Delaware Life Variable Account F

N-VPFS 1 d947482dnvpfs.htm DELAWARE LIFE VARIABLE ACCOUNT F Delaware Life Variable Account F

Delaware Life

Variable Account F – Regatta

Financial Statements as of and for the Year Ended December 31, 2020 and Report of Independent Registered Public Accounting Firm

DELAWARE LIFE VARIABLE ACCOUNT F - REGATTA

(A Separate Account of Delaware Life Insurance Company)
Index

December 31, 2020

	Page(s)

Report of Independent Registered Public Accounting Firm	1-4

Financial Statements

Statements of Assets and Liabilities	5-12

Statements of Operations	13-69

Statements of Changes in Net Assets	70-137

Notes to the Financial Statements	138-171

LOGO

Report of Independent Registered Public Accounting Firm

To the Board of Directors of Delaware Life Insurance Company and the Contract Owners of Delaware Life Variable Account F:

Opinions on the Financial Statements

We have audited the accompanying statements of assets and liabilities of each of the subaccounts of Delaware Life Variable Account F - Regatta indicated in the table below as of December 31, 2020, and the related statements of operations and of changes in net assets for each of the periods indicated in the table below, including 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 of the subaccounts of Delaware Life Variable Account F - Regatta as of December 31, 2020, and the results of each of their operations and the changes in each of their net assets for the periods indicated in the table below, in conformity with accounting principles generally accepted in the United States of America.


AB VPS Balanced Wealth Strategy Portfolio (Class B) Sub-Account (AL1) (1)		MFS VIT II Corporate Bond Portfolio S Class Sub-Account (MA0) (1)

AB VPS Dynamic Asset Allocation Portfolio Class B Sub-Account (AO5) (1)		MFS VIT II Core Equity Portfolio I Class Sub-Account (MC2) (1)

AB VPS International Growth Portfolio (Class B) Sub-Account (AM2) (1)		MFS VIT II Core Equity Portfolio S Class Sub-Account (MC1) (1)

AB VPS International Value Portfolio (Class B) Sub-Account (A98) (1)		MFS VIT II Emerging Markets Equity Portfolio I Class Sub-Account (MC3) (1)

AB VPS Large Cap Growth (Class B) Sub-Account (AC4) (1)		MFS VIT II Emerging Markets Equity Portfolio S Class Sub-Account (MA1) (1)

AB VPS Small/Mid Cap Value Portfolio (Class B) Sub-Account (A74) (1)		MFS VIT II Global Governments Portfolio I Class Sub-Account (MC4) (1)

American Funds Growth Fund - Class 4 Sub-Account (AP0) (1)		MFS VIT II Global Governments Portfolio S Class Sub-Account (MC5) (1)

American Funds Growth-Income Fund - Class 4 Sub-Account (AQ1) (1)		MFS VIT II Global Growth Portfolio I Class Sub-Account (MC6) (1)

American Funds International Fund - Class 4 Sub-Account (AQ2) (1)		MFS VIT II Global Growth Portfolio S Class Sub-Account (MC7) (1)

American Funds IS Asset Allocation - Class 4 Sub-Account (AS3) (1)		MFS VIT II Global Research Portfolio I Class Sub-Account (MC8) (1)

American Funds IS Global Growth - Class 4 Sub-Account (AS6) (1)		MFS VIT II Global Research Portfolio S Class Sub-Account (MC9) (1)

American Funds New World Fund - Class 4 Sub-Account (AQ3) (1)		MFS VIT II Global Tactical Allocation Portfolio I Class Sub-Account (MD0) (1)

American Funds IS Global Balanced - Class 4 Sub-Account (AX1) (1)		MFS VIT II Global Tactical Allocation Portfolio S Class Sub-Account (M92) (1)

BlackRock Global Allocation V.I. Fund (Class III) Sub-Account (B18) (1)		MFS VIT II Government Securities Portfolio I Class Sub-Account (M96) (1)

ClearBridge Variable Mid Cap Portfolio - Class II Sub-Account (L33) (1)		MFS VIT II Government Securities Portfolio S Class Sub-Account (MD2) (1)

Columbia Variable Portfolio - Small Cap Value Fund Class 2 Sub-Account (C71) (1)		MFS VIT II High Yield Portfolio I Class Sub-Account (MA6) (1)

Columbia Variable Portfolio - Large Cap Growth Fund Class 1 Sub-Account (C59) (1)		MFS VIT II High Yield Portfolio Service Class Sub-Account (MA3) (1)

Columbia Variable Portfolio - Large Cap Growth Fund Class 2 Sub-Account (C60) (1)		MFS VIT II International Growth Portfolio I Class Sub-Account (M97) (1)

CTIVP - Loomis Sayles Growth Fund Class 1 Sub-Account (C89) (1)		MFS VIT II International Growth Portfolio S Class Sub-Account (MD5) (1)

CTIVP - Loomis Sayles Growth Fund Class 2 Sub-Account (C90) (1)		MFS VIT II International Intrinsic Value Portfolio Initial Class Sub-Account (M98) (1)

Columbia Variable Portfolio - Overseas Core Fund Class 2 Sub-Account (C58) (1)		MFS VIT II International Intrinsic Value Portfolio Service Class Sub-Account (M93) (1)

Columbia Variable Portfolio Select Large Cap Value- Class 2 Sub-Account (C91) (1)		MFS VIT II Massachusetts Investors Growth Stock Portfolio I Class Sub-Account (MD6) (1)

Fidelity VIP Balanced Portfolio (Service Class 2) Sub-Account (FD7) (1)		MFS VIT II Massachusetts Investors Growth Stock Portfolio S Class Sub-Account (MB3) (1)

PricewaterhouseCoopers LLP, 185 Asylum Street, Suite 2400, Hartford, CT 06103-3404

T: (860) 241 7000, www.pwc.com/us

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Fidelity VIP Contrafund Portfolio (Service Class 2) Sub-Account (F24) (1)		MFS U.S. Government Money Market Portfolio Initial Class Sub-Account (MD8) (1)

Fidelity VIP Freedom 2010 Portfolio (Service Class 2) Sub-Account (F88) (1)		MFS U.S. Government Money Market Portfolio Service Class Sub-Account (MD9) (1)

Fidelity VIP Freedom 2015 Portfolio (Service Class 2) Sub-Account (FB9) (1)		MFS VIT II Research International Portfolio I Class Sub-Account (ME2) (1)

Fidelity VIP Freedom 2020 Portfolio (Service Class 2) Sub-Account (F15) (1)		MFS VIT II Research International Portfolio S Class Sub-Account (ME3) (1)

Fidelity VIP Mid Cap Portfolio (Service Class 2) Sub-Account (F41) (1)		MFS VIT II Income Portfolio I Class Sub-Account (MA5) (1)

First Eagle Overseas Variable Fund Sub-Account (FE3) (1)		MFS VIT II Income Portfolio S Class Sub-Account (MA7) (1)

First Trust/Dow Jones Div&Inc Alloc Port - Class 1 Sub-Account (F19) (2)		MFS VIT II Technology Portfolio I Class Sub-Account (ME4) (1)

Franklin Templeton Developing Markets VIP Fund Class 2 Sub-Account (T21) (1)		MFS VIT II Technology Portfolio S Class Sub-Account (MA2) (1)

Franklin Templeton Foreign VIP Fund Class 2 Sub-Account (T20) (1)		MFS VIT III Blended Research Small Cap Equity Portfolio Service Class Sub-Account (MF3) (1)

Franklin Templeton Allocation VIP Fund Class 2 Sub-Account (FE6) (1)		MFS VIT III Conservative Allocation Portfolio Service Class Sub-Account (MF5) (1)

Franklin Templeton Global Bond VIP Fund Class 4 Sub-Account (T59) (1)		MFS VIT III Global Real Estate Portfolio Initial Class Sub-Account (MF6) (1)

Franklin Templeton Growth VIP Fund Class 2 Sub-Account (F56) (1)		MFS VIT III Global Real Estate Portfolio Service Class Sub-Account (MF7) (1)

Franklin Templeton Income VIP Fund Class 2 Sub-Account (F59) (1)		MFS VIT III Growth Allocation Portfolio Service Class Sub-Account (MF9) (1)

Franklin Templeton Income VIP Fund Class 4 Sub-Account (FF0) (1)		MFS VIT III Inflation Adjusted Bond Portfolio Service Class Sub-Account (MG1) (1)

Franklin Templeton Mutual Shares VIP Fund Class 2 Sub-Account (F54) (1)		MFS VIT III Limited Maturity Portfolio Initial Class Sub-Account (MF2) (1)

Franklin Templeton Mutual Shares VIP Fund Class 4 Sub-Account (FG8) (1)		MFS VIT III Limited Maturity Portfolio Service Class Sub-Account (MG2) (1)

Franklin Templeton Small Cap Value VIP Fund Class 2 Sub-Account (F53) (1)		MFS VIT III Mid Cap Value Portfolio Initial Class Sub-Account (MG3) (1)

Franklin Templeton Small Cap Value VIP Fund Class 4 Sub-Account (FJ9) (1)		MFS VIT III Mid Cap Value Portfolio Service Class Sub-Account (MG4) (1)

Franklin Templeton Strategic Income VIP Fund Class 2 Sub-Account (T28) (1)		MFS VIT III Moderate Allocation Portfolio Service Class Sub-Account (MG6) (1)

Franklin Templeton Strategic Income VIP Fund Class 4 Sub-Account (FJ0) (1)		MFS VIT III New Discovery Value Portfolio Service Class Sub-Account (MG7) (1)

Goldman Sachs VIT U.S. Equity Insights Fund - Service Class Sub-Account (G03) (1)		Morgan Stanley Variable Insurance Fund, Inc. Global Franchise Portfolio, Class II Sub-Account (V45) (1)

Rational Trend Aggregation VA Fund Sub-Account (H24) (1)		Morgan Stanley Variable Insurance Fund, Inc Global Infrastructure - Class II Sub-Account (U43) (1)

Rational Insider Buying VA Fund Sub-Account (H32) (1)		Morgan Stanley Variable Insurance Fund, Inc Global Strategist Portfolio, Class II Sub-Account (U41) (1)

Invesco V.I. American Value Fund Series II Sub-Account (V35) (1)		Morgan Stanley Variable Insurance Fund, Inc. Growth Portfolio Class II Sub-Account (V44) (1)

Invesco V.I. Comstock Fund Series II Sub-Account (V13) (1)		Morgan Stanley Variable Insurance Fund, Inc. Discovery Portfolio Class II Sub-Account (V43) (1)

Invesco V.I. Core Plus Bond Fund - Series II Sub-Account (AB3) (1)		Invesco Oppenheimer V.I. Capital Appreciation Fund, Series II Sub-Account (O19) (1)

Invesco V.I. Equity and Income Fund Series II Sub-Account (V11) (1)		Invesco Oppenheimer V.I. Conservative Balanced Fund, Series II Sub-Account (O23) (1)

Invesco V.I. International Growth Fund II Sub-Account (AC1) (1)		Invesco Oppenheimer V.I. Global Fund, Series II Sub-Account (O20) (1)

JPMorgan Insurance Trust Core Bond Portfolio (Class 2) Sub-Account (J88) (1)		Invesco Oppenheimer V.I. Main Street Fund, Series II Sub-Account (O21) (1)

JPMorgan Insurance Trust Income Builder - Class 2 Sub-Account (JF0) (1)		Invesco Oppenheimer V.I. Main Street Small Cap Fund, Series II Sub-Account (O04) (1)

JPMorgan Insurance Trust U.S. Equity Portfolio (Class 2) Sub-Account (J94) (1)		PIMCO VIT StocksPLUS Global Portfolio Advisor Class Sub-Account (PH2) (1)

Lazard Retirement Emerging Markets Equity Portfolio Service Class Sub-Account (L11) (1)		PIMCO VIT All Asset Portfolio Admin Class Sub-Account (P08) (1)

Lazard Retirement Global Dynamic Multi Asset Portfolio Sub-Account (L42) (1)		PIMCO VIT All Asset Portfolio Advisor Class Sub-Account (PC0) (1)

Lord Abbett Series Fund - Bonds-Debenture Portfolio Sub-Account (L16) (1)		PIMCO VIT CommodityRealReturn Strategy Portfolio Advisor Class Sub-Account (P70) (1)

Lord Abbett Series Fund - Growth Opportunities Portfolio VC Sub-Account (L18) (1)		PIMCO VIT CommodityRealReturnTM Strategy Portfolio Admin Class Sub-Account (P10) (1)

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Lord Abbett Series Fund- Fundamental Equity Portfolio VC Sub-Account (L17) (1)		PIMCO VIT Emerging Markets Bond Portfolio Admin Class Sub-Account (PK8) (1)

MFS VIT Total Return Series Initial Class Sub-Account (M07) (1)		PIMCO VIT Emerging Markets Bond Portfolio Advisor Class Sub-Account (P20) (1)

MFS VIT Total Return Series Service Class Sub-Account (M35) (1)		PIMCO VIT International Bond Portfolio (U.S. Dollar-Hedged) Advisor Class Sub-Account (PM5) (1)

MFS VIT I Growth Series Initial Class Sub-Account (M31) (1)		PIMCO VIT Global Managed Asset Allocation Portfolio Advisor Class Sub-Account (PD6) (1)

MFS VIT I Growth Series Service Class Sub-Account (M80) (1)		PIMCO VIT Real Return Portfolio Admin Class Sub-Account (P06) (1)

MFS VIT I Mid Cap Growth Series Initial Class Sub-Account (MF1) (1)		PIMCO VIT Total Return Portfolio Admin Class Sub-Account (P07) (1)

MFS VIT I Mid Cap Growth Series Service Class Sub-Account (M41) (1)		PIMCO VIT Total Return Portfolio - Advisor Class Sub-Account (P68) (1)

MFS VIT I New Discovery Series Initial Class Sub-Account (M05) (1)		Putnam VT Multi-Asset Absolute Return Fund Class IB Sub-Account (PI3) (1)

MFS VIT I New Discovery Series Service Class Sub-Account (M42) (1)		Putnam VT Equity Income Fund Class IB Sub-Account (P72) (1)

MFS VIT I Total Return Bond Series Service Class Sub-Account (M89) (1)		Putnam VT George Putnam Balanced Fun - Class IB Sub-Account (P88) (1)

MFS VIT I Research Series Service Class Sub-Account (M82) (1)		Putnam VT Global Asset Allocation Fund - Class IB Sub-Account (P93) (1)

MFS VIT I Utilities Series Initial Class Sub-Account (M44) (1)		Putnam VT Global Health Care Fund - Class IB Sub-Account (P89) (1)

MFS VIT I Utilities Series Service Class Sub-Account (M40) (1)		Putnam VT Income Fund - Class IB Sub-Account (P95) (1)

MFS VIT I Value Series Initial Class Sub-Account (M83) (1)		Putnam VT Research Fund - Class IB Sub-Account (P79) (1)

MFS VIT I Value Series Service Class Sub-Account (M08) (1)		Wanger Select Fund Sub-Account (W41) (1)

MFS VIT II Blended Research Core Equity Portfolio I Class Sub-Account (MB6) (1)		Wanger USA Sub-Account (W42) (1)

MFS VIT II Blended Research Core Equity Portfolio S Class Sub-Account (MB7) (1)		Western Asset Variable Core Bond Plus II Sub-Account (W50) (1)

MFS VIT II Corporate Bond Portfolio I Class Sub-Account (MC0) (1)
(1) Statement of operations for the year ended December 31, 2020 and statement of changes in net assets for the years ended December 31, 2020 and 2019.

(2) Statement of operations and statement of changes in net assets for the period May 1, 2020 (commencement of operations) through December 31, 2020.

Basis for Opinions

These financial statements are the responsibility of the Delaware Life Insurance Company management. Our responsibility is to express an opinion on the financial statements of each of the subaccounts of Delaware Life Variable Account F - Regatta 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 each of the subaccounts of Delaware Life Variable Account F - Regatta 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 of these financial statements 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.

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Our procedures included confirmation of investments owned as of December 31, 2020 by correspondence with the transfer agents of the investee mutual funds. We believe that our audits provide a reasonable basis for our opinions.

/s/ PricewaterhouseCoopers LLP

Hartford, CT

April 28, 2021

We have served as the auditor of one or more of the subaccounts of Delaware Life Variable Account F - Regatta since 2013.

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DELAWARE LIFE VARIABLE ACCOUNT F - REGATTA

(A Separate Account of Delaware Life Insurance Company)

STATEMENTS OF ASSETS AND LIABILITIES

DECEMBER 31, 2020

		Assets									Liabilities
	Shares		Cost		Investments at fair value		Receivable from Sponsor		Total assets		Payable to Sponsor		Net Assets
AB VPS Balanced Wealth Strategy Portfolio (Class B) Sub-Account (AL1)		3,551,271	$	37,062,501	$	37,181,804	$	—	$	37,181,804	$	—	$	37,181,804
AB VPS Dynamic Asset Allocation Portfolio Class B Sub-Account (AO5)		5,101,930		60,318,688		70,406,634		—		70,406,634		—		70,406,634
AB VPS International Growth Portfolio (Class B) Sub-Account (AM2)		153,614		3,067,508		4,166,019		—		4,166,019		—		4,166,019
AB VPS International Value Portfolio (Class B) Sub-Account (A98)		1,838,589		24,373,046		26,365,367		821		26,366,188		—		26,366,188
AB VPS Large Cap Growth (Class B) Sub-Account (AC4)		15,271		1,018,806		1,092,017		—		1,092,017		—		1,092,017
AB VPS Small/Mid Cap Value Portfolio (Class B) Sub-Account (A74)		715,826		10,510,775		12,305,048		1,248		12,306,296		—		12,306,296
American Funds Growth Fund - Class 4 Sub-Account (AP0)		38,145		3,939,205		4,472,124		—		4,472,124		—		4,472,124
American Funds Growth-Income Fund - Class 4 Sub-Account (AQ1)		9,022		424,325		487,112		—		487,112		—		487,112
American Funds International Fund - Class 4 Sub-Account (AQ2)		4,382		90,351		101,879		—		101,879		—		101,879
American Funds IS Asset Allocation - Class 4 Sub-Account (AS3)		75,421		1,864,137		1,965,479		—		1,965,479		—		1,965,479
American Funds IS Global Growth - Class 4 Sub-Account (AS6)		22,219		801,006		898,766		—		898,766		—		898,766
American Funds New World Fund - Class 4 Sub-Account (AQ3)		12,276		344,765		381,060		—		381,060		—		381,060
American Funds IS Global Balanced - Class 4 Sub-Account (AX1)		11,842		162,887		166,024		—		166,024		—		166,024
BlackRock Global Allocation V.I. Fund (Class III) Sub-Account (B18)		24,596,152		352,230,934		400,671,314		66,199		400,737,513		—		400,737,513
ClearBridge Variable Mid Cap Portfolio - Class II Sub-Account (L33) Columbia Variable Portfolio - Small Cap Value Fund Class 2 Sub-Account		2,195		44,381		55,923		—		55,923		—		55,923
(C71)
Columbia Variable Portfolio - Large Cap Growth Fund Class 1 Sub-Account		1,367		21,925		21,954		—		21,954		—		21,954
(C59)
Columbia Variable Portfolio - Large Cap Growth Fund Class 2 Sub-Account		2,493		41,433		73,499		—		73,499		—		73,499
(C60)		1,934,237		26,779,451		55,531,932		621		55,532,553		—		55,532,553
CTIVP - Loomis Sayles Growth Fund Class 1 Sub-Account (C89)		2,475		82,441		122,603		—		122,603		—		122,603
CTIVP - Loomis Sayles Growth Fund Class 2 Sub-Account (C90)		354,968		9,012,136		17,130,777		4,292		17,135,069		—		17,135,069
Columbia Variable Portfolio - Overseas Core Fund Class 2 Sub-Account
(C58)
Columbia Variable Portfolio Select Large Cap Value- Class 2 Sub-Account		313,446		3,810,669		4,416,458		—		4,416,458		—		4,416,458
(C91)		4,857		122,443		140,220		—		140,220		—		140,220
Fidelity VIP Balanced Portfolio (Service Class 2) Sub-Account (FD7)		4,945,174		85,011,149		111,958,740		216		111,958,956		—		111,958,956
Fidelity VIP Contrafund Portfolio (Service Class 2) Sub-Account (F24)		3,041,480		96,883,685		142,128,347		79,007		142,207,354		1		142,207,353
Fidelity VIP Freedom 2010 Portfolio (Service Class 2) Sub-Account (F88)		180,760		2,244,262		2,561,365		—		2,561,365		—		2,561,365
Fidelity VIP Freedom 2015 Portfolio (Service Class 2) Sub-Account (FB9)		879,185		10,960,037		12,343,763		—		12,343,763		—		12,343,763
Fidelity VIP Freedom 2020 Portfolio (Service Class 2) Sub-Account (F15)		1,423,102		17,565,922		21,232,682		—		21,232,682		—		21,232,682
Fidelity VIP Mid Cap Portfolio (Service Class 2) Sub-Account (F41)		2,016,956		57,883,260		75,212,303		203		75,212,506		—		75,212,506
First Eagle Overseas Variable Fund Sub-Account (FE3)		8,294,553		211,686,295		212,174,663		—		212,174,663		51		212,174,612
First Trust/Dow Jones Div&Inc Alloc Port - Class 1 Sub-Account (F19)		6,751		93,139		101,734		—		101,734		—		101,734
Franklin Templeton Developing Markets VIP Fund Class 2 Sub-Account (T21)		1,678,702		13,438,287		19,540,086		293		19,540,379		—		19,540,379
Franklin Templeton Foreign VIP Fund Class 2 Sub-Account (T20)		5,389,926		71,591,878		71,578,213		3,878		71,582,091		—		71,582,091
Franklin Templeton Allocation VIP Fund Class 2 Sub-Account (FE6)		4,716,095		29,132,969		25,608,396		—		25,608,396		—		25,608,396
Franklin Templeton Global Bond VIP Fund Class 4 Sub-Account (T59)		272,649		4,404,697		3,863,435		519		3,863,954		—		3,863,954
Franklin Templeton Growth VIP Fund Class 2 Sub-Account (F56)		1,257,041		14,556,199		14,041,152		—		14,041,152		546		14,040,606
Franklin Templeton Income VIP Fund Class 2 Sub-Account (F59)		3,420,121		50,948,736		51,438,626		—		51,438,626		747		51,437,879
Franklin Templeton Income VIP Fund Class 4 Sub-Account (FF0)		98,382		1,518,564		1,519,999		—		1,519,999		—		1,519,999
Franklin Templeton Mutual Shares VIP Fund Class 2 Sub-Account (F54)		7,041,509		125,062,179		116,818,639		381		116,819,020		—		116,819,020
Franklin Templeton Mutual Shares VIP Fund Class 4 Sub-Account (FG8)		13,333		233,951		223,325		—		223,325		—		223,325
Franklin Templeton Small Cap Value VIP Fund Class 2 Sub-Account (F53)		1,457,186		18,857,930		21,129,196		287		21,129,483		—		21,129,483
Franklin Templeton Small Cap Value VIP Fund Class 4 Sub-Account (FJ9)		17,378		228,362		260,494		—		260,494		—		260,494

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

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DELAWARE LIFE VARIABLE ACCOUNT F - REGATTA

(A Separate Account of Delaware Life Insurance Company)

STATEMENTS OF ASSETS AND LIABILITIES (CONTINUED)

DECEMBER 31, 2020

		Assets									Liabilities
	Shares		Cost		Investments at fair value		Receivable from Sponsor		Total assets		Payable to Sponsor		Net Assets
Franklin Templeton Strategic Income VIP Fund Class 2 Sub-Account (T28)		1,080,188	$	11,406,181	$	11,190,744	$	548	$	11,191,292	$	—	$	11,191,292
Franklin Templeton Strategic Income VIP Fund Class 4 Sub-Account (FJ0)		13,393		145,715		142,774		—		142,774		—		142,774
Goldman Sachs VIT U.S. Equity Insights Fund - Service Class Sub-Account (G03)		6,995		135,378		141,366		—		141,366		—		141,366
Rational Trend Aggregation VA Fund Sub-Account (H24)		69,855		820,398		786,570		—		786,570		—		786,570
Rational Insider Buying VA Fund Sub-Account (H32)		82,477		994,550		1,036,742		—		1,036,742		—		1,036,742
Invesco V.I. American Value Fund Series II Sub-Account (V35)		289,029		4,025,985		4,514,628		142		4,514,770		—		4,514,770
Invesco V.I. Comstock Fund Series II Sub-Account (V13)		1,427,448		22,065,665		22,939,085		—		22,939,085		72		22,939,013
Invesco V.I. Core Plus Bond Fund - Series II Sub-Account (AB3)		41,608		286,244		286,682		—		286,682		—		286,682
Invesco V.I. Equity and Income Fund Series II Sub-Account (V11)		4,893,633		81,776,595		87,204,542		—		87,204,542		2,310		87,202,232
Invesco V.I. International Growth Fund II Sub-Account (AC1)		55,652		1,902,102		2,330,726		—		2,330,726		3		2,330,723
JPMorgan Insurance Trust Core Bond Portfolio (Class 2) Sub-Account (J88)		3,714,735		40,907,476		43,536,692		—		43,536,692		—		43,536,692
JPMorgan Insurance Trust Income Builder - Class 2 Sub-Account (JF0) ¹		—		—		—		—		—		—		—
JPMorgan Insurance Trust U.S. Equity Portfolio (Class 2) Sub-Account (J94)		466,030		13,566,374		17,173,211		—		17,173,211		—		17,173,211
Lazard Retirement Emerging Markets Equity Portfolio Service Class Sub-Account (L11)		1,424,275		26,655,746		30,094,927		33		30,094,960		—		30,094,960
Lazard Retirement Global Dynamic Multi Asset Portfolio Sub-Account (L42) ¹		—		—		—		—		—		—		—
Lord Abbett Series Fund - Bonds-Debenture Portfolio Sub-Account (L16)		1,250		15,209		15,611		—		15,611		—		15,611
Lord Abbett Series Fund - Growth Opportunities Portfolio VC Sub-Account (L18)		1,349,320		16,653,047		22,182,815		1,673		22,184,488		—		22,184,488
Lord Abbett Series Fund- Fundamental Equity Portfolio VC Sub-Account (L17)		1,886,019		29,693,916		31,326,772		155		31,326,927		—		31,326,927
MFS VIT Total Return Series Initial Class Sub-Account (M07)		11,595,190		266,377,806		301,706,849		3,237		301,710,086		791,717		300,918,369
MFS VIT Total Return Series Service Class Sub-Account (M35)		10,538,760		239,415,359		268,738,387		653		268,739,040		32,654		268,706,386
MFS VIT I Growth Series Initial Class Sub-Account (M31)		2,327,120		99,301,903		171,764,694		46,113		171,810,807		—		171,810,807
MFS VIT I Growth Series Service Class Sub-Account (M80)		347,850		17,520,450		24,429,497		—		24,429,497		224		24,429,273
MFS VIT I Mid Cap Growth Series Initial Class Sub-Account (MF1)		2,174,619		19,970,886		27,487,181		8,806		27,495,987		259		27,495,728
MFS VIT I Mid Cap Growth Series Service Class Sub-Account (M41)		2,502,939		22,117,821		28,858,888		1,372		28,860,260		—		28,860,260
MFS VIT I New Discovery Series Initial Class Sub-Account (M05)		2,384,091		43,932,200		64,275,083		—		64,275,083		1,348		64,273,735
MFS VIT I New Discovery Series Service Class Sub-Account (M42)		1,631,624		27,829,196		38,522,634		58		38,522,692		—		38,522,692
MFS VIT I Total Return Bond Series Service Class Sub-Account (M89)		31,538,800		414,792,687		437,127,776		46,786		437,174,562		—		437,174,562
MFS VIT I Research Series Service Class Sub-Account (M82)		3,593,895		95,889,048		116,226,554		192		116,226,746		—		116,226,746
MFS VIT I Utilities Series Initial Class Sub-Account (M44)		2,569,432		79,689,706		90,778,027		62,315		90,840,342		245		90,840,097
MFS VIT I Utilities Series Service Class Sub-Account (M40)		1,316,155		37,419,586		45,657,412		848		45,658,260		1		45,658,259
MFS VIT I Value Series Initial Class Sub-Account (M83)		9,945,914		186,547,065		202,896,640		90,163		202,986,803		—		202,986,803
MFS VIT I Value Series Service Class Sub-Account (M08)		4,912,875		89,930,197		98,060,996		2,329		98,063,325		—		98,063,325
MFS VIT II Blended Research Core Equity Portfolio I Class Sub-Account (MB6)		4,340,773		197,935,816		248,639,466		71,558		248,711,024		—		248,711,024
MFS VIT II Blended Research Core Equity Portfolio S Class Sub-Account (MB7)		984,327		46,892,304		55,791,668		14,604		55,806,272		—		55,806,272
MFS VIT II Corporate Bond Portfolio I Class Sub-Account (MC0)		3,905,031		45,740,872		49,632,946		23,810		49,656,756		603		49,656,153

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

- 6 -

DELAWARE LIFE VARIABLE ACCOUNT F - REGATTA

(A Separate Account of Delaware Life Insurance Company)

STATEMENTS OF ASSETS AND LIABILITIES (CONTINUED)

DECEMBER 31, 2020

		Assets									Liabilities
	Shares		Cost		Investments at fair value		Receivable from Sponsor		Total assets		Payable to Sponsor		Net Assets
MFS VIT II Corporate Bond Portfolio S Class Sub-Account (MA0)		9,616,114	$	110,925,829	$	120,586,065	$	—	$	120,586,065	$	21,729	$	120,564,336
MFS VIT II Core Equity Portfolio I Class Sub-Account (MC2)		3,613,568		80,400,477		100,746,285		60,364		100,806,649		884		100,805,765
MFS VIT II Core Equity Portfolio S Class Sub-Account (MC1)		1,665,098		38,492,446		45,790,189		17,118		45,807,307		—		45,807,307
MFS VIT II Emerging Markets Equity Portfolio I Class Sub-Account (MC3)		900,432		13,107,623		15,559,464		12,965		15,572,429		—		15,572,429
MFS VIT II Emerging Markets Equity Portfolio S Class Sub-Account (MA1)		935,389		13,348,411		15,901,615		178		15,901,793		—		15,901,793
MFS VIT II Global Governments Portfolio I Class Sub-Account (MC4)		814,974		8,674,452		9,527,050		22,442		9,549,492		—		9,549,492
MFS VIT II Global Governments Portfolio S Class Sub-Account (MC5)		73,183		764,861		838,675		—		838,675		—		838,675
MFS VIT II Global Growth Portfolio I Class Sub-Account (MC6)		1,579,331		35,006,674		49,322,493		56,525		49,379,018		—		49,379,018
MFS VIT II Global Growth Portfolio S Class Sub-Account (MC7)		94,409		2,158,261		2,938,943		—		2,938,943		3		2,938,940
MFS VIT II Global Research Portfolio I Class Sub-Account (MC8)		2,421,592		55,563,706		84,029,228		62,922		84,092,150		—		84,092,150
MFS VIT II Global Research Portfolio S Class Sub-Account (MC9)		126,243		3,264,769		4,360,426		—		4,360,426		8		4,360,418
MFS VIT II Global Tactical Allocation Portfolio I Class Sub-Account (MD0)		2,427,430		37,232,052		38,329,114		66,203		38,395,317		—		38,395,317
MFS VIT II Global Tactical Allocation Portfolio S Class Sub-Account (M92)		32,106,314		480,689,356		497,326,803		956		497,327,759		—		497,327,759
MFS VIT II Government Securities Portfolio I Class Sub-Account (M96)		5,698,407		72,405,581		73,281,512		40,218		73,321,730		—		73,321,730
MFS VIT II Government Securities Portfolio S Class Sub-Account (MD2)		11,235,153		141,504,274		143,697,603		14,400		143,712,003		—		143,712,003
MFS VIT II High Yield Portfolio I Class Sub-Account (MA6)		7,869,445		44,761,719		44,698,445		—		44,698,445		9,486		44,688,959
MFS VIT II High Yield Portfolio Service Class Sub-Account (MA3)		5,867,352		33,027,847		32,915,843		2,860		32,918,703		—		32,918,703
MFS VIT II International Growth Portfolio I Class Sub-Account (M97)		2,202,592		29,853,335		35,439,710		5,267		35,444,977		609		35,444,368
MFS VIT II International Growth Portfolio S Class Sub-Account (MD5)		1,007,150		13,562,173		16,013,688		—		16,013,688		168		16,013,520
MFS VIT II International Intrinsic Value Portfolio Initial Class Sub-Account (M98)		1,202,382		27,588,054		42,143,475		24,135		42,167,610		—		42,167,610
MFS VIT II International Intrinsic Value Portfolio Service Class Sub-Account (M93)
MFS VIT II Massachusetts Investors Growth Stock Portfolio I Class Sub-Account (MD6)		2,324,394		55,927,951		80,121,851		—		80,121,851		439		80,121,412
MFS VIT II Massachusetts Investors Growth Stock Portfolio S Class Sub-Account (MB3)		13,769,821		237,801,201		345,071,711		616,623		345,688,334		900		345,687,434
MFS U.S. Government Money Market Portfolio Initial Class Sub-Account (MD8)		1,449,175		25,766,789		35,751,138		13,305		35,764,443		—		35,764,443
MFS U.S. Government Money Market Portfolio Service Class Sub-Account		35,725,429		35,725,429		35,725,429		—		35,725,429		40,619		35,684,810
(MD9)		106,963,704		106,963,704		106,963,704		3,184		106,966,888		—		106,966,888
MFS VIT II Research International Portfolio I Class Sub-Account (ME2)		1,126,525		16,404,239		20,435,163		1,938		20,437,101		—		20,437,101
MFS VIT II Research International Portfolio S Class Sub-Account (ME3)		2,034,675		29,654,635		36,420,674		1,810		36,422,484		—		36,422,484
MFS VIT II Income Portfolio I Class Sub-Account (MA5) ²		2,650,746		26,257,291		27,859,343		—		27,859,343		10,885		27,848,458
MFS VIT II Income Portfolio S Class Sub-Account (MA7) ²		351,766		3,440,289		3,668,919		—		3,668,919		329		3,668,590
MFS VIT II Technology Portfolio I Class Sub-Account (ME4)		737,362		11,674,912		22,931,949		13,906		22,945,855		243		22,945,612
MFS VIT II Technology Portfolio S Class Sub-Account (MA2)		104,061		2,007,212		3,033,373		—		3,033,373		—		3,033,373

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

- 7 -

DELAWARE LIFE VARIABLE ACCOUNT F - REGATTA

(A Separate Account of Delaware Life Insurance Company)

STATEMENTS OF ASSETS AND LIABILITIES (CONTINUED)

DECEMBER 31, 2020

	Assets										Liabilities
	Shares			Cost	Investments at fair value		Receivable from Sponsor		Total assets		Payable to Sponsor		Net Assets
MFS VIT III Blended Research Small Cap Equity Portfolio Service Class Sub-Account (MF3)		4,753,729	$	49,760,104	$	49,914,160	$	966	$	49,915,126	$	—	$	49,915,126
MFS VIT III Conservative Allocation Portfolio Service Class Sub-Account (MF5)		33,475,247		377,823,762		401,368,214		8,000		401,376,214		—		401,376,214
MFS VIT III Global Real Estate Portfolio Initial Class Sub-Account (MF6)		105,583		1,457,555		1,581,640		—		1,581,640		1,175		1,580,465
MFS VIT III Global Real Estate Portfolio Service Class Sub-Account (MF7)		2,703,677		42,791,882		47,746,937		372		47,747,309		1		47,747,308
MFS VIT III Growth Allocation Portfolio Service Class Sub-Account (MF9)		26,463,657		300,970,063		328,149,344		208		328,149,552		—		328,149,552
MFS VIT III Inflation Adjusted Bond Portfolio Service Class Sub-Account (MG1)		9,836,875		101,224,219		117,255,549		590		117,256,139		—		117,256,139
MFS VIT III Limited Maturity Portfolio Initial Class Sub-Account (MF2)		17,312,467		177,967,727		180,915,283		8,909		180,924,192		—		180,924,192
MFS VIT III Limited Maturity Portfolio Service Class Sub-Account (MG2)		10,139,844		104,129,593		105,961,367		490		105,961,857		—		105,961,857
MFS VIT III Mid Cap Value Portfolio Initial Class Sub-Account (MG3)		2,673,471		20,566,480		22,965,113		373		22,965,486		—		22,965,486
MFS VIT III Mid Cap Value Portfolio Service Class Sub-Account (MG4) MFS VIT III Moderate Allocation Portfolio Service Class Sub-Account (MG6)		2,446,680		18,023,781		20,796,780		154		20,796,934		—		20,796,934
MFS VIT III New Discovery Value Portfolio Service Class Sub-Account (MG7)		95,051,693		1,198,140,805		1,317,416,477		94,206		1,317,510,683		—		1,317,510,683
Morgan Stanley Variable Insurance Fund, Inc. Global Franchise Portfolio, Class II Sub-Account (V45)		830,677		6,461,889		7,201,966		86		7,202,052		—		7,202,052
Morgan Stanley Variable Insurance Fund, Inc Global Infrastructure - Class II Sub-Account (U43)		5,670		66,189		71,215		—		71,215		—		71,215
Morgan Stanley Variable Insurance Fund, Inc Global Strategist Portfolio, Class II Sub-Account (U41)		333		2,477		2,563		—		2,563		—		2,563
Morgan Stanley Variable Insurance Fund, Inc. Growth Portfolio Class II Sub-Account (V44)		7,139		71,918		78,025		—		78,025		—		78,025
Morgan Stanley Variable Insurance Fund, Inc. Discovery Portfolio Class II Sub-Account (V43)		271,895		10,477,841		17,694,913		326		17,695,239		—		17,695,239
Invesco Oppenheimer V.I. Capital Appreciation Fund, Series II Sub-Account (O19)		303,064		4,328,216		8,607,018		350		8,607,368		—		8,607,368
		223,006		12,058,952		15,307,159		765		15,307,924		—		15,307,924
Invesco Oppenheimer V.I. Conservative Balanced Fund, Series II Sub-Account (O23)		706,893		10,602,662		12,497,860		—		12,497,860		—		12,497,860
Invesco Oppenheimer V.I. Global Fund, Series II Sub-Account (O20)		294,386		11,681,372		15,119,641		697		15,120,338		—		15,120,338
Invesco Oppenheimer V.I. Main Street Fund, Series II Sub-Account (O21)		4,881,807		134,796,434		144,013,305		4,520		144,017,825		1		144,017,824
Invesco Oppenheimer V.I. Main Street Small Cap Fund, Series II Sub- Account (O04)
PIMCO VIT StocksPLUS Global Portfolio Advisor Class Sub-Account (PH2)		176,584		3,864,493		4,751,869		—		4,751,869		5		4,751,864
		44,751		354,267		396,045		—		396,045		—		396,045
PIMCO VIT All Asset Portfolio Admin Class Sub-Account (P08)		1,506,958		15,422,634		16,682,026		—		16,682,026		—		16,682,026
PIMCO VIT All Asset Portfolio Advisor Class Sub-Account (PC0)		1,221,703		12,510,084		13,695,289		—		13,695,289		—		13,695,289
PIMCO VIT CommodityRealReturn Strategy Portfolio Advisor Class Sub-Account (P70)
PIMCO VIT CommodityRealReturnTM Strategy Portfolio Admin Class Sub-Account (P10)		41,969		263,891		257,269		—		257,269		—		257,269
PIMCO VIT Emerging Markets Bond Portfolio Admin Class Sub-Account (PK8)		3,647,957		22,973,029		22,070,143		540		22,070,683		—		22,070,683
PIMCO VIT Emerging Markets Bond Portfolio Advisor Class Sub-Account (P20)		554,025		7,077,671		7,446,096		815		7,446,911		—		7,446,911
PIMCO VIT International Bond Portfolio (U.S. Dollar-Hedged) Advisor Class Sub-Account (PM5)		11,775		151,457		158,253		—		158,253		—		158,253
PIMCO VIT Global Managed Asset Allocation Portfolio Advisor Class Sub-Account (PD6)		3,575		40,029		40,181		—		40,181		—		40,181
		29,224,171		339,688,426		386,343,545		29,115		386,372,660		—		386,372,660
PIMCO VIT Real Return Portfolio Admin Class Sub-Account (P06)		2,226,145		28,081,268		30,987,937		1,283		30,989,220		—		30,989,220
PIMCO VIT Total Return Portfolio Admin Class Sub-Account (P07)		11,148,448		122,304,262		129,210,517		2,055		129,212,572		—		129,212,572
PIMCO VIT Total Return Portfolio - Advisor Class Sub-Account (P68)		79,544		914,527		921,917		—		921,917		—		921,917
Putnam VT Multi-Asset Absolute Return Fund Class IB Sub-Account (PI3)		1,385,056		13,832,403		12,867,174		—		12,867,174		—		12,867,174
Putnam VT Equity Income Fund Class IB Sub-Account (P72)		564,617		12,907,703		14,403,371		—		14,403,371		—		14,403,371
Putnam VT George Putnam Balanced Fun - Class IB Sub-Account (P88)		8,189		109,836		115,140		—		115,140		—		115,140
Putnam VT Global Asset Allocation Fund - Class IB Sub-Account (P93)		980		17,668		18,109		—		18,109		—		18,109
Putnam VT Global Health Care Fund - Class IB Sub-Account (P89)		3,549		57,252		61,286		—		61,286		—		61,286
Putnam VT Income Fund - Class IB Sub-Account (P95)		3,146		35,293		36,049		—		36,049		—		36,049
Putnam VT Research Fund - Class IB Sub-Account (P79)		3,942		109,475		120,857		—		120,857		—		120,857
Wanger Select Fund Sub-Account (W41)		11,693		206,292		238,777		—		238,777		—		238,777
Wanger USA Sub-Account (W42)		1,689		37,893		41,589		—		41,589		—		41,589
Western Asset Variable Core Bond Plus II Sub-Account (W50)		62,709		387,492		390,678		—		390,678		—		390,678

¹This Sub-Account is active but had zero balance at December 31, 2020, and no activity for the years ended December 31, 2020 and 2019. Therefore, this Sub-Account is not presented in the Statements of Operations and Statements of Changes in Net Assets.

²This Sub-Account had a name change in 2020. Refer to Note 1 in the Variable Account’s Notes to Financial Statements for more information.

The accompanying notes are an integral part of these financial statements

- 8 -

DELAWARE LIFE VARIABLE ACCOUNT F - REGATTA

(A Separate Account of Delaware Life Insurance Company)

STATEMENTS OF ASSETS AND LIABILITIES (CONTINUED)

DECEMBER 31, 2020

	Total Units		Applicable to Owners of Deferred Variable Annuity Contracts Value		Reserve for Variable Annuities		Net Assets

AL1		2,137,310	$	37,181,804	$	—	$	37,181,804
AO5		5,255,164		70,406,634		—		70,406,634
AM2		318,328		4,166,019		—		4,166,019
A98		3,473,643		26,277,423		88,765		26,366,188
AC4		70,235		1,092,017		—		1,092,017
A74		562,812		12,273,039		33,257		12,306,296
AP0		270,332		4,472,124		—		4,472,124
AQ1		40,047		487,112		—		487,112
AQ2		8,469		101,879		—		101,879
AS3		162,665		1,965,479		—		1,965,479
AS6		61,464		898,766		—		898,766
AQ3		27,209		381,060		—		381,060
AX1		13,914		166,024		—		166,024
B18		19,276,712		400,559,060		178,453		400,737,513
L33		4,516		55,923		—		55,923
C71		914		21,954		—		21,954
C59		3,327		73,499		—		73,499
C60		2,552,106		55,248,692		283,861		55,532,553
C89		5,600		122,603		—		122,603
C90		787,774		16,998,006		137,063		17,135,069
C58		338,100		4,416,458		—		4,416,458
C91		12,557		140,220		—		140,220
FD7		4,591,952		111,956,839		2,117		111,958,956
F24		4,745,987		141,998,461		208,892		142,207,353
F88		136,742		2,561,365		—		2,561,365
FB9		611,405		12,343,763		—		12,343,763
F15		1,011,319		21,232,682		—		21,232,682
F41		3,053,574		75,068,059		144,447		75,212,506
FE3		12,795,754		212,039,629		134,983		212,174,612
F19		8,070		101,734		—		101,734
T21		996,395		19,510,165		30,214		19,540,379
T20		3,756,405		71,438,669		143,422		71,582,091
FE6		1,485,214		25,608,396		—		25,608,396
T59		398,143		3,858,487		5,467		3,863,954
F56		598,179		14,022,853		17,753		14,040,606
F59		3,261,985		51,366,767		71,112		51,437,879
FF0		97,334		1,519,999		—		1,519,999
F54		4,727,890		116,690,351		128,669		116,819,020
FG8		12,468		223,325		—		223,325
F53		508,970		21,123,843		5,640		21,129,483
FJ9		11,004		260,494		—		260,494
T28		755,442		11,163,971		27,321		11,191,292
FJ0		11,687		142,774		—		142,774
G03		11,758		141,366		—		141,366
H24		55,637		786,570		—		786,570
H32		48,854		1,036,742		—		1,036,742

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

- 9 -

DELAWARE LIFE VARIABLE ACCOUNT F - REGATTA

(A Separate Account of Delaware Life Insurance Company)

STATEMENTS OF ASSETS AND LIABILITIES (CONTINUED)

DECEMBER 31, 2020

	Total Units		Applicable to Owners of Deferred Variable Annuity Contracts Value		Reserve for Variable Annuities		Net Assets
V35		228,866	$	4,510,583	$	4,187	$	4,514,770
V13		1,255,493		22,887,375		51,638		22,939,013
AB3		24,479		286,682		—		286,682
V11		4,174,214		87,144,468		57,764		87,202,232
AC1		132,323		2,324,912		5,811		2,330,723
J88		3,783,695		43,536,692		—		43,536,692
JF0		—		—		—		—
J94		508,509		17,173,211		—		17,173,211
L11		2,898,976		30,057,506		37,454		30,094,960
L42		—		—		—		—
L16		1,388		15,611		—		15,611
L18		492,772		22,154,040		30,448		22,184,488
L17		1,135,208		31,304,730		22,197		31,326,927
M07		18,785,970		297,985,172		2,933,197		300,918,369
M35		17,360,121		267,038,980		1,667,406		268,706,386
M31		3,213,412		170,571,504		1,239,303		171,810,807
M80		434,007		24,369,198		60,075		24,429,273
MF1		1,363,219		27,160,674		335,054		27,495,728
M41		693,160		28,711,328		148,932		28,860,260
M05		2,517,095		63,950,030		323,705		64,273,735
M42		1,288,035		38,426,974		95,718		38,522,692
M89		35,614,567		436,744,003		430,559		437,174,562
M82		4,502,844		116,131,757		94,989		116,226,746
M44		6,673,296		89,958,990		881,107		90,840,097
M40		3,459,628		45,642,128		16,131		45,658,259
M83		10,844,086		201,493,883		1,492,920		202,986,803
M08		4,948,697		97,646,723		416,602		98,063,325
MB6		5,645,548		245,541,427		3,169,597		248,711,024
MB7		1,522,926		55,640,466		165,806		55,806,272
MC0		1,809,941		49,212,079		444,074		49,656,153
MA0		5,624,668		120,409,614		154,722		120,564,336
MC2		2,470,136		100,045,287		760,478		100,805,765
MC1		1,537,433		45,602,631		204,676		45,807,307
MC3		434,670		15,435,057		137,372		15,572,429
MA1		792,705		15,900,051		1,742		15,901,793
MC4		468,779		9,455,887		93,605		9,549,492
MC5		52,192		838,675		—		838,675
MC6		889,721		49,008,106		370,912		49,379,018
MC7		81,398		2,924,974		13,966		2,938,940
MC8		2,212,426		83,107,978		984,172		84,092,150
MC9		155,838		4,324,924		35,494		4,360,418
MD0		1,163,904		38,093,799		301,518		38,395,317
M92		34,014,709		497,150,287		177,472		497,327,759
M96		3,523,218		72,621,316		700,414		73,321,730
MD2		10,355,615		143,367,644		344,359		143,712,003

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

- 10 -

DELAWARE LIFE VARIABLE ACCOUNT F - REGATTA

(A Separate Account of Delaware Life Insurance Company)

STATEMENTS OF ASSETS AND LIABILITIES (CONTINUED)

DECEMBER 31, 2020


	Total Units		Applicable to Owners of Deferred Variable Annuity Contracts Value		Reserve for Variable Annuities		Net Assets
MA6		1,534,921	$	44,169,614	$	519,345	$	44,688,959
MA3		1,396,338		32,774,209		144,494		32,918,703
M97		1,090,158		34,822,927		621,441		35,444,368
MD5		719,733		15,883,688		129,832		16,013,520
M98		795,345		41,679,072		488,538		42,167,610
M93		3,403,967		79,903,653		217,759		80,121,412
MD6		9,721,767		340,513,887		5,173,547		345,687,434
MB3		923,299		35,618,435		146,008		35,764,443
MD8		3,207,388		35,076,903		607,907		35,684,810
MD9		12,145,036		106,800,028		166,860		106,966,888
ME2		845,774		20,382,665		54,436		20,437,101
ME3		1,298,599		36,385,087		37,397		36,422,484
MA5		1,185,994		27,775,750		72,708		27,848,458
MA7		176,159		3,635,129		33,461		3,668,590
ME4		880,180		22,714,259		231,353		22,945,612
MA2		109,909		3,033,373		—		3,033,373
MF3		2,223,974		49,733,245		181,881		49,915,126
MF5		20,582,839		400,991,772		384,442		401,376,214
MF6		48,032		1,578,813		1,652		1,580,465
MF7		2,144,042		47,655,919		91,389		47,747,308
MF9		11,100,750		328,147,515		2,037		328,149,552
MG1		8,522,169		117,183,289		72,850		117,256,139
MF2		17,098,090		180,390,528		533,664		180,924,192
MG2		10,230,519		105,942,146		19,711		105,961,857
MG3		938,041		22,923,879		41,607		22,965,486
MG4		863,349		20,792,390		4,544		20,796,934
MG6		53,265,460		1,316,381,657		1,129,026		1,317,510,683
MG7		238,186		7,177,745		24,307		7,202,052
V45		5,499		71,215		—		71,215
U43		223		2,563		—		2,563
U41		6,583		78,025		—		78,025

The accompanying notes are an integral part of these financial statements

- 11 -

DELAWARE LIFE VARIABLE ACCOUNT F - REGATTA

(A Separate Account of Delaware Life Insurance Company)

STATEMENTS OF ASSETS AND LIABILITIES (CONTINUED)

DECEMBER 31, 2020

	Total Units		Applicable to Owners of Deferred Variable Annuity Contracts Value		Reserve for Variable Annuities		Net Assets
V44		316,106	$	17,685,611	$	9,628	$	17,695,239
V43		123,333		8,597,017		10,351		8,607,368
O19		346,272		15,250,504		57,420		15,307,924
O23		975,012		12,497,860		—		12,497,860
O20		402,248		15,112,970		7,368		15,120,338
O21		4,000,444		143,666,865		350,959		144,017,824
O04		95,060		4,729,135		22,729		4,751,864
PH2		22,083		396,045		—		396,045
P08		1,018,738		16,682,026		—		16,682,026
PC0		1,034,110		13,695,289		—		13,695,289
P70		51,525		257,269		—		257,269
P10		4,052,034		21,991,905		78,778		22,070,683
PK8		230,453		7,415,872		31,039		7,446,911
P20		11,525		158,253		—		158,253
PM5		3,644		40,181		—		40,181
PD6		24,779,720		386,239,295		133,365		386,372,660
P06		1,749,011		30,975,587		13,633		30,989,220
P07		6,995,070		128,985,812		226,760		129,212,572
P68		79,749		921,917		—		921,917
PI3		1,356,775		12,867,174		—		12,867,174
P72		536,802		14,403,371		—		14,403,371
P88		9,019		115,140		—		115,140
P93		1,580		18,109		—		18,109
P89		4,642		61,286		—		61,286
P95		3,119		36,049		—		36,049
P79		8,993		120,857		—		120,857
W41		6,809		238,777		—		238,777
W42		1,151		41,589		—		41,589
W50		32,781		390,678		—		390,678

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

- 12 -

DELAWARE LIFE VARIABLE ACCOUNT F - REGATTA

(A Separate Account of Delaware Life Insurance Company)

STATEMENTS OF OPERATIONS

FOR THE YEAR ENDED DECEMBER 31, 2020


	AL1 Sub-Account			AO5 Sub-Account			AM2 Sub-Account
Income:
Dividend income	$	752,339		$	1,022,471		$	44,363

Expenses:
Mortality and expense risk charges		(436,532	)		(812,462	)		(50,096	)
Distribution and administration charges		(137,871	)		(260,066	)		(16,772	)
Net investment income (loss)		177,936			(50,057	)		(22,505	)

Net realized and change in unrealized gains (losses):
Net realized gains (losses) on sale of investments		(1,460,839	)		926,841			314,648
Realized gain distributions		1,072,048			—			346,361
Net realized gains (losses)		(388,791	)		926,841			661,009
Net change in unrealized appreciation (depreciation)		2,933,687			1,185,249			399,712
Net realized and change in unrealized gains (losses)		2,544,896			2,112,090			1,060,721
Net increase (decrease) in net assets from operations	$	2,722,832		$	2,062,033		$	1,038,216

The accompanying notes are an integral part of these financial statements

- 13 -

DELAWARE LIFE VARIABLE ACCOUNT F - REGATTA

(A Separate Account of Delaware Life Insurance Company)

STATEMENTS OF OPERATIONS (CONTINUED)

FOR THE YEAR ENDED DECEMBER 31, 2020

	A98 Sub-Account			AC4 Sub-Account			A74 Sub-Account
Income:
Dividend income	$	382,221		$	—		$	92,690

Expenses:
Mortality and expense risk charges		(306,585	)		(2,316	)		(146,922	)
Distribution and administration charges		(101,205	)		(950	)		(49,190	)
Net investment income (loss)		(25,569	)		(3,266	)		(103,422	)

Net realized and change in unrealized gains (losses):
Net realized gains (losses) on sale of investments		(608,068	)		9,073			(1,755,860	)
Realized gain distributions		—			16,785			570,986
Net realized gains (losses)		(608,068	)		25,858			(1,184,874	)
Net change in unrealized appreciation (depreciation)		1,021,636			72,527			2,895,494
Net realized and change in unrealized gains (losses)		413,568			98,385			1,710,620
Net increase (decrease) in net assets from operations	$	387,999		$	95,119		$	1,607,198

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

- 14 -

DELAWARE LIFE VARIABLE ACCOUNT F - REGATTA

(A Separate Account of Delaware Life Insurance Company)

STATEMENTS OF OPERATIONS (CONTINUED)

FOR THE YEAR ENDED DECEMBER 31, 2020


	AP0 Sub-Account			AQ1 Sub-Account			AQ2 Sub-Account
Income:
Dividend income	$	1,587		$	3,716		$	244

Expenses:
Mortality and expense risk charges		(8,024	)		(1,595	)		(167	)
Distribution and administration charges		(3,293	)		(654	)		(69	)
Net investment income (loss)		(9,730	)		1,467			8

Net realized and change in unrealized gains (losses):
Net realized gains (losses) on sale of investments		31,265			3,854			191
Realized gain distributions		18,467			1,798			—
Net realized gains (losses)		49,732			5,652			191
Net change in unrealized appreciation (depreciation)		523,505			62,677			11,528
Net realized and change in unrealized gains (losses)		573,237			68,329			11,719
Net increase (decrease) in net assets from operations	$	563,507		$	69,796		$	11,727

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

- 15 -

DELAWARE LIFE VARIABLE ACCOUNT F - REGATTA

(A Separate Account of Delaware Life Insurance Company)

STATEMENTS OF OPERATIONS (CONTINUED)

FOR THE YEAR ENDED DECEMBER 31, 2020

	AS3Sub-Account			AS6Sub-Account			AQ3Sub-Account
Income:
Dividend income	$	14,890		$	131		$	2

Expenses:
Mortality and expense risk charges		(4,542	)		(2,001	)		(517	)
Distribution and administration charges		(1,864	)		(822	)		(212	)
Net investment income (loss)		8,484			(2,692	)		(727	)

Net realized and change in unrealized gains (losses):
Net realized gains (losses) on sale of investments		16,316			14,229			1,385
Realized gain distributions		1,756			655			43
Net realized gains (losses)		18,072			14,884			1,428
Net change in unrealized appreciation (depreciation)		97,323			97,760			35,988
Net realized and change in unrealized gains (losses)		115,395			112,644			37,416
Net increase (decrease) in net assets from operations	$	123,879		$	109,952		$	36,689

The accompanying notes are an integral part of these financial statements

- 16 -

DELAWARE LIFE VARIABLE ACCOUNT F - REGATTA

(A Separate Account of Delaware Life Insurance Company)

STATEMENTS OF OPERATIONS (CONTINUED)

FOR THE YEAR ENDED DECEMBER 31, 2020

	AX1Sub-Account			B18Sub-Account			L33Sub-Account
Income:
Dividend income	$	904		$	4,584,858		$	19

Expenses:
Mortality and expense risk charges		(277	)		(4,680,635	)		(313	)
Distribution and administration charges		(114	)		(1,491,436	)		(129	)
Net investment income (loss)		513			(1,587,213	)		(423	)

Net realized and change in unrealized gains (losses):
Net realized gains (losses) on sale of investments		19			3,987,577			271
Realized gain distributions		3,751			22,650,212			508
Net realized gains (losses)		3,770			26,637,789			779
Net change in unrealized appreciation (depreciation)		3,137			42,049,381			9,375
Net realized and change in unrealized gains (losses)		6,907			68,687,170			10,154
Net increase (decrease) in net assets from operations	$	7,420		$	67,099,957		$	9,731

The accompanying notes are an integral part of these financial statements

- 17 -

DELAWARE LIFE VARIABLE ACCOUNT F - REGATTA

(A Separate Account of Delaware Life Insurance Company)

STATEMENTS OF OPERATIONS (CONTINUED)

FOR THE YEAR ENDED DECEMBER 31, 2020


	C71Sub-Account			C59Sub-Account			C60Sub-Account
Income:
Dividend income	$	65		$	—		$	—

Expenses:
Mortality and expense risk charges		(246	)		(851	)		(669,475	)
Distribution and administration charges		(74	)		(257	)		(227,887	)
Net investment income (loss)		(255	)		(1,108	)		(897,362	)

Net realized and change in unrealized gains (losses):
Net realized gains (losses) on sale of investments		(1,063	)		11,849			8,154,519
Realized gain distributions		831			—			—
Net realized gains (losses)		(232	)		11,849			8,154,519
Net change in unrealized appreciation (depreciation)		3,219			8,809			7,161,555
Net realized and change in unrealized gains (losses)		2,987			20,658			15,316,074
Net increase (decrease) in net assets from operations	$	2,732		$	19,550		$	14,418,712

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

- 18 -

DELAWARE LIFE VARIABLE ACCOUNT F - REGATTA

(A Separate Account of Delaware Life Insurance Company)

STATEMENTS OF OPERATIONS (CONTINUED)

FOR THE YEAR ENDED DECEMBER 31, 2020

	C91Sub-Account			FD7Sub-Account			F24 Sub-Account
Income:
Dividend income	$	—		$	1,276,549		$	116,481

Expenses:
Mortality and expense risk charges		(1,733	)		(205,117	)		(52,855	)
Distribution and administration charges		(626	)		(71,451	)		(17,807	)
Net investment income (loss)		(2,359	)		(276,568	)		(8,298	)

Net realized and change in unrealized gains (losses):
Net realized gains (losses) on sale of investments		16,772			2,434,027			(92,933	)
Realized gain distributions		—			—			50,100
Net realized gains (losses)		16,772			2,434,027			(42,833
Net change in unrealized appreciation (depreciation)		14,822			2,039,289			540,435
Net realized and change in unrealized gains (losses)		31,594			4,473,316			497,602
Net increase (decrease) in net assets from operations	$	29,235		$	4,196,748		$	489,304

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

- 19 -

DELAWARE LIFE VARIABLE ACCOUNT F - REGATTA

(A Separate Account of Delaware Life Insurance Company)

STATEMENTS OF OPERATIONS (CONTINUED)

FOR THE YEAR ENDED DECEMBER 31, 2020

	C91Sub-Account			FD7Sub-Account			F24 Sub-Account
Income:
Dividend income	$	—		$	1,276,549		$	116,481

Expenses:
Mortality and expense risk charges		(509	)		(1,270,336	)		(1,725,356	)
Distribution and administration charges		(209	)		(401,839	)		(562,607	)
Net investment income (loss)		(718	)		(395,626	)		(2,171,482	)

Net realized and change in unrealized gains (losses):
Net realized gains (losses) on sale of investments		106			3,744,657			7,107,976
Realized gain distributions		—			1,490,730			778,617
Net realized gains (losses)		106			5,235,387			7,886,593
Net change in unrealized appreciation (depreciation)		14,925			15,374,520			28,188,602
Net realized and change in unrealized gains (losses)		15,031			20,609,907			36,075,195
Net increase (decrease) in net assets from operations	$	14,313		$	20,214,281		$	33,903,713

The accompanying notes are an integral part of these financial statements

- 20 -

DELAWARE LIFE VARIABLE ACCOUNT F - REGATTA

(A Separate Account of Delaware Life Insurance Company)

STATEMENTS OF OPERATIONS (CONTINUED)

FOR THE YEAR ENDED DECEMBER 31, 2020

	F88Sub-Account			FB9Sub-Account			F15Sub-Account
Income:
Dividend income	$	25,573		$	118,973		$	202,162

Expenses:
Mortality and expense risk charges		(32,910	)		(146,650	)		(242,630	)
Distribution and administration charges		(13,365	)		(51,102	)		(80,846	)
Net investment income (loss)		(20,702	)		(78,779	)		(121,314	)

Net realized and change in unrealized gains (losses):
Net realized gains (losses) on sale of investments		81,032			127,613			312,429
Realized gain distributions		96,673			579,608			1,099,673
Net realized gains (losses)		177,705			707,221			1,412,102
Net change in unrealized appreciation (depreciation)		193,314			638,678			1,199,575
Net realized and change in unrealized gains (losses)		371,019			1,345,899			2,611,677
Net increase (decrease) in net assets from operations	$	350,317		$	1,267,120		$	2,490,363

The accompanying notes are an integral part of these financial statements

- 21 -

DELAWARE LIFE VARIABLE ACCOUNT F - REGATTA

(A Separate Account of Delaware Life Insurance Company)

STATEMENTS OF OPERATIONS (CONTINUED)

FOR THE YEAR ENDED DECEMBER 31, 2020

	F41Sub-Account			FE3Sub-Account			F19Sub-Account
Income:
Dividend income	$	276,951		$	5,346,265		$	860

Expenses:
Mortality and expense risk charges		(898,696	)		(2,503,747	)		(324	)
Distribution and administration charges		(302,397	)		(802,540	)		(133	)
Net investment income (loss)		(924,142	)		2,039,978			403

Net realized and change in unrealized gains (losses):
Net realized gains (losses) on sale of investments		(1,166,494	)		(6,466,445	)		101
Realized gain distributions		—			9,451,573			710
Net realized gains (losses)		(1,166,494	)		2,985,128			811
Net change in unrealized appreciation (depreciation)		16,301,457			6,217,561			8,595
Net realized and change in unrealized gains (losses)		15,134,963			9,202,689			9,406
Net increase (decrease) in net assets from operations	$	14,210,821		$	11,242,667		$	9,809

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

- 22 -

DELAWARE LIFE VARIABLE ACCOUNT F - REGATTA

(A Separate Account of Delaware Life Insurance Company)

STATEMENTS OF OPERATIONS (CONTINUED)

FOR THE YEAR ENDED DECEMBER 31, 2020

	T21Sub-Account			T20Sub-Account			FE6Sub-Account

Income
Dividend income	$	794,582		$	2,359,639		$	363,883

Expenses:
Mortality and expense risk charges		(235,593	)		(854,480	)		(306,094	)
Distribution and administration charges		(82,169	)		(324,922	)		(96,970	)
Net investment income (loss)		476,820			1,180,237			(39,181	)
Net realized and change in unrealized gains (losses):
Net realized gains (losses) on sale of investments		1,605,261			(4,417,209	)		(801,986	)
Realized gain distributions		498,654			—			6,483,529
Net realized gains (losses)		2,103,915			(4,417,209	)		5,681,543
Net change in unrealized appreciation (depreciation)		231,098			1,492,045			(3,364,845	)
Net realized and change in unrealized gains (losses)		2,335,013			(2,925,164	)		2,316,698
Net increase (decrease) in net assets from operations	$	2,811,833		$	(1,744,927	)	$	2,277,517

The accompanying notes are an integral part of these financial statements

- 23 -

DELAWARE LIFE VARIABLE ACCOUNT F - REGATTA

(A Separate Account of Delaware Life Insurance Company)

STATEMENTS OF OPERATIONS (CONTINUED)

FOR THE YEAR ENDED DECEMBER 31, 2020

		T59Sub-Account			F56Sub-Account			F59Sub-Account

Income:
Dividend income	$	309,726		$	402,429		$	2,880,719

Expenses:
Mortality and expense risk charges		(50,067	)		(164,284	)		(616,153	)
Distribution and administration charges		(20,955	)		(57,180	)		(203,201	)
Net investment income (loss)		238,704			180,965			2,061,365
Net realized and change in unrealized gains (losses):
Net realized gains (losses) on sale of investments		(157,882	)		(1,133,583	)		(1,254,576	)
Realized gain distributions		—			—			40,804
Net realized gains (losses)		(157,882	)		(1,133,583	)		(1,213,772	)
Net change in unrealized appreciation (depreciation)		(381,491	)		1,650,738			(1,454,794	)
Net realized and change in unrealized gains (losses)		(539,373	)		517,155			(2,668,566	)
Net increase (decrease) in net assets from operations	$	(300,669	)	$	698,120		$	(607,201	)

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

- 24 -

DELAWARE LIFE VARIABLE ACCOUNT F - REGATTA

(A Separate Account of Delaware Life Insurance Company)

STATEMENTS OF OPERATIONS (CONTINUED)

FOR THE YEAR ENDED DECEMBER 31, 2020

		FF0Sub-Account			F54Sub-Account			FG8Sub-Account
Income:
Dividend income	$	80,034		$	3,211,875		$	5,953

Expenses:
Mortality and expense risk charges		(16,727	)		(1,374,967	)		(2,586	)
Distribution and administration charges		(4,979	)		(452,354	)		(806	)
Net investment income (loss)		58,328			1,384,554			2,561
Net realized and change in unrealized gains (losses):
Net realized gains (losses) on sale of investments		(12,010	)		(3,443,621	)		(13,990	)
Realized gain distributions		1,152			4,465,376			8,466
Net realized gains (losses)		(10,858	)		1,021,755			(5,524	)
Net change in unrealized appreciation (depreciation)		(53,327	)		(7,198,773	)		(837	)
Net realized and change in unrealized gains (losses)		(64,185	)		(6,177,018	)		(6,361	)
Net increase (decrease) in net assets from operations	$	(5,857	)	$	(4,792,464	)	$	(3,800	)

The accompanying notes are an integral part of these financial statements

- 25 -

DELAWARE LIFE VARIABLE ACCOUNT F - REGATTA

(A Separate Account of Delaware Life Insurance Company)

STATEMENTS OF OPERATIONS (CONTINUED)

FOR THE YEAR ENDED DECEMBER 31, 2020

	F53 Sub-Account			FJ9 Sub-Account			T28 Sub-Account

Income
Dividend income	$	336,622		$	3,832		$	534,234

Expenses:
Mortality and expense risk charges		(249,839	)		(2,950	)		(135,921	)
Distribution and administration charges		(87,065	)		(982	)		(47,529	)
Net investment income (loss)		(282	)		(100	)		350,784
Net realized and change in unrealized gains (losses):
Net realized gains (losses) on sale of investments		(3,571,095	)		(41,173	)		(466,053	)
Realized gain distributions		1,431,742			17,339			—
Net realized gains (losses)		(2,139,353	)		(23,834	)		(466,053	)
Net change in unrealized appreciation (depreciation)		4,224,263			57,371			211,246
Net realized and change in unrealized gains (losses)		2,084,910			33,537			(254,807	)
Net increase (decrease) in net assets from operations	$	2,084,628		$	33,437		$	95,977

The accompanying notes are an integral part of these financial statements

- 26 -

DELAWARE LIFE VARIABLE ACCOUNT F - REGATTA

(A Separate Account of Delaware Life Insurance Company)

STATEMENTS OF OPERATIONS (CONTINUED)

FOR THE YEAR ENDED DECEMBER 31, 2020

	FJ0 Sub-Account			G03 Sub-Account			H24 Sub-Account

Income:
Dividend income	$	6,563		$	637		$	4,795

Expenses:
Mortality and expense risk charges		(1,634	)		(418	)		(8,436	)
Distribution and administration charges		(532	)		(172	)		(2,840	)
Net investment income (loss)		4,397			47			(6,481	)
Net realized and change in unrealized gains (losses):
Net realized gains (losses) on sale of investments		(2,267	)		50			(16,851	)
Realized gain distributions		—			4,279			—
Net realized gains (losses)		(2,267	)		4,329			(16,851	)
Net change in unrealized appreciation (depreciation)		(917	)		5,873			23,933
Net realized and change in unrealized gains (losses)		(3,184	)		10,202			7,082
Net increase (decrease) in net assets from operations	$	1,213		$	10,249		$	601

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

- 27 -

DELAWARE LIFE VARIABLE ACCOUNT F - REGATTA

(A Separate Account of Delaware Life Insurance Company)

STATEMENTS OF OPERATIONS (CONTINUED)

FOR THE YEAR ENDED DECEMBER 31, 2020

		H32			V35			V13
		Sub-Account			Sub-Account			Sub-Account
Income
Dividend income	$	—		$	29,241		$	476,157

Expenses:
Mortality and expense risk charges		(11,495	)		(57,984	)		(276,114	)
Distribution and administration charges		(3,964	)		(20,397	)		(95,837	)
Net investment income (loss)		(15,459	)		(49,140	)		104,206
Net realized and change in unrealized gains (losses):
Net realized gains (losses) on sale of investments		(19,379	)		(431,086	)		(2,266,599	)
Realized gain distributions		76,530			44,623			592,043
Net realized gains (losses)		57,151			(386,463	)		(1,674,556	)
Net change in unrealized appreciation (depreciation)		97,776			643,276			2,101,597
Net realized and change in unrealized gains (losses)		154,927			256,813			427,041
Net increase (decrease) in net assets from operations	$	139,468		$	207,673		$	531,247

The accompanying notes are an integral part of these financial statements

- 28 -

DELAWARE LIFE VARIABLE ACCOUNT F - REGATTA

(A Separate Account of Delaware Life Insurance Company)

STATEMENTS OF OPERATIONS (CONTINUED)

FOR THE YEAR ENDED DECEMBER 31, 2020

		AB3			V11			AC1
		Sub-Account			Sub-Account			Sub-Account

Income:
Dividend income	$	326		$	1,824,176		$	45,334

Expenses:
Mortality and expense risk charges		(104	)		(1,009,473	)		(28,772	)
Distribution and administration charges		(42	)		(323,650	)		(8,797	)
Net investment income (loss)		180			491,053			7,765
Net realized and change in unrealized gains (losses):
Net realized gains (losses) on sale of investments		(1	)		(1,824,297	)		31,528
Realized gain distributions		98			3,771,072			49,415
Net realized gains (losses)		97			1,946,775			80,943
Net change in unrealized appreciation (depreciation)		438			5,431,972			231,265
Net realized and change in unrealized gains (losses)		535			7,378,747			312,208
Net increase (decrease) in net assets from operations	$	715		$	7,869,800		$	319,973

The accompanying notes are an integral part of these financial statements

- 29 -

DELAWARE LIFE VARIABLE ACCOUNT F - REGATTA

(A Separate Account of Delaware Life Insurance Company)

STATEMENTS OF OPERATIONS (CONTINUED)

FOR THE YEAR ENDED DECEMBER 31, 2020

		J88			J94			L11
		Sub-Account			Sub-Account			Sub-Account

Income:
Dividend income	$	664,232		$	87,332		$	769,644

Expenses:
Mortality and expense risk charges		(495,950	)		(189,012	)		(344,135	)
Distribution and administration charges		(155,989	)		(59,282	)		(115,372	)
Net investment income (loss)		12,293			(160,962	)		310,137
Net realized and change in unrealized gains (losses):
Net realized gains (losses) on sale of investments		466,327			492,242			477,102
Realized gain distributions		—			994,074			—
Net realized gains (losses)		466,327			1,486,316			477,102
Net change in unrealized appreciation (depreciation)		1,607,151			2,040,641			(438,395	)
Net realized and change in unrealized gains (losses)		2,073,478			3,526,957			38,707
Net increase (decrease) in net assets from operations	$	2,085,771		$	3,365,995		$	348,844

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

- 30 -

DELAWARE LIFE VARIABLE ACCOUNT F - REGATTA

(A Separate Account of Delaware Life Insurance Company)

STATEMENTS OF OPERATIONS (CONTINUED)

FOR THE YEAR ENDED DECEMBER 31, 2020

		L16			L18			L17
		Sub-Account			Sub-Account			Sub-Account
Income:
Dividend income	$	567		$	—		$	356,706

Expenses:
Mortality and expense risk charges		(46	)		(267,572	)		(369,332	)
Distribution and administration charges		(18	)		(99,644	)		(125,927	)
Net investment income (loss)		503			(367,216	)		(138,553	)
Net realized and change in unrealized gains (losses):
Net realized gains (losses) on sale of investments		1			1,110,706			(1,679,116	)
Realized gain distributions		—			2,136,082			48,799
Net realized gains (losses)		1			3,246,788			(1,630,317	)
Net change in unrealized appreciation (depreciation)		402			4,119,766			2,892,646
Net realized and change in unrealized gains (losses)		403			7,366,554			1,262,329
Net increase (decrease) in net assets from operations	$	906		$	6,999,338		$	1,123,776

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

- 31 -

DELAWARE LIFE VARIABLE ACCOUNT F - REGATTA

(A Separate Account of Delaware Life Insurance Company)

STATEMENTS OF OPERATIONS (CONTINUED)

FOR THE YEAR ENDED DECEMBER 31, 2020

		M07			M35			M31
		Sub-Account			Sub-Account			Sub-Account

Income:
Dividend income	$	6,518,663		$	5,375,497		$	—

Expenses:
Mortality and expense risk charges		(3,499,162	)		(3,228,688	)		(1,916,899	)
Distribution and administration charges		(524,391	)		(1,074,638	)		(314,692	)
Net investment income (loss)		2,495,110			1,072,171			(2,231,591	)
Net realized and change in unrealized gains (losses):
Net realized gains (losses) on sale of investments		3,106,177			3,396,746			14,847,340
Realized gain distributions		7,553,972			7,000,199			9,971,334
Net realized gains (losses)		10,660,149			10,396,945			24,818,674
Net change in unrealized appreciation (depreciation)		9,215,176			7,326,218			19,110,898
Net realized and change in unrealized gains (losses)		19,875,325			17,723,163			43,929,572
Net increase (decrease) in net assets from operations	$	22,370,435		$	18,795,334		$	41,697,981

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

- 32 -

DELAWARE LIFE VARIABLE ACCOUNT F - REGATTA

(A Separate Account of Delaware Life Insurance Company)

STATEMENTS OF OPERATIONS (CONTINUED)

FOR THE YEAR ENDED DECEMBER 31, 2020

		M05			M42			M89
		Sub-Account			Sub-Account			Sub-Account
Income:
Dividend income	$	-		$	-		$	-
Expenses:
Mortality and expense risk charges		(272,535	)		(286,235	)		(317,000	)
Distribution and administration charges		(98,197	)		(59,432	)		(110,548	)
Net investment income (loss)		(370,732	)		(345,667	)		(427,548
Net realized and change in unrealized gains (losses):
Net realized gains (losses) on sale of investments		2,535,400			1,158,503			1,615,384
Realized gain distributions		1,515,081			1,771,857			2,045,728
Net realized gains (losses)		4,050,481			2,930,360			3,661,112	)
Net change in unrealized appreciation (depreciation)		1,969,149			4,893,261			4,494,518
Net realized and change in unrealized gains (losses)		6,019,630			7,823,621			8,155,630
Net increase (decrease) in net assets from operations	$	5,648,898		$	7,477,954		$	7,728,082

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

- 33 -

DELAWARE LIFE VARIABLE ACCOUNT F - REGATTA

(A Separate Account of Delaware Life Insurance Company)

STATEMENTS OF OPERATIONS (CONTINUED)

FOR THE YEAR ENDED DECEMBER 31, 2020

		M05			M42			M89
		Sub-Account			Sub-Account			Sub-Account
Income:
Dividend income	$	-		$	-		$	1 3,327,244
Expenses:
Mortality and expense risk charges		(636,842	)		(430,868	)		(5,008,110	)
Distribution and administration charges		(131,878	)		(159,925	)		(1,586,901	)
Net investment income (loss)		(768,720	)		(590,793	)		6,732,233
Net realized and change in unrealized gains (losses):
Net realized gains (losses) on sale of investments		2,391,766			2,981,640			(535,370)
Realized gain distributions		4,995,728			3,630,694			—
Net realized gains (losses)		7,387,494			6,612,334			(535,370	)
Net change in unrealized appreciation (depreciation)		14,226,779			7,317,893			16,489,384
Net realized and change in unrealized gains (losses)		21,614,273			13,930,227			15,954,014
Net increase (decrease) in net assets from operations	$	20,845,553		$	13,339,434		$	22,686,247

The accompanying notes are an integral part of these financial statements

- 34 -

DELAWARE LIFE VARIABLE ACCOUNT F - REGATTA

(A Separate Account of Delaware Life Insurance Company)

STATEMENTS OF OPERATIONS (CONTINUED)

FOR THE YEAR ENDED DECEMBER 31, 2020

		M82			M44			M40
		Sub-Account			Sub-Account			Sub-Account

Income:
Dividend income	$	579,685		$	2,174,034		$	964,172

Expenses:
Mortality and expense risk charges		(1,387,855	)		(1,083,479	)		(544,802	)
Distribution and administration charges		(453,691	)		(189,562	)		(190,885	)
Net investment income (loss)		(1,261,861	)		900,993			228,485
Net realized and change in unrealized gains (losses):
Net realized gains (losses) on sale of investments		2,495,982			(917,738	)		1,564,701
Realized gain distributions		4,387,262			2,266,987			1,140,814
Net realized gains (losses)		6,883,244			1,349,249			2,705,515
Net change in unrealized appreciation (depreciation)		9,694,930			816,073			(924,372	)
Net realized and change in unrealized gains (losses)		16,578,174			2,165,322			1,781,143
Net increase (decrease) in net assets from operations	$	15,316,313		$	3,066,315		$	2,009,628

The accompanying notes are an integral part of these financial statements

- 35 -

DELAWARE LIFE VARIABLE ACCOUNT F - REGATTA

(A Separate Account of Delaware Life Insurance Company)

STATEMENTS OF OPERATIONS (CONTINUED)

FOR THE YEAR ENDED DECEMBER 31, 2020

		M83			M08			MB6
		Sub-Account			Sub-Account			Sub-Account

Income:
Dividend income	$	3,000,621		$	1,241,177		$	3,767,052

Expenses:
Mortality and expense risk charges		(2,391,716	)		(1,146,684	)		(2,826,193	)
Distribution and administration charges		(703,412	)		(393,814	)		(455,482	)
Net investment income (loss)		(94,507	)		(299,321	)		485,377
Net realized and change in unrealized gains (losses):
Net realized gains (losses) on sale of investments		1,686,289			(595,227	)		15,107,202
Realized gain distributions		8,409,741			4,171,150			11,942,321
Net realized gains (losses)		10,096,030			3,575,923			27,049,523
Net change in unrealized appreciation (depreciation)		(7,136,333	)		(1,485,425	)		2,198,772
Net realized and change in unrealized gains (losses)		2,959,697			2,090,498			29,248,295
Net increase (decrease) in net assets from operations	$	2,865,190		$	1,791,177		$	29,733,672

The accompanying notes are an integral part of these financial statements

- 36 -

DELAWARE LIFE VARIABLE ACCOUNT F - REGATTA

(A Separate Account of Delaware Life Insurance Company)

STATEMENTS OF OPERATIONS (CONTINUED)

FOR THE YEAR ENDED DECEMBER 31, 2020

		MB7			MC0			MA0
		Sub-Account			Sub-Account			Sub-Account
Income:
Dividend income	$	747,220		$	1,700,411		$	3,645,424

Expenses:
Mortality and expense risk charges		(667,849	)		(592,282	)		(1,402,792	)
Distribution and administration charges		(252,070	)		(109,928	)		(443,806	)
Net investment income (loss)		(172,699	)		998,201			1,798,826
Net realized and change in unrealized gains (losses):
Net realized gains (losses) on sale of investments		2,553,583			409,932			301,870
Realized gain distributions		2,792,754			136,058			315,031
Net realized gains (losses)		5,346,337			545,990			616,901
Net change in unrealized appreciation (depreciation)		1,189,987			2,571,451			5,753,274
Net realized and change in unrealized gains (losses)		6,536,324			3,117,441			6,370,175
Net increase (decrease) in net assets from operations	$	6,363,625		$	4,115,642		$	8,169,001

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

- 37 -

DELAWARE LIFE VARIABLE ACCOUNT F - REGATTA

(A Separate Account of Delaware Life Insurance Company)

STATEMENTS OF OPERATIONS (CONTINUED)

FOR THE YEAR ENDED DECEMBER 31, 2020

		MC2			MC1			MC3
		Sub-Account			Sub-Account			Sub-Account
Income:
Dividend income	$	663,429		$	199,427		$	444,231

Expenses:
Mortality and expense risk charges		(1,127,793	)		(493,073	)		(172,600	)
Distribution and administration charges		(210,175	)		(175,163	)		(32,121	)
Net investment income (loss)		(674,539	)		(468,809	)		239,510
Net realized and change in unrealized gains (losses):
Net realized gains (losses) on sale of investments		6,124,434			1,127,840			78,471
Realized gain distributions		4,583,890			2,051,229			771,168
Net realized gains (losses)		10,708,324			3,179,069			849,639
Net change in unrealized appreciation (depreciation)		4,743,377			4,159,041			14,517
Net realized and change in unrealized gains (losses)		15,451,701			7,338,110			864,156
Net increase (decrease) in net assets from operations	$	14,777,162		$	6,869,301		$	1,103,666

The accompanying notes are an integral part of these financial statements

- 38 -

DELAWARE LIFE VARIABLE ACCOUNT F - REGATTA

(A Separate Account of Delaware Life Insurance Company)

STATEMENTS OF OPERATIONS (CONTINUED)

FOR THE YEAR ENDED DECEMBER 31, 2020

		MA1			MC4			MC5
		Sub-Account			Sub-Account			Sub-Account
Income:
Dividend income	$	445,272		$	121,158		$	8,660

Expenses:
Mortality and expense risk charges		(178,537	)		(110,805	)		(9,663	)
Distribution and administration charges		(61,401	)		(20,334	)		(3,495	)
Net investment income (loss)		205,334			(9,981	)		(4,498	)
Net realized and change in unrealized gains (losses):
Net realized gains (losses) on sale of investments		502,859			9,625			6,655
Realized gain distributions		841,066			—			—
Net realized gains (losses)		1,343,925			9,625			6,655
Net change in unrealized appreciation (depreciation)		192,459			781,883			63,299
Net realized and change in unrealized gains (losses)		1,536,384			791,508			69,954
Net increase (decrease) in net assets from operations	$	1,741,718		$	781,527		$	65,456

The accompanying notes are an integral part of these financial statements

- 39 -

DELAWARE LIFE VARIABLE ACCOUNT F - REGATTA

(A Separate Account of Delaware Life Insurance Company)

STATEMENTS OF OPERATIONS (CONTINUED)

FOR THE YEAR ENDED DECEMBER 31, 2020

		MC6			MC7			MC8
		Sub-Account			Sub-Account			Sub-Account
Income:
Dividend income	$	215,764		$	6,039		$	990,720

Expenses:
Mortality and expense risk charges		(551,061	)		(25,118	)		(942,610	)
Distribution and administration charges		(82,155	)		(10,669	)		(138,389	)
Net investment income (loss)		(417,452	)		(29,748	)		(90,279	)
Net realized and change in unrealized gains (losses):
Net realized gains (losses) on sale of investments		3,312,087			38,890			6,037,484
Realized gain distributions		4,263,370			214,373			5,072,216
Net realized gains (losses)		7,575,457			253,263			11,109,700
Net change in unrealized appreciation (depreciation)		919,548			193,664			(215,005	)
Net realized and change in unrealized gains (losses)		8,495,005			446,927			10,894,695
Net increase (decrease) in net assets from operations	$	8,077,553		$	417,179		$	10,804,416

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

- 40 -

DELAWARE LIFE VARIABLE ACCOUNT F - REGATTA

(A Separate Account of Delaware Life Insurance Company)

STATEMENTS OF OPERATIONS (CONTINUED)

FOR THE YEAR ENDED DECEMBER 31, 2020

		MC9			MD0			M92
		Sub-Account			Sub-Account			Sub-Account

Income
Dividend income	$	48,742		$	670,135		$	7,348,495

Expenses:
Mortality and expense risk charges		(52,210	)		(468,810	)		(5,781,629	)
Distribution and administration charges		(16,379	)		(73,094	)		(1,823,766	)
Net investment income (loss)		(19,847	)		128,231			(256,900	)
Net realized and change in unrealized gains (losses):
Net realized gains (losses) on sale of investments		392,476			740,979			3,303,241
Realized gain distributions		295,132			1,732,121			22,395,723
Net realized gains (losses)		687,608			2,473,100			25,698,964
Net change in unrealized appreciation (depreciation)		(94,293	)		(1,012,374	)		(6,304,689	)
Net realized and change in unrealized gains (losses)		593,315			1,460,726			19,394,275
Net increase (decrease) in net assets from operations	$	573,468		$	1,588,957		$	19,137,375

The accompanying notes are an integral part of these financial statements

- 41 -

DELAWARE LIFE VARIABLE ACCOUNT F - REGATTA

(A Separate Account of Delaware Life Insurance Company)

STATEMENTS OF OPERATIONS (CONTINUED)

FOR THE YEAR ENDED DECEMBER 31, 2020


		M96			MD2			MA6
		Sub-Account			Sub-Account			Sub-Account

Income
Dividend income	$	2,057,719		$	3,568,117		$	2,412,283

Expenses:
Mortality and expense risk charges		(873,304	)		(1,710,313	)		(536,761	)
Distribution and administration charges		(158,079	)		(576,177	)		(94,035	)
Net investment income (loss)		1,026,336			1,281,627			1,781,487
Net realized and change in unrealized gains (losses):
Net realized gains (losses) on sale of investments		(276,874	)		54,758			(762,755	)
Realized gain distributions		—			—			—
Net realized gains (losses)		(276,874	)		54,758			(762,755	)
Net change in unrealized appreciation (depreciation)		2,670,643			4,735,525			338,185
Net realized and change in unrealized gains (losses)		2,393,769			4,790,283			(424,570	)
Net increase (decrease) in net assets from operations	$	3,420,105		$	6,071,910		$	1,356,917

The accompanying notes are an integral part of these financial statements

- 42 -

DELAWARE LIFE VARIABLE ACCOUNT F - REGATTA

(A Separate Account of Delaware Life Insurance Company)

STATEMENTS OF OPERATIONS (CONTINUED)

FOR THE YEAR ENDED DECEMBER 31, 2020

		MA3			MD5			M97
		Sub-Account			Sub-Account			Sub-Account

Income:
Dividend income	$	1,698,870		$	464,700		$	187,673

Expenses:
Mortality and expense risk charges		(402,599	)		(394,207	)		(184,929	)
Distribution and administration charges		(147,993	)		(79,560	)		(63,253	)
Net investment income (loss)		1,148,278			(9,067	)		(60,509	)
Net realized and change in unrealized gains (losses):
Net realized gains (losses) on sale of investments		(690,412	)		589,415			156,300
Realized gain distributions		—			422,743			197,914
Net realized gains (losses)		(690,412	)		1,012,158			354,214
Net change in unrealized appreciation (depreciation)		314,275			3,428,538			1,756,306
Net realized and change in unrealized gains (losses)		(376,137	)		4,440,696			2,110,520
Net increase (decrease) in net assets from operations	$	772,141		$	4,431,629		$	2,050,011

The accompanying notes are an integral part of these financial statements

- 43 -

DELAWARE LIFE VARIABLE ACCOUNT F - REGATTA

(A Separate Account of Delaware Life Insurance Company)

STATEMENTS OF OPERATIONS (CONTINUED)

FOR THE YEAR ENDED DECEMBER 31, 2020

		M98			M93			MD6
		Sub-Account			Sub-Account			Sub-Account

Income:
Dividend income	$	387,513		$	578,627		$	1,417,096

Expenses:
Mortality and expense risk charges		(476,808	)		(949,543	)		(3,844,471	)
Distribution and administration charges		(82,931	)		(327,207	)		(617,229	)
Net investment income (loss)		(172,226	)		(698,123	)		(3,044,604	)
Net realized and change in unrealized gains (losses):
Net realized gains (losses) on sale of investments		3,895,637			6,782,674			29,179,165
Realized gain distributions		780,877			1,513,740			30,016,968
Net realized gains (losses)		4,676,514			8,296,414			59,196,133
Net change in unrealized appreciation (depreciation)		2,244,207			4,890,478			4,812,625
Net realized and change in unrealized gains (losses)		6,920,721			13,186,892			64,008,758
Net increase (decrease) in net assets from operations	$	6,748,495		$	12,488,769		$	60,964,154

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

- 44 -

DELAWARE LIFE VARIABLE ACCOUNT F - REGATTA

(A Separate Account of Delaware Life Insurance Company)

STATEMENTS OF OPERATIONS (CONTINUED)

FOR THE YEAR ENDED DECEMBER 31, 2020

		MB3			MD8			MD9
		Sub-Account			Sub-Account			Sub-Account
Income:
Dividend income	$	73,970		$	81,186		$	228,147

Expenses:
Mortality and expense risk charges		(406,681	)		(455,713	)		(1,317,562	)
Distribution and administration charges		(158,904	)		(70,625	)		(442,229	)
Net investment income (loss)		(491,615	)		(445,152	)		(1,531,644	)
Net realized and change in unrealized gains (losses):
Net realized gains (losses) on sale of investments		2,895,878			—			(3	)
Realized gain distributions		3,252,001			—			—
Net realized gains (losses)		6,147,879			—			(3	)
Net change in unrealized appreciation (depreciation)		647,910			—			—
Net realized and change in unrealized gains (losses)		6,795,789			—			(3	)
Net increase (decrease) in net assets from operations	$	6,304,174		$	(445,152	)	$	(1,531,647	)

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

- 45 -

DELAWARE LIFE VARIABLE ACCOUNT F - REGATTA

(A Separate Account of Delaware Life Insurance Company)

STATEMENTS OF OPERATIONS (CONTINUED)

FOR THE YEAR ENDED DECEMBER 31, 2020

		ME2			ME3			MA5
		Sub-Account			Sub-Account			Sub-Account
Income:
Dividend income	$	384,380		$	634,315		$	920,442

Expenses:
Mortality and expense risk charges		(219,421	)		(433,574	)		(311,377	)
Distribution and administration charges		(47,322	)		(154,167	)		(56,527	)
Net investment income (loss)		117,637			46,574			552,538
Net realized and change in unrealized gains (losses):
Net realized gains (losses) on sale of investments		667,225			511,853			36,639
Realized gain distributions		643,697			1,210,287			—
Net realized gains (losses)		1,310,922			1,722,140			36,639
Net change in unrealized appreciation (depreciation)		606,275			1,814,719			1,282,380
Net realized and change in unrealized gains (losses)		1,917,197			3,536,859			1,319,019
Net increase (decrease) in net assets from operations	$	2,034,834		$	3,583,433		$	1,871,557

The accompanying notes are an integral part of these financial statements

- 46 -

DELAWARE LIFE VARIABLE ACCOUNT F - REGATTA

(A Separate Account of Delaware Life Insurance Company)

STATEMENTS OF OPERATIONS (CONTINUED)

FOR THE YEAR ENDED DECEMBER 31, 2020

		MA7			ME4			MA2
		Sub-Account			Sub-Account			Sub-Account
Income:
Dividend income	$	126,832		$	—		$	—

Expenses:
Mortality and expense risk charges		(44,700	)		(241,741	)		(22,147	)
Distribution and administration charges		(15,361	)		(52,068	)		(8,327	)
Net investment income (loss)		66,771			(293,809	)		(30,474	)
Net realized and change in unrealized gains (losses):
Net realized gains (losses) on sale of investments		26,832			2,610,286			288,602
Realized gain distributions		—			—			—
Net realized gains (losses)		26,832			2,610,286			288,602
Net change in unrealized appreciation (depreciation)		168,994			5,204,897			487,230
Net realized and change in unrealized gains (losses)		195,826			7,815,183			775,832
Net increase (decrease) in net assets from operations	$	262,597		$	7,521,374		$	745,358

The accompanying notes are an integral part of these financial statements

- 47 -

DELAWARE LIFE VARIABLE ACCOUNT F - REGATTA

(A Separate Account of Delaware Life Insurance Company)

STATEMENTS OF OPERATIONS (CONTINUED)

FOR THE YEAR ENDED DECEMBER 31, 2020

		MF3			MF5			MF6
		Sub-Account			Sub-Account			Sub-Account
Income:
Dividend income	$	300,811		$	9,086,787		$	71,258

Expenses:
Mortality and expense risk charges		(602,091	)		(4,791,355	)		(18,586	)
Distribution and administration charges		(206,285	)		(1,554,958	)		(8,079	)
Net investment income (loss)		(507,565	)		2,740,474			44,593
Net realized and change in unrealized gains (losses):
Net realized gains (losses) on sale of investments		(3,578,907	)		(793,025	)		24,532
Realized gain distributions		3,890,790			17,620,328			38,101
Net realized gains (losses)		311,883			16,827,303			62,633
Net change in unrealized appreciation (depreciation)		2,556,065			18,036,793			(117,866	)
Net realized and change in unrealized gains (losses)		2,867,948			34,864,096			(55,233	)
Net increase (decrease) in net assets from operations	$	2,360,383		$	37,604,570		$	(10,640	)

The accompanying notes are an integral part of these financial statements

- 48 -

DELAWARE LIFE VARIABLE ACCOUNT F - REGATTA

(A Separate Account of Delaware Life Insurance Company)

STATEMENTS OF OPERATIONS (CONTINUED)

FOR THE YEAR ENDED DECEMBER 31, 2020

		MF7			MF9			MG1
		Sub-Account			Sub-Account			Sub-Account
Income:
Dividend income	$	1,715,550		$	5,496,147		$	225,219

Expenses:
Mortality and expense risk charges		(562,894	)		(3,806,842	)		(1,360,842	)
Distribution and administration charges		(201,060	)		(1,222,781	)		(441,743	)
Net investment income (loss)		951,596			466,524			(1,577,366	)
Net realized and change in unrealized gains (losses):
Net realized gains (losses) on sale of investments		1,173,660			(220,862	)		479,018
Realized gain distributions		984,647			26,250,040			1,464,799
Net realized gains (losses)		2,158,307			26,029,178			1,943,817
Net change in unrealized appreciation (depreciation)		(3,083,674	)		13,444,829			10,790,158
Net realized and change in unrealized gains (losses)		(925,367	)		39,474,007			12,733,975
Net increase (decrease) in net assets from operations	$	26,229		$	39,940,531		$	11,156,609

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

- 49 -

DELAWARE LIFE VARIABLE ACCOUNT F - REGATTA

(A Separate Account of Delaware Life Insurance Company)

STATEMENTS OF OPERATIONS (CONTINUED)

FOR THE YEAR ENDED DECEMBER 31, 2020

		MF2			MG2			MG3
		Sub-Account			Sub-Account			Sub-Account

Income:
Dividend income	$	5,315,683		$	2,885,574		$	262,771

Expenses:
Mortality and expense risk charges		(2,202,616	)		(1,250,517	)		(274,086	)
Distribution and administration charges		(787,553	)		(404,160	)		(104,257	)
Net investment income (loss)		2,325,514			1,230,897			(115,572	)

Net realized and change in unrealized gains (losses):
Net realized gains (losses) on sale of investments		357,891			(40,723	)		(396,427	)
Realized gain distributions		—			—			889,834
Net realized gains (losses)		357,891			(40,723	)		493,407

Net change in unrealized appreciation (depreciation)		1,422,583			864,332			678,191

Net realized and change in unrealized gains (losses)		1,780,474			823,609			1,171,598

Net increase (decrease) in net assets from operations	$	4,105,988		$	2,054,506		$	1,056,026

The accompanying notes are an integral part of these financial statements

- 50 -

DELAWARE LIFE VARIABLE ACCOUNT F - REGATTA

(A Separate Account of Delaware Life Insurance Company)

STATEMENTS OF OPERATIONS (CONTINUED)

FOR THE YEAR ENDED DECEMBER 31, 2020

		MG4			MG6			MG7
		Sub-Account			Sub-Account			Sub-Account

Income:
Dividend income	$	198,782		$	25,944,134		$	53,758

Expenses:
Mortality and expense risk charges		(243,698	)		(15,356,441	)		(86,162	)
Distribution and administration charges		(77,090	)		(4,973,118	)		(28,221	)
Net investment income (loss)		(122,006	)		5,614,575			(60,625	)

Net realized and change in unrealized gains (losses):
Net realized gains (losses) on sale of investments		(243,074	)		11,017,315			(966,303	)
Realized gain distributions		821,012			77,520,425			591,591
Net realized gains (losses)		577,938			88,537,740			(374,712	)

Net change in unrealized appreciation (depreciation)		1,263,083			50,758,492			1,118,732

Net realized and change in unrealized gains (losses)		1,841,021			139,296,232			744,020

Net increase (decrease) in net assets from operations	$	1,719,015		$	144,910,807		$	683,395

The accompanying notes are an integral part of these financial statements

- 51 -

DELAWARE LIFE VARIABLE ACCOUNT F - REGATTA

(A Separate Account of Delaware Life Insurance Company)

STATEMENTS OF OPERATIONS (CONTINUED)

FOR THE YEAR ENDED DECEMBER 31, 2020

		V45			U43			U41
		Sub-Account			Sub-Account			Sub-Account

Income:
Dividend income	$	266		$	—		$	—

Expenses:
Mortality and expense risk charges		(236	)		(2	)		(110	)
Distribution and administration charges		(97	)		(1	)		(45	)
Net investment income (loss)		(67	)		(3	)		(155	)

Net realized and change in unrealized gains (losses):
Net realized gains (losses) on sale of investments		71			—			6
Realized gain distributions		3,238			—			—
Net realized gains (losses)		3,309			—			6

Net change in unrealized appreciation (depreciation)		5,026			86			6,107

Net realized and change in unrealized gains (losses)		8,335			86			6,113

Net increase (decrease) in net assets from operations	$	8,268		$	83		$	5,958

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

- 52 -

DELAWARE LIFE VARIABLE ACCOUNT F - REGATTA

(A Separate Account of Delaware Life Insurance Company)

STATEMENTS OF OPERATIONS (CONTINUED)

FOR THE YEAR ENDED DECEMBER 31, 2020

		V44			V43			O19
		Sub-Account			Sub-Account			Sub-Account

Income:
Dividend income	$	-		$	-		$	-

Expenses:
Mortality and expense risk charges		(177,354	)		(110,146	)		(171,237	)
Distribution and administration charges		(58,832	)		(36,716	)		(68,562	)
Net investment income (loss)		(236,186	)		(146,862	)		(239,799	)

Net realized and change in unrealized gains (losses):
Net realized gains (losses) on sale of investments		3,352,764			4,070,553			802,366
Realized gain distributions		1,474,839			991,064			2,046,473
Net realized gains (losses)		4,827,603			5,061,617			2,848,839

Net change in unrealized appreciation (depreciation)		6,141,075			3,852,505			1,630,821

Net realized and change in unrealized gains (losses)		10,968,678			8,914,122			4,479,660

Net increase (decrease) in net assets from operations	$	10,732,492		$	8,767,260		$	4,239,861

The accompanying notes are an integral part of these financial statements

- 53 -

DELAWARE LIFE VARIABLE ACCOUNT F - REGATTA

(A Separate Account of Delaware Life Insurance Company)

STATEMENTS OF OPERATIONS (CONTINUED)

FOR THE YEAR ENDED DECEMBER 31, 2020

		O23			O20			O21
		Sub-Account			Sub-Account			Sub-Account

Income:
Dividend income	$	219,283		$	60,494		$	1,560,925

Expenses:
Mortality and expense risk charges		(144,673	)		(179,899	)		(1,763,644	)
Distribution and administration charges		(43,917	)		(62,773	)		(653,909	)
Net investment income (loss)		30,693			(182,178	)		(856,628	)

Net realized and change in unrealized gains (losses):
Net realized gains (losses) on sale of investments		471,636			896,959			(607,749	)
Realized gain distributions		277,141			501,661			13,219,167
Net realized gains (losses)		748,777			1,398,620			12,611,418

Net change in unrealized appreciation (depreciation)		609,326			2,472,891			3,315,766

Net realized and change in unrealized gains (losses)		1,358,103			3,871,511			15,927,184

Net increase (decrease) in net assets from operations	$	1,388,796		$	3,689,333		$	15,070,556

The accompanying notes are an integral part of these financial statements

- 54 -

DELAWARE LIFE VARIABLE ACCOUNT F - REGATTA

(A Separate Account of Delaware Life Insurance Company)

STATEMENTS OF OPERATIONS (CONTINUED)

FOR THE YEAR ENDED DECEMBER 31, 2020

		O04			PH2			P08
		Sub-Account			Sub-Account			Sub-Account

Income:
Dividend income	$	15,128		$	4,022		$	785,993

Expenses:
Mortality and expense risk charges		(52,483	)		(4,621	)		(197,620	)
Distribution and administration charges		(21,751	)		(1,239	)		(67,842	)
Net investment income (loss)		(59,106	)		(1,838	)		520,531

Net realized and change in unrealized gains (losses):
Net realized gains (losses) on sale of investments		(90,409	)		(8,430	)		(148,048	)
Realized gain distributions		60,327			37,384			—
Net realized gains (losses)		(30,082	)		28,954			(148,048	)

Net change in unrealized appreciation (depreciation)		922,517			23,941			600,375

Net realized and change in unrealized gains (losses)		892,435			52,895			452,327

Net increase (decrease) in net assets from operations	$	833,329		$	51,057		$	972,858

The accompanying notes are an integral part of these financial statements

- 55 -

DELAWARE LIFE VARIABLE ACCOUNT F - REGATTA

(A Separate Account of Delaware Life Insurance Company)

STATEMENTS OF OPERATIONS (CONTINUED)

FOR THE YEAR ENDED DECEMBER 31, 2020

		PC0			P70			P10
		Sub-Account			Sub-Account			Sub-Account

Income:
Dividend income	$	641,939		$	14,452		$	1,322,431

Expenses:
Mortality and expense risk charges		(160,695	)		(2,600	)		(256,330	)
Distribution and administration charges		(51,328	)		(982	)		(85,625	)
Net investment income (loss)		429,916			10,870			980,476

Net realized and change in unrealized gains (losses):
Net realized gains (losses) on sale of investments		(253,675	)		(30,977	)		(2,018,729	)
Realized gain distributions		—			—			—
Net realized gains (losses)		(253,675	)		(30,977	)		(2,018,729	)

Net change in unrealized appreciation (depreciation)		599,476			32,024			1,500,916

Net realized and change in unrealized gains (losses)		345,801			1,047			(517,813	)

Net increase (decrease) in net assets from operations	$	775,717		$	11,917		$	462,663

The accompanying notes are an integral part of these financial statementsE

- 56 -

DELAWARE LIFE VARIABLE ACCOUNT F - REGATTA

(A Separate Account of Delaware Life Insurance Company)

STATEMENTS OF OPERATIONS (CONTINUED)

