FINANCIAL STATEMENTS

Venerable Insurance and Annuity Company

Separate Account B

Year Ended December 31, 2020

with Report of Independent Registered Public Accounting Firm

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VENERABLE INSURANCE AND ANNUITY COMPANY

SEPARATE ACCOUNT B

Financial Statements

Year Ended December 31, 2020

Contents

Report of Independent Registered Public Accounting Firm	1
Audited Financial Statements
Statements of Assets and Liabilities	5
Statements of Operations	42
Statements of Changes in Net Assets	80
Notes to Financial Statements	128

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Report of Independent Registered Public Accounting Firm

To the Board of Directors of Venerable Insurance and Annuity Company and Contract Owners of Venerable Insurance and Annuity Company Separate Account B

Opinion on the Financial Statements

We have audited the accompanying statements of assets and liabilities of each of the subaccounts listed in the Appendix that comprise Venerable Insurance and Annuity Company Separate Account B (the Separate Account), as of December 31, 2020, the related statements of operations and the statements of changes in net assets for each of the periods indicated in the Appendix, and the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each subaccount as of December 31, 2020, the results of its operations and changes in its net assets for each of the periods indicated in the Appendix, in conformity with U.S. generally accepted accounting principles.

Basis for Opinion

These financial statements are the responsibility of the Separate Account’s management. Our responsibility is to express an opinion on each of the subaccounts’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Separate 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 are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of December 31, 2020, by correspondence with the fund companies or their transfer agents, as applicable. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

We have served as the Separate Accounts auditor since 1988. March 31, 2021

1

Appendix

Subaccounts comprising Venerable Insurance and Annuity Company Separate Account B

Subaccount	Statement of Operations	Statement of Changes in Net Assets
Invesco V.I. Balanced-Risk Allocation Fund - Series II Shares American Funds Insurance Series Blue Chip Income & Growth Fund - Class 4 American Funds Insurance Series Bond Fund - Class 4 American Funds Insurance Series Capital Income Builder Fund - Class 4 American Funds Insurance Series Global Growth Fund - Class 4 American Funds Insurance Series Growth Fund - Class 4 American Funds Insurance Series International Fund - Class 4 American Funds Insurance Series New World Fund - Class 4 BlackRock Equity Dividend V.I. Fund - Class III BlackRock Global Allocation V.I. Fund - Class III BlackRock High Yield V.I. Fund - Class III BlackRock 60/40 Target Allocation ETF V.I. Fund - Class III Columbia Asset Allocation Fund, Variable Series - Class 1 Shares Columbia VP Seligman Global Technology Fund - Class 2 Columbia Small Cap Value Fund, Variable Series - Class 2 Columbia Small Company Growth Fund, Variable Series - Class 1 Columbia VP Large Cap Growth Fund - Class 1 DWS Core Equity VIP - Class B DWS Alternative Asset Allocation VIP - Class B DWS High Income VIP - Class B Eaton Vance VT Floating-Rate Income Fund - Initial Class Federated Hermes High Income Bond Fund II - Service Shares Federated Hermes Kaufmann Fund II - Service Shares Fidelity® VIP Strategic Income Portfolio - Service Class 2 Fidelity® VIP Disciplined Small Cap Portfolio - Service Class 2 Fidelity® VIP FundsManager 20% Portfolio - Service Class 2 Fidelity® VIP FundsManager 60% Portfolio - Service Class 2 Fidelity® VIP FundsManager 85% Portfolio - Service Class 2 Franklin Small Cap Value VIP Fund - Class 2 Franklin Strategic Income VIP Fund - Class 2 Templeton Global Bond VIP Fund - Class 2 Ivy VIP Securian Real Estate Securities - Class II Ivy VIP Asset Strategy Ivy VIP Balanced Ivy VIP Energy Ivy VIP High Income Ivy VIP International Core Equity Ivy VIP Mid Cap Growth Ivy VIP Science and Technology Ivy VIP Small Cap Core - Class II Ivy VIP Small Cap Growth Janus Henderson Balanced Portfolio - Service Shares Janus Henderson Enterprise Portfolio - Service Shares Janus Henderson Flexible Bond Portfolio - Service Shares ClearBridge Var Aggressive Growth Portfolio II ClearBridge Variable Mid Cap Portfolio - Class II Western Asset Core Plus VIT Portfolio - Class I MFS VIT II Income Portfolio - Service Class MFS VIT Research Series Portfolio - Service Class MFS VIT International Intrinsic Value Portfolio - Service Class MFS VIT Value Series - Service Class MFS VIT III Global Real Estate Portfolio - Service Class Invesco Oppenheimer V.I. Main Street Fund - Series II Invesco Oppenheimer V.I. Main Street Small Cap Fund - Series II Invesco Oppenheimer V.I. Discovery Mid Cap Growth Fund - Series II Invesco Oppenheimer V.I. International Growth Fund - Series II Invesco Oppenheimer V.I. Total Return Bond Fund - Service Shares PIMCO All Asset Portfolio - Administrative Class PIMCO Low Duration Portfolio - Administrative Class PIMCO Real Return Portfolio - Administrative Class PIMCO Short-Term Portfolio - Administrative Class PIMCO Total Return Portfolio - Administrative Class	For the year ended December 31, 2020	For each of the two years in the period ended December 31, 2020

2

Subaccount	Statement of Operations	Statement of Changes in Net Assets
ProFund VP Bull ProFund VP Europe 30 ProFund VP Rising Rates Opportunity Putnam VT Income Fund - Class 1B Putnam VT International Equity Fund - Class 1B Putnam VT International Value Fund - Class 1B Putnam VT Mortgage Securities Fund - Class 1B Putnam VT Multi-Cap Core Fund - Class IB Shares Putnam VT Small Cap Value Fund - Class 1B T. Rowe Price Blue Chip Growth Portfolio - II T. Rowe Price Health Sciences Portfolio - II MFS VIT Utilities Series Portfolio - Service Class Voya Balanced Portfolio - Class S Voya Euro STOXX 50® Index Portfolio - Class A Voya FTSE 100® Index Portfolio - Class A Voya Intermediate Bond Portfolio - Class A Voya Intermediate Bond Portfolio - Class S Voya Balanced Income Portfolio - Adviser Class Voya Balanced Income Portfolio - Service Class Voya Balanced Income Portfolio - Service 2 Class Voya Global Perspectives® Portfolio - Class A Voya Government Liquid Assets Portfolio - Service Class Voya Government Liquid Assets Portfolio - Service 2 Class Voya Hang Seng Index Portfolio - Class S Voya High Yield Portfolio - Adviser Class Voya High Yield Portfolio - Service Class Voya Japan TOPIX® Index Portfolio - Class A Voya Large Cap Growth Portfolio - Adviser Class Voya Large Cap Growth Portfolio - Institutional Class Voya Large Cap Growth Portfolio - Service Class Voya Large Cap Growth Portfolio - Service 2 Class Voya Large Cap Value Portfolio - Adviser Class Voya Large Cap Value Portfolio - Service Class Voya Limited Maturity Bond Portfolio - Service Class Voya Retirement Conservative Portfolio - Adviser Class Voya Retirement Growth Portfolio - Adviser Class Voya Retirement Moderate Growth Portfolio - Adviser Class Voya Retirement Moderate Portfolio - Adviser Class Voya U.S. Stock Index Portfolio - Service Class VY® BlackRock Inflation Protected Bond Portfolio - Adviser Class VY® BlackRock Inflation Protected Bond Portfolio - Service Class VY® Clarion Global Real Estate Portfolio - Adviser Class VY® Clarion Global Real Estate Portfolio - Service Class VY® Clarion Global Real Estate Portfolio - Service 2 Class VY® Clarion Real Estate Portfolio - Adviser Class VY® Clarion Real Estate Portfolio - Service Class VY® Clarion Real Estate Portfolio - Service 2 Class VY® Invesco Growth and Income Portfolio - Adviser Class VY® Invesco Growth and Income Portfolio - Service Class VY® Invesco Growth and Income Portfolio - Service 2 Class VY® JPMorgan Emerging Markets Equity Portfolio - Adviser Class VY® JPMorgan Emerging Markets Equity Portfolio - Service Class VY® JPMorgan Emerging Markets Equity Portfolio - Service 2 Class VY® JPMorgan Small Cap Core Equity Portfolio - Adviser Class VY® Morgan Stanley Global Franchise Portfolio - Adviser Class VY® Morgan Stanley Global Franchise Portfolio - Service Class VY® Morgan Stanley Global Franchise Portfolio - Service 2 Class VY® T. Rowe Price Capital Appreciation Portfolio - Adviser Class VY® T. Rowe Price Capital Appreciation Portfolio - Service Class VY® T. Rowe Price Capital Appreciation Portfolio - Service 2 Class VY® T. Rowe Price Equity Income Portfolio - Adviser Class VY® T. Rowe Price International Stock Portfolio - Adviser Class VY® T. Rowe Price International Stock Portfolio - Service Class Voya Global Bond Portfolio - Adviser Class Voya Global Bond Portfolio - Service Class Voya International High Dividend Low Volatility Portfolio - Adviser Class	For the year ended December 31, 2020	For each of the two years in the period ended December 31, 2020

3

Subaccount	Statement of Operations	Statement of Changes in Net Assets
Voya International High Dividend Low Volatility Portfolio - Service Class Voya Solution 2025 Portfolio - Adviser Class Voya Solution 2025 Portfolio - Service Class Voya Solution 2035 Portfolio - Adviser Class Voya Solution 2035 Portfolio - Service Class Voya Solution 2045 Portfolio - Adviser Class Voya Solution 2045 Portfolio - Service Class Voya Solution 2055 Portfolio - Adviser Class Voya Solution Income Portfolio - Adviser Class Voya Solution Income Portfolio - Service Class Voya Solution Moderately Aggressive Portfolio - Service Class VY® American Century Small-Mid Cap Value Portfolio - Adviser Class VY® American Century Small-Mid Cap Value Portfolio - Service Class VY® Baron Growth Portfolio - Adviser Class VY® Columbia Contrarian Core Portfolio - Adviser Class VY® Columbia Small Cap Value II Portfolio - Adviser Class VY® Columbia Small Cap Value II Portfolio - Service Class VY® Invesco Equity and Income Portfolio - Adviser Class VY® Invesco Equity and Income Portfolio - Initial Class VY® Invesco Equity and Income Portfolio - Service Class VY® Invesco Equity and Income Portfolio - Service 2 Class VY® JPMorgan Mid Cap Value Portfolio - Adviser Class VY® JPMorgan Mid Cap Value Portfolio - Service Class VY® Invesco Oppenheimer Global Portfolio - Adviser Class VY® Invesco Oppenheimer Global Portfolio - Initial Class VY® Invesco Oppenheimer Global Portfolio - Service Class VY® T. Rowe Price Diversified Mid Cap Growth Portfolio - Adviser Class VY® T. Rowe Price Diversified Mid Cap Growth Portfolio - Service Class VY® T. Rowe Price Growth Equity Portfolio - Adviser Class Voya Strategic Allocation Conservative Portfolio - Class S Voya Strategic Allocation Growth Portfolio - Class S Voya Strategic Allocation Moderate Portfolio - Class S Voya Growth and Income Portfolio - Class A Voya Growth and Income Portfolio - Class I Voya Growth and Income Portfolio - Class S Voya Global High Dividend Low Volatility Portfolio - Class A Voya Global High Dividend Low Volatility Portfolio - Class S Voya Index Plus LargeCap Portfolio - Class S Voya Index Plus MidCap Portfolio - Class S Voya Index Plus SmallCap Portfolio - Class S Voya International Index Portfolio - Class A Voya International Index Portfolio - Class S Voya Russell™ Large Cap Growth Index Portfolio - Class S Voya Russell™ Large Cap Index Portfolio - Class A Voya Russell™ Large Cap Index Portfolio - Class S Voya Russell™ Large Cap Value Index Portfolio - Class I Voya Russell™ Large Cap Value Index Portfolio - Class S Voya Russell™ Mid Cap Growth Index Portfolio - Class S Voya Russell™ Mid Cap Index Portfolio - Class A Voya Russell™ Mid Cap Index Portfolio - Class S Voya Russell™ Small Cap Index Portfolio - Class A Voya Russell™ Small Cap Index Portfolio - Class S Voya Small Company Portfolio - Class A Voya Small Company Portfolio - Class S Voya U.S. Bond Index Portfolio - Class S Voya MidCap Opportunities Portfolio - Class A Voya MidCap Opportunities Portfolio - Class S Voya SmallCap Opportunities Portfolio - Class A Voya SmallCap Opportunities Portfolio - Class S Wells Fargo VT Omega Growth Fund - Class 2 Wells Fargo VT Index Asset Allocation Fund - Class 2 Wells Fargo VT Small Cap Growth Fund - Class 2	For the year ended December 31, 2020	For each of the two years in the period ended December 31, 2020

4

VENERABLE INSURANCE AND ANNUITY COMPANY

SEPARATE ACCOUNT B

Statements of Assets and Liabilities

December 31, 2020

(Dollars in thousands)

	Invesco V.I. Balanced-Risk Allocation Fund - Series II Shares		American Funds Insurance Series Blue Chip Income & Growth Fund - Class 4		American Funds Insurance Series Bond Fund - Class 4		American Funds Insurance Series Capital Income Builder Fund - Class 4		American Funds Insurance Series Global Growth Fund - Class 4
Assets
Investments in mutual funds at fair value	$	106	$	4,902	$	4,235	$	1,930	$	2,282
Total assets		106		4,902		4,235		1,930		2,282
Net assets	$	106	$	4,902	$	4,235	$	1,930	$	2,282
Net assets
Accumulation units		106		4,902		4,235		1,930		2,282
Total net assets	$	106	$	4,902	$	4,235	$	1,930	$	2,282
Total number of mutual fund shares		10,331		348,683		362,260		177,892		56,404
Cost of mutual fund shares	$	107	$	4,719	$	4,135	$	1,809	$	1,707

The accompanying notes are an integral part of these financial statements.

5

VENERABLE INSURANCE AND ANNUITY COMPANY

SEPARATE ACCOUNT B

Statements of Assets and Liabilities

December 31, 2020

(Dollars in thousands)

	American Funds Insurance Series Growth Fund - Class 4		American Funds Insurance Series International Fund - Class 4		American Funds Insurance Series New World Fund - Class 4		BlackRock Equity Dividend V.I. Fund - Class III		BlackRock Global Allocation V.I. Fund - Class III
Assets
Investments in mutual funds at fair value	$	10,343	$	1,769	$	1,398	$	4,258	$	573,393
Total assets		10,343		1,769		1,398		4,258		573,393
Net assets	$	10,343	$	1,769	$	1,398	$	4,258	$	573,393
Net assets
Accumulation units		10,343		1,769		1,398		4,258		573,393
Total net assets	$	10,343	$	1,769	$	1,398	$	4,258	$	573,393
Total number of mutual fund shares		88,222		76,103		45,055		365,502		35,199,099
Cost of mutual fund shares	$	6,883	$	1,518	$	1,100	$	4,257	$	510,461

The accompanying notes are an integral part of these financial statements.

6

VENERABLE INSURANCE AND ANNUITY COMPANY

SEPARATE ACCOUNT B

Statements of Assets and Liabilities

December 31, 2020

(Dollars in thousands)

	BlackRock High Yield V.I. Fund - Class III		BlackRock 60/40 Target Allocation ETF V.I. Fund - Class III		Columbia VP Seligman Global Technology Fund - Class 2		Columbia Small Cap Value Fund, Variable Series - Class 2		Columbia Small Company Growth Fund, Variable Series - Class 1
Assets
Investments in mutual funds at fair value	$	2,375	$	215	$	3,195	$	55,925	$	83
Total assets		2,375		215		3,195		55,925		83
Net assets	$	2,375	$	215	$	3,195	$	55,925	$	83
Net assets
Accumulation units		2,375		215		3,195		55,925		83
Total net assets	$	2,375	$	215	$	3,195	$	55,925	$	83
Total number of mutual fund shares		313,312		15,774		113,062		3,482,280		2,780
Cost of mutual fund shares	$	2,292	$	186	$	2,229	$	57,356	$	47

The accompanying notes are an integral part of these financial statements.

7

VENERABLE INSURANCE AND ANNUITY COMPANY

SEPARATE ACCOUNT B

Statements of Assets and Liabilities

December 31, 2020

(Dollars in thousands)

	Columbia VP Large Cap Growth Fund - Class 1		DWS Core Equity VIP - Class B		DWS Alternative Asset Allocation VIP - Class B		DWS High Income VIP - Class B		Eaton Vance VT Floating- Rate Income Fund - Initial Class
Assets
Investments in mutual funds at fair value	$	129	$	1,326	$	768	$	128	$	3,601
Total assets		129		1,326		768		128		3,601
Net assets	$	129	$	1,326	$	768	$	128	$	3,601
Net assets
Accumulation units		129		1,326		768		128		3,601
Total net assets	$	129	$	1,326	$	768	$	128	$	3,601
Total number of mutual fund shares		4,366		108,676		56,147		20,438		398,836
Cost of mutual fund shares	$	72	$	1,307	$	724	$	127	$	3,676

The accompanying notes are an integral part of these financial statements.

8

VENERABLE INSURANCE AND ANNUITY COMPANY

SEPARATE ACCOUNT B

Statements of Assets and Liabilities

December 31, 2020

(Dollars in thousands)

	Federated Hermes High Income Bond Fund II - Service Shares		Federated Hermes Kaufmann Fund II - Service Shares		Fidelity® VIP Strategic Income Portfolio - Service Class 2		Fidelity® VIP Disciplined Small Cap Portfolio - Service Class 2		Fidelity® VIP FundsManager 20% Portfolio - Service Class 2
Assets
Investments in mutual funds at fair value	$	343	$	518	$	3,646	$	208	$	894
Total assets		343		518		3,646		208		894
Net assets	$	343	$	518	$	3,646	$	208	$	894
Net assets
Accumulation units		343		518		3,646		208		894
Total net assets	$	343	$	518	$	3,646	$	208	$	894
Total number of mutual fund shares		53,807		21,884		312,146		12,038		75,400
Cost of mutual fund shares	$	330	$	431	$	3,572	$	180	$	863

The accompanying notes are an integral part of these financial statements.

9

VENERABLE INSURANCE AND ANNUITY COMPANY

SEPARATE ACCOUNT B

Statements of Assets and Liabilities

December 31, 2020

(Dollars in thousands)

	Fidelity® VIP FundsManager 60% Portfolio - Service Class 2		Fidelity® VIP FundsManager 85% Portfolio - Service Class 2		Franklin Small Cap Value VIP Fund - Class 2		Franklin Strategic Income VIP Fund - Class 2		Templeton Global Bond VIP Fund - Class 2
Assets
Investments in mutual funds at fair value	$	1,158	$	73	$	7,685	$	843	$	3,578
Total assets		1,158		73		7,685		843		3,578
Net assets	$	1,158	$	73 $		7,685	$	843	$	3,578
Net assets
Accumulation units		1,158		73		7,685		843		3,578
Total net assets	$	1,158	$	73	$	7,685	$	843	$	3,578
Total number of mutual fund shares		102,403		5,301		529,984		81,369		258,905
Cost of mutual fund shares	$	1,119	$	68	$	8,563	$	863	$	4,155

The accompanying notes are an integral part of these financial statements.

10

VENERABLE INSURANCE AND ANNUITY COMPANY

SEPARATE ACCOUNT B

Statements of Assets and Liabilities

December 31, 2020

(Dollars in thousands)

	Ivy VIP Securian Real Estate Securities - Class II		Ivy VIP Asset Strategy		Ivy VIP Balanced		Ivy VIP Energy		Ivy VIP High Income
Assets
Investments in mutual funds at fair value	$	188	$	378	$	1,080	$	1,223	$	1,244
Total assets		188		378		1,080		1,223		1,244
Net assets	$	188	$	378	$	1,080	$	1,223	$	1,244
Net assets
Accumulation units		188		378		1,080		1,223		1,244
Total net assets	$	188	$	378	$	1,080	$	1,223	$	1,244
Total number of mutual fund shares		26,967		36,179		123,958		493,008		366,277
Cost of mutual fund shares	$	190	$	306	$	952	$	1,029	$	1,286

The accompanying notes are an integral part of these financial statements.

11

VENERABLE INSURANCE AND ANNUITY COMPANY

SEPARATE ACCOUNT B

Statements of Assets and Liabilities

December 31, 2020

(Dollars in thousands)

	Ivy VIP International Core Equity		Ivy VIP Mid Cap Growth		Ivy VIP Science and Technology		Ivy VIP Small Cap Core – Class II		Ivy VIP Small Cap Growth
Assets
Investments in mutual funds at fair value	$	10	$	501	$	1,110	$	212	$	1,105
Total assets		10		501		1,110		212		1,105
Net assets	$	10	$	501	$	1,110	$	212	$	1,105
Net assets
Accumulation units		10		501		1,110		212		1,105
Total net assets	$	10	$	501	$	1,110	$	212	$	1,105
Total number of mutual fund shares		630		28,667		30,954		15,273		91,439
Cost of mutual fund shares	$	10	$	314	$	771	$	188	$	849

The accompanying notes are an integral part of these financial statements.

12

VENERABLE INSURANCE AND ANNUITY COMPANY

SEPARATE ACCOUNT B

Statements of Assets and Liabilities

December 31, 2020

(Dollars in thousands)

	Janus Henderson Balanced Portfolio - Service Shares		Janus Henderson Enterprise Portfolio - Service Shares		Janus Henderson Flexible Bond Portfolio - Service Shares		ClearBridge Var Aggressive Growth Portfolio II		ClearBridge Variable Mid Cap Portfolio - Class II
Assets
Investments in mutual funds at fair value	$	4,870	$	2,011	$	925	$	105	$	135
Total assets		4,870		2,011		925		105		135
Net assets	$	4,870	$	2,011	$	925	$	105	$	135
Net assets
Accumulation units		4,870		2,011		925		105		135
Total net assets	$	4,870	$	2,011	$	925	$	105	$	135
Total number of mutual fund shares		105,630		22,991		66,150		3,575		5,279
Cost of mutual fund shares	$	3,966	$	1,614	$	845	$	97	$	105

The accompanying notes are an integral part of these financial statements.

13

VENERABLE INSURANCE AND ANNUITY COMPANY

SEPARATE ACCOUNT B

Statements of Assets and Liabilities

December 31, 2020

(Dollars in thousands)

	Western Asset Core Plus VIT Portfolio – Class I		MFS VIT II Income Portfolio – Service Class		MFS VIT Research Series Portfolio – Service Class		MFS VIT International Intrinsic Value Portfolio – Service Class		MFS VIT Value Series – Service Class
Assets
Investments in mutual funds at fair value	$	18	$	534	$	381	$	497	$	700
Total assets		18		534		381		497		700
Net assets	$	18	$	534	$	381	$	497	$	700
Net assets
Accumulation units		18		534		381		497		700
Total net assets	$	18	$	534	$	381	$	497	$	700
Total number of mutual fund shares		2,861		51,160		11,787		14,414		35,064
Cost of mutual fund shares	$	17	$	514	$	339	$	388	$	633

The accompanying notes are an integral part of these financial statements.

14

VENERABLE INSURANCE AND ANNUITY COMPANY

SEPARATE ACCOUNT B

Statements of Assets and Liabilities

December 31, 2020

(Dollars in thousands)

	MFS VIT III Global Real Estate Portfolio - Service Class		Invesco Oppenheimer V.I. Main Street Fund - Series II		Invesco Oppenheimer V.I. Main Street Small Cap Fund - Series II		Invesco Oppenheimer V.I. Discovery Mid Cap Growth Fund - Series II		Invesco Oppenheimer V.I. International Growth Fund - Series II
Assets
Investments in mutual funds at fair value	$	623	$	604	$	1,520	$	433	$	1,231
Total assets		623		604		1,520		433		1,231
Net assets	$	623	$	604	$	1,520	$	433	$	1,231
Net assets
Accumulation units		623		604		1,520		433		1,231
Total net assets	$	623	$	604	$	1,520	$	433	$	1,231
Total number of mutual fund shares		35,271		20,489		56,468		4,416		405,014
Cost of mutual fund shares	$	596	$	609	$	1,256	$	325	$	1,010

The accompanying notes are an integral part of these financial statements.

15

VENERABLE INSURANCE AND ANNUITY COMPANY

SEPARATE ACCOUNT B

Statements of Assets and Liabilities

December 31, 2020

(Dollars in thousands)

	Invesco Oppenheimer V.I. Total Return Bond Fund - Service Shares		PIMCO All Asset Portfolio - Administrative Class		PIMCO Low Duration Portfolio - Administrative Class		PIMCO Real Return Portfolio - Administrative Class		PIMCO Short- Term Portfolio - Administrative Class
Assets
Investments in mutual funds at fair value	$	1,400	$	70	$	2,516	$	3,871	$	1,879
Total assets		1,400		70		2,516		3,871		1,879
Net assets	$	1,400	$	70	$	2,516	$	3,871	$	1,879
Net assets
Accumulation units		1,400		70		2,516		3,871		1,879
Total net assets	$	1,400	$	70	$	2,516	$	3,871	$	1,879
Total number of mutual fund shares		168,507		6,301		242,429		278,054		180,290
Cost of mutual fund shares	$	1,378	$	65	$	2,474	$	3,544	$	1,866

The accompanying notes are an integral part of these financial statements.

16

VENERABLE INSURANCE AND ANNUITY COMPANY

SEPARATE ACCOUNT B

Statements of Assets and Liabilities

December 31, 2020

(Dollars in thousands)

	PIMCO Total Return Portfolio - Administrative Class		ProFund VP Bull		ProFund VP Europe 30		ProFund VP Rising Rates Opportunity		Putnam VT Income Fund - Class 1B
Assets
Investments in mutual funds at fair value	$	5,804	$	6,562	$	1,405	$	1,238	$	1,130
Total assets		5,804		6,562		1,405		1,238		1,130
Net assets	$	5,804	$	6,562	$	1,405	$	1,238	$	1,130
Net assets
Accumulation units		5,804		6,562		1,405		1,238		1,130
Total net assets	$	5,804	$	6,562	$	1,405	$	1,238	$	1,130
Total number of mutual fund shares		500,806		110,516		67,659		44,560		98,608
Cost of mutual fund shares	$	5,509	$	3,976	$	1,439	$	2,034	$	1,090

The accompanying notes are an integral part of these financial statements.

17

VENERABLE INSURANCE AND ANNUITY COMPANY

SEPARATE ACCOUNT B

Statements of Assets and Liabilities

December 31, 2020

(Dollars in thousands)

	Putnam VT International Equity Fund - Class 1B		Putnam VT International Value Fund - Class 1B		Putnam VT Mortgage Securities Fund - Class 1B		Putnam VT Multi-Cap Core Fund - Class IB Shares		Putnam VT Small Cap Value Fund - Class 1B
Assets
Investments in mutual funds at fair value	$	19	$	10	$	961	$	216	$	310
Total assets		19		10		961		216		310
Net assets	$	19	$	10	$	961	$	216	$	310
Net assets
Accumulation units		19		10		961		216		310
Total net assets	$	19	$	10	$	961	$	216	$	310
Total number of mutual fund shares		1,147		995		106,399		10,008		30,963
Cost of mutual fund shares	$	16	$	10	$	1,011	$	181	$	320

The accompanying notes are an integral part of these financial statements.

18

VENERABLE INSURANCE AND ANNUITY COMPANY

SEPARATE ACCOUNT B

Statements of Assets and Liabilities

December 31, 2020

(Dollars in thousands)

	T. Rowe Price Blue Chip Growth Portfolio - II		T. Rowe Price Health Sciences Portfolio - II		MFS VIT Utilities Series Portfolio - Service Class		Voya Balanced Portfolio - Class S		Voya Intermediate Bond Portfolio - Class A
Assets
Investments in mutual funds at fair value	$	6,399	$	6,207	$	1,461	$	2,628	$	4,069
Total assets		6,399		6,207		1,461		2,628		4,069
Net assets	$	6,399	$	6,207	$	1,461	$	2,628	$	4,069
Net assets
Accumulation units		6,399		6,207		1,461		2,628		4,069
Total net assets	$	6,399	$	6,207	$	1,461	$	2,628	$	4,069
Total number of mutual fund shares		131,995		107,085		42,124		160,849		308,465
Cost of mutual fund shares	$	4,391	$	4,775	$	1,320	$	2,318	$	3,988

The accompanying notes are an integral part of these financial statements.

19

VENERABLE INSURANCE AND ANNUITY COMPANY

SEPARATE ACCOUNT B

Statements of Assets and Liabilities

December 31, 2020

(Dollars in thousands)

	Voya Intermediate Bond Portfolio - Class S		Voya Balanced Income Portfolio - Adviser Class		Voya Balanced Income Portfolio - Service Class		Voya Balanced Income Portfolio - Service 2 Class		Voya Global Perspectives® Portfolio - Class A
Assets
Investments in mutual funds at fair value	$	2,025,972	$	1,650	$	251,340	$	5,188	$	96,451
Total assets		2,025,972		1,650		251,340		5,188		96,451
Net assets	$	2,025,972	$	1,650	$	251,340	$	5,188	$	96,451
Net assets
Accumulation units		2,025,972		1,650		251,340		5,188		96,451
Total net assets	$	2,025,972	$	1,650	$	251,340	$	5,188	$	96,451
Total number of mutual fund shares		153,019,055		168,867		24,521,007		507,645		7,951,409
Cost of mutual fund shares	$	1,952,363	$	1,789	$	265,835	$	5,472	$	84,792

The accompanying notes are an integral part of these financial statements.

20

VENERABLE INSURANCE AND ANNUITY COMPANY

SEPARATE ACCOUNT B

Statements of Assets and Liabilities

December 31, 2020

(Dollars in thousands)

	Voya Government Liquid Assets Portfolio - Service Class		Voya Government Liquid Assets Portfolio - Service 2 Class		Voya High Yield Portfolio - Adviser Class		Voya High Yield Portfolio - Service Class		Voya Large Cap Growth Portfolio - Adviser Class
Assets
Investments in mutual funds at fair value	$	336,356	$	9,269	$	646	$	219,808	$	1,609,128
Total assets		336,356		9,269		646		219,808		1,609,128
Net assets	$	336,356	$	9,269	$	646	$	219,808	$	1,609,128
Net assets
Accumulation units		336,356		9,269		646		219,808		1,609,128
Total net assets	$	336,356	$	9,269	$	646	$	219,808	$	1,609,128
Total number of mutual fund shares		336,355,730		9,269,278		64,816		22,069,044		78,685,967
Cost of mutual fund shares	$	336,356	$	9,269	$	618	$	217,125	$	1,359,730

The accompanying notes are an integral part of these financial statements.

21

VENERABLE INSURANCE AND ANNUITY COMPANY

SEPARATE ACCOUNT B

Statements of Assets and Liabilities

December 31, 2020

(Dollars in thousands)

	Voya Large Cap Growth Portfolio - Institutional Class		Voya Large Cap Growth Portfolio - Service Class		Voya Large Cap Growth Portfolio - Service 2 Class		Voya Large Cap Value Portfolio - Adviser Class		Voya Large Cap Value Portfolio - Service Class
Assets
Investments in mutual funds at fair value	$	74	$	1,321,854	$	14,306	$	363	$	581,135
Total assets		74		1,321,854		14,306		363		581,135
Net assets	$	74	$	1,321,854	$	14,306	$	363	$	581,135
Net assets
Accumulation units		74		1,321,854		14,306		363		581,135
Total net assets	$	74	$	1,321,854	$	14,306	$	363	$	581,135
Total number of mutual fund shares		3,229		59,812,412		654,130		32,515		51,656,487
Cost of mutual fund shares	$	60	$	1,088,217	$	11,808	$	374	$	589,911

The accompanying notes are an integral part of these financial statements.

22

VENERABLE INSURANCE AND ANNUITY COMPANY

SEPARATE ACCOUNT B

Statements of Assets and Liabilities

December 31, 2020

(Dollars in thousands)

	Voya Limited Maturity Bond Portfolio - Service Class		Voya Retirement Conservative Portfolio - Adviser Class		Voya Retirement Growth Portfolio - Adviser Class		Voya Retirement Moderate Growth Portfolio - Adviser Class		Voya Retirement Moderate Portfolio - Adviser Class
Assets
Investments in mutual funds at fair value	$	16,680	$	332,789	$	2,386,823	$	1,607,353	$	866,539
Total assets		16,680		332,789		2,386,823		1,607,353		866,539
Net assets	$	16,680	$	332,789	$	2,386,823	$	1,607,353	$	866,539
Net assets
Accumulation units		16,680		332,789		2,386,823		1,607,353		866,539
Total net assets	$	16,680	$	332,789	$	2,386,823	$	1,607,353	$	866,539
Total number of mutual fund shares		1,617,820		33,819,975		172,958,219		125,672,626		70,795,654
Cost of mutual fund shares	$	16,483	$	306,160	$	1,991,306	$	1,455,909	$	792,274

The accompanying notes are an integral part of these financial statements.

23

VENERABLE INSURANCE AND ANNUITY COMPANY

SEPARATE ACCOUNT B

Statements of Assets and Liabilities

December 31, 2020

(Dollars in thousands)

	Voya U.S. Stock Index Portfolio - Service Class		VY® BlackRock Inflation Protected Bond Portfolio - Adviser Class		VY® BlackRock Inflation Protected Bond Portfolio - Service Class		VY® Clarion Global Real Estate Portfolio - Adviser Class		VY® Clarion Global Real Estate Portfolio - Service Class
Assets
Investments in mutual funds at fair value	$	223,170	$	1,645	$	151,903	$	191	$	49,104
Total assets		223,170		1,645		151,903		191		49,104
Net assets	$	223,170	$	1,645	$	151,903	$	191	$	49,104
Net assets
Accumulation units		223,170		1,645		151,903		191		49,104
Total net assets	$	223,170	$	1,645	$	151,903	$	191	$	49,104
Total number of mutual fund shares		11,908,771		159,972		14,330,496		18,572		4,676,578
Cost of mutual fund shares	$	198,291	$	1,540	$	137,485	$	205	$	49,382

The accompanying notes are an integral part of these financial statements.

24

VENERABLE INSURANCE AND ANNUITY COMPANY

SEPARATE ACCOUNT B

Statements of Assets and Liabilities

December 31, 2020

(Dollars in thousands)

	VY® Clarion Global Real Estate Portfolio - Service 2 Class		VY® Clarion Real Estate Portfolio - Adviser Class		VY® Clarion Real Estate Portfolio - Service Class		VY® Clarion Real Estate Portfolio - Service 2 Class		VY® Invesco Growth and Income Portfolio - Adviser Class
Assets
Investments in mutual funds at fair value	$	663	$	576	$	93,697	$	8,420	$	783
Total assets		663		576		93,697		8,420		783
Net assets	$	663	$	576	$	93,697	$	8,420	$	783
Net assets
Accumulation units		663		576		93,697		8,420		783
Total net assets	$	663	$	576	$	93,697	$	8,420	$	783
Total number of mutual fund shares		62,507		19,788		3,035,222		274,802		37,962
Cost of mutual fund shares	$	636	$	652	$	85,086	$	7,905	$	737

The accompanying notes are an integral part of these financial statements.

25

VENERABLE INSURANCE AND ANNUITY COMPANY

SEPARATE ACCOUNT B

Statements of Assets and Liabilities

December 31, 2020

(Dollars in thousands)

	VY® Invesco Growth and Income Portfolio - Service Class		VY® Invesco Growth and Income Portfolio - Service 2 Class		VY® JPMorgan Emerging Markets Equity Portfolio - Adviser Class		VY® JPMorgan Emerging Markets Equity Portfolio - Service Class		VY® JPMorgan Emerging Markets Equity Portfolio - Service 2 Class
Assets
Investments in mutual funds at fair value	$	235,456	$	22,758	$	1,558	$	322,905	$	11,304
Total assets		235,456		22,758		1,558		322,905		11,304
Net assets	$	235,456	$	22,758	$	1,558	$	322,905	$	11,304
Net assets
Accumulation units		235,456		22,758		1,558		322,905		11,304
Total net assets	$	235,456	$	22,758	$	1,558	$	322,905	$	11,304
Total number of mutual fund shares		11,148,505		1,089,941		60,049		11,802,097		418,683
Cost of mutual fund shares	$	263,755	$	25,560	$	1,198	$	211,968	$	7,509

The accompanying notes are an integral part of these financial statements.

26

VENERABLE INSURANCE AND ANNUITY COMPANY

SEPARATE ACCOUNT B

Statements of Assets and Liabilities

December 31, 2020

(Dollars in thousands)

	VY® JPMorgan Small Cap Core Equity Portfolio - Adviser Class		VY® Morgan Stanley Global Franchise Portfolio - Adviser Class		VY® Morgan Stanley Global Franchise Portfolio - Service Class		VY® Morgan Stanley Global Franchise Portfolio - Service 2 Class		VY® T. Rowe Price Capital Appreciation Portfolio - Adviser Class
Assets
Investments in mutual funds at fair value	$	1,362	$	2,260	$	254,888	$	37,478	$	48,425
Total assets		1,362		2,260		254,888		37,478		48,425
Net assets	$	1,362	$	2,260	$	254,888	$	37,478	$	48,425
Net assets
Accumulation units		1,362		2,260		254,888		37,478		48,425
Total net assets	$	1,362	$	2,260	$	254,888	$	37,478	$	48,425
Total number of mutual fund shares		78,898		136,787		14,152,555		2,105,506		1,619,037
Cost of mutual fund shares	$	1,318	$	2,127	$	231,233	$	34,302	$	42,262

The accompanying notes are an integral part of these financial statements.

27

VENERABLE INSURANCE AND ANNUITY COMPANY

SEPARATE ACCOUNT B

Statements of Assets and Liabilities

December 31, 2020

(Dollars in thousands)

	VY® T. Rowe Price Capital Appreciation Portfolio - Service Class		VY® T. Rowe Price Capital Appreciation Portfolio - Service 2 Class		VY® T. Rowe Price Equity Income Portfolio - Adviser Class		VY® T. Rowe Price International Stock Portfolio - Adviser Class		VY® T. Rowe Price International Stock Portfolio - Service Class
Assets
Investments in mutual funds at fair value	$	2,449,652	$	52,174	$	1,286	$	484	$	130,851
Total assets		2,449,652		52,174		1,286		484		130,851
Net assets	$	2,449,652	$	52,174	$	1,286	$	484	$	130,851
Net assets
Accumulation units		2,449,652		52,174		1,286		484		130,851
Total net assets	$	2,449,652	$	52,174	$	1,286	$	484	$	130,851
Total number of mutual fund shares		77,422,620		1,663,172		135,939		27,323		7,376,036
Cost of mutual fund shares	$	2,087,695	$	44,552	$	1,550	$	412	$	105,017

The accompanying notes are an integral part of these financial statements.

28

VENERABLE INSURANCE AND ANNUITY COMPANY

SEPARATE ACCOUNT B

Statements of Assets and Liabilities

December 31, 2020

(Dollars in thousands)

	Voya Global Bond Portfolio - Advisor		Voya Global Bond Portfolio - Service Class		Voya International High Dividend Low Volatility Portfolio - Adviser Class		Voya International High Dividend Low Volatility Portfolio - Service Class		Voya Solution 2025 Portfolio - Adviser Class
Assets
Investments in mutual funds at fair value	$	497	$	3,425	$	785	$	256,009	$	718
Total assets		497		3,425		785		256,009		718
Net assets	$	497	$	3,425	$	785	$	256,009	$	718
Net assets
Accumulation units		497		3,425		785		256,009		718
Total net assets	$	497	$	3,425	$	785	$	256,009	$	718
Total number of mutual fund shares		44,093		298,616		83,207		27,033,661		59,226
Cost of mutual fund shares	$	475	$	3,239	$	910	$	292,409	$	678

The accompanying notes are an integral part of these financial statements.

29

VENERABLE INSURANCE AND ANNUITY COMPANY

SEPARATE ACCOUNT B

Statements of Assets and Liabilities

December 31, 2020

(Dollars in thousands)

	Voya Solution 2025 Portfolio - Service Class		Voya Solution 2035 Portfolio - Adviser Class		Voya Solution 2035 Portfolio - Service Class		Voya Solution 2045 Portfolio - Adviser Class		Voya Solution 2045 Portfolio - Service Class
Assets
Investments in mutual funds at fair value	$	13,782	$	112	$	8,867	$	88	$	935
Total assets		13,782		112		8,867		88		935
Net assets	$	13,782	$	112	$	8,867	$	88	$	935
Net assets
Accumulation units		13,782		112		8,867		88		935
Total net assets	$	13,782	$	112	$	8,867	$	88	$	935
Total number of mutual fund shares		1,116,873		9,180		713,338		7,152		74,821
Cost of mutual fund shares	$	12,715	$	103	$	8,208	$	81	$	872

The accompanying notes are an integral part of these financial statements.

30

VENERABLE INSURANCE AND ANNUITY COMPANY

SEPARATE ACCOUNT B

Statements of Assets and Liabilities

December 31, 2020

 (Dollars in thousands)

	Voya Solution 2055 Portfolio - Adviser Class		Voya Solution Income Portfolio - Adviser Class		Voya Solution Income Portfolio - Service Class		Voya Solution Moderately Aggressive Portfolio - Service Class		VY® American Century Small- Mid Cap Value Portfolio - Adviser Class
Assets
Investments in mutual funds at fair value	$	8	$	799	$	12,750	$	535,011	$	1,234
Total assets		8		799		12,750		535,011		1,234
Net assets	$	8	$	799	$	12,750	$	535,011	$	1,234
Net assets
Accumulation units		8		799		12,750		535,011		1,234
Total net assets	$	8	$	799	$	12,750	$	535,011	$	1,234
Total number of mutual fund shares		516		62,353		978,529		40,778,274		109,485
Cost of mutual fund shares	$	7	$	708	$	11,142	$	482,471	$	1,208

The accompanying notes are an integral part of these financial statements.

31

VENERABLE INSURANCE AND ANNUITY COMPANY

SEPARATE ACCOUNT B

Statements of Assets and Liabilities

December 31, 2020

 (Dollars in thousands)

	VY® American Century Small-Mid Cap Value Portfolio - Service Class		VY® Baron Growth Portfolio - Adviser Class		VY® Columbia Contrarian Core Portfolio - Adviser Class		VY® Columbia Small Cap Value II Portfolio - Adviser Class		VY® Columbia Small Cap Value II Portfolio - Service Class
Assets
Investments in mutual funds at fair value	$	2,155	$	1,582	$	1,203	$	527	$	64,815
Total assets		2,155		1,582		1,203		527		64,815
Net assets	$	2,155	$	1,582	$	1,203	$	527	$	64,815
Net assets
Accumulation units		2,155		1,582		1,203		527		64,815
Total net assets	$	2,155	$	1,582	$	1,203	$	527	$	64,815
Total number of mutual fund shares		180,364		60,877		62,566		33,675		4,000,939
Cost of mutual fund shares	$	2,092	$	1,413	$	1,129	$	570	$	52,375

The accompanying notes are an integral part of these financial statements.

32

VENERABLE INSURANCE AND ANNUITY COMPANY

SEPARATE ACCOUNT B

Statements of Assets and Liabilities

December 31, 2020

 (Dollars in thousands)

	VY® Invesco Equity and Income Portfolio - Adviser Class		VY® Invesco Equity and Income Portfolio - Initial Class		VY® Invesco Equity and Income Portfolio - Service Class		VY® Invesco Equity and Income Portfolio - Service 2 Class		VY® Invesco Oppenheimer Global Portfolio - Adviser Class
Assets
Investments in mutual funds at fair value	$	1,329	$	766	$	379,822	$	302,757	$	936
Total assets		1,329		766		379,822		302,757		936
Net assets	$	1,329	$	766	$	379,822	$	302,757	$	936
Net assets
Accumulation units		1,329		766		379,822		302,757		936
Total net assets	$	1,329	$	766	$	379,822	$	302,757	$	936
Total number of mutual fund shares		29,696		16,809		8,395,713		6,800,469		41,844
Cost of mutual fund shares	$	1,318	$	735	$	374,026	$	296,127	$	802

The accompanying notes are an integral part of these financial statements.

33

VENERABLE INSURANCE AND ANNUITY COMPANY

SEPARATE ACCOUNT B

Statements of Assets and Liabilities

December 31, 2020

 (Dollars in thousands)

	VY® Invesco Oppenheimer Global Portfolio - Initial Class		VY® Invesco Oppenheimer Global Portfolio - Service Class		VY® JPMorgan Mid Cap Value Portfolio - Adviser Class		VY® JPMorgan Mid Cap Value Portfolio - Service Class		VY® T. Rowe Price Diversified Mid Cap Growth Portfolio - Adviser Class
Assets
Investments in mutual funds at fair value	$	3,245	$	136,896	$	1,693	$	82,572	$	1,245
Total assets		3,245		136,896		1,693		82,572		1,245
Net assets	$	3,245	$	136,896	$	1,693	$	82,572	$	1,245
Net assets
Accumulation units		3,245		136,896		1,693		82,572		1,245
Total net assets	$	3,245	$	136,896	$	1,693	$	82,572	$	1,245
Total number of mutual fund shares		136,858		6,068,087		109,127		5,203,040		94,570
Cost of mutual fund shares	$	2,362	$	110,684	$	1,922	$	95,057	$	975

The accompanying notes are an integral part of these financial statements.

34

VENERABLE INSURANCE AND ANNUITY COMPANY

SEPARATE ACCOUNT B

Statements of Assets and Liabilities

December 31, 2020

 (Dollars in thousands)

	VY® T. Rowe Price Diversified Mid Cap Growth Portfolio - Service Class		VY® T. Rowe Price Growth Equity Portfolio - Adviser Class		Voya Strategic Allocation Conservative Portfolio - Class S		Voya Strategic Allocation Growth Portfolio - Class S		Voya Strategic Allocation Moderate Portfolio - Class S
Assets
Investments in mutual funds at fair value	$	9,094	$	4,399	$	2,424	$	470	$	869
Total assets		9,094		4,399		2,424		470		869
Net assets	$	9,094	$	4,399	$	2,424	$	470	$	869
Net assets
Accumulation units		9,094		4,399		2,424		470		869
Total net assets	$	9,094	$	4,399	$	2,424	$	470	$	869
Total number of mutual fund shares		631,551		46,915		182,141		30,036		57,453
Cost of mutual fund shares	$	6,779	$	3,738	$	2,262	$	417	$	775

The accompanying notes are an integral part of these financial statements.

35

VENERABLE INSURANCE AND ANNUITY COMPANY

SEPARATE ACCOUNT B

Statements of Assets and Liabilities

December 31, 2020

 (Dollars in thousands)

	Voya Growth and Income Portfolio - Class A		Voya Growth and Income Portfolio - Class I		Voya Growth and Income Portfolio - Class S		Voya Global High Dividend Low Volatility Portfolio - Class A		Voya Global High Dividend Low Volatility Portfolio - Class S
Assets
Investments in mutual funds at fair value	$	817,138	$	682	$	445,454	$	20	$	428,150
Total assets		817,138		682		445,454		20		428,150
Net assets	$	817,138	$	682	$	445,454	$	20	$	428,150
Net assets
Accumulation units		817,138		682		445,454		20		428,150
Total net assets	$	817,138	$	682	$	445,454	$	20	$	428,150
Total number of mutual fund shares		27,898,176		22,799		15,192,823		1,911		40,815,093
Cost of mutual fund shares	$	783,182	$	649	$	428,760	$	19	$	393,829

The accompanying notes are an integral part of these financial statements.

36

VENERABLE INSURANCE AND ANNUITY COMPANY

SEPARATE ACCOUNT B

Statements of Assets and Liabilities

December 31, 2020

 (Dollars in thousands)

	Voya Index Plus LargeCap Portfolio – Class S		Voya Index Plus MidCap Portfolio – Class S		Voya Index Plus SmallCap Portfolio – Class S		Voya International Index Portfolio – Class A		Voya International Index Portfolio - Class S
Assets
Investments in mutual funds at fair value	$	117,869	$	60,410	$	45,273	$	478,243	$	17,978
Total assets		117,869		60,410		45,273		478,243		17,978
Net assets	$	117,869	$	60,410	$	45,273	$	478,243	$	17,978
Net assets
Accumulation units		117,869		60,410		45,273		478,243		17,978
Total net assets	$	117,869	$	60,410	$	45,273	$	478,243	$	17,978
Total number of mutual fund shares		4,046,315		2,964,157		2,144,608		44,037,103		1,632,836
Cost of mutual fund shares	$	100,890	$	59,111	$	39,576	$	417,161	$	15,574

The accompanying notes are an integral part of these financial statements.

37

VENERABLE INSURANCE AND ANNUITY COMPANY

SEPARATE ACCOUNT B

Statements of Assets and Liabilities

December 31, 2020

 (Dollars in thousands)

	Voya Russell™ Large Cap Growth Index Portfolio - Class S		Voya Russell™ Large Cap Index Portfolio - Class A		Voya Russell™ Large Cap Index Portfolio - Class S		Voya Russell™ Large Cap Value Index Portfolio - Class I		Voya Russell™ Large Cap Value Index Portfolio - Class S
Assets
Investments in mutual funds at fair value	$	654,409	$	3,084	$	443,697	$	6	$	680,566
Total assets		654,409		3,084		443,697		6		680,566
Net assets	$	654,409	$	3,084	$	443,697	$	6	$	680,566
Net assets
Accumulation units		654,409		3,084		443,697		6		680,566
Total net assets	$	654,409	$	3,084	$	443,697	$	6	$	680,566
Total number of mutual fund shares		11,725,654		110,483		15,639,643		241		29,233,944
Cost of mutual fund shares	$	453,956	$	2,425	$	277,115	$	5	$	678,706

The accompanying notes are an integral part of these financial statements.

38

VENERABLE INSURANCE AND ANNUITY COMPANY

SEPARATE ACCOUNT B

Statements of Assets and Liabilities

December 31, 2020

 (Dollars in thousands)

	Voya Russell™ Mid Cap Growth Index Portfolio - Class S		Voya Russell™ Mid Cap Index Portfolio - Class A		Voya Russell™ Mid Cap Index Portfolio - Class S		Voya Russell™ Small Cap Index Portfolio - Class A		Voya Russell™ Small Cap Index Portfolio - Class S
Assets
Investments in mutual funds at fair value	$	588,673	$	3,604	$	169,982	$	2,767	$	375,290
Total assets		588,673		3,604		169,982		2,767		375,290
Net assets	$	588,673	$	3,604	$	169,982	$	2,767	$	375,290
Net assets
Accumulation units		588,673		3,604		169,982		2,767		375,290
Total net assets	$	588,673	$	3,604	$	169,982	$	2,767	$	375,290
Total number of mutual fund shares		13,151,759		286,233		13,055,440		185,238		24,385,320
Cost of mutual fund shares	$	444,963	$	3,674	$	167,067	$	2,503	$	329,495

The accompanying notes are an integral part of these financial statements.

39

VENERABLE INSURANCE AND ANNUITY COMPANY

SEPARATE ACCOUNT B

Statements of Assets and Liabilities

December 31, 2020

 (Dollars in thousands)

	Voya Small Company Portfolio – Class A		Voya Small Company Portfolio – Class S		Voya U.S. Bond Index Portfolio – Class S		Voya MidCap Opportunities Portfolio – Class A		Voya MidCap Opportunities Portfolio – Class S
Assets
Investments in mutual funds at fair value	$	473	$	63,710	$	195,730	$	1,696	$	854,273
Total assets		473		63,710		195,730		1,696		854,273
Net assets	$	473	$	63,710	$	195,730	$	1,696	$	854,273
Net assets
Accumulation units		473		63,710		195,730		1,696		854,273
Total net assets	$	473	$	63,710	$	195,730	$	1,696	$	854,273
Total number of mutual fund shares		27,258		3,541,430		17,336,544		103,219		49,928,282
Cost of mutual fund shares	$	498	$	65,631	$	187,094	$	1,289	$	628,892

The accompanying notes are an integral part of these financial statements.

40

VENERABLE INSURANCE AND ANNUITY COMPANY

SEPARATE ACCOUNT B

Statements of Assets and Liabilities

December 31, 2020

 (Dollars in thousands)

	Voya SmallCap Opportunities Portfolio - Class A		Voya SmallCap Opportunities Portfolio - Class S		Wells Fargo VT Omega Growth Fund - Class 2		Wells Fargo VT Index Asset Allocation Fund - Class 2		Wells Fargo VT Small Cap Growth Fund Class 2-
Assets
Investments in mutual funds at fair value	$	1,528	$	29,257	$	710	$	700	$	385
Total assets		1,528		29,257		710		700		385
Net assets	$	1,528	$	29,257	$	710	$	700	$	385
Net assets
Accumulation units		1,528		29,257		710		700		385
Total net assets	$	1,528	$	29,257	$	710	$	700	$	385
Total number of mutual fund shares		62,450		1,128,738		17,551		32,009		26,148
Cost of mutual fund shares	$	1,405	$	25,616	$	446	$	509	$	232

The accompanying notes are an integral part of these financial statements.

41

VENERABLE INSURANCE AND ANNUITY COMPANY

SEPARATE ACCOUNT B

Statements of Operations

For the Year Ended December 31, 2020

(Dollars in thousands)

	Invesco V.I. Balanced- Risk Allocation  Fund - Series  II Shares			American  Funds Insurance Series Blue Chip Income & Growth Fund - Class 4			American Funds Insurance Series Bond Fund - Class 4		American Funds Insurance  Series Capital Income Builder Fund - Class 4			American Funds Insurance Series Global Growth Fund - Class 4
Net investment income (loss)
Investment Income:
Dividends	$	9		$	69		$	56	$	51		$	3
Expenses:
Mortality and expense risk charges		1			44			20		18			17
Total expenses		1			44			20		18			17
Net investment income (loss)		8			25			36		33			(14	)
Realized and unrealized gain (loss) on investments
Net realized gain (loss) on investments		(4	)		(104	)		32		7			50
Capital gains distributions		6			53			20		—			57
Total realized gain (loss) on investments and capital gains distributions		2			(51	)		52		7			107
Net unrealized appreciation (depreciation) of investments		1			350			72		(11	)		440
Net realized and unrealized gain (loss) on investments		3			299			124		(4	)		547
Net increase (decrease) in net assets resulting from operations	$	11		$	324		$	160	$	29		$	533

The accompanying notes are an integral part of these financial statements.

42

VENERABLE INSURANCE AND ANNUITY COMPANY

SEPARATE ACCOUNT B

Statements of Operations

For the Year Ended December 31, 2020

(Dollars in thousands)

	American Funds Insurance Series Growth Fund - Class 4			American Funds Insurance Series International Fund - Class 4			American Funds Insurance Series New World Fund - Class 4			BlackRock Equity Dividend V.I. Fund - Class III			BlackRock Global Allocation V.I. Fund –Class III
Net investment income (loss)
Investment Income:
Dividends	$	19		$	7		$	0		$	77		$	6,581
Expenses:
Mortality and expense risk charges		80			12			10			33			9,117
Total expenses		80			12			10			33			9,117
Net investment income (loss)		(61	)		(5	)		(10	)		44			(2,536	)
Realized and unrealized gain (loss) on investments
Net realized gain (loss) on investments		820			18			32			(92	)		5,640
Capital gains distributions		216			—			13			140			32,330
Total realized gain (loss) on investments and capital gains distributions		1,036			18			45			48			37,970
Net unrealized appreciation (depreciation) of investments		2,970			198			222			(62	)		55,831
Net realized and unrealized gain (loss) on investments		4,006			216			267			(14	)		93,801
Net increase (decrease) in net assets resulting from operations	$	3,945		$	211		$	257		$	30		$	91,265

The accompanying notes are an integral part of these financial statements.

43

VENERABLE INSURANCE AND ANNUITY COMPANY

SEPARATE ACCOUNT B

Statements of Operations

For the Year Ended December 31, 2020

(Dollars in thousands)

	BlackRock High Yield V.I. Fund – Class III			BlackRock 60/40 Target Allocation ETF V.I. Fund – Class III		Columbia VP Seligman Global Technology Fund – Class 2			Columbia Asset Allocation Fund, Variable Series - Class 1			Columbia Small Cap Value Fund, Variable Series - Class 2
Net investment income (loss)
Investment Income:
Dividends	$	126		$	3	$	—		$	1		$	160
Expenses:
Mortality and expense risk charges		22			2		24			—			875
Total expenses		22			2		24			—			875
Net investment income (loss)		104			1		(24	)		1			(715	)
Realized and unrealized gain (loss) on investments
Net realized gain (loss) on investments		(36	)		—		(12	)		(12	)		(3,740	)
Capital gains distributions		—			—		204			12			2,053
Total realized gain (loss) on investments and capital gains distributions		(36	)		—		192			—			(1,687	)
Net unrealized appreciation (depreciation) of investments		46			19		830			(3	)		4,939
Net realized and unrealized gain (loss) on investments		10			19		1,022			(3	)		3,252
Net increase (decrease) in net assets resulting from operations	$	114		$	20	$	998		$	(2	)	$	2,537

The accompanying notes are an integral part of these financial statements.

44

VENERABLE INSURANCE AND ANNUITY COMPANY

SEPARATE ACCOUNT B

Statements of Operations

For the Year Ended December 31, 2020

(Dollars in thousands)

	Columbia Small Company Growth Fund, Variable Series – Class 1			Columbia VP Large Cap Growth Fund – Class 1			DWS Core Equity VIP – Class B			DWS Alternative Asset Allocation VIP - Class B			DWS High Income VIP – Class B
Net investment income (loss)
Investment Income:
Dividends	$	—		$	—		$	12		$	17		$	7
Expenses:
Mortality and expense risk charges		1			2			13			8			1
Total expenses		1			2			13			8			1
Net investment income (loss)		(1	)		(2	)		(1	)		9			6
Realized and unrealized gain (loss) on investments
Net realized gain (loss) on investments		1			26			(50	)		(3	)		(2	)
Capital gains distributions		1			—			53			—			—
Total realized gain (loss) on investments and capital gains distributions		2			26			3			(3	)		(2	)
Net unrealized appreciation (depreciation) of investments		34			13			155			23			1
Net realized and unrealized gain (loss) on investments		36			39			158			20			(1	)
Net increase (decrease) in net assets resulting from operations	$	35		$	37		$	157		$	29		$	5

The accompanying notes are an integral part of these financial statements.

45

VENERABLE INSURANCE AND ANNUITY COMPANY

SEPARATE ACCOUNT B

Statements of Operations

For the Year Ended December 31, 2020

(Dollars in thousands)

	Eaton Vance VT Floating- Rate Income Fund - Initial Class			Federated Hermes High Income Bond Fund II – Service Shares			Federated Hermes Kaufmann Fund II – Service Shares			Fidelity® VIP Strategic Income Portfolio – Service Class 2			Fidelity® VIP Disciplined Small Cap Portfolio – Service Class 2
Net investment income (loss)
Investment Income:
Dividends	$	125		$	17		$	—		$	105		$	1
Expenses:
Mortality and expense risk charges		33			3			3			28			2
Total expenses		33			3			3			28			2
Net investment income (loss)		92			14			(3	)		77			(1	)
Realized and unrealized gain (loss) on investments
Net realized gain (loss) on investments		(98	)		(12	)		(19	)		(43	)		(33	)
Capital gains distributions		—			—			23			33			—
Total realized gain (loss) on investments and capital gains distributions		(98	)		(12	)		4			(10	)		(33	)
Net unrealized appreciation (depreciation) of investments		(13	)		14			60			136			53
Net realized and unrealized gain (loss) on investments		(111	)		2			64			126			20
Net increase (decrease) in net assets resulting from operations	$	(19	)	$	16		$	61		$	203		$	19

The accompanying notes are an integral part of these financial statements.

46

VENERABLE INSURANCE AND ANNUITY COMPANY

SEPARATE ACCOUNT B

Statements of Operations

For the Year Ended December 31, 2020

(Dollars in thousands)

	Fidelity® VIP FundsManager 20% Portfolio – Service Class 2			Fidelity® VIP FundsManager 60% Portfolio – Service Class 2			Fidelity® VIP FundsManager 85% Portfolio – Service Class 2			Franklin Small Cap Value VIP Fund - Class 2			Franklin Strategic Income VIP Fund - Class 2
Net investment income (loss)
Investment Income:
Dividends	$	8		$	9		$	—		$	98		$	41
Expenses:
Mortality and expense risk charges		9			9			1			72			5
Total expenses		9			9			1			72			5
Net investment income (loss)		(1	)		—			(1	)		26			36
Realized and unrealized gain (loss) on investments
Net realized gain (loss) on investments		1			(13	)		—			(659	)		(9	)
Capital gains distributions		5			24			2			418			—
Total realized gain (loss) on investments and capital gains distributions		6			11			2			(241	)		(9	)
Net unrealized appreciation (depreciation) of investments		53			124			9			422			(10	)
Net realized and unrealized gain (loss) on investments		59			135			11			181			(19	)
Net increase (decrease) in net assets resulting from operations	$	58		$	135		$	10		$	207		$	17

The accompanying notes are an integral part of these financial statements.

47

VENERABLE INSURANCE AND ANNUITY COMPANY

SEPARATE ACCOUNT B

Statements of Operations

For the Year Ended December 31, 2020

(Dollars in thousands)

	Templeton Global Bond VIP Fund – Class 2			Ivy VIP Securian Real Estate Securities – Class II			Ivy VIP Asset Strategy		Ivy VIP Balanced			Ivy VIP Energy
Net investment income (loss)
Investment Income:
Dividends	$	301		$	4		$	7	$	13		$	20
Expenses:
Mortality and expense risk charges		29			2			2		10			10
Total expenses		29			2			2		10			10
Net investment income (loss)		272			2			5		3			10
Realized and unrealized gain (loss) on investments
Net realized gain (loss) on investments		(72	)		(48	)		14		(1	)		(199	)
Capital gains distributions		—			16			6		51			—
Total realized gain (loss) on investments and capital gains distributions		(72	)		(32	)		20		50			(199	)
Net unrealized appreciation (depreciation) of investments		(435	)		(26	)		18		65			327
Net realized and unrealized gain (loss) on investments		(507	)		(58	)		38		115			128
Net increase (decrease) in net assets resulting from operations	$	(235	)	$	(56	)	$	43	$	118		$	138

The accompanying notes are an integral part of these financial statements.

48

VENERABLE INSURANCE AND ANNUITY COMPANY

SEPARATE ACCOUNT B

Statements of Operations

For the Year Ended December 31, 2020

(Dollars in thousands)

	Ivy VIP High Income			Ivy VIP International Core Equity		Ivy VIP Mid Cap Growth			Ivy VIP Science and Technology			Ivy VIP Small Cap Core – Class II
Net investment income (loss)
Investment Income:
Dividends	$	79		$	—	$	—		$	—		$	—
Expenses:
Mortality and expense risk charges		8			—		3			7			2
Total expenses		8			—		3			7			2
Net investment income (loss)		71			—		(3	)		(7	)		(2	)
Realized and unrealized gain (loss) on investments
Net realized gain (loss) on investments		(13	)		—		33			55			(72	)
Capital gains distributions		—			—		27			119			10
Total realized gain (loss) on investments and capital gains distributions		(13	)		—		60			174			(62	)
Net unrealized appreciation (depreciation) of investments		(7	)		1		99			125			64
Net realized and unrealized gain (loss) on investments		(20	)		1		159			299			2
Net increase (decrease) in net assets resulting from operations	$	51		$	1	$	156		$	292		$	0

The accompanying notes are an integral part of these financial statements.

49

VENERABLE INSURANCE AND ANNUITY COMPANY

SEPARATE ACCOUNT B

Statements of Operations

For the Year Ended December 31, 2020

(Dollars in thousands)

	Ivy VIP Small Cap Growth			Janus Henderson Balanced Portfolio - Service Shares		Janus Henderson Enterprise Portfolio - Service Shares			Janus Henderson Flexible Bond Portfolio - Service Shares		ClearBridge Var Aggressive Growth Portfolio II
Net investment income (loss)
Investment Income:
Dividends	$	—		$	92	$	1		$	23	$	1
Expenses:
Mortality and expense risk charges		7			39		19			7		1
Total expenses		7			39		19			7		1
Net investment income (loss)		(7	)		53		(18	)		16		—
Realized and unrealized gain (loss) on investments
Net realized gain (loss) on investments		(29	)		146		89			10		—
Capital gains distributions		—			41		167			—		9
Total realized gain (loss) on investments and capital gains distributions		(29	)		187		256			10		9
Net unrealized appreciation (depreciation) of investments		346			294		31			63		7
Net realized and unrealized gain (loss) on investments		317			481		287			73		16
Net increase (decrease) in net assets resulting from operations	$	310		$	534	$	269		$	89	$	16

The accompanying notes are an integral part of these financial statements.

50

VENERABLE INSURANCE AND ANNUITY COMPANY

SEPARATE ACCOUNT B

Statements of Operations

For the Year Ended December 31, 2020

(Dollars in thousands)

	ClearBridge Variable Mid Cap Portfolio - Class II			Western Asset Core Plus VIT Portfolio – Class I		MFS VIT II Income Portfolio – Service Class		MFS VIT Research Series Portfolio – Service Class			MFS VIT International Intrinsic Value Portfolio - Service Class
Net investment income (loss)
Investment Income:
Dividends	$	—		$	—	$	15	$	2		$	4
Expenses:
Mortality and expense risk charges		1			—		4		3			5
Total expenses		1			—		4		3			5
Net investment income (loss)		(1	)		—		11		(1	)		(1	)
Realized and unrealized gain (loss) on investments
Net realized gain (loss) on investments		1			—		8		2			13
Capital gains distributions		2			—		—		16			11
Total realized gain (loss) on investments and capital gains distributions		3			—		8		18			24
Net unrealized appreciation (depreciation) of investments		16			—		14		38			75
Net realized and unrealized gain (loss) on investments		19			—		22		56			99
Net increase (decrease) in net assets resulting from operations	$	18		$	—	$	33	$	55		$	98

The accompanying notes are an integral part of these financial statements.

51

VENERABLE INSURANCE AND ANNUITY COMPANY

SEPARATE ACCOUNT B

Statements of Operations

For the Year Ended December 31, 2020

(Dollars in thousands)

	MFS VIT Value Series – Service Class			MFS VIT III Global Real Estate Portfolio – Service Class			Invesco Oppenheimer V.I. Main Street Fund - Series II			Invesco Oppenheimer V.I. Main Street Small Cap Fund - Series II			Invesco Oppenheimer V.I. Discovery Mid Cap Growth Fund – Series II
Net investment income (loss)
Investment Income:
Dividends	$	8		$	25		$	6		$	5		$	—
Expenses:
Mortality and expense risk charges		5			7			6			14			3
Total expenses		5			7			6			14			3
Net investment income (loss)		3			18			—			(9	)		(3	)
Realized and unrealized gain (loss) on investments
Net realized gain (loss) on investments		(55	)		(14	)		(4	)		13			7
Capital gains distributions		28			14			54			20			34
Total realized gain (loss) on investments and capital gains distributions		(27	)		—			50			33			41
Net unrealized appreciation (depreciation) of investments		32			(79	)		14			238			99
Net realized and unrealized gain (loss) on investments		5			(79	)		64			271			140
Net increase (decrease) in net assets resulting from operations	$	8		$	(61	)	$	64		$	262		$	137

The accompanying notes are an integral part of these financial statements.

52

VENERABLE INSURANCE AND ANNUITY COMPANY

SEPARATE ACCOUNT B

Statements of Operations

For the Year Ended December 31, 2020

(Dollars in thousands)

	Invesco Oppenheimer V.I. International Growth Fund – Series II			Invesco Oppenheimer V.I. Total Return Bond Fund - Service Shares		PIMCO All Asset Portfolio – Administrative Class			PIMCO Low Duration Portfolio – Administrative Class			PIMCO Real Return Portfolio – Administrative Class
Net investment income (loss)
Investment Income:
Dividends	$	7			27	$	6		$	30		$	54
Expenses:
Mortality and expense risk charges		7			7		1			20			39
Total expenses		7			7		1			20			39
Net investment income (loss)		—			20		5			10			15
Realized and unrealized gain (loss) on investments
Net realized gain (loss) on investments		(4	)		2		(16	)		(1	)		(50	)
Capital gains distributions		14			—		—			—			—
Total realized gain (loss) on investments and capital gains distributions		10			2		(16	)		(1	)		(50	)
Net unrealized appreciation (depreciation) of investments		206			19		2			44			416
Net realized and unrealized gain (loss) on investments		216			21		(14	)		43			366
Net increase (decrease) in net assets resulting from operations	$	216		$	41	$	(9	)	$	53		$	381

The accompanying notes are an integral part of these financial statements.

53

VENERABLE INSURANCE AND ANNUITY COMPANY

SEPARATE ACCOUNT B

Statements of Operations

For the Year Ended December 31, 2020

(Dollars in thousands)

	PIMCO Short- Term Portfolio – Administrative Class			PIMCO Total Return Portfolio – Administrative Class		ProFund VP Bull			ProFund VP Europe 30			ProFund VP Rising Rates Opportunity
Net investment income (loss)
Investment Income:
Dividends	$	24		$	113	$	5		$	36		$	9
Expenses:
Mortality and expense risk charges		15			47		112			26			21
Total expenses		15			47		112			26			21
Net investment income (loss)		9			66		(107	)		10			(12	)
Realized and unrealized gain (loss) on investments
Net realized gain (loss) on investments		(3	)		30		440			(8	)		(294	)
Capital gains distributions		—			59		299			—			—
Total realized gain (loss) on investments and capital gains distributions		(3	)		89		739			(8	)		(294	)
Net unrealized appreciation (depreciation) of investments		19			233		150			(218	)		(109	)
Net realized and unrealized gain (loss) on investments		16			322		889			(226	)		(403	)
Net increase (decrease) in net assets resulting from operations	$	25		$	388	$	782		$	(216	)	$	(415	)

The accompanying notes are an integral part of these financial statements.

54

VENERABLE INSURANCE AND ANNUITY COMPANY

SEPARATE ACCOUNT B

Statements of Operations

For the Year Ended December 31, 2020

(Dollars in thousands)

	Putnam VT Income Fund – Class 1B			Putnam VT International Equity Fund – Class 1B		Putnam VT International Value Fund – Class 1B		Putnam VT Mortgage Securities Fund - Class 1B			Putnam VT Multi-Cap Core Fund – Class IB Shares
Net investment income (loss)
Investment Income:
Dividends	$	52		$	—	$	—	$	95		$	2
Expenses:
Mortality and expense risk charges		10			—		—		7			1
Total expenses		10			—		—		7			1
Net investment income (loss)		42			—		—		88			1
Realized and unrealized gain (loss) on investments
Net realized gain (loss) on investments		12			—		—		(13	)		1
Capital gains distributions		10			—		—		—			7
Total realized gain (loss) on investments and capital gains distributions		22			—		—		(13	)		8
Net unrealized appreciation (depreciation) of investments		(8	)		2		—		(111	)		23
Net realized and unrealized gain (loss) on investments		14			2		—		(124	)		31
Net increase (decrease) in net assets resulting from operations	$	56		$	2	$	—	$	(36	)	$	32

The accompanying notes are an integral part of these financial statements.

55

VENERABLE INSURANCE AND ANNUITY COMPANY

SEPARATE ACCOUNT B

Statements of Operations

For the Year Ended December 31, 2020

(Dollars in thousands)

	Putnam VT Small Cap Value Fund - Class 1B			T. Rowe Price Blue Chip Growth Portfolio - II			T. Rowe Price Health Sciences Portfolio - II			MFS VIT Utilities Series Portfolio - Service Class			Voya Balanced Portfolio - Class S
Net investment income (loss)
Investment Income:
Dividends	$	3		$	0		$	—		$	27		$	51
Expenses:
Mortality and expense risk charges		2			45			46			13			26
Total expenses		2			45			46			13			26
Net investment income (loss)		1			(45	)		(46	)		14			25
Realized and unrealized gain (loss) on investments
Net realized gain (loss) on investments		(23	)		498			406			28			64
Capital gains distributions		—			212			352			32			68
Total realized gain (loss) on investments and capital gains distributions		(23	)		710			758			60			132
Net unrealized appreciation (depreciation) of investments		35			880			730			(53	)		107
Net realized and unrealized gain (loss) on investments		12			1,590			1,488			7			239
Net increase (decrease) in net assets resulting from operations	$	13		$	1,545		$	1,442		$	21		$	264

The accompanying notes are an integral part of these financial statements.

56

VENERABLE INSURANCE AND ANNUITY COMPANY

SEPARATE ACCOUNT B

Statements of Operations

For the Year Ended December 31, 2020

(Dollars in thousands)

	Voya Intermediate Bond Portfolio – Class A			Voya Intermediate Bond Portfolio – Class S		Voya Balanced Income Portfolio – Adviser Class			Voya Balanced Income Portfolio – Service Class			Voya Balanced Income Portfolio - Service 2 Class
Net investment income (loss)
Investment Income:
Dividends	$	111		$	65,179	$	61		$	9,137		$	186
Expenses:
Mortality and expense risk charges		28			34,375		16			4,434			93
Total expenses		28			34,375		16			4,434			93
Net investment income (loss)		83			30,804		45			4,703			93
Realized and unrealized gain (loss) on investments
Net realized gain (loss) on investments		(25	)		10,234		(124	)		(1,786	)		(102	)
Capital gains distributions		87			42,898		122			16,776			344
Total realized gain (loss) on investments and capital gains distributions		62			53,132		(2	)		14,990			242
Net unrealized appreciation (depreciation) of investments		33			27,576		(81	)		(18,963	)		(288	)
Net realized and unrealized gain (loss) on investments		95			80,708		(83	)		(3,973	)		(46	)
Net increase (decrease) in net assets resulting from operations	$	178		$	111,512	$	(38	)	$	730		$	47

The accompanying notes are an integral part of these financial statements.

57

VENERABLE INSURANCE AND ANNUITY COMPANY

SEPARATE ACCOUNT B

Statements of Operations

For the Year Ended December 31, 2020

(Dollars in thousands)

	Voya Global Perspectives® Portfolio – Class A		Voya Government Liquid Assets Portfolio – Service Class			Voya Government Liquid Assets Portfolio – Service 2 Class			Voya High Yield Portfolio – Adviser Class			Voya High Yield Portfolio – Service Class
Net investment income (loss)
Investment Income:
Dividends	$	2,787	$	570		$	13		$	29		$	11,648
Expenses:
Mortality and expense risk charges		1,553		5,607			132			5			3,930
Total expenses		1,553		5,607			132			5			3,930
Net investment income (loss)		1,234		(5,037	)		(119	)		24			7,718
Realized and unrealized gain (loss) on investments
Net realized gain (loss) on investments		767		—			—			(22	)		(6,268	)
Capital gains distributions		2,938		121			4			—			—
Total realized gain (loss) on investments and capital gains distributions		3,705		121			4			(22	)		(6,268	)
Net unrealized appreciation (depreciation) of investments		6,937		—			—			25			4,991
Net realized and unrealized gain (loss) on investments		10,642		121			4			3			(1,277	)
Net increase (decrease) in net assets resulting from operations	$	11,876	$	(4,916	)	$	(115	)	$	27		$	6,441

The accompanying notes are an integral part of these financial statements.

58

VENERABLE INSURANCE AND ANNUITY COMPANY

SEPARATE ACCOUNT B

Statements of Operations

For the Year Ended December 31, 2020

(Dollars in thousands)

	Voya Large Cap Growth Portfolio – Adviser Class			Voya Large Cap Growth Portfolio – Institutional Class		Voya Large Cap Growth Portfolio – Service Class			Voya Large Cap Growth Portfolio – Service 2 Class			Voya Large Cap Value Portfolio – Adviser Class
Net investment income (loss)
Investment Income:
Dividends	$	—		$	—	$	3,002		$	15		$	6
Expenses:
Mortality and expense risk charges		25,524			—		20,837			246			2
Total expenses		25,524			—		20,837			246			2
Net investment income (loss)		(25,524	)		—		(17,835	)		(231	)		4
Realized and unrealized gain (loss) on investments
Net realized gain (loss) on investments		48,904			—		13,689			124			(8	)
Capital gains distributions		182,096			7		140,436			1,562			30
Total realized gain (loss) on investments and capital gains distributions		231,000			7		154,125			1,686			22
Net unrealized appreciation (depreciation) of investments		162,120			10		170,788			1,841			(23	)
Net realized and unrealized gain (loss) on investments		393,120			17		324,913			3,527			(1	)
Net increase (decrease) in net assets resulting from operations	$	367,596		$	17	$	307,078		$	3,296		$	3

The accompanying notes are an integral part of these financial statements.

59

VENERABLE INSURANCE AND ANNUITY COMPANY

SEPARATE ACCOUNT B

Statements of Operations

For the Year Ended December 31, 2020

(Dollars in thousands)

	Voya Large Cap Value Portfolio – Service Class			Voya Limited Maturity Bond Portfolio – Service Class		Voya Retirement Conservative Portfolio – Adviser Class		Voya Retirement Growth Portfolio - Adviser Class		Voya Retirement Moderate Growth Portfolio – Adviser Class
Net investment income (loss)
Investment Income:
Dividends	$	10,903		$	345	$	5,801	$	52,362	$	33,851
Expenses:
Mortality and expense risk charges		9,338			285		5,642		39,441		26,757
Total expenses		9,338			285		5,642		39,441		26,757
Net investment income (loss)		1,565			60		159		12,921		7,094
Realized and unrealized gain (loss) on investments
Net realized gain (loss) on investments		(15,809	)		17		485		87,194		42,832
Capital gains distributions		50,362			—		7,777		93,835		66,455
Total realized gain (loss) on investments and capital gains distributions		34,553			17		8,262		181,029		109,287
Net unrealized appreciation (depreciation) of investments		(20,150	)		184		18,021		50,575		44,186
Net realized and unrealized gain (loss) on investments		14,403			201		26,283		231,604		153,473
Net increase (decrease) in net assets resulting from operations	$	15,968		$	261	$	26,442	$	244,525	$	160,567

The accompanying notes are an integral part of these financial statements.

