjustment	—		—		—
	(c)	Nonadmitted	20,574		104,536		(83,962)
	(d)	Admitted ordinary deferred tax assets (2a99 - 2b - 2c)	225,427		261,007		(35,580)
	(e)	Capital
		(1) Investments	10,343		17,219		(6,876)
		(2) Net capital loss carryforward	—		—		—
		(3) Real estate	—		—		—
		(4) Other	—		—		—
		(99) Subtotal	10,343		17,219		(6,876)
	(f)	Statutory valuation allowance adjustment	—		—		—
	(g)	Nonadmitted	—		—		—
	(h)	Admitted capital deferred tax assets (2e99- 2f - 2g)	10,343		17,219		(6,876)
	(i)	Admitted deferred tax assets (2d + 2h)	$	235,770	$	278,226	$	(42,456)

41

The Western and Southern Life Insurance Company

Notes to Financial Statements (Statutory-Basis)

December 31, 2019, 2018 and 2017

			(1)		(2)		(3)
							(Col 1-2)
			12/31/2019		12/31/2018		Change
(3)	Deferred tax liabilities:		(In Thousands)
	(a)	Ordinary
		(1) Investments	$	88,395	$	95,919	$	(7,524)
		(2) Fixed assets	77		342		(265)
		(3) Deferred and uncollected premium	8,353		8,912		(559)
		(4) Policyholder reserves	4,286		5,474		(1,188)
		(5) Other	27		28		(1)
		(99) Subtotal	101,138		110,675		(9,537)
	(b)	Capital
		(1) Investments	40,092		28,445		11,647
		(2) Real estate	—		—		—
		(3) Other	—		—		—
		(99) Subtotal	40,092		28,445		11,647
	(c)	Deferred tax liabilities (3a99 + 3b99)	141,230		139,120		2,110
(4)	Net deferred tax assets/liabilities (2i - 3c)		$	94,540	$	139,106	$	(44,566)

Among the more significant book-to-tax adjustments were the following:

	12/31/2019		Effective Tax Rate		12/31/2018		Effective Tax Rate		12/31/2017		Effective Tax Rate
	(In Thousands)				(In Thousands)				(In Thousands)
Provision computed at statutory rate	$	39,544	21.00	%	$	111,878	21.00	%	$	101,581	35.00	%
Dividends received deduction	(1,879)		(1.00)		(1,990)		(0.37)		(74,721)		(25.75)
Tax credits	(2,832)		(1.50)		(10,205)		(1.92)		(5,900)		(2.03)
Other invested assets and nonadmitted change	125,349		66.57		(156,090)		(29.30)		(21,153)		(7.29)
Uncertain tax positions	—		—		3,876		0.73		—		—
Statutory reserve change	—		—		—		—		(215)		(0.07)
Other	(5,385)		(2.86)		(454)		(0.09)		(1,304)		(0.45)
Change in federal tax rate	—		—		(7,813)		(1.47)		122,169		42.09
Total statutory income taxes	$	154,797	82.21	%	$	(60,798)	(11.42)	%	$	120,457	41.50	%
Federal and foreign taxes incurred	$	23,420	12.44	%	$	104,720	19.66	%	$	17,430	6.01	%
Change in net deferred income taxes	131,377		69.77		(165,518)		(31.08)		103,027		35.49
Total statutory income taxes	$	154,797	82.21	%	$	(60,798)	(11.42)	%	$	120,457	41.50	%

At December 31, 2019, the Company had $0.0 of net operating loss carryforwards, net capital loss carryforwards and tax credit carry forwards; the company had $0.0 of deferred tax liabilities that are not recognized.

42

The Western and Southern Life Insurance Company

Notes to Financial Statements (Statutory-Basis)

December 31, 2019, 2018 and 2017

On December 22, 2017, the Tax Cuts and Jobs Act (the Tax Act) was enacted, significantly changing the US income tax law. Among the provisions of the Tax Act were the establishment of a flat corporate income tax rate of 21%, a general repeal of net operating loss carrybacks and a reduction in the maximum deduction for net operating loss carryforwards arising in tax years beginning after 2017, and the elimination or reduction of certain deductions, exclusions and credits

The Company has recognized the effects of the tax rate change on its deferred tax balances in its December 31, 2017, financial statements. The re-measurement of deferred tax assets and liabilities resulted in a reduction of net deferred tax assets of $16.1 million, of which ($96.0) million and $122.2 million was recorded as an adjustment to the change in net unrealized capital gains (losses) and the change in net deferred income tax, respectively. Upon issuance of the Company’s financial statements for the year ended December 31, 2017, the Company’s accounting for certain income tax effects of the Tax Act was incomplete; however, the Company included reasonable estimates of these balances in its re-measurement of deferred tax assets and liabilities. At December 31, 2018, the Company has completed its accounting for all of the enactment-date tax effects of the Tax Act.

As of December 31, 2019, the Company had a liability for federal tax loss contingencies of $3.6 million. An estimate of the amount of any increase in the Company's liability related to any federal tax loss contingencies during the twelve month period ending December 31, 2020, cannot be made.

7. Capital and Surplus

The Company is required by statutory regulations to meet minimum risk-based capital standards. Risk-based capital is a method of measuring the minimum amount of capital appropriate for an insurance company to support its overall business operations in consideration of its size and risk profile. At December 31, 2019 and 2018, the Company exceeded the minimum risk-based capital.

Ohio insurance law limits the amount of dividends that can be paid to a parent in a holding company structure without prior approval of the regulators to the greater of 10% of statutory surplus or statutory net income as of the preceding December 31 less any dividends paid in the preceding 12 months, but only to the extent of earned surplus as of the preceding December 31. Based on these limitations, the Company is able to pay dividends of up to $542.8 million by the end of 2020 without seeking prior regulatory approval based on capital and surplus of $5,428.0 million at December 31, 2019.

The Company issued surplus notes ("the Notes") on January 23, 2019, with an aggregate principal amount of $500.0 million, an annual interest rate of 5.15%, and a maturity date of January 15, 2049, in exchange for $497.4 million in cash.

43

The Western and Southern Life Insurance Company

Notes to Financial Statements (Statutory-Basis)

December 31, 2019, 2018 and 2017

	Carrying Value of Note		Interest And/Or Principal Paid Current Year		Total Interest And/Or Principal Paid		Unapproved Interest And/Or Principal*
	(In Thousands)
As of December 31, 2019	$	497,519	$	12,303	$	12,303	$	—

* Pro-rata amount of interest due to be paid at next semi-annual payment date (pending approval) calculated as of the balance sheet date

Interest on the Notes is paid semi-annually on January 15 and July 15 of each year. The Notes were issued pursuant to Rule 144A as defined by the Securities Act of 1933 and are administered by the Bank of New York Mellon.

The Notes are unsecured and subordinated to all present and future indebtedness, policy claims and “prior claims” (those claims referred to in classes 1 through 7 of Section 3903.42 of the Ohio Revised Code) against the Company. Under Ohio insurance laws, the Notes are not part of the legal liabilities of the Company. Each payment of principal of, interest on or redemption price with respect to the Notes, may be made only with the prior approval of the Ohio Director of Insurance (the “Director”), and only out of surplus earnings.

Subject to the approval of the Director, the Company has the option to redeem the Notes (i) in whole within 90 days after the occurrence of a “Tax Event” where the Company receives an opinion of tax counsel that there is a more than insubstantial risk that interest payable on the Notes is not deductible by the Company, at a redemption price equal to the principal amount of the Notes to be redeemed (the ‘‘Par Value Redemption Price’’), (ii) in whole or in part, on or after January 23, 2024 but prior to July 15, 2048, at a redemption price equal to the greater of (a) the Par Value Redemption Price or (b) the sum of the present value of the remaining scheduled principal and interest payments on the Notes from the redemption date to July 15, 2048, discounted to the redemption date on a semi-annual basis at an adjusted treasury rate plus 35 basis points or (iii) in whole or in part, on or after July 15, 2048, at the Par Value Redemption Price, plus, in each case of (i), (ii) and (iii), accrued and unpaid interest payments on the Notes to be redeemed to the redemption date.

In the event the Company was subject to a liquidation event, the Notes would have preference over the common shareholders. No affiliates of the Company hold any of the Notes. As of the closing, Guggenheim Partners was the only holder of more than 10% of the outstanding Notes on record at the Depository Trust Company.

8. Commitments and Contingencies

The Company is named as a defendant in various legal actions arising principally from claims made under insurance policies and contracts. The Company believes the resolution of these actions will not have a material effect on the Company’s financial position or results of operations.

44

The Western and Southern Life Insurance Company

Notes to Financial Statements (Statutory-Basis)

December 31, 2019, 2018 and 2017

At December 31, 2019, the Company does not have any material lease agreements as a lessee for office space or equipment.

At December 31, 2019, the Company has future commitments to provide additional capital contributions of $393.7 million to investments in joint ventures, limited partnerships and limited liability companies.

The Company guarantees the payment of all policyholder obligations of each of the following wholly-owned subsidiaries: WSLAC, Columbus Life and Integrity. In addition, the Company guarantees all policyholder obligations of National and The Lafayette Life Insurance Company (Lafayette Life), an affiliated entity which is wholly-owned by the Company’s parent, WSFG. Guarantees on behalf of wholly-owned subsidiaries or on behalf of related parties that are considered to be unlimited (as in the case of the guarantee on behalf of Lafayette Life) are exempt from the initial liability recognition criteria and therefore no liability has been recognized in the financial statements. Due to the unlimited nature of the guarantees, the Company is unable to estimate the maximum potential amount of future payments under the guarantees. In the unlikely event the guarantees would be triggered, the Company may be permitted to take control of the underlying assets to recover all or a portion of the amounts paid under the guarantees.

The Company has guaranteed two mortgage loans in which the borrower is an affiliated limited liability company involved in development of real estate. These guarantees have a maximum exposure to the Company of $27.2 million for Canal Senate Apartments, LLC, and $14.7 million for 506 Phelps Holdings, LLC, in the event the real estate collateral of the affiliated limited liability company is not sufficient to cover the payment of the loan. The fair value of the real estate collateral at December 31, 2019, was approximately $52.3 million and $36.1 million, respectively. These loans mature in August 2022 and February 2024, respectively.

The Company has guaranteed a portion of the payment of mortgage loans made by its wholly-owned subsidiary, WSLAC, to two affiliated limited liability companies, Cranberry NP Hotel Company and Sundance Hotel, LLC, in the amounts of $9.0 million and $14.4 million, respectively. The guarantees have a maximum exposure to the Company of $4.7 million and $6.5 million in the event the real estate collateral of the affiliated limited liability company is not sufficient to cover the payment of the loan. The fair value of the real estate collateral at December 31, 2019, was approximately $9.5 million and $13.8 million. These loans mature in October 2021 and January 2024, respectively.

45

The Western and Southern Life Insurance Company

Notes to Financial Statements (Statutory-Basis)

December 31, 2019, 2018 and 2017

9. Life and Annuity Reserves and Deposit-Type Contract Liabilities

At December 31, 2019, the Company’s general and separate account annuity reserves and deposit-type contract liabilities that are subject to discretionary withdrawal (with adjustment), subject to discretionary withdrawal (without adjustment), and not subject to discretionary withdrawal provisions are summarized as follows:

Individual Annuities	General Account		Separate Account With Guarantees		Separate Account Non-guaranteed		Total		Percent
	(In Thousands)
Subject to discretionary withdrawal at book value without adjustment (minimal or no charge or adjustment)	$	78,441	$	—	$	—	$	78,441	95.8	%
Not subject to discretionary withdrawal	3,414		—		—		3,414		4.2
Total individual annuity reserves (before reinsurance)	81,855		—		—		81,855		100.0	%
Reinsurance ceded	75,085		—		—		75,085
Net individual annuity reserves	$	6,770	$	—	$	—	$	6,770
Group Annuities	General Account		Separate Account With Guarantees		Separate Account Non-guaranteed		Total		Percent
	(In Thousands)
Not subject to discretionary withdrawal	$	3,136	$	—	$	1,087,146	$	1,090,282	100.0	%
Total group annuity reserves (before reinsurance)	3,136		—		1,087,146		1,090,282		100.0	%
Reinsurance ceded	3,136		—		—		3,136
Net group annuity reserves	$	—	$	—	$	1,087,146	$	1,087,146
Deposit-type contracts (no life contingencies)	General Account		Separate Account With Guarantees		Separate Account Non-guaranteed		Total		Percent
	(In Thousands)
Subject to discretionary withdrawal at book value without adjustment (minimal or no charge or adjustment)	$	229,291	$	—	$	—	$	229,291	100.0	%
Not subject to discretionary withdrawal	—		—		—		—		—
Total deposit-type contract liability (before reinsurance)	229,291		—		—		229,291		100.0	%
Reinsurance ceded	24,632		—		—		24,632
Total deposit-type contract liability	$	204,659	$	—	$	—	$	204,659

Interest rate changes may have temporary effects on the sale and profitability of annuity products offered by the Company. Although the rates offered by the Company are adjustable in the long-term, in the short-term they may be subject to contractual and competitive restrictions, which may prevent timely adjustment. The Company’s management constantly monitors interest rates with respect to a spectrum of

46

The Western and Southern Life Insurance Company

Notes to Financial Statements (Statutory-Basis)

December 31, 2019, 2018 and 2017

product durations and sells annuities that permit flexible responses to interest rate changes as part of the Company’s management of interest spreads. However, adverse changes in investment yields on invested assets will affect the earnings on those products with a guaranteed return.

