N-VPFS 1 tlsasevencombo.htm N-VPFS TLSASEVENcombo

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Contract Owners of
Separate Account Seven of Talcott Resolution Life Insurance Company and the
Board of Directors of Talcott Resolution Life Insurance Company


Opinion on the Financial Statements and Financial Highlights

We have audited the accompanying statements of assets and liabilities of each of the Sub-Accounts of Separate Account Seven of Talcott Resolution Life Insurance Company (the “Account”) listed in Note 1 (collectively, the “Sub-Accounts”), as of December 31, 2024, the related statements of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended, except for the Sub-Accounts included in the table below; the related statements of operations, changes in net assets, and the financial highlights for the Sub-Accounts and periods indicated in the table below; and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of each of the Sub-Accounts as of December 31, 2024, and the results of their operations for the year then ended (or for the periods listed in the table below), the changes in their net assets for each of the two years in the period then ended (or for the periods listed in the table below), and the financial highlights for each of the five years in the period then ended (or for the periods listed in the table below), in conformity with accounting principles generally accepted in the United States of America.



Sub-AccountStatements of Assets and LiabilitiesStatements of OperationsStatements of Changes in Net AssetsFinancial Highlights
As ofFor theFor theFor the
Invesco V.I. Discovery Mid Cap Growth Fund December 31, 2024Year ended December 31, 2024Two years in the period ended December 31, 2024Four years in the period ended December 31, 2024 and the period from April 30, 2020 to December 31, 2020
LVIP JPMorgan Mid Cap Value Fund
December 31, 2024Year ended December 31, 2024Year ended December 31, 2024 and period from April 28, 2023 to December 31, 2023Year ended December 31, 2024 and period from April 28, 2023 to December 31, 2023
LVIP JPMorgan U.S. Equity FundDecember 31, 2024Year ended December 31, 2024Year ended December 31, 2024 and period from April 28, 2023 to December 31, 2023Year ended December 31, 2024 and period from April 28, 2023 to December 31, 2023
LVIP JPMorgan Core Bond FundDecember 31, 2024Year ended December 31, 2024Year ended December 31, 2024 and period from April 28, 2023 to December 31, 2023Year ended December 31, 2024 and period from April 28, 2023 to December 31, 2023
PSF PGIM Jennison Blend PortfolioDecember 31, 2024Year ended December 31, 2024Year ended December 31, 2024 and period from December 8, 2023 to December 31, 2023Year ended December 31, 2024 and period from December 8, 2023 to December 31, 2023
LVIP American Century Mid Cap Value Fund
December 31, 2024Period from April 26, 2024 to December 31, 2024Period from April 26, 2024 to December 31, 2024Period from April 26, 2024 to December 31, 2024
LVIP American Century Value FundDecember 31, 2024Period from April 26, 2024 to December 31, 2024Period from April 26, 2024 to December 31, 2024Period from April 26, 2024 to December 31, 2024


American Century VP Value Fund

Not ApplicablePeriod from January 1, 2024 to April 26, 2024Period from January 1, 2024 to April 26, 2024 and the year ended December 31, 2023Period from January 1, 2024 to April 26, 2024 and four years in the period ended December 31, 2023
American Century VP Mid Cap Value FundNot ApplicablePeriod from January 1, 2024 to April 26, 2024Period from January 1, 2024 to April 26, 2024 and the year ended December 31, 2023Period from January 1, 2024 to April 26, 2024 and four years in the period ended December 31, 2023
American Century VP Growth FundNot ApplicablePeriod from January 1, 2024 to March 26, 2024Period from January 1, 2024 to March 26, 2024 and the year ended December 31, 2023Period from January 1, 2024 to March 26, 2024 and four years in the period ended December 31, 2023
AB VPS Sustainable International Thematic PortfolioNot ApplicablePeriod from January 1, 2024 to April 15, 2024Period from January 1, 2024 to April 15, 2024 and the year ended December 31, 2023Period from January 1, 2024 to April 15, 2024 and four years in the period ended December 31, 2023
Allspring VT International Equity FundNot ApplicablePeriod from January 1, 2024 to April 30, 2024Period from January 1, 2024 to April 30, 2024 and the year ended December 31, 2023Period from January 1, 2024 to April 30, 2024 and four years in the period ended December 31, 2023



Basis for Opinion

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

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Account is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Account’s internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of December 31, 2024, by correspondence with the Account’s custodian or mutual fund companies. We believe that our audits provide a reasonable basis for our opinion
/s/ Deloitte & Touche LLP
Hartford, Connecticut

April 16, 2025

We have served as the auditor of Separate Account Seven of Talcott Resolution Life Insurance Company since 2002.



SEPARATE ACCOUNT SEVEN
Talcott Resolution Life Insurance Company
Statements of Assets and Liabilities
December 31, 2024
AB VPS Balanced Hedged Allocation PortfolioAB VPS International Value PortfolioAB VPS Discovery Value PortfolioInvesco V.I. Core Equity FundInvesco V.I. Government Securities FundInvesco V.I. High Yield FundInvesco V.I. EQV International Equity FundInvesco V.I. Main Street Mid Cap Fund®Invesco V.I. Small Cap Equity FundInvesco V.I. Balanced-Risk Allocation Fund
Sub-Account Sub-Account Sub-Account Sub-Account Sub-Account Sub-Account Sub-Account Sub-Account Sub-Account Sub-Account
Assets:
  Investments, at fair value
class 1$— $— $— $— $— $— $— $— $— $— 
class 2— — — — — — — — — — 
class 4— — — — — — — — — — 
class ADV— — — — — — — — — — 
class B1,747,946 2,194,688 801,431 — — — — — — — 
class I— — — — — — — — — — 
class IA— — — — — — — — — — 
class IB— — — — — — — — — — 
class II— — — — — — — — — — 
class III— — — — — — — — — — 
class INIT— — — — — — — — — — 
class S1— — — 19,304,382 38,225,043 431,940 11,251,868 18,956,714 11,436,086 — 
class S2— — — 779,809 — — 4,137,237 8,400 1,887,009 463,457 
class SRV— — — — — — — — — 
class SRV2— — — — — — — — — — 
STD— — — — — — — — — — 
VC— — — — — — — — — — 
                   Total investments1,747,946 2,194,688 801,431 20,084,191 38,225,043 431,940 15,389,105 18,965,114 13,323,095 463,457 
  Due from Sponsor Company— — — — — — — — — — 
  Receivable for fund shares sold919 1,022 175 18,079 18,539 25 881 99,545 2,618 19 
  Other assets1 — — — — 2 — 3 2 — 
 Total assets1,748,866 2,195,710 801,606 20,102,270 38,243,582 431,967 15,389,986 19,064,662 13,325,715 463,476 
Liabilities:
  Due to Sponsor Company919 1,022 175 18,079 18,539 25 881 99,545 2,618 19 
  Payable for fund shares purchased— — — — — — — — — — 
  Other liabilities— — 2 2 3 — 3 — — — 
 Total liabilities919 1,022 177 18,081 18,542 25 884 99,545 2,618 19 
Net assets:
  For contract liabilities$1,747,947 $2,194,688 $801,429 $20,084,189 $38,225,040 $431,942 $15,389,102 $18,965,117 $13,323,097 $463,457 
Contract Liabilities:
class 1$— $— $— $— $— $— $— $— $— $— 
class 2— — — — — — — — — — 
class 4— — — — — — — — — — 
class ADV— — — — — — — — — — 
class B1,747,947 2,194,688 801,429 — — — — — — — 
class I— — — — — — — — — — 
class IA— — — — — — — — — — 
class IB— — — — — — — — — — 
class II— — — — — — — — — — 
class III— — — — — — — — — — 
class INIT— — — — — — — — — — 
class S1— — — 19,304,380 38,225,040 431,942 11,251,868 18,956,717 11,436,089 — 
class S2— — — 779,809 — — 4,137,234 8,400 1,887,008 463,457 
class SRV— — — — — — — — — — 
class SRV2— — — — — — — — — — 
STD— — — — — — — — — — 
VC— — — — — — — — — — 
  Total contract liabilities$1,747,947 $2,194,688 $801,429 $20,084,189 $38,225,040 $431,942 $15,389,102 $18,965,117 $13,323,097 $463,457 
Shares:
class 1— — — — — — — — — — 
class 2— — — — — — — — — — 
class 4— — — — — — — — — — 
class ADV— — — — — — — — — — 
class B194,001 145,730 44,475 — — — — — — — 
class I— — — — — — — — — — 
class IA— — — — — — — — — — 
class IB— — — — — — — — — — 
class II— — — — — — — — — — 
class III— — — — — — — — — — 
class INIT— — — — — — — — — — 
class S1— — — 574,193 3,736,563 90,553 335,676 1,698,630 590,402 — 
class S2— — — 23,355 — — 125,790 786 108,824 56,041 
class SRV— — — — — — — — — — 
class SRV2— — — — — — — — — — 
STD— — — — — — — — — — 
VC— — — — — — — — — — 
  Total shares194,001 145,730 44,475 597,548 3,736,563 90,553 461,466 1,699,416 699,226 56,041 
Cost$2,008,033 $1,919,580 $764,341 $17,776,378 $42,862,023 $448,223 $14,593,699 $18,609,403 $12,185,253 $574,256 
Deferred contracts in the accumulation period:
  Units owned by participants #97,476 263,530 24,588 708,827 30,345,762 92,207 3,738,370 4,653,722 342,711 30,644 
  Minimum unit fair value #*$15.206437 $6.784515 $26.726251 $2.482133 $1.042636 $1.980595 $2.608351 $3.466700 $26.182109 $13.395613 
  Maximum unit fair value #*$27.522638 $17.105999 $51.127968 $46.188635 $8.749904 $23.183260 $24.168286 $36.233576 $48.630037 $17.408635 
  Contract liability$1,747,947 $2,181,143 $801,429 $19,867,348 $37,347,962 $430,391 $15,172,190 $18,840,173 $13,106,283 $463,457 
Contracts in payout (annuitization) period:
Units owned by participants #— 1,677 — 6,562 678,387 653 57,548 29,020 5,106 — 
Minimum unit fair value #*$— $7.828095 $— $2.788717 $1.234941 $2.376566 $3.089427 $4.198025 $29.954474 $— 
Maximum unit fair value #*$— $8.373323 $— $38.657698 $1.356600 $2.376566 $16.237579 $4.558014 $44.039103 $— 
Contract liability$— $13,545 $— $216,841 $877,078 $1,551 $216,912 $124,944 $216,814 $— 
# Rounded units/unit fair values
* For Sub-Accounts with only one unit fair value, the unit fair value is illustrated in both the minimum and maximum unit fair value rows.
The accompanying notes are an integral part of these financial statements.

















SEPARATE ACCOUNT SEVEN
Talcott Resolution Life Insurance Company
Statements of Assets and Liabilities (continued)
December 31, 2024
Invesco V.I. Government Money Market FundAB VPS Relative Value PortfolioAmerican Funds Insurance Series® Capital World Bond Fund®American Funds Insurance Series® Capital World Growth and Income Fund®American Funds Insurance Series® Asset Allocation FundAmerican Funds Insurance Series® Washington Mutual Investors FundSMAmerican Funds Insurance Series® The Bond Fund of America®American Funds Insurance Series® Global Growth FundAmerican Funds Insurance Series® Growth FundAmerican Funds Insurance Series® Growth-Income Fund
Sub-Account Sub-Account Sub-Account Sub-Account Sub-Account Sub-Account Sub-Account Sub-Account Sub-Account Sub-Account
Assets:
  Investments, at fair value
class 1$— $— $— $— $— $— $— $— $— $— 
class 2— — 8,331,664 22,546,136 93,567,456 58,740,528 59,647,656 37,443,859 402,823,831 264,481,563 
class 4— — 1,017,620 4,098,349 5,584,732 3,323,153 11,189,862 2,408,865 31,733,319 16,801,875 
class ADV— — — — — — — — — — 
class B— 296,023 — — — — — — — — 
class I— — — — — — — — — — 
class IA— — — — — — — — — — 
class IB— — — — — — — — — — 
class II— — — — — — — — — — 
class III— — — — — — — — — — 
class INIT— — — — — — — — — — 
class S137,483,530 — — — — — — — — — 
class S22,481,760 — — — — — — — — — 
class SRV— — — — — — — — — — 
class SRV2— — — — — — — — — — 
STD— — — — — — — — — — 
VC— — — — — — — — — — 
                   Total investments39,965,290 296,023 9,349,284 26,644,485 99,152,188 62,063,681 70,837,518 39,852,724 434,557,150 281,283,438 
  Due from Sponsor Company119,980 — — — — — — — — — 
  Receivable for fund shares sold— 16 21,371 125,314 179,574 112,233 34,955 2,460 217,406 108,037 
  Other assets19 — — 3 — — — — — 1 
 Total assets40,085,289 296,039 9,370,655 26,769,802 99,331,762 62,175,914 70,872,473 39,855,184 434,774,556 281,391,476 
Liabilities:
  Due to Sponsor Company— 16 21,371 125,314 179,574 112,233 34,955 2,460 217,406 108,037 
  Payable for fund shares purchased119,980 — — — — — — — — — 
  Other liabilities— — 1 — 5 3 2 5 2 — 
 Total liabilities119,980 16 21,372 125,314 179,579 112,236 34,957 2,465 217,408 108,037 
Net assets:
  For contract liabilities$39,965,309 $296,023 $9,349,283 $26,644,488 $99,152,183 $62,063,678 $70,837,516 $39,852,719 $434,557,148 $281,283,439 
Contract Liabilities:
class 1$— $— $— $— $— $— $— $— $— $— 
class 2— — 8,331,662 22,546,139 93,567,453 58,740,528 59,647,653 37,443,853 402,823,828 264,481,561 
class 4— — 1,017,621 4,098,349 5,584,730 3,323,150 11,189,863 2,408,866 31,733,320 16,801,878 
class ADV— — — — — — — — — — 
class B— 296,023 — — — — — — — — 
class I— — — — — — — — — — 
class IA— — — — — — — — — — 
class IB— — — — — — — — — — 
class II— — — — — — — — — — 
class III— — — — — — — — — — 
class INIT— — — — — — — — — — 
class S137,483,549 — — — — — — — — — 
class S22,481,760 — — — — — — — — — 
class SRV— — — — — — — — — — 
class SRV2— — — — — — — — — — 
STD— — — — — — — — — — 
VC— — — — — — — — — — 
  Total contract liabilities$39,965,309 $296,023 $9,349,283 $26,644,488 $99,152,183 $62,063,678 $70,837,516 $39,852,719 $434,557,148 $281,283,439 
Shares:
class 1— — — — — — — — — — 
class 2— — 875,175 1,455,528 3,647,854 3,553,571 6,540,314 1,029,526 3,202,351 3,867,821 
class 4— — 108,604 271,774 219,785 203,375 1,233,722 67,043 259,302 250,251 
class ADV— — — — — — — — — — 
class B— 9,589 — — — — — — — — 
class I— — — — — — — — — — 
class IA— — — — — — — — — — 
class IB— — — — — — — — — — 
class II— — — — — — — — — — 
class III— — — — — — — — — — 
class INIT— — — — — — — — — — 
class S137,483,530 — — — — — — — — — 
class S22,481,760 — — — — — — — — — 
class SRV— — — — — — — — — — 
class SRV2— — — — — — — — — — 
STD— — — — — — — — — — 
VC— — — — — — — — — — 
  Total shares39,965,290 9,589 983,779 1,727,302 3,867,639 3,756,946 7,774,036 1,096,569 3,461,653 4,118,072 
Cost$39,965,290 $300,869 $11,099,863 $22,648,791 $81,252,838 $47,682,348 $82,326,994 $31,366,239 $267,276,842 $188,984,057 
Deferred contracts in the accumulation period:
  Units owned by participants #4,139,018 18,800 906,792 1,085,346 3,043,510 15,721,402 4,979,673 929,023 6,920,111 5,778,890 
  Minimum unit fair value #*$8.488990 $15.285326 $7.583577 $14.807726 $14.820029 $3.117092 $8.921029 $16.888968 $26.690840 $19.920599 
  Maximum unit fair value #*$11.098298 $16.394036 $12.432541 $35.416974 $45.229488 $45.180397 $18.876832 $62.681837 $99.694821 $69.901240 
  Contract liability$39,616,885 $296,023 $9,275,018 $26,156,738 $97,848,921 $61,153,764 $70,037,997 $39,410,143 $429,638,863 $277,516,594 
Contracts in payout (annuitization) period:
Units owned by participants #35,520 — 6,705 17,340 36,349 233,607 51,655 8,515 70,786 66,907 
Minimum unit fair value #*$9.436199 $— $10.550107 $26.794343 $15.727339 $3.733565 $9.644747 $41.123897 $28.855248 $21.536344 
Maximum unit fair value #*$9.984378 $— $12.432541 $28.880325 $40.958674 $4.105084 $18.876832 $56.846679 $90.281427 $63.300826 
Contract liability$348,424 $— $74,265 $487,750 $1,303,262 $909,914 $799,519 $442,576 $4,918,285 $3,766,845 
# Rounded units/unit fair values
* For Sub-Accounts with only one unit fair value, the unit fair value is illustrated in both the minimum and maximum unit fair value rows.
The accompanying notes are an integral part of these financial statements.


















SEPARATE ACCOUNT SEVEN
Talcott Resolution Life Insurance Company
Statements of Assets and Liabilities (continued)
December 31, 2024
American Funds Insurance Series® International FundAmerican Funds Insurance Series® New World Fund®American Funds Insurance Series® Global Small Capitalization FundColumbia Variable Portfolio - Small Company Growth FundAllspring VT Discovery All Cap Growth FundFidelity® VIP Growth PortfolioFidelity® VIP Contrafund® PortfolioFidelity® VIP Mid Cap PortfolioFidelity® VIP Value Strategies PortfolioFidelity® VIP Dynamic Capital Appreciation Portfolio
Sub-Account Sub-Account Sub-Account Sub-Account Sub-Account Sub-Account Sub-Account Sub-Account Sub-Account Sub-Account
Assets:
  Investments, at fair value
class 1$— $— $— $3,366,878 $525,226 $— $— $— $— $— 
class 236,500,800 14,406,617 17,614,358 — — — — — — — 
class 411,991,253 1,657,226 2,970,730 — — — — — — — 
class ADV— — — — — — — — — — 
class B— — — — — — — — — — 
class I— — — — — — — — — — 
class IA— — — — — — — — — — 
class IB— — — — — — — — — — 
class II— — — — — — — — — — 
class III— — — — — — — — — — 
class INIT— — — — — — — — — — 
class S1— — — — — — — — — — 
class S2— — — — — — — — — — 
class SRV— — — — — — — — — — 
class SRV2— — — — — 2,050,175 12,145,064 6,952,097 1,080,553 214,236 
STD— — — — — — — — — — 
VC— — — — — — — — — — 
                   Total investments48,492,053 16,063,843 20,585,088 3,366,878 525,226 2,050,175 12,145,064 6,952,097 1,080,553 214,236 
  Due from Sponsor Company— — 1,503 — — — — — — — 
  Receivable for fund shares sold36,460 1,196 — 684 26 90 622 1,795 55 10 
  Other assets— — 2 — — — 3 — — 1 
 Total assets48,528,513 16,065,039 20,586,593 3,367,562 525,252 2,050,265 12,145,689 6,953,892 1,080,608 214,247 
Liabilities:
  Due to Sponsor Company36,460 1,196 — 684 26 90 622 1,795 55 10 
  Payable for fund shares purchased— — 1,503 — — — — — — — 
  Other liabilities— — — — 2 1 — 1 2 — 
 Total liabilities36,460 1,196 1,503 684 28 91 622 1,796 57 10 
Net assets:
  For contract liabilities$48,492,053 $16,063,843 $20,585,090 $3,366,878 $525,224 $2,050,174 $12,145,067 $6,952,096 $1,080,551 $214,237 
Contract Liabilities:
class 1$— $— $— $3,366,878 $525,224 $— $— $— $— $— 
class 236,500,801 14,406,617 17,614,360 — — — — — — — 
class 411,991,252 1,657,226 2,970,730 — — — — — — — 
class ADV— — — — — — — — — — 
class B— — — — — — — — — — 
class I— — — — — — — — — — 
class IA— — — — — — — — — — 
class IB— — — — — — — — — — 
class II— — — — — — — — — — 
class III— — — — — — — — — — 
class INIT— — — — — — — — — — 
class S1— — — — — — — — — — 
class S2— — — — — — — — — — 
class SRV— — — — — — — — — — 
class SRV2— — — — — 2,050,174 12,145,067 6,952,096 1,080,551 214,237 
STD— — — — — — — — — — 
VC— — — — — — — — — — 
  Total contract liabilities$48,492,053 $16,063,843 $20,585,090 $3,366,878 $525,224 $2,050,174 $12,145,067 $6,952,096 $1,080,551 $214,237 
Shares:
class 1— — — 238,279 17,956 — — — — — 
class 22,056,383 547,156 1,033,100 — — — — — — — 
class 4686,784 63,495 174,646 — — — — — — — 
class ADV— — — — — — — — — — 
class B— — — — — — — — — — 
class I— — — — — — — — — — 
class IA— — — — — — — — — — 
class IB— — — — — — — — — — 
class II— — — — — — — — — — 
class III— — — — — — — — — — 
class INIT— — — — — — — — — — 
class S1— — — — — — — — — — 
class S2— — — — — — — — — — 
class SRV— — — — — — — — — — 
class SRV2— — — — — 22,107 218,830 195,944 68,694 11,211 
STD— — — — — — — — — — 
VC— — — — — — — — — — 
  Total shares2,743,167 610,651 1,207,746 238,279 17,956 22,107 218,830 195,944 68,694 11,211 
Cost$50,791,217 $13,306,877 $23,664,396 $3,432,738 $493,582 $1,733,497 $7,736,847 $6,297,288 $961,219 $150,878 
Deferred contracts in the accumulation period:
  Units owned by participants #2,951,160 493,377 772,332 571,552 123,061 33,884 251,113 213,654 30,205 4,266 
  Minimum unit fair value #*$9.790456 $12.418803 $11.969442 $4.013794 $3.219917 $51.276300 $38.877000 $26.802770 $29.329976 $43.645917 
  Maximum unit fair value #*$25.598393 $51.639323 $42.394166 $57.073488 $61.192771 $85.317383 $77.870191 $50.345873 $57.933378 $50.786811 
  Contract liability$48,043,761 $15,945,752 $20,416,487 $3,316,784 $524,440 $2,050,174 $12,132,666 $6,859,723 $1,080,551 $201,169 
Contracts in payout (annuitization) period:
Units owned by participants #24,364 3,740 5,138 10,401 215 — 279 2,779 — 275 
Minimum unit fair value #*$10.584929 $13.526583 $12.940740 $4.816411 $3.653039 $— $44.482750 $30.668020 $— $47.479257 
Maximum unit fair value #*$25.598393 $46.762611 $40.482172 $4.816411 $3.653039 $— $44.482750 $49.188722 $— $47.479257 
Contract liability$448,292 $118,091 $168,603 $50,094 $784 $— $12,401 $92,373 $— $13,068 
# Rounded units/unit fair values
* For Sub-Accounts with only one unit fair value, the unit fair value is illustrated in both the minimum and maximum unit fair value rows.
The accompanying notes are an integral part of these financial statements.


















SEPARATE ACCOUNT SEVEN
Talcott Resolution Life Insurance Company
Statements of Assets and Liabilities (continued)
December 31, 2024
Fidelity® VIP Strategic Income PortfolioFranklin Rising Dividends VIP FundFranklin Income VIP FundFranklin Large Cap Growth VIP FundFranklin Global Real Estate VIP FundFranklin Small-Mid Cap Growth VIP FundFranklin Small Cap Value VIP FundFranklin Strategic Income VIP FundFranklin Mutual Shares VIP FundTempleton Developing Markets VIP Fund
Sub-Account Sub-Account Sub-Account Sub-Account Sub-Account Sub-Account Sub-Account Sub-Account Sub-Account Sub-Account
Assets:
  Investments, at fair value
class 1$— $— $— $— $— $— $— $34,292,723 $— $7,081,863 
class 2— 104,983,264 141,707,327 20,171,398 292,184 30,448,708 6,022,543 233,676 81,596,303 — 
class 4— 441,647 16,012,570 — — 1,504,281 2,123,054 8,384,124 10,138,353 860,367 
class ADV— — — — — — — — — — 
class B— — — — — — — — — — 
class I— — — — — — — — — — 
class IA— — — — — — — — — — 
class IB— — — — — — — — — — 
class II— — — — — — — — — — 
class III— — — — — — — — — — 
class INIT— — — — — — — — — — 
class S1— — — — — — — — — — 
class S2— — — — — — — — — — 
class SRV— — — — — — — — — — 
class SRV266,694 — — — — — — — — — 
STD— — — — — — — — — — 
VC— — — — — — — — — — 
                   Total investments66,694 105,424,911 157,719,897 20,171,398 292,184 31,952,989 8,145,597 42,910,523 91,734,656 7,942,230 
  Due from Sponsor Company— — — — — — — — — — 
  Receivable for fund shares sold1 9,353 12,211 6,768 12 2,021 1,448 46,397 11,169 527 
  Other assets— — 3 — 1 2 — — 4 2 
 Total assets66,695 105,434,264 157,732,111 20,178,166 292,197 31,955,012 8,147,045 42,956,920 91,745,829 7,942,759 
Liabilities:
  Due to Sponsor Company1 9,353 12,211 6,768 12 2,021 1,448 46,397 11,169 527 
  Payable for fund shares purchased— — — — — — — — — — 
  Other liabilities— 1 — 1 — — 2 3 — — 
 Total liabilities1 9,354 12,211 6,769 12 2,021 1,450 46,400 11,169 527 
Net assets:
  For contract liabilities$66,694 $105,424,910 $157,719,900 $20,171,397 $292,185 $31,952,991 $8,145,595 $42,910,520 $91,734,660 $7,942,232 
Contract Liabilities:
class 1$— $— $— $— $— $— $— $34,292,717 $— $7,081,864 
class 2— 104,983,262 141,707,331 20,171,397 292,185 30,448,711 6,022,541 233,676 81,596,305 — 
class 4— 441,648 16,012,569 — — 1,504,280 2,123,054 8,384,127 10,138,355 860,368 
class ADV— — — — — — — — — — 
class B— — — — — — — — — — 
class I— — — — — — — — — — 
class IA— — — — — — — — — — 
class IB— — — — — — — — — — 
class II— — — — — — — — — — 
class III— — — — — — — — — — 
class INIT— — — — — — — — — — 
class S1— — — — — — — — — — 
class S2— — — — — — — — — — 
class SRV— — — — — — — — — — 
class SRV266,694 — — — — — — — — — 
STD— — — — — — — — — — 
VC— — — — — — — — — — 
  Total contract liabilities$66,694 $105,424,910 $157,719,900 $20,171,397 $292,185 $31,952,991 $8,145,595 $42,910,520 $91,734,660 $7,942,232 
Shares:
class 1— — — — — — — 3,667,671 — 830,230 
class 2— 3,738,721 9,868,198 971,647 23,813 2,058,737 420,569 26,109 4,978,420 — 
class 4— 15,711 1,077,562 — — 94,668 141,537 904,436 610,376 100,982 
class ADV— — — — — — — — — — 
class B— — — — — — — — — — 
class I— — — — — — — — — — 
class IA— — — — — — — — — — 
class IB— — — — — — — — — — 
class II— — — — — — — — — — 
class III— — — — — — — — — — 
class INIT— — — — — — — — — — 
class S1— — — — — — — — — — 
class S2— — — — — — — — — — 
class SRV— — — — — — — — — — 
class SRV26,310 — — — — — — — — — 
STD— — — — — — — — — — 
VC— — — — — — — — — — 
  Total shares6,310 3,754,432 10,945,760 971,647 23,813 2,153,405 562,106 4,598,216 5,588,796 931,212 
Cost$71,929 $89,858,533 $162,173,000 $18,384,398 $339,557 $34,778,668 $8,170,175 $50,189,027 $91,020,744 $8,472,138 
Deferred contracts in the accumulation period:
  Units owned by participants #3,104 2,042,344 5,613,523 444,793 11,611 978,722 297,322 2,148,519 3,032,845 351,876 
  Minimum unit fair value #*$18.421543 $39.243916 $16.625225 $38.953131 $21.126248 $20.852352 $22.904894 $11.886823 $16.825155 $8.666713 
  Maximum unit fair value #*$18.854980 $61.410267 $35.024698 $55.214616 $25.782002 $55.698754 $49.638081 $28.106960 $42.126659 $33.945242 
  Contract liability$58,087 $103,646,665 $154,735,971 $20,002,359 $286,384 $31,684,654 $8,093,842 $42,402,250 $90,176,620 $7,852,304 
Contracts in payout (annuitization) period:
Units owned by participants #467 32,906 97,801 3,501 240 7,143 1,752 23,304 45,241 4,243 
Minimum unit fair value #*$18.421543 $43.983139 $19.183138 $46.055732 $24.189265 $25.436300 $26.529841 $13.473194 $19.414280 $10.607926 
Maximum unit fair value #*$18.421543 $55.611226 $31.717422 $50.452985 $24.189265 $47.159166 $32.079082 $25.452927 $38.148420 $30.739086 
Contract liability$8,607 $1,778,245 $2,983,929 $169,038 $5,801 $268,337 $51,753 $508,270 $1,558,040 $89,928 
# Rounded units/unit fair values
* For Sub-Accounts with only one unit fair value, the unit fair value is illustrated in both the minimum and maximum unit fair value rows.
The accompanying notes are an integral part of these financial statements.

















SEPARATE ACCOUNT SEVEN
Talcott Resolution Life Insurance Company
Statements of Assets and Liabilities (continued)
December 31, 2024
Templeton Foreign VIP FundTempleton Growth VIP FundFranklin Mutual Global Discovery VIP FundFranklin DynaTech VIP FundTempleton Global Bond VIP FundHartford Balanced HLS FundHartford Total Return Bond HLS FundHartford Capital Appreciation HLS FundHartford Dividend and Growth HLS FundHartford Healthcare HLS Fund
Sub-Account Sub-Account Sub-Account Sub-Account Sub-Account Sub-Account Sub-Account Sub-Account Sub-Account Sub-Account
Assets:
  Investments, at fair value
class 1$— $— $— $— $— $— $— $— $— $— 
class 228,144,786 40,086,085 25,611,536 10,631,110 98,932 — — — — — 
class 41,875,165 3,823,863 2,854,096 904,560 4,600,553 — — — — — 
class ADV— — — — — — — — — — 
class B— — — — — — — — — — 
class I— — — — — — — — — — 
class IA— — — — — 3,377,117 46,297,829 51,402,975 36,198,197 — 
class IB— — — — — 5,558,939 10,512,503 15,883,978 10,723,637 54,384 
class II— — — — — — — — — — 
class III— — — — — — — — — — 
class INIT— — — — — — — — — — 
class S1— — — — — — — — — — 
class S2— — — — — — — — — — 
class SRV— — — — — — — — — — 
class SRV2— — — — — — — — — — 
STD— — — — — — — — — — 
VC— — — — — — — — — — 
                   Total investments30,019,951 43,909,948 28,465,632 11,535,670 4,699,485 8,936,056 56,810,332 67,286,953 46,921,834 54,384 
  Due from Sponsor Company— — — — — — — — — — 
  Receivable for fund shares sold12,777 358 2,612 597 1,270 479 21,564 21,503 14,766 2 
  Other assets— — 4 — — — — — 4 — 
 Total assets30,032,728 43,910,306 28,468,248 11,536,267 4,700,755 8,936,535 56,831,896 67,308,456 46,936,604 54,386 
Liabilities:
  Due to Sponsor Company12,777 358 2,612 597 1,270 479 21,564 21,503 14,766 2 
  Payable for fund shares purchased— — — — — — — — — — 
  Other liabilities1 4 — 5 2 3 — 3 — — 
 Total liabilities12,778 362 2,612 602 1,272 482 21,564 21,506 14,766 2 
Net assets:
  For contract liabilities$30,019,950 $43,909,944 $28,465,636 $11,535,665 $4,699,483 $8,936,053 $56,810,332 $67,286,950 $46,921,838 $54,384 
Contract Liabilities:
class 1$— $— $— $— $— $— $— $— $— $— 
class 228,144,786 40,086,083 25,611,541 10,631,104 98,931 — — — — — 
class 41,875,164 3,823,861 2,854,095 904,561 4,600,552 — — — — — 
class ADV— — — — — — — — — — 
class B— — — — — — — — — — 
class I— — — — — — — — — — 
class IA— — — — — 3,377,116 46,297,828 51,402,977 36,198,198 — 
class IB— — — — — 5,558,937 10,512,504 15,883,973 10,723,640 54,384 
class II— — — — — — — — — — 
class III— — — — — — — — — — 
class INIT— — — — — — — — — — 
class S1— — — — — — — — — — 
class S2— — — — — — — — — — 
class SRV— — — — — — — — — — 
class SRV2— — — — — — — — — — 
STD— — — — — — — — — — 
VC— — — — — — — — — — 
  Total contract liabilities$30,019,950 $43,909,944 $28,465,636 $11,535,665 $4,699,483 $8,936,053 $56,810,332 $67,286,950 $46,921,838 $54,384 
Shares:
class 1— — — — — — — — — — 
class 22,045,406 3,212,026 1,460,179 1,908,637 8,693 — — — — — 
class 4133,274 301,092 156,991 186,124 395,577 — — — — — 
class ADV— — — — — — — — — — 
class B— — — — — — — — — — 
class I— — — — — — — — — — 
class IA— — — — — 115,142 4,899,242 966,403 1,548,255 — 
class IB— — — — — 184,621 1,118,351 306,877 463,224 3,790 
class II— — — — — — — — — — 
class III— — — — — — — — — — 
class INIT— — — — — — — — — — 
class S1— — — — — — — — — — 
class S2— — — — — — — — — — 
class SRV— — — — — — — — — — 
class SRV2— — — — — — — — — — 
STD— — — — — — — — — — 
VC— — — — — — — — — — 
  Total shares2,178,680 3,513,118 1,617,170 2,094,761 404,270 299,763 6,017,593 1,273,280 2,011,479 3,790 
Cost$29,299,621 $41,395,608 $29,493,500 $10,718,636 $6,291,035 $8,230,778 $65,344,314 $56,096,357 $43,177,648 $66,559 
Deferred contracts in the accumulation period:
  Units owned by participants #2,062,694 2,174,840 763,193 254,984 467,600 1,579,526 8,754,582 3,819,487 2,726,682 6,378 
  Minimum unit fair value #*$9.174909 $12.576271 $17.918946 $38.828745 $7.782737 $2.171657 $1.289104 $3.944178 $3.751844 $8.526432 
  Maximum unit fair value #*$18.767561 $26.240383 $50.575755 $65.209098 $11.346886 $33.532368 $15.620300 $58.313953 $59.486303 $8.526432 
  Contract liability$29,623,555 $43,197,216 $28,203,371 $11,367,778 $4,644,573 $8,803,074 $56,171,233 $66,722,586 $46,569,498 $54,384 
Contracts in payout (annuitization) period:
Units owned by participants #25,138 31,794 5,846 3,472 5,391 44,741 146,563 28,758 22,731 — 
Minimum unit fair value #*$10.498254 $20.243768 $41.996930 $45.506747 $9.764383 $2.606038 $1.546884 $4.783071 $4.549661 $— 
Maximum unit fair value #*$16.994998 $23.762103 $50.575755 $48.778564 $10.444721 $25.855272 $14.287080 $37.235925 $41.396816 $— 
Contract liability$396,395 $712,728 $262,265 $167,887 $54,910 $132,979 $639,099 $564,364 $352,340 $— 
# Rounded units/unit fair values
* For Sub-Accounts with only one unit fair value, the unit fair value is illustrated in both the minimum and maximum unit fair value rows.
The accompanying notes are an integral part of these financial statements.



















SEPARATE ACCOUNT SEVEN
Talcott Resolution Life Insurance Company
Statements of Assets and Liabilities (continued)
December 31, 2024
Hartford Disciplined Equity HLS FundHartford International Opportunities HLS FundHartford MidCap HLS FundHartford Ultrashort Bond HLS FundHartford Small Company HLS FundHartford SmallCap Growth HLS FundHartford Stock HLS FundLord Abbett Series Fund - Fundamental Equity PortfolioLord Abbett Series Fund - Dividend Growth PortfolioLord Abbett Series Fund - Bond Debenture Portfolio
Sub-Account Sub-Account Sub-Account Sub-Account Sub-Account Sub-Account Sub-Account Sub-Account Sub-Account Sub-Account
Assets:
  Investments, at fair value
class 1$— $— $— $— $— $— $— $— $— $— 
class 2— — — — — — — — — — 
class 4— — — — — — — — — — 
class ADV— — — — — — — — — — 
class B— — — — — — — — — — 
class I— — — — — — — — — — 
class IA20,557,408 2,453,191 502,898 22,490,963 950,565 1,035,828 650,903 — — — 
class IB2,251,227 1,621,714 1,004,818 2,996,018 1,383,086 44,134 5,129,440 — — — 
class II— — — — — — — — — — 
class III— — — — — — — — — — 
class INIT— — — — — — — — — — 
class S1— — — — — — — — — — 
class S2— — — — — — — — — — 
class SRV— — — — — — — — — — 
class SRV2— — — — — — — — — — 
STD— — — — — — — — — — 
VC— — — — — — — 396,940 1,774,009 4,925,083 
                   Total investments22,808,635 4,074,905 1,507,716 25,486,981 2,333,651 1,079,962 5,780,343 396,940 1,774,009 4,925,083 
  Due from Sponsor Company— — — — — — — — — — 
  Receivable for fund shares sold9,407 1,738 75 1,071 127 49 400 7 76 1,829 
  Other assets2 — — — 1 — — — — 1 
 Total assets22,818,044 4,076,643 1,507,791 25,488,052 2,333,779 1,080,011 5,780,743 396,947 1,774,085 4,926,913 
Liabilities:
  Due to Sponsor Company9,407 1,738 75 1,071 127 49 400 7 76 1,829 
  Payable for fund shares purchased— — — — — — — — — — 
  Other liabilities— — 1 4 — — 2 — — — 
 Total liabilities9,407 1,738 76 1,075 127 49 402 7 76 1,829 
Net assets:
  For contract liabilities$22,808,637 $4,074,905 $1,507,715 $25,486,977 $2,333,652 $1,079,962 $5,780,341 $396,940 $1,774,009 $4,925,084 
Contract Liabilities:
class 1$— $— $— $— $— $— $— $— $— $— 
class 2— — — — — — — — — — 
class 4— — — — — — — — — — 
class ADV— — — — — — — — — — 
class B— — — — — — — — — — 
class I— — — — — — — — — — 
class IA20,557,409 2,453,188 502,897 22,490,962 950,565 1,035,828 650,902 — — — 
class IB2,251,228 1,621,717 1,004,818 2,996,015 1,383,087 44,134 5,129,439 — — — 
class II— — — — — — — — — — 
class III— — — — — — — — — — 
class INIT— — — — — — — — — — 
class S1— — — — — — — — — — 
class S2— — — — — — — — — — 
class SRV— — — — — — — — — — 
class SRV2— — — — — — — — — — 
STD— — — — — — — — — — 
VC— — — — — — — 396,940 1,774,009 4,925,084 
  Total contract liabilities$22,808,637 $4,074,905 $1,507,715 $25,486,977 $2,333,652 $1,079,962 $5,780,341 $396,940 $1,774,009 $4,925,084 
Shares:
class 1— — — — — — — — — — 
class 2— — — — — — — — — — 
class 4— — — — — — — — — — 
class ADV— — — — — — — — — — 
class B— — — — — — — — — — 
class I— — — — — — — — — — 
class IA912,042 151,806 17,726 2,160,515 53,613 35,718 6,477 — — — 
class IB101,773 98,286 37,947 288,079 94,667 1,629 51,080 — — — 
class II— — — — — — — — — — 
class III— — — — — — — — — — 
class INIT— — — — — — — — — — 
class S1— — — — — — — — — — 
class S2— — — — — — — — — — 
class SRV— — — — — — — — — — 
class SRV2— — — — — — — — — — 
STD— — — — — — — — — — 
VC— — — — — — — 21,608 95,479 473,566 
  Total shares1,013,815 250,092 55,673 2,448,594 148,280 37,347 57,557 21,608 95,479 473,566 
Cost$16,256,974 $3,548,019 $1,740,390 $24,730,573 $2,516,437 $1,047,344 $4,310,294 $356,722 $1,508,680 $5,400,142 
Deferred contracts in the accumulation period:
  Units owned by participants #687,022 568,131 131,963 20,207,173 281,999 36,006 1,434,102 10,409 43,164 256,920 
  Minimum unit fair value #*$3.904588 $1.939157 $4.458903 $0.772171 $3.479682 $4.630548 $2.628208 $30.310099 $36.374771 $16.100415 
  Maximum unit fair value #*$78.498827 $27.054713 $43.855442 $11.052930 $43.729897 $53.148419 $48.946410 $39.505878 $46.530432 $21.656001 
  Contract liability$22,671,685 $4,046,660 $1,507,715 $25,185,083 $2,324,896 $1,079,962 $5,711,127 $396,940 $1,749,684 $4,882,609 
Contracts in payout (annuitization) period:
Units owned by participants #2,788 8,326 — 221,543 2,075 — 21,248 — 615 2,273 
Minimum unit fair value #*$46.533313 $2.351717 $— $0.926467 $4.219803 $— $3.154038 $— $39.567223 $18.420521 
Maximum unit fair value #*$53.241917 $16.141644 $— $9.185581 $4.219803 $— $4.005820 $— $39.567223 $19.703063 
Contract liability$136,952 $28,245 $— $301,894 $8,756 $— $69,214 $— $24,325 $42,475 
# Rounded units/unit fair values
* For Sub-Accounts with only one unit fair value, the unit fair value is illustrated in both the minimum and maximum unit fair value rows.
The accompanying notes are an integral part of these financial statements.



















SEPARATE ACCOUNT SEVEN
Talcott Resolution Life Insurance Company
Statements of Assets and Liabilities (continued)
December 31, 2024
Lord Abbett Series Fund - Growth and Income PortfolioMFS® Growth SeriesMFS® Global Equity SeriesMFS® Investors Trust SeriesMFS® Mid Cap Growth SeriesMFS® New Discovery SeriesMFS® Total Return SeriesMFS® Value SeriesMFS® Total Return Bond SeriesMFS® Research Series
Sub-Account Sub-Account Sub-Account Sub-Account Sub-Account Sub-Account Sub-Account Sub-Account Sub-Account Sub-Account
Assets:
  Investments, at fair value
class 1$— $— $— $— $— $— $— $— $— $— 
class 2— — — — — — — — — — 
class 4— — — — — — — — — — 
class ADV— — — — — — — — — — 
class B— — — — — — — — — — 
class I— — — — — — — — — — 
class IA— — — — — — — — — — 
class IB— — — — — — — — — — 
class II— — — — — — — — — — 
class III— — — — — — — — — — 
class INIT— 21,022,432 3,030,580 29,846,169 12,783,476 18,761,625 74,091,680 24,413,853 31,834,378 3,362,291 
class S1— — — — — — — — — — 
class S2— — — — — — — — — — 
class SRV— 1,776,698 — 299,149 — 20,132 3,983,899 9,095,070 5,725,247 — 
class SRV2— — — — — — — — — — 
STD— — — — — — — — — — 
VC1,365,963 — — — — — — — — — 
                   Total investments1,365,963 22,799,130 3,030,580 30,145,318 12,783,476 18,781,757 78,075,579 33,508,923 37,559,625 3,362,291 
  Due from Sponsor Company— — — — — — — — — — 
  Receivable for fund shares sold97 5,712 165 12,198 663 7,415 22,408 5,410 1,587 168 
  Other assets1 — 4 4 — 1 2 4 — — 
 Total assets1,366,061 22,804,842 3,030,749 30,157,520 12,784,139 18,789,173 78,097,989 33,514,337 37,561,212 3,362,459 
Liabilities:
  Due to Sponsor Company97 5,712 165 12,198 663 7,415 22,408 5,410 1,587 168 
  Payable for fund shares purchased— — — — — — — — — — 
  Other liabilities— 2 — — 1 — — — 4 1 
 Total liabilities97 5,714 165 12,198 664 7,415 22,408 5,410 1,591 169 
Net assets:
  For contract liabilities$1,365,964 $22,799,128 $3,030,584 $30,145,322 $12,783,475 $18,781,758 $78,075,581 $33,508,927 $37,559,621 $3,362,290 
Contract Liabilities:
class 1$— $— $— $— $— $— $— $— $— $— 
class 2— — — — — — — — — — 
class 4— — — — — — — — — — 
class ADV— — — — — — — — — — 
class B— — — — — — — — — — 
class I— — — — — — — — — — 
class IA— — — — — — — — — — 
class IB— — — — — — — — — — 
class II— — — — — — — — — — 
class III— — — — — — — — — — 
class INIT— 21,022,432 3,030,584 29,846,172 12,783,475 18,761,626 74,091,682 24,413,857 31,834,375 3,362,290 
class S1— — — — — — — — — — 
class S2— — — — — — — — — — 
class SRV— 1,776,696 — 299,150 — 20,132 3,983,899 9,095,070 5,725,246 — 
class SRV2— — — — — — — — — — 
STD— — — — — — — — — — 
VC1,365,964 — — — — — — — — — 
  Total contract liabilities$1,365,964 $22,799,128 $3,030,584 $30,145,322 $12,783,475 $18,781,758 $78,075,581 $33,508,927 $37,559,621 $3,362,290 
Shares:
class 1— — — — — — — — — — 
class 2— — — — — — — — — — 
class 4— — — — — — — — — — 
class ADV— — — — — — — — — — 
class B— — — — — — — — — — 
class I— — — — — — — — — — 
class IA— — — — — — — — — — 
class IB— — — — — — — — — — 
class II— — — — — — — — — — 
class III— — — — — — — — — — 
class INIT— 286,761 143,222 751,036 1,389,508 1,358,553 3,184,000 1,128,704 2,768,207 94,473 
class S1— — — — — — — — — — 
class S2— — — — — — — — — — 
class SRV— 26,486 — 7,692 — 1,873 175,967 432,892 508,008 — 
class SRV2— — — — — — — — — — 
STD— — — — — — — — — — 
VC34,218 — — — — — — — — — 
  Total shares34,218 313,247 143,222 758,728 1,389,508 1,360,426 3,359,967 1,561,596 3,276,215 94,473 
Cost$1,077,568 $17,071,867 $2,861,608 $21,491,735 $12,781,535 $22,617,682 $74,684,522 $28,944,164 $41,683,817 $2,710,368 
Deferred contracts in the accumulation period:
  Units owned by participants #49,143 501,466 83,338 813,552 595,824 459,470 2,673,758 781,571 2,681,209 72,231 
  Minimum unit fair value #*$24.877520 $29.771747 $28.981683 $30.250436 $18.385770 $26.588086 $19.291420 $25.500041 $11.121130 $40.564490 
  Maximum unit fair value #*$36.007863 $88.505773 $48.690840 $48.928421 $61.371811 $56.878264 $38.714035 $59.937664 $16.416179 $56.274042 
  Contract liability$1,365,964 $22,342,129 $3,005,850 $29,376,912 $12,615,531 $18,481,382 $77,095,123 $33,112,828 $37,114,383 $3,361,220 
Contracts in payout (annuitization) period:
Units owned by participants #— 8,994 663 18,910 7,278 7,044 31,014 8,654 30,745 22 
Minimum unit fair value #*$— $35.452483 $35.193545 $35.959320 $21.134524 $31.950622 $20.985152 $29.175649 $12.724114 $47.541637 
Maximum unit fair value #*$— $58.402585 $44.092772 $44.427333 $23.326672 $56.878264 $35.058378 $54.277803 $14.867926 $47.541637 
Contract liability$— $456,999 $24,734 $768,410 $167,944 $300,376 $980,458 $396,099 $445,238 $1,070 
# Rounded units/unit fair values
* For Sub-Accounts with only one unit fair value, the unit fair value is illustrated in both the minimum and maximum unit fair value rows.
The accompanying notes are an integral part of these financial statements.
















SEPARATE ACCOUNT SEVEN
Talcott Resolution Life Insurance Company
Statements of Assets and Liabilities (continued)
December 31, 2024
MFS® High Yield PortfolioBlackRock Managed Volatility V.I. FundBlackRock Global Allocation V.I. FundBlackRock S&P 500 Index V.I. FundBlackRock Large Cap Focus Growth V.I. FundBlackRock Equity Dividend V.I. FundMorgan Stanley VIF Growth PortfolioMorgan Stanley VIF Discovery PortfolioInvesco V.I. American Value FundBlackRock Capital Appreciation V.I. Fund
Sub-Account Sub-Account Sub-Account Sub-Account Sub-Account Sub-Account Sub-Account Sub-Account Sub-Account Sub-Account
Assets:
  Investments, at fair value
class 1$— $— $— $— $— $— $— $— $— $— 
class 2— — — — — — — — — — 
class 4— — — — — — — — — — 
class ADV— — — — — — — — — — 
class B— — — — — — — — — — 
class I— — — — 280,922 — — — — — 
class IA— — — — — — — — — — 
class IB— — — — — — — — — — 
class II— — — — — — 158,539 1,198,586 — — 
class III— 14,813,636 47,884 2,222,070 — 370,703 — — — 228,425 
class INIT13,421,023 — — — — — — — — — 
class S1— — — — — — — — 14,535,135 — 
class S2— — — — — — — — 1,142,532 — 
class SRV— — — — — — — — — — 
class SRV2— — — — — — — — — — 
STD— — — — — — — — — — 
VC— — — — — — — — — — 
                   Total investments13,421,023 14,813,636 47,884 2,222,070 280,922 370,703 158,539 1,198,586 15,677,667 228,425 
  Due from Sponsor Company701 — — — — — — — — — 
  Receivable for fund shares sold— 289 1 43 16 7 11 866 861 5 
  Other assets6 2 — — 1 — 1 — 1 — 
 Total assets13,421,730 14,813,927 47,885 2,222,113 280,939 370,710 158,551 1,199,452 15,678,529 228,430 
Liabilities:
  Due to Sponsor Company— 289 1 43 16 7 11 866 861 5 
  Payable for fund shares purchased701 — — — — — — — — — 
  Other liabilities— — — — — — — — — 1 
 Total liabilities701 289 1 43 16 7 11 866 861 6 
Net assets:
  For contract liabilities$13,421,029 $14,813,638 $47,884 $2,222,070 $280,923 $370,703 $158,540 $1,198,586 $15,677,668 $228,424 
Contract Liabilities:
class 1$— $— $— $— $— $— $— $— $— $— 
class 2— — — — — — — — — — 
class 4— — — — — — — — — — 
class ADV— — — — — — — — — — 
class B— — — — — — — — — — 
class I— — — — 280,923 — — — — — 
class IA— — — — — — — — — — 
class IB— — — — — — — — — — 
class II— — — — — — 158,540 1,198,586 — — 
class III— 14,813,638 47,884 2,222,070 — 370,703 — — — 228,424 
class INIT13,421,029 — — — — — — — — — 
class S1— — — — — — — — 14,535,138 — 
class S2— — — — — — — — 1,142,530 — 
class SRV— — — — — — — — — — 
class SRV2— — — — — — — — — — 
STD— — — — — — — — — — 
VC— — — — — — — — — — 
  Total contract liabilities$13,421,029 $14,813,638 $47,884 $2,222,070 $280,923 $370,703 $158,540 $1,198,586 $15,677,668 $228,424 
Shares:
class 1— — — — — — — — — — 
class 2— — — — — — — — — — 
class 4— — — — — — — — — — 
class ADV— — — — — — — — — — 
class B— — — — — — — — — — 
class I— — — — 12,104 — — — — — 
class IA— — — — — — — — — — 
class IB— — — — — — — — — — 
class II— — — — — — 10,705 208,813 — — 
class III— 1,003,634 3,715 64,240 — 35,238 — — — 32,679 
class INIT2,673,511 — — — — — — — — — 
class S1— — — — — — — — 823,054 — 
class S2— — — — — — — — 65,928 — 
class SRV— — — — — — — — — — 
class SRV2— — — — — — — — — — 
STD— — — — — — — — — — 
VC— — — — — — — — — — 
  Total shares2,673,511 1,003,634 3,715 64,240 12,104 35,238 10,705 208,813 888,982 32,679 
Cost$14,824,758 $13,712,147 $53,279 $1,629,356 $170,460 $373,623 $183,951 $1,402,553 $14,605,622 $254,923 
Deferred contracts in the accumulation period:
  Units owned by participants #963,576 1,199,963 2,541 99,006 4,778 11,228 3,601 28,236 917,050 4,318 
  Minimum unit fair value #*$11.920842 $11.739973 $18.780501 $21.323498 $58.800033 $29.783029 $42.210861 $37.580060 $15.589597 $47.915399 
  Maximum unit fair value #*$14.920650 $12.705155 $19.192804 $23.076549 $58.800033 $33.991997 $49.590813 $69.305788 $50.211868 $54.686720 
  Contract liability$12,879,456 $14,813,638 $47,884 $2,222,070 $280,923 $370,703 $157,434 $1,188,732 $15,387,837 $228,424 
Contracts in payout (annuitization) period:
Units owned by participants #38,847 — — — — — 23 240 17,467 — 
Minimum unit fair value #*$13.529998 $— $— $— $— $— $47.632924 $40.878448 $16.230259 $— 
Maximum unit fair value #*$14.086165 $— $— $— $— $— $47.632924 $43.724326 $38.013819 $— 
Contract liability$541,573 $— $— $— $— $— $1,106 $9,854 $289,831 $— 
# Rounded units/unit fair values
* For Sub-Accounts with only one unit fair value, the unit fair value is illustrated in both the minimum and maximum unit fair value rows.
The accompanying notes are an integral part of these financial statements.

















SEPARATE ACCOUNT SEVEN
Talcott Resolution Life Insurance Company
Statements of Assets and Liabilities (continued)
December 31, 2024
Columbia Variable Portfolio - Dividend Opportunity FundColumbia Variable Portfolio - Income Opportunities FundColumbia Variable Portfolio - Select Mid Cap Growth FundInvesco V.I. Discovery Mid Cap Growth FundInvesco V.I. Capital Appreciation FundInvesco V.I. Global FundInvesco V.I. Main Street Fund®Invesco V.I. Main Street Small Cap Fund®Putnam VT Diversified Income FundPutnam VT Global Asset Allocation Fund
Sub-Account Sub-Account Sub-Account Sub-Account Sub-Account Sub-Account Sub-Account Sub-Account Sub-Account Sub-Account
Assets:
  Investments, at fair value
class 1$5,807,692 $3,492,055 $5,909,479 $— $— $— $— $— $— $— 
class 2— — — — — — — — — — 
class 4— — — — — — — — — — 
class ADV— — — — — — — — — — 
class B— — — — — — — — — — 
class I— — — — — — — — — — 
class IA— — — — — — — — — — 
class IB— — — — — — — — 5,597,641 483,886 
class II— — — — — — — — — — 
class III— — — — — — — — — — 
class INIT— — — — — — — — — — 
class S1— — — 1,477,218 — — — — — — 
class S2— — — 678,403 198,609 3,373,303 691,408 2,362,964 — — 
class SRV— — — — — — — — — — 
class SRV2— — — — — — — — — — 
STD— — — — — — — — — — 
VC— — — — — — — — — — 
                   Total investments5,807,692 3,492,055 5,909,479 2,155,621 198,609 3,373,303 691,408 2,362,964 5,597,641 483,886 
  Due from Sponsor Company— — — — — — — — — — 
  Receivable for fund shares sold920 593 1,325 23,995 9 181 31 1,130 2,503 24 
  Other assets1 1 1 2 — — — 1 — 2 
 Total assets5,808,613 3,492,649 5,910,805 2,179,618 198,618 3,373,484 691,439 2,364,095 5,600,144 483,912 
Liabilities:
  Due to Sponsor Company920 593 1,325 23,995 9 181 31 1,130 2,503 24 
  Payable for fund shares purchased— — — — — — — — — — 
  Other liabilities— — — — 1 3 1 — — — 
 Total liabilities920 593 1,325 23,995 10 184 32 1,130 2,503 24 
Net assets:
  For contract liabilities$5,807,693 $3,492,056 $5,909,480 $2,155,623 $198,608 $3,373,300 $691,407 $2,362,965 $5,597,641 $483,888 
Contract Liabilities:
class 1$5,807,693 $3,492,056 $5,909,480 $— $— $— $— $— $— $— 
class 2— — — — — — — — — — 
class 4— — — — — — — — — — 
class ADV— — — — — — — — — — 
class B— — — — — — — — — — 
class I— — — — — — — — — — 
class IA— — — — — — — — — — 
class IB— — — — — — — — 5,597,641 483,888 
class II— — — — — — — — — — 
class III— — — — — — — — — — 
class INIT— — — — — — — — — — 
class S1— — — 1,477,219 — — — — — — 
class S2— — — 678,404 198,608 3,373,300 691,407 2,362,965 — — 
class SRV— — — — — — — — — — 
class SRV2— — — — — — — — — — 
STD— — — — — — — — — — 
VC— — — — — — — — — — 
  Total contract liabilities$5,807,693 $3,492,056 $5,909,480 $2,155,623 $198,608 $3,373,300 $691,407 $2,362,965 $5,597,641 $483,888 
Shares:
class 1128,233 549,930 105,245 — — — — — — — 
class 2— — — — — — — — — — 
class 4— — — — — — — — — — 
class ADV— — — — — — — — — — 
class B— — — — — — — — — — 
class I— — — — — — — — — — 
class IA— — — — — — — — — — 
class IB— — — — — — — — 1,211,611 23,790 
class II— — — — — — — — — — 
class III— — — — — — — — — — 
class INIT— — — — — — — — — — 
class S1— — — 18,931 — — — — — — 
class S2— — — 10,136 3,325 87,256 34,902 82,940 — — 
class SRV— — — — — — — — — — 
class SRV2— — — — — — — — — — 
STD— — — — — — — — — — 
VC— — — — — — — — — — 
  Total shares128,233 549,930 105,245 29,067 3,325 87,256 34,902 82,940 1,211,611 23,790 
Cost$2,543,177 $4,217,315 $2,158,727 $2,071,972 $156,671 $2,883,786 $775,946 $1,781,011 $6,810,796 $385,226 
Deferred contracts in the accumulation period:
  Units owned by participants #242,374 265,260 196,973 141,284 4,791 112,424 18,803 62,049 396,897 20,132 
  Minimum unit fair value #*$21.614844 $11.975043 $27.476777 $14.582055 $38.858019 $25.274893 $34.517577 $31.770402 $11.804904 $22.686106 
  Maximum unit fair value #*$24.949585 $13.551829 $31.095197 $15.764052 $44.084774 $41.859435 $50.175079 $52.456207 $17.913490 $32.805743 
  Contract liability$5,714,435 $3,425,266 $5,821,183 $2,154,298 $198,608 $3,357,021 $691,407 $2,348,965 $5,542,714 $483,888 
Contracts in payout (annuitization) period:
Units owned by participants #3,738 4,928 2,840 84 — 563 — 370 3,985 — 
Minimum unit fair value #*$24.949585 $13.551829 $31.095197 $15.764052 $— $28.917177 $— $36.347815 $13.506785 $— 
Maximum unit fair value #*$24.949585 $13.551829 $31.095197 $15.764052 $— $28.917177 $— $38.878116 $14.447603 $— 
Contract liability$93,258 $66,790 $88,297 $1,325 $— $16,279 $— $14,000 $54,927 $— 
# Rounded units/unit fair values
* For Sub-Accounts with only one unit fair value, the unit fair value is illustrated in both the minimum and maximum unit fair value rows.
The accompanying notes are an integral part of these financial statements.


















