Delaware Life

Variable Account F – Regatta

Financial Statements as of and for the Year Ended December 31, 2024 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, 2024

	Page(s)
Report of Independent Registered Public Accounting Firm		1-7
Financial Statements
Statement of Assets and Liabilities		8-16
Statement of Operations		17-76
Statements of Changes in Net Assets		77-170
Notes to the Financial Statements		171-210

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 - Regatta:

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities of the Sub-Accounts listed in the Appendix that comprise Delaware Life Variable Account F - Regatta (the Separate Account), as of December 31, 2024, the related statement of operations and statements of changes in net assets for the periods indicated in the Appendix, and the related notes (collectively, the financial statements) and the financial highlights for each of the years or periods in the four-year period then ended. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Sub-Accounts as of December 31, 2024, the results of their operations and changes in their net assets for the periods indicated in the Appendix, and the financial highlights for each of the years or periods in the four-year period then ended, in conformity with U.S. generally accepted accounting principles. The financial highlights for the year or period ended on or prior to December 31, 2020 were audited by other independent registered public accountants whose report, dated April 28, 2021, expressed an unqualified opinion on those financial highlights.

Basis for Opinion

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

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Such procedures also included confirmation of securities owned as of December 31, 2024, by correspondence with the transfer agent of the underlying mutual funds; when replies were not received from the transfer agent, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

/s/ KPMG LLP

We have served as the auditor of Delaware Life Insurance Company’s Separate Accounts since 2021.

Boston, Massachusetts

April 24, 2025

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Appendix

AB VPS Balanced Hedged Allocation Portfolio (Class B) Sub-Account (AL1) (1)

AB VPS Dynamic Asset Allocation Portfolio Class B Sub-Account (AO5) (1)

AB VPS Relative Value Portfolio Class B Sub-Account (A71) (1)

AB VPS Sustainable International Thematic Portfolio (Class B) Sub-Account (AM2) (1)

AB VPS International Value Portfolio (Class B) Sub-Account (A98) (1)

AB VPS Large Cap Growth (Class B) Sub-Account (AC4) (1)

AB VPS Small Cap Growth Portfolio Class B Sub-Account (A19) (1)

AB VPS Discovery Value Portfolio (Class B) Sub-Account (A74) (1)

American Funds Growth Fund - Class 4 Sub-Account (AP0) (1)

American Funds Growth-Income Fund - Class 4 Sub-Account (AQ1) (1)

American Funds International Fund - Class 4 Sub-Account (AQ2) (1)

American Funds IS Asset Allocation - Class 4 Sub-Account (AS3) (1)

American Funds IS Global Growth - Class 4 Sub-Account (AS6) (1)

American Funds New World Fund - Class 4 Sub-Account (AQ3) (1)

AFIS-American Funds Global Balanced Fund Class 4 Sub-Account (AX1) (1)

BlackRock 60/40 Target Allocation ETF VI Fund Class III Sub-Account (B21) (1)

BlackRock Capital Appreciation V.I. Fund Class III Sub-Account (B19) (1)

BlackRock Equity Dividend V.I. Fund Class III Sub-Account (B20) (1)

BlackRock Global Allocation V.I. Fund (Class III) Sub-Account (B18) (1)

BlackRock Large Cap Growth Equity V.I. Fund Class III Sub Account (B22) (1)

BlackRock Total Return V.I.Fund Class III Sub-Account (B23) (1)

ClearBridge Variable Mid Cap Portfolio - Class II Sub-Account (L33) (1)

ClearBridge Variable Appreciation Portfolio Class II Sub-Account (L34) (1)

ClearBridge Variable Dividend Strategy Portfolio Class II Sub-Account (L35) (1)

Columbia Variable Portfolio - Small Cap Value Fund Class 2 Sub-Account (C71) (1)

Columbia Variable Portfolio - Large Cap Growth Fund Class 1 Sub-Account (C59) (1)

Columbia Variable Portfolio - Large Cap Growth Fund Class 2 Sub-Account (C60) (1)

CTIVP - Principal Blue Chip Growth Fund Class 1 Sub-Account (C89) (1)

CTIVP - Principal Blue Chip Growth Fund Class 2 Sub-Account (C90) (1)

Columbia Variable Portfolio - Overseas Core Fund Class 2 Sub-Account (C58) (1)

Columbia Variable Portfolio Select Large Cap Value- Class 2 Sub-Account (C91) (1)

Columbia VP Balanced Fund Class 2 Sub-Account (C92) (1)

- 2 -

Fidelity VIP Balanced Portfolio (Service Class 2) Sub-Account (FD7) (1)

Fidelity VIP Contrafund Portfolio (Service Class 2) Sub-Account (F24) (1)

Fidelity VIP Freedom 2010 Portfolio (Service Class 2) Sub-Account (F88) (1)

Fidelity VIP Freedom 2015 Portfolio (Service Class 2) Sub-Account (FB9) (1)

Fidelity VIP Freedom 2020 Portfolio (Service Class 2) Sub-Account (F15) (1)

Fidelity VIP Mid Cap Portfolio (Service Class 2) Sub-Account (F41) (1)

First Eagle Overseas Variable Fund Sub-Account (FE3) (1)

First Trust Capital Strength VIT Portfolio Class I Sub-Account (F17) (1)

First Trust International Developed Capital Strength VIT Portfolio Class I Sub-Account (F18) (1)

First Trust/Dow Jones Div&Inc Alloc Port - Class 1 Sub-Account (F19) (1)

Franklin Multi-Asset Variable Conservative Growth Fund Class II Sub-Account (L36) (1)

Franklin Templeton Developing Markets VIP Fund Class 2 Sub-Account (T21) (1)

Franklin Templeton Developing Markets VIP Fund Class 4 Sub-Account (S23) (1)

Franklin Templeton Foreign VIP Fund Class 2 Sub-Account (T20) (1)

Franklin Templeton Allocation VIP Fund Class 2 Sub-Account (FE6) (1)

Franklin Templeton Allocation VIP Fund Class 4 Sub-Account (S18) (1)

Franklin Templeton Global Bond VIP Fund Class 4 Sub-Account (T59) (1)

Franklin Templeton Growth VIP Fund Class 2 Sub-Account (F56) (1)

Franklin Templeton Income VIP Fund Class 2 Sub-Account (F59) (1)

Franklin Templeton Income VIP Fund Class 4 Sub-Account (FF0) (1)

Franklin Templeton Mutual Shares VIP Fund Class 2 Sub-Account (F54) (1)

Franklin Templeton Mutual Shares VIP Fund Class 4 Sub-Account (FG8) (1)

Franklin Templeton Rising Dividends VIP Fund Class 4 Sub-Account (S21) (1)

Franklin Templeton Small Cap Value VIP Fund Class 2 Sub-Account (F53) (1)

Franklin Templeton Small Cap Value VIP Fund Class 4 Sub-Account (FJ9) (1)

Franklin Templeton Strategic Income VIP Fund Class 2 Sub-Account (T28) (1)

Franklin Templeton Strategic Income VIP Fund Class 4 Sub-Account (FJ0) (1)

Goldman Sachs VIT U.S. Equity Insights Fund – Service Class Sub-Account (G03) (1)

Invesco V.I. American Value Fund Series II Sub-Account (V35) (1)

Invesco V.I. Comstock Fund Series II Sub-Account (V13) (1)

Invesco V.I. Core Plus Bond Fund - Series II Sub-Account (AB3) (1)

Invesco V.I. Equity and Income Fund Series II Sub-Account (V11) (1)

Invesco V.I. EQV International Equity Fund Series II Sub-Account (AC1) (1)

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Invesco V.I. Discovery Mid Cap Growth Fund Series II Sub-Account (V17) (1)

Invesco V.I. Diversified Dividend Fund Series II Sub-Account (V19) (1)

Invesco V.I. Equally-Weighted S&P 500 Sub-Account (V20) (1)

Janus Henderson VIT Balanced Portfolio Service Shares Sub-Account (MV1) (1)

Janus Henderson VIT Enterprise Portfolio Service Shares Sub-Account (MV2) (1)

Janus Henderson VIT Global Tech & Innovation Portfolio Service Shares Sub-Account (MV3) (1)

Janus Henderson VIT Mid Cap Value Portfolio Service Shares Sub-Account (MV4) (1)

LVIP JPMorgan Core Bond Fund Service Class Sub-Account (J88) (1)

JPMorgan Insurance Trust Global Allocation Portfolio Sub-Account (JF1) (2)

JPMorgan Insurance Trust Income Builder - Class 2 Sub-Account (JF0) (2)

LVIP JPMorgan U.S. Equity Fund Service Class Sub-Account (J94) (1)

Lazard Retirement Emerging Markets Equity Portfolio Service Class Sub-Account (L11) (1)

Lazard Retirement Global Dynamic Multi Asset Portfolio Sub-Account (L42) (1)

Lord Abbett Series Fund - Bonds-Debenture Portfolio Sub-Account (L16) (1)

Lord Abbett Series Fund - Growth Opportunities Portfolio VC Sub-Account (L18) (1)

Lord Abbett Series Fund- Fundamental Equity Portfolio VC Sub-Account (L17) (1)

Lord Abbett Series Short Duration Income Portfolio VC Sub-Account (L19) (1)

MFS VIT Total Return Series Initial Class Sub-Account (M07) (1)

MFS VIT Total Return Series Service Class Sub-Account (M35) (1)

MFS VIT I Growth Series Initial Class Sub-Account (M31) (1)

MFS VIT I Growth Series Service Class Sub-Account (M80) (1)

MFS VIT I Investors Trust Series - Service Class Sub-Account (M10) (1)

MFS VIT I Mid Cap Growth Series Initial Class Sub-Account (MF1) (1)

MFS VIT I Mid Cap Growth Series Service Class Sub-Account (M41) (1)

MFS VIT I New Discovery Series Initial Class Sub-Account (M05) (1)

MFS VIT I New Discovery Series Service Class Sub-Account (M42) (1)

MFS VIT I Total Return Bond Series Service Class Sub-Account (M89) (1)

MFS VIT I Research Series Service Class Sub-Account (M82) (1)

MFS VIT I Utilities Series Initial Class Sub-Account (M44) (1)

MFS VIT I Utilities Series Service Class Sub-Account (M40) (1)

MFS VIT I Value Series Initial Class Sub-Account (M83) (1)

MFS VIT I Value Series Service Class Sub-Account (M08) (1)

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

- 4 -

MFS VIT II Blended Research Core Equity Portfolio S Class Sub-Account (MB7) (1)

MFS VIT II Corporate Bond Portfolio I Class Sub-Account (MC0) (1)

MFS VIT II Corporate Bond Portfolio S Class Sub-Account (MA0) (1)

MFS VIT II Core Equity Portfolio I Class Sub-Account (MC2) (1)

MFS VIT II Core Equity Portfolio S Class Sub-Account (MC1) (1)

MFS VIT II Emerging Markets Equity Portfolio I Class Sub-Account (MC3) (1)

MFS VIT II Emerging Markets Equity Portfolio S Class Sub-Account (MA1) (1)

MFS VIT II Global Governments Portfolio I Class Sub-Account (MC4) (1)

MFS VIT II Global Governments Portfolio S Class Sub-Account (MC5) (1)

MFS VIT II Global Growth Portfolio I Class Sub-Account (MC6) (1)

MFS VIT II Global Growth Portfolio S Class Sub-Account (MC7) (1)

MFS VIT II Global Research Portfolio I Class Sub-Account (MC8) (1)

MFS VIT II Global Research Portfolio S Class Sub-Account (MC9) (1)

MFS VIT II Global Tactical Allocation Portfolio I Class Sub-Account (MD0) (1)

MFS VIT II Global Tactical Allocation Portfolio S Class Sub-Account (M92) (1)

MFS VIT II Government Securities Portfolio I Class Sub-Account (M96) (1)

MFS VIT II Government Securities Portfolio S Class Sub-Account (MD2) (1)

MFS VIT II High Yield Portfolio I Class Sub-Account (MA6) (1)

MFS VIT II High Yield Portfolio Service Class Sub-Account (MA3) (1)

MFS VIT II International Growth Portfolio I Class Sub-Account (M97) (1)

MFS VIT II International Growth Portfolio S Class Sub-Account (MD5) (1)

MFS VIT II International Intrinsic Value Portfolio Initial Class Sub-Account (M98) (1)

MFS VIT II International Intrinsic Value Portfolio Service Class Sub-Account (M93) (1)

MFS VIT II Massachusetts Investors Growth Stock Portfolio I Class Sub-Account (MD6) (1)

MFS VIT II Massachusetts Investors Growth Stock Portfolio S Class Sub-Account (MB3) (1)

MFS U.S. Government Money Market Portfolio Initial Class Sub-Account (MD8) (1)

MFS U.S. Government Money Market Portfolio Service Class Sub-Account (MD9) (1)

MFS VIT II Research International Portfolio I Class Sub-Account (ME2) (1)

MFS VIT II Research International Portfolio S Class Sub-Account (ME3) (1)

MFS VIT II Income Portfolio I Class Sub-Account (MA5) (1)

MFS VIT II Income Portfolio S Class Sub-Account (MA7) (1)

MFS VIT II Technology Portfolio I Class Sub-Account (ME4) (1)

MFS VIT II Technology Portfolio S Class Sub-Account (MA2) (1)

- 5 -

MFS VIT III Blended Research Small Cap Equity Portfolio Service Class Sub-Account (MF3) (1)

MFS VIT III Conservative Allocation Portfolio Service Class Sub-Account (MF5) (1)

MFS VIT III Global Real Estate Portfolio Initial Class Sub-Account (MF6) (1)

MFS VIT III Global Real Estate Portfolio Service Class Sub-Account (MF7) (1)

MFS VIT III Growth Allocation Portfolio Service Class Sub-Account (MF9) (1)

MFS VIT III Inflation Adjusted Bond Portfolio Service Class Sub-Account (MG1) (1)

MFS VIT III Limited Maturity Portfolio Initial Class Sub-Account (MF2) (1)

MFS VIT III Limited Maturity Portfolio Service Class Sub-Account (MG2) (1)

MFS VIT III Mid Cap Value Portfolio Initial Class Sub-Account (MG3) (1)

MFS VIT III Mid Cap Value Portfolio Service Class Sub-Account (MG4) (1)

MFS VIT III Moderate Allocation Portfolio Service Class Sub-Account (MG6) (1)

MFS VIT III New Discovery Value Portfolio Service Class Sub-Account (MG7) (1)

Morgan Stanley Variable Insurance Fund, Inc. Core Plus Fixed Income Portfolio Class II Sub-Account (V46) (2)

Morgan Stanley Variable Insurance Fund, Inc. Global Franchise Portfolio, Class II Sub-Account (V45) (2)

Morgan Stanley Variable Insurance Fund, Inc. Global Infrastructure - Class II Sub-Account (U43) (1)

Morgan Stanley Variable Insurance Fund, Inc. Global Strategist Portfolio, Class II Sub-Account (U41) (1)

Morgan Stanley Variable Insurance Fund, Inc. Growth Portfolio Class II Sub-Account (V44) (1)

Morgan Stanley Variable Insurance Fund, Inc. Discovery Portfolio Class II Sub-Account (V43) (1)

Invesco V.I. Capital Appreciation Fund, Series II Sub-Account (O19) (1)

Invesco V.I. Conservative Balanced Fund, Series II Sub-Account (O23) (1)

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

Invesco V.I. Main Street Fund, Series II Sub-Account (O21) (1)

Invesco V.I. Main Street Small Cap Fund, Series II Sub-Account (O04) (1)

PIMCO VIT StocksPLUS Global Portfolio Advisor Class Sub-Account (PH2) (1)

PIMCO VIT All Asset Portfolio Admin Class Sub-Account (P08) (1)

PIMCO VIT All Asset Portfolio Advisor Class Sub-Account (PC0) (1)

PIMCO VIT CommodityRealReturn Strategy Portfolio Advisor Class Sub-Account (P70) (1)

PIMCO VIT CommodityRealReturnTM Strategy Portfolio Admin Class Sub-Account (P10) (1)

PIMCO VIT Emerging Markets Bond Portfolio Admin Class Sub-Account (PK8) (1)

PIMCO VIT Emerging Markets Bond Portfolio Advisor Class Sub-Account (P20) (1)

PIMCO VIT International Bond Portfolio (U.S. Dollar-Hedged) Advisor Class Sub-Account (PM5) (1)

PIMCO VIT Global Managed Asset Allocation Portfolio Advisor Class Sub-Account (PD6) (1)

PIMCO VIT Real Return Portfolio Admin Class Sub-Account (P06) (1)

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PIMCO VIT Total Return Portfolio Admin Class Sub-Account (P07) (1)

PIMCO VIT Total Return Portfolio - Advisor Class Sub-Account (P68) (1)

Putnam VT Multi-Asset Absolute Return Fund Class IB Sub-Account (PI3) (2)

Putnam VT Large Cap Value Fund Class IB Sub-Account (P72) (1)

Putnam VT George Putnam Balanced Fund - Class IB Sub-Account (P88) (1)

Putnam VT Global Asset Allocation Fund - Class IB Sub-Account (P93) (1)

Putnam VT Global Health Care Fund - Class IB Sub-Account (P89) (1)

Putnam VT Income Fund - Class IB Sub-Account (P95) (1)

Putnam VT Research Fund - Class IB Sub-Account (P79) (1)

Putnam VT Sustainable Future Fund Class IB Sub-Account (P80) (1)

Putnam VT Sustainable Leaders Fund Class IB Sub-Account (P81) (1)

T. Rowe Price Blue Chip Growth Portfolio II Sub-Account (TBD) (1)

T. Rowe Price Equity Income Portfolio II Sub-Account (TBE) (1)

T. Rowe Price Health Sciences Portfolio II Sub-Account (TBF) (1)

TOPS Aggressive Growth ETF Portfolio Sub-Account (TP1) (1)

TOPS Balanced ETF Portfolio Sub-Account (TP2) (1)

TOPS Conservative ETF Portfolio Sub-Account (TP3) (1)

TOPS Growth ETF Portfolio Sub-Account (TP4) (1)

TOPS Moderate Growth ETF Portfolio Sub-Account (TP5) (1)

Wanger Select Fund Sub-Account (W41) (2)

Wanger Acorn Sub-Account (W42) (1)

Western Asset Variable Core Bond Plus II Sub-Account (W50) (1)

(1) Statement of assets and liabilities as of December 31, 2024, the related statement of operations for the year or period then ended, the statements of changes in net assets for each of the years in the two-year period then ended, and the financial highlights for each of the years in the four-year period then ended. Financial highlights for the year or period ended on December 31, 2020 were audited by other independent registered public accountants.

(2) Statement of assets and liabilities as of December 31, 2024, and the related statement of changes in net assets for the year or period ended December 31, 2023.

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DELAWARE LIFE VARIABLE ACCOUNT F - REGATTA

(A Separate Account of Delaware Life Insurance Company)

STATEMENT OF ASSETS AND LIABILITIES

DECEMBER 31, 2024

			Assets								Liabilities
	Shares		Cost		Investments at fair value		Receivable from Sponsor		Total assets		Payable to Sponsor		Net Assets
AB VPS Balanced Hedged Allocation Portfolio (Class B) Sub-Account (AL1)		2,812,430	$	26,495,395	$	25,339,998	$	—	$	25,339,998	$	—	$	25,339,998
AB VPS Dynamic Asset Allocation Portfolio Class B Sub-Account (AO5)		4,510,530		45,902,531		43,842,350		—		43,842,350		—		43,842,350
AB VPS Relative Value Portfolio Class B Sub-Account (A71)		30,954		947,758		955,560		—		955,560		—		955,560
AB VPS Sustainable International Thematic Portfolio (Class B) Sub-Account (AM2) ¹		—		—		—		—		—		—		—
AB VPS International Value Portfolio (Class B) Sub-Account (A98)		1,148,880		15,224,783		17,302,130		7,172		17,309,302		—		17,309,302
AB VPS Large Cap Growth (Class B) Sub-Account (AC4)		238,197		16,772,782		18,989,091		—		18,989,091		—		18,989,091
AB VPS Small Cap Growth Portfolio Class B Sub-Account (A19)		711,486		6,213,643		6,716,430		—		6,716,430		—		6,716,430
AB VPS Discovery Value Portfolio (Class B) Sub-Account (A74)		815,270		14,422,685		14,691,163		2,524		14,693,687		—		14,693,687
American Funds Growth Fund - Class 4 Sub-Account (AP0)		532,509		53,069,265		65,168,401		—		65,168,401		—		65,168,401
American Funds Growth-Income Fund - Class 4 Sub-Account (AQ1)		458,394		26,612,460		30,776,571		—		30,776,571		—		30,776,571
American Funds International Fund - Class 4 Sub-Account (AQ2)		329,082		5,947,247		5,745,785		—		5,745,785		—		5,745,785
American Funds IS Asset Allocation - Class 4 Sub-Account (AS3)		4,482,599		108,847,440		113,902,844		—		113,902,844		—		113,902,844
American Funds IS Global Growth - Class 4 Sub-Account (AS6)		441,537		15,833,838		15,864,429		—		15,864,429		—		15,864,429
American Funds New World Fund - Class 4 Sub-Account (AQ3)		132,084		3,566,057		3,447,370		—		3,447,370		—		3,447,370
AFIS-American Funds Global Balanced Fund Class 4 Sub-Account (AX1)		1,146,648		14,282,469		14,516,563		—		14,516,563		—		14,516,563
BlackRock 60/40 Target Allocation ETF VI Fund Class III Sub-Account (B21)		1,351,648		17,894,051		18,287,797		—		18,287,797		—		18,287,797
BlackRock Capital Appreciation V.I. Fund Class III Sub-Account (B19)		1,125,036		9,256,589		7,864,002		—		7,864,002		—		7,864,002
BlackRock Equity Dividend V.I. Fund Class III Sub-Account (B20)		208,707		2,277,257		2,195,595		—		2,195,595		—		2,195,595
BlackRock Global Allocation V.I. Fund (Class III) Sub-Account (B18)		19,833,294		280,270,346		255,651,159		102,526		255,753,685		—		255,753,685
BlackRock Large Cap Growth Equity V.I. Fund Class III Sub Account (B22)		91,750		1,635,868		2,050,623		—		2,050,623		—		2,050,623
BlackRock Total Return V.I.Fund Class III Sub-Account (B23)		126,942		1,291,180		1,244,028		—		1,244,028		—		1,244,028
ClearBridge Variable Mid Cap Portfolio - Class II Sub-Account (L33)		145,433		3,378,657		3,512,207		—		3,512,207		—		3,512,207
ClearBridge Variable Appreciation Portfolio Class II Sub-Account (L34)		18,074		1,061,252		1,146,094		—		1,146,094		—		1,146,094
ClearBridge Variable Dividend Strategy Portfolio Class II Sub-Account (L35)		85,138		1,934,596		1,816,003		—		1,816,003		—		1,816,003
Columbia Variable Portfolio - Small Cap Value Fund Class 2 Sub-Account (C71)		706		8,876		9,351		—		9,351		—		9,351
Columbia Variable Portfolio - Large Cap Growth Fund Class 1 Sub-Account (C59)		753		33,830		36,878		—		36,878		—		36,878
Columbia Variable Portfolio - Large Cap Growth Fund Class 2 Sub-Account (C60)		896,859		23,760,680		42,322,792		25,444		42,348,236		—		42,348,236
CTIVP - Principal Blue Chip Growth Fund Class 1 Sub-Account (C89)		2,381		131,546		170,610		—		170,610		—		170,610
CTIVP - Principal Blue Chip Growth Fund Class 2 Sub-Account (C90)		193,834		7,546,594		13,395,867		8,489		13,404,356		—		13,404,356
Columbia Variable Portfolio - Overseas Core Fund Class 2 Sub-Account (C58)		221,543		2,732,006		2,897,782		—		2,897,782		—		2,897,782
Columbia Variable Portfolio Select Large Cap Value- Class 2 Sub-Account (C91)		167,136		5,933,185		7,044,786		—		7,044,786		—		7,044,786
Columbia VP Balanced Fund Class 2 Sub-Account (C92)		431,364		17,843,714		20,545,869		—		20,545,869		—		20,545,869
Fidelity VIP Balanced Portfolio (Service Class 2) Sub-Account (FD7)		3,628,140		74,026,230		85,950,632		717		85,951,349		—		85,951,349
Fidelity VIP Contrafund Portfolio (Service Class 2) Sub-Account (F24)		1,941,127		86,559,211		107,732,557		44,661		107,777,218		—		107,777,218
Fidelity VIP Freedom 2010 Portfolio (Service Class 2) Sub-Account (F88)		100,809		1,232,359		1,148,220		—		1,148,220		—		1,148,220
Fidelity VIP Freedom 2015 Portfolio (Service Class 2) Sub-Account (FB9)		557,579		6,948,561		6,350,819		—		6,350,819		—		6,350,819
Fidelity VIP Freedom 2020 Portfolio (Service Class 2) Sub-Account (F15)		799,741		10,538,144		10,068,741		—		10,068,741		6		10,068,735
Fidelity VIP Mid Cap Portfolio (Service Class 2) Sub-Account (F41)		1,411,116		45,614,295		50,066,402		84,363		50,150,765		—		50,150,765
First Eagle Overseas Variable Fund Sub-Account (FE3)		6,001,908		142,800,572		140,504,657		95,958		140,600,615		—		140,600,615
First Trust Capital Strength VIT Portfolio Class I Sub-Account (F17)		162,077		2,115,959		2,259,352		—		2,259,352		—		2,259,352
First Trust International Developed Capital Strength VIT Portfolio Class I Sub-Account (F18)		62,917		743,408		770,101		—		770,101		—		770,101
First Trust/Dow Jones Div&Inc Alloc Port - Class 1 Sub-Account (F19)		727,461		9,688,557		9,878,915		—		9,878,915		—		9,878,915
Franklin Multi-Asset Variable Conservative Growth Fund Class II Sub-Account (L36)		64,570		897,943		976,937		—		976,937		—		976,937
Franklin Templeton Developing Markets VIP Fund Class 2 Sub-Account (T21)		1,522,991		13,929,983		12,869,274		473		12,869,747		—		12,869,747
Franklin Templeton Developing Markets VIP Fund Class 4 Sub-Account (S23)		79,342		672,700		675,997		—		675,997		—		675,997
Franklin Templeton Foreign VIP Fund Class 2 Sub-Account (T20)		3,389,443		42,724,505		46,638,734		—		46,638,734		10,637		46,628,097
Franklin Templeton Allocation VIP Fund Class 2 Sub-Account (FE6)		3,144,379		16,053,847		16,476,547		—		16,476,547		—		16,476,547
Franklin Templeton Allocation VIP Fund Class 4 Sub-Account (S18)		545,405		2,757,085		2,972,459		—		2,972,459		—		2,972,459
Franklin Templeton Global Bond VIP Fund Class 4 Sub-Account (T59)		138,969		1,915,667		1,616,208		460		1,616,668		—		1,616,668
Franklin Templeton Growth VIP Fund Class 2 Sub-Account (F56)		760,176		7,919,534		9,486,997		226		9,487,223		—		9,487,223
Franklin Templeton Income VIP Fund Class 2 Sub-Account (F59)		2,344,586		33,972,299		33,668,253		995		33,669,248		—		33,669,248
Franklin Templeton Income VIP Fund Class 4 Sub-Account (FF0)		1,784,325		26,824,105		26,515,062		—		26,515,062		—		26,515,062
Franklin Templeton Mutual Shares VIP Fund Class 2 Sub-Account (F54)		5,141,794		77,317,400		84,274,007		4,954		84,278,961		—		84,278,961
Franklin Templeton Mutual Shares VIP Fund Class 4 Sub-Account (FG8)		77,957		1,215,905		1,294,869		—		1,294,869		—		1,294,869
Franklin Templeton Rising Dividends VIP Fund Class 4 Sub-Account (S21)		188,155		5,193,167		5,289,024		—		5,289,024		—		5,289,024
Franklin Templeton Small Cap Value VIP Fund Class 2 Sub-Account (F53)		989,844		12,684,396		14,174,573		573		14,175,146		—		14,175,146
Franklin Templeton Small Cap Value VIP Fund Class 4 Sub-Account (FJ9)		210,385		2,943,559		3,155,776		—		3,155,776		—		3,155,776

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)

STATEMENT OF ASSETS AND LIABILITIES (CONTINUED)

DECEMBER 31, 2024

			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)		708,860	$	6,863,657	$	6,344,298	$	543	$	6,344,841	$	—	$	6,344,841
Franklin Templeton Strategic Income VIP Fund Class 4 Sub-Account (FJ0)		5,216		53,967		48,351		—		48,351		—		48,351
Goldman Sachs VIT U.S. Equity Insights Fund - Service Class Sub-Account (G03)		146,115		3,128,994		3,199,938		—		3,199,938		—		3,199,938
Invesco V.I. American Value Fund Series II Sub-Account (V35)		194,531		2,799,488		3,371,224		645		3,371,869		—		3,371,869
Invesco V.I. Comstock Fund Series II Sub-Account (V13)		786,796		13,414,012		16,215,864		—		16,215,864		193		16,215,671
Invesco V.I. Core Plus Bond Fund - Series II Sub-Account (AB3)		374,908		2,273,584		2,106,986		—		2,106,986		—		2,106,986
Invesco V.I. Equity and Income Fund Series II Sub-Account (V11)		6,481,407		107,434,595		112,322,776		37,862		112,360,638		—		112,360,638
Invesco V.I. EQV International Equity Fund Series II Sub-Account (AC1)		41,848		1,371,899		1,376,389		—		1,376,389		1		1,376,388
Invesco V.I. Discovery Mid Cap Growth Fund Series II Sub-Account (V17)		73,620		4,326,545		4,927,405		—		4,927,405		—		4,927,405
Invesco V.I. Diversified Dividend Fund Series II Sub-Account (V19)		41,077		1,017,039		1,051,576		—		1,051,576		—		1,051,576
Invesco V.I. Equally-Weighted S&P 500 Sub-Account (V20)		376,406		9,797,883		10,249,524		—		10,249,524		—		10,249,524
Janus Henderson VIT Balanced Portfolio Service Shares Sub-Account (MV1)		2,308,367		110,780,590		125,552,075		—		125,552,075		—		125,552,075
Janus Henderson VIT Enterprise Portfolio Service Shares Sub-Account (MV2)		72,613		5,065,112		5,425,622		—		5,425,622		—		5,425,622
Janus Henderson VIT Global Tech & Innovation Portfolio Service Shares Sub-Account (MV3)		527,955		8,033,132		11,171,524		—		11,171,524		—		11,171,524
Janus Henderson VIT Mid Cap Value Portfolio Service Shares Sub-Account (MV4)		91,636		1,493,199		1,620,126		—		1,620,126		—		1,620,126
LVIP JPMorgan Core Bond Fund Service Class Sub-Account (J88)		3,201,553		33,717,528		30,334,718		—		30,334,718		—		30,334,718
JPMorgan Insurance Trust Global Allocation Portfolio Sub-Account (JF1) ²		—		—		—		—		—		—		—
JPMorgan Insurance Trust Income Builder - Class 2 Sub-Account (JF0) ²		—		—		—		—		—		—		—
LVIP JPMorgan U.S. Equity Fund Service Class Sub-Account (J94)		318,213		11,354,753		13,889,344		—		13,889,344		—		13,889,344
Lazard Retirement Emerging Markets Equity Portfolio Service Class Sub-Account (L11)		863,772		15,842,995		18,700,667		3,577		18,704,244		—		18,704,244
Lazard Retirement Global Dynamic Multi Asset Portfolio Sub-Account (L42)		31,224		397,091		406,220		—		406,220		—		406,220
Lord Abbett Series Fund - Bonds-Debenture Portfolio Sub-Account (L16)		519,733		5,803,785		5,405,225		—		5,405,225		—		5,405,225
Lord Abbett Series Fund - Growth Opportunities Portfolio VC Sub-Account (L18)		1,203,504		12,596,833		14,020,826		—		14,020,826		556		14,020,270
Lord Abbett Series Fund- Fundamental Equity Portfolio VC Sub-Account (L17)		1,203,636		18,270,772		22,110,799		327		22,111,126		—		22,111,126
Lord Abbett Series Short Duration Income Portfolio VC Sub-Account (L19)		147,142		1,981,145		1,926,084		—		1,926,084		—		1,926,084
MFS VIT Total Return Series Initial Class Sub-Account (M07)		9,350,457		220,614,314		217,585,124		—		217,585,124		771,274		216,813,850
MFS VIT Total Return Series Service Class Sub-Account (M35)		8,271,184		191,318,362		187,259,584		144,468		187,404,052		—		187,404,052
MFS VIT I Growth Series Initial Class Sub-Account (M31)		2,074,397		123,291,553		152,074,056		350,106		152,424,162		—		152,424,162
MFS VIT I Growth Series Service Class Sub-Account (M80)		357,421		20,583,171		23,975,764		46,397		24,022,161		—		24,022,161
MFS VIT I Investors Trust Series - Service Class Sub-Account (M10)		7,274		264,899		282,869		—		282,869		—		282,869
MFS VIT I Mid Cap Growth Series Initial Class Sub-Account (MF1)		1,915,135		18,397,752		17,619,240		13,722		17,632,962		—		17,632,962
MFS VIT I Mid Cap Growth Series Service Class Sub-Account (M41)		3,422,979		28,082,279		26,904,621		7,552		26,912,173		—		26,912,173
MFS VIT I New Discovery Series Initial Class Sub-Account (M05)		2,299,751		38,137,336		31,759,566		11,816		31,771,382		—		31,771,382
MFS VIT I New Discovery Series Service Class Sub-Account (M42)		2,483,946		28,931,521		26,702,424		—		26,702,424		5,336		26,697,088
MFS VIT I Total Return Bond Series Service Class Sub-Account (M89)		23,286,097		295,474,840		262,434,312		53,990		262,488,302		—		262,488,302
MFS VIT I Research Series Service Class Sub-Account (M82)		2,386,552		70,154,968		83,075,858		5,786		83,081,644		—		83,081,644
MFS VIT I Utilities Series Initial Class Sub-Account (M44)		1,851,126		59,756,625		63,345,540		76,171		63,421,711		—		63,421,711
MFS VIT I Utilities Series Service Class Sub-Account (M40)		972,811		31,519,049		32,511,338		93,955		32,605,293		—		32,605,293
MFS VIT I Value Series Initial Class Sub-Account (M83)		7,113,643		143,389,746		153,868,101		72,668		153,940,769		—		153,940,769
MFS VIT I Value Series Service Class Sub-Account (M08)		3,510,255		68,448,207		73,750,440		52,287		73,802,727		—		73,802,727
MFS VIT II Blended Research Core Equity Portfolio I Class Sub-Account (MB6)		3,596,594		192,781,438		230,865,345		—		230,865,345		129,509		230,735,836
MFS VIT II Blended Research Core Equity Portfolio S Class Sub-Account (MB7)		644,950		34,511,227		40,754,364		43,659		40,798,023		—		40,798,023
MFS VIT II Corporate Bond Portfolio I Class Sub-Account (MC0)		2,802,069		30,968,827		26,395,486		5,311		26,400,797		—		26,400,797

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)

STATEMENT OF ASSETS AND LIABILITIES (CONTINUED)

DECEMBER 31, 2024

			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)		7,847,500	$	84,160,509	$	72,746,330	$	6,067	$	72,752,397	$	—	$	72,752,397
MFS VIT II Core Equity Portfolio I Class Sub-Account (MC2)		2,829,274		72,895,059		89,433,342		11,090		89,444,432		—		89,444,432
MFS VIT II Core Equity Portfolio S Class Sub-Account (MC1)		1,504,349		39,912,739		46,619,774		—		46,619,774		9,548		46,610,226
MFS VIT II Emerging Markets Equity Portfolio I Class Sub-Account (MC3)		641,362		9,177,531		8,709,693		3,477		8,713,170		—		8,713,170
MFS VIT II Emerging Markets Equity Portfolio S Class Sub-Account (MA1)		713,226		9,701,391		9,507,304		230		9,507,534		—		9,507,534
MFS VIT II Global Governments Portfolio I Class Sub-Account (MC4)		485,436		4,978,387		4,082,513		923		4,083,436		—		4,083,436
MFS VIT II Global Governments Portfolio S Class Sub-Account (MC5)		65,292		633,183		535,394		—		535,394		—		535,394
MFS VIT II Global Growth Portfolio I Class Sub-Account (MC6)		1,335,849		36,213,022		37,056,452		49,464		37,105,916		—		37,105,916
MFS VIT II Global Growth Portfolio S Class Sub-Account (MC7)		341,619		9,450,916		9,387,710		—		9,387,710		4,030		9,383,680
MFS VIT II Global Research Portfolio I Class Sub-Account (MC8)		1,873,221		56,400,594		64,401,345		234,635		64,635,980		—		64,635,980
MFS VIT II Global Research Portfolio S Class Sub-Account (MC9)		93,910		2,748,365		3,209,835		—		3,209,835		4,062		3,205,773
MFS VIT II Global Tactical Allocation Portfolio I Class Sub-Account (MD0)		1,628,712		24,030,831		23,013,706		103,440		23,117,146		—		23,117,146
MFS VIT II Global Tactical Allocation Portfolio S Class Sub-Account (M92)		21,405,257		311,074,696		295,820,649		116,929		295,937,578		—		295,937,578
MFS VIT II Government Securities Portfolio I Class Sub-Account (M96)		3,981,773		47,477,531		42,087,336		8,925		42,096,261		—		42,096,261
MFS VIT II Government Securities Portfolio S Class Sub-Account (MD2)		9,045,493		107,590,253		95,158,581		—		95,158,581		2,048		95,156,533
MFS VIT II High Yield Portfolio I Class Sub-Account (MA6)		5,281,785		28,119,494		26,514,560		61,355		26,575,915		—		26,575,915
MFS VIT II High Yield Portfolio Service Class Sub-Account (MA3)		4,202,653		22,152,736		20,803,134		—		20,803,134		19,580		20,783,554
MFS VIT II International Growth Portfolio I Class Sub-Account (M97)		1,569,505		22,334,089		24,782,485		18,475		24,800,960		—		24,800,960
MFS VIT II International Growth Portfolio S Class Sub-Account (MD5)		627,630		8,769,184		9,740,810		6,016		9,746,826		—		9,746,826
MFS VIT II International Intrinsic Value Portfolio Initial Class Sub-Account (M98)		834,180		23,224,445		24,850,213		14,799		24,865,012		—		24,865,012
MFS VIT II International Intrinsic Value Portfolio Service Class Sub-Account (M93)		1,745,478		50,592,769		50,915,603		—		50,915,603		4,698		50,910,905
MFS VIT II Massachusetts Investors Growth Stock Portfolio I Class Sub-Account (MD6)		11,975,884		258,813,198		286,822,411		942,005		287,764,416		—		287,764,416
MFS VIT II Massachusetts Investors Growth Stock Portfolio S Class Sub-Account (MB3)		1,226,163		25,987,078		28,606,387		—		28,606,387		14,012		28,592,375
MFS U.S. Government Money Market Portfolio Initial Class Sub-Account (MD8)		34,145,956		34,145,956		34,145,956		—		34,145,956		16,747		34,129,209
MFS U.S. Government Money Market Portfolio Service Class Sub-Account (MD9)		93,399,184		93,399,184		93,399,184		—		93,399,184		7,250		93,391,934
MFS VIT II Research International Portfolio I Class Sub-Account (ME2)		796,327		12,687,252		13,641,081		1,920		13,643,001		—		13,643,001
MFS VIT II Research International Portfolio S Class Sub-Account (ME3)		1,455,185		23,111,853		24,534,414		—		24,534,414		653		24,533,761
MFS VIT II Income Portfolio I Class Sub-Account (MA5)		1,986,676		18,566,316		16,509,277		84,077		16,593,354		—		16,593,354
MFS VIT II Income Portfolio S Class Sub-Account (MA7)		255,626		2,424,076		2,106,358		—		2,106,358		2,660		2,103,698
MFS VIT II Technology Portfolio I Class Sub-Account (ME4)		535,821		12,360,317		22,086,532		43,499		22,130,031		—		22,130,031
MFS VIT II Technology Portfolio S Class Sub-Account (MA2)		504,783		13,627,810		19,085,832		—		19,085,832		—		19,085,832

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)

STATEMENT OF ASSETS AND LIABILITIES (CONTINUED)

DECEMBER 31, 2024

			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)		3,946,401		36,507,889		38,556,340	$	8,028	$	38,564,368	$	—	$	38,564,368
MFS VIT III Conservative Allocation Portfolio Service Class Sub-Account (MF5)		24,196,263		258,470,524		233,735,893		63,174		233,799,067		—		233,799,067
MFS VIT III Global Real Estate Portfolio Initial Class Sub-Account (MF6)		77,212		1,043,813		962,833		—		962,833		2,018		960,815
MFS VIT III Global Real Estate Portfolio Service Class Sub-Account (MF7)		2,178,400		35,186,581		33,198,808		1,159		33,199,967		—		33,199,967
MFS VIT III Growth Allocation Portfolio Service Class Sub-Account (MF9)		22,227,125		241,053,509		225,827,585		361,499		226,189,084		—		226,189,084
MFS VIT III Inflation Adjusted Bond Portfolio Service Class Sub-Account (MG1)		8,922,649		86,218,275		67,990,586		42,194		68,032,780		—		68,032,780
MFS VIT III Limited Maturity Portfolio Initial Class Sub-Account (MF2)		12,179,526		124,329,855		123,013,213		—		123,013,213		18,323		122,994,890
MFS VIT III Limited Maturity Portfolio Service Class Sub-Account (MG2)		6,882,133		70,180,464		69,578,368		2,171		69,580,539		—		69,580,539
MFS VIT III Mid Cap Value Portfolio Initial Class Sub-Account (MG3)		1,614,355		13,267,276		17,096,020		—		17,096,020		2,015		17,094,005
MFS VIT III Mid Cap Value Portfolio Service Class Sub-Account (MG4)		1,533,685		12,628,013		15,980,998		571		15,981,569		—		15,981,569
MFS VIT III Moderate Allocation Portfolio Service Class Sub-Account (MG6)		73,497,398		891,575,074		821,700,908		—		821,700,908		610,233		821,090,675
MFS VIT III New Discovery Value Portfolio Service Class Sub-Account (MG7)		1,137,204		9,702,535		9,131,747		513		9,132,260		—		9,132,260
Morgan Stanley Variable Insurance Fund, Inc. Core Plus Fixed Income Portfolio Class II Sub-Account (V46) ²		—		—		—		—		—		—		—
Morgan Stanley Variable Insurance Fund, Inc. Global Franchise Portfolio, Class II Sub-Account (V45) ²		—		—		—		—		—		—		—
Morgan Stanley Variable Insurance Fund, Inc. Global Infrastructure - Class II Sub-Account (U43) ¹		—		—		—		—		—		—		—
Morgan Stanley Variable Insurance Fund, Inc. Global Strategist Portfolio, Class II Sub-Account (U41)		372,702		3,278,451		3,399,049		—		3,399,049		—		3,399,049
Morgan Stanley Variable Insurance Fund, Inc. Growth Portfolio Class II Sub-Account (V44)		2,115,787		18,321,822		31,334,793		—		31,334,793		—		31,334,793
Morgan Stanley Variable Insurance Fund, Inc. Discovery Portfolio Class II Sub-Account (V43)		760,364		2,577,816		4,364,492		576		4,365,068		—		4,365,068
Invesco V.I. Capital Appreciation Fund, Series II Sub-Account (O19)		203,019		8,335,547		12,128,348		1,599		12,129,947		—		12,129,947
Invesco V.I. Conservative Balanced Fund, Series II Sub-Account (O23) ¹		—		—		—		—		—		—		—
Invesco V.I. Global Fund, Series II Sub-Account (O20)		236,091		8,753,529		9,127,291		620		9,127,911		—		9,127,911
Invesco V.I. Main Street Fund, Series II Sub-Account (O21)		4,835,179		84,221,689		95,784,896		—		95,784,896		26,586		95,758,310
Invesco V.I. Main Street Small Cap Fund, Series II Sub-Account (O04)		127,714		2,963,715		3,638,564		—		3,638,564		—		3,638,564
PIMCO VIT StocksPLUS Global Portfolio Advisor Class Sub-Account (PH2)		27,378		191,489		205,879		—		205,879		—		205,879
PIMCO VIT All Asset Portfolio Admin Class Sub-Account (P08)		1,341,101		13,208,372		11,788,282		—		11,788,282		—		11,788,282
PIMCO VIT All Asset Portfolio Advisor Class Sub-Account (PC0)		994,432		10,031,583		8,890,226		—		8,890,226		—		8,890,226
PIMCO VIT CommodityRealReturn Strategy Portfolio Advisor Class Sub-Account (P70)		567,254		3,943,995		3,153,931		—		3,153,931		—		3,153,931
PIMCO VIT CommodityRealReturnTM Strategy Portfolio Admin Class Sub-Account (P10)		2,691,769		17,569,026		14,670,139		38,216		14,708,355		—		14,708,355
PIMCO VIT Emerging Markets Bond Portfolio Admin Class Sub-Account (PK8)		433,763		5,133,430		4,615,237		1,423		4,616,660		—		4,616,660
PIMCO VIT Emerging Markets Bond Portfolio Advisor Class Sub-Account (P20)		8,693		104,575		92,496		—		92,496		—		92,496
PIMCO VIT International Bond Portfolio (U.S. Dollar-Hedged) Advisor Class Sub-Account (PM5)		79,762		804,600		797,622		—		797,622		—		797,622
PIMCO VIT Global Managed Asset Allocation Portfolio Advisor Class Sub-Account (PD6)		23,849,494		253,169,118		239,925,905		137,015		240,062,920		—		240,062,920
PIMCO VIT Real Return Portfolio Admin Class Sub-Account (P06)		1,685,261		21,321,524		19,397,357		607		19,397,964		—		19,397,964
PIMCO VIT Total Return Portfolio Admin Class Sub-Account (P07)		9,376,640		97,598,186		84,764,823		—		84,764,823		168		84,764,655
PIMCO VIT Total Return Portfolio - Advisor Class Sub-Account (P68)		626,587		6,338,999		5,664,341		—		5,664,341		—		5,664,341
Putnam VT Multi-Asset Absolute Return Fund Class IB Sub-Account (PI3) ²		—		—		—		—		—		—		—
Putnam VT Large Cap Value Fund Class IB Sub-Account (P72)		689,087		19,067,227		22,340,191		—		22,340,191		—		22,340,191
Putnam VT George Putnam Balanced Fund - Class IB Sub-Account (P88)		1,449,044		20,981,085		22,836,920		—		22,836,920		—		22,836,920
Putnam VT Global Asset Allocation Fund - Class IB Sub-Account (P93)		232,527		4,547,267		4,729,586		—		4,729,586		—		4,729,586
Putnam VT Global Health Care Fund - Class IB Sub-Account (P89)		205,366		3,368,076		3,220,141		—		3,220,141		—		3,220,141
Putnam VT Income Fund - Class IB Sub-Account (P95)		178,843		1,558,982		1,434,322		—		1,434,322		—		1,434,322
Putnam VT Research Fund - Class IB Sub-Account (P79)		121,758		4,037,576		5,279,434		—		5,279,434		—		5,279,434
Putnam VT Sustainable Future Fund Class IB Sub-Account (P80)		66,528		867,303		1,129,650		—		1,129,650		—		1,129,650
Putnam VT Sustainable Leaders Fund Class IB Sub-Account (P81)		28,428		1,113,674		1,373,078		—		1,373,078		—		1,373,078
T. Rowe Price Blue Chip Growth Portfolio II Sub-Account (TBD)		228,857		9,630,704		12,896,095		—		12,896,095		—		12,896,095
T. Rowe Price Equity Income Portfolio II Sub-Account (TBE)		166,258		4,823,862		4,691,811		—		4,691,811		—		4,691,811
T. Rowe Price Health Sciences Portfolio II Sub-Account (TBF)		139,477		7,389,370		6,641,889		—		6,641,889		—		6,641,889
TOPS Aggressive Growth ETF Portfolio Sub-Account (TP1)		203,355		4,050,311		4,528,713		—		4,528,713		—		4,528,713
TOPS Balanced ETF Portfolio Sub-Account (TP2)		174,615		2,448,988		2,603,511		—		2,603,511		—		2,603,511
TOPS Conservative ETF Portfolio Sub-Account (TP3)		248,398		3,159,809		3,249,046		—		3,249,046		—		3,249,046
TOPS Growth ETF Portfolio Sub-Account (TP4)		106,484		2,062,640		2,317,085		—		2,317,085		—		2,317,085
TOPS Moderate Growth ETF Portfolio Sub-Account (TP5)		834,026		12,378,523		13,519,563		—		13,519,563		—		13,519,563
Wanger Select Fund Sub-Account (W41) ²		—		—		—		—		—		—		—
Wanger Acorn Sub-Account (W42)		13,709		170,218		208,645		—		208,645		—		208,645
Western Asset Variable Core Bond Plus II Sub-Account (W50)		249,402		1,357,990		1,127,299		—		1,127,299		—		1,127,299

¹ This Sub-Account was closed in 2024 due to merger. Refer to Note 1 in the Variable Account’s Notes to the Financial Statements for more information.

² This Sub-Account was closed in 2023 due to liquidation. Refer to Note 11 in the Variable Account’s Notes to the Financial Statements for more information.

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)

STATEMENT OF ASSETS AND LIABILITIES (CONTINUED)

DECEMBER 31, 2024

	Total Units		Applicable to Owners of Deferred Variable Annuity Contracts Value		Reserve for Variable Annuities		Net Assets
AL1		1,520,850	$	25,339,998	$	—	$	25,339,998
AO5		3,137,878		43,842,350		—		43,842,350
A71		75,636		955,560		—		955,560
AM2		—		—		—		—
A98		2,122,788		17,194,970		114,332		17,309,302
AC4		1,138,213		18,989,091		—		18,989,091
A19		789,933		6,716,430		—		6,716,430
A74		829,981		14,656,492		37,195		14,693,687
AP0		4,069,562		65,168,401		—		65,168,401
AQ1		2,060,464		30,776,571		—		30,776,571
AQ2		636,143		5,745,785		—		5,745,785
AS3		9,304,787		113,902,844		—		113,902,844
AS6		1,315,042		15,864,429		—		15,864,429
AQ3		332,119		3,447,370		—		3,447,370
AX1		1,365,674		14,516,563		—		14,516,563
B21		1,649,507		18,287,797		—		18,287,797
B19		598,418		7,864,002		—		7,864,002
B20		186,705		2,195,595		—		2,195,595
B18		12,784,846		255,119,048		634,637		255,753,685
B22		155,259		2,050,623		—		2,050,623
B23		140,868		1,244,028		—		1,244,028
L33		335,739		3,512,207		—		3,512,207
L34		83,608		1,146,094		—		1,146,094
L35		134,609		1,816,003		—		1,816,003
C71		268		9,351		—		9,351
C59		1,077		36,878		—		36,878
C60		1,267,054		42,070,223		278,013		42,348,236
C89		5,697		170,610		—		170,610
C90		460,668		13,285,645		118,711		13,404,356
C58		213,971		2,897,782		—		2,897,782
C91		516,435		7,044,786		—		7,044,786
C92		1,746,417		20,545,869		—		20,545,869
FD7		2,785,018		85,786,664		164,685		85,951,349
F24		2,314,283		107,334,454		442,764		107,777,218
F88		62,749		1,148,220		—		1,148,220
FB9		315,442		6,350,819		—		6,350,819
F15		461,193		10,022,765		45,970		10,068,735
F41		1,518,127		49,870,853		279,912		50,150,765
FE3		8,085,140		140,287,194		313,421		140,600,615
F17		192,888		2,259,352		—		2,259,352
F18		75,737		770,101		—		770,101
F19		913,663		9,878,915		—		9,878,915
L36		89,808		976,937		—		976,937
T21		788,971		12,846,511		23,236		12,869,747
S23		84,969		675,997		—		675,997

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)

STATEMENT OF ASSETS AND LIABILITIES (CONTINUED)

DECEMBER 31, 2024

	Total Units		Applicable to Owners of Deferred Variable Annuity Contracts Value		Reserve for Variable Annuities		Net Assets
T20		2,280,003	$	46,498,734	$	129,363	$	46,628,097
FE6		868,126		16,476,547		—		16,476,547
S18		278,725		2,972,459		—		2,972,459
T59		218,772		1,613,330		3,338		1,616,668
F56		365,664		9,445,047		42,176		9,487,223
F59		1,778,946		33,585,314		83,934		33,669,248
FF0		2,321,721		26,515,062		—		26,515,062
F54		2,622,629		84,132,934		146,027		84,278,961
FG8		106,820		1,294,869		—		1,294,869
S21		427,678		5,289,024		—		5,289,024
F53		257,938		14,157,159		17,987		14,175,146
FJ9		277,706		3,155,776		—		3,155,776
T28		446,393		6,274,490		70,351		6,344,841
FJ0		4,254		48,351		—		48,351
G03		178,111		3,199,938		—		3,199,938
V35		98,954		3,367,244		4,625		3,371,869
V13		552,018		16,212,816		2,855		16,215,671
AB3		221,440		2,106,986		—		2,106,986
V11		6,399,166		112,157,340		203,298		112,360,638
AC1		81,888		1,374,591		1,797		1,376,388
V17		479,913		4,927,405		—		4,927,405
V19		85,469		1,051,576		—		1,051,576
V20		853,075		10,249,524		—		10,249,524
MV1		10,720,060		125,552,075		—		125,552,075
MV2		462,029		5,425,622		—		5,425,622
MV3		837,922		11,171,524		—		11,171,524
MV4		136,397		1,620,126		—		1,620,126
J88		3,056,899		30,334,718		—		30,334,718
JF1		—		—		—		—
JF0		—		—		—		—
J94		268,428		13,889,344		—		13,889,344
L11		1,638,108		18,672,158		32,086		18,704,244
L42		39,337		406,220		—		406,220
L16		543,394		5,405,225		—		5,405,225
L18		322,140		13,973,120		47,150		14,020,270
L17		574,851		22,089,298		21,828		22,111,126
L19		191,799		1,926,084		—		1,926,084
M07		11,652,292		213,256,947		3,556,903		216,813,850
M35		10,865,153		185,768,006		1,636,046		187,404,052
M31		1,942,774		150,630,419		1,793,743		152,424,162
M80		538,943		23,880,344		141,817		24,022,161
M10		22,140		282,869		—		282,869
MF1		814,521		17,367,703		265,259		17,632,962
M41		1,088,194		26,804,829		107,344		26,912,173

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)

STATEMENT OF ASSETS AND LIABILITIES (CONTINUED)

DECEMBER 31, 2024

	Total Units		Applicable to Owners of Deferred Variable Annuity Contracts Value		Reserve for Variable Annuities		Net Assets
M05		1,509,863	$	31,346,136	$	425,246	$	31,771,382
M42		1,280,526		26,643,004		54,084		26,697,088
M89		24,530,144		262,158,264		330,038		262,488,302
M82		2,313,844		82,970,387		111,257		83,081,644
M44		3,921,983		62,137,487		1,284,224		63,421,711
M40		2,186,019		32,410,348		194,945		32,605,293
M83		6,252,302		152,524,488		1,416,281		153,940,769
M08		2,926,107		73,311,869		490,858		73,802,727
MB6		3,099,418		226,584,310		4,151,526		230,735,836
MB7		693,204		40,555,456		242,567		40,798,023
MC0		1,101,973		26,139,372		261,425		26,400,797
MA0		3,950,043		72,592,431		159,966		72,752,397
MC2		1,512,293		88,653,097		791,335		89,444,432
MC1		1,447,426		46,565,670		44,556		46,610,226
MC3		277,979		8,579,669		133,501		8,713,170
MA1		544,633		9,500,312		7,222		9,507,534
MC4		289,560		4,039,949		43,487		4,083,436
MC5		48,521		535,394		—		535,394
MC6		542,289		36,673,487		432,429		37,105,916
MC7		550,563		9,383,680		—		9,383,680
MC8		1,300,417		63,674,081		961,899		64,635,980
MC9		93,320		3,134,575		71,198		3,205,773
MD0		675,534		22,848,545		268,601		23,117,146
M92		19,944,489		295,604,024		333,554		295,937,578
M96		2,331,066		41,435,772		660,489		42,096,261
MD2		8,206,003		94,798,173		358,360		95,156,533
MA6		877,597		26,219,309		356,606		26,575,915
MA3		852,743		20,634,563		148,991		20,783,554
M97		693,941		24,498,628		302,332		24,800,960
MD5		388,497		9,682,969		63,857		9,746,826
M98		459,685		24,585,628		279,384		24,865,012
M93		2,204,681		50,792,205		118,700		50,910,905
MD6		5,756,619		281,664,204		6,100,212		287,764,416
MB3		546,532		28,531,774		60,601		28,592,375
MD8		2,954,341		33,548,297		580,912		34,129,209
MD9		10,171,957		93,211,021		180,913		93,391,934
ME2		556,646		13,456,741		186,260		13,643,001
ME3		887,202		24,466,959		66,802		24,533,761
MA5		771,449		16,340,801		252,553		16,593,354
MA7		112,768		2,102,783		915		2,103,698
ME4		583,121		21,692,194		437,837		22,130,031
MA2		1,055,452		19,085,832		—		19,085,832
MF3		1,680,227		38,387,969		176,399		38,564,368
MF5		12,334,583		232,998,558		800,509		233,799,067

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)

STATEMENT OF ASSETS AND LIABILITIES (CONTINUED)

DECEMBER 31, 2024

	Total Units		Applicable to Owners of Deferred Variable Annuity Contracts Value		Reserve for Variable Annuities		Net Assets
MF6		30,258	$	960,111	$	704	$	960,815
MF7		1,672,474		33,110,557		89,410		33,199,967
MF9		7,268,348		225,471,250		717,834		226,189,084
MG1		6,762,476		67,909,887		122,893		68,032,780
MF2		11,615,210		122,591,313		403,577		122,994,890
MG2		6,759,873		69,517,558		62,981		69,580,539
MG3		490,153		17,026,801		67,204		17,094,005
MG4		595,061		15,977,476		4,093		15,981,569
MG6		32,011,518		820,130,236		960,439		821,090,675
MG7		447,602		9,119,422		12,838		9,132,260
V46		—		—		—		—
V45		—		—		—		—
U43		—		—		—		—
U41		334,381		3,399,049		—		3,399,049
V44		2,139,807		31,334,793		—		31,334,793
V43		99,597		4,360,937		4,131		4,365,068
O19		193,165		12,043,094		86,853		12,129,947
O23		—		—		—		—
O20		213,254		9,122,913		4,998		9,127,911
O21		1,863,348		95,386,082		372,228		95,758,310
O04		57,708		3,638,564		—		3,638,564
PH2		9,097		205,879		—		205,879
P08		671,129		11,788,282		—		11,788,282
PC0		624,350		8,890,226		—		8,890,226
P70		271,672		3,153,931		—		3,153,931
P10		2,071,828		14,587,323		121,032		14,708,355
PK8		150,157		4,594,312		22,348		4,616,660
P20		7,362		92,496		—		92,496
PM5		80,063		797,622		—		797,622
PD6		14,286,457		239,464,999		597,921		240,062,920
P06		1,190,667		19,343,388		54,576		19,397,964
P07		5,341,361		84,539,234		225,421		84,764,655
P68		581,338		5,664,341		—		5,664,341
PI3		—		—		—		—
P72		829,859		22,340,191		—		22,340,191
P88		1,843,966		22,836,920		—		22,836,920
P93		398,976		4,729,586		—		4,729,586
P89		249,813		3,220,141		—		3,220,141