At December 31, 2019, the Company's general and separate account life insurance account values, cash value, and reserves for policies subject to discretionary withdrawal, not subject to discretionary withdrawal, or with no cash value are summarized as follows:

	General Account						Separate Account - Guaranteed and Nonguaranteed
	Account Value		Cash Value		Reserve		Account Value		Cash Value		Reserve
	(In Thousands)
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	—		2,717,313		3,071,282		—		—		—
Variable life	—		—		—		—		—		—
Variable universal life	—		—		—		—		—		—
Miscellaneous reserves	—		—		—		—		—		—
Not subject to discretionary withdrawal or no cash values:
Term policies without cash value	XXX		XXX		—		XXX		XXX		—
Accidental death benefits	XXX		XXX		3,402		XXX		XXX		—
Disability - active lives	XXX		XXX		5,169		XXX		XXX		—
Disability - disabled lives	XXX		XXX		23,402		XXX		XXX		—
Miscellaneous reserves	XXX		XXX		—		XXX		XXX		—
Total life reserves (before reinsurance)	—		2,717,313		3,103,255		—		—		—
Reinsurance Ceded	—		—		392,312		—		—		—
Net life reserves	$	—	$	2,717,313	$	2,710,943	$	—	$	—	$	—

10. Employee Retirement Benefits

The Company has a noncontributory pension plan under group annuity contracts written by the Company covering substantially all employees and field representatives. In addition, the Company provides certain health care and life insurance benefits for retired employees or their beneficiaries. Substantially all of the Company’s employees and field representatives may become eligible for those benefits when they reach normal retirement age while working for the Company.

The Company uses a December 31 measurement date for all plans.

47

The Western and Southern Life Insurance Company

Notes to Financial Statements (Statutory-Basis)

December 31, 2019, 2018 and 2017

A summary of assets, obligations and assumptions of the pension and other postretirement benefit plans at December 31, are as follows:

	Pension Benefits				Postretirement Medical
	2019		2018		2019		2018
	(In Thousands)
Change in benefit obligation:
Benefit obligation at beginning of year	$	964,649	$	1,026,400	$	155,942	$	164,700
Service cost	23,989		22,511		308		404
Interest cost	38,479		34,022		6,044		5,419
Contribution by plan participants	—		—		4,805		4,930
Actuarial (gain) loss	133,588		(74,041)		12,288		(6,492)
Benefits paid	(50,023)		(49,851)		(12,500)		(13,019)
Plan amendments	—		5,608		—		—
Settlements	—		—		—		—
Benefit obligation at end of year	$	1,110,682	$	964,649	$	166,887	$	155,942
Change in plan assets:
Fair value of plan assets at beginning of year	$	933,756	$	993,403	$	—	$	—
Actual return on plan assets	203,413		(9,796)		—		—
Employer contribution	—		—		7,695		8,089
Plan participants’ contributions	—		—		4,805		4,930
Benefits paid	(50,023)		(49,851)		(12,500)		(13,019)
Settlements	—		—		—		—
Fair value of plan assets at end of year	$	1,087,146	$	933,756	$	—	$	—

	Pension Benefits				Postretirement Medical
	2019		2018		2019		2018
	(In Thousands)
Funded status:
Overfunded (underfunded) obligation	$	(23,536)	$	(30,893)	$	(166,887)	$	(155,942)
Unrecognized net (gain) or loss	—		—		—		—
Unrecognized prior service cost	—		—		—		—
Net amount recognized*	$	(23,536)	$	(30,893)	$	(166,887)	$	(155,942)
Accumulated benefit obligation for vested employees and partially vested employees to the extent vested	$	1,026,764	$	904,797	$	166,887	$	155,942

*Nonadmitted if overfunded

48

The Western and Southern Life Insurance Company

Notes to Financial Statements (Statutory-Basis)

December 31, 2019, 2018 and 2017

	Pension Benefits
	2019		2018		2017
	(In Thousands)
Components of net periodic benefit cost:
Service cost	$	23,989	$	22,511	$	19,990
Interest cost	38,479		34,022		35,792
Expected return on plan assets	(68,093)		(72,592)		(66,605)
Amount of recognized gains and losses	25,564		27,655		31,765
Amount of prior service cost recognized	(4,625)		(4,620)		(5,134)
Total net periodic benefit cost (benefit)	$	15,314	$	6,976	$	15,808

	Postretirement Medical
	2019		2018		2017
	(In Thousands)
Components of net periodic benefit cost:
Service cost	$	308	$	404	$	483
Interest cost	6,044		5,419		5,688
Amount of recognized gains and losses	(3,841)		(2,138)		(2,986)
Amount of prior service cost recognized	(1,392)		(2,633)		(1,503)
Total net periodic benefit cost (benefit)	$	1,119	$	1,052	$	1,682

	Pension Benefits				Postretirement Medical
	2019		2018		2019		2018
	(In Thousands)
Amounts in unassigned funds (surplus) recognized as components of net periodic benefit cost:
Items not yet recognized as a component of net periodic cost - prior year	$	366,459	$	375,539	$	(47,044)	$	(45,288)
Net transition asset or obligation recognized	—		—		—		—
Net prior service cost or credit arising during the period	—		5,608		—		—
Net prior service cost or credit recognized	4,625		4,620		1,392		2,633
Net gain and loss arising during the period	(1,731)		8,347		12,289		(6,527)
Net gain and loss recognized	(25,564)		(27,655)		3,841		2,138
Items not yet recognized as a component of net periodic cost - current year	$	343,789	$	366,459	$	(29,522)	$	(47,044)

49

The Western and Southern Life Insurance Company

Notes to Financial Statements (Statutory-Basis)

December 31, 2019, 2018 and 2017

	Pension Benefits				Postretirement Medical
	2019		2018		2019		2018
	(In Thousands)
Amounts in unassigned funds (surplus) that have not yet been recognized as components of net periodic benefit cost:
Net transition asset or (obligation)	$	—	$	—	$	—	$	—
Net prior sevice cost or (credit)	(1,775)		(6,399)		(4,175)		(5,566)
Net recognized gains and (losses)	345,563		372,858		(25,348)		(41,477)

Assumptions used to determine net periodic benefit cost for the year ended December 31:

	Pension Benefits		Postretirement Medical
	2019	2018	2019	2018
Discount rate	4.39%	3.78%	4.34%	3.71%
Rate of compensation increase	4.60%	4.60%	N/A	N/A
Expected long-term rate of return on plan assets	7.50%	7.50%	N/A	N/A

Assumptions used to determine the benefit obligation at December 31:

	Pension Benefits		Postretirement Medical
	2019	2018	2019	2018
Discount rate	3.44%	4.39%	3.32%	4.34%
Rate of compensation increase	4.60%	4.60%	N/A	N/A

The Company’s pension liability was $23.5 million and $30.9 million at December 31, 2019 and 2018, respectively.

The Company utilizes a full yield curve approach in the estimation of liabilities, service cost, and interest cost for pension and postretirement benefits by applying the specific spot rates along the yield curve used in the determination of the benefit obligation to the relevant projected cash flows. The yield curve utilized in the cash flow analysis is comprised of highly rated (Aaa or Aa) corporate bonds. The discount rate was decreased from 4.39% at December 31, 2018, to 3.44% at December 31, 2019. This resulted in a $133.3 million increase in the pension benefit obligation in 2019. The discount rate was increased from 3.78% at December 31, 2017, to 4.39% at December 31, 2018. This resulted in a $80.4 million decrease in the pension benefit obligation in 2018.

The Company employs a prospective building block approach in determining the long-term expected rate of return for plan assets. Historical returns are determined by asset class. The historical relationships between equities, fixed income securities, and other assets are reviewed. The Company applies long-term asset return estimates to the plan’s target asset allocation to determine the weighted-average long-term return. The Company’s long-term asset allocation was determined through modeling long-term returns and asset return volatilities and is guided by an investment policy statement created for the plan.

50

The Western and Southern Life Insurance Company

Notes to Financial Statements (Statutory-Basis)

December 31, 2019, 2018 and 2017

The asset allocation for the defined benefit pension plan at the end of 2019 and 2018, and the target allocation for 2019 by asset category, are as follows:

	Target Allocation Percentage		Percentage of Plan Assets
	2019		2019		2018
Asset category:
Equity securities	55	%	63	%	59	%
Fixed income securities	15		13		14
Short-term investments	5		—		1
Other	25		24		26
Total	100	%	100	%	100	%

The plan employs a total return investment approach whereby a mix of fixed income and equity investments are used to maximize the long-term return of plan assets for a prudent level of risk. Risk tolerance is established through careful consideration of plan liabilities, plan funded status, and corporate financial condition. The total portfolio is structured with multiple sub-portfolios, each with a specific fixed income or equity asset management discipline. Each sub-portfolio is subject to individual limitations and performance benchmarks as well as limitations at the consolidated portfolio level. Quarterly asset allocation meetings are held to evaluate portfolio asset allocations and to establish the optimal mix of assets given current market conditions and risk tolerance. Investment mix is measured and monitored on an ongoing basis through regular investment reviews, annual liability measurements, and periodic asset/liability studies.

The Company’s pension plan assets consist primarily of debt and equity securities, mutual funds and private equity funds, all of which are carried at fair value.

Fair value is defined as the price that would be received to sell an asset in an orderly transaction between market participants at the measurement date (an exit price). The fair value hierarchy prioritizes the inputs to valuation techniques used to measure fair value into three levels.

•Level 1 - Quoted prices (unadjusted) in active markets for identical assets or liabilities. The Company’s Level 1 assets primarily include exchange-traded equity securities and mutual funds.

•Level 2 - Inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. The Company’s Level 2 assets include certain debt securities for which public price quotations are not available, but that use other market observable inputs from third-party pricing service quotes or internal valuation models using observable inputs. Level 2 assets also include private funds that invest primarily in domestic debt securities where the Company has the right to redeem its interest at net asset values. The underlying debt securities within these funds employ similar valuation methodologies as the Company’s other investments in debt securities.

•Level 3 - Significant unobservable inputs for the asset or liability. The Company’s Level 3 assets primarily include private equity fund interests.

51

The Western and Southern Life Insurance Company

Notes to Financial Statements (Statutory-Basis)

December 31, 2019, 2018 and 2017

Debt Securities

The fair values of actively traded debt securities have been determined through the use of third-party pricing services utilizing market observable inputs.

Equity Securities

The fair values of actively traded equity securities have been determined utilizing publicly quoted prices from third-party pricing services.

Mutual Funds

The fair values of mutual funds have been determined utilizing the net asset values of the funds.

Private Equity and Fixed Income Funds

The fair values of private equity and fixed income funds have been determined utilizing the net asset values of the funds.

Other Assets

Other assets primarily include securities lending reinvested collateral and a group annuity contract. The fair value of securities lending reinvested collateral assets are from third-party sources utilizing publicly quoted prices. The group annuity contract is carried at cash surrender value, which approximates fair value.

52

The Western and Southern Life Insurance Company

Notes to Financial Statements (Statutory-Basis)

December 31, 2019, 2018 and 2017

The fair value of the pension plan’s assets by asset category is as follows:

	Assets Measured at Fair Value		Fair Value Hierarchy Level
			Level 1		Level 2*		Level 3
	(In Thousands)
At December 31, 2019:
Debt securities:
Debt securities issued by states of the U.S. and political subdivisions of the states	$	2,757	$	—	$	2,757	$	—
Corporate securities	119,339		—		119,339		—
Residential mortgage-backed securities	2,256		—		2,256		—
Asset-backed securities	10,920		—		10,920		—
Equity securities:
Common equity	459,501		415,316		44,185		—
Mutual funds	221,621		221,621		—		—
Other invested assets:
Private equity and fixed income funds	230,058		—		230,058		—
Surplus notes	3,717		—		3,717		—
Real estate	19,844		—		—		19,844
Other assets	71,586		70,014		1,572		—
Total plan assets	$	1,141,599	$	706,951	$	414,804	$	19,844

* Includes investments using net asset value (NAV) as a practical expedient.

53

The Western and Southern Life Insurance Company

Notes to Financial Statements (Statutory-Basis)

December 31, 2019, 2018 and 2017

	Assets Measured at Fair Value		Fair Value Hierarchy Level
			Level 1		Level 2*		Level 3
	(In Thousands)
At December 31, 2018:
Debt securities:
Debt securities issued by states of the U.S. and political subdivisions of the states	$	2,220	$	—	$	2,220	$	—
Corporate securities	106,423		—		106,423		—
Residential mortgage-backed securities	4,519		—		4,519		—
Asset-backed securities	11,149		—		10,545		604
Equity securities:
Common equity	368,763		328,459		40,304		—
Mutual funds	179,682		179,682		—		—
Other invested assets:
Private equity and fixed income funds	212,558		—		212,558		—
Surplus notes	2,992		—		2,992		—
Real estate	18,052		—		—		18,052
Other assets	54,778		53,184		1,594		—
Total plan assets	$	961,136	$	561,325	$	381,155	$	18,656

* Includes investments using net asset value (NAV) as a practical expedient.