60

VENERABLE INSURANCE AND ANNUITY COMPANY

SEPARATE ACCOUNT B

Statements of Operations

For the Year Ended December 31, 2020

(Dollars in thousands)

 

	Voya Retirement Moderate Portfolio - Adviser Class		Voya U.S. Stock Index Portfolio - Service Class			VY® BlackRock Inflation Protected Bond Portfolio - Adviser Class		VY® BlackRock Inflation Protected Bond Portfolio - Service Class			VY® Clarion Global Real Estate Portfolio - Adviser Class
Net investment income (loss)
Investment Income:
Dividends	$	17,716	$	3,438		$	14	$	2,199		$	10
Expenses:
Mortality and expense risk charges		14,502		3,655			8		2,531			1
Total expenses		14,502		3,655			8		2,531			1
Net investment income (loss)		3,214		(217	)		6		(332	)		9
Realized and unrealized gain (loss)
on investments
Net realized gain (loss) on investments		17,399		(57	)		2		925			(10	)
Capital gains distributions		28,372		8,054			—		—			15
Total realized gain (loss) on investments and capital gains distributions		45,771		7,997			2		925			5
Net unrealized appreciation (depreciation) of investments		31,657		23,241			89		11,838			(33	)
Net realized and unrealized gain (loss) on investments		77,428		31,238			91		12,763			(28	)
Net increase (decrease) in net assets resulting from operations	$	80,642	$	31,021		$	97	$	12,431		$	(19	)

The accompanying notes are an integral part of these financial statements.

61

VENERABLE INSURANCE AND ANNUITY COMPANY

SEPARATE ACCOUNT B

Statements of Operations

For the Year Ended December 31, 2020

(Dollars in thousands)

	VY® Clarion Global Real Estate Portfolio - Service Class			VY® Clarion Global Real Estate Portfolio - Service 2 Class			VY® Clarion Real Estate Portfolio - Adviser Class			VY® Clarion Real Estate Portfolio - Service Class			VY® Clarion Real Estate Portfolio - Service 2 Class
Net investment income (loss)
Investment Income:
Dividends	$	2,714		$	34		$	12		$	2,219		$	191
Expenses:
Mortality and expense risk charges		795			12			3			1,650			157
Total expenses		795			12			3			1,650			157
Net investment income (loss)		1,919			22			9			569			34
Realized and unrealized gain (loss) on investments
Net realized gain (loss) on investments		1,816			14			(18	)		10,927			893
Capital gains distributions		3,989			52			62			9,863			907
Total realized gain (loss) on investments and capital gains distributions		5,805			66			44			20,790			1,800
Net unrealized appreciation (depreciation) of investments		(12,088	)		(148	)		(108	)		(31,688	)		(2,789	)
Net realized and unrealized gain (loss) on investments		(6,283	)		(82	)		(64	)		(10,898	)		(989	)
Net increase (decrease) in net assets resulting from operations	$	(4,364	)	$	(60	)	$	(55	)	$	(10,329	)	$	(955	)

The accompanying notes are an integral part of these financial statements.

62

VENERABLE INSURANCE AND ANNUITY COMPANY

SEPARATE ACCOUNT B

Statements of Operations

For the Year Ended December 31, 2020

(Dollars in thousands)

	VY® Invesco Growth and Income Portfolio - Adviser Class			VY® Invesco Growth and Income Portfolio - Service Class			VY® Invesco Growth and Income Portfolio - Service 2 Class			VY® JPMorgan Emerging Markets Equity Portfolio - Adviser Class			VY® JPMorgan Emerging Markets Equity Portfolio - Service Class
Net investment income (loss)
Investment Income:
Dividends	$	13		$	4,602		$	419		$	1		$	938
Expenses:
Mortality and expense risk charges		5			3,741			388			13			4,780
Total expenses		5			3,741			388			13			4,780
Net investment income (loss)		8			861			31			(12	)		(3,842	)
Realized and unrealized gain (loss) on investments
Net realized gain (loss) on investments		(169	)		(22,414	)		(2,106	)		(1	)		5,893
Capital gains distributions		65			18,814			1,862			93			17,854
Total realized gain (loss) on investments and capital gains distributions		(104	)		(3,600	)		(244	)		92			23,747
Net unrealized appreciation (depreciation) of investments		118			182			96			260			56,579
Net realized and unrealized gain (loss) on investments		14			(3,418	)		(148	)		352			80,326
Net increase (decrease) in net assets resulting from operations	$	22		$	(2,557	)	$	(117	)	$	340		$	76,484

The accompanying notes are an integral part of these financial statements.

63

VENERABLE INSURANCE AND ANNUITY COMPANY

SEPARATE ACCOUNT B

Statements of Operations

For the Year Ended December 31, 2020

(Dollars in thousands)

	VY® JPMorgan Emerging Markets Equity Portfolio - Service 2 Class			VY® JPMorgan Small Cap Core Equity Portfolio - Adviser Class			VY® Morgan Stanley Global Franchise Portfolio - Adviser Class			VY® Morgan Stanley Global Franchise Portfolio - Service Class			VY® Morgan Stanley Global Franchise Portfolio - Service 2 Class
Net investment income (loss)
Investment Income:
Dividends	$	19		$	—		$	11		$	1,741		$	208
Expenses:
Mortality and expense risk charges		175			9			17			4,423			681
Total expenses		175			9			17			4,423			681
Net investment income (loss)		(156	)		(9	)		(6	)		(2,682	)		(473	)
Realized and unrealized gain (loss) on investments
Net realized gain (loss) on investments		253			(176	)		13			(1,434	)		(134	)
Capital gains distributions		638			—			175			18,918			2,848
Total realized gain (loss) on investments and capital gains distributions		891			(176	)		188			17,484			2,714
Net unrealized appreciation (depreciation) of investments		1,986			331			55			10,762			1,534
Net realized and unrealized gain (loss) on investments		2,877			155			243			28,246			4,248
Net increase (decrease) in net assets resulting from operations	$	2,721		$	146		$	237		$	25,564		$	3,775

The accompanying notes are an integral part of these financial statements.

64

VENERABLE INSURANCE AND ANNUITY COMPANY

SEPARATE ACCOUNT B

Statements of Operations

For the Year Ended December 31, 2020

(Dollars in thousands)

	VY® T. Rowe Price Capital Appreciation Portfolio - Adviser Class		VY® T. Rowe Price Capital Appreciation Portfolio - Service Class			VY® T. Rowe Price Capital Appreciation Portfolio - Service 2 Class			VY® T. Rowe Price Equity Income Portfolio - Adviser Class			VY® T. Rowe Price International Stock Portfolio - Adviser Class
Net investment income (loss)
Investment Income:
Dividends	$	465	$	29,038		$	550		$	46		$	9
Expenses:
Mortality and expense risk charges		340		39,644			909			10			5
Total expenses		340		39,644			909			10			5
Net investment income (loss)		125		(10,606	)		(359	)		36			4
Realized and unrealized gain (loss) on investments
Net realized gain (loss) on investments		42		50,652			668			(159	)		(53	)
Capital gains distributions		3,459		172,804			3,803			14			10
Total realized gain (loss) on investments and capital gains distributions		3,501		223,456			4,471			(145	)		(43	)
Net unrealized appreciation (depreciation) of investments		2,913		126,089			3,109			79			38
Net realized and unrealized gain (loss) on investments		6,414		349,545			7,580			(66	)		(5	)
Net increase (decrease) in net assets resulting from operations	$	6,539	$	338,939		$	7,221		$	(30	)	$	(1	)

The accompanying notes are an integral part of these financial statements.

65

VENERABLE INSURANCE AND ANNUITY COMPANY

SEPARATE ACCOUNT B

Statements of Operations

For the Year Ended December 31, 2020

(Dollars in thousands)

	VY® T. Rowe Price International Stock Portfolio - Service Class		Voya Global Bond Portfolio - Adviser Class			Voya Global Bond Portfolio - Service Class			Voya International High Dividend Low Volatility Portfolio - Adviser Class			Voya International High Dividend Low Volatility Portfolio - Service Class
Net investment income (loss)
Investment Income:
Dividends	$	2,860	$	11		$	88		$	22		$	8,366
Expenses:
Mortality and expense risk charges		2,044		4			34			7			4,360
Total expenses		2,044		4			34			7			4,360
Net investment income (loss)		816		7			54			15			4,006
Realized and unrealized gain (loss) on investments
Net realized gain (loss) on investments		1,907		(11	)		(19	)		(34	)		234
Capital gains distributions		2,704		—			—			89			30,917
Total realized gain (loss) on investments and capital gains distributions		4,611		(11	)		(19	)		55			31,151
Net unrealized appreciation (depreciation) of investments		8,217		29			209			(67	)		(45,763	)
Net realized and unrealized gain (loss) on investments		12,828		18			190			(12	)		(14,612	)
Net increase (decrease) in net assets resulting from operations	$	13,644	$	25		$	244		$	3		$	(10,606	)

The accompanying notes are an integral part of these financial statements.

66

VENERABLE INSURANCE AND ANNUITY COMPANY

SEPARATE ACCOUNT B

Statements of Operations

For the Year Ended December 31, 2020

(Dollars in thousands)

	Voya Solution 2025 Portfolio - Adviser Class			Voya Solution 2025 Portfolio - Service Class		Voya Solution 2035 Portfolio - Adviser Class			Voya Solution 2035 Portfolio - Service Class		Voya Solution 2045 Portfolio - Adviser Class
Net investment income (loss)
Investment Income:
Dividends	$	12		$	255	$	2		$	148	$	1
Expenses:
Mortality and expense risk charges		5			131		1			86		1
Total expenses		5			131		1			86		1
Net investment income (loss)		7			124		1			62		—
Realized and unrealized gain (loss) on investments
Net realized gain (loss) on investments		(2	)		123		(11	)		107		(2	)
Capital gains distributions		27			513		6			520		6
Total realized gain (loss) on investments and capital gains distributions		25			636		(5	)		627		4
Net unrealized appreciation (depreciation) of investments		47			675		9			355		7
Net realized and unrealized gain (loss) on investments		72			1,311		4			982		11
Net increase (decrease) in net assets resulting from operations	$	79		$	1,435	$	5		$	1,044	$	11

The accompanying notes are an integral part of these financial statements.

67

VENERABLE INSURANCE AND ANNUITY COMPANY

SEPARATE ACCOUNT B

Statements of Operations

For the Year Ended December 31, 2020

(Dollars in thousands)

	Voya Solution 2045 Portfolio - Service Class		Voya Solution 2055 Portfolio - Adviser Class		Voya Solution Income Portfolio - Adviser Class		Voya Solution Income Portfolio - Service Class		Voya Solution Moderately Aggressive Portfolio - Service Class
Net investment income (loss)
Investment Income:
Dividends	$	14	$	—	$	16	$	296	$	9,461
Expenses:
Mortality and expense risk charges		10		—		5		130		8,309
Total expenses		10		—		5		130		8,309
Net investment income (loss)		4		—		11		166		1,152
Realized and unrealized gain (loss) on investments
Net realized gain (loss) on investments		8		—		10		169		470
Capital gains distributions		52		—		2		34		35,012
Total realized gain (loss) on investments and capital gains distributions		60		—		12		203		35,482
Net unrealized appreciation (depreciation) of investments		64		1		60		914		18,845
Net realized and unrealized gain (loss) on investments		124		1		72		1,117		54,327
Net increase (decrease) in net assets resulting from operations	$	128	$	1	$	83	$	1,283	$	55,479

The accompanying notes are an integral part of these financial statements.

68

VENERABLE INSURANCE AND ANNUITY COMPANY

SEPARATE ACCOUNT B

Statements of Operations

For the Year Ended December 31, 2020

(Dollars in thousands)

	VY® American Century Small-Mid Cap Value Portfolio - Adviser Class			VY® American Century Small-Mid Cap Value Portfolio - Service Class			VY® Baron Growth Portfolio - Adviser Class			VY® Columbia Contrarian Core Portfolio - Adviser Class			VY® Columbia Small Cap Value II Portfolio - Adviser Class
Net investment income (loss)
Investment Income:
Dividends	$	12		$	27		$	—		$	—		$	2
Expenses:
Mortality and expense risk charges		8			20			11			8			5
Total expenses		8			20			11			8			5
Net investment income (loss)		4			7			(11	)		(8	)		(3	)
Realized and unrealized gain (loss) on investments
Net realized gain (loss) on investments		(90	)		(58	)		(101	)		(101	)		(55	)
Capital gains distributions		7			12			—			33			20
Total realized gain (loss) on investments and capital gains distributions		(83	)		(46	)		(101	)		(68	)		(35	)
Net unrealized appreciation (depreciation) of investments		101			56			551			283			63
Net realized and unrealized gain (loss) on investments		18			10			450			215			28
Net increase (decrease) in net assets resulting from operations	$	22		$	17		$	439		$	207		$	25

The accompanying notes are an integral part of these financial statements.

69

VENERABLE INSURANCE AND ANNUITY COMPANY

SEPARATE ACCOUNT B

Statements of Operations

For the Year Ended December 31, 2020

(Dollars in thousands)

	VY® Columbia Small Cap Value II Portfolio - Service Class			VY® Invesco Equity and Income Portfolio - Adviser Class			VY® Invesco Equity and Income Portfolio - Initial Class			VY® Invesco Equity and Income Portfolio - Service Class			VY® Invesco Equity and Income Portfolio - Service 2 Class
Net investment income (loss)
Investment Income:
Dividends	$	388		$	17		$	13		$	5,773		$	4,272
Expenses:
Mortality and expense risk charges		973			9			5			6,120			4,826
Total expenses		973			9			5			6,120			4,826
Net investment income (loss)		(585	)		8			8			(347	)		(554	)
Realized and unrealized gain (loss) on investments
Net realized gain (loss) on investments		5,733			(7	)		67			(10,697	)		(5,211	)
Capital gains distributions		2,319			50			30			15,738			12,561
Total realized gain (loss) on investments and capital gains distributions		8,052			43			97			5,041			7,350
Net unrealized appreciation (depreciation) of investments		(3,418	)		50			(45	)		20,117			12,775
Net realized and unrealized gain (loss) on investments		4,634			93			52			25,158			20,125
Net increase (decrease) in net assets resulting from operations	$	4,049		$	101		$	60		$	24,811		$	19,571

The accompanying notes are an integral part of these financial statements.

70

VENERABLE INSURANCE AND ANNUITY COMPANY

SEPARATE ACCOUNT B

Statements of Operations

For the Year Ended December 31, 2020

(Dollars in thousands)

	VY® Invesco Oppenheimer Global Portfolio – Adviser Class			VY® Invesco Oppenheimer Global Portfolio - Initial Class			VY® Invesco Oppenheimer Global Portfolio – Service Class			VY® JPMorgan Mid Cap Value Portfolio – Adviser Class			VY® JPMorgan Mid Cap Value Portfolio – Service Class
Net investment income (loss)
Investment Income:
Dividends	$	5		$	32		$	1,122		$	14		$	856
Expenses:
Mortality and expense risk charges		6			33			2,037			14			1,334
Total expenses		6			33			2,037			14			1,334
Net investment income (loss)		(1	)		(1	)		(915	)		—			(478	)
Realized and unrealized gain (loss) on investments
Net realized gain (loss) on investments		(62	)		188			(1,564	)		(108	)		(5,802	)
Capital gains distributions		28			99			4,488			134			6,356
Total realized gain (loss) on investments and capital gains distributions		(34	)		287			2,924			26			554
Net unrealized appreciation (depreciation) of investments		211			392			25,922			(64	)		(3,404	)
Net realized and unrealized gain (loss) on investments		177			679			28,846			(38	)		(2,850	)
Net increase (decrease) in net assets resulting from operations	$	176		$	678		$	27,931		$	(38	)	$	(3,328	)

The accompanying notes are an integral part of these financial statements.

71

VENERABLE INSURANCE AND ANNUITY COMPANY

SEPARATE ACCOUNT B

Statements of Operations

For the Year Ended December 31, 2020

(Dollars in thousands)

	VY® T. Rowe Price Diversified Mid Cap Growth Portfolio - Adviser Class			VY® T. Rowe Price Diversified Mid Cap Growth Portfolio – Service Class			VY® T. Rowe Price Growth Equity Portfolio – Adviser Class			Voya Strategic Allocation Conservative Portfolio – Class S		Voya Strategic Allocation Growth Portfolio – Class S
Net investment income (loss)
Investment Income:
Dividends	$	1		$	8		$	—		$	49	$	7
Expenses:
Mortality and expense risk charges		10			82			28			22		4
Total expenses		10			82			28			22		4
Net investment income (loss)		(9	)		(74	)		(28	)		27		3
Realized and unrealized gain (loss) on investments
Net realized gain (loss) on investments		3			93			12			1		—
Capital gains distributions		83			662			158			74		34
Total realized gain (loss) on investments and capital gains distributions		86			755			170			75		34
Net unrealized appreciation (depreciation) of investments		205			1,516			995			94		17
Net realized and unrealized gain (loss) on investments		291			2,271			1,165			169		51
Net increase (decrease) in net assets resulting from operations	$	282		$	2,197		$	1,137		$	196	$	54

The accompanying notes are an integral part of these financial statements.

72

VENERABLE INSURANCE AND ANNUITY COMPANY

SEPARATE ACCOUNT B

Statements of Operations

For the Year Ended December 31, 2020

(Dollars in thousands)

	Voya Strategic Allocation Moderate Portfolio – Class S		Voya Growth and Income Portfolio – Class A			Voya Growth and Income Portfolio – Class I		Voya Growth and Income Portfolio – Class S			Voya Euro STOXX 50® Index Portfolio – Class A
Net investment income (loss)
Investment Income:
Dividends	$	16	$	7,113		$	8	$	4,660		$	150
Expenses:
Mortality and expense risk charges		8		13,005			8		7,147			76
Total expenses		8		13,005			8		7,147			76
Net investment income (loss)		8		(5,892	)		0		(2,487	)		74
Realized and unrealized gain (loss) on investments
Net realized gain (loss) on investments		29		22,475			1		12,743			(11,145	)
Capital gains distributions		38		74,035			60		40,239			6,376
Total realized gain (loss) on investments and capital gains distributions		67		96,510			61		52,982			(4,769	)
Net unrealized appreciation (depreciation) of investments		13		12,162			29		6,174			366
Net realized and unrealized gain (loss) on investments		80		108,672			90		59,156			(4,403	)
Net increase (decrease) in net assets resulting from operations	$	88	$	102,780		$	90	$	56,669		$	(4,329	)

The accompanying notes are an integral part of these financial statements.

73

VENERABLE INSURANCE AND ANNUITY COMPANY

SEPARATE ACCOUNT B

Statements of Operations

For the Year Ended December 31, 2020

(Dollars in thousands)

	Voya FTSE 100® Index Portfolio – Class A			Voya Global High Dividend Low Volatility Portfolio – Class A			Voya Global High Dividend Low Volatility Portfolio – Class S			Voya Hang Seng Index Portfolio – Class S			Voya Index Plus LargeCap Portfolio – Class S
Net investment income (loss)
Investment Income:
Dividends		288		$	—		$	9,373		$	52		$	1,500
Expenses:
Mortality and expense risk charges		18			—			7,212			94			1,776
Total expenses		18			—			7,212			94			1,776
Net investment income (loss)		270			—			2,161			(42	)		(276	)
Realized and unrealized gain (loss) on investments
Net realized gain (loss) on investments		(2,043	)		—			1,235			(15,005	)		10,874
Capital gains distributions		—			—			—			7,045			10,171
Total realized gain (loss) on investments and capital gains distributions		(2,043	)		—			1,235			(7,960	)		21,045
Net unrealized appreciation (depreciation) of investments		574			(1	)		(21,846	)		5,154			(6,725	)
Net realized and unrealized gain (loss) on investments		(1,469	)		(1	)		(20,611	)		(2,806	)		14,320
Net increase (decrease) in net assets resulting from operations	$	(1,199	)	$	(1	)	$	(18,450	)	$	(2,848	)	$	14,044

The accompanying notes are an integral part of these financial statements.

74

VENERABLE INSURANCE AND ANNUITY COMPANY

SEPARATE ACCOUNT B

Statements of Operations

For the Year Ended December 31, 2020

(Dollars in thousands)

	Voya Index Plus MidCap Portfolio - Class S			Voya Index Plus SmallCap Portfolio - Class S			Voya International Index Portfolio - Class A			Voya International Index Portfolio - Class S		Voya Japan TOPIX® Index Portfolio - Class A
Net investment income (loss)
Investment income:
Dividends	$	654		$	353		$	10,070		$	431	$	763
Expenses:
Mortality and expense risk charges		903			674			7,625			287		31
Total expenses		903			674			7,625			287		31
Net investment income (loss)		(249	)		(321	)		2,445			144		732
Realized and unrealized gain (loss) on investments
Net realized gain (loss) on investments		2,570			1,539			(1,524	)		19		(4,724	)
Capital gains distributions		—			500			—			—		1,760
Total realized gain (loss) on investments and capital gains distributions		2,570			2,039			(1,524	)		19		(2,964	)
Net unrealized appreciation (depreciation) of investments		671			(861	)		19,017			529		1,230
Net realized and unrealized gain (loss) on investments		3,241			1,178			17,493			548		(1,734	)
Net increase (decrease) in net assets resulting from operations	$	2,992		$	857		$	19,938		$	692	$	(1,002	)

The accompanying notes are an integral part of these financial statements.

75

VENERABLE INSURANCE AND ANNUITY COMPANY

SEPARATE ACCOUNT B

Statements of Operations

For the Year Ended December 31, 2020

(Dollars in thousands)

	Voya Russell™ Large Cap Growth Index Portfolio - Class S			Voya Russell™ Large Cap Index Portfolio - Class A		Voya Russell™ Large Cap Index Portfolio - Class S			Voya Russell™ Large Cap Value Index Portfolio - Class I			Voya Russell™ Large Cap Value Index Portfolio - Class S
Net investment income (loss)
Investment Income:	$	2,629		$	33	$	5,103		$	—		$	6,714
Dividends
Expenses:
Mortality and expense risk charges		10,013			23		6,955			—			11,416
Total expenses		10,013			23		6,955			—			11,416
Net investment income (loss)		(7,384	)		10		(1,852	)		—			(4,702	)
Realized and unrealized gain (loss) on investments
Net realized gain (loss) on investments		47,836			85		30,854			1			11,037
Capital gains distributions		24,625			111		15,288			1			20,068
Total realized gain (loss) on investments and capital gains distributions		72,461			196		46,142			2			31,105
Net unrealized appreciation (depreciation) of investments		112,831			276		29,055			(7	)		(42,785	)
Net realized and unrealized gain (loss) on investments		185,292			472		75,197			(5	)		(11,680	)
Net increase (decrease) in net assets resulting from operations	$	177,908		$	482	$	73,345		$	(5	)	$	(16,382	)

The accompanying notes are an integral part of these financial statements.

76

VENERABLE INSURANCE AND ANNUITY COMPANY

SEPARATE ACCOUNT B

Statements of Operations

For the Year Ended December 31, 2020

(Dollars in thousands)

	Voya Russell™ Mid Cap Growth Index Portfolio - Class S			Voya Russell™ Mid Cap Index Portfolio - Class A			Voya Russell™ Mid Cap Index Portfolio - Class S			Voya Russell™ Small Cap Index Portfolio - Class A			Voya Russell™ Small Cap Index Portfolio - Class S
Net investment income (loss)
Investment Income:
Dividends	$	867		$	33		$	1,788		$	15		$	3,212
Expenses:
Mortality and expense risk charges		8,891			26			2,742			19			5,602
Total expenses		8,891			26			2,742			19			5,602
Net investment income (loss)		(8,024	)		7			(954	)		(4	)		(2,390	)
Realized and unrealized gain (loss) on investments
Net realized gain (loss) on investments		31,412			(211	)		(9,029	)		(56	)		(5,265	)
Capital gains distributions		32,115			460			20,833			160			20,729
Total realized gain (loss) on investments and capital gains distributions		63,527			249			11,804			104			15,464
Net unrealized appreciation (depreciation) of investments		92,989			193			9,027			288			36,906
Net realized and unrealized gain (loss) on investments		156,516			442			20,831			392			52,370
Net increase (decrease) in net assets resulting from operations	$	148,492		$	449		$	19,877		$	388		$	49,980

The accompanying notes are an integral part of these financial statements.

77

VENERABLE INSURANCE AND ANNUITY COMPANY

SEPARATE ACCOUNT B

Statements of Operations

For the Year Ended December 31, 2020

(Dollars in thousands)

	Voya Small Company Portfolio – Class A			Voya Small Company Portfolio – Class S			Voya U.S. Bond Index Portfolio – Class S		Voya MidCap Opportunities Portfolio – Class A			Voya MidCap Opportunities Portfolio – Class S
Net investment income (loss)
Investment Income:
Dividends	$	—		$	173		$	4,553	$	—		$	512
Expenses:
Mortality and expense risk charges		4			937			3,307		11			12,517
Total expenses		4			937			3,307		11			12,517
Net investment income (loss)		(4	)		(764	)		1,246		(11	)		(12,005	)
Realized and unrealized gain (loss)
on investments
Net realized gain (loss) on investments		(8	)		(3,358	)		1,783		53			10,109
Capital gains distributions		7			1,020			1,027		85			41,201
Total realized gain (loss) on investments and capital gains distributions		(1	)		(2,338	)		2,810		138			51,310
Net unrealized appreciation (depreciation) of investments		52			7,608			5,091		388			205,625
Net realized and unrealized gain (loss) on investments		51			5,270			7,901		526			256,935
Net increase (decrease) in net assets resulting from operations	$	47		$	4,506		$	9,147	$	515		$	244,930

The accompanying notes are an integral part of these financial statements.

78

VENERABLE INSURANCE AND ANNUITY COMPANY

SEPARATE ACCOUNT B

Statements of Operations

For the Year Ended December 31, 2020

(Dollars in thousands)

	Voya SmallCap Opportunities Portfolio – Class A			Voya SmallCap Opportunities Portfolio – Class S			Wells Fargo VT Omega Growth Fund - Class 2			Wells Fargo VT Index Asset Allocation Fund - Class 2			Wells Fargo VT Small Cap Growth Fund – Class 2
Net investment income (loss)
Investment Income:
Dividends	$	—		$	—		$	—		$	6		$	0
Expenses:
Mortality and expense risk charges		10			428			13			13			6
Total expenses		10			428			13			13			6
Net investment income (loss)		(10	)		(428	)		(13	)		(7	)		(6	)
Realized and unrealized gain (loss)
on investments
Net realized gain (loss) on investments		(153	)		(1,268	)		54			54			10
Capital gains distributions		7			128			52			56			16
Total realized gain (loss) on investments and capital gains distributions		(146	)		(1,140	)		106			110			26
Net unrealized appreciation (depreciation) of investments		418			7,050			142			(6	)		116
Net realized and unrealized gain (loss) on investments		272			5,910			248			104			142
Net increase (decrease) in net assets resulting from operations	$	262		$	5,482		$	235		$	97		$	136

The accompanying notes are an integral part of these financial statements.

79

VENERABLE INSURANCE AND ANNUITY COMPANY

SEPARATE ACCOUNT B

Statements of Changes in Net Assets

For the Years Ended December 31, 2020 and 2019

(Dollars in thousands)

	Invesco V.I. Balanced-Risk Allocation Fund - Series II Shares			American Funds Insurance Series Blue Chip Income & Growth Fund - Class 4			American Funds Insurance Series Bond Fund - Class 4			American Funds Insurance Series Capital Income Builder Fund - Class 4
Net assets at January 1, 2019	$	109		$	4,039		$	1,578		$	2,341
Increase (decrease) in net assets
Operations:
Net investment income (loss)		(1	)		38			38			39
Total realized gain (loss) on investments and capital gains distributions		(1	)		304			(8	)		30
Net unrealized appreciation (depreciation) of investments		17			439			100			283
Net increase (decrease) in net assets resulting from operations		15			781			130			352
Changes from principal transactions:
Premiums		12			190			98			37
Death benefits		—			—			(1	)		—
Surrenders and withdrawals		(11	)		(336	)		(338	)		(316	)
Contract charges		—			—			—			—
Cost of insurance and administrative charges		—			—			—			—
Transfers between Divisions (including fixed account), net		(1	)		(166	)		766			(188	)
Increase (decrease) in net assets derived from principal transactions		—			(312	)		525			(467	)
Total increase (decrease) in net assets		15			469			655			(115	)
Net assets at December 31, 2019		124			4,508			2,233			2,226
Increase (decrease) in net assets
Operations:
Net investment income (loss)		8			25			36			33
Total realized gain (loss) on investments and capital gains distributions		2			(51	)		52			7
Net unrealized appreciation (depreciation) of investments		1			350			72			(11	)
Net increase (decrease) in net assets resulting from operations		11			324			160			29
Changes from principal transactions:
Premiums		36			479			67			69
Death benefits		—			(9	)		(2	)		(8	)
Surrenders and withdrawals		(28	)		(264	)		(100	)		(125	)
Contract charges		—			—			—			—
Cost of insurance and administrative charges		—			—			—			—
Transfers between Divisions (including fixed acccount), net		(37	)		(136	)		1,877			(261	)
Increase (decrease) in net assets derived from principal transactions		(29	)		70			1,842			(325	)
Total increase (decrease) in net assets		(18	)		394			2,002			(296	)
Net assets at December 31, 2020	$	106		$	4,902		$	4,235		$	1,930

The accompanying notes are an integral part of these financial statements.

80

VENERABLE INSURANCE AND ANNUITY COMPANY

SEPARATE ACCOUNT B

Statements of Changes in Net Assets

For the Years Ended December 31, 2020 and 2019

(Dollars in thousands)

	American Funds Insurance Series Global Growth Fund - Class 4			American Funds Insurance Series Growth Fund - Class 4			American Funds Insurance Series International Fund - Class 4			American Funds Insurance Series New World Fund - Class 4
Net assets at January 1, 2019	$	1,643		$	7,143		$	1,595		$	1,038
Increase (decrease) in net assets
Operations:
Net investment income (loss)		1			(27	)		7			(1	)
Total realized gain (loss) on investments and capital gains distributions		147			1,045			77			70
Net unrealized appreciation (depreciation) of investments		370			962			242			214
Net increase (decrease) in net assets resulting from operations		518			1,980			326			283
Changes from principal transactions:
Premiums		17			76			13			5
Death benefits		—			(20	)		—			—
Surrenders and withdrawals		(107	)		(834	)		(140	)		(69	)
Contract charges		—			—			—			—
Cost of insurance and administrative charges		—			(1	)		—			—
Transfers between Divisions (including fixed account), net		(189	)		(539	)		(83	)		(13	)
Increase (decrease) in net assets derived from principal transactions		(279	)		(1,318	)		(210	)		(77	)
Total increase (decrease) in net assets		239			662			116			206
Net assets at December 31, 2019		1,882			7,805			1,711			1,244
Increase (decrease) in net assets
Operations:
Net investment income (loss)		(14	)		(61	)		(5	)		(10	)
Total realized gain (loss) on investments and capital gains distributions		107			1,036			18			45
Net unrealized appreciation (depreciation) of investments		440			2,970			198			222
Net increase (decrease) in net assets resulting from operations		533			3,945			211			257
Changes from principal transactions:
Premiums		(16	)		(370	)		51			1
Death benefits		(9	)		(27	)		—			—
Surrenders and withdrawals		(120	)		(678	)		(78	)		(83	)
Contract charges		—			—			—			—
Cost of insurance and administrative charges		—			(1	)		—			—
Transfers between Divisions (including fixed acccount), net		12			(331	)		(126	)		(21	)
Increase (decrease) in net assets derived from principal transactions		(133	)		(1,407	)		(153	)		(103	)
Total increase (decrease) in net assets		400			2,538			58			154
Net assets at December 31, 2020	$	2,282		$	10,343		$	1,769		$	1,398

The accompanying notes are an integral part of these financial statements.

81

VENERABLE INSURANCE AND ANNUITY COMPANY

SEPARATE ACCOUNT B

Statements of Changes in Net Assets

For the Years Ended December 31, 2020 and 2019

(Dollars in thousands)

	BlackRock Equity Dividend V.I. Fund - Class III			BlackRock Global Allocation V.I. Fund - Class III			BlackRock High Yield V.I. Fund - Class III			BlackRock 60/40 Target Allocation ETF V.I. Fund - Class III
Net assets at January 1, 2019	$	4,270		$	555,086		$	2,418		$	117
Increase (decrease) in net assets
Operations:
Net investment income (loss)		45			(2,820	)		114			2
Total realized gain (loss) on investments and capital gains distributions		373			21,362			—			1
Net unrealized appreciation (depreciation) of investments		639			63,339			222			21
Net increase (decrease) in net assets resulting from operations		1,057			81,881			336			24
Changes from principal transactions:
Premiums		(3	)		1,795			71			(1	)
Death benefits		—			(7,460	)		—			—
Surrenders and withdrawals		(650	)		(53,381	)		(204	)		—
Contract charges		—			(5,462	)		—			—
Cost of insurance and administrative charges		—			(64	)		—			—
Transfers between Divisions (including fixed account), net		76			(18,728	)		195			(1	)
Increase (decrease) in net assets derived from
principal transactions		(577	)		(83,300	)		62			(2	)
Total increase (decrease) in net assets		480			(1,419	)		398			22
Net assets at December 31, 2019		4,750			553,667			2,816			139
Increase (decrease) in net assets
Operations:
Net investment income (loss)		44			(2,536	)		104			1
Total realized gain (loss) on investments and capital gains distributions		48			37,970			(36	)		—
Net unrealized appreciation (depreciation) of investments		(62	)		55,831			46			19
Net increase (decrease) in net assets resulting from operations		30			91,265			114			20
Changes from principal transactions:
Premiums		258			2,490			192			1
Death benefits		—			(10,369	)		(5	)		—
Surrenders and withdrawals		(385	)		(46,224	)		(340	)		—
Contract charges		—			(5,149	)		—			—
Cost of insurance and administrative charges		—			(63	)		—			—
Transfers between Divisions (including fixed acccount), net		(395	)		(12,224	)		(402	)		55
Increase (decrease) in net assets derived from
principal transactions		(522	)		(71,539	)		(555	)		56
Total increase (decrease) in net assets		(492	)		19,726			(441	)		76
Net assets at December 31, 2020	$	4,258		$	573,393		$	2,375		$	215

The accompanying notes are an integral part of these financial statements.

82

VENERABLE INSURANCE AND ANNUITY COMPANY

SEPARATE ACCOUNT B

Statements of Changes in Net Assets

For the Years Ended December 31, 2020 and 2019

(Dollars in thousands)

	Columbia VP Seligman Global Technology Fund - Class 2			Columbia Asset Allocation Fund, Variable Series - Class 1			Columbia Small Cap Value Fund, Variable Series - Class 2			Columbia Small Company Growth Fund, Variable Series - Class 1
Net assets at January 1, 2019	$	1,460		$	75		$	59,567		$	35
Increase (decrease) in net assets
Operations:
Net investment income (loss)		(20	)		1			(961	)		(1	)
Total realized gain (loss) on investments and capital gains distributions		309			6			4,888			10
Net unrealized appreciation (depreciation) of investments		482			6			6,671			5
Net increase (decrease) in net assets resulting from operations		771			13			10,598			14
Changes from principal transactions: Premiums		66			—			176			(3	)
Death benefits		—			(40	)		(1,030	)		—
Surrenders and withdrawals		(174	)		(3	)		(7,687	)		(1	)
Contract charges		—			—			(482	)		—
Cost of insurance and administrative charges		—			—			(14	)		—
Transfers between Divisions (including fixed account), net		44			—			(591	)		4
Increase (decrease) in net assets derived from principal transactions		(64	)		(43	)		(9,628	)		—
Total increase (decrease) in net assets		707			(30	)		970			14
Net assets at December 31, 2019		2,167			45			60,537			49
Increase (decrease) in net assets
Operations:
Net investment income (loss)		(24	)		1			(715	)		(1	)
Total realized gain (loss) on investments and capital gains distributions		192			—			(1,687	)		2
Net unrealized appreciation (depreciation) of investments		830			(3	)		4,939			34
Net increase (decrease) in net assets resulting from operations		998			(2	)		2,537			35
Changes from principal transactions:
Premiums		130			—			77			—
Death benefits		—			—			(636	)		—
Surrenders and withdrawals		(221	)		—			(5,501	)		(2	)
Contract charges		—			—			(377	)		—
Cost of insurance and administrative charges		—			—			(11	)		—
Transfers between Divisions (including fixed account), net		121			(43	)		(701	)		1
Increase (decrease) in net assets derived from principal transactions		30			(43	)		(7,149	)		(1	)
Total increase (decrease) in net assets		1,028			(45	)		(4,612	)		34
Net assets at December 31, 2020	$	3,195		$	—		$	55,925		$	83

The accompanying notes are an integral part of these financial statements.

83

VENERABLE INSURANCE AND ANNUITY COMPANY

SEPARATE ACCOUNT B

Statements of Changes in Net Assets

For the Years Ended December 31, 2020 and 2019

(Dollars in thousands)

	Columbia VP Large Cap Growth Fund - Class 1			DWS Core Equity VIP - Class B			DWS Alternative Asset Allocation VIP - Class B			DWS High Income VIP - Class B
Net assets at January 1, 2019	$	71		$	1,022		$	711		$	120
Increase (decrease) in net assets
Operations:
Net investment income (loss)		(2	)		(4	)		18			6
Total realized gain (loss) on investments and capital gains distributions		26			110			(2	)		—
Net unrealized appreciation (depreciation) of investments		7			182			74			11
Net increase (decrease) in net assets resulting from operations		31			288			90			17
Changes from principal transactions:
Premiums		45			(2	)		—			6
Death benefits		—			—			—			—
Surrenders and withdrawals		(36	)		(58	)		(32	)		(3	)
Contract charges		—			—			—			—
Cost of insurance and administrative charges		—			—			—			—
Transfers between Divisions (including fixed account), net		1			(1	)		(18	)		—
Increase (decrease) in net assets derived from principal transactions		10			(61	)		(50	)		3
Total increase (decrease) in net assets		41			227			40			20
Net assets at December 31, 2019		112			1,249			751			140
Increase (decrease) in net assets
Operations:
Net investment income (loss)		(2	)		(1	)		9			6
Total realized gain (loss) on investments and capital gains distributions		26			3			(3	)		(2	)
Net unrealized appreciation (depreciation) of investments		13			155			23			1
Net increase (decrease) in net assets resulting from operations		37			157			29			5
Changes from principal transactions:
Premiums		8			62			—			9
Death benefits		—			—			—			—
Surrenders and withdrawals		(34	)		(78	)		(23	)		—
Contract charges		—			—			—			—
Cost of insurance and administrative charges		—			—			—			—
Transfers between Divisions (including fixed account), net		6			(64			11			(26	)
Increase (decrease) in net assets derived from principal transactions		(20	)		(80	)		(12	)		(17	)
Total increase (decrease) in net assets		17			77			17			(12	)
Net assets at December 31, 2020	$	129		$	1,326		$	768		$	128

The accompanying notes are an integral part of these financial statements.

84

VENERABLE INSURANCE AND ANNUITY COMPANY

 SEPARATE ACCOUNT B

Statements of Changes in Net Assets

For the Years Ended December 31, 2020 and 2019

(Dollars in thousands)

	Eaton Vance VT Floating-Rate Income Fund - Initial Class			Federated Hermes High Income Bond Fund II - Service Shares			Federated Hermes Kaufmann Fund II - Service Shares			Fidelity® VIP Strategic Income Portfolio - Service Class 2
Net assets at January 1, 2019	$	5,850		$	331		$	234		$	3,616
Increase (decrease) in net assets
Operations:
Net investment income (loss)		185			17			(2	)		86
Total realized gain (loss) on investments and capital gains distributions		2			(5	)		15			32
Net unrealized appreciation (depreciation) of investments		141			29			48			229
Net increase (decrease) in net assets resulting from operations		328			41			61			347
Changes from principal transactions:
Premiums		106			5			7			162
Death benefits		—			—			—			—
Surrenders and withdrawals		(893	)		(44	)		(4	)		(385	)
Contract charges		—			—			—			—
Cost of insurance and administrative charges		—			—			—			—
Transfers between Divisions (including fixed account), net		(732	)		—			(61	)		142
Increase (decrease) in net assets derived from principal transactions		(1,519	)		(39	)		(58	)		(81	)
Total increase (decrease) in net assets		(1,191	)		2			3			266
Net assets at December 31, 2019		4,659			333			237			3,882
Increase (decrease) in net assets
Operations:
Net investment income (loss)		92			14			(3	)		77
Total realized gain (loss) on investments and capital gains distributions		(98	)		(12	)		4			(10	)
Net unrealized appreciation (depreciation) of investments		(13	)		14			60			136
Net increase (decrease) in net assets resulting from operations		(19	)		16			61			203
Changes from principal transactions:
Premiums		103			23			—			150
Death benefits		(24	)		—			—			(25	)
Surrenders and withdrawals		(449	)		(26	)		(3	)		(109	)
Contract charges		—			—			—			—
Cost of insurance and administrative charges		—			—			—			—
Transfers between Divisions (including fixed account), net		(669	)		(3	)		223			(455	)
Increase (decrease) in net assets derived from principal transactions		(1,039	)		(6	)		220			(439	)
Total increase (decrease) in net assets		(1,058	)		10			281			(236	)
Net assets at December 31, 2020	$	3,601		$	343		$	518		$	3,646

The accompanying notes are an integral part of these financial statements.

85

VENERABLE INSURANCE AND ANNUITY COMPANY

SEPARATE ACCOUNT B

Statements of Changes in Net Assets

For the Years Ended December 31, 2020 and 2019

(Dollars in thousands)

	Fidelity® VIP Disciplined Small Cap Portfolio - Service Class 2			Fidelity® VIP FundsManager 20% Portfolio - Service Class 2			Fidelity® VIP FundsManager 60% Portfolio - Service Class 2			Fidelity® VIP FundsManager 85%Portfolio - Service Class 2
Net assets at January 1, 2019	$	399		$	765		$	728		$	52
Increase (decrease) in net assets
Operations:
Net investment income (loss)		—			5			5			—
Total realized gain (loss) on investments and capital gains distributions		18			31			120			7
Net unrealized appreciation (depreciation) of investments		63			32			27			6
Net increase (decrease) in net assets resulting from operations		81			68			152			13
Changes from principal transactions:
Premiums		2			—			33			—
Death benefits		—			—			—			—
Surrenders and withdrawals		(108	)		—			(18	)		(4	)
Contract charges		—			—			—			—
Cost of insurance and administrative charges		—			—			—			—
Transfers between Divisions (including fixed account), net		(1	)		1			106			(1	)
Increase (decrease) in net assets derived from principal transactions		(107	)		1			121			(5	)
Total increase (decrease) in net assets		(26	)		69			273			8
Net assets at December 31, 2019		373			834			1,001			60
Increase (decrease) in net assets
Operations:
Net investment income (loss)		(1	)		(1	)		—			(1	)
Total realized gain (loss) on investments and capital gains distributions		(33	)		6			11			2
Net unrealized appreciation (depreciation) of investments		53			53			124			9
Net increase (decrease) in net assets resulting from operations		19			58			135			10
Changes from principal transactions:
Premiums		(6	)		15			32			—
Death benefits		—			—			—			—
Surrenders and withdrawals		(108	)		(13	)		(60	)		(1	)
Contract charges		—			—			—			—
Cost of insurance and administrative charges		—			—			—			—
Transfers between Divisions (including fixed account), net		(70	)		—			50			4
Increase (decrease) in net assets derived from principal transactions		(184	)		2			22			3
Total increase (decrease) in net assets		(165	)		60			157			13
Net assets at December 31, 2020	$	208		$	894		$	1,158		$	73

The accompanying notes are an integral part of these financial statements.

86

VENERABLE INSURANCE AND ANNUITY COMPANY

SEPARATE ACCOUNT B

Statements of Changes in Net Assets

For the Years Ended December 31, 2020 and 2019

(Dollars in thousands)

	Franklin Small Cap Value VIP Fund - Class 2			Franklin Strategic Income VIP Fund - Class 2			Templeton Global Bond VIP Fund - Class 2			Ivy VIP Securian Real Estate Securities - Class II
Net assets at January 1, 2019	$	7,070		$	986		$	4,123		$	191
Increase (decrease) in net assets
Operations:
Net investment income (loss)		(2	)		45			257			—
Total realized gain (loss) on investments and capital gains distributions		1,127			(1	)		33			3
Net unrealized appreciation (depreciation) of investments		568			27			(242	)		47
Net increase (decrease) in net assets resulting from operations		1,693			71			48			50
Changes from principal transactions:
Premiums		(2	)		72			376			(1	)
Death benefits		(16	)		—			—			—
Surrenders and withdrawals		(644	)		(59	)		(390	)		(4	)
Contract charges		(39	)		—			—			—
Cost of insurance and administrative charges		—			—			—			—
Transfers between Divisions (including fixed account), net		(79	)		(74	)		(56	)		82
Increase (decrease) in net assets derived from principal transactions		(780	)		(61	)		(70	)		77
Total increase (decrease) in net assets		913			10			(22	)		127
Net assets at December 31, 2019		7,983			996			4,101			318
Increase (decrease) in net assets
Operations:
Net investment income (loss)		26			36			272			2
Total realized gain (loss) on investments and capital gains distributions		(241	)		(9	)		(72	)		(32	)
Net unrealized appreciation (depreciation) of investments		422			(10	)		(435	)		(26	)
Net increase (decrease) in net assets resulting from operations		207			17			(235	)		(56	)
Changes from principal transactions:
Premiums		22			30			395			11
Death benefits		(93	)		(4	)		(15	)		—
Surrenders and withdrawals		(339	)		(84	)		(261	)		(88	)
Contract charges		(33	)		—			—			—
Cost of insurance and administrative charges		—			—			—			—
Transfers between Divisions (including fixed account), net		(62	)		(112	)		(407	)		3
Increase (decrease) in net assets derived from principal transactions		(505	)		(170	)		(288	)		(74	)
Total increase (decrease) in net assets		(298	)		(153	)		(523	)		(130	)
Net assets at December 31, 2020	$	7,685		$	843		$	3,578		$	188

The accompanying notes are an integral part of these financial statements.

87

VENERABLE INSURANCE AND ANNUITY COMPANY

SEPARATE ACCOUNT B

Statements of Changes in Net Assets

For the Years Ended December 31, 2020 and 2019

(Dollars in thousands)

	Ivy VIP Asset Strategy			Ivy VIP Balanced			Ivy VIP Energy			Ivy VIP High Income
Net assets at January 1, 2019	$	490		$	513		$	400		$	1,112
Increase (decrease) in net assets
Operations:
Net investment income (loss)		6			3			(3	)		69
Total realized gain (loss) on investments and capital gains distributions		29			45			(43	)		—
Net unrealized appreciation (depreciation) of investments		53			78			57			45
Net increase (decrease) in net assets resulting from operations		88			126			11			114
Changes from principal transactions:
Premiums		1			198			57			73
Death benefits		—			—			—			—
Surrenders and withdrawals		(53	)		(13	)		(47	)		(56	)
Contract charges		—			—			—			—
Cost of insurance and administrative charges		—			—			—			—
Transfers between Divisions (including fixed account), net		(103	)		10			9			(18	)
Increase (decrease) in net assets derived from principal transactions		(155	)		195			19			(1	)
Total increase (decrease) in net assets		(67	)		321			30			113
Net assets at December 31, 2019		423			834			430			1,225
Increase (decrease) in net assets
Operations:
Net investment income (loss)		5			3			10			71
Total realized gain (loss) on investments and capital gains distributions		20			50			(199	)		(13	)
Net unrealized appreciation (depreciation) of investments		18			65			327			(7	)
Net increase (decrease) in net assets resulting from operations		43			118			138			51
Changes from principal transactions:
Premiums		3			65			875			87
Death benefits		(3	)		—			—			—
Surrenders and withdrawals		(25	)		(17	)		(50	)		(21	)
Contract charges		—			—			—			—
Cost of insurance and administrative charges		—			—			—			—
Transfers between Divisions (including fixed account), net		(63	)		80			(170	)		(98	)
Increase (decrease) in net assets derived from principal transactions		(88	)		128			655			(32	)
Total increase (decrease) in net assets		(45	)		246			793			19
Net assets at December 31, 2020	$	378		$	1,080		$	1,223		$	1,244

The accompanying notes are an integral part of these financial statements.

88

VENERABLE INSURANCE AND ANNUITY COMPANY

SEPARATE ACCOUNT B

Statements of Changes in Net Assets

For the Years Ended December 31, 2020 and 2019

(Dollars in thousands)

	Ivy VIP International CoreEquity			Ivy VIP Mid Cap Growth			Ivy VIP Science and Technology			Ivy VIP Small Cap Core - Class II
Net assets at January 1, 2019	$	7		$	556		$	751		$	174
Increase (decrease) in net assets
Operations:
Net investment income (loss)		—			(3	)		(6	)		(2	)
Total realized gain (loss) on investments and capital gains distributions		1			149			122			33
Net unrealized appreciation (depreciation) of investments		1			23			235			10
Net increase (decrease) in net assets resulting from operations		2			169			351			41
Changes from principal transactions:
Premiums		1			(9	)		(55	)		20
Death benefits		—			—			—			—
Surrenders and withdrawals		—			(99	)		(42	)		(11	)
Contract charges		—			—			—			—
Cost of insurance and administrative charges		—			—			—			—
Transfers between Divisions (including fixed account), net		(1	)		(123	)		(17	)		17
Increase (decrease) in net assets derived from principal transactions		—			(231	)		(114	)		26
Total increase (decrease) in net assets		2			(62	)		237			67
Net assets at December 31, 2019		9			494			988			241
Increase (decrease) in net assets
Operations:
Net investment income (loss)		—			(3	)		(7	)		(2	)
Total realized gain (loss) on investments and capital gains distributions		—			60			174			(62	)
Net unrealized appreciation (depreciation) of investments		1			99			125			64
Net increase (decrease) in net assets resulting from operations		1			156			292			—
Changes from principal transactions:
Premiums		1			(4	)		(32	)		21
Death benefits		—			—			—			—
Surrenders and withdrawals		—			(14	)		(46	)		(3	)
Contract charges		—			—			—			—
Cost of insurance and administrative charges		—			—			—			—
Transfers between Divisions (including fixed account), net		(1	)		(131	)		(92	)		(47	)
Increase (decrease) in net assets derived from principal transactions		—			(149	)		(170	)		(29	)
Total increase (decrease) in net assets		1			7			122			(29	)
Net assets at December 31, 2020	$	10		$	501		$	1,110		$	212

The accompanying notes are an integral part of these financial statements.

89

VENERABLE INSURANCE AND ANNUITY COMPANY

SEPARATE ACCOUNT B

Statements of Changes in Net Assets

For the Years Ended December 31, 2020 and 2019

(Dollars in thousands)

	Ivy VIP Small Cap Growth			Janus Henderson Balanced Portfolio - Service Shares			Janus Henderson Enterprise Portfolio - Service Shares			Janus Henderson Flexible Bond Portfolio - Service Shares
Net assets at January 1, 2019	$	576		$	3,776		$	1,991		$	1,121
Increase (decrease) in net assets
Operations:
Net investment income (loss)		(6	)		30			(21	)		23
Total realized gain (loss) on investments and capital gains distributions		(10	)		232			224			(6	)
Net unrealized appreciation (depreciation) of investments		146			529			467			73
Net increase (decrease) in net assets resulting from operations		130			791			670			90
Changes from principal transactions:
Premiums		14			330			(12	)		44
Death benefits		—			(1	)		—			(1	)
Surrenders and withdrawals		(101	)		(163	)		(188	)		(165	)
Contract charges		—			—			—			—
Cost of insurance and administrative charges		—			—			—			—
Transfers between Divisions (including fixed account), net		144			(255	)		(6	)		(29	)
Increase (decrease) in net assets derived from principal transactions		57			(89	)		(206	)		(151	)
Total increase (decrease) in net assets		187			702			464			(61	)
Net assets at December 31, 2019		763			4,478			2,455			1,060
Increase (decrease) in net assets
Operations:
Net investment income (loss)		(7	)		53			(18	)		16
Total realized gain (loss) on investments and capital gains distributions		(29	)		187			256			10
Net unrealized appreciation (depreciation) of investments		346			294			31			63
Net increase (decrease) in net assets resulting from operations		310			534			269			89
Changes from principal transactions:
Premiums		9			174			80			5
Death benefits		—			—			—			(7	)
Surrenders and withdrawals		(84	)		(196	)		(216	)		(85	)
Contract charges		—			—			—			—
Cost of insurance and administrative charges		—			—			—			—
Transfers between Divisions (including fixed account), net		107			(120	)		(577	)		(137	)
Increase (decrease) in net assets derived from principal transactions		32			(142	)		(713	)		(224	)
Total increase (decrease) in net assets		342			392			(444	)		(135	)
Net assets at December 31, 2020	$	1,105		$	4,870		$	2,011		$	925

The accompanying notes are an integral part of these financial statements.

90

VENERABLE INSURANCE AND ANNUITY COMPANY

SEPARATE ACCOUNT B

Statements of Changes in Net Assets

For the Years Ended December 31, 2020 and 2019

(Dollars in thousands)

	ClearBridge Var Aggressive Growth Portfolio II			ClearBridge Variable Mid Cap Portfolio - Class II			Western Asset Core Plus VIT Portfolio - Class I			MFS VIT II Income Portfolio - Service Class
Net assets at January 1, 2019	$	58		$	117		$	9		$	287
Increase (decrease) in net assets
Operations:
Net investment income (loss)		—			(1	)		—			7
Total realized gain (loss) on investments and capital gains distributions		1			2			—			(1	)
Net unrealized appreciation (depreciation) of investments		13			34			1			23
Net increase (decrease) in net assets resulting from operations		14			35			1			29
Changes from principal transactions:
Premiums		—			(6	)		—			10
Death benefits		—			—			—			—
Surrenders and withdrawals		(3	)		(16	)		—			(34	)
Contract charges		—			—			—			—
Cost of insurance and administrative charges		—			—			—			—
Transfers between Divisions (including fixed account), net		20			3			—			7
Increase (decrease) in net assets derived from principal transactions		17			(19	)		—			(17	)
Total increase (decrease) in net assets		31			16			1			12
Net assets at December 31, 2019		89			133			10			299
Increase (decrease) in net assets
Operations:
Net investment income (loss)		—			(1	)		—			11
Total realized gain (loss) on investments and capital gains distributions		9			3			—			8
Net unrealized appreciation (depreciation) of investments		7			16			—			14
Net increase (decrease) in net assets resulting from operations		16			18			—			33
Changes from principal transactions:
Premiums		—			(3	)		—			19
Death benefits		—			—			—			—
Surrenders and withdrawals		(3	)		(13	)		(5	)		(20	)
Contract charges		—			—			—			—
Cost of insurance and administrative charges		—			—			—			—
Transfers between Divisions (including fixed account), net		3			—			13			203
Increase (decrease) in net assets derived from principal transactions		—			(16	)		8			202
Total increase (decrease) in net assets		16			2			8			235
Net assets at December 31, 2020	$	105		$	135		$	18		$	534

The accompanying notes are an integral part of these financial statements.

91

VENERABLE INSURANCE AND ANNUITY COMPANY

SEPARATE ACCOUNT B

Statements of Changes in Net Assets

For the Years Ended December 31, 2020 and 2019

(Dollars in thousands)

	MFS VIT Research Series Portfolio - Service Class			MFS VIT International Intrinsic Value Portfolio - Service Class			MFS VIT Value Series - Service Class			MFS VIT III Global Real Estate Portfolio - Service Class
Net assets at January 1, 2019	$	373		$	353		$	403		$	724
Increase (decrease) in net assets
Operations:
Net investment income (loss)		(1	)		2			6			19
Total realized gain (loss) on investments and capital gains distributions		50			13			31			27
Net unrealized appreciation (depreciation) of investments		66			72			114			138
Net increase (decrease) in net assets resulting from operations		115			87			151			184
Changes from principal transactions:
Premiums		7			(3	)		(8	)		25
Death benefits		—			—			—			—
Surrenders and withdrawals		(85	)		(9	)		(21	)		(159	)
Contract charges		—			—			—			—
Cost of insurance and administrative charges		—			—			—			—
Transfers between Divisions (including fixed account), net		58			87			155			179
Increase (decrease) in net assets derived from principal transactions		(20	)		75			126			45
Total increase (decrease) in net assets		95			162			277			229
Net assets at December 31, 2019		468			515			680			953
Increase (decrease) in net assets
Operations:
Net investment income (loss)		(1	)		(1	)		3			18
Total realized gain (loss) on investments and capital gains distributions		18			24			(27	)		—
Net unrealized appreciation (depreciation) of investments		38			75			32			(79	)
Net increase (decrease) in net assets resulting from operations		55			98			8			(61	)
Changes from principal transactions:
Premiums		9			15			41			19
Death benefits		—			—			—			—
Surrenders and withdrawals		(75	)		(94	)		(22	)		(37	)
Contract charges		—			—			—			—
Cost of insurance and administrative charges		—			—			—			—
Transfers between Divisions (including fixed account), net		(76	)		(37	)		(7	)		(251	)
Increase (decrease) in net assets derived from principal transactions		(142	)		(116	)		12			(269	)
Total increase (decrease) in net assets		(87	)		(18	)		20			(330	)
Net assets at December 31, 2020	$	381		$	497		$	700		$	623

The accompanying notes are an integral part of these financial statements.

92

VENERABLE INSURANCE AND ANNUITY COMPANY

SEPARATE ACCOUNT B

Statements of Changes in Net Assets

For the Years Ended December 31, 2020 and 2019

(Dollars in thousands)

	Invesco Oppenheimer V.I. Main Street Fund - Series II			Invesco Oppenheimer V.I. Main Street Small Cap Fund - Series II			Invesco Oppenheimer V.I. Discovery Mid Cap Growth Fund - Series II			Invesco Oppenheimer V.I. International Growth Fund - Series II
Net assets at January 1, 2019	$	476		$	1,260		$	324		$	1,167
Increase (decrease) in net assets
Operations:
Net investment income (loss)		(2	)		(15	)		(4	)		—
Total realized gain (loss) on investments and capital gains distributions		72			57			48			75
Net unrealized appreciation (depreciation) of investments		60			273			78			184
Net increase (decrease) in net assets resulting from operations		130			315			122			259
Changes from principal transactions:
Premiums		(2	)		4			(39	)		6
Death benefits		—			—			—			—
Surrenders and withdrawals		(60	)		(462	)		(115	)		(153	)
Contract charges		—			(9	)		—			—
Cost of insurance and administrative charges		—			—			—			—
Transfers between Divisions (including fixed account), net		(21	)		463			89			(321	)
Increase (decrease) in net assets derived from principal transactions		(83	)		(4	)		(65	)		(468	)
Total increase (decrease) in net assets		47			311			57			(209	)
Net assets at December 31, 2019		523			1,571			381			958
Increase (decrease) in net assets
Operations:
Net investment income (loss)		—			(9	)		(3	)		—
Total realized gain (loss) on investments and capital gains distributions		50			33			41			10
Net unrealized appreciation (depreciation) of investments		14			238			99			206
Net increase (decrease) in net assets resulting from operations		64			262			137			216
Changes from principal transactions:
Premiums		—			4			(50	)		1
Death benefits		—			—			—			(16	)
Surrenders and withdrawals		(25	)		(161	)		(31	)		(85	)
Contract charges		—			(8	)		—			—
Cost of insurance and administrative charges		—			—			—			—
Transfers between Divisions (including fixed account), net		42			(148	)		(4	)		157
Increase (decrease) in net assets derived from principal transactions		17			(313	)		(85	)		57
Total increase (decrease) in net assets		81			(51	)		52			273
Net assets at December 31, 2020	$	604		$	1,520		$	433		$	1,231

The accompanying notes are an integral part of these financial statements.

93

VENERABLE INSURANCE AND ANNUITY COMPANY

SEPARATE ACCOUNT B

Statements of Changes in Net Assets

For the Years Ended December 31, 2020 and 2019

(Dollars in thousands)

	Invesco Oppenheimer V.I. Total Return Bond Fund - Service Shares			PIMCO All Asset Portfolio - Administrative Class			PIMCO Low Duration Portfolio - Administrative Class			PIMCO Real Return Portfolio - Administrative Class
Net assets at January 1, 2019	$	100		$	186		$	1,630		$	3,999
Increase (decrease) in net assets
Operations:
Net investment income (loss)		6			4			39			24
Total realized gain (loss) on investments and capital gains distributions		—			2			(3	)		(164	)
Net unrealized appreciation (depreciation) of investments		6			14			24			411
Net increase (decrease) in net assets resulting from operations		12			20			60			271
Changes from principal transactions:
Premiums		—			5			100			9
Death benefits		—			—			—			(290	)
Surrenders and withdrawals		(22	)		—			(324	)		(335	)
Contract charges		—			—			—			(16	)
Cost of insurance and administrative charges		—			—			—			—
Transfers between Divisions (including fixed account), net		170			1			665			117
Increase (decrease) in net assets derived from principal transactions		148			6			441			(515	)
Total increase (decrease) in net assets		160			26			501			(244	)
Net assets at December 31, 2019		260			212			2,131			3,755
Increase (decrease) in net assets
Operations:
Net investment income (loss)		20			5			10			15
Total realized gain (loss) on investments and capital gains distributions		2			(16	)		(1	)		(50	)
Net unrealized appreciation (depreciation) of investments		19			2			44			416
Net increase (decrease) in net assets resulting from operations		41			(9	)		53			381
Changes from principal transactions:
Premiums		11			—			79			99
Death benefits		—			—			(14	)		(186	)
Surrenders and withdrawals		(11	)		(1	)		(60	)		(350	)
Contract charges		—			—			—			(15	)
Cost of insurance and administrative charges		—			—			—			—
Transfers between Divisions (including fixed account), net		1,099			(132	)		327			187
Increase (decrease) in net assets derived from principal transactions		1,099			(133	)		332			(265	)
Total increase (decrease) in net assets		1,140			(142	)		385			116
Net assets at December 31, 2020	$	1,400		$	70		$	2,516		$	3,871

The accompanying notes are an integral part of these financial statements.

94

VENERABLE INSURANCE AND ANNUITY COMPANY

SEPARATE ACCOUNT B

Statements of Changes in Net Assets

For the Years Ended December 31, 2020 and 2019

(Dollars in thousands)

	PIMCO Short- Term Portfolio - Administrative Class			PIMCO Total Return Portfolio - Administrative Class			ProFund VP Bull			ProFund VP Europe 30
Net assets at January 1, 2019	$	2,299		$	5,227		$	6,415		$	1,808
Increase (decrease) in net assets
Operations:
Net investment income (loss)		34			111			(107	)		19
Total realized gain (loss) on investments and capital gains distributions		(1	)		(6	)		635			56
Net unrealized appreciation (depreciation) of investments		8			277			1,096			197
Net increase (decrease) in net assets resulting from operations		41			382			1,624			272
Changes from principal transactions:
Premiums		154			261			18			3
Death benefits		—			—			(49	)		(11	)
Surrenders and withdrawals		(475	)		(947	)		(1,156	)		(238	)
Contract charges		—			—			(47	)		(13	)
Cost of insurance and administrative charges		—			—			(3	)		(1	)
Transfers between Divisions (including fixed account), net		131			248			(35	)		(5	)
Increase (decrease) in net assets derived from principal transactions		(190	)		(438	)		(1,272	)		(265	)
Total increase (decrease) in net assets		(149	)		(56	)		352			7
Net assets at December 31, 2019		2,150			5,171			6,767			1,815
Increase (decrease) in net assets
Operations:
Net investment income (loss)		9			66			(107	)		10
Total realized gain (loss) on investments and capital gains distributions		(3	)		89			739			(8	)
Net unrealized appreciation (depreciation) of investments		19			233			150			(218	)
Net increase (decrease) in net assets resulting from operations		25			388			782			(216	)
Changes from principal transactions:
Premiums		98			357			5			3
Death benefits		(25	)		(15	)		(239	)		(67	)
Surrenders and withdrawals		(225	)		(437	)		(616	)		(134	)
Contract charges		—			—			(44	)		(11	)
Cost of insurance and administrative charges		—			—			(2	)		—
Transfers between Divisions (including fixed account), net		(144	)		340			(91	)		15
Increase (decrease) in net assets derived from principal transactions		(296	)		245			(987	)		(194	)
Total increase (decrease) in net assets		(271	)		633			(205	)		(410	)
Net assets at December 31, 2020	$	1,879		$	5,804		$	6,562		$	1,405

The accompanying notes are an integral part of these financial statements.

95

VENERABLE INSURANCE AND ANNUITY COMPANY

SEPARATE ACCOUNT B

Statements of Changes in Net Assets

For the Years Ended December 31, 2020 and 2019

(Dollars in thousands)

	ProFund VP Rising Rates Opportunity			Putnam VT Income Fund - Class 1B			Putnam VT International Equity Fund - Class 1B			Putnam VT International Value Fund - Class 1B
Net assets at January 1, 2019 Increase (decrease) in net assets	$	1,661		$	725		$	20		$	7
Operations:
Net investment income (loss)		(24	)		17			—			—
Total realized gain (loss) on investments and capital gains distributions		(62	)		9			—			—
Net unrealized appreciation (depreciation) of investments		(228	)		57			4			1
Net increase (decrease) in net assets resulting from operations		(314	)		83			4			1
Changes from principal transactions:
Premiums		2			37			—			—
Death benefits		(13	)		—			—			—
Surrenders and withdrawals		(117	)		(116	)		(1	)		—
Contract charges		(9	)		—			—			—
Cost of insurance and administrative charges		—			—			—			—
Transfers between Divisions (including fixed account), net		306			263			(2	)		1
Increase (decrease) in net assets derived from principal transactions		169			184			(3	)		1
Total increase (decrease) in net assets		(145	)		267			1			2
Net assets at December 31, 2019		1,516			992			21			9
Increase (decrease) in net assets
Operations:
Net investment income (loss)		(12	)		42			—			—
Total realized gain (loss) on investments and capital gains distributions		(294	)		22			—			—
Net unrealized appreciation (depreciation) of investments		(109	)		(8	)		2			—
Net increase (decrease) in net assets resulting from operations		(415	)		56			2			—
Changes from principal transactions:
Premiums		2			60			1			—
Death benefits		(38	)		—			—			—
Surrenders and withdrawals		(120	)		(323	)		(5	)		—
Contract charges		(8	)		—			—			—
Cost of insurance and administrative charges		—			—			—			—
Transfers between Divisions (including fixed account), net		301			345			—			1
Increase (decrease) in net assets derived from principal transactions		137			82			(4	)		1
Total increase (decrease) in net assets		(278	)		138			(2	)		1
Net assets at December 31, 2020	$	1,238		$	1,130		$	19		$	10

The accompanying notes are an integral part of these financial statements.

96

VENERABLE INSURANCE AND ANNUITY COMPANY

SEPARATE ACCOUNT B

Statements of Changes in Net Assets

For the Years Ended December 31, 2020 and 2019

(Dollars in thousands)

	Putnam VT Mortgage Securities Fund - Class 1B			Putnam VT Multi-Cap Core Fund - Class IB Shares			Putnam VT Small Cap Value Fund - Class 1B			T. Rowe Price Blue Chip Growth Portfolio - II
Net assets at January 1, 2019	$	906		$	192		$	265		$	4,881
Increase (decrease) in net assets
Operations:
Net investment income (loss)		12			1			—			(42	)
Total realized gain (loss) on investments and capital gains distributions		4			22			(5	)		592
Net unrealized appreciation (depreciation) of investments		94			29			66			743
Net increase (decrease) in net assets resulting from operations		110			52			61			1,293
Changes from principal transactions:
Premiums		24			(4	)		4			160
Death benefits		—			—			—			(15	)
Surrenders and withdrawals		(184	)		(49	)		(64	)		(607	)
Contract charges		—			—			—			—
Cost of insurance and administrative charges		—			—			—			—
Transfers between Divisions (including fixed account), net		41			—			32			(341	)
Increase (decrease) in net assets derived from principal transactions		(119	)		(53	)		(28	)		(803	)
Total increase (decrease) in net assets		(9	)		(1	)		33			490
Net assets at December 31, 2019		897			191			298			5,371
Increase (decrease) in net assets
Operations:
Net investment income (loss)		88			1			1			(45	)
Total realized gain (loss) on investments and capital gains distributions		(13	)		8			(23	)		710
Net unrealized appreciation (depreciation) of investments		(111	)		23			35			880
Net increase (decrease) in net assets resulting from operations		(36	)		32			13			1,545
Changes from principal transactions:
Premiums		42			(1	)		1			88
Death benefits		(3	)		—			—			—
Surrenders and withdrawals		(115	)		(5	)		(7	)		(447	)
Contract charges		—			—			—			—
Cost of insurance and administrative charges		—			—			—			—
Transfers between Divisions (including fixed account), net		176			(1	)		5			(158	)
Increase (decrease) in net assets derived from principal transactions		100			(7	)		(1	)		(517	)
Total increase (decrease) in net assets		64			25			12			1,028
Net assets at December 31, 2020	$	961		$	216		$	310		$	6,399

The accompanying notes are an integral part of these financial statements.

97

VENERABLE INSURANCE AND ANNUITY COMPANY

SEPARATE ACCOUNT B

Statements of Changes in Net Assets

For the Years Ended December 31, 2020 and 2019

(Dollars in thousands)

	T. Rowe Price Health Sciences Portfolio - II			MFS VIT Utilities Series Portfolio - Service Class			Voya Balanced Portfolio - Class S			Voya Intermediate Bond Portfolio - Class A
Net assets at January 1, 2019	$	4,618		$	966		$	2,385		$	2,914
Increase (decrease) in net assets
Operations:
Net investment income (loss)		(41	)		43			26			66
Total realized gain (loss) on investments and capital gains distributions		477			33			295			12
Net unrealized appreciation (depreciation) of investments		741			201			79			166
Net increase (decrease) in net assets resulting from operations		1,177			277			400			244
Changes from principal transactions:
Premiums		88			19			3			225
Death benefits		(10	)		—			—			—
Surrenders and withdrawals		(491	)		(144	)		(612	)		(300	)
Contract charges		—			—			(5	)		—
Cost of insurance and administrative charges		—			—			—			—
Transfers between Divisions (including fixed account), net		(430	)		493			189			404
Increase (decrease) in net assets derived from principal transactions		(843	)		368			(425	)		329
Total increase (decrease) in net assets		334			645			(25	)		573
Net assets at December 31, 2019		4,952			1,611			2,360			3,487
Increase (decrease) in net assets
Operations:
Net investment income (loss)		(46	)		14			25			83
Total realized gain (loss) on investments and capital gains distributions		758			60			132			62
Net unrealized appreciation (depreciation) of investments		730			(53	)		107			33
Net increase (decrease) in net assets resulting from operations		1,442			21			264			178
Changes from principal transactions:
Premiums		44			34			133			134
Death benefits		—			—			(29	)		(20	)
Surrenders and withdrawals		(374	)		(52	)		(145	)		(522	)
Contract charges		—			—			(3	)		—
Cost of insurance and administrative charges		—			—			—			—
Transfers between Divisions (including fixed account), net		143			(153	)		48			812
Increase (decrease) in net assets derived from principal transactions		(187	)		(171	)		4			404
Total increase (decrease) in net assets		1,255			(150	)		268			582
Net assets at December 31, 2020	$	6,207		$	1,461		$	2,628		$	4,069

The accompanying notes are an integral part of these financial statements.

98

VENERABLE INSURANCE AND ANNUITY COMPANY

SEPARATE ACCOUNT B

Statements of Changes in Net Assets

For the Years Ended December 31, 2020 and 2019

(Dollars in thousands)

	Voya Intermediate Bond Portfolio - Class S			Voya Balanced Income Portfolio - Adviser Class			Voya Balanced Income Portfolio - Service Class			Voya Balanced Income Portfolio - Service 2 Class
Net assets at January 1, 2019	$	2,124,524		$	1,945		$	267,955		$	4,648
Increase (decrease) in net assets
Operations:
Net investment income (loss)		30,718			72			7,729			126
Total realized gain (loss) on investments and capital gains distributions		4,906			118			20,738			254
Net unrealized appreciation (depreciation) of investments		122,982			131			13,871			352
Net increase (decrease) in net assets resulting from operations		158,606			321			42,338			732
Changes from principal transactions:
Premiums		8,869			55			2,116			183
Death benefits		(38,650	)		(56	)		(6,302	)		(199	)
Surrenders and withdrawals		(242,495	)		(119	)		(28,355	)		(476	)
Contract charges		(17,719	)		—			(1,953	)		(45	)
Cost of insurance and administrative charges		(278	)		—			(42	)		(1	)
Transfers between Divisions (including fixed account), net		77,374			7			2,289			835
Increase (decrease) in net assets derived from principal transactions		(212,899	)		(113	)		(32,247	)		297
Total increase (decrease) in net assets		(54,293	)		208			10,091			1,029
Net assets at December 31, 2019		2,070,231			2,153			278,046			5,677
Increase (decrease) in net assets
Operations:
Net investment income (loss)		30,804			45			4,703			93
Total realized gain (loss) on investments and capital gains distributions		53,132			(2	)		14,990			242
Net unrealized appreciation (depreciation) of investments		27,576			(81	)		(18,963	)		(288	)
Net increase (decrease) in net assets resulting from operations		111,512			(38	)		730			47
Changes from principal transactions:
Premiums		7,583			103			2,768			5
Death benefits		(39,733	)		(171	)		(9,107	)		(29	)
Surrenders and withdrawals		(195,764	)		(182	)		(21,806	)		(352	)
Contract charges		(16,689	)		—			(1,760	)		(45	)
Cost of insurance and administrative charges		(273	)		—			(37	)		(1	)
Transfers between Divisions (including fixed account), net		89,105			(215	)		2,506			(114	)
Increase (decrease) in net assets derived from principal transactions		(155,771	)		(465	)		(27,436	)		(536	)
Total increase (decrease) in net assets		(44,259	)		(503	)		(26,706	)		(489	)
Net assets at December 31, 2020	$	2,025,972		$	1,650		$	251,340		$	5,188

The accompanying notes are an integral part of these financial statements.

99

VENERABLE INSURANCE AND ANNUITY COMPANY

SEPARATE ACCOUNT B

Statements of Changes in Net Assets

For the Years Ended December 31, 2020 and 2019

(Dollars in thousands)

	Voya Global Perspectives® Portfolio - Class A			Voya Government Liquid Assets Portfolio - Service Class			Voya Government Liquid Assets Portfolio - Service 2 Class			Voya High Yield Portfolio - Adviser Class
Net assets at January 1, 2019	$	93,724		$	317,669		$	9,175		$	746
Increase (decrease) in net assets
Operations:
Net investment income (loss)		1,523			7			18			25
Total realized gain (loss) on investments and capital gains distributions		4,629			213			6			(14	)
Net unrealized appreciation (depreciation) of investments		8,121			—			—			75
Net increase (decrease) in net assets resulting from operations		14,273			220			24			86
Changes from principal transactions:
Premiums		518			7,410			435			22
Death benefits		(1,825	)		(12,306	)		(89	)		—
Surrenders and withdrawals		(9,336	)		(163,088	)		(1,788	)		(115	)
Contract charges		(963	)		(2,047	)		(23	)		—
Cost of insurance and administrative charges		(13	)		(105	)		(1	)		—
Transfers between Divisions (including fixed account), net		(1,893	)		126,133			(242	)		(151	)
Increase (decrease) in net assets derived from principal transactions		(13,512	)		(44,003	)		(1,708	)		(244	)
Total increase (decrease) in net assets		761			(43,783	)		(1,684	)		(158	)
Net assets at December 31, 2019		94,485			273,886			7,491			588
Increase (decrease) in net assets
Operations:
Net investment income (loss)		1,234			(5,037	)		(119	)		24
Total realized gain (loss) on investments and capital gains distributions		3,705			121			4			(22	)
Net unrealized appreciation (depreciation) of investments		6,937			—			—			25
Net increase (decrease) in net assets resulting from operations		11,876			(4,916	)		(115	)		27
Changes from principal transactions:
Premiums		360			6,226			1,778			27
Death benefits		(1,346	)		(13,729	)		(558	)		(13	)
Surrenders and withdrawals		(8,560	)		(144,657	)		(6,522	)		(14	)
Contract charges		(906	)		(2,304	)		(25	)		—
Cost of insurance and administrative charges		(13	)		(98	)		(1	)		—
Transfers between Divisions (including fixed account), net		555			221,948			7,221			31
Increase (decrease) in net assets derived from principal transactions		(9,910	)		67,386			1,893			31
Total increase (decrease) in net assets		1,966			62,470			1,778			58
Net assets at December 31, 2020	$	96,451		$	336,356		$	9,269		$	646

The accompanying notes are an integral part of these financial statements.

100

VENERABLE INSURANCE AND ANNUITY COMPANY

 SEPARATE ACCOUNT B

Statements of Changes in Net Assets

For the Years Ended December 31, 2020 and 2019

 (Dollars in thousands)

	Voya High Yield Portfolio - Service Class			Voya Large Cap Growth Portfolio - Adviser Class			Voya Large Cap Growth Portfolio - Institutional Class			Voya Large Cap Growth Portfolio - Service Class
Net assets at January 1, 2019	$	248,526		$	1,321,041		$	61		$	1,111,621
Increase (decrease) in net assets
Operations:
Net investment income (loss)		8,927			(23,964	)		—			(15,906	)
Total realized gain (loss) on investments and capital gains distributions		(3,908	)		311,579			8			201,609
Net unrealized appreciation (depreciation) of investments		26,696			81,831			7			129,413
Net increase (decrease) in net assets resulting from operations		31,715			369,446			15			315,116
Changes from principal transactions:
Premiums		2,016			7,382			(19	)		1,774
Death benefits		(8,262	)		(27,570	)		—			(28,766	)
Surrenders and withdrawals		(26,553	)		(166,019	)		—			(138,357	)
Contract charges		(1,564	)		(10,453	)		—			(7,678	)
Cost of insurance and administrative charges		(62	)		(185	)		—			(204	)
Transfers between Divisions (including fixed account), net		4,056			(35,945	)		—			(31,926	)
Increase (decrease) in net assets derived from principal transactions		(30,369	)		(232,790	)		(19	)		(205,157	)
Total increase (decrease) in net assets		1,346			136,656			(4	)		109,959
Net assets at December 31, 2019		249,872			1,457,697			57			1,221,580
Increase (decrease) in net assets
Operations:
Net investment income (loss)		7,718			(25,524	)		—			(17,835	)
Total realized gain (loss) on investments and capital gains distributions		(6,268	)		231,000			7			154,125
Net unrealized appreciation (depreciation) of investments		4,991			162,120			10			170,788
Net increase (decrease) in net assets resulting from operations		6,441			367,596			17			307,078
Changes from principal transactions:
Premiums		815			5,066			—			334
Death benefits		(6,186	)		(27,236	)		—			(31,987	)
Surrenders and withdrawals		(19,832	)		(135,414	)		—			(109,849	)
Contract charges		(1,323	)		(10,256	)		—			(7,394	)
Cost of insurance and administrative charges		(37	)		(177	)		—			(201	)
Transfers between Divisions (including fixed account), net		(9,942	)		(48,148	)		—			(57,707	)
Increase (decrease) in net assets derived from principal transactions		(36,505	)		(216,165	)		—			(206,804	)
Total increase (decrease) in net assets		(30,064	)		151,431			17			100,274
Net assets at December 31, 2020	$	219,808		$	1,609,128		$	74		$	1,321,854

The accompanying notes are an integral part of these financial statements.