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)

STATEMENT OF ASSETS AND LIABILITIES (CONTINUED)

DECEMBER 31, 2024

	Total Units		Applicable to Owners of Deferred Variable Annuity Contracts Value		Reserve for Variable Annuities		Net Assets
P95		155,085	$	1,434,322	$	—	$	1,434,322
P79		282,133		5,279,434		—		5,279,434
P80		120,993		1,129,650		—		1,129,650
P81		107,969		1,373,078		—		1,373,078
TBD		996,598		12,896,095		—		12,896,095
TBE		389,417		4,691,811		—		4,691,811
TBF		692,704		6,641,889		—		6,641,889
TP1		404,928		4,528,713		—		4,528,713
TP2		249,629		2,603,511		—		2,603,511
TP3		314,727		3,249,046		—		3,249,046
TP4		210,155		2,317,085		—		2,317,085
TP5		1,261,972		13,519,563		—		13,519,563
W41		—		—		—		—
W42		6,075		208,645		—		208,645
W50		122,599		1,127,299		—		1,127,299

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)

STATEMENT OF OPERATIONS

FOR THE YEAR ENDED DECEMBER 31, 2024

	AL1 Sub-Account			AO5 Sub-Account			A71 Sub-Account
Income:
Dividend income	$	470,334		$	494,679		$	12,094
Expenses:
Mortality and expense risk charges		(320,177	)		(561,425	)		(7,908	)
Distribution and administration charges		(103,271	)		(181,009	)		(3,266	)
Net investment income (loss)		46,886			(247,755	)		920
Net realized and change in unrealized gains (losses):
Net realized gains (losses) on sale of investments		(965,832	)		(2,129,590	)		(8,518	)
Realized gain distributions		541,763			—			34,030
Net realized gains (losses)		(424,069	)		(2,129,590	)		25,512
Net change in unrealized appreciation (depreciation)		2,212,571			6,274,245			69,162
Net realized and change in unrealized gains (losses)		1,788,502			4,144,655			94,674
Net increase (decrease) in net assets from operations	$	1,835,388		$	3,896,900		$	95,594

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)

STATEMENT OF OPERATIONS (CONTINUED)

FOR THE YEAR ENDED DECEMBER 31, 2024

	AM2			A98			AC4
	Sub-Account			Sub-Account			Sub-Account
Income:
Dividend income	$	—		$	415,083		$	—
Expenses:
Mortality and expense risk charges		(8,368	)		(235,497	)		(138,013	)
Distribution and administration charges		(2,951	)		(78,303	)		(56,990	)
Net investment income (loss)		(11,319	)		101,283			(195,003	)
Net realized and change in unrealized gains (losses):
Net realized gains (losses) on sale of investments		(479,847	)		468,015			33,738
Realized gain distributions		—			—			735,595
Net realized gains (losses)		(479,847	)		468,015			769,333
Net change in unrealized appreciation (depreciation)		466,525			54,350			2,677,182
Net realized and change in unrealized gains (losses)		(13,322	)		522,365			3,446,515
Net increase (decrease) in net assets from operations	$	(24,641	)	$	623,648		$	3,251,512

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)

STATEMENT OF OPERATIONS (CONTINUED)

FOR THE YEAR ENDED DECEMBER 31, 2024

	A19			A74			AP0
	Sub-Account			Sub-Account			Sub-Account
Income:
Dividend income	$	—		$	97,505		$	87,725
Expenses:
Mortality and expense risk charges		(43,696	)		(169,000	)		(443,424	)
Distribution and administration charges		(18,029	)		(61,782	)		(183,074	)
Net investment income (loss)		(61,725	)		(133,277	)		(538,773	)
Net realized and change in unrealized gains (losses):
Net realized gains (losses) on sale of investments		(358,707	)		774,081			(519,102	)
Realized gain distributions		—			768,354			1,170,057
Net realized gains (losses)		(358,707	)		1,542,435			650,955
Net change in unrealized appreciation (depreciation)		1,211,743			(191,981	)		13,206,833
Net realized and change in unrealized gains (losses)		853,036			1,350,454			13,857,788
Net increase (decrease) in net assets from operations	$	791,311		$	1,217,177		$	13,319,015

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)

STATEMENT OF OPERATIONS (CONTINUED)

FOR THE YEAR ENDED DECEMBER 31, 2024

	AQ1			AQ2			AS3
	Sub-Account			Sub-Account			Sub-Account
Income:
Dividend income	$	254,287		$	52,062		$	2,088,854
Expenses:
Mortality and expense risk charges		(208,700	)		(39,122	)		(819,836	)
Distribution and administration charges		(86,153	)		(16,152	)		(338,471	)
Net investment income (loss)		(40,566	)		(3,212	)		930,547
Net realized and change in unrealized gains (losses):
Net realized gains (losses) on sale of investments		79,195			(118,204	)		(859,880	)
Realized gain distributions		1,060,556			—			4,085,216
Net realized gains (losses)		1,139,751			(118,204	)		3,225,336
Net change in unrealized appreciation (depreciation)		3,585,921			90,513			8,413,099
Net realized and change in unrealized gains (losses)		4,725,672			(27,691	)		11,638,435
Net increase (decrease) in net assets from operations	$	4,685,106		$	(30,903	)	$	12,568,982

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)

STATEMENT OF OPERATIONS (CONTINUED)

FOR THE YEAR ENDED DECEMBER 31, 2024

	AS6			AQ3			AX1
	Sub-Account			Sub-Account			Sub-Account
Income:
Dividend income	$	200,209		$	38,246		$	227,437
Expenses:
Mortality and expense risk charges		(112,471	)		(25,918	)		(109,517	)
Distribution and administration charges		(46,432	)		(10,707	)		(45,221	)
Net investment income (loss)		41,306			1,621			72,699
Net realized and change in unrealized gains (losses):
Net realized gains (losses) on sale of investments		(155,469	)		(37,337	)		(108,633	)
Realized gain distributions		359,954			13,135			—
Net realized gains (losses)		204,485			(24,202	)		(108,633	)
Net change in unrealized appreciation (depreciation)		963,273			147,474			603,272
Net realized and change in unrealized gains (losses)		1,167,758			123,272			494,639
Net increase (decrease) in net assets from operations	$	1,209,064		$	124,893		$	567,338

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)

STATEMENT OF OPERATIONS (CONTINUED)

FOR THE YEAR ENDED DECEMBER 31, 2024

	B21			B19			B20
	Sub-Account			Sub-Account			Sub-Account
Income:
Dividend income	$	380,472		$	—		$	48,367
Expenses:
Mortality and expense risk charges		(129,208	)		(39,222	)		(17,569	)
Distribution and administration charges		(53,322	)		(16,178	)		(7,259	)
Net investment income (loss)		197,942			(55,400	)		23,539
Net realized and change in unrealized gains (losses):
Net realized gains (losses) on sale of investments		(44,703	)		(40,626	)		(6,984	)
Realized gain distributions		1,021,183			2,796,695			165,727
Net realized gains (losses)		976,480			2,756,069			158,743
Net change in unrealized appreciation (depreciation)		128,959			(1,578,624	)		(31,047	)
Net realized and change in unrealized gains (losses)		1,105,439			1,177,445			127,696
Net increase (decrease) in net assets from operations	$	1,303,381		$	1,122,045		$	151,235

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)

STATEMENT OF OPERATIONS (CONTINUED)

FOR THE YEAR ENDED DECEMBER 31, 2024

	B18			B22			B23
	Sub-Account			Sub-Account			Sub-Account
Income:
Dividend income	$	3,734,616		$	—		$	45,901
Expenses:
Mortality and expense risk charges		(3,268,680	)		(12,680	)		(9,452	)
Distribution and administration charges		(1,066,064	)		(5,232	)		(3,902	)
Net investment income (loss)		(600,128	)		(17,912	)		32,547
Net realized and change in unrealized gains (losses):
Net realized gains (losses) on sale of investments		282,060			20,251			(10,390	)
Realized gain distributions		20,257,964			143,651			—
Net realized gains (losses)		20,540,024			163,902			(10,390	)
Net change in unrealized appreciation (depreciation)		(964,924	)		212,743			(19,533	)
Net realized and change in unrealized gains (losses)		19,575,100			376,645			(29,923	)
Net increase (decrease) in net assets from operations	$	18,974,972		$	358,733		$	2,624

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)

STATEMENT OF OPERATIONS (CONTINUED)

FOR THE YEAR ENDED DECEMBER 31, 2024

	L33			L34			L35
	Sub-Account			Sub-Account			Sub-Account
Income:
Dividend income	$	11,754		$	5,418		$	19,666
Expenses:
Mortality and expense risk charges		(25,486	)		(7,946	)		(13,904	)
Distribution and administration charges		(10,530	)		(3,279	)		(5,743	)
Net investment income (loss)		(24,262	)		(5,807	)		19
Net realized and change in unrealized gains (losses):
Net realized gains (losses) on sale of investments		(69,490	)		3,735			(19,562	)
Realized gain distributions		76,036			108,611			188,549
Net realized gains (losses)		6,546			112,346			168,987
Net change in unrealized appreciation (depreciation)		272,399			56,750			59,878
Net realized and change in unrealized gains (losses)		278,945			169,096			228,865
Net increase (decrease) in net assets from operations	$	254,683		$	163,289		$	228,884

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)

STATEMENT OF OPERATIONS (CONTINUED)

FOR THE YEAR ENDED DECEMBER 31, 2024

	C71			C59			C60
	Sub-Account			Sub-Account			Sub-Account
Income:
Dividend income	$	69		$	—		$	—
Expenses:
Mortality and expense risk charges		(151	)		(934	)		(558,159	)
Distribution and administration charges		(50	)		(281	)		(193,169	)
Net investment income (loss)		(132	)		(1,215	)		(751,328	)
Net realized and change in unrealized gains (losses):
Net realized gains (losses) on sale of investments		(397	)		56,912			10,417,398
Realized gain distributions		568			—			—
Net realized gains (losses)		171			56,912			10,417,398
Net change in unrealized appreciation (depreciation)		755			(34,912	)		1,740,898
Net realized and change in unrealized gains (losses)		926			22,000			12,158,296
Net increase (decrease) in net assets from operations	$	794		$	20,785		$	11,406,968

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)

STATEMENT OF OPERATIONS (CONTINUED)

FOR THE YEAR ENDED DECEMBER 31, 2024

	C89			C90			C58
	Sub-Account			Sub-Account			Sub-Account
Income:
Dividend income	$	—		$	—		$	127,298
Expenses:
Mortality and expense risk charges		(2,044	)		(174,295	)		(38,710	)
Distribution and administration charges		(552	)		(62,934	)		(13,310	)
Net investment income (loss)		(2,596	)		(237,229	)		75,278
Net realized and change in unrealized gains (losses):
Net realized gains (losses) on sale of investments		2,152			2,004,411			143,219
Realized gain distributions		—			—			—
Net realized gains (losses)		2,152			2,004,411			143,219
Net change in unrealized appreciation (depreciation)		31,232			674,241			(164,172	)
Net realized and change in unrealized gains (losses)		33,384			2,678,652			(20,953	)
Net increase (decrease) in net assets from operations	$	30,788		$	2,441,423		$	54,325

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)

STATEMENT OF OPERATIONS (CONTINUED)

FOR THE YEAR ENDED DECEMBER 31, 2024

	C91			C92			FD7
	Sub-Account			Sub-Account			Sub-Account
Income:
Dividend income	$	—		$	—		$	1,474,691
Expenses:
Mortality and expense risk charges		(59,234	)		(151,228	)		(1,094,455	)
Distribution and administration charges		(24,486	)		(62,418	)		(357,733	)
Net investment income (loss)		(83,720	)		(213,646	)		22,503
Net realized and change in unrealized gains (losses):
Net realized gains (losses) on sale of investments		87,600			543,153			4,854,215
Realized gain distributions		—			—			2,951,791
Net realized gains (losses)		87,600			543,153			7,806,006
Net change in unrealized appreciation (depreciation)		720,439			1,645,524			3,634,136
Net realized and change in unrealized gains (losses)		808,039			2,188,677			11,440,142
Net increase (decrease) in net assets from operations	$	724,319		$	1,975,031		$	11,462,645

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)

STATEMENT OF OPERATIONS (CONTINUED)

FOR THE YEAR ENDED DECEMBER 31, 2024

	F24			F88			FB9
	Sub-Account			Sub-Account			Sub-Account
Income:
Dividend income	$	40,825		$	41,079		$	198,211
Expenses:
Mortality and expense risk charges		(1,425,914	)		(17,365	)		(89,106	)
Distribution and administration charges		(476,906	)		(6,884	)		(31,184	)
Net investment income (loss)		(1,861,995	)		16,830			77,921
Net realized and change in unrealized gains (losses):
Net realized gains (losses) on sale of investments		17,703,433			(53,079	)		(107,539	)
Realized gain distributions		13,418,804			981			209,512
Net realized gains (losses)		31,122,237			(52,098	)		101,973
Net change in unrealized appreciation (depreciation)		2,093,950			87,379			125,301
Net realized and change in unrealized gains (losses)		33,216,187			35,281			227,274
Net increase (decrease) in net assets from operations	$	31,354,192		$	52,111		$	305,195

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)

STATEMENT OF OPERATIONS (CONTINUED)

FOR THE YEAR ENDED DECEMBER 31, 2024

	F15			F41			FE3
	Sub-Account			Sub-Account			Sub-Account
Income:
Dividend income	$	278,490		$	179,010		$	2,449,557
Expenses:
Mortality and expense risk charges		(138,968	)		(671,453	)		(1,860,598	)
Distribution and administration charges		(46,219	)		(230,801	)		(603,812	)
Net investment income (loss)		93,303			(723,244	)		(14,853	)
Net realized and change in unrealized gains (losses):
Net realized gains (losses) on sale of investments		(37,064	)		4,062,292			(2,940,236	)
Realized gain distributions		329,243			7,042,225			968,296
Net realized gains (losses)		292,179			11,104,517			(1,971,940	)
Net change in unrealized appreciation (depreciation)		279,254			(2,515,984	)		8,831,985
Net realized and change in unrealized gains (losses)		571,433			8,588,533			6,860,045
Net increase (decrease) in net assets from operations	$	664,736		$	7,865,289		$	6,845,192

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)

STATEMENT OF OPERATIONS (CONTINUED)

FOR THE YEAR ENDED DECEMBER 31, 2024

	F17			F18			F19
	Sub-Account			Sub-Account			Sub-Account
Income:
Dividend income	$	15,540		$	10,874		$	232,134
Expenses:
Mortality and expense risk charges		(18,032	)		(5,815	)		(79,125	)
Distribution and administration charges		(7,451	)		(2,403	)		(32,683	)
Net investment income (loss)		(9,943	)		2,656			120,326
Net realized and change in unrealized gains (losses):
Net realized gains (losses) on sale of investments		4,152			(2,192	)		(129,887	)
Realized gain distributions		140,235			15,824			81,039
Net realized gains (losses)		144,387			13,632			(48,848	)
Net change in unrealized appreciation (depreciation)		37,944			(15,911	)		359,466
Net realized and change in unrealized gains (losses)		182,331			(2,279	)		310,618
Net increase (decrease) in net assets from operations	$	172,388		$	377		$	430,944

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)

STATEMENT OF OPERATIONS (CONTINUED)

FOR THE YEAR ENDED DECEMBER 31, 2024

	L36			T21			S23
	Sub-Account			Sub-Account			Sub-Account
Income:
Dividend income	$	23,099		$	537,034		$	24,580
Expenses:
Mortality and expense risk charges		(8,206	)		(175,704	)		(5,469	)
Distribution and administration charges		(3,391	)		(62,047	)		(2,259	)
Net investment income (loss)		11,502			299,283			16,852
Net realized and change in unrealized gains (losses):
Net realized gains (losses) on sale of investments		1,770			(185,664	)		(5,727	)
Realized gain distributions		30,470			103,209			4,823
Net realized gains (losses)		32,240			(82,455	)		(904	)
Net change in unrealized appreciation (depreciation)		47,791			583,944			22,221
Net realized and change in unrealized gains (losses)		80,031			501,489			21,317
Net increase (decrease) in net assets from operations	$	91,533		$	800,772		$	38,169

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)

STATEMENT OF OPERATIONS (CONTINUED)

FOR THE YEAR ENDED DECEMBER 31, 2024

	T20			FE6			S18
	Sub-Account			Sub-Account			Sub-Account
Income:
Dividend income	$	1,181,990		$	354,540		$	42,679
Expenses:
Mortality and expense risk charges		(633,432	)		(216,840	)		(20,207	)
Distribution and administration charges		(238,502	)		(67,495	)		(8,347	)
Net investment income (loss)		310,056			70,205			14,125
Net realized and change in unrealized gains (losses):
Net realized gains (losses) on sale of investments		1,028,003			(970,424	)		(24,841	)
Realized gain distributions		—			—			—
Net realized gains (losses)		1,028,003			(970,424	)		(24,841	)
Net change in unrealized appreciation (depreciation)		(2,569,552	)		2,157,657			164,126
Net realized and change in unrealized gains (losses)		(1,541,549	)		1,187,233			139,285
Net increase (decrease) in net assets from operations	$	(1,231,493	)	$	1,257,438		$	153,410

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)

STATEMENT OF OPERATIONS (CONTINUED)

FOR THE YEAR ENDED DECEMBER 31, 2024

	T59			F56			F59
	Sub-Account			Sub-Account			Sub-Account
Income:
Dividend income	$	—		$	93,980		$	1,861,479
Expenses:
Mortality and expense risk charges		(21,959	)		(125,188	)		(442,408	)
Distribution and administration charges		(9,314	)		(44,788	)		(148,314	)
Net investment income (loss)		(31,273	)		(75,996	)		1,270,757
Net realized and change in unrealized gains (losses):
Net realized gains (losses) on sale of investments		(73,253	)		304,394			(559,289	)
Realized gain distributions		—			32,165			152,513
Net realized gains (losses)		(73,253	)		336,559			(406,776	)
Net change in unrealized appreciation (depreciation)		(128,577	)		117,134			1,056,361
Net realized and change in unrealized gains (losses)		(201,830	)		453,693			649,585
Net increase (decrease) in net assets from operations	$	(233,103	)	$	377,697		$	1,920,342

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)

STATEMENT OF OPERATIONS (CONTINUED)

FOR THE YEAR ENDED DECEMBER 31, 2024

	FF0			F54			FG8
	Sub-Account			Sub-Account			Sub-Account
Income:
Dividend income	$	1,143,329		$	1,733,666		$	23,366
Expenses:
Mortality and expense risk charges		(201,733	)		(1,125,164	)		(10,769	)
Distribution and administration charges		(82,260	)		(376,203	)		(4,311	)
Net investment income (loss)		859,336			232,299			8,286
Net realized and change in unrealized gains (losses):
Net realized gains (losses) on sale of investments		(159,732	)		(1,641,308	)		(2,182	)
Realized gain distributions		95,290			1,802,867			25,436
Net realized gains (losses)		(64,442	)		161,559			23,254
Net change in unrealized appreciation (depreciation)		474,557			7,888,292			77,762
Net realized and change in unrealized gains (losses)		410,115			8,049,851			101,016
Net increase (decrease) in net assets from operations	$	1,269,451		$	8,282,150		$	109,302

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)

STATEMENT OF OPERATIONS (CONTINUED)

FOR THE YEAR ENDED DECEMBER 31, 2024

	S21			F53			FJ9
	Sub-Account			Sub-Account			Sub-Account
Income:
Dividend income	$	47,575		$	142,524		$	18,287
Expenses:
Mortality and expense risk charges		(41,872	)		(185,749	)		(20,339	)
Distribution and administration charges		(17,295	)		(66,377	)		(8,306	)
Net investment income (loss)		(11,592	)		(109,602	)		(10,358	)
Net realized and change in unrealized gains (losses):
Net realized gains (losses) on sale of investments		(135,509	)		924,574			(9,927	)
Realized gain distributions		245,133			352,272			49,646
Net realized gains (losses)		109,624			1,276,846			39,719
Net change in unrealized appreciation (depreciation)		317,465			278,659			191,637
Net realized and change in unrealized gains (losses)		427,089			1,555,505			231,356
Net increase (decrease) in net assets from operations	$	415,497		$	1,445,903		$	220,998

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)

STATEMENT OF OPERATIONS (CONTINUED)

FOR THE YEAR ENDED DECEMBER 31, 2024

	T28			FJ0			G03
	Sub-Account			Sub-Account			Sub-Account
Income:
Dividend income	$	307,724		$	2,533		$	12,789
Expenses:
Mortality and expense risk charges		(82,892	)		(723	)		(25,397	)
Distribution and administration charges		(30,231	)		(269	)		(10,497	)
Net investment income (loss)		194,601			1,541			(23,105	)
Net realized and change in unrealized gains (losses):
Net realized gains (losses) on sale of investments		(256,720	)		(2,009	)		(12,356	)
Realized gain distributions		—			—			418,545
Net realized gains (losses)		(256,720	)		(2,009	)		406,189
Net change in unrealized appreciation (depreciation)		220,952			1,928			302,676
Net realized and change in unrealized gains (losses)		(35,768	)		(81	)		708,865
Net increase (decrease) in net assets from operations	$	158,833		$	1,460		$	685,760

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)

STATEMENT OF OPERATIONS (CONTINUED)

FOR THE YEAR ENDED DECEMBER 31, 2024

	V35			V13			AB3
	Sub-Account			Sub-Account			Sub-Account
Income:
Dividend income	$	24,131		$	249,151		$	68,746
Expenses:
Mortality and expense risk charges		(40,452	)		(214,937	)		(14,019	)
Distribution and administration charges		(14,606	)		(75,711	)		(5,789	)
Net investment income (loss)		(30,927	)		(41,497	)		48,938
Net realized and change in unrealized gains (losses):
Net realized gains (losses) on sale of investments		186,555			1,942,934			(9,931	)
Realized gain distributions		72,354			1,168,687			—
Net realized gains (losses)		258,909			3,111,621			(9,931	)
Net change in unrealized appreciation (depreciation)		557,786			(935,836	)		(24,203	)
Net realized and change in unrealized gains (losses)		816,695			2,175,785			(34,134	)
Net increase (decrease) in net assets from operations	$	785,768		$	2,134,288		$	14,804

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)

STATEMENT OF OPERATIONS (CONTINUED)

FOR THE YEAR ENDED DECEMBER 31, 2024

	V11			AC1			V17
	Sub-Account			Sub-Account			Sub-Account
Income:
Dividend income	$	1,763,721		$	21,838		$	—
Expenses:
Mortality and expense risk charges		(1,157,599	)		(18,264	)		(35,934	)
Distribution and administration charges		(403,220	)		(5,515	)		(14,838	)
Net investment income (loss)		202,902			(1,941	)		(50,772	)
Net realized and change in unrealized gains (losses):
Net realized gains (losses) on sale of investments		(1,036,295	)		532			(133,872	)
Realized gain distributions		4,308,157			7,563			—
Net realized gains (losses)		3,271,862			8,095			(133,872	)
Net change in unrealized appreciation (depreciation)		6,654,145			(25,197	)		986,189
Net realized and change in unrealized gains (losses)		9,926,007			(17,102	)		852,317
Net increase (decrease) in net assets from operations	$	10,128,909		$	(19,043	)	$	801,545

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)

STATEMENT OF OPERATIONS (CONTINUED)

FOR THE YEAR ENDED DECEMBER 31, 2024

	V19			V20			MV1
	Sub-Account			Sub-Account			Sub-Account
Income:
Dividend income	$	17,158		$	136,088		$	1,960,533
Expenses:
Mortality and expense risk charges		(8,657	)		(73,532	)		(878,492	)
Distribution and administration charges		(3,579	)		(30,378	)		(362,694	)
Net investment income (loss)		4,922			32,178			719,347
Net realized and change in unrealized gains (losses):
Net realized gains (losses) on sale of investments		(14,659	)		(31,745	)		57,627
Realized gain distributions		41,825			239,060			—
Net realized gains (losses)		27,166			207,315			57,627
Net change in unrealized appreciation (depreciation)		77,098			574,519			11,547,016
Net realized and change in unrealized gains (losses)		104,264			781,834			11,604,643
Net increase (decrease) in net assets from operations	$	109,186		$	814,012		$	12,323,990

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)

STATEMENT OF OPERATIONS (CONTINUED)

FOR THE YEAR ENDED DECEMBER 31, 2024

	MV2			MV3			MV4
	Sub-Account			Sub-Account			Sub-Account
Income:
Dividend income	$	25,627		$	—		$	12,576
Expenses:
Mortality and expense risk charges		(34,994	)		(76,685	)		(12,369	)
Distribution and administration charges		(14,439	)		(31,647	)		(5,111	)
Net investment income (loss)		(23,806	)		(108,332	)		(4,904	)
Net realized and change in unrealized gains (losses):
Net realized gains (losses) on sale of investments		(27,251	)		(2,427	)		(6,445	)
Realized gain distributions		174,491			—			75,406
Net realized gains (losses)		147,240			(2,427	)		68,961
Net change in unrealized appreciation (depreciation)		358,046			2,264,495			80,417
Net realized and change in unrealized gains (losses)		505,286			2,262,068			149,378
Net increase (decrease) in net assets from operations	$	481,480		$	2,153,736		$	144,474

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)

STATEMENT OF OPERATIONS (CONTINUED)

FOR THE YEAR ENDED DECEMBER 31, 2024

	J88			J94			L11
	Sub-Account			Sub-Account			Sub-Account
Income:
Dividend income	$	1,275,491		$	47,708		$	656,452
Expenses:
Mortality and expense risk charges		(393,539	)		(168,013	)		(247,344	)
Distribution and administration charges		(121,155	)		(53,091	)		(84,394	)
Net investment income (loss)		760,797			(173,396	)		324,714
Net realized and change in unrealized gains (losses):
Net realized gains (losses) on sale of investments		(867,024	)		952,920			482,141
Realized gain distributions		—			592,010			—
Net realized gains (losses)		(867,024	)		1,544,930			482,141
Net change in unrealized appreciation (depreciation)		114,383			1,218,823			366,826
Net realized and change in unrealized gains (losses)		(752,641	)		2,763,753			848,967
Net increase (decrease) in net assets from operations	$	8,156		$	2,590,357		$	1,173,681

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)

STATEMENT OF OPERATIONS (CONTINUED)

FOR THE YEAR ENDED DECEMBER 31, 2024

	L42			L16			L18
	Sub-Account			Sub-Account			Sub-Account
Income:
Dividend income	$	—		$	294,208		$	—
Expenses:
Mortality and expense risk charges		(3,380	)		(42,017	)		(191,429	)
Distribution and administration charges		(1,396	)		(17,359	)		(71,108	)
Net investment income (loss)		(4,776	)		234,832			(262,537	)
Net realized and change in unrealized gains (losses):
Net realized gains (losses) on sale of investments		(1,975	)		(100,399	)		(2,154,448	)
Realized gain distributions		—			—			—
Net realized gains (losses)		(1,975	)		(100,399	)		(2,154,448	)
Net change in unrealized appreciation (depreciation)		33,818			123,286			6,362,911
Net realized and change in unrealized gains (losses)		31,843			22,887			4,208,463
Net increase (decrease) in net assets from operations	$	27,067		$	257,719		$	3,945,926

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)

STATEMENT OF OPERATIONS (CONTINUED)

FOR THE YEAR ENDED DECEMBER 31, 2024

	L17			L19			M07
	Sub-Account			Sub-Account			Sub-Account
Income:
Dividend income	$	159,604		$	85,546		$	5,663,895
Expenses:
Mortality and expense risk charges		(298,786	)		(15,351	)		(2,787,801	)
Distribution and administration charges		(104,571	)		(6,344	)		(414,834	)
Net investment income (loss)		(243,753	)		63,851			2,461,260
Net realized and change in unrealized gains (losses):
Net realized gains (losses) on sale of investments		1,185,342			(7,886	)		1,568,383
Realized gain distributions		1,209,346			—			10,964,819
Net realized gains (losses)		2,394,688			(7,886	)		12,533,202
Net change in unrealized appreciation (depreciation)		1,104,125			13,090			(679,751	)
Net realized and change in unrealized gains (losses)		3,498,813			5,204			11,853,451
Net increase (decrease) in net assets from operations	$	3,255,060		$	69,055		$	14,314,711

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)

STATEMENT OF OPERATIONS (CONTINUED)

FOR THE YEAR ENDED DECEMBER 31, 2024

	M35			M31			M80
	Sub-Account			Sub-Account			Sub-Account
Income:
Dividend income	$	4,524,115		$	—		$	—
Expenses:
Mortality and expense risk charges		(2,410,515	)		(1,844,101	)		(270,888	)
Distribution and administration charges		(818,418	)		(299,674	)		(99,782	)
Net investment income (loss)		1,295,182			(2,143,775	)		(370,670	)
Net realized and change in unrealized gains (losses):
Net realized gains (losses) on sale of investments		461,500			10,574,311			509,701
Realized gain distributions		9,704,169			11,455,436			1,900,284
Net realized gains (losses)		10,165,669			22,029,747			2,409,985
Net change in unrealized appreciation (depreciation)		(184,508	)		18,299,429			3,888,973
Net realized and change in unrealized gains (losses)		9,981,161			40,329,176			6,298,958
Net increase (decrease) in net assets from operations	$	11,276,343		$	38,185,401		$	5,928,288

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)

STATEMENT OF OPERATIONS (CONTINUED)

FOR THE YEAR ENDED DECEMBER 31, 2024

	M10			MF1			M41
	Sub-Account			Sub-Account			Sub-Account
Income:
Dividend income	$	1,089		$	—		$	—
Expenses:
Mortality and expense risk charges		(2,008	)		(219,202	)		(307,050	)
Distribution and administration charges		(829	)		(46,472	)		(112,424	)
Net investment income (loss)		(1,748	)		(265,674	)		(419,474	)
Net realized and change in unrealized gains (losses):
Net realized gains (losses) on sale of investments		(626	)		(240,623	)		(1,354,395	)
Realized gain distributions		16,999			1,141,058			1,978,551
Net realized gains (losses)		16,373			900,435			624,156
Net change in unrealized appreciation (depreciation)		21,045			1,626,033			3,045,718
Net realized and change in unrealized gains (losses)		37,418			2,526,468			3,669,874
Net increase (decrease) in net assets from operations	$	35,670		$	2,260,794		$	3,250,400

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)

STATEMENT OF OPERATIONS (CONTINUED)

FOR THE YEAR ENDED DECEMBER 31, 2024

	M05			M42			M89
	Sub-Account			Sub-Account			Sub-Account
Income:
Dividend income	$	—		$	—		$	11,239,546
Expenses:
Mortality and expense risk charges		(407,377	)		(340,702	)		(3,360,733	)
Distribution and administration charges		(83,585	)		(126,890	)		(1,075,830	)
Net investment income (loss)		(490,962	)		(467,592	)		6,802,983
Net realized and change in unrealized gains (losses):
Net realized gains (losses) on sale of investments		(3,234,217	)		(6,085,726	)		(7,028,739	)
Realized gain distributions		—			—			—
Net realized gains (losses)		(3,234,217	)		(6,085,726	)		(7,028,739	)
Net change in unrealized appreciation (depreciation)		5,474,638			8,041,093			2,358,869
Net realized and change in unrealized gains (losses)		2,240,421			1,955,367			(4,669,870	)
Net increase (decrease) in net assets from operations	$	1,749,459		$	1,487,775		$	2,133,113

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)

STATEMENT OF OPERATIONS (CONTINUED)

FOR THE YEAR ENDED DECEMBER 31, 2024

	M82			M44			M40
	Sub-Account			Sub-Account			Sub-Account
Income:
Dividend income	$	328,456		$	1,507,788		$	693,761
Expenses:
Mortality and expense risk charges		(1,106,275	)		(800,388	)		(399,625	)
Distribution and administration charges		(370,228	)		(142,363	)		(143,161	)
Net investment income (loss)		(1,148,047	)		565,037			150,975
Net realized and change in unrealized gains (losses):
Net realized gains (losses) on sale of investments		4,023,903			2,326,203			928,517
Realized gain distributions		5,135,381			1,860,603			965,926
Net realized gains (losses)		9,159,284			4,186,806			1,894,443
Net change in unrealized appreciation (depreciation)		5,624,261			1,641,678			1,191,290
Net realized and change in unrealized gains (losses)		14,783,545			5,828,484			3,085,733
Net increase (decrease) in net assets from operations	$	13,635,498		$	6,393,521		$	3,236,708

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)

STATEMENT OF OPERATIONS (CONTINUED)

FOR THE YEAR ENDED DECEMBER 31, 2024

	M83			M08			MB6
	Sub-Account			Sub-Account			Sub-Account
Income:
Dividend income	$	2,627,956		$	1,100,911		$	2,321,513
Expenses:
Mortality and expense risk charges		(2,004,136	)		(942,176	)		(2,861,222	)
Distribution and administration charges		(576,035	)		(334,847	)		(449,881	)
Net investment income (loss)		47,785			(176,112	)		(989,590	)
Net realized and change in unrealized gains (losses):
Net realized gains (losses) on sale of investments		4,161,170			1,953,683			10,636,897
Realized gain distributions		11,902,064			5,848,519			15,816,157
Net realized gains (losses)		16,063,234			7,802,202			26,453,054
Net change in unrealized appreciation (depreciation)		(611,200	)		(421,308	)		23,680,142
Net realized and change in unrealized gains (losses)		15,452,034			7,380,894			50,133,196
Net increase (decrease) in net assets from operations	$	15,499,819		$	7,204,782		$	49,143,606

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)

STATEMENT OF OPERATIONS (CONTINUED)

FOR THE YEAR ENDED DECEMBER 31, 2024

	MB7			MC0			MA0
	Sub-Account			Sub-Account			Sub-Account
Income:
Dividend income	$	325,215		$	1,091,277		$	2,868,959
Expenses:
Mortality and expense risk charges		(527,666	)		(344,835	)		(953,811	)
Distribution and administration charges		(197,641	)		(65,762	)		(305,551	)
Net investment income (loss)		(400,092	)		680,680			1,609,597
Net realized and change in unrealized gains (losses):
Net realized gains (losses) on sale of investments		2,720,447			(1,270,305	)		(3,158,664	)
Realized gain distributions		2,902,462			—			—
Net realized gains (losses)		5,622,909			(1,270,305	)		(3,158,664	)
Net change in unrealized appreciation (depreciation)		3,804,649			1,021,782			2,409,365
Net realized and change in unrealized gains (losses)		9,427,558			(248,523	)		(749,299	)
Net increase (decrease) in net assets from operations	$	9,027,466		$	432,157		$	860,298

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)

STATEMENT OF OPERATIONS (CONTINUED)

FOR THE YEAR ENDED DECEMBER 31, 2024

	MC2			MC1			MC3
	Sub-Account			Sub-Account			Sub-Account
Income:
Dividend income	$	527,409		$	190,751		$	217,659
Expenses:
Mortality and expense risk charges		(1,098,560	)		(541,516	)		(113,335	)
Distribution and administration charges		(201,262	)		(206,943	)		(22,602	)
Net investment income (loss)		(772,413	)		(557,708	)		81,722
Net realized and change in unrealized gains (losses):
Net realized gains (losses) on sale of investments		3,621,810			2,168,569			(58,059	)
Realized gain distributions		3,837,861			2,123,832			—
Net realized gains (losses)		7,459,671			4,292,401			(58,059	)
Net change in unrealized appreciation (depreciation)		8,414,660			4,302,770			898,406
Net realized and change in unrealized gains (losses)		15,874,331			8,595,171			840,347
Net increase (decrease) in net assets from operations	$	15,101,918		$	8,037,463		$	922,069

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)

STATEMENT OF OPERATIONS (CONTINUED)

FOR THE YEAR ENDED DECEMBER 31, 2024

	MA1			MC4			MC5
	Sub-Account			Sub-Account			Sub-Account
Income:
Dividend income	$	221,066		$	—		$	—
Expenses:
Mortality and expense risk charges		(124,970	)		(53,602	)		(6,391	)
Distribution and administration charges		(43,511	)		(10,352	)		(2,425	)
Net investment income (loss)		52,585			(63,954	)		(8,816	)
Net realized and change in unrealized gains (losses):
Net realized gains (losses) on sale of investments		(118,750	)		(212,025	)		(11,540	)
Realized gain distributions		—			—			—
Net realized gains (losses)		(118,750	)		(212,025	)		(11,540	)
Net change in unrealized appreciation (depreciation)		990,913			507			(10,515	)
Net realized and change in unrealized gains (losses)		872,163			(211,518	)		(22,055	)
Net increase (decrease) in net assets from operations	$	924,748		$	(275,472	)	$	(30,871	)

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)

STATEMENT OF OPERATIONS (CONTINUED)

FOR THE YEAR ENDED DECEMBER 31, 2024

	MC6			MC7			MC8
	Sub-Account			Sub-Account			Sub-Account
Income:
Dividend income	$	127,848		$	12,614		$	686,171
Expenses:
Mortality and expense risk charges		(474,549	)		(83,697	)		(811,023	)
Distribution and administration charges		(71,360	)		(35,357	)		(118,143	)
Net investment income (loss)		(418,061	)		(106,440	)		(242,995	)
Net realized and change in unrealized gains (losses):
Net realized gains (losses) on sale of investments		1,338,691			4,485			4,155,949
Realized gain distributions		2,800,701			673,184			3,353,450
Net realized gains (losses)		4,139,392			677,669			7,509,399
Net change in unrealized appreciation (depreciation)		(209,461	)		208,821			1,177,436
Net realized and change in unrealized gains (losses)		3,929,931			886,490			8,686,835
Net increase (decrease) in net assets from operations	$	3,511,870		$	780,050		$	8,443,840

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)

STATEMENT OF OPERATIONS (CONTINUED)

FOR THE YEAR ENDED DECEMBER 31, 2024

	MC9			MD0			M92
	Sub-Account			Sub-Account			Sub-Account
Income:
Dividend income	$	26,653		$	190,341		$	1,635,875
Expenses:
Mortality and expense risk charges		(39,772	)		(311,731	)		(3,791,548	)
Distribution and administration charges		(12,273	)		(49,673	)		(1,211,489	)
Net investment income (loss)		(25,392	)		(171,063	)		(3,367,162	)
Net realized and change in unrealized gains (losses):
Net realized gains (losses) on sale of investments		137,877			(590,994	)		(6,127,667	)
Realized gain distributions		170,127			126,923			1,657,918
Net realized gains (losses)		308,004			(464,071	)		(4,469,749	)
Net change in unrealized appreciation (depreciation)		130,858			1,577,842			17,838,910
Net realized and change in unrealized gains (losses)		438,862			1,113,771			13,369,161
Net increase (decrease) in net assets from operations	$	413,470		$	942,708		$	10,001,999

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)

STATEMENT OF OPERATIONS (CONTINUED)

FOR THE YEAR ENDED DECEMBER 31, 2024

	M96			MD2			MA6
	Sub-Account			Sub-Account			Sub-Account
Income:
Dividend income	$	1,531,174		$	3,275,876		$	1,677,785
Expenses:
Mortality and expense risk charges		(530,305	)		(1,198,848	)		(339,810	)
Distribution and administration charges		(89,975	)		(407,595	)		(59,943	)
Net investment income (loss)		910,894			1,669,433			1,278,032
Net realized and change in unrealized gains (losses):
Net realized gains (losses) on sale of investments		(1,351,553	)		(2,639,608	)		(708,707	)
Realized gain distributions		—			—			—
Net realized gains (losses)		(1,351,553	)		(2,639,608	)		(708,707	)
Net change in unrealized appreciation (depreciation)		153,255			(49,397	)		882,379
Net realized and change in unrealized gains (losses)		(1,198,298	)		(2,689,005	)		173,672
Net increase (decrease) in net assets from operations	$	(287,404	)	$	(1,019,572	)	$	1,451,704

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)

STATEMENT OF OPERATIONS (CONTINUED)

FOR THE YEAR ENDED DECEMBER 31, 2024

	MA3			M97			MD5
	Sub-Account			Sub-Account			Sub-Account
Income:
Dividend income	$	1,278,345		$	251,228		$	84,736
Expenses:
Mortality and expense risk charges		(267,014	)		(315,108	)		(129,707	)
Distribution and administration charges		(98,908	)		(63,466	)		(45,857	)
Net investment income (loss)		912,423			(127,346	)		(90,828	)
Net realized and change in unrealized gains (losses):
Net realized gains (losses) on sale of investments		(466,874	)		608,393			413,276
Realized gain distributions		—			81,613			33,277
Net realized gains (losses)		(466,874	)		690,006			446,553
Net change in unrealized appreciation (depreciation)		545,231			1,328,512			390,869
Net realized and change in unrealized gains (losses)		78,357			2,018,518			837,422
Net increase (decrease) in net assets from operations	$	990,780		$	1,891,172		$	746,594

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)

STATEMENT OF OPERATIONS (CONTINUED)

FOR THE YEAR ENDED DECEMBER 31, 2024

	M98			M93			MD6
	Sub-Account			Sub-Account			Sub-Account
Income:
Dividend income	$	362,326		$	601,142		$	1,012,968
Expenses:
Mortality and expense risk charges		(335,133	)		(682,577	)		(3,593,290	)
Distribution and administration charges		(56,758	)		(239,697	)		(557,691	)
Net investment income (loss)		(29,565	)		(321,132	)		(3,138,013	)
Net realized and change in unrealized gains (losses):
Net realized gains (losses) on sale of investments		1,531,378			2,028,774			15,024,000
Realized gain distributions		1,168,327			2,339,569			25,391,634
Net realized gains (losses)		2,699,705			4,368,343			40,415,634
Net change in unrealized appreciation (depreciation)		(999,769	)		(1,183,789	)		2,666,385
Net realized and change in unrealized gains (losses)		1,699,936			3,184,554			43,082,019
Net increase (decrease) in net assets from operations	$	1,670,371		$	2,863,422		$	39,944,006

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

- 56 -

DELAWARE LIFE VARIABLE ACCOUNT F - REGATTA

(A Separate Account of Delaware Life Insurance Company)

STATEMENT OF OPERATIONS (CONTINUED)

FOR THE YEAR ENDED DECEMBER 31, 2024

	MB3			MD8			MD9
	Sub-Account			Sub-Account			Sub-Account
Income:
Dividend income	$	36,858		$	1,644,025		$	4,530,138
Expenses:
Mortality and expense risk charges		(343,583	)		(425,584	)		(1,172,266	)
Distribution and administration charges		(134,779	)		(68,605	)		(405,054	)
Net investment income (loss)		(441,504	)		1,149,836			2,952,818
Net realized and change in unrealized gains (losses):
Net realized gains (losses) on sale of investments		1,016,928			—			—
Realized gain distributions		2,564,320			—			—
Net realized gains (losses)		3,581,248			—			—
Net change in unrealized appreciation (depreciation)		665,776			—			—
Net realized and change in unrealized gains (losses)		4,247,024			—			—
Net increase (decrease) in net assets from operations	$	3,805,520		$	1,149,836		$	2,952,818

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)

STATEMENT OF OPERATIONS (CONTINUED)

FOR THE YEAR ENDED DECEMBER 31, 2024

	ME2			ME3			MA5
	Sub-Account			Sub-Account			Sub-Account
Income:
Dividend income	$	233,820		$	363,034		$	664,406
Expenses:
Mortality and expense risk charges		(172,900	)		(328,265	)		(208,868	)
Distribution and administration charges		(37,705	)		(117,954	)		(37,552	)
Net investment income (loss)		23,215			(83,185	)		417,986
Net realized and change in unrealized gains (losses):
Net realized gains (losses) on sale of investments		340,806			682,214			(567,262	)
Realized gain distributions		—			—			—
Net realized gains (losses)		340,806			682,214			(567,262	)
Net change in unrealized appreciation (depreciation)		(78,264	)		(240,421	)		468,659
Net realized and change in unrealized gains (losses)		262,542			441,793			(98,603	)
Net increase (decrease) in net assets from operations	$	285,757		$	358,608		$	319,383

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)

STATEMENT OF OPERATIONS (CONTINUED)

FOR THE YEAR ENDED DECEMBER 31, 2024

	MA7			ME4			MA2
	Sub-Account			Sub-Account			Sub-Account
Income:
Dividend income	$	83,315		$	—		$	—
Expenses:
Mortality and expense risk charges		(25,732	)		(246,962	)		(145,034	)
Distribution and administration charges		(8,845	)		(53,864	)		(58,806	)
Net investment income (loss)		48,738			(300,826	)		(203,840	)
Net realized and change in unrealized gains (losses):
Net realized gains (losses) on sale of investments		(45,984	)		1,705,950			467,961
Realized gain distributions		—			204,864			176,613
Net realized gains (losses)		(45,984	)		1,910,814			644,574
Net change in unrealized appreciation (depreciation)		25,422			4,376,945			4,282,292
Net realized and change in unrealized gains (losses)		(20,562	)		6,287,759			4,926,866
Net increase (decrease) in net assets from operations	$	28,176		$	5,986,933		$	4,723,026

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)

STATEMENT OF OPERATIONS (CONTINUED)

FOR THE YEAR ENDED DECEMBER 31, 2024

	MF3			MF5			MF6
	Sub-Account			Sub-Account			Sub-Account
Income:
Dividend income	$	316,272		$	4,154,589		$	22,620
Expenses:
Mortality and expense risk charges		(500,568	)		(3,083,792	)		(12,824	)
Distribution and administration charges		(175,586	)		(1,025,909	)		(5,297	)
Net investment income (loss)		(359,882	)		44,888			4,499
Net realized and change in unrealized gains (losses):
Net realized gains (losses) on sale of investments		889,722			(8,546,962	)		(19,212	)
Realized gain distributions		345,139			2,230,120			—
Net realized gains (losses)		1,234,861			(6,316,842	)		(19,212	)
Net change in unrealized appreciation (depreciation)		552,993			16,365,821			(23,733	)
Net realized and change in unrealized gains (losses)		1,787,854			10,048,979			(42,945	)
Net increase (decrease) in net assets from operations	$	1,427,972		$	10,093,867		$	(38,446	)

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)

STATEMENT OF OPERATIONS (CONTINUED)

FOR THE YEAR ENDED DECEMBER 31, 2024

	MF7			MF9			MG1
	Sub-Account			Sub-Account			Sub-Account
Income:
Dividend income	$	535,228		$	2,211,095		$	2,347,806
Expenses:
Mortality and expense risk charges		(431,457	)		(2,971,029	)		(879,631	)
Distribution and administration charges		(156,895	)		(976,953	)		(287,820	)
Net investment income (loss)		(53,124	)		(1,736,887	)		1,180,355
Net realized and change in unrealized gains (losses):
Net realized gains (losses) on sale of investments		(73,648	)		(5,834,329	)		(3,773,576	)
Realized gain distributions		—			7,045,360			—
Net realized gains (losses)		(73,648	)		1,211,031			(3,773,576	)
Net change in unrealized appreciation (depreciation)		(1,215,040	)		20,013,616			(1,510,535	)
Net realized and change in unrealized gains (losses)		(1,288,688	)		21,224,647			(5,284,111	)
Net increase (decrease) in net assets from operations	$	(1,341,812	)	$	19,487,760		$	(4,103,756	)

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)

STATEMENT OF OPERATIONS (CONTINUED)

FOR THE YEAR ENDED DECEMBER 31, 2024

	MF2			MG2			MG3
	Sub-Account			Sub-Account			Sub-Account
Income:
Dividend income	$	4,762,831		$	2,555,724		$	218,062
Expenses:
Mortality and expense risk charges		(1,597,920	)		(894,255	)		(227,570	)
Distribution and administration charges		(573,305	)		(293,151	)		(87,944	)
Net investment income (loss)		2,591,606			1,368,318			(97,452	)
Net realized and change in unrealized gains (losses):
Net realized gains (losses) on sale of investments		(298,039	)		(196,659	)		984,477
Realized gain distributions		—			—			735,306
Net realized gains (losses)		(298,039	)		(196,659	)		1,719,783
Net change in unrealized appreciation (depreciation)		2,005,732			1,175,459			380,428
Net realized and change in unrealized gains (losses)		1,707,693			978,800			2,100,211
Net increase (decrease) in net assets from operations	$	4,299,299		$	2,347,118		$	2,002,759

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)

STATEMENT OF OPERATIONS (CONTINUED)

FOR THE YEAR ENDED DECEMBER 31, 2024

	MG4			MG6			MG7
	Sub-Account			Sub-Account			Sub-Account
Income:
Dividend income	$	170,913		$	11,635,441		$	100,830
Expenses:
Mortality and expense risk charges		(197,764	)		(10,808,854	)		(101,660	)
Distribution and administration charges		(64,568	)		(3,527,039	)		(37,739	)
Net investment income (loss)		(91,419	)		(2,700,452	)		(38,569	)
Net realized and change in unrealized gains (losses):
Net realized gains (losses) on sale of investments		1,410,093			(19,874,902	)		11,141
Realized gain distributions		691,853			20,435,343			506,239
Net realized gains (losses)		2,101,946			560,441			517,380
Net change in unrealized appreciation (depreciation)		(180,155	)		58,022,565			216,561
Net realized and change in unrealized gains (losses)		1,921,791			58,583,006			733,941
Net increase (decrease) in net assets from operations	$	1,830,372		$	55,882,554		$	695,372

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)

STATEMENT OF OPERATIONS (CONTINUED)

FOR THE YEAR ENDED DECEMBER 31, 2024

	U43			U41			V44
	Sub-Account			Sub-Account			Sub-Account
Income:
Dividend income	$	38,392		$	—		$	—
Expenses:
Mortality and expense risk charges		(11,711	)		(25,237	)		(261,418	)
Distribution and administration charges		(4,848	)		(10,425	)		(98,968	)
Net investment income (loss)		21,833			(35,662	)		(360,386	)
Net realized and change in unrealized gains (losses):
Net realized gains (losses) on sale of investments		(81,398	)		(64,933	)		916,508
Realized gain distributions		—			—			—
Net realized gains (losses)		(81,398	)		(64,933	)		916,508
Net change in unrealized appreciation (depreciation)		266,167			273,836			10,370,362
Net realized and change in unrealized gains (losses)		184,769			208,903			11,286,870
Net increase (decrease) in net assets from operations	$	206,602		$	173,241		$	10,926,484

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)

STATEMENT OF OPERATIONS (CONTINUED)

FOR THE YEAR ENDED DECEMBER 31, 2024

	V43			O19			O23
	Sub-Account			Sub-Account			Sub-Account
Income:
Dividend income	$	—		$	—		$	282,317
Expenses:
Mortality and expense risk charges		(56,531	)		(154,998	)		(40,203	)
Distribution and administration charges		(20,310	)		(63,076	)		(14,374	)
Net investment income (loss)		(76,841	)		(218,074	)		227,740
Net realized and change in unrealized gains (losses):
Net realized gains (losses) on sale of investments		380,671			(360,260	)		(570,202	)
Realized gain distributions		—			—			—
Net realized gains (losses)		380,671			(360,260	)		(570,202	)
Net change in unrealized appreciation (depreciation)		1,340,950			4,087,316			565,319
Net realized and change in unrealized gains (losses)		1,721,621			3,727,056			(4,883	)
Net increase (decrease) in net assets from operations	$	1,644,780		$	3,508,982		$	222,857

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)

STATEMENT OF OPERATIONS (CONTINUED)

FOR THE YEAR ENDED DECEMBER 31, 2024

	O20			O21			O04
	Sub-Account			Sub-Account			Sub-Account
Income:
Dividend income	$	—		$	—		$	—
Expenses:
Mortality and expense risk charges		(119,028	)		(1,301,762	)		(45,759	)
Distribution and administration charges		(42,076	)		(480,661	)		(19,459	)
Net investment income (loss)		(161,104	)		(1,782,423	)		(65,218	)
Net realized and change in unrealized gains (losses):
Net realized gains (losses) on sale of investments		215,865			(12,241,482	)		179,372
Realized gain distributions		566,390			10,009,982			133,087
Net realized gains (losses)		782,255			(2,231,500	)		312,459
Net change in unrealized appreciation (depreciation)		669,663			24,107,404			113,544
Net realized and change in unrealized gains (losses)		1,451,918			21,875,904			426,003
Net increase (decrease) in net assets from operations	$	1,290,814		$	20,093,481		$	360,785

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)

STATEMENT OF OPERATIONS (CONTINUED)

FOR THE YEAR ENDED DECEMBER 31, 2024

	PH2			P08			PC0
	Sub-Account			Sub-Account			Sub-Account
Income:
Dividend income	$	11,012		$	834,790		$	602,237
Expenses:
Mortality and expense risk charges		(2,774	)		(161,421	)		(114,869	)
Distribution and administration charges		(742	)		(56,683	)		(37,792	)
Net investment income (loss)		7,496			616,686			449,576
Net realized and change in unrealized gains (losses):
Net realized gains (losses) on sale of investments		512			(516,881	)		(346,986	)
Realized gain distributions		—			—			—
Net realized gains (losses)		512			(516,881	)		(346,986	)
Net change in unrealized appreciation (depreciation)		15,823			178,981			95,684
Net realized and change in unrealized gains (losses)		16,335			(337,900	)		(251,302	)
Net increase (decrease) in net assets from operations	$	23,831		$	278,786		$	198,274

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)

STATEMENT OF OPERATIONS (CONTINUED)

FOR THE YEAR ENDED DECEMBER 31, 2024

	P70			P10			PK8
	Sub-Account			Sub-Account			Sub-Account
Income:
Dividend income	$	64,536		$	332,569		$	304,556
Expenses:
Mortality and expense risk charges		(26,928	)		(190,639	)		(59,101	)
Distribution and administration charges		(11,076	)		(64,552	)		(22,448	)
Net investment income (loss)		26,532			77,378			223,007
Net realized and change in unrealized gains (losses):
Net realized gains (losses) on sale of investments		(176,074	)		105,426			(166,401	)
Realized gain distributions		—			—			—
Net realized gains (losses)		(176,074	)		105,426			(166,401	)
Net change in unrealized appreciation (depreciation)		236,660			227,986			207,732
Net realized and change in unrealized gains (losses)		60,586			333,412			41,331
Net increase (decrease) in net assets from operations	$	87,118		$	410,790		$	264,338

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)

STATEMENT OF OPERATIONS (CONTINUED)

FOR THE YEAR ENDED DECEMBER 31, 2024

	P20			PM5			PD6
	Sub-Account			Sub-Account			Sub-Account
Income:
Dividend income	$	6,135		$	24,093		$	8,631,224
Expenses:
Mortality and expense risk charges		(1,150	)		(5,835	)		(3,100,001	)
Distribution and administration charges		(385	)		(2,412	)		(989,680	)
Net investment income (loss)		4,600			15,846			4,541,543
Net realized and change in unrealized gains (losses):
Net realized gains (losses) on sale of investments		(3,038	)		(7,924	)		(8,585,641	)
Realized gain distributions		—			—			—
Net realized gains (losses)		(3,038	)		(7,924	)		(8,585,641	)
Net change in unrealized appreciation (depreciation)		3,921			20,265			26,305,694
Net realized and change in unrealized gains (losses)		883			12,341			17,720,053
Net increase (decrease) in net assets from operations	$	5,483		$	28,187		$	22,261,596

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)

STATEMENT OF OPERATIONS (CONTINUED)

FOR THE YEAR ENDED DECEMBER 31, 2024

	P06			P07			P68
	Sub-Account			Sub-Account			Sub-Account
Income:
Dividend income	$	537,837		$	3,524,859		$	225,016
Expenses:
Mortality and expense risk charges		(259,831	)		(1,109,523	)		(48,809	)
Distribution and administration charges		(89,249	)		(384,886	)		(20,180	)
Net investment income (loss)		188,757			2,030,450			156,027
Net realized and change in unrealized gains (losses):
Net realized gains (losses) on sale of investments		(262,850	)		(2,871,543	)		(211,850	)
Realized gain distributions		—			—			—
Net realized gains (losses)		(262,850	)		(2,871,543	)		(211,850	)
Net change in unrealized appreciation (depreciation)		170,824			1,571,848			130,906
Net realized and change in unrealized gains (losses)		(92,026	)		(1,299,695	)		(80,944	)
Net increase (decrease) in net assets from operations	$	96,731		$	730,755		$	75,083

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)

STATEMENT OF OPERATIONS (CONTINUED)

FOR THE YEAR ENDED DECEMBER 31, 2024

	P72			P88			P93
	Sub-Account			Sub-Account			Sub-Account
Income:
Dividend income	$	236,740		$	138,038		$	66,951
Expenses:
Mortality and expense risk charges		(246,061	)		(143,337	)		(35,883	)
Distribution and administration charges		(82,829	)		(59,066	)		(14,794	)
Net investment income (loss)		(92,150	)		(64,365	)		16,274
Net realized and change in unrealized gains (losses):
Net realized gains (losses) on sale of investments		1,211,120			662,574			414,276
Realized gain distributions		963,585			—			—
Net realized gains (losses)		2,174,705			662,574			414,276
Net change in unrealized appreciation (depreciation)		1,234,891			1,454,887			87,181
Net realized and change in unrealized gains (losses)		3,409,596			2,117,461			501,457
Net increase (decrease) in net assets from operations	$	3,317,446		$	2,053,096		$	517,731

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)

STATEMENT OF OPERATIONS (CONTINUED)

FOR THE YEAR ENDED DECEMBER 31, 2024

	P89			P95			P79
	Sub-Account			Sub-Account			Sub-Account
Income:
Dividend income	$	11,932		$	54,522		$	18,258
Expenses:
Mortality and expense risk charges		(24,416	)		(9,559	)		(41,592	)
Distribution and administration charges		(10,083	)		(3,950	)		(17,181	)
Net investment income (loss)		(22,567	)		41,013			(40,515	)
Net realized and change in unrealized gains (losses):
Net realized gains (losses) on sale of investments		3,697			(26,255	)		167,765
Realized gain distributions		109,896			—			28,997
Net realized gains (losses)		113,593			(26,255	)		196,762
Net change in unrealized appreciation (depreciation)		(151,044	)		(8,850	)		882,767
Net realized and change in unrealized gains (losses)		(37,451	)		(35,105	)		1,079,529
Net increase (decrease) in net assets from operations	$	(60,018	)	$	5,908		$	1,039,014

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)

STATEMENT OF OPERATIONS (CONTINUED)

FOR THE YEAR ENDED DECEMBER 31, 2024

	P80			P81			TBD
	Sub-Account			Sub-Account			Sub-Account
Income:
Dividend income	$	—		$	2,471		$	—
Expenses:
Mortality and expense risk charges		(9,203	)		(11,169	)		(88,346	)
Distribution and administration charges		(3,805	)		(4,609	)		(36,460	)
Net investment income (loss)		(13,008	)		(13,307	)		(124,806	)
Net realized and change in unrealized gains (losses):
Net realized gains (losses) on sale of investments		(37,588	)		56,080			(78,197	)
Realized gain distributions		—			8,012			551,607
Net realized gains (losses)		(37,588	)		64,092			473,410
Net change in unrealized appreciation (depreciation)		181,496			180,349			2,469,242
Net realized and change in unrealized gains (losses)		143,908			244,441			2,942,652
Net increase (decrease) in net assets from operations	$	130,900		$	231,134		$	2,817,846

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)

STATEMENT OF OPERATIONS (CONTINUED)

FOR THE YEAR ENDED DECEMBER 31, 2024

	TBE			TBF			TP1
	Sub-Account			Sub-Account			Sub-Account
Income:
Dividend income	$	61,976		$	—		$	39,932
Expenses:
Mortality and expense risk charges		(30,752	)		(51,316	)		(31,167	)
Distribution and administration charges		(12,700	)		(21,197	)		(12,865	)
Net investment income (loss)		18,524			(72,513	)		(4,100	)
Net realized and change in unrealized gains (losses):
Net realized gains (losses) on sale of investments		(5,234	)		(55,794	)		6,511
Realized gain distributions		308,353			612,798			33,218
Net realized gains (losses)		303,119			557,004			39,729
Net change in unrealized appreciation (depreciation)		(67,388	)		(587,966	)		280,648
Net realized and change in unrealized gains (losses)		235,731			(30,962	)		320,377
Net increase (decrease) in net assets from operations	$	254,255		$	(103,475	)	$	316,277

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)

STATEMENT OF OPERATIONS (CONTINUED)

FOR THE YEAR ENDED DECEMBER 31, 2024

	TP2			TP3			TP4
	Sub-Account			Sub-Account			Sub-Account
Income:
Dividend income	$	44,569		$	67,938		$	22,776
Expenses:
Mortality and expense risk charges		(19,628	)		(26,845	)		(17,169	)
Distribution and administration charges		(8,107	)		(11,097	)		(7,086	)
Net investment income (loss)		16,834			29,996			(1,479	)
Net realized and change in unrealized gains (losses):
Net realized gains (losses) on sale of investments		(316	)		3,727			11,495
Realized gain distributions		11,401			22,541			3,958
Net realized gains (losses)		11,085			26,268			15,453
Net change in unrealized appreciation (depreciation)		79,971			83,414			145,366
Net realized and change in unrealized gains (losses)		91,056			109,682			160,819
Net increase (decrease) in net assets from operations	$	107,890		$	139,678		$	159,340

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)

STATEMENT OF OPERATIONS (CONTINUED)

FOR THE YEAR ENDED DECEMBER 31, 2024

	TP5			W42			W50
	Sub-Account			Sub-Account			Sub-Account
Income:
Dividend income	$	193,540		$	—		$	92,153
Expenses:
Mortality and expense risk charges		(106,155	)		(2,767	)		(9,611	)
Distribution and administration charges		(43,850	)		(823	)		(3,975	)
Net investment income (loss)		43,535			(3,590	)		78,567
Net realized and change in unrealized gains (losses):
Net realized gains (losses) on sale of investments		31,754			12,289			(41,151	)
Realized gain distributions		169,782			—			—
Net realized gains (losses)		201,536			12,289			(41,151	)
Net change in unrealized appreciation (depreciation)		577,999			16,756			(60,628	)
Net realized and change in unrealized gains (losses)		779,535			29,045			(101,779	)
Net increase (decrease) in net assets from operations	$	823,070		$	25,455		$	(23,212	)

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

FOR THE YEARS ENDED DECEMBER 31, 2024 AND 2023

	AL1 Sub-Account						AO5 Sub-Account
	December 31,			December 31,			December 31,			December 31,
	2024			2023			2024			2023
Operations:
Net investment income (loss)	$	46,886		$	(191,958	)	$	(247,755	)	$	(476,744	)
Net realized gains (losses)		(424,069	)		(75,315	)		(2,129,590	)		(3,424,931	)
Net change in unrealized appreciation/(depreciation)		2,212,571			3,144,187			6,274,245			9,131,951
Increase (decrease) in net assets from operations		1,835,388			2,876,914			3,896,900			5,230,276
Contract Owner Transactions:
Accumulation Activity:
Purchase payments received		373,203			747,537			253,173			365,747
Transfers between Sub-Accounts (including the Fixed Account), net		(484,501	)		(327,671	)		(497,426	)		87,723
Withdrawals, surrenders, annuitizations and contract charges		(4,053,384	)		(3,804,528	)		(7,075,366	)		(6,784,061	)
Net accumulation activity		(4,164,682	)		(3,384,662	)		(7,319,619	)		(6,330,591	)
Annuitization Activity:
Annuitizations		20,958			—			—			—
Annuity payments and contract charges		(22,280	)		—			—			—
Adjustments to annuity reserves		—			—			—			—
Net annuitization activity		(1,322	)		—			—			—
Net increase (decrease) from contract owner transactions		(4,166,004	)		(3,384,662	)		(7,319,619	)		(6,330,591	)
Total increase (decrease) in net assets		(2,330,616	)		(507,748	)		(3,422,719	)		(1,100,315	)
Net assets at beginning of year		27,670,614			28,178,362			47,265,069			48,365,384
Net assets at end of year	$	25,339,998		$	27,670,614		$	43,842,350		$	47,265,069

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, 2024 AND 2023

	A71 Sub-Account						AM2 Sub-Account3
	December 31,			December 31,			December 31,			December 31,
	2024			2023			2024			2023
Operations:
Net investment income (loss)	$	920		$	585		$	(11,319	)	$	(47,653	)
Net realized gains (losses)		25,512			38,366			(479,847	)		(51,637	)
Net change in unrealized appreciation/(depreciation)		69,162			30,505			466,525			398,534
Increase (decrease) in net assets from operations		95,594			69,456			(24,641	)		299,244
Contract Owner Transactions:
Accumulation Activity:
Purchase payments received		31,657			104,877			71			52,658
Transfers between Sub-Accounts (including the Fixed Account), net		102,384			(6,429	)		(2,693,836	)		(22,215	)
Withdrawals, surrenders, annuitizations and contract charges		(66,597	)		(12,013	)		(120,564	)		(497,841	)
Net accumulation activity		67,444			86,435			(2,814,329	)		(467,398	)
Annuitization Activity:
Annuitizations		—			—			—			—
Annuity payments and contract charges		—			—			—			—
Adjustments to annuity reserves		—			—			—			—
Net annuitization activity		—			—			—			—
Net increase (decrease) from contract owner transactions		67,444			86,435			(2,814,329	)		(467,398	)
Total increase (decrease) in net assets		163,038			155,891			(2,838,970	)		(168,154	)
Net assets at beginning of year		792,522			636,631			2,838,970			3,007,124
Net assets at end of year	$	955,560		$	792,522		$	—		$	2,838,970

³  The activities for this Sub-Account are for the period from January 1, 2024 to April 15, 2024. Refer to Note 1 for details on this closed Sub-Account.