FOR THE YEAR ENDED DECEMBER 31, 2020

		PK8			P20			PM5
		Sub-Account			Sub-Account			Sub-Account

Income:
Dividend income	$	331,050		$	8,169		$	19

Expenses:
Mortality and expense risk charges		(88,106	)		(2,184	)		(17	)
Distribution and administration charges		(32,183	)		(679	)		(7	)
Net investment income (loss)		210,761			5,306			(5	)

Net realized and change in unrealized gains (losses):
Net realized gains (losses) on sale of investments		(74,446	)		(618	)		—
Realized gain distributions		—			—			—
Net realized gains (losses)		(74,446	)		(618	)		—

Net change in unrealized appreciation (depreciation)		171,158			2,425			152

Net realized and change in unrealized gains (losses)		96,712			1,807			152

Net increase (decrease) in net assets from operations	$	307,473		$	7,113		$	147

The accompanying notes are an integral part of these financial statements

- 57 -

DELAWARE LIFE VARIABLE ACCOUNT F - REGATTA

(A Separate Account of Delaware Life Insurance Company)

STATEMENTS OF OPERATIONS (CONTINUED)

FOR THE YEAR ENDED DECEMBER 31, 2020

		PD6			P06			P07
		Sub-Account			Sub-Account			Sub-Account

Income:
Dividend income	$	29,092,195		$	414,025		$	2,621,660

Expenses:
Mortality and expense risk charges		(4,474,416	)		(378,527	)		(1,568,092	)
Distribution and administration charges		(1,419,101	)		(129,468	)		(546,217	)
Net investment income (loss)		23,198,678			(93,970	)		507,351

Net realized and change in unrealized gains (losses):
Net realized gains (losses) on sale of investments		(2,186,918	)		(154,943	)		227,476
Realized gain distributions		7,320,268			—			1,310,078
Net realized gains (losses)		5,133,350			(154,943	)		1,537,554

Net change in unrealized appreciation (depreciation)		24,975,626			2,860,452			5,716,583

Net realized and change in unrealized gains (losses)		30,108,976			2,705,509			7,254,137

Net increase (decrease) in net assets from operations	$	53,307,654		$	2,611,539		$	7,761,488

The accompanying notes are an integral part of these financial statements

- 58 -

DELAWARE LIFE VARIABLE ACCOUNT F - REGATTA

(A Separate Account of Delaware Life Insurance Company)

STATEMENTS OF OPERATIONS (CONTINUED)

FOR THE YEAR ENDED DECEMBER 31, 2020

		P68			PI3			P72
		Sub-Account			Sub-Account			Sub-Account

Income:
Dividend income	$	4,350		$	—		$	226,396

Expenses:
Mortality and expense risk charges		(2,035	)		(167,508	)		(157,096	)
Distribution and administration charges		(834	)		(52,117	)		(52,346	)
Net investment income (loss)		1,481			(219,625	)		16,954

Net realized and change in unrealized gains (losses):
Net realized gains (losses) on sale of investments		82			(371,091	)		33,630
Realized gain distributions		338			—			911,557
Net realized gains (losses)		420			(371,091	)		945,187

Net change in unrealized appreciation (depreciation)		7,415			(693,757	)		(35,910	)

Net realized and change in unrealized gains (losses)		7,835			(1,064,848	)		909,277

Net increase (decrease) in net assets from operations	$	9,316		$	(1,284,473	)	$	926,231

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

- 59 -

DELAWARE LIFE VARIABLE ACCOUNT F - REGATTA

(A Separate Account of Delaware Life Insurance Company)

STATEMENTS OF OPERATIONS (CONTINUED)

FOR THE YEAR ENDED DECEMBER 31, 2020

		P88			P93			P89
		Sub-Account			Sub-Account			Sub-Account

Income:
Dividend income	$	-		$	-		$	-

Expenses
Mortality and expense risk charges		(192	)		(14	)		(144	)
Distribution and administration charges		(79	)		(6	)		(60	)
Net investment income (loss)		(271	)		(20	)		(204	)

Net realized and change in unrealized gains (losses):
Net realized gains (losses) on sale of investments		21			-			17
Realized gain distributions		-			-			-
Net realized gains (losses)		21			-			17

Net change in unrealized appreciation (depreciation)		5,304			441			4,034

Net realized and change in unrealized gains (losses)		5,325			441			4,051

Net increase (decrease) in net assets from operations	$	5,054		$	421		$	3,847

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

- 60 -

DELAWARE LIFE VARIABLE ACCOUNT F - REGATTA

(A Separate Account of Delaware Life Insurance Company)

STATEMENTS OF OPERATIONS (CONTINUED)

FOR THE YEAR ENDED DECEMBER 31, 2020

		P95			P79			W41
		Sub-Account			Sub-Account			Sub-Account

Income:
Dividend income	$	278		$	98		$	1,796

Expenses:
Mortality and expense risk charges		(157	)		(313	)		(2,927	)
Distribution and administration charges		(65	)		(128	)		(889	)
Net investment income (loss)		56			(343	)		(2,020	)

Net realized and change in unrealized gains (losses):
Net realized gains (losses) on sale of investments		61			36			(15,136	)
Realized gain distributions		52			1,862			26,651
Net realized gains (losses)		113			1,898			11,515

Net change in unrealized appreciation (depreciation)		645			9,463			34,293

Net realized and change in unrealized gains (losses)		758			11,361			45,808

Net increase (decrease) in net assets from operations	$	814			11,018		$	43,788

The accompanying notes are an integral part of these financial statements

- 61 -

DELAWARE LIFE VARIABLE ACCOUNT F - REGATTA

(A Separate Account of Delaware Life Insurance Company)

STATEMENTS OF OPERATIONS (CONTINUED)

FOR THE YEAR ENDED DECEMBER 31, 2020

		W42			W50
		Sub-Account			Sub-Account

Income:
Dividend income	$	—		$	5,344

Expenses:
Mortality and expense risk charges		(477	)		(1,079	)
Distribution and administration charges		(155	)		(442	)
Net investment income (loss)		(632	)		3,823

Net realized and change in unrealized gains (losses):
Net realized gains (losses) on sale of investments		(373)			1,228
Realized gain distributions		3,987			—
Net realized gains (losses)		3,614			1,228

Net change in unrealized appreciation (depreciation)		5,903			3,186

Net realized and change in unrealized gains (losses)		9,517			4,414

Net increase (decrease) in net assets from operations	$	8,885		$	8,237

The accompanying notes are an integral part of these financial statements

- 62 -

DELAWARE LIFE VARIABLE ACCOUNT F - REGATTA

(A Separate Account of Delaware Life Insurance Company)

STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)

FOR THE YEARS ENDED DECEMBER 31, 2020 AND 2019

		AL1 Sub-Account						AO5 Sub-Account
		December 31, 2020			December 31, 2019			December 31, 2020			December 31, 2019
Operations:
Net investment income (loss)	$	177,936		$	258,275		$	(50,057	)	$	136,198
Net realized gains (losses)		(388,791	)		3,398,243			926,841			1,821,117
Net change in unrealized appreciation/(depreciation)		2,933,687			2,188,551			1,185,249			7,340,627
Increase (decrease) in net assets from operations		2,722,832			5,845,069			2,062,033			9,297,942

Contract Owner Transactions:

*Accumulation Activity:*
Purchase payments received		550,123			634,100			287,214			506,046
Transfers between Sub-Accounts
(including the Fixed Account), net		263,132			(656,419	)		1,650,702			(727,344	)
Withdrawals, surrenders, annuitizations
and contract charges		(4,210,107	)		(5,869,993	)		(5,671,230	)		(10,597,645	)
Net accumulation activity		(3,396,852	)		(5,892,312	)		(3,733,314	)		(10,818,943	)

*Annuitization Activity:*
Annuitizations
Annuity payments and contract charges		—			—			—			—
Transfers between Sub-Accounts, net		—			—			—			—
Adjustments to annuity reserves		—			—			—			—
Net annuitization activity		—			—			—			—

Net increase (decrease) from contract owner transactions		(3,396,852	)		(5,892,312	)		(3,733,314	)		(10,818,943	)

Total increase (decrease) in net assets		(674,020	)		(47,243	)		(1,671,281	)		(1,521,001	)

Net assets at beginning of year		37,855,824			37,903,067			72,077,915			73,598,916
Net assets at end of year	$	37,181,804		$	37,855,824		$	70,406,634		$	72,077,915

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

- 63 -

DELAWARE LIFE VARIABLE ACCOUNT F - REGATTA

(A Separate Account of Delaware Life Insurance Company)

STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)

FOR THE YEARS ENDED DECEMBER 31, 2020 AND 2019

		AM2 Sub-Account						A98 Sub-Account
		December 31, 2020			December 31, 2019			December 31, 2020			December31, 2019
Operations:
Net investment income (loss)	$	(22,505	)	$	(60,337	)	$	(25,569	)	$	(244,132	)
Net realized gains (losses)		661,009			260,074			(608,068	)		389,132
Net change in unrealized appreciation/(depreciation)		399,712			787,565			1,021,636			3,647,301
Increase (decrease) in net assets from operations		1,038,216			987,302			387,999			3,792,301

Contract Owner Transactions:

*Accumulation Activity:*
Purchase payments received		52,898			4,456			167,226			473,057
Transfers between Sub-Accounts
(including the Fixed Account), net		(617,416	)		(379,632	)		1,486,669			505,607
Withdrawals, surrenders, annuitizations
and contract charges		(639,540	)		(583,324	)		(3,045,464	)		(4,220,643	)
Net accumulation activity		(1,204,058	)		(958,500	)		(1,391,569	)		(3,241,979	)

*Annuitization Activity:*
Annuitizations		—			—			—			—
Annuity payments and contract charges		—			—			(9,521	)		(13,804	)
Transfers between Sub-Accounts, net		—			—			—			—
Adjustments to annuity reserves		—			—			852			26
Net annuitization activity		—			—			(8,669	)		(13,778	)

Net increase (decrease) from contract owner transactions		(1,204,058	)		(958,500	)		(1,400,238	)		(3,255,757	)

Total increase (decrease) in net assets		(165,842	)		28,802			(1,012,239	)		536,544

Net assets at beginning of year		4,331,861			4,303,059			27,378,427			26,841,883
Net assets at end of year	$	4,166,019		$	4,331,861		$	26,366,188		$	27,378,427

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

- 64 -

DELAWARE LIFE VARIABLE ACCOUNT F - REGATTA

(A Separate Account of Delaware Life Insurance Company)

STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)

FOR THE YEARS ENDED DECEMBER 31, 2020 AND 2019

	AC4 Sub-Account						A74 Sub-Account
		December 31,2020			December 31,2019			December 31,2020			December 31,2019

Operations:
Net investment income (loss)	$	(3,266	)	$	(312	)	$	(103,422	)	$	(168,758	)
Net realized gains (losses)		25,858			5,420			(1,184,874	)		1,169,478
Net change in unrealized appreciation/(depreciation)		72,527			684			2,895,494			968,916
Increase (decrease) in net assets from operations		95,119			5,792			1,607,198			1,969,636

Contract Owner Transactions:

*Accumulation Activity:*
Purchase payments received		818,851			71,502			123,953			198,126
Transfers between Sub-Accounts
(including the Fixed Account), net		91,960			13,263			(751,887)			464,916
Withdrawals, surrenders, annuitizations
and contract charges		(4,234	)		(236	)		(1,170,091	)		(1,255,034	)
Net accumulation activity		906,577			84,529			(1,798,025	)		(591,992	)

*Annuitization Activity:*
Annuitizations		—			—			—			—
Annuity payments and contract charges		—			—			(1,397	)		(1,692	)
Transfers between Sub-Accounts, net		—			—			—			—
Adjustments to annuity reserves		—			—			153			281
Net annuitization activity		—			—			(1,244	)		(1,411	)

Net increase (decrease) from contract owner transactions		906,577			84,529			(1,799,269	)		(593,403	)

Total increase (decrease) in net assets		1,001,696			90,321			(192,071	)		1,376,233

Net assets at beginning of year		90,321			—			12,498,367			11,122,134
Net assets at end of year	$	1,092,017		$	90,321		$	12,306,296		$	12,498,367

The accompanying notes are an integral part of these financial statements

- 65 -

DELAWARE LIFE VARIABLE ACCOUNT F - REGATTA

(A Separate Account of Delaware Life Insurance Company)

STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)

FOR THE YEARS ENDED DECEMBER 31, 2020 AND 2019

	AP0 Sub-Account						AQ1 Sub-Account
		December 31,2020			December 31,2019			December 31,2020			December 31,2019
Operations:
Net investment income (loss)	$	(9,730	)	$	(7	)	$	1,467		$	35
Net realized gains (losses)		49,732			562			5,652			3
Net change in unrealized appreciation/(depreciation)		523,505			9,414			62,677			110
Increase (decrease) in net assets from operations		563,507			9,969			69,796			148

Contract Owner Transactions:

*Accumulation Activity:*
Purchase payments received		3,829,465			105,899			440,171			—
Transfers between Sub-Accounts
(including the Fixed Account), net		(32585	)		4,357			(27,959	)		6,961
Withdrawals, surrenders, annuitizations
and contract charges		(8,139	)		(349	)		(2,005	)		—
Net accumulation activity		3,788,741			109,907			410,207			6,961

*Annuitization Activity:*
Annuitizations		—			—			—			—
Annuity payments and contract charges		—			—			—			—
Transfers between Sub-Accounts, net		—			—			—			—
Adjustments to annuity reserves		—			—			—			—
Net annuitization activity		—			—			—			—

Net increase (decrease) from contract owner transactions		3,788,741			109,907			410,207			6,961

Total increase (decrease) in net assets		4,352,248			119,876			480,003			7,109

Net assets at beginning of year		119,876			—			7,109			—
Net assets at end of year	$	4,472,124		$	119,876		$	487,112		$	7,109

The accompanying notes are an integral part of these financial statements

- 66 -

DELAWARE LIFE VARIABLE ACCOUNT F - REGATTA

(A Separate Account of Delaware Life Insurance Company)

STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)

FOR THE YEARS ENDED DECEMBER 31, 2020 AND 2019

	AQ2 Sub-Account					AS3 Sub-Account
		December 31,2020			December 31,2019		December 31,2020			December 31,2019
Operations:
Net investment income (loss)	$	8		$	—	$	8,484		$	1,090
Net realized gains (losses)		191			—		18,072			181
Net change in unrealized appreciation/(depreciation)		11,528			—		97,323			4,019
Increase (decrease) in net assets from operations		11,727			—		123,879			5,290

Contract Owner Transactions:

*Accumulation Activity:*
Purchase payments received		71,662			—		1,455,533			95,000
Transfers between Sub-Accounts
(including the Fixed Account), net		19,099			—		278,044			13,889
Withdrawals, surrenders, annuitizations
and contract charges		(609	)		—		(6,156	)		-
Net accumulation activity		90,152			—		1,727,421			108,889

*Annuitization Activity:*
Annuitizations
Annuity payments and contract charges		—			—		—			—
Transfers between Sub-Accounts, net		—			—		—			—
Adjustments to annuity reserves		—			—		—			—
Net annuitization activity		—			—		—			—

Net increase (decrease) from contract owner transactions		90,152			—		1,727,421			108,889

Total increase (decrease) in net assets		101,879			—		1,851,300			114,179

Net assets at beginning of year		—			—		114,179			—
Net assets at end of year	$	101,879		$	—	$	1,965,479		$	114,179

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

- 67 -

DELAWARE LIFE VARIABLE ACCOUNT F - REGATTA

(A Separate Account of Delaware Life Insurance Company)

STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)

FOR THE YEARS ENDED DECEMBER 31, 2020 AND 2019

	AS6 Sub-Account					AQ3 Sub-Account
		December 31,			December 31,		December 31,			December 31,
		2020			2019		2020			2019
Operations:
Net investment income (loss)	$	(2,692	)	$	—	$	(727	)	$	9
Net realized gains (losses)		14,884			—		1,428			8
Net change in unrealized appreciation/(depreciation)		97,760			—		35,988			307
Increase (decrease) in net assets from operations		109,952			—		36,689			324

Contract Owner Transactions:

*Accumulation Activity:*
Purchase payments received		501,763			—		343,075			3,500
Transfers between Sub-Accounts
(including the Fixed Account), net		290,319			—		(1,930	)		(97	)
Withdrawals, surrenders, annuitizations
and contract charges		(3,268	)		—		(489	)		(12	)
Net accumulation activity		788,814			—		340,656			3,391

*Annuitization Activity:*
Annuitizations		—			—		—			—
Annuity payments and contract charges		—			—		—			—
Transfers between Sub-Accounts, net		—			—		—			—
Adjustments to annuity reserves		—			—		—			—
Net annuitization activity		—			—		—			—

Net increase (decrease) from contract owner transactions		788,814			—		340,656			3,391

Total increase (decrease) in net assets		898,766			—		377,345			3,715

Net assets at beginning of year		—			—		3,715			—
Net assets at end of year	$	898,766		$	—	$	381,060		$	3,715

The accompanying notes are an integral part of these financial statements

- 68 -

DELAWARE LIFE VARIABLE ACCOUNT F - REGATTA

(A Separate Account of Delaware Life Insurance Company)

S STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)

FOR THE YEAR ENDED DECEMBER 31, 2020 AND 2019

	AX1 Sub-Account					B18 Sub-Account
		December 31,			December 31,		December 31,			December 31,
		2020			2019		2020			2019
Operations:
Net investment income (loss)	$	513		$	—	$	(1,587,213	)	$	(1,651,342	)
Net realized gains (losses)		3,770			—		26,637,789			15,397,342
Net change in unrealized appreciation/(depreciation)		3,137			—		42,049,381			44,387,747
Increase (decrease) in net assets from operations		7,420			—		67,099,957			58,133,747

Contract Owner Transactions:

*Accumulation Activity:*
Purchase payments received		152,583			—		3,428,364			3,725,606
Transfers between Sub-Accounts
(including the Fixed Account), net		6,320			—		(17,717,489	)		(9,728,137	)
Withdrawals, surrenders, annuitizations
and contract charges		(299	)		—		(42,903,784	)		(51,694,414	)
Net accumulation activity		158,604			—		(57,192,909	)		(57,696,945	)

*Annuitization Activity:*
Annuitizations		—			—		74,827			23,549
Annuity payments and contract charges		—			—		(28,750	)		(13,508	)
Transfers between Sub-Accounts, net		—			—		—			—
Adjustments to annuity reserves		—			—		11,151			10,066
Net annuitization activity		—			—		57,228			20,107

Net increase (decrease) from contract owner transactions		158,604			—		(57,135,681	)		(57,676,838	)

Total increase (decrease) in net assets		166,024			—		9,964,276			456,909

Net assets at beginning of year		—			—		390,773,237			390,316,328
Net assets at end of year	$	166,024		$	—	$	400,737,513		$	390,773,237

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

- 69 -

DELAWARE LIFE VARIABLE ACCOUNT F - REGATTA
(A Separate Account of Delaware Life Insurance Company)

STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)
FOR THE YEARS ENDED DECEMBER 31, 2020 AND 2019

	L33 Sub-Account						C71 Sub-Account
	December 31, 2020			December 31,2019			December 31, 2020			December 31, 2019
Operations:
Net investment income (loss)	$	(423	)	$	(65	)	$	(255	)	$	(284	)
Net realized gains (losses)		779			210			(232	)		1,266
Net change in unrealized appreciation/(depreciation)		9,375			2,167			3,219			2,515
Increase (decrease) in net assets from operations		9,731			2,312			2,732			3,497
Contract Owner Transactions:

Accumulation Activity:
Purchase payments received		4,064			25,595			—			—
Transfers between Sub-Accounts(including the Fixed Account), net		15,319			(144	)		(1,109	)		100
Withdrawals, surrenders, annuitizations and contract charges		(816	)		(138	)		(898	)		(875	)
Net accumulation activity		18,567			25,313			(2,007	)		(775	)

Annuitization Activity:

Annuitizations		—			—			—			—
Annuity payments and contract charges		—			—			—			—
Transfers between Sub-Accounts, net		—			—			—			—
Adjustments to annuity reserves		—			—			—			—
Net annuitization activity		—			—			—			—
Net increase (decrease) from contract owner transactions		18,567			25,313			(2,007	)		(775	)
Total increase (decrease) in net assets		28,298			27,625			725			2,722
Net assets at beginning of year		27,625			—			21,229			18,507
Net assets at end of year	$	55,923		$	27,625		$	21,954		$	21,229

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

- 70 -

DELAWARE LIFE VARIABLE ACCOUNT F - REGATTA
(A Separate Account of Delaware Life Insurance Company)

STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)
FOR THE YEARS ENDED DECEMBER 31, 2020 AND 2019

	C59 Sub-Account						C60 Sub-Account
	December 31, 2020			December 31,2019			December 31, 2020			December 31, 2019
Operations:
Net investment income (loss)	$	(1,108	)	$	(971	)	$	(897,362	)	$	(947,184	)
Net realized gains (losses)		11,849			2,801			85,154,519			5,523,482
Net change in unrealized appreciation/(depreciation)		8,809			14,041			7,161,555			11,405,519
Increase (decrease) in net assets from operations		19,550			15,871			14,418,712			15,981,817
Contract Owner Transactions:

Accumulation Activity:
Purchase payments received		12,338			—			415,065			673,488
Transfers between Sub-Accounts (including the Fixed Account), net		(10,212	)		10,574			(7,890,845	)		(4,722,438	)
Withdrawals, surrenders, annuitizations and contract charges		(13,769	)		(2,207	)		(6,634,517	)		(9,223,283	)
Net accumulation activity		(11,643	)		8,367			(14,110,2977	)		(13,272,233	)
Annuitization Activity:

Annuitizations		—			—			8,346			29,104
Annuity payments and contract charges		—			—			(30,868	)		(30,229	)
Transfers between Sub-Accounts, net		—			—			—			—
Adjustments to annuity reserves		—			—			60			(1,722	)
Net annuitization activity		—			—			(22,462	)		(2,847	)
Net increase (decrease) from contract owner transactions		(11,643	)		8,367			(14,132,759	)		(13,275,080	)
Total increase (decrease) in net assets		7,907			24,238			285,953			2,706,737
Net assets at beginning of year		65,592			4 1,354			55,246,600			52,539,863
Net assets at end of year	$	73,499		$	65,592		$	55,532,553		$	55,246,600

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

- 71 -

DELAWARE LIFE VARIABLE ACCOUNT F - REGATTA
(A Separate Account of Delaware Life Insurance Company)

STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)
FOR THE YEARS ENDED DECEMBER 31, 2020 AND 2019

	C89 Sub-Account						C90 Sub-Account
	December 31, 2020			December 31,2019			December 31, 2020			December 31, 2019
Operations:
Net investment income (loss)	$	(2,359	)	$	(2,738	)	$	(276,568	)	$	(287,360	)
Net realized gains (losses)		16,772			755			2,434,027			1,871,889
Net change in unrealized appreciation/(depreciation)		14,822			36,444			2,039,289			2,765,257
Increase (decrease) in net assets from operations		29,235			34,461			4,196,748			4,349,786
Contract Owner Transactions:

Accumulation Activity:

Purchase payments received		—			—			141,696			256,324
Transfers between Sub-Accounts (including the Fixed Account), net		(59,236	)		18,106			(1,666,054	)		(916,072	)
Withdrawals, surrenders, annuitizations and contract charges		(1,742	)		(5,855	)		(2,153,525	)		(3,037,734	)
Net accumulation activity		(60,978	)		12,251			(3,677,883	)		(3,697,482	)
Annuitization Activity:

Annuitizations		—			—			25,082			—
Annuity payments and contract charges		—			—			(7,546	)		(4,120	)
Transfers between Sub-Accounts, net		—			—			—			—
Adjustments to annuity reserves		—			—			1,245			956
Net annuitization activity		—			—			18,781			(3,164	)
Net increase (decrease) from contract owner transactions		(60,978	)		12,251			(3,659,102	)		(3,700,646	)
Total increase (decrease) in net assets		(31,743	)		46,712			537,646			649,140
Net assets at beginning of year		154,346			107,634			6,597,423			5,948,283
Net assets at end of year	$	122,603		$	154,346		$	17,135,069		$	16,597,423

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

- 72 -

DELAWARE LIFE VARIABLE ACCOUNT F - REGATTA
(A Separate Account of Delaware Life Insurance Company)

STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)
FOR THE YEARS ENDED DECEMBER 31, 2020 AND 2019

	C58 Sub-Account						C91 Sub-Account
	December 31, 2020			December 31,2019			December 31, 2020			December 31, 2019
Operations:
Net investment income (loss)	$	(8,298	)	$	5,255		$	(718	)	$	(181	)
Net realized gains (losses)		(42,833	)		724,451			106			299
Net change in unrealized appreciation/(depreciation)		540,435			261,230			14,925			2,852
Increase (decrease) in net assets from operations		489,304			990,936			14,313			2,970

Contract Owner Transactions:

Accumulation Activity:
Purchase payments received		29,133			87,849			77,378			27,143
Transfers between Sub-Accounts (including the Fixed Account), net		(151,455	)		(220,746	)		13,585			6,265
Withdrawals, surrenders, annuitizations and contract charges		(591,744	)		(821,832	)		(1,272	)		(162	)
Net accumulation activity		(714,066	)		(954,729	)		89,691			33,246

Annuitization Activity:

Annuitizations		—			—			—			—
Annuity payments and contract charges		—			—			—			—
Transfers between Sub-Accounts, net		—			—			—			—
Adjustments to annuity reserves		—			—			—			—
Net annuitization activity		—			—			—			—
Net increase (decrease) from contract owner transactions		(714,066	)		(954,729	)		89,691			33,246
Total increase (decrease) in net assets		(224,762	)		36,207			104,004			36,216
Net assets at beginning of year		4,641,220			4,605,013			36,216			—
Net assets at end of year	$	4,416,458		$	4,641,220		$	140,220		$	36,216

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

- 73 -

DELAWARE LIFE VARIABLE ACCOUNT F - REGATTA
(A Separate Account of Delaware Life Insurance Company)

STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)
FOR THE YEARS ENDED DECEMBER 31, 2020 AND 2019

	FD7 Sub-Account						F24 Sub-Account
	December 31, 2020			December 31,2019			December 31, 2020			December 31, 2019
Operations:
Net investment income (loss)	$	(395,626	)	$	(84,538	)	$	(2,171,482	)	$	(2,052,839	)
Net realized gains (losses)		5,235,387			6,955,620			7,886,593			20,562,445
Net change in unrealized appreciation/(depreciation)		15,374,520			13,264,132			28,188,602			17,701,255
Increase (decrease) in net assets from operations		20,214,281			2,135,214			33,903,713			36,210,861
Contract Owner Transactions:

Accumulation Activity:

Purchase payments received		1,292,147			734,476			1,537,582			1,379,979
Transfers between Sub-Accounts (including the Fixed Account), net		(1,879,053	)		2,719,256			(20,674,247	)		(8,403,283	)
Withdrawals, surrenders, annuitizations and contract charges		(10,465,895	)		(14,743,854	)		(14,882,297	)		(20,351,932	)
Net accumulation activity		(11,052,801	)		(11,290,122	)		(34,018,962	)		(27,375,236	)
Annuitization Activity:

Annuitizations		—			—			50,700			72,677
Annuity payments and contract charges		(103	)		(89	)		(98,408	)		(23,376	)
Transfers between Sub-Accounts, net		—			—			—			—
Adjustments to annuity reserves		42			36			11,847			18,523
Net annuitization activity		(61	)		(53	)		(35,861	)		67,824
Net increase (decrease) from contract owner transactions		(11,052,862	)		(11,290,175	)		(34,054,823	)		(27,307,412	)
Total increase (decrease) in net assets		9,161,419			8,845,039			(151,110	)		8,903,449
Net assets at beginning of year		102,797,537			93,952,498			142,358,463			133,455,014
Net assets at end of year	$	111,958,956		$	102,797,537		$	142,207,353		$	142,358,463

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

- 74 -

DELAWARE LIFE VARIABLE ACCOUNT F - REGATTA
(A Separate Account of Delaware Life Insurance Company)

STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)
FOR THE YEARS ENDED DECEMBER 31, 2020 AND 2019

	F88 Sub-Account						FB9 Sub-Account
	December 31, 2020			December 31,2019			December 31, 2020			December 31, 2019
Operations:
Net investment income (loss)	$	(20,702	)	$	(1,669	)	$	(78,779	)	$	8,579
Net realized gains (losses)		177,705			138,362			707,221			1,070,119
Net change in unrealized appreciation/(depreciation)		193,314			178,241			638,678			669,304
Increase (decrease) in net assets from operations		350,317			314,934			1,267,120			1,748,002
Contract Owner Transactions:

Accumulation Activity:

Purchase payments received		9,372			3			50,237			423,578
Transfers between Sub-Accounts (including the Fixed Account), net		274,592			212,399			81,570			6 40,884
Withdrawals, surrenders, annuitizations and contract charges		(306,124	)		(646,449	)		(956,299	)		(2,351,876	)
Net accumulation activity		(22,160	)		(434,047	)		(824,492	)		(1,287,414	)
Annuitization Activity:

Annuitizations		-			-			-			-
Annuity payments and contract charges		-			-			-			-
Transfers between Sub-Accounts, net		-			-			-			-
Adjustments to annuity reserves		-			-			-			-
Net annuitization activity		-			-			-			-
Net increase (decrease) from contract owner transactions		(22,160	)		(434,047	)		(824,492	)		(1,287,414	)
Total increase (decrease) in net assets		328,157			(119,113	)		442,628			460,588
Net assets at beginning of year		2,233,208			2,352,321			11,901,135			11,440,547
Net assets at end of year	$	2,561,365		$	2,233,208		$	12,343,763		$	11,901,135

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

- 75 -

DELAWARE LIFE VARIABLE ACCOUNT F - REGATTA
(A Separate Account of Delaware Life Insurance Company)

STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)
FOR THE YEARS ENDED DECEMBER 31, 2020 AND 2019

	F15 Sub-Account						F41 Sub-Account
	December 31, 2020			December 31,2019			December 31, 2020			December 31, 2019
Operations:
Net investment income (loss)	$	(121,314	)	$	1,515		$	(924,142	)	$	(793,591	)
Net realized gains (losses)		1,412,102			1,578,724			(1,166,494	)		6,754,658
Net change in unrealized appreciation/(depreciation)		1,199,575			1,527,161			16,301,457			9,323,427
Increase (decrease) in net assets from operations		2,490,363			3,125,400			14,210,821			15,284,494
Contract Owner Transactions:
Accumulation Activity:
Purchase payments received		71,199			9 1,612			824,433			1,041,115
Transfers between Sub-Accounts (including the Fixed Account), net		947,943			(13,515	)		(8,568,875	)		(1,247,656	)
Withdrawals, surrenders, annuitizations and contract charges		(1,431,763	)		(2,368,849	)		(8,593,869	)		(14,494,177	)
Net accumulation activity		(412,621	)		(2,290,752	)		(16,338,311	)		(14,700,718	)
Annuitization Activity:
Annuitizations		—			—			38,510			64,694
Annuity payments and contract charges		—			—			(21,060	)		(14,854	)
Transfers between Sub-Accounts, net		—			—			—			—
Adjustments to annuity reserves		—			—			(583	)		436
Net annuitization activity		—			—			16,867			50,276
Net increase (decrease) from contract owner transactions		(412,621	)		(2,290,752	)		(16,321,444	)		(14,650,442	)
Total increase (decrease) in net assets		2,077,742			834,648			(2,110,623	)		634,052
Net assets at beginning of year		19,154,940			18,320,292			77,323,129			76,689,077
Net assets at end of year	$	21,232,682		$	19,154,940		$	75,212,506		$	77,323,129

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

- 76 -

DELAWARE LIFE VARIABLE ACCOUNT F - REGATTA
(A Separate Account of Delaware Life Insurance Company)

STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)
FOR THE YEARS ENDED DECEMBER 31, 2020 AND 2019

	FE3 Sub-Account						F19 Sub-Account³
	December 31, 2020			December 31,2019			December 31, 2020			December 31, 2019
Operations:
Net investment income (loss)	$	2,039,978		$	(2,995,279	)	$	403		$	—
Net realized gains (losses)		2,985,128			2,123,375			811			—
Net change in unrealized appreciation/(depreciation)		6,217,561			33,329,453			8,595			—
Increase (decrease) in net assets from operations		11,242,667			32,457,549			9,809			—
Contract Owner Transactions:
Accumulation Activity:
Purchase payments received		1,909,259			2,049,780			91,438			—
Transfers between Sub-Accounts (including the Fixed Account), net		1,488,619			(5,245,049	)		850			—
Withdrawals, surrenders, annuitizations and contract charges		(22,676,218	)		(32,806,123	)		(363	)		—
Net accumulation activity		(19,278,340	)		(36,001,392	)		91,925			—
Annuitization Activity:
Annuitizations		89,906			92,008			—
Annuity payments and contract charges		(69,551	)		(14,461	)		—			—
Transfers between Sub-Accounts, net		—			—			—			—
Adjustments to annuity reserves		(835	)		398			—			—
Net annuitization activity		19,520			77,945			—			—
Net increase (decrease) from contract owner transactions		(19,258,820	)		(35,923,447	)		91,925			—
Total increase (decrease) in net assets		(8,016,153	)		(3,465,898	)		101,734			—
Net assets at beginning of year		220,190,765			223,656,663			—			—
Net assets at end of year	$	212,174,612		$	220,190,765		$	101,734		$	—

³The activities for this Sub-Account are for the period of May 1, 2020 to December 31, 2020. Refer to Note 1 for details on new Sub-Accounts.

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

- 77 -

DELAWARE LIFE VARIABLE ACCOUNT F - REGATTA
(A Separate Account of Delaware Life Insurance Company)

STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)
FOR THE YEARS ENDED DECEMBER 31, 2020 AND 2019

	T21 Sub-Account						T20 Sub-Account
	December 31, 2020			December 31,2019			December 31, 2020			December 31, 2019
Operations:
Net investment income (loss)	$	476,820		$	(148,702	)	$	1,180,237		$	242
Net realized gains (losses)		2,103,915			739,656			(4,417,209	)		(438,822	)
Net change in unrealized appreciation/(depreciation)		231,098			3,955,027			1,492,045			8,345,887
Increase (decrease) in net assets from operations		2,811,833			4,545,981			(1,744,927	)		7,909,307
Contract Owner Transactions:
Accumulation Activity:
Purchase payments received		223,803			298,669			961,062			1,178,503
Transfers between Sub-Accounts (including the Fixed Account), net		(1,851,968	)		(1,025,610	)		2,992,494			3,369,456
Withdrawals, surrenders, annuitizations and contract charges		(2,302,379	)		(3,596,228	)		(8,570,320	)		(12,423,697	)
Net accumulation activity		(3,930,544	)		(4,323,169	)		(4,616,764	)		(7,875,738	)
Annuitization Activity:
Annuitizations		—			11,215			42,942			104,714
Annuity payments and contract charges		(5,211	)		(3,961	)		(59,099	)		(22,863	)
Transfers between Sub-Accounts, net		—			—			—			—
Adjustments to annuity reserves		(197	)		383			(301	)		2,407
Net annuitization activity		(5,408	)		7,637			(16,458	)		84,258
Net increase (decrease) from contract owner transactions		(3,935,952	)		(4,315,532	)		(4,633,222	)		(7,791,480	)
Total increase (decrease) in net assets		(1,124,119	)		230,449			(6,378,149	)		117,827
Net assets at beginning of year		20,664,498			20,434,049			77,960,240			77,842,413
Net assets at end of year	$	19,540,379		$	2 0,664,498		$	71,582,091		$	77,960,240

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

- 78 -

DELAWARE LIFE VARIABLE ACCOUNT F - REGATTA
(A Separate Account of Delaware Life Insurance Company)

STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)
FOR THE YEARS ENDED DECEMBER 31, 2020 AND 2019

	FE6 Sub-Account						T59 Sub-Account
	December 31, 2020			December 31,2019			December 31, 2020			December 31, 2019
Operations:
Net investment income (loss)	$	(39,181	)	$	496,591		$	2 38,704		$	219,033
Net realized gains (losses)		5,681,543			1,650,573			(157,882	)		(34,844	)
Net change in unrealized appreciation/(depreciation)		(3,364,845	)		2,127,360			(381,491	)		(164,682	)
Increase (decrease) in net assets from operations		2,277,517			4,274,524			(300,669	)		19,507
Contract Owner Transactions:
Accumulation Activity:
Purchase payments received		274,985			136,134			119,301			4,145
Transfers between Sub-Accounts (including the Fixed Account), net		(77,570	)		(164,358	)		438,912			138,537
Withdrawals, surrenders, annuitizations and contract charges		(3,064,294	)		(2,893,088	)		(861,394	)		(617,690	)
Net accumulation activity		(2,866,879	)		(2,921,312	)		(303,181	)		(475,008	)
Annuitization Activity:
Annuitizations		—			—			—			6,742
Annuity payments and contract charges		—			—			(328	)		(1,386	)
Transfers between Sub-Accounts, net		—			—			—			—
Adjustments to annuity reserves		—			—			(21	)		540
Net annuitization activity		—			—			(349	)		5,896
Net increase (decrease) from contract owner transactions		(2,866,879	)		(2,921,312	)		(303,530	)		(469,112	)
Total increase (decrease) in net assets		(589,362	)		1,353,212			(604,199	)		(449,605	)
Net assets at beginning of year		26,197,758			24,844,546			4,468,153			4,917,758
Net assets at end of year	$	25,608,396		$	26,197,758		$	3,863,954		$	4,468,153

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

- 79 -

DELAWARE LIFE VARIABLE ACCOUNT F - REGATTA

(A Separate Account of Delaware Life Insurance Company)

STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)

FOR THE YEARS ENDED DECEMBER 31, 2020 AND 2019

	F56 Sub-Account						F59 Sub-Account
	December 31,			December 31,			December 31,			December 31,
	2020			2019			2020			2019
Operations:
Net investment income (loss)	$	180,965		$	150,897		$	2,061,365		$	2,057,991
Net realized gains (losses)		(1,133,583	)		2,065,772			(1,213,772	)		681,987
Net change in unrealized appreciation/(depreciation)		1,650,738			(362,298	)		(1,454,794	)		4,947,386
Increase (decrease) in net assets from operations		698,120			1,854,371			(607,201	)		7,687,364

Contract Owner Transactions:
*Accumulation Activity:*
Purchase payments received		203,806			305,174			930,823			489,312
Transfers between Sub-Accounts
(including the Fixed Account), net		82,776			395,311			2,059,042			169,971
Withdrawals, surrenders, annuitizations
and contract charges		(1,432,080	)		(2,834,265	)		(6,704,965	)		(10,178,274	)
Net accumulation activity		(1,145,498	)		(2,133,780	)		(3,715,100	)		(9,518,991	)
*Annuitization Activity:*
Annuitizations		—			—			61,935			9,218
Annuity payments and contract charges		(3,212	)		(4,606	)		(8,402	)		(3,285	)
Transfers between Sub-Accounts, net		—			—			—			—
Adjustments to annuity reserves		97			115			(541	)		856
Net annuitization activity		(3,115	)		(4,491	)		52,992			6,789

Net increase (decrease) from contract owner transactions		(1,148,613	)		(2,138,271	)		(3,662,108	)		(9,512,202	)
Total increase (decrease) in net assets		(450,493	)		(283,900	)		(4,269,309	)		(1,824,838	)
Net assets at beginning of year		14,491,099			14,774,999			55,707,188			57,532,026
Net assets at end of year	$	14,040,606		$	51,437,879		$	14,491,099		$	55,707,188

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

- 80 -

DELAWARE LIFE VARIABLE ACCOUNT F - REGATTA

(A Separate Account of Delaware Life Insurance Company)

STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)

FOR THE YEARS ENDED DECEMBER 31, 2020 AND 2019

	FF0 Sub-Account						F54 Sub-Account
	December 31,			December 31,			December 31,			December 31,
	2020			2019			2020			2019
Operations:
Net investment income (loss)	$	58,328		$	55,308		$	1,384,554		$	139,656
Net realized gains (losses)		(10,858	)		42,736			1,021,755			15,538,672
Net change in unrealized appreciation/(depreciation)		(53,327	)		133,681			(7,198,773	)		7,202,452
Increase (decrease) in net assets from operations		(5,857	)		231,725			(4,792,464	)		22,880,780

Contract Owner Transactions:
*Accumulation Activity:*
Purchase payments received		9,370			14,259			1,039,908			1,529,139
Transfers between Sub-Accounts
(including the Fixed Account), net		60,216			(84,945	)		10,144,234			(2,608,790	)
Withdrawals, surrenders, annuitizations
and contract charges		(83,039	)		(426,662	)		(11,487,226	)		(18,783,857	)
Net accumulation activity		(13,453	)		(497,348	)		(303,084	)		(19,863,508	)

*Annuitization Activity:*
Annuitizations		—			—			79,472			92,633
Annuity payments and contract charges		—			—			(61,252	)		(16,051	)
Transfers between Sub-Accounts, net		—			—			—			—
Adjustments to annuity reserves		—			—			(431	)		1,415
Net annuitization activity		—			—			17,789			77,997

Net increase (decrease) from contract owner transactions		(13,453	)		(497,348	)		(285,295	)		(19,785,511	)
Total increase (decrease) in net assets		(19,310	)		(265,623	)		(5,077,759	)		3,095,269
Net assets at beginning of year		1,539,309			1,804,932			121,896,779			118,801,510
Net assets at end of year	$	1,519,999		$	1,539,309		$	116,819,020		$	121,896,779

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

- 81 -

DELAWARE LIFE VARIABLE ACCOUNT F - REGATTA

(A Separate Account of Delaware Life Insurance Company)

STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)

FOR THE YEARS ENDED DECEMBER 31, 2020 AND 2019

	FG8 Sub-Account						F53 Sub-Account
	December 31,			December 31,			December 31,			December 31,
	2020			2019			2020			2019
Operations:
Net investment income (loss)	$	2,561		$	(363	)	$	(282	)	$	(142,055	)
Net realized gains (losses)		(5,524	)		8,988			(2,139,353	)		2,318,126
Net change in unrealized appreciation/(depreciation)		(837	)		38,793			4,224,263			2,835,195
Increase (decrease) in net assets from operations		(3,800	)		47,418			2,084,628			5,011,266

Contract Owner Transactions:
*Accumulation Activity:*
Purchase payments received		—			—			423,567			598,035
Transfers between Sub-Accounts
(including the Fixed Account), net		11,283			(67,315	)		(1,524,111	)		(1,439,022	)
Withdrawals, surrenders, annuitizations
and contract charges		(8,487	)		(30,365	)		(2,538,090	)		(3,926,163	)
Net accumulation activity		2,796			(97,680	)		(3,638,634	)		(4,767,150	)

*Annuitization Activity:*
Annuitizations		—			—			—			6,512
Annuity payments and contract charges		—			—			(937	)		(1,438	)
Transfers between Sub-Accounts, net		—			—			—			—
Adjustments to annuity reserves		—			—			18			269
Net annuitization activity		—			—			(919	)		5,343
Net increase (decrease) from contract owner transactions		2,796			(97,680	)		(3,639,553	)		(4,761,807	)
Total increase (decrease) in net assets		(1,004	)		(50,262	)		(1,554,925	)		249,459
Net assets at beginning of year		224,329			274,591			22,684,408			22,434,949
Net assets at end of year	$	223,325		$	224,329		$	21,129,483		$	22,684,408

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

- 82 -

DELAWARE LIFE VARIABLE ACCOUNT F - REGATTA

(A Separate Account of Delaware Life Insurance Company)

STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)

FOR THE YEARS ENDED DECEMBER 31, 2020 AND 2019

	FJ9 Sub-Account						T28 Sub-Account
	December 31,			December 31,			December 31,			December 31,
	2020			2019			2020			2019
Operations:
Net investment income (loss)	$	(100	)	$	(1,790	)	$	350,784		$	435,390
Net realized gains (losses)		(23,834	)		13,848			(466,053	)		(283,096	)
Net change in unrealized appreciation/(depreciation)		57,371			57,431			211,246			632,479
Increase (decrease) in net assets from operations		33,437			69,489			95,977			784,773

Contract Owner Transactions:
*Accumulation Activity:*
Purchase payments received		—			—			272,868			317,185
Transfers between Sub-Accounts
(including the Fixed Account), net		(15,489	)		(36,102	)		263,565			889,681
Withdrawals, surrenders, annuitizations
and contract charges		(19,064	)		(172,157	)		(1,787,049	)		(2,420,381	)
Net accumulation activity		(34,553	)		(208,259	)		(1,250,616	)		(1,213,515	)
*Annuitization Activity:*
Annuitizations		—			—			23,303			7,102
Annuity payments and contract charges		—			—			(2,967	)		(1,478	)
Transfers between Sub-Accounts, net		—			—			—			—
Adjustments to annuity reserves		—			—			(44	)		593
Net annuitization activity		—			—			20,292			6,217

Net increase (decrease) from contract owner transactions		(34,553	)		(208,259	)		(1,230,324	)		(1,207,298	)
Total increase (decrease) in net assets		(1,116	)		(138,770	)		(1,134,347	)		(422,525	)
Net assets at beginning of year		261,610			400,380			12,325,639			12,748,164
Net assets at end of year	$	260,494		$	261,610		$	11,191,292		$	12,325,639

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

- 83 -

DELAWARE LIFE VARIABLE ACCOUNT F - REGATTA

(A Separate Account of Delaware Life Insurance Company)

STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)

FOR THE YEARS ENDED DECEMBER 31, 2020 AND 2019

	FJ0 Sub-Account						G03 Sub-Account
	December 31,			December 31,			December 31,			December 31,
	2020			2019			2020			2019
Operations:
Net investment income (loss)	$	4,397		$	5,387		$	47		$	293
Net realized gains (losses)		(2,267	)		(5,902	)		4,329			1,277
Net change in unrealized appreciation/(depreciation)		(917	)		12,705			5,873			115
Increase (decrease) in net assets from operations		1,213			12,190			10,249			1,685

Contract Owner Transactions:
*Accumulation Activity:*
Purchase payments received		—			12,856			92,159			35,000
Transfers between Sub-Accounts
(including the Fixed Account), net		5,853			(7,890	)		2,869			(117	)
Withdrawals, surrenders, annuitizations
and contract charges		(20,147	)		(81,874	)		(449	)		(30	)
Net accumulation activity		(14,294	)		(76,908	)		94,579			34,853

*Annuitization Activity:*
Annuitizations		—			—			—			—
Annuity payments and contract charges		—			—			—			—
Transfers between Sub-Accounts, net		—			—			—			—
Adjustments to annuity reserves		—			—			—			—
Net annuitization activity		—			—			—			—

Net increase (decrease) from contract owner transactions		(14,294	)		(76,908	)		94,579			34,853
Total increase (decrease) in net assets		(13,081	)		(64,718	)		104,828			36,538
Net assets at beginning of year		155,855			220,573			36,538			—
Net assets at end of year	$	142,774		$	155,855		$	141,366		$	36,538

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

- 84 -

DELAWARE LIFE VARIABLE ACCOUNT F - REGATTA

(A Separate Account of Delaware Life Insurance Company)

STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)

FOR THE YEARS ENDED DECEMBER 31, 2020 AND 2019

	H24 Sub-Account						H32 Sub-Account
	December 31,			December 31,			December 31,			December 31,
	2020			2019			2020			2019
Operations:
Net investment income (loss)	$	(6,481	)	$	8,987		$	(15,459	)	$	(16,167	)
Net realized gains (losses)		(16,851	)		(22,842	)		57,151			166,104
Net change in unrealized appreciation/(depreciation)		23,933			60,335			97,776			64,584
Increase (decrease) in net assets from operations		601			46,480			139,468			214,521

Contract Owner Transactions:

*Accumulation Activity:*
Purchase payments received		—			—			—			15,963
Transfers between Sub-Accounts
(including the Fixed Account), net		64,064			44,656			(79,178	)		(69,240	)
Withdrawals, surrenders, annuitizations
and contract charges		(61,182	)		(166,443	)		(63,686	)		(175,512	)
Net accumulation activity		2,882			(121,787	)		(142,864	)		(228,789	)

*Annuitization Activity:*
Annuitizations		—			—			—			—
Annuity payments and contract charges		—			—			—			—
Transfers between Sub-Accounts, net		—			—			—			—
Adjustments to annuity reserves		—			—			—			—
Net annuitization activity		—			—			—			—

Net increase (decrease) from contract owner transactions		2,882			(121,787	)		(142,864	)		(228,789	)
Total increase (decrease) in net assets		3,483			(75,307	)		(3,396	)		(14,268	)
Net assets at beginning of year		783,087			858,394			1,040,138			1,054,406
Net assets at end of year	$	786,570		$	783,087		$	1,036,742		$	1,040,138

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

- 85 -

DELAWARE LIFE VARIABLE ACCOUNT F - REGATTA

(A Separate Account of Delaware Life Insurance Company)

STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)

FOR THE YEARS ENDED DECEMBER 31, 2020 AND 2019

	V35 Sub-Account						V13 Sub-Account
	December 31,			December 31,			December 31,			December 31,
	2020			2019			2020			2019
Operations:
Net investment income (loss)	$	(49,140	)	$	(67,790	)	$	104,206		$	(990	)
Net realized gains (losses)		(386,463	)		274,654			(1,674,556	)		2,998,534
Net change in unrealized appreciation/(depreciation)		643,276			879,227			2,101,597			2,129,231
Increase (decrease) in net assets from operations		207,673			1,086,091			531,247			5,126,775

Contract Owner Transactions:
*Accumulation Activity:*
Purchase payments received		73,987			67,510			371,908			294,127
Transfers between Sub-Accounts
(including the Fixed Account), net		(140,265	)		39,910			(251,781	)		(1,186,324	)
Withdrawals, surrenders, annuitizations
and contract charges		(1,013,771	)		(860,092	)		(2,780,852	)		(2,842,232	)
Net accumulation activity		(1,080,049	)		(752,672	)		(2,660,725	)		(3,734,429	)

*Annuitization Activity:*
Annuitizations		—			4,213			57,519			7,688
Annuity payments and contract charges		(399	)		(262	)		(11,789	)		(1,627	)
Transfers between Sub-Accounts, net		—			—			—			—
Adjustments to annuity reserves		34			108			(70	)		(2	)
Net annuitization activity		(365	)		4,059			45,660			6,059

Net increase (decrease) from contract owner transactions		(1,080,414	)		(748,613	)		(2,615,065	)		(3,728,370	)
Total increase (decrease) in net assets		(872,741	)		337,478			(2,083,818	)		1,398,405
Net assets at beginning of year		5,387,511			5,050,033			25,022,831			23,624,426
Net assets at end of year	$	4,514,770		$	5,387,511		$	22,939,013		$	25,022,831

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

- 86 -

DELAWARE LIFE VARIABLE ACCOUNT F - REGATTA

(A Separate Account of Delaware Life Insurance Company)

STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)

FOR THE YEARS ENDED DECEMBER 31, 2020 AND 2019

	AB3 Sub-Account					V11 Sub-Account
	December 31,			December 31,		December 31,			December 31,
	2020			2019		2020			2019
Operations:
Net investment income (loss)	$	180		$	-	$	491,053		$	587,687
Net realized gains (losses)		97			—		1,946,775			5,300,927
Net change in unrealized appreciation/(depreciation)		438			—		5,431,972			9,074,976
Increase (decrease) in net assets from operations		715			—		7,869,800			14,963,590

Contract Owner Transactions:
*Accumulation Activity:*
Purchase payments received		284,981			—		809,762			575,447
Transfers between Sub-Accounts
(including the Fixed Account), net		1,039			—		(1,866,122	)		(2,897,632	)
Withdrawals, surrenders, annuitizations
and contract charges		(53	)		—		(8,581,046	)		(11,089,887	)
Net accumulation activity		285,967			—		(9,637,406	)		(13,412,072	)

*Annuitization Activity:*
Annuitizations		—			—		—			86,152
Annuity payments and contract charges		—			—		(17,002	)		(16,375	)
Transfers between Sub-Accounts, net		—			—		—			—
Adjustments to annuity reserves		—			—		7,432			(9,742	)
Net annuitization activity		—			—		(9,570	)		60,035

Net increase (decrease) from contract owner transactions		285,967			—		(9,646,976	)		(13,352,037	)
Total increase (decrease) in net assets		286,682			—		(1,777,176	)		1,611,553
Net assets at beginning of year		—			—		88,979,408			87,367,855
Net assets at end of year	$	286,682		$	-	$	87,202,232		$	88,979,408

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

- 87 -

DELAWARE LIFE VARIABLE ACCOUNT F - REGATTA

(A Separate Account of Delaware Life Insurance Company)

STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)

FOR THE YEARS ENDED DECEMBER 31, 2020 AND 2019

	AC1 Sub-Account						J88 Sub-Account
	December 31,			December 31			December 31,			December 31,
	2020			2019			2020			2019
Operations:
Net investment income (loss)	$	7,765		$	(11,552	)	$	12,293		$	301,610
Net realized gains (losses)		80,943			201,446			466,327			(74,563	)
Net change in unrealized appreciation/(depreciation)		231,265			387,748			1,607,151			2,153,039
Increase (decrease) in net assets from operations		319,973			577,642			2,085,771			2,380,086

Contract Owner Transactions:
*Accumulation Activity:*
Purchase payments received		23,272			73,422			669,853			391,144
Transfers between Sub-Accounts
(including the Fixed Account), net		(137,088	)		(123,396	)		6,088,128			4,179,157
Withdrawals, surrenders, annuitizations
and contract charges		(253,439	)		(580,329	)		(5,798,816	)		(4,728,268	)
Net accumulation activity		(367,255	)		(630,303	)		959,165			(157,967	)

*Annuitization Activity:*
Annuitizations		—			7,878			—			—
Annuity payments and contract charges		(1,785	)		(1,723	)		—			—
Transfers between Sub-Accounts, net		—			—			—			—
Adjustments to annuity reserves		(1	)		(2	)		—			—
Net annuitization activity		(1,786	)		6,153			—			—

Net increase (decrease) from contract owner transactions		(369,041	)		(624,150	)		959,165			(157,967	)
Total increase (decrease) in net assets		(49,068	)		(46,508	)		3,044,936			2,222,119
Net assets at beginning of year		2,379,791			2,426,299			40,491,756			38,269,637
Net assets at end of year	$	2,330,723		$	2,379,791		$	43,536,692		$	40,491,756

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

- 88 -

DELAWARE LIFE VARIABLE ACCOUNT F - REGATTA

(A Separate Account of Delaware Life Insurance Company)

STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)

FOR THE YEARS ENDED DECEMBER 31, 2020 AND 2019

	L16 Sub-Account				L18 Sub-Account
	December 31, 2020		December 31, 2019		December 31, 2020			December 31, 2019
Operations:
Net investment income (loss)	$	503	$	—	$	(367,216	)	$	(378,753	)
Net realized gains (losses)		1		—		3,246,788			1,489,555
Net change in unrealized appreciation/(depreciation)		402		—		4,119,766			5,293,168
Increase (decrease) in net assets from operations		906		—		6,999,338			6,403,970

Contract Owner Transactions:

*Accumulation Activity:*
Purchase payments received		10,000		—		715,664			351,627
Transfers between Sub-Accounts
(including the Fixed Account), net		4,735		—		(4,456,266	)		(1,856,636	)
Withdrawals, surrenders, annuitizations
and contract charges		(30)		—		(2,906,160	)		(3,518,361	)
Net accumulation activity		14,705		—		(6,646,762	)		(5,023,370	)

*Annuitization Activity:*
Annuitizations		—		—		4,115			20,405
Annuity payments and contract charges		—		—		(9,822	)		(3,909	)
Transfers between Sub-Accounts, net		—		—
Adjustments to annuity reserves		—		—		345			1,172
Net annuitization activity		—		—		(5,362	)		17,668

Net increase (decrease) from contract owner transactions		14,705		—		(6,652,124	)		(5,005,702	)

Total increase (decrease) in net assets		15,611		—		347,214			1,398,268

Net assets at beginning of year						21,837,274			20,439,006
Net assets at end of year	$	15,611	$	—	$	22,184,488		$	21,837,274

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

- 89 -

DELAWARE LIFE VARIABLE ACCOUNT F - REGATTA

(A Separate Account of Delaware Life Insurance Company)

STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)

FOR THE YEARS ENDED DECEMBER 31, 2020 AND 2019

	L17 Sub-Account						M07 Sub-Account
	December 31, 2020			December 31, 2019			December 31, 2020			December 31, 2019
Operations:
Net investment income (loss)	$	(138,553	)	$	(162,800	)	$	2,495,110		$	2,810,137
Net realized gains (losses)		(1,630,317	)		(819,895	)		10,660,149			11,284,414
Net change in unrealized appreciation/(depreciation)		2,892,646			6,717,165			9,215,176			38,023,976
Increase (decrease) in net assets from operations		1,123,776			5,734,470			22,370,435			52,118,527

Contract Owner Transactions:

*Accumulation Activity:*
Purchase payments received		615,913			591,927			4,534,260			6,508,994
Transfers between Sub-Accounts
(including the Fixed Account), net		1,151,032			(1,537,767	)		(3,334,643	)		4,016
Withdrawals, surrenders, annuitizations
and contract charges		(3,334,481	)		(4,404,020	)		(30,460,272	)		(41,350,526	)
Net accumulation activity		(1,567,536	)		(5,349,860	)		(29,260,655	)		(34,837,516	)

*Annuitization Activity:*
Annuitizations		17,785			—			186,523			551,723
Annuity payments and contract charges		(2,405	)		(457	)		(772,636	)		(626,069	)
Transfers between Sub-Accounts, net		—			—			—			—
Adjustments to annuity reserves		(33	)		60			(159,668	)		(144,403	)
Net annuitization activity		15,347			(397	)		(745,781	)		(218,749	)

Net increase (decrease) from contract owner transactions		(1,552,189	)		(5,350,257	)		(30,006,436	)		(35,056,265	)

Total increase (decrease) in net assets		(428,413	)		384,213			(7,636,001	)		17,062,262

Net assets at beginning of year		31,755,340			31,371,127			308,554,370			291,492,108
Net assets at end of year	$	31,326,927		$	3 1,755,340		$	300,918,369		$	308,554,370

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

- 90 -

DELAWARE LIFE VARIABLE ACCOUNT F - REGATTA

(A Separate Account of Delaware Life Insurance Company)

STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)

FOR THE YEARS ENDED DECEMBER 31, 2020 AND 2019

	M35 Sub-Account						M31 Sub-Account
	December 31, 2020			December 31, 2019			December 31, 2020			December 31, 2019
Operations:
Net investment income (loss)	$	1,072,171		$	1,305,357		$	(2,231,591	)	$	$(2,101,659	)
Net realized gains (losses)		10,396,945			11,524,721			24,818,674			25,200,385
Net change in unrealized appreciation/(depreciation)		7,326,218			35,380,547			19,110,898			21,375,801
Increase (decrease) in net assets from operations		18,795,334			48,210,625			41,697,981			44,474,527

Contract Owner Transactions:

*Accumulation Activity:*
Purchase payments received		3,490,689			6,902,336			1,945,405			2,758,299
Transfers between Sub-Accounts
(including the Fixed Account), net		(3,027,764	)		(3,124,405	)		(6,803,537	)		(2,446,975	)
Withdrawals, surrenders, annuitizations
and contract charges		(37,642,408	)		(47,584,143	)		(18,311,369	)		(20,744,131	)
Net accumulation activity		(37,179,483	)		(43,806,212	)		(23,169,501	)		(20,432,807	)

*Annuitization Activity:*
Annuitizations		892,369			—			490,847			73,254
Annuity payments and contract charges		(82,149	)		(55,985	)		(146,367	)		(92,678	)
Transfers between Sub-Accounts, net		—			—			—			—
Adjustments to annuity reserves		(49,256	)		(17,100	)		(28,303	)		(34,115	)
Net annuitization activity		760,964			(73,085	)		316,177			(53,539	)

Net increase (decrease) from contract owner transactions		(36,418,519	)		(43,879,297	)		(22,853,324	)		(20,486,346	)

Total increase (decrease) in net assets		(17,623,185	)		4,331,328			18,844,657			23,988,181

Net assets at beginning of year		286,329,571			281,998,243			152,966,150			128,977,969
Net assets at end of year	$	268,706,386		$	286,329,571		$	171,810,807		$	152,966,150

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

- 91 -

DELAWARE LIFE VARIABLE ACCOUNT F - REGATTA

(A Separate Account of Delaware Life Insurance Company)

STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)

FOR THE YEARS ENDED DECEMBER 31, 2020 AND 2019

	M80 Sub-Account						MF1 Sub-Account
	December 31, 2020			December 31, 2019			December 31, 2020			December 31, 2019
Operations:
Net investment income (loss)	$	(370,732	)	$	$(348,891	)	$	(345,667	)	$	$(340,028	)
Net realized gains (losses)		4,050,481			3,532,393			2,930,360			4,005,370
Net change in unrealized appreciation/(depreciation)		1,969,149			3,209,092			4,893,261			3,422,127
Increase (decrease) in net assets from operations		5,648,898			6,392,594			7,477,954			7,087,469

Contract Owner Transactions:

*Accumulation Activity:*
Purchase payments received		187,802			388,108			551,524			650,560
Transfers between Sub-Accounts
(including the Fixed Account), net		(1,003,187)			(259,935)			(1,126,274)			(591,038)
Withdrawals, surrenders, annuitizations
and contract charges		(2,773,116)			(3,018,934)			(3,151,794)			(3,603,632)
Net accumulation activity		(3,588,501	)		(2,890,761	)		(3,726,544	)		(3,544,110	)

*Annuitization Activity:*
Annuitizations		—			33,548			—			87,667
Annuity payments and contract charges		(12,069	)		(6,145	)		(40,174	)		(29,439	)
Transfers between Sub-Accounts, net		—			—			—			—
Adjustments to annuity reserves		(1,295	)		965			4,262			(2,822	)
Net annuitization activity		(13,364	)		28,368			(35,912	)		55,406

Net increase (decrease) from contract owner transactions		(3,601,865)			(2,862,393)			(3,762,456)			(3,488,704)

Total increase (decrease) in net assets		2,047,033			3,530,201			3,715,498			3,598,765

Net assets at beginning of year		22,382,240			18,852,039			23,780,230			20,181,465
Net assets at end of year	$	24,429,273		$	22,382,240		$	27,495,728		$	23,780,230

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

- 92 -

DELAWARE LIFE VARIABLE ACCOUNT F - REGATTA

(A Separate Account of Delaware Life Insurance Company)

STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)

FOR THE YEARS ENDED DECEMBER 31, 2020 AND 2019

	M41 Sub-Account						M05 Sub-Account
	December 31, 2020			December 31, 2019			December 31, 2020			December 31, 2019
Operations:
Net investment income (loss)	$	(427,548	)	$	(424,939	)	$	(768,720	)	$	(743,513	)
Net realized gains (losses)		3,661,112			4,365,724			7,387,494			9,575,640
Net change in unrealized appreciation/(depreciation)		4,494,518			3,846,452			14,226,779			7,809,540
Increase (decrease) in net assets from operations		7,728,082			7,787,237			20,845,553			16,641,667

Contract Owner Transactions:

*Accumulation Activity:*
Purchase payments received		452,016			603,043			1,049,603			1,353,242
Transfers between Sub-Accounts
(including the Fixed Account), net		(1,705,280	)		(2,150,626	)		(4,407,955	)		(2,139,302	)
Withdrawals, surrenders, annuitizations
and contract charges		(3,150,347	)		(3,972,744	)		(6,332,700	)		(7,030,419	)
Net accumulation activity		(4,403,611	)		(5,520,327	)		(9,691,052	)		(7,816,479	)

*Annuitization Activity:*
Annuitizations		3,185			25,225			86,078			48,955
Annuity payments and contract charges		(16,662	)		(12,706	)		(26,611	)		(32,284	)
Transfers between Sub-Accounts, net		—			—			—			—
Adjustments to annuity reserves		879			191			(10,969	)		1,560
Net annuitization activity1		(12,598	)		12,710			48,498			18,231

Net increase (decrease) from contract owner transactions		(4,416,209	)		(5,507,617	)		(9,642,554	)		(7,798,248	)

Total increase (decrease) in net assets		3,311,873			2,279,620			11,202,999			8,843,419

Net assets at beginning of year		25,548,387			23,268,767			53,070,736			44,227,317
Net assets at end of year	$	28,860,260		$	25,548,387		$	64,273,735		$	53,070,736

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

- 93 -

DELAWARE LIFE VARIABLE ACCOUNT F - REGATTA

(A Separate Account of Delaware Life Insurance Company)

STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)

FOR THE YEARS ENDED DECEMBER 31, 2020 AND 2019

	M42 Sub-Account						M89 Sub-Account
	December 31, 2020			December 31, 2019			December 31, 2020			December 31, 2019
Operations:
Net investment income (loss)	$	(590,793	)	$	(610,750	)	$	6,732,233		$	6,917,120
Net realized gains (losses)		6,612,334			8,789,298			(535,370	)		(1,294,208	)
Net change in unrealized appreciation/(depreciation)		7,317,893			3,759,741			16,489,384			29,519,797
Increase (decrease) in net assets from operations		13,339,434			11,938,289			22,686,247			35,142,709

Contract Owner Transactions:

*Accumulation Activity:*
Purchase payments received		837,332			918,968			3,445,443			3,176,590
Transfers between Sub-Accounts
(including the Fixed Account), net		(7,366,550)			(4,435,252)			19,184,928			19,142,277
Withdrawals, surrenders, annuitizations
and contract charges		(4,273,911	)		(6,481,255	)		(46,438,932	)		(59,270,132	)
Net accumulation activity		(10,803,129	)		(9,997,539	)		(23,808,561	)		(36,951,265	)

*Annuitization Activity:*
Annuitizations		13,060			59,763			289,484			118,557
Annuity payments and contract charges		(27,593	)		(8,115	)		(60,855	)		(28,095	)
Transfers between Sub-Accounts, net		—			—			—			—
Adjustments to annuity reserves		(1,926	)		1,132			(1,571	)		2,096
Net annuitization activity		(16,459	)		52,780			227,058			92,558

Net increase (decrease) from contract owner transactions		(10,819,588	)		(9,944,759	)		(23,581,503	)		(36,858,707	)

Total increase (decrease) in net assets		2,519,846			1,993,530			(895,256	)		(1,715,998	)

Net assets at beginning of year		36,002,846			34,009,316			438,069,818			439,785,816
Net assets at end of year	$	38,522,692		$	36,002,846		$	437,174,562		$	438,069,818

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

- 94 -

DELAWARE LIFE VARIABLE ACCOUNT F - REGATTA

(A Separate Account of Delaware Life Insurance Company)

STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)

FOR THE YEARS ENDED DECEMBER 31, 2020 AND 2019

	M82 Sub-Account						M44 Sub-Account
	December 31, 2020			December 31, 2019			December 31, 2020			December 31, 2019
Operations:
Net investment income (loss)	$	(1,261,861	)	$	(1,273,960	)	$	900,993		$	2,521,573
Net realized gains (losses)		6,883,244			17,084,271			1,349,249			(802,242	)
Net change in unrealized appreciation/(depreciation)		9,694,930			14,996,133			816,073			18,956,238
Increase (decrease) in net assets from operations		15,316,313			30,806,444			3,066,315			20,675,569

Contract Owner Transactions:

*Accumulation Activity:*
Purchase payments received		740,664			1,000,177			2,895,627			1,973,302
Transfers between Sub-Accounts
(including the Fixed Account), net		(5,184,664	)		(7,263,573	)		(1,547,233	)		(347,853	)
Withdrawals, surrenders, annuitizations
and contract charges		(11,341,658	)		(16,837,169	)		(13,908,437	)		(15,962,903	)
Net accumulation activity		(15,785,658	)		(23,100,565	)		(12,560,043	)		(14,337,454	)

*Annuitization Activity:*
Annuitizations		77,318			74,853			135,954			75,771
Annuity payments and contract charges		(75,629	)		(10,075	)		(150,661	)		(103,119	)
Transfers between Sub-Accounts,		—			—			—			—
net Adjustments to annuity reserves		(975	)		55			(9,663	)		20,118
Net annuitization activity		714			64,833			(24,370	)		(7,230	)

Net increase (decrease) from contract owner transactions		(15,784,944	)		(23,035,732	)		(12,584,413	)		(14,344,684	)

Total increase (decrease) in net assets		(468,631	)		7,770,712			(9,518,098	)		6,330,885

Net assets at beginning of year		116,695,377			108,924,665			100,358,195			94,027,310
Net assets at end of year	$	116,226,746		$	116,695,377		$	90,840,097		$	100,358,195

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

- 95 -

DELAWARE LIFE VARIABLE ACCOUNT F - REGATTA

(A Separate Account of Delaware Life Insurance Company)

STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)

FOR THE YEARS ENDED DECEMBER 31, 2020 AND 2019

	M40 Sub-Account						M83 Sub-Account
	December 31, 2020			December 31, 2019			December 31, 2020			December 31, 2019
Operations:
Net investment income (loss)	$	228,485		$	1,019,766		$	(94,507	)	$	1,064,843
Net realized gains (losses)		2,705,515			1,117,896			10,096,030			17,018,729
Net change in unrealized appreciation/(depreciation)		(924,372	)		8,116,274			(7,136,333	)		34,673,474
Increase (decrease) in net assets from operations		2,009,628			10,253,936			2,865,190			52,757,046

Contract Owner Transactions:

*Accumulation Activity:*
Purchase payments received		752,164			738,857			3,275,677			3,680,792
Transfers between Sub-Accounts
(including the Fixed Account), net		(582,911	)		(2,320,992	)		2,123,225			(6,971,305	)
Withdrawals, surrenders, annuitizations
and contract charges		(5,843,618	)		(8,081,319	)		(24,983,153	)		(33,688,999	)
Net accumulation activity		(5,674,365	)		(9,663,454	)		(19,584,251	)		(36,979,512	)

*Annuitization Activity:*
Annuitizations		8,498			5,388			156,613			374,465
Annuity payments and contract charges		(1,099	)		(1,291	)		(276,204	)		(234,416	)
Transfers between Sub-Accounts, net		—			—			—			—
Adjustments to annuity reserves		97			543			15,422			(7,668	)
Net annuitization activity		7,496			4,640			(104,169	)		132,381

Net increase (decrease) from contract owner transactions		(5,666,869	)		(9,658,814	)		(19,688,420	)		(36,847,131	)

Total increase (decrease) in net assets		(3,657,241	)		595,122			(16,823,230	)		15,909,915

Net assets at beginning of year		49,315,500			48,720,378			219,810,033			203,900,118
Net assets at end of year	$	45,658,259		$	49,315,500		$	202,986,803		$	219,810,033

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

- 96 -

DELAWARE LIFE VARIABLE ACCOUNT F - REGATTA

(A Separate Account of Delaware Life Insurance Company)

STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)

FOR THE YEARS ENDED DECEMBER 31, 2020 AND 2019

	M08 Sub-Account						MB6 Sub-Account
	December 31, 2020			December 31, 2019			December 31, 2020			December 31, 2019
Operations:
Net investment income (loss)	$	(299,321 $	)	$	217,499		$	485,377 $		$	123,630
Net realized gains (losses)		3,575,923			4,804,766			27,049,523			36,384,132
Net change in unrealized appreciation/(depreciation)		(1,485,425	)		20,169,467			2,198,772			21,892,323
Increase (decrease) in net assets from operations		1,791,177			25,191,732			29,733,672			58,400,085

Contract Owner Transactions:

*Accumulation Activity:*
Purchase payments received		1,155,890			1,991,718			4,483,287			6,304,159
Transfers between Sub-Accounts
(including the Fixed Account), net		2,746,821			(5,709,666	)		(5,852,825	)		(3,897,280	)
Withdrawals, surrenders, annuitizations
and contract charges		(11,629,249	)		(16,709,517	)		(30,577,233	)		(36,462,734	)
Net accumulation activity		(7,726,538	)		(20,427,465	)		(31,946,771	)		(34,055,855	)

*Annuitization Activity:*
Annuitizations		39,924			—			417,090			730,512
Annuity payments and contract charges		(52,765	)		(57,015	)		(568,706	)		(468,340	)
Transfers between Sub-Accounts, net		—			—			—			—
Adjustments to annuity reserves		(1,897	)		699			(79,420	)		127,532
Net annuitization activity		(14,738	)		(56,316	)		(231,036	)		389,704

Net increase (decrease) from contract owner transactions		(7,741,276	)		(20,483,781	)		(32,177,807	)		(33,666,151	)

Total increase (decrease) in net assets		(5,950,099	)		4,707,951			(2,444,135	)		24,733,934

Net assets at beginning of year		104,013,424			99,305,473			251,155,159			226,421,225
Net assets at end of year	$	98,063,325		$	104,013,424		$	248,711,024		$	251,155,159

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

- 97 -

DELAWARE LIFE VARIABLE ACCOUNT F - REGATTA

(A Separate Account of Delaware Life Insurance Company)

STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)

FOR THE YEARS ENDED DECEMBER 31, 2020 AND 2019

	MB7 Sub-Account						MC0 Sub-Account
	December 31, 2020			December 31, 2019			December 31, 2020			December 31, 2019
Operations:
Net investment income (loss)	$	(172,699	)	$	(275,132	)	$	998,201		$	1,158,691
Net realized gains (losses)		5,346,337			8,847,810			545,990			(289,863	)
Net change in unrealized appreciation/(depreciation)		1,189,987			5,301,682			2,571,451			5,159,392
Increase (decrease) in net assets from operations		6,363,625			13,874,360			4,115,642			6,028,220

Contract Owner Transactions:

*Accumulation Activity:*
Purchase payments received		566,911			1,141,801			1,095,391			920,502
Transfers between Sub-Accounts
(including the Fixed Account), net		(2,738,056	)		(1,966,539	)		3,976,865			876,184
Withdrawals, surrenders, annuitizations
and contract charges		(8,118,916	)		(8,948,781	)		(8,461,412	)		(7,438,682	)
Net accumulation activity		(10,290,061	)		(9,773,519	)		(3,389,156	)		(5,641,996	)

*Annuitization Activity:*
Annuitizations		53,611			58,286			—			84,557
Annuity payments and contract charges		(61,234	)		(26,877	)		(58,525	)		(86,119	)
Transfers between Sub-Accounts, net		—			—			—			—
Adjustments to annuity reserves		1,561			4,055			5,944			(4,559	)
Net annuitization activity		(6,062	)		35,464			(52,581	)		(6,121	)

Net increase (decrease) from contract owner transactions		(10,296,123	)		(9,738,055	)		(3,441,737	)		(5,648,117	)

Total increase (decrease) in net assets		(3,932,498	)		4,136,305			673,905			380,103

Net assets at beginning of year		59,738,770			55,602,465			48,982,248			48,602,145
Net assets at end of year	$	55,806,272		$	59,738,770		$	49,656,153		$	48,982,248

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

- 98 -

DELAWARE LIFE VARIABLE ACCOUNT F - REGATTA

(A Separate Account of Delaware Life Insurance Company)

STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)

FOR THE YEARS ENDED DECEMBER 31, 2020 AND 2019

	MA0 Sub-Account						MC2 Sub-Account
		December 31, 2020			December 31, 2019			December 31, 2020			December 31, 2019
Operations:
Net investment income (loss)	$	1,798,826		$	2,293,161		$	(674,539	)	$	(621,307	)
Net realized gains (losses)		616,901			(438,794	)		10,708,324			21,108,323
Net change in unrealized appreciation/(depreciation)		5,753,274			12,285,001			4,743,377			5,216,051
Increase (decrease) in net assets from operations		8,169,001			14,139,368			14,777,162			25,703,067

Contract Owner Transactions:

*Accumulation Activity:*
Purchase payments received		2,142,207			1,777,130			2,636,493			1,958,287
Transfers between Sub-Accounts
(including the Fixed Account), net		5,536,618			5,713,341			(2,523,267	)		(3,280,378	)
Withdrawals, surrenders, annuitizations
and contract charges		(14,634,342	)		(16,826,655	)		(13,126,100	)		(12,766,386	)
Net accumulation activity		(6,955,517	)		(9,336,184	)		(13,012,874	)		(14,088,477	)

*Annuitization Activity:*
Annuitizations		–			33,441			46,906			92,911
Annuity payments and contract charges		(16,542	)		(15,641	)		(126,511	)		(117,234	)
Transfers between Sub-Accounts, net		–			–			–			–
Adjustments to annuity reserves		(8,168	)		(12,872	)		16,120			18,667
Net annuitization activity		(24,710	)		4,928			(63,485	)		(5,656	)

Net increase (decrease) from contract owner transactions		(6,980,227	)		(9,331,256	)		(13,076,359	)		(14,094,133	)

Total increase (decrease) in net assets		1,188,774			4,808,112			1,700,803			11,608,934

Net assets at beginning of year		119,375,562			114,567,450			99,104,962			87,496,028
Net assets at end of year	$	120,564,336		$	119,375,562		$	100,805,765		$	99,104,962

The accompanying notes are an integral part of these financial statements

- 99 -

DELAWARE LIFE VARIABLE ACCOUNT F - REGATTA

(A Separate Account of Delaware Life Insurance Company)

STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)

FOR THE YEARS ENDED DECEMBER 31, 2020 AND 2019

	MC1 Sub-Account						MC3 Sub-Account
		December 31, 2020			December 31, 2019			December 31, 2020			December 31, 2019
Operations:
Net investment income (loss)	$	(468,809	)	$	(438,246	)	$	239,510		$	(125,824	)
Net realized gains (losses)		3,179,069			6,454,328			849,639			667,824
Net change in unrealized appreciation/(depreciation)		4,159,041			4,325,042			14,517			2,215,434
Increase (decrease) in net assets from operations		6,869,301			10,341,124			1,103,666			2,757,434

Contract Owner Transactions:

*Accumulation Activity:*
Purchase payments received		1,378,614			1,062,736			349,336			150,435
Transfers between Sub-Accounts
(including the Fixed Account), net		1,444,467			(500,463	)		(614,100	)		34,308
Withdrawals, surrenders, annuitizations
and contract charges		(4,081,834	)		(6,462,132	)		(1,848,288	)		(1,729,964	)
Net accumulation activity		(1,258,753	)		(5,899,859	)		(2,113,052	)		(1,545,221	)

*Annuitization Activity:*
Annuitizations		76,139			28,759			—			10,957
Annuity payments and contract charges		(52,334	)		(28,944	)		(20,763	)		(22,815	)
Transfers between Sub-Accounts, net		–			–			–			–
Adjustments to annuity reserves		4,448			9,410			2,627			1,669
Net annuitization activity		28,253			9,225			(18,136	)		(10,189	)

Net increase (decrease) from contract owner transactions		(1,230,500	)		(5,890,634	)		(2,131,188	)		(1,555,410	)

Total increase (decrease) in net assets		5,638,801			4,450,490			(1,027,522	)		1,202,024

Net assets at beginning of year		40,168,506			35,718,016			16,599,951			15,397,927
Net assets at end of year	$	45,807,307		$	40,168,506		$	15,572,429		$	16,599,951

The accompanying notes are an integral part of these financial statements

- 100 -

DELAWARE LIFE VARIABLE ACCOUNT F - REGATTA

(A Separate Account of Delaware Life Insurance Company)

STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)

FOR THE YEARS ENDED DECEMBER 31, 2020 AND 2019

	MA1 Sub-Account						MC4 Sub-Account
		December 31, 2020			December 31, 2019			December 31, 2020			December 31, 2019
Operations:
Net investment income (loss)	$	205,334		$	(200,474	)	$	(9,981	)	$	93,544
Net realized gains (losses)		1,343,925			1,098,129			9,625			(70,361	)
Net change in unrealized appreciation/(depreciation)		192,459			1,821,414			781,883			389,041
Increase (decrease) in net assets from operations		1,741,718			2,719,069			781,527			412,224


Contract Owner Transactions:

*Accumulation Activity:*
Purchase payments received		175,317			131,373			210,162			63,618
Transfers between Sub-Accounts
(including the Fixed Account), net		139,024			(574,962	)		448,794			809,924
Withdrawals, surrenders, annuitizations
and contract charges		(1,791,559	)		(2,456,171	)		(1,093,793	)		(910,700	)
Net accumulation activity		(1,477,218	)		(2,899,760	)		(434,837	)		(37,158	)

*Annuitization Activity:*
Annuitizations		–			–			–			30,644
Annuity payments and contract charges		(84	)		(78	)		(8,593	)		(8,153	)
Transfers between Sub-Accounts, net		–			–			–			–
Adjustments to annuity reserves		19			29			(2,865	)		27,746
Net annuitization activity		(65	)		(49	)		(11,458	)		50,237

Net increase (decrease) from contract owner transactions		(1,477,283	)		(2,899,809	)		(446,295	)		13,079

Total increase (decrease) in net assets		264,435			(180,740)			335,232			425,303

Net assets at beginning of year		15,637,358			15,818,098			9,214,260			8,788,957
Net assets at end of year	$	15,901,793		$	15,637,358		$	9,549,492		$	9,214,260

The accompanying notes are an integral part of these financial statements

- 101 -

DELAWARE LIFE VARIABLE ACCOUNT F - REGATTA
(A Separate Account of Delaware Life Insurance Company)

STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)

FOR THE YEARS ENDED DECEMBER 31, 2020 AND 2019

	MC5 Sub-Account						MC6 Sub-Account
		December 31, 2020			December 31, 2019			December 31, 2020			December 31, 2019
Operations:
Net investment income (loss)	$	(4,498)		$	3,803		$	(417,452)		$	(393,912)
Net realized gains (losses)		6,655			1,636			7,575,457			9,508,610
Net change in unrealized appreciation/(depreciation)		63,299			24,296			919,548			4,100,002
Increase (decrease) in net assets from operations		65,456			29,735			8,077,553			13,214,700

Contract Owner Transactions:

*Accumulation Activity:*
Purchase payments received		851			360			905,777			1,547,806
Transfers between Sub-Accounts
(including the Fixed Account), net		36,731			77,739			(852,447	)		(1,694,111	)
Withdrawals, surrenders, annuitizations
and contract charges		(67,863)			(126,411)			(6,788,021)			(6,410,296)
Net accumulation activity		(30,281	)		(48,312	)		(6,734,691	)		(6,556,601	)

*Annuitization Activity:*
Annuitizations		–			–			472			139,111
Annuity payments and contract charges		–			–			(56,507	)		(94,675	)
Transfers between Sub-Accounts, net		–			–			–			–
Adjustments to annuity reserves		–			–			19,154			11,710
Net annuitization activity		–			–			(36,881	)		56,146
Net increase (decrease) from contract owner transactions		(30,281	)		(48,312	)		(6,771,572	)		(6,500,455	)

Total increase (decrease) in net assets		35,175			(18,577	)		1,305,981			6,714,245

Net assets at beginning of year		803,500			822,077			48,073,037			41,358,792
Net assets at end of year	$	838,675		$	803,500		$	49,379,018		$	48,073,037

The accompanying notes are an integral part of these financial statements

- 102 -

DELAWARE LIFE VARIABLE ACCOUNT F - REGATTA

(A Separate Account of Delaware Life Insurance Company)

STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)

FOR THE YEARS ENDED DECEMBER 31, 2020 AND 2019

	MC7 Sub-Account						MC8 Sub-Account
		December 31, 2020			December 31, 2019			December 31, 2020			December 31, 2019
Operations:
Net investment income (loss)	$	(29,748	)	$	(25,769	)	$	$(90,2709	)	$	$(286,056	)
Net realized gains (losses)		253,263			319,870			11,109,700			14,108,455
Net change in unrealized appreciation/(depreciation)		193,664			258,452			(215,005	)		7,052,565
Increase (decrease) in net assets from operations		417,179			552,553			10,804,416			20,874,964

Contract Owner Transactions:

*Accumulation Activity:*
Purchase payments received		121,588			65,239			1,412,178			1,038,573
Transfers between Sub-Accounts
(including the Fixed Account), net		376,939			(29,158	)		(1,446,525	)		(1,489,416	)
Withdrawals, surrenders, annuitizations
and contract charges		(86,939	)		(237,130	)		(9,455,544	)		(10,910,669	)
Net accumulation activity		411,588			(201,049	)		(9,489,891	)		(11,361,512	)

*Annuitization Activity:*
Annuitizations		14,921			–			187,326			105,014
Annuity payments and contract charges		(3,187	)		–			(111,789	)		(417,982	)
Transfers between Sub-Accounts, net		–			–			–			–
Adjustments to annuity reserves		(3	)		–			(19,987	)		7,337
Net annuitization activity		11,731			–			55,550			(305,631	)


Net increase (decrease) from contract owner transactions		423,319			(201,049	)		(9,434,341	)		(11,667,143	)

Total increase (decrease) in net assets		840,498			351,504			1,370,075			9,207,821

Net assets at beginning of year		2,098,442			1,746,938			82,722,075			73,514,254
Net assets at end of year	$	2,938,940		$	2,098,442		$	84,092,150		$	82,722,075

The accompanying notes are an integral part of these financial statements

- 103 -

DELAWARE LIFE VARIABLE ACCOUNT F - REGATTA

(A Separate Account of Delaware Life Insurance Company)

STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)

FOR THE YEARS ENDED DECEMBER 31, 2020 AND 2019

	MC9 Sub-Account						MD0 Sub-Account
		December 31, 2020			December 31, 2019			December 31, 2020			December 31, 2019
Operations
Net investment income (loss)	$	(19,847	)	$	(39,942	)	$	128,231		$	554,241
Net realized gains (losses)		687,608			802,000			2,473,100			2,141,813
Net change in unrealized appreciation/(depreciation)		(94,293	)		489,821			(1,012,374	)		2,378,266
Increase (decrease) in net assets from operations		573,468			1,251,879			1,588,957			5,074,320

Contract Owner Transactions:

*Accumulation Activity:*
Purchase payments received		127,916			216,974			528,959			453,118
Transfers between Sub-Accounts
(including the Fixed Account), net		(346,011	)		(290,318	)		(1,325,959	)		(742,813	)
Withdrawals, surrenders, annuitizations
and contract charges		(850,823	)		(876,806	)		(3,465,635	)		(5,167,777	)
Net accumulation activity		(1,068,918	)		(950,150	)		(4,262,635	)		(5,457,472	)

*Annuitization Activity:*
Annuitizations		–			38,826			–			140,834
Annuity payments and contract charges		(8,501	)		(1,409	)		(63,686	)		(119,160	)
Transfers between Sub-Accounts, net		–			–			–			–
Adjustments to annuity reserves		(4	)		(4	)		15,419			(16,043	)
Net annuitization activity		(8,505	)		37,413			(48,267	)		5,631

Net increase (decrease) from contract owner transactions		(1,077,423	)		(912,737	)		(4,310,902	)		(5,451,841	)

Total increase (decrease) in net assets		(503,955	)		339,142			(2,721,945	)		(377,521	)

Net assets at beginning of year		4,864,373			4,525,231			41,117,262			41,494,783
Net assets at end of year	$	4,360,418		$	38,395,317		$	4,864,373		$	41,117,262

The accompanying notes are an integral part of these financial statements

- 104 -

DELAWARE LIFE VARIABLE ACCOUNT F - REGATTA

(A Separate Account of Delaware Life Insurance Company)

STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)

FOR THE YEARS ENDED DECEMBER 31, 2020 AND 2019

	M92 Sub-Account						M96 Sub-Account
	December 31, 2020			December 31, 2019			December 31, 2020			December 31, 2019
Operations:
Net investment income (loss)	$	(256,900	)	$	5,026,342		$	1,026,336		$	1,162,218
Net realized gains (losses)		25,698,964			18,376,812			(276,874	)		(1,278,668	)
Net change in unrealized appreciation/(depreciation)		(6,304,689	)		38,714,473			2,670,643			3,781,989
Increase (decrease) in net assets from operations		19,137,375			62,117,627			3,420,105			3,665,539

Contract Owner Transactions:

*Accumulation Activity:*
Purchase payments received		2,970,631			3,081,466			1,141,736			2,041,727
Transfers between Sub-Accounts
(including the Fixed Account), net		6,495,513			(4,847,344	)		4,548,296			3,388,225
Withdrawals, surrenders, annuitizations
and contract charges		(48,453,845	)		(65,743,594	)		(8,726,377	)		(12,238,158	)
Net accumulation activity		(38,987,701	)		(67,509,472	)		(3,036,345	)		(6,808,206	)

*Annuitization Activity:*
Annuitizations		58,664			121,530			206,051			78,337
Annuity payments and contract charges		(29,965	)		(17,621	)		(94,251	)		(82,626	)
Transfers between Sub-Accounts, net		—			—			—			—
Adjustments to annuity reserves		320			337			6,780			46,030
Net annuitization activity		29,019			104,246			118,580			41,741

Net increase (decrease) from contract owner transactions		(38,958,682	)		(67,405,226	)		(2,917,765	)		(6,766,465	)

Total increase (decrease) in net assets		(19,821,307	)		(5,287,599	)		502,340			(3,100,926	)

Net assets at beginning of year		517,149,066			522,436,665			72,819,390			75,920,316
Net assets at end of year	$	497,327,759		$	517,149,066		$	73,321,730		$	72,819,390

The accompanying notes are an integral part of these financial statements

- 105 -

DELAWARE LIFE VARIABLE ACCOUNT F - REGATTA

(A Separate Account of Delaware Life Insurance Company)

STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)

FOR THE YEARS ENDED DECEMBER 31, 2020 AND 2019

	MD2 Sub-Account						MA6 Sub-Account
	December 31, 2020			December 31, 2019			December 31, 2020			December 31, 2019
Operations:
Net investment income (loss)	$	1,281,627		$	1,576,946		$	1,781,487		$	2,046,332
Net realized gains (losses)		54,758			(1,178,920	)		(762,755	)		(635,045	)
Net change in unrealized appreciation/(depreciation)		4,735,525			6,531,642			338,185			4,657,175
Increase (decrease) in net assets from operations		6,071,910			6,929,668			1,356,917			6,068,462

Contract Owner Transactions:

*Accumulation Activity:*
Purchase payments received		1,356,801			1,760,978			769,425			965,401
Transfers between Sub-Accounts
(including the Fixed Account), net		8,908,953			9,244,724			364,312			1,116,129
Withdrawals, surrenders, annuitizations
and contract charges		(20,122,946	)		(24,454,893	)		(5,606,029	)		(8,102,654	)
Net accumulation activity		(9,857,192	)		(13,449,191	)		(4,472,292	)		(6,021,124	)

*Annuitization Activity:*
Annuitizations		53,679			104,374			158,113			46,838
Annuity payments and contract charges		(116,985	)		(111,326	)		(63,342	)		(80,699	)
Transfers between Sub-Accounts, net		—			—			—			—
Adjustments to annuity reserves		2,554			3,474			(26,626	)		8,739
Net annuitization activity		(60,752	)		(3,478	)		68,145			(25,122	)

Net increase (decrease) from contract owner transactions		(9,917,944	)		(13,452,669	)		(4,404,147	)		(6,046,246	)

Total increase (decrease) in net assets		(3,846,034	)		(6,523,001	)		(3,047,230	)		22,216

Net assets at beginning of year		147,558,037			154,081,038			47,736,189			47,713,973
Net assets at end of year	$	143,712,003		$	147,558,037		$	44,688,959$			47,736,189

The accompanying notes are an integral part of these financial statements

- 106 -

DELAWARE LIFE VARIABLE ACCOUNT F - REGATTA

(A Separate Account of Delaware Life Insurance Company)

STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)

FOR THE YEARS ENDED DECEMBER 31, 2020 AND 2019

	MA3 Sub-Account						M97 Sub-Account
	December 31, 2020			December 31, 2019			December 31, 2020			December 31, 2019
Operations:
Net investment income (loss)	$	1,148,278		$	1,330,430		$	(9,067	)	$	(92,630	)
Net realized gains (losses)		(690,412	)		(472,005	)		1,012,158			4,836,854
Net change in unrealized appreciation/(depreciation)		314,275			3,452,945			3,428,538			3,109,153
Increase (decrease) in net assets from operations		772,141			4,311,370			4,431,629			7,853,377

Contract Owner Transactions:

*Accumulation Activity:*
Purchase payments received		508,185			1,012,677			473,049			652,098
Transfers between Sub-Accounts
(including the Fixed Account), net		430,080			574,823			(633,219	)		(911,078	)
Withdrawals, surrenders, annuitizations
and contract charges		(4,374,230	)		(6,654,915	)		(4,044,417	)		(6,066,394	)
Net accumulation activity		(3,435,965	)		(5,067,415	)		(4,204,587	)		(6,325,374	)

*Annuitization Activity:*
Annuitizations		11,471			52,178			90,145			102,177
Annuity payments and contract charges		(31,571	)		(20,597	)		(61,052	)		(63,507	)
Transfers between Sub-Accounts, net
Adjustments to annuity reserves		1,303			1,878			(958	)		(108	)
Net annuitization activity		(18,797	)		33,459			28,135			38,562

Net increase (decrease) from contract owner transactions		(3,454,762	)		(5,033,956	)		(4,176,452	)		(6,286,812	)

Total increase (decrease) in net assets		(2,682,621	)		(722,586	)		255,177			1,566,565

Net assets at beginning of year		35,601,324			36,323,910			35,189,191			33,622,626
Net assets at end of year	$	32,918,703$			35,601,324		$	35,444,368		$	35,189,191

The accompanying notes are an integral part of these financial statements

- 107 -

DELAWARE LIFE VARIABLE ACCOUNT F - REGATTA

(A Separate Account of Delaware Life Insurance Company)

STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)

FOR THE YEARS ENDED DECEMBER 31, 2020 AND 2019

	MD5 Sub-Account						M98 Sub-Account
	December 31, 2020			December 31, 2019			December 31, 2020			December 31, 2019
Operations:
Net investment income (loss)	$	(60,509	)	$	(107,019	)	$	(172,226	)	$	160,176
Net realized gains (losses)		354,214			1,986,871			4,676,514			5,233,691
Net change in unrealized appreciation/(depreciation)		1,756,306			1,655,050			2,244,207			3,321,340
Increase (decrease) in net assets from operations		2,050,011			3,534,902			6,748,495			8,715,207
Contract Owner Transactions:

*Accumulation Activity:*
Purchase payments received		101,947			733,208			1,048,591			958,498
Transfers between Sub-Accounts
(including the Fixed Account), net		(325,509	)		(139,043	)		(1,033,493	)		(744,117	)
Withdrawals, surrenders, annuitizations
and contract charges		(1,662,970	)		(3,355,412	)		(6,109,005	)		(5,975,245	)
Net accumulation activity		(1,886,532	)		(2,761,247	)		(6,093,907	)		(5,760,864	)

*Annuitization Activity:*
Annuitizations		30,252			1,527			26,075			132,072
Annuity payments and contract charges		(14,499	)		(13,103	)		(56,445	)		(34,729	)
Transfers between Sub-Accounts, net		—			—			—			—
Adjustments to annuity reserves		(125	)		360			10,235			2,847
Net annuitization activity		15,628			(11,216	)		(20,135	)		100,190

Net increase (decrease) from contract owner transactions		(1,870,904	)		(2,772,463	)		(6,114,042	)		(5,660,674	)

Total increase (decrease) in net assets		179,107			762,439			634,453			3,054,533

Net assets at beginning of year		15,834,413			15,071,974			41,533,157			38,478,624
Net assets at end of year	$	16,013,520		$	15,834,413		$	42,167,610		$	41,533,157

The accompanying notes are an integral part of these financial statements

- 108 -

DELAWARE LIFE VARIABLE ACCOUNT F - REGATTA

(A Separate Account of Delaware Life Insurance Company)

STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)

FOR THE YEARS ENDED DECEMBER 31, 2020 AND 2019

	M93 Sub-Account						MD6 Sub-Account
	December 31, 2020			December 31, 2019			December 31, 2020			December 31, 2019
Operations:
Net investment income (loss)	$	(698,123	)	$	(224,481	)	$	(3,044,604	)	$	(2,629,612	)
Net realized gains (losses)		8,296,414			10,863,079			59,196,133			54,072,589
Net change in unrealized appreciation/(depreciation)		4,890,478			6,894,434			4,812,625			47,665,760
Increase (decrease) in net assets from operations		12,488,769			17,533,032			60,964,154			99,108,737

Contract Owner Transactions:

*Accumulation Activity:*

Purchase payments received		600,981			1,258,769			5,973,178			7,373,231
Transfers between Sub-Accounts
(including the Fixed Account), net		(4,869,283	)		(4,607,176	)		(10,771,948	)		(5,751,466	)
Withdrawals, surrenders, annuitizations
and contract charges		(9,210,637	)		(14,321,450	)		(40,424,252	)		(47,896,543	)
Net accumulation activity		(13,478,939	)		(17,669,857	)		(45,223,022	)		(46,274,778	)

*Annuitization Activity:*
Annuitizations		38,539			92,177			512,895			1,218,448
Annuity payments and contract charges		(36,426	)		(24,994	)		(962,450	)		(727,280	)
Transfers between Sub-Accounts, net		–			–			–			–
Adjustments to annuity reserves		(1,140	)		216			40,205			193,957
Net annuitization activity		973			67,399			(409,350	)		685,125

Net increase (decrease) from contract owner transactions		(13,477,966	)		(17,602,458	)		(45,632,372	)		(45,589,653	)

Total increase (decrease) in net assets		(989,197	)		(69,426	)		15,331,782			53,519,084

Net assets at beginning of year		81,110,609			81,180,035			330,355,652			276,836,568
Net assets at end of year	$	80,121,412		$	81,110,609		$	345,687,434		$	330,355,652

The accompanying notes are an integral part of these financial statements

- 109 -

DELAWARE LIFE VARIABLE ACCOUNT F - REGATTA

(A Separate Account of Delaware Life Insurance Company)

STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)

FOR THE YEARS ENDED DECEMBER 31, 2020 AND 2019

	MB3 Sub-Account						MD8 Sub-Account
	December 31, 2020			December 31, 2019			December 31, 2020			December 31, 2019
Operations:
Net investment income (loss)	$	(491,615	)	$	(458,408	)	$	(445,152	)	$	85,351
Net realized gains (losses)		6,147,879			5,473,231			–			–
Net change in unrealized appreciation/(depreciation)		647,910			5,776,033			–			–
Increase (decrease) in net assets from operations		6,304,174			10,790,856			(445,152	)		85,351

Contract Owner Transactions:

*Accumulation Activity:*
Purchase payments received		494,546			932,822			2,706,881			4,810,684
Transfers between Sub-Accounts
(including the Fixed Account), net		(2,136,317	)		(1,354,184	)		12,187,101			6,761,791
Withdrawals, surrenders, annuitizations
and contract charges		(5,173,460	)		(5,050,090	)		(16,690,353	)		(15,797,473	)
Net accumulation activity		(6,815,231	)		(5,471,452	)		(1,796,371	)		(4,224,998	)

*Annuitization Activity:*
Annuitizations		39,973			28,328			15,689			13,325
Annuity payments and contract charges		(34,208	)		(18,881	)		(71,347	)		(74,023	)
Transfers between Sub-Accounts, net		–			–			–			–
Adjustments to annuity reserves		2,339			3,105			4,021			- 5,610
Net annuitization activity		8,104			12,552			(51,637	)		(55,088	)

Net increase (decrease) from contract owner transactions		(6,807,127	)		(5,458,900	)		(1,848,008	)		(4,280,086	)

Total increase (decrease) in net assets		(502,953	)		5,331,956			(2,293,160	)		(4,194,735	)

Net assets at beginning of year		36,267,396			30,935,440			37,977,970			42,172,705
Net assets at end of year	$	35,764,443		$	36,267,396		$	35,684,810$			37,977,970

The accompanying notes are an integral part of these financial statements

- 110 -

DELAWARE LIFE VARIABLE ACCOUNT F - REGATTA

(A Separate Account of Delaware Life Insurance Company)

STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)

FOR THE YEARS ENDED DECEMBER 31, 2020 AND 2019

	MD9 Sub-Account						ME2 Sub-Account
	December 31, 2020			December 31, 2019			December 31, 2020			December 31, 2019
Operations:
Net investment income (loss)	$	(1,531,644	)	$	(39,055	)	$	117,637		$	3,772
Net realized gains (losses)		(3	)		–			1,310,922			1,561,421
Net change in unrealized appreciation/(depreciation)		–			–			606,275			2,914,964
Increase (decrease) in net assets from operations		(1,531,647	)		(39,055	)		2,034,834			4,480,157

Contract Owner Transactions:

*Accumulation Activity:*
Purchase payments received		2,254,323			4,067,406			516,560			430,114
Transfers between Sub-Accounts
(including the Fixed Account), net		48,768,006			30,175,124			(506,943	)		(324,005	)
Withdrawals, surrenders, annuitizations
and contract charges		(50,212,600	)		(47,357,837	)		(1,858,658	)		(2,324,795	)
Net accumulation activity		809,729			(13,115,307	)		(1,849,041	)		(2,218,686	)

*Annuitization Activity:*
Annuitizations		21,182			102,412			2,028			6,814
Annuity payments and contract charges		(49,436	)		(33,094	)		(7,884	)		(4,901	)
Transfers between Sub-Accounts, net		–			–			–			–
Adjustments to annuity reserves		968			796			910			(378	)
Net annuitization activity		(27,286	)		70,114			(4,946	)		1,535

Net increase (decrease) from contract owner transactions		782,443			(13,045,193	)		(1,853,987	)		(2,217,151	)

Total increase (decrease) in net assets		(749,204	)		(13,084,248	)		180,847			2,263,006

Net assets at beginning of year		107,716,092			120,800,340			20,256,254			17,993,248
Net assets at end of year	$	106,966,888		$	107,716,092		$	20,437,101		$	20,256,254

The accompanying notes are an integral part of these financial statements

- 111 -

DELAWARE LIFE VARIABLE ACCOUNT F - REGATTA

(A Separate Account of Delaware Life Insurance Company)

STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)

FOR THE YEARS ENDED DECEMBER 31, 2020 AND 2019

	ME3 Sub-Account						MA5 Sub-Account
	December 31, 2020			December 31, 2019			December 31, 2020			December 31, 2019
Operations:
Net investment income (loss)	$	46,574		$	(195,865	)	$	552,538		$	520,839
Net realized gains (losses)		1,722,140			2,780,861			36,639			(90,709	)
Net change in unrealized appreciation/(depreciation)		1,814,719			6,166,935			1,282,380			1,947,006
Increase (decrease) in net assets from operations		3,583,433			8,751,931			1,871,557			2,377,136

Contract Owner Transactions:

*Accumulation Activity:*
Purchase payments received		584,457			380,690			968,396			615,549
Transfers between Sub-Accounts
(including the Fixed Account), net		(1,649,807	)		(2,004,424	)		2,878,776			1,357,412
Withdrawals, surrenders, annuitizations
and contract charges		(4,646,421	)		(5,750,705	)		(3,273,200	)		(3,307,518	)
Net accumulation activity		(5,711,771	)		(7,374,439	)		573,972			(1,334,557	)

*Annuitization Activity:*
Annuitizations		7,807			17,442			–			–
Annuity payments and contract charges		(6,927	)		(5,272	)		(7,941	)		(24,925	)
Transfers between Sub-Accounts, net		–			–			–			–
Adjustments to annuity reserves		896			1,056			(2,662	)		(5,432	)
Net annuitization activity		1,776			13,226			(10,603	)		(30,357	)

Net increase (decrease) from contract owner transactions		(5,709,995	)		(7,361,213	)		563,369			(1,364,914	)

Total increase (decrease) in net assets		(2,126,562	)		1,390,718			2,434,926			1,012,222

Net assets at beginning of year		38,549,046			37,158,328			25,413,532			24,401,310
Net assets at end of year	$	36,422,484 $			38,549,046		$	27,848,458		$	25,413,532

The accompanying notes are an integral part of these financial statements

- 112 -

DELAWARE LIFE VARIABLE ACCOUNT F - REGATTA

(A Separate Account of Delaware Life Insurance Company)

STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)