101

VENERABLE INSURANCE AND ANNUITY COMPANY

 SEPARATE ACCOUNT B

Statements of Changes in Net Assets

For the Years Ended December 31, 2020 and 2019

(Dollars in thousands)

	Voya Large Cap Growth Portfolio - Service 2 Class			Voya Large Cap Value Portfolio - Adviser Class			Voya Large Cap Value Portfolio - Service Class			Voya Limited Maturity Bond Portfolio - Service Class
Net assets at January 1, 2019	$	12,351		$	359		$	601,195		$	21,661
Increase (decrease) in net assets
Operations:
Net investment income (loss)		(211	)		3			284			(7	)
Total realized gain (loss) on investments and capital gains distributions		2,216			29			39,377			(124	)
Net unrealized appreciation (depreciation) of investments		1,425			50			88,878			620
Net increase (decrease) in net assets resulting from operations		3,430			82			128,539			489
Changes from principal transactions:
Premiums		30			—			3,283			2
Death benefits		(158	)		—			(13,895	)		(1,266	)
Surrenders and withdrawals		(1,592	)		(14	)		(76,097	)		(2,067	)
Contract charges		(110	)		—			(4,396	)		(22	)
Cost of insurance and administrative charges		(2	)		—			(131	)		(7	)
Transfers between Divisions (including fixed account), net		(537	)		1			(5,706	)		88
Increase (decrease) in net assets derived from principal transactions		(2,369	)		(13	)		(96,942	)		(3,272	)
Total increase (decrease) in net assets		1,061			69			31,597			(2,783	)
Net assets at December 31, 2019		13,412			428			632,792			18,878
Increase (decrease) in net assets
Operations:
Net investment income (loss)		(231	)		4			1,565			60
Total realized gain (loss) on investments and capital gains distributions		1,686			22			34,553			17
Net unrealized appreciation (depreciation) of investments		1,841			(23	)		(20,150	)		184
Net increase (decrease) in net assets resulting from operations		3,296			3			15,968			261
Changes from principal transactions:
Premiums		5			1			2,524			4
Death benefits		(310	)		—			(12,057	)		(1,062	)
Surrenders and withdrawals		(1,530	)		(8	)		(48,751	)		(1,409	)
Contract charges		(106	)		—			(3,673	)		(18	)
Cost of insurance and administrative charges		(2	)		—			(103	)		(8	)
Transfers between Divisions (including fixed account), net		(459	)		(61	)		(5,565	)		34
Increase (decrease) in net assets derived from principal transactions		(2,402	)		(68	)		(67,625	)		(2,459	)
Total increase (decrease) in net assets		894			(65	)		(51,657	)		(2,198	)
Net assets at December 31, 2020	$	14,306		$	363		$	581,135		$	16,680

The accompanying notes are an integral part of these financial statements.

102

VENERABLE INSURANCE AND ANNUITY COMPANY

SEPARATE ACCOUNT B

Statements of Changes in Net Assets

For the Years Ended December 31, 2020 and 2019

(Dollars in thousands)

	Voya Retirement Conservative Portfolio - Adviser Class			Voya Retirement Growth Portfolio - Adviser Class			Voya Retirement Moderate Growth Portfolio - Adviser Class			Voya Retirement Moderate Portfolio - Adviser Class
Net assets at January 1, 2019	$	310,189		$	2,342,173		$	1,598,446		$	864,522
Increase (decrease) in net assets
Operations:
Net investment income (loss)		332			1,896			2,451			1,964
Total realized gain (loss) on investments and capital gains distributions		6,152			280,036			154,124			54,395
Net unrealized appreciation (depreciation) of investments		28,882			149,387			114,510			68,526
Net increase (decrease) in net assets resulting from operations		35,366			431,319			271,085			124,885
Changes from principal transactions:
Premiums		2,881			10,905			7,695			7,298
Death benefits		(11,113	)		(41,695	)		(40,984	)		(23,203	)
Surrenders and withdrawals		(35,380	)		(259,718	)		(170,478	)		(88,333	)
Contract charges		(2,925	)		(23,571	)		(13,892	)		(7,550	)
Cost of insurance and administrative charges		(51	)		(515	)		(289	)		(161	)
Transfers between Divisions (including fixed account), net		23,474			(23,462	)		(11,002	)		9,354
Increase (decrease) in net assets derived from principal transactions		(23,114	)		(338,056	)		(228,950	)		(102,595	)
Total increase (decrease) in net assets		12,252			93,263			42,135			22,290
Net assets at December 31, 2019		322,441			2,435,436			1,640,581			886,812
Increase (decrease) in net assets
Operations:
Net investment income (loss)		159			12,921			7,094			3,214
Total realized gain (loss) on investments and capital gains distributions		8,262			181,029			109,287			45,771
Net unrealized appreciation (depreciation) of investments		18,021			50,575			44,186			31,657
Net increase (decrease) in net assets resulting from operations		26,442			244,525			160,567			80,642
Changes from principal transactions:
Premiums		3,502			8,448			8,078			7,827
Death benefits		(11,134	)		(48,732	)		(47,923	)		(31,006	)
Surrenders and withdrawals		(32,178	)		(208,283	)		(133,850	)		(71,816	)
Contract charges		(2,889	)		(21,789	)		(12,923	)		(7,032	)
Cost of insurance and administrative charges		(49	)		(483	)		(271	)		(150	)
Transfers between Divisions (including fixed account), net		26,654			(22,299	)		(6,906	)		1,262
Increase (decrease) in net assets derived from principal transactions		(16,094	)		(293,138	)		(193,795	)		(100,915	)
Total increase (decrease) in net assets		10,348			(48,613	)		(33,228	)		(20,273	)
Net assets at December 31, 2020	$	332,789		$	2,386,823		$	1,607,353		$	866,539

The accompanying notes are an integral part of these financial statements.

103

VENERABLE INSURANCE AND ANNUITY COMPANY

SEPARATE ACCOUNT B

Statements of Changes in Net Assets

For the Years Ended December 31, 2020 and 2019

(Dollars in thousands)

	Voya U.S. Stock Index Portfolio - Service Class			VY® BlackRock Inflation Protected Bond Portfolio - Adviser Class			VY® BlackRock Inflation Protected Bond Portfolio - Service Class			VY® Clarion Global Real Estate Portfolio - Adviser Class
Net assets at January 1, 2019	$	—		$	707		$	148,078		$	256
Increase (decrease) in net assets
Operations:
Net investment income (loss)		2,500			8			672			4
Total realized gain (loss) on investments and capital gains distributions		44			1			(3,641	)		(1	)
Net unrealized appreciation (depreciation) of investments		1,638			39			11,904			54
Net increase (decrease) in net assets resulting from operations		4,182			48			8,935			57
Changes from principal transactions:
Premiums		111			12			861			(4	)
Death benefits		(379	)		—			(3,036	)		—
Surrenders and withdrawals		(1,806	)		(159	)		(19,793	)		(21	)
Contract charges		(80	)		—			(1,253	)		—
Cost of insurance and administrative charges		(1	)		—			(18	)		—
Transfers between Divisions (including fixed account), net		220,752			123			5,969			(4	)
Increase (decrease) in net assets derived from principal transactions		218,597			(24	)		(17,270	)		(29	)
Total increase (decrease) in net assets		222,779			24			(8,335	)		28
Net assets at December 31, 2019		222,779			731			139,743			284
Increase (decrease) in net assets
Operations:
Net investment income (loss)		(217	)		6			(332	)		9
Total realized gain (loss) on investments and capital gains distributions		7,997			2			925			5
Net unrealized appreciation (depreciation) of investments		23,241			89			11,838			(33	)
Net increase (decrease) in net assets resulting from operations		31,021			97			12,431			(19	)
Changes from principal transactions:
Premiums		658			123			818			19
Death benefits		(5,037	)		—			(3,688	)		—
Surrenders and withdrawals		(18,482	)		(26	)		(15,492	)		(44	)
Contract charges		(1,528	)		—			(1,225	)		—
Cost of insurance and administrative charges		(19	)		—			(18	)		—
Transfers between Divisions (including fixed account), net		(6,222	)		720			19,334			(49	)
Increase (decrease) in net assets derived from principal transactions		(30,630	)		817			(271	)		(74	)
Total increase (decrease) in net assets		391			914			12,160			(93	)
Net assets at December 31, 2020	$	223,170		$	1,645		$	151,903		$	191

The accompanying notes are an integral part of these financial statements.

104

VENERABLE INSURANCE AND ANNUITY COMPANY

 SEPARATE ACCOUNT B

Statements of Changes in Net Assets

For the Years Ended December 31, 2020 and 2019

(Dollars in thousands)

	VY® Clarion Global Real Estate Portfolio - Service Class			VY® Clarion Global Real Estate Portfolio - Service 2 Class			VY® Clarion Real Estate Portfolio - Adviser Class			VY® Clarion Real Estate Portfolio - Service Class
Net assets at January 1, 2019	$	56,621		$	734		$	591		$	110,260
Increase (decrease) in net assets
Operations:
Net investment income (loss)		557			5			8			382
Total realized gain (loss) on investments and capital gains distributions		4,180			60			(5	)		16,053
Net unrealized appreciation (depreciation) of investments		7,334			92			149			11,034
Net increase (decrease) in net assets resulting from operations		12,071			157			152			27,469
Changes from principal transactions:
Premiums		125			4			38			236
Death benefits		(1,320	)		(14	)		(2	)		(3,013	)
Surrenders and withdrawals		(7,059	)		(102	)		(99	)		(15,117	)
Contract charges		(477	)		(9	)		—			(672	)
Cost of insurance and administrative charges		(8	)		—			—			(34	)
Transfers between Divisions (including fixed account), net		(1,188	)		(2	)		(18	)		(2,050	)
Increase (decrease) in net assets derived from principal transactions		(9,927	)		(123	)		(81	)		(20,650	)
Total increase (decrease) in net assets		2,144			34			71			6,819
Net assets at December 31, 2019		58,765			768			662			117,079
Increase (decrease) in net assets
Operations:
Net investment income (loss)		1,919			22			9			569
Total realized gain (loss) on investments and capital gains distributions		5,805			66			44			20,790
Net unrealized appreciation (depreciation) of investments		(12,088	)		(148	)		(108	)		(31,688	)
Net increase (decrease) in net assets resulting from operations		(4,364	)		(60	)		(55	)		(10,329	)
Changes from principal transactions:
Premiums		13			—			29			82
Death benefits		(1,229	)		(1	)		—			(3,509	)
Surrenders and withdrawals		(4,190	)		(45	)		(14	)		(10,320	)
Contract charges		(373	)		(7	)		—			(522	)
Cost of insurance and administrative charges		(7	)		—			—			(28	)
Transfers between Divisions (including fixed account), net		489			8			(46	)		1,244
Increase (decrease) in net assets derived from principal transactions		(5,297	)		(45	)		(31	)		(13,053	)
Total increase (decrease) in net assets		(9,661	)		(105	)		(86	)		(23,382	)
Net assets at December 31, 2020	$	49,104		$	663		$	576		$	93,697

The accompanying notes are an integral part of these financial statements.

105

VENERABLE INSURANCE AND ANNUITY COMPANY

SEPARATE ACCOUNT B

Statements of Changes in Net Assets

For the Years Ended December 31, 2020 and 2019

(Dollars in thousands)

	VY® Clarion Real Estate Portfolio - Service 2 Class			VY® Invesco Growth and Income Portfolio - Adviser Class			VY® Invesco Growth and Income Portfolio - Service Class			VY® Invesco Growth and Income Portfolio - Service 2 Class
Net assets at January 1, 2019	$	9,719		$	1,010		$	260,912		$	24,265
Increase (decrease) in net assets
Operations:
Net investment income (loss)		8			11			1,835			111
Total realized gain (loss) on investments and capital gains distributions		1,509			10			23,347			3,406
Net unrealized appreciation (depreciation) of investments		886			170			30,472			1,609
Net increase (decrease) in net assets resulting from operations		2,403			191			55,654			5,126
Changes from principal transactions:
Premiums		20			41			1,989			114
Death benefits		(331	)		—			(10,052	)		(375	)
Surrenders and withdrawals		(1,000	)		(105	)		(28,778	)		(3,315	)
Contract charges		(97	)		—			(1,232	)		(211	)
Cost of insurance and administrative charges		(2	)		—			(55	)		(3	)
Transfers between Divisions (including fixed account), net		(349	)		(367	)		(6,113	)		(154	)
Increase (decrease) in net assets derived from principal transactions		(1,759	)		(431	)		(44,241	)		(3,944	)
Total increase (decrease) in net assets		644			(240	)		11,413			1,182
Net assets at December 31, 2019		10,363			770			272,325			25,447
Increase (decrease) in net assets
Operations:
Net investment income (loss)		34			8			861			31
Total realized gain (loss) on investments and capital gains distributions		1,800			(104	)		(3,600	)		(244	)
Net unrealized appreciation (depreciation) of investments		(2,789	)		118			182			96
Net increase (decrease) in net assets resulting from operations		(955	)		22			(2,557	)		(117	)
Changes from principal transactions:
Premiums		1			49			850			61
Death benefits		(200	)		—			(8,596	)		(550	)
Surrenders and withdrawals		(999	)		(48	)		(20,255	)		(1,737	)
Contract charges		(79	)		—			(954	)		(168	)
Cost of insurance and administrative charges		(1	)		—			(46	)		(2	)
Transfers between Divisions (including fixed account), net		290			(10	)		(5,311	)		(176	)
Increase (decrease) in net assets derived from principal transactions		(988	)		(9	)		(34,312	)		(2,572	)
Total increase (decrease) in net assets		(1,943	)		13			(36,869	)		(2,689	)
Net assets at December 31, 2020	$	8,420		$	783		$	235,456		$	22,758

The accompanying notes are an integral part of these financial statements.

106

VENERABLE INSURANCE AND ANNUITY COMPANY

SEPARATE ACCOUNT B

Statements of Changes in Net Assets

For the Years Ended December 31, 2020 and 2019

(Dollars in thousands)

	VY® JPMorgan Emerging Markets Equity Portfolio - Adviser Class			VY® JPMorgan Emerging Markets Equity Portfolio - Service Class			VY® JPMorgan Emerging Markets Equity Portfolio - Service 2 Class			VY® JPMorgan Small Cap Core Equity Portfolio - Adviser Class
Net assets at January 1, 2019	$	1,568		$	258,107		$	8,933		$	1,248
Increase (decrease) in net assets
Operations:
Net investment income (loss)		(16	)		(4,962	)		(180	)		(10	)
Total realized gain (loss) on investments and capital gains distributions		163			18,273			514			305
Net unrealized appreciation (depreciation) of investments		284			59,203			2,134			(26	)
Net increase (decrease) in net assets resulting from operations		431			72,514			2,468			269
Changes from principal transactions:
Premiums		40			1,054			19			42
Death benefits		—			(4,970	)		(108	)		—
Surrenders and withdrawals		(194	)		(29,025	)		(1,057	)		(66	)
Contract charges		—			(2,255	)		(90	)		—
Cost of insurance and administrative charges		—			(43	)		(1	)		—
Transfers between Divisions (including fixed account), net		(171	)		(661	)		(168	)		(258	)
Increase (decrease) in net assets derived from principal transactions		(325	)		(35,900	)		(1,405	)		(282	)
Total increase (decrease) in net assets		106			36,614			1,063			(13	)
Net assets at December 31, 2019		1,674			294,721			9,996			1,235
Net investment income (loss)		(12	)		(3,842	)		(156	)		(9	)
Increase (decrease) in net assets
Operations:
Total realized gain (loss) on investments and capital gains distributions		92			23,747			891			(176	)
Net unrealized appreciation (depreciation) of investments		260			56,579			1,986			331
Net increase (decrease) in net assets resulting from operations		340			76,484			2,721			146
Changes from principal transactions:
Premiums		35			919			6			20
Death benefits		—			(5,150	)		(112	)		—
Surrenders and withdrawals		(139	)		(28,153	)		(930	)		(46	)
Contract charges		—			(2,117	)		(87	)		—
Cost of insurance and administrative charges		—			(40	)		(1	)		—
Transfers between Divisions (including fixed account), net		(352	)		(13,759	)		(289	)		7
Increase (decrease) in net assets derived from principal transactions		(456	)		(48,300	)		(1,413	)		(19	)
Total increase (decrease) in net assets		(116	)		28,184			1,308			127
Net assets at December 31, 2020	$	1,558		$	322,905		$	11,304		$	1,362

The accompanying notes are an integral part of these financial statements.

107

VENERABLE INSURANCE AND ANNUITY COMPANY

SEPARATE ACCOUNT B

Statements of Changes in Net Assets

For the Years Ended December 31, 2020 and 2019

(Dollars in thousands)

	VY® Morgan Stanley Global Franchise Portfolio - Adviser Class			VY® Morgan Stanley Global Franchise Portfolio - Service Class			VY® Morgan Stanley Global Franchise Portfolio - Service 2 Class			VY® T. Rowe Price Capital Appreciation Portfolio - Adviser Class
Net assets at January 1, 2019	$	1,906		$	238,037		$	34,473		$	34,998
Increase (decrease) in net assets
Operations:
Net investment income (loss)		(5	)		(2,521	)		(458	)		201
Total realized gain (loss) on investments and capital gains distributions		235			24,929			4,115			2,438
Net unrealized appreciation (depreciation) of investments		280			38,570			5,137			5,451
Net increase (decrease) in net assets resulting from operations		510			60,978			8,794			8,090
Changes from principal transactions:
Premiums		35			1,450			68			2,238
Death benefits		—			(4,533	)		(537	)		(26	)
Surrenders and withdrawals		(242	)		(29,062	)		(3,827	)		(3,118	)
Contract charges		—			(1,884	)		(301	)		—
Cost of insurance and administrative charges		—			(36	)		(5	)		(1	)
Transfers between Divisions (including fixed account), net		(64	)		(4,568	)		(779	)		1,084
Increase (decrease) in net assets derived from principal transactions		(271	)		(38,633	)		(5,381	)		177
Total increase (decrease) in net assets		239			22,345			3,413			8,267
Net assets at December 31, 2019		2,145			260,382			37,886			43,265
Increase (decrease) in net assets
Operations:
Net investment income (loss)		(6	)		(2,682	)		(473	)		125
Total realized gain (loss) on investments and capital gains distributions		188			17,484			2,714			3,501
Net unrealized appreciation (depreciation) of investments		55			10,762			1,534			2,913
Net increase (decrease) in net assets resulting from operations		237			25,564			3,775			6,539
Changes from principal transactions:
Premiums		35			655			293			3,110
Death benefits		—			(4,982	)		(744	)		(17	)
Surrenders and withdrawals		(131	)		(21,608	)		(3,391	)		(2,206	)
Contract charges		—			(1,748	)		(288	)		—
Cost of insurance and administrative charges		—			(32	)		(5	)		(1	)
Transfers between Divisions (including fixed account), net		(26	)		(3,343	)		(48	)		(2,265	)
Increase (decrease) in net assets derived from principal transactions		(122	)		(31,058	)		(4,183	)		(1,379	)
Total increase (decrease) in net assets		115			(5,494	)		(408	)		5,160
Net assets at December 31, 2020	$	2,260		$	254,888		$	37,478		$	48,425

The accompanying notes are an integral part of these financial statements.

108

VENERABLE INSURANCE AND ANNUITY COMPANY

SEPARATE ACCOUNT B

Statements of Changes in Net Assets

For the Years Ended December 31, 2020 and 2019

(Dollars in thousands)

	VY® T. Rowe Price Capital Appreciation Portfolio - Service Class			VY® T. Rowe Price Capital Appreciation Portfolio - Service 2 Class			VY® T. Rowe Price Equity Income Portfolio - Adviser Class			VY® T. Rowe Price International Stock Portfolio - Adviser Class
Net assets at January 1, 2019	$	2,189,453		$	51,188		$	1,102		$	547
Increase (decrease) in net assets
Operations:
Net investment income (loss)		(7,718	)		(307	)		16			(4	)
Total realized gain (loss) on investments and capital gains distributions		200,129			4,315			310			46
Net unrealized appreciation (depreciation) of investments		276,383			6,602			(62	)		122
Net increase (decrease) in net assets resulting from operations		468,794			10,610			264			164
Changes from principal transactions:
Premiums		15,996			212			27			8
Death benefits		(52,612	)		(706	)		—			—
Surrenders and withdrawals		(277,963	)		(7,519	)		(104	)		(65	)
Contract charges		(16,472	)		(443	)		—			—
Cost of insurance and administrative charges		(301	)		(6	)		—			—
Transfers between Divisions (including fixed account), net		46,330			(43	)		4			218
Increase (decrease) in net assets derived from principal transactions		(285,022	)		(8,505	)		(73	)		161
Total increase (decrease) in net assets		183,772			2,105			191			325
Net assets at December 31, 2019		2,373,225			53,293			1,293			872
Increase (decrease) in net assets
Operations:
Net investment income (loss)		(10,606	)		(359	)		36			4
Total realized gain (loss) on investments and capital gains distributions		223,456			4,471			(145	)		(43	)
Net unrealized appreciation (depreciation) of investments		126,089			3,109			79			38
Net increase (decrease) in net assets resulting from operations		338,939			7,221			(30	)		(1	)
Changes from principal transactions:
Premiums		14,315			76			48			24
Death benefits		(52,111	)		(599	)		—			(11	)
Surrenders and withdrawals		(203,634	)		(7,655	)		(49	)		(240	)
Contract charges		(15,607	)		(410	)		—			—
Cost of insurance and administrative charges		(287	)		(6	)		—			—
Transfers between Divisions (including fixed account), net		(5,188	)		254			24			(160	)
Increase (decrease) in net assets derived from principal transactions		(262,512	)		(8,340	)		23			(387	)
Total increase (decrease) in net assets		76,427			(1,119	)		(7	)		(388	)
Net assets at December 31, 2020	$	2,449,652		$	52,174		$	1,286		$	484

The accompanying notes are an integral part of these financial statements.

109

VENERABLE INSURANCE AND ANNUITY COMPANY

SEPARATE ACCOUNT B

Statements of Changes in Net Assets

For the Years Ended December 31, 2020 and 2019

(Dollars in thousands)

	VY® T. Rowe Price International Stock Portfolio - Service Class			Voya Global Bond Portfolio - Adviser Class			Voya Global Bond Portfolio - Service Class			Voya International High Dividend Low Volatility Portfolio - Adviser Class
Net assets at January 1, 2019	$	118,120		$	539		$	3,612		$	604
Increase (decrease) in net assets
Operations:
Net investment income (loss)		(1,321	)		8			59			3
Total realized gain (loss) on investments and capital gains distributions		9,609			10			33			51
Net unrealized appreciation (depreciation) of investments		19,978			13			140			33
Net increase (decrease) in net assets resulting from operations		28,266			31			232			87
Changes from principal transactions:
Premiums		597			(105	)		139			44
Death benefits		(2,743	)		—			(46	)		—
Surrenders and withdrawals		(12,395	)		—			(334	)		(30	)
Contract charges		(942	)		—			(17	)		—
Cost of insurance and administrative charges		(15	)		—			—			—
Transfers between Divisions (including fixed account), net		(1,409	)		1			(109	)		(44	)
Increase (decrease) in net assets derived from principal transactions		(16,907	)		(104	)		(367	)		(30	)
Total increase (decrease) in net assets		11,359			(73	)		(135	)		57
Net assets at December 31, 2019		129,479			466			3,477			661
Increase (decrease) in net assets
Operations:
Net investment income (loss)		816			7			54			15
Total realized gain (loss) on investments and capital gains distributions		4,611			(11	)		(19	)		55
Net unrealized appreciation (depreciation) of investments		8,217			29			209			(67	)
Net increase (decrease) in net assets resulting from operations		13,644			25			244			3
Changes from principal transactions:
Premiums		706			7			99			19
Death benefits		(2,076	)		—			(107	)		—
Surrenders and withdrawals		(10,381	)		—			(225	)		(65	)
Contract charges		(868	)		—			(16	)		—
Cost of insurance and administrative charges		(13	)		—			—			—
Transfers between Divisions (including fixed account), net		360			(1	)		(47	)		167
Increase (decrease) in net assets derived from principal transactions		(12,272	)		6			(296	)		121
Total increase (decrease) in net assets		1,372			31			(52	)		124
Net assets at December 31, 2020	$	130,851		$	497		$	3,425		$	785

The accompanying notes are an integral part of these financial statements.

110

VENERABLE INSURANCE AND ANNUITY COMPANY

SEPARATE ACCOUNT B

Statements of Changes in Net Assets

For the Years Ended December 31, 2020 and 2019

(Dollars in thousands)

	Voya International High Dividend Low Volatility Portfolio - Service Class			Voya Solution 2025 Portfolio - Adviser Class			Voya Solution 2025 Portfolio - Service Class			Voya Solution 2035 Portfolio - Adviser Class
Net assets at January 1, 2019	$	289,679		$	431		$	13,131		$	230
Increase (decrease) in net assets
Operations:
Net investment income (loss)		206			7			170			3
Total realized gain (loss) on investments and capital gains distributions		32,185			34			1,188			15
Net unrealized appreciation (depreciation) of investments		7,098			33			734			33
Net increase (decrease) in net assets resulting from operations		39,489			74			2,092			51
Changes from principal transactions:
Premiums		1,177			7			4			—
Death benefits		(5,179	)		—			—			—
Surrenders and withdrawals		(31,171	)		(19	)		(1,735	)		(43	)
Contract charges		(2,243	)		—			(86	)		—
Cost of insurance and administrative charges		(40	)		—			(1	)		—
Transfers between Divisions (including fixed account), net		745			(6	)		62			2
Increase (decrease) in net assets derived from principal transactions		(36,711	)		(18	)		(1,756	)		(41	)
Total increase (decrease) in net assets		2,778			56			336			10
Net assets at December 31, 2019		292,457			487			13,467			240
Increase (decrease) in net assets
Operations:
Net investment income (loss)		4,006			7			124			1
Total realized gain (loss) on investments and capital gains distributions		31,151			25			636			(5	)
Net unrealized appreciation (depreciation) of investments		(45,763	)		47			675			9
Net increase (decrease) in net assets resulting from operations		(10,606	)		79			1,435			5
Changes from principal transactions:
Premiums		750			2			52			—
Death benefits		(5,197	)		—			(235	)		—
Surrenders and withdrawals		(22,718	)		(17	)		(658	)		(104	)
Contract charges		(1,856	)		—			(79	)		—
Cost of insurance and administrative charges		(36	)		—			—			—
Transfers between Divisions (including fixed account), net		3,215			167			(200	)		(29	)
Increase (decrease) in net assets derived from principal transactions		(25,842	)		152			(1,120	)		(133	)
Total increase (decrease) in net assets		(36,448	)		231			315			(128	)
Net assets at December 31, 2020	$	256,009		$	718		$	13,782		$	112

The accompanying notes are an integral part of these financial statements.

111

VENERABLE INSURANCE AND ANNUITY COMPANY

SEPARATE ACCOUNT B

Statements of Changes in Net Assets

For the Years Ended December 31, 2020 and 2019

(Dollars in thousands)

	Voya Solution 2035 Portfolio - Service Class			Voya Solution 2045 Portfolio - Adviser Class			Voya Solution 2045 Portfolio - Service Class			Voya Solution 2055 Portfolio - Adviser Class
Net assets at January 1, 2019	$	7,448		$	72		$	794		$	89
Increase (decrease) in net assets
Operations:
Net investment income (loss)		93			—			6			—
Total realized gain (loss) on investments and capital gains distributions		751			10			109			3
Net unrealized appreciation (depreciation)of investments		655			7			53			9
Net increase (decrease) in net assets resulting from operations		1,499			17			168			12
Changes from principal transactions:
Premiums		1			11			1			—
Death benefits		—			—			—			—
Surrenders and withdrawals		(434	)		—			(102	)		—
Contract charges		(52	)		—			(5	)		—
Cost of insurance and administrative charges		—			—			—			—
Transfers between Divisions (including fixed account), net		(17	)		(1	)		(11	)		(94	)
Increase (decrease) in net assets derived from principal transactions		(502	)		10			(117	)		(94	)
Total increase (decrease) in net assets		997			27			51			(82	)
Net assets at December 31, 2019		8,445			99			845			7
Increase (decrease) in net assets
Operations:
Net investment income (loss)		62			—			4			—
Total realized gain (loss) on investments and capital gains distributions		627			4			60			—
Net unrealized appreciation (depreciation)of investments		355			7			64			1
Net increase (decrease) in net assets resulting from operations		1,044			11			128			1
Changes from principal transactions:
Premiums		1			—			1			—
Death benefits		(164	)		—			—			—
Surrenders and withdrawals		(565	)		—			(16	)		—
Contract charges		(53	)		—			(5	)		—
Cost of insurance and administrative charges		—			—			—			—
Transfers between Divisions (including fixed acccount), net		159			(22	)		(18	)		—
Increase (decrease) in net assets derived from principal transactions		(622	)		(22	)		(38	)		—
Total increase (decrease) in net assets		422			(11	)		90			1
Net assets at December 31, 2020	$	8,867		$	88		$	935		$	8

The accompanying notes are an integral part of these financial statements.

112

VENERABLE INSURANCE AND ANNUITY COMPANY

SEPARATE ACCOUNT B

Statements of Changes in Net Assets

For the Years Ended December 31, 2020 and 2019

(Dollars in thousands)

	Voya Solution Income Portfolio - Adviser Class			Voya Solution Income Portfolio - Service Class			Voya Solution Moderately Aggressive Portfolio - Service Class			VY® American Century Small- Mid Cap Value Portfolio - Adviser Class
Net assets at January 1, 2019	$	766		$	13,547		$	510,312		$	1,050
Increase (decrease) in net assets
Operations:
Net investment income (loss)		11			241			2,952			3
Total realized gain (loss) on investments and capital gains distributions		21			379			45,832			116
Net unrealized appreciation (depreciation) of investments		47			939			50,793			174
Net increase (decrease) in net assets resulting from operations		79			1,559			99,577			293
Changes from principal transactions:
Premiums		6			245			1,612			—
Death benefits		—			(168	)		(9,186	)		—
Surrenders and withdrawals		(26	)		(2,061	)		(46,556	)		(69	)
Contract charges		—			(80	)		(4,961	)		—
Cost of insurance and administrative charges		—			(1	)		(79	)		—
Transfers between Divisions (including fixed account), net		(127	)		408			(10,637	)		(101	)
Increase (decrease) in net assets derived from principal transactions		(147	)		(1,657	)		(69,807	)		(170	)
Total increase (decrease) in net assets		(68	)		(98	)		29,770			123
Net assets at December 31, 2019		698			13,449			540,082			1,173
Increase (decrease) in net assets
Operations:
Net investment income (loss)		11			166			1,152			4
Total realized gain (loss) on investments and capital gains distributions		12			203			35,482			(83	)
Net unrealized appreciation (depreciation) of investments		60			914			18,845			101
Net increase (decrease) in net assets resulting from operations		83			1,283			55,479			22
Changes from principal transactions:
Premiums		(3	)		192			1,278			105
Death benefits		—			(396	)		(9,113	)		—
Surrenders and withdrawals		(74	)		(1,356	)		(39,752	)		(40	)
Contract charges		—			(70	)		(4,601	)		—
Cost of insurance and administrative charges		—			(1	)		(75	)		—
Transfers between Divisions (including fixed acccount), net		95			(351	)		(8,287	)		(26	)
Increase (decrease) in net assets derived from principal transactions		18			(1,982	)		(60,550	)		39
Total increase (decrease) in net assets		101			(699	)		(5,071	)		61
Net assets at December 31, 2020	$	799		$	12,750		$	535,011		$	1,234

The accompanying notes are an integral part of these financial statements.

113

VENERABLE INSURANCE AND ANNUITY COMPANY

SEPARATE ACCOUNT B

Statements of Changes in Net Assets

For the Years Ended December 31, 2020 and 2019

(Dollars in thousands)

	VY® American Century Small- Mid Cap Value Portfolio - Service Class			VY® Baron Growth Portfolio - Adviser Class			VY® Columbia Contrarian Core Portfolio - Adviser Class			VY® Columbia Small Cap Value II Portfolio - Adviser Class
Net assets at January 1, 2019	$	2,269		$	1,156		$	750		$	750
Increase (decrease) in net assets
Operations:
Net investment income (loss)		6			(11	)		6			(6	)
Total realized gain (loss) on investments and capital gains distributions		114			685			336			60
Net unrealized appreciation (depreciation) of investments		509			(250	)		(110	)		72
Net increase (decrease) in net assets resulting from operations		629			424			232			126
Changes from principal transactions:
Premiums		1			(47	)		82			4
Death benefits		(25	)		—			—			—
Surrenders and withdrawals		(457	)		(178	)		(49	)		(68	)
Contract charges		(14	)		—			—			—
Cost of insurance and administrative charges		—			—			—			—
Transfers between Divisions (including fixed account), net		78			68			(36	)		(202	)
Increase (decrease) in net assets derived from principal transactions		(417	)		(157	)		(3	)		(266	)
Total increase (decrease) in net assets		212			267			229			(140	)
Net assets at December 31, 2019		2,481			1,423			979			610
Increase (decrease) in net assets
Operations:
Net investment income (loss)		7			(11	)		(8	)		(3	)
Total realized gain (loss) on investments and capital gains distributions		(46	)		(101	)		(68	)		(35	)
Net unrealized appreciation (depreciation) of investments		56			551			283			63
Net increase (decrease) in net assets resulting from operations		17			439			207			25
Changes from principal transactions:
Premiums		13			(23	)		30			9
Death benefits		(85	)		—			—			—
Surrenders and withdrawals		(205	)		(110	)		(25	)		(32	)
Contract charges		(10	)		—			—			—
Cost of insurance and administrative charges		—			—			—			—
Transfers between Divisions (including fixed acccount), net		(56	)		(147	)		12			(85	)
Increase (decrease) in net assets derived from principal transactions		(343	)		(280	)		17			(108	)
Total increase (decrease) in net assets		(326	)		159			224			(83	)
Net assets at December 31, 2020	$	2,155		$	1,582		$	1,203		$	527

The accompanying notes are an integral part of these financial statements.

114

VENERABLE INSURANCE AND ANNUITY COMPANY
SEPARATE ACCOUNT B

Statements of Changes in Net Assets

For the Years Ended December 31, 2020 and 2019

(Dollars in thousands)

	VY® Columbia Small Cap Value II Portfolio - Service Class			VY® Invesco Equity and Income Portfolio - Adviser Class			VY® Invesco Equity and Income Portfolio - Initial Class			VY® Invesco Equity and Income Portfolio - Service Class
Net assets at January 1, 2019	$	67,084		$	1,116		$	834		$	406,188
Increase (decrease) in net assets
Operations:
Net investment income (loss)		(1,013	)		10			11			106
Total realized gain (loss) on investments and capital gains distributions		16,537			57			78			14,187
Net unrealized appreciation (depreciation) of investments		(3,886	)		123			64			53,982
Net increase (decrease) in net assets resulting from operations		11,638			190			153			68,275
Changes from principal transactions:
Premiums		126			114			—			494
Death benefits		(1,221	)		—			(21	)		(12,406	)
Surrenders and withdrawals		(7,494	)		(61	)		(54	)		(45,008	)
Contract charges		(566	)		—			—			(2,290	)
Cost of insurance and administrative charges		(8	)		—			9			(94	)
Transfers between Divisions (including fixed account), net		(1,235	)		(155	)		(6	)		(6,003	)
Increase (decrease) in net assets derived from principal transactions		(10,398	)		(102	)		(72	)		(65,307	)
Total increase (decrease) in net assets		1,240			88			81			2,968
Net assets at December 31, 2019		68,324			1,204			915			409,156
Increase (decrease) in net assets
Operations:
Net investment income (loss)		(585	)		8			8			(347	)
Total realized gain (loss) on investments and capital gains distributions		8,052			43			97			5,041
Net unrealized appreciation (depreciation) of investments		(3,418	)		50			(45	)		20,117
Net increase (decrease) in net assets resulting from operations		4,049			101			60			24,811
Changes from principal transactions:
Premiums		34			16			—			108
Death benefits		(948	)		(27	)		(135	)		(13,338	)
Surrenders and withdrawals		(4,865	)		(11	)		(56	)		(29,041	)
Contract charges		(442	)		—			—			(1,952	)
Cost of insurance and administrative charges		(7	)		—			—			(78	)
Transfers between Divisions (including fixed acccount), net		(1,330	)		46			(18	)		(9,844	)
Increase (decrease) in net assets derived from principal transactions		(7,558	)		24			(209	)		(54,145	)
Total increase (decrease) in net assets		(3,509	)		125			(149	)		(29,334	)
Net assets at December 31, 2020	$	64,815		$	1,329		$	766		$	379,822

The accompanying notes are an integral part of these financial statements.

115

VENERABLE INSURANCE AND ANNUITY COMPANY

SEPARATE ACCOUNT B

Statements of Changes in Net Assets

For the Years Ended December 31, 2020 and 2019

(Dollars in thousands)

	VY® Invesco Equity and Income Portfolio - Service 2 Class			VY® Invesco Oppenheimer Global Portfolio - Adviser Class			VY® Invesco Oppenheimer Global Portfolio - Initial Class			VY® Invesco Oppenheimer Global Portfolio - Service Class
Net assets at January 1, 2019	$	314,791		$	1,004		$	2,562		$	120,046
Increase (decrease) in net assets
Operations:
Net investment income (loss)		(251	)		(7	)		(19	)		(1,911	)
Total realized gain (loss) on investments and capital gains distributions		14,940			167			622			22,463
Net unrealized appreciation (depreciation) of investments		37,988			96			134			12,362
Net increase (decrease) in net assets resulting from operations		52,677			256			737			32,914
Changes from principal transactions:
Premiums		1,599			24			1			418
Death benefits		(5,190	)		—			(67	)		(2,102	)
Surrenders and withdrawals		(32,517	)		(123	)		(286	)		(12,515	)
Contract charges		(2,988	)		—			—			(964	)
Cost of insurance and administrative charges		(39	)		—			(1	)		(14	)
Transfers between Divisions (including fixed account), net		(5,908	)		(205	)		(23	)		(6,623	)
Increase (decrease) in net assets derived from principal transactions		(45,043	)		(304	)		(376	)		(21,800	)
Total increase (decrease) in net assets		7,634			(48	)		361			11,114
Net assets at December 31, 2019		322,425			956			2,923			131,160
Increase (decrease) in net assets
Operations:
Net investment income (loss)		(554	)		(1	)		(1	)		(915	)
Total realized gain (loss) on investments and capital gains distributions		7,350			(34	)		287			2,924
Net unrealized appreciation (depreciation) of investments		12,775			211			392			25,922
Net increase (decrease) in net assets resulting from operations		19,571			176			678			27,931
Changes from principal transactions:
Premiums		2,317			37			—			527
Death benefits		(7,008	)		—			(138	)		(2,300	)
Surrenders and withdrawals		(27,604	)		(69	)		(159	)		(11,378	)
Contract charges		(2,648	)		—			—			(859	)
Cost of insurance and administrative charges		(36	)		—			—			(13	)
Transfers between Divisions (including fixed acccount), net		(4,260	)		(164	)		(59	)		(8,172	)
Increase (decrease) in net assets derived from principal transactions		(39,239	)		(196	)		(356	)		(22,195	)
Total increase (decrease) in net assets		(19,668	)		(20	)		322			5,736
Net assets at December 31, 2020	$	302,757		$	936		$	3,245		$	136,896

The accompanying notes are an integral part of these financial statements.

116

VENERABLE INSURANCE AND ANNUITY COMPANY

SEPARATE ACCOUNT B

Statements of Changes in Net Assets

For the Years Ended December 31, 2020 and 2019

(Dollars in thousands)

	VY® JPMorgan Mid Cap Value Portfolio - Adviser Class			VY® JPMorgan Mid Cap Value Portfolio - Service Class			VY® T. Rowe Price Diversified Mid Cap Growth Portfolio - Adviser Class			VY® T. Rowe Price Diversified Mid Cap Growth Portfolio - Service Class
Net assets at January 1, 2019	$	1,841		$	92,097		$	696		$	6,589
Increase (decrease) in net assets
Operations:
Net investment income (loss)		(4	)		(811	)		(7	)		(66	)
Total realized gain (loss) on investments and capital gains distributions		215			9,999			106			1,175
Net unrealized appreciation (depreciation) of investments		220			11,824			140			1,151
Net increase (decrease) in net assets resulting from operations		431			21,012			239			2,260
Changes from principal transactions:
Premiums		(3	)		105			3			65
Death benefits		—			(1,407	)		—			(91	)
Surrenders and withdrawals		(133	)		(10,412	)		(139	)		(1,030	)
Contract charges		—			(725	)		—			(46	)
Cost of insurance and administrative charges		—			(10	)		—			—
Transfers between Divisions (including fixed account), net		(121	)		(2,795	)		45			(64	)
Increase (decrease) in net assets derived from principal transactions		(257	)		(15,244	)		(91	)		(1,166	)
Total increase (decrease) in net assets		174			5,768			148			1,094
Net assets at December 31, 2019		2,015			97,865			844			7,683
Increase (decrease) in net assets
Operations:
Net investment income (loss)		—			(478	)		(9	)		(74	)
Total realized gain (loss) on investments and capital gains distributions		26			554			86			755
Net unrealized appreciation (depreciation) of investments		(64	)		(3,404	)		205			1,516
Net increase (decrease) in net assets resulting from operations		(38	)		(3,328	)		282			2,197
Changes from principal transactions:
Premiums		32			54			38			34
Death benefits		—			(1,494	)		—			(159	)
Surrenders and withdrawals		(165	)		(7,131	)		(39	)		(426	)
Contract charges		—			(566	)		—			(43	)
Cost of insurance and administrative charges		—			(8	)		—			—
Transfers between Divisions (including fixed acccount), net		(151	)		(2,820	)		120			(192	)
Increase (decrease) in net assets derived from principal transactions		(284	)		(11,965	)		119			(786	)
Total increase (decrease) in net assets		(322	)		(15,293	)		401			1,411
Net assets at December 31, 2020	$	1,693		$	82,572		$	1,245		$	9,094

The accompanying notes are an integral part of these financial statements.

117

VENERABLE INSURANCE AND ANNUITY COMPANY

SEPARATE ACCOUNT B

Statements of Changes in Net Assets

For the Years Ended December 31, 2020 and 2019

(Dollars in thousands)

	VY® T. Rowe Price Growth Equity Portfolio - Adviser Class			Voya Strategic Allocation Conservative Portfolio - Class S			Voya Strategic Allocation Growth Portfolio - Class S			Voya Strategic Allocation Moderate Portfolio - Class S
Net assets at January 1, 2019	$	3,000		$	1,760		$	638		$	807
Increase (decrease) in net assets
Operations:
Net investment income (loss)		(26	)		25			9			12
Total realized gain (loss) on investments and capital gains distributions		800			131			145			73
Net unrealized appreciation (depreciation) of investments		62			95			(33	)		57
Net increase (decrease) in net assets resulting from operations		836			251			121			142
Changes from principal transactions:
Premiums		13			—			1			—
Death benefits		—			—			—			—
Surrenders and withdrawals		(247	)		(557	)		(326	)		(49	)
Contract charges		—			(7	)		(6	)		(5	)
Cost of insurance and administrative charges		—			—			—			—
Transfers between Divisions (including fixed account), net		(163	)		748			(2	)		34
Increase (decrease) in net assets derived from principal transactions		(397	)		184			(333	)		(20	)
Total increase (decrease) in net assets		439			435			(212	)		122
Net assets at December 31, 2019		3,439			2,195			426			929
Increase (decrease) in net assets
Operations:
Net investment income (loss)		(28	)		27			3			8
Total realized gain (loss) on investments and capital gains distributions		170			75			34			67
Net unrealized appreciation (depreciation) of investments		995			94			17			13
Net increase (decrease) in net assets resulting from operations		1,137			196			54			88
Changes from principal transactions:
Premiums		6			—			1			—
Death benefits		—			—			—			(38	)
Surrenders and withdrawals		(123	)		(118	)		(5	)		(102	)
Contract charges		—			(6	)		(3	)		(4	)
Cost of insurance and administrative charges		—			—			—			—
Transfers between Divisions (including fixed acccount), net		(60	)		157			(3	)		(4	)
Increase (decrease) in net assets derived from principal transactions		(177	)		33			(10	)		(148	)
Total increase (decrease) in net assets		960			229			44			(60	)
Net assets at December 31, 2020	$	4,399		$	2,424		$	470		$	869

The accompanying notes are an integral part of these financial statements.

118

VENERABLE INSURANCE AND ANNUITY COMPANY

SEPARATE ACCOUNT B

Statements of Changes in Net Assets

For the Years Ended December 31, 2020 and 2019

(Dollars in thousands)

	Voya Growth and Income Portfolio - Class A			Voya Growth and Income Portfolio - Class I			Voya Growth and Income Portfolio - Class S			Voya Euro STOXX 50® Index Portfolio - Class A
Net assets at January 1, 2019	$	751,046		$	550		$	407,495		$	15,530
Increase (decrease) in net assets
Operations:
Net investment income (loss)		(4,654	)		2			(1,792	)		1,435
Total realized gain (loss) on investments and capital gains distributions		107,340			66			60,946			72
Net unrealized appreciation (depreciation) of investments		81,862			77			42,040			1,826
Net increase (decrease) in net assets resulting from operations		184,548			145			101,194			3,333
Changes from principal transactions:
Premiums		4,624			—			685			135
Death benefits		(15,460	)		—			(11,255	)		(225	)
Surrenders and withdrawals		(90,865	)		(60	)		(46,068	)		(1,844	)
Contract charges		(5,564	)		—			(2,407	)		(134	)
Cost of insurance and administrative charges		(106	)		—			(90	)		(2	)
Transfers between Divisions (including fixed account), net		(14,030	)		(2	)		(7,334	)		(467	)
Increase (decrease) in net assets derived from principal transactions		(121,401	)		(62	)		(66,469	)		(2,537	)
Total increase (decrease) in net assets		63,147			83			34,725			796
Net assets at December 31, 2019		814,193			633			442,220			16,326
Increase (decrease) in net assets
Operations:
Net investment income (loss)		(5,892	)		—			(2,487	)		74
Total realized gain (loss) on investments and capital gains distributions		96,510			61			52,982			(4,769	)
Net unrealized appreciation (depreciation) of investments		12,162			29			6,174			366
Net increase (decrease) in net assets resulting from operations		102,780			90			56,669			(4,329	)
Changes from principal transactions:
Premiums		2,755			—			196			1
Death benefits		(15,803	)		(20	)		(10,374	)		(9	)
Surrenders and withdrawals		(63,689	)		(17	)		(32,687	)		(660	)
Contract charges		(5,018	)		—			(2,159	)		(33	)
Cost of insurance and administrative charges		(93	)		—			(84	)		(1	)
Transfers between Divisions (including fixed acccount), net		(17,987	)		(4	)		(8,327	)		(11,295	)
Increase (decrease) in net assets derived from principal transactions		(99,835	)		(41	)		(53,435	)		(11,997	)
Total increase (decrease) in net assets		2,945			49			3,234			(16,326	)
Net assets at December 31, 2020	$	817,138		$	682		$	445,454		$	—

The accompanying notes are an integral part of these financial statements.

119

VENERABLE INSURANCE AND ANNUITY COMPANY

SEPARATE ACCOUNT B

Statements of Changes in Net Assets

For the Years Ended December 31, 2020 and 2019

(Dollars in thousands)

	Voya FTSE 100® Index Portfolio - Class A			Voya Global High Dividend Low Volatility Portfolio - Class A			Voya Global High Dividend Low Volatility Portfolio - Class S			Voya Hang Seng Index Portfolio - Class S
Net assets at January 1, 2019	$	3,998		$	19		$	338,627		$	21,891
Increase (decrease) in net assets
Operations:
Net investment income (loss)		612			—			3,333			1,088
Total realized gain (loss) on investments and capital gains distributions		(105	)		1			23,162			2,961
Net unrealized appreciation (depreciation) of investments		194			2			49,538			(1,985	)
Net increase (decrease) in net assets resulting from operations		701			3			76,033			2,064
Changes from principal transactions:
Premiums		703			—			630			198
Death benefits		(146	)		—			(7,044	)		(715	)
Surrenders and withdrawals		(686	)		(2	)		(41,495	)		(1,998	)
Contract charges		(57	)		—			(3,558	)		(200	)
Cost of insurance and administrative charges		(1	)		—			(81	)		(3	)
Transfers between Divisions (including fixed account), net		(415	)		1			135,673			(1,503	)
Increase (decrease) in net assets derived from principal transactions		(602	)		(1	)		84,125			(4,221	)
Total increase (decrease) in net assets		99			2			160,158			(2,157	)
Net assets at December 31, 2019		4,097			21			498,785			19,734
Increase (decrease) in net assets
Operations:
Net investment income (loss)		270			—			2,161			(42	)
Total realized gain (loss) on investments and capital gains distributions		(2,043	)		—			1,235			(7,960	)
Net unrealized appreciation (depreciation) of investments		574			(1	)		(21,846	)		5,154
Net increase (decrease) in net assets resulting from operations		(1,199	)		(1	)		(18,450	)		(2,848	)
Changes from principal transactions:
Premiums		2,643			—			189			2
Death benefits		(11	)		—			(8,441	)		(37	)
Surrenders and withdrawals		(241	)		—			(38,513	)		(471	)
Contract charges		(15	)		—			(3,585	)		(53	)
Cost of insurance and administrative charges		—			—			(76	)		(1	)
Transfers between Divisions (including fixed acccount), net		(5,274	)		—			(1,759	)		(16,326	)
Increase (decrease) in net assets derived from principal transactions		(2,898	)		—			(52,185	)		(16,886	)
Total increase (decrease) in net assets		(4,097	)		(1	)		(70,635	)		(19,734	)
Net assets at December 31, 2020	$	—		$	20		$	428,150		$	—

The accompanying notes are an integral part of these financial statements.

120

VENERABLE INSURANCE AND ANNUITY COMPANY

SEPARATE ACCOUNT B

Statements of Changes in Net Assets

For the Years Ended December 31, 2020 and 2019

(Dollars in thousands)

	Voya Index Plus LargeCap Portfolio - Class S			Voya Index Plus MidCap Portfolio - Class S			Voya Index Plus SmallCap Portfolio - Class S			Voya International Index Portfolio - Class A
Net assets at January 1, 2019	$	114,697		$	59,709		$	46,564		$	495,552
Increase (decrease) in net assets
Operations:
Net investment income (loss)		(296	)		(378	)		(465	)		4,536
Total realized gain (loss) on investments and capital gains distributions		23,165			8,657			9,826			627
Net unrealized appreciation (depreciation) of investments		6,784			5,806			(690	)		82,496
Net increase (decrease) in net assets resulting from operations		29,653			14,085			8,671			87,659
Changes from principal transactions:
Premiums		248			158			101			2,553
Death benefits		(2,750	)		(1,025	)		(850	)		(10,748	)
Surrenders and withdrawals		(16,099	)		(6,164	)		(4,371	)		(54,202	)
Contract charges		(632	)		(380	)		(294	)		(3,793	)
Cost of insurance and administrative charges		(21	)		(9	)		(7	)		(76	)
Transfers between Divisions (including fixed account), net		(3,758	)		(1,693	)		(626	)		(7,650	)
Increase (decrease) in net assets derived from principal transactions		(23,012	)		(9,113	)		(6,047	)		(73,916	)
Total increase (decrease) in net assets		6,641			4,972			2,624			13,743
Net assets at December 31, 2019		121,338			64,681			49,188			509,295
Increase (decrease) in net assets
Operations:
Net investment income (loss)		(276	)		(249	)		(321	)		2,445
Total realized gain (loss) on investments and capital gains distributions		21,045			2,570			2,039			(1,524	)
Net unrealized appreciation (depreciation) of investments		(6,725	)		671			(861	)		19,017
Net increase (decrease) in net assets resulting from operations		14,044			2,992			857			19,938
Changes from principal transactions:
Premiums		31			33			26			1,424
Death benefits		(2,683	)		(2,269	)		(1,928	)		(8,565	)
Surrenders and withdrawals		(11,516	)		(4,407	)		(2,559	)		(38,559	)
Contract charges		(553	)		(324	)		(242	)		(3,246	)
Cost of insurance and administrative charges		(20	)		(8	)		(6	)		(55	)
Transfers between Divisions (including fixed acccount), net		(2,772	)		(288	)		(63	)		(1,989	)
Increase (decrease) in net assets derived from principal transactions		(17,513	)		(7,263	)		(4,772	)		(50,990	)
Total increase (decrease) in net assets		(3,469	)		(4,271	)		(3,915	)		(31,052	)
Net assets at December 31, 2020	$	117,869		$	60,410		$	45,273		$	478,243

The accompanying notes are an integral part of these financial statements.

121

VENERABLE INSURANCE AND ANNUITY COMPANY

SEPARATE ACCOUNT B

Statements of Changes in Net Assets

For the Years Ended December 31, 2020 and 2019

(Dollars in thousands)

	Voya International Index Portfolio - Class S			Voya Japan TOPIX® Index Portfolio - Class A			Voya Russell™ Large Cap Growth Index Portfolio - Class S			Voya Russell™ Large Cap Index Portfolio - Class A
Net assets at January 1, 2019	$	19,635		$	6,808		$	218,468		$	2,033
Increase (decrease) in net assets
Operations:
Net investment income (loss)		239			297			(2,789	)		9
Total realized gain (loss) on investments and capital gains distributions		365			905			29,911			132
Net unrealized appreciation (depreciation) of investments		2,914			(285	)		49,870			480
Net increase (decrease) in net assets resulting from operations		3,518			917			76,992			621
Changes from principal transactions:
Premiums		44			(483	)		2,421			35
Death benefits		(423	)		(42	)		(6,115	)		—
Surrenders and withdrawals		(2,110	)		(359	)		(33,490	)		(189	)
Contract charges		(149	)		(35	)		(1,837	)		—
Cost of insurance and administrative charges		(2	)		—			(49	)		—
Transfers between Divisions (including fixed account), net		(328	)		(263	)		288,428			388
Increase (decrease) in net assets derived from principal transactions		(2,968	)		(1,182	)		249,358			234
Total increase (decrease) in net assets		550			(265	)		326,350			855
Net assets at December 31, 2019		20,185			6,543			544,818			2,888
Increase (decrease) in net assets
Operations:
Net investment income (loss)		144			732			(7,384	)		10
Total realized gain (loss) on investments and capital gains distributions		19			(2,964	)		72,461			196
Net unrealized appreciation (depreciation) of investments		529			1,230			112,831			276
Net increase (decrease) in net assets resulting from operations		692			(1,002	)		177,908			482
Changes from principal transactions:
Premiums		9			(2,642	)		3,174			9
Death benefits		(792	)		—			(10,063	)		—
Surrenders and withdrawals		(1,467	)		(213	)		(55,443	)		(545	)
Contract charges		(124	)		(10	)		(4,088	)		—
Cost of insurance and administrative charges		(2	)		(1	)		(63	)		—
Transfers between Divisions (including fixed acccount), net		(523	)		(2,675	)		(1,834	)		250
Increase (decrease) in net assets derived from principal transactions		(2,899	)		(5,541	)		(68,317	)		(286	)
Total increase (decrease) in net assets		(2,207	)		(6,543	)		109,591			196
Net assets at December 31, 2020	$	17,978		$	—		$	654,409		$	3,084

The accompanying notes are an integral part of these financial statements.

122

VENERABLE INSURANCE AND ANNUITY COMPANY

SEPARATE ACCOUNT B

Statements of Changes in Net Assets

For the Years Ended December 31, 2020 and 2019

(Dollars in thousands)

	Voya Russell™ Large Cap Index Portfolio - Class S			Voya Russell™ Large Cap Value Index Portfolio - Class I			Voya Russell™ Large Cap Value Index Portfolio - Class S			Voya Russell™ Mid Cap Growth Index Portfolio - Class S
Net assets at January 1, 2019	$	349,036		$	40		$	193,129		$	208,853
Increase (decrease) in net assets
Operations:
Net investment income (loss)		(1,238	)		—			642			(3,024	)
Total realized gain (loss) on investments and capital gains distributions		42,051			3			13,721			48,292
Net unrealized appreciation (depreciation) of investments		56,099			6			36,330			21,413
Net increase (decrease) in net assets resulting from operations		96,912			9			50,693			66,681
Changes from principal transactions:
Premiums		2,231			—			1,290			993
Death benefits		(9,629	)		—			(4,850	)		(6,073	)
Surrenders and withdrawals		(40,961	)		(6	)		(29,184	)		(26,602	)
Contract charges		(2,251	)		—			(1,562	)		(1,390	)
Cost of insurance and administrative charges		(66	)		—			(72	)		(59	)
Transfers between Divisions (including fixed account), net		8,170			(1	)		586,315			286,500
Increase (decrease) in net assets derived from principal transactions		(42,506	)		(7	)		551,937			253,369
Total increase (decrease) in net assets		54,406			2			602,630			320,050
Net assets at December 31, 2019		403,442			42			795,759			528,903
Increase (decrease) in net assets
Operations:
Net investment income (loss)		(1,852	)		—			(4,702	)		(8,024	)
Total realized gain (loss) on investments and capital gains distributions		46,142			2			31,105			63,527
Net unrealized appreciation (depreciation) of investments		29,055			(7	)		(42,785	)		92,989
Net increase (decrease) in net assets resulting from operations		73,345			(5	)		(16,382	)		148,492
Changes from principal transactions:
Premiums		1,409			—			3,173			1,821
Death benefits		(10,815	)		—			(16,286	)		(9,970	)
Surrenders and withdrawals		(34,446	)		(27	)		(61,054	)		(49,763	)
Contract charges		(2,277	)		—			(4,410	)		(3,390	)
Cost of insurance and administrative charges		(64	)		—			(100	)		(71	)
Transfers between Divisions (including fixed acccount), net		13,103			(4	)		(20,134	)		(27,349	)
Increase (decrease) in net assets derived from principal transactions		(33,090	)		(31	)		(98,811	)		(88,722	)
Total increase (decrease) in net assets		40,255			(36	)		(115,193	)		59,770
Net assets at December 31, 2020	$	443,697		$	6		$	680,566		$	588,673

The accompanying notes are an integral part of these financial statements.

123

VENERABLE INSURANCE AND ANNUITY COMPANY

SEPARATE ACCOUNT B

Statements of Changes in Net Assets

For the Years Ended December 31, 2020 and 2019

(Dollars in thousands)

	Voya Russell™ Mid Cap Index Portfolio - Class A			Voya Russell™ Mid Cap Index Portfolio - Class S			Voya Russell™ Small Cap Index Portfolio - Class A			Voya Russell™ Small Cap Index Portfolio - Class S
Net assets at January 1, 2019	$	3,128		$	158,292		$	2,310		$	143,579
Increase (decrease) in net assets
Operations:
Net investment income (loss)		10			(859	)		(4	)		(1,536	)
Total realized gain (loss) on investments and capital gains distributions		602			21,853			312			10,819
Net unrealized appreciation (depreciation) of investments		248			20,620			237			25,114
Net increase (decrease) in net assets resulting from operations		860			41,614			545			34,397
Changes from principal transactions:
Premiums		113			1,071			24			1,169
Death benefits		(3	)		(3,155	)		—			(2,685	)
Surrenders and withdrawals		(225	)		(19,999	)		(92	)		(20,611	)
Contract charges		—			(1,382	)		—			(1,257	)
Cost of insurance and administrative charges		—			(17	)		—			(30	)
Transfers between Divisions (including fixed account), net		(86	)		(721	)		114			224,178
Increase (decrease) in net assets derived from principal transactions		(201	)		(24,203	)		46			200,764
Total increase (decrease) in net assets		659			17,411			591			235,161
Net assets at December 31, 2019		3,787			175,703			2,901			378,740
Increase (decrease) in net assets
Operations:
Net investment income (loss)		7			(954	)		(4	)		(2,390	)
Total realized gain (loss) on investments and capital gains distributions		249			11,804			104			15,464
Net unrealized appreciation (depreciation) of investments		193			9,027			288			36,906
Net increase (decrease) in net assets resulting from operations		449			19,877			388			49,980
Changes from principal transactions:
Premiums		30			456			3			853
Death benefits		—			(3,863	)		—			(6,394	)
Surrenders and withdrawals		(367	)		(14,574	)		(271	)		(31,973	)
Contract charges		—			(1,206	)		—			(2,435	)
Cost of insurance and administrative charges		—			(14	)		—			(37	)
Transfers between Divisions (including fixed acccount), net		(295	)		(6,397	)		(254	)		(13,444	)
Increase (decrease) in net assets derived from principal transactions		(632	)		(25,598	)		(522	)		(53,430	)
Total increase (decrease) in net assets		(183	)		(5,721	)		(134	)		(3,450	)
Net assets at December 31, 2020	$	3,604		$	169,982		$	2,767		$	375,290

The accompanying notes are an integral part of these financial statements.

124

VENERABLE INSURANCE AND ANNUITY COMPANY

SEPARATE ACCOUNT B

Statements of Changes in Net Assets

For the Years Ended December 31, 2020 and 2019

(Dollars in thousands)

	Voya Small Company Portfolio - Class A			Voya Small Company Portfolio - Class S			Voya U.S. Bond Index Portfolio - Class S			Voya MidCap Opportunities Portfolio - Class A
Net assets at January 1, 2019	$	356		$	65,109		$	158,502		$	1,156
Increase (decrease) in net assets
Operations:
Net investment income (loss)		(5	)		(1,093	)		738			(9	)
Total realized gain (loss) on investments and capital gains distributions		52			6,623			89			180
Net unrealized appreciation (depreciation) of investments		37			9,074			8,873			143
Net increase (decrease) in net assets resulting from operations		84			14,604			9,700			314
Changes from principal transactions:
Premiums		—			180			677			17
Death benefits		—			(955	)		(2,924	)		—
Surrenders and withdrawals		(17	)		(7,166	)		(18,486	)		(55	)
Contract charges		—			(550	)		(1,438	)		—
Cost of insurance and administrative charges		—			(8	)		(22	)		—
Transfers between Divisions (including fixed account), net		2			(3,139	)		19,552			(56	)
Increase (decrease) in net assets derived from principal transactions		(15	)		(11,638	)		(2,641	)		(94	)
Total increase (decrease) in net assets		69			2,966			7,059			220
Net assets at December 31, 2019		425			68,075			165,561			1,376
Increase (decrease) in net assets
Operations:
Net investment income (loss)		(4	)		(764	)		1,246			(11	)
Total realized gain (loss) on investments and capital gains distributions		(1	)		(2,338	)		2,810			138
Net unrealized appreciation (depreciation) of investments		52			7,608			5,091			388
Net increase (decrease) in net assets resulting from operations		47			4,506			9,147			515
Changes from principal transactions:
Premiums		—			586			1,433			(38	)
Death benefits		—			(1,008	)		(3,856	)		—
Surrenders and withdrawals		(16	)		(5,392	)		(22,675	)		(113	)
Contract charges		—			(437	)		(1,607	)		—
Cost of insurance and administrative charges		—			(7	)		(26	)		—
Transfers between Divisions (including fixed acccount), net		17			(2,613	)		47,753			(44	)
Increase (decrease) in net assets derived from principal transactions		1			(8,871	)		21,022			(195	)
Total increase (decrease) in net assets		48			(4,365	)		30,169			320
Net assets at December 31, 2020	$	473		$	63,710		$	195,730		$	1,696

The accompanying notes are an integral part of these financial statements.

125

VENERABLE INSURANCE AND ANNUITY COMPANY

SEPARATE ACCOUNT B

Statements of Changes in Net Assets

For the Years Ended December 31, 2020 and 2019

(Dollars in thousands)

	Voya MidCap Opportunities Portfolio - Class S			Voya SmallCap Opportunities Portfolio - Class A			Voya SmallCap Opportunities Portfolio - Class S			Wells Fargo VT Omega Growth Fund - Class 2
Net assets at January 1, 2019	$	681,734		$	1,432		$	27,772		$	572
Increase (decrease) in net assets
Operations:
Net investment income (loss)		(11,879	)		(12	)		(502	)		(12	)
Total realized gain (loss) on investments and capital gains distributions		100,573			179			3,847			95
Net unrealized appreciation (depreciation) of investments		83,699			156			2,798			107
Net increase (decrease) in net assets resulting from operations		172,393			323			6,143			190
Changes from principal transactions:
Premiums		3,469			25			52			—
Death benefits		(19,761	)		—			(611	)		—
Surrenders and withdrawals		(79,657	)		(144	)		(3,701	)		(97	)
Contract charges		(4,193	)		—			(186	)		(5	)
Cost of insurance and administrative charges		(155	)		—			(7	)		—
Transfers between Divisions (including fixed account), net		(28,154	)		(142	)		(1,012	)		(2	)
Increase (decrease) in net assets derived from principal transactions		(128,451	)		(261	)		(5,465	)		(104	)
Total increase (decrease) in net assets		43,942			62			678			86
Net assets at December 31, 2019		725,676			1,494			28,450			658
Increase (decrease) in net assets
Operations:
Net investment income (loss)		(12,005	)		(10	)		(428	)		(13	)
Total realized gain (loss) on investments and capital gains distributions		51,310			(146	)		(1,140	)		106
Net unrealized appreciation (depreciation) of investments		205,625			418			7,050			142
Net increase (decrease) in net assets resulting from operations		244,930			262			5,482			235
Changes from principal transactions:
Premiums		3,610			16			16			—
Death benefits		(19,828	)		—			(554	)		—
Surrenders and withdrawals		(67,447	)		(63	)		(2,440	)		(177	)
Contract charges		(3,961	)		—			(154	)		(4	)
Cost of insurance and administrative charges		(150	)		—			(6	)		—
Transfers between Divisions (including fixed acccount), net		(28,557	)		(181	)		(1,537	)		(2	)
Increase (decrease) in net assets derived from principal transactions		(116,333	)		(228	)		(4,675	)		(183	)
Total increase (decrease) in net assets		128,597			34			807			52
Net assets at December 31, 2020	$	854,273		$	1,528		$	29,257		$	710

The accompanying notes are an integral part of these financial statements.

126

VENERABLE INSURANCE AND ANNUITY COMPANY

SEPARATE ACCOUNT B

Statements of Changes in Net Assets

For the Years Ended December 31, 2020 and 2019

(Dollars in thousands)

	Wells Fargo VT Index Asset Allocation Fund - Class 2			Wells Fargo VT Small Cap Growth Fund - Class 2
Net assets at January 1, 2019	$	1,039		$	224
Increase (decrease) in net assets
Operations:
Net investment income (loss)		(7	)		(5	)
Total realized gain (loss) on investments and capital gains distributions		251			47
Net unrealized appreciation (depreciation) of investments		(97	)		7
Net increase (decrease) in net assets resulting from operations		147			49
Changes from principal transactions:
Premiums		—			—
Death benefits		—			—
Surrenders and withdrawals		(496	)		(6	)
Contract charges		(6	)		(1	)
Cost of insurance and administrative charges		—			—
Transfers between Divisions (including fixed account), net		—			—
Increase (decrease) in net assets derived from principal transactions		(502	)		(7	)
Total increase (decrease) in net assets		(355	)		42
Net assets at December 31, 2019		684			266
Increase (decrease) in net assets
Operations:
Net investment income (loss)		(7	)		(6	)
Total realized gain (loss) on investments and capital gains distributions		110			26
Net unrealized appreciation (depreciation) of investments		(6	)		116
Net increase (decrease) in net assets resulting from operations		97			136
Changes from principal transactions:
Premiums		—			—
Death benefits		—			—
Surrenders and withdrawals		(71	)		(16	)
Contract charges		(4	)		(1	)
Cost of insurance and administrative charges		—			—
Transfers between Divisions (including fixed acccount), net		(6	)		—
Increase (decrease) in net assets derived from principal transactions		(81	)		(17	)
Total increase (decrease) in net assets		16			119
Net assets at December 31, 2020	$	700		$	385

The accompanying notes are an integral part of these financial statements.

127

VENERABLE INSURANCE AND ANNUITY COMPANY

SEPARATE ACCOUNT B

Notes to Financial Statements

1. Organization

Venerable Insurance and Annuity Company (“VIAC” or the “Company”) is an Iowa stock life insurance company that was originally organized in 1973 under the insurance laws of Minnesota. Prior to September 1, 2019, the Company was known as Voya Insurance and Annuity Company. Prior to September 1, 2014, the Company was known as ING USA Annuity and Life Insurance Company. Prior to January 1, 2004, the Company was known as Golden American Life Insurance Company. On June 1, 2018, the Company became an indirect wholly owned subsidiary of VA Capital Company LLC, an insurance holding company organized under Delaware law (“VA Capital”) The Company’s direct parent is Venerable Holdings, Inc. (Venerable”). Before June 1, 2018, the Company was an indirect wholly owned subsidiary of Voya Financial, Inc.

Separate Account B of the Company (the “Account”) was established by the Company on July 14, 1988, to support operations of the Company’s variable annuity contracts (the “Contracts”). None of the Contracts are currently available for new purchasers but existing Contract owners may continue to invest in their Contracts.

The variable annuity Contracts supported by the Account are:

• Architect Variable Annuity

• GoldenSelect Landmark

• GoldenSelect Legends

• Wells Fargo Landmark

• GoldenSelect Access

• Golden Select Premium Plus

• Golden Select Fleet Premium Plus (previously Golden Select Premium Plus Featuring the Galaxy VIP Fund)

• GoldenSelect ESII

• GoldenSelect Opportunities

• GoldenSelect Generations

• Wells Fargo Opportunities

• GoldenSelect DVA Plus

• GoldenSelect Granite PrimElite

• Preferred Advantage Variable Annuity

• Potential Plus Annuity

• Simplicity Variable Annuity

• SmartDesign Signature

• Focus Variable Annuity

• Rollover Choice Variable Annuity

• GoldenSelect Value

• SmartDesign Advantage

• SmartDesign Variable Annuity

• GoldenSelect Access One

• GoldenSelect Fund for Life

• GoldenSelect DVA

• GoldenSelect DVA Series 100

128

VENERABLE INSURANCE AND ANNUITY COMPANY

SEPARATE ACCOUNT B

Notes to Financial Statements

The Account is registered as a unit investment trust with the Securities Exchange Commission (“SEC”) under the Investment Company Act of 1940, as amended. VIAC provides for variable accumulation and benefits under the Contracts by crediting annuity considerations to one or more divisions within the Account or the VIAC guaranteed interest division, the VIAC fixed interest division and the fixed account (an investment option in the Company’s general account), as directed by the Contract owners. The portion of the Account’s assets applicable to Contracts will not be charged with liabilities arising out of any other business VIAC may conduct, but obligations of the Account, including the promise to make benefit payments, are obligations of VIAC. Under applicable insurance law, the assets and liabilities of the Account are clearly identified and distinguished from the other assets and liabilities of VIAC.

At December 31, 2020, the Account had 185 investment divisions (the “Divisions”), each which invests in shares of a designated independently managed mutual fund (“Fund”) of various investment trusts (“the Trusts”).