For measurement purposes of the postretirement benefit obligation at December 31, 2019, a 5.425 percent annual rate of increase in the per capita cost of covered health care benefits is assumed for 2020. The rate was assumed to decrease gradually to 4.75 percent for 2029 and remain at that level thereafter.

At December 31, 2019, the assets of the Company’s pension include approximately $105.9 million invested in the Touchstone Family of Funds, which are administered by the Company, and $205.3 million invested in private equity and fixed income funds managed by Fort Washington Investment Advisors, Inc. At December 31, 2018, the assets of the Company’s pension include approximately $85.6 million invested in the Touchstone Family of Funds, which are administered by the Company, $181.0 million invested in private equity and fixed income funds managed by Fort Washington Investment Advisors, Inc.

As of December 31, 2019, future benefit payments for the pension plan are expected as follows (in millions):

2020	$	53.2
2021	54.1
2022	55.1
2023	56.1
2024	57.0
Five years thereafter	299.8

54

The Western and Southern Life Insurance Company

Notes to Financial Statements (Statutory-Basis)

December 31, 2019, 2018 and 2017

Future benefit payments for the postretirement medical plan, net of amounts contributed by plan participants, are expected as follows (in millions):

2020	$	10.5
2021	10.5
2022	10.3
2023	10.3
2024	10.0
Five years thereafter	46.9

The Company did not make any contributions to the pension plan in 2019 and 2018. The Company does not anticipate a required contribution to the pension plan during 2020.

The Company made contributions to the postretirement medical plan of $7.7 million in 2019 and expects to contribute $98.6 million between 2020 and 2028, inclusive. The Company received no subsidies in 2019. The Company’s postretirement medical plan did not collect the Medicare Part D Subsidy for claims activity occurring after January 1, 2013.

The Company sponsors a contributory employee retirement savings plan covering substantially all eligible, full-time employees. This plan is subject to the provisions of the Employee Retirement Income Security Act of 1974 (ERISA). The Company’s contributions to the plan are based on a combination of the employee’s contributions to the plan and a percentage of the employee’s earnings for the year. The total of the Company’s contributions to the defined contribution plan were $6.2 million, $5.4 million, and $5.1 million for 2019, 2018 and 2017, respectively.

11. Premium and Annuity Considerations Deferred and Uncollected

Deferred and uncollected life insurance premiums and annuity considerations at December 31, 2019, were as follows:

	Gross		Net of Loading
	(In Thousands)
Ordinary new business	$	4,331	$	257
Ordinary renewal	69,162		49,052
Accident and health renewal	345		260
Assumed investment type-contracts	190		190
Total	$	74,028	$	49,759

55

NAT VAROOM April 2020

PART C- Other Information

Item 24. Financial Statements and Exhibits

(a) Financial Statements:

Financial Statements included in Part A:

Condensed Financial Information for the Portfolios

Financial Statements included in Part B:

Separate Account I of National Integrity Life Insurance Company:

Report of Independent Registered Public Accounting Firm

Statements of Assets and Liabilities as of December 31, 2019

Statements of Operations for the Year Ended December 31, 2019

Statements of Changes in Net Assets for the Years Ended December 31, 2019 and 2018

Notes to Financial Statements

National Integrity Life Insurance Company (Depositor):

Report of Independent Auditors

Balance Sheets (Statutory-Basis) as of December 31, 2019 and 2018

Statements of Operations (Statutory-Basis) for the Years Ended December 31, 2019, 2018 and 2017

Statements of Changes in Capital and Surplus (Statutory-Basis) for the Years Ended December 31, 2019, 2018 and 2017

Statements of Cash Flow (Statutory-Basis) for the Years Ended December 31, 2019, 2018 and 2017

Notes to Financial Statements (Statutory-Basis)

The Western and Southern Life Insurance Company (Guarantor):

Report of Independent Auditors

Balance Sheets (Statutory-Basis) as of December 31, 2019 and 2018

Statements of Operations (Statutory-Basis) for the Years Ended December 31, 2019, 2018 and 2017

Statements of Changes in Capital and Surplus (Statutory-Basis) for the Years Ended December 31, 2019, 2018 and 2017

Statements of Cash Flow (Statutory-Basis) for the Years Ended December 31, 2019, 2018 and 2017

Notes to Financial Statements (Statutory-Basis)

(b) Exhibits:

The following exhibits are filed herewith or incorporated by reference as indicated:

1. Resolutions of the Board of Directors of National Integrity Life Insurance Company (National Integrity) authorizing the establishment of Separate Account I, the Registrant. Incorporated by reference to Exhibit 99.1 to Registrant’s Post-Effective Amendment No. 9 to registration statement on Form N-4 (File No. 333-44892), filed July 19, 2006.

2. Not Applicable

3.

a. Form of Selling/General Agent Agreement among National Integrity, Touchstone Securities, Inc. and broker dealers. Incorporated by reference to Exhibit 99.3(A) to Registrant’s initial registration statement on Form N-4 (File No. 333-178439), filed December 12, 2011.

b. Form of Selling Agreement among W&S Financial Group Distributors, Inc., on behalf of National Integrity, Touchstone Securities, Inc., and broker dealers. Incorporated by reference to Exhibit 99.3(B) to Registrant’s Post-Effective Amendment No. 4 to registration statement on Form N-4 (File No. 333-177618), filed April 25, 2014.

c. Variable Contract Principal Underwriter Agreement with Touchstone Securities, Inc. dated May 1, 2006. Incorporated by reference to Exhibit 99.3(B) to Registrant’s initial registration statement on Form N-4 (File No. 333-178439), filed December 12, 2011.

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NAT VAROOM April 2020

4.

a. Form of owner driven variable annuity contract. Incorporated by reference to Exhibit 99.4(A) to Registrant’s Post-Effective Amendment No. 1 to registration statement on Form N-4 (File No. 333-178439), filed April 25, 2012.

b. Form of death benefit rider. Incorporated by reference to Exhibit 99.4(B) to Registrant’s Pre-Effective Amendment No. 1 to registration statement on Form N-4 (File No. 333-167372), filed December 10, 2010.

c. Form of endorsement to guaranteed lifetime withdrawal benefit rider effective May 1, 2014. Incorporated by reference to Exhibit 99.4(C) to Registrant’s Post-Effective Amendment No. 4 to registration statement on Form N-4 (File No. 333-178439), filed April 28, 2015.

d. Form of individual guaranteed lifetime withdrawal benefit rider. Incorporated by reference to Exhibit 99.4(C) to Registrant’s Post-Effective Amendment No. 1 to registration statement on Form N-4 (File No. 333-178439), filed April 25, 2012.

e. Form of spousal guaranteed lifetime withdrawal benefit rider. Incorporated by reference to Exhibit 99.4(D) to Registrant’s Post-Effective Amendment No. 1 to registration statement on Form N-4 (File No. 333-178439), filed April 25, 2012.

f. Form of traditional and SEP IRA endorsement. Incorporated by reference to Exhibit 99.4(E) to Registrant’s Pre-Effective Amendment No. 1 to registration statement on Form N-4 (File No. 333-167372), filed December 10, 2010.

5.

a. Form of Application for Owner Driven Contract. Incorporated by reference to Exhibit 99.5(A) to Registrant’s Pre-Effective Amendment No. 1 to registration statement on Form N-4 (File No. 333-167372), filed December 10, 2010.

b. Form of New York Application for Owner Driven Contract. Incorporated by reference to Exhibit 99.5(B) to Registrant’s Pre-Effective Amendment No. 1 to registration statement on Form N-4 (File No. 333-167372), filed December 10, 2010.

6.

a. Charter of Incorporation of National Integrity and Certificate of Amendment. Incorporated by reference to Exhibit 99.6(A) to Registrant’s initial registration statement on Form N-4 (File No. 333-178439), filed December 12, 2011.

b. By-Laws of National Integrity. Incorporated by reference to Exhibit 99.6(B) to Registrant’s initial registration statement on Form N-4 (File No. 333-178439), filed December 12, 2011.

c. Certificate of Amendment of the Charter of National Integrity Life Insurance Company, effective December 16, 2013. Incorporated by reference to Exhibit 99.6(C) to Registrant's Post-Effective Amendment No. 4 to registration statement on Form N-4 (File No. 333-177618), filed April 25, 2014.

7. Not applicable.

8.

a. Amended and Restated Participation Agreement among Variable Insurance Products Funds, Fidelity Distributors Corporation and National Integrity dated August 10, 2007. Incorporated by reference to Exhibit 99.8(A) to Registrant's Post-Effective Amendment No. 1 to registration statement on Form N-4 (File No. 333-177618), filed April 25, 2012.

b. Amendment No. 1 to Amended and Restated Participation Agreement among Variable Insurance Products Funds, Fidelity Distributors Corporation and Integrity dated August 10, 2007. Incorporated by reference to Exhibit 99.8(B) to Registrant's Post-Effective Amendment No. 1 to registration statement on Form N-4 (File No. 333-177618), filed April 25, 2012.

c. Rule 22c-2 Agreement between Fidelity Distributors Corporation and National Integrity dated March 26, 2007. Incorporated by reference to Exhibit 99.8(D) to Registrant's Post-Effective Amendment No. 1 to registration statement on Form N-4 (File No. 333-177618), filed April 25, 2012.

d. Voting Agreement between National Integrity and The Vanguard Group, Inc. effective December 1, 2010. Incorporated by reference to Exhibit 99.8(C) to Registrant’s Post-Effective Amendment No. 1 to registration statement on Form N-4 (File No. 333-167372), filed April 27, 2011.

e. Voting Agreement between National Integrity and BlackRock, Inc. effective December 1, 2010. Incorporated by reference to Exhibit 99.8(D) to Registrant’s Post-Effective Amendment No. 1 to registration statement on Form N-4 (File No. 333-167372), filed April 27, 2011.

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NAT VAROOM April 2020

f. Access Agreement between National Integrity and Mid Atlantic Trust Company effective November 1, 2010. Incorporated by reference to Exhibit 99.8(E) to Registrant’s Pre-Effective Amendment No. 1 to registration statement on Form N-4 (File No. 333-167372), filed December 10, 2010.

g. ETFxChange Authorization between National Integrity and Mid Atlantic Trust Company effective November 1, 2010. Incorporated by reference to Exhibit 99.8(F) to Registrant’s Pre-Effective Amendment No. 1 to registration statement on Form N-4 (File No. 333-167372), filed December 10, 2010.

h. Amendment 2 to Access Agreement and ETFxChange Authorization between Integrity and Mid Atlantic Trust Company effective February 2, 2015. Incorporated by reference to Exhibit 99.8(H) to Registrant’s Post-Effective Amendment No. 4 to registration statement on Form N-4 (File No. 333-178439), filed April 28, 2015.

i. Custodial Agreement between National Integrity and Mid Atlantic Trust Company effective November 1, 2010. Incorporated by reference to Exhibit 99.8(G) to Registrant’s Pre-Effective Amendment No. 1 to registration statement on Form N-4 (File No. 333-167372), filed December 10, 2010.

9. Opinion and Consent of Bryan J. Kreyling, Esq. as to the legality of the securities registered, filed herewith.

10.

a. Consent of Independent Registered Public Accounting Firm, filed herewith.

b. Consent of Independent Auditors, filed herewith.

11. Not applicable.

12. Not applicable.

13. Powers of Attorney of members of the Board of Directors of The Western and Southern Life Insurance Company (WSLIC), specifically James N. Clark, Jo Ann Davidson, Robert B. Truitt, and Thomas L. Williams, each dated April 16, 2019. Incorporated by reference to Exhibit 99.13 to Registrant's Post-Effective Amendment No. 10 to registration statement on Form N-4 (File No. 333-167372), filed April 26, 2019.

14. Guaranty from WSLIC to the policy holders of National Integrity. Incorporated by reference to Exhibit 99.14 to Registrant’s initial registration statement on Form N-4 (File No. 333-178439), filed December 12, 2011.