FOR THE YEARS ENDED DECEMBER 31, 2020 AND 2019

	MA7 Sub-Account						ME4 Sub-Account
	December 31, 2020			December 31, 2019			December 31, 2020			December 31, 2019
Operations:
Net investment income (loss)	$	66,771		$	67,056		$	(293,809	)	$	(262,353	)
Net realized gains (losses)		26,832			(16,697	)		2,610,286			4,402,641
Net change in unrealized appreciation/(depreciation)		168,994			321,429			5,204,897			1,059,864
Increase (decrease) in net assets from operations		262,597			371,788			7,521,374			5,200,152

Contract Owner Transactions:

*Accumulation Activity:*
Purchase payments received		76,403			33,094			100,505			66,025
Transfers between Sub-Accounts
(including the Fixed Account), net		(44,208	)		127,608			(302,581	)		(782,602	)
Withdrawals, surrenders, annuitizations
and contract charges		(670,633	)		(685,596	)		(2,370,450	)		(2,895,455	)
Net accumulation activity		(638,438	)		(524,894	)		(2,572,526	)		(3,612,032	)

*Annuitization Activity:*
Annuitizations		—			—			25,484			—
Annuity payments and contract charges		(4,962	)		(6,568	)		(18,646	)		(27,784	)
Transfers between Sub-Accounts, net		—			—			—			—
Adjustments to annuity reserves		(918	)		724			5,139			2,362
Net annuitization activity		(5,880	)		(5,844	)		11,977			(25,422	)

Net increase (decrease) from contract owner transactions		(644,318	)		(530,738	)		(2,560,549	)		(3,637,454	)

Total increase (decrease) in net assets		(381,721	)		(158,950	)		4,960,825			1,562,698

Net assets at beginning of year		4,050,311			4,209,261			17,984,787			16,422,089
Net assets at end of year	$	3,668,590		$	4,050,311		$	22,945,612		$	17,984,787

The accompanying notes are an integral part of these financial statements

- 113 -

DELAWARE LIFE VARIABLE ACCOUNT F - REGATTA

(A Separate Account of Delaware Life Insurance Company)

STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)

FOR THE YEARS ENDED DECEMBER 31, 2020 AND 2019

		MA2 Sub-Account						MF3 Sub-Account
		December 31, 2020			December 31, 2019			December 31, 2020			December 31, 2019
Operations:
Net investment income (loss)	$	(30,474	)	$	(25,587	)	$	(507,565	)	$	(647,176	)
Net realized gains (losses)		288,602			336,582			311,883			7,989,645
Net change in unrealized appreciation/(depreciation)		487,230			136,559			2,556,065			4,231,927
Increase (decrease) in net assets from operations		745,358			447,554			2,360,383			11,574,396

Contract Owner Transactions:

*Accumulation Activity:*
Purchase payments received
Transfers between Sub-Accounts
(including the Fixed Account), net		924,926 (28,718	)		90,940 (106,299	)		475,939 557,727			952,420 (1,465,202	)
Withdrawals, surrenders, annuitizations
and contract charges		(266,848	)		(144,089	)		(5,836,733	)		(9,256,127	)
Net accumulation activity		629,360			(159,448	)		(4,803,067	)		(9,768,909	)

*Annuitization Activity:*
Annuitizations		–			–			–			41,725
Annuity payments and contract charges		–			–			(21,912	)		(27,520	)
Transfers between Sub-Accounts, net		–			–			–			–
Adjustments to annuity reserves		–			–			(121	)		614
Net annuitization activity		–			–			(22,033	)		14,819

Net increase (decrease) from contract owner transactions		629,360			(159,448	)		(4,825,100	)		(9,754,090	)

Total increase (decrease) in net assets		1,374,718			288,106			(2,464,717	)		1,820,306

Net assets at beginning of year		1,658,655			1,370,549			52,379,843			50,559,537
Net assets at end of year	$	3,033,373		$	1,658,655		$	49,915,126		$	52,379,843

- 114 -

DELAWARE LIFE VARIABLE ACCOUNT F - REGATTA

(A Separate Account of Delaware Life Insurance Company)

STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)

FOR THE YEARS ENDED DECEMBER 31, 2020 AND 2019

	MA2 Sub-Account						MF3 Sub-Account
	December 31, 2020			December 31, 2019			December 31, 2020			December 31, 2019
Operations:
Net investment income (loss)	$	(30,474) $			(25,587	)	$	(507,565) $			(647,176	)
Net realized gains (losses)		288,602			336,582			311,883			7,989,645
Net change in unrealized appreciation/(depreciation)		487,230			136,559			2,556,065			4,231,927
Increase (decrease) in net assets from operations		745,358			447,554			2,360,383			11,574,396

Contract Owner Transactions:

*Accumulation Activity:*
Purchase payments received Transfers between Sub-Accounts (including the Fixed Account), net		924,926 (28,718	)		90,940 (106,299	)		475,939 557,727			952,420 (1,465,202	)
Withdrawals, surrenders, annuitizations		(266,848	)		(144,089	)		(5,836,733	)		(9,256,127	)
and contract charges
Net accumulation activity		629,360			(159,448	)		(4,803,067	)		(9,768,909	)


*Annuitization Activity:*
Annuitizations		—			—			—			41,725
Annuity payments and contract charges		—			—			(21,912	)		(27,520	)
Transfers between Sub-Accounts, net		—			—			—			—
Adjustments to annuity reserves		—			—			(121	)		614
Net annuitization activity		—			—			(22,033	)		14,819

Net increase (decrease) from contract owner transactions		629,360			(159,448	)		(4,825,100	)		(9,754,090	)

Total increase (decrease) in net assets		1,374,718			288,106			(2,464,717	)		1,820,306

Net assets at beginning of year		1,658,655			1,370,549			52,379,843			50,559,537
Net assets at end of year	$	3,033,373		$	1,658,655		$	49,915,126		$	52,379,843

The accompanying notes are an integral part of these financial statements

- 115 -

DELAWARE LIFE VARIABLE ACCOUNT F - REGATTA

(A Separate Account of Delaware Life Insurance Company)

STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)

FOR THE YEARS ENDED DECEMBER 31, 2020 AND 2019

	MF5 Sub-Account						MF6 Sub-Account
	December 31, 2020			December 31, 2019			December 31, 2020			December 31, 2019
Operations:
Increase (decrease) in net assets from operations	$	2,740,474		$	2,988,765		$	44,593		$	33,240
Net change in unrealized appreciation/(depreciation)		16,827,303			18,351,564			62,633			90,901
Net realized gains (losses)		18,036,793			35,726,802			(117,866	)		265,482
Net investment income (loss)		37,604,570			57,067,131			(10,640	)		389,623

Contract Owner Transactions:

*Accumulation Activity:*
Purchase payments received		4,367,820			3,559,376			16,364			68,125
Transfers between Sub-Accounts
(including the Fixed Account), net		4,878,087			7,672,634			30,054			(25,702	)
Withdrawals, surrenders, annuitizations
and contract charges		(51,449,495	)		(76,823,412	)		(199,014	)		(332,173	)
Net accumulation activity		(42,203,588	)		(65,591,402	)		(152,596	)		(289,750	)

*Annuitization Activity:*
Annuitizations		86,074			63,196			—			—
Annuity payments and contract charges		(71,661	)		(49,952	)		874			(449	)
Transfers between Sub-Accounts, net		—			—			—			—
Adjustments to annuity reserves		9,065			(2,821	)		(1,360	)		81
Net annuitization activity		23,478			10,423			(486	)		(368	)

Net increase (decrease) from contract owner transactions		(42,180,110	)		(65,580,979	)		(153,082	)		(290,118	)


Total increase (decrease) in net assets		(4,575,540	)		(8,513,848	)		(163,722	)		99,505
Net assets at beginning of year		405,951,754			414,465,602			1,744,187			1,644,682
Net assets at end of year	$	401,376,214		$	405,951,754		$	1,580,465		$	1,744,187

The accompanying notes are an integral part of these financial statements

- 116 -

DELAWARE LIFE VARIABLE ACCOUNT F - REGATTA

(A Separate Account of Delaware Life Insurance Company)

STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)

FOR THE YEARS ENDED DECEMBER 31, 2020 AND 2019

	MF7 Sub-Account						MF9 Sub-Account
	December 31, 2020			December 31, 2019			December 31, 2020			December 31, 2019
Operations:
Net investment income (loss)	$	951,596		$	569,023		$	466,524		$	1,071,707
Net realized gains (losses)		2,158,307			2,711,382			26,029,178			32,746,043
Net change in unrealized appreciation/(depreciation)		(3,083,674	)		7,890,371			13,444,829			37,179,675
Increase (decrease) in net assets from operations		26,229			11,170,776			39,940,531			70,997,425

Contract Owner Transactions:

*Accumulation Activity:*
Purchase payments received		559,035			721,572			2,771,348			2,667,103
Transfers between Sub-Accounts
(including the Fixed Account), net		2,164,282			(1,783,332	)		(4,614,729	)		(7,887,201	)
Withdrawals, surrenders, annuitizations
and contract charges		(5,510,740	)		(7,835,137	)		(35,729,218	)		(46,455,295	)
Net accumulation activity		(2,787,423	)		(8,896,897	)		(37,572,599	)		(51,675,393	)

*Annuitization Activity:*
Annuitizations		6,358			27,861			—			—
Annuity payments and contract charges		(20,964	)		(14,978	)		(100	)		(91	)
Transfers between Sub-Accounts, net		—			—			—			—
Adjustments to annuity reserves		(443	)		530			30			40
Net annuitization activity		(15,049	)		13,413			(70	)		(51	)

Net increase (decrease) from contract owner transactions		(2,802,472	)		(8,883,484	)		(37,572,669	)		(51,675,444	)

Total increase (decrease) in net assets		(2,776,243	)		2,287,292			2,367,862			19,321,981

Net assets at beginning of year		50,523,551			48,236,259			325,781,690			306,459,709
Net assets at end of year	$	47,747,308 $			50,523,551		$	328,149,552		$	325,781,690

The accompanying notes are an integral part of these financial statements

- 117 -

DELAWARE LIFE VARIABLE ACCOUNT F - REGATTA

(A Separate Account of Delaware Life Insurance Company)

STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)

FOR THE YEARS ENDED DECEMBER 31, 2020 AND 2019

	MG1 Sub-Account						MF2 Sub-Account
	December 31, 2020			December 31, 2019			December 31, 2020			December 31, 2019
Operations:
Net investment income (loss)	$	(1,577,366	)	$	(271,932	)	$	2,325,514		$	1,817,323
Net realized gains (losses)		1,943,817			(412,851	)		357,891			12,600
Net change in unrealized appreciation/(depreciation)		10,790,158			8,180,523			1,422,583			4,852,171
Increase (decrease) in net assets from operations		11,156,609			7,495,740			4,105,988			6,682,094

Contract Owner Transactions:
*Accumulation Activity:*
Purchase payments received		987,592			1,049,811			2,085,817			3,578,626
Transfers between Sub-Accounts
(including the Fixed Account), net		943,627			4,481,478			5,777,235			14,014,632
Withdrawals, surrenders, annuitizations
and contract charges		(12,813,855	)		(18,567,225	)		(23,890,676	)		(35,035,305	)
Net accumulation activity		(10,882,636	)		(13,035,936	)		(16,027,624	)		(17,442,047	)
*Annuitization Activity:*
Annuitizations		—			64,899			75,074			360,285
Annuity payments and contract charge		(10,388	)		(44,599	)		(145,904	)		(83,110	)
Transfers between Sub-Accounts, net		—			—			—			—
Adjustments to annuity reserves		2,689			(2,643	)		2,012			3,464
Net annuitization activity		(7,699	)		17,657			(68,818	)		280,639

Net increase (decrease) from contract owner transactions		(10,890,335	)		(13,018,279	)		(16,096,442	)		(17,161,408	)

Total increase (decrease) in net assets		266,274			(5,522,539	)		(11,990,454	)		(10,479,314	)

Net assets at beginning of year		116,989,865			122,512,404			192,914,646			203,393,960
Net assets at end of year	$	117,256,139		$	116,989,865		$	180,924,192		$	192,914,646

The accompanying notes are an integral part of these financial statements

- 118 -

DELAWARE LIFE VARIABLE ACCOUNT F - REGATTA
(A Separate Account of Delaware Life Insurance Company)

STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)
FOR THE YEARS ENDED DECEMBER 31, 2020 AND 2019

	MG2 Sub-Account				MG3 Sub-Account
	December 31, 2020		December 31, 2019		December 31, 2020			December 31, 2019
Operations:
Net investment income (loss)	$	1,230,897	$	838,894	$	(115,572	)	$	(121,534	)
Net realized gains (losses)		(40,723)		70,113		493,407			1,508,363
Net change in unrealized appreciation/(depreciation)		864,332		2,583,630		678,191			4,830,956
Increase (decrease) in net assets from operations		2,054,506		3,492,637		1,056,026			6,217,785

Contract Owner Transactions:

Accumulation Activity:
Purchase payments received		801,173		1,378,440		502,345			470,601
Transfers between Sub-Accounts (including the Fixed Account), net		5,953,290		8,879,074		(508,299	)		(1,319,690	)
Withdrawals, surrenders, annuitizations and contract charges		(12,290,714)		(14,098,530)		(2,622,034)			(3,999,846)
Net accumulation activity		(5,536,251)		(3,841,016)		(2,627,988)			(4,848,935)

Annuitization Activity:
Annuitizations		-		9,118		3,831			3,765
Annuity payments and contract charges		(1,905)		(1,546)		(4,855)			(5,378)
Transfers between Sub-Accounts, net		-		-		-			-
Adjustments to annuity reserves		117		247		129			320
Net annuitization activity		(1,788)		7,819		(895)			(1,293)

Net increase (decrease) from contract owner transactions		(5,538,039)		(3,833,197)		(2,628,883)			(4,850,228)

Total increase (decrease) in net assets		(3,483,533)		(340,560)		(1,572,857)			1,367,557

Net assets at beginning of year		109,445,390		109,785,950		24,538,343			23,170,786
Net assets at end of year	$	105,961,857	$	109,445,390	$	22,965,486			24,538,343

The accompanying notes are an integral part of these financial statements

- 119 -

DELAWARE LIFE VARIABLE ACCOUNT F - REGATTA
(A Separate Account of Delaware Life Insurance Company)

STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)
FOR THE YEARS ENDED DECEMBER 31, 2020 AND 2019

	MG4 Sub-Account				MG6 Sub-Account
	December 31, 2020		December 31, 2019		December 31, 2020			December 31, 2019
Operations:
Net investment income (loss)	$	(122,006)	$	(142,933)	$	5,614,575		$	7,614,575
Net realized gains (losses)		577,938		1,575,189		88,537,740			108,014,145
Net change in unrealized appreciation/(depreciation)		1,263,083		4,031,740		50,758,492			121,640,903
Increase (decrease) in net assets from operations		1,719,015		5,463,996		144,910,807			237,281,137

Contract Owner Transactions:

Accumulation Activity:
Purchase payments received		217,557		136,486		13,982,889			11,953,200
Transfers between Sub-Accounts (including the Fixed Account), net		(405,502)		(1,440,755)		(10,800,993)			(10,777,670)
Withdrawals, surrenders, annuitizations and contract charges		(2,067,192)		(3,544,128)		(132,996,424)			(192,422,803)
Net accumulation activity		(2,255,137)		(4,848,397)		(129,814,528)			(191,247,273)

Annuitization Activity:
Annuitizations		-		4,426		46,744			665,748
Annuity payments and contract charges		(437)		(277)		(131,202)			(30,874)
Transfers between Sub-Accounts, net		-		-		-			-
Adjustments to annuity reserves		40		114		(85,730	)		(53,159	)
Net annuitization activity		(397)		4,263		(170,188)			581,175

Net increase (decrease) from contract owner transactions		(2,255,534)		(4,844,134)		(129,984,716)			(190,665,558)

Total increase (decrease) in net assets		(536,519)		619,862		14,926,091			46,615,579

Net assets at beginning of year		21,333,453		20,173,591		1,302,584,592			1,255,969,013
Net assets at end of year	$	20,796,934	$	21,333,453	$	1,317,510,683		$	1,302,584,592

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

- 120 -

DELAWARE LIFE VARIABLE ACCOUNT F - REGATTA
(A Separate Account of Delaware Life Insurance Company)

STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)
FOR THE YEARS ENDED DECEMBER 31, 2020 AND 2019

	MG7 Sub-Account				V45 Sub-Account
	December 31, 2020		December 31, 2019		December 31, 2020		December 31, 2019
Operations:
Net investment income (loss)	$	(60,625)	$	(86,684)	$	(67)	$	-
Net realized gains (losses)		(374,712)		945,326		3,309
Net change in unrealized appreciation/(depreciation)		1,118,732		1,230,7835		5,026		-
Increase (decrease) in net assets from operations		683,395		2,089,425		8,268

Contract Owner Transactions:

Accumulation Activity:
Purchase payments received		139,928		73,825		76,995
Transfers between Sub-Accounts (including the Fixed Account), net		(408,769)		(812,312)		(13,879)		-
Withdrawals, surrenders, annuitizations and contract charges		(856,547)		(1,024,134)		(169)		-
Net accumulation activity		(1,125,388)		(1,762,591)		62,947		-

Annuitization Activity:
Annuitizations		20,729		4,356-		-		-
Annuity payments and contract charges		(2,750)		(276)		-		-
Transfers between Sub-Accounts, net		-		-		-		-
Adjustments to annuity reserves		(30)		115		-		-
Net annuitization activity		17,949		4,195		-

Net increase (decrease) from contract owner transactions		(1,107,439)		(1,758,396)		62,947		-

Total increase (decrease) in net assets		(424,044)		331,029		71,215		-

Net assets at beginning of year		7,626,096		7,295,067		-		-
Net assets at end of year	$	7,202,052	$	7,626,096	$	71,215	$	-

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

- 121 -

DELAWARE LIFE VARIABLE ACCOUNT F - REGATTA
(A Separate Account of Delaware Life Insurance Company)

STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)
FOR THE YEARS ENDED DECEMBER 31, 2020 AND 2019

	U43 Sub-Account				U41 Sub-Account
	December 31, 2020		December 31, 2019		December 31, 2020			December 31, 2019
Operations:
Net investment income (loss)	$	(3)	$	-	$	(155)		$	-
Net realized gains (losses)		-		-		6			-
Net change in unrealized appreciation/(depreciation)		86		-		6,107			-
Increase (decrease) in net assets from operations		83		-		5,958			-

Contract Owner Transactions:

Accumulation Activity:
Purchase payments received		-		-		72,088			-
Transfers between Sub-Accounts (including the Fixed Account), net		2,487		-		(20	)		-
Withdrawals, surrenders, annuitizations and contract charges		(7)		-		(1)			-
Net accumulation activity		2,480		-		72,067			-

Annuitization Activity:
Annuitizations		-		-		-			-
Annuity payments and contract charges		-		-		-			-
Transfers between Sub-Accounts, net		-		-		-			-
Adjustments to annuity reserves		-		-		-			-
Net annuitization activity		-		-		-			-

Net increase (decrease) from contract owner transactions		2,480		-		72,067			-

Total increase (decrease) in net assets		2,563		-		78,025			-

Net assets at beginning of year		-		-		-			-
Net assets at end of year	$	2,563	$	-	$	78.025		$	-

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

- 122 -

DELAWARE LIFE VARIABLE ACCOUNT F - REGATTA
(A Separate Account of Delaware Life Insurance Company)

STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)
FOR THE YEARS ENDED DECEMBER 31, 2020 AND 2019

	V44 Sub-Account				V43 Sub-Account
	December 31, 2020		December 31, 2019		December 31, 2020		December 31, 2019
Operations:
Net investment income (loss)	$	(236,186)	$	(191,442)	$	(146,862)	$	(125,469)
Net realized gains (losses)		4,827,603		1,037,294		5,061,617		1,753,041
Net change in unrealized appreciation/(depreciation)		6,141,075		1,960,842		3,852,505		789,341
Increase (decrease) in net assets from operations		10,732,492		2,806,694		8,767,260		2,416,913

Contract Owner Transactions:

Accumulation Activity:
Purchase payments received		1,586,453		311,599		104,474		42,333
Transfers between Sub-Accounts (including the Fixed Account), net		(4,505,483)		453,357		(6,968,005)		(144,257)
Withdrawals, surrenders, annuitizations and contract charges		(1,356,018)		(2,049,615)		(1,151,891)		(938,162)
Net accumulation activity		(4,275,048)		(1,284,659)		(8,015,422)		(1,040,086)

Annuitization Activity:
Annuitizations		3,364		-		-		4,607
Annuity payments and contract charges		(564)		(88)		(724)		(278)
Transfers between Sub-Accounts, net		-		-		-		-
Adjustments to annuity reserves		153		44		42		106
Net annuitization activity		2,953		(44)		(480)		4

Net increase (decrease) from contract owner transactions		(4,272,095)		(1,284,703)		(8,015,902)		(1,035,651)

Total increase (decrease) in net assets		6,460,397		1,521,991		751,358		1,381,262

Net assets at beginning of year		11,234,842		9,712,851		7,856,010		6,474,748
Net assets at end of year	$	17,695,239	$	11,234,842	$	8,607,368	$	7,856,010

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

- 123 -

DELAWARE LIFE VARIABLE ACCOUNT F - REGATTA
(A Separate Account of Delaware Life Insurance Company)

STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)
FOR THE YEARS ENDED DECEMBER 31, 2020 AND 2019

	O19 Sub-Account				O23 Sub-Account
	December 31, 2020		December 31, 2019		December 31, 2020		December 31, 2019
Operations:
Net investment income (loss)	$	(239,799)	$	(238,832)	$	30,693	$	40,765
Net realized gains (losses)		2,848,839		1,263,847		748,777		454,127
Net change in unrealized appreciation/(depreciation)		1,630,821		2,926,219		609,326		1,036,159
Increase (decrease) in net assets from operations		4,239,861		3,951,234		1,388,796		1,531,051

Contract Owner Transactions:

Accumulation Activity:
Purchase payments received		275,166		388,220		256,379		18,019
Transfers between Sub-Accounts (including the Fixed Account), net		(1,342,449)		(837,964)		1,157,665		42,090
Withdrawals, surrenders, annuitizations and contract charges		(1,761,973)		(2,309,048)		(1,315,588)		(912,015)
Net accumulation activity		(2,829,256)		(2,758,792)		98,,456		(851,906)

Annuitization Activity:
Annuitizations		-		43,566		-
Annuity payments and contract charges		(10,991)		(3,303)		-		-
Transfers between Sub-Accounts, net		-		-		-		-
Adjustments to annuity reserves		234		543		-
Net annuitization activity		(10,757)		40,806		-

Net increase (decrease) from contract owner transactions		(2,840,013)		(2,717,986)		98,456		(851,906)

Total increase (decrease) in net assets		1,399,848		1,233,248		1,487,252		679,145

Net assets at beginning of year		13,908,076		12,674,828		11,010,608		10,331,463
Net assets at end of year	$	15,307,924	$	13,908,076	$	12,497,860	$	11,010,608

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

- 124 -

DELAWARE LIFE VARIABLE ACCOUNT F - REGATTA
(A Separate Account of Delaware Life Insurance Company)

STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)
FOR THE YEARS ENDED DECEMBER 31, 2020 AND 2019

	O20 Sub-Account				O21 Sub-Account
	December 31, 2020		December 31, 2019		December 31, 2020		December 31, 2019
Operations:
Net investment income (loss)	$	(182,178)	$	(163,886)	$	(856,628)	$	(1,416,496)
Net realized gains (losses)		1,398,620		2,452,930		12,611,418		33,188,162
Net change in unrealized appreciation/(depreciation)		2,472,891		1,782,214		3,315,766		7,743,862
Increase (decrease) in net assets from operations		3,689,333		4,071,258		15,070,556		39,515,528

Contract Owner Transactions:

Accumulation Activity:
Purchase payments received		487,541		139,824		1,712,288		2,365,549
Transfers between Sub-Accounts (including the Fixed Account), net		(2,177,667)		(1,283,873)		(7,121,905)		(9,953,076)
Withdrawals, surrenders, annuitizations and contract charges		(2,427,663)		(2,531,357)		(17,701,143)		(25,593,737)
Net accumulation activity		(4,117,789)		(3,675,406)		(23,110,760)		(33,181,264)

Annuitization Activity:
Annuitizations		-		3,609		55,611		208,125
Annuity payments and contract charges		(318)		(226)		(115,057)		(51,387)
Transfers between Sub-Accounts, net		-		-		-		-
Adjustments to annuity reserves		157		415		(3,160)		4,106
Net annuitization activity		(161)		3,798		(62,606)		160,844

Net increase (decrease) from contract owner transactions		(4,117,950)		(3,671,608)		(23,173,366)		(33,020,420)

Total increase (decrease) in net assets		(428,617)		399,650		(8,102,810)		6,495,108

Net assets at beginning of year		15,548,955		15,149,305		152,120,634		145,625,526
Net assets at end of year	$	15,120,338	$	15,548,955	$	144,017,824	$	152,120,634

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

- 125 -

DELAWARE LIFE VARIABLE ACCOUNT F - REGATTA
(A Separate Account of Delaware Life Insurance Company)

STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)
FOR THE YEARS ENDED DECEMBER 31, 2020 AND 2019

	O04 Sub-Account				PH2 Sub-Account
	December 31, 2020		December 31, 2019		December 31, 2020		December 31, 2019
Operations:
Net investment income (loss)	$	(59,106)	$	(82,842)	$	(1,838)	$	(501)
Net realized gains (losses)		(30,082)		383,271		28,954		(19,837)
Net change in unrealized appreciation/(depreciation)		922,517		712,934		23,941		106,721
Increase (decrease) in net assets from operations		833,329		1,013,363		51,057		86,383

Contract Owner Transactions:

Accumulation Activity:
Purchase payments received		78,494		101,580		-
Transfers between Sub-Accounts (including the Fixed Account), net		(551,824)		(225,878)		(9,777)		(16,814)
Withdrawals, surrenders, annuitizations and contract charges		(396,476)		(681,265)		(21,901)		(60,358)
Net accumulation activity		(869,806)		(805,563)		(31,678)		(77,172)

Annuitization Activity:
Annuitizations		-		24,042		-
Annuity payments and contract charges		(4,942)		(880)		-		-
Transfers between Sub-Accounts, net		-		-		-		-
Adjustments to annuity reserves		(3)		(2)		-		-
Net annuitization activity		(4,945)		23,160		-

Net increase (decrease) from contract owner transactions		(874,751)		(782,403)		(31,678)		(77,172)

Total increase (decrease) in net assets		(41,422)		230,960		19,379		9,211

Net assets at beginning of year		4,793,286		4,562,326		376,666		367,455
Net assets at end of year	$	4,751,864	$	4,793,286	$	396,045	$	376,666

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

- 126 -

DELAWARE LIFE VARIABLE ACCOUNT F - REGATTA
(A Separate Account of Delaware Life Insurance Company)

STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)
FOR THE YEARS ENDED DECEMBER 31, 2020 AND 2019

	P08 Sub-Account				PC0 Sub-Account
	December 31, 2020		December 31, 2019		December 31, 2020		December 31, 2019
Operations:
Net investment income (loss)	$	520,531	$	207,381	$	429,916	$	180,681
Net realized gains (losses)		(148,048)		(78,054)		(253,675)		(169,165)
Net change in unrealized appreciation/(depreciation)		600,375		1,472,575		599,476		1,456,580
Increase (decrease) in net assets from operations		972,858		1,601,902		775,717		1,468,096

Contract Owner Transactions:

Accumulation Activity:
Purchase payments received		19,725		487,763		34,481		25,122
Transfers between Sub-Accounts (including the Fixed Account), net		118,257		830,190		3671		318,496
Withdrawals, surrenders, annuitizations and contract charges		(1,416,583)		(2,417,966)		(1,920,771)		(2,787,144)
Net accumulation activity		(1,278,601)		(1,100,013)		(1,882,529)		(2,443,526)

Annuitization Activity:
Annuitizations		-		-		-		-
Annuity payments and contract charges		-		-		-		-
Transfers between Sub-Accounts, net		-		-		-		-
Adjustments to annuity reserves		-		-		-		-
Net annuitization activity		-		-		-		-

Net increase (decrease) from contract owner transactions		(1,278,601)		(1,100,013)		(1,882,529)		(2,443,526)

Total increase (decrease) in net assets		(305,743)		501,889		(1,106,812)		(975,430 1)

Net assets at beginning of year		16,987,769		16,485,880		14,802,101		15,777,531
Net assets at end of year	$	16,682,026	$	16,987,769	$	13,695,289	$	14,802,101

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

- 127 -

DELAWARE LIFE VARIABLE ACCOUNT F - REGATTA
(A Separate Account of Delaware Life Insurance Company)

STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)
FOR THE YEARS ENDED DECEMBER 31, 2020 AND 2019

i	P70 Sub-Account						P10 Sub-Account
	December 31, 2020			December 31, 2019			December 31, 2020			December 31, 2019
Operations:
Net investment income (loss)	$	10,870		$	6,851		$	980,476		$	652,759
Net realized gains (losses)		(30,977)			(28,719)			(2,018,729)			(1,800,207)
Net change in unrealized appreciation/(depreciation)		32,024			47,589			1,500,916			3,255,539
Increase (decrease) in net assets from operations		11,917			25,721			462,663			2,108,091

Contract Owner Transactions:

Accumulation Activity:
Purchase payments received		12,010			-			185,424			291,679
Transfers between Sub-Accounts (including the Fixed Account), net		7,037			7,283			1,081,015			1,830,018
Withdrawals, surrenders, annuitizations and contract charges		(29,321	)		(57,784	)		(2,662,588	)		(3,551,389	)
Net accumulation activity		(10,274)			(50,501)			(1,396,149)			(1,429,692)

Annuitization Activity:
Annuitizations		-			-			-			22,327
Annuity payments and contract charges		-			-			(9,147)			(12,123)
Transfers between Sub-Accounts, net		-			-			-			-
Adjustments to annuity reserves		-			-			414			134
Net annuitization activity		-			-			(8,733)			10,338

Net increase (decrease) from contract owner transactions		(10,274)			(50,501)			(1,404,882)			(1,419,354)

Total increase (decrease) in net assets		1,643			(24,780)			(942,219)			688,737

Net assets at beginning of year		255,626			280,406			23,012,902			22,324,165
Net assets at end of year	$	257,269		$	255,626		$	22,070,683		$	23,012,902

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

- 128 -

DELAWARE LIFE VARIABLE ACCOUNT F - REGATTA
(A Separate Account of Delaware Life Insurance Company)

STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)
FOR THE YEARS ENDED DECEMBER 31, 2020 AND 2019

	PK8 Sub-Account						P20 Sub-Account
	December 31,			December 31,			December 31,			December 31,
	2020			2019			2020			2019

Operations:
Net investment income (loss)	$	210,761		$	219,992		$	5,306		$	7,299
Net realized gains (losses)		(74,446	)		(87,696	)		(618	)		(18,985	)
Net change in unrealized appreciation/(depreciation)		171,158			827,881			2,425			48,575
Increase (decrease) in net assets from operations		307,473			960,177			7,113			36,889

Contract Owner Transactions:
*Accumulation Activity:*
Purchase payments received		135,260			108,177			—			54
Transfers between Sub-Accounts (including the Fixed Account), net
		51,000			161,243			(44,503	)		54,654
Withdrawals, surrenders, annuitizations
and contract charges		(947,967	)		(1,030,625	)		(15,592	)		(303,188	)
Net accumulation activity		(761,707	)		(761,205	)		(60,095	)		(248,480	)

*Annuitization Activity :*
Annuitizations		—			4,539			—			—
Annuity payments and contract charges		(1,835	)		(1,681	)		—			—
Transfers between Sub-Accounts, net		—			—			—			—
Adjustments to annuity reserves		179			266			—			—
Net annuitization activity		(1,656	)		3,124			—			—

Net increase (decrease) from contract owner transactions		(763,363	)		(758,081	)		(60,095	)		(248,480	)

Total increase (decrease) in net assets		(455,890	)		202,096			(52,982	)		(211,591	)

Net assets at beginning of year		7,902,801			7,700,705			211,235			422,826
Net assets at end of year	$	7,446,911		$	7,902,801		$	158,253		$	211,235

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

- 129 -

DELAWARE LIFE VARIABLE ACCOUNT F - REGATTA
(A Separate Account of Delaware Life Insurance Company)

STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)
FOR THE YEARS ENDED DECEMBER 31, 2020 AND 2019

	PM5 Sub-Account					PD6 Sub-Account
	December 31, 2020			December 31, 2019		December 31, 2020			December 31, 2019
Operations:
Net investment income (loss)	$	(5	)	$	—	$	23,198,678		$	1,753,907
Net realized gains (losses)		—			—		5,133,350			(3,091,629	)
Net change in unrealized appreciation/(depreciation)		152			—		24,975,626			55,980,825
Increase (decrease) in net assets from operations		147			—		53,307,654			54,643,103

Contract Owner Transactions:
*Accumulation Activity:*
Purchase payments received		40,034			—		3,200,241			1,935,269
Transfers between Sub-Accounts (including the Fixed Account), net		—			--		(12,960,807	)		(5,098,717	)
Withdrawals, surrenders, annuitizations and contract charges		—			—		(39,089,849	)		(50,239,343	)
Net accumulation activity		40,034			—		(48,850,415	)		(53,402,791	)

*Annuitization Activity:*
Annuitizations					—		70,397			35,037
Annuity payments and contract charges		—			—		(24,963	)		(8,830	)
Transfers between Sub-Accounts, net		—			—		—			—
Adjustments to annuity reserves		—			—		4,223			5,993
Net annuitization activity		—			—		49,657			32,200

Net increase (decrease) from contract owner transactions		40,034			—		(48,800,758	)		(53,370,591	)

Total increase (decrease) in net assets		40,181			—		4,506,896			1,272,512

Net assets at beginning of year		—			—		381,865,764			380,593,252
Net assets at end of year	$	40,181			-	$	386,372,660		$	381,865,764

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

- 130 -

DELAWARE LIFE VARIABLE ACCOUNT F - REGATTA
(A Separate Account of Delaware Life Insurance Company)

STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)
FOR THE YEARS ENDED DECEMBER 31, 2020 AND 2019

	P06 Sub-Account						P07 Sub-Account
	December 31, 2020			December 31, 2019			December 31, 2020			December 31, 2019
Operations: Net investment income (loss)	$	(93,970) $			(13,109	)	$	507,351 $			1,790,763
Net realized gains (losses)		(154,943	)		(725,895	)		1,537,554			(1,382,694	)
Net change in unrealized appreciation/(depreciation)		2,860,452			2,901,183			5,716,583			8,406,563
Increase (decrease) in net assets from operations		2,611,539			2,162,179			7,761,488			8,814,632
Contract Owner Transactions:
*Accumulation Activity:*
Purchase payments received Transfers between Sub-Accounts (including the Fixed Account), net		243,236 (109,885	)		617,630 1,354,818			1,455,811 2,342,858			2,524,505 6,824,739
Withdrawals, surrenders, annuitizations and contract charges		(4,145,260	)		(5,220,116	)		(15,667,102	)		(24,322,817	)
Net accumulation activity		(4,011,909	)		(3,247,668	)		(11,868,433	)		(14,973,573	)
*Annuitization Activity:*
Annuitizations		—			—			22,555			80,648
Annuity payments and contract charges Transfers between Sub-Accounts, net Adjustments to annuity reserves		(1,826) - 1,272			(37,713) - (183	)		(36,011) - 1,702			(123,533) - 31,041
Net annuitization activity		(554	)		(37,896	)		(11,754	)		(11,844	)
Net increase (decrease) from contract owner transactions		(4,012,463	)		(3,285,564	)		(11,880,187	)		(14,985,417	)
Total increase (decrease) in net assets		(1,400,924	)		(1,123,385	)		(4,118,699	)		(6,170,785	)
Net assets at beginning of year		32,390,144			33,513,529			133,331,271			139,502,056
Net assets at end of year	$	30,989,220 $			32,390,144		$	129,212,572 $		$	133,331,271

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

- 131 -

DELAWARE LIFE VARIABLE ACCOUNT F - REGATTA
(A Separate Account of Delaware Life Insurance Company)

STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)
FOR THE YEARS ENDED DECEMBER 31, 2020 AND 2019

	P68 Sub-Account						PI3 Sub-Account
	December 31, 2020			December 31, 2019			December 31, 2020			December 31, 2019
	December 31, 2020			December 31, 2019			December 31, 2020			December 31, 2019
Operations:
Net investment income (loss)	$	1,481		$	17		$	(219,625	)	$	(244,829	)
Net realized gains (losses)		420			(6	)		(371,091	)		(88,411	)
Net change in unrealized appreciation/(depreciation)		7,415			(25	)		(693,757	)		990,098
Increase (decrease) in net assets from operations		9,316			(14	)		(1,284,473	)		656,858

Contract Owner Transactions:
*Accumulation Activity:*
Purchase payments received		822,718			13,516			80,153			87,000
Transfers between Sub-Accounts (including the Fixed Account), net		72,725			6,922			1,936,770			402,091
Withdrawals, surrenders, annuitizations and contract charges		(3,266	)		—			(2,470,189	)		(1,718,387	)
Net accumulation activity		892,177			20,438			(453,266	)		(1,229,296	)

*Annuitization Activity:*
Annuitizations		—			—			—			—
Annuity payments and contract charges		—			—			—			—
Transfers between Sub-Accounts, net		—			—			—			--
Adjustments to annuity reserves		—			—			—			—
Net annuitization activity		—			—			—			—

Net increase (decrease) from contract owner transactions		892,177			20,438			(453,266	)		(1,229,296	)

Total increase (decrease) in net assets		901,493			20,424			(1,737,739	)		(572,438	)
Net assets at beginning of year		20,424			—			14,604,913			15,177,351
Net assets at end of year	$	921,917		$	20,424		$	12,867,174		$	14,604,913

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

- 132 -

DELAWARE LIFE VARIABLE ACCOUNT F - REGATTA
(A Separate Account of Delaware Life Insurance Company)

STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)
FOR THE YEARS ENDED DECEMBER 31, 2020 AND 2019

	P72 Sub-Account						P88 Sub-Account
	December 31, 2020			December 31, 2019			December 31, 2020				December 31, 2019
Operations:												—
Net investment income (loss)	$	16,954		$	52,610		$	(271	)	$
Net realized gains (losses)		945,187			1,484,674			21				—
Net change in unrealized appreciation/(depreciation)		(35,910	)		1,746,855			5,304				—
Increase (decrease) in net assets from operations		926,231			3,284,139			5,054				—
Contract Owner Transactions:
*Accumulation Activity:*
Purchase payments received		253,887			148,716			103,736				—
Transfers between Sub-Accounts (including the Fixed Account), net		1,017,125			191,954			6,541				—
Withdrawals, surrenders, annuitizations and contract charges		(1,636,262	)		(1,846,560	)		(191	)			—
Net accumulation activity		(365,250	)		(1,505,890	)		110,086				—
*Annuitization Activity:*
Annuitizations		—			—			—				—
Annuity payments and contract charges		—			—			—				—
Transfers between Sub-Accounts, net		—			—			—				—
Adjustments to annuity reserves		—			—			—				—
Net annuitization activity		—			—			—				—
Net increase (decrease) from contract owner transactions		(365,250	)		(1,505,890	)		110,086				—
Total increase (decrease) in net assets		560,981			1,778,249			115,140				—
Net assets at beginning of year		13,842,390			12,064,141			—				—
Net assets at end of year	$	14,403,371		$	13,842,390		$	115,140			$	—

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

- 133 -

DELAWARE LIFE VARIABLE ACCOUNT F - REGATTA
(A Separate Account of Delaware Life Insurance Company)

STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)
FOR THE YEARS ENDED DECEMBER 31, 2020 AND 2019

	P93 Sub-Account					P89 Sub-Account
	December 31, 2020			December 31, 2019		December 31, 2020			December 31, 2019

Operations:
Net investment income (loss)	$	(20	)	$	—	$	(204	)	$	—
Net realized gains (losses)		—			—		17			—
Net change in unrealized appreciation/(depreciation)		441			—		4,034			—
Increase (decrease) in net assets from operations		421			—		3,847			—

Contract Owner Transactions:
*Accumulation Activity:*		17,687			—		54,388			—
Purchase payments received					—					—
Transfers between Sub-Accounts (including the Fixed Account), net		1			—		3,160			—
Withdrawals, surrenders, annuitizations and contract charges		—			—		(109	)		—
Net accumulation activity		17,688			—		57,439			—

*Annuitization Activity:*					—
Annuitizations
Annuity payments and contract charges		—			—		—			—
Transfers between Sub-Accounts, net		—			—		—			—
Adjustments to annuity reserves		—			—		—			—
Net annuitization activity		—			—		—			—

Net increase (decrease) from contract owner transactions		17,688			—		57,439			—

Total increase (decrease) in net assets		18,109			—		61,286			—
		—
Net assets at beginning of year
Net assets at end of year	$	18,109		$	—	$	61,286		$	—

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

- 134 -

DELAWARE LIFE VARIABLE ACCOUNT F - REGATTA
(A Separate Account of Delaware Life Insurance Company)

STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)
FOR THE YEARS ENDED DECEMBER 31, 2020 AND 2019

	P95 Sub-Account						P79 Sub-Account
	December 31, 2020			December 31, 2019			December 31, 2020			December 31, 2019
Operations:
Net investment income (loss)	$	56		$	(25	)	$	(343	)	$	(81	)
Net realized gains (losses)		113			—			1,898			29
Net change in unrealized appreciation/(depreciation)		645			111			9,463			1,919
Increase (decrease) in net assets from operations		814			86			11,018			1,867

Contract Owner Transactions:

*Accumulation Activity:*
Purchase payments received		5,080			7,000			44,819			15,406
Transfers between Sub-Accounts (including the Fixed Account), net		23,508			289			48,507			(312	)
Withdrawals, surrenders, annuitizations and contract charges		(704	)		(24	)		(394	)		(54	)
Net accumulation activity		27,884			7,265			92,932			15,040

*Annuitization Activity:*
Annuitizations
Annuity payments and contract charges		—			—			—			—
Transfers between Sub-Accounts, net		—			—			—			—
Adjustments to annuity reserves		—
Net annuitization activity		—			—			—			—

Net increase (decrease) from contract owner transactions		27,884			7,265			92,932			15,040

Total increase (decrease) in net assets		28,698			7,351			103,950			16,907
Net assets at beginning of year		7,351			—			16,907			—
Net assets at end of year	$	36,049		$	7,351		$	120,857		$	16,907

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

- 135 -

DELAWARE LIFE VARIABLE ACCOUNT F - REGATTA
(A Separate Account of Delaware Life Insurance Company)

STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)
FOR THE YEARS ENDED DECEMBER 31, 2020 AND 2019

	P95 Sub-Account						P79 Sub-Account
	December 31, 2020			December 31, 2019			December 31, 2020			December 31, 2019
Operations:
Net investment income (loss)	$	(2,020	)	$	(4,084	)	$	(632	)	$	(538	)
Net realized gains (losses)		11,515			21,397			3,614			5,554
Net change in unrealized appreciation/(depreciation)		34,293			42,687			5,903			4,003
Increase (decrease) in net assets from operations		43,788			60,000			8,885			9,019

Contract Owner Transactions:

*Accumulation Activity:*
Purchase payments received		30,596			—			—			—
Transfers between Sub-Accounts (including the Fixed Account), net		(40,413	)		(10,586	)		(4,538	)		(2,274	)
Withdrawals, surrenders, annuitizations and contract charges		(52,560	)		(28,856	)		(479	)		(408	)
Net accumulation activity		(62,377	)		(39,442	)		(5,017	)		(2,682	)

*Annuitization Activity:*
Annuitizations
Annuity payments and contract charges		—			—			—			—
Transfers between Sub-Accounts, net		—			—			—			—
Adjustments to annuity reserves		—
Net annuitization activity		—			—			—			—

Net increase (decrease) from contract owner transactions		(62,377	)		(39,442	)		(5,017	)		(2,682	)

Total increase (decrease) in net assets		(18,589	)		20,558			3,868			6,337
Net assets at beginning of year		257,366			236,808			37,721			31,384
Net assets at end of year	$	238,777		$	257,366		$	41,589		$	37,721

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

- 136 -

DELAWARE LIFE VARIABLE ACCOUNT F - REGATTA
(A Separate Account of Delaware Life Insurance Company)

STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)
FOR THE YEARS ENDED DECEMBER 31, 2020 AND 2019

	W50 Sub-Account
	December 31, 2020			December 31, 2019
Operations:
Net investment income (loss)	$	3,823		$	-
Net realized gains (losses)		1,228			-
Net change in unrealized appreciation/(depreciation)		3,186			-
Increase (decrease) in net assets from operations		8,237			-
Contract Owner Transactions:
*Accumulation Activity:*
Purchase payments received		235,833			- -
Transfers between Sub-Accounts (including the Fixed Account), net		147,893
Withdrawals, surrenders, annuitizations and contract charges		(1,285	)		-
Net accumulation activityaia		382,441			-
*Annuitization Activity:*
Annuitizations		-			-
Annuity payments and contract charges		-			-
Transfers between Sub-Accounts, net		-			-
Adjustments to annuity reserves		-			-
Net annuitization activity		-			-

Net increase (decrease) from contract owner transactions		382,441			-

Total increase (decrease) in net assets		390,678			-
Net assets at beginning of year		-			-
Net assets at end of year	$	390,678		$	-

- 137 -

DELAWARE LIFE VARIABLE ACCOUNT F - REGATTA

(A Separate Account of Delaware Life Insurance Company)

NOTES TO FINANCIAL STATEMENTS

FOR THE YEAR ENDED DECEMBER 31, 2020

BUSINESS AND ORGANIZATION

Delaware Life Variable Account F (the “Variable Account”) is a separate account of Delaware Life Insurance Company (the “Sponsor”). The Variable Account was established on July 13, 1989 as a funding vehicle for the variable portion of Regatta contracts, Regatta Access contracts, Regatta Choice contracts, Regatta Choice II contracts, Regatta Classic contracts, Regatta Extra contracts, Regatta Flex II contracts, Regatta Flex 4 contracts, Regatta Gold contracts, Regatta Platinum contracts, Masters Access contracts, Masters Choice contracts, Masters Choice II contracts, Masters Extra contracts, Masters Extra II contracts, Masters Flex contracts, Masters Flex II contracts, Masters I Share contracts, Masters IV contracts, Masters VII contracts, Masters Prime contracts (collectively the “Contracts”), and certain other fixed and variable annuity contracts issued by the Sponsor. The Variable Account is registered with the Securities and Exchange Commission under the Investment Company Act of 1940, as amended, as a unit investment trust existing in accordance with the regulations of the Delaware Insurance Department and is an investment company. Accordingly, the Variable Account follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 946 Financial Services – Investment Companies.

The assets of the Variable Account are divided into “Sub-Accounts”. Each Sub-Account is invested in shares of a specific mutual fund (collectively the “Funds”), or series thereof, registered under the Investment Company Act of 1940, as amended. The contract owners of the Variable Account direct the deposits into the Sub-Accounts of the Variable Account.

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

A summary of the name changes related to Sub-Accounts held by the contract owners of the Variable Account during the current year, is as follows:

Sub-

Account

Previous Name

Effective Date

MA5

MFS VIT II Strategic Income Portfolio I Class

September 1, 2020

MA7

MFS VIT II Strategic Income Portfolio S Class

September 1, 2020

There were no liquidated, merged, or commenced Sub-Accounts during the current year.

The commencement date related to Sub-Accounts held by the contract owners of the Variable Account (if commenced within the past five years) is as follows:

Sub-Account	Effective Date
C59, C60, C58, C89, C90	April 29, 2016
AC4, C91, G03, P68, P95, P79, AP0, AQ1, AS3, AQ3, L33, AQ2, AS6, AX1, AB3, L16, V45, U41, U43,
PM5, P88, P93, P89, W50	October 3, 2018
F19	May 1, 2020

- 138 -

DELAWARE LIFE VARIABLE ACCOUNT F - REGATTA

(A Separate Account of Delaware Life Insurance Company)

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

General

The accompanying financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“GAAP”). The preparation of financial statements in conformity with GAAP requires the Sponsor’s management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from these estimates.

Investment Valuation and Transactions

Investments made in mutual funds are carried at fair value and are valued at their closing net asset value as determined by the respective mutual fund, which in turn value their investments at fair value, as of December 31, 2020. Transactions are recorded on a trade date basis. Realized gains and losses on sales of investments are determined on the first in, first out basis. Dividend income and realized gain distributions are reinvested in additional fund shares and recognized on the ex-dividend date.

Units

$10.00 for the first period of that Sub-Account and is subsequently measured based on the performance of the investments and the contract charges selected by the contract holder, as discussed in Note 5.

Purchase Payments

Upon issuance of new Contracts, the initial purchase payment is credited to the contract in the form of units. All subsequent purchase payments are applied using the unit values for the period during which the purchase payment is received.

Transfers

Transfers between Sub-Accounts requested by contract owners are recorded in the new Sub-Account upon receipt of the redemption proceeds at the net asset value at the time of receipt. In addition, transfers can be made between the Sub-Accounts and the “Fixed Account”. The Fixed Account is part of the general account of the Sponsor in which purchase payments or contract values may be allocated or transferred.

Withdrawals

At any time during the accumulation phase (the period before the first annuity payment), the contract owner may elect to receive a cash withdrawal payment under the contract. If the contract owner requests a full withdrawal, the contract owner will receive the value of their account at the end of period, less the contract maintenance charge for the current contract year and any applicable withdrawal charge.

If the contract owner requests a partial withdrawal, the contract owner will receive the amount requested less any applicable withdrawal charge and the account value will be reduced by the amount requested. Any requests for partial withdrawals that would result in the value of the contract owner’s account being reduced to an amount less than the contract maintenance charge for the current contract year is treated as a request for a full withdrawal.

- 139 -

DELAWARE LIFE VARIABLE ACCOUNT F - REGATTA

(A Separate Account of Delaware Life Insurance Company)

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

Annuitization

On the annuity commencement date, the contract’s accumulation account is canceled and its adjusted value is applied to provide an annuity. The adjusted value will be equal to the value of the accumulation account for the period that ends immediately before the annuity commencement date, reduced by any applicable premium taxes or similar taxes and a proportionate amount of the contract maintenance charge.

Annuity Payments

The amount of the first variable annuity payment is determined in accordance with the annuity payment rates found in the contract. The number of units to be credited in respect of a particular Sub-Account is determined by dividing that portion of the first variable annuity payment attributable to that Sub-Account by the annuity unit value of that Sub-Account for the period that ends immediately before the annuity commencement date. The number of units of each Sub-Account credited to the contract then remains fixed, unless an exchange of units is made. The dollar amount of each variable annuity payment after the first may increase, decrease or remain constant, depending on the investment performance of the Sub-Accounts.

Federal Income Taxes

The operations of the Variable Account are part of the operations of the Sponsor and are not taxed separately. The Sponsor qualifies for the federal income tax treatment granted to life insurance companies under Subchapter L of the Internal Revenue Code (the “Code”). Under existing federal income tax law, investment income and realized gain distributions earned by the Variable Account on contract owner reserves are not taxable, and therefore, no provision has been made for federal income taxes. In the event of a change in applicable tax law, the Sponsor will review this policy and if necessary a provision may be made in future years.

Use of Estimates

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires Sponsor’s management to make estimates and assumptions that affect the reported amounts of assets and liabilities as of the date of the financial statements and the reported amounts of income and expenses during the period. The most significant estimates are fair value measurements of investments and the calculation of the reserve for variable annuities. Actual results could vary from the amounts derived from Sponsor management’s estimates.

Subsequent events

The Sponsor’s management has evaluated events subsequent to December 31, 2020 noting that, other than indicated below, there are no subsequent events requiring accounting adjustments or disclosure.

- 140 -

DELAWARE LIFE VARIABLE ACCOUNT F - REGATTA

(A Separate Account of Delaware Life Insurance Company)

FAIR VALUE MEASUREMENTS

The Sub-Accounts’ investments are carried at fair value. Fair value is an exit price, representing the amount that would be received from a sale of an asset or paid to transfer a liability in an orderly transaction between market participants. As such, fair value is a market-based measurement that should be determined based on assumptions that market participants would use in pricing an asset or liability. As a basis for considering such assumptions, FASB ASC Topic 820, “Fair Value Measurements and Disclosures”, establishes a three-tier value hierarchy, which prioritizes the inputs used in measuring fair value (i.e., Level 1, 2 and 3). Level 1 inputs are observable inputs that reflect quoted prices for identical assets or liabilities in active markets that the Variable Account has the ability to access at the measurement date. Level 2 inputs are observable inputs, other than quoted prices included in Level 1, for the asset or liability or prices for similar assets and liabilities. Level 3 inputs are unobservable inputs reflecting the reporting entity’s estimates of the assumptions that market participants would use in pricing the asset or liability. Topic 820 requires that a fair value measurement technique include an adjustment for risks inherent in a particular valuation technique (such as a pricing model) and/or the risks inherent in the inputs to the model, if market participants would also include such an adjustment.

The Variable Account has categorized its financial instruments, based on the priority of the inputs to the valuation technique, into the three level hierarchy described above. 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.

The Variable Account uses the Funds’ closing net asset value to determine the fair value of its Sub-Accounts. As of December 31, 2020, the net assets held in the Variable Account were categorized as Level 1 assets under the Topic 820 hierarchy levels. There were no Level 2 or 3 investments in the Variable Account during the year ended December 31, 2020. There were no transfers between levels during the year ended December 31, 2020.

RELATED-PARTY TRANSACTIONS

The Sponsor provides administrative services necessary for the operation of the Variable Account. The Sponsor absorbs all organizational expenses including the fees of registering the Variable Account and its contracts for distribution under federal and state securities laws.

- 141 -

DELAWARE LIFE VARIABLE ACCOUNT F - REGATTA

(A Separate Account of Delaware Life Insurance Company)

CONTRACT CHARGES

Mortality and expense risk charges

Charges for mortality and expense risks, the optional death benefit riders and optional living benefit riders are based on the average daily Variable Account assets and are deducted from the Variable Account at the end of each valuation period to cover the risks assumed by the Sponsor. These charges are reflected in the Statements of Operations.

The deductions are calculated at different levels based upon the elections made by the contract holder and are transferred periodically to the Sponsor. At December 31, 2020, the deduction is at an effective annual rate as follows:

	Level 1	Level 2	Level 3	Level 4	Level 5	Level 6	Level 7	Level 8	Level 9
Regatta	1.40%	-	-	-	-	-	-	-	-
Regatta Gold	1.25%	-	-	-	-	-	-	-	-
Regatta Classic	1.00%	-	-	-	-	-	-	-	-
Regatta Platinum	1.25%	-	-	-	-	-	-	-	-
Regatta Extra	1.30%	1.45%	1.55%	1.70%	-	-	-	-	-
Regatta Choice	0.85%	1.00%	1.10%	1.15%	1.25%	1.40%	-	-	-
Regatta Access	1.00%	1.15%	1.25%	1.40%	1.50%	1.65%	-	-	-
Regatta Flex 4	0.95%	1.10%	1.20%	1.35%	1.45%	1.60%	-	-	-
Regatta Flex II	1.30%	1.50%	1.55%	1.70%	1.75%	1.90%	1.95%	2.15%	-
Regatta Choice II	1.05%	1.25%	1.30%	1.45%	1.50%	1.65%	1.70%	-	-
Masters Extra	1.40%	1.60%	1.65%	1.80%	1.85%	2.00%	2.05%	2.25%	-
Masters Choice	1.05%	1.25%	1.30%	1.45%	1.50%	1.65%	1.70%	1.90%	-
Masters Access	1.35%	1.55%	1.60%	1.75%	1.80%	1.95%	-	-	-
Masters Flex	1.30%	1.50%	1.55%	1.70%	1.75%	1.90%	1.95%	2.15%	-
Masters IV	1.25%	1.30%	1.35%	1.45%	1.50%	1.55%	1.60%	1.65%	1.75%
Masters VII	1.00%	1.05%	1.20%	1.25%	1.30%	1.35%	1.40%	1.50%	-
Masters Extra II	1.40%	1.80%	-	-	-	-	-	-	-
Masters Choice II	1.05%	1.30%	1.45%	-	-	-	-	-	-
Masters Flex II	1.30%	1.70%	-	-	-	-	-	-	-
Masters I Share	0.50%	-	-	-	-	-	-	-	-
Masters Prime	0.85%

Distribution and administrative expense charges

For assuming the risk that surrender charges may be insufficient to compensate the Sponsor for the costs of distributing the Contracts, the Sponsor makes a deduction from the Sub-Account at the end of each valuation period for the first seven account years at an effective annual rate of 0.15% of the average daily value of the contract invested in the Sub-Account attributable to Regatta, Masters VII, Masters Extra, Masters Extra II, Masters Choice and Masters Choice II, and at an effective annual rate of 0.20% of the average daily value of the contract invested in the Sub-Account attributable to Masters IV, Masters Access, Masters Flex, Masters Flex II and Masters Prime. There are no distribution charges associated with the other contracts listed in Note 1.

- 142 -

DELAWARE LIFE VARIABLE ACCOUNT F - REGATTA

(A Separate Account of Delaware Life Insurance Company)

5. CONTRACT CHARGES (CONTINUED)

Distribution and administrative expense charges (Continued)

Additionally, for Regatta, Regatta Gold, Regatta Classic, Regatta Platinum, Regatta Extra, Regatta Access, Regatta Choice, Regatta Flex 4, Regatta Flex II, Regatta Choice II, Masters Extra, Masters Choice, Masters Access, Masters Flex, Masters IV, Masters VII, Masters Extra II, Masters Flex II, Masters I Share, Masters Choice II and Masters Prime contracts, an administrative expense charge is deducted from the assets of the Variable Account at an annual effective rate equal to 0.15% of the average daily Variable Account value. This charge is designed to reimburse the Sponsor for expenses incurred in administering the Contracts, the accounts and the Variable Account that are not covered by the annual account administration fee (“Account Fee”). Distribution and administrative expense charges are reflected in the Statements of Operations.

Administration charges (“Account Fee”)

Each year on the account anniversary date, an Account Fee equal to the lesser of $30 or 2% of the participant’s account value in the case of Regatta Gold, $30 in cash Masters Prime, $35 in the case of Regatta Extra and Regatta Platinum contracts, and $50 in the case of Regatta Choice, Regatta Classic, Regatta Access, Regatta Flex 4, Regatta Flex II, Regatta Choice II, Masters Extra, Masters Choice, Masters Access, Masters Flex, Masters IV, Masters VII, Masters Extra II, Masters Flex II, Masters I Share, and Masters Choice II contracts (after account year 5, the Account Fee for Regatta Gold, Regatta Platinum, Regatta Extra, and Regatta Choice contracts, may be changed annually, but it may not exceed the lesser of $50 or 2% of the participant’s account value) is deducted from the participant’s account to reimburse the Sponsor for certain administrative expenses. The Account Fee related to contracts in the accumulation phase is reflected in the Statements of Changes in Net Assets as part of “Withdrawals, surrenders, annuitizations, and contract charges” line item. After the annuity commencement date, the Account Fee will be deducted pro rata from each variable annuity payment made during the year and reflected under the line item “Annuity payments and contract charges” in the Statements of Changes in Net Assets.

Surrender charges

The Sponsor does not deduct a sales charge from the purchase payments. However, a surrender charge (contingent deferred sales charge) of up to 6% of certain amounts withdrawn will be deducted to cover certain expenses relating to the sale of Regatta, Regatta Gold, Regatta Flex 4, and Regatta Platinum contracts; 8% for Regatta Extra, Regatta Choice II, Regatta Flex II, Masters Choice, Masters Choice II, Masters Flex, Masters Flex II, Masters Extra, Masters Extra II, Masters IV, Masters VII, and Masters Prime; and for 7% for Regatta Choice if the contract holder requests a full withdrawal prior to reaching the pay-out phase. These charges are reflected in the “Withdrawals, surrenders, annuitizations and contract charges” line on the Statements of Changes in Net Assets.

Optional living benefit rider charges (“Benefit Fee”)

Benefit Fee is charged for optional living benefit riders elected by the contract holder. The benefit fee is deducted from the related account value as highlighted in the following table.

	Single Life Quarterly Charge	Joint Life Quarterly Charge	Single Life Annual Charge	Joint Life Annual Charge
Secured Returns	0.1000%	N/A	0.40%	N/A
Secured Returns 2	0.1250%	N/A	0.50%	N/A
Secured Returns for Life	0.1250%	N/A	0.50%	N/A
Secured Returns for Life Plus	0.1250%	N/A	0.50%	N/A
Income on Demand	0.1625%	0.2125%	0.65%	0.85%
Income on Demand II	0.1625%	0.2125%	0.65%	0.85%
Retirement Asset Protector	0.1875%	N/A	0.75%	N/A
Retirement Income Escalator	0.1875%	0.2375%	0.75%	0.95%
Income Advisor	0.2250%	0.2750%	0.90%	1.10%
Income on Demand II Plus	0.2375%	0.2875%	0.95%	1.15%
Income on Demand II Escalator	0.2375%	0.2875%	0.95%	1.15%
Retirement Income Escalator II	0.2375%	0.2875%	0.95%	1.15%
Income Riser	0.2750%	0.3250%	1.10%	1.30%
Income on Demand III Escalator	0.2750%	0.3250%	1.10%	1.30%
Income Riser III	0.2750%	0.3000%	1.10%	1.20%
Income Maximizer	0.2750%	0.3000%	1.10%	1.20%
Income Maximizer Plus	0.3125%	0.3625%	1.25%	1.45%

- 143 -

DELAWARE LIFE VARIABLE ACCOUNT F - REGATTA

(A Separate Account of Delaware Life Insurance Company)

5. CONTRACT CHARGES (CONTINUED)

Optional living benefit rider charges (“Benefit Fee”) (Continued)

Income Advisor was only available on Masters I Share contracts. Income Maximizer, Income Maximizer Plus, and Income Riser III were available on Masters Choice II contracts, Masters Extra II contracts, and Masters Flex II contracts. The remaining optional living benefits above were available on Masters Extra, Masters Choice, Masters Flex, and Masters Access contracts.

Secured Returns for Life and Secured Returns for Life Plus were the only optional living benefits available on Masters IV and Masters VII contracts.

Secured Returns, Secured Returns 2, Secured Returns for Life, Secured Returns for Life Plus, Income on Demand, and Retirement Asset Protector were the only optional living benefits available on Regatta Flex II and Regatta Choice II contracts.

Benefit Fee is reflected in the “Withdrawals, surrenders, annuitizations and contract charges” line on the Statements of Changes in Net Assets

Premium Taxes

A deduction, when applicable, is made for premium taxes or similar state or local taxes. It is currently the policy of the Sponsor to make this deduction at the annuity commencement date. However, the Sponsor reserves the right to deduct such taxes when incurred.

RESERVE FOR VARIABLE ANNUITIES

Reserve for variable annuities represents the actuarial present value of future contract benefits for those contract holders who are in the payout phase of their contract and who chose the variable payout option. Annuity reserves for contracts with annuity commencement dates on or between January 1, 1987 and December 31, 1998 are calculated using the 1983 Individual Annuitant Mortality Table.

Annuity reserves for contracts with annuity commencement dates on or between January 1, 1999 and December 31, 2014 are calculated using the Annuity 2000 Table. Annuity reserves for contracts with annuity commencement dates on or after January 1, 2015 are calculated using the 2012 Individual Annuitant Mortality Table. All annuity reserves are calculated using an assumed interest rate of at least 3% or 4% per year. The Individual Annuitant Mortality Tables utilized are subject to change in conjunction with changes in the tables currently adopted by the National Association of Insurance Commissioners. The mortality risk is fully borne by the Sponsor and may result in additional amounts being transferred into the variable annuity account by the Sponsor to cover greater longevity of annuities than expected. Required adjustments to the reserves are accomplished by transfers to or from the Sponsor.

- 144 -

DELAWARE LIFE VARIABLE ACCOUNT F - REGATTA

(A Separate Account of Delaware Life Insurance Company)

INVESTMENT PURCHASES AND SALES

The cost of purchases and proceeds from sales of investments for the year ended December 31, 2020 were as follows:

		Purchases		Sales
AL1	$	4,509,460	$		6,656,328
AO5		4,687,780			8,471,151
AM2		772,730			1,652,932
A98		3,733,036			5,159,695
AC4		987,372			67,276
A74		3,642,896			4,974,754
AP0		3,898,158			100,680
AQ1		441,715			28,243
AQ2		91,076			916
AS3		1,941,651			203,990
AS6		1,017,932			231,155
AQ3		346,400			6,428
AX1		163,244			376
B18		40,022,740			76,101,191
L33		21,716			3,064
C71		3,266			4,697
C59		12,449			25,200
C60		2,217,023			17,247,204
C89		22,710			86,047
C90		1,417,567			5,354,482
C58		769,675			1,441,939
C91		93,580			4,607
FD7		13,216,487			23,174,286
F24		4,765,129			40,225,830
F88		1,765,813			1,712,002
FB9		1,541,529			1,865,192
F15		2,699,795			2,134,057
F41		11,348,832			28,593,836
FE3		27,001,775			34,769,095
F19		94,446			1,408
T21		2,617,641			5,577,922
T20		11,243,213			14,696,666
FE6		7,460,530			3,883,061
T59		1,233,761			1,298,566
F56		1,602,508			2,570,253
F59		7,609,374			9,168,771
FF0		177,483			131,456
F54		26,405,868			20,841,552
FG8		47,315			33,492
F53		5,883,944			8,092,055
FJ9		72,613			89,927
T28		1,881,839			2,761,334
FJ0		15,177			25,074
G03		99,498			593
H24		73,007			76,606
H32		145,213			227,006
V35		1,052,379			2,137,344

- 145 -

DELAWARE LIFE VARIABLE ACCOUNT F - REGATTA

(A Separate Account of Delaware Life Insurance Company)

7. INVESTMENT PURCHASES AND SALES (CONTINUED)

		Purchases		Sales
V13	$	6,001,514	$	7,920,260
AB3		286,399		154
V11		14,189,103		19,581,386
AC1		357,847		669,707
J88		14,135,194		13,163,736
J94		4,400,229		5,529,323
L11		5,431,674		6,661,778
L16		15,269		61
L18		4,069,396		8,953,134
L17		5,198,999		6,840,909
M07		20,141,615		40,004,370
M35		20,028,381		48,344,758
M31		12,617,976		27,714,058
M80		5,813,629		8,269,850
MF1		3,016,480		5,357,049
M41		5,554,015		8,352,922
M05		7,520,540		12,934,858
M42		6,961,888		14,739,940
M89		82,390,408		99,238,107
M82		9,260,307		21,919,895
M44		8,358,499		17,780,802
M40		6,436,879		10,734,546
M83		26,267,013		37,654,143
M08		14,855,646		18,723,196
MB6		21,135,718		40,831,341
MB7		5,738,217		13,416,395
MC0		9,085,843		11,399,186
MA0		24,948,711		29,806,913
MC2		10,166,177		19,344,982
MC1		10,358,133		10,010,661
MC3		2,098,650		3,220,744
MA1		3,856,361		4,287,263
MC4		1,538,911		1,992,323
MC5		98,532		133,311
MC6		6,047,744		8,989,537
MC7		894,780		286,833
MC8		7,581,503		12,030,543
MC9		704,047		1,506,181
MD0		3,484,390		5,949,291
M92		48,092,044		64,912,223
M96		13,320,741		15,207,510
MD2		35,064,868		43,705,071
MA6		5,381,828		7,992,071
MA3		4,826,545		7,134,545
M97		2,543,244		6,305,309
MD5		1,825,084		3,558,458
M98		3,341,520		8,856,892
M93		6,900,665		19,561,875
MD6		38,251,311		56,994,017
MB3		4,684,181		8,733,261
MD8		19,006,371		21,303,553

- 146 -

DELAWARE LIFE VARIABLE ACCOUNT F - REGATTA

(A Separate Account of Delaware Life Insurance Company)

7. INVESTMENT PURCHASES AND SALES (CONTINUED)

		Purchases		Sales
MD9	$	79,729,036	$	80,479,452
ME2		1,886,879		2,981,170
ME3		4,401,581		8,855,611
MA5		6,172,714		5,054,145
MA7		368,764		945,393
ME4		1,641,177		4,500,587
MA2		1,122,896		524,010
MF3		13,044,636		14,486,391
MF5		43,367,637		65,196,010
MF6		235,036		304,064
MF7		8,266,208		9,132,142
MF9		42,333,283		53,189,418
MG1		10,930,532		21,936,123
MF2		36,976,040		50,750,094
MG2		24,607,045		28,914,305
MG3		4,026,041		5,880,791
MG4		4,939,901		6,496,469
MG6		126,177,770		172,943,616
MG7		2,452,179		3,028,623
V45		66,523		405
U41		72,056		144
U43		2,487		10
V44		6,156,175		9,189,769
V43		2,141,802		9,313,746
O19		3,428,904		4,462,476
O23		2,793,909		2,387,619
O20		2,179,794		5,978,418
O21		20,714,353		31,523,245
O04		458,950		1,332,477
PH2		71,083		67,215
P08		1,415,806		2,173,876
PC0		1,289,566		2,742,179
P70		62,176		61,580
P10		4,601,823		5,026,643
PK8		880,241		1,433,022
P20		69,451		124,240
PM5		40,048		19
PD6		48,347,200		66,630,834
P06		4,159,355		8,267,060
P07		24,906,050		34,970,511
P68		902,029		8,033
PI3		3,159,950		3,832,841
P72		4,194,533		3,631,272
P88		110,304		489
P93		17,687		19
P89		57,503		268
P95		30,275		2,283
P79		95,023		572
W41		72,496		110,242
W42		4,826		6,488
W50		534,827		148,563

- 147 -

DELAWARE LIFE VARIABLE ACCOUNT F - REGATTA

(A Separate Account of Delaware Life Insurance Company)

CHANGES IN UNITS OUTSTANDING

The changes in units outstanding for the year ended December 31, 2020 were as follows:

	Units Issued	Units Redeemed	Net Increase (Decrease)
AL1	246,055	449,649	(203,594)
AO5	407,146	702,994	(295,848)
AM2	60,747	163,456	(102,709)
A98	627,014	779,927	(152,913)
AC4	98,694	36,216	62,478
A74	318,917	332,935	(14,018)
AP0	357,006	97,536	259,470
AQ1	44,582	5,189	39,393
AQ2	8,625	156	8,469
AS3	201,461	49,267	152,194
AS6	84,758	23,294	61,464
AQ3	40,554	13,668	26,886
AX1	13,940	26	13,914
B18	1,361,290	4,371,551	(3,010,261)
L33	2,323	344	1,979
C71	189	219	(30)
C59	685	1,297	(612)
C60	178,654	981,942	(803,288)
C89	1,257	4,832	(3,575)
C90	101,459	301,421	(199,962)
C58	89,525	131,746	(42,221)
C91	11,468	2,333	9,135
FD7	659,489	1,129,951	(470,462)
F24	316,785	1,657,328	(1,340,543)
F88	109,664	102,900	6,764
FB9	51,664	97,516	(45,852)
F15	93,844	107,664	(13,820)
F41	928,287	1,513,274	(584,987)
FE3	1,454,038	2,615,042	(1,161,004)
F19	9,856	1,786	8,070
T21	124,968	341,938	(216,970)
T20	636,167	850,736	(214,569)
FE6	54,674	238,811	(184,137)
T59	100,048	129,161	(29,113)
F56	88,658	132,997	(44,339)
F59	431,154	668,619	(237,465)
FF0	9,755	10,053	(298)
F54	1,043,038	923,255	119,783
FG8	3,183	2,398	785
F53	197,967	253,905	(55,938)
FJ9	6,280	6,700	(420)
T28	108,933	200,379	(91,446)
FJ0	853	2,125	(1,272)
G03	8,278	42	8,236
H24	6,514	6,078	436

- 148 -

DELAWARE LIFE VARIABLE ACCOUNT F - REGATTA

(A Separate Account of Delaware Life Insurance Company)

8. CHANGES IN UNITS OUTSTANDING (CONTINUD)

	Units Issued	Units Redeemed	Net Increase (Decrease)
H32	6,195	12,423	(6,228)
V35	90,837	133,262	(42,425)
V13	470,754	546,400	(75,646)
AB3	25,344	865	24,479
V11	707,790	1,124,712	(416,922)
AC1	28,431	47,147	(18,716)
J88	1,342,781	1,287,995	54,786
J94	154,862	220,715	(65,853)
L11	819,920	847,533	(27,613)
L16	2,332	944	1,388
L18	75,826	248,333	(172,507)
L17	296,302	313,423	(17,121)
M07	884,133	2,950,075	(2,065,942)
M35	875,463	3,436,241	(2,560,778)
M31	142,533	669,964	(527,431)
M80	115,387	193,844	(78,457)
MF1	110,685	333,339	(222,654)
M41	192,917	288,124	(95,207)
M05	211,591	682,751	(471,160)
M42	240,670	646,108	(405,438)
M89	7,227,181	9,602,281	(2,375,100)
M82	288,101	955,833	(667,732)
M44	463,048	1,486,930	(1,023,882)
M40	523,138	945,888	(422,750)
M83	1,281,488	2,423,451	(1,141,963)
M08	856,841	1,230,799	(373,958)
MB6	332,837	1,175,269	(842,432)
MB7	100,149	422,727	(322,578)
MC0	323,656	456,926	(133,270)
MA0	1,279,564	1,697,500	(417,936)
MC2	205,644	578,439	(372,795)
MC1	495,485	481,413	14,072
MC3	40,401	110,067	(69,666)
MA1	274,294	340,142	(65,848)
MC4	80,624	99,938	(19,314)
MC5	6,233	8,197	(1,964)
MC6	89,474	246,694	(157,220)
MC7	42,948	23,633	19,315
MC8	114,556	405,461	(290,905)
MC9	19,503	59,873	(40,370)
MD0	62,828	206,475	(143,647)
M92	2,289,459	5,165,496	(2,876,037)
M96	637,488	753,710	(116,222)
MD2	2,666,370	3,411,232	(744,862)
MA6	159,929	313,663	(153,734)
MA3	194,954	356,958	(162,004)
M97	87,140	234,210	(147,070)
MD5	129,153	217,633	(88,480)

- 149 -

DELAWARE LIFE VARIABLE ACCOUNT F - REGATTA

(A Separate Account of Delaware Life Insurance Company)

8. CHANGES IN UNITS OUTSTANDING (CONTINUD)

	Units Issued	Units Redeemed	Net Increase (Decrease)
M98	68,210	207,641	(139,431)
M93	365,118	1,067,992	(702,874)
MD6	535,703	2,047,548	(1,511,845)
MB3	53,982	250,646	(196,664)
MD8	2,040,891	2,198,497	(157,606)
MD9	11,875,840	11,795,998	79,842
ME2	49,404	135,731	(86,327)
ME3	137,977	359,457	(221,480)
MA5	266,751	247,587	19,164
MA7	12,897	45,243	(32,346)
ME4	95,431	213,934	(118,503)
MA2	103,357	42,974	60,383
MF3	653,649	770,674	(117,025)
MF5	1,401,410	3,760,484	(2,359,074)
MF6	4,656	9,445	(4,789)
MF7	375,013	484,801	(109,788)
MF9	651,354	2,043,861	(1,392,507)
MG1	965,854	1,915,383	(949,529)
MF2	3,385,063	4,979,215	(1,594,152)
MG2	2,489,445	3,084,788	(595,343)
MG3	194,963	280,977	(86,014)
MG4	295,405	334,903	(39,498)
MG6	1,948,071	7,775,746	(5,827,675)
MG7	117,023	129,970	(12,947)
V45	8,011	2,512	5,499
U41	6,584	1	6,583
U43	305	82	223
V44	222,906	260,750	(37,844)
V43	41,175	196,435	(155,260)
O19	45,452	119,909	(74,457)
O23	226,159	218,337	7,822
O20	82,364	198,396	(116,032)
O21	303,224	1,022,775	(719,551)
O04	14,052	31,692	(17,640)
PH2	2,646	3,921	(1,275)
P08	87,821	171,257	(83,436)
PC0	100,100	253,233	(153,133)
P70	19,879	20,618	(739)
P10	988,524	1,147,167	(158,643)
PK8	22,162	46,464	(24,302)
P20	4,811	9,467	(4,656)
PM5	3,644	-	3,644
PD6	1,595,856	4,944,254	(3,348,398)
P06	236,291	493,770	(257,479)
P07	1,289,941	2,002,753	(712,812)
P68	82,847	4,993	77,854
PI3	371,330	418,698	(47,368)
P72	163,162	158,521	4,641
P88	9,067	48	9,019
P93	1,580	-	1,580
P89	4,941	299	4,642

- 150 -

DELAWARE LIFE VARIABLE ACCOUNT F - REGATTA

(A Separate Account of Delaware Life Insurance Company)

CHANGES IN UNITS OUTSTANDING (CONTINUED)

	Units Issued	Units Redeemed	Net Increase (Decrease)
P95	2,656	201	2,455
P79	8,068	565	7,503
W41	1,593	3,921	(2,328)
W42	48	173	(125)
W50	49,142	16,361	32,781

The changes in units outstanding for the year ended December 31, 2019 were as follows:

	Units Issued	Units Redeemed	Net Increase (Decrease)
AL1	83,787	467,198	(383,411)
AO5	176,999	1,054,756	(877,757)
AM2	12,539	114,893	(102,354)
A98	267,289	723,032	(455,743)
AC4	9,075	1,318	7,757
A74	84,446	105,745	(21,299)
AP0	11,864	1,002	10,862
AQ1	1,311	657	654
AS3	11,769	1,298	10,471
AQ3	333	10	323
B18	740,242	4,234,323	(3,494,081)
L33	2,577	40	2,537
C71	32	67	(35)
C59	1,029	419	610
C60	118,952	1,015,518	(896,566)
C89	1,270	374	896
C90	79,944	317,979	(238,035)
C58	27,610	111,712	(84,102)
C91	4,177	755	3,422
FD7	492,904	1,079,189	(586,285)
F24	289,968	1,567,565	(1,277,597)
F88	33,101	59,340	(26,239)
FB9	82,471	157,307	(74,836)
F15	30,189	161,034	(130,845)
F41	260,490	994,191	(733,701)
FE3	483,427	2,892,933	(2,409,506)
T21	75,211	355,796	(280,585)
T20	450,912	864,252	(413,340)
FE6	50,998	247,751	(196,753)
T59	74,720	118,673	(43,953)
F56	82,790	180,873	(98,083)
F59	203,302	827,988	(624,686)
FF0	6,047	39,301	(33,254)
F54	196,456	999,092	(802,636)
FG8	161	5,635	(5,474)
F53	45,769	174,660	(128,891)
FJ9	328	10,693	(10,365)
T28	117,401	201,333	(83,932)
FJ0	1,759	8,216	(6,457)
G03	3,537	15	3,522
H24	3,783	12,501	(8,718)

- 151 -

DELAWARE LIFE VARIABLE ACCOUNT F - REGATTA

(A Separate Account of Delaware Life Insurance Company)

8. CHANGES IN UNITS OUTSTANDING (CONTINUD)

	Units Issued	Units Redeemed	Net Increase (Decrease)
H32	4,205	17,303	(13,098)
V35	40,986	81,073	(40,087)
V13	106,837	320,561	(213,724)
V11	207,244	937,160	(729,916)
AC1	14,801	57,611	(42,810)
J88	640,150	652,394	(12,244)
J94	111,541	143,871	(32,330)
L11	265,931	690,651	(424,720)
L18	48,322	217,590	(169,268)
L17	64,969	271,409	(206,440)
M07	1,027,266	3,547,464	(2,520,198)
M35	935,045	4,193,323	(3,258,278)
M31	161,948	737,262	(575,314)
M80	66,913	136,389	(69,476)
MF1	161,184	416,324	(255,140)
M41	71,771	239,110	(167,339)
M05	159,217	649,708	(490,491)
M42	99,148	609,045	(509,897)
M89	3,219,579	6,485,565	(3,265,986)
M82	117,300	1,239,211	(1,121,911)
M44	382,679	1,579,231	(1,196,552)
M40	226,734	1,051,318	(824,584)
M83	668,932	2,797,655	(2,128,723)
M08	224,789	1,347,128	(1,122,339)
MB6	447,455	1,433,080	(985,625)
MB7	103,461	427,058	(323,597)
MC0	167,522	403,489	(235,967)
MA0	805,221	1,290,464	(485,243)
MC2	125,837	560,511	(434,674)
MC1	185,019	434,894	(249,875)
MC3	39,571	89,932	(50,361)
MA1	88,756	262,007	(173,251)
MC4	82,226	85,393	(3,167)
MC5	5,918	9,175	(3,257)
MC6	76,512	237,867	(161,355)
MC7	6,380	10,875	(4,495)
MC8	74,011	457,612	(383,601)
MC9	16,708	57,901	(41,193)
MD0	52,649	237,907	(185,258)
M92	848,204	5,885,296	(5,037,092)
M96	421,864	755,470	(333,606)
MD2	1,209,196	2,231,702	(1,022,506)
MA6	138,094	349,447	(211,353)
MA3	136,514	376,595	(240,081)

- 152 -

DELAWARE LIFE VARIABLE ACCOUNT F - REGATTA

(A Separate Account of Delaware Life Insurance Company)

8. CHANGES IN UNITS OUTSTANDING (CONTINUD)

	Units Issued	Units Redeemed	Net Increase (Decrease)
M97	74,111	314,822	(240,711)
MD5	119,764	273,625	(153,861)
M98	62,786	203,003	(140,217)
M93	246,767	1,221,829	(975,062)
MD6	662,674	2,433,309	(1,770,635)
MB3	71,447	265,135	(193,688)
MD8	1,397,857	1,762,463	(364,606)
MD9	6,051,856	7,526,615	(1,474,759)
ME2	53,234	163,598	(110,364)
ME3	68,827	385,220	(316,393)
MA5	138,876	203,970	(65,094)
MA7	17,680	46,786	(29,106)
ME4	46,000	268,136	(222,136)
MA2	14,218	11,317	2,901
MF3	219,376	684,198	(464,822)
MF5	1,279,358	5,147,877	(3,868,519)
MF6	4,278	13,666	(9,388)
MF7	120,320	545,010	(424,690)
MF9	283,585	2,418,989	(2,135,404)
MG1	870,910	1,945,575	(1,074,665)
MF2	2,307,410	3,986,883	(1,679,473)
MG2	1,556,616	1,935,082	(378,466)
MG3	54,681	275,658	(220,977)
MG4	53,330	277,459	(224,129)
MG6	1,477,254	10,682,819	(9,205,565)
MG7	20,639	84,642	(64,003)
V44	101,435	142,062	(40,627)
V43	73,947	111,349	(37,402)
O19	32,890	125,555	(92,665)
O23	35,468	114,641	(79,173)
O20	25,922	160,831	(134,909)
O21	181,495	1,311,461	(1,129,966)
O04	8,609	29,131	(20,522)
PH2	105	5,360	(5,255)
P08	113,365	189,473	(76,108)
PC0	67,754	270,653	(202,899)
P70	3,522	14,155	(10,633)
P10	512,152	778,471	(266,319)
PK8	17,773	41,910	(24,137)
P20	7,934	28,357	(20,423)
PD6	711,571	4,842,844	(4,131,273)
P06	186,368	392,546	(206,178)
P07	778,815	1,661,803	(882,988)
P68	2,533	638	1,895
PI3	137,373	254,022	(116,649)
P72	92,641	154,034	(61,393)
P95	667	3	664
P79	1,527	37	1,490
W41	149	1,669	(1,520)
W42	7	99	(92)

- 153 -

DELAWARE LIFE VARIABLE ACCOUNT F - REGATTA

(A Separate Account of Delaware Life Insurance Company)

TAX DIVERSIFICATION REQUIREMENTS

Under the provisions of Section 817(h) of the Code, a variable annuity contract, other than a pension plan contract, is not treated as an annuity contract for federal tax purposes for any period in which the investments of the segregated asset account on which the contract is based are not adequately diversified. The Code provides that the “adequately diversified” requirement may be met if the underlying investments satisfy either a statutory safe harbor test or diversification requirements set forth in regulations issued by the Secretary of Treasury. The Sponsor believes that the Variable Account satisfies the current requirements of the regulations, and it intends that the Variable Account will continue to meet such requirements.

- 154 -

DELAWARE LIFE VARIABLE ACCOUNT F - REGATTA
(A Separate Account of Delaware Life Insurance Company)

10. FINANCIAL HIGHLIGHTS

The summary of units outstanding, unit value (some of which may be rounded), net assets, investment income ratios, expense ratios (excluding expenses of the underlying funds) and the total return, for each of the five years in the period ended December 31, is as follows:

	At December 31,							For the years ended December 31,
								Investment
		Unit Value				Net		Income	Income
	Units	lowest to highest⁴				Assets		Ratio¹	lowest to highest²			Total Return³
AL1
2020	2,137,310		$11.5276	to	$16.0348		$37,181,804	2.14%	1.20%	to	2.25%	7.94%	to	6.80%
2019	2,340,904		18.0438	to	15.0135		37,855,824	2.30	0.65	to	2.25	17.43	to	15.56
2018	2,724,315		15.3649	to	12.9921		37,903,067	1.65	0.65	to	2.25	(7.02)	to	(8.51)
2017	3,291,629		16.5251	to	14.2013		49,750,511	1.79	0.65	to	2.25	14.87	to	13.04
2016	3,865,256		14.3855	to	12.5630		51,387,951	1.79	0.65	to	2.25	3.76	to	2.09

AO5
2020	5,255,164		14.6773	to	12.7364		70,406,634	1.52	0.65	to	2.10	4.18	to	2.66
2019	5,551,012		14.0887	to	12.4059		72,077,915	1.77	0.65	to	2.10	14.49	to	12.83
2018	6,428,769		12.3054	to	10.6142		73,598,916	1.58	0.65	to	2.55	(7.95)	to	(9.71)
2017	7,463,101		13.3685	to	11.7555		93,739,200	1.77	0.65	to	2.55	13.58	to	11.43
2016	8,585,060		11.7699	to	10.5496		95,788,842	0.56	0.65	to	2.55	2.69	to	0.73

AM2
2020	318,328		13.6210	to	12.2738		4,166,019	1.10	1.35	to	2.15	27.85	to	26.82
2019	421,037		10.6537	to	9.6780		4,331,861	0.28	1.35	to	2.15	25.52	to	24.51
2018	523,391		8.4878	to	7.7730		4,303,059	0.42	1.35	to	2.15	(18.72)	to	(19.38)
2017	524,543		10.4423	to	9.6410		5,325,012	0.90	1.35	to	2.15	32.83	to	31.76
2016	713,443		7.8616	to	7.3171		5,466,235	-	1.35	to	2.15	(8.32)	to	(9.07)

A98
2020	3,473,643		7.9610	to	7.1739		26,366,188	1.58	1.30	to	2.10	0.88	to	0.07
2019	3,626,556		7.8914	to	7.1689		27,378,427	0.79	1.30	to	2.10	15.28	to	14.35
2018	4,082,299		6.8457	to	6.2693		26,841,883	1.07	1.30	to	2.10	(23.98)	to	(24.60)
2017	4,094,690		9.0054	to	8.1495		35,557,688	1.85	1.30	to	2.10	23.48	to	22.24
2016	5,133,617		7.2932	to	6.6668		36,247,936	1.05	1.30	to	2.30	(2.09)	to	(3.08)

AC4
2020	70,235		15.5480				1,092,017	-	1.20			33.53
2019	7,757		11.6441				90,321	-	1.20			32.76

A74
2020	562,812		24.4834	to	20.9653		12,306,296	0.81	0.65	to	2.30	2.38	to	0.69
2019	576,830		23.9137	to	20.8218		12,498,367	0.33	0.65	to	2.30	19.12	to	17.16
2018	598,129		20.0747	to	17.7721		11,122,134	0.22	0.65	to	2.30	(15.85)	to	(17.24)
2017	595,805		23.8553	to	21.4756		13,307,996	0.27	0.65	to	2.30	12.12	to	10.27
2016	523,358		21.2769	to	19.4750		10,562,629	0.42	0.65	to	2.30	23.98	to	21.92

AP0
2020	270,332		16.5431				4,472,124	0.17	1.20			49.90
2019	10,862		11.0364				119,876	1.17	1.20			28.88

AQ1
2020	40,047		12.1636				487,112	1.96	1.20			11.89
2019	654		10.8711				7,109	7.73	1.20			24.35

AQ2
2020	8,469		12.02966				101,879	1.23	1.20			12.30

AS3
2020	162,665		12.0830				1,965,479	2.76	1.20			10.81
2019	10,471		10.9039				114,179	6.29	1.20			19.48

AS6
2020	61,464		14.6227				898,766	0.05	1.20			28.61

AQ3
2020	27,209		14.0047				381,060	-	1.20			21.81
2019	323		11.4968				3,715	2.05	1.20			27.27

AX1
2020	13,914		11.9321				166,024	2.75	1.20			8.68

B18
2020	19,276,712		18.3831	to	19.0442		400,737,513	1.21	0.65	to	2.35	19.92	to	17.88
2019	22,286,973		15.3292	to	16.1552		390,773,237	1.22	0.65	to	2.35	16.99	to	15.01
2018	25,781,054		13.1029	to	14.0473		390,316,328	0.81	0.65	to	2.35	(8.18)	to	(9.75)
2017	29,819,354		14.2705	to	15.5648		496,768,753	1.22	0.65	to	2.35	12.97	to	11.06
2016	35,145,601		12.6320	to	14.0152		523,480,827	1.15	0.65	to	2.35	3.13	to	1.37

L33
2020	4,516		12.3843				55,923	0.05	1.20			13.72
2019	2,537		10.8900				27,625	0.71	1.20			31.06

C65⁵
2016	-		9.8054	to	12.3340		-	0.80	1.30	to	2.10	(4.24)	to	(4.49)

C61⁶
2016	-		17.1122	to	16.0816		-	-	1.35	to	1.90	(6.80)	to	(6.97)

- 155 -

DELAWARE LIFE VARIABLE ACCOUNT F - REGATTA

(A Separate Account of Delaware Life Insurance Company)

10. FINANCIAL HIGHLIGHTS (CONTINUED)

	At December 31,							For the years ended December 31,
								Investment
		Unit Value				Net		Income	Income
	Units	lowest to highest⁴				Assets		Ratio¹	lowest to highest²			Total Return³
C62⁷
2016	-		$15.5095	to	$11.8811	-	-	0.65%	to	2.30%	(6.66%)	to	(7.17%)

C64⁸
2016	-		17.4651	to	14.6266	-	0.19	0.65	to	2.25	(0.66)	to	(1.19)

C71
2020	914		24.0595	to	23.6788	21,954	0.34	1.65	to	1.75	6.80	to	6.70
2019	944		22.5273	to	22.1927	21,229	0.27	1.65	to	1.75	18.99	to	18.88
2018	979		18.9315	to	18.4082	18,507	0.20	1.65	to	1.85	(19.52)	to	(19.69)
2017	1,531		23.8314	to	22.9200	35,534	0.33	1.65	to	1.85	12.23	to	11.89
2016	2,366		21.2353	to	20.4850	49,461	0.39	1.55	to	1.85	30.68	to	30.29

C59
2020	3,327		22.3496	to	21.8286	73,499	-	1.35	to	1.85	32.92	to	32.25
2019	3,939		16.8147	to	16.5058	65,592	-	1.35	to	1.85	34.07	to	33.40
2018	3,329		12.4742	to	12.3734	41,354	-	1.55	to	1.85	(5.43)	to	(5.72)
2017	4,106		13.2350	to	13.1127	54,028	-	1.55	to	1.85	26.41	to	25.72
2016	47,225		10.4695	to	10.5251	493,355	-	1.35	to	2.10	4.70	to	5.25

C60
2020	2,552,106		22.8455	to	21.3353	55,532,553	-	0.65	to	2.10	33.54	to	31.59
2019	3,355,394		17.1081	to	16.2133	55,246,600	-	0.65	to	2.10	34.65	to	32.70
2018	4,251,960		12.7053	to	12.2179	52,539,863	-	0.65	to	2.10	(4.76)	to	(6.15)
2017	5,124,522		13.3407	to	12.9747	67,191,797	-	0.65	to	2.10	27.01	to	24.92
2016	6,524,247		10.5036	to	10.3862	68,050,656	-	0.65	to	2.30	5.04	to	3.86

C89
2020	5,600		22.3542	to	21.7297	122,603	-	1.35	to	1.95	30.15	to	29.36
2019	9,175		16.9851	to	16.7973	154,346	-	1.65	to	1.95	29.59	to	29.20
2018	8,279		13.2139	to	13.0013	107,634	-	1.35	to	1.95	(3.72)	to	(4.30)
2017	4,376		13.7243	to	13.6550	59,794	-	1.35	to	1.65	31.24	to	30.85
2016	7,157		10.4571	to	10.4571	74,841	-	1.35	to	1.35	4.57	to	4.57

C90
2020	787,774		22.8352	to	21.3268	17,135,069	-	0.65	to	2.10	30.75	to	28.85
2019	987,736		17.4648	to	16.5514	16,597,423	-	0.65	to	2.10	30.58	to	28.69
2018	1,225,771		13.3747	to	12.8616	15,948,283	-	0.65	to	2.10	(3.29)	to	(4.70)
2017	1,481,307		13.8294	to	13.4615	20,174,133	-	0.65	to	2.10	31.83	to	29.72
2016	2,020,327		10.4906	to	10.3770	21,055,048	-	0.65	to	2.25	4.91	to	3.77

C58
2020	338,100		13.2924	to	12.7991	4,416,458	1.49	1.30	to	2.10	7.41	to	6.54
2019	380,321		12.3754	to	12.0129	4,641,220	1.80	1.30	to	2.10	23.53	to	22.53
2018	464,423		10.0185	to	9.8039	4,605,013	2.57	1.30	to	2.10	(17.90)	to	(18.56)
2017	484,738		12.2025	to	12.0386	5,875,958	1.89	1.30	to	2.10	25.54	to	24.53
2016	615,937		9.8447	to	9.6674	5,971,463	1.10	1.30	to	2.10	(1.55)	to	(3.33)

C91
2020	12,557		11.1665			140,220	-	1.20			5.53
2019	3,422		10.5818			36,216	-	1.20			24.91

FD7
2020	4,591,952		26.4004	to	22.1486	111,958,956	1.24	0.65	to	2.30	21.33	to	19.33
2019	5,062,414		21.7589	to	18.6826	102,797,537	1.53	0.65	to	2.25	23.31	to	21.34
2018	5,648,699		17.6458	to	15.3970	93,952,498	1.26	0.65	to	2.25	(5.06)	to	(6.59)
2017	6,229,085		18.5872	to	16.4832	110,189,532	1.29	0.65	to	2.25	15.36	to	13.52
2016	6,637,474		16.1118	to	14.5197	102,788,152	1.13	0.65	to	2.25	6.28	to	4.57

F24
2020	4,745,987		35.6250	to	27.3342	142,207,353	0.08	0.65	to	2.35	29.39	to	27.19
2019	6,086,530		27.5338	to	21.4915	142,358,463	0.21	0.65	to	2.35	30.42	to	28.21
2018	7,364,127		21.1113	to	16.7628	133,455,014	0.43	0.65	to	2.35	(7.25)	to	(8.83)
2017	8,844,758		22.7613	to	18.3870	174,643,966	0.75	0.65	to	2.35	20.80	to	18.75
2016	11,005,874		18.8423	to	15.4835	181,782,257	0.58	0.65	to	2.35	7.03	to	5.20

F88
2020	136,742		20.0882	to	17.8959	2,561,365	1.00	1.35	to	2.10	10.73	to	9.89
2019	129,978		18.1424	to	16.2854	2,233,208	1.67	1.35	to	2.10	14.19	to	13.33
2018	156,217		15.8877	to	14.3697	2,352,321	1.34	1.35	to	2.10	(5.56)	to	(6.27)
2017	177,031		16.8227	to	15.3314	2,838,467	1.24	1.35	to	2.10	11.28	to	10.44
2016	207,643		15.1173	to	13.8816	3,001,549	1.27	1.35	to	2.10	3.81	to	3.02

FB9
2020	611,405		21.3308	to	19.0028	12,343,763	1.03	1.35	to	2.10	12.03	to	11.19
2019	657,257		19.0399	to	17.0910	11,901,135	1.76	1.35	to	2.10	16.38	to	15.51
2018	732,093		16.4691	to	14.5012	11,440,547	1.33	1.30	to	2.25	(6.52)	to	(7.41)
2017	841,754		17.6171	to	15.6620	14,133,977	1.18	1.30	to	2.25	13.31	to	12.24
2016	1,020,459		15.5472	to	13.9546	15,173,885	1.17	1.30	to	2.25	4.20	to	3.20

- 156 -

DELAWARE LIFE VARIABLE ACCOUNT F - REGATTA

(A Separate Account of Delaware Life Insurance Company)

10. FINANCIAL HIGHLIGHTS (CONTINUED)

	At December 31,							For the years ended December 31,
								Investment
		Unit Value				Net		Income	Income
	Units	lowest to highest⁴				Assets		Ratio¹	lowest to highest²			Total Return³
F15
2020	1,011,319		$22.2216	to	$19.0470		$21,232,682	1.05%	1.30%	to	2.30%	13.23%	to	12.09%
2019	1,025,139		19.6253	to	16.9923		19,154,940	1.75	1.30	to	2.30	18.32	to	17.14
2018	1,155,984		16.5860	to	14.5061		18,320,292	1.21	1.30	to	2.30	(7.30)	to	(8.24)
2017	1,353,040		17.8926	to	15.8083		23,206,885	1.20	1.30	to	2.30	14.76	to	13.61
2016	1,691,367		15.5919	to	13.9150		25,385,912	1.20	1.30	to	2.30	4.43	to	3.37

F41
2020	3,053,574		24.4464	to	22.6759		75,212,506	0.38	0.65	to	2.25	17.10	to	15.22
2019	3,638,561		20.8766	to	19.6798		77,323,129	0.66	0.65	to	2.25	22.37	to	20.42
2018	4,372,262		17.0599	to	16.3429		76,689,077	0.41	0.65	to	2.25	(15.33)	to	(16.69)
2017	4,924,150		20.1484	to	19.6170		103,099,597	0.48	0.65	to	2.25	19.76	to	17.85
2016	6,007,337		16.8246	to	15.6761		106,126,074	0.28	0.65	to	2.30	11.20	to	3.49

FE3
2020	12,795,754		16.4871	to	14.9913		212,174,612	2.65	0.65	to	2.35	6.16	to	4.35
2019	13,956,758		15.5308	to	14.3662		220,190,765	0.30	0.65	to	2.35	16.62	to	14.64
2018	16,366,264		13.3179	to	12.2318		223,656,663	2.11	0.65	to	2.55	(11.13)	to	(12.83)
2017	18,450,816		14.9865	to	14.0320		286,667,341	0.99	0.65	to	2.55	13.83	to	11.68
2016	22,736,161		13.1653	to	12.5649		313,290,374	0.53	0.65	to	2.55	4.49	to	2.49

F19
2020	8,070		12.6066				101,734	2.26	1.20			20.12

T21
2020	996,395		20.8964	to	18.0498		19,540,379	4.31	1.30	to	2.25	15.66	to	14.56
2019	1,213,365		18.0670	to	15.7564		20,664,498	0.99	1.30	to	2.25	25.05	to	23.86
2018	1,493,950		14.4474	to	12.6351		20,434,049	0.86	1.30	to	2.30	(16.89)	to	(17.73)
2017	1,568,820		17.3842	to	15.3587		25,935,308	0.99	1.30	to	2.30	38.59	to	37.20
2016	2,224,462		12.5433	to	11.1941		26,654,823	0.83	1.30	to	2.30	15.92	to	14.74

T20
2020	3,756,405		16.4563	to	16.9424		71,582,091	3.51	1.30	to	2.50	(2.44)	to	(3.62)
2019	3,970,974		16.8684	to	17.5788		77,960,240	1.75	1.30	to	2.50	11.07	to	9.73
2018	4,384,314		15.1872	to	16.0195		77,842,413	2.62	1.30	to	2.50	(16.54)	to	(17.56)
2017	4,689,800		18.1981	to	19.4305		100,198,304	2.57	1.30	to	2.50	15.18	to	13.80
2016	5,668,828		15.7992	to	17.0744		105,713,504	2.01	1.30	to	2.50	5.78	to	4.50

FE6
2020	1,485,214		17.8952	to	15.9175		25,608,396	1.48	1.35	to	2.25	10.23	to	9.24
2019	1,669,351		16.2337	to	14.5715		26,197,758	3.54	1.35	to	2.25	18.25	to	17.18
2018	1,866,104		13.7288	to	12.0292		24,844,546	2.98	1.35	to	2.55	(10.87)	to	(11.95)
2017	2,254,176		15.4036	to	13.6620		33,745,241	2.69	1.35	to	2.55	10.47	to	9.15
2016	2,475,754		13.9431	to	12.5173		33,663,567	3.95	1.35	to	2.55	11.65	to	10.29

T59
2020	398,143		10.8038	to	9.2511		3,863,954	7.79	0.65	to	2.30	(5.97)	to	(7.52)
2019	427,256		11.4894	to	10.0037		4,468,153	6.55	0.65	to	2.30	1.20	to	(0.47)
2018	471,209		11.3537	to	9.8660		4,917,758	-	0.65	to	2.55	1.23	to	(0.70)
2017	519,699		11.2156	to	9.9355		5,415,144	-	0.65	to	2.55	1.10	to	(0.81)
2016	531,876		11.0934	to	10.0171		5,559,572	-	0.65	to	2.55	2.20	to	0.25

F56
2020	598,179		18.5019	to	21.3981		14,040,606	3.08	1.30	to	2.25	4.42	to	3.43
2019	642,518		17.7181	to	20.6892		14,491,099	2.71	1.30	to	2.25	13.66	to	12.58
2018	740,601		15.5885	to	18.3774		14,774,999	1.96	1.30	to	2.25	(15.96)	to	(16.77)
2017	824,218		18.5490	to	22.0791		19,669,139	1.63	1.30	to	2.25	16.97	to	15.85
2016	1,040,279		15.8582	to	19.0576		21,317,014	2.04	1.30	to	2.25	8.19	to	7.15

F59
2020	3,261,985		17.3016	to	14.3748		51,437,879	5.81	0.65	to	2.30	0.04	to	(1.62)
2019	3,499,450		17.2950	to	14.6110		55,707,188	5.27	0.65	to	2.30	15.31	to	13.40
2018	4,124,136		14.9993	to	12.8840		57,532,026	4.88	0.65	to	2.30	(4.93)	to	(6.51)
2017	5,191,041		15.7769	to	13.7804		76,940,338	4.16	0.65	to	2.30	8.96	to	7.17
2016	6,181,841		14.4793	to	12.8587		84,955,589	4.95	0.65	to	2.30	13.28	to	11.40

- 157 -

DELAWARE LIFE VARIABLE ACCOUNT F - REGATTA

(A Separate Account of Delaware Life Insurance Company)

10. FINANCIAL HIGHLIGHTS (CONTINUED)

	At December 31,							For the years ended December 31,
								Investment
		Unit Value				Net		Income	Income
	Units	lowest to highest⁴				Assets		Ratio¹	lowest to highest²			Total Return³
FF0
2020	97,334		$15.8582	to	$14.8472		$1,519,999	5.63%	1.35%	to	2.05%	(0.78%)	to	(1.48%)
2019	97,632		15.9829	to	15.0064		1,539,309	4.92	1.35	to	2.10	14.49	to	13.62
2018	130,886		13.9607	to	13.2072		1,804,932	4.63	1.35	to	2.10	(5.71)	to	(6.42)
2017	157,213		14.8062	to	14.1139		2,301,820	3.85	1.35	to	2.10	8.08	to	7.26
2016	174,678		13.6995	to	13.1580		2,367,221	4.61	1.35	to	2.10	12.33	to	11.48