The Divisions with assets balances at December 31, 2020 and related Trusts are as follows:

AIM Variable Insurance Funds:	Fidelity® Variable Insurance Products II:
Invesco V.I. Balanced-Risk Allocation Fund - Series II Shares	Fidelity® VIP Disciplined Small Cap Portfolio - Service Class 2
American Funds Insurance Series®:	Fidelity® Variable Insurance Products V:
Blue Chip Income & Growth Fund - Class 4	Fidelity® VIP FundsManager 20% Portfolio - Service Class 2
Bond Fund - Class 4	Fidelity® VIP FundsManager 60% Portfolio - Service Class 2
Capital Income Builder Fund - Class 4	Fidelity® VIP FundsManager 85% Portfolio - Service Class 2
Global Growth Fund - Class 4	Franklin Templeton Variable Insurance Products Trust:
Growth Fund - Class 4	Franklin Small Cap Value VIP Fund - Class 2
International Fund - Class 4	Franklin Strategic Income VIP Fund - Class 2
New World Fund - Class 4	Templeton Global Bond VIP Fund - Class 2
BlackRock Variable Series Funds, Inc.:	Ivy Equity Funds:
BlackRock Equity Dividend V.I. Fund - Class III	Ivy VIP Securian Real Estate Securities - Class II
BlackRock Global Allocation V.I. Fund - Class III	Ivy Funds Variable Insurance Portfolios:
BlackRock High Yield V.I. Fund - Class III	Ivy VIP Asset Strategy
BlackRock 60/40 Target Allocation ETF V.I. Fund - Class III	Ivy VIP Balanced
Columbia Funds Series Trust II:	Ivy VIP Energy
Columbia VP Seligman Global Technology Fund - Class 2	Ivy VIP High Income
Columbia Funds Variable Insurance Trust:	Ivy VIP International Core Equity
Columbia Small Cap Value Fund, Variable Series - Class 2	Ivy VIP Mid Cap Growth
Columbia Small Company Growth Fund, Variable Series - Class 1	Ivy VIP Science and Technology
Columbia Funds Variable Series Trust II:	Ivy VIP Small Cap Core - Class II
Columbia VP Large Cap Growth Fund - Class 1	Ivy VIP Small Cap Growth
Deutsche DWS Variable Series I:	Janus Aspen Series:
DWS Core Equity VIP - Class B	Janus Henderson Balanced Portfolio - Service Shares
Deutsche DWS Variable Series II:	Janus Henderson Enterprise Portfolio - Service Shares
DWS Alternative Asset Allocation VIP - Class B	Janus Henderson Flexible Bond Portfolio - Service Shares
DWS High Income VIP - Class B	Legg Mason Partners Equity Trust:
Eaton Vance Variable Trust:	ClearBridge Variable Aggressive Growth Portfolio II
Eaton Vance VT Floating-Rate Income Fund - Initial Class	Legg Mason Partners Variable Equity Trust:
Federated Hermes Insurance Series	ClearBridge Variable Mid Cap Portfolio - Class II
Federated Hermes High Income Bond Fund II - Service Shares	Legg Mason Partners Variable Income Trust:
Federated Hermes Kaufmann Fund II - Service Shares	Western Asset Core Plus VIT Portfolio - Class I
Fidelity® Variable Insurance Products:	MFS® Series Trust VIII:
Fidelity® VIP Strategic Income Portfolio - Service Class 2	MFS VIT II Income Portfolio - Service Class

129

VENERABLE INSURANCE AND ANNUITY COMPANY

SEPARATE ACCOUNT B

Notes to Financial Statements

MFS® Variable Insurance Trust:	Voya Investors Trust:
MFS VIT Research Series Portfolio - Service Class	Voya Balanced Income Portfolio - Adviser Class
MFS® Variable Insurance Trust II:	Voya Balanced Income Portfolio - Service Class
MFS VIT International Intrinsic Value Portfolio - Service Class	Voya Balanced Income Portfolio - Service 2 Class
MFS VIT Value Series - Service Class	Voya Global Perspectives® Portfolio - Class A
MFS® Variable Insurance Trust III:	Voya Government Liquid Assets Portfolio - Service Class
MFS VIT III Global Real Estate Portfolio - Service Class	Voya Government Liquid Assets Portfolio - Service 2 Class
Invesco Oppenheimer Main Street Fund®:	Voya High Yield Portfolio - Adviser Class
Invesco Oppenheimer V.I. Main Street Fund - Series II	Voya High Yield Portfolio - Service Class
Invesco Oppenheimer V.I. Main Street Small Cap Fund - Series II	Voya Large Cap Growth Portfolio - Adviser Class
Invesco Variable Insurance Fund:	Voya Large Cap Growth Portfolio - Institutional Class
Invesco Oppenheimer V.I. Discovery Mid Cap Growth Fund - Series II	Voya Large Cap Growth Portfolio - Service Class
Invesco Oppenheimer V.I. International Growth Fund - Series II	Voya Large Cap Growth Portfolio - Service 2 Class
Invesco Oppenheimer V.I. Total Return Bond Fund - Service Shares	Voya Large Cap Value Portfolio - Adviser Class
PIMCO Variable Insurance Trust:	Voya Large Cap Value Portfolio - Service Class
PIMCO All Asset Portfolio - Administrative Class	Voya Limited Maturity Bond Portfolio - Service Class
PIMCO Low Duration Portfolio - Administrative Class	Voya Retirement Conservative Portfolio - Adviser Class
PIMCO Real Return Portfolio - Administrative Class	Voya Retirement Growth Portfolio - Adviser Class
PIMCO Short-Term Portfolio - Administrative Class	Voya Retirement Moderate Growth Portfolio - Adviser Class
PIMCO Total Return Portfolio - Administrative Class	Voya Retirement Moderate Portfolio - Adviser Class
ProFunds:	Voya U.S. Stock Index Portfolio - Service Class
ProFund VP Bull	VY® BlackRock Inflation Protected Bond Portfolio - Adviser Class
ProFund VP Europe 30	VY® BlackRock Inflation Protected Bond Portfolio - Service Class
ProFund VP Rising Rates Opportunity	VY® Clarion Global Real Estate Portfolio - Adviser Class
Putnam Variable Trust:	VY® Clarion Global Real Estate Portfolio - Service Class
Putnam VT Income Fund - Class 1B	VY® Clarion Global Real Estate Portfolio - Service 2 Class
Putnam VT International Equity Fund - Class 1B	VY® Clarion Real Estate Portfolio - Adviser Class
Putnam VT International Value Fund - Class 1B	VY® Clarion Real Estate Portfolio - Service Class
Putnam VT Mortgage Securities Fund - Class 1B	VY® Clarion Real Estate Portfolio - Service 2 Class
Putnam VT Multi-Cap Core Fund - Class IB Shares	VY® Invesco Growth and Income Portfolio - Adviser Class
Putnam VT Small Cap Value Fund - Class 1B	VY® Invesco Growth and Income Portfolio - Service Class
T. Rowe Price Equity Series, Inc.:	VY® Invesco Growth and Income Portfolio - Service 2 Class
T. Rowe Price Blue Chip Growth Portfolio - II	VY® JPMorgan Emerging Markets Equity Portfolio - Adviser Class
T. Rowe Price Health Sciences Portfolio - II	VY® JPMorgan Emerging Markets Equity Portfolio - Service Class
Variable Insurance Trust:	VY® JPMorgan Emerging Markets Equity Portfolio - Service 2 Class
MFS VIT Utilities Series Portfolio - Service Class	VY® JPMorgan Small Cap Core Equity Portfolio - Adviser Class
Voya Balanced Portfolio, Inc.:	VY® Morgan Stanley Global Franchise Portfolio - Adviser Class
Voya Balanced Portfolio - Class S	VY® Morgan Stanley Global Franchise Portfolio - Service Class
Voya Intermediate Bond Portfolio:	VY® Morgan Stanley Global Franchise Portfolio - Service 2 Class
Voya Intermediate Bond Portfolio - Class A	VY® T. Rowe Price Capital Appreciation Portfolio - Adviser Class
Voya Intermediate Bond Portfolio - Class S	VY® T. Rowe Price Capital Appreciation Portfolio - Service Class

130

VENERABLE INSURANCE AND ANNUITY COMPANY

SEPARATE ACCOUNT B

Notes to Financial Statements

Voya Investors Trust (continued):	Voya Variable Funds:
VY® T. Rowe Price Capital Appreciation Portfolio - Service 2 Class	Voya Growth and Income Portfolio - Class A
VY® T. Rowe Price Equity Income Portfolio - Adviser Class	Voya Growth and Income Portfolio - Class I
VY® T. Rowe Price International Stock Portfolio - Adviser Class	Voya Growth and Income Portfolio - Class S
VY® T. Rowe Price International Stock Portfolio - Service Class	Voya Variable Portfolios, Inc.:
Voya Partners, Inc.:	Voya Global High Dividend Low Volatility Portfolio - Class A
Voya Global Bond Portfolio - Adviser Class	Voya Global High Dividend Low Volatility Portfolio - Class S
Voya Global Bond Portfolio - Service Class	Voya Index Plus LargeCap Portfolio - Class S
Voya International High Dividend Low Volatility Portfolio -Adviser Class	Voya Index Plus MidCap Portfolio - Class S
Voya International High Dividend Low Volatility Portfolio -Service Class	Voya Index Plus SmallCap Portfolio - Class S
Voya Solution 2025 Portfolio - Adviser Class	Voya International Index Portfolio - Class A
Voya Solution 2025 Portfolio - Service Class	Voya International Index Portfolio - Class S
Voya Solution 2035 Portfolio - Adviser Class	Voya Russell™ Large Cap Growth Index Portfolio - Class S
Voya Solution 2035 Portfolio - Service Class	Voya Russell™ Large Cap Index Portfolio - Class A
Voya Solution 2045 Portfolio - Adviser Class	Voya Russell™ Large Cap Index Portfolio - Class S
Voya Solution 2045 Portfolio - Service Class	Voya Russell™ Large Cap Value Index Portfolio - Class I
Voya Solution 2055 Portfolio - Adviser Class	Voya Russell™ Large Cap Value Index Portfolio - Class S
Voya Solution Income Portfolio - Adviser Class	Voya Russell™ Mid Cap Growth Index Portfolio - Class S
Voya Solution Income Portfolio - Service Class	Voya Russell™ Mid Cap Index Portfolio - Class A
Voya Solution Moderately Aggressive Portfolio - Service Class	Voya Russell™ Mid Cap Index Portfolio - Class S
VY® American Century Small-Mid Cap Value Portfolio – Adviser Class	Voya Russell™ Small Cap Index Portfolio - Class A
VY® American Century Small-Mid Cap Value Portfolio – Service Class	Voya Russell™ Small Cap Index Portfolio - Class S
VY® Baron Growth Portfolio - Adviser Class	Voya Small Company Portfolio - Class A
VY® Columbia Contrarian Core Portfolio - Adviser Class	Voya Small Company Portfolio - Class S
VY® Columbia Small Cap Value II Portfolio - Adviser Class	Voya U.S. Bond Index Portfolio - Class S
VY® Columbia Small Cap Value II Portfolio - Service Class	Voya Variable Products Trust:
VY® Invesco Equity and Income Portfolio - Adviser Class	Voya MidCap Opportunities Portfolio - Class A
VY® Invesco Equity and Income Portfolio - Initial Class	Voya MidCap Opportunities Portfolio - Class S
VY® Invesco Equity and Income Portfolio - Service Class	Voya SmallCap Opportunities Portfolio - Class A
VY® Invesco Equity and Income Portfolio - Service 2 Class	Voya SmallCap Opportunities Portfolio - Class S
VY® JPMorgan Mid Cap Value Portfolio - Adviser Class	Wells Fargo Funds Trust:
VY® JPMorgan Mid Cap Value Portfolio - Service Class	Wells Fargo VT Omega Growth Fund - Class 2
VY® Invesco Oppenheimer Global Portfolio - Adviser Class	Wells Fargo Variable Trust:
VY® Invesco Oppenheimer Global Portfolio - Initial Class	Wells Fargo VT Index Asset Allocation Fund - Class 2
VY® Invesco Oppenheimer Global Portfolio - Service Class	Wells Fargo VT Small Cap Growth Fund - Class 2
VY® T. Rowe Price Diversified Mid Cap Growth Portfolio - Adviser Class
VY® T. Rowe Price Diversified Mid Cap Growth Portfolio - Service Class
VY® T. Rowe Price Growth Equity Portfolio - Adviser Class
Voya Strategic Allocation Portfolios, Inc.:
Voya Strategic Allocation Conservative Portfolio - Class S
Voya Strategic Allocation Growth Portfolio - Class S
Voya Strategic Allocation Moderate Portfolio - Class S

131

VENERABLE INSURANCE AND ANNUITY COMPANY

SEPARATE ACCOUNT B

Notes to Financial Statements

The names of certain Divisions were changed during 2020 because of fund name changes or mergers. The following is a summary of current and former names for those Divisions:

Current Name	Former Name
Federated Hermes Insurance Series:	Federated Insurance Series:
Federated Hermes High Income Bond Fund II - Service Shares	Federated High Income Bond Fund II - Service Shares
Federated Hermes Kaufmann Fund II - Service Shares	Federated Kaufmann Fund II - Service Shares
MFS® Series Trust VIII:	MFS® Series Trust VIII:
MFS VIT II Income Portfolio - Service Class	MFS VIT II Strategic Income Portfolio - Service Class
Voya Variable Portfolios, Inc:	Voya Variable Portfolios, Inc:
Voya Global High Dividend Low Volatility Portfolio - Class A	Voya Global Equity Portfolio - Class A
Voya Global High Dividend Low Volatility Portfolio - Class S	Voya Global Equity Portfolio - Class S

During 2020, the following Divisions were closed to all contract owners because of fund substitutions:

Columbia Funds Variable Insurance Trust:

Columbia Asset Allocation Fund, Variable Series - Class 1

Voya Variable Portfolios, Inc:

Voya Euro STOXX 50® Index Portfolio - Class A

Voya FTSE 100® Index Portfolio - Class A

Voya Hang Seng Index Portfolio - Class S

Voya Japan TOPIX® Index Portfolio - Class A

132

VENERABLE INSURANCE AND ANNUITY COMPANY

SEPARATE ACCOUNT B

Notes to Financial Statements

2. Significant Accounting Policies

The following is a summary of the significant accounting policies of the Account:

Use of Estimates

The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates.

Investments

Investments are made in shares of a Division and are recorded at fair value, determined by the net asset value per share of the respective Division. Investment transactions in each Division are recorded on the trade date. Distributions of net investment income and capital gains from each Division are recognized on the ex-distribution date. Realized gains and losses on redemptions of the shares of the Division are determined on a first-in, first-out basis. The difference between cost and current fair value of investments owned on the day of measurement is recorded as unrealized appreciation or depreciation of investments.

Federal Income Taxes

Operations of the Account form a part of, and are taxed with, the total operations of VIAC, which is taxed as a life insurance company under the Internal Revenue Code (“IRC”). Under the current provisions of the IRC, the Company does not expect to incur federal income taxes on the earnings of the Account to the extent the earnings are credited to contract owners. Accordingly, earnings and realized capital gains of the Account attributable to the contract owners are excluded in the determination of the federal income tax liability of VIAC, and no charge is being made to the Account for federal income taxes for these amounts. The Company will review this tax accounting in the event of changes in the tax law. Such changes in the law may result in a charge for federal income taxes. Uncertain tax positions are assessed at the parent level on a consolidated basis, including taxes of the operations of the Separate Account.

Contract Owner Reserves

The annuity reserves of the Account are represented by net assets on the Statements of Assets and Liabilities and are equal to the aggregate account values of the contract owners invested in the Account Divisions. To the extent that benefits to be paid to the contract owners exceed their account values, VIAC will contribute additional funds to the benefit proceeds. Conversely, if amounts allocated exceed amounts required, transfers may be made to VIAC. Prior to the annuitization date, the Contracts are redeemable for the net cash surrender value of the Contracts.

133

VENERABLE INSURANCE AND ANNUITY COMPANY

SEPARATE ACCOUNT B

Notes to Financial Statements

Changes from Principal Transactions

Included in Changes from principal transactions on the Statements of Changes in Net Assets are items which relate to contract owner activity, including premiums, death benefits, surrenders and withdrawals, contract charges, and cost of insurance and administrative charges. Also included are transfers between the fixed account and the Divisions, transfers between Divisions, and transfers to (from) VIAC related to gains and losses resulting from actual mortality experience (the full responsibility for which is assumed by VIAC).

Subsequent Events

The Account has evaluated subsequent events for recognition and disclosure through the date the financial statements were issued.

On January 30, 2020, the World Health Organization ("WHO") declared that the coronavirus disease 2019 ("COVID-19") outbreak was a global health emergency. On March 11, 2020, the WHO raised the COVID-19 outbreak to "pandemic" status. Between that time and the issuance of these financial statements, many cities, states and countries issued and revised shelter in place orders requesting or requiring citizens to remain at home. These orders also included restrictions on travel, closures of businesses, and restrictions on those businesses allowed to remain open. Many of these orders remain in place as of the financial statement issuance date. To date, more than 500,000 Americans and more than two million people globally have died from COVID-19. Though volatility has persisted in financial markets throughout 2020 and into 2021, the major stock indices all trade significantly higher as of the financial statement issuance date compared with pre-COVID-19 levels. Market recovery is largely attributable to unprecedented fiscal stimulus including emergency relief from the United States federal government of $2.8 trillion and $2.2 trillion in 2021 and 2020, respectively, and in anticipation of additional fiscal stimulus proposed by the Biden administration. Through the issuance of these financial statements, COVID-19 has not resulted in a material adverse impact to the Account's financial statements. The extent of any future impact of the COVID-19 pandemic on the Account’s business and its financial and operational performance will depend on future developments, including (i) the duration, spread, severity, and any recurrence of the COVID-19 pandemic, including through any new variant strains of the underlying virus; (ii) the effectiveness and availability of vaccines; (iii) the duration and scope of related federal, state, and local government orders and restrictions; and (iv) the impact of the COVID-19 pandemic on financial markets, all of which are highly uncertain and cannot be predicted.

3. Financial Instruments

The Account invests assets in shares of open-end mutual funds, which process orders to purchase and redeem shares on a daily basis at the fund's next computed net asset values (“NAV”). The fair value of the Account’s assets is based on the NAVs of mutual funds, which are obtained from the transfer agents or fund companies and reflect the fair values of the mutual fund investments. The NAV is calculated daily upon close of the New York Stock Exchange and is based on the fair values of the underlying securities.

The Account’s assets are recorded at fair value on the Statements of Assets and Liabilities and are categorized as Level 1 as of December 31, 2020 based on the priority of the inputs to the valuation technique below. There were no transfers among the levels for the year ended December 31, 2020. The Account had no liabilities as of December 31, 2020.

134

VENERABLE INSURANCE AND ANNUITY COMPANY

SEPARATE ACCOUNT B

Notes to Financial Statements

The Account categorizes its financial instruments into a three-level hierarchy based on the priority of the inputs to the valuation technique. The fair value hierarchy gives the highest priority to quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). If the inputs used to measure fair value fall within different levels of the hierarchy, the category level is based on the lowest priority level input that is significant to the fair value measurement of the instrument.

▪ Level 1 - Unadjusted quoted prices for identical assets or liabilities in an active market. The Account defines an active market as a market in which transactions take place with sufficient frequency and volume to provide pricing information on an ongoing basis.

▪ Level 2 - Quoted prices in markets that are not active or valuation techniques that require inputs that are observable either directly or indirectly for substantially the full term of the asset or liability. Level 2 inputs include the following:

a) Quoted prices for similar assets or liabilities in active markets;

b) Quoted prices for identical or similar assets or liabilities in non-active markets;

c) Inputs other than quoted market prices that are observable; and

d) Inputs that are derived principally from or corroborated by observable market data through correlation or other means.

▪ Level 3 - Prices or valuation techniques that require inputs that are both unobservable and significant to the overall fair value measurement. These valuations, whether derived internally or obtained from a third party, use critical assumptions that are not widely available to estimate market participant expectations in valuing the asset or liability.

4. Charges and Fees

Under the terms of all Contracts, certain charges and fees are incurred by the Contracts to cover VIAC’s expenses in connection with the issuance and administration of the Contracts.

Following is a summary of these charges and fees:

Mortality and Expense Risk Charges

VIAC assumes mortality and expense risks related to the operations of the Account and, in accordance with the terms of the Contracts, deducts a daily charge from the assets of the Account. Daily charges are deducted at annual rates of 0.35% to 2.20% of the average daily net asset value of each Division of the Account to cover these risks, as specified in the Contracts. These charges are assessed through a reduction in unit values.

135

VENERABLE INSURANCE AND ANNUITY COMPANY

SEPARATE ACCOUNT B

Notes to Financial Statements

Asset Based Administrative Charges

A charge to cover administrative expenses of the Account is deducted at annual rates of up to 0.15% of the assets attributable to certain Contracts. For the Voya Preferred Advantage Variable Annuity Contract ("Preferred Advantage") the Account deducts this charge at annual rates of 0.60% to cover the mortality and expense risks, as specified in the contract. For Preferred Advantage contracts with contract dates on and after November 21, 2016, the maximum daily asset based administrative fee increased to 1.15% annually. These charges are assessed through a reduction in unit values.

Contract Maintenance Charges

An annual Contract maintenance fee of up to $50 may be deducted from the accumulation value of Contracts to cover ongoing administrative expenses, as specified in the Contracts. These charges are assessed through the redemption of units.

Contingent Deferred Sales Charges

For certain Contracts, a contingent deferred sales charge (“Surrender Charge”) is imposed as a percentage that ranges up to 8.00% of each premium payment if the Contract is surrendered or an excess partial withdrawal is taken as specified in the Contract. These charges are assessed through the redemption of units.

Withdrawal and Distribution Charges

For certain Contracts, a charge is deducted from the accumulation value for contract owners taking more than one conventional partial withdrawal during a Contract year. For certain Contracts, annual distribution fees are deducted from the Contracts’ accumulation values. These charges are assessed through the redemption of units.

Other Contract Charges

For certain Contracts, an additional charge up to 0.60% is deducted daily from the accumulation values for contract owners who select the Premium Bonus Option feature. These charges are assessed through a reduction in unit values.

Certain Contacts contain optional riders that are available for an additional charge, such as minimum guaranteed income benefits and minimum guaranteed withdrawal benefits. The amounts charged for these optional benefits vary based on a number of factors and are defined in the Contracts. These charges are assessed through a reduction in unit values.

Fees Waived by VIAC

Certain charges and fees for various types of Contracts may be waived by VIAC. VIAC reserves the right to discontinue these waivers at its discretion or to conform with changes in the law.

136

VENERABLE INSURANCE AND ANNUITY COMPANY

SEPARATE ACCOUNT B

Notes to Financial Statements

5. Purchases and Sales of Investment Securities

The aggregate cost of purchases and proceeds from sales of investments for the year ended December 31, 2020 follow:

	Purchases		Sales
	(Dollars in thousands)
AIM Variable Insurance Funds:
Invesco V.I. Balanced-Risk Allocation Fund - Series II Shares	$	105	$	120
American Funds Insurance Series®:
Blue Chip Income & Growth Fund - Class 4		796		648
Bond Fund - Class 4		2,877		980
Capital Income Builder Fund - Class 4		140		433
Global Growth Fund - Class 4		457		547
Growth Fund - Class 4		1,593		2,845
International Fund - Class 4		327		484
New World Fund - Class 4		97		197
BlackRock Variable Series Funds, Inc.:
BlackRock Equity Dividend V.I. Fund - Class III		610		948
BlackRock Global Allocation V.I. Fund - Class III		43,037		84,781
BlackRock High Yield V.I. Fund - Class III		386		835
BlackRock 60/40 Target Allocation ETF V.I. Fund - Class III		61		4
Columbia Funds Series Trust II:
Columbia VP Seligman Global Technology Fund - Class 2		735		524
Columbia Funds Variable Insurance Trust:
Columbia Asset Allocation Fund, Variable Series - Class 1		13		42
Columbia Small Cap Value Fund, Variable Series - Class 2		3,107		8,918
Columbia Small Company Growth Fund, Variable Series - Class 1		3		3
Columbia Funds Variable Series Trust II:
Columbia VP Large Cap Growth Fund - Class 1		15		36
Deutsche Variable Series I:
DWS Core Equity VIP - Class B		140		169
Deutsche Variable Series II:
DWS Alternative Asset Allocation VIP - Class B		42		45
DWS High Income VIP - Class B		17		29
Eaton Vance Variable Trust:
Eaton Vance VT Floating-Rate Income Fund - Initial Class		435		1382
Federated Hermes Insurance Series
Federated Hermes High Income Bond Fund II - Service Shares		91		82
Federated Hermes Kaufmann Fund II - Service Shares		375		137
Fidelity® Variable Insurance Products:
Fidelity® VIP Strategic Income Portfolio - Service Class 2		652		981
Fidelity® Variable Insurance Products II:
Fidelity® VIP Disciplined Small Cap Portfolio - Service Class 2		10		195
Fidelity® Variable Insurance Products V:
Fidelity® VIP FundsManager 20% Portfolio - Service Class 2		29		23
Fidelity® VIP FundsManager 60% Portfolio - Service Class 2		118		71
Fidelity® VIP FundsManager 85% Portfolio - Service Class 2		7		3

137

VENERABLE INSURANCE AND ANNUITY COMPANY

SEPARATE ACCOUNT B

Notes to Financial Statements

	Purchases		Sales
	(Dollars in thousands)
Franklin Templeton Variable Insurance Products Trust:
Franklin Small Cap Value VIP Fund - Class 2	$	726	$	787
Franklin Strategic Income VIP Fund - Class 2		71		204
Templeton Global Bond VIP Fund - Class 2		729		745
Ivy Equity Funds:
Ivy VIP Securian Real Estate Securities - Class II		93		148
Ivy Funds Variable Insurance Portfolios.
Ivy VIP Asset Strategy		16		93
Ivy VIP Balanced		228		47
Ivy VIP Energy		1,727		1,061
Ivy VIP High Income		163		124
Ivy VIP International Core Equity		1		—
Ivy VIP Mid Cap Growth		28		153
Ivy VIP Science and Technology		122		180
Ivy VIP Small Cap Core - Class II		73		96
Ivy VIP Small Cap Growth		173		149
Janus Aspen Series:
Janus Henderson Balanced Portfolio - Service Shares		690		738
Janus Henderson Enterprise Portfolio - Service Shares		467		1,031
Janus Henderson Flexible Bond Portfolio - Service Shares		49		258
Legg Mason Partners Equity Trust:
ClearBridge Var Aggressive Growth Portfolio II		15		5
Legg Mason Partners Variable Equity Trust:
ClearBridge Variable Mid Cap Portfolio - Class II		7		22
Legg Mason Partners Variable Income Trust:
Western Asset Core Plus VIT Portfolio - Class I		12		5
MFS® Series Trust VIII:
MFS VIT II Income Portfolio - Service Class		493		280
MFS Variable Insurance Trust:
MFS VIT Research Series Portfolio - Service Class		50		176
MFS® Variable Insurance Trust II:
MFS VIT International Intrinsic Value Portfolio - Service Class		157		264
MFS VIT Value Series - Service Class		207		164
MFS® Variable Insurance Trust III:
MFS VIT III Global Real Estate Portfolio - Service Class		65		303
Invesco Oppenheimer Main Street Fund®.
Invesco Oppenheimer V.I. Main Street Fund - Series II		106		34
Invesco Oppenheimer V.I. Main Street Small Cap Fund - Series II		94		396
Invesco Variable Insurance Fund:
Invesco Oppenheimer V.I. Discovery Mid Cap Growth Fund - Series II		38		92
Invesco Oppenheimer V.I. International Growth Fund - Series II		327		255
Invesco Oppenheimer V.I. Total Return Bond Fund - Service Shares		1,329		210
PIMCO Variable Insurance Trust:
PIMCO All Asset Portfolio - Administrative Class		15		144
PIMCO Low Duration Portfolio - Administrative Class		981		639
PIMCO Real Return Portfolio - Administrative Class		464		714
PIMCO Short-Term Portfolio - Administrative Class		431		718
PIMCO Total Return Portfolio - Administrative Class		1,328		958

138

VENERABLE INSURANCE AND ANNUITY COMPANY

SEPARATE ACCOUNT B

Notes to Financial Statements

	Purchases		Sales
	(Dollars in thousands)
ProFunds:
ProFund VP Bull	$	332	$	1,126
ProFund VP Europe 30		87		271
ProFund VP Rising Rates Opportunity		316		191
Putnam Variable Trust:
Putnam VT Income Fund - Class 1B		563		428
Putnam VT International Equity Fund - Class 1B		1		5
Putnam VT International Value Fund - Class 1B		1		—
Putnam VT Mortgage Securities Fund - Class 1B		488		300
Putnam VT Multi-Cap Core Fund - Class IB Shares		10		9
Putnam VT Small Cap Value Fund - Class 1B		22		23
T. Rowe Price Equity Series, Inc.:
T. Rowe Price Blue Chip Growth Portfolio - II		997		1,346
T. Rowe Price Health Sciences Portfolio - II		1,506		1,388
Variable Insurance Trust:
MFS VIT Utilities Series Portfolio - Service Class		464		588
Voya Balanced Portfolio, Inc.:
Voya Balanced Portfolio - Class S		382		285
Voya Intermediate Bond Portfolio:
Voya Intermediate Bond Portfolio - Class A		1,790		1,216
Voya Intermediate Bond Portfolio - Class S		194,156		276,225
Voya Investors Trust:
Voya Balanced Income Portfolio - Adviser Class		453		751
Voya Balanced Income Portfolio - Service Class		39,733		45,690
Voya Balanced Income Portfolio - Service 2 Class		583		682
Voya Global Perspectives® Portfolio - Class A		7,964		13,702
Voya Government Liquid Assets Portfolio - Service Class		178774		116304
Voya Government Liquid Assets Portfolio - Service 2 Class		13,812		12,034
Voya High Yield Portfolio - Adviser Class		263		208
Voya High Yield Portfolio - Service Class		20,422		49,210
Voya Large Cap Growth Portfolio - Adviser Class		185,321		244,914
Voya Large Cap Growth Portfolio - Institutional Class		7		0
Voya Large Cap Growth Portfolio - Service Class		143,685		227,887
Voya Large Cap Growth Portfolio - Service 2 Class		1,577		2,648
Voya Large Cap Value Portfolio - Adviser Class		37		70
Voya Large Cap Value Portfolio - Service Class		68,527		84,224
Voya Limited Maturity Bond Portfolio - Service Class		583		2,983
Voya Retirement Conservative Portfolio - Adviser Class		39,839		47,997
Voya Retirement Growth Portfolio - Adviser Class		146,718		333,100
Voya Retirement Moderate Growth Portfolio - Adviser Class		104,613		224,859
Voya Retirement Moderate Portfolio - Adviser Class		52,268		121,597
Voya U.S. Stock Index Portfolio - Service Class		14,321		37,113
VY® BlackRock Inflation Protected Bond Portfolio - Adviser Class		872		50
VY® BlackRock Inflation Protected Bond Portfolio - Service Class		19,137		19,740
VY® Clarion Global Real Estate Portfolio - Adviser Class		44		94
VY® Clarion Global Real Estate Portfolio - Service Class		9,290		8,679
VY® Clarion Global Real Estate Portfolio - Service 2 Class		96		67
VY® Clarion Real Estate Portfolio - Adviser Class		102		63

139

VENERABLE INSURANCE AND ANNUITY COMPANY

SEPARATE ACCOUNT B

Notes to Financial Statements

	Purchases		Sales
	(Dollars in thousands)
Voya Investors Trust (continued):
VY® Clarion Real Estate Portfolio - Service Class	$	14,984	$	17,605
VY® Clarion Real Estate Portfolio - Service 2 Class		1,433		1,480
VY® Invesco Growth and Income Portfolio - Adviser Class		350		286
VY® Invesco Growth and Income Portfolio - Service Class		27,176		41,812
VY® Invesco Growth and Income Portfolio - Service 2 Class		2,900		3,579
VY® JPMorgan Emerging Markets Equity Portfolio - Adviser Class		180		555
VY® JPMorgan Emerging Markets Equity Portfolio - Service Class		23,763		58,051
VY® JPMorgan Emerging Markets Equity Portfolio - Service 2 Class		663		1,593
VY® JPMorgan Small Cap Core Equity Portfolio - Adviser Class		255		283
VY® Morgan Stanley Global Franchise Portfolio - Adviser Class		296		249
VY® Morgan Stanley Global Franchise Portfolio - Service Class		24,819		39,641
VY® Morgan Stanley Global Franchise Portfolio - Service 2 Class		3,745		5,552
VY® T. Rowe Price Capital Appreciation Portfolio - Adviser Class		7,906		5,702
VY® T. Rowe Price Capital Appreciation Portfolio - Service Class		215,520		315,831
VY® T. Rowe Price Capital Appreciation Portfolio - Service 2 Class		5,243		10,139
VY® T. Rowe Price Equity Income Portfolio - Adviser Class		285		212
VY® T. Rowe Price International Stock Portfolio - Adviser Class		116		488
VY® T. Rowe Price International Stock Portfolio - Service Class		9,670		18,421
Voya Partners, Inc.:
Voya Global Bond Portfolio - Adviser Class		187		173
Voya Global Bond Portfolio - Service Class		181		423
Voya International High Dividend Low Volatility Portfolio - Adviser Class		316		92
Voya International High Dividend Low Volatility Portfolio - Service Class		50,159		41,078
Voya Solution 2025 Portfolio - Adviser Class		236		51
Voya Solution 2025 Portfolio - Service Class		816		1,299
Voya Solution 2035 Portfolio - Adviser Class		8		134
Voya Solution 2035 Portfolio - Service Class		876		916
Voya Solution 2045 Portfolio - Adviser Class		8		24
Voya Solution 2045 Portfolio - Service Class		88		69
Voya Solution 2055 Portfolio - Adviser Class		—		—
Voya Solution Income Portfolio - Adviser Class		195		164
Voya Solution Income Portfolio - Service Class		584		2,366
Voya Solution Moderately Aggressive Portfolio - Service Class		45,345		69,731
VY® American Century Small-Mid Cap Value Portfolio - Adviser Class		273		223
VY® American Century Small-Mid Cap Value Portfolio - Service Class		153		478
VY® Baron Growth Portfolio - Adviser Class		168		459
VY® Columbia Contrarian Core Portfolio - Adviser Class		310		268
VY® Columbia Small Cap Value II Portfolio - Adviser Class		38		129
VY® Columbia Small Cap Value II Portfolio - Service Class		4,226		10,050
VY® Invesco Equity and Income Portfolio - Adviser Class		144		63
VY® Invesco Equity and Income Portfolio - Initial Class		64		235
VY® Invesco Equity and Income Portfolio - Service Class		23,062		61,816
VY® Invesco Equity and Income Portfolio - Service 2 Class		19,196		46,428
VY® Invesco Oppenheimer Global Portfolio - Adviser Class		118		286
VY® Invesco Oppenheimer Global Portfolio - Initial Class		172		430
VY® Invesco Oppenheimer Global Portfolio - Service Class		7,552		26,173
VY® JPMorgan Mid Cap Value Portfolio - Adviser Class		216		366
VY® JPMorgan Mid Cap Value Portfolio - Service Class		8,545		14,633

140

VENERABLE INSURANCE AND ANNUITY COMPANY

SEPARATE ACCOUNT B

Notes to Financial Statements

	Purchases		Sales
	(Dollars in thousands)
Voya Partners, Inc.: (continued)
VY® T. Rowe Price Diversified Mid Cap Growth Portfolio - Adviser Class	$	252	$	59
VY® T. Rowe Price Diversified Mid Cap Growth Portfolio - Service Class		1,049		1,247
VY® T. Rowe Price Growth Equity Portfolio - Adviser Class		492		539
Voya Strategic Allocation Portfolios, Inc.:
Voya Strategic Allocation Conservative Portfolio - Class S		336		202
Voya Strategic Allocation Growth Portfolio - Class S		43		15
Voya Strategic Allocation Moderate Portfolio - Class S		55		158
Voya Variable Funds:
Voya Growth and Income Portfolio - Class A		88,702		120,397
Voya Growth and Income Portfolio - Class I		68		50
Voya Growth and Income Portfolio - Class S		45,438		61,121
Voya Variable Portfolios, Inc.:
Voya Euro STOXX 50® Index Portfolio - Class A		6,575		12,123
Voya FTSE 100® Index Portfolio - Class A		344		2,973
Voya Global High Dividend Low Volatility Portfolio - Class A		—		1
Voya Global High Dividend Low Volatility Portfolio - Class S		19,954		69,977
Voya Hang Seng Index Portfolio - Class S		7,097		16,979
Voya Index Plus LargeCap Portfolio - Class S		11,918		19,537
Voya Index Plus MidCap Portfolio - Class S		1,101		8,614
Voya Index Plus SmallCap Portfolio - Class S		1,542		6,135
Voya International Index Portfolio - Class A		19,543		68,089
Voya International Index Portfolio - Class S		660		3,415
Voya Japan TOPIX® Index Portfolio - Class A		2,550		5,599
Voya Russell™ Large Cap Growth Index Portfolio - Class S		55,794		106,870
Voya Russell™ Large Cap Index Portfolio - Class A		778		943
Voya Russell™ Large Cap Index Portfolio - Class S		45,663		65,318
Voya Russell™ Large Cap Value Index Portfolio - Class I		3		34
Voya Russell™ Large Cap Value Index Portfolio - Class S		37,603		121,048
Voya Russell™ Mid Cap Growth Index Portfolio - Class S		37,246		101,878
Voya Russell™ Mid Cap Index Portfolio - Class A		550		715
Voya Russell™ Mid Cap Index Portfolio - Class S		25,834		31,554
Voya Russell™ Small Cap Index Portfolio - Class A		332		698
Voya Russell™ Small Cap Index Portfolio - Class S		30,232		65,322
Voya Small Company Portfolio - Class A		27		23
Voya Small Company Portfolio - Class S		2,674		11,288
Voya U.S. Bond Index Portfolio - Class S		55,842		32,547
Voya Variable Products Trust:
Voya MidCap Opportunities Portfolio - Class A		176		298
Voya MidCap Opportunities Portfolio - Class S		45,302		132,438
Voya SmallCap Opportunities Portfolio - Class A		126		357
Voya SmallCap Opportunities Portfolio - Class S		296		5,271
Wells Fargo Funds Trust:
Wells Fargo VT Omega Growth Fund - Class 2		52		197
Wells Fargo Variable Trust:
Wells Fargo VT Index Asset Allocation Fund - Class 2		61		93
Wells Fargo VT Small Cap Growth Fund - Class 2		16		23

141

VENERABLE INSURANCE AND ANNUITY COMPANY

SEPARATE ACCOUNT B

Notes to Financial Statements

6. Changes in Units

The changes in units outstanding for the years ended December 31, 2020 and 2019 are shown in the following table:

	Year ended December 31,
	2020							2019
	Units Issued		Units Redeemed		Net Increase (Decrease)			Units Issued		Units Redeemed		Net Increase (Decrease)
AIM Variable Insurance Funds:
Invesco V.I. Balanced-Risk Allocation Fund - Series II Shares		11,161		13,501		(2,340	)		1,054		1,044		10
American Funds Insurance Series®:
Blue Chip Income & Growth Fund - Class 4		61,950		57,051		4,899			22,436		47,749		(25,313	)
Bond Fund - Class 4		257,225		101,648		155,577			83,682		34,560		49,122
Capital Income Builder Fund - Class 4		5,759		35,342		(29,583	)		13,943		56,062		(42,119	)
Global Growth Fund - Class 4		24,353		31,767		(7,414	)		5,910		26,207		(20,297	)
Growth Fund - Class 4		84,652		138,556		(53,904	)		22,537		106,047		(83,510	)
International Fund - Class 4		28,181		38,826		(10,645	)		2,946		20,635		(17,689	)
New World Fund - Class 4		6,334		13,616		(7,282	)		3,594		9,598		(6,004	)
BlackRock Variable Series Funds, Inc.:
BlackRock Equity Dividend V.I. Fund - Class III		34,861		76,931		(42,070	)		16,364		60,004		(43,640	)
BlackRock Global Allocation V.I. Fund - Class III		864,190		5,968,563		(5,104,373	)		505,351		6,948,374		(6,443,023	)
BlackRock High Yield V.I. Fund - Class III		29,492		77,074		(47,582	)		28,508		24,084		4,424
BlackRock 60/40 Target Allocation ETF V.I. Fund - Class III		4,191		198		3,993			22		96		(74	)
Columbia Funds Series Trust II:
Columbia VP Seligman Global Technology Fund - Class 2		34,824		32,166		2,658			22,581		27,102		(4,521	)
Columbia Funds Variable Insurance Trust:
Columbia Asset Allocation Fund, Variable Series - Class 1		—		1,621		(1,621	)		56		1,653		(1,597	)
Columbia Small Cap Value Fund, Variable Series - Class 2		63,248		297,315		(234,067	)		23,068		314,420		(291,352	)
Columbia Small Company Growth Fund, Variable Series - Class 1		152		150		2			1,676		1,670		6
Columbia Funds Variable Series Trust II:
Columbia VP Large Cap Growth Fund - Class 1		693		1,497		(804	)		4,007		3,217		790
Deutsche Variable Series I:
DWS Core Equity VIP - Class B		5,317		10,999		(5,682	)		648		4,998		(4,350	)
Deutsche Variable Series II:
DWS Alternative Asset Allocation VIP - Class B		2,487		3,707		(1,220	)		29		4,944		(4,915	)
DWS High Income VIP - Class B		786		2,226		(1,440	)		503		286		217

142

VENERABLE INSURANCE AND ANNUITY COMPANY

SEPARATE ACCOUNT B

Notes to Financial Statements

	Year ended December 31,
	2020							2019
	Units Issued		Units Redeemed		Net Increase (Decrease)			Units Issued		Units Redeemed		Net Increase (Decrease)
Eaton Vance Variable Trust:
Eaton Vance VT Floating-Rate Income Fund - Initial Class		32,308		129,593		(97,285	)		25,698		163,204		(137,506	)
Federated Hermes Insurance Series:
Federated Hermes High Income Bond Fund II - Service Shares		6,977		7,343		(366	)		456		4,170		(3,714	)
Federated Hermes Kaufmann Fund II - Service Shares		20,348		9,816		10,532			8,389		12,915		(4,526	)
Fidelity® Variable Insurance Products:
Fidelity® VIP Strategic Income Portfolio - Service Class 2		46,767		86,137		(39,370	)		33,530		41,717		(8,187	)
Fidelity® Variable Insurance Products II:
Fidelity® VIP Disciplined Small Cap Portfolio - Service Class 2		1,321		16,398		(15,077	)		464		9,420		(8,956	)
Fidelity® Variable Insurance Products V:
Fidelity® VIP FundsManager 20% Portfolio - Service Class 2		2,092		1,806		286			—		—		—
Fidelity® VIP FundsManager 60% Portfolio - Service Class 2		5,839		4,692		1,147			13,104		3,036		10,068
Fidelity® VIP FundsManager 85% Portfolio - Service Class 2		303		146		157			687		1,056		(369	)
Franklin Templeton Variable Insurance Products Trust:
Franklin Small Cap Value VIP Fund - Class 2		6,888		21,796		(14,908	)		2,804		24,256		(21,452	)
Franklin Strategic Income VIP Fund - Class 2		3,058		18,911		(15,853	)		6,677		12,308		(5,631	)
Templeton Global Bond VIP Fund - Class 2		47,090		74,492		(27,402	)		47,865		54,660		(6,795	)
Ivy Equity Funds:
Ivy VIP Securian Real Estate Securities - Class II		6,726		17,173		(10,447	)		9,320		2,259		7,061
Ivy Funds Variable Insurance Portfolios:
Ivy VIP Asset Strategy		624		8,250		(7,626	)		285		15,110		(14,825	)
Ivy VIP Balanced		12,766		3,527		9,239			17,867		1,081		16,786
Ivy VIP Energy		601,120		356,547		244,573			12,811		9,931		2,880
Ivy VIP High Income		7,196		10,788		(3,592	)		6,196		6,323		(127	)
Ivy VIP International Core Equity		56		1		55			61		15		46
Ivy VIP Mid Cap Growth		113		9,680		(9,567	)		51		16,583		(16,532	)
Ivy VIP Science and Technology		365		9,741		(9,376	)		540		7,916		(7,376	)
Ivy VIP Small Cap Core - Class II		2,578		6,063		(3,485	)		3,451		1,227		2,224
Ivy VIP Small Cap Growth		13,303		10,178		3,125			21,349		16,349		5,000
Janus Aspen Series:
Janus Henderson Balanced Portfolio - Service Shares		41,875		53,828		(11,953	)		41,376		48,204		(6,828	)
Janus Henderson Enterprise Portfolio - Service Shares		19,241		62,442		(43,201	)		14,264		26,699		(12,435	)

143

VENERABLE INSURANCE AND ANNUITY COMPANY

SEPARATE ACCOUNT B

Notes to Financial Statements

	Year ended December 31,
	2020							2019
	Units Issued		Units Redeemed		Net Increase (Decrease)			Units Issued		Units Redeemed		Net Increase (Decrease)
Janus Aspen Series: (continued)
Janus Henderson Flexible Bond Portfolio - Service Shares		3,053		22,924		(19,871	)		4,410		18,850		(14,441	)
Legg Mason Partners Equity Trust:
ClearBridge Var Aggressive Growth Portfolio II		415		380		35			1,459		259		1,200
Legg Mason Partners Variable Equity Trust:
ClearBridge Variable Mid Cap Portfolio - Class II		572		1,679		(1,107	)		166		1,762		(1,596	)
Legg Mason Partners Variable Income Trust:
Western Asset Core Plus VIT Portfolio - Class I		383		169		214			12		10		2
MFS® Series Trust VIII:
MFS VIT II Income Portfolio - Service Class		42,588		24,756		17,832			1,956		3,491		(1,535	)
MFS Variable Insurance Trust:
MFS VIT Research Series Portfolio - Service Class		2,249		11,195		(8,946	)		5,171		6,635		(1,464	)
MFS® Variable Insurance Trust II:
MFS VIT International Intrinsic Value Portfolio - Service Class		13,239		20,807		(7,568	)		6,970		994		5,976
MFS VIT Value Series - Service Class		16,810		16,533		277			17,666		4,939		12,727
MFS® Variable Insurance Trust III:
MFS VIT III Global Real Estate Portfolio - Service Class		2,812		28,804		(25,992	)		20,160		16,562		3,598
Invesco Oppenheimer Main Street Fund®:
Invesco Oppenheimer V.I. Main Street Fund - Series II		3,492		2,332		1,160			159		7,675		(7,516	)
Invesco Oppenheimer V.I. Main Street Small Cap Fund - Series II		2,233		8,807		(6,574	)		15,524		15,504		20
Invesco Variable Insurance Fund:
Invesco Oppenheimer V.I. Discovery Mid Cap Growth Fund - Series II		262		4,408		(4,146	)		5,633		9,542		(3,909	)
Invesco Oppenheimer V.I. International Growth Fund - Series II		23,414		17,726		5,688			2,567		45,630		(43,063	)
Invesco Oppenheimer V.I. Total Return Bond Fund - Service Shares		121,968		26,439		95,529			16,385		2,192		14,193
PIMCO Variable Insurance Trust:
PIMCO All Asset Portfolio - Administrative Class		887		13,295		(12,408	)		4,591		4,045		546
PIMCO Low Duration Portfolio - Administrative Class		102,428		70,358		32,070			86,571		43,009		43,562
PIMCO Real Return Portfolio - Administrative Class		34,605		52,629		(18,024	)		16,630		53,455		(36,825	)
PIMCO Short-Term Portfolio - Administrative Class		36,770		64,939		(28,169	)		44,261		62,406		(18,145	)
PIMCO Total Return Portfolio - Administrative Class		114,479		94,408		20,071			59,759		100,839		(41,080	)
ProFunds:
ProFund VP Bull		1,180		56,613		(55,433	)		1,601		75,487		(73,886	)

144

VENERABLE INSURANCE AND ANNUITY COMPANY

SEPARATE ACCOUNT B

Notes to Financial Statements

	Year ended December 31,
	2020							2019
	Units Issued		Units Redeemed		Net Increase (Decrease)			Units Issued		Units Redeemed		Net Increase (Decrease)
ProFunds: (continued)
ProFund VP Europe 30		6,672		29,334		(22,662	)		2,032		27,971		(25,939	)
ProFund VP Rising Rates Opportunity		312,949		171,029		141,920			213,088		93,942		119,146
Putnam Variable Trust:
Putnam VT Income Fund - Class 1B		44,623		37,107		7,516			26,994		10,576		16,418
Putnam VT International Equity Fund - Class 1B		56		408		(352	)		17		267		(250	)
Putnam VT International Value Fund - Class 1B		94		—		94			—		—		—
Putnam VT Mortgage Securities Fund - Class 1B		34,420		26,501		7,919			13,351		24,347		(10,996	)
Putnam VT Multi-Cap Core Fund - Class IB Shares		87		453		(366	)		31		3,852		(3,821	)
Putnam VT Small Cap Value Fund - Class 1B		2,649		2,495		154			3,660		5,975		(2,315	)
T. Rowe Price Equity Series, Inc.:
T. Rowe Price Blue Chip Growth Portfolio - II		39,308		70,314		(31,006	)		27,329		77,746		(50,417	)
T. Rowe Price Health Sciences Portfolio - II		78,227		86,009		(7,782	)		17,751		82,191		(64,440	)
Variable Insurance Trust:
MFS VIT Utilities Series Portfolio - Service Class		30,659		46,781		(16,122	)		46,449		16,483		29,966
Voya Balanced Portfolio, Inc.:
Voya Balanced Portfolio - Class S		24,498		23,085		1,413			12,928		34,359		(21,431	)
Voya Intermediate Bond Portfolio:
Voya Intermediate Bond Portfolio - Class A		140,977		110,800		30,177			89,178		60,214		28,964
Voya Intermediate Bond Portfolio - Class S		15,957,455		25,553,376		(9,595,921	)		10,346,844		23,906,622		(13,559,778	)
Voya Investors Trust:
Voya Balanced Income Portfolio - Adviser Class		20,424		63,582		(43,158	)		9,521		19,136		(9,615	)
Voya Balanced Income Portfolio - Service Class		1,685,318		3,386,989		(1,701,671	)		1,094,838		3,016,276		(1,921,438	)
Voya Balanced Income Portfolio - Service 2 Class		2,302		34,579		(32,277	)		72,057		55,226		16,831
Voya Global Perspectives® Portfolio - Class A		290,610		1,069,348		(778,738	)		290,833		1,429,215		(1,138,382	)
Voya Government Liquid Assets Portfolio - Service Class		24,469,167		18,916,720		5,552,447			13,289,088		16,407,496		(3,118,408	)
Voya Government Liquid Assets Portfolio - Service 2 Class		1,608,136		1,409,533		198,603			283,426		466,430		(183,004	)
Voya High Yield Portfolio - Adviser Class		17,005		14,365		2,640			6,462		27,480		(21,018	)
Voya High Yield Portfolio - Service Class		901,574		2,673,956		(1,772,382	)		1,259,354		2,713,515		(1,454,161	)
Voya Large Cap Growth Portfolio - Adviser Class		1,900,740		10,044,239		(8,143,499	)		1,167,787		11,556,302		(10,388,515	)
Voya Large Cap Growth Portfolio - Institutional Class		—		—		—			—		1,234		(1,234	)
Voya Large Cap Growth Portfolio - Service Class		155,060		5,134,432		(4,979,372	)		182,445		6,010,990		(5,828,545	)

145

VENERABLE INSURANCE AND ANNUITY COMPANY

SEPARATE ACCOUNT B

Notes to Financial Statements

	Year ended December 31,
	2020							2019
	Units Issued		Units Redeemed		Net Increase (Decrease)			Units Issued		Units Redeemed		Net Increase (Decrease)
Voya Investors Trust: (continued)
Voya Large Cap Growth Portfolio - Service 2 Class		1,735		61,818		(60,083	)		1,080		71,223		(70,143	)
Voya Large Cap Value Portfolio - Adviser Class		205		6,345		(6,140	)		84		1,266		(1,182	)
Voya Large Cap Value Portfolio - Service Class		1,419,373		5,137,939		(3,718,566	)		816,082		6,010,494		(5,194,412	)
Voya Limited Maturity Bond Portfolio - Service Class		17,307		131,790		(114,483	)		12,801		164,024		(151,223	)
Voya Retirement Conservative Portfolio - Adviser Class		4,270,413		5,580,052		(1,309,639	)		3,538,546		5,592,485		(2,053,939	)
Voya Retirement Growth Portfolio - Adviser Class		1,723,636		19,359,574		(17,635,938	)		1,723,714		23,115,049		(21,391,335	)
Voya Retirement Moderate Growth Portfolio - Adviser Class		1,667,538		13,411,775		(11,744,237	)		1,601,908		16,332,908		(14,731,000	)
Voya Retirement Moderate Portfolio - Adviser Class		2,008,750		8,574,989		(6,566,239	)		2,438,850		9,499,689		(7,060,839	)
Voya U.S. Stock Index Portfolio - Service Class		1,125,116		4,026,834		(2,901,718	)		21,952,982		439,343		21,513,639
VY® BlackRock Inflation Protected Bond Portfolio - Adviser Class		79,172		4,600		74,572			13,430		15,799		(2,369	)
VY® BlackRock Inflation Protected Bond Portfolio - Service Class		2,639,696		2,644,992		(5,296	)		1,486,987		3,018,027		(1,531,040	)
VY® Clarion Global Real Estate Portfolio - Adviser Class		1,898		9,022		(7,124	)		243		3,012		(2,769	)
VY® Clarion Global Real Estate Portfolio - Service Class		216,731		608,744		(392,013	)		51,292		713,291		(661,999	)
VY® Clarion Global Real Estate Portfolio - Service 2 Class		920		4,526		(3,606	)		523		8,572		(8,049	)
VY® Clarion Real Estate Portfolio - Adviser Class		2,871		6,192		(3,321	)		4,026		11,247		(7,221	)
VY® Clarion Real Estate Portfolio - Service Class		47,536		204,448		(156,912	)		11,263		231,294		(220,031	)
VY® Clarion Real Estate Portfolio - Service 2 Class		12,491		43,869		(31,378	)		4,469		55,457		(50,988	)
VY® Invesco Growth and Income Portfolio - Adviser Class		13,216		13,473		(257	)		3,461		38,823		(35,362	)
VY® Invesco Growth and Income Portfolio - Service Class		228,996		1,012,992		(783,996	)		142,502		1,115,545		(973,043	)
VY® Invesco Growth and Income Portfolio - Service 2 Class		26,762		132,491		(105,729	)		15,702		162,098		(146,396	)
VY® JPMorgan Emerging Markets Equity Portfolio - Adviser Class		8,533		42,841		(34,308	)		17,720		43,815		(26,095	)
VY® JPMorgan Emerging Markets Equity Portfolio - Service Class		595,604		2,390,025		(1,794,421	)		735,231		2,200,126		(1,464,895	)
VY® JPMorgan Emerging Markets Equity Portfolio - Service 2 Class		1,226		37,922		(36,696	)		2,260		46,564		(44,304	)
VY® JPMorgan Small Cap Core Equity Portfolio - Adviser Class		24,865		28,649		(3,784	)		4,396		27,819		(23,423	)
VY® Morgan Stanley Global Franchise Portfolio - Adviser Class		7,026		14,679		(7,653	)		8,636		26,530		(17,894	)
VY® Morgan Stanley Global Franchise Portfolio - Service Class		392,221		1,189,372		(797,151	)		401,903		1,463,613		(1,061,710	)
VY® Morgan Stanley Global Franchise Portfolio - Service 2 Class		26,068		130,554		(104,486	)		7,434		152,153		(144,719	)
VY® T. Rowe Price Capital Appreciation Portfolio - Adviser Class		352,270		473,481		(121,211	)		309,178		290,692		18,486
VY® T. Rowe Price Capital Appreciation Portfolio - Service Class		1,511,410		4,825,799		(3,314,389	)		2,107,883		5,811,894		(3,704,011	)
VY® T. Rowe Price Capital Appreciation Portfolio - Service 2 Class		37,853		253,996		(216,143	)		47,388		300,330		(252,942	)
VY® T. Rowe Price Equity Income Portfolio - Adviser Class		17,446		17,997		(551	)		3,608		9,510		(5,902	)

146

VENERABLE INSURANCE AND ANNUITY COMPANY

SEPARATE ACCOUNT B

Notes to Financial Statements

	Year ended December 31,
	2020							2019
	Units Issued		Units Redeemed		Net Increase (Decrease)			Units Issued		Units Redeemed		Net Increase (Decrease)
Voya Investors Trust: (continued)
VY® T. Rowe Price International Stock Portfolio - Adviser Class		8,891		42,999		(34,108	)		23,621		9,107		14,514
VY® T. Rowe Price International Stock Portfolio - Service Class		540,890		1,243,996		(703,106	)		421,431		1,418,665		(997,234	)
Voya Partners, Inc.:
Voya Global Bond Portfolio - Adviser Class		15,798		16,254		(456	)		1,775		11,418		(9,643	)
Voya Global Bond Portfolio - Service Class		6,478		26,095		(19,617	)		13,246		37,868		(24,622	)
Voya International High Dividend Low Volatility Portfolio - Adviser Class		22,060		8,809		13,251			4,128		7,166		(3,038	)
Voya International High Dividend Low Volatility Portfolio - Service Class		1,383,519		3,859,186		(2,475,667	)		999,878		4,251,101		(3,251,223	)
Voya Solution 2025 Portfolio - Adviser Class		15,890		3,693		12,197			11,198		12,451		(1,253	)
Voya Solution 2025 Portfolio - Service Class		2,711		64,704		(61,993	)		7,765		105,123		(97,358	)
Voya Solution 2035 Portfolio - Adviser Class		9		10,840		(10,831	)		7,249		10,102		(2,853	)
Voya Solution 2035 Portfolio - Service Class		11,603		41,015		(29,412	)		451		26,304		(25,853	)
Voya Solution 2045 Portfolio - Adviser Class		—		1,721		(1,721	)		2,626		1,801		825
Voya Solution 2045 Portfolio - Service Class		1,420		2,867		(1,447	)		386		6,352		(5,966	)
Voya Solution 2055 Portfolio - Adviser Class		1		4		(3	)		1		7,818		(7,817	)
Voya Solution Income Portfolio - Adviser Class		13,391		11,549		1,842			31,572		45,468		(13,896	)
Voya Solution Income Portfolio - Service Class		16,609		131,513		(114,904	)		46,683		148,653		(101,970	)
Voya Solution Moderately Aggressive Portfolio - Service Class		526,109		5,501,798		(4,975,689	)		353,793		6,344,669		(5,990,876	)
VY® American Century Small-Mid Cap Value Portfolio - Adviser Class		17,414		15,408		2,006			11,492		25,062		(13,570	)
VY® American Century Small-Mid Cap Value Portfolio - Service Class		6,498		15,047		(8,549	)		4,567		14,718		(10,151	)
VY® Baron Growth Portfolio - Adviser Class		11,444		25,029		(13,585	)		7,556		17,717		(10,161	)
VY® Columbia Contrarian Core Portfolio - Adviser Class		18,283		16,777		1,506			6,398		6,765		(367	)
VY® Columbia Small Cap Value II Portfolio - Adviser Class		1,686		12,129		(10,443	)		1,818		24,877		(23,059	)
VY® Columbia Small Cap Value II Portfolio - Service Class		172,685		619,227		(446,542	)		48,466		649,079		(600,613	)
VY® Invesco Equity and Income Portfolio - Adviser Class		6,761		5,406		1,355			16,968		26,307		(9,339	)
VY® Invesco Equity and Income Portfolio - Initial Class		82		8,617		(8,535	)		61		3,262		(3,201	)
VY® Invesco Equity and Income Portfolio - Service Class		209,292		2,941,192		(2,731,900	)		115,344		3,405,974		(3,290,630	)
VY® Invesco Equity and Income Portfolio - Service 2 Class		682,463		3,806,887		(3,124,424	)		488,581		4,056,153		(3,567,572	)
VY® Invesco Oppenheimer Global Portfolio - Adviser Class		7,286		22,062		(14,776	)		7,800		32,169		(24,368	)
VY® Invesco Oppenheimer Global Portfolio - Initial Class		97		11,851		(11,754	)		491		14,612		(14,121	)
VY® Invesco Oppenheimer Global Portfolio - Service Class		235,636		1,058,438		(822,802	)		266,230		1,165,076		(898,846	)
VY® JPMorgan Mid Cap Value Portfolio - Adviser Class		10,570		34,567		(23,997	)		1,329		23,353		(22,024	)

147

VENERABLE INSURANCE AND ANNUITY COMPANY

SEPARATE ACCOUNT B

Notes to Financial Statements

	Year ended December 31,
	2020							2019
	Units Issued		Units Redeemed		Net Increase (Decrease)			Units Issued		Units Redeemed		Net Increase (Decrease)
Voya Partners, Inc.: (continued)
VY® JPMorgan Mid Cap Value Portfolio - Service Class		85,134		619,449		(534,315	)		12,079		612,250		(600,171	)
VY® T. Rowe Price Diversified Mid Cap Growth Portfolio - Adviser Class		13,813		6,072		7,741			4,270		10,825		(6,555	)
VY® T. Rowe Price Diversified Mid Cap Growth Portfolio - Service Class		9,052		23,759		(14,707	)		12,712		39,392		(26,680	)
VY® T. Rowe Price Growth Equity Portfolio - Adviser Class		19,928		30,575		(10,647	)		9,540		35,061		(25,521	)
Voya Strategic Allocation Portfolios, Inc.:
Voya Strategic Allocation Conservative Portfolio - Class S		8,841		7,573		1,268			34,751		25,902		8,849
Voya Strategic Allocation Growth Portfolio - Class S		76		433		(357	)		219		12,871		(12,652	)
Voya Strategic Allocation Moderate Portfolio - Class S		70		5,981		(5,911	)		1,490		2,259		(769	)
Voya Variable Funds:
Voya Growth and Income Portfolio - Class A		932,848		5,676,488		(4,743,640	)		746,199		6,909,294		(6,163,096	)
Voya Growth and Income Portfolio - Class I		14		2,299		(2,285	)		—		3,412		(3,412	)
Voya Growth and Income Portfolio - Class S		150,696		2,932,813		(2,782,117	)		138,731		3,838,154		(3,699,423	)
Voya Variable Portfolios, Inc.:
Voya Euro STOXX 50® Index Portfolio - Class A		3,704		1,560,063		(1,556,359	)		166,793		428,704		(261,911	)
Voya FTSE 100® Index Portfolio - Class A		6,433		317,459		(311,026	)		55,077		104,079		(49,002	)
Voya Global High Dividend Low Volatility Portfolio - Class A		7		70		(63	)		29		154		(125	)
Voya Global High Dividend Low Volatility Portfolio - Class S		1,136,807		5,702,285		(4,565,478	)		12,581,981		5,096,161		7,485,820
Voya Hang Seng Index Portfolio - Class S		2,745		1,123,100		(1,120,355	)		92,709		343,470		(250,761	)
Voya Index Plus LargeCap Portfolio - Class S		32,504		774,561		(742,057	)		24,532		1,077,904		(1,053,372	)
Voya Index Plus MidCap Portfolio - Class S		48,409		322,560		(274,151	)		14,003		366,503		(352,500	)
Voya Index Plus SmallCap Portfolio - Class S		60,377		260,426		(200,049	)		23,930		276,462		(252,532	)
Voya International Index Portfolio - Class A		1,991,133		6,909,070		(4,917,937	)		1,139,705		8,139,706		(7,000,001	)
Voya International Index Portfolio - Class S		35,807		333,784		(297,977	)		16,206		316,680		(300,474	)
Voya Japan TOPIX® Index Portfolio - Class A		2,213		453,073		(450,860	)		168,992		256,674		(87,682	)
Voya Russell™ Large Cap Growth Index Portfolio - Class S		1,770,341		3,271,675		(1,501,334	)		7,794,787		1,740,912		6,053,875
Voya Russell™ Large Cap Index Portfolio - Class A		46,722		70,107		(23,385	)		48,411		30,517		17,894
Voya Russell™ Large Cap Index Portfolio - Class S		2,412,144		3,783,240		(1,371,096	)		1,638,533		3,576,936		(1,938,403	)
Voya Russell™ Large Cap Value Index Portfolio - Class I		160		2,700		(2,540	)		—		555		(555	)
Voya Russell™ Large Cap Value Index Portfolio - Class S		1,263,089		5,111,939		(3,848,850	)		20,951,264		1,813,935		19,137,329
Voya Russell™ Mid Cap Growth Index Portfolio - Class S		716,903		2,910,773		(2,193,870	)		8,646,249		1,777,399		6,868,850
Voya Russell™ Mid Cap Index Portfolio - Class A		8,540		55,917		(47,377	)		21,458		37,741		(16,283	)

148

VENERABLE INSURANCE AND ANNUITY COMPANY

SEPARATE ACCOUNT B

Notes to Financial Statements

	Year ended December 31,
	2020							2019
	Units Issued		Units Redeemed		Net Increase (Decrease)			Units Issued		Units Redeemed		Net Increase (Decrease)
Voya Variable Portfolios, Inc.: (continued)
Voya Russell™ Mid Cap Index Portfolio - Class S		601,292		1,786,681		(1,185,389	)		577,454		1,707,099		(1,129,645	)
Voya Russell™ Small Cap Index Portfolio - Class A		15,611		57,645		(42,034	)		19,088		15,585		3,503
Voya Russell™ Small Cap Index Portfolio - Class S		1,059,830		3,815,887		(2,756,057	)		11,595,794		2,033,102		9,562,692
Voya Small Company Portfolio - Class A		2,088		1,771		317			133		1,675		(1,542	)
Voya Small Company Portfolio - Class S		217,521		680,714		(463,193	)		117,442		677,039		(559,597	)
Voya U.S. Bond Index Portfolio - Class S		6,501,300		4,755,368		1,745,932			2,814,201		3,027,977		(213,776	)
Voya Variable Products Trust:
Voya MidCap Opportunities Portfolio - Class A		6,033		17,056		(11,023	)		4,300		11,164		(6,864	)
Voya MidCap Opportunities Portfolio - Class S		881,241		5,110,577		(4,229,336	)		461,876		5,853,218		(5,391,342	)
Voya SmallCap Opportunities Portfolio - Class A		10,607		32,015		(21,408	)		9,319		31,834		(22,515	)
Voya SmallCap Opportunities Portfolio - Class S		19,318		267,518		(248,200	)		10,787		293,661		(282,874	)
Wells Fargo Funds Trust:
Wells Fargo VT Omega Growth Fund - Class 2		11		4,591		(4,580	)		—		3,348		(3,348	)
Wells Fargo Variable Trust:
Wells Fargo VT Index Asset Allocation Fund - Class 2		—		3,025		(3,025	)		—		21,621		(21,621	)
Wells Fargo VT Small Cap Growth Fund - Class 2		—		439		(439	)		—		223		(223	)

149

VENERABLE INSURANCE AND ANNUITY COMPANY

SEPARATE ACCOUNT B

Notes to Financial Statements

7. Financial Highlights

A summary of unit values, units outstanding, and net assets for variable annuity Contracts, expense ratios, excluding expenses of underlying Funds, investment income ratios, and total return for the years ended December 31, 2020, 2019, 2018, 2017, and 2016, follows:

	Fund Inception DateA	Units (000's)		Unit Fair Value (lowest to highest)						Net Assets (000's)		Investment Income RatioB			Expense RatioC (lowest to highest)								Total ReturnD (lowest to highest)
Invesco V.I. Balanced-Risk Allocation Fund - Series II Shares
2020			8	$	12.99	to		$	12.47	$	106		7.81	%		0.60	%	to			1.15	%		9.34	%	to			8.72	%
2019			11	$	11.88	to		$	11.47	$	124		—			0.60	%	to			1.15	%		14.23	%	to			13.56	%
2018			11	$	10.10	to		$	10.40	$	109		1.64	%		0.60	%	to			1.15	%		-7.31	%	to			-7.85	%
2017			12	$	10.96	to		$	11.22	$	135		3.88	%		0.60	%	to			1.15	%				9.14		%
2016			9			$	10.28			$	91		0.13	%					0.60	%							10.90	%
Blue Chip Income &Growth Fund - Class 4
2020			348	$	14.91	to		$	13.85	$	4,902		1.47	%		0.60	%	to			1.15	%		7.81	%	to			7.20	%
2019			343	$	13.83	to		$	12.92	$	4,508		1.94	%		0.60	%	to			1.15	%		20.37	%	to			19.63	%
2018			369	$	10.80	to		$	11.49	$	4,039		1.97	%		0.60	%	to			1.15	%		-9.53	%	to			-9.92	%
2017			350	$	11.99	to		$	12.70	$	4,274		2.83	%		0.60	%	to			1.15	%		16.09	%	to			15.29	%
2016	6/15/2016		43	$	10.40	to		$	10.94	$	472	(a)				0.60	%	to			1.15	%				(a)
Bond Fund - Class 4
2020			362	$	11.94	to		$	11.55	$	4,235		1.73	%		0.60	%	to			1.15	%		8.64	%	to			8.15	%
2019			206	$	10.99	to		$	10.68	$	2,233		2.78	%		0.60	%	to			1.15	%		8.49	%	to			7.77	%
2018			157	$	9.91	to		$	10.13	$	1,578		2.11	%		0.60	%	to			1.15	%		-1.46	%	to			-1.98	%
2017			189	$	10.11	to		$	10.28	$	1,936		2.21	%		0.60	%	to			1.15	%					2.59	%
2016			113			$	10.02			$	1,135		1.93	%					0.60	%							2.24	%
Capital Income Builder Fund - Class 4
2020			156	$	12.26	to		$	12.40	$	1,930		2.45	%		0.60	%	to			1.15	%		3.46	%	to			2.99	%
2019			186	$	11.85	to		$	12.04	$	2,226		2.63	%		0.60	%	to			1.15	%		16.98	%	to			16.22	%
2018			228	$	10.13	to		$	10.36	$	2,341		2.75	%		0.60	%	to			1.15	%		-7.83	%	to			-8.32	%
2017			227	$	10.99	to		$	11.30	$	2,534		2.79	%		0.60	%	to			1.15	%		11.91	%	to			11.33	%
2016			91	$	9.82	to		$	10.15	$	889		3.30	%		0.60	%	to			1.15	%					3.15	%

150

VENERABLE INSURANCE AND ANNUITY COMPANY

SEPARATE ACCOUNT B

Notes to Financial Statements

	Fund Inception DateA	Units (000's)		Unit Fair Value (lowest to highest)						Net Assets (000's)		Investment Income RatioB			Expense RatioC (lowest to highest)								Total ReturnD (lowest to highest)
Global Growth Fund - Class 4
2020			114	$	19.99	to		$	19.95	$	2,282		0.14	%		0.60	%	to			1.15	%		29.39	%	to			28.63	%
2019			122	$	15.45	to		$	15.51	$	1,882		0.96	%		0.60	%	to			1.15	%		34.11	%	to			33.36	%
2018			142	$	11.52	to		$	11.63	$	1,643		0.57	%		0.60	%	to			1.15	%		-9.79	%	to			-10.26	%
2017			144	$	12.77	to		$	12.96	$	1,855		0.63	%		0.60	%	to			1.15	%					30.31	%
2016			81			$	9.80			$	795		0.88	%					0.60	%							-0.20	%
Growth Fund - Class 4
2020			404	$	26.75	to		$	24.67	$	10,343		0.21	%		0.60	%	to			1.15	%		50.79	%	to			49.97	%
2019			458	$	17.74	to		$	16.45	$	7,805		0.58	%		0.60	%	to			1.15	%		29.68	%	to			28.92	%
2018			542	$	12.76	to		$	13.68	$	7,143		0.28	%		0.60	%	to			1.15	%		-1.08	%	to			-1.62	%
2017			513	$	12.97	to		$	13.83	$	6,904		0.52	%		0.60	%	to			1.15	%		27.23	%	to			26.54	%
2016			230	$	10.25	to		$	10.87	$	2,495		0.75	%		0.60	%	to			1.15	%					8.48	%
International Fund - Class 4
2020			123	$	14.20	to		$	14.90	$	1,769		0.40	%		0.60	%	to			1.15	%		12.97	%	to			12.28	%
2019			133	$	12.57	to		$	13.27	$	1,711		1.21	%		0.60	%	to			1.15	%		21.92	%	to			21.30	%
2018			151	$	10.31	to		$	10.94	$	1,595		1.65	%		0.60	%	to			1.15	%		-13.94	%	to			-14.40	%
2017			137	$	11.98	to		$	12.78	$	1,682		1.62	%		0.60	%	to			1.15	%		31.22	%	to			30.41	%
2016			65	$	9.13	to		$	9.80	$	590		1.62	%		0.60	%	to			1.15	%					2.58	%
New World Fund - Class 4
2020			83	$	16.80	to		$	16.71	$	1,398		—			0.60	%	to			1.15	%		22.54	%	to			21.88	%
2019			91	$	13.71	to		$	13.71	$	1,244		0.79	%		0.60	%	to			1.15	%		28.13	%	to			27.30	%
2018			97	$	10.70	to		$	10.77	$	1,038		0.76	%		0.60	%	to			1.15	%		-14.81	%	to			-15.20	%
2017			85	$	10.77	to		$	12.70	$	1,077		0.93	%		0.60	%	to			1.15	%					28.29	%
2016			43			$	9.79			$	417		0.74	%					0.60	%							4.37	%
BlackRock Equity Dividend V.I. Fund - Class III
2020			281	$	15.73	to		$	14.30	$	4,258		1.71	%		0.60	%	to			1.15	%		2.95	%	to			2.44	%
2019			323	$	15.28	to		$	13.96	$	4,750		1.82	%		0.60	%	to			1.15	%		26.70	%	to			25.99	%
2018			367	$	11.08	to		$	12.06	$	4,270		1.89	%		0.60	%	to			1.15	%		-7.94	%	to			-8.51	%
2017			337	$	12.11	to		$	13.10	$	4,296		1.51	%		0.60	%	to			1.15	%		15.83	%	to			15.11	%
2016			158	$	10.52	to		$	11.31	$	1,782		1.74	%		0.60	%	to			1.15	%					15.29	%

151

VENERABLE INSURANCE AND ANNUITY COMPANY

SEPARATE ACCOUNT B

Notes to Financial Statements

	Fund Inception DateA	Units (000's)		Unit Fair Value (lowest to highest)						Net Assets (000's)		Investment Income RatioB			Expense RatioC (lowest to highest)								Total ReturnD (lowest to highest)
BlackRock Global Allocation V.I. Fund - Class III
2020			35,185	$	14.35	to		$	15.02	$	573,393		1.17	%		0.60	%	to			2.35	%		19.98	%	to			17.80	%
2019			40,288	$	11.96	to		$	12.75	$	553,667		1.23	%		0.60	%	to			2.35	%		17.03	%	to			15.07	%
2018			46,731	$	10.22	to		$	12.91	$	555,086		0.84	%		0.60	%	to			2.35	%		-8.09	%	to			-9.77	%
2017			52,688	$	11.12	to		$	14.10	$	689,179		1.24	%		0.60	%	to			2.35	%		13.02	%	to			11.03	%
2016			61,765	$	9.84	to		$	12.52	$	723,193		1.14	%		0.60	%	to			2.35	%		3.14	%	to			1.37	%
BlackkRock High Yield V.I. Fund - Class III 2020
2020			185	$	13.23	to		$	12.50	$	2,375		4.85	%		0.60	%	to			1.15	%		6.44	%	to			5.84	%
2019			232	$	12.43	to		$	11.81	$	2,816		5.27	%		0.60	%	to			1.15	%		14.14	%	to			13.45	%
2018			228	$	10.41	to		$	10.89	$	2,418		5.61	%		0.60	%	to			1.15	%		-3.46	%	to			-3.97	%
2017			200	$	10.84	to		$	11.28	$	2,215		4.17	%		0.60	%	to			1.15	%		6.42	%	to			5.86	%
2016			60	$	10.24	to		$	10.60	$	633		4.86	%		0.60	%	to			1.15	%					12.17	%
BlackkRock 60/40 Target AllocationETF V.I Fund -Class III
2020			15	$	14.50	to		$	14.64	$	215		1.69	%		0.60	%	to			1.15	%		13.73	%	to			13.05	%
2019			11	$	12.75	to		$	12.95	$	139		2.34	%		0.60	%	to			1.15	%		20.51	%	to			19.80	%
2018			11	$	10.58	to		$	10.81	$	117		0.83	%		0.60	%	to			1.15	%		-5.79	%	to			-6.24	%
2017			11	$	11.23	to		$	11.53	$	124		3.13	%		0.60	%	to			1.15	%					14.01	%
2016			1			$	9.85			$	8		1.07	%					0.60	%							5.57	%
Columbia VP Seligman Global Technology Fund - Class 2
2020			138	$	23.44	to		$	22.96	$	3,195		—			0.60	%	to			1.15	%		44.96	%	to			44.13	%
2019			136	$	16.17	to		$	15.93	$	2,167		—			0.60	%	to			1.15	%		54.00	%	to			53.17	%
2018			140	$	10.40	to		$	10.50	$	1,460		—			0.60	%	to			1.15	%		-9.01	%	to			-9.49	%
2017	5/8/2017		117	$	11.49	(b)		$	11.54	$	1,346	(b)				0.60	%	to			1.15	%				(b)
2016		(b)				(b)				(b)		(b)						(b)								(b)
Columbia Small Cap Value Fund, Variable Series - Class 2
2020			1,543	$	28.67	to		$	21.52	$	55,925		0.27	%		0.95	%	to			2.35	%		7.54	%	to			6.01	%
2019			1,777	$	26.66	to		$	20.30	$	60,537		0.27	%		0.95	%	to			2.35	%		19.82	%	to			18.16	%
2018			1,777	$	26.66	to		$	20.30	$	60,537		0.28	%		0.95	%	to			2.35	%		19.82	%	to			18.16	%
2017			2,068	$	17.18	to		$	32.80	$	59,567		0.18	%		0.95	%	to			2.35	%		-18.94	%	to			-20.09	%
2016			2,242	$	21.50	to		$	40.59	$	80,570		0.33	%		0.95	%	to			2.35	%		12.90	%	to			11.30	%

152

VENERABLE INSURANCE AND ANNUITY COMPANY

SEPARATE ACCOUNT B

Notes to Financial Statements

	Fund Inception DateA	Units (000's)		Unit Fair Value (lowest to highest)						Net Assets (000's)		Investment Income RatioB			Expense RatioC (lowest to highest)								Total ReturnD (lowest to highest)
Columbia Small Company Growth Fund, Variable Series - Class 1
2020		1		$	83.36	to		$	81.14	$	83		—			1.40	%	to			1.55	%		68.71	%	to			86.57	%
2019		1				$	49.41			$	49		—						1.40	%							38.75	%
2018		1				$	35.61			$	35		—						1.40	%							-3.15	%
2017		1				$	36.76			$	38		—						1.40	%							27.45	%
2016		1				$	28.85			$	31		—						1.40	%							11.18	%
Columbia VP Large Cap Growth Fund - Class 1
2020		5		$	25.72	to		$	24.49	$	129		—			1.40	%	to			1.90	%		32.85	%	to			32.16	%
2019		6		$	19.36	to		$	18.53	$	112		—			1.40	%	to			1.90	%		28.30	%	to			33.31	%
2018		5		$	13.90	to		$	14.39	$	71		—			1.45	%	to			1.90	%		-5.33	%	to			-5.76	%
2017		27		$	14.75	to		$	15.20	$	402		—			1.45	%	to			1.90	%		26.25	%	to			25.75	%
2016		31		$	11.73	to		$	12.04	$	370		—			1.45	%	to			1.90	%		-0.25	%	to			-0.68	%
DWS Core Equity VIP - Class B
2020			78	$	18.66	to		$	16.85	$	1,326		0.93	%		0.60	%	to			1.15	%		14.97	%	to			14.31	%
2019			84	$	16.23	to		$	14.74	$	1,249		0.79	%		0.60	%	to			1.15	%		29.12	%	to			28.51	%
2018			88	$	11.47	to		$	12.57	$	1,022		1.77	%		0.60	%	to			1.15	%		-6.54	%	to			-7.13	%
2017			72	$	12.35	to		$	13.45	$	900		—			0.60	%	to			1.15	%					19.88	%
2016	6/15/2016		6			$	11.22			$	67	(a)							0.60	%						(a)
DWS Alternative Asset Allocation VIP - Class B
2020			68	$	11.02	to		$	11.30	$	768		2.24	%		0.60	%	to			1.15	%		4.65	%	to			4.05	%
2019			69	$	10.53	to		$	10.86	$	751		3.56	%		0.60	%	to			1.15	%		13.71	%	to			13.13	%
2018			74	$	9.26	to		$	9.60	$	711		1.16	%		0.60	%	to			1.15	%		-9.92	%	to			-10.45	%
2017			30	$	10.28	to		$	10.72	$	322		0.56	%		0.60	%	to			1.15	%					6.31	%
2016			5			$	9.67			$	46		—						0.60	%							4.43	%
DWS High Income VIP - Class B
2020			10	$	13.02	to		$	12.38	$	128		5.23	%		0.60	%	to			1.15	%		5.17	%	to			4.56	%
2019			12	$	12.38	to		$	11.84	$	140		5.39	%		0.60	%	to			1.15	%		14.63	%	to			14.07	%
2018			11	$	10.80	to		$	10.38	$	120		8.30	%		0.60	%	to			1.15	%		-3.31	%	to			-3.89	%
2017			1,100	$	11.17	to		$	10.80	$	121		8.67	%		0.60	%	to			1.15	%					6.58	%
2016			7			$	10.48			$	74		4.63	%					0.60	%							11.97	%

153

VENERABLE INSURANCE AND ANNUITY COMPANY

SEPARATE ACCOUNT B

Notes to Financial Statements

		Fund Inception DateA	Units (000's)		Unit Fair Value (lowest to highest)						Net Assets (000's)		Investment Income RatioB			Expense RatioC (lowest to highest)								Total ReturnD (lowest to highest)
Eaton Vance VT Floating-Rate Income Fund - Initial Class
2020				321	$	11.59	to		$	10.90	$	3,601		3.03	%		0.60	%	to			1.15	%		1.40	%	to			0.83	%
2019				418	$	11.43	to		$	10.81	$	4,659		4.36	%		0.60	%	to			1.15	%		6.42	%	to			5.77	%
2018				555	$	10.22	to		$	10.74	$	5,850		3.98	%		0.60	%	to			1.15	%		-0.65	%	to			-1.16	%
2017				389	$	10.34	to		$	10.81	$	4,146		2.90	%		0.60	%	to			1.15	%					2.85	%
2016				244			$	10.51			$	2,561		3.11	%					0.60	%							8.24	%
Federated Hermes High Income Bond Fund II - Service Shares
2020				30	$	11.78	to		$	11.54	$	343		5.03	%		0.60	%	to			1.15	%		4.80	%	to			4.25	%
2019				30	$	11.24	to		$	11.07	$	333		6.03	%		0.60	%	to			1.15	%		13.42	%	to			12.73	%
2018				34	$	9.82	to		$	9.91	$	331		9.14	%		0.60	%	to			1.15	%		-3.97	%	to			-4.47	%
2017	5/15/2017			21	$	10.28	to		$	10.32	$	216	(b)				0.60	%	to			1.15	%				(b)
2016			(b)				(b)				(b)		(b)						(b)								(b)
Federated Hermes Kaufmann Fund II - Service Shares
2020				26	$	20.42	to		$	20.00	$	518		—			0.60	%	to			1.15	%		27.70	%	to			26.98	%
2019				15	$	15.99	to		$	15.75	$	237		—			0.60	%	to			1.15	%		32.70	%	to			32.02	%
2018				20	$	11.93	to		$	12.05	$	234		—			0.60	%	to			1.15	%		2.99	%	to			2.32	%
2017	6/7/2017			1	$	11.66	to		$	11.70	$	11	(b)				0.60	%	to			1.15	%				(b)			2.32	%
2016			(b)				(b)				(b)		(b)						(b)								(b)
Fidelity® VIP Strategic Income Portfolio - Service Class 2
2020				296	$	12.54	to		$	11.87	$	3,646		2.79	%		0.60	%	to			1.15	%		6.54	%	to			5.98	%
2019				335	$	11.77	to		$	11.20	$	3,882		3.09	%		0.60	%	to			1.15	%		10.00	%	to			9.37	%
2018				343	$	10.24	to		$	10.70	$	3,616		3.66	%		0.60	%	to			1.15	%		-3.43	%	to			-3.94	%
2017				339	$	10.66	to		$	11.08	$	3,702		4.29	%		0.60	%	to			1.15	%					6.85	%
2016				131			$	10.37			$	1,356		5.03	%					0.60	%							7.35	%
Fidelity® VIP Disciplined Small Cap Portfolio - Service Class 2
2020				14	$	15.27	to		$	14.40	$	208		0.34	%		0.60	%	to			1.15	%		17.37	%	to			16.79	%
2019				29	$	13.01	to		$	12.33	$	373		0.78	%		0.60	%	to			1.15	%		22.62	%	to			21.96	%
2018				38	$	10.11	to		$	10.61	$	399		0.86	%		0.60	%	to			1.15	%		-13.81	%	to			-14.32	%
2017				25	$	11.80	to		$	12.31	$	300		0.67	%		0.60	%	to			1.15	%					6.12	%
2016	05/02/2016			2			$	11.60			$	26	(a)							0.60	%						(a)