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, 2024 AND 2023

	A98 Sub-Account						AC4 Sub-Account
	December 31,			December 31,			December 31,			December 31,
	2024			2023			2024			2023
Operations:
Net investment income (loss)	$	101,283		$	(200,262	)	$	(195,003	)	$	(131,403	)
Net realized gains (losses)		468,015			(100,505	)		769,333			537,429
Net change in unrealized appreciation/(depreciation)		54,350			2,740,474			2,677,182			2,689,094
Increase (decrease) in net assets from operations		623,648			2,439,707			3,251,512			3,095,120
Contract Owner Transactions:
Accumulation Activity:
Purchase payments received		190,240			469,877			3,062,218			1,063,836
Transfers between Sub-Accounts (including the Fixed Account), net		273,091			(687,008	)		427,052			400,624
Withdrawals, surrenders, annuitizations and contract charges		(3,244,295	)		(2,844,843	)		(721,980	)		(474,112	)
Net accumulation activity		(2,780,964	)		(3,061,974	)		2,767,290			990,348
Annuitization Activity:
Annuitizations		75,223			1,545			—			—
Annuity payments and contract charges		(4,767	)		(28,564	)		—			—
Adjustments to annuity reserves		(9,415	)		16,862			—			—
Net annuitization activity		61,041			(10,157	)		—			—
Net increase (decrease) from contract owner transactions		(2,719,923	)		(3,072,131	)		2,767,290			990,348
Total increase (decrease) in net assets		(2,096,275	)		(632,424	)		6,018,802			4,085,468
Net assets at beginning of year		19,405,577			20,038,001			12,970,289			8,884,821
Net assets at end of year	$	17,309,302		$	19,405,577		$	18,989,091		$	12,970,289

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, 2024 AND 2023

	A19 Sub-Account						A74 Sub-Account
	December 31,			December 31,			December 31,			December 31,
	2024			2023			2024			2023
Operations:
Net investment income (loss)	$	(61,725	)	$	(32,281	)	$	(133,277	)	$	(104,225	)
Net realized gains (losses)		(358,707	)		(148,283	)		1,542,435			1,716,835
Net change in unrealized appreciation/(depreciation)		1,211,743			575,183			(191,981	)		585,588
Increase (decrease) in net assets from operations		791,311			394,619			1,217,177			2,198,198
Contract Owner Transactions:
Accumulation Activity:
Purchase payments received		1,845,664			822,553			87,989			365,571
Transfers between Sub-Accounts (including the Fixed Account), net		689,820			456,068			(109,952	)		(395,317	)
Withdrawals, surrenders, annuitizations and contract charges		(112,128	)		(93,568	)		(2,278,078	)		(1,342,771	)
Net accumulation activity		2,423,356			1,185,053			(2,300,041	)		(1,372,517	)
Annuitization Activity:
Annuitizations		—			—			—			—
Annuity payments and contract charges		—			—			(2,099	)		(1,851	)
Adjustments to annuity reserves		—			—			371			449
Net annuitization activity		—			—			(1,728	)		(1,402	)
Net increase (decrease) from contract owner transactions		2,423,356			1,185,053			(2,301,769	)		(1,373,919	)
Total increase (decrease) in net assets		3,214,667			1,579,672			(1,084,592	)		824,279
Net assets at beginning of year		3,501,763			1,922,091			15,778,279			14,954,000
Net assets at end of year	$	6,716,430		$	3,501,763		$	14,693,687		$	15,778,279

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, 2024 AND 2023

	AP0 Sub-Account						AQ1 Sub-Account
	December 31,			December 31,			December 31,			December 31,
	2024			2023			2024			2023
Operations:
Net investment income (loss)	$	(538,773	)	$	(339,414	)	$	(40,566	)	$	11,155
Net realized gains (losses)		650,955			581,743			1,139,751			703,285
Net change in unrealized appreciation/(depreciation)		13,206,833			9,978,814			3,585,921			2,715,812
Increase (decrease) in net assets from operations		13,319,015			10,221,143			4,685,106			3,430,252
Contract Owner Transactions:
Accumulation Activity:
Purchase payments received		13,972,079			5,042,841			7,898,179			2,287,897
Transfers between Sub-Accounts (including the Fixed Account), net		88,746			701,830			644,421			723,890
Withdrawals, surrenders, annuitizations and contract charges		(2,555,693	)		(1,242,705	)		(1,063,198	)		(606,432	)
Net accumulation activity		11,505,132			4,501,966			7,479,402			2,405,355
Annuitization Activity:
Annuitizations		—			—			—			—
Annuity payments and contract charges		—			—			—			—
Adjustments to annuity reserves		—			—			—			—
Net annuitization activity		—			—			—			—
Net increase (decrease) from contract owner transactions		11,505,132			4,501,966			7,479,402			2,405,355
Total increase (decrease) in net assets		24,824,147			14,723,109			12,164,508			5,835,607
Net assets at beginning of year		40,344,254			25,621,145			18,612,063			12,776,456
Net assets at end of year	$	65,168,401		$	40,344,254		$	30,776,571		$	18,612,063

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, 2024 AND 2023

	AQ2 Sub-Account						AS3 Sub-Account
	December 31,			December 31,			December 31,			December 31,
	2024			2023			2024			2023
Operations:
Net investment income (loss)	$	(3,212	)	$	(163	)	$	930,547		$	616,660
Net realized gains (losses)		(118,204	)		(89,278	)		3,225,336			1,866,013
Net change in unrealized appreciation/(depreciation)		90,513			480,482			8,413,099			5,139,085
Increase (decrease) in net assets from operations		(30,903	)		391,041			12,568,982			7,621,758
Contract Owner Transactions:
Accumulation Activity:
Purchase payments received		1,674,017			252,954			30,899,262			14,151,608
Transfers between Sub-Accounts (including the Fixed Account), net		692,515			583,746			209,666			5,800,722
Withdrawals, surrenders, annuitizations and contract charges		(169,276	)		(78,785	)		(4,342,381	)		(2,251,545	)
Net accumulation activity		2,197,256			757,915			26,766,547			17,700,785
Annuitization Activity:
Annuitizations		—			—			—			—
Annuity payments and contract charges		—			—			—			—
Adjustments to annuity reserves		—			—			—			—
Net annuitization activity		—			—			—			—
Net increase (decrease) from contract owner transactions		2,197,256			757,915			26,766,547			17,700,785
Total increase (decrease) in net assets		2,166,353			1,148,956			39,335,529			25,322,543
Net assets at beginning of year		3,579,432			2,430,476			74,567,315			49,244,772
Net assets at end of year	$	5,745,785		$	3,579,432		$	113,902,844		$	74,567,315

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, 2024 AND 2023

	AS6 Sub-Account						AQ3 Sub-Account
	December 31,			December 31,			December 31,			December 31,
	2024			2023			2024			2023
Operations:
Net investment income (loss)	$	41,306		$	(38,973	)	$	1,621		$	3,128
Net realized gains (losses)		204,485			353,769			(24,202	)		(55,458	)
Net change in unrealized appreciation/(depreciation)		963,273			1,291,378			147,474			339,553
Increase (decrease) in net assets from operations		1,209,064			1,606,174			124,893			287,223
Contract Owner Transactions:
Accumulation Activity:
Purchase payments received		3,894,797			1,284,795			694,434			235,921
Transfers between Sub-Accounts (including the Fixed Account), net		1,195,933			347,280			162,589			335,657
Withdrawals, surrenders, annuitizations and contract charges		(587,004	)		(433,943	)		(130,845	)		(109,952	)
Net accumulation activity		4,503,726			1,198,132			726,178			461,626
Annuitization Activity:
Annuitizations		—			—			—			—
Annuity payments and contract charges		—			—			—			—
Adjustments to annuity reserves		—			—			—			—
Net annuitization activity		—			—			—			—
Net increase (decrease) from contract owner transactions		4,503,726			1,198,132			726,178			461,626
Total increase (decrease) in net assets		5,712,790			2,804,306			851,071			748,849
Net assets at beginning of year		10,151,639			7,347,333			2,596,299			1,847,450
Net assets at end of year	$	15,864,429		$	10,151,639		$	3,447,370		$	2,596,299

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, 2024 AND 2023

	AX1 Sub-Account						B21 Sub-Account
	December 31,			December 31,			December 31,			December 31,
	2024			2023			2024			2023
Operations:
Net investment income (loss)	$	72,699		$	30,622		$	197,942		$	92,661
Net realized gains (losses)		(108,633	)		773,164			976,480			(96,337	)
Net change in unrealized appreciation/(depreciation)		603,272			113,272			128,959			1,125,852
Increase (decrease) in net assets from operations		567,338			917,058			1,303,381			1,122,176
Contract Owner Transactions:
Accumulation Activity:
Purchase payments received		3,775,670			3,403,307			5,861,424			3,174,506
Transfers between Sub-Accounts (including the Fixed Account), net		381,621			1,180,733			763,845			775,307
Withdrawals, surrenders, annuitizations and contract charges		(498,118	)		(238,986	)		(552,520	)		(247,553	)
Net accumulation activity		3,659,173			4,345,054			6,072,749			3,702,260
Annuitization Activity:
Annuitizations		—			—			—			—
Annuity payments and contract charges		—			—			—			—
Adjustments to annuity reserves		—			—			—			—
Net annuitization activity		—			—			—			—
Net increase (decrease) from contract owner transactions		3,659,173			4,345,054			6,072,749			3,702,260
Total increase (decrease) in net assets		4,226,511			5,262,112			7,376,130			4,824,436
Net assets at beginning of year		10,290,052			5,027,940			10,911,667			6,087,231
Net assets at end of year	$	14,516,563		$	10,290,052		$	18,287,797		$	10,911,667

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, 2024 AND 2023

	B19 Sub-Account						B20 Sub-Account
	December 31,			December 31,			December 31,			December 31,
	2024			2023			2024			2023
Operations:
Net investment income (loss)	$	(55,400	)	$	(27,267	)	$	23,539		$	9,699
Net realized gains (losses)		2,756,069			83,559			158,743			70,091
Net change in unrealized appreciation/(depreciation)		(1,578,624	)		767,170			(31,047	)		71,576
Increase (decrease) in net assets from operations		1,122,045			823,462			151,235			151,366
Contract Owner Transactions:
Accumulation Activity:
Purchase payments received		2,981,083			612,073			177,307			648,912
Transfers between Sub-Accounts (including the Fixed Account), net		890,682			174,966			138,946			171,426
Withdrawals, surrenders, annuitizations and contract charges		(121,075	)		(59,026	)		(78,648	)		(43,568	)
Net accumulation activity		3,750,690			728,013			237,605			776,770
Annuitization Activity:
Annuitizations		—			—			—			—
Annuity payments and contract charges		—			—			—			—
Adjustments to annuity reserves		—			—			—			—
Net annuitization activity		—			—			—			—
Net increase (decrease) from contract owner transactions		3,750,690			728,013			237,605			776,770
Total increase (decrease) in net assets		4,872,735			1,551,475			388,840			928,136
Net assets at beginning of year		2,991,267			1,439,792			1,806,755			878,619
Net assets at end of year	$	7,864,002		$	2,991,267		$	2,195,595		$	1,806,755

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, 2024 AND 2023

	B18 Sub-Account						B22 Sub-Account
	December 31,			December 31,			December 31,			December 31,
	2024			2023			2024			2023
Operations:
Net investment income (loss)	$	(600,128	)	$	2,169,456		$	(17,912	)	$	(9,392	)
Net realized gains (losses)		20,540,024			(7,153,098	)		163,902			(61,120	)
Net change in unrealized appreciation/(depreciation)		(964,924	)		33,299,342			212,743			376,837
Increase (decrease) in net assets from operations		18,974,972			28,315,700			358,733			306,325
Contract Owner Transactions:
Accumulation Activity:
Purchase payments received		3,799,386			4,423,718			683,400			317,519
Transfers between Sub-Accounts (including the Fixed Account), net		(3,157,930	)		(6,024,789	)		43,137			12,623
Withdrawals, surrenders, annuitizations and contract charges		(39,135,437	)		(38,797,162	)		(69,112	)		(24,208	)
Net accumulation activity		(38,493,981	)		(40,398,233	)		657,425			305,934
Annuitization Activity:
Annuitizations		149,776			115,428			—			—
Annuity payments and contract charges		(123,109	)		(75,578	)		—			—
Adjustments to annuity reserves		2,999			54,265			—			—
Net annuitization activity		29,666			94,115			—			—
Net increase (decrease) from contract owner transactions		(38,464,315	)		(40,304,118	)		657,425			305,934
Total increase (decrease) in net assets		(19,489,343	)		(11,988,418	)		1,016,158			612,259
Net assets at beginning of year		275,243,028			287,231,446			1,034,465			422,206
Net assets at end of year	$	255,753,685		$	275,243,028		$	2,050,623		$	1,034,465

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, 2024 AND 2023

	B23 Sub-Account						L33 Sub-Account
	December 31,			December 31,			December 31,			December 31,
	2024			2023			2024			2023
Operations:
Net investment income (loss)	$	32,547		$	17,194		$	(24,262	)	$	(24,831	)
Net realized gains (losses)		(10,390	)		(16,663	)		6,546			(39,320	)
Net change in unrealized appreciation/(depreciation)		(19,533	)		27,454			272,399			315,965
Increase (decrease) in net assets from operations		2,624			27,985			254,683			251,814
Contract Owner Transactions:
Accumulation Activity:
Purchase payments received		407,378			105,071			200,353			212,035
Transfers between Sub-Accounts (including the Fixed Account), net		56,600			115,291			578,991			595,351
Withdrawals, surrenders, annuitizations and contract charges		(30,768	)		(29,379	)		(130,988	)		(64,511	)
Net accumulation activity		433,210			190,983			648,356			742,875
Annuitization Activity:
Annuitizations		—			—			—			—
Annuity payments and contract charges		—			—			—			—
Adjustments to annuity reserves		—			—			—			—
Net annuitization activity		—			—			—			—
Net increase (decrease) from contract owner transactions		433,210			190,983			648,356			742,875
Total increase (decrease) in net assets		435,834			218,968			903,039			994,689
Net assets at beginning of year		808,194			589,226			2,609,168			1,614,479
Net assets at end of year	$	1,244,028		$	808,194		$	3,512,207		$	2,609,168

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, 2024 AND 2023

	L34 Sub-Account						L35 Sub-Account
	December 31,			December 31,			December 31,			December 31,
	2024			2023			2024			2023
Operations:
Net investment income (loss)	$	(5,807	)	$	(1,336	)	$	19		$	10,966
Net realized gains (losses)		112,346			13,463			168,987			146,554
Net change in unrealized appreciation/(depreciation)		56,750			72,490			59,878			(12,033	)
Increase (decrease) in net assets from operations		163,289			84,617			228,884			145,487
Contract Owner Transactions:
Accumulation Activity:
Purchase payments received		181,365			140,488			192,665			228,044
Transfers between Sub-Accounts (including the Fixed Account), net		197,655			138,850			77,475			7,991
Withdrawals, surrenders, annuitizations and contract charges		(64,269	)		(12,461	)		(54,885	)		(24,058	)
Net accumulation activity		314,751			266,877			215,255			211,977
Annuitization Activity:
Annuitizations		—			—			—			—
Annuity payments and contract charges		—			—			—			—
Adjustments to annuity reserves		—			—			—			—
Net annuitization activity		—			—			—			—
Net increase (decrease) from contract owner transactions		314,751			266,877			215,255			211,977
Total increase (decrease) in net assets		478,040			351,494			444,139			357,464
Net assets at beginning of year		668,054			316,560			1,371,864			1,014,400
Net assets at end of year	$	1,146,094		$	668,054		$	1,816,003		$	1,371,864

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, 2024 AND 2023

	C71 Sub-Account						C59 Sub-Account
	December 31,			December 31,			December 31,			December 31,
	2024			2023			2024			2023
Operations:
Net investment income (loss)	$	(132	)	$	(474	)	$	(1,215	)	$	(1,204	)
Net realized gains (losses)		171			(27,395	)		56,912			8,185
Net change in unrealized appreciation/(depreciation)		755			35,047			(34,912	)		18,722
Increase (decrease) in net assets from operations		794			7,178			20,785			25,703
Contract Owner Transactions:
Accumulation Activity:
Purchase payments received		—			—			39,757			—
Transfers between Sub-Accounts (including the Fixed Account), net		(110	)		55,939			(8,809	)		(12,182	)
Withdrawals, surrenders, annuitizations and contract charges		(3,801	)		(143,332	)		(91,795	)		(2,229	)
Net accumulation activity		(3,911	)		(87,393	)		(60,847	)		(14,411	)
Annuitization Activity:
Annuitizations		—			—			—			—
Annuity payments and contract charges		—			—			—			—
Adjustments to annuity reserves		—			—			—			—
Net annuitization activity		—			—			—			—
Net increase (decrease) from contract owner transactions		(3,911	)		(87,393	)		(60,847	)		(14,411	)
Total increase (decrease) in net assets		(3,117	)		(80,215	)		(40,062	)		11,292
Net assets at beginning of year		12,468			92,683			76,940			65,648
Net assets at end of year	$	9,351		$	12,468		$	36,878		$	76,940

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, 2024 AND 2023

	C60 Sub-Account						C89 Sub-Account
	December 31,			December 31,			December 31,			December 31,
	2024			2023			2024			2023
Operations:
Net investment income (loss)	$	(751,328	)	$	(727,232	)	$	(2,596	)	$	(700	)
Net realized gains (losses)		10,417,398			9,013,420			2,152			(22	)
Net change in unrealized appreciation/(depreciation)		1,740,898			6,447,827			31,232			15,318
Increase (decrease) in net assets from operations		11,406,968			14,734,015			30,788			14,596
Contract Owner Transactions:
Accumulation Activity:
Purchase payments received		408,588			707,434			—			—
Transfers between Sub-Accounts (including the Fixed Account), net		(5,902,457	)		(7,601,700	)		86,211			1
Withdrawals, surrenders, annuitizations and contract charges		(6,613,605	)		(5,758,360	)		—			—
Net accumulation activity		(12,107,474	)		(12,652,626	)		86,211			1
Annuitization Activity:
Annuitizations		69,422			7,183			—			—
Annuity payments and contract charges		(13,895	)		(85,726	)		—			—
Adjustments to annuity reserves		(32,026	)		56,488			—			—
Net annuitization activity		23,501			(22,055	)		—			—
Net increase (decrease) from contract owner transactions		(12,083,973	)		(12,674,681	)		86,211			1
Total increase (decrease) in net assets		(677,005	)		2,059,334			116,999			14,597
Net assets at beginning of year		43,025,241			40,965,907			53,611			39,014
Net assets at end of year	$	42,348,236		$	43,025,241		$	170,610		$	53,611

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, 2024 AND 2023

	C90 Sub-Account						C58 Sub-Account
	December 31,			December 31,			December 31,			December 31,
	2024			2023			2024			2023
Operations:
Net investment income (loss)	$	(237,229	)	$	(228,128	)	$	75,278		$	1,877
Net realized gains (losses)		2,004,411			2,479,576			143,219			(29,719	)
Net change in unrealized appreciation/(depreciation)		674,241			2,001,343			(164,172	)		434,970
Increase (decrease) in net assets from operations		2,441,423			4,252,791			54,325			407,128
Contract Owner Transactions:
Accumulation Activity:
Purchase payments received		130,486			334,123			53,908			35,561
Transfers between Sub-Accounts (including the Fixed Account), net		(838,946	)		(1,751,259	)		138,963			(19,724	)
Withdrawals, surrenders, annuitizations and contract charges		(1,950,026	)		(2,401,923	)		(512,320	)		(645,326	)
Net accumulation activity		(2,658,486	)		(3,819,059	)		(319,449	)		(629,489	)
Annuitization Activity:
Annuitizations		11,552			—			—			—
Annuity payments and contract charges		(39,935	)		(7,893	)		—			—
Adjustments to annuity reserves		628			2,479			—			—
Net annuitization activity		(27,755	)		(5,414	)		—			—
Net increase (decrease) from contract owner transactions		(2,686,241	)		(3,824,473	)		(319,449	)		(629,489	)
Total increase (decrease) in net assets		(244,818	)		428,318			(265,124	)		(222,361	)
Net assets at beginning of year		13,649,174			13,220,856			3,162,906			3,385,267
Net assets at end of year	$	13,404,356		$	13,649,174		$	2,897,782		$	3,162,906

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, 2024 AND 2023

	C91 Sub-Account						C92 Sub-Account
	December 31,			December 31,			December 31,			December 31,
	2024			2023			2024			2023
Operations:
Net investment income (loss)	$	(83,720	)	$	(70,963	)	$	(213,646	)	$	(113,115	)
Net realized gains (losses)		87,600			9,757			543,153			(16,818	)
Net change in unrealized appreciation/(depreciation)		720,439			320,830			1,645,524			1,824,482
Increase (decrease) in net assets from operations		724,319			259,624			1,975,031			1,694,549
Contract Owner Transactions:
Accumulation Activity:
Purchase payments received		179,289			509,608			8,875,371			3,868,036
Transfers between Sub-Accounts (including the Fixed Account), net		146,836			517,553			(2,769,707	)		993,747
Withdrawals, surrenders, annuitizations and contract charges		(543,643	)		(207,308	)		(658,391	)		(238,422	)
Net accumulation activity		(217,518	)		819,853			5,447,273			4,623,361
Annuitization Activity:
Annuitizations		—			—			—			—
Annuity payments and contract charges		—			—			—			—
Adjustments to annuity reserves		—			—			—			—
Net annuitization activity		—			—			—			—
Net increase (decrease) from contract owner transactions		(217,518	)		819,853			5,447,273			4,623,361
Total increase (decrease) in net assets		506,801			1,079,477			7,422,304			6,317,910
Net assets at beginning of year		6,537,985			5,458,508			13,123,565			6,805,655
Net assets at end of year	$	7,044,786		$	6,537,985		$	20,545,869		$	13,123,565

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, 2024 AND 2023

	FD7 Sub-Account						F24 Sub-Account
	December 31,			December 31,			December 31,			December 31,
	2024			2023			2024			2023
Operations:
Net investment income (loss)	$	22,503		$	(118,601	)	$	(1,861,995	)	$	(1,537,922	)
Net realized gains (losses)		7,806,006			5,790,591			31,122,237			10,433,646
Net change in unrealized appreciation/(depreciation)		3,634,136			9,642,204			2,093,950			20,325,977
Increase (decrease) in net assets from operations		11,462,645			15,314,194			31,354,192			29,221,701
Contract Owner Transactions:
Accumulation Activity:
Purchase payments received		1,211,343			1,152,390			1,415,799			2,081,930
Transfers between Sub-Accounts (including the Fixed Account), net		1,234,186			(2,928,093	)		(15,086,529	)		(12,902,330	)
Withdrawals, surrenders, annuitizations and contract charges		(14,921,422	)		(13,737,131	)		(18,006,903	)		(15,505,516	)
Net accumulation activity		(12,475,893	)		(15,512,834	)		(31,677,633	)		(26,325,916	)
Annuitization Activity:
Annuitizations		—			25,692			29,517			6,711
Annuity payments and contract charges		(51,721	)		(25,614	)		(92,176	)		(67,933	)
Adjustments to annuity reserves		1,112			270			14,239			12,504
Net annuitization activity		(50,609	)		348			(48,420	)		(48,718	)
Net increase (decrease) from contract owner transactions		(12,526,502	)		(15,512,486	)		(31,726,053	)		(26,374,634	)
Total increase (decrease) in net assets		(1,063,857	)		(198,292	)		(371,861	)		2,847,067
Net assets at beginning of year		87,015,206			87,213,498			108,149,079			105,302,012
Net assets at end of year	$	85,951,349		$	87,015,206		$	107,777,218		$	108,149,079

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, 2024 AND 2023

	F88 Sub-Account						FB9 Sub-Account
	December 31,			December 31,			December 31,			December 31,
	2024			2023			2024			2023
Operations:
Net investment income (loss)	$	16,830		$	27,307		$	77,921		$	117,164
Net realized gains (losses)		(52,098	)		76,424			101,973			(32,217	)
Net change in unrealized appreciation/(depreciation)		87,379			(7,244	)		125,301			513,656
Increase (decrease) in net assets from operations		52,111			96,487			305,195			598,603
Contract Owner Transactions:
Accumulation Activity:
Purchase payments received		6,153			1,625			8,020			327,847
Transfers between Sub-Accounts (including the Fixed Account), net		79,974			(3,357	)		106,292			(19,560	)
Withdrawals, surrenders, annuitizations and contract charges		(382,639	)		(108,825	)		(1,010,781	)		(1,309,956	)
Net accumulation activity		(296,512	)		(110,557	)		(896,469	)		(1,001,669	)
Annuitization Activity:
Annuitizations		—			—			—			16,209
Annuity payments and contract charges		—			—			(15,631	)		(1,794	)
Adjustments to annuity reserves		—			—			(199	)		(167	)
Net annuitization activity		—			—			(15,830	)		14,248
Net increase (decrease) from contract owner transactions		(296,512	)		(110,557	)		(912,299	)		(987,421	)
Total increase (decrease) in net assets		(244,401	)		(14,070	)		(607,104	)		(388,818	)
Net assets at beginning of year		1,392,621			1,406,691			6,957,923			7,346,741
Net assets at end of year	$	1,148,220		$	1,392,621		$	6,350,819		$	6,957,923

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, 2024 AND 2023

	F15 Sub-Account						F41 Sub-Account
	December 31,			December 31,			December 31,			December 31,
	2024			2023			2024			2023
Operations:
Net investment income (loss)	$	93,303		$	163,212		$	(723,244	)	$	(707,084	)
Net realized gains (losses)		292,179			(80,650	)		11,104,517			2,407,479
Net change in unrealized appreciation/(depreciation)		279,254			1,161,825			(2,515,984	)		4,867,610
Increase (decrease) in net assets from operations		664,736			1,244,387			7,865,289			6,568,005
Contract Owner Transactions:
Accumulation Activity:
Purchase payments received		33,222			232,318			813,850			885,132
Transfers between Sub-Accounts (including the Fixed Account), net		(118,027	)		43,024			(4,318,953	)		(741,012	)
Withdrawals, surrenders, annuitizations and contract charges		(2,806,429	)		(2,754,785	)		(8,630,852	)		(7,905,295	)
Net accumulation activity		(2,891,234	)		(2,479,443	)		(12,135,955	)		(7,761,175	)
Annuitization Activity:
Annuitizations		55,084			—			45,004			45,215
Annuity payments and contract charges		(11,770	)		—			(52,198	)		(39,301	)
Adjustments to annuity reserves		(6	)		—			(4,359	)		79,633
Net annuitization activity		43,308			—			(11,553	)		85,547
Net increase (decrease) from contract owner transactions		(2,847,926	)		(2,479,443	)		(12,147,508	)		(7,675,628	)
Total increase (decrease) in net assets		(2,183,190	)		(1,235,056	)		(4,282,219	)		(1,107,623	)
Net assets at beginning of year		12,251,931			13,486,987			54,432,984			55,540,607
Net assets at end of year	$	10,068,741		$	12,251,931		$	50,150,765		$	54,432,984

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, 2024 AND 2023

	FE3 Sub-Account						F17 Sub-Account
	December 31,			December 31,			December 31,			December 31,
	2024			2023			2024			2023
Operations:
Net investment income (loss)	$	(14,853	)	$	(2,521,397	)	$	(9,943	)	$	(2,578	)
Net realized gains (losses)		(1,971,940	)		8,375,079			144,387			(11,514	)
Net change in unrealized appreciation/(depreciation)		8,831,985			6,551,123			37,944			136,584
Increase (decrease) in net assets from operations		6,845,192			12,404,805			172,388			122,492
Contract Owner Transactions:
Accumulation Activity:
Purchase payments received		1,982,042			2,931,696			160,934			467,489
Transfers between Sub-Accounts (including the Fixed Account), net		2,124,500			670,391			82,045			221,580
Withdrawals, surrenders, annuitizations and contract charges		(22,483,371	)		(22,490,593	)		(47,130	)		(45,557	)
Net accumulation activity		(18,376,829	)		(18,888,506	)		195,849			643,512
Annuitization Activity:
Annuitizations		42,829			38,576			—			—
Annuity payments and contract charges		(42,545	)		(31,508	)		—			—
Adjustments to annuity reserves		656			68,026			—			—
Net annuitization activity		940			75,094			—			—
Net increase (decrease) from contract owner transactions		(18,375,889	)		(18,813,412	)		195,849			643,512
Total increase (decrease) in net assets		(11,530,697	)		(6,408,607	)		368,237			766,004
Net assets at beginning of year		152,131,312			158,539,919			1,891,115			1,125,111
Net assets at end of year	$	140,600,615		$	152,131,312		$	2,259,352		$	1,891,115

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, 2024 AND 2023

	F18 Sub-Account						F19 Sub-Account
	December 31,			December 31,			December 31,			December 31,
	2024			2023			2024			2023
Operations:
Net investment income (loss)	$	2,656		$	(2,213	)	$	120,326		$	82,147
Net realized gains (losses)		13,632			(13,058	)		(48,848	)		40,984
Net change in unrealized appreciation/(depreciation)		(15,911	)		82,626			359,466			501,192
Increase (decrease) in net assets from operations		377			67,355			430,944			624,323
Contract Owner Transactions:
Accumulation Activity:
Purchase payments received		82,480			81,691			2,152,701			1,405,207
Transfers between Sub-Accounts (including the Fixed Account), net		138,722			202,450			335,742			856,198
Withdrawals, surrenders, annuitizations and contract charges		(79,159	)		(8,589	)		(814,549	)		(301,013	)
Net accumulation activity		142,043			275,552			1,673,894			1,960,392
Annuitization Activity:
Annuitizations		—			—			—			—
Annuity payments and contract charges		—			—			—			—
Adjustments to annuity reserves		—			—			—			—
Net annuitization activity		—			—			—			—
Net increase (decrease) from contract owner transactions		142,043			275,552			1,673,894			1,960,392
Total increase (decrease) in net assets		142,420			342,907			2,104,838			2,584,715
Net assets at beginning of year		627,681			284,774			7,774,077			5,189,362
Net assets at end of year	$	770,101		$	627,681		$	9,878,915		$	7,774,077

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, 2024 AND 2023

	T21 Sub-Account						S23 Sub-Account
	December 31,			December 31,			December 31,			December 31,
	2024			2023			2024			2023
Operations:
Net investment income (loss)	$	299,283		$	46,839		$	16,852		$	2,686
Net realized gains (losses)		(82,455	)		(385,601	)		(904	)		(8,253	)
Net change in unrealized appreciation/(depreciation)		583,944			1,800,071			22,221			51,771
Increase (decrease) in net assets from operations		800,772			1,461,309			38,169			46,204
Contract Owner Transactions:
Accumulation Activity:
Purchase payments received		209,491			268,803			79,076			83,208
Transfers between Sub-Accounts (including the Fixed Account), net		(140,418	)		234,264			21,459			76,503
Withdrawals, surrenders, annuitizations and contract charges		(2,152,163	)		(2,127,583	)		(9,241	)		(6,740	)
Net accumulation activity		(2,083,090	)		(1,624,516	)		91,294			152,971
Annuitization Activity:
Annuitizations		3,054			13,806			—			—
Annuity payments and contract charges		(3,810	)		(6,484	)		—			—
Adjustments to annuity reserves		(985	)		(795	)		—			—
Net annuitization activity		(1,741	)		6,527			—			—
Net increase (decrease) from contract owner transactions		(2,084,831	)		(1,617,989	)		91,294			152,971
Total increase (decrease) in net assets		(1,284,059	)		(156,680	)		129,463			199,175
Net assets at beginning of year		14,153,806			14,310,486			546,534			347,359
Net assets at end of year	$	12,869,747		$	14,153,806		$	675,997		$	546,534

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, 2024 AND 2023

	T20 Sub-Account						FE6 Sub-Account
	December 31,			December 31,			December 31,			December 31,
	2024			2023			2024			2023
Operations:
Net investment income (loss)	$	310,056		$	780,324		$	70,205		$	(31,935	)
Net realized gains (losses)		1,028,003			(773,189	)		(970,424	)		(969,057	)
Net change in unrealized appreciation/(depreciation)		(2,569,552	)		9,120,068			2,157,657			3,124,111
Increase (decrease) in net assets from operations		(1,231,493	)		9,127,203			1,257,438			2,123,119
Contract Owner Transactions:
Accumulation Activity:
Purchase payments received		1,459,484			1,231,986			290,734			246,762
Transfers between Sub-Accounts (including the Fixed Account), net		3,433,357			(2,620,848	)		(46,431	)		(18,999	)
Withdrawals, surrenders, annuitizations and contract charges		(9,567,464	)		(8,540,982	)		(2,810,829	)		(2,231,247	)
Net accumulation activity		(4,674,623	)		(9,929,844	)		(2,566,526	)		(2,003,484	)
Annuitization Activity:
Annuitizations		21,528			32,361			—			—
Annuity payments and contract charges		(64,449	)		(68,702	)		—			—
Adjustments to annuity reserves		1,100			(892	)		—			—
Net annuitization activity		(41,821	)		(37,233	)		—			—
Net increase (decrease) from contract owner transactions		(4,716,444	)		(9,967,077	)		(2,566,526	)		(2,003,484	)
Total increase (decrease) in net assets		(5,947,937	)		(839,874	)		(1,309,088	)		119,635
Net assets at beginning of year		52,576,034			53,415,908			17,785,635			17,666,000
Net assets at end of year	$	46,628,097		$	52,576,034		$	16,476,547		$	17,785,635

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, 2024 AND 2023

	S18 Sub-Account						T59 Sub-Account
	December 31,			December 31,			December 31,			December 31,
	2024			2023			2024			2023
Operations:
Net investment income (loss)	$	14,125		$	2,171		$	(31,273	)	$	(34,114	)
Net realized gains (losses)		(24,841	)		8,650			(73,253	)		(96,047	)
Net change in unrealized appreciation/(depreciation)		164,126			178,664			(128,577	)		146,650
Increase (decrease) in net assets from operations		153,410			189,485			(233,103	)		16,489
Contract Owner Transactions:
Accumulation Activity:
Purchase payments received		928,831			578,584			20,740			39,233
Transfers between Sub-Accounts (including the Fixed Account), net		(24,094	)		331,242			258,097			56,731
Withdrawals, surrenders, annuitizations and contract charges		(91,417	)		(49,265	)		(285,956	)		(313,032	)
Net accumulation activity		813,320			860,561			(7,119	)		(217,068	)
Annuitization Activity:
Annuitizations		—			—			—			—
Annuity payments and contract charges		—			—			(238	)		(251	)
Adjustments to annuity reserves		—			—			(50	)		24
Net annuitization activity		—			—			(288	)		(227	)
Net increase (decrease) from contract owner transactions		813,320			860,561			(7,407	)		(217,295	)
Total increase (decrease) in net assets		966,730			1,050,046			(240,510	)		(200,806	)
Net assets at beginning of year		2,005,729			955,683			1,857,178			2,057,984
Net assets at end of year	$	2,972,459		$	2,005,729		$	1,616,668		$	1,857,178

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, 2024 AND 2023

	F56 Sub-Account						F59 Sub-Account
	December 31,			December 31,			December 31,			December 31,
	2024			2023			2024			2023
Operations:
Net investment income (loss)	$	(75,996	)	$	168,977		$	1,270,757		$	1,300,892
Net realized gains (losses)		336,559			(268,505	)		(406,776	)		1,963,308
Net change in unrealized appreciation/(depreciation)		117,134			1,883,612			1,056,361			(837,288	)
Increase (decrease) in net assets from operations		377,697			1,784,084			1,920,342			2,426,912
Contract Owner Transactions:
Accumulation Activity:
Purchase payments received		156,629			302,444			736,122			419,416
Transfers between Sub-Accounts (including the Fixed Account), net		194,126			(579,570	)		(153,984	)		774,046
Withdrawals, surrenders, annuitizations and contract charges		(1,506,574	)		(1,505,731	)		(5,714,072	)		(5,195,611	)
Net accumulation activity		(1,155,819	)		(1,782,857	)		(5,131,934	)		(4,002,149	)
Annuitization Activity:
Annuitizations		—			—			57,376			37,910
Annuity payments and contract charges		(9,084	)		(11,734	)		(90,269	)		(16,286	)
Adjustments to annuity reserves		1,008			(4,571	)		(1,323	)		(450	)
Net annuitization activity		(8,076	)		(16,305	)		(34,216	)		21,174
Net increase (decrease) from contract owner transactions		(1,163,895	)		(1,799,162	)		(5,166,150	)		(3,980,975	)
Total increase (decrease) in net assets		(786,198	)		(15,078	)		(3,245,808	)		(1,554,063	)
Net assets at beginning of year		10,273,421			10,288,499			36,915,056			38,469,119
Net assets at end of year	$	9,487,223		$	10,273,421		$	33,669,248		$	36,915,056

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, 2024 AND 2023

	FF0 Sub-Account						F54 Sub-Account
	December 31,			December 31,			December 31,			December 31,
	2024			2023			2024			2023
Operations:
Net investment income (loss)	$	859,336		$	503,274		$	232,299		$	149,504
Net realized gains (losses)		(64,442	)		758,659			161,559			2,622,566
Net change in unrealized appreciation/(depreciation)		474,557			(204,695	)		7,888,292			6,978,760
Increase (decrease) in net assets from operations		1,269,451			1,057,238			8,282,150			9,750,830
Contract Owner Transactions:
Accumulation Activity:
Purchase payments received		7,320,945			5,363,545			1,194,497			2,494,256
Transfers between Sub-Accounts (including the Fixed Account), net		727,525			2,293,672			(159,306	)		771,949
Withdrawals, surrenders, annuitizations and contract charges		(1,487,118	)		(766,901	)		(14,465,801	)		(13,945,874	)
Net accumulation activity		6,561,352			6,890,316			(13,430,610	)		(10,679,669	)
Annuitization Activity:
Annuitizations		—			—			51,451			4,399
Annuity payments and contract charges		—			—			(36,144	)		(17,146	)
Adjustments to annuity reserves		—			—			1,610			273
Net annuitization activity		—			—			16,917			(12,474	)
Net increase (decrease) from contract owner transactions		6,561,352			6,890,316			(13,413,693	)		(10,692,143	)
Total increase (decrease) in net assets		7,830,803			7,947,554			(5,131,543	)		(941,313	)
Net assets at beginning of year		18,684,259			10,736,705			89,410,504			90,351,817
Net assets at end of year	$	26,515,062		$	18,684,259		$	84,278,961		$	89,410,504

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, 2024 AND 2023

	FG8 Sub-Account						S21 Sub-Account
	December 31,			December 31,			December 31,			December 31,
	2024			2023			2024			2023
Operations:
Net investment income (loss)	$	8,286		$	6,250		$	(11,592	)	$	(11,762	)
Net realized gains (losses)		23,254			58,499			109,624			319,449
Net change in unrealized appreciation/(depreciation)		77,762			36,372			317,465			33,558
Increase (decrease) in net assets from operations		109,302			101,121			415,497			341,245
Contract Owner Transactions:
Accumulation Activity:
Purchase payments received		172,409			370,734			991,634			772,268
Transfers between Sub-Accounts (including the Fixed Account), net		22,098			29,550			(4,055	)		582,669
Withdrawals, surrenders, annuitizations and contract charges		(86,160	)		(38,525	)		(244,886	)		(81,254	)
Net accumulation activity		108,347			361,759			742,693			1,273,683
Annuitization Activity:
Annuitizations		—			—			—			—
Annuity payments and contract charges		—			—			—			—
Adjustments to annuity reserves		—			—			—			—
Net annuitization activity		—			—			—			—
Net increase (decrease) from contract owner transactions		108,347			361,759			742,693			1,273,683
Total increase (decrease) in net assets		217,649			462,880			1,158,190			1,614,928
Net assets at beginning of year		1,077,220			614,340			4,130,834			2,515,906
Net assets at end of year	$	1,294,869		$	1,077,220		$	5,289,024		$	4,130,834

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, 2024 AND 2023

	F53 Sub-Account						FJ9 Sub-Account
	December 31,			December 31,			December 31,			December 31,
	2024			2023			2024			2023
Operations:
Net investment income (loss)	$	(109,602	)	$	(178,637	)	$	(10,358	)	$	(13,060	)
Net realized gains (losses)		1,276,846			1,324,510			39,719			70,754
Net change in unrealized appreciation/(depreciation)		278,659			434,990			191,637			142,714
Increase (decrease) in net assets from operations		1,445,903			1,580,863			220,998			200,408
Contract Owner Transactions:
Accumulation Activity:
Purchase payments received		251,017			262,487			885,264			709,635
Transfers between Sub-Accounts (including the Fixed Account), net		(339,984	)		(431,963	)		41,559			110,488
Withdrawals, surrenders, annuitizations and contract charges		(2,526,781	)		(2,303,588	)		(113,789	)		(60,974	)
Net accumulation activity		(2,615,748	)		(2,473,064	)		813,034			759,149
Annuitization Activity:
Annuitizations		—			7,077			—			—
Annuity payments and contract charges		(1,788	)		(4,351	)		—			—
Adjustments to annuity reserves		96			324			—			—
Net annuitization activity		(1,692	)		3,050			—			—
Net increase (decrease) from contract owner transactions		(2,617,440	)		(2,470,014	)		813,034			759,149
Total increase (decrease) in net assets		(1,171,537	)		(889,151	)		1,034,032			959,557
Net assets at beginning of year		15,346,683			16,235,834			2,121,744			1,162,187
Net assets at end of year	$	14,175,146		$	15,346,683		$	3,155,776		$	2,121,744

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, 2024 AND 2023

	T28 Sub-Account						FJ0 Sub-Account
	December 31,			December 31,			December 31,			December 31,
	2024			2023			2024			2023
Operations:
Net investment income (loss)	$	194,601		$	201,940		$	1,541		$	1,569
Net realized gains (losses)		(256,720	)		(324,249	)		(2,009	)		(1,483	)
Net change in unrealized appreciation/(depreciation)		220,952			576,027			1,928			3,486
Increase (decrease) in net assets from operations		158,833			453,718			1,460			3,572
Contract Owner Transactions:
Accumulation Activity:
Purchase payments received		195,181			150,740			—			—
Transfers between Sub-Accounts (including the Fixed Account), net		159,329			50,339			1,302			854
Withdrawals, surrenders, annuitizations and contract charges		(1,370,062	)		(1,232,839	)		(14,728	)		(4,307	)
Net accumulation activity		(1,015,552	)		(1,031,760	)		(13,426	)		(3,453	)
Annuitization Activity:
Annuitizations		69,319			—			—			—
Annuity payments and contract charges		(21,170	)		(51,498	)		—			—
Adjustments to annuity reserves		(844	)		5,319			—			—
Net annuitization activity		47,305			(46,179	)		—			—
Net increase (decrease) from contract owner transactions		(968,247	)		(1,077,939	)		(13,426	)		(3,453	)
Total increase (decrease) in net assets		(809,414	)		(624,221	)		(11,966	)		119
Net assets at beginning of year		7,154,255			7,778,476			60,317			60,198
Net assets at end of year	$	6,344,841		$	7,154,255		$	48,351		$	60,317

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, 2024 AND 2023

	G03 Sub-Account						V35 Sub-Account
	December 31,			December 31,			December 31,			December 31,
	2024			2023			2024			2023
Operations:
Net investment income (loss)	$	(23,105	)	$	(18,547	)	$	(30,927	)	$	(42,451	)
Net realized gains (losses)		406,189			(72,897	)		258,909			877,937
Net change in unrealized appreciation/(depreciation)		302,676			594,276			557,786			(442,115	)
Increase (decrease) in net assets from operations		685,760			502,832			785,768			393,371
Contract Owner Transactions:
Accumulation Activity:
Purchase payments received		41,738			20,457			26,466			69,094
Transfers between Sub-Accounts (including the Fixed Account), net		(28,575	)		(4,950	)		(129,282	)		(229,375	)
Withdrawals, surrenders, annuitizations and contract charges		(227,584	)		(102,979	)		(361,792	)		(605,958	)
Net accumulation activity		(214,421	)		(87,472	)		(464,608	)		(766,239	)
Annuitization Activity:
Annuitizations		—			—			—			—
Annuity payments and contract charges		—			—			(644	)		(70,445	)
Adjustments to annuity reserves		—			—			241			7,666
Net annuitization activity		—			—			(403	)		(62,779	)
Net increase (decrease) from contract owner transactions		(214,421	)		(87,472	)		(465,011	)		(829,018	)
Total increase (decrease) in net assets		471,339			415,360			320,757			(435,647	)
Net assets at beginning of year		2,728,599			2,313,239			3,051,112			3,486,759
Net assets at end of year	$	3,199,938		$	2,728,599		$	3,371,869		$	3,051,112

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, 2024 AND 2023

	V13 Sub-Account						AB3 Sub-Account
	December 31,			December 31,			December 31,			December 31,
	2024			2023			2024			2023
Operations:
Net investment income (loss)	$	(41,497	)	$	(40,368	)	$	48,938		$	16,524
Net realized gains (losses)		3,111,621			3,210,771			(9,931	)		(47,212	)
Net change in unrealized appreciation/(depreciation)		(935,836	)		(1,403,869	)		(24,203	)		86,339
Increase (decrease) in net assets from operations		2,134,288			1,766,534			14,804			55,651
Contract Owner Transactions:
Accumulation Activity:
Purchase payments received		293,132			250,545			633,399			143,031
Transfers between Sub-Accounts (including the Fixed Account), net		(31,206	)		(1,021,760	)		164,435			81,381
Withdrawals, surrenders, annuitizations and contract charges		(3,692,399	)		(2,699,372	)		(60,649	)		(94,036	)
Net accumulation activity		(3,430,473	)		(3,470,587	)		737,185			130,376
Annuitization Activity:
Annuitizations		—			18,787			—			—
Annuity payments and contract charges		(26,543	)		(29,910	)		—			—
Adjustments to annuity reserves		(810	)		(464	)		—			—
Net annuitization activity		(27,353	)		(11,587	)		—			—
Net increase (decrease) from contract owner transactions		(3,457,826	)		(3,482,174	)		737,185			130,376
Total increase (decrease) in net assets		(1,323,538	)		(1,715,640	)		751,989			186,027
Net assets at beginning of year		17,539,209			19,254,849			1,354,997			1,168,970
Net assets at end of year	$	16,215,671		$	17,539,209		$	2,106,986		$	1,354,997

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, 2024 AND 2023

	V11 Sub-Account						AC1 Sub-Account
	December 31,			December 31,			December 31,			December 31,
	2024			2023			2024			2023
Operations:
Net investment income (loss)	$	202,902		$	203,670		$	(1,941	)	$	(26,434	)
Net realized gains (losses)		3,271,862			2,789,193			8,095			(83,311	)
Net change in unrealized appreciation/(depreciation)		6,654,145			4,322,274			(25,197	)		348,005
Increase (decrease) in net assets from operations		10,128,909			7,315,137			(19,043	)		238,260
Contract Owner Transactions:
Accumulation Activity:
Purchase payments received		13,105,240			6,199,878			53,114			24,323
Transfers between Sub-Accounts (including the Fixed Account), net		10,163,656			1,969,237			91,174			(94,728	)
Withdrawals, surrenders, annuitizations and contract charges		(11,253,928	)		(9,936,220	)		(218,929	)		(376,606	)
Net accumulation activity		12,014,968			(1,767,105	)		(74,641	)		(447,011	)
Annuitization Activity:
Annuitizations		18,092			—			—			—
Annuity payments and contract charges		(42,008	)		(40,303	)		(323	)		(2,004	)
Adjustments to annuity reserves		14,515			11,649			(1	)		—
Net annuitization activity		(9,401	)		(28,654	)		(324	)		(2,004	)
Net increase (decrease) from contract owner transactions		12,005,567			(1,795,759	)		(74,965	)		(449,015	)
Total increase (decrease) in net assets		22,134,476			5,519,378			(94,008	)		(210,755	)
Net assets at beginning of year		90,226,162			84,706,784			1,470,396			1,681,151
Net assets at end of year	$	112,360,638		$	90,226,162		$	1,376,388		$	1,470,396

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, 2024 AND 2023

	V17 Sub-Account						V19 Sub-Account
	December 31,			December 31,			December 31,			December 31,
	2024			2023			2024			2023
Operations:
Net investment income (loss)	$	(50,772	)	$	(29,906	)	$	4,922		$	6,931
Net realized gains (losses)		(133,872	)		(139,896	)		27,166			57,940
Net change in unrealized appreciation/(depreciation)		986,189			463,459			77,098			7,066
Increase (decrease) in net assets from operations		801,545			293,657			109,186			71,937
Contract Owner Transactions:
Accumulation Activity:
Purchase payments received		535,503			1,131,935			14,406			380,841
Transfers between Sub-Accounts (including the Fixed Account), net		372,707			179,116			(11,632	)		(25,894	)
Withdrawals, surrenders, annuitizations and contract charges		(107,653	)		(68,144	)		(30,014	)		(18,916	)
Net accumulation activity		800,557			1,242,907			(27,240	)		336,031
Annuitization Activity:
Annuitizations		—			—			—			—
Annuity payments and contract charges		—			—			—			—
Adjustments to annuity reserves		—			—			—			—
Net annuitization activity		—			—			—			—
Net increase (decrease) from contract owner transactions		800,557			1,242,907			(27,240	)		336,031
Total increase (decrease) in net assets		1,602,102			1,536,564			81,946			407,968
Net assets at beginning of year		3,325,303			1,788,739			969,630			561,662
Net assets at end of year	$	4,927,405		$	3,325,303		$	1,051,576		$	969,630

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, 2024 AND 2023

	V20 Sub-Account
	December 31,			December 31,
	2024			2023
Operations:
Net investment income (loss)	$	32,178		$	9,249
Net realized gains (losses)		207,315			492,018
Net change in unrealized appreciation/(depreciation)		574,519			230,604
Increase (decrease) in net assets from operations		814,012			731,871
Contract Owner Transactions:
Accumulation Activity:
Purchase payments received		2,342,879			2,035,059
Transfers between Sub-Accounts (including the Fixed Account), net		20,771			447,883
Withdrawals, surrenders, annuitizations and contract charges		(339,544	)		(145,749	)
Net accumulation activity		2,024,106			2,337,193
Annuitization Activity:
Annuitizations		—			—
Annuity payments and contract charges		—			—
Adjustments to annuity reserves		—			—
Net annuitization activity		—			—
Net increase (decrease) from contract owner transactions		2,024,106			2,337,193
Total increase (decrease) in net assets		2,838,118			3,069,064
Net assets at beginning of year		7,411,406			4,342,342
Net assets at end of year	$	10,249,524		$	7,411,406

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, 2024 AND 2023

	MV1 Sub-Account
	December 31,			December 31,
	2024			2023
Operations:
Net investment income (loss)	$	719,347		$	477,776
Net realized gains (losses)		57,627			(116,845	)
Net change in unrealized appreciation/(depreciation)		11,547,016			7,664,403
Increase (decrease) in net assets from operations		12,323,990			8,025,334
Contract Owner Transactions:
Accumulation Activity:
Purchase payments received		32,791,783			22,209,567
Transfers between Sub-Accounts (including the Fixed Account), net		3,432,603			8,032,829
Withdrawals, surrenders, annuitizations and contract charges		(3,138,774	)		(1,650,383	)
Net accumulation activity		33,085,612			28,592,013
Annuitization Activity:
Annuitizations		—			—
Annuity payments and contract charges		—			—
Adjustments to annuity reserves		—			—
Net annuitization activity		—			—
Net increase (decrease) from contract owner transactions		33,085,612			28,592,013
Total increase (decrease) in net assets		45,409,602			36,617,347
Net assets at beginning of year		80,142,473			43,525,126
Net assets at end of year	$	125,552,075		$	80,142,473

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, 2024 AND 2023

	MV2 Sub-Account						MV3 Sub-Account
	December 31,			December 31,			December 31,			December 31,
	2024			2023			2024			2023
Operations:
Net investment income (loss)	$	(23,806	)	$	(22,665	)	$	(108,332	)	$	(56,345	)
Net realized gains (losses)		147,240			112,798			(2,427	)		(199,926	)
Net change in unrealized appreciation/(depreciation)		358,046			251,686			2,264,495			2,124,482
Increase (decrease) in net assets from operations		481,480			341,819			2,153,736			1,868,211
Contract Owner Transactions:
Accumulation Activity:
Purchase payments received		1,657,919			597,756			2,039,782			946,974
Transfers between Sub-Accounts (including the Fixed Account), net		563,647			541,397			677,731			1,027,090
Withdrawals, surrenders, annuitizations and contract charges		(160,930	)		(78,704	)		(241,997	)		(281,070	)
Net accumulation activity		2,060,636			1,060,449			2,475,516			1,692,994
Annuitization Activity:
Annuitizations		—			—			—			—
Annuity payments and contract charges		—			—			—			—
Adjustments to annuity reserves		—			—			—			—
Net annuitization activity		—			—			—			—
Net increase (decrease) from contract owner transactions		2,060,636			1,060,449			2,475,516			1,692,994
Total increase (decrease) in net assets		2,542,116			1,402,268			4,629,252			3,561,205
Net assets at beginning of year		2,883,506			1,481,238			6,542,272			2,981,067
Net assets at end of year	$	5,425,622		$	2,883,506		$	11,171,524		$	6,542,272

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, 2024 AND 2023

	MV4 Sub-Account						J88 Sub-Account
	December 31,			December 31,			December 31,			December 31,
	2024			2023			2024			2023
Operations:
Net investment income (loss)	$	(4,904	)	$	(1,756	)	$	760,797		$	507,323
Net realized gains (losses)		68,961			19,640			(867,024	)		(682,505	)
Net change in unrealized appreciation/(depreciation)		80,417			90,141			114,383			1,373,720
Increase (decrease) in net assets from operations		144,474			108,025			8,156			1,198,538
Contract Owner Transactions:
Accumulation Activity:
Purchase payments received		261,603			216,315			218,932			190,542
Transfers between Sub-Accounts (including the Fixed Account), net		6,261			181,808			3,031,099			4,803,070
Withdrawals, surrenders, annuitizations and contract charges		(93,341	)		(41,829	)		(5,035,585	)		(4,254,421	)
Net accumulation activity		174,523			356,294			(1,785,554	)		739,191
Annuitization Activity:
Annuitizations		—			—			—			—
Annuity payments and contract charges		—			—			—			—
Adjustments to annuity reserves		—			—			—			—
Net annuitization activity		—			—			—			—
Net increase (decrease) from contract owner transactions		174,523			356,294			(1,785,554	)		739,191
Total increase (decrease) in net assets		318,997			464,319			(1,777,398	)		1,937,729
Net assets at beginning of year		1,301,129			836,810			32,112,116			30,174,387
Net assets at end of year	$	1,620,126		$	1,301,129		$	30,334,718		$	32,112,116

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, 2024 AND 2023

	JF1 Sub-Account4					JF0 Sub-Account4
	December 31,		December 31,			December 31,		December 31,
	2024		2023			2024		2023
Operations:
Net investment income (loss)	$	—	$	(2,699	)	$	—	$	(3,208	)
Net realized gains (losses)		—		(22,547	)		—		(91,174	)
Net change in unrealized appreciation/(depreciation)		—		63,139			—		127,012
Increase (decrease) in net assets from operations		—		37,893			—		32,630
Contract Owner Transactions:
Accumulation Activity:
Purchase payments received		—		169,049			—		20,000
Transfers between Sub-Accounts (including the Fixed Account), net		—		(931,450	)		—		(924,021	)
Withdrawals, surrenders, annuitizations and contract charges		—		(6,593	)		—		(13,554	)
Net accumulation activity		—		(768,994	)		—		(917,575	)
Annuitization Activity:
Annuitizations		—		—			—		—
Annuity payments and contract charges		—		—			—		—
Adjustments to annuity reserves		—		—			—		—
Net annuitization activity		—		—			—		—
Net increase (decrease) from contract owner transactions		—		(768,994	)		—		(917,575	)
Total increase (decrease) in net assets		—		(731,101	)		—		(884,945	)
Net assets at beginning of year		—		731,101			—		884,945
Net assets at end of year	$	—	$	—		$	—	$	—

⁴  The activities for this Sub-Account are for the period from January 1, 2023 to April 25, 2023. Refer to Note 11 for details on Sub-Accounts closed in prior years.