15. Cover letter, filed herewith.

Item 25.Directors and Officers of the Depositor

The names, positions and principal business addresses* of the directors and officers of the Depositor are as follows:

Directors:

John F. Barrett Director, Chairman of the Board

Edward J. Babbitt Director, Secretary

Jill T. McGruder Director, President and Chief Executive Officer

Jonathan D. Niemeyer Director

Donald J. Wuebbling Director

Daniel J. Downing Director, Senior Vice President

Eric C. Fast¹  Director

Cameron F. MacRae III²  Director

Newton Phelps Stokes Merrill³  Director

George R. Bunn Jr.⁴  Director

Officers:

John F. Barrett Director, Chairman of the Board     

Jill T. McGruder Director, President and Chief Executive Officer

Edward J. Babbitt    Director, Secretary

Roger M. Lanham    Senior Vice President and Co-Chief Investment Officer

Brendan M. White    Senior Vice President and Co-Chief Investment Officer

Karen A. Chamberlain    Senior Vice President and Chief Information Officer

Kevin L. Howard    Senior Vice President and General Counsel

Daniel W. Harris    Senior Vice President and Chief Actuary

Mark E. Caner    Senior Vice President

Daniel J. Downing    Senior Vice President

Lisa B. Fangman    Senior Vice President

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Phillip E. King    Senior Vice President and Auditor

David T. Henderson    Senior Vice President and Chief Risk Officer

Bradley J. Hunkler    Senior Vice President and Chief Financial Officer

James J. Vance    Senior Vice President and Treasurer

Wade M. Fugate    Vice President and Controller

Bruce W. Maisel    Vice President and Chief Compliance Officer

Michael S. Speas    Vice President and Chief Information Security Officer

Aaron J. Wolf    Vice President and Chief Underwriter

Jay V. Johnson    Vice President and Assistant Treasurer

Terrie A. Wiedenheft    Vice President

Paul M. Kruth    Vice President

Chistopher N. Watford    Vice President

Denise L. Sparks    Vice President

Lindsay M. Connelly    Assistant Vice President, Assistant Treasurer

Benjamin E. Fotsch    Assistant Vice President

Christopher J. Roland    Assistant Vice President

Robert F. Noschang    Assistant Vice President

Brian A. Eichhold    Assistant Vice President

Donald P. Myers     Assistant Vice President

Ryan K. Richey    Assistant Vice President

Andrew P. Shull    Assistant Vice President

Jacob C. Steuber    Assistant Vice President

James R. Murray    Assistant Vice President, Director, Risk Management

John S. Musgrove     Assistant Vice President and Assistant Treasurer

Jason T. Anderson    Assistant Treasurer

Timothy D. Speed    Assistant Treasurer

Sharon A. Cummings    Licensing Officer

Brenda L. Elliott    Manager, Licensing

*The principal business address for the above is 400 Broadway, Cincinnati, Ohio 45202, unless otherwise noted.

¹ Principal Business Address: 29 Hillside Road, Greenwich, CT 06830

² Principal Business Address: 1540 Broadway, New York, NY 10036-4086

³ Principal Business Address: 262 Central Park West, Apt. 12B, New York, NY 10024

⁴ Principal Business Address: 126 East 56^th Street, 12th Floor, New York, NY 10022-3584

Item 26. Persons Controlled by or Under Common Control with National Integrity or Registrant

Affiliate	State	Entity Abb	Ownership	Type of Business
1373 Lexington Road Investor Holdings, LLC	OH	LLC	98% owned by W&S Real Estate Holdings, LLC; 2% owned by Eagle Realty Investments, Inc.	real estate ownership entity(ies)
2758 South Main SPE, LLC	OH	LLC	100% owned by The Western and Southern Life Insurance Company	ownership and operation of real estate
309 Holding LLC	DE	LLC	97% owned by The Western and Southern Life Insurance Company, 1% owned by W&S Real Estate Holdings, Inc. and 1% owned by Eagle Realty Investments, Inc.	real estate ownership entity(ies)
506 Phelps Holdings, LLC	OH	LLC	98% owned by W&S Real Estate Holdings, LLC and 2% owned by Eagle Realty Investments, Inc.	ownership and operation of real estate
Airport Exchange Hotel Partners	KY	GP	74% owned by WS Airport Exchange GP, LLC; 1% owned by Eagle Realty Investments, Inc.	ownership and operation of real estate

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Affiliate	State	Entity Abb	Ownership	Type of Business
Alliant Tax Credit Fund 92 LP	CA	LP	13.4% limited partnership interest owned by The Lafayette Life Insurance Company	real estate ownership entity(ies)
Alta Mercer Crossing, LLC	DE	LLC	50% owned by Wood Mercer Crossing, LLC, 49% owned by Mercer Crossing Investor Holdings, LLC, and 1% owned by Eagle Realty Investments, Inc.	real estate ownership entity(ies)
Alta Preston Residences, LLC	DE	LLC	100% owned by Alta Preston, LLC	ownership and operation of real estate
Alta Preston, LLC	DE	LLC	100% owned by Alta, 47% owned by W&S Real Estate Holdings and 3% owned by Eagle Realty Investments, Inc.	real estate ownership entity(ies)
Alta Stony Point, LLC	DE	LLC	49% owned by Stony Investor Holdings, LLC; 1% owned by Eagle Realty Investments, Inc.	ownership and operation of real estate
Apex Housing Investor Holdings, LLC	OH	LLC	98% owned by W&S Real Estate Holdings, LLC and 2% owned by Eagle Realty Investments, Inc.	real estate ownership entity(ies)
Apex Louisville, LLC	KY	LLC	64% owned by Apex Housing Investor Holdings, LLC; 1% owned by Eagle Realty Investments, Inc.	ownership and operation of real estate
Arvada Kipling Housing Holdings, LLC	OH	LLC	98% owned by W&S Real Estate Holdings and 2% owned by Eagle Realty Investments, Inc.	real estate ownership entity(ies)
Ascent Plainfield, LLC	IN	LLC	64% owned by Stout Metro Housing Holdings, LLC and 1% owned by Eagle Realty Investments, Inc.	real estate ownership entity(ies)
Axis JV, LLC	KY	LLC	64% owned by 1373 Lexington Road Investor Holdings, LLC; 1% owned by Eagle Realty Investments, Inc.	ownership and operation of real estate
Axis Louisville, LLC	KY	LLC	100% owned by Axis JV, LLC	ownership and operation of real estate
Beardsley Investor Holdings, LLC	OH	LLC	98% owned by W&S Real Estate Holdings and 2% owned by Eagle Realty Investments, Inc.	real estate ownership entity(ies)
BP Summerville Investor Holdings, LLC	OH	LLC	98% owned by W&S Real Estate Holdings and 2% owned by Eagle Realty Investments, Inc.	real estate ownership entity(ies)
Buckeye Venture Partners, LLC	OH	LLC	60% owned by Fort Washington Investment Advisors, Inc. (FWIA); 40% owned by Peppertree Partners, LLC	private equity fund management
BVP NEO, LLC	OH	LLC	100% owned by Fort Washington Investment Advisors, Inc.	private equity fund management
Canal Senate Apartments, LLC	IN	LLC	100% owned by W&S Real Estate Holdings, LLC	ownership and operation of real estate
Cape Barnstable Investor Holdings, LLC	OH	LLC	98% owned by W&S Real Estate Holdings and 2% owned by Eagle Realty Investments, Inc.	real estate ownership entity(ies)

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Affiliate	State	Entity Abb	Ownership	Type of Business
Carmel Holdings, LLC	OH	LLC	99% owned by W&S Real Estate Holdings, LLC; 1% owned by Eagle Realty Investments, Inc.	real estate ownership entity(ies)
Carmel Hotel Investor, LLC	OH	LLC	100% owned by Carmel Holdings, LLC	real estate ownership entity(ies)
Carmel Hotel, LLC	IN	LLC	99% owned by Carmel Hotel Investor, LLC; 1% owned by Eagle Realty Investments, Inc.	ownership and operation of real estate
Carthage Senior Housing, Ltd.	OH	LLC	98% owned by W&S Real Estate Holdings, LLC; 1% owned by Eagle Realty Investments, Inc.	ownership and operation of real estate
CCA CBD Cincinnati LLC	OH	LLC	100% owned by 309 Holding, LLC	ownership and operation of real estate
Cedar Park Senior Investor Holdings, LLC	OH	LLC	98% owned by W&S Real Estate Holdings and 2% owned by Eagle Realty Investments, Inc.	real estate ownership entity(ies)
Cenizo Apartments Investor Holdings, LLC	OH	LLC	98% owned by W&S Real Estate Holdings, LLC and 2% owned by Eagle Realty Investments, Inc.	real estate ownership entity(ies)
Charlotte Park Investor Holdings, LLC	OH	LLC	98% owned by W&S Real Estate Holdings, LLC and 2% owned by Eagle Realty Investments, Inc.	real estate ownership entity(ies)
Chattanooga Southside Housing Holdings, LLC	OH	LLC	98% owned by W&S Real Estate Holdings and 2% owned by Eagle Realty Investments, Inc.	real estate ownership entity(ies)
Chestnut Healthcare Partners, L.P.	DE	LP	20% limited partnership interest owned by The Western and Southern Life Insurance Company	real estate ownership entity(ies)
Choo Choo Residences, LLC	DE	LLC	49% owned by Chattanooga Southside Apartments Holdings, LLC and 1% owned by Eagle Realty Investments, Inc.	ownership and operation of real estate
Cincinnati CBD Holdings, LLC	OH	LLC	100% owned by W&S Real Estate Holdings, LLC	ownership and operation of real estate
Cinnaire Fund for Housing Limited Partnership 31	MI	LP	16.7% limited partnership interest owned by Columbus Life Insurance Company	real estate ownership entity(ies)
Cleveland East Hotel, LLC	OH	LLC	99% owned by WSALD CEH, LLC; 1% owned by Eagle Realty Investments, Inc.	ownership and operation of real estate
Columbus Life Insurance Company	OH	Corp	100% owned by The Western and Southern Life Insurance Company
Country Place Associates	OH	GP	90% owned by WS Country Place GP, LLC; 10% owned by Eagle Realty Investments, Inc.	real estate ownership entity(ies)
Cove Housing Investor Holdings, LLC	OH	LLC	98% W&S Real Estate Holdings, LLC and 2% Eagle Realty Investments, Inc.	real estate ownership entity(ies)
Covington Apartment Holdings, LLC	OH	LLC	98% owned by W&S Real Estate Holdings and 2% owned by Eagle Realty Investments, Inc.	real estate ownership entity(ies)

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Affiliate	State	Entity Abb	Ownership	Type of Business
Crabtree Apartments, LLC	TX	LLC	59% owned by Crabtree Commons Apts Investor Holdings, LLC (W&S) and 1% owned by Eagle Realty Investments, Inc.	ownership and operation of real estate
Crabtree Commons Apts Investor Holdings, LLC	OH	LLC	98% owned by W&S Real Estate Holdings, LLC and 2% owned by Eagle Realty Investments, Inc.	real estate ownership entity(ies)
Cranberry NP Hotel Company, LLC	PA	LLC	99% owned by NP Cranberry Hotel Investor LLC; 1% owned by Eagle Realty Investments, Inc.	ownership and operation of real estate
Curve Luxury Apartments Investors, LLC	DE	LLC	59% owned by MC Investor Holdings, LLC; 1% owned by Eagle Realty Investments, Inc.	real estate ownership entity(ies)
Curve Luxury Apartments, LLC	AZ	LLC	100% owned by Curve Luxury Apartments Investors, LLC	ownership and operation of real estate
Dallas City Investor Holdings, LLC	OH	LLC	98% owned by W&S Real Estate Holdings, LLC and 2% owned by Eagle Realty Investments, Inc.	real estate ownership entity(ies)
Day Hill Road Land LLC	CT	LLC	74% owned by W&S Real Estate Holdings, LLC and 1% owned by Eagle Realty Investments, Inc.	real estate ownership entity(ies)
Delco Lofts, LLC	OH	LLC	99% owned by Patterson at First Investor Holdings, LLC	ownership and operation of real estate
Domain at Dunvale, LLC	TX	LLC	49% owned by Dunvale Investor Holdings, LLC; 1% owned by Eagle Realty Investments, Inc.	ownership and operation of real estate
Dunvale Investor Holdings, LLC	OH	LLC	98% owned by W&S Real Estate Holdings, LLC and 2% owned by Eagle Realty Investments, Inc.	real estate ownership entity(ies)
Eagle Realty Capital Partners, LLC	OH	LLC	100% Eagle Realty Group, LLC	investment advisor
Eagle Realty Group, LLC	OH	LLC	100% owned by Western & Southern Investment Holdings, LLC	real estate holding company
Eagle Realty Investments, Inc. (ERI)	OH	Corp	100% owned by Eagle Realty Group, LLC	real estate ownership entity(ies)
Eagle Rose Apartment Holdings, LLC	OH	LLC	98% owned by W&S Real Estate Holdings, LLC and 2% owned by Eagle Realty Investments, Inc.	real estate ownership entity(ies)
Eagle Rose Land Partners, LLC	DE	LLC	24% owned by Eagle Rose Apartment Holdings, LLC and 1% owned by Eagle Realty Investments, Inc.	real estate ownership entity(ies)
Eagle Rose Owner, LLC	DE	LLC	100% owned by Eagle Rose Land Partners, LLC	ownership and operation of real estate
Elan Dallas City Lights GP, LLC	DE	LLC	100% owned by Elan Dallas City Lights, LLC	real estate ownership entity(ies)
Elan Dallas City Lights Limited Partner, LP	DE	LLC	100% owned by Elan Dallas City Lights, LLC; 0% owned by Elan Dallas City Lights GP, LLC	real estate ownership entity(ies)