154

VENERABLE INSURANCE AND ANNUITY COMPANY

SEPARATE ACCOUNT B

Notes to Financial Statements

	Fund Inception DateA	Units (000's)		Unit Fair Value (lowest to highest)						Net Assets (000's)		Investment Income RatioB			Expense RatioC (lowest to highest)								Total ReturnD (lowest to highest)
Fidelity® VIP FundsManager 20% Portfolio - Service Class 2
2020			75	$	12.45	to		$	11.95	$	894		0.93	%		0.60	%	to			1.15	%		7.42	%	to			6.79	%
2019			74	$	11.59	to		$	11.19	$	834		1.75	%		0.60	%	to			1.15	%		9.55	%	to			8.85	%
2018			74	$	10.28	to		$	10.58	$	765		2.93	%		0.60	%	to			1.15	%					-2.49	%
2017			11			$	10.85			$	123		1.25	%					0.60	%							6.58	%
2016	3/4/2016		10			$	10.18			$	99	(a)							0.60	%						(a)
Fidelity® VIP FundsManager 60% Portfolio - Service Class 2
2020			78	$	15.22	to		$	14.56	$	1,158		0.83	%		0.60	%	to			1.15	%		14.26	%	to			13.57	%
2019			77	$	13.32	to		$	12.82	$	1,001		1.50	%		0.60	%	to			1.15	%		19.46	%	to			18.81	%
2018			67	$	10.79	to		$	11.15	$	728		1.38	%		0.60	%	to			1.15	%		-7.08	%	to			-7.54	%
2017			37	$	11.67	to		$	12.00	$	432		1.53	%		0.60	%	to			1.15	%					16.05	%
2016	4/4/2016		6			$	10.34			$	66	(a)							0.60	%						(a)
Fidelity® VIP FundsManager 85% Portfolio - Service Class 2
2020			4	$	16.78	to		$	16.07	$	73		—			0.60	%	to			1.15	%		16.53	%	to			15.95	%
2019			4	$	14.40	to		$	13.86	$	60		1.78	%		0.60	%	to			1.15	%		25.44	%	to			24.64	%
2018			5	$	11.12	to		$	11.48	$	52		—			0.60	%	to			1.15	%		-9.68	%	to			-10.11	%
2017			5	$	12.37	to		$	12.71	$	63		0.93	%		0.60	%	to			1.15	%					22.21	%
2016	10/25/2016		1			$	10.40			$	15	(a)							0.60	%						(a)
Franklin Small Cap Value VIP Fund - Class 2
2020			185	$	42.65	to		$	39.74	$	7,685		1.25	%		0.75	%	to			1.35	%		4.41	%	to			3.79	%
2019			200	$	40.85	to		$	38.29	$	7,983		1.08	%		0.75	%	to			1.35	%		25.38	%	to			24.64	%
2018			222	$	30.68	to		$	32.58	$	7,070		0.93	%		0.75	%	to			1.35	%		-13.51	%	to			-14.07	%
2017			255	$	35.60	to		$	37.67	$	9,456		0.49	%		0.75	%	to			1.35	%		9.83	%	to			9.16	%
2016			297	$	32.53	to		$	34.34	$	10,039		0.78	%		0.75	%	to			1.35	%		29.19	%	to			28.43	%
Franklin Strategic Income VIP Fund - Class 2
2020			74	$	11.41	to		$	11.00	$	843		4.46	%		0.60	%	to			1.15	%		2.79	%	to			2.23	%
2019			90	$	11.10	to		$	10.76	$	996		5.15	%		0.60	%	to			1.15	%		7.45	%	to			6.75	%
2018			96	$	10.08	to		$	10.33	$	986		3.07	%		0.60	%	to			1.15	%		-2.73	%	to			-3.26	%
2017			122	$	10.42	to		$	10.62	$	1,291		3.59	%		0.60	%	to			1.15	%		3.91	%	to			3.37	%
2016			97	$	10.08	to		$	10.22	$	995		2.64	%		0.60	%	to			1.15	%					7.24	%

155

VENERABLE INSURANCE AND ANNUITY COMPANY

SEPARATE ACCOUNT B

Notes to Financial Statements

	Fund Inception DateA	Units (000's)		Unit Fair Value (lowest to highest)						Net Assets (000's)		Investment Income RatioB			Expense RatioC (lowest to highest)								Total ReturnD (lowest to highest)
Templeton Global Bond VIP Fund - Class 2
2020		366		$	9.58	to		$	10.10	$	3,578		7.84	%		0.60	%	to			1.15	%		-5.80	%	to			-6.39	%
2019		393		$	10.17	to		$	10.79	$	4,101		7.08	%		0.60	%	to			1.15	%		1.40	%	to			0.84	%
2018		400		$	10.03	to		$	10.70	$	4,123		—			0.60	%	to			1.15	%		1.31	%	to			0.85	%
2017		391		$	9.90	to		$	10.61	$	3,970		—			0.60	%	to			1.15	%		1.33	%	to			0.66	%
2016		193		$	9.77	to		$	10.53	$	1,888		—			0.60	%	to			1.15	%					2.30	%
Ivy VIP Securian Real Estate Securities - Class II
2020			17	$	11.37	to		$	11.14	$	188		1.58	%		0.60	%	to			1.15	%		-3.73	%	to			-4.30	%
2019			27	$	11.81	to		$	11.64	$	318		1.18	%		0.60	%	to			1.15	%		23.66	%	to			23.04	%
2018			20	$	9.46	to		$	9.55	$	191		1.60	%		0.60	%	to			1.15	%		-6.19	%	to			-6.71	%
2017	5/3/2017		18	$	10.14	to		$	10.18	$	184	(b)				0.60	%	to			1.15	%				(b)
2016		(b)				(b)				(b)		(b)						(b)								(b)
Ivy VIP Asset Strategy
2020			29	$	12.97	to		$	14.90	$	378		1.75	%		0.60	%	to			1.15	%		13.18	%	to			12.62	%
2019			37	$	11.46	to		$	13.23	$	423		1.97	%		0.60	%	to			1.15	%		21.01	%	to			20.38	%
2018			51	$	9.47	to		$	10.99	$	490		1.87	%		0.60	%	to			1.15	%		-5.96	%	to			-6.55	%
2017			57	$	10.07	to		$	11.76	$	577		1.66	%		0.60	%	to			1.15	%					17.50	%
2016			56			$	8.57			$	477		0.57	%					0.60	%							-3.16	%
Ivy VIP Balanced
2020			74	$	15.24	to		$	14.46	$	1,080		1.36	%		0.60	%	to			1.15	%		13.39	%	to			12.79	%
2019			65	$	13.44	to		$	12.82	$	834		1.48	%		0.60	%	to			1.15	%		21.41	%	to			20.72	%
2018			48	$	10.62	to		$	11.07	$	513		1.50	%		0.60	%	to			1.15	%		-3.82	%	to			-4.32	%
2017			50	$	11.10	to		$	11.51	$	557		1.29	%		0.60	%	to			1.15	%		10.67	%	to			10.12	%
2016	07/08/2016		6	$	10.08	to		$	10.40	$	67	(a)				0.60	%	to			1.15	%				(a)
Ivy VIP Energy
2020			315	$	3.77	to		$	3.92	$	1,223		2.42	%		0.60	%	to			1.15	%		-37.27	%	to			-37.48	%
2019			70	$	6.01	to		$	6.27	$	430		—			0.60	%	to			1.15	%		2.91	%	to			2.28	%
2018			67	$	5.84	to		$	6.13	$	400		—			0.60	%	to			1.15	%		-34.53	%	to			-34.93	%
2017			51	$	8.92	to		$	9.42	$	461		0.81	%		0.60	%	to			1.15	%		-13.15	%	to			-13.66	%
2016			38	$	10.27	to		$	10.91	$	385		0.09	%		0.60	%	to			1.15	%					33.72	%

156

VENERABLE INSURANCE AND ANNUITY COMPANY

SEPARATE ACCOUNT B

Notes to Financial Statements

	Fund Inception DateA	Units (000's)		Unit Fair Value (lowest to highest)						Net Assets (000's)		Investment Income RatioB			Expense RatioC (lowest to highest)									Total ReturnD (lowest to highest)
Ivy VIP High Income
2020			99	$	12.74	to		$	12.08	$	1,244		6.40	%		0.60	%	to				1.15	%		5.38	%	to			4.86	%
2019			102	$	12.09	to		$	11.52	$	1,225		6.59	%		0.60	%	to				1.15	%		10.51	%	to			9.92	%
2018			102	$	10.48	to		$	10.94	$	1,112		6.41	%		0.60	%	to				1.15	%		-2.67	%	to			-3.32	%
2017			113	$	10.83	to		$	11.24	$	1,260		6.63	%		0.60	%	to				1.15	%		6.04	%	to			5.55	%
2016			88	$	10.27	to		$	10.60	$	937		5.77	%		0.60	%	to				1.15	%					15.47	%
Ivy VIP International Core Equity
2020			1	$	12.59			$	10				—			1.15	%					5.98	%
2019			1	$	11.88			$	9				—			1.15	%					17.28	%
2018			1	$	10.13			$	7				15.38	%		1.15	%					-18.77	%
2017			1	$	12.47			$	6				0.67	%		1.15	%					—
2016	06/23/2016		2	$	10.20			$	18			(a)				0.60	%				(a)
Ivy VIP Mid Cap Growth
2020			21	$	24.05	to		$	25.26	$	501		—			0.60	%	to				1.15	%		48.09	%	to			47.29	%
2019			30	$	16.24	to		$	17.15	$	494		—			0.60	%	to				1.15	%		37.16	%	to			36.33	%
2018			47	$	11.84	to		$	12.58	$	556		—			0.60	%	to				1.15	%		-0.67	%	to			-1.18	%
2017			49	$	11.92	to		$	12.73	$	581		—			0.60	%	to				1.15	%					26.14	%
2016			54			$	9.45			$	506		—						0.60	%								5.47	%
Ivy VIP Science and Technology
2020			48	$	22.68	to		$	25.17	$	1,110		—			0.60	%	to				1.15	%		34.52	%	to			33.81	%
2019			58	$	16.86	to		$	18.81	$	988		—			0.60	%	to				1.15	%		48.55	%	to			47.76	%
2018			65	$	11.35	to		$	12.73	$	751		—			0.60	%	to				1.15	%		-5.73	%	to			-6.33	%
2017			76	$	12.04	to		$	13.59	$	934		—			0.60	%	to				1.15	%		31.30	%	to			30.55	%
2016			79	$	9.17	to		$	10.41	$	722		—			0.60	%	to				1.15	%					0.88	%
Ivy VIP Small Cap Core - Class II
2020			16	$	12.99	to		$	12.73	$	212		—			0.60	%	to				1.15	%		6.39	%	to			5.82	%
2019			20	$	12.21	to		$	12.03	$	241		—			0.60	%	to				1.15	%		23.58	%	to			22.88	%
2018			18	$	9.79	to		$	9.88	$	174		—			0.60	%	to				1.15	%		-11.07	%	to			-11.48	%
2017	07/31/2017		11	$	11.06	to		$	11.10	$	122	(b)				0.60	%	to				1.15	%				(b)
2016		(b)				(b)				(b)		(b)						(b)									(b)

157

VENERABLE INSURANCE AND ANNUITY COMPANY

SEPARATE ACCOUNT B

Notes to Financial Statements

	Fund Inception DateA	Units (000's)		Unit Fair Value (lowest to highest)						Net Assets (000's)		Investment Income RatioB			Expense RatioC (lowest to highest)								Total ReturnD (lowest to highest)
Ivy VIP Small Cap Growth
2020		58		$	18.81	to		$	19.76	$	1,105		—			0.60	%	to			1.15	%		36.80	%	to			36.09	%
2019		55		$	13.75	to		$	14.52	$	763		—			0.60	%	to			1.15	%		22.66	%	to			21.91	%
2018		50		$	11.21	to		$	11.91	$	576		0.41	%		0.60	%	to			1.15	%		-4.68	%	to			-5.18	%
2017		32		$	11.76	to		$	12.56	$	388		—			0.60	%	to			1.15	%					22.37	%
2016		10				$	9.61			$	95		—						0.60	%							2.23	%
Janus Henderson Balanced Portfolio - Service Shares
2020		300		$	16.32	to		$	16.10	$	4,870		1.97	%		0.60	%	to			1.15	%		13.33	%	to			12.67	%
2019		312		$	14.40	to		$	14.29	$	4,478		1.62	%		0.60	%	to			1.15	%		21.52	%	to			20.90	%
2018		319		$	11.82	to		$	11.85	$	3,776		1.99	%		0.60	%	to			1.15	%		-0.17	%	to			-0.76	%
2017		265		$	11.87	to		$	11.91	$	3,143		1.37	%		0.60	%	to			1.15	%					17.41	%
2016		117				$	10.11			$	1,181		2.36	%					0.60	%							3.69	%
Janus Henderson Enterprise Portfolio - Service Shares
2020			98	$	21.37	to		$	19.85	$	2,011		0.04	%		0.60	%	to			1.15	%		18.46	%	to			17.80	%
2019			141	$	18.04	to		$	16.85	$	2,455		0.04	%		0.60	%	to			1.15	%		34.33	%	to			33.62	%
2018			154	$	12.61	to		$	13.43	$	1,991		0.17	%		0.60	%	to			1.15	%		-1.25	%	to			-1.87	%
2017			120	$	12.85	to		$	13.60	$	1,586		0.32	%		0.60	%	to			1.15	%		26.39	%	to			25.61	%
2016	05/31/2016		17	$	10.23	to		$	10.76	$	188	(a)				0.60	%	to			1.15	%				(a)
Janus Henderson Flexible Bond Portfolio - Service Shares
2020			78	$	11.95	to		$	11.61	$	925		2.32	%		0.60	%	to			1.15	%		9.53	%	to			8.91	%
2019			97	$	10.91	to		$	10.66	$	1,060		2.75	%		0.60	%	to			1.15	%		8.67	%	to			8.11	%
2018			112	$	9.86	to		$	10.04	$	1,121		2.45	%		0.60	%	to			1.15	%		-1.86	%	to			-2.47	%
2017			154	$	10.11	to		$	10.23	$	1,576		2.67	%		0.60	%	to			1.15	%		2.71	%	to			2.12	%
2016			159	$	9.90	to		$	9.96	$	1,586		2.94	%		0.60	%	to			1.15	%					1.63	%
ClearBridge Var Aggressive Growth Portfolio II
2020			7	$	16.59	to		$	14.95	$	105		1.03	%		0.60	%	to			1.15	%		17.00	%	to			16.34	%
2019			7	$	14.18	to		$	12.85	$	89		1.36	%		0.60	%	to			1.15	%		24.06	%	to			23.32	%
2018			5	$	10.42	to		$	11.43	$	58		—			0.60	%	to			1.15	%		-9.14	%	to			-9.63	%
2017	01/04/2017		5	$	11.53	to		$	12.58	$	64	(b)				0.60	%	to			1.15	%				(b)
2016		(b)				(b)				(b)		(b)						(b)								(b)

158

VENERABLE INSURANCE AND ANNUITY COMPANY

SEPARATE ACCOUNT B

Notes to Financial Statements

	Fund Inception DateA	Units (000's)		Unit Fair Value (lowest to highest)						Net Assets (000's)		Investment Income RatioB			Expense RatioC (lowest to highest)								Total ReturnD (lowest to highest)
ClearBridge Variable Mid Cap Portfolio - Class II
2020			9	$	15.64	to		$	15.09	$	135		—			0.60	%	to			1.15	%		14.41	%	to			13.80	%
2019			10	$	13.67	to		$	13.26	$	133		—			0.60	%	to			1.15	%		31.82	%	to			31.16	%
2018			11	$	10.11	to		$	10.37	$	117		—			0.60	%	to			1.15	%		-13.29	%	to			-13.81	%
2017			10	$	11.73	to		$	11.96	$	117		0.28	%		0.60	%	to			1.15	%					11.88	%
2016	3/22/2016		3			$	10.69			$	30	(a)							0.60	%						(a)
Western Asset Core Plus VIT Portfolio - Class I
2020			1			$	32.40			$	18		—						1.40	%							7.78	%
2019			0			$	30.06			$	10		—						1.40	%							10.60	%
2018			0			$	27.18			$	9		—						1.40	%							-3.62	%
2017			1			$	28.20			$	37		4.39	%					1.40	%							4.29	%
2016			1			$	27.04			$	36		1.72	%					1.40	%							3.09	%
MFS VIT II Income Portfolio - Service Class
2020			45	$	11.99	to		$	11.74	$	534		—			0.60	%	to			1.15	%		8.51	%	to			7.81	%
2019			27	$	11.05	to		$	10.89	$	299		3.41	%		0.60	%	to			1.15	%		10.61	%	to			10.00	%
2018			29	$	9.90	to		$	9.99	$	287		3.89	%		0.60	%	to			1.15	%		-2.73	%	to			-3.23	%
2017	5/2/2017		27	$	10.23	to		$	10.27	$	279	(b)				0.60	%	to			1.15	%				(b)
2016		(b)				(b)				(b)		(b)						(b)								(b)
MFS VIT Research Series Portfolio - Service Class
2020			21	$	18.67	to		$	17.59	$	381		0.47	%		0.60	%	to			1.15	%		15.60	%	to			14.97	%
2019			30	$	16.15	to		$	15.30	$	468		0.71	%		0.60	%	to			1.15	%		31.84	%	to			31.11	%
2018			31	$	11.67	to		$	12.25	$	373		0.56	%		0.60	%	to			1.15	%		-5.19	%	to			-5.74	%
2017			27	$	12.38	to		$	12.92	$	347		1.74	%		0.60	%	to			1.15	%		22.35	%	to			21.61	%
2016	1/20/2016		4	$	10.18	to		$	10.56	$	42	(a)				0.60	%	to			1.15	%				(a)
MFS VIT International Intrinsic Value Portfolio - Service Class
2020			32	$	15.63	to		$	15.31	$	497		0.79	%		0.60	%	to			1.15	%		19.50	%	to			18.77	%
2019			40	$	13.08	to		$	12.89	$	515		1.38	%		0.60	%	to			1.15	%		24.93	%	to			24.18	%
2018			34	$	10.38	to		$	10.47	$	353		1.12	%		0.60	%	to			1.15	%		-10.28	%	to			-10.75	%
2017	05/22/2017		31	$	11.63	to		$	11.67	$	361	(b)				0.60	%	to			1.15	%				(b)
2016		(b)				(b)				(b)		(b)						(b)								(b)

159

VENERABLE INSURANCE AND ANNUITY COMPANY

SEPARATE ACCOUNT B

Notes to Financial Statements

	Fund Inception DateA	Units (000's)		Unit Fair Value (lowest to highest)					Net Assets (000's)		Investment Income RatioB			Expense RatioC (lowest to highest)						Total ReturnD (lowest to highest)
MFS VIT Value Series - Service Class
2020			53	$	13.23	to	$	12.96	$	700		1.16	%		0.60	%	to	1.15	%		2.64	%	to	2.05	%
2019			53	$	12.89	to	$	12.70	$	680		2.22	%		0.60	%	to	1.15	%		28.77	%	to	28.02	%
2018			40	$	9.92	to	$	10.01	$	403		1.87	%		0.60	%	to	1.15	%		-10.94	%	to	-11.43	%
2017	6/7/2017		21	$	11.19	to	$	11.24	$	238	(b)				0.60	%	to	1.15	%				(b)
2016		(b)				(b)			(b)		(b)						(b)						(b)
MFS VIT III Global Real Estate Portfolio - Service Class
2020			49	$	12.86	to	$	12.60	$	623		3.17	%		0.60	%	to	1.15	%		0.55	%	to	0.00	%
2019			75	$	12.79	to	$	12.60	$	953		3.22	%		0.60	%	to	1.15	%		25.89	%	to	25.25	%
2018			72	$	10.06	to	$	10.16	$	724		3.68	%		0.60	%	to	1.15	%		-3.88	%	to	-4.46	%
2017	5/3/2017		55	$	10.53	to	$	10.57	$	581	(b)				0.60	%	to	1.15	%				(b)
2016		(b)				(b)			(b)		(b)						(b)						(b)
Invesco Oppenheimer V.I. Main Street Fund - Series II
2020			42	$	14.83	to	$	14.53	$	604		1.06	%		0.60	%	to	1.15	%		13.03	%	to	12.37	%
2019			40	$	13.12	to	$	12.93	$	523		0.80	%		0.60	%	to	1.15	%		30.94	%	to	30.21	%
2018			48	$	9.93	to	$	10.02	$	476		0.85	%		0.60	%	to	1.15	%		-8.66	%	to	-9.15	%
2017	5/12/2017		43	$	10.93	to	$	10.97	$	470	(b)				0.60	%	to	1.15	%				(b)
2016		(b)				(b)			(b)		(b)						(b)						(b)
Invesco Oppenheimer V.I. Main Street Small Cap Fund - Series II
2020			29	$	54.86	to	$	49.89	$	1,520		0.32	%		0.75	%	to	1.35	%		18.74	%	to	18.03	%
2019			35	$	46.20	to	$	42.27	$	1,571		—			0.75	%	to	1.35	%		25.17	%	to	24.43	%
2018			35	$	33.97	to	$	36.91	$	1,260		0.07	%		0.75	%	to	1.35	%		-11.21	%	to	-11.77	%
2017			42	$	35.49	to	$	41.57	$	1,677		0.64	%		0.75	%	to	1.35	%		13.05	%	to	12.38	%
2016			53	$	34.26	to	$	36.77	$	1,883		0.25	%		0.75	%	to	1.35	%		16.80	%	to	16.10	%
Invesco Oppenheimer V.I. Discovery Mid Cap Growth Fund - Series II
2020			19	$	23.75	to	$	22.62	$	433		—			0.60	%	to	1.15	%		39.38	%	to	38.69	%
2019			23	$	17.04	to	$	16.31	$	381		—			0.60	%	to	1.15	%		38.20	%	to	37.41	%
2018			27	$	11.87	to	$	12.33	$	324		—			0.60	%	to	1.15	%		-6.87	%	to	-7.41	%
2017			20	$	12.82	to	$	13.24	$	267		—			0.60	%	to	1.15	%				27.68%
2016	5/18/2016		3			$10.37			$	28	(a)						0.60%						(a)

160

VENERABLE INSURANCE AND ANNUITY COMPANY

SEPARATE ACCOUNT B

Notes to Financial Statements

	Fund Inception DateA	Units (000's)		Unit Fair Value (lowest to highest)						Net Assets (000's)		Investment Income RatioB			Expense RatioC (lowest to highest)								Total ReturnD (lowest to highest)
Invesco Oppenheimer V.I. International Growth Fund - Series II
2020		84		$	14.42	to		$	15.16	$	1,231		0.64	%		0.60	%	to			1.15	%		20.27	%	to			19.65	%
2019		79		$	11.99	to		$	12.67	$	958		0.75	%		0.60	%	to			1.15	%		27.28	%	to			26.45	%
2018		122		$	9.42	to		$	10.02	$	1,167		0.61	%		0.60	%	to			1.15	%		-20.03	%	to			-20.48	%
2017		122		$	11.78	to		$	12.60	$	1,462		1.17	%		0.60	%	to			1.15	%		25.59	%	to			25.00	%
2016		80		$	9.38	to		$	10.08	$	752		0.95	%		0.60	%	to			1.15	%					-3.30	%
Invesco Oppenheimer V.I. Total Return Bond Fund - Service Shares
2020			120	$	11.83	to		$	11.58	$	1,400		3.25	%		0.60	%	to			1.15	%		8.83	%	to			8.12	%
2019			24	$	10.87	to		$	10.71	$	260		4.44	%		0.60	%	to			1.15	%		8.59	%	to			7.96	%
2018			10	$	9.92	to		$	10.01	$	100		1.95	%		0.60	%	to			1.15	%		-1.96	%	to			-2.46	%
2017	5/9/2017		20	$	10.17	to		$	10.21	$	207	(b)				0.60	%	to			1.15	%				(b)
2016		(b)				(b)				(b)		(b)						(b)								(b)
PIMCO All Asset Portfolio - Administrative Class
2020			6	$	12.91	to		$	12.54	$	70		4.26	%		0.60	%	to			1.15	%		7.40	%	to			6.72	%
2019			18	$	12.02	to		$	11.75	$	212		3.01	%		0.60	%	to			1.15	%		11.19	%	to			10.64	%
2018			17	$	10.62	to		$	10.81	$	186		3.13	%		0.60	%	to			1.15	%		-6.00	%	to			-6.51	%
2017			17	$	11.36	to		$	11.50	$	198		4.96	%		0.60	%	to			1.15	%					12.86	%
2016			8			$	10.19			$	83		3.57	%					0.60	%							12.22	%
PIMCO Low Duration Portfolio - Administrative Class
2020			239	$	10.63	to		$	10.39	$	2,516		1.29	%		0.60	%	to			1.15	%		2.41	%	to			1.86	%
2019			207	$	10.38	to		$	10.20	$	2,131		2.98	%		0.60	%	to			1.15	%		3.39	%	to			2.82	%
2018			163	$	9.92	to		$	10.04	$	1,630		2.06	%		0.60	%	to			1.15	%		-0.20	%	to			-0.80	%
2017			166	$	10.00	to		$	10.06	$	1,663		1.17	%		0.60	%	to			1.15	%		0.70	%	to			0.10	%
2016			94			$	9.99			$	935		1.51	%		0.60	%	to			1.15	%					0.81	%
PIMCO Real Return Portfolio - Administrative Class
2020			237	$	17.00	to		$	15.45	$	3,871		1.42	%		0.75	%	to			1.35	%		10.89	%	to			10.20	%
2019			255	$	15.33	to		$	14.02	$	3,755		1.62	%		0.75	%	to			1.35	%		7.65	%	to			6.94	%
2018			292	$	13.11	to		$	14.24	$	3,999		2.54	%		0.75	%	to			1.35	%		-3.00	%	to			-3.53	%
2017			324	$	13.59	to		$	14.67	$	4,588		2.38	%		0.75	%	to			1.35	%		2.95	%	to			2.26	%
2016			366	$	13.29	to		$	14.26	$	5,057		2.26	%		0.75	%	to			1.35	%		4.39	%	to			3.83	%

161

VENERABLE INSURANCE AND ANNUITY COMPANY

SEPARATE ACCOUNT B

Notes to Financial Statements

	Fund Inception DateA	Units (000's)		Unit Fair Value (lowest to highest)					Net Assets (000's)		Investment Income RatioB			Expense RatioC (lowest to highest)						Total ReturnD (lowest to highest)
PIMCO Short-Term Portfolio - Administrative Class
2020			175	$	10.86	to	$	10.45	$	1,879		1.19	%		0.60	%	to	1.15	%		1.69	%	to			1.06	%
2019			204	$	10.68	to	$	10.34	$	2,150		2.29	%		0.60	%	to	1.15	%		2.10	%	to			1.67	%
2018			222	$	10.17	to	$	10.46	$	2,299		2.19	%		0.60	%	to	1.15	%		0.97	%	to			0.30	%
2017			265	$	10.14	to	$	10.36	$	2,721		1.66	%		0.60	%	to	1.15	%		1.77	%	to			1.20	%
2016			246	$	10.02	to	$	10.18	$	2,508		0.99	%		0.60	%	to	1.15	%					1.80	%
PIMCO Total Return Portfolio - Administrative Class
2020			492	$	11.98	to	$	11.64	$	5,804		2.06	%		0.60	%	to	1.15	%		7.93	%	to			7.38	%
2019			471	$	11.10	to	$	10.84	$	5,171		3.06	%		0.60	%	to	1.15	%		7.77	%	to			7.11	%
2018			512	$	10.12	to	$	10.30	$	5,227		2.61	%		0.60	%	to	1.15	%		-1.15	%	to			-1.75	%
2017			643	$	10.29	to	$	10.42	$	6,656		1.50	%		0.60	%	to	1.15	%		4.30	%	to			3.73	%
2016			287	$	9.93	to	$	9.99	$	2,871		1.94	%		0.60	%	to	1.15	%					2.04	%
ProFund VP Bull
2020			316	$	24.57	to	$	18.95	$	6,562		0.08	%		0.95	%	to	2.25	%		14.92	%	to			13.41	%
2019			371	$	21.38	to	$	16.71	$	6,767		0.29	%		0.95	%	to	2.25	%		27.64	%	to			26.02	%
2018			445	$	13.26	to	$	18.23	$	6,415		—			0.95	%	to	2.25	%		-7.00	%	to			-8.30	%
2017			503	$	14.46	to	$	19.62	$	7,873		—			0.95	%	to	2.25	%		18.21	%	to			16.65	%
2016			625	$	12.39	to	$	16.61	$	8,339		—			0.95	%	to	2.25	%		8.62	%	to			7.18	%
ProFund VP Europe 30
2020			147	$	11.23	to	$	9.49	$	1,405		2.24	%		0.95	%	to	2.35	%		-10.09	%	to			-11.31	%
2019			170	$	12.49	to	$	10.70	$	1,815		2.93	%		0.95	%	to	2.35	%		16.62	%	to			15.05	%
2018			196	$	8.48	to	$	10.71	$	1,808		2.62	%		0.95	%	to	2.35	%		-14.93	%	to			-16.22	%
2017			219	$	10.10	to	$	12.59	$	2,395		1.90	%		0.95	%	to	2.35	%		18.55	%	to			16.97	%
2016			332	$	8.63	to	$	10.62	$	3,101		2.88	%		0.95	%	to	2.35	%		6.84	%	to			5.21	%
ProFund VP Rising Rates Opportunity
2020			1,217	$	1.15	to	$	0.92	$	1,238		0.65	%		0.95	%	to	2.25	%		-27.67	%	to			-28.13	%
2019			1,076	$	1.59	to	$	1.28	$	1,516		0.19	%		0.95	%	to	2.25	%		-18.04	%	to			-19.50	%
2018			957	$	1.59	to	$	1.97	$	1,661		—			0.95	%	to	2.25	%		3.19	%	to			1.79	%
2017			1,015	$	1.56	to	$	1.93	$	1,718		—			0.95	%	to	2.25	%		-12.96	%	to			-14.05	%
2016			1,289	$	1.81	to	$	2.24	$	2,521		—			0.95	%	to	2.25	%		-6.09	%	to			-7.39	%

162

VENERABLE INSURANCE AND ANNUITY COMPANY

SEPARATE ACCOUNT B

Notes to Financial Statements

	Fund Inception DateA	Units (000's)		Unit Fair Value (lowest to highest)						Net Assets (000's)		Investment Income RatioB			Expense RatioC (lowest to highest)							Total ReturnD (lowest to highest)
Putnam VT Income Fund - Class 1B
2020			94	$	11.99	to		$	11.92	$	1,130		4.90	%		0.60	%	to		1.15	%		5.08	%	to		4.47	%
2019			87	$	11.41	to		$	11.41	$	992		2.80	%		0.60	%	to		1.15	%		11.21	%	to		10.67	%
2018			71	$	10.26	to		$	10.31	$	725		3.19	%		0.60	%	to		1.15	%		-0.39	%	to		-0.96	%
2017			88	$	10.30	to		$	10.41	$	904		4.33	%		0.60	%	to		1.15	%				4.99	%
2016			87			$	9.81			$	851		3.34	%				0.60	%						1.34	%
Putnam VT International Equity Fund - Class 1B
2020			1	$	13.23	to		$	13.88	$	19		—			0.60	%	to		1.15	%		11.46	%	to		10.77	%
2019			2	$	11.87	to		$	12.53	$	21		—			0.60	%	to		1.15	%		23.69	%	to		24.42	%
2018			2	$	9.54	to		$	10.13	$	20		—			0.60	%	to		1.15	%		-19.63	%	to		-20.05	%
2017			3	$	11.87	to		$	12.67	$	41		0.50	%		0.60	%	to		1.15	%				25.87	%
2016	02/05/2016		0			$	9.43			$	4	(a)						0.60	%						(a)
Putnam VT International Value Fund - Class 1B
2020			1			$	12.31			$	10					—		0.60	%						3.36	%
2019			1			$	11.91			$	9					—		0.60	%						19.46	%
2018			1			$	9.97			$	7					—		0.60	%						-18.08	%
2017			1			$	12.17			$	9					1.53	%	0.60	%						23.93	%
2016	2/25/2016		1			$	9.82			$	8				(a)			0.60	%						(a)
Putnam VT Mortgage Securities Fund - Class 1B
2020			90	$	10.74	to		$	10.68	$	961		10.23	%		0.60	%	to		1.15	%		-2.10	%	to		-2.64	%
2019			82	$	10.97	to		$	10.97	$	897		2.22	%		0.60	%	to		1.15	%		12.51	%	to		11.82	%
2018			93	$	9.75	to		$	9.81	$	906		2.91	%		0.60	%	to		1.15	%		-1.52	%	to		-2.00	%
2017			95	$	9.90	to		$	10.01	$	947		1.94	%		0.60	%	to		1.15	%		1.33	%	to		0.81	%
2016			74	$	9.77	to		$	9.93	$	719		0.77	%		0.60	%	to		1.15	%				-0.41	%
Putnam VT Multi-Cap Core Fund - Class IB Shares
2020			12	$	18.93	to		$	17.42	$	216		0.98	%		0.60	%	to		1.15	%		16.64	%	to		15.98	%
2019			12	$	16.23	to		$	15.02	$	191		1.04	%		0.60	%	to		1.15	%		30.78	%	to		30.16	%
2018			16	$	11.54	to		$	12.41	$	192		1.03	%		0.60	%	to		1.15	%		-8.14	%	to		-8.70	%
2017			15	$	12.64	to		$	13.51	$	196		1.14	%		0.60	%	to		1.15	%				22.04	%
2016	03/14/2016		9			$	11.07			$	100	(a)						0.60	%						(a)

163

VENERABLE INSURANCE AND ANNUITY COMPANY

SEPARATE ACCOUNT B

Notes to Financial Statements

	Fund Inception DateA	Units (000's)		Unit Fair Value (lowest to highest)						Net Assets (000's)		Investment Income RatioB			Expense RatioC (lowest to highest)								Total ReturnD (lowest to highest)
Putnam VT Small Cap Value Fund - Class 1B
2020			24	$	12.96	to		$	11.83	$	310		0.99	%		0.60	%	to			1.15	%		3.35	%	to			2.78	%
2019			24	$	12.54	to		$	11.51	$	298		0.71	%		0.60	%	to			1.15	%		23.55	%	to			22.84	%
2018			26	$	9.37	to		$	10.15	$	265		0.43	%		0.60	%	to			1.15	%		-20.45	%	to			-20.86	%
2017			16	$	11.84	to		$	12.76	$	200		0.59	%		0.60	%	to			1.15	%					7.23	%
2016			11			$	11.90			$	135		1.10	%					0.60	%							26.73	%
T. Rowe Price Blue Chip Growth Portfolio - II
2020			271	$	24.00	to		$	22.92	$	6,399		—			0.60	%	to			1.15	%		33.11	%	to			32.41	%
2019			302	$	18.03	to		$	17.31	$	5,371		—			0.60	%	to			1.15	%		28.79	%	to			28.03	%
2018			353	$	13.52	to		$	14.00	$	4,881		—			0.60	%	to			1.15	%		1.01	%	to			0.52	%
2017			337	$	13.45	to		$	13.86	$	4,639		—			0.60	%	to			1.15	%		35.09	%	to			34.23	%
2016			208	$	10.02	to		$	10.26	$	2,132		—			0.60	%	to			1.15	%					—
T. Rowe Price Health Sciences Portfolio - II
2020			335	$	17.84	to		$	19.42	$	6,207		—			0.60	%	to			1.15	%		28.53	%	to			27.76	%
2019			343	$	13.88	to		$	15.20	$	4,952		—			0.60	%	to			1.15	%		27.81	%	to			27.20	%
2018			408	$	10.86	to		$	11.95	$	4,618		—			0.60	%	to			1.15	%		0.28	%	to			-0.33	%
2017			393	$	10.83	to		$	11.99	$	4,411		—			0.60	%	to			1.15	%		26.52	%	to			25.81	%
2016			240	$	8.56	to		$	9.53	$	2,057		—			0.60	%	to			1.15	%					-11.20	%
MFS VIT Utilities Series Portfolio - Service Class
2020			100	$	13.78	to		$	15.18	$	1,461		1.76	%		0.60	%	to			1.15	%		4.95	%	to			4.40	%
2019			116	$	13.13	to		$	14.54	$	1,611		4.35	%		0.60	%	to			1.15	%		24.10	%	to			23.43	%
2018			86	$	10.58	to		$	11.78	$	966		0.78	%		0.60	%	to			1.15	%		0.19	%	to			-0.34	%
2017			95	$	10.56	to		$	11.82	$	1,074		3.08	%		0.60	%	to			1.15	%					13.79	%
2016			25			$	9.28			$	230		5.45	%					0.60	%							10.61	%
Voya Balanced Portfolio - Class S
2020			117	$	25.69	to		$	16.29	$	2,628		2.04	%		0.75	%	to			2.00	%		9.74	%	to			8.38	%
2019			115	$	23.41	to		$	15.03	$	2,360		2.28	%		0.75	%	to			2.00	%		17.93	%	to			16.42	%
2018			137	$	12.91	to		$	19.85	$	2,385		1.91	%		0.75	%	to			2.00	%		-7.76	%	to			-8.89	%
2017			161	$	14.17	to		$	21.51	$	3,054		2.39	%		0.75	%	to			2.00	%		13.56	%	to			12.10	%
2016			193	$	12.64	to		$	18.95	$	3,255		1.50	%		0.75	%	to			2.00	%		6.82	%	to			5.42	%

164

VENERABLE INSURANCE AND ANNUITY COMPANY

SEPARATE ACCOUNT B

Notes to Financial Statements

	Fund Inception DateA	Units (000's)		Unit Fair Value (lowest to highest)						Net Assets (000's)		Investment Income RatioB			Expense RatioC (lowest to highest)								Total ReturnD (lowest to highest)
Voya Intermediate Bond Portfolio - Class A
2020			344	$	11.97	to		$	11.46	$	4,069		2.94	%		0.60	%	to			1.15	%		6.68	%	to			6.01	%
2019			314	$	11.22	to		$	10.81	$	3,487		2.81	%		0.60	%	to			1.15	%		8.62	%	to			8.10	%
2018			285	$	10.00	to		$	10.33	$	2,914		3.04	%		0.60	%	to			1.15	%		-1.71	%	to			-2.25	%
2017			389	$	10.23	to		$	10.51	$	4,049		2.65	%		0.60	%	to			1.15	%					3.96	%
2016			312			$	10.11			$	3,155		2.09	%					0.60	%							3.27	%
Voya Intermediate Bond Portfolio - Class S
2020			120,026	$	20.67	to		$	13.64	$	2,025,972		3.18	%		0.75	%	to			2.35	%		6.77	%	to			5.08	%
2019			129,622	$	19.36	to		$	12.98	$	2,070,231		3.18	%		0.75	%	to			2.35	%		8.70	%	to			6.92	%
2018			143,182	$	12.14	to		$	17.81	$	2,124,524		3.40	%		0.75	%	to			2.35	%		-1.55	%	to			-3.11	%
2017			158,880	$	12.53	to		$	18.09	$	2,421,278		3.12	%		0.75	%	to			2.35	%		4.03	%	to			2.29	%
2016			182,890	$	12.23	to		$	17.39	$	2,706,288		2.17	%		0.75	%	to			2.35	%		3.39	%	to			1.74	%
Voya Balanced Income Portfolio - Adviser Class
2020			129	$	13.03	to		$	12.49	$	1,650		3.21	%		0.60	%	to			1.15	%		2.20	%	to			1.63	%
2019			172	$	12.75	to		$	12.29	$	2,153		4.44	%		0.60	%	to			1.15	%		17.19	%	to			16.60	%
2018			182	$	10.54	to		$	10.88	$	1,945		5.37	%		0.60	%	to			1.15	%		-5.96	%	to			-6.48	%
2017			186	$	11.27	to		$	11.57	$	2,112		3.00	%		0.60	%	to			1.15	%					9.36	%
2016			45			$	10.58			$	471		6.02	%					0.60	%							14.63	%
Voya Balanced Income Portfolio - Service Class
2020			14,213	$	19.98	to		$	16.22	$	251,340		3.45	%		0.95	%	to			2.35	%		2.04	%	to			0.62	%
2019			15,916	$	19.58	to		$	16.12	$	278,046		4.65	%		0.95	%	to			2.35	%		17.32	%	to			15.64	%
2018			17,837	$	13.94	to		$	16.69	$	267,955		5.17	%		0.95	%	to			2.35	%		-5.92	%	to			-7.25	%
2017			21,109	$	14.69	to		$	17.74	$	339,916		4.38	%		0.95	%	to			2.55	%		9.24	%	to			7.53	%
2016			26,115	$	13.57	to		$	16.24	$	388,268		6.34	%		0.95	%	to			2.60	%		14.61	%	to			12.61	%
Voya Balanced Income Portfolio - Service 2 Class
2020			302	$	18.30	to		$	16.24	$	5,188		3.42	%		1.40	%	to			2.20	%		1.61	%	to			0.74	%
2019			334	$	18.01	to		$	16.12	$	5,677		4.22	%		1.40	%	to			2.20	%		16.49	%	to			15.56	%
2018			317	$	13.95	to		$	15.46	$	4,648		5.08	%		1.40	%	to			2.20	%		-6.53	%	to			-7.25	%
2017			342	$	15.03	to		$	16.53	$	5,388		4.55	%		1.40	%	to			2.20	%		8.62	%	to			7.73	%
2016			528	$	13.95	to		$	15.22	$	7,703		6.39	%		1.40	%	to			2.20	%		13.92	%	to			12.96	%

165

VENERABLE INSURANCE AND ANNUITY COMPANY

SEPARATE ACCOUNT B

Notes to Financial Statements

	Fund Inception DateA	Units (000's)		Unit Fair Value (lowest to highest)						Net Assets (000's)		Investment Income RatioB			Expense RatioC (lowest to highest)								Total ReturnD (lowest to highest)
Voya Global Perspectives® Portfolio - Class A
2020			6,787	$	13.96	to		$	13.50	$	96,451		2.92	%		0.60	%	to			2.35	%		15.09	%	to			13.07	%
2019			7,565	$	12.13	to		$	11.94	$	94,485		3.35	%		0.60	%	to			2.35	%		17.31	%	to			15.25	%
2018			8,703	$	10.34	to		$	11.24	$	93,724		2.61	%		0.60	%	to			2.35	%		-8.09	%	to			-9.68	%
2017			10,222	$	11.25	to		$	12.27	$	121,086		2.51	%		0.60	%	to			2.35	%		13.87	%	to			11.90	%
2016			13,105	$	9.88	to		$	10.81	$	137,810		2.51	%		0.60	%	to			2.35	%		5.89	%	to			3.96	%
Voya Government Liquid Assets Portfolio - Service Class
2020			26,278	$	18.58	to		$	8.25	$	336,356		0.19	%		0.75	%	to			2.35	%		-0.48	%	to			-2.14	%
2019			20,724	$	18.67	to		$	8.43	$	273,886		1.66	%		0.75	%	to			2.35	%		0.97	%	to			-0.59	%
2018			23,843	$	8.48	to		$	18.49	$	317,669		1.29	%		0.75	%	to			2.35	%		0.60	%	to			-1.05	%
2017			25,174	$	8.57	to		$	18.38	$	336,322		0.37	%		0.75	%	to			2.35	%		-0.33	%	to			-1.95	%
2016			33,048	$	8.74	to		$	18.44	$	446,968		—			0.75	%	to			2.35	%		-0.65	%	to			-2.24	%
Voya Government Liquid Assets Portfolio - Service 2 Class
2020			994	$	9.99	to		$	8.36	$	9,269		0.16	%		0.60	%	to			2.20	%		-0.40	%	to			-1.99	%
2019			795	$	10.03	to		$	8.53	$	7,491		1.50	%		0.60	%	to			2.20	%		1.01	%	to			-0.58	%
2018			978	$	8.58	to		$	9.93	$	9,175		1.11	%		0.60	%	to			2.20	%		0.61	%	to			-1.04	%
2017			1,190	$	8.67	to		$	9.90	$	11,296		0.25	%		0.60	%	to			2.20	%		-0.30	%	to			-1.92	%
2016			1,083	$	8.84	to		$	9.99	$	10,116		—			0.60	%	to			2.20	%		-0.50	%	to			-2.10	%
Voya High Yield Portfolio - Adviser Class
2020			52	$	13.04	to		$	12.00	$	646		4.70	%		0.60	%	to			1.15	%		4.57	%	to			3.99	%
2019			49	$	12.47	to		$	11.54	$	588		4.50	%		0.60	%	to			1.15	%		14.19	%	to			13.58	%
2018			70	$	10.16	to		$	10.92	$	746		5.60	%		0.60	%	to			1.15	%		-4.13	%	to			-4.69	%
2017			81	$	10.66	to		$	11.39	$	896		5.70	%		0.60	%	to			1.15	%					5.17	%
2016			37			$	10.83			$	395		5.87	%					0.60	%							13.52	%
Voya High Yield Portfolio - Service Class
2020			9,876	$	24.97	to		$	18.93	$	219,808		4.96	%		0.75	%	to			2.35	%		4.83	%	to			3.16	%
2019			11,649	$	23.82	to		$	18.35	$	249,872		5.41	%		0.75	%	to			2.35	%		14.35	%	to			12.51	%
2018			13,103	$	16.31	to		$	21.72	$	248,526		5.78	%		0.75	%	to			2.35	%		-3.92	%	to			-5.50	%
2017			15,193	$	17.25	to		$	22.65	$	303,623		6.81	%		0.75	%	to			2.35	%		5.40	%	to			3.70	%
2016			19,111	$	16.28	to		$	21.52	$	366,188		6.65	%		0.75	%	to			2.35	%		13.71	%	to			11.90	%

166

VENERABLE INSURANCE AND ANNUITY COMPANY

SEPARATE ACCOUNT B

Notes to Financial Statements

	Fund Inception DateA	Units (000's)		Unit Fair Value (lowest to highest)						Net Assets (000's)		Investment Income RatioB			Expense RatioC (lowest to highest)								Total ReturnD (lowest to highest)
Voya Large Cap Growth Portfolio - Adviser Class
2020			51,639	$	21.63	to		$	29.57	$	1,609,128		—			0.60	%	to			2.35	%		29.37	%	to			27.02	%
2019			59,780	$	16.72	to		$	23.28	$	1,457,697		0.09	%		0.60	%	to			2.35	%		31.14	%	to			28.83	%
2018			70,169	$	12.53	to		$	20.14	$	1,321,041		0.05	%		0.60	%	to			2.35	%		-2.67	%	to			-4.39	%
2017			81,401	$	12.95	to		$	20.72	$	1,593,395		0.07	%		0.60	%	to			2.35	%		28.18	%	to			26.00	%
2016			104,566	$	10.22	to		$	16.18	$	1,615,163		—			0.60	%	to			2.35	%		2.71	%	to			0.94	%
Voya Large Cap Growth Portfolio - Institutional Class
2020			3			$	25.10			$	74		—						0.75	%							29.92	%
2019			3			$	19.32			$	57		—						0.75	%							31.79	%
2018			4	$	14.27	to		$	14.66	$	61		—			0.75	%	to			1.35	%		-2.27	%	to			-2.79	%
2017			7	$	14.68	to		$	14.99	$	100		0.64	%		0.75	%	to			1.35	%		28.87	%	to			27.99	%
2016			7	$	11.47	to		$	11.64	$	80		0.55	%		0.75	%	to			1.35	%		3.10	%	to			2.50	%
Voya Large Cap Growth Portfolio - Service Class
2020			26,827	$	60.77	to		$	42.89	$	1,321,854		0.24	%		0.75	%	to			2.35	%		29.60	%	to			27.50	%
2019			31,805	$	46.89	to		$	33.64	$	1,221,580		0.43	%		0.75	%	to			2.35	%		31.42	%	to			29.33	%
2018			37,634	$	14.11	to		$	35.68	$	1,111,621		0.40	%		0.75	%	to			2.35	%		-2.46	%	to			-4.06	%
2017			44,052	$	14.55	to		$	36.58	$	1,348,769		0.42	%		0.75	%	to			2.35	%		28.44	%	to			26.37	%
2016			57,036	$	11.40	to		$	28.48	$	1,372,933		0.30	%		0.75	%	to			2.35	%		2.93	%	to			1.23	%
Voya Large Cap Growth Portfolio - Service 2 Class
2020			305	$	50.92	to		$	42.93	$	14,306		0.11	%		1.40	%	to			2.20	%		28.59	%	to			27.54	%
2019			366	$	39.60	to		$	33.66	$	13,412		0.28	%		1.40	%	to			2.20	%		30.31	%	to			29.26	%
2018			436	$	26.04	to		$	30.39	$	12,351		0.22	%		1.40	%	to			2.20	%		-3.22	%	to			-4.02	%
2017			492	$	27.13	to		$	31.40	$	14,504		0.26	%		1.40	%	to			2.20	%		27.38	%	to			26.36	%
2016			620	$	21.47	to		$	24.65	$	14,453		0.12	%		1.40	%	to			2.20	%		2.15	%	to			1.32	%
Voya Large Cap Value Portfolio - Adviser Class
2020			26	$	13.92	to		$	13.56	$	363		1.52	%		0.60	%	to			1.15	%		4.98	%	to			4.39	%
2019			32	$	13.26	to		$	12.99	$	428		1.53	%		0.60	%	to			1.15	%		23.69	%	to			23.01	%
2018			34	$	10.56	to		$	10.72	$	359		1.49	%		0.60	%	to			1.15	%		-8.84	%	to			-9.43	%
2017			38	$	11.65	to		$	11.76	$	447		2.19	%		0.60	%	to			1.15	%					12.11	%
2016			28			$	10.49			$	298		2.44	%					0.60	%							12.55	%

167

VENERABLE INSURANCE AND ANNUITY COMPANY

SEPARATE ACCOUNT B

Notes to Financial Statements

	Fund Inception DateA	Units (000's)		Unit Fair Value (lowest to highest)					Net Assets (000's)		Investment Income RatioB			Expense RatioC (lowest to highest)						Total ReturnD (lowest to highest)
Voya Large Cap Value Portfolio - Service Class
2020			27,865	$	17.22	to	$	19.66	$	581,135		1.80	%		0.75	%	to	2.35	%		5.13	%	to	3.47	%
2019			31,582	$	16.38	to	$	19.00	$	632,792		1.85	%		0.75	%	to	2.35	%		23.90	%	to	21.79	%
2018			36,776	$	12.80	to	$	17.53	$	601,195		1.77	%		0.75	%	to	2.35	%		-8.70	%	to	-10.14	%
2017			41,939	$	14.11	to	$	19.23	$	758,788		2.05	%		0.75	%	to	2.35	%		12.36	%	to	10.57	%
2016			54,367	$	12.63	to	$	17.14	$	884,391		2.06	%		0.75	%	to	2.35	%		12.77	%	to	10.88	%
Voya Limited Maturity Bond Portfolio - Service Class
2020			775	$	31.19	to	$	17.71	$	16,680		1.94	%		0.50	%	to	2.25	%		2.67	%	to	0.85	%
2019			890	$	30.38	to	$	17.56	$	18,878		1.59	%		0.50	%	to	2.25	%		3.54	%	to	1.74	%
2018			1,041	$	10.62	to	$	29.34	$	21,661		1.48	%		0.50	%	to	2.25	%		0.58	%	to	-1.20	%
2017			1,201	$	10.64	to	$	29.17	$	25,111		1.71	%		0.50	%	to	2.25	%		0.69	%	to	-1.08	%
2016			1,437	$	9.91	to	$	28.97	$	30,117		1.25	%		0.50	%	to	2.25	%		0.77	%	to	-1.01	%
Voya Retirement Conservative Portfolio - Adviser Class
2020			26,330	$	12.93	to	$	11.79	$	332,789		1.77	%		0.60	%	to	2.35	%		9.67	%	to	7.67	%
2019			27,643	$	11.79	to	$	10.95	$	322,441		1.88	%		0.60	%	to	2.35	%		12.93	%	to	10.94	%
2018			29,697	$	9.87	to	$	11.25	$	310,189		1.92	%		0.60	%	to	2.35	%		-3.33	%	to	-5.00	%
2017			32,691	$	10.39	to	$	11.67	$	357,477		1.39	%		0.60	%	to	2.35	%		7.11	%	to	5.22	%
2016			39,620	$	9.87	to	$	10.94	$	409,091		1.61	%		0.60	%	to	2.35	%		4.02	%	to	2.17	%
Voya Retirement Growth Portfolio - Adviser Class
2020			126,749	$	14.68	to	$	17.58	$	2,386,823		2.17	%		0.60	%	to	2.35	%		13.01	%	to	10.98	%
2019			144,391	$	12.99	to	$	15.84	$	2,435,436		1.87	%		0.60	%	to	2.35	%		20.84	%	to	18.74	%
2018			165,782	$	10.75	to	$	15.21	$	2,342,173		1.69	%		0.60	%	to	2.35	%		-8.04	%	to	-9.68	%
2017			185,585	$	11.69	to	$	16.59	$	2,885,363		1.75	%		0.60	%	to	2.35	%		15.97	%	to	13.97	%
2016			232,028	$	10.08	to	$	14.36	$	3,147,521		2.19	%		0.60	%	to	2.35	%		6.67	%	to	4.77	%
Voya Retirement Moderate Growth Portfolio - Adviser Class
2020			87,243	$	14.38	to	$	17.19	$	1,607,353		2.08	%		0.60	%	to	2.35	%		12.43	%	to	10.48	%
2019			98,979	$	12.79	to	$	15.56	$	1,640,581		1.92	%		0.60	%	to	2.35	%		19.31	%	to	17.17	%
2018			113,710	$	10.65	to	$	15.13	$	1,598,446		1.76	%		0.60	%	to	2.35	%		-6.86	%	to	-8.48	%
2017			129,250	$	11.50	to	$	16.31	$	1,973,767		1.75	%		0.60	%	to	2.35	%		13.87	%	to	11.86	%
2016			157,892	$	10.11	to	$	14.37	$	2,142,739		2.15	%		0.60	%	to	2.35	%		6.20	%	to	4.26	%

168

VENERABLE INSURANCE AND ANNUITY COMPANY

SEPARATE ACCOUNT B

Notes to Financial Statements

	Fund Inception DateA	Units (000's)		Unit Fair Value (lowest to highest)						Net Assets (000's)		Investment Income RatioB			Expense RatioC (lowest to highest)								Total ReturnD (lowest to highest)
Voya Retirement Moderate Portfolio - Adviser Class
2020			51,337	$	13.69	to		$	15.72	$	866,539		2.02	%		0.60	%	to			2.35	%		11.48	%	to			9.55	%
2019			57,904	$	12.28	to		$	14.35	$	886,812		1.97	%		0.60	%	to			2.35	%		16.51	%	to			14.43	%
2018			64,965	$	10.47	to		$	14.30	$	864,522		1.83	%		0.60	%	to			2.35	%		-5.72	%	to			-7.32	%
2017			73,293	$	11.15	to		$	15.20	$	1,045,513		1.61	%		0.60	%	to			2.35	%		11.24	%	to			9.20	%
2016			87,858	$	10.05	to		$	13.73	$	1,140,762		1.96	%		0.60	%	to			2.35	%		5.13	%	to			3.25	%
Voya U.S. Stock Index Portfolio - Service Class
2020			18,612	$	12.12	to		$	11.91	$	223,170		1.54	%		0.75	%	to			2.35	%		16.99	%	to			15.07	%
2019	12/13/2019		21,514	$	10.36	to		$	10.35	$	222,779	(c)				0.75	%	to			2.35	%				(c)
2018		(c)				(c)				(c)		(c)						(c)								(c)
2017		(c)				(c)				(c)		(c)						(c)								(c)
2016		(c)				(c)				(c)		(c)						(c)								(c)
VY® BlackRock Inflation Protected Bond Portfolio - Adviser Class
2020			146	$	11.34	to		$	11.16	$	1,645		1.18	%		0.60	%	to			1.15	%		9.88	%	to			9.20	%
2019			71	$	10.32	to		$	10.22	$	731		1.95	%		0.60	%	to			1.15	%		7.05	%	to			6.46	%
2018			73	$	9.60	to		$	9.64	$	707		1.68	%		0.60	%	to			1.15	%		-3.02	%	to			-3.52	%
2017			73	$	9.94	to		$	9.95	$	725		0.68	%		0.60	%	to			1.15	%					1.53	%
2016			51			$	9.79			$	504		—						0.60	%							2.73	%
VY® BlackRock Inflation Protected Bond Portfolio - Service Class
2020			12,216	$	13.99	to		$	11.56	$	151,903		1.51	%		0.75	%	to			2.35	%		10.07	%	to			8.24	%
2019			12,222	$	12.71	to		$	10.68	$	139,743		2.22	%		0.75	%	to			2.35	%		7.26	%	to			5.53	%
2018			13,753	$	10.12	to		$	11.85	$	148,078		2.11	%		0.75	%	to			2.35	%		-2.79	%	to			-4.35	%
2017			13,815	$	10.58	to		$	12.19	$	154,571		1.24	%		0.75	%	to			2.35	%		1.71	%	to			0.06	%
2016			16,576	$	10.57	to		$	11.98	$	184,145		—			0.75	%	to			2.35	%		2.83	%	to			1.24	%
VY® Clarion Global Real Estate Portfolio - Adviser Class
2020			18	$	10.71	to		$	11.64	$	191		4.22	%		0.60	%	to			1.15	%		-5.97	%	to			-6.51	%
2019			25	$	11.39	to		$	12.45	$	284		2.22	%		0.60	%	to			1.15	%		23.27	%	to			22.54	%
2018			28	$	9.24	to		$	10.16	$	256		4.17	%		0.60	%	to			1.15	%		-9.68	%	to			-10.09	%
2017			36	$	10.23	to		$	11.30	$	367		3.34	%		0.60	%	to			1.15	%					9.53	%
2016			66			$	9.34			$	616		0.96	%					0.60	%							-0.32	%

169

VENERABLE INSURANCE AND ANNUITY COMPANY

SEPARATE ACCOUNT B

Notes to Financial Statements

	Fund Inception DateA	Units (000's)		Unit Fair Value (lowest to highest)					Net Assets (000's)		Investment Income RatioB			Expense RatioC (lowest to highest)						Total ReturnD (lowest to highest)
VY® Clarion Global Real Estate Portfolio - Service Class
2020			3,338	$	13.38	to	$	13.53	$	49,104		5.03	%		0.75	%	to	2.35	%		-5.77	%	to			-7.27	%
2019			3,731	$	14.20	to	$	14.59	$	58,765		2.73	%		0.75	%	to	2.35	%		23.48	%	to			21.38	%
2018			4,393	$	10.78	to	$	14.39	$	56,621		5.22	%		0.75	%	to	2.35	%		-9.45	%	to			-10.90	%
2017			5,015	$	11.97	to	$	15.92	$	72,058		3.51	%		0.75	%	to	2.35	%		9.67	%	to			7.90	%
2016			6,167	$	10.98	to	$	14.55	$	81,615		1.11	%		0.75	%	to	2.35	%		-0.17	%	to			-1.73	%
VY® Clarion Global Real Estate Portfolio - Service 2 Class
2020			47	$	15.26	to	$	13.54	$	663		4.75	%		1.40	%	to	2.20	%		-6.50	%	to			-7.26	%
2019			50	$	16.32	to	$	14.60	$	768		2.66	%		1.40	%	to	2.20	%		22.34	%	to			21.36	%
2018			58	$	12.03	to	$	13.34	$	734		5.13	%		1.40	%	to	2.20	%		-10.11	%	to			-10.82	%
2017			64	$	13.49	to	$	14.84	$	902		3.41	%		1.40	%	to	2.20	%		8.88	%	to			8.01	%
2016			75	$	12.49	to	$	13.63	$	979		0.93	%		1.40	%	to	2.20	%		-0.94	%	to			-1.81	%
VY® Clarion Real Estate Portfolio - Adviser Class
2020			51	$	11.25	to	$	11.66	$	576		1.94	%		0.60	%	to	1.15	%		-7.41	%	to			-7.97	%
2019			54	$	12.15	to	$	12.67	$	662		1.91	%		0.60	%	to	1.15	%		26.96	%	to			26.32	%
2018			62	$	9.57	to	$	10.03	$	591		2.57	%		0.60	%	to	1.15	%		-8.60	%	to			-9.07	%
2017			70	$	10.47	to	$	11.03	$	731		2.33	%		0.60	%	to	1.15	%		4.28	%	to			3.67	%
2016			59	$	10.04	to	$	10.64	$	589		1.45	%		0.60	%	to	1.15	%					3.19	%
VY® Clarion Real Estate Portfolio - Service Class
2020			1,054	$	163.19	to	$	20.64	$	93,697		2.11	%		0.50	%	to	2.35	%		-7.00	%	to			-8.75	%
2019			1,211	$	175.48	to	$	22.62	$	117,079		2.21	%		0.50	%	to	2.35	%		27.51	%	to			25.18	%
2018			1,431	$	16.76	to	$	137.62	$	110,260		2.68	%		0.50	%	to	2.35	%		-8.11	%	to			-9.88	%
2017			1,626	$	18.33	to	$	149.77	$	138,229		2.12	%		0.50	%	to	2.35	%		4.65	%	to			2.70	%
2016			2,181	$	17.60	to	$	143.11	$	182,844		1.57	%		0.50	%	to	2.35	%		3.73	%	to			1.77	%
VY® Clarion Real Estate Portfolio - Service 2 Class
2020			274	$	40.78	to	$	20.65	$	8,420		2.03	%		1.40	%	to	2.20	%		-8.01	%	to			-8.75	%
2019			306	$	44.33	to	$	22.63	$	10,363		2.05	%		1.40	%	to	2.20	%		26.19	%	to			25.17	%
2018			357	$	18.08	to	$	35.13	$	9,719		2.54	%		1.40	%	to	2.20	%		-9.08	%	to			-9.83	%
2017			394	$	20.05	to	$	38.63	$	11,908		2.01	%		1.40	%	to	2.20	%		3.56	%	to			2.72	%
2016			492	$	19.52	to	$	37.31	$	14,584		1.44	%		1.40	%	to	2.20	%		2.61	%	to			1.77	%

170

VENERABLE INSURANCE AND ANNUITY COMPANY

SEPARATE ACCOUNT B

Notes to Financial Statements

	Fund Inception DateA	Units (000's)		Unit Fair Value (lowest to highest)						Net Assets (000's)		Investment Income RatioB			Expense RatioC (lowest to highest)								Total ReturnD (lowest to highest)
VY® Invesco Growth and Income Portfolio - Adviser Class
2020			59	$	13.78	to		$	12.50	$	783		1.67	%		0.60	%	to			1.15	%		1.92	%	to			1.38	%
2019			59	$	13.52	to		$	12.33	$	770		1.91	%		0.60	%	to			1.15	%		23.58	%	to			22.81	%
2018			94	$	10.04	to		$	10.94	$	1,010		1.11	%		0.60	%	to			1.15	%		-14.40	%	to			-14.84	%
2017			92	$	11.79	to		$	12.78	$	1,155		2.21	%		0.60	%	to			1.15	%					12.80	%
2016			31			$	11.33			$	348		2.12	%					0.60	%							18.76	%
VY® Invesco Growth and Income Portfolio - Service Class
2020			4,729	$	79.23	to		$	20.97	$	235,456		1.81	%		0.50	%	to			2.35	%		2.39	%	to			0.43	%
2019			5,513	$	77.38	to		$	20.88	$	272,325		2.46	%		0.50	%	to			2.35	%		24.11	%	to			21.82	%
2018			6,486	$	16.17	to		$	62.35	$	260,912		1.44	%		0.50	%	to			2.35	%		-14.02	%	to			-15.61	%
2017			7,469	$	18.93	to		$	72.51	$	355,649		1.95	%		0.50	%	to			2.35	%		13.33	%	to			11.23	%
2016			9,221	$	16.81	to		$	63.99	$	394,630		2.07	%		0.50	%	to			2.35	%		19.32	%	to			17.13	%
VY® Invesco Growth and Income Portfolio - Service 2 Class
2020			841	$	32.44	to		$	20.98	$	22,758		1.74	%		1.40	%	to			2.20	%		1.34	%	to			0.53	%
2019			947	$	32.01	to		$	20.87	$	25,447		2.40	%		1.40	%	to			2.20	%		22.74	%	to			21.69	%
2018			1,093	$	17.15	to		$	26.08	$	24,265		1.30	%		1.40	%	to			2.20	%		-14.91	%	to			-15.56	%
2017			1,207	$	20.31	to		$	30.64	$	31,637		1.89	%		1.40	%	to			2.20	%		12.11	%	to			11.17	%
2016			1,578	$	18.27	to		$	27.34	$	37,281		2.11	%		1.40	%	to			2.20	%		18.10	%	to			17.19	%
VY® JPMorgan Emerging Markets Equity Portfolio - Adviser Class
2020			81	$	18.41	to		$	19.45	$	1,558		0.06	%		0.60	%	to			1.15	%		32.16	%	to			31.42	%
2019			116	$	13.93	to		$	14.80	$	1,674		0.00	%		0.60	%	to			1.15	%		30.43	%	to			29.71	%
2018			142	$	10.68	to		$	11.41	$	1,568		0.35	%		0.60	%	to			1.15	%		-17.53	%	to			-18.03	%
2017			139	$	12.95	to		$	13.91	$	1,869		0.19	%		0.60	%	to			1.15	%					41.53	%
2016			32			$	9.15			$	289		0.73	%					0.60	%							12.00	%
VY® JPMorgan Emerging Markets Equity Portfolio - Service Class
2020			9,216	$	18.26	to		$	34.16	$	322,905		0.30	%		0.75	%	to			2.35	%		32.32	%	to			30.23	%
2019			11,011	$	13.80	to		$	26.23	$	294,721		0.01	%		0.75	%	to			2.35	%		30.81	%	to			28.64	%
2018			12,476	$	9.56	to		$	26.06	$	258,107		0.58	%		0.75	%	to			2.35	%		-17.38	%	to			-18.73	%
2017			14,486	$	11.62	to		$	31.56	$	366,368		0.48	%		0.75	%	to			2.35	%		41.91	%	to			39.62	%
2016			16,934	$	7.82	to		$	22.24	$	305,304		1.23	%		0.75	%	to			2.35	%		12.08	%	to			10.25	%

171

VENERABLE INSUANE AND ANNUITY COMPANY

SEPARATE ACCOUNT B

Notes to Financial Statements

	Fund Inception DateA	Units (000's)		Unit Fair Value (lowest to highest)						Net Assets (000's)		Investment Income RatioB			Expense RatioC (lowest to highest)								Total ReturnD (lowest to highest)
VY® JPMorgan Emerging Markets Equity Portfolio - Service 2 Class
2020			250	$	59.45	to		$	34.18	$	11,304		0.18	%		1.40	%	to			2.20	%		31.32	%	to			30.26	%
2019			287	$	45.27	to		$	26.24	$	9,996		0.00	%		1.40	%	to			2.20	%		29.75	%	to			28.69	%
2018			331	$	20.39	to		$	34.89	$	8,933		0.41	%		1.40	%	to			2.20	%		-18.10	%	to			-18.73	%
2017			363	$	25.09	to		$	42.59	$	12,083		0.30	%		1.40	%	to			2.20	%		40.78	%	to			39.62	%
2016			502	$	17.97	to		$	30.26	$	12,192		1.03	%		1.40	%	to			2.20	%		11.29	%	to			10.38	%
VY® JPMorgan Small Cap Equity Portfolio - Adviser Class
2020			86	$	16.09	to		$	15.53	$	1,362		—			0.60	%	to			1.15	%		15.09	%	to			14.44	%
2019			90	$	13.98	to		$	13.57	$	1,235		0.08	%		0.60	%	to			1.15	%		25.27	%	to			24.50	%
2018			113	$	10.90	to		$	11.16	$	1,248		0.08	%		0.60	%	to			1.15	%		-11.36	%	to			-11.81	%
2017			91	$	12.36	to		$	12.59	$	1,134		0.19	%		0.60	%	to			1.15	%					14.45	%
2016			39			$	11.00			$	429		0.24	%					0.60	%							20.48	%
VY® Morgan Stanley Global Franchise Portfolio - Adviser Class
2020			124	$	18.62	to		$	17.62	$	2,260		0.50	%		0.60	%	to			1.15	%		12.17	%	to			11.59	%
2019			132	$	16.60	to		$	15.79	$	2,145		0.64	%		0.60	%	to			1.15	%		28.19	%	to			27.44	%
2018			150	$	12.39	to		$	12.95	$	1,906		0.84	%		0.60	%	to			1.15	%		-2.70	%	to			-3.20	%
2017			143	$	12.80	to		$	13.31	$	1,881		0.87	%		0.60	%	to			1.15	%					24.74	%
2016			95			$	10.67			$	1,011		1.28	%					0.60	%							4.30	%
VY® Morgan Stanley Global Franchise Portfolio - Service Class
2020			5,903	$	53.20	to		$	34.63	$	254,888		0.68	%		0.90	%	to			2.35	%		12.26	%	to			10.64	%
2019			6,700	$	47.39	to		$	31.30	$	260,382		0.84	%		0.90	%	to			2.35	%		28.19	%	to			26.31	%
2018			7,761	$	20.48	to		$	36.97	$	238,037		1.05	%		0.90	%	to			2.35	%		-2.58	%	to			-4.03	%
2017			8.670	$	21.07	to		$	37.95	$	275,690		1.22	%		0.90	%	to			2.35	%		24.71	%	to			22.89	%
2016			11,469	$	16.13	to		$	30.43	$	293,868		1.28	%		0.90	%	to			2.35	%		4.36	%	to			2.84	%
VY® Morgan Stanley Global Franchise Portfolio - Service 2 Class
2020			891	$	50.67	to		$	34.63	$	37,478		0.55	%		1.40	%	to			2.20	%		11.46	%	to			10.57	%
2019			996	$	45.46	to		$	31.32	$	37,886		0.69	%		1.40	%	to			2.20	%		27.37	%	to			26.34	%
2018			1,141	$	24.79	to		$	35.69	$	34,473		0.87	%		1.40	%	to			2.20	%		-3.28	%	to			-4.06	%
2017			1,294	$	25.84	to		$	36.90	$	40,730		1.10	%		1.40	%	to			2.20	%		23.93	%	to			22.92	%
2016			1,689	$	21.02	to		$	29.77	$	43,417		1.12	%		1.40	%	to			2.20	%		3.69	%	to			2.84	%

172

VENERABLE INSURANCE AND ANNUITY COMPANY

SEPARATE ACCOUNT B

Notes to Financial Statements

	Fund Inception DateA	Units (000's)		Unit Fair Value (lowest to highest)						Net Assets (000's)		Investment Income RatioB			Expense RatioC (lowest to highest)								Total ReturnD (lowest to highest)
VY® T. Rowe Price Capital Appreciation Portfolio - Adviser
2020			2,831	$	17.57	to		$	16.15	$	48,425		1.01	%		0.60	%	to			1.15	%		16.82	%	to			16.19	%
2019			2,953	$	15.04	to		$	13.90	$	43,265		1.31	%		0.60	%	to			1.15	%		23.28	%	to			22.57	%
2018			2,934	$	11.34	to		$	12.20	$	34,998		2.06	%		0.60	%	to			1.15	%		-0.49	%	to			-1.05	%
2017			2,820	$	11.46	to		$	12.26	$	33,971		1.11	%		0.60	%	to			1.15	%		14.05	%	to			13.47	%
2016			1,823	$	10.10	to		$	10.75	$	19,599		1.60	%		0.60	%	to			1.15	%					6.97	%
VY® JPMorgan Emerging Markets Equity Portfolio - Service 2 Class
2020			28,821	$	31.58	to		$	30.69	$	2,449,652		1.20	%		0.75	%	to			2.35	%		17.09	%	to			15.20	%
2019			32,134	$	26.97	to		$	26.64	$	2,373,225		1.47	%		0.75	%	to			2.35	%		23.43	%	to			21.42	%
2018			35,838	$	20.48	to		$	117.60	$	2,189,453		2.10	%		0.75	%	to			2.35	%		-0.27	%	to			-1.83	%
2017			39,763	$	20.65	to		$	117.95	$	2,478,134		1.15	%		0.75	%	to			2.35	%		14.23	%	to			12.37	%
2016			46,595	$	17.05	to		$	103.30	$	2,644,523		1.31	%		0.75	%	to			2.35	%		7.27	%	to			5.52	%
VY® T. Rowe Price Capital Appreciation Portfolio - Service 2 Class
2020			1,293	$	48.83	to		$	30.71	$	52,174		1.04	%		1.40	%	to			2.20	%		16.15	%	to			15.23	%
2019			1,509	$	42.04	to		$	26.65	$	53,293		1.29	%		1.40	%	to			2.20	%		22.46	%	to			21.47	%
2018			1,762	$	21.94	to		$	34.33	$	51,188		2.02	%		1.40	%	to			2.20	%		-1.07	%	to			-1.88	%
2017			1,894	$	22.36	to		$	34.70	$	55,843		0.98	%		1.40	%	to			2.20	%		13.35	%	to			12.43	%
2016			2,397	$	19.89	to		$	30.61	$	63,009		1.11	%		1.40	%	to			2.20	%		6.32	%	to			5.52	%
VY® T. Rowe Price Equity Income Portfolio - Adviser Class
2020			95	$	14.04	to		$	13.17	$	1,286		3.57	%		0.60	%	to			1.15	%		0.07	%	to			-0.53	%
2019			95	$	14.03	to		$	13.24	$	1,293		2.25	%		0.60	%	to			1.15	%		25.16	%	to			24.55	%
2018			101	$	10.63	to		$	11.21	$	1,102		1.87	%		0.60	%	to			1.15	%		-10.25	%	to			-10.75	%
2017			103	$	11.91	to		$	12.49	$	1,257		2.30	%		0.60	%	to			1.15	%					15.22	%
2016			34			$	10.84			$	370		2.66	%					0.60	%							17.57	%
VY® T. Rowe Price International Stock Portfolio - Adviser Class
2020			33	$	14.42	to		$	14.98	$	484		1.33	%		0.60	%	to			1.15	%		13.45	%	to			12.80	%
2019			67	$	12.71	to		$	13.28	$	872		0.42	%		0.60	%	to			1.15	%		26.34	%	to			25.76	%
2018			53	$	10.06	to		$	10.56	$	547		1.83	%		0.60	%	to			1.15	%		-14.96	%	to			-15.45	%
2017			36	$	11.83	to		$	12.49	$	439		0.54	%		0.60	%	to			1.15	%					26.66	%
2016			14			$	9.34			$	128		1.75	%					0.60	%							0.97	%

173

VENERABLE INSURANCE AND ANNUITY COMPANY

SEPARATE ACCOUNT B

Notes to Financial Statements

	Fund Inception DateA	Units (000's)		Unit Fair Value (lowest to highest)						Net Assets (000's)		Investment Income RatioB			Expense RatioC (lowest to highest)								Total ReturnD (lowest to highest)
VY® T. Rowe Price International Stock Portfolio - Service Class
2020			6,205	$	14.68	to		$	19.46	$	130,851		2.20	%		0.75	%	to			2.35	%		13.62	%	to			11.77	%
2019			6,908	$	12.92	to		$	17.41	$	129,479		0.72	%		0.75	%	to			2.35	%		26.67	%	to			24.62	%
2018			7,905	$	9.56	to		$	17.08	$	118,120		1.81	%		0.75	%	to			2.35	%		-14.79	%	to			-16.15	%
2017			8,511	$	11.28	to		$	20.07	$	150,777		1.19	%		0.75	%	to			2.35	%		26.91	%	to			24.86	%
2016			9,527	$	8.94	to		$	15.84	$	134,555		1.44	%		0.75	%	to			2.60	%		1.18	%	to			-0.69	%
Voya Global Bond Portfolio - Adviser Class
2020			42	$	12.17	to		$	11.62	$	497		2.28	%		0.60	%	to			1.15	%		7.89	%	to			7.29	%
2019			42	$	11.28	to		$	10.83	$	466		2.39	%		0.60	%	to			1.15	%		6.72	%	to			6.18	%
2018			52	$	10.20	to		$	10.57	$	539		3.52	%		0.60	%	to			1.15	%		-2.94	%	to			-3.59	%
2017			40	$	10.58	to		$	10.89	$	428		2.01	%		0.60	%	to			1.15	%					8.36	%
2016			20			$	10.05			$	201		1.60	%					0.60	%							5.24	%
Voya Global Bond Portfolio - Service Class
2020			210	$	17.01	to		$	15.46	$	3,425		2.55	%		0.75	%	to			1.35	%		8.07	%	to			7.36	%
2019			230	$	15.74	to		$	14.40	$	3,477		2.71	%		0.75	%	to			1.35	%		6.78	%	to			6.19	%
2018			255	$	13.56	to		$	14.74	$	3,612		3.61	%		0.75	%	to			1.35	%		-2.90	%	to			-3.49	%
2017			255	$	14.05	to		$	15.18	$	3,760		2.29	%		0.75	%	to			1.35	%		8.51	%	to			7.83	%
2016			285	$	13.03	to		$	13.99	$	3,875		1.57	%		0.75	%	to			1.35	%		5.19	%	to			4.57	%
Voya International High Dividend Low Volatility Portfolio - Adviser
2020			71	$	10.54	to		$	11.36	$	785		3.04	%		0.60	%	to			1.15	%		-1.77	%	to			-2.32	%
2019			58	$	10.73	to		$	11.63	$	661		1.58	%		0.60	%	to			1.15	%		15.38	%	to			14.81	%
2018			61	$	9.30	to		$	10.13	$	604		1.70	%		0.60	%	to			1.15	%		-15.84	%	to			-16.35	%
2017			58	$	11.05	to		$	12.11	$	688		0.52	%		0.60	%		to		1.15	%					21.03	%
2016			15			$	9.13			$	138		3.99	%		0.60	%										0.66	%
Voya International High Dividend Low Volatility Portfolio - Service
2020			22,177	$	11.20	to		$	10.62	$	256,009		3.05	%		0.75	%	to			2.35	%		-1.67	%	to			-3.28	%
2019			24,651	$	11.39	to		$	10.98	$	292,457		1.88	%		0.75	%	to			2.35	%		15.52	%	to			13.66	%
2018			27,902	$	9.06	to		$	12.25	$	289,679		1.88	%		0.75	%	to			2.35	%		-15.80	%	to			-17.15	%
2017			30,335	$	10.80	to		$	14.58	$	378,239		1.81	%		0.75	%	to			2.35	%		21.10	%	to			19.22	%
2016			38,104	$	8.95	to		$	12.08	$	396,763		3.06	%		0.75	%	to			2.35	%		0.83	%	to			-0.81	%