SEPARATE ACCOUNT SEVEN
Talcott Resolution Life Insurance Company
Statements of Assets and Liabilities (continued)
December 31, 2024
Putnam VT Large Cap Growth FundPutnam VT International Value FundPutnam VT International Equity FundPutnam VT Small Cap Value FundPutnam VT Large Cap Value FundPIMCO VIT All Asset PortfolioPIMCO StocksPLUS® Global PortfolioPSF PGIM Jennison Growth PortfolioPSF PGIM Jennison Value PortfolioClearBridge Variable Dividend Strategy Portfolio
Sub-Account Sub-Account Sub-Account Sub-Account Sub-Account Sub-Account Sub-Account Sub-Account Sub-Account Sub-Account
Assets:
  Investments, at fair value
class 1$— $— $— $— $— $— $— $— $— $— 
class 2— — — — — — — — — — 
class 4— — — — — — — — — — 
class ADV— — — — — 12,202 205,495 — — — 
class B— — — — — — — — — — 
class I— — — — — — — — — 36,530 
class IA— — — — — — — — — — 
class IB826,164 44,996 119,760 150,381 9,660 — — — — — 
class II— — — — — — — 480,220 9,209 — 
class III— — — — — — — — — — 
class INIT— — — — — — — — — — 
class S1— — — — — — — — — — 
class S2— — — — — — — — — — 
class SRV— — — — — — — — — — 
class SRV2— — — — — — — — — — 
STD— — — — — — — — — — 
VC— — — — — — — — — — 
                   Total investments826,164 44,996 119,760 150,381 9,660 12,202 205,495 480,220 9,209 36,530 
  Due from Sponsor Company— — — — — — — — — — 
  Receivable for fund shares sold15 1 6 8 — — 4 39 — 1 
  Other assets1 — — — — — 1 — — — 
 Total assets826,180 44,997 119,766 150,389 9,660 12,202 205,500 480,259 9,209 36,531 
Liabilities:
  Due to Sponsor Company15 1 6 8 — — 4 39 — 1 
  Payable for fund shares purchased— — — — — — — — — — 
  Other liabilities— 1 1 — 1 — — 2 — — 
 Total liabilities15 2 7 8 1 — 4 41 — 1 
Net assets:
  For contract liabilities$826,165 $44,995 $119,759 $150,381 $9,659 $12,202 $205,496 $480,218 $9,209 $36,530 
Contract Liabilities:
class 1$— $— $— $— $— $— $— $— $— $— 
class 2— — — — — — — — — — 
class 4— — — — — — — — — — 
class ADV— — — — — 12,202 205,496 — — — 
class B— — — — — — — — — — 
class I— — — — — — — — — 36,530 
class IA— — — — — — — — — — 
class IB826,165 44,995 119,759 150,381 9,659 — — — — — 
class II— — — — — — — 480,218 9,209 — 
class III— — — — — — — — — — 
class INIT— — — — — — — — — — 
class S1— — — — — — — — — — 
class S2— — — — — — — — — — 
class SRV— — — — — — — — — — 
class SRV2— — — — — — — — — — 
STD— — — — — — — — — — 
VC— — — — — — — — — — 
  Total contract liabilities$826,165 $44,995 $119,759 $150,381 $9,659 $12,202 $205,496 $480,218 $9,209 $36,530 
Shares:
class 1— — — — — — — — — — 
class 2— — — — — — — — — — 
class 4— — — — — — — — — — 
class ADV— — — — — 1,365 27,326 — — — 
class B— — — — — — — — — — 
class I— — — — — — — — — 1,723 
class IA— — — — — — — — — — 
class IB48,033 3,737 7,782 13,111 298 — — — — — 
class II— — — — — — — 2,767 157 — 
class III— — — — — — — — — — 
class INIT— — — — — — — — — — 
class S1— — — — — — — — — — 
class S2— — — — — — — — — — 
class SRV— — — — — — — — — — 
class SRV2— — — — — — — — — — 
STD— — — — — — — — — — 
VC— — — — — — — — — — 
  Total shares48,033 3,737 7,782 13,111 298 1,365 27,326 2,767 157 1,723 
Cost$525,000 $40,686 $102,693 $160,163 $6,670 $14,464 $209,216 $188,301 $2,658 $31,913 
Deferred contracts in the accumulation period:
  Units owned by participants #19,831 3,151 7,985 5,029 155 753 8,655 81,729 2,875 1,065 
  Minimum unit fair value #*$38.997032 $12.030739 $12.257852 $25.768920 $62.131132 $16.214627 $21.506825 $5.321603 $3.036838 $34.315670 
  Maximum unit fair value #*$41.766907 $13.765553 $19.165363 $42.564257 $62.131132 $16.214627 $24.545389 $42.997437 $3.363431 $34.315670 
  Contract liability$826,165 $41,798 $113,962 $150,381 $9,659 $12,202 $205,496 $480,218 $9,209 $36,530 
Contracts in payout (annuitization) period:
Units owned by participants #— 266 473 — — — — — — — 
Minimum unit fair value #*$— $12.030739 $12.257852 $— $— $— $— $— $— $— 
Maximum unit fair value #*$— $12.030739 $12.257852 $— $— $— $— $— $— $— 
Contract liability$— $3,197 $5,797 $— $— $— $— $— $— $— 
# Rounded units/unit fair values
* For Sub-Accounts with only one unit fair value, the unit fair value is illustrated in both the minimum and maximum unit fair value rows.
The accompanying notes are an integral part of these financial statements.



















SEPARATE ACCOUNT SEVEN
Talcott Resolution Life Insurance Company
Statements of Assets and Liabilities (continued)
December 31, 2024
Western Asset Variable Global High Yield Bond PortfolioClearbridge Variable Large Cap Value PortfolioInvesco V.I. Growth and Income FundInvesco V.I. Comstock FundInvesco V.I. American Franchise FundAllspring VT Index Asset Allocation FundAllspring VT Small Cap Growth FundAllspring VT Discovery SMID Cap Growth FundAllspring VT Opportunity FundMFS® Core Equity Portfolio
Sub-Account Sub-Account Sub-Account Sub-Account Sub-Account Sub-Account Sub-Account Sub-Account Sub-Account Sub-Account
Assets:
  Investments, at fair value
class 1$— $— $— $— $— $— $615,972 $— $2,881,604 $— 
class 2— — — — — 30,417 — 10,293 47,960 — 
class 4— — — — — — — — — — 
class ADV— — — — — — — — — — 
class B— — — — — — — — — — 
class I19,168 659,420 — — — — — — — — 
class IA— — — — — — — — — — 
class IB— — — — — — — — — — 
class II— — — — — — — — — — 
class III— — — — — — — — — — 
class INIT— — — — — — — — — 5,107,748 
class S1— — — — 17,941,465 — — — — — 
class S2— — 670,727 177,145 396,543 — — — — — 
class SRV— — — — — — — — — — 
class SRV2— — — — — — — — — — 
STD— — — — — — — — — — 
VC— — — — — — — — — — 
                   Total investments19,168 659,420 670,727 177,145 18,338,008 30,417 615,972 10,293 2,929,564 5,107,748 
  Due from Sponsor Company— — — — — — — — — — 
  Receivable for fund shares sold1 116 107 10 1,419 2 31 — 962 245 
  Other assets— — 1 — — 1 — 1 — — 
 Total assets19,169 659,536 670,835 177,155 18,339,427 30,420 616,003 10,294 2,930,526 5,107,993 
Liabilities:
  Due to Sponsor Company1 116 107 10 1,419 2 31 — 962 245 
  Payable for fund shares purchased— — — — — — — — — — 
  Other liabilities— — — — 1 — — — — — 
 Total liabilities1 116 107 10 1,420 2 31 — 962 245 
Net assets:
  For contract liabilities$19,168 $659,420 $670,728 $177,145 $18,338,007 $30,418 $615,972 $10,294 $2,929,564 $5,107,748 
Contract Liabilities:
class 1$— $— $— $— $— $— $615,972 $— $2,881,605 $— 
class 2— — — — — 30,418 — 10,294 47,959 — 
class 4— — — — — — — — — — 
class ADV— — — — — — — — — — 
class B— — — — — — — — — — 
class I19,168 659,420 — — — — — — — — 
class IA— — — — — — — — — — 
class IB— — — — — — — — — — 
class II— — — — — — — — — — 
class III— — — — — — — — — — 
class INIT— — — — — — — — — 5,107,748 
class S1— — — — 17,941,465 — — — — — 
class S2— — 670,728 177,145 396,542 — — — — — 
class SRV— — — — — — — — — — 
class SRV2— — — — — — — — — — 
STD— — — — — — — — — — 
VC— — — — — — — — — — 
  Total contract liabilities$19,168 $659,420 $670,728 $177,145 $18,338,007 $30,418 $615,972 $10,294 $2,929,564 $5,107,748 
Shares:
class 1— — — — — — 61,659 — 107,402 — 
class 2— — — — — 1,532 — 426 1,786 — 
class 4— — — — — — — — — — 
class ADV— — — — — — — — — — 
class B— — — — — — — — — — 
class I3,173 33,816 — — — — — — — — 
class IA— — — — — — — — — — 
class IB— — — — — — — — — — 
class II— — — — — — — — — — 
class III— — — — — — — — — — 
class INIT— — — — — — — — — 161,586 
class S1— — — — 225,594 — — — — — 
class S2— — 33,106 8,595 5,538 — — — — — 
class SRV— — — — — — — — — — 
class SRV2— — — — — — — — — — 
STD— — — — — — — — — — 
VC— — — — — — — — — — 
  Total shares3,173 33,816 33,106 8,595 231,132 1,532 61,659 426 109,188 161,586 
Cost$24,330 $670,859 $612,582 $142,058 $13,156,046 $25,015 $634,832 $10,039 $2,524,045 $4,098,586 
Deferred contracts in the accumulation period:
  Units owned by participants #6,728 152,875 20,519 3,834 391,684 3,778 17,148 194 70,594 181,355 
  Minimum unit fair value #*$2.848957 $4.250233 $27.341848 $41.784484 $40.589670 $3.770262 $32.278106 $53.170646 $35.202580 $25.600938 
  Maximum unit fair value #*$2.848957 $4.250233 $48.201009 $51.608105 $53.885562 $35.589713 $38.667568 $53.170646 $47.206198 $29.268375 
  Contract liability$19,168 $649,754 $651,720 $177,145 $18,109,695 $30,418 $610,264 $10,294 $2,889,641 $5,097,836 
Contracts in payout (annuitization) period:
Units owned by participants #— 2,274 542 — 4,700 — 157 — 944 340 
Minimum unit fair value #*$— $4.250233 $33.179017 $— $47.597518 $— $36.233402 $— $40.494145 $29.123604 
Maximum unit fair value #*$— $4.250233 $44.911257 $— $50.296301 $— $38.112806 $— $42.713097 $29.123604 
Contract liability$— $9,666 $19,008 $— $228,312 $— $5,708 $— $39,923 $9,912 
# Rounded units/unit fair values
* For Sub-Accounts with only one unit fair value, the unit fair value is illustrated in both the minimum and maximum unit fair value rows.
The accompanying notes are an integral part of these financial statements.


















SEPARATE ACCOUNT SEVEN
Talcott Resolution Life Insurance Company
Statements of Assets and Liabilities (continued)
December 31, 2024
MFS® Massachusetts Investors Growth Stock PortfolioMFS® Research International PortfolioColumbia Variable Portfolio - Large Cap Growth FundColumbia Variable Portfolio - Overseas Core FundCTIVP® - Principal Blue Chip Growth FundLVIP JPMorgan Mid Cap Value FundLVIP JPMorgan U.S. Equity FundLVIP JPMorgan Core Bond FundPSF PGIM Jennison Blend PortfolioLVIP American Century Mid Cap Value Fund
Sub-Account Sub-Account Sub-Account Sub-Account Sub-Account Sub-Account Sub-Account Sub-Account Sub-Account Sub-Account (1)(3)
Assets:
  Investments, at fair value
class 1$— $— $8,383,824 $— $5,583,252 $— $— $— $— $— 
class 2— — — 3,165,271 — — — — — — 
class 4— — — — — — — — — — 
class ADV— — — — — — — — — — 
class B— — — — — — — — — — 
class I— — — — — — — — — — 
class IA— — — — — — — — — — 
class IB— — — — — — — — — — 
class II— — — — — — — — 379 — 
class III— — — — — — — — — — 
class INIT7,295,437 4,466,982 — — — — — — — — 
class S1— — — — — — — — — — 
class S2— — — — — — — — — — 
class SRV— — — — — — — — — 67,572 
class SRV2— — — — — — — — — — 
STD— — — — — 2,347,789 2,898,854 12,760,939 — — 
VC— — — — — — — — — — 
                   Total investments7,295,437 4,466,982 8,383,824 3,165,271 5,583,252 2,347,789 2,898,854 12,760,939 379 67,572 
  Due from Sponsor Company— — — 59 — — — — — — 
  Receivable for fund shares sold564 240 474 — 1,315 102 123 549 1 1 
  Other assets— 2 — 1 — — 1 1 — — 
 Total assets7,296,001 4,467,224 8,384,298 3,165,331 5,584,567 2,347,891 2,898,978 12,761,489 380 67,573 
Liabilities:
  Due to Sponsor Company564 240 474 — 1,315 102 123 549 1 1 
  Payable for fund shares purchased— — — 59 — — — — — — 
  Other liabilities— — 3 — 1 1 — — — — 
 Total liabilities564 240 477 59 1,316 103 123 549 1 1 
Net assets:
  For contract liabilities$7,295,437 $4,466,984 $8,383,821 $3,165,272 $5,583,251 $2,347,788 $2,898,855 $12,760,940 $379 $67,572 
Contract Liabilities:
class 1$— $— $8,383,821 $— $5,583,251 $— $— $— $— $— 
class 2— — — 3,165,272 — — — — — — 
class 4— — — — — — — — — — 
class ADV— — — — — — — — — — 
class B— — — — — — — — — — 
class I— — — — — — — — — — 
class IA— — — — — — — — — — 
class IB— — — — — — — — — — 
class II— — — — — — — — 379 — 
class III— — — — — — — — — — 
class INIT7,295,437 4,466,984 — — — — — — — — 
class S1— — — — — — — — — — 
class S2— — — — — — — — — — 
class SRV— — — — — — — — — 67,572 
class SRV2— — — — — — — — — — 
STD— — — — — 2,347,788 2,898,855 12,760,940 — — 
VC— — — — — — — — — — 
  Total contract liabilities$7,295,437 $4,466,984 $8,383,821 $3,165,272 $5,583,251 $2,347,788 $2,898,855 $12,760,940 $379 $67,572 
Shares:
class 1— — 171,238 — 77,924 — — — — — 
class 2— — — 241,993 — — — — — — 
class 4— — — — — — — — — — 
class ADV— — — — — — — — — — 
class B— — — — — — — — — — 
class I— — — — — — — — — — 
class IA— — — — — — — — — — 
class IB— — — — — — — — — — 
class II— — — — — — — — 3 — 
class III— — — — — — — — — — 
class INIT304,611 260,770 — — — — — — — — 
class S1— — — — — — — — — — 
class S2— — — — — — — — — — 
class SRV— — — — — — — — — 3,434 
class SRV2— — — — — — — — — — 
STD— — — — — 240,898 65,154 1,327,881 — — 
VC— — — — — — — — — — 
  Total shares304,611 260,770 171,238 241,993 77,924 240,898 65,154 1,327,881 3 3,434 
Cost$6,304,877 $4,126,254 $2,911,903 $3,065,421 $2,138,669 $2,272,038 $2,215,609 $13,060,578 $290 $65,870 
Deferred contracts in the accumulation period:
  Units owned by participants #243,181 318,322 244,101 235,251 184,347 52,797 43,032 900,569 27 2,025 
  Minimum unit fair value #*$27.043409 $12.495629 $31.499204 $12.534954 $27.644616 $37.656715 $56.251855 $11.251394 $14.091601 $29.981789 
  Maximum unit fair value #*$32.328683 $14.357230 $34.540298 $13.745578 $30.313619 $69.526935 $101.024213 $20.708329 $14.091601 $34.217315 
  Contract liability$7,203,626 $4,379,088 $8,168,966 $3,093,560 $5,394,683 $2,322,339 $2,845,105 $12,531,545 $379 $67,572 
Contracts in payout (annuitization) period:
Units owned by participants #2,993 6,183 6,220 5,217 6,221 572 809 16,101 — — 
Minimum unit fair value #*$29.862963 $13.867300 $34.540298 $13.745578 $30.313619 $44.454907 $66.407054 $12.955801 $— $— 
Maximum unit fair value #*$31.071379 $14.357230 $34.540298 $13.745578 $30.313619 $44.454907 $66.407054 $14.290669 $— $— 
Contract liability$91,811 $87,896 $214,855 $71,712 $188,568 $25,449 $53,750 $229,395 $— $— 
# Rounded units/unit fair values
* For Sub-Accounts with only one unit fair value, the unit fair value is illustrated in both the minimum and maximum unit fair value rows.
The accompanying notes are an integral part of these financial statements.


















SEPARATE ACCOUNT SEVEN
Talcott Resolution Life Insurance Company
Statements of Assets and Liabilities (concluded)
December 31, 2024
LVIP American Century Value Fund
Sub-Account (2)(3)
Assets:
  Investments, at fair value
class 1$— 
class 2— 
class 4— 
class ADV— 
class B— 
class I— 
class IA— 
class IB— 
class II— 
class III— 
class INIT— 
class S1— 
class S2— 
class SRV849,679 
class SRV2— 
STD— 
VC— 
                   Total investments849,679 
  Due from Sponsor Company— 
  Receivable for fund shares sold16 
  Other assets— 
 Total assets849,695 
Liabilities:
  Due to Sponsor Company16 
  Payable for fund shares purchased— 
  Other liabilities— 
 Total liabilities16 
Net assets:
  For contract liabilities$849,679 
Contract Liabilities:
class 1$— 
class 2— 
class 4— 
class ADV— 
class B— 
class I— 
class IA— 
class IB— 
class II— 
class III— 
class INIT— 
class S1— 
class S2— 
class SRV849,679 
class SRV2— 
STD— 
VC— 
  Total contract liabilities$849,679 
Shares:
class 1— 
class 2— 
class 4— 
class ADV— 
class B— 
class I— 
class IA— 
class IB— 
class II— 
class III— 
class INIT— 
class S1— 
class S2— 
class SRV69,384 
class SRV2— 
STD— 
VC— 
  Total shares69,384 
Cost$826,393 
Deferred contracts in the accumulation period:
  Units owned by participants #25,444 
  Minimum unit fair value #*$29.950394 
  Maximum unit fair value #*$35.157673 
  Contract liability$849,679 
Contracts in payout (annuitization) period:
Units owned by participants #— 
Minimum unit fair value #*$— 
Maximum unit fair value #*$— 
Contract liability$— 
# Rounded units/unit fair values
* For Sub-Accounts with only one unit fair value, the unit fair value is illustrated in both the minimum and maximum unit fair value rows.
The accompanying notes are an integral part of these financial statements.




(1) Merged assets from American Century VP Mid Cap Value Fund. Change effective April 26, 2024.
(2) Merged assets from American Century VP Value Fund. Change effective April 26, 2024.
(3) Funded as of April 26 2024.



SEPARATE ACCOUNT SEVEN
Talcott Resolution Life Insurance Company
Statements of Operations
For the Periods Ended December 31, 2024
American Century VP Value FundAmerican Century VP Growth FundAB VPS Balanced Hedged Allocation PortfolioAB VPS International Value PortfolioAB VPS Discovery Value PortfolioAB VPS Sustainable International Thematic PortfolioInvesco V.I. Core Equity FundInvesco V.I. Government Securities FundInvesco V.I. High Yield FundInvesco V.I. EQV International Equity Fund
Sub-Account (1)Sub-Account (2)Sub-Account Sub-Account Sub-Account Sub-Account (3)Sub-Account Sub-Account Sub-Account Sub-Account
Investment income:
  Dividends$5,841 $— $31,734 $54,513 $5,445 $— $134,006 $1,015,890 $24,418 $276,060 
Expenses:
  Administrative charges— — — — — — (31,985)(58,048)(315)(17,270)
  Mortality and expense risk charges(1,916)(109)(28,861)(38,473)(13,330)(1,416)(334,814)(663,962)(8,280)(250,543)
    Total expenses(1,916)(109)(28,861)(38,473)(13,330)(1,416)(366,799)(722,010)(8,595)(267,813)
    Net investment income (loss)3,925 (109)2,873 16,040 (7,885)(1,416)(232,793)293,880 15,823 8,247 
Net realized and unrealized gain (loss) on investments:
  Net realized gain (loss) on security transactions134,272 13,871 (59,284)70,918 5,749 (27,750)500,510 (899,260)4,045 283,625 
  Net realized gain distributions43,364 6,113 36,553 — 42,908 — 1,628,883 — — 85,402 
  Change in unrealized appreciation (depreciation) during the period(160,439)(13,074)141,085 (2,677)24,269 25,969 2,330,279 636,163 643 (493,012)
    Net gain (loss) on investments17,197 6,910 118,354 68,241 72,926 (1,781)4,459,672 (263,097)4,688 (123,985)
    Net increase (decrease) in net assets resulting from operations$21,122 $6,801 $121,227 $84,281 $65,041 $(3,197)$4,226,879 $30,783 $20,511 $(115,738)
The accompanying notes are an integral part of these financial statements.
SEPARATE ACCOUNT SEVEN
Talcott Resolution Life Insurance Company
Statements of Operations (continued)
For the Periods Ended December 31, 2024
Invesco V.I. Main Street Mid Cap Fund®Invesco V.I. Small Cap Equity FundInvesco V.I. Balanced-Risk Allocation FundInvesco V.I. Government Money Market FundAmerican Century VP Mid Cap Value FundAB VPS Relative Value PortfolioAmerican Funds Insurance Series® Capital World Bond Fund®American Funds Insurance Series® Capital World Growth and Income Fund®American Funds Insurance Series® Asset Allocation FundAmerican Funds Insurance Series® Washington Mutual Investors FundSM
Sub-Account Sub-Account Sub-Account Sub-Account Sub-Account (4)Sub-Account Sub-Account Sub-Account Sub-Account Sub-Account
Investment income:
  Dividends$62,392 $14,463 $28,304 $1,975,721 $264 $4,165 $201,704 $447,307 $2,111,064 $976,090 
Expenses:
  Administrative charges(25,610)(45)— — — — — — (147,041)(84,180)
  Mortality and expense risk charges(337,713)(241,284)(7,571)(694,183)(137)(6,616)(175,479)(493,647)(1,684,177)(1,068,518)
    Total expenses(363,323)(241,329)(7,571)(694,183)(137)(6,616)(175,479)(493,647)(1,831,218)(1,152,698)
    Net investment income (loss)(300,931)(226,866)20,733 1,281,538 127 (2,451)26,225 (46,340)279,846 (176,608)
Net realized and unrealized gain (loss) on investments:
  Net realized gain (loss) on security transactions(116,776)176,327 (26,735)— 2,731 (2,029)(351,164)880,262 3,103,588 2,348,136 
  Net realized gain distributions449,730 607,048 — — 1,848 11,720 — — 4,340,173 516,723 
  Change in unrealized appreciation (depreciation) during the period2,652,608 1,437,278 17,646 — (3,807)28,575 (165,356)2,421,263 5,696,466 7,188,968 
    Net gain (loss) on investments2,985,562 2,220,653 (9,089)— 772 38,266 (516,520)3,301,525 13,140,227 10,053,827 
    Net increase (decrease) in net assets resulting from operations$2,684,631 $1,993,787 $11,644 $1,281,538 $899 $35,815 $(490,295)$3,255,185 $13,420,073 $9,877,219 
The accompanying notes are an integral part of these financial statements.

SEPARATE ACCOUNT SEVEN
Talcott Resolution Life Insurance Company
Statements of Operations (continued)
For the Periods Ended December 31, 2024
American Funds Insurance Series® The Bond Fund of America®American Funds Insurance Series® Global Growth FundAmerican Funds Insurance Series® Growth FundAmerican Funds Insurance Series® Growth-Income FundAmerican Funds Insurance Series® International FundAmerican Funds Insurance Series® New World Fund®American Funds Insurance Series® Global Small Capitalization FundColumbia Variable Portfolio - Small Company Growth FundAllspring VT Discovery All Cap Growth FundFidelity® VIP Growth Portfolio
Sub-Account Sub-Account Sub-Account Sub-Account Sub-Account Sub-Account Sub-Account Sub-Account Sub-Account Sub-Account
Investment income:
  Dividends$2,954,808 $632,355 $1,326,878 $2,991,710 $586,350 $228,386 $221,742 $74,943 $— $— 
Expenses:
  Administrative charges(98,866)(61,338)(590,153)(406,291)(63,786)(23,863)(27,561)— (905)— 
  Mortality and expense risk charges(1,144,186)(687,975)(6,896,628)(4,597,426)(847,060)(283,193)(356,200)(69,301)(8,402)(31,909)
    Total expenses(1,243,052)(749,313)(7,486,781)(5,003,717)(910,846)(307,056)(383,761)(69,301)(9,307)(31,909)
    Net investment income (loss)1,711,756 (116,958)(6,159,903)(2,012,007)(324,496)(78,670)(162,019)5,642 (9,307)(31,909)
Net realized and unrealized gain (loss) on investments:
  Net realized gain (loss) on security transactions(1,790,797)1,644,553 25,992,415 14,977,213 (14,734)533,908 (531,434)(55,000)4,094 100,490 
  Net realized gain distributions— 1,224,083 9,671,237 12,653,753 — 80,280 801,090 — 23,101 444,450 
  Change in unrealized appreciation (depreciation) during the period(263,493)1,925,741 77,630,729 29,917,280 1,396,591 285,946 1,563 683,053 74,530 (25,392)
    Net gain (loss) on investments(2,054,290)4,794,377 113,294,381 57,548,246 1,381,857 900,134 271,219 628,053 101,725 519,548 
    Net increase (decrease) in net assets resulting from operations$(342,534)$4,677,419 $107,134,478 $55,536,239 $1,057,361 $821,464 $109,200 $633,695 $92,418 $487,639 
The accompanying notes are an integral part of these financial statements.
SEPARATE ACCOUNT SEVEN
Talcott Resolution Life Insurance Company
Statements of Operations (continued)
For the Periods Ended December 31, 2024
Fidelity® VIP Contrafund® PortfolioFidelity® VIP Mid Cap PortfolioFidelity® VIP Value Strategies PortfolioFidelity® VIP Dynamic Capital Appreciation PortfolioFidelity® VIP Strategic Income PortfolioFranklin Rising Dividends VIP FundFranklin Income VIP FundFranklin Large Cap Growth VIP FundFranklin Global Real Estate VIP FundFranklin Small-Mid Cap Growth VIP Fund
Sub-Account Sub-Account Sub-Account Sub-Account Sub-Account Sub-Account Sub-Account Sub-Account Sub-Account Sub-Account
Investment income:
  Dividends$4,158 $23,671 $8,485 $164 $2,344 $1,124,409 $8,559,234 $— $5,688 $— 
Expenses:
  Administrative charges— — — — — (153,007)(223,928)(31,243)(464)(47,075)
  Mortality and expense risk charges(204,891)(118,544)(20,260)(4,836)(369)(1,785,130)(2,660,942)(353,720)(4,294)(560,031)
    Total expenses(204,891)(118,544)(20,260)(4,836)(369)(1,938,137)(2,884,870)(384,963)(4,758)(607,106)
    Net investment income (loss)(200,733)(94,873)(11,775)(4,672)1,975 (813,728)5,674,364 (384,963)930 (607,106)
Net realized and unrealized gain (loss) on investments:
  Net realized gain (loss) on security transactions1,060,259 277,063 18,313 34,655 (168)2,866,960 (770,292)397,093 (7,470)(964,354)
  Net realized gain distributions1,423,670 929,630 151,157 13,481 — 5,351,610 702,429 2,275,522 — — 
  Change in unrealized appreciation (depreciation) during the period987,449 (67,905)(83,920)16,742 1,506 2,176,164 3,143,681 2,157,701 2,012 4,399,851 
    Net gain (loss) on investments3,471,378 1,138,788 85,550 64,878 1,338 10,394,734 3,075,818 4,830,316 (5,458)3,435,497 
    Net increase (decrease) in net assets resulting from operations$3,270,645 $1,043,915 $73,775 $60,206 $3,313 $9,581,006 $8,750,182 $4,445,353 $(4,528)$2,828,391 
The accompanying notes are an integral part of these financial statements.
SEPARATE ACCOUNT SEVEN
Talcott Resolution Life Insurance Company
Statements of Operations (continued)
For the Periods Ended December 31, 2024
Franklin Small Cap Value VIP FundFranklin Strategic Income VIP FundFranklin Mutual Shares VIP FundTempleton Developing Markets VIP FundTempleton Foreign VIP FundTempleton Growth VIP FundFranklin Mutual Global Discovery VIP FundFranklin DynaTech VIP FundTempleton Global Bond VIP FundHartford Balanced HLS Fund
Sub-Account Sub-Account Sub-Account Sub-Account Sub-Account Sub-Account Sub-Account Sub-Account Sub-Account Sub-Account
Investment income:
  Dividends$76,196 $2,050,333 $1,872,509 $345,520 $811,380 $445,904 $522,909 $— $— $159,237 
Expenses:
  Administrative charges— (56,220)(134,728)(9,590)(49,120)(66,571)(35,942)(16,532)— (6,684)
  Mortality and expense risk charges(155,254)(732,331)(1,539,466)(154,365)(540,517)(768,650)(531,897)(195,345)(81,201)(167,066)
    Total expenses(155,254)(788,551)(1,674,194)(163,955)(589,637)(835,221)(567,839)(211,877)(81,201)(173,750)
    Net investment income (loss)(79,058)1,261,782 198,315 181,565 221,743 (389,317)(44,930)(211,877)(81,201)(14,513)
Net realized and unrealized gain (loss) on investments:
  Net realized gain (loss) on security transactions(58,999)(1,386,692)209,844 (103,978)537,742 615,061 201,997 (63,187)(209,082)189,668 
  Net realized gain distributions192,628 — 1,957,041 63,134 — 154,443 2,214,388 — — 594,030 
  Change in unrealized appreciation (depreciation) during the period733,623 1,251,081 6,505,224 362,415 (1,503,842)1,435,632 (1,431,229)3,031,313 (405,489)10,691 
    Net gain (loss) on investments867,252 (135,611)8,672,109 321,571 (966,100)2,205,136 985,156 2,968,126 (614,571)794,389 
    Net increase (decrease) in net assets resulting from operations$788,194 $1,126,171 $8,870,424 $503,136 $(744,357)$1,815,819 $940,226 $2,756,249 $(695,772)$779,876 
The accompanying notes are an integral part of these financial statements.
SEPARATE ACCOUNT SEVEN
Talcott Resolution Life Insurance Company
Statements of Operations (continued)
For the Periods Ended December 31, 2024
Hartford Total Return Bond HLS FundHartford Capital Appreciation HLS FundHartford Dividend and Growth HLS FundHartford Healthcare HLS FundHartford Disciplined Equity HLS FundHartford International Opportunities HLS FundHartford MidCap HLS FundHartford Ultrashort Bond HLS FundHartford Small Company HLS FundHartford SmallCap Growth HLS Fund
Sub-Account Sub-Account Sub-Account Sub-Account Sub-Account Sub-Account Sub-Account Sub-Account Sub-Account Sub-Account
Investment income:
  Dividends$2,141,308 $468,252 $879,148 $— $126,687 $59,981 $— $1,064,310 $— $3,192 
Expenses:
  Administrative charges(14,265)(20,634)(14,359)(88)(1,108)(1,632)(1,090)(31,687)(2,191)(64)
  Mortality and expense risk charges(942,181)(1,089,932)(791,695)(729)(366,335)(66,732)(31,196)(428,220)(47,297)(17,965)
    Total expenses(956,446)(1,110,566)(806,054)(817)(367,443)(68,364)(32,286)(459,907)(49,488)(18,029)
    Net investment income (loss)1,184,862 (642,314)73,094 (817)(240,756)(8,383)(32,286)604,403 (49,488)(14,837)
Net realized and unrealized gain (loss) on investments:
  Net realized gain (loss) on security transactions(1,394,246)1,982,871 1,074,901 (108)1,612,933 89,782 (103,508)219,080 (76,938)(2,056)
  Net realized gain distributions— 2,758,588 3,265,996 427 962,437 — 37,259 — — — 
  Change in unrealized appreciation (depreciation) during the period679,956 7,875,853 709,972 (180)2,598,923 205,605 158,263 19,176 359,500 133,967 
    Net gain (loss) on investments(714,290)12,617,312 5,050,869 139 5,174,293 295,387 92,014 238,256 282,562 131,911 
    Net increase (decrease) in net assets resulting from operations$470,572 $11,974,998 $5,123,963 $(678)$4,933,537 $287,004 $59,728 $842,659 $233,074 $117,074 
The accompanying notes are an integral part of these financial statements.
SEPARATE ACCOUNT SEVEN
Talcott Resolution Life Insurance Company
Statements of Operations (continued)
For the Periods Ended December 31, 2024
Hartford Stock HLS FundLord Abbett Series Fund - Fundamental Equity PortfolioLord Abbett Series Fund - Dividend Growth PortfolioLord Abbett Series Fund - Bond Debenture PortfolioLord Abbett Series Fund - Growth and Income PortfolioMFS® Growth SeriesMFS® Global Equity SeriesMFS® Investors Trust SeriesMFS® Mid Cap Growth SeriesMFS® New Discovery Series
Sub-Account Sub-Account Sub-Account Sub-Account Sub-Account Sub-Account Sub-Account Sub-Account Sub-Account Sub-Account
Investment income:
  Dividends$80,420 $2,744 $9,760 $274,350 $11,518 $— $28,487 $207,655 $— $— 
Expenses:
  Administrative charges(7,650)— — — — (28,856)(4,738)(47,764)(19,415)(31,463)
  Mortality and expense risk charges(106,951)(2,744)(30,386)(79,642)(22,426)(387,283)(52,844)(512,111)(230,364)(325,529)
    Total expenses(114,601)(2,744)(30,386)(79,642)(22,426)(416,139)(57,582)(559,875)(249,779)(356,992)
    Net investment income (loss)(34,181)— (20,626)194,708 (10,908)(416,139)(29,095)(352,220)(249,779)(356,992)
Net realized and unrealized gain (loss) on investments:
  Net realized gain (loss) on security transactions206,269 13,559 127,506 (56,409)55,103 1,313,587 49,534 2,190,099 25,532 (957,591)
  Net realized gain distributions175,296 20,791 100,321 — 100,020 1,713,518 178,558 2,120,228 820,312 — 
  Change in unrealized appreciation (depreciation) during the period32,448 26,866 179,290 116,132 76,012 3,094,442 (85,261)1,061,488 986,041 2,284,047 
    Net gain (loss) on investments414,013 61,216 407,117 59,723 231,135 6,121,547 142,831 5,371,815 1,831,885 1,326,456 
    Net increase (decrease) in net assets resulting from operations$379,832 $61,216 $386,491 $254,431 $220,227 $5,705,408 $113,736 $5,019,595 $1,582,106 $969,464 
The accompanying notes are an integral part of these financial statements.
SEPARATE ACCOUNT SEVEN
Talcott Resolution Life Insurance Company
Statements of Operations (continued)
For the Periods Ended December 31, 2024
MFS® Total Return SeriesMFS® Value SeriesMFS® Total Return Bond SeriesMFS® Research SeriesMFS® High Yield PortfolioBlackRock Managed Volatility V.I. FundBlackRock Global Allocation V.I. FundBlackRock S&P 500 Index V.I. FundBlackRock Large Cap Focus Growth V.I. FundBlackRock Equity Dividend V.I. Fund
Sub-Account Sub-Account Sub-Account Sub-Account Sub-Account Sub-Account Sub-Account Sub-Account Sub-Account Sub-Account
Investment income:
  Dividends$2,021,623 $572,014 $1,661,534 $20,629 $874,880 $1,786 $697 $25,031 $— $8,491 
Expenses:
  Administrative charges(124,272)(34,428)(55,571)(6,032)— — — — (382)— 
  Mortality and expense risk charges(1,337,935)(589,023)(586,147)(58,758)(254,375)(110,877)(311)(17,757)(4,711)(2,633)
    Total expenses(1,462,207)(623,451)(641,718)(64,790)(254,375)(110,877)(311)(17,757)(5,093)(2,633)
    Net investment income (loss)559,416 (51,437)1,019,816 (44,161)620,505 (109,091)386 7,274 (5,093)5,858 
Net realized and unrealized gain (loss) on investments:
  Net realized gain (loss) on security transactions1,147,642 1,469,983 (709,693)150,245 (409,755)131,495 (57)221,273 2,032 3,862 
  Net realized gain distributions3,933,386 2,702,381 — 198,344 — — 3,774 103,860 21,320 27,502 
  Change in unrealized appreciation (depreciation) during the period(792,666)(642,826)67,360 254,456 491,110 1,598,872 (373)207,645 45,066 (5,378)
    Net gain (loss) on investments4,288,362 3,529,538 (642,333)603,045 81,355 1,730,367 3,344 532,778 68,418 25,986 
    Net increase (decrease) in net assets resulting from operations$4,847,778 $3,478,101 $377,483 $558,884 $701,860 $1,621,276 $3,730 $540,052 $63,325 $31,844 
The accompanying notes are an integral part of these financial statements.
SEPARATE ACCOUNT SEVEN
Talcott Resolution Life Insurance Company
Statements of Operations (continued)
For the Periods Ended December 31, 2024
Morgan Stanley VIF Growth PortfolioMorgan Stanley VIF Discovery PortfolioInvesco V.I. American Value FundBlackRock Capital Appreciation V.I. FundColumbia Variable Portfolio - Dividend Opportunity FundColumbia Variable Portfolio - Income Opportunities FundColumbia Variable Portfolio - Select Mid Cap Growth FundInvesco V.I. Discovery Mid Cap Growth FundInvesco V.I. Capital Appreciation FundInvesco V.I. Global Fund
Sub-Account Sub-Account Sub-Account Sub-Account Sub-Account Sub-Account Sub-Account Sub-Account Sub-Account Sub-Account
Investment income:
  Dividends$— $— $148,410 $— $— $205,400 $— $— $— $— 
Expenses:
  Administrative charges— — — — — (2,325)(2,863)— — — 
  Mortality and expense risk charges(3,077)(16,798)(287,208)(1,737)(125,466)(74,565)(117,315)(42,829)(3,491)(54,236)
    Total expenses(3,077)(16,798)(287,208)(1,737)(125,466)(76,890)(120,178)(42,829)(3,491)(54,236)
    Net investment income (loss)(3,077)(16,798)(138,798)(1,737)(125,466)128,510 (120,178)(42,829)(3,491)(54,236)
Net realized and unrealized gain (loss) on investments:
  Net realized gain (loss) on security transactions(6,778)(151,559)(71,192)11,522 481,122 (107,054)439,040 (478)15,239 81,336 
  Net realized gain distributions— — 349,751 88,972 — — — — — 202,088 
  Change in unrealized appreciation (depreciation) during the period57,935 529,466 3,673,116 (32,731)375,190 114,605 773,500 474,277 49,402 226,104 
    Net gain (loss) on investments51,157 377,907 3,951,675 67,763 856,312 7,551 1,212,540 473,799 64,641 509,528 
    Net increase (decrease) in net assets resulting from operations$48,080 $361,109 $3,812,877 $66,026 $730,846 $136,061 $1,092,362 $430,970 $61,150 $455,292 
The accompanying notes are an integral part of these financial statements.
SEPARATE ACCOUNT SEVEN
Talcott Resolution Life Insurance Company
Statements of Operations (continued)
For the Periods Ended December 31, 2024
Invesco V.I. Main Street Fund®Invesco V.I. Main Street Small Cap Fund®Putnam VT Diversified Income FundPutnam VT Global Asset Allocation FundPutnam VT Large Cap Growth FundPutnam VT International Value FundPutnam VT International Equity FundPutnam VT Small Cap Value FundPutnam VT Large Cap Value FundPIMCO VIT All Asset Portfolio
Sub-Account Sub-Account Sub-Account Sub-Account Sub-Account Sub-Account Sub-Account Sub-Account Sub-Account Sub-Account
Investment income:
  Dividends$— $— $356,399 $11,142 $— $1,120 $2,812 $1,409 $101 $768 
Expenses:
  Administrative charges— — — — — — — — — — 
  Mortality and expense risk charges(10,980)(39,945)(91,364)(9,122)(5,922)(510)(2,295)(2,818)(60)(79)
    Total expenses(10,980)(39,945)(91,364)(9,122)(5,922)(510)(2,295)(2,818)(60)(79)
    Net investment income (loss)(10,980)(39,945)265,035 2,020 (5,922)610 517 (1,409)41 689 
Net realized and unrealized gain (loss) on investments:
  Net realized gain (loss) on security transactions(3,529)136,366 (266,286)14,276 112,460 334 2,005 (1,389)18 (15)
  Net realized gain distributions67,835 87,335 — — 38,976 132 — 6,840 410 — 
  Change in unrealized appreciation (depreciation) during the period72,061 65,120 242,008 52,321 105,876 746 (724)1,851 1,032 (329)
    Net gain (loss) on investments136,367 288,821 (24,278)66,597 257,312 1,212 1,281 7,302 1,460 (344)
    Net increase (decrease) in net assets resulting from operations$125,387 $248,876 $240,757 $68,617 $251,390 $1,822 $1,798 $5,893 $1,501 $345 
The accompanying notes are an integral part of these financial statements.
SEPARATE ACCOUNT SEVEN
Talcott Resolution Life Insurance Company
Statements of Operations (continued)
For the Periods Ended December 31, 2024
PIMCO StocksPLUS® Global PortfolioPSF PGIM Jennison Growth PortfolioPSF PGIM Jennison Value PortfolioClearBridge Variable Dividend Strategy PortfolioWestern Asset Variable Global High Yield Bond PortfolioClearbridge Variable Large Cap Value PortfolioInvesco V.I. Growth and Income FundInvesco V.I. Comstock FundInvesco V.I. American Franchise FundAllspring VT Index Asset Allocation Fund
Sub-Account Sub-Account Sub-Account Sub-Account Sub-Account Sub-Account Sub-Account Sub-Account Sub-Account Sub-Account
Investment income:
  Dividends$10,511 $— $— $456 $1,217 $8,403 $8,248 $2,673 $— $390 
Expenses:
  Administrative charges— (655)— — (34)(1,105)(73)(226)— — 
  Mortality and expense risk charges(1,523)(7,689)(224)(484)(281)(9,213)(10,005)(3,392)(339,900)(533)
    Total expenses(1,523)(8,344)(224)(484)(315)(10,318)(10,078)(3,618)(339,900)(533)
    Net investment income (loss)8,988 (8,344)(224)(28)902 (1,915)(1,830)(945)(339,900)(143)
Net realized and unrealized gain (loss) on investments:
  Net realized gain (loss) on security transactions(3,230)4,687 5,942 212 (1,233)9,176 15,009 4,748 683,552 324 
  Net realized gain distributions— — — 3,783 — 103,330 42,413 12,536 — 1,871 
  Change in unrealized appreciation (depreciation) during the period18,706 108,374 (3,309)890 1,588 (65,587)36,479 4,901 4,494,513 1,493 
    Net gain (loss) on investments15,476 113,061 2,633 4,885 355 46,919 93,901 22,185 5,178,065 3,688 
    Net increase (decrease) in net assets resulting from operations$24,464 $104,717 $2,409 $4,857 $1,257 $45,004 $92,071 $21,240 $4,838,165 $3,545 
The accompanying notes are an integral part of these financial statements.

SEPARATE ACCOUNT SEVEN
Talcott Resolution Life Insurance Company
Statements of Operations (continued)
For the Periods Ended December 31, 2024
Allspring VT International Equity FundAllspring VT Small Cap Growth FundAllspring VT Discovery SMID Cap Growth FundAllspring VT Opportunity FundMFS® Core Equity PortfolioMFS® Massachusetts Investors Growth Stock PortfolioMFS® Research International PortfolioColumbia Variable Portfolio - Large Cap Growth FundColumbia Variable Portfolio - Overseas Core FundCTIVP® - Principal Blue Chip Growth Fund
Sub-Account (5)Sub-Account Sub-Account Sub-Account Sub-Account Sub-Account Sub-Account Sub-Account Sub-Account Sub-Account
Investment income:
  Dividends$9,442 $— $— $8,167 $29,336 $26,337 $78,446 $— $141,528 $— 
Expenses:
  Administrative charges— — — — — — — — — — 
  Mortality and expense risk charges(2,386)(12,052)(135)(47,109)(87,933)(137,677)(86,938)(165,644)(73,535)(127,187)
    Total expenses(2,386)(12,052)(135)(47,109)(87,933)(137,677)(86,938)(165,644)(73,535)(127,187)
    Net investment income (loss)7,056 (12,052)(135)(38,942)(58,597)(111,340)(8,492)(165,644)67,993 (127,187)
Net realized and unrealized gain (loss) on investments:
  Net realized gain (loss) on security transactions(173,053)(18,395)(32)117,501 126,850 156,346 126,622 719,613 19,940 975,744 
  Net realized gain distributions— — — 299,979 213,470 660,176 — — — — 
  Change in unrealized appreciation (depreciation) during the period167,629 134,971 1,680 9,821 546,241 286,313 (28,977)1,462,098 (47,459)198,653 
    Net gain (loss) on investments(5,424)116,576 1,648 427,301 886,561 1,102,835 97,645 2,181,711 (27,519)1,174,397 
    Net increase (decrease) in net assets resulting from operations$1,632 $104,524 $1,513 $388,359 $827,964 $991,495 $89,153 $2,016,067 $40,474 $1,047,210 
The accompanying notes are an integral part of these financial statements.
SEPARATE ACCOUNT SEVEN
Talcott Resolution Life Insurance Company
Statements of Operations (concluded)
For the Periods Ended December 31, 2024
LVIP JPMorgan Mid Cap Value FundLVIP JPMorgan U.S. Equity FundLVIP JPMorgan Core Bond FundPSF PGIM Jennison Blend PortfolioLVIP American Century Mid Cap Value FundLVIP American Century Value Fund
Sub-Account Sub-Account Sub-Account Sub-Account Sub-Account (6)(8)Sub-Account (7)(8)
Investment income:
  Dividends$28,685 $14,497 $561,334 $— $1,336 $17,351 
Expenses:
  Administrative charges— — — — — — 
  Mortality and expense risk charges(38,581)(46,082)(208,911)(7)(312)(3,956)
    Total expenses(38,581)(46,082)(208,911)(7)(312)(3,956)
    Net investment income (loss)(9,896)(31,585)352,423 (7)1,024 13,395 
Net realized and unrealized gain (loss) on investments:
  Net realized gain (loss) on security transactions54,619 210,387 33,157 11 96 8,043 
  Net realized gain distributions374,586 123,462 — — 1,230 7,388 
  Change in unrealized appreciation (depreciation) during the period(130,161)289,854 (345,555)77 1,703 23,286 
    Net gain (loss) on investments299,044 623,703 (312,398)88 3,029 38,717 
    Net increase (decrease) in net assets resulting from operations$289,148 $592,118 $40,025 $81 $4,053 $52,112 
The accompanying notes are an integral part of these financial statements.
(1) Merged into LVIP American Century Value Fund. Change effective April 26, 2024.
(2) Liquidated as of March 26, 2024.
(3) Liquidated as of April 15, 2024.
(4) Merged into LVIP American Century Mid Cap Value Fund. Change effective April 26, 2024.
(5) Liquidated as of April 30, 2024.
(6) Merged assets from American Century VP Mid Cap Value Fund. Change effective April 26, 2024.
(7) Merged assets from American Century VP Value Fund. Change effective April 26, 2024.
(8) Funded as of April 26, 2024.



SEPARATE ACCOUNT SEVEN
Talcott Resolution Life Insurance Company
Statements of Changes in Net Assets
For the Periods Ended December 31, 2024
American Century VP Value FundAmerican Century VP Growth FundAB VPS Balanced Hedged Allocation PortfolioAB VPS International Value PortfolioAB VPS Discovery Value PortfolioAB VPS Sustainable International Thematic PortfolioInvesco V.I. Core Equity FundInvesco V.I. Government Securities FundInvesco V.I. High Yield FundInvesco V.I. EQV International Equity Fund
Sub-Account (1)Sub-Account (2)Sub-Account Sub-Account Sub-Account Sub-Account (3)Sub-Account Sub-Account Sub-Account Sub-Account
Operations:
  Net investment income (loss)$3,925 $(109)$2,873 $16,040 $(7,885)$(1,416)$(232,793)$293,880 $15,823 $8,247 
  Net realized gain (loss) on security transactions134,272 13,871 (59,284)70,918 5,749 (27,750)500,510 (899,260)4,045 283,625 
  Net realized gain distributions43,364 6,113 36,553 — 42,908 — 1,628,883 — — 85,402 
  Change in unrealized appreciation (depreciation) during the period(160,439)(13,074)141,085 (2,677)24,269 25,969 2,330,279 636,163 643 (493,012)
  Net increase (decrease) in net assets resulting from operations21,122 6,801 121,227 84,281 65,041 (3,197)4,226,879 30,783 20,511 (115,738)
Unit transactions:
  Purchases— — — 3,951 531 — 42,537 203,440 — 122,688 
  Net transfers28,194 (74,763)(569)40,151 (15,616)(281,550)(1,021,525)3,349,796 (17,323)315,866 
  Net interfund transfers due to corporate actions(874,349)— — — — — — — — — 
  Surrenders for benefit payments and fees(55,199)(1,168)(268,368)(301,009)(90,146)(1,912)(2,034,661)(5,105,746)(28,966)(1,895,634)
  Other transactions— — 1 (2)(4)1 (190)1,909 5 (77)
  Death benefits— — (15,538)(55,116)(10,683)— (623,299)(1,913,729)(792)(434,901)
  Net annuity transactions— — — 980 — — (18,284)(84,763)(219)(40,372)
  Net increase (decrease) in net assets resulting from unit transactions(901,354)(75,931)(284,474)(311,045)(115,918)(283,461)(3,655,422)(3,549,093)(47,295)(1,932,430)
  Net increase (decrease) in net assets(880,232)(69,130)(163,247)(226,764)(50,877)(286,658)571,457 (3,518,310)(26,784)(2,048,168)
Net assets:
  Beginning of period880,232 69,130 1,911,194 2,421,452 852,306 286,658 19,512,732 41,743,350 458,726 17,437,270 
  End of period$— $— $1,747,947 $2,194,688 $801,429 $— $20,084,189 $38,225,040 $431,942 $15,389,102 
The accompanying notes are an integral part of these financial statements.
SEPARATE ACCOUNT SEVEN
Talcott Resolution Life Insurance Company
Statements of Changes in Net Assets (continued)
For the Periods Ended December 31, 2024
Invesco V.I. Main Street Mid Cap Fund®Invesco V.I. Small Cap Equity FundInvesco V.I. Balanced-Risk Allocation FundInvesco V.I. Government Money Market FundAmerican Century VP Mid Cap Value FundAB VPS Relative Value PortfolioAmerican Funds Insurance Series® Capital World Bond Fund®American Funds Insurance Series® Capital World Growth and Income Fund®American Funds Insurance Series® Asset Allocation FundAmerican Funds Insurance Series® Washington Mutual Investors FundSM
Sub-Account Sub-Account Sub-Account Sub-Account Sub-Account (4)Sub-Account Sub-Account Sub-Account Sub-Account Sub-Account
Operations:
  Net investment income (loss)$(300,931)$(226,866)$20,733 $1,281,538 $127 $(2,451)$26,225 $(46,340)$279,846 $(176,608)
  Net realized gain (loss) on security transactions(116,776)176,327 (26,735)— 2,731 (2,029)(351,164)880,262 3,103,588 2,348,136 
  Net realized gain distributions449,730 607,048 — — 1,848 11,720 — — 4,340,173 516,723 
  Change in unrealized appreciation (depreciation) during the period2,652,608 1,437,278 17,646 — (3,807)28,575 (165,356)2,421,263 5,696,466 7,188,968 
  Net increase (decrease) in net assets resulting from operations2,684,631 1,993,787 11,644 1,281,538 899 35,815 (490,295)3,255,185 13,420,073 9,877,219 
Unit transactions:
  Purchases114,028 16,655 — 115,923 31 — 120,738 104,246 94,461 274,516 
  Net transfers(385,032)(431,338)120 11,421,168 408 (37,793)501,925 (604,841)450,622 (289,323)
  Net interfund transfers due to corporate actions— — — — (63,861)— — — — — 
  Surrenders for benefit payments and fees(1,997,479)(1,442,740)(121,585)(12,021,617)(209)(35,231)(1,393,044)(3,555,802)(9,979,553)(6,678,138)
  Other transactions380 24 (23)5,094 1 — — 1,182 10,047 58 
  Death benefits(624,073)(485,530)— (2,353,804)— — (503,885)(879,595)(3,273,691)(1,563,239)
  Net annuity transactions(78,302)(4,171)— (164,728)— (4,683)(23,760)(23,462)(357,367)(300,125)
  Net increase (decrease) in net assets resulting from unit transactions(2,970,478)(2,347,100)(121,488)(2,997,964)(63,630)(77,707)(1,298,026)(4,958,272)(13,055,481)(8,556,251)
  Net increase (decrease) in net assets(285,847)(353,313)(109,844)(1,716,426)(62,731)(41,892)(1,788,321)(1,703,087)364,592 1,320,968 
Net assets:
  Beginning of period19,250,964 13,676,410 573,301 41,681,735 62,731 337,915 11,137,604 28,347,575 98,787,591 60,742,710 
  End of period$18,965,117 $13,323,097 $463,457 $39,965,309 $— $296,023 $9,349,283 $26,644,488 $99,152,183 $62,063,678 
The accompanying notes are an integral part of these financial statements.
SEPARATE ACCOUNT SEVEN
Talcott Resolution Life Insurance Company
Statements of Changes in Net Assets (continued)
For the Periods Ended December 31, 2024
American Funds Insurance Series® The Bond Fund of America®American Funds Insurance Series® Global Growth FundAmerican Funds Insurance Series® Growth FundAmerican Funds Insurance Series® Growth-Income FundAmerican Funds Insurance Series® International FundAmerican Funds Insurance Series® New World Fund®American Funds Insurance Series® Global Small Capitalization FundColumbia Variable Portfolio - Small Company Growth FundAllspring VT Discovery All Cap Growth FundFidelity® VIP Growth Portfolio
Sub-Account Sub-Account Sub-Account Sub-Account Sub-Account Sub-Account Sub-Account Sub-Account Sub-Account Sub-Account
Operations:
  Net investment income (loss)$1,711,756 $(116,958)$(6,159,903)$(2,012,007)$(324,496)$(78,670)$(162,019)$5,642 $(9,307)$(31,909)
  Net realized gain (loss) on security transactions(1,790,797)1,644,553 25,992,415 14,977,213 (14,734)533,908 (531,434)(55,000)4,094 100,490 
  Net realized gain distributions— 1,224,083 9,671,237 12,653,753 — 80,280 801,090 — 23,101 444,450 
  Change in unrealized appreciation (depreciation) during the period(263,493)1,925,741 77,630,729 29,917,280 1,396,591 285,946 1,563 683,053 74,530 (25,392)
  Net increase (decrease) in net assets resulting from operations(342,534)4,677,419 107,134,478 55,536,239 1,057,361 821,464 109,200 633,695 92,418 487,639 
Unit transactions:
  Purchases220,858 173,631 3,121,617 1,803,760 225,211 79,191 46,358 3,224 — — 
  Net transfers5,113,697 (548,525)(11,909,812)(5,490,940)226,455 (231,553)722,087 (82,791)(61,109)(193,152)
  Net interfund transfers due to corporate actions— — — — — — — — — — 
  Surrenders for benefit payments and fees(8,489,897)(4,400,005)(43,864,749)(27,561,888)(6,153,070)(1,628,239)(2,461,018)(292,679)(14,903)(102,503)
  Other transactions3,757 (1)5,713 8,355 1,923 3 845 133 — 4 
  Death benefits(2,903,547)(1,122,634)(14,409,417)(9,845,346)(1,750,617)(482,345)(314,659)(46,654)(10,548)(9,503)
  Net annuity transactions(264,991)120,072 (984,138)(704,898)(58,739)(14,832)16,147 (10,355)(205)— 
  Net increase (decrease) in net assets resulting from unit transactions(6,320,123)(5,777,462)(68,040,786)(41,790,957)(7,508,837)(2,277,775)(1,990,240)(429,122)(86,765)(305,154)
  Net increase (decrease) in net assets(6,662,657)(1,100,043)39,093,692 13,745,282 (6,451,476)(1,456,311)(1,881,040)204,573 5,653 182,485 
Net assets:
  Beginning of period77,500,173 40,952,762 395,463,456 267,538,157 54,943,529 17,520,154 22,466,130 3,162,305 519,571 1,867,689 
  End of period$70,837,516 $39,852,719 $434,557,148 $281,283,439 $48,492,053 $16,063,843 $20,585,090 $3,366,878 $525,224 $2,050,174 
The accompanying notes are an integral part of these financial statements.



SEPARATE ACCOUNT SEVEN
Talcott Resolution Life Insurance Company
Statements of Changes in Net Assets (continued)
For the Periods Ended December 31, 2024
Fidelity® VIP Contrafund® PortfolioFidelity® VIP Mid Cap PortfolioFidelity® VIP Value Strategies PortfolioFidelity® VIP Dynamic Capital Appreciation PortfolioFidelity® VIP Strategic Income PortfolioFranklin Rising Dividends VIP FundFranklin Income VIP FundFranklin Large Cap Growth VIP FundFranklin Global Real Estate VIP FundFranklin Small-Mid Cap Growth VIP Fund
Sub-Account Sub-Account Sub-Account Sub-Account Sub-Account Sub-Account Sub-Account Sub-Account Sub-Account Sub-Account
Operations:
  Net investment income (loss)$(200,733)$(94,873)$(11,775)$(4,672)$1,975 $(813,728)$5,674,364 $(384,963)$930 $(607,106)
  Net realized gain (loss) on security transactions1,060,259 277,063 18,313 34,655 (168)2,866,960 (770,292)397,093 (7,470)(964,354)
  Net realized gain distributions1,423,670 929,630 151,157 13,481 — 5,351,610 702,429 2,275,522 — — 
  Change in unrealized appreciation (depreciation) during the period987,449 (67,905)(83,920)16,742 1,506 2,176,164 3,143,681 2,157,701 2,012 4,399,851 
  Net increase (decrease) in net assets resulting from operations3,270,645 1,043,915 73,775 60,206 3,313 9,581,006 8,750,182 4,445,353 (4,528)2,828,391 
Unit transactions:
  Purchases37,176 9,277 750 — — 800,645 1,208,990 45,928 — 155,986 
  Net transfers(292,192)(384,087)(22,686)(77,619)839 (197,417)1,096,252 (769,849)7,109 (441,745)
  Net interfund transfers due to corporate actions— — — — — — — — — — 
  Surrenders for benefit payments and fees(1,500,886)(682,592)(35,813)(12,835)(643)(12,405,398)(16,908,333)(2,383,438)(19,618)(3,405,625)
  Other transactions9 2 (1)— — 298 8,977 (588)1 10 
  Death benefits(373,867)(113,327)— (47,374)— (3,539,309)(6,864,450)(857,494)(1,906)(948,013)
  Net annuity transactions(6,020)(6,892)— (2,020)(1,266)(397,226)(915,494)(3,054)(857)(177,648)
  Net increase (decrease) in net assets resulting from unit transactions(2,135,780)(1,177,619)(57,750)(139,848)(1,070)(15,738,407)(22,374,058)(3,968,495)(15,271)(4,817,035)
  Net increase (decrease) in net assets1,134,865 (133,704)16,025 (79,642)2,243 (6,157,401)(13,623,876)476,858 (19,799)(1,988,644)
Net assets:
  Beginning of period11,010,202 7,085,800 1,064,526 293,879 64,451 111,582,311 171,343,776 19,694,539 311,984 33,941,635 
  End of period$12,145,067 $6,952,096 $1,080,551 $214,237 $66,694 $105,424,910 $157,719,900 $20,171,397 $292,185 $31,952,991 
The accompanying notes are an integral part of these financial statements.


SEPARATE ACCOUNT SEVEN
Talcott Resolution Life Insurance Company
Statements of Changes in Net Assets (continued)
For the Periods Ended December 31, 2024
Franklin Small Cap Value VIP FundFranklin Strategic Income VIP FundFranklin Mutual Shares VIP FundTempleton Developing Markets VIP FundTempleton Foreign VIP FundTempleton Growth VIP FundFranklin Mutual Global Discovery VIP FundFranklin DynaTech VIP FundTempleton Global Bond VIP FundHartford Balanced HLS Fund
Sub-Account Sub-Account Sub-Account Sub-Account Sub-Account Sub-Account Sub-Account Sub-Account Sub-Account Sub-Account
Operations:
  Net investment income (loss)$(79,058)$1,261,782 $198,315 $181,565 $221,743 $(389,317)$(44,930)$(211,877)$(81,201)$(14,513)
  Net realized gain (loss) on security transactions(58,999)(1,386,692)209,844 (103,978)537,742 615,061 201,997 (63,187)(209,082)189,668 
  Net realized gain distributions192,628 — 1,957,041 63,134 — 154,443 2,214,388 — — 594,030 
  Change in unrealized appreciation (depreciation) during the period733,623 1,251,081 6,505,224 362,415 (1,503,842)1,435,632 (1,431,229)3,031,313 (405,489)10,691 
  Net increase (decrease) in net assets resulting from operations788,194 1,126,171 8,870,424 503,136 (744,357)1,815,819 940,226 2,756,249 (695,772)779,876 
Unit transactions:
  Purchases11,340 125,884 506,892 28,223 99,175 390,804 36,971 7,044 34,278 68,189 
  Net transfers(181,244)1,971,664 (478,978)(232,417)967,266 211,004 (267,392)(399,095)503,788 98,334 
  Net interfund transfers due to corporate actions— — — — — — — — — — 
  Surrenders for benefit payments and fees(811,547)(5,084,795)(9,924,858)(905,180)(3,617,231)(4,671,534)(2,887,329)(1,112,626)(535,897)(1,052,122)
  Other transactions3 262 1,855 (4)1,034 242 150 (4)(1)4,879 
  Death benefits(102,335)(2,024,458)(4,173,207)(149,547)(1,078,088)(2,362,633)(855,086)(131,904)(154,366)(173,720)
  Net annuity transactions(6,243)(156,937)(519,026)(23,397)(20,457)(391,811)(20,782)(43,420)7,118 (21,855)
  Net increase (decrease) in net assets resulting from unit transactions(1,090,026)(5,168,380)(14,587,322)(1,282,322)(3,648,301)(6,823,928)(3,993,468)(1,680,005)(145,080)(1,076,295)
  Net increase (decrease) in net assets(301,832)(4,042,209)(5,716,898)(779,186)(4,392,658)(5,008,109)(3,053,242)1,076,244 (840,852)(296,419)
Net assets:
  Beginning of period8,447,427 46,952,729 97,451,558 8,721,418 34,412,608 48,918,053 31,518,878 10,459,421 5,540,335 9,232,472 
  End of period$8,145,595 $42,910,520 $91,734,660 $7,942,232 $30,019,950 $43,909,944 $28,465,636 $11,535,665 $4,699,483 $8,936,053 
The accompanying notes are an integral part of these financial statements.