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Affiliate	State	Entity Abb	Ownership	Type of Business
Elan Dallas City Lights Owner, LP	DE	LP	99% owned by Elan Dallas City Lights Limited Partner, LP; 1% owned by Elan Dallas City Lights GP, LLC	ownership and operation of real estate
Elan Dallas City Lights, LLC	DE	LLC	59% owned by Dallas City Investor Holdings, LLC; 1% owned by Eagle Realty Investments, Inc.	real estate ownership entity(ies)
EMF DT SA, LLC (2017) (Encore River Walk)	DE	LLC	100% owned by EMF River Walk Investments, LLC	ownership and operation of real estate
EMF River Walk Investments, LLC	DE	LLC	54% owned by South Flores Housing Holdings, LLC and 1% owned by Eagle Realty Investments, Inc.	ownership and operation of real estate
EP/WSE Glendale Venture, LLC	DE	LLC	49% owned by Beardsley Investor Holdings, LLC (OH) and 1% owned by Eagle Realty Investments, Inc.	real estate ownership entity(ies)
Flats at Springhurst LLC	KY	LLC	100% owned by Springhurst JV, L.L.C.	ownership and operation of real estate
Flats Springhurst Investor Holdings, LLC	OH	LLC	98% owned by W&S Real Estate Holdings, LLC and 2% owned by Eagle Realty Investments, Inc.	real estate ownership entity(ies)
Forsyth Halcyon AA Investor Holdings, LLC	OH	LLC	98% owned by W&S Real Estate Holdings and 2% owned by Eagle Realty Investments, Inc.	real estate ownership entity(ies)
Fort Washington Capital Partners, LLC (FWCP)	DE	LLC	100% owned by Fort Washington Investment Advisors, Inc.	managing partner for numerous private equity funds
Fort Washington Emerging Market Debt LLC	DE	LLC	Managing Member is Fort Washington Fixed Income LLC	fixed income
Fort Washington Fixed Income LLC	DE	LLC	100% owned by Fort Washington Investment Advisors, Inc.	private fixed income fund
Fort Washington Flexible Income LLC	DE	LLC	Managing Member is Fort Washington Fixed Income LLC	private fixed income fund
Fort Washington Full Discretion Fixed Income LLC	DE	LLC	Managing Member Fort Washington Fixed Income LLC and investors include The Western and Southern Life Insurance Company	managing member for private fixed income fund
Fort Washington High Yield Investors II, LLC	DE	LLC	managing member is FWCP	private fixed income fund
Fort Washington High Yield Investors LLC	DE	LLC	managing member is FWCP	private fixed income fund
Fort Washington Investment Advisors, Inc. (FWIA)	OH	Corp	100% owned by Western & Southern Investment Holdings, LLC	registered investment adviser
Fort Washington Private Equity Investors II, L.P.	DE	LP	general partner is FWCP and investors include The Western and Southern Life Insurance Company	private equity fund
Fort Washington Private Equity Investors III, L.P.	DE	LP	general partner is FWCP and investors include The Western and Southern Life Insurance Company	private equity fund

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Affiliate	State	Entity Abb	Ownership	Type of Business
Fort Washington Private Equity Investors IV, L.P.	DE	LP	general partner is FWCP and investors include The Western and Southern Life Insurance Company	private equity fund
Fort Washington Private Equity Investors IX, L.P.	DE	LP	general partner is FWPEI IX GP, LLC and investors include The Western and Southern Life Insurance Company	private equity fund
Fort Washington Private Equity Investors IX-B, L.P.	DE	LP	General Partner is FWPEI IX GP, LLC and The Western and Southern Life Insurance Company is the sole limited partner	private equity fund
Fort Washington Private Equity Investors IX-K, L.P.	DE	LP	general partner is FWPEI IX GP, LLC	private equity fund
Fort Washington Private Equity Investors V, L.P.	DE	LP	general partner is FWPEI V GP, LLC and investors include The Western and Southern Life Insurance Company	private equity fund
Fort Washington Private Equity Investors V-B, L.P.	DE	LP	general partner is FWPEI V GP, LLC and investors include The Western and Southern Life Insurance Company	private equity fund
Fort Washington Private Equity Investors VI, L.P.	DE	LP	general partner is FWPEI VI GP, LLC and investors include The Western and Southern Life Insurance Company	private equity fund
Fort Washington Private Equity Investors VII, L.P.	DE	LP	general partner is FWPEI VII GP, LLC and investors include The Western and Southern Life Insurance Company	private equity fund
Fort Washington Private Equity Investors VIII, L.P.	DE	LP	general partner is FWPEI VIII GP, LLC and investors include The Western and Southern Life Insurance Company	private equity fund
Fort Washington Private Equity Investors VIII-B, L.P.	DE	LP	General Partner is FWPEI VIII GP, LLC and The Western and Southern Life Insurance Company is the sole limited partner	private equity fund
Fort Washington Private Equity Investors V-VC, L.P.	DE	LP	general partner is FWPEI V GP, LLC and investors include The Western and Southern Life Insurance Company	private equity fund
Fort Washington Private Equity Investors X, L.P.	DE	LP	general partner is FWPEI X GP, LLC and investors include The Western and Southern Life Insurance Company	private equity fund
Fort Washington Private Equity Investors X-B, L.P.	DE	LP	general partner is FWPEI X GP, LLC and The Western and Southern Life Insurance Company is the sole limited partner	private equity fund
Fort Washington Private Equity Opportunities Fund II, L.P.	DE	LP	General Partner is FWPEO II GP, LLC and The Western and Southern Life Insurance Company is an investor	private equity fund
Fort Washington Private Equity Opportunities Fund III, L.P.	DE	LP	General Partner is FWPEO III GP, LLC and The Western and Southern Life Insurance Company is an investor	private equity fund
Fort Washington Private Equity Opportunities Fund III-B, L.P.	DE	LP	General Partner is FWPEO III GP, LLC and The Western and Southern Life Insurance Company is the sole limited partner	private equity fund
Fort Washington Private Equity Small Market Investors X-S, L.P.	DE	LP	general partner is FWPEI X GP, LLC and investors include The Western and Southern Life Insurance Company	private equity fund
Frontage Lodging Investor Holdings, LLC	OH	LLC	98% owned by W&S Real Estate Holdings, LLC and 2% owned by Eagle Realty Investments, Inc.	real estate ownership entity(ies)

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Affiliate	State	Entity Abb	Ownership	Type of Business
FWPEI IX GP, LLC	DE	LLC	100% owned by Fort Washington Investment Advisors, Inc.	general partner of Fund IX
FWPEI V GP, LLC	DE	LLC	100% owned by Fort Washington Investment Advisors, Inc.	general partner of the three private equity funds
FWPEI VI GP, LLC	DE	LLC	100% owned by Fort Washington Investment Advisors, Inc.	general partner of Fund VI
FWPEI VII GP, LLC	DE	LLC	100% owned by Fort Washington Investment Advisors, Inc.	general partner of Fund VII
FWPEI VIII GP, LLC	DE	LLC	100% owned by Fort Washington Investment Advisors, Inc.	general partner of Fund VIII
FWPEI X GP, LLC	DE	LLC	100% owned by Fort Washington Investment Advisors, Inc.	general partner of Fund X
FWPEO II GP, LLC	DE	LLC	100% owned by Fort Washington Investment Advisors, Inc.	private equity fund management
FWPEO III GP, LLC	DE	LLC	100% owned by Fort Washington Investment Advisors, Inc.	private equity fund management
Gateway at Arvada Ridge, LLC	DE	LLC	35.39% owned by Arvada Kipling Housing Holdings, LLC and 0.72% owned by Eagle Realty Investments, Inc.	ownership and operation of real estate
Gerber Life Insurance Company	NY	Corp	100% owned by The Western and Southern Life Insurance Company
Glendale Beardsley, LLC	DE	LLC	100% owned by EP/WSE Glendale Venture, LLC (DE)	ownership and operation of real estate
Great Lakes Capital Fund for Housing LP 30	MI	LP	13.5% limited partnership interest owned by The Lafayette Life Insurance Company	real estate ownership entity(ies)
GS Lakeline AA Apartments, LLC	DE	LLC	49% owned by Cedar Park Senior Investor Holdings, LLC (OH) and 1% owned by Eagle Realty Investments, Inc.	ownership and operation of real estate
GS McFarland AA Apartments, LLC	DE	LLC	49% owned by Forsyth Halcyon AA Investor Holdings, LLC and 1% owned by Eagle Realty Investments, Inc.
GS Nashville Hotel Owner, LLC	DE	LLC	100% owned by Nashville Hotel JV, LLC	ownership and operation of real estate
GS Short Pump AA Apartments Owner, LLC	DE	LLC	100% owned by GS Short Pump AA Apartments, LLC	ownership and operation of real estate
GS Short Pump AA Apartments, LLC	DE	LLC	49% owned by Three Chopt AA Investor Holdings, LLC; and 1% owned by Eagle Realty Investments, Inc.	real estate ownership entity(ies)
Heartis Venice JV, LLC	DE	LLC	49% owned by Tamiami Senior Investor Holdings, LLC (OH) and 1% owned Eagle Realty Investments, Inc.	real estate ownership entity(ies)

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Affiliate	State	Entity Abb	Ownership	Type of Business
Heartis Venice, LLC	DE	LLC	100% owned by Heartis Venice JV, LLC	ownership and operation of real estate
Houston Reverie, LLC	TX	LLC	59% owned by River Hollow Investor Holdings, LLC and 1% owned by Eagle Realty Investments, Inc.	ownership and operation of real estate
IFS Financial Services, Inc. (IFS)	OH	Corp	100% owned by Western-Southern Life Assurance Company (Western-Southern Life Assurance Company)	real estate ownership entity(ies)
Insurance Profillment Solutions, LLC	OH	LLC	100% owned by The Western and Southern Life Insurance Company	insurance marketing services
Integrity Life Insurance Company (ILIC)	OH	Corp	100% owned by The Western and Southern Life Insurance Company
IR Mall Associates, Ltd.	FL	LP	49.50% owned by The Western and Southern Life Insurance Company	ownership and operation of real estate
IR Mall Company, L.C.	FL	LLC	50% owned by Eagle Realty Investments, Inc.	ownership and operation of real estate
JLB Southpark Apartments LLC	DE	LLC	49% owned by SP Charlotte Apts Investor Holdings, LLC; 1% owned by Eagle Realty Investments, Inc.	ownership and operation of real estate
KCWSE Palmetto Pointe, LLC	DE	LLC	64% owned by Cenizo Apartments Investor Holdings, LLC; and 1% owned by Eagle Realty Investments, Inc.	ownership and operation of real estate
Keller Hicks Investor Holdings, LLC	OH	LLC	98% owned by W&S Real Estate Holdings and 2% owned by Eagle Realty Investments, Inc.	real estate ownership entity(ies)
LaFrontera Hotel LLC	TX	LLC	100% owned by Eagle Realty Investments, Inc.	ownership and operation of real estate
LaFrontera Lodging Partners LP	OH	LP	99% owned by W&S Real Estate Holdings, LLC	ownership and operation of real estate
Lennox Zionsville Investor Holdings, LLC	OH	LLC	98% owned by W&S Real Estate Holdings and 2% owned by Eagle Realty Investments, Inc.	real estate ownership entity(ies)
LeRoy Glen Investment, LLC	OH	LLC	100% owned by The Western and Southern Life Insurance Company	real estate ownership entity(ies)
LLIA, Inc.	OH	Corp	100% owned by The Lafayette Life Insurance Company	general insurance agency
Lookout Corporate Center	KY	JVGP	50% owned by WS Lookout GP, LLC	ownership and operation of real estate
Lorraine Senior Investor Holdings, LLC	OH	LLC	98% owned by W&S Real Estate Holdings and 2% owned by Eagle Realty Investments, Inc.	real estate ownership entity(ies)
Lytle Park Inn, LLC	OH	LLC	98% owned by W&S Real Estate Holdings, LLC and 2% owned by Eagle Realty Investments, Inc.	ownership and operation of real estate

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Affiliate	State	Entity Abb	Ownership	Type of Business
Main Hospitality Holdings, LLC	OH	LLC	78.4% owned by W&S Real Estate Holdings, LLC and 1.6% owned by Eagle Realty Investments, Inc.	real estate ownership entity(ies)
MC Investor Holdings, LLC	OH	LLC	98% owned by W&S Real Estate Holdings, LLC and 2% owned by Eagle Realty Investments, Inc.	real estate ownership entity(ies)
Mercer Crossing Investor Holdings, LLC	OH	LLC	98% owned by W&S Real Estate Holdings and 2% owned by Eagle Realty Investments, Inc.	real estate ownership entity(ies)
Midtown Park Investor Holdings, LLC	OH	LLC	98% owned by W&S Real Estate Holdings, LLC and 2% owned by Eagle Realty Investments, Inc.	real estate ownership entity(ies)
Monterosso Apartments JV, LLC	DE	LLC	54% owned by Monterosso Housing Investor Holdings, LLC and 1% owned by Eagle Realty Investments, Inc.	real estate ownership entity(ies)
Monterosso Apartments, LLC	DE	LLC	100% owned by Monterosso Apartments JV, LLC	ownership and operation of real estate
Monterosso Housing Investor Holdings, LLC	OH	LLC	98% owned by W&S Real Estate Holdings and 2% owned by Eagle Realty Investments, Inc.	real estate ownership entity(ies)
Monterosso Housing Investor Holdings, LLC	OH	LLC	98% owned by W&S Real Estate Holdings, LLC and 2% owned by Eagle Realty Investments, Inc.	real estate ownership entity(ies)
MP Dallas Development Holdings, LLC	DE	LLC	49% owned by Midtown Park Investor Holdings, LLC and 1% owned by Eagle Realty Investments, Inc.	real estate ownership entity(ies)
MP Dallas Project Owner, LLC	DE	LLC	100% owned by MP Dallas Development Holdings, LLC	ownership and operation of real estate
Nashville Hotel JV, LLC	DE	LLC	52% owned by W&S REH and 3% by ERI	real estate ownership entity(ies)
NE Emerson Edgewood, LLC	IN	LLC	60% owned by The Lafayette Life Insurance Company	real estate ownership entity(ies)
NEO Capital Fund, LP	DE	LP	General Partner is BVP NEO, LLC	private equity fund
North Pittsburgh Hotel LLC	PA	LLC	99% owned by WSALD NPH, LLC; 1% owned by Eagle Realty Investments, Inc.	ownership and operation of real estate
NP Cranberry Hotel Holdings, LLC	OH	LLC	98% owned by W&S Real Estate Holdings, LLC, 2% owned by Eagle Realty Investments, Inc.	real estate ownership entity(ies)
NP Cranberry Hotel Investor, LLC	OH	LLC	100% owned by NP Cranberry Hotel Holdings, LLC	real estate ownership entity(ies)
OTR Housing Associates, L.P.	OH	LP	98% owned by The Western and Southern Life Insurance Company; 1% owned by Eagle Realty Investments, Inc.	ownership and operation of real estate
OTR Redevelopment Group, LLC	OH	LLC	100% owned by OTR Walnut Housing, Ltd.	real estate ownership entity(ies)