174

VENERABLE INSURANCE AND ANNUITY COMPANY

SEPARATE ACCOUNT B

Notes to Financial Statements

	Fund Inception DateA	Units (000's)		Unit Fair Value (lowest to highest)						Net Assets (000's)		Investment Income RatioB			Expense RatioC (lowest to highest)								Total ReturnD (lowest to highest)
Voya Solution 2025 Portfolio - Adviser Class
2020			51	$	14.18	to		$	14.01	$	718		1.99	%		0.60	%	to			1.15	%		12.54	%	to			11.99	%
2019			39	$	12.60	to		$	12.51	$	487		2.61	%		0.60	%	to			1.15	%		17.10	%	to			16.48	%
2018			40	$	10.74	to		$	10.76	$	431		1.69	%		0.60	%	to			1.15	%		-6.52	%	to			-7.09	%
2017			45	$	11.51	to		$	11.56	$	518		1.53	%		0.60	%	to			1.15	%					14.30	%
2016			35			$	10.07			$	356		2.86	%					0.60	%							4.90	%
Voya Solution 2025 Portfolio - Service Class
2020			636	$	21.82	to		$	20.64	$	13,782		1.87	%		1.00	%	to			1.35	%		12.42	%	to			11.99	%
2019			698	$	19.41	to		$	18.43	$	13,467		2.33	%		1.00	%	to			1.35	%		16.93	%	to			16.57	%
2018			795	$	15.81	to		$	17.18	$	13,131		2.08	%		0.75	%	to			1.35	%		-6.43	%	to			-7.00	%
2017			895	$	17.00	to		$	18.36	$	15,848		1.99	%		0.75	%	to			1.35	%		14.39	%	to			13.71	%
2016			983	$	14.95	to		$	16.04	$	15,258		2.11	%		0.75	%	to			1.35	%		5.04	%	to			4.47	%
Voya Solution 2035 Portfolio - Adviser Class
2020			8	$	14.79	to		$	14.77	$	112		1.14	%		0.60	%	to			1.15	%		13.51	%	to			12.92	%
2019			18	$	13.03	to		$	13.08	$	240		2.55	%		0.60	%	to			1.15	%		20.76	%	to			20.11	%
2018			21	$	10.79	to		$	10.89	$	230		2.03	%		0.60	%	to			1.15	%		-9.02	%	to			-9.63	%
2017			14	$	11.86	to		$	12.05	$	165		0.68	%		0.60	%	to			1.15	%					18.48	%
2016			4			$	10.01			$	43		2.16	%					0.60	%							5.37	%
Voya Solution 2035 Portfolio - Service Class
2020			374	$	24.90	to		$	22.64	$	8,867		1.71	%		0.75	%	to			1.35	%		13.59	%	to			12.92	%
2019			404	$	21.92	to		$	20.05	$	8,445		2.25	%		0.75	%	to			1.35	%		21.04	%	to			20.28	%
2018			430	$	16.67	to		$	18.11	$	7,448		1.78	%		0.75	%	to			1.35	%		-9.04	%	to			-9.60	%
2017			468	$	18.44	to		$	19.91	$	8,959		1.56	%		0.75	%	to			1.35	%		18.51	%	to			17.83	%
2016			495	$	15.65	to		$	16.80	$	8,012		2.03	%		0.75	%	to			1.35	%		5.46	%	to			4.82	%
Voya Solution 2045 Portfolio - Adviser Class
2020			6	$	15.11	to		$	15.19	$	88		1.07	%		0.60	%	to			1.15	%		15.43	%	to			14.73	%
2019			8	$	13.09	to		$	13.24	$	99		1.17	%		0.60	%	to			1.15	%		22.80	%	to			22.14	%
2018			7	$	10.66	to		$	10.84	$	72		1.41	%		0.60	%	to			1.15	%		-11.02	%	to			-11.58	%
2017			6	$	11.98	to		$	12.26	$	70		0.60	%		0.60	%	to			1.15	%					20.16	%
2016			3			$	9.97			$	25		0.95	%					0.60	%							5.50	%

175

VENERABLE INSURANCE AND ANNUITY COMPANY

SEPARATE ACCOUNT B

Notes to Financial Statements

	Fund Inception DateA	Units (000's)		Unit Fair Value (lowest to highest)						Net Assets (000's)		Investment Income RatioB			Expense RatioC (lowest to highest)								Total ReturnD (lowest to highest)
Voya Solution 2045 Portfolio - Service Class
2020			38	$	25.20	to		$	23.84	$	935		1.57	%		1.00	%	to			1.35	%		15.12	%	to			14.73	%
2019			40	$	21.89	to		$	20.78	$	845		1.95	%		1.00	%	to			1.35	%		22.63	%	to			22.24	%
2018			46	$	17.00	to		$	17.85	$	794		1.35	%		1.00	%	to			1.35	%		-11.11	%	to			-11.46	%
2017			51	$	19.20	to		$	20.08	$	989		1.13	%		1.00		to			1.35	%		20.02	%	to			19.63	%
2016			56	$	16.05	to		$	17.23	$	908		1.58	%		0.75		to			1.35	%		5.58	%	to			4.97	%
Voya Solution 2055 Portfolio - Adviser Class
2020			1	$	15.15	to		$	15.24	$	8		—			0.60	%	to			1.15	%		15.03	%	to			14.41	%
2019			1	$	13.17	to		$	13.32	$	7		—			0.60	%	to			1.15	%		23.43	%	to			22.65	%
2018			8	$	10.67	to		$	10.86	$	89		1.06	%		0.60	%	to			1.15	%		-11.31	%	to			-11.71	%
2017			8	$	12.03	to		$	12.30	$	99		1.25	%		0.60	%	to			1.15	%					20.66	%
2016			—			$	9.97			$	1		1.14	%					0.60	%							5.50	%
Voya Solution Income Portfolio - Adviser Class
2020			61	$	13.03	to		$	12.76	$	799		2.14	%		0.60	%	to			1.15	%		10.99	%	to			10.29	%
2019			60	$	11.74	to		$	11.57	$	698		2.05	%		0.60	%	to			1.15	%		12.13	%	to			11.57	%
2018			73	$	10.37	to		$	10.47	$	766		1.78	%		0.60	%	to			1.15	%		-3.86	%	to			-4.34	%
2017			54	$	10.84	to		$	10.89	$	583		1.77	%		0.60		to			1.15						8.47	%
2016			66			$	10.04			$	662		1.50	%					0.60	%							3.61	%
Voya Solution Income Portfolio - Service Class
2020			683	$	19.53	to		$	17.76	$	12,750		2.26	%		0.75	%	to			1.35	%		11.09	%	to			10.38	%
2019			798	$	17.58	to		$	16.09	$	13,449		2.84	%		0.75	%	to			1.35	%		12.26	%	to			11.66	%
2018			900	$	14.41	to		$	15.66	$	13,547		2.39	%		0.75	%	to			1.35	%		-3.75	%	to			-4.38	%
2017			1,096	$	15.07	to		$	16.27	$	17,211		2.30	%		0.75	%	to			1.35	%		8.47	%	to			7.87	%
2016			1,147	$	13.97	to		$	15.00	$	16,646		1.09	%		0.75	%	to			1.35	%		3.66	%	to			3.02	%
Voya Solution Moderately Aggressive Portfolio - Service Class
2020			38,172	$	14.74	to		$	13.50	$	535,011		1.76	%		0.75	%	to			2.35	%		13.04	%	to			11.20	%
2019			43,152	$	13.04	to		$	12.14	$	540,082		2.29	%		0.75	%	to			2.35	%		21.76	%	to			19.72	%
2018			49,143	$	10.14	to		$	10.71	$	510,312		1.81	%		0.75	%	to			2.35	%		-9.85	%	to			-11.29	%
2017			55,830	$	11.43	to		$	11.88	$	649,025		1.39	%		0.75	%	to			2.35	%		17.24	%	to			15.35	%
2016			63,965	$	9.91	to		$	10.13	$	640,172		1.19	%		0.75	%	to			2.35	%		5.41	%	to			3.76	%

176

VENERABLE INSURANCE AND ANNUITY COMPANY

SEPARATE ACCOUNT B

Notes to Financial Statements

	Fund Inception DateA	Units (000's)		Unit Fair Value (lowest to highest)						Net Assets (000's)		Investment Income RatioB			Expense RatioC (lowest to highest)								Total ReturnD (lowest to highest)
VY® American Century Small-Mid Cap Value Portfolio - Adviser Class
2020			88	$	14.56	to		$	13.06	$	1,234		1.00	%		0.60	%	to			1.15	%		2.75	%	to			2.11	%
2019			86	$	14.17	to		$	12.79	$	1,173		1.17	%		0.60	%	to			1.15	%		29.41	%	to			28.67	%
2018			99	$	9.94	to		$	10.95	$	1,050		0.85	%		0.60	%	to			1.15	%		-15.05	%	to			-15.48	%
2017			103	$	11.76	to		$	12.89	$	1,291		1.06	%		0.60	%	to			1.15	%					10.27	%
2016			57			$	11.69			$	671		1.25	%					0.60	%							22.92	%
VY® American Century Small-Mid Cap Value Portfolio -Service Class
2020			47	$	44.72	to		$	43.68	$	2,155		1.16	%		0.75	%	to			1.35	%		2.73	%	to			2.13	%
2019			56	$	43.53	to		$	42.77	$	2,481		1.31	%		0.75	%	to			1.35	%		29.71	%	to			28.90	%
2018			66	$	31.65	to		$	35.04	$	2,269		1.00	%		0.75	%	to			1.35	%		-14.99	%	to			-15.51	%
2017			72	$	37.36	to		$	41.32	$	2,920		1.06	%		0.75	%	to			1.35	%		10.28	%	to			9.63	%
2016			73	$	33.99	to		$	37.56	$	2,711		1.35	%		0.75	%	to			1.35	%		23.15	%	to			22.38	%
VY® Baron Growth Portfolio - Adviser Class
2020			73	$	21.05	to		$	22.59	$	1,582		—			0.60	%	to			1.15	%		32.06	%	to			31.34	%
2019			87	$	15.94	to		$	17.20	$	1,423		—			0.60	%	to			1.15	%		37.41	%	to			36.62	%
2018			97	$	11.60	to		$	12.59	$	1,156		—			0.60	%	to			1.15	%		-2.68	%	to			-3.23	%
2017			84	$	11.92	to		$	13.01	$	1,022		0.51	%		0.60	%	to			1.15	%					27.08	%
2016			55			$	9.38			$	517		—						0.60								4.45	%
VY® Columbia Contrarian Core Portfolio - Adviser Class
2020			67	$	18.38	to		$	17.19	$	1,203		—			0.60	%	to			1.15	%		20.45	%	to			19.79	%
2019			65	$	15.26	to		$	14.35	$	979		1.39	%		0.60	%	to			1.15	%		31.67	%	to			30.93	%
2018			66	$	10.96	to		$	11.59	$	750		0.79	%		0.60	%	to			1.15	%		-9.81	%	to			-10.31	%
2017			121	$	12.22	to		$	12.85	$	1,541		0.85	%		0.60	%	to			1.15	%					20.66	%
2016			104			$	10.65			$	1,104		3.38	%					0.60	%							7.47	%
VY® Columbia Small Cap Value II Portfolio - Adviser Class
2020			42	$	13.25	to		$	12.51	$	527		0.35	%		0.60	%	to			1.15	%		8.61	%	to			8.03	%
2019			52	$	12.20	to		$	11.58	$	610		—			0.60	%	to			1.15	%		19.14	%	to			18.53	%
2018			75	$	9.77	to		$	10.24	$	750		—			0.60	%	to			1.15	%		-18.47	%	to			-18.92	%
2017			82	$	12.05	to		$	12.56	$	1,006		0.13	%		0.60	%	to			1.15	%		9.98	%	to			9.45	%
2016			40	$	11.01	to		$	11.42	$	456		0.07	%		0.60	%	to			1.15	%					22.66	%

177

VENERABLE INSURANCE AND ANNUITY COMPANY

SEPARATE ACCOUNT B

Notes to Financial Statements

	Fund Inception DateA	Units (000's)		Unit Fair Value (lowest to highest)						Net Assets (000's)		Investment Income RatioB			Expense RatioC (lowest to highest)							Total ReturnD (lowest to highest)
VY® Columbia Small Cap Value II Portfolio - Service Class
2020			3,333	$	21.90	to		$	17.77	$	64,815		0.58	%		0.95	%	to		2.35	%		8.52	%	to			6.92	%
2019			3,780	$	20.18	to		$	16.62	$	68,324		0.34	%		0.95	%	to		2.35	%		19.06	%	to			17.46	%
2018			4,380	$	14.15	to		$	18.48	$	67,084		0.26	%		0.95	%	to		2.35	%		-18.55	%	to			-19.74	%
2017			4,846	$	17.62	to		$	22.69	$	91,882		0.29	%		0.95	%	to		2.35	%		9.87	%	to			8.36	%
2016			6,342	$	16.27	to		$	20.67	$	110,405		0.25	%		0.95	%	to		2.35	%		22.51	%	to			20.79	%
VY® Invesco Equity and Income Portfolio - Adviser Class
2020			99	$	13.96	to		$	12.94	$	1,329		1.34	%		0.60	%	to		1.15	%		8.78	%	to			8.07	%
2019			97	$	12.75	to		$	11.89	$	1,204		1.64	%		0.60	%	to		1.15	%		18.72	%	to			18.19	%
2018			107	$	10.06	to		$	10.74	$	1,116		1.56	%		0.60	%	to		1.15	%		-10.43	%	to			-10.97	%
2017			113	$	11.30	to		$	11.99	$	1,326		1.65	%		0.60	%	to		1.15	%					9.70	%
2016			58			$	10.93			$	633		2.50	%					0.60							13.97	%
VY® Invesco Equity and Income Portfolio - Initial Class
2020			28	$	27.44	to		$	25.56	$	766		1.55	%		0.75	%	to		1.20	%		9.14	%	to			8.66	%
2019			37	$	25.06	to		$	23.44	$	915		2.06	%		0.75	%	to		1.20	%		19.22	%	to			18.62	%
2018			40	$	19.76	to		$	21.02	$	834		2.02	%		0.75	%	to		1.20	%		-10.17	%	to			-10.55	%
2017			45	$	22.09	to		$	23.40	$	1,051		1.99	%		0.75	%	to		1.20	%		10.07	%	to			9.57	%
2016			58	$	20.16	to		$	21.26	$	1,227		1.95	%		0.75	%	to		1.20	%		14.42	%	to			13.90	%
VY® Invesco Equity and Income Portfolio - Service Class
2020			16,780	$	27.45	to		$	20.47	$	379,822		1.46	%		0.50	%	to		2.35	%		9.13	%	to			7.09	%
2019			19,511	$	25.07	to		$	19.03	$	409,156		1.78	%		0.50	%	to		2.35	%		19.21	%	to			16.96	%
2018			22,801	$	15.69	to		$	24.17	$	406,188		1.70	%		0.50	%	to		2.35	%		-10.13	%	to			-11.77	%
2017			26,356	$	17.59	to		$	27.03	$	529,340		1.57	%		0.50	%	to		2.35	%		10.06	%	to			8.01	%
2016			32,799	$	14.99	to		$	24.68	$	605,474		1.68	%		0.50	%	to		2.35	%		14.42	%	to			12.30	%
VY® Invesco Equity and Income Portfolio - Service 2 Class
2020			21,002	$	15.42	to		$	13.84	$	302,757		1.37	%		0.80	%	to		2.35	%		8.65	%	to			7.00	%
2019			24,124	$	14.11	to		$	12.85	$	322,425		1.68	%		0.80	%	to		2.35	%		18.67	%	to			16.82	%
2018			27,692	$	11.00	to		$	11.89	$	314,791		1.57	%		0.80	%	to		2.35	%		-10.47	%	to			-11.93	%
2017			31,912	$	12.49	to		$	13.28	$	409,131		1.38	%		0.80	%	to		2.35	%		9.57	%	to			7.86	%
2016			36,700	$	11.58	to		$	12.12	$	433,223		1.63	%		0.80	%	to		2.35	%		13.91	%	to			12.21	%

178

VENERABLE INSURANCE AND ANNUITY COMPANY

SEPARATE ACCOUNT B

Notes to Financial Statements

	Fund Inception DateA	Units (000's)		Unit Fair Value (lowest to highest)						Net Assets (000's)		Investment Income RatioB			Expense RatioC (lowest to highest)								Total ReturnD (lowest to highest)
VY® JPMorgan Mid Cap Value Portfolio - Adviser Class
2020			134	$	12.86	to		$	12.38	$	1,693		0.76	%		0.60	%	to			1.15	%		-0.54	%	to			-1.04	%
2019			158	$	12.93	to		$	12.51	$	2,015		0.73	%		0.60	%	to			1.15	%		25.05	%	to			24.35	%
2018			181	$	10.06	to		$	10.34	$	1,841		1.00	%		0.60	%	to			1.15	%		-12.89	%	to			-13.35	%
2017			166	$	11.61	to		$	11.87	$	1,945		0.50	%		0.60	%	to			1.15	%					12.73	%
2016			75			$	10.53			$	791		0.66	%					0.60	%							13.71	%
VY® JPMorgan Mid Cap Value Portfolio - Service Class
2020			3,083	$	43.81	to		$	20.71	$	82,572		0.95	%		0.75	%	to			2.35	%		-0.48	%	to			-2.08	%
2019			3,618	$	44.02	to		$	21.15	$	97,865		0.94	%		0.75	%	to			2.35	%		25.23	%	to			23.25	%
2018			4,218	$	17.16	to		$	35.15	$	92,097		1.09	%		0.75	%	to			2.35	%		-12.84	%	to			-14.29	%
2017			4,879	$	20.02	to		$	40.33	$	123,187		0.54	%		0.75	%	to			2.35	%		12.87	%	to			11.05	%
2016			6,423	$	18.02	to		$	35.73	$	143,736		0.62	%		0.75	%	to			2.35	%		13.83	%	to			12.00	%
VY® Invesco Oppenheimer Global Portfolio - Adviser Class
2020			52	$	17.90	to		$	18.67	$	936		0.53	%		0.60	%	to			1.15	%		26.41	%	to			25.72	%
2019			67	$	14.16	to		$	14.85	$	956		—			0.60	%	to			1.15	%		30.39	%	to			29.58	%
2018			91	$	10.86	to		$	11.46	$	1,004		1.25	%		0.60	%	to			1.15	%		-14.15	%	to			-14.61	%
2017			84	$	12.65	to		$	13.42	$	1,075		0.52	%		0.60	%	to			1.15	%					35.01	%
2016			54			$	9.37			$	507		0.61	%					0.60	%							-0.85	%
VY® Invesco Oppenheimer Global Portfolio - Initial Class
2020			88	$	39.66	to		$	32.77	$	3,245		1.04	%		0.75	%	to			1.95	%		26.83	%	to			25.27	%
2019			100	$	31.27	to		$	26.16	$	2,923		0.51	%		0.75	%	to			1.95	%		30.78	%	to			29.25	%
2018			114	$	20.10	to		$	23.91	$	2,562		1.48	%		0.75	%	to			2.00	%		-13.84	%	to			-14.94	%
2017			139	$	23.63	to		$	27.75	$	3,668		1.06	%		0.75	%	to			2.00	%		35.50	%	to			33.81	%
2016			171	$	17.66	to		$	20.48	$	3,341		1.18	%		0.75	%	to			2.00	%		-0.53	%	to			-1.78	%
VY® Invesco Oppenheimer Global Portfolio - Service Class
2020			4,055	$	44.38	to		$	29.50	$	136,896		0.84	%		0.75	%	to			2.35	%		26.47	%	to			24.42	%
2019			4,878	$	35.09	to		$	23.71	$	131,160		0.22	%		0.75	%	to			2.35	%		30.45	%	to			28.37	%
2018			5,777	$	15.67	to		$	28.21	$	120,046		1.38	%		0.75	%	to			2.35	%		-14.03	%	to			-15.43	%
2017			7,034	$	18.30	to		$	32.90	$	170,930		0.92	%		0.75	%	to			2.55	%		35.10	%	to			32.69	%
2016			6,396	$	13.60	to		$	24.41	$	118,932		0.87	%		0.75	%	to			2.55	%		-0.77	%	to			-2.58	%

179

VENERABLE INSURANCE AND ANNUITY COMPANY

SEPARATE ACCOUNT B

Notes to Financial Statements

	Fund Inception DateA	Units (000's)		Unit Fair Value (lowest to highest)						Net Assets (000's)		Investment Income RatioB			Expense RatioC (lowest to highest)								Total ReturnD (lowest to highest)
VY® T. Rowe Price Diversified Mid Cap Growth Portfolio - Adviser Class
2020			65	$	19.42	to		$	19.02	$	1,245		0.10	%		0.60	%	to			1.15	%		30.51	%	to			29.74	%
2019			57	$	14.88	to		$	14.66	$	844		0.26	%		0.60	%	to			1.15	%		35.77	%	to			34.99	%
2018			64	$	10.86	to		$	10.96	$	696		—			0.60	%	to			1.15	%		-4.36	%	to			-4.90	%
2017	6/6/2017		65	$	11.42	to		$	11.46	$	744	(b)				0.60	%	to			1.15	%				(b)
2016		(b)				(b)				(b)		(b)						(b)								(b)
VY® T. Rowe Price Diversified Mid Cap Growth Portfolio - Service Class
2020			152	$	52.90	to		$	58.24	$	9,094		0.10	%		0.75	%	to			1.35	%		30.42	%	to			29.65	%
2019			167	$	40.56	to		$	44.92	$	7,683		0.24	%		0.75	%	to			1.35	%		35.88	%	to			35.06	%
2018			194	$	28.12	to		$	35.13	$	6,589		0.00	%		0.75	%	to			1.35	%		-4.17	%	to			-4.75	%
2017			238	$	29.44	to		$	36.75	$	8,484		0.46	%		0.75	%	to			1.35	%		23.51	%	to			22.78	%
2016			270	$	23.92	to		$	29.82	$	7,836		0.09	%		0.75	%	to			1.35	%		6.37	%	to			5.72	%
VY® T. Rowe Price Growth Equity Portfolio - Adviser Class
2020			192	$	23.19	to		$	22.27	$	4,399		—			0.60	%	to			1.15	%		35.22	%	to			34.48	%
2019			203	$	17.15	to		$	16.56	$	3,439		—			0.60	%	to			1.15	%		29.34	%	to			28.67	%
2018			228	$	12.87	to		$	13.26	$	3,000		—			0.60	%	to			1.15	%		-2.14	%	to			-2.72	%
2017			216	$	13.23	to		$	13.55	$	2,915		—			0.60	%	to			1.15	%					32.07	%
2016			190			$	10.26			$	1,946		—						0.60	%							0.39	%
Voya Strategic Allocation Conservative Portfolio - Class S
2020			98	$	25.76	to		$	23.43	$	2,424		2.12	%		0.75	%	to			1.35	%		9.38	%	to			8.72	%
2019			97	$	23.55	to		$	21.55	$	2,195		2.33	%		0.75	%	to			1.35	%		13.60	%	to			12.95	%
2018			88	$	19.08	to		$	20.73	$	1,760		2.34	%		0.75	%	to			1.35	%		-5.00	%	to			-5.54	%
2017			103	$	20.20	to		$	21.82	$	2,174		2.28	%		0.75	%	to			1.35	%		9.37	%	to			8.66	%
2016			114	$	18.59	to		$	19.95	$	2,204		2.66	%		0.75	%	to			1.35	%		4.67	%	to			4.09	%
Voya Strategic Allocation Growth Portfolio - Class S
2020			15	$	33.73	to		$	31.41	$	470		1.56	%		0.75	%	to			1.20	%		13.30	%	to			12.78	%
2019			15	$	29.77	to		$	27.85	$	426		3.20	%		0.75	%	to			1.20	%		21.56	%	to			21.03	%
2018			28	$	22.54	to		$	24.49	$	638		2.00	%		0.75	%	to			1.35	%		-9.20	%	to			-9.73	%
2017			34	$	24.97	to		$	26.96	$	865		1.78	%		0.75	%	to			1.35	%		16.70	%	to			15.98	%
2016			34	$	21.53	to		$	23.11	$	754		2.35	%		0.75	%	to			1.35	%		5.82	%	to			5.18	%

180

VENERABLE INSURANCE AND ANNUITY COMPANY

SEPARATE ACCOUNT B

Notes to Financial Statements

	Fund Inception DateA	Units (000's)	Unit Fair Value (lowest to highest)						Net Assets (000's)		Investment Income RatioB			Expense RatioC (lowest to highest)						Total ReturnD (lowest to highest)
Voya Strategic Allocation Moderate Portfolio - Class S
2020		31	$	29.84	to		$	27.14	$	869		1.78	%		0.75	%	to	1.35	%		11.59	%	to	10.96	%
2019		36	$	26.74	to		$	24.46	$	929		2.53	%		0.75	%	to	1.35	%		18.06	%	to	17.31	%
2018		37	$	20.85	to		$	22.65	$	807		2.72	%		0.75	%	to	1.35	%		-7.02	%	to	-7.58	%
2017		53	$	22.56	to		$	24.36	$	1,250		1.66	%		0.75	%	to	1.35	%		13.41	%	to	12.74	%
2016		54	$	20.01	to		$	21.47	$	1,126		2.36	%		0.75	%	to	1.35	%		5.50	%	to	4.87	%
Voya Growth and Income Portfolio - Class A
2020		33,214	$	17.12	to		$	23.14	$	817,138		0.87	%		0.60	%	to	2.35	%		15.99	%	to	13.99	%
2019		37,956	$	14.76	to		$	20.30	$	814,193		1.19	%		0.60	%	to	2.35	%		27.57	%	to	25.31	%
2018		44,119	$	11.46	to		$	18.44	$	751,046		1.35	%		0.60	%	to	2.35	%		-5.47	%	to	-7.16	%
2017		50,579	$	12.19	to		$	19.53	$	921,461		1.27	%		0.60	%	to	2.35	%		19.07	%	to	17.04	%
2016		63,421	$	10.28	to		$	16.42	$	981,920		1.48	%		0.60	%	to	2.35	%		8.55	%	to	6.65	%
Voya Growth and Income Portfolio - Class I
2020		30	$	23.19	to		$	21.43	$	682		1.22	%		0.95	%	to	1.95	%		16.18	%	to	14.97	%
2019		32	$	19.96	to		$	18.64	$	633		1.69	%		0.95	%	to	1.95	%		27.62	%	to	26.37	%
2018		36	$	14.75	to		$	16.71	$	550		1.83	%		0.95	%	to	1.95	%		-5.38	%	to	-6.29	%
2017		40	$	15.74	to		$	17.72	$	653		1.68	%		0.95	%	to	1.95	%		19.26	%	to	17.99	%
2016		51	$	13.31	to		$	14.91	$	706		1.92	%		0.95	%	to	2.00	%		8.71	%	to	7.51	%
Voya Growth and Income Portfolio - Class S
2020		19,863	$	42.80	to		$	20.57	$	445,454		1.05	%		0.75	%	to	2.35	%		16.05	%	to	14.21	%
2019		22,644	$	36.88	to		$	18.01	$	442,220		1.39	%		0.75	%	to	2.35	%		27.61	%	to	25.51	%
2018		26,343	$	14.35	to		$	28.90	$	407,495		1.56	%		0.75	%	to	2.35	%		-5.40	%	to	-6.94	%
2017		30,016	$	15.42	to		$	30.55	$	496,239		1.46	%		0.75	%	to	2.35	%		19.15	%	to	17.26	%
2016		38,388	$	13.15	to		$	25.64	$	537,774		1.66	%		0.75	%	to	2.35	%		8.64	%	to	6.91	%
Voya Global High Dividend Low Volatility Portfolio - Class A
2020		2	$	12.64	to		$	13.04	$	20		—			0.60	%	to	1.15	%		-1.86	%	to	-2.40	%
2019		2	$	12.88	to		$	13.36	$	21		—			0.60	%	to	1.15	%		20.37	%	to	19.61	%
2018		2	$	10.70	to		$	11.17	$	19		4.35	%		0.60	%	to	1.15	%		-9.78	%	to	-10.28	%
2017		2	$	11.86	to		$	12.45	$	27		2.74	%		0.60	%	to	1.15	%				22.39%
2016		2			$	9.69			$	15		1.22	%				0.60%						4.87%

181

VENERABLE INSURANCE AND ANNUITY COMPANY

SEPARATE ACCOUNT B

Notes to Financial Statements

	Fund Inception DateA	Units (000's)	Unit Fair Value (lowest to highest)					Net Assets (000's)		Investment Income RatioB			Expense RatioC (lowest to highest)						Total ReturnD (lowest to highest)
Voya Global High Dividend Low Volatility Portfolio – Class S
2020		34,531	$	14.08	to	$	11.41	$	428,150		2.02	%		0.75	%	to	2.35	%		-1.88	%	to	-3.47	%
2019		39,094	$	14.35	to	$	11.82	$	498,785		2.46	%		0.75	%	to	2.35	%		20.49	%	to	18.56	%
2018		31,609	$	9.97	to	$	11.91	$	338,627		4.56	%		0.75	%	to	2.35	%		-9.77	%	to	-11.22	%
2017		36,063	$	11.23	to	$	13.20	$	432,631		2.13	%		0.75	%	to	2.35	%		22.56	%	to	20.49	%
2016		44,654	$	9.32	to	$	10.77	$	441,417		2.56	%		0.75	%	to	2.35	%		4.97	%	to	3.30	%
Voya Index Plus LargeCap Portfolio – Class S
2020		4,305	$	32.05	to	$	24.94	$	117,869		1.25	%		0.75	%	to	2.35	%		14.75	%	to	12.90	%
2019		5,047	$	27.93	to	$	22.09	$	121,338		1.44	%		0.75	%	to	2.35	%		28.77	%	to	26.66	%
2018		6,101	$	16.63	to	$	26.28	$	114,697		1.02	%		0.75	%	to	2.35	%		-7.74	%	to	-9.21	%
2017		4,532	$	18.30	to	$	28.56	$	94,364		1.41	%		0.75	%	to	2.35	%		23.37	%	to	21.38	%
2016		5,820	$	14.54	to	$	23.21	$	98,706		1.42	%		0.75	%	to	2.35	%		9.17	%	to	7.40	%
Voya Index Plus MidCap Portfolio - Class S
2020		2,057	$	38.15	to	$	23.02	$	60,410		1.05	%		0.75	%	to	2.35	%		7.16	%	to	5.40	%
2019		2,331	$	35.60	to	$	21.84	$	64,681		1.12	%		0.75	%	to	2.35	%		25.80	%	to	23.81	%
2018		2,684	$	17.06	to	$	28.58	$	59,709		0.80	%		0.75	%	to	2.35	%		-15.17	%	to	-16.56	%
2017		3,004	$	20.21	to	$	33.77	$	79,590		1.08	%		0.75	%	to	2.55	%		12.44	%	to	10.40	%
2016		4,011	$	16.81	to	$	30.11	$	94,919		0.74	%		0.75	%	to	2.55	%		16.95	%	to	14.87	%
Voya Index Plus SmallCap Portfolio – Class S
2020		1,716	$	36.12	to	$	20.01	$	45,273		0.75	%		0.75	%	to	2.35	%		4.30	%	to	2.62	%
2019		1,916	$	34.63	to	$	19.50	$	49,188		0.78	%		0.75	%	to	2.35	%		20.66	%	to	18.69	%
2018		2,169	$	16.43	to	$	28.70	$	46,564		0.65	%		0.75	%	to	2.35	%		-13.29	%	to	-14.65	%
2017		2,398	$	19.25	to	$	33.09	$	60,019		0.64	%		0.75	%	to	2.55	%		8.81	%	to	6.84	%
2016		3,311	$	16.55	to	$	30.42	$	76,756		0.58	%		0.75	%	to	2.55	%		26.07	%	to	23.83	%
Voya International Index Portfolio - Class A
2020		40,142	$	12.44	to	$	11.40	$	478,243		2.04	%		0.60	%	to	2.35	%		6.60	%	to	4.68	%
2019		45,059	$	11.67	to	$	10.89	$	509,295		2.67	%		0.60	%	to	2.35	%		20.19	%	to	18.11	%
2018		52,059	$	9.22	to	$	10.57	$	495,552		2.40	%		0.60	%	to	2.35	%		-14.67	%	to	-16.18	%
2017		58,229	$	11.00	to	$	12.44	$	656,783		2.04	%		0.60	%	to	2.35	%		23.45	%	to	21.27	%
2016		71,179	$	9.07	to	$	9.51	$	657,808		2.62	%		0.60	%	to	2.35	%		-0.22	%	to	-1.95	%

182

VENERABLE INSURANCE AND ANNUITY COMPANY
SEPARATE ACCOUNT B

Notes to Financial Statements

	Fund Inception DateA		Units (000's)	Unit Fair Value (lowest to highest)					Net Assets (000's)		Investment Income RatioB			Expense RatioC (lowest to highest)						Total ReturnD (lowest to highest)
Voya International Index Portfolio - Class S
2020			1,600	$	22.70	to	$	10.17	$	17,978		2.26	%		0.75	%	to	2.35	%		6.82	%	to	5.06	%
2019			1,898	$	21.25	to	$	9.68	$	20,185		2.94	%		0.75	%	to	2.35	%		20.12	%	to	18.19	%
2018			2,198	$	8.19	to	$	17.69	$	19,635		2.63	%		0.75	%	to	2.35	%		-14.50	%	to	-15.91	%
2017			2,555	$	9.74	to	$	20.69	$	26,966		2.24	%		0.75	%	to	2.35	%		23.60	%	to	21.60	%
2016			3,386	$	8.01	to	$	16.74	$	29,139		2.92	%		0.75	%	to	2.35	%		-0.24	%	to	-1.84	%
Voya Russell™ Large Cap Growth Index Portfolio - Class S
2020			11,592	$	25.52	to	$	53.15	$	654,409		0.44	%		0.60	%	to	2.35	%		37.28	%	to	34.86	%
2019			13,094	$	18.59	to	$	39.41	$	544,818		0.48	%		0.60	%	to	2.35	%		34.71	%	to	32.29	%
2018			7,040	$	12.90	to	$	34.88	$	218,468		0.87	%		0.60	%	to	2.35	%		-1.85	%	to	-3.53	%
2017			7,757	$	13.21	to	$	35.58	$	248,176		1.01	%		0.60	%	to	2.35	%		30.14	%	to	27.85	%
2016			8,941	$	10.80	to	$	27.38	$	224,178		1.13	%		0.60	%	to	2.35	%		5.68	%	to	3.83	%
Voya Russell™ Large Cap Index Portfolio - Class A
2020			181	$	17.15	to	$	16.80	$	3,084		1.11	%		0.60	%	to	1.15	%		20.52	%	to	19.83	%
2019			205	$	14.23	to	$	14.02	$	2,888		1.34	%		0.60	%	to	1.15	%		29.84	%	to	29.10	%
2018			187	$	10.86	to	$	10.96	$	2,033		1.18	%		0.60	%	to	1.15	%		-4.45	%	to	-4.99	%
2017	4/28/2017		118	$	11.43	to	$	11.47	$	1,349	(b)				0.60	%	to	1.15	%				(b)
2016		(b)				(b)			(b)		(b)						(b)						(b)
Voya Russell™ Large Cap Index Portfolio - Class S
2020			16,060	$	48.34	to	$	25.58	$	443,697		1.20	%		0.90	%	to	2.35	%		20.49	%	to	18.70	%
2019			17,432	$	25.60	to	$	21.55	$	403,442		1.49	%		0.80	%	to	2.35	%		29.95	%	to	27.89	%
2018			19,370	$	16.85	to	$	30.92	$	349,036		1.42	%		0.80	%	to	2.35	%		-4.46	%	to	-5.97	%
2017			20,834	$	17.91	to	$	32.39	$	397,452		1.42	%		0.80	%	to	2.35	%		21.29	%	to	19.39	%
2016			25,292	$	15.00	to	$	26.73	$	401,932		1.65	%		0.80	%	to	2.35	%		9.82	%	to	8.07	%
Voya Russell™ Large Cap Value Index Portfolio - Class I
2020			0	$	14.26	to	$	14.15	$	6		—			1.25	%	to	1.40	%		0.21	%	to	0.07	%
2019			3	$	14.23	to	$	14.14	$	42		2.45	%		1.25	%	to	1.40	%		24.28	%	to	24.14	%
2018			3	$	11.39	to	$	11.45	$	40		3.39	%		1.25	%	to	1.40	%		-7.74	%	to	-7.92	%
2017			6	$	12.37	to	$	12.41	$	78		2.02	%		1.25	%	to	1.40	%		12.00	%	to	11.84	%
2016			7	$	11.05	to	$	11.08	$	74		1.27	%		1.25	%	to	1.40	%		14.23	%	to	13.92	%

183

VENERABLE INSURANCE AND ANNUITY COMPANY
SEPARATE ACCOUNT B

Notes to Financial Statements

	Fund Inception DateA	Units (000's)		Unit Fair Value (lowest to highest)						Net Assets (000's)		Investment Income RatioB			Expense RatioC (lowest to highest)								Total ReturnD (lowest to highest)
Voya Russell™ Large Cap Value Index Portfolio – Class S
2020			23,819	$	33.88	to		$	27.19	$	680,566		0.91	%		0.50	%	to			2.35	%		0.68	%	to			-1.20	%
2019			27,668	$	33.65	to		$	27.52	$	795,759		0.94	%		0.50	%	to			2.35	%		1.36	%	to			22.69	%
2018			8,531	$	10.74	to		$	25.76	$	193,129		2.10	%		0.60	%	to			2.35	%		-7.41	%	to			-9.08	%
2017			9,712	$	11.67	to		$	27.92	$	240,301		1.88	%		0.60	%	to			2.35	%		12.51	%	to			10.58	%
2016			11,927	$	11.01	to		$	24.90	$	267,245		1.36	%		0.60	%	to			2.35	%		14.66	%	to			12.56	%
Voya Russell™ Mid Cap Growth Index Portfolio – Class S
2020			11,787	$	13.65	to		$	47.78	$	588,673		0.16	%		0.75	%	to			2.35	%		33.43	%	to			31.34	%
2019			13,981	$	10.23	to		$	36.38	$	528,903		0.34	%		0.75	%	to			2.35	%		1.49	%	to			31.38	%
2018			7,112	$	27.69	to		$	31.95	$	208,853		0.44	%		0.90	%	to			2.35	%		-6.22	%	to			-7.61	%
2017			7,694	$	29.96	to		$	34.07	$	243,426		0.68	%		0.90	%	to			2.35	%		23.24	%	to			21.43	%
2016			9,694	$	24.67	to		$	27.65	$	250,790		0.68	%		0.90	%	to			2.35	%		5.86	%	to			4.27	%
Voya Russell™ Mid Cap Index Portfolio – Class A
2020			226	$	16.00	to		$	15.85	$	3,604		0.89	%		0.60	%	to			1.15	%		15.36	%	to			14.69	%
2019			273	$	13.87	to		$	13.82	$	3,787		1.13	%		0.60	%	to			1.15	%		28.54	%	to			27.84	%
2018			290	$	10.79	to		$	10.81	$	3,128		1.01	%		0.60	%	to			1.15	%		-10.38	%	to			-10.81	%
2017			299	$	12.04	to		$	12.12	$	3,611		0.83	%		0.60	%	to			1.15	%					16.67	%
2016			165			$	10.32			$	1,697		0.70	%					0.60	%							12.17	%
Voya Russell™ Mid Cap Index Portfolio – Class S
2020			6,524	$	29.00	to		$	24.19	$	169,982		1.03	%		0.95	%	to			2.35	%		15.22	%	to			13.57	%
2019			7,710	$	25.17	to		$	21.30	$	175,703		1.37	%		0.95	%	to			2.35	%		28.48	%	to			26.71	%
2018			8,839	$	16.81	to		$	19.59	$	158,292		1.21	%		0.95	%	to			2.35	%		-10.43	%	to			-11.71	%
2017			9,775	$	19.04	to		$	21.86	$	197,217		1.25	%		0.95	%	to			2.35	%		16.58	%	to			14.91	%
2016			13,179	$	16.57	to		$	18.76	$	229,870		1.00	%		0.95	%	to			2.35	%		12.07	%	to			10.47	%
Voya Russell™ Small Cap Index Portfolio – Class A
2020			177	$	15.81	to		$	15.40	$	2,767		0.53	%		0.60	%	to			1.15	%		18.25	%	to			17.56	%
2019			219	$	13.37	to		$	13.10	$	2,901		0.69	%		0.60	%	to			1.15	%		23.80	%	to			23.12	%
2018			215	$	10.64	to		$	10.80	$	2,310		0.72	%		0.60	%	to			1.15	%		-12.20	%	to			-12.64	%
2017			199	$	12.18	to		$	12.30	$	2,440		0.56	%		0.60	%	to			1.15	%		12.95	%	to			12.26	%
2016			105	$	10.85	to		$	10.89	$	1,139		0.62	%		0.60	%	to			1.15	%					19.80	%

184

VENERABLE INSURANCE AND ANNUITY COMPANY
SEPARATE ACCOUNT B

Notes to Financial Statements

	Fund Inception DateA		Units (000's)	Unit Fair Value (lowest to highest)					Net Assets (000's)		Investment Income RatioB			Expense RatioC (lowest to highest)						Total ReturnD (lowest to highest)
Voya Russell™ Small Cap Index Portfolio - Class S
2020			15,097	$	27.80	to	$	23.04	$	375,290		0.85	%		0.90	%	to	2.35	%		18.30	%	to	16.54	%
2019			17,853	$	23.50	to	$	19.77	$	378,740		0.49	%		0.90	%	to	2.35	%		23.62	%	to	21.81	%
2018			8,290	$	16.23	to	$	19.01	$	143,579		0.90	%		0.90	%	to	2.35	%		-12.23	%	to	-13.49	%
2017			8,837	$	18.76	to	$	21.66	$	176,184		0.85	%		0.90	%	to	2.35	%		12.93	%	to	11.27	%
2016			11,530	$	16.86	to	$	19.18	$	204,976		0.97	%		0.90	%	to	2.35	%		19.73	%	to	17.98	%
Voya Small Company Portfolio - Class A
2020			39	$	12.39	to	$	12.14	$	473		—			0.60	%	to	1.15	%		11.02	%	to	10.46	%
2019			39	$	11.16	to	$	10.99	$	425		—			0.60	%	to	1.15	%		24.83	%	to	24.18	%
2018			40	$	8.85	to	$	8.94	$	356		—			0.60	%	to	1.15	%		-16.68	%	to	-17.21	%
2017	6/26/2017		40	$	10.69	to	$	10.73	$	430	(b)				0.60	%	to	1.15	%				(b)
2016		(b)				(b)			(b)		(b)						(b)						(b)
Voya Small Company Portfolio - Class S
2020			2,582	$	39.82	to	$	22.08	$	63,710		0.26	%		0.75	%	to	2.35	%		11.20	%	to	9.42	%
2019			3,046	$	35.81	to	$	20.18	$	68,075		0.14	%		0.75	%	to	2.35	%		24.90	%	to	22.90	%
2018			3,605	$	16.42	to	$	31.64	$	65,109		0.24	%		0.75	%	to	2.35	%		-16.68	%	to	-18.02	%
2017			4,207	$	20.03	to	$	38.07	$	92,066		0.13	%		0.75	%	to	2.35	%		10.17	%	to	8.39	%
2016			5,486	$	18.48	to	$	34.64	$	109,739		0.17	%		0.75	%	to	2.35	%		23.24	%	to	21.26	%
Voya U.S. Bond Index Portfolio - Class S
2020			15,485	$	14.36	to	$	11.67	$	195,730		2.52	%		0.75	%	to	2.35	%		6.29	%	to	4.48	%
2019			13,739	$	13.51	to	$	11.17	$	165,561		2.20	%		0.75	%	to	2.35	%		7.14	%	to	5.48	%
2018			13,953	$	10.59	to	$	12.62	$	158,502		2.07	%		0.75	%	to	2.35	%		-1.33	%	to	-2.93	%
2017			15,142	$	10.91	to	$	12.81	$	176,151		2.02	%		0.75	%	to	2.35	%		2.16	%	to	0.55	%
2016			19,330	$	10.85	to	$	12.56	$	221,944		2.03	%		0.75	%	to	2.35	%		1.30	%	to	-0.37	%
Voya MidCap Opportunities Portfolio – Class A
2020			84	$	20.23	to	$	20.40	$	1,696		—			0.60	%	to	1.15	%		39.61	%	to	38.87	%
2019			95	$	14.49	to	$	14.69	$	1,376		—			0.60	%	to	1.15	%		27.89	%	to	27.19	%
2018			101	$	11.33	to	$	11.55	$	1,156		—			0.60	%	to	1.15	%		-8.48	%	to	-9.06	%
2017			103	$	12.38	to	$	12.70	$	1,281		—			0.60	%	to	1.15	%				23.68%
2016			80			$10.01			$	804		—					0.60%						6.15%

185

VENERABLE INSURANCE AND ANNUITY COMPANY
SEPARATE ACCOUNT B

Notes to Financial Statements

 

	Fund Inception DateA	Units (000's)		Unit Fair Value (lowest to highest)						Net Assets (000's)		Investment Income RatioB			Expense RatioC (lowest to highest)								Total ReturnD (lowest to highest)
Voya MidCap Opportunities Portfolio – Class S
2020			24,145	$	59.11	to		$	42.74	$	854,273		0.06	%		0.75	%	to			2.35	%		39.71	%	to			37.47	%
2019			28,374	$	42.31	to		$	31.09	$	725,676		0.13	%		0.75	%	to			2.35	%		28.10	%	to			26.02	%
2018			33,765	$	17.95	to		$	37.76	$	681,734		—			0.75	%	to			2.35	%		-8.40	%	to			-9.86	%
2017			38,165	$	19.89	to		$	41.33	$	848,540		0.00	%		0.75	%	to			2.35	%		23.83	%	to			21.83	%
2016			21,188	$	16.31	to		$	33.46	$	387,227		0.00	%		0.75	%	to			2.35	%		6.20	%	to			4.47	%
Voya SmallCap Opportunities Portfolio - Class A
2020			98	$	15.77	to		$	15.47	$	1,528		—			0.60	%	to			1.15	%		24.96	%	to			24.26	%
2019			119	$	12.62	to		$	12.45	$	1,494		—			0.60	%	to			1.15	%		24.33	%	to			23.63	%
2018			141	$	10.07	to		$	10.15	$	1,432		—			0.60	%	to			1.15	%		16.80	%	to			-17.26	%
2017			141	$	12.16	to		$	12.20	$	1,721		—			0.60	%	to			1.15	%					17.42	%
2016			110			$	10.39			$	1,138		—						0.60	%							12.20	%
Voya SmallCap Opportunities Portfolio - Class S
2020			1,195	$	27.93	to		$	31.44	$	29,257		—			0.75	%	to			2.35	%		25.13	%	to			23.10	%
2019			1,443	$	22.32	to		$	25.54	$	28,450		—			0.75	%	to			2.35	%		24.41	%	to			22.44	%
2018			1,726	$	13.71	to		$	32.36	$	27,772		—			0.75	%	to			2.35	%		-16.71	%	to			-18.07	%
2017			1,976	$	16.71	to		$	38.96	$	38,833		—			0.75	%	to			2.35	%		17.56	%	to			15.66	%
2016			2,671	$	14.43	to		$	33.22	$	44,558		—			0.75	%	to			2.35	%		12.25	%	to			10.44	%
Wells Fargo VT Omega Growth Fund – Class 2
2020			15	$	47.54	to		$	44.83	$	710		—			1.65	%	to			2.20	%		40.82	%	to			40.05	%
2019			20	$	34.58	to		$	32.01	$	658		—			1.40	%	to			2.20	%		35.13	%	to			34.05	%
2018			23	$	23.88	to		$	25.59	$	572		—			1.40	%	to			2.20	%		-1.12	%	to			-1.97	%
2017			29	$	24.35	to		$	25.88	$	732		0.01	%		1.40	%	to			2.20	%		32.71	%	to			31.63	%
2016			41	$	18.50	to		$	19.50	$	771		—			1.40	%	to			2.20	%		-0.86	%	to			-1.70	%
Wells Fargo VT Index Asset Allocation Fund – Class 2
2020			25	$	28.87	to		$	26.69	$	700		0.87	%		1.65	%	to			2.10	%		14.65	%	to			14.16	%
2019			28	$	25.18	to		$	23.38	$	684		0.93	%		1.65	%	to			2.10	%		18.16	%	to			17.66	%
2018			50	$	19.87	to		$	21.31	$	1,039		1.01	%		1.65	%	to			2.10	%		-4.48	%	to			-4.97	%
2017			52	$	20.91	to		$	22.31	$	1,132		0.78	%		1.65	%	to			2.10	%		10.39	%	to			9.88	%
2016			58	$	19.02	to		$	20.21	$	1,152		0.86	%		1.65	%	to			2.10	%		5.87	%	to			5.37	%

186

VENERABLE INSURANCE AND ANNUITY COMPANY
SEPARATE ACCOUNT B

Notes to Financial Statements

	Fund Inception DateA	Units (000's)	Unit Fair Value (lowest to highest)					Net Assets (000's)		Investment Income RatioB		Expense RatioC (lowest to highest)						Total ReturnD (lowest to highest)
Wells Fargo VT Small Cap Growth Fund - C
2020		7	$	61.23	to	$	56.60	$	385		—		1.65	%	to	2.10	%		55.17	%	to	54.48	%
2019		7	$	39.46	to	$	36.64	$	266		—		1.65	%	to	2.10	%		22.78	%	to	22.21	%
2018		7	$	29.98	to	$	32.14	$	224		—		1.65	%	to	2.10	%		-0.37	%	to	-0.83	%
2017		8	$	30.23	to	$	32.26	$	243		—		1.65	%	to	2.10	%		23.78	%	to	23.21	%
2016		8	$	24.53	to	$	26.06	$	202		—		1.65	%	to	2.10	%		5.98	%	to	5.46	%

As investment Division had no investments until 2016, this data is not meaningful and is

(a) therefore not presented.

As investment Division had no investments until 2017, this data is not meaningful and is

(b) therefore not presented.

As investment Division had no investments until 2019, this data is not meaningful and is

(c) therefore not presented.

A The Fund Inception Date represents the first date the fund received money.

B The Investment Income Ratio represents dividends received by the Division, excluding capital gains distributions, divided by the average net assets. The recognition of investments income is determined by the timing of declaration of dividends by the underlying fund in which the Division invests.

C The Expense Ratio considers only the annualized contract expenses borne directly by the Account, excluding expenses charged through the redemption of units, and is equal to the mortality and expense risks, administrative, and other charges, as defined in the Charges and Fees note. Certain items in this table are presented as a range of minimum and maximum values; however, such information is calculated independently for each column in the table.

D Total Return is calculated as the change in unit value for each Contract presented in the Statements of Assets and Liabilities. Certain items in this table are presented as a range of minimum and maximum values; however, such information is calculated independently for each column in the table.

187

FINANCIAL STATEMENTS - STATUTORY BASIS AND SUPPLEMENTARY INFORMATION Venerable Insurance and Annuity Company For the years ended December 31, 2020 and 2019 with Report of Independent Auditors

VENERABLE INSURANCE AND ANNUITY COMPANY

Financial Statements — Statutory Basis

And Supplementary Information

December 31, 2020

Contents

Report of Independent Auditors		1
Audited Financial Statements - Statutory Basis
	Balance Sheets - as of December 31, 2020 and 2019	3
	Statements of Operations - for the years ended December 31, 2020 and 2019	5
	Statements of Changes in Capital and Surplus - for the years ended December 31, 2020 and 2019	6
	Statements of Cash Flows - for the years ended December 31, 2020 and 2019	7
	Notes to Financial Statements	8
Supplementary Information
	Report of Independent Auditors on Supplementary Information	72
	Supplemental Schedule of Selected Statutory Basis Financial Data	73
	Investment Risk Interrogatories	76
	Summary Investment Schedule	82
	Supplemental Schedule of Life and Health Reinsurance Disclosures	83
	Note to Supplementary Information	85

Ernst & Young LLP One Commerce Square Suite 700 2005 Market Street Philadelphia, PA 19103
Tel: (215) 448-5000 Fax: (215) 448-5500 ey.com

Report of Independent Auditors

The Board of Directors and Stockholder

Venerable Insurance and Annuity Company

We have audited the accompanying statutory-basis financial statements of Venerable Insurance and Annuity Company (the Company), which comprise the balance sheets as of December 31, 2020 and 2019, and the related statements of operations, changes in capital and surplus and cash flows for the years then ended, and the related notes to the financial statements.

Management’s Responsibility for the Financial Statements

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

Auditor’s Responsibility

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

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor’s judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the entity’s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity’s internal control. Accordingly, we express no such opinion. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluating the overall presentation of the financial statements.

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

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

As described in Note 1 to the statutory-basis financial statements, the Company prepared these financial statements using accounting practices prescribed or permitted by the Insurance Division, Department of Commerce, of the State of Iowa, which is a basis of accounting other than U.S. generally accepted accounting principles. The effects on the financial statements of the variances between these statutory accounting practices and U.S. generally accepted accounting principles, although not reasonably determinable, are presumed to be material.

Adverse Opinion on U.S. Generally Accepted Accounting Principles

In our opinion, because of the significance of the matter described in the Basis for Adverse Opinion on

U.S. Generally Accepted Accounting Principles paragraph, the statutory-basis financial statements referred to above do not present fairly, in conformity with U.S. generally accepted accounting principles, the financial position of the Company at December 31, 2020 and 2019, or the results of its operations or its cash flows for the years then ended.

Opinion on Statutory-Basis of Accounting

In our opinion, the statutory-basis financial statements referred to above present fairly, in all material respects, the financial position of the Company at December 31, 2020 and 2019, and the results of its operations and its cash flows for the years then ended, on the basis of accounting described in Note 1.

March 30, 2021

VENERABLE INSURANCE AND NNUITY COMPANY

Balance Sheets — Statutory Basis

	December 31
	2020			2019
Admitted Assets	(In Thousands)
Cash and invested assets:
Bonds	$	15,518,740		$	16,242,817
Bonds - securities loaned and pledged		604,079			260,419
Preferred stocks		117,798			156,124
Common stocks		12,038			10,811
Investment in and advances to subsidiaries		1,388,550			1,377,891
Mortgage loans		3,404,838			3,545,908
Contract loans		4,421			5,294
Derivatives		995,020			1,133,964
Other invested assets		500,406			437,476
Cash and short term investments		787,405			726,109
Total cash and invested assets		23,333,295			23,896,813
Deferred and uncollected premiums, less loading ($1,591 and $1,621 at December 31, 2020 and 2019, respectively)		(52,233	)		(49,154	)
Accrued investment income		155,341			174,069
Reinsurance balances recoverable		134,574			125,941
Indebtedness from related parties		1,912			89,399
Other assets		169,702			535,157
Separate account assets		25,595,175			25,479,559
Total admitted assets	$	49,337,766		$	50,251,785

The accompanying notes are an integral part of these financial statements.

3

VENERABLE INSURANCE AND ANNUITY COMPANY

 Balance Sheets — Statutory Basis

	December 31
	2020			2019
	(In Thousands, except share amounts)
Liabilities and Capital and Surplus
Liabilities:
Policy and contract liabilities:
Life and annuity reserves	$	13,338,068		$	14,202,215
Deposit type contracts		2,912,756			2,752,699
Policy and contract claims		(8,846	)		(11,095	)
Total policy and contract liabilities		16,241,978			16,943,819
Interest maintenance reserve		219,150			83,777
Accounts payable and accrued expenses		8,942			34,043
Reinsurance balances		2,727,013			3,058,063
Current federal income taxes payable (including $58,363 and $21,364 on realized capital losses at December 31, 2020 and 2019, respectively)		—			—
Asset valuation reserve		392,556			338,015
Derivatives		1,241,056			1,806,672
Borrowed money		—			10,009
Net transfers from separate accounts due or accrued		(57,762	)		(47,017	)
Other liabilities		283,830			103,443
Separate account liabilities		25,595,175			25,479,559
Total liabilities		46,651,938			47,810,384
Capital and surplus:
Common stock: authorized 250,000 shares of $10 par value; 250,000 shares issued and outstanding		2,500			2,500
Special surplus funds		258,517			270,583
Surplus notes		350,000			435,000
Paid in and contributed surplus		1,240,463			1,240,463
Unassigned surplus		834,348			492,855
Total capital and surplus		2,685,828			2,441,401
Total liabilities and capital and surplus		49,337,766			50,251,785

The accompanying notes are an integral part of these financial statements.

4

VENERABLE INSURANCE AND ANNUITY COMPANY

Statements of Operations — Statutory Basis

	Year ended December 31
	2020			2019
	(In Thousands)
Premiums and other revenues:
Life, annuity, and accident and health premiums	$	3,093		$	7,859
Policy proceeds and dividends left on deposit		38,652			39,010
Net investment income		1,550,345			1,078,355
Amortization of interest maintenance reserve		17,567			17,386
Commissions, expense allowances, and reserve adjustments on reinsurance ceded		(1,098,962	)		(1,413,302	)
Other revenue		10,126			1,253
Total premiums and other revenues		520,821			(269,439	)
Benefits paid or provided:
Annuity benefits		944,258			785,648
Surrender benefits and withdrawals		1,755,437			2,473,409
Interest and adjustments on contract or deposit-type funds		130,690			123,483
Accident and health benefits		—			136
Other benefits		212,855			229,897
Decrease in life, annuity, and accident and health reserves		(864,015	)		(1,116,086	)
Net transfers from separate accounts		(2,745,600	)		(3,293,444	)
Total benefits paid or provided		(566,375	)		(796,958	)
Insurance expenses and other deductions:
Commissions		141,143			149,516
General expenses		117,898			126,483
Insurance taxes, licenses and fees		4,096			20,949
Other expense (income)		(455,071	)		730,745
Total insurance (income) expenses and other deductions		(191,934	)		1,027,692
Gain (loss) from operations before federal income taxes and net realized capital losses		1,279,130			(500,173	)
Federal income tax expense		(37,000	)		(10,637	)
Gain (loss) from operations before net realized capital losses		1,316,130			(489,536	)
Net realized capital gain (loss)		(1,187,348	)		589,345
Net income	$	128,782		$	99,810

The accompanying notes are an integral part of these financial statements.

5

VENERABLE INSURANCE AND ANNUITY COMPANY

Statements of Changes in Capital and Surplus — Statutory Basis

 

	Year ended December 31
	2020			2019
	(In Thousands)
Common stock:
Balance at beginning and end of year	$	2,500		$	2,500
Surplus notes:
Balance at beginning of year		435,000			435,000
Surplus notes paid		(85,000	)		—
Balance at end of year		350,000			435,000
Paid-in and contributed surplus:
Balance at beginning and end of year	$	1,240,463		$	1,240,463
Special surplus funds:
Balance at beginning of year		270,583			305,109
Amortization of gain on reinsurance		(12,066	)		(34,526	)
Balance at end of year		258,517			270,583
Unassigned surplus:
Balance at beginning of year		492,855			268,626
Net income		128,782			99,810
Change in net unrealized capital gains		313,615			425,064
Change in nonadmitted assets		(4,601	)		(2,031	)
Change in reserve due to change in valuation basis		(9,761	)		—
Change in asset valuation reserve		(54,542	)		(102,614	)
Dividends to stockholder		(32,000	)		(221,000	)
Additional minimum pension liability	$	—		$	25,000
Balance at end of year		834,348			492,855
Preferred capital stock held in treasury balance at beginning and end of year		—			—
Total capital and surplus	$	2,685,828		$	2,441,401

The accompanying notes are an integral part of these financial statements.

6

VENERABLE INSURANCE AND ANNUITY COMPANY

Statements of Cash Flows — Statutory Basis

	Year ended December 31
	2020			2019
	(In Thousands)
Operating Activities
Premiums, policy proceeds, and other considerations received, net of reinsurance paid	$	5,108		$	6,204
Net investment income received		1,647,276			1,092,276
Commissions and expenses paid		77,552			(1,861,264	)
Benefits paid		(3,995,241	)		(3,708,023	)
Net transfers from separate accounts		2,725,158			3,307,739
Miscellaneous income		88,074			68,297
Net cash (used in) provided by operations		547,927			(1,094,771	)
Investment Activities
Proceeds from sales, maturities, or repayments of investments:
Bonds		5,430,299			4,349,645
Stocks		89,703			16,207
Mortgage loans		236,156			538,150
Other invested assets		36,287			4,908
Net gain on cash and short-term investments		148			3
Miscellaneous proceeds		24,924			29,133
Total investment proceeds		5,817,517			4,938,046
Cost of investments acquired:
Bonds		4,893,125			3,494,108
Stocks		52,044			46,213
Mortgage loans		97,776			266,101
Other invested assets		122,497			122,005
Net gain (loss) on derivatives		1,301,071			(408,561	)
Miscellaneous applications		(11,696	)		13,727
Total cost of investments acquired		6,454,817			3,533,593
Net decrease in contract loans		873			920
Net cash provided by (used in) investment activities		(636,427	)		1,405,373
Financing and Miscellaneous Activities
Other cash provided (applied):
Capital contribution and surplus paid-out		(85,000	)		—
Borrowed funds		(10,000	)		(5	)
Net deposits on deposit type contracts		160,058			56,514
Dividends paid to stockholder		(32,000	)		(221,000	)
Funds withheld under reinsurance treaty		—			251,500
Other cash provided (applied)		116,737			(1,152,829	)
Net cash provided by (used in) financing and miscellaneous activities		149,795			(1,065,820	)
Net increase (decrease) in cash and short-term investments		61,295			(755,218	)
Cash and short-term investments:
Beginning of year		726,110			1,481,328
End of year	$	787,405			726,110

The accompanying notes are an integral part of these financial statements.

7

VENERABLE INSURANCE AND ANNUITY COMPANY

Notes to Financial Statements – Statutory Basis

December 31, 2020

(Dollar amounts in millions, unless otherwise stated)

1. Organization and Significant Accounting Policies

Venerable Insurance and Annuity Company (“VIAC” or the “Company”), is domiciled in Iowa and is a direct, wholly-owned subsidiary of Venerable Holdings, Inc. (“Venerable Holdings”), a holding company domiciled in the state of Delaware. Venerable Holdings acquired certain assets of Voya Financial, Inc., including all of the shares of the capital stock of the Company (formerly known as Voya Insurance and Annuity Company) and VIAC Services Company (“VSC”) and all of the membership interest of Directed Services LLC (“DSL”) (collectively, the “VIAC Acquisition”) on June 1, 2018.

On October 27, 2020, the Company signed a Master Transaction Agreement (“MTA”) pursuant to which the Company, as buyer, is to acquire 100% of the issued and outstanding capital stock of Corporate Solutions Life Reinsurance Company, an insurance company domiciled in Delaware (“CS Life Re”), from Equitable Holdings Inc., a corporation organized under the laws of the State of Delaware, as seller (the “CSLR Acquisition”). In connection with the closing of the CSLR Acquisition, CS Life Re will reinsure certain variable annuity contracts of Equitable Financial Life Insurance Company, a New York-domiciled insurance company, through a reinsurance agreement. Additionally, in connection with the closing of the CSLR Acquisition, the Company currently intends to, but is not required to, reinsure its deferred variable annuity business and payout annuity business to CS Life Re through a reinsurance agreement. The CSLR Acquisition and the reinsurance transactions are expected to close in the second quarter of 2021, subject to customary closing conditions, including regulatory approvals.

Description of Business

The Company historically offered various insurance products including immediate and deferred variable and fixed annuities, fixed indexed annuities, traditional life insurance, supplemental contracts consisting of life insurance proceeds and payout annuities for pre-retirement wealth accumulation and post-retirement income management. The Company ceased the issuance of new fixed and indexed annuity products in 2018, ceased the issuance of new variable annuity products in 2010, and ceased the issuance of new life insurance policies in 2001, placing them in run-off. New amounts may continue to be deposited as add-on premiums to certain existing contracts. The Company has a significant concentration of reinsurance. See, “Reinsurance” in the Notes to Financial Statements for further discussion of the Company’s reinsurance arrangements.

Use of Estimates

The preparation of the financial statements of the Company requires management to make estimates and assumptions that affect amounts reported in the financial statements and accompanying notes. Such estimates and assumptions could change in the future as more information becomes known, which could impact the amounts reported and disclosed herein.

Recently Adopted Accounting Principles

Effective January 1, 2020, the Company elected to adopt in full, a change in reserve valuation basis as described in SSAP No. 51R - Life Contracts (“SSAP No. 51R”) for its variable annuity reserves. This change in valuation basis impacts annuities reserves written from 1981 to 2019 under the revisions to the Commissioners Annuity Reserve Valuation Method (“CARVM”) adopted in Valuation Manual Requirements for Principle-Based Reserves for Variable Annuities (“VM-21”), and Actuarial Guideline 43 CARVM for variable annuities (“AG43”). The amount of full adoption was $9.8, which has been recognized in unassigned funds.

Correction of Errors

The Company does not have any correction of errors to disclose as of December 31, 2020.

8

VENERABLE INSURANCE AND ANNUITY COMPANY

Notes to Financial Statements – Statutory Basis

December 31, 2020

(Dollar amounts in millions, unless otherwise stated)

Unusual or Infrequent Events

On January 30, 2020, the World Health Organization (“WHO”) declared that the coronavirus disease 2019 (“COVID-19”) outbreak was a global health emergency. On March 11, 2020, the WHO raised the COVID-19 outbreak to “pandemic” status. Between that time and the issuance of these financial statements, many cities, states, and countries issued and revised shelter in place orders requesting or requiring citizens to remain at home. These orders also included restrictions on travel, closures of businesses, and restrictions on those businesses allowed to remain open. Many of these orders remain in place as of the financial statement issuance date. To date, more than 400,000 Americans and more than two million people globally have died from COVID-19. The Company can experience losses resulting from the payment of greater than anticipated death benefits as a result of an increase in the national mortality rate from events such as COVID-19. Additionally, the Company can experience losses in its investment portfolio as a result of volatile markets. Though volatility has persisted in financial markets since March 2020, the major stock indices all trade significantly higher as of the financial statement issuance date compared with pre-COVID-19 levels. Market recovery is largely attributable to unprecedented fiscal stimulus including emergency relief from the United States federal government in excess of $3 trillion to date, and anticipation for additional fiscal stimulus as proposed by the Biden administration. Through the issuance of these financial statements, COVID-19 has not resulted in a material adverse impact to the Company’s financial statements. The extent of any future impact of the COVID-19 pandemic on the Company’s business and its financial and operational performance will depend on future developments, including (i) the duration, spread, severity, and any recurrence of the COVID-19 pandemic, including through any new variant strains of the underlying virus; (ii) the effectiveness and availability of vaccines; (iii) the duration and scope of related federal, state, and local government orders and restrictions; and (iv) the impact of the COVID-19 pandemic on financial markets, all of which are highly uncertain and cannot be predicted.

Basis of Presentation

The accompanying financial statements of the Company have been prepared in conformity with accounting practices prescribed or permitted by the Iowa Insurance Division, which practices differ from United States Generally Accepted Accounting Principles (“U.S. GAAP”). The more significant variances from U.S. GAAP are:

Investments: Investments in bonds and mandatorily redeemable preferred stocks are reported at amortized cost or fair value based on a rating assigned by the National Association of Insurance Commissioners (“NAIC”).

The Company periodically reviews the value of its investments in bonds and mandatorily redeemable preferred stocks. If the fair value of any investment falls below its cost basis, the decline is analyzed to determine whether it is an other-than-temporary decline. To make this determination for each security, the following are some of the factors considered:

• The length of time and the extent to which the fair value has been below cost.

• The financial condition and near-term prospects of the issuer of the security, including any specific events that may affect its operations or earnings potential.

• The Company’s intent to sell the security prior to its maturity at an amount below its carrying value.

• The Company’s intent and ability to hold the security long enough for it to recover its cost.

Based on the analysis, the Company makes a judgment as to whether the decline in fair value is other-than- temporary. When an other-than-temporary impairment (“OTTI”) is recorded because there is intent to sell or the Company does not have the intent and ability to hold the security for a period of time sufficient to recover the amortized cost basis, the security is written down to fair value. The interest related OTTI is deferred through the interest maintenance reserve (“IMR”) and the non-interest related OTTI is included in the asset valuation reserve (“AVR”) in the period that the OTTI is considered to have occurred as prescribed by the NAIC. Losses resulting from OTTI charges, net of transfers to IMR, are recorded within net realized capital gains (losses) in the statements of operations.

9

VENERABLE INSURANCE AND ANNUITY COMPANY

Notes to Financial Statements – Statutory Basis

December 31, 2020

(Dollar amounts in millions, unless otherwise stated)

The Company invests in structured securities, including mortgage backed securities/collateralized mortgage obligations, asset backed securities, collateralized debt obligations, and commercial mortgage backed securities. Structured securities are reported at amortized cost or fair value based on a rating assigned by the NAIC. They are amortized using the interest method over the period which repayment of principal is expected to occur. For structured securities in unrealized loss positions, the Company determines whether it has the intent to sell or the intent and ability to hold the security for a period of time sufficient to recover the amortized cost.

Net realized gains and losses on disposed investments are reported in the statements of operations, net of federal income tax and transfers to the IMR.

Under U.S. GAAP, fixed maturities are designated at purchase as held to maturity, trading or available-for- sale, except for those accounted for using the fair value option (“FVO”). Held to maturity investments are reported at amortized cost and the remaining fixed maturity investments are reported at fair value. For those designated as trading, changes in fair value are reported in the statements of operations. Available-for-sale securities are reported at fair value with changes in fair value reported as a separate component of other comprehensive income (loss) in shareholder’s equity. Using the FVO, securities are reported at fair value with changes in fair value reported in the statements of operations.

When an intent impairment is determined, the individual security is written down from amortized cost to fair value, and a corresponding charge is recorded in net realized capital gains (losses) in the statements of operations as an OTTI. If the Company does not intend to sell the security, the Company determines whether or not it has intent and ability to retain the investment in the security for a period of time sufficient to recover the amortized cost basis. If the Company does not have the intent and ability to retain the investment for the time sufficient to recover the amortized cost basis , an OTTI should be considered to have occurred.

Asset Valuation Reserves: The AVR is intended to establish a reserve to offset potential credit related investment losses on most invested asset categories. AVR is determined by a NAIC prescribed formula and is reported as a liability rather than as a valuation allowance or an appropriation of surplus. The change in AVR is reported directly to unassigned surplus. AVR is not applicable under U.S. GAAP.

Interest Maintenance Reserve: Under a formula prescribed by the NAIC, the Company defers the portion of realized gains and losses on sales of fixed income investments, principally bonds, derivatives and mortgage loans, attributable to changes in the general level of interest rates and amortizes those deferrals over the remaining period to maturity based on groupings of individual securities sold in five year bands. The Company reports the net deferral of IMR as a liability on the accompanying balance sheets. When the net deferral of IMR is negative, the amount is reported as a component of other assets and nonadmitted. IMR is not applicable under U.S. GAAP.

Cash and Short-term Investments: Cash and short-term investments represent cash balances, demand deposits and short-term fixed maturity investments with initial maturities of one year or less at the date of acquisition.

Under U.S. GAAP, the corresponding caption of cash and cash equivalents includes cash on hand, amounts due from banks and other highly liquid investments, such as money market instruments and debt instruments with maturities of three months or less at the time of purchase. Short-term investments include investments with remaining maturities of one year or less, but greater than three months, at the time of purchase.

10

VENERABLE INSURANCE AND ANNUITY COMPANY

Notes to Financial Statements – Statutory Basis

December 31, 2020

(Dollar amounts in millions, unless otherwise stated)

Derivatives: The Company follows the hedge accounting guidance in Statements of Statutory Accounting Principles (“SSAP”) No. 86, Derivatives (“SSAP No. 86”) for derivative transactions. Under SSAP No. 86, derivatives that are deemed effective hedges are accounted for entirely in a manner which is consistent with the underlying hedged item. Derivatives used in hedging transactions that do not meet the requirements of SSAP No. 86 as an effective hedge are carried at fair value with the change in value recorded in surplus as unrealized gains or losses. Embedded derivatives are not accounted for separately from the host contract.

Under U.S. GAAP, the effective and ineffective portions of a cash flow hedge are accounted for separately. The effective portion of the gain or loss on the derivative instrument is reported as a component of accumulated other comprehensive income and reclassified into earnings in the same periods during which the hedged transaction impacts earnings in the same line item associated with the forecasted transaction. The ineffective portion of the derivative’s change in value, if any, along with any of the derivative’s change in value that is excluded from the assessment of hedge effectiveness, are recorded in other net realized capital gains (losses). For derivative instruments that are designated and qualify as a fair value hedge, the gain or loss on the derivative instrument, as well as the hedged item, to the extent of the risk being hedged, are recognized in other net realized capital gains (losses). An embedded derivative within a contract that is not clearly and closely related to the economic characteristics and risk of the host contract is reported with the host contract on the balance sheets at fair value, and the change in fair value is recorded in income.

Mortgage Loans: Mortgage loans are reported at amortized cost, less write downs for impairments. If the value of any mortgage loan is determined to be impaired (i.e., when it is probable that the Company will be unable to collect all amounts due according to the contractual terms of the loan agreement), the carrying value of the mortgage loan is reduced to the lesser of either the present value of expected cash flows from the loan, discounted at the loan’s original purchase yield or fair value of the collateral. For those mortgages that are determined to require foreclosure, the carrying value is reduced to the fair value of the underlying collateral, net of estimated costs to obtain and sell at the point of foreclosure. The carrying value of the impaired loans is reduced by establishing a permanent write-down recorded in net realized capital gains (losses).

Under U.S. GAAP, the Company records an allowance for probable losses incurred on non- impaired loans on an aggregate basis, rather than specifically identified probable losses incurred by individual loans.

Deferred Income Taxes: Deferred tax assets and liabilities represent the future tax recoveries or obligations associated with the accumulation of temporary differences between the tax and financial statement bases of the Company’s assets and liabilities. Deferred tax assets are provided for and admitted to an amount determined under a standard formula in accordance with SSAP No. 101. A valuation allowance is required if based on the available evidence, it is more likely than not (a likelihood of more than 50 percent) that some portion or all of the gross deferred tax assets will not be realized. This assessment is determined on a separate reporting entity basis.

After reduction for any valuation allowance, the Company follows the admissibility formula prescribed under SSAP No. 101. These provisions limit the amount of gross deferred tax assets that can be admitted to surplus to those for which ultimate recoverability can be demonstrated. This limitation is based on availability of taxes paid in prior years that could be recovered through carrybacks, the expected timing of reversals for accumulated temporary differences over the next three years to offset future taxes, surplus limits, and the amount of gross deferred tax liabilities available for offset. Any deferred tax assets not covered under the formula are nonadmitted.

SSAP No. 101 requires all changes in deferred tax balances to be included as surplus adjustments; under U.S. GAAP, however, most changes in deferred tax balances are recorded in the income statement as a component of the total income tax provision.

11

VENERABLE INSURANCE AND ANNUITY COMPANY

Notes to Financial Statements – Statutory Basis

December 31, 2020

(Dollar amounts in millions, unless otherwise stated)

U.S. GAAP also requires that deferred taxes be included for all jurisdictions that determine taxes based on income. Thus deferred state income taxes must be recorded under U.S. GAAP. SSAP No. 101, however, specifically prohibits establishing deferred state income tax assets and liabilities.

Investments in Real Estate: Investments in real estate are reported net of related obligations rather than on a gross basis. Real estate owned and occupied by the Company is included in investments, and investment income and operating expenses include rent for the Company’s occupancy of those properties. Changes between depreciated cost and admitted asset investment amounts are credited or charged directly to unassigned surplus. Any real estate not meeting the appraisal requirements established in SSAP No. 40R, Real Estate, shall be nonadmitted until the required appraisals are obtained.

Under U.S. GAAP, property is carried at cost, less accumulated depreciation, and is reported gross of related obligations in other assets on the balance sheets. Any depreciation and rent expense are charged to operating expenses on the statements of operations. Rental income is reported as Net Investment income.

Policy Acquisition Costs: The costs of acquiring and renewing business are expensed when incurred.

Under U.S. GAAP, incremental, direct costs of contract acquisition and certain costs related directly to successful acquisition activities are capitalized. Indirect or unsuccessful acquisition costs, maintenance, product development and overhead expenses are charged to expense as incurred. In addition, the outstanding value of in force business acquired is capitalized. For certain traditional life insurance, to the extent recoverable from future gross profits, acquisition costs are amortized over the premium payment period in proportion to the present value of expected gross premium. For universal life insurance and investment products, to the extent recoverable from future gross profits, acquisition costs are amortized over the estimated lives of the contracts in relation to the emergence of estimated gross profits.

Premiums: Life premiums are recognized as revenue when due. Premiums for annuity policies with mortality and morbidity risk, except for guaranteed interest and group annuity contracts, are also recognized as revenue when due. Premiums received for annuity policies without mortality or morbidity risk and for guaranteed interest and group annuity contracts are recorded using deposit accounting.

Under U.S. GAAP, premiums related to traditional life insurance contracts and payout contracts with life contingencies are recognized as revenue when due. Amounts received for investment- type, universal life-type, fixed annuities, payout contracts without life contingencies and fixed- indexed annuity contracts are reported as deposits to contract owner account balances. Revenues from these contracts consist primarily of fees assessed against the contract owner account balance for mortality and policy administration charges.

Benefits Paid or Provided: Benefits incurred for universal life and annuity policies represent the total of death benefits paid and the change in policy reserves.

Under U.S. GAAP, benefits and expenses for investment-type, universal life-type, fixed annuities, payout contracts without life contingencies and fixed-indexed annuity contracts include claims in excess of related account balances, expenses of contract administration and interest credited to contract owner account balances.

Benefit and Contract Reserves: Life policy and contract reserves under Statutory accounting practices are calculated based upon both the net level premium method and Commissioners’ Reserve Valuation method (“CRVM”) using statutory rates for mortality and interest. Annuity policy and contract reserves under statutory accounting practices are calculated based upon the Commissioners’ Annuity Reserve Valuation method (“CARVM”) using statutory rates for mortality and interest.