F54
2020	4,727,890		19.4060	to	21.9908		116,819,020	2.95	0.65	to	2.30	(5.66)	to	(7.22)
2019	4,608,107		20.5707	to	23.7028		121,896,779	1.78	0.65	to	2.30	21.78	to	19.77
2018	5,410,743		16.8922	to	18.0108		118,801,510	2.29	0.65	to	2.55	(9.66)	to	(11.38)
2017	6,319,857		18.6985	to	20.3246		155,223,568	2.18	0.65	to	2.55	7.65	to	5.61
2016	7,296,500		17.3704	to	19.2457		168,372,832	1.98	0.65	to	2.55	15.30	to	13.10

FG8
2020	12,468		18.3655	to	17.1946		223,325	2.86	1.35	to	2.05	(6.45)	to	(7.11)
2019	11,683		19.6320	to	18.5107		224,329	1.45	1.35	to	2.05	20.79	to	19.94
2018	17,157		16.2532	to	15.4333		274,591	2.27	1.35	to	2.05	(10.39)	to	(11.02)
2017	17,441		18.1374	to	17.3450		312,227	2.13	1.35	to	2.05	6.80	to	6.05
2016	17,750		16.9831	to	16.3559		298,131	1.91	1.35	to	2.05	14.38	to	13.56

F53
2020	508,970		25.8172	to	37.2682		21,129,483	1.67	0.65	to	2.30	4.50	to	2.78
2019	564,908		24.7045	to	36.2616		22,684,408	1.05	0.65	to	2.30	25.53	to	23.46
2018	693,799		19.6805	to	26.3599		22,434,949	0.90	0.65	to	2.55	(13.45)	to	(15.10)
2017	828,913		22.7376	to	31.0472		31,372,808	0.52	0.65	to	2.55	9.93	to	7.85
2016	975,482		20.6828	to	28.7869		33,974,255	0.83	0.65	to	2.55	29.34	to	26.87

FJ9
2020	11,004		24.2127	to	22.6690		260,494	1.56	1.35	to	2.05	3.71	to	2.98
2019	11,424		23.3463	to	22.0128		261,610	1.07	1.35	to	2.05	24.53	to	23.66
2018	21,789		18.7476	to	17.8018		400,380	0.79	1.35	to	2.05	(14.19)	to	(14.79)
2017	41,607		21.8470	to	20.8925		899,453	0.44	1.35	to	2.05	9.08	to	8.31
2016	44,227		20.0288	to	19.2891		877,516	0.65	1.35	to	2.05	28.36	to	27.45

T28
2020	755,442		13.5537	to	13.6884		11,191,292	4.82	0.65	to	2.25	2.76	to	1.11
2019	846,888		13.1901	to	13.5381		12,325,639	5.06	0.65	to	2.25	7.35	to	5.64
2018	930,820		12.2867	to	12.8155		12,748,164	2.76	0.65	to	2.25	(2.77)	to	(4.34)
2017	1,150,422		12.6373	to	13.3963		16,389,786	2.97	0.65	to	2.25	3.88	to	2.22
2016	1,385,829		12.1651	to	13.1050		19,230,035	3.46	0.65	to	2.25	7.24	to	5.51

- 158 -

DELAWARE LIFE VARIABLE ACCOUNT F - REGATTA

(A Separate Account of Delaware Life Insurance Company)

10. FINANCIAL HIGHLIGHTS (CONTINUED)

	At December 31,							For the years ended December 31,
								Investment
		Unit Value				Net		Income	Income
	Units	lowest to highest⁴				Assets		Ratio¹	lowest to highest²			Total Return³
FJ0
2020	11,687		$12.4310	to	$11.6385		$142,774	4.65%	1.35%	to	2.05%	1.95%	to	1.23%
2019	12,959		12.1933	to	11.4969		155,855	4.56	1.35	to	2.05	6.48	to	5.73
2018	19,416		11.4511	to	10.8734		220,573	2.44	1.35	to	2.05	(3.56)	to	(4.24)
2017	23,299		11.8738	to	11.3549		274,294	2.49	1.35	to	2.05	3.06	to	2.33
2016	28,744		11.5214	to	11.0959		329,206	3.06	1.35	to	2.05	6.41	to	5.65

G03
2020	11,758		12.0231				141,366	1.29	1.20			15.91
2019	3,522		10.3727				36,538	6.25	1.20			23.43

H24
2020	55,637		14.4690	to	13.4533		786,570	0.65	1.35	to	1.90	(0.17)	to	(0.72)
2019	55,201		14.4934	to	13.5511		783,087	2.65	1.35	to	1.90	5.85	to	5.27
2018	63,919		13.6922	to	12.8733		858,394	3.63	1.35	to	1.90	(5.86)	to	(6.39)
2017	88,851		14.5448	to	13.7514		1,272,105	3.12	1.35	to	1.90	(2.91)	to	(3.45)
2016	103,249		14.9810	to	14.2426		1,527,346	4.49	1.35	to	1.90	5.52	to	4.94

H32
2020	48,854		21.7101	to	19.6572		1,036,742	-	1.35	to	2.10	12.60	to	11.75
2019	55,082		19.2814	to	17.5910		1,040,138	-	1.35	to	2.10	22.33	to	21.41
2018	68,180		15.7616	to	14.4888		1,054,406	0.66	1.35	to	2.10	(8.44)	to	(9.13)
2017	90,402		17.2141	to	15.9449		1,530,826	0.52	1.35	to	2.10	15.94	to	15.07
2016	122,712		14.8475	to	13.8570		1,796,035	0.62	1.35	to	2.10	9.51	to	8.67

V35
2020	228,866		20.5708	to	18.6583		4,514,770	0.65	1.35	to	2.10	(0.50)	to	(1.26)
2019	271,291		20.6752	to	18.8957		5,387,511	0.41	1.35	to	2.10	23.03	to	22.10
2018	311,378		16.8049	to	15.4750		5,050,033	0.18	1.35	to	2.10	(14.05)	to	(14.70)
2017	400,331		19.5512	to	18.1415		7,594,507	0.58	1.35	to	2.10	8.21	to	7.39
2016	523,944		18.0681	to	15.3400		9,219,910	0.11	1.35	to	2.10	13.66	to	12.80

- 159 -

DELAWARE LIFE VARIABLE ACCOUNT F - REGATTA

(A Separate Account of Delaware Life Insurance Company)

10. FINANCIAL HIGHLIGHTS (CONTINUED)

	At December 31,							For the years ended December 31,
								Investment
		Unit Value				Net		Income	Income
	Units	lowest to highest⁴				Assets		Ratio¹	lowest to highest²			Total Return³
V13
2020	1,255,493		$24.5181	to	$17.1465		$22,939,013	2.15%	0.65%	to	2.10%	(1.73%)	to	(3.16%)
2019	1,331,139		24.9503	to	17.7062		25,022,831	1.67	0.65	to	2.10	24.13	to	22.33
2018	1,544,863		20.1003	to	13.7074		23,624,426	1.36	0.65	to	2.55	(12.94)	to	(14.60)
2017	1,780,350		23.0876	to	16.0509		31,650,617	1.95	0.65	to	2.55	16.81	to	14.60
2016	2,109,158		19.7645	to	14.0059		32,417,640	1.29	0.65	to	2.55	16.23	to	14.00

AB3
2020	24,479		11.7115	to	11.7115		286,682	2.53	1.20	to	1.20	8.02	to	8.02

V11
2020	4,174,214		22.0695	to	19.6125		87,202,232	2.21	0.65	to	2.10	8.94	to	7.35
2019	4,591,136		20.2592	to	18.2691		88,979,408	2.26	0.65	to	2.10	19.23	to	17.50
2018	5,321,052		16.9917	to	15.5479		87,367,855	1.92	0.65	to	2.10	(10.32)	to	(11.62)
2017	6,061,599		18.9464	to	17.5930		112,135,840	1.47	0.65	to	2.10	10.06	to	8.47
2016	6,225,472		17.2143	to	16.2194		105,689,244	1.61	0.65	to	2.10	14.09	to	12.42

AC1
2020	132,323		18.2018	to	16.9606		2,330,723	2.06	1.35	to	2.10	12.20	to	11.36
2019	151,039		16.2221	to	15.2308		2,379,791	1.23	1.35	to	2.10	26.51	to	25.56
2018	193,849		12.8226	to	12.1304		2,426,299	1.77	1.35	to	2.10	(16.35)	to	(16.99)
2017	200,796		15.3295	to	14.6127		3,015,957	1.22	1.35	to	2.10	21.08	to	20.17
2016	210,017		12.6609	to	12.1604		2,613,067	1.15	1.35	to	2.10	(2.04)	to	(2.78)

J88
2020	3,783,695		12.5986	to	10.9944		43,536,692	1.66	0.65	to	2.10	6.98	to	5.43
2019	3,728,909		11.7765	to	10.4285		40,491,756	2.38	0.65	to	2.10	7.17	to	5.61
2018	3,741,153		10.9890	to	9.8743		38,269,637	2.30	0.65	to	2.10	(0.88)	to	(2.32)
2017	4,490,602		11.0863	to	9.9802		46,803,470	2.39	0.65	to	2.10	2.63	to	0.94
2016	4,467,729		10.8018	to	9.8869		45,830,587	2.50	0.65	to	2.30	1.17	to	(0.51)

J94
2020	508,509		36.9316	to	32.2300		17,173,211	0.57	0.65	to	2.10	24.13	to	22.33
2019	574,362		29.7517	to	26.3469		15,769,422	0.62	0.65	to	2.10	30.59	to	28.69
2018	606,692		22.7832	to	20.4724		12,883,908	0.62	0.65	to	2.10	(7.03)	to	(8.39)
2017	595,767		24.5064	to	22.3467		13,758,720	0.69	0.65	to	2.10	21.25	to	19.50
2016	610,046		20.2108	to	18.7003		11,727,631	0.71	0.65	to	2.10	9.97	to	8.37

L11
2020	2,898,976		10.5186	to	9.4750		30,094,960	2.75	0.65	to	2.35	(1.92)	to	(3.59)
2019	2,926,589		10.7242	to	9.8276		31,286,383	0.88	0.65	to	2.35	17.37	to	15.38
2018	3,351,309		9.1367	to	8.5174		30,828,463	1.85	0.65	to	2.35	(19.09)	to	(20.47)
2017	3,508,497		11.2922	to	10.7098		40,317,841	1.68	0.65	to	2.35	27.00	to	24.85
2016	4,251,904		8.8917	to	8.5784		38,857,707	1.00	0.65	to	2.35	19.99	to	17.94

L16
2020	1,388		11.2470	to	11.2470		15,611	10.58	1.20	to	1.20	6.02	to	6.02

L18
2020	492,772		37.8028	to	40.3658		22,184,488	-	0.65	to	2.35	38.47	to	36.12
2019	665,279		27.3000	to	29.6554		21,837,274	-	0.65	to	2.35	35.48	to	33.18
2018	834,547		20.1504	to	21.7574		20,439,006	-	0.65	to	2.50	(3.52)	to	(5.32)
2017	1,020,692		20.8862	to	22.9788		26,220,456	-	0.65	to	2.50	22.11	to	19.86
2016	1,243,093		17.1039	to	19.1710		26,470,868	-	0.65	to	2.50	0.58	to	(1.30)

L17
2020	1,135,208		22.6420	to	25.0818		31,326,927	1.23	0.65	to	2.25	1.11	to	(0.51)
2019	1,152,329		22.3933	to	25.2104		31,755,340	1.20	0.65	to	2.25	20.73	to	18.80
2018	1,358,769		18.5489	to	21.0581		31,371,127	1.43	0.65	to	2.30	(8.76)	to	(10.27)
2017	1,583,940		20.3289	to	23.4681		40,528,331	1.01	0.65	to	2.30	11.85	to	10.00
2016	1,720,494		18.1758	to	21.3338		39,783,024	1.08	0.65	to	2.30	14.99	to	13.08

- 160 -

DELAWARE LIFE VARIABLE ACCOUNT F - REGATTA

(A Separate Account of Delaware Life Insurance Company)

10. FINANCIAL HIGHLIGHTS (CONTINUED)

	At December 31,							For the years ended December 31,
								Investment
		Unit Value				Net		Income	Income
	Units	lowest to highest⁴				Assets		Ratio¹	lowest to highest²			Total Return³
M07
2020	18,785,970		$16.3649	to	$15.5191		$300,918,369	2.27%	1.15%	to	1.85%	8.56%	to	7.78%
2019	20,851,912		15.0746	to	14.3983		308,554,370	2.32	1.15	to	1.85	19.01	to	18.17
2018	23,372,110		12.6662	to	12.1847		291,492,108	2.16	1.15	to	1.85	(6.69)	to	(7.36)
2017	26,748,775		13.5747	to	13.1528		358,797,486	2.33	1.15	to	1.85	11.02	to	10.23
2016	29,910,041		12.2267	to	11.9316		362,343,544	2.88	1.15	to	1.85	7.85	to	7.08

M35
2020	17,360,121		16.6635	to	14.6786		268,706,386	2.06	0.65	to	2.35	8.80	to	6.95
2019	19,920,899		15.3152	to	13.7245		286,329,571	2.10	0.65	to	2.35	19.34	to	17.31
2018	23,179,177		12.8336	to	11.5711		281,998,243	1.94	0.65	to	2.55	(6.49)	to	(8.27)
2017	27,563,591		13.7237	to	12.6143		362,120,950	2.12	0.65	to	2.55	11.30	to	9.19
2016	32,522,599		12.3304	to	11.5526		387,743,049	2.61	0.65	to	2.55	8.11	to	6.04

M31
2020	3,213,412		27.4856	to	25.8435		171,810,807	-	1.00	to	1.85	30.54	to	29.42
2019	3,740,843		21.0558	to	19.9683		152,966,150	-	1.00	to	1.85	36.77	to	35.60
2018	4,316,157		15.3951	to	14.7254		128,977,969	0.09	1.00	to	1.85	1.64	to	0.77
2017	4,789,327		15.1470	to	14.6133		141,290,687	0.10	1.00	to	1.85	30.10	to	28.99
2016	5,426,005		11.6429	to	11.3291		123,629,170	0.04	1.00	to	1.85	1.42	to	0.55

M80
2020	434,007		43.7438	to	66.5091		24,429,273	-	0.65	to	2.25	30.68	to	28.59
2019	512,464		33.4741	to	51.7228		22,382,240	-	0.65	to	2.25	36.88	to	34.70
2018	581,940		24.4544	to	38.3992		18,852,039	-	0.65	to	2.25	1.74	to	0.11
2017	678,694		24.0356	to	38.3580		21,420,058	-	0.65	to	2.25	30.24	to	28.16
2016	863,914		18.4555	to	28.9819		21,240,396	-	0.65	to	2.30	1.51	to	(2.62)

MF1
2020	1,363,219		21.4949	to	18.5618		27,495,728	-	1.15	to	1.85	34.92	to	33.96
2019	1,585,873		15.9313	to	13.8562		23,780,230	-	1.15	to	1.85	37.08	to	36.11
2018	1,841,013		11.6216	to	10.1803		20,181,465	-	1.15	to	1.85	0.08	to	(0.64)
2017	2,084,083		11.6128	to	10.2460		22,916,943	0.12	1.15	to	1.85	25.56	to	24.66
2016	2,360,839		9.2491	to	8.2190		20,746,816	-	1.15	to	1.85	3.72	to	2.97

M41
2020	693,160		38.7964	to	44.7230		28,860,260	-	0.65	to	2.30	35.23	to	33.00
2019	788,367		28.6884	to	33.6261		25,548,387	-	0.65	to	2.30	37.38	to	35.12
2018	955,706		20.8824	to	24.8865		23,268,767	-	0.65	to	2.30	0.29	to	(1.37)
2017	1,151,944		15.3076	to	22.9447		28,534,920	-	1.15	to	2.30	25.23	to	23.72
2016	1,460,801		12.2240	to	18.5451		29,172,668	-	1.15	to	2.35	3.41	to	2.16

M05
2020	2,517,095		26.2779	to	24.8728		64,273,735	-	1.00	to	1.85	44.43	to	43.20
2019	2,988,255		18.1945	to	17.3698		53,070,736	-	1.00	to	1.85	40.29	to	39.09
2018	3,478,746		12.9696	to	12.4881		44,227,317	-	1.00	to	1.85	(2.47)	to	(3.30)
2017	3,974,846		13.2975	to	12.9145		52,059,415	-	1.00	to	1.85	25.39	to	24.33
2016	4,550,411		10.6045	to	10.3875		47,735,809	-	1.00	to	1.85	7.96	to	7.03

M42
2020	1,288,035		35.7077	to	31.0559		38,522,692	-	0.65	to	2.35	44.64	to	42.18
2019	1,693,473		24.6879	to	21.8430		36,002,846	-	0.65	to	2.35	40.36	to	37.98
2018	2,203,370		17.5893	to	15.6340		34,009,316	-	0.65	to	2.55	(2.36)	to	(4.22)
2017	2,681,606		18.0142	to	16.3232		42,999,861	-	0.65	to	2.55	25.51	to	23.14
2016	3,472,298		14.3524	to	13.2562		45,183,766	-	0.65	to	2.55	8.09	to	6.02

- 161 -

DELAWARE LIFE VARIABLE ACCOUNT F - REGATTA

(A Separate Account of Delaware Life Insurance Company)

10. FINANCIAL HIGHLIGHTS (CONTINUED)

	At December 31,							For the years ended December 31,
								Investment
		Unit Value				Net		Income	Income
	Units	lowest to highest⁴				Assets		Ratio¹	lowest to highest²			Total Return³
M89
2020	35,614,567		$13.4036	to	$11.4783		$437,174,562	3.23%	0.65%	to	2.30%	7.47%	to	5.69%
2019	37,989,667		12.4721	to	10.8599		438,069,818	3.15	0.65	to	2.30	9.21	to	7.41
2018	41,255,653		11.4207	to	9.9244		439,785,816	2.95	0.65	to	2.55	(1.97)	to	(3.84)
2017	50,252,561		11.6505	to	10.3209		551,839,591	3.10	0.65	to	2.55	3.51	to	1.55
2016	54,097,481		11.2556	to	10.1637		579,337,780	3.20	0.65	to	2.55	3.33	to	1.36

M82
2020	4,502,844		28.0545	to	24.9064		116,226,746	0.53	0.65	to	2.10	15.56	to	13.88
2019	5,170,576		24.2777	to	21.8715		116,695,377	0.58	0.65	to	2.10	31.74	to	29.83
2018	6,292,487		18.4283	to	16.8461		108,924,665	0.44	0.65	to	2.10	(5.25)	to	(6.63)
2017	7,695,385		19.4490	to	18.0426		142,050,646	1.09	0.65	to	2.10	22.27	to	20.50
2016	9,907,870		15.9063	to	14.6264		151,167,809	0.51	0.65	to	2.30	7.78	to	4.42

M44
2020	6,673,296		13.8539	to	13.2311		90,840,097	2.45	1.15	to	1.85	4.69	to	3.95
2019	7,697,178		13.2329	to	12.7289		100,358,195	3.96	1.15	to	1.85	23.64	to	22.76
2018	8,893,730		10.7023	to	10.3685		94,027,310	1.09	1.15	to	1.85	(0.10)	to	(0.81)
2017	10,265,356		10.7128	to	10.4535		109,070,327	4.23	1.15	to	1.85	13.53	to	12.72
2016	11,888,231		9.4362	to	9.2738		111,519,024	3.84	1.15	to	1.85	10.20	to	9.41

M40
2020	3,459,628		13.7586	to	12.6479		45,658,259	2.17	1.00	to	2.30	4.56	to	3.20
2019	3,882,378		13.1581	to	12.2558		49,315,500	3.71	1.00	to	2.30	23.56	to	21.95
2018	4,706,962		10.6496	to	10.0500		48,720,378	0.83	1.00	to	2.30	(0.20)	to	(1.51)
2017	5,932,848		10.6711	to	10.2037		61,936,024	3.99	1.00	to	2.30	13.35	to	11.88
2016	7,287,818		9.4141	to	9.1202		67,546,731	3.56	1.00	to	2.30	10.12	to	8.68

M83
2020	10,844,086		16.1075	to	20.3494		202,986,803	1.57	1.15	to	2.50	2.29	to	0.90
2019	11,986,049		15.7464	to	20.1686		219,810,033	2.10	1.15	to	2.50	28.32	to	26.58
2018	14,114,772		12.2708	to	15.9337		203,900,118	1.52	1.15	to	2.50	(11.12)	to	(12.33)
2017	16,073,885		13.7996	to	18.1754		262,999,598	1.90	1.15	to	2.50	16.30	to	14.73
2016	19,203,768		11.8689	to	15.8414		272,478,586	2.08	1.15	to	2.50	12.79	to	11.24

M08
2020	4,948,697		23.2142	to	20.2730		98,063,325	1.34	0.65	to	2.30	2.55	to	0.85
2019	5,322,655		22.6372	to	20.1014		104,013,424	1.87	0.65	to	2.30	28.66	to	26.55
2018	6,444,994		17.5939	to	15.8843		99,305,473	1.29	0.65	to	2.30	(10.94)	to	(12.42)
2017	7,634,946		19.7556	to	18.0898		133,865,829	1.70	0.65	to	2.30	16.59	to	14.61
2016	9,064,489		16.9448	to	14.9209		137,624,810	1.86	0.65	to	2.50	13.04	to	5.53

MB6
2020	5,645,548		48.3167	to	25.4852		248,711,024	1.64	1.15	to	1.85	14.02	to	13.21
2019	6,487,980		42.3746	to	22.5117		251,155,159	1.47	1.15	to	1.85	27.70	to	26.80
2018	7,473,605		19.5217	to	17.7543		226,421,225	1.35	1.15	to	1.85	(8.80)	to	(9.45)
2017	8,571,456		21.1244	to	19.6069		285,143,459	1.49	1.15	to	1.85	19.38	to	18.54
2016	9,827,330		30.4722	to	16.5398		274,414,193	1.43	1.15	to	1.85	7.21	to	6.44

MB7
2020	1,522,926		33.3442	to	31.9716		55,806,272	1.39	1.00	to	2.50	13.91	to	12.20
2019	1,845,504		29.2725	to	28.4960		59,738,770	1.24	1.00	to	2.50	27.59	to	25.67
2018	2,169,101		22.9432	to	22.6747		55,602,465	1.12	1.00	to	2.50	(8.91)	to	(10.29)
2017	2,537,208		25.1886	to	25.2752		72,128,774	1.29	1.00	to	2.50	19.27	to	17.48
2016	3,165,481		21.1190	to	21.5140		76,171,922	1.25	1.00	to	2.50	7.09	to	5.47

MC0
2020	1,809,941		29.5028	to	24.9086		49,656,153	3.49	1.15	to	1.85	9.31	to	8.53
2019	1,943,211		26.9909	to	22.9516		48,982,248	3.78	1.15	to	1.85	13.35	to	12.54
2018	2,179,178		23.8130	to	20.3944		48,602,145	3.83	1.15	to	1.85	(4.11)	to	(4.80)
2017	2,441,264		23.6529	to	21.4218		57,018,142	3.71	1.15	to	1.85	5.17	to	4.43
2016	2,639,684		23.6109	to	20.5132		58,807,589	4.07	1.15	to	1.85	5.08	to	4.32

- 162 -

DELAWARE LIFE VARIABLE ACCOUNT F - REGATTA

(A Separate Account of Delaware Life Insurance Company)

10. FINANCIAL HIGHLIGHTS (CONTINUED)

	At December 31,							For the years ended December 31,
								Investment
		Unit Value				Net		Income	Income
	Units	lowest to highest⁴				Assets		Ratio¹	lowest to highest²			Total Return³
MA0
2020	5,624,668		$15.6680	to	$16.9686		$120,564,336	3.23%	0.65%	to	2.30%	9.62%	to	7.81%
2019	6,042,604		14.2930	to	15.7393		119,375,562	3.56	0.65	to	2.30	13.71	to	11.84
2018	6,527,847		12.5691	to	14.0727		114,567,450	3.56	0.65	to	2.30	(3.94)	to	(5.53)
2017	8,061,502		13.0848	to	14.8968		148,735,679	3.48	0.65	to	2.30	5.42	to	3.69
2016	8,446,444		12.4116	to	14.0494		149,405,681	3.90	0.65	to	2.50	5.29	to	3.91

MC2
2020	2,470,136		53.0054	to	33.0008		100,805,765	0.72	1.15	to	1.85	17.35	to	16.52
2019	2,842,931		45.1674	to	28.3230		99,104,962	0.80	1.15	to	1.85	31.68	to	30.74
2018	3,277,605		34.3018	to	21.6637		87,496,028	0.67	1.15	to	1.85	(4.93)	to	(5.61)
2017	3,720,811		36.0812	to	22.9519		104,851,766	0.94	1.15	to	1.85	23.41	to	22.53
2016	4,258,493		29.2369	to	18.7314		97,617,989	0.76	1.15	to	1.85	10.11	to	9.32

MC1
2020	1,537,433		36.3164	to	27.1465		45,807,307	0.49	0.65	to	2.25	17.61	to	15.73
2019	1,523,361		30.8774	to	23.4566		40,168,506	0.55	0.65	to	2.25	32.01	to	29.90
2018	1,773,236		23.3905	to	18.0574		35,718,016	0.44	0.65	to	2.25	(4.69)	to	(6.23)
2017	1,906,718		24.5425	to	19.2561		40,697,930	0.69	0.65	to	2.25	23.70	to	21.73
2016	2,161,230		19.8405	to	15.8192		37,582,688	0.45	0.65	to	2.25	10.35	to	8.57

MC3
2020	434,670		36.7551	to	30.8600		15,572,429	3.15	1.00	to	1.85	9.46	to	8.52
2019	504,336		33.5786	to	28.4361		16,599,951	0.66	1.00	to	1.85	19.31	to	18.30
2018	554,697		28.1431	to	24.0378		15,397,927	0.34	1.00	to	1.85	(14.80)	to	(15.53)
2017	634,839		33.0334	to	28.4588		20,782,715	1.07	1.00	to	1.85	36.58	to	35.42
2016	699,804		24.1864	to	21.0156		16,866,599	0.62	1.00	to	1.85	8.27	to	7.34

MA1
2020	792,705		12.4585	to	16.3297		15,901,793	3.07	0.65	to	2.30	9.61	to	7.80
2019	858,553		11.3658	to	15.1481		15,637,358	0.39	0.65	to	2.30	19.40	to	17.43
2018	1,031,804		9.5190	to	12.4719		15,818,098	0.11	0.65	to	2.55	(14.69)	to	(16.32)
2017	1,143,328		11.1584	to	14.9044		20,721,186	0.87	0.65	to	2.55	36.77	to	34.18
2016	1,403,830		8.1584	to	11.1075		18,711,593	0.37	0.65	to	2.55	8.33	to	6.26

MC4
2020	468,779		19.6356	to	16.5576		9,549,492	1.34	1.00	to	1.85	9.50	to	8.56
2019	488,093		17.9328	to	15.2520		9,214,260	2.47	1.00	to	1.85	5.02	to	4.12
2018	491,260		17.0758	to	14.6479		8,788,957	0.96	1.00	to	1.85	(2.10)	to	(2.94)
2017	560,127		17.4420	to	15.0913		10,319,234	-	1.00	to	1.85	5.93	to	5.02
2016	640,441		16.4663	to	14.3695		11,249,055	-	1.00	to	1.85	(0.70)	to	(1.55)

MC5
2020	52,192		17.7438	to	15.4672		838,675	1.09	1.15	to	1.85	9.08	to	8.31
2019	54,156		16.2674	to	14.2806		803,500	2.12	1.15	to	1.85	4.58	to	3.84
2018	57,413		15.5555	to	13.7522		822,077	0.59	1.15	to	1.85	(2.46)	to	(3.15)
2017	70,046		15.9475	to	14.1990		1,030,360	-	1.15	to	1.85	5.49	to	4.75
2016	111,398		15.1182	to	13.5556		1,568,339	-	1.15	to	1.85	(1.15)	to	(1.85)

MC6
2020	889,721		63.0979	to	26.9964		49,379,018	0.48	1.15	to	1.85	19.38	to	18.53
2019	1,046,941		52.8547	to	22.7764		48,073,037	0.56	1.15	to	1.85	34.46	to	33.50
2018	1,208,296		39.3087	to	17.0605		41,358,792	0.50	1.15	to	1.85	(5.92)	to	(6.59)
2017	1,418,436		41.7825	to	18.2650		51,346,527	1.08	1.15	to	1.85	30.64	to	29.71
2016	1,566,590		31.9832	to	14.0815		43,506,302	0.58	1.15	to	1.85	4.86	to	4.11

- 163 -

DELAWARE LIFE VARIABLE ACCOUNT F - REGATTA

(A Separate Account of Delaware Life Insurance Company)

10. FINANCIAL HIGHLIGHTS (CONTINUED)

	At December 31,							For the years ended December 31,
								Investment
		Unit Value				Net		Income	Income
	Units	lowest to highest⁴				Assets		Ratio¹	lowest to highest²			Total Return³
MC7
2020	81,398		$39.9341	to	$42.9915		$2,938,940	0.27%	1.15%	to	2.10%	19.10%	to	17.97%
2019	62,083		33.5290	to	36.4438		2,098,442	0.26	1.15	to	2.10	34.10	to	32.83
2018	66,578		25.0026	to	24.3194		1,746,938	0.18	1.15	to	2.55	(6.16)	to	(7.48)
2017	86,375		26.6434	to	26.2859		2,493,312	0.82	1.15	to	2.55	30.26	to	28.44
2016	104,234		20.4535	to	20.4656		2,325,270	0.35	1.15	to	2.55	4.63	to	3.15

MC8
2020	2,212,426		36.9895	to	18.1807		84,092,150	1.29	1.15	to	1.85	15.16	to	14.34
2019	2,503,331		32.1194	to	15.9005		82,722,075	1.05	1.15	to	1.85	30.46	to	29.53
2018	2,886,932		24.6202	to	12.2754		73,514,254	0.98	1.15	to	1.85	(9.87)	to	(10.52)
2017	3,335,907		27.3168	to	13.7182		93,561,955	1.55	1.15	to	1.85	24.09	to	23.21
2016	3,836,452		22.0136	to	11.1342		86,911,841	1.12	1.15	to	1.85	4.24	to	3.49

MC9
2020	155,838		26.2070	to	29.7782		4,360,418	1.12	1.15	to	2.10	14.90	to	13.80
2019	196,208		23.0220	to	26.1665		4,864,373	0.75	1.10	to	2.10	30.17	to	28.87
2018	237,401		17.6857	to	20.3047		4,525,231	0.69	1.10	to	2.10	(10.07)	to	(10.97)
2017	286,878		19.6652	to	24.0412		6,164,998	1.31	1.10	to	2.10	23.80	to	22.38
2016	369,037		15.8845	to	19.6450		6,490,047	0.81	1.10	to	2.25	4.05	to	2.84

MD0
2020	1,163,904		35.3064	to	21.7618		38,395,317	1.77	1.15	to	1.85	5.02	to	4.27
2019	1,307,551		33.6202	to	20.8714		41,117,262	2.76	1.15	to	1.85	13.28	to	12.47
2018	1,492,809		29.6796	to	18.5572		41,494,783	0.78	1.15	to	1.85	(5.60)	to	(6.27)
2017	1,660,704		31.4392	to	19.7991		49,219,805	3.09	1.15	to	1.85	9.57	to	8.79
2016	1,899,277		28.6923	to	18.1988		51,409,257	0.00	1.15	to	1.85	5.03	to	4.27

M92
2020	34,014,709		15.4948	to	13.7468		497,327,759	1.53	0.65	to	2.10	5.30	to	3.77
2019	36,890,746		14.7155	to	13.2480		517,149,066	2.53	0.65	to	2.10	13.56	to	11.91
2018	41,927,838		12.9584	to	11.3564		522,436,665	0.50	0.65	to	2.55	(5.42)	to	(7.23)
2017	49,628,528		13.7016	to	12.2413		660,187,553	2.90	0.65	to	2.55	9.87	to	7.79
2016	56,171,972		12.4709	to	11.3569		686,213,466	0.00	0.65	to	2.55	5.29	to	3.28

M96
2020	3,523,218		22.0701	to	16.5926		73,321,730	2.87	1.15	to	1.85	5.16	to	4.41
2019	3,639,440		20.9862	to	15.8911		72,819,390	2.99	1.15	to	1.85	5.31	to	4.56
2018	3,973,046		19.9272	to	15.1974		75,920,316	3.21	1.15	to	1.85	(0.68)	to	(1.39)
2017	4,489,943		17.2070	to	15.4120		86,941,433	3.10	1.15	to	1.85	1.05	to	0.34
2016	4,799,909		19.8527	to	15.3592		92,685,337	2.68	1.15	to	1.85	(0.11)	to	(0.83)

MD2
2020	10,355,615		11.8547	to	11.4325		143,712,003	2.58	0.65	to	2.50	5.43	to	3.47
2019	11,100,477		11.2446	to	11.0487		147,558,037	2.69	0.65	to	2.50	5.66	to	3.71
2018	12,122,983		10.6424	to	10.6537		154,081,038	2.92	0.65	to	2.50	(0.48)	to	(2.33)
2017	14,812,278		10.6942	to	10.9081		191,222,631	2.80	0.65	to	2.50	1.37	to	(0.51)
2016	16,682,003		10.5502	to	10.9635		214,602,842	2.37	0.65	to	2.50	0.02	to	(1.84)

MA6
2020	1,534,921		26.1407	to	22.0039		44,688,959	5.51	1.00	to	1.85	4.03	to	3.14
2019	1,688,655		25.1272	to	21.3330		47,736,189	5.60	1.00	to	1.85	13.66	to	12.69
2018	1,900,008		22.1072	to	18.9302		47,713,973	5.56	1.00	to	1.85	(4.05)	to	(4.87)
2017	2,138,564		23.0408	to	19.9002		56,471,575	6.41	1.00	to	1.85	5.62	to	4.73
2016	2,350,891		21.8140	to	19.0023		59,541,819	6.62	1.00	to	1.85	12.69	to	11.72

MA3
2020	1,396,338		14.1633	to	18.6163		32,918,703	5.29	0.65	to	2.50	4.17	to	2.24
2019	1,558,342		13.5966	to	18.2086		35,601,324	5.36	0.65	to	2.50	13.69	to	11.59
2018	1,798,423		11.9591	to	16.3168		36,323,910	5.31	0.65	to	2.50	(3.87)	to	(5.66)
2017	2,196,928		12.4407	to	17.2951		46,577,368	6.18	0.65	to	2.50	5.62	to	3.67
2016	2,592,985		11.7787	to	16.6825		52,755,833	6.38	0.65	to	2.50	12.91	to	10.80

- 164 -

DELAWARE LIFE VARIABLE ACCOUNT F - REGATTA

(A Separate Account of Delaware Life Insurance Company)

10. FINANCIAL HIGHLIGHTS (CONTINUED)

	At December 31,							For the years ended December 31,
								Investment
		Unit Value				Net		Income	Income
	Units	lowest to highest⁴				Assets		Ratio¹	lowest to highest²			Total Return³
M97
2020	1,090,158		$31.1162	to	$26.6768		$35,444,368	1.43%	1.00%	to	1.85%	14.68%	to	13.70%
2019	1,237,228		27.1338	to	23.4630		35,189,191	1.19	1.00	to	1.85	26.03	to	24.95
2018	1,477,939		21.5299	to	18.7772		33,622,626	1.00	1.00	to	1.85	(9.93)	to	(10.71)
2017	1,626,676		23.9046	to	21.0285		41,434,975	1.35	1.00	to	1.85	31.32	to	30.20
2016	1,863,912		18.2037	to	16.1509		36,365,158	1.15	1.00	to	1.85	1.47	to	0.60

MD5
2020	719,733		20.3882	to	17.4838		16,013,520	1.26	0.65	to	2.10	14.75	to	13.08
2019	808,213		17.7677	to	15.4613		15,834,413	0.97	0.65	to	2.10	26.29	to	24.46
2018	962,074		14.0694	to	12.4231		15,071,974	0.80	0.65	to	2.10	(9.89)	to	(11.21)
2017	1,078,505		15.6143	to	13.9913		18,981,547	1.11	0.65	to	2.10	31.49	to	29.59
2016	1,260,948		11.8749	to	10.7967		16,974,565	0.88	0.65	to	2.10	1.49	to	0.01

M98
2020	795,345		67.1512	to	39.5986		42,167,610	0.99	1.15	to	1.85	19.15	to	18.30
2019	934,776		56.3598	to	33.4739		41,533,157	1.83	1.15	to	1.85	24.51	to	23.62
2018	1,074,993		45.2653	to	27.0771		38,478,624	1.09	1.15	to	1.85	(10.53)	to	(11.17)
2017	1,198,867		50.5904	to	30.4809		48,280,305	1.46	1.15	to	1.85	25.70	to	24.81
2016	1,344,992		40.2464	to	24.4224		43,324,841	1.33	1.15	to	1.85	2.87	to	2.13

M93
2020	3,403,967		27.3870	to	21.0714		80,121,412	0.77	0.65	to	2.25	19.42	to	17.51
2019	4,106,841		22.9326	to	17.9314		81,110,609	1.43	0.65	to	2.25	24.84	to	22.84
2018	5,081,903		18.3700	to	14.5970		81,180,035	0.89	0.65	to	2.25	(10.31)	to	(11.76)
2017	5,752,465		20.4825	to	16.5415		103,459,909	1.25	0.65	to	2.25	26.00	to	23.99
2016	7,480,028		16.2563	to	13.3412		107,609,241	1.11	0.65	to	2.25	3.17	to	1.51

MD6
2020	9,721,767		26.2674	to	23.8377		345,687,434	0.45	1.00	to	1.85	21.30	to	20.26
2019	11,233,612		21.6551	to	19.8213		330,355,652	0.58	1.00	to	1.85	38.56	to	37.38
2018	13,004,247		15.6292	to	14.4286		276,836,568	0.57	1.00	to	1.85	(0.20)	to	(1.06)
2017	14,886,576		15.6611	to	14.5830		318,872,497	0.64	1.00	to	1.85	27.15	to	26.06
2016	16,970,462		12.3173	to	11.5679		287,428,792	0.59	1.00	to	1.85	5.01	to	4.11

MB3
2020	923,299		37.8558	to	39.9217		35,764,443	0.22	1.00	to	2.30	20.98	to	19.40
2019	1,119,963		31.2923	to	33.1589		36,267,396	0.34	1.00	to	2.30	38.19	to	36.39
2018	1,313,651		22.6443	to	24.3110		30,935,440	0.33	1.00	to	2.30	(0.43)	to	(1.74)
2017	1,558,343		22.7430	to	24.5561		37,335,745	0.41	1.00	to	2.30	26.82	to	25.11
2016	1,833,885		17.9326	to	19.3889		34,998,962	0.37	1.00	to	2.50	4.78	to	4.10

MD8
2020	3,207,388		11.8087	to	8.9832		35,684,810	0.22	1.15	to	1.85	(0.92)	to	(1.63)
2019	3,364,994		11.9190	to	9.1323		37,977,970	1.63	1.15	to	1.85	0.48	to	(0.24)
2018	3,729,600		11.8621	to	9.1539		42,172,705	1.24	1.15	to	1.85	0.10	to	(0.62)
2017	4,346,081		11.8502	to	9.2106		49,280,656	0.29	1.15	to	1.85	(0.84)	to	(1.55)
2016	4,698,353		11.9508	to	9.3554		54,106,028	0.01	1.15	to	1.85	(1.13)	to	(1.84)

MD9
2020	12,145,036		9.8111	to	7.5942		106,966,888	0.22	0.65	to	2.50	(0.43)	to	(2.28)
2019	12,065,194		9.8538	to	7.7712		107,716,092	1.63	0.65	to	2.50	0.98	to	(0.89)
2018	13,539,953		9.7586	to	7.7780		120,800,340	1.24	0.65	to	2.55	0.60	to	(1.32)
2017	15,193,772		9.7005	to	7.8820		136,576,068	0.27	0.65	to	2.55	(0.36)	to	(2.25)
2016	18,785,298		9.7360	to	8.0637		170,982,388	0.01	0.65	to	2.55	(0.64)	to	(2.54)

- 165 -

DELAWARE LIFE VARIABLE ACCOUNT F - REGATTA

(A Separate Account of Delaware Life Insurance Company)

10. FINANCIAL HIGHLIGHTS (CONTINUED)

	At December 31,							For the years ended December 31,
								Investment
		Unit Value				Net		Income	Income
	Units	lowest to highest⁴				Assets		Ratio¹	lowest to highest²			Total Return³
ME2
2020	845,774		$36.0675	to	$18.7059		$20,437,101	2.08%	1.15%	to	1.85%	11.66%	to	10.86%
2019	932,101		32.3022	to	16.8736		20,256,254	1.46	1.15	to	1.85	26.59	to	25.69
2018	1,042,465		25.5179	to	13.4252		17,993,248	1.45	1.15	to	1.85	(15.11)	to	(15.72)
2017	1,141,329		17.4281	to	15.9287		23,371,436	1.86	1.15	to	1.85	26.82	to	25.93
2016	1,315,665		23.6996	to	12.6486		21,301,442	1.57	1.15	to	1.85	(1.83)	to	(2.54)

ME3
2020	1,298,599		17.0617	to	24.6473		36,422,484	1.84	0.65	to	2.30	11.98	to	10.13
2019	1,520,079		15.2365	to	22.3803		38,549,046	1.19	0.65	to	2.30	26.84	to	24.75
2018	1,836,472		18.4314	to	17.9397		37,158,328	1.16	1.15	to	2.30	(15.31)	to	(16.29)
2017	2,028,320		21.7632	to	22.3708		48,795,329	1.56	1.15	to	2.30	26.44	to	24.98
2016	2,632,854		17.2127	to	16.9084		50,418,946	1.34	1.15	to	2.50	(2.05)	to	(2.03)

MA5
2020	1,185,994		25.2170	to	21.4491		27,848,458	3.61	1.15	to	1.85	8.10	to	7.33
2019	1,166,830		23.3272	to	19.9843		25,413,532	3.51	1.15	to	1.85	10.33	to	9.55
2018	1,231,924		21.1430	to	18.2429		24,401,310	3.97	1.15	to	1.85	(3.11)	to	(3.80)
2017	1,331,223		21.8216	to	18.9642		27,284,742	4.59	1.15	to	1.85	5.03	to	4.28
2016	1,449,592		20.7762	to	18.1852		28,360,544	3.06	1.15	to	1.85	7.01	to	6.24

MA7
2020	176,159		22.7896	to	18.6542		3,668,590	3.37	1.15	to	2.10	7.86	to	6.83
2019	208,505		21.1297	to	17.4621		4,050,311	3.24	1.15	to	2.10	10.01	to	8.97
2018	237,611		19.2064	to	16.0251		4,209,261	3.62	1.15	to	2.10	(3.24)	to	(4.16)
2017	273,266		19.8489	to	16.7212		5,014,013	4.47	1.15	to	2.10	4.67	to	3.68
2016	369,423		18.9631	to	16.1284		6,463,203	2.85	1.15	to	2.10	6.76	to	5.73

ME4
2020	880,180		29.0458	to	23.4907		22,945,612	-	1.15	to	1.85	45.15	to	44.13
2019	998,683		20.0112	to	16.2986		17,984,787	-	1.15	to	1.85	34.59	to	33.65
2018	1,220,819		13.9374	to	12.1950		16,422,089	-	1.15	to	1.85	0.57	to	(0.15)
2017	1,385,665		14.7855	to	12.2136		18,552,134	-	1.15	to	1.85	37.41	to	36.45
2016	1,549,172		10.7600	to	8.9511		15,195,193	-	1.15	to	1.85	7.46	to	6.68

MA2
2020	109,909		57.4480	to	53.7571		3,033,373	-	1.15	to	2.05	44.72	to	43.42
2019	49,526		39.6947	to	37.4828		1,658,655	-	1.15	to	2.05	34.32	to	33.11
2018	46,625		29.5533	to	28.1602		1,370,549	-	1.15	to	2.05	0.35	to	(0.56)
2017	66,266		29.4506	to	28.3191		1,893,319	-	1.15	to	2.05	37.06	to	35.83
2016	69,292		21.4868	to	20.8489		1,456,202	-	1.15	to	2.05	7.14	to	6.16

- 166 -

DELAWARE LIFE VARIABLE ACCOUNT F - REGATTA

(A Separate Account of Delaware Life Insurance Company)

10. FINANCIAL HIGHLIGHTS (CONTINUED)

	At December 31,							For the years ended December 31,
								Investment
		Unit Value				Net		Income	Income
	Units	lowest to highest⁴				Assets		Ratio¹	lowest to highest²			Total Return³
MF3
2020	2,223,974		$28.6404	to	$20.6169		$49,915,126	0.63%	0.65%	to	2.30%	1.48%	to	(0.20%)
2019	2,340,999		28.2240	to	20.6585		52,379,843	0.47	0.65	to	2.30	25.54	to	23.47
2018	2,805,821		22.4828	to	16.7318		50,559,537	0.58	0.65	to	2.30	(5.97)	to	(7.53)
2017	3,443,010		23.9106	to	18.0944		66,706,871	0.61	0.65	to	2.30	13.95	to	12.08
2016	4,055,584		20.9829	to	16.1445		69,692,673	0.92	0.65	to	2.30	19.80	to	17.81

MF5
2020	20,582,839		17.5922	to	18.4038		401,376,214	2.34	0.65	to	2.10	11.33	to	9.71
2019	22,941,913		15.8017	to	16.7750		405,951,754	2.34	0.65	to	2.10	15.72	to	14.04
2018	26,810,432		13.6551	to	14.0355		414,465,602	1.89	0.65	to	2.55	(3.56)	to	(5.40)
2017	32,045,960		14.1589	to	14.8364		518,959,227	1.86	0.65	to	2.55	10.52	to	8.42
2016	38,928,761		12.8118	to	13.6840		575,990,066	2.42	0.65	to	2.55	4.05	to	2.06

MF6
2020	48,032		35.2659	to	31.1426		1,580,465	4.72	1.35	to	2.30	0.11	to	(0.84)
2019	52,821		35.2256	to	31.4072		1,744,187	3.63	1.35	to	2.30	25.17	to	23.97
2018	62,209		28.1431	to	21.0070		1,644,682	4.07	1.35	to	2.55	(4.34)	to	(5.50)
2017	76,502		29.4215	to	22.2303		2,125,475	4.14	1.35	to	2.55	11.81	to	10.46
2016	90,462		26.3141	to	20.1245		2,257,599	2.55	1.35	to	2.55	6.48	to	5.19

MF7
2020	2,144,042		20.5844	to	19.9538		47,747,308	3.86	0.65	to	2.35	0.49	to	(1.22)
2019	2,253,830		20.4845	to	20.2009		50,523,551	2.83	0.65	to	2.35	25.85	to	23.72
2018	2,678,520		16.2765	to	15.9585		48,236,259	3.15	0.65	to	2.50	(3.97)	to	(5.75)
2017	3,417,578		16.9486	to	16.9319		64,836,183	3.34	0.65	to	2.50	12.33	to	10.26
2016	4,098,331		15.0877	to	15.3561		69,972,782	1.97	0.65	to	2.50	7.00	to	5.01

MF9
2020	11,100,750		24.3257	to	27.3370		328,149,552	1.81	0.65	to	2.30	14.71	to	12.81
2019	12,493,257		21.2067	to	24.2321		325,781,690	1.98	0.65	to	2.30	25.84	to	23.77
2018	14,628,661		16.8520	to	19.5785		306,459,709	1.53	0.65	to	2.30	(6.08)	to	(7.63)
2017	17,175,741		17.9426	to	21.1967		387,084,303	1.58	0.65	to	2.30	18.74	to	16.78
2016	20,358,832		15.1113	to	18.1505		390,486,019	2.45	0.65	to	2.30	6.24	to	4.48

- 167 -

DELAWARE LIFE VARIABLE ACCOUNT F - REGATTA

(A Separate Account of Delaware Life Insurance Company)

10. FINANCIAL HIGHLIGHTS (CONTINUED)

	At December 31,							For the years ended December 31,
								Investment
		Unit Value				Net		Income	Income
	Units	lowest to highest⁴				Assets		Ratio¹	lowest to highest²			Total Return³
MG1
2020	8,522,169		$12.9838	to	$12.6385		$117,256,139	0.20%	0.65%	to	2.30%	12.47%	to	10.62%
2019	9,471,698		11.5440	to	11.4256		116,989,865	1.39	0.65	to	2.30	7.35	to	5.58
2018	10,546,363		10.7537	to	10.8217		122,512,404	1.41	0.65	to	2.30	(5.32)	to	(6.89)
2017	12,433,916		11.3584	to	11.6227		154,195,257	-	0.65	to	2.30	7.29	to	5.52
2016	13,465,623		10.5868	to	11.0145		157,145,585	-	0.65	to	2.30	1.72	to	0.03

MF2
2020	17,098,090		11.1715	to	9.5550		180,924,192	3.07	1.30	to	2.50	2.98	to	1.74
2019	18,692,242		10.8479	to	9.3915		192,914,646	2.64	1.30	to	2.50	3.82	to	2.57
2018	20,371,715		10.4484	to	9.1557		203,393,960	1.99	1.30	to	2.50	(0.04)	to	(1.25)
2017	25,006,600		10.4531	to	9.2719		250,847,512	1.58	1.30	to	2.50	0.41	to	(0.79)
2016	27,490,632		10.4101	to	9.3462		275,872,908	1.35	1.30	to	2.50	0.36	to	(0.86)

MG2
2020	10,230,519		10.9379	to	9.7457		105,961,857	2.87	0.65	to	2.10	3.47	to	1.97
2019	10,825,862		10.5709	to	9.5576		109,445,390	2.39	0.65	to	2.10	4.21	to	2.70
2018	11,204,328		10.1434	to	9.3060		109,785,950	1.72	0.65	to	2.10	0.33	to	(1.13)
2017	13,429,422		10.1103	to	9.4127		132,553,973	1.32	0.65	to	2.10	0.79	to	(0.67)
2016	14,365,301		10.0311	to	9.4762		142,051,166	1.05	0.65	to	2.10	0.82	to	(0.65)

MG3
2020	938,041		25.9474	to	22.9302		22,965,486	1.23	1.30	to	2.25	2.52	to	1.54
2019	1,024,055		25.3101	to	22.4470		24,538,343	1.27	1.30	to	2.30	29.42	to	28.12
2018	1,245,032		19.5567	to	17.5199		23,170,786	0.87	1.30	to	2.30	(12.60)	to	(13.49)
2017	1,418,470		22.3771	to	20.2510		30,353,538	1.23	1.30	to	2.30	12.20	to	11.08
2016	1,665,751		19.9432	to	18.2309		31,932,872	0.86	1.30	to	2.30	14.47	to	13.31

MG4
2020	863,349		27.9411	to	22.6405		20,796,934	1.01	0.65	to	2.10	3.00	to	1.50
2019	902,847		27.1282	to	22.3061		21,333,453	0.97	0.65	to	2.10	29.86	to	27.98
2018	1,126,976		20.8908	to	17.4300		20,713,591	0.66	0.65	to	2.10	(12.19)	to	(13.47)
2017	1,375,595		23.7913	to	20.1438		29,079,628	1.03	0.65	to	2.10	12.67	to	11.04
2016	1,552,431		21.1154	to	16.1967		29,418,427	0.67	0.65	to	2.15	15.01	to	1.59

MG6
2020	53,265,460		21.0271	to	23.3467		1,317,510,683	2.09	0.65	to	2.10	13.34	to	11.69
2019	59,093,135		18.5528	to	20.9032		1,302,584,592	2.21	0.65	to	2.10	21.11	to	19.35
2018	68,298,700		15.3192	to	17.5137		1,255,969,013	1.83	0.65	to	2.10	(4.75)	to	(6.14)
2017	79,683,750		16.0837	to	18.3989		1,554,414,108	1.78	0.65	to	2.10	14.49	to	12.66
2016	92,397,930		14.0486	to	16.3314		1,590,095,837	2.53	0.65	to	2.25	5.18	to	3.48

MG7
2020	238,186		27.2704	to	29.4223		7,202,052	0.78	0.65	to	2.10	3.05	to	1.56
2019	251,133		26.4623	to	28.9714		7,626,096	0.53	0.65	to	2.10	32.56	to	30.64
2018	315,136		19.9625	to	22.1766		7,295,067	0.25	0.65	to	2.10	(11.58)	to	(12.87)
2017	369,553		22.5770	to	25.4523		9,790,084	0.77	0.65	to	2.10	14.27	to	12.61
2016	320,776		19.7581	to	20.1485		7,536,524	0.64	0.65	to	2.25	25.91	to	11.84

V45
2020	5,499		12.9495	to	12.9495		71,215	0.96	1.20			11.85

U43
2020	223		11.4834	to	11.4834		2,563	-	1.20			(2.62)

U41
2020	6,583		11.8534	to	11.8534		78,025	-	1.20			9.52

V44
2020	316,106		74.6058	to	63.8935		17,695,239	-	0.65	to	2.30	115.35	to	111.80
2019	353,950		34.6435	to	30.6790		11,234,842	-	0.65	to	2.10	30.61	to	28.72
2018	394,577		26.5236	to	23.8336		9,712,851	-	0.65	to	2.10	6.60	to	5.04
2017	379,850		24.8821	to	22.4004		8,875,409	-	0.65	to	2.10	41.90	to	39.56
2016	337,618		17.5355	to	16.0506		5,605,835	-	0.65	to	2.30	(2.56)	to	(4.18)

- 168 -

DELAWARE LIFE VARIABLE ACCOUNT F - REGATTA

(A Separate Account of Delaware Life Insurance Company)

10. FINANCIAL HIGHLIGHTS (CONTINUED)

	At December 31,								For the years ended December 31,
									Investment
		Unit Value					Net		Income	Income
	Units	lowest to highest⁴					Assets		Ratio¹	lowest to highest²			Total Return³
V43
2020	123,333	$	67.7439	to	$	65.8571	$	8,607,368	-%	0.65%	to	2.10%	150.41%	to	146
2019	278,593		27.0537	to		26.6870		7,856,010	-	0.65	to	2.10	39.06	to	37.04
2018	315,995		19.4551	to		19.4736		6,474,748	-	0.65	to	2.10	9.81	to	8.20
2017	362,270		19.3957	to		17.9971		6,836,255	-	1.35	to	2.10	36.74	to	35.71
2016	468,136		14.1847	to		13.2616		6,469,819	-	1.35	to	2.10	(10.07)	to	(10.76)

O19
2020	346,272		36.7382	to		36.4919		15,307,924	-	1.30	to	2.30	34.47	to	33.12
2019	420,729		27.3210	to		27.4130		13,908,076	-	1.30	to	2.30	34.08	to	32.74
2018	513,394		20.3759	to		19.4884		12,674,828	-	1.30	to	2.35	(7.18)	to	(8.16)
2017	596,679		22.1306	to		21.2210		15,940,507	0.01	1.30	to	2.35	25.68	to	23.55
2016	778,076		16.9815	to		17.1754		16,765,951	0.12	0.65	to	2.35	(6.51)	to	(4.72)

O23
2020	975,012		13.3581	to		12.0227		12,497,860	1.88	1.35	to	2.10	13.04	to	12.19
2019	967,190		11.8170	to		10.7166		11,010,608	2.02	1.35	to	2.10	15.64	to	14.77
2018	1,046,363		10.2190	to		9.3377		10,331,463	1.76	1.35	to	2.10	(6.81)	to	(7.52)
2017	1,132,316		11.0263	to		10.0966		12,031,669	1.73	1.30	to	2.10	7.54	to	6.68
2016	1,113,958		10.3640	to		9.4228		11,018,271	2.12	1.30	to	2.10	4.72	to	2.76

O20
2020	402,248		29.3124	to		33.9323		15,120,338	0.42	0.65	to	2.25	26.51	to	24.48
2019	518,280		23.1704	to		27.2588		15,548,955	0.62	0.65	to	2.25	30.60	to	28.51
2018	653,189		17.7414	to		21.2107		15,149,305	0.76	0.65	to	2.25	(13.96)	to	(15.34)
2017	742,825		20.6196	to		25.0546		20,253,728	0.70	0.65	to	2.25	35.44	to	33.28
2016	917,004		15.2246	to		18.7989		18,640,711	0.79	0.65	to	2.25	(0.81)	to	(2.40)

O21
2020	4,000,444		32.2906	to		29.5789		144,017,824	1.13	1.30	to	2.50	12.22	to	10.86
2019	4,719,995		28.7756	to		26.6808		152,120,634	0.82	1.30	to	2.50	30.03	to	28.47
2018	5,849,961		22.1301	to		20.7688		145,625,526	0.91	1.30	to	2.50	(9.30)	to	(10.39)
2017	6,885,439		24.3981	to		23.1777		189,799,968	1.04	1.30	to	2.50	15.13	to	13.74
2016	8,523,438		21.1924	to		20.3773		205,092,333	0.86	1.30	to	2.50	9.85	to	8.52

O04
2020	95,060		54.1286	to		45.7385		4,751,864	0.36	1.35	to	2.25	18.02	to	16.95
2019	112,700		45.8637	to		39.1083		4,793,286	0.00	1.35	to	2.25	24.44	to	23.31
2018	133,222		36.8575	to		31.7147		4,562,326	0.06	1.35	to	2.25	(11.75)	to	(12.55)
2017	163,130		30.7748	to		36.2667		6,344,911	0.64	1.35	to	2.25	12.44	to	11.37
2016	204,714		27.3709	to		29.8788		7,092,483	0.25	1.30	to	2.25	16.14	to	15.02

PH2
2020	22,083		18.3408	to		17.4161		396,045	1.10	1.35	to	1.90	11.51	to	10.89
2019	23,358		16.4478	to		15.9711		376,666	1.47	1.35	to	1.70	25.81	to	25.36
2018	28,613		13.0736	to		12.5993		367,455	1.48	1.35	to	1.85	(11.95)	to	(12.40)
2017	37,723		14.8480	to		14.3363		552,210	3.35	1.35	to	1.85	21.34	to	20.67
2016	25,868		12.2369	to		11.4183		313,754	4.98	1.35	to	2.10	6.29	to	2.48

P08
2020	1,018,738		17.2291	to		15.3489		16,682,026	5.01	1.35	to	2.10	6.55	to	5.75
2019	1,102,174		16.1693	to		14.2034		16,987,769	2.93	1.35	to	2.25	10.39	to	9.39
2018	1,178,282		14.6475	to		12.9838		16,485,880	3.10	1.35	to	2.25	(6.69)	to	(7.53)
2017	1,399,377		15.6974	to		14.0418		21,100,589	4.65	1.35	to	2.25	12.02	to	11.01
2016	1,425,955		14.0135	to		12.6495		19,285,931	2.56	1.35	to	2.25	11.41	to	10.39

- 169 -

DELAWARE LIFE VARIABLE ACCOUNT F - REGATTA

(A Separate Account of Delaware Life Insurance Company)

10. FINANCIAL HIGHLIGHTS (CONTINUED)

	At December 31,								For the years ended December 31,
									Investment
		Unit Value					Net		Income	Income
	Units	lowest to highest⁴					Assets		Ratio¹	lowest to highest²			Total Return³
PC0
2020	1,034,110	$	14.4508	to	$	12.6108	$	13,695,289	4.82%	0.65%	to	2.10%	7.21%	to	5.65%
2019	1,187,243		13.4796	to		11.9366		14,802,101	2.77	0.65	to	2.10	11.02	to	9.41
2018	1,390,142		12.1418	to		10.9101		15,777,531	2.96	0.65	to	2.10	(6.06)	to	(7.43)
2017	1,647,311		12.9256	to		11.7862		20,084,264	4.59	0.65	to	2.10	12.64	to	11.01
2016	1,573,134		11.4748	to		10.6169		17,175,088	2.42	0.65	to	2.10	12.17	to	10.53

P70
2020	51,525		5.2914	to		4.6392		257,269	6.31	0.65	to	2.05	0.57	to	(0.84)
2019	52,264		5.2614	to		4.6785		255,626	4.19	0.65	to	2.05	10.63	to	9.08
2018	62,897		4.7559	to		4.2891		280,406	1.97	0.65	to	2.05	(14.76)	to	(15.96)
2017	66,417		5.5796	to		5.1038		350,533	10.69	0.65	to	2.05	1.39	to	(0.03)
2016	71,096		5.5293	to		5.1053		373,905	0.96	0.65	to	2.05	14.13	to	12.52

P10
2020	4,052,034		5.9015	to		4.8938		22,070,683	6.44	0.65	to	2.35	0.69	to	(1.02)
2019	4,210,677		5.8610	to		4.9443		23,012,902	4.48	0.65	to	2.35	10.71	to	8.83
2018	4,476,996		5.2941	to		4.5432		22,324,165	2.10	0.65	to	2.35	(14.69)	to	(16.15)
2017	5,309,995		6.2059	to		5.4182		31,374,446	11.24	0.65	to	2.35	1.49	to	(0.23)
2016	5,613,985		6.1148	to		5.4308		33,027,779	1.09	0.65	to	2.35	14.41	to	12.45

PK8
2020	230,453		15.2317	to		30.3907		7,446,911	4.59	0.65	to	2.30	6.01	to	4.26
2019	254,755		14.3682	to		29.1500		7,902,801	4.42	0.65	to	2.30	14.05	to	12.17
2018	278,892		12.5980	to		17.7675		7,700,705	4.12	0.65	to	2.55	(5.36)	to	(7.16)
2017	353,094		13.3109	to		19.1381		10,501,720	5.08	0.65	to	2.55	9.18	to	7.11
2016	419,882		12.1916	to		17.8672		11,618,444	5.26	0.65	to	2.55	12.61	to	10.45

P20
2020	11,525		13.9894	to		13.0974		158,253	4.49	1.35	to	2.05	5.16	to	4.42
2019	16,181		13.3032	to		12.4903		211,235	4.37	1.35	to	2.10	13.14	to	12.29
2018	36,604		11.7584	to		11.1236		422,826	4.02	1.35	to	2.10	(6.12)	to	(6.83)
2017	42,567		12.5246	to		11.9389		525,044	4.96	1.35	to	2.10	8.31	to	7.49
2016	32,472		11.5638	to		11.1066		370,047	5.17	1.35	to	2.10	11.70	to	10.85

PM5
2020	3,644		11.0266					40,181	0.89	1.20			4.19

PD6
2020	24,779,720		14.9483	to		14.7149		386,372,660	7.93	0.65	to	2.10	15.95	to	14.27
2019	28,128,118		12.8916	to		12.6752		381,865,764	2.05	0.65	to	2.25	16.20	to	14.35
2018	32,259,391		11.0943	to		11.0850		380,593,252	1.59	0.65	to	2.25	(6.23)	to	(7.73)
2017	37,702,836		11.8310	to		12.0142		479,172,954	2.10	0.65	to	2.25	13.26	to	11.45
2016	43,988,744		10.4463	to		10.7801		498,296,480	2.31	0.65	to	2.25	3.24	to	1.58

P06
2020	1,749,011		16.1467	to		15.8597		30,989,220	1.39	1.30	to	2.30	10.27	to	9.16
2019	2,006,490		14.6435	to		14.5293		32,390,144	1.66	1.30	to	2.30	7.04	to	5.97
2018	2,212,668		13.6804	to		13.7114		33,513,529	2.50	1.30	to	2.30	(3.48)	to	(4.45)
2017	2,714,427		14.1736	to		14.3506		42,776,207	2.37	1.30	to	2.30	2.32	to	1.29
2016	2,992,479		13.8527	to		14.0798		46,282,276	2.24	1.30	to	2.30	3.83	to	2.78

P07
2020	6,995,070		18.1477	to		15.3639		129,212,572	2.13	1.30	to	2.35	7.25	to	6.12
2019	7,707,882		16.9212	to		14.4783		133,331,271	3.01	1.30	to	2.35	6.97	to	5.84
2018	8,590,870		15.8193	to		13.2477		139,502,056	2.53	1.30	to	2.55	(1.83)	to	(3.06)
2017	10,466,926		16.1136	to		13.6664		173,975,506	2.02	1.30	to	2.55	3.56	to	2.26
2016	11,732,629		15.5594	to		13.3638		189,260,806	2.06	1.30	to	2.55	1.35	to	0.06

P68
2020	79,749		11.5602					921,917	1.80	1.20			7.25
2019	1,895		10.7788					20,424	2.82	1.20			6.97

- 170 -

DELAWARE LIFE VARIABLE ACCOUNT F - REGATTA

(A Separate Account of Delaware Life Insurance Company)

10. FINANCIAL HIGHLIGHTS (CONTINUED)

	At December 31,								For the years ended December 31,
									Investment
		Unit Value					Net		Income	Income
	Units	lowest to highest⁴					Assets		Ratio¹	lowest to highest²			Total Return³
PI3
2020	1,356,775	$	10.3730	to	$	9.0518	$	12,867,174	-%	0.65%	to	2.10%	(7.98%)	to	(9.32%)
2019	1,404,143		11.2727	to		9.9824		14,604,913	-	0.65	to	2.10	5.23	to	3.70
2018	1,520,792		10.7129	to		9.6262		15,177,351	0.40	0.65	to	2.10	(8.44)	to	(9.77)
2017	1,875,956		11.7004	to		10.6690		20,655,019	-	0.65	to	2.10	6.29	to	4.75
2016	2,003,188		10.6047	to		10.1855		20,961,119	3.83	1.35	to	2.10	(0.66)	to	(1.42)

P72
2020	536,802		29.8044	to		25.6448		14,403,371	1.79	0.65	to	2.25	5.11	to	3.43
2019	532,161		28.3544	to		24.7945		13,842,390	2.04	0.65	to	2.25	29.56	to	27.49
2018	593,554		21.8856	to		19.0187		12,064,141	0.71	0.65	to	2.55	(9.09)	to	(10.82)
2017	645,430		24.0728	to		21.3263		14,599,911	1.74	0.65	to	2.55	18.00	to	15.77
2016	734,547		20.4002	to		18.4216		14,212,210	1.82	0.65	to	2.55	12.90	to	10.75

P88
2020	9,019		12.7661					115,140	-	1.20			14.02

P93
2020	1,580		11.4648					18,109	-	1.20			10.96

P89
2020	4,642		13.2012					61,286	-	1.20			14.88

P95
2020	3,119		11.5561					36,049	1.50	1.20			4.46
2019	664		11.0626					7,351	-	1.20			10.55

P79
2020	8,993		13.4393					120,857	0.26	1.20			18.48
2019	1,490		11.3433					16,907	-	1.20			31.64

W41
2020	6,809		36.9161	to		32.9983		238,777	0.79	1.35	to	2.05	24.94	to	24.06
2019	9,137		29.5462	to		26.5978		257,366	0.07	1.35	to	2.05	27.56	to	26.66
2018	10,657		23.1626	to		20.9987		236,808	0.16	1.35	to	2.05	(13.60)	to	(14.21)
2017	11,753		26.8083	to		24.4767		303,816	0.16	1.35	to	2.05	24.97	to	24.09
2016	15,020		21.4519	to		19.7246		310,731	0.16	1.35	to	2.05	11.83	to	11.04

W42
2020	1,151		36.5248	to		34.2551		41,589	-	1.65	to	2.05	22.18	to	21.69
2019	1,276		29.8943	to		28.1496		37,721	0.26	1.65	to	2.05	28.95	to	28.43
2018	1,368		23.1836	to		21.9184		31,384	0.07	1.65	to	2.05	(3.09)	to	(3.48)
2017	2,234		23.9234	to		22.7093		52,910	-	1.65	to	2.05	17.62	to	17.15
2016	2,292		20.3397	to		15.6813		46,189	-	1.65	to	2.05	11.81	to	11.36

W46⁹
2016	-		11.5298	to		10.4698		-	0.48	0.65	to	2.55	2.57	to	1.93

W50
2020	32,781		11.9179					390,678	4.20	1.20			7.74

¹Represents the dividends, excluding distributions of capital gains, received by the Sub-Account from the underlying mutual fund, net of management fees assessed by the fund manager, divided by the average net assets. The ratio excludes those expenses, such as mortality and expense charges, that result in direct reductions in the unit values. The recognition of investment income by the Sub-Account is affected by the timing of the declaration of dividends by the underlying fund in which the Sub-Accounts invest.

²Ratio represents the annualized contract expenses of the Sub-Account, consisting primarily of mortality and expense charges and distribution charges. The ratio includes only those expenses that result in a direct reduction to unit values. Charges made directly to contract owner accounts through the redemption of units and expenses of the underlying fund are excluded.

³Ratio represents the total return for the year indicated, including changes in the value of the underlying fund. The total return does not include any expenses assessed through the redemption of units; inclusion of these expenses in the calculation would result in reduction in the total return presented. The total return is calculated for each period indicated or from the effective date through the end of the reporting period using the unit value of the beginning period that corresponds to the lowest or highest ending period unit value disclosed. The total returns are presented as a range of maximum to minimum values based on the product grouping representing the corresponding lowest to highest expense ratio amounts.

⁴The unit values are not a direct calculation of net assets over the number of units allocated to the Sub-Account. The unit values are presented as a range of maximum to minimum values based on the product grouping representing the corresponding lowest to highest expense ratio amounts. Some unit values may be outside of the range due to timing of the related Sub-Account level's commencement date. Unit values of product pricing levels with zero units during the period are excluded when determining the range.

⁵Columbia Variable Portfolio - International Opportunities Fund - Class 2 Sub-Account (C65) merged into fund C58 on April 29, 2016.

⁶Columbia Variable Portfolio - Large Cap Growth Fund II Class 1 Sub-Account (C61) merged into fund C59 on April 29, 2016.

⁷Columbia Variable Portfolio - Large Cap Growth Fund II - Class 2 Sub-Account (C62) merged into fund C60 on April 29, 2016.

⁸Columbia Variable Portfolio- Loomis Sayles Growth Fund II Class 2 Sub-Account (C64) merged into fund C90 on April 29, 2016.

⁹Wells Fargo VT Total Return Bond Fund Class 2 Sub-Account (W46) merged into fund MD9 on April 29, 2016.

- 171 -

Delaware Life
Variable Account F - All-Star

Financial Statements as of and for the Year Ended December 31, 2020 and
Report of Independent Registered Public Accounting Firm

DELAWARE LIFE VARIABLE ACCOUNT F - ALL-STAR
(A Separate Account of Delaware Life Insurance Company)
Index
December 31, 2020

	Page(s)

Report of Independent Registered Public Accounting Firm	1-2
Financial Statements
Statements of Assets and Liabilities	3-4
Statements of Operations	5-13
Statements of Changes in Net Assets	14-28
Notes to the Financial Statements	29-41

- 2 -

LOGO

Report of Independent Registered Public Accounting Firm

To the Board of Directors of Delaware Life Insurance Company and the Contract Owners of Delaware Life Variable Account F:

Opinions on the Financial Statements

We have audited the accompanying statements of assets and liabilities of each of the subaccounts of Delaware Life Variable Account F – All Star indicated in the table below as of December 31, 2020, and the related statements of operations and of changes in net assets for each of the periods indicated in the table below, including 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 of the subaccounts of Delaware Life Variable Account F – All Star as of December 31, 2020, and the results of each of their operations and the changes in each of their net assets for the periods indicated in the table below, in conformity with accounting principles generally accepted in the United States of America.


AB VPS Global Thematic Growth Portfolio (Class B) Sub-Account (A70) (1)		Franklin Templeton Mutual Shares VIP Fund Class 2 Sub-Account (F54) (1)

AB VPS Growth and Income Portfolio (Class B) Sub-Account (A71) (1)		Invesco V.I. American Franchise Fund Series II Sub-Account (V52) (1)

AB VPS International Growth Portfolio (Class B) Sub-Account (AM2) (1)		Invesco V.I. International Growth Fund II Sub-Account (AC1) (1)

Columbia Variable Portfolio - Asset Allocation Fund Class 2 Sub-Account (C55) (2)		MFS VIT I Growth Series Service Class Sub-Account (M80) (1)

Columbia Variable Portfolio - Dividend Opportunity Fund Class 2 Sub-Account (C49) (1)		MFS VIT I Investors Trust Series (Service Class) Sub-Account (M10) (1)

Columbia Variable Portfolio - Government Money Market Fund Class 1 Sub-Account (C75) (1)		MFS VIT II Massachusetts Investors Growth Stock Portfolio S Class Sub-Account (MB3) (1)

Columbia Variable Portfolio - Income Opportunities Fund Class 2 Sub-Account (C76) (1)		MFS VIT I New Discovery Series Service Class Sub-Account (M42) (1)

Columbia Variable Portfolio - Large Cap Growth Fund Class 2 Sub-Account (C60) (1)		MFS VIT I Value Series Initial Class Sub-Account (M83) (1)

Columbia Variable Portfolio - Select Mid Cap Value Fund Class 1 Sub-Account (C66) (1)		MFS VIT III Mid Cap Value Portfolio Initial Class Sub-Account (MG3) (1)

Columbia Variable Portfolio - Large Cap Index Fund Class 2 Sub-Account (C68) (1)		PIMCO VIT Real Return Portfolio Admin Class Sub-Account (P06) (1)

Columbia Variable Portfolio - Strategic Income Fund Class 2 Sub-Account (C73) (1)		PIMCO VIT Total Return Portfolio Admin Class Sub-Account (P07) (1)

Columbia Variable Portfolio - U.S. Government Mortgage Fund Class 1 Sub-Account (C69) (1)		Rydex VT NASDAQ-100 Fund Sub-Account (R03) (1)

Columbia Variable Portfolio - U.S. Government Mortgage Fund Class 2 Sub-Account (C70) (1)		Wanger International Sub-Account (W39) (1)

Fidelity VIP Equity-Income Portfolio (Service Class 2) Sub-Account (F97) (1)		Wanger Select Fund Sub-Account (W41) (1)

Franklin Templeton Foreign VIP Fund Class 2 Sub-Account (T20) (1)		Wanger USA Sub-Account (W42) (1)

Franklin Templeton Growth and Income VIP Fund (Class 2) Sub-Account (F51) (1)

(1) Statement of operations for the year ended December 31, 2020 and statement of changes in net assets for the years ended December 31, 2020 and 2019.

(2) Statement of operations for the period January 1, 2020 to April 24, 2020 (date of liquidation) and statement of changes in net assets for the period January 1, 2020 to April 24, 2020 (date of liquidation) and the year ended December 31, 2019.

Basis for Opinions

PricewaterhouseCoopers LLP, 185 Asylum Street, Suite 2400, Hartford, CT 06103-3404

T: (860) 241 7000, www.pwc.com/us

-1-

required to be independent with respect to each of the subaccounts of Delaware Life Variable Account F – All Star in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of investments owned as of December 31, 2020 by correspondence with the transfer agents of the investee mutual funds. We believe that our audits provide a reasonable basis for our opinions.

/s/ PricewaterhouseCoopers LLP

Hartford, CT

April 28, 2021

We have served as the auditor of one or more of the subaccounts of Delaware Life Variable Account F – All Star since 2013.

-2-

DELAWARE LIFE VARIABLE ACCOUNT F - ALL-STAR
(A Separate Account of Delaware Life Insurance Company)

STATEMENTS OF ASSETS AND LIABILITIES
DECEMBER 31, 2020

			Assets
	Shares		Cost		Investments at fair value		Receivable from Sponsor		Total assets		Net Assets
AB VPS Global Thematic Growth Portfolio (Class B) Sub-Account (A70)		1,243	$	26,999	$	50,404	$	-	$	50,404	$	50,404
AB VPS Growth and Income Portfolio (Class B) Sub-Account (A71)		31,046		815,130		882,635		-		882,635		882,635
AB VPS International Growth Portfolio (Class B) Sub-Account (AM2)		2,752		49,452		74,624		-		74,624		74,624
Columbia Variable Portfolio - Asset Allocation Fund Class 2 Sub-Account (C55) ¹		-		-		-		-		-		-
Columbia Variable Portfolio - Dividend Opportunity Fund Class 2 Sub-Account (C49)		17,469		277,792		508,706		-		508,706		508,706
Columbia Variable Portfolio - Government Money Market Fund Class 1 Sub-Account (C75)		1,840,668		1,840,668		1,840,668		-		1,840,668		1,840,668
Columbia Variable Portfolio - Income Opportunities Fund Class 2 Sub-Account (C76)		57,521		449,194		440,611		9,851		450,462		450,462
Columbia Variable Portfolio - Large Cap Growth Fund Class 2 Sub-Account (C60)		15,455		145,694		443,701		-		443,701		443,701
Columbia Variable Portfolio - Select Mid Cap Value Fund Class 1 Sub-Account (C66)		9,765		140,199		272,143		-		272,143		272,143
Columbia Variable Portfolio - Large Cap Index Fund Class 2 Sub-Account (C68)		8,939		92,537		266,913		-		266,913		266,913
Columbia Variable Portfolio - Strategic Income Fund Class 2 Sub-Account (C73)		135,979		597,047		592,867		9,322		602,189		602,189
Columbia Variable Portfolio - U.S. Government Mortgage Fund Class 1 Sub-Account (C69)		18,899		197,442		204,680		-		204,680		204,680
Columbia Variable Portfolio - U.S. Government Mortgage Fund Class 2 Sub-Account (C70)		44,274		459,910		478,164		-		478,164		478,164
Fidelity VIP Equity-Income Portfolio (Service Class 2) Sub-Account (F97)		5,525		113,259		128,069		-		128,069		128,069
Franklin Templeton Foreign VIP Fund Class 2 Sub-Account (T20)		46,284		603,538		614,654		-		614,654		614,654
Franklin Templeton Growth and Income VIP Fund (Class 2) Sub-Account (F51)		9,259		118,376		120,087		-		120,087		120,087
Franklin Templeton Mutual Shares VIP Fund Class 2 Sub-Account (F54)		12,471		220,408		206,892		-		206,892		206,892
Invesco V.I. American Franchise Fund Series II Sub-Account (V 52)		1,779		113,127		149,983		-		149,983		149,983
Invesco V.I. International Growth Fund II Sub-Account (AC1)		74		2,825		3,109		-		3,109		3,109
MFS VIT I Growth Series Service Class Sub-Account (M80)		12,164		512,790		854,253		-		854,253		854,253
MFS VIT I Investors Trust Series (Service Class) Sub-Account (M10)		2,690		70,704		96,813		-		96,813		96,813
MFS VIT II Massachusetts Investors Growth Stock Portfolio S Class Sub-Account (MB3)		8,341		170,463		205,765		-		205,765		205,765
MFS VIT I New Discover Series Service Class Sub-Account (M42)		454		6,642		10,718		-		10,718		10,718
MFS VIT I Value Series Initial Class Sub-Account (M83)		18,027		336,101		367,741		-		367,741		367,741
MFS VIT III Mid Cap Value Portfolio Initial Class Sub-Account (MG3)		14,200		112,006		121,980		-		121,980		121,980
PIMCO VIT Real Return Portfolio Admin Class Sub-Account (P06)		24,269		312,934		337,826		-		337,826		337,826
PIMCO VIT Total Return Portfolio Admin Class Sub-Account (P07)		113,506		1,256,519		1,315,534		-		1,315,534		1,315,534
Rydex VT NASDAQ-100 Fund Sub-Account (R03) ²		-		-		-		-		-		-
Wanger International Sub-Account (W39)		2,029		53,506		56,864		-		56,864		56,864
Wanger Select Fund Sub-Account (W41)		29,287		581,412		598,032		-		598,032		598,032
Wanger USA Sub-Account (W42)
		44,782		997,288		1,102,993		-		1,102,993		1,102,993

1	This Sub-Account was closed in 2020 due to merger Refer to Note 1 for details on merged and liquidated Sub-Accounts

2	This Sub-Account is active but had zero balance as of December 31, 2020

- 3 -

DELAWARE LIFE VARIABLE ACCOUNT F - ALL-STAR
(A Separate Account of Delaware Life Insurance Company)

STATEMENTS OF ASSETS AND LIABILITIES (CONTINUED)
DECEMBER 31, 2020

	Units		Value Applicable to Owners of Deferred Variable Annuity Contracts		Reserve for Variable Annuities		Net Assets
A70		1,630	$	50,404	$		$	50,404
A71		33,525		882,635		-		882,635
AM2		2,532		74,624		-		74,624
C55		-		-		-		-
C49		29,841		508,706		-		508,706
C75		202,456		1,840,668		-		1,840,668
C76		35,124		440,611		9,851		450,462
C60		13,767		443,701		-		443,701
C66		13,933		272,143		-		272,143
C68		9,767		266,913		-		266,913
C73		26,417		592,867		9,322		602,189
C69		18,341		204,680		-		204,680
C70		44,500		478,164		-		478,164
F97		5,739		128,069		-		128,069
T20		31,090		614,654		-		614,654
F51		4,120		120,087		-		120,087
F54		8,865		206,892		-		206,892
V52		4,808		149,983		-		149,983
AC1		115		3,109		-		3,109
M80		15,055		854,253		-		854,253
M10		3,347		96,813		-		96,813
MB3		10,077		205,765		-		205,765
M42		166		10,718		-		10,718
M83		17,116		367,741		-		367,741
MG3		5,053		121,980		-		121,980
P06		20,422		337,826		-		337,826
P07		77,144		1,315,534		-		1,315,534
R03		-		-		-		-
W39		1,208		56,864		-		56,864
W41		12,928		598,032		-		598,032
W42		22,266		1,102,993		-		1,102,993

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

- 4 -

DELAWARE LIFE VARIABLE ACCOUNT F - ALL-STAR
(A Separate Account of Delaware Life Insurance Company)

STATEMENTS OF OPERATIONS
FOR THE YEAR ENDED DECEMBER 31, 2020

	A70 Sub-Account			A71 Sub-Account			AM2 Sub-Account
Income:
Dividend income	$	187		$	11,317		$	740
Expenses:
Mortality and expense risk charges		(570	)		(11,755	)		(964	)
Administration, distribution charges and other		(155	)		(3,460	)		(331	)
Net investment income (loss)		(538	)		(3,898	)		(555	)
Net realized and change in unrealized gains (losses):
Net realized gains (losses) on sale of investments		557			50,159			3,219
Realized gain distributions		3,943			46,210			5,780
Net realized gains (losses)		4,500			96,369			8,999
Net change in unrealized appreciation (depreciation)		10,824			(79,936	)		8,573
Net realized and change in unrealized gains (losses)		15,324			16,433			17,572
Net increase (decrease) in net assets from operations	$	14,786		$	12,535		$	17,017

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

- 5 -

DELAWARE LIFE VARIABLE ACCOUNT F - ALL-STAR
(A Separate Account of Delaware Life Insurance Company)

STATEMENTS OF OPERATIONS (CONTINUED)
FOR THE YEAR ENDED DECEMBER 31, 2020

	C55 Sub-Account			C49 Sub-Account			C75 Sub-Account
Income:
Dividend income	$	20,417		$	-		$	4,016
Expenses:
Mortality and expense risk charges		(4,080	)		(6,547	)		(22,657	)
Administration, distribution charges and other		(1,238	)		(1,906	)		(6,832	)
Net investment income (loss)		15,099			(8,453	)		(25,473	)
Net realized and change in unrealized gains (losses):
Net realized gains (losses) on sale of investments		(167,438	)		55,030			-
Realized gain distributions		237,870			-			-
Net realized gains (losses)		70,432			55,030			-
Net change in unrealized appreciation (depreciation)		(161,985	)		(48,729	)
Net realized and change in unrealized gains (losses)		(91,553	)		6,301
Net increase (decrease) in net assets from operations	$	(76,454	)	$	(2,152	)	$	(25,473	)

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

- 6 -

DELAWARE LIFE VARIABLE ACCOUNT F - ALL-STAR
(A Separate Account of Delaware Life Insurance Company)

STATEMENTS OF OPERATIONS (CONTINUED)
FOR THE YEAR ENDED DECEMBER 31, 2020

	C76 Sub-Account			C60 Sub-Account			C66 Sub-Account
Income:
Dividend income	$	19,932		$	-		$	-
Expenses:
Mortality and expense risk charges		(6,024	)		(5,366	)		(3,383	)
Administration, distribution charges and other		(1,768	)		(1,555	)		(994	)
Net investment income (loss)		12,140			(6,921	)		(4,377	)
Net realized and change in unrealized gains (losses):
Net realized gains (losses) on sale of investments		(10,853	)		30,221			71,433
Realized gain distributions		-			-			-
Net realized gains (losses)		(10,853	)		30,221			71,433
Net change in unrealized appreciation (depreciation)		15,436			89,644			(44,309	)
Net realized and change in unrealized gains (losses)		4,583			119,865			27,124
Net increase (decrease) in net assets from operations	$	16,723		$	112,944		$	22,747

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

- 7 -

DELAWARE LIFE VARIABLE ACCOUNT F - ALL-STAR
(A Separate Account of Delaware Life Insurance Company)

STATEMENTS OF OPERATIONS (CONTINUED)
FOR THE YEAR ENDED DECEMBER 31, 2020

	C68 Sub-Account			C73 Sub-Account			C69 Sub-Account
Income:
Dividend income	$	-		$	19,231		$	4,875
Expenses:
Mortality and expense risk charges		(3,130	)		(8,637	)		(2,479	)
Administration, distribution charges and other		(803	)		(2,014	)		(663	)
Net investment income (loss)		(3,933	)		8,580			1,733
Net realized and change in unrealized gains (losses):
Net realized gains (losses) on sale of investments		90,225			(6,160	)		1,804
Realized gain distributions		-			-			671
Net realized gains (losses)		90,225			(6,160	)		2,475
Net change in unrealized appreciation (depreciation)		(45,574	)		22,891			1,716
Net realized and change in unrealized gains (losses)		44,651			16,731			4,191
Net increase (decrease) in net assets from operations	$	40,718		$	25,311		$	5,924

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

- 8 -

DELAWARE LIFE VARIABLE ACCOUNT F - ALL-STAR
(A Separate Account of Delaware Life Insurance Company)

STATEMENTS OF OPERATIONS (CONTINUED)
FOR THE YEAR ENDED DECEMBER 31, 2020

	C70 Sub-Account			F97 Sub-Account			T20 Sub-Account
Income:
Dividend income	$	11,234		$	1,896		$	21,613
Expenses:
Mortality and expense risk charges		(6,454	)		(1,734	)		(8,316	)
Administration, distribution charges and other		(2,089	)		(560	)		(2,701	)
Net investment income (loss)		2,691			(398	)		10,596
Net realized and change in unrealized gains (losses):
Net realized gains (losses) on sale of investments		3,277			(1,161	)		(20,315	)
Realized gain distributions		1,703			5,764			-
Net realized gains (losses)		4,980			4,603			(20,315	)
Net change in unrealized appreciation (depreciation)		5,700			(22	)		7,284
Net realized and change in unrealized gains (losses)		10,680			4,581			(13,031	)
Net increase (decrease) in net assets from operations	$	13,371		$	4,183		$	(2,435	)

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

- 9 -

DELAWARE LIFE VARIABLE ACCOUNT F - ALL-STAR
(A Separate Account of Delaware Life Insurance Company)

STATEMENTS OF OPERATIONS (CONTINUED)
FOR THE YEAR ENDED DECEMBER 31, 2020

	F51 Sub-Account			F54 Sub-Account			V52 Sub-Account
Income:
Dividend income	$	4,275		$	5,483		$	-
Expenses:
Mortality and expense risk charges		(1,473	)		(2,836	)		(1,693	)
Administration, distribution charges and other		(435	)		(842	)		(566	)
Net investment income (loss)		2,367			1,805			(2,259	)
Net realized and change in unrealized gains (losses):
Net realized gains (losses) on sale of investments		11,282			(5,254	)		679
Realized gain distributions		24,990			7,622			9,731
Net realized gains (losses)		36,272			2,368			10,410
Net change in unrealized appreciation (depreciation)		(17,606	)		(26,735	)		29,593
Net realized and change in unrealized gains (losses)		18,666			(24,367	)		40,003
Net increase (decrease) in net assets from operations	$	21,033		$	(22,562	)	$	37,744

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

- 10 -

DELAWARE LIFE VARIABLE ACCOUNT F - ALL-STAR
(A Separate Account of Delaware Life Insurance Company)

STATEMENTS OF OPERATIONS (CONTINUED)
FOR THE YEAR ENDED DECEMBER 31, 2020

	AC1 Sub-Account			M80 Sub-Account			M10 Sub-Account
Income:
Dividend income	$	58		$	-		$	374
Expenses:
Mortality and expense risk charges		(51	)		(10,994	)		(1,340	)
Administration, distribution charges and other		(12	)		(3,381	)		(409	)
Net investment income (loss)		(5	)		(14,375	)		(1,375	)
Net realized and change in unrealized gains (losses):
Net realized gains (losses) on sale of investments		(786	)		87,694			2,940
Realized gain distributions		64			54,821			2,695
Net realized gains (losses)		(722	)		142,515			5,635
Net change in unrealized appreciation (depreciation)		318			83,071			4,662
Net realized and change in unrealized gains (losses)		(404	)		225,586			10,297
Net increase (decrease) in net assets from operations	$	(409	)	$	211,211		$	8,922

STATEMENTS OF OPERATIONS (CONTINUED)
FOR THE YEAR ENDED DECEMBER 31, 2020

	MB3 Sub-Account			M42 Sub-Account			M83 Sub-Account
Income:
Dividend income	$	401		$	-		$	5,756
Expenses:
Mortality and expense risk charges		(2,533	)		(106	)		(4,837	)
Administration, distribution charges and other		(792	)		(25	)		(1,580	)
Net investment income (loss)		(2,924	)		(131	)		(661	)
Net realized and change in unrealized gains (losses):
Net realized gains (losses) on sale of investments		1,698			42			4,999
Realized gain distributions		17,634			861			16,132
Net realized gains (losses)		19,332			903			21,131
Net change in unrealized appreciation (depreciation)		14,737			2,460			(11,731	)
Net realized and change in unrealized gains (losses)		34,069			3,363			9,400
Net increase (decrease) in net assets from operations	$	31,145		$	3,232		$	8,739

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

- 11 -

STATEMENTS OF OPERATIONS (CONTINUED)
FOR THE YEAR ENDED DECEMBER 31, 2020

	MG3 Sub-Account			P06 Sub-Account			P07 Sub-Account
Income:
Dividend income	$	1,332		$	4,701		$	27,947
Expenses:
Mortality and expense risk charges		(1,673	)		(4,407	)		(18,107	)
Administration, distribution charges and other		(502	)		(1,155	)		(5,741	)
Net investment income (loss)		(843	)		(861	)		4,099
Net realized and change in unrealized gains (losses):
Net realized gains (losses) on sale of investments		(7,128	)		693			3,494
Realized gain distributions		4,510			-			15,366
Net realized gains (losses)		(2,618	)		693			18,860
Net change in unrealized appreciation (depreciation)		(1,775	)		31,099			60,664
Net realized and change in unrealized gains (losses)		(4,393	)		31,792			79,524
Net increase (decrease) in net assets from operations	$	(5,236	)	$	30,931		$	83,623

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

- 12 -

STATEMENTS OF OPERATIONS (CONTINUED)
FOR THE YEAR ENDED DECEMBER 31, 2020

	W39 Sub-Account			W41 Sub-Account			W42 Sub-Account
Income:
Dividend income	$	998		$	3,727		$	-
Expenses:
Mortality and expense risk charges		(715	)		(7,138	)		(13,707	)
Administration, distribution charges and other		(216	)		(1,782	)		(3,994	)
Net investment income (loss)		67			(5,193	)		(17,701	)
Net realized and change in unrealized gains (losses):
Net realized gains (losses) on sale of investments		(760	)		(18,443	)		(72,140	)
Realized gain distributions		1,781			55,308			113,104
Net realized gains (losses)		1,021			36,865			40,964
Net change in unrealized appreciation (depreciation)		5,636			83,708			212,082
Net realized and change in unrealized gains (losses)		6,657			120,573			253,046
Net increase (decrease) in net assets from operations	$	6,724		$	115,380		$	235,345

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

- 13 -

STATEMENTS OF CHANGES IN NET ASSETS
FOR THE YEARS ENDED DECEMBER 31, 2020 AND 2019

	A70 Sub-Account						A71 Sub-Account
	December 31,2020			December 31,2019			December 31, 2020			December 31, 2019
Operations:
Net investment income (loss)	$	(538	)	$	(433	)	$	(3,898	)	$	(7,880	)
Net realized gains (losses)		4,500			1,663			96,369			163,995
Net change in unrealized appreciation (depreciation)		10,824			4,785			(79,936	)		27,170
Increase (decrease) from operations		14,786			6,015			12,535			183,285
Contract Owner Transactions:
Accumulation Activity:
Purchase payments received		-			259			14,763			3,575
Transfers between Sub-Accounts (including the Fixed Account), net		8,839			(2	)		5,852			(23,954	)
Withdrawals, surrenders, annuitizations and contract charges		(1,384	)		(24	)		(104,698	)		(113,716	)
Net accumulation activity		7,455			233			(84,083	)		(134,095	)
*Annuitization Activity:*
Annuitizations		-			-			-			-
Annuity payments and contract charges		-			-			-			(12,379	)
Adjustments to annuity reserves		-			-			-			(14	)
Net annuitization activity		-			-			-			(12,393	)
Net increase (decrease) from contract owner transactions		7,455			233			(84,083	)		(146,488	)
Total increase (decrease) in net assets		22,241			6,248			(71,548	)		36,797
Net assets at beginning of year		28,163			21,915			954,183			917,386
Net assets at end of year	$	50,404		$	28,163		$	882,635		$	954,183

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

- 14 -

STATEMENTS OF CHANGES IN NET ASSETS CONTINUED)
FOR THE YEARS ENDED DECEMBER 31, 2020 AND 2019

	AM2 Sub-Account						C55 Sub-Account³
	December 31, 2020			December 31, 2019			December 31, 2020			December 31, 2019
Operations:
Net investment income (loss)	$	(555	)	$	(1,032	)	$	15,099		$	(117	)
Net realized gains (losses)		8,999			3,422			70,432			83,481
Net change in unrealized appreciation (depreciation)		8,573			10,835			(161,985	)		93,407
Increase (decrease) from operations		17,017			13,225			(76,454	)		176,771
Contract Owner Transactions:
*Accumulation Activity:*
Purchase payments received		-			-			-			16,729
Transfers between Sub-Accounts (including the Fixed Account), net		(1,051	)		(151	)		(939,218	)		(18,678	)
Withdrawals, surrenders, annuitizations and contract charges		(4,588	)		(3,382	)		(37,135	)		(99,543	)
Net accumulation activity		(5,639	)		(3,533	)		(976,353	)		(101,492	)
*Annuitization Activity:*
Annuitizations		-			-			-			-
Annuity payments and contract charges		-			-			-			(10,566	)
Adjustments to annuity reserves		-			-			-			(12	)
Net annuitization activity		-			-			-			(10,578	)
Net increase (decrease) from contract owner transactions		(5,639	)		(3,533	)		(976,353	)		(112,070	)
Total increase (decrease) in net assets		11,378			9,692			(1,052,807	)		64,701
Net assets at beginning of year		63,246			53,554			1,052,807			988,106
Net assets at end of year	$	74,624		$	63,246		$	-		$	1,052,807

³	The activities for this Sub-Account are for the period of January 1, 2020 to April 24, 2020. Refer to Note 1 for details on closed Sub Accounts.