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Affiliate	State	Entity Abb	Ownership	Type of Business
OTR Transitional Housing, L.P.	OH	LP	99% owned by The Western and Southern Life Insurance Company	ownership and operation of real estate
OTR-Walnut Housing, Ltd.	OH	LLC	100% owned by Eagle Realty Investments, Inc.	ownership and operation of real estate
Patterson at First Investor Holdings, LLC	OH	LLC	100% owned by Integrity Life Insurance Company	real estate ownership entity(ies)
Perimeter Development Holdings, LLC	DE	LLC	49% owned by Perimeter TC Investor Holdings, LLC; 1% owned by Eagle Realty Investments, Inc.	real estate ownership entity(ies)
Perimeter Project Owner, LLC	DE	LLC	100% Perimeter Development Holdings, LLC	ownership and operation of real estate
Perimeter TC Investor Holdings, LLC	OH	LLC	98% owned by W&S Real Estate Holdings, LLC and 2% owned by Eagle Realty Investments, Inc.	real estate ownership entity(ies)
Pleasanton Hotel Holding Company LLC	DE	LLC	69% owned by Pleasanton Hotel Investor Holdings, 1% owned by Eagle Realty Investments, Inc.	real estate ownership entity(ies)
Pleasanton Hotel Investor Holdings, LLC	OH	LLC	98% owned by W&S Real Estate Holdings, LLC and 2% owned by Eagle Realty Investments, Inc.	real estate ownership entity(ies)
Pleasanton Project Owner, LLC	DE	LLC	100% owned by Pleasanton Hotel Holding Company LLC	ownership and operation of real estate
Prairie Path Apts Investor Holdings, LLC	OH	LLC	98% owned by W&S Real Estate Holdings, LLC and 2% owned by Eagle Realty Investments, Inc.	real estate ownership entity(ies)
Price Road Hotel LLC	DE	LLC	64% owned by Price Willis Lodging Holdings, LLC and 1% owned by Eagle Realty Investments, Inc.	ownership and operation of real estate
Price Willis Lodging Holdings, LLC	OH	LLC	98% owned by W&S Real Estate Holdings and 2% owned by Eagle Realty Investments, Inc.	real estate ownership entity(ies)
Queen City Square Development I, LLC	OH	LLC	100% owned by Eagle Realty Group, LLC	operation of real estate
Queen City Square, LLC	OH	LLC	99.75% owned to The Western and Southern Life Insurance Company; .25% Eagle Realty Investments, Inc.	ownership and operation of real estate
R4 Housing Partners IX LP	DE	LLC	14.7% limited partnership interest owned by The Lafaye Insurance Company	real estate ownership entity(ies)
R4 Housing Partners V LP	DE	LP	9.3% limited partnership interest owned by The Lafayette Life Insurance Company	real estate ownership entity(ies)
R4 Housing Partners VI LP	DE	LP	16.7% limited partnership interest owned by The Lafayette Life Insurance Company	real estate ownership entity(ies)
Raleigh Hotel Holding Company LLC	DE	LLC	62% owned by W&SREH and 3% owned by ERI	real estate ownership entity(ies)

13

NAT VAROOM April 2020

Affiliate	State	Entity Abb	Ownership	Type of Business
Raleigh Project Owner LLC	DE	LLC	100% owned by Raleigh Hotel Holding Company, LLC	ownership and operation of real estate
Randolph Tower Affordable Investment Fund, LLC	DE	LLC	99.99% owned by The Western and Southern Life Insurance Company	real estate ownership entity(ies)
Revel Investor Holdings, LLC	OH	LLC	98% owned by W&S Real Estate Holdings and 2% owned by Eagle Realty Investments, Inc.	real estate ownership entity(ies)
Ridge at Robinson Apartments, LLC	DE	LLC	59% owned by Settlers Ridge Robinson Investor Holdings, LLC and 1% owned by Eagle Realty Investments, Inc.	ownership and operation of real estate
River Hollow Investor Holdings, LLC	OH	LLC	98% owned by W&S Real Estate Holdings, LLC and 2% owned by Eagle Realty Investments, Inc.	real estate ownership entity(ies)
Russell Bay Apartment Holdings, LLC	OH	LLC	98% owned by W&S Real Estate Holdings, LLC and 2% owned by Eagle Realty Investments, Inc.	real estate ownership entity(ies)
Russell Bay Fee Owner LLC	DE	LLC	100% owned by Russell Bay Land Partners LLC	ownership and operation of real estate
Russell Bay Land Partners LLC	DE	LLC	64% owned by Russell Bay Apartment Holdings, LLC and 1% owned by Eagle Realty Investments, Inc.	real estate ownership entity(ies)
San Tan Investor Holdings, LLC	OH	LLC	98% owned by W&S Real Estate Holdings, LLC and 2% owned by Eagle Realty Investments, Inc.	real estate ownership entity(ies)
Sarasota Property Owner, LLC	DE	LLC	100% owned by Senior Living at Sarasota, LLC	ownership and operation of real estate
Senior Living at Sarasota, LLC	DE	LLC	49% owned by Lorraine Senior Investor Holdings, LLC and 1% owned by Eagle Realty Investments, Inc.	real estate ownership entity(ies)
Settlers Ridge Robinson Investor Holdings, LLC	OH	LLC	98% owned by W&S Real Estate Holdings, LLC and 2% owned by Eagle Realty Investments, Inc.	ownership and operation of real estate
Seventh and Culvert Garage, LLC	OH	LLC	100% owned by W&S Real Estate Holdings, LLC	real estate ownership entity(ies)
Sixth and Saratoga NW, LLC	KY	LLC	100% owned by W&S Real Estate Holdings, LLC	ownership and operation of real estate
South Flores Housing Holdings, LLC	OH	LLC	98% owned by W&S Real Estate Holdings and 2% owned by Eagle Realty Investments, Inc.	real estate ownership entity(ies)
South Kirkman Apartment Holdings, LLC	OH	LLC	98% owned by W&S Real Estate Holdings and 2% owned by Eagle Realty Investments, Inc.	real estate ownership entity(ies)
South Kirkman Fee Owner LLC	DE	LLC	100% owned by South Kirkman Land Partners LLC	ownership and operation of real estate
South Kirkman Land Partners LLC	DE	LLC	64% owned by South Kirkman Apartment Holdings, LLC (OH) and 1% owned by Eagle Realty Investments, Inc.	real estate ownership entity(ies)

14

NAT VAROOM April 2020

Affiliate	State	Entity Abb	Ownership	Type of Business
Southside Tunnel Apartments Investor Holdings, LLC	OH	LLC	98% owned by W&S Real Estate Holdings, LLC and 2% owned by Eagle Realty Investments, Inc.	ownership and operation of real estate
Southside Works City Apartments, LLC	DE	LLC	49% owned by Southside Tunnel Apartments Investor Holdings, LLC and 1% owned by Eagle Realty Investments, Inc.	real estate ownership entity(ies)
SP Charlotte Apts Investor Holdings, LLC	OH	LLC	98% owned by W&S Real Estate Holdings, LLC and 2% owned by Eagle Realty Investments, Inc.	real estate ownership entity(ies)
Springhurst JV, L.L.C.	KY	LLC	64% owned by Flats Springhurst Investor Holdings, LLC; and 1% owned by Eagle Realty Investments, Inc.	real estate ownership entity(ies)
SPX Holding LLC	OH	LLC	50% owned by W&SFG	Airplane ownership/leasing
SSW Jet Ltd	OH	LLC	50% owned by W&SFG	Airplane ownership/leasing
Stout Metro Housing Holdings, LLC	OH	LLC	98% owned by W&S Real Estate Holdings and 2% owned by Eagle Realty Investments, Inc.	real estate ownership entity(ies)
Sundance Hotel Investor, LLC	OH	LLC	100% owned by Sundance LaFrontera Holdings, LLC	real estate ownership entity(ies)
Sundance Hotel, LLC	DE	LLC	64% owned by Sundance Hotel Investor, LLC and 1% owned by Eagle Realty Investments, Inc.	real estate ownership entity(ies)
Sundance LaFrontera Holdings, LLC	OH	LLC	98% owned by The Western and Southern Life Insurance Company and 2% owned by Eagle Realty Investments, Inc.	real estate ownership entity(ies)
Tamiami Senior Investor Holdings, LLC	OH	LLC	98% owned by W&S Real Estate Holdings and 2% owned by Eagle Realty Investments, Inc.	real estate ownership entity(ies)
The Cove Apartments, LLC	DE	LLC	49% owned by Cove Housing Investor Holdings, LLC and 1% owned by Eagle Realty Investments, Inc.	real estate ownership entity(ies)
The Cove JV, LLC	DE	LLC	100% owned by The Cove Apartments, LLC	real estate ownership entity(ies)
The Flats at San Tan, LLC	TX	LLC	49% owned by San Tan Investor Holdings, LLC; 1% owned by Eagle Realty Investments, Inc.	real estate ownership entity(ies)
The Lafayette Life Insurance Company	OH	Corp	100% owned by Western & Southern Financial Group, Inc. (WSFG)
The Ohio Capital Fund LLC	OH	LLC	Managed by Buckeye Venture Partners, LLC	state funded private equity fund
The Western and Southern Life Insurance Company (WSLIC)	OH	Corp	100% owned by WSFG
Three Chopt AA Investor Holdings, LLC	OH	LLC	98% owned by W&S Real Estate Holdings and 2% owned by Eagle Realty Investments, Inc.	real estate ownership entity(ies)

15

NAT VAROOM April 2020

Affiliate	State	Entity Abb	Ownership	Type of Business
Timacuan Apartment Holdings, LLC	OH	LLC	98% owned by W&S Real Estate Holdings and 2% owned by Eagle Realty Investments, Inc.	real estate ownership entity(ies)
Timacuan Fee Owner LLC	DE	LLC	100% owned by Timacuan Land Partners LLC (DE)	ownership and operation of real estate
Timacuan Land Partners LLC	DE	LLC	64% owned by Timacuan Apartment Holdings, LLC (OH) and 1% owned by Eagle Realty Investments, Inc.	real estate ownership entity(ies)
Touchstone Advisors, Inc.	OH	Corp	100% owned by IFS Financial Services, Inc.	registered investment adviser
Touchstone Securities, Inc.	NE	Corp	100% owned by IFS Financial Services, Inc. Financial Services, Inc.	securities broker-dealer
Trevi Apartment Holdings, LLC	OH	LLC	98% owned by W&S Real Estate Holdings, LLC and 2% owned by Eagle Realty Investments, Inc.	real estate ownership entity(ies)
Trevi Fee Owner, LLC	DE	LLC	100% Trevi Land Partners, LLC	ownership and operation of real estate
Trevi Land Partners, LLC	DE	LLC	64% Trevi Apartment Holdings, LLC; 1% Eagle Realty Investments, Inc.	real estate ownership entity(ies)
Tri-State Growth Capital Fund I, L.P.	DE	LP	general partner is Tri-State Ventures, LLC and investors include The Western and Southern Life Insurance Company	private equity fund
Tri-State Growth Capital Fund II, L.P.	DE	LP	general partner is Tri-State Ventures II, LLC and investors include The Western and Southern Life Insurance Company	private equity fund
Tri-State Ventures II, LLC	DE	LLC	100% owned by Fort Washington Investment Advisors, Inc.	private equity fund
Tri-State Ventures, LLC	DE	LLC	100% owned by Fort Washington Investment Advisors, Inc.	private equity fund
TXFL NNN Office Investor Holdings, LLC	OH	LLC	40.7408% owned by Western-Southern Life Assurance Company, 29.6296% owned by The Lafayette Life Insurance Company, 14.8148% owned by Integrity Life Insurance Company, 14.8148% owned by National Integrity Life Insurance Company	real estate ownership entity(ies)
UGR Holdings, LLC	DE	LLC	49% owned by University Shade Investor Holdings, LLC (OH) and 1% owned by Eagle Realty Investments, Inc.	real estate ownership entity(ies)
University Grove Residences, LLC	DE	LLC	100% owned by UGR Holdings, LLC (DE)	ownership and operation of real estate
University Shade Investor Holdings, LLC	OH	LLC	98% owned by W&S Real Estate Holdings and 2% owned by Eagle Realty Investments, Inc.	real estate ownership entity(ies)
Vail Hotel Holdings ESHV, LLC	DE	LLC	74% owned by Frontage Lodging Investor Holdings, LLC; 1% owned by Eagle Realty Investments, Inc.	real estate ownership entity(ies)
Vail Hotel Owner ESHV, LLC	DE	LLC	100% owned by Vail Hotel Holdings ESHV, LLC	ownership and operation of real estate