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

- 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, 2024 AND 2023

	J94 Sub-Account						L11 Sub-Account
	December 31,			December 31,			December 31,			December 31,
	2024			2023			2024			2023
Operations:
Net investment income (loss)	$	(173,396	)	$	(44,957	)	$	324,714		$	625,281
Net realized gains (losses)		1,544,930			926,471			482,141			(336,836	)
Net change in unrealized appreciation/(depreciation)		1,218,823			1,675,372			366,826			3,612,044
Increase (decrease) in net assets from operations		2,590,357			2,556,886			1,173,681			3,900,489
Contract Owner Transactions:
Accumulation Activity:
Purchase payments received		199,935			15,929			307,660			310,626
Transfers between Sub-Accounts (including the Fixed Account), net		1,516,550			494,557			(481,558	)		(1,525,049	)
Withdrawals, surrenders, annuitizations and contract charges		(2,940,625	)		(1,492,087	)		(3,166,298	)		(2,921,745	)
Net accumulation activity		(1,224,140	)		(981,601	)		(3,340,196	)		(4,136,168	)
Annuitization Activity:
Annuitizations		—			—			13,232			—
Annuity payments and contract charges		—			—			(7,882	)		(10,938	)
Adjustments to annuity reserves		—			—			(2,787	)		6,530
Net annuitization activity		—			—			2,563			(4,408	)
Net increase (decrease) from contract owner transactions		(1,224,140	)		(981,601	)		(3,337,633	)		(4,140,576	)
Total increase (decrease) in net assets		1,366,217			1,575,285			(2,163,952	)		(240,087	)
Net assets at beginning of year		12,523,127			10,947,842			20,868,196			21,108,283
Net assets at end of year	$	13,889,344		$	12,523,127		$	18,704,244		$	20,868,196

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, 2024 AND 2023

	L42 Sub-Account						L16 Sub-Account
	December 31,			December 31,			December 31,			December 31,
	2024			2023			2024			2023
Operations:
Net investment income (loss)	$	(4,776	)	$	(3,996	)	$	234,832		$	168,986
Net realized gains (losses)		(1,975	)		12,549			(100,399	)		(54,405	)
Net change in unrealized appreciation/(depreciation)		33,818			21,721			123,286			83,140
Increase (decrease) in net assets from operations		27,067			30,274			257,719			197,721
Contract Owner Transactions:
Accumulation Activity:
Purchase payments received		20,912			1,000			438,652			161,339
Transfers between Sub-Accounts (including the Fixed Account), net		15,606			25,514			866,455			968,860
Withdrawals, surrenders, annuitizations and contract charges		(12,425	)		(14,969	)		(444,851	)		(135,813	)
Net accumulation activity		24,093			11,545			860,256			994,386
Annuitization Activity:
Annuitizations		—			—			—			—
Annuity payments and contract charges		—			—			—			—
Adjustments to annuity reserves		—			—			—			—
Net annuitization activity		—			—			—			—
Net increase (decrease) from contract owner transactions		24,093			11,545			860,256			994,386
Total increase (decrease) in net assets		51,160			41,819			1,117,975			1,192,107
Net assets at beginning of year		355,060			313,241			4,287,250			3,095,143
Net assets at end of year	$	406,220		$	355,060		$	5,405,225		$	4,287,250

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, 2024 AND 2023

	L18 Sub-Account						L17 Sub-Account
	December 31,			December 31,			December 31,			December 31,
	2024			2023			2024			2023
Operations:
Net investment income (loss)	$	(262,537	)	$	(257,082	)	$	(243,753	)	$	(273,531	)
Net realized gains (losses)		(2,154,448	)		(1,168,030	)		2,394,688			620,610
Net change in unrealized appreciation/(depreciation)		6,362,911			2,700,330			1,104,125			2,494,209
Increase (decrease) in net assets from operations		3,945,926			1,275,218			3,255,060			2,841,288
Contract Owner Transactions:
Accumulation Activity:
Purchase payments received		434,516			286,328			305,606			183,234
Transfers between Sub-Accounts (including the Fixed Account), net		(2,586,799	)		436,580			(1,296,316	)		(707,358	)
Withdrawals, surrenders, annuitizations and contract charges		(2,688,177	)		(2,109,303	)		(3,671,729	)		(3,180,708	)
Net accumulation activity		(4,840,460	)		(1,386,395	)		(4,662,439	)		(3,704,832	)
Annuitization Activity:
Annuitizations		26,347			4,755			10,976			6,534
Annuity payments and contract charges		(10,341	)		(4,014	)		(14,199	)		(5,168	)
Adjustments to annuity reserves		(27	)		357			(463	)		46
Net annuitization activity		15,979			1,098			(3,686	)		1,412
Net increase (decrease) from contract owner transactions		(4,824,481	)		(1,385,297	)		(4,666,125	)		(3,703,420	)
Total increase (decrease) in net assets		(878,555	)		(110,079	)		(1,411,065	)		(862,132	)
Net assets at beginning of year		14,898,825			15,008,904			23,522,191			24,384,323
Net assets at end of year	$	14,020,270		$	14,898,825		$	22,111,126		$	23,522,191

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, 2024 AND 2023

	L19 Sub-Account						M07 Sub-Account
	December 31,			December 31,			December 31,			December 31,
	2024			2023			2024			2023
Operations:
Net investment income (loss)	$	63,851		$	55,428		$	2,461,260		$	1,504,594
Net realized gains (losses)		(7,886	)		(12,091	)		12,533,202			9,415,724
Net change in unrealized appreciation/(depreciation)		13,090			11,628			(679,751	)		9,109,391
Increase (decrease) in net assets from operations		69,055			54,965			14,314,711			20,029,709
Contract Owner Transactions:
Accumulation Activity:
Purchase payments received		171,595			319,798			4,850,388			5,999,240
Transfers between Sub-Accounts (including the Fixed Account), net		143,338			137,330			29,639			(258,007	)
Withdrawals, surrenders, annuitizations and contract charges		(90,346	)		(71,595	)		(37,099,952	)		(35,942,206	)
Net accumulation activity		224,587			385,533			(32,219,925	)		(30,200,973	)
Annuitization Activity:
Annuitizations		—			—			221,756			1,470,406
Annuity payments and contract charges		—			—			(776,364	)		(756,451	)
Adjustments to annuity reserves		—			—			68,660			(193,215	)
Net annuitization activity		—			—			(485,948	)		520,740
Net increase (decrease) from contract owner transactions		224,587			385,533			(32,705,873	)		(29,680,233	)
Total increase (decrease) in net assets		293,642			440,498			(18,391,162	)		(9,650,524	)
Net assets at beginning of year		1,632,442			1,191,944			235,205,012			244,855,536
Net assets at end of year	$	1,926,084		$	1,632,442		$	216,813,850		$	235,205,012

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, 2024 AND 2023

	M35 Sub-Account						M31 Sub-Account
	December 31,			December 31,			December 31,			December 31,
	2024			2023			2024			2023
Operations:
Net investment income (loss)	$	1,295,182		$	369,702		$	(2,143,775	)	$	(1,801,582	)
Net realized gains (losses)		10,165,669			7,701,463			22,029,747			15,360,140
Net change in unrealized appreciation/(depreciation)		(184,508	)		8,002,742			18,299,429			23,118,631
Increase (decrease) in net assets from operations		11,276,343			16,073,907			38,185,401			36,677,189
Contract Owner Transactions:
Accumulation Activity:
Purchase payments received		6,206,186			3,857,327			2,751,982			2,193,633
Transfers between Sub-Accounts (including the Fixed Account), net		(2,026,127	)		271,062			(2,869,516	)		(2,058,045	)
Withdrawals, surrenders, annuitizations and contract charges		(27,681,257	)		(32,340,508	)		(21,849,073	)		(14,367,732	)
Net accumulation activity		(23,501,198	)		(28,212,119	)		(21,966,607	)		(14,232,144	)
Annuitization Activity:
Annuitizations		264,990			75,279			173,738			167,205
Annuity payments and contract charges		(98,594	)		(195,664	)		(472,768	)		(753,543	)
Adjustments to annuity reserves		111,326			(158,899	)		(330,073	)		547,070
Net annuitization activity		277,722			(279,284	)		(629,103	)		(39,268	)
Net increase (decrease) from contract owner transactions		(23,223,476	)		(28,491,403	)		(22,595,710	)		(14,271,412	)
Total increase (decrease) in net assets		(11,947,133	)		(12,417,496	)		15,589,691			22,405,777
Net assets at beginning of year		199,351,185			211,768,681			136,834,471			114,428,694
Net assets at end of year	$	187,404,052		$	199,351,185		$	152,424,162		$	136,834,471

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, 2024 AND 2023

	M80 Sub-Account						M10 Sub-Account
	December 31,			December 31,			December 31,			December 31,
	2024			2023			2024			2023
Operations:
Net investment income (loss)	$	(370,670	)	$	(310,765	)	$	(1,748	)	$	(1,087	)
Net realized gains (losses)		2,409,985			1,352,862			16,373			8,353
Net change in unrealized appreciation/(depreciation)		3,888,973			4,474,225			21,045			17,960
Increase (decrease) in net assets from operations		5,928,288			5,516,322			35,670			25,226
Contract Owner Transactions:
Accumulation Activity:
Purchase payments received		1,072,925			686,510			15,000			—
Transfers between Sub-Accounts (including the Fixed Account), net		(1,365,377	)		197,699			44,290			60,050
Withdrawals, surrenders, annuitizations and contract charges		(3,045,683	)		(2,429,710	)		(3,666	)		(2,832	)
Net accumulation activity		(3,338,135	)		(1,545,501	)		55,624			57,218
Annuitization Activity:
Annuitizations		14,462			27,641			—			—
Annuity payments and contract charges		(20,896	)		(16,135	)		—			—
Adjustments to annuity reserves		51,457			(28,028	)		—			—
Net annuitization activity		45,023			(16,522	)		—			—
Net increase (decrease) from contract owner transactions		(3,293,112	)		(1,562,023	)		55,624			57,218
Total increase (decrease) in net assets		2,635,176			3,954,299			91,294			82,444
Net assets at beginning of year		21,386,985			17,432,686			191,575			109,131
Net assets at end of year	$	24,022,161		$	21,386,985		$	282,869		$	191,575

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, 2024 AND 2023

	MF1 Sub-Account						M41 Sub-Account
	December 31,			December 31,			December 31,			December 31,
	2024			2023			2024			2023
Operations:
Net investment income (loss)	$	(265,674	)	$	(253,714	)	$	(419,474	)	$	(387,222	)
Net realized gains (losses)		900,435			(407,214	)		624,156			(936,408	)
Net change in unrealized appreciation/(depreciation)		1,626,033			3,811,072			3,045,718			5,579,283
Increase (decrease) in net assets from operations		2,260,794			3,150,144			3,250,400			4,255,653
Contract Owner Transactions:
Accumulation Activity:
Purchase payments received		551,891			251,409			2,511,281			932,088
Transfers between Sub-Accounts (including the Fixed Account), net		350,759			16,257			(840,901	)		(205,735	)
Withdrawals, surrenders, annuitizations and contract charges		(3,828,544	)		(2,065,012	)		(3,366,537	)		(2,978,580	)
Net accumulation activity		(2,925,894	)		(1,797,346	)		(1,696,157	)		(2,252,227	)
Annuitization Activity:
Annuitizations		22,641			30,920			29,517			3,047
Annuity payments and contract charges		(32,912	)		(97,228	)		(10,968	)		(35,193	)
Adjustments to annuity reserves		5,971			(1,271	)		(10,174	)		17,096
Net annuitization activity		(4,300	)		(67,579	)		8,375			(15,050	)
Net increase (decrease) from contract owner transactions		(2,930,194	)		(1,864,925	)		(1,687,782	)		(2,267,277	)
Total increase (decrease) in net assets		(669,400	)		1,285,219			1,562,618			1,988,376
Net assets at beginning of year		18,302,362			17,017,143			25,349,555			23,361,179
Net assets at end of year	$	17,632,962		$	18,302,362		$	26,912,173		$	25,349,555

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, 2024 AND 2023

	M05 Sub-Account						M42 Sub-Account
	December 31,			December 31,			December 31,			December 31,
	2024			2023			2024			2023
Operations:
Net investment income (loss)	$	(490,962	)	$	(507,417	)	$	(467,592	)	$	(471,072	)
Net realized gains (losses)		(3,234,217	)		(3,343,579	)		(6,085,726	)		(4,360,331	)
Net change in unrealized appreciation/(depreciation)		5,474,638			8,052,943			8,041,093			8,287,767
Increase (decrease) in net assets from operations		1,749,459			4,201,947			1,487,775			3,456,364
Contract Owner Transactions:
Accumulation Activity:
Purchase payments received		934,812			607,110			655,764			733,924
Transfers between Sub-Accounts (including the Fixed Account), net		(95,779	)		(4,018	)		(437,353	)		815,288
Withdrawals, surrenders, annuitizations and contract charges		(6,481,052	)		(4,258,097	)		(5,063,800	)		(4,062,586	)
Net accumulation activity		(5,642,019	)		(3,655,005	)		(4,845,389	)		(2,513,374	)
Annuitization Activity:
Annuitizations		188,276			31,328			20,842			8,328
Annuity payments and contract charges		(50,640	)		(39,085	)		(23,716	)		(14,696	)
Adjustments to annuity reserves		10,792			(1,183	)		(623	)		(582	)
Net annuitization activity		148,428			(8,940	)		(3,497	)		(6,950	)
Net increase (decrease) from contract owner transactions		(5,493,591	)		(3,663,945	)		(4,848,886	)		(2,520,324	)
Total increase (decrease) in net assets		(3,744,132	)		538,002			(3,361,111	)		936,040
Net assets at beginning of year		35,515,514			34,977,512			30,058,199			29,122,159
Net assets at end of year	$	31,771,382		$	35,515,514		$	26,697,088		$	30,058,199

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, 2024 AND 2023

	M89 Sub-Account						M82 Sub-Account
	December 31,			December 31,			December 31,			December 31,
	2024			2023			2024			2023
Operations:
Net investment income (loss)	$	6,802,983		$	4,052,960		$	(1,148,047	)	$	(1,230,616	)
Net realized gains (losses)		(7,028,739	)		(8,427,640	)		9,159,284			6,169,932
Net change in unrealized appreciation/(depreciation)		2,358,869			19,642,012			5,624,261			10,895,518
Increase (decrease) in net assets from operations		2,133,113			15,267,332			13,635,498			15,834,834
Contract Owner Transactions:
Accumulation Activity:
Purchase payments received		2,461,665			3,352,149			974,730			1,660,504
Transfers between Sub-Accounts (including the Fixed Account), net		12,711,305			14,114,458			(4,997,883	)		(4,501,679	)
Withdrawals, surrenders, annuitizations and contract charges		(45,577,105	)		(42,039,283	)		(12,826,543	)		(12,503,720	)
Net accumulation activity		(30,404,135	)		(24,572,676	)		(16,849,696	)		(15,344,895	)
Annuitization Activity:
Annuitizations		179,246			65,794			36,740			—
Annuity payments and contract charges		(232,967	)		(64,986	)		(39,525	)		(20,397	)
Adjustments to annuity reserves		(3,446	)		3,140			3,178			3,306
Net annuitization activity		(57,167	)		3,948			393			(17,091	)
Net increase (decrease) from contract owner transactions		(30,461,302	)		(24,568,728	)		(16,849,303	)		(15,361,986	)
Total increase (decrease) in net assets		(28,328,189	)		(9,301,396	)		(3,213,805	)		472,848
Net assets at beginning of year		290,816,491			300,117,887			86,295,449			85,822,601
Net assets at end of year	$	262,488,302		$	290,816,491		$	83,081,644		$	86,295,449

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, 2024 AND 2023

	M44 Sub-Account						M40 Sub-Account
	December 31,			December 31,			December 31,			December 31,
	2024			2023			2024			2023
Operations:
Net investment income (loss)	$	565,037		$	1,503,731		$	150,975		$	566,006
Net realized gains (losses)		4,186,806			5,693,996			1,894,443			2,533,050
Net change in unrealized appreciation/(depreciation)		1,641,678			(10,142,733	)		1,191,290			(4,511,523	)
Increase (decrease) in net assets from operations		6,393,521			(2,945,006	)		3,236,708			(1,412,467	)
Contract Owner Transactions:
Accumulation Activity:
Purchase payments received		1,809,771			1,867,947			1,258,049			801,100
Transfers between Sub-Accounts (including the Fixed Account), net		(498,601	)		(978,439	)		(53,658	)		2,087,716
Withdrawals, surrenders, annuitizations and contract charges		(11,418,159	)		(11,566,219	)		(5,780,723	)		(3,944,007	)
Net accumulation activity		(10,106,989	)		(10,676,711	)		(4,576,332	)		(1,055,191	)
Annuitization Activity:
Annuitizations		158,708			261,441			23,517			13,139
Annuity payments and contract charges		(436,361	)		(417,280	)		(13,891	)		(71,101	)
Adjustments to annuity reserves		(23,163	)		(37,949	)		92,645			(67,793	)
Net annuitization activity		(300,816	)		(193,788	)		102,271			(125,755	)
Net increase (decrease) from contract owner transactions		(10,407,805	)		(10,870,499	)		(4,474,061	)		(1,180,946	)
Total increase (decrease) in net assets		(4,014,284	)		(13,815,505	)		(1,237,353	)		(2,593,413	)
Net assets at beginning of year		67,435,995			81,251,500			33,842,646			36,436,059
Net assets at end of year	$	63,421,711		$	67,435,995		$	32,605,293		$	33,842,646

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, 2024 AND 2023

	M83 Sub-Account						M08 Sub-Account
	December 31,			December 31,			December 31,			December 31,
	2024			2023			2024			2023
Operations:
Net investment income (loss)	$	47,785		$	67,125		$	(176,112	)	$	(194,641	)
Net realized gains (losses)		16,063,234			14,019,626			7,802,202			6,326,306
Net change in unrealized appreciation/(depreciation)		(611,200	)		(4,429,401	)		(421,308	)		(1,774,128	)
Increase (decrease) in net assets from operations		15,499,819			9,657,350			7,204,782			4,357,537
Contract Owner Transactions:
Accumulation Activity:
Purchase payments received		3,960,871			3,186,001			921,972			1,594,168
Transfers between Sub-Accounts (including the Fixed Account), net		(1,201,347	)		2,810,183			(1,341,689	)		1,144,732
Withdrawals, surrenders, annuitizations and contract charges		(26,561,204	)		(23,640,835	)		(10,214,559	)		(10,973,101	)
Net accumulation activity		(23,801,680	)		(17,644,651	)		(10,634,276	)		(8,234,201	)
Annuitization Activity:
Annuitizations		181,587			124,816			116,798			107,135
Annuity payments and contract charges		(282,032	)		(495,056	)		(40,875	)		(125,168	)
Adjustments to annuity reserves		(883	)		(6,385	)		8,094			12,578
Net annuitization activity		(101,328	)		(376,625	)		84,017			(5,455	)
Net increase (decrease) from contract owner transactions		(23,903,008	)		(18,021,276	)		(10,550,259	)		(8,239,656	)
Total increase (decrease) in net assets		(8,403,189	)		(8,363,926	)		(3,345,477	)		(3,882,119	)
Net assets at beginning of year		162,343,958			170,707,884			77,148,204			81,030,323
Net assets at end of year	$	153,940,769		$	162,343,958		$	73,802,727		$	77,148,204

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, 2024 AND 2023

	MB6 Sub-Account						MB7 Sub-Account
	December 31,			December 31,			December 31,			December 31,
	2024			2023			2024			2023
Operations:
Net investment income (loss)	$	(989,590	)	$	(43,141	)	$	(400,092	)	$	(262,679	)
Net realized gains (losses)		26,453,054			20,706,505			5,622,909			3,569,803
Net change in unrealized appreciation/(depreciation)		23,680,142			29,193,851			3,804,649			6,586,189
Increase (decrease) in net assets from operations		49,143,606			49,857,215			9,027,466			9,893,313
Contract Owner Transactions:
Accumulation Activity:
Purchase payments received		6,971,758			4,463,901			1,615,518			973,291
Transfers between Sub-Accounts (including the Fixed Account), net		(3,448,669	)		(3,253,978	)		(4,158,330	)		(3,082,302	)
Withdrawals, surrenders, annuitizations and contract charges		(40,247,461	)		(33,949,181	)		(7,830,638	)		(7,693,226	)
Net accumulation activity		(36,724,372	)		(32,739,258	)		(10,373,450	)		(9,802,237	)
Annuitization Activity:
Annuitizations		609,482			1,017,344			42,002			19,424
Annuity payments and contract charges		(951,464	)		(735,052	)		(65,421	)		(52,452	)
Adjustments to annuity reserves		(157,900	)		(85,009	)		48,484			(31,099	)
Net annuitization activity		(499,882	)		197,283			25,065			(64,127	)
Net increase (decrease) from contract owner transactions		(37,224,254	)		(32,541,975	)		(10,348,385	)		(9,866,364	)
Total increase (decrease) in net assets		11,919,352			17,315,240			(1,320,919	)		26,949
Net assets at beginning of year		218,816,484			201,501,244			42,118,942			42,091,993
Net assets at end of year	$	230,735,836		$	218,816,484		$	40,798,023		$	42,118,942

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, 2024 AND 2023

	MC0 Sub-Account						MA0 Sub-Account
	December 31,			December 31,			December 31,			December 31,
	2024			2023			2024			2023
Operations:
Net investment income (loss)	$	680,680		$	748,251		$	1,609,597		$	1,653,689
Net realized gains (losses)		(1,270,305	)		(1,446,003	)		(3,158,664	)		(3,420,553	)
Net change in unrealized appreciation/(depreciation)		1,021,782			2,894,199			2,409,365			7,136,597
Increase (decrease) in net assets from operations		432,157			2,196,447			860,298			5,369,733
Contract Owner Transactions:
Accumulation Activity:
Purchase payments received		760,651			1,187,516			502,001			1,363,335
Transfers between Sub-Accounts (including the Fixed Account), net		331,341			373,680			3,406,567			5,739,472
Withdrawals, surrenders, annuitizations and contract charges		(5,158,792	)		(5,014,438	)		(11,542,747	)		(11,364,021	)
Net accumulation activity		(4,066,800	)		(3,453,242	)		(7,634,179	)		(4,261,214	)
Annuitization Activity:
Annuitizations		9,826			24,016			40,686			87,609
Annuity payments and contract charges		(48,396	)		(37,458	)		(29,465	)		(61,220	)
Adjustments to annuity reserves		(298	)		7,219			1,898			(426	)
Net annuitization activity		(38,868	)		(6,223	)		13,119			25,963
Net increase (decrease) from contract owner transactions		(4,105,668	)		(3,459,465	)		(7,621,060	)		(4,235,251	)
Total increase (decrease) in net assets		(3,673,511	)		(1,263,018	)		(6,760,762	)		1,134,482
Net assets at beginning of year		30,074,308			31,337,326			79,513,159			78,378,677
Net assets at end of year	$	26,400,797		$	30,074,308		$	72,752,397		$	79,513,159

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, 2024 AND 2023

	MC2 Sub-Account						MC1 Sub-Account
	December 31,			December 31,			December 31,			December 31,
	2024			2023			2024			2023
Operations:
Net investment income (loss)	$	(772,413	)	$	(763,582	)	$	(557,708	)	$	(557,557	)
Net realized gains (losses)		7,459,671			6,039,403			4,292,401			2,605,497
Net change in unrealized appreciation/(depreciation)		8,414,660			11,047,125			4,302,770			6,509,021
Increase (decrease) in net assets from operations		15,101,918			16,322,946			8,037,463			8,556,961
Contract Owner Transactions:
Accumulation Activity:
Purchase payments received		1,280,868			2,223,891			841,859			783,721
Transfers between Sub-Accounts (including the Fixed Account), net		(1,273,100	)		(346,745	)		(1,702,534	)		(1,637,325	)
Withdrawals, surrenders, annuitizations and contract charges		(12,773,329	)		(12,783,195	)		(7,148,889	)		(4,695,828	)
Net accumulation activity		(12,765,561	)		(10,906,049	)		(8,009,564	)		(5,549,432	)
Annuitization Activity:
Annuitizations		241,705			159,468			—			—
Annuity payments and contract charges		(258,535	)		(256,716	)		(34,625	)		(56,121	)
Adjustments to annuity reserves		212			(10,621	)		(9,456	)		1,439
Net annuitization activity		(16,618	)		(107,869	)		(44,081	)		(54,682	)
Net increase (decrease) from contract owner transactions		(12,782,179	)		(11,013,918	)		(8,053,645	)		(5,604,114	)
Total increase (decrease) in net assets		2,319,739			5,309,028			(16,182	)		2,952,847
Net assets at beginning of year		87,124,693			81,815,665			46,626,408			43,673,561
Net assets at end of year	$	89,444,432		$	87,124,693		$	46,610,226		$	46,626,408

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, 2024 AND 2023

	MC3 Sub-Account						MA1 Sub-Account
	December 31,			December 31,			December 31,			December 31,
	2024			2023			2024			2023
Operations:
Net investment income (loss)	$	81,722		$	(290	)	$	52,585		$	(54,151	)
Net realized gains (losses)		(58,059	)		(422,595	)		(118,750	)		(656,426	)
Net change in unrealized appreciation/(depreciation)		898,406			1,311,120			990,913			1,653,745
Increase (decrease) in net assets from operations		922,069			888,235			924,748			943,168
Contract Owner Transactions:
Accumulation Activity:
Purchase payments received		208,600			277,332			68,007			303,902
Transfers between Sub-Accounts (including the Fixed Account), net		(314,686	)		86,188			(538,136	)		(80,778	)
Withdrawals, surrenders, annuitizations and contract charges		(1,945,096	)		(1,397,159	)		(1,500,577	)		(1,452,312	)
Net accumulation activity		(2,051,182	)		(1,033,639	)		(1,970,706	)		(1,229,188	)
Annuitization Activity:
Annuitizations		85,000			1,564			—			1,214
Annuity payments and contract charges		(12,537	)		(13,373	)		(448	)		(1,684	)
Adjustments to annuity reserves		632			(3,438	)		64			29
Net annuitization activity		73,095			(15,247	)		(384	)		(441	)
Net increase (decrease) from contract owner transactions		(1,978,087	)		(1,048,886	)		(1,971,090	)		(1,229,629	)
Total increase (decrease) in net assets		(1,056,018	)		(160,651	)		(1,046,342	)		(286,461	)
Net assets at beginning of year		9,769,188			9,929,839			10,553,876			10,840,337
Net assets at end of year	$	8,713,170		$	9,769,188		$	9,507,534		$	10,553,876

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, 2024 AND 2023

	MC4 Sub-Account						MC5 Sub-Account
	December 31,			December 31,			December 31,			December 31,
	2024			2023			2024			2023
Operations:
Net investment income (loss)	$	(63,954	)	$	(73,265	)	$	(8,816	)	$	(8,320	)
Net realized gains (losses)		(212,025	)		(208,143	)		(11,540	)		(18,633	)
Net change in unrealized appreciation/(depreciation)		507			326,066			(10,515	)		28,789
Increase (decrease) in net assets from operations		(275,472	)		44,658			(30,871	)		1,836
Contract Owner Transactions:
Accumulation Activity:
Purchase payments received		57,204			71,410			—			9,363
Transfers between Sub-Accounts (including the Fixed Account), net		210,511			176,015			104,075			35,197
Withdrawals, surrenders, annuitizations and contract charges		(786,425	)		(945,396	)		(29,351	)		(85,260	)
Net accumulation activity		(518,710	)		(697,971	)		74,724			(40,700	)
Annuitization Activity:
Annuitizations		—			—			—			—
Annuity payments and contract charges		(5,831	)		(6,371	)		—			—
Adjustments to annuity reserves		(1,314	)		(4,283	)		—			—
Net annuitization activity		(7,145	)		(10,654	)		—			—
Net increase (decrease) from contract owner transactions		(525,855	)		(708,625	)		74,724			(40,700	)
Total increase (decrease) in net assets		(801,327	)		(663,967	)		43,853			(38,864	)
Net assets at beginning of year		4,884,763			5,548,730			491,541			530,405
Net assets at end of year	$	4,083,436		$	4,884,763		$	535,394		$	491,541

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, 2024 AND 2023

	MC6 Sub-Account						MC7 Sub-Account
	December 31,			December 31,			December 31,			December 31,
	2024			2023			2024			2023
Operations:
Net investment income (loss)	$	(418,061	)	$	(483,283	)	$	(106,440	)	$	(96,553	)
Net realized gains (losses)		4,139,392			3,022,228			677,669			263,088
Net change in unrealized appreciation/(depreciation)		(209,461	)		4,153,774			208,821			1,094,143
Increase (decrease) in net assets from operations		3,511,870			6,692,719			780,050			1,260,678
Contract Owner Transactions:
Accumulation Activity:
Purchase payments received		570,658			587,741			407,187			579,396
Transfers between Sub-Accounts (including the Fixed Account), net		(42,735	)		(78,646	)		209,581			681,050
Withdrawals, surrenders, annuitizations and contract charges		(5,417,208	)		(5,616,421	)		(461,492	)		(527,426	)
Net accumulation activity		(4,889,285	)		(5,107,326	)		155,276			733,020
Annuitization Activity:
Annuitizations		25,606			80,666			—			—
Annuity payments and contract charges		(55,241	)		(85,415	)		—			(3,200	)
Adjustments to annuity reserves		(9,793	)		4,165			(4,025	)		(1	)
Net annuitization activity		(39,428	)		(584	)		(4,025	)		(3,201	)
Net increase (decrease) from contract owner transactions		(4,928,713	)		(5,107,910	)		151,251			729,819
Total increase (decrease) in net assets		(1,416,843	)		1,584,809			931,301			1,990,497
Net assets at beginning of year		38,522,759			36,937,950			8,452,379			6,461,882
Net assets at end of year	$	37,105,916		$	38,522,759		$	9,383,680		$	8,452,379

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, 2024 AND 2023

	MC8 Sub-Account						MC9 Sub-Account
	December 31,			December 31,			December 31,			December 31,
	2024			2023			2024			2023
Operations:
Net investment income (loss)	$	(242,995	)	$	(302,206	)	$	(25,392	)	$	(29,482	)
Net realized gains (losses)		7,509,399			7,370,871			308,004			228,922
Net change in unrealized appreciation/(depreciation)		1,177,436			3,437,806			130,858			313,045
Increase (decrease) in net assets from operations		8,443,840			10,506,471			413,470			512,485
Contract Owner Transactions:
Accumulation Activity:
Purchase payments received		1,174,264			1,110,367			54,753			60,733
Transfers between Sub-Accounts (including the Fixed Account), net		(583,359	)		(511,154	)		(108,608	)		(127,403	)
Withdrawals, surrenders, annuitizations and contract charges		(10,257,518	)		(8,770,617	)		(418,540	)		(436,955	)
Net accumulation activity		(9,666,613	)		(8,171,404	)		(472,395	)		(503,625	)
Annuitization Activity:
Annuitizations		82,771			84,445			—			78,296
Annuity payments and contract charges		(265,858	)		(358,812	)		(18,462	)		(17,981	)
Adjustments to annuity reserves		(150,736	)		220,277			(1,507	)		(2,559	)
Net annuitization activity		(333,823	)		(54,090	)		(19,969	)		57,756
Net increase (decrease) from contract owner transactions		(10,000,436	)		(8,225,494	)		(492,364	)		(445,869	)
Total increase (decrease) in net assets		(1,556,596	)		2,280,977			(78,894	)		66,616
Net assets at beginning of year		66,192,576			63,911,599			3,284,667			3,218,051
Net assets at end of year	$	64,635,980		$	66,192,576		$	3,205,773		$	3,284,667

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, 2024 AND 2023

	MD0 Sub-Account						M92 Sub-Account
	December 31,			December 31,			December 31,			December 31,
	2024			2023			2024			2023
Operations:
Net investment income (loss)	$	(171,063	)	$	(273,760	)	$	(3,367,162	)	$	(4,857,769	)
Net realized gains (losses)		(464,071	)		224,636			(4,469,749	)		728,252
Net change in unrealized appreciation/(depreciation)		1,577,842			2,151,830			17,838,910			28,692,355
Increase (decrease) in net assets from operations		942,708			2,102,706			10,001,999			24,562,838
Contract Owner Transactions:
Accumulation Activity:
Purchase payments received		974,133			513,244			3,827,233			3,742,977
Transfers between Sub-Accounts (including the Fixed Account), net		(674,335	)		(83,764	)		1,072,137			(1,372,232	)
Withdrawals, surrenders, annuitizations and contract charges		(5,411,710	)		(3,513,377	)		(49,541,887	)		(50,825,321	)
Net accumulation activity		(5,111,912	)		(3,083,897	)		(44,642,517	)		(48,454,576	)
Annuitization Activity:
Annuitizations		49,854			2,663			49,235			—
Annuity payments and contract charges		(39,483	)		(72,348	)		(55,563	)		(52,438	)
Adjustments to annuity reserves		2,353			13,898			4,771			10,276
Net annuitization activity		12,724			(55,787	)		(1,557	)		(42,162	)
Net increase (decrease) from contract owner transactions		(5,099,188	)		(3,139,684	)		(44,644,074	)		(48,496,738	)
Total increase (decrease) in net assets		(4,156,480	)		(1,036,978	)		(34,642,075	)		(23,933,900	)
Net assets at beginning of year		27,273,626			28,310,604			330,579,653			354,513,553
Net assets at end of year	$	23,117,146		$	27,273,626		$	295,937,578		$	330,579,653

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, 2024 AND 2023

	M96 Sub-Account						MD2 Sub-Account
	December 31,			December 31,			December 31,			December 31,
	2024			2023			2024			2023
Operations:
Net investment income (loss)	$	910,894		$	29,002		$	1,669,433		$	(421,730	)
Net realized gains (losses)		(1,351,553	)		(1,746,257	)		(2,639,608	)		(2,815,747	)
Net change in unrealized appreciation/(depreciation)		153,255			2,929,778			(49,397	)		5,367,660
Increase (decrease) in net assets from operations		(287,404	)		1,212,523			(1,019,572	)		2,130,183
Contract Owner Transactions:
Accumulation Activity:
Purchase payments received		2,424,837			1,264,156			1,948,725			1,343,555
Transfers between Sub-Accounts (including the Fixed Account), net		3,319,489			2,179,904			10,838,897			8,176,584
Withdrawals, surrenders, annuitizations and contract charges		(9,581,238	)		(7,504,152	)		(15,951,570	)		(14,499,562	)
Net accumulation activity		(3,836,912	)		(4,060,092	)		(3,163,948	)		(4,979,423	)
Annuitization Activity:
Annuitizations		137,813			50,314			44,046			206,743
Annuity payments and contract charges		(80,001	)		(194,312	)		(63,643	)		(60,159	)
Adjustments to annuity reserves		341			(78,649	)		(6,440	)		(2,788	)
Net annuitization activity		58,153			(222,647	)		(26,037	)		143,796
Net increase (decrease) from contract owner transactions		(3,778,759	)		(4,282,739	)		(3,189,985	)		(4,835,627	)
Total increase (decrease) in net assets		(4,066,163	)		(3,070,216	)		(4,209,557	)		(2,705,444	)
Net assets at beginning of year		46,162,424			49,232,640			99,366,090			102,071,534
Net assets at end of year	$	42,096,261		$	46,162,424		$	95,156,533		$	99,366,090

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, 2024 AND 2023

	MA6 Sub-Account						MA3 Sub-Account
	December 31,			December 31,			December 31,			December 31,
	2024			2023			2024			2023
Operations:
Net investment income (loss)	$	1,278,032		$	1,304,213		$	912,423		$	857,568
Net realized gains (losses)		(708,707	)		(981,444	)		(466,874	)		(887,132	)
Net change in unrealized appreciation/(depreciation)		882,379			2,710,019			545,231			2,278,786
Increase (decrease) in net assets from operations		1,451,704			3,032,788			990,780			2,249,222
Contract Owner Transactions:
Accumulation Activity:
Purchase payments received		1,181,798			502,873			344,962			561,206
Transfers between Sub-Accounts (including the Fixed Account), net		414,488			139,517			527,874			48,897
Withdrawals, surrenders, annuitizations and contract charges		(5,852,857	)		(4,695,342	)		(3,181,573	)		(3,963,687	)
Net accumulation activity		(4,256,571	)		(4,052,952	)		(2,308,737	)		(3,353,584	)
Annuitization Activity:
Annuitizations		35,145			18,564			21,874			76,081
Annuity payments and contract charges		(72,959	)		(183,437	)		(21,102	)		(91,544	)
Adjustments to annuity reserves		(44,141	)		71,898			(4,637	)		(19,761	)
Net annuitization activity		(81,955	)		(92,975	)		(3,865	)		(35,224	)
Net increase (decrease) from contract owner transactions		(4,338,526	)		(4,145,927	)		(2,312,602	)		(3,388,808	)
Total increase (decrease) in net assets		(2,886,822	)		(1,113,139	)		(1,321,822	)		(1,139,586	)
Net assets at beginning of year		29,462,737			30,575,876			22,105,376			23,244,962
Net assets at end of year	$	26,575,915		$	29,462,737		$	20,783,554		$	22,105,376

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, 2024 AND 2023

	M97 Sub-Account						MD5 Sub-Account
	December 31,			December 31,			December 31,			December 31,
	2024			2023			2024			2023
Operations:
Net investment income (loss)	$	(127,346	)	$	(97,573	)	$	(90,828	)	$	(87,138	)
Net realized gains (losses)		690,006			1,090,103			446,553			402,907
Net change in unrealized appreciation/(depreciation)		1,328,512			2,209,794			390,869			1,006,119
Increase (decrease) in net assets from operations		1,891,172			3,202,324			746,594			1,321,888
Contract Owner Transactions:
Accumulation Activity:
Purchase payments received		1,196,441			640,063			162,820			196,417
Transfers between Sub-Accounts (including the Fixed Account), net		11,527			691,166			(261,212	)		(24,052	)
Withdrawals, surrenders, annuitizations and contract charges		(4,943,478	)		(3,144,683	)		(1,757,435	)		(1,568,585	)
Net accumulation activity		(3,735,510	)		(1,813,454	)		(1,855,827	)		(1,396,220	)
Annuitization Activity:
Annuitizations		31,685			22,422			14,585			—
Annuity payments and contract charges		(42,959	)		(141,636	)		(21,674	)		(35,958	)
Adjustments to annuity reserves		4,423			3,785			(14,847	)		19,814
Net annuitization activity		(6,851	)		(115,429	)		(21,936	)		(16,144	)
Net increase (decrease) from contract owner transactions		(3,742,361	)		(1,928,883	)		(1,877,763	)		(1,412,364	)
Total increase (decrease) in net assets		(1,851,189	)		1,273,441			(1,131,169	)		(90,476	)
Net assets at beginning of year		26,652,149			25,378,708			10,877,995			10,968,471
Net assets at end of year	$	24,800,960		$	26,652,149		$	9,746,826		$	10,877,995

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, 2024 AND 2023

	M98 Sub-Account						M93 Sub-Account
	December 31,			December 31,			December 31,			December 31,
	2024			2023			2024			2023
Operations:
Net investment income (loss)	$	(29,565	)	$	(203,361	)	$	(321,132	)	$	(698,793	)
Net realized gains (losses)		2,699,705			3,215,816			4,368,343			6,398,354
Net change in unrealized appreciation/(depreciation)		(999,769	)		1,179,426			(1,183,789	)		2,419,238
Increase (decrease) in net assets from operations		1,670,371			4,191,881			2,863,422			8,118,799
Contract Owner Transactions:
Accumulation Activity:
Purchase payments received		864,374			338,631			935,686			994,293
Transfers between Sub-Accounts (including the Fixed Account), net		(914,257	)		(83,967	)		439,030			(2,457,963	)
Withdrawals, surrenders, annuitizations and contract charges		(5,004,223	)		(3,797,087	)		(8,595,773	)		(8,377,418	)
Net accumulation activity		(5,054,106	)		(3,542,423	)		(7,221,057	)		(9,841,088	)
Annuitization Activity:
Annuitizations		—			17,209			14,316			45,288
Annuity payments and contract charges		(52,681	)		(53,545	)		(38,115	)		(40,337	)
Adjustments to annuity reserves		513			(5,397	)		(15,307	)		(2,823	)
Net annuitization activity		(52,168	)		(41,733	)		(39,106	)		2,128
Net increase (decrease) from contract owner transactions		(5,106,274	)		(3,584,156	)		(7,260,163	)		(9,838,960	)
Total increase (decrease) in net assets		(3,435,903	)		607,725			(4,396,741	)		(1,720,161	)
Net assets at beginning of year		28,300,915			27,693,190			55,307,646			57,027,807
Net assets at end of year	$	24,865,012		$	28,300,915		$	50,910,905		$	55,307,646

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

- 137 -

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, 2024 AND 2023

	MD6 Sub-Account						MB3 Sub-Account
	December 31,			December 31,			December 31,			December 31,
	2024			2023			2024			2023
Operations:
Net investment income (loss)	$	(3,138,013	)	$	(3,098,407	)	$	(441,504	)	$	(448,382	)
Net realized gains (losses)		40,415,634			23,683,688			3,581,248			2,271,635
Net change in unrealized appreciation/(depreciation)		2,666,385			35,049,914			665,776			3,638,807
Increase (decrease) in net assets from operations		39,944,006			55,635,195			3,805,520			5,462,060
Contract Owner Transactions:
Accumulation Activity:
Purchase payments received		6,368,291			5,100,215			376,068			785,108
Transfers between Sub-Accounts (including the Fixed Account), net		(2,065,353	)		(2,655,109	)		(558,256	)		(870,967	)
Withdrawals, surrenders, annuitizations and contract charges		(43,725,334	)		(37,636,688	)		(3,202,502	)		(4,369,334	)
Net accumulation activity		(39,422,396	)		(35,191,582	)		(3,384,690	)		(4,455,193	)
Annuitization Activity:
Annuitizations		846,812			474,675			21,548			29,579
Annuity payments and contract charges		(1,069,048	)		(1,297,454	)		(19,898	)		(41,589	)
Adjustments to annuity reserves		(147,313	)		19,053			(13,118	)		615
Net annuitization activity		(369,549	)		(803,726	)		(11,468	)		(11,395	)
Net increase (decrease) from contract owner transactions		(39,791,945	)		(35,995,308	)		(3,396,158	)		(4,466,588	)
Total increase (decrease) in net assets		152,061			19,639,887			409,362			995,472
Net assets at beginning of year		287,612,355			267,972,468			28,183,013			27,187,541
Net assets at end of year	$	287,764,416		$	287,612,355		$	28,592,375		$	28,183,013

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

- 138 -

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, 2024 AND 2023

	MD8 Sub-Account						MD9 Sub-Account
	December 31,			December 31,			December 31,			December 31,
	2024			2023			2024			2023
Operations:
Net investment income (loss)	$	1,149,836		$	1,073,702		$	2,952,818		$	2,764,464
Net realized gains (losses)		—			—			—			—
Net change in unrealized appreciation/(depreciation)		—			—			—			—
Increase (decrease) in net assets from operations		1,149,836			1,073,702			2,952,818			2,764,464
Contract Owner Transactions:
Accumulation Activity:
Purchase payments received		5,960,012			4,017,610			1,882,617			2,499,671
Transfers between Sub-Accounts (including the Fixed Account), net		5,190,047			6,445,682			11,966,708			24,068,680
Withdrawals, surrenders, annuitizations and contract charges		(13,178,692	)		(11,570,487	)		(22,072,727	)		(23,566,328	)
Net accumulation activity		(2,028,633	)		(1,107,195	)		(8,223,402	)		3,002,023
Annuitization Activity:
Annuitizations		228,726			63,467			82,821			75,224
Annuity payments and contract charges		(108,846	)		(111,149	)		(51,529	)		(102,117	)
Adjustments to annuity reserves		(148,428	)		(5,647	)		(9,275	)		(9,548	)
Net annuitization activity		(28,548	)		(53,329	)		22,017			(36,441	)
Net increase (decrease) from contract owner transactions		(2,057,181	)		(1,160,524	)		(8,201,385	)		2,965,582
Total increase (decrease) in net assets		(907,345	)		(86,822	)		(5,248,567	)		5,730,046
Net assets at beginning of year		35,036,554			35,123,376			98,640,501			92,910,455
Net assets at end of year	$	34,129,209		$	35,036,554		$	93,391,934		$	98,640,501

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

- 139 -

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, 2024 AND 2023

	ME2 Sub-Account						ME3 Sub-Account
	December 31,			December 31,			December 31,			December 31,
	2024			2023			2024			2023
Operations:
Net investment income (loss)	$	23,215		$	(57,838	)	$	(83,185	)	$	(249,967	)
Net realized gains (losses)		340,806			223,057			682,214			574,989
Net change in unrealized appreciation/(depreciation)		(78,264	)		1,455,074			(240,421	)		2,509,033
Increase (decrease) in net assets from operations		285,757			1,620,293			358,608			2,834,055
Contract Owner Transactions:
Accumulation Activity:
Purchase payments received		164,780			116,732			753,323			522,514
Transfers between Sub-Accounts (including the Fixed Account), net		373,038			(219,047	)		1,106,205			283,811
Withdrawals, surrenders, annuitizations and contract charges		(2,144,380	)		(1,579,485	)		(4,770,517	)		(4,137,812	)
Net accumulation activity		(1,606,562	)		(1,681,800	)		(2,910,989	)		(3,331,487	)
Annuitization Activity:
Annuitizations		101,909			3,161			2,671			38,964
Annuity payments and contract charges		(20,632	)		(17,713	)		(19,848	)		(29,353	)
Adjustments to annuity reserves		159			147			3,190			1,704
Net annuitization activity		81,436			(14,405	)		(13,987	)		11,315
Net increase (decrease) from contract owner transactions		(1,525,126	)		(1,696,205	)		(2,924,976	)		(3,320,172	)
Total increase (decrease) in net assets		(1,239,369	)		(75,912	)		(2,566,368	)		(486,117	)
Net assets at beginning of year		14,882,370			14,958,282			27,100,129			27,586,246
Net assets at end of year	$	13,643,001		$	14,882,370		$	24,533,761		$	27,100,129

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

- 140 -

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, 2024 AND 2023

	MA5 Sub-Account						MA7 Sub-Account
	December 31,			December 31,			December 31,			December 31,
	2024			2023			2024			2023
Operations:
Net investment income (loss)	$	417,986		$	387,485		$	48,738		$	42,413
Net realized gains (losses)		(567,262	)		(650,270	)		(45,984	)		(60,581	)
Net change in unrealized appreciation/(depreciation)		468,659			1,306,422			25,422			143,676
Increase (decrease) in net assets from operations		319,383			1,043,637			28,176			125,508
Contract Owner Transactions:
Accumulation Activity:
Purchase payments received		317,181			551,299			15,746			10,218
Transfers between Sub-Accounts (including the Fixed Account), net		1,043,916			794,719			23,178			27,143
Withdrawals, surrenders, annuitizations and contract charges		(2,951,990	)		(2,873,158	)		(231,521	)		(264,947	)
Net accumulation activity		(1,590,893	)		(1,527,140	)		(192,597	)		(227,586	)
Annuitization Activity:
Annuitizations		33,192			19,587			—			—
Annuity payments and contract charges		(29,769	)		(37,228	)		—			—
Adjustments to annuity reserves		(28,914	)		(25,915	)		(164	)		(351	)
Net annuitization activity		(25,491	)		(43,556	)		(164	)		(351	)
Net increase (decrease) from contract owner transactions		(1,616,384	)		(1,570,696	)		(192,761	)		(227,937	)
Total increase (decrease) in net assets		(1,297,001	)		(527,059	)		(164,585	)		(102,429	)
Net assets at beginning of year		17,890,355			18,417,414			2,268,283			2,370,712
Net assets at end of year	$	16,593,354		$	17,890,355		$	2,103,698		$	2,268,283

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

- 141 -

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, 2024 AND 2023

	ME4 Sub-Account						MA2 Sub-Account
	December 31,			December 31,			December 31,			December 31,
	2024			2023			2024			2023
Operations:
Net investment income (loss)	$	(300,826	)	$	(221,022	)	$	(203,840	)	$	(141,009	)
Net realized gains (losses)		1,910,814			862,765			644,574			(547,494	)
Net change in unrealized appreciation/(depreciation)		4,376,945			5,617,511			4,282,292			5,385,450
Increase (decrease) in net assets from operations		5,986,933			6,259,254			4,723,026			4,696,947
Contract Owner Transactions:
Accumulation Activity:
Purchase payments received		245,437			442,232			3,063,947			1,286,911
Transfers between Sub-Accounts (including the Fixed Account), net		507,957			293,910			(812,579	)		(1,408,041	)
Withdrawals, surrenders, annuitizations and contract charges		(2,564,042	)		(1,637,700	)		(1,263,479	)		(549,732	)
Net accumulation activity		(1,810,648	)		(901,558	)		987,889			(670,862	)
Annuitization Activity:
Annuitizations		122,726			—			—			—
Annuity payments and contract charges		(26,734	)		(32,678	)		—			—
Adjustments to annuity reserves		24,650			7,886			—			—
Net annuitization activity		120,642			(24,792	)		—			—
Net increase (decrease) from contract owner transactions		(1,690,006	)		(926,350	)		987,889			(670,862	)
Total increase (decrease) in net assets		4,296,927			5,332,904			5,710,915			4,026,085
Net assets at beginning of year		17,833,104			12,500,200			13,374,917			9,348,832
Net assets at end of year	$	22,130,031		$	17,833,104		$	19,085,832		$	13,374,917

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

- 142 -

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, 2024 AND 2023

	MF3 Sub-Account						MF5 Sub-Account
	December 31,			December 31,			December 31,			December 31,
	2024			2023			2024			2023
Operations:
Net investment income (loss)	$	(359,882	)	$	(446,030	)	$	44,888		$	2,736,462
Net realized gains (losses)		1,234,861			(36,881	)		(6,316,842	)		236,912
Net change in unrealized appreciation/(depreciation)		552,993			6,701,877			16,365,821			18,200,263
Increase (decrease) in net assets from operations		1,427,972			6,218,966			10,093,867			21,173,637
Contract Owner Transactions:
Accumulation Activity:
Purchase payments received		1,058,431			1,036,886			4,969,654			3,102,062
Transfers between Sub-Accounts (including the Fixed Account), net		48,833			126,616			1,856,472			1,791,591
Withdrawals, surrenders, annuitizations and contract charges		(5,875,805	)		(5,545,091	)		(46,450,863	)		(43,947,875	)
Net accumulation activity		(4,768,541	)		(4,381,589	)		(39,624,737	)		(39,054,222	)
Annuitization Activity:
Annuitizations		43,623			43,210			75,829			508,545
Annuity payments and contract charges		(13,373	)		(54,902	)		(250,158	)		(151,939	)
Adjustments to annuity reserves		(21,068	)		23,195			18,029			16,763
Net annuitization activity		9,182			11,503			(156,300	)		373,369
Net increase (decrease) from contract owner transactions		(4,759,359	)		(4,370,086	)		(39,781,037	)		(38,680,853	)
Total increase (decrease) in net assets		(3,331,387	)		1,848,880			(29,687,170	)		(17,507,216	)
Net assets at beginning of year		41,895,755			40,046,875			263,486,237			280,993,453
Net assets at end of year	$	38,564,368		$	41,895,755		$	233,799,067		$	263,486,237

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

- 143 -

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, 2024 AND 2023

	MF6 Sub-Account						MF7 Sub-Account
	December 31,			December 31,			December 31,			December 31,
	2024			2023			2024			2023
Operations:
Net investment income (loss)	$	4,499		$	(9,446	)	$	(53,124	)	$	(443,234	)
Net realized gains (losses)		(19,212	)		59,810			(73,648	)		1,796,079
Net change in unrealized appreciation/(depreciation)		(23,733	)		49,777			(1,215,040	)		1,868,918
Increase (decrease) in net assets from operations		(38,446	)		100,141			(1,341,812	)		3,221,763
Contract Owner Transactions:
Accumulation Activity:
Purchase payments received		69,216			9,563			716,991			899,705
Transfers between Sub-Accounts (including the Fixed Account), net		34,075			38,430			2,375,956			1,740,711
Withdrawals, surrenders, annuitizations and contract charges		(227,614	)		(123,715	)		(5,451,414	)		(5,500,742	)
Net accumulation activity		(124,323	)		(75,722	)		(2,358,467	)		(2,860,326	)
Annuitization Activity:
Annuitizations		—			—			24,254			18,753
Annuity payments and contract charges		—			—			(17,251	)		(44,341	)
Adjustments to annuity reserves		(17	)		2,207			(7,259	)		9,566
Net annuitization activity		(17	)		2,207			(256	)		(16,022	)
Net increase (decrease) from contract owner transactions		(124,340	)		(73,515	)		(2,358,723	)		(2,876,348	)
Total increase (decrease) in net assets		(162,786	)		26,626			(3,700,535	)		345,415
Net assets at beginning of year		1,123,601			1,096,975			36,900,502			36,555,087
Net assets at end of year	$	960,815		$	1,123,601		$	33,199,967		$	36,900,502