SEPARATE ACCOUNT SEVEN
Talcott Resolution Life Insurance Company
Statements of Changes in Net Assets (continued)
For the Periods Ended December 31, 2024
Hartford Total Return Bond HLS FundHartford Capital Appreciation HLS FundHartford Dividend and Growth HLS FundHartford Healthcare HLS FundHartford Disciplined Equity HLS FundHartford International Opportunities HLS FundHartford MidCap HLS FundHartford Ultrashort Bond HLS FundHartford Small Company HLS FundHartford SmallCap Growth HLS Fund
Sub-Account Sub-Account Sub-Account Sub-Account Sub-Account Sub-Account Sub-Account Sub-Account Sub-Account Sub-Account
Operations:
  Net investment income (loss)$1,184,862 $(642,314)$73,094 $(817)$(240,756)$(8,383)$(32,286)$604,403 $(49,488)$(14,837)
  Net realized gain (loss) on security transactions(1,394,246)1,982,871 1,074,901 (108)1,612,933 89,782 (103,508)219,080 (76,938)(2,056)
  Net realized gain distributions— 2,758,588 3,265,996 427 962,437 — 37,259 — — — 
  Change in unrealized appreciation (depreciation) during the period679,956 7,875,853 709,972 (180)2,598,923 205,605 158,263 19,176 359,500 133,967 
  Net increase (decrease) in net assets resulting from operations470,572 11,974,998 5,123,963 (678)4,933,537 287,004 59,728 842,659 233,074 117,074 
Unit transactions:
  Purchases229,807 332,071 279,877 — 30,746 26,798 894 69,634 360 7,349 
  Net transfers3,899,600 (2,613,437)(518,170)311 (1,678,061)14,068 9,589 1,341,041 (122,627)(16,704)
  Net interfund transfers due to corporate actions— — — — — — — — — — 
  Surrenders for benefit payments and fees(6,916,682)(7,319,037)(5,635,859)— (2,470,132)(488,221)(653,834)(3,280,445)(236,919)(88,903)
  Other transactions438 (209)8,050 — (31)1 (2)390 — 1 
  Death benefits(1,762,758)(2,082,789)(1,278,324)— (859,439)(69,259)(8,621)(690,661)(11,139)(2,519)
  Net annuity transactions(71,918)(45,390)(106,887)— (3,766)(4,652)— (114,839)(1,257)— 
  Net increase (decrease) in net assets resulting from unit transactions(4,621,513)(11,728,791)(7,251,313)311 (4,980,683)(521,265)(651,974)(2,674,880)(371,582)(100,776)
  Net increase (decrease) in net assets(4,150,941)246,207 (2,127,350)(367)(47,146)(234,261)(592,246)(1,832,221)(138,508)16,298 
Net assets:
  Beginning of period60,961,273 67,040,743 49,049,188 54,751 22,855,783 4,309,166 2,099,961 27,319,198 2,472,160 1,063,664 
  End of period$56,810,332 $67,286,950 $46,921,838 $54,384 $22,808,637 $4,074,905 $1,507,715 $25,486,977 $2,333,652 $1,079,962 
The accompanying notes are an integral part of these financial statements.




SEPARATE ACCOUNT SEVEN
Talcott Resolution Life Insurance Company
Statements of Changes in Net Assets (continued)
For the Periods Ended December 31, 2024
Hartford Stock HLS FundLord Abbett Series Fund - Fundamental Equity PortfolioLord Abbett Series Fund - Dividend Growth PortfolioLord Abbett Series Fund - Bond Debenture PortfolioLord Abbett Series Fund - Growth and Income PortfolioMFS® Growth SeriesMFS® Global Equity SeriesMFS® Investors Trust SeriesMFS® Mid Cap Growth SeriesMFS® New Discovery Series
Sub-Account Sub-Account Sub-Account Sub-Account Sub-Account Sub-Account Sub-Account Sub-Account Sub-Account Sub-Account
Operations:
  Net investment income (loss)$(34,181)$— $(20,626)$194,708 $(10,908)$(416,139)$(29,095)$(352,220)$(249,779)$(356,992)
  Net realized gain (loss) on security transactions206,269 13,559 127,506 (56,409)55,103 1,313,587 49,534 2,190,099 25,532 (957,591)
  Net realized gain distributions175,296 20,791 100,321 — 100,020 1,713,518 178,558 2,120,228 820,312 — 
  Change in unrealized appreciation (depreciation) during the period32,448 26,866 179,290 116,132 76,012 3,094,442 (85,261)1,061,488 986,041 2,284,047 
  Net increase (decrease) in net assets resulting from operations379,832 61,216 386,491 254,431 220,227 5,705,408 113,736 5,019,595 1,582,106 969,464 
Unit transactions:
  Purchases11,478 — — 8,714 — 12,596 14,364 142,056 17,107 81,514 
  Net transfers(67,030)(9,062)(319,902)268,375 73,789 (884,231)50,729 (1,245,419)(260,147)342,704 
  Net interfund transfers due to corporate actions— — — — — — — — — — 
  Surrenders for benefit payments and fees(515,405)(55,740)(431,836)(522,179)(126,663)(2,111,758)(336,985)(3,486,153)(1,361,024)(2,388,659)
  Other transactions534 7 5 (1)— (50)7 29 (207)(833)
  Death benefits(68,058)— — (156,132)(40,947)(319,546)(77,111)(991,009)(238,219)(791,865)
  Net annuity transactions2,025 — (3,259)(2,841)— (171,894)2,357 (3,308)(22,190)3,722 
  Net increase (decrease) in net assets resulting from unit transactions(636,456)(64,795)(754,992)(404,064)(93,821)(3,474,883)(346,639)(5,583,804)(1,864,680)(2,753,417)
  Net increase (decrease) in net assets(256,624)(3,579)(368,501)(149,633)126,406 2,230,525 (232,903)(564,209)(282,574)(1,783,953)
Net assets:
  Beginning of period6,036,965 400,519 2,142,510 5,074,717 1,239,558 20,568,603 3,263,487 30,709,531 13,066,049 20,565,711 
  End of period$5,780,341 $396,940 $1,774,009 $4,925,084 $1,365,964 $22,799,128 $3,030,584 $30,145,322 $12,783,475 $18,781,758 
The accompanying notes are an integral part of these financial statements.
SEPARATE ACCOUNT SEVEN
Talcott Resolution Life Insurance Company
Statements of Changes in Net Assets (continued)
For the Periods Ended December 31, 2024
MFS® Total Return SeriesMFS® Value SeriesMFS® Total Return Bond SeriesMFS® Research SeriesMFS® High Yield PortfolioBlackRock Managed Volatility V.I. FundBlackRock Global Allocation V.I. FundBlackRock S&P 500 Index V.I. FundBlackRock Large Cap Focus Growth V.I. FundBlackRock Equity Dividend V.I. Fund
Sub-Account Sub-Account Sub-Account Sub-Account Sub-Account Sub-Account Sub-Account Sub-Account Sub-Account Sub-Account
Operations:
  Net investment income (loss)$559,416 $(51,437)$1,019,816 $(44,161)$620,505 $(109,091)$386 $7,274 $(5,093)$5,858 
  Net realized gain (loss) on security transactions1,147,642 1,469,983 (709,693)150,245 (409,755)131,495 (57)221,273 2,032 3,862 
  Net realized gain distributions3,933,386 2,702,381 — 198,344 — — 3,774 103,860 21,320 27,502 
  Change in unrealized appreciation (depreciation) during the period(792,666)(642,826)67,360 254,456 491,110 1,598,872 (373)207,645 45,066 (5,378)
  Net increase (decrease) in net assets resulting from operations4,847,778 3,478,101 377,483 558,884 701,860 1,621,276 3,730 540,052 63,325 31,844 
Unit transactions:
  Purchases429,255 74,230 92,665 47,719 122,911 3,750 — 3,750 — — 
  Net transfers936,944 (591,979)2,434,682 (144,978)230,042 597,442 595 (140,008)— 9,527 
  Net interfund transfers due to corporate actions— — — — — — — — — — 
  Surrenders for benefit payments and fees(10,253,148)(4,962,045)(5,151,527)(418,146)(2,307,932)(2,850,013)(1,585)(637,727)— (58,984)
  Other transactions250 1,067 3 (1)395 198 1 10 1 — 
  Death benefits(3,215,798)(914,331)(1,166,091)(207,833)(888,929)(211,120)— — — — 
  Net annuity transactions(244,273)(27,886)55,395 1,018 212,691 — — (3,406)— — 
  Net increase (decrease) in net assets resulting from unit transactions(12,346,770)(6,420,944)(3,734,873)(722,221)(2,630,822)(2,459,743)(989)(777,381)1 (49,457)
  Net increase (decrease) in net assets(7,498,992)(2,942,843)(3,357,390)(163,337)(1,928,962)(838,467)2,741 (237,329)63,326 (17,613)
Net assets:
  Beginning of period85,574,573 36,451,770 40,917,011 3,525,627 15,349,991 15,652,105 45,143 2,459,399 217,597 388,316 
  End of period$78,075,581 $33,508,927 $37,559,621 $3,362,290 $13,421,029 $14,813,638 $47,884 $2,222,070 $280,923 $370,703 
The accompanying notes are an integral part of these financial statements.



SEPARATE ACCOUNT SEVEN
Talcott Resolution Life Insurance Company
Statements of Changes in Net Assets (continued)
For the Periods Ended December 31, 2024
Morgan Stanley VIF Growth PortfolioMorgan Stanley VIF Discovery PortfolioInvesco V.I. American Value FundBlackRock Capital Appreciation V.I. FundColumbia Variable Portfolio - Dividend Opportunity FundColumbia Variable Portfolio - Income Opportunities FundColumbia Variable Portfolio - Select Mid Cap Growth FundInvesco V.I. Discovery Mid Cap Growth FundInvesco V.I. Capital Appreciation FundInvesco V.I. Global Fund
Sub-Account Sub-Account Sub-Account Sub-Account Sub-Account Sub-Account Sub-Account Sub-Account Sub-Account Sub-Account
Operations:
  Net investment income (loss)$(3,077)$(16,798)$(138,798)$(1,737)$(125,466)$128,510 $(120,178)$(42,829)$(3,491)$(54,236)
  Net realized gain (loss) on security transactions(6,778)(151,559)(71,192)11,522 481,122 (107,054)439,040 (478)15,239 81,336 
  Net realized gain distributions— — 349,751 88,972 — — — — — 202,088 
  Change in unrealized appreciation (depreciation) during the period57,935 529,466 3,673,116 (32,731)375,190 114,605 773,500 474,277 49,402 226,104 
  Net increase (decrease) in net assets resulting from operations48,080 361,109 3,812,877 66,026 730,846 136,061 1,092,362 430,970 61,150 455,292 
Unit transactions:
  Purchases— 794 55,300 — 32,901 1,501 7,785 51,991 375 29,470 
  Net transfers(1,854)(106,027)(459,430)(39,442)(73,932)57,507 (46,161)(191,277)(45,903)(33,996)
  Net interfund transfers due to corporate actions— — — — — — — — — — 
  Surrenders for benefit payments and fees(7,179)(118,139)(1,872,323)(53,229)(490,197)(378,446)(444,013)(239,177)(14,659)(346,898)
  Other transactions1 1 7 — 538 23 338 2 1 5 
  Death benefits— (23,768)(400,420)— (119,821)(29,084)(65,379)(144,774)— (60,340)
  Net annuity transactions(151)(1,315)(40,630)— (15,464)(12,881)(14,244)(246)(10,658)(2,732)
  Net increase (decrease) in net assets resulting from unit transactions(9,183)(248,454)(2,717,496)(92,671)(665,975)(361,380)(561,674)(523,481)(70,844)(414,491)
  Net increase (decrease) in net assets38,897 112,655 1,095,381 (26,645)64,871 (225,319)530,688 (92,511)(9,694)40,801 
Net assets:
  Beginning of period119,643 1,085,931 14,582,287 255,069 5,742,822 3,717,375 5,378,792 2,248,134 208,302 3,332,499 
  End of period$158,540 $1,198,586 $15,677,668 $228,424 $5,807,693 $3,492,056 $5,909,480 $2,155,623 $198,608 $3,373,300 
The accompanying notes are an integral part of these financial statements.


SEPARATE ACCOUNT SEVEN
Talcott Resolution Life Insurance Company
Statements of Changes in Net Assets (continued)
For the Periods Ended December 31, 2024
Invesco V.I. Main Street Fund®Invesco V.I. Main Street Small Cap Fund®Putnam VT Diversified Income FundPutnam VT Global Asset Allocation FundPutnam VT Large Cap Growth FundPutnam VT International Value FundPutnam VT International Equity FundPutnam VT Small Cap Value FundPutnam VT Large Cap Value FundPIMCO VIT All Asset Portfolio
Sub-Account Sub-Account Sub-Account Sub-Account Sub-Account Sub-Account Sub-Account Sub-Account Sub-Account Sub-Account
Operations:
  Net investment income (loss)$(10,980)$(39,945)$265,035 $2,020 $(5,922)$610 $517 $(1,409)$41 $689 
  Net realized gain (loss) on security transactions(3,529)136,366 (266,286)14,276 112,460 334 2,005 (1,389)18 (15)
  Net realized gain distributions67,835 87,335 — — 38,976 132 — 6,840 410 — 
  Change in unrealized appreciation (depreciation) during the period72,061 65,120 242,008 52,321 105,876 746 (724)1,851 1,032 (329)
  Net increase (decrease) in net assets resulting from operations125,387 248,876 240,757 68,617 251,390 1,822 1,798 5,893 1,501 345 
Unit transactions:
  Purchases216 3,062 27,347 — — — — 375 — — 
  Net transfers(11,515)(59,747)358,594 (1,271)(162,153)75 (332)(6,114)— — 
  Net interfund transfers due to corporate actions— — — — — — — — — — 
  Surrenders for benefit payments and fees(19,397)(257,953)(734,023)(85,465)(112,452)(879)(8,265)(4,521)(1)(15)
  Other transactions— — 2,514 — (373)— (1)— (1)— 
  Death benefits— (69,328)(172,685)— (29,896)— — — — — 
  Net annuity transactions— (535)(3,574)— — (532)(982)— — — 
  Net increase (decrease) in net assets resulting from unit transactions(30,696)(384,501)(521,827)(86,736)(304,874)(1,336)(9,580)(10,260)(2)(15)
  Net increase (decrease) in net assets94,691 (135,625)(281,070)(18,119)(53,484)486 (7,782)(4,367)1,499 330 
Net assets:
  Beginning of period596,716 2,498,590 5,878,711 502,007 879,649 44,509 127,541 154,748 8,160 11,872 
  End of period$691,407 $2,362,965 $5,597,641 $483,888 $826,165 $44,995 $119,759 $150,381 $9,659 $12,202 
The accompanying notes are an integral part of these financial statements.


SEPARATE ACCOUNT SEVEN
Talcott Resolution Life Insurance Company
Statements of Changes in Net Assets (continued)
For the Periods Ended December 31, 2024
PIMCO StocksPLUS® Global PortfolioPSF PGIM Jennison Growth PortfolioPSF PGIM Jennison Value PortfolioClearBridge Variable Dividend Strategy PortfolioWestern Asset Variable Global High Yield Bond PortfolioClearbridge Variable Large Cap Value PortfolioInvesco V.I. Growth and Income FundInvesco V.I. Comstock FundInvesco V.I. American Franchise FundAllspring VT Index Asset Allocation Fund
Sub-Account Sub-Account Sub-Account Sub-Account Sub-Account Sub-Account Sub-Account Sub-Account Sub-Account Sub-Account
Operations:
  Net investment income (loss)$8,988 $(8,344)$(224)$(28)$902 $(1,915)$(1,830)$(945)$(339,900)$(143)
  Net realized gain (loss) on security transactions(3,230)4,687 5,942 212 (1,233)9,176 15,009 4,748 683,552 324 
  Net realized gain distributions— — — 3,783 — 103,330 42,413 12,536 — 1,871 
  Change in unrealized appreciation (depreciation) during the period18,706 108,374 (3,309)890 1,588 (65,587)36,479 4,901 4,494,513 1,493 
  Net increase (decrease) in net assets resulting from operations24,464 104,717 2,409 4,857 1,257 45,004 92,071 21,240 4,838,165 3,545 
Unit transactions:
  Purchases— — — — — — — — 106,991 — 
  Net transfers1,166 — — 143 269 3,493 (11,607)— (432,873)— 
  Net interfund transfers due to corporate actions— — — — — — — — — — 
  Surrenders for benefit payments and fees(46,074)(31)(556)(816)(5,350)(155,116)(97,987)(19,811)(1,439,703)(1,345)
  Other transactions— 5 1 — — 43 — 1 95 — 
  Death benefits— — (8,008)— — (485)— — (661,827)— 
  Net annuity transactions— — — — — 8,693 (2,887)— (25,748)— 
  Net increase (decrease) in net assets resulting from unit transactions(44,908)(26)(8,563)(673)(5,081)(143,372)(112,481)(19,810)(2,453,065)(1,345)
  Net increase (decrease) in net assets(20,444)104,691 (6,154)4,184 (3,824)(98,368)(20,410)1,430 2,385,100 2,200 
Net assets:
  Beginning of period225,940 375,527 15,363 32,346 22,992 757,788 691,138 175,715 15,952,907 28,218 
  End of period$205,496 $480,218 $9,209 $36,530 $19,168 $659,420 $670,728 $177,145 $18,338,007 $30,418 
The accompanying notes are an integral part of these financial statements.


SEPARATE ACCOUNT SEVEN
Talcott Resolution Life Insurance Company
Statements of Changes in Net Assets (continued)
For the Periods Ended December 31, 2024
Allspring VT International Equity FundAllspring VT Small Cap Growth FundAllspring VT Discovery SMID Cap Growth FundAllspring VT Opportunity FundMFS® Core Equity PortfolioMFS® Massachusetts Investors Growth Stock PortfolioMFS® Research International PortfolioColumbia Variable Portfolio - Large Cap Growth FundColumbia Variable Portfolio - Overseas Core FundCTIVP® - Principal Blue Chip Growth Fund
Sub-Account (5)Sub-Account Sub-Account Sub-Account Sub-Account Sub-Account Sub-Account Sub-Account Sub-Account Sub-Account
Operations:
  Net investment income (loss)$7,056 $(12,052)$(135)$(38,942)$(58,597)$(111,340)$(8,492)$(165,644)$67,993 $(127,187)
  Net realized gain (loss) on security transactions(173,053)(18,395)(32)117,501 126,850 156,346 126,622 719,613 19,940 975,744 
  Net realized gain distributions— — — 299,979 213,470 660,176 — — — — 
  Change in unrealized appreciation (depreciation) during the period167,629 134,971 1,680 9,821 546,241 286,313 (28,977)1,462,098 (47,459)198,653 
  Net increase (decrease) in net assets resulting from operations1,632 104,524 1,513 388,359 827,964 991,495 89,153 2,016,067 40,474 1,047,210 
Unit transactions:
  Purchases— 4,612 — 884 26,760 1,560 6,959 864 6,031 33,660 
  Net transfers(409,060)3,419 — (135,743)75,684 (74,273)(67,922)(412,335)43,190 (630,512)
  Net interfund transfers due to corporate actions— — — — — — — — — — 
  Surrenders for benefit payments and fees(7,917)(111,852)(588)(412,971)(322,636)(677,727)(594,064)(463,182)(236,806)(708,731)
  Other transactions1 — — (3)10 (1)(37)35 240 (4)
  Death benefits(15,300)(45,011)— (106,891)(254,139)(51,672)(98,004)(77,422)(20,611)(92,480)
  Net annuity transactions(1,931)(806)— 18,055 (11,545)(80,514)(9,838)(30,527)(12,821)(29,839)
  Net increase (decrease) in net assets resulting from unit transactions(434,207)(149,638)(588)(636,669)(485,866)(882,627)(762,906)(982,567)(220,777)(1,427,906)
  Net increase (decrease) in net assets(432,575)(45,114)925 (248,310)342,098 108,868 (673,753)1,033,500 (180,303)(380,696)
Net assets:
  Beginning of period432,575 661,086 9,369 3,177,874 4,765,650 7,186,569 5,140,737 7,350,321 3,345,575 5,963,947 
  End of period$— $615,972 $10,294 $2,929,564 $5,107,748 $7,295,437 $4,466,984 $8,383,821 $3,165,272 $5,583,251 
The accompanying notes are an integral part of these financial statements.


SEPARATE ACCOUNT SEVEN
Talcott Resolution Life Insurance Company
Statements of Changes in Net Assets (concluded)
For the Periods Ended December 31, 2024
LVIP JPMorgan Mid Cap Value FundLVIP JPMorgan U.S. Equity FundLVIP JPMorgan Core Bond FundPSF PGIM Jennison Blend PortfolioLVIP American Century Mid Cap Value FundLVIP American Century Value Fund
Sub-Account Sub-Account Sub-Account Sub-Account Sub-Account (6)(8)Sub-Account (7)(8)
Operations:
  Net investment income (loss)$(9,896)$(31,585)$352,423 $(7)$1,024 $13,395 
  Net realized gain (loss) on security transactions54,619 210,387 33,157 11 96 8,043 
  Net realized gain distributions374,586 123,462 — — 1,230 7,388 
  Change in unrealized appreciation (depreciation) during the period(130,161)289,854 (345,555)77 1,703 23,286 
  Net increase (decrease) in net assets resulting from operations289,148 592,118 40,025 81 4,053 52,112 
Unit transactions:
  Purchases174 228 17,622 — 65 — 
  Net transfers(79,337)(262,269)642,821 — (36)9,716 
  Net interfund transfers due to corporate actions— — — — 63,861 874,349 
  Surrenders for benefit payments and fees(230,912)(354,141)(1,747,649)(18)(371)(55,795)
  Other transactions(1)247 1,888 (6)— (20)
  Death benefits(75,902)(46,069)(424,668)— — (30,683)
  Net annuity transactions(13,646)(19,983)(83,979)— — — 
  Net increase (decrease) in net assets resulting from unit transactions(399,624)(681,987)(1,593,965)(24)63,519 797,567 
  Net increase (decrease) in net assets(110,476)(89,869)(1,553,940)57 67,572 849,679 
Net assets:
  Beginning of period2,458,264 2,988,724 14,314,880 322 — — 
  End of period$2,347,788 $2,898,855 $12,760,940 $379 $67,572 $849,679 
The accompanying notes are an integral part of these financial statements.
(1) Merged into LVIP American Century Value Fund. Change effective April 26, 2024.
(2) Liquidated as of March 26, 2024.
(3) Liquidated as of April 15, 2024.
(4) Merged into LVIP American Century Mid Cap Value Fund. Change effective April 26, 2024.
(5) Liquidated as of April 30, 2024.
(6) Merged assets from American Century VP Mid Cap Value Fund. Change effective April 26, 2024.
(7) Merged assets from American Century VP Value Fund. Change effective April 26, 2024.
(8) Funded as of April 26, 2024.



SEPARATE ACCOUNT SEVEN
Talcott Resolution Life Insurance Company
Statements of Changes in Net Assets
For the Periods Ended December 31, 2023
American Century VP Value FundAmerican Century VP Growth FundAB VPS Balanced Hedged Allocation PortfolioAB VPS International Value PortfolioAB VPS Discovery Value PortfolioAB VPS Sustainable International Thematic PortfolioInvesco V.I. Core Equity FundInvesco V.I. Government Securities FundInvesco V.I. High Yield FundInvesco V.I. EQV International Equity Fund
Sub-AccountSub-AccountSub-AccountSub-AccountSub-AccountSub-AccountSub-AccountSub-AccountSub-AccountSub-Account
Operations:
Net investment income (loss)$13,837 $(467)$(12,824)$(23,220)$(6,313)$(4,881)$(210,203)$107,638 $13,520 $(252,774)
Net realized gain (loss) on security transactions43,047 1,731 (77,655)45,542 (5,422)(2,384)(294,082)(1,199,746)(11,360)(11,094)
Net realized gain distributions70,386 — 98,284 — 68,521 10,572 439,490 — — 12,561 
Change in unrealized appreciation (depreciation) during the period(50,619)24,624 192,143 296,448 61,790 24,179 3,726,295 2,225,058 12,384 2,910,130 
Net increase (decrease) in net assets resulting from operations76,651 25,888 199,948 318,770 118,576 27,486 3,661,500 1,132,950 14,544 2,658,823 
Unit transactions:
Purchases— — — 5,990 798 — 8,669 73,147 — 12,915 
Net transfers30,384 (18,864)(21,940)(363,729)13,097 1,645 (323,811)2,810,056 180,214 (409,932)
Net interfund transfers due to corporate actions— — — — — — — — — — 
Surrenders for benefit payments and fees(120,106)(11,540)(204,996)(247,698)(92,043)(12,479)(1,653,219)(4,423,617)(15,986)(2,187,017)
Other transactions— — — (13)— 1 579 3,557 1 105 
Death benefits(5,839)— (27,012)(45,374)(8,815)— (543,924)(1,536,005)(867)(401,636)
Net annuity transactions— — 2 (1,871)— — (52,027)(114,358)(240)26,409 
Net increase (decrease) in net assets resulting from unit transactions(95,561)(30,404)(253,946)(652,695)(86,963)(10,833)(2,563,733)(3,187,220)163,122 (2,959,156)
Net increase (decrease) in net assets(18,910)(4,516)(53,998)(333,925)31,613 16,653 1,097,767 (2,054,270)177,666 (300,333)
Net assets:
Beginning of period899,142 73,646 1,965,192 2,755,377 820,693 270,005 18,414,965 43,797,620 281,060 17,737,603 
End of period$880,232 $69,130 $1,911,194 $2,421,452 $852,306 $286,658 $19,512,732 $41,743,350 $458,726 $17,437,270 
The accompanying notes are an integral part of these financial statements.
SEPARATE ACCOUNT SEVEN
Talcott Resolution Life Insurance Company
Statements of Changes in Net Assets (continued)
For the Periods Ended December 31, 2023
Invesco V.I. Main Street Mid Cap Fund®Invesco V.I. Small Cap Equity FundInvesco V.I. Balanced-Risk Allocation FundInvesco V.I. Government Money Market FundAmerican Century VP Mid Cap Value FundAB VPS Relative Value PortfolioAmerican Funds Insurance Series® Capital World Bond Fund®American Funds Insurance Series® Capital World Growth and Income Fund®American Funds Insurance Series® Asset Allocation Fund
Sub-AccountSub-AccountSub-AccountSub-AccountSub-AccountSub-AccountSub-AccountSub-AccountSub-Account
Operations:
Net investment income (loss)$(302,287)$(243,478)$(8,956)$1,365,838 $1,026 $(2,158)$(202,032)$22,237 $318,650 
Net realized gain (loss) on security transactions(602,919)(228,761)(40,587)— 897 (7,352)(607,785)(122,391)1,722,191 
Net realized gain distributions— 247,452 — — 9,260 24,346 — — 3,853,503 
Change in unrealized appreciation (depreciation) during the period3,110,198 2,051,301 78,059 — (7,664)16,621 1,274,636 4,842,122 5,414,574 
Net increase (decrease) in net assets resulting from operations2,204,992 1,826,514 28,516 1,365,838 3,519 31,457 464,819 4,741,968 11,308,918 
Unit transactions:
Purchases96,027 90,170 — 57,753 91 — 84,130 143,585 198,700 
Net transfers(55,952)37,009 (25,528)9,146,942 685 22,240 (669,251)(232,267)616,935 
Net interfund transfers due to corporate actions— — — — — — — — — 
Surrenders for benefit payments and fees(1,560,871)(1,317,875)(62,177)(13,709,737)(27,959)(39,580)(1,011,449)(2,520,677)(12,189,839)
Other transactions742 576 13 6,017 — 2 1,650 4,007 419 
Death benefits(536,770)(440,190)— (2,296,642)— — (433,809)(810,794)(3,250,451)
Net annuity transactions548 (14,826)— (11,160)— (4,619)(24,132)(77,479)148,585 
Net increase (decrease) in net assets resulting from unit transactions(2,056,276)(1,645,136)(87,692)(6,806,827)(27,183)(21,957)(2,052,861)(3,493,625)(14,475,651)
Net increase (decrease) in net assets148,716 181,378 (59,176)(5,440,989)(23,664)9,500 (1,588,042)1,248,343 (3,166,733)
Net assets:
Beginning of period19,102,248 13,495,032 632,477 47,122,724 86,395 328,415 12,725,646 27,099,232 101,954,324 
End of period$19,250,964 $13,676,410 $573,301 $41,681,735 $62,731 $337,915 $11,137,604 $28,347,575 $98,787,591 
The accompanying notes are an integral part of these financial statements.
SEPARATE ACCOUNT SEVEN
Talcott Resolution Life Insurance Company
Statements of Changes in Net Assets (continued)
For the Periods Ended December 31, 2023
American Funds Insurance Series® Washington Mutual Investors FundSMAmerican Funds Insurance Series® The Bond Fund of America®American Funds Insurance Series® Global Growth FundAmerican Funds Insurance Series® Growth FundAmerican Funds Insurance Series® Growth-Income FundAmerican Funds Insurance Series® International FundAmerican Funds Insurance Series® New World Fund®American Funds Insurance Series® Global Small Capitalization FundColumbia Variable Portfolio - Small Company Growth FundAllspring VT Discovery All Cap Growth Fund
Sub-AccountSub-AccountSub-AccountSub-AccountSub-AccountSub-AccountSub-AccountSub-AccountSub-AccountSub-Account
Operations:
Net investment income (loss)$(30,554)$1,306,234 $(349,871)$(5,267,489)$(1,144,480)$(247,164)$(70,404)$(340,177)$(62,190)$(8,144)
Net realized gain (loss) on security transactions197,829 (2,227,826)848,514 8,265,703 6,825,759 (1,356,815)243,759 (787,383)(153,503)(5,680)
Net realized gain distributions560,745 — 2,968,219 20,829,248 13,513,227 — — 289,935 — 46,541 
Change in unrealized appreciation (depreciation) during the period7,699,876 3,330,557 3,776,743 88,337,841 35,472,718 8,783,497 2,146,330 3,794,105 837,121 94,650 
Net increase (decrease) in net assets resulting from operations8,427,896 2,408,965 7,243,605 112,165,303 54,667,224 7,179,518 2,319,685 2,956,480 621,428 127,367 
Unit transactions:
Purchases166,898 182,672 27,696 950,035 637,751 122,926 62,595 68,306 36,291 — 
Net transfers(4,225,795)5,636,927 264,259 (6,793,546)(4,482,126)(463,716)(1,135,721)168,771 96,794 (3,745)
Net interfund transfers due to corporate actions— — — — — — — — — — 
Surrenders for benefit payments and fees(5,031,894)(8,448,033)(2,402,145)(32,676,815)(22,855,254)(5,212,120)(1,268,896)(1,919,203)(210,234)(22,718)
Other transactions4,662 3,989 1,416 4,927 2,145 (590)753 98 (1)— 
Death benefits(1,664,574)(3,100,085)(1,120,236)(9,540,079)(7,607,379)(1,423,158)(420,335)(664,142)(59,681)— 
Net annuity transactions(11,461)(304,767)(121,576)(186,894)(134,614)21,988 (11,338)(30,856)(19,318)(168)
Net increase (decrease) in net assets resulting from unit transactions(10,762,164)(6,029,297)(3,350,586)(48,242,372)(34,439,477)(6,954,670)(2,772,942)(2,377,026)(156,149)(26,631)
Net increase (decrease) in net assets(2,334,268)(3,620,332)3,893,019 63,922,931 20,227,747 224,848 (453,257)579,454 465,279 100,736 
Net assets:
Beginning of period63,076,978 81,120,505 37,059,743 331,540,525 247,310,410 54,718,681 17,973,411 21,886,676 2,697,026 418,835 
End of period$60,742,710 $77,500,173 $40,952,762 $395,463,456 $267,538,157 $54,943,529 $17,520,154 $22,466,130 $3,162,305 $519,571 
The accompanying notes are an integral part of these financial statements.

SEPARATE ACCOUNT SEVEN
Talcott Resolution Life Insurance Company
Statements of Changes in Net Assets (continued)
For the Periods Ended December 31, 2023
Fidelity® VIP Growth PortfolioFidelity® VIP Contrafund® PortfolioFidelity® VIP Mid Cap PortfolioFidelity® VIP Value Strategies PortfolioFidelity® VIP Dynamic Capital Appreciation PortfolioFidelity® VIP Strategic Income PortfolioFranklin Rising Dividends VIP FundFranklin Income VIP FundFranklin Large Cap Growth VIP FundFranklin Global Real Estate VIP Fund
Sub-AccountSub-AccountSub-AccountSub-AccountSub-AccountSub-AccountSub-AccountSub-AccountSub-AccountSub-Account
Operations:
Net investment income (loss)$(25,010)$(146,140)$(85,335)$(9,293)$(3,596)$2,341 $(931,940)$5,932,413 $(345,731)$3,867 
Net realized gain (loss) on security transactions20,009 423,117 52,607 16,359 1,572 (273)1,931,315 (1,438,884)(848,480)(10,384)
Net realized gain distributions79,311 377,196 194,019 37,777 10,079 — 11,843,009 10,889,873 567,080 — 
Change in unrealized appreciation (depreciation) during the period365,596 2,137,977 682,447 126,211 41,697 3,067 (2,067,657)(4,154,608)6,590,647 34,886 
Net increase (decrease) in net assets resulting from operations439,906 2,792,150 843,738 171,054 49,752 5,135 10,774,727 11,228,794 5,963,516 28,369 
Unit transactions:
Purchases— 25,746 9,077 750 — — 220,448 402,498 49,737 11,474 
Net transfers236,799 (239,873)129,412 (31,075)76,250 134 (261,869)232,312 (795,165)15,585 
Net interfund transfers due to corporate actions— — — — — — — — — — 
Surrenders for benefit payments and fees(41,866)(1,100,305)(809,446)(24,399)(10,550)(555)(10,588,456)(18,246,654)(1,612,900)(27,103)
Other transactions1 (4)1,336 — 1 — 405 2,332 (218)3 
Death benefits(25,211)(207,518)(81,809)— — — (2,981,461)(5,242,952)(545,572)(18,069)
Net annuity transactions— (4,371)5,745 5 (1,667)(1,243)(119,319)479,083 (1,166)(883)
Net increase (decrease) in net assets resulting from unit transactions169,723 (1,526,325)(745,685)(54,719)64,034 (1,664)(13,730,252)(22,373,381)(2,905,284)(18,993)
Net increase (decrease) in net assets609,629 1,265,825 98,053 116,335 113,786 3,471 (2,955,525)(11,144,587)3,058,232 9,376 
Net assets:
Beginning of period1,258,060 9,744,377 6,987,747 948,191 180,093 60,980 114,537,836 182,488,363 16,636,307 302,608 
End of period$1,867,689 $11,010,202 $7,085,800 $1,064,526 $293,879 $64,451 $111,582,311 $171,343,776 $19,694,539 $311,984 
The accompanying notes are an integral part of these financial statements.
SEPARATE ACCOUNT SEVEN
Talcott Resolution Life Insurance Company
Statements of Changes in Net Assets (continued)
For the Periods Ended December 31, 2023
Franklin Small-Mid Cap Growth VIP FundFranklin Small Cap Value VIP FundFranklin Strategic Income VIP FundFranklin Mutual Shares VIP FundTempleton Developing Markets VIP FundTempleton Foreign VIP FundTempleton Growth VIP FundFranklin Mutual Global Discovery VIP FundFranklin DynaTech VIP FundTempleton Global Bond VIP Fund
Sub-AccountSub-AccountSub-AccountSub-AccountSub-AccountSub-AccountSub-AccountSub-AccountSub-AccountSub-Account
Operations:
Net investment income (loss)$(589,044)$(110,032)$1,375,792 $100,979 $35,165 $471,455 $758,876 $177,770 $(172,398)$(86,518)
Net realized gain (loss) on security transactions(2,043,624)(379,199)(1,775,403)(1,215,464)(244,335)(121,636)(524,736)(128,087)(694,875)(316,302)
Net realized gain distributions— 466,267 — 8,208,486 6,671 — — 1,616,726 — — 
Change in unrealized appreciation (depreciation) during the period9,634,512 861,639 3,347,572 3,423,010 1,028,622 5,592,444 8,120,703 3,434,359 3,982,825 472,193 
Net increase (decrease) in net assets resulting from operations7,001,844 838,675 2,947,961 10,517,011 826,123 5,942,263 8,354,843 5,100,768 3,115,552 69,373 
Unit transactions:
Purchases89,156 4,551 178,545 181,910 8,052 42,044 74,893 50,557 78,329 31,327 
Net transfers(390,901)47,917 791,754 (1,269,602)680,820 (3,565,412)(1,051,021)(570,765)559,128 315,884 
Net interfund transfers due to corporate actions— — — — — — — — — — 
Surrenders for benefit payments and fees(2,578,037)(758,618)(4,493,407)(9,528,398)(749,083)(3,198,242)(4,904,213)(2,444,072)(671,118)(836,473)
Other transactions(437)(5)2,232 313 1 (128)932 1,615 (3)1,372 
Death benefits(664,052)(70,909)(1,514,946)(2,311,861)(114,591)(910,454)(1,175,483)(545,068)(244,854)(169,324)
Net annuity transactions(72,945)(10,916)(182,148)17,480 24,080 (25,122)39,377 (72,795)63,493 11,279 
Net increase (decrease) in net assets resulting from unit transactions(3,617,216)(787,980)(5,217,970)(12,910,158)(150,721)(7,657,314)(7,015,515)(3,580,528)(215,025)(645,935)
Net increase (decrease) in net assets3,384,628 50,695 (2,270,009)(2,393,147)675,402 (1,715,051)1,339,328 1,520,240 2,900,527 (576,562)
Net assets:
Beginning of period30,557,007 8,396,732 49,222,738 99,844,705 8,046,016 36,127,659 47,578,725 29,998,638 7,558,894 6,116,897 
End of period$33,941,635 $8,447,427 $46,952,729 $97,451,558 $8,721,418 $34,412,608 $48,918,053 $31,518,878 $10,459,421 $5,540,335 
The accompanying notes are an integral part of these financial statements.
SEPARATE ACCOUNT SEVEN
Talcott Resolution Life Insurance Company
Statements of Changes in Net Assets (continued)
For the Periods Ended December 31, 2023
Hartford Balanced HLS FundHartford Total Return Bond HLS FundHartford Capital Appreciation HLS FundHartford Dividend and Growth HLS FundHartford Healthcare HLS FundHartford Disciplined Equity HLS FundHartford International Opportunities HLS FundHartford MidCap HLS FundHartford Ultrashort Bond HLS FundHartford Small Company HLS Fund
Sub-AccountSub-AccountSub-AccountSub-AccountSub-AccountSub-AccountSub-AccountSub-AccountSub-AccountSub-Account
Operations:
Net investment income (loss)$(23,565)$1,095,804 $(552,656)$(86,818)$(586)$(180,008)$(22,160)$(34,207)$(155,609)$(45,286)
Net realized gain (loss) on security transactions46,962 (1,750,435)(301,745)533,440 (187)448,402 12,052 (83,769)56,853 (119,064)
Net realized gain distributions243,981 — 1,103,077 4,223,260 784 145,009 — 154,068 — — 
Change in unrealized appreciation (depreciation) during the period803,416 3,746,688 10,736,400 970,793 1,260 3,600,273 422,160 192,749 1,035,217 465,921 
Net increase (decrease) in net assets resulting from operations1,070,794 3,092,057 10,985,076 5,640,675 1,271 4,013,676 412,052 228,841 936,461 301,571 
Unit transactions:
Purchases— 304,553 222,125 196,890 — 40,922 2,931 10,189 151,271 19,631 
Net transfers402,411 4,010,707 (2,337,483)(1,278,675)308 (702,658)(184,902)263,626 (41,645)49,756 
Net interfund transfers due to corporate actions— — — — — — — — — — 
Surrenders for benefit payments and fees(823,067)(6,392,083)(7,443,133)(6,040,219)(1)(2,561,966)(388,499)(150,262)(3,595,055)(88,889)
Other transactions63 3,916 601 2,244 — 1,863 1,830 310 6,886 — 
Death benefits(480,726)(1,815,257)(1,664,416)(1,221,974)— (405,978)(59,750)(48,697)(972,284)(55,008)
Net annuity transactions(43,759)(162,001)(49,200)(73,217)— (30,529)(3,246)(9,376)(210,877)(1,149)
Net increase (decrease) in net assets resulting from unit transactions(945,078)(4,050,165)(11,271,506)(8,414,951)307 (3,658,346)(631,636)65,790 (4,661,704)(75,659)
Net increase (decrease) in net assets125,716 (958,108)(286,430)(2,774,276)1,578 355,330 (219,584)294,631 (3,725,243)225,912 
Net assets:
Beginning of period9,106,756 61,919,381 67,327,173 51,823,464 53,173 22,500,453 4,528,750 1,805,330 31,044,441 2,246,248 
End of period$9,232,472 $60,961,273 $67,040,743 $49,049,188 $54,751 $22,855,783 $4,309,166 $2,099,961 $27,319,198 $2,472,160 
The accompanying notes are an integral part of these financial statements.
SEPARATE ACCOUNT SEVEN
Talcott Resolution Life Insurance Company
Statements of Changes in Net Assets (continued)
For the Periods Ended December 31, 2023
Hartford SmallCap Growth HLS FundHartford Stock HLS FundLord Abbett Series Fund - Fundamental Equity PortfolioLord Abbett Series Fund - Dividend Growth PortfolioLord Abbett Series Fund - Bond Debenture PortfolioLord Abbett Series Fund - Growth and Income PortfolioMFS® Growth SeriesMFS® Global Equity SeriesMFS® Investors Trust SeriesMFS® Mid Cap Growth Series
Sub-AccountSub-AccountSub-AccountSub-AccountSub-AccountSub-AccountSub-AccountSub-AccountSub-AccountSub-Account
Operations:
Net investment income (loss)$(16,955)$(51,269)$(489)$(13,738)$173,226 $(9,002)$(352,754)$(35,559)$(326,115)$(238,384)
Net realized gain (loss) on security transactions(54,085)187,186 (4,511)2,627 (102,587)17,012 232,452 12,718 983,068 (430,059)
Net realized gain distributions— 289,644 11,715 116,323 — 24,289 1,516,337 143,427 1,647,305 167,665 
Change in unrealized appreciation (depreciation) during the period226,492 (119,161)47,859 174,151 167,890 95,715 4,155,315 253,800 2,360,978 2,730,566 
Net increase (decrease) in net assets resulting from operations155,452 306,400 54,574 279,363 238,529 128,014 5,551,350 374,386 4,665,236 2,229,788 
Unit transactions:
Purchases— 37,747 — — 90,667 — 25,631 (13)19,558 31,871 
Net transfers39,246 (206,840)(6,623)20,033 138,900 17,930 (557,006)19,826 (129,066)(107,259)
Net interfund transfers due to corporate actions— — — — — — — — — — 
Surrenders for benefit payments and fees(168,850)(422,282)(103,845)(197,167)(584,753)(47,214)(1,860,522)(363,853)(2,529,678)(1,103,729)
Other transactions1,812 172 1 1 1,365 — 2,056 (1)(504)(518)
Death benefits(12,308)(93,274)— — (96,616)(46,175)(242,525)(18,335)(727,183)(543,906)
Net annuity transactions(1,005)(39,577)— 20,244 (7,920)— 79,521 (3,640)(64,685)15,705 
Net increase (decrease) in net assets resulting from unit transactions(141,105)(724,054)(110,467)(156,889)(458,357)(75,459)(2,552,845)(366,016)(3,431,558)(1,707,836)
Net increase (decrease) in net assets14,347 (417,654)(55,893)122,474 (219,828)52,555 2,998,505 8,370 1,233,678 521,952 
Net assets:
Beginning of period1,049,317 6,454,619 456,412 2,020,036 5,294,545 1,187,003 17,570,098 3,255,117 29,475,853 12,544,097 
End of period$1,063,664 $6,036,965 $400,519 $2,142,510 $5,074,717 $1,239,558 $20,568,603 $3,263,487 $30,709,531 $13,066,049 
The accompanying notes are an integral part of these financial statements.
SEPARATE ACCOUNT SEVEN
Talcott Resolution Life Insurance Company
Statements of Changes in Net Assets (continued)
For the Periods Ended December 31, 2023
MFS® New Discovery SeriesMFS® Total Return SeriesMFS® Value SeriesMFS® Total Return Bond SeriesMFS® Research SeriesMFS® High Yield PortfolioBlackRock Managed Volatility V.I. FundBlackRock Global Allocation V.I. FundBlackRock S&P 500 Index V.I. FundBlackRock Large Cap Focus Growth V.I. Fund
Sub-AccountSub-AccountSub-AccountSub-AccountSub-AccountSub-AccountSub-AccountSub-AccountSub-AccountSub-Account
Operations:
Net investment income (loss)$(360,906)$201,618 $(49,165)$624,145 $(44,371)$608,237 $1,153,007 $790 $7,107 $(5,422)
Net realized gain (loss) on security transactions(1,179,486)303,924 1,044,643 (1,049,808)15,863 (585,764)157,003 (1,198)125,457 24,173 
Net realized gain distributions— 3,601,968 2,529,671 — 177,675 — — — 96,745 3,706 
Change in unrealized appreciation (depreciation) during the period3,936,034 2,822,805 (1,420,202)2,611,872 465,337 1,493,953 (959,251)5,434 370,073 98,761 
Net increase (decrease) in net assets resulting from operations2,395,642 6,930,315 2,104,947 2,186,209 614,504 1,516,426 350,759 5,026 599,382 121,218 
Unit transactions:
Purchases26,111 420,904 46,096 42,049 1,932 22,893 — — — — 
Net transfers652,694 224,554 638,376 3,833,870 (107,782)119,806 1,482,842 1,005 (242,380)(223,196)
Net interfund transfers due to corporate actions— — — — — — — — — — 
Surrenders for benefit payments and fees(1,976,670)(8,264,385)(3,788,926)(4,845,090)(187,441)(1,408,371)(2,687,574)(7,224)(764,213)— 
Other transactions301 2,051 (42)(10)— 2,267 118 — (11)— 
Death benefits(462,355)(3,135,662)(934,236)(1,106,394)(12,131)(695,924)(227,926)— (51,664)(10,921)
Net annuity transactions26,112 (135,815)(36,399)(79,290)— (6,945)— — (5,073)— 
Net increase (decrease) in net assets resulting from unit transactions(1,733,807)(10,888,353)(4,075,131)(2,154,865)(305,422)(1,966,274)(1,432,540)(6,219)(1,063,341)(234,117)
Net increase (decrease) in net assets661,835 (3,958,038)(1,970,184)31,344 309,082 (449,848)(1,081,781)(1,193)(463,959)(112,899)
Net assets:
Beginning of period19,903,876 89,532,611 38,421,954 40,885,667 3,216,545 15,799,839 16,733,886 46,336 2,923,358 330,496 
End of period$20,565,711 $85,574,573 $36,451,770 $40,917,011 $3,525,627 $15,349,991 $15,652,105 $45,143 $2,459,399 $217,597 
The accompanying notes are an integral part of these financial statements.
SEPARATE ACCOUNT SEVEN
Talcott Resolution Life Insurance Company
Statements of Changes in Net Assets (continued)
For the Periods Ended December 31, 2023
BlackRock Equity Dividend V.I. FundMorgan Stanley VIF Growth PortfolioMorgan Stanley VIF Discovery PortfolioInvesco V.I. American Value FundBlackRock Capital Appreciation V.I. FundColumbia Variable Portfolio - Dividend Opportunity FundColumbia Variable Portfolio - Income Opportunities FundColumbia Variable Portfolio - Select Mid Cap Growth FundInvesco V.I. Discovery Mid Cap Growth Fund
Sub-AccountSub-AccountSub-AccountSub-AccountSub-AccountSub-AccountSub-AccountSub-AccountSub-Account
Operations:
Net investment income (loss)$4,353 $(2,940)$(15,340)$(174,869)$(1,931)$(121,566)$110,050 $(107,145)$(42,272)
Net realized gain (loss) on security transactions(1,368)(55,167)(250,425)(548,233)(22,369)388,830 (142,056)326,083 (144,644)
Net realized gain distributions18,907 — — 2,873,739 13,176 — — — — 
Change in unrealized appreciation (depreciation) during the period21,003 106,787 609,129 (429,013)121,904 (120,353)355,984 809,010 415,851 
Net increase (decrease) in net assets resulting from operations42,895 48,680 343,364 1,721,624 110,780 146,911 323,978 1,027,948 228,935 
Unit transactions:
Purchases— — 1,125 73,968 — 56,569 27,534 33,577 33,308 
Net transfers7,058 6,063 86,990 (187,478)(77,839)(201,478)6,120 81,643 103,291 
Net interfund transfers due to corporate actions— — — — — — — — — 
Surrenders for benefit payments and fees(57,927)(38,519)(70,422)(1,267,256)(51,955)(221,228)(188,282)(299,894)(207,409)
Other transactions— 1 (5)962 — 11 3 3 6 
Death benefits(16,754)(20,396)(21,999)(412,303)(16,328)(146,076)(114,163)(106,464)(129,017)
Net annuity transactions— (121)(1,063)(17,106)— (24,560)(42,608)(38,363)(222)
Net increase (decrease) in net assets resulting from unit transactions(67,623)(52,972)(5,374)(1,809,213)(146,122)(536,762)(311,396)(329,498)(200,043)
Net increase (decrease) in net assets(24,728)(4,292)337,990 (87,589)(35,342)(389,851)12,582 698,450 28,892 
Net assets:
Beginning of period413,044 123,935 747,941 14,669,876 290,411 6,132,673 3,704,793 4,680,342 2,219,242 
End of period$388,316 $119,643 $1,085,931 $14,582,287 $255,069 $5,742,822 $3,717,375 $5,378,792 $2,248,134 
The accompanying notes are an integral part of these financial statements.
SEPARATE ACCOUNT SEVEN
Talcott Resolution Life Insurance Company
Statements of Changes in Net Assets (continued)
For the Periods Ended December 31, 2023
Invesco V.I. Capital Appreciation FundInvesco V.I. Global FundInvesco V.I. Main Street Fund®Invesco V.I. Main Street Small Cap Fund®Putnam VT Diversified Income FundPutnam VT Global Asset Allocation FundPutnam VT Large Cap Growth FundPutnam VT International Value FundPutnam VT International Equity FundPutnam VT Small Cap Value Fund
Sub-AccountSub-AccountSub-AccountSub-AccountSub-AccountSub-AccountSub-AccountSub-AccountSub-AccountSub-Account
Operations:
Net investment income (loss)$(3,013)$(50,781)$(6,483)$(17,004)$268,707 $(1,464)$(6,085)$(19)$(1,992)$(2,436)
Net realized gain (loss) on security transactions(17,531)32,863 (18,183)55,342 (302,601)98 36,299 363 853 (4,844)
Net realized gain distributions— 360,367 39,474 — — — 13,151 — — 17,581 
Change in unrealized appreciation (depreciation) during the period77,840 535,475 91,164 320,695 207,343 68,587 286,668 6,327 15,494 18,485 
Net increase (decrease) in net assets resulting from operations57,296 877,924 105,972 359,033 173,449 67,221 330,033 6,671 14,355 28,786 
Unit transactions:
Purchases375 14,599 216 6,643 84,390 — — — — 375 
Net transfers(3,857)(66,652)(6,039)52,628 345,559 (142)(228,622)2,492 35,805 (10,031)
Net interfund transfers due to corporate actions— — — — — — — — — — 
Surrenders for benefit payments and fees(38,610)(367,002)(22,882)(250,827)(659,349)(5,801)(121,171)(1,102)(6,190)(8,506)
Other transactions(2)(1)— (6)(2)1 1 — (1)— 
Death benefits(16,036)(54,176)(16,095)(26,104)(164,636)— (6,012)— — — 
Net annuity transactions(8,388)(2,365)— (2,700)(6,491)— — (513)(949)— 
Net increase (decrease) in net assets resulting from unit transactions(66,518)(475,597)(44,800)(220,366)(400,529)(5,942)(355,804)877 28,665 (18,162)
Net increase (decrease) in net assets(9,222)402,327 61,172 138,667 (227,080)61,279 (25,771)7,548 43,020 10,624 
Net assets:
Beginning of period217,524 2,930,172 535,544 2,359,923 6,105,791 440,728 905,420 36,961 84,521 144,124 
End of period$208,302 $3,332,499 $596,716 $2,498,590 $5,878,711 $502,007 $879,649 $44,509 $127,541 $154,748 
The accompanying notes are an integral part of these financial statements.
SEPARATE ACCOUNT SEVEN
Talcott Resolution Life Insurance Company
Statements of Changes in Net Assets (continued)
For the Periods Ended December 31, 2023
Putnam VT Large Cap Value FundPIMCO VIT All Asset PortfolioPIMCO StocksPLUS® Global PortfolioPSF PGIM Jennison Growth PortfolioPSF PGIM Jennison Value Portfolio
Sub-AccountSub-AccountSub-AccountSub-AccountSub-Account
Operations:
Net investment income (loss)$101 $248 $4,666 $(6,267)$(233)
Net realized gain (loss) on security transactions9 (18)(22,681)30,717 408 
Net realized gain distributions418 — — — — 
Change in unrealized appreciation (depreciation) during the period532 580 67,403 104,072 1,595 
Net increase (decrease) in net assets resulting from operations1,060 810 49,388 128,522 1,770 
Unit transactions:
Purchases— — — — — 
Net transfers— — (16,549)447 — 
Net interfund transfers due to corporate actions— — — — — 
Surrenders for benefit payments and fees— (14)(45,408)(1,139)(442)
Other transactions— — — 1,814 (3)
Death benefits— — (14,201)(17,021)— 
Net annuity transactions— — — — — 
Net increase (decrease) in net assets resulting from unit transactions— (14)(76,158)(15,899)(445)
Net increase (decrease) in net assets1,060 796 (26,770)112,623 1,325 
Net assets:
Beginning of period7,100 11,076 252,710 262,904 14,038 
End of period$8,160 $11,872 $225,940 $375,527 $15,363 
The accompanying notes are an integral part of these financial statements.

SEPARATE ACCOUNT SEVEN
Talcott Resolution Life Insurance Company
Statements of Changes in Net Assets (continued)
For the Periods Ended December 31, 2023
ClearBridge Variable Dividend Strategy PortfolioWestern Asset Variable Global High Yield Bond PortfolioClearbridge Variable Large Cap Value PortfolioInvesco V.I. Growth and Income FundInvesco V.I. Comstock FundInvesco V.I. American Franchise FundAllspring VT Index Asset Allocation FundAllspring VT International Equity FundAllspring VT Small Cap Growth FundAllspring VT Discovery SMID Cap Growth Fund
Sub-AccountSub-AccountSub-AccountSub-AccountSub-AccountSub-AccountSub-AccountSub-AccountSub-AccountSub-Account
Operations:
Net investment income (loss)$217 $886 $(888)$(1,506)$(862)$(276,981)$(224)$131 $(12,261)$(121)
Net realized gain (loss) on security transactions430 (2,829)4,091 12,721 4,193 (236,838)147 (42,597)(17,640)(172)
Net realized gain distributions4,453 — 53,296 85,277 20,380 321,731 829 — — — 
Change in unrealized appreciation (depreciation) during the period(1,413)3,738 35,192 (25,608)(7,419)4,843,159 2,919 98,981 48,173 1,813 
Net increase (decrease) in net assets resulting from operations3,687 1,795 91,691 70,884 16,292 4,651,071 3,671 56,515 18,272 1,520 
Unit transactions:
Purchases3,967 — 13,947 — — 62,050 — — 389 — 
Net transfers169 338 3,865 (11,397)— 529,442 — (26,420)46,114 — 
Net interfund transfers due to corporate actions— — — — — — — — — — 
Surrenders for benefit payments and fees1,527 (7,406)(59,644)(132,155)(17,995)(1,126,083)(1,254)(33,247)(66,498)(582)
Other transactions134 — 464 — — 399 — (1)1 — 
Death benefits(3,967)— (13,947)(24,176)(6,711)(646,554)— (8,930)(3,866)— 
Net annuity transactions(4,090)— (13,381)(2,594)— 58,514 — (1,382)(2,378)— 
Net increase (decrease) in net assets resulting from unit transactions(2,260)(7,068)(68,696)(170,322)(24,706)(1,122,232)(1,254)(69,980)(26,238)(582)
Net increase (decrease) in net assets1,427 (5,273)22,995 (99,438)(8,414)3,528,839 2,417 (13,465)(7,966)938 
Net assets:
Beginning of period30,919 28,265 734,793 790,576 184,129 12,424,068 25,801 446,040 669,052 8,431 
End of period$32,346 $22,992 $757,788 $691,138 $175,715 $15,952,907 $28,218 $432,575 $661,086 $9,369 
The accompanying notes are an integral part of these financial statements.

SEPARATE ACCOUNT SEVEN
Talcott Resolution Life Insurance Company
Statements of Changes in Net Assets (continued)
For the Periods Ended December 31, 2023
Allspring VT Opportunity FundMFS® Core Equity PortfolioMFS® Massachusetts Investors Growth Stock PortfolioMFS® Research International PortfolioColumbia Variable Portfolio - Large Cap Growth FundColumbia Variable Portfolio - Overseas Core FundCTIVP® - Principal Blue Chip Growth FundLVIP JPMorgan Mid Cap Value FundLVIP JPMorgan U.S. Equity Fund
Sub-AccountSub-AccountSub-AccountSub-AccountSub-AccountSub-AccountSub-AccountSub-AccountSub-Account
Operations:
Net investment income (loss)$(47,889)$(53,671)$(102,329)$(36,132)$(130,227)$(15,562)$(107,540)$18,307 $(9,263)
Net realized gain (loss) on security transactions48,687 12,570 17,334 23,977 452,918 (22,300)329,461 3,604 38,122 
Net realized gain distributions252,439 208,462 346,070 — — — — — 13,026 
Change in unrealized appreciation (depreciation) during the period435,643 671,180 1,046,740 563,523 1,802,063 440,733 1,396,763 205,912 393,391 
Net increase (decrease) in net assets resulting from operations688,880 838,541 1,307,815 551,368 2,124,754 402,871 1,618,684 227,823 435,276 
Unit transactions:
Purchases834 49,453 24,036 240 119,558 40,500 73,999 116 2,174 
Net transfers(183,659)126,658 133,447 (224,131)353,385 (103,113)128,711 (101,858)(240,311)
Net interfund transfers due to corporate actions— — — — — — — 2,474,246 3,066,251 
Surrenders for benefit payments and fees(251,904)(170,310)(356,869)(468,613)(333,044)(266,596)(234,823)(146,223)(293,197)
Other transactions(17)(31)8 1 7 10 18 (3)(133)
Death benefits(56,870)(183,242)(55,003)(83,238)(139,018)(102,899)(63,653)(28,700)(34,896)
Net annuity transactions(11,162)(3,778)(5,605)(11,885)(19,048)(22,546)(53,026)32,863 53,560 
Net increase (decrease) in net assets resulting from unit transactions(502,778)(181,250)(259,986)(787,626)(18,160)(454,644)(148,774)2,230,441 2,553,448 
Net increase (decrease) in net assets186,102 657,291 1,047,829 (236,258)2,106,594 (51,773)1,469,910 2,458,264 2,988,724 
Net assets:
Beginning of period2,991,772 4,108,359 6,138,740 5,376,995 5,243,727 3,397,348 4,494,037 — — 
End of period$3,177,874 $4,765,650 $7,186,569 $5,140,737 $7,350,321 $3,345,575 $5,963,947 $2,458,264 $2,988,724 
The accompanying notes are an integral part of these financial statements.
SEPARATE ACCOUNT SEVEN
Talcott Resolution Life Insurance Company
Statements of Changes in Net Assets (concluded)
For the Periods Ended December 31, 2023
LVIP JPMorgan Core Bond FundPSF PGIM Jennison Blend Portfolio
Sub-AccountSub-Account
Operations:
Net investment income (loss)$72,361 $— 
Net realized gain (loss) on security transactions(47,567)— 
Net realized gain distributions— — 
Change in unrealized appreciation (depreciation) during the period45,916 12 
Net increase (decrease) in net assets resulting from operations70,710 12 
Unit transactions:
Purchases5,109 — 
Net transfers238,101 — 
Net interfund transfers due to corporate actions15,421,621 310 
Surrenders for benefit payments and fees(1,370,148)— 
Other transactions(88)— 
Death benefits(359,183)— 
Net annuity transactions308,758 — 
Net increase (decrease) in net assets resulting from unit transactions14,244,170 310 
Net increase (decrease) in net assets14,314,880 322 
Net assets:
Beginning of period— — 
End of period$14,314,880 $322 
The accompanying notes are an integral part of these financial statements.






SEPARATE ACCOUNT SEVEN
Talcott Resolution Life Insurance Company
Notes to Financial Statements
December 31, 2024

1. Organization:

Separate Account Seven (the “Account”) is a separate investment account established by Talcott Resolution Life Insurance Company (the “Sponsor Company”) and is registered with the Securities and Exchange Commission (“SEC”) as a unit investment trust under the Investment Company Act of 1940, as amended. Both the Sponsor Company and the Account are subject to supervision and regulation by the Department of Insurance of the State of Connecticut and the SEC. The contract owners of the Sponsor Company direct their deposits into various investment options (the “Sub-Accounts”) within the Account.
The Sponsor Company is indirectly owned by Talcott Resolution Life, Inc.

On June 30, 2021, the Account's previous indirect owner, Hopmeadow Holdings GP LLC, completed the sale of the Sponsor Company through the merger of an affiliate of Sixth Street, a global investment firm. Sixth Street obtained 100% control of Talcott Holdings, L.P. and its life and annuity operating subsidiaries including the Account. This transaction does not impact the contracts of the Account or the accounting of the Account.