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

- 15 -

STATEMENTS OF CHANGES IN NET ASSETS CONTINUED)
FOR THE YEARS ENDED DECEMBER 31, 2020 AND 2019

	C49 Sub-Account						C75 Sub-Account
	December 31, 2020			December 31, 2019			December 312020,			December 31, 2019

Operations:
Net investment income (loss)	$	(8,453	)	$	(10,105	)	$	(25,473	)	$	912
Net realized gains (losses)		55,030			10,644			-			-
Net change in unrealized appreciation (depreciation)		(48,729	)		104,200			-			-
Increase (decrease) from operations		(2,152	)		104,739			(25,473	)		912
Contract Owner Transactions:
*Accumulation Activity:*
Purchase payments received		180			792			275			9,693
Transfers between Sub-Accounts (including the Fixed Account), net		(48,418	)		1,485			947,461			85,816
Withdrawals, surrenders, annuitizations and contract charges		(23,834	)		(11,759	)		(351,194	)		(119,856	)
Net accumulation activity		(72,072	)		(9,482	)		596,542			(24,347	)
*Annuitization Activity:*
Annuitizations		-			-			-			-
Annuity payments and contract charges		-			(443	)		-			(12,358	)
Adjustments to annuity reserves		-			(14	)		-			(14	)
Net annuitization activity		-			(457	)		-			(12,372	)
Net increase (decrease) from contract owner transactions		(72,072	)		(9,939	)		596,542			(36,719	)
Total increase (decrease) in net assets		(74,224	)		94,800			571,069			(35,807	)
Net assets at beginning of year		582,930			488,130			1,269,599			1,305,406
Net assets at end of year	$	508,706		$	582,930		$	1,840,668		$	1,269,599

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

- 16 -

STATEMENTS OF CHANGES IN NET ASSETS CONTINUED)
FOR THE YEARS ENDED DECEMBER 31, 2020 AND 2019

	C76 Sub-Account						C60 Sub-Account
	December 31, 2020			December 312019,			December 31, 2020			December 31, 2019

Operations:
Net investment income (loss)	$	12,140		$	13,695		$	(6,921	)	$	(6,006	)
Net realized gains (losses)		(10,853	)		(15,127	)		30,221			14,639
Net change in unrealized appreciation (depreciation)		15,436			60,383			89,644			86,228
Increase (decrease) from operations		16,723			58,951			112,944			94,861
Contract Owner Transactions:
*Accumulation Activity:*
Purchase payments received		103			2,707			316			295
Transfers between Sub-Accounts
(including the Fixed Account), net		22,170			600			(7,942	)		(4,076	)
Withdrawals, surrenders, annuitizations
and contract charges		(46,319	)		(41,354	)		(27,607	)		(12,990	)
Net accumulation activity		(24,046	)		(38,047	)		(35,233	)		(16,771	)
Annuitization Activity:
Annuitizations		-			-			-			-
Annuity payments and contract charges		-			(4,399	)		-			(547	)
Adjustments to annuity reserves		(434	)		(194	)		-			(35	)
Net annuitization activity		(434	)		(4,593	)		-			(582	)
Net increase (decrease) from contract owner transactions		(24,480	)		(42,640	)		(35,233	)		(17,353	)
Total increase (decrease) in net assets		(7,757	)		16,311			77,711			77,508
Net assets at beginning of year		458,219			441,908			365,990			288,482
Net assets at end of year	$	450,462		$	458,219		$	443,701		$	365,990

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

- 17 -

STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)
FOR THE YEARS ENDED DECEMBER 31, 2020 AND 2019

	C66 Sub-Account						C68 Sub-Account
	December 31, 2020			December 31, 2019			December 31, 2020			December 31, 2019
Operations:
Net investment income (loss)	$	(4,377	)	$	(6,448	)	$	(3,933	)	$	(6,411	)
Net realized gains (losses)		71,433			12,403			90,225			29,819
Net change in unrealized appreciation (depreciation)		(44,309	)		80,386			(45,574	)		66,016
Increase (decrease) from operations		22,747			86,341			40,718			89,424
Contract Owner Transactions:
Accumulation Activity:
Purchase payments received Transfers between Sub-Accounts		-			12,890			-			26
(including the Fixed Account), net Withdrawals, surrenders, annuitizations		(91,612	)		(6,634	)		(76,807	)		(1,198	)
and contract charges		(26,477	)		(24,587	)		(68,890	)		(48,668	)
Net accumulation activity		(118,089	)		(18,331	)		(145,697	)		(49,840	)
Annuitization Activity:
Annuitizations		-			-			-			-
Annuity payments and contract charges		-			-			-			-
Adjustments to annuity reserves		-			-			-			-
Net annuitization activity		-			-			-			-
Net increase (decrease) from contract owner transactions		(118,089	)		(18,331	)		(145,697	)		(49,840	)
Total increase (decrease) in net assets		(95,342	)		68,010			(104,979	)		39,584
Net assets at beginning of year		367,485			299,475			371,892			332,308
Net assets at end of year	$	272,143		$	367,485		$	266,913		$	371,892

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

- 18 -

STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)
FOR THE YEARS ENDED DECEMBER 31, 2020 AND 2019

	C73 Sub-Account						C69 Sub-Account
	December 31, 2020			December 31, 2019			December 31, 2020			December 31, 2019
Operations:
Net investment income (loss)	$	8,580		$	10,220		$	1,733		$	2,310
Net realized gains (losses)		(6,160	)		(39,399	)		2,475			592
Net change in unrealized appreciation (depreciation)		22,891			76,637			1,716			7,485
Increase (decrease) from operations		25,311			47,458			5,924			10,387
Contract Owner Transactions:
Accumulation Activity:
Purchase payments received		-			-			-			8,442
Transfers between Sub-Accounts
(including the Fixed Account), net		3,763			7			(11,847	)		11,847
Withdrawals, surrenders, annuitizations and contract charges		(34,729	)		(34,270	)		(1,092	)		(27,960	)
Net accumulation activity		(30,966	)		(34,263	)		(12,939	)		(7,671	)
Annuitization Activity:
Annuitizations		-			-			-			-
Annuity payments and contract charges		-			(267	)		-			-
Adjustments to annuity reserves		(324	)		(446	)		-			-
Net annuitization activity		(324	)		(713	)		-			-
Net increase (decrease) from contract owner transactions		(31,290	)		(34,976	)		(12,939	)		(7,671	)
Total increase (decrease) in net assets		(5,979	)		12,482			(7,015	)		2,716
Net assets at beginning of year		608,168			595,686			211,695			208,979
Net assets at end of year	$	602,189		$	608,168		$	204,680		$	211,695

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

- 19 -

STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)
FOR THE YEARS ENDED DECEMBER 31, 2020 AND 2019

	C70 Sub-Account						C69 Sub-Account
	December 31, 2020			December 31, 2019			December 31, 2020			December 31, 2019
Operations:
Net investment income (loss)	$	2,691		$	3,345		$	(398	)	$	(215	)
Net realized gains (losses)		4,980			69			4,603			9,665
Net change in unrealized appreciation (depreciation)		5,700			19,449			(22	)		17,599
Increase (decrease) from operations		13,371			22,863			4,183			27,049
Contract Owner Transactions:
Accumulation Activity:
Purchase payments received		-			2,691			-			10,938
Transfers between Sub-Accounts
(including the Fixed Account), net		12,936			38,449			2,265			(374	)
Withdrawals, surrenders, annuitizations and contract charges		(64,234	)		(56,417	)		(8,249	)		(21,259	)
Net accumulation activity		(51,298	)		(15,277	)		(5,984	)		(10,695	)
Annuitization Activity:
Annuitizations		-			-			-			-
Annuity payments and contract charges		-			(12,278	)		-			-
Adjustments to annuity reserves		-			(14	)		-			-
Net annuitization activity		-			(12,292	)		-			-
Net increase (decrease) from contract owner transactions		(51,298	)		(27,569	)		(5,984	)		(10,695	)
Total increase (decrease) in net assets		(37,927	)		(4,706	)		(1,801	)		16,354
Net assets at beginning of year		516,091			520,797			129,870			113,516
Net assets at end of year	$	478,164		$	516,091		$	128,069		$	129,870

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

- 20 -

STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)
FOR THE YEARS ENDED DECEMBER 31, 2020 AND 2019

	T20 Sub-Account						F51 Sub-Account
	December 31, 2020			December 31, 2019			December 31, 2020			December 31, 2019
Operations:
Net investment income (loss)	$	10,596		$	(759	)	$	2,367		$	216
Net realized gains (losses)		(20,315	)		12,136			36,272			7,354
Net change in unrealized appreciation (depreciation)		7,284			56,300			(17,606	)		19,678
Increase (decrease) from operations		(2,435	)		67,677			21,033			27,248
Contract Owner Transactions:
Accumulation Activity:
Purchase payments received		-			2,807			-			-
Transfers between Sub-Accounts
(including the Fixed Account), net		30,139			19,547			56,564			(1	)
Withdrawals, surrenders, annuitizations and contract charges		(87,394	)		(69,625	)		(99,049	)		(6,276	)
Net accumulation activity		(57,255	)		(47,271	)		(42,485	)		(6,277	)
Annuitization Activity:
Annuitizations		-			-			-			-
Annuity payments and contract charges		-			(4,530	)		-			-
Adjustments to annuity reserves		-			(5	)		-			-
Net annuitization activity		-			(4,535	)		-			-
Net increase (decrease) from contract owner transactions		(57,255	)		(51,806	)		(42,485	)		(6,277	)
Total increase (decrease) in net assets		(59,690	)		15,871			(21,452	)		20,971
Net assets at beginning of year		674,344			658,473			141,539			120,568
Net assets at end of year	$	614,654		$	674,344		$	120,087		$	141,539

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

- 21 -

DELAWARE LIFE VARIABLE ACCOUNT F - ALL-STAR
(A Separate Account of Delaware Life Insurance Company)

STATEMENTS OF CHANGES IN NET ASSETS CONTINUED)
FOR THE YEARS ENDED DECEMBER 31, 2020 AND 2019

	F54 Sub-Account						V52 Sub-Account
	December 31, 2020			December 31, 2019			December 31, 2020			December 31, 2019
Operations:
Net investment income (loss)	$	1,805		$	38		$	(2,259	)	$	(499	)
Net realized gains (losses)		2,368			29,825			10,410			4,139
Net change in unrealized appreciation (depreciation)		(26,735	)		26,094			29,593			3,780
Increase (decrease) from operations		(22,562	)		55,957			37,744			7,420
Contract Owner Transactions:
Accumulation Activity:
Purchase payments received		11,675			228			-			-
Transfers between Sub-Accounts (including the Fixed Account), net		(11,856	)		1			83,175			-
Withdrawals, surrenders, annuitizations and contract charges		(93,624	)		(11,348	)		(265	)		(15	)
Net accumulation activity		(93,805	)		(11,119	)		82,910			(15	)
Annuitization Activity:
Annuitizations		-			-			-			-
Annuity payments and contract charges		-			-			-			-
Adjustments to annuity reserves		-			-			-			-
Net annuitization activity		-			-			-			-
Net increase (decrease) from contract owner transactions		(93,805	)		(11,119	)		82,910			(15	)
Total increase (decrease) in net assets		(116,367	)		44,838			120,654			7,405
Net assets at beginning of year		323,259			278,421			29,329			21,924
Net assets at end of year	$	206,892		$	323,259		$	149,983		$	29,329

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

- 22 -

DELAWARE LIFE VARIABLE ACCOUNT F - ALL-STAR
(A Separate Account of Delaware Life Insurance Company)

STATEMENTS OF CHANGES IN NET ASSETS CONTINUED)
FOR THE YEARS ENDED DECEMBER 31, 2020 AND 2019

	AC1 Sub-Account						M80 Sub-Account
	December 31, 2020			December 31, 2019			December 31, 2020			December 31, 2019
Operations:
Net investment income (loss)	$	(5	)	$	(125	)	$	(14,375	)	$	(13,657	)
Net realized gains (losses)		(722	)		2,391			142,515			139,846
Net change in unrealized appreciation (depreciation)		318			489			83,071			108,141
Increase (decrease) from operations		(409	)		2,755			211,211			234,330
Contract Owner Transactions:
Accumulation Activity:
Purchase payments received		-			2,699			-			5,415
Transfers between Sub-Accounts (including the Fixed Account), net		-			(23	)		(77,057	)		(74,848	)
Withdrawals, surrenders, annuitizations and contract charges		(2,445	)		(12,510	)		(81,717	)		(65,947	)
Net accumulation activity		(2,445	)		(9,834	)		(158,774	)		(135,380	)
Annuitization Activity:
Annuitizations		-			-			-			-
Annuity payments and contract charges		-			-			-			(6,978	)
Adjustments to annuity reserves		-			-			-			(8	)
Net annuitization activity		-			-			-			(6,986	)
Net increase (decrease) from contract owner transactions		(2,445	)		(9,834	)		(158,774	)		(142,366	)
Total increase (decrease) in net assets		(2,854	)		(7,079	)		52,437			91,964
Net assets at beginning of year		5,963			13,042			801,816			709,852
Net assets at end of year	$	3,109		$	5,963		$	854,253		$	801,816

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

- 23 -

DELAWARE LIFE VARIABLE ACCOUNT F - ALL-STAR
(A Separate Account of Delaware Life Insurance Company)

STATEMENTS OF CHANGES IN NET ASSETS CONTINUED)
FOR THE YEARS ENDED DECEMBER 31, 2020 AND 2019

	M10 Sub-Account						MB3 Sub-Account
	December 31, 2020			December 31, 2019			December 31, 2020			December 312019,
Operations:
Net investment income (loss)	$	(1,375	)	$	(1,367	)	$	(2,924	)	$	(1,365	)
Net realized gains (losses)		5,635			8,190			19,332			7,987
Net change in unrealized appreciation (depreciation)		4,662			15,846			14,737			20,280
Increase (decrease) from operations		8,922			22,669			31,145			26,902
Contract Owner Transactions:
Accumulation Activity:
Purchase payments received		-			-			-			-
Transfers between Sub-Accounts (including the Fixed Account), net		-			-			81,888			(1,660	)
Withdrawals, surrenders, annuitizations and contract charges		(8,854	)		(7,789	)		(3,467	)		(2,677	)
Net accumulation activity		(8,854	)		(7,789	)		78,421			(4,337	)
Annuitization Activity:
Annuitizations		-			-			-			-
Annuity payments and contract charges		-			-			-			-
Adjustments to annuity reserves		-			-			-			-
Net annuitization activity		-			-			-			-
Net increase (decrease) from contract owner transactions		(8,854	)		(7,789	)		78,421			(4,337	)
Total increase (decrease) in net assets		68			14,880			109,566			22,565
Net assets at beginning of year		96,745			81,865			96,199			73,634
Net assets at end of year	$	96,813		$	96,745		$	205,765		$	96,199

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

- 24 -

DELAWARE LIFE VARIABLE ACCOUNT F - ALL-STAR
(A Separate Account of Delaware Life Insurance Company)

STATEMENTS OF CHANGES IN NET ASSETS CONTINUED)
FOR THE YEARS ENDED DECEMBER 31, 2020 AND 2019

	M42 Sub-Account						M83 Sub-Account
	December 31, 2020			December 31, 2019			December 31, 2020			December 31, 2019
Operations:
Net investment income (loss)	$	(131	)	$	(110	)	$	(661	)	$	884
Net realized gains (losses)		903			1,377			21,131			24,964
Net change in unrealized appreciation (depreciation)		2,460			839			(11,731	)		48,123
Increase (decrease) from operations		3,232			2,106			8,739			73,971
Contract Owner Transactions:
Accumulation Activity:
Purchase payments received		-			-			-			1,700
Transfers between Sub-Accounts (including the Fixed Account), net		1			1			88,147			(24,488	)
Withdrawals, surrenders, annuitizations and contract charges		(16	)		(14	)		(33,821	)		(33,498	)
Net accumulation activity		(15	)		(13	)		54,326			(56,286	)
Annuitization Activity:
Annuitizations		-			-			-			-
Annuity payments and contract charges		-			-			-			(4,634	)
Adjustments to annuity reserves		-			-			-			(6	)
Net annuitization activity		-			-			-			(4,640	)
Net increase (decrease) from contract owner transactions		(15	)		(13	)		54,326			(60,926	)
Total increase (decrease) in net assets		3,217			2,093			63,065			13,045
Net assets at beginning of year		7,501			5,408			304,676			291,631
Net assets at end of year	$	10,718		$	7,501		$	367,741		$	304,676

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

- 25 -

DELAWARE LIFE VARIABLE ACCOUNT F - ALL-STAR
(A Separate Account of Delaware Life Insurance Company)

STATEMENTS OF CHANGES IN NET ASSETS CONTINUED)
FOR THE YEARS ENDED DECEMBER 31, 2020 AND 2019

	MG3 Sub-Account						P06 Sub-Account
	December 31, 2020			December 31, 2019			December 31, 2020			December 31, 2019
Operations:
Net investment income (loss)	$	(843	)	$	(970	)	$	(861	)	$	(76	)
Net realized gains (losses)		(2,618	)		12,986			693			(154	)
Net change in unrealized appreciation (depreciation)		(1,775	)		27,133			31,099			20,638
Increase (decrease) from operations:		(5,236	)		39,149			30,931			20,408
Contract Owner Transactions
Accumulation Activity:
Purchase payments received		16,691			339			187			189
Transfers between Sub-Accounts (including the Fixed Account), net		(17,024	)		1			(217	)		472
Withdrawals, surrenders, annuitizations and contract charges		(42,065	)		(8,237	)		(16,890	)		(5,117	)
Net accumulation activity		(42,398	)		(7,897	)		(16,920	)		(4,456	)
Annuitization Activity:
Annuitizations		-			-			-			-
Annuity payments and contract charges		-			-			-			-
Adjustments to annuity reserves		-			-			-			-
Net annuitization activity		-			-			-			-
Net increase (decrease) from contract owner transactions		(42,398	)		(7,897	)		(16,920	)		(4,456	)
Total increase (decrease) in net assets		(47,634	)		31,252			14,011			15,952
Net assets at beginning of year		169,614			138,362			323,815			307,863
Net assets at end of year	$	121,980		$	169,614		$	337,826		$	323,815

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

- 26 -

DELAWARE LIFE VARIABLE ACCOUNT F - ALL-STAR
(A Separate Account of Delaware Life Insurance Company)

STATEMENTS OF CHANGES IN NET ASSETS CONTINUED)
FOR THE YEARS ENDED DECEMBER 31, 2020 AND 2019

	P07 Sub-Account						W39 Sub-Account
	December 31, 2020			December 31, 2019			December 31, 2020			December 31, 2019
Operations:
Net investment income (loss)	$	4,099		$	15,623		$	67		$	(557	)
Net realized gains (losses)		18,860			(10,735	)		1,021			2,974
Net change in unrealized appreciation (depreciation)		60,664			75,266			5,636			10,420
Increase (decrease) from operations		83,623			80,154			6,724			12,837
Contract Owner Transactions:
Accumulation Activity:
Purchase payments received		354			8,282			-			4,195
Transfers between Sub-Accounts (including the Fixed Account), net		81,510			58,303			(249	)		(504	)
Withdrawals, surrenders, annuitizations and contract charges		(148,443	)		(113,317	)		(2,456	)		(12,869	)
Net accumulation activity		(66,579	)		(46,732	)		(2,705	)		(9,178	)
Annuitization Activity:
Annuitizations		-			-			-			-
Annuity payments and contract charges		-			(13,009	)		-			-
Adjustments to annuity reserves		-			(15	)		-			-
Net annuitization activity		-			(13,024	)		-			-
Net increase (decrease) from contract owner transactions		(66,579	)		(59,756	)		(2,705	)		(9,178	)
Total increase (decrease) in net assets		17,044			20,398			4,019			3,659
Net assets at beginning of year		1,298,490			1,278,092			52,845			49,186
Net assets at end of year	$	1,315,534		$	1,298,490		$	56,864		$	52,845

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

- 27 -

DELAWARE LIFE VARIABLE ACCOUNT F - ALL-STAR
(A Separate Account of Delaware Life Insurance Company)

STATEMENTS OF CHANGES IN NET ASSETS CONTINUED)
FOR THE YEARS ENDED DECEMBER 31, 2020 AND 2019

	W41 Sub-Account						W42 Sub-Account
	December 31, 2020,			December 31, 2019			December 31, 2020,			December 31, 2019
Operations:
Net investment income (loss)	$	(5,193	)	$	(8,913		$	(17,701	)	$	(16,455
Net realized gains (losses)		36,865			53,969			40,964			112,386
Net change in unrealized appreciation (depreciation)		83,708			76,247			212,082			174,621
Increase (decrease) from operations		115,380			121,303			235,345			270,552
Contract Owner Transactions:
*Accumulation Activity:*
Purchase payments received		38,903			29			—			6,336
Transfers between Sub-Accounts (including the Fixed Account), net		(47,423	)		(1,452	)		(91,696	)		(60,232	)
Withdrawals, surrenders, annuitizations and contract charges		(54,463	)		(37,652	)		(135,880	)		(100,348	)
Net accumulation activity		(62,983	)		(39,075	)		(227,576	)		(154,244	)
*Annuitization Activity:*
Annuitizations		—			—			—			—
Annuity payments and contract charges		—			—			—			(3,455	)
Adjustments to annuity reserves		—			—			—			(4	)
Net annuitization activity		—			—			—			(3,459	)
Net increase (decrease) from contract owner transactions		(62,983	)		(39,075	)		(227,576	)		(157,703	)
Total increase (decrease) in net assets		52,397			82,228			7,769			112,849
Net assets at beginning of year		545,635			463,407			1,095,224			982,375
Net assets at end of year	$	598,032		$	545,635		$	1,102,993		$	1,095,224

- 28 -

DELAWARE LIFE VARIABLE ACCOUNT F - ALL-STAR
(A Separate Account of Delaware Life Insurance Company)

NOTES TO FINANCIAL STATEMENTS
FOR THE YEAR ENDED DECEMBER 31, 2020

BUSINESS AND ORGANIZATION

Delaware Life Variable Account F (the “Variable Account”) is a separate account of Delaware Life Insurance Company (the “Sponsor”). The Variable Account was established on July 13, 1989 as a funding vehicle for the variable portion of Columbia AllStar contracts, Columbia All-Star Extra contracts, Columbia All-Star Freedom contracts, Columbia All-Star Traditions contracts, and certain other fixed and variable annuity contracts (“the Contracts”) issued by the Sponsor. The Variable Account is registered with the Securities and Exchange Commission under the Investment Company Act of 1940, as amended, as a unit investment trust existing in accordance with the regulations of the Delaware Insurance Department and is an investment company. Accordingly, the Variable Account follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 946 Financial Services - Investment Companies.

There were no Sub-Accounts held by the contract owners of the Variable Account that had name changes or merged during the current year.

The following Sub-Account was liquidated and merged with an existing Sub-Accounts during the current year:

Closed Sub-Account	New Sub-Account	Effective Date
C55	C75	April 24, 2020

There were no Sub-Accounts held by the contract owners of the Variable Account with commencement dates earlier than the past five years, but for which the first activity occurred within the last five years.

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

General

The accompanying financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“GAAP”). The preparation of financial statements in conformity with GAAP requires the Sponsor’s management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from these estimates.

Investment Valuation and Transactions

- 29 -

DELAWARE LIFE VARIABLE ACCOUNT F - ALL-STAR
(A Separate Account of Delaware Life Insurance Company)

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

Units

The number of units credited is determined by dividing the dollar amount allocated to a Sub-Account by the unit value for that Sub-Account for the period during which the purchase payment was received. The unit value for each Sub-Account is established at $10.00 for the first period of that Sub-Account and is subsequently measured based on the performance of the investments and the contract charges selected by the contract holder, as discussed in Note 5.

Purchase Payments

Upon issuance of new contracts, the initial purchase payment is credited to the contract in the form of units. All subsequent purchase payments are applied using the unit values for the period during which the purchase payment is received.

Transfers

Withdrawals

Annuitization

On the annuity commencement date, the contract's accumulation account is canceled and its adjusted value is applied to provide an annuity. The adjusted value will be equal to the value of the accumulation account for the period that ends immediately before the annuity commencement date, reduced by any applicable premium taxes or similar taxes and a proportionate amount of the contract maintenance charge.

Annuity Payments

- 30 -

DELAWARE LIFE VARIABLE ACCOUNT F - ALL-STAR
(A Separate Account of Delaware Life Insurance Company)

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

Federal Income Taxes

Use of Estimates

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires Sponsor’s management to make estimates and assumptions that affect the reported amounts of assets and liabilities as of the date of the financial statements and the reported amounts of income and expenses during the period. The most significant estimate is fair value measurements of investments and the calculation of reserve for variable annuities. Actual results could vary from the amounts derived from Sponsor management's estimates.

Subsequent events

The Sponsor’s management has evaluated events subsequent to December 31, 2020 noting that, other than indicated below, there are no subsequent events requiring accounting adjustments or disclosure.

3. FAIR VALUE MEASUREMENTS

- 31 -

DELAWARE LIFE VARIABLE ACCOUNT F - ALL-STAR
(A Separate Account of Delaware Life Insurance Company)

RELATED-PARTY TRANSACTIONS

CONTRACT CHARGES

Mortality and expense risk charges

Charges for mortality and expense risks, the optional death benefit riders, and the optional living benefit riders are deducted from the Variable Account at the end of each valuation period to cover the risks assumed by the Sponsor. The deductions are calculated at different levels based upon the elections made by the contract holder and are transferred periodically to the Sponsor. These charges are reflected in the Statements of Operations. At December 31, 2020, the deductions are at an effective annual rate based on the average daily value of the contract invested in the Variable Account as follows:

	Level 1			Level 2			Level 3			Level 4			Level 5			Level 6			Level 7			Level 8
Columbia All-Star		1.30	%		1.50	%		1.55	%		1.70	%		1.75	%		1.90	%		1.95	%		2.15	%
Columbia All-Star Freedom		1.35	%		1.55	%		1.60	%		1.75	%		1.80	%		1.95	%		—	%		—	%
Columbia All-Star Traditions		1.05	%		1.25	%		1.30	%		1.45	%		1.50	%		1.65	%		1.70	%		1.90	%
Columbia All-Star Extra		1.40	%		1.60	%		1.65	%		1.80	%		1.85	%		2.00	%		2.05	%		2.25	%

Distribution and administrative expense charges

For assuming the risk that surrender charges may be insufficient to compensate the Sponsor for the costs of distributing the contracts, the Sponsor makes a deduction from the Sub-Account at the end of each valuation period at an effective annual rate of 0.15% of the average daily value of the contracts invested in the Variable Account for Columbia All-Star Traditions and Columbia All-Star Extra contracts and an effective annual rate of 0.20% of the average daily value of the contracts invested in the Variable Account for Columbia All-Star and Columbia All-Star Freedom contracts. These charges are reflected in the Statements of Operations.

As reimbursement for administrative expenses attributable to Columbia All-Star, Columbia All-Star Freedom, Columbia All-Star Traditions, and Columbia All-Star Extra contracts, which exceed the charges received from the account administration fee (‘‘Account Fee’’) described below, the Sponsor makes a deduction from the Sub-Account at the end of each valuation period at an effective annual rate of 0.15% of the net assets attributable to such contracts. These charges are reflected in the Statements of Operations.

- 32 -

DELAWARE LIFE VARIABLE ACCOUNT F - ALL-STAR
(A Separate Account of Delaware Life Insurance Company)

CONTRACT CHARGES (CONTINUED)

Optional living benefit rider charges

A quarterly charge of 0.125% (“Benefit Fee”) of the contract owner’s account value is deducted from the value of the contract on the last day of the account quarter. Account quarters are defined as three-month periods, with the first account quarter beginning on the date the contracts were issued, if a certain optional living benefit rider is elected. This optional living benefit rider is available on Columbia All-Star contracts, Columbia All-Star Traditions contracts, and Columbia All-Star Extra contracts; however, no contracts were ever sold with the rider elected; therefore, there are no Benefit Fees reflected in the Variable Account’s financial statements.

Administration charges

Each year on the account anniversary date, an Account Fee equal to $50 is deducted from the contract owner’s account to reimburse the Sponsor for certain administrative expenses. After the annuity commencement date, the Account Fee is deducted pro rata from each variable annuity payment made during the year. The Account Fee is reported in the Statements of Changes in Net Assets as part of “Withdrawals, surrenders, annuitizations and contract charges”.

Surrender charges

The Sponsor does not deduct a sales charge from the purchase payments. However, a surrender charge (contingent deferred sales charge) may be deducted to cover certain expenses relating to the sale of the Columbia All-Star contracts, Columbia All-Star Traditions contracts, and Columbia All-Star Extra contracts if the contract holder requests a full withdrawal prior to reaching the pay-out phase. In no event shall the aggregate surrender charges exceed 8% of the purchase payments withdrawn. The surrender charge is reported in the Statements of Changes in Net Assets as part of “Withdrawals, surrenders, annuitizations and contract charges”.

Premium Taxes

A deduction, when applicable, is made for premium taxes or similar state or local taxes. It is currently the policy of the Sponsor to make this deduction from the amount applied to provide an annuity at the time of annuitization.

RESERVE FOR VARIABLE ANNUITIES

Reserve for variable annuities represents the actuarial present value of future contract benefits for those contract holders who are in the payout phase of their contract and chose the variable payout option. Annuity reserves are calculated using the Annuity 2000 Table or the 2012 Individual Annuitant Mortality Table and an assumed interest rate of 3% per year. The Individual Annuitant Mortality Table utilized is subject to change in conjunction with changes in the tables currently adopted by the National Association of Insurance Commissioners. The mortality risk is fully borne by the Sponsor and may result in additional amounts being transferred into the variable annuity account by the Sponsor to cover greater longevity of annuities than expected. Required adjustments to the reserves are accomplished by transfers to or from the Sponsor.

- 33 -

DELAWARE LIFE VARIABLE ACCOUNT F - ALL-STAR
(A Separate Account of Delaware Life Insurance Company)

INVESTMENT PURCHASES AND SALES

The cost of purchases and proceeds from sales of investments for the year ended December 31, 2020 were as follows:

	Purchases		Sales
A70	$	12,969	$	2,109
A71		140,396		182,167
AM2		6,520		6,934
C55		269,570		992,954
C49		33,703		114,228
C75		1,160,466		589,355
C76		46,281		58,187
C60		1,154		43,308
C66		16,418		138,884
C68		—		149,630
C73		22,969		45,355
C69		40,483		51,018
C70		67,331		114,235
F97		14,172		14,790
T20		104,094		150,753
F51		85,819		100,947
F54		24,756		109,134
V52		92,905		2,523
AC1		123		2,509
M80		66,069		184,397
M10		3,069		10,603
MB3		101,210		8,079
M42		862		147
M83		132,125		62,328
MG3		22,554		61,285
P06		5,573		23,354
P07		306,533		353,647
W39		3,642		4,499
W41		98,820		111,688
W42		180,669		312,842

- 34 -

DELAWARE LIFE VARIABLE ACCOUNT F - ALL-STAR
(A Separate Account of Delaware Life Insurance Company)

CHANGES IN UNITS OUTSTANDING

The changes in units outstanding for the year ended December 31, 2020 were as follows:

	Units Issued		Units Redeemed		Net Increase (Decrease)
A70		395		49		346
A71		4,351		7,739		(3,388	)
AM2		—		203		(203	)
C55		580		45,295		(44,715	)
C49		2,564		6,707		(4,143	)
C75		126,083		61,527		64,556
C76		2,435		4,344		(1,909	)
C60		56		1,289		(1,233	)
C66		1,627		7,723		(6,096	)
C68		21		6,268		(6,247	)
C73		192		1,689		(1,497	)
C69		3,151		4,495		(1,344	)
C70		5,356		10,315		(4,959	)
F97		417		755		(338	)
T20		5,528		7,532		(2,004	)
F51		2,611		3,648		(1,037	)
F54		658		4,874		(4,216	)
V52		3,526		15		3,511
AC1		—		131		(131	)
M80		323		3,755		(3,432	)
M10		—		380		(380	)
MB3		4,710		257		4,453
M83		5,617		2,841		2,776
MG3		963		3,111		(2,148	)
P06		54		1,141		(1,087	)
P07		16,233		20,062		(3,829	)
W39		35		92		(57	)
W41		1,272		3,108		(1,836	)
W42		2,322		6,958		(4,636	)

- 35 -

DELAWARE LIFE VARIABLE ACCOUNT F - ALL-STAR
(A Separate Account of Delaware Life Insurance Company)

CHANGES IN UNITS OUTSTANDING (CONTINUED)

The changes in units outstanding for the year ended December 31, 2019 were as follows:

	Units Issued		Units Redeemed		Net Increase (Decrease		)
A70		11		1		10
A71		1,581		6,312		(4,731	)
AM2		—		160		(160	)
C55		4,220		8,918		(4,698	)
C49		260		844		(584	)
C75		11,685		21,274		(9,589	)
C76		1,090		5,843		(4,753	)
C60		53		792		(739	)
C66		872		1,930		(1,058	)
C68		14		2,382		(2,368	)
C73		26		2,014		(1,988	)
C69		1,971		2,769		(798	)
C70		5,062		11,560		(6,498	)
F97		586		1,116		(530	)
T20		4,214		5,322		(1,108	)
F51		—		247		(247	)
F54		10		491		(481	)
V52		—		1		(1	)
AC1		131		563		(432	)
M80		1,673		4,295		(2,622	)
M10		—		334		(334	)
MB3		—		272		(272	)
M83		979		3,507		(2,528	)
MG3		16		375		(359	)
P06		64		366		(302	)
P07		6,246		14,466		(8,220	)
W39		130		372		(242	)
W41		21		1,087		(1,066	)
W42		2,322		4,970		(2,648	)

9. TAX DIVERSIFICATION REQUIREMENTS

- 36 -

DELAWARE LIFE VARIABLE ACCOUNT F - ALL-STAR
(A Separate Account of Delaware Life Insurance Company)

10.

FINANCIAL HIGHLIGHTS

The summary of units outstanding, unit value (some of which may be rounded), net assets, investment income ratios, expense ratios (excluding expenses of the underlying mutual funds) and the total return, for each of the five years in the period ended December 31, is as follows:

		At December 31,								For the years ended December 31,
		Units		Unit Value⁴					Net Assets	Investment Income Ratio¹	Expense Ratio lowest to highest²			Total Return³
A70
	2020	1,630	$	40.2835	to	$	20.4438	$	50,404	0.46%	1.35%	to	2.05%	37.21%	to	36.24%
	2019	1,284		29.3600	to		15.0060		28,163	0.16	1.35	to	2.05	28.03	to	27.13
	2018	1,274		22.9313	to		11.8033		21,915	-	1.35	to	2.05	(11.20)	to	(11.83)
	2017	1,276		25.8243	to		13.3873		24,830	0.28	1.35	to	2.05	34.47	to	33.52
	2016	1,277		19.2049	to		10.0262		18,579	-	1.35	to	2.05	(2.21)	to	(2.91)
A71
	2020	33,525		36.4810	to		26.5402		882,635	1.34	1.35	to	2.30	1.09	to	0.12
	2019	36,913		36.0880	to		26.5073		954,183	0.98	1.35	to	2.30	21.95	to	20.79
	2018	41,644		29.5932	to		21.7709		917,386	0.73	1.35	to	2.35	(7.12)	to	(8.06)
	2017	53,711		31.8617	to		23.6785		1,238,640	1.25	1.35	to	2.35	17.00	to	15.83
	2016	60,429		27.2314	to		20.4422		1,192,135	0.81	1.35	to	2.35	9.57	to	8.46
AM2
	2020	2,532		34.5556	to		28.2130		74,624	1.14	1.70	to	2.05	27.40	to	26.95
	2019	2,735		27.1238	to		22.2237		63,246	0.28	1.70	to	2.05	25.07	to	24.63
	2018	2,895		21.6861	to		17.8311		53,554	0.41	1.70	to	2.05	(19.01)	to	(19.29)
	2017	3,092		26.7749	to		22.0936		70,662	0.94	1.70	to	2.05	32.36	to	31.89
	2016	3,313		20.2291	to		16.7512		57,252	-	1.70	to	2.05	(8.65)	to	(8.97)
C55⁵
	2019	44,715		28.5845	to		22.2138		1,052,807	1.77	1.35	to	2.35	19.24	to	18.04
	2018	49,413		23.9724	to		18.8182		988,106	1.25	1.35	to	2.35	(6.09)	to	(7.04)
	2017	53,286		25.5275	to		20.2430		1,123,993	1.38	1.35	to	2.35	13.82	to	12.68
	2016	61,547		22.4283	to		17.9654		1,140,721	2.03	1.35	to	2.35	3.64	to	2.59
C49
	2020	29,841		17.8052	to		16.6224		508,706	-	1.35	to	2.05	(0.46)	to	(1.17)
	2019	33,984		17.8879	to		16.8183		582,930	-	1.35	to	2.05	22.09	to	21.23
	2018	34,568		14.6513	to		13.8730		488,130	-	1.35	to	2.05	(7.28)	to	(7.94)
	2017	36,553		15.8015	to		15.0688		559,235	-	1.35	to	2.05	12.59	to	11.80
	2016	38,890		14.0347	to		13.4787		530,330	-	1.35	to	2.05	11.88	to	11.08
C75
	2020	202,456		9.3906	to		8.7210		1,840,668	0.24	1.35	to	2.30	(1.05)	to	(1.99)
	2019	137,900		9.4900	to		8.8983		1,269,599	1.89	1.35	to	2.30	0.52	to	(0.43)
	2018	147,489		9.4405	to		8.9110		1,305,406	1.48	1.35	to	2.35	0.14	to	(0.87)
	2017	222,783		9.4270	to		8.9889		2,053,468	0.44	1.35	to	2.35	(0.93)	to	(1.92)
	2016	142,951		9.5877	to		9.1649		1,336,595	0.01	1.35	to	2.35	(1.34)	to	(2.34)
C76
	2020	35,124		12.9987	to		12.0719		450,462	4.65	1.35	to	2.30	4.25	to	3.25
	2019	37,033		12.4690	to		11.6917		458,219	4.82	1.35	to	2.30	14.56	to	13.47
	2018	41,786		10.8842	to		10.2738		441,908	4.65	1.35	to	2.35	(5.20)	to	(6.16)
	2017	48,224		11.4817	to		10.9481		543,661	5.84	1.35	to	2.35	4.77	to	3.72
	2016	55,878		10.9590	to		10.5555		600,730	10.58	1.35	to	2.35	9.31	to	8.20

- 37 -

DELAWARE LIFE VARIABLE ACCOUNT F - ALL-STAR
(A Separate Account of Delaware Life Insurance Company)

10.

FINANCIAL HIGHLIGHTS (CONTINUED)

		At December 31,								For the years ended December 31,
		Units		Unit Value⁴					Net Assets	Investment Income Ratio¹	Expense Ratio lowest to highest²			T otal Return³
C60
	2020	13,767	$	33.5204	to	$	31.2941	$	443,701	-%	1.35%	to	2.05%	32.60%	to	31.66%
	2019	15,000		25.2800	to		23.7687		365,990	-	1.35	to	2.05	33.71	to	32.77
	2018	15,739		18.9068	to		17.9025		288,482	-	1.35	to	2.05	(5.43)	to	(6.10)
	2017	17,052		19.9934	to		19.0664		331,579	-	1.35	to	2.05	26.12	to	25.24
	2016	18,159		15.8524	to		15.2244		280,161	-	1.35	to	2.05	(0.34)	to	(1.05)
C66
	2020	13,933		20.3298	to		18.9792		272,143	-	1.35	to	2.05	6.03	to	5.28
	2019	20,029		19.1736	to		18.0271		367,485	-	1.35	to	2.05	29.85	to	28.94
	2018	21,087		14.7656	to		13.9811		299,475	-	1.35	to	2.05	(14.47)	to	(15.07)
	2017	21,449		17.2631	to		16.4626		357,832	-	1.35	to	2.05	12.02	to	11.23
	2016	24,189		15.4110	to		14.8004		362,409	-	1.35	to	2.05	12.61	to	11.81
C68
	2020	9,767		27.9424	to		25.9575		266,913	-	1.35	to	2.10	16.16	to	15.28
	2019	16,014		24.0561	to		22.5177		371,892	-	1.35	to	2.10	29.03	to	28.05
	2018	18,382		18.6440	to		17.5844		332,308	-	1.35	to	2.10	(6.24)	to	(6.95)
	2017	19,658		19.8845	to		18.8980		380,579	-	1.35	to	2.10	19.58	to	18.68
	2016	21,276		16.6280	to		15.9231		345,912	-	1.35	to	2.10	9.81	to	8.97
C73
	2020	26,417		23.8047	to		22.4059		602,189	3.36	1.55	to	1.85	4.97	to	4.65
	2019	27,914		22.6775	to		21.4099		608,168	3.57	1.55	to	1.85	8.51	to	8.19
	2018	29,902		20.8982	to		19.7900		595,686	3.23	1.55	to	1.85	(2.19)	to	(2.48)
	2017	32,424		21.3651	to		20.2940		660,497	2.67	1.55	to	1.85	4.26	to	3.95
	2016	49,370		20.4915	to		19.5233		973,328	11.01	1.55	to	1.85	7.36	to	7.03
C69
	2020	18,341		11.1695	to		10.7389		204,680	2.64	1.65	to	2.05	3.36	to	2.94
	2019	19,685		10.8068	to		10.4323		211,695	2.83	1.65	to	2.05	4.98	to	4.56
	2018	20,483		10.2943	to		9.9777		208,979	2.85	1.65	to	2.05	0.17	to	(0.24)
	2017	22,528		10.2769	to		9.8661		230,397	2.98	1.65	to	2.05	1.65	to	1.03
	2016	33,788		10.1104	to		9.7651		337,111	2.80	1.65	to	2.25	1.01	to	0.39
C70
	2020	44,500		11.2267	to		10.2270		478,164	2.38	1.35	to	2.30	3.43	to	2.45
	2019	49,459		10.8540	to		9.9827		516,091	2.47	1.35	to	2.30	5.06	to	4.06
	2018	55,957		10.3308	to		9.5553		520,797	2.57	1.35	to	2.35	0.22	to	(0.79)
	2017	63,996		10.3079	to		9.6312		640,368	2.57	1.35	to	2.35	1.61	to	0.59
	2016	73,109		10.2273	to		9.5749		722,556	2.56	1.35	to	2.35	1.07	to	0.05
F97
	2020	5,739		23.7494	to		22.0026		128,069	1.65	1.65	to	2.05	4.68	to	4.26
	2019	6,077		22.6866	to		21.1032		129,870	1.81	1.65	to	2.05	25.02	to	24.51
	2018	6,607		18.1470	to		16.9486		113,516	2.07	1.65	to	2.05	(10.05)	to	(10.42)
	2017	6,901		20.1747	to		18.9190		132,471	1.50	1.65	to	2.05	10.80	to	10.36
	2016	7,127		18.2081	to		17.1438		123,889	2.15	1.65	to	2.05	15.77	to	15.30

- 38 -

DELAWARE LIFE VARIABLE ACCOUNT F - ALL-STAR
(A Separate Account of Delaware Life Insurance Company)

10.

FINANCIAL HIGHLIGHTS (CONTINUED)

		At December 31,								For the years ended December 31,
		Units		Unit Value⁴					Net Assets	Investment Income Ratio¹	Expense Ratio lowest to highest²			Total Return³
T20
	2020	31,090	$	21.4621	to	$	17.5649	$	614,654	3.55%	1.35%	to	2.30%	(2.49%) to	(3.42%)
	2019	33,094		22.0107	to		18.1876		674,344	1.69	1.35	to	2.30	11.01 to	9.96
	2018	34,202		19.8270	to		16.4090		658,473	2.60	1.35	to	2.35	(16.59) to	(17.43)
	2017	37,984		23.7698	to		19.8725		844,236	2.53	1.35	to	2.35	15.13 to	13.97
	2016	43,068		20.6469	to		17.4363		835,177	1.89	1.35	to	2.35	5.73 to	4.66
F51
	2020	4,120		29.5655	to		28.2645		120,087	4.41	1.85	to	2.10	3.57 to	3.31
	2019	5,157		28.5466	to		27.3596		141,539	2.26	1.85	to	2.10	23.34 to	23.03
	2018	5,404		25.0628	to		22.2382		120,568	2.38	1.35	to	2.10	(5.87) to	(6.59)
	2017	5,993		26.6261	to		23.8062		144,025	5.80	1.35	to	2.10	14.30 to	13.44
	2016	6,262		23.2953	to		20.9864		132,555	2.53	1.35	to	2.10	10.12 to	9.28
F54
	2020	8,865		23.8323	to		21.9784		206,892	2.69	1.65	to	2.10	(6.61) to	(7.04)
	2019	13,081		25.5193	to		23.6419		323,259	1.86	1.65	to	2.10	20.56 to	20.01
	2018	13,562		21.1680	to		19.7001		278,421	2.43	1.65	to	2.10	(10.57) to	(10.98)
	2017	13,954		23.6702	to		22.1298		320,674	2.23	1.65	to	2.10	6.57 to	6.09
	2016	15,200		22.2112	to		20.8603		328,769	2.02	1.65	to	2.10	14.14 to	13.62
V52
	2020	4,808		31.6318	to		31.0803		149,983	-	1.85	to	2.05	39.37 to	39.09
	2019	1,297		22.6958	to		22.3450		29,329	-	1.85	to	2.05	33.91 to	33.64
	2018	1,298		16.9485	to		16.7200		21,924	-	1.85	to	2.05	(5.67) to	(5.86)
	2017	1,298		17.9678	to		17.7614		23,266	-	1.85	to	2.05	24.69 to	24.44
	2016	1,299		14.4100	to		14.2731		18,679	-	1.85	to	2.05	0.13 to	(0.07)
AC1
	2020	115		27.0397					3,109	1.74		1.85		11.64
	2019	246		24.2212					5,963	0.68		1.85		25.87
	2018	678		19.9110	to		19.2425		13,042	1.61	1.65	to	1.85	(16.61) to	(16.78)
	2017	977		23.8765 to			23.1220		22,612	1.21	1.65	to	1.85	20.71 to (2.53)	20.47
	2016	1,220		19.1935					23,421	1.14		1.85
M80
	2020	15,055		77.3436	to		56.1821		854,253	-	1.35	to	2.30	29.76 to	28.52
	2019	18,487		59.6048	to		43.7138		801,816	-	1.35	to	2.30	35.92 to	34.63
	2018	21,109		43.8518	to		32.2110		709,852	-	1.35	to	2.35	1.02 to	0.01
	2017	25,632		43.4071	to		32.2092		808,590	-	1.35	to	2.35	29.32 to	28.03
	2016	31,052		33.5646	to		25.1577		753,408	-	1.35	to	2.35	0.80 to	(0.22)

- 39 -

DELAWARE LIFE VARIABLE ACCOUNT F - ALL-STAR
(A Separate Account of Delaware Life Insurance Company)

10.

FINANCIAL HIGHLIGHTS (CONTINUED)

		At December 31,								For the years ended December 31,
		Units		Unit Value⁴					Net Assets	Investment Income Ratio¹	Expense Ratio lowest to highest²			Total Return³
M10
	2020	3,347	$	29.5315	to	$	28.4251	$	96,813	0.42%	1.85%	to	2.05%	11.50%	to	11.27%
	2019	3,727		26.4859	to		25.5450		96,745	0.48	1.85	to	2.05	28.83	to	28.57
	2018	4,061		26.0851	to		19.8688		81,865	0.44	1.70	to	2.05	(7.32)	to	(7.64)
	2017	4,436		28.1440	to		21.5131		96,768	0.55	1.70	to	2.05	20.95	to	20.52
	2016	4,721		23.2697	to		17.8499		85,325	0.59	1.70	to	2.05	6.47	to	6.09
MB3
	2020	10,077		20.7905	to		20.2505		205,765	0.24	1.65	to	2.10	20.18	to	19.64
	2019	5,624		17.2991	to		16.9267		96,199	0.35	1.65	to	2.10	37.29	to	36.67
	2018	5,896		12.6005	to		12.3855		73,634	0.26	1.65	to	2.10	(1.09)	to	(1.54)
	2017	21,637		12.7391	to		12.5792		275,086	0.42	1.65	to	2.10	26.00	to	25.43
	2016	21,936		10.1105	to		10.0290		221,486	0.38	1.65	to	2.10	4.10	to	3.62
M42
	2020	166		71.3701	to		62.9485		10,718	-	1.35	to	1.70	43.62	to	43.11
	2019	166		49.6937	to		43.9857		7,501	-	1.35	to	1.70	39.37	to	38.88
	2018	166		35.6552	to		31.6717		5,408	-	1.35	to	1.70	(3.05)	to	(3.39)
	2017	513		36.7762	to		32.7842		18,347	-	1.35	to	1.70	24.63	to	24.20
	2016	514		29.5071	to		26.3973		14,766	-	1.35	to	1.70	7.33	to	6.95
M83
	2020	17,116		22.3709	to		20.6892		367,741	1.65	1.35	to	2.30	2.08	to	1.10
	2019	14,340		21.9157	to		20.4636		304,676	2.08	1.35	to	2.30	28.05	to	26.83
	2018	16,868		17.1144	to		16.0837		291,631	1.52	1.35	to	2.35	(11.30)	to	(12.20)
	2017	19,033		19.2957	to		18.3184		359,080	1.89	1.35	to	2.35	16.07	to	14.91
	2016	21,505		16.6241	to		15.9418		351,092	2.02	1.35	to	2.35	12.55	to	11.41
MG3
	2020	5,053		25.7794	to		23.3809		121,980	1.19	1.35	to	2.10	2.47	to	1.69
	2019	7,201		25.1590	to		22.9924		169,614	1.30	1.35	to	2.10	29.35	to	28.38
	2018	7,560		19.4497	to		17.9100		138,362	0.88	1.35	to	2.10	(12.65)	to	(13.31)
	2017	8,293		22.2660	to		20.6603		175,299	1.11	1.35	to	2.10	12.15	to	11.30
	2016	10,675		19.8541	to		18.5623		203,020	0.93	1.35	to	2.10	14.41	to	13.54
P06
	2020	20,422		17.5309	to		16.0260		337,826	1.43	1.35	to	1.85	10.21	to	9.65
	2019	21,509		15.9068	to		14.4918		323,815	1.66	1.35	to	1.90	6.99	to	6.39
	2018	21,811		14.8682	to		13.6213		307,863	2.47	1.35	to	1.90	(3.53)	to	(4.07)
	2017	21,841		15.4120	to		14.1988		320,624	2.37	1.35	to	1.90	2.26	to	1.70
	2016	27,663		15.0707	to		13.9618		396,376	2.26	1.35	to	1.90	3.78	to	3.20
P07
	2020	77,144		18.5167	to		15.5030		1,315,534	2.13	1.35	to	2.30	7.19	to	6.17
	2019	80,973		17.2740	to		14.6019		1,298,490	3.01	1.35	to	2.30	6.91	to	5.89
	2018	89,193		16.1573	to		13.6794		1,278,092	2.54	1.35	to	2.35	(1.88)	to	(2.87)
	2017	103,426		16.4662	to		14.0829		1,597,424	2.02	1.35	to	2.35	3.51	to	2.47
	2016	112,265		16.1325	to		13.7432		1,681,100	2.07	1.35	to	2.35	1.30	to	0.27
W40⁶
	2016	-		29.1298	to		24.5414		-	0.86	1.35	to	2.35	(0.85)	to	(1.18)

- 40 -

DELAWARE LIFE VARIABLE ACCOUNT F - ALL-STAR
(A Separate Account of Delaware Life Insurance Company)

10.

FINANCIAL HIGHLIGHTS (CONTINUED)

		At December 31,								For the years ended December 31,
		Units		Unit Value⁴					Net Assets	Investment Income Ratio¹	Expense Ratio lowest to highest²			Total Return³
W39
	2020	1,208	$	52.8245	to	$	42.2214	$	56,864	2.04%	1.55%	to	2.05%	12.59%	to	12.02%
	2019	1,265		46.9170	to		37.6897		52,845	0.83	1.55	to	2.05	27.98	to	27.34
	2018	1,507		36.6589	to		29.5979		49,186	1.67	1.55	to	2.05	(18.98)	to	(19.39)
	2017	3,955		45.2469	to		36.7175		156,743	1.21	1.55	to	2.05	30.86	to	30.21
	2016	4,087		34.5757	to		28.1995		123,875	1.17	1.55	to	2.05	(2.94)	to	(3.43)
W41
	2020	12,928		58.3657	to		45.1893		598,032	0.74	1.35	to	2.10	24.94	to	24.00
	2019	14,764		46.7136	to		36.4436		545,635	0.07	1.35	to	2.10	27.56	to	26.60
	2018	15,830		36.6210	to		28.7872		463,407	0.16	1.35	to	2.10	(13.60)	to	(14.26)
	2017	18,714		42.3849	to		33.5733		635,600	0.18	1.35	to	2.10	24.97	to	24.03
	2016	19,826		33.9163	to		27.0693		540,786	0.18	1.35	to	2.10	11.83	to	10.98
W42
	2020	22,266		67.9322	to		48.5234		1,102,993	-	1.35	to	2.30	22.55	to	21.38
	2019	26,902		55.4314	to		39.9756		1,095,224	0.26	1.35	to	2.30	29.34	to	28.11
	2018	29,550		42.8581	to		30.9566		982,375	0.09	1.35	to	2.35	(2.80)	to	(3.78)
	2017	39,210		44.0909	to		32.1715		1,271,348	-	1.35	to	2.35	17.98	to	16.79
	2016	43,394		37.3730	to		27.5457		1,194,499	-	1.35	to	2.35	12.15	to	11.02

¹Represents the dividends, excluding distributions of capital gains, received by the Sub-Account from the underlying mutual fund, which are net of management fees assessed by the fund manager, divided by the average net assets. The ratio excludes those expenses, such as mortality and expense charges, that result in direct reductions in the unit values. The recognition of investment income by the Sub-Account is affected by the timing of the declaration of dividends by the underlying mutual fund in which the Sub-Accounts invest.

²Ratio represents the contract expenses of the Sub-Account, consisting primarily of mortality and expense charges and distribution charges. The ratio includes only those expenses that result in a direct reduction to unit values. Charges made directly to contract owner accounts through the redemption of units and expenses of the underlying mutual fund are excluded.

³Ratio represents the total return for the year indicated, including changes in the value of the underlying mutual fund. The total return does not include any expenses assessed through the redemption of units; inclusion of these expenses in the calculation would result in reduction in the total return presented. The total return is calculated for each period indicated or from the effective date through the end of the reporting period.using the unit value of the beginning period that corresponds to the lowest or highest ending period unit value disclosed. The total returns are presented as a range of maximum to minimum values based on the product grouping representing the corresponding lowest to highest expense ratio amounts.

⁴These unit values are not a direct calculation of net asset over the number of units allocated to the Sub-Account. The unit values are presented as a range of maximum to minimum values based on the product grouping representing the corresponding lowest to highest expense ratio amounts. Some unit values may be outside of the range due to timing of the related Sub-Account level's commencement date. Unit values of product pricing levels with zero units during the period are excluded when determining the range.

⁵Sub-Account C55 merged into Sub-Account C75 on April 24, 2020.

⁶Wanger International Select Fund Sub-Account (W40) merged into fund C75 on May, 1, 2016.

- 41 -

Delaware Life

Variable Account F - Futurity

Financial Statements as of and for the Year Ended December 31, 2020 and
Report of Independent Registered Public Accounting Firm

DELAWARE LIFE VARIABLE ACCOUNT F - FUTURITY
(A Separate Account of Delaware Life Insurance Company)
Index
December 31, 2020

	Page(s)

Report of Independent Registered Public Accounting Firm	1-2

Financial Statements
	3-5
Statements of Assets and Liabilities
	6-25
Statements of Operations

Statements of Changes in Net Assets	26-54

the Financial Statements	55-74

LOGO

Report of Independent Registered Public Accounting Firm

To the Board of Directors of Delaware Life Insurance Company and the Contract Owners of Delaware Life Variable Account F:

Opinions on the Financial Statements

We have audited the accompanying statements of assets and liabilities of each of the subaccounts of Delaware Life Variable Account F – Futurity indicated in the table below as of December 31, 2020, and the related statements of operations and of changes in net assets for each of the periods indicated in the table below, including 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 of the subaccounts of Delaware Life Variable Account F – Futurity as of December 31, 2020, and the results of each of their operations and the changes in each of their net assets for the periods indicated in the table below, in conformity with accounting principles generally accepted in the United States of America.


AB VPS Global Thematic Growth Portfolio (Class B) Sub-Account (A70) (1)		Lord Abbett Series Fund- International Opportunities Portfolio VC Sub-Account (L27) (4)

AB VPS Growth and Income Portfolio (Class B) Sub-Account (A71) (1)		MFS U.S. Government Money Market Portfolio Initial Class Sub-Account (MD8) (1)

AB VPS International Growth Portfolio (Class B) Sub-Account (AM2) (1)		MFS VIT Total Return Series Initial Class Sub-Account (M07) (1)

AB VPS Small Cap Growth Portfolio (Class B) Sub-Account (A19) (1)		MFS VIT Total Return Series Service Class Sub-Account (M35) (1)

Alger Growth & Income Portfolio I-2 Sub-Account (A55) (1)		MFS VIT I Growth Series Initial Class Sub-Account (M31) (1)

Alger Small Cap Growth Portfolio I-2 Sub-Account (A51) (1)		MFS VIT I Growth Series Service Class Sub-Account (M80) (1)

ClearBridge Variable Dividend Strategy Portfolio Class I Sub-Account (C53) (1)		MFS VIT I Mid Cap Growth Series Initial Class Sub-Account (MF1) (1)

ClearBridge Variable Large Cap Value Portfolio Class I Sub-Account (L13) (1)		MFS VIT I New Discovery Series Initial Class Sub-Account (M05) (1)

Fidelity VIP Contrafund Portfolio (Service Class 2) Sub-Account (F24) (1)		MFS VIT I New Discovery Series Service Class Sub-Account (M42) (1)

Fidelity VIP Growth Portfolio (Service Class 2) Sub-Account (F99) (1)		MFS VIT I Total Return Bond Series Initial Class Sub-Account (M06) (1)

Fidelity VIP Overseas Portfolio (Service Class 2) Sub-Account (F91) (1)		MFS VIT I Research Series Initial Class Sub-Account (M33) (1)

First Eagle Overseas Variable Fund Sub-Account (FE3) (1)		MFS VIT I Utilities Series Initial Class Sub-Account (M44) (1)

Franklin Templeton Foreign VIP Fund Class 2 Sub-Account (T20) (1)		MFS VIT I Utilities Series Service Class Sub-Account (M40) (1)

Franklin Templeton Growth VIP Fund Class 2 Sub-Account (F56) (1)		MFS VIT I Value Series Initial Class Sub-Account (M83) (1)

Goldman Sachs VIT Large Cap Value Fund I Class Sub-Account (G30) (1)		MFS VIT II Blended Research Core Equity Portfolio I Class Sub-Account (MB6) (1)

Goldman Sachs VIT Small Cap Equity Insights Fund I Class Sub-Account (521) (1)		MFS VIT II Blended Research Core Equity Portfolio S Class Sub-Account (MB7) (1)

Goldman Sachs VIT Strategic Growth Fund I Class Sub-Account (520) (1)		MFS VIT II Government Securities Portfolio I Class Sub-Account (M96) (1)

Goldman Sachs International Equity Insights Fund I Class Sub-Account (G33) (1)		MFS VIT II Government Securities Portfolio S Class Sub-Account (MD2) (1)

Goldman Sachs VIT U.S Equity Insights Fund I Class Sub-Account (G31) (1)		MFS VIT II High Yield Portfolio I Class Sub-Account (MA6) (1)

Invesco Oppenheimer V.I. Discovery Mid Cap Growth Fund, Series I Sub-Account (O00) (2)		MFS VIT II High Yield Portfolio Service Class Sub-Account (MA3) (1)

Invesco V.I. American Franchise Fund Series I Sub-Account (V15) (1)		MFS VIT II Massachusetts Investors Growth Stock Portfolio I Class Sub-Account (MD6) (1)

Invesco V.I. American Franchise Fund Series II Sub-Account (V52) (1)		MFS VIT II Massachusetts Investors Growth Stock Portfolio S Class Sub-Account (MB3) (1)

Invesco V.I. Core Equity Fund I Sub-Account (A39) (1)		MFS VIT III Blended Research Small Cap Equity Portfolio Initial Class Sub-Account (MB8) (1)

Invesco V.I. Core Equity Fund II Sub-Account (AC3) (1)		MFS VIT III Global Real Estate Portfolio Initial Class Sub-Account (MF6) (1)

PricewaterhouseCoopers LLP, 185 Asylum Street, Suite 2400, Hartford, CT 06103-3404

T: (860) 241 7000, www.pwc.com/us

-1-


Invesco V.I. International Growth Fund I Sub-Account (A21) (1)		MFS VIT III Mid Cap Value Portfolio Initial Class Sub-Account (MG3) (1)

Invesco V.I. International Growth Fund II Sub-Account (AC1) (1)		PIMCO VIT Emerging Markets Bond Portfolio Admin Class Sub-Account (PK8) (1)

Invesco V.I. Mid Cap Growth Fund Series I Sub-Account (I84) (3)		PIMCO VIT Real Return Portfolio Admin Class Sub-Account (P06) (1)

Invesco V.I. Small Cap Equity Fund I Sub-Account (I76) (1)		PIMCO VIT Total Return Portfolio Admin Class Sub-Account (P07) (1)

JPMorgan Insurance Trust Small Cap Core Portfolio (Class 1) Sub-Account (J43) (1)		Rydex VT NASDAQ-100 Fund Sub-Account (R03) (1)

JPMorgan Insurance Trust U.S Equity Portfolio (Class 1) Sub-Account (J32) (1)		Rydex VT Nova Fund Sub-Account (R02) (1)

(1) Statement of operations for the year ended December 31, 2020 and statement of changes in net assets for the years ended December 31, 2020 and 2019.

(2) Statement of operations and statement of changes in net assets for the period April 30, 2020 (commencement of operations) through December 31, 2020.

(3)Statement of operations for the period January 1, 2020 to April 30, 2020 (date of liquidation) and statement of changes in net assets for the period January 1, 2020 to April 30, 2020 (date of liquidation) and the year ended December 31, 2019.

(4) Statement of changes in net assets for the period January 1, 2019 to July 31, 2019 (date of liquidation).

Basis for Opinions

These financial statements are the responsibility of the Delaware Life Insurance Company management. Our responsibility is to express an opinion on the financial statements of each of the subaccounts of Delaware Life Variable Account F – Futurity 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 each of the subaccounts of Delaware Life Variable Account F – Futurity in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

/s/ PricewaterhouseCoopers LLP

Hartford, CT

April 28, 2021

We have served as the auditor of one or more of the subaccounts of Delaware Life Variable Account F – Futurity since 2013.

-2-

DELAWARE LIFE VARIABLE ACCOUNT F - FUTURITY
(A Separate Account of Delaware Life Insurance Company)

STATEMENTS OF ASSETS AND LIABILITIES
DECEMBER 31, 2020

		Assets									Liabilities
	Shares		Cost		Investments at fair value		Receivable from Sponsor		Total assets		Payable to Sponsor		Net Assets

AB VPS Global Thematic Growth Portfolio (Class B) Sub-Account (A70)	17,585	$	421,868	$	712,900	$	1,907	$	714,807	$	—	$	714,807
AB VPS Growth and Income Portfolio (Class B) Sub-Account (A71)	259,748		7,291,456		7,384,643		—		7,384,643		79		7,384,564
AB VPS International Growth Portfolio (Class B) Sub-Account (AM2)	51,351		986,686		1,392,641		2,019		1,394,660		—		1,394,660
AB VPS Small Cap Growth Portfolio (Class B) Sub-Account (A19)	57,331		896,448		1,453,906		9,133		1,463,039		433		1,462,606
Alger Growth & Income Portfolio I-2 Sub-Account (A55)	194,872		3,128,277		4,743,183		9,103		4,752,286		—		4,752,286
Alger Small Cap Growth Portfolio I-2 Sub-Account (A51)	53,249		1,344,734		2,384,486		1,525		2,386,011		—		2,386,011
ClearBridge Variable Dividend Strategy Portfolio Class I Sub-Account (C53)	35,152		551,824		776,865		3,454		780,319		—		780,319
ClearBridge Variable Large Cap Value Portfolio Class I Sub-Account (L13)	15,825		311,366		313,962		—		313,962		—		313,962
Fidelity VIP Contrafund Portfolio (Service Class 2) Sub-Account (F24)	414,338		13,597,100		19,362,015		3,863		19,365,878		339		19,365,539
Fidelity VIP Growth Portfolio (Service Class 2) Sub-Account (F99)	174,178		11,351,371		17,518,835		8,058		17,526,893		487		17,526,406
Fidelity VIP Overseas Portfolio (Service Class 2) Sub-Account (F91)	276,115		5,795,555		7,248,029		—		7,248,029		—		7,248,029
First Eagle Overseas Variable Fund Sub-Account (FE3)	1,291,252		33,303,506		33,030,224		—		33,030,224		43		33,030,181
Franklin Templeton Foreign VIP Fund Class 2 Sub-Account (T20)	100,943		1,422,282		1,340,524		—		1,340,524		—		1,340,524
Franklin Templeton Growth VIP Fund Class 2 Sub-Account (F56)	62,474		765,125		697,837		—		697,837		—		697,837
Goldman Sachs VIT Large Cap Value Fund I Class Sub-Account (G30)	247,384		2,373,472		2,293,253		—		2,293,253		—		2,293,253
Goldman Sachs VIT Small Cap Equity Insights Fund I Class Sub-Account (521)	118,458		1,472,437		1,600,369		1,877		1,602,246		—		1,602,246
Goldman Sachs VIT Strategic Growth Fund I Class Sub-Account (520)	193,744		2,426,376		2,989,476		8,070		2,997,546		378		2,997,168
Goldman Sachs International Equity Insights Fund I Class Sub-Account (G33)	196,672		1,654,539		1,695,315		2,241		1,697,556		—		1,697,556
Goldman Sachs VIT U.S Equity Insights Fund I Class Sub-Account (G31)	214,831		3,483,746		4,313,807		1,034		4,314,841		—		4,314,841
Invesco Oppenheimer V.I. Discovery Mid Cap Growth Fund, Series I Sub-Account (O00)	6,625		481,658		708,367		—		708,368		72		708,295
Invesco V.I. American Franchise Fund Series I Sub-Account (V15)	166,775		9,201,474		14,859,669		11,179		14,870,848		405		14,870,443
Invesco V.I. American Franchise Fund Series II Sub-Account (V52)	1,710		90,598		144,156		3,586		147,742		—		147,742
Invesco V.I. Core Equity Fund I Sub-Account (A39)	253,234		8,192,504		7,705,916		5,196		7,711,112		—		7,711,112
Invesco V.I. Core Equity Fund II Sub-Account (AC3)	2,098		69,030		63,522		—		63,522		—		63,522
Invesco V.I. International Growth Fund I Sub-Account (A21)	165,860		5,652,660		7,052,373		1,624		7,053,997		—		7,053,997
Invesco V.I. International Growth Fund II Sub-Account (AC1)	4,321		131,804		180,983		—		180,983		—		180,983
Invesco V.I. Mid Cap Growth Fund Series I Sub-Account (I84) ¹	—		—		—		—		—		—		—
Invesco V.I. Small Cap Equity Fund I Sub-Account (I76)	55,795		1,026,531		1,150,494		5,066		1,155,560		—		1,155,560
JPMorgan Insurance Trust Small Cap Core Portfolio (Class 1) Sub-Account (J43)	59,730		1,256,866		1,440,095		4,996		1,445,091		95		1,444,996
JPMorgan Insurance Trust U.S Equity Portfolio (Class 1) Sub-Account (J32)	103,648		2,703,587		3,876,449		9,593		3,886,042		237		3,885,805
MFS U.S. Government Money Market Portfolio Initial Class Sub-Account (MD8)	13,526,864		13,526,864		13,526,864		347		13,527,211		—		13,527,211
MFS VIT Total Return Series Initial Class Sub-Account (M07)	445,380		10,406,377		11,588,789		770		11,589,559		—		11,589,559
MFS VIT Total Return Series Service Class Sub-Account (M35)	411,892		9,446,076		10,503,256		144		10,503,400		—		10,503,400
MFS VIT I Growth Series Initial Class Sub-Account (M31)	289,611		12,585,727		21,376,201		33,115		21,409,316		560		21,408,756
MFS VIT I Growth Series Service Class Sub-Account (M80)	49,996		2,163,617		3,511,226		—		3,511,226		—		3,511,226
MFS VIT I Mid Cap Growth Series Initial Class Sub-Account (MF1)	1,790,332		16,372,816		22,629,801		26,273		22,656,074		344		22,655,730
MFS VIT I New Discovery Series Initial Class Sub-Account (M05)	412,517		7,493,967		11,121,449		8,176		11,129,625		352		11,129,273
MFS VIT I New Discovery Series Service Class Sub-Account (M42)	427,546		7,063,349		10,094,371		115		10,094,486		—		10,094,486
MFS VIT I Total Return Bond Series Initial Class Sub-Account (M06)	630,847		8,403,211		8,907,560		1,310		8,908,870		—		8,908,870
MFS VIT I Research Series Initial Class Sub-Account (M33)	400,598		10,654,695		13,167,661		20,778		13,188,439		—		13,188,439
MFS VIT I Utilities Series Initial Class Sub-Account (M44)	245,255		7,618,818		8,664,846		7,577		8,672,423		—		8,672,423
MFS VIT I Utilities Series Service Class Sub-Account (M40)	58,167		1,770,846		2,017,815		—		2,017,815		—		2,017,815
MFS VIT I Value Series Initial Class Sub-Account (M83)	1,938,323		35,790,424		39,541,788		892		39,542,680		—		39,542,680
MFS VIT II Blended Research Core Equity Portfolio I Class Sub-Account (MB6)	90,354		4,332,221		5,175,496		16,472		5,191,968		176		5,191,792
MFS VIT II Blended Research Core Equity Portfolio S Class Sub-Account (MB7)	46,981		2,086,418		2,662,895		—		2,662,895		—		2,662,895
MFS VIT II Government Securities Portfolio I Class Sub-Account (M96)	435,853		5,613,963		5,605,070		54		5,605,124		—		5,605,124
MFS VIT II Government Securities Portfolio S Class Sub-Account (MD2)	238,181		3,022,291		3,046,330		—		3,046,330		—		3,046,330
MFS VIT II High Yield Portfolio I Class Sub-Account (MA6)	3,225,059		18,362,705		18,318,337		8,977		18,327,314		—		18,327,314
MFS VIT II High Yield Portfolio Service Class Sub-Account (MA3)	636,382		3,590,626		3,570,106		—		3,570,106		—		3,570,106
MFS VIT II Massachusetts Investors Growth Stock Portfolio I Class Sub-Account (MD6)	536,895		9,496,895		13,454,578		14,768		13,469,346		312		13,469,034
MFS VIT II Massachusetts Investors Growth Stock Portfolio S Class Sub-Account (MB3)	190,331		3,253,345		4,695,475		—		4,695,475		—		4,695,475
MFS VIT III Blended Research Small Cap Equity Portfolio Initial Class Sub-Account (MB8)	1,507,250		15,568,437		16,444,092		—		16,444,092		309		16,443,783
MFS VIT III Global Real Estate Portfolio Initial Class Sub-Account (MF6)	796,912		10,844,806		11,937,739		13		11,937,752		—		11,937,752
MFS VIT III Mid Cap Value Portfolio Initial Class Sub-Account (MG3)	2,610,436		20,421,140		22,423,648		2,717		22,426,365		19		22,426,346
PIMCO VIT Emerging Markets Bond Portfolio Admin Class Sub-Account (PK8)	922,937		11,726,900		12,404,271		128		12,404,399		—		12,404,399
PIMCO VIT Real Return Portfolio Admin Class Sub-Account (P06)	325,070		4,201,789		4,524,980		883		4,525,863		—		4,525,863
PIMCO VIT Total Return Portfolio Admin Class Sub-Account (P07)	2,314,079		25,464,771		26,820,172		162		26,820,334		—		26,820,334
Rydex VT NASDAQ-100 Fund Sub-Account (R03)	24,460		1,036,414		1,536,114		8,032		1,544,146		581		1,543,565
Rydex VT Nova Fund Sub-Account (R02)	4,398		391,344		636,538		8,120		644,658		453		644,205

¹This Sub-Account was closed in 2020 due to merger. Refer to Note 1 for details on merged and liquidated Sub-Accounts.

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

- 3 -

DELAWARE LIFE VARIABLE ACCOUNT F - FUTURITY
(A Separate Account of Delaware Life Insurance Company)

STATEMENTS OF ASSETS AND LIABILITIES (CONTINUED)
DECEMBER 31, 2020

	Units		Value Applicable to Owners of Deferred Variable Annuity Contracts		Reserve for Variable Annuities		Net Assets

A70	34,687	$	689,992	$	24,815	$	714,807
A71	302,915		7,370,097		14,467		7,384,564
AM2	48,513		1,378,947		15,713		1,394,660
A19	25,694		1,391,529		71,077		1,462,606
A55	169,439		4,701,622		50,664		4,752,286
A51	56,954		2,383,852		2,159		2,386,011
C53	33,248		767,620		12,699		780,319
L13	9,300		313,962		—		313,962
F24	422,383		19,323,223		42,316		19,365,539
F99	465,466		17,356,414		169,992		17,526,406
F91	347,509		7,248,029		—		7,248,029
FE3	647,434		32,833,374		196,807		33,030,181
T20	62,603		1,340,524		—		1,340,524
F56	28,440		697,837		—		697,837
G30	99,769		2,293,253		—		2,293,253
521	43,899		1,578,330		23,916		1,602,246
520	81,708		2,934,359		62,809		2,997,168
G33	121,479		1,681,839		15,717		1,697,556
G31	144,157		4,311,906		2,935		4,314,841
O00	48,250		708,295		—		708,295
V15	442,986		14,571,994		298,449		14,870,443
V52	4,558		102,973		44,769		147,742
A39	370,766		7,585,531		125,581		7,711,112
AC3	2,005		63,522		—		63,522
A21	306,071		7,033,413		20,584		7,053,997
AC1	5,332		180,983		—		180,983
I84	—		—		—		—
I76	50,273		1,116,129		39,431		1,155,560
J43	35,618		1,406,110		38,886		1,444,996
J32	80,027		3,819,503		66,302		3,885,805
MD8	1,469,033		13,371,161		156,050		13,527,211
M07	724,185		11,473,450		116,109		11,589,559
M35	675,722		10,494,765		8,635		10,503,400
M31	539,465		21,072,214		336,542		21,408,756

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

- 4 -

DELAWARE LIFE VARIABLE ACCOUNT F - FUTURITY
(A Separate Account of Delaware Life Insurance Company)

STATEMENTS OF ASSETS AND LIABILITIES (CONTINUED)
DECEMBER 31, 2020

	Total Units		Value Applicable to Owners of Deferred Variable Annuity Contracts		Reserve for Variable Annuities		Net Assets
M80	74,584	$	3,511,226	$	—	$	3,511,226
MF1	614,252		22,346,541		309,189		22,655,730
M05	436,260		11,065,645		63,628		11,129,273
M42	405,073		9,984,557		109,929		10,094,486
M06	747,124		8,906,952		1,918		8,908,870
M33	493,818		13,046,667		141,772		13,188,439
M44	637,525		8,594,449		77,974		8,672,423
M40	152,285		2,017,815		—		2,017,815
M83	1,790,880		39,332,226		210,454		39,542,680
MB6	185,651		5,100,267		91,525		5,191,792
MB7	87,198		2,662,895		—		2,662,895
M96	308,930		5,603,509		1,615		5,605,124
MD2	203,260		3,046,330		—		3,046,330
MA6	877,302		18,146,817		180,497		18,327,314
MA3	149,437		3,570,106		—		3,570,106
MD6	474,974		13,348,256		120,778		13,469,034
MB3	134,308		4,695,475		—		4,695,475
MB8	399,198		16,326,887		116,896		16,443,783
MF6	289,933		11,879,468		58,284		11,937,752
MG3	891,391		22,298,842		127,504		22,426,346
PK8	356,522		12,347,622		56,777		12,404,399
P06	257,143		4,510,252		15,611		4,525,863
P07	1,429,861		26,757,546		62,788		26,820,334
R03	33,536		1,481,055		62,510		1,543,565
R02	19,769		581,009		63,196		644,205

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

- 5 -

DELAWARE LIFE VARIABLE ACCOUNT F - FUTURITY
(A Separate Account of Delaware Life Insurance Company)

STATEMENTS OF OPERATIONS
FOR THE YEAR ENDED DECEMBER 31, 2020

		A70 Sub-Account			A71 Sub-Account			AM2 Sub-Account

Income:
Dividend income	$	2,478		$	88,826		$	13,412

Expenses:
Mortality and expense risk charges		(6,941	)		(83,900	)		(14,743	)
Administration and distribution charges		(1,794	)		(24,747	)		(3,667	)
Net investment income (loss)		(6,257	)		(19,821	)		(4,998	)

Net realized and change in unrealized gains (losses):
Net realized gains (losses) on sale of investments		39,132			(67,731	)		68,924
Realized gain distributions		52,158			366,614			104,716
Net realized gains (losses)		91,290			298,883			173,640

Net change in unrealized appreciation (depreciation)		95,130			(339,246	)		138,260

Net realized and change in unrealized gains (losses)		186,420			(40,363	)		311,900

Net increase (decrease) from operations	$	180,163		$	(60,184	)	$	306,902

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

- 6 -

DELAWARE LIFE VARIABLE ACCOUNT F - FUTURITY
(A Separate Account of Delaware Life Insurance Company)

STATEMENTS OF OPERATIONS (CONTINUED)
FOR THE YEAR ENDED DECEMBER 31, 2020

		A19 Sub-Account			A55 Sub-Account			A51 Sub-Account

Income:
Dividend income	$	—		$	60,591		$	20,797

Expenses:
Mortality and expense risk charges		(13,945	)		(52,142	)		(23,754	)
Administration and distribution charges		(3,519	)		(10,915	)		(4,788	)
Net investment income (loss)		(17,464	)		(2,466	)		(7,745	)

Net realized and change in unrealized gains (losses):
Net realized gains (losses) on sale of investments		106,181			381,990			134,762
Realized gain distributions		87,539			20,647			139,530
Net realized gains (losses)		193,720			402,637			274,292

Net change in unrealized appreciation (depreciation)		353,923			147,060			744,059

Net realized and change in unrealized gains (losses)		547,643			549,697			1,018,351

Net increase (decrease) from operations	$	530,179		$	547,231		$	1,010,606

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

- 7 -

DELAWARE LIFE VARIABLE ACCOUNT F - FUTURITY
(A Separate Account of Delaware Life Insurance Company)

STATEMENTS OF OPERATIONS (CONTINUED)
FOR THE YEAR ENDED DECEMBER 31, 2020

		C53 Sub-Account			L13 Sub-Account			F24 Sub-Account

Income:
Dividend income	$	10,774		$	3,981		$	13,766

Expenses:
Mortality and expense risk charges		(9,814	)		(3,363	)		(208,356	)
Administration and distribution charges		(1,184	)		(406	)		(57,934	)
Net investment income (loss)		(224	)		212			(252,524	)

Net realized and change in unrealized gains (losses):
Net realized gains (losses) on sale of investments		72,783			(3,865	)		859,572
Realized gain distributions		6,807			30,907			93,193
Net realized gains (losses)		79,590			27,042			952,765

Net change in unrealized appreciation (depreciation)		(36,053	)		(14,670	)		3,692,626

Net realized and change in unrealized gains (losses)		43,537			12,372			4,645,391

Net increase (decrease) from operations	$	43,313		$	12,584		$	4,392,867

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

- 8 -

DELAWARE LIFE VARIABLE ACCOUNT F - FUTURITY
(A Separate Account of Delaware Life Insurance Company)

STATEMENTS OF OPERATIONS (CONTINUED)
FOR THE YEAR ENDED DECEMBER 31, 2020

		F99 Sub-Account			F91 Sub-Account			FE3 Sub-Account

Income:
Dividend income	$	7,014		$	14,083		$	808,308

Expenses:
Mortality and expense risk charges		(191,567	)		(89,409	)		(355,872	)
Administration and distribution charges		(57,701	)		(31,639	)		(109,194	)
Net investment income (loss)		(242,254	)		(106,965	)		343,242

Net realized and change in unrealized gains (losses):
Net realized gains (losses) on sale of investments		1,689,149			47,463			(783,073	)
Realized gain distributions		1,597,005			26,888			1,428,993
Net realized gains (losses)		3,286,154			74,351			645,920

Net change in unrealized appreciation (depreciation)		2,592,984			872,574			482,155

Net realized and change in unrealized gains (losses)		5,879,138			946,925			1,128,075

Net increase (decrease) from operations	$	5,636,884		$	839,960		$	1,471,317

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

- 9 -

DELAWARE LIFE VARIABLE ACCOUNT F - FUTURITY
(A Separate Account of Delaware Life Insurance Company)

STATEMENTS OF OPERATIONS (CONTINUED)
FOR THE YEAR ENDED DECEMBER 31, 2020

		T20 Sub-Account			F56 Sub-Account			G30 Sub-Account

Income:
Dividend income	$	41,158		$	18,400		$	30,077

Expenses:
Mortality and expense risk charges		(14,402	)		(7,237	)		(25,820	)
Administration and distribution charges		(4,278	)		(2,038	)		(4,218	)
Net investment income (loss)		22,478			9,125			39

Net realized and change in unrealized gains (losses):
Net realized gains (losses) on sale of investments		(41,236	)		(25,740	)		(66,725	)
Realized gain distributions		—			—			39,583
Net realized gains (losses)		(41,236	)		(25,740	)		(27,142	)

Net change in unrealized appreciation (depreciation)		(32,958	)		42,611			83,197

Net realized and change in unrealized gains (losses)		(74,194	)		16,871			56,055

Net increase (decrease) from operations	$	(51,716	)	$	25,996		$	56,094

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

- 10 -

DELAWARE LIFE VARIABLE ACCOUNT F - FUTURITY
(A Separate Account of Delaware Life Insurance Company)

STATEMENTS OF OPERATIONS (CONTINUED)
FOR THE YEAR ENDED DECEMBER 31, 2020

		521 Sub-Account			520 Sub-Account			G33 Sub-Account

Income:
Dividend income	$	3,141		$	2,336		$	24,560

Expenses:
Mortality and expense risk charges		(16,594	)		(30,224	)		(19,380	)
Administration and distribution charges		(4,175	)		(8,821	)		(2,795	)
Net investment income (loss)		(17,628	)		(36,709	)		2,385

Net realized and change in unrealized gains (losses):
Net realized gains (losses) on sale of investments		(26,163	)		(29,834	)		(77,961	)
Realized gain distributions		19,530			228,966			—
Net realized gains (losses)		(6,633	)		199,132			(77,961	)

Net change in unrealized appreciation (depreciation)		105,086			697,085			167,183

Net realized and change in unrealized gains (losses)		98,453			896,217			89,222

Net increase (decrease) from operations	$	80,825		$	859,508		$	91,607

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

- 11 -

DELAWARE LIFE VARIABLE ACCOUNT F - FUTURITY
(A Separate Account of Delaware Life Insurance Company)

STATEMENTS OF OPERATIONS (CONTINUED)
FOR THE YEAR ENDED DECEMBER 31, 2020

		G31 Sub-Account			O00 Sub-Account			V15 Sub-Account

Income:
Dividend income	$	33,784		$	—		$	8,990

Expenses:
Mortality and expense risk charges		(46,802	)		(4,871	)		(153,568	)
Administration and distribution charges		(9,482	)		(1,374	)		(29,996	)
Net investment income (loss)		(22,500	)		(6,245	)		(174,574	)

Net realized and change in unrealized gains (losses):
Net realized gains (losses) on sale of investments		150,741			19,499			1,150,922
Realized gain distributions		169,726			—			938,021
Net realized gains (losses)		320,467			19,499			2,088,943

Net change in unrealized appreciation (depreciation)		281,405			226,709			2,541,823

Net realized and change in unrealized gains (losses)		601,872			246,208			4,630,766

Net increase (decrease) from operations	$	579,372		$	239,963		$	4,456,192

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

- 12 -

DELAWARE LIFE VARIABLE ACCOUNT F - FUTURITY
(A Separate Account of Delaware Life Insurance Company)

STATEMENTS OF OPERATIONS (CONTINUED)
FOR THE YEAR ENDED DECEMBER 31, 2020

		V52 Sub-Account			A39 Sub-Account			AC3 Sub-Account

Income:
Dividend income	$	—		$	95,657		$	615

Expenses:
Mortality and expense risk charges		(1,648	)		(85,013	)		(734	)
Administration and distribution charges		(548	)		(20,450	)		(192	)
Net investment income (loss)		(2,196	)		(9,806	)		(311	)

Net realized and change in unrealized gains (losses):
Net realized gains (losses) on sale of investments		4,633			92,747			1,168
Realized gain distributions		9,413			1,650,139			13,295
Net realized gains (losses)		14,046			1,742,886			14,463

Net change in unrealized appreciation (depreciation)		29,423			(914,432	)		(6,533	)

Net realized and change in unrealized gains (losses)		43,469			828,454			7,930

Net increase (decrease) from operations	$	41,273		$	818,648		$	7,619

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

- 13 -

DELAWARE LIFE VARIABLE ACCOUNT F - FUTURITY
(A Separate Account of Delaware Life Insurance Company)

STATEMENTS OF OPERATIONS (CONTINUED)
FOR THE YEAR ENDED DECEMBER 31, 2020

		A21 Sub-Account			AC1 Sub-Account			I84 Sub-Account

Income:
Dividend income	$	150,250		$	3,352		$	—

Expenses:
Mortality and expense risk charges		(77,735	)		(2,084	)		(2,180	)
Administration and distribution charges		(16,574	)		(512	)		(615	)
Net investment income (loss)		55,941			756			(2,795	)

Net realized and change in unrealized gains (losses):
Net realized gains (losses) on sale of investments		308,544			1,010			(180,130	)
Realized gain distributions		144,754			3,653			165,348
Net realized gains (losses)		453,298			4,663			(14,782	)

Net change in unrealized appreciation (depreciation)		230,437			12,205			(17,863	)

Net realized and change in unrealized gains (losses)		683,735			16,868			(32,645	)

Net increase (decrease) from operations	$	739,676		$	17,624		$	(35,440	)

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

- 14 -

DELAWARE LIFE VARIABLE ACCOUNT F - FUTURITY
(A Separate Account of Delaware Life Insurance Company)

STATEMENTS OF OPERATIONS (CONTINUED)
FOR THE YEAR ENDED DECEMBER 31, 2020

		I76 Sub-Account			J43 Sub-Account			J32 Sub-Account

Income:
Dividend income	$	3,088		$	11,429		$	27,181

Expenses:
Mortality and expense risk charges		(10,700	)		(14,485	)		(43,430	)
Administration and distribution charges		(2,547	)		(3,260	)		(8,970	)
Net investment income (loss)		(10,159	)		(6,316	)		(25,219	)

Net realized and change in unrealized gains (losses):
Net realized gains (losses) on sale of investments		(14,915	)		(28,613	)		188,354
Realized gain distributions		76,934			75,272			219,204
Net realized gains (losses)		62,019			46,659			407,558

Net change in unrealized appreciation (depreciation)		173,128			96,073			364,121

Net realized and change in unrealized gains (losses)		235,147			142,732			771,679

Net increase (decrease) from operations	$	224,988		$	136,416		$	746,460

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

- 15 -

DELAWARE LIFE VARIABLE ACCOUNT F - FUTURITY
(A Separate Account of Delaware Life Insurance Company)

STATEMENTS OF OPERATIONS (CONTINUED)
FOR THE YEAR ENDED DECEMBER 31, 2020

		MD8 Sub-Account			M07 Sub-Account			M35 Sub-Account

Income:
Dividend income	$	33,709		$	256,684		$	207,120

Expenses:
Mortality and expense risk charges		(179,149	)		(132,204	)		(122,911	)
Administration and distribution charges		(44,423	)		(31,595	)		(39,541	)
Net investment income (loss)		(189,863	)		92,885			44,668

Net realized and change in unrealized gains (losses):
Net realized gains (losses) on sale of investments		(1	)		212,224			110,823
Realized gain distributions		—			297,451			269,720
Net realized gains (losses)		(1	)		509,675			380,543

Net change in unrealized appreciation (depreciation)		—			262,292			273,509

Net realized and change in unrealized gains (losses)		(1	)		771,967			654,052

Net increase (decrease) from operations	$	(189,864	)	$	864,852		$	698,720

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

- 16 -

DELAWARE LIFE VARIABLE ACCOUNT F - FUTURITY
(A Separate Account of Delaware Life Insurance Company)

STATEMENTS OF OPERATIONS (CONTINUED)
FOR THE YEAR ENDED DECEMBER 31, 2020

		M31 Sub-Account			M80 Sub-Account			MF1 Sub-Account

Income:
Dividend income	$	—		$	—		$	—

Expenses:
Mortality and expense risk charges		(235,462	)		(38,770	)		(254,582	)
Administration and distribution charges		(46,803	)		(11,825	)		(74,182	)
Net investment income (loss)		(282,265	)		(50,595	)		(328,764	)

Net realized and change in unrealized gains (losses):
Net realized gains (losses) on sale of investments		1,900,251			319,092			1,739,238
Realized gain distributions		1,245,477			221,579			1,564,640
Net realized gains (losses)		3,145,728			540,671			3,303,878

Net change in unrealized appreciation (depreciation)		2,292,532			376,693			3,388,639

Net realized and change in unrealized gains (losses)		5,438,260			917,364			6,692,517

Net increase (decrease) from operations	$	5,155,995		$	866,769		$	6,363,753

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

- 17 -

DELAWARE LIFE VARIABLE ACCOUNT F - FUTURITY
(A Separate Account of Delaware Life Insurance Company)

STATEMENTS OF OPERATIONS (CONTINUED)
FOR THE YEAR ENDED DECEMBER 31, 2020

		M05 Sub-Account			M42 Sub-Account			M06 Sub-Account

Income:
Dividend income	$	—		$	—		$	308,277

Expenses:
Mortality and expense risk charges		(110,186	)		(106,395	)		(113,452	)
Administration and distribution charges		(30,878	)		(37,106	)		(31,408	)
Net investment income (loss)		(141,064	)		(143,501	)		163,417

Net realized and change in unrealized gains (losses):
Net realized gains (losses) on sale of investments		780,960			842,100			112,976
Realized gain distributions		891,192			941,436			—
Net realized gains (losses)		1,672,152			1,783,536			112,976

Net change in unrealized appreciation (depreciation)		2,354,545			2,061,004			348,584

Net realized and change in unrealized gains (losses)		4,026,697			3,844,540			461,560

Net increase (decrease) from operations	$	3,885,633		$	3,701,039		$	624,977

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

- 18 -

DELAWARE LIFE VARIABLE ACCOUNT F - FUTURITY
(A Separate Account of Delaware Life Insurance Company)

STATEMENTS OF OPERATIONS (CONTINUED)
FOR THE YEAR ENDED DECEMBER 31, 2020

		M33 Sub-Account			M44 Sub-Account			M40 Sub-Account

Income:
Dividend income	$	88,347		$	211,135		$	46,216

Expenses:
Mortality and expense risk charges		(138,838	)		(103,027	)		(24,482	)
Administration and distribution charges		(47,315	)		(21,425	)		(8,416	)
Net investment income (loss)		(97,806	)		86,683			13,318

Net realized and change in unrealized gains (losses):
Net realized gains (losses) on sale of investments		379,258			(56,748	)		(5,636	)
Realized gain distributions		487,009			220,162			54,683
Net realized gains (losses)		866,267			163,414			49,047

Net change in unrealized appreciation (depreciation)		955,778			31,028			(3,046	)

Net realized and change in unrealized gains (losses)		1,822,045			194,442			46,001

Net increase (decrease) from operations	$	1,724,239		$	281,125		$	59,319

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

- 19 -

DELAWARE LIFE VARIABLE ACCOUNT F - FUTURITY
(A Separate Account of Delaware Life Insurance Company)

STATEMENTS OF OPERATIONS (CONTINUED)
FOR THE YEAR ENDED DECEMBER 31, 2020

		M83 Sub-Account			MB6 Sub-Account			MB7 Sub-Account

Income:
Dividend income	$	572,842		$	77,830		$	33,197

Expenses:
Mortality and expense risk charges		(427,424	)		(56,378	)		(28,318	)
Administration and distribution charges		(127,077	)		(12,548	)		(10,027	)
Net investment income (loss)		18,341			8,904			(5,148	)

Net realized and change in unrealized gains (losses):
Net realized gains (losses) on sale of investments		968,713			38,867			90,428
Realized gain distributions		1,605,486			246,737			124,075
Net realized gains (losses)		2,574,199			285,604			214,503

Net change in unrealized appreciation (depreciation)		(2,037,534	)		316,657			99,778

Net realized and change in unrealized gains (losses)		536,665			602,261			314,281

Net increase (decrease) from operations	$	555,006		$	611,165		$	309,133

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

- 20 -

DELAWARE LIFE VARIABLE ACCOUNT F - FUTURITY
(A Separate Account of Delaware Life Insurance Company)

STATEMENTS OF OPERATIONS (CONTINUED)
FOR THE YEAR ENDED DECEMBER 31, 2020

		M96 Sub-Account			MD2 Sub-Account			MA6 Sub-Account

Income:
Dividend income	$	164,004		$	81,401		$	960,530

Expenses:
Mortality and expense risk charges		(62,724	)		(35,855	)		(203,326	)
Administration and distribution charges		(14,025	)		(11,874	)		(58,730	)
Net investment income (loss)		87,255			33,672			698,474

Net realized and change in unrealized gains (losses):
Net realized gains (losses) on sale of investments		(24,068	)		3,032			(374,220	)
Realized gain distributions		—			—			—
Net realized gains (losses)		(24,068	)		3,032			(374,220	)

Net change in unrealized appreciation (depreciation)		168,217			102,893			79,819

Net realized and change in unrealized gains (losses)		144,149			105,925			(294,401	)

Net increase (decrease) from operations	$	231,404		$	139,597		$	404,073

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

- 21 -

DELAWARE LIFE VARIABLE ACCOUNT F - FUTURITY
(A Separate Account of Delaware Life Insurance Company)

STATEMENTS OF OPERATIONS (CONTINUED)
FOR THE YEAR ENDED DECEMBER 31, 2020

		MA3 Sub-Account			MD6 Sub-Account			MB3 Sub-Account

Income:
Dividend income	$	186,177		$	54,917		$	9,193

Expenses:
Mortality and expense risk charges		(42,314	)		(139,868	)		(49,491	)
Administration and distribution charges		(14,234	)		(35,671	)		(17,871	)
Net investment income (loss)		129,629			(120,622	)		(58,169	)

Net realized and change in unrealized gains (losses):
Net realized gains (losses) on sale of investments		(49,448	)		853,944			396,245
Realized gain distributions		—			1,163,258			404,180
Net realized gains (losses)		(49,448	)		2,017,202			800,425

Net change in unrealized appreciation (depreciation)		2,631			603,666			57,131

Net realized and change in unrealized gains (losses)		(46,817	)		2,620,868			857,556

Net increase (decrease) from operations	$	82,812		$	2,500,246		$	799,387

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

- 22 -

DELAWARE LIFE VARIABLE ACCOUNT F - FUTURITY
(A Separate Account of Delaware Life Insurance Company)

STATEMENTS OF OPERATIONS (CONTINUED)
FOR THE YEAR ENDED DECEMBER 31, 2020

		MB8 Sub-Account			MF6 Sub-Account			MG3 Sub-Account

Income:
Dividend income	$	130,820		$	525,388		$	251,127

Expenses:
Mortality and expense risk charges		(182,593	)		(131,584	)		(242,169	)
Administration and distribution charges		(54,208	)		(40,440	)		(74,330	)
Net investment income (loss)		(105,981	)		353,364			(65,372	)

Net realized and change in unrealized gains (losses):
Net realized gains (losses) on sale of investments		(1,367,177	)		179,476			(782,920	)
Realized gain distributions		1,186,806			280,923			850,405
Net realized gains (losses)		(180,371	)		460,399			67,485

Net change in unrealized appreciation (depreciation)		1,547,330			(732,715	)		832,879

Net realized and change in unrealized gains (losses)		1,366,959			(272,316	)		900,364

Net increase (decrease) from operations	$	1,260,978		$	81,048		$	834,992

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

- 23 -

DELAWARE LIFE VARIABLE ACCOUNT F - FUTURITY
(A Separate Account of Delaware Life Insurance Company)

STATEMENTS OF OPERATIONS (CONTINUED)
FOR THE YEAR ENDED DECEMBER 31, 2020

		PK8 Sub-Account			P06 Sub-Account			P07 Sub-Account

Income:
Dividend income	$	518,365		$	63,001		$	546,022

Expenses:
Mortality and expense risk charges		(136,169	)		(53,467	)		(305,169	)
Administration and distribution charges		(41,120	)		(13,895	)		(91,873	)
Net investment income (loss)		341,076			(4,361	)		148,980

Net realized and change in unrealized gains (losses):
Net realized gains (losses) on sale of investments		(230,221	)		(13,567	)		(83,613	)
Realized gain distributions		—			—			274,206
Net realized gains (losses)		(230,221	)		(13,567	)		190,593

Net change in unrealized appreciation (depreciation)		335,540			432,907			1,229,062

Net realized and change in unrealized gains (losses)		105,319			419,340			1,419,655

Net increase (decrease) from operations	$	446,395		$	414,979		$	1,568,635

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

- 24 -

DELAWARE LIFE VARIABLE ACCOUNT F - FUTURITY
(A Separate Account of Delaware Life Insurance Company)

STATEMENTS OF OPERATIONS (CONTINUED)
FOR THE YEAR ENDED DECEMBER 31, 2020

		R03 Sub-Account			R02 Sub-Account

Income:
Dividend income	$	4,917		$	4,645

Expenses:
Mortality and expense risk charges		(19,073	)		(6,843	)
Administration and distribution charges		(5,221	)		(1,598	)
Net investment income (loss)		(19,377	)		(3,796	)

Net realized and change in unrealized gains (losses):
Net realized gains (losses) on sale of investments		282,569			66,285
Realized gain distributions		196,198			54,496
Net realized gains (losses)		478,767			120,781

Net change in unrealized appreciation (depreciation)		122,553			(20,033	)

Net realized and change in unrealized gains (losses)		601,320			100,748

Net increase (decrease) from operations	$	581,943		$	96,952

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

- 25 -

DELAWARE LIFE VARIABLE ACCOUNT F - FUTURITY
(A Separate Account of Delaware Life Insurance Company)

STATEMENTS OF CHANGES IN NET ASSETS
FOR THE YEARS ENDED DECEMBER 31, 2020 AND 2019

		A70 Sub-Account						A71 Sub-Account
		December 31, 2020			December 31, 2019			December 31, 2020			December 31, 2019

Operations:
Net investment income (loss)	$	(6,257	)	$	(9,820	)	$	(19,821	)	$	(47,077	)
Net realized gains (losses)		91,290			157,161			298,883			1,352,349
Net change in unrealized appreciation (depreciation)		95,130			12,122			(339,246	)		347,663
Net increase (decrease) in net assets from operations		180,163			159,463			(60,184	)		1,652,935

Contract Owner Transactions:

Accumulation Activity:
Purchase payments received		20,877			—			317,883			669,066
Transfers between Sub-Accounts
(including the Fixed Account), net		66,520			2,094			(211,545	)		(199,141	)
Withdrawals, surrenders, annuitizations and contract charges		(59,057	)		(265,648	)		(1,119,309	)		(1,721,463	)
Net accumulation activity		28,340			(263,554	)		(1,012,971	)		(1,251,538	)

Annuitization Activity:
Annuitizations		9,862			—			14,359			—
Annuity payments and contract charges		(1,073	)		—			(1,601	)		—
Adjustments to annuity reserves		1,907			(21	)		(79	)		—
Net annuitization activity		10,696			(21	)		12,679			—

Net increase (decrease) from contract owner transactions		39,036			(263,575	)		(1,000,292	)		(1,251,538	)

Total increase (decrease) in net assets		219,199			(104,112	)		(1,060,476	)		401,397

Net assets at beginning of year		495,608			599,720			8,445,040			8,043,643
Net assets at end of year	$	714,807		$	495,608		$	7,384,564		$	8,445,040

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

- 26 -

DELAWARE LIFE VARIABLE ACCOUNT F - FUTURITY
(A Separate Account of Delaware Life Insurance Company)

STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)
FOR THE YEARS ENDED DECEMBER 31, 2020 AND 2019

		AM2 Sub-Account						A19 Sub-Account
		December 31, 2020			December 31, 2019			December 31, 2020			December 31, 2019
Operations:
Net investment income (loss)	$	(4,998	)	$	(17,003	)	$	(17,464	)	$	(16,883	)
Net realized gains (losses)		173,640			143,006			193,720			171,968
Net change in unrealized appreciation (depreciation)		138,260			189,980			353,923			177,428
Net increase (decrease) in net assets from operations		306,902			315,983			530,179			332,513

Contract Owner Transactions:

Accumulation Activity:
Purchase payments received		9,034			158,970			42,444			—
Transfers between Sub-Accounts
(including the Fixed Account), net		(74,043	)		(188,346	)		(77,097	)		(73,691	)
Withdrawals, surrenders, annuitizations and contract charges		(161,155	)		(463,734	)		(129,803	)		(191,762	)
Net accumulation activity		(226,164	)		(493,110	)		(164,456	)		(265,453	)

Annuitization Activity:
Annuitizations		—			—			—			—
Annuity payments and contract charges		—			—			(4,925	)		(2,828	)
Adjustments to annuity reserves		2,019			—			6,477			258
Net annuitization activity		2,019			—			1,552			(2,570	)

Net increase (decrease) from contract owner transactions		(224,145	)		(493,110	)		(162,904	)		(268,023	)

Total increase (decrease) in net assets		82,757			(177,127	)		367,275			64,490

Net assets at beginning of year		1,311,903			1,489,030			1,095,331			1,030,841
Net assets at end of year	$	1,394,660		$	1,311,903		$	1,462,606		$	1,095,331

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

- 27 -

DELAWARE LIFE VARIABLE ACCOUNT F - FUTURITY
(A Separate Account of Delaware Life Insurance Company)

STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)
FOR THE YEARS ENDED DECEMBER 31, 2020 AND 2019

		A55 Sub-Account						A51 Sub-Account
		December 31, 2020			December 31, 2019			December 31, 2020			December 31, 2019
Operations:
Net investment income (loss)	$	(2,466	)	$	6,610		$	(7,745	)	$	(24,785	)
Net realized gains (losses)		402,637			652,078			274,292			117,146
Net change in unrealized appreciation (depreciation)		147,060			403,667			744,059			295,363
Net increase (decrease) in net assets from operations		547,231			1,062,355			1,010,606			387,724

Contract Owner Transactions:

Accumulation Activity:
Purchase payments received		45,410			97,724			35,070			42,999
Transfers between Sub-Accounts
(including the Fixed Account), net		(56,877	)		(26,700	)		(59,907	)		24,267

Withdrawals, surrenders, annuitizations and contract charges		(451,866	)		(474,803	)		(271,269	)		(207,598	)
Net accumulation activity		(463,333	)		(403,779	)		(296,106	)		(140,332	)

Annuitization Activity:
Annuitizations		—			—			—			459
Annuity payments and contract charges		(4,569	)		(4,614	)		(960	)		(326	)
Adjustments to annuity reserves		3,240			3,014			754			295
Net annuitization activity		(1,329	)		(1,600	)		(206	)		428

Net increase (decrease) from contract owner transactions		(464,662	)		(405,379	)		(296,312	)		(139,904	)

Total increase (decrease) in net assets		82,569			656,976			714,294			247,820

Net assets at beginning of year		4,669,717			4,012,741			1,671,717			1,423,897
Net assets at end of year	$	4,752,286		$	4,669,717		$	2,386,011		$	1,671,717

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

- 28 -

DELAWARE LIFE VARIABLE ACCOUNT F - FUTURITY
(A Separate Account of Delaware Life Insurance Company)

STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)
FOR THE YEARS ENDED DECEMBER 31, 2020 AND 2019

		C53 Sub-Account						L13 Sub-Account
		December 31, 2020			December 31, 2019			December 31, 2020			December 31, 2019
Operations:
Net investment income (loss)	$	(224	)	$	921		$	212		$	889
Net realized gains (losses)		79,590			92,000			27,042			17,194
Net change in unrealized appreciation (depreciation)		(36,053	)		113,649			(14,670	)		50,475
Net increase (decrease) in net assets from operations		43,313			206,570			12,584			68,558

Contract Owner Transactions:

Accumulation Activity:
Purchase payments received		—			18,431			27,715			12,055
Transfers between Sub-Accounts
(including the Fixed Account), net		(15	)		(1,892	)		(7,342	)		(2,410	)
Withdrawals, surrenders, annuitizations and contract charges		(148,785	)		(41,907	)		(14,926	)		(55,000	)
Net accumulation activity		(148,800	)		(25,368	)		5,447			(45,355	)

Annuitization Activity:
Annuitizations		—			—			—			—
Annuity payments and contract charges		(1,444	)		(1,427	)		—			—
Adjustments to annuity reserves		812			1,067			—			—
Net annuitization activity		(632	)		(360	)		—			—

Net increase (decrease) from contract owner transactions		(149,432	)		(25,728	)		5,447			(45,355	)

Total increase (decrease) in net assets		(106,119	)		180,842			18,031			23,203

Net assets at beginning of year		886,438			705,596			295,931			272,728
Net assets at end of year	$	780,319		$	886,438		$	313,962		$	295,931

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

- 29 -

DELAWARE LIFE VARIABLE ACCOUNT F - FUTURITY
(A Separate Account of Delaware Life Insurance Company)

STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)
FOR THE YEARS ENDED DECEMBER 31, 2020 AND 2019

		F24 Sub-Account						F99 Sub-Account
		December 31, 2020			December 31, 2019			December 31, 2020			December 31, 2019
Operations:
Net investment income (loss)	$	(252,524	)	$	(215,179	)	$	(242,254	)	$	(230,277	)
Net realized gains (losses)		952,765			2,398,323			3,286,154			1,913,387
Net change in unrealized appreciation (depreciation)		3,692,626			1,960,957			2,592,984			2,591,055
Net increase (decrease) in net assets from operations		4,392,867			4,144,101			5,636,884			4,274,165

Contract Owner Transactions:

Accumulation Activity:
Purchase payments received		495,338			535,832			712,763			298,952
Transfers between Sub-Accounts
(including the Fixed Account), net		(443,242	)		(24,683	)		(1,849,258	)		(941,817	)
Withdrawals, surrenders, annuitizations and contract charges		(1,971,988	)		(2,772,109	)		(2,718,836	)		(2,338,602	)
Net accumulation activity		(1,919,892	)		(2,260,960	)		(3,855,331	)		(2,981,467	)

Annuitization Activity:
Annuitizations		12,339			—			52,814			22,649
Annuity payments and contract charges		(5,158	)		(2,300	)		(16,345	)		(10,551	)
Adjustments to annuity reserves		1,260			1,161			3,448			(221	)
Net annuitization activity		8,441			(1,139	)		39,917			11,877

Net increase (decrease) from contract owner transactions		(1,911,451	)		(2,262,099	)		(3,815,414	)		(2,969,590	)

Total increase (decrease) in net assets		2,481,416			1,882,002			1,821,470			1,304,575

Net assets at beginning of year		16,884,123			15,002,121			15,704,936			14,400,361
Net assets at end of year	$	19,365,539		$	16,884,123		$	17,526,406		$	15,704,936

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

- 30 -

DELAWARE LIFE VARIABLE ACCOUNT F - FUTURITY
(A Separate Account of Delaware Life Insurance Company)

STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)
FOR THE YEARS ENDED DECEMBER 31, 2020 AND 2019

		T20 Sub-Account						F56 Sub-Account
		December 31, 2020			December 31, 2019			December 31, 2020			December 31, 2019
Operations:
Net investment income (loss)	$	22,478		$	1,903		$	9,125		$	10,396
Net realized gains (losses)		(41,236	)		(12,981	)		(25,740	)		110,336
Net change in unrealized appreciation (depreciation)		(32,958	)		161,560			42,611			(24,224	)
Net increase (decrease) in net assets from operations		(51,716	)		150,482			25,996			96,508

Contract Owner Transactions:

Accumulation Activity:
Purchase payments received		33,568			48,482			65,892			16,603
Transfers between Sub-Accounts
(including the Fixed Account), net		62,006			(52,935	)		3,654			(93,660	)
Withdrawals, surrenders, annuitizations and contract charges		(173,986	)		(170,546	)		(91,848	)		(143,323	)
Net accumulation activity		(78,412	)		(174,999	)		(22,302	)		(220,380	)

Annuitization Activity:
Annuitizations		—			—			—			—
Annuity payments and contract charges		—			—			—			(1,644	)
Adjustments to annuity reserves		—			—			(124	)		166
Net annuitization activity		—			—			(124	)		(1,478	)

Net increase (decrease) from contract owner transactions		(78,412	)		(174,999	)		(22,426	)		(221,858	)

Total increase (decrease) in net assets		(130,128	)		(24,517	)		3,570			(125,350	)

Net assets at beginning of year		1,470,652			1,495,169			694,267			819,617
Net assets at end of year	$	1,340,524		$	1,470,652		$	697,837		$	694,267

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

- 31 -

DELAWARE LIFE VARIABLE ACCOUNT F - FUTURITY
(A Separate Account of Delaware Life Insurance Company)

STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)
FOR THE YEARS ENDED DECEMBER 31, 2020 AND 2019

		G30 Sub-Account						521 Sub-Account
		December 31, 2020			December 31, 2019			December 31, 2020			December 31, 2019
Operations:
Net investment income (loss)	$	39		$	1,848		$	(17,628	)	$	(15,780	)
Net realized gains (losses)		(27,142	)		3,701			(6,633	)		5,781
Net change in unrealized appreciation (depreciation)		83,197			483,610			105,086			335,732
Net increase (decrease) in net assets from operations		56,094			489,159			80,825			325,733

Contract Owner Transactions:

Accumulation Activity:
Purchase payments received		37,315			165,791			7,881			89,806
Transfers between Sub-Accounts
(including the Fixed Account), net		3,794			(42,952	)		(46,235	)		41,699
Withdrawals, surrenders, annuitizations and contract charges		(212,551	)		(317,720	)		(120,274	)		(239,456	)
Net accumulation activity		(171,442	)		(194,881	)		(158,628	)		(107,951	)

Annuitization Activity:
Annuitizations		—			—			—			—
Annuity payments and contract charges		—			—			(1,565	)		(1,718	)
Adjustments to annuity reserves		—			—			407			497
Net annuitization activity		—			—			(1,158	)		(1,221	)

Net increase (decrease) from contract owner transactions		(171,442	)		(194,881	)		(159,786	)		(109,172	)

Total increase (decrease) in net assets		(115,348	)		294,278			(78,961	)		216,561

Net assets at beginning of year		2,408,601			2,114,323			1,681,207			1,464,646
Net assets at end of year	$	2,293,253		$	2,408,601		$	1,602,246		$	1,681,207

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

- 32 -

DELAWARE LIFE VARIABLE ACCOUNT F - FUTURITY
(A Separate Account of Delaware Life Insurance Company)

STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)
FOR THE YEARS ENDED DECEMBER 31, 2020 AND 2019

		520 Sub-Account						G33 Sub-Account
		December 31, 2020			December 31, 2019			December 31, 2020			December 31, 2019
Operations:
Net investment income (loss)	$	(36,709	)	$	(24,300	)	$	2,385		$	15,466
Net realized gains (losses)		199,132			86,398			(77,961	)		(100,617	)
Net change in unrealized appreciation (depreciation)		697,085			496,767			167,183			357,239
Net increase (decrease) in net assets from operations		859,508			558,865			91,607			272,088

Contract Owner Transactions:

Accumulation Activity:
Purchase payments received		107,888			30,516			41,378			48,423
Transfers between Sub-Accounts
(including the Fixed Account), net		(60,215	)		225,747			16,357			(36,679	)
Withdrawals, surrenders, annuitizations and contract charges		(181,366	)		(291,594	)		(179,476	)		(326,856	)
Net accumulation activity		(133,693	)		(35,331	)		(121,741	)		(315,112	)

Annuitization Activity:
Annuitizations		—			—			—			—
Annuity payments and contract charges		(4,460	)		(3,640	)		(1,386	)		(1,468	)
Adjustments to annuity reserves		4,133			12,010			510			570
Net annuitization activity		(327	)		8,370			(876	)		(898	)

Net increase (decrease) from contract owner transactions		(134,020	)		(26,961	)		(122,617	)		(316,010	)

Total increase (decrease) in net assets		725,488			531,904			(31,010	)		(43,922	)

Net assets at beginning of year		2,271,680			1,739,776			1,728,566			1,772,488
Net assets at end of year	$	2,997,168		$	2,271,680		$	1,697,556		$	1,728,566

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

- 33 -

DELAWARE LIFE VARIABLE ACCOUNT F - FUTURITY
(A Separate Account of Delaware Life Insurance Company)

STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)
FOR THE YEARS ENDED DECEMBER 31, 2020 AND 2019

		G31 Sub-Account						O00 Sub-Account²
		December 31, 2020			December 31, 2019			December 31, 2020			December 31, 2019
Operations:
Net investment income (loss)	$	(22,500	)	$	(7,683	)	$	(6,245	)	$	—
Net realized gains (losses)		320,467			284,078			19,499			—
Net change in unrealized appreciation (depreciation)		281,405			578,248			226,709			—
Net increase (decrease) in net assets from operations		579,372			854,643			239,963			—

Contract Owner Transactions:

Accumulation Activity:
Purchase payments received		138,185			64,487			11,454			—
Transfers between Sub-Accounts
(including the Fixed Account), net		(77,409	)		(40,935	)		499,095			—
Withdrawals, surrenders, annuitizations and contract charges		(501,721	)		(690,192	)		(41,594	)		—
Net accumulation activity		(440,945	)		(666,640	)		468,955			—

Annuitization Activity:
Annuitizations		—			—			—			—
Annuity payments and contract charges		(552	)		(2,551	)		(623	)		—
Adjustments to annuity reserves		(2,306	)		(185	)		—			—
Net annuitization activity		(2,858	)		(2,736	)		(623	)		—

Net increase (decrease) from contract owner transactions		(443,803	)		(669,376	)		468,332			—

Total increase (decrease) in net assets		135,569			185,267			708,295			—

Net assets at beginning of year		4,179,272			3,994,005			—			—
Net assets at end of year	$	4,314,841		$	4,179,272		$	708,295		$	—

²The activities for this Sub-Account are for the period of April 30, 2020 to December 31, 2020. Refer to Note 1 for details on merged Sub-Accounts.