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

- 144 -

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, 2024 AND 2023

	MF9 Sub-Account						MG1 Sub-Account
	December 31,			December 31,			December 31,			December 31,
	2024			2023			2024			2023
Operations:
Net investment income (loss)	$	(1,736,887	)	$	1,517,582		$	1,180,355		$	919,439
Net realized gains (losses)		1,211,031			14,227,687			(3,773,576	)		(3,859,870	)
Net change in unrealized appreciation/(depreciation)		20,013,616			13,928,740			(1,510,535	)		3,506,530
Increase (decrease) in net assets from operations		19,487,760			29,674,009			(4,103,756	)		566,099
Contract Owner Transactions:
Accumulation Activity:
Purchase payments received		2,036,706			4,176,406			552,260			1,079,163
Transfers between Sub-Accounts (including the Fixed Account), net		(633,216	)		(2,064,266	)		5,976,532			3,747,345
Withdrawals, surrenders, annuitizations and contract charges		(38,593,625	)		(28,562,157	)		(11,241,552	)		(11,934,560	)
Net accumulation activity		(37,190,135	)		(26,450,017	)		(4,712,760	)		(7,108,052	)
Annuitization Activity:
Annuitizations		153,021			(58,590	)		30,532			9,040
Annuity payments and contract charges		(44,226	)		(32,769	)		(19,948	)		(52,933	)
Adjustments to annuity reserves		4,215			393,524			(180	)		7,535
Net annuitization activity		113,010			302,165			10,404			(36,358	)
Net increase (decrease) from contract owner transactions		(37,077,125	)		(26,147,852	)		(4,702,356	)		(7,144,410	)
Total increase (decrease) in net assets		(17,589,365	)		3,526,157			(8,806,112	)		(6,578,311	)
Net assets at beginning of year		243,778,449			240,252,292			76,838,892			83,417,203
Net assets at end of year	$	226,189,084		$	243,778,449		$	68,032,780		$	76,838,892

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

- 145 -

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, 2024 AND 2023

	MF2 Sub-Account						MG2 Sub-Account
	December 31,			December 31,			December 31,			December 31,
	2024			2023			2024			2023
Operations:
Net investment income (loss)	$	2,591,606		$	(181,056	)	$	1,368,318		$	(272,956	)
Net realized gains (losses)		(298,039	)		(1,211,410	)		(196,659	)		(866,305	)
Net change in unrealized appreciation/(depreciation)		2,005,732			6,842,343			1,175,459			4,168,682
Increase (decrease) in net assets from operations		4,299,299			5,449,877			2,347,118			3,029,421
Contract Owner Transactions:
Accumulation Activity:
Purchase payments received		2,813,026			2,758,189			788,345			1,278,883
Transfers between Sub-Accounts (including the Fixed Account), net		9,240,768			4,920,726			3,260,572			528,790
Withdrawals, surrenders, annuitizations and contract charges		(22,050,181	)		(20,281,628	)		(11,559,188	)		(11,698,519	)
Net accumulation activity		(9,996,387	)		(12,602,713	)		(7,510,271	)		(9,890,846	)
Annuitization Activity:
Annuitizations		67,949			115,815			37,296			9,879
Annuity payments and contract charges		(101,338	)		(148,995	)		(5,675	)		(3,668	)
Adjustments to annuity reserves		(30,196	)		(4,986	)		1,670			33
Net annuitization activity		(63,585	)		(38,166	)		33,291			6,244
Net increase (decrease) from contract owner transactions		(10,059,972	)		(12,640,879	)		(7,476,980	)		(9,884,602	)
Total increase (decrease) in net assets		(5,760,673	)		(7,191,002	)		(5,129,862	)		(6,855,181	)
Net assets at beginning of year		128,755,563			135,946,565			74,710,401			81,565,582
Net assets at end of year	$	122,994,890		$	128,755,563		$	69,580,539		$	74,710,401

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

- 146 -

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, 2024 AND 2023

	MG3 Sub-Account						MG4 Sub-Account
	December 31,			December 31,			December 31,			December 31,
	2024			2023			2024			2023
Operations:
Net investment income (loss)	$	(97,452	)	$	(1,148	)	$	(91,419	)	$	(19,918	)
Net realized gains (losses)		1,719,783			928,669			2,101,946			1,163,129
Net change in unrealized appreciation/(depreciation)		380,428			907,915			(180,155	)		535,473
Increase (decrease) in net assets from operations		2,002,759			1,835,436			1,830,372			1,678,684
Contract Owner Transactions:
Accumulation Activity:
Purchase payments received		461,969			582,060			846,673			372,606
Transfers between Sub-Accounts (including the Fixed Account), net		(479,535	)		65,466			(694,889	)		(196,538	)
Withdrawals, surrenders, annuitizations and contract charges		(2,768,634	)		(2,607,496	)		(2,316,587	)		(2,573,714	)
Net accumulation activity		(2,786,200	)		(1,959,970	)		(2,164,803	)		(2,397,646	)
Annuitization Activity:
Annuitizations		29,807			26,956			—			—
Annuity payments and contract charges		(12,607	)		(59,377	)		(625	)		(553	)
Adjustments to annuity reserves		(43	)		(741	)		161			116
Net annuitization activity		17,157			(33,162	)		(464	)		(437	)
Net increase (decrease) from contract owner transactions		(2,769,043	)		(1,993,132	)		(2,165,267	)		(2,398,083	)
Total increase (decrease) in net assets		(766,284	)		(157,696	)		(334,895	)		(719,399	)
Net assets at beginning of year		17,860,289			18,017,985			16,316,464			17,035,863
Net assets at end of year	$	17,094,005		$	17,860,289		$	15,981,569		$	16,316,464

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

- 147 -

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, 2024 AND 2023

	MG6 Sub-Account						MG7 Sub-Account
	December 31,			December 31,			December 31,			December 31,
	2024			2023			2024			2023
Operations:
Net investment income (loss)	$	(2,700,452	)	$	7,173,588		$	(38,569	)	$	(50,953	)
Net realized gains (losses)		560,441			30,620,279			517,380			835,105
Net change in unrealized appreciation/(depreciation)		58,022,565			55,016,937			216,561			82,559
Increase (decrease) in net assets from operations		55,882,554			92,810,804			695,372			866,711
Contract Owner Transactions:
Accumulation Activity:
Purchase payments received		10,459,752			10,761,732			91,329			137,203
Transfers between Sub-Accounts (including the Fixed Account), net		(208,938	)		(2,793,752	)		(71,530	)		383,903
Withdrawals, surrenders, annuitizations and contract charges		(152,067,229	)		(115,764,563	)		(1,039,703	)		(672,865	)
Net accumulation activity		(141,816,415	)		(107,796,583	)		(1,019,904	)		(151,759	)
Annuitization Activity:
Annuitizations		470,358			151,117			9,459			—
Annuity payments and contract charges		(179,606	)		(42,690	)		(16,309	)		(3,427	)
Adjustments to annuity reserves		(53,556	)		(106,517	)		(820	)		310
Net annuitization activity		237,196			1,910			(7,670	)		(3,117	)
Net increase (decrease) from contract owner transactions		(141,579,219	)		(107,794,673	)		(1,027,574	)		(154,876	)
Total increase (decrease) in net assets		(85,696,665	)		(14,983,869	)		(332,202	)		711,835
Net assets at beginning of year		906,787,340			921,771,209			9,464,462			8,752,627
Net assets at end of year	$	821,090,675		$	906,787,340		$	9,132,260		$	9,464,462

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

- 148 -

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, 2024 AND 2023

	V46 Sub-Account5					V45 Sub-Account6
	December 31,		December 31,			December 31,		December 31,
	2024		2023			2024		2023
Operations:
Net investment income (loss)	$	—	$	5,443		$	—	$	(6,341	)
Net realized gains (losses)		—		(22,016	)		—		(175,065	)
Net change in unrealized appreciation/(depreciation)		—		19,475			—		410,308
Increase (decrease) in net assets from operations		—		2,902			—		228,902
Contract Owner Transactions:
Accumulation Activity:
Purchase payments received		—		8,462			—		175,324
Transfers between Sub-Accounts (including the Fixed Account), net		—		(171,974	)		—		(2,399,084	)
Withdrawals, surrenders, annuitizations and contract charges		—		(2,680	)		—		(37,962	)
Net accumulation activity		—		(166,192	)		—		(2,261,722	)
Annuitization Activity:
Annuitizations		—		—			—		—
Annuity payments and contract charges		—		—			—		—
Adjustments to annuity reserves		—		—			—		—
Net annuitization activity		—		—			—		—
Net increase (decrease) from contract owner transactions		—		(166,192	)		—		(2,261,722	)
Total increase (decrease) in net assets		—		(163,290	)		—		(2,032,820	)
Net assets at beginning of year		—		163,290			—		2,032,820
Net assets at end of year	$	—	$	—		$	—	$	—

⁵ The activities for this Sub-Account are for the period from January 1, 2023 to July 25, 2023. Refer to Note 11 for details on Sub-Accounts closed in prior years.

⁶ The activities for Morgan Stanley Variable Insurance Fund, Inc. Global Franchise Portfolio, Class II Sub-Account (V45) are for the period from January 1, 2023 to September 18, 2023. Refer to Note 11 for details on Sub-Accounts closed in prior years.

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

- 149 -

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, 2024 AND 2023

	U43 Sub-Account7						U41 Sub-Account
	December 31,			December 31,			December 31,			December 31,
	2024			2023			2024			2023
Operations:
Net investment income (loss)	$	21,833		$	14,200		$	(35,662	)	$	7,782
Net realized gains (losses)		(81,398	)		156,245			(64,933	)		(24,916	)
Net change in unrealized appreciation/(depreciation)		266,167			(125,055	)		273,836			273,490
Increase (decrease) in net assets from operations		206,602			45,390			173,241			256,356
Contract Owner Transactions:
Accumulation Activity:
Purchase payments received		33,395			19,071			928,877			317,473
Transfers between Sub-Accounts (including the Fixed Account), net		(1,529,955	)		241,348			96,303			191,195
Withdrawals, surrenders, annuitizations and contract charges		(212,952	)		(39,393	)		(290,260	)		(41,620	)
Net accumulation activity		(1,709,512	)		221,026			734,920			467,048
Annuitization Activity:
Annuitizations		—			—			—			—
Annuity payments and contract charges		—			—			—			—
Adjustments to annuity reserves		—			—			—			—
Net annuitization activity		—			—			—			—
Net increase (decrease) from contract owner transactions		(1,709,512	)		221,026			734,920			467,048
Total increase (decrease) in net assets		(1,502,910	)		266,416			908,161			723,404
Net assets at beginning of year		1,502,910			1,236,494			2,490,888			1,767,484
Net assets at end of year	$	—		$	1,502,910		$	3,399,049		$	2,490,888

⁷ The current year activities for this Sub-Account are for the period from January 1, 2024 to December 6, 2024. Refer to Note 1 for details on this Sub-Account’s closure.

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

- 150 -

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, 2024 AND 2023

	V44 Sub-Account						V43 Sub-Account
	December 31,			December 31,			December 31,			December 31,
	2024			2023			2024			2023
Operations:
Net investment income (loss)	$	(360,386	)	$	(285,267	)	$	(76,841	)	$	(76,286	)
Net realized gains (losses)		916,508			(14,562,634	)		380,671			(3,896,467	)
Net change in unrealized appreciation/(depreciation)		10,370,362			22,984,892			1,340,950			5,582,082
Increase (decrease) in net assets from operations		10,926,484			8,136,991			1,644,780			1,609,329
Contract Owner Transactions:
Accumulation Activity:
Purchase payments received		1,196,981			772,308			43,120			100,324
Transfers between Sub-Accounts (including the Fixed Account), net		(3,533,798	)		(248,719	)		(1,299,416	)		(753,976	)
Withdrawals, surrenders, annuitizations and contract charges		(1,840,844	)		(1,489,721	)		(550,479	)		(796,003	)
Net accumulation activity		(4,177,661	)		(966,132	)		(1,806,775	)		(1,449,655	)
Annuitization Activity:
Annuitizations		—			—			—			—
Annuity payments and contract charges		—			—			(496	)		(401	)
Adjustments to annuity reserves		—			—			245			146
Net annuitization activity		—			—			(251	)		(255	)
Net increase (decrease) from contract owner transactions		(4,177,661	)		(966,132	)		(1,807,026	)		(1,449,910	)
Total increase (decrease) in net assets		6,748,823			7,170,859			(162,246	)		159,419
Net assets at beginning of year		24,585,970			17,415,111			4,527,314			4,367,895
Net assets at end of year	$	31,334,793		$	24,585,970		$	4,365,068		$	4,527,314

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

- 151 -

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, 2024 AND 2023

	O19 Sub-Account						O23 Sub-Account8
	December 31,			December 31,			December 31,			December 31,
	2024			2023			2024			2023
Operations:
Net investment income (loss)	$	(218,074	)	$	(198,891	)	$	227,740		$	32,303
Net realized gains (losses)		(360,260	)		(1,078,478	)		(570,202	)		(147,732	)
Net change in unrealized appreciation/(depreciation)		4,087,316			4,579,466			565,319			1,123,947
Increase (decrease) in net assets from operations		3,508,982			3,302,097			222,857			1,008,518
Contract Owner Transactions:
Accumulation Activity:
Purchase payments received		252,404			45,853			54,942			1,258,062
Transfers between Sub-Accounts (including the Fixed Account), net		(1,654,013	)		(1,002,311	)		(11,177,854	)		1,204,986
Withdrawals, surrenders, annuitizations and contract charges		(2,062,640	)		(1,148,996	)		(281,821	)		(1,494,224	)
Net accumulation activity		(3,464,249	)		(2,105,454	)		(11,404,733	)		968,824
Annuitization Activity:
Annuitizations		—			—			—			—
Annuity payments and contract charges		(23,538	)		(19,033	)		—			—
Adjustments to annuity reserves		928			480			—			—
Net annuitization activity		(22,610	)		(18,553	)		—			—
Net increase (decrease) from contract owner transactions		(3,486,859	)		(2,124,007	)		(11,404,733	)		968,824
Total increase (decrease) in net assets		22,123			1,178,090			(11,181,876	)		1,977,342
Net assets at beginning of year		12,107,824			10,929,734			11,181,876			9,204,534
Net assets at end of year	$	12,129,947		$	12,107,824		$	—		$	11,181,876

⁸ The current year activities for this Sub-Account are for the period from January 1, 2024 to April 26, 2024. Refer to Note 1 for details on this Sub-Account’s closure.

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

- 152 -

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, 2024 AND 2023

	O20 Sub-Account						O21 Sub-Account
	December 31,			December 31,			December 31,			December 31,
	2024			2023			2024			2023
Operations:
Net investment income (loss)	$	(161,104	)	$	(159,466	)	$	(1,782,423	)	$	(1,323,473	)
Net realized gains (losses)		782,255			796,704			(2,231,500	)		(9,539,974	)
Net change in unrealized appreciation/(depreciation)		669,663			2,072,242			24,107,404			30,779,557
Increase (decrease) in net assets from operations		1,290,814			2,709,480			20,093,481			19,916,110
Contract Owner Transactions:
Accumulation Activity:
Purchase payments received		121,697			80,806			2,429,410			2,150,441
Transfers between Sub-Accounts (including the Fixed Account), net		(703,854	)		(1,292,985	)		(11,874,868	)		(7,304,738	)
Withdrawals, surrenders, annuitizations and contract charges		(1,270,103	)		(1,004,032	)		(17,857,838	)		(16,427,104	)
Net accumulation activity		(1,852,260	)		(2,216,211	)		(27,303,296	)		(21,581,401	)
Annuitization Activity:
Annuitizations		—			—			39,026			102,102
Annuity payments and contract charges		(255	)		(45,312	)		(112,046	)		(183,013	)
Adjustments to annuity reserves		90			(792	)		(20,048	)		(7,674	)
Net annuitization activity		(165	)		(46,104	)		(93,068	)		(88,585	)
Net increase (decrease) from contract owner transactions		(1,852,425	)		(2,262,315	)		(27,396,364	)		(21,669,986	)
Total increase (decrease) in net assets		(561,611	)		447,165			(7,302,883	)		(1,753,876	)
Net assets at beginning of year		9,689,522			9,242,357			103,061,193			104,815,069
Net assets at end of year	$	9,127,911		$	9,689,522		$	95,758,310		$	103,061,193

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

- 153 -

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, 2024 AND 2023

	O04 Sub-Account						PH2 Sub-Account
	December 31,			December 31,			December 31,			December 31,
	2024			2023			2024			2023
Operations:
Net investment income (loss)	$	(65,218	)	$	(29,425	)	$	7,496		$	2,288
Net realized gains (losses)		312,459			26,489			512			(7,826	)
Net change in unrealized appreciation/(depreciation)		113,544			549,850			15,823			45,905
Increase (decrease) in net assets from operations		360,785			546,914			23,831			40,367
Contract Owner Transactions:
Accumulation Activity:
Purchase payments received		94,933			161,703			—			—
Transfers between Sub-Accounts (including the Fixed Account), net		(29,929	)		1,452			(7,393	)		(16,056	)
Withdrawals, surrenders, annuitizations and contract charges		(612,702	)		(520,420	)		(20,806	)		(20,543	)
Net accumulation activity		(547,698	)		(357,265	)		(28,199	)		(36,599	)
Annuitization Activity:
Annuitizations		—			—			—			—
Annuity payments and contract charges		(5,630	)		(6,068	)		—			—
Adjustments to annuity reserves		(2	)		(1	)		—			—
Net annuitization activity		(5,632	)		(6,069	)		—			—
Net increase (decrease) from contract owner transactions		(553,330	)		(363,334	)		(28,199	)		(36,599	)
Total increase (decrease) in net assets		(192,545	)		183,580			(4,368	)		3,768
Net assets at beginning of year		3,831,109			3,647,529			210,247			206,479
Net assets at end of year	$	3,638,564		$	3,831,109		$	205,879		$	210,247

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

- 154 -

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, 2024 AND 2023

	P08 Sub-Account						PC0 Sub-Account
	December 31,			December 31,			December 31,			December 31,
	2024			2023			2024			2023
Operations:
Net investment income (loss)	$	616,686		$	173,177		$	449,576		$	130,444
Net realized gains (losses)		(516,881	)		(497,124	)		(346,986	)		(306,276	)
Net change in unrealized appreciation/(depreciation)		178,981			1,144,910			95,684			816,361
Increase (decrease) in net assets from operations		278,786			820,963			198,274			640,529
Contract Owner Transactions:
Accumulation Activity:
Purchase payments received		237,547			32,427			43,975			20,880
Transfers between Sub-Accounts (including the Fixed Account), net		(152,102	)		764,402			(140,733	)		202,300
Withdrawals, surrenders, annuitizations and contract charges		(2,169,289	)		(1,618,151	)		(1,600,399	)		(1,355,050	)
Net accumulation activity		(2,083,844	)		(821,322	)		(1,697,157	)		(1,131,870	)
Annuitization Activity:
Annuitizations		—			—			—			—
Annuity payments and contract charges		—			—			—			—
Adjustments to annuity reserves		—			—			—			—
Net annuitization activity		—			—			—			—
Net increase (decrease) from contract owner transactions		(2,083,844	)		(821,322	)		(1,697,157	)		(1,131,870	)
Total increase (decrease) in net assets		(1,805,058	)		(359	)		(1,498,883	)		(491,341	)
Net assets at beginning of year		13,593,340			13,593,699			10,389,109			10,880,450
Net assets at end of year	$	11,788,282		$	13,593,340		$	8,890,226		$	10,389,109

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

- 155 -

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, 2024 AND 2023

	P70 Sub-Account						P10 Sub-Account
	December 31,			December 31,			December 31,			December 31,
	2024			2023			2024			2023
Operations:
Net investment income (loss)	$	26,532		$	422,963		$	77,378		$	2,314,296
Net realized gains (losses)		(176,074	)		(151,255	)		105,426			293,478
Net change in unrealized appreciation/(depreciation)		236,660			(546,822	)		227,986			(4,118,926	)
Increase (decrease) in net assets from operations		87,118			(275,114	)		410,790			(1,511,152	)
Contract Owner Transactions:
Accumulation Activity:
Purchase payments received		69,237			252,173			131,319			496,784
Transfers between Sub-Accounts (including the Fixed Account), net		223,069			(77,015	)		720,956			2,220,006
Withdrawals, surrenders, annuitizations and contract charges		(157,327	)		(109,729	)		(2,511,188	)		(2,498,418	)
Net accumulation activity		134,979			65,429			(1,658,913	)		218,372
Annuitization Activity:
Annuitizations		—			—			49,564			3,902
Annuity payments and contract charges		—			—			(7,823	)		(23,326	)
Adjustments to annuity reserves		—			—			(6,248	)		7,833
Net annuitization activity		—			—			35,493			(11,591	)
Net increase (decrease) from contract owner transactions		134,979			65,429			(1,623,420	)		206,781
Total increase (decrease) in net assets		222,097			(209,685	)		(1,212,630	)		(1,304,371	)
Net assets at beginning of year		2,931,834			3,141,519			15,920,985			17,225,356
Net assets at end of year	$	3,153,931		$	2,931,834		$	14,708,355		$	15,920,985

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

- 156 -

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, 2024 AND 2023

	PK8 Sub-Account						P20 Sub-Account
	December 31,			December 31,			December 31,			December 31,
	2024			2023			2024			2023
Operations:
Net investment income (loss)	$	223,007		$	196,197		$	4,600		$	3,957
Net realized gains (losses)		(166,401	)		(268,485	)		(3,038	)		(4,348	)
Net change in unrealized appreciation/(depreciation)		207,732			498,591			3,921			9,108
Increase (decrease) in net assets from operations		264,338			426,303			5,483			8,717
Contract Owner Transactions:
Accumulation Activity:
Purchase payments received		113,727			180,873			—			—
Transfers between Sub-Accounts (including the Fixed Account), net		7,930			29,842			(1,156	)		(2,920	)
Withdrawals, surrenders, annuitizations and contract charges		(622,265	)		(839,405	)		(10,637	)		(7,984	)
Net accumulation activity		(500,608	)		(628,690	)		(11,793	)		(10,904	)
Annuitization Activity:
Annuitizations		—			—			—			—
Annuity payments and contract charges		(1,583	)		(1,477	)		—			—
Adjustments to annuity reserves		253			252			—			—
Net annuitization activity		(1,330	)		(1,225	)		—			—
Net increase (decrease) from contract owner transactions		(501,938	)		(629,915	)		(11,793	)		(10,904	)
Total increase (decrease) in net assets		(237,600	)		(203,612	)		(6,310	)		(2,187	)
Net assets at beginning of year		4,854,260			5,057,872			98,806			100,993
Net assets at end of year	$	4,616,660		$	4,854,260		$	92,496		$	98,806

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

- 157 -

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, 2024 AND 2023

	PM5 Sub-Account						PD6 Sub-Account
	December 31,			December 31,			December 31,			December 31,
	2024			2023			2024			2023
Operations:
Net investment income (loss)	$	15,846		$	7,603		$	4,541,543		$	1,297,603
Net realized gains (losses)		(7,924	)		4,732			(8,585,641	)		(13,525,912	)
Net change in unrealized appreciation/(depreciation)		20,265			32,049			26,305,694			39,771,171
Increase (decrease) in net assets from operations		28,187			44,384			22,261,596			27,542,862
Contract Owner Transactions:
Accumulation Activity:
Purchase payments received		45,000			49,890			2,056,407			2,187,454
Transfers between Sub-Accounts (including the Fixed Account), net		130,674			17,449			(5,291,735	)		(3,254,400	)
Withdrawals, surrenders, annuitizations and contract charges		(39,067	)		(32,231	)		(39,296,735	)		(38,293,346	)
Net accumulation activity		136,607			35,108			(42,532,063	)		(39,360,292	)
Annuitization Activity:
Annuitizations		—			—			154,439			112,993
Annuity payments and contract charges		—			—			(136,267	)		(71,290	)
Adjustments to annuity reserves		—			—			1,629			125,293
Net annuitization activity		—			—			19,801			166,996
Net increase (decrease) from contract owner transactions		136,607			35,108			(42,512,262	)		(39,193,296	)
Total increase (decrease) in net assets		164,794			79,492			(20,250,666	)		(11,650,434	)
Net assets at beginning of year		632,828			553,336			260,313,586			271,964,020
Net assets at end of year	$	797,622		$	632,828		$	240,062,920		$	260,313,586

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

- 158 -

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, 2024 AND 2023

	P06 Sub-Account						P07 Sub-Account
	December 31,			December 31,			December 31,			December 31,
	2024			2023			2024			2023
Operations:
Net investment income (loss)	$	188,757		$	281,014		$	2,030,450		$	1,680,394
Net realized gains (losses)		(262,850	)		(292,889	)		(2,871,543	)		(3,111,268	)
Net change in unrealized appreciation/(depreciation)		170,824			407,809			1,571,848			5,044,683
Increase (decrease) in net assets from operations		96,731			395,934			730,755			3,613,809
Contract Owner Transactions:
Accumulation Activity:
Purchase payments received		456,830			412,667			1,411,042			1,562,797
Transfers between Sub-Accounts (including the Fixed Account), net		1,391,676			1,468,509			6,020,269			5,206,093
Withdrawals, surrenders, annuitizations and contract charges		(3,939,632	)		(3,526,944	)		(13,691,589	)		(13,877,503	)
Net accumulation activity		(2,091,126	)		(1,645,768	)		(6,260,278	)		(7,108,613	)
Annuitization Activity:
Annuitizations		36,080			13,380			91,343			54,513
Annuity payments and contract charges		(6,766	)		(8,065	)		(27,031	)		(69,001	)
Adjustments to annuity reserves		630			642			(6,845	)		(3,463	)
Net annuitization activity		29,944			5,957			57,467			(17,951	)
Net increase (decrease) from contract owner transactions		(2,061,182	)		(1,639,811	)		(6,202,811	)		(7,126,564	)
Total increase (decrease) in net assets		(1,964,451	)		(1,243,877	)		(5,472,056	)		(3,512,755	)
Net assets at beginning of year		21,362,415			22,606,292			90,236,711			93,749,466
Net assets at end of year	$	19,397,964		$	21,362,415		$	84,764,655		$	90,236,711

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

- 159 -

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, 2024 AND 2023

	P68 Sub-Account						PI3 Sub-Account9
	December 31,			December 31,			December 31,			December 31,
	2024			2023			2024			2023
Operations:
Net investment income (loss)	$	156,027		$	116,945		$	—		$	596,175
Net realized gains (losses)		(211,850	)		(63,685	)		—			(987,610	)
Net change in unrealized appreciation/(depreciation)		130,906			178,447			—			490,681
Increase (decrease) in net assets from operations		75,083			231,707			—			99,246
Contract Owner Transactions:
Accumulation Activity:
Purchase payments received		272,653			250,203			—			—
Transfers between Sub-Accounts (including the Fixed Account), net		683,107			434,438			110			(9,790,036	)
Withdrawals, surrenders, annuitizations and contract charges		(910,330	)		(211,627	)		(110	)		(364,142	)
Net accumulation activity		45,430			473,014			—			(10,154,178	)
Annuitization Activity:
Annuitizations		—			—			—			—
Annuity payments and contract charges		—			—			—			—
Adjustments to annuity reserves		—			—			—			—
Net annuitization activity		—			—			—			—
Net increase (decrease) from contract owner transactions		45,430			473,014			—			(10,154,178	)
Total increase (decrease) in net assets		120,513			704,721			—			(10,054,932	)
Net assets at beginning of year		5,543,828			4,839,107			—			10,054,932
Net assets at end of year	$	5,664,341		$	5,543,828		$	—		$	—

⁹  The activities for this Sub-Account are for the period from January 1, 2023 to April 21, 2023. Refer to Note 11 for details on Sub-Accounts closed in prior years.

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

- 160 -

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, 2024 AND 2023

	P72 Sub-Account						P88 Sub-Account
	December 31,			December 31,			December 31,			December 31,
	2024			2023			2024			2023
Operations:
Net investment income (loss)	$	(92,150	)	$	86,539		$	(64,365	)	$	(8,352	)
Net realized gains (losses)		2,174,705			1,489,550			662,574			(89,184	)
Net change in unrealized appreciation/(depreciation)		1,234,891			866,374			1,454,887			1,230,697
Increase (decrease) in net assets from operations		3,317,446			2,442,463			2,053,096			1,133,161
Contract Owner Transactions:
Accumulation Activity:
Purchase payments received		1,850,314			683,218			14,527,483			2,540,557
Transfers between Sub-Accounts (including the Fixed Account), net		536,931			1,735,462			(2,051,318	)		371,445
Withdrawals, surrenders, annuitizations and contract charges		(3,004,013	)		(2,706,974	)		(626,899	)		(182,162	)
Net accumulation activity		(616,768	)		(288,294	)		11,849,266			2,729,840
Annuitization Activity:
Annuitizations		—			—			—			—
Annuity payments and contract charges		—			—			—			—
Adjustments to annuity reserves		—			—			—			—
Net annuitization activity		—			—			—			—
Net increase (decrease) from contract owner transactions		(616,768	)		(288,294	)		11,849,266			2,729,840
Total increase (decrease) in net assets		2,700,678			2,154,169			13,902,362			3,863,001
Net assets at beginning of year		19,639,513			17,485,344			8,934,558			5,071,557
Net assets at end of year	$	22,340,191		$	19,639,513		$	22,836,920		$	8,934,558

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

- 161 -

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, 2024 AND 2023

	P93 Sub-Account						P89 Sub-Account
	December 31,			December 31,			December 31,			December 31,
	2024			2023			2024			2023
Operations:
Net investment income (loss)	$	16,274		$	1,717		$	(22,567	)	$	(18,496	)
Net realized gains (losses)		414,276			(30,053	)		113,593			129,845
Net change in unrealized appreciation/(depreciation)		87,181			319,261			(151,044	)		58,876
Increase (decrease) in net assets from operations		517,731			290,925			(60,018	)		170,225
Contract Owner Transactions:
Accumulation Activity:
Purchase payments received		4,515,255			587,002			299,933			267,569
Transfers between Sub-Accounts (including the Fixed Account), net		(2,562,971	)		284,142			809,055			189,380
Withdrawals, surrenders, annuitizations and contract charges		(263,865	)		(117,465	)		(136,167	)		(66,649	)
Net accumulation activity		1,688,419			753,679			972,821			390,300
Annuitization Activity:
Annuitizations		—			—			—			—
Annuity payments and contract charges		—			—			—			—
Adjustments to annuity reserves		—			—			—			—
Net annuitization activity		—			—			—			—
Net increase (decrease) from contract owner transactions		1,688,419			753,679			972,821			390,300
Total increase (decrease) in net assets		2,206,150			1,044,604			912,803			560,525
Net assets at beginning of year		2,523,436			1,478,832			2,307,338			1,746,813
Net assets at end of year	$	4,729,586		$	2,523,436		$	3,220,141		$	2,307,338

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

- 162 -

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, 2024 AND 2023

	P95 Sub-Account						P79 Sub-Account
	December 31,			December 31,			December 31,			December 31,
	2024			2023			2024			2023
Operations:
Net investment income (loss)	$	41,013		$	38,618		$	(40,515	)	$	(15,137	)
Net realized gains (losses)		(26,255	)		(23,832	)		196,762			(6,829	)
Net change in unrealized appreciation/(depreciation)		(8,850	)		15,327			882,767			905,894
Increase (decrease) in net assets from operations		5,908			30,113			1,039,014			883,928
Contract Owner Transactions:
Accumulation Activity:
Purchase payments received		423,370			30,000			461,117			87,286
Transfers between Sub-Accounts (including the Fixed Account), net		116,668			103,826			112,874			15,390
Withdrawals, surrenders, annuitizations and contract charges		(70,706	)		(65,644	)		(449,727	)		(122,542	)
Net accumulation activity		469,332			68,182			124,264			(19,866	)
Annuitization Activity:
Annuitizations		—			—			—			—
Annuity payments and contract charges		—			—			—			—
Adjustments to annuity reserves		—			—			—			—
Net annuitization activity		—			—			—			—
Net increase (decrease) from contract owner transactions		469,332			68,182			124,264			(19,866	)
Total increase (decrease) in net assets		475,240			98,295			1,163,278			864,062
Net assets at beginning of year		959,082			860,787			4,116,156			3,252,094
Net assets at end of year	$	1,434,322		$	959,082		$	5,279,434		$	4,116,156

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

- 163 -

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, 2024 AND 2023

	P80 Sub-Account						P81 Sub-Account
	December 31,			December 31,			December 31,			December 31,
	2024			2023			2024			2023
Operations:
Net investment income (loss)	$	(13,008	)	$	(9,609	)	$	(13,307	)	$	(4,537	)
Net realized gains (losses)		(37,588	)		(36,430	)		64,092			11,429
Net change in unrealized appreciation/(depreciation)		181,496			242,184			180,349			127,564
Increase (decrease) in net assets from operations		130,900			196,145			231,134			134,456
Contract Owner Transactions:
Accumulation Activity:
Purchase payments received		141,841			132,234			144,995			144,148
Transfers between Sub-Accounts (including the Fixed Account), net		(100,346	)		272,294			99,969			272,834
Withdrawals, surrenders, annuitizations and contract charges		(85,919	)		(23,318	)		(22,280	)		(9,959	)
Net accumulation activity		(44,424	)		381,210			222,684			407,023
Annuitization Activity:
Annuitizations		—			—			—			—
Annuity payments and contract charges		—			—			—			—
Adjustments to annuity reserves		—			—			—			—
Net annuitization activity		—			—			—			—
Net increase (decrease) from contract owner transactions		(44,424	)		381,210			222,684			407,023
Total increase (decrease) in net assets		86,476			577,355			453,818			541,479
Net assets at beginning of year		1,043,174			465,819			919,260			377,781
Net assets at end of year	$	1,129,650		$	1,043,174		$	1,373,078		$	919,260

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

- 164 -

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, 2024 AND 2023

	L36 Sub-Account						TBD Sub-Account
	December 31,			December 31,			December 31,			December 31,
	2024			2023			2024			2023
Operations:
Net investment income (loss)	$	11,502		$	9,158		$	(124,806	)	$	(70,180	)
Net realized gains (losses)		32,240			(5,597	)		473,410			(206,628	)
Net change in unrealized appreciation/(depreciation)		47,791			68,779			2,469,242			2,411,775
Increase (decrease) in net assets from operations		91,533			72,340			2,817,846			2,134,967
Contract Owner Transactions:
Accumulation Activity:
Purchase payments received		108,103			511,905			2,491,889			1,202,973
Transfers between Sub-Accounts (including the Fixed Account), net		(1,077	)		(445	)		425,523			439,002
Withdrawals, surrenders, annuitizations and contract charges		(62,461	)		(18,956	)		(332,342	)		(255,514	)
Net accumulation activity		44,565			492,504			2,585,070			1,386,461
Annuitization Activity:
Annuitizations		—			—			—			—
Annuity payments and contract charges		—			—			—			—
Adjustments to annuity reserves		—			—			—			—
Net annuitization activity		—			—			—			—
Net increase (decrease) from contract owner transactions		44,565			492,504			2,585,070			1,386,461
Total increase (decrease) in net assets		136,098			564,844			5,402,916			3,521,428
Net assets at beginning of year		840,839			275,995			7,493,179			3,971,751
Net assets at end of year	$	976,937		$	840,839		$	12,896,095		$	7,493,179

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

- 165 -

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, 2024 AND 2023

	TBE Sub-Account						TBF Sub-Account
	December 31,			December 31,			December 31,			December 31,
	2024			2023			2024			2023
Operations:
Net investment income (loss)	$	18,524		$	18,694		$	(72,513	)	$	(47,502	)
Net realized gains (losses)		303,119			88,572			557,004			164,793
Net change in unrealized appreciation/(depreciation)		(67,388	)		109,525			(587,966	)		142
Increase (decrease) in net assets from operations		254,255			216,791			(103,475	)		117,433
Contract Owner Transactions:
Accumulation Activity:
Purchase payments received		1,270,853			519,697			1,446,361			1,038,030
Transfers between Sub-Accounts (including the Fixed Account), net		393,882			378,669			487,732			906,437
Withdrawals, surrenders, annuitizations and contract charges		(181,863	)		(101,501	)		(244,572	)		(155,149	)
Net accumulation activity		1,482,872			796,865			1,689,521			1,789,318
Annuitization Activity:
Annuitizations		—			—			—			—
Annuity payments and contract charges		—			—			—			—
Adjustments to annuity reserves		—			—			—			—
Net annuitization activity		—			—			—			—
Net increase (decrease) from contract owner transactions		1,482,872			796,865			1,689,521			1,789,318
Total increase (decrease) in net assets		1,737,127			1,013,656			1,586,046			1,906,751
Net assets at beginning of year		2,954,684			1,941,028			5,055,843			3,149,092
Net assets at end of year	$	4,691,811		$	2,954,684		$	6,641,889		$	5,055,843

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

- 166 -

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, 2024 AND 2023

	TP1 Sub-Account						TP2 Sub-Account
	December 31,			December 31,			December 31,			December 31,
	2024			2023			2024			2023
Operations:
Net investment income (loss)	$	(4,100	)	$	(3,892	)	$	16,834		$	7,915
Net realized gains (losses)		39,729			(1,392	)		11,085			202
Net change in unrealized appreciation/(depreciation)		280,648			307,269			79,971			138,541
Increase (decrease) in net assets from operations		316,277			301,985			107,890			146,658
Contract Owner Transactions:
Accumulation Activity:
Purchase payments received		1,110,450			571,211			485,920			863,734
Transfers between Sub-Accounts (including the Fixed Account), net		429,065			728,228			189,162			130,030
Withdrawals, surrenders, annuitizations and contract charges		(80,745	)		(56,515	)		(101,342	)		(241,473	)
Net accumulation activity		1,458,770			1,242,924			573,740			752,291
Annuitization Activity:
Annuitizations		—			—			—			—
Annuity payments and contract charges		—			—			—			—
Adjustments to annuity reserves		—			—			—			—
Net annuitization activity		—			—			—			—
Net increase (decrease) from contract owner transactions		1,458,770			1,242,924			573,740			752,291
Total increase (decrease) in net assets		1,775,047			1,544,909			681,630			898,949
Net assets at beginning of year		2,753,666			1,208,757			1,921,881			1,022,932
Net assets at end of year	$	4,528,713		$	2,753,666		$	2,603,511		$	1,921,881

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

- 167 -

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, 2024 AND 2023

	TP3 Sub-Account						TP4 Sub-Account
	December 31,			December 31,			December 31,			December 31,
	2024			2023			2024			2023
Operations:
Net investment income (loss)	$	29,996		$	18,787		$	(1,479	)	$	1,522
Net realized gains (losses)		26,268			57,243			15,453			3,424
Net change in unrealized appreciation/(depreciation)		83,414			110,455			145,366			140,302
Increase (decrease) in net assets from operations		139,678			186,485			159,340			145,248
Contract Owner Transactions:
Accumulation Activity:
Purchase payments received		299,189			674,302			724,573			827,868
Transfers between Sub-Accounts (including the Fixed Account), net		156,698			94,372			25,646			(126,615	)
Withdrawals, surrenders, annuitizations and contract charges		(307,384	)		(60,823	)		(56,016	)		(41,796	)
Net accumulation activity		148,503			707,851			694,203			659,457
Annuitization Activity:
Annuitizations		—			—			—			—
Annuity payments and contract charges		—			—			—			—
Adjustments to annuity reserves		—			—			—			—
Net annuitization activity		—			—			—			—
Net increase (decrease) from contract owner transactions		148,503			707,851			694,203			659,457
Total increase (decrease) in net assets		288,181			894,336			853,543			804,705
Net assets at beginning of year		2,960,865			2,066,529			1,463,542			658,837
Net assets at end of year	$	3,249,046		$	2,960,865		$	2,317,085		$	1,463,542

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

- 168 -

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, 2024 AND 2023

	TP5 Sub-Account						W41 Sub-Account10
	December 31,			December 31,			December 31,		December 31,
	2024			2023			2024		2023
Operations:
Net investment income (loss)	$	43,535		$	31,026		$	—	$	(986	)
Net realized gains (losses)		201,536			26,676			—		(102,498	)
Net change in unrealized appreciation/(depreciation)		577,999			987,703			—		119,443
Increase (decrease) in net assets from operations		823,070			1,045,405			—		15,959
Contract Owner Transactions:
Accumulation Activity:
Purchase payments received		2,747,357			2,924,187			—		—
Transfers between Sub-Accounts (including the Fixed Account), net		93,841			(171,215	)		—		(195,187	)
Withdrawals, surrenders, annuitizations and contract charges		(631,963	)		(589,159	)		—		(2,252	)
Net accumulation activity		2,209,235			2,163,813			—		(197,439	)
Annuitization Activity:
Annuitizations		—			—			—		—
Annuity payments and contract charges		—			—			—		—
Adjustments to annuity reserves		—			—			—		—
Net annuitization activity		—			—			—		—
Net increase (decrease) from contract owner transactions		2,209,235			2,163,813			—		(197,439	)
Total increase (decrease) in net assets		3,032,305			3,209,218			—		(181,480	)
Net assets at beginning of year		10,487,258			7,278,040			—		181,480
Net assets at end of year	$	13,519,563		$	10,487,258		$	—	$	—

¹⁰ The activities for this Sub-Account are for the period from January 1, 2023 to April 21, 2023. Refer to Note 11 for details on Sub-Accounts closed in prior years.

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

- 169 -

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, 2024 AND 2023

	W42 Sub-Account						W50 Sub-Account
	December 31,			December 31,			December 31,			December 31,
	2024			2023			2024			2023
Operations:
Net investment income (loss)	$	(3,590	)	$	(2,588	)	$	78,567		$	26,003
Net realized gains (losses)		12,289			(17,057	)		(41,151	)		(28,147	)
Net change in unrealized appreciation/(depreciation)		16,756			42,516			(60,628	)		54,915
Increase (decrease) in net assets from operations		25,455			22,871			(23,212	)		52,771
Contract Owner Transactions:
Accumulation Activity:
Purchase payments received		31,666			—			19,500			2,500
Transfers between Sub-Accounts (including the Fixed Account), net		(18,635	)		190,053			159,888			131,569
Withdrawals, surrenders, annuitizations and contract charges		(39,749	)		(38,859	)		(169,103	)		(30,441	)
Net accumulation activity		(26,718	)		151,194			10,285			103,628
Annuitization Activity:
Annuitizations		—			—			—			—
Annuity payments and contract charges		—			—			—			—
Adjustments to annuity reserves		—			—			—			—
Net annuitization activity		—			—			—			—
Net increase (decrease) from contract owner transactions		(26,718	)		151,194			10,285			103,628
Total increase (decrease) in net assets		(1,263	)		174,065			(12,927	)		156,399
Net assets at beginning of year		209,908			35,843			1,140,226			983,827
Net assets at end of year	$	208,645		$	209,908		$	1,127,299		$	1,140,226

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

- 170 -

DELAWARE LIFE VARIABLE ACCOUNT F - REGATTA

(A Separate Account of Delaware Life Insurance Company)

NOTES TO FINANCIAL STATEMENTS

FOR THE YEAR ENDED DECEMBER 31, 2024

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 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, Accelerator 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.

There were no name changes related to Sub-Accounts held by the contract owners of the Variable Account during the current year.

The following Sub-Accounts were liquidated and merged with existing Sub-Accounts during the current year:

Closed Sub-Account	New Sub-Account	Effective Date
AM2	MD9	April 15, 2024
O23	V11	April 26, 2024
U43	MD9	December 6, 2024

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
F19		May 1, 2020
A19, A71, B19, B20, B21, B22, B23, L34, L35, L36, C92, F17, F18, S18, S21, S23, V17, V19, V20, V21,
M10, MV1, MV2, MV3, MV4, JF1, L19, V46, P80, P81, TP1, TP2, TP3, TP4, TP5, TBD, TBE, TBF		May 3, 2021

- 171 -

DELAWARE LIFE VARIABLE ACCOUNT F - REGATTA

(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, 2024. 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.

- 172 -

DELAWARE LIFE VARIABLE ACCOUNT F - REGATTA

(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 GAAP 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, 2024, noting that there are no subsequent events requiring accounting adjustments or disclosure.

- 173 -

DELAWARE LIFE VARIABLE ACCOUNT F - REGATTA

(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.

The Variable Account uses the Funds’ closing net asset value to determine the fair value of its Sub-Accounts. As of December 31, 2024, 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, 2024. There were no transfers between levels during the year ended December 31, 2024.

4. 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.

- 174 -

DELAWARE LIFE VARIABLE ACCOUNT F - REGATTA

(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 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, 2024, 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	%		—			—			—			—			—			—			—			—
Accelerator 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, Masters Prime and Accelerator Prime. There are no distribution charges associated with the other contracts listed in Note 1.

- 175 -

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, Masters Prime contracts and Accelerator Prime contract, 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 for Masters Prime and Accelerator Prime contracts, $35 in the case of Regatta Extra and Regatta Platinum contracts, and $50 for 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, Masters Prime and Accelerator Prime contracts; 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	%

- 176 -

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.

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 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.

- 177 -

DELAWARE LIFE VARIABLE ACCOUNT F - REGATTA

(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, 2024 were as follows:

	Purchases		Sales
AL1	$	1,746,850	$	5,326,607
AO5		1,450,001		9,021,520
A71		166,481		64,139
AM2		9,535		2,835,440
A98		1,360,026		3,971,029
AC4		4,545,930		1,238,905
A19		2,644,142		282,745
A74		1,550,766		3,219,133
AP0		16,170,589		4,036,851
AQ1		10,358,329		1,860,168
AQ2		2,598,849		405,041
AS3		38,278,808		6,501,422
AS6		5,645,138		740,822
AQ3		915,287		174,525
AX1		4,469,338		738,142
B21		8,051,132		759,980
B19		6,635,645		143,857
B20		512,907		86,155
B18		32,175,805		51,007,668
B22		871,983		88,888
B23		523,230		57,526
L33		989,506		289,549
L34		483,829		66,318
L35		530,969		127,237
C71		1,085		4,561
C59		40,939		103,008
C60		3,180,970		15,988,262
C89		98,832		15,222
C90		684,393		3,610,600
C58		454,893		699,359
C91		373,970		675,640
C92		9,226,331		3,993,572
FD7		11,050,818		20,612,516
F24		20,314,095		40,503,216
F88		160,071		438,906
FB9		545,199		1,170,894
F15		1,654,275		4,080,740
F41		9,232,689		15,062,943
FE3		11,849,189		29,286,315
F17		407,505		81,489
F18		240,361		79,879
F19		2,693,748		819,004
L36		161,861		75,380
T21		1,054,655		2,737,350
S23		131,468		18,535

- 178 -

DELAWARE LIFE VARIABLE ACCOUNT F - REGATTA

(A Separate Account of Delaware Life Insurance Company)

7. INVESTMENT PURCHASES AND SALES (CONTINUED)

	Purchases		Sales
T20		7,122,249		11,535,311
FE6		599,682		3,097,599
S18		989,092		161,780
T59		330,980		369,800
F56		763,991		1,973,753
F59		3,437,007		7,184,673
FF0		8,932,689		1,417,965
F54		7,806,478		19,195,341
FG8		256,639		114,644
S21		1,562,256		586,295
F53		1,285,529		3,661,812
FJ9		1,028,722		176,546
T28		795,517		1,569,454
FJ0		3,899		15,790
G03		553,103		372,264
V35		551,132		975,244
V13		2,700,354		5,032,433
AB3		844,137		58,103
V11		35,949,167		19,451,750
AC1		262,243		331,722
V17		1,062,478		312,914
V19		113,066		93,623
V20		3,100,152		805,299
MV1		36,070,337		2,270,673
MV2		2,353,938		142,807
MV3		2,941,782		575,029
MV4		371,891		126,952
J88		5,836,499		6,864,101
J94		3,565,361		4,372,013
L11		1,546,936		4,559,171
L42		36,101		16,807
L16		1,584,788		489,983
L18		1,131,685		6,220,120
L17		1,828,691		5,531,471
L19		376,829		88,499
M07		21,601,001		40,951,951
M35		22,498,422		34,852,206
M31		14,877,427		27,848,840
M80		4,394,473		6,211,307

- 179 -

DELAWARE LIFE VARIABLE ACCOUNT F - REGATTA

(A Separate Account of Delaware Life Insurance Company)

7. INVESTMENT PURCHASES AND SALES (CONTINUED)

	Purchases		Sales
M10		76,794		5,932
MF1		2,388,474		4,450,707
M41		5,929,896		6,050,643
M05		1,600,765		7,598,425
M42		2,037,519		7,356,271
M89		29,271,137		52,954,572
M82		7,915,182		20,788,974
M44		5,370,229		13,359,925
M40		6,549,201		10,002,014
M83		21,254,515		33,205,622
M08		9,683,095		14,574,875
MB6		25,138,422		47,399,899
MB7		5,458,312		13,355,820
MC0		2,686,720		6,109,714
MA0		9,445,449		15,466,076
MC2		6,042,203		15,764,018
MC1		4,364,398		10,844,346
MC3		714,267		2,612,040
MA1		360,511		2,280,030
MC4		370,622		959,510
MC5		118,511		52,649
MC6		3,835,112		6,373,600
MC7		1,326,040		604,630
MC8		5,091,466		11,837,308
MC9		272,447		618,860
MD0		1,227,631		6,366,730
M92		10,200,135		56,586,750
M96		7,773,260		10,643,985
MD2		17,415,491		18,938,996
MA6		3,868,362		6,887,011
MA3		2,323,587		3,721,406
M97		1,884,057		5,678,586
MD5		742,835		2,665,072
M98		2,485,295		6,455,753
M93		5,873,325		11,105,863
MD6		32,094,700		49,497,856
MB3		3,130,164		4,391,620
MD8		13,441,729		14,353,634
MD9		25,882,751		31,131,084
ME2		920,437		2,423,676
ME3		2,545,809		5,559,682
MA5		2,189,837		3,361,228
MA7		138,237		282,294
ME4		1,338,420		3,150,472
MA2		3,740,195		2,780,453
MF3		4,896,734		9,653,626
MF5		15,317,931		52,866,649
MF6		172,231		292,163
MF7		6,816,263		9,224,381

- 180 -

DELAWARE LIFE VARIABLE ACCOUNT F - REGATTA

(A Separate Account of Delaware Life Insurance Company)

7. INVESTMENT PURCHASES AND SALES (CONTINUED)

	Purchases		Sales
MF9		12,328,430		44,123,238
MG1		10,418,598		13,946,920
MF2		17,102,009		24,553,480
MG2		7,434,034		13,551,120
MG3		1,711,532		3,844,454
MG4		2,359,082		3,925,520
MG6		45,949,393		169,819,596
MG7		1,221,883		1,782,333
U43		316,389		2,004,168
U41		1,032,626		333,533
V44		3,444,462		7,984,363
V43		477,846		2,362,380
O19		888,538		4,595,553
O23		837,800		12,015,702
O20		1,067,123		2,515,240
O21		12,650,641		31,810,001
O04		276,434		762,268
PH2		12,664		33,386
P08		1,722,101		3,190,513
PC0		989,424		2,237,904
P70		505,440		344,127
P10		1,875,631		3,416,885
PK8		547,655		827,293
P20		7,424		14,626
PM5		232,395		79,984
PD6		12,960,954		50,956,485
P06		2,502,907		4,377,963
P07		12,060,178		16,234,300
P68		1,174,868		973,777
P72		5,034,415		4,781,413
P88		16,775,549		4,991,239
P93		5,036,521		3,331,995
P89		1,330,555		270,558
P95		599,435		89,153
P79		871,158		758,685
P80		170,292		227,793
P81		530,504		313,176
TBD		3,623,638		612,263
TBE		2,071,136		261,582
TBF		2,605,233		375,762
TP1		1,596,115		108,409
TP2		725,880		124,032
TP3		856,242		655,398
TP4		780,279		83,694
TP5		3,167,786		745,928
W42		39,653		69,981
W50		259,265		170,488

- 181 -

DELAWARE LIFE VARIABLE ACCOUNT F - REGATTA

(A Separate Account of Delaware Life Insurance Company)

8. CHANGES IN UNITS OUTSTANDING

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

	Units		Units		Net Increase
	Issued		Redeemed		(Decrease)
AL1		65,555		297,788		(232,233	)
AO5		90,467		626,803		(536,336	)
A71		10,155		4,409		5,746
AM2		3,663		263,492		(259,829	)
A98		144,335		470,787		(326,452	)
AC4		298,983		68,378		230,605
A19		338,921		30,951		307,970
A74		50,388		134,923		(84,535	)
AP0		1,265,473		212,442		1,053,031
AQ1		712,594		115,564		597,030
AQ2		284,009		41,457		242,552
AS3		2,981,248		561,379		2,419,869
AS6		478,211		52,569		425,642
AQ3		93,591		14,544		79,047
AX1		417,797		63,276		354,521
B21		624,695		58,037		566,658
B19		311,429		9,722		301,707
B20		26,222		6,046		20,176
B18		681,485		2,386,007		(1,704,522	)
B22		59,523		5,936		53,587
B23		54,806		5,389		49,417
L33		97,383		25,669		71,714
L34		29,382		4,693		24,689
L35		26,171		8,795		17,376
C71		14		129		(115	)
C59		1,250		3,059		(1,809	)
C60		126,007		515,458		(389,451	)
C89		4,025		454		3,571
C90		28,307		126,085		(97,778	)
C58		27,101		50,053		(22,952	)
C91		40,206		52,196		(11,990	)
C92		823,301		336,653		486,648
FD7		248,365		671,205		(422,840	)
F24		193,029		924,049		(731,020	)
F88		28,594		43,972		(15,378	)
FB9		16,637		60,943		(44,306	)
F15		57,530		185,420		(127,890	)
F41		85,404		465,614		(380,210	)
FE3		593,718		1,634,444		(1,040,726	)
F17		22,452		5,676		16,776
F18		20,734		7,062		13,672
F19		243,074		77,662		165,412
L36		10,585		5,986		4,599
T21		32,078		161,592		(129,514	)
S23		13,611		1,612		11,999
T20		308,591		528,042		(219,451	)

- 182 -

DELAWARE LIFE VARIABLE ACCOUNT F - REGATTA

(A Separate Account of Delaware Life Insurance Company)

8. CHANGES IN UNITS OUTSTANDING (CONTINUED)

	Units		Units		Net Increase
	Issued		Redeemed		(Decrease)
FE6		19,751		158,293		(138,542	)
S18		89,489		13,097		76,392
T59		43,898		43,464		434
F56		25,679		69,106		(43,427	)
F59		107,124		383,763		(276,639	)
FF0		710,953		98,959		611,994
F54		166,710		584,666		(417,956	)
FG8		18,533		6,970		11,563
S21		108,143		45,737		62,406
F53		16,512		64,783		(48,271	)
FJ9		88,929		11,007		77,922
T28		39,112		107,723		(68,611	)
FJ0		133		1,254		(1,121	)
G03		14,122		26,104		(11,982	)
V35		14,853		30,214		(15,361	)
V13		54,257		175,253		(120,996	)
AB3		89,829		9,035		80,794
V11		2,290,155		1,013,798		1,276,357
AC1		13,221		17,696		(4,475	)
V17		113,284		29,906		83,378
V19		4,839		7,326		(2,487	)
V20		233,474		65,825		167,649
MV1		3,115,471		180,180		2,935,291
MV2		193,605		11,351		182,254
MV3		242,390		43,242		199,148
MV4		24,456		10,141		14,315
J88		535,095		706,959		(171,864	)
J94		76,339		102,119		(25,780	)
L11		106,770		399,141		(292,371	)
L42		3,757		1,262		2,495
L16		141,200		47,197		94,003
L18		34,146		150,192		(116,046	)
L17		17,913		142,317		(124,404	)
L19		30,549		7,610		22,939
M07		412,506		2,194,848		(1,782,342	)
M35		657,807		1,952,948		(1,295,141	)

- 183 -

DELAWARE LIFE VARIABLE ACCOUNT F - REGATTA

(A Separate Account of Delaware Life Insurance Company)

8. CHANGES IN UNITS OUTSTANDING (CONTINUED)

	Units		Units		Net Increase
	Issued		Redeemed		(Decrease)
M31		109,981		466,029		(356,048	)
M80		116,719		104,217		12,502
M10		4,760		282		4,478
MF1		65,430		208,779		(143,349	)
M41		301,778		149,443		152,335
M05		93,690		359,434		(265,744	)
M42		119,545		346,856		(227,311	)
M89		2,088,509		4,913,093		(2,824,584	)
M82		85,952		572,682		(486,730	)
M44		169,926		840,501		(670,575	)
M40		368,791		652,024		(283,233	)
M83		323,787		1,306,448		(982,661	)
M08		141,526		548,404		(406,878	)
MB6		199,424		765,839		(566,415	)
MB7		50,248		230,487		(180,239	)
MC0		74,994		246,654		(171,660	)
MA0		422,603		834,837		(412,234	)
MC2		47,444		274,774		(227,330	)
MC1		111,938		350,405		(238,467	)
MC3		19,147		84,425		(65,278	)
MA1		11,588		136,376		(124,788	)
MC4		26,983		61,719		(34,736	)
MC5		10,735		3,753		6,982
MC6		17,808		88,629		(70,821	)
MC7		48,832		26,967		21,865
MC8		43,055		273,574		(230,519	)
MC9		2,857		16,384		(13,527	)
MD0		33,290		184,739		(151,449	)
M92		691,518		3,632,904		(2,941,386	)
M96		416,940		634,856		(217,916	)
MD2		1,379,984		1,645,305		(265,321	)
MA6		93,537		238,915		(145,378	)
MA3		50,537		149,361		(98,824	)
M97		59,103		168,313		(109,210	)
MD5		40,417		125,612		(85,195	)
M98		25,814		124,854		(99,040	)
M93		156,155		468,266		(312,111	)
MD6		211,258		1,079,796		(868,538	)
MB3		11,270		76,627		(65,357	)
MD8		1,189,884		1,373,579		(183,695	)
MD9		2,647,692		3,528,448		(880,756	)
ME2		27,611		90,124		(62,513	)
ME3		85,766		187,445		(101,679	)

- 184 -

DELAWARE LIFE VARIABLE ACCOUNT F - REGATTA

(A Separate Account of Delaware Life Insurance Company)