The Account is comprised of the following Sub-Accounts:
American Century VP Value Fund (Merged into LVIP American Century Value Fund), American Century VP Growth Fund*, AB VPS Balanced Hedged Allocation Portfolio, AB VPS International Value Portfolio, AB VPS Discovery Value Portfolio, AB VPS Sustainable International Thematic Portfolio*, Invesco V.I. Core Equity Fund, Invesco V.I. Government Securities Fund, Invesco V.I. High Yield Fund, Invesco V.I. EQV International Equity Fund, Invesco V.I. Main Street Mid Cap Fund®, Invesco V.I. Small Cap Equity Fund, Invesco V.I. Balanced-Risk Allocation Fund, Invesco V.I. Government Money Market Fund, American Century VP Mid Cap Value Fund (Merged into LVIP American Century Mid Cap Value Fund), AB VPS Relative Value Portfolio, American Funds Insurance Series® Capital World Bond Fund®, American Funds Insurance Series® Capital World Growth and Income Fund®, American Funds Insurance Series® Asset Allocation Fund, American Funds Insurance Series® Washington Mutual Investors FundSM, American Funds Insurance Series® The Bond Fund of America®, American Funds Insurance Series® Global Growth Fund, American Funds Insurance Series® Growth Fund, American Funds Insurance Series® Growth-Income Fund, American Funds Insurance Series® International Fund, American Funds Insurance Series® New World Fund®, American Funds Insurance Series® Global Small Capitalization Fund, Columbia Variable Portfolio - Small Company Growth Fund, Allspring VT Discovery All Cap Growth Fund, Fidelity® VIP Growth Portfolio, Fidelity® VIP Contrafund® Portfolio, Fidelity® VIP Mid Cap Portfolio, Fidelity® VIP Value Strategies Portfolio, Fidelity® VIP Dynamic Capital Appreciation Portfolio, Fidelity® VIP Strategic Income Portfolio, Franklin Rising Dividends VIP Fund, Franklin Income VIP Fund, Franklin Large Cap Growth VIP Fund, Franklin Global Real Estate VIP Fund, Franklin Small-Mid Cap Growth VIP Fund, Franklin Small Cap Value VIP Fund, Franklin Strategic Income VIP Fund, Franklin Mutual Shares VIP Fund, Templeton Developing Markets VIP Fund, Templeton Foreign VIP Fund, Templeton Growth VIP Fund, Franklin Mutual Global Discovery VIP Fund, Franklin DynaTech VIP Fund, Templeton Global Bond VIP Fund, Hartford Balanced HLS Fund, Hartford Total Return Bond HLS Fund, Hartford Capital Appreciation HLS Fund, Hartford Dividend and Growth HLS Fund, Hartford Healthcare HLS Fund, Hartford Disciplined Equity HLS Fund, Hartford International Opportunities HLS Fund, Hartford MidCap HLS Fund, Hartford Ultrashort Bond HLS Fund, Hartford Small Company HLS Fund, Hartford SmallCap Growth HLS Fund, Hartford Stock HLS Fund, Lord Abbett Series Fund - Fundamental Equity Portfolio, Lord Abbett Series Fund - Dividend Growth Portfolio, Lord Abbett Series Fund - Bond Debenture Portfolio, Lord Abbett Series Fund - Growth and Income Portfolio, MFS® Growth Series, MFS® Global Equity Series, MFS® Investors Trust Series, MFS® Mid Cap Growth Series, MFS® New Discovery Series, MFS® Total Return Series, MFS® Value Series, MFS® Total Return Bond Series, MFS® Research Series, MFS® High Yield Portfolio, BlackRock Managed Volatility V.I. Fund, BlackRock Global Allocation V.I. Fund, BlackRock S&P 500 Index V.I. Fund, BlackRock Large Cap Focus Growth V.I. Fund, BlackRock Equity Dividend V.I. Fund, Morgan Stanley VIF Growth Portfolio, Morgan Stanley VIF Discovery Portfolio, Invesco V.I. American Value Fund, BlackRock Capital Appreciation V.I. Fund, Columbia Variable Portfolio - Dividend Opportunity Fund, Columbia Variable Portfolio - Income Opportunities Fund, Columbia Variable Portfolio - Select Mid Cap Growth Fund, Invesco V.I. Discovery Mid Cap Growth Fund, Invesco V.I. Capital Appreciation Fund, Invesco V.I. Global Fund, Invesco V.I. Main Street Fund®, Invesco V.I. Main Street Small Cap Fund®, Putnam VT Diversified Income Fund, Putnam VT Global Asset Allocation Fund, Putnam VT Large Cap Growth Fund, Putnam VT International Value Fund, Putnam VT International Equity Fund, Putnam VT Small Cap Value Fund, Putnam VT Large Cap Value Fund, PIMCO VIT All Asset Portfolio, PIMCO
StocksPLUS® Global Portfolio, PSF PGIM Jennison Growth Portfolio, PSF PGIM Jennison Value Portfolio, ClearBridge Variable Dividend Strategy Portfolio, Western Asset Variable Global High Yield Bond Portfolio, Clearbridge Variable Large Cap Value Portfolio, Invesco V.I. Growth and Income Fund, Invesco V.I. Comstock Fund, Invesco V.I. American Franchise Fund, Allspring VT Index Asset Allocation Fund, Allspring VT International Equity Fund*, Allspring VT Small Cap Growth Fund, Allspring VT Discovery SMID Cap Growth Fund, Allspring VT Opportunity Fund, MFS® Core Equity Portfolio, MFS® Massachusetts Investors Growth Stock Portfolio, MFS® Research International Portfolio, Columbia Variable Portfolio - Large Cap Growth Fund, Columbia Variable Portfolio - Overseas Core Fund, CTIVP® - Principal Blue Chip Growth Fund, LVIP JPMorgan Mid Cap Value Fund, LVIP JPMorgan U.S. Equity Fund, LVIP JPMorgan Core Bond Fund, PSF PGIM Jennison Blend Portfolio, LVIP American Century Mid Cap Value Fund (Merged assets from American Century VP Mid Cap Value Fund), LVIP American Century Value Fund (Merged assets from American Century VP Value Fund).
* During 2024, this Sub-Account was liquidated.
The Sub-Accounts are invested in mutual funds (the “Funds”) of the same name. Each Sub-Account may invest in one or more share classes of a Fund, depending upon the product(s) available in that Sub-Account. A contract owner's unitized performance correlates with the share class associated with the contract owner's product.
If a Fund is subject to a merger by the Fund Manager, the Sub-Account invested in the surviving Fund acquires, at fair value, the net assets of the Sub-Account associated with the merging Fund on the date disclosed. These transfers are reflected in net interfund transfers due to corporate actions on the statements of changes in net assets.

Under applicable insurance law, the assets and liabilities of the Account are clearly identified and distinguished from the Sponsor Company’s other assets and liabilities and are not chargeable with liabilities arising out of any other business the Sponsor Company may conduct.

2. Significant Accounting Policies:

The Account qualifies as an investment company and follows the accounting and reporting guidance as defined in Accounting Standards Codification 946, "Financial Services - Investment Companies." The following is a summary of significant accounting policies of the Account, which are in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP"):

a) Security Transactions - Security transactions are recorded on the trade date (date the order to buy or sell is executed). Realized gains and losses on the sales of securities are computed using the average cost method. Dividend income is either accrued daily or as of the ex-dividend date based upon the Fund. Net realized gain distributions are accrued as of the ex-dividend date. Net realized gain distributions represent those dividends from the Funds which are characterized as capital gains under tax regulations.

b) Unit Transactions - Unit transactions are executed based on the unit values calculated at the close of the business day.

c) Federal Income Taxes - The operations of the Account form a part of, and are taxed with, the total operations of the Sponsor Company, which is taxed as an insurance company under the Internal Revenue Code ("IRC"). Under the current provisions of the IRC, the Sponsor Company does not expect to incur federal income taxes on the earnings of the Account to the extent the earnings are credited to the contract owners. Based on this, no charge is being made currently to the Account for federal income taxes. The Sponsor Company will review periodically the status of this policy. In the event of changes in the tax law, a charge may be made in future years for any federal income taxes that would be attributable to the contracts.

d) Use of Estimates - The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities as of the date of the financial statements and the reported amounts of income and expenses during the period. Actual results could differ from those estimates. The most significant estimates contained within the financial statements are the fair value measurements.

e) Mortality Risk - The mortality risk associated with net assets allocated to contracts in the annuity period is determined using certain mortality tables. The mortality risk is fully borne by the Sponsor Company and may result in additional amounts being transferred into the Account by the Sponsor Company to cover greater longevity of contract owners than expected. Conversely, if amounts allocated exceed amounts required, transfers may be made to the Sponsor Company. These amounts are included in net annuity transactions on the accompanying statements of changes in net assets.

f) Fair Value Measurements - The Sub-Accounts' investments are carried at fair value in the Account’s financial statements. The investments in shares of the Funds are valued at the December 31, 2024 closing net asset value as determined by the appropriate Fund Manager. For financial instruments that are carried at fair value, a hierarchy is used to place the instruments into three broad levels (Levels 1, 2 and 3) by prioritizing the inputs in the valuation techniques used to measure fair value.

Level 1: Observable inputs that reflect unadjusted quoted prices for identical assets or liabilities in active markets that the Account has the ability to access at the measurement date. Level 1 investments include mutual funds.

Level 2: Observable inputs, other than unadjusted quoted prices included in Level 1, for the asset or liability or prices for similar assets and liabilities. Level 2 investments include those that are model priced by vendors using observable inputs.

Level 3: Valuations that are derived from techniques in which one or more of the significant inputs are unobservable (including assumptions about risk). Because Level 3 fair values, by their nature, contain unobservable market inputs, considerable judgment is used to determine the Level 3 fair values. Level 3 fair values represent the best estimate of an amount that could be realized in a current market exchange absent actual market exchanges.

In certain cases, the inputs used to measure fair value fall into different levels of the fair value hierarchy. In such cases, an investment’s level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement.

As of December 31, 2024, the Sub-Accounts invest in mutual funds which are carried at fair value and represent Level 1 investments under the fair value hierarchy levels. There were no Level 2 or Level 3 investments in the Sub-Accounts. The Account recognizes transfers of securities among the levels at the beginning of the reporting period. There were no transfers among the levels for the periods ended December 31, 2024 and 2023.

g) Accounting for Uncertain Tax Positions - The statute of limitations is closed through the 2020 tax year and the Sponsor Company is not currently under examination for any open years.  Management evaluates whether or not there are uncertain tax positions that require financial statement recognition and has determined that no reserves for uncertain tax positions are required at December 31, 2024.
h) In this reporting period, the Account adopted FASB Accounting Standards Update 2023-07, Segment Reporting (Topic 280) – Improvements to Reportable Segment Disclosures (“ASU 2023-07”). Adoption of the new standard impacted financial statement disclosures only and did not affect the Account’s financial position or its results of operations. The intent of the ASU 2023-07 is, through improved segment disclosures, to enable investors to better understand an entity’s overall performance and to assess its potential future cash flows.

The Management Committee of The Sponsor Company evaluates third-party funds and determines the selection of funds to offer within the product offering. All funds are sourced from third party asset managers which employ a governance structure to oversee fund strategy and performance, all of which is an element contemplated in the Separate Account Management Committee’s determination of fund offerings. Accordingly, the Management Committee, acts as the Account’s chief operating decision maker (“CODM”) assessing performance and making decisions about the product offering allocation. The CODM has determined that each Sub-Account acts as an operating segment based on the fact that the CODM monitors the operating results of the fund as a whole and that the fund’s long-term strategic asset allocation is pre-determined in accordance with the terms of its prospectus, based on a defined investment strategy which is executed by the fund’s portfolio managers as a team. The financial information provided to and reviewed by the CODM is consistent with that presented within the fund’s Portfolio of Investments, Statement of Changes in Net Assets and Financial Highlights.


3. Administration of the Account and Related Charges:

Each Sub-Account is charged certain fees, according to contract terms, as follows:

a) Mortality and Expense Risk Charges - The Sponsor Company, as an issuer of variable annuity contracts, assesses mortality and expense risk charges for which it receives a maximum annual fee of 1.55% of the Sub-Account’s average daily net assets. These charges are reflected in the accompanying statements of operations as a reduction in unit value.

b) Tax Expense Charges - If applicable, the Sponsor Company will make deductions up to a maximum rate of 3.50% of the contract’s average daily net assets to meet premium tax requirements. An additional tax charge based on a percentage of the
Sub-Account’s average daily net assets may be assessed on partial withdrawals or surrenders. These charges are a redemption of units from applicable contract owners’ accounts and are reflected in surrenders for benefit payments and fees on the accompanying statements of changes in net assets.

c) Administrative Charges - The Sponsor Company provides administrative services to the Account and receives a maximum annual fee of 0.20% of the Sub-Account’s average daily net assets for these services. These charges are reflected in the accompanying statements of operations as a reduction in unit value.

d) Annual Maintenance Fees - An annual maintenance fee up to a maximum of $50 may be charged. These charges are deducted through a redemption of units from applicable contract owners’ accounts and are reflected in surrenders for benefit payments and fees in the accompanying statements of changes in net assets.

e) Rider Charges -

The Sponsor Company will make certain deductions (as a percentage of average daily Sub-Account value) for various rider charges:

Optional Death Benefit Charge maximum of 0.15%
Earnings Protection Benefit Charge maximum of 0.20%
Principal First Charge maximum of 0.75%
Principal First Preferred Charge maximum of 0.20%
MAV/EPB Death Benefit Charge maximum of 0.30%
MAV 70 Death Benefit Charge maximum of 0.20%
MAV Plus Charge maximum of 0.30%
Maximum Anniversary Value III Charge maximum of 1.50%
Liquidity Feature Charge maximum of 0.50%
MAV V Charge maximum of 1.50%
MAV IV Charge maximum of 1.50%
Legacy Lock Charge maximum of 1.50%
Daily Lock Charge maximum of 2.50%
Safety Plus Charge maximum of 2.50%
Future 5 Charge maximum of 2.50%
Future 6 Charge maximum of 2.50%
Maximum Daily Value Charge maximum of 1.50%
Return of Premium IV Charge maximum of 0.75%
Return of Premium V Charge maximum of 0.75%
Return of Premium III Charge maximum of 0.75%
Return of Premium Death Benefit Charge maximum of 0.75%
Lifetime Income Builder Charge maximum of 0.75%
Lifetime Income Builder II Charge maximum of 0.75%
Lifetime Income Foundation Charge maximum of 0.30%
Lifetime Income Builder Selects Charge maximum of 1.50%
Lifetime Income Builder Portfolios Charge maximum of 1.50%
Income Foundation Builder maximum of 2.50%
Premium Based Charges maximum of .71%

These charges can be assessed as a reduction in unit values or a redemption of units from applicable contract owners’ accounts as specified in the product prospectus.

f) Distribution Charge - A Distribution Charge of 0.85% may be charged, by the Sponsor Company, to the contract’s value each year at the contract anniversary date. This charge is based on a percentage of remaining gross premiums with each premium payment having its own Distribution Charge schedule. The Distribution Charge is reduced to zero after the completion of seven or eight years (based upon contract terms) after each respective premium payment. These charges are deducted through a redemption of units from applicable contract owners’ accounts and are reflected in surrenders for benefit payments and fees in the accompanying statements of changes in net assets.

g) Transactions with Related Parties - The Sponsor and its affiliates may receive fees from funds for services provided.


4. Purchases and Sales of Investments:

The cost of purchases and proceeds from sales of investments for the period ended December 31, 2024 were as follows:

Sub-AccountPurchases at CostProceeds from Sales
American Century VP Value Fund+$84,955 $939,020 
American Century VP Growth Fund+$6,112 $76,038 
AB VPS Balanced Hedged Allocation Portfolio$90,880 $335,928 
AB VPS International Value Portfolio$158,883 $453,887 
AB VPS Discovery Value Portfolio$73,585 $154,480 
AB VPS Sustainable International Thematic Portfolio+$871 $285,747 
Invesco V.I. Core Equity Fund$2,401,121 $4,660,456 
Invesco V.I. Government Securities Fund$5,160,043 $8,415,248 
Invesco V.I. High Yield Fund$165,757 $197,230 
Invesco V.I. EQV International Equity Fund$965,541 $2,804,322 
Invesco V.I. Main Street Mid Cap Fund®$1,246,856 $4,068,542 
Invesco V.I. Small Cap Equity Fund$1,190,296 $3,157,212 
Invesco V.I. Balanced-Risk Allocation Fund$31,646 $132,401 
Invesco V.I. Government Money Market Fund$17,869,404 $19,585,760 
American Century VP Mid Cap Value Fund+$2,850 $64,506 
AB VPS Relative Value Portfolio$19,010 $87,447 
American Funds Insurance Series® Capital World Bond Fund®$1,020,164 $2,291,968 
American Funds Insurance Series® Capital World Growth and Income Fund®$1,157,824 $6,162,434 
American Funds Insurance Series® Asset Allocation Fund$10,514,578 $18,950,041 
American Funds Insurance Series® Washington Mutual Investors FundSM$3,461,496 $11,677,632 
American Funds Insurance Series® The Bond Fund of America®$8,673,530 $13,281,896 
American Funds Insurance Series® Global Growth Fund$2,849,066 $7,519,402 
American Funds Insurance Series® Growth Fund$17,621,048 $82,150,495 
American Funds Insurance Series® Growth-Income Fund$19,183,137 $50,332,343 
American Funds Insurance Series® International Fund$2,216,226 $10,049,557 
American Funds Insurance Series® New World Fund®$752,935 $3,029,098 
American Funds Insurance Series® Global Small Capitalization Fund$2,251,715 $3,602,884 
Columbia Variable Portfolio - Small Company Growth Fund$103,608 $527,089 
Allspring VT Discovery All Cap Growth Fund$23,589 $96,560 
Fidelity® VIP Growth Portfolio$480,656 $373,268 
Fidelity® VIP Contrafund® Portfolio$1,611,958 $2,524,806 
Fidelity® VIP Mid Cap Portfolio$1,177,000 $1,519,861 
Fidelity® VIP Value Strategies Portfolio$166,044 $84,412 
Fidelity® VIP Dynamic Capital Appreciation Portfolio$15,944 $146,983 
Fidelity® VIP Strategic Income Portfolio$3,264 $2,359 
Franklin Rising Dividends VIP Fund$7,770,534 $18,971,056 
Franklin Income VIP Fund$11,951,477 $27,948,748 
Franklin Large Cap Growth VIP Fund$3,350,355 $5,428,291 
Franklin Global Real Estate VIP Fund$35,046 $49,388 
Franklin Small-Mid Cap Growth VIP Fund$1,076,516 $6,500,656 
Franklin Small Cap Value VIP Fund$931,771 $1,908,229 
Franklin Strategic Income VIP Fund$3,959,360 $7,865,958 
Franklin Mutual Shares VIP Fund$5,657,492 $18,089,459 
Templeton Developing Markets VIP Fund$845,984 $1,883,609 
Templeton Foreign VIP Fund$2,996,590 $6,423,144 
Templeton Growth VIP Fund$1,398,776 $8,457,577 
Franklin Mutual Global Discovery VIP Fund$3,305,495 $5,129,504 
Franklin DynaTech VIP Fund$359,250 $2,251,130 
Templeton Global Bond VIP Fund$585,234 $811,515 
Hartford Balanced HLS Fund$1,259,528 $1,756,306 
Hartford Total Return Bond HLS Fund$6,449,532 $9,886,182 
Hartford Capital Appreciation HLS Fund$3,895,590 $13,508,102 
Hartford Dividend and Growth HLS Fund$5,042,593 $8,954,819 
Hartford Healthcare HLS Fund$683 $763 
Hartford Disciplined Equity HLS Fund$1,663,921 $5,922,921 
Hartford International Opportunities HLS Fund$204,218 $733,865 
Hartford MidCap HLS Fund$73,775 $720,775 
Hartford Ultrashort Bond HLS Fund$3,961,415 $6,031,889 
Hartford Small Company HLS Fund$77,514 $498,583 
Hartford SmallCap Growth HLS Fund$23,479 $139,093 
Hartford Stock HLS Fund$331,717 $827,056 
Lord Abbett Series Fund - Fundamental Equity Portfolio$55,297 $99,300 
Lord Abbett Series Fund - Dividend Growth Portfolio$159,674 $834,971 
Lord Abbett Series Fund - Bond Debenture Portfolio$604,647 $814,002 
Lord Abbett Series Fund - Growth and Income Portfolio$205,430 $210,138 
MFS® Growth Series$3,265,012 $5,442,515 
MFS® Global Equity Series$404,028 $601,203 
MFS® Investors Trust Series$3,222,893 $7,038,694 
MFS® Mid Cap Growth Series$1,336,663 $2,630,809 
MFS® New Discovery Series$977,271 $4,087,680 
MFS® Total Return Series$8,232,090 $16,086,062 
MFS® Value Series$4,479,924 $8,249,925 
MFS® Total Return Bond Series$4,596,683 $7,311,739 
MFS® Research Series$302,759 $870,797 
MFS® High Yield Portfolio$1,788,278 $3,798,597 
BlackRock Managed Volatility V.I. Fund$1,107,217 $3,676,053 
BlackRock Global Allocation V.I. Fund$5,330 $2,159 
BlackRock S&P 500 Index V.I. Fund$184,445 $850,692 
BlackRock Large Cap Focus Growth V.I. Fund$21,320 $5,093 
BlackRock Equity Dividend V.I. Fund$65,897 $81,994 
Morgan Stanley VIF Growth Portfolio$763 $13,023 
Morgan Stanley VIF Discovery Portfolio$29,609 $294,860 
Invesco V.I. American Value Fund$1,639,245 $4,145,788 
BlackRock Capital Appreciation V.I. Fund$105,817 $111,253 
Columbia Variable Portfolio - Dividend Opportunity Fund$77,188 $868,630 
Columbia Variable Portfolio - Income Opportunities Fund$282,600 $515,470 
Columbia Variable Portfolio - Select Mid Cap Growth Fund$62,496 $744,348 
Invesco V.I. Discovery Mid Cap Growth Fund$190,957 $757,271 
Invesco V.I. Capital Appreciation Fund$21,947 $96,283 
Invesco V.I. Global Fund$252,886 $519,524 
Invesco V.I. Main Street Fund®$68,558 $42,397 
Invesco V.I. Main Street Small Cap Fund®$222,676 $559,788 
Putnam VT Diversified Income Fund$844,757 $1,101,548 
Putnam VT Global Asset Allocation Fund$11,347 $96,063 
Putnam VT Large Cap Growth Fund$96,051 $367,871 
Putnam VT International Value Fund$2,367 $2,962 
Putnam VT International Equity Fund$4,600 $13,662 
Putnam VT Small Cap Value Fund$9,055 $13,884 
Putnam VT Large Cap Value Fund$510 $60 
PIMCO VIT All Asset Portfolio$767 $93 
PIMCO StocksPLUS® Global Portfolio$27,217 $63,138 
PSF PGIM Jennison Growth Portfolio$— $8,370 
PSF PGIM Jennison Value Portfolio$2 $8,790 
ClearBridge Variable Dividend Strategy Portfolio$4,347 $1,264 
Western Asset Variable Global High Yield Bond Portfolio$1,435 $5,616 
Clearbridge Variable Large Cap Value Portfolio$113,270 $155,228 
Invesco V.I. Growth and Income Fund$58,607 $130,506 
Invesco V.I. Comstock Fund$15,208 $23,428 
Invesco V.I. American Franchise Fund$697,252 $3,490,213 
Allspring VT Index Asset Allocation Fund$2,261 $1,878 
Allspring VT International Equity Fund+$18,069 $445,221 
Allspring VT Small Cap Growth Fund$17,836 $179,526 
Allspring VT Discovery SMID Cap Growth Fund$— $724 
Allspring VT Opportunity Fund$387,822 $763,455 
MFS® Core Equity Portfolio$382,823 $713,812 
MFS® Massachusetts Investors Growth Stock Portfolio$776,033 $1,109,823 
MFS® Research International Portfolio$371,271 $1,142,671 
Columbia Variable Portfolio - Large Cap Growth Fund$90,643 $1,238,851 
Columbia Variable Portfolio - Overseas Core Fund$242,619 $395,404 
CTIVP® - Principal Blue Chip Growth Fund$30,519 $1,585,613 
LVIP JPMorgan Mid Cap Value Fund$482,033 $516,967 
LVIP JPMorgan U.S. Equity Fund$397,578 $987,687 
LVIP JPMorgan Core Bond Fund$1,354,450 $2,595,992 
PSF PGIM Jennison Blend Portfolio$— $31 
LVIP American Century Mid Cap Value Fund+$67,283 $1,509 
LVIP American Century Value Fund+$975,395 $157,045 

+ See Note 1 for additional information related to this Sub-Account.












5. Changes in Units Outstanding:



The changes in units outstanding for the period ended December 31, 2024 were as follows:

Sub-Account
Units IssuedUnits RedeemedNet Increase/(Decrease)
American Century VP Value Fund+1,160 29,773 (28,613)
American Century VP Growth Fund+— 1,588 (1,588)
AB VPS Balanced Hedged Allocation Portfolio1,138 17,916 (16,778)
AB VPS International Value Portfolio12,687 51,417 (38,730)
AB VPS Discovery Value Portfolio842 4,621 (3,779)
AB VPS Sustainable International Thematic Portfolio+81 25,343 (25,262)
Invesco V.I. Core Equity Fund21,930 147,778 (125,848)
Invesco V.I. Government Securities Fund3,536,630 6,346,329 (2,809,699)
Invesco V.I. High Yield Fund7,142 11,041 (3,899)
Invesco V.I. EQV International Equity Fund151,124 605,401 (454,277)
Invesco V.I. Main Street Mid Cap Fund®197,058 964,146 (767,088)
Invesco V.I. Small Cap Equity Fund16,770 82,740 (65,970)
Invesco V.I. Balanced-Risk Allocation Fund229 8,166 (7,937)
Invesco V.I. Government Money Market Fund1,702,687 2,024,119 (321,432)
American Century VP Mid Cap Value Fund+23 2,051 (2,028)
AB VPS Relative Value Portfolio207 5,187 (4,980)
American Funds Insurance Series® Capital World Bond Fund®82,139 203,398 (121,259)
American Funds Insurance Series® Capital World Growth and Income Fund®37,004 235,794 (198,790)
American Funds Insurance Series® Asset Allocation Fund131,120 568,726 (437,606)
American Funds Insurance Series® Washington Mutual Investors FundSM445,975 2,902,433 (2,456,458)
American Funds Insurance Series® The Bond Fund of America®444,390 870,186 (425,796)
American Funds Insurance Series® Global Growth Fund32,927 169,092 (136,165)
American Funds Insurance Series® Growth Fund147,641 1,384,305 (1,236,664)
American Funds Insurance Series® Growth-Income Fund102,124 1,049,884 (947,760)
American Funds Insurance Series® International Fund111,774 547,886 (436,112)
American Funds Insurance Series® New World Fund®15,399 84,179 (68,780)
American Funds Insurance Series® Global Small Capitalization Fund54,012 127,436 (73,424)
Columbia Variable Portfolio - Small Company Growth Fund4,142 75,459 (71,317)
Allspring VT Discovery All Cap Growth Fund9 16,319 (16,310)
Fidelity® VIP Growth Portfolio556 6,483 (5,927)
Fidelity® VIP Contrafund® Portfolio4,509 52,018 (47,509)
Fidelity® VIP Mid Cap Portfolio7,786 44,788 (37,002)
Fidelity® VIP Value Strategies Portfolio168 2,019 (1,851)
Fidelity® VIP Dynamic Capital Appreciation Portfolio55 3,114 (3,059)
Fidelity® VIP Strategic Income Portfolio52 111 (59)
Franklin Rising Dividends VIP Fund33,892 350,978 (317,086)
Franklin Income VIP Fund126,556 946,060 (819,504)
Franklin Large Cap Growth VIP Fund25,100 119,314 (94,214)
Franklin Global Real Estate VIP Fund1,213 1,735 (522)
Franklin Small-Mid Cap Growth VIP Fund35,974 185,846 (149,872)
Franklin Small Cap Value VIP Fund25,634 68,074 (42,440)
Franklin Strategic Income VIP Fund116,439 367,304 (250,865)
Franklin Mutual Shares VIP Fund75,398 580,381 (504,983)
Templeton Developing Markets VIP Fund17,863 76,382 (58,519)
Templeton Foreign VIP Fund156,093 399,965 (243,872)
Templeton Growth VIP Fund45,350 388,965 (343,615)
Franklin Mutual Global Discovery VIP Fund18,704 123,475 (104,771)
Franklin DynaTech VIP Fund9,424 51,094 (41,670)
Templeton Global Bond VIP Fund56,109 69,493 (13,384)
Hartford Balanced HLS Fund59,933 331,999 (272,066)
Hartford Total Return Bond HLS Fund532,434 1,453,662 (921,228)
Hartford Capital Appreciation HLS Fund33,616 625,750 (592,134)
Hartford Dividend and Growth HLS Fund57,126 415,111 (357,985)
Hartford Healthcare HLS Fund34 — 34 
Hartford Disciplined Equity HLS Fund24,219 157,894 (133,675)
Hartford International Opportunities HLS Fund10,405 78,630 (68,225)
Hartford MidCap HLS Fund3,567 55,919 (52,352)
Hartford Ultrashort Bond HLS Fund2,685,366 4,949,736 (2,264,370)
Hartford Small Company HLS Fund3,684 77,879 (74,195)
Hartford SmallCap Growth HLS Fund770 3,370 (2,600)
Hartford Stock HLS Fund27,134 182,592 (155,458)
Lord Abbett Series Fund - Fundamental Equity Portfolio857 2,616 (1,759)
Lord Abbett Series Fund - Dividend Growth Portfolio1,350 20,822 (19,472)
Lord Abbett Series Fund - Bond Debenture Portfolio17,838 40,340 (22,502)
Lord Abbett Series Fund - Growth and Income Portfolio3,279 7,187 (3,908)
MFS® Growth Series44,673 123,725 (79,052)
MFS® Global Equity Series5,361 15,438 (10,077)
MFS® Investors Trust Series27,344 192,097 (164,753)
MFS® Mid Cap Growth Series28,853 118,656 (89,803)
MFS® New Discovery Series26,042 96,248 (70,206)
MFS® Total Return Series89,150 519,164 (430,014)
MFS® Value Series30,288 181,289 (151,001)
MFS® Total Return Bond Series231,007 503,392 (272,385)
MFS® Research Series1,978 18,535 (16,557)
MFS® High Yield Portfolio71,876 272,876 (201,000)
BlackRock Managed Volatility V.I. Fund93,900 301,168 (207,268)
BlackRock Global Allocation V.I. Fund46 98 (52)
BlackRock S&P 500 Index V.I. Fund2,775 39,365 (36,590)
BlackRock Large Cap Focus Growth V.I. Fund— — — 
BlackRock Equity Dividend V.I. Fund917 2,488 (1,571)
Morgan Stanley VIF Growth Portfolio23 299 (276)
Morgan Stanley VIF Discovery Portfolio969 8,489 (7,520)
Invesco V.I. American Value Fund79,181 258,882 (179,701)
BlackRock Capital Appreciation V.I. Fund363 2,347 (1,984)
Columbia Variable Portfolio - Dividend Opportunity Fund3,771 32,724 (28,953)
Columbia Variable Portfolio - Income Opportunities Fund6,453 34,287 (27,834)
Columbia Variable Portfolio - Select Mid Cap Growth Fund2,586 22,985 (20,399)
Invesco V.I. Discovery Mid Cap Growth Fund12,610 50,554 (37,944)
Invesco V.I. Capital Appreciation Fund620 2,333 (1,713)
Invesco V.I. Global Fund1,882 16,060 (14,178)
Invesco V.I. Main Street Fund®23 887 (864)
Invesco V.I. Main Street Small Cap Fund®3,824 14,811 (10,987)
Putnam VT Diversified Income Fund37,700 76,054 (38,354)
Putnam VT Global Asset Allocation Fund8 3,894 (3,886)
Putnam VT Large Cap Growth Fund1,604 9,750 (8,146)
Putnam VT International Value Fund89 195 (106)
Putnam VT International Equity Fund137 881 (744)
Putnam VT Small Cap Value Fund27 398 (371)
Putnam VT Large Cap Value Fund— — — 
PIMCO VIT All Asset Portfolio— — — 
PIMCO StocksPLUS® Global Portfolio722 2,755 (2,033)
PSF PGIM Jennison Growth Portfolio— 5 (5)
PSF PGIM Jennison Value Portfolio— 2,523 (2,523)
ClearBridge Variable Dividend Strategy Portfolio5 26 (21)
Western Asset Variable Global High Yield Bond Portfolio98 1,890 (1,792)
Clearbridge Variable Large Cap Value Portfolio3,087 37,959 (34,872)
Invesco V.I. Growth and Income Fund256 3,927 (3,671)
Invesco V.I. Comstock Fund— 484 (484)
Invesco V.I. American Franchise Fund18,309 77,104 (58,795)
Allspring VT Index Asset Allocation Fund— 172 (172)
Allspring VT International Equity Fund+4,059 230,197 (226,138)
Allspring VT Small Cap Growth Fund608 6,945 (6,337)
Allspring VT Discovery SMID Cap Growth Fund— 11 (11)
Allspring VT Opportunity Fund2,031 18,677 (16,646)
MFS® Core Equity Portfolio5,874 24,423 (18,549)
MFS® Massachusetts Investors Growth Stock Portfolio3,799 34,880 (31,081)
MFS® Research International Portfolio22,031 75,479 (53,448)
Columbia Variable Portfolio - Large Cap Growth Fund3,318 35,519 (32,201)
Columbia Variable Portfolio - Overseas Core Fund8,310 24,384 (16,074)
CTIVP® - Principal Blue Chip Growth Fund1,453 53,176 (51,723)
LVIP JPMorgan Mid Cap Value Fund1,995 11,483 (9,488)
LVIP JPMorgan U.S. Equity Fund4,381 15,536 (11,155)
LVIP JPMorgan Core Bond Fund61,251 176,752 (115,501)
PSF PGIM Jennison Blend Portfolio— 1 (1)
LVIP American Century Mid Cap Value Fund+2,063 38 2,025 
LVIP American Century Value Fund+30,069 4,625 25,444 

+ See Note 1 for additional information related to this Sub-Account.





The changes in units outstanding for the period ended December 31, 2023 were as follows:

Sub-Account
Units IssuedUnits RedeemedNet Increase/(Decrease)
American Century VP Value Fund4,785 7,821 (3,036)
American Century VP Growth Fund92 909 (817)
AB VPS Balanced Hedged Allocation Portfolio1,378 17,401 (16,023)
AB VPS International Value Portfolio7,191 95,712 (88,521)
AB VPS Discovery Value Portfolio 1,696 4,412 (2,716)
AB VPS Sustainable International Thematic Portfolio209 1,295 (1,086)
Invesco V.I. Core Equity Fund37,258 141,298 (104,040)
Invesco V.I. Government Securities Fund3,684,384 6,367,588 (2,683,204)
Invesco V.I. High Yield Fund45,842 45,250 592 
Invesco V.I. EQV International Equity Fund218,929 937,424 (718,495)
Invesco V.I. Main Street Mid Cap Fund®133,726 757,051 (623,325)
Invesco V.I. Small Cap Equity Fund18,455 72,033 (53,578)
Invesco V.I. Balanced-Risk Allocation Fund4,003 9,761 (5,758)
Invesco V.I. Government Money Market Fund1,844,536 2,590,056 (745,520)
American Century VP Mid Cap Value Fund111 1,020 (909)
AB VPS Relative Value Portfolio2,234 3,804 (1,570)
American Funds Insurance Series® Capital World Bond Fund®73,119 283,765 (210,646)
American Funds Insurance Series® Capital World Growth and Income Fund®47,856 222,577 (174,721)
American Funds Insurance Series® Asset Allocation Fund121,565 681,771 (560,206)
American Funds Insurance Series® Washington Mutual Investors FundSM673,495 4,397,136 (3,723,641)
American Funds Insurance Series® The Bond Fund of America®497,407 929,831 (432,424)
American Funds Insurance Series® Global Growth Fund77,608 174,962 (97,354)
American Funds Insurance Series® Growth Fund277,887 1,484,764 (1,206,877)
American Funds Insurance Series® Growth-Income Fund101,543 1,114,094 (1,012,551)
American Funds Insurance Series® International Fund149,558 641,269 (491,711)
American Funds Insurance Series® New World Fund®23,604 128,730 (105,126)
American Funds Insurance Series® Global Small Capitalization Fund57,194 148,536 (91,342)
Columbia Variable Portfolio - Small Company Growth Fund19,186 69,010 (49,824)
Allspring VT Discovery All Cap Growth Fund27 6,833 (6,806)
Fidelity® VIP Growth Portfolio8,069 3,816 4,253 
Fidelity® VIP Contrafund® Portfolio5,211 50,245 (45,034)
Fidelity® VIP Mid Cap Portfolio11,819 38,190 (26,371)
Fidelity® VIP Value Strategies Portfolio1,534 3,439 (1,905)
Fidelity® VIP Dynamic Capital Appreciation Portfolio2,179 560 1,619 
Fidelity® VIP Strategic Income Portfolio16 116 (100)
Franklin Rising Dividends VIP Fund46,812 360,055 (313,243)
Franklin Income VIP Fund148,123 1,027,203 (879,080)
Franklin Large Cap Growth VIP Fund62,314 153,651 (91,337)
Franklin Global Real Estate VIP Fund774 1,533 (759)
Franklin Small-Mid Cap Growth VIP Fund44,921 181,011 (136,090)
Franklin Small Cap Value VIP Fund54,706 88,633 (33,927)
Franklin Strategic Income VIP Fund116,994 391,079 (274,085)
Franklin Mutual Shares VIP Fund101,924 618,499 (516,575)
Templeton Developing Markets VIP Fund69,753 67,163 2,590 
Templeton Foreign VIP Fund115,600 689,949 (574,349)
Templeton Growth VIP Fund108,163 515,102 (406,939)
Franklin Mutual Global Discovery VIP Fund21,836 133,440 (111,604)
Franklin DynaTech VIP Fund48,349 54,527 (6,178)
Templeton Global Bond VIP Fund41,957 100,333 (58,376)
Hartford Balanced HLS Fund36,327 377,947 (341,620)
Hartford Total Return Bond HLS Fund504,695 1,223,762 (719,067)
Hartford Capital Appreciation HLS Fund71,621 731,279 (659,658)
Hartford Dividend and Growth HLS Fund49,428 490,578 (441,150)
Hartford Healthcare HLS Fund37 — 37 
Hartford Disciplined Equity HLS Fund24,106 130,369 (106,263)
Hartford International Opportunities HLS Fund24,615 84,587 (59,972)
Hartford MidCap HLS Fund33,662 30,028 3,634 
Hartford Ultrashort Bond HLS Fund1,896,523 5,823,102 (3,926,579)
Hartford Small Company HLS Fund29,700 28,779 921 
Hartford SmallCap Growth HLS Fund4,088 19,956 (15,868)
Hartford Stock HLS Fund42,392 200,884 (158,492)
Lord Abbett Series Fund - Fundamental Equity Portfolio1,397 4,990 (3,593)
Lord Abbett Series Fund - Dividend Growth Portfolio1,700 6,789 (5,089)
Lord Abbett Series Fund - Bond Debenture Portfolio28,248 55,497 (27,249)
Lord Abbett Series Fund - Growth and Income Portfolio992 4,542 (3,550)
MFS® Growth Series53,555 132,465 (78,910)
MFS® Global Equity Series2,618 14,243 (11,625)
MFS® Investors Trust Series26,824 147,303 (120,479)
MFS® Mid Cap Growth Series24,709 125,132 (100,423)
MFS® New Discovery Series27,911 74,351 (46,440)
MFS® Total Return Series68,025 493,362 (425,337)
MFS® Value Series93,444 203,043 (109,599)
MFS® Total Return Bond Series364,763 513,919 (149,156)
MFS® Research Series3,119 11,575 (8,456)
MFS® High Yield Portfolio109,808 276,321 (166,513)
BlackRock Managed Volatility V.I. Fund234,758 364,047 (129,289)
BlackRock Global Allocation V.I. Fund59 441 (382)
BlackRock S&P 500 Index V.I. Fund9,881 75,757 (65,876)
BlackRock Large Cap Focus Growth V.I. Fund— 6,332 (6,332)
BlackRock Equity Dividend V.I. Fund1,868 4,176 (2,308)
Morgan Stanley VIF Growth Portfolio811 2,681 (1,870)
Morgan Stanley VIF Discovery Portfolio9,645 8,710 935 
Invesco V.I. American Value Fund127,401 279,557 (152,156)
BlackRock Capital Appreciation V.I. Fund985 5,233 (4,248)
Columbia Variable Portfolio - Dividend Opportunity Fund14,674 42,634 (27,960)
Columbia Variable Portfolio - Income Opportunities Fund8,240 34,644 (26,404)
Columbia Variable Portfolio - Select Mid Cap Growth Fund9,609 24,148 (14,539)
Invesco V.I. Discovery Mid Cap Growth Fund38,063 54,789 (16,726)
Invesco V.I. Capital Appreciation Fund180 2,755 (2,575)
Invesco V.I. Global Fund2,246 23,032 (20,786)
Invesco V.I. Main Street Fund®227 1,918 (1,691)
Invesco V.I. Main Street Small Cap Fund®5,006 12,024 (7,018)
Putnam VT Diversified Income Fund39,848 71,952 (32,104)
Putnam VT Global Asset Allocation Fund18 320 (302)
Putnam VT Large Cap Growth Fund1,724 15,071 (13,347)
Putnam VT International Value Fund1,052 912 140 
Putnam VT International Equity Fund3,560 1,116 2,444 
Putnam VT Small Cap Value Fund52 767 (715)
Putnam VT Large Cap Value Fund— — — 
PIMCO VIT All Asset Portfolio— 1 (1)
PIMCO StocksPLUS® Global Portfolio1,783 5,625 (3,842)
PSF PGIM Jennison Growth Portfolio7,932 12,214 (4,282)
PSF PGIM Jennison Value Portfolio— 162 (162)
ClearBridge Variable Dividend Strategy Portfolio156 239 (83)
Western Asset Variable Global High Yield Bond Portfolio133 3,001 (2,868)
Clearbridge Variable Large Cap Value Portfolio5,149 24,250 (19,101)
Invesco V.I. Growth and Income Fund846 6,662 (5,816)
Invesco V.I. Comstock Fund— 675 (675)
Invesco V.I. American Franchise Fund61,426 95,006 (33,580)
Allspring VT Index Asset Allocation Fund— 197 (197)
Allspring VT International Equity Fund5,131 51,869 (46,738)
Allspring VT Small Cap Growth Fund1,766 2,321 (555)
Allspring VT Discovery SMID Cap Growth Fund— 14 (14)
Allspring VT Opportunity Fund2,668 18,160 (15,492)
MFS® Core Equity Portfolio7,662 16,433 (8,771)
MFS® Massachusetts Investors Growth Stock Portfolio14,639 25,487 (10,848)
MFS® Research International Portfolio18,419 79,583 (61,164)
Columbia Variable Portfolio - Large Cap Growth Fund34,652 34,430 222 
Columbia Variable Portfolio - Overseas Core Fund17,358 54,757 (37,399)
CTIVP® - Principal Blue Chip Growth Fund16,427 23,481 (7,054)
LVIP JPMorgan Mid Cap Value Fund70,458 7,601 62,857 
LVIP JPMorgan U.S. Equity Fund65,922 10,926 54,996 
LVIP JPMorgan Core Bond Fund1,175,498 143,327 1,032,171 
PSF PGIM Jennison Blend Portfolio28 — 28 











6. Financial Highlights:

The following is a summary of units, unit fair values, net assets, expense ratios, investment income ratios, and total return ratios as of or for each of the periods presented for the aggregate of all share classes within each Sub- Account that had outstanding units during the period ended December 31, 2024. The ranges presented are calculated using the results of only the contracts with the highest and lowest expense ratios that had assets during the period reported. A specific unit value or ratio may be outside of the range presented in this table due to the initial assigned unit values, combined with varying performance and/or length of time since inception of the presented expense ratios that had assets during the period reported. Investment income and total return ratios are calculated for the period the related share class within the Sub-Account is active, while the expense ratio is annualized. In the case of fund mergers, the expense, investment income, and total return ratios are calculated using only the results of the surviving fund and exclude the results of the fund merged into the surviving fund. For the fund merged into the surviving fund the results are through the date of the fund merger. Corporate actions are identified for only the current year, prior years’ corporate actions are disclosed in the respective year’s report.


 Units # Unit
Fair Value
Lowest to Highest #		 Net AssetsExpense
Ratio Lowest to Highest*		Investment
Income
Ratio Lowest to Highest**		Total Return Ratio
Lowest to Highest***
American Century VP Value Fund+
2024♦—$28.350055 to$31.530514$—0.65 %to1.45%0.68 %to0.68%1.96 %to2.37%
202328,613$27.804526 to$30.800352$880,2320.65 %to1.45%2.24 %to2.25%7.45 %to8.31%
202231,649$25.876946 to$28.436745$899,1420.65 %to1.45%1.92 %to1.92%(1.13)%to(0.34)%
202141,366$26.173946 to$28.999366$1,180,2850.50 %to1.45%0.39 %to1.55%22.49 %to23.66%
202055,925$21.367737 to$23.450700$1,292,7160.50 %to1.45%2.15 %to2.21%(0.62)%to0.33%
American Century VP Growth Fund+
2024♦—$47.820182 to$47.820182$—0.65 %to0.65%— %to—%9.83 %to9.83%
20231,588$43.538937 to$43.538937$69,1300.65 %to0.65%— %to—%42.20 %to42.20%
20222,405$30.617792 to$30.617792$73,6460.65 %to0.65%— %to—%(31.78)%to(31.78)%
20211,830$44.882574 to$44.882574$82,1330.65 %to0.65%— %to—%26.31 %to26.31%
20202,248$35.532853 to$35.532853$79,8790.65 %to0.65%0.33 %to0.33%33.80 %to33.80%
AB VPS Balanced Hedged Allocation Portfolio
202497,476$21.228699 to$27.522638$1,747,9470.50 %to2.70%1.79 %to1.83%5.69 %to8.04%
2023114,254$20.086573 to$25.475491$1,911,1940.50 %to2.70%0.91 %to0.91%9.66 %to12.10%
2022130,277$18.317304 to$22.726310$1,965,1920.50 %to2.70%3.07 %to3.09%(21.32)%to(19.57)%
2021143,703$23.281991 to$28.256774$2,722,0900.50 %to2.70%0.08 %to0.24%10.35 %to12.80%
2020154,918$21.099126 to$25.050508$2,634,2620.50 %to2.70%0.88 %to2.21%6.34 %to8.71%
AB VPS International Value Portfolio
2024265,207$13.694004 to$17.105999$2,194,6880.50 %to2.70%2.31 %to2.43%2.02 %to4.29%
2023303,937$13.423105 to$16.402809$2,421,4520.50 %to2.70%0.69 %to0.74%11.77 %to14.26%
2022392,458$12.009144 to$14.355854$2,755,3770.50 %to2.70%4.22 %to4.27%(16.09)%to(14.22)%
2021402,252$14.312364 to$16.736638$3,318,5970.50 %to2.70%1.70 %to1.79%7.90 %to10.30%
2020511,971$13.264223 to$15.173551$3,855,0070.50 %to2.70%1.72 %to1.76%(0.51)%to1.70%
AB VPS Discovery Value Portfolio
202424,588$42.271156 to$51.127968$801,4290.50 %to2.70%0.63 %to0.65%6.80 %to9.17%
202328,367$39.581002 to$46.832969$852,3060.50 %to2.70%0.81 %to0.84%13.75 %to16.28%
202231,083$34.795935 to$40.276122$820,6930.50 %to2.70%0.83 %to0.84%(18.06)%to(16.24)%
202142,349$42.189329 to$48.083889$1,342,4310.50 %to2.75%— %to0.60%31.93 %to34.93%
202052,613$31.978466 to$35.636456$1,249,1160.50 %to2.75%0.80 %to0.84%0.26 %to2.54%
AB VPS Sustainable International Thematic Portfolio+


2024♦—$11.000688 to$17.294353$—1.25 %to2.70%— %to—%(2.10)%to(1.47)%
202325,262$11.164604 to$17.665799$286,6581.25 %to2.70%— %to—%9.36 %to10.96%
202226,348$10.061908 to$16.153403$270,0051.25 %to2.70%— %to—%(29.73)%to(28.70)%
202126,772$14.112845 to$22.988228$386,0021.25 %to2.70%— %to—%5.13 %to6.67%
202031,435$13.230890 to$21.866344$436,9431.25 %to2.70%0.99 %to1.19%26.15 %to27.99%
Invesco V.I. Core Equity Fund
2024715,389$36.044499 to$47.642823$20,084,1890.30 %to2.75%— %to0.67%22.20 %to24.91%
2023841,237$29.495643 to$38.140444$19,512,7320.30 %to2.75%— %to0.80%20.02 %to22.72%
2022945,277$24.575587 to$31.080033$18,414,9650.30 %to2.75%— %to0.91%(22.70)%to(20.99)%
20211,069,488$31.794381 to$39.337168$27,364,6280.30 %to2.75%0.34 %to0.67%24.28 %to27.00%
20201,212,683$25.583443 to$30.270210$24,985,6220.50 %to2.75%1.05 %to1.18%10.76 %to13.01%
Invesco V.I. Government Securities Fund
202431,024,149$1.498013 to$8.610162$38,225,0400.85 %to2.75%0.05 %to2.46%(1.04)%to0.86%
202333,833,848$1.485261 to$8.700596$41,743,3500.85 %to2.75%2.13 %to2.27%1.78 %to3.73%
202236,517,052$1.431786 to$8.488134$43,797,6200.85 %to2.80%— %to1.88%(12.77)%to(11.05)%
202144,412,562$1.609700 to$9.730853$60,612,6210.85 %to2.80%2.15 %to2.47%(4.97)%to(3.09)%
202047,149,679$1.661102 to$10.239324$66,804,3500.85 %to2.80%2.52 %to2.52%3.34 %to5.37%
Invesco V.I. High Yield Fund
202492,860$10.687788 to$22.449165$431,9421.25 %to2.65%5.67 %to5.72%4.91 %to6.39%
202396,759$9.990522 to$21.077561$458,7261.55 %to2.75%— %to5.18%7.19 %to8.48%
202296,167$9.209454 to$19.664194$281,0601.55 %to2.75%— %to4.82%(12.01)%to(7.91)%
2021166,792$2.329674 to$22.642496$453,8681.70 %to2.65%4.75 %to8.81%1.65 %to2.62%
2020117,205$2.270143 to$22.274429$333,2501.70 %to2.65%6.02 %to6.03%0.62 %to1.58%
Invesco V.I. EQV International Equity Fund
20243,795,918$20.629089 to$24.168286$15,389,1020.50 %to2.75%1.54 %to1.74%(2.11)%to(0.16)%
20234,250,195$21.073886 to$24.205970$17,437,2700.50 %to2.75%— %to0.23%14.94 %to17.28%
20224,968,690$18.205497 to$20.639682$17,737,6030.50 %to2.80%— %to1.38%(20.56)%to(18.91)%
20215,478,597$22.918186 to$26.097468$24,127,2520.30 %to2.80%— %to1.34%2.97 %to5.29%
20206,243,261$22.258091 to$24.786293$26,233,8250.30 %to2.80%— %to2.40%10.85 %to13.40%
Invesco V.I. Main Street Mid Cap Fund®
20244,682,742$29.214899 to$36.233576$18,965,1170.65 %to2.80%0.13 %to0.34%13.84 %to16.04%
20235,449,830$25.663997 to$31.225710$19,250,9640.65 %to2.80%0.04 %to0.29%11.31 %to13.41%
20226,073,155$23.056781 to$27.534581$19,102,2480.65 %to2.80%0.07 %to0.35%(16.63)%to(15.01)%
20216,872,478$27.655875 to$32.396677$25,733,3550.65 %to2.80%0.26 %to0.45%19.84 %to22.07%
20207,790,159$23.076506 to$26.539528$24,150,3130.65 %to2.80%0.51 %to0.74%6.23 %to8.24%
Invesco V.I. Small Cap Equity Fund
2024347,817$36.350437 to$47.706807$13,323,0970.30 %to2.75%— %to0.13%14.89 %to17.50%
2023413,787$31.639114 to$40.601611$13,676,4100.30 %to2.75%— %to—%13.42 %to15.91%
2022467,365$27.700771 to$35.028997$13,495,0320.30 %to2.80%— %to—%(22.70)%to(20.97)%
2021522,611$35.837174 to$44.323102$19,328,4150.30 %to2.80%— %to0.17%17.08 %to19.73%
2020631,159$30.608904 to$37.017915$19,732,8440.30 %to2.80%— %to0.34%23.73 %to26.49%
Invesco V.I. Balanced-Risk Allocation Fund
202430,644$13.395613 to$17.408635$463,4570.50 %to2.40%5.79 %to5.95%1.10 %to3.04%
202338,581$13.249337 to$16.894448$573,3010.50 %to2.40%— %to—%3.88 %to5.87%
202244,339$12.754970 to$15.957969$632,4770.50 %to2.40%7.11 %to7.31%(16.55)%to(14.94)%
202151,196$15.283831 to$18.761536$863,2910.50 %to2.40%2.91 %to3.04%6.67 %to8.72%
202059,682$14.328032 to$17.257367$935,5000.50 %to2.40%7.55 %to7.94%7.38 %to9.44%


Invesco V.I. Government Money Market Fund
20244,174,538$8.488990 to$11.098298$39,965,3090.30 %to2.75%2.09 %to4.86%2.14 %to4.41%
20234,495,970$8.311011 to$10.406533$41,681,7350.50 %to2.75%4.50 %to4.74%2.03 %to4.09%
20225,241,490$8.019038 to$10.191486$47,122,7240.30 %to2.80%— %to1.09%(1.54)%to0.95%
20215,286,481$8.144581 to$10.095488$47,744,3430.30 %to2.80%— %to0.01%(2.75)%to(0.29)%
20205,768,040$8.375289 to$10.125144$52,819,5330.30 %to2.80%— %to0.29%(2.55)%to(0.09)%
American Century VP Mid Cap Value Fund+
2024♦—$27.852153 to$31.636250$—0.50 %to1.45%0.42 %to0.43%(0.64)%to(0.16)%
20232,028$28.030277 to$31.687692$62,7310.50 %to1.45%2.15 %to2.17%4.50 %to5.50%
20222,937$26.822991 to$30.036372$86,3950.50 %to1.45%2.10 %to2.13%(2.80)%to(1.88)%
20213,226$27.596922 to$30.610848$96,8170.50 %to1.45%1.01 %to1.03%21.25 %to22.40%
20203,545$22.761118 to$25.008360$87,0370.50 %to1.45%1.70 %to1.71%(0.34)%to0.61%
AB VPS Relative Value Portfolio
202418,800$15.285326 to$16.394036$296,0231.25 %to2.45%1.24 %to1.26%10.04 %to11.37%
202323,780$13.891002 to$14.720978$337,9151.25 %to2.45%1.29 %to1.31%9.02 %to10.33%
202225,350$12.741721 to$13.342091$328,4151.25 %to2.45%0.91 %to1.11%(6.73)%to(5.61)%
202120,403$13.661516 to$14.134566$282,6701.25 %to2.45%0.61 %to0.64%24.75 %to26.25%
20208,803$10.951484 to$11.195674$98,0981.25 %to2.45%1.33 %to1.33%(0.01)%to1.20%
American Funds Insurance Series® Capital World Bond Fund®
2024913,497$8.627697 to$8.930172$9,349,2830.50 %to2.75%— %to2.16%(5.67)%to(3.80)%
20231,034,756$9.146013 to$9.283392$11,137,6040.50 %to2.75%— %to—%3.26 %to5.37%
20221,245,402$8.810557 to$8.857415$12,725,6460.50 %to2.75%0.20 %to0.23%(19.93)%to(18.25)%
20211,404,296$10.777853 to$11.062217$17,723,9240.50 %to2.75%1.62 %to1.76%(7.50)%to(5.65)%
20201,472,084$11.423284 to$11.959025$19,994,2370.50 %to2.75%0.84 %to1.22%6.92 %to9.07%
American Funds Insurance Series® Capital World Growth and Income Fund®
20241,102,686$17.052507 to$34.572055$26,644,4880.50 %to2.75%1.56 %to4.02%10.91 %to13.13%
20231,301,476$15.073288 to$31.170523$28,347,5750.50 %to2.75%1.01 %to1.78%17.60 %to20.05%
20221,476,197$12.555883 to$26.505012$27,099,2320.50 %to2.75%2.21 %to2.30%(19.58)%to(17.98)%
20211,715,573$15.308716 to$32.958188$38,617,0110.50 %to2.75%1.34 %to1.46%11.66 %to13.89%
20201,952,428$13.441354 to$29.515709$38,993,6160.50 %to2.75%1.12 %to1.22%5.78 %to8.00%
American Funds Insurance Series® Asset Allocation Fund
20243,079,859$17.129744 to$31.499021$99,152,1830.50 %to2.75%2.05 %to2.21%13.28 %to15.53%
20233,517,465$14.826835 to$27.806359$98,787,5910.50 %to2.75%2.05 %to2.24%11.17 %to13.46%
20224,077,671$13.068385 to$25.012326$101,954,3240.50 %to2.75%1.69 %to1.90%(15.76)%to(14.09)%
20214,671,910$15.212317 to$29.496576$137,654,5120.50 %to2.80%0.29 %to1.36%11.92 %to14.27%
20205,137,596$13.312705 to$26.354191$134,215,7670.50 %to2.80%0.73 %to1.76%9.35 %to11.60%
American Funds Insurance Series® Washington Mutual Investors FundSM
202415,955,009$20.402047 to$44.102679$62,063,6780.50 %to2.75%1.04 %to1.76%15.91 %to18.26%
202318,411,467$17.475030 to$38.047871$60,742,7100.30 %to2.75%— %to1.89%14.11 %to16.62%
202222,135,108$14.984343 to$33.344068$63,076,9780.30 %to2.75%1.82 %to3.03%(10.94)%to(8.96)%
202123,639,630$16.459154 to$37.439332$74,980,8550.30 %to2.75%1.27 %to1.47%24.32 %to27.13%
202025,407,005$12.946697 to$30.116208$64,495,6180.30 %to2.75%1.73 %to1.96%5.73 %to8.15%
American Funds Insurance Series® The Bond Fund of America®
20245,031,328$10.504881 to$10.860666$70,837,5160.50 %to2.75%2.83 %to4.11%(1.59)%to0.47%
20235,457,124$10.455425 to$11.036012$77,500,1730.50 %to2.75%3.35 %to3.43%2.17 %to4.20%
20225,889,548$10.033899 to$10.801651$81,120,5050.50 %to2.75%2.68 %to2.88%(14.95)%to(13.18)%
20216,924,935$11.557708 to$12.700929$110,508,6110.50 %to2.75%1.24 %to1.35%(3.01)%to(1.08)%


20207,246,894$11.684237 to$13.095358$118,167,3020.50 %to2.75%1.76 %to3.48%6.76 %to8.83%
American Funds Insurance Series® Global Growth Fund
2024937,538$44.468575 to$62.681837$39,852,7190.85 %to2.75%1.53 %to1.56%10.60 %to12.72%
20231,073,703$40.206836 to$55.608219$40,952,7620.85 %to2.75%0.89 %to0.91%19.28 %to21.57%
20221,171,057$33.707996 to$45.743201$37,059,7430.85 %to2.75%0.67 %to0.68%(26.78)%to(25.38)%
20211,283,186$46.039222 to$61.298850$54,887,8140.85 %to2.75%0.33 %to0.34%13.26 %to15.44%
20201,400,951$16.780459 to$40.648006$52,706,8200.50 %to2.75%0.11 %to0.35%26.93 %to29.52%
American Funds Insurance Series® Growth Fund
20246,990,897$31.897833 to$80.656820$434,557,1480.30 %to2.80%0.14 %to0.34%27.99 %to30.90%
20238,227,561$24.367619 to$63.016490$395,463,4560.30 %to2.80%— %to0.36%34.66 %to37.72%
20229,434,438$17.693114 to$46.795835$331,540,5250.30 %to2.80%— %to0.26%(31.88)%to(30.32)%
202110,450,338$25.393402 to$68.691717$535,524,3280.30 %to2.80%0.06 %to0.21%18.62 %to21.32%
202012,124,144$20.788080 to$57.907788$516,683,8240.50 %to2.80%0.22 %to0.33%47.89 %to50.96%
American Funds Insurance Series® Growth-Income Fund
20245,845,797$23.456528 to$51.682646$281,283,4390.50 %to2.80%0.86 %to1.11%20.80 %to23.30%
20236,793,557$19.023722 to$42.784091$267,538,1570.50 %to2.80%1.16 %to1.38%22.66 %to25.20%
20227,806,108$15.194931 to$34.880928$247,310,4100.50 %to2.80%0.62 %to1.08%(18.80)%to(17.12)%
20218,839,811$18.334053 to$42.957770$341,233,5700.50 %to2.80%0.93 %to1.05%20.67 %to23.18%
202010,168,543$14.883680 to$35.599175$321,997,7630.50 %to2.80%1.11 %to1.42%10.41 %to12.68%
American Funds Insurance Series® International Fund
20242,975,524$11.529240 to$18.918241$48,492,0530.50 %to2.75%0.96 %to1.11%0.36 %to2.42%
20233,411,636$11.402911 to$18.850241$54,943,5290.30 %to2.75%— %to1.32%12.70 %to15.21%
20223,903,347$9.897380 to$16.725730$54,718,6810.30 %to2.75%— %to1.61%(22.94)%to(21.26)%
20214,093,205$12.569372 to$21.704405$74,327,5710.30 %to2.75%1.21 %to2.28%(4.17)%to(2.01)%
20204,752,038$12.826795 to$22.648525$88,318,7720.30 %to2.75%0.30 %to0.69%10.88 %to13.32%
American Funds Insurance Series® New World Fund®
2024497,117$14.515825 to$22.663184$16,063,8430.30 %to2.75%— %to1.31%3.67 %to6.01%
2023565,897$13.692502 to$21.861764$17,520,1540.30 %to2.75%1.01 %to1.45%12.85 %to15.32%
2022671,023$11.873212 to$19.372401$17,973,4110.30 %to2.75%— %to1.27%(24.21)%to(22.49)%
2021785,271$15.317447 to$25.561739$26,797,5480.30 %to2.75%0.25 %to0.84%2.08 %to4.32%
2020889,488$14.683658 to$25.042110$29,568,3550.30 %to2.75%— %to0.07%20.23 %to22.92%
American Funds Insurance Series® Global Small Capitalization Fund
2024777,470$14.306111 to$29.622398$20,585,0900.30 %to2.75%0.87 %to1.08%(0.44)%to1.81%
2023850,894$14.051364 to$29.754726$22,466,1300.30 %to2.75%0.01 %to0.26%13.02 %to15.44%
2022942,236$12.172109 to$26.326524$21,886,6760.30 %to2.75%— %to—%(31.47)%to(29.90)%
20211,020,039$17.363886 to$38.415811$34,312,6430.30 %to2.75%— %to—%3.84 %to6.11%
20201,176,377$16.364324 to$36.994250$37,300,3940.30 %to2.75%0.09 %to0.16%26.20 %to29.00%
Columbia Variable Portfolio - Small Company Growth Fund
2024581,953$4.816411 to$54.383908$3,366,8781.70 %to2.75%1.27 %to2.28%20.75 %to22.02%
2023653,270$3.947160 to$45.038743$3,162,3051.70 %to2.75%— %to—%23.20 %to24.50%
2022703,094$3.170440 to$36.557453$2,697,0261.70 %to2.75%— %to—%(37.51)%to(36.85)%
2021784,490$5.020557 to$58.121560$5,270,1271.70 %to2.80%— %to—%(5.58)%to(4.54)%
2020896,606$5.259160 to$61.556762$6,438,2921.70 %to2.80%— %to—%66.41 %to68.24%
Allspring VT Discovery All Cap Growth Fund
2024123,276$50.005958 to$61.192771$525,2241.25 %to2.45%— %to—%18.37 %to19.80%
2023139,586$42.246420 to$51.081117$519,5711.25 %to2.45%— %to—%30.27 %to31.84%
2022146,392$32.430113 to$38.744927$418,8351.25 %to2.45%— %to—%(38.57)%to(37.83)%