12

VENERABLE INSURANCE AND ANNUITY COMPANY

Notes to Financial Statements – Statutory Basis

December 31, 2020

(Dollar amounts in millions, unless otherwise stated)

Under U.S. GAAP policy reserves for traditional products are based upon the net level premium method utilizing best estimates of mortality, interest, and withdrawals prevailing when the policies were sold. For interest sensitive products, the U.S. GAAP policy reserve is equal to the policy fund balance plus an unearned revenue reserve which reflects the unamortized balance of early year policy loads over renewal year policy loads.

Reinsurance: Policy and contract liabilities ceded to reinsurers have been reported as reductions of the related reserves. Commissions allowed by reinsurers on business ceded are reported as income when received. Losses generated in certain reinsurance transactions are recognized immediately in income, with gains reported as a separate component of surplus and amortized over the remaining life of the business. For business ceded to unauthorized reinsurers, statutory accounting practices require that reinsurance credits permitted by the treaty be recorded as an offsetting liability and charged against unassigned surplus.

Under U.S. GAAP, ceded future policy benefits and contract owner liabilities are reported gross on the balance sheets. Only those reinsurance recoverable balances deemed probable of recovery are reflected as assets on the balance sheets and are stated net of allowances for uncollectible reinsurance, which are charged to earnings. Gains and losses on reinsurance, including commission and expense allowances, are deferred and amortized over the remaining life of the business.

Nonadmitted Assets: Certain assets designated as “nonadmitted,” principally past due agents’ balances and commission advances, and other assets not specifically identified as an admitted asset within the NAIC Accounting Practices and Procedures Manual, are excluded from the accompanying balance sheets and are charged directly to unassigned surplus. In addition, non- admitted assets include deferred tax assets that are not admissible under SSAP No. 101. See Deferred Income Taxes above.

Under U.S. GAAP, such assets are included in the balance sheets.

Policyholder Dividends: Policyholder dividends are recognized when declared.

Under U.S. GAAP, dividends allocable to participating contract owners are based on published dividend projections or expected dividend scales.

Surplus Notes: Surplus notes issued are reported as a component of surplus on the balance sheets. Under statutory accounting practices, no interest expense is recorded on the surplus notes until payment has been approved by the Iowa Insurance Division.

Under U.S. GAAP, surplus notes are reported as long-term debt, and the related interest is reported as a charge to earnings over the term of the notes.

Separate Accounts: The assets and liabilities of the separate accounts are carried at fair value, and the reserves are calculated based upon the CARVM.

Under U.S. GAAP, separate account assets supporting variable options under variable annuity contracts are equal to cumulative deposits, less charges and withdrawals, plus interest credited thereon. The Market Value Adjustment (“MVA”) and Collared Annuity Product (“CAP”) separate accounts do not qualify as separate accounts and are reported as assets and liabilities of the Company’s general account. Reserves for individual and group deferred annuity contracts are equal to cumulative deposits, less charges and withdrawals, net of adjustments for investment experience that the Company is entitled to reflect in future credit interest.

Reconciliation to U.S. GAAP: The effects of the preceding variances from U.S. GAAP on the accompanying statutory basis financial statements have not been determined, but are presumed to be material.

13

VENERABLE INSURANCE AND ANNUITY COMPANY

Notes to Financial Statements – Statutory Basis

December 31, 2020

(Dollar amounts in millions, unless otherwise stated)

Significant accounting practices are as follows:

Investments: Investments are stated at values prescribed by the NAIC, as follows:

Bonds not backed by other loans are stated at either amortized cost using the interest method or the lower of cost or fair value.

Loan-backed securities are stated at either amortized cost or the lower of amortized cost or fair value. Amortized cost is determined using the effective interest method and includes anticipated prepayments. The retrospective adjustment method is used to determine the amortized cost for the majority of loan–backed and structured securities. For certain securities, the prospective adjustment methodology is utilized, including interest-only securities and securities that have experienced an other-than-temporary impairment (“OTTI”).

Preferred stocks are stated in accordance with SSAP No. 32, Preferred Stock.

Common stocks are stated at fair value except that investments in stocks of uncombined subsidiaries and affiliates in which the Company has an interest of 20% or more are carried on the equity basis. Federal Home Loan Bank (“FHLB”) common stock is priced at par value.

Short-term investments are stated at amortized cost.

Residual collateralized mortgage obligations, which are included in other invested assets on the balance sheets, are reported at amortized cost using the effective interest method.

Surplus notes acquired, which are included in other invested assets on the balance sheets, are reported at amortized cost using the effective interest method.

Realized capital gains and losses are generally determined using the first in first out method.

The Company enters into various derivative transactions to reduce and manage the risk of a change in value, yield, price, cash flow or quantity of, or a degree of exposure with respect to assets, liabilities, or future cash flows which the Company has acquired or incurred. The Company enters into credit default swaps to replicate the investment characteristics of permissible investments using the derivative in conjunction with other investments. The replication (synthetic asset) and the derivative and other cash instrument are carried at amortized cost. The replication practices are in accordance with SSAP No. 86 hedge accounting practices. The Company also enters into interest rate swaps to manage the interest rate exposure of certain mortgage backed related securities. These interest rate swaps are designated as cash flow hedges in accordance with SSAP No. 86 hedge accounting practices and are carried at amortized cost. The Company does not receive hedge accounting treatment for any other derivative transactions.

The Company enters into the following types of derivatives:

Credit Contracts:

Credit default swaps: Credit default swaps are used to reduce credit loss exposure with respect to certain assets that the Company owns, or to assume credit exposure on certain assets that the Company does not own. Payments are made to or received from the counterparty at specified intervals. In the event of a default on the underlying credit exposure, the Company will either receive a payment (purchased credit protection) or will be required to make a payment (sold credit protection) equal to the par minus recovery value of the swap contract. The Company utilizes these contracts in replication relationships for sold credit protection and non-qualifying relationships for purchased credit protection.

14

VENERABLE INSURANCE AND ANNUITY COMPANY

Notes to Financial Statements – Statutory Basis

December 31, 2020

(Dollar amounts in millions, unless otherwise stated)

Equity Contracts:

Futures: Futures contracts are used to hedge against a decrease in certain equity indices. Such decreases may result in a decrease in variable annuity account values which would increase the possibility of the Company incurring an expense for guaranteed benefits in excess of account values.

Options: The Company uses options to manage the equity and equity volatility risk of the economic liabilities associated with certain variable annuity minimum guaranteed benefits. The Company may pay or receive upfront premium to enter into these options. The Company utilized these options in non-qualifying hedging relationships.

Total return swaps: The Company uses total return swaps as a hedge against a decrease in variable annuity account values, which are invested in certain indices. Using total return swaps, the Company agrees with another party to exchange, at specified intervals or maturity, the difference between the economic performance of assets or a market index and a funding amount, calculated by reference to an agreed upon notional principal amount. No cash is exchanged at the onset of the contracts. Cash is paid and received over the life of the contract based upon the terms of the swaps. The Company utilizes these contracts in non-qualifying hedging relationships.

Variance swaps: The Company uses variance swaps to manage equity volatility risk on the economic liabilities associated with certain minimum guaranteed living benefits. An increase in the equity volatility may result in a higher valuation of such liabilities and may also prospectively increase the cost of hedging equity risk with options. In an equity variance swap, the Company agrees with another party to exchange amounts in the future, based on the changes in equity volatility over a defined period. The Company utilizes equity variance swaps in non-qualifying hedging relationships.

Foreign Exchange Contracts:

Foreign exchange swaps: The Company uses foreign exchange or currency swaps to reduce the risk of change in the value, yield or cash flows associated with certain foreign denominated invested assets. Foreign exchange swaps represent contracts that require the exchange of foreign currency cash flows against U.S. dollar cash flows at regular periods, typically quarterly or semi-annually. The Company utilizes these contracts in qualifying hedging relationships.

Currency forwards: The Company utilizes currency forward contracts to hedge currency exposure related to its invested assets. The Company utilizes these contracts in non-qualifying hedging relationships.

Interest Rate Contracts:

Interest rate swaps: Interest rate swaps are used by the Company primarily to reduce market risks from changes in interest rates and to alter interest rate exposure arising from mismatches between assets and/or liabilities and to hedge the interest rate exposure associated with certain variable annuity minimum guaranteed benefits. Interest rate swaps are also used to hedge the interest rate risk associated with the value of assets it owns or in an anticipation of acquiring them. Using interest rate swaps, the Company agrees with another party to exchange, at specified intervals, the difference between fixed rate and floating rate interest payments, calculated by reference to an agreed upon notional principal amount. These transactions are entered into pursuant to master agreements that provide for a single net payment to be made to/from the counterparty at each due date. The Company utilizes these contracts in qualifying hedging relationships as well as non-qualifying hedging relationships.

15

VENERABLE INSURANCE AND ANNUITY COMPANY

Notes to Financial Statements – Statutory Basis

December 31, 2020

(Dollar amounts in millions, unless otherwise stated)

Swaptions: A swaption is an option to enter into a swap with a forward starting effective date. The Company uses swaptions to hedge the interest rate exposure associated with certain variable annuity minimum guaranteed benefits. The Company pays or receives a premium when it purchases the swaption. The Company utilizes these contracts in non-qualifying hedging relationships.

Total return swaps: The Company uses total return swaps to hedge the interest rate exposure associated with certain variable annuity minimum guaranteed benefits. Using total return swaps, the Company agrees with another party to exchange, at specified intervals or maturity, the difference between the economic performance of assets or a market index and a funding amount, calculated by reference to an agreed upon notional principal amount. No cash is exchanged at the onset of the contracts. Cash is paid and received over the life of the contract based upon the terms of the swaps. The Company utilizes these contracts in non-qualifying hedging relationships.

Futures: The Company uses interest rate futures contracts to hedge interest rate risks associated with certain variable annuity minimum guaranteed benefits and CMO-B portfolio. Changes in the general level of interest rates can result in the potential for adverse changes in the portfolio and/or certain variable annuity minimum guaranteed benefits. The Company enters into exchange traded futures with regulated futures commissions that are members of the exchange. The Company also posts initial and variation margins, with the exchange, on a daily basis. The Company utilizes exchange-traded futures in non-qualifying hedging relationships.

Interest rate caps and floors: The Company uses interest rate cap contracts to hedge the interest rate exposure arising from duration mismatches between assets and liabilities. Interest rate caps are also used to hedge interest rate exposure if rates rise above a specified level. The Company uses interest rate floor contracts to hedge interest rate exposure if rates decrease below a specified level. The Company pays an upfront premium for these caps and floors. The Company utilizes these contracts in non-qualifying hedging relationships.

Contract Loans: Contract Loans are reported at unpaid principal balances but not in excess of the cash surrender value.

Aggregate Reserve for Life Policies and Contracts: Life, annuity, and accident and health reserves are developed by actuarial methods and are determined based on published tables using statutorily specified interest rates and valuation methods that will provide, in the aggregate, reserves that are greater than or equal to the minimum or guaranteed policy cash value or the amounts required by law. Interest rates ranged from 1.00% to 13.25% for 2020.

The Company waives deduction of deferred fractional premiums upon the death, the larger of the variable insurance amount or the amount of the death benefits as of the prior processing date plus the amount of any subsequent additional premium payments minus withdrawals. Surrender values are not promised in excess of the legally computed reserves.

The methods used in valuation of substandard policies are as follows:

For life, endowment and term policies issued substandard, the standard reserve during the premium paying period is increased by 50% of the gross annual extra premium. Standard reserves are held on Paid-Up Limited Pay contracts.

For reinsurance accepted with table rating, the reserve established is a multiple of the standard reserve corresponding to the table rating.

For reinsurance with flat extra premiums, the standard reserve is increased by 50% of the flat extra.

16

VENERABLE INSURANCE AND ANNUITY COMPANY

Notes to Financial Statements – Statutory Basis

December 31, 2020

(Dollar amounts in millions, unless otherwise stated)

The amount of insurance in force for which the gross premiums are less than the net premiums, according to the standard of valuation required by the Iowa Insurance Division, is $59.3 and $68.7 at December 31, 2020 and 2019, respectively. Reserves to cover the above insurance were immaterial at December 31, 2020 and 2019, respectively.

The tabular interest has been determined from the basic data for the calculation of policy reserves for all direct ordinary life insurance and for the portion of group life insurance. The method of determination of tabular interest of funds not involving life contingencies is as follows: current year reserves, plus payments, less prior year reserves, less funds added.

Reinsurance: Reinsurance premiums, commissions, expense reimbursements, and reserves related to reinsured business are accounted for on a basis consistent with those used in accounting for the original policies issued and the terms of the reinsurance contracts. Reserves are based on the terms of the reinsurance contracts and are consistent with the risks assumed. Premiums and benefits ceded to other companies have been reported as a reduction of premium revenue and benefits expense. Amounts applicable to reinsurance ceded for reserves and unpaid claim liabilities have been reported as reductions of these items, and expense allowances received in connection with reinsurance ceded have been reflected in operations. The Company establishes a receivable for amounts due from reinsurers for claims paid and other amounts recoverable under the terms of the reinsurance contracts.

Participating Insurance: Participating business approximates less than 18% of the Company’s life insurance in force. For the year ended December 31, 2020, premiums on participating policies were $5.1, or less than 31% of premium income, as compared to $5.5, or less than 31% of premium income in 2019. The amount of dividends to be paid to participating policyholders is determined annually by the Board of Directors. Amounts allocable to participating policyholders are based on published dividend projections or expected dividend scales. In connection with the VIAC Acquisition described in Note 1 the participating business was reinsured to ReliaStar Life Insurance Company, (“RLI”), a subsidiary of Voya Financial. As a result, dividends expense of $7.1 was incurred in 2020, as compared to $5.4 in 2019.

Benefit Plans: The Company provides a contributory retirement plan for substantially all employees.

Nonadmitted Assets: Nonadmitted assets are summarized as follows:

	December 31
	2020		2019
	(In Thousands)
Healthcare and other amounts receivable		7,306		6,118
Other		4,782		1,311
Total nonadmitted assets	$	12,088	$	7,429

Changes in nonadmitted assets are generally reported directly in unassigned surplus as an increase or decrease in nonadmitted assets.

Claims and Claims Adjustment Expenses: Claims expenses represent the estimated ultimate net cost of all reported and unreported claims incurred through December 31, 2020. The Company does not discount claims and claims adjustment expense reserves. Such estimates are based on actuarial projections applied to historical claim payment data. Such liabilities are considered to be reasonable and adequate to discharge the Company’s obligations for claims incurred but unpaid as of December 31, 2020.

17

VENERABLE INSURANCE AND ANNUITY COMPANY

Notes to Financial Statements – Statutory Basis

December 31, 2020

(Dollar amounts in millions, unless otherwise stated)

Guaranteed Benefits: For variable annuity guarantees, Valuation Manual 21 - Requirements for Principle- Based Reserves for Variable Annuities (“VM-21”) is followed. This guideline interprets how to apply the CARVM. The result under the average of the most severe 30% randomly generated stochastic scenarios is held as the reserve. Additionally, two sets of assumptions are used, and the reserve is based on the greater of the two. The first is the “Standard Projection”, which largely uses a prescribed set of assumptions, and the second uses Company prudent best estimate assumptions. Both reinsurance and hedging are also reflected. Taxes are not incorporated. For the stochastic scenarios, equity market returns must meet a calibration test.

Separate Accounts: Most separate account assets and liabilities held by the Company represent funds held for the benefit of the Company’s variable life and annuity policy and contract holders who bear all of the investment risk associated with the policies. Such policies are of a non-guaranteed nature. All net investment experience, positive or negative, is attributed to the policy and contract holders’ account values. The assets and liabilities of these accounts, excluding the Market Value Adjustment Separate Account (“MVA”), are carried at fair value and are legally segregated and are not subject to claims that arise out of any other business of the Company. There are no product classification differences between statutory accounting practices and U.S. GAAP. (See Note 2 for details related the Company’s prescribed practices related to the MVA.)

2. Permitted and Prescribed Statutory Basis Accounting Practices

The financial statements of the Company are presented on the basis of accounting practices prescribed or permitted by the Iowa Insurance Division. The Iowa Insurance Division recognizes only statutory accounting practices prescribed or permitted by the State of Iowa for determining and reporting the financial condition and results of operations of an insurance company and for determining its solvency under the Iowa Insurance Law. The NAIC Accounting Practices and Procedures Manual has been adopted as a component of prescribed practices by the State of Iowa. The Commissioner of the Iowa Insurance Division (“Commissioner”) has the right to permit other specific practices that deviate from prescribed practices.

The Company is required to identify those significant accounting practices that are permitted or prescribed, and obtain written approval of the practices from the Iowa Insurance Division.

For the years ended December 31, 2020 and 2019, the Company had no such permitted accounting practices. For information on the permitted accounting practices of the Company’s wholly-owned subsidiary, Rocky Range, Inc. (“Rocky Range”), see “Reinsurance” in the Notes to Financial Statements.

MVA Prescribed Practice

The Company, with the explicit permission of the Commissioner, carries the assets of the Market Value Adjustment Separate Account (“MVA”) at amortized cost instead of fair value as required by SSAP No. 56, Separate Accounts (“SSAP No. 56”). The impact to the Company’s capital and surplus as a result of this prescribed practice was a decrease of $11.4 as of December 31, 2020 and a decrease of $8.0 as of December 31, 2019. The Company’s net income was increased by $3.4 for the year ended December 31, 2020 and net income was increased by $1.5 for the year ended December 31, 2019 as a result of the prescribed practice. The Company’s risk-based capital would not have triggered a regulatory event had the Company not used this prescribed practice.

Quasi-Reorganization Permitted Practice

On May 8, 2013, the Company, with the permission of the Commissioner, restated the gross paid-in and contributed surplus and the unassigned funds components of surplus, as of December 31, 2012, similar to the restatement of surplus that occurs pursuant to the prescribed accounting guidance for a quasi-reorganization under SSAP No. 72, Surplus and Quasi-Reorganizations (“SSAP No. 72”). The restatement resulted in a decrease to gross paid-in and contributed surplus and an increase in unassigned surplus of $1,659.0. This permitted practice had no impact on net income, total capital and surplus or risk-based capital.

18

VENERABLE INSURANCE AND ANNUITY COMPANY

Notes to Financial Statements – Statutory Basis

December 31, 2020

(Dollar amounts in millions, unless otherwise stated)

The Company’s risk-based capital would not have triggered a regulatory event had the Company not used any of these prescribed practices.

3. Investments

Bonds and Equity Securities

The cost or amortized cost and fair value of bonds and equity securities are as follows:

	Cost or Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
	(In Thousands)
At December 31, 2020
U.S. Treasury securities and obligations of U.S. government corporations and agencies	$	1,105,007	$	82,255	$	15,026	$	1,172,236
States, municipalities, and political subdivisions		240,224		38,607		4		278,827
Foreign other (par value - $4,296,860)		4,284,392		420,562		20,715		4,684,240
Foreign government (par value - $165,599)		171,359		25,179		63		196,475
Corporate securities		7,084,108		1,192,353		10,938		8,265,522
Residential mortgage backed securities		1,022,781		177,486		3,281		1,196,986
Commercial mortgage backed securities		961,047		66,304		36,230		991,121
Other asset backed securities		1,250,042		28,761		11,905		1,266,898
Total bonds		16,118,960		2,031,507		98,162		18,052,305
Preferred stocks		117,798		9,658		358		127,098
Common stocks		11,495		543		—		12,038
Total equity securities		129,293		10,201		358		139,136
Total	$	16,248,253	$	2,041,708	$	98,520	$	18,191,441
At December 31, 2019
U.S. Treasury securities and obligations of U.S. government corporations and agencies	$	463,800	$	41,179	$	576		504,404
States, municipalities, and political subdivisions		397,654		31,113		352		428,415
Foreign other (par value - $4,732,775)		4,738,352		296,209		14,780		5,019,781
Foreign government (par value - $245,507)		250,722		25,922		187		276,456
Corporate securities		7,430,621		761,197		9,355		8,182,463
Residential mortgage backed securities		837,991		95,684		8,260		925,415
Commercial mortgage backed securities		1,262,803		82,460		1,054		1,344,209
Other asset backed securities		1,121,398		12,579		9,098		1,124,878
Total bonds		16,503,340		1,346,343		43,663		17,806,020
Preferred stocks		156,124		7,651		350		163,425
Common stocks		10,799		12		—		10,811
Total equity securities		166,922		7,663		350		174,236
Total	$	16,670,262	$	1,354,006	$	44,013	$	17,980,256

19

VENERABLE INSURANCE AND ANNUITY COMPANY

Notes to Financial Statements – Statutory Basis

December 31, 2020

(Dollar amounts in millions, unless otherwise stated)

Reconciliation of bonds from amortized cost to carrying value is as follows:

	December 31
	2020		2019
	(In Thousands)
Cost or amortized cost	$	16,118,960	$	16,503,340
Adjustment for FX and below investment grade bonds		3,858		(103	)
Carrying value	$	16,122,818	$	16,503,236

The aggregate fair value of bonds with unrealized losses and the time period that cost exceeded fair value are as follows:

	Less than 6 Months Below Cost		More than 6 Months and Less than 12 Months Below Cost		More than 12 Months Below Cost		Total
	(In Thousands)
At December 31, 2020
Fair value	$	717,454	$	1,105,507	$	431,989	$	2,254,950
Unrealized loss		30,943		50,778		16,440		98,162

At December 31, 2019
Fair value	$	618,133	$	294,675	$	833,710	$	1,746,518
Unrealized loss		7,341		9,632		26,690		43,663

The amortized cost and fair value of investments in bonds at December 31, 2020, by contractual maturity, are shown below. Expected maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties.

	Amortized Cost		Fair Value
	(In Thousands)
Maturity:
Due in 1 year or less	$	397,042	$	398,743
Due after 1 year through 5 years		2,393,162		2,572,925
Due after 5 years through 10 years		4,160,717		4,583,070
Due after 10 years		5,934,169		7,042,562
		12,885,090		14,597,300
Residential mortgage-backed securities		1,022,781		1,196,986
Commercial mortgage-backed securities		961,047		991,121
Other asset-backed securities		1,250,042		1,266,898
Total	$	16,118,960	$	18,052,305

20

VENERABLE INSURANCE AND ANNUITY COMPANY

Notes to Financial Statements – Statutory Basis

December 31, 2020

(Dollar amounts in millions, unless otherwise stated)

The Company does not have direct exposure through investments in subprime mortgage loans as of December 31, 2020 and 2019.

The following table summarizes the Company’s direct exposure through other investments as of December 31, 2020 and 2019, respectively:

	Actual Cost		Book/Adjusted Carrying Value (excluding interest)		Fair Value		Other Than Temporary Impairment Losses Recognized
	(In Thousands)
December 31, 2020
Residential mortgage-backed securities	$	80,868	$	79,362	$	85,566	$	(581	)
Structured securities		57,056		51,731		74,235		—
Total	$	137,924	$	131,093	$	159,801	$	(581	)

December 31, 2019
Residential mortgage-backed securities	$	56,181	$	54,171	$	58,128	$	362
Structured securities		63,055		59,051		76,481		—
Total	$	119,236	$	113,221	$	134,608	$	362

The Company does not have underwriting exposure to subprime mortgage risk through Mortgage Guaranty or Financial Guaranty insurance coverage as of December 31, 2020 and 2019.

The following table shows prepayment penalty and acceleration fees at December 31, 2020 and 2019:

		General Account		Separate Account
December 31, 2020		(In Thousands)
Number of CUSIPs		69		3
Aggregate Amount of Investment Income	$	16,089	$	192
December 31, 2019
Number of CUSIPs		44		3
Aggregate Amount of Investment Income	$	7,299	$	42

Mortgage Loans and Real Estate

All mortgage loans are evaluated by seasoned underwriters, including an appraisal of loan-specific credit quality, property characteristics, and market trends. The Company’s mortgage loans on real estate are all commercial mortgage loans, held for investment.

The maximum and minimum lending rates for mortgage loans initiated during 2020 were 8.57% and 3.30%, respectively.

The Company did not have any taxes, assessments and any amounts advanced and not included in the mortgage loan total as of December 31, 2020 and 2019.

21

VENERABLE INSURANCE AND ANNUITY COMPANY

Notes to Financial Statements – Statutory Basis

December 31, 2020

(Dollar amounts in millions, unless otherwise stated)

During 2020, the maximum percentage of any one loan to the value of security at the time of the loan, exclusive of insured or guaranteed or purchase money mortgages was 75.0% on commercial properties.

The following table shows an age analysis of mortgage loans by type and identification of mortgage loans in which the insurer is a participant or co-lender in a mortgage loan agreement as of December 31, 2020 and 2019:

			Residential				Commercial
	Farm		Insured		All Other		Insured		All Other		Mezzanine		Total
	(In Thousands)
December 31, 2020
Recorded investment (all)
Current	$	—	$	—	$	—	$	—	$	3,404,838	$	—	$	3,404,838
Participant or Co-lender in a Mortgage Loan Agreement
Recorded Investment	$	—	$	—	$	—	$	—	$	3,038,345	$	—	$	3,038,345

December 31, 2019
Recorded investment (all)
Current	$	—	$	—	$	—	$	—	$	3,543,220	$	—	$	3,543,220
60-89 Days Past Due		—		—		—		—		2,688		—		2,688
Participant or Co-lender in a Mortgage Loan Agreement Recorded Investment	$	—	$	—	$	—	$	—	$	2,719,197	$	—	$	2,719,197

22

VENERABLE INSURANCE AND ANNUITY COMPANY

Notes to Financial Statements – Statutory Basis

December 31, 2020

(Dollar amounts in millions, unless otherwise stated)

The Company had the following investments in impaired mortgage loans with or without an allowance for credit losses or in any impaired loans subject to a participant or co-lender mortgage loan agreement for which the Company is restricted from unilaterally foreclosing on the mortgage loan as of December 31, 2020 and 2019:

			Residential				Commercial
	Farm		Insured		All Other		Insured		All Other		Mezzanine		Total
	(In Thousands)
a. 2020
1. With Allowance for Credit Losses	$	—	$	—	$	—	$	—	$	—	$	—	$	—
2. No Allowance for Credit Losses		—		—		—		—		4,254		—		4,254
3. Total (1+2)		—		—		—		—		4,254		—		4,254
4. Subject to a participant or co-lender mortgage loan agreement for which the reporting entity is restricted from unilaterally foreclosing on the mortgage loan		—		—		—		—		—		—		—
b. 2019
1. With Allowance for Credit Losses	$	—	$	—	$	—	$	—	$	—	$	—	$	—
2. No Allowance for Credit Losses		—		—		—		—		2,688		—		2,688
3. Total (1+2)		—		—		—		—		2,688		—		2,688
4. Subject to a participant or co-lender mortgage loan agreement for which the reporting entity is restricted from unilaterally foreclosing on the mortgage loan		—		—		—		—		—		—		—

        

			Residential				Commercial
	Farm		Insured		All Other		Insured		All Other		Mezzanine		Total
	(In Thousands)
December 31, 2020
Average recorded investment	$	—	$	—	$	—	$	—	$	4,254	$	—	$	4,254
Interest income recognized		—		—		—		—		—		—		—
Recorded Investments on nonaccrual status		—		—		—		—		—		—		—
Amount of interest income recognized using a cash-basis method of accounting		—		—		—		—		—		—		—
December 31, 2019
Average recorded investment	$	—	$	—	$	—	$	—	$	2,688	$	—	$	2,688
Interest income recognized		—		—		—		—		—		—		—
Recorded Investments on nonaccrual status		—		—		—		—		—		—		—
Amount of interest income recognized using a cash-basis method of accounting		—		—		—		—		—		—		—

The Company recognizes interest income on its impaired loans upon receipt.

23

VENERABLE INSURANCE AND ANNUITY COMPANY

Notes to Financial Statements – Statutory Basis

December 31, 2020

(Dollar amounts in millions, unless otherwise stated)

The Company has no allowances for credit losses as of December 31, 2020 and 2019.

The Company has the following mortgage loans derecognized as a result of foreclosure as of December 31, 2020 and 2019.

	2020		2019
(In Thousands)
a. Aggregate amount of mortgage loans derecognized		—		644
b. Real estate collateral recognized		—		—
c. Other collateral recognized		—		644
d. Receivables recognized from a government guarantee of the foreclosed mortgage loan		—		—

Real Estate

The Company did not have any real estate transactions as of December 31, 2020 and 2019.

Net Realized Capital Gains and Losses

Realized capital gains (losses) are reported net of federal income taxes and amounts transferred to the IMR as follows:

	December 31
	2020			2019
	(In Thousands)
Realized capital (losses) gains	$	(997,408	)	$	674,394
Amount transferred to IMR (net of related taxes of $40,655 in 2020, $19,780 in 2019)		(152,940	)		(74,412	)
Federal income tax benefit (expense)		(37,000	)		(10,637	)
Net realized capital (losses) gains	$	(1,187,348	)	$	589,345

Realized capital losses include losses of $11.4 and $3.1 related to securities that have experienced other-than- temporary declines in value during 2020 and 2019, respectively.

Proceeds from sales of investments in bonds and other fixed maturity interest securities were $5.4 billion and $4.5 billion in 2020 and 2019, respectively. Gross gains of $283.0 and $111.5 and gross losses of $62.0 and $17.4 during 2020 and 2019, respectively, were realized on those sales. A portion of the gains and losses realized in 2020 and 2019 has been deferred to future periods in the IMR. In addition, gross losses of $1,207 and gross gains of $583.6 during 2020 and 2019, respectively, were due to the impact of derivatives.

24

VENERABLE INSURANCE AND ANNUITY COMPANY

Notes to Financial Statements – Statutory Basis

December 31, 2020

(Dollar amounts in millions, unless otherwise stated)

The Company did not recognize any other-than-temporary impairments (“OTTI”) in accordance with structured securities subject to SSAP No. 43R, Loan-backed and Structured Securities (“SSAP No. 43R”) due to intent to sell or inability or lack of intent to hold to recovery as of December 31, 2020. The following table discloses, in aggregate, the OTTI’s recognized by the Company as of December 31, 2019:

	Amortized Cost Basis Before Other- than- Temporary Impairment		Other-than-Temporary Impairment Recognized in Loss				Fair Value
			Interest		Non-interest
	(In Thousands)
OTTI recognized as of December 31, 2019
a. Intent to sell		—		—		—		—
b. Inability or lack of intent to retain the investment in the security for a period of time sufficient to recover the amortized cost basis	$	1,620	$	268	$	—	$	1,352
c. Total		1,620		268		—		1,352

25

VENERABLE INSURANCE AND ANNUITY COMPANY

Notes to Financial Statements – Statutory Basis

December 31, 2020

(Dollar amounts in millions, unless otherwise stated)

The following table discloses in detail the OTTI’s recognized by the Company in accordance with structured securities subject to SSAP No. 43R, exclusive of intent impairments, as of December 31, 2020:

CUSIP	Book/Adjusted Carrying Value Amortized Cost Before Current Period OTTI		Present Value of Projected Cash Flows		Recognized Other-Than- Temporary Impairment		Amortized Cost After Other- Than- Temporary Impairment		Fair Value at Time of OTTI
	(In Thousands)
058933AG7	$	1,378	$	1,365	$	13	$	1,365	$	1,365
36185MAD4		376		360		15		360		360
41161PTN3		1,654		1,369		285		1,369		1,369
41161UAC6		2,868		2,675		193		2,675		2,675
92922FWE4		610		603		7		603		603
31325UPC4		2,352		1,200		1,152		1,200		1,200
95000KBE4		4,700		4,248		452		4,248		4,248
058933AG7		1,272		1,242		30		1,242		1,242
05949CMU7		2,461		2,437		24		2,437		2,437
2254582J6		285		262		23		262		262
36185MAD4		309		306		3		306		306
93935YAA8		288		271		17		271		271
94983JAC6		686		680		6		680		680
94984MAA2		419		419		—		419		419
31395N5Y9		347		346		1		346		346
38378WCC5		108		107		1		107		107
16162WPB9		343		339		4		339		339
36251XAT4		4,142		4,142		84		4,142		4,058
05951GBE1		656		656		13		656		642
05951GBG6		410		410		7		410		402
08160BAF1		5,680		5,680		333		5,680		5,348
17326CBE3		659		659		70		659		589
225458PN2		239		239		20		239		219
3136AEE29		366		366		47		366		319
3137A8LZ9		287		287		192		287		95
3137AUDU0		618		618		42		618		576
31397GXK1		4		4		—		4		4
362341LL1		275		275		13		275		262
38375BN57		36		36		—		36		36
38375BX72		153		153		23		153		131
38375UAQ3		9		9		2		9		7
90291JAX5		2,252		2,252		2		2,252		2,250
9393366D0		197		197		—		197		197
95000CBE2		1,692		1,692		28		1,692		1,664
Total					$	3,102

26

VENERABLE INSURANCE AND ANNUITY COMPANY

Notes to Financial Statements – Statutory Basis

December 31, 2020

(Dollar amounts in millions, unless otherwise stated)

The total amount of OTTI’s recognized by the Company arising from the present value of expected cash flows being less than the amortized cost of structured securities subject to SSAP No. 43R was $3.1 and $0.6 in 2020 and 2019, respectively.

The following table shows for the years ended December 31, 2020 and 2019, all impaired securities in the aggregate for which an OTTI has not been recognized in earnings as a realized loss, including securities with a recognized OTTI for non-interest related declines when a non-recognized interest related impairment remains:

	December 31, 2020
	Aggregate Amount of Unrealized Losses		Aggregate Fair Value of Securities with Unrealized Losses
	(In Thousands)
Less than 12 months	$	53,771	$	1,130,640
Greater than 12 months		8,294		281,952
Total	$	62,065	$	1,412,592

	December 31, 2019
	Aggregate Amount of Unrealized Losses		Aggregate Fair Value of Securities with Unrealized Losses
	(In Thousands)
Less than 12 months	$	12,522	$	721,196
Greater than 12 months		15,708		512,449
Total	$	28,230	$	1,233,645

Repurchase Agreement Transactions Accounted for as Secured Borrowing

The Company participates in short-term repurchase agreements with financial institutions in order to enhance liquidity (“Repo”). The associated liability is recorded at the amount of cash received. The ratio of the collateral held to the estimated fair value of the securities pledged is monitored throughout the duration of the transaction and additional collateral is obtained as necessary. The Company has access to multiple sources of liquidity to draw upon to ensure the return of the repurchase collateral. The Company activated its use of the Repo program beginning in the second quarter of 2020. As of December 31, 2020 and 2019, the Company did not have any amounts outstanding under repurchase agreements. The following shows Repo activity that occurred during the year ended December 31, 2020:

Type of Repo Trades Used

	1	2	3	4
	FIRST QUARTER	SECOND QUARTER	THIRD QUARTER	FOURTH QUARTER
a - Bilateral (YES/NO)	XXX	YES	YES	YES
b - Tri-Party (YES/NO)	XXX	NO	NO	NO

27

VENERABLE INSURANCE AND ANNUITY COMPANY

Notes to Financial Statements – Statutory Basis

December 31, 2020

(Dollar amounts in millions, unless otherwise stated)

Original (Flow) & Residual Maturity

	FIRST QUARTER	SECOND QUARTER		THIRD QUARTER		FOURTH QUARTER
a. Maximum Amount
1. Open – No Maturity	XXX	$	—	$	—	$	—
2. Overnight	XXX		—		—		—
3. 2 Days to 1 Week	XXX		200,000,000		200,000,000		—
4. > 1 Week to 1 Month	XXX		200,000,000		—		500,000,000
5. > 1 Month to 3 Months	XXX		—		—		—
6. > 3  Months to 1 Year	XXX		—		—		—
7. > 1 Year	XXX		—		—		—
b. Ending Balance	XXX
1. Open – No Maturity	XXX	$	—	$	—	$	—
2. Overnight	XXX		—		—		—
3. 2 Days to 1 Week	XXX		—		—		—
4. > 1 Week to 1 Month	XXX		200,000,000		—		—
5. > 1 Month to 3 Months	XXX		—		—		—
6. > 3  Months to 1 Year	XXX		—		—		—
7. > 1 Year	XXX		—		—		—

Securities “Sold” Under Repo - Secured Borrowing

	FIRST QUARTER	SECOND QUARTER		THIRD QUARTER		FOURTH QUARTER
a. Maximum Amount
1. BACV	XXX	XXX		XXX		$	399,250,378
2. Nonadmitted - Subset of BACV	XXX	XXX		XXX		$	—
3. Fair Value	XXX	$	422,730,862	$	208,549,396	$	523,921,111
b. Ending Balance
1. BACV	XXX		XXX		XXX	$	—
2. Nonadmitted - Subset of BACV	XXX		XXX		XXX	$	—
3. Fair Value	XXX	$	216,503,432	$	—	$	—

28

VENERABLE INSURANCE AND ANNUITY COMPANY

Notes to Financial Statements – Statutory Basis

December 31, 2020

(Dollar amounts in millions, unless otherwise stated)

Collateral Received - Secured Borrowing

	FIRST QUARTER	SECOND QUARTER		THIRD QUARTER		FOURTH QUARTER
a. Maximum Amount
1. Cash	XXX	$	400,000,000	$	200,000,000	$	500,000,000
2. Securities (FV)	XXX		—		—		—
b. Ending Balance
1. Cash	XXX	$	200,000,000	$	—	$	—
2. Securities (FV)	XXX		—		—		—

Liability to Return Collateral - Secured Borrowing (Total)

	FIRST QUARTER	SECOND QUARTER		THIRD QUARTER		FOURTH QUARTER
a. Maximum Amount
1. Cash (Collateral - All)	XXX	$	400,000,000	$	200,000,000	$	500,000,000
2. Securities Collateral (FV)	XXX		—		—		—
b. Ending Balance
1. Cash (Collateral - All)	XXX	$	200,000,000	$	—	$	—
2. Securities Collateral (FV)	XXX		—		—		—

Impairments on Joint Ventures, Partnerships, and Limited Liability Companies

Impairments on joint venture, partnerships and limited liability company holdings are taken when it is determined that these values are not recoverable. The fair value of these investments is based upon the Company’s overall proportional ownership interest in the underlying partnership. The Company did not have any impairments for the years ended December 31, 2020 and 2019.

29

VENERABLE INSURANCE AND ANNUITY COMPANY

Notes to Financial Statements – Statutory Basis

December 31, 2020

(Dollar amounts in millions, unless otherwise stated)

Investment Income

Major categories of net investment income are summarized as follows:

	Year ended December 31
	2020			2019
Income:	(In Thousands)
Bonds	$	772,692		$	795,239
Mortgage loans		152,137			181,959
Equity securities		6,909			5,645
Subsidiary		44,973			93,320
Contract loans		278			504
Derivatives		567,615			4,349
Other		54,120			52,328
Total investment income		1,598,724			1,133,344
Investment expenses		(48,379	)		(54,988	)
Net investment income	$	1,550,345		$	1,078,355

Federal Home Loan Bank Agreements

The Company is a member of the FHLB of Des Moines. Through its membership, the Company has conducted business activity (entered into advances) with the FHLB as part of the Company’s liquidity strategy. The Company has determined the estimated maximum borrowing capacity as $14.6 billion at December 31, 2020. The Company has the ability to obtain funding from the FHLB based on a percentage of the value of its assets and subject to the availability of eligible collateral. The limit across all programs is 30% of the general and separate accounts total assets of the Company, one quarter in arrears.

The amount of FHLB capital stock held by the Company is as follows:

	2020						2019
	General Account		Separate Account		Total		General Account		Separate Account		Total
	(In Thousands)
Membership stock - Class A	$	—	$	—	$	—	$	—	$	—	$	—
Membership stock - Class B		10,000		—		10,000		10,000		—		10,000
Activity stock		—		—		—		400		—		400
Excess stock		—		—		—		—		—		—
Aggregate total	$	10,000	$	—	$	10,000	$	10,400	$	—	$	10,400

The actual collateral as determined by the Company is $616.5 and $533.2 at December 31, 2020 and 2019, respectively.

All FHLB membership stock is not eligible for redemption.

30

VENERABLE INSURANCE AND ANNUITY COMPANY

Notes to Financial Statements – Statutory Basis

December 31, 2020

(Dollar amounts in millions, unless otherwise stated)

The amount of collateral pledged to FHLB at the end of the reporting period, and the maximum amount that was pledged to FHLB during the reporting period is as follows:

	Amount Pledged at End of Reporting Period						Maximum Amount Pledged During Reporting Period
	Fair Value		Carrying Value		Aggregate Total Borrowing		Fair Value		Carrying Value		Aggregate Total Borrowing
	(In Thousands)
As of December 31, 2020
General account	$	753,516	$	662,772	$	—	$	1,315,054	$	1,248,423	$	560,000
Separate account		—		—		—		—		—		—
Total	$	753,516	$	662,772	$	—	$	1,315,054	$	1,248,423	$	560,000
As of December 31, 2019
General account	$	640,699	$	589,835	$	10,000	$	640,699	$	589,835	$	10,000
Separate account		—		—		—		—		—		—
Total	$	640,699	$	589,835	$	10,000	$	640,699	$	589,835	$	10,000

The amount borrowed from the FHLB at the end of the reporting period is as follows:

		General Account		Separate Account		Total	Funding Agreement Reserves Established
		(In Thousands)
As of December 31, 2020
Debt	$	—	$	—	$	—		XXX
Funding agreements		—		—		—		—
Other		—		—		—		XXX
Aggregate total	$	—	$	—	$	—	$	—

As of December 31, 2019
Debt	$	10,000	$	—	$	10,000	XXX
Funding agreements		—		—		—	$	—
Other		—		—		—		XXX
Aggregate total	$	10,000	$	—	$	10,000	$	—

The maximum amount the general account borrowed from FHLB during the years ended December 31, 2020 and 2019 was $560.0 and $60.0, respectively.

The effective rate at which interest accrued on the amount borrowed from the FHLB ranged between 0.3% and 1.8% for the year ended December 31, 2020, and between 1.8% and 2.7% for the year ended December 31, 2019. The Company paid $0.1 and $0.4 in interest for the years ended December 31, 2020 and 2019, respectively.

The Company does not have any outstanding FHLB borrowings at December 31, 2020, and therefore is not currently subject to prepayment penalties.

31

VENERABLE INSURANCE AND ANNUITY COMPANY

Notes to Financial Statements – Statutory Basis

December 31, 2020

(Dollar amounts in millions, unless otherwise stated)

Restricted Assets

The following table shows assets pledged as collateral or restricted at December 31, 2020:

	Gross (Admitted & Nonadmitted) Restricted
	General Account				Separate Account		Total Assets		Total From Prior Year		Increase/ (Decrease)			Total Nonadmitted Restricted		Total Admitted Restricted		Gross (Admitted & Nonadmitted) Restricted to Total Assets			Admitted Restricted to Total Admitted Assets
Restricted Asset Category	Total Assets		Supporting Separate Account Activity*		Supporting General Account Activity**
	(In Thousands)
Subject to contractual obligation for which liability is not shown	$	—	$	—	$	—	$	—	$	—	$	—		$	—	$	—		—	%		—	%
Collateral held under security lending agreements		—		—		—		—		—		—					—		—	%		—	%
Subject to repurchase agreements		—		—		—		—		—		—			—		—		—	%		—	%
Subject to reverse repurchase agreements		—		—		—		—		—		—			—		—		—	%		—	%
Subject to dollar repurchase agreements		—		—		—		—		—		—			—		—		—	%		—	%
Subject to dollar reverse repurchase agreements		—		—		—		—		—		—			—		—		—	%		—	%
Placed under option contracts		—		—		—		—		—		—			—		—		—	%		—	%
Letter stock or securities restricted as to sale - excluding FHLB capital stock		—		—		—		—		—		—			—		—		—	%		—	%
FHLB capital stock		10,000		—		—		10,000		10,400		(400	)		—		10,000		0.02	%		0.02	%
On deposit with states		9,905		—		—		9,905		11,234		(1,329	)		—		9,905		0.02	%		0.02	%
On deposit with other regulatory bodies		—		—		—		—		—		—			—		—		—	%		—	%
Pledged as collateral to FHLB (including assets backing funding agreements)		662,772		—		—		662,772		589,835		72,937			—		662,772		1.34	%		1.34	%
Derivative Pledged Collateral		746,669		—		—		746,669		260,419		486,250					746,669		1.51	%		1.51	%
Other restricted assets				—		—		—		—		—			—		—		—	%		—	%
Total restricted assets	$	1,429,346	$	—	$	—	$	1,429,346	$	871,888	$	557,458		$	—	$	1,429,346		2.89	%		2.89	%

* Subset of Total General Account Gross Restricted Assets

There were no restricted assets within the separate accounts at December 31, 2020.

32

VENERABLE INSURANCE AND ANNUITY COMPANY

Notes to Financial Statements – Statutory Basis

December 31, 2020

(Dollar amounts in millions, unless otherwise stated)

The following table shows assets pledged as collateral or restricted at December 31, 2019:

	Gross (Admitted & Nonadmitted) Restricted										Total Nonadmitted Restricted		Total Admitted Restricted		Gross (Admitted & Nonadmitted) Restricted to Total Assets			Admitted Restricted to Total Admitted Assets
	General Account				Total Assets		Total From Prior Year		Increase/ (Decrease)
			Supporting
Restricted Asset			Separate Account
Category	Total Assets		Activity*
	(In Thousands)
Subject to contractual obligation for which liability is not shown	$	—	$	—	$	—	$	—	$	—	$	—	$	—		—	%		—	%
Collateral held under security lending agreements		—		—		—		—		—		—		—		—	%		—	%
Subject to repurchase agreements		—		—		—		—		—		—		—		—	%		—	%
Subject to reverse repurchase agreements		—		—		—		—		—		—		—		—	%		—	%
Subject to dollar repurchase agreements		—		—		—		—		—		—		—		—	%		—	%
Subject to dollar reverse repurchase agreements		—		—		—		—		—		—		—		—	%		—	%
Placed under option contracts		—		—		—		—		—		—		—		—	%		—	%
Letter stock or securities restricted as to sale - excluding FHLB capital stock		—		—		—		—		—		—		—		—	%		—	%
FHLB capital stock		10,400		—		10,400		10,400		—				10,400		0.02	%		0.02	%
On deposit with states		11,234		—		11,234		11,132		102		—		11,234		0.02	%		0.02	%
On deposit with other regulatory bodies		—		—		—		—		—		—		—		—	%		—	%
Pledged as collateral to FHLB (including assets backing funding agreements)		589,835		—		589,835		183,817		406,018				589,835		1.17	%		1.17	%
Derivative Pledged Collateral		260,419		—		260,419		253,502		6,917		—		260,419		0.52	%		0.52	%
Other restricted assets		—		—		—		—		—		—		—		—	%		—	%
Total restricted assets	$	871,888	$	—	$	871,888	$	458,851	$	413,037	$	—	$	871,888		1.73	%		1.73	%

* Subset of Total General Account Gross Restricted Assets

There were no restricted assets within the separate accounts at December 31, 2019.

33

VENERABLE INSURANCE AND ANNUITY COMPANY

Notes to Financial Statements – Statutory Basis

December 31, 2020

(Dollar amounts in millions, unless otherwise stated)

The following table shows collateral received and reflected as assets at December 31, 2020:

Collateral Assets	Book/Adjusted Carrying Value (BACV)		Fair Value		% of BACV to Total Assets (Admitted and Nonadmitted)*			% of BACV to Total Admitted Assets**
	(In Thousands)
a. Cash, Cash Equivalents and Short-Term Investments	$	125,587	$	125,587		0.53	%		0.53	%
Total collateral Assets	$	125,587	$	125,587		0.53	%		0.53	%

*BACV divided by total assets excluding Separate Accounts

**BACV divided by total admitted assets excluding Separate Accounts

	Amount		% of Liability to Total Liabilities*
	(In Thousands)
k. Recognized Obligation to return Collateral Asset	$	—		—	%

 

*BACV divided by total liabilities excluding Separate Account

The following table shows collateral received and reflected as assets at December 31, 2019:

Collateral Assets	Book/Adjusted Carrying Value (BACV)		Fair Value		Total Assets (Admitted and Nonadmitted)*			% of BACV to Total Admitted Assets**
	(In Thousands)
Cash and Short-Term Investments	$	487,459	$	487,459		1.97	%		1.97	%
Total collateral assets	$	487,459	$	487,459		1.97	%		1.97	%

*BACV divided by total assets excluding Separate Accounts

**BACV divided by total admitted assets excluding Separate Accounts

	Amount		% of Liability to Total Liabilities*
	(In Thousands)
Recognized obligation to return collateral asset	$	—		—	%

*BACV divided by total liabilities excluding Separate Account

4. Derivative Financial Instruments Held for Purposes Other than Trading

The Company enters into various derivative transactions to reduce and manage the risk of a change in value, yield, price, cash flow or quantity of, or a degree of exposure with respect to assets, liabilities, or future cash flows which the Company has acquired or incurred. The Company enters into credit default swaps to replicate the investment characteristics of permissible investments using the derivative in conjunction with other investments. The replication (synthetic asset) and the derivative and other cash instrument are carried at amortized cost. The replication practices are in accordance with SSAP No. 86 hedge accounting practices. The Company also enters into interest rate swaps to manage the interest rate exposure of certain mortgage backed related securities. These interest rate swaps are designated as cash flow hedges in accordance with SSAP No. 86 hedge accounting practices and are carried at amortized cost. The Company does not receive hedge accounting treatment for any other derivative transactions.

The Company enters into the following types of derivatives: Credit Contracts, Equity Contracts, Foreign Exchange Contracts and Interest Rate Contracts. The Company’s use and hedging strategy of derivatives is detailed in Note 1.

34

VENERABLE INSURANCE AND ANNUITY COMPANY

Notes to Financial Statements – Statutory Basis

December 31, 2020

(Dollar amounts in millions, unless otherwise stated)

Upfront fees paid or received on derivative contracts are included on the balance sheet as an asset or liability and are amortized to investment income over the remaining term of the contracts.

Periodic payments from such contracts are included in investment income on the statements of operations. Accrued amounts payable to or receivable from counterparties are included in other liabilities or accrued investment income on the balance sheet. Gains or losses realized as a result of early terminations are recognized in income in the statements of operations or deferred into IMR and amortized into investment income.

The Company is exposed to credit loss in the event of nonperformance by counterparties on certain derivative contracts; however, the Company does not anticipate nonperformance by any of these counterparties. The amount of such exposure is generally the unrealized gains in such contracts. The Company manages the potential credit exposure from interest rate contracts through careful evaluation of the counterparties’ credit standing, collateral agreements, and master netting agreements.

Under the terms of the Company’s Over-The-Counter (“OTC”) Derivative International Swaps and Derivatives Association, Inc. (“ISDA”) agreements, the Company may receive from, or deliver to, counterparties, collateral to assure that all terms of the ISDA agreements will be met with regard to the Credit Support Annex (“CSA”). The terms of the CSA call for the Company to pay interest on any cash received equal to the Federal Funds rate. Collateral held is used in accordance with the CSA to satisfy any obligations. Investment grade bonds owned by the Company are the source of noncash collateral posted, which is reported on the balance sheet.

The table below summarizes the Company’s types and amounts of collateral held, pledged and delivered related to OTC derivative contracts and cleared derivative contracts:

	As of December 31, 2020			As of December 31, 2019
Collateral Type:	(In Thousands)
Cash
Held- Cleared Contracts	$	—		$	—
Held/Pledged- OTC Contracts		17,470			474,926
Held/Pledged-Cleared Contracts		(467	)		12,533
Securities
Held	$	—		$	1,532
Delivered		604,079			260,419

The Company is required to post collateral for any futures contracts that are entered into. The amount of collateral required is determined by the exchange. The Company currently posts cash and U.S. Treasury Bonds to satisfy this collateral requirement.

The Company sells credit default swap protection, in conjunction with other investments, to replicate the income characteristics of otherwise permitted investments. The standard contract is five or seven years. In the event of default of the reference entity, the Company would be required to pay the notional amount of the contract. At December 31, 2020 and 2019, the total amount would be $25.0 and $25.0, respectively.

35

VENERABLE INSURANCE AND ANNUITY COMPANY

Notes to Financial Statements – Statutory Basis

December 31, 2020

(Dollar amounts in millions, unless otherwise stated)

The table below summarizes the Company’s derivative contracts on the balance sheet at December 31, 2020 and 2019:

	Notional Amount		Carrying Value			Fair Value
			(In Thousands)
December 31, 2020
Derivative contracts:
Credit contracts	$	25,000	$	96		$	881
Equity contracts		38,866,165		(244,295	)		(244,295	)
Foreign exchange contracts		62,637		(2,280	)		(2,280	)
Interest rate contracts		3,500		443			443
Total derivatives	$	38,957,302	$	(246,036	)	$	(245,251	)
December 31, 2019
Derivative contracts:
Credit contracts	$	25,000	$	116		$	764
Equity contracts		40,620,504		(673,566	)		(673,566	)
Foreign exchange contracts		54,064		825			825
Interest rate contracts		1,168,500		(82	)		(10,506	)
Total derivatives	$	41,868,068	$	(672,708	)	$	(682,483	)

The Company did not have any net gain or (loss) recognized in unrealized gains or (losses) during the reporting period resulting from derivative instruments that no longer qualify for hedge accounting.

The Company does not have any derivative contracts with financing premiums.

5. Concentrations of Credit Risk

The Company held below investment grade corporate bonds with an aggregate book value of $1,020.6 and $800.9 and an aggregate fair value of $1,073.9 and $848.3 at December 31, 2020 and 2019, respectively. Those holdings amounted to 6.3% and 4.8% of the Company’s investments in bonds and 4.3% and 3.2% of total admitted assets excluding separate accounts, at December 31, 2020 and 2019, respectively. The holdings of below investment grade bonds are widely diversified and of satisfactory quality based on the Company’s investment policies and credit standards.

The Company held unrated bonds with a carrying value of $46.0 and $14.1 with an aggregate fair value of  $46.3 and $14.1 at December 31, 2020 and 2019, respectively. The carrying value of these holdings amounted to 0.3% and 0.1% of the Company’s investment in bonds and 0.2% and 0.1% of the Company’s total admitted assets excluding separate accounts, at December 31, 2020 and 2019, respectively.

36

VENERABLE INSURANCE AND ANNUITY COMPANY

Notes to Financial Statements – Statutory Basis

December 31, 2020

(Dollar amounts in millions, unless otherwise stated)

Loan-to-value (“LTV”) and debt service coverage (“DSC”) ratios are measures commonly used to assess the risk and quality of commercial mortgage loans. The LTV ratio, calculated at time of origination, is expressed as a percentage of the amount of the loan relative to the value of the underlying property. An LTV ratio in excess of 100% indicates the unpaid loan amount exceeds the value of the underlying collateral. The DSC ratio, based upon the most recently received financial statements, is expressed as a percentage of the amount of a property’s net income (loss) to its debt service payments. A DSC ratio of less than 1.0 indicates that property’s operations do not generate sufficient income to cover debt payments. These ratios are utilized as part of the review process described above. LTV and DSC ratios as of the dates indicated are presented below:

	As of December 31, 2020					As of December 31, 2019
	Carrying Value		%			Carrying Value		%
	(In Thousands)					(In Thousands)
Origination Loan-to-Value
0% - 50%	$	126,471		3.7	%	$	852,122		24.0	%
50% - 60%		2,820,557		82.9	%		1,171,590		33.0	%
60% - 70%		313,839		9.2	%		1,349,153		38.0	%
70% - 80%		143,971		4.2	%		164,634		4.6	%
80% - 90%		—		—	%		8,409		0.2	%
Total	$	3,404,838		100.0	%	$	3,545,908		100.0	%
Debt Service Coverage Ratio
Greater than 1.5x	$	2,960,801		87.0	%	$	2,638,691		74.4	%
1.25x to 1.5x		150,674		4.4	%		652,180		18.4	%
1.0x to 1.25x		248,751		7.3	%		222,250		6.3	%
Less than 1.0x		44,612		1.3	%		31,820		0.9	%
Not Applicable*		—		—	%		967		—	%
Total	$	3,404,838		100.0	%	$	3,545,908		100.0	%

*Commercial mortgage loans secured by land or construction loans

If the value of any mortgage loan is determined to be impaired (i.e., when it is probable that the Company will be unable to collect on all amounts due according to the contractual terms of the loan agreement), the carrying value of the mortgage loan is reduced to either the present value of expected cash flows from the loan, discounted at the loan’s effective interest rate, or fair value of the collateral.

The following table shows the Company’s mortgage loan portfolio diversification by property type:

	As of December 31, 2020					As of December 31, 2019
Property Type	Carrying Value		%			Carrying Value		%
	(In Thousands)					(In Thousands)
Apartments	$	765,195		22.4	%	$	803,479		22.6	%
Hotel/Motel		135,283		4.0	%		115,313		3.3	%
Industrial		561,067		16.5	%		590,246		16.6	%
Mixed Use		—		—	%		20,382		0.6	%
Office		653,427		19.2	%		667,659		18.8	%
Other		445,610		13.1	%		424,259		12.0	%
Retail		844,256		24.8	%		924,571		26.1	%
Total	$	3,404,838		100.0	%	$	3,545,908		100.0	%

37

VENERABLE INSURANCE AND ANNUITY COMPANY

Notes to Financial Statements – Statutory Basis

December 31, 2020

(Dollar amounts in millions, unless otherwise stated)

The following table shows the Company’s mortgage loan portfolio diversification by region:

	As of December 31, 2020					As of December 31, 2019
Region	Carrying Value		%			Carrying Value		%
	(In Thousands)					(In Thousands)
Pacific	$	758,602		22.3	%	$	790,571		22.3	%
South Atlantic		741,933		21.8	%		798,134		22.5	%
West South Central		264,391		7.8	%		273,609		7.7	%
East North Central		418,191		12.3	%		416,626		11.7	%
Middle Atlantic		520,404		15.3	%		523,359		14.8	%
Mountain		536,085		15.7	%		565,047		15.9	%
West North Central		77,455		2.2	%		89,100		2.5	%
New England		53,331		1.6	%		54,761		1.5	%
East South Central		34,446		1.0	%		34,701		1.0	%
Total	$	3,404,838		100.0	%	$	3,545,908		100.0	%

The following table shows the carrying value of the Company’s mortgage loan portfolio breakdown by year of origination:

Year of Origination	As of December 31, 2020		As of December 31, 2019
	(In Thousands)
2020	$	81,498	$	—
2019		148,199		159,970
2018		477,653		476,190
2017		538,391		561,657
2016		635,690		663,126
2015		464,123		537,034
2014		394,322		422,569
2013		366,877		392,526
2012 and prior		298,085		332,836
Total	$	3,404,838	$	3,545,908

38

VENERABLE INSURANCE AND ANNUITY COMPANY

Notes to Financial Statements – Statutory Basis

December 31, 2020

(Dollar amounts in millions, unless otherwise stated)

6. Reserves

At December 31, 2020, the Company’s annuity reserves, including those held in separate accounts and deposit fund liabilities that are subject to discretionary withdrawal (with adjustment), subject to discretionary withdrawal (without adjustment), and not subject to discretionary withdrawal provisions are summarized as follows:

A. INDIVIDUAL ANNUITIES

		General Account		Separate Account with Guarantees*		Separate Account Nonguaranteed		Total		% of Total
(1)	Subject to discretionary withdrawal:
	a. With market value adjustment	$	6,530,219	$	137,769	$	—	$	6,667,988		25.8	%
	b. At book value less current surrender charge of 5% or more		1,486,205		1,738		—		1,487,943		5.8	%
	c. At fair value		—		—		9,851,677		9,851,677		38.2	%
	d. Total with market value adjustment or at fair value (total of a through c)		8,016,424		139,507		9,851,677		18,007,608		69.8	%
	e. At book value without adjustment (minimal or no charge or adjustment)		4,372,458		25,978		—		4,398,436		17.0	%
(2)	Not subject to discretionary withdrawal		3,414,350		—		—		3,414,350		13.2	%
(3)	Total (gross: direct + assumed)		15,803,232		165,485		9,851,677		25,820,394		100.0	%
(4).	Reinsurance ceded		2,718,735		—		—		2,718,735
(5)	Total (net) (3) - (4)		13,084,497		165,485		9,851,677		23,101,659
(6)	Amount included in A(1) above that will move to A(1) for the first time within the year after the statement date:		542,333		0		0		542,333

*These amounts reflect prescribed or permitted practices that depart from the NAIC Accounting Practices and Procedures Manual, see Note 1, Summary of Significant Accounting Polices for additional information.

B. GROUP ANNUITIES

		General Account		Separate Account with Guarantees*		Separate Account Nonguaranteed		Total		% of Total
(1)	Subject to discretionary withdrawal:
	a. With market value adjustment	$	189,001	$	255,658	$	—	$	444,659		2.8	%
	b. At book value less current surrender charge of 5% or more		96		978		—		1,074		—	%
	c. At fair value		—		—		15,209,540		15,209,540		96.6	%
	d. Total with market value adjustment or at fair value (total of a through c)		189,097		256,636		15,209,540		15,655,273		99.4	%
	e. At book value without adjustment (minimal or no charge or adjustment)		90,344		1		—		90,345		0.6	%
(2)	Not subject to discretionary withdrawal		—		—		—		—		—	%
(3)	Total (gross: direct + assumed)		279,441		256,637		15,209,540		15,745,618		100.0	%
(4).	Reinsurance ceded		88,783		—		—		88,783
(5)	Total (net) (3) - (4)		190,658		256,637		15,209,540		15,656,835
(6)	Amount included in A(1) above that will move to A(1) for the first time within the year after the statement date:		—		—		—		—

*These amounts reflect prescribed or permitted practices that depart from the NAIC Accounting Practices and Procedures Manual, see Note 1, Summary of Significant Accounting Polices for additional information.

39

VENERABLE INSURANCE AND ANNUITY COMPANY

Notes to Financial Statements – Statutory Basis

December 31, 2020

(Dollar amounts in millions, unless otherwise stated)

C. DEPOSIT-TYPE CONTRACTS (no life contingencies):

		General Account		Separate Account with Guarantees*		Separate Account Nonguaranteed		Total		% of Total
(1)	Subject to discretionary withdrawal:
	a. With market value adjustment	$	—	$	—	$	—	$	—		—	%
	b. At book value less current surrender charge of 5% or more		—		—		—		—		—	%
	c. At fair value		—		—		—		—		—	%
	d. Total with market value adjustment or at fair value (total of a through c)		—		—		—		—		—	%
	e. At book value without adjustment (minimal or no charge or adjustment)		63,274		—		—		63,274		2.0	%
(2)	Not subject to discretionary withdrawal		3,084,565		—		—		3,084,565		98.0	%
(3)	Total (gross: direct + assumed)		3,147,839		—		—		3,147,839		100.0	%
(4).	Reinsurance ceded		235,083		—		—		235,083
(5)	Total (net) (3) - (4)		2,912,756		—		—		2,912,756
(6)	Amount included in A(1) above that will move to A(1) for the first time within the year after the statement date:		—		—		—		—

*These amounts reflect prescribed or permitted practices that depart from the NAIC Accounting Practices and Procedures Manual, see Note 1, Summary of Significant Accounting Polices for additional information.

D.
Life & Accident & Health Annual Statement:		Amount
(1)	Exhibit 5, Annuities Section, Total (net)	10,289,562
(2)	Exhibit 5, Supplemental Contracts with Life Contingencies Section, Total (net)	2,985,593
(3)	Exhibit 7, Deposit - Type Contracts, line 14, column 1	2,912,756
(4)	Subtotal	16,187,911

40

VENERABLE INSURANCE AND ANNUITY COMPANY

Notes to Financial Statements – Statutory Basis

December 31, 2020

(Dollar amounts in millions, unless otherwise stated)

Analysis of life actuarial reserves by withdrawal characteristics as of December 31, 2020 are summarized as follows:

				Account Value		Cash Value		Reserve
A.   General Account
	(1)	Subject to discretionary withdrawal, surrender values, or policy loans:
		a.    Term Policies with Cash Value	$	—	$	—	$	—
		b.    Universal Life		222,546		222,546		293,811
		c.    Universal Life with Secondary Guarantees		—		—		—
		d.    Indexed Universal Life		—		—		—
		e.    Indexed Universal Life with Secondary Guarantees		—		—		—
		f.     Indexed Life		—		—		—
		g.     Other Permanent Cash Value Life Insurance		65,588		334,968		388,511
		h.     Variable Life		—		—		—
		i.      Variable Universal Life		—		—		—
		j.      Miscellaneous Reserves		—		—		—
	(2)	Not Subject to Discretionary Withdrawal or No Cash Value:
		a.      Term Policies without Cash Value	XXX		XXX			1,455
		b.      Accidental Death Benefits	XXX		XXX			188
		c.      Disability - Active Lives	XXX		XXX			1,027
		d.      Disability - Disabled Lives	XXX		XXX			1,449
		e.      Miscellaneous Reserves	XXX		XXX			5,301
	(3)	Total (gross: direct + assumed)		288,134		557,514		691,742
	(4)	Reinsurance Ceded		288,134		557,514		691,742
	(5)	Total (net) (3) - (4)		—		—		—

41

VENERABLE INSURANCE AND ANNUITY COMPANY

Notes to Financial Statements – Statutory Basis

December 31, 2020

(Dollar amounts in millions, unless otherwise stated)

			Account Value		Cash Value		Reserve
B.   Separate Account with Guarantees
	(1)	Subject to Discretionary Withdrawal, Surrender Values, or Policy Loans:
		a.    Term Policies with Cash Value		—		—		—
		b.    Universal Life		—		—		—
		c.    Universal Life with Secondary Guarantees
		d.    Indexed Universal Life		—		—		—
		e.    Indexed Universal Life with Secondary Guarantees
		f.     Indexed Life		—		—		—
		g.    Other Permanent Cash Value Life Insurance
		h.    Variable Life		—		—		—
		i.     Variable Universal Life		—		—		—
		j.     Miscellaneous Reserves		—		—		—
	(2)	Not Subject to Discretionary Withdrawal or No Cash Value:
		a.    Term Policies without Cash Value	XXX		XXX			—
		b.    Accidental Death Benefits	XXX		XXX			—
		c.    Disability - Active Lives	XXX		XXX			—
		d.    Disability - Disabled Lives	XXX		XXX			—
		e.    Miscellaneous Reserves	XXX		XXX			—
	(3)	Total (gross: direct + assumed)		—		—		—
	(4)	Reinsurance Ceded		—		—		—
	(5)	Total (net) (3) - (4)		—		—		—

			Account Value		Cash Value		Reserve
C.    Separate Account Nonguaranteed
	(1)	Subject to Discretionary Withdrawal, Surrender Values, or Policy Loans:
		a.    Term Policies with Cash Value	$	—	$	—	$	—
		b.    Universal Life		—		—		—
		c.    Universal Life with Secondary Guarantees
		d.    Indexed Universal Life		—		—		—
		e.    Indexed Universal Life with Secondary Guarantees
		f.     Indexed Life		—		—		—
		g.    Other Permanent Cash Value Life Insurance		—		—		—
		h.    Variable Life		—		—		—
		i.     Variable Universal Life		41,958		41,897		41,897
		j.     Miscellaneous Reserves		—		—		—
	(2)	Not Subject to Discretionary Withdrawal or No Cash Value:
		a.    Term Policies without Cash Value	XXX		XXX			—
		b.    Accidental Death Benefits	XXX		XXX			—
		c.    Disability - Active Lives	XXX		XXX			—
		d.    Disability - Disabled Lives	XXX		XXX			—
		e.    Miscellaneous Reserves	XXX		XXX			—
	(3)	Total (gross: direct + assumed)		41,958		41,897		41,897
	(4)	Reinsurance Ceded		—		—		—
	(5)	Total (net) (3) - (4)		41,958		41,897		41,897

42

VENERABLE INSURANCE AND ANNUITY COMPANY

Notes to Financial Statements – Statutory Basis

December 31, 2020

(Dollar amounts in millions, unless otherwise stated)

D. Life & Accident & Health Annual Statement:	Amount
(1)     Exhibit 5, Life Insurance Section, Total (net)	$	—
(2)     Exhibit 5, Accidental Death Benefits Section, Total (net)		—
(3)     Exhibit 5, Disability - Active Lives Section, Total (net)		—
(4)     Exhibit 5, Disability - Disabled Lives Section, Total (net)		—
(5)     Exhibit 5, Miscellaneous Reserves Section, Total (net)		—
(6)     Subtotal	$	—

Separate Accounts Annual Statement:

(7)     Exhibit 3, line 0199999, column 2		41,897
(8)     Exhibit 3, line 0499999, column 2		—
(9)     Exhibit 3, line 0599999, column 2	$	—
(10)   Subtotal	$	41,897
(11)   Combined total	$	41,897

Deferred and uncollected life insurance premiums and annuity considerations as of December 31, 2020 and 2019 are as follows:

Type	Gross			Net of Loading
	(In Thousands)
December 31, 2020
Ordinary renewal	$	(52,446	)	$	(52,446	)
Group Life		558			558
Group Annuity		(345	)		(345	)
Totals	$	(52,233	)	$	(52,233	)
December 31, 2019
Ordinary renewal		(39,408	)		(39,408	)
Group Life		417			417
Group Annuity		(97	)		(97	)
Totals	$	(39,089	)	$	(39,089	)

7. Employee Benefit Plans

VSC created and sponsors the Venerable 401 (k) Savings Plan (the “Venerable Savings Plan”). The Venerable Savings Plan is a tax qualified defined contribution plan. Substantially all employees of VSC are eligible to participate, and are automatically enrolled in the Venerable Savings Plan with a minimum deferral of 3% of eligible compensation (unless participation is affirmatively declined). VSC will also match employee pretax contributions, up to a maximum of 6% of eligible compensation. All matching contributions are subject to a 4 year graded vesting schedule. All contributions made to the Savings Plan were subject to certain limits imposed by applicable law. Venerable Savings Plan benefits are not guaranteed by the Pension Benefit Guaranty Corporation (“PBGC”). The Venerable Savings Plan may also allocate amongst eligible participants, a profit sharing contribution of up to a maximum 4% of eligible compensation. Amounts allocated to the Company for the Venerable Savings Plan were $3.3 and $4.0 for the years ended December 31, 2020 and 2019, respectively.

The Company is a party to a deferred compensation plan for eligible employees of VSC and certain other individuals who meet the eligibility criteria. The liability for the deferred compensation commitment for VSC’s employees is held on VSC, and the Company has no legal obligation for benefits under the plan. Amounts allocated to the Company were $0.2 and $0.2 for the years ended December 31, 2020 and 2019, respectively.

43

VENERABLE INSURANCE AND ANNUITY COMPANY

Notes to Financial Statements – Statutory Basis

December 31, 2020

(Dollar amounts in millions, unless otherwise stated)

8. Separate Accounts

Separate account assets and liabilities represent funds segregated by the Company for the benefit of certain policy and contract holders who bear the investment risk. Revenues and expenses on the separate account assets and related liabilities equal the benefits paid to the separate account policy and contract holders.

The general nature and characteristics of the separate accounts business follows:

	Indexed		Non-Indexed Guarantee Less than/ equal to 4%		Non- Guaranteed Separate Accounts		Total
	(In Thousands)
December 31, 2020
Premium, consideration or deposits for the year	$	—	$	336	$	43,185	$	43,521
Reserves for separate accounts with assets at:
Fair value	$	—	$	—	$	25,103,114	$	25,103,114
Amortized cost*		—		422,122		—		422,122
Total separate account reserves	$	—	$	422,122	$	25,103,114	$	25,525,236
Reserves for separate accounts by withdrawal characteristics:
Subject to discretionary withdrawal:
With market value adjustment*	$	—	$	422,122	$	—	$	422,122
At fair value		—		—		25,103,114		25,103,114
Subtotal		—		422,122		25,103,114		25,525,236
Total separate account aggregate reserves	$	—	$	422,122	$	25,103,114	$	25,525,236

	Indexed		Non-Indexed Guarantee Less than/ equal to 4%		Non- Guaranteed Separate Accounts		Total
	(In Thousands)
December 31, 2019
Premium, consideration or deposits for the year	$	—	$	139	$	63,467	$	63,606
Reserves for separate accounts with assets at:
Fair value	$	—	$	—	$	24,967,714	$	24,967,714
Amortized cost*		—		449,456		—		449,456
Total separate account reserves	$	—	$	449,456	$	24,967,714	$	25,417,170
Reserves for separate accounts by withdrawal characteristics:
Subject to discretionary withdrawal:
With market value adjustment*	$	—	$	449,456	$	—	$	449,456
At fair value		—		—		24,967,714		24,967,714
Subtotal		—		449,456		24,967,714		25,417,170
Total separate account aggregate reserves	$	—	$	449,456	$	24,967,714	$	25,417,170

* These amounts reflect prescribed practices that depart from the NAIC Accounting Practices and Procedures Manual, see Note 2 for additional information.

The Company utilizes separate accounts to record and account for assets and liabilities for particular lines of business. For the years ended December 31, 2020 and 2019, the Company reported assets and liabilities from the following product lines in a separate account: Individual Annuity, Group Annuity, Individual Life and Group Life.

44

VENERABLE INSURANCE AND ANNUITY COMPANY

Notes to Financial Statements – Statutory Basis

December 31, 2020

(Dollar amounts in millions, unless otherwise stated)

Some assets in the separate account are considered legally insulated from the general account, providing protection of such assets from being available to satisfy claims resulting in the general account. The assets legally and not legally insulated from the general account are summarized in the following table, by product or transaction type, as of December 31, 2020 and 2019:

Product or Transaction	Legally Insulated Assets		Not Legally Insulated Assets*
	(In Thousands)
December 31, 2020
Individual Annuity	$	9,866,539	$	178,057
Group Annuity		15,232,484		276,135
Individual Life		11,227		—
Group Life		30,734		—
Total	$	25,140,984	$	454,192

December 31, 2019
Individual Annuity	$	9,829,791	$	188,960
Group Annuity		15,136,400		288,577
Individual Life		10,466		—
Group Life		25,365		—
Total	$	25,002,022	$	477,538

* These amounts reflect prescribed practices that depart from the NAIC Accounting Practices and Procedures Manual, see Note 2 for additional information.

Separate account assets for products registered with the U.S. Securities and Exchange Commission (“SEC”) totaled $25.6 billion and $25.5 billion as of the years ended December 31, 2020 and 2019, respectively. The Company did not have any separate account assets from products excluded from registration as of December 31, 2020 and 2019.

In accordance with the products/transactions recorded within the separate account, some separate account liabilities are guaranteed by the general account. To compensate the general account for the risk taken, the separate account paid the following amounts in risk charges:

Year ended	Risk Charges
	(In Thousands)
2020	$	175,289
2019		189,437
2018		199,389
2017		226,722
2016		252,482

45

VENERABLE INSURANCE AND ANNUITY COMPANY

Notes to Financial Statements – Statutory Basis

December 31, 2020

(Dollar amounts in millions, unless otherwise stated)

Total separate account guarantees paid by the Company’s general account are as follows:

Year ended	Guarantees Paid
	(In Thousands)
2020	$	33,298
2019		31,335
2018		12,084
2017		13,753
2016		40,783

The Company does not engage in securities lending transactions within its separate accounts.

A reconciliation of the amounts transferred to and from the separate accounts is presented below:

	Year ended December 31
	2020			2019
	(In Thousands)
Transfers as Reported in the Summary of Operations of the Separate Accounts Statement:
Transfers to separate accounts	$	43,818		$	63,656
Transfers from separate accounts		(2,789,418	)		(3,357,100	)
Transfers as reported in the Statements of Operations	$	(2,745,600	)	$	(3,293,444	)

The aggregate fair value of equity securities, including mutual funds, supporting separate accounts with additional insurance benefits and minimum investment return guarantees as of December 31, 2020 and 2019, was $25.1 billion and $25.0 billion, respectively.

The Company has products classified within the separate account for which the investment directive is not determined by the contract holder. If these investments had been included in the general account, the Company would not have exceeded the investment limitations imposed on the general account.

The Company has separate account assets for which less than 100% of investment proceeds, net of contract fees and assessments, are attributed to the contract holder. The reinvestment of these investment proceeds within the separate account would not have resulted in a combined investment portfolio that exceeds the state investment limitations imposed on the general account.

46

VENERABLE INSURANCE AND ANNUITY COMPANY

Notes to Financial Statements – Statutory Basis

December 31, 2020

(Dollar amounts in millions, unless otherwise stated)

9. Federal Income Taxes

The Company has entered into a federal tax sharing agreement with members of an affiliated group as defined in Section 1504 of the Internal Revenue Code of 1986, as amended. The agreement provides for the manner of calculation and the amounts/timing of the payments between the parties as well as other related matters in connection with the filing of consolidated federal income tax returns. The federal tax sharing agreement provides that the Company pays its subsidiary for the tax benefits of ordinary and capital losses only to the extent the consolidated tax group actually uses the tax benefit of losses generated.

The following is a list of affiliated companies that participate in the filing of the Company’s consolidated federal income tax return:

Venerable Insurance and Annuity Company Rocky Range, Inc.

Under the intercompany tax sharing agreement, the Company recorded a payable of $22.1 at December 31, 2020 to its subsidiary Rocky Range, Inc., for its portion of the consolidated federal income taxes.