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

- 34 -

DELAWARE LIFE VARIABLE ACCOUNT F - FUTURITY
(A Separate Account of Delaware Life Insurance Company)

STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)
FOR THE YEARS ENDED DECEMBER 31, 2020 AND 2019

		V15 Sub-Account						V52 Sub-Account
		December 31, 2020			December 31, 2019			December 31, 2020			December 31, 2019
Operations:
Net investment income (loss)	$	(174,574	)	$	(169,931	)	$	(2,196	)	$	(1,732	)
Net realized gains (losses)		2,088,943			2,551,099			14,046			15,767
Net change in unrealized appreciation (depreciation)		2,541,823			1,087,074			29,423			12,858
Net increase (decrease) in net assets from operations		4,456,192			3,468,242			41,273			26,893

Contract Owner Transactions:

Accumulation Activity:
Purchase payments received		241,923			58,537			4,214			—
Transfers between Sub-Accounts
(including the Fixed Account), net		(483,196	)		(384,048	)		(753	)		4,550

Withdrawals, surrenders, annuitizations and contract charges		(1,563,236	)		(1,554,753	)		(5,259	)		(257	)
Net accumulation activity		(1,804,509	)		(1,880,264	)		(1,798	)		4,293

Annuitization Activity:
Annuitizations		—			92,286			—			—
Annuity payments and contract charges		(26,943	)		(22,138	)		(2,956	)		(2,414	)
Adjustments to annuity reserves		4,708			3,629			1,444			844
Net annuitization activity		(22,235	)		73,777			(1,512	)		(1,570	)

Net increase (decrease) from contract owner transactions		(1,826,744	)		(1,806,487	)		(3,310	)		2,723

Total increase (decrease) in net assets		2,629,448			1,661,755			37,963			29,616

Net assets at beginning of year		12,240,995			10,579,240			109,779			80,163
Net assets at end of year	$	14,870,443		$	12,240,995		$	147,742		$	109,779

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

- 35 -

DELAWARE LIFE VARIABLE ACCOUNT F - FUTURITY
(A Separate Account of Delaware Life Insurance Company)

STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)
FOR THE YEARS ENDED DECEMBER 31, 2020 AND 2019

		A39 Sub-Account						AC3 Sub-Account
		December 31, 2020			December 31, 2019			December 31, 2020			December 31, 2019
Operations:
Net investment income (loss)	$	(9,806	)	$	(40,675	)	$	(311	)	$	(888	)
Net realized gains (losses)		1,742,886			1,139,945			14,463			9,619
Net change in unrealized appreciation (depreciation)		(914,432	)		726,766			(6,533	)		6,615
Net increase (decrease) in net assets from operations		818,648			1,826,036			7,619			15,346

Contract Owner Transactions:

Accumulation Activity:
Purchase payments received		361,640			134,680			—			—
Transfers between Sub-Accounts
(including the Fixed Account), net		(319,718	)		(299,568	)		123			8,262

Withdrawals, surrenders, annuitizations and contract charges		(1,015,298	)		(901,903	)		(9,090	)		(10,623	)
Net accumulation activity		(973,376	)		(1,066,791	)		(8,967	)		(2,361	)

Annuitization Activity:
Annuitizations		—			102,102			—			—
Annuity payments and contract charges		(14,114	)		(16,768	)		—			—
Adjustments to annuity reserves		1,693			(19,772	)		—			—
Net annuitization activity		(12,421	)		65,562.00			—			—

Net increase (decrease) from contract owner transactions		(985,797	)		(1,001,229	)		(8,967	)		(2,361	)

Total increase (decrease) in net assets		(167,149	)		824,807			(1,348	)		12,985

Net assets at beginning of year		7,878,261			7,053,454			64,870			51,885
Net assets at end of year	$	7,711,112		$	7,878,261		$	63,522		$	64,870

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

- 36 -

DELAWARE LIFE VARIABLE ACCOUNT F - FUTURITY
(A Separate Account of Delaware Life Insurance Company)

STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)
FOR THE YEARS ENDED DECEMBER 31, 2020 AND 2019

		A21 Sub-Account						AC1 Sub-Account
		December 31, 2020			December 31, 2019			December 31, 2020			December 31, 2019
Operations:
Net investment income (loss)	$	55,941		$	5,873		$	756		$	(676	)
Net realized gains (losses)		453,298			849,576			4,663			17,111
Net change in unrealized appreciation (depreciation)		230,437			752,152			12,205			21,383
Net increase (decrease) in net assets from operations		739,676			1,607,601			17,624			37,818

Contract Owner Transactions:

Accumulation Activity:
Purchase payments received		400,172			45,152			3,374			—
Transfers between Sub-Accounts
(including the Fixed Account), net		(232,805	)		(111,326	)		(9,304	)		7,467
Withdrawals, surrenders, annuitizations and contract charges		(922,729	)		(755,580	)		(3,618	)		(18,935	)
Net accumulation activity		(755,362	)		(821,754	)		(9,548	)		(11,468	)

Annuitization Activity:
Annuitizations		9,826			—			—			—
Annuity payments and contract charges		(1,994	)		(907	)		—			—
Adjustments to annuity reserves		340			458			—			—
Net annuitization activity		8,172			(449	)		—			—

Net increase (decrease) from contract owner transactions		(747,190	)		(822,203	)		(9,548	)		(11,468	)

Total increase (decrease) in net assets		(7,514	)		785,398			8,076			26,350

Net assets at beginning of year		7,061,511			6,276,113			172,907			146,557
Net assets at end of year	$	7,053,997		$	7,061,511		$	180,983		$	172,907

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

- 37 -

DELAWARE LIFE VARIABLE ACCOUNT F - FUTURITY
(A Separate Account of Delaware Life Insurance Company)

STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)
FOR THE YEARS ENDED DECEMBER 31, 2020 AND 2019

		I84 Sub-Account³						I76 Sub-Account
		December 31, 2020			December 31, 2019			December 31, 2020			December 31, 2019
Operations:
Net investment income (loss)	$	(2,795	)	$	(9,121	)	$	(10,159	)	$	(14,356	)
Net realized gains (losses)		(14,782	)		81,691			62,019			112,931
Net change in unrealized appreciation (depreciation)		(17,863	)		119,151			173,128			106,723
Net increase (decrease) in net assets from operations		(35,440	)		191,721			224,988			205,298

Contract Owner Transactions:

Accumulation Activity:
Purchase payments received		61			5			11,522			7,885
Transfers between Sub-Accounts
(including the Fixed Account), net		(528,134	)		(51,860	)		60,827			12,279

Withdrawals, surrenders, annuitizations and contract charges		(68,829	)		(283,924	)		(82,741	)		(139,031	)
Net accumulation activity		(596,902	)		(335,779	)		(10,392	)		(118,867	)

Annuitization Activity:
Annuitizations		—			—			—			—
Annuity payments and contract charges		(1,082	)		—			—			(17	)
Adjustments to annuity reserves		(2,223	)		(413	)		5,066			7
Net annuitization activity		(3,305	)		(413	)		5,066			(10	)

Net increase (decrease) from contract owner transactions		(600,207	)		(336,192	)		(5,326	)		(118,877	)

Total increase (decrease) in net assets		(635,647	)		(144,471	)		219,662			86,421

Net assets at beginning of year		635,647			780,118			935,898			849,477
Net assets at end of year	$	—		$	635,647		$	1,155,560		$	935,898

³The activities for this Sub-Account are for the period of January 1, 2020 to April 30, 2020. Refer to Note 1 for details on closed Sub-Accounts.

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

- 38 -

DELAWARE LIFE VARIABLE ACCOUNT F - FUTURITY
(A Separate Account of Delaware Life Insurance Company)

STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)
FOR THE YEARS ENDED DECEMBER 31, 2020 AND 2019

		J43 Sub-Account						J32 Sub-Account
		December 31, 2020			December 31, 2019			December 31, 2020			December 31, 2019
Operations:
Net investment income (loss)	$	(6,316	)	$	(16,755	)	$	(25,219	)	$	(21,494	)
Net realized gains (losses)		46,659			232,206			407,558			507,589
Net change in unrealized appreciation (depreciation)		96,073			89,887			364,121			395,841
Net increase (decrease) in net assets from operations		136,416			305,338			746,460			881,936

Contract Owner Transactions:

Accumulation Activity:
Purchase payments received		16,566			82,205			17,368			53,276
Transfers between Sub-Accounts
(including the Fixed Account), net		4,167			(233,798	)		(185,090	)		139,795

Withdrawals, surrenders, annuitizations and contract charges		(146,312	)		(181,933	)		(356,777	)		(506,497	)
Net accumulation activity		(125,579	)		(333,526	)		(524,499	)		(313,426	)

Annuitization Activity:
Annuitizations		—			—			—			—
Annuity payments and contract charges		(1,115	)		(1,278	)		(5,947	)		(9,582	)
Adjustments to annuity reserves		2,365			1,768			1,943			(22,349	)
Net annuitization activity		1,250			490			(4,004	)		(31,931	)

Net increase (decrease) from contract owner transactions		(124,329	)		(333,036	)		(528,503	)		(345,357	)

Total increase (decrease) in net assets		12,087			(27,698	)		217,957			536,579

Net assets at beginning of year		1,432,909			1,460,607			3,667,848			3,131,269
Net assets at end of year	$	1,444,996		$	1,432,909		$	3,885,805		$	3,667,848

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

- 39 -

DELAWARE LIFE VARIABLE ACCOUNT F - FUTURITY
(A Separate Account of Delaware Life Insurance Company)

STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)
FOR THE YEARS ENDED DECEMBER 31, 2020 AND 2019

		L27 Sub-Account⁴					MD8 Sub-Account
		December 31, 2020		December 31, 2019			December 31, 2020			December 31, 2019
Operations:
Net investment income (loss)	$	—	$	1,763		$	(189,863	)	$	12,960
Net realized gains (losses)		—		(318,205	)		(1	)		—
Net change in unrealized appreciation (depreciation)		—		449,688			—			—
Net increase (decrease) in net assets from operations		—		133,246			(189,864	)		12,960

Contract Owner Transactions:

Accumulation Activity:
Purchase payments received		—		—			820,507			2,208,932
Transfers between Sub-Accounts
(including the Fixed Account), net		—		(1,320,209	)		1,716,464			2,246,395
Withdrawals, surrenders, annuitizations and contract charges		—		(70,578	)		(4,881,788	)		(5,944,095	)
Net accumulation activity		—		(1,390,787	)		(2,344,817	)		(1,488,768	)

Annuitization Activity:
Annuitizations		—		—			120,299			222
Annuity payments and contract charges		—		—			(27,308	)		(13,842	)
Adjustments to annuity reserves		—		—			(267	)		1,021
Net annuitization activity		—		—			92,724			(12,599	)

Net increase (decrease) from contract owner transactions		—		(1,390,787	)		(2,252,093	)		(1,501,367	)

Total increase (decrease) in net assets		—		(1,257,541	)		(2,441,957	)		(1,488,407	)

Net assets at beginning of year		—		1,257,541			15,969,168			17,457,575
Net assets at end of year	$	—	$	—		$	13,527,211		$	15,969,168

⁴The prior year activities for this Sub-Account are for the period of January 1, 2019 to July 31, 2019.

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

- 40 -

DELAWARE LIFE VARIABLE ACCOUNT F - FUTURITY
(A Separate Account of Delaware Life Insurance Company)

STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)
FOR THE YEARS ENDED DECEMBER 31, 2020 AND 2019

		M07 Sub-Account						M35 Sub-Account
		December 31, 2020			December 31, 2019			December 31, 2020			December 31, 2019
Operations:
Net investment income (loss)	$	92,885		$	105,188		$	44,668		$	51,186
Net realized gains (losses)		509,675			490,018			380,543			412,666
Net change in unrealized appreciation (depreciation)		262,292			1,567,405			273,509			1,422,322
Net increase (decrease) in net assets from operations		864,852			2,162,611			698,720			1,886,174

Contract Owner Transactions:

Accumulation Activity:
Purchase payments received		599,226			430,007			437,243			191,872
Transfers between Sub-Accounts
(including the Fixed Account), net		(171,542	)		367,510			(252,380	)		(34,132	)

Withdrawals, surrenders, annuitizations and contract charges		(2,301,663	)		(2,393,828	)		(1,520,771	)		(2,256,775	)
Net accumulation activity		(1,873,979	)		(1,596,311	)		(1,335,908	)		(2,099,035	)

Annuitization Activity:
Annuitizations		—			—			—			—
Annuity payments and contract charges		(14,992	)		(15,880	)		(1,171	)		(2,814	)
Adjustments to annuity reserves		767			475			(78	)		(225	)
Net annuitization activity		(14,225	)		(15,405	)		(1,249	)		(3,039	)

Net increase (decrease) from contract owner transactions		(1,888,204	)		(1,611,716	)		(1,337,157	)		(2,102,074	)

Total increase (decrease) in net assets		(1,023,352	)		550,895			(638,437	)		(215,900	)

Net assets at beginning of year		12,612,911			12,062,016			11,141,837			11,357,737
Net assets at end of year	$	11,589,559		$	12,612,911		$	10,503,400		$	11,141,837

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

- 41 -

DELAWARE LIFE VARIABLE ACCOUNT F - FUTURITY
(A Separate Account of Delaware Life Insurance Company)

STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)
FOR THE YEARS ENDED DECEMBER 31, 2020 AND 2019

		M31 Sub-Account						M80 Sub-Account
		December 31, 2020			December 31, 2019			December 31, 2020			December 31, 2019
Operations:
Net investment income (loss)	$	(282,265	)	$	(257,140	)	$	(50,595	)	$	(50,122	)
Net realized gains (losses)		3,145,728			2,791,983			540,671			584,308
Net change in unrealized appreciation (depreciation)		2,292,532			2,789,625			376,693			428,762
Net increase (decrease) in net assets from operations		5,155,995			5,324,468			866,769			962,948

Contract Owner Transactions:

Accumulation Activity:
Purchase payments received		540,282			308,073			90,037			132,145
Transfers between Sub-Accounts
(including the Fixed Account), net		(880,033	)		(267,630	)		(92,110	)		(72,285	)

Withdrawals, surrenders, annuitizations and contract charges		(2,091,755	)		(2,088,272	)		(567,295	)		(633,275	)
Net accumulation activity		(2,431,506	)		(2,047,829	)		(569,368	)		(573,415	)

Annuitization Activity:
Annuitizations		—			—			—			—
Annuity payments and contract charges		(32,844	)		(41,208	)		—			—
Adjustments to annuity reserves		11,164			(54,054	)		—			—
Net annuitization activity		(21,680	)		(95,262	)		—			—

Net increase (decrease) from contract owner transactions		(2,453,186	)		(2,143,091	)		(569,368	)		(573,415	)

Total increase (decrease) in net assets		2,702,809			3,181,377			297,401			389,533

Net assets at beginning of year		18,705,947			15,524,570			3,213,825			2,824,292
Net assets at end of year	$	21,408,756		$	18,705,947		$	3,511,226		$	3,213,825

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

- 42 -

DELAWARE LIFE VARIABLE ACCOUNT F - FUTURITY
(A Separate Account of Delaware Life Insurance Company)

STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)
FOR THE YEARS ENDED DECEMBER 31, 2020 AND 2019

		MF1 Sub-Account						M05 Sub-Account
		December 31, 2020			December 31, 2019			December 31, 2020			December 31, 2019
Operations:
Net investment income (loss)	$	(328,764	)	$	(344,574	)	$	(141,064	)	$	(139,307	)
Net realized gains (losses)		3,303,878			4,259,039			1,672,152			1,945,636
Net change in unrealized appreciation (depreciation)		3,388,639			2,884,354			2,354,545			1,313,802
Net increase (decrease) in net assets from operations		6,363,753			6,798,819			3,885,633			3,120,131

Contract Owner Transactions:

Accumulation Activity:
Purchase payments received		1,387,022			435,630			167,967			254,605
Transfers between Sub-Accounts
(including the Fixed Account), net		(3,076,125	)		(1,105,105	)		(1,451,947	)		(799,763	)

Withdrawals, surrenders, annuitizations and contract charges		(4,745,711	)		(3,343,067	)		(986,584	)		(1,556,990	)
Net accumulation activity		(6,434,814	)		(4,012,542	)		(2,270,564	)		(2,102,148	)

Annuitization Activity:
Annuitizations		87,851			23,148			—			—
Annuity payments and contract charges		(29,719	)		(18,529	)		(4,074	)		(4,167	)
Adjustments to annuity reserves		11,685			3,344			5,068			(1,753	)
Net annuitization activity		69,817			7,963			994			(5,920	)

Net increase (decrease) from contract owner transactions		(6,364,997	)		(4,004,579	)		(2,269,570	)		(2,108,068	)

Total increase (decrease) in net assets		(1,244	)		2,794,240			1,616,063			1,012,063

Net assets at beginning of year		22,656,974			19,862,734			9,513,210			8,501,147
Net assets at end of year	$	22,655,730		$	22,656,974		$	11,129,273		$	9,513,210

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

- 43 -

DELAWARE LIFE VARIABLE ACCOUNT F - FUTURITY
(A Separate Account of Delaware Life Insurance Company)

STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)
FOR THE YEARS ENDED DECEMBER 31, 2020 AND 2019

		M42 Sub-Account						M06 Sub-Account
		December 31, 2020			December 31, 2019			December 31, 2020			December 31, 2019
Operations:
Net investment income (loss)	$	(143,501	)	$	(142,412	)	$	163,417		$	184,703
Net realized gains (losses)		1,783,536			1,947,387			112,976			(18,699	)
Net change in unrealized appreciation (depreciation)		2,061,004			1,121,863			348,584			631,565
Net increase (decrease) in net assets from operations		3,701,039			2,926,838			624,977			797,569

Contract Owner Transactions:

Accumulation Activity:
Purchase payments received		126,236			208,149			292,041			1,196,572
Transfers between Sub-Accounts
(including the Fixed Account), net		(1,967,360	)		(1,097,077	)		(34,668	)		992,631

Withdrawals, surrenders, annuitizations and contract charges		(855,846	)		(1,149,483	)		(1,990,435	)		(2,413,978	)
Net accumulation activity		(2,696,970	)		(2,038,411	)		(1,733,062	)		(224,775	)

Annuitization Activity:
Annuitizations		42,936			25,193			—			—
Annuity payments and contract charges		(9,510	)		(4,523	)		(432	)		(761	)
Adjustments to annuity reserves		(397	)		214			316			266
Net annuitization activity		33,029			20,884			(116	)		(495	)

Net increase (decrease) from contract owner transactions		(2,663,941	)		(2,017,527	)		(1,733,178	)		(225,270	)

Total increase (decrease) in net assets		1,037,098			909,311			(1,108,201	)		572,299

Net assets at beginning of year		9,057,388			8,148,077			10,017,071			9,444,772
Net assets at end of year	$	10,094,486		$	9,057,388		$	8,908,870		$	10,017,071

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

- 44 -

DELAWARE LIFE VARIABLE ACCOUNT F - FUTURITY
(A Separate Account of Delaware Life Insurance Company)

STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)
FOR THE YEARS ENDED DECEMBER 31, 2020 AND 2019

		M33 Sub-Account						M44 Sub-Account
		December 31, 2020			December 31, 2019			December 31, 2020			December 31, 2019
Operations:
Net investment income (loss)	$	(97,806	)	$	(94,456	)	$	86,683		$	256,668
Net realized gains (losses)		866,267			1,734,253			163,414			(14,842	)
Net change in unrealized appreciation (depreciation)		955,778			1,722,661			31,028			1,801,979
Net increase (decrease) in net assets from operations		1,724,239			3,362,458			281,125			2,043,805

Contract Owner Transactions:

Accumulation Activity:
Purchase payments received		510,467			276,111			235,012			80,796
Transfers between Sub-Accounts
(including the Fixed Account), net		(309,741	)		(333,888	)		(235,752	)		(17,949	)

Withdrawals, surrenders, annuitizations and contract charges		(1,803,883	)		(1,774,891	)		(1,474,793	)		(1,367,438	)
Net accumulation activity		(1,603,157	)		(1,832,668	)		(1,475,533	)		(1,304,591	)

Annuitization Activity:
Annuitizations		31,882			—			31,658			—
Annuity payments and contract charges		(13,862	)		(9,583	)		(7,913	)		(4,266	)
Adjustments to annuity reserves		7,615			7,135			1,335			2,178
Net annuitization activity		25,635			(2,448	)		25,080			(2,088	)

Net increase (decrease) from contract owner transactions		(1,577,522	)		(1,835,116	)		(1,450,453	)		(1,306,679	)

Total increase (decrease) in net assets		146,717			1,527,342			(1,169,328	)		737,126

Net assets at beginning of year		13,041,722			11,514,380			9,841,751			9,104,625
Net assets at end of year	$	13,188,439		$	13,041,722		$	8,672,423		$	9,841,751

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

- 45 -

DELAWARE LIFE VARIABLE ACCOUNT F - FUTURITY
(A Separate Account of Delaware Life Insurance Company)

STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)
FOR THE YEARS ENDED DECEMBER 31, 2020 AND 2019

		M40 Sub-Account						M83 Sub-Account
		December 31, 2020			December 31, 2019			December 31, 2020			December 31, 2019
Operations:
Net investment income (loss)	$	13,318		$	46,856		$	18,341		$	242,059
Net realized gains (losses)		49,047			23,874			2,574,199			3,536,003
Net change in unrealized appreciation (depreciation)		(3,046	)		444,294			(2,037,534	)		6,061,764
Net increase (decrease) in net assets from operations		59,319			515,024			555,006			9,839,826

Contract Owner Transactions:

Accumulation Activity:
Purchase payments received		22,897			68,466			1,888,266			1,067,424
Transfers between Sub-Accounts
(including the Fixed Account), net		(152,348	)		(35,496	)		1,010,184			(1,196,514	)

Withdrawals, surrenders, annuitizations and contract charges		(253,623	)		(686,890	)		(5,636,655	)		(5,438,748	)
Net accumulation activity		(383,074	)		(653,920	)		(2,738,205	)		(5,567,838	)

Annuitization Activity:
Annuitizations		—			—			66,599			139,872
Annuity payments and contract charges		—			30			(24,084	)		(21,725	)
Adjustments to annuity reserves		—			(66	)		(411	)		(1,053	)
Net annuitization activity		—			(36	)		42,104			117,094

Net increase (decrease) from contract owner transactions		(383,074	)		(653,956	)		(2,696,101	)		(5,450,744	)

Total increase (decrease) in net assets		(323,755	)		(138,932	)		(2,141,095	)		4,389,082

Net assets at beginning of year		2,341,570			2,480,502			41,683,775			37,294,693
Net assets at end of year	$	2,017,815		$	2,341,570		$	39,542,680		$	41,683,775

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

- 46 -

DELAWARE LIFE VARIABLE ACCOUNT F - FUTURITY
(A Separate Account of Delaware Life Insurance Company)

STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)
FOR THE YEARS ENDED DECEMBER 31, 2020 AND 2019

		MB6 Sub-Account						MB7 Sub-Account
		December 31, 2020			December 31, 2019			December 31, 2020			December 31, 2019
Operations:
Net investment income (loss)	$	8,904		$	2,681		$	(5,148	)	$	(8,566	)
Net realized gains (losses)		285,604			661,411			214,503			299,624
Net change in unrealized appreciation (depreciation)		316,657			612,921			99,778			317,259
Net increase (decrease) in net assets from operations		611,165			1,277,013			309,133			608,317

Contract Owner Transactions:

Accumulation Activity:
Purchase payments received		142,048			98,307			56,047			83,470
Transfers between Sub-Accounts
(including the Fixed Account), net		(78,141	)		(554,352	)		(53,144	)		(22,207	)

Withdrawals, surrenders, annuitizations and contract charges		(541,417	)		(886,615	)		(353,049	)		(362,915	)
Net accumulation activity		(477,510	)		(1,342,660	)		(350,146	)		(301,652	)

Annuitization Activity:
Annuitizations		—			1,091			—			—
Annuity payments and contract charges		(11,673	)		(10,375	)		—			—
Adjustments to annuity reserves		2,132			7,177			—			—
Net annuitization activity		(9,541	)		(2,107	)		—			—

Net increase (decrease) from contract owner transactions		(487,051	)		(1,344,767	)		(350,146	)		(301,652	)

Total increase (decrease) in net assets		124,114			(67,754	)		(41,013	)		306,665

Net assets at beginning of year		5,067,678			5,135,432			2,703,908			2,397,243
Net assets at end of year	$	5,191,792		$	5,067,678		$	2,662,895		$	2,703,908

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

- 47 -

DELAWARE LIFE VARIABLE ACCOUNT F - FUTURITY
(A Separate Account of Delaware Life Insurance Company)

STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)
FOR THE YEARS ENDED DECEMBER 31, 2020 AND 2019

		M96 Sub-Account						MD2 Sub-Account
		December 31, 2020			December 31, 2019			December 31, 2020			December 31, 2019
Operations:
Net investment income (loss)	$	87,255		$	78,551		$	33,672		$	41,974
Net realized gains (losses)		(24,068	)		(74,730	)		3,032			(39,053	)
Net change in unrealized appreciation (depreciation)		168,217			255,678			102,893			155,891
Net increase (decrease) in net assets from operations		231,404			259,499			139,597			158,812

Contract Owner Transactions:

Accumulation Activity:
Purchase payments received		231,047			128,383			57,594			203,238
Transfers between Sub-Accounts
(including the Fixed Account), net		713,580			135,073			56,624			164,292

Withdrawals, surrenders, annuitizations and contract charges		(534,093	)		(971,097	)		(385,028	)		(792,219	)
Net accumulation activity		410,534			(707,641	)		(270,810	)		(424,689	)

Annuitization Activity:
Annuitizations		—			—			—			—
Annuity payments and contract charges		(106	)		(103	)		—			37
Adjustments to annuity reserves		13			12			—			(39	)
Net annuitization activity		(93	)		(91	)		—			(2	)

Net increase (decrease) from contract owner transactions		410,441			(707,732	)		(270,810	)		(424,691	)

Total increase (decrease) in net assets		641,845			(448,233	)		(131,213	)		(265,879	)

Net assets at beginning of year		4,963,279			5,411,512			3,177,543			3,443,422
Net assets at end of year	$	5,605,124		$	4,963,279		$	3,046,330		$	3,177,543

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

- 48 -

DELAWARE LIFE VARIABLE ACCOUNT F - FUTURITY
(A Separate Account of Delaware Life Insurance Company)

STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)
FOR THE YEARS ENDED DECEMBER 31, 2020 AND 2019

		MA6 Sub-Account						MA3 Sub-Account
		December 31, 2020			December 31, 2019			December 31, 2020			December 31, 2019
Operations:
Net investment income (loss)	$	698,474		$	778,406		$	129,629		$	159,221
Net realized gains (losses)		(374,220	)		(124,472	)		(49,448	)		(25,325	)
Net change in unrealized appreciation (depreciation)		79,819			1,654,055			2,631			376,421
Net increase (decrease) in net assets from operations		404,073			2,307,989			82,812			510,317

Contract Owner Transactions:

Accumulation Activity:
Purchase payments received		298,731			466,669			63,981			125,530
Transfers between Sub-Accounts
(including the Fixed Account), net		1,149,961			674,415			(95,301	)		(80,595	)

Withdrawals, surrenders, annuitizations and contract charges		(2,343,566	)		(2,829,948	)		(439,017	)		(881,860	)
Net accumulation activity		(894,874	)		(1,688,864	)		(470,337	)		(836,925	)

Annuitization Activity:
Annuitizations		41,632			31,712			—			—
Annuity payments and contract charges		(17,283	)		(15,785	)		(1,297	)		(509	)
Adjustments to annuity reserves		2,109			1,551			(468	)		128
Net annuitization activity		26,458			17,478			(1,765	)		(381	)

Net increase (decrease) from contract owner transactions		(868,416	)		(1,671,386	)		(472,102	)		(837,306	)

Total increase (decrease) in net assets		(464,343	)		636,603			(389,290	)		(326,989	)

Net assets at beginning of year		18,791,657			18,155,054			3,959,396			4,286,385
Net assets at end of year	$	18,327,314		$	18,791,657		$	3,570,106		$	3,959,396

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

- 49 -

DELAWARE LIFE VARIABLE ACCOUNT F - FUTURITY
(A Separate Account of Delaware Life Insurance Company)

STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)
FOR THE YEARS ENDED DECEMBER 31, 2020 AND 2019

		MD6 Sub-Account						MB3 Sub-Account
		December 31, 2020			December 31, 2019			December 31, 2020			December 31, 2019
Operations:
Net investment income (loss)	$	(120,622	)	$	(100,315	)	$	(58,169	)	$	(56,949	)
Net realized gains (losses)		2,017,202			1,717,964			800,425			755,636
Net change in unrealized appreciation (depreciation)		603,666			2,079,322			57,131			743,989
Net increase (decrease) in net assets from operations		2,500,246			3,696,971			799,387			1,442,676

Contract Owner Transactions:

Accumulation Activity:
Purchase payments received		220,912			229,757			152,704			144,878
Transfers between Sub-Accounts
(including the Fixed Account), net		(276,855	)		(343,454	)		(85,021	)		(334,865	)

Withdrawals, surrenders, annuitizations and contract charges		(1,176,930	)		(1,832,629	)		(797,281	)		(706,612	)
Net accumulation activity		(1,232,873	)		(1,946,326	)		(729,598	)		(896,599	)

Annuitization Activity:
Annuitizations		—			—			—			—
Annuity payments and contract charges		(12,293	)		(17,675	)		—			(14	)
Adjustments to annuity reserves		3,266			(24,104	)		—			(35	)
Net annuitization activity		(9,027	)		(41,779	)		—			(49	)

Net increase (decrease) from contract owner transactions		(1,241,900	)		(1,988,105	)		(729,598	)		(896,648	)

Total increase (decrease) in net assets		1,258,346			1,708,866			69,789			546,028

Net assets at beginning of year		12,210,688			10,501,822			4,625,686			4,079,658
Net assets at end of year	$	13,469,034		$	12,210,688		$	4,695,475		$	4,625,686

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

- 50 -

DELAWARE LIFE VARIABLE ACCOUNT F - FUTURITY
(A Separate Account of Delaware Life Insurance Company)

STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)
FOR THE YEARS ENDED DECEMBER 31, 2020 AND 2019

		MB8 Sub-Account						MF6 Sub-Account
		December 31, 2020			December 31, 2019			December 31, 2020			December 31, 2019
Operations:
Net investment income (loss)	$	(105,981	)	$	(138,371	)	$	353,364		$	254,907
Net realized gains (losses)		(180,371	)		1,876,599			460,399			546,698
Net change in unrealized appreciation (depreciation)		1,547,330			2,019,563			(732,715	)		1,894,849
Net increase (decrease) in net assets from operations		1,260,978			3,757,791			81,048			2,696,454

Contract Owner Transactions:

Accumulation Activity:
Purchase payments received		321,020			337,478			282,227			411,369
Transfers between Sub-Accounts
(including the Fixed Account), net		(283,323	)		(272,021	)		467,690			3,863

Withdrawals, surrenders, annuitizations and contract charges		(2,066,851	)		(2,431,116	)		(1,422,187	)		(1,910,587	)
Net accumulation activity		(2,029,154	)		(2,365,659	)		(672,270	)		(1,495,355	)

Annuitization Activity:
Annuitizations		76,394			24,345			32,878			17,623
Annuity payments and contract charges		(12,604	)		(7,194	)		(6,329	)		(5,814	)
Adjustments to annuity reserves		(3,404	)		(1,544	)		(335	)		(754	)
Net annuitization activity		60,386			15,607			26,214			11,055

Net increase (decrease) from contract owner transactions		(1,968,768	)		(2,350,052	)		(646,056	)		(1,484,300	)

Total increase (decrease) in net assets		(707,790	)		1,407,739			(565,008	)		1,212,154

Net assets at beginning of year		17,151,573			15,743,834			12,502,760			11,290,606
Net assets at end of year	$	16,443,783		$	17,151,573		$	11,937,752		$	12,502,760

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

- 51 -

DELAWARE LIFE VARIABLE ACCOUNT F - FUTURITY
(A Separate Account of Delaware Life Insurance Company)

STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)
FOR THE YEARS ENDED DECEMBER 31, 2020 AND 2019

		MG3 Sub-Account						PK8 Sub-Account
		December 31, 2020			December 31, 2019			December 31, 2020			December 31, 2019
Operations:
Net investment income (loss)	$	(65,372	)	$	(64,249	)	$	341,076		$	350,267
Net realized gains (losses)		67,485			1,636,882			(230,221	)		(144,103	)
Net change in unrealized appreciation (depreciation)		832,879			4,435,072			335,540			1,280,322
Net increase (decrease) in net assets from operations		834,992			6,007,705			446,395			1,486,486

Contract Owner Transactions:

Accumulation Activity:
Purchase payments received		662,925			531,939			205,470			363,038
Transfers between Sub-Accounts
(including the Fixed Account), net		114,051			(1,119,471	)		693,567			575,669

Withdrawals, surrenders, annuitizations and contract charges		(2,990,197	)		(3,714,575	)		(1,335,703	)		(1,841,029	)
Net accumulation activity		(2,213,221	)		(4,302,107	)		(436,666	)		(902,322	)

Annuitization Activity:
Annuitizations		70,062			16,793			20,003			25,982
Annuity payments and contract charges		(11,652	)		(8,192	)		(7,139	)		(5,205	)
Adjustments to annuity reserves		(304	)		(1,183	)		(465	)		(552	)
Net annuitization activity		58,106			7,418			12,399			20,225

Net increase (decrease) from contract owner transactions		(2,155,115	)		(4,294,689	)		(424,267	)		(882,097	)

Total increase (decrease) in net assets		(1,320,123	)		1,713,016			22,128			604,389

Net assets at beginning of year		23,746,469			22,033,453			12,382,271			11,777,882
Net assets at end of year	$	22,426,346		$	23,746,469		$	12,404,399		$	12,382,271

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

- 52 -

DELAWARE LIFE VARIABLE ACCOUNT F - FUTURITY
(A Separate Account of Delaware Life Insurance Company)

STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)
FOR THE YEARS ENDED DECEMBER 31, 2020 AND 2019

		P06 Sub-Account						P07 Sub-Account
		December 31, 2020			December 31, 2019			December 31, 2020			December 31, 2019
Operations:
Net investment income (loss)	$	(4,361	)	$	7,555		$	148,980		$	399,983
Net realized gains (losses)		(13,567	)		(50,747	)		190,593			(208,601	)
Net change in unrealized appreciation (depreciation)		432,907			346,328			1,229,062			1,593,370
Net increase (decrease) in net assets from operations		414,979			303,136			1,568,635			1,784,752

Contract Owner Transactions:

Accumulation Activity:
Purchase payments received		69,942			325,043			673,543			807,746
Transfers between Sub-Accounts
(including the Fixed Account), net		60,569			(136,655	)		890,694			1,604,913

Withdrawals, surrenders, annuitizations and contract charges		(440,528	)		(559,946	)		(3,326,909	)		(4,356,969	)
Net accumulation activity		(310,017	)		(371,558	)		(1,762,672	)		(1,944,310	)

Annuitization Activity:
Annuitizations		8,955			—			20,374			29,521
Annuity payments and contract charges		(967	)		—			(10,941	)		(8,682	)
Adjustments to annuity reserves		883			—			(1,405	)		461
Net annuitization activity		8,871			—			8,028			21,300

Net increase (decrease) from contract owner transactions		(301,146	)		(371,558	)		(1,754,644	)		(1,923,010	)

Total increase (decrease) in net assets		113,833			(68,422	)		(186,009	)		(138,258	)

Net assets at beginning of year		4,412,030			4,480,452			27,006,343			27,144,601
Net assets at end of year	$	4,525,863		$	4,412,030		$	26,820,334		$	27,006,343

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

- 53 -

DELAWARE LIFE VARIABLE ACCOUNT F - FUTURITY
(A Separate Account of Delaware Life Insurance Company)

STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)
FOR THE YEARS ENDED DECEMBER 31, 2020 AND 2019

		R03 Sub-Account						R02 Sub-Account
		December 31, 2020			December 31, 2019			December 31, 2020			December 31, 2019
Operations:
Net investment income (loss)	$	(19,377	)	$	(17,641	)	$	(3,796	)	$	(2,812	)
Net realized gains (losses)		478,767			119,918			120,781			64,137
Net change in unrealized appreciation (depreciation)		122,553			286,950			(20,033	)		141,857
Net increase (decrease) in net assets from operations		581,943			389,227			96,952			203,182

Contract Owner Transactions:

Accumulation Activity:
Purchase payments received		75,486			1			24,919			—
Transfers between Sub-Accounts
(including the Fixed Account), net		(114,418	)		(60,779	)		(8,898	)		35,357

Withdrawals, surrenders, annuitizations and contract charges		(351,446	)		(284,592	)		(97,136	)		(225,219	)
Net accumulation activity		(390,378	)		(345,370	)		(81,115	)		(189,862	)

Annuitization Activity:
Annuitizations		—			—			—			—
Annuity payments and contract charges		(6,984	)		(5,437	)		(5,722	)		(5,457	)
Adjustments to annuity reserves		1,473			2,726			1,423			3,136
Net annuitization activity		(5,511	)		(2,711	)		(4,299	)		(2,321	)

Net increase (decrease) from contract owner transactions		(395,889	)		(348,081	)		(85,414	)		(192,183	)

Total increase (decrease) in net assets		186,054			41,146			11,538			10,999

Net assets at beginning of year		1,357,511			1,316,365			632,667			621,668
Net assets at end of year	$	1,543,565		$	1,357,511		$	644,205		$	632,667

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

- 54 -

DELAWARE LIFE VARIABLE ACCOUNT F - FUTURITY
(A Separate Account of Delaware Life Insurance Company)

NOTES TO FINANCIAL STATEMENTS
FOR THE YEAR ENDED DECEMBER 31, 2020

1. BUSINESS AND ORGANIZATION

Delaware Life Variable Account F (the “ Variable Account”) is a separate account of Delaware Life Insurance Company (the “Sponsor ”). The Variable Account was established on July 13, 1989 as a funding vehicle for the variable portion of Futurity contracts, Futurity II contracts, Futurity Focus contracts, Futurity Accolade contracts, Futurity Focus II contracts, Futurity III contracts, Futurity Select Four contracts, Futurity Select Four Plus contracts, Futurity Select Seven contracts, Futurity Select Freedom contracts, Futurity Select Incentive contracts (collectively, the ‘‘Contracts’’) and certain other group and individual fixed and variable annuity contracts issued by the Sponsor. The Variable Account is registered with the Securities and Exchange Commission under the Investment Company Act of 1940, as amended, as a unit investment trust existing in accordance with the regulations of the Delaware Insurance Department and is an investment company. Accordingly, the Variable Account follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 946 Financial Services – Investment Companies.

The assets of the Variable Account are divided into “Sub-Accounts”. Each Sub-Account is invested in shares of a specific mutual fund (collectively the “Funds”), or series thereof, registered under the Investment Company Act of 1940, as amended. The contract owners of the Variable Account direct the deposits into the Sub-Accounts of the Variable Account.

There were no Sub-Accounts held by the contract owners of the Variable Account that had name changes during the current year.

The commencement date related to Sub-Accounts held by the contract owners of the Variable Account (if commenced within the past five years), is as follows:

Sub-Account	Effective Date
O00	April 30, 2020

The following Sub-Account was liquidated and merged with an existing Sub-Accounts during the current year:

Closed Sub-Account	New Sub-Account	Effective Date
I84	O00	April 30, 2020

- 55 -

DELAWARE LIFE VARIABLE ACCOUNT F - FUTURITY
(A Separate Account of Delaware Life Insurance Company)

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

General
The accompanying financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“GAAP”). The preparation of financial statements in conformity with GAAP requires the Sponsor’s management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from these estimates.

Investment Valuation and Transactions
Investments made in mutual funds are carried at fair value and are valued at their closing net asset value as determined by the respective mutual fund, which in turn value their investments at fair value, as of December 31, 2020. Transactions are recorded on a trade date basis. Realized gains and losses on sales of investments are determined on the first in, first out basis. Dividend income and realized gain distributions are reinvested in additional fund shares and recognized on the ex-dividend date.

Units
The number of units credited is determined by dividing the dollar amount allocated to a Sub-Account by the unit value for that Sub-Account for the period during which the purchase payment was received. The unit value for each Sub-Account is established at $ 10.00 for the first period of that Sub-Account and is subsequently measured based on the performance of the investments and the contract charges selected by the contract holder, as discussed in Note 5.

Purchase Payments
Upon issuance of new Contracts, the initial purchase payment is credited to the contract in the form of units. All subsequent purchase payments are applied using the unit values for the period during which the purchase payment is received.

Transfers
Transfers between Sub- Accounts requested by contract owners are recorded in the new Sub-Account upon receipt of the redemption proceeds at the net asset value at the time of receipt. In addition, transfers can be made between the Sub-Accounts and the “Fixed Account”. The Fixed Account is part of the general account of the Sponsor in which purchase payments or contract values may be allocated or transferred.

Withdrawals
At any time during the accumulation phase (the period before the first annuity payment), the contract owner may elect to receive a cash withdrawal payment under the contract. If the contract owner requests a full withdrawal, the contract owner will receive the value of their account at the end of period, less the contract maintenance charge for the current contract year and any applicable withdrawal charge. If the contract owner requests a partial withdrawal, the contract owner will receive the amount requested less any applicable withdrawal charge and the account value will be reduced by the amount requested. Any requests for partial withdrawals that would result in the value of the contract owner’s account being reduced to an amount less than the contract maintenance charge for the current contract year is treated as a request for a full withdrawal.

- 56 -

DELAWARE LIFE VARIABLE ACCOUNT F - FUTURITY
(A Separate Account of Delaware Life Insurance Company)

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

Annuitization
On the annuity commencement date, the contract’s accumulation account is canceled and its adjusted value is applied to provide an annuity. The adjusted value will be equal to the value of the accumulation account for the period that ends immediately before the annuity commencement date, reduced by any applicable premium taxes or similar taxes and a proportionate amount of the contract maintenance charge.

Annuity Payments
The amount of the first variable annuity payment is determined in accordance with the annuity payment rates found in the contract. The number of units to be credited in respect of a particular Sub-Account is determined by dividing that portion of the first variable annuity payment attributable to that Sub -Account by the annuity unit value of that Sub-Account for the period that ends immediately before the annuity commencement date. The number of units of each Sub-Account credited to the contract then remains fixed, unless an exchange of units is made. The dollar amount of each variable annuity payment after the first may increase, decrease or remain constant, depending on the investment performance of the Sub-Accounts.

Federal Income Taxes
The operations of the Variable Account are part of the operations of the Sponsor and are not taxed separately. The Sponsor qualifies for the federal income tax treatment granted to life insurance companies under Subchapter L of the Internal Revenue Code (the “Code”). Under existing federal income tax law, investment income and realized gain distributions earned by the Variable Account on contract owner reserves are not taxable, and therefore, no provision has been made for federal income taxes. In the event of a change in applicable tax law, the Sponsor will review this policy and if necessary a provision may be made in future years.

Use of Estimates
The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires Sponsor’s management to make estimates and assumptions that affect the reported amounts of assets and liabilities as of the date of the financial statements and the reported amounts of income and expenses during the period. The most significant estimates are fair value measurements of investments and the calculation of the reserve for variable annuities. Actual results could vary from the amounts derived from Sponsor management’s estimates.

Subsequent events
The Sponsor’s management has evaluated events subsequent to December 31, 2020 noting that, other than indicated below, there are no subsequent events requiring accounting adjustments or disclosure.

- 57 -

DELAWARE LIFE VARIABLE ACCOUNT F - FUTURITY
(A Separate Account of Delaware Life Insurance Company)

3. FAIR VALUE MEASUREMENTS

The Sub-Accounts’ investments are carried at fair value. Fair value is an exit price, representing the amount that would be received from a sale of an asset or paid to transfer a liability in an orderly transaction between market participants. As such, fair value is a market-based measurement that should be determined based on assumptions that market participants would use in pricing an asset or liability. As a basis for considering such assumptions, FASB ASC Topic 820, “Fair Value Measurements and Disclosures”, establishes a three- tier value hierarchy, which prioritizes the inputs used in measuring fair value (i.e., Level 1, 2 and 3). Level 1 inputs are observable inputs that reflect quoted prices for identical assets or liabilities in active markets that the Variable Account has the ability to access at the measurement date. Level 2 inputs are observable inputs, other than quoted prices included in Level 1, for the asset or liability or prices for similar assets and liabilities. Level 3 inputs are unobservable inputs reflecting the reporting entity’s estimates of the assumptions that market participants would use in pricing the asset or liability. Topic 820 requires that a fair value measurement technique include an adjustment for risks inherent in a particular valuation technique (such as a pricing model) and/or the risks inherent in the inputs to the model, if market participants would also include such an adjustment.

The Variable Account has categorized its financial instruments, based on the priority of the inputs to the valuation technique, into the three -level hierarchy described above. 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.

4. RELATED-PARTY TRANSACTIONS

Security Investors, LLC, one of the companies in the investment management businesses of Guggenheim Partners LLC and a related -party of the Sponsor, is the investment advisor to certain Rydex funds and charges a management fee at an annual rate 0.75% of the Rydex funds’ average daily net assets.

Charges related to contracts sold to persons who are officers, directors, or employees of the Sponsor or an affiliate of the Sponsor may be waived.

- 58 -

DELAWARE LIFE VARIABLE ACCOUNT F - FUTURITY
(A Separate Account of Delaware Life Insurance Company)

5. CONTRACT CHARGES

Mortality and expense risk charges
Charges for mortality and expense risks, the optional death benefit riders, and optional living benefit riders are deducted from the Variable Account at the end of each valuation period to cover the risks assumed by the Sponsor. These charges are reflected in the Statements of Operations. The deductions are calculated at different levels based upon the elections made by the contract holder and are transferred periodically to the Sponsor. At December 31, 2020, the deduction is at an effective annual rate based on the average daily value of the Contract invested in the Variable Account as follows:

	Level 1	Level 2	Level 3	Level 4	Level 5	Level 6	Level 7	Level 8
Futurity	1.25%	-	-	-	-	-	-	-
Futurity II	1.25%	-	-	-	-	-	-	-
Futurity Focus	1.00%	-	-	-	-	-	-	-
Futurity Accolade	1.30%	1.45%	1.55%	1.70%	-	-	-	-
Futurity Focus II	1.00%	1.15%	1.25%	1.40%	1.50%	1.65%	-	-
Futurity III	0.85%	1.00%	1.10%	1.15%	1.25%	1.40%	-	-
Futurity Select Four	0.95%	1.10%	1.20%	1.35%	1.45%	1.60%	-	-
Futurity Select Four Plus	1.30%	1.50%	1.55%	1.70%	1.75%	1.90%	1.95%	2.15%
Futurity Select Seven	1.05%	1.25%	1.30%	1.45%	1.50%	1.65%	1.70%	1.90%
Futurity Select Freedom	1.35%	1.55%	1.60%	1.75%	1.80%	1.95%	-	-
Futurity Select Incentive	1.40%	1.60%	1.65%	1.80%	1.85%	2.00%	2.05%	2.40%

Administration charges
Each year on the account anniversary date, an account administration fee (‘‘Account Fee ‘‘) equal to the lesser of $ 30 in the case of Futurity contracts, $35 in the case of Futurity II contracts, Futurity Accolade contracts and Futurity III contracts and $50 in the case of Futurity Focus contracts, Futurity Focus II contracts, Futurity Select Four contracts, Futurity Select Four Plus contracts, Futurity Select Seven contracts, Futurity Select Freedom contracts and Futurity Select Incentive contracts or 2% of the participant’s account value, reflected in the Statements of Changes in Net Assets, in account years one through five (thereafter, the Account Fee may be changed annually, but it may not exceed the lesser of $50 or 2% of the participant’s account value) is deducted from the participant’s account to reimburse the Sponsor for certain administrative expenses. After the annuity commencement date, the Account Fee will be deducted pro rata from each variable annuity payment made during the year.

An additional account administration charge is deducted from the Variable Account to reimburse the Sponsor for administrative expenses that are not covered by the annual Account Fee. This administrative charge is deducted daily at an effective annual rate of 0.15% based on the value of the contract and is reported in the Statements of Operations as a component of “Administration and distribution charges”.

- 59 -

DELAWARE LIFE VARIABLE ACCOUNT F - FUTURITY
(A Separate Account of Delaware Life Insurance Company)

5. CONTRACT CHARGES (CONTINUED)

Surrender charges
The Sponsor does not deduct a sales charge from the purchase payments. However, a surrender charge (contingent deferred sales charge) may be deducted to cover certain expenses related to the sale of the Contracts if the contract holder requests a full withdrawal prior to reaching the pay-out phase and is based on the amounts withdrawn.

		Surrender Charge (up to % below)
Futurity		6%
Futurity II		6%
Futurity Accolade		8%
Futurity III		7%
Futurity Select Four		6%
Futurity Select Four Plus		8%
Futurity Select Freedom		8%
Futurity Select Seven		8%
Futurity Select Incentive		8%

Surrender charges are reported in the Statements of Changes in Net Assets as a component of “Withdrawals, surrenders, annuitizations and contract charges”.

Distribution charges
For assuming the risk that surrender charges may be insufficient to compensate the Sponsor for the costs of distributing the Contracts, the Sponsor makes a deduction from the Sub-Account at the end of each valuation period at an effective annual rate of 0.15% of the net assets attributable to Futurity Select Seven and Futurity Select Incentive and an effective annual rate of 0.20% of the net assets attributable to Futurity Select Four Plus and Futurity Select Freedom contracts. These charges are reflected on the Statements of Operations as a component of “Administration and distribution charges”.

Premium Taxes
A deduction, when applicable, is made for premium taxes or similar state or local taxes. It is currently the policy of the Sponsor to make this deduction at the annuity commencement date. However, the Sponsor reserves the right to deduct such taxes when incurred.

6. RESERVE FOR VARIABLE ANNUITIES

Reserve for variable annuities represents the actuarial present value of future contract benefits for those contract holders who are in the payout phase of their contract and chose the variable payout option. Annuity reserves for contracts with annuity commencement dates on or January 1, 1999 and December 31, 2014 are calculated using the Annuity 2000 Table. Annuity reserves for contracts with annuity commencement dates on or after January 1, 2015 are calculated using the 2012 Individual Annuitant Mortality Table. All annuity reserves are calculated using an assumed interest rate of 3% per year. The Individual Annuitant Mortality Table utilized is subject to change in conjunction with changes in the tables currently adopted by the National Association of Insurance Commissioners. The mortality risk is fully borne by the Sponsor and may result in additional amounts being transferred into the variable annuity account by the Sponsor to cover greater longevity of annuities than expected. Required adjustments to the reserves are accomplished by transfers to or from the Sponsor.

- 60 -

DELAWARE LIFE VARIABLE ACCOUNT F - FUTURITY
(A Separate Account of Delaware Life Insurance Company)

7. INVESTMENT PURCHASES AND SALES

The cost of purchases and proceeds from sales of investments for the year ended December 31, 2020 were as follows:

		Purchases		Sales
A70	$	181,786	$	98,756
A71		985,887		1,639,307
AM2		190,029		316,475
A19		204,180		303,018
A55		375,917		825,762
A51		238,177		403,477
C53		18,224		161,885
L13		76,809		40,243
F24		1,705,261		3,776,934
F99		3,316,932		5,780,048
F91		162,034		333,911
FE3		5,371,238		4,936,847
T20		197,520		253,454
F56		90,829		104,006
G30		206,032		337,852
521		53,907		212,198
520		407,161		352,643
G33		112,417		233,160
G31		396,953		691,224
O00		591,607		129,448
V15		1,389,153		2,456,793
V52		13,911		11,448
A39		2,201,273		1,548,430
AC3		16,613		12,596
A21		823,928		1,370,764
AC1		11,328		16,467
I84		210,965		646,350

- 61 -

DELAWARE LIFE VARIABLE ACCOUNT F - FUTURITY
(A Separate Account of Delaware Life Insurance Company)

7. INVESTMENT PURCHASES AND SALES (CONTINUED)

		Purchases		Sales
I76	$	186,291	$	129,908
J43		163,709		221,346
J32		358,082		694,283
MD8		4,637,638		7,079,464
M07		1,558,465		3,057,100
M35		1,006,207		2,028,897
M31		2,096,808		3,597,897
M80		438,232		836,616
MF1		3,333,668		8,474,484
M05		1,603,924		3,128,372
M42		1,812,975		3,678,801
M06		1,107,632		2,677,709
M33		1,305,612		2,501,546
M44		1,111,558		2,256,501
M40		173,539		488,612
M83		5,810,773		6,882,637
MB6		506,767		740,144
MB7		289,097		520,316
M96		1,412,999		915,316
MD2		331,496		568,634
MA6		4,028,542		4,199,994
MA3		495,765		838,055
MD6		2,255,565		2,457,747
MB3		642,983		1,026,570
MB8		4,184,138		5,068,245
MF6		2,111,377		2,122,408
MG3		3,441,420		4,811,097
PK8		2,461,024		2,543,596
P06		768,803		1,075,193
P07		5,776,643		7,107,064
R03		635,982		855,882
R02		144,662		180,294

- 62 -

DELAWARE LIFE VARIABLE ACCOUNT F - FUTURITY
(A Separate Account of Delaware Life Insurance Company)

8. CHANGES IN UNITS OUTSTANDING

The changes in units outstanding for the year ended December 31, 2020 were as follows:

	Units Issued	Units Redeemed	Net Increase (Decrease)
A70	9,109	7,311	1,798
A71	26,914	74,121	(47,207)
AM2	4,749	14,626	(9,877)
A19	3,523	7,112	(3,589)
A55	17,904	36,365	(18,461)
A51	3,218	11,413	(8,195)
C53	43	6,957	(6,914)
L13	1,853	1,651	202
F24	54,241	103,442	(49,201)
F99	73,385	196,331	(122,946)
F91	9,057	14,618	(5,561)
FE3	81,743	112,616	(30,873)
T20	9,573	13,769	(4,196)
F56	3,141	4,234	(1,093)
G30	7,964	15,617	(7,653)
521	1,168	6,125	(4,957)
520	9,101	13,105	(4,004)
G33	10,376	18,596	(8,220)
G31	10,623	28,226	(17,603)
O00	62,634	14,384	48,250
V15	24,595	93,343	(68,748)
V52	184	366	(182)
A39	26,996	79,896	(52,900)
AC3	137	495	(358)
A21	30,053	65,812	(35,759)
AC1	153	586	(433)
I84	4,694	35,454	(30,760)
I76	5,410	6,516	(1,106)
J43	4,672	8,660	(3,988)
J32	5,907	19,177	(13,270)
MD8	546,742	788,978	(242,236)
M07	98,337	226,988	(128,651)
M35	38,070	135,716	(97,646)
M31	32,984	99,493	(66,509)
M80	7,562	21,761	(14,199)

- 63 -

DELAWARE LIFE VARIABLE ACCOUNT F - FUTURITY
(A Separate Account of Delaware Life Insurance Company)

8. CHANGES IN UNITS OUTSTANDING (CONTINUED)

	Units Issued	Units Redeemed	Net Increase (Decrease)
MF1	76,432	288,841	(212,409)
M05	69,781	169,730	(99,949)
M42	71,240	187,251	(116,011)
M06	76,793	227,694	(150,901)
M33	43,085	110,257	(67,172)
M44	82,286	200,128	(117,842)
M40	6,476	38,042	(31,566)
M83	217,823	350,828	(133,005)
MB6	10,524	30,899	(20,375)
MB7	6,435	19,886	(13,451)
M96	70,431	48,104	22,327
MD2	16,943	36,453	(19,510)
MA6	175,889	223,063	(47,174)
MA3	13,912	35,961	(22,049)
MD6	63,327	106,373	(43,046)
MB3	9,577	35,033	(25,456)
MB8	127,864	146,367	(18,503)
MF6	45,627	57,674	(12,047)
MG3	156,273	230,139	(73,866)
PK8	67,826	85,051	(17,225)
P06	54,296	72,763	(18,467)
P07	297,862	409,675	(111,813)
R03	14,314	22,621	(8,307)
R02	6,779	10,240	(3,461)

- 64 -

DELAWARE LIFE VARIABLE ACCOUNT F - FUTURITY
(A Separate Account of Delaware Life Insurance Company)

8. CHANGES IN UNITS OUTSTANDING (CONTINUED)

The changes in units outstanding for the year ended December 31, 2019 were as follows:

	Units Issued	Units Redeemed	Units Redeemed
A70	514	22,003	(21,489)
A71	41,435	98,946	(57,511)
AM2	7,729	32,683	(24,954)
A19	2,352	10,055	(7,703)
A55	10,637	27,713	(17,076)
A51	3,674	9,923	(6,249)
C53	946	2,301	(1,355)
L13	411	1,970	(1,559)
F24	32,837	103,586	(70,749)
F99	32,848	157,142	(124,294)
F91	10,410	28,678	(18,268)
FE3	58,635	138,345	(79,710)
T20	6,358	14,885	(8,527)
F56	2,442	12,334	(9,892)
G30	10,244	19,923	(9,679)
521	5,750	9,497	(3,747)
520	17,074	19,880	(2,806)
G33	10,077	34,362	(24,285)
G31	17,332	47,951	(30,619)
V15	10,504	95,065	(84,561)
V52	236	146	90
A39	18,664	75,954	(57,290)
AC3	544	488	56
A21	15,631	59,299	(43,668)
AC1	485	807	(322)
I84	4,653	23,960	(19,307)
I76	3,106	9,934	(6,828)
J43	3,978	13,920	(9,942)
J32	10,418	20,392	(9,974)
L27	1,567	69,525	(67,958)
MD8	593,795	758,518	(164,723)
M07	78,240	194,528	(116,288)
M35	33,716	192,321	(158,605)
M31	18,622	104,037	(85,415)
M80	5,272	22,219	(16,947)

- 65 -

DELAWARE LIFE VARIABLE ACCOUNT F - FUTURITY
(A Separate Account of Delaware Life Insurance Company)

8. CHANGES IN UNITS OUTSTANDING (CONTINUED)

	Units Issued	Units Redeemed	Net Increase (Decrease)
MF1	37,360	200,739	(163,379)
M05	27,375	161,077	(133,702)
M42	30,032	161,017	(130,985)
M06	214,148	235,237	(21,089)
M33	23,974	111,972	(87,998)
M44	18,419	124,741	(106,322)
M40	13,768	69,225	(55,457)
M83	91,565	368,743	(277,178)
MB6	7,802	68,198	(60,396)
MB7	4,672	16,982	(12,310)
M96	18,840	60,488	(41,648)
MD2	29,282	59,354	(30,072)
MA6	98,581	184,562	(85,981)
MA3	12,200	49,842	(37,642)
MD6	30,848	130,728	(99,880)
MB3	8,057	42,298	(34,241)
MB8	44,230	106,270	(62,040)
MF6	26,178	65,111	(38,933)
MG3	43,901	235,345	(191,444)
PK8	43,992	73,233	(29,241)
P06	29,502	52,802	(23,300)
P07	182,305	295,684	(113,379)
R03	8,586	23,698	(15,112)
R02	2,117	12,648	(10,531)

9. TAX DIVERSIFICATION REQUIREMENTS

- 66 -

DELAWARE LIFE VARIABLE ACCOUNT F - FUTURITY
(A Separate Account of Delaware Life Insurance Company)

10. FINANCIAL HIGHLIGHTS

		At December 31,										For the years ended December 31,
		Units				Unit Value⁴				Net Assets		Investment Income Ratio¹			Expense Ratio lowest to highest²						Total Return³
A70
	2020		34,687	$	18.4608		to	$	33.5291	$	714,807		0.45	%		1.15	%	to	2.10	%		37.48	%	to		36.17	%
	2019		32,889		13.4279		to		24.6234		495,608		0.17			1.15		to	2.10			28.29		to		27.07
	2018		54,378		10.4667		to		19.3781		599,720		—			1.15		to	2.10			(11.02	)	to		(11.88	)
	2017		58,812		11.7634		to		21.9899		727,444		0.27			1.15		to	2.10			34.74		to		33.45
	2016		72,632		8.7307		to		16.4775		655,589		—			1.15		to	2.10			(2.02	)	to		(2.96	)
A71
	2020		302,915		25.6146		to		29.7811		7,384,564		1.29			1.15		to	2.10			1.29		to		0.32
	2019		350,122		25.2877		to		29.6851		8,445,040		1.03			1.15		to	2.10			22.19		to		21.03
	2018		407,633		20.6951		to		24.5279		8,043,643		0.75			1.15		to	2.10			(6.93	)	to		(7.83	)
	2017		498,926		22.2366		to		26.6102		10,570,331		1.25			1.15		to	2.10			17.24		to		16.12
	2016		551,603		18.9670		to		22.9158		10,021,715		0.81			1.15		to	2.10			9.79		to		8.74
AM2
	2020		48,513		30.1828		to		33.0656		1,394,660		1.10			1.15		to	2.10			28.11		to		26.88
	2019		58,390		23.5601		to		26.0596		1,311,903		0.26			1.15		to	2.10			25.77		to		24.57
	2018		83,344		18.7328		to		20.9196		1,489,030		0.41			1.15		to	2.10			(18.55	)	to		(19.33	)
	2017		93,124		22.9999		to		25.9338		2,062,972		0.92			1.15		to	2.10			33.09		to		31.83
	2016		108,038		17.2811		to		19.6729		1,797,768		—			1.15		to	2.10			(8.14	)	to		(9.02	)
A19
	2020		25,694		59.4044		to		78.8431		1,462,606		—			1.15		to	2.10			51.87		to		50.42
	2019		29,283		39.1145		to		52.4145		1,095,331		—			1.15		to	2.10			34.45		to		33.16
	2018		36,986		29.0933		to		39.3612		1,030,841		—			1.15		to	2.10			(2.25	)	to		(3.19	)
	2017		42,643		29.7627		to		40.6571		1,211,853		—			1.15		to	2.10			32.25		to		30.99
	2016		47,926		22.5052		to		31.0387		1,031,645		—			1.15		to	2.10			4.99		to		3.98
A55
	2020		169,439		21.8649		to		28.8971		4,752,286		1.39			1.15		to	1.85			13.56		to		12.76
	2019		187,900		19.2548		to		25.6278		4,669,717		1.60			1.15		to	1.85			27.99		to		27.09
	2018		204,976		15.0444		to		20.1653		4,012,741		1.66			1.15		to	1.85			(5.71	)	to		(6.38	)
	2017		232,333		15.9559		to		21.5391		4,780,927		1.52			1.15		to	1.85			19.93		to		19.09
	2016		269,443		13.3042		to		18.0863		4,665,381		1.82			1.15		to	1.85			8.97		to		8.20
A51
	2020		56,954		32.5674		to		38.7827		2,386,011		1.06			1.15		to	1.85			65.23		to		64.07
	2019		65,149		19.7105		to		23.6383		1,671,717		—			1.15		to	1.85			27.85		to		26.95
	2018		71,398		15.4168		to		18.6196		1,423,897		—			1.15		to	1.85			0.26		to		(0.44	)
	2017		81,160		22.8810		to		18.7027		1,631,288		—			1.15		to	1.85			27.27		to		26.37
	2016		93,040		17.9781		to		14.8005		1,476,536		—			1.15		to	1.85			5.03		to		4.27
C53
	2020		33,248				23.3655				780,319		1.37					1.40						6.18
	2019		40,162				22.0059				886,438		1.51					1.40						29.77
	2018		41,517				16.9575				705,596		1.53					1.40						(6.18	)
	2017		44,551				18.0746				806,231		1.52					1.40						17.53
	2016		43,926				15.3784				675,194		1.60					1.40						13.40

- 67 -

DELAWARE LIFE VARIABLE ACCOUNT F - FUTURITY
(A Separate Account of Delaware Life Insurance Company)

10. FINANCIAL HIGHLIGHTS (CONTINUED)

		At December 31,								For the years ended December 31,
		Units			Unit Value⁴			Net Assets		Investment Income Ratio¹			Expense Ratio lowest to highest²					Total Return³
L13
	2020		9,300		$	33.7608		$	313,962		1.48	%		1.40	%							3.79	%
	2019		9,098			32.5283			295,931		1.71			1.40								27.10
	2018		10,657			25.5925			272,728		1.42			1.40								(10.14	)
	2017		13,468			28.4808			383,590		1.33			1.40								13.25
	2016		16,032			25.1478			403,182		1.56			1.40								11.44
F24
	2020		422,383	48.6962		to	44.4507		19,365,539		0.08			1.15		to	2.30		28.73		to	27.25
	2019		471,584	37.8268		to	34.9324		16,884,123		0.21			1.15		to	2.30		29.77		to	28.27
	2018		542,333	29.1497		to	27.2331		15,002,121		0.43			1.15		to	2.30		(7.72	)	to	(8.79	)
	2017		659,222	31.5877		to	29.8571		19,837,965		0.77			1.15		to	2.30		20.19		to	18.81
	2016		696,453	26.2805		to	25.1300		17,492,604		0.57			1.15		to	2.30		6.49		to	5.25
F99
	2020		465,466	37.8785		to	49.7100		17,526,406		0.04			1.15		to	2.30		41.90		to	40.26
	2019		588,412	26.6943		to	35.4416		15,704,936		0.06			1.15		to	2.30		32.44		to	30.91
	2018		712,706	20.1561		to	27.0729		14,400,361		0.04			1.15		to	2.30		(1.58	)	to	(2.72	)
	2017		804,753	20.4801		to	27.8308		16,647,092		0.09			1.15		to	2.30		33.27		to	31.74
	2016		1,025,266	15.3672		to	19.9870		15,949,219		—			1.15		to	2.35		(0.61	)	to	(0.97	)
F91
	2020		347,509	20.5588		to	26.7755		7,248,029		0.22			1.15		to	2.10		14.01		to	12.91
	2019		353,070	18.0332		to	23.7130		6,499,869		1.54			1.15		to	2.10		26.04		to	24.83
	2018		371,338	14.3080		to	18.9956		5,441,772		2.50			1.15		to	2.10		(16.04	)	to	(16.84	)
	2017		107,288	17.0410		to	22.8434		1,763,394		1.16			1.15		to	2.10		28.50		to	27.28
	2016		131,994	13.2617		to	17.9481		1,690,556		1.20			1.15		to	2.10		(6.36	)	to	(7.26	)
FE3
	2020		647,434	55.1553		to	43.4966		33,030,181		2.70			1.15		to	2.30		5.63		to	4.40
	2019		678,307	52.2139		to	41.6626		32,898,089		0.31			1.15		to	2.30		16.04		to	14.69
	2018		758,017	44.9955		to	36.3252		31,749,225		2.11			1.15		to	2.30		(11.57	)	to	(12.61	)
	2017		858,841	50.8850		to	41.5661		40,742,265		1.02			1.15		to	2.30		13.27		to	11.96
	2016		964,870	44.9217		to	30.7678		40,518,003		0.53			1.15		to	2.35		3.97		to	1.63
T20
	2020		62,603	23.1800		to	18.5282		1,340,524		3.44			1.15		to	2.10		(2.29	)	to	(3.23	)
	2019		66,799	23.6705		to	19.1469		1,470,652		1.69			1.15		to	2.10		11.24		to	10.18
	2018		75,326	21.3238		to	17.3785		1,495,169		2.65			1.15		to	2.10		(16.41	)	to	(17.22	)
	2017		79,237	25.5101		to	20.9939		1,893,331		2.63			1.15		to	2.10		15.37		to	14.26
	2016		86,321	22.1118		to	18.3742		1,793,643		1.94			1.15		to	2.10		5.96		to	4.92
F56
	2020		28,440	26.2393		to	20.8189		697,837		2.99			1.15		to	2.10		4.58		to	3.58
	2019		29,533	25.0900		to	20.0992		694,267		2.84			1.15		to	2.10		13.83		to	12.75
	2018		39,425	22.0873		to	17.8270		819,617		1.98			1.15		to	2.10		(15.82	)	to	(16.64	)
	2017		44,382	26.2396		to	21.3858		1,096,314		1.59			1.15		to	2.10		17.16		to	16.03
	2016		50,384	22.3972		to	18.4317		1,068,629		1.99			1.15		to	2.10		8.37		to	7.32
G30
	2020		99,769	23.7003		to	22.3698		2,293,253		1.45			1.15		to	1.85		2.79		to	2.06
	2019		107,422	23.0566		to	21.9187		2,408,601		1.52			1.15		to	1.85		24.49		to	23.61
	2018		117,101	18.5203		to	17.7325		2,114,323		1.28			1.15		to	1.85		(9.50	)	to	(10.15	)
	2017		132,029	20.4652		to	19.7361		2,642,419		1.63			1.15		to	1.85		8.61		to	7.84
	2016		147,298	18.8431		to	18.3020		2,712,964		2.02			1.15		to	1.85		10.31		to	9.52

- 68 -

DELAWARE LIFE VARIABLE ACCOUNT F - FUTURITY
(A Separate Account of Delaware Life Insurance Company)

10. FINANCIAL HIGHLIGHTS (CONTINUED)

		At December 31,									For the years ended December 31,
		Units		Unit Value⁴					Net Assets		Investment Income Ratio¹			Expense Ratio lowest to highest²						Total Return³
521
	2020		43,899	$	45.5809	to	$	38.6254	$	1,602,246		0.23	%		1.15	%	to	1.70	%		7.34	%	to	6.74	%
	2019		48,856		42.4628	to		36.1871		1,681,207		0.49			1.15		to	1.70			23.42		to	22.73
	2018		52,603		34.4043	to		29.4854		1,464,646		0.46			1.15		to	1.70			(9.67	)	to	(10.18	)
	2017		56,826		38.0865	to		32.8269		1,770,573		0.56			1.15		to	1.70			10.30		to	9.68
	2016		58,010		34.5300	to		29.9299		1,660,364		1.10			1.15		to	1.70			21.80		to	21.11
520
	2020		81,708		38.7326	to		47.1839		2,997,168		0.09			1.15		to	2.10			38.89		to	37.56
	2019		85,712		27.8875	to		34.3003		2,271,680		0.33			1.15		to	2.10			33.97		to	32.69
	2018		88,518		20.8160	to		25.8491		1,739,776		0.45			1.15		to	2.10			(2.18	)	to	(3.12	)
	2017		91,150		21.2801	to		26.6815		1,839,876		0.52			1.15		to	2.10			29.16		to	27.93
	2016		84,232		16.4752	to		20.8556		1,326,857		0.54			1.15		to	2.10			0.81		to	(0.16	)
G33
	2020		121,479		11.9606	to		12.4271		1,697,556		1.60			1.15		to	1.85			5.58		to	4.84
	2019		129,699		11.3284	to		11.8536		1,728,566		2.33			1.15		to	1.85			17.09		to	16.27
	2018		153,984		12.4011	to		10.1949		1,772,488		1.89			1.15		to	1.85			(17.24	)	to	(17.83	)
	2017		157,544		14.9845	to		12.4077		2,198,356		1.88			1.15		to	1.85			25.17		to	24.28
	2016		168,987		11.9716	to		9.9840		1,889,751		2.04			1.15		to	1.85			(3.83	)	to	(4.53	)
G31
	2020		144,157		30.6762	to		29.0699		4,314,841		0.87			1.15		to	2.05			16.20		to	15.14
	2019		161,760		26.3984	to		25.2473		4,179,272		1.27			1.15		to	2.05			23.79		to	22.66
	2018		192,379		21.3260	to		20.5839		3,994,005		1.15			1.15		to	2.05			(7.27	)	to	(8.12	)
	2017		229,504		22.9974	to		22.4031		5,160,943		1.36			1.15		to	2.05			22.66		to	21.54
	2016		257,964		18.7489	to		18.4325		4,748,968		1.31			1.15		to	2.05			9.47		to	8.46
O00
	2020		48,250		14.7124	to		14.6183		708,295		—			1.15		to	2.10			47.12		to	46.18
V15
	2020		442,986		34.4198	to		32.3347		14,870,443		0.07			1.15		to	1.85			40.73		to	39.73
	2019		511,734		24.4581	to		23.1414		12,240,995		—			1.15		to	1.85			35.20		to	34.24
	2018		596,295		18.0904	to		17.2392		10,579,240		—			1.15		to	1.85			(4.73	)	to	(5.41	)
	2017		679,675		18.9880	to		18.2252		12,689,517		0.08			1.15		to	1.85			25.90		to	25.00
	2016		781,976		15.0822	to		14.5800		11,631,378		—			1.15		to	1.85			1.10		to	0.38
V52
	2020		4,558		33.0558	to		30.9423		147,742		—			1.35		to	2.10			40.08		to	39.02
	2019		4,740		23.5977	to		22.2573		109,779		—			1.35		to	2.10			34.59		to	33.57
	2018		4,650		17.5331	to		16.6629		80,163		—			1.35		to	2.10			(5.19	)	to	(5.91	)
	2017		9,423		18.4932	to		17.7099		169,563		—			1.35		to	2.10			25.32		to	24.38
	2016		9,904		14.7567	to		14.2390		143,661		—			1.35		to	2.10			0.64		to	(0.13	)
A39
	2020		370,766		23.7987	to		21.0870		7,711,112		1.32			1.15		to	1.85			12.55		to	11.75
	2019		423,666		21.1449	to		18.8702		7,878,261		0.92			1.15		to	1.85			27.50		to	26.59
	2018		480,956		16.5847	to		14.9067		7,053,454		0.88			1.15		to	1.85			(10.43	)	to	(11.07	)
	2017		538,068		18.5165	to		16.7631		8,805,887		1.00			1.15		to	1.85			11.89		to	11.09
	2016		607,976		16.5487	to		15.0891		8,874,111		0.76			1.15		to	1.85			9.01		to	8.22

- 69 -

DELAWARE LIFE VARIABLE ACCOUNT F - FUTURITY
(A Separate Account of Delaware Life Insurance Company)

10. FINANCIAL HIGHLIGHTS (CONTINUED)

		At December 31,									For the years ended December 31,
		Units		Unit Value⁴					Net Assets		Investment Income Ratio¹			Expense Ratio lowest to highest²						Total Return³
AC3
	2020		2,005	$	34.6172	to	$	24.7195	$	63,522		1.01	%		1.35	%	to	1.85	%		12.04	%	to	11.47	%
	2019		2,363		30.8978	to		22.1757		64,870		0.16			1.35		to	1.85			26.93		to	26.29
	2018		2,307		24.3418	to		16.9692		51,885		—			1.35		to	2.05			(10.83	)	to	(11.47	)
	2017		7,297		27.2996	to		22.7559		160,970		0.85			1.35		to	2.05			11.36		to	10.52
	2016		6,930		24.5147	to		20.5897		135,394		0.48			1.35		to	2.10			8.53		to	7.71
A21
	2020		306,071		27.9456	to		21.5206		7,053,997		2.36			1.15		to	1.85			12.69		to	11.89
	2019		341,830		24.7978	to		19.2338		7,061,511		1.55			1.15		to	1.85			27.11		to	26.20
	2018		385,498		19.5091	to		15.2402		6,276,113		2.01			1.15		to	1.85			(15.95	)	to	(16.55	)
	2017		415,339		23.2112	to		18.2630		8,043,247		1.43			1.15		to	1.85			21.61		to	20.74
	2016		456,670		19.0871	to		15.1257		7,263,712		1.39			1.15		to	1.85			(1.58	)	to	(2.29	)
AC1
	2020		5,332		35.1179	to		31.7929		180,983		2.16			1.35		to	2.10			12.20		to	11.35
	2019		5,765		31.2983	to		28.5511		172,907		1.23			1.35		to	2.10			26.51		to	25.56
	2018		6,087		24.7394	to		22.7396		146,557		1.80			1.35		to	2.10			(16.35	)	to	(16.99	)
	2017		7,013		29.5761	to		27.3936		198,697		1.24			1.35		to	2.10			21.08		to	20.16
	2016		7,540		24.4274	to		22.7967		175,378		1.30			1.35		to	2.10			(2.04	)	to	(2.78	)
I84⁵
	2019		30,760		21.0887	to		19.5846		635,647		—			1.15		to	2.10			32.80		to	31.53
	2018		50,067		15.8804	to		14.8897		780,118		—			1.15		to	2.10			(6.67	)	to	(7.57	)
	2017		65,758		17.0160	to		16.1092		1,101,213		—			1.15		to	2.10			21.09		to	19.93
	2016		74,181		14.0526	to		13.4316		1,026,377		—			1.15		to	2.10			(0.40	)	to	(1.36	)
I76
	2020		50,273		23.9789	to		21.0159		1,155,560		0.36			1.15		to	2.10			25.78		to	24.58
	2019		51,379		19.0643	to		16.8698		935,898		—			1.15		to	2.10			25.14		to	23.95
	2018		58,207		15.2338	to		13.6101		849,477		—			1.15		to	2.10			(16.06	)	to	(16.87	)
	2017		75,256		18.1487	to		16.3715		1,304,990		—			1.15		to	2.10			12.75		to	11.68
	2016		84,215		16.0965	to		14.6600		1,302,290		—			1.15		to	2.10			10.78		to	9.71
J43
	2020		35,618		42.1760	to		38.8227		1,444,996		0.98			1.15		to	1.85			12.38		to	11.59
	2019		39,606		37.5310	to		34.7916		1,432,909		0.41			1.15		to	1.85			23.15		to	22.28
	2018		49,548		30.5141	to		28.4520		1,460,607		0.38			1.15		to	1.85			(12.94	)	to	(13.56	)
	2017		59,194		35.0486	to		32.9159		2,009,506		0.35			1.15		to	1.85			13.92		to	13.11
	2016		69,127		30.7662	to		29.1012		2,066,555		0.52			1.15		to	1.85			18.85		to	17.99
J32
	2020		80,027		50.4831	to		46.4032		3,885,805		0.78			1.15		to	1.85			23.83		to	22.95
	2019		93,297		40.7673	to		37.7419		3,667,848		0.86			1.15		to	1.85			30.25		to	29.33
	2018		103,271		31.2983	to		29.1833		3,131,269		0.81			1.15		to	1.85			(7.24	)	to	(7.90	)
	2017		130,799		33.7408	to		31.6876		4,287,513		0.87			1.15		to	1.85			20.94		to	20.08
	2016		138,725		27.8982	to		26.3884		3,769,038		1.00			1.15		to	1.85			9.68		to	8.89
L27⁶
	2018		67,958		19.2409	to		26.4696		1,257,541		0.82			1.15		to	2.10			(24.55	)	to	(25.27	)
	2017		74,893		25.5015	to		35.4226		1,841,640		1.14			1.15		to	2.10			37.62		to	36.31
	2016		77,867		18.5304	to		25.9869		1,390,872		0.92			1.15		to	2.10			(5.38	)	to	(6.29	)

- 70 -

DELAWARE LIFE VARIABLE ACCOUNT F - FUTURITY
(A Separate Account of Delaware Life Insurance Company)

10. FINANCIAL HIGHLIGHTS (CONTINUED)

		At December 31,									For the years ended December 31,
		Units		Unit Value⁴					Net Assets		Investment Income Ratio¹			Expense Ratio lowest to highest²						Total Return³
MD8
	2020		1,469,033	$	9.4277	to	$	8.5683	$	13,527,211		0.23	%		1.15	%	to	2.30	%		(0.92%		to	(2.08%
	2019		1,711,269		9.5157	to		8.7503		15,969,168		1.62			1.15		to	2.30			0.48		to	(0.69	)
	2018		1,875,992		9.4632	to		8.8111		17,457,575		1.24			1.15		to	2.30			0.09		to	(1.07	)
	2017		2,387,659		9.4608	to		8.9063		22,286,625		0.30			1.15		to	2.30			(0.84	)	to	(2.00	)
	2016		2,361,111		9.5411	to		9.0876		22,436,212		0.01			1.15		to	2.30			(1.13	)	to	(2.29	)
M07
	2020		724,185		16.3649	to		15.5191		11,589,559		2.27			1.15		to	1.85			8.56		to	7.78
	2019		852,836		15.0746	to		14.3983		12,612,911		2.28			1.15		to	1.85			19.01		to	18.17
	2018		969,124		12.6662	to		12.1847		12,062,016		2.13			1.15		to	1.85			(6.69	)	to	(7.36	)
	2017		1,156,130		13.5747	to		13.1528		15,465,905		2.36			1.15		to	1.85			11.02		to	10.23
	2016		1,224,592		12.2267	to		11.9316		14,804,194		2.88			1.15		to	1.85			7.85		to	7.08
M35
	2020		675,722		16.0550	to		14.7327		10,503,400		2.05			1.15		to	2.30			8.26		to	7.00
	2019		773,368		14.8307	to		13.7683		11,141,837		2.07			1.15		to	2.30			18.74		to	17.37
	2018		931,973		12.4903	to		11.7308		11,357,737		1.77			1.15		to	2.30			(6.96	)	to	(8.04	)
	2017		1,209,186		13.4245	to		12.7560		15,917,629		2.13			1.15		to	2.30			10.74		to	9.47
	2016		1,328,610		12.1223	to		11.6529		15,861,694		2.69			1.15		to	2.30			7.56		to	6.31
M31
	2020		539,465		46.2633	to		37.5458		21,408,756		—			1.15		to	1.85			30.35		to	29.42
	2019		605,974		35.4910	to		29.0102		18,705,947		—			1.15		to	1.85			36.58		to	35.60
	2018		691,389		25.9861	to		21.3932		15,524,570		0.09			1.15		to	1.85			1.49		to	0.77
	2017		777,435		25.6037	to		21.2304		17,248,111		0.10			1.15		to	1.85			29.91		to	28.99
	2016		873,438		19.7082	to		16.4590		14,820,422		0.04			1.15		to	1.85			1.28		to	0.55
M80
	2020		74,584		49.1368	to		45.2070		3,511,226		—			1.15		to	2.05			30.02		to	28.85
	2019		88,783		37.7912	to		35.0863		3,213,825		—			1.15		to	2.05			36.20		to	34.97
	2018		105,730		27.7477	to		37.1776		2,824,292		—			1.15		to	1.90			1.23		to	0.46
	2017		163,565		27.4110	to		25.9163		4,924,643		—			1.15		to	1.90			29.58		to	28.42
	2016		178,094		21.1532	to		25.6116		4,102,729		—			1.15		to	2.10			1.00		to	(8.34	)
MF1
	2020		614,252		38.0480	to		34.5807		22,655,730		—			1.15		to	2.30			34.92		to	33.35
	2019		826,661		28.1998	to		25.9322		22,656,974		—			1.15		to	2.30			37.08		to	35.49
	2018		990,040		20.5713	to		19.1395		19,862,734		—			1.15		to	2.30			0.08		to	(1.09	)
	2017		1,145,168		20.5557	to		19.3013		23,033,222		0.12			1.15		to	2.35			25.56		to	24.04
	2016		1,350,021		16.3718	to		15.7162		21,711,886		—			1.15		to	2.35			3.72		to	3.47
M05
	2020		436,260		26.0432	to		24.8728		11,129,273		—			1.15		to	1.85			44.22		to	43.20
	2019		536,209		18.0575	to		17.3698		9,513,210		—			1.15		to	1.85			40.09		to	39.09
	2018		669,911		12.8901	to		12.4881		8,501,147		—			1.15		to	1.85			(2.60	)	to	(3.30	)
	2017		746,968		13.2348	to		12.9145		9,763,710		—			1.15		to	1.85			25.22		to	24.33
	2016		881,045		10.5693	to		10.3875		9,225,612		—			1.15		to	1.85			7.81		to	7.03
M42
	2020		405,073		25.6106	to		23.7718		10,094,486		—			1.15		to	2.30			43.91		to	42.25
	2019		521,084		17.7964	to		16.7116		9,057,388		—			1.15		to	2.30			39.65		to	38.04
	2018		652,069		12.7433	to		12.1060		8,148,077		—			1.15		to	2.30			(2.85	)	to	(3.98	)
	2017		752,553		13.1175	to		12.6077		9,722,942		—			1.15		to	2.30			24.88		to	23.45
	2016		884,572		10.5037	to		10.3205		9,189,471		—			1.15		to	2.35			7.55		to	7.49
M06
	2020		747,124		12.2976	to		11.3623		8,908,870		3.26			1.15		to	2.10			7.23		to	6.19
	2019		898,025		11.4684	to		10.6996		10,017,071		3.42			1.15		to	2.10			8.95		to	7.90
	2018		919,114		10.5261	to		9.9160		9,444,772		2.73			1.15		to	2.10			(2.22	)	to	(3.17	)
	2017		1,289,783		10.7649	to		10.2403		13,602,090		3.40			1.15		to	2.10			3.27		to	2.28
	2016		1,286,491		10.4240	to		10.0124		13,199,954		3.37			1.15		to	2.10			3.05		to	2.05

- 71 -

DELAWARE LIFE VARIABLE ACCOUNT F - FUTURITY
(A Separate Account of Delaware Life Insurance Company)

10. FINANCIAL HIGHLIGHTS (CONTINUED)

		At December 31,									For the years ended December 31,
		Units		Unit Value⁴					Net Assets		Investment Income Ratio¹			Expense Ratio lowest to highest²						Total Return³
M33
	2020		493,818	$	27.4978	to	$	25.4066	$	13,188,439		0.72	%		1.15	%	to	2.10	%		15.26	%	to	14.15	%
	2019		560,990		23.8566	to		22.2575		13,041,722		0.78			1.15		to	2.10			31.43		to	30.17
	2018		648,988		18.1511	to		17.0992		11,514,380		0.67			1.15		to	2.10			(5.46	)	to	(6.38	)
	2017		747,055		19.2001	to		18.2646		14,072,514		1.35			1.15		to	2.10			21.97		to	20.79
	2016		829,905		15.7418	to		15.1204		12,860,194		0.79			1.15		to	2.10			7.50		to	6.45
M44
	2020		637,525		13.8539	to		13.2311		8,672,423		2.46			1.15		to	1.85			4.69		to	3.95
	2019		755,367		13.2329	to		12.7289		9,841,751		4.04			1.15		to	1.85			23.64		to	22.76
	2018		861,689		10.7023	to		10.3685		9,104,625		1.08			1.15		to	1.85			(0.10	)	to	(0.81	)
	2017		1,045,379		10.7128	to		10.4535		11,084,555		4.24			1.15		to	1.85			13.53		to	12.72
	2016		1,195,666		9.4362	to		9.2738		11,202,608		3.87			1.15		to	1.85			10.20		to	9.41
M40
	2020		152,285		13.6256	to		12.8120		2,017,815		2.23			1.15		to	2.10			4.40		to	3.41
	2019		183,851		13.0508	to		12.3900		2,341,570		3.53			1.15		to	2.10			23.37		to	22.19
	2018		239,308		10.5787	to		10.1398		2,480,502		0.81			1.15		to	2.10			(0.35	)	to	(1.31	)
	2017		288,118		10.6163	to		10.2744		3,012,951		3.99			1.15		to	2.10			13.18		to	12.10
	2016		336,898		9.3798	to		8.9949		3,125,628		3.62			1.15		to	2.30			9.96		to	7.18
M83
	2020		1,790,880		22.7619	to		20.6874		39,542,680		1.57			1.15		to	2.30			2.29		to	1.10
	2019		1,923,885		22.2516	to		20.4623		41,683,775		2.11			1.15		to	2.30			28.32		to	26.83
	2018		2,201,063		17.3402	to		16.1334		37,294,693		1.50			1.15		to	2.30			(11.12	)	to	(12.16	)
	2017		2,478,421		19.5088	to		18.3660		47,400,873		1.91			1.15		to	2.30			16.32		to	14.96
	2016		2,752,000		16.7722	to		15.7351		45,422,847		2.10			1.15		to	2.35			12.79		to	9.96
MB6
	2020		185,651		30.0106	to		28.4669		5,191,792		1.65			1.15		to	1.85			14.02		to	13.21
	2019		206,026		26.3199	to		25.1455		5,067,678		1.50			1.15		to	1.85			27.70		to	26.80
	2018		266,422		20.6100	to		19.8315		5,135,432		1.36			1.15		to	1.85			(8.80	)	to	(9.45	)
	2017		302,585		22.5975	to		21.9008		6,399,753		1.50			1.15		to	1.85			19.39		to	18.54
	2016		352,496		18.9270	to		18.4749		6,251,655		1.42			1.15		to	1.85			7.21		to	6.44
MB7
	2020		87,198		32.3788	to		33.4811		2,662,895		1.35			1.15		to	2.30			13.74		to	12.42
	2019		100,649		28.4682	to		29.7815		2,703,908		1.23			1.15		to	2.30			27.39		to	25.93
	2018		112,959		22.3467	to		23.6501		2,397,243		1.14			1.15		to	2.30			(9.05	)	to	(10.11	)
	2017		115,678		24.5710	to		26.3093		2,713,039		1.29			1.15		to	2.30			19.09		to	17.72
	2016		133,861		20.6323	to		22.3492		2,656,055		1.25			1.15		to	2.30			6.93		to	5.69
M96
	2020		308,930		19.4055	to		17.0187		5,605,124		3.08			1.15		to	1.85			5.16		to	4.41
	2019		286,603		18.4524	to		16.2991		4,963,279		2.94			1.15		to	1.85			5.31		to	4.56
	2018		328,251		17.5213	to		15.5876		5,411,512		3.18			1.15		to	1.85			(0.68	)	to	(1.39	)
	2017		378,725		17.6415	to		15.8077		6,304,387		3.06			1.15		to	1.85			1.06		to	0.34
	2016		422,525		17.4558	to		15.7535		6,988,967		2.63			1.15		to	1.85			(0.11	)	to	(0.83	)
MD2
	2020		203,260		16.1925	to		12.2278		3,046,330		2.63			1.15		to	2.30			4.89		to	3.68
	2019		222,770		15.4370	to		11.7935		3,177,543		2.76			1.15		to	2.30			5.13		to	3.92
	2018		252,842		14.6841	to		11.3491		3,443,422		2.96			1.15		to	2.30			(0.99	)	to	(2.13	)
	2017		274,250		14.8305	to		11.5967		3,776,542		2.79			1.15		to	2.30			0.86		to	(0.30	)
	2016		307,257		14.7045	to		11.6321		4,212,251		2.38			1.15		to	2.30			(0.48	)	to	(1.64	)

- 72 -

DELAWARE LIFE VARIABLE ACCOUNT F - FUTURITY
(A Separate Account of Delaware Life Insurance Company)

10. FINANCIAL HIGHLIGHTS (CONTINUED)

		At December 31,									For the years ended December 31,
		Units		Unit Value⁴					Net Assets		Investment Income Ratio¹			Expense Ratio lowest to highest²						Total Return³
MA6
	2020		877,302	$	25.9393	to	$	12.6165	$	18,327,314		5.62	%		1.15	%	to	2.30	%		3.89	%	to	2.67	%
	2019		924,476		24.9689	to		12.2878		18,791,657		5.64			1.15		to	2.30			13.50		to	12.18
	2018		1,010,457		21.9989	to		10.9535		18,155,054		5.57			1.15		to	2.30			(4.19	)	to	(5.31	)
	2017		1,155,123		22.9606	to		11.5376		21,674,473		5.52			1.15		to	2.35			5.48		to	4.20
	2016		1,141,592		21.7685	to		10.9074		18,971,341		6.70			1.15		to	2.35			12.53		to	9.49
MA3
	2020		149,437		25.8628	to		22.2159		3,570,106		5.31			1.15		to	2.30			3.64		to	2.45
	2019		171,486		24.9537	to		21.6857		3,959,396		5.33			1.15		to	2.30			13.12		to	11.82
	2018		209,128		22.0591	to		19.3937		4,286,385		4.71			1.15		to	2.30			(4.36	)	to	(5.47	)
	2017		288,083		23.0641	to		20.5150		6,247,522		8.59			1.15		to	2.30			5.09		to	3.88
	2016		479,043		21.9467	to		19.0671		9,867,620		6.17			1.15		to	2.10			12.34		to	11.26
MD6
	2020		474,974		34.8469	to		30.6610		13,469,034		0.45			1.15		to	1.85			21.13		to	20.26
	2019		518,020		28.7689	to		25.4950		12,210,688		0.57			1.15		to	1.85			38.36		to	37.38
	2018		617,900		20.7928	to		18.5586		10,501,822		0.57			1.15		to	1.85			(0.35	)	to	(1.06	)
	2017		675,491		20.8648	to		18.7572		11,626,513		0.65			1.15		to	1.85			26.97		to	26.07
	2016		747,310		16.4331	to		14.8790		10,170,289		0.59			1.15		to	1.85			4.87		to	4.11
MB3
	2020		134,308		36.7599	to		41.4271		4,695,475		0.22			1.15		to	2.10			20.79		to	19.64
	2019		159,764		30.4325	to		34.6275		4,625,686		0.34			1.15		to	2.10			37.98		to	36.67
	2018		194,005		22.0555	to		25.3373		4,079,658		0.33			1.15		to	2.10			(0.59	)	to	(1.54	)
	2017		227,680		22.1854	to		25.7336		4,812,019		0.42			1.15		to	2.10			26.63		to	25.43
	2016		265,296		17.5194	to		20.5167		4,438,897		0.37			1.15		to	2.10			4.62		to	3.62
MB8
	2020		399,198		48.0883	to		38.4858		16,443,783		0.85			1.15		to	2.30			1.06		to	(0.11	)
	2019		417,701		47.5859	to		38.5292		17,151,573		0.72			1.15		to	2.30			25.32		to	23.88
	2018		479,741		37.9715	to		31.1030		15,743,834		0.80			1.15		to	2.30			(6.20	)	to	(7.29	)
	2017		576,836		40.4831	to		33.5494		20,284,049		0.87			1.15		to	2.30			13.65		to	12.34
	2016		641,138		35.6210	to		27.3185		19,919,952		1.21			1.15		to	2.35			19.53		to	16.47
MF6
	2020		289,933		54.9111	to		31.1405		11,937,752		4.73			1.15		to	2.30			0.33		to	(0.84	)
	2019		301,980		54.7326	to		31.4057		12,502,760		3.62			1.15		to	2.30			25.43		to	23.97
	2018		340,913		43.6360	to		25.3328		11,290,606		4.01			1.15		to	2.30			(4.14	)	to	(5.26	)
	2017		395,373		45.5214	to		26.7402		13,736,005		4.10			1.15		to	2.30			12.05		to	10.74
	2016		450,566		40.6278	to		20.0201		14,067,313		2.59			1.15		to	2.35			6.71		to	1.96

- 73 -

DELAWARE LIFE VARIABLE ACCOUNT F - FUTURITY
(A Separate Account of Delaware Life Insurance Company)

10. FINANCIAL HIGHLIGHTS (CONTINUED)

		At December 31,									For the years ended December 31,
		Units		Unit Value⁴					Net Assets		Investment Income Ratio¹			Expense Ratio lowest to highest²						Total Return³
MG3
	2020		891,391	$	26.4556	to	$	22.7792	$	22,426,346		1.23	%		1.15	%	to	2.30	%		2.67	%	to	1.49	%
	2019		965,257		25.7671	to		22.4459		23,746,469		1.27			1.15		to	2.30			29.61		to	28.12
	2018		1,156,701		19.8799	to		17.5194		22,033,453		0.86			1.15		to	2.30			(12.47	)	to	(13.49	)
	2017		1,321,399		22.7126	to		20.1497		28,862,278		1.24			1.15		to	2.35			12.37		to	11.02
	2016		1,432,211		20.2118	to		17.9074		27,929,875		0.87			1.15		to	2.35			14.64		to	11.75
PK8
	2020		356,522		37.7024	to		29.3144		12,404,399		4.56			1.15		to	2.30			5.49		to	4.26
	2019		373,747		35.7416	to		28.1177		12,382,271		4.42			1.15		to	2.30			13.49		to	12.17
	2018		402,988		31.4931	to		25.0668		11,777,882		4.13			1.15		to	2.30			(5.82	)	to	(6.93	)
	2017		448,732		33.4409	to		26.9321		13,970,352		5.07			1.15		to	2.30			8.65		to	7.38
	2016		503,986		30.7796	to		18.0078		14,486,731		5.25			1.15		to	2.35			12.06		to	8.47
P06
	2020		257,143		18.8348	to		16.3562		4,525,863		1.42			1.15		to	2.10			10.44		to	9.38
	2019		275,610		17.0539	to		14.9542		4,412,030		1.67			1.15		to	2.10			7.21		to	6.18
	2018		298,910		15.9068	to		14.0841		4,480,452		2.47			1.15		to	2.10			(3.32	)	to	(4.26	)
	2017		352,188		16.4536	to		14.7109		5,491,928		2.38			1.15		to	2.10			2.48		to	1.49
	2016		366,956		16.0553	to		14.4945		5,592,216		2.26			1.15		to	2.10			4.00		to	2.99
P07
	2020		1,429,861		20.1780	to		16.6075		26,820,334		2.13			1.15		to	2.30			7.42		to	6.17
	2019		1,541,674		18.7840	to		15.6425		27,006,343		3.01			1.15		to	2.30			7.14		to	5.89
	2018		1,655,053		17.5327	to		14.7722		27,144,601		2.53			1.15		to	2.30			(1.67	)	to	(2.82	)
	2017		1,979,209		17.8301	to		14.0829		33,097,381		2.02			1.15		to	2.35			3.73		to	2.47
	2016		2,108,887		17.1892	to		13.6963		34,163,425		2.08			1.15		to	2.35			1.52		to	(0.07	)
R03
	2020		33,536		45.2084	to		78.6624		1,543,565		0.31			1.15		to	2.10			43.29		to	41.92
	2019		41,843		31.5499	to		55.4260		1,357,511		0.11			1.15		to	2.10			35.29		to	34.00
	2018		56,955		23.3202	to		41.3627		1,316,365		—			1.15		to	2.10			(2.94	)	to	(3.87	)
	2017		55,464		24.0272	to		43.0297		1,323,462		—			1.15		to	2.10			29.62		to	28.38
	2016		58,225		18.5368	to		33.5162		1,072,357		—			1.15		to	2.10			4.76		to	3.76
R02
	2020		19,769		31.8900	to		48.7113		644,205		0.86			1.15		to	2.10			18.65		to	17.51
	2019		23,230		26.8778	to		41.4518		632,667		1.09			1.15		to	2.10			43.38		to	42.01
	2018		33,761		18.7463	to		29.1894		621,668		0.18			1.15		to	2.10			(11.36	)	to	(12.21	)
	2017		34,834		21.1481	to		33.2486		720,546		0.05			1.15		to	2.10			30.27		to	29.03
	2016		34,992		16.2339	to		25.7679		559,223		—			1.15		to	2.10			14.39		to	13.29

¹ Represents the dividends, excluding distributions of capital gains, received by the Sub-Account from the underlying mutual fund, which are net of management fees assessed by the fund manager, divided by the average net assets. The ratio excludes those expenses, such as mortality and expense charges, that result in direct reductions in the unit values. The recognition of investment income by the Sub-Account is affected by the timing of the declaration of dividends by the underlying fund in which the Sub-Accounts invest.

² Ratio represents the contract expenses of the Sub -Account, consisting primarily of mortality and expense charges and distribution charges. The ratio includes only those expenses that result in a direct reduction to unit values. Charges made directly to contract owner accounts through the redemption of units and expenses of the underlying mutual fund are excluded.

³ Ratio represents the total return for the year indicated, including changes in the value of the underlying mutual fund. The total return does not include any expenses assessed through the redemption of units; inclusion of these expenses in the calculation would result in reduction in the total return presented. The total return is calculated for each period indicated or from the effective date through the end of the reporting period using the unit value of the beginning period that corresponds to the lowest or highest ending period unit value disclosed. The total returns are presented as a range of maximum to minimum values based on the product grouping representing the corresponding lowest to highest expense ratio amounts.

⁴ These unit values are not a direct calculation of net asset over the number of units allocated to the Sub-Account. The unit values are presented as a range of maximum to minimum values based on the product grouping representing the corresponding lowest to highest expense ratio amounts. Some unit values may be outside of the range due to timing of the related Sub-Account level’s commencement date. Unit values of product pricing levels with zero units during the period are excluded when determining the range.

⁵ Invesco V.I. Mid Cap Growth Fund Series I Sub-Account (I84) merged into Sub-Account O00 on April 30, 2020.

⁶ Lord Abbett Series Fund- International Opportunities Portfolio VC Sub-Account (L27) merged into Sub-Account MD8 on July 31, 2019.

- 74 -

Delaware Life Insurance Company

(A Wholly-Owned Subsidiary of Group One Thousand One, LLC)

Report of Independent Auditors

Statutory Financial Statements as of

December 31, 2020 and 2019 and for the Years

Ended December 31, 2020, 2019 and 2018

DELAWARE LIFE INSURANCE COMPANY

(A Wholly-Owned Subsidiary of Group One Thousand One, LLC)

TABLE OF CONTENTS


	Page
REPORT OF INDEPENDENT AUDITORS		1

Statutory Statements of Admitted Assets, Liabilities and Capital Stock and Surplus		3

Statutory Statements of Operations		5

Statutory Statements of Changes in Capital Stock and Surplus		6

Statutory Statements of Cash Flows		7

Notes to the Statutory Financial Statements		9

LOGO

Report of Independent Auditors

To the Board of Directors of

Delaware Life Insurance Company

We have audited the accompanying statutory financial statements of Delaware Life Insurance Company, which comprise the statutory statements of admitted assets, liabilities and capital stock and surplus as of December 31, 2020 and 2019, and the related statutory statements of operations and changes in capital stock and surplus, and of cash flows for each of the three years in the period ended December 31, 2020.

Management’s Responsibility for the Financial Statements

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

Auditors’ Responsibility

Our responsibility is to express an opinion on the financial statements based on our audits. We conducted our audits in accordance with auditing standards generally accepted in the United States of America. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from 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 our 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, we consider internal control relevant to the Company’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 Company’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 opinion.

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

As described in Note 1 to the financial statements, the financial statements are prepared by the Company on the basis of the accounting practices prescribed or permitted by the Delaware Department of Insurance, which is a basis of accounting other than accounting principles generally accepted in the United States of America.

The effects on the financial statements of the variances between the statutory basis of accounting described in Note 1 and accounting principles generally accepted in the United States of America, although not reasonably determinable, are presumed to be material.