2021150,867$52.793758 to$62.319509$691,0801.25 %to2.45%— %to—%12.48 %to13.84%
2020189,561$46.934619 to$54.742957$805,6321.25 %to2.45%— %to—%39.94 %to41.63%
Fidelity® VIP Growth Portfolio
202433,884$59.664905 to$85.317383$2,050,1741.25 %to2.40%— %to—%26.99 %to28.46%
202339,811$46.446441 to$67.183382$1,867,6891.25 %to2.40%— %to—%32.67 %to34.20%
202235,558$34.609223 to$50.639506$1,258,0601.25 %to2.40%0.35 %to0.36%(26.43)%to(25.58)%
202136,702$46.506451 to$68.835840$1,785,6041.25 %to2.40%— %to—%19.99 %to21.38%
202047,183$38.315724 to$55.324211$1,897,9751.25 %to2.70%0.03 %to0.04%39.73 %to41.77%
Fidelity® VIP Contrafund® Portfolio
2024251,392$60.603394 to$77.870191$12,145,0670.50 %to2.70%0.03 %to0.03%29.90 %to32.78%
2023298,901$46.655260 to$58.644399$11,010,2020.50 %to2.70%0.25 %to0.26%29.57 %to32.45%
2022343,935$36.006592 to$44.275660$9,744,3770.50 %to2.70%0.11 %to0.26%(28.45)%to(26.86)%
2021379,320$49.995060 to$60.531420$14,754,6500.50 %to2.75%0.03 %to0.03%24.05 %to26.87%
2020430,818$40.301088 to$47.709520$13,362,6510.50 %to2.75%0.08 %to0.08%26.70 %to29.58%
Fidelity® VIP Mid Cap Portfolio
2024216,433$42.390134 to$50.345873$6,952,0960.50 %to2.70%0.24 %to0.34%14.05 %to16.59%
2023253,435$37.166489 to$43.181525$7,085,8000.50 %to2.70%0.38 %to0.39%11.74 %to14.23%
2022279,806$33.260104 to$37.802407$6,987,7470.50 %to2.70%0.27 %to0.28%(17.24)%to(15.39)%
2021333,281$40.186468 to$44.679269$9,892,6090.50 %to2.70%0.32 %to0.37%21.97 %to24.68%
2020411,705$32.947923 to$35.834747$9,937,1540.50 %to2.70%0.38 %to0.42%14.73 %to17.28%
Fidelity® VIP Value Strategies Portfolio
202430,205$34.129859 to$54.320634$1,080,5511.25 %to2.70%0.79 %to0.80%6.25 %to7.81%
202332,056$31.658856 to$51.123814$1,064,5261.25 %to2.70%0.87 %to0.93%17.40 %to19.11%
202233,961$26.579679 to$43.548437$948,1911.25 %to2.70%0.87 %to0.89%(9.82)%to(8.50)%
202123,401$29.049057 to$47.975077$755,9381.25 %to2.75%0.11 %to1.27%29.73 %to31.69%
202024,664$22.059290 to$36.981426$599,9591.25 %to2.75%1.05 %to1.06%5.09 %to6.68%
Fidelity® VIP Dynamic Capital Appreciation Portfolio
20244,541$43.645917 to$50.786811$214,2371.25 %to2.15%0.05 %to0.06%22.53 %to23.64%
20237,600$35.619960 to$41.076569$293,8791.25 %to2.15%0.08 %to0.12%25.99 %to27.13%
20225,981$28.272503 to$32.311745$180,0931.25 %to2.15%0.10 %to0.11%(22.73)%to(22.03)%
20216,149$41.442478 to$58.806754$238,6241.25 %to2.40%0.01 %to0.12%21.32 %to22.73%
20208,420$33.767951 to$48.470550$285,5821.25 %to2.40%0.04 %to0.05%30.18 %to31.69%
Fidelity® VIP Strategic Income Portfolio
20243,571$18.421543 to$18.854980$66,6940.50 %to0.65%3.56 %to3.57%5.09 %to5.25%
20233,630$17.528609 to$17.914146$64,4510.50 %to0.65%4.30 %to4.37%8.47 %to8.63%
20223,730$16.159889 to$16.490572$60,9800.50 %to0.65%3.38 %to3.46%(12.09)%to(11.96)%
20213,889$18.382858 to$18.730886$72,2420.50 %to0.65%2.39 %to2.85%2.86 %to3.02%
20202,524$17.871498 to$18.182550$45,4290.50 %to0.65%3.05 %to3.14%6.47 %to6.63%
Franklin Rising Dividends VIP Fund
20242,075,250$42.488376 to$58.723592$105,424,9100.50 %to2.80%0.95 %to0.98%7.73 %to10.13%
20232,392,336$39.440656 to$53.321627$111,582,3110.50 %to2.80%0.87 %to0.91%8.98 %to11.43%
20222,705,579$36.190149 to$47.853536$114,537,8360.50 %to2.80%0.91 %to1.11%(13.04)%to(11.12)%
20213,065,129$41.618059 to$53.843274$147,449,2370.50 %to2.80%0.84 %to0.92%23.29 %to26.00%
20203,514,337$33.756131 to$42.733716$135,758,2190.50 %to2.80%1.24 %to1.25%12.77 %to15.27%
Franklin Income VIP Fund
20245,711,324$24.158961 to$28.311760$157,719,9000.50 %to2.75%4.95 %to5.24%4.30 %to6.54%
20236,530,828$23.163836 to$26.572957$171,343,7760.50 %to2.75%4.93 %to5.14%5.68 %to8.01%


20227,409,908$21.919574 to$24.603335$182,488,3630.50 %to2.75%4.66 %to4.95%(8.04)%to(6.06)%
20218,513,607$23.507682 to$26.191692$224,767,8880.50 %to2.75%4.42 %to4.55%13.43 %to16.01%
20209,713,911$20.725204 to$22.578017$223,691,0300.50 %to2.75%5.40 %to5.63%(2.15)%to0.08%
Franklin Large Cap Growth VIP Fund
2024448,294$50.098761 to$55.214616$20,171,3970.95 %to2.75%— %to—%22.87 %to25.10%
2023542,508$40.773150 to$44.135426$19,694,5390.95 %to2.75%— %to—%36.64 %to39.11%
2022633,845$29.840533 to$31.725911$16,636,3070.95 %to2.75%— %to—%(38.26)%to(37.14)%
2021639,701$48.018817 to$50.468846$26,960,2990.95 %to2.80%— %to—%12.09 %to14.19%
2020747,783$41.038866 to$42.838646$27,822,4091.35 %to2.80%— %to—%40.64 %to42.70%
Franklin Global Real Estate VIP Fund
202411,851$21.467466 to$25.782002$292,1851.40 %to2.15%1.86 %to1.88%(2.44)%to(1.70)%
202312,373$22.003947 to$26.228777$311,9841.40 %to2.15%2.80 %to2.86%9.06 %to9.88%
202213,132$20.175697 to$23.869834$302,6081.40 %to2.15%2.38 %to3.04%(27.64)%to(27.09)%
202114,538$27.881043 to$32.738880$456,9291.40 %to2.15%0.90 %to0.91%24.10 %to25.03%
202015,979$19.682129 to$26.185103$401,4221.40 %to2.40%— %to3.26%(7.63)%to(6.70)%
Franklin Small-Mid Cap Growth VIP Fund
2024985,865$45.286924 to$55.698754$31,952,9910.50 %to2.75%— %to—%8.02 %to10.33%
20231,135,737$41.922852 to$50.482275$33,941,6350.50 %to2.75%— %to—%23.30 %to26.07%
20221,271,827$33.761207 to$40.042792$30,557,0070.50 %to2.80%— %to—%(35.53)%to(34.09)%
20211,351,845$52.364348 to$60.757449$49,803,7820.50 %to2.80%— %to—%6.97 %to9.31%
20201,571,777$48.950188 to$55.583257$53,632,7600.50 %to2.80%— %to—%50.81 %to54.23%
Franklin Small Cap Value VIP Fund
2024299,074$38.818311 to$51.201200$8,145,5950.30 %to2.75%0.87 %to0.93%8.68 %to11.27%
2023341,514$35.719406 to$46.016037$8,447,4270.30 %to2.75%— %to0.23%9.69 %to12.34%
2022375,441$32.564932 to$40.962778$8,396,7320.30 %to2.75%— %to1.00%(12.51)%to(10.38)%
2021407,004$37.220000 to$45.706594$10,400,3990.30 %to2.75%1.02 %to1.23%21.97 %to24.80%
2020439,880$30.516310 to$36.624803$9,162,5350.30 %to2.75%— %to1.45%2.34 %to4.82%
Franklin Strategic Income VIP Fund
20242,171,823$14.537358 to$16.717665$42,910,5200.50 %to2.75%4.28 %to4.48%1.49 %to3.47%
20232,422,688$14.323421 to$16.157791$46,952,7290.50 %to2.75%4.34 %to4.68%5.43 %to7.45%
20222,696,773$13.585840 to$15.037720$49,222,7380.50 %to2.75%3.89 %to4.45%(12.89)%to(11.29)%
20213,165,746$15.595629 to$16.951255$65,430,8460.50 %to2.75%3.19 %to3.44%(0.49)%to1.55%
20203,379,227$15.672577 to$16.692945$69,892,5710.50 %to2.75%4.40 %to5.16%0.94 %to2.83%
Franklin Mutual Shares VIP Fund
20243,078,086$25.302360 to$33.369491$91,734,6600.50 %to2.80%1.83 %to1.99%8.20 %to10.60%
20233,583,069$23.384954 to$31.057914$97,451,5580.30 %to2.80%— %to1.89%10.33 %to12.97%
20224,099,644$21.195092 to$27.491722$99,844,7050.30 %to2.80%— %to1.23%(9.99)%to(7.75)%
20214,718,874$23.547457 to$29.800088$126,121,7760.30 %to2.80%1.21 %to2.88%15.88 %to18.71%
20205,476,098$20.320731 to$25.104208$124,666,5560.30 %to2.80%— %to2.98%(7.67)%to(5.45)%
Templeton Developing Markets VIP Fund
2024356,119$18.081258 to$33.945242$7,942,2320.85 %to2.75%4.09 %to4.19%5.05 %to7.07%
2023414,638$17.211738 to$31.704742$8,721,4180.85 %to2.75%2.28 %to2.31%9.71 %to11.82%
2022412,048$15.687780 to$28.353824$8,046,0160.85 %to2.75%2.70 %to2.92%(23.83)%to(22.37)%
2021472,661$20.595662 to$36.522127$11,812,0920.85 %to2.75%1.03 %to1.08%(8.07)%to(6.31)%
2020515,991$22.404484 to$38.981630$13,796,1270.85 %to2.75%4.09 %to4.37%14.20 %to16.39%
Templeton Foreign VIP Fund
20242,087,832$14.957539 to$18.121466$30,019,9500.50 %to2.75%2.24 %to2.25%(3.68)%to(1.58)%


20232,331,704$15.529576 to$18.953515$34,412,6080.30 %to2.75%— %to3.34%17.48 %to20.33%
20222,906,053$13.218627 to$15.331929$36,127,6590.50 %to2.75%2.61 %to3.04%(10.12)%to(8.21)%
20213,166,504$14.706199 to$17.126068$43,497,9880.30 %to2.75%— %to1.76%1.33 %to3.79%
20203,601,070$14.512639 to$16.500981$48,335,9050.30 %to2.75%— %to3.76%(3.84)%to(1.63)%
Templeton Growth VIP Fund
20242,206,634$20.406005 to$25.975803$43,909,9440.50 %to2.80%0.81 %to0.93%2.49 %to4.82%
20232,550,249$19.909685 to$24.781247$48,918,0530.50 %to2.80%3.18 %to3.26%17.67 %to20.19%
20222,957,188$16.919938 to$20.618744$47,578,7250.50 %to2.80%0.10 %to0.15%(13.95)%to(12.06)%
20213,320,200$19.662894 to$24.039915$61,477,0440.30 %to2.80%— %to1.09%1.98 %to4.53%
20203,733,562$19.281926 to$22.474536$67,260,2460.50 %to2.80%2.90 %to3.00%2.88 %to5.13%
Franklin Mutual Global Discovery VIP Fund
2024769,039$23.493966 to$30.438337$28,465,6360.50 %to2.80%1.53 %to1.75%1.77 %to4.06%
2023873,810$23.086033 to$29.249752$31,518,8780.50 %to2.80%2.25 %to2.50%16.99 %to19.53%
2022985,414$19.733351 to$25.139786$29,998,6380.30 %to2.80%— %to1.19%(7.38)%to(5.14)%
20211,117,521$21.306071 to$26.501293$36,339,4250.30 %to2.80%— %to2.67%15.84 %to18.62%
20201,289,446$18.392654 to$22.340643$35,992,4260.30 %to2.80%1.38 %to2.36%(7.10)%to(4.83)%
Franklin DynaTech VIP Fund
2024258,456$49.968465 to$65.209098$11,535,6650.50 %to2.75%— %to—%26.91 %to29.65%
2023300,126$39.373498 to$50.297994$10,459,4210.50 %to2.75%— %to—%39.88 %to43.30%
2022306,304$28.148505 to$35.100169$7,558,8940.50 %to2.75%— %to—%(41.59)%to(40.50)%
2021337,428$47.876154 to$58.993072$14,062,4090.50 %to2.80%— %to—%12.94 %to15.51%
2020402,782$42.391561 to$51.073075$14,732,2200.50 %to2.80%— %to—%40.89 %to43.99%
Templeton Global Bond VIP Fund
2024472,991$8.888231 to$11.078193$4,699,4830.50 %to2.70%— %to—%(13.79)%to(11.87)%
2023486,375$10.309450 to$12.569760$5,540,3350.50 %to2.70%— %to—%0.08 %to2.31%
2022544,751$10.301294 to$12.286417$6,116,8970.50 %to2.70%— %to—%(7.66)%to(5.60)%
2021634,441$11.155316 to$13.015257$7,638,7400.50 %to2.70%— %to—%(7.54)%to(5.48)%
2020617,844$12.065266 to$13.770500$7,941,7740.50 %to2.70%6.02 %to7.31%(7.87)%to(5.82)%
Hartford Balanced HLS Fund
20241,624,267$27.656578 to$29.961714$8,936,0531.25 %to2.75%1.64 %to1.85%7.93 %to9.83%
20231,896,333$25.180671 to$27.759714$9,232,4721.25 %to2.75%1.56 %to1.90%11.39 %to13.35%
20222,237,953$22.214469 to$24.920140$9,106,7561.25 %to2.75%1.47 %to1.58%(16.00)%to(14.50)%
20212,471,841$25.982300 to$29.667261$11,845,3991.25 %to2.75%0.73 %to0.98%16.13 %to18.16%
20202,659,248$21.989439 to$25.545702$10,867,1241.25 %to2.75%1.41 %to1.71%8.33 %to10.23%


Hartford Total Return Bond HLS Fund
20248,901,145$11.457881 to$13.479752$56,810,3320.30 %to2.75%2.80 %to3.34%(0.70)%to1.76%
20239,822,373$11.538563 to$13.246062$60,961,2730.30 %to2.75%— %to3.16%3.79 %to6.37%
202210,541,440$11.039039 to$14.414127$61,919,3810.50 %to2.80%— %to2.99%(16.78)%to(14.64)%
202111,754,483$13.264494 to$14.593967$81,461,4120.30 %to2.80%— %to2.20%(3.91)%to(1.48)%
202012,147,376$13.804464 to$14.812980$84,253,6490.30 %to2.80%— %to3.46%5.71 %to8.38%
Hartford Capital Appreciation HLS Fund
20243,848,245$46.994236 to$58.313953$67,286,9500.50 %to2.75%0.53 %to0.77%17.62 %to20.59%
20234,440,379$39.955011 to$48.358397$67,040,7430.50 %to2.75%0.62 %to0.79%16.45 %to19.40%
20225,100,037$34.068451 to$40.500676$67,327,1730.50 %to2.80%— %to0.91%(17.84)%to(15.72)%
20215,616,390$41.464571 to$48.055646$88,697,8140.50 %to2.80%0.19 %to0.48%11.29 %to14.19%
20206,295,844$37.257360 to$42.084285$89,159,7520.50 %to2.80%0.70 %to0.83%18.27 %to21.31%
Hartford Dividend and Growth HLS Fund
20242,749,413$42.234216 to$59.486303$46,921,8380.50 %to2.75%1.65 %to1.92%9.37 %to12.11%
20233,107,398$38.615142 to$53.062430$49,049,1880.50 %to2.75%1.31 %to1.37%10.80 %to13.61%
20223,548,548$34.604910 to$46.707182$51,823,4640.50 %to2.80%— %to1.72%(11.66)%to(9.39)%
20214,043,052$39.172812 to$51.546759$66,983,6560.50 %to2.80%0.96 %to1.29%28.04 %to31.34%
20204,717,268$30.593568 to$39.247339$62,744,0680.50 %to2.80%1.65 %to1.70%4.48 %to7.23%
Hartford Healthcare HLS Fund
20246,378$8.526432 to$8.526432$54,3841.40 %to1.40%— %to—%(1.20)%to(1.20)%
20236,344$8.629903 to$8.629903$54,7511.40 %to1.40%0.28 %to0.28%2.36 %to2.36%
20226,307$8.430612 to$8.430612$53,1731.40 %to1.40%— %to—%(12.70)%to(12.70)%
20216,715$9.657410 to$9.657410$64,8551.40 %to1.40%— %to—%8.23 %to8.23%
202010,382$8.922857 to$8.922857$92,6371.40 %to1.40%0.31 %to0.31%21.08 %to21.08%
Hartford Disciplined Equity HLS Fund
2024689,810$15.282937 to$78.498827$22,808,6370.50 %to2.75%0.48 %to0.53%21.71 %to24.74%
2023823,485$12.556969 to$62.927915$22,855,7830.50 %to2.75%0.58 %to0.84%17.67 %to20.64%
2022929,748$10.671425 to$52.161494$22,500,4530.50 %to2.75%0.78 %to1.01%(21.39)%to(19.36)%
20211,047,162$52.609743 to$64.686424$32,403,1000.50 %to2.75%— %to0.57%22.11 %to24.89%
20201,263,778$43.082464 to$51.794321$32,277,0710.50 %to2.75%0.30 %to1.05%14.84 %to17.45%
Hartford International Opportunities HLS Fund
2024576,457$20.861962 to$27.054713$4,074,9050.50 %to2.75%1.23 %to1.53%5.15 %to7.86%
2023644,682$19.839883 to$25.083917$4,309,1660.50 %to2.75%0.70 %to1.19%8.42 %to11.16%
2022704,654$18.298440 to$22.565920$4,528,7500.50 %to2.75%1.30 %to1.66%(20.54)%to(18.55)%
2021722,378$23.028790 to$27.706532$5,854,5870.50 %to2.75%0.73 %to1.02%4.66 %to7.28%
2020806,161$22.004357 to$25.826368$6,151,6300.50 %to2.75%1.64 %to1.95%16.83 %to19.85%
Hartford MidCap HLS Fund
2024131,963$10.730983 to$11.790950$1,507,7150.85 %to2.75%— %to—%3.15 %to5.38%
2023184,315$10.402880 to$11.189385$2,099,9610.85 %to2.75%— %to0.04%11.43 %to13.90%
2022180,681$9.335546 to$9.823685$1,805,3300.85 %to2.75%0.61 %to0.83%(26.52)%to(24.94)%
2021188,544$12.704329 to$13.088427$2,546,1010.85 %to2.75%— %to—%6.65 %to8.98%
2020200,893$11.912631 to$12.010227$2,530,4480.85 %to2.75%— %to0.05%19.13 %to20.10%
Hartford Ultrashort Bond HLS Fund
202420,428,716$7.677470 to$10.824529$25,486,9770.50 %to2.75%4.07 %to4.28%2.35 %to4.39%
202322,693,086$7.501213 to$10.640989$27,319,1980.30 %to2.75%1.21 %to1.90%2.33 %to4.67%
202226,619,665$7.330352 to$10.088922$31,044,4410.50 %to2.75%0.23 %to0.27%(2.88)%to(0.67)%
202131,690,959$7.343949 to$10.247895$37,850,5960.30 %to2.80%— %to0.72%(3.21)%to(0.76)%


202033,991,017$7.587488 to$10.326324$41,061,7520.30 %to2.80%2.01 %to2.51%(1.53)%to0.97%
Hartford Small Company HLS Fund
2024284,074$33.502912 to$39.694281$2,333,6521.25 %to2.75%— %to—%8.59 %to10.61%
2023358,269$30.288760 to$36.555848$2,472,1601.25 %to2.75%— %to—%13.30 %to15.29%
2022357,348$32.037566 to$41.715769$2,246,2480.50 %to2.80%— %to—%(32.98)%to(31.28)%
2021378,114$47.804058 to$60.705049$3,445,7390.50 %to2.80%— %to—%(1.50)%to1.05%
2020404,700$40.427736 to$48.530009$3,535,7840.85 %to2.80%— %to—%50.76 %to54.20%
Hartford SmallCap Growth HLS Fund
202436,006$40.837810 to$49.834337$1,079,9621.25 %to2.70%0.30 %to0.30%10.11 %to11.72%
202338,606$36.554341 to$45.258547$1,063,6641.25 %to2.70%— %to—%15.27 %to16.95%
202254,474$31.255189 to$39.262490$1,049,3171.25 %to2.70%— %to—%(30.37)%to(29.35)%
202155,509$44.238413 to$56.385620$1,548,6701.25 %to2.70%— %to—%1.25 %to2.73%
202061,081$43.064752 to$55.691814$1,739,5201.25 %to2.70%— %to—%29.65 %to31.54%
Hartford Stock HLS Fund
20241,455,350$40.039026 to$46.639076$5,780,3410.85 %to2.75%1.32 %to1.62%5.53 %to7.82%
20231,610,808$37.133702 to$44.194569$6,036,9650.85 %to2.75%1.02 %to1.36%4.54 %to6.81%
20221,769,300$34.767592 to$42.276578$6,454,6190.85 %to2.75%1.45 %to1.64%(7.94)%to(5.94)%
20211,879,789$36.963454 to$45.922121$7,330,3610.85 %to2.75%0.92 %to1.39%21.29 %to23.92%
20201,994,989$29.827801 to$37.862682$6,221,7220.85 %to2.75%1.43 %to1.73%8.76 %to11.13%
Lord Abbett Series Fund - Fundamental Equity Portfolio
202410,409$30.310099 to$39.505878$396,9400.50 %to1.45%0.71 %to0.72%14.97 %to16.07%
202312,168$26.363255 to$34.036952$400,5190.50 %to1.45%0.58 %to0.60%12.99 %to14.06%
202215,761$23.333359 to$29.840551$456,4120.50 %to1.45%1.04 %to1.05%(13.25)%to(12.42)%
202117,044$26.897366 to$34.073020$564,2250.50 %to1.45%0.80 %to0.82%25.48 %to26.68%
202023,385$21.435305 to$26.897280$606,5550.50 %to1.45%0.89 %to0.98%0.31 %to1.27%
Lord Abbett Series Fund - Dividend Growth Portfolio
202443,779$42.321600 to$46.530432$1,774,0091.25 %to2.40%0.40 %to0.62%19.25 %to20.62%
202363,251$35.085622 to$39.020626$2,142,5101.25 %to2.40%0.82 %to0.87%13.57 %to14.88%
202268,340$30.540252 to$34.358028$2,020,0361.25 %to2.40%0.84 %to0.86%(15.60)%to(14.62)%
202176,319$35.771743 to$40.709420$2,644,6291.25 %to2.40%0.69 %to0.73%22.64 %to24.06%
202086,706$28.833806 to$33.192977$2,431,5971.25 %to2.40%0.86 %to0.94%12.68 %to13.98%
Lord Abbett Series Fund - Bond Debenture Portfolio
2024259,193$19.659478 to$21.656001$4,925,0840.50 %to2.70%5.59 %to8.82%3.88 %to6.19%
2023281,695$18.925757 to$20.394263$5,074,7170.50 %to2.70%4.96 %to5.13%3.71 %to6.02%
2022308,944$18.247934 to$19.236066$5,294,5450.50 %to2.70%4.22 %to4.31%(15.13)%to(13.24)%
2021372,159$21.499943 to$22.170753$7,445,3540.50 %to2.70%2.99 %to3.04%0.53 %to2.76%
2020382,840$21.387305 to$21.574761$7,536,7220.50 %to2.70%3.78 %to4.48%4.45 %to6.77%
Lord Abbett Series Fund - Growth and Income Portfolio
202449,143$28.945011 to$36.007863$1,365,9641.25 %to2.40%0.91 %to0.93%17.75 %to19.11%
202353,051$24.301689 to$30.580873$1,239,5581.25 %to2.40%0.96 %to0.97%10.50 %to11.78%
202256,601$21.740278 to$27.673830$1,187,0031.25 %to2.40%1.26 %to1.32%(11.59)%to(10.56)%
202160,643$24.308435 to$31.301026$1,429,4021.25 %to2.40%1.04 %to1.07%25.96 %to27.42%
202064,914$19.077676 to$24.849461$1,198,6091.25 %to2.40%1.59 %to1.76%0.26 %to1.42%
MFS® Growth Series
2024510,460$72.989715 to$88.505773$22,799,1280.65 %to2.80%— %to—%27.84 %to30.30%
2023589,512$57.095620 to$71.459513$20,568,6030.30 %to2.80%— %to—%32.12 %to35.10%
2022668,422$43.216206 to$52.892757$17,570,0980.30 %to2.80%— %to—%(33.53)%to(32.01)%


2021716,627$65.012733 to$75.873965$27,821,7410.50 %to2.80%— %to—%20.12 %to22.62%
2020846,787$54.121821 to$61.875988$27,262,5760.50 %to2.80%— %to—%28.22 %to30.88%
MFS® Global Equity Series
202484,001$32.535436 to$48.690840$3,030,5840.85 %to2.70%0.92 %to0.94%2.77 %to4.69%
202394,078$31.659194 to$46.510898$3,263,4870.85 %to2.70%0.76 %to0.77%11.14 %to13.22%
2022105,703$28.485326 to$41.081238$3,255,1170.85 %to2.70%0.51 %to0.51%(19.92)%to(18.43)%
2021113,870$35.572977 to$50.361007$4,335,5620.85 %to2.70%0.62 %to0.64%14.09 %to16.22%
2020127,282$31.180053 to$43.333033$4,228,8190.85 %to2.70%0.94 %to1.18%10.27 %to12.33%
MFS® Investors Trust Series
2024832,462$45.387108 to$48.928421$30,145,3220.95 %to2.75%0.67 %to0.67%16.28 %to18.39%
2023997,215$39.031840 to$41.326895$30,709,5310.95 %to2.75%0.72 %to0.77%15.75 %to17.85%
20221,117,694$33.483041 to$35.066005$29,475,8530.95 %to2.80%— %to0.68%(18.80)%to(17.28)%
20211,320,430$41.234188 to$42.390914$42,524,3450.95 %to2.80%0.60 %to0.61%23.31 %to25.61%
20201,591,266$27.285498 to$33.438558$41,084,9111.25 %to2.80%0.43 %to0.63%10.72 %to12.19%
MFS® Mid Cap Growth Series
2024603,102$25.759576 to$59.427542$12,783,4750.85 %to2.80%— %to—%11.55 %to13.75%
2023692,905$22.645547 to$53.272160$13,066,0490.85 %to2.80%— %to—%17.97 %to20.30%
2022793,328$18.824932 to$45.155742$12,544,0970.85 %to2.80%— %to—%(30.67)%to(29.30)%
2021889,798$26.627414 to$65.132381$20,052,7600.85 %to2.80%— %to—%10.96 %to13.15%
20201,035,201$23.533536 to$59.054337$20,839,8630.85 %to2.75%— %to—%32.78 %to35.33%
MFS® New Discovery Series
2024466,514$29.953364 to$53.807841$18,781,7580.65 %to2.80%— %to—%3.78 %to5.75%
2023536,720$28.325754 to$51.849826$20,565,7110.65 %to2.80%— %to—%11.25 %to13.51%
2022583,160$24.953641 to$46.604879$19,903,8760.65 %to2.80%— %to—%(31.70)%to(30.45)%
2021591,091$35.878355 to$68.237219$29,176,4170.65 %to2.80%— %to—%(1.01)%to0.91%
2020702,069$35.553185 to$68.934908$34,410,6030.65 %to2.80%— %to—%41.86 %to44.64%
MFS® Total Return Series
20242,704,772$23.527541 to$30.313128$78,075,5810.50 %to2.75%2.31 %to2.52%4.83 %to6.92%
20233,134,786$22.443695 to$28.350001$85,574,5730.50 %to2.75%1.84 %to1.96%7.45 %to9.67%
20223,560,123$20.888021 to$25.850873$89,532,6110.50 %to2.75%1.49 %to1.66%(12.04)%to(10.29)%
20214,046,288$23.746451 to$28.815788$114,428,2010.50 %to2.75%1.62 %to1.64%11.02 %to13.27%
20204,622,166$21.389078 to$25.440330$116,231,9830.50 %to2.75%0.50 %to2.31%6.83 %to8.97%
MFS® Value Series
2024790,225$36.140155 to$48.172514$33,508,9270.30 %to2.80%1.63 %to1.65%8.53 %to11.02%
2023941,226$33.299452 to$43.390548$36,451,7700.30 %to2.80%— %to1.64%4.95 %to7.31%
20221,050,825$31.728135 to$40.434463$38,421,9540.30 %to2.80%— %to0.31%(8.51)%to(6.42)%
20211,214,070$34.678532 to$43.210412$47,669,7310.30 %to2.80%0.62 %to1.32%21.99 %to24.78%
20201,459,021$28.427263 to$34.628548$46,304,8680.30 %to2.80%— %to1.62%0.62 %to2.91%
MFS® Total Return Bond Series
20242,711,954$11.875750 to$15.456612$37,559,6210.30 %to2.80%4.25 %to4.31%(0.28)%to2.03%
20232,984,339$11.909546 to$15.149736$40,917,0110.30 %to2.80%— %to3.18%4.41 %to6.81%
20223,133,495$11.406068 to$13.806066$40,885,6670.50 %to2.80%0.63 %to2.22%(16.31)%to(14.61)%
20213,631,325$13.629638 to$16.168630$55,971,3830.50 %to2.80%2.55 %to2.73%(3.55)%to(1.56)%
20203,727,026$14.131653 to$16.425026$58,868,2270.50 %to2.80%3.21 %to3.45%5.47 %to7.63%
MFS® Research Series
202472,253$51.532305 to$56.274042$3,362,2900.85 %to2.70%0.60 %to0.60%15.71 %to17.87%


202388,810$44.537053 to$47.743911$3,525,6270.85 %to2.70%0.48 %to0.51%19.16 %to21.38%
202297,266$37.375938 to$39.333271$3,216,5450.85 %to2.70%0.47 %to0.49%(19.42)%to(17.91)%
2021107,986$46.080579 to$47.916199$4,385,9400.85 %to2.75%0.54 %to0.55%21.42 %to23.75%
2020117,930$37.951847 to$38.721351$3,925,9250.85 %to2.75%0.72 %to0.73%13.43 %to15.61%
MFS® High Yield Portfolio
20241,002,423$11.920842 to$14.920650$13,421,0290.85 %to2.80%6.19 %to6.76%3.97 %to6.02%
20231,203,423$11.465291 to$14.073414$15,349,9910.85 %to2.80%5.77 %to5.80%9.31 %to11.46%
20221,369,936$10.489210 to$12.626768$15,799,8390.85 %to2.80%5.53 %to5.58%(12.99)%to(11.27)%
20211,593,745$12.054708 to$14.230920$20,862,9350.85 %to2.80%4.94 %to4.96%0.63 %to2.61%
20201,659,418$11.979282 to$13.868809$21,424,1000.85 %to2.80%5.62 %to5.64%2.19 %to4.20%
BlackRock Managed Volatility V.I. Fund
20241,199,963$11.699747 to$12.705155$14,813,6380.30 %to1.50%— %to0.01%10.08 %to11.41%
20231,407,231$10.628048 to$11.403745$15,652,1050.30 %to1.50%7.04 %to8.28%1.35 %to2.57%
20221,536,520$10.486566 to$11.117692$16,733,8860.30 %to1.50%— %to—%4.34 %to5.60%
20212,048,138$10.050212 to$10.528032$21,208,9670.30 %to1.50%0.68 %to0.68%(0.97)%to0.23%
20202,137,156$10.148217 to$10.503914$22,178,2040.30 %to1.50%3.68 %to3.80%1.71 %to2.94%
BlackRock Global Allocation V.I. Fund
20242,541$18.780501 to$19.192804$47,8840.50 %to0.75%1.49 %to1.49%8.11 %to8.38%
20232,593$17.371178 to$17.708217$45,1430.50 %to0.75%2.58 %to2.59%11.65 %to11.93%
20222,975$15.558670 to$15.820947$46,3360.50 %to0.75%— %to—%(16.70)%to(16.49)%
20212,980$18.678271 to$18.945652$55,6590.50 %to0.75%0.83 %to0.83%5.62 %to5.88%
20202,918$17.684316 to$17.892685$51,5520.50 %to0.75%1.33 %to1.33%19.81 %to20.11%
BlackRock S&P 500 Index V.I. Fund
202499,006$21.323498 to$23.076549$2,222,0700.30 %to1.45%0.88 %to1.01%22.73 %to24.15%
2023135,596$17.374391 to$18.587901$2,459,3990.30 %to1.45%1.08 %to1.12%24.09 %to25.52%
2022201,472$14.001486 to$14.808296$2,923,3580.30 %to1.45%1.26 %to1.28%(19.60)%to(18.67)%
2021193,071$17.414069 to$18.206649$3,458,8040.30 %to1.45%1.02 %to1.02%26.39 %to27.85%
2020243,107$13.778283 to$14.240813$3,421,6270.30 %to1.45%1.48 %to1.50%16.23 %to17.57%
BlackRock Large Cap Focus Growth V.I. Fund
20244,778$58.800033 to$58.800033$280,9232.00 %to2.00%— %to—%29.10 %to29.10%
20234,778$38.978276 to$44.105411$217,5971.75 %to2.15%— %to—%49.61 %to50.21%
202211,110$25.949460 to$29.480287$330,4961.75 %to2.15%— %to—%(39.43)%to(39.18)%
202111,110$42.668311 to$48.668843$545,1961.75 %to2.15%— %to—%15.58 %to16.04%
202012,257$36.770571 to$42.109765$519,6371.75 %to2.15%— %to—%40.69 %to41.25%
BlackRock Equity Dividend V.I. Fund
202411,228$29.783029 to$33.991997$370,7030.50 %to1.45%2.29 %to2.30%8.13 %to9.16%
202312,799$27.544645 to$31.140063$388,3160.50 %to1.45%1.73 %to1.83%10.38 %to11.43%
202215,107$24.954491 to$27.945176$413,0440.50 %to1.45%1.40 %to1.44%(5.49)%to(4.58)%
202117,230$26.402973 to$29.287454$494,9230.50 %to1.45%1.28 %to1.28%18.57 %to19.70%
202020,687$22.268401 to$24.467754$497,3880.50 %to1.45%2.02 %to2.03%2.08 %to3.05%
Morgan Stanley VIF Growth Portfolio
20243,624$42.210861 to$49.590813$158,5401.35 %to2.75%— %to—%42.24 %to44.24%
20233,900$29.675762 to$34.380217$119,6431.35 %to2.75%— %to—%44.30 %to46.33%
20225,770$20.565658 to$23.495032$123,9351.35 %to2.75%— %to—%(61.25)%to(60.70)%
20215,546$53.071400 to$59.783461$305,0961.35 %to2.75%— %to—%(2.86)%to(1.49)%
20206,129$54.631252 to$60.685679$346,8291.35 %to2.75%— %to—%110.89 %to113.86%
Morgan Stanley VIF Discovery Portfolio


202428,476$46.768214 to$60.936549$1,198,5860.85 %to2.70%— %to—%37.96 %to40.53%
202335,996$33.279693 to$44.170105$1,085,9310.85 %to2.70%— %to—%40.29 %to42.91%
202235,061$23.287231 to$31.484208$747,9410.85 %to2.70%— %to—%(63.96)%to(63.28)%
202127,563$63.422663 to$87.357673$1,608,9930.85 %to2.70%— %to—%(13.56)%to(11.95)%
202033,408$72.026905 to$101.061146$2,229,3920.85 %to2.70%— %to—%145.35 %to149.91%
Invesco V.I. American Value Fund
2024934,517$15.589597 to$38.013819$15,677,6680.85 %to2.80%0.78 %to1.02%26.81 %to29.00%
20231,114,218$12.293203 to$29.468836$14,582,2870.85 %to2.80%0.37 %to0.65%12.41 %to14.32%
20221,266,374$10.936014 to$25.778561$14,669,8760.85 %to2.80%0.45 %to0.76%(5.30)%to(3.69)%
20211,261,784$11.548300 to$26.765010$15,354,5940.85 %to2.80%0.23 %to0.43%15.48 %to26.55%
202062,527$17.226208 to$21.150556$1,238,2220.85 %to2.45%0.65 %to0.68%(1.58)%to—%
BlackRock Capital Appreciation V.I. Fund
20244,318$47.915399 to$54.686720$228,4240.50 %to1.45%— %to—%30.04 %to31.28%
20236,302$36.847517 to$41.657394$255,0690.50 %to1.45%— %to—%46.46 %to47.85%
202210,550$25.159611 to$28.175317$290,4110.50 %to1.45%— %to—%(38.71)%to(38.12)%
20217,826$41.049079 to$45.533466$349,1410.50 %to1.45%— %to—%19.15 %to20.29%
20209,699$34.451234 to$37.853614$360,5160.50 %to1.45%— %to—%39.48 %to40.81%
Columbia Variable Portfolio - Dividend Opportunity Fund
2024246,112$21.614844 to$24.949585$5,807,6931.70 %to2.75%— %to—%12.29 %to13.47%
2023275,065$19.249133 to$21.987012$5,742,8221.70 %to2.75%— %to—%2.24 %to3.32%
2022303,025$18.827467 to$21.280885$6,132,6731.70 %to2.75%— %to—%(3.79)%to(2.78)%
2021318,429$19.465983 to$21.889222$6,667,4161.70 %to2.80%— %to—%22.68 %to24.04%
2020368,841$15.867280 to$17.647469$6,246,8551.70 %to2.80%— %to—%(1.64)%to(0.56)%
Columbia Variable Portfolio - Income Opportunities Fund
2024270,188$11.975043 to$13.551829$3,492,0561.70 %to2.75%5.49 %to5.62%3.03 %to4.12%
2023298,022$11.622621 to$13.015638$3,717,3751.70 %to2.75%5.06 %to5.17%8.54 %to9.68%
2022324,426$10.656384 to$11.866852$3,704,7931.70 %to2.80%— %to5.39%(12.50)%to(11.53)%
2021364,257$12.178560 to$13.413425$4,717,0971.70 %to2.80%9.12 %to9.25%1.61 %to2.74%
2020383,937$11.985355 to$13.056240$4,858,3721.70 %to2.80%4.74 %to4.82%2.97 %to4.11%
Columbia Variable Portfolio - Select Mid Cap Growth Fund
2024199,813$27.476777 to$31.095197$5,909,4801.70 %to2.75%— %to—%20.32 %to21.59%
2023220,212$22.835638 to$25.572963$5,378,7921.70 %to2.75%— %to—%21.85 %to23.13%
2022234,751$18.741117 to$20.768642$4,680,3421.70 %to2.75%— %to—%(32.72)%to(32.00)%
2021258,999$27.853352 to$30.543392$7,620,8231.70 %to2.75%— %to—%13.41 %to14.60%
2020302,809$24.560410 to$26.651034$7,794,1031.70 %to2.75%— %to—%31.75 %to33.14%
Invesco V.I. Discovery Mid Cap Growth Fund
2024141,368$14.733060 to$15.640233$2,155,6231.25 %to2.75%— %to—%20.86 %to22.38%
2023179,312$12.189701 to$12.779695$2,248,1341.25 %to2.75%— %to—%10.08 %to11.45%
2022196,038$11.073126 to$11.466839$2,219,2421.25 %to2.75%— %to—%(32.86)%to(31.99)%
2021198,192$16.492001 to$16.859954$3,314,2561.25 %to2.75%— %to—%15.87 %to17.32%
2020♦214,460$14.232850 to$14.371001$3,072,3281.25 %to2.75%— %to—%42.33 %to43.71%
Invesco V.I. Capital Appreciation Fund
20244,791$38.858019 to$44.084774$198,6081.25 %to2.00%— %to—%31.18 %to32.17%
20236,504$27.585717 to$33.355707$208,3021.25 %to2.45%— %to—%31.76 %to33.35%
20229,079$20.935841 to$25.013293$217,5241.25 %to2.45%— %to—%(32.64)%to(31.82)%
20219,810$31.079087 to$36.688195$344,8331.25 %to2.45%— %to—%19.32 %to20.76%
202010,818$26.045916 to$30.380295$316,3151.25 %to2.45%— %to—%32.94 %to34.55%


Invesco V.I. Global Fund
2024112,987$25.274893 to$30.930604$3,373,3001.25 %to2.45%— %to—%12.98 %to14.35%
2023127,165$22.370637 to$27.050048$3,332,4991.25 %to2.45%— %to—%31.20 %to32.78%
2022147,951$17.051276 to$20.372387$2,930,1721.25 %to2.45%— %to—%(33.59)%to(32.78)%
2021152,633$25.674617 to$30.308626$4,542,3021.25 %to2.45%— %to—%12.39 %to13.74%
2020162,861$26.647038 to$36.414905$4,249,4751.25 %to2.70%— %to0.43%23.95 %to25.76%
Invesco V.I. Main Street Fund®
202418,803$39.160115 to$50.175079$691,4071.25 %to2.40%— %to—%20.47 %to21.86%
202319,667$26.576543 to$32.135001$596,7161.25 %to2.45%— %to0.49%19.86 %to21.30%
202221,358$22.173195 to$26.491202$535,5441.25 %to2.45%1.12 %to1.13%(22.24)%to(21.30)%
202113,798$28.515200 to$33.661350$455,0051.25 %to2.45%0.50 %to0.52%24.15 %to25.65%
202015,556$22.967480 to$28.199727$409,1900.85 %to2.45%— %to1.20%10.94 %to12.73%
Invesco V.I. Main Street Small Cap Fund®
202462,419$41.584396 to$49.187294$2,362,9650.85 %to2.70%— %to—%9.41 %to11.45%
202373,406$37.310580 to$44.955617$2,498,5900.85 %to2.70%0.94 %to0.94%14.68 %to16.82%
202280,424$31.937819 to$39.199858$2,359,9230.85 %to2.70%0.24 %to0.25%(18.28)%to(16.75)%
202190,887$38.365472 to$47.969172$3,222,1520.85 %to2.70%0.14 %to0.18%19.01 %to21.23%
2020117,264$31.647238 to$40.307414$3,450,7660.85 %to2.70%0.37 %to0.41%16.45 %to18.62%
Putnam VT Diversified Income Fund
2024400,882$15.453893 to$16.796680$5,597,6410.85 %to2.70%5.92 %to5.97%2.94 %to4.87%
2023439,236$14.736763 to$16.316252$5,878,7110.85 %to2.70%5.94 %to5.99%2.02 %to3.93%
2022471,340$14.179557 to$15.992444$6,105,7910.85 %to2.70%6.58 %to7.12%(4.95)%to(3.17)%
2021592,384$14.644140 to$16.824864$7,967,4610.85 %to2.70%0.63 %to0.64%(9.43)%to(7.74)%
2020592,008$15.872256 to$18.576488$8,688,6450.85 %to2.70%6.60 %to7.55%(3.54)%to(1.74)%
Putnam VT Global Asset Allocation Fund
202420,132$25.738988 to$32.281956$483,8881.25 %to2.40%2.09 %to2.24%13.60 %to14.91%
202324,018$22.398934 to$28.417582$502,0071.25 %to2.40%1.50 %to1.54%14.70 %to16.03%
202224,320$19.305036 to$24.775442$440,7281.25 %to2.40%1.31 %to1.32%(18.02)%to(17.07)%
202124,600$23.279228 to$30.221676$540,7351.25 %to2.40%0.69 %to0.70%11.25 %to12.53%
202024,907$20.686324 to$27.165979$489,3611.25 %to2.40%1.83 %to1.85%9.65 %to10.91%
Putnam VT Large Cap Growth Fund
202419,831$38.997032 to$41.766907$826,1650.65 %to1.45%— %to—%31.49 %to32.54%
202327,977$29.658529 to$31.512272$879,6490.65 %to1.45%— %to—%42.40 %to43.54%
202241,324$20.827885 to$21.953625$905,4200.65 %to1.45%— %to—%(31.51)%to(30.95)%
202136,640$30.407924 to$32.062703$1,163,0950.50 %to1.45%— %to—%20.89 %to22.04%
202049,345$25.153216 to$26.271547$1,285,9090.50 %to1.45%0.04 %to0.05%36.71 %to38.02%
Putnam VT International Value Fund
20243,417$12.030739 to$13.765553$44,9950.85 %to1.65%2.43 %to2.46%3.49 %to4.32%
20233,523$13.195104 to$19.307634$44,5090.85 %to2.30%— %to1.47%15.98 %to17.68%
20223,383$9.957901 to$11.213049$36,9610.85 %to1.65%1.95 %to2.61%(8.33)%to(7.60)%
20214,344$10.713746 to$12.134821$50,4360.85 %to1.75%— %to1.99%12.94 %to13.96%
20201,288$9.245395 to$10.114857$12,4511.25 %to1.95%2.48 %to2.54%1.93 %to2.65%
Putnam VT International Equity Fund
20248,458$14.025440 to$19.165363$119,7590.85 %to2.40%2.13 %to2.17%0.53 %to2.10%
20239,202$13.736792 to$19.064128$127,5410.85 %to2.40%0.04 %to0.04%15.70 %to17.50%
20226,758$11.690498 to$16.477491$84,5210.85 %to2.40%1.40 %to1.54%(16.79)%to(15.49)%
202121,324$13.833220 to$18.915231$274,2840.85 %to2.75%1.14 %to1.18%5.87 %to7.90%


202022,847$12.820487 to$17.866625$278,3420.85 %to2.75%1.57 %to1.61%9.06 %to11.15%
Putnam VT Small Cap Value Fund
20245,029$25.768920 to$33.735198$150,3810.85 %to2.45%0.92 %to0.94%3.63 %to5.30%
20235,400$24.867019 to$32.037799$154,7480.85 %to2.45%0.15 %to0.15%20.76 %to22.71%
20226,115$20.591895 to$26.109301$144,1240.85 %to2.45%0.16 %to0.16%(15.09)%to(13.72)%
20217,877$24.250864 to$30.260328$215,9740.85 %to2.45%0.72 %to0.81%36.52 %to38.72%
20207,887$17.763636 to$21.814143$159,2020.85 %to2.45%0.90 %to1.08%1.45 %to3.08%
Putnam VT Large Cap Value Fund
2024155$62.131132 to$62.131132$9,6590.65 %to0.65%1.08 %to1.08%18.37 %to18.37%
2023155$52.488516 to$52.488516$8,1600.65 %to0.65%2.00 %to2.00%14.92 %to14.92%
2022155$45.675192 to$45.675192$7,1000.65 %to0.65%1.46 %to1.46%(3.76)%to(3.76)%
2021155$36.631747 to$47.459098$7,3780.65 %to0.75%0.83 %to1.26%26.35 %to26.48%
2020795$28.991681 to$37.523333$27,4820.65 %to0.75%1.70 %to2.34%5.01 %to5.12%
PIMCO VIT All Asset Portfolio
2024753$16.214627 to$16.214627$12,2020.65 %to0.65%6.32 %to6.32%2.90 %to2.90%
2023753$15.757049 to$15.757049$11,8720.65 %to0.65%2.84 %to2.84%7.32 %to7.32%
2022754$14.682598 to$14.682598$11,0760.65 %to0.65%7.55 %to7.55%(12.44)%to(12.44)%
2021762$16.768669 to$16.768669$12,7730.65 %to0.65%11.09 %to11.09%15.29 %to15.29%
2020926$14.544835 to$14.544835$13,4710.65 %to0.65%4.88 %to4.88%7.21 %to7.21%
PIMCO StocksPLUS® Global Portfolio
20248,655$21.506825 to$24.545389$205,4960.50 %to1.45%5.10 %to5.11%11.74 %to12.81%
202310,688$19.247265 to$21.759027$225,9400.50 %to1.45%2.52 %to2.79%21.07 %to22.23%
202214,530$15.897056 to$17.801902$252,7100.50 %to1.45%1.10 %to1.14%(19.96)%to(19.19)%
202114,386$19.860467 to$22.029739$310,5360.50 %to1.45%0.06 %to0.06%17.62 %to18.74%
202017,465$16.885926 to$18.553325$318,1890.50 %to1.45%1.09 %to1.09%11.41 %to12.47%
PSF PGIM Jennison Growth Portfolio
202481,729$5.321603 to$42.997437$480,2181.40 %to2.00%— %to—%27.77 %to28.54%
202381,734$4.164888 to$33.450325$375,5271.40 %to2.00%— %to—%49.87 %to50.77%
202286,016$2.587371 to$22.186019$262,9041.40 %to2.35%— %to—%(39.30)%to(38.71)%
202188,529$4.262256 to$36.201379$442,4181.40 %to2.35%— %to—%12.87 %to13.95%
202091,977$3.776148 to$31.769620$405,8291.40 %to2.35%— %to—%51.96 %to53.41%
PSF PGIM Jennison Value Portfolio
20242,875$3.036838 to$3.568367$9,2091.40 %to2.10%— %to—%17.98 %to18.81%
20235,398$2.573956 to$3.003401$15,3631.40 %to2.10%— %to—%12.36 %to13.15%
20225,560$2.290795 to$2.654359$14,0381.40 %to2.10%— %to—%(10.16)%to(9.53)%
20218,273$2.549906 to$2.933980$23,2231.40 %to2.10%— %to—%24.64 %to25.51%
20208,395$2.045820 to$2.337556$18,8251.40 %to2.10%— %to—%1.01 %to1.72%
ClearBridge Variable Dividend Strategy Portfolio
20241,065$34.315670 to$34.315670$36,5301.40 %to1.40%1.32 %to1.32%15.22 %to15.22%
20231,086$29.781962 to$29.781962$32,3461.40 %to1.40%2.08 %to2.08%12.61 %to12.61%
20221,169$26.447430 to$26.447430$30,9191.40 %to1.40%1.40 %to1.40%(9.38)%to(9.38)%
20211,210$29.184980 to$29.184980$35,3021.40 %to1.40%1.54 %to1.54%25.04 %to25.04%
20201,240$23.341136 to$23.341136$28,9381.40 %to1.40%1.42 %to1.42%6.17 %to6.17%
Western Asset Variable Global High Yield Bond Portfolio
20246,728$2.848957 to$2.848957$19,1681.40 %to1.40%5.41 %to5.41%5.57 %to5.57%
20238,520$2.698562 to$2.698562$22,9921.40 %to1.40%4.97 %to4.97%8.73 %to8.73%


202211,388$2.481923 to$2.481923$28,2651.40 %to1.40%6.73 %to6.73%(14.92)%to(14.92)%
202111,802$2.917263 to$2.917263$34,4311.40 %to1.40%4.47 %to4.47%(0.08)%to(0.08)%
202011,858$2.919678 to$2.919678$34,6211.40 %to1.40%3.96 %to3.96%5.83 %to5.83%
Clearbridge Variable Large Cap Value Portfolio
2024155,149$4.250233 to$4.250233$659,4201.40 %to1.40%1.14 %to1.14%6.58 %to6.58%
2023190,021$3.987901 to$3.987901$757,7881.40 %to1.40%1.28 %to1.28%13.50 %to13.50%
2022209,122$3.513718 to$3.513718$734,7931.40 %to1.40%1.34 %to1.34%(7.73)%to(7.73)%
2021212,057$3.808118 to$3.808118$807,5391.40 %to1.40%1.03 %to1.03%24.46 %to24.46%
2020231,612$3.059826 to$3.059826$708,6911.40 %to1.40%1.38 %to1.38%3.79 %to3.79%
Invesco V.I. Growth and Income Fund
202421,061$33.179017 to$34.614121$670,7280.85 %to2.75%1.16 %to1.19%12.58 %to14.74%
202324,732$28.916014 to$30.744959$691,1380.85 %to2.75%1.22 %to1.24%9.36 %to11.45%
202230,548$25.944357 to$28.114096$790,5760.85 %to2.75%1.20 %to1.23%(8.55)%to(6.80)%
202135,501$27.836439 to$30.743240$1,010,0900.85 %to2.75%1.24 %to1.32%24.71 %to27.10%
202050,459$21.900621 to$24.651166$1,119,5280.85 %to2.75%1.93 %to2.09%(0.91)%to0.99%
Invesco V.I. Comstock Fund
20243,834$41.784484 to$51.608105$177,1451.35 %to2.75%1.40 %to1.55%11.75 %to13.33%
20234,318$37.389479 to$45.538273$175,7151.35 %to2.75%1.46 %to1.60%9.06 %to10.59%
20224,993$34.284592 to$41.176612$184,1291.35 %to2.75%1.27 %to1.37%(1.89)%to(0.51)%
20215,520$34.944879 to$41.386148$205,0981.35 %to2.75%1.55 %to1.65%29.44 %to31.26%
20206,146$26.997703 to$31.529939$174,5271.35 %to2.75%1.87 %to2.04%(3.77)%to(2.41)%
Invesco V.I. American Franchise Fund
2024396,384$41.182362 to$53.885562$18,338,0070.85 %to2.80%— %to—%31.17 %to33.75%
2023455,179$31.397143 to$40.289122$15,952,9070.85 %to2.80%— %to—%37.04 %to39.73%
2022488,759$22.911017 to$28.832670$12,424,0680.85 %to2.80%— %to—%(33.02)%to(31.70)%
2021560,136$34.205098 to$42.212923$21,054,4470.85 %to2.80%— %to—%8.84 %to10.98%
2020635,624$31.427475 to$38.036567$21,775,1070.85 %to2.80%0.07 %to0.07%38.43 %to41.15%
Allspring VT Index Asset Allocation Fund
20243,778$3.770262 to$35.589713$30,4181.35 %to2.10%1.31 %to1.32%12.48 %to13.33%
20233,950$3.326841 to$31.640273$28,2181.35 %to2.10%0.96 %to0.96%14.28 %to15.14%
20224,147$2.889469 to$27.687348$25,8011.35 %to2.10%0.63 %to0.63%(18.75)%to(18.14)%
20214,354$3.529654 to$34.076479$33,3371.35 %to2.10%0.58 %to0.59%13.59 %to14.44%
20204,539$3.084251 to$30.000358$30,5441.35 %to2.10%0.82 %to0.82%14.17 %to15.03%
Allspring VT International Equity Fund+
2024♦—$1.226026 to$11.763253$—1.25 %to2.20%2.13 %to2.18%0.01 %to0.43%
2023226,138$1.225898 to$11.712348$432,5751.25 %to2.20%1.59 %to1.73%13.28 %to14.37%
2022272,876$1.082139 to$10.241137$446,0401.25 %to2.20%4.04 %to4.19%(13.41)%to(12.58)%
2021318,396$1.249721 to$11.715257$604,2011.25 %to2.20%1.34 %to1.40%5.05 %to6.05%
2020400,477$1.189636 to$11.046527$702,6071.25 %to2.20%2.92 %to3.19%2.61 %to3.59%
Allspring VT Small Cap Growth Fund
202417,305$32.278106 to$38.667568$615,9721.25 %to2.50%— %to—%16.13 %to17.59%
202323,642$27.794163 to$32.882721$661,0861.25 %to2.50%— %to—%1.78 %to3.06%
202224,197$27.308751 to$31.907202$669,0521.25 %to2.50%— %to—%(35.92)%to(35.12)%
202123,406$42.619771 to$47.150654$1,015,6180.65 %to2.50%— %to—%5.27 %to6.94%
202027,518$40.486664 to$44.089234$1,131,4010.65 %to2.50%— %to—%54.20 %to56.76%
Allspring VT Discovery SMID Cap Growth Fund
2024194$53.170646 to$53.170646$10,2941.35 %to1.35%— %to—%16.55 %to16.55%


2023205$45.620458 to$45.620458$9,3691.35 %to1.35%— %to—%18.53 %to18.53%
2022219$38.488057 to$38.488057$8,4311.35 %to1.35%— %to—%(38.68)%to(38.68)%
2021233$62.769637 to$62.769637$14,6261.35 %to1.35%— %to—%(6.31)%to(6.31)%
2020246$66.999860 to$66.999860$16,4551.35 %to1.35%— %to—%60.47 %to60.47%
Allspring VT Opportunity Fund
202471,538$35.202580 to$47.206198$2,929,5640.50 %to2.70%0.28 %to0.28%12.28 %to14.77%
202388,184$31.353727 to$41.130730$3,177,8740.50 %to2.70%— %to—%23.46 %to26.20%
2022103,676$25.396470 to$32.591726$2,991,7720.50 %to2.70%— %to—%(22.73)%to(21.01)%
2021114,854$32.865727 to$41.258239$4,240,6330.50 %to2.70%0.24 %to0.24%21.74 %to24.44%
2020171,301$26.997501 to$33.154804$5,111,4050.50 %to2.70%0.65 %to0.71%18.09 %to20.72%
MFS® Core Equity Portfolio
2024181,695$25.600938 to$29.268375$5,107,7481.35 %to2.70%0.54 %to0.59%16.91 %to18.50%
2023200,244$21.897961 to$24.699334$4,765,6501.35 %to2.70%0.54 %to0.55%19.86 %to21.49%
2022209,015$18.269216 to$20.330266$4,108,3591.35 %to2.70%0.31 %to0.31%(19.48)%to(18.38)%
2021231,094$22.688172 to$24.908695$5,578,8601.35 %to2.70%0.43 %to0.43%21.98 %to23.63%
2020254,904$18.600633 to$20.147433$4,991,5871.35 %to2.70%0.72 %to0.87%15.55 %to17.12%
MFS® Massachusetts Investors Growth Stock Portfolio
2024246,174$27.043409 to$32.328683$7,295,4370.95 %to2.75%0.35 %to0.35%13.11 %to15.17%
2023277,255$23.908360 to$28.071183$7,186,5690.95 %to2.75%0.30 %to0.30%20.64 %to22.83%
2022288,103$19.817127 to$22.852794$6,138,7400.95 %to2.75%0.10 %to0.10%(21.45)%to(20.02)%
2021314,439$25.229227 to$28.574085$8,453,4240.95 %to2.75%0.25 %to0.29%22.56 %to24.78%
2020359,294$20.585652 to$22.899150$7,803,3100.95 %to2.75%0.45 %to0.46%19.20 %to21.37%
MFS® Research International Portfolio
2024324,505$12.495629 to$15.087250$4,466,9840.85 %to2.75%1.41 %to1.62%0.29 %to2.22%
2023377,953$12.458878 to$14.759758$5,140,7370.85 %to2.75%1.07 %to1.08%9.95 %to12.06%
2022439,117$11.286641 to$13.171538$5,376,9950.85 %to2.80%— %to1.85%(19.86)%to(18.28)%
2021455,365$14.083391 to$16.117376$6,876,4670.85 %to2.80%0.83 %to0.83%8.49 %to10.63%
2020528,591$12.981200 to$14.569220$7,287,5650.85 %to2.80%2.07 %to2.09%9.83 %to11.99%
Columbia Variable Portfolio - Large Cap Growth Fund
2024250,321$31.499204 to$34.540298$8,383,8211.70 %to2.75%— %to—%27.77 %to29.12%
2023282,522$24.652759 to$26.750765$7,350,3211.70 %to2.75%— %to—%39.29 %to40.75%
2022282,300$17.639338 to$19.005200$5,243,7271.70 %to2.80%— %to—%(33.28)%to(32.54)%
2021324,042$26.438529 to$28.173478$8,933,4901.70 %to2.80%— %to—%25.18 %to26.56%
2020368,969$21.120145 to$22.260196$8,065,4881.70 %to2.80%— %to—%31.02 %to32.47%
Columbia Variable Portfolio - Overseas Core Fund
2024240,468$12.534954 to$13.745578$3,165,2721.70 %to2.75%4.20 %to4.35%0.44 %to1.50%
2023256,542$12.480210 to$13.542595$3,345,5751.70 %to2.75%1.61 %to1.74%12.20 %to13.38%
2022293,941$11.085844 to$11.944410$3,397,3481.70 %to2.80%— %to0.75%(17.25)%to(16.34)%
2021311,057$13.397246 to$14.276811$4,319,5221.70 %to2.80%0.88 %to1.09%6.71 %to7.89%
2020357,587$12.554366 to$13.232276$4,622,2041.70 %to2.80%1.44 %to1.45%5.82 %to6.99%
CTIVP® - Principal Blue Chip Growth Fund
2024190,568$27.644616 to$30.313619$5,583,2511.70 %to2.75%— %to—%18.13 %to19.38%
2023242,291$23.402021 to$25.393588$5,963,9471.70 %to2.75%— %to—%35.76 %to37.19%
2022249,345$17.238129 to$18.510042$4,494,0371.70 %to2.75%— %to—%(29.96)%to(29.22)%
2021280,202$24.612163 to$26.151648$7,159,7831.70 %to2.75%— %to—%15.36 %to16.57%
2020315,664$21.335639 to$22.433566$6,941,8251.70 %to2.75%— %to—%28.35 %to29.71%
LVIP JPMorgan Mid Cap Value Fund


202453,369$44.454907 to$46.307564$2,347,7881.35 %to2.40%1.21 %to1.23%11.58 %to12.75%
2023♦62,857$39.426646 to$41.503155$2,458,2641.35 %to2.40%1.85 %to1.88%11.46 %to12.41%
LVIP JPMorgan U.S. Equity Fund
202443,841$55.295512 to$66.837955$2,898,8551.25 %to2.40%— %to0.48%21.05 %to22.45%
2023♦54,996$54.288205 to$55.216997$2,988,7241.35 %to2.40%0.74 %to0.76%23.32 %to24.37%
LVIP JPMorgan Core Bond Fund
2024916,670$11.251394 to$12.955801$12,760,9401.25 %to2.40%4.20 %to4.26%(0.69)%to0.46%
2023♦1,032,171$11.329749 to$12.896818$14,314,8801.25 %to2.40%1.53 %to1.58%1.57 %to2.51%
PSF PGIM Jennison Blend Portfolio
202427$14.091601 to$14.091601$3791.65 %to1.65%— %to—%23.75 %to23.75%
2023♦28$11.387364 to$11.387364$3221.65 %to1.65%— %to—%13.87 %to13.87%
LVIP American Century Mid Cap Value Fund+
2024♦2,025$29.981789 to$34.217315$67,5720.50 %to1.45%1.92 %to1.98%5.05 %to5.82%
LVIP American Century Value Fund+
2024♦25,444$29.950394 to$33.443877$849,6790.65 %to1.45%2.02 %to2.05%6.58 %to7.29%



*Represents the annualized contract expenses of the Sub-Account for the period indicated and includes only those expenses that are charged through a reduction in the unit values. Excluded are expenses of the Funds and charges made directly to contract owner accounts through the redemption of units. Where the expense ratio is the same for each unit value, it is presented in both the lowest and highest columns.
**These amounts represent the dividends, excluding distributions of capital gains, received by the Sub-Account from the Fund, net of management fees assessed by the Fund’s manager, divided by the average net assets. These ratios exclude those expenses, such as mortality and expense risk charges, that result in direct reductions in the unit values. The recognition of investment income by the Sub-Account is affected by the timing of the declaration of dividends by the Fund in which the Sub-Account invests. Where the investment income ratio is the same for each unit value, it is presented in both the lowest and highest columns.    
***Represents the total return for the period indicated and reflects a deduction only for expenses assessed through the daily unit value calculation. The total return does not include any expenses assessed through the redemption of units; inclusion of these expenses in the calculation would result in a reduction in the total return presented. Investment options with a date notation in the notes on the Statements of Operations indicate the effective date of that investment option in the Account. The total return is calculated for the period indicated.
# Rounded units/unit fair values. Where only one unit value exists, it is presented in both the lowest and highest columns.