16

NAT VAROOM April 2020

Affiliate	State	Entity Abb	Ownership	Type of Business
Vernazza Apartments, LLC	DE	LLC	54% owned by Vernazza Housing Investor Holdings and 1% owned by Eagle Realty Investments, Inc.	real estate ownership entity(ies)
Vernazza Housing Investor Holdings, LLC	OH	LLC	98% owned by W&S Real Estate Holdings and 2% owned by Eagle Realty Investments, Inc.	real estate ownership entity(ies)
Vinings Trace, LLC	IN	LLC	99% owned by The Western and Southern Life Insurance Company, 1% owned by Eagle Realty Investments, Inc.	ownership and operation of real estate
W Apts Investor Holdings, LLC	OH	LLC	98% owned by W&S Real Estate Holdings, LLC and 2% owned by Eagle Realty Investments, Inc.	real estate ownership entity(ies)
W Flats Residences, LLC	DE	LLC	66.5% owned by W Apts Investor Holdings, LLC and 1% owned by Eagle Realty Investments, Inc.	ownership and operation of real estate
W&S Brokerage Services, Inc.	OH	Corp	100% owned by Western-Southern Life Assurance Company	investment advisor and broker dealer
W&S Financial Group Distributors, Inc.	OH	Corp	100% owned by Western-Southern Life Assurance Company	general insurance agency
W&S Real Estate Holdings, LLC	OH	LLC	100% owned by The Western and Southern Life Insurance Company	real estate ownership entity(ies)
Warm Springs Apartment Holdings, LLC	OH	LLC	98% owned by W&S Real Estate Holdings and 2% owned by Eagle Realty Investments, Inc.	real estate ownership entity(ies)
Warm Springs Fee Owner LLC	DE	LLC	100% owned by Warm Springs Land Partners LLC	ownership and operation of real estate
Warm Springs Land Partners LLC	DE	LLC	64% owned by Warm Springs Apartment Holdings, LLC and 1% owned by Eagle Realty Investments, Inc.	real estate ownership entity(ies)
West Crescent Venture Partners LLC	DE	LLC	49% owned by Revel Investor Holdings, LLC, and 1% owned by Eagle Realty Investments, Inc.	real estate ownership entity(ies)
WestAd Leasing, LLC	OH	LLC	100% owned by Western & Southern Financial Group, Inc. (WSFG)	Airplane ownership/leasing
Western & Southern Agency, Inc.	OH	Corp	100% owned by The Western and Southern Life Insurance Company	general insurance agency
Western & Southern Financial Fund Inc	OH	NP Corp		charitable giving
Western & Southern Financial Group, Inc. (WSFG)	OH	Corp	100% owned by WSMHC	holding company
Western & Southern Investment Holdings, LLC	OH	LLC	100% owned by The Western and Southern Life Insurance Company	real estate ownership entity(ies)
Western & Southern Mutual Holding Company (WSMHC)	OH	Corp	Mutual Insurance Holding Company

17

NAT VAROOM April 2020

Affiliate	State	Entity Abb	Ownership	Type of Business
Western-Southern Life Assurance Company (WSLAC)	OH	Corp	100% owned by The Western and Southern Life Insurance Company
Westhouse Residences, LLC	DE	LLC	49% owned by Keller Hicks Investor Holdings, LLC (OH) and 1% owned by Eagle Realty Investments, Inc.	ownership and operation of real estate
WL Apartment Holdings, LLC	OH	LLC	98% owned by W&S Real Estate Holdings and 2% owned by Eagle Realty Investments, Inc.	real estate ownership entity(ies)
WL Houston Parkway, LLC	TX	LLC	55% owned by WL Apartment Holdings and 1% owned by Eagle Realty Investments, Inc.	real estate ownership entity(ies)
WS Airport Exchange GP, LLC	OH	LLC	100% owned by W&S Real Estate Holdings, LLC	real estate ownership entity(ies)
WS Country Place GP, LLC	OH	LLC	100% owned by W&S Real Estate Holdings, LLC	real estate ownership entity(ies)
WS Lookout JV, LLC	OH	LLC	100% owned by The Western and Southern Life Insurance Company	real estate ownership entity(ies)
WSALD CEH, LLC	OH	LLC	100% owned by W&S Real Estate Holdings, LLC	real estate ownership entity(ies)
WSALD NPH, LLC	OH	LLC	100% owned by W&S Real Estate Holdings, LLC	real estate ownership entity(ies)
WSFG WG Aurora IL, LLC	OH	LLC	100% owned by Country Place Associates	ownership and operation of real estate
WSFG WG Charlotte NC, LLC	OH	LLC	100% owned by Country Place Associates	ownership and operation of real estate
WSFG WG Columbus OH, LLC	OH	LLC	100% owned by Vinings Trace, LLC	ownership and operation of real estate
WSFG WG Holding RI, LLC	OH	LLC	100% owned by Country Place Associates	ownership and operation of real estate
WSFG WG Providence RI, LLC	OH	LLC	100% owned by Country Place Associates	ownership and operation of real estate
WSFG WG Stallings NC, LLC	OH	LLC	100% owned by Vinings Trace, LLC	ownership and operation of real estate
WSL Partners, L.P.	DE	LP	general partner is FWCP and investors include The Western and Southern Life Insurance Company	private equity fund
1373 Lexington Road Investor Holdings, LLC	OH	LLC	98% owned by W&S Real Estate Holdings, LLC; 2% owned by Eagle Realty Investments, Inc.	real estate ownership entity(ies)
2758 South Main SPE, LLC	OH	LLC	100% owned by The Western and Southern Life Insurance Company	ownership and operation of real estate

18

NAT VAROOM April 2020

Affiliate	State	Entity Abb	Ownership	Type of Business
309 Holding LLC	DE	LLC	97% owned by The Western and Southern Life Insurance Company, 1% owned by W&S Real Estate Holdings, Inc. and 1% owned by Eagle Realty Investments, Inc.	real estate ownership entity(ies)
506 Phelps Holdings, LLC	OH	LLC	98% owned by W&S Real Estate Holdings, LLC and 2% owned by Eagle Realty Investments, Inc.	ownership and operation of real estate
Airport Exchange Hotel Partners	KY	GP	74% owned by WS Airport Exchange GP, LLC; 1% owned by Eagle Realty Investments, Inc.	ownership and operation of real estate
Alliant Tax Credit Fund 92 LP	CA	LP	13.4% limited partnership interest owned by The Lafayette Life Insurance Company	real estate ownership entity(ies)
Alta Mercer Crossing, LLC	DE	LLC	50% owned by Wood Mercer Crossing, LLC, 49% owned by Mercer Crossing Investor Holdings, LLC, and 1% owned by Eagle Realty Investments, Inc.	real estate ownership entity(ies)
Alta Preston Residences, LLC	DE	LLC	100% owned by Alta Preston, LLC	ownership and operation of real estate
Alta Preston, LLC	DE	LLC	100% owned by Alta, 47% owned by W&S Real Estate Holdings and 3% owned by Eagle Realty Investments, Inc.	real estate ownership entity(ies)
Alta Stony Point, LLC	DE	LLC	49% owned by Stony Investor Holdings, LLC; 1% owned by Eagle Realty Investments, Inc.	ownership and operation of real estate
Apex Housing Investor Holdings, LLC	OH	LLC	98% owned by W&S Real Estate Holdings, LLC and 2% owned by Eagle Realty Investments, Inc.	real estate ownership entity(ies)
Apex Louisville, LLC	KY	LLC	64% owned by Apex Housing Investor Holdings, LLC; 1% owned by Eagle Realty Investments, Inc.	ownership and operation of real estate
Arvada Kipling Housing Holdings, LLC	OH	LLC	98% owned by W&S Real Estate Holdings and 2% owned by Eagle Realty Investments, Inc.	real estate ownership entity(ies)
Ascent Plainfield, LLC	IN	LLC	64% owned by Stout Metro Housing Holdings, LLC and 1% owned by Eagle Realty Investments, Inc.	real estate ownership entity(ies)
Axis JV, LLC	KY	LLC	64% owned by 1373 Lexington Road Investor Holdings, LLC; 1% owned by Eagle Realty Investments, Inc.	ownership and operation of real estate
Axis Louisville, LLC	KY	LLC	100% owned by Axis JV, LLC	ownership and operation of real estate
Beardsley Investor Holdings, LLC	OH	LLC	98% owned by W&S Real Estate Holdings and 2% owned by Eagle Realty Investments, Inc.	real estate ownership entity(ies)
BP Summerville Investor Holdings, LLC	OH	LLC	98% owned by W&S Real Estate Holdings and 2% owned by Eagle Realty Investments, Inc.	real estate ownership entity(ies)
Buckeye Venture Partners, LLC	OH	LLC	60% owned by Fort Washington Investment Advisors, Inc. (FWIA); 40% owned by Peppertree Partners, LLC	private equity fund management

19

NAT VAROOM April 2020

Affiliate	State	Entity Abb	Ownership	Type of Business
BVP NEO, LLC	OH	LLC	100% owned by Fort Washington Investment Advisors, Inc.	private equity fund management
Canal Senate Apartments, LLC	IN	LLC	100% owned by W&S Real Estate Holdings, LLC	ownership and operation of real estate
Cape Barnstable Investor Holdings, LLC	OH	LLC	98% owned by W&S Real Estate Holdings and 2% owned by Eagle Realty Investments, Inc.	real estate ownership entity(ies)
Carmel Holdings, LLC	OH	LLC	99% owned by W&S Real Estate Holdings, LLC; 1% owned by Eagle Realty Investments, Inc.	real estate ownership entity(ies)
Carmel Hotel Investor, LLC	OH	LLC	100% owned by Carmel Holdings, LLC	real estate ownership entity(ies)
Carmel Hotel, LLC	IN	LLC	99% owned by Carmel Hotel Investor, LLC; 1% owned by Eagle Realty Investments, Inc.	ownership and operation of real estate
Carthage Senior Housing, Ltd.	OH	LLC	98% owned by W&S Real Estate Holdings, LLC; 1% owned by Eagle Realty Investments, Inc.	ownership and operation of real estate
CCA CBD Cincinnati LLC	OH	LLC	100% owned by 309 Holding, LLC	ownership and operation of real estate
Cedar Park Senior Investor Holdings, LLC	OH	LLC	98% owned by W&S Real Estate Holdings and 2% owned by Eagle Realty Investments, Inc.	real estate ownership entity(ies)
Cenizo Apartments Investor Holdings, LLC	OH	LLC	98% owned by W&S Real Estate Holdings, LLC and 2% owned by Eagle Realty Investments, Inc.	real estate ownership entity(ies)
Charlotte Park Investor Holdings, LLC	OH	LLC	98% owned by W&S Real Estate Holdings, LLC and 2% owned by Eagle Realty Investments, Inc.	real estate ownership entity(ies)
Chattanooga Southside Housing Holdings, LLC	OH	LLC	98% owned by W&S Real Estate Holdings and 2% owned by Eagle Realty Investments, Inc.	real estate ownership entity(ies)
Chestnut Healthcare Partners, L.P.	DE	LP	20% limited partnership interest owned by The Western and Southern Life Insurance Company	real estate ownership entity(ies)
Choo Choo Residences, LLC	DE	LLC	49% owned by Chattanooga Southside Apartments Holdings, LLC and 1% owned by Eagle Realty Investments, Inc.	ownership and operation of real estate
Cincinnati CBD Holdings, LLC	OH	LLC	100% owned by W&S Real Estate Holdings, LLC	ownership and operation of real estate
Cinnaire Fund for Housing Limited Partnership 31	MI	LP	16.7% limited partnership interest owned by Columbus Life Insurance Company	real estate ownership entity(ies)
Cleveland East Hotel, LLC	OH	LLC	99% owned by WSALD CEH, LLC; 1% owned by Eagle Realty Investments, Inc.	ownership and operation of real estate
Columbus Life Insurance Company	OH	Corp	100% owned by The Western and Southern Life Insurance Company