8. CHANGES IN UNITS OUTSTANDING (CONTINUED)

	Units		Units		Net Increase
	Issued		Redeemed		(Decrease)
MA5		80,021		154,217		(74,196	)
MA7		2,979		13,583		(10,604	)
ME4		38,190		89,431		(51,241	)
MA2		297,569		144,866		152,703
MF3		261,482		347,810		(86,328	)
MF5		649,201		2,724,194		(2,074,993	)
MF6		4,763		8,287		(3,524	)
MF7		338,822		416,701		(77,879	)
MF9		190,738		1,315,494		(1,124,756	)
MG1		856,471		1,297,732		(441,261	)
MF2		1,342,932		2,304,724		(961,792	)
MG2		609,257		1,348,199		(738,942	)
MG3		33,230		114,645		(81,415	)
MG4		101,127		129,938		(28,811	)
MG6		961,687		6,427,173		(5,465,486	)
MG7		39,233		63,151		(23,918	)
U43		28,058		174,420		(146,362	)
U41		106,048		30,242		75,806
V44		400,355		498,193		(97,838	)
V43		16,310		60,718		(44,408	)
O19		16,165		75,325		(59,160	)
O23		53,858		1,056,941		(1,003,083	)
O20		12,582		56,808		(44,226	)
O21		76,770		640,353		(563,583	)
O04		2,295		11,369		(9,074	)
PH2		86		1,349		(1,263	)
P08		59,138		175,463		(116,325	)
PC0		32,705		152,300		(119,595	)
P70		40,212		30,918		9,294
P10		250,141		475,885		(225,744	)
PK8		10,109		27,185		(17,076	)
P20		126		1,075		(949	)
PM5		22,183		8,066		14,117
PD6		338,591		2,940,928		(2,602,337	)
P06		144,151		269,764		(125,613	)
P07		619,295		1,007,756		(388,461	)
P68		132,393		123,120		9,273
P72		200,079		137,654		62,425
P88		1,452,833		420,190		1,032,643
P93		441,954		286,600		155,354
P89		94,622		18,942		75,680
P95		65,974		12,666		53,308

- 185 -

DELAWARE LIFE VARIABLE ACCOUNT F - REGATTA

(A Separate Account of Delaware Life Insurance Company)

8. CHANGES IN UNITS OUTSTANDING (CONTINUED)

	Units		Units		Net Increase
	Issued		Redeemed		(Decrease)
P79		61,853		42,289		19,564
P80		18,378		24,207		(5,829	)
P81		44,301		24,191		20,110
TBD		271,552		48,290		223,262
TBE		139,220		19,667		119,553
TBF		197,507		33,155		164,352
TP1		140,567		7,403		133,164
TP2		65,242		9,648		55,594
TP3		75,147		60,122		15,025
TP4		71,050		5,787		65,263
TP5		272,031		59,254		212,777
W42		1,239		2,033		(794	)
W50		20,065		18,179		1,886

- 186 -

DELAWARE LIFE VARIABLE ACCOUNT F - REGATTA

(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, 2023 were as follows:

	Units		Units		Net Increase
	Issued		Redeemed		(Decrease)
AL1		112,172		298,104		(185,932	)
AO5		137,156		660,211		(523,055	)
A71		16,326		8,410		7,916
AM2		22,695		67,159		(44,464	)
A98		197,011		605,687		(408,676	)
AC4		224,613		93,350		131,263
A19		183,963		9,708		174,255
A74		96,207		132,460		(36,253	)
AP0		821,122		227,878		593,244
AQ1		345,920		91,381		254,539
AQ2		115,925		21,097		94,828
AS3		2,025,094		179,738		1,845,356
AS6		228,341		72,468		155,873
AQ3		75,639		17,862		57,777
AX1		527,493		61,387		466,106
B21		441,940		47,358		394,582
B19		98,134		11,102		87,032
B20		80,360		3,440		76,920
B18		622,103		2,737,451		(2,115,348	)
B22		59,373		20,216		39,157
B23		31,952		9,945		22,007
L33		101,602		13,250		88,352
L34		27,936		1,951		25,985
L35		32,355		12,770		19,585
C71		1,891		4,906		(3,015	)
C59		—		589		(589	)
C60		92,881		652,667		(559,786	)
C90		70,564		252,712		(182,148	)
C58		21,456		71,756		(50,300	)
C91		118,195		42,819		75,376
C92		493,542		15,443		478,099
FD7		225,444		852,169		(626,725	)
F24		149,498		985,947		(836,449	)
F88		670		7,089		(6,419	)
FB9		24,361		76,880		(52,519	)
F15		24,581		154,941		(130,360	)
F41		127,824		418,721		(290,897	)
FE3		743,339		1,920,951		(1,177,612	)
F17		77,649		13,086		64,563
F18		35,781		6,240		29,541
F19		235,516		25,497		210,019
L36		57,450		3,820		53,630
T21		75,135		184,204		(109,069	)
S23		23,945		2,542		21,403
T20		201,637		717,070		(515,433	)

- 187 -

DELAWARE LIFE VARIABLE ACCOUNT F - REGATTA

(A Separate Account of Delaware Life Insurance Company)

8. CHANGES IN UNITS OUTSTANDING (CONTINUED)

	Units		Units		Net Increase
	Issued		Redeemed		(Decrease)
FE6		24,855		147,051		(122,196	)
S18		98,919		5,770		93,149
T59		22,893		48,749		(25,856	)
F56		27,443		105,435		(77,992	)
F59		120,714		352,653		(231,939	)
FF0		740,279		62,543		677,736
F54		265,261		653,592		(388,331	)
FG8		45,806		8,184		37,622
S21		124,436		5,322		119,114
F53		27,239		79,982		(52,743	)
FJ9		92,015		6,720		85,295
T28		41,171		122,533		(81,362	)
FJ0		121		442		(321	)
G03		13,397		19,561		(6,164	)
V35		19,009		53,019		(34,010	)
V13		56,189		199,599		(143,410	)
AB3		37,553		22,025		15,528
V11		1,004,032		644,668		359,364
AC1		12,406		40,750		(28,344	)
V17		173,988		15,283		158,705
V19		41,172		7,971		33,201
V20		264,998		29,652		235,346
MV1		3,072,913		97,662		2,975,251
MV2		125,430		12,898		112,532
MV3		238,090		43,004		195,086
MV4		44,131		8,243		35,888
J88		685,306		608,697		76,609
JF1		36,256		123,325		(87,069	)
JF0		10,072		105,615		(95,543	)
J94		61,941		88,531		(26,590	)
L11		94,364		513,575		(419,211	)
L42		3,346		2,043		1,303
L16		136,065		27,530		108,535
L18		41,054		83,013		(41,959	)
L17		30,876		148,870		(117,994	)
L19		53,824		12,935		40,889
M07		628,071		2,415,436		(1,787,365	)
M35		770,166		2,510,742		(1,740,576	)

- 188 -

DELAWARE LIFE VARIABLE ACCOUNT F - REGATTA

(A Separate Account of Delaware Life Insurance Company)

8. CHANGES IN UNITS OUTSTANDING (CONTINUED)

	Units		Units		Net Increase
	Issued		Redeemed		(Decrease)
M31		97,516		396,584		(299,068	)
M80		134,543		94,734		39,809
M10		6,067		201		5,866
MF1		46,578		154,804		(108,226	)
M41		128,957		143,392		(14,435	)
M05		98,230		294,448		(196,218	)
M42		217,340		292,828		(75,488	)
M89		2,409,571		4,808,457		(2,398,886	)
M82		143,687		688,360		(544,673	)
M44		209,546		955,614		(746,068	)
M40		295,653		360,834		(65,181	)
M83		462,854		1,336,005		(873,151	)
M08		277,857		641,448		(363,591	)
MB6		170,105		785,677		(615,572	)
MB7		53,197		279,882		(226,685	)
MC0		90,991		244,549		(153,558	)
MA0		569,219		813,627		(244,408	)
MC2		81,345		331,643		(250,298	)
MC1		93,011		263,250		(170,239	)
MC3		31,140		69,118		(37,978	)
MA1		68,659		154,778		(86,119	)
MC4		19,987		59,877		(39,890	)
MC5		5,898		9,167		(3,269	)
MC6		24,199		112,783		(88,584	)
MC7		147,281		50,716		96,565
MC8		42,343		264,391		(222,048	)
MC9		5,272		20,593		(15,321	)
MD0		23,946		129,722		(105,776	)
M92		839,553		4,349,717		(3,510,164	)
M96		351,504		604,351		(252,847	)
MD2		1,021,179		1,432,056		(410,877	)
MA6		76,917		216,482		(139,565	)
MA3		85,959		239,346		(153,387	)
M97		76,677		136,200		(59,523	)
MD5		43,696		112,626		(68,930	)
M98		28,398		105,333		(76,935	)
M93		129,201		595,439		(466,238	)
MD6		258,443		1,225,452		(967,009	)
MB3		43,363		150,273		(106,910	)
MD8		1,174,142		1,272,828		(98,686	)
MD9		3,905,394		3,574,459		330,935
ME2		19,225		97,111		(77,886	)
ME3		97,209		223,310		(126,101	)

- 189 -

DELAWARE LIFE VARIABLE ACCOUNT F - REGATTA

(A Separate Account of Delaware Life Insurance Company)

8. CHANGES IN UNITS OUTSTANDING (CONTINUED)

	Units		Units		Net Increase
	Issued		Redeemed		(Decrease)
MA5		84,514		162,089		(77,575	)
MA7		3,040		15,697		(12,657	)
ME4		58,971		99,851		(40,880	)
MA2		173,031		168,511		4,520
MF3		187,539		309,430		(121,891	)
MF5		624,770		2,821,000		(2,196,230	)
MF6		2,358		4,779		(2,421	)
MF7		236,844		355,058		(118,214	)
MF9		301,753		1,189,325		(887,572	)
MG1		815,616		1,497,044		(681,428	)
MF2		1,111,548		2,381,814		(1,270,266	)
MG2		831,611		1,852,784		(1,021,173	)
MG3		65,618		132,534		(66,916	)
MG4		74,637		149,578		(74,941	)
MG6		1,029,503		5,612,693		(4,583,190	)
MG7		84,369		61,435		22,934
V46		2,997		22,279		(19,282	)
V45		41,932		225,896		(183,964	)
U43		38,703		16,254		22,449
U41		58,664		5,182		53,482
V44		541,440		375,005		166,435
V43		22,574		75,595		(53,021	)
O19		6,676		56,264		(49,588	)
O23		267,321		144,495		122,826
O20		10,755		78,036		(67,281	)
O21		114,317		664,429		(550,112	)
O04		4,796		11,515		(6,719	)
PH2		35		1,969		(1,934	)
P08		96,294		145,799		(49,505	)
PC0		43,232		128,243		(85,011	)
P70		57,161		50,878		6,283
P10		560,875		517,244		43,631
PK8		12,143		34,884		(22,741	)
P20		215		1,183		(968	)
PM5		11,694		7,706		3,988
PD6		287,814		3,000,953		(2,713,139	)
P06		131,652		234,866		(103,214	)
P07		562,626		1,035,860		(473,234	)
P68		86,063		34,042		52,021
PI3		59,786		1,141,355		(1,081,569	)
P72		246,517		206,162		40,355
P88		327,354		50,309		277,045
P93		93,174		13,947		79,227
P89		48,365		12,708		35,657
P95		15,281		7,706		7,575

- 190 -

DELAWARE LIFE VARIABLE ACCOUNT F - REGATTA

(A Separate Account of Delaware Life Insurance Company)

8. CHANGES IN UNITS OUTSTANDING (CONTINUED)

	Units		Units		Net Increase
	Issued		Redeemed		(Decrease)
P79		32,623		27,266		5,357
P80		59,925		5,016		54,909
P81		43,972		1,102		42,870
TBD		214,460		44,420		170,040
TBE		99,188		20,799		78,389
TBF		202,583		8,109		194,474
TP1		148,638		14,897		133,741
TP2		106,232		25,634		80,598
TP3		83,178		8,678		74,500
TP4		97,697		27,442		70,255
TP5		331,451		96,706		234,745
W41		—		7,761		(7,761	)
W42		7,098		1,645		5,453
W50		22,929		11,776		11,153

9. 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.

10. SEGMENT REPORTING

The Variable Account derives revenues from the variable portion of certain variable annuity products sold by the Sponsor. The Sponsor has identified its Chief Product Officer as the chief operating decision maker (“CODM”) for overseeing the Variable Account’s variable annuity insurance products and the performance of the Funds to evaluate the results of the business and make operational decisions. The Variable Account’s products constitute a single operating segment and therefore, a single reportable segment. The Variable Account is structured with a limited purpose by design and its sole purpose is to record and report the Funds’ activities and performance. Investment performance of the Funds may vary based on the Fund’s investment objectives specified in the fund prospectuses. The accounting policies used to measure the profit and loss of the segment are the same as those described in the summary of significant accounting policies herein. Refer to the Variable Account’s Statement of Operations for segment expenses for the year ended December 31, 2024 and the Statement of Assets and Liabilities for segment assets at December 31, 2024.

- 191 -

DELAWARE LIFE VARIABLE ACCOUNT F - REGATTA

(A Separate Account of Delaware Life Insurance Company)

11. 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,
	Units		Unit Value lowest to highest4					Net Assets		Investment Income Ratio1			Expense Ratio lowest to highest2						Total Return3
AL1
2024		1,520,850	$	12.3130	to	$	16.8419	$	25,339,998		1.75	%		1.20	%	to	2.10	%		7.27	%	to	6.29	%
2023		1,753,083		11.4788	to		15.8453		27,670,614		0.88			1.20		to	2.10			11.31		to	10.31
2022		1,939,015		10.3121	to		14.0439		28,178,362		3.07			1.20		to	2.25			(20.13	)	to	(20.97	)
2021		2,014,030		12.9119	to		17.7714		37,656,065		0.25			1.20		to	2.25			11.84		to	10.83
2020		2,137,310		11.5276	to		16.0348		37,181,804		2.14			1.20		to	2.25			7.94		to	6.80
AO5
2024		3,137,878		15.9236	to		13.0333		43,842,350		1.07			0.65		to	2.10			9.70		to	8.10
2023		3,674,214		14.5151	to		12.0566		47,265,069		0.60			0.65		to	2.10			12.74		to	11.11
2022		4,197,269		12.8746	to		10.8508		48,365,384		2.53			0.65		to	2.10			(19.20	)	to	(20.37	)
2021		4,623,947		15.9347	to		13.6271		66,586,510		1.54			0.65		to	2.10			8.57		to	6.99
2020		5,255,164		14.6773	to		12.7364		70,406,634		1.52			0.65		to	2.10			4.18		to	2.66
A71
2024		75,636		12.6335					955,560		1.23			1.20						11.40
2023		69,890		11.3402					792,522		1.28			1.20						10.39
2022		61,974		10.2730					636,631		1.20			1.20						(5.56)
2021		33,829		10.8779					367,989		0.11			1.20						7.21
AM25
2023		259,829		11.4580	to		10.0777		2,838,970		—			1.35		to	2.15			10.85		to	9.96
2022		304,293		10.3369	to		9.1652		3,007,124		—			1.35		to	2.15			(28.78	)	to	(29.35	)
2021		303,416		14.5136	to		12.9729		4,219,091		—			1.35		to	2.15			6.55		to	5.70
2020		318,328		13.6210	to		12.2738		4,166,019		1.10			1.35		to	2.15			27.85		to	26.82
A98
2024		2,122,788		8.6163	to		7.5820		17,309,302		2.23			1.35		to	2.10			3.39		to	2.60
2023		2,449,240		8.3340	to		7.3898		19,405,577		0.66			1.35		to	2.10			13.29		to	12.44
2022		2,857,916		7.3564	to		6.5723		20,038,001		4.09			1.35		to	2.10			(14.95	)	to	(15.59	)
2021		3,189,961		8.7107	to		7.7865		26,386,762		1.65			1.30		to	2.10			9.42		to	8.54
2020		3,473,643		7.9610	to		7.1739		26,366,188		1.58			1.30		to	2.10			0.88		to	0.07
AC4
2024		1,138,213		13.7187	to		22.8940		18,989,091		—			1.20						23.45
2023		907,608		11.1131	to		18.5458		12,970,289		—			1.20						33.18
2022		776,345		8.3444	to		13.9253		8,884,821		—			1.20						(29.54)
2021		500,374		11.8428	to		19.7634		9,353,531		—			1.20						17.04		to	27.11
2020		70,235		15.5480					1,092,017		—			1.20						33.53
A19
2024		789,933		8.5026					6,716,430		—			1.20						17.02
2023		481,963		7.2662					3,501,763		—			1.20						16.32
2022		307,708		6.2467					1,922,091		—			1.20						(39.99)
2021		73,527		10.4096					765,385		—			1.20						1.45
A74
2024		829,981		13.6706	to		28.7381		14,693,687		0.62			1.20		to	2.10			8.39		to	7.41
2023		914,516		12.6120	to		26.7563		15,778,279		0.80			1.35		to	2.10			15.29		to	14.43
2022		950,769		10.9225	to		23.3827		14,954,000		0.88			1.35		to	2.10			(16.82	)	to	(17.57	)
2021		774,469		13.1317	to		27.7803		16,810,572		0.61			1.20		to	2.30			33.98		to	32.51
2020		562,812		24.4834	to		20.9653		12,306,296		0.81			0.65		to	2.30			2.38		to	0.69
AP0
2024		4,069,562		13.5776	to		24.3149		65,168,401		0.17			1.20						29.71
2023		3,016,531		10.4674	to		18.7452		40,344,254		0.17			1.20						36.49
2022		2,423,287		7.6690	to		13.7337		25,621,145		0.11			1.20						(30.95)
2021		1,437,833		11.1065	to		19.8895		26,106,356		0.06			1.20						10.95
2020		270,332		16.5431					4,472,124		0.17			1.20						49.90
AQ1
2024		2,060,464		13.8830	to		18.6371		30,776,571		0.83			1.20						22.43
2023		1,463,434		11.3400	to		15.2233		18,612,063		1.27			1.20						24.32
2022		1,208,895		9.1213	to		12.2447		12,776,456		1.25			1.20						(17.70)
2021		694,402		11.0832	to		14.8784		9,831,200		1.27			1.20						10.02
2020		40,047		12.1636					487,112		1.96			1.20						11.89

- 192 -

DELAWARE LIFE VARIABLE ACCOUNT F - REGATTA

(A Separate Account of Delaware Life Insurance Company)

11. 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
AQ2
2024		636,143	$	10.5843	to	$	8.6698	$	5,745,785		0.93	%		1.20%				1.69%
2023		393,591		10.4087	to		8.5259		3,579,432		1.20			1.20				14.18
2022		298,763		7.4672	to		9.1161		2,430,476		1.80			1.20				(21.97)
2021		183,701		11.6821					2,010,502		3.88			1.20				(2.89)
2020		8,469		12.0297					101,879		1.23			1.20				12.30
AS3
2024		9,304,787		15.1153	to		11.7223		113,902,844		1.84			1.20				14.71
2023		6,884,918		13.1769	to		10.2190		74,567,315		2.09			1.20				12.66
2022		5,039,562		9.0704	to		11.6958		49,244,772		2.01			1.20				(14.69)
2021		2,536,551		13.7104					31,697,953		2.05			1.20				13.47
2020		162,665		12.0830					1,965,479		2.76			1.20				10.81
AS6
2024		1,315,042		10.6087	to		16.8483		15,864,429		1.26			1.20				12.02
2023		889,400		9.4705	to		15.0405		10,151,639		0.74			1.20				20.83
2022		733,527		7.8375	to		12.4472		7,347,333		0.49			1.20				(25.82)
2021		430,184		10.5652					6,483,683		0.17			1.20				5.56
2020		61,464		14.6227					898,766		0.05			1.20				28.61
AQ3
2024		332,119		9.1839	to		13.3524		3,447,370		1.11			1.20				5.05
2023		253,072		8.7425	to		12.7106		2,596,299		1.35			1.20				14.29
2022		195,295		7.6494	to		11.1215		1,847,450		1.19			1.20				(23.18)
2021		132,867		9.9579	to		14.4777		1,782,982		0.83			1.20				(1.11)
2020		27,209		14.0047					381,060		—			1.20				21.81
AX1
2024		1,365,674		10.4476	to		12.9177		14,516,563		1.55			1.20				5.04
2023		1,011,153		9.9465	to		12.2981		10,290,052		1.60			1.20				12.09
2022		545,047		8.8734	to		10.9713		5,027,940		—			1.20				(15.75)
2021		233,724		10.5325					2,700,565		1.31			1.20				5.16
2020		13,914		11.9321					166,024		2.75			1.20				8.68
B21
2024		1,649,507		11.0868					18,287,797		2.04			1.20				10.02
2023		1,082,849		10.0775					10,911,667		2.29			1.20				13.94
2022		688,267		8.8446					6,087,231		2.53			1.20				(16.05)
2021		230,503		10.5357					2,428,504		6.26			1.20				5.04
B19
2024		598,418		13.1412					7,864,002		—			1.20				30.34
2023		296,711		10.0820					2,991,267		—			1.20				46.82
2022		209,679		6.8669					1,439,792		—			1.20				(38.56)
2021		64,269		11.1757					718,256		—			1.20				11.50
B20
2024		186,705		11.7596					2,195,595		2.15			1.20				8.38
2023		166,529		10.8501					1,806,755		1.92			1.20				10.66
2022		89,609		9.8053					878,619		1.66			1.20				(5.25)
2021		17,505		10.3486					181,156		0.89			1.20				1.93
B18
2024		12,784,846		19.5994	to		19.7550		255,753,685		1.38			0.65	to	2.10		8.21		to	6.63
2023		14,489,368		18.1117	to		17.8252		275,243,028		2.39			0.65	to	2.35		11.76		to	9.87
2022		16,604,716		16.2057	to		16.2239		287,231,446		0.00			0.65	to	2.35		(16.62	)	to	(18.03	)
2021		18,259,602		19.4355	to		19.7927		387,539,634		0.81			0.65	to	2.35		5.72		to	3.93
2020		19,276,712		18.3831	to		19.0442		400,737,513		1.21			0.65	to	2.35		19.92		to	17.88
B22
2024		155,259		13.2075					2,050,623		—			1.20				29.80
2023		101,672		10.1750					1,034,465		—			1.20				50.65
2022		62,515		6.7539					422,206		—			1.20				(38.99)
2021		25,400		11.0704					281,184		—			1.20				10.51
B23
2024		140,868		8.8316					1,244,028		3.72			1.20				(0.08)
2023		91,451		8.8388					808,194		3.61			1.20				4.17
2022		69,444		8.4852					589,226		2.24			1.20				(15.28)
2021		22,673		10.0161					227,303		0.80			1.20				(0.02)
L33
2024		335,739		9.8726	to		13.9485		3,512,207		0.33			1.20				8.41
2023		264,025		9.1070	to		12.8669		2,609,168		0.02			1.20				11.28
2022		175,673		8.1842	to		11.5631		1,614,479		0.12			1.20				(26.39)
2021		88,293		11.1190	to		15.7096		1,216,470		0.02			1.20				9.79
2020		4,516		12.3843					55,923		0.05			1.20				13.72

- 193 -

DELAWARE LIFE VARIABLE ACCOUNT F - REGATTA

(A Separate Account of Delaware Life Insurance Company)

11. 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
L34
2024		83,608		$13.7078			$	1,146,094		0.47	%		1.20%				20.89%
2023		58,919		11.3392				668,054		0.91			1.20				17.97
2022		32,934		9.6121				316,560		0.96			1.20				(13.69)
2021		12,436		11.1371				138,498		0.75			1.20				10.08
L35
2024		134,609		13.4909				1,816,003		1.07			1.20				15.28
2023		117,233		11.7027				1,371,864		2.14			1.20				12.65
2022		97,648		10.3887				1,014,400		1.35			1.20				(9.33)
2021		64,069		11.4573				734,056		1.96			1.20				12.25
C71
2024		268		34.9015	to	34.2145		9,351		0.58			1.65	to	1.75		6.87		to	6.76
2023		383		32.6578	to	32.0467		12,468		0.17			1.65	to	1.75		19.67		to	19.55
2022		3,398		27.2894	to	26.8050		92,683		0.49			1.65	to	1.75		(10.47	)	to	(10.56	)
2021		3,523		30.4800	to	29.9683		107,322		0.23			1.65	to	1.75		26.69		to	26.56
2020		914		24.0595	to	23.6788		21,954		0.34			1.65	to	1.75		6.80		to	6.70
C59
2024		1,077		35.1578	to	33.6531		36,878		—			1.35	to	1.85		29.55		to	28.89
2023		2,886		27.1386	to	26.1093		76,940		—			1.35	to	1.85		41.24		to	40.54
2022		3,475		19.2139	to	18.5781		65,648		—			1.35	to	1.85		(32.31	)	to	(32.65	)
2021		3,071		28.3838	to	27.5830		85,976		—			1.35	to	1.85		27.00		to	26.36
2020		3,327		22.3496	to	21.8286		73,499		—			1.35	to	1.85		32.92		to	32.25
C60
2024		1,267,054		36.5842	to	32.2254		42,348,236		—			0.65	to	2.10		30.15		to	28.25
2023		1,656,505		28.1085	to	25.1268		43,025,241		—			0.65	to	2.10		41.84		to	39.79
2022		2,216,291		19.8166	to	17.9740		40,965,907		—			0.65	to	2.10		(31.98	)	to	(32.96	)
2021		2,064,095		29.1324	to	26.8124		56,678,746		—			0.65	to	2.10		27.52		to	25.67
2020		2,552,106		22.8455	to	21.3353		55,532,553		—			0.65	to	2.10		33.54		to	31.59
C89
2024		5,697		30.6233	to	29.8278		170,610		—			1.35	to	1.65		19.77		to	19.41
2023		2,126		25.5680	to	24.9800		53,611		—			1.35	to	1.65		37.66		to	37.25
2022		2,126		18.5726	to	18.2004		39,014		—			1.35	to	1.65		(28.97	)	to	(29.19	)
2021		2,122		26.1488	to	25.2651		54,924		—			1.35	to	1.95		16.98		to	16.27
2020		5,600		22.3542	to	21.7297		122,603		—			1.35	to	1.95		30.15		to	29.36
C90
2024		460,668		29.9699	to	28.0655		13,404,356		—			1.35	to	2.10		19.47		to	18.57
2023		558,446		25.0848	to	23.6705		13,649,174		—			1.35	to	2.10		37.34		to	36.31
2022		740,594		18.2651	to	17.3655		13,220,856		—			1.35	to	2.10		(29.15	)	to	(29.69	)
2021		686,346		25.7817	to	24.6977		17,356,850		—			1.35	to	2.10		16.68		to	15.81
2020		787,774		22.8352	to	21.3268		17,135,069		—			0.65	to	2.10		30.75		to	28.85
C58
2024		213,971		14.8464	to	13.0769		2,897,782		4.18			0.65	to	2.10		2.56		to	1.06
2023		236,923		13.7138	to	12.9393		3,162,906		1.76			1.35	to	2.10		13.77		to	12.92
2022		287,223		12.0534	to	11.4589		3,385,267		0.76			1.35	to	2.10		(16.05	)	to	(16.68	)
2021		328,020		14.3985	to	13.7527		4,621,818		1.10			1.30	to	2.10		8.32		to	7.45
2020		338,100		13.2924	to	12.7991		4,416,458		1.49			1.30	to	2.10		7.41		to	6.54
C91
2024		516,435		11.7835	to	15.5361		7,044,786		—			1.20				11.22
2023		528,425		10.5945	to	13.9685		6,537,985		—			1.20				3.86
2022		453,049		10.2013	to	13.4500		5,458,508		—			1.20				(3.23)
2021		354,669		10.5420	to	13.8992		4,749,647		—			1.20				3.89
2020		12,557		11.1665				140,220		—			1.20				5.53
C92
2024		1,746,417		11.7646				20,545,869		—			1.20				12.92
2023		1,259,769		10.4181				13,123,565		—			1.20				19.65
2022		781,670		8.7068				6,805,655		—			1.20				(17.86)
2021		285,506		10.5997				3,026,272		—			1.20				5.61
FD7
2024		2,785,018		34.8054	to	27.3219		85,951,349		1.66			0.65	to	2.30		14.87		to	12.97
2023		3,207,858		30.2992	to	24.1861		87,015,206		1.50			0.65	to	2.30		20.45		to	18.47
2022		3,834,583		25.1551	to	20.4150		87,213,498		1.04			0.65	to	2.30		(18.72	)	to	(20.05	)
2021		4,167,158		30.9479	to	25.5362		117,791,565		0.73			0.65	to	2.30		17.23		to	15.30
2020		4,591,952		26.4004	to	22.1486		111,958,956		1.24			0.65	to	2.30		21.33		to	19.33

- 194 -

DELAWARE LIFE VARIABLE ACCOUNT F - REGATTA

(A Separate Account of Delaware Life Insurance Company)

11. 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
F24
2024		2,314,283	$	57.7939	to	$	43.2135	$	107,777,218		0.04	%		0.65	%	to	2.10	%		32.58	%	to	30.64	%
2023		3,045,303		43.5932	to		31.7768		108,149,079		0.24			0.65		to	2.35			32.26		to	30.02
2022		3,881,752		32.9614	to		24.4400		105,302,012		0.27			0.65		to	2.35			(26.96	)	to	(28.20	)
2021		3,825,641		45.1308	to		34.0405		143,633,704		0.03			0.65		to	2.35			26.68		to	24.53
2020		4,745,987		35.6250	to		27.3342		142,207,353		0.08			0.65		to	2.35			29.39		to	27.19
F88
2024		62,749		19.8972	to		17.1974		1,148,220		3.01			1.35		to	2.10			3.72		to	2.94
2023		78,127		19.1828	to		16.7068		1,392,621		3.74			1.35		to	2.10			7.62		to	6.81
2022		84,546		17.8247	to		15.6414		1,406,691		1.92			1.35		to	2.10			(14.82	)	to	(15.46	)
2021		95,572		20.9266	to		18.5025		1,871,006		0.70			1.35		to	2.10			4.17		to	3.39
2020		136,742		20.0882	to		17.8959		2,561,365		1.00			1.35		to	2.10			10.73		to	9.89
FB9
2024		315,442		21.7270	to		18.7789		6,350,819		2.87			1.35		to	2.10			4.77		to	3.97
2023		359,748		20.7378	to		18.0610		6,957,923		3.39			1.35		to	2.10			9.16		to	8.34
2022		412,267		18.9983	to		16.6712		7,346,741		1.89			1.35		to	2.10			(15.93	)	to	(16.57	)
2021		484,120		22.5993	to		19.9814		10,300,644		0.78			1.35		to	2.10			5.95		to	5.15
2020		611,405		21.3308	to		19.0028		12,343,763		1.03			1.35		to	2.10			12.03		to	11.19
F15
2024		461,193		23.1145	to		19.9781		10,068,735		2.46			1.35		to	2.10			5.95		to	5.14
2023		589,083		21.8171	to		18.3120		12,251,931		2.90			1.35		to	2.30			10.72		to	9.66
2022		719,443		19.7056	to		16.6983		13,486,987		1.86			1.35		to	2.30			(17.10	)	to	(17.89	)
2021		814,357		23.7698	to		20.3357		18,476,600		0.80			1.35		to	2.30			7.79		to	6.77
2020		1,011,319		22.2216	to		19.0470		21,232,682		1.05			1.30		to	2.30			13.23		to	12.09
F41
2024		1,518,127		34.1379	to		30.5046		50,150,765		0.33			0.65		to	2.10			16.41		to	14.71
2023		1,898,337		29.3259	to		26.5933		54,432,984		0.37			0.65		to	2.10			14.06		to	12.41
2022		2,189,234		25.7112	to		23.0938		55,540,607		0.26			0.65		to	2.25			(15.52	)	to	(16.87	)
2021		2,463,448		30.4341	to		27.7791		74,742,720		0.34			0.65		to	2.25			24.49		to	22.51
2020		3,053,574		24.4464	to		22.6759		75,212,506		0.38			0.65		to	2.25			17.10		to	15.22
FE3
2024		8,085,140		17.9922	to		15.9840		140,600,615		1.64			0.65		to	2.10			5.40		to	3.86
2023		9,125,866		17.0703	to		14.7459		152,131,312		—			0.65		to	2.35			9.36		to	7.51
2022		10,303,478		15.6088	to		13.7155		158,539,919		2.07			0.65		to	2.35			(8.76	)	to	(10.31	)
2021		11,992,814		17.1076	to		15.2916		204,264,220		0.90			0.65		to	2.35			3.76		to	2.00
2020		12,795,754		16.4871	to		14.9913		212,174,612		2.65			0.65		to	2.35			6.16		to	4.35
F17
2024		192,888		11.7133					2,259,352		0.67			1.20						9.07
2023		176,112		10.7388					1,891,115		1.03			1.20						6.47
2022		111,549		10.0865					1,125,111		0.71			1.20						(11.75)
2021		49,568		11.4291					566,514		0.58			1.20						12.46
F18
2024		75,737		10.1680					770,101		1.39			1.20						0.53
2023		62,065		10.1139					627,681		0.70			1.20						15.51
2022		32,524		8.7562					284,774		0.75			1.20						(20.34)
2021		12,290		10.9920					135,097		1.10			1.20						11.77
F19
2024		913,663		10.4526	to		13.8705		9,878,915		2.31			1.20						4.73
2023		748,251		9.9801	to		13.2435		7,774,077		2.47			1.20						9.19
2022		538,232		9.1401	to		12.1289		5,189,362		1.84			1.20						(13.25)
2021		182,400		10.5362	to		13.9815		2,352,109		1.35			1.20						4.56
2020		8,070		12.6066					101,734		2.26			1.20						20.12
L36
2024		89,808		10.8779					976,937		2.32			1.20						10.23
2023		85,209		9.8685					840,839		2.69			1.20						12.91
2022		31,579		8.7401					275,995		2.72			1.20						(15.35)
2021		97		10.3253					1,002		19.54			1.20						2.52
T21
2024		788,971		17.6845	to		15.1355		12,869,747		3.90			1.30		to	2.10			6.26		to	5.40
2023		918,485		16.6426	to		14.3602		14,153,806		2.07			1.30		to	2.10			11.17		to	10.28
2022		1,027,554		14.9710	to		12.6865		14,310,486		2.58			1.30		to	2.25			(22.99	)	to	(23.73	)
2021		1,046,664		19.4414	to		16.6331		19,016,638		0.87			1.30		to	2.25			(6.96	)	to	(7.85	)
2020		996,395		20.8964	to		18.0498		19,540,379		4.31			1.30		to	2.25			15.66		to	14.56
S23
2024		84,969		7.9559					675,997		3.56			1.20						6.21
2023		72,970		7.4905					546,534		1.84			1.20						11.19
2022		51,567		6.7363					347,359		1.97			1.20						(22.94)
2021		22,266		8.7411					194,631		0.02			1.20						(13.04)

- 195 -

DELAWARE LIFE VARIABLE ACCOUNT F - REGATTA

(A Separate Account of Delaware Life Insurance Company)

11. 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
2024		2,280,003	$	17.9694	to	$	18.2197	$	46,628,097		2.36	%		1.30	%	to	2.35	%		(2.29	%)	to	(3.33	%)
2023		2,499,454		18.3910	to		18.8471		52,576,034		3.22			1.30		to	2.35			19.20		to	17.95
2022		3,014,887		15.4292	to		15.9795		53,415,908		2.95			1.30		to	2.35			(8.80	)	to	(9.76	)
2021		3,561,181		16.9184	to		17.7079		69,499,573		1.81			1.30		to	2.35			2.81		to	1.73
2020		3,756,405		16.4563	to		16.9424		71,582,091		3.51			1.30		to	2.50			(2.44	)	to	(3.62	)
FE6
2024		868,126		20.0624	to		17.5054		16,476,547		2.04			1.30		to	2.10			7.72		to	6.85
2023		1,006,668		18.6239	to		16.3829		17,785,635		1.46			1.30		to	2.10			13.13		to	12.22
2022		1,128,864		16.4624	to		14.2728		17,666,000		1.64			1.30		to	2.25			(17.09	)	to	(17.88	)
2021		1,289,505		19.8552	to		17.3796		24,403,221		1.74			1.30		to	2.25			10.23		to	9.19
2020		1,485,214		17.8952	to		15.9175		25,608,396		1.48			1.35		to	2.25			10.23		to	9.24
S18
2024		278,725		10.6644					2,972,459		1.47			1.20						7.57
2023		202,333		9.9136					2,005,729		1.34			1.20						13.26
2022		109,184		8.7533					955,683		1.41			1.20						(17.19)
2021		27,723		10.5708					293,058		0.02			1.20						5.22
T59
2024		218,772		8.6388	to		7.1105		1,616,668		—			0.65		to	2.10			(12.00	)	to	(13.29	)
2023		218,338		9.8174	to		8.0490		1,857,178		—			0.65		to	2.25			2.15		to	0.52
2022		244,194		9.6104	to		8.0069		2,057,984		—			0.65		to	2.25			(5.74	)	to	(7.24	)
2021		368,313		10.1958	to		8.6323		3,325,426		—			0.65		to	2.25			(5.63	)	to	(7.14	)
2020		398,143		10.8038	to		9.2511		3,863,954		7.79			0.65		to	2.30			(5.97	)	to	(7.52	)
F56
2024		365,664		20.7865	to		22.6485		9,487,223		0.94			1.30		to	2.10			4.03		to	3.18
2023		409,091		19.9821	to		22.4573		10,273,421		3.36			1.30		to	2.25			19.45		to	18.31
2022		487,083		16.7291	to		18.9814		10,288,499		0.15			1.30		to	2.25			(12.65	)	to	(13.48	)
2021		549,166		19.1516	to		21.9387		13,321,322		1.10			1.30		to	2.25			3.51		to	2.53
2020		598,179		18.5019	to		21.3981		14,040,606		3.08			1.30		to	2.25			4.42		to	3.43
F59
2024		1,778,946		21.6630	to		17.4624		33,669,248		5.24			0.65		to	2.10			6.50		to	4.95
2023		2,055,585		20.3404	to		16.2189		36,915,056		5.16			0.65		to	2.25			7.92		to	6.20
2022		2,287,524		18.8478	to		15.2720		38,469,119		4.85			0.65		to	2.25			(6.09	)	to	(7.58	)
2021		2,694,045		20.0693	to		16.3995		48,749,838		4.66			0.65		to	2.30			16.00		to	14.09
2020		3,261,985		17.3016	to		14.3748		51,437,879		5.81			0.65		to	2.30			0.04		to	(1.62	)
FF0
2024		2,321,721		11.2852	to		17.4901		26,515,062		4.29			1.20		to	2.05			5.79		to	4.88
2023		1,709,727		10.6680	to		16.6770		18,684,259		4.63			1.20		to	2.05			7.25		to	6.34
2022		1,031,991		9.9467	to		15.6828		10,736,705		4.32			1.20		to	2.05			(6.72	)	to	(7.51	)
2021		267,149		10.6634	to		16.9570		3,448,458		3.60			1.20		to	2.05			5.92		to	14.21
2020		97,334		15.8582	to		14.8472		1,519,999		5.63			1.35		to	2.05			(0.78	)	to	(1.48	)
F54
2024		2,622,629		26.3314	to		28.9849		84,278,961		1.94			0.65		to	2.10			10.54		to	8.93
2023		3,040,585		23.8200	to		25.9664		89,410,504		1.85			0.65		to	2.25			12.73		to	10.93
2022		3,428,916		21.1304	to		23.4071		90,351,817		1.78			0.65		to	2.25			(8.03	)	to	(9.50	)
2021		4,071,384		22.9756	to		25.6069		117,898,051		2.86			0.65		to	2.30			18.39		to	16.44
2020		4,727,890		19.4060	to		21.9908		116,819,020		2.95			0.65		to	2.30			(5.66	)	to	(7.22	)
FG8
2024		106,820		11.6322	to		21.9713		1,294,869		1.76			1.20		to	2.05			9.82		to	8.87
2023		95,257		10.5923	to		20.1804		1,077,220		2.01			1.20		to	2.05			11.96		to	11.01
2022		57,635		9.4608	to		18.1793		614,340		2.18			1.20		to	2.05			(8.57	)	to	(9.35	)
2021		15,824		10.3481	to		20.0549		259,478		2.69			1.20		to	2.05			1.82		to	16.64
2020		12,468		18.3655	to		17.1946		223,325		2.86			1.35		to	2.05			(6.45	)	to	(7.11	)
S21
2024		427,678		12.3667					5,289,024		0.91			1.20						9.35
2023		365,272		11.3095					4,130,834		0.84			1.20						10.65
2022		246,158		10.2211					2,515,906		0.82			1.20						(11.75)
2021		62,948		11.5814					729,020		0.01			1.20						14.00
F53
2024		257,938		35.7161	to		50.0083		14,175,146		0.95			0.65		to	2.10			10.97		to	9.35
2023		306,209		32.1842	to		45.7312		15,346,683		0.53			0.65		to	2.10			12.02		to	10.40
2022		358,952		28.7320	to		41.4247		16,235,834		0.96			0.65		to	2.10			(10.65	)	to	(11.94	)
2021		433,934		32.1558	to		45.6536		22,225,104		0.97			0.65		to	2.30			24.55		to	22.50
2020		508,970		25.8172	to		37.2682		21,129,483		1.67			0.65		to	2.30			4.50		to	2.78

- 196 -

DELAWARE LIFE VARIABLE ACCOUNT F - REGATTA

(A Separate Account of Delaware Life Insurance Company)

11. 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
FJ9
2024		277,706	$	11.0538	to	$	29.5345	$	3,155,776		0.65	%		1.20	%	to	2.05	%		10.26	%	to	9.31	%
2023		199,784		10.0255	to		27.0194		2,121,744		0.44			1.20		to	2.05			11.33		to	10.38
2022		114,489		9.0053	to		24.4781		1,162,187		0.94			1.20		to	2.05			(11.18	)	to	(11.94	)
2021		62,003		10.1392	to		27.7969		804,810		0.55			1.20		to	2.05			(0.67	)	to	22.62
2020		11,004		24.2127	to		22.6690		260,494		1.56			1.35		to	2.05			3.71		to	2.98
T28
2024		446,393		13.5416	to		13.1747		6,344,841		4.53			0.65		to	2.10			3.34		to	1.83
2023		515,004		13.1039	to		12.6109		7,154,255		4.49			0.65		to	2.25			7.48		to	5.77
2022		596,366		12.1918	to		11.9231		7,778,476		4.32			0.65		to	2.25			(11.33	)	to	(12.74	)
2021		675,496		13.7497	to		13.6645		10,056,531		3.38			0.65		to	2.25			1.45		to	(0.17	)
2020		755,442		13.5537	to		13.6884		11,191,292		4.82			0.65		to	2.25			2.76		to	1.11
FJ0
2024		4,254		12.0300	to		10.9497		48,351		4.41			1.35		to	2.05			2.57		to	1.85
2023		5,375		11.7283	to		10.7512		60,317		4.34			1.35		to	2.05			6.54		to	5.79
2022		5,696		11.0087	to		10.1627		60,198		4.21			1.35		to	2.05			(12.04	)	to	(12.66	)
2021		7,012		12.5158	to		11.6356		84,961		3.80			1.35		to	2.05			0.68		to	(0.02	)
2020		11,687		12.4310	to		11.6385		142,774		4.65			1.35		to	2.05			1.95		to	1.23
G03
2024		178,111		13.9360	to		18.7441		3,199,938		0.42			1.20						26.46
2023		190,093		11.0199	to		14.8220		2,728,599		0.46			1.20						22.11
2022		196,257		9.0243	to		12.1379		2,313,239		0.61			1.20						(20.86)
2021		184,093		11.4033	to		15.3376		2,813,038		0.88			1.20						12.55
2020		11,758		12.0231					141,366		1.29			1.20						15.91
H246
2020		55,637		14.4690	to		13.4533		786,570		0.65			1.35		to	1.90			(0.17	)	to	(0.72	)
H327
2020		48,854		21.7101	to		19.6572		1,036,742		—			1.35		to	2.10			12.60		to	11.75
V35
2024		98,954		36.2295	to		31.8820		3,371,869		0.75			1.35		to	2.10			28.33		to	27.36
2023		114,315		28.2312	to		25.0334		3,051,112		0.35			1.35		to	2.10			13.74		to	12.89
2022		148,325		24.8203	to		22.1753		3,486,759		0.43			1.35		to	2.10			(4.17	)	to	(4.89	)
2021		183,601		25.9001	to		23.3154		4,544,009		0.23			1.35		to	2.10			25.91		to	24.96
2020		228,866		20.5708	to		18.6583		4,514,770		0.65			1.35		to	2.10			(0.50	)	to	(1.26	)

- 197 -

DELAWARE LIFE VARIABLE ACCOUNT F - REGATTA

(A Separate Account of Delaware Life Insurance Company)

11. 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
V13
2024		552,018	$	41.2665	to	$	27.2215	$	16,215,671		1.44	%		0.65	%	to	2.10	%		14.12	%	to	12.45	%
2023		673,014		36.1618	to		24.2078		17,539,209		1.48			0.65		to	2.10			11.37		to	9.76
2022		816,424		32.4702	to		22.0553		19,254,849		1.30			0.65		to	2.10			0.19		to	(1.26	)
2021		982,333		32.4079	to		22.3360		23,348,042		1.55			0.65		to	2.10			32.18		to	30.27
2020		1,255,493		24.5181	to		17.1465		22,939,013		2.15			0.65		to	2.10			(1.73	)	to	(3.16	)
AB3
2024		221,440		8.9251	to		10.2488		2,106,986		3.35			1.20						1.48
2023		140,646		8.7946	to		10.0990		1,354,997		2.52			1.20						4.58
2022		125,118		8.4091	to		9.6563		1,168,970		0.56			1.20						(15.70)
2021		121,115		9.9751	to		11.4546		1,352,173		2.02			1.20						(0.20)
2020		24,479		11.7115					286,682		2.53			1.20						8.02
V11
2024		6,399,166		28.9712	to		24.2843		112,360,638		1.55			0.65		to	2.10			11.18		to	9.55
2023		5,122,809		26.0590	to		22.1671		90,226,162		1.67			0.65		to	2.10			9.52		to	7.94
2022		4,763,445		23.7929	to		20.5362		84,706,784		1.47			0.65		to	2.10			(8.31	)	to	(9.64	)
2021		4,024,877		25.9499	to		22.7268		91,091,678		1.64			0.65		to	2.10			17.58		to	15.88
2020		4,174,214		22.0695	to		19.6125		87,202,232		2.21			0.65		to	2.10			8.94		to	7.35
AC1
2024		81,888		17.5488	to		15.8645		1,376,388		1.55			1.35		to	2.10			(1.02	)	to	(1.77	)
2023		86,363		17.7293	to		16.1503		1,470,396		0.00			1.35		to	2.10			16.28		to	15.41
2022		114,707		15.2465	to		13.9937		1,681,151		1.41			1.35		to	2.10			(19.60	)	to	(20.21	)
2021		126,045		18.9635	to		17.5372		2,304,802		1.06			1.35		to	2.10			4.18		to	3.40
2020		132,323		18.2018	to		16.9606		2,330,723		2.06			1.35		to	2.10			12.20		to	11.36
V17
2024		479,913		10.2674					4,927,405		—			1.20						22.43
2023		396,535		8.3866					3,325,303		—			1.20						11.50
2022		237,830		7.5213					1,788,739		—			1.20						(31.95)
2021		44,675		11.0534					493,812		—			1.20						10.58
V19
2024		85,469		12.3034					1,051,576		1.60			1.20						11.60
2023		87,956		11.0247					969,630		2.09			1.20						7.47
2022		54,755		10.2581					561,662		2.57			1.20						(3.10)
2021		4,671		10.5858					49,444		2.78			1.20						4.04
V20
2024		853,075		12.0147					10,249,524		1.31			1.20						11.11
2023		685,426		10.8134					7,411,406		1.35			1.20						12.08
2022		450,080		9.6483					4,342,342		1.28			1.20						(13.11)
2021		32,058		11.1039					355,974		1.38			1.20						9.15
V2116
2022		—		9.8766					—		1.90			1.20						(13.46)
2021		102,864		11.4133					1,174,022		1.67			1.20						13.38
MV1
2024		10,720,060		11.7119					125,552,075		1.55			1.20						13.76
2023		7,784,769		10.2954					80,142,473		2.00			1.20						13.76
2022		4,809,518		9.0501					43,525,126		1.30			1.20						(17.61)
2021		872,941		10.9850					9,589,244		0.78			1.20						9.59
MV2
2024		462,029		11.7429					5,425,622		0.47			1.20						13.93
2023		279,775		10.3070					2,883,506		0.12			1.20						16.37
2022		167,243		8.8571					1,481,238		0.09			1.20						(17.15)
2021		32,883		10.6907					351,540		—			1.20						6.00
MV3
2024		837,922		13.3322					11,171,524		—			1.20						30.17
2023		638,774		10.2423					6,542,272		—			1.20						52.44
2022		443,688		6.7191					2,981,067		—			1.20						(37.88)
2021		102,202		10.8156					1,105,376		—			1.20						9.14
MV4
2024		136,397		11.8779					1,620,126		0.76			1.20						11.44
2023		122,082		10.6584					1,301,129		1.03			1.20						9.78
2022		86,194		9.7088					836,810		1.50			1.20						(6.90)
2021		16,574		10.4284					172,842		0.63			1.20						2.40

- 198 -

DELAWARE LIFE VARIABLE ACCOUNT F - REGATTA

(A Separate Account of Delaware Life Insurance Company)

11. 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
J88
2024		3,056,899	$	11.2905	to	$	9.2933	$	30,334,718		4.01	%		0.65	%	to	2.10	%		0.79	%	to	(0.68	%)
2023		3,228,763		11.2019	to		9.3572		32,112,116		3.27			0.65		to	2.10			4.97		to	3.45
2022		3,152,154		10.6714	to		9.0448		30,174,387		1.84			0.65		to	2.10			(13.30	)	to	(14.56	)
2021		3,684,665		12.3086	to		10.5856		41,005,068		1.69			0.65		to	2.10			(2.30	)	to	(3.72	)
2020		3,783,695		12.5986	to		10.9944		43,536,692		1.66			0.65		to	2.10			6.98		to	5.43
JF18
2023		—		8.8375					—		—			1.20						5.24
2022		87,069		8.3971					731,101		0.94			1.20						(18.81)
2021		23,039		10.3419					238,263		—			1.20						2.92
JF09
2023		—		9.2623	to		10.6864		—		—			1.20						3.81
2022		95,543		8.9211	to		10.2939		884,945		3.96			1.20						(13.55)
2021		40,895		10.3195	to		11.9074		463,590		0.28			1.20						2.46
J94
2024		268,428		59.0644	to		48.6196		13,889,344		0.35			0.65		to	2.10			22.87		to	21.08
2023		294,208		48.0700	to		40.1559		12,523,127		1.25			0.65		to	2.10			26.02		to	24.20
2022		320,798		38.1449	to		32.3318		10,947,842		0.22			0.65		to	2.10			(19.42	)	to	(20.58	)
2021		365,296		47.3369	to		40.7123		15,626,632		0.54			0.65		to	2.10			28.17		to	26.32
2020		508,509		36.9316	to		32.2300		17,173,211		0.57			0.65		to	2.10			24.13		to	22.33
L11
2024		1,638,108		12.0515	to		10.5789		18,704,244		3.28			0.65		to	2.10			6.73		to	5.17
2023		1,930,479		11.2915	to		9.6629		20,868,196		4.67			0.65		to	2.35			21.48		to	19.43
2022		2,349,690		9.2949	to		8.0911		21,108,283		3.22			0.65		to	2.35			(15.67	)	to	(17.10	)
2021		2,605,638		11.0216	to		9.7596		28,047,671		1.80			0.65		to	2.35			4.78		to	3.00
2020		2,898,976		10.5186	to		9.4750		30,094,960		2.75			0.65		to	2.35			(1.92	)	to	(3.59	)
L42
2024		39,337		10.2068	to		11.1146		406,220		—			1.20						7.29
2023		36,842		9.5135	to		10.4101		355,060		—			1.20						949.00
2022		35,539		8.6889	to		9.4616		313,241		0.08			1.20						(18.36)
2021		16,613		10.6432	to		11.5898		182,299		4.16			1.20						6.33
L16
2024		543,394		9.6393	to		10.9755		5,405,225		5.45			1.20						5.43
2023		449,391		9.1427	to		10.4101		4,287,250		5.74			1.20						5.28
2022		340,856		8.6842	to		9.8879		3,095,143		4.86			1.20						(13.84)
2021		263,842		10.0795	to		11.4767		2,842,314		6.09			1.20						0.52
2020		1,388		11.2470	to		—		15,611		10.58			1.20						6.02
L18
2024		322,140		51.5467	to		38.1223		14,020,270		—			1.30		to	2.35			28.90		to	27.53
2023		438,186		39.9902	to		29.8925		14,898,825		—			1.30		to	2.35			9.24		to	8.09
2022		480,145		36.6076	to		27.6540		15,008,904		—			1.30		to	2.35			(33.41	)	to	(34.11	)
2021		467,657		54.9715	to		41.9680		22,030,651		—			1.30		to	2.35			5.08		to	3.97
2020		492,772		37.8028	to		40.3658		22,184,488		—			0.65		to	2.35			38.47		to	36.12
L17
2024		574,851		33.0542	to		35.4499		22,111,126		0.68			0.65		to	2.10			15.89		to	14.19
2023		699,255		28.5231	to		31.0439		23,522,191		0.56			0.65		to	2.10			13.89		to	12.25
2022		817,249		25.0440	to		27.6569		24,384,323		1.02			0.65		to	2.10			(12.55	)	to	(13.82	)
2021		930,958		28.6391	to		31.2187		32,114,142		0.78			0.65		to	2.25			26.49		to	24.47
2020		1,135,208		22.6420	to		25.0818		31,326,927		1.23			0.65		to	2.25			1.11		to	(0.51	)
L19
2024		191,799		10.0423					1,926,084		4.45			1.20						3.87
2023		168,860		9.6681					1,632,442		4.93			1.20						3.80
2022		127,971		9.3145					1,191,944		3.81			1.20						(6.19)
2021		51,641		9.9295					512,766		6.17			1.20						(0.80)
M07
2024		11,652,292		19.1699	to		17.6891		216,813,850		2.46			1.15		to	1.85			6.50		to	5.75
2023		13,434,634		17.9992	to		16.7272		235,205,012		2.04			1.15		to	1.85			9.18		to	8.41
2022		15,221,999		16.5036	to		15.4289		244,855,536		1.69			1.15		to	1.85			(10.61	)	to	(11.24	)
2021		16,787,920		18.4624	to		17.3837		302,630,577		1.78			1.15		to	1.85			12.82		to	12.01
2020		18,785,970		16.3649	to		15.5191		300,918,369		2.27			1.15		to	1.85			8.56		to	7.78
M35
2024		10,865,153		19.7349	to		16.2328		187,404,052		2.30			0.65		to	2.35			6.76		to	4.93
2023		12,160,294		18.4858	to		15.4701		199,351,185		1.82			0.65		to	2.35			9.50		to	7.65
2022		13,900,870		16.8814	to		14.3706		211,768,681		1.47			0.65		to	2.35			(10.42	)	to	(11.94	)
2021		15,409,374		18.8458	to		16.3194		266,307,528		1.60			0.65		to	2.35			13.10		to	11.18
2020		17,360,121		16.6635	to		14.6786		268,706,386		2.06			0.65		to	2.35			8.80		to	6.95

- 199 -

DELAWARE LIFE VARIABLE ACCOUNT F - REGATTA

(A Separate Account of Delaware Life Insurance Company)

11. 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
M31
2024		1,942,774	$	39.8279	to	$	36.1876	$	152,424,162		—	%		1.00	%	to	1.85	%		30.14	%	to	29.03	%
2023		2,298,822		30.6033	to		28.0469		136,834,471		—			1.00		to	1.85			34.51		to	33.37
2022		2,597,890		22.7514	to		21.0294		114,428,694		—			1.00		to	1.85			(32.32	)	to	(32.89	)
2021		2,848,419		33.6147	to		31.3373		186,951,578		—			1.00		to	1.85			22.30		to	21.26
2020		3,213,412		27.4856	to		25.8435		171,810,807		—			1.00		to	1.85			30.54		to	29.42
M80
2024		538,943		63.6538	to		52.3970		24,022,161		—			0.65		to	2.10			30.29		to	28.39
2023		526,441		48.8542	to		40.8107		21,386,985		—			0.65		to	2.10			34.63		to	32.69
2022		486,632		36.2873	to		30.7569		17,432,686		—			0.65		to	2.10			(32.25	)	to	(33.23	)
2021		420,101		53.5587	to		80.1315		25,414,922		—			0.65		to	2.25			22.44		to	20.48
2020		434,007		43.7438	to		66.5091		24,429,273		—			0.65		to	2.25			30.68		to	28.59
M10
2024		22,140		12.7764					282,869		0.39			1.20						17.78
2023		17,662		10.8473					191,575		0.49			1.20						17.25
2022		11,796		9.2516					109,131		0.45			1.20						(17.68)
2021		4,596		11.2390					51,656		0.57			1.20						11.50
MF1
2024		814,521		23.2513	to		19.5124		17,632,962		—			1.15		to	1.85			13.41		to	12.59
2023		957,870		20.4443	to		17.3302		18,302,362		—			1.15		to	1.85			19.93		to	19.09
2022		1,066,096		17.0935	to		14.5516		17,017,143		—			1.15		to	1.85			(29.51	)	to	(30.01	)
2021		1,207,205		24.2491	to		20.7912		27,387,599		—			1.15		to	1.85			12.81		to	12.01
2020		1,363,219		21.4949	to		18.5618		27,495,728		—			1.15		to	1.85			34.92		to	33.96
M41
2024		1,088,194		30.1139	to		47.8810		26,912,173		—			1.15		to	2.10			13.12		to	12.03
2023		935,859		26.6213	to		42.2764		25,349,555		—			1.15		to	2.15			19.59		to	18.39
2022		950,294		22.2609	to		34.6262		23,361,179		—			1.15		to	2.30			(29.61	)	to	(30.42	)
2021		833,837		31.6251	to		49.7645		32,057,195		—			1.15		to	2.30			12.57		to	11.27
2020		693,160		38.7964	to		44.7230		28,860,260		—			0.65		to	2.30			35.23		to	33.00
M05
2024		1,509,863		22.0399	to		20.1586		31,771,382		—			1.00		to	1.85			5.65		to	4.74
2023		1,775,607		20.8615	to		19.2461		35,515,514		—			1.00		to	1.85			13.27		to	12.31
2022		1,971,825		18.4170	to		17.1365		34,977,512		—			1.00		to	1.85			(30.46	)	to	(31.05	)
2021		2,195,487		26.4836	to		24.8539		56,250,892		—			1.00		to	1.85			0.78		to	(0.08	)
2020		2,517,095		26.2779	to		24.8728		64,273,735		—			1.00		to	1.85			44.43		to	43.20
M42
2024		1,280,526		30.0812	to		24.4290		26,697,088		—			0.65		to	2.35			5.74		to	3.93
2023		1,507,837		28.4486	to		23.5054		30,058,199		—			0.65		to	2.35			13.51		to	11.59
2022		1,583,325		25.0618	to		21.0634		29,122,159		—			0.65		to	2.35			(30.45	)	to	(31.63	)
2021		1,481,629		36.0338	to		30.8074		40,478,580		—			0.65		to	2.35			0.91		to	(0.80	)
2020		1,288,035		35.7077	to		31.0559		38,522,692		—			0.65		to	2.35			44.64		to	42.18