♦ Investment income and total return ratios are calculated for the period the related share class within the Sub-Account is active, while the expense ratio is annualized.

+ See Note 1 for additional information related to this Sub-Account.




7. Subsequent Events:


Management has evaluated events subsequent to December 31, 2024 and through April 16, 2025, the date the financial statements were available to be issued, noting there are no other subsequent events requiring adjustment or disclosure in the financial statements.




 






TALCOTT RESOLUTION LIFE INSURANCE COMPANY
Independent Auditor's Report
Annual Consolidated Financial Statements
As of December 31, 2024 and 2023
For the Years Ended December 31, 2024, 2023 and 2022






Index to Consolidated Financial Statements and Schedules
[1]Any remaining schedules provided for in Regulation S-X 210.7-05 are omitted because they are either not applicable or the relevant information is provided elsewhere in the notes to the consolidated financial statements.
F-1

Report of Independent Registered Public Accounting Firm

Opinion on the Financial Statements
We have audited the accompanying consolidated balance sheets of Talcott Resolution Life Insurance Company and subsidiaries (the "Company") as of December 31, 2024 and 2023, the related consolidated statements of operations, comprehensive income (loss), changes in stockholder’s equity, and cash flows, for each of the three years in the period ended December 31, 2024, 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 the Company as of December 31, 2024 and 2023, and the results of its operations and its cash flows for each of the three years in the period ended December 31,
2024, in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion
These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on the Company's 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 Company 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 and in accordance with auditing standards generally accepted in the United States of America. 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. The Company is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Company’s internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

Critical Audit Matter
The critical audit matter communicated below is a matter arising from the current-period audit of the financial statements that was communicated or required to be communicated to the audit committee and that (1) relates to accounts or disclosures that are material to the financial statements and (2) involved our especially challenging, subjective, or complex judgments. The communication of a critical audit matter does not alter in any way our opinion on the financial statements, taken as a whole, and we are not, by communicating the critical audit matter below, providing separate opinions on the critical audit matter or on the accounts or disclosures to which they relate.

Certain Assumptions Used in the Valuation of Market Risk Benefits – Refer to Notes 1, 5 and 12 to the financial statements
Critical Audit Matter Description
The Company has historically issued and assumes via reinsurance certain guarantees and product features on Variable Annuity (VA) and Fixed Indexed Annuity (FIA) products which protect the contract holder from, and expose the Company to, other-than-nominal capital market risk. The Company recognizes these features as Market Risk Benefits (MRBs). MRBs are measured at the individual contract level and multiple MRBs within a single contract are measured and recognized as a single, compound MRB. MRBs are carried at fair value and may be recognized as a liability or an asset and are reported
separately as MRB liabilities or assets on the consolidated balance sheet as there is not legal right of offset between contracts.

F-2

The fair value of MRBs is measured as the present value of expected future benefits payments to contract holders, less the present value of expected fees attributable to the MRB, if applicable. The Company estimates these cash flows using significant judgment including discount rate assumptions, nonperformance risk, and actuarially determined assumptions about policyholder behavior, such as: withdrawal utilization, withdrawal rates, and lapses.

Given the sensitivity of certain market risk benefits to changes in these assumptions and the significant uncertainty inherent in estimating the market risk benefits, we identified management’s evaluation of these assumptions in the valuation of certain market risk benefits as a critical audit matter. This required a high degree of auditor judgment and an increased extent of effort, including the involvement of our actuarial and fair value specialists.

How the Critical Audit Matter Was Addressed in the Audit
Our audit procedures related to testing assumptions used by management to estimate the valuation of MRBs, specifically discount rates, nonperformance risk, and actuarially determined assumptions about policyholder behavior, included the following, among others:
•With the involvement of our valuation and actuarial specialists, we:
◦Evaluated the results of the underlying experience studies, capital market inputs, and judgments applied by management in setting the principal assumptions.
◦Developed an independent estimate, on a sample basis, of the market risk benefits and evaluated differences.
•We tested the completeness and accuracy of the underlying data that served as the basis for the actuarial analysis to test that the inputs to the actuarial estimate were reasonable.
•Evaluated the methods and assumptions used by management to identify potential bias in the determination of the MRBs.


/s/ DELOITTE & TOUCHE LLP



Hartford, Connecticut
April 3, 2025



We have served as the Company's auditor since 2002.





















F-3

TALCOTT RESOLUTION LIFE INSURANCE COMPANY

Consolidated Balance Sheets
(in millions, except share data)
As of December 31,
20242023
Assets
Investments
Fixed maturities, available-for-sale, at fair value (net of allowance for credit losses: $4 and $16; amortized cost: $15,532 and $17,335; related party: $56 and $9)$13,105 $14,854 
Fixed maturities, at fair value using the fair value option (related party: $43 and $27)326 252 
Equity securities, at fair value134 182 
Mortgage loans (net of allowance for credit losses: $16 and $26)1,835 2,019 
Policy loans (related party: $(6) and $(6))1,565 1,528 
Investment funds (portion at fair value: $270 and $238; related party: $110 and $51)1,302 1,428 
Other investments (portion at fair value: $234 and $35)334 35 
Short-term investments, at fair value (related party: $540 and $440)1,337 1,181 
Total investments19,938 21,479 
Cash
494 421 
Reinsurance recoverables (net of allowance for credit losses: $8 and $18; portion at fair value: $1,052 and $1,242; related party: $8,682 and $9,468)35,576 37,706 
Market risk benefits742 578 
Value of business acquired and deferred acquisition costs (related party: $76 and $114)415 457 
Deferred income taxes (related party: $242 and $(78))768 828 
Goodwill and other intangible assets, net143 149 
Other assets526 420 
Separate account assets91,480 89,514 
Total assets$150,082 $151,552 
Liabilities and Stockholder's Equity
Liabilities
Reserve for future policy benefits$19,134 $19,379 
Other policyholder funds and benefits payable (portion at fair value: $636 and $536; related party: $474 and $526)27,067 29,502 
Market risk benefits874 1,074 
Funds withheld liability (portion at fair value: $(115) and $(157); related party: $8,749 and $9,148)9,790 10,210 
Other liabilities (portion at fair value: $34 and $57; related party: $62 and $33)999 811 
Separate account liabilities91,480 89,514 
Total liabilities149,344 150,490 
Commitments and Contingencies (Note 15)
Stockholder's Equity
Common stock (1,000 shares authorized, issued, and outstanding; par value: $5,690 per share)
6 6 
Additional paid-in capital
1,877 1,877 
Accumulated other comprehensive loss (related party: $(737) and $(580))(1,155)(1,325)
Retained earnings10 504 
Total stockholder's equity
738 1,062 
Total liabilities and stockholder’s equity$150,082 $151,552 
See Notes to Consolidated Financial Statements.

F-4

TALCOTT RESOLUTION LIFE INSURANCE COMPANY

Consolidated Statements of Operations

Year Ended December 31,
(in millions)202420232022
Revenues
Premiums (related party: $(61), $(56), and $(27))$84 $88 $99 
Policy charges and fee income (related party $(322), $(304), and $(320))629 646 509 
Net investment income (related party: $(382), $(380), and $(136))515 590 778 
Investment related losses, net (related party: $104, $361, and $696)(493)(929)(76)
Total revenues735 395 1,310 
Benefits, Losses and Expenses
Benefits and losses (remeasurement loss (gain): $101, $(17), and $10; related party: $(488), $(276), and $(117))449 307 521 
Change in market risk benefits (related party: $155, $77, and $4)(137)(305)(295)
Amortization of value of business acquired and deferred acquisition costs (related party: $10, $14, and $19)52 55 61 
Insurance operating costs and other expenses (related party: $(133), $(136), and $(119))313 334 301 
Total benefits, losses and expenses677 391 588 
Income before income taxes58 4 722 
Income tax expense (benefit) (related party: $(46), $(12), and $90)(20)(39)107 
Net income$78 $43 $615 
See Notes to Consolidated Financial Statements.

F-5

TALCOTT RESOLUTION LIFE INSURANCE COMPANY


Consolidated Statements of Comprehensive Income (Loss)

Year Ended December 31,
(in millions)202420232022
Net income$78 $43 $615 
Other comprehensive income (loss), net of tax
Unrealized gain (loss) on available-for-sale securities without an allowance for credit losses28 675 (2,606)
Unrealized gain (loss) on cash flow hedges(2)4 (27)
Gain (loss) related to discount rate for reserve for future policy benefits (related party: $(157), $182, and $(762))156 (212)873 
Gain (loss) related to credit risk for market risk benefits(13)(133)96 
Other comprehensive income (loss), net of tax169 334 (1,664)
Comprehensive income (loss)$247 $377 $(1,049)
See Notes to Consolidated Financial Statements.



F-6

TALCOTT RESOLUTION LIFE INSURANCE COMPANY


Consolidated Statements of Changes in Stockholder's Equity

(in millions)
Common
Stock
Additional Paid-in Capital
Accumulated Other Comprehensive Income (Loss)Retained Earnings (Deficit)Total
Balance as of January 1, 2022
$6 $1,877 $5 $421 $2,309 
Net income— — — 615 615 
Other comprehensive loss— — (1,664)— (1,664)
Balance as of December 31, 20226 1,877 (1,659)1,036 1,260 
Net income— — — 43 43 
Other comprehensive income— — 334 — 334 
Dividends
— — — (575)(575)
Balance as of December 31, 2023
6 1,877 (1,325)504 1,062 
Net income— — — 78 78 
Other comprehensive income— — 169 — 169 
Sale of consolidated subsidiary to parent— — 1 (1)— 
Dividends
— — — (571)(571)
Balance as of December 31, 2024
$6 $1,877 $(1,155)$10 $738 
See Notes to Consolidated Financial Statements.
F-7

TALCOTT RESOLUTION LIFE INSURANCE COMPANY

Consolidated Statements of Cash Flows

Year Ended December 31,
(in millions)202420232022
Operating Activities
Net income$78 $43 $615 
Adjustments to reconcile net income to net cash provided by operating activities:
Investment related losses, net (related party: $(104), $(361), and $(696))493 929 76 
Amortization of unearned revenue reserves (related party: $(53), $(56), and $(5))(113)(118)(68)
Amortization of value of business acquired and deferred acquisition costs (related party: $9, $14, and $19)52 55 61 
Depreciation and amortization
140 167 227 
Deferred income taxes (related party: $(46), $(12), and $90)15 (37)124 
Interest credited on investment and universal life-type contracts
532 370 481 
Change in market risk benefits (related party: $155, $77, and $4)(137)(305)(295)
Other operating activities, net (related party: $(417), $382, and $136)(486)(571)(40)
Changes in operating assets and liabilities:
Reinsurance recoverables (related party: $509, $(510), and $198)20 178 (741)
Reserve for future policy benefits
394 92 228 
Other assets and liabilities (related party: $98, $447, and $0)39 328 91 
Net proceeds from reinsurance transactions— — 121 
Net cash provided by operating activities1,027 1,131 880 
Investing Activities
Proceeds from sales, maturities, and prepayments of:
Fixed maturities
3,164 2,182 6,185 
Equity securities
79 6 26 
Mortgage loans
236 588 258 
Investment funds (related party: $18, $1, and $0)
350 295 64 
Consolidated subsidiary to parent16 — — 
Other investments
— 6 — 
Payments for purchases of:
Fixed maturities (related party: $(74), $(32), and $0)(1,848)(1,200)(4,607)
Equity securities
(1)(2)(22)
Mortgage loans
(87)(132)(667)
Investment funds (related party: $(68), $(44), and $0)
(126)(126)(158)
Other investments
(99)— — 
Net proceeds from (payments for):
Reverse repurchase program— — 25 
Policy loans
(37)(33)(11)
Derivatives
(443)(913)(559)
Short-term investments (related party: $(100), $(340), and $(100))(125)287 (255)
Net cash provided by investing activities1,079 958 279 


F-8

TALCOTT RESOLUTION LIFE INSURANCE COMPANY
Consolidated Statements of Cash Flows (continued)



Year Ended December 31,
(in millions)202420232022
Financing Activities
Investment and universal life-type contracts:
Deposits and other additions
2,908 2,693 2,033 
Withdrawals and other deductions
(9,801)(10,635)(8,109)
Net transfers from separate accounts5,498 6,799 5,140 
Net change in securities loaned or sold under agreements to repurchase
(67)(123)(99)
Dividends to parent(571)(575)— 
Net cash used for financing activities(2,033)(1,841)(1,035)
Net increase in cash73 248 124 
Cash at beginning of period
421 173 49 
Cash at end of period
$494 $421 $173 
Supplemental Disclosure of Cash Flow Information:
Net income taxes received (paid)$(19)$(74)$142 
See Notes to Consolidated Financial Statements.
F-9

TALCOTT RESOLUTION LIFE INSURANCE COMPANY


Notes to Consolidated Financial Statements
(Dollar amounts in millions, unless otherwise stated)
1.Basis of Presentation and Significant Accounting Policies
Talcott Resolution Life Insurance Company, together with its subsidiaries, (collectively, "TL", the "Company," "we" or "our") is a life insurance and annuity company and comprehensive risk solutions-provider in the United States (“U.S.”) and is a wholly-owned subsidiary of TR Re, Ltd. ("TR Re"), a Bermuda based entity. Talcott Resolution Life, Inc. ("TLI"), a Delaware corporation and Talcott Holdings, L.P. ("THLP") are indirect parents of the Company, and the Company has an ultimate parent of Talcott Financial Group, Ltd. ("TFG", "the Group").
Basis of Presentation
The consolidated financial statements are prepared in accordance with accounting principles generally accepted in the United States of America (“US GAAP”), which differ materially from the accounting practices prescribed by various insurance regulatory authorities to which we are subject.
Consolidation
The consolidated financial statements include the accounts of TL and entities the Company directly or indirectly has a controlling financial interest in which the Company is required to consolidate. All intercompany transactions and balances between TL and its subsidiaries have been eliminated. Entities in which TL has significant influence over the operating and financing decisions but is not required to consolidate are reported using the equity method.
Use of Estimates
The preparation of consolidated financial statements in conformity with US GAAP requires management to make estimates and assumptions affecting the reported amount of assets and liabilities as of the date of the financial statements and reported amounts of revenues and expenses for the reporting period. In applying these estimates and assumptions, management makes subjective and complex judgments that are uncertain and subject to change. Many of these policies, estimates, and related judgments are common in the insurance and financial services industries; others are specific to the Company’s business and operations. Actual results could differ materially from these estimates.
Our principal estimates impact the following reported amounts and disclosures:
•Fair value of investments;
•Impairment of investments and allowance for credit losses (“ACL”);
•Derivatives valuation, including embedded derivatives;
•Market risk benefits (“MRB”);
•Reserve for future policy benefits;
•Valuation allowances on deferred tax assets (“DTA”);
•Evaluation of goodwill for impairment.
Certain of these estimates are particularly sensitive to market conditions, and deterioration and/or volatility in the worldwide debt or equity markets could have a material impact on the consolidated financial statements. Additional details regarding these estimates and related assumptions are discussed in the following description of significant accounting policies and the related footnote disclosures.
Significant Accounting Policies
The Company’s significant accounting policies are as follows:
Segment Information
The Company has one reportable segment: life and retirement products. The segment is comprised of variable annuities ("VA"), fixed annuities, payout annuities, fixed indexed annuities ("FIA"), and private-placement life insurance products (inclusive of universal life products, such as corporate-owned life insurance (“COLI"). The Company derives revenue exclusively from external customers and manages the business activities on a consolidated basis. The Company’s chief operating decision maker ("CODM") is the Group Chief Executive Officer. The CODM regularly reviews only the consolidated statements of operations and as such, consolidated net income is the measure of segment profit or loss used by the CODM to evaluate how the Company supports the generation of regulatory surplus and how to allocate capital among the Group.
Refer to Note 2 - Segment Information for additional information.
F-10

TALCOTT RESOLUTION LIFE INSURANCE COMPANY
Notes to Consolidated Financial Statements (continued)
1. Basis of Presentation and Significant Accounting Policies (continued)
Investments
Fixed Maturities
Fixed maturities consist    of debt securities including bonds, structured securities, redeemable preferred stock and commercial paper. Structured securities include asset-backed securities (“ABS”), collateralized loan obligations (“CLO”), commercial mortgage-backed securities (“CMBS”), and residential mortgage-backed securities (“RMBS”). Most of these investments are classified as available-for-sale (“AFS”) and are carried at fair value, net of ACL. Unrealized gains and losses (i.e., after-tax difference between fair value and cost or amortized cost) not attributable to ACL are reflected in equity as a component of accumulated other comprehensive loss ("AOCI").
Equity Securities
Equity securities are carried at fair value with any changes in fair value recorded in investment related losses, net in the consolidated statements of operations.
Mortgage Loans
Mortgage loans are carried at the outstanding principal balance adjusted for unamortized premiums and discounts, net of ACL. Interest income is accrued on the principal balance of the loan based on the loan’s contractual interest rate, adjusted for amortization of premiums and accretion of discounts.
Policy Loans
Policy loans are carried at outstanding principal balance, which approximates fair value. Interest income is recognized as earned using the contractual interest rate. Generally, accrued interest is capitalized on the policy’s anniversary date. Valuation allowances are not established for policy loans, as they are fully collateralized by the cash surrender value of the underlying insurance policies. Any unpaid principal and accrued interest are deducted from the cash surrender value or the death benefit prior to settlement of the insurance policy.
Investment Funds
Investment funds principally represent limited partnerships (“LPs”) and other similar legal entity structures accounted for under the equity method. Under the equity method, investments are generally carried based on the Company’s pro rata ownership percentage in the net assets of the investee, and the Company’s share of earnings is included in net investment income.
Recognition of income related to investment funds is often delayed due to the availability of the related financial information, which are generally obtained from the entity’s managers, general partners, or managing members and may be reported on a lag of up to three months. Accordingly, income for the years ended December 31, 2024 and 2023 and 2022 may not include the full impact of current year changes in valuations of the underlying assets and liabilities of the funds for that same calendar year.
Other Investments
Other investments consist of derivative instruments, and insurance company-owned life insurance (“ICOLI”). Derivative instruments are carried at fair value. ICOLI investments are carried at the net realizable amount, which is generally represented by the cash surrender value of the insurance policy.
Short-Term Investments
Short-term investments include financial instruments with remaining maturities less than twelve months when purchased. Short-term investments include financial instruments that would otherwise qualify as cash equivalents but are acquired with the primary objective of earning investment income, which make up $735 and $714 of the carrying amount as of December 31, 2024 and 2023, respectively.
Short-term loans and short-term investments that would otherwise qualify as cash equivalents are carried at fair value, where amortized cost approximates fair value. Short-term debt securities are generally classified as AFS and accounted for consistent with our policies for fixed maturities described above.
F-11

TALCOTT RESOLUTION LIFE INSURANCE COMPANY
Notes to Consolidated Financial Statements (continued)
1. Basis of Presentation and Significant Accounting Policies (continued)
Funds Withheld Liability
A funds withheld liability is recorded for funds contractually withheld by the Company under modified coinsurance arrangements in which the Company is the cedant. The assets are primarily held in trust accounts established by the Company, and the Company pays or receives cash quarterly to settle the operating results of the reinsured business, including the investment results.
The funds withheld liability is carried at the fair value of the underlying investments, net of any payables and receivables of the reinsurance arrangement. The funds withheld liability is measured as the total of the host contract, which we have assessed as the book value of assets, and the embedded derivative, which we have assessed as the net unrealized gains or losses on the underlying assets as the ceding insurer is obligated to pay the total return on the underlying investments. We record the total return of the funds withheld liability within net income (inclusive of the return on both the host contract and the embedded derivative). We allocate the total return between net investment income, measured as a risk-free rate on the host contract, and investment related losses, net, measured as the difference between the total return and net investment income.
Fair Value Option
The Company has elected the fair value option (“FVO”) for certain corporate bonds included in fixed maturities, and investment funds. Where elected, changes in fair value of investments are recorded within investment related losses, net.
Refer to Note 5 — Fair Value Measurements for additional details regarding investments for which the Company has elected the FVO.
Impairment of Investments and the Allowance for Credit Losses
We periodically evaluate our fixed maturities, mortgage loans, and other financial instruments for credit losses. Subsequent recoveries of credit losses are recognized as reversals of the ACL with a corresponding reversal recorded as a component of investment related losses, net. Additionally, for any purchased financial assets with a more-than-insignificant amount of credit deterioration since original issuance, we establish an ACL at acquisition, which is recorded with the purchase price to establish the initial amortized cost of the investment.
Fixed Maturities
We review our fixed maturities for declines in fair value that could be impairment related, or attributable to credit risk factors that may require an ACL. If we intend to sell a debt security where amortized cost exceeds fair value, or we determine it is more likely than not that we will be required to sell a debt security before recovery of amortized cost, we determine an impairment has occurred and amortized cost is written down to fair value with a corresponding charge recorded as a component of investment related losses, net.
If amortized cost exceeds fair value, but we do not intend to sell a security and we determine it is not more likely than not that we will be required to sell before recovery of amortized cost, we evaluate the security for indicators of a credit loss that may require an ACL. We evaluate a number of factors to determine whether a decline in fair value is attributable to a credit loss, including but not limited to: market interest rates and issuer credit ratings and outlooks. The significance of the decline in fair value is a factor in our analysis, but is generally not determinative in whether we record a credit loss, as other factors are often more relevant in our evaluation of a security. If we determine a credit loss has occurred, we record as an ACL with a corresponding charge recorded as component of investment related losses, net. The remaining change in fair value is recorded in equity as a component of AOCI.
Mortgage Loans
We monitor individual loan performance, and with the exception of individually identified loans where the borrower is experiencing financial difficulty, we pool loans with homogeneous risk characteristics for purposes of estimating lifetime credit losses and measuring an ACL.
Refer to Note 3 - Investments for further details regarding the ACL for fixed maturities and mortgage loans.
Other Financial Instruments
We also evaluate other financial instruments, such as reinsurance recoverables and off-balance sheet credit exposures that the Company cannot unconditionally cancel. The measurement of the expected credit loss is based on historical loss data, current conditions, and reasonable and supportable forecasts and recorded as an ACL, consistent with treatment of fixed maturities and mortgage loans.
Refer to Note 6 - Reinsurance for further details regarding the ACL for reinsurance recoverables.
F-12

TALCOTT RESOLUTION LIFE INSURANCE COMPANY
Notes to Consolidated Financial Statements (continued)
1. Basis of Presentation and Significant Accounting Policies (continued)
Net Investment Income
The components of net investment income include:
•Interest income from debt securities, mortgage loans, and interest rate swaps, which is recognized when earned on the constant effective yield method based on estimated timing of cash flows. The amortization of premium and accretion of discount for fixed maturities also takes into consideration call and maturity dates that produce the lowest yield. For securitized financial assets subject to prepayment risk, yields are recalculated and adjusted periodically to reflect historical and/or estimated future prepayments;
•Prepayment fees and make-whole payments on debt securities and mortgage loans, which are recognized when earned;
•Dividends for equity securities, which are recognized on the ex-dividend date;
•Share of earnings for the Company's interests in investment funds, which is recognized when reported in the investee’s financial statements;
•A portion of the change in funds withheld, measured as the risk-free return on the host contract;
•A reduction for investment expenses.
Investment Related Losses, Net
The components of investment related losses, net include:
•Realized gains and losses on the sale of investments, determined on a specific identification basis;
•Fair value changes in equity securities;
•Fair value changes in derivative contracts (both freestanding and embedded, including the embedded derivative within funds withheld) that do not qualify, or are not designated, as a hedge for accounting purposes;
•Fair value changes for investments where the FVO has been elected;
•Impairments and changes in the ACL on AFS debt securities, mortgage loans, and reinsurance recoverables;
•Foreign currency transaction remeasurements.
Accrued Interest Receivable
Accrued interest receivable on AFS debt securities and mortgage loans are recorded in other assets on the consolidated balance sheets and are not included in the carrying value of the investment. The Company does not include the current accrued interest receivable balance when estimating the ACL. The Company has a policy to write-off accrued interest receivable balances that are more than 90 days past due or in other circumstances in which management deems the interest uncollectible. Write-offs of accrued interest receivable are recorded as a credit loss component of investment related losses, net.
Variable Interest Entities
The Company is engaged with various special purpose entities and other entities that are deemed to be variable interest entities ("VIE") primarily as an investor through normal investment activities.
A VIE is an entity that either has investors that lack certain essential characteristics of a controlling financial interest, such as simple majority kick-out rights, or lacks sufficient funds to finance its own activities without financial support provided by other entities. The Company performs ongoing qualitative assessments of its VIE exposures to determine whether the Company has a controlling financial interest in the VIE and therefore is the primary beneficiary. The Company is deemed to have a controlling financial interest when it has both the ability to direct the activities that most significantly impact the economic performance of the VIE and the obligation to absorb losses or right to receive benefits from the VIE that could potentially be significant to the VIE. Based on the Company’s assessment, if it determines it is the primary beneficiary, the Company consolidates the VIE in the Company’s consolidated financial statements.
Refer to Note 3 — Investments for additional details regarding the Company’s investments in VIEs.
F-13

TALCOTT RESOLUTION LIFE INSURANCE COMPANY
Notes to Consolidated Financial Statements (continued)
1. Basis of Presentation and Significant Accounting Policies (continued)
Non-Consolidated Variable Interest Entities
The Company, through normal investment activities, makes passive investments in LP and similar legal entity structures which are reported in investment funds on the Company’s consolidated balance sheets. For these non-consolidated VIEs, the Company has determined it is not the primary beneficiary as it has no ability to direct activities that could significantly affect the economic performance of the investments.
In addition, the Company makes passive investments in structured securities issued by VIEs for which the Company is not the manager. These investments are reported in fixed maturities, on the Company’s consolidated balance sheets. The Company has not provided financial or other support with respect to these investments other than its original investment. For these investments, the Company determined it is not the primary beneficiary due to the relative size of the Company’s investment in comparison to the principal amount of the structured securities issued by the VIE, the Company’s inability to direct the activities that most significantly impact the economic performance of the VIE, and, where applicable, the level of credit subordination which reduces the Company’s obligation to absorb losses or right to receive benefits. The Company’s maximum exposure to loss on these investments is limited to the amount of the Company’s investment.
Derivative Instruments
Accounting and Financial Statement Presentation of Derivative Instruments and Hedging Activities
Derivatives are financial instruments whose values are derived from interest rates, foreign exchange rates, financial indices or other underlying notional amounts. We regularly invest in derivatives to hedge the risks inherent in our business, such as interest rate, equity market, issuer credit, currency exchange, or market volatility. We may also invest in derivatives to manage liquidity or engage in synthetic replication transactions. Derivatives are carried on the consolidated balance sheets at fair value and are reported in other investments and other liabilities. We have master netting agreements with certain of our counterparties that provide the legal right of offset and allow for the netting of our derivative asset and liability positions by counterparty. Where applicable, the Company has elected to offset the fair value amounts, income accruals, and related cash collateral receivables and payables of derivatives executed by a legal entity and with the same counterparty or under a master netting agreement.
On the date the derivative contract is entered into, the Company designates the derivative as either:
•a hedge of the variability in cash flows of a forecasted transaction or of amounts to be received or paid related to a recognized asset or liability (“cash flow hedge”), or
•held for other investment and/or risk management purposes, which do not qualify for hedge accounting and primarily involves managing asset or liability related risks.
We formally document all relationships between hedging instruments and hedged items, as well as the risk-management objective and strategy for undertaking each hedge transaction. The documentation identifies how the hedging instrument (i.e., the derivative) is expected to hedge the designated risk (i.e., the specific forecasted transactions) and the method that will be used to assess the hedging instrument’s effectiveness.
To qualify for hedge accounting, the hedging instrument must be assessed as highly effective in offsetting the designated risk. We formally assess hedge effectiveness quarterly and at each hedge’s inception. This assessment is primarily performed using quantitative methods as well as qualitative methods. Quantitative methods include regression or other statistical analysis of changes in fair value or cash flows associated with the hedge relationship. Qualitative methods may include comparison of critical terms of the derivative to the hedged item.
For derivatives that are designated and qualify as cash flow hedges, including foreign-currency cash flow hedges, the gain or loss on the derivatives are recorded in OCI and are reclassified into net income in the same period during which the hedged transaction impacts net income. Gains and losses on derivatives that are reclassified from AOCI to net income, as well as periodic net coupon settlements, are included in the line item within the consolidated statements of operations in which the cash flows of the hedged transaction are reported. On the consolidated statements of cash flows, cash flows from derivatives are presented in the same category as the cash flows from the hedged transaction.
We discontinue hedge accounting prospectively if:
•it is determined that the qualifying criteria are no longer met;
•the derivative is no longer designated as a hedging instrument; or
•the derivative expires or is sold, terminated or exercised.
F-14

TALCOTT RESOLUTION LIFE INSURANCE COMPANY
Notes to Consolidated Financial Statements (continued)
1. Basis of Presentation and Significant Accounting Policies (continued)
When cash flow hedge accounting is discontinued because we become aware that it is no longer probable that the forecasted transaction will occur, the derivative continues to be carried at fair value on the consolidated balance sheets, and gains and losses previously recorded in OCI and reported in AOCI are reclassified to net income in the period that hedge accounting is discontinued. In other situations where hedge accounting is discontinued, including those where the derivative is sold, terminated or exercised, amounts previously deferred in AOCI are reclassified into earnings when earnings are impacted by the hedged transaction.
Investments in derivatives for other investment or risk management activities do not receive hedge accounting treatment and primarily relate to strategies used to reduce economic risk or replicate permitted investments. Gains and losses on such derivatives, including periodic net coupon settlements, are reported in the consolidated statements of operations as a component of investment related losses, net.
Embedded Derivatives
The Company purchases and historically issued and assumed financial instruments and products that contain embedded derivative instruments that we record with the associated host contract. For measurement purposes, we bifurcate the embedded derivative from the host contract when we determine that both of the following are true:
•the embedded derivative possesses economic characteristics that are not clearly and closely related to the economic characteristics of the host contract and
•a separate instrument with the same terms would qualify as a derivative instrument.
The embedded derivative is presented on the same financial statement line item as the host contract and is carried at fair value with changes in fair value recorded as a component of investment related losses, net.
Credit Risk
Credit risk is defined as the risk of financial loss due to uncertainty of an obligor’s or counterparty’s ability or willingness to meet its obligations in accordance with agreed upon terms. The Company manages the credit risk of derivative instruments by entering into transactions with high quality counterparties primarily rated A or better, which are monitored and evaluated by the Company’s risk management team and reviewed by senior management. The Company monitors counterparty credit exposure on a regular basis to ensure compliance with Company policies and statutory limitations. Credit exposures are measured using the market value of the derivatives, resulting in amounts owed to the Company by its counterparties, mitigated by or potential payment obligations from the Company to its counterparties which meet the criteria for offset.
The Company generally requires that over-the-counter (“OTC”) derivative contracts, other than certain forward contracts, be governed by International Swaps and Derivatives Association agreements which are structured by legal entity and by counterparty and permit right of offset. OTC-cleared derivatives are governed by clearinghouse rules, which act as an independent valuation source and reduce exposure to credit risk through daily variation margin requirements. Some agreements require daily collateral settlement based upon agreed upon thresholds. For purposes of daily derivative collateral maintenance, credit exposures are generally quantified based on the prior business day’s market value and collateral is pledged to and held by, or on behalf of, the Company to the extent the current value of the derivatives exceed the contractual thresholds. For the Company’s domestic derivative programs, the maximum uncollateralized threshold for a derivative counterparty for a single legal entity is $7.
Cash
Cash is carried at cost and includes cash on hand, demand deposits with banks or other financial institutions, money market funds, and all highly liquid debt instruments purchased with an original maturity of three months or less.
Reinsurance
The Company enters into reinsurance transactions with related parties and unaffiliated insurer counterparties for a variety of reasons, including strategic business growth opportunities (for assumed transactions) and capital and risk management (for ceded transactions). Ceded reinsurance arrangements do not discharge the Company’s liability as the primary insurer, and failure of counterparties to honor their obligations could result in losses to the Company. Reinsurance is placed with reinsurers that meet strict financial criteria established by the Company, and the Company regularly evaluates concentrations of credit risk and the financial condition of its reinsurers.
F-15

TALCOTT RESOLUTION LIFE INSURANCE COMPANY
Notes to Consolidated Financial Statements (continued)
1. Basis of Presentation and Significant Accounting Policies (continued)
We assume insurance from and cede insurance to our counterparties using a variety of structures, including: coinsurance, coinsurance with funds withheld, modified coinsurance, and yearly renewable term. For an agreement to qualify for reinsurance accounting, it must include insurance risk (inclusive of underwriting, investment, and timing risk) and satisfy risk transfer conditions that include a reasonable possibility of a significant loss for the assuming entity. If an arrangement does not meet risk transfer requirements, the Company accounts for the arrangement using deposit accounting (i.e., as a financing transaction).
Reinsurance recoverables are generally recognized and measured consistent with the liabilities of the underlying contracts. Reinsurance recoverables include balances due from counterparties for paid and unpaid losses and are presented net of an ACL, which is based on the expectation of potential lifetime credit loss from the counterparty. Premiums and benefits and losses reflect the net effects of assumed and ceded reinsurance transactions. Included in other assets are prepaid reinsurance premiums, which represent the portion of premiums ceded to reinsurers applicable to the unexpired terms of the reinsurance agreements. For assumed reinsurance of existing in-force blocks, a net loss on reinsurance is recorded as deferred acquisition costs (“DAC”) and a net gain on reinsurance is recorded as unearned revenue reserves (“URR”). Certain MRBs have also been reinsured, and these are reflected within reinsurance recoverables on the consolidated balance sheets.
Under coinsurance arrangements, reserves and invested assets are transferred from the ceding insurer to the reinsurer. In certain arrangements, the reinsurer holds the assets supporting the reserves in a trust for the benefit of the ceding insurer.
Refer to Note 6 - Reinsurance for additional information related to the various trusts maintained by the Company.
Under coinsurance with funds withheld arrangements, ceded reserves are transferred to the reinsurer; however, invested assets that support the reserves are retained by the ceding insurer, and the counterparties periodically settle investment returns with respect to the invested assets. Under modified coinsurance arrangements, both the ceded reserves and the invested assets that support the reserves are legally retained by the ceding insurer, and the counterparties periodically net settle profit and loss with respect to both the investment returns and the underlying insurance obligations.
Both modified coinsurance and coinsurance with funds withheld arrangements require the ceding insurer to establish a mechanism which legally segregates the invested assets. The Company maintains the right of offset on general account assets and liabilities reinsured on both a coinsurance with funds withheld and modified coinsurance basis, but we have elected to present balances due from and due to reinsurance counterparties on a gross basis, as reinsurance recoverables and funds withheld liability for ceded reinsurance or funds withheld at interest for assumed reinsurance on the consolidated balance sheets. Separate account assets and liabilities assumed on a modified coinsurance basis are reported on a net basis on the consolidated balance sheets. Revenues from the reinsurance of separate accounts, however, is recorded as premiums or policy charges and fee income on the consolidated statements of operations.
Value of Business Acquired, Deferred Acquisition Costs, Unearned Revenue Reserves, and Other Balances
Value of Business Acquired
Value of business acquired (“VOBA”) is an intangible asset that represents the portion of a purchase price allocated to the estimated value of the right to receive future cash flows and earnings of acquired insurance and investment contracts. It is determined as of the date of the acquisition for the acquired contracts in-force, and positive VOBA is initially measured as the excess of book value of the policy liabilities over the actuarially estimated present value of future cash flows. The principal assumptions used in estimating VOBA include equity market returns, mortality, persistency, expenses, and discount rates. Actual experience on the acquired contracts may vary from these projections and the recovery of VOBA is dependent upon the future profitability of the related business. The Company tests the aggregate recoverability of positive VOBA by comparing the existing balance to the present value of future profitability.
For certain transactions, the fair value of cash flows related to acquired insurance and investment contracts results in an obligation which exceeds the book value of policy liabilities, requiring additional reserves (“negative VOBA”). Negative VOBA is presented separately from VOBA as an additional reserve included either in the reserve for future policy benefits or other policyholder funds and benefits payable on the balance sheets, depending on the presentation for the underlying contracts generating the amount.
Deferred Acquisition Costs
As noted in the Reinsurance section above, specific to assumed block reinsurance, the excess of reserves and ceding commission over assets received is recorded as DAC. In addition, incremental direct costs such as commissions are capitalized when incurred if directly related to the successful acquisition of new or existing insurance contracts and incurred on a non-level or non-recurring basis.
F-16

TALCOTT RESOLUTION LIFE INSURANCE COMPANY
Notes to Consolidated Financial Statements (continued)
1. Basis of Presentation and Significant Accounting Policies (continued)
Unearned Revenue Reserve
As noted in the Reinsurance section above, a net gain on assumed reinsurance resulting from the excess of asset received over reserves and ceding commissions is recorded as URR within other policyholder funds and benefits payable on the consolidated balance sheets.
Amortization of Deferred Acquisition Costs and Other Balances
The Company amortizes VOBA, DAC, URR and other balances (e.g., adjustments associated with FIA MRBs) through net income on a constant-level basis over the expected term for a group of contracts (i.e., cohorts), using the same cohorts used to estimate the related liabilities for those contracts. Inputs and assumptions are required for determining the expected term of contracts and are consistent with those used to estimate the related liabilities. The determination of such assumptions uses actuarially accepted methods to estimate decrement rates related to policyholder behavior for lapses, withdrawals (surrenders) and mortality.
The constant-level basis approximates a pattern of straight-line amortization at an individual contract level, and uses a basis specific to the underlying product, generally policy counts or gross premiums. The amortization rate is calculated at the end of each reporting period and is inclusive of actual experience for the reporting period and any assumption updates. The revised amortization rate is applied prospectively from the beginning of the current reporting period. Amortization can never result in an increase of the VOBA, DAC or URR balance initially established.
Refer to Note 7 - Value of Business Acquired, Deferred Acquisition Costs, Unearned Revenue Reserves, and Other Balances for further information.
Income Taxes
We measure income taxes using the asset and liability method, where deferred income taxes are recognized to represent the tax consequences of temporary differences between the financial reporting and tax basis of assets and liabilities. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years the temporary differences are expected to reverse. We evaluate the likelihood of realizing the benefit of the DTA, and if required, record a valuation allowance to reduce the total DTA, net of valuation allowance, to an amount that will more likely than not be realized. The Company classifies interest and penalties (if applicable) as income tax expense in the consolidated statements of operations.
Refer to Note 14 - Income Taxes for additional information.
Goodwill
Goodwill represents the excess of the purchase price of an acquired business over the fair value of identifiable net assets acquired and is allocated to identified reporting units. Goodwill is not amortized but is evaluated for impairment on an annual basis or more frequently if an event occurs or circumstances change that would more likely than not reduce the fair value of a reporting unit below its carrying value. Our methodology for conducting this goodwill impairment evaluation includes a qualitative assessment and, when considered necessary, a quantitative assessment.
The Company has the option to initially perform an assessment of qualitative factors to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount. The qualitative factors may include, but are not limited to, economic conditions, industry and market considerations, cost factors, overall financial performance of the entity or a reporting unit and other company and entity-level or reporting unit-specific events. If it is determined that it is more likely than not that the fair value of the reporting unit is less than its carrying amount, we then perform a quantitative assessment. If the carrying values of the reporting units exceed their fair value, an impairment loss is recognized and the carrying amount of goodwill is adjusted.
Refer to Note 8 - Goodwill and Other Intangible Assets for additional information.
Other Intangible Assets
Other intangible assets with definite lives consist of software amortized over a period not to exceed seven years. Other intangible assets with indefinite lives primarily consist of state insurance licenses and are not amortized but are reviewed annually in the Company’s impairment evaluation. They will be tested for impairment more frequently if an event occurs or circumstances change to indicate the fair value of indefinite-lived other intangible assets is less than the carrying value.
Refer to Note 8 - Goodwill and Other Intangible Assets for additional information.
F-17

TALCOTT RESOLUTION LIFE INSURANCE COMPANY
Notes to Consolidated Financial Statements (continued)
1. Basis of Presentation and Significant Accounting Policies (continued)
Separate Accounts
The Company has issued VA and life insurance contracts through its separate accounts, which represent funds maintained to meet specific investment objectives of policyholders who direct the investments and bear the investment risk, with the exception of any contractual minimum guarantees made by the Company with respect to certain accounts, which are considered MRBs. The Company’s separate accounts include the variable account value portion of VA, variable life insurance products and individual, institutional, and governmental investment contracts. The Company has reinsured certain separate accounts on a modified coinsurance basis to related parties and unaffiliated reinsurers.
Separate account assets are legally segregated and are not subject to claims that arise out of any other business of the Company. We report separate account assets as a summary total based on the fair value of the underlying investments. A corresponding summary total of separate account liabilities is reported at an amount equal to separate account assets and represents the account balance to be returned to the contractholder. The investment risk is solely borne by the contractholders and investment income and investment related and unrealized gains and losses of the separate accounts directly accrue to the contractholders; therefore, they are not recognized in the consolidated statements of operations. The Company recognizes fee income for investment management, certain administrative services and cost of insurance charges.
Refer to Note 9 - Separate Accounts for additional information and Note 12 - Market Risk Benefits for further information.
Reserve for Future Policy Benefits
Reserve for future policy benefits represent estimated insurance liabilities and primarily consist of the liability for future policy benefits (“LFPB”) and deferred profit liability (“DPL”) related to life-contingent payout annuities, as well as additional liabilities for universal life with secondary guarantee ("ULSG") contracts. Reserve for future policy benefits also consists of LFPB related to traditional long-duration insurance reserves for whole life and guaranteed term life insurance and other contracts.
Liability for Future Policy Benefits
The LFPB includes reserves for life-contingent contract annuitizations, including structured settlements and terminal funding agreements and traditional life insurance contracts. Insurance contracts are grouped into cohorts based on issue year and contract type for purposes of recognizing the LFPB. For contracts acquired through an inforce reinsurance arrangement or business combination, multiple issue years prior to the acquisition date are generally aggregated for purposes of identifying a single, issue-year cohort as of the acquisition date.
The LFPB is calculated using standard actuarial methods, which consider the present value of future benefits and related expenses to be paid, less the present value of the portion of future premiums required. Such calculations are measured using updated cash flow and discount rate assumptions. The Company updates the LFPB at least quarterly for actual experience and future cash flow assumptions are evaluated at least annually. Cash flow assumptions include, among others, mortality and lapse rates, and are reviewed and updated, as needed, following the Company’s assumption review. Cash flow assumptions may be updated more frequently, if necessary, based on trending experience and future expectations. The effect on the LFPB attributable to updates for actual experience and updates in cash flow assumptions are both recorded as benefits and losses. However, actual experience (e.g., paid claims) is reported as benefits and losses while remeasurement of the LFPB for the effect of cash flow assumption updates is reported as a separate remeasurement gain or loss.
The LFPB is computed at amounts that, with additions from interest on such reserves compounded annually at assumed rates, are expected to be sufficient to meet the Company’s policy obligations as they become due or in the event of an insured’s death.
Cash flows are discounted using an upper-medium grade, fixed-income instrument yield (the equivalent of a low credit risk, Single A corporate bond rate). We establish the upper-medium grade yield for each cohort as of contract inception. For contracts issued evenly throughout a reporting period (or subsequent annuitizations for life-contingent payout annuities), a weighted-average discount rate is calculated on a quarterly basis. For contracts acquired through an inforce reinsurance arrangement or business combination, the contract inception date is identified as the acquisition date. In subsequent measurement periods, reserve accretion is calculated using the locked-in yield curve established at contract inception and is recorded as benefit expense through net income.
The LFPB is additionally remeasured each reporting period using current upper-medium grade yields, and the effect on the LFPB attributable to changes in the discount rate is recorded in OCI. When developing an upper-medium grade yield curve, the Company maximizes the use of observable data as of each valuation date to reflect the duration characteristics of the insurance liabilities.
F-18

TALCOTT RESOLUTION LIFE INSURANCE COMPANY
Notes to Consolidated Financial Statements (continued)
1. Basis of Presentation and Significant Accounting Policies (continued)
Deferred Profit Liability
The DPL is recognized at contract inception of limited-payment contracts and represents the profit margin in premiums paid over a shorter duration than the claim payment period. The DPL accretes interest similar to the LFPB and is amortized in a constant relationship with expected future benefits payments for annuity contracts and insurance in force for life contracts. Amortization is recognized in benefits and losses within the consolidated statements of operations.
Consistent with the LFPB, the Company updates the DPL at least quarterly for actual experience, and future cash flow assumptions are reviewed and updated, as needed, following the Company’s assumptions review. Cash flow assumptions may be updated more frequently, if necessary, based on trending experience and future expectations. Consistent with the LFPB, actual experience is reported as benefits and losses while the effect on the DPL attributable to updates in cash flow assumptions is reported as a separate remeasurement gain or loss within benefits and losses in the consolidated statements of operations.
Additional Liabilities for Other Insurance Benefits
Additional liabilities for other insurance benefits primarily relate to ULSG benefits which provide additional protection against policy termination and may continue to provide a death benefit, even if there is insufficient policy value to cover the monthly deductions and charges. The reserve is determined by estimating the expected present value of the benefits in excess of the policyholder’s expected account value in proportion to the present value of total expected contract assessments and investment margin. Present values are determined using the contract rate, and interest accrues on the liability using the same rate. The reserve is reduced by the amount of cumulative excess payments but is never reduced below zero. Consistent with the LFPB, the reserve calculation is updated on a quarterly basis for actual experience, and future cash flow assumptions are reviewed and updated, as needed, following the Company’s assumptions review. Consistent with the LFPB, actual experience is reported as benefits and losses while the effect on the additional liabilities attributable to updates in cash flow assumptions is reported as a separate remeasurement gain or loss within benefits and losses in the consolidated statements of operations.
Refer to Note 10 - Reserve for Future Policy Benefits for additional information regarding the liability for future policy benefits and additional liabilities for other insurance benefits.
Other Policyholder Funds and Benefits Payable
Other policyholder funds and benefits payable primarily consists of policyholder account balances (“PAB”), URR, negative VOBA, and other balances. Refer to the Reinsurance and VOBA policy sections above for additional information on URR and negative VOBA. Other balances primarily include FIA host offsets, which are amounts used to offset the value of the MRB at contract inception and is further described in the MRB policy section below.
Policyholder Account Balances
PABs represent the fixed contract value that has accrued to the benefit of the policyholder as of the balance sheet date and are applicable for non-life contingent payout annuities and contracts with explicit account values, including VA, fixed annuities, COLI, and other investment or universal life-type contracts (“UL”). This liability is primarily measured as accumulated account deposits, plus interest credited, less policyholder withdrawals and other charges assessed against the account balance, as applicable. The liability recognized for non-life contingent payout annuities, including structured settlements, is measured as the present value of future payments using the effective yield at contract inception. Significant changes in experience or assumptions related to PABs for UL-type products may require the Company to establish premium deficiency reserves. Premium deficiency reserves, if any, are established based on current assumptions without considering a provision for adverse deviation. Changes in or deviations from the assumptions used can significantly affect the Company’s reserve levels and results from operations.
FIA contract balances appreciate based on a guaranteed minimum crediting rate or the performance of market indices and generally protect the contract owner against loss of principal. FIAs allow the policyholder to elect a fixed interest rate return or an equity market index and may include living withdrawal benefits or enhanced annuitization benefits.
For FIA contracts where an equity market index is elected, the account value attributable to equity performance, is not clearly and closely related to the host contract and is recognized as an embedded derivative. The host contract, identified as the non-variable guaranteed minimum contract value, is initially measured as the contract inception account value less a host contract adjustment equal to the initial fair value of the embedded derivative. The PAB liability reported on the consolidated balance sheets is equal to the sum of the fair value of the embedded derivative and the host contract.
F-19

TALCOTT RESOLUTION LIFE INSURANCE COMPANY
Notes to Consolidated Financial Statements (continued)
1. Basis of Presentation and Significant Accounting Policies (continued)
The fair value of the embedded derivative is measured as the present value of cash flows attributable to the indexed strategies and is derived using assumptions to estimate future account values. The embedded derivative cash flows are discounted using a rate that reflects our own credit rating. The host contract adjustment is subsequently accreted over the underlying policy’s expected life using a locked-in accretion rate determined at contract issuance.
Refer to Note 11 - Other Policyholder Funds and Benefits Payable and Note 5 - Fair Value Measurements for additional information.
Market Risk Benefits
The Company historically issued and assumes via reinsurance certain guarantees and product features on VA and FIA products which protect the contractholder from, and expose the Company to, other-than-nominal capital market risk. The Company recognizes these features as MRBs, which include guaranteed minimum death benefit (“GMDB”), guaranteed minimum withdrawal benefit (“GMWB”) and guaranteed minimum income benefit (“GMIB”) for VA products, as well as guaranteed lifetime withdrawal benefit (“GLWB”) and expected annuitization benefits for FIA products.
MRBs are measured at the individual contract level and multiple MRBs within a single contract are measured and recognized as a single, compound MRB. MRBs are carried at fair value and may be recognized as a liability or an asset and are reported separately as MRB liabilities or assets on the consolidated balance sheets as there is no legal right of offset between contracts.
The fair value of MRBs is measured as the present value of expected future benefits payments to contractholders, less the present value of expected fees attributable to the MRB, if applicable. The cash flows associated with MRBs are discounted utilizing a risk-free discount rate, plus an applicable credit spread for the instrument-specific credit risk (“ISCR”). To estimate the appropriate credit spread, the Company considers its own credit risk for directly written and assumed contracts and the reinsurer’s credit risk for reinsured MRBs. Changes in the fair value of MRBs are recorded as the change in MRBs in the consolidated statements of operations, excluding portions attributed to changes in the Company’s own credit risk, which are recorded in OCI. For reinsured MRBs, changes in the MRB attributable to changes in the reinsurer’s nonperformance risk are recognized as part of the change in MRBs in the consolidated statements of operations.
At contract inception, we assess the fees and assessments collectible from the policyholder and to the extent they are attributable to the MRB, identify them as attributed fees to be used in MRB measurement. MRBs are measured and recognized at contract inception using this attributed fee method, and for FIA contracts with a day 1 MRB liability, an equivalent contra-liability, referred to as a host offset, is recognized in other policyholder funds and benefits payable on the consolidated balance sheets.
Upon annuitization of the contract or the extinguishment of the account balance, the MRB, related annuity contract and unamortized deferred costs are derecognized, including amounts within AOCI, and a LFPB and DPL for the remaining payout annuity contract is established, as applicable.
Directly written and assumed MRBs are not reduced for those riders that are ceded under reinsurance agreements. Instead, reinsured MRBs (“ceded MRBs”) are measured at fair value and are separately recorded in reinsurance recoverables on the consolidated balance sheets.
Refer to Note 12 - Market Risk Benefits for additional information.
Revenue Recognition
For investment and UL contracts such as VA, fixed annuities, and COLI, amounts collected from policyholders are considered deposits and are not included in revenues. Policy charges and fee income are recognized in the period in which services are provided, and primarily consists of fees for policy administration, cost of insurance charges or surrender charges assessed against PABs. For traditional life products, premiums are recognized as revenue when due from policyholders.
Adoption of New Accounting Standards
Reference Rate Reform (Topic 848) (ASU 2020-04, ASU 2021-01, and ASU 2022-06)
ASU 2020-04 and ASU 2021-01 provided practical expedients as codified within Topic 848 which were intended to ease operational burdens related to modifications to certain contracts, hedges and derivatives compelled due to reference rate reform. Each ASU was effective at issuance, adopted by the Company in prior years, and did not have a material effect on our financial statements. ASU 2022-06 deferred the sunset of Topic 848 from December 31, 2022 to December 31, 2024, at which point the practical expedients within Topic 848 after adoption are no longer be available. As of January 1, 2024, all ASUs were adopted and it did not have a material effect on our financial statements.
F-20

TALCOTT RESOLUTION LIFE INSURANCE COMPANY
Notes to Consolidated Financial Statements (continued)
1. Basis of Presentation and Significant Accounting Policies (continued)
Fair Value Measurements of Equity Securities Subject to Contractual Sale Restrictions (ASU 2022-03)
ASU 2022-03 applies to both holders and issuers of equity and equity-linked securities measured at fair value and clarifies that a contractual sales restriction is not considered in measurement. The amendments are effective for the Company in fiscal years beginning after December 15, 2023, and interim periods within those fiscal years, with early adoption permitted. The Company adopted the provisions of ASU 2022-03 on January 1, 2024, and it did not have a material effect on our financial statements.
Segment Reporting - Improvements to Reportable Segment Disclosures (ASU 2023-07)
ASU 2023-07 requires additional disclosures regarding the Company’s CODM and significant segment expenses that are regularly provided to and used by the CODM in managing the business. The ASU also clarified the expanded disclosures will be applicable to entities with a single reportable segment. We adopted these updates effective January 1, 2024.
Refer to Note 2 - Segment Information for additional information.
Recently Issued Accounting Standards
Induced Conversions of Convertible Debt Instruments (ASU 2024-04)
ASU 2024-04 will clarify requirements for determining whether certain settlements of convertible debt instruments should be accounted for as an induced conversion or a debt extinguishment. The amendments are effective for the Company in fiscal years beginning after December 15, 2025 and interim periods within those fiscal years, with early adoption permitted. The Company is currently evaluating the impact of this guidance on the financial statements.
Income Statement – Expense Disaggregation Disclosures
ASU 2024-03 will require additional disclosures regarding specific expense categories. The amendments are effective for the Company in fiscal years beginning after December 15, 2026, and interim periods beginning after December 15, 2027, with early adoption permitted. The Company is currently evaluating the impact of this guidance on the financial statements.
Income Taxes - Improvements to Income Tax Disclosures (ASU 2023-09)
ASU 2023-09 will require additional disclosures with respect to taxes paid and the Company's effective tax rate reconciliation for federal, state, and foreign income taxes. The amendments are effective for the Company in fiscal years beginning after December 15, 2024, with early adoption permitted. The Company is currently evaluating the impact of this guidance on its 2025 financial statements.
F-21


TALCOTT RESOLUTION LIFE INSURANCE COMPANY
Notes to Consolidated Financial Statements (continued)
2.Segment Information
The following presents revenues from premiums and policy charges and fee income, as well as deposits on PABs, recorded in benefits and losses on the consolidated statements of operations, by product:
Year Ended December 31,
202420232022
Deposits
Variable annuities
$2 $2 $447 
Fixed annuities
— — 1 
Fixed indexed annuities
394 469 188 
Payout annuities
212 243 233 
Universal life and other
— 2 — 
Total deposits$608 $716 $869 
Revenues
Variable annuities
$440 $459 $292 
Fixed annuities
1 1 1 
Fixed indexed annuities
21 17 60 
Payout annuities
66 61 46 
Universal life and other
185 196 209 
Total revenues
$713 $734 $608 

Total assets for the single reportable segment are included within the consolidated balance sheets. Revenues and long-lived assets are exclusively concentrated in the U.S.
F-22


TALCOTT RESOLUTION LIFE INSURANCE COMPANY
Notes to Consolidated Financial Statements (continued)
3.Investments
Available-for-Sale Debt Securities
Major security types for AFS structured debt securities include the following:
•ABS: securities backed by leases, receivables, credit cards, and consumer loans (e.g., auto loans, education loans, and home equity loans).
•CLOs: securities collateralized by corporate bonds and bank loans, including those associated with commercial real estate.
•CMBS: commercial and other multi-family mortgage-backed and agency pass-through securities.
•RMBS: residential and other single-family mortgage-backed and agency pass-through securities, as well as collateralized mortgage obligations.
The following table presents the balances of AFS debt securities, by major security type:
Amortized Cost
Allowance for Credit Losses
Gross Unrealized GainsGross Unrealized LossesFair Value
As of December 31, 2024
Fixed maturities, available-for-sale
Asset-backed securities
$467 $— $3 $(14)$456 
Collateralized loan obligations
1,537 — 15 (3)1,549 
Commercial mortgage-backed securities
982 (1)5 (106)880 
Corporate bonds
9,626 (2)1 (1,673)7,952 
Foreign government and agencies
510 — 2 (50)462 
Municipal bonds
683 — — (144)539 
Residential mortgage-backed securities
380 (1)2 (46)335 
U.S. Treasury bonds
1,347 — — (415)932 
Total fixed maturities, available-for-sale
$15,532 $(4)$28 $(2,451)$13,105 
Short-term investments, available-for-sale
$62 — — — $62 
As of December 31, 2023
Fixed maturities, available-for-sale
Asset-backed securities
$376 $— $3 $(16)$363 
Collateralized loan obligations
970 (2)3 (5)966 
Commercial mortgage-backed securities
1,639 (7)— (186)1,446 
Corporate bonds
11,245 (7)22 (1,715)9,545 
Foreign government and agencies
442 — 10 (48)404 
Municipal bonds
961 — — (158)803 
Residential mortgage-backed securities
508 — — (63)445 
U.S. Treasury bonds
1,194 — — (312)882 
Total fixed maturities, available-for-sale
$17,335 $(16)$38 $(2,503)$14,854 
Short-term investments, available-for-sale
$28 — — — $28 


F-23

TALCOTT RESOLUTION LIFE INSURANCE COMPANY
Notes to Consolidated Financial Statements (continued)
3. Investments (continued)
The following table presents the balances of AFS debt securities, by contractual maturity:
As of December 31, 2024As of December 31, 2023
Amortized Cost
Fair
Value
Amortized Cost
Fair
Value
One year or less
$398 $393 $392 $380 
Over one year through five years2,072 1,960 2,305 2,178 
Over five years through ten years2,372 2,098 3,351 2,960 
Over ten years7,386 5,496 7,822 6,144 
Structured securities
3,366 3,220 3,493 3,220 
Total
$15,594 $13,167 $17,363 $14,882 

Estimated maturities may differ from contractual maturities due to call or prepayment provisions, due to the potential for variability in payment speeds (i.e., prepayments or extensions).
The following tables present the Company’s unrealized loss aging for AFS debt securities, by major security type and length of time that the securities were in a continuous unrealized loss position:
Less Than 12 Months12 Months or MoreTotal
Fair
Value		Unrealized
Losses		Fair
Value		Unrealized
Losses		Fair
Value		Unrealized
Losses
As of December 31, 2024
Fixed maturities, available-for-sale
Asset-backed securities
$64 $(3)$177 $(11)$241 $(14)
Collateralized loan obligations
203 (3)— — 203 (3)
Commercial mortgage-backed securities
55 (2)709 (104)764 (106)
Corporate bonds
497 (24)6,916 (1,649)7,413 (1,673)
Foreign government and agencies
185 (7)190 (43)375 (50)
Municipal bonds
2 — 533 (144)535 (144)
Residential mortgage-backed securities
33 — 299 (46)332 (46)
U.S. Treasury bonds
168 (3)757 (412)925 (415)
Total fixed maturities, available-for-sale
$1,207 $(42)$9,581 $(2,409)$10,788 $(2,451)
As of December 31, 2023
Fixed maturities, available-for-sale
Asset-backed securities
$75 $(2)$181 $(14)$256 $(16)
Collateralized loan obligations
238 (1)296 (4)534 (5)
Commercial mortgage-backed securities
43 (4)1,373 (182)1,416 (186)
Corporate bonds
376 (32)8,299 (1,683)8,675 (1,715)
Foreign government and agencies
1 — 290 (48)291 (48)
Municipal bonds
8 (1)794 (157)802 (158)
Residential mortgage-backed securities
— — 408 (63)408 (63)
U.S. Treasury bonds
6 (4)870 (308)876 (312)
Total fixed maturities, available-for-sale
$747 $(44)$12,511 $(2,459)$13,258 $(2,503)

As of December 31, 2024, AFS debt securities in an unrealized loss position consisted of 3,242 positions due to increasing interest rates, partially offset by the narrowing of credit spreads since the purchase and/or application of pushdown accounting dates.
F-24

TALCOTT RESOLUTION LIFE INSURANCE COMPANY
Notes to Consolidated Financial Statements (continued)
3. Investments (continued)
The Company neither has an intention to sell nor does it expect to be required to sell the fixed maturities. The decision to record credit losses on AFS debt securities in the form of an ACL requires us to make qualitative and quantitative estimates of expected future cash flows. Actual cash flows could deviate significantly from our expectations, resulting in realized losses in future periods.
Sales
Proceeds from sales of AFS debt securities were $1,840, $1,304 and $5,897 for the years ended December 31, 2024, 2023 and 2022, respectively.
Allowance for Credit Losses
Developing the Company’s best estimate of expected future cash flows for ACL on AFS debt securities is a quantitative and qualitative process that incorporates information received from third-party sources, along with certain internal assumptions regarding the future performance. Cash flows are discounted at the effective yield that is used to record interest income. The Company's considerations include, but are not limited to: (a) changes in the financial condition of the issuer and/or the underlying collateral, (b) whether the issuer is current on contractually obligated interest and principal payments, (c) credit ratings, (d) payment structure of the security and (e) the extent to which the fair value has been less than the amortized cost of the security.
For non-structured securities, assumptions include, but are not limited to: economic and industry-specific trends and fundamentals, instrument-specific developments, including changes in credit ratings, industry earnings multiples and the issuer’s ability to restructure, access capital markets, and execute asset sales.
For structured securities, assumptions include, but are not limited to: various performance indicators such as historical and projected default and recovery rates, credit ratings, current and projected delinquency rates, loan-to-value ratios ("LTV"), average cumulative collateral loss rates that vary by vintage year, prepayment speeds, and property value declines. These assumptions require the use of significant management judgment and include the probability of issuer default and estimates regarding timing and amount of expected recoveries which may include estimating the underlying collateral value.
F-25

TALCOTT RESOLUTION LIFE INSURANCE COMPANY
Notes to Consolidated Financial Statements (continued)
3. Investments (continued)
The following presents a rollforward of the ACL for AFS debt securities, by major security type:
Collateralized Loan Obligations
Commercial Mortgage-Backed Securities
Corporate Bonds
Residential Mortgage-Backed Securities
Total
Balance as of January 1, 2022
$— $— $— $— $— 
Initial credit losses
— — 1 — 1 
Reduction for sales— — (1)— (1)
Balance as of December 31, 2022
$— $— $— $— $— 
Initial credit losses
2 7 8 — 17 
Reduction for sales— — (1)— (1)
Balance as of December 31, 2023 [1]
2 7 7 — 16 
Initial credit losses
— 4 1 1 6 
Reduction for sales— (2)— — (2)
Additional decreases(2)(8)(6)— (16)
Balance as of December 31, 2024 [1]
$— $1 $2 $1 $4 
[1]As of December 31, 2024 and 2023, the Company held no purchased credit deteriorated (“PCD”) AFS debt securities.