20

NAT VAROOM April 2020

Affiliate	State	Entity Abb	Ownership	Type of Business
Country Place Associates	OH	GP	90% owned by WS Country Place GP, LLC; 10% owned by Eagle Realty Investments, Inc.	real estate ownership entity(ies)
Cove Housing Investor Holdings, LLC	OH	LLC	98% W&S Real Estate Holdings, LLC and 2% Eagle Realty Investments, Inc.	real estate ownership entity(ies)
Covington Apartment Holdings, LLC	OH	LLC	98% owned by W&S Real Estate Holdings and 2% owned by Eagle Realty Investments, Inc.	real estate ownership entity(ies)
Crabtree Apartments, LLC	TX	LLC	59% owned by Crabtree Commons Apts Investor Holdings, LLC (W&S) and 1% owned by Eagle Realty Investments, Inc.	ownership and operation of real estate
Crabtree Commons Apts Investor Holdings, LLC	OH	LLC	98% owned by W&S Real Estate Holdings, LLC and 2% owned by Eagle Realty Investments, Inc.	real estate ownership entity(ies)
Cranberry NP Hotel Company, LLC	PA	LLC	99% owned by NP Cranberry Hotel Investor LLC; 1% owned by Eagle Realty Investments, Inc.	ownership and operation of real estate
Curve Luxury Apartments Investors, LLC	DE	LLC	59% owned by MC Investor Holdings, LLC; 1% owned by Eagle Realty Investments, Inc.	real estate ownership entity(ies)
Curve Luxury Apartments, LLC	AZ	LLC	100% owned by Curve Luxury Apartments Investors, LLC	ownership and operation of real estate
Dallas City Investor Holdings, LLC	OH	LLC	98% owned by W&S Real Estate Holdings, LLC and 2% owned by Eagle Realty Investments, Inc.	real estate ownership entity(ies)
Day Hill Road Land LLC	CT	LLC	74% owned by W&S Real Estate Holdings, LLC and 1% owned by Eagle Realty Investments, Inc.	real estate ownership entity(ies)
Delco Lofts, LLC	OH	LLC	99% owned by Patterson at First Investor Holdings, LLC	ownership and operation of real estate
Domain at Dunvale, LLC	TX	LLC	49% owned by Dunvale Investor Holdings, LLC; 1% owned by Eagle Realty Investments, Inc.	ownership and operation of real estate
Dunvale Investor Holdings, LLC	OH	LLC	98% owned by W&S Real Estate Holdings, LLC and 2% owned by Eagle Realty Investments, Inc.	real estate ownership entity(ies)
Eagle Realty Capital Partners, LLC	OH	LLC	100% Eagle Realty Group, LLC	investment advisor
Eagle Realty Group, LLC	OH	LLC	100% owned by Western & Southern Investment Holdings, LLC	real estate holding company
Eagle Realty Investments, Inc. (ERI)	OH	Corp	100% owned by Eagle Realty Group, LLC	real estate ownership entity(ies)
Eagle Rose Apartment Holdings, LLC	OH	LLC	98% owned by W&S Real Estate Holdings, LLC and 2% owned by Eagle Realty Investments, Inc.	real estate ownership entity(ies)
Eagle Rose Land Partners, LLC	DE	LLC	24% owned by Eagle Rose Apartment Holdings, LLC and 1% owned by Eagle Realty Investments, Inc.	real estate ownership entity(ies)

21

NAT VAROOM April 2020

Affiliate	State	Entity Abb	Ownership	Type of Business
Eagle Rose Owner, LLC	DE	LLC	100% owned by Eagle Rose Land Partners, LLC	ownership and operation of real estate
Elan Dallas City Lights GP, LLC	DE	LLC	100% owned by Elan Dallas City Lights, LLC	real estate ownership entity(ies)
Elan Dallas City Lights Limited Partner, LP	DE	LLC	100% owned by Elan Dallas City Lights, LLC; 0% owned by Elan Dallas City Lights GP, LLC	real estate ownership entity(ies)
Elan Dallas City Lights Owner, LP	DE	LP	99% owned by Elan Dallas City Lights Limited Partner, LP; 1% owned by Elan Dallas City Lights GP, LLC	ownership and operation of real estate
Elan Dallas City Lights, LLC	DE	LLC	59% owned by Dallas City Investor Holdings, LLC; 1% owned by Eagle Realty Investments, Inc.	real estate ownership entity(ies)
EMF DT SA, LLC (2017) (Encore River Walk)	DE	LLC	100% owned by EMF River Walk Investments, LLC	ownership and operation of real estate

Item 27.Number of Contract Owners

As of April 8, 2020, 22 qualified and non-qualified contracts issued pursuant to this registration statement were outstanding.

Item 28.Indemnification

National Integrity's By-Laws provide, in Article VII, Section 7.1 provides:

To the extent permitted by the laws of the State of New York, subject to all applicable requirements thereof:

(a) any person made or threatened to be made a party to any action or proceeding, whether civil or criminal, by reason of the fact that he, his testator, or intestate, is or was a director, officer, employee or incorporator of the Company shall be indemnified by the Company;

(b) any person made or threatened to be made a party to any action or proceeding, whether civil or criminal, by reason of the fact that he, his testator or intestate serves or served any other organization on any capacity at the request of the Company may be indemnified by the Company; and

(c) the related expenses of any such person in any other of said categories may be advanced by the Company.

Insofar as indemnification for liability arising under the Securities Act of 1933 may be permitted to directors, officers and controlling persons of the registrant pursuant to the foregoing provisions, or otherwise, the registrant has been advised that in the opinion of the Securities and Exchange Commission such indemnification is against public policy as expressed in the Act and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the registrant of expenses incurred or paid by a director, officer or controlling person of the registrant in the successful defense of any action, suit or proceeding) is asserted by such director, officer or controlling person in connection with the securities being registered, the registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the Act and will be governed by the final adjudication of such issue.

22

NAT VAROOM April 2020

Item 29.Principal Underwriters

(a)Touchstone Securities, Inc. (Touchstone Securities) is the principal underwriter for Separate Account I of National Integrity Life Insurance Company. Touchstone Securities also serves as an underwriter for Separate Accounts I and VUL of Integrity Life Insurance Company, Western-Southern Life Assurance Company’s Separate Account 1, Columbus Life Insurance Company Separate Account I and for the shares of several series of Touchstone Variable Series Trust, Touchstone Strategic Trust, Touchstone Investment Trust, Touchstone Tax-Free Trust, Touchstone Institutional Funds Trust and Touchstone Funds Group Trust, each of which is affiliated with the Depositor.

(b)The names and principal business addresses* of the officers and directors of, and their positions with, Touchstone Securities, Inc. are as follows:

Directors:

James N. Clark Director

Jill T. McGruder Director and Chief Executive Officer

Jonathan D. Niemeyer Director

Donald J. Wuebbling Director

Officers:

Steven M. Graziano President

Jill T. McGruder Chief Executive Officer

Stephen C. Owen Senior Vice President

Jay V. Johnson Vice President and Treasurer

Sharon L. Karp Vice President

Christopher N. Watford Vice President

Amy Fisher Vice President

Timothy S. Stearns Vice President and Interim Chief Compliance Officer

Terrie A. Wiedenheft Chief Financial Officer

Lindsay M. Connelly Assistant Vice President and Assistant Treasurer

John S. Musgrove Assistant Vice President and Assistant Treasurer

Jason T. Anderson Assistant Treasurer

Timothy D. Speed Assistant Treasurer

Sarah Sparks Herron Secretary

*The principal business address for the above is 303 Broadway, Cincinnati, Ohio 45202, unless otherwise noted.

(c)Not applicable.

Item 30.Location of Accounts and Records

The records required to be maintained by Section 31(a) of the Investment Company Act of 1940 and Rules 31a-1 to 31a-3 promulgated thereunder, are maintained by National Integrity at 400 Broadway, Cincinnati, Ohio 45202.

Item 31.Management Services

There are currently no management-related services provided to the Registrant.

Item 32.Undertakings

The Registrant hereby undertakes:

(a) to file a post-effective amendment to this registration statement as frequently as is necessary to ensure that the audited financial statements of the Registrant, Depositor and Guarantor in the registration statement are never more than 16 months old for so long as payments under the variable annuity contracts may be accepted;

(b) to include either (1) as part of any application to purchase a contract offered by the prospectus, a space that an applicant can check to request a Statement of Additional Information, or (2) a postcard or similar written communication affixed to or included in the prospectus that the applicant can remove to send for a Statement of Additional Information;

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NAT VAROOM April 2020

(c) to deliver any Statement of Additional Information and any financial statements required to be made available under this Form, including the WSLIC financial statements, promptly upon written or oral request; and

(d) to update the registration statement if WSLIC terminates its guarantee to National Integrity policyholders.

During any time there are insurance obligations outstanding and covered by its guarantee (Guarantee) issued by WSLIC, filed as an exhibit to this registration statement, National Integrity hereby undertakes to provide notice to contract owners promptly after the happening of significant events related to the Guarantee. These significant events include: (i) termination of the Guarantee that has a material adverse effect on the contract owner's rights under the Guarantee; (ii) a default under the Guarantee that has a material adverse effect on the contract owner's rights under the Guarantee; or (iii) the insolvency of WSLIC.

Pursuant to Section 26(f) of the Investment Company Act of 1940, as amended, National Integrity represents that the aggregate charges under the variable annuity contract described in this Registration Statement are reasonable in relation to the services rendered, the expenses expected to be incurred, and the risks assumed by National Integrity.

National Integrity represents that it recognizes the requirements of Section 17(h) of the Investment Company Act of 1940, specifically that it shall not protect or purport to protect any director or officer of the Registrant or Depositor against any liability to them or to their security holders to which he would otherwise be subject by reason of willful misfeasance, bad faith, gross negligence or reckless disregard of the duties involved in the conduct of his office.

24

NAT VAROOM April 2020

SIGNATURES

As required by the Securities Act of 1933 and the Investment Company Act of 1940, the Registrant, the Depositor and the Guarantor, certify that they meet all of the requirements for effectiveness of this post-effective amendment to their Registration Statement pursuant to Rule 485(b) under the Securities Act of 1933 and have duly caused this amendment to the Registration Statement to be signed on their behalf, in the City of Cincinnati and State of Ohio on this April 24, 2020.

SEPARATE ACCOUNT I OF

NATIONAL INTEGRITY LIFE INSURANCE COMPANY

(Registrant)

By: National Integrity Life Insurance Company

(Depositor)

By:	/s/ Jill T. McGruder
	Jill T. McGruder, President and CEO

NATIONAL INTEGRITY LIFE INSURANCE COMPANY

(Depositor)

By:	/s/ Jill T. McGruder
	Jill T. McGruder, President and CEO

THE WESTERN AND SOUTHERN LIFE INSURANCE COMPANY

(Guarantor)

By:	/s/ John F. Barrett
	John F. Barrett, Chairman, President and CEO

NAT VAROOM April 2020

SIGNATURES

As required by the Securities Act of 1933 and the Investment Company Act of 1940, the Depositor has duly caused this amendment to the Registration Statement to be signed on its behalf, in the City of Cincinnati and State of Ohio on this April 24, 2020.

NATIONAL INTEGRITY LIFE INSURANCE COMPANY

(Depositor)

By:	/s/ Jill T. McGruder
	Jill T. McGruder, President and CEO

The following persons, in the capacities and on the dates indicated, have signed this amendment to the Registration Statement as required by the Securities Act of 1933:

PRINCIPAL EXECUTIVE OFFICER:	/s/ Jill T. McGruder
	Jill T. McGruder, President and CEO
	April 24, 2020
PRINCIPAL FINANCIAL OFFICER:	/s/ Bradley J. Hunkler
	Bradley J. Hunkler, Senior Vice President and Chief Financial Officer
	April 24, 2020
PRINCIPAL ACCOUNTING OFFICER:	/s/ Wade M. Fugate
	Wade M. Fugate, Vice President and Controller
	April 24, 2020

DIRECTORS:

/s/ John F. Barrett	/s/ Jill T. McGruder
John F. Barrett	Jill T. McGruder
April 24, 2020	April 24, 2020
/s/ Edward J. Babbitt	/s/ Jonathan D. Niemeyer
Edward J. Babbitt	Jonathan D. Niemeyer
April 24, 2020	April 24, 2020
/s/ Daniel J. Downing	/s/ Donald J. Wuebbling
Daniel J. Downing	Donald J. Wuebbling
April 24, 2020	April 24, 2020

NAT VAROOM April 2020

SIGNATURES

As required by the Securities Act of 1933 and the Investment Company Act of 1940, the Guarantor has duly caused this amendment to the Registration Statement to be signed on its behalf, in the City of Cincinnati and State of Ohio on this April 24, 2020.

THE WESTERN AND SOUTHERN LIFE INSURANCE COMPANY

(Guarantor)

By:	/s/ John F. Barrett
	John F. Barrett, Chairman, President and CEO

PRINCIPAL EXECUTIVE OFFICER:	/s/ John F. Barrett
	John F. Barrett, Chairman, President and CEO
	April 24, 2020
PRINCIPAL FINANCIAL OFFICER:	/s/ Bradley J. Hunkler
	Bradley J. Hunkler, Senior Vice President and Chief Financial Officer
	April 24, 2020
PRINCIPAL ACCOUNTING OFFICER:	/s/ Wade M. Fugate
	Wade M. Fugate, Vice President and Controller
	April 24, 2020

DIRECTORS:

/s/ John F. Barrett	/s/ Wade M. Fugate
John F. Barrett	Wade M. Fugate, Attorney-in-Fact for Jo Ann Davidson
April 24, 2020
	April 24, 2020
/s/ Wade M. Fugate	/s/ Wade M. Fugate
Wade M. Fugate, Attorney-in-Fact for James N. Clark	Wade M. Fugate, Attorney-in-Fact for Robert B. Truitt
April 24, 2020	April 24, 2020
	/s/ Wade M. Fugate
	Wade M. Fugate, Attorney-in-Fact for Thomas L. Williams
	April 24, 2020