- 200 -

DELAWARE LIFE VARIABLE ACCOUNT F - REGATTA

(A Separate Account of Delaware Life Insurance Company)

11. 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
M89
2024		24,530,144	$	12.1541	to	$	10.0042	$	262,488,302		4.05	%		0.65	%	to	2.10	%		1.66	%	to	0.18	%
2023		27,354,728		11.9554	to		9.9235		290,816,491		2.99			0.65		to	2.15			6.44		to	4.84
2022		29,753,614		11.2325	to		9.3587		300,117,887		2.43			0.65		to	2.25			(14.74	)	to	(16.10	)
2021		33,841,637		13.1744	to		11.0961		404,255,630		2.48			0.65		to	2.30			(1.71	)	to	(3.33	)
2020		35,614,567		13.4036	to		11.4783		437,174,562		3.23			0.65		to	2.30			7.47		to	5.69
M82
2024		2,313,844		40.6854	to		34.0682		83,081,644		0.37			0.65		to	2.10			17.79		to	16.06
2023		2,800,574		34.5420	to		29.3531		86,295,449		0.25			0.65		to	2.10			21.33		to	19.58
2022		3,345,247		28.4693	to		24.5474		85,822,601		0.20			0.65		to	2.10			(17.97	)	to	(19.16	)
2021		3,704,273		34.7048	to		30.3638		117,052,638		0.33			0.65		to	2.10			23.71		to	21.91
2020		4,502,844		28.0545	to		24.9064		116,226,746		0.53			0.65		to	2.10			15.56		to	13.88
M44
2024		3,921,983		16.6277	to		15.4324		63,421,711		2.28			1.15		to	1.85			10.38		to	9.59
2023		4,592,558		15.0642	to		14.0823		67,435,995		3.51			1.15		to	1.85			(3.22	)	to	(3.91	)
2022		5,338,626		15.5654	to		14.6551		81,251,500		2.39			1.15		to	1.85			(0.39	)	to	(1.10	)
2021		5,904,934		15.6263	to		14.8176		90,458,399		1.73			1.15		to	1.85			12.79		to	11.99
2020		6,673,296		13.8539	to		13.2311		90,840,097		2.45			1.15		to	1.85			4.69		to	3.95
M40
2024		2,186,019		16.4382	to		14.6444		32,605,293		2.03			1.00		to	2.10			10.22		to	9.00
2023		2,469,252		14.9135	to		13.2457		33,842,646		3.28			1.00		to	2.25			(3.30	)	to	(4.51	)
2022		2,534,433		15.4230	to		13.8713		36,436,059		2.21			1.00		to	2.25			(0.52	)	to	(1.76	)
2021		2,943,180		15.5040	to		14.1203		43,411,865		1.52			1.00		to	2.25			12.69		to	11.28
2020		3,459,628		13.7586	to		12.6479		45,658,259		2.17			1.00		to	2.30			4.56		to	3.20
M83
2024		6,252,302		21.8787	to		26.6540		153,940,769		1.62			1.15		to	2.35			10.33		to	8.98
2023		7,234,963		19.8300	to		24.4566		162,343,958		1.64			1.15		to	2.35			6.71		to	5.42
2022		8,108,114		18.5836	to		23.1995		170,707,884		1.38			1.15		to	2.35			(6.98	)	to	(8.10	)
2021		9,172,645		19.9774	to		25.2445		210,909,834		1.31			1.15		to	2.35			24.03		to	22.52
2020		10,844,086		16.1075	to		20.3494		202,986,803		1.57			1.15		to	2.50			2.29		to	0.90
M08
2024		2,926,107		31.8423	to		26.6653		73,802,727		1.43			0.65		to	2.10			10.63		to	9.01
2023		3,332,985		28.7839	to		24.4616		77,148,204		1.40			0.65		to	2.10			6.94		to	5.39
2022		3,696,576		26.9169	to		22.7393		81,030,323		1.15			0.65		to	2.30			(6.75	)	to	(8.28	)
2021		4,368,929		28.8656	to		24.7934		104,521,906		1.15			0.65		to	2.30			24.35		to	22.30
2020		4,948,697		23.2142	to		20.2730		98,063,325		1.34			0.65		to	2.30			2.55		to	0.85
MB6
2024		3,099,418		80.9944	to		41.5175		230,735,836		1.00			1.15		to	1.85			24.06		to	23.17
2023		3,665,833		65.2853	to		33.7068		218,816,484		1.41			1.15		to	1.85			27.07		to	26.17
2022		4,281,405		51.3783	to		26.7161		201,501,244		1.11			1.15		to	1.85			(16.96	)	to	(17.55	)
2021		4,871,706		35.9098	to		32.4026		277,408,439		1.09			1.15		to	1.85			28.04		to	27.14
2020		5,645,548		48.3167	to		25.4852		248,711,024		1.64			1.15		to	1.85			14.02		to	13.21
MB7
2024		693,204		55.6449	to		51.9157		40,798,023		0.76			1.00		to	2.35			23.92		to	22.23
2023		873,443		44.9048	to		42.4732		42,118,942		1.07			1.00		to	2.35			26.93		to	25.22
2022		1,100,128		35.3786	to		33.9191		42,091,993		0.85			1.00		to	2.35			(17.04	)	to	(18.16	)
2021		1,230,815		42.6452	to		41.4447		56,959,965		0.90			1.00		to	2.35			27.89		to	26.17
2020		1,522,926		33.3442	to		31.9716		55,806,272		1.39			1.00		to	2.50			13.91		to	12.20
MC0
2024		1,101,973		26.1200	to		21.4306		26,400,797		3.85			1.15		to	1.85			1.82		to	1.09
2023		1,273,633		25.6533	to		21.1999		30,074,308		3.93			1.15		to	1.85			7.87		to	7.11
2022		1,427,191		23.7811	to		19.7933		31,337,326		3.35			1.15		to	1.85			(17.31	)	to	(17.90	)
2021		1,634,523		28.7586	to		24.1074		43,565,677		2.89			1.15		to	1.85			(2.52	)	to	(3.22	)
2020		1,809,941		29.5028	to		24.9086		49,656,153		3.49			1.15		to	1.85			9.31		to	8.53

- 201 -

DELAWARE LIFE VARIABLE ACCOUNT F - REGATTA

(A Separate Account of Delaware Life Insurance Company)

11. 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
MA0
2024		3,950,043	$	13.9973	to	$	14.1838	$	72,752,397		3.73	%		0.65	%	to	2.30	%		2.03	%	to	0.33	%
2023		4,362,277		13.7191	to		14.1366		79,513,159		3.77			0.65		to	2.30			8.19		to	6.41
2022		4,606,685		12.6808	to		13.2850		78,378,677		3.04			0.65		to	2.30			(17.16	)	to	(18.53	)
2021		5,223,179		15.3082	to		16.3058		108,364,502		2.65			0.65		to	2.30			(2.30	)	to	(3.91	)
2020		5,624,668		15.6680	to		16.9686		120,564,336		3.23			0.65		to	2.30			9.62		to	7.81
MC2
2024		1,512,293		77.6332	to		46.9714		89,444,432		0.59			1.15		to	1.85			18.73		to	17.88
2023		1,739,623		65.3860	to		39.8472		87,124,693		0.54			1.15		to	1.85			21.74		to	20.88
2022		1,989,921		53.7080	to		32.9643		81,815,665		0.31			1.15		to	1.85			(18.21	)	to	(18.79	)
2021		2,234,340		65.6662	to		40.5924		112,778,430		0.43			1.15		to	1.85			23.89		to	23.00
2020		2,470,136		53.0054	to		33.0008		100,805,765		0.72			1.15		to	1.85			17.35		to	16.52
MC1
2024		1,447,426		53.7403	to		38.6999		46,610,226		0.39			0.65		to	2.10			19.09		to	17.35
2023		1,685,893		45.1270	to		32.9758		46,626,408		0.32			0.65		to	2.10			22.00		to	20.23
2022		1,856,132		36.9900	to		27.4262		43,673,561		0.09			0.65		to	2.10			(18.02	)	to	(19.21	)
2021		1,978,824		45.1206	to		33.9463		57,493,057		0.28			0.65		to	2.10			24.24		to	22.44
2020		1,537,433		36.3164	to		27.1465		45,807,307		0.49			0.65		to	2.25			17.61		to	15.73
MC3
2024		277,979		32.7152	to		26.5426		8,713,170		2.31			1.00		to	1.85			10.49		to	9.54
2023		343,257		29.6099	to		24.2314		9,769,188		1.44			1.00		to	1.85			9.79		to	8.86
2022		381,235		26.9692	to		22.2594		9,929,839		4.10			1.00		to	1.85			(20.52	)	to	(21.20	)
2021		410,914		33.9318	to		28.2467		13,519,187		0.48			1.00		to	1.85			(7.68	)	to	(8.47	)
2020		434,670		36.7551	to		30.8600		15,572,429		3.15			1.00		to	1.85			9.46		to	8.52
MA1
2024		544,633		11.1329	to		14.1961		9,507,534		2.17			0.65		to	2.10			10.58		to	8.97
2023		669,421		10.0673	to		13.0277		10,553,876		1.14			0.65		to	2.10			9.99		to	8.40
2022		755,540		9.1531	to		12.0183		10,840,337		3.85			0.65		to	2.10			(20.46	)	to	(21.62	)
2021		805,231		11.5081	to		14.8351		14,792,442		0.26			0.65		to	2.30			(7.63	)	to	(9.15	)
2020		792,705		12.4585	to		16.3297		15,901,793		3.07			0.65		to	2.30			9.61		to	7.80
MC4
2024		289,560		14.1162	to		11.5024		4,083,436		—			1.00		to	1.85			(5.50	)	to	(6.31	)
2023		324,296		14.9380	to		12.2776		4,884,763		—			1.00		to	1.85			1.30		to	0.44
2022		364,186		14.7458	to		12.2235		5,548,730		1.48			1.00		to	1.85			(18.06	)	to	(18.76	)
2021		419,083		17.9955	to		15.0453		7,790,953		2.29			1.00		to	1.85			(8.35	)	to	(9.13	)
2020		468,779		19.6356	to		16.5576		9,549,492		1.34			1.00		to	1.85			9.50		to	8.56
MC5
2024		48,521		12.5483	to		10.6341		535,394		—			1.15		to	1.85			(5.87	)	to	(6.53	)
2023		41,539		13.3301	to		11.3772		491,541		—			1.15		to	1.85			0.85		to	0.14
2022		44,808		13.2184	to		11.3613		530,405		1.24			1.15		to	1.85			(18.33	)	to	(18.90	)
2021		53,285		16.1852	to		14.0095		774,351		2.13			1.15		to	1.85			(8.78	)	to	(9.42	)
2020		52,192		17.7438	to		15.4672		838,675		1.09			1.15		to	1.85			9.08		to	8.31
MC6
2024		542,289		77.6466	to		32.2844		37,105,916		0.33			1.15		to	1.85			9.79		to	9.00
2023		613,110		70.7222	to		29.6179		38,522,759		0.14			1.15		to	1.85			19.61		to	18.77
2022		701,694		59.1254	to		24.9382		36,937,950		0.19			1.15		to	1.85			(20.03	)	to	(20.60	)
2021		771,960		73.9333	to		31.4073		51,158,158		0.08			1.15		to	1.85			17.17		to	16.34
2020		889,721		63.0979	to		26.9964		49,379,018		0.48			1.15		to	1.85			19.38		to	18.53

- 202 -

DELAWARE LIFE VARIABLE ACCOUNT F - REGATTA

(A Separate Account of Delaware Life Insurance Company)

11. 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
MC7
2024		550,563	$	48.6246	to	$	50.3810	$	9,383,680		0.14	%		1.15	%	to	2.10	%		9.50	%	to	8.45	%
2023		528,698		44.4075	to		46.4574		8,452,379		—			1.15		to	2.10			19.31		to	18.18
2022		432,133		37.2193	to		39.3102		6,461,882		—			1.15		to	2.10			(20.24	)	to	(21.00	)
2021		326,798		46.6648	to		49.7595		7,107,507		—			1.15		to	2.10			16.85		to	15.74
2020		81,398		39.9341	to		42.9915		2,938,940		0.27			1.15		to	2.10			19.10		to	17.97
MC8
2024		1,300,417		47.3738	to		22.6282		64,635,980		1.04			1.15		to	1.85			13.89		to	13.08
2023		1,530,936		41.5951	to		20.0117		66,192,576		0.94			1.15		to	1.85			17.93		to	17.09
2022		1,752,984		35.2724	to		17.0910		63,911,599		0.58			1.15		to	1.85			(18.61	)	to	(19.19	)
2021		1,946,201		43.3357	to		21.1484		87,548,726		0.56			1.15		to	1.85			17.16		to	16.32
2020		2,212,426		36.9895	to		18.1807		84,092,150		1.29			1.15		to	1.85			15.16		to	14.34
MC9
2024		93,320		33.2145	to		36.3230		3,205,773		0.80			1.15		to	2.10			13.62		to	12.53
2023		106,847		29.2332	to		32.2788		3,284,667		0.66			1.15		to	2.10			17.61		to	16.49
2022		122,168		24.8568	to		27.7093		3,218,051		0.30			1.15		to	2.10			(18.82	)	to	(19.59	)
2021		137,169		30.6205	to		34.4621		4,482,978		0.35			1.15		to	2.10			16.84		to	15.73
2020		155,838		26.2070	to		29.7782		4,360,418		1.12			1.15		to	2.10			14.90		to	13.80
MD0
2024		675,534		37.0309	to		22.1812		23,117,146		0.75			1.15		to	1.85			3.80		to	3.05
2023		826,983		35.6756	to		21.5239		27,273,626		0.43			1.15		to	1.85			8.38		to	7.61
2022		932,759		32.9165	to		20.0012		28,310,604		2.16			1.15		to	1.85			(8.25	)	to	(8.90	)
2021		1,019,553		35.8776	to		21.9564		34,024,392		0.99			1.15		to	1.85			1.62		to	0.89
2020		1,163,904		35.3064	to		21.7618		38,395,317		1.77			1.15		to	1.85			5.02		to	4.27
M92
2024		19,944,489		16.4065	to		13.7293		295,937,578		0.52			0.65		to	2.10			4.00		to	2.48
2023		22,885,875		15.7760	to		13.3975		330,579,653		0.15			0.65		to	2.10			8.64		to	7.07
2022		26,396,039		14.5214	to		12.5129		354,513,553		1.88			0.65		to	2.10			(8.04	)	to	(9.37	)
2021		30,686,068		15.7916	to		13.8071		452,982,266		0.77			0.65		to	2.10			1.92		to	0.44
2020		34,014,709		15.4948	to		13.7468		497,327,759		1.53			0.65		to	2.10			5.30		to	3.77
M96
2024		2,331,066		19.0468	to		13.9158		42,096,261		3.52			1.15		to	1.85			(0.38	)	to	(1.10	)
2023		2,548,982		19.1199	to		14.0702		46,162,424		1.50			1.15		to	1.85			2.96		to	2.23
2022		2,801,829		18.5696	to		13.7630		49,232,640		2.03			1.15		to	1.85			(13.25	)	to	(13.87	)
2021		3,218,442		21.4068	to		15.9794		65,090,263		2.16			1.15		to	1.85			(3.01	)	to	(3.70	)
2020		3,523,218		22.0701	to		16.5926		73,321,730		2.87			1.15		to	1.85			5.16		to	4.41
MD2
2024		8,206,003		10.3311	to		9.5584		95,156,533		3.37			0.65		to	2.35			(0.13	)	to	(1.84	)
2023		8,471,324		10.3446	to		9.7375		99,366,090		1.23			0.65		to	2.35			3.18		to	1.44
2022		8,882,201		10.0254	to		9.5996		102,071,534		1.71			0.65		to	2.35			(13.02	)	to	(14.49	)
2021		10,271,732		11.5256	to		11.2262		137,119,763		1.98			0.65		to	2.35			(2.78	)	to	(4.43	)
2020		10,355,615		11.8547	to		11.4325		143,712,003		2.58			0.65		to	2.50			5.43		to	3.47
MA6
2024		877,597		27.9498	to		22.7345		26,575,915		6.04			1.00		to	1.85			5.85		to	4.94
2023		1,022,975		26.4055	to		21.6644		29,462,737		5.83			1.00		to	1.85			11.29		to	10.34
2022		1,162,540		23.7271	to		19.6337		30,575,876		5.42			1.00		to	1.85			(11.41	)	to	(12.16	)
2021		1,368,575		26.7820	to		22.3516		40,717,957		4.83			1.00		to	1.85			2.45		to	1.58
2020		1,534,921		26.1407	to		22.0039		44,688,959		5.51			1.00		to	1.85			4.03		to	3.14
MA3
2024		852,743		27.2134	to		19.1758		20,783,554		5.95			1.15		to	2.35			5.29		to	4.02
2023		951,567		14.3687	to		18.4347		22,105,376		5.54			0.65		to	2.35			11.75		to	9.86
2022		1,104,954		12.8575	to		16.7797		23,244,962		5.21			0.65		to	2.35			(11.36	)	to	(12.86	)
2021		1,302,505		14.5051	to		19.2562		31,224,647		4.74			0.65		to	2.35			2.41		to	0.68
2020		1,396,338		14.1633	to		18.6163		32,918,703		5.29			0.65		to	2.50			4.17		to	2.24

- 203 -

DELAWARE LIFE VARIABLE ACCOUNT F - REGATTA

(A Separate Account of Delaware Life Insurance Company)

11. 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
M97
2024		693,941	$	34.7329	to	$	28.7747	$	24,800,960		0.96	%		1.00	%	to	1.85	%		7.90	%	to	6.98	%
2023		803,151		32.1886	to		26.8979		26,652,149		1.08			1.00		to	1.85			13.58		to	12.61
2022		862,674		28.3410	to		23.8856		25,378,708		0.59			1.00		to	1.85			(15.80	)	to	(16.52	)
2021		988,295		33.6602	to		28.6121		34,546,173		0.50			1.00		to	1.85			8.18		to	7.25
2020		1,090,158		31.1162	to		26.6768		35,444,368		1.43			1.00		to	1.85			14.68		to	13.70
MD5
2024		388,497		22.8461	to		18.4791		9,746,826		0.81			0.65		to	2.10			8.05		to	6.47
2023		473,692		21.1442	to		17.3561		10,877,995		0.87			0.65		to	2.10			13.65		to	12.01
2022		542,622		18.6041	to		15.4950		10,968,471		0.38			0.65		to	2.10			(15.73	)	to	(16.95	)
2021		620,289		22.0773	to		18.6580		15,046,507		0.38			0.65		to	2.10			8.28		to	6.72
2020		719,733		20.3882	to		17.4838		16,013,520		1.26			0.65		to	2.10			14.75		to	13.08
M98
2024		459,685		68.3989	to		39.1969		24,865,012		1.32			1.15		to	1.85			6.02		to	5.25
2023		558,725		64.5177	to		37.2400		28,300,915		0.71			1.15		to	1.85			16.32		to	15.49
2022		635,660		55.4656	to		32.2439		27,693,190		0.76			1.15		to	1.85			(24.43	)	to	(24.96	)
2021		710,097		73.3937	to		42.9718		41,017,390		0.33			1.15		to	1.85			9.30		to	8.52
2020		795,345		67.1512	to		39.5986		42,167,610		0.99			1.15		to	1.85			19.15		to	18.30
M93
2024		2,204,681		28.1654	to		20.8762		50,910,905		1.12			0.65		to	2.10			6.27		to	4.71
2023		2,516,792		26.5048	to		19.9361		55,307,646		0.46			0.65		to	2.10			16.61		to	14.92
2022		2,983,030		22.7298	to		16.9342		57,027,807		0.51			0.65		to	2.25			(24.25	)	to	(25.46	)
2021		3,034,082		30.0052	to		22.7172		77,636,236		0.14			0.65		to	2.25			9.56		to	7.81
2020		3,403,967		27.3870	to		21.0714		80,121,412		0.77			0.65		to	2.25			19.42		to	17.51
MD6
2024		5,756,619		37.0032	to		32.4499		287,764,416		0.35			1.00		to	1.85			15.10		to	14.11
2023		6,625,157		32.1500	to		28.4381		287,612,355		0.30			1.00		to	1.85			22.77		to	21.73
2022		7,592,166		26.1867	to		23.3617		267,972,468		0.10			1.00		to	1.85			(20.06	)	to	(20.74	)
2021		8,513,738		32.7594	to		29.4761		376,376,169		0.24			1.00		to	1.85			24.72		to	23.65
2020		9,721,767		26.2674	to		23.8377		345,687,434		0.45			1.00		to	1.85			21.30		to	20.26
MB3
2024		546,532		52.8111	to		52.4136		28,592,375		0.13			1.00		to	2.30			14.81		to	13.31
2023		611,889		45.9975	to		46.2573		28,183,013		0.05			1.00		to	2.30			22.47		to	20.89
2022		718,799		37.5571	to		38.2650		27,187,541		—			1.00		to	2.30			(20.25	)	to	(21.29	)
2021		812,853		47.0938	to		49.0183		39,021,196		0.03			1.00		to	2.30			24.40		to	22.79
2020		923,299		37.8558	to		39.9217		35,764,443		0.22			1.00		to	2.30			20.98		to	19.40
MD8
2024		2,954,341		12.5153	to		9.2524		34,129,209		4.73			1.15		to	1.85			3.65		to	2.90
2023		3,138,036		12.0748	to		8.9912		35,036,554		4.51			1.15		to	1.85			3.41		to	2.67
2022		3,236,722		11.6772	to		8.7573		35,123,376		1.15			1.15		to	1.85			0.02		to	(0.69	)
2021		3,357,118		11.6743	to		8.8178		36,673,308		—			1.15		to	1.85			(1.14	)	to	(1.84	)
2020		3,207,388		11.8087	to		8.9832		35,684,810		0.22			1.15		to	1.85			(0.92	)	to	(1.63	)
MD9
2024		10,171,957		10.6056	to		7.8759		93,391,934		4.73			0.65		to	2.35			4.17		to	2.38
2023		11,052,713		10.1815	to		7.6926		98,640,501		4.50			0.65		to	2.35			3.92		to	2.16
2022		10,721,778		9.7979	to		7.5301		92,910,455		1.15			0.65		to	2.35			0.52		to	(1.18	)
2021		11,382,495		9.7474	to		7.6203		98,542,144		—			0.65		to	2.35			(0.65	)	to	(2.34	)
2020		12,145,036		9.8111	to		7.5942		106,966,888		0.22			0.65		to	2.50			(0.43	)	to	(2.28	)
ME2
2024		556,646		36.9106	to		18.6034		13,643,001		1.60			1.15		to	1.85			1.91		to	1.18
2023		619,159		36.2195	to		18.3870		14,882,370		1.06			1.15		to	1.85			11.73		to	10.94
2022		697,045		32.4165	to		16.5741		14,958,282		1.84			1.15		to	1.85			(18.52	)	to	(19.10	)
2021		752,499		39.7827	to		20.4860		19,973,577		0.82			1.15		to	1.85			10.30		to	9.52
2020		845,774		36.0675	to		18.7059		20,437,101		2.08			1.15		to	1.85			11.66		to	10.86
ME3
2024		887,202		17.6309	to		25.7456		24,533,761		1.39			0.65		to	2.10			2.11		to	0.62
2023		988,881		17.2663	to		25.8765		27,100,129		0.79			0.65		to	2.10			12.10		to	10.48
2022		1,114,982		15.4029	to		22.7038		27,586,246		1.62			0.65		to	2.25			(18.33	)	to	(19.64	)
2021		1,189,934		18.8608	to		28.2516		36,414,019		0.67			0.65		to	2.25			10.54		to	8.78
2020		1,298,599		17.0617	to		24.6473		36,422,484		1.84			0.65		to	2.30			11.98		to	10.13

- 204 -

DELAWARE LIFE VARIABLE ACCOUNT F - REGATTA

(A Separate Account of Delaware Life Insurance Company)

11. 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
MA5
2024		771,449		23.1975	to	19.1750		16,593,354		3.86	%		1.15	%	to	1.85	%		2.06	%	to	1.33	%
2023		845,645		22.7288	to	18.9234		17,890,355		3.62			1.15		to	1.85			6.37		to	5.62
2022		923,220		21.3675	to	17.9172		18,417,414		3.43			1.15		to	1.85			(14.69	)	to	(15.29	)
2021		990,712		24.1423	to	21.1523		23,061,684		3.03			1.15		to	1.85			(0.69	)	to	(1.38	)
2020		1,185,994		25.2170	to	21.4491		27,848,458		3.61			1.15		to	1.85			8.10		to	7.33
MA7
2024		112,768		20.7339	to	16.3339		2,103,698		3.81			1.15		to	2.10			1.72		to	0.75
2023		123,372		20.3829	to	16.2130		2,268,283		3.44			1.15		to	2.10			6.13		to	5.13
2022		136,029		19.2048	to	15.4223		2,370,712		2.91			1.15		to	2.10			(14.84	)	to	(15.64	)
2021		173,444		22.5501	to	18.2825		3,559,201		2.88			1.15		to	2.10			(1.05	)	to	(1.99	)
2020		176,159		22.7896	to	18.6542		3,668,590		3.37			1.15		to	2.10			7.86		to	6.83
ME4
2024		583,121		42.7751	to	33.6329		22,130,031		—			1.15		to	1.85			35.22		to	34.26
2023		634,362		31.6339	to	25.0500		17,833,104		—			1.15		to	1.85			52.47		to	51.40
2022		675,242		20.7478	to	16.5451		12,500,200		—			1.15		to	1.85			(36.44	)	to	(36.88	)
2021		754,745		32.6409	to	26.2130		22,058,504		—			1.15		to	1.85			12.38		to	11.59
2020		880,180		29.0458	to	23.4907		22,945,612		—			1.15		to	1.85			45.15		to	44.13
MA2
2024		1,055,452		83.7637	to	75.5929		19,085,832		—			1.15		to	2.05			34.87		to	33.64
2023		902,749		62.1082	to	56.5633		13,374,917		—			1.15		to	2.05			52.06		to	50.69
2022		898,229		40.8450	to	37.5351		9,348,832		—			1.15		to	2.05			(36.59	)	to	(37.16	)
2021		610,914		64.4137	to	59.7321		11,344,654		—			1.15		to	2.05			12.13		to	11.11
2020		109,909		57.4480	to	53.7571		3,033,373		—			1.15		to	2.05			44.72		to	43.42
MF3
2024		1,680,227		36.4513	to	25.4568		38,564,368		0.76			0.65		to	2.10			3.96		to	2.44
2023		1,766,555		35.0615	to	24.6357		41,895,755		0.54			0.65		to	2.15			17.90		to	16.14
2022		1,888,446		29.7383	to	20.8763		40,046,875		0.50			0.65		to	2.25			(19.09	)	to	(20.38	)
2021		1,930,410		36.7555	to	26.0230		53,130,086		0.68			0.65		to	2.30			28.33		to	26.22
2020		2,223,974		28.6404	to	20.6169		49,915,126		0.63			0.65		to	2.30			1.48		to	(0.20	)
MF5
2024		12,334,583		17.9573	to	17.1336		233,799,067		1.65			0.65		to	2.10			4.95		to	3.42
2023		14,409,576		17.1096	to	17.1336		263,486,237		2.65			0.65		to	2.10			9.32		to	7.74
2022		16,605,806		15.6511	to	15.9020		280,993,453		2.01			0.65		to	2.10			(16.08	)	to	(17.29	)
2021		18,283,238		18.6494	to	19.2268		373,266,922		1.99			0.65		to	2.10			6.01		to	4.47
2020		20,582,839		17.5922	to	18.4038		401,376,214		2.34			0.65		to	2.10			11.33		to	9.71
MF6
2024		30,258		34.4430	to	30.6244		960,815		2.16			1.35		to	2.10			(4.01	)	to	(4.74	)
2023		33,782		35.8821	to	32.1481		1,123,601		0.86			1.35		to	2.10			9.96		to	9.13
2022		36,203		32.6320	to	28.2706		1,096,975		1.57			1.35		to	2.30			(27.92	)	to	(28.61	)
2021		38,728		45.2722	to	39.5985		1,634,908		1.44			1.35		to	2.30			28.37		to	27.15
2020		48,032		35.2659	to	31.1426		1,580,465		4.72			1.35		to	2.30			0.11		to	(0.84	)
MF7
2024		1,672,474		20.4867	to	18.5434		33,199,967		1.54			0.65		to	2.35			(3.56	)	to	(5.21	)
2023		1,750,353		21.2426	to	19.5625		36,900,502		0.46			0.65		to	2.35			10.48		to	8.61
2022		1,868,567		19.2270	to	18.0110		36,555,087		1.13			0.65		to	2.35			(27.61	)	to	(28.84	)
2021		1,789,011		26.5597	to	25.3095		49,854,935		1.04			0.65		to	2.35			29.03		to	26.84
2020		2,144,042		20.5844	to	19.9538		47,747,308		3.86			0.65		to	2.35			0.49		to	(1.22	)
MF9
2024		7,268,348		28.2501	to	29.7051		226,189,084		0.92			0.65		to	2.30			9.33		to	7.51
2023		8,393,104		25.8401	to	27.6297		243,778,449		2.28			0.65		to	2.30			14.28		to	12.41
2022		9,280,676		22.6108	to	24.5803		240,252,292		1.37			0.65		to	2.30			(19.03	)	to	(20.36	)
2021		9,936,732		27.9242	to	30.8644		325,550,305		1.44			0.65		to	2.30			14.79		to	12.90
2020		11,100,750		24.3257	to	27.3370		328,149,552		1.81			0.65		to	2.30			14.71		to	12.81

- 205 -

DELAWARE LIFE VARIABLE ACCOUNT F - REGATTA

(A Separate Account of Delaware Life Insurance Company)

11. 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
MG1
2024		6,762,476	$	9.8621	to	$	9.2822	$	68,032,780		3.25	%		0.65	%	to	2.10	%		(4.75	%)	to	(6.15	%)
2023		7,203,737		10.3544	to		9.8901		76,838,892		2.80			0.65		to	2.10			1.79		to	0.32
2022		7,885,165		10.1721	to		9.6478		83,417,203		4.02			0.65		to	2.25			(22.17	)	to	(23.41	)
2021		8,152,240		13.0694	to		12.5122		111,770,527		0.82			0.65		to	2.30			0.66		to	(1.00	)
2020		8,522,169		12.9838	to		12.6385		117,256,139		0.20			0.65		to	2.30			12.47		to	10.62
MF2
2024		11,615,210		11.3712	to		9.5075		122,994,890		3.79			1.30		to	2.35			3.92		to	2.82
2023		12,577,002		10.9422	to		9.2469		128,755,563		1.59			1.30		to	2.35			4.71		to	3.61
2022		13,847,268		10.4502	to		8.9247		135,946,565		1.89			1.30		to	2.35			(5.38	)	to	(6.37	)
2021		16,971,070		11.0439	to		9.5319		176,852,160		2.27			1.30		to	2.35			(1.14	)	to	(2.18	)
2020		17,098,090		11.1715	to		9.5550		180,924,192		3.07			1.30		to	2.50			2.98		to	1.74
MG2
2024		6,759,873		11.3142	to		9.5086		69,580,539		3.54			0.65		to	2.10			4.34		to	2.81
2023		7,498,815		10.8440	to		9.2487		74,710,401		1.30			0.65		to	2.10			5.08		to	3.57
2022		8,519,988		10.3193	to		8.9303		81,565,582		1.61			0.65		to	2.10			(4.86	)	to	(6.24	)
2021		9,896,928		10.8464	to		9.5241		100,588,147		2.01			0.65		to	2.10			(0.84	)	to	(2.27	)
2020		10,230,519		10.9379	to		9.7457		105,961,857		2.87			0.65		to	2.10			3.47		to	1.97
MG3
2024		490,153		37.7279	to		32.9193		17,094,005		1.22			1.30		to	2.10			12.26		to	11.35
2023		571,568		33.6074	to		29.3239		17,860,289		1.76			1.30		to	2.15			11.27		to	10.32
2022		638,484		30.2038	to		26.1865		18,017,985		0.97			1.30		to	2.25			(9.97	)	to	(10.82	)
2021		758,430		33.5473	to		29.3644		23,879,329		0.79			1.30		to	2.25			29.29		to	28.06
2020		938,041		25.9474	to		22.9302		22,965,486		1.23			1.30		to	2.25			2.52		to	1.54
MG4
2024		595,061		41.2727	to		31.5446		15,981,569		1.01			0.65		to	2.10			12.77		to	11.13
2023		623,872		36.5978	to		28.3863		16,316,464		1.48			0.65		to	2.10			11.66		to	10.04
2022		698,813		32.7766	to		25.7952		17,035,863		0.80			0.65		to	2.10			(9.59	)	to	(10.90	)
2021		728,565		36.2553	to		28.9520		21,209,255		0.69			0.65		to	2.10			29.76		to	27.88
2020		863,349		27.9411	to		22.6405		20,796,934		1.01			0.65		to	2.10			3.00		to	1.50
MG6
2024		32,011,518		23.0634	to		24.1536		821,090,675		1.32			0.65		to	2.10			7.41		to	5.84
2023		37,477,004		21.4717	to		22.8201		906,787,340		2.43			0.65		to	2.10			11.92		to	10.30
2022		42,060,194		19.1857	to		20.6895		921,771,209		1.73			0.65		to	2.10			(17.45	)	to	(18.65	)
2021		46,425,382		23.2422	to		25.4322		1,251,694,528		1.74			0.65		to	2.10			10.53		to	8.93
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
MG7
2024		447,602		38.3411	to		39.0182		9,132,260		1.05			0.65		to	2.10			8.47		to	6.88
2023		471,520		35.3477	to		36.5053		9,464,462		0.91			0.65		to	2.10			10.50		to	8.91
2022		448,586		31.9881	to		33.5202		8,752,627		0.42			0.65		to	2.10			(11.81	)	to	(13.08	)
2021		359,058		36.2709	to		38.5663		9,845,653		0.67			0.65		to	2.10			33.00		to	31.08
2020		238,186		27.2704	to		29.4223		7,202,052		0.78			0.65		to	2.10			3.05		to	1.56
V4610
2023		—		8.6174					—		3.85			1.20						1.75
2022		19,282		8.4689					163,290		2.69			1.20						(15.60)
2021		8,447		10.0347					84,761		—			1.20						0.31
V4511
2023		—		10.0407					—		0.58			1.20						9.41
2022		183,964		9.1765	to		12.6796		2,032,820		0.61			1.20						(18.55)
2021		132,080		11.2667	to		15.5677		1,961,048		0.81			1.20						12.64
2020		5,499		12.9495					71,215		0.96			1.20						11.85
U4312
2024		—		13.8835	to		11.3813		—		4.64			1.20						15.01
2023		146,362		9.8949	to		12.0719		1,502,910		0.26			1.20						3.03
2022		123,913		9.6043	to		11.7174		1,236,494		2.88			1.20						(9.41)
2021		40,230		10.6023	to		12.9349		482,399		2.61			1.20						4.42
2020		223		11.4834					2,563		—			1.20						(2.62)
U41
2024		334,381		9.9250	to		12.4088		3,399,049		—			1.20						6.12
2023		258,575		9.3523	to		11.6927		2,490,888		1.58			1.20						12.58
2022		205,093		8.3069	to		10.3857		1,767,484		—			1.20						(18.06)
2021		78,952		10.1375	to		12.6744		887,878		1.45			1.20						1.07
2020		6,583		11.8534					78,025		—			1.20						9.52
V44
2024		2,139,807		62.6924	to		51.6047		31,334,793		—			0.65		to	2.10			45.24		to	43.12
2023		2,237,645		43.1637	to		36.0562		24,585,970		—			0.65		to	2.10			47.36		to	45.23
2022		2,071,210		29.2918	to		24.8266		17,415,111		—			0.65		to	2.10			(60.42	)	to	(61.00	)
2021		962,417		74.0105	to		63.6535		27,952,666		—			0.65		to	2.10			(0.80	)	to	(2.24	)
2020		316,106		74.6058	to		63.8935		17,695,239		—			0.65		to	2.30			115.35		to	111.80

- 206 -

DELAWARE LIFE VARIABLE ACCOUNT F - REGATTA

(A Separate Account of Delaware Life Insurance Company)

11. 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
V43
2024		99,597	$	46.1968	to	$	40.6528	$	4,365,068		—	%		1.35	%	to	2.10	%		39.81	%	to	38.75	%
2023		144,005		33.0434	to		29.3001		4,527,314		—			1.35		to	2.10			42.20		to	41.13
2022		197,026		23.2378	to		20.7610		4,367,895		—			1.35		to	2.10			(63.47	)	to	(63.74	)
2021		124,972		63.6083	to		57.2608		7,596,199		—			1.35		to	2.10			(12.39	)	to	(13.05	)
2020		123,333		67.7439	to		65.8571		8,607,368		—			0.65		to	2.10			150.41		to	146.78
O19
2024		193,165		53.1904	to		56.7855		12,129,947		—			1.30		to	2.25			32.08		to	30.81
2023		252,325		40.2721	to		43.4105		12,107,824		—			1.30		to	2.25			33.28		to	32.02
2022		301,913		30.2154	to		29.4143		10,929,734		—			1.30		to	2.30			(31.86	)	to	(32.54	)
2021		315,397		44.3413	to		43.6026		16,770,766		—			1.30		to	2.30			20.70		to	19.49
2020		346,272		36.7382	to		36.4919		15,307,924		—			1.30		to	2.30			34.47		to	33.12
O2313
2024		—		11.6783	to		11.8070		—		12.77			1.20		to	2.10			2.71		to	1.78
2023		1,003,083		9.4789	to		11.6008		11,181,876		1.68			1.20		to	2.10			10.97		to	9.97
2022		880,257		8.5421	to		10.5493		9,204,534		0.96			1.20		to	2.10			(18.01	)	to	(18.75	)
2021		1,020,006		10.4185	to		12.9839		13,814,920		1.30			1.20		to	2.10			7.99		to	3.51
2020		975,012		13.3581	to		12.0227		12,497,860		1.88			1.35		to	2.10			13.04		to	12.19
O20
2024		213,254		34.8477	to		39.0546		9,127,911		—			0.65		to	2.10			15.03		to	13.35
2023		257,480		30.2956	to		34.4563		9,689,522		—			0.65		to	2.10			33.58		to	31.65
2022		324,761		22.6804	to		25.4230		9,242,357		—			0.65		to	2.25			(32.38	)	to	(33.46	)
2021		329,635		33.5401	to		38.2062		14,019,771		—			0.65		to	2.25			14.42		to	12.60
2020		402,248		29.3124	to		33.9323		15,120,338		0.42			0.65		to	2.25			26.51		to	24.48
O21
2024		1,863,348		13.0824	to		42.4864		95,758,310		—			1.20		to	2.35			21.90		to	20.49
2023		2,426,931		10.7317	to		35.2617		103,061,193		0.47			1.20		to	2.35			21.36		to	19.97
2022		2,977,043		8.8426	to		29.3920		104,815,069		1.09			1.20		to	2.35			(21.26	)	to	(22.17	)
2021		3,132,141		11.2304	to		37.7636		141,108,534		0.48			1.20		to	2.35			24.26		to	10.65
2020		4,000,444		32.2906	to		29.5789		144,017,824		1.13			1.30		to	2.50			12.22		to	10.86
O04
2024		57,708		69.6968	to		56.9706		3,638,564		—			1.35		to	2.10			10.88		to	10.04
2023		66,782		62.8580	to		51.7735		3,831,109		0.93			1.35		to	2.10			16.24		to	15.37
2022		73,501		54.0772	to		44.8780		3,647,529		0.25			1.35		to	2.10			(17.17	)	to	(17.79	)
2021		87,399		65.2883	to		54.6709		5,247,251		0.18			1.35		to	2.25			20.62		to	19.53
2020		95,060		54.1286	to		45.7385		4,751,864		0.36			1.35		to	2.25			18.02		to	16.95
PH2
2024		9,097		23.4468	to		21.7764		205,879		5.09			1.35		to	1.90			11.83		to	11.21
2023		10,360		20.9661	to		19.5815		210,247		2.71			1.35		to	1.90			21.19		to	20.53
2022		12,294		17.2999	to		16.2468		206,479		1.02			1.35		to	1.90			(19.88	)	to	(20.32	)
2021		17,517		21.5920	to		20.3902		367,935		0.07			1.35		to	1.90			17.73		to	17.08
2020		22,083		18.3408	to		17.4161		396,045		1.10			1.35		to	1.90			11.51		to	10.89
P08
2024		671,129		18.7600	to		16.2146		11,788,282		6.46			1.35		to	2.10			2.34		to	1.56
2023		787,454		18.3316	to		15.9656		13,593,340		2.97			1.35		to	2.10			6.69		to	5.89
2022		836,959		17.1822	to		15.0777		13,593,699		7.73			1.35		to	2.10			(13.03	)	to	(13.68	)
2021		915,599		19.7564	to		17.4679		17,128,845		11.10			1.35		to	2.10			14.67		to	13.81
2020		1,018,738		17.2291	to		15.3489		16,682,026		5.01			1.35		to	2.10			6.55		to	5.75

- 207 -

DELAWARE LIFE VARIABLE ACCOUNT F - REGATTA

(A Separate Account of Delaware Life Insurance Company)

11. 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
PC0
2024		624,350	$	16.1084	to	$	13.2592	$	8,890,226		6.23	%		0.65	%	to	2.10	%		2.90	%	to	1.39	%
2023		743,945		15.6550	to		13.0770		10,389,109		2.84			0.65		to	2.10			7.32		to	5.77
2022		828,956		14.5875	to		12.3640		10,880,450		7.52			0.65		to	2.10			(12.44	)	to	(13.71	)
2021		938,639		16.6600	to		14.3281		14,197,943		10.95			0.65		to	2.10			15.29		to	13.62
2020		1,034,110		14.4508	to		12.6108		13,695,289		4.82			0.65		to	2.10			7.21		to	5.65
P70
2024		271,672		7.1373	to		5.9145		3,153,931		2.10			0.65		to	2.05			3.29		to	1.83
2023		262,378		6.9103	to		5.8083		2,931,834		15.60			0.65		to	2.05			(8.53	)	to	(9.81	)
2022		256,095		7.5546	to		6.4398		3,141,519		19.41			0.65		to	2.05			7.96		to	6.45
2021		158,073		6.9976	to		6.0494		1,725,004		4.99			0.65		to	2.05			32.25		to	30.40
2020		51,525		5.2914	to		4.6392		257,269		6.31			0.65		to	2.05			0.57		to	(0.84	)
P10
2024		2,071,828		7.9922	to		6.4977		14,708,355		2.17			0.65		to	2.10			3.48		to	1.97
2023		2,297,572		7.7236	to		6.0847		15,920,985		15.98			0.65		to	2.35			(8.45	)	to	(10.00	)
2022		2,253,941		8.4366	to		6.7609		17,225,356		22.78			0.65		to	2.35			7.91		to	6.08
2021		3,074,661		7.8181	to		6.3731		21,953,980		4.17			0.65		to	2.35			32.48		to	30.23
2020		4,052,034		5.9015	to		4.8938		22,070,683		6.44			0.65		to	2.35			0.69		to	(1.02	)
PK8
2024		150,157		14.5629	to		27.4364		4,616,660		6.41			0.65		to	2.10			6.85		to	5.29
2023		167,233		13.6296	to		25.7774		4,854,260		5.72			0.65		to	2.15			10.42		to	8.77
2022		189,974		12.3430	to		23.6990		5,057,872		4.81			0.65		to	2.15			(16.28	)	to	(17.53	)
2021		206,159		14.7431	to		28.9308		6,635,426		4.48			0.65		to	2.30			(3.21	)	to	(4.80	)
2020		230,453		15.2317	to		30.3907		7,446,911		4.59			0.65		to	2.30			6.01		to	4.26
P20
2024		7,362		12.9508	to		11.7877		92,496		6.31			1.35		to	2.05			5.99		to	5.24
2023		8,311		12.2194	to		11.2012		98,806		5.62			1.35		to	2.05			9.54		to	8.77
2022		9,279		11.1550	to		10.2977		100,993		4.69			1.35		to	2.05			(16.95	)	to	(17.54	)
2021		10,708		13.4322	to		12.4875		140,557		4.39			1.35		to	2.05			(3.98	)	to	(4.66	)
2020		11,525		13.9894	to		13.0974		158,253		4.49			1.35		to	2.05			5.16		to	4.42
PM5
2024		80,063		9.7739	to		10.6000		797,622		3.09			1.20						4.09
2023		65,946		9.3896	to		10.1831		632,828		2.49			1.20						7.61
2022		61,958		8.7253	to		9.4626		553,336		1.43			1.20						(11.31	)	to	(11.32	)
2021		37,003		9.8380	to		10.6706		380,471		1.27			1.20						(1.43)
2020		3,644		11.0266					40,181		0.89			1.20						4.19
PD6
2024		14,286,457		16.7255	to		15.5295		240,062,920		3.39			0.65		to	2.10			10.03		to	8.42
2023		16,888,794		15.2009	to		14.3232		260,313,586		2.10			0.65		to	2.10			12.12		to	10.50
2022		19,601,933		13.5579	to		12.9624		271,964,020		1.87			0.65		to	2.10			(18.93	)	to	(20.10	)
2021		21,546,040		16.7229	to		16.2233		372,217,687		2.35			0.65		to	2.10			11.87		to	10.25
2020		24,779,720		14.9483	to		14.7149		386,372,660		7.93			0.65		to	2.10			15.95		to	14.27
P06
2024		1,190,667		15.0954	to		14.8067		19,397,964		2.63			1.30		to	2.10			0.80		to	(0.02	)
2023		1,316,280		14.9757	to		14.6493		21,362,415		3.00			1.30		to	2.15			2.33		to	1.46
2022		1,419,494		14.6347	to		14.4388		22,606,292		7.00			1.30		to	2.15			(13.05	)	to	(13.79	)
2021		1,646,744		16.8312	to		16.3661		30,313,919		4.95			1.30		to	2.30			4.24		to	3.19
2020		1,749,011		16.1467	to		15.8597		30,989,220		1.39			1.30		to	2.30			10.27		to	9.16
P07
2024		5,341,361		15.8292	to		14.5565		84,764,655		4.04			1.30		to	2.10			1.20		to	0.38
2023		5,729,822		15.6421	to		12.8296		90,236,711		3.58			1.30		to	2.35			4.57		to	3.47
2022		6,203,056		14.9587	to		12.3992		93,749,466		2.60			1.30		to	2.35			(15.42	)	to	(16.31	)
2021		6,941,460		17.6854	to		14.8149		124,464,099		1.82			1.30		to	2.35			(2.55	)	to	(3.57	)
2020		6,995,070		18.1477	to		15.3639		129,212,572		2.13			1.30		to	2.35			7.25		to	6.12
P68
2024		581,338		8.9608	to		10.0840		5,664,341		3.83			1.20						1.20
2023		572,065		8.8547	to		9.9646		5,543,828		3.46			1.20						4.57
2022		520,044		8.4677	to		9.5291		4,839,107		2.52			1.20						(15.40	)	to	(15.42	)
2021		480,584		10.0092	to		11.2659		5,368,911		1.74			1.20						0.07
2020		79,749		11.5602					921,917		1.80			1.20						7.25

- 208 -

DELAWARE LIFE VARIABLE ACCOUNT F - REGATTA

(A Separate Account of Delaware Life Insurance Company)

11. 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
PI314
2023		—		10.4766	to	8.8401		—		6.48		0.65	to	2.10		1.20		to	0.74
2022		1,081,569		10.3529	to	8.7749		10,054,932		1.46		0.65	to	2.10		(0.29	)	to	(1.73	)
2021		1,232,025		10.3833	to	8.9294		11,591,889		—		0.65	to	2.10		0.10		to	(1.35	)
2020		1,356,775		10.3730	to	9.0518		12,867,174		—		0.65	to	2.10		(7.98	)	to	(9.32	)
P72
2024		829,859		49.3458	to	40.6192		22,340,191		1.05		0.65	to	2.10		18.36		to	16.63
2023		767,434		41.6904	to	34.8263		19,639,513		1.98		0.65	to	2.10		14.92		to	13.26
2022		727,079		36.2787	to	30.7499		17,485,344		1.40		0.65	to	2.10		(3.76	)	to	(5.15	)
2021		615,378		37.6956	to	32.4199		17,298,993		1.14		0.65	to	2.10		26.48		to	24.65
2020		536,802		29.8044	to	25.6448		14,403,371		1.79		0.65	to	2.25		5.11		to	3.43
P88
2024		1,843,966		12.1385	to	16.2990		22,836,920		0.60		1.20				15.32
2023		811,323		10.5262	to	14.1340		8,934,558		1.07		1.20				18.47
2022		534,278		8.8850	to	11.9303		5,071,557		0.82		1.20				(17.00)
2021		305,037		10.7046	to	14.3736		3,712,125		0.25		1.20				6.79
2020		9,019		12.7661				115,140		—		1.20				14.02
P93
2024		398,976		11.7774	to	14.2907		4,729,586		1.46		1.20				14.95
2023		243,622		10.2454	to	9.5971		2,523,436		5.59		1.20				3.45
2022		164,395		8.8259	to	10.7094		1,478,832		0.96		1.20				(17.03)
2021		59,608		10.6377	to	12.9077		670,641		0.10		1.20				6.20
2020		1,580		11.4648				18,109		—		1.20				10.96
P89
2024		249,813		11.6662	to	15.8496		3,220,141		0.37		1.20				0.20
2023		174,133		11.6425	to	15.8479		2,307,338		0.27		1.20				7.83
2022		138,476		10.7970	to	14.6687		1,746,813		0.39		1.20				(5.81)
2021		111,686		11.4632	to	15.5737		1,621,461		0.35		1.20				12.94
2020		4,642		13.2012				61,286		—		1.20				14.88
P95
2024		155,085		8.6533	to	9.7013		1,434,322		3.84		1.20				1.09
2023		101,777		8.5604	to	9.5971		959,082		5.60		1.20				3.45
2022		94,202		8.2753	to	9.2775		860,787		4.00		1.20				(14.84)
2021		57,894		9.7174	to	10.8942		624,365		0.24		1.20				(3.15)
2020		3,119		11.5561				36,049		1.50		1.20				4.46
P79
2024		282,133		14.4296	to	21.3985		5,279,434		0.35		1.20				24.75
2023		262,569		11.5663	to	17.1525		4,116,156		0.79		1.20				27.32
2022		257,212		9.0843	to	13.4717		3,252,094		0.56		1.20				(18.27)
2021		256,343		11.1152	to	16.4833		4,132,899		0.03		1.20				10.74
2020		8,993		13.4393				120,857		0.26		1.20				18.48
P80
2024		120,993		9.3365				1,129,650		—		1.20				13.50
2023		126,822		8.2261				1,043,174		—		1.20				26.99
2022		71,913		6.4778				465,819		—		1.20				(34.82)
2021		19,273		9.9379				191,531		—		1.20				(0.71)
P81
2024		107,969		12.7171				1,373,078		0.18		1.20				21.54
2023		87,859		10.4634				919,260		0.43		1.20				24.60
2022		44,989		8.3975				377,781		0.35		1.20				(23.83)
2021		4,875		11.0249				53,742		—		1.20				9.88
TBD
2024		996,598		12.9400				12,896,095		—		1.20				33.54
2023		773,336		9.6899				7,493,179		—		1.20				47.18
2022		603,296		6.5836				3,971,751		—		1.20				(39.40)
2021		171,516		10.8635				1,863,259		—		1.20				8.64
TBE
2024		389,417		12.0482				4,691,811		1.29		1.20				10.04
2023		269,864		10.9494				2,954,684		1.96		1.20				8.01
2022		191,475		10.1376				1,941,028		1.84		1.20				(4.74)
2021		85,280		10.6417				907,528		1.42		1.20				4.40
TBF
2024		692,704		9.5884				6,641,889		—		1.20				0.19
2023		528,352		9.5698				5,055,843		—		1.20				1.46
2022		333,878		9.4322				3,149,092		—		1.20				(13.73)
2021		85,722		10.9334				937,239		—		1.20				7.00
TP1
2024		404,928		11.1839				4,528,713		0.86		1.20				10.37
2023		271,764		10.1331				2,753,666		1.01		1.20				15.70
2022		138,023		8.7580				1,208,757		1.05		1.20				(17.14)
2021		71,024		10.5695				750,691		0.75		1.20				4.95

- 209 -

DELAWARE LIFE VARIABLE ACCOUNT F - REGATTA

(A Separate Account of Delaware Life Insurance Company)

11. 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
TP2
2024		249,629		$10.4295			$	2,603,511		1.68	%		1.20%				5.29%
2023		194,035		9.9054				1,921,881		1.67			1.20				9.84
2022		113,437		9.0179				1,022,932		2.04			1.20				(12.47)
2021		3,065		10.3023				31,580		1.19			1.20				2.52
TP3
2024		314,727		10.3234				3,249,046		2.07			1.20				4.49
2023		299,702		9.8800				2,960,865		1.95			1.20				7.66
2022		225,202		9.1766				2,066,529		2.26			1.20				(10.20)
2021		18,471		10.2191				188,757		0.31			1.20				1.79
TP4
2024		210,155		11.0255				2,317,085		0.96			1.20				9.15
2023		144,892		10.1015				1,463,542		1.35			1.20				14.43
2022		74,637		8.8275				658,837		1.88			1.20				(15.97)
2021		1,590		10.5052				16,703		0.81			1.20				4.42
TP5
2024		1,261,972		10.7130				13,519,563		1.41			1.20				7.17
2023		1,049,195		9.9961				10,487,258		1.56			1.20				11.86
2022		814,450		8.9364				7,278,040		1.71			1.20				(14.11)
2021		32,024		10.4045				333,188		0.99			1.20				3.50
W4115
2023		—		27.0016	to	23.7466		—		—			1.35	to	2.05		8.97		to	8.73
2022		7,761		24.7794	to	21.8395		181,480		—			1.35	to	2.05		(35.71	)	to	(36.16	)
2021		6,692		38.5426	to	34.2101		244,231		—			1.35	to	2.05		4.41		to	3.67
2020		6,809		36.9161	to	32.9983		238,777		0.79			1.35	to	2.05		24.94		to	24.06
W42
2024		6,075		36.5560	to	31.7672		208,645		—			1.35	to	2.05		12.63		to	11.83
2023		6,869		32.4571	to	28.4064		209,908		—			1.35	to	2.05		20.10		to	19.26
2022		1,416		25.6017	to	23.8187		35,843		—			1.65	to	2.05		(34.56	)	to	(34.82	)
2021		1,213		39.1209	to	36.5427		46,909		0.76			1.65	to	2.05		7.11		to	6.68
2020		1,151		36.5248	to	34.2551		41,589		—			1.65	to	2.05		22.18		to	21.69
W50
2024		122,599		8.4446	to	9.6952		1,127,299		8.04			1.20				(0.02)
2023		120,713		8.6220	to	9.8989		1,140,226		3.70			1.20				5.16
2022		109,560		8.1986	to	9.4128		983,827		1.71			1.20				(18.27)
2021		111,062		10.0313	to	11.5168		1,247,206		3.44			1.20				0.08
2020		32,781		11.9179				390,678		4.20			1.20				7.74

¹  Represents 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.

²  Ratio 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.

³  Ratio 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.

⁴  The 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.

⁵  AB VPS Sustainable International Thematic Portfolio (Class B) Sub-Account (AM2) merged into Sub-Account MD9 on April 15, 2024.

⁶  Rational Trend Aggregation VA Fund Sub-Account (H24) merged into Sub-Account MD9 on July 30, 2021.

⁷  Rational Insider Buying VA Fund Sub-Account (H32) merged into Sub-Account MD9 on November 30, 2021.

⁸  JPMorgan Insurance Trust Global Allocation Portfolio Sub-Account (JF1) merged into Sub-Account MD9 on April 25, 2023.

⁹  JPMorgan Insurance Trust Income Builder—Class 2 Sub-Account (JF0) merged into Sub-Account MD9 on April 25, 2023.

¹⁰  Morgan Stanley Variable Insurance Fund, Inc. Core Plus Fixed Income Portfolio Class II Sub-Account (V46) merged into Sub-Account MD9 on July 25, 2023.

¹¹  Morgan Stanley Variable Insurance Fund, Inc. Global Franchise Portfolio, Class II Sub-Account (V45) liquidated on September 18, 2023.

¹²  Putnam VT Multi-Asset Absolute Return Fund Class IB Sub-Account (PI3) merged into Sub-Account MD9 on April 21, 2023.

¹³  Morgan Stanley Variable Insurance Fund, Inc. Global Infrastructure—Class II Sub-Account (U43) merged into Sub-Account MD9 on December 6, 2024.

¹⁴  Invesco V.I. Conservative Balanced Fund, Series II Sub-Account (O23) merged into Sub-Account V11 on April 26, 2024.

¹⁵  Wanger Select Fund Sub-Account (W41) merged into Sub-Account W42 on April 21, 2023.

¹⁶  Invesco V.I. S&P 500 Index Class II Sub-Account (V21) merged into Invesco V.I. Equally-Weighted S&P 500 Sub-Account (V20) on April 29, 2022.

- 210 -

Delaware Life

Variable Account F – All-Star

Financial Statements as of and for the Year Ended December 31, 2024 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, 2024

	Page(s)
Report of Independent Registered Public Accounting Firm		1-3
Financial Statements
Statement of Assets and Liabilities		4-5
Statement of Operations		6-15
Statements of Changes in Net Assets		16-30
Notes to the Financial Statements		31-44

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 – All-Star:

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities of the Sub-Accounts listed in the Appendix that comprise Delaware Life Variable Account F – All-Star (the Separate Account), as of December 31, 2024, the related statement of operations and statements of changes in net assets for the periods indicated in the Appendix, and the related notes (collectively, the financial statements) and the financial highlights for each of the years or periods in the four-year period then ended. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Sub-Accounts as of December 31, 2024, the results of their operations and changes in their net assets for the periods indicated in the Appendix, and the financial highlights for each of the years or periods in the four-year period then ended, in conformity with U.S. generally accepted accounting principles. The financial highlights for the year or period ended on or prior to December 31, 2020 were audited by other independent registered public accountants whose report, dated April 28, 2021, expressed an unqualified opinion on those financial highlights.