PricewaterhouseCoopers LLP, 185 Asylum Street, Suite 2400, Hartford, CT 06103-3404

T: (860) 241 7000, F: (860) 241 7590, www.pwc.com/us

Adverse Opinion on U.S. Generally Accepted Accounting Principles

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

U.S. Generally Accepted Accounting Principles” paragraph, the financial statements referred to above do not present fairly, in accordance with accounting principles generally accepted in the United States of America, the financial position of the Company as of December 31, 2020 and 2019, or the results of its operations or its cash flows for each of the three years in the period ended December 31, 2020.

Opinion on Statutory Basis of Accounting

In our opinion, the financial statements referred to above present fairly, in all material respects, the admitted assets, liabilities and surplus of the Company as of December 31, 2020 and 2019, and the results of its operations and its cash flows for each of the three years in the period ended December 31, 2020, in accordance with the accounting practices prescribed or permitted by the Delaware Department of Insurance described in Note 1.

/s/ PricewaterhouseCoopers LLP

Hartford, Connecticut

April 28, 2021

DELAWARE LIFE INSURANCE COMPANY

(A Wholly-Owned Subsidiary of Group One Thousand One, LLC)

STATUTORY STATEMENTS OF ADMITTED ASSETS, LIABILITIES AND CAPITAL STOCK AND SURPLUS

AS OF DECEMBER 31, 2020 AND 2019 (IN THOUSANDS EXCEPT SHARE AND PER SHARE DATA)


	2020		2019
ADMITTED ASSETS
GENERAL ACCOUNT ASSETS
Bonds	$	12,808,660	$	10,918,153
Preferred stocks		939,125		769,767
Common stocks		881,233		779,463
Mortgage loans on real estate		456,382		606,383
Cash, cash equivalents and short-term investments		1,401,303		1,480,742
Contract loans		392,136		400,939
Derivatives		702,736		335,701
Other invested assets		908,261		878,847
Mortgage escrow funds		1,616		2,827
Receivables for securities		163,473		36,500
Investment income due and accrued		237,294		153,301
Amounts recoverable from reinsurers		12,748		9,549
Other amounts receivable under reinsurance contracts		21,994		4,049
Current federal and foreign income tax recoverable		45,609		49,947
Net deferred tax asset		31,997		79,469
Electronic data processing equipment and software		101		469
Receivables from parent, subsidiaries and affiliates		2,410		103,360
Reinsurance deposit asset		395,678		371,013
Other assets		19,623		17,793

Total general account assets		19,422,379		16,998,272
SEPARATE ACCOUNT ASSETS		22,324,504		20,832,308

TOTAL ADMITTED ASSETS	$	41,746,883	$	37,830,580

See notes to the statutory financial statements.

DELAWARE LIFE INSURANCE COMPANY

(A Wholly-Owned Subsidiary of Group One Thousand One, LLC)

STATUTORY STATEMENTS OF ADMITTED ASSETS, LIABILITIES AND CAPITAL STOCK AND SURPLUS

AS OF DECEMBER 31, 2020 AND 2019 (IN THOUSANDS EXCEPT SHARE AND PER SHARE DATA)


	2020			2019
LIABILITIES, CAPITAL STOCK AND SURPLUS
GENERAL ACCOUNT LIABILITIES
Aggregate reserve for life contracts	$	15,188,297		$	13,486,913
Aggregate reserve for accident and health contracts		337			679
Liability for deposit-type contracts		941,896			671,845
Contract claims		38,501			33,937
Other amounts payable on reinsurance		36,149			16,698
Interest maintenance reserve		31,109			39,563
Commissions to agents due or accrued		24,595			20,383
General expenses due or accrued		30,591			18,677
Transfers from Separate Accounts due or accrued (net)		(85,448	)		(233,009	)
Remittances and items not allocated		27,116			17,405
Asset valuation reserve		290,667			250,890
Payable for securities		354,741			191,881
Payable to parent and affiliates		21,352			15,095
Reinsurance in unauthorized and certified companies		649			585
Funds held under reinsurance treaties with unauthorized and certified reinsurers		262,997			245,590
Funds held under coinsurance		398,782			371,889
Derivatives		238,061			117,942
Other liabilities		23,443			147,998

Total general account liabilities		17,823,835			15,414,961
SEPARATE ACCOUNT LIABILITIES		22,324,502			20,832,306

Total liabilities		40,148,337			36,247,267
CAPITAL STOCK AND SURPLUS
Common capital stock, $1,000 par value – 10,000 shares authorized; 6,437 shares issued and outstanding		6,437			6,437

Surplus notes		557,500			565,000
Gross paid in and contributed surplus		777,939			770,439
Unassigned funds		256,670			241,437

Total surplus		1,592,109			1,576,876

Total capital stock and surplus		1,598,546			1,583,313

TOTAL LIABILITIES, CAPITAL STOCK AND SURPLUS	$	41,746,883		$	37,830,580

See notes to the statutory financial statements.

DELAWARE LIFE INSURANCE COMPANY

(A Wholly-Owned Subsidiary of Group One Thousand One, LLC)

STATUTORY STATEMENTS OF OPERATIONS

FOR THE YEARS ENDED DECEMBER 31, 2020, 2019 AND 2018 (IN THOUSANDS)


	2020			2019			2018
INCOME:
Premiums and annuity considerations		$2,668,116		$	2,412,284		$	(10,314,071	)
Considerations for supplementary contracts with life contingencies		29,823			42,186			41,368
Net investment income		439,413			426,912			719,167
Amortization of interest maintenance reserve		6,154			9,296			12,414
Commissions and expense allowances on reinsurance ceded		108,465			113,811			243,365
Reserve adjustments on reinsurance ceded		(1,298,243	)		(1,652,188	)		10,705,103
Income from fees associated with investment management, administration and contract guarantees from Separate Accounts		337,386			346,576			375,076
Change in cash value of company owned life insurance		—			—			3,513
Investment (expense) income on reinsurance deposit asset		(159,574	)		(116,980	)		19,592
Reinsurance experience refund		119,915			120,973			129,967
Other income		59,147			54,015			57,899

Total Income		2,310,602			1,756,885			1,993,393
BENEFITS AND EXPENSES:
Death benefits		118,761			97,356			123,612
Annuity benefits		285,426			315,500			267,802
Health benefits		867			666			—
Surrender benefits and withdrawals for life contracts		1,116,537			1,275,361			1,009,649
Interest and adjustments on contract or deposit-type contract funds		(6,582	)		8,163			22,140
Payments on supplementary contracts with life contingencies		45,475			44,396			41,136
Increase in aggregate reserves for life and accident and health contracts		1,697,602			1,318,634			2,081,112

Total Benefits		3,258,086			3,060,076			3,545,451
Commissions on premiums, annuity considerations and deposit-type contract funds (direct business only)		198,030			186,775			152,103
Commissions and expense allowances on reinsurance assumed		117			119			123
General insurance expenses		201,758			223,389			219,357
Insurance taxes, licenses and fees, excluding federal income taxes		5,077			5,466			5,103
Net transfers from Separate Accounts net of reinsurance		(1,130,355	)		(1,613,693	)		(2,270,518	)
Investment (income) expense on funds held		(427,684	)		(349,816	)		135,750
Other (benefits) deductions		(105	)		(25	)		222

Total Benefits and Expenses		2,104,924			1,512,291			1,787,591
Net income from operations before federal income tax benefit and net realized capital gains (losses)		205,678			244,594			205,802
Federal income tax benefit, excluding tax on capital gains (losses)		(11,980	)		(21,279	)		(3,553	)

Net income from operations after federal income taxes and before net realized capital gains		217,658			265,873			209,355
Net realized capital gains (losses) less capital gains tax and transfers to the interest maintenance reserve		2,892			4,540			(10,566	)

NET INCOME	$	220,550		$	270,413		$	198,789

See notes to statutory financial statements.

DELAWARE LIFE INSURANCE COMPANY

(A Wholly-Owned Subsidiary of Group One Thousand One, LLC)

STATUTORY STATEMENTS OF CHANGES IN CAPITAL STOCK AND SURPLUS

FOR THE YEARS ENDED DECEMBER 31, 2020, 2019 AND 2018 (IN THOUSANDS)


	2020			2019			2018
CAPITAL STOCK AND SURPLUS, BEGINNING OF YEAR	$	1,583,313		$	1,555,285		$	1,463,390
Net income		220,550			270,413			198,789
Change in net unrealized capital gains (losses), net of deferred income tax		250,146			345,580			(105,877	)
Change in net unrealized foreign exchange capital gains (losses)		(14,693	)		10,982			(3,123	)
Change in net deferred income tax		(55,015	)		(56,342	)		27,017
Change in nonadmitted assets		(1,091	)		(37,743	)		(16,961	)
Change in liability for reinsurance in unauthorized and certified companies		(64	)		(585	)		—
Change in reserve on account of change in valuation basis		(3,440	)		—			—
Change in asset valuation reserve		(39,777	)		(179,216	)		22,080
Change in surplus notes		(7,500	)		—			—
Surplus paid in		7,500			116,741			—
Dividends to stockholder		(65,000	)		(200,000	)		(157,384	)
Investment (expense) income on funds held - unrealized		(276,383	)		(241,802	)		127,354

CAPITAL STOCK AND SURPLUS, END OF YEAR	$	1,598,546		$	1,583,313		$	1,555,285

See notes to statutory financial statements.

DELAWARE LIFE INSURANCE COMPANY

(A Wholly-Owned Subsidiary of Group One Thousand One, LLC)

STATUTORY STATEMENTS OF CASH FLOWS

FOR THE YEARS ENDED DECEMBER 31, 2020, 2019 AND 2018 (IN THOUSANDS)


	2020			2019			2018
CASH FROM OPERATIONS:
Premiums collected net of reinsurance	$	2,834,692		$	2,610,423		$	2,735,182
Net investment income		821,102			745,774			593,150
Miscellaneous income		398,273			402,030			433,475

Total receipts		4,054,067			3,758,227			3,761,807
Benefits and loss related payments		(2,765,571	)		(3,301,972	)		(3,146,388	)
Net transfers from Separate Accounts		1,277,916			1,570,877			2,083,619
Commissions, expenses paid and aggregate write-ins for deductions		(398,428	)		(462,727	)		(377,617	)
Federal and foreign income taxes recovered (paid)		16,131			(15,165	)		33,867

Total payments		(1,869,952	)		(2,208,987	)		(1,406,519	)

Net cash from operations		2,184,115			1,549,240			2,355,288

CASH FROM INVESTMENTS:
Proceeds from investments sold, matured, repaid or received
Bonds		4,376,490			6,370,188			3,963,764
Stocks		20,830			84,610			151,520
Mortgage loans		217,263			244,684			80,758
Other Invested Assets		65,644			78,173			60,752
Net gains or (losses) on cash, cash equivalents and short-term investments		8			—			1,079
Miscellaneous proceeds		35,887			94,743			51,913

Total investment proceeds		4,716,122			6,872,398			4,309,786
Cost of investments acquired (long-term only):
Bonds		(6,153,104	)		(6,726,353	)		(6,155,024	)
Stocks		(284,871	)		(460,624	)		(349,366	)
Mortgage loans		(156,028	)		(247,625	)		(131,649	)
Other Invested Assets		(122,239	)		(287,682	)		(10,965	)
Miscellaneous applications		(611,706	)		(258,454	)		(36,335	)

Total investments acquired		(7,327,948	)		(7,980,738	)		(6,683,339	)
Net decrease in contract loans and premium notes		8,853			4,652			23,436

Net cash from investments		(2,602,973	)		(1,103,688	)		(2,350,117	)

CASH FROM FINANCING AND MISCELLANEOUS SOURCES:
Surplus notes		(7,500	)		—			—
Capital and paid in surplus		107,500			—			—
Net deposits on deposit-type contracts and other liabilities		270,051			195,974			11,471
Dividends to stockholders		(65,000	)		(200,000	)		(157,384	)
Other cash provided		34,368			56,794			17,133

Net cash from financing and miscellaneous sources		339,419			52,768			(128,780	)

Net change in cash, cash equivalents and short-term investments		(79,439	)		498,320			(123,609	)
CASH, CASH EQUIVALENTS AND SHORT-TERM INVESTMENTS:
Beginning of year		1,480,742			982,422			1,106,031

End of year	$	1,401,303		$	1,480,742		$	982,422

DELAWARE LIFE INSURANCE COMPANY

(A Wholly-Owned Subsidiary of Group One Thousand One, LLC)

STATUTORY STATEMENTS OF CASH FLOWS

FOR THE YEARS ENDED DECEMBER 31, 2020, 2019 AND 2018 (IN THOUSANDS)


SUPPLEMENTAL SCHEDULE OF NON-CASH ACTIVITIES

	2020		2019		2018
Exchanges of bonds	$	428,153	$	346,653	$	342,445
Exchanges of stocks		—		20,000		—
Capital Contribution—interest in limited partnership		—		16,741		—
Modified coinsurance reserve adjustment—net (including premium, miscellaneous income and benefits)		1,298,243		1,652,188		10,705,103
Exchange of PPVUL policies for funding agreements		—		—		255,773
Transfer of other invested assets to preferred stocks		—		—		255,000
Transfer of bonds to preferred stocks		—		—		14,344
Transfer preferred stocks to bonds		—		—		18,620
Transfer of bonds to common stocks		4,927		—		—
Transfer of mortgage loans to bonds		92,572		—		—
Exchange of policy loans for bonds		—		—		166,220
Transfer of non-insulated separate account bonds to general account		—		11,652		99,864
Transfer of non-insulated separate account mortgages to general account		—		50,819		—
Capital contributions of options to subsidiary		—		176,418		—
Surplus note transfer from bonds to other invested assets		—		6,423		—
DLRC dividend received—invested assets and related accrued interest transferred		—		2,333		—
DLRC return of capital—invested assets and related accrued interest transferred		—		24,618		—
Lackawanna dividend received—invested assets		19,999		—		—
Capital Contribution—SSAP 72		—		100,000		—

See notes to statutory financial statements.

DELAWARE LIFE INSURANCE COMPANY

(A Wholly-Owned Subsidiary of Group One Thousand One, LLC)

NOTES TO STATUTORY FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2020 AND 2019 AND FOR THE YEARS ENDED DECEMBER 31, 2020, 2019 AND 2018

1.	DESCRIPTION OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

GENERAL

Delaware Life Insurance Company (the “Company”), is a stock life insurance company incorporated under the laws of Delaware. The Company is a direct, wholly-owned subsidiary of Group One Thousand One, LLC (the “Parent”), a Delaware limited liability company.

The Company is authorized to transact business in 49 states, the District of Columbia, Puerto Rico and the U.S. Virgin Islands. While the Company is not authorized to transact business in the State of New York, its wholly-owned subsidiary, Delaware Life Insurance Company of New York (“DLNY”), is authorized to transact business in New York as well as Rhode Island. The business of the Company and DLNY includes the issuance, administration and servicing of a variety of wealth accumulation products, protection products, and institutional investment contracts. These products include individual and group fixed and variable annuities, individual and group variable life insurance, individual universal life insurance, funding agreements, and group life and disability insurance.

In the normal course of business, the Company and DLNY reinsure portions of their individual life insurance, annuity, and group insurance exposure with both affiliated and unaffiliated companies using indemnity reinsurance agreements.

BASIS OF PRESENTATION—ACCOUNTING PRACTICES

The accompanying financial statements of the Company are presented on the basis of accounting principles prescribed or permitted by the Delaware Department of Insurance (the “Department”). The Department recognizes only statutory accounting practices prescribed or permitted by the State of Delaware for determining and reporting the financial condition and results of operations of an insurance company and for determining its solvency under Delaware’s insurance laws. The National Association of Insurance Commissioners’ (“NAIC’s”) Accounting Practices and Procedures Manual (“NAIC SAP”) has been adopted as a component of prescribed or permitted accounting principles by the State of Delaware.

There was no difference in the Company’s net income (loss) or capital stock and surplus between NAIC SAP and practices prescribed and permitted by the State of Delaware as of December 31, 2020 and 2019 and for the years ended December 31, 2020, 2019 and 2018.

Accounting principles and procedures of the NAIC as prescribed or permitted by the Department comprise a comprehensive basis of accounting other than accounting principles generally accepted in the United States of America (“GAAP”). The more significant differences affecting the Company are as follows:

Under statutory accounting principles, financial statements are not consolidated. Investments in domestic life insurance subsidiaries, as defined by Statement of Statutory Accounting Principles (“SSAP”) No. 97, Investments in Subsidiary, Controlled and Affiliated Entities, are carried at their audited net statutory equity value, adjusted for any unamortized goodwill as provided for in SSAP No. 68, Business Combinations and Goodwill. The changes in value are recorded directly to surplus. Non-public, non-insurance subsidiaries, including limited liability companies (“LLCs”) and controlled partnerships, are carried at their audited GAAP equity value. Dividends paid by subsidiaries to the Company are included in the Company’s net investment income. Goodwill includes direct costs of the acquisition that are expensed under GAAP. Admissibility of goodwill is subject to certain limitations, and is amortized to unrealized gains and losses. Amortization of goodwill is elective for private companies under GAAP and is amortized to expense.

DELAWARE LIFE INSURANCE COMPANY

(A Wholly-Owned Subsidiary of Group One Thousand One, LLC)

NOTES TO STATUTORY FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2020 AND 2019 AND FOR THE YEARS ENDED DECEMBER 31, 2020, 2019 AND 2018

Statutory accounting principles do not recognize the following assets or liabilities, which are recognized under GAAP: deferred policy acquisition costs and unearned premium reserves. Deferred policy acquisition costs create a temporary tax difference as disclosed in Note 15. An asset valuation reserve (“AVR”) and interest maintenance reserve (“IMR”) are established under statutory accounting principles but not under GAAP. Methods for calculating real estate investment valuation allowances differ under statutory accounting principles and GAAP. Methods for calculating investment valuation allowances differ under statutory accounting principles and GAAP. Actuarial assumptions and reserving methods differ under statutory accounting principles and GAAP. There are certain limitations on the admissibility of net deferred tax assets (“DTAs”) under statutory accounting principles. Certain contracts with a market value adjustment (“MVA”) feature are classified within the Company’s General Account under GAAP, but are classified within the Company’s non-insulated Separate Accounts under statutory accounting principles.

Under GAAP, investments in fixed maturity securities classified as available-for-sale or trading are carried at their aggregate fair value. Changes in unrealized gains and losses are reported net of taxes in a separate component of stockholder’s equity for available-for-sale securities and changes in unrealized gains and losses on trading securities are recorded in net investment income. Fixed maturity securities are generally carried at amortized cost under statutory accounting principles.

The majority of derivatives are carried at fair value on both a GAAP and statutory accounting basis. Unrealized gains and losses on derivatives are recognized in income for GAAP purposes and are recognized in surplus on a statutory basis. The Company designates derivatives as hedges on a limited basis which results in unrealized gains and losses on those derivatives being recognized in income.

Life premiums are recognized as income over the premium paying period of the related policies. Annuity considerations are recognized as revenue when received. Health insurance premiums are recognized when written. Expenses incurred in connection with acquiring new insurance business, including acquisition costs such as sales commissions, are charged to operations as incurred.

The reserves for life insurance, accident and health, and annuity contracts are computed in accordance with presently accepted actuarial standards, and are based on actuarial assumptions and methods (including use of published mortality tables and prescribed interest rates) which produce reserves at least as great as those required by law and/or contract provisions.

USE OF ESTIMATES

The preparation of financial statements in conformity with statutory accounting principles prescribed or permitted by the State of Delaware requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities. It also requires disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the period. Actual results could differ from those estimates. The most significant estimates are those used in determining the fair value of financial instruments, allowance for loan losses, aggregate reserves for life policies and annuity contracts, deferred income taxes, provision for income taxes, and other-than-temporary-impairments (“OTTI”) of investments.

SIGNIFICANT ACCOUNTING POLICIES

The following is a summary of significant accounting policies followed by the Company in preparing the accompanying statutory-basis financial statements:

DELAWARE LIFE INSURANCE COMPANY

(A Wholly-Owned Subsidiary of Group One Thousand One, LLC)

NOTES TO STATUTORY FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2020 AND 2019 AND FOR THE YEARS ENDED DECEMBER 31, 2020, 2019 AND 2018

FINANCIAL INSTRUMENTS

In the normal course of business, the Company enters into transactions involving various types of financial instruments, including cash equivalents, short-term investments, debt and equity securities, mortgage loans, and derivatives. These instruments involve credit risk and also may be subject to risk of loss due to interest rate fluctuation. The Company evaluates and monitors each financial instrument individually and, when appropriate, obtains collateral or other security to minimize potential losses.

CASH, CASH EQUIVALENTS, AND SHORT-TERM INVESTMENTS

Cash, cash equivalents, and short-term investments are liquid assets. The Company’s cash equivalents primarily include commercial paper and money market instruments, which have an original term to maturity of less than three months. The carrying value for cash, cash equivalents, and short-term investments is stated at amortized cost, which approximates fair value. Short-term investments, with the exception of money market instruments which are carried at fair value per SSAP No. 2R, Cash, Cash Equivalents, Drafts and Short Term Investments, include bonds with a term to maturity exceeding three months, but less than one year on the date of acquisition.

INVESTMENTS

Bonds

Investments in bonds, mortgage-backed securities (“MBS”), and asset-backed securities (“ABS”) are stated at amortized cost using the scientific method. Where the NAIC designation of the bond has fallen to 6 and the fair value has fallen below amortized cost, they are stated at fair value. Adjustments to the value of MBS and ABS securities based on changes in cash flows, including those related to changes in prepayment assumptions, are made retrospectively. As part of this process, the NAIC appointed a third-party vendor for each security type to develop a revised NAIC designation methodology. The ratings for residential mortgage-backed securities (“RMBS”) and commercial mortgage-backed securities (“CMBS”) are determined by comparing the insurer’s carrying value divided by the remaining par value to price ranges provided by the third-party vendor corresponding to each NAIC designation. Comparisons are initially made to the model based on amortized cost. Where the resulting designation is NAIC 6 per the model, further comparison based on fair value is required, which in some cases, results in a higher final NAIC designation.

The definition of structured securities under SSAP No. 43R, Loan Backed and Structured Securities – Revised, includes certain types of ABS and MBS securities that do not follow the revised rating methodology described above, including, but not limited to, equipment trust certificates, credit tenant loans, 5*/6* securities, interest-only securities, and those with Securities Valuation Office (“SVO”) assigned NAIC designations. Interest income on bonds, MBS and ABS is recognized when earned based upon estimated principal repayments, if applicable. For bonds subject to prepayment risk, yields are recalculated and asset balances adjusted periodically so that expected return on future cash flows matches the expected return over the life of the investment from acquisition. If the collection of all contractual cash flows is not probable, an OTTI may be indicated. The process of analyzing securities for an OTTI adjustment is further described in Note 3.

Bonds not backed by other loans are stated at amortized cost, net of OTTI, using the scientific method.

DELAWARE LIFE INSURANCE COMPANY

(A Wholly-Owned Subsidiary of Group One Thousand One, LLC)

NOTES TO STATUTORY FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2020 AND 2019 AND FOR THE YEARS ENDED DECEMBER 31, 2020, 2019 AND 2018

Preferred Stocks, Common Stocks, and Other Invested Assets

Preferred stocks with an NAIC designation of 1 through 3 are stated at amortized cost. Those with NAIC designations of 4 through 6 are stated at the lower of amortized cost or fair value. Common stocks are stated at fair value, except for investments in subsidiaries. The latter are carried based on the underlying statutory equity of the subsidiary for insurance subsidiaries and GAAP equity for non-insurance subsidiaries including LLCs. The Company accounts for its investments in subsidiaries in accordance with SSAP No. 97. The Company has ownership interests in joint ventures and partnerships which are carried at values based on the underlying equity of the investee in accordance with SSAP No. 48, Joint Ventures, Partnerships and Limited Liability Companies, and SSAP No. 93, Low Income Housing Tax Credit Property Investments. Audited financial statements for these investments are received on an annual basis. OTTI on stocks is evaluated under the methodology described in Note 3.

Mortgage Loans on Real Estate

Mortgage loans are stated at unpaid principal balances, net of provisions for estimated losses. Mortgage loans acquired at a premium or discount are carried at amortized cost using the effective interest rate method, net of provisions for estimated losses. Purchases and sales of mortgage loans are recognized or derecognized in the Company’s Statements of Admitted Assets, Liabilities and Capital Stock and Surplus on the loan’s trade date. Transaction costs on mortgage loans are capitalized on initial recognition and are recognized in the Company’s Statements of Operations using the effective interest rate method. Mortgage loans, which primarily include commercial first mortgages, are diversified by property type and geographic area throughout the United States. Mortgage loans are collateralized by the related properties and generally are no more than 75% of the property’s fair value at the time that the original loan was made. The Company regularly assesses the fair value of the collateral.

A mortgage loan is considered impaired when it is probable that the principal or interest is not collectible in accordance with the contractual terms of the loan. When a mortgage loan is classified as impaired, allowances for credit losses are established to adjust the carrying value of the loan to its net recoverable amount.

A specific allowance for loan loss is established for an impaired loan if the present value of expected cash flows discounted at the loan’s effective interest rate, or the fair value of the collateral less cost to sell, is less than the recorded amount of the loan. The full extent of impairment in the mortgage portfolio cannot be assessed solely by reviewing loans individually. A general allowance for loan loss is established based on an assessment of past loss experience on groups of loans with similar characteristics and current economic conditions. While management believes that it uses the best information available to establish loan loss allowances, future adjustments may become necessary if economic conditions differ from the assumptions used in calculating them.

Interest income is recognized on mortgage loans when the collection of contractually specified future cash flows is probable, in which case cash receipts are recorded in accordance with the effective interest rate method. Interest income is not recognized on impaired mortgage loans and these mortgage loans are placed in a non-accrual status when the collection of contractually specified future cash flows is not probable, in which case cash receipts are applied in the following order: first against the carrying value of the loan, then against the provision, and then to income. The accrual of interest resumes when the collection of contractually specified future cash flows becomes probable based on certain facts and circumstances.

DELAWARE LIFE INSURANCE COMPANY

(A Wholly-Owned Subsidiary of Group One Thousand One, LLC)

NOTES TO STATUTORY FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2020 AND 2019 AND FOR THE YEARS ENDED DECEMBER 31, 2020, 2019 AND 2018

Changes in allowances for losses are recorded as changes in unrealized gains and losses to surplus. Once the conditions causing impairment improve and future payments are reasonably assured, the mortgages are no longer classified as impaired and the Company resumes accrual of income. However, if the original terms of the contract have been changed resulting in the Company providing an economic concession to the borrower at below market rates, then the mortgage is reclassified as restructured. If the conditions causing impairment do not improve and future payments remain unassured, the Company typically derecognizes the asset through disposition or foreclosure. Uncollectible collateral-dependent loans are written off through realized losses for any difference between the carrying value and amount received for the underlying property at the time of disposition or foreclosure.

Contract Loans

Contract loans are carried at the amount of outstanding principal balance. Contract loans are collateralized by the related insurance policy and do not exceed the net cash surrender value of such policy.

Other Invested Assets

Other invested assets (excluding investments accounted for under the equity method) include surplus debentures. Third-party pricing services are used to determine the fair value of surplus debentures.

Asset Valuation Reserve and Interest Maintenance Reserve

The AVR is established as a liability based upon a formula prescribed by the NAIC to offset potential credit-related investment losses on all invested assets, with changes in the AVR charged or credited directly to surplus. The IMR is established as a liability to capture realized gains and losses, net of income tax, on the sale of fixed income investments, principally bonds, mortgage loans, and derivatives, resulting from changes in the general level of interest rates, and is amortized into income over the remaining years to expected maturity of the assets sold.

Derivatives

As part of the Company’s overall risk management strategy, the Company uses over-the-counter (“OTC”) and listed options, exchange-traded futures, currency forwards, currency swaps, interest rate swaps and swaptions. Derivatives are accounted for in accordance with SSAP No. 86, Derivatives.

Interest rate swaps are employed for duration matching purposes, in replication transactions, and to hedge the guaranteed minimum living benefit offered in some of the Company’s variable annuity policies. Interest rate swaps are reported at fair value except those used in replication transactions which are reported at amortized cost. Changes in fair value are recorded as unrealized gains/losses within surplus.

The Company utilizes listed put and call options and exchange-traded futures on the Standard & Poor’s 500 Composite Stock Price Index (the “S&P 500 Index”) and other indices to hedge against stock market exposure inherent in the mortality and expense risk charges and guaranteed minimum death and living benefit features of the Company’s variable annuities. These options are reported at fair value. Changes in fair value for options are recorded in unrealized gains/losses within surplus. The daily cash variation margin settlements for futures are recorded as a component of net investment income.

DELAWARE LIFE INSURANCE COMPANY

(A Wholly-Owned Subsidiary of Group One Thousand One, LLC)

NOTES TO STATUTORY FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2020 AND 2019 AND FOR THE YEARS ENDED DECEMBER 31, 2020, 2019 AND 2018

The Company also purchases OTC and listed call options and exchange-traded futures on the S&P 500 Index and other indices to economically hedge its obligations under certain fixed index annuity (“FIA”) contracts. The interest credited on these products is based on the changes in the indices. These instruments are purchased directly or through its wholly owned investment subsidiary, DL Investment Holdings 2016-1, LLC (“DLIH 2016-1”). Options purchased and held by the Company are reported at fair value with changes in fair value recorded in unrealized gains/losses within surplus. The daily cash variation margin settlements for futures are recorded as a component of net investment income. Income distributions from DLIH 2016-1 are reported as a component of net investment income.

The Company uses currency swaps and currency forwards to hedge against the risk of fluctuations in foreign currency exchange rates. Currency swaps and currency forwards are reported at fair value. Changes in fair value are recorded as unrealized gains/losses within surplus.

Swaptions are utilized by the Company to hedge exposure to interest rate risk. At the trade date of a swaption, a premium is paid to the counterparty and recorded as an asset. At expiration, swaptions either cash settle for value, settle into an interest rate swap, or expire worthless. Swaptions are reported at fair value and changes in fair value are recorded in unrealized gains/losses within surplus.

PHARMACEUTICAL REBATE RECEIVABLES

Receivables for pharmacy rebates are estimated from information provided by the Company’s pharmacy benefit manager based on factors including utilization of drugs subject to rebate and contractual provisions with the pharmacy benefit manager. Any variance between actual rebate receipts and estimated amounts is recognized in the period that the Company becomes aware of the difference. Pharmacy rebates receivables are recorded as nonadmitted assets if they do not meet admissibility requirements.

POLICY AND CONTRACT RESERVES

The reserves for life insurance policies and annuity contracts are computed in accordance with presently accepted actuarial standards, and are based on actuarial assumptions and methods (including use of published mortality tables and prescribed interest rates) which produce reserves at least as great as those required by law and/or contract provisions.

Premium deficiency reserves for Medicare Advantage business are recognized when it is probable that the expected future benefit expenses, claim adjustment expenses, direct administration costs and indirect administration costs under a group of contracts will exceed anticipated future premiums over the remaining lives of the contracts and are recorded as aggregate health policy reserves. Indirect administration costs are considered in the development of the premium deficiency reserves. The methods for making such estimates and establishing such reserves are periodically reviewed and updated, and any adjustments are reflected as an increase or decrease in the reserves in the period in which the change in estimate is identified. Investment income is not considered in the calculation of the premium deficiency reserve.

Liabilities for unpaid claims consist of the estimated amount payable for claims reported but not yet settled and an estimate of claims incurred but not reported. These liabilities include estimates of the expenses that will be incurred in connection with the payment of benefits. The amounts reported are based upon historical experience, adjusted for trends and current circumstances. Management believes that the recorded liability is sufficient to provide for the associated claims adjustment expenses. Revisions of these estimates are included in operations in the year such adjustments are determined to be required.

DELAWARE LIFE INSURANCE COMPANY

(A Wholly-Owned Subsidiary of Group One Thousand One, LLC)

NOTES TO STATUTORY FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2020 AND 2019 AND FOR THE YEARS ENDED DECEMBER 31, 2020, 2019 AND 2018

Unpaid losses and claims adjustment expenses for health insurance contracts include an amount determined from individual case estimates and loss reports, if necessary. An amount based on past experience and current payment trends is estimated for losses incurred but not reported. Such liabilities are necessarily based on assumptions and estimates and, while management believes the amount is adequate, the ultimate liability may be in excess of or less than the amount provided. The methods for making such estimates and for establishing the resulting liabilities are continually reviewed and any adjustments are reflected in the period determined.

DEPOSIT-TYPE CONTRACTS

Liabilities for funding agreements, investment-type contracts such as supplementary contracts not involving life contingencies, and certain structured settlement annuities are based on account value or accepted actuarial standards and methods including use of prescribed interest rates.

INCOME TAXES

The Company accounts for current and deferred income taxes and recognizes reserves for income tax contingencies in accordance with SSAP No. 101, Income Taxes. Under the applicable asset and liability method for recording deferred income taxes, deferred taxes are recognized when assets and liabilities have different values for financial statement and tax reporting purposes, using enacted tax rates in effect for the year in which the differences are expected to reverse. The effect of a change in tax rates on DTAs and deferred tax liabilities (“DTLs”) is recognized in the period that includes the enactment date. Valuation allowances on DTAs are estimated based on the Company’s assessment of the realization of such DTAs. Refer to Note 15 for further discussion of the Company’s income taxes.

INCOME AND EXPENSES

Life insurance premiums are recognized as income over the premium paying period of the related policies. Annuity considerations are recognized as revenue when received. Beginning in 2019, the Company entered into contracts with the Centers for Medicare & Medicaid Services (“CMS”) to provide Medicare Advantage products. Health insurance premiums are recognized when written. Expenses, such as commissions and other costs applicable to the acquisition of new business, are charged to operations as incurred.

SEPARATE ACCOUNTS

The Company has established insulated Separate Accounts applicable to various classes of contracts providing for variable benefits. Contracts for which funds are invested in insulated variable Separate Accounts include individual and group life and annuity contracts. The assets in these insulated separate accounts are carried at fair value and the investment risk associated with such assets is retained by the contract holder. These variable products provide minimum death benefits and, in certain annuity contracts, minimum accumulation, income, or withdrawal benefits. The minimum guaranteed benefit reserves associated with the insulated Separate Accounts are reported in Aggregate Reserves for Life Contracts in the Company’s Statements of Admitted Assets, Liabilities, Capital Stock and Surplus.

The Company has also established non-insulated Separate Accounts for certain annuity contracts that include an MVA feature associated with fixed rates, including for amounts allocated to the fixed portion of certain combination fixed and variable deferred annuity contracts. Assets in the non-insulated Separate Accounts are carried at fair value or on a General Account basis, depending on the annuity contract being supported. The assets of the non-insulated Separate Accounts are not legally insulated and can be used by the Company to satisfy General Account obligations.

DELAWARE LIFE INSURANCE COMPANY

(A Wholly-Owned Subsidiary of Group One Thousand One, LLC)

NOTES TO STATUTORY FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2020 AND 2019 AND FOR THE YEARS ENDED DECEMBER 31, 2020, 2019 AND 2018

Net investment income, capital gains and losses, and changes in invested asset values on the insulated variable Separate Accounts are allocated to policyholders and therefore do not affect the operating results of the Company. The Company earns Separate Account fees for providing administrative services and bearing the mortality and other guaranteed benefit risks related to contracts for which funds are invested in variable Separate Accounts.

Certain activity from the variable Separate Accounts is reflected in the Company’s financial statements as follows:

•

The fees that the Company receives which are assessed periodically and recognized as revenue when assessed.

•

The activity related to guaranteed minimum death benefits, guaranteed minimum accumulation benefits, guaranteed minimum income benefits, and guaranteed minimum withdrawal benefits is reflected in the Company’s financial statements.

•

Premiums and withdrawals with offsetting transfers to/from the variable Separate Accounts are reflected in the Statements of Operations.

•

Transfers from the variable Separate Accounts due and accrued, which include accrued expense allowances receivable from the variable Separate Accounts and the aggregate surplus (income) due and accrued from MVA contracts.

•

The dividends-received-deduction (“DRD”), which is included in the Company’s income tax expense, is calculated based upon the variable Separate Accounts’ assets held in connection with variable contracts.

ACCOUNTING PRONOUNCEMENTS

New and Adopted Accounting Pronouncements

Effective June 30, 2020, the NAIC adopted changes to the Working Capital Finance Investments Program requirements in SSAP No. 105, Working Capital Finance Investments. The adoption of the revisions within SSAP No. 105 did not have a significant impact on the financial statements of the Company.

Effective January 1, 2020, the NAIC adopted revisions to SSAP No. 51R, Life Contracts, and SSAP No. 3, Accounting Changes and Corrections of Errors, related to a grade-in approach of reporting changes in the reserve valuation basis as a result of Section 21 of the Valuation Manual (“VM-21”). The adoption of the new guidance did not have a significant impact on the financial statements of the Company.

The Company did not have any new accounting pronouncement changes during 2019.

Effective January 1, 2018, the NAIC adopted changes to SSAP No. 100, Fair Value, to allow net asset value per share as a practical expedient to fair value, either when specifically named in a SSAP or when specific conditions exist. The Company elected to early adopt this guidance in its 2017 reporting. The adoption of the revisions within SSAP No. 100 did not have a significant impact on the financial statements of the Company.

CORRECTIONS OF ERRORS

During 2019, the Company discovered an error related to the accounting for certain common stocks. In the prior periods impacted, net income was overstated and the change in unrealized capital gains (losses) was understated by $23.2 million. The correction of this error in 2019, net of tax, had no net impact on surplus. The Company did not have any corrections of errors during 2020 or 2018.

DELAWARE LIFE INSURANCE COMPANY

(A Wholly-Owned Subsidiary of Group One Thousand One, LLC)

NOTES TO STATUTORY FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2020 AND 2019 AND FOR THE YEARS ENDED DECEMBER 31, 2020, 2019 AND 2018

2.	RELATED-PARTY TRANSACTIONS

The Company has significant transactions with affiliates and other related parties. Intercompany revenues and expenses recognized under these agreements may not necessarily be indicative of costs that would be incurred if the Company operated on a stand-alone basis and if these transactions were with unrelated parties.

The Company paid dividends to the Parent and received capital contributions from the Parent as described further in Note 16. The Company does not own shares of an upstream intermediate entity or ultimate parent, directly or indirectly, via a downstream subsidiary, controlled, or affiliated entity.

Below are details of investments in subsidiaries and significant transactions with affiliates and other related parties.

Investments in Subsidiaries – Common Stocks


(In Thousands)
			Carrying Value
			December 31,
Entity	Type of Subsidiary		2020		2019
DLNY		Insurance	$	450,340	$	398,539
Lackawanna Casualty Company		Insurance		173,459		186,890
DL Reinsurance Company (“DLRC”)		Insurance		3,459		3,371
Delaware Life Reinsurance (U.S.) Corp.		Insurance		18,000		21,342
Clarendon Insurance Agency, Inc.		Non Insurance		1,454		1,454

Total			$	646,712	$	611,596

On April 1, 2019, the Company acquired Lackawanna Casualty Company (“LCC”), a Pennsylvania domiciled worker’s compensation insurance company, and its subsidiaries, Lackawanna American Insurance Company (“LAIC”) and Lackawanna National Insurance Company (“LNIC”), for a total cost of $171.7 million. The difference between the cost and the statutory value of the group purchased was recorded as goodwill totaling $61.2 million. At December 31, 2020 and 2019, the admitted amount of unamortized goodwill was $50.5 million and $56.6 million, respectively. The Company contributed $0.5 million and $2.5 million of additional capital to LCC in 2020 and 2019, respectively. In November 2020, LCC paid the Company a $20.0 million extraordinary dividend, consisting primarily of bonds.

The Company values Clarendon Insurance Agency, Inc. (“Clarendon”) as described in paragraph 8.b.ii of SSAP No. 97. At December 31, 2020 and 2019, the admitted amount was $1.5 million. The Company’s Sub-2 filing for Clarendon will be completed in accordance with SSAP No. 97.

Investments in Affiliates – Preferred Interests

In September 2018, DL Investment Holdings 2015-1, LLC (“DLIH 2015-1”), an affiliate and formerly a wholly-owned subsidiary, distributed $15.0 million of capital back to the Company. On December 28, 2018, DLIH 2015-1 amended and restated its Limited Liability Company Agreement to restructure its membership interests and include an affiliate of the Company, DLHP II AH, LLC (“DLHP”), as a party to the agreement. As part of the restructuring, the Company received 255,000 Series A Preferred Units (non-voting interests) with a value of $255.0 million in exchange for the equity of DLIH 2015-1 that was held by the Company prior to the restructuring. DLHP received 100% of the Series A Common Units (voting interests). The Company recorded an unrealized gain as a result of the restructuring equal to $98.0 million in 2018. On December 31, 2020 and 2019, the Company received $15.6 million and $15.8 million, respectively, of preferred dividends from DLIH 2015-1.

DELAWARE LIFE INSURANCE COMPANY

(A Wholly-Owned Subsidiary of Group One Thousand One, LLC)

NOTES TO STATUTORY FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2020 AND 2019 AND FOR THE YEARS ENDED DECEMBER 31, 2020, 2019 AND 2018

Investments in Affiliates – Other Invested Assets

The Company also owns controlling membership interests in the following limited liability companies: DL Private Placement Investment Company I, LLC; Ellendale Insurance Agency, LLC (“Ellendale”); Delaware Life 1099 Reporting Company, LLC; DLIH 2016-1; DL Investment Holdings 2016-2, LLC (“DLIH 2016-2”); IDF IX, LLC; DL Service Holdings, LLC; Clear Spring PC Holdings, LLC (“CSPCH”), and Clear Spring Health Holdings, LLC (“CSHH”). The values of certain of these limited liability companies without audited financial statements totaling $30.9 million and $32.1 million were non-admitted as of December 31, 2020 and December 31, 2019, respectively.

Effective January 1, 2019, the Company and its subsidiary, DLIH 2016-1, initiated a hedging program arrangement related to the Company’s FIA products. Under this arrangement, the Company transferred equity options to DLIH 2016-1 at fair value on January 1 and April 1, 2019, totaling $113.4 million and $63.0 million, respectively, in the form of capital contributions. The Company realized net losses of $7.8 million and $0.3 million on these transfers, respectively. During 2019, on behalf of DLIH 2016-1, the Company began purchasing and immediately transferring new FIA equity options to DLIH 2016-1 on an ongoing basis. $35.7 million and $37.6 million of such purchases were transferred at fair value and were subsequently reimbursed by DLIH 2016-1 during 2020 and 2019, respectively. The Company reported no gains or losses on these transactions. All economic rights and responsibilities of the equity options transferred during 2020 and 2019 belong to DLIH 2016-1. Additionally, DLIH 2016-1 began purchasing equity futures in 2019 as part of the FIA hedging program.

During 2020, the Company made several capital contributions totaling $8.0 million to DLIH 2016-2 in connection with an investment program utilizing a Société Générale credit facility (the “SG Facility”).

The Company purchased 200 units of its subsidiary, CSPCH, from the third party minority interest holder in December 2020 for $12.2 million, representing an additional 20% ownership. CSPCH holds the downstream investment in Clear Spring Property and Casualty Company (“CSP&C”) and, as a result of the 2020 purchase, CSPCH and CSP&C became wholly-owned subsidiaries of the Company and the Company recorded $6.0 million of goodwill in addition to the goodwill associated with the original acquisition of an 80% ownership interest in CSPCH in 2017. At December 31, 2020 and 2019, $8.9 million and $2.7 million of unamortized goodwill related to the purchases were reflected in the Company’s carrying value of CSPCH, respectively.

During 2020, 2019 and 2018, the Company contributed $44.7 million, $87.2 million, and $8.5 million, respectively, to its subsidiary health holding company, CSHH, on various dates, and in March 2020, CSHH returned $2.0 million of capital to the Company. During 2019 and 2018, $16.5 million and $3.5 million of the contributions, respectively, were used by CSHH to purchase or form subsidiary health insurer/health maintenance organizations. The difference between the cost of these downstream entities acquired by CSHH and their statutory book values at the dates of purchase resulted in goodwill. At December 31, 2020 and 2019, $18.5 million and $20.6 million of unamortized goodwill was reflected in the Company’s carrying value of CSHH.

The Company values its investments in CSPCH and CSHH using the look-through approach described in SSAP No. 97 because CSPCH and CSHH are unaudited non-insurance holding companies. The Company calculates the value of its ownership interest in CSPCH and CSHH using the audited statutory value of their downstream insurance subsidiaries plus adjustments required by SSAP No. 97, such as unamortized goodwill. All liabilities, commitments, contingencies, guarantees or obligations required to be recorded were considered by the Company in the determination of the carrying values. The carrying values of CSPCH and CSHH were $36.9 million and $79.5 million, respectively, at December 31, 2020, and $36.0 million and $66.1 million, respectively, at December 31, 2019.

DELAWARE LIFE INSURANCE COMPANY

(A Wholly-Owned Subsidiary of Group One Thousand One, LLC)

NOTES TO STATUTORY FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2020 AND 2019 AND FOR THE YEARS ENDED DECEMBER 31, 2020, 2019 AND 2018

Clear Spring Health Insurance Company (“CSHIC”), a subsidiary of CSHH, has adopted an accounting practice related to nonadmitted pharmacy rebate receivables that differs from the NAIC statutory accounting practices and procedures. As permitted by the Commissioner of Insurance of the State of Arizona, CSHIC will admit an otherwise nonadmitted pharmacy rebate receivable if the total of pharmaceutical rebates received through the date that the financial statements were issued exceeds the otherwise nonadmitted amount as of December 31, 2020. The monetary effect on net income and surplus of CSHIC, and in turn, the Company’s investment in CSHH, as a result of CSHIC using the permitted practice was an increase of $9.3 million.

The Texas Department of Insurance approved a permitted accounting practice relating to CSP&C’s legacy business which is 100% reinsured to affiliated and non-affiliated reinsurers. The permitted practice allows CSP&C to exclude this fully-reinsured block of business from its financial statements effective January 1, 2019. There was no net income or surplus impact to CSP&C or the Company because the business was previously 100% reinsured.

Dividends/Distributions

During 2020, 2019 and 2018, the Company recognized the following amounts from subsidiaries:


(In Thousands)
Date	Entity	Amount		Form	Asset Description
March 17, 2020	CSHH	$	2,000	Return of capital	Cash
November 20, 2020	LCC	$	20,000	Extraordinary dividend	Invested assets and cash
December 31, 2020	DLIH 2016-1	$	40,000	Distribution	Accrual*
May 3, 2019	DLIH 2016-1	$	25,000	Distribution	Cash
August 7, 2019	DLIH 2016-1	$	5,000	Distribution	Cash
September 18, 2019	DLRC	$	2,357	Ordinary dividend	Invested assets and cash
December 13, 2019	DLRC	$	1,335	Extraordinary dividend	Cash
December 17, 2019	DLRC	$	27,307	Return of capital	Invested assets and cash
December 31, 2019	DLIH 2016-1	$	7,000	Distribution	Accrual*
October 3, 2018	DLRC	$	2,878	Ordinary dividend	Cash
December 10, 2018	Ellendale	$	20,000	Distribution	Cash
December 18, 2018	DLNY	$	20,312	Ordinary dividend	Cash

Receivable reflected in Investment Income Due and Accrued as of December 31, 2020 and 2019, respectively.

Reinsurance-Related Agreements

During 2018, the Company had two reinsurance agreements with DLRC. Under one agreement, the Company ceded certain risks associated with the Company’s variable annuity contracts and associated riders on a combination modified coinsurance and funds withheld coinsurance basis to DLRC (the “VA Treaty”). Under the second agreement, the Company ceded a quota share of certain risks associated with various fixed index annuity products and associated riders to DLRC (the “FIA Treaty”). The VA Treaty and the FIA Treaty transferred hedging risks to DLRC, but did not transfer insurance risks. Both treaties were accounted for using deposit accounting. As a result of the treaties between the Company and DLRC, certain gains (losses), previously accounted for as other changes in capital stock and surplus, net investment income (loss), and net realized capital gains (losses), are accounted for as investment income (loss) on reinsurance deposit asset. The Company made changes in the hedging strategy during 2018 and certain hedges were excluded from or added to the two treaties. DLRC, as reinsurer, consented to these changes as required by the treaties.

DELAWARE LIFE INSURANCE COMPANY

(A Wholly-Owned Subsidiary of Group One Thousand One, LLC)

NOTES TO STATUTORY FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2020 AND 2019 AND FOR THE YEARS ENDED DECEMBER 31, 2020, 2019 AND 2018

During 2019, the Company recaptured the FIA Treaty but maintained the VA Treaty as described above. DLRC, as reinsurer, consented to the recapture as required by the treaty. The recapture decreased both the reinsurance deposit asset and funds held under coinsurance associated with the FIA treaty by $724.4 million but had no effect on the surplus of the Company.

Hedging risk is defined as changes in unrealized hedging instrument gains or losses, realized gains and losses on dispositions of hedging instruments, and investment income or loss from hedging instruments. “Investment expense (income) on funds held” represents amounts paid or received on hedging instruments that were ceded under the treaties. Ceded realized gains and losses are reported in “Net realized capital gains (losses)”. “Investment income (expense) on funds held – unrealized” represents the unrealized gain or loss for the period on hedging instruments that has been ceded to DLRC. “Investment income (loss) on reinsurance deposit asset” represents the net gains and losses on all hedging instruments ceded under the treaties.

A summary of the pretax impacts of these two treaties on the Company’s Statements of Operations and Statements of Changes in Capital Stock and Surplus is set forth below as of December 31:


(In Thousands)	Treaty Impacts
	2020			2019			2018
Statements of Operations
Investment Income (Loss) on Reinsurance Deposit Asset	$	(159,574	)	$	(116,980	)	$	19,592

Total Revenue		(159,574	)		(116,980	)		19,592
Investment (Income) Expense on Funds Held		(437,107	)		(358,699	)		123,723

Total Policyholder Benefits and Expenses		(437,107	)		(358,699	)		123,723
Net Realized Capital (Losses) Gains		(1,151	)		83			(23,223	)

Net income (loss)		276,382			241,802			(127,354	)

Statements of Changes in Capital Stock and Surplus
Investment (Expense) Income on Funds Held—Unrealized		(276,382	)		(241,802	)		127,354

Net Change in Capital Stock and Surplus from VA and FIA Treaties (excluding reinsurance fee)	$	—		$	—		$	—

In addition, the Company recognized a reinsurance deposit accounting asset of $395.7 million and $371.0 million at December 31, 2020 and 2019, respectively, and a corresponding amount in funds held under coinsurance liability.

The Company has a reinsurance agreement with Delaware Life Reinsurance (Barbados) Corp. (“Barbco”), an affiliate, under which it cedes risks associated with certain of the Company’s in-force corporate-owned variable universal life insurance and private placement variable universal life insurance policies on a combination coinsurance and coinsurance with funds-held basis.

The Company also has a reinsurance agreement with Barbco under which it cedes mortality risks associated with certain of the Company’s in-force bank-owned variable universal life insurance policies on a yearly renewable term basis.

DELAWARE LIFE INSURANCE COMPANY

(A Wholly-Owned Subsidiary of Group One Thousand One, LLC)

NOTES TO STATUTORY FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2020 AND 2019 AND FOR THE YEARS ENDED DECEMBER 31, 2020, 2019 AND 2018

Debt and Surplus Note Transactions

In January 2020, DLNY entered into a $50.0 million demand promissory note (the “DLNY Note”), with the Company. The DLNY Note superseded the parties’ $35.0 million promissory note dated May 19, 2017 (the “Old Note”). DLNY’s borrowings under the DLNY Note may be used for general corporate purposes. Borrowings bear interest at LIBOR + 115 basis points, with no commitment fees for any unused portion of the DLNY Note. No amounts were outstanding under the DLNY Note or the Old Note as of December 31, 2020 and 2019.

In November 2020, R.V.I. Guaranty Co., Ltd (“RVI”), an affiliate, entered into a $20.0 million revolving loan note (the “RVI Note”) with the Company. Borrowings bear interest at LIBOR + 150 basis points. There were no amounts outstanding under the RVI Note as of December 31, 2020.

In May 2020, the Company loaned CSHIC $20 million under a demand promissory note which was repaid to the Company plus $520 thousand of interest in September 2020.

In April 2020, DLIH 2016-1 borrowed $4.0 million from the Company under a demand promissory note for and repaid the balance plus $1.7 thousand of interest to the Company within the same month.

On December 31, 2020, with approval by the Department, the Company made a one-time payment of $7.5 million to Guggenheim Life and Annuity Company (“GLAC”), a related party, to pay down the principal amount and accrued interest due on a $7.5 million surplus note issued by the Company and owned by GLAC with an original maturity date of December 15, 2032. The Company received a $7.5 million capital contribution from the Parent on December 30, 2020, which was used together with $25.4 thousand to pay GLAC both the principal and interest due as of December 31, 2020.

At December 31, 2020, Group 1001, LLC, a related party, owned $167.3 million of surplus notes issued by the Company.

Administrative Services Agreements

The Company has entered into various related-party agreements. The following agreements were in effect at December 31, 2020, 2019 and 2018:

The Company participates in the Group 1001 401(k) Savings Plan (the “401(k) Plan”) (formerly the Delaware Life Insurance Company 401(k) Savings Plan), which qualifies under Section 401(k) of the Internal Revenue Code (the “IRC”) and includes a retirement investment account feature (the “RIA”) that qualifies under Section 401(a) of the IRC. The plan name change was effective January 1, 2019 when the sponsor was changed to Group 1001 Resources, LLC (“GOTO Resources”) from the Company. Expenses under the 401(k) Plan and the RIA are allocated to affiliates pursuant to inter-company service agreements. The expenses incurred by the Company under the 401(k) Plan and the RIA were $2.3 million, $2.2 million, and $2.3 million, respectively, for the years ended December 31, 2020, 2019 and 2018.

The Company has a management services agreement with DLNY, whereby the Company furnishes certain investment, actuarial and administrative services to DLNY on a cost-reimbursement basis. The Company allocated amounts related to this agreement of $4.8 million, $7.8 million, and $9.4 million for the years ended December 31, 2020, 2019 and 2018, respectively.

The Company terminated an administrative services agreement with Delaware Life Insurance and Annuity Company (Bermuda) Ltd. (“DLIAC”), an affiliate, in the fourth quarter of 2020. Prior to terminating the agreement, the Company performed various administrative services on behalf of DLIAC, which was sold to a third party on November 30, 2020. Amounts allocated under this agreement amounted to approximately $0.3 million, $0.4 million, and $0.4 million for the years ended December 31, 2020, 2019 and 2018, respectively.

DELAWARE LIFE INSURANCE COMPANY

(A Wholly-Owned Subsidiary of Group One Thousand One, LLC)

NOTES TO STATUTORY FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2020 AND 2019 AND FOR THE YEARS ENDED DECEMBER 31, 2020, 2019 AND 2018

The Company has an administrative services agreement with Clarendon pursuant to which the Company provides services and facilities in connection with Clarendon’s business of supporting the wholesale distribution of the Company’s variable insurance and annuity products. The Company also has a principal underwriter’s agreement dated April 1, 2002 with Clarendon, pursuant to which Clarendon serves as principal underwriter and distributor for all variable insurance and annuity products issued by the Company. There were equal and offsetting amounts incurred under these two agreements.

The Company has a services agreement with Barbco, pursuant to which the Company provides certain administrative and functional services to Barbco on a cost-reimbursement basis. Amounts allocated under this agreement amounted to approximately $0.3 million, $0.3 million, and $0.4 million for the years ended December 31, 2020, 2019 and 2018, respectively.

The Company has an administrative services agreement with DLRC, pursuant to which the Company furnishes certain investment, actuarial and administrative services to DLRC. Amounts allocated under this agreement amounted to approximately $0.2 million for each of the years ended December 31, 2020, 2019 and 2018, respectively.

The Company has a services agreement with CSP&C, pursuant to which the Company furnishes certain administrative and functional services to CSP&C. Amounts allocated under this agreement amounted to approximately $0.7 million, $0.6 million, and $0.6 million for the years ended December 31, 2020, 2019 and 2018, respectively.

A federal tax allocation agreement has been implemented with the Company as the common parent of an affiliated group of companies as described in Note 15.

The Company has an administrative services agreement between the Company and Delaware Life Reinsurance (U.S.) Corp. (“DLOK”), pursuant to which the Company provides certain services to DLOK, including finance, legal, compliance, administrative, information technology and other operational and support functions. No amounts were allocated under this agreement for the years ended December 31, 2020, 2019 and 2018.

The Company has a services and resource sharing agreement between the Company and Eon Health Plan, LLC (“EHP”), pursuant to which the Company provides certain services and resources to EHP, including finance, legal, compliance, human resources, investment, administrative, information technology and other support functions. No amounts were allocated under this agreement for the years ended December 31, 2020, 2019 and 2018.

The Company has a services and resource sharing agreement between the Company and Group One Thousand One Advisory Services, LLC (“GOTO Advisory”), pursuant to which the Company provides certain services and resources to GOTO Advisory, including the provisions of investment management services and related resources. No amounts were allocated under this agreement for the years ended December 31, 2020, 2019 and 2018.

The Company has a services and resource sharing agreement between the Company and CSHH pursuant to which the Company provides certain services and resources to CSHH, including personnel for finance, legal, compliance, human resources, administrative, information technology and other operational support functions. No amounts were allocated under this agreement for the years ended December 31, 2020, 2019 and 2018.

The Company has a facilities use agreement between the Company and GOTO Resources dated January 1, 2019, pursuant to which the Company provides use of certain of its facilities to GOTO Resources. No amounts were allocated under this agreement for the years ended December 31, 2020 and 2019.

DELAWARE LIFE INSURANCE COMPANY

(A Wholly-Owned Subsidiary of Group One Thousand One, LLC)

NOTES TO STATUTORY FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2020 AND 2019 AND FOR THE YEARS ENDED DECEMBER 31, 2020, 2019 AND 2018

The Company has a services and resource sharing agreement between the Company and GOTO Resources, dated January 1, 2019, pursuant to which GOTO Resources provides certain services and resources to the Company, including personnel for finance, legal, compliance, human resources, administrative, information technology and other operational support functions. Amounts allocated under this agreement amounted to approximately $84.1 million and $85.4 million for the years ended December 31, 2020 and 2019, respectively.

The Company has a services and resource sharing agreement between the Company and Clear Spring Health Management Services, LLC (“CSHMS”), dated January 1, 2019, pursuant to which CSHMS provides certain services and resources to the Company, including personnel for finance, legal, compliance, human resources, administrative, information technology and other operational support functions. Expenses incurred under this agreement amounted to approximately $1.0 million and $4.3 million for the years ended December 31, 2020 and 2019, respectively.

The Company has a services and resource sharing agreement between the Company and CSHMS, dated January 1, 2019, pursuant to which the Company provides certain services and resources to CSHMS, including personnel for finance, legal, compliance, human resources, administrative, information technology and other operational support functions. No amounts were allocated under this agreement for the years ended December 31, 2020 and 2019.

The Company has an administrative services agreement between the Company and Delaware Life Marketing, LLC (“DLM”), dated January 1, 2019, pursuant to which the Company agrees to provide certain services and use of facilities to DLM. The services relate to the business of DLM. The primary business of DLM is the distribution of the Company’s annuity products and related activities. No amounts were allocated under this agreement for the years ended December 31, 2020 and 2019.

The Company has an amended and restated master agency agreement between the Company and DLM, dated January 1, 2019, pursuant to which DLM provides certain distribution and agent management services to the Company. Service fees incurred under this agreement amounted to approximately $14.9 million and $11.8 million, and trail commissions incurred were $49.5 million and $21.6 million for the years ended December 31, 2020 and 2019, respectively.

The Company has a services and resource sharing agreement between the Company and LCC, LNIC, and LAIC, dated January 1, 2020, under which the Company provides services and makes resources available upon request to LCC, LNIC, and LAIC. No amounts were allocated under the agreement for the year ended December 31, 2020.

The Company is party to a paymaster agreement between and among the Company, DLM, GOTO Resources, and Clarendon, dated January 1, 2019, that enables the Company, on behalf of Clarendon, to provide GOTO Resources, in its role as payroll employer of DLM, with certain amounts to be paid to DLM in connection with their activities as registered persons of Clarendon. No amounts were allocated under the agreement for the year ended December 31, 2020.

On August 2, 2013, the Parent acquired all of the issued and outstanding shares of the Company from Sun Life Canada (U.S.) Holdings, Inc. (the “Sale Transaction”). In connection with the Sale Transaction, the Company’s controlling persons agreed that the Company would comply with the filing and other requirements contained in Section 5005(a) of the Delaware Insurance Code with respect to any transaction subject to Section 5005(a)(2) between (a) the Company, on the one hand, and (b) (I) Guggenheim Capital, LLC (“GC”) or a subsidiary thereof, or (II) Sammons Enterprises, Inc. or a subsidiary thereof, on the other hand. The following are agreements in effect that the Company has filed pursuant to the terms of this undertaking:

The Company has an investment management agreement with Guggenheim Partners Investment Management, LLC (“GPIM”), whereby GPIM provides investment management services for certain of the Company’s investments. Expenses incurred under this agreement amounted to approximately $7.1 million, $7.8 million, and $5.8 million for the years ended December 31, 2020, 2019 and 2018, respectively.

DELAWARE LIFE INSURANCE COMPANY

(A Wholly-Owned Subsidiary of Group One Thousand One, LLC)

NOTES TO STATUTORY FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2020 AND 2019 AND FOR THE YEARS ENDED DECEMBER 31, 2020, 2019 AND 2018

Prior to 2019, the Company had an investment services agreement with GPIM, pursuant to which GPIM provided services to the Company with respect to certain general account assets that GPIM did not manage for the Company. Expenses incurred under this agreement during 2018 amounted to approximately $2.2 million.

The Company has a services agreement with Guggenheim Commercial Real Estate Finance, LLC (“GCREF”), whereby GCREF provides mortgage loan sourcing, origination and administration services to the Company. The servicing fees are netted from the debt servicing payments remitted by GCREF to the Company. The servicing fees incurred for the years ended December 31, 2020, 2019 and 2018 were $83.1 thousand, $36.8 thousand and $3.8 thousand, respectively.

The Company has a services agreement with Guggenheim Insurance Services, LLC (“GIS”), whereby GIS provides certain personnel, facilities, systems and equipment in conjunction with the provision of accounting and general services, insurance services, and other advisory services to the Company. Expenses incurred under this agreement amounted to approximately $50.0 million, $57.1 million, and $65.5 million for the years ended December 31, 2020, 2019 and 2018, respectively.

The Company has a limited discretionary investment advisory agreement between the Company and Guggenheim Investment Advisors, LLC (“GIA”), pursuant to which GIA provides investment advisory services to the Company. Expenses incurred under this agreement amounted to $0.1 million for each of the years ended December 31, 2020 and 2019. The Company did not incur expenses under this agreement for the year ended December 31, 2018.

The Company has a selling agreement among the Company, GIS, and South Blacktree Insurance Agency, LLC related to the sale of certain private placement variable universal life insurance policies and funding agreements issued by the Company as identified in the selling agreement. The Company did not incur expenses under this agreement for the years ended December 31, 2020, 2019 and 2018.

The Company has a middle office services agreement between the Company and GIS dated July 23, 2018, under which GIS provides certain middle office services in furtherance of conducting the Company’s business and the business of its affiliates with which Company has investment-related services agreements.

The Company has a cost and liability allocation agreement among the Company, GIS, and GLAC dated July 23, 2018. This agreement is related to fees, charges, and expenses incurred by the Company under an Aladdin Services Agreement entered into between the Company and BlackRock Financial Management, Inc. (“BlackRock”) under which Blackrock implements and provides its proprietary Aladdin trading, portfolio management and risk reporting system.

The Company had $2.4 million and $103.4 million due from affiliates, $21.4 and $15.1 due to affiliates, and $1.7 million and $1.9 million included in general expenses due or accrued to other related parties as of December 31, 2020 and 2019, respectively, under the terms of various management and services contracts which provide for cash settlements on a quarterly or more frequent basis. The 2019 $103.4 million amount due from affiliates includes a $100.0 million capital contribution receivable from its Parent.

Other

As of and for the years ended December 31, 2020, 2019 and 2018, the Company had other investment activity with affiliates and affiliated holdings as follows:

In April 2020, the Company purchased $119.9 million of unaffiliated bonds from Barbco at market value. Barbco held the bonds at amortized cost of $110.4 million prior to the sale and recognized a $7.3 million gain on the transaction.

DELAWARE LIFE INSURANCE COMPANY

(A Wholly-Owned Subsidiary of Group One Thousand One, LLC)

NOTES TO STATUTORY FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2020 AND 2019 AND FOR THE YEARS ENDED DECEMBER 31, 2020, 2019 AND 2018

During 2020, $200.0 million of short-term investments issued by Armstrong STF IV, LLC (“Armstrong”) and Wright STF III, LLC (“Wright”) held by the Company at December 31, 2019, matured. The Company also acquired $90 million new short-term investments from Wright in 2020, $25 million of which was repaid during the year. The Company recorded $12.8 million of investment income in 2020 related to these investments and the average yield was 6.37%.

During 2019, the Company acquired a $202.5 million short-term investment from an affiliate, WPH Holdings II Parent, LLC (“WPH”). Both this investment and a $171.0 million short-term investment from WPH held at December 31, 2018 matured or were repaid resulting in no gain. The Company recorded $23.3 million of investment income related to these investments in 2019, and the average yield was 8.0%. The Company acquired short-term investments from Armstrong and Wright during 2019 totaling $100.0 million each which were held at December 31, 2019. The Company recorded $0.6 million of investment income on these investments in 2019 and the average yield was 5.70%.

In 2018, the Company purchased $256.0 million short-term investments from WPH, and disposed of $85.0 million of these investments, resulting in no gain. $10.0 million of the $85.0 million disposal was sold to Aureum Reinsurance Company, Ltd. (“ARC”) as part of a related-party transaction. The Company earned $13.8 million on this investment in 2018 and the average yield was 8.0%. The Company held other affiliated short-term investments purchased in 2017 from Armstrong and Wright as well as Marcy STF I, LLC and DLM (formerly Redfield STF II, LLC) that matured in 2018 resulting in no gain. The Company recorded $9.1 million of investment income on these investments and the average yield was 7.4%.

In 2020, the Company acquired $146.6 million of bonds from affiliates, including the bonds received from LCC noted above, and received proceeds of $44.7 million from sales of bonds to affiliates that resulted in immaterial gains. The Company also received $57.2 million of proceeds from sales of other invested assets to DLIH 2016-2 from which the Company deferred a realized gain of $1.9 million.

The Company acquired $93.6 million of bonds and $9.8 million of mortgages from affiliates in 2019, including the invested assets received from the DLRC capital transactions noted above, and received proceeds of $71.1 million from sales of short-term and long-term bonds to affiliates. Immaterial gains were recognized on these transactions.

During 2018, the Company received proceeds of $2.5 million from sales of bonds to affiliates. Gains recognized on the transactions in 2018 were immaterial.

The following table summarizes the Company’s investments in affiliates (excluding investments in subsidiaries) at December 31, 2020 and 2019:


	December 31,
(In Thousands)	2020		2019
Short-Term Investments	$	65,000	$	200,000
Bonds		67,000		67,000
Preferred Stocks		255,000		255,000
Commercial Mortgage Loans		8,831		8,831

Total	$	395,831	$	530,831

DELAWARE LIFE INSURANCE COMPANY

(A Wholly-Owned Subsidiary of Group One Thousand One, LLC)

NOTES TO STATUTORY FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2020 AND 2019 AND FOR THE YEARS ENDED DECEMBER 31, 2020, 2019 AND 2018

As of and for the years ended December 31, 2020, 2019 and 2018, the Company had investment activity with parties related to or managed by GC and related holdings as follows:

The Company purchased $1.7 million, $17.2 million, and $7.7 million of bonds and received proceeds of $3.9 million, $5.0 million, and $721.4 million from bond sales from parties related to or managed by GC in 2020, 2019 and 2018, respectively. No material gains and losses were recognized by the Company on these transactions in 2020 or 2019, but $13.3 million of gains were recognized in 2018.

The following table summarizes the Company’s investments in parties related to or managed by GC at December 31, 2020 and 2019:


	December 31,
(In Thousands)	2020		2019
Bonds	$	873,181	$	879,267
Common Stocks		31,736		44,333
Other Invested Assets		—		22,580

Total	$	904,917	$	946,180

Guarantees

The Company, as successor to Keyport Life Insurance Company (“Keyport”), unconditionally guarantees the full and punctual payment when due of any obligations of the former Keyport Benefit Life Insurance Company (“KBL”) arising out of or in connection with any contract issued by KBL on or after June 25, 1998 and before December 31, 2002, the date that KBL merged with and into the Company’s wholly-owned subsidiary, DLNY. The purpose of this guaranty was to enhance the financial strength of KBL. The liability of the Company under the guaranty is unlimited to any specific sum. The guaranty will not exceed contractual obligations to the policyholders of the contracts. The cash surrender value of the contracts at December 31, 2020 and December 31, 2019 was approximately $179.7 million, and $193.0 million, respectively. At December 31, 2020 and 2019, there was no liability accrued for this guaranty.

The Company guarantees on a subordinated basis all amounts payable by DLNY to holders of certain deferred combination fixed and variable annuity contracts (“MVA Contracts”) issued by DLNY which include the option to earn a guaranteed fixed return for specified periods (“Guarantee Period”). The Company unconditionally and irrevocably guarantees the full and punctual payment when due of all amounts payable by DLNY from a Guarantee Period to any holder. The guaranty is subject to no preconditions other than the failure by DLNY to pay when due any Guarantee Period interests. DLNY registered such Guarantee Period interests under the Securities Act of 1933 with the U.S. Securities and Exchange Commission (the “SEC”). Under the SEC’s rules, implementation of the guaranty permitted DLNY to stop filing periodic reports with the SEC pursuant to the Securities Exchange Act of 1934, and the purpose of the guaranty was to achieve that result. The Company’s guaranty in this regard guarantees the payment of amounts payable by DLNY from a Guarantee Period but does not guaranty any other obligations of DLNY under the MVA Contracts. The obligations under the foregoing guaranty are unsecured obligations of the Company and subordinate in right of payment to the prior payment in full of all other obligations of the Company, except for guarantees which by their terms are designated as ranking equally in right of payment with or subordinate to this guaranty. The liability of the Company under the guaranty is unlimited to any specific sum. The guaranty will not exceed contractual obligations to the holders of the MVA Contracts. The total account value of the MVA Contracts was approximately $6.6 million and $6.3 million at December 31, 2020 and 2019, respectively. There was no liability accrued for this guaranty at December 31, 2020 and 2019.

DELAWARE LIFE INSURANCE COMPANY

(A Wholly-Owned Subsidiary of Group One Thousand One, LLC)

NOTES TO STATUTORY FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2020 AND 2019 AND FOR THE YEARS ENDED DECEMBER 31, 2020, 2019 AND 2018

Pursuant to an agreement effective January 20, 2017, the Company guarantees punctual payment to Merrill Lynch Professional Clearing Corp. (“ML Pro”) and certain affiliates of ML Pro (collectively, the “Guaranteed Parties”) by certain subsidiaries of the Company that may be added to the guaranty (collectively, the “ML Customers”), in connection with accounts the ML Customers have with the Guaranteed Parties. The obligations of the Company under the guaranty agreement are limited to $300.0 million. There was no liability accrued for this guaranty at December 31, 2020 and 2019.

In 2018, CSP&C entered into a lease agreement for an office in Boca Raton, Florida that expires in February 2026. The Company is a guarantor of the lease which has future minimum lease commitments of approximately $2.4 million as of December 31, 2020.

Pursuant to a Letter of Credit Facility Agreement (“LCFA”) between the Company and CSP&C, the Company was issued an irrevocable letter of credit (“LOC”) effective September 30, 2019 by the Federal Home Loan Bank of Indianapolis (the “FHLB”) on behalf of an unrelated party. The LOC had an initial maximum credit amount of $12.0 million that had been reduced to $8.0 million as of December 31, 2020. CSP&C is not a party to the LOC, but in accordance with the LCFA, is unconditionally responsible to reimburse the Company if the beneficiary draws on the LOC, and is required to pay the Company a facility fee. As of December 31, 2020 and 2019 there were no draws on the LOC.

In July 2020, the Company authorized its wholly-owned subsidiary, DLIH 2016-2, to enter into the SG Facility with a maximum borrowing amount of $150.0 million as part of its investment program. Pursuant to the SG Facility, the Company is required to pledge collateral to support borrowings. The pledged collateral secures obligations of a non-recourse guarantee by the Company, which is limited to the pledge of collateral assets. The Company may be required to make equity capital contributions to DLIH 2016-2 from time to time. As of December 31, 2020, DLIH 2016-2 has withdrawn $64.7 million from the SG Facility.

During 2020 a syndicated credit facility arranged by BMO Capital Markets Corp. and consisting of three bank lenders (the “BMO Facility”) was provided to CSHH and its wholly-owned subsidiary, CSHIC, with a maximum borrowing of $65.0 million and a one year term. Pursuant to the BMO Facility and a related separate fee certain letter, the Company guarantees all principal and interest obligations of CSHH and CSHIC, and is subject to certain covenants related to risk based capital and surplus. As of December 31, 2020, CSHIC borrowings under the facility were $61.0 million.

DELAWARE LIFE INSURANCE COMPANY

(A Wholly-Owned Subsidiary of Group One Thousand One, LLC)

NOTES TO STATUTORY FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2020 AND 2019 AND FOR THE YEARS ENDED DECEMBER 31, 2020, 2019 AND 2018

3.	BONDS AND PREFERRED STOCKS

The statement value and fair value of the Company’s bonds and preferred stocks were as follows:


	December 31, 2020
	Statement		Gross Unrealized		Gross Unrealized			Estimated
(In Thousands)	Value		Gains		Losses			Fair Value
Bonds:
U.S. Governments	$	392,584	$	9,044	$	(437	)	$	401,191
All Other Governments		11,070		947		(78	)		11,939
U.S. States, Territories and Possessions (Direct and Guaranteed)		9,687		701		(1	)		10,387
U.S. Special Revenue and Special Assessment Obligations and all Non-Guaranteed Obligations of Agencies and Authorities of Governments and Their Political Subdivisions		992,830		80,971		(8,364	)		1,065,437
Industrial and Miscellaneous (Unaffiliated)		11,112,860		429,773		(143,064	)		11,399,569
Hybrid Securities		220,819		20,433		(1,640	)		239,612
Bond—Affiliated		67,000		—		—			67,000
SVO Identified Exchange Traded Funds		1,810		110		(19	)		1,901

Total Bonds	$	12,808,660	$	541,979	$	(153,603	)	$	13,197,036

Preferred Stocks	$	939,125	$	9,663	$	(146	)	$	948,642


	December 31, 2019
			Gross		Gross
	Statement		Unrealized		Unrealized			Estimated
(In Thousands)	Value		Gains		Losses			Fair Value
Bonds:
U.S. Governments	$	525,871	$	999	$	(77	)	$	526,793
All Other Governments		11,434		505		(46	)		11,893
U.S. States, Territories and Possessions (Direct and Guaranteed)		4,581		105		(15	)		4,671
U.S. Special Revenue and Special Assessment Obligations and all Non-Guaranteed Obligations of Agencies and Authorities of Governments and Their Political Subdivisions		679,789		17,299		(1,886	)		695,202
Industrial and Miscellaneous (Unaffiliated)		9,456,225		189,308		(81,190	)		9,564,343
Hybrid Securities		171,443		11,366		(516	)		182,293
Bond—Affiliated		67,000		—		—			67,000
SVO Identified Exchange Traded Funds		1,810		39		(20	)		1,829

Total Bonds	$	10,918,153	$	219,621	$	(83,750	)	$	11,054,024

Preferred Stocks	$	769,767	$	5,487	$	(350	)	$	774,904

DELAWARE LIFE INSURANCE COMPANY

(A Wholly-Owned Subsidiary of Group One Thousand One, LLC)

NOTES TO STATUTORY FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2020 AND 2019 AND FOR THE YEARS ENDED DECEMBER 31, 2020, 2019 AND 2018

The statement value and estimated fair value by maturity periods for bonds, other than ABS and MBS, are shown below. Actual maturities may differ from contractual maturities on ABS and MBS because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties; accordingly, the contractual maturities for those securities are not shown.


	December 31, 2020
(In Thousands)	Statement Value		Estimated Fair Value
Due in one year or less	$	575,047	$	577,219
Due after one year through five years		2,062,052		2,108,304
Due after five years through ten years		3,276,945		3,401,189
Due after ten years		2,895,625		3,113,045
SVO Identified Exchange Traded Funds		1,810		1,901

Total before asset and mortgage-backed securities		8,811,479		9,201,658

Asset and mortgage-backed securities		3,997,181		3,995,378

Total	$	12,808,660	$	13,197,036

Proceeds from sales and maturities of investments in bonds and preferred stock during 2020, 2019 and 2018, were $4.8 billion, $6.7 billion, and $4.4 billion, including non-cash transactions of $433.1 million, $366.7 million, and $375.4 million, respectively; gross gains were $52.6 million, $66.4 million, and $41.4 million respectively; and gross losses were $44.6 million, $34.8 million, and $77.2 million, respectively.

Bonds with a statement value of approximately $5.2 million for the years ended December 31, 2020 and 2019 were on deposit with governmental authorities as required by law.

Investment-grade bonds were 96.6% and 96.7% of the Company’s total bonds as of December 31, 2020, and 2019, respectively.

The fair value of publicly-traded bonds is determined using three primary pricing methods: third-party pricing services, non-binding broker quotes, and pricing models. Prices are first sought from third-party pricing services, with the remaining unpriced securities priced using one of the other two methods. For privately-placed fixed maturity securities, fair values are estimated using model prices or broker quotes. A portion of privately-placed fixed maturity securities (typically SEC Rule 144A securities) are priced using market prices.

Structured securities, such as ABS, RMBS and CMBS, are priced using third-party pricing services, a fair value model, or independent broker quotations. Typical inputs used by these three pricing methods include, but are not limited to, reported trades, benchmark yields, issuer spreads, bids and/or estimated cash flows and prepayment speeds. In addition, estimates of expected future prepayments are factors in determining the price of ABS, RMBS and CMBS. These estimates are based on the underlying collateral and structure of the security, as well as prepayment speeds previously experienced in the market at interest rate levels projected for the underlying collateral. Actual prepayment experience may vary from these estimates. Exposure to any single issuer is less than 10% of net admitted assets.

The fair value of the Company’s preferred stocks is first based on quoted market prices. Similar to fixed-maturity securities, the Company uses pricing services and broker quotes to price preferred stocks for which the quoted market price is not available.

DELAWARE LIFE INSURANCE COMPANY

(A Wholly-Owned Subsidiary of Group One Thousand One, LLC)

NOTES TO STATUTORY FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2020 AND 2019 AND FOR THE YEARS ENDED DECEMBER 31, 2020, 2019 AND 2018

Other-than-temporary-impairment

The Company recognizes and measures OTTI for loan-backed and structured securities (“LBSS”) in accordance with SSAP No. 43R. In accordance with SSAP No. 43R, if the fair value of a LBSS is less than its amortized cost basis at the Statutory Statements of Admitted Assets, Liabilities and Capital Stock and Surplus date, the Company assesses whether the impairment is an OTTI. When an OTTI has occurred, the amount of OTTI recognized in earnings is the difference between the amortized cost basis of the security and the present value of its expected future cash flows, discounted at the effective interest rate implicit in the security.

If the Company intends to sell the LBSS, or if it is more likely than not that it will be required to sell the security before recovery of its amortized cost basis, an OTTI is considered to have occurred. The amount of the OTTI recognized in earnings is the difference between the amortized cost basis and the fair value of the security.

If the Company does not intend to sell the LBSS, or if it is not more likely than not that it will be required to sell the security before recovery of its amortized cost basis, the Company performs cash-flow based testing to determine if the present value of its expected future cash flows discounted at the effective interest rate implicit in the security is less than its amortized cost basis.

Estimating future cash flows is a quantitative and qualitative process that incorporates information received from third parties, along with assumptions and judgments about the future performance of the underlying collateral. Losses incurred on the respective portfolios are based on loss models using assumptions about key systematic risks, such as unemployment rates and housing prices, and loan-specific information, such as delinquency rates and loan-to-value ratios.

There were no credit impairments recorded in 2020, 2019 and 2018 on LBSS held as of December 31, 2020, 2019 and 2018, respectively, pursuant to SSAP No. 43R.

If the fair value of a bond, other than those subject to SSAP No. 43R, is less than its amortized cost basis at the Statements of Admitted Assets, Liabilities and Capital Stock and Surplus date, the Company assesses whether the impairment is an OTTI. When an OTTI has occurred, the amount of OTTI recognized in earnings is the difference between the amortized cost basis of the security and its fair value.

If the Company intends to sell the bond, or if it is more likely than not that it will be required to sell the security before recovery of its amortized cost basis, an OTTI is considered to have occurred. If the Company does not intend to sell the bond, or if it is not more likely than not that it will be required to sell the security before recovery of its amortized cost basis, the Company employs a portfolio monitoring process to identify securities that are OTTI.

The Company has an Asset Valuation Committee composed of investment and finance professionals which meets at least quarterly to review individual issues or issuers that may be of concern. In determining whether a security is OTTI, the Asset Valuation Committee considers the factors described below. The process involves a quarterly screening of all securities with a fair value less than the amortized cost basis. Discrete credit events, such as a ratings downgrade, are also used to identify securities that may be OTTI. The securities identified are then evaluated based on issuer-specific facts and circumstances, such as the issuer’s ability to meet current and future interest and principal payments, an evaluation of the issuer’s financial position and its near-term recovery prospects, difficulties being experienced by an issuer’s parent or affiliate, and management’s assessment of the outlook for the issuer’s sector. In making these evaluations, the asset valuation committee exercises considerable judgment. Based on the Asset Valuation Committee’s evaluation, issues or issuers are considered for inclusion on one of the Company’s following credit lists:

“Monitor List”—A security on this list is subject to a heightened level of monitoring because either the issue or the issuer or its industry, sector, geographic location, or political operating environment has been under stress.

DELAWARE LIFE INSURANCE COMPANY

(A Wholly-Owned Subsidiary of Group One Thousand One, LLC)

NOTES TO STATUTORY FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2020 AND 2019 AND FOR THE YEARS ENDED DECEMBER 31, 2020, 2019 AND 2018

“Watch List”—There is a preponderance of likelihood that either interest or principal will not be received according to the committee’s expectations and may result in an impairment or write-offs.

“Impaired List”—The Asset Valuation Committee has concluded that the Company has the intent to sell the security, it is more likely than not that the Company will be required to sell the security before recovery of its amortized cost basis, or the amortized cost basis of the security is not expected to be recovered due to expected delays or shortfalls in the contractually specified cash flows. For these investments, the amount of OTTI recognized in the Company’s Statements of Operations is the difference between the amortized cost basis of the security and its fair value or discounted cash flows.

Should it be determined that a security is OTTI, the Company records a loss through an appropriate adjustment in carrying value. For the years ended December 31, 2020, 2019 and 2018, the Company incurred write-downs of bonds totaling $2.3 million, $0, and $5.8 million respectively, including those subject to SSAP No. 43R. Of these amounts, no OTTI was related to sub-prime loans.

There are inherent risks and uncertainties in management’s evaluation of securities for OTTI. These risks and uncertainties include factors both external and internal to the Company, such as general economic conditions, an issuer’s financial condition or near-term recovery prospects, market interest rates, unforeseen events which affect one or more issuers or industry sectors, and portfolio management parameters, including asset mix, interest rate risk, portfolio diversification, duration matching, and greater-than-expected liquidity needs. All of these factors could impact management’s evaluation of securities for OTTI.

The gross unrealized losses and fair value of investments, which were deemed temporarily impaired, aggregated by investment category, number of securities, and the length of time in an unrealized loss position, at December 31, 2020 were as follows:


(in Thousands except # of securities)
	Less than 12 months							12 months or more							Total
			Fair		Unrealized					Fair		Unrealized					Fair		Unrealized
	#		Value		Losses			#		Value		Losses			#		Value		Losses
Bonds:
U.S. Governments		5	$	11,821	$	(437	)			$	—	$	—			5	$	11,821	$	(437	)
All Other Governments				—		—			1		3,056		(78	)		1		3,056		(78	)
U.S. States, Territories and Possessions (Direct and Guaranteed)		1		99		(1	)				—		—			1		99		(1	)
U.S. Special Revenue and Special Assessment Obligations and all Non-Guaranteed Obligations of Agencies and Authorities of Governments and Their Political Subdivisions		45		202,434		(8,346	)		3		8,470		(18	)		48		210,904		(8,364	)
Industrial and Miscellaneous (Unaffiliated)		190		1,460,857		(37,916	)		100		1,451,733		(105,148	)		290		2,912,590		(143,064	)
Hybrid Securities		4		2,824		(23	)		3		7,251		(1,617	)		7		10,075		(1,640	)
SVO Identified Exchange Traded Funds				—		—			1		821		(19	)		1		821		(19	)

Total Bonds		245	$	1,678,035	$	(46,723	)		108	$	1,471,331	$	(106,880	)		353	$	3,149,366	$	(153,603	)

Preferred Stocks		2	$	136,812	$	(146	)		—	$	—	$	—			2	$	136,812	$	(146	)

DELAWARE LIFE INSURANCE COMPANY

(A Wholly-Owned Subsidiary of Group One Thousand One, LLC)

NOTES TO STATUTORY FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2020 AND 2019 AND FOR THE YEARS ENDED DECEMBER 31, 2020, 2019 AND 2018


(in Thousands except # of securities)
	Less than 12 months							12 months or more							Total
			Fair		Unrealized					Fair		Unrealized					Fair		Unrealized
	#		Value		Losses			#		Value		Losses			#		Value		Losses
Bonds: U.S. Governments		3	$	405,016	$	(77	)		—	$	—	$	—			3	$	405,016	$	(77	)
All Other Governments		1		102		(1	)		1		4,218		(45	)		2		4,320		(46	)
U.S. States, Territories and Possessions (Direct and Guaranteed)		2		2,985		(15	)		—		—		—			2		2,985		(15	)
U.S. Special Revenue and Special Assessment Obligations and all Non-Guaranteed Obligations of Agencies and Authorities of Governments and Their Political Subdivisions		29		220,710		(1,881	)		3		389		(6	)		32		221,099		(1,887	)
Industrial and Miscellaneous (Unaffiliated)		111		1,399,329		(19,048	)		86		971,377		(62,141	)		197		2,370,706		(81,189	)
Hybrid Securities		2		5,418		(313	)		2		5,259		(203	)		4		10,677		(516	)
SVO Identified Exchange Traded Funds		—		—		—			1		827		(20	)		1		827		(20	)

Total Bonds		148	$	2,033,560	$	(21,335	)		93	$	982,070	$	(62,415	)		241	$	3,015,630	$	(83,750	)

Preferred Stocks		3	$	99,616	$	(350	)		—	$	—	$	—			3	$	99,616	$	(350	)

As summarized in the table below, the Company had indirect exposure to sub-prime loans with a book adjusted carrying value of $16.8 million as of December 31, 2020. This amount represented approximately one-tenth of a percent of the Company’s total invested assets. In terms of managing and mitigating sub-prime mortgage risk, the Company’s overall exposure to these investments was as shown below (in thousands):


Type	Actual Cost		Book/Adjusted Carrying Value (excluding interest)		Fair Value
Residential Mortgage Backed Securities	$	16,837	$	16,837	$	17,180

	$	16,837	$	16,837	$	17,180

As summarized in the table below, the Company had indirect exposure to sub-prime loans with a book adjusted carrying value of $1.0 million as of December 31, 2019. This amount represented less than one-tenth of a percent of the Company’s total invested assets. The Company’s overall exposure to sub-prime mortgage risk was as shown below (in thousands):


Type	Actual Cost		Book/Adjusted Carrying Value (excluding interest)		Fair Value
Residential Mortgage Backed Securities	$	952	$	952	$	1,003

	$	952	$	952	$	1,003

DELAWARE LIFE INSURANCE COMPANY

(A Wholly-Owned Subsidiary of Group One Thousand One, LLC)

NOTES TO STATUTORY FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2020 AND 2019 AND FOR THE YEARS ENDED DECEMBER 31, 2020, 2019 AND 2018

5 GI Securities

The Company’s overall exposure to 5GI securities was as shown below:

(In thousands except for number of securities):


Investment	Number of 5 GI Securities				Aggregate Book Adjusted Carry Value				Aggregate Fair Value
Investment	12/31/2020		12/31/2019		12/31/2020		12/31/2019		12/31/2020		12/31/2019
Preferred Stock		1		1	$	255,000	$	255,000	$	255,000	$	255,000

Total		1		1	$	255,000	$	255,000	$	255,000	$	255,000

4. MORTGAGE LOANS ON REAL ESTATE

The Company invests in commercial first mortgage loans throughout the United States and Great Britain. Investments are diversified by property type and geographic area in order to manage credit risk. The Company monitors the condition of the mortgage loans in its portfolio.

In those cases, where mortgages have been restructured, appropriate allowances for losses are made. In those cases where, in management’s judgment, the mortgage loan’s value is impaired, appropriate losses are recorded.

DELAWARE LIFE INSURANCE COMPANY

(A Wholly-Owned Subsidiary of Group One Thousand One, LLC)

NOTES TO STATUTORY FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2020 AND 2019 AND FOR THE YEARS ENDED DECEMBER 31, 2020, 2019 AND 2018

The following table shows the geographical distribution of the statement value of the Company’s mortgage loan portfolio as of December 31, 2020 and 2019 (in thousands):


	2020			2019
Alabama	$	3,229		$	3,143
Arizona		2,003			9,854
Arkansas		94			—
California		76,503			132,444
Colorado		15,937			16,515
Connecticut		10,925			10,925
Florida		2,794			21,016
Georgia		10,625			10,927
Idaho		—			963
Illinois		25,557			25,000
Kansas		7,480			8,050
Kentucky		1,563			1,652
Louisiana		410			400
Maryland		73			—
Massachusetts		5,037			5,684
Michigan		7,669			7,669
Missouri		398			493
New Jersey		3,424			3,690
New Mexico		3,556			3,849
New York		180,660			220,294
North Carolina		41,690			45,480
Nevada		—			15,610
Ohio		1,945			3,024
Oklahoma		162			—
Oregon		5,390			5,872
Pennsylvania		13,608			5,478
South Carolina		107			20,010
Tennessee		25,000			—
Texas		4,993			8,010
Utah		2,304			3,133
Virginia		1,230			1,731
Washington		317			2,947
Wisconsin		4,159			2,923
Great Britain		—			12,057
General allowance for loan loss		(2,460	)		(2,460	)

Total Mortgage Loans on Real Estate	$	456,382		$	606,383

DELAWARE LIFE INSURANCE COMPANY

(A Wholly-Owned Subsidiary of Group One Thousand One, LLC)

NOTES TO STATUTORY FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2020 AND 2019 AND FOR THE YEARS ENDED DECEMBER 31, 2020, 2019 AND 2018

The Company originated 69 mortgage loans and made additional investments after acquisition with a total cost of $156.0 million during the year ended December 31, 2020 with rates ranging from 4.18% to 12.6%. 59 mortgage loans were originated or acquired and four additional investments were made after acquisition with a total cost of $299.5 million during the year ended December 31, 2019 with rates ranging from 4.59% to 7.18%, and nine mortgage loans with a total cost of $131.7 million were originated during the year ended December 31, 2018 with rates ranging from 4.87% to 11.00%. During the years ended December 31, 2020, 2019 and 2018, the Company did not reduce interest rates on any outstanding mortgage loans. Mortgage loans are collateralized by the related properties and were no more than 95% of the property’s value at the time the original loan is made during 2020.

A mortgage loan is considered impaired when it is probable that the principal or interest is not collectible in accordance with the contractual terms of the loan. The allowance for credit losses is estimated using the present value of expected cash flows discounted at the loan’s effective interest rate or the fair value of the collateral. A specific allowance for loan loss is established for an impaired loan if the present value of expected cash flows discounted at the loan’s effective interest rate, or the fair value of the loan collateral, less cost to sell, is less than the recorded amount of the loan. The Company did not have a specific allowance for loan loss at December 31, 2020 and 2019. A general allowance for loan loss is established based on an assessment of past loss experience on groups of loans with similar characteristics and current economic conditions. The general allowance for loan loss was $2.5 million at December 31, 2020 and 2019. While management believes that it uses the best information available to establish allowances, future adjustments may become necessary if economic conditions differ from the assumptions used in calculating them. At December 31, 2020 and 2019, the Company individually and collectively evaluated loans with a gross carrying value of $456.4 million and $608.8 million, respectively.

As of December 31, 2020 and 2019, the Company held no restructured loans. Should the Company hold any troubled debt, the Company may modify the terms of a loan by adjusting the interest rate, extending the maturity date, or both.

Delinquency status is determined based upon the occurrence of a missed contract payment. There were no loans past due greater than 90 days at December 31, 2020 and 2019.

The Company accrues interest income on impaired loans to the extent it is deemed collectible. Otherwise, receipts on non-performing loans are not recognized as interest income until the loan is no longer impaired, is sold, or is otherwise made whole. Any cash collected during the period where the loan is impaired is applied to lower its carrying value.

Other information is as follows:


	Residential				Commercial
	Insured		All Other		Insured		All Other		Mezzanine		Total
(In Thousands)
December 31, 2020
Recorded Investment
Current	$	—	$	4,411	$	—	$	446,567	$	7,864	$	458,842
Participant or Co-lender in a Mortgage Loan Agreement	$	—	$	—	$	—	$	62,912	$	—	$	62,912
December 31, 2019
Recorded Investment
Current	$	—	$	—	$	—	$	608,843	$	—	$	608,843
Participant or Co-lender in a Mortgage Loan Agreement	$	—	$	—	$	—	$	20,107	$	—	$	20,107

DELAWARE LIFE INSURANCE COMPANY

(A Wholly-Owned Subsidiary of Group One Thousand One, LLC)

NOTES TO STATUTORY FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2020 AND 2019 AND FOR THE YEARS ENDED DECEMBER 31, 2020, 2019 AND 2018

The Company did not have any mortgages accruing interest more than 90 days past due or with reduced interest during 2020 or 2019 and the Company had no investments in impaired loans during 2020 or 2019.

Information regarding the Company’s allowance for credit losses is as follows at December 31, 2020 and 2019:


	2020		2019
(In Thousands)
Balance at Beginning of Period	$	2,460	$	2,460
Additions Charged to Operations		—		—
Recoveries of Amounts Previously Charged Off		—		—

Balance at End of Period	$	2,460	$	2,460

The Company did not have any mortgage loans derecognized as a result of foreclosure during 2020 or 2019.

The following table provides an aging of commercial mortgage loans as of December 31, 2020 and 2019, based on the recorded investment net of allowances for credit losses:


(In Thousands)	2020			2019
Current	$	458,842		$	608,843
Total Allowance for Loan Loss		(2,460	)		(2,460	)

Total Mortgage Loans on Real Estate	$	456,382		$	606,383

The credit quality of the Company’s mortgage loans is assessed by the debt service coverage ratio (“DSC”) and loan to value ratio (‘LTV”). The following tables show the recorded gross investment of the Company’s mortgage loans aggregated by LTV and DSC as of December 31, 2020 and 2019:


			2020
(In Thousands)	Debt Service Coverage Ratio
	>1.2x		1.0x to < 1.2x		<1.0x		Total
Loan to Value Ratio
0%-59.99%	$	167,749	$	91,218	$	54,925	$	313,892
60%-69.99%		58,037		30,930		17,626		106,593
70%-79.99%		—		26,082		7,864		33,946
80% or greater		—		—		—		—

*Total ()**	$	225,786	$	148,230	$	80,415	$	454,431

(*)

excludes residential mortgages in good standing

DELAWARE LIFE INSURANCE COMPANY

(A Wholly-Owned Subsidiary of Group One Thousand One, LLC)

NOTES TO STATUTORY FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2020 AND 2019 AND FOR THE YEARS ENDED DECEMBER 31, 2020, 2019 AND 2018


			2019
(In Thousands)	Debt Service Coverage Ratio
	>1.2x		1.0x to < 1.2x		<1.0x		Total
Loan to Value Ratio
0%-59.99%	$	147,090	$	197,269	$	60,425	$	404,784
60%-69.99%		33,050		11,569		37,700		82,319
70%-79.99%		1,265		95,262		25,213		121,740
80% or greater		—		—		—		—

Total	$	181,405	$	304,100	$	123,338	$	608,843

5.	REPURCHASE AGREEMENTS AND REVERSE REPURCHASE AGREEMENTS TRANSACTIONS ACCOUNTED FOR AS SECURED BORROWING

REPURCHASE TRANSACTION - CASH PROVIDER - OVERVIEW OF SECURED BORROWING TRANSACTIONS

(1) The Company opportunistically uses repurchase transactions in conjunction with its liquidity management program to temporarily provide short-term liquidity from time-to-time as needed and determined by the Company. Using repurchase transactions to meet the short-term liquidity needs positions the Company to be prepared to execute on opportunistic investments as they arise. The collateral posted by the Company is subject to fair value change and a decline in fair value could require the Company to post additional collateral to the counterparty. This risk is mitigated by the Company’s internal policy of limiting repurchase transactions to 5.0% of its available collateral. Potential liquidity risks arising from a duration mismatch between the collateral and repurchase transaction are mitigated by the Company’s other sources of liquidity, such as monthly principal and interest payments, premium sales by the Company, and other lines of credit established by the Company. The Company typically receives cash for its repurchase transactions, however on occasion the Company has received United States Treasuries. In the case of United State Treasuries, the Company monitors the price of the Treasury collateral to ensure the Company is adequately collateralized.

(2)	Type of Repurchase Trades Used


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

DELAWARE LIFE INSURANCE COMPANY

(A Wholly-Owned Subsidiary of Group One Thousand One, LLC)

NOTES TO STATUTORY FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2020 AND 2019 AND FOR THE YEARS ENDED DECEMBER 31, 2020, 2019 AND 2018

(3)	Original (Flow) & Residual Maturity


(In Thousands)	FIRST QUARTER		SECOND QUARTER		THIRD QUARTER		FOURTH QUARTER
a. Maximum Amount
1. Open - No Maturity	$	—	$	—	$	—	$	—
2. Overnight		—		—		—		—
3. 2 Days to 1 Week		287		—		—		200,000
4. > 1 Week to 1 Month		38,322		12,604		—		200,000
5. > 1 Month to 3 Months		—		87,450		12,255		8,515
6. > 3 Months to 1 Year		362,396		87,450		84,081		306,942
7. > 1 Year		25,000		312,550		312,561		13,571
b. Ending Balance
1. Open - No Maturity	$	—	$	—	$	—	$	—
2. Overnight		—		—		—		—
3. 2 Days to 1 Week		—		—		—		—
4. > 1 Week to 1 Month		12,604		—		—		—
5. > 1 Month to 3 Months		—		—		—		—
6. > 3 Months to 1 Year		362,396		87,450		15,534		25,000
7. > 1 Year		25,000		312,550		309,466		—

(4)	Counter Party, Jurisdiction and Fair Value (FV)

Not applicable

(5)	Securities “Sold” Under Repurchase - Secured Borrowing


(In Thousands)	FIRST QUARTER		SECOND QUARTER		THIRD QUARTER		FOURTH QUARTER
a. Maximum Amount
1. BACV		XXX		XXX		XXX	$	—
2. Nonadmitted - Subset of BACV		XXX		XXX		XXX	$	—
3. Fair Value	$	424,957	$	450,969	$	366,848	$	26,338
b. Ending Balance
1. BACV		XXX		XXX		XXX	$	23,017
2. Nonadmitted - Subset of BACV		XXX		XXX		XXX	$	—
3. Fair Value	$	424,957	$	450,969	$	366,848	$	26,338

DELAWARE LIFE INSURANCE COMPANY

(A Wholly-Owned Subsidiary of Group One Thousand One, LLC)

NOTES TO STATUTORY FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2020 AND 2019 AND FOR THE YEARS ENDED DECEMBER 31, 2020, 2019 AND 2018

(6)	Securities Sold Under Repurchase - Secured Borrowing by NAIC Designation


(In Thousands)	NONE		NAIC 1		NAIC 2		NAIC 3		NAIC 4		NAIC 5		NAIC 6		Nonadmitted
Bonds - BACV	$	—	$	23,017	$	—	$	—	$	—	$	—	$	—	$	—
Bonds - FV		—		26,338		—		—		—		—		—		—
LB & SS - BACV		—		—		—		—		—		—		—		—
LB & SS - FV		—		—		—		—		—		—		—		—
Preferred Stock - BACV		—		—		—		—		—		—		—		—
PreferredStock - FV		—		—		—		—		—		—		—		—
Common Stock		—		—		—		—		—		—		—		—
Total Assets - BACV		—		23,017		—		—		—		—		—		—
Total Assets - FV		—		26,338		—		—		—		—		—		—

(7)	Collateral Received - Secured Borrowing


(In Thousands)	FIRST QUARTER		SECOND QUARTER		THIRD QUARTER		FOURTH QUARTER
a. Maximum Amount
1. Cash	$	—	$	—	$	—	$	—
2. Securities (FV)		424,957		450,969		366,848		26,338
3. Nonadmitted		—		—		—		—
b. Ending Balance
1. Cash		—		—		—		—
2. Securities (FV)		424,957		450,969		366,848		26,338
3. Nonadmitted		—		—		—		—

(8)	Cash & Non Cash Collateral Received - Secured Borrowing by NAIC Designation


(In Thousands)	NONE		NAIC 1		NAIC 2		NAIC 3		NAIC 4		NAIC 5		NAIC 6		Nonadmitted
a. Cash	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—
b. Bonds - FV		—		26,338		—		—		—		—		—		—
c. LB & SS - FV		—		—		—		—		—		—		—		—
d. Preferred Stock - FV		—		—		—		—		—		—		—		—
e. Common Stock		—		—		—		—		—		—		—		—
f. Mortgage Loans - FV		—		—		—		—		—		—		—		—
g. Real Estate - FV		—		—		—		—		—		—		—		—
h. Derivatives - FV		—		—		—		—		—		—		—		—
i. Other Invested Assets - FV		—		—		—		—		—		—		—		—
j. Total Collateral Assets - FV (Sum of a through i)		—		26,338		—		—		—		—		—		—

DELAWARE LIFE INSURANCE COMPANY

(A Wholly-Owned Subsidiary of Group One Thousand One, LLC)

NOTES TO STATUTORY FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2020 AND 2019 AND FOR THE YEARS ENDED DECEMBER 31, 2020, 2019 AND 2018

(9)	Allocation of Aggregate Collateral by Remaining Contractual Maturity


(in Thousands)	FAIR VALUE
a. Overnight and Continuous	$	—
b. 30 Days or Less		—
c. 31 to 90 Days		—
d. > 90 Days		26,338

(10)	Allocation of Aggregate Collateral Reinvested by Remaining Contractual Maturity

Not applicable

(11)	Liability to Return Collateral - Secured Borrowing (Total)

Not applicable

REVERSE REPURCHASE TRANSACTION – CASH PROVIDER -OVERVIEW OF SECURED BORROWING TRANSACTIONS

(1) The Company engages in a reverse repurchase agreement program. This program is intended to provide opportunistic, short-term financing to counterparties. Each repurchase agreement entered into is governed by the terms of the Master Repurchase Agreement (MRA) as agreed to between the parties. Under the terms of the MRA, the Company purchases investments from the counterparty and the counterparty agrees to repurchase the same, or similar investments, back from the Company on a specified date at a specified price. On the maturity date, the Company may elect to enter into a new repurchase agreement with that same repo counterparty. The Company’s decision to do so will be dependent on the Company’s liquidity needs and their assessment of the counterparty and collateral’s performance.

As a risk mitigant, the Company requires its counterparties to post collateral in excess of the loan amount, otherwise known as over collateralization. The amount of over collateralization is up to the Company’s discretion, but will not be less than 102%. On average, the Company has required over collateralization of 120%. The short duration of the repurchase agreements and the over collateralization required by the Company mitigate potential financial risks associated with the transactions.