Current income taxes incurred consisted of the following major components:

	Year ended December 31
	2020			2019
	(In Thousands)
Federal tax expense (benefit) on operations	$	(37,000	)	$	(10,637	)
Federal tax expense (benefit) on capital gain/losses		37,000			10,637
Total current tax expense (benefit) incurred	$	—		$	—

The components of deferred tax asset and deferred tax liability that make up a Net Deferred Tax Asset (DTA) at December 31, 2020 and 2019 are as follows:

	December 31, 2020							December 31, 2019						Change
	Ordinary		Capital			Total		Ordinary		Capital		Total		Ordinary			Capital			Total
	(In Thousands)
Gross DTAs	$	497,172	$	2,014		$	499,186	$	534,156	$	7,915	$	542,071	$	(36,984	)	$	(5,901	)	$	(42,885	)
Statutory Valuation Allowance Adjustments		360,330		—			360,330		389,302		162		389,463		(28,972	)		(162	)		(29,133	)
Adjusted gross DTAs		136,842		2,014			138,856		144,854		7,754		152,608		(8,012	)		(5,739	)		(13,752	)
Deferred Tax Assets Nonadmitted		—		—			—		—		—		—		—			—			—
Admitted Adjusted Gross DTAs		136,842		2,014			138,856		144,854		7,754		152,608		(8,012	)		(5,739	)		(13,752	)
Gross Deferred tax liabilities		129,825		9,031			138,856		144,854		7,754		152,608		(15,029	)		1,277			(13,752	)
Net Admitted Adjusted Gross DTAs	$	7,017	$	(7,017	)	$	—	$	—	$	—	$	—	$	7,017		$	(7,017	)	$	—

47

VENERABLE INSURANCE AND ANNUITY COMPANY

Notes to Financial Statements – Statutory Basis

December 31, 2020

(Dollar amounts in millions, unless otherwise stated)

The admission calculation components by tax character of admitted adjusted gross deferred tax assets as the result of the application of SSAP No. 101 as of December 31, 2020 and December 31, 2019 are as follows:

		December 31, 2020						December 31, 2019						Change
		Ordinary		Capital		Total		Ordinary		Capital		Total		Ordinary			Capital			Total
		(In Thousands)
a.	Federal income taxes paid in prior years recoverable through loss carrybacks	$	—	$	—	$	—	$	—	$	—	$	—	$	—		$	—		$	—
b.	(excluding the amount of DTAs from (a)) after application of the threshold limitation (the lesser of (b)1 and (b)2 below)		—		—		—		—		—		—		—			—			—
	1.Adjusted gross DTAs expected to be realized following the balance sheet date		—		—		—		—		—		—		—			—			—
	2. Adjusted gross DTAs allowed per limitation threshold	XXX		XXX			402,874	XXX		XXX			366,163	XXX			XXX				36,711
c.	Adjusted gross DTAs (excluding the amount of DTAs from (a) and (b) above) offset by gross deferred tax liabilities		136,841		2,015		138,856		144,854		7,754		152,608		(8,013	)		(5,739	)		(13,752	)
d.	Deferred tax assets admitted as the result of application SSAP No. 101
	Total	$	136,841	$	2,015	$	138,856	$	144,854	$	7,754	$	152,608	$	(8,013	)	$	(5,739	)	$	(13,752	)

The ratio percentage and the amount of adjusted capital and surplus used to determine the recovery period and threshold limitation is as follows:

	2020			2019
	(Amounts in Thousands)
Ratio percentage used to determine recovery period and threshold limitation amount		1,390.4	%		1,277.6	%
Amount of adjusted capital and surplus used to determine recovery period and threshold limitation	$	3,078,385		$	2,779,416

Below shows the calculation to determine the impact of tax planning strategies on adjusted gross and net admitted DTAs:

	December 31, 2020						December 31, 2019						Change
	Ordinary			Capital			Ordinary			Capital			Ordinary			Capital
	(Amounts in Thousands)
Adjusted gross DTAs	$	136,841		$	2,015		$	144,854		$	7,754		$	(8,013	)	$	(5,739	)
Percentage of adjusted gross DTAs by tax character attributable to the impact of tax planning strategies		0.00	%		0.00	%		0.00	%		0.00	%		0.00	%		0.00	%
Net Admitted Adjusted Gross DTAs	$	136,841		$	2,015		$	144,854		$	7,754		$	(8,013	)	$	(5,739	)
Percentage of net admitted adjusted gross DTAs by tax character admitted because of the impact of tax planning strategies		0.00	%		0.00	%		0.00	%		0.00	%		0.00	%		0.00	%
Does the Company’s tax-planning strategies include the use of reinsurance?													Yes____			No__X__

48

VENERABLE INSURANCE AND ANNUITY COMPANY

Notes to Financial Statements – Statutory Basis

December 31, 2020

(Dollar amounts in millions, unless otherwise stated)

The Company’s tax planning strategies do not include the use of reinsurance.

The significant components of deferred tax assets and deferred tax liabilities are as follows:

	December 31, 2020		December 31, 2019		Change
	(In Thousands)
Deferred Tax Assets:
Ordinary
Policyholder reserves	$	89,117	$	100,364	$	(11,247	)
Investments		145,344		193,136	$	(47,792	)
Deferred acquisition costs		1,994		—	$	1,994
Compensation and benefits accrual		2,517		1,396	$	1,121
Receivables - nonadmitted		2,539		1,560	$	979
Tax credit carry-forward		6		—	$	6
Net operating loss		254,078		235,988	$	18,090
Other (including items <5% of total ordinary tax assets)		1,577		1,712	$	(135	)
Subtotal		497,172		534,156		(36,984	)
Statutory valuation allowance adjustment		360,330		389,302		(28,972	)
Nonadmitted		—		—		—
Admitted ordinary deferred tax assets	$	136,842	$	144,854	$	(8,012	)
Capital:
Investments	$	2,014	$	7,915	$	(5,901	)
Subtotal		2,014		7,915		(5,901	)
Statutory valuation allowance adjustment		—		162		(162	)
Admitted capital deferred tax assets	$	2,014	$	7,754	$	(5,739	)
Admitted deferred tax assets	$	138,856	$	152,608	$	(13,752	)

Deferred Tax Liabilities
Ordinary:
Investments	$	63,764	$	59,258	$	4,506
Policyholder reserves		66,061		85,470		(19,409	)
Other (including items <5% of total ordinary tax liabilities)		—		126		(126	)
Subtotal		129,825		144,854		(15,029	)
Capital:
Investments	$	9,031	$	7,754	$	1,277
Other (including items <5% of total capital tax liabilities)		—		—		—
Subtotal		9,031		7,754		1,277
Total deferred tax liabilities	$	138,856	$	152,608	$	(13,752	)
Net deferred tax assets/liabilities	$	—	$	—	$	—
* Includes other nonadmitted assets

Valuation allowances are provided when it is considered more likely than not that some portion or all of the deferred tax assets will not be realized. We have determined that it is more likely than not, the portion of gross deferred tax assets subject to reversal from future taxable income exclusive of the reversing of temporary differences, will not be realized as of December 31, 2020. As of December 31, 2020 and 2019, the Company had valuation allowances of $360.3 and $389.5, respectively.

49

VENERABLE INSURANCE AND ANNUITY COMPANY

Notes to Financial Statements – Statutory Basis

December 31, 2020

(Dollar amounts in millions, unless otherwise stated)

The provision for federal income tax expense and change in deferred taxes differs from the amount which would be obtained by applying the statutory federal income tax rate to income (including capital items) before income taxes. The significant items causing this difference are as follow:

		Year Ended December 31
		2020						2019
		Amount			Effective Tax Rate			Amount			Effective Tax Rate
		(Amounts In Thousands)
Ordinary income (loss)		$	1,279,130					$	(500,173	)
Capital gain (loss)			(1,150,348	)					599,983
Total pretax income (loss)			128,782						99,810
Expected tax expense (benefit) at 21% statutory rate			27,044			21.0	%		20,960			21.0	%
Increase (decrease) in actual tax reported resulting from:
a.	Dividends received deduction		(12,805	)		(9.9	)%		(16,059	)		(16.1	)%
b.	Interest maintenance reserve		28,428			22.1	%		11,975			12.0	%
c.	Hedge losses		(629	)		(0.5	)%		—			—	%
d.	Reinsurance		(2,534	)		(2.0	)%		(7,250	)		(7.3	)%
e.	Reserve basis change		(2,050	)		(1.6	)%		—			—	%
f.	Change in valuation allowance		(29,133	)		(22.6	)%		83,808			84.0	%
g.	Prior year tax		851			0.7	%		(75,043	)		(75.2	)%
h.	Intercompany dividend		(9,444	)		(7.3	)%		(19,597	)		(19.6	)%
i.	Other		(13	)		—	%		(1	)		—	%
Total income tax reported		$	(285	)		(0.2	)%	$	(1,208	)		(1.3	)%
Current income taxes incurred		$	—			—	%	$	—			—	%
Change in deferred income tax*			(285	)		(0.2	)%		(1,208	)		(1.2	)%
Total income tax reported		$	(285	)		(0.2	)%	$	(1,208	)		(1.2	)%

* Excluding tax on unrealized gains (losses) and other surplus items

The Company is not under examination by any taxing authorities as of the years ended December 31, 2020, 2019 and 2018.

As of December 31, 2020, the Company’s tax credit carry forwards are as follows:

Year of Expiration	Amount
	(In Thousands)
2038	$	1
2039		5
Total	$	6

50

VENERABLE INSURANCE AND ANNUITY COMPANY

Notes to Financial Statements – Statutory Basis

December 31, 2020

(Dollar amounts in millions, unless otherwise stated)

As of December 31, 2020 the Company’s net operating loss carry forwards originated and expire as follows:

Year of Origination	Year of Expiration		Amount
			(In Thousands)
2020		N/A	$	68,581
2019		N/A		656,042
2018		N/A		485,273

There are no amounts of federal income tax incurred that will be available for recoupment in the event of future net losses from 2020,  2019, and 2018..

There were no deposits admitted under Section 6603 of the Internal Revenue Service Code as of December 31, 2020.

The Company has no unrecorded tax liability as of December 31, 2020 and December 31, 2019.

The Company does not have any nonadmitted state tax credits at December 31, 2020 or 2019.

The Company does not have any tax contingencies as of December 31, 2020 and 2019.

The Company recognizes accrued interest and penalties related to tax contingencies in federal income taxes and federal income tax expense on the balance sheets and statements of operations, respectively. The Company had no accrued interest as of December 31, 2020 and 2019.

51

VENERABLE INSURANCE AND ANNUITY COMPANY

Notes to Financial Statements – Statutory Basis

December 31, 2020

(Dollar amounts in millions, unless otherwise stated)

10. Investment in Subsidiaries

The Company has one wholly-owned subsidiary as of December 31, 2020, Rocky Range, an Arizona pure captive insurance company.

Pursuant to SSAP No. 97, Investments in Subsidiary Controlled and Affiliated entities, the Company reports its investment in Rocky Range based on the subsidiary’s statutory surplus. The carrying value on the Company’s financial statements as of December 31, 2020 and 2019 are as follows:

	December 31
	2020		2019
	(In Thousands)		(In Thousands)
Common Stock (cost - $400,250 in 2020 and 2019)	$	1,388,550	$	1,377,891

Summarized financial information of the Company’s subsidiary for the years ended December 31, 2020 and 2019 are as follows:

	December 31
	2020			2019
	(In Thousands)
Revenues	$	962,359		$	1,003,564
Income (Loss) before net realized gains and losses		(7,636	)		2,185,609
Net (loss) income		(3,551	)		2,187,189
Admitted assets		3,214,905			3,408,245
Liabilities		1,826,355			2,027,393

On December 3, 2019, the Company received a dividend in the amount of $25.0 from Rocky Range.

52

VENERABLE INSURANCE AND ANNUITY COMPANY

Notes to Financial Statements – Statutory Basis

December 31, 2020

(Dollar amounts in millions, unless otherwise stated)

11. Reinsurance

The Company utilizes reinsurance transactions to reduce its exposure to large losses. The Company bases its selection of a reinsurer on the financial strength of the reinsurer. Reinsurance treaties can be either in the form of ceding or assuming and are structured as monthly or yearly renewable term, coinsurance, modified coinsurance, funds withheld or a combination thereof. Reinsurance permits recovery of a portion of losses from reinsurers, although it does not discharge the Company’s primary liability as the direct insurer of the risks. To the extent that the assuming companies become unable to meet their obligations under these treaties, the Company remains contingently liable to its policyholders for the portion reinsured. To minimize its exposure to significant losses from reinsurer insolvencies, the Company evaluates the financial condition of the reinsurer and monitors concentrations of credit risk.

The Company’s ceded reinsurance arrangements reduced certain items in the accompanying financial statements by the following amounts:

	December 31
	2020		2019
	(In Thousands)
Premiums	$	81,079	$	80,326
Benefits paid or provided		2,021,353		2,509,046
Policy and contract liabilities at year end		5,597,732		6,077,739

The Company does not have any reinsurance agreements in effect under which the reinsurer may unilaterally cancel the agreement.

The Company did not have any assumed premiums for the years ended December 31, 2020 and 2019.

Reinsurance Transactions

The Company reinsures its previously issued, closed block variable annuity contracts to affiliated reinsurers.

The Company entered into a reinsurance agreement with Rocky Range an Arizona pure captive insurance company which is a wholly-owned subsidiary of the Company. Under this agreement the Company cedes, on a funds withheld coinsurance and modified coinsurance basis, certain variable annuity business to Rocky Range, which completes its financial statements on a modified U.S. GAAP basis.

The agreement has the economic impact of ceding 100% of the closed block variable annuity contracts previously issued by the Company, which includes contracts with multiple rider guarantees, including minimum accumulation, income, death, and withdrawal benefits policies. Also, as a result of the reinsurance agreement Rocky Range can use letters of credit, which would not be admitted assets to the Company, to back some or all of the reserves. Under the terms of the agreement, the Company reinsures to Rocky Range on a funds withheld basis, 100% of the general account liabilities of the reinsured policies. The agreement also cedes on a modified coinsurance basis, 100% of the separate account liabilities. Under the modified coinsurance structure the Company retains control and owns all assets contained in the separate account and holds separate account reserves.

53

VENERABLE INSURANCE AND ANNUITY COMPANY

Notes to Financial Statements – Statutory Basis

December 31, 2020

(Dollar amounts in millions, unless otherwise stated)

The Company also entered into two retrocession agreements with Athene Life Re Ltd., (“ALRe”), a Bermuda reinsurer and wholly owned subsidiary of Athene, and Athene Annuity & Life Assurance Company, (“AADE”), an insurance company organized under the laws of the State of Delaware and an indirect wholly-owned subsidiary of Athene. Effective December 31, 2019, the ALRe agreement was novated to Athene Annuity Re Ltd. (“AARe”), a Bermuda reinsurer and wholly-owned subsidiary of Athene. These two treaties have the impact of ceding 100% of the net liability associated with the GMIB-annuitized contracts from Rocky Range to AARe and AADE. Under the AARe retrocession agreement, 80% of the liability associated with annuitized GMIB contracts is ceded from Rocky Range to AARe on a modified coinsurance funds withheld basis. Under the AADE retrocession agreement, 20% of the liability associated with annuitized GMIB contracts is ceded from Rocky Range to AADE on a coinsurance basis. AARe and AADE are then ultimately liable directly to the Company. All other payout annuities are reinsured at annuitization by Rocky Range to the Company, who pays the Company the statutory carrying value of the annuitization reserve at the annuitization date. Any contracts which annuitize or reach withdrawal benefit payout during the reporting period are “paid” by the Company to Rocky Range via release of the separate account assets and funds withheld assets backing the general account liability.

The amount of reserves held by the captive reinsurer was $1.7 billion and $2.0 billion as of December 31, 2020 and 2019, respectively. The reserving basis is VM-21 for all deferred individual and group variable policies with guaranteed benefits. Rocky Range maintains a variable annuity hedge program that is designed to mitigate market risk arising primarily from the minimum guarantees within the variable annuity products, whose economic costs are primarily dependent on future equity market returns, interest rate levels, equity volatility levels and policyholder behavior. The hedge target of the variable annuity hedge program is regulatory and rating agency capital and their sensitivities to immediate market movements.

Rocky Range is domiciled in the State of Arizona and under Arizona Insurance Statutes (“ARS”) 20-1098.07(A), the Arizona Department of Insurance and Financial Institutions (“DIFI”) permits a regulatory basis of accounting where a captive insurer may use U.S. GAAP or SSAP to prepare financial statement filings. Rocky Range has elected the U.S. GAAP basis of accounting. When a captive insurer elects to use U.S. GAAP, however, it is required to follow certain prescribed practices required by the DIFI, as follows:

1)  Reinsurance reserve credits and recoverables are recorded as reductions from gross reserve liabilities, rather than as assets in accordance with U.S. GAAP;

2) Letters of credit (“LOC”) provided as capital funds are recorded as assets and reported at face value;

3) Surplus notes issued are recorded as surplus items in Shareholder’s equity, rather than as a liability in accordance with U.S. GAAP;

4) Fixed assets and prepaid expenses are recorded in Other assets; and

5) Deferred acquisition costs (“DAC”) are recorded as assets, consistent with U.S. GAAP, and are reported in Other assets.

In addition to the above described prescribed practices, Rocky Range has been granted approval by the DIFI to apply the following permitted practices:

1) To make retroactive capital contributions as permitted by SSAP 72, and notify the DIFI prior to posting the receivable, if utilized.

2) To record future policy benefit reserves assumed under various reinsurance agreements based on SSAP with an offsetting Sundry asset recorded, which is the excess of the SSAP reserve over the U.S. GAAP reserve.

3) To present the U.S. GAAP deferred gain resulting from its assumption of the business from the Company, net of related federal income taxes, as a separate component of Shareholder’s Equity. Amortization of the deferred liability will be recognized as income over the remaining lives of the underlying reinsured contracts, and the related tax impacts on federal income taxes will be included in income tax expense (benefit), in the Statement of Operations.

4) To hold a receivable in the funds withheld account and modified coinsurance account it establishes for AADE and AARe, respectively. Since the assets withheld by Rocky Range under the two retrocession agreements will be held by VIAC (which is Rocky Range’s direct parent), Rocky Range will continue to take reinsurance reserve credits for the reserves ceded under the two retrocession agreements to the extent the assets are held by VIAC rather than Rocky Range.

54

VENERABLE INSURANCE AND ANNUITY COMPANY

Notes to Financial Statements – Statutory Basis

December 31, 2020

(Dollar amounts in millions, unless otherwise stated)

The reserve credit taken by the Company for variable annuities, as of December 31, 2020 was $1.7 billion. The total amount of collateral supporting the reserve credit taken, as of December 31, 2020, was $3.5 billion.

The table below details the nature and amount of collateral backing the reserve credit taken at December 31, 2020 related to the reinsurance agreement:

Type/Description	Collateral Detail - Basis of Valuation	December 31, 2020
		(In Thousands)
Funds Withheld Trust	Market Value	$	3,045,162
Credit for Reinsurance Trust	Market Value		510,853
Miscellaneous Balances	Current Month Payable/(Receivable)		(38,680	)
	Collateral Backing Reserve Credit Taken	$	3,517,335

*Letters of credit do not meet the definition of an admitted asset under SSAP No. 4, Assets and Nonadmitted Assets

The Company reinsures 100% of its previously issued, fixed and fixed indexed annuity contracts to affiliated reinsurers.

The Company entered into a reinsurance agreement with ALRe, under which the Company cedes on a modified coinsurance basis an eighty percent (80%) quota share of certain liabilities with respect to certain fixed annuity business of the Company. Effective December 31, 2019, the ALRe agreement was novated to AARe, a Bermuda reinsurer and wholly-owned subsidiary of Athene. AARe transferred to ALRe, on behalf of the Company, assets with a fair market value of $225.5 as of December 31, 2019. As a result, the Company’s obligation to pay the unamortized ceding commission to ALRe, and AARe’s obligation to pay the ceding commission to the Company, are both satisfied by the transfer of assets by AARe to ALRe.

The Company entered into a reinsurance agreement with AADE, under which the Company cedes on a coinsurance basis a twenty percent (20%) quota share of certain liabilities with respect to certain fixed annuity business of the Company.

During the year ended December 31, 2020, the Company received $931.0 and $229.5 from AARe and AADE, respectively, related to reinsurance activity. The amount of reserves held as of December 31, 2020 were $11.9 billion and $3.0 billion, to AARe and AADE, respectively.

The Company reinsures its remaining business to third party reinsurers, in accordance with the VIAC Acquisition described in Note 1. The amount of reserves held was $934.0 and $981.2 as of December 31, 2020 and 2019, respectively. Most notable of which was the reinsurance agreement with ReliaStar Life Insurance Company, an insurance company organized under the laws of the State of Minnesota and an indirect wholly- owned subsidiary of Voya Financial. Under this agreement, the Company cedes on a coinsurance and modified coinsurance basis, its traditional individual life insurance, supplemental contracts consisting of life insurance proceeds, and certain deferred annuity and investment-only policies of the Company.

55

VENERABLE INSURANCE AND ANNUITY COMPANY

Notes to Financial Statements – Statutory Basis

December 31, 2020

(Dollar amounts in millions, unless otherwise stated)

12. Capital and Surplus

Under Iowa insurance regulations, the Company is required to maintain a minimum total capital and surplus of the greater of $5.0 or Risk Based Capital (“RBC”). Additionally, an extraordinary dividend or distribution is defined as a dividend or distribution that, together with other dividends and distributions made within the preceding twelve months, exceeds the greater of (1) 10% of the insurer’s policyholder surplus as of the preceding December 31; or (2) the insurer’s net gain from operations for the twelve-month period ended the preceding December 31, in each case determined in accordance with statutory accounting principles. Dividends are paid as determined by the Company’s Board of Directors. An extraordinary dividend or distribution cannot be paid without the prior approval of the Iowa Insurance Division. In addition, no dividend or other distribution exceeding an amount equal to an insurance company’s earned surplus may be paid without the domiciliary insurance regulator’s prior approval.

A surplus note with a carrying value and par value of $175.0 was issued to Voya Retirement Insurance and Annuity Company, a Connecticut corporation and at the time, an affiliate of the Company, on December 29, 2004 with December 29, 2034 as the date of maturity. Interest paid for the year ended December 31, 2020 and 2019 was $11.1 and $11.1, respectively. As of December 31, 2020 a total of $177.8 and has been paid in interest. The interest rate associated with this surplus debenture is 6.3%. There was an immaterial amount of unapproved interest and/or principal associated with this surplus note as of December 31, 2020 and 2019.

A surplus note with a carrying value and par value of $175.0 was issued to ReliaStar Life Insurance Company (“RLI”), a Minnesota corporation, and at the time, an affiliate of the Company, on December 29, 2004 with December 29, 2034 as the date of maturity. Interest paid for the year ended December 31, 2020 and 2019 was $11.1 and $11.1, respectively. As of December 31, 2020, a total of $177.8 has been paid in interest. The interest rate associated with this surplus debenture is 6.3%. There was an immaterial amount of unapproved interest and/or principal associated with this surplus note as of December 31, 2020 and 2019.

A surplus note with a carrying value and par value of $35.0 was issued to First Columbine Life Insurance Company (“First Columbine”), a Colorado corporation and at the time, an affiliate of the Company, on December 8, 1999 with December 7, 2029 as the date of maturity. Effective December 31, 2002, First Columbine was merged into Security Life of Denver Insurance Company (“SLD”), after approval by the Colorado Division of Insurance. SLD became the holder of the surplus note. The interest rate associated with this surplus debenture is 8.0%. The original surplus note was issued by the Company on December 31, 2002. The surplus note was transferred from SLD to Venerable Holdings on June 1, 2018. On July 13, 2020 the Iowa Insurance Division approved the Company’s request to redeem and pay in full this surplus note, and redemption occurred on July 24, 2020. At the redemption date, the principal amount of $35.0 and the interest amount for the year of $1.6 was paid, for a total amount of interest paid of $62.3. There was no amount of unapproved interest and/or principal associated with this surplus note as of December 31, 2020, and an immaterial amount of unapproved interest and/or principal as of December 31, 2019.

A surplus note with a carrying value and par value of $50.0 was issued to Security Life of Denver International Limited (“SLDI”), an Arizona corporation and at the time, an affiliate of the Company, on December 29, 2004 with December 29, 2034 as the date of maturity. The interest rate associated with this surplus debenture is 6.3%. The original surplus note was issued by the Company on December 29, 2004. The surplus note was transferred from SLDI to Venerable Holdings on June 1, 2018. On July 13, 2020 the Iowa Insurance Division approved the Company’s request to redeem and pay in full this surplus note, and redemption occurred on July 24, 2020. At the redemption date, the principal amount of $50.0 and the interest amount for the year of $1.8 was paid, for a total amount of interest paid of $49.4. There was no amount of unapproved interest and/or principal associated with this surplus note as of December 31,2020, and an immaterial amount of unapproved interest and/or principal as of December 31, 2019.

56

VENERABLE INSURANCE AND ANNUITY COMPANY

Notes to Financial Statements – Statutory Basis

December 31, 2020

(Dollar amounts in millions, unless otherwise stated)

Payment of the notes and related accrued interest is subordinate to payments due to policyholders, claimant and beneficiary claims, as well as debts owed to all other classes of debtors, other than surplus note holders, of the Company in the event of (a) the institution of bankruptcy, reorganization, insolvency, or liquidation proceedings by or against the Company, or (b) the appointment of a Trustee, receiver or other conservator for a substantial part of the Company’s properties. Any payment of principal and/or interest made is subject to the prior approval of the Iowa Insurance Commissioner.

On July 1, 2020, the Company declared an ordinary dividend in the amount of $32.0 to its sole shareholder, Venerable Holdings, which was paid on July 24, 2020 after providing notice to the Iowa Insurance Division. On July 2, 2019, the Company declared an ordinary dividend in the amount of $221.0 to its sole shareholder, Venerable Holdings, which was paid on July 23, 2019 after providing notice to the Iowa Insurance Division.

Life and health insurance companies are subject to certain RBC requirements as specified by the NAIC. Under those requirements, the amount of capital and surplus maintained by a life and health insurance company is to be determined based on the various risk factors related to it. The Company exceeded the minimum RBC requirements that would require any regulatory or corrective action for all periods presented herein.

13. Fair Values of Financial Instruments

The fair value of an asset is the amount at which that asset could be bought or sold in a current transaction between willing parties, that is, other than in a forced or liquidation sale. The fair value of a liability is the amount at which that liability could be incurred or settled in a current transaction between willing parties, that is, other than in a forced or liquidation sale.

Fair values are based on quoted market prices when available. When market prices are not available, fair value is generally estimated using discounted cash flow analyses, incorporating current market inputs for similar financial instruments with comparable terms and credit quality (matrix pricing). In instances where there is little or no market activity for the same or similar instruments, fair value can be estimated using methods, models and assumptions market participants would use to determine a current transaction price. These valuation techniques involve some level of estimation and judgment which becomes more significant with increasingly complex instruments or pricing models. Where appropriate, adjustments are included to reflect the risk inherent in a particular methodology, model or input used.

In cases where quoted market prices are not available, fair values are based on estimates using present value or other valuation techniques. Those techniques are significantly affected by the assumptions used, including the discount rate and estimates of future cash flows. In that regard, the derived fair value estimates cannot be substantiated by comparison to independent markets and, in many cases, could not be realized in immediate settlement of the financial instrument. Accordingly, the aggregate fair value amounts presented herein do not represent the underlying value of the Company.

Life insurance liabilities that contain mortality risk and all non-financial instruments have been excluded from the disclosure requirements. However, the fair values of liabilities under all insurance contracts are taken into consideration in the Company’s overall management of interest rate risk, such that the Company’s exposure to changing interest rates is minimized through the matching of investment maturities with amounts due under insurance contracts.

The following methods and assumptions are used by the Company in estimating the fair value disclosures for financial instruments in the accompanying financial statements and notes thereto:

Cash, cash equivalents and short term investments: The carrying amounts reported in the accompanying balance sheets for these financial instruments approximate their fair values.

57

VENERABLE INSURANCE AND ANNUITY COMPANY

Notes to Financial Statements – Statutory Basis

December 31, 2020

(Dollar amounts in millions, unless otherwise stated)

Bonds and equity securities: The Company utilizes a number of valuation methodologies to determine the fair values of its bonds, preferred stocks and common stocks reported herein in conformity with the concepts of “exit price” and the fair value measurement as prescribed in SSAP No. 100, Fair Value (“SSAP No. 100”). Valuations are obtained from third party commercial pricing services and asset managers.

Mortgage loans: Estimated fair values for commercial real estate loans were provided by asset managers.

Derivative financial instruments: Fair values for derivative financial instruments are obtained from third party commercial pricing services or based on prices from market data providers.

Individual and group annuities: The fair values for individual and group annuities with defined maturities are estimated using discounted cash flow calculations, based on interest rates currently being offered for similar contracts with maturities consistent with those remaining for the contracts being valued. For individual and group annuities, fair value is estimated to be the present surrender value.

Assets held in separate accounts: Assets held in separate accounts, excluding MVA’s, are reported at the quoted fair values of the underlying investments in the separate account. The underlying investments include mutual funds, short-term investments and cash, the valuation of which are based upon quoted market prices.

The carrying value of all other financial instruments approximates their fair value.

Included in various investment related line items in the financial statements are certain financial instruments carried at fair value. Other financial instruments are periodically measured at fair value, such as when impaired, or, for certain bonds and preferred stock when carried at the lower of cost or market.

Derivatives are carried at fair value, which is obtained from third party commercial pricing services or based on prices from the market data providers. Derivatives which qualify for special hedge accounting treatment are reported in a manner that is consistent with the accounting for the hedged asset or liability.

The Company’s financial assets and liabilities have been classified, for disclosure purposes, based on a hierarchy defined by SSAP No. 100.

The fair value hierarchy gives the highest priority to quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). If the inputs used to measure fair value fall within different levels of the hierarchy, the category level is based on the lowest priority level input that is significant to the fair value measurement of the instrument. Financial assets and liabilities recorded at fair value on the balance sheets are categorized as follows:

▪ Level 1 - Unadjusted quoted prices for identical assets or liabilities in an active market.

▪ Level 2 - Quoted prices in markets that are not active or inputs that are observable either directly or indirectly for substantially the full term of the asset or liability. Level 2 inputs include the following:

a) Quoted prices for similar assets or liabilities in active markets;

b) Quoted prices for identical or similar assets or liabilities in non-active markets;

c) Inputs other than quoted market prices that are observable; and

d) Inputs that are derived principally from or corroborated by observable market data through correlation or other means.

▪ Level 3 - Prices or valuation techniques that require inputs that are both unobservable and significant to the overall fair value measurement. These valuations, whether derived internally or obtained from a third party, use critical assumptions that are not widely available to estimate market participant expectations in valuing the asset or liability.

58

VENERABLE INSURANCE AND ANNUITY COMPANY

Notes to Financial Statements – Statutory Basis

December 31, 2020

(Dollar amounts in millions, unless otherwise stated)

The following valuation methods and assumptions were used by the Company in estimating the reported values for the investments and derivatives described below:

Bonds and other invested assets: Securities that are carried at fair value on the balance sheet are classified as Level 1, Level 2 or Level 3. The fair value of bonds and other invested assets classified as Level 1 are obtained through unadjusted quoted prices for identical assets or liabilities in an active market. Level 2 bond prices are obtained through several commercial pricing services, which incorporate a variety of market observable information in their valuation techniques, including benchmark yields, broker-dealer quotes, credit quality, issuer spreads, bids, offers and other reference data to provide estimated fair values. The fair value for privately placed bonds and other invested assets are provided by asset managers and are classified as Level 3 assets.

Preferred and Common Stocks: Fair values of publicly traded equity securities are based upon quoted market prices and are classified as Level 1 assets. Fair values of private equities or equity securities not traded on an exchange, are provided by asset managers and are classified as Level 3 assets.

Cash and short-term investments: The carrying amounts for cash reflect the assets’ fair values. The fair values for cash equivalents and short-term investments are determined based on quoted market prices. These assets are classified as Level 1.

Assets held in separate accounts: Assets held in separate accounts, excluding MVA’s, are reported at the quoted fair values of the underlying investments in the separate accounts. The underlying investments can include mutual funds, short-term investments and cash, the valuation of which are based upon a quoted market price and are included in Level 1. The underlying investments can also include bonds the valuation of which are obtained from third party commercial pricing services and brokers and are classified in the fair value hierarchy as either Level 2 or Level 3, consistent with the policies described above for fixed maturities.

Derivatives: The carrying amounts for these financial instruments, which can be assets or liabilities, reflect the fair value of the assets and liabilities. Certain derivatives are carried at fair value (on the balance sheets), which is obtained from third party commercial pricing services or based on prices from market data providers. All derivative instruments are valued based on market observable inputs and are classified as Level 2.

Mortgage loans: The fair values for mortgage loans are provided by asset managers. Mortgage loans are classified as Level 3.

Contract loans: The fair value of contract loans approximates the carrying value of the loans. Contract loans are collateralized by the cash surrender value of the associated insurance contracts and are classified as Level 1.

Deposit type contracts: Fair value is estimated as the present value of expected cash flows associated with the contract liabilities discounted using risk-free rates plus an adjustment for nonperformance risk. The valuation is consistent with current market parameters. Margins for non-financial risks associated with the contract liabilities are also included. These liabilities are classified as Level 3. For certain deposit type contracts, fair value is estimated by discounting cash flows at rates that are risk-free rates plus an adjustment for nonperformance risk. These liabilities are classified as Level 2.

59

The following table shows the Company’s financial instruments and the Level within the fair value hierarchy in which the fair value measurements fall as of December 31, 2020:

	Aggregate Fair Value		Carrying Value		Level 1		Level 2		Level 3
	(In Thousands)
Assets:
Fixed maturities, including securities pledged	$	18,052,305	$	16,122,818	$	1,152,742	$	16,307,132	$	592,430
Preferred stock		127,098		117,798		40,863		44,477		41,759
Common stock		12,038		12,038		—		12,026		12
Mortgage loans		3,587,486		3,404,838		—		—		3,587,486
Policy loans		—		—		—		—		—
Contract loans		4,421		4,421		4,421		—		—
Other invested assets		80,086		69,546		—		80,086		—
Cash, cash equivalents and short-term investments		856,636		856,606		819,224		37,293		119
Derivatives
Credit contracts		881		96		—		881		—
Equity contracts		994,366		994,366		—		994,366		—
Foreign exchange contracts		115		115		—		115		—
Interest rate contracts		443		443		—		443		—
Securities lending reinvested collateral		—		—		—		—		—
Notes receivable from affiliate		—		—		—		—		—
Separate account assets*		25,652,978		25,595,175		25,146,448		427,681		78,849
Total assets	$	49,368,853	$	47,178,260	$	27,163,698	$	17,904,500	$	4,300,655
Liabilities:
Deposit type contracts	$	3,316,092	$	2,912,756	$	—	$	—	$	3,316,092
Derivatives
Equity contracts		1,238,662		1,238,662		—		1,238,662		—
Foreign exchange contracts		2,394		2,394		—		2,394		—
Interest rate contracts		—		—		—		—		—
Borrowed money		—		—		—		—		—
Total liabilities	$	4,557,148	$	4,153,812	$	—	$	1,241,056	$	3,316,092

* These amounts reflect prescribed or permitted practices that depart from the NAIC Accounting Practices and Procedures Manual, see Note 2, Summary of Significant Accounting Polices for additional information.

The Company did not have any financial instruments for which it was not practicable to estimate fair value as of December 31, 2020.

60

VENERABLE INSURANCE AND ANNUITY COMPANY

Notes to Financial Statements – Statutory Basis

December 31, 2020

(Dollar amounts in millions, unless otherwise stated)

The following table shows the Company’s financial instruments and the Level within the fair value hierarchy in which the fair value measurements fall as of December 31, 2019:

	Aggregate Fair Value		Carrying Value		Level 1		Level 2		Level 3
	(In Thousands)
Assets:
Fixed maturities, including securities pledged	$	17,806,020	$	16,503,236	$	486,464	$	16,666,002	$	653,554
Preferred stock		163,425		156,124		40,495		49,512		73,418
Common stock		10,811		10,811		—		10,799		12
Mortgage loans		3,696,612		3,545,908		—		—		3,696,612
Contract loans		5,294		5,294		5,294		—		—
Other invested assets		48,596		42,132		—		48,596		—
Cash, cash equivalents and short-term investments		738,326		738,306		681,444		48,598		8,284
Derivatives
Credit contracts		764		116		—		764		—
Equity contracts		1,132,508		1,132,508		—		1,132,508		—
Foreign exchange contracts		1,193		1,193		—		1,193		—
Interest rate contracts		147		147		—		147		—
Separate account assets*		25,518,829		25,479,559		25,014,068		417,052		87,709
Total assets	$	49,122,526	$	47,615,335	$	26,227,765	$	18,375,172	$	4,519,590
Liabilities:
Deposit type contracts	$	2,708,733	$	2,752,699	$	—	$	—	$	2,708,733
Derivatives
Equity contracts		1,806,075		1,806,075		—		1,806,075		—
Foreign exchange contracts		368		368		—		368		—
Interest rate contracts		10,653		229		—		10,653		—
Borrowed money		10,009		10,009		—		10,009		—
Total liabilities	$	4,535,837	$	4,569,380	$	—	$	1,827,104	$	2,708,733

* These amounts reflect prescribed or permitted practices that depart from the NAIC Accounting Practices and Procedures Manual, see Note 2 for additional information.

The Company did not have any financial instruments for which it was not practicable to estimate fair value as of December 31, 2019.

61

VENERABLE INSURANCE AND ANNUITY COMPANY

Notes to Financial Statements – Statutory Basis

December 31, 2020

(Dollar amounts in millions, unless otherwise stated)

The following tables show assets and liabilities measured and reported at fair value in which the fair value measurements use quoted prices in active markets for identical assets or liabilities (Level 1), significant other observable inputs (Level 2) and significant unobservable inputs (Level 3) as of December 31, 2020:

	Level 1		Level 2		Level 3		Total
	(In Thousands)
Assets:
Bonds
U.S. corporate, state & municipal	$	—	$	3,350	$	—	$	3,350
Common stock		—		12,026		12		12,038
Derivatives
Equity contracts		—		994,366		—		994,366
Foreign exchange contracts		—		115		—		115
Interest rate contracts		—		443		—		443
Separate account assets*		25,140,982		—		1,690		25,142,672
Total assets	$	25,140,982	$	1,010,3001	$	1,702	$	26,152,984
Liabilities:
Derivatives
Equity contracts	$	—	$	1,238,662	$	—	$	1,238,662
Foreign exchange contracts		—		2,394		—		2,394
Interest rate contracts		—		—		—		—
Total liabilities	$	—	$	1,241,056	$	—	$	1,241,056

*  These amounts reflect prescribed or permitted practices that depart from the NAIC Accounting Practices and Procedures Manual, see Note 2 for additional information.

The Company did not have any security transfers between Level 1 and Level 2 during 2020. The Company’s policy is to recognize transfers in and transfers out as of the beginning of the most recent quarterly reporting period.

62

VENERABLE INSURANCE AND ANNUITY COMPANY

Notes to Financial Statements – Statutory Basis

December 31, 2020

(Dollar amounts in millions, unless otherwise stated)

The following tables show assets and liabilities measured and reported at fair value in which the fair value measurements use quoted prices in active markets for identical assets or liabilities (Level 1), significant other observable inputs (Level 2) and significant unobservable inputs (Level 3) as of December 31, 2019:

	Level 1		Level 2		Level 3		Total
	(In Thousands)
Assets:
Bonds
US corporate, state & municipal	$	—	$	4	$	—	$	4
Common stock		—		10,799		12		10,811
Derivatives
Equity contracts		—		1,132,508		—		1,132,508
Foreign exchange contracts		—		1,193		—		1,193
Interest rate contracts		—		147		—		147
Separate account assets*		25,002,022		—		1,690		25,003,711
Total assets	$	25,002,022	$	1,144,652	$	1,702	$	26,148,374
Liabilities:
Derivatives
Equity contracts		—		1,806,075		—		1,806,075
Foreign exchange contracts		—		368		—		368
Interest rate contracts		—		229		—		229
Total liabilities	$	—	$	1,806,672	$	—	$	1,806,672

* These amounts reflect prescribed or permitted practices that depart from the NAIC Accounting Practices and Procedures Manual, see Note 2 for additional information.

The Company did not have any security transfers between Level 1 and Level 2 during 2019. The Company’s policy is to recognize transfers in and transfers out as of the beginning of the most recent quarterly reporting period.

The Company did not have any change in fair value within its Level 3 assets and liabilities for the year ended December 31, 2020.

There were no transfers in and out of Level 3 during the year ended December 31, 2020. Securities that are primarily valued using independent broker quotes when prices are not available from one of the commercial pricing services are reflected as transfers into Level 3, as these securities are generally less liquid with very limited trading activity or where less transparency exists corroborating the inputs to the valuation methodologies. When securities are valued using more widely available information, the securities are transferred out of Level 3 and into Level 1 or 2, as appropriate.

63

VENERABLE INSURANCE AND ANNUITY COMPANY

Notes to Financial Statements – Statutory Basis

December 31, 2020

(Dollar amounts in millions, unless otherwise stated)

The following table summarizes the change in fair value of the Company’s Level 3 assets and liabilities for the year ended December 31, 2019:

Description	Beginning of the Year		Transfers into Level 3		Transfers Out of Level 3		Total Gains and (Losses) Included in Net Income		Total Gains and (Losses) Included in Surplus		Purchases		Issuances		Sales			Settlements		End of the Year
Common Stock		—		—		—		307		12		—		—		(307	)		—		12
Separate accounts*		1,690		—		—		—		—		—		—		—			—		1,690
Total	$	1,690	$	—	$	—	$	307	$	12	$	—	$	—	$	(307	)	$	—	$	1,702

*  These amounts reflect prescribed or permitted practices that depart from the NAIC Accounting Practices and Procedures Manual, see Note 2, Summary of Significant Accounting Polices for additional information.

Transfers in and out of Level 3 during the year ended December 31, 2019 are due to the variation in inputs relied upon for valuation each quarter. Securities that are primarily valued using independent broker quotes when prices are not available from one of the commercial pricing services are reflected as transfers into Level 3, as these securities are generally less liquid with very limited trading activity or where less transparency exists corroborating the inputs to the valuation methodologies. When securities are valued using more widely available information, the securities are transferred out of Level 3 and into Level 1 or 2, as appropriate.

64

VENERABLE INSURANCE AND ANNUITY COMPANY

Notes to Financial Statements – Statutory Basis

December 31, 2020

(Dollar amounts in millions, unless otherwise stated)

14. Commitments and Contingencies

Operating Leases - The Company is party to certain cost-sharing arrangements and service agreements with other affiliated companies. Included in these cost-sharing arrangements is rent expense, which is allocated to the Company in accordance with systematic cost allocation arrangements. The Company incurred rent expense of $1.7 and $1.6 as of December 31, 2020, and 2019, respectively, under this cost-sharing methodology.

Legal Proceedings - The Company is involved in threatened or pending lawsuits/arbitrations arising from the normal conduct of business. Due to the climate in insurance and business litigation/arbitration, suits against the Company sometimes include claims for substantial compensatory, consequential or punitive damages and other types of relief. Certain claims are asserted as class actions, purporting to represent a group of similarly situated individuals. In addition, the life insurance industry has experienced litigation alleging, for example, that insurance companies have breached the terms of their life insurance policies by increasing the insurance rates of the applicable policies inappropriately or by factoring into rate adjustments elements not disclosed under the terms of the applicable policies, and, consequently, unjustly enriched themselves. This litigation is generally known as cost of insurance litigation. While it is not possible to forecast the outcome of such lawsuits/ arbitrations, in light of existing insurance, reinsurance and established reserves, it is the opinion of management that the disposition of such lawsuits/arbitrations will not have a material adverse effect on the Company’s operations or financial position.

Regulatory Matters - As with many financial services companies, the Company and its affiliates periodically receive informal and formal requests for information from various state and federal governmental agencies and self-regulatory organizations in connection with examinations, inquiries, investigations and audits of the products and practices of the Company or the financial services industry. Some of the investigations, examinations, audits and inquiries could result in regulatory action against the Company. The potential outcome of such regulatory action is difficult to predict but could subject the Company to adverse consequences, including, but not limited to, additional payments to beneficiaries, settlement payments, penalties, fines and other financial liability, and changes to the Company’s policies and procedures. The potential economic consequences cannot be predicted, but management does not believe that the outcome of any such action will have a material adverse effect on the Company’s financial position. It is the practice of the Company and its affiliates to cooperate fully in these matters.

Investment Purchase Commitments: As part of its overall investment strategy, the Company has entered into agreements to purchase private placements and commercial mortgages of $13.9 and $2.6 at December 31, 2020 and 2019, respectively. The Company is also committed to provide additional capital contributions to partnerships of $414.7 and $280.3 at December 31, 2020 and 2019, respectively.

Liquidity: The Company’s principal sources of liquidity are product charges, investment income, premiums, proceeds from the maturity and sale of investments, and capital contributions. Primary uses of these funds are payments of commissions and operating expenses, interest credits, investment purchases, and contract maturities, death benefits, withdrawals, surrenders, and dividends to its parent.

65

VENERABLE INSURANCE AND ANNUITY COMPANY

Notes to Financial Statements – Statutory Basis

December 31, 2020

(Dollar amounts in millions, unless otherwise stated)

The Company’s liquidity position is managed by maintaining adequate levels of liquid assets, such as cash, cash equivalents, and short-term investments. In addition, the investment portfolio is primarily composed of high quality fixed income investments, which include holdings of U.S. Government securities, high quality corporate bonds and agency backed residential mortgage backed securities. Asset/liability management is integrated into many aspects of the Company’s operations, including investment decisions, product development, and determination of crediting rates. As part of the risk management process, different economic scenarios are modeled, including cash flow testing required for insurance regulatory purposes, to determine that existing assets are adequate to meet projected liability cash flows. Key variables in the modeling process include interest rates, anticipated contract owner behavior, and variable separate account performance. Contract owners bear the investment risk related to variable annuity products, subject, in limited cases, to certain minimum guaranteed rates.

The fixed account liabilities are supported by a general account portfolio principally composed of fixed rate investments with matching duration characteristics that can generate predictable, steady rates of return. The portfolio management strategy for the general account considers the assets available-for-sale. This strategy enables the Company to respond to changes in market interest rates, prepayment risk, relative values of asset sectors and individual securities and loans, credit quality outlook, and other relevant factors. The Company’s asset/liability management discipline includes strategies to minimize exposure to loss as interest rates and economic and market conditions change. In executing this strategy, the Company uses derivative instruments to manage these risks. The Company’s derivative counterparties are of high credit quality.

On June 25, 2020, Kroll Bond Rating Agency (“KBRA”) assigned an insurance financial strength rating of A- to the Company, and a debt rating of BBB to the Company’s surplus notes.

On October 28, 2020, in response to the announcement that the Company has entered into an MTA with Equitable Holdings, Inc., KBRA placed the A- insurance financial strength rating and its debt rating of BBB to the Company’s surplus notes on Watch Developing.

The ratings of the Company by the rating agency are based on the rating agency’s specific views of the Company’s financial strength.

15. Financing Agreements

The Company maintains a reciprocal loan agreement with Venerable Holdings to promote efficient management of cash and liquidity and to provide for short-term cash requirements. Under this agreement, which expires June 1, 2028, the Company and Venerable Holdings can lend funds to or borrow from each other up to 3% of the Company’s admitted assets excluding separate accounts as of the 31st day of December next preceding. The Company did not engage in any lending or borrowing under this agreement during the year ended December 31, 2020, and therefore did not incur any interest expense or receive any interest income. The Company received an immaterial amount of interest income and incurred an immaterial amount of interest expense for the year ended December 31, 2019. As of December 31, 2020, the Company had no outstanding receivable or outstanding payable balance with Venerable Holdings under the reciprocal loan agreement.

66

VENERABLE INSURANCE AND ANNUITY COMPANY

Notes to Financial Statements – Statutory Basis

December 31, 2020

(Dollar amounts in millions, unless otherwise stated)

16. Related Party Transactions

The Company has entered into various management and services contracts and cost sharing arrangements with other affiliated Venerable Holdings companies which are allocated among companies in accordance with systematic cost allocation methods. The Company’s material related party agreements are detailed below:

Investment Management: The Company entered into an investment advisory agreement with Athene Asset Management LLC (“AAM”) under which AAM provides the Company with investment management services. Effective October 1, 2019, AAM was renamed Apollo Insurance Solutions Group (“Apollo ISG”). For the year ended December 31, 2020 and 2019, expenses incurred related to this agreement were $39.1 and $40.8, respectively.

Service Agreements: The Company has entered into an inter-company agreement with its affiliates whereby the affiliates provide certain administrative, management, professional, advisory, consulting, and other services to each other. Management and service contracts and all cost-sharing arrangements are allocated among companies in accordance with systematic cost allocation methods. For the year ended December 31, 2020 and 2019, expenses incurred related to this agreement were $107.5 and $144.8, respectively.

The Company receives a monthly fee from DSL based on annual contractual rates by fund. This fee is calculated as a percentage of average assets in the variable separate accounts. Revenue earned by the Company under this arrangement was $49.7 and $55.1 for the years ended December 31, 2020 and 2019, respectively.

The Company has entered into an underwriting and distribution agreement with DSL, whereby DSL serves as the principal underwriter for annuity contracts issued by the Company. DSL is authorized to enter into agreements with broker-dealers to distribute the Company’s annuity contracts and appoint representatives of the broker-dealers as agents. For the periods ended December 31, 2020 and 2019, commissions were incurred in the amounts of $133.6 and $142.8, respectively.

See Note 10 regarding reinsurance agreements with related parties.

Tax Sharing Agreements: See Note 9 for disclosure related to the federal tax sharing agreement.

The Company is not a party to any state tax sharing agreement, and is currently not required to file any state or local taxes.

17. Guaranty Fund Assessments

Insurance companies are assessed the costs of funding the insolvencies of other insurance companies by the various state guaranty associations, generally based on the amount of premium companies collect in that state. The Company accrues for the cost of potential future guaranty fund assessments based on estimates of insurance company insolvencies provided by the National Organization of Life and Health Insurance Guaranty Associations and the amount of premiums written in each state. The accrual methodology follows a retrospective-premium-based guaranty-fund assessments construct. The Company has estimated and recorded this liability to be $0.1 and $0.1 as of December 31, 2020 and 2019, respectively, and is reflected in accounts payable and accrued expenses on the balance sheets. The Company has also recorded an asset in other assets on the balance sheets of $0.5 and $0.6 as of December 31, 2020 and 2019, respectively, for future credits to premium taxes for assessments already paid and/or accrued. The periods over which the guaranty fund assessments are expected to be paid, the related premium tax offsets are expected to be realized and the additional industry support is expected to be paid are unknown at this time.

67

VENERABLE INSURANCE AND ANNUITY COMPANY

Notes to Financial Statements – Statutory Basis

December 31, 2020

(Dollar amounts in millions, unless otherwise stated)

There are no premium tax offsets where it is reasonably possible that an impairment has occurred in accordance with SSAP No. 5R, Liabilities, Contingencies and Impairments of Assets (“SSAP No. 5R”).

A reconciliation of assets recognized is presented below:

	Year ended December 31
	2020		2019
	(In Thousands)
Assets recognized from paid and accrued premium tax offsets as of December 31, 2019	$	623	$	740
Decreases current year:
Premium tax offset applied		61		110
Changes in premium tax offset capacity/other adjustments		40		8
Increases current year:
Creditable assessments remitted		6		1
Assets recognized from paid and accrued premium tax offsets as of December 31, 2020	$	528	$	623

The following tables show guaranty fund liabilities and assets related to assessments from insolvencies as of December 31, 2020:

Discount Rate Applied 2.50 %

The undiscounted and discounted amount of the guaranty fund assessments and related assets by insolvency:

	Guaranty Fund Assessment				Related Assets
Name of Insolvency	Undiscounted		Discounted		Undiscounted		Discounted
	(In Dollars)
Penn Treaty	$	14	$	13	$	14	$	13
Senior American Life Insurance Company	$	5,642	$	4,986	$	5,642	$	4,986

Number of jurisdictions, ranges of years used to discount and weighted average number of years of the discounting time period for payables and recoverables by insolvency:

Payables

Recoverables

Name of Insolvency

Number of Jurisdictions

Range of Years

Weighted Average Number of Years

Number of Jurisdictions

Range of Years

Weighted Average Number of Years

Senior American Life Insurance Company

N/A

N/A

N/A

11

0-20

5

68

VENERABLE INSURANCE AND ANNUITY COMPANY

Notes to Financial Statements – Statutory Basis

December 31, 2020

(Dollar amounts in millions, unless otherwise stated)

The following tables show guaranty fund liabilities and assets related to assessments from insolvencies as of December 31, 2019:

Discount Rate Applied 4.25%

The undiscounted and discounted amount of the guaranty fund assessments and related assets by insolvency:

	Guaranty Fund Assessment				Related Assets
Name of Insolvency	Undiscounted		Discounted		Undiscounted		Discounted
	(In Dollars)
Lincoln Memorial Life Insurance	$	906	$	906	$	906	$	736

Number of jurisdictions, ranges of years used to discount and weighted average number of years of the discounting time period for payables and recoverables by insolvency:

Payables

Recoverables

Name of Insolvency

Number of Jurisdictions

Range of Years

Weighted Average Number of Years

Number of Jurisdictions

Range of Years

Weighted Average Number of Years

Lincoln Memorial Life Insurance

N/A

N/A

N/A

50

0-20

5

18. Subsequent Events

The Company is not aware of any events occurring subsequent to December 31, 2020 that may have a material effect on the Company’s financial statements. The Company evaluated events subsequent to December 31, 2020 through March 30, 2021, the date the statutory financial statements were available to be issued.

69

VENERABLE INSURANCE AND ANNUITY COMPANY

Notes to Financial Statements – Statutory Basis

December 31, 2020

(Dollar amounts in millions, unless otherwise stated)

19. Reconciliation to Statutory Statement

During the preparation of the accompanying statutory-basis financial statement for the year ended December 31, 2020, the Company concluded an adjustment was necessary regarding a security payable that did not settle. It was determined that an ending position was carried as of December 31, 2020 that was previously cancelled, and should not have been reflected in the Company’s Statutory Annual Statement. This cancellation and the corresponding impacts are reflected in the accompanying financial statements as of December 31, 2020. A reconciliation of the amounts previously reported in the Company’s Statutory Annual Statement as filed with the Iowa Insurance Division for the year ended December 31, 2020, to those reported in the accompanying financial statement is as follows:

	Annual Statement		Adjustment			Accompanying Financial Statements
Balance Sheet	(In Thousands)
Assets:
Bonds	$	16,272,818	$	(150,000	)	$	16,122,818
Total admitted assets	$	49,487,766	$	(150,000	)	$	49,337,766
Liabilities:
Other liabilities	$	433,830	$	(150,000	)	$	283,830
Total liabilities	$	46,801,937	$	(150,000	)	$	46,651,938
Capital and surplus:
Total Capital and surplus	$	2,685,828	$	—		$	2,685,828
Total liabilities and capital and surplus	$	49,487,766	$	(150,000	)	$	49,337,766

70

Supplementary Information

71

Ernst & Young LLP One Commerce Square Suite 700 2005 Market Street Philadelphia, PA 19103
Tel: (215) 448-5000 Fax: (215) 448-5500 ey.com

Report of Independent Auditors on Supplementary Information

The Board of Directors and Stockholder

Venerable Insurance and Annuity Company

We have audited, in accordance with auditing standards generally accepted in the United States, the statutory-basis financial statements of Venerable Insurance and Annuity Company for the years ended December 31, 2020 and 2019, and have issued an adverse opinion with respect to conformity with U.S. generally accepted accounting principles and an unmodified opinion with respect to conformity with accounting practices prescribed or permitted by  the  Insurance  Division, Department   of Commerce, of the State of Iowa thereon dated March 30, 2021. Our audits were conducted for the purpose of forming an opinion on the financial statements as a whole. The accompanying supplemental schedule of selected statutory-basis financial data, supplemental schedule of life and health reinsurance disclosures, and supplemental investment disclosures are presented to comply with the National Association of Insurance Commissioners’ Annual Statement Instructions and the National Association of Insurance Commissioners’ Accounting Practices and Procedures Manual and for purposes of additional analysis and are not a required part of the financial statements. Such information is the responsibility of management and was derived from and relates directly to the underlying accounting and other records used to prepare the financial statements. The information has been subjected to the auditing procedures applied in the audit of the financial statements and certain additional procedures, including comparing and reconciling such information directly to the underlying accounting and other records used to prepare the financial statements or to the financial statements themselves, and other additional procedures in accordance with auditing standards generally accepted in the United States. In our opinion, the information is fairly stated, in all material respects, in relation to the statutory-basis financial statements as a whole.

This report is intended solely for the information and use of the Company and state insurance departments to whose jurisdiction the Company is subject and is not intended to be and should not be used by anyone other than these specified parties.

March 30, 2021

72

VENERABLE INSURANCE AND ANNUITY COMPANY

Supplemental Schedule of Selected Statutory Basis Financial Data

December 31, 2020

(In Thousands)

Investment Income Earned:
U.S. government bonds	$	18,293
Other bonds (unaffiliated)		753,238
Bonds of affiliates		1,161
Preferred stocks (unaffiliated)		6,558
Common stocks (unaffiliated)		351
Common stocks of affiliates		44,973
Mortgage loans		152,137
Contract loans		278
Cash on hand and on deposit		8,765
Short-term investments		(53	)
Other invested assets		45,408
Derivative instruments		567,615
Gross investment income	$	1,598,724
Mortgage Loans (Book Value):
Commercial mortgages	$	3,404,838
Total mortgage loans	$	3,404,838
Mortgage Loans by Standing (Book Value):
Good standing	$	3,404,838
Total mortgage loans by standing	$	3,404,838
Other long-term assets (statement value)	$	486,388
Contract loans	$	4,421
Bonds and Stocks of Parents, Subsidiaries and Affiliates (Book Value):
Bonds	$	50,990
Common Stocks		1,388,550
Total Bonds and Stocks of Parents, Subsidiaries and Affiliates	$	1,439,540

73

VENERABLE INSURANCE AND ANNUITY COMPANY

Supplemental Schedule of Selected Statutory Basis Financial Data

December 31, 2020

(In Thousands)

Bonds and Short-term Investments by NAIC Designation and Maturity:
Bonds and Short-term Investments by Maturity (Statement Value):
Due within 1 year or less	$	1,028,204
Over 1 year through 5 years		4,828,435
Over 5 years through 10 years		5,578,907
Over 10 years through 20 years		2,957,405
Over 20 years		1,767,249
Total by maturity	$	16,160,200
Bonds and Short-term Investments by NAIC Designation (Statement Value):
NAIC 1	$	7,943,604
NAIC 2		7,196,039
NAIC 3		771,729
NAIC 4		206,438
NAIC 5		34,212
NAIC 6		8,178
Total by NAIC Designation	$	16,160,200
Total bonds and short-term investments publicly traded	$	7,276,227
Total bonds and short-term investments privately placed	$	8,883,974
Preferred stocks (statement value)	$	117,798
Common stocks, including subsidiaries (market value)	$	1,400,588
Short-term investments (book value)	$	37,382
Cash equivalents	$	480,007
Financial options owned (statement value)	$	842,675
Financial options written and in force (statement value)	$	(1,039,319	)
Financial collar, swap and forward agreements open (statement value)	$	(49,392	)
Financial futures contracts open (current value)	$	—
Cash on deposit	$	270,015
Life Insurance in Force:
Ordinary	$	2,028,132
Group life	$	60,212
Amount of accidental death insurance in force under ordinary policies	$	41,788

74

VENERABLE INSURANCE AND ANNUITY COMPANY

Supplemental Schedule of Selected Statutory Basis Financial Data

December 31, 2020

(In Thousands)

Life Insurance Policies with Disability Provisions in Force:
Ordinary	$	68,899
Group life	$	—
Supplementary Contracts in Force:
Ordinary-not involving life contingencies:
Amount on deposit	$	—
Income payable	$	302,286
Ordinary-involving life contingencies:
Amount on deposit	$	—
Amount of income payable	$	257,539
Group-not involving life contingencies:
Amount on deposit	$	—
Amount of income payable	$	—
Group-involving life contingencies:
Amount on deposit	$	—
Amount of income payable	$	—
Annuities:
Ordinary:
Immediate-amount of income payable	$	53,579
Deferred-fully paid account balance	$	14,213,690
Deferred-not fully paid account balance	$	8,015,977
Group:
Amount of income payable	$	3
Fully paid account balance		15,346,391
Not fully paid account balance	$	184,185
Accident and Health Insurance Premiums in Force:
Ordinary	$	54
Group	$	—
Deposit Funds and Dividend Accumulations:
Deposit funds-account balance	$	—
Dividend accumulations-account balance	$	—

75

VENERABLE INSURANCE AND ANNUITY COMPANY

Investment Risk Interrogatories

December 31, 2020

(In Thousands)

I. Investment Risk Interrogatories

The Company’s total admitted assets (excluding separate account assets) as reported on page two of its Annual Statement for the year ended December 31, 2020 is $23.7 billion.

1. Following are the 10 largest exposures to a single issuer/borrower/investment, by investment category, excluding: (i) U.S. government, U.S. government agency securities and those U.S. government money market funds listed in the Appendix to the SVO Practices and Procedures Manual as exempt, (ii) property occupied by the Company, and (iii) contract loans:

Issuer		Investment Category	Amount		Percentage of Total Admitted Assets*
i.	Rocky Range, Inc.	Common Stock	$	1,388,550		5.8	%
ii.	Freddie Mac	Bonds		202,304		0.9
iii.	Federal National Mortgage Association	Bonds		187,595		0.8
iv.	Cayman Universe Holdings LLC	Bonds		173,807		0.7
v.	Ace Credit Fund, LP	Bonds		126,036		0.5
vi.	H&R NNN Pool 3	Commercial Mortgage		98,276		0.4
vii.	AP Tundra Holdings LLC	Bonds		88,000		0.4
viii.	AT&T Inc.	Bonds		76,069		0.3
ix.	Trademark Royalty 2018-1 LLC	Bonds		73,700		0.3
x.	JPMorgan Chase & Co.	Bonds		73,460		0.3

2. The Company’s total admitted assets held in bonds and short term investments (excluding reciprocal borrowings) and preferred stocks, by NAIC designating at December 31, 2020, are:

Bonds				Preferred Stocks
NAIC Rating	Amount		Percentage of Total Admitted Assets*	NAIC Rating	Amount		Percentage of Total Admitted Assets*
NAIC-1	$	7,943,604	33.5%	P/RP-1	$	55,492	0.2%
NAIC-2		7,196,039	30.3	P/RP-2		54,731	0.2
NAIC-3		771,729	3.3	P/RP-3		7,575	0.0
NAIC-4		206,438	0.9	P/RP-4		—	—
NAIC-5		34,212	0.1	P/RP-5		—	—
NAIC-6		8,178	0.0	P/RP-6		—	—
	$	16,160,200			$	117,798

3. Following are the Company’s total admitted assets held in foreign investments (regardless of whether there is any foreign currency exposure) and unhedged foreign currency exposure (defined as the statement value of investments denominated in foreign currencies which are not hedged by financial instruments qualifying for hedge accounting as specified in SSAP No. 86, including: (i) foreign currency denominated investments of $0 million supporting insurance liabilities denominated in that same foreign currency of $0 million, and excluding (ii) Canadian investments of $474.5 million which includes unhedged currency exposure of $0 million as of December 31, 2020):

* Excludes separate accounts

76

VENERABLE INSURANCE AND ANNUITY COMPANY

Investment Risk Interrogatories

December 31, 2020

(In Thousands)

a. Aggregate foreign investment exposure categorized by NAIC sovereign rating:

		Amount		Percentage of Total Admitted Assets*
i.	Countries rated NAIC-1	$	3,713,344		15.6	%
ii.	Countries rated NAIC-2		278,542		1.2
iii.	Countries rated NAIC-3 or below		58,914		0.2

b. Two largest foreign investment exposures to a single country, categorized by the country’s NAIC sovereign rating:

		Amount		Percentage of Total Admitted Assets*
i.	Countries Rated NAIC-1:
	Country: Cayman Islands	$	1,277,155		5.4	%
	Country: United Kingdom		666,466		2.8
ii.	Countries Rated NAIC-2:
	Country: Mexico		104,011		0.4
	Country: Indonesia		38,202		0.2
iii.	Countries Rated NAIC-3 or Below:
	Country: Brazil		18,086		0.1
	Country: Turkey		11,912		0.1

c. Aggregate unhedged foreign currency exposure: Not applicable.

d. Aggregate unhedged foreign currency exposure categorized by NAIC sovereign designating: Not applicable.

e. The two largest unhedged foreign currency exposures to a single country, categorized by the country’s NAIC sovereign rating: Not applicable.

* Excludes separate accounts

77

VENERABLE INSURANCE AND ANNUITY COMPANY

Investment Risk Interrogatories

December 31, 2020

(In Thousands)

f. The ten largest non–sovereign (i.e. non–governmental) foreign issues:

	Name	NAIC Rating		Amount		Percentage of Total Admitted Assets*
i.	Cayman Universe Holdings LLC		1	$	173,807		0.7	%
ii.	Vector Limited		2		56,000		0.2
iii.	AA Infrastructure Fund 1 Ltd		1		50,990		0.2
iv.	HSBC Holdings plc		1, 2		49,369		0.2
v.	The Star Entertainment Finance Limited		2		47,116		0.2
vi.	Anglian Water Services Financing Plc		1, 2		45,083		0.2
vii.	Antares Clo 2017-1, Ltd.		1, 2		42,006		0.2
viii.	Coöperatieve Rabobank U.A.		1, 2		41,944		0.2
ix.	Triton International Limited		2		40,694		0.2
x.	Babcock International Group PLC		2		36,600		0.2

4. Assets held in Canadian investments are less than 2.5% of the Company’s total admitted assets.

5. Assets held in investments with contractual sales restrictions are less than 2.5% of the Company’s total admitted assets.

6. Assets held in equity interests are greater than 2.5% of the Company’s total admitted assets.

		Amount		Percentage of Total Admitted Assets*
i.	ROCKY RANGE, INC.	$	1,388,550		5.8	%
ii.	PRAEDIUM MULTIFAMILY VALUE FUND IX		45,165		0.2
iii.	NNN INVESTOR 1 LP		31,811		0.1
iv.	GRIFFIS PREMIUM APARTMENT FUND IV		20,144		0.1
v.	CASTLELAKE AVIATION III LP		19,702		0.1
vi.	DNP Select Income Fund Inc.		19,093		0.1
vii.	VISTA EQUITY PARTNERS FUND VI LP		16,676		0.1
viii.	C-III RECOVERY FUND III LP		15,610		0.1
ix.	Farmers Insurance Exchange, Inc.		15,200		0.1
x.	THOMA BRAVO FUND XII		14,756		0.1

7. Assets held in nonaffiliated, privately placed equities are less than 2.5% of the Company’s total admitted assets.

8. Assets held in general partnership interests are less than 2.5% of the Company’s total admitted assets.

* Excludes separate accounts

78

VENERABLE INSURANCE AND ANNUITY COMPANY

Investment Risk Interrogatories

December 31, 2020

(In Thousands)

9. With respect to mortgage loans, the Company’s total admitted assets are as follows:

a. The 10 largest aggregate mortgage interests. The aggregate mortgage interest represents the combined value of all mortgages secured by the same property or same group of properties:

	Type/Property	Amount		Percentage of Total Admitted Assets*
i.	H&R NNN Pool 3	$	98,276		0.4	%
ii.	Twin Spans Business Park, LLC		61,675		0.3
iii.	Golden Triangle Industrial Park, LLC		42,000		0.2
iv.	HPA Borrower 2018-1 MS LLC		39,786		0.2
v.	TR Deerfield Office LLC		39,000		0.2
vi.	Renaissance Square		38,270		0.2
vii.	Palm Springs Mile Associates, Ltd		36,100		0.2
viii.	181 Fremont Office Senior Mezz LLC		35,201		0.1
ix.	Six SAC Self-Storage Corporation		35,023		0.1
x.	666 5TH AVENUE		34,446		0.1

b. The Company’s total admitted assets held in the following categories of mortgage loans as of December 31, 2020:

		Amount		Percentage of Total Admitted Assets*
i.	Construction loans	$	—		0.0	%
ii.	Mortgage loans over 90 days past due		—		—
iii.	Mortgage loans in the process of foreclosure		—		—
iv.	Mortgage loans foreclosed		—		—
v.	Restructured mortgage loans		—		—

* Excludes separate accounts

79

VENERABLE INSURANCE AND ANNUITY COMPANY

Investment Risk Interrogatories

December 31, 2020

(In Thousands)

c. Aggregate mortgage loans having the following loan to value ratios as determined from the most current appraisal as of December 31, 2020:

		Residential					Commercial					Agricultural
	Loan-to-Value	Amount		Percentage of Total Admitted Assets*			Amount		Percentage of Total Admitted Assets*			Amount		Percentage of Total Admitted Assets*
i.	above 95%	$	—		—	%	$	—		—	%	$	—		—	%
ii.	91% to 95%		—		—			—		—			—		—
iii.	81% to 90%		—		—			—		0.0			—		—
iv.	71% to 80%		—		—			143,971		0.6			—		—
v.	below 70%		—		—			3,260,867		13.7			—		—
		$	—				$	3,404,838				$	—

10. Assets held in each of the five largest investments in one parcel or group of contiguous parcels of real estate are less than 2.5% of the Company’s total admitted assets.

11.
The Company’s total admitted assets subject to the following types of agreements as of December 31, 2020:

 

							Unaudited At End of Each Quarter
		At Year End					1st Quarter		2nd Quarter		3rd Quarter
		Amount		Percentage of Total Admitted Assets*			Amount		Amount		Amount
i.	Securities lending (do not include assets held as collateral for such transactions)	$	—		—	%	$	—	$	—	$	—
ii.	Repurchase agreements		—		—			—		200,000		—
iii.	Reverse repurchase agreements		—		—			—		—		—
iv.	Dollar repurchase agreements		—		—			—		—		—
v.	Dollar reverse repurchase agreements		—		—			—		—		—

12. Amounts and percentages of the Company’s total admitted assets for warrants not attached to other financial instruments, options, caps, and floors as of December 31, 2020:

		Owned					Written
		Amount		Percentage of Total Admitted Assets*			Amount		Percentage of Total Admitted Assets*
i.	Hedging	$	842,675		3.5	%	$	—		0.0	%
ii.	Income generation		—		—			—		—
iii.	Other		—		—			—		—

* Excludes separate accounts

80

VENERABLE INSURANCE AND ANNUITY COMPANY

Investment Risk Interrogatories

December 31, 2020

(In Thousands)

13. The Company’s potential exposure (defined as the amount determined in accordance with the NAIC Annual Statement Instructions) for collars, swaps, and forwards as of December 31, 2020:

							Unaudited At End of Each Quarter
		At Year End					1st Quarter		2nd Quarter		3rd Quarter
		Amount		Percentage of Total Admitted Assets*			Amount		Amount		Amount
i.	Hedging	$	51		—	%	$	5,605	$	4,574	$	4,312
ii.	Income Generation		—		—			—		—		—
iii.	Replications		25,000		0.1			25,000		25,000		25,000
iv.	Other		748		—			795		781		762

14. The Company’s potential exposure (defined as the amount determined in accordance with NAIC Annual Statement Instructions) for futures contracts as of December 31, 2020:

							Unaudited At End of Each Quarter
		At Year End					1st Quarter		2nd Quarter		3rd Quarter
		Amount		Percentage of Total Admitted Assets*			Amount		Amount		Amount
i.	Hedging	$	—		—	%	$	—	$	—	$	—
ii.	Income Generation		—		—			—		—		—
iii.	Replications		—		—			—		—		—
iv.	Other		193,321		0.8			258,873		239,623		220,196

* Excludes separate accounts

81

VENERABLE INSURANCE AND ANNUITY COMPANY

Summary Investment Schedule

December 31, 2020

(In Thousands)

II. Summary Investment Schedule

	Gross Investment Holdings*					Admitted Assets as Reported in the Annual Statement
Investment Categories	Amount		Percentage of Total			Amount		Securities Lending Reinvested Collateral Amount		Total Amount		Percentage of Total
Long-Term Bonds (Schedule D, Part 1) U.S. governments	$	1,105,007		4.7	%	$	1,105,007	$	—	$	1,105,007		4.7	%
All Other governments		171,359		0.7	%		171,359		—		171,359		0.7	%
U.S. states, territories and possessions, etc. guaranteed		96,580		0.4	%		96,580		—		96,580		0.4	%
U.S. political subdivisions of states, territories and possessions, guaranteed		139,255		0.6	%		139,255		—		139,255		0.6	%
U.S. special revenue and special assessment obligations, etc. non-guaranteed		556,586		2.4	%		556,586		—		556,586		2.4	%
Industrial and miscellaneous		13,745,305		58.9	%		13,745,305		—		13,745,305		58.9	%
Hybrid securities		193,435		0.8	%		193,435		—		193,435		0.8	%
Parent, subsidiaries and affiliates		50,990		0.2	%		50,990		—		50,990		0.2	%
Unaffiliated Bank loans		64,301		0.3	%		64,301		—		64,301		0.2	%
Total long term bonds		16,122,818		69.0	%		16,122,818		—		16,122,818		69.0	%
Preferred stocks (Schedule D Part 2, Section 1)
Industrial and miscellaneous (Unaffiliated)		117,798		0.5	%		117,798		—		117,798		0.5	%
Parent, subsidiaries and affiliates		—		—	%		—		—		—		—	%
Total preferred stocks		117,798		0.5	%		117,798		—		117,798		0.5	%
Common stocks (Schedule D Part 2, Section 2)
Industrial and miscellaneous Publicly traded (Unaffiliated)		12		—	%		12		—		12		—	%
Industrial and miscellaneous other (Unaffiliated)		12,026		0.1	%		12,026		—		12,026		0.1	%
Parent, subsidiaries and affiliates Other		1,388,550		6.0	%		1,388,550		—		1,388,550		6.0	%
Total common stocks		1,400,588		6.0	%		1,400,588		—		1,400,588		6.0	%
Mortgage loans (Schedule B)
Commercial mortgages		3,404,838		14.6	%		3,404,838		—		3,404,838		14.6	%
Total mortgage loans		3,404,838		14.6	%		3,404,838		—		3,404,838		14.6	%
Cash, cash equivalents and short-term investments
Cash (Schedule E, Part 1)		270,016		1.2	%		270,016		—		270,016		1.2	%
Cash equivalents (Schedule E, Part 2)		480,007		2.1	%		480,007		—		480,007		2.1	%
Short-term investments (Schedule DA)		37,382		0.2	%		37,382		—		37,382		0.2	%
Total cash, cash equivalents and short term investments		787,405		3.4	%		787,405		—		787,405		3.4	%
Contract loans		4,421		—	%		4,421		—		4,421		—	%
Derivatives (Schedule DB)		995,020		4.4	%		995,020		—		995,020		4.4	%
Other invested assets (Schedule BA)		486,388		2.1	%		486,388		—		486,388		2.1	%
Receivables for securities		6,823		—	%		6,823		—		6,823		—	%
Other invested assets		7,196		—	%		7,196		—		7,196		—	%
Total invested assets	$	23,333,295		100	%	$	23,333,295		—	$	$ 23,333,295		100	%

* Excludes separate accounts

82

VENERABLE INSURANCE AND ANNUITY COMPANY

Supplemental Schedule of Life and Health Reinsurance Disclosures

December 31, 2020

The following information regarding reinsurance contracts is presented to satisfy the disclosure requirements in SSAP No. 61R, Life, Deposit-Type and Accident and Health Reinsurance, which apply to reinsurance contracts entered into, renewed or amended on or after January 1, 1996.

1. Has the Company reinsured any risk with any other entity under a reinsurance contract (or multiple contracts with the same reinsurer or its affiliates) that is subject to Appendix A-791, Life and Health Reinsurance Agreements, and includes a provision that limits the reinsurer’s assumption of significant risks identified in Appendix A-791?

Examples of risk-limiting features include provisions such as a deductible, a loss ratio corridor, a loss cap, an aggregate limit or other provisions that result in similar effects.

Yes ☐ No ☑

If yes, the number of reinsurance contracts to which such provisions apply would be disclosed here.

If yes, indicate if deposit accounting was applied for all contracts subject to Appendix A-791 that limit significant risks.

Yes ☐ No ☐ N/A ☑

2. Has the Company reinsured any risk with any other entity under a reinsurance contract (or multiple contracts with the same reinsurer or its affiliates) that is not subject to Appendix A-791, for which reinsurance accounting was applied and includes a provision that limits the reinsurer’s assumption of risk?

Examples of risk-limiting features include provisions such as a deductible, a loss ratio corridor, a loss cap, an aggregate limit or other provisions that result in similar effects.

Yes ☐ No ☑

If yes, the number of reinsurance contracts to which such provisions apply would be disclosed here. If yes, indicate whether the reinsurance credit was reduced for the risk-limiting features.

Yes ☐ No ☐ N/A ☑

3. Does the Company have any reinsurance contracts (other than reinsurance contracts with a federal or state facility) that contain one or more of the following features which may result in delays in payment in form or in fact:

a. Provisions that permit the reporting of losses to be made less frequently than quarterly;

b. Provisions that permit settlements to be made less frequently than quarterly;

c. Provisions that permit payments due from the reinsurer to not be made in cash within ninety (90) days of the settlement date (unless there is no activity during the period); or

d. The existence of payment schedules, accumulating retentions from multiple years, or any features inherently designed to delay timing of the reimbursement to the ceding entity.

Yes ☐ No ☑

4. Has the Company reflected reinsurance accounting credit for any contracts that are not subject to Appendix A-791 and not yearly renewable term reinsurance, which meet the risk transfer requirements of SSAP No. 61R?

* Excludes separate accounts

83

VENERABLE INSURANCE AND ANNUITY COMPANY

Supplemental Schedule of Life and Health Reinsurance Disclosures

December 31, 2020

Type of contract:	Response:	Identify reinsurance contract(s):	Has the insured event(s) triggering contract coverage been recognized?
Assumption reinsurance – new for the reporting period	Yes ☐ No ☑	N/A	Yes ☐ No ☐ N/A ☑
Non-proportional reinsurance, which does not result in significant surplus relief	Yes ☐ No ☑	N/A	Yes ☐ No ☐ N/A ☑

5. Has the Company ceded any risk, which is not subject to Appendix A-791 and not yearly renewable term reinsurance, under any reinsurance contract (or multiple contracts with the same reinsurer or its affiliates) during the period covered by the financial statements, and either:

a. Accounted for that contract as reinsurance under statutory accounting principles (SAP) and as a deposit under generally accepted accounting principles (GAAP); or

Yes ☐ No ☐ N/A ☑

b. Accounted for that contract as reinsurance under GAAP and as a deposit under SAP?

Yes ☐ No ☐ N/A ☑

If the answer to item (a) or item (b) was yes, relevant information regarding GAAP to SAP differences from the accounting policy footnote to the audited statutory-basis financial statements to explain why the contract(s) is treated differently for GAAP and SAP would be disclosed here.

84

VENERABLE INSURANCE AND ANNUITY COMPANY

Note to Supplementary Information

December 31, 2020

1. Basis of Presentation

The accompanying supplemental information presents selected statutory basis financial data as of December 31, 2020 and for the year then ended for purposes of complying with the National Association of Insurance Commissioners’ Annual Statement Instructions and Accounting Practices and Procedures Manual and agrees to or is included in the amounts reported in the Company’s 2020 Statutory Annual Statement as filed with the Iowa Insurance Division.

85