Net Investment Income
Net investment income by asset class consists of the following:
Year Ended December 31,
202420232022
Fixed maturities
$645 $641 $604 
Equity securities
4 11 10 
Mortgage loans
72 80 74 
Policy loans
99 90 82 
Investment funds
75 116 168 
Other investments
(30)— (10)
Short-term investments
70 54 16 
Funds withheld liability(392)(381)(136)
Investment expense
(28)(21)(30)
Total net investment income
$515 $590 $778 

F-26

TALCOTT RESOLUTION LIFE INSURANCE COMPANY
Notes to Consolidated Financial Statements (continued)
3. Investments (continued)
Investment Related Losses, Net
Investment related losses, net, by asset class consists of the following:
Year Ended December 31,
202420232022
Available-for-sale debt securities
Gross gains on sales7 1 2 
Gross losses on sales(199)(194)(532)
Net realized gain/loss on other disposals(21)(12)— 
Net realized investment related losses on available-for-sale debt securities(213)$(205)$(530)
Provision for credit losses on fixed maturities, available-for-sale
9 (16)(1)
Net recognized investment related gains (losses) on fair value option fixed maturities17 (11)(21)
Net realized investment related gains (losses) on equity securities(1)12 5 
Net unrealized investment related gains (losses) on equity securities still held at the end of the period18 (8)(24)
Provision for credit losses on mortgage loans
6 (11)(3)
Net recognized investment related gains on investment funds30 41 16 
Embedded derivatives [1]
(80)(473)916 
Freestanding derivatives [1]
(449)(926)(297)
Modified coinsurance assets [2]
169 671 98 
Fixed indexed annuities hedge program
23 22 (247)
Other, net(22)(25)12 
Investment related losses, net$(493)$(929)$(76)
[1]Refer to the Non-Qualifying Derivatives section of Note 4 — Derivatives for additional information.
[2]Represents the remainder return on the modified coinsurance assets.

Accrued Interest Receivable
Accrued interest receivable, by asset class, recorded in other assets on the consolidated balance sheets, consists of the following:
As of December 31,
20242023
Available-for-sale debt securities
$160 $161 
Mortgage loans
6 6 

F-27

TALCOTT RESOLUTION LIFE INSURANCE COMPANY
Notes to Consolidated Financial Statements (continued)
3. Investments (continued)
Mortgage Loans
The following presents the Company’s mortgage loans, by geographic location:
As of December 31,
20242023
Amortized
Cost		Percent of TotalAmortized
Cost		Percent of Total
East North Central
$90 4.9 %$87 4.3 %
East South Central
29 1.6 %34 1.7 %
Middle Atlantic
180 9.7 %175 8.6 %
Mountain
163 8.8 %176 8.6 %
New England
69 3.7 %70 3.4 %
Pacific
378 20.4 %462 22.6 %
South Atlantic
572 30.9 %621 30.3 %
West North Central
42 2.3 %40 1.9 %
West South Central
192 10.4 %213 10.4 %
Other [1]
136 7.3 %167 8.2 %
Total mortgage loans
$1,851 100.0 %$2,045 100.0 %
[1]Primarily represents loans collateralized by multiple properties in various regions.

The following table presents the Company’s mortgage loans, by property type:
As of December 31,
20242023
Amortized CostPercent of TotalAmortized CostPercent of Total
Industrial$571 30.8 %$711 34.8 %
Multifamily518 28.0 %617 30.2 %
Office271 14.6 %340 16.6 %
Retail491 26.6 %377 18.4 %
Total mortgage loans$1,851 100.0 %$2,045 100.0 %

Allowance for Credit Losses
Apart from an ACL recorded on individual mortgage loans where the borrower is experiencing financial difficulties, the Company records an ACL on the pool of mortgage loans based on lifetime expected credit losses. The Company utilizes a third-party forecasting model to estimate lifetime expected credit losses at a loan level under multiple economic scenarios. The scenarios use macroeconomic data provided by an internationally recognized economics firm that generates forecasts of varying economic factors such as GDP growth, unemployment and interest rates. The economic scenarios are projected over 10 years. The first two years to four years of the 10-year period assume a specific modeled economic scenario (including moderate upside, moderate recession and severe recession scenarios) and then revert to historical long-term assumptions over the remaining period. Using these economic scenarios, the forecasting model projects property-specific operating income and capitalization rates used to estimate the value of a future operating income stream. The operating income and the property valuations derived from capitalization rates are compared to loan payment and principal amounts to create debt service coverage ratios ("DSCRs") and LTVs over the forecasted period. The Company's process also considers qualitative factors. The model overlays historical data about mortgage loan performance based on DSCRs and LTVs and projects the probability of default, amount of loss given a default and resulting expected loss through maturity for each loan under each economic scenario. Economic scenarios are probability-weighted based on a statistical analysis of the forecasted economic factors and qualitative analysis. The Company records the change in the ACL on mortgage loans based on the weighted-average expected credit losses across the selected economic scenarios. When a borrower is experiencing financial difficulty, including when foreclosure is probable, the Company measures an ACL on individual mortgage loans. The ACL is established for any shortfall between the amortized cost of the loan and the fair value of the collateral, less costs to sell. Estimates of collectibility from an individual borrower require the use of significant management
F-28

TALCOTT RESOLUTION LIFE INSURANCE COMPANY
Notes to Consolidated Financial Statements (continued)
3. Investments (continued)
judgment and include the probability and timing of borrower default and loss severity estimates. In addition, cash flow projections may change based upon new information about the borrower's ability to pay and/or the value of underlying collateral, such as changes in projected property value estimates.
As of December 31, 2024 and 2023, the Company did not have any mortgage loans for which an ACL was established on an individual basis.
As of December 31, 2024 and 2023, the Company held no PCD or held-for-sale mortgage loans.
The following table presents a rollforward of the ACL for mortgage loans:
Year Ended December 31,
202420232022
Beginning balance$26 $15 $12 
Provision for credit losses
(6)11 3 
Sales
(2)— — 
Additional decreases(2)— 
Ending balance$16 $26 $15 

The change in the allowance for the year ended December 31, 2024 and 2023 was primarily attributable to changes in market conditions and an update in assumptions. The increase in the allowance for the year ended December 31, 2022 was primarily attributable to the deteriorating economic conditions and the potential impact on real estate property valuations and, to a lesser extent, net additions of new loans.
Loan Modifications
The Company may modify the terms of a loan when the borrower is experiencing financial difficulties, as a means to optimize recovery of amounts due on the loan. Modifications may involve temporary relief, such as payment forbearance for a short period time or may involve more substantive modifications such as interest rate relief or maturity extensions. Changes to loan terms, pursuant to a modification agreement, are factored into the analysis of the loan’s expected credit losses, under the allowance model applicable to the loan.
For the year ended December 31, 2024, the Company granted modifications related to one commercial mortgage loan borrower experiencing financial difficulty. The borrower was granted a 3-year maturity extension with a continuation of the existing fixed interest rate, which was determined to be below-market.
The carrying value of the loan as of December 31, 2024 was approximately $35 (1.9%) of the total carrying value of the Company’s commercial mortgage loan portfolio. As of December 31, 2024 the loan was considered performing as it was current on contractual payments.
Credit Quality Indicators
The weighted-average LTV ratio at origination of the Company’s mortgage loans held as of December 31, 2024 was 30.2%. LTV ratios compare the loan amount to the value of the underlying property collateralizing the loan with property values based on appraisals performed at origination and updated as necessary. Factors considered in estimating property values include, among other things, actual and expected property cash flows, geographic market data and the ratio of the property's net operating income to its value. DSCR compares a property’s net operating income to the borrower’s principal and interest payments which are updated no less than annually through reviews of underlying properties.
F-29

TALCOTT RESOLUTION LIFE INSURANCE COMPANY
Notes to Consolidated Financial Statements (continued)
3. Investments (continued)
The following presents the LTV ratio and DSCR for mortgage loans, by origination year:
As of December 31, 2024
20242023202220212020PriorTotal
Amortized cost for loan-to-values:
Greater than 80%
$— $— $54 $15 $— $55 $124 
65% to 80%
— 3 98 90 21 205 417 
Less than 65%
13 34 264 158 37 804 1,310 
Total
$13 $37 $416 $263 $58 $1,064 $1,851 
Amortized cost for debt service coverage ratios:
Greater than 1.50x
$5 $— $209 $198 $52 $940 $1,404 
1.15x to 1.50x
8 — 108 28 6 110 260 
0.95x to 1.15x
— 34 27 15 — 13 89 
Less than 0.95x
— 3 72 22 — 1 98 
Total
$13 $37 $416 $263 $58 $1,064 $1,851 
Average loan-to-value for debt service coverage ratios:
Greater than 1.50x
13.1 %— %57.6 %58.5 %60.5 %50.1 %52.7 %
1.15x to 1.50x
37.2 %— %47.7 %62.4 %62.6 %72.6 %59.9 %
0.95x to 1.15x
— %43.5 %69.0 %88.0 %— %68.3 %62.4 %
Less than 0.95x
— %70.9 %79.1 %51.4 %— %— %72.7 %
Weighted average
27.4 %45.9 %59.5 %60.0 %60.7 %52.7 %55.2 %

As of December 31, 2023
20232022202120202019
Prior
Total
Amortized cost for loan-to-values:
Greater than 80%
$— $56 $16 $— $— $48 $120 
65% to 80%
— 81 137 23 27 175 443 
Less than 65%
19 235 198 49 165 816 1,482 
Total
$19 $372 $351 $72 $192 $1,039 $2,045 
Amortized cost for debt service coverage ratios:
Greater than 1.50x
$— $239 $301 $72 $171 $952 $1,735 
1.15x to 1.50x
3 50 29 — 13 87 182 
0.95x to 1.15x
16 19 16 — 8 — 59 
Less than 0.95x
— 64 5 — — — 69 
Total
$19 $372 $351 $72 $192 $1,039 $2,045 
Average loan-to-value for debt service coverage ratios:
Greater than 1.50x
— %54.3 %58.6 %55.9 %54.2 %49.4 %52.4 %
1.15x to 1.50x
51.6 %38.6 %62.2 %— %69.5 %61.5 %55.7 %
0.95x to 1.15x
39.8 %77.5 %84.3 %— %76.9 %— %68.8 %
Less than 0.95x
— %77.1 %50.3 %— %— %— %75.2 %
Weighted average
42.7 %57.4 %59.7 %55.9 %56.3 %50.4 %54.0 %
Past-Due Mortgage Loans
Mortgage loans are considered past due if a payment of principal or interest is not received according to the contractual terms of the loan agreement, which typically includes a grace period. As of December 31, 2024 and 2023, the Company held no mortgage loans considered past due.
F-30

TALCOTT RESOLUTION LIFE INSURANCE COMPANY
Notes to Consolidated Financial Statements (continued)
3. Investments (continued)
Repurchase Agreements and Other Collateral Transactions
The Company enters into securities financing transactions as a way to earn additional income or manage liquidity, primarily through repurchase agreements.
Repurchase Agreements
From time to time, the Company enters into repurchase agreements to manage liquidity or to earn incremental income. A repurchase agreement is a transaction in which one party (transferor) agrees to sell securities to another party (transferee) in return for cash (or securities), with a simultaneous agreement to repurchase the same securities at a specified price at a later date. The maturity of these transactions is generally ninety days or less. Repurchase agreements include master netting provisions that provide both parties the right to offset claims and apply securities held by them with respect to their obligations in the event of a default. Although the Company has the contractual right to offset claims, the Company's current positions do not meet the specific conditions for net presentation.
Under repurchase agreements, the Company transfers collateral of U.S. government and government agency securities and receives cash. For repurchase agreements, the Company obtains cash in an amount equal to at least 95% of the fair value of the securities transferred. The agreements require additional collateral to be transferred under specified conditions and provide the counterparty the right to sell or re-pledge the securities transferred. The cash received from the repurchase program is typically invested in short-term investments or fixed maturities and is reported as an asset on the Company's consolidated balance sheets. The Company accounts for the repurchase agreements as collateralized borrowings. The securities transferred under repurchase agreements are included in fixed maturities, AFS with the obligation to repurchase those securities recorded in other liabilities on the Company's consolidated balance sheets.
As noted above, the Company’s current positions do not permit net presentation, however, the following presents the potential effect of rights of setoff associated with repurchase agreements:
As of December 31,
20242023
Gross amounts recognized$(354)$(421)
Gross amounts not offset:
Financial instruments [1]
391 439 
Net amount$37 $18 
[1]Included within fixed maturities and short-term investments on the Company's consolidated balance sheets.

Refer to Note 4 - Derivatives the potential effect of rights of set-off associated with recognized derivative assets and liabilities.
Other Collateral Transactions
The Company is required by law to deposit securities with government agencies in certain states in which it conducts business. As of December 31, 2024 and 2023, the fair value of securities on deposit was $12 and $22, respectively.
For disclosure of collateral in support of derivative transactions, refer to the Derivative Collateral Arrangements section of Note 4 - Derivatives.
Variable Interest Entities
As of December 31, 2024 and 2023, the Company did not hold any investment in a VIE for which it was the primary beneficiary. The Company’s risk of loss associated with non-consolidated investments depends on the investment. Investment funds are limited to the Company’s share of the investee’s net assets plus unfunded commitments. Fixed maturities are limited to amortized cost and unfunded commitments.
F-31

TALCOTT RESOLUTION LIFE INSURANCE COMPANY
Notes to Consolidated Financial Statements (continued)
3. Investments (continued)
The following summarizes the carrying value and maximum loss exposure of these non-consolidated investments:
As of December 31,
2024
2023
(in billions)Carrying ValueMaximum Exposure to LossCarrying ValueMaximum Exposure to Loss
Investment funds
$1.3 $1.8 $1.4 $2.0 
Fixed maturities
3.7 4.0 4.1 4.5 
Total non-consolidated investments$5.0 $5.8 $5.5 $6.5 

Equity Method Investments
For the year ended December 31, 2024, aggregate net investment income from investment funds exceeded 10% of the Company’s pre-tax net income.
Accordingly, the Company is disclosing summarized financial data in the following table which reflects the latest available financial information:
As of December 31,
(in billions)
2024
2023
Total assets
$136.3 $176.4 
Total liabilities
12.8 29.4 
Net income10.8 12.7 

The above aggregated summarized financial data does not represent the Company’s proportionate share of the investment's assets or earnings.
Concentration of Credit Risk
The Company aims to maintain a diversified investment portfolio including issuer, sector and geographic stratification, where applicable, and has established certain exposure limits, diversification standards and review procedures to mitigate credit risk.
The following table discloses the Company’s investment exposure to any credit concentration risk of a single issuer greater than 10% of the Company's stockholder's equity, other than the U.S. government and certain U.S. government agencies:
IssuerMarket Value
PIMCO PRIVATE INCOME FUND ONSHORE FEEDER LLC$168 
AG ABC STRUCTURED NOTE LP (EQUITY)146 
SIXTH STREET LENDING PARTNERS133 
MCF CLO VI LLC132 
WELLS FARGO & COMPANY128 
PIMCO COMMERCIAL REAL ESTATE DEBT FUND II RATED NOTE VEHICLE I L125 
BANK OF AMERICA CORPORATION120 
ORACLE CORPORATION96 
UPFRONT VENTURES91 
MORGAN STANLEY91 
JPMORGAN CHASE & CO.89 
THE GOLDMAN SACHS GROUP, INC.86 
AMGEN INC.85 
MITSUBISHI UFJ FINANCIAL GROUP, INC.82 
THE BOEING COMPANY82 
MIZUHO FINANCIAL GROUP, INC.79 
FEDERAL HOME LOAN MORTGAGE CORPORATION74 
F-32


TALCOTT RESOLUTION LIFE INSURANCE COMPANY
Notes to Consolidated Financial Statements (continued)
4.Derivatives
The Company utilizes a variety of OTC, OTC-cleared and exchange traded derivative instruments as a part of its overall risk management strategy, as well as to enter into replication transactions. Derivative instruments are used to manage risk associated with interest rate, equity market, credit spread, issuer default and currency exchange rate exposures or movements. Replication transactions are used as an economical means to synthetically replicate the characteristics and performance of assets that are permissible investments under the Company’s investment policies.
Derivatives Designated and Qualifying as Hedging Instruments
Some of the Company's derivatives satisfy hedge accounting requirements, as outlined in Note 1 - Basis of Presentation and Significant Accounting Policies. Typically, these hedging instruments include interest rate swaps and, to a lesser extent, foreign currency swaps where the terms or expected cash flows of the hedged item closely match the terms of the swap. The interest rate swaps are typically used to manage interest rate duration of certain fixed maturity securities or liability contracts.
The hedge strategies by hedge accounting designation include:
Cash Flow Hedges
Interest rate swaps are predominantly used to manage portfolio duration and better match cash receipts from assets with cash disbursements required to fund liabilities. These derivatives primarily convert interest receipts on floating-rate fixed maturity securities to fixed rates.
Derivatives Not Designated as Hedging Instruments
Derivative relationships that do not qualify for hedge accounting (“non-qualifying strategies”) primarily include the hedge program for the Company's VA products, as well as the hedging and replication strategies that utilize credit default swaps. In addition, hedges of interest rate, foreign currency and equity risk of certain fixed maturities, equities and liabilities that either do not qualify or we have elected to forego hedge accounting.
The non-qualifying strategies include:
Interest Rate Swaps, Swaptions and Futures
The Company uses interest rate swaps, swaptions and futures to manage interest rate duration between assets and liabilities in certain investment portfolios. In addition, the Company enters into interest rate swaps to terminate existing swaps, thereby offsetting the changes in value of the original swap. As of December 31, 2024 and 2023, there were no interest rate swaps in offsetting relationships.
Foreign Currency Swaps and Forwards
The Company enters into foreign currency swaps to convert the foreign currency exposures of certain foreign currency-denominated fixed maturity investments to U.S. dollars. The Company also enters into foreign currency forwards to hedge non-U.S. dollar denominated cash.
Credit Contracts
Credit default swaps are used to purchase credit protection on an individual entity or referenced index to economically hedge against default risk and credit-related changes in the value of fixed maturity securities. Credit default swaps are also used to assume credit risk related to an individual entity or referenced index as a part of replication transactions. These contracts require the Company to pay or receive a periodic fee in exchange for compensation from the counterparty or the Company should the referenced security issuers experience a credit event, as defined in the contract. In addition, the Company enters into credit default swaps to terminate existing credit default swaps, thereby offsetting the changes in value of the original swap going forward.
Macro Hedge Program
The Company utilizes interest rate swaps, equity swaps, total return swaps, options, forwards, and futures to provide protection against the statutory tail scenario risk to the Company's statutory surplus arising from higher GMWB and GMDB claims, as well as lower VA fee revenue.
F-33

TALCOTT RESOLUTION LIFE INSURANCE COMPANY
Notes to Consolidated Financial Statements (continued)
4. Derivatives (continued)
Product Embedded Derivatives
The Company has assumed through reinsurance certain FIA products with index-based crediting that constitutes an embedded derivative. The cedant hedges this risk and provides the benefits of this hedging as part of the reinsurance settlements.
The Company formerly offered, and subsequently fully reinsured, certain UL products with index-linked features that also constitute an embedded derivative.
Ceded Modified Coinsurance Reinsurance Contracts
As of December 31, 2024 and 2023, the Company had approximately $779 and $877, respectively, of invested assets supporting other policyholder funds and benefits payable reinsured under a modified coinsurance arrangement in connection with the sale of the Individual Life business, which was structured as a reinsurance transaction. As a result of this modified coinsurance arrangement, the Company has recorded an embedded derivative within the funds withheld liability on the consolidated balance sheets for the changes in fair value of investments held in trust which are subject to interest rate and credit risk.
Derivative Balance Sheet Classification
The following tables in this section exclude the following:
•Derivatives in the Company’s separate accounts, where the associated gains and losses accrue directly to policyholders are not included in the table below.
•Investments that contain an embedded credit derivative for which the Company has elected the FVO.
The table below provides a summary of the gross notional amount and fair value of derivative contracts by the primary underlying risks they are utilized to manage:
Notional
 Amount [4]
Fair Value
Net
Assets
Liabilities
As of December 31, 2024
Designated and qualifying as hedges
Cash flow hedges
Interest rate swaps
$250 $(32)$— $32 
Not designated as hedges
Embedded derivatives
Funds withheld on modified coinsurance [2] [3]
— 247 — (247)
Fixed indexed annuities [2] [3]
— (160)480 640 
Other [2] [3]
— (5)(9)(4)
Total embedded derivatives
— 82 471 389 
Freestanding derivatives [1]
Variable annuities macro hedge program
15,599 (29)79 108 
Foreign currency swaps and forwards
69 10 10 — 
Interest rate swaps, swaptions, and futures
1,087 (254)— 254 
Total freestanding derivatives
16,755 (273)89 362 
Total not designated as hedges
16,755 (191)560 751 
Total derivatives
$17,005 $(223)$560 $783 
F-34

TALCOTT RESOLUTION LIFE INSURANCE COMPANY
Notes to Consolidated Financial Statements (continued)
4. Derivatives (continued)
The table below provides a summary of the gross notional amount and fair value of derivative contracts by the primary underlying risks they are utilized to manage: (continued)
Notional
 Amount [4]
Fair Value
Net
Assets
Liabilities
As of December 31, 2023
Designated and qualifying as hedges
Cash flow hedges
Interest rate swaps
$250 $(29)$— $29 
Not designated as hedges
Embedded derivatives
Funds withheld on modified coinsurance [2] [3]
— 302 — (302)
Fixed indexed annuities [2] [3]
— (135)406 541 
Other [2] [3]
— — (5)(5)
Total embedded derivatives
— 167 401 234 
Freestanding derivatives [1]
Variable annuities macro hedge program
10,340 5 151 146 
Foreign currency swaps and forwards
202 12 12 — 
Interest rate swaps, swaptions, and futures
1,087 (188)— 188 
Credit derivatives
500 10 10 — 
Total freestanding derivatives
12,129 (161)173 334 
Total not designated as hedges
12,129 6 574 568 
Total derivatives
$12,379 $(23)$574 $597 
[1]Represents the gross fair value of freestanding derivatives, excluding collateral, deferred premiums on pay-at-end options, and accrued income.
[2]For certain assumed and ceded reinsurance agreements the notional value is not indicative of the volume of activity. Refer to Note 5 - Fair Value Measurements and Note 6 - Reinsurance for additional information regarding the activity which generated the value of the embedded derivatives.
[3]These derivatives are not held for risk management purposes. Assets are recorded in reinsurance recoverables and liabilities in other policyholder funds and benefits payable and funds withheld liability.
[4]The notional amount of derivative contracts represents the basis upon which pay or receive amounts are calculated and is presented in the table to quantify the volume of the Company’s derivative activity. Notional amounts are not necessarily reflective of credit risk.

F-35

TALCOTT RESOLUTION LIFE INSURANCE COMPANY
Notes to Consolidated Financial Statements (continued)
4. Derivatives (continued)
Offsetting of Derivative Assets / Liabilities
The following presents the effect or potential effect of rights of set-off associated with recognized derivative assets and liabilities:
As of December 31,
2024
2023
Derivative Assets
Derivative Liabilities
Derivative Assets
Derivative Liabilities
Gross amounts recognized [1]
$279 $(405)$202 $(386)
Gross amounts offset [2]
(45)371 (167)329 
Net amount presented [3]
234 (34)35 (57)
Gross amounts not offset:
Cash collateral pledged (received) [2]
— — (30)30 
Net amount
234 (34)5 (27)
Off-balance sheet securities collateral pledged (received) [4]
— 34 (1)58 
Net amount
$234 $— $4 $31 
[1]Represents the fair value of freestanding derivatives inclusive of accrued income and deferred premiums on pay-at-end options, but excluding collateral.
[2]Excludes the initial margin associated with exchange-traded derivative instruments included in other investments.
[3]Derivative assets and liabilities, including deferred premiums on options, cash collateral, and accrued interest, are presented on the Company's consolidated balance sheets in other investments and other liabilities, respectively.
[4]Non-cash collateral pledged (received) represents the variation margin on exchange-traded derivatives and excludes initial margin on exchange-traded derivatives. Non-cash collateral pledged is included within fixed maturities, AFS on the consolidated balance sheets. Non-cash collateral received is not recognized on our consolidated balance sheets unless the obligor (transferor) has defaulted under the terms of the secured contract and is no longer entitled to the pledged asset.

The following presents the amounts related to collateral pledged (received) in conjunction with derivative contracts:
As of December 31,
2024
2023
Derivative Assets
Derivative Liabilities
Derivative Assets
Derivative Liabilities
Cash collateral [1]
$(61)$356 $(89)$265 
Initial margin on exchange-traded derivatives [2]
Cash collateral— 35 — 42 
Securities collateral— 135 — 130 
[1]Represents variation margin on exchange-traded derivatives which are included within the offsetting of derivatives table above.
[2]Excluded from the offsetting of derivatives table above.

Refer to Note 3 — Investments for the effect of rights of set-off associated with repurchase agreements.







F-36

TALCOTT RESOLUTION LIFE INSURANCE COMPANY
Notes to Consolidated Financial Statements (continued)
4. Derivatives (continued)
Cash Flow Hedges
For derivative instruments that are designated and qualify as cash flow hedges, the gain or loss on the derivative is reported as a component of OCI and reclassified into earnings in the same period or periods during which the hedged transaction affects earnings. All components of each derivative’s gain or loss were included in the assessment of hedge effectiveness.
As of December 31, 2024, there were no before tax deferred net losses on derivative instruments expected to be reclassified from AOCI to earnings over the next twelve months. This expectation is based on the anticipated interest payments on hedged investments in fixed maturity securities that will occur over the next twelve months, at which time the Company will recognize the deferred net gains (losses) as an adjustment to net investment income over the term of the investment cash flows.
For all periods presented, the Company had no net reclassifications from AOCI to earnings resulting from the discontinuance of cash-flow hedges due to forecasted transactions that were no longer probable of occurring.
Refer to Note 17 — Equity for details regarding amounts recorded in and reclassified from AOCI for cash flow hedges.
Non-Qualifying Derivatives
For non-qualifying derivatives, including embedded derivatives that are required to be bifurcated from their host contracts, the gain or loss on the derivative is recognized within investment related losses, net.
The following is a summary of investment related losses, net related to derivatives not designated as hedges:
Year Ended December 31,
202420232022
Embedded derivatives
Modified coinsurance [1]
$(55)$(424)$711 
Fixed indexed annuities
(25)(54)200 
Other— 5 5 
Total embedded derivatives
(80)(473)916 
Freestanding derivatives
Variable annuities macro hedge program
(388)(897)(1)
Foreign currency swaps and forwards
4 (1)7 
Interest rate swaps, swaptions, and futures
(71)(40)(306)
Credit derivatives
6 12 3 
Total freestanding derivatives
(449)(926)(297)
Total$(529)$(1,399)$619 
[1]Excludes the remainder return on the modified coinsurance assets. Refer to Note 3 — Investments for additional details.

F-37

TALCOTT RESOLUTION LIFE INSURANCE COMPANY
Notes to Consolidated Financial Statements (continued)
4. Derivatives (continued)
Credit Risk Assumed through Credit Derivatives
The Company enters into credit default swaps that assume credit risk of a single entity or referenced index in order to synthetically replicate investment transactions that are permissible under the Company's investment policies. The Company will receive periodic payments based on an agreed upon rate and notional amount and will only make a payment if there is a credit event. A credit event payment will typically be equal to the notional value of the swap contract less the value of the referenced security issuer’s debt obligation after the occurrence of the credit event. A credit event is generally defined as a default on contractually obligated interest or principal payments or bankruptcy of the referenced entity. The credit default swaps in which the Company assumes credit risk primarily reference investment grade single corporate issuers and baskets, which include standard diversified portfolios of corporate and CMBS issuers. The diversified portfolios of corporate issuers are established within sector concentration limits and may be divided into tranches that possess different credit ratings. As of December 31, 2024, the Company was not entered in any credit default swaps contracts.
The following presents details of the Company’s investment grade risk exposure assumed through basket credit default swaps [1] as of December 31, 2023:
Notional Amount [3]
Fair
Value		Weighted Average Years to Maturity
Underlying Referenced Credit Obligation [2]
Offsetting Notional AmountOffsetting Fair
Value
TypeAverage Credit Rating
$500 $10 5 yearsCorporate CreditBBB+$— $— 
[1]Comprised of swaps of standard market indices of diversified portfolios of corporate and CMBS issuers referenced through credit default swaps. These swaps are subsequently valued based upon the observable standard market index.
[2]The average credit ratings are based on availability and are generally the midpoint of the available ratings among Moody’s, S&P, and Fitch. If no rating is available from a rating agency, then an internally developed rating is used.
[3]Notional amount is equal to the maximum potential future loss amount. These derivatives are governed by agreements and applicable law which include collateral posting requirements. There is no additional specific collateral related to these contracts or recourse provisions included in the contracts to offset losses.
F-38


TALCOTT RESOLUTION LIFE INSURANCE COMPANY
Notes to Consolidated Financial Statements (continued)
5.Fair Value Measurements
The Company carries certain financial assets and liabilities at estimated fair value. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in the principal or most advantageous market in an orderly transaction between market participants. Our fair value framework includes a hierarchy that gives the highest priority to the use of quoted prices in active markets, followed by the use of market observable inputs, followed by the use of unobservable inputs. The fair value hierarchy levels are as follows:
•Level 1 — Fair values based primarily on unadjusted quoted prices for identical assets or liabilities, in active markets that the Company has the ability to access at the measurement date.
•Level 2 — Fair values primarily based on observable inputs, other than quoted prices included in Level 1, or based on prices for similar assets and liabilities.
•Level 3    — Fair values derived when one or more of the significant inputs are unobservable (including assumptions about risk). With little or no observable market, the determination of fair value uses considerable judgment and represents the Company’s best estimate of an amount that could be realized in a market exchange for the asset or liability. Also included are securities that are traded within illiquid markets and/or priced by independent brokers.
•Net Asset Value (“NAV”) — Other invested assets within separate accounts are typically measured using NAV as a practical expedient in determining fair value and are not classified in the fair value hierarchy. The carrying value reflects the pro rata ownership percentage as indicated by NAV in the investment’s financial statements, which may be adjusted if it is determined NAV is not calculated consistent with investment company fair value principles. The underlying investments may have significant unobservable inputs, which may include but are not limited to, comparable multiples and weighted average cost of capital rates applied in valuation models or a discounted cash flow model.
The Company will classify the financial asset or liability by level based upon the lowest level input that is significant to the determination of the fair value. In most cases, both observable inputs (e.g., changes in interest rates) and unobservable inputs (e.g., changes in risk assumptions) are used to determine the fair value of assets and liabilities that the Company has classified within Level 3.
The following presents the hierarchy for our assets and liabilities measured at fair value on a recurring basis:
 
Total
NAV / Netting [2]
Level 1Level 2Level 3
As of December 31, 2024
Assets
Fixed maturities, available-for-sale
Asset-backed securities
$456 $— $— $366 $90 
Collateralized loan obligations
1,549 — — 1,544 5 
Commercial mortgage-backed securities
880 — — 821 59 
Corporate bonds
7,952 — — 6,881 1,071 
Foreign government and agencies
462 — — 410 52 
Municipal bonds
539 — — 538 1 
Residential mortgage-backed securities
335 — — 335 — 
U.S. Treasury bonds
932 — — 932 — 
Total fixed maturities, available-for-sale
13,105 — — 11,827 1,278 
Fair value option fixed maturities
326 — — — 326 
Equity securities
134 — 9 101 24 
Investment funds
270 — — — 270 
Freestanding derivatives [1]
234 145 5 (1)85 
Short-term investments
Loans issued by related parties540 — — — 540 
Other797 — 678 57 62 
Total short-term investments
1,337 — 678 57 602 
F-39

TALCOTT RESOLUTION LIFE INSURANCE COMPANY
Notes to Consolidated Financial Statements (continued)
5. Fair Value Measurements (continued)
The following presents the hierarchy for our assets and liabilities measured at fair value on a recurring basis: (continued)
 
Total
NAV / Netting [2]
Level 1Level 2Level 3
Reinsurance recoverables
Fixed indexed annuities hedge program
176 — — — 176 
Fixed indexed annuities embedded derivative
480 — — — 480 
Ceded other embedded derivatives
(9)— — — (9)
Ceded market risk benefits
405 — — — 405 
Total reinsurance recoverables
1,052 — — — 1,052 
Market risk benefits
742 — — — 742 
Separate account assets
91,480 197 56,643 34,639 1 
Total assets
$108,680 $342 $57,335 $46,623 $4,380 
Liabilities
Other policyholder funds and benefits payable
Fixed indexed annuities embedded derivatives
$640 $— $— $— 640 
Other embedded derivatives
(4)— — — (4)
Total other policyholder funds and benefits payable
636 — — — 636 
Market risk benefits
874 — — — 874 
Funds withheld liability
Modified coinsurance embedded derivative
(131)— — — (131)
Related party modified coinsurance embedded derivative
(116)— — — (116)
Fixed indexed annuities hedge program retrocession
132 — — — 132 
Total funds withheld liability
(115)— — — (115)
Freestanding derivatives [1]
34 (360)— 298 96 
Total liabilities
$1,429 $(360)$— $298 $1,491 
As of December 31, 2023
Assets
Fixed maturities, available-for-sale
Asset-backed securities
$363 $— $— $313 $50 
Collateralized loan obligations
966 — — 847 119 
Commercial mortgage-backed securities
1,446 — — 1,440 6 
Corporate bonds
9,545 — — 8,054 1,491 
Foreign government and agencies
404 — — 404 — 
Municipal bonds
803 — — 803 — 
Residential mortgage-backed securities
445 — — 412 33 
U.S. Treasury bonds
882 — — 882 — 
Total fixed maturities, available-for-sale
14,854 — — 13,155 1,699 
Fair value option fixed maturities
252 — — 27 225 
Equity securities
182 — 9 150 23 
Investment funds
238 — — — 238 
F-40

TALCOTT RESOLUTION LIFE INSURANCE COMPANY
Notes to Consolidated Financial Statements (continued)
5. Fair Value Measurements (continued)
The following presents the hierarchy for our assets and liabilities measured at fair value on a recurring basis: (continued)
 
Total
NAV / Netting [2]
Level 1Level 2Level 3
Freestanding derivatives [1]
35 (138)11 22 140 
Short-term investments
Loans issued by related parties440 — — — 440 
Other741 — 661 52 28 
Total short-term investments
1,181 — 661 52 468 
Reinsurance recoverables
Fixed indexed annuities hedge program
193 — — — 193 
Fixed indexed annuities embedded derivative
406 — — — 406 
Ceded other embedded derivatives
(5)— — — (5)
Ceded market risk benefits
648 — — — 648 
Total reinsurance recoverables
1,242 — — — 1,242 
Market risk benefits
578 — — — 578 
Separate account assets
89,514 200 54,877 34,389 48 
Total assets
$108,076 $62 $55,558 $47,795 $4,661 
Liabilities
Other policyholder funds and benefits payable
Fixed indexed annuities embedded derivatives
$541 $— $— $— $541 
Other embedded derivatives
(5)— — — (5)
Total other policyholder funds and benefits payable
536 — — — 536 
Market risk benefits
1,074 — — — 1,074 
Funds withheld liability
Modified coinsurance embedded derivative
(110)— — (110)— 
Related party modified coinsurance embedded derivative
(192)— — (192)— 
Fixed indexed annuities hedge program retrocession
145 — — — 145 
Total funds withheld liability
(157)— — (302)145 
Freestanding derivatives [1]
57 (306)11 284 68 
Total liabilities
$1,510 $(306)$11 $(18)$1,823 
[1]Amounts in the Level 1, 2, and 3 columns represent the gross fair value of freestanding derivatives, excluding collateral and accrued income.
[2]“Netting” represents the fair value of freestanding derivatives as well as cash collateral and accrued income offset under master netting agreements. Refer to Note 4 — Derivatives for additional information regarding offsetting of derivatives.

F-41

TALCOTT RESOLUTION LIFE INSURANCE COMPANY
Notes to Consolidated Financial Statements (continued)
5. Fair Value Measurements (continued)
Valuation Techniques
The Company generally determines fair values using valuation techniques that use prices, rates, and other relevant information evident from market transactions involving identical or similar instruments. Valuation techniques also include, where appropriate, estimates of future cash flows that are converted into a single discounted amount using current market expectations. The Company uses a "waterfall" approach comprised of the following pricing sources and techniques, which are listed in priority order:
•Quoted prices, unadjusted, for identical assets or liabilities in active markets, which are classified as Level 1.
•Prices from third-party pricing services, which primarily utilize a combination of techniques. These services utilize recently reported trades of identical, similar, or benchmark securities making adjustments for market observable inputs available through the reporting date. If there are no recently reported trades, they may use a discounted cash flow technique to develop a price using expected cash flows based upon the anticipated future performance of the underlying collateral discounted at an estimated market rate. Both techniques develop prices that consider the time value of future cash flows and provide a margin for risk, including liquidity and credit risk. Most prices provided by third-party pricing services are classified as Level 2 because the inputs used in pricing the securities are observable. However, some securities that are less liquid or trade less actively are classified as Level 3. Additionally, certain long-dated securities, such as municipal securities and bank loans, include benchmark interest rate or credit spread assumptions that are not observable in the marketplace and are thus classified as Level 3.
•Internal matrix pricing is a valuation process internally developed for private placement securities for which the Company is unable to obtain a price from a third-party pricing service. Internal pricing matrices determine credit spreads that, when combined with risk-free rates, are applied to contractual cash flows to develop a price. The Company develops credit spreads using market-based data for public securities adjusted for credit spread differentials between public and private securities, which are obtained from a survey of multiple private placement brokers. The market-based reference credit spread considers the issuer’s sector, financial strength, and term to maturity, using an independent public security index, while the credit spread differential considers the non-public nature of the security. Securities priced using internal matrix pricing are classified as Level 2 because the significant inputs are observable or can be corroborated with observable data.
•Independent broker quotes, which are typically non-binding use inputs that can be difficult to corroborate with observable market-based data. Brokers may use present value techniques using assumptions specific to the security types, or they may use recent transactions of similar securities. Due to the lack of transparency in the process that brokers use to develop prices, valuations that are based on independent broker quotes are classified as Level 3.
Modified coinsurance embedded derivatives represent the right to receive or obligation to pay the total return on the assets supporting the funds withheld liability, and are analogous to a total return swap with a floating rate leg. The fair value of the embedded derivatives on ceded modified coinsurance agreements are classified as Level 3 and measured as the unrealized gain (loss) on the underlying assets which are valued in the same manner as our other investments.
The fair value of freestanding derivatives is determined primarily using a discounted cash flow model or option model technique and incorporates counterparty credit risk. In some cases, quoted market prices for exchange-traded and OTC-cleared derivatives may be used and in other cases independent broker quotes may be used. The pricing valuation models primarily use inputs that are observable in the market or can be corroborated by observable market data. The valuation of certain derivatives may include significant inputs that are unobservable, such as volatility levels, and reflect the Company’s view of what other market participants would use when pricing such instruments.
Fair values for FIA embedded derivatives are classified as Level 3 in the fair value hierarchy and are calculated using internally developed models that utilize significant unobservable inputs because active, observable markets do not exist for these items.
Valuation Inputs
Quoted prices for identical assets in active markets are considered Level 1 and consist of on-the-run U.S. Treasuries, money market funds, exchange-traded equity securities, open-ended mutual funds, certain short-term investments, and exchange traded futures and option contracts.
Primary observable and unobservable inputs for Level 2 and Level 3 fair value measurements are described below.
F-42

TALCOTT RESOLUTION LIFE INSURANCE COMPANY
Notes to Consolidated Financial Statements (continued)
5. Fair Value Measurements (continued)
Fixed Maturities
Structured Securities
Primary observable inputs include: benchmark yields and spreads; monthly payment information; collateral performance, which varies by vintage year and includes delinquency rates, loss severity rates and refinancing assumptions; and credit default swap indices. Primary observable inputs specific to ABS, CLOs, and RMBS include: estimates of future principal prepayments, derived from the characteristics of the underlying structure; and prepayment speeds previously experienced at the interest rate levels projected for the collateral.
Primary unobservable inputs include: independent broker quotes; and credit spreads and interest rates beyond the observable curves. Primary unobservable inputs specific to less liquid securities or those that trade less actively, including subprime RMBS include: estimated cash flows; credit spreads, which include illiquidity premium; constant prepayment rates; constant default rates; and loss severity.
Corporate Bonds
Includes private placement securities for which the Company has elected the fair value option.
Primary observable inputs include: benchmark yields and spreads; reported trades, bids, offers of the same or similar securities; issuer spreads; and credit default swap curves. Primary observable specific to investment grade privately placed securities that utilize internal matrix pricing include credit spreads for public securities of similar quality, maturity, and sector, adjusted for non-public nature.
Primary unobservable inputs include: independent broker quotes; credit spreads beyond the observable curve; and interest rates beyond the observable curve. Primary unobservable inputs specific to below investment grade privately placed securities and private bank loans include credit spreads for public securities of similar quality, maturity, and sector, adjusted for non-public nature.
Foreign Government and Agencies, Municipal Bonds, and U.S. Treasury Bonds
Primary observable inputs include: benchmark yields and spreads; issuer credit default swap curves; political events in emerging market economies; Municipal Securities Rulemaking Board reported trades and material event notices; and issuer financial statements.
Primary unobservable inputs include credit spreads and interest rates beyond the observable curves.
Equity Securities
Primary observable inputs include quoted prices in markets that are not active.
Primary unobservable inputs include internal discounted cash flow models utilizing earnings multiples or other cash flow assumptions.
Investment Funds
Relates to certain investment funds for which the Company has elected the fair value option.
Primary observable inputs include: yield, duration, and spread duration for public securities of similar quality, maturity, and sector, adjusted for the non-public nature.
Primary unobservable inputs include: material non-public financial information and estimation of future distributable earnings.
Freestanding Derivatives
Credit Derivatives
Primary observable inputs include: swap yield curves; and credit default swap curves.
There are no primary unobservable inputs.
Foreign Currency Derivatives
Primary observable inputs include: the swap yield curve; currency spot and forward rates; and cross currency basis curves.
There are no primary unobservable inputs.
F-43

TALCOTT RESOLUTION LIFE INSURANCE COMPANY
Notes to Consolidated Financial Statements (continued)
5. Fair Value Measurements (continued)
Interest Rate Swaps
Primary observable inputs include independent broker quotes and the swap yield curve.
Primary unobservable inputs include the swap yield curve beyond 50 years.
Equity Options, Forwards and Swaptions
Primary observable inputs include underlying asset price and interest rates.
Primary unobservable inputs include strike price, duration, and volatility.
Futures
Primary observable inputs include unadjusted quoted prices in active markets.
There are no primary unobservable inputs.
Short-Term Investments
Primary observable inputs include: benchmark yields and spreads; reported trades, bids, and offers; issuer spreads and credit default swap curves; and material event notices and new issue money market rates.
Primary unobservable inputs include independent broker quotes.
Fixed Indexed Annuities Embedded Derivatives
Primary observable inputs include: risk-free rates as represented U.S. Treasury par yield curve rates and market corporate bond spreads to derive forward curve rates; correlations of 10 years of observed historical returns across underlying well-known market indices; correlations of historical index returns compared to separate account fund returns; and equity index levels.
Primary unobservable inputs include: market implied equity volatility assumptions; credit standing adjustment assumptions; option budgets; and assumptions about policyholder behavior, such as withdrawal utilization, withdrawal rates, lapse rates, and reset elections.
The fair value for the FIA embedded derivatives are calculated as an aggregation of the following components: Best Estimate Benefits; Credit Standing Adjustment; and Margins. The Company believes the aggregation of these components results in an amount that a market participant in an active liquid market would require, if such a market existed. Each component described in the following discussion is unobservable in the marketplace and requires subjectivity by the Company in determining its value.
Best Estimate Benefits
The Best Estimate Benefits are calculated based on actuarial and capital market assumptions related to projected cash flows, including the present value of benefits and related contract charges, over the lives of the contracts, incorporating unobservable inputs including expectations concerning policyholder behavior.
Credit Standing Adjustment
The credit standing adjustment is an estimate of the adjustment to the fair value that market participants would require in determining fair value to reflect the risk will not be fulfilled. The Company incorporates a blend of estimates of peer company and reinsurer bond spreads and credit default spreads from capital markets.
Margins
The behavior risk margin adds a margin that market participants would require, in determining fair value, for the risk that the Company’s assumptions about policyholder behavior could differ from actual experience. The behavior risk margin is calculated by taking the difference between adverse policyholder behavior assumptions and best estimate assumptions.
Separate Account Assets
Separate account assets include fixed maturities, equity securities (largely consisted of mutual funds), mortgage loans, short-term investments, and other invested assets (largely consisted of investment funds and freestanding derivatives) that are valued in the same manner, and using the same pricing sources and inputs, as those investments held by the Company.
For other invested assets in which fair value represents a share of the NAV, 1% and 34% were subject to significant liquidation restrictions as of December 31, 2024 and 2023, respectively. As of December 31, 2024 and 2023, there were no investment funds that did not allow any form of redemption.
F-44

TALCOTT RESOLUTION LIFE INSURANCE COMPANY
Notes to Consolidated Financial Statements (continued)
5. Fair Value Measurements (continued)
Separate account assets classified as Level 3 primarily include long-dated bank loans, subprime RMBS and commercial mortgage loans.
The following table summarizes the significant unobservable inputs for level 3 fixed maturities, investment funds, freestanding derivatives and FIA embedded derivatives:
Fair Value [1]
Predominant Valuation TechniqueSignificant Unobservable InputRange
Weighted Average [2]
Impact of Increase in Input on Fair Value [3]
As of December 31, 2024
Asset-backed securities
$45 Discounted cash flowsSpread
550bps to 575bps
562bpsDecrease
Commercial mortgage-backed securities:
$59 Discounted cash flows
Spread [4]
677bps to 677bps
677bpsDecrease
Corporate bonds:
$1,057 
Discounted cash flows
Spread
46bps to 502bps
162bpsDecrease
Short-term investments:
$62 
Discounted cash flows
Spread
619bps to 1,067bps694bpsDecrease
 Fair value option fixed maturities and investment funds
596 
Discounted cash flows
Spread
(3)bps to 291bps
266bpsDecrease
Interest rate swaptions [10]:
77 Option modelInterest rate volatility
75bps to 86bps
82bpsIncrease
Equity options and forwards [10]:
$(59)Option modelEquity volatility13.7% to 54.6%24.8%Increase
Fixed indexed annuities embedded derivatives:
$640 Option budget
Withdrawal rates [6]
0.0% to 15.9%
1.8%Decrease
Lapse rates [7]
0.3% to 50.0%
10.4%Decrease
Option budgets [8]
0.1% to 3.8%
1.5%Increase
Credit standing adjustment [9]
0.6% to 2.6%
1.5%Decrease
F-45

TALCOTT RESOLUTION LIFE INSURANCE COMPANY
Notes to Consolidated Financial Statements (continued)
5. Fair Value Measurements (continued)
The following table summarizes the significant unobservable inputs for level 3 fixed maturities, investment funds, freestanding derivatives and FIA embedded derivatives: (continued)
Fair Value [1]
Predominant Valuation TechniqueSignificant Unobservable InputRange
Weighted Average [2]
Impact of Increase in Input on Fair Value [3]
As of December 31, 2023
Asset-backed securities
$50 Discounted cash flowsSpread251bps to 426bps316bpsDecrease
Collateralized loan obligations:
$59 Option modelSpread268bps to 270bps269bpsDecrease
Commercial mortgage-backed securities:
$6 Discounted cash flowsSpread (encompasses
prepayment, default risk and loss severity)		1,041bps to 1,041bps1,041bpsDecrease
Corporate bonds:
$1,421 Discounted cash flowsSpread49bps to 894bps246bpsDecrease
Residential mortgage-backed securities:
$14 Discounted cash flows
Spread [5]
387bps to 387bps387bpsDecrease
 Fair value option fixed maturities
$225 Discounted cash flowsSpread2bps to 312bps166bpsDecrease
Macro hedge program:
$(2)Option modelEquity volatility10.8% to 31.7%17.9%Increase
84 Interest rate volatility0.2% to 2.9%1.2%Increase
Fixed indexed annuities embedded derivatives:
$541 Option budget
Withdrawal rates [6]
0.0% to 15.9%1.7%Decrease
Lapse rates [7]
0.3% to 30.0%6.4%Decrease
Option budgets [8]
0.1% to 3.8%1.5%Increase
Credit standing adjustment [9]
0.6% to 2.5%1.6%Decrease
[1]Excludes securities for which the Company bases fair value on broker quotations.
[2]The weighted average is determined based on the fair value of the securities.
[3]Conversely, the impact of a decrease in input would have the opposite impact to the fair value as that presented in the table.
[4]Encompasses prepayment, default risk, and loss severity.
[5]Generally, a change in the assumption used for the constant default rate would have been accompanied by a directionally similar change in the assumption used for the loss severity and a directionally opposite change in the assumption used for constant prepayment rate and would have resulted in wider spreads.
[6]Range represents assumed annual percentage of allowable amount withdrawn.
[7]Range represents assumed annual percentages of policyholders electing a full surrender.
[8]Range represents assumed annual budget for index options.
[9]Range represents Company credit spreads.
[10]Equity options and forwards included in the macro hedge program. Interest rate swaptions included in both the macro hedge program and interest rate derivative strategies.