(2)	Type of Repurchase Trades Used


	1 FIRST QUARTER	2 SECOND QUARTER	3 THIRD QUARTER	4 FOURTH QUARTER
a. Bilateral (Yes/No)	Yes	Yes	Yes	Yes
b. Tri-Party (Yes/No)	No	No	No	No

DELAWARE LIFE INSURANCE COMPANY

(A Wholly-Owned Subsidiary of Group One Thousand One, LLC)

NOTES TO STATUTORY FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2020 AND 2019 AND FOR THE YEARS ENDED DECEMBER 31, 2020, 2019 AND 2018

3)	Original (Flow) & Residual Maturity


(In Thousands)	FIRST QUARTER		SECOND QUARTER		THIRD QUARTER		FOURTH QUARTER
a. Maximum Amount
1. Open - No Maturity	$	—	$	—	$	—	$	—
2. Overnight		50,000		—		—		—
3. 2 Days to 1 Week		—		—		50,000		—
4. > 1 Week to 1 Month		54,068		3,463		51,012		67,000
5. > 1 Month to 3 Months		5,880		90,702		89,477		52,457
6. > 3 Months to 1 Year		960,540		950,540		739,683		964,683
7. > 1 Year		25,000		25,000		275,000		—
b. Ending Balance
1. Open - No Maturity	$	—	$	—	$	—	$	—
2. Overnight		—		—		—		—
3. 2 Days to 1 Week		—		—		—		—
4. > 1 Week to 1 Month		4,068		2,241		397		—
5. > 1 Month to 3 Months		—		—		2,457		—
6. > 3 Months to 1 Year		960,540		950,540		739,683		616,220
7. > 1 Year		25,000		25,000		275,000		—

(4)	Counter Party, Jurisdiction and Fair Value (FV)

Not applicable

(5)	Fair Value of Securities Acquired Under Repurchase - Secured Borrowing


(In Thousands)	FIRST QUARTER		SECOND QUARTER		THIRD QUARTER		FOURTH QUARTER
a. Maximum Amount	$	1,150,873	$	1,150,116	$	1,215,806	$	1,215,310
b. Ending Balance	$	1,150,873	$	1,130,389	$	1,215,806	$	810,050

DELAWARE LIFE INSURANCE COMPANY

(A Wholly-Owned Subsidiary of Group One Thousand One, LLC)

NOTES TO STATUTORY FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2020 AND 2019 AND FOR THE YEARS ENDED DECEMBER 31, 2020, 2019 AND 2018

(6)	Securities Acquired Under Repurchase – Secured Borrowing by NAIC Designation


(In Thousands)	1 NONE		2 NAIC 1		3 NAIC 2		4 NAIC 3		5 NAIC 4		6 NAIC 5		7 NAIC 6		8 NONADMITTED
Bonds - FV	$	792,550	$	17,500	$	—	$	—	$	—	$	—	$	—	$	—
LB & SS - FV		—		—		—		—		—		—		—		—
Preferred Stock - FV		—		—		—		—		—		—		—		—
Common Stock		—		—		—		—		—		—		—		—
Mortgage Loans - FV		—		—		—		—		—		—		—		—
Real Estate - FV		—		—		—		—		—		—		—		—
Derivatives - FV		—		—		—		—		—		—		—		—
Other Invested Assets - FV		—		—		—		—		—		—		—		—

Total Assets	$	792,550	$	17,500	$	—	$	—	$	—	$	—	$	—	$	—

(7)	Collateral Pledged – Secured Borrowing

Not applicable

(8)	Allocation of Aggregate Collateral Pledged by Remaining Contractual Maturity

Not applicable

(9)	Allocation of Aggregate Collateral Pledged by Remaining Contractual Maturity

Not applicable

(10)	Recognized Liability to Return Collateral – Secured Borrowing (Total)

Not applicable

The Company had no repurchase agreement transactions or reverse repurchase agreement transactions accounted for as a sale.

6.	INVESTMENT GAINS AND LOSSES

Realized capital gains and losses on bonds, preferred stock, mortgages and interest rate swaps, which relate to changes in the general level of interest rates, are charged or credited to the IMR, net of tax, and amortized into operations over the remaining contractual life of the security sold. Realized gains and losses from all other investments are reported, net of tax, in the Statements of Operations but are not included in the computation of net gain from operations.

Changes in unrealized gains and losses on investments are reported as a component of Capital Stock and Surplus, net of deferred income taxes.

DELAWARE LIFE INSURANCE COMPANY

(A Wholly-Owned Subsidiary of Group One Thousand One, LLC)

NOTES TO STATUTORY FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2020 AND 2019 AND FOR THE YEARS ENDED DECEMBER 31, 2020, 2019 AND 2018

Realized gains and losses, net of amounts transferred to the IMR and capital gains tax, are as follows:


	Years Ended December 31,
(In Thousands)	2020			2019			2018
Realized Gains (Losses):
Bonds	$	5,748		$	31,542		$	(41,605	)
Preferred Stocks		—			8			23
Common Stocks		368			3,530			566
Mortgage Loans		93			48			374
Cash, Cash Equivalents and Short-term Investments		8			—			—
Other Invested Assets		(591	)		4,154			(54,476	)
Derivative Instruments		(3,591	)		88,153			16,576
Reinsurance Realized Gains (Losses)		(1,151	)		83			(23,223	)
Realized Capital Gains/(Losses)—other		—			(78,176	)		—

Subtotal		884			49,342			(101,765	)
Capital Gains Tax Expense		186			10,362			—

Net Realized Gains (Losses)		698			38,980			(101,765	)
Losses (Gains) Transferred to IMR (Net of Taxes)		2,194			(34,440	)		91,199

Total	$	2,892		$	4,540		$	(10,566	)

Unrealized gains and losses and related deferred capital gains tax are as follows:


	Years Ended December 31,
	2020			2019			2018
(In Thousands)
Changes in Net Unrealized Capital Gains (Losses):
Bonds	$	(270	)	$	(206	)	$	(48	)
Common Stocks of Non-affiliates		(12,841	)		(7,791	)		(14,004	)
Common Stocks of Affiliates		34,591			45,453			(2,143	)
Preferred Stocks		—			(52	)		97,934
Derivative Instruments		250,810			128,823			(91,420	)
Other Hedging Investments		—			—			—
Other Invested Assets		(29,687	)		59,628			(69,582	)
Unrealized Capital Gains/(Losses)—Other		—			78,176			—

Subtotal		242,603			304,031			(79,263	)
Deferred Capital Gains Tax		(7,543	)		(41,549	)		26,614

Total	$	250,146		$	345,580		$	(105,877	)

DELAWARE LIFE INSURANCE COMPANY

(A Wholly-Owned Subsidiary of Group One Thousand One, LLC)

NOTES TO STATUTORY FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2020 AND 2019 AND FOR THE YEARS ENDED DECEMBER 31, 2020, 2019 AND 2018

In 2015, the Company implemented a public bond trading strategy which resulted in the increase in investment cash flows from both sales and acquisitions of bonds. Included in the investment cash flows are proceeds from sales of bonds to related parties and the cost of bonds acquired from related parties totaling $736.9 million and $7.7 million, respectively, for the year ended December 31, 2018. The public bond strategy was discontinued and no related transactions occurred during 2020 or 2019. Net realized gains before taxes and transfers to the IMR associated with the related-party sales totaled $13.3 million for the year ended December 31, 2018.

7.	NET INVESTMENT INCOME

Net investment income consisted of:


	Years Ended December 31,
(In Thousands)	2020			2019			2018
Bonds (Unaffiliated)	$	612,739		$	577,949		$	426,102
Bonds (Affiliated)		4,342			2,634			—
Preferred Stocks (Unaffiliated)		52,621			46,447			21,777
Preferred stocks (Affiliated)		15,648			15,826			—
Common Stocks (Unaffiliated)		3,484			10,307			13,033
Common Stocks (Affiliated)		20,000			3,693			23,190
Mortgage Loans		38,579			40,928			36,349
Contract Loans		16,059			17,535			28,459
Cash, Cash Equivalents and Short-term Investments		75,112			72,290			65,998
Derivative Instruments		(435,148	)		(348,490	)		133,172
Other Invested Assets		81,750			58,573			43,933
Other Investment Income		37,602			3,726			—

Gross Investment Income		522,788			501,418			792,013

Interest Expense on Surplus Notes		(43,260	)		(43,260	)		(43,260	)
Investment Expenses		(40,115	)		(31,246	)		(29,586	)

Net Investment Income	$	439,413		$	426,912		$	719,167

The Company’s policy is to exclude investment income due and accrued with amounts that are over 90 days past due or where the collection of interest is uncertain. The Company did not have investment income due and accrued excluded from surplus for the years ended December 31, 2020, 2019 and 2018.

8.	DERIVATIVES

The Company uses derivatives for hedging or replication purposes. Interest rate swaps are mainly employed for hedging guaranteed minimum living benefits for certain variable annuity contracts and for duration matching purposes.

Options and swaptions are used to hedge equity and interest exposure embedded in the Company’s fixed, fixed index, and variable annuity products. Futures are used to hedge equity exposure included in fixed indexed annuities, as well as the guaranteed minimum death and living benefit features of the Company’s variable annuities. Currency forwards and swaps are used to hedge changes in foreign currency exchange (“FX”) rates.

DELAWARE LIFE INSURANCE COMPANY

(A Wholly-Owned Subsidiary of Group One Thousand One, LLC)

NOTES TO STATUTORY FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2020 AND 2019 AND FOR THE YEARS ENDED DECEMBER 31, 2020, 2019 AND 2018

Interest rate swaps, options, swaptions and currency swaps are reported at fair value, with the unrealized gain or loss reported as an adjustment to surplus if not designated an effective hedge. All futures are marked to market and settled on a daily basis, with the gain or loss reported as a component of net investment income (loss).

Beginning in July 2015, the Company began hedging the equity exposure embedded in its new FIA products with the Morgan Stanley Global Opportunities Index (“MSGO”), OTC options on the S&P 500, the Deutsche Bank Cash Return on Capital Invested (“CROCI) Sectors III Index, and the Deutsche Bank Momentum Asset Allocator (“MAA”) indices. During 2020, the Company added Barlays First Trust Capital Strength Barclays 5% Index (“FTCS) and RBA Select Equity Yield CIBC 5% Index (“RBEY”). Fair Value changes in the options embedded within the policy are recorded through income.

Market risk is the risk of loss due to market price changes of the derivative instrument or the underlying security or index. To mitigate this risk, the Company matches the market sensitivity of the hedge with the market sensitivity of the underlying asset or liability being hedged.

Credit risk is the counterparty credit risk or risk of loss as a result of default or a decline in market value stemming from a credit downgrade of the counterparty to the derivative transaction. The Company minimizes this risk by entering into derivatives only with counterparties that meet certain criteria, by utilizing standardized agreements, and by limiting counterparty concentrations.

All derivative transactions are covered under standardized contractual agreements with counterparties, all of which include credit-related contingent features. Certain counterparty relationships also may include supplementary agreements with tailored terms, such as additional triggers for early terminations, acceptable practices related to cross-transaction netting, and minimum thresholds for determining collateral.

Credit-related triggers include failure to pay or deliver on an obligation past certain grace periods, bankruptcy or the downgrade of credit ratings to below a stipulated level. These triggers apply to both the Company and its counterparty.

At December 31, 2020 and 2019, the Company pledged $231.3 million and $150.9 million, respectively, in U.S. Treasury securities and cash as collateral to counterparties. At December 31, 2020 and 2019, counterparties pledged to the Company $318.0 million and $234.2 million, respectively, in collateral comprised of cash and U.S. Treasury securities and corporate bonds.

DELAWARE LIFE INSURANCE COMPANY

(A Wholly-Owned Subsidiary of Group One Thousand One, LLC)

NOTES TO STATUTORY FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2020 AND 2019 AND FOR THE YEARS ENDED DECEMBER 31, 2020, 2019 AND 2018

The Company’s underlying notional or principal amounts associated with open derivatives positions were as follows:


	Outstanding at December 31, 2020
(In Thousands)	Notional Principal Amounts		Fair Value/ Statement Value			Amortized Cost		Unrealized Gain (Loss)
Interest Rate Swaps	$	6,006,092	$	472,394		$	—	$	472,394
FX Forwards		97,913		(3,448	)		—		(3,448	)
Payor Swaptions		300,000		24			5,895		(5,871	)

Total	$	6,404,005	$	468,970		$	5,895	$	463,075


			Outstanding at
			December 31, 2019
	Notional		Fair Value/
	Principal		Statement			Amortized		Unrealized
(In Thousands)	Amounts		Value			Cost		Gain (Loss)
Interest Rate Swaps	$	5,842,202	$	219,118		$	—	$	219,118
Currency Swaps		9,459		892			—		892
FX Forwards		29,900		90			—		90
Payor Swaptions		800,000		55			7,890		(7,835	)

Total	$	6,681,561	$	220,155		$	7,890	$	212,265

At December 31, 2020 and 2019, open futures contracts had a notional value of $1,954.7 million and $1,621.8 million and a fair value of ($4.3) million and ($2.4) million, respectively. These amounts did not include the component of variation margin that had already been cash settled.

On November 1, 2018, the Company created 4 Replication Synthetic Asset Transactions (“RSATs”) which were approved by the SVO. Each of the four RSATs are the combination of a long dated interest rate swap that pays fixed and receives floating rate coupons with a group of long dated fixed rate investment grade corporate bonds. The resulting synthetic asset is a long dated floating rate bond. The net unrealized loss on the four interest rate swaps was $2.5 million at November 1, 2018. This amount is being amortized over the remaining life of the swaps.

The Company did not have derivative contracts with financing premiums during 2020 or 2019.

9.	REINSURANCE

Reinsurance ceded contracts do not relieve the Company from its obligations to policyholders. The Company remains liable to its policyholders for the portion reinsured to the extent that any reinsurer does not meet the obligations assumed under the reinsurance agreement. To minimize its exposure to significant losses from reinsurer insolvencies, the Company regularly evaluates the financial condition of its reinsurers and monitors concentrations of credit risk. Management believes that any liability arising from this exposure is unlikely.

DELAWARE LIFE INSURANCE COMPANY

(A Wholly-Owned Subsidiary of Group One Thousand One, LLC)

NOTES TO STATUTORY FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2020 AND 2019 AND FOR THE YEARS ENDED DECEMBER 31, 2020, 2019 AND 2018

The Company has two reinsurance agreements with Barbco, refer to Note 2 for additional details. The Company has liabilities for the funds held under the coinsurance with funds held treaty with Barbco of $263.0 million and $245.6 million at December 31, 2020 and 2019, respectively.

The Company ceded certain risks during 2020 and 2019 to DLRC through the VA Treaty and the FIA Treaty. Refer to Note 2 for further details.

The Company has agreements with several unrelated companies, which provide for reinsurance of portions of the net amount at risk under certain of the Company’s individual and group life insurance policies. These amounts are reinsured on either a monthly renewable term, yearly renewable term, or coinsurance basis.

The Company had agreements with unrelated companies that provide for reinsurance of guaranteed minimum death benefits under certain of its variable annuity contracts. These amounts were reinsured on a monthly renewable term basis. All such treaties were recaptured in 2019.

In 2018, the Company entered into a coinsurance with funds withheld agreement with an unrelated reinsurer which provides reinsurance related to optional guaranteed lifetime withdrawal benefit riders under certain fixed indexed annuity polices.

In 2018, the Company ceded, on a coinsurance and modified coinsurance basis, in-force variable annuity base contracts to an unaffiliated reinsurer. For the year ended December 31, 2020, premiums ceded under the treaty were $136.8 million, and benefits ceded (including policy surrenders) were $1.2 billion. For the year ended December 31, 2019, premiums ceded under the treaty were $156.0 million, and benefits ceded (including policy surrenders) were $1.6 billion. For the year ended December 31, 2018, premiums ceded under the treaty were $13.0 billion, and benefits ceded (including policy surrenders) were $1.9 billion.

The effects of reinsurance on premiums and benefits (excluding policy surrenders) were as follows:


	Years Ended December 31,
(In Thousands)	2020			2019			2018
Premiums and Annuity Considerations:
Direct	$	2,873,746		$	2,616,422		$	2,735,942
Ceded—Affiliated		(49,746	)		(28,989	)		(22,573	)
Ceded—Non-affiliated		(155,884	)		(175,149	)		(13,027,440	)

Net Premiums and Annuity Considerations	$	2,668,116		$	2,412,284		$	(10,314,071	)

Insurance and Other Individual Policy Benefits and Claims:
Direct	$	842,456		$	890,010		$	862,511
Assumed—Non-affiliated		3,565			6,584			4,214
Ceded—Affiliated		(25,545	)		(29,416	)		(22,493	)
Ceded—Non-affiliated		(369,948	)		(409,260	)		(411,682	)

Net Policy Benefits and Claims	$	450,528		$	457,918		$	432,550

DELAWARE LIFE INSURANCE COMPANY

(A Wholly-Owned Subsidiary of Group One Thousand One, LLC)

NOTES TO STATUTORY FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2020 AND 2019 AND FOR THE YEARS ENDED DECEMBER 31, 2020, 2019 AND 2018

10.

RESERVES

The reserves for life insurance and annuity contracts are computed in accordance with presently accepted actuarial standards and are based on actuarial assumptions and methods (including use of published mortality tables and prescribed interest rates and methodologies) which produce reserves at least as great as those required by law and contract provisions.

Deduction of deferred fractional premiums upon death of the insured and return of any portion of the final premium for the period beyond the date of death are not applicable to the business of the Company. Surrender values are not promised in excess of reserves legally computed.

For policies with annual extra premiums, additional reserves are held equal to one-half the extra premium. Extra premiums on single premium policies are amortized over ten years. Policies issued with premiums corresponding to ages higher than the true ages are valued at the rated-up ages. Policies issued subject to a lien are valued as if the full amount were payable without any deduction. For interest-sensitive policies, substandard risks are reflected in the cost of insurance charges.

As of December 31, 2020 and 2019, the Company had $8.7 million and $9.5 million, respectively, of insurance in force (direct and assumed), for which gross premiums were less than the net premiums according to the standard of valuation required by the State of Delaware. Reserves (direct and assumed) to cover the above insurance totaled of $3.0 million as of December 31, 2020 and 2019.

The Tabular Interest has been determined by formula as described in the NAIC instructions, except for some business which is determined from basic policy data for reserving. The Tabular less Actual Reserve Released has been determined by formula as described in the NAIC instructions. The Tabular Cost has been determined by formula as described in the NAIC instructions, except for universal life products which use cost of insurance and some business which uses basic policy data for reserving. The Tabular Interest on Funds not Involving Life Contingencies was determined from the interest credited to the deposits, except for certain guaranteed interest contracts which are determined by formula as described in the NAIC instructions.

The details for other changes in reserves for the year ended December 31, 2020 are as follows (in thousands):


Item	Total			Industrial Life		Ordinary Life Insurance		Ordinary Individual Annuities			Supplemental Contracts		Credit Life Group and Individual		Group Life Insurance		Group Annuities
Asset/Liability analysis	$	(30,000	)	$	—	$	—	$	(30,000	)	$	—	$	—	$	—	$	—

Total—increase (decrease)	$	(30,000	)	$	—	$	—	$	(30,000	)	$	—	$	—	$	—	$	—

Other than normal updates of reserves, there were no significant reserve changes as of December 31, 2019 and 2018.

DELAWARE LIFE INSURANCE COMPANY

(A Wholly-Owned Subsidiary of Group One Thousand One, LLC)

NOTES TO STATUTORY FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2020 AND 2019 AND FOR THE YEARS ENDED DECEMBER 31, 2020, 2019 AND 2018

11.

WITHDRAWAL CHARACTERISTICS OF ANNUITY ACTUARIAL RESERVES AND DEPOSIT-TYPE LIABILITIES

The withdrawal characteristics of annuity actuarial reserves and deposit-type contract funds and other liabilities without life or disability contingencies were as follows:

December 31, 2020

A. INDIVIDUAL ANNUITIES


(In Thousands)			General Account		Separate Account with Guarantees		Separate Account Nonguaranteed		Total 12/31/2020		% of Total
1	Subject to Discretionary Withdrawal:
	a	With Market Value Adjustment	$	11,518,378	$	249,805	$	—	$	11,768,183		78.760	%
	b	At Book Value Less Current Surrender Charge of 5% or More		993,098		—		—		993,098		6.646	%
	c	At Fair Value		—		—		740,293		740,293		4.955	%

	d	Total with Adjustment or at Market Value		12,511,476		249,805		740,293		13,501,574		90.361	%
	e	At Book Value Without Adjustment (Minimal or no Charge or Adjustment)		1,137,131		—		—		1,137,131		7.610	%
2	Not Subject to Discretionary Withdrawal			267,330		—		35,873		303,203		2.029	%

3	Total (Gross: Direct and Assumed)			13,915,937		249,805		776,166		14,941,908		100.000	%
4	Reinsurance Ceded			101,829		—		—		101,829
5	Total (Net)		$	13,814,108	$	249,805	$	776,166	$	14,840,079

6	Amount included in A(1)b above that will move to A(1)e in the year after the statement date.		$	3,069	$	—	$	—	$	3,069

DELAWARE LIFE INSURANCE COMPANY

(A Wholly-Owned Subsidiary of Group One Thousand One, LLC)

NOTES TO STATUTORY FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2020 AND 2019 AND FOR THE YEARS ENDED DECEMBER 31, 2020, 2019 AND 2018

B. GROUP ANNUITIES


(In Thousands)			General Account		Separate Account with Guarantees		Separate Account Nonguaranteed		Total 12/31/2020		% of Total
1	Subject to Discretionary Withdrawal:
	a	With Market Value Adjustment	$	—	$	148,574	$	—	$	148,574		1.417	%
	b	At Book Value Less Current Surrender Charge of 5% or More		1		—		—		1		—	%
	c	At Fair Value		—		—		10,078,179		10,078,179		96.102	%

	d	Total with Adjustment or at Market Value	$	1	$	148,574	$	10,078,179	$	10,226,754		97.519	%
	e	At Book Value Without Adjustment (Minimal or no Charge or Adjustment)		37,172		—		—		37,172		0.354	%
2	Not Subject to Discretionary Withdrawal			223,090		—		—		223,090		2.127	%

3	Total (Gross: Direct and Assumed)		$	260,263	$	148,574	$	10,078,179	$	10,487,016		100.000	%
4	Reinsurance Ceded			—		—		—		—

5	Total (Net)		$	260,263	$	148,574	$	10,078,179	$	10,487,016
6	Amount included in B(1)b above that will move to B(1)e in the year after the statement date.		$	—	$	—	$	—	$	—

DELAWARE LIFE INSURANCE COMPANY

(A Wholly-Owned Subsidiary of Group One Thousand One, LLC)

NOTES TO STATUTORY FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2020 AND 2019 AND FOR THE YEARS ENDED DECEMBER 31, 2020, 2019 AND 2018

C. DEPOSIT-TYPE CONTRACTS


(In Thousands)			General Account		Separate Account with Guarantees		Separate Account Nonguaranteed		Total 12/31/2020		% 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		—		—		295,058		295,058		23.78	%

	d	Total with Adjustment or at Market Value	$	—	$	—	$	295,058	$	295,058		23.78	%
	e	At Book Value Without Adjustment (Minimal or no Charge or Adjustment)		—		—		—		—		—	%
2	Not Subject to Discretionary Withdrawal			945,713		—		—		945,713		76.22	%

3	Total (Gross: Direct and Assumed)		$	945,713	$	—	$	295,058	$	1,240,771		100.000	%
4	Reinsurance Ceded			3,817		—		—		3,817

5	Total (Net)		$	941,896	$	—	$	295,058	$	1,236,954
6	Amount included in C(1)b above that will move to C(1)e in the year after the statement date.		$	—	$	—	$	—	$	—

DELAWARE LIFE INSURANCE COMPANY

(A Wholly-Owned Subsidiary of Group One Thousand One, LLC)

NOTES TO STATUTORY FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2020 AND 2019 AND FOR THE YEARS ENDED DECEMBER 31, 2020, 2019 AND 2018

December 31, 2019

A. INDIVIDUAL ANNUITIES


(In Thousands)			General Account		Separate Account with Guarantees		Separate Account Nonguaranteed		Total 12/31/2019		% of Total
1	Subject to Discretionary Withdrawal:
	a	With Market Value Adjustment	$	9,647,895	$	269,928	$	—	$	9,917,823		76.244	%
	b	At Book Value Less Current Surrender Charge of 5% or More		946,115		—		—		946,115		7.273	%
	c	At Fair Value		—		—		746,664		746,664		5.740	%

	d	Total with Adjustment or at Market Value		10,594,010		269,928		746,664		11,610,602		89.257	%
	e	At Book Value Without Adjustment (Minimal or no Charge or Adjustment)		1,092,112		—		—		1,092,112		8.396	%
2	Not Subject to Discretionary Withdrawal			272,214		—		33,079		305,293		2.347	%

3	Total (Gross: Direct +Assumed)			11,958,336		269,928		779,743		13,008,007		100.000	%
4	Reinsurance Ceded			42,837		—		—		42,837

5	Total (Net)		$	11,915,499	$	269,928	$	779,743	$	12,965,170
6	Amount included in A(1)b above that will move to A(1)e in the year after the statement date.		$	2,055	$	—	$	—	$	2,055

DELAWARE LIFE INSURANCE COMPANY

(A Wholly-Owned Subsidiary of Group One Thousand One, LLC)

NOTES TO STATUTORY FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2020 AND 2019 AND FOR THE YEARS ENDED DECEMBER 31, 2020, 2019 AND 2018

B. GROUP ANNUITIES


(In Thousands)			General Account		Separate Account with Guarantees		Separate Account Nonguaranteed		Total 12/31/2019		% of Total
1	Subject to Discretionary Withdrawal:
	a	With Market Value Adjustment	$	—	$	151,300	$	—	$	151,300		1.446	%
	b	At Book Value Less Current Surrender Charge of 5% or More		1		—		—		1		—	%
	c	At Fair Value		—		—		10,029,726		10,029,726		95.887	%

	d	Total with Adjustment or at Market Value	$	1	$	151,300	$	10,029,726	$	10,181,027		97.333	%
	e	At Book Value Without Adjustment (Minimal or no Charge or Adjustment)		39,702		—		—		39,702		0.380	%
2	Not Subject to Discretionary Withdrawal			239,236		—		—		239,236		2.287	%

3	Total (Gross: Direct +Assumed)		$	278,939	$	151,300	$	10,029,726	$	10,459,965		100.000	%
4	Reinsurance Ceded			—		—		—		—

5	Total (Net)		$	278,939	$	151,300	$	10,029,726	$	10,459,965
6	Amount included in B(1)b above that will move to B(1)e in the year after the statement date.		$	—	$	—	$	—	$	—

DELAWARE LIFE INSURANCE COMPANY

(A Wholly-Owned Subsidiary of Group One Thousand One, LLC)

NOTES TO STATUTORY FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2020 AND 2019 AND FOR THE YEARS ENDED DECEMBER 31, 2020, 2019 AND 2018

C. DEPOSIT-TYPE CONTRACTS


(In Thousands)			General Account		Separate Account with Guarantees		Separate Account Nonguaranteed		Total 12/31/2019		% 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		—		—		288,617		288,617		30.039	%

	d	Total with Adjustment or at Market Value	$	—	$	—	$	288,617	$	288,617		30.039	%
	e	At Book Value Without Adjustment (Minimal or no Charge or Adjustment)		—		—		—		—		—	%
2	Not Subject to Discretionary Withdrawal			672,205		—		—		672,205		69.961	%

3	Total (Gross: Direct +Assumed)		$	672,205	$	—	$	288,617	$	960,822		100.000	%
4	Reinsurance Ceded			360		—		—		360

5	Total (Net)		$	671,845	$	—	$	288,617	$	960,462
6	Amount included in C(1)b above that will move to C(1)e in the year after the statement date.		$	—	$	—	$	—	$	—

DELAWARE LIFE INSURANCE COMPANY

(A Wholly-Owned Subsidiary of Group One Thousand One, LLC)

NOTES TO STATUTORY FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2020 AND 2019 AND FOR THE YEARS ENDED DECEMBER 31, 2020, 2019 AND 2018

12.

ANALYSIS OF LIFE ACTUARIAL RESERVES BY WITHDRAWAL CHARACTERISTICS

The amounts of account value, cash value and reserve breakouts of the life insurance by withdrawal characteristics for General Account products and Separate Account Nonguaranteed products are shown in the tables below. The Company had no Separate Account with Guarantees products during 2020 or 2019.

December 31, 2020


(In Thousands)	Account Value		Cash Value		Reserve
General Account
1 Subject to discretionary withdrawal, surrender values, or policy loans:
a Term Policies with Cash Value	$	—	$	—	$	—
b Universal Life		43,358		43,401		45,336
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		15,069		15,069		15,069
i Variable Universal Life		423,600		428,618		430,637
j Miscellaneous Reserves		738,038		737,251		738,880
2 Not subject to discretionary withdrawal or not cash values
a Term Policies with Cash Value		XXX		XXX		297
b Accidental Death Benefits		XXX		XXX		—
c Disability—Active Lives		XXX		XXX		7
d Disability—Disabled Lives		XXX		XXX		393
e Miscellaneous Reserves		XXX		XXX		13,414
3 Total (gross: direct + assumed)		1,220,065		1,224,339		1,244,033

4 Reinsurance Ceded		304,016		303,390		327,937

5 Total (net) (3)- (4)	$	916,049	$	920,949	$	916,096

DELAWARE LIFE INSURANCE COMPANY

(A Wholly-Owned Subsidiary of Group One Thousand One, LLC)

NOTES TO STATUTORY FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2020 AND 2019 AND FOR THE YEARS ENDED DECEMBER 31, 2020, 2019 AND 2018


(In Thousands)	Account Value		Cash Value		Reserve
Separate Account Non Guaranteed
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		48,829		48,829		48,829
i Variable Universal Life		7,729,177		7,729,177		7,726,251
j Miscellaneous Reserves		—		—		—
2 Not subject to discretionary withdrawal or not cash values
a Term Policies with 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)		7,778,006		7,778,006		7,775,080

4 Reinsurance Ceded		—		—		—

5 Total (net) (3)- (4)	$	7,778,006	$	7,778,006	$	7,775,080

DELAWARE LIFE INSURANCE COMPANY

(A Wholly-Owned Subsidiary of Group One Thousand One, LLC)

NOTES TO STATUTORY FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2020 AND 2019 AND FOR THE YEARS ENDED DECEMBER 31, 2020, 2019 AND 2018

December 31, 2019


(In Thousands)	Account Value		Cash Value		Reserve
General Account
1 Subject to discretionary withdrawal, surrender values, or policy loans:
a Term Policies with Cash Value	$	—	$	—	$	—
b Universal Life		45,937		45,989		47,443
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		16,884		16,884		16,884
i Variable Universal Life		406,603		414,076		413,560
j Miscellaneous Reserves		794,871		794,602		796,015
2 Not subject to discretionary withdrawal or not cash values
a Term Policies with Cash Value		XXX		XXX		282
b Accidental Death Benefits		XXX		XXX		1
c Disability—Active Lives		XXX		XXX		8
d Disability—Disabled Lives		XXX		XXX		467
e Miscellaneous Reserves		XXX		XXX		19,403
3 Total (gross: direct + assumed)		1,264,295		1,271,551		1,294,063

4 Reinsurance Ceded		285,848		287,986		309,869

5 Total (net) (3)- (4)	$	978,447	$	983,565	$	984,194

DELAWARE LIFE INSURANCE COMPANY

(A Wholly-Owned Subsidiary of Group One Thousand One, LLC)

NOTES TO STATUTORY FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2020 AND 2019 AND FOR THE YEARS ENDED DECEMBER 31, 2020, 2019 AND 2018


(In Thousands)	Account Value		Cash Value		Reserve
Separate Account Non Guaranteed
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		43,974		44,596		44,596
i Variable Universal Life		7,555,852		7,555,852		7,551,874
j Miscellaneous Reserves		—		—		—
2 Not subject to discretionary withdrawal or not cash values
a Term Policies with 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)		7,599,826		7,600,448		7,596,470

4 Reinsurance Ceded		—		—		—

5 Total (net) (3)- (4)	$	7,599,826	$	7,600,448	$	7,596,470

13.

SEPARATE ACCOUNTS

The Company has established insulated Separate Accounts applicable to various classes of contracts providing for variable benefits. Contracts for which funds are invested in insulated variable Separate Accounts include individual and group life and annuity contracts. The assets (securities) in these insulated accounts are carried at fair value and the investment risk associated with such assets is retained by the contract holder. These variable products provide minimum death benefits and, in certain annuity contracts, minimum accumulation income or withdrawal benefits. The minimum guaranteed benefit reserves associated with the insulated Separate Accounts are reported in “Aggregate reserve for the life contracts” in the Company’s Statements of Admitted Assets, Liabilities and Capital Stock and Surplus.

DELAWARE LIFE INSURANCE COMPANY

(A Wholly-Owned Subsidiary of Group One Thousand One, LLC)

NOTES TO STATUTORY FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2020 AND 2019 AND FOR THE YEARS ENDED DECEMBER 31, 2020, 2019 AND 2018

The Company has also established non-insulated Separate Accounts for certain contracts that include an MVA feature associated with fixed rates, including for amounts allocated to the fixed portion of certain combination fixed and variable deferred annuity contracts. The assets in the variable deferred annuity Separate Account are carried at fair value. For some MVA contracts, the assets in the fixed deferred annuity Separate Account are carried on a General Account basis. The assets of the non-insulated Separate Account are not legally insulated and can be used by the Company to satisfy claims resulting from the General Account.

The Company earns Separate Account fees for providing administrative services and bearing the mortality and the other guaranteed benefit risks related to variable contracts. Net investment income, capital gains and losses, and changes in mutual fund asset values in variable Separate Accounts are allocated to policyholders and therefore are not reflected in the Company’s Statements of Operations for the General Account.

For the current reporting year, the Company reported assets and liabilities from the following products in a Separate Account:

•

Variable Life

•

Variable Annuity

•

MVA Annuity

A majority of the variable Separate Account assets are legally insulated from the Company’s General Account, whereas the non-insulated Separate Account assets are not legally insulated. The legal insulation of the Separate Account assets prevents such assets from being generally available to satisfy claims resulting from the General Account. The Separate Account classification of “legally insulated” vs. “not legally insulated” is supported by Section 2932 of the Delaware Insurance Code.

The Company maintained Separate Account assets totaling $22,324.5 million and $20,832.3 million as of December 31, 2020 and 2019, respectively. As of December 31, 2020 and 2019, the Company’s Separate Account statements included legally insulated assets of $21,864.3 million and $20,321.9 million, respectively.

The assets legally insulated and non-legally insulated from the General Account as of December 31, 2020 were attributed to the following products (in thousands):


Product	Legally Insulated Assets		Not - Legally Insulated Assets		Total
(In Thousands)
Variable Life	$	10,707,717	$	—	$	10,707,717
Variable Annuity		11,156,619		—		11,156,619
MVA Annuity		—		460,168		460,168

Total	$	21,864,336	$	460,168	$	22,324,504

Separate Account liabilities are determined in accordance with prescribed actuarial methodologies, which approximate the fair value of the related assets less applicable surrender charges. The resulting surplus is recorded in the Statements of Operations for the General Account as a component of “Net transfers (from) or to Separate Accounts net of reinsurance.” The variable Separate Accounts are non-guaranteed Separate Accounts, wherein the policyholder assumes substantially all the investment risks and rewards. MVA Separate Accounts are guaranteed Separate Accounts, wherein the Company contractually guarantees either a minimum return or account value to the policyholder. In accordance with the guarantees provided, if the investment proceeds are insufficient to cover the rate of return guaranteed for the product, the policyholder proceeds will be remitted by the General Account.

DELAWARE LIFE INSURANCE COMPANY

(A Wholly-Owned Subsidiary of Group One Thousand One, LLC)

NOTES TO STATUTORY FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2020 AND 2019 AND FOR THE YEARS ENDED DECEMBER 31, 2020, 2019 AND 2018

To compensate the General Account for the risk associated with Separate Account guarantees, risk charges of $173.4 million, $171.8 million, and $179.3 million were received by the General Account from the Separate Accounts during the years ended December 31, 2020, 2019 and 2018, respectively.

For the years ended December 31, 2020, 2019 and 2018, the Company’s General Account paid $57.1 million, $69.8 million, and $62.9 million for Separate Account guarantees, respectively.

The Company does not engage in securities lending transactions within its Separate Account.

An analysis of the Separate Account reserves as of December 31, 2020 is as follows:


(In Thousands)	Nonindexed Guarantee Less than/ Equal to 4%		Nonguaranteed Separate Accounts		2020 Total
Premiums, Considerations or Deposits	$	26,483	$	152,869	$	179,352
Reserves:
For Accounts with Assets at:
Fair Value		153,899		18,924,483		19,078,382
Amortized Cost		244,480		—		244,480

Total Reserves	$	398,379	$	18,924,483	$	19,322,862

By Withdrawal Characteristics:
With Market Value Adjustment	$	398,379	$	—	$	398,379
At Fair Value		—		18,888,610		18,888,610

Subtotal		398,379		18,888,610		19,286,989
Not Subject to Discretionary Withdrawal		—		35,873		35,873

Total	$	398,379	$	18,924,483	$	19,322,862

DELAWARE LIFE INSURANCE COMPANY

(A Wholly-Owned Subsidiary of Group One Thousand One, LLC)

NOTES TO STATUTORY FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2020 AND 2019 AND FOR THE YEARS ENDED DECEMBER 31, 2020, 2019 AND 2018

An analysis of the Separate Account reserves as of December 31, 2019 is as follows:


(In Thousands)	Nonindexed Guarantee Less than/ equal to 4%		Nonguaranteed Separate Accounts		2019 Total
Premiums, Considerations or Deposits	$	26,357	$	190,962	$	217,319
Reserves:
For Accounts with Assets at:
Fair Value		156,589		18,694,557		18,851,146
Amortized Cost		264,640		—		264,640

Total Reserves	$	421,229	$	18,694,557	$	19,115,786

By Withdrawal Characteristics:
With Market Value Adjustment	$	421,229	$	—	$	421,229
At Fair Value		—		18,661,478		18,661,478

Subtotal		421,229		18,661,478		19,082,707
Not Subject to Discretionary Withdrawal		—		33,079		33,079

Total	$	421,229	$	18,694,557	$	19,115,786

Below is the reconciliation of “Net Transfers (from) or to Separate Accounts net of reinsurance” in the Statements of Operations of the Company:


	Years Ended December 31,
(In Thousands)	2020			2019			2018
Transfers to Separate Accounts	$	179,352		$	217,318		$	198,215
Transfers (from) Separate Accounts		(1,309,707	)		(1,831,011	)		(2,468,733	)

Net Transfers (from) Separate Accounts net of reinsurance in the Statement of Operations	$	(1,130,355	)	$	(1,613,693	)	$	(2,270,518	)

14.

FAIR VALUE OF FINANCIAL INSTRUMENTS

Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. In determining fair value, the Company uses various methods including market, income and cost approaches. The Company utilizes valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs.

The Company has categorized 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.

DELAWARE LIFE INSURANCE COMPANY

(A Wholly-Owned Subsidiary of Group One Thousand One, LLC)

NOTES TO STATUTORY FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2020 AND 2019 AND FOR THE YEARS ENDED DECEMBER 31, 2020, 2019 AND 2018

Financial assets and liabilities recorded at fair value in the Company’s Statutory Statements of Admitted Assets, Liabilities and Capital Stock and Surplus are categorized as follows:

Level 1

•

Valuation inputs are unadjusted quoted prices for identical assets or liabilities in an active market.

The types of assets and liabilities utilizing Level 1 valuation inputs generally include cash, cash equivalents, short term investments, U.S. Treasury and agency securities, investments in publicly-traded mutual funds with quoted market prices, and exchange-traded derivatives.

Level 2

•

Valuation is based upon quoted prices in markets that are not active or significant inputs that are observable either directly or indirectly.

Level 2 inputs include the following:

•

Quoted prices for similar assets or liabilities in active markets,

•

Quoted prices for identical or similar assets or liabilities in non-active markets,

•

Inputs other than quoted market prices that are observable, and

•

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

The types of assets and liabilities utilizing Level 2 valuations generally include U.S. government securities not backed by the full faith and credit of the U.S. government, municipal bonds, structured notes, certain ABS (including collateralized debt obligations, RMBS and CMBS), certain corporate debt, certain private equity investments, and certain derivatives.

Level 3

•

Valuation utilizes techniques that require inputs that are both unobservable and significant to the overall fair value measurement.

These valuations reflect management’s opinions regarding the assumptions a market participant would use in pricing the asset or liability. Generally, the types of assets and liabilities utilizing Level 3 valuations are certain ABS, RMBS and CMBS, certain commercial mortgages, certain corporate debt, certain private equity investments, certain mutual fund holdings, and certain derivatives.

DELAWARE LIFE INSURANCE COMPANY

(A Wholly-Owned Subsidiary of Group One Thousand One, LLC)

NOTES TO STATUTORY FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2020 AND 2019 AND FOR THE YEARS ENDED DECEMBER 31, 2020, 2019 AND 2018

The Company’s assets and liabilities measured at fair value were classified by these levels as of December 31, 2020 as follows:


(In Thousands) Description for Each Class of Asset or Liability	Level 1			Level 2		Level 3			Net Asset Value (“NAV”)		Total
Assets at Fair Value:
Common Stock—Unaffiliated (a)
Industrial and Miscellaneous	$	—		$	42,415	$	192,106		$	—	$	234,521
Bonds—Unaffiliated (b)
Asset-backed Securities		—			—		836			—		836
Industrial and Miscellaneous		—			5,166		—			—		5,166
Derivative Assets (d)
Interest Rate Contracts		485,343			205,576		—			—		690,919
Equity Contracts		1,669			—		—			—		1,669
Foreign Exchange Contracts		909			—		7			—		916
Separate Accounts Assets (c) (e)		13,929,985			6,779,443		277,603			186,782		21,173,813

Total Assets at Fair Value	$	14,417,906		$	7,032,600	$	470,552		$	186,782	$	22,107,840

Liabilities at Fair Value:
Derivative Liabilities (d)
Interest Rate Contracts	$	(218,463	)	$	—	$	—		$	—	$	(218,463	)
Equity Contracts		(6,654	)		—		—			—		(6,654	)
Foreign Exchange Contracts		(305	)		—		(3,455	)		—		(3,760	)

Total Liabilities at Fair Value	$	(225,422	)	$	—	$	(3,455	)	$	—	$	(228,877	)

DELAWARE LIFE INSURANCE COMPANY

(A Wholly-Owned Subsidiary of Group One Thousand One, LLC)

NOTES TO STATUTORY FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2020 AND 2019 AND FOR THE YEARS ENDED DECEMBER 31, 2020, 2019 AND 2018

The Company’s assets and liabilities measured at fair value were classified by these levels as of December 31, 2019 as follows:


(In Thousands) Description for each class of asset or liability	Level 1			Level 2		Level 3		NAV		Total
Assets at Fair Value:
Common Stock—Unaffiliated (a)
Industrial and Miscellaneous	$	—		$	1,654	$	166,214	$	—	$	167,868
Bonds—Unaffiliated (b)
Asset-backed Securities		—			—		862		—		862
Derivative Assets (d)
Interest Rate Contracts		229,582			94,771		—		—		324,353
Equity Contracts		779			—		—		—		779
Foreign Exchange Contracts		—			982		—		—		982
Separate Accounts Assets (c) (e)		12,672,123			6,338,379		274,378		181,390		19,466,270

Total Assets at Fair Value	$	12,902,484		$	6,435,787	$	441,454	$	181,390	$	19,961,115

Liabilities at Fair Value:
Separate Accounts (c) (e)	$	—		$	—	$	—	$	—	$	—
Derivative Liabilities (d)
Interest Rate Contracts		(104,066	)		—		—		—		(104,066	)
Equity Contracts		(1,767	)		—		—		—		(1,767	)
Foreign Exchange Contracts		(1,414	)		—		—		—		(1,414	)

Total Liabilities at Fair Value	$	(107,247	)	$	—	$	—	$	—	$	(107,247	)

(a)	Common stocks are carried at fair value.

(b)	Bonds with NAIC designations of 6 are carried at the lower of amortized cost or fair value. Where fair value is less than amortized cost, amounts are included in the tables above.

(c)

Separate Account invested assets are typically carried at fair value. In instances where market risk is guaranteed by the Company, bonds and preferred stocks are carried at amortized cost based on their respective NAIC designation. Separate Account assets also include $852.2 million and $948.2 million of investment income and receivables due at December 31, 2020 and 2019, respectively. Separate Account liabilities include derivative liabilities carried at fair value.

(d)	The derivatives included in the leveling descriptions are carried at fair value.

(e)

Includes assets with a fair value of $186.8 million and $181.4 million at December 31, 2020 and 2019 respectively, in hedge funds, private equities and other alternative investments for which fair value is measured at NAV using the practical expedient. These investments are not quoted on a securities exchange or in the over the counter market. As of December 31, 2020 or 2019, there were no unfunded commitments. The investments have liquidity restrictions consisting of notice periods (typically 60 days), redemption schedules (typically quarterly) and hold backs (typically 3% of the investment is held back until the next annual audit is completed). The redemption period may be extended if there is a delay in liquidating underlying holdings within an investment. The investments are within the policyholders separate accounts so any fluctuation in NAV will result in a corresponding change in the policyholder reserve liability and therefore will have no impact on income.

DELAWARE LIFE INSURANCE COMPANY

(A Wholly-Owned Subsidiary of Group One Thousand One, LLC)

NOTES TO STATUTORY FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2020 AND 2019 AND FOR THE YEARS ENDED DECEMBER 31, 2020, 2019 AND 2018

None of the Company’s assets measured at fair value transferred between Levels 1 and 2 during the years ended December 31, 2020 and December 31, 2019.

The following table is a reconciliation of the beginning and ending balances for assets and liabilities measured at fair value which were categorized as Level 3 for the year ended December 31, 2020:


(In Thousands)	Beginning Balance at 01/01/2020		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			Ending Balance at 12/31/2020
Assets:
Common Stock Unaffiliated	$	166,214	$	4,927	$	(40,264	)	$	173		$	(12,775	)	$	106,601	$	—	$	(32,770	)	$	—		$	192,106
Bonds—Unaffiliated:
Asset-backed Securities		862		—		—			—			(26	)		—		—		—			—			836
Residential Mortgage-backed Securities		—		—		—			—			—			—		—		—			—			—
Commercial Mortgage-backed Securities		—		—		—			—			—			—		—		—			—			—
Industrial and Miscellaneous		—		—		—			—			—			—		—		—			—			—
Derivative Assets		—		—		—			4			7			—		—		—			(4	)		7
Separate Accounts Assets		274,378		3,598		(27,494	)		180			(388	)		48,549		—		(629	)		(20,591	)	$	277,603

Total Assets	$	441,454	$	8,525	$	(67,758	)	$	357		$	(13,182	)	$	155,150	$	—	$	(33,399	)	$	(20,595	)	$	470,552

Liabilities:
FX Contracts		—		—		—			(7,708	)		(3,455	)		—		—		—			7,708		$	(3,455	)

Total Liabilities	$	—	$	—	$	—		$	(7,708	)	$	(3,455	)	$	—	$	—	$	—		$	7,708		$	(3,455	)

The following table is a reconciliation of the beginning and ending balances for assets and liabilities measured at fair value which were categorized as Level 3 for the year ended December 31, 2019:


(In Thousands)	Beginning Balance at 01/01/2019		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			Ending Balance at 12/31/2019
Assets:
Common Stock Unaffiliated	$	168,640	$	—	$	(19,948	)	$	3,601		$	15,451		$	101,376	$	—	$	(72,445	)	$	(30,461	)	$	166,214
Bonds—Unaffiliated:
Asset-backed Securities		1,068		—		—			—			(206	)		—		—		—			—			862
Separate Accounts Assets		323,517		951		(261,568	)		(127	)		14,380			377,709		—		(145,390	)		(35,094	)		274,378

Total Assets	$	493,225	$	951	$	(281,516	)	$	3,474		$	29,625		$	479,085	$	—	$	(217,835	)	$	(65,555	)	$	441,454

The Company transfers assets into or out of Level 3 at fair value as of the beginning of the reporting period. Transfers are made as a result of changes in the level of observability of inputs used to price the assets or changes in NAIC designations.

DELAWARE LIFE INSURANCE COMPANY

(A Wholly-Owned Subsidiary of Group One Thousand One, LLC)

NOTES TO STATUTORY FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2020 AND 2019 AND FOR THE YEARS ENDED DECEMBER 31, 2020, 2019 AND 2018

The table below presents the balances of Level 3 assets measured at fair value with their corresponding pricing sources as of December 31, 2020:


	Valuation Techniques	Significant Unobservable Inputs		Fair Value		Range		Weighted Average
(In Thousands)
Bonds—Unaffiliated
Asset-backed Securities	Matrix Pricing		Spreads	$	836		20		20
Common Stocks	Matrix Pricing		Spreads		192,106		0-1000		89
Separate Accounts Assets	Matrix Pricing		Spreads		4,856		83-109		101
	Market Pricing		Spreads		262,488		1-100		99
	Matrix Pricing		Quoted Prices		9,341		46-114		103
	Market Pricing		Quoted Prices		839		99		101

Total Assets				$	470,466

The table below presents the balances of Level 3 assets measured at fair value with their corresponding pricing sources as of December 31, 2019:


	Valuation Techniques	Significant Unobservable Inputs		Fair Value		Range		Weighted Average
(In Thousands)
Bonds—Unaffiliated
Asset-backed securities	Matrix Pricing		Spreads	$	862		21		21
Common Stocks	Market Pricing		Spreads		166,214		1-249		60
Separate Accounts assets	Market Pricing		Spreads		18,123		46-112		103
	Matrix Pricing		Spreads		1,014		101		101
	Market Pricing		Quoted Prices		232,897		1-100		94
	Market Pricing		Quoted Prices		21,808		100-101		100

Total assets				$	440,918

There were no significant changes made in valuation techniques during 2020 and 2019.

Derivative values in the above tables are presented on a gross basis.

DELAWARE LIFE INSURANCE COMPANY

(A Wholly-Owned Subsidiary of Group One Thousand One, LLC)

NOTES TO STATUTORY FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2020 AND 2019 AND FOR THE YEARS ENDED DECEMBER 31, 2020, 2019 AND 2018

Aggregate Fair Value of all Financial Instruments

The following table presents the estimated fair values and carrying amounts of the Company’s financial instruments as of December 31, 2020:


(In Thousands) Type of Financial Instrument	Aggregate Fair Value		Statement Value			Level 1			Level 2			Level 3			NAV		Not Practicable (Carrying Value)
Cash, Cash Equivalents and Short-term Investments		$1,401,303	$	1,401,303		$	449,810		$	951,493		$	—		$	—	$	—
Bonds		13,197,036		12,808,660			393,781			12,227,149			576,106			—		—
Preferred Stocks		948,642		939,125			—			573,851			374,791			—		—
Common Stocks		234,521		234,521			—			42,415			192,106			—		—
Mortgages Loans on Real Estate		456,610		456,382			—			—			456,610			—		—
Derivatives – Options and Swaptions		24		24			—			24			—			—		—
Derivatives – Swaps and Forwards		666,983		700,048			461,424			205,552			7			—		—
Derivatives—Futures		2,665		2,665			2,665			—			—			—		—
Contract Loans		514,677		392,136			—			—			514,677			—		—
Other Invested Assets (a)		528,871		527,172			—			17,450			460,639			50,782		—
Separate Account Assets		21,502,031		21,471,400			13,935,135			7,091,062			289,052			186,782		—
Contractholder Deposit Funds and Other Policyholder Liabilities		(1,083,122)		(941,896	)		—			—			(1,083,122	)		—		—
Derivatives – Swaps and Forwards		(244,138)		(231,101	)		(218,462	)		(22,221	)		(3,455	)		—		—
Derivatives—Futures		(6,960)		(6,960	)		(6,960	)		—			—			—		—
Separate Account Liabilities		(295,058)		(295,058	)		—			—			(295,058	)		—		—

DELAWARE LIFE INSURANCE COMPANY

(A Wholly-Owned Subsidiary of Group One Thousand One, LLC)

NOTES TO STATUTORY FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2020 AND 2019 AND FOR THE YEARS ENDED DECEMBER 31, 2020, 2019 AND 2018

The following table presents the estimated fair value and carrying amounts of the Company’s financial instruments as of December 31, 2019:


(In Thousands) Type of Financial Instrument	Aggregate Fair Value			Admitted Assets			Level 1			Level 2			Level 3			NAV		Not Practicable (Carrying Value)
Cash, Cash Equivalents and Short-term Investments		1,480,738		$	1,480,742		$	744,699		$	736,039		$	—		$	—	$	—
Bonds		11,054,022			10,918,153			517,928			10,020,471			515,623			—		—
Preferred Stocks		774,903			769,767			—			394,415			380,488			—		—
Common Stocks		167,867			167,867			—			1,654			166,213			—		—
Mortgages Loans on Real Estate		612,899			606,383			—			—			612,899			—		—
Derivatives – Options and Swaptions		55			55			—			55			—					—
Derivatives – Swaps and Forwards		315,265			334,861			219,567			95,698			—			—		—
Derivatives—Futures		785			785			785			—			—			—		—
Contract Loans		470,431			400,939			—			—			470,431			—		—
Other Invested Assets(*)		542,208			544,323			—			7,028			474,967			60,213		—
Separate Account Assets		19,899,455			19,884,097			12,737,725			6,689,797			290,543			181,390		—
Contractholder Deposit Funds and Other Policyholder Liabilities		(736,725	)		(671,845	)		—			—			(736,725	)		—		—
Derivatives – Swaps and Forwards		(122,497	)		(114,761	)		(104,065	)		(18,432	)		—			—		—
Derivatives—Futures		(3,181	)		(3,181	)		(3,181	)		—			—			—		—
Separate Account Liabilities		(288,617	)		(288,617	)		—			—			(288,617	)		—		—

(*)—Other invested assets include assets with a fair value of $50.8 million and $60.2 million at December 31, 2020 and 2019, respectively, in limited partnership investments as they are valued using equity values which are a proxy for fair value. As of December 31, 2020 and 2019, there were $142.3 million and $128.0 million of unfunded commitments for limited partnership investments, respectively. The investments have liquidity restrictions consisting of either general partner approval or no ability for early redemption.

The methods and assumptions that the Company uses in determining the estimated fair value of its financial instruments are summarized below:

Cash, cash equivalents, and short-term investments—The carrying value for cash, cash equivalents, and short-term investments approximates fair value due to the short-term nature and liquidity of the balances.

Bonds—The Company determines the fair value of its publicly-traded fixed maturity securities using three primary pricing methods: third-party pricing services, non-binding broker quotes, and pricing models. Prices are first sought from third-party pricing services, with the remaining unpriced securities priced using one of the other two methods. Third-party pricing services derive the security prices through recently reported trades for identical or similar securities with adjustments for trading volumes and market observable information through the reporting date. In the event that there are no recent market trades, pricing services and brokers may use pricing models to develop a security price based on future expected cash flows discounted at an estimated market rate using collateral performance and vintages. The Company generally does not adjust quotes or prices obtained from brokers or pricing services.

DELAWARE LIFE INSURANCE COMPANY

(A Wholly-Owned Subsidiary of Group One Thousand One, LLC)

NOTES TO STATUTORY FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2020 AND 2019 AND FOR THE YEARS ENDED DECEMBER 31, 2020, 2019 AND 2018

For privately-placed fixed maturity securities, fair values are estimated using model prices or broker quotes. A portion of privately-placed fixed maturity securities (typically SEC Rule 144A securities) are priced using market prices. Also, a small subset of privately-placed fixed maturity securities are priced using matrix applications which take into account credit spreads for a variety of public and private securities of similar credit risk, maturity, prepayment and liquidity characteristics.

The Company’s ability to liquidate positions in privately-placed fixed securities and mortgages could be impacted to a significant degree by the lack of an actively-traded market. Although the Company believes that its estimates reasonably reflect the fair value of those instruments, its key assumptions about risk-free interest rates, risk premiums, performance of underlying collateral (if any), and other factors may not reflect those of an active market.

Equity securities - The fair value of the Company’s equity securities not accounted for under the equity method is first based on quoted market prices. Similar to fixed maturity securities, the Company uses pricing services and broker quotes to price equity securities for which a quoted market price is not available.

Mortgage loans on real estate—The fair value of mortgage loans is estimated by discounting future cash flows using current rates at which similar loans would be made to borrowers with similar credit ratings and for the same remaining maturities.

Derivatives—The fair values of swaps, swaptions, and forwards are based on current settlement values, dealer quotes, and market prices. Fair values of options and futures are also based on dealer quotes and market prices.

Contract loans—The fair value of policy loans is determined by estimating future policy loan cash flows and discounting the cash flows at a current market interest rate.

Other invested assets—Other invested assets (excluding investments accounted for under the equity method) include low income housing tax credits (“LIHTCs”), surplus debentures, collateral loans, and equipment lease trusts. The fair value of LIHTCs and equipment lease trusts approximate their carrying values. The fair values of surplus debentures are obtained from third-party pricing services. Collateral loans are carried at amortized cost using pricing methods similar to private placements.

Separate Accounts—The estimated fair value of Separate Account assets and liabilities is determined using the same methodology described in Note 13. The difference between Separate Account assets and liabilities reflected in the chart above and the total recognized in the Statements of Admitted Assets, Liabilities and Capital and Surplus represents amounts that are attributable to non-financial instruments.

Contract holder deposit funds—The fair values of the Company’s General Account liabilities under investment-type contracts (insurance and annuity contracts that do not involve mortality or morbidity risks) is estimated using discounted cash flow analyses or surrender values. Those contracts that are deemed to have short-term guarantees have a carrying amount equal to their estimated fair value.

DELAWARE LIFE INSURANCE COMPANY

(A Wholly-Owned Subsidiary of Group One Thousand One, LLC)

NOTES TO STATUTORY FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2020 AND 2019 AND FOR THE YEARS ENDED DECEMBER 31, 2020, 2019 AND 2018

15.

FEDERAL INCOME TAXES

The application of SSAP No.101, “Income Taxes,” requires a company to evaluate the recoverability of DTAs and, if necessary, to establish a valuation allowance to reduce the DTA to an amount which is more likely than not to be realized. Considerable judgment is required in determining whether a valuation allowance is necessary and, if so, the amount of such valuation allowance. Although the realization is not assured, management believes it is more likely than not that DTAs will be realized. Therefore, the Company did not record a valuation allowance as of December 31, 2020 and December 31, 2019.

The components of the Company’s DTAs and DTLs as of December 31, 2020 and December 31, 2019 were as follows:


(In Thousands)	December 31, 2020						December 31, 2019						Change
Description	Ordinary		Capital		Total		Ordinary		Capital		Total		Ordinary			Capital			Total
Gross Deferred Tax Assets	$	158,632	$	59,077	$	217,709	$	162,404	$	55,354	$	217,758	$	(3,772	)	$	3,723		$	(49	)
Statutory Valuation Allowance Adjustments		—		—		—		—		—		—		—			—			—

Adjusted Gross Deferred Tax Assets		158,632		59,077		217,709		162,404		55,354		217,758		(3,772	)		3,723			(49	)
Deferred Tax Assets Nonadmitted		—		—		—		—		—		—		—			—			—

Subtotal Net Admitted Deferred Tax Assets		158,632		59,077		217,709		162,404		55,354		217,758		(3,772	)		3,723			(49	)
Deferred Tax Liabilities		152,161		33,551		185,712		112,773		25,516		138,289		39,388			8,035			47,423

Net Admitted Deferred Tax Assets / (Net Deferred Tax Liabilities)	$	6,471	$	25,526	$	31,997	$	49,631	$	29,838	$	79,469	$	(43,160	)	$	(4,312	)	$	(47,472	)

DELAWARE LIFE INSURANCE COMPANY

(A Wholly-Owned Subsidiary of Group One Thousand One, LLC)

NOTES TO STATUTORY FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2020 AND 2019 AND FOR THE YEARS ENDED DECEMBER 31, 2020, 2019 AND 2018

The following table provides component amounts of the Company’s calculation by tax character in accordance with paragraphs 11.a, 11.b.i, 11.b.ii and 11.c of SSAP No. 101:


(In Thousands)	December 31, 2020						December 31, 2019						Change
Description	Ordinary		Capital		Total		Ordinary		Capital		Total		Ordinary			Capital			Total
Admission Calculation Components SSAP No. 101
(a) Federal Income Taxes Paid in Prior Years Recoverable Through Loss Carrybacks	$	—	$	—	$	—	$	—	$	—	$	—	$	—		$	—		$	—
(b) Adjusted Gross Deferred Tax Assets Expected to Be Realized (Excluding the amount of Deferred Tax Assets From (a) above) After Application of the Threshold Limitation. (The Lesser of (b)1 and (b)2 Below)		58,689		54,632		113,321		57,163		30,719		87,882		1,526			23,913			25,439
1. Adjusted Gross Deferred Tax Assets Expected to be Realized Following the Balance Sheet Date.		58,689		54,632		113,321		57,163		30,719		87,882		1,526			23,913			25,439
2. Adjusted Gross Deferred Tax Assets Allowed per Limitation Threshold.		XXX		XXX		234,967		XXX		XXX		225,506		XXX			XXX			9,461
(c) Adjusted Gross Deferred Tax Assets (Excluding the Amount Of Deferred Tax Assets From (a) and (b) above) Offset by Gross Deferred Tax Liabilities.		99,943		4,445		119,784		105,241		24,636		129,877		(5,298	)		(20,191	)		(25,489	)
(d) Deferred Tax Assets Admitted as the result of application of SSAP No. 101. Total ((a) + (b) + (c))	$	158,632		59,077	$	217,709	$	162,404		55,355	$	217,759	$	(3,772	)		3,722		$	(50	)


	2020			2019
Ratio Percentage Used To Determine Recovery Period And Threshold Limitation Amount		886	%		994	%
Amount Of Adjusted Capital And Surplus Used To Determine Recovery Period And Threshold Limitation Above (In Thousands)	$	1,566,449		$	1,503,375

DELAWARE LIFE INSURANCE COMPANY

(A Wholly-Owned Subsidiary of Group One Thousand One, LLC)

NOTES TO STATUTORY FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2020 AND 2019 AND FOR THE YEARS ENDED DECEMBER 31, 2020, 2019 AND 2018

The following table provides the impact of tax planning strategies on adjusted gross and net admitted DTAs, as used in the Company’s SSAP No. 101 calculation.


	December 31, 2020						December 31, 2019						Change
(In Thousands) Description	Ordinary			Capital			Ordinary			Capital			Ordinary			Capital
Impact of Tax Planning Strategies
Determination of Adjusted Gross Deferred Tax Assets and Net Admitted Deferred Tax Assets, by Tax Character as a Percentage.
Adjusted Gross Deferred Tax Assets	$	158,632		$	59,077		$	162,404			55,354		$	(3,772	)	$	3,723
Percentage of Adjusted Gross Deferred Tax Assets 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 Deferred Tax Assets	$	158,632		$	59,077		$	162,404			55,354		$	(3,772)		$	3,723
Percentage of Net Admitted Adjusted Gross Deferred Tax
Assets by Tax Character Because of the Impact of Tax Planning Strategies		0.00	%		0.00	%		0.00	%		0.00	%		0.00	%		0.00	%

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

The Company had no temporary difference for which a DTL was not established.

The following tables provide the Company’s main components of income taxes incurred and the changes in DTAs and DTLs.


(In Thousands)	December 31, 2020			December 31, 2019			December 31, 2018
Current Income Tax
Federal Tax (Benefit) Expense from Operations	$	(11,980	)	$	(21,279	)	$	(3,553	)
Federal Income Tax Expense on Net Capital Gains		186			10,362			—

Current Income Tax (Benefit) Expense	$	(11,794	)	$	(10,917	)	$	(3,553	)

DELAWARE LIFE INSURANCE COMPANY

(A Wholly-Owned Subsidiary of Group One Thousand One, LLC)

NOTES TO STATUTORY FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2020 AND 2019 AND FOR THE YEARS ENDED DECEMBER 31, 2020, 2019 AND 2018

The main components of the Company’s DTAs and DTLs as of December 31, 2020 and 2019 were as follows:


(In Thousands)	December 31, 2020		December 31, 2019		Change
Deferred Tax Assets:
Ordinary
Policyholder Reserves	$	78,341	$	89,538	$	(11,197	)
Investments		2,390		2,389		1
Deferred Acquisition Costs		30,286		28,246		2,040
Fixed assets		965		1,018		(53	)
Compensation and benefits accrual		1,595		1,581		14
Receivables-nonadmitted		4,513		4,172		341
Net Operating Loss carry-forward		5,113		—		5,113
Tax credit carry-forward		33,358		33,288		70
Other (Including Items <5% of Total Ordinary Tax Assets)		2,071		2,172		(101	)

Total Ordinary Deferred Tax Assets	$	158,632	$	162,404	$	(3,772	)
Statutory Valuation Allowance Adjustment		—		—		—
Nonadmitted		—		—		—

Admitted Ordinary Deferred Tax Assets	$	158,632	$	162,404	$	(3,772	)
Capital
Investments		59,077		55,354		3,723
Net Capital Loss carry-forward		—		—		—

Subtotal		59,077		55,354		3,723
Statutory Valuation Allowance Adjustment		—		—		—
Nonadmitted		—		—		—

Admitted Capital Deferred Tax Assets		59,077		55,354		3,723

Admitted Deferred Tax Assets	$	217,709	$	217,758	$	(49	)

Deferred Tax Liabilities:
Ordinary
Investments	$	119,092	$	61,445	$	57,647
Policyholder Reserves		33,069		51,328		(18,259	)

Subtotal	$	152,161	$	112,773	$	39,388
Capital
Investments		33,551		25,516		8,035

Subtotal		33,551		25,516		8,035

Deferred Tax Liabilities	$	185,712	$	138,289	$	47,423

Net Admitted Deferred Tax Assets / Deferred Tax Liabilities	$	31,997	$	79,469	$	(47,472	)

DELAWARE LIFE INSURANCE COMPANY

(A Wholly-Owned Subsidiary of Group One Thousand One, LLC)

NOTES TO STATUTORY FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2020 AND 2019 AND FOR THE YEARS ENDED DECEMBER 31, 2020, 2019 AND 2018

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


(In Thousands) Description	December 31, 2020		December 31, 2019		Change
Total Deferred Tax Assets	$	217,709	$	217,759	$	(50	)
Total Deferred Tax Liabilities		185,712		138,290		47,422

Net Deferred Tax Assets / Deferred Tax Liabilities	$	31,997	$	79,469	$	(47,472	)
Statutory Valuation Allowance		—		—		—

Net Deferred Tax Assets / Deferred Tax Liabilities	$	31,997	$	79,469	$	(47,472	)
Tax Effect of Unrealized (Gains)/Losses						7,543

Change in Net Deferred Income Tax					$	(55,015	)

The provision for federal income taxes incurred for the current year is different from that which would be obtained by applying the statutory federal income tax rate to income before income taxes. The significant items causing this difference for the years ended December 31, 2020, 2019 and 2018 were as follows:


(In Thousands)	December 31, 2020								December 31, 2019								December 31, 2018
Description	Amount		Tax Effect @ 21%			Effective Tax Rate			Amount		Tax Effect @ 21%			Effective Tax Rate			Amount			Tax Effect @ 35%			Effective Tax Rate
Net Income Before Taxes	$	205,678	$	43,192			20.9	%	$	244,594	$	51,365			17.5	%	$	205,802		$	43,218			41.5	%
Pre-tax Capital Gains—Pre IMR		884		186			0.1	%		49,342		10,362			3.5	%		(101,765	)		(21,370	)		(20.5	)%
Investment Related				(12,547	)		(6.1	)%				—			—	%					—			—	%
Dividends Received Deduction				—			—	%				(3,970	)		(1.4	)%					(16,026	)		(15.4	)%
Exhibit 5a adjustment				—			—	%				(1,352	)		(0.5	)%					—			—	%
Non-deductible Expenses				—			—	%				—			—	%					60			0.1	%
Reversal of IMR				—			—	%				(1,670	)		(0.6	)%					(3,179	)		(3.1	)%
Change in Non-admitted assets				(229	)		(0.1	)%				(10,236	)		(3.5	)%					(2,576	)		(2.5	)%
Prior Year Over/Under Accrual				—			—	%				(492	)		(0.2	)%					2,083			2.0	%
Tax Credit Adjustment				658			0.3	%				(15,369	)		(5.2	)%					—			—	%
Tax Differences in Wholly Owned Subsidiaries				11,952			5.8	%				16,694			5.7	%					(32,785	)		(31.5	)%
Other				9			—	%				93			0.2	%					5			—	%

Total Statutory Income Taxes			$	43,221			20.9	%			$	45,425			15.5	%				$	(30,570	)		(29.4	)%

Federal Income Taxes Incurred			$	(11,794	)		(5.7	)%			$	(10,917	)		(3.7	)%				$	(3,553	)		(3.4	)%
Change in Net Deferred Income Taxes				55,015			26.6	%				56,342			19.2	%					(27,017	)		(26.0	)%

Total Statutory Income Taxes			$	43,221			20.9	%			$	45,425			15.5	%				$	(30,570	)		(29.4	)%

At December 31, 2020, the Company had $24.3 million of net operating loss carry forwards which will not expire and no capital loss carry forwards. The Company also had $18.8 million of foreign tax credit carry forwards which will begin to expire, if not utilized, in 2021 and $14.6 million of general business credit carry forwards which will begin to expire, if not utilized, in 2029.

DELAWARE LIFE INSURANCE COMPANY

(A Wholly-Owned Subsidiary of Group One Thousand One, LLC)

NOTES TO STATUTORY FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2020 AND 2019 AND FOR THE YEARS ENDED DECEMBER 31, 2020, 2019 AND 2018

As of December 31, 2020, the Company capital income tax expense in the preceding years that will be available for recoupment in the event of future losses as follows:


(In Thousands) Year	Capital
2020	$	186
2019	$	10,362
2018	$	—

The Company has no deposits admitted under Section 6603 of the Internal Revenue code.

Tax years prior to 2017 are closed for audit or examination under the applicable statute of limitations. The Company is not currently under examination by the Internal Revenue Service. The Company does not believe it has any uncertain tax positions for its federal income tax return that would be material to its financial condition, results of operations, or cash flows. Therefore, the Company did not record a liability for unrecognized tax benefits (“UTBs”) as of December 31, 2020 and 2019. As of December 31, 2020, there were no positions for which management believes it is reasonably possible that the total amounts of tax contingencies will significantly increase within 12 months of the reporting date.

The Company recognizes interest accrued related to UTBs in income tax expense. The Company had no accrued interest balance as of December 31, 2020 and 2019. The Company recognized no gross interest benefit related to UTBs during the years ended December 31, 2020, 2019 and 2018. The Company has not accrued any penalties related to UTBs.

The Company is part of an affiliated group of companies that will file a consolidated federal income tax return for 2020.

The following companies are included in the consolidated return filing:

–

Delaware Life Insurance Company

–

Delaware Life Insurance Company of New York

–

DL Reinsurance Company

–

Clarendon Insurance Agency, Inc.

–

Clear Spring Health Insurance Company

–

Clear Spring Health Resources, Inc.

–

Clear Spring Health (IL), Inc.

–

Delaware Life Reinsurance (U.S.) Corp.

–

Clear Spring Health (CO), Inc.

–

Eon Health, Inc (GA)

–

Eon Health, Inc. (SC)

–

Community Care Alliance of Illinois, Inc.

–

Clear Spring Health (VA), Inc.

–

Clear Spring Health of Illinois, Inc.

–

Lackawanna Casualty Company

–

Lackawanna American Insurance Company

–

Lackawanna National Insurance Company

DELAWARE LIFE INSURANCE COMPANY

(A Wholly-Owned Subsidiary of Group One Thousand One, LLC)

NOTES TO STATUTORY FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2020 AND 2019 AND FOR THE YEARS ENDED DECEMBER 31, 2020, 2019 AND 2018

A written tax allocation agreement has been approved by, or is pending approval from, the state of domicile of each participating insurance company. Allocation is based upon separate return calculations with current credit (benefit) given for losses and tax attributes that are utilized by the Company.

16. CAPITAL STOCK AND SURPLUS AND DIVIDEND RESTRICTIONS

The Company is authorized to issue 10,000 shares of common stock with a par value of $1,000 per share; 6,437 shares of common stock are issued and outstanding. The Company is not authorized to issue preferred stock.

The Company’s ability to pay dividends is subject to certain statutory restrictions. The State of Delaware has enacted laws governing the payment of dividends to stockholders by domestic insurers. Pursuant to Delaware’s statute, the maximum amount of dividends and other distributions that a domestic insurer may pay in any twelve-month period without the prior approval of the Delaware Commissioner of Insurance is limited to the greater of: (i) 10% of its statutory surplus as of the preceding December 31; or (ii) the Company’s statutory net gain from operations for the preceding calendar year. Any dividends to be paid by an insurer, whether or not in excess of the aforementioned threshold, from a source other than statutory surplus would also require the prior approval of the Commissioner. In connection with the Sale Transaction on August 2, 2013, any portion of a dividend which would cause the Company’s total adjusted capital as of the most recent calendar quarter end to fall below 300% of Company Action Level NAIC Risk-Based Capital as of such calendar quarter end, after taking into account the payment of such dividend, requires the prior approval of the Department.

In April 2020, April 2019 and April 2018, the Company paid an ordinary dividend of $65.0 million, $200.0 million, and $157.4 million, respectively, to the Parent. The Parent paid $100.0 million to the Company in February 2020 in the form of a capital contribution that the Company accrued in December 2019 in accordance with SSAP 72. The Parent also contributed $7.5 million of cash to the Company in December 2020 and contributed $16.9 million in 2019 in the form of an other invested asset.

The portion of unassigned funds (surplus) represented or reduced by cumulative unrealized gains/losses, excluding deferred taxes, was approximately $802.6 million and $560.0 million at December 31, 2020 and 2019, respectively.

Surplus Notes

As of December 31, 2020 and 2019, the Company had $557.5 million and $565.0 million, respectively, of surplus notes outstanding. The Company has an agreement with Deutsche Bank Trust Company Americas (“DBTCA”), whereby the surplus notes were taken into custody by the bank on behalf of the holders of the surplus notes, some of which were related parties as of December 31, 2020 and 2019 (the “Noteholders”).

DBTCA collects all surplus note payments and distributes such funds to the Noteholders. The DBTCA agreement allows the Noteholders to transfer any part of the surplus notes they hold, subject to the consent of the Company and with proper notice given to DBTCA. As of December 31, 2020, the Noteholders were as follows: Group 1001, LLC, a related party; Estate of Jeffrey S. Lange; Midland National Life Insurance Company; North American Company for Life and Health Insurance; and Security Benefit Life Insurance Company.

DELAWARE LIFE INSURANCE COMPANY

(A Wholly-Owned Subsidiary of Group One Thousand One, LLC)

NOTES TO STATUTORY FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2020 AND 2019 AND FOR THE YEARS ENDED DECEMBER 31, 2020, 2019 AND 2018

The details of outstanding surplus notes were as follows as of and for the years ended December 31, 2020 and 2019:


2020 (In Thousands)
Date Issued	Interest Rate	Original Issue Amount of Note		Carrying Value of Note		Current Year Interest Expense Recognized		Life-To-Date Interest Expense Recognized		Date of Maturity
12/22/97	8.625%	$	250,000	$	250,000	$	21,563	$	497,974		11/06/27
12/15/95	6.150%		150,000		150,000		9,225		236,960		12/15/27
12/15/95	7.626%		150,000		150,000		11,439		277,198		12/15/32
12/15/95	6.150%		7,500		7,500		461		11,317		12/15/27
12/15/95	7.626%		7,500		—		572		12,439		—

XXX	XXX	$	565,000	$	557,500	$	43,260	$	1,035,888		XXX


2019 (In Thousands)
Date Issued	Interest Rate	Original Issue Amount of Note		Carrying Value of Note		Current Year Interest Expense Recognized		Life-To-Date Interest Expense Recognized		Date of Maturity
12/22/97	8.625%	$	250,000	$	250,000	$	21,563	$	476,411		11/06/27
12/15/95	6.150%		150,000		150,000		9,225	$	227,735		12/15/27
12/15/95	7.626%		150,000		150,000		11,439	$	265,759		12/15/32
12/15/95	6.150%		7,500		7,500		461	$	10,856		12/15/27
12/15/95	7.626%		7,500		7,500		572	$	11,867		12/15/32

XXX	XXX	$	565,000	$	565,000	$	43,260	$	992,628		XXX

The proceeds from the issuance of the surplus notes were not used to purchase an asset directly or indirectly from the Noteholders. The surplus notes were not issued as part of a transaction whereby the principal or interest payments are contractually linked to other assets or agreements. There were no surplus note interest or principal payments subject to administrative offsetting provisions.

The surplus notes and accrued interest thereon are subordinate to payments due to policyholders, claimants and beneficiaries, as well as all other classes of creditors other than the Noteholders. After payment in full of certain obligations set forth in Section 5918 of the Delaware Insurance Code, and prior to any payment to a common shareholder in respect of such shareholder’s ownership interest in the Company, the holder of a surplus note is entitled to receive payment in full. The Company has no preferred stockholders. Any redemption of a surplus note is subject to the prior written consent of the Department.

As discussed in Note 2, with approval by the Department, the Company paid down the outstanding principal and accrued interest on a surplus note previously held by GLAC on December 31, 2020.

The Company incurred $43.3 million of interest on the surplus notes in each of the years ended December 31, 2020, 2019 and 2018. Each accrual and payment of interest on the surplus notes may be made only with the prior approval of the Delaware Commissioner of Insurance and only to the extent that the Company has sufficient surplus earnings to make such payment. The Company received approval for all surplus note interest and principal payments and the related interest accrual in the amount of $4.2 million and $4.3 million at December 31, 2020 and 2019.

DELAWARE LIFE INSURANCE COMPANY

(A Wholly-Owned Subsidiary of Group One Thousand One, LLC)

NOTES TO STATUTORY FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2020 AND 2019 AND FOR THE YEARS ENDED DECEMBER 31, 2020, 2019 AND 2018

Risk-Based Capital

Life and health insurance companies are subject to certain Risk-Based Capital (“RBC”) requirements as specified by the NAIC. The RBC requirements provide a method for measuring the minimum acceptable amount of adjusted capital that a life insurer should have, as determined under statutory accounting principles, taking into account the risk characteristics of its investments and products. The Company exceeded the minimum RBC requirements at December 31, 2020 and 2019.

17.

COMMITMENTS AND CONTINGENT LIABILITIES

Contingent Commitments

The Company had unfunded commitments for limited partnership investments of $142.3 million and $128.0 million and for future fixed income fundings of $1,335.4 million and $1,134.9 million as of December 31, 2020, and 2019, respectively. The Company also had $87.2 million and $91.6 million of outstanding mortgage loan commitments on real estate as of December 31, 2020 and December 31, 2019, respectively.

Regulatory and Industry Developments

Under insurance guaranty fund laws in each state, the District of Columbia and Puerto Rico, insurers licensed to do business can be assessed by state insurance guaranty associations for certain obligations of insolvent insurance companies to policyholders and claimants. Most of these laws provide, however, that an assessment may be excused or deferred if it would threaten an insurer’s solvency and further provide annual limits on such assessments. Part of the assessments paid by the Company pursuant to these laws may be used as credits for a portion of the associated premium taxes.

Various insolvencies reported by the National Organization of Life and Health Insurance Guaranty Associations will result in retrospective, premium-based guaranty fund assessments against the Company. Based on the best information available, the Company has recorded an accrued liability of $3.0 million and $3.1 million for guaranty fund assessments as of December 31, 2020 and 2019, respectively. The Company does not know the period over which the guaranty fund assessments may be paid.

As of December 31, 2020 and 2019, the Company did not have any guaranty fund liabilities or assets related to assessments from insolvencies of entities that wrote long-term care contracts.

The Company has not established any asset for premium tax credits or policy surcharges as their recoveries are not estimable.

Litigation and Other Matters

The Company is not aware of any contingent liabilities arising from litigation or other matters that could have a material effect upon the financial condition, results of operations, or cash flows of the Company.

Indemnities

In the normal course of its business, the Company has entered into agreements that include indemnities in favor of third parties, such as contracts with advisors and consultants, outsourcing agreements, underwriting and agency agreements, information technology agreements, distribution agreements, and service agreements. The Company has also agreed to indemnify its directors, officers and employees in accordance with the Company’s by-laws. The Company believes any potential liability under these agreements is neither probable nor estimable. Therefore, the Company has not recorded any associated liability.

DELAWARE LIFE INSURANCE COMPANY

(A Wholly-Owned Subsidiary of Group One Thousand One, LLC)

NOTES TO STATUTORY FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2020 AND 2019 AND FOR THE YEARS ENDED DECEMBER 31, 2020, 2019 AND 2018

Pursuant to the terms of the Sale Transaction, the acquired companies, including the Company and DLNY, and their respective affiliates are indemnified from and against (i) breach of customary representations, warranties and covenants of the sellers and (ii) other specified matters, including losses arising from pending or threatened litigation as of the closing of the Sale Transaction (August 2, 2013), certain excluded assets that were transferred from the acquired companies to the seller’s affiliates at or prior to closing of the Sale Transaction, including the group insurance business previously conducted by DLNY, certain environmental liabilities, and certain liabilities arising under unclaimed property laws.

Pledged or Restricted Assets

The following assets were restricted at December 31, 2020 and reported in the current financial statements:

•

Collateral posted under repurchase agreements which was reported as bonds and preferred stocks.

•

Cash collateral posted under reverse repurchase agreements which was reported as cash equivalents.

•

Certain FHLB capital stock.

•

Certain bonds on deposit with governmental authorities as required by law.

•

Certain cash deposits held in a mortgage escrow account (see “Other restricted assets” below).

•

Derivative cash collateral which was reported as cash equivalents (see “Assets pledged as collateral not captured in other categories” below).

•

Certain cash collateral for brokerage margin.

DELAWARE LIFE INSURANCE COMPANY

(A Wholly-Owned Subsidiary of Group One Thousand One, LLC)

NOTES TO STATUTORY FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2020 AND 2019 AND FOR THE YEARS ENDED DECEMBER 31, 2020, 2019 AND 2018

The following were restricted assets (including pledged assets):


(In Thousands)
																				Percentage
Restricted Asset Category	Total General Account (G/A)		G/A Supporting S/A Activity		Total Separate Account (S/A) Restricted Assets		S/A Assets Supporting G/A Activity		2020 Total		2019 Total		Increase/ (Decrease)			Total 2020 Non Admitted Restricted		Total 2020 Admitted Restricted		Gross Restricted Total Assets			Admitted Restricted to Total Admitted Assets
Subject to Repurchase Agreements	$	25,000	$	—	$	—	$	—	$	25,000	$	25,000	$	—		$	—	$	25,000		0.06	%		0.06	%
Subject to Reverse Repurchase Agreements		616,220		—		—		—		616,220		340,789		275,431			—		616,220		1.47	%		1.48	%
FHLB Capital Stock		47,853		—		—		—		47,853		30,690		17,163			—		47,853		0.11	%		0.11	%
On Deposit with States		5,195		—		—		—		5,195		5,214		(19	)		—		5,195		0.01	%		0.01	%
Pledged as Collateral to FHLB (Including Securities and Commercial Mortgage Loans)		910,853		—		—		—		910,853		610,287		300,566			—		910,853		2.18	%		2.18	%
Pledged as collateral not captured (including assets backing funding agreements)		24,388		—		—		—		24,388		49,990		(25,602	)		—		24,388		0.06	%		0.06	%
Other Restricted Assets		1,616		—		—		—		1,616		2,827		(1,211	)		—		1,616		—	%		—	%

Total Restricted Assets	$	1,631,125	$	—	$	—	$	—	$	1,631,125	$	1,064,797	$	566,328		$	—	$	1,631,125		3.89	%		3.90	%

The following were assets pledged as collateral not captured in other categories (contracts that share similar characteristics, such as reinsurance and derivatives, are reported in the aggregate):


(In Thousands)																		Percentage
Description of Assets	Total General Account (G/A)		G/A Supporting S/A Activity		Total Separate Account (S/A) Restricted Assets		S/A Assets Supporting G/A Activity		2020 Total		2019 Total		Increase/ (Decrease)			Total 2020 Admitted Restricted		Gross Restricted Total Assets			Admitted Restricted to Total Admitted Assets
Derivative Collateral		24,388		—		—		—		24,388		49,990		(25,602	)		24,388		0.06	%		0.06	%

Total	$	24,388	$	—	$	—	$	—	$	24,388	$	49,990	$	(25,602	)	$	24,388		0.06	%		0.06	%

DELAWARE LIFE INSURANCE COMPANY

(A Wholly-Owned Subsidiary of Group One Thousand One, LLC)

NOTES TO STATUTORY FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2020 AND 2019 AND FOR THE YEARS ENDED DECEMBER 31, 2020, 2019 AND 2018

The following were other restricted assets pledged as collateral in other categories (contracts that share similar characteristics, such as reinsurance and derivatives, are reported in the aggregate):


(In Thousands)																		Percentage
Description of Assets	Total General Account (G/A)		G/A Supporting S/A Activity		Total Separate Account (S/A) Restricted Assets		S/A Assets Supporting G/A Activity		2020 Total		2019 Total		Increase/ (Decrease)			Total 2020 Admitted Restricted		Gross Restricted Total Assets			Admitted Restricted to Total Admitted Assets
Mortgage Escrow		1,616		—		—		—		1,616		2,827		(1,211	)		1,616		—	%		—	%

Total	$	1,616	$	—	$	—	$	—	$	1,616	$	2,827	$	(1,211	)	$	1,616		—	%		—	%

Lease Commitments

Effective September 24, 2014, the Company entered into a lease agreement for its Waltham, Massachusetts office. On February 19, 2016, the original lease agreement was amended to add additional space. The lease, as amended, expires on April 30, 2023. Rental expenses for 2020, 2019 and 2018 were $2.3 million, $2.4 million, and $2.4 million, respectively, under this lease.

Effective January 22, 2014, the Company entered into a lease agreement for its Indianapolis, Indiana office that expires on December 31, 2024. Rental expenses for 2020, 2019 and 2018 were $0.2 million each year under this lease. In November 2020, the Company delivered a termination notice to the landlord. It is expected that the space will be vacated by December 31, 2021. In December 2020, termination fees of $0.2 million were expensed.

Effective July 27, 2016, the Company entered into a sublease agreement for additional space for its Indianapolis office, with this sublease expiring on November 30, 2026. Rental expenses for 2020, 2019 and 2018 were $0.4 million under this sublease each year.

Effective January 1, 2020, the Company entered into a lease agreement with an affiliate for a Zionsville, Indiana office for which rental payments will commence on January 1, 2021.

The Company did not renew its sublease agreement for a Chicago, Illinois office, originally effective February 26, 2016 with an original expiration date July 29, 2018, that was twice amended resulting in expiration as of September 30, 2020. Rental expenses for 2020, 2019 and 2018 were $0.3 million under this sublease. A portion of these rental expenses were reimbursed by CSP&C.

Effective December 20, 2018, the Company entered into a lease agreement for a Park Ridge, Illinois office that expires on May 31, 2025. Rental expense for 2020 and 2019 were $0.2 million and $0.1 million, respectively. Rental expense for 2018 was $0 due to the abatement of the first five months of rent. Effective January 2020, the Company entered into a lease agreement for additional space in this Park Ridge office that expires on May 31, 2025. Rental expenses for 2020 were $0.1 million. Effective August 3, 2020, the Company entered into a lease agreement for additional space in this Park Ridge office that expires on May 31, 2025. The commencement date for these rental payments was December 1, 2020. Rental expense for 2020 was $0 due to the abatement of the first two months of rent. The rental expenses for all three leases are reimbursed by CSHMS under the services agreement.

DELAWARE LIFE INSURANCE COMPANY

(A Wholly-Owned Subsidiary of Group One Thousand One, LLC)

NOTES TO STATUTORY FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2020 AND 2019 AND FOR THE YEARS ENDED DECEMBER 31, 2020, 2019 AND 2018

Effective June 1, 2019, the Company entered into a six-month lease agreement for a Park Ridge, Illinois office that expired on November 30, 2019. The term was extended on a month-to-month basis after November 30, 2019 and the agreement was terminated in January 2020. Rental expenses for 2020 and 2019 were $12 thousand and $0.2 million, respectively. These rental expenses were reimbursed by CSHMS under the services agreement.

Effective December 1, 2017, the Company entered into a six-month lease agreement for a New York, New York office with a monthly rental expense of approximately $13.6 thousand that expired May 31, 2018. Effective June 1, 2018, the Company renewed the lease with additional space for another six months with a monthly rental expense of approximately $17.8 thousand that expired on November 30, 2018. Effective December 1, 2018 the Company renewed the lease for an additional four months with a monthly rental expense of approximately $18.8 thousand. Effective April 1, 2019, the Company renewed the lease for an additional 12 months with a monthly rental expense of approximately $17.9 thousand. Effective September 1, 2019, the Company assigned the lease to an affiliate, Gainbridge Insurance Agency, LLC.

Effective July 23, 2018, the Company entered into a month-to-month lease agreement for an office in New York, New York. The monthly rental expense was approximately $3.9 thousand. The lease expired February 28, 2019.

Effective September 10, 2018, the Company entered into a lease agreement for an office in Miramar, Florida that expires on June 30, 2024. Rental payments commenced once the Company took possession of the space which was on March 6, 2019. The first three months of rent in 2019 were abated. Rental expense for 2020 and 2019 were $0.2 million and $0.1 million, respectively. These rental expenses are reimbursed by CSHMS.

Effective February 7, 2019 the Company entered into a lease agreement for a second office in Miramar, Florida that terminated on March 31, 2019. The rental expense for 2019 was $33.2 thousand and was reimbursed by CSHMS.

Effective December 20, 2019 the Company entered into a lease agreement for an office in Columbia, South Carolina which expired on December 31, 2020. Effective December 2020, the Company renewed the lease with an expiration date of December 31, 2021. Rental expense for 2020 was $5.2 thousand. These rental expenses are reimbursed by CSHMS.

At December 31, 2020, future minimum aggregate rental commitments were as follows (in thousands):


Year Ending December 31,	Operating Leases
2021	$	4,714
2022		4,644
2023		3,286
2024		2,510
2025		2,318
Thereafter	$	19,436

DELAWARE LIFE INSURANCE COMPANY

(A Wholly-Owned Subsidiary of Group One Thousand One, LLC)

NOTES TO STATUTORY FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2020 AND 2019 AND FOR THE YEARS ENDED DECEMBER 31, 2020, 2019 AND 2018

18.

DEBT

On December 12, 2014, the Company entered into a $350.0 million revolving credit facility (the “Facility”) with Societe Generale, which was amended effective December 29, 2017 to a $200.0 million revolving credit facility. The Facility terminated on December 12, 2019. Borrowings under the Facility were available for general corporate purposes. Borrowings bore interest at LIBOR + 115 basis points, with a commitment fee of 48 basis points for any unused portion of the Facility, and the Facility had a 270 days rolling margin commitment. The Facility was secured by certain securities held in an account established for this purpose, and borrowings were limited to a specified percentage of the value of the securities in this account. The total commitment fees paid in 2019 and 2018 were approximately $0.9 million each year.

19.

FEDERAL HOME LOAN BANK

The Company is a member of the FHLB. Through its membership, the Company utilizes funding agreements issued to the FHLB consistent with its other investment spread operations and considers these funds policyholder liabilities. From time to time, the Company also uses FHLB funds for operations; any funds obtained from the FHLB for use in the Company’s general operations are accounted for as borrowed money. The Company has determined its estimated maximum borrowing capacity with the FHLB as $894.6 million as of December 31, 2020. The Company calculated this amount in accordance with its current collateral pledged to the FHLB.

In March 2020, the FHLB issued the Company $438.0 million of short-term advances with fixed and variable interest rates ranging from 0.5% to 1.76%. $118.0 million of these advances was converted into a funding agreement on March 30, 2020. As of December 31, 2020, all short-term advances have been paid in full. Total interest on borrowed funds incurred during 2020 and 2019 was $362.0 thousand and $146.9 thousand. There were no short-term advances in 2018.

As noted in Note 2, the FHLB issued a LOC to the Company on behalf of an unrelated party effective September 30, 2019, with an initial expiration date of August 15, 2020 and an automatic one year renewal through August 15, 2025. The LOC had an initial maximum credit amount of $12.0 million that had been reduced to $8.0 million as of December 31, 2020. Collateral related to the LOC is included in the disclosures below. As of December 31, 2020 and December 31, 2019, there were no amounts outstanding under the LOC.

DELAWARE LIFE INSURANCE COMPANY

(A Wholly-Owned Subsidiary of Group One Thousand One, LLC)

NOTES TO STATUTORY FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2020 AND 2019 AND FOR THE YEARS ENDED DECEMBER 31, 2020, 2019 AND 2018

FHLB Capital Stock

Aggregate Totals (in thousands):


			General		Separate
As of December 30, 2020	Total		Account		Accounts
Membership Stock – Class A	$	—	$	—	$	—
Membership Stock – Class B		9,010		9,010		—
Activity Stock		30,185		30,185		—
Excess Stock		8,658		8,658		—

Aggregate Total	$	47,853	$	47,853	$	—

Actual or Estimated Borrowing Capacity as Determined by the Insurer	$	894,612		XXX		XXX

As of December 30, 2019
Membership Stock – Class A	$	—	$	—	$	—
Membership Stock – Class B		2,949		2,949		—
Activity Stock		23,016		23,016		—
Excess Stock		4,725		4,725		—

Aggregate Total	$	30,690	$	30,690	$	—

Actual or Estimated Borrowing Capacity as Determined by the Insurer	$	747,256		XXX		XXX


Membership Stock (Class A and B) Eligible for Redemption (in thousands):
Membership stock	Current Year Total		Not Eligible for Redemption		Less Than 6 Months		6 months to Less Than 1 Year		1 to Less Than 3 Years		3 to 5 Years
Class A	$	—	$	—	$	—	$	—	$	—	$	—
Class B	$	9,010	$	9,010	$	—	$	—	$	—	$	—

Collateral Pledged to FHLB

Amount Pledged as of Reporting Date (in thousands):


	Fair Value		Carrying Value		Aggregate Total Borrowing
Current Year General Account Total Collateral Pledged	$	1,008,132	$	961,867	$	863,000
Current Year Separate Accounts Total Collateral Pledged		—		—		—

Current Year Total General and Separate Accounts Total Collateral pledged	$	1,008,132	$	961,867	$	863,000

Prior Year End Total General and Separate Accounts Total Collateral Pledged	$	868,893	$	849,372	$	565,000

DELAWARE LIFE INSURANCE COMPANY

(A Wholly-Owned Subsidiary of Group One Thousand One, LLC)

NOTES TO STATUTORY FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2020 AND 2019 AND FOR THE YEARS ENDED DECEMBER 31, 2020, 2019 AND 2018

Maximum Amount Pledged During Reporting Period (in thousands):


	Fair Value		Carrying Value		Amount Borrowed at Time of Maximum Collateral
Current Year General Account Maximum Collateral Pledged	$	1,379,998	$	1,344,719	$	933,000
Current Year Separate Accounts Maximum Collateral Pledged		—		—		—

Current Year Total General and Separate Accounts Maximum Collateral Pledged	$	1,379,998	$	1,344,719	$	933,000

Prior Year End Total General and Separate Accounts Total Collateral Pledged	$	1,014,332	$	988,116	$	565,000

Borrowing from FHLB

Amount as of Reporting Date (in thousands):


As of December 30, 2020	Total		General Account		Separate Accounts		Funding Agreements Reserves Established
Debt	$	—	$	—	$	—		XXX
Funding Agreements		863,000		863,000		—		776,716
Other		—		—		—		XXX

Aggregate Total	$	863,000	$	863,000	$	—	$	776,716

As of December 30, 2019
Debt	$	—	$	—	$	—		XXX
Funding Agreements		565,000		565,000		—		508,480
Other		—		—		—		XXX

Aggregate Total	$	565,000	$	565,000	$	—	$	508,480

Maximum Amount during Reporting Period (Current Year, in thousands):


	Total		General Account		Separate Accounts
Debt	$	320,000	$	320,000	$	—
Funding Agreements		863,000		863,000		—
Other		—		—		—

Aggregate Total	$	1,183,000	$	1,183,000	$	—


FHLB—Prepayment Obligations		Does the Company have prepayment Obligations under the following arrangements? (YES/NO)
Debt		YES
Funding Agreements		YES
Other		NO

DELAWARE LIFE INSURANCE COMPANY

(A Wholly-Owned Subsidiary of Group One Thousand One, LLC)

NOTES TO STATUTORY FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2020 AND 2019 AND FOR THE YEARS ENDED DECEMBER 31, 2020, 2019 AND 2018

20.

Health Business

Beginning in 2019, the Company issued Medicare Advantage products in the states of Colorado, North Carolina, and Virginia, resulting in approximately $1.4 million and $0.5 million of premium written in 2020 and 2019, respectively. There was no premium written in 2018.

Retrospectively-Rated Contracts and Contracts Subject to Redetermination

The Company estimates accrued retrospective premium adjustments for the Medicare Part D business in accordance with CMS regulations and using CMS formulas. Accrued retrospective premiums are recorded through written premium. The Company has Medicare Part D risk-corridor amounts related to Part D premiums. The amount of Medicare Part D direct premiums written subject to this retrospectively rated feature was $59.7 thousand and $28.5 thousand for the years ended December 31, 2020 and 2019, respectively, representing 4.3% and 6.0% of total direct health premiums written for each year, respectively.

The Company has risk-adjustment amounts from CMS from Medicare Part C and Part D premiums. Medicare Part D premiums include payments from CMS for risk-sharing adjustments which are estimated quarterly based on claim experience, with final revenue adjustment determined and settlement with CMS in the year following the contract. The Company’s Medicare Part C and Part D premiums are subject to redetermination by CMS based on risk factor scores of each member. The Company estimates premium adjustments for changes to health scores based on past experience. The Company recognizes periodic changes to risk-adjusted premiums as revenue when the amounts are determinable and collection is reasonably assured. All of the Company’s direct health premiums written are subject to this redetermination feature.

The Company’s actual loss ratios on the Medicare line of business were in excess of the minimum requirements and as a result no minimum medical loss ratio rebate was required to be established.

The Company did not write accident and health premiums in 2020, 2019 or 2018 subject to the risk-sharing provisions of the Affordable Care Act (“ACA”).

Change in Incurred Losses and Loss Adjustment Expenses

Changes in estimates related to the prior year incurred claims are included in total hospital and medical expenses in the current year in the Statements of Operations. There were no changes in methodologies or assumptions used in calculating the liability for unpaid losses and loss adjustment expenses. The Company did not write any health insurance business prior to 2019 and therefore had no prior year development.

DELAWARE LIFE INSURANCE COMPANY

(A Wholly-Owned Subsidiary of Group One Thousand One, LLC)

NOTES TO STATUTORY FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2020 AND 2019 AND FOR THE YEARS ENDED DECEMBER 31, 2020, 2019 AND 2018

The following tables disclose paid claims, incurred claims, claims unpaid, aggregate health claim reserves, and health care receivables for the years ended December 31, 2020 and 2019 (in thousands).


2020	Current Year Incurred		Prior Year Incurred			Total
Beginning of year claim reserve	$	—	$	131			131
Paid claims – net of health care receivable		832		19			851
End of year claim reserve		146		—			146
Incurred claims excluding the change in health care receivable		978		(112	)		866
Beginning of year health care receivable		—		20			20
End of year health care receivable		19		—			19

Total incurred claims	$	959	$	(92	)	$	867


2019	Current Year Incurred		Prior Year Incurred		Total
Beginning of year claim reserve	$	—	$	—	$	—
Paid claims – net of health care receivable		555		—		555
End of year claim reserve		131		—		131
Incurred claims excluding the change in health care receivable		686		—		686
Beginning of year health care receivable		—		—		—
End of year health care receivable		20		—		20

Total incurred claims	$	666	$	—	$	666

Original estimates are increased or decreased as additional information becomes known regarding claim development experience.

The payable for claims unpaid, the applicable portion of aggregate health claim reserves, net of health care receivables as of December 31, 2019, was $111.0 thousand. As of December 31, 2020, $18.8 thousand has been paid, net of health care receivables, for incurred claims attributable to insured events of prior years. Reserves remaining for prior years, net of health care receivables, as of December 31, 2020 were $3, as a result of re-estimation of unpaid claims. Therefore, there has been $92.3 thousand favorable development on prior years during 2020. Original estimates are increased or decreased as additional information becomes known regarding claim development experience.

DELAWARE LIFE INSURANCE COMPANY

(A Wholly-Owned Subsidiary of Group One Thousand One, LLC)

NOTES TO STATUTORY FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2020 AND 2019 AND FOR THE YEARS ENDED DECEMBER 31, 2020, 2019 AND 2018

The Company incurred claims adjustment expenses (“CAE”) of $24.6 thousand and $65.4 thousand for the years ended December 31, 2020 and 2019, respectively. The following table discloses paid CAE, incurred CAE, and the balance in the unpaid CAE reserve for the years ended December 31, 2020 and 2019:


	12/31/2020		12/31/2019
Total claims adjustments expenses	$	24,560	$	65,372
Less current year unpaid claims adjustment expenses		6,274		—

Total claims adjustment expenses paid	$	18,286	$	65,372

Health Care Receivables

Pharmacy rebate receivables are recorded when reasonably estimated or billed by the pharmaceutical benefit manager (“PBM”) in accordance with pharmaceutical rebate contract provisions. Estimated pharmacy rebates are based on utilization information.

The Company periodically evaluates admissibility of all pharmacy rebates receivable for consistency with the admissibility criteria of SSAP No. 84, Certain Health Care Receivables and Receivables under Government Insured Plans. At December 31, 2020 and 2019, the Company had no non-admitted pharmacy rebate receivables.

The pharmacy rebate transaction history is summarized as follows (in thousands):


Quarter	Estimated Pharmacy Rebates		Pharmacy Rebates as Billed		Actual Rebates Received Within 90 Days of Billing		Actual Rebates Received Within 91 to 180 Days of Billing		Actual Rebates Received More Than 180 Days of Billing
12/31/2020	$	20	$	20	$	12	$	—	$	—
9/30/2020		17		17		15		—		—
6/30/2020		16		16		14		—		—
3/31/2020		18		18		10		—		—
12/31/2019		9		9		9		—		—
9/30/2019		6		6		6		—		—
6/30/2019		4		4		4		—		—
3/31/2019		2		2		2		—		—

The Company had no risk sharing receivables as of December 31, 2020 and 2019.

DELAWARE LIFE INSURANCE COMPANY

(A Wholly-Owned Subsidiary of Group One Thousand One, LLC)

NOTES TO STATUTORY FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2020 AND 2019 AND FOR THE YEARS ENDED DECEMBER 31, 2020, 2019 AND 2018

Premium Deficiency Reserves

The following table discloses information regarding premium deficiency reserves as of December 31, 2020 and 2019 (in thousands):


	12/31/20		12/31/2019
Liability carried for premium deficiency reserves	$	337	$	679
Date of the most recent evaluation of this liability		2/16/2021		2/18/2020
Was anticipated investment income utilized in the calculation?		Yes [ ] No [ X ]		Yes [ ] No [ X ]

21.

SUBSEQUENT EVENTS

The Company has evaluated events and transactions that occurred from January 1, 2021 to April 28, 2021, the date the financial statements were available to be issued. The Company is not aware of any Type I events or transactions that occurred subsequent to December 31, 2020 having a material effect on the financial statements.

Type II - Recognized Subsequent Events:

The Company converted its $35.0 million demand promissory note with DLIH 2016-1 dated March 25, 2020 into a $100.0 million bilateral intercompany reciprocal loan agreement in March 2021, with interest at Libor + 1.15% to be paid quarterly. In April 2021, the Company borrowed $80.0 million under the facility.

In April 2021, the Company paid an ordinary dividend of $200.0 million to the Parent.