F-46

TALCOTT RESOLUTION LIFE INSURANCE COMPANY
Notes to Consolidated Financial Statements (continued)
5. Fair Value Measurements (continued)
Level 3 Assets and Liabilities Measured at Fair Value on a Recurring Basis
The Company uses derivative instruments to manage the risk associated with certain assets and liabilities. However, the derivative instrument may not be classified within the same fair value hierarchy level as the associated asset or liability. Therefore, the realized and unrealized gains and losses on derivatives reported in the Level 3 rollforwards may be offset by realized and unrealized gains and losses of the associated assets and liabilities in other line items of the consolidated financial statements.
Assets and liabilities are transferred in and/or out of Level 3 on the date the event or change in circumstances that caused the transfer occurs. The Company evaluates, at least annually, its valuation processes to determine if changes in circumstances has occurred that would result in a transfer between levels. Transfers in and/or out of Level 3 are primarily attributable to the availability of market observable information and the re-evaluation of the observability of pricing inputs. During the 2023 review of the inputs, the Company deemed the spread inputs to be unobservable, and transferred those private securities included in corporate bonds from Level 2 to Level 3.
The following table present a reconciliation of the beginning and ending balances for Level 3 assets and liabilities measured at fair value on a recurring basis:
Beginning Balance
Total Realized and Unrealized Gains (Losses) in
Net Purchases, Sales, and Settlements
Net Transfers
Ending Balance
Net Income
Other Comprehensive Income (Loss) [2]
Year Ended December 31, 2024
Fixed maturities, available-for-sale:
Asset-backed securities
$50 $— $— $(27)$67 $90 
Collateralized loan obligations
119 — — 5 (119)5 
Commercial mortgage-backed securities
6 1 2 — 50 59 
Corporate bonds
1,491 (18)2 (274)(130)1,071 
Foreign government and agencies
— — (2)19 35 52 
Municipal bonds
— — — (1)2 1 
Residential mortgage-backed securities
33 — — — (33)— 
U.S. Treasury bonds
— — — — — — 
Fair value option fixed maturities
225 3 — 93 5 326 
Equity securities
23 1 — — — 24 
Investment funds
238 9 — 11 12 270 
Embedded derivatives [1]:
Modified coinsurance
— (55)— — 302 247 
Fixed indexed annuities
(135)(25)— 17 (17)(160)
Other
— — — (5)— (5)
Freestanding derivatives [1]:
Interest rate derivatives
(10)(18)— — (1)(29)
Variable annuities macro hedge program
82 (256)— 223 (31)18 
Short-term investments:
Loans issued by related parties440 — — 100 — 540 
Other28 — — 62 (28)62 
Fixed indexed annuities hedge program
48 23 — (27)— 44 
Ceded market risk benefits
648 (243)— — — 405 
Separate account assets
48 (1)— (38)(8)1 
F-47

TALCOTT RESOLUTION LIFE INSURANCE COMPANY
Notes to Consolidated Financial Statements (continued)
5. Fair Value Measurements (continued)
The following table present a reconciliation of the beginning and ending balances for Level 3 assets and liabilities measured at fair value on a recurring basis: (continued)
Beginning Balance
Total Realized and Unrealized Gains (Losses) in
Net Purchases, Sales, and Settlements
Net Transfers
Ending Balance
Net Income
Other Comprehensive Income (Loss) [2]
Year Ended December 31, 2023
Fixed maturities, available-for-sale:
Asset-backed securities
$41 $— $1 $8 $— $50 
Collateralized loan obligations
109 — 1 9— 119 
Commercial mortgage-backed securities
277 — 6 (65)(212)6 
Corporate bonds
619 (3)(68)497 446 1,491 
Foreign government and agencies
4 — — — (4)— 
Municipal bonds
1 — — — (1)— 
Residential mortgage-backed securities
17 — — 31 (15)33 
Fair value option fixed maturities
306 (24)— 80 (137)225 
Equity securities
24 — — (1)— 23 
Investment funds
58 36 — 7 137 238 
Embedded derivatives [1]:
Fixed indexed annuities
(81)(54)— 34 (34)(135)
Other
— 5 — (5)— — 
Freestanding derivatives [1]:
Interest rate derivatives
— (10)— — — (10)
Variable annuities macro hedge program
148 (498)— 432 — 82 
Short-term investments
Loans issued by related parties100 — — 340 — 440 
Other37 — — 28 (37)28 
Fixed indexed annuities hedge program
12 22 — 14 — 48 
Ceded market risk benefits
894 (246)— — — 648 
Separate account assets
53 3 — (3)(5)48 
[1]Derivative instruments are presented on a net basis for asset (liability) positions.
[2]Recorded in unrealized gain (loss) on available-for-sale securities in the consolidated statements of comprehensive income (loss).
F-48

TALCOTT RESOLUTION LIFE INSURANCE COMPANY
Notes to Consolidated Financial Statements (continued)
5. Fair Value Measurements (continued)
The following presents the amount, for recurring fair value measurements categorized within Level 3 of the fair value hierarchy, of the total realized and unrealized gains (losses) for the period included in net income, as shown in the table above:
Net Investment Income
Investment Related Losses, Net [2]
Other [3]
Net Income
Year Ended December 31, 2024
Fixed maturities, available-for-sale:
Commercial mortgage-backed securities
$(2)$3 $— $1 
Corporate bonds
(12)(6)— (18)
Fair value option fixed maturities
— 3 — 3 
Equity securities
— 1 — 1 
Investment funds
— 9 — 9 
Embedded derivatives:
Modified coinsurance
— (55)— (55)
Fixed indexed annuities
— (25)— (25)
Other
— — — — 
Freestanding derivatives:
Interest rate derivatives
— (18)— (18)
Variable annuities macro hedge program
— (256)— (256)
Fixed indexed annuities hedge program
— 23 — 23 
Ceded market risk benefits
— — (243)(243)
Separate account assets [1]
— (1)— (1)
Year Ended December 31, 2023
Fixed maturities, available-for-sale:
Corporate bonds
$(3)$— $— $(3)
Fair value option fixed maturities
— (24)— (24)
Investment funds
— 36 — 36 
Embedded derivatives:
Fixed indexed annuities
— (54)— (54)
Other
— 5 — 5 
Freestanding derivatives:
Interest rate derivatives
— (10)— (10)
Variable annuities macro hedge program
— (498)— (498)
Fixed indexed annuities hedge program
— 22 — 22 
Ceded market risk benefits
— — (246)(246)
Separate account assets [1]
— 3 — 3 
[1]The realized and unrealized gains (losses) included in net income for separate account assets are offset by an equal amount for separate account liabilities, which results in a net zero impact on net income for the Company.
[2]Includes both market and non-market impacts in deriving realized and unrealized gains (losses).
[3]Other represents change in MRBs for ceded MRBs.
F-49

TALCOTT RESOLUTION LIFE INSURANCE COMPANY
Notes to Consolidated Financial Statements (continued)
5. Fair Value Measurements (continued)
The following presents the gross components of net purchases, sales, and settlements, and net transfers shown in the table above:
PurchasesSettlementsSalesNetTransfers inTransfers outNet
Year Ended December 31, 2024
Fixed maturities, available-for-sale:
Asset-backed securities
$61 $(35)$(53)$(27)$67 $— $67 
Collateralized loan obligations
5 — — 5 — (119)(119)
Commercial mortgage-backed securities
— — — — 51 (1)50 
Corporate bonds
15 (193)(96)(274)27 (157)(130)
Foreign government and agencies
28 — (9)19 35 — 35 
Municipal bonds
— (1)— (1)7 (5)2 
Residential mortgage-backed securities
— — — — — (33)(33)
Fair value option fixed maturities
110 — (17)93 6 (1)5 
Equity securities
1 — (1)— — — — 
Investment funds
26 — (15)11 13 (1)12 
Embedded derivatives:
Modified coinsurance
— — — — 302 — 302 
Fixed indexed annuities
29 (12)— 17 (29)12 (17)
Other— (5)— (5)— — — 
Freestanding derivatives:
Interest rate derivatives
— — — — (1)— (1)
Variable annuities macro hedge program
112 28 83 223 (31)— (31)
Short-term investments:
Loans issued by related parties540 (440)— 100 — — — 
Other62 — — 62 — (28)(28)
Fixed indexed annuities hedge program
31 (58)— (27)— — — 
Separate account assets
17 — (55)(38)1 (9)(8)
F-50

TALCOTT RESOLUTION LIFE INSURANCE COMPANY
Notes to Consolidated Financial Statements (continued)
5. Fair Value Measurements (continued)
The following presents the gross components of net purchases, sales, and settlements, and net transfers shown in the table above: (continued)
PurchasesSettlementsSalesNetTransfers inTransfers outNet
Year Ended December 31, 2023
Fixed maturities, available-for-sale:
Asset-backed securities
$25 $(17)$— $8 $— $— $— 
Collateralized loan obligations
59 — (50)9— — — 
Commercial mortgage-backed securities
1 — (66)(65)— (212)(212)
Corporate bonds
674 (177)— 497 488 (42)446 
Foreign government and agencies
— — — — — (4)(4)
Municipal bonds
— — — — — (1)(1)
Residential mortgage-backed securities
33 (2)— 31 — (15)(15)
Fair value option fixed maturities
94 — (14)80 — (137)(137)
Equity securities
3 — (4)(1)— — — 
Investment funds
13(6)— 7 137 — 137 
Embedded derivatives:
Fixed indexed annuities
42 (8)— 34 (42)8 (34)
Other— (5)— (5)— — — 
Freestanding derivatives:
Variable annuities macro hedge program
72 — 360 432 — — — 
Short-term investments:
Loans issued by related parties500 (160)— 340 — — — 
Other28 — — 28 — (37)(37)
Fixed indexed annuities hedge program
32 (18)— 14 — — — 
Separate account assets
123 — (126)(3)43 (48)(5)

F-51

TALCOTT RESOLUTION LIFE INSURANCE COMPANY
Notes to Consolidated Financial Statements (continued)
5. Fair Value Measurements (continued)
The following presents the amount, for recurring fair value measurements categorized within Level 3 of the fair value hierarchy still held at the end of the period, of the total unrealized gains (losses) for the period included in net income and OCI:
Year Ended December 31,

2024
2023
Net Income
Other Comprehensive Income (Loss) [1]
Net Income
Other Comprehensive Income (Loss) [1]
Fixed maturities, available-for-sale:
Asset-backed securities
$— $(1)$— $(1)
Commercial mortgage-backed securities
— 2 — (2)
Corporate bonds
— (4)— (171)
Foreign government and agencies
— (2)— — 
Fair value option fixed maturities
3 — 9 — 
Investment funds
4 — (22)— 
Embedded derivatives:
Other embedded derivatives— — 5 — 
Freestanding derivatives:
Interest rate derivatives
(18)— (11)— 
Variable annuities macro hedge program
(196)— (216)— 
Fixed indexed annuities hedge program
23 — 22 — 
Ceded market risk benefits
(243)— (246)— 
Separate account assets
(1)— 3 — 
[1]Recorded in unrealized gain (loss) on available-for-sale securities in the consolidated statements of comprehensive income (loss).
The following presents the carrying amount and fair value of the Company’s financial assets and liabilities not carried at fair value:
As of December 31,
Fair Value
Hierarchy
Level		20242023
Carrying Amount
Fair
Value
Carrying Amount
Fair
Value
Assets
Policy loans
Level 2
$1,565 $1,565 $1,528 $1,528 
Mortgage loans
Level 3
1,835 1,654 2,019 1,814 
Other investmentsLevel 2100 100 — — 
Liabilities
Other policyholder funds and benefits payable [1]
Level 3$9,224 $7,658 $9,921 $8,305 
Funds withheld liability
Level 2
9,905 9,905 10,367 10,367 
[1]This amount includes contracts accounted for as investment contracts and excludes insurance contracts, such as our group accident and health, UL, COLI, and certain FIA and VA contracts with death or other additional benefits.
F-52


TALCOTT RESOLUTION LIFE INSURANCE COMPANY
Notes to Consolidated Financial Statements (continued)
6.Reinsurance
The following summarizes premiums and policy charges and fee income by direct, assumed and ceded insurance types, in the consolidated statements of operations:
Year Ended December 31,
202420232022
Premiums, policy charges and fee income
Direct$2,208 $2,212 $2,283 
Reinsurance assumed405 413 210 
Reinsurance ceded(1,900)(1,891)(1,885)
Total premiums, policy charges and fee income$713 $734 $608 

Assumed Reinsurance
Coinsurance Trusts
Under the terms of the assumed reinsurance transaction, TL maintains a trust for the benefit of the cedant.
The following presents the assets held in this trust:
As of December 31,
20242023
Allianz coinsurance trust:
Fixed maturities
$5,907 $6,354 
Equity securities
3 — 
Short-term investments
22 58 
Cash
302 202 

Other Assumed Reinsurance
On July 29, 2022, the Company executed a flow reinsurance agreement with Allianz. Under the terms of the transaction, the Company assumes certain FIA contracts issued by Allianz after August 2, 2022 on a coinsurance basis. Allianz will continue to service and administer the policies reinsured under the agreement as the direct insurer of the business.
Ceded Reinsurance
The following summarizes our reinsurance recoverables by counterparty:
As of December 31,
20242023
Prudential Financial, Inc.
$14,648 $14,383 
Massachusetts Mutual Life Insurance Company
5,349 5,967 
Commonwealth Annuity and Life Insurance Company
5,661 6,531 
TR Re8,682 9,468 
Other reinsurers1,244 1,375 
Gross reinsurance recoverables
35,584 37,724 
Less: allowance for credit losses(8)(18)
Reinsurance recoverables, net$35,576 $37,706 



F-53

TALCOTT RESOLUTION LIFE INSURANCE COMPANY
Notes to Consolidated Financial Statements (continued)
6. Reinsurance (continued)
Allowance for Credit Losses
The Company closely monitors the financial condition, ratings and current market information of all its counterparty reinsurers and records an ACL considering the credit quality of the reinsurer, the invested assets in trust, and the period over which the recoverable balances are expected to be collected. Counterparty risk is assessed on a pooled basis in cases of shared risk characteristics, and separately for individual reinsurers when it is more relevant. The Company evaluates historical events, current conditions, and reasonable and supportable forecasts in developing its ACL estimate. Where its contracts permit, the Company secures future claim obligations with various forms of collateral, including irrevocable letters of credit, secured trusts and funds held accounts. The ACL is estimated using a probability of default and loss given default model applied to the amount of reinsurance recoverables, net of collateral, exposed to loss. The probability of default factor is assigned based on each reinsurer's credit rating. The Company reassesses and updates credit ratings on an annual basis. The probability of default factors encompasses historical industry defaults for liabilities with similar durations to the reinsured liabilities as estimated through multiple economic cycles. The loss given default factors are based on a study of historical recovery rates for general creditors of corporations through multiple economic cycles.
The following table presents a rollforward of the ACL for reinsurance recoverables:
Year Ended December 31,
202420232022
Beginning Balance$18 $21 $35 
Reductions(10)(3)(14)
Ending Balance$8 $18 $21 

Related Party Reinsurance
The Company has entered into several reinsurance transactions with TR Re.
The following presents the impacts from affiliated reinsurance in the Company's consolidated statements of operations:
Year Ended December 31,
202420232022
Revenues
Premiums$(61)$(56)$(27)
Policy charges and fee income(322)(304)(320)
Net investment income(392)(380)(136)
Investment related gains98 361 696 
Total revenues(677)(379)213 
Benefits, Losses, and Expenses
Benefits and losses(488)(276)(117)
Change in market risk benefits155 77 4 
Amortization of deferred acquisition costs10 14 19 
Insurance operating costs and other expenses(133)(136)(119)
Total benefits, losses and expenses(456)(321)(213)
Income (loss) before income taxes
(221)(58)426 
Income tax expense (benefit)
(46)(12)90 
Net income (loss)
$(175)$(46)$336 

F-54


TALCOTT RESOLUTION LIFE INSURANCE COMPANY
Notes to Consolidated Financial Statements (continued)
7.Value of Business Acquired, Deferred Acquisition Costs, Unearned Revenue Reserves and Other Balances
The following presents a rollforward of DAC by product and VOBA associated with VA:
Deferred Acquisition Costs
Value of Business Acquired
Total
Variable Annuities
Payout Annuities
Fixed Indexed Annuities
Balance as of January 1, 2023$82 $105 $10 $299 $496 
Additions— — 64 — 64 
Amortization(12)(5)(1)(37)(55)
Impact of reinsurance— — (48)— (48)
Balance as of December 31, 202370 100 25 262 457 
Additions— — 38 — 38 
Amortization(9)(6)(3)(34)(52)
Impact of reinsurance— — (28)— (28)
Balance as of December 31, 2024$61 $94 $32 $228 $415 

The following presents a rollforward of negative VOBA by product:
Fixed Annuities [1]
Universal Life and Other [1]
Total [1]
Life-Contingent Payout Annuities [2]
Balance as of January 1, 2023$803 $163 $966 $2,645 
Amortization(141)(29)(170)(133)
Balance as of December 31, 2023662 134 796 2,512 
Amortization(124)(24)(148)(127)
Balance as of December 31, 2024538 110 648 2,385 
[1]Recorded in other policyholder funds and benefits payable on the consolidated balance sheets. Reinsurance balances are included in reinsurance recoverables.
[2]Recorded in reserve for future policy benefits on the consolidated balance sheets. Reinsurance balances are included in reinsurance recoverables.

The following presents a rollforward of URR by product, which are included in other policyholder funds and benefits payable on the consolidated balance sheets:
Unearned Revenue Reserves [1]
Variable Annuities
Fixed Indexed Annuities
Payout AnnuitiesTotal
Balance as of January 1, 2023$47 $1,077 $71 $1,195 
Amortization(5)(109)(4)(118)
Balance as of December 31, 202342 968 67 1,077 
Amortization(4)(105)(4)(113)
Balance as of December 31, 2024$38 $863 $63 $964 
[1]Included in other policyholder funds and benefits payable on the consolidated balance sheets.

F-55

TALCOTT RESOLUTION LIFE INSURANCE COMPANY
Notes to Consolidated Financial Statements (continued)
7. Value of Business Acquired, Deferred Acquisition Costs, Unearned Revenue Reserves and Other Balances (continued)


The following presents a Company rollforward of other balances amortized on a basis consistent with DAC associated with FIA and certain intercompany balances:
Market Risk Benefit Adjustments [1]
Unearned Commissions on Internal Reinsurance [2]
Balance as of January 1, 2023
$769 $— 
Additions— 36 
Amortization(72)(2)
Balance as of December 31, 2023
697 34 
Additions— 34 
Amortization(60)(6)
Balance as of December 31, 2024
$637 $62 
[1]Included in other policyholder funds and benefits payable on the consolidated balance sheets.
[2]Recorded in other liabilities on the consolidated balance sheets.

8.Goodwill and Other Intangible Assets
The carrying amount of goodwill was $97 as of December 31, 2024 and 2023. There were no additions or impairments recorded for the years ended December 31, 2024, 2023 and 2022.
The following presents the Company's amortizing internally developed software recorded in goodwill and other intangible assets, net on the consolidated balance sheets:
As of December 31,
20242023
Gross carrying amount$41 $41 
Accumulated amortization(21)(15)
Net carrying value$20 $26 

Indefinite-lived other intangible assets consisting of state insurance licenses were $26 as of December 31, 2024 and 2023. There were no additions or impairments recorded for the years ended December 31, 2024, 2023 and 2022.
For the years ended December 31, 2024 and 2023, total amortization expense for other intangible assets recorded within insurance operating costs and other expenses on the consolidated statements of operations was $6.
As of December 31, 2024, total amortization expense for other intangible assets is expected to be as follows for each of the next five years:
Year Ended December 31,
2025$6 
20266 
20276 
20282 
2029— 


F-56


TALCOTT RESOLUTION LIFE INSURANCE COMPANY
Notes to Consolidated Financial Statements (continued)
9.Separate Accounts
The following table presents the aggregate fair value of assets supporting separate accounts, by major investment category:
As of December 31,
20242023
Fixed maturities
$28,743 $28,283 
Equity securities (including mutual funds)
57,602 55,678 
Cash and cash equivalents
2,184 2,521 
Short-term investments
945 1,001 
Investment receivables, net [1]
1,755 1,814 
Other invested assets [2]
251 217 
Separate account assets
$91,480 $89,514 
[1]Includes trade receivables on investment sales executed in the ordinary course of business where the carrying amount approximates fair value, net of investment income due and accrued.
[2]Primarily relates to investments in hedge funds.

 The following table presents a rollforward of separate account liabilities, by product:
Variable Annuities
Corporate-Owned Life Insurance
Other [1]
Total
Balance as of January 1, 2023
$26,149 $39,998 $21,108 $87,255 
Premiums and deposits204 287 1,414 1,905 
Policy charges(417)(660)(330)(1,407)
Surrenders and withdrawals(3,111)(142)(3,606)(6,859)
Benefit payments(128)(381)(161)(670)
Investment performance4,313 2,502 3,650 10,465 
Net transfers from (to) general account9 (1,177)(7)(1,175)
Balance as of December 31, 2023
$27,019 $40,427 $22,068 $89,514 
Premiums and deposits256 326 1,285 1,867 
Policy charges(435)(696)(330)(1,461)
Surrenders and withdrawals(3,636)(38)(3,364)(7,038)
Benefit payments(147)(366)(201)(714)
Investment performance4,060 1,519 3,360 8,939 
Net transfers from (to) general account(4)355 36 387 
Sale of consolidated subsidiary to parent
(14)— — (14)
Balance as of December 31, 2024
$27,099 $41,527 $22,854 $91,480 
Cash surrender value [2] as of:
December 31, 2023
$26,948 $37,731 $22,053 $86,732 
December 31, 2024
26,951 38,434 22,843 88,228 
[1]Represents separate account liabilities that are fully reinsured to third parties on a modified coinsurance basis.
[2]Cash surrender value ("CSV") represents the amount of the contractholders’ account balance distributable at the balance sheet date, less certain surrender charges.

Not reflected in the tables above are separate account assets and liabilities associated with Guardian contracts assumed on a modified coinsurance basis of $5.5 billion and $6.4 billion as of December 31, 2024 and 2023, respectively.
F-57


TALCOTT RESOLUTION LIFE INSURANCE COMPANY
Notes to Consolidated Financial Statements (continued)

10.Reserve for Future Policy Benefits
The following table summarizes the reserve for future policy benefits:
As of December 31,
20242023
Life-contingent payout annuities [1]
$7,998 $8,674 
Additional liabilities for other insurance benefits [2]
7,383 6,787 
Deferred profit liability117 119 
Negative VOBA [3]
2,385 2,512 
Other reserves [4]
1,251 1,287 
Reserve for future policy benefits
$19,134 $19,379 
[1]See “Liability for Future Policy Benefits” section below for further information.
[2]Represents fully insured additional liabilities for other insurance benefits.
[3]Refer to Note 7 - Value of Business Acquired, Deferred Acquisition Costs, Unearned Revenue Reserves, and Other Balances for additional details related to negative VOBA.
[4]Represents reserves for fully reinsured traditional life insurance of $0.8 billion as of December 31, 2024 and 2023, as well as COLI, other universal life-type products, and short-duration contracts, which are all excluded from the tables below.

Liability for Future Policy Benefits
Significant assumptions and inputs to the calculation of the LFPB for life-contingent payout annuities primarily include assumptions for discount rates, mortality and other policyholder data, including certain demographic data. These assumptions are derived from both policyholder data and experience and industry data, and the Company will adjust policyholder data and experience to reflect market data, where necessary. The Company does not include any expense assumptions in the calculation of the LFPB, due to the lack of expenses for payout reserves. Annually, the Company reviews all significant cash flow assumptions, such as mortality, unless emerging experience indicates a more frequent review is necessary. As part of its annual review process, the Company assesses trends in both policyholder experience and industry data and updates the assumptions in the liability calculation, as necessary.
A single-A interest rate curve is utilized to discount the cash flows used to calculate the LFPB. The discount rate reflects market observable inputs from upper-medium grade fixed income instrument yields and is reflective of the duration of the liabilities and is updated for market data. The updated cash flows used in the liability calculation are discounted using a forward rate curve.
In 2024, there were significant updates for unfavorable mortality for the Company’s structured settlement payout reserves, which increased reserves. In 2023, there were significant updates for favorable mortality for certain reserves, as a result of the Company’s assumption update. These updates resulted in lower reserves, which were offset by a deferred profit liability.

F-58

TALCOTT RESOLUTION LIFE INSURANCE COMPANY
Notes to Consolidated Financial Statements (continued)
10. Reserve for Future Policy Benefits (continued)
The Company’s LFPBs consists only of the liability associated with limited pay annuities (e.g., single premium immediate annuities) with life contingencies. As this business has no future expected premiums, the following table presents a rollforward of the present value of expected future policy benefits for life-contingent payout annuities:
Year Ended December 31,
20242023
Beginning balance$8,459 $8,335 
Beginning balance at original discount rate10,518 11,048 
Effect of actual variances from expected experience due to mortality(3)(17)
Effect of changes in cash flow assumptions204 (90)
Adjusted beginning balance at original discount rate10,719 10,941 
Issuances [1]
156 147 
Interest accrual [2]
196 127 
Benefit payments(698)(697)
Ending balance at original discount rate10,373 10,518 
Cumulative effect of changes in discount rate assumptions
(2,559)(2,059)
Ending balance7,814 8,459 
Other business [3]
184 215 
Adjusted ending balance7,998 8,674 
Less: reinsurance recoverables
(4,662)(5,083)
Adjusted ending balance, net of reinsurance$3,336 $3,591 
[1]Issuances are included within premiums in the consolidated statements of operations.
[2]Interest accretion (expense) is recorded as a component of benefits and losses in the consolidated statements of operations.
[3]Represents fully reinsured blocks, whose activity is not included in the table above.

The following is a reconciliation of premiums from LFPBs to the consolidated statements of operations:
Year Ended December 31,
20242023
Life-contingent payout annuities
$156 $147 
Reconciling items [1]
(72)(59)
Total premiums
$84 $88 
[1]Reconciling items represent premiums related to fully reinsured traditional life insurance and other lines of business, net of reinsured amounts.

The following presents supplemental disclosures related to the LFPBs for life-contingent payout annuities:
Year Ended December 31,
20242023
Undiscounted expected future benefits and expenses$18,430 $18,127 
Weighted-average duration of the liability (in years)
11.2 11.9
Weighted-average interest accretion rate2.1 %1.3 %
Weighted-average discount rate5.6 %4.9 %
F-59


TALCOTT RESOLUTION LIFE INSURANCE COMPANY
Notes to Consolidated Financial Statements (continued)
11.Other Policyholder Funds and Benefits Payable
Other policyholder funds and benefits payable consists of the following:
As of December 31,
20242023
Policyholder account balances [1]
$25,882 $28,107 
Unearned revenue reserves [2]
964 1,077 
Negative VOBA [2]
648 796 
Market risk benefits adjustment [2]
(637)(697)
Embedded derivatives [3]
636 536 
Other reserves [4]
(426)(317)
Other policyholder funds and benefits payable
$27,067 $29,502 
[1]Refer to the subsequent tables for a rollforward of PABs.
[2]Refer to Note 7 - Value of Business Acquired, Deferred Acquisition Costs, Unearned Revenue Reserves, and Other Balances for rollforwards of URR, negative VOBA, and FIA MRB adjustment.
[3]Refer to Note 5 - Fair Value Measurements for rollforwards of the embedded derivatives associated with FIA and the indexed-linked features of certain fully reinsured UL products.
[4]Represents the unaccreted host contract adjustments associated with FIA contracts and other reserves excluded from the subsequent tables.

The following presents a rollforward of PABs, by product:
Variable Annuities
Fixed Annuities
Fixed Indexed Annuities
Non-Life Contingent Payout Annuities
Universal Life and Other
Total
Balance as of January 1, 2023
$2,920 $2,732 $6,848 $2,309 $1,959 16,768 
Deposits2 — 469 243 2 716 
Policy charges(1)— (11)— (23)(35)
Surrenders and other benefits
(535)(549)(830)(320)(84)(2,318)
Transfers from separate accounts— — — 7 42 49 
Interest credited84 72 105 25 95 381 
Other— 1 5 (3)(2)1 
Balance as of December 31, 2023
2,470 2,256 6,586 2,261 1,989 15,562 
Other business [1]
— 790 — — 11,755 12,545 
Adjusted balance$2,470 $3,046 $6,586 $2,261 $13,744 $28,107 
F-60

TALCOTT RESOLUTION LIFE INSURANCE COMPANY
Notes to Consolidated Financial Statements (continued)
11. Other Policyholder Funds and Benefits Payable (continued)
The following presents a rollforward of PABs, by product: (continued)
Variable Annuities
Fixed Annuities
Fixed Indexed Annuities
Non-Life Contingent Payout Annuities
Universal Life and Other
Total
Balance as of January 1, 2024
$2,470 $2,256 $6,586 $2,261 $1,989 $15,562 
Deposits2 — 394 212 — 608 
Policy charges(1)— (10)— (21)(32)
Surrenders and other benefits
(439)(501)(1,088)(325)(53)(2,406)
Transfers from (to) separate accounts(3)— — 5 42 44 
Interest credited71 62 233 31 101 498 
Other(3)(5)(7)6 2 (7)
Balance as of December 31, 2024
2,097 1,812 6,108 2,190 2,060 14,267 
Other business [1]
— 781 — — 10,834 11,615 
Adjusted balance$2,097 $2,593 $6,108 $2,190 $12,894 $25,882 
[1]Represents the account value of fully reinsured blocks whose activity is not included in the table above. These blocks were previously reinsured prior to 2023.

The following table presents the weighted-average crediting rate, net amount at risk (“NAR”), and CSV for PABs, by product:
Variable Annuities
Fixed Annuities
Fixed Indexed Annuities
Non-Life Contingent Payout Annuities
Universal Life and Other
Total
As of December 31, 2024
Weighted-average crediting rate
3.1 %3.0 %3.8 %1.4 %5.0 %3.4 %
Net amount at risk [1]
$— $— $— $— $887 $887 
Cash surrender value [2]
2,095 1,802 5,968 — 550 10,415 
As of December 31, 2023
Weighted-average crediting rate
3.5 %2.9 %1.6 %1.1 %4.8 %2.4 %
Net amount at risk [1]
$— $— $— $— $915 $915 
Cash surrender value [2]
2,456 2,198 6,437 — 521 11,612 
[1]NAR is generally defined as the current guarantee amount in excess of the current account balance at the balance sheet date. The NAR associated with MRBs are presented within Note 12 - Market Risk Benefits. NAR for Variable Annuities is based on total account balances and includes both policyholder account balances and separate account balances.
[2]CSV represents the amount of the contractholder’s account balance distributable at the balance sheet date, less certain surrender charges and market value adjustments.

F-61

TALCOTT RESOLUTION LIFE INSURANCE COMPANY
Notes to Consolidated Financial Statements (continued)
11. Other Policyholder Funds and Benefits Payable (continued)
The following presents the balance of account values by range of guaranteed minimum crediting rates (“GMCR”) and the related range of difference, in basis points, between rates being credited to policyholders and the respective guaranteed minimums:
Range of Guaranteed Minimum Crediting Rates
At Guaranteed Minimum1 Basis Point to 50 Basis Points Above51 Basis Points to 150 Basis Points AboveGreater than 150 Basis Points AboveTotal
As of December 31, 2024
Variable Annuities
Less than 2.0%$— $37 $43 $— $80 
2.0% - 4.0%1,813 201 3 — 2,017 
Greater than 4.0%— — — — — 
Total1,813 238 46 — 2,097 
Fixed Annuities
Less than 2.0%3 1 1 4 9 
2.0% - 4.0%1,374 163 252 9 1,798 
Greater than 4.0%5 — — — 5 
Total1,382 164 253 13 1,812 
Fixed Indexed Annuities
Less than 2.0%111 — 87 691 889 
2.0% - 4.0%485 1 8 — 494 
Greater than 4.0%— — — — — 
Total596 1 95 691 1,383 
Universal Life and Other
Less than 2.0%— — — — — 
2.0% - 4.0%849 — — — 849 
Greater than 4.0%1,211 — — — 1,211 
Total2,060 — — — 2,060 
As of December 31, 2023
Variable Annuities
Less than 2.0%$60 $96 $— $— $156 
2.0% - 4.0%2,122 143 49 — 2,314 
Greater than 4.0%— — — — — 
Total2,182 239 49 — 2,470 
Fixed Annuities
Less than 2.0%7 2 2 3 14 
2.0% - 4.0%1,928 73 225 10 2,236 
Greater than 4.0%6 — — — 6 
Total1,941 75 227 13 2,256 
Fixed Indexed Annuities
Less than 2.0%136 — 119 416 671 
2.0% - 4.0%560 3 11 — 574 
Greater than 4.0%— — — — — 
Total696 3 130 416 1,245 
Universal Life and Other
Less than 2.0%— — — — — 
2.0% - 4.0%757 — — — 757 
Greater than 4.0%1,232 — — — 1,232 
Total$1,989 $— $— $— $1,989 
F-62


TALCOTT RESOLUTION LIFE INSURANCE COMPANY
Notes to Consolidated Financial Statements (continued)
12.Market Risk Benefits
The following table presents a reconciliation of the gross MRB by product and balance sheet position:
As of December 31,
20242023
Variable Annuities
Fixed Indexed Annuities
Total
Variable Annuities
Fixed Indexed Annuities
Total
Asset position$737 $5 $742 $576 $2 $578 
Liability position402 472 874 529 545 1,074 
Net liability (asset)(335)467 132 (47)543 496 
Less: ceded market risk benefits [1]
(55)(350)(405)(240)(408)(648)
Balance, net of reinsurance$(390)$117 $(273)$(287)$135 $(152)
[1]Refer to Note 4 - Fair Value Measurements for a rollforward of the Company’s ceded MRBs.

The following table presents a rollforward of the net MRB liability (asset), by product:
Variable Annuities
Fixed Indexed Annuities
Total
Balance as of January 1, 2023
$390 $489 $879 
Balance as of January 1, 2023, before effect of changes in the instrument-specific credit risk
524 519 1,043 
Issuances(10)— (10)
Interest accrual13 29 42 
Attributed fees collected295 7 302 
Benefit payments(107)(58)(165)
Effect of changes in interest rates(19)(12)(31)
Effect of changes in equity markets(619)19 (600)
Effect of changes in equity index volatility(128)2 (126)
Actual policyholder behavior different from expected behavior17 13 30 
Effect of changes in future expected policyholder behavior(10)21 11 
Effect of changes in other future expected assumptions5 (8)(3)
Balance as of December 31, 2023, before effect of changes in the instrument-specific credit risk
$(39)$532 $493 
Cumulative effect of changes in the instrument-specific credit risk
(8)11 3 
Balance as of December 31, 2023
$(47)$543 $496 
F-63

TALCOTT RESOLUTION LIFE INSURANCE COMPANY
Notes to Consolidated Financial Statements (continued)
12. Market Risk Benefits (continued)
The following table presents a rollforward of the net MRB liability (asset), by product: (continued)
Variable Annuities
Fixed Indexed Annuities
Total
Balance as of January 1, 2024
$(47)$543 $496 
Balance as of January 1, 2024, before effect of changes in the instrument-specific credit risk
(39)532 493 
Interest accrual(14)30 16 
Attributed fees collected287 6 293 
Benefit payments(76)(60)(136)
Effect of changes in interest rates(207)(63)(270)
Effect of changes in equity markets(302)13 (289)
Effect of changes in equity index volatility(9)1 (8)
Actual policyholder behavior different from expected behavior(12)13 1 
Effect of changes in future expected policyholder behavior24 (30)(6)
Effect of changes in future expected assumptions11 6 17 
Other— 2 2 
Balance as of December 31, 2024, before effect of changes in the instrument-specific credit risk
$(337)$450 $113 
Cumulative effect of changes in the instrument-specific credit risk
2 17 19 
Balance as of December 31, 2024
$(335)$467 $132 
The following table presents the NAR and weighted average attained age of contract holders for MRBs, by product:
Variable Annuities
Fixed Indexed Annuities
Total
As of December 31, 2023
Net amount at risk [1]
$389 $195 $584 
Weighted average attained age of contractholders (in years)74.472.472.2
As of December 31, 2024
Net amount at risk [1]
$266 $191 $457 
Weighted average attained age of contractholders (in years)75.073.474.1
[1]NAR is generally defined as the current guarantee amount in excess of the current account balance at the balance sheet date, net of reinsurance impacts. For products with multiple guarantees, only the benefit with the highest NAR is presented for the contract. The VA NAR represents the death benefit portion of the contract, as contracts with a withdrawal benefit also contain a death benefit. The FIA NAR represents the withdrawal portion of the contract. The total represents the combined NAR of VA and FIA.

The Company’s MRBs primarily relate to VA contracts with GMDB, GMIB, and GMWB guarantee features and FIA contracts with GLWB features and two-tier annuitization benefits. As described in Note 1 - Basis of Presentation and Significant Accounting Policies, MRBs and the related reinsurance are calculated using fair value measurement principles, which considers the price paid that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. The fair value of these MRBs are calculated as the present value of expected benefit payments, less the present value of expected fees attributable to the MRB. The determination of the fair value of MRBs requires the use of inputs related to fees and assessments, and assumptions in determining the expected benefits, in excess of the projected account balance.
Fair values for VA and FIA contract benefits are calculated using internally developed models because active, observable markets do not exist for the MRB. These assumptions are established using accepted actuarial valuation methods and are considered unobservable inputs to the fair value measurement. Therefore, the fair value estimate of MRBs are classified as a level 3 measurement within the fair value hierarchy and the determination of the significant inputs included in the fair value measurement requires the use of management’s judgment. Assumptions are mostly based on policyholder experience and
F-64

TALCOTT RESOLUTION LIFE INSURANCE COMPANY
Notes to Consolidated Financial Statements (continued)
12. Market Risk Benefits (continued)
pricing assumptions, which are updated for actual experience, if necessary. In 2024, the Company increased its lapse assumption based on actual experience.
The significant inputs to the valuation models for these MRBs include actuarially determined assumptions for contractholder behavior, as well as lapse rates, benefit utilization rates, surrender rates, and mortality rates. In addition, significant inputs include capital market assumptions, such as interest rate levels and market volatility assumptions.
Variable Annuities
The Company’s VA contracts include variable insurance contracts both entered into directly between the Company and an individual policyholder or assumed through reinsurance with other insurers, including assumed separate account products. Products provide a current or future income stream based on the value of the individual's contract at annuitization and can include a variety of guaranteed minimum death and withdrawal benefits.
The Company's VA contracts sold to individuals mostly provide GMDBs during the accumulation period that is generally equal to the greater of (a) the contract value at death or (b) premium payments less any prior withdrawals and may include adjustments that increase the benefit, such as for maximum anniversary value ("MAV"). In addition, some of the VA contracts provide a GMWB, whereby if the account value is reduced to a specified level through a combination of market declines and withdrawals, the contractholder is entitled to a guaranteed remaining balance, which is generally equal to premiums less withdrawals. Many policyholders with a GMDB also have a GMWB. These benefits are not additive as policyholders that have a product with both guarantees can receive, at most, the greater of the GMDB or GMWB.
Fixed Indexed Annuities
FIA contracts the Company assumes represent annuity contracts issued by another insurance company under which the Company assumes through reinsurance a quota share of the liabilities. These annuity contracts have a cash value that appreciates based on a GMCR, or the performance of various equity market indices, such as the S&P 500. FIAs generally protect the contract owner against loss of principal and may include GMWBs or enhanced annuitization benefits.
For FIA contracts, assumptions include projected equity returns which impact cash flows attributable to indexed strategies, implied equity volatilities, expected index credits and future equity option costs.
The models are based on a risk neutral valuation framework and incorporate risk premiums inherent in valuation techniques, inputs, and the general uncertainty around the timing and amount of future cash flows. A risk margin is incorporated within the discount rate to reflect uncertainty in the projected cash flows, as well as credit spreads to reflect nonperformance risk, for the Company.
The following table summarizes the unobservable inputs for MRBs, net of reinsured balances:
Fair ValuePredominant Valuation TechniqueSignificant Unobservable InputRangeWeighted Average
Impact of Increase in Input on Fair Value [1]
As of December 31, 2024
Variable annuities (net of reinsurance):
$(390)
Discounted cash flows
Withdrawal utilization [2]
0.0% to 35.0%
6.9%Increase
Withdrawal rates [3]
0.0% to 8.0%
4.3%Increase
Lapse rates [4]
0.0% to 80.0%
9.4%Decrease
Market volatility [5]
13.4% to 26.9%
20.3%Increase
Nonperformance risk [6]
0.6% to 2.6%
1.5%Decrease
Mortality rate [7]
<0.1% to 62.5%
1.4%Decrease
Fixed indexed annuities:
$117
Discounted cash flows
Withdrawal utilization [2]
0.0% to 37.1%
4.8%Increase
Withdrawal rates [3]
2.3% to 8.3%
4.6%Increase
Lapse rates [4]
1.6% to 50.0%
8.0%Decrease
Market volatility [5]
4.5% to 21.6%
11.3%Increase
Nonperformance risk [6]
0.6% to 2.6%
1.5%Decrease
Mortality rate [7]
<0.1% to 40.0%
5.2%Decrease
Option budgets [8]
0.0% to 3.8%
2.0%Increase
F-65

TALCOTT RESOLUTION LIFE INSURANCE COMPANY
Notes to Consolidated Financial Statements (continued)
12. Market Risk Benefits (continued)
The following table summarizes the unobservable inputs for MRBs, net of reinsured balances: (continued)
Fair ValuePredominant Valuation TechniqueSignificant Unobservable InputRangeWeighted Average
Impact of Increase in Input on Fair Value [1]
As of December 31, 2023
Variable annuities (net of reinsurance):
$(287)Discounted cash flows
Withdrawal utilization [2]
1.0% to 46.0%
15.6%Increase
Withdrawal rates [3]
0.0% to 8.0%
4.3%Increase
Lapse rates [4]
0.0% to 40.0%
6.0%Decrease
Market volatility [5]
10.5% to 26.9%
20.4%Increase
Nonperformance risk [6]
0.6% to 2.5%
1.6%Decrease
Mortality rate [7]
<0.1% to 62.5%1.4%Decrease
Fixed indexed annuities:
$135Discounted cash flows
Withdrawal utilization [2]
0.0% to 42.4%
2.7%Increase
Withdrawal rates [3]
2.3% to 8.3%
4.5%Increase
Lapse rates [4]
0.0% to 30.0%
3.5%Decrease
Market volatility [5]
4.9% to 25.6%
16.7%Increase
Nonperformance risk [6]
0.6% to 2.5%
1.7%Decrease
Mortality rate [7]
<0.1% to 40.0%2.5%Decrease
Option budgets [8]
0.0% to 3.8%
1.9%Increase
[1]Conversely, the impact of a decrease in input would have the opposite impact to the fair value as that presented in the table.
[2]Range represents assumed percentages of policyholders taking withdrawals.
[3]Range represents assumed annual percentage of allowable amount withdrawn.
[4]Range represents assumed annual percentages of policyholders electing a full surrender.
[5]Range represents implied market volatilities for equity indices based on multiple pricing sources.
[6]Range represents Company credit spreads.
[7]Mortality rates vary by age and by demographic characteristics, such as gender. The range shown reflects the mortality rate for policyholders. Mortality rate assumptions are set based on policyholder experience.
[8]Range represents assumed annual budget for index options.


F-66


TALCOTT RESOLUTION LIFE INSURANCE COMPANY
Notes to Consolidated Financial Statements (continued)




13.Debt
Collateralized Advances
The Company is a member of the Federal Home Loan Bank of Boston (“FHLB”). Membership allows the Company access to collateralized advances, which may be used to support various spread-based business and enhance liquidity management. FHLB membership requires the Company to own member stock and advances require the purchase of activity stock. The amount of advances that can be taken are dependent on the asset types pledged to secure the advances. The pledge limit is recalculated annually based on statutory admitted assets and capital and surplus. The Company would need to seek the prior approval of the Connecticut Department of Insurance in order to exceed these limits.
The Company had no borrowings from the FHLB as of December 31, 2024 and 2023, and there were no advances outstanding. Collateral pledged by the Company to the FHLB was $388 and $416, respectively, as of December 31, 2024 and 2023.

14.Income Taxes
The expected tax provision computed on pre-tax income has been calculated using the U.S. federal statutory tax rate of 21%.
A reconciliation of the difference between the expected tax provision at the U.S. federal income tax rate to the Company’s income tax expense (benefit) is as follows:
Year Ended December 31,
 202420232022
Expected tax provision on pre-tax income U.S. federal income tax rate
$12 $1 $152 
Dividends received deduction
(29)(34)(38)
Foreign related investments
(5)(6)(7)
Other2 — — 
Income tax expense (benefit)$(20)$(39)$107 

The separate account dividends received deduction (“DRD”) is estimated for the current year using information from the most recent return, adjusted for current year equity market performance and other appropriate factors, including estimated levels of corporate dividend payments and level of policy owner equity account balances. The actual current year DRD can vary from estimates based on, but not limited to, changes in eligible dividends received in the mutual funds, amounts of distributions from these mutual funds and the Company’s taxable income before the DRD. The Company evaluates its DRD computations on a quarterly basis.
Income tax expense (benefit) consists of the following:
Year Ended December 31,
202420232022
Current income taxes - U.S. Federal
$(35)$(2)$(17)
Deferred income taxes - U.S. Federal
15 (37)124 
Income tax expense (benefit)$(20)$(39)$107 





F-67

TALCOTT RESOLUTION LIFE INSURANCE COMPANY
Notes to Consolidated Financial Statements (continued)
14. Income Taxes (continued)
Deferred income taxes consist of the following:
As of December 31,
20242023
Deferred Tax Assets
Tax basis deferred policy acquisition costs
$154 $142 
Value of business acquired and reserves
101 174 
Net operating loss carryover
23 28 
Employee benefits
4 4 
Foreign tax credit carryover
25 22 
Net unrealized loss on investments
516 523 
Deferred reinsurance gain
214 239 
Total deferred tax assets
1,037 1,132 
Less: valuation allowance
— — 
Total deferred tax assets, net of valuation allowance
1,037 1,132 
Deferred Tax Liabilities
Investment related items(260)(295)
Other
(9)(9)
Total deferred tax liabilities
(269)(304)
Deferred income taxes
$768 $828 

The statute of limitations on the examination of U.S. federal tax returns is closed through the 2020 tax year, with the exception of net operating loss ("NOL") carryforwards utilized in open tax years. Management believes that an adequate provision has been made on the financial statements for any potential adjustments that may result from tax examinations and other tax-related matters for all open tax years. As of December 31, 2024 and 2023, the Company had no reserves for uncertain tax positions. As of December 31, 2024 and 2023, there were no unrecognized tax benefits that if recognized would affect the effective tax rate and that had a reasonable possibility of significantly increasing or decreasing within the next 12 months.
The Company recognized no interest expense for the years ended December 31, 2024 and 2023. The Company had no interest payable as of December 31, 2024 and 2023. The Company does not believe it would be subject to any penalties in any open tax years and, therefore, has not recorded any accrual for penalties.
The Company believes it is more likely than not that all deferred tax assets will be fully realized. In assessing the need for a valuation allowance, management considered future taxable temporary difference reversals, future taxable income exclusive of reversing temporary differences and carryovers, taxable income in open carry back years, the impact of tax elections and other tax planning strategies. From time to time, tax planning strategies could include holding a portion of debt securities with market value losses until recovery, making investments which have specific tax characteristics and business considerations such as asset-liability matching.
Net Operating Loss Carryover
As of December 31, 2024 and 2023, net deferred income taxes included the expected tax benefit related to U.S. NOLs of $110 and $132, respectively. The U.S. NOLs were generated in 2018 and subsequent years and are attributable to the Company's U.S. subsidiaries. The losses do not expire, but their utilization in any carryforward year is limited to 80% of taxable income in that year. As of December 31, 2024 and 2023, $0 and $62, respectively, of the losses are also subject to Internal Revenue Code Section 382, which may limit the amount that can be utilized in any carryforward year.
Given the Company's expected future earnings, the Company believes sufficient taxable income will be generated in the future to utilize its NOL carryover. Although the Company believes there will be sufficient future taxable income to fully recover the remainder of the loss carryover, the Company's estimate of the likely realization may change over time.
F-68

TALCOTT RESOLUTION LIFE INSURANCE COMPANY
Notes to Consolidated Financial Statements (continued)
14. Income Taxes (continued)
Foreign Tax Credit (“FTC”) Carryover
As of December 31, 2024 and 2023, the net deferred income taxes included the expected tax benefit attributable to U.S. FTC carryovers of $25 and $22, respectively, which expire between 2028 and 2034. Given the Company’s expected future earnings, the Company believes sufficient taxable income will be generated after the application of any available NOL to fully use the FTC carryover prior to expiration. Although the Company believes that there will be sufficient future taxable income to fully recover the remainder of the FTC carryover, the Company’s estimate of the likely realization may change over time.
Corporate Alternative Minimum Tax (“CAMT”)
The Inflation Reduction Act of 2022 introduced a 15% CAMT among other tax provisions. The provisions had an effective date beginning after December 31, 2022. Generally, the CAMT imposes a minimum tax on the adjusted financial statement income AFSI of certain corporations with average annual AFSI over a three-year period in excess of $1 billion. The Company has determined that it is not an applicable corporation and therefore its U.S. taxpayer subsidiaries are not subject to CAMT for the years ended December 31, 2024 and 2023. Since enactment of the CAMT, the U.S. Treasury Department and Internal Revenue Service continue to issue guidance to the public. The Company will continue to evaluate the guidance and assess its impact, if any in future years.
Global Minimum Corporate Tax Rate
On October 8, 2021, the Organization for Economic Cooperation and Development (“OECD”) announced that members of the OECD/G20 Inclusive Framework on Base Erosion and Profit Shifting (the “Inclusive Framework”) agreed to a two-pillar solution to address the tax challenges associated with the digitalization of the economy. On December 20, 2021, the OECD released the Pillar Two model rules, which define the global minimum tax and call for the taxation of large corporations at a minimum rate of 15%. The OECD has since issued commentary and additional administrative guidance related to the Inclusive Framework agreement.
Certain jurisdictions in which the Company's related parties operate have enacted Pillar Two legislation that became effective on January 1, 2024. While the Company’s indirect parent is in scope of the enacted legislation, we do not expect Pillar Two to have a material impact on the Company’s current year financial results. We will continue to monitor regulatory developments to access potential impacts on our consolidated financial statements as additional guidance is released.

15.Commitments and Contingencies
Contingencies Relating to Corporate Litigation and Regulatory Matters
Management evaluates each contingent matter separately. A loss is recorded if it is probable and reasonably estimable. Management establishes reserves for these contingencies at its “best estimate,” or, if no one number within the range of possible losses is more probable than any other, the Company records an estimated liability at the low end of the range of losses.
Litigation
The Company is involved in claims litigation arising in the ordinary course of business with respect to life and annuity contracts. The Company accounts for such activity through the establishment of reserve for future policy benefits. Management expects that the ultimate liability, if any, with respect to such ordinary-course claims litigation, after consideration of provisions made for potential losses and costs of defense, will not be material to the Company’s financial condition, results of operations or cash flows of the Company.
On August 15, 2023, Talcott Resolution Life Insurance Company and Talcott Resolution Life and Annuity Insurance Company (collectively “Talcott Resolution”) were named as defendants in a putative class action lawsuit in the United States District Court for the District of Massachusetts. The case is captioned as follows: Casey v. Talcott Resolution Life Insurance Company and Talcott Resolution Life and Annuity Insurance Company, et al. The lawsuit relates to data security events involving the MOVEit file transfer system (“MOVEit Cybersecurity Incident”). The MOVEit file transfer system is software used by a broad range of companies to move sensitive electronic data. PBI Research Services (“PBI”), a former third-party service provider for Talcott Resolution, uses the MOVEit file transfer system in the performance of its services. PBI used the software on behalf of Talcott Resolution to, among other things, search various databases to identify the deaths of insured persons and annuitants under life insurance policies and annuity contracts, respectively, as required by applicable law.
F-69

TALCOTT RESOLUTION LIFE INSURANCE COMPANY
Notes to Consolidated Financial Statements (continued)
15. Commitments and Contingencies (continued)
Plaintiff seeks to represent various classes and subclasses of Talcott Resolution insurance policy and annuity contract holders whose data allegedly was accessed or potentially accessed in connection with the MOVEit Cybersecurity Incident. Plaintiff alleges that Talcott Resolution breached a purported duty to safeguard their sensitive data from unauthorized access. The complaint asserts claims for, among other things, negligence, negligence per se, breach of contract, unjust enrichment, and violations of various consumer protection statutes, and the Plaintiffs seek declaratory and injunctive relief, compensatory and punitive damages, restitution, attorneys’ fees and costs, and other relief. On October 4, 2023, the Joint Panel on Multidistrict Litigation issued an order consolidating all actions relating to the MOVEit Cybersecurity Incident before a single federal judge in the United States District Court for the District of Massachusetts. We intend to vigorously defend the action.
The Company is also involved in other kinds of legal actions, some of which assert claims for substantial amounts. Such actions have alleged, for example, bad faith in the handling of insurance claims and improper sales practices in connection with the sale of insurance and investment products. Some of these actions also seek punitive damages. Management expects that the ultimate liability, if any, with respect to such lawsuits, after consideration of provisions made for estimated losses, will not be material to the financial condition of the Company. Nonetheless, given the large or indeterminate amounts sought in certain of these actions, and the inherent unpredictability of litigation, it is possible that an adverse outcome in certain matters could, from time to time, have a material adverse effect on the Company’s financial condition, results of operations or cash flows in particular quarterly or annual periods.
Contingent Commitments
As of December 31, 2024, the Company had outstanding commitments to make certain investments, primarily capital contributions to investment funds, totaling $941. We expect most commitments to be called over the next five years, however, these commitments could become due any time upon counterparty request.
Certain of the Company’s derivative agreements contain provisions that are tied to the financial strength ratings, as set by nationally recognized statistical agencies or RBC tests, of the individual legal entity that entered into the derivative agreement. If the legal entity’s financial strength were to fall below certain ratings, the counterparties to the derivative agreements could demand immediate and ongoing full collateralization and in certain instances enable the counterparties to terminate the agreements and demand immediate settlement of all outstanding derivative positions traded under each impacted bilateral agreement. The settlement amount is determined by netting the derivative positions transacted under each agreement. If the termination rights were to be exercised by the counterparties, it could impact the legal entity’s ability to conduct hedging activities by increasing the associated costs and decreasing the willingness of counterparties to transact with the legal entity. The aggregate fair value of all derivative instruments with credit-risk-related contingent features that were in a net liability position as of December 31, 2024 and 2023 was $37 and $294, respectively. The aggregate fair value of collateral posted for these derivatives was $41 and $461. This could change as derivative market values change, as a result of changes in our hedging activities or to the extent changes in contractual terms are negotiated. The nature of the collateral that is posted, when required, would be primarily in the form of U.S. Treasury bills, U.S. Treasury notes and government agency securities.
Guaranty Fund and Other Insurance-Related Assessments
In the U.S., insurers licensed to transact certain classes of insurance are required to become members of a guaranty fund. In most states, in the event of the insolvency of an insurer writing any such class of insurance in the state, members of the funds are assessed to pay certain claims of the insolvent insurer. A particular state’s fund assesses its members based on their respective written premiums in the state for the classes of insurance in which the insolvent insurer was engaged. Assessments are generally limited for any year to one or two percent of premiums written per year depending on the state.
Liabilities for guaranty funds and other insurance-related assessments are accrued when an assessment is probable, when it can be reasonably estimated, and when the event obligating the Company to pay an imposed or probable assessment has occurred. Liabilities for guaranty funds and other insurance-related assessments are not discounted and are included as part of other liabilities on the consolidated balance sheets.
As of December 31, 2024 and 2023, the liability balance was $2 and $4, respectively. As of December 31, 2024 and 2023, amounts related to premium tax offsets of $3 and $1, respectively, were included in other assets on the consolidated balance sheets.

F-70


TALCOTT RESOLUTION LIFE INSURANCE COMPANY
Notes to Consolidated Financial Statements (continued)

16.Related Party Transactions
Intercompany Liquidity Agreements
The Company and its subsidiaries entered into several short-term related party Intercompany Liquidity Agreements, permitting the Company and its subsidiaries to borrow from and loan to their related parties.
As of December 31, 2024, the Company’s related parties borrowed $540 from the Company. During 2024, the Company received $150 in re-payments associated with prior loans.
Sixth Street
The Company has entered into the following arrangements with Sixth Street, a related party of our owners:
•Investment Management Services Agreement
As of December 31, 2024 and 2023, 8.0% ($1,623) and 3.6% ($798), respectively, of the Company's general account assets were managed by Sixth Street. The Company recorded expenses related to these arrangements of $6 and $3 for the years ended December 31, 2024 and 2023, respectively.
As of December 31, 2024 and 2023, amounts payable under the above agreement was $2 and $1, respectively.
•Investments
Included in the above Sixth Street managed assets are $213 and $87, respectively, of investments that are issued and controlled by Sixth Street affiliates. The Company was not determined to be the primary beneficiary for these investments. As of December 31, 2024, outstanding commitments for these investments were $250.
Other
A related party, Talcott Administration Services Company, LLC (“TASC”), administers private placement life insurance business for the Company in exchange for a fee. For the years ended December 31, 2024, 2023, and 2022, fees incurred for these services were $54, $52, and $53, respectively.
In January 2024, the Company sold a previous subsidiary to its indirect parent TLI for $16.
For information related to related party reinsurance arrangements with TR Re, see Note 1 — Basis of Presentation and Significant Accounting Policies and Note 6 — Reinsurance.

17.Equity
Common Stock
All of the Company’s common stock is owned by TR Re. No common stock transactions occurred for the years ended December 31, 2024, 2023, and 2022.
Dividends
Refer to the statements of changes in stockholder's equity and statements of cash flows for details regarding dividends declared and/or paid by the Company for the years ended December 31, 2024, 2023, and 2022.
F-71

TALCOTT RESOLUTION LIFE INSURANCE COMPANY
Notes to Consolidated Financial Statements (continued)
17. Equity (continued)
Accumulated Other Comprehensive Loss
The following provides changes in AOCI:
Year Ended December 31,
202420232022
Unrealized loss on available-for-sale securities without an allowance for credit losses:
Beginning balance$(1,947)$(2,622)$(16)
Other comprehensive income (loss) before reclassifications and taxes(195)310 (3,710)
Reclassification adjustments [1]
231 544 412 
Income tax expense (benefit)(8)(179)692 
Other comprehensive income (loss), net of tax28 675 (2,606)
Sale of consolidated subsidiary to parent1 — — 
Ending balance(1,918)(1,947)(2,622)
Unrealized gain (loss) on cash flow hedges:
Beginning balance(23)(27)— 
Other comprehensive income (loss) before taxes(3)5 (34)
Income tax expense (benefit)1 (1)7 
Other comprehensive income (loss), net of tax(2)4 (27)
Ending balance(25)(23)(27)
Gain (loss) related to discount rate for reserve for future policy benefits:
Beginning balance647 859 (14)
Other comprehensive income (loss) before taxes197 (268)1,105 
Income tax expense (benefit)(41)56 (232)
Other comprehensive income (loss), net of tax156 (212)873 
Ending balance803 647 859 
Gain related to credit risk for market risk benefits:
Beginning balance(2)131 35 
Other comprehensive income (loss) before taxes(16)(168)121 
Income tax expense (benefit)3 35 (25)
Other comprehensive income (loss), net of tax(13)(133)96 
Ending balance(15)(2)131 
Accumulated other comprehensive income (loss):
Beginning balance(1,325)(1,659)5 
Other comprehensive loss before reclassifications and taxes(17)(121)(2,518)
Reclassification adjustments [1]
231 544 412 
Income tax expense (benefit)(45)(89)442 
Other comprehensive income (loss), net of tax169 334 (1,664)
Sale of consolidated subsidiary to parent1 — — 
Ending balance$(1,155)$(1,325)$(1,659)
[1]Recorded in investment related losses, net in the consolidated statements of operations.
F-72


TALCOTT RESOLUTION LIFE INSURANCE COMPANY
Notes to Consolidated Financial Statements (continued)

18.Statutory Results
The Company and its U.S. insurance subsidiaries prepare their statutory financial statements in conformity with statutory accounting practices prescribed or permitted by the applicable state insurance department which vary materially from US GAAP. Prescribed statutory accounting practices include publications of the National Association of Insurance Commissioners ("NAIC"), as well as state laws, regulations and general administrative rules. The differences between statutory financial statements and financial statements prepared in accordance with US GAAP vary between U.S. and foreign jurisdictions. The principal differences are that statutory financial statements:
•Do not reflect DAC and VOBA;
•Limit deferred income taxes;
•Predominately use interest rate and mortality assumptions prescribed by the NAIC for life benefit reserves;
•Generally carry bonds at amortized cost;
•Require that ceding commissions paid on reinsurance transactions be expensed in the period incurred; and
•Upon satisfying the requirements for reinsurance credit, establish certain assets and reduce certain liabilities for the impact of associated reinsurance.
For reporting purposes, statutory capital and surplus is referred to collectively as "statutory capital".
Statutory net income and statutory capital for the Company and its U.S. insurance subsidiaries are as follows:
 Year Ended December 31,
202420232022
Combined statutory net income [1]
$273 $48 $441 
[1]Statutory accounting practices do not consolidate the net income or loss of subsidiaries that report under US GAAP. The combined statutory net income above represents the total statutory net income of the Company and its other insurance subsidiaries, with certain adjustments for transactions between the Company’s insurance subsidiaries, such as dividend income.

As of December 31,
20242023
Statutory capital$1,740 $2,188 

The Company relies upon a practice prescribed by Connecticut state law which allows the Company to receive a reinsurance reserve credit for reinsurance treaties that provide for a limited right of unilateral cancellation by the reinsurer.
The following presents the effect of the prescribed practice to the U.S. statutory financial statements:
As of and Year Ended December 31,
2024
2023
Change to capital and surplus due to prescribed practice26 27 

Restrictions on Dividends
The payment of dividends by Connecticut-domiciled insurers is limited under the insurance holding company laws of Connecticut. These laws require notice to and approval by the State of Connecticut Insurance Department (“the Department”) for the declaration or payment of any dividend, which, together with other dividends or distributions made within the preceding twelve months, exceeds the greater of (i) 10% of the insurer’s policyholder surplus as of December 31st of the preceding year or (ii) net income (or net gain from operations, if such company is a life insurance company) for the twelve-month period ending on the thirty-first day of December last preceding, in each case determined under statutory insurance accounting principles. Approval is also required for any dividend which exceeds the insurer’s earned surplus or certain other thresholds as calculated under applicable state insurance law.
In addition to statutory limitations on paying dividends, the Company also takes other items into consideration when determining dividends from subsidiaries. These considerations include, but are not limited to, expected earnings and
F-73

TALCOTT RESOLUTION LIFE INSURANCE COMPANY
Notes to Consolidated Financial Statements (continued)
18. Statutory Results (continued)
capitalization of the subsidiary, regulatory capital requirements and liquidity requirements of the individual operating company.
The following presents the dividend limits on, and the dividends declared and/or paid by, the Company and its U.S. insurance subsidiaries:
Year Ended December 31,
20242023
TL
Other subsidiaries
TL
Other subsidiaries
Dividends paid$— $275 $575 $95 
Dividends declared but not paid— — — — 
Total dividends— 275 575 95 
Maximum permitted without prior approval571 428 578 95 
Other distributions paid with permission from the Department571 — — 36 

For the year ending December 31, 2025, the dividend limitation for TL and other U.S. insurance subsidiaries is $631 and $171, respectively.
Regulatory Capital Requirements
The Company's U.S. insurance companies' states of domicile impose RBC requirements. The requirements provide a means of measuring the minimum amount of statutory capital appropriate for an insurance company to support its overall business operations based on its size and risk profile. Regulatory compliance is determined by a ratio of a company's total adjusted capital (“TAC”) to its authorized control level RBC (“ACL RBC”). Companies below specific trigger points or ratios are classified within certain levels, each of which requires specified corrective action. The minimum level of TAC before corrective action commences (“Company Action Level”) is two times the ACL RBC. The adequacy of a company's capital is determined by the ratio of a company's TAC to its Company Action Level, known as the "RBC ratio". The Company and all of its operating insurance subsidiaries had RBC ratios in excess of the minimum levels required by the applicable insurance regulations. The RBC ratios for the Company and its principal life insurance operating subsidiaries were all in excess of 300% of their Company Action Levels as of December 31, 2024 and 2023. The reporting of RBC ratios is not intended for the purpose of ranking any insurance company, or for use in connection with any marketing, advertising or promotional activities.

19.Revenue from Contracts with Customers
The Company recognizes revenue from contracts with customers when, or as, goods or services are transferred to customers, in an amount that reflects the consideration that an entity is expected to receive in exchange for those goods or services.
The Company earns revenues from these contracts primarily for administration and distribution services fees from offering certain fund families as investment options in its VA products. Fees are primarily based on the average daily net asset values of the funds and are recorded in the period in which the services are provided and collected monthly. Fluctuations in domestic and international markets and related investment performance, volume and mix of sales and redemptions of the funds, and other changes to the composition of assets under management are all factors that ultimately have a direct effect on fee income earned.
The Company’s administration and distribution services fees were $94, $94, $76 for the years ended December 31, 2024, 2023 and 2022, respectively.

20.Subsequent Events
The Company has evaluated subsequent events through April 3, 2025, the date the financial statements were issued.
In February 2025, the Company declared a dividend to TR Re for $125. The dividend was paid in March 2025.
F-74

Report of Independent Registered Public Accounting Firm

To the Stockholder and the Board of Directors of Talcott Resolution Life Insurance Company

Opinion on the Financial Statements Schedules
We have audited the consolidated financial statements of Talcott Resolution Life Insurance Company and subsidiaries (the "Company") as of December 31, 2024 and 2023, and for each of the three years in the period ended December 31, 2024, and have issued our report thereon dated April 3, 2025 (which report expresses an unqualified opinion). Our audits also included the financial statement schedules I and IV. These financial statement schedules are the responsibility of the Company's management. Our responsibility is to express an opinion on the Company’s financial statement schedules based on our audits. In our opinion, such financial statement schedules, when considered in relation to the financial
statements taken as a whole, present fairly, in all material respects, the information set forth therein.




/s/ DELOITTE & TOUCHE LLP



Hartford, Connecticut
April 3, 2025


We have served as the Company's auditor since 2002.
F-75

TALCOTT RESOLUTION LIFE INSURANCE COMPANY
Financial Statement Schedules [1]
Schedule I — Summary of Investments — Other than Investments in Related Parties

($ in millions)
As of December 31, 2024
Type of Investment
Cost [1]
Fair
Value		Amount at which Shown on the Balance Sheet
Fixed Maturities
Bonds:
U.S. government and government agencies and authorities$1,347 $932 $932 
States, municipalities and political subdivisions683 539 539 
Foreign governments510 462 462 
Public utilities939 763 763 
All other corporate bonds8,961 7,464 7,464 
Redeemable preferred stock8 8 8 
Structured securities3,310 3,164 3,164 
Total fixed maturities15,758 13,332 13,332 
Equity Securities
Industrial, miscellaneous, and all other common stock20 23 23 
Non-redeemable preferred stocks117 111 111 
Total equity securities137 134 134 
Mortgage loans on real estate1,851 1,654 1,835 
Policy loans1,571 1,571 1,571 
Other long-term investments1,822 1,522 1,526 
Short-term investments797 797 797 
Total investments$21,936 $19,010 $19,195 
[1]     Amortized cost of short-term investments, mortgage loans on real estate, and fixed maturity securities, including those accounted for using the FVO. Other long-term investments consist of the original cost of equity securities, ICOLI investments, and derivatives, as well as the original cost adjusted for equity in earnings and distributions of investment funds, including those accounted for using the FVO.
F-76


TALCOTT RESOLUTION LIFE INSURANCE COMPANY
Financial Statement Schedules
Schedule IV — Reinsurance

($ in millions)Direct AmountCeded to Other CompaniesAssumed From Other CompaniesNet
Amount		Percentage of Amount Assumed
to Net
As of and Year Ended December 31, 2024
Life insurance in-force$207,146 $142,421 $141 $64,866 — %
Premiums, policy charges and fee income
Life insurance2,197 1,889 405 713 57 %
Accident & health insurance1111 — — — %
Total premiums, policy charges and fee income
$2,208 $1,900 $405 $713 57 %
As of and Year Ended December 31, 2023
Life insurance in-force$214,278 $150,452 $147 $63,973 — %
Premiums, policy charges and fee income
Life insurance2,201 1,880 413 734 56 %
Accident & health insurance11 11 — — — %
Total premiums, policy charges and fee income
$2,212 $1,891 $413 $734 56 %
As of and Year Ended December 31, 2022
Life insurance in-force$222,398 $158,750 $155 $63,803 — %
Premiums, policy charges and fee income
Life insurance2,271 1,873 210 608 35 %
Accident & health insurance12 12 — — — %
Total premiums, policy charges and fee income
$2,283 $1,885 $210 $608 35 %
F-77