Basis for Opinion

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

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Such procedures also included confirmation of securities owned as of December 31, 2024, by correspondence with the transfer agent of the underlying mutual funds; when replies were not received from the transfer agent, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

/s/ KPMG LLP

We have served as the auditor of Delaware Life Insurance Company’s Separate Accounts since 2021.

Boston, Massachusetts

April 24, 2025

Appendix

AB VPS Sustainable Global Thematic Portfolio (Class B) Sub-Account (A70) (1)

AB VPS Relative Value Portfolio (Class B) Sub-Account (A71) (1)(2)

AB VPS Sustainable International Thematic Portfolio (Class B) Sub-Account (AM2) (1)

Columbia Variable Portfolio - Dividend Opportunity Fund Class 2 Sub-Account (C49) (1)

Columbia Variable Portfolio - Government Money Market Fund Class 1 Sub-Account (C75) (1)

Columbia Variable Portfolio - Income Opportunities Fund Class 2 Sub-Account (C76) (1)

Columbia Variable Portfolio - Large Cap Growth Fund Class 2 Sub-Account (C60) (1)

Columbia Variable Portfolio - Select Mid Cap Value Fund Class 1 Sub-Account (C66) (1)

Columbia Variable Portfolio - Large Cap Index Fund Class 2 Sub-Account (C68) (1)

Columbia Variable Portfolio - Strategic Income Fund Class 2 Sub-Account (C73) (1)

Columbia Variable Portfolio - U.S. Government Mortgage Fund Class 1 Sub-Account (C69) (1)

Columbia Variable Portfolio - U.S. Government Mortgage Fund Class 2 Sub-Account (C70) (1)

Fidelity VIP Equity-Income Portfolio (Service Class 2) Sub-Account (F97) (1)

Franklin Templeton Foreign VIP Fund Class 2 Sub-Account (T20) (1)

Franklin Templeton Growth and Income VIP Fund (Class 2) Sub-Account (F51) (1)

Franklin Templeton Mutual Shares VIP Fund Class 2 Sub-Account (F54) (1)

Invesco V.I. American Franchise Fund Series II Sub-Account (V52) (1)

Invesco V.I. EQV International Equity Fund Series II Sub-Account (AC1) (1)

MFS VIT I Growth Series Service Class Sub-Account (M80) (1)

MFS VIT I Investors Trust Series (Service Class) Sub-Account (M10) (1)

MFS VIT II Massachusetts Investors Growth Stock Portfolio S Class Sub-Account (MB3) (1)

MFS VIT I New Discovery Series Service Class Sub-Account (M42) (1)

MFS VIT I Value Series Initial Class Sub-Account (M83) (1)

MFS VIT III Mid Cap Value Portfolio Initial Class Sub-Account (MG3) (1)

PIMCO VIT Real Return Portfolio Admin Class Sub-Account (P06) (1)

PIMCO VIT Total Return Portfolio Admin Class Sub-Account (P07) (1)

Wanger International Sub-Account (W39) (1)

Wanger Select Fund Sub-Account (W41) (3)

- 2 -

Wanger Acorn Sub-Account (W42) (1)

(1) Statement of assets and liabilities as of December 31, 2024, the related statement of operations for the year then ended, the statements of changes in net assets for each of the years in the two-year period then ended, and the financial highlights for each of the years in the four-year period then ended. Financial highlights for the year or period ended on December 31, 2020 were audited by other independent registered public accountants.

(2) Formerly AB VPS Growth and Income Portfolio (Class B).

(3) Statement of assets and liabilities as of December 31, 2024, and the related statement of changes in net assets for the year or period ended December 31, 2023.

- 3 -

DELAWARE LIFE VARIABLE ACCOUNT F - ALL-STAR

(A Separate Account of Delaware Life Insurance Company)

STATEMENT OF ASSETS AND LIABILITIES

DECEMBER 31, 2024

			Assets								Liabilities
	Shares		Cost		Investments at fair value		Dividend Receivable		Total Assets		Payable to Sponsor		Net Assets
AB VPS Sustainable Global Thematic Portfolio (Class B) Sub-Account (A70)		1,194	$	28,482	$	39,172	$	—	$	39,172	$	—	$	39,172
AB VPS Relative Value Portfolio (Class B) Sub-Account (A71)		23,277		641,395		718,549		—		718,549		—		718,549
AB VPS Sustainable International Thematic Portfolio (Class B) Sub-Account (AM2) ¹		—		—		—		—		—		—		—
Columbia Variable Portfolio - Dividend Opportunity Fund Class 2 Sub-Account (C49)		11,654		192,831		508,474		—		508,474		—		508,474
Columbia Variable Portfolio - Government Money Market Fund Class 1 Sub-Account (C75)		1,183,778		1,183,778		1,183,778		138		1,183,916		—		1,183,916
Columbia Variable Portfolio - Income Opportunities Fund Class 2 Sub-Account (C76)		52,279		368,060		329,357		—		329,357		—		329,357
Columbia Variable Portfolio - Large Cap Growth Fund Class 2 Sub-Account (C60)		9,518		109,498		449,175		—		449,175		—		449,175
Columbia Variable Portfolio - Select Mid Cap Value Fund Class 1 Sub-Account (C66)		5,304		90,215		219,914		—		219,914		—		219,914
Columbia Variable Portfolio - Large Cap Index Fund Class 2 Sub-Account (C68)		7,174		77,825		349,297		—		349,297		—		349,297
Columbia Variable Portfolio - Strategic Income Fund Class 2 Sub-Account (C73)		118,509		492,118		432,560		—		432,560		—		432,560
Columbia Variable Portfolio - U.S. Government Mortgage Fund Class 1 Sub-Account (C69)		18,778		189,655		164,680		—		164,680		—		164,680
Columbia Variable Portfolio - U.S. Government Mortgage Fund Class 2 Sub-Account (C70)		31,959		314,525		279,641		—		279,641		—		279,641
Fidelity VIP Equity-Income Portfolio (Service Class 2) Sub-Account (F97)		6,158		134,162		157,016		—		157,016		—		157,016
Franklin Templeton Foreign VIP Fund Class 2 Sub-Account (T20)		30,437		383,023		418,807		—		418,807		—		418,807
Franklin Templeton Growth and Income VIP Fund (Class 2) Sub-Account (F51)		11,456		84,152		81,680		—		81,680		—		81,680
Franklin Templeton Mutual Shares VIP Fund Class 2 Sub-Account (F54)		13,384		222,893		219,363		—		219,363		—		219,363
Invesco V.I. American Franchise Fund Series II Sub-Account (V52)		2,776		160,474		198,794		—		198,794		—		198,794
Invesco V.I. EQV International Equity Fund Series II Sub-Account (AC1)		68		2,433		2,245		—		2,245		—		2,245
MFS VIT I Growth Series Service Class Sub-Account (M80)		12,042		642,775		807,802		—		807,802		—		807,802
MFS VIT I Investors Trust Series (Service Class) Sub-Account (M10)		1,286		38,315		50,020		—		50,020		—		50,020
MFS VIT II Massachusetts Investors Growth Stock Portfolio S Class Sub-Account (MB3)		9,629		210,374		224,651		—		224,651		—		224,651
MFS VIT I New Discovery Series Service Class Sub-Account (M42)		619		8,329		6,658		—		6,658		—		6,658
MFS VIT I Value Series Initial Class Sub-Account (M83)		14,951		299,563		323,398		—		323,398		—		323,398
MFS VIT III Mid Cap Value Portfolio Initial Class Sub-Account (MG3)		12,690		102,805		134,386		—		134,386		—		134,386
PIMCO VIT Real Return Portfolio Admin Class Sub-Account (P06)		24,341		317,728		280,168		—		280,168		—		280,168
PIMCO VIT Total Return Portfolio Admin Class Sub-Account (P07)		90,470		914,059		817,846		—		817,846		—		817,846
Wanger International Sub-Account (W39)		787		17,594		14,521		—		14,521		—		14,521
Wanger Select Fund Sub-Account (W41)²		—		—		—		—		—		—		—
Wanger Acorn Sub-Account (W42)		72,450		1,024,179		1,102,683		—		1,102,683		—		1,102,683

¹  This Sub-Account was close in 2024 due to liquidation and termination of the underlying portfolio. Refer to Note 1 in the Variable Account’s Notes to Financial Statements for more information.

² This Sub-Account was closed in 2023 is, therefore, not disclosed in the Statements of Operations.

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)

STATEMENT OF ASSETS AND LIABILITIES (CONTINUED)

DECEMBER 31, 2024

	Units		Value Applicable to Owners of Deferred Variable Annuity Contracts		Net Assets
A70		1,286	$	39,172	$	39,172
A71		18,675		718,549		718,549
AM2		—		—		—
C49		21,314		508,474		508,474
C75		124,898		1,183,916		1,183,916
C76		25,590		329,357		329,357
C60		8,996		449,175		449,175
C66		8,087		219,914		219,914
C68		8,364		349,297		349,297
C73		20,233		432,560		432,560
C69		17,269		164,680		164,680
C70		30,645		279,641		279,641
F97		5,107		157,016		157,016
T20		19,681		418,807		418,807
F51		1,986		81,680		81,680
F54		7,234		219,363		219,363
V52		4,761		198,794		198,794
AC1		88		2,245		2,245
M80		10,055		807,802		807,802
M10		1,227		50,020		50,020
MB3		8,212		224,651		224,651
M42		131		6,658		6,658
M83		11,400		323,398		323,398
MG3		3,931		134,386		134,386
P06		18,400		280,168		280,168
P07		55,808		817,846		817,846
W39		406		14,521		14,521
W41		—		—		—
W42		24,020		1,102,683		1,102,683

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)

STATEMENT OF OPERATIONS

FOR THE YEAR ENDED DECEMBER 31, 2024

	A70 Sub-Account			A71 Sub-Account			AM2 Sub-Account
Income:
Dividend income	$	—		$	9,205		$	—
Expenses:
Mortality and expense risk charges		(603	)		(10,394	)		(104	)
Administration, distribution charges and other		(149	)		(2,885	)		(33	)
Net investment income (loss)		(752	)		(4,074	)		(137	)
Net realized and change in unrealized gains (losses):
Net realized gains (losses) on sale of investments		356			15,675			(2,896	)
Realized gain distributions		121			25,900			—
Net realized gains (losses)		477			41,575			(2,896	)
Net change in unrealized appreciation (depreciation)		1,915			43,113			2,664
Net realized and change in unrealized gains (losses)		2,392			84,688			(232	)
Net increase (decrease) in net assets from operations	$	1,640		$	80,614		$	(369	)

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)

STATEMENT OF OPERATIONS (CONTINUED)

FOR THE YEAR ENDED DECEMBER 31, 2024

	C49 Sub-Account			C75 Sub-Account			C76 Sub-Account
Income:
Dividend income	$	—		$	59,972		$	18,168
Expenses:
Mortality and expense risk charges		(6,913	)		(16,560	)		(4,724	)
Administration, distribution charges and other		(1,940	)		(4,857	)		(1,306	)
Net investment income (loss)		(8,853	)		38,555			12,138
Net realized and change in unrealized gains (losses):
Net realized gains (losses) on sale of investments		21,282			—			(8,718	)
Realized gain distributions		—			—			—
Net realized gains (losses)		21,282			—			(8,718	)
Net change in unrealized appreciation (depreciation)		47,935			—			9,201
Net realized and change in unrealized gains (losses)		69,217			—			483
Net increase (decrease) in net assets from operations	$	60,364		$	38,555		$	12,621

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)

STATEMENT OF OPERATIONS (CONTINUED)

FOR THE YEAR ENDED DECEMBER 31, 2024

	C60 Sub-Account			C66 Sub-Account			C68 Sub-Account
Income:
Dividend income	$	—		$	—		$	—
Expenses:
Mortality and expense risk charges		(5,583	)		(2,932	)		(4,331	)
Administration, distribution charges and other		(1,493	)		(821	)		(1,093	)
Net investment income (loss)		(7,076	)		(3,753	)		(5,424	)
Net realized and change in unrealized gains (losses):
Net realized gains (losses) on sale of investments		28,676			7,593			22,467
Realized gain distributions		—			—			—
Net realized gains (losses)		28,676			7,593			22,467
Net change in unrealized appreciation (depreciation)		83,091			17,477			51,101
Net realized and change in unrealized gains (losses)		111,767			25,070			73,568
Net increase (decrease) in net assets from operations	$	104,691		$	21,317		$	68,144

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)

STATEMENT OF OPERATIONS (CONTINUED)

FOR THE YEAR ENDED DECEMBER 31, 2024

	C73 Sub-Account			C69 Sub-Account			C70 Sub-Account
Income:
Dividend income	$	18,536		$	5,404		$	9,339
Expenses:
Mortality and expense risk charges		(6,522	)		(2,113	)		(3,982	)
Administration, distribution charges and other		(1,528	)		(567	)		(1,219	)
Net investment income (loss)		10,486			2,724			4,138
Net realized and change in unrealized gains (losses):
Net realized gains (losses) on sale of investments		(5,866	)		(816	)		(9,588	)
Realized gain distributions		—			—			—
Net realized gains (losses)		(5,866	)		(816	)		(9,588	)
Net change in unrealized appreciation (depreciation)		6,198			(1,889	)		4,537
Net realized and change in unrealized gains (losses)		332			(2,705	)		(5,051	)
Net increase (decrease) in net assets from operations	$	10,818		$	19		$	(913	)

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)

STATEMENT OF OPERATIONS (CONTINUED)

FOR THE YEAR ENDED DECEMBER 31, 2024

	F97 Sub-Account			T20 Sub-Account			F51 Sub-Account
Income:
Dividend income	$	2,506		$	10,556		$	1,927
Expenses:
Mortality and expense risk charges		(2,374	)		(5,987	)		(1,413	)
Administration, distribution charges and other		(790	)		(1,851	)		(361	)
Net investment income (loss)		(658	)		2,718			153
Net realized and change in unrealized gains (losses):
Net realized gains (losses) on sale of investments		3,036			6,802			(10,232	)
Realized gain distributions		9,410			—			1,641
Net realized gains (losses)		12,446			6,802			(8,591	)
Net change in unrealized appreciation (depreciation)		6,872			(19,857	)		23,839
Net realized and change in unrealized gains (losses)		19,318			(13,055	)		15,248
Net increase (decrease) in net assets from operations	$	18,660		$	(10,337	)	$	15,401

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)

STATEMENT OF OPERATIONS (CONTINUED)

FOR THE YEAR ENDED DECEMBER 31, 2024

	F54 Sub-Account			V52 Sub-Account			AC1 Sub-Account
Income:
Dividend income	$	4,409		$	—		$	36
Expenses:
Mortality and expense risk charges		(3,020	)		(2,707	)		(36	)
Administration, distribution charges and other		(888	)		(915	)		(8	)
Net investment income (loss)		501			(3,622	)		(8	)
Net realized and change in unrealized gains (losses):
Net realized gains (losses) on sale of investments		(924	)		311			(29	)
Realized gain distributions		4,585			—			13
Net realized gains (losses)		3,661			311			(16	)
Net change in unrealized appreciation (depreciation)		15,299			51,392			(6	)
Net realized and change in unrealized gains (losses)		18,960			51,703			(22	)
Net increase (decrease) in net assets from operations	$	19,461		$	48,081		$	(30	)

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

- 11 -

DELAWARE LIFE VARIABLE ACCOUNT F - ALL-STAR

(A Separate Account of Delaware Life Insurance Company)

STATEMENT OF OPERATIONS (CONTINUED)

FOR THE YEAR ENDED DECEMBER 31, 2024

	M80 Sub-Account			M10 Sub-Account			MB3 Sub-Account
Income:
Dividend income	$	—		$	232		$	281
Expenses:
Mortality and expense risk charges		(10,502	)		(952	)		(3,237	)
Administration, distribution charges and other		(3,094	)		(257	)		(1,088	)
Net investment income (loss)		(13,596	)		(977	)		(4,044	)
Net realized and change in unrealized gains (losses):
Net realized gains (losses) on sale of investments		30,670			12,106			1,801
Realized gain distributions		64,666			3,628			19,574
Net realized gains (losses)		95,336			15,734			21,375
Net change in unrealized appreciation (depreciation)		114,650			(2,743	)		9,917
Net realized and change in unrealized gains (losses)		209,986			12,991			31,292
Net increase (decrease) in net assets from operations	$	196,390		$	12,014		$	27,248

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

- 12 -

DELAWARE LIFE VARIABLE ACCOUNT F - ALL-STAR

(A Separate Account of Delaware Life Insurance Company)

STATEMENT OF OPERATIONS (CONTINUED)

FOR THE YEAR ENDED DECEMBER 31, 2024

	M42 Sub-Account			M83 Sub-Account			MG3 Sub-Account
Income:
Dividend income	$	—		$	5,448		$	1,645
Expenses:
Mortality and expense risk charges		(93	)		(4,644	)		(1,946	)
Administration, distribution charges and other		(21	)		(1,482	)		(574	)
Net investment income (loss)		(114	)		(678	)		(875	)
Net realized and change in unrealized gains (losses):
Net realized gains (losses) on sale of investments		29			6,165			1,564
Realized gain distributions		—			24,673			5,545
Net realized gains (losses)		29			30,838			7,109
Net change in unrealized appreciation (depreciation)		379			266			8,210
Net realized and change in unrealized gains (losses)		408			31,104			15,319
Net increase (decrease) in net assets from operations	$	294		$	30,426		$	14,444

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

- 13 -

DELAWARE LIFE VARIABLE ACCOUNT F - ALL-STAR

(A Separate Account of Delaware Life Insurance Company)

STATEMENT OF OPERATIONS (CONTINUED)

FOR THE YEAR ENDED DECEMBER 31, 2024

	P06 Sub-Account			P07 Sub-Account			W39 Sub-Account
Income:
Dividend income	$	7,394		$	34,393		$	261
Expenses:
Mortality and expense risk charges		(3,786	)		(11,718	)		(265	)
Administration, distribution charges and other		(997	)		(3,632	)		(75	)
Net investment income (loss)		2,611			19,043			(79	)
Net realized and change in unrealized gains (losses):
Net realized gains (losses) on sale of investments		(1,086	)		(26,795	)		(2,506	)
Realized gain distributions		—			—			—
Net realized gains (losses)		(1,086	)		(26,795	)		(2,506	)
Net change in unrealized appreciation (depreciation)		(295	)		13,776			897
Net realized and change in unrealized gains (losses)		(1,381	)		(13,019	)		(1,609	)
Net increase (decrease) in net assets from operations	$	1,230		$	6,024		$	(1,688	)

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

- 14 -

DELAWARE LIFE VARIABLE ACCOUNT F - ALL-STAR

(A Separate Account of Delaware Life Insurance Company)

STATEMENT OF OPERATIONS (CONTINUED)

FOR THE YEAR ENDED DECEMBER 31, 2024

	W42 Sub-Account
Income:
Dividend income	$	—
Expenses:
Mortality and expense risk charges		(15,590	)
Administration, distribution charges and other		(4,235	)
Net investment income (loss)		(19,825	)
Net realized and change in unrealized gains (losses):
Net realized gains (losses) on sale of investments		(29,320	)
Realized gain distributions		—
Net realized gains (losses)		(29,320	)
Net change in unrealized appreciation (depreciation)		180,248
Net realized and change in unrealized gains (losses)		150,928
Net increase (decrease) in net assets from operations	$	131,103

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

- 15 -

DELAWARE LIFE VARIABLE ACCOUNT F - ALL-STAR

(A Separate Account of Delaware Life Insurance Company)

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE YEARS ENDED DECEMBER 31, 2024 AND 2023

	A70 Sub-Account						A71 Sub-Account
	December 31,			December 31,			December 31,			December 31,
	2024			2023			2024			2023
Operations:
Net investment income (loss)	$	(752	)	$	(771	)	$	(4,074	)	$	(4,337	)
Net realized gains (losses)		477			2,965			41,575			71,770
Net change in unrealized appreciation (depreciation)		1,915			3,101			43,113			7,606
Increase (decrease) from operations		1,640			5,295			80,614			75,039
Contract Owner Transactions:
Accumulation Activity:
Purchase payments received		390			—			38,507			762
Transfers between Sub-Accounts (including the Fixed Account), net		3			2			(31,327	)		2,917
Withdrawals, surrenders, annuitizations and contract charges		(6,545	)		(1,745	)		(162,290	)		(92,089	)
Net accumulation activity		(6,152	)		(1,743	)		(155,110	)		(88,410	)
Annuitization Activity:
Adjustments to annuity reserves		—			—			—			—
Net annuitization activity		—			—			—			—
Net increase (decrease) from contract owner transactions		(6,152	)		(1,743	)		(155,110	)		(88,410	)
Total increase (decrease) in net assets		(4,512	)		3,552			(74,496	)		(13,371	)
Net assets at beginning of year		43,684			40,132			793,045			806,416
Net assets at end of year	$	39,172		$	43,684		$	718,549		$	793,045

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

- 16 -

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, 2024 AND 2023

	AM2 Sub-Account3						C49 Sub-Account
	December 31,			December 31,			December 31,			December 31,
	2024			2023			2024			2023
Operations:
Net investment income (loss)	$	(137	)	$	(442	)	$	(8,853	)	$	(8,236	)
Net realized gains (losses)		(2,896	)		901			21,282			20,429
Net change in unrealized appreciation (depreciation)		2,664			1,883			47,935			1,816
Increase (decrease) from operations		(369	)		2,342			60,364			14,009
Contract Owner Transactions:
Accumulation Activity:
Purchase payments received		—			—			1,073			200
Transfers between Sub-Accounts (including the Fixed Account), net		(25,123	)		503			(2,135	)		6,942
Withdrawals, surrenders, annuitizations and contract charges		1			(8	)		(26,558	)		(25,825	)
Net accumulation activity		(25,122	)		495			(27,620	)		(18,683	)
Annuitization Activity:
Adjustments to annuity reserves		—			—			—			—
Net annuitization activity		—			—			—			—
Net increase (decrease) from contract owner transactions		(25,122	)		495			(27,620	)		(18,683	)
Total increase (decrease) in net assets		(25,491	)		2,837			32,744			(4,674	)
Net assets at beginning of year		25,491			22,654			475,730			480,404
Net assets at end of year	$	—		$	25,491		$	508,474		$	475,730

3 The current year activities for this Sub-Account are for the period from January 1, 2024 to April 15, 2024. Refer to Note 1 for details on closed Sub-Accounts.

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

- 17 -

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, 2024 AND 2023

	C75 Sub-Account						C76 Sub-Account
	December 31,			December 31,			December 31,			December 31,
	2024			2023			2024			2023
Operations:
Net investment income (loss)	$	38,555		$	40,697		$	12,138		$	10,673
Net realized gains (losses)		—			—			(8,718	)		(12,400	)
Net change in unrealized appreciation (depreciation)		—			—			9,201			31,285
Increase (decrease) from operations		38,555			40,697			12,621			29,558
Contract Owner Transactions:
Accumulation Activity:
Purchase payments received		1,088			1,008			584			226
Transfers between Sub-Accounts (including the Fixed Account), net		42,905			46,974			22,992			1,595
Withdrawals, surrenders, annuitizations and contract charges		(138,658	)		(449,695	)		(37,346	)		(39,335	)
Net accumulation activity		(94,665	)		(401,713	)		(13,770	)		(37,514	)
Annuitization Activity:
Adjustments to annuity reserves		—			—			—			—
Net annuitization activity		—			—			—			—
Net increase (decrease) from contract owner transactions		(94,665	)		(401,713	)		(13,770	)		(37,514	)
Total increase (decrease) in net assets		(56,110	)		(361,016	)		(1,149	)		(7,956	)
Net assets at beginning of year		1,240,026			1,601,042			330,506			338,462
Net assets at end of year	$	1,183,916		$	1,240,026		$	329,357		$	330,506

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

- 18 -

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, 2024 AND 2023

	C60 Sub-Account						C66 Sub-Account
	December 31,			December 31,			December 31,			December 31,
	2024			2023			2024			2023
Operations:
Net investment income (loss)	$	(7,076	)	$	(5,570	)	$	(3,753	)	$	(3,343	)
Net realized gains (losses)		28,676			22,079			7,593			6,329
Net change in unrealized appreciation (depreciation)		83,091			94,479			17,477			12,959
Increase (decrease) from operations		104,691			110,988			21,317			15,945
Contract Owner Transactions:
Accumulation Activity:
Purchase payments received		487			351			—			—
Transfers between Sub-Accounts (including the Fixed Account), net		(9,379	)		(11,451	)		(26	)		914
Withdrawals, surrenders, annuitizations and contract charges		(16,028	)		(12,417	)		(4,140	)		(3,121	)
Net accumulation activity		(24,920	)		(23,517	)		(4,166	)		(2,207	)
Annuitization Activity:
Adjustments to annuity reserves		—			—			—			—
Net annuitization activity		—			—			—			—
Net increase (decrease) from contract owner transactions		(24,920	)		(23,517	)		(4,166	)		(2,207	)
Total increase (decrease) in net assets		79,771			87,471			17,151			13,738
Net assets at beginning of year		369,404			281,933			202,763			189,025
Net assets at end of year	$	449,175		$	369,404		$	219,914		$	202,763

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

- 19 -

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, 2024 AND 2023

	C68 Sub-Account						C73 Sub-Account
	December 31,			December 31,			December 31,			December 31,
	2024			2023			2024			2023
Operations:
Net investment income (loss)	$	(5,424	)	$	(4,380	)	$	10,486		$	6,416
Net realized gains (losses)		22,467			5,932			(5,866	)		(6,718	)
Net change in unrealized appreciation (depreciation)		51,101			57,251			6,198			29,582
Increase (decrease) from operations		68,144			58,803			10,818			29,280
Contract Owner Transactions:
Accumulation Activity:
Purchase payments received		45			—			—			—
Transfers between Sub-Accounts (including the Fixed Account), net		—			(1	)		247			123
Withdrawals, surrenders, annuitizations and contract charges		(22,699	)		(3,832	)		(13,443	)		(12,850	)
Net accumulation activity		(22,654	)		(3,833	)		(13,196	)		(12,727	)
Annuitization Activity:
Adjustments to annuity reserves		—			—			—			—
Net annuitization activity		—			—			—			—
Net increase (decrease) from contract owner transactions		(22,654	)		(3,833	)		(13,196	)		(12,727	)
Total increase (decrease) in net assets		45,490			54,970			(2,378	)		16,553
Net assets at beginning of year		303,807			248,837			434,938			418,385
Net assets at end of year	$	349,297		$	303,807		$	432,560		$	434,938

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

- 20 -

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, 2024 AND 2023

	C69 Sub-Account						C70 Sub-Account
	December 31,			December 31,			December 31,			December 31,
	2024			2023			2024			2023
Operations:
Net investment income (loss)	$	2,724		$	1,701		$	4,138		$	2,711
Net realized gains (losses)		(816	)		(588	)		(9,588	)		(11,299	)
Net change in unrealized appreciation (depreciation)		(1,889	)		4,723			4,537			19,687
Increase (decrease) from operations		19			5,836			(913	)		11,099
Contract Owner Transactions:
Accumulation Activity:
Purchase payments received		—			—			254			369
Transfers between Sub-Accounts (including the Fixed Account), net		11,044			9,909			15,551			17,506
Withdrawals, surrenders, annuitizations and contract charges		(2,123	)		(192	)		(45,693	)		(50,017	)
Net accumulation activity		8,921			9,717			(29,888	)		(32,142	)
Annuitization Activity:
Adjustments to annuity reserves		—			—			—			—
Net annuitization activity		—			—			—			—
Net increase (decrease) from contract owner transactions		8,921			9,717			(29,888	)		(32,142	)
Total increase (decrease) in net assets		8,940			15,553			(30,801	)		(21,043	)
Net assets at beginning of year		155,740			140,187			310,442			331,485
Net assets at end of year	$	164,680		$	155,740		$	279,641		$	310,442

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, 2024 AND 2023

	F97 Sub-Account						T20 Sub-Account
	December 31,			December 31,			December 31,			December 31,
	2024			2023			2024			2023
Operations:
Net investment income (loss)	$	(658	)	$	(307	)	$	2,718		$	7,070
Net realized gains (losses)		12,446			5,008			6,802			6,656
Net change in unrealized appreciation (depreciation)		6,872			6,450			(19,857	)		69,594
Increase (decrease) from operations		18,660			11,151			(10,337	)		83,320
Contract Owner Transactions:
Accumulation Activity:
Purchase payments received		—			—			469			598
Transfers between Sub-Accounts (including the Fixed Account), net		(571	)		(103	)		21,883			(22,739	)
Withdrawals, surrenders, annuitizations and contract charges		(7,633	)		(2,046	)		(34,503	)		(95,229	)
Net accumulation activity		(8,204	)		(2,149	)		(12,151	)		(117,370	)
Annuitization Activity:
Adjustments to annuity reserves		—			—			—			—
Net annuitization activity		—			—			—			—
Net increase (decrease) from contract owner transactions		(8,204	)		(2,149	)		(12,151	)		(117,370	)
Total increase (decrease) in net assets		10,456			9,002			(22,488	)		(34,050	)
Net assets at beginning of year		146,560			137,558			441,295			475,345
Net assets at end of year	$	157,016		$	146,560		$	418,807		$	441,295

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, 2024 AND 2023

	F51 Sub-Account						F54 Sub-Account
	December 31,			December 31,			December 31,			December 31,
	2024			2023			2024			2023
Operations:
Net investment income (loss)	$	153		$	339		$	501		$	260
Net realized gains (losses)		(8,591	)		(6,481	)		3,661			15,088
Net change in unrealized appreciation (depreciation)		23,839			13,423			15,299			6,429
Increase (decrease) from operations		15,401			7,281			19,461			21,777
Contract Owner Transactions:
Accumulation Activity:
Purchase payments received		36,449			—			230			206
Transfers between Sub-Accounts (including the Fixed Account), net		(715	)		—			(1	)		(1	)
Withdrawals, surrenders, annuitizations and contract charges		(76,876	)		(11,832	)		(10,396	)		(10,186	)
Net accumulation activity		(41,142	)		(11,832	)		(10,167	)		(9,981	)
Annuitization Activity:
Adjustments to annuity reserves		—			—			—			—
Net annuitization activity		—			—			—			—
Net increase (decrease) from contract owner transactions		(41,142	)		(11,832	)		(10,167	)		(9,981	)
Total increase (decrease) in net assets		(25,741	)		(4,551	)		9,294			11,796
Net assets at beginning of year		107,421			111,972			210,069			198,273
Net assets at end of year	$	81,680		$	107,421		$	219,363		$	210,069

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, 2024 AND 2023

	V52 Sub-Account						AC1 Sub-Account
	December 31,			December 31,			December 31,			December 31,
	2024			2023			2024			2023
Operations:
Net investment income (loss)	$	(3,622	)	$	(2,656	)	$	(8	)	$	(44	)
Net realized gains (losses)		311			2,596			(16	)		(55	)
Net change in unrealized appreciation (depreciation)		51,392			41,520			(6	)		445
Increase (decrease) from operations		48,081			41,460			(30	)		346
Contract Owner Transactions:
Accumulation Activity:
Purchase payments received		—			—			—			—
Transfers between Sub-Accounts (including the Fixed Account), net		—			—			(1	)		(1	)
Withdrawals, surrenders, annuitizations and contract charges		(390	)		(282	)		(162	)		(175	)
Net accumulation activity		(390	)		(282	)		(163	)		(176	)
Annuitization Activity:
Adjustments to annuity reserves		—			—			—			—
Net annuitization activity		—			—			—			—
Net increase (decrease) from contract owner transactions		(390	)		(282	)		(163	)		(176	)
Total increase (decrease) in net assets		47,691			41,178			(193	)		170
Net assets at beginning of year		151,103			109,925			2,438			2,268
Net assets at end of year	$	198,794		$	151,103		$	2,245		$	2,438

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, 2024 AND 2023

	M80 Sub-Account						M10 Sub-Account
	December 31,			December 31,			December 31,			December 31,
	2024			2023			2024			2023
Operations:
Net investment income (loss)	$	(13,596	)	$	(11,737	)	$	(977	)	$	(1,190	)
Net realized gains (losses)		95,336			73,251			15,734			6,794
Net change in unrealized appreciation (depreciation)		114,650			135,991			(2,743	)		6,367
Increase (decrease) from operations		196,390			197,505			12,014			11,971
Contract Owner Transactions:
Accumulation Activity:
Purchase payments received		456			391			42,308			—
Transfers between Sub-Accounts (including the Fixed Account), net		(45,360	)		(54,033	)		(649	)		—
Withdrawals, surrenders, annuitizations and contract charges		(45,131	)		(81,717	)		(85,596	)		(9,358	)
Net accumulation activity		(90,035	)		(135,359	)		(43,937	)		(9,358	)
Annuitization Activity:
Adjustments to annuity reserves		—			—			—			—
Net annuitization activity		—			—			—			—
Net increase (decrease) from contract owner transactions		(90,035	)		(135,359	)		(43,937	)		(9,358	)
Total increase (decrease) in net assets		106,355			62,146			(31,923	)		2,613
Net assets at beginning of year		701,447			639,301			81,943			79,330
Net assets at end of year	$	807,802		$	701,447		$	50,020		$	81,943

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, 2024 AND 2023

	MB3 Sub-Account						M42 Sub-Account
	December 31,			December 31,			December 31,			December 31,
	2024			2023			2024			2023
Operations:
Net investment income (loss)	$	(4,044	)	$	(3,772	)	$	(114	)	$	(102	)
Net realized gains (losses)		21,375			13,939			29			14
Net change in unrealized appreciation (depreciation)		9,917			28,497			379			786
Increase (decrease) from operations		27,248			38,664			294			698
Contract Owner Transactions:
Accumulation Activity:
Purchase payments received		—			306			—			—
Transfers between Sub-Accounts (including the Fixed Account), net		(909	)		(1,302	)		1			(1	)
Withdrawals, surrenders, annuitizations and contract charges		(1,099	)		(25,530	)		—			—
Net accumulation activity		(2,008	)		(26,526	)		1			(1	)
Annuitization Activity:
Adjustments to annuity reserves		—			—			—			—
Net annuitization activity		—			—			—			—
Net increase (decrease) from contract owner transactions		(2,008	)		(26,526	)		1			(1	)
Total increase (decrease) in net assets		25,240			12,138			295			697
Net assets at beginning of year		199,411			187,273			6,363			5,666
Net assets at end of year	$	224,651		$	199,411		$	6,658		$	6,363

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, 2024 AND 2023

	M83 Sub-Account						MG3 Sub-Account
	December 31,			December 31,			December 31,			December 31,
	2024			2023			2024			2023
Operations:
Net investment income (loss)	$	(678	)	$	(885	)	$	(875	)	$	(148	)
Net realized gains (losses)		30,838			27,155			7,109			4,662
Net change in unrealized appreciation (depreciation)		266			(7,195	)		8,210			7,547
Increase (decrease) from operations		30,426			19,075			14,444			12,061
Contract Owner Transactions:
Accumulation Activity:
Purchase payments received		179			175			524			—
Transfers between Sub-Accounts (including the Fixed Account), net		(4,442	)		5,804			2			—
Withdrawals, surrenders, annuitizations and contract charges		(20,099	)		(35,846	)		(5,536	)		(3,688	)
Net accumulation activity		(24,362	)		(29,867	)		(5,010	)		(3,688	)
Annuitization Activity:
Adjustments to annuity reserves		—			—			—			—
Net annuitization activity		—			—			—			—
Net increase (decrease) from contract owner transactions		(24,362	)		(29,867	)		(5,010	)		(3,688	)
Total increase (decrease) in net assets		6,064			(10,792	)		9,434			8,373
Net assets at beginning of year		317,334			328,126			124,952			116,579
Net assets at end of year	$	323,398		$	317,334		$	134,386		$	124,952

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, 2024 AND 2023

	P06 Sub-Account						P07 Sub-Account
	December 31,			December 31,			December 31,			December 31,
	2024			2023			2024			2023
Operations:
Net investment income (loss)	$	2,611		$	3,672		$	19,043		$	15,716
Net realized gains (losses)		(1,086	)		(1,012	)		(26,795	)		(17,583	)
Net change in unrealized appreciation (depreciation)		(295	)		2,744			13,776			37,267
Increase (decrease) from operations		1,230			5,404			6,024			35,400
Contract Owner Transactions:
Accumulation Activity:
Purchase payments received		147			152			24,943			1,098
Transfers between Sub-Accounts (including the Fixed Account), net		417			405			22,350			31,818
Withdrawals, surrenders, annuitizations and contract charges		(4,795	)		(4,671	)		(117,723	)		(130,539	)
Net accumulation activity		(4,231	)		(4,114	)		(70,430	)		(97,623	)
Annuitization Activity:
Adjustments to annuity reserves		—			—			—			—
Net annuitization activity		—			—			—			—
Net increase (decrease) from contract owner transactions		(4,231	)		(4,114	)		(70,430	)		(97,623	)
Total increase (decrease) in net assets		(3,001	)		1,290			(64,406	)		(62,223	)
Net assets at beginning of year		283,169			281,879			882,252			944,475
Net assets at end of year	$	280,168		$	283,169		$	817,846		$	882,252

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

- 28 -

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, 2024 AND 2023

	W39 Sub-Account						W41 Sub-Account4
	December 31,			December 31,			December 31,		December 31,
	2024			2023			2024		2023
Operations:
Net investment income (loss)	$	(79	)	$	(301	)	$	—	$	(2,018	)
Net realized gains (losses)		(2,506	)		(393	)		—		(309,172	)
Net change in unrealized appreciation (depreciation)		897			3,532			—		342,050
Increase (decrease) from operations		(1,688	)		2,838			—		30,860
Contract Owner Transactions:
Accumulation Activity:
Purchase payments received		—			—			—		—
Transfers between Sub-Accounts (including the Fixed Account), net		1,101			(56	)		—		(380,083	)
Withdrawals, surrenders, annuitizations and contract charges		(6,185	)		(623	)		—		(701	)
Net accumulation activity		(5,084	)		(679	)		—		(380,784	)
Annuitization Activity:
Adjustments to annuity reserves		—			—			—		—
Net annuitization activity		—			—			—		—
Net increase (decrease) from contract owner transactions		(5,084	)		(679	)		—		(380,784	)
Total increase (decrease) in net assets		(6,772	)		2,159			—		(349,924	)
Net assets at beginning of year		21,293			19,134			—		349,924
Net assets at end of year	$	14,521		$	21,293		$	—	$	—

⁴ The 2023 activities for this Sub-Account are for the period from January 1, 2023 to April 21, 2023. Refer to Note 1 for details on closed Sub-Accounts.

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

- 29 -

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, 2024 AND 2023

	W42 Sub-Account
	December 31,			December 31,
	2024			2023
Operations:
Net investment income (loss)	$	(19,825	)	$	(17,868	)
Net realized gains (losses)		(29,320	)		(102,448	)
Net change in unrealized appreciation (depreciation)		180,248			298,308
Increase (decrease) from operations		131,103			177,992
Contract Owner Transactions:
Accumulation Activity:
Purchase payments received		14,947			662
Transfers between Sub-Accounts (including the Fixed Account), net		(20,069	)		346,024
Withdrawals, surrenders, annuitizations and contract charges		(167,459	)		(127,529	)
Net accumulation activity		(172,581	)		219,157
Annuitization Activity:
Adjustments to annuity reserves		—			—
Net annuitization activity		—			—
Net increase (decrease) from contract owner transactions		(172,581	)		219,157
Total increase (decrease) in net assets		(41,478	)		397,149
Net assets at beginning of year		1,144,161			747,012
Net assets at end of year	$	1,102,683		$	1,144,161

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

- 30 -

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, 2024

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 Columbia All-Star 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.

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.

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

Closed Sub-Account	New Sub-Account	Effective Date
AM2	C75	April 15, 2024
W41	W42	April 21, 2023
C55	C75	April 24, 2020

There were no Sub-Accounts held by the contract owners of the Variable Account with name changes in the current year or commencement dates earlier than the past five years, but for which the first activity occurred within the last five years.

Rydex VT NASDAQ-100 Fund Sub-Account (R03) is active at December 31, 2024 but has had zero balance for more than five years and therefore is not disclosed in the Statements of Assets and Liabilities, Statements of Changes in Net Assets or the financial highlights in Note 10.

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, 2024. 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.

- 31 -

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, 2024.

2. 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

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.

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.

- 32 -

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, 2024.

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

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 GAAP 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, 2024, noting that there are no subsequent events requiring accounting adjustments or disclosure.

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.

The Variable Account uses the Funds’ closing net asset value to determine the fair value of its Sub-Accounts. As of December 31, 2024, 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, 2024. There were no transfers between levels during the year ended December 31, 2024.

- 33 -

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, 2024

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.

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.

5. 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, 2024, 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.

- 34 -

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, 2024.

5. 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.

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 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.

- 35 -

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, 2024

7. INVESTMENT PURCHASES AND SALES

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

	Purchases		Sales
A70	$	659	$	7,448
A71		87,497		220,859
AM2		—		25,262
C49		1,484		38,003
C75		146,784		202,980
C76		47,895		49,561
C60		2,976		35,006
C66		3,136		11,074
C68		32		28,136
C73		18,770		21,524
C69		16,977		5,346
C70		36,691		62,472
F97		11,916		11,384
T20		51,743		61,220
F51		39,424		78,783
F54		9,217		14,318
V52		—		4,029
AC1		49		207
M80		86,091		125,123
M10		45,505		86,799
MB3		19,855		6,355
M42		1		115
M83		40,653		41,052
MG3		7,713		8,066
P06		8,035		9,681
P07		102,095		153,568
W39		1,368		6,534
W42		45,015		237,533

- 36 -

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, 2024

8. CHANGES IN UNITS OUTSTANDING

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

	Units Issued		Units Redeemed		Net Increase (Decrease)
A70		15		194		(179	)
A71		1,632		6,188		(4,556	)
AM2		—		977		(977	)
C49		141		1,381		(1,240	)
C75		9,363		19,713		(10,350	)
C76		2,400		3,497		(1,097	)
C60		66		603		(537	)
C66		157		319		(162	)
C68		1		533		(532	)
C73		11		648		(637	)
C69		1,234		280		954
C70		3,025		6,374		(3,349	)
F97		—		252		(252	)
T20		1,869		2,428		(559	)
F51		997		2,073		(1,076	)
F54		8		350		(342	)
V52		—		11		(11	)
AC1		—		6		(6	)
M80		321		1,545		(1,224	)
M10		1,186		2,356		(1,170	)
MB3		—		75		(75	)
M83		372		1,232		(860	)
MG3		16		163		(147	)
P06		40		313		(273	)
P07		4,770		9,800		(5,030	)
W39		33		137		(104	)
W42		1,111		4,845		(3,734	)

- 37 -

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, 2024.

8. CHANGES IN UNITS OUTSTANDING (CONTINUED)

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

	Units Issued		Units Redeemed		Net Increase (Decrease)
A70		213		269		(56	)
A71		332		3,161		(2,829	)
AM2		22		1		21
C49		1,149		2,062		(913	)
C75		7,328		52,714		(45,386	)
C76		1,191		4,407		(3,216	)
C60		10		696		(686	)
C66		229		320		(91	)
C68		1		118		(117	)
C73		6		658		(652	)
C69		1,143		95		1,048
C70		2,370		6,027		(3,657	)
F97		—		81		(81	)
T20		70		5,714		(5,644	)
F51		—		355		(355	)
F54		8		407		(399	)
V52		—		11		(11	)
AC1		—		7		(7	)
M80		60		2,701		(2,641	)
M10		—		307		(307	)
MB3		13		1,154		(1,141	)
M83		425		1,597		(1,172	)
MG3		—		134		(134	)
P06		53		329		(276	)
P07		2,362		9,324		(6,962	)
W39		11		27		(16	)
W41		—		11,390		(11,390	)
W42		10,604		4,432		6,172

- 38 -

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, 2024

9. 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.

10. SEGMENT REPORTING

The Variable Account derives revenues from certain variable annuity products sold by the Sponsor. The Sponsor has identified its Chief Product Officer as the chief operating decision maker (“CODM”) for overseeing the Variable Account’s variable annuity products and the performance of the Funds to evaluate the results of the business and make operational decisions. The Variable Account’s products constitute a single operating segment and therefore, a single reportable segment. The Variable Account is structured with a limited purpose by design and its sole purpose is to record and report the Funds’ activities and performance. Investment performance of the Funds may vary based on the Fund’s investment objectives specified in the fund prospectuses. The accounting policies used to measure the profit and loss of the segment are the same as those described in the summary of significant accounting policies herein. Refer to the Variable Account’s Statement of Operations for segment expenses for the year ended December 31, 2024 and the Statement of Assets and Liabilities for segment assets at December 31, 2024.

- 39 -

DELAWARE LIFE VARIABLE ACCOUNT F - ALL-STAR

(A Separate Account of Delaware Life Insurance Company)

11. 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
2024		1,286	$	41.7591	to	$	20.6015	$	39,172		—	%		1.35	%	to	2.05	%		4.52	%	to	3.78	%
2023		1,465		39.9528	to		19.8513		43,684		0.03			1.35		to	2.05			14.15		to	13.35
2022		1,521		35.0004	to		17.5135		40,132		—			1.35		to	2.05			(28.15	)	to	(28.65	)
2021		1,577		48.7116	to		24.5471		58,450		—			1.35		to	2.05			20.92		to	20.07
2020		1,630		40.2835	to		20.4438		50,404		0.46			1.35		to	2.05			37.21		to	36.24
A71
2024		18,675		53.1915	to		37.2436		718,549		1.22			1.35		to	2.30			11.23		to	10.17
2023		23,231		47.8193	to		33.8066		793,045		1.23			1.35		to	2.30			10.22		to	9.18
2022		26,060		43.3846	to		30.9652		806,416		1.11			1.35		to	2.30			(5.70	)	to	(6.60	)
2021		30,307		46.0088	to		33.1533		999,848		0.63			1.35		to	2.30			26.12		to	24.92
2020		33,525		36.4810	to		26.5402		882,635		1.34			1.35		to	2.30			1.09		to	0.12
AM25
2024		—		28.3537	to		22.8822		—		—			1.70		to	2.05			(1.42	)	to	(1.52	)
2023		977		28.7617	to		23.2357		25,491		—			1.70		to	2.05			10.45		to	10.07
2022		956		26.0393	to		21.1105		22,654		—			1.70		to	2.05			(29.03	)	to	(29.28	)
2021		2,413		36.6901	to		29.8503		75,459		—			1.70		to	2.05			6.18		to	5.80
2020		2,532		34.5556	to		28.2130		74,624		1.14			1.70		to	2.05			27.40		to	26.95
C49
2024		21,314		25.2685	to		22.9322		508,474		—			1.35		to	2.05			13.56		to	12.75
2023		22,554		22.2520	to		20.3388		475,730		—			1.35		to	2.05			3.43		to	2.71
2022		23,467		21.5133	to		19.8028		480,404		—			1.35		to	2.05			(2.72	)	to	(3.40	)
2021		28,099		22.1140	to		20.4996		592,239		—			1.35		to	2.05			24.20		to	23.33
2020		29,841		17.8052	to		16.6224		508,706		—			1.35		to	2.05			(0.46	)	to	(1.17	)
C75
2024		124,898		9.9066	to		8.8547		1,183,916		4.88			1.35		to	2.30			3.61		to	2.61
2023		135,248		9.5619	to		8.6293		1,240,026		4.60			1.35		to	2.30			3.35		to	2.37
2022		180,634		9.2522	to		8.4298		1,601,042		1.15			1.35		to	2.30			(0.15	)	to	(1.10	)
2021		191,491		9.2660	to		8.5234		1,710,639		0.02			1.35		to	2.30			(1.33	)	to	(2.27	)
2020		202,456		9.3906	to		8.7210		1,840,668		0.24			1.35		to	2.30			(1.05	)	to	(1.99	)
C76
2024		25,590		13.5521	to		12.1130		329,357		5.42			1.35		to	2.30			4.28		to	3.28
2023		26,687		12.9961	to		11.7286		330,506		5.05			1.35		to	2.30			9.87		to	8.82
2022		29,903		11.8288	to		10.7775		338,462		5.25			1.35		to	2.30			(11.42	)	to	(12.27	)
2021		33,414		13.3545	to		12.2843		437,983		8.92			1.35		to	2.30			2.74		to	1.76
2020		35,124		12.9987	to		12.0719		450,462		4.65			1.35		to	2.30			4.25		to	3.25

- 40 -

DELAWARE LIFE VARIABLE ACCOUNT F - ALL-STAR

(A Separate Account of Delaware Life Insurance Company)

11. 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
C60
2024		8,996	$	52.1872	to	$	47.3628	$	449,175		—	%		1.35	%	to	2.05	%		29.23	%	to	28.32	%
2023		9,533		40.3822	to		36.9109		369,404		—			1.35		to	2.05			40.85		to	39.86
2022		10,219		28.6699	to		26.3904		281,933		—			1.35		to	2.05			(32.45	)	to	(32.93	)
2021		12,970		42.4454	to		39.3475		527,405		—			1.35		to	2.05			26.63		to	25.73
2020		13,767		33.5204	to		31.2941		443,701		—			1.35		to	2.05			32.60		to	31.66
C66
2024		8,087		28.6457	to		25.9969		219,914		—			1.35		to	2.05			11.01		to	10.23
2023		8,249		25.8038	to		23.5852		202,763		—			1.35		to	2.05			8.82		to	8.05
2022		8,340		23.7127	to		21.8271		189,025		—			1.35		to	2.05			(10.65	)	to	(11.28	)
2021		10,856		26.5402	to		24.6028		275,181		—			1.35		to	2.05			30.55		to	29.63
2020		13,933		20.3298	to		18.9792		272,143		—			1.35		to	2.05			6.03		to	5.28
C68
2024		8,364		43.1572	to		39.1675		349,297		—			1.35		to	2.05			22.71		to	21.84
2023		8,896		35.1696	to		32.1464		303,807		—			1.35		to	2.05			23.96		to	23.09
2022		9,013		28.3707	to		26.1151		248,837		—			1.35		to	2.05			(19.64	)	to	(20.20	)
2021		9,614		35.3028	to		32.7262		331,107		—			1.35		to	2.05			26.34		to	25.45
2020		9,767		27.9424	to		25.9575		266,913		—			1.35		to	2.10			16.16		to	15.28
C73
2024		20,233		22.9521	to		21.3425		432,560		4.28			1.55		to	1.85			2.88		to	2.56
2023		20,870		22.3100	to		20.8090		434,938		3.38			1.55		to	1.85			7.52		to	7.19
2022		21,522		20.7499	to		19.4125		418,385		2.64			1.55		to	1.85			(12.88	)	to	(13.15	)
2021		24,294		23.8183	to		22.3507		552,576		5.18			1.55		to	1.85			0.06		to	(0.25	)
2020		26,417		23.8047	to		22.4059		602,189		3.36			1.55		to	1.85			4.97		to	4.65
C69
2024		17,269		9.5429	to		9.2812		164,680		3.36			1.65		to	1.85			(0.11	)	to	(0.32	)
2023		16,315		9.5537	to		9.3108		155,740		2.84			1.65		to	1.85			3.97		to	3.76
2022		15,267		9.1894	to		8.9738		140,187		2.00			1.65		to	1.85			(15.55	)	to	(15.72	)
2021		15,440		10.8813	to		10.6476		167,888		1.88			1.65		to	1.85			(2.58	)	to	(2.78	)
2020		18,341		11.1695	to		10.7389		204,680		2.64			1.65		to	2.05			3.36		to	2.94
C70
2024		30,645		9.6159	to		8.4304		279,641		3.12			1.35		to	2.30			(0.05	)	to	(1.00	)
2023		33,994		9.6202	to		8.5160		310,442		2.64			1.35		to	2.30			4.01		to	3.03
2022		37,651		9.2490	to		8.2658		331,485		1.81			1.35		to	2.30			(15.48	)	to	(16.28	)
2021		44,656		10.9424	to		9.8731		465,711		1.82			1.35		to	2.30			(2.53	)	to	(3.46	)
2020		44,500		11.2267	to		10.2270		478,164		2.38			1.35		to	2.30			3.43		to	2.45
F97
2024		5,107		33.3238	to		30.3784		157,016		1.59			1.65		to	2.05			13.15		to	12.69
2023		5,359		29.4511	to		26.9575		146,560		1.77			1.65		to	2.05			8.57		to	8.13
2022		5,440		27.1270	to		24.9301		137,558		1.73			1.65		to	2.05			(6.80	)	to	(7.18	)
2021		5,558		29.1064	to		26.8572		151,403		1.67			1.65		to	2.05			22.56		to	22.06
2020		5,739		23.7494	to		22.0026		128,069		1.65			1.65		to	2.05			4.68		to	4.26

- 41 -

DELAWARE LIFE VARIABLE ACCOUNT F - ALL-STAR

(A Separate Account of Delaware Life Insurance Company)

11. 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
2024		19,681	$	23.3883	to	$	18.4221	$	418,807		2.42	%		1.35	%	to	2.30	%		(2.34	%)	to	(3.28	%)
2023		20,240		23.9491	to		19.0467		441,295		3.27			1.35		to	2.30			19.14		to	18.01
2022		25,884		20.1024	to		16.1406		475,345		3.01			1.35		to	2.30			(8.85	)	to	(9.71	)
2021		29,273		22.0536	to		17.8773		592,101		1.82			1.35		to	2.30			2.76		to	1.78
2020		31,090		21.4621	to		17.5649		614,654		3.55			1.35		to	2.30			(2.49	)	to	(3.42	)
F51
2024		1,986		41.1864	to		39.4143		81,680		1.72			1.85		to	2.05			15.80		to	15.56
2023		3,062		35.5674	to		34.1060		107,421		2.25			1.85		to	2.05			6.98		to	6.76
2022		3,417		33.2480	to		31.9457		111,972		3.10			1.85		to	2.05			(8.52	)	to	(8.71	)
2021		3,791		36.3461	to		34.9925		135,813		2.49			1.85		to	2.05			22.93		to	22.69
2020		4,120		29.5655	to		28.2645		120,087		4.41			1.85		to	2.10			3.57		to	3.31
F54
2024		7,234		31.0593	to		28.4408		219,363		2.00			1.65		to	2.05			9.43		to	8.98
2023		7,576		28.3838	to		26.0967		210,069		1.90			1.65		to	2.05			11.60		to	11.15
2022		7,975		25.4329	to		23.4778		198,273		1.85			1.65		to	2.05			(8.95	)	to	(9.32	)
2021		8,393		27.9334	to		25.8901		229,342		2.90			1.65		to	2.05			17.21		to	16.74
2020		8,865		23.8323	to		21.9784		206,892		2.69			1.65		to	2.10			(6.61	)	to	(7.04	)
V52
2024		4,761		42.6084	to		41.5305		198,794		—			1.85		to	2.05			32.06		to	31.79
2023		4,772		32.2643	to		31.5117		151,103		—			1.85		to	2.05			38.01		to	37.74
2022		4,783		23.3775	to		22.8779		109,925		—			1.85		to	2.05			(32.56	)	to	(32.70	)
2021		4,796		34.6650	to		33.9922		163,684		—			1.85		to	2.05			9.59		to	9.37
2020		4,808		31.6318	to		31.0803		149,983		—			1.85		to	2.05			39.37		to	39.09
AC1
2024		88		25.5467					2,245		1.51			1.85						(1.52)
2023		94		25.9415					2,438		—			1.85						15.70
2022		101		22.4215					2,268		1.40			1.85						(20.01)
2021		108		28.0289					3,040		1.05			1.85						3.66
2020		115		27.0397					3,109		1.74			1.85						11.64
M80
2024		10,055		109.4183	to		76.4952		807,802		—			1.35		to	2.30			29.37		to	28.13
2023		11,279		84.5765	to		59.7008		701,447		—			1.35		to	2.30			33.69		to	32.42
2022		13,920		63.2628	to		45.0834		639,301		—			1.35		to	2.30			(32.72	)	to	(33.36	)
2021		13,751		94.0330	to		67.6552		947,817		—			1.35		to	2.30			21.58		to	20.42
2020		15,055		77.3436	to		56.1821		854,253		—			1.35		to	2.30			29.76		to	28.52

- 42 -

DELAWARE LIFE VARIABLE ACCOUNT F - ALL-STAR

(A Separate Account of Delaware Life Insurance Company)

11. 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
2024		1,227	$	40.8719	to	$	39.0259	$	50,020		0.37	%		1.85	%	to	2.05	%		17.01	%	to	16.77	%
2023		2,397		34.9316	to		33.4215		81,943		0.47			1.85		to	2.05			16.48		to	16.25
2022		2,704		29.9887	to		28.7497		79,330		0.38			1.85		to	2.05			(18.22	)	to	(18.39	)
2021		3,012		38.1764	to		35.2264		108,095		0.41			1.65		to	2.05			24.43		to	23.93
2020		3,347		29.5315	to		28.4251		96,813		0.42			1.85		to	2.05			11.50		to	11.27
MB3
2024		8,212		28.2533	to		27.0229		224,651		0.13			1.65		to	2.10			14.06		to	13.54
2023		8,287		24.7711	to		23.8013		199,411		0.05			1.65		to	2.10			21.68		to	21.13
2022		9,428		20.3582	to		19.6500		187,273		—			1.65		to	2.10			(20.77	)	to	(21.13	)
2021		9,672		25.6953	to		24.9143		243,295		0.03			1.65		to	2.10			23.59		to	23.03
2020		10,077		20.7905	to		20.2505		205,765		0.24			1.65		to	2.10			20.18		to	19.64
M42
2024		131		50.8284					6,658		—			1.70						4.62
2023		131		48.5856					6,363		—			1.70						12.32
2022		131		49.3912	to		43.2555		5,666		—			1.35		to	1.70			(30.94	)	to	(31.18	)
2021		165		71.5161	to		62.8541		10,698		—			1.35		to	1.70			0.20		to	(0.15	)
2020		166		71.3701	to		62.9485		10,718		—			1.35		to	1.70			43.62		to	43.11
M83
2024		11,400		30.1310	to		26.8191		323,398		1.65			1.35		to	2.30			10.10		to	9.04
2023		12,260		27.3676	to		24.5955		317,334		1.58			1.35		to	2.30			6.48		to	5.47
2022		13,432		25.7014	to		23.3194		328,126		1.38			1.35		to	2.30			(7.17	)	to	(8.05	)
2021		15,453		27.6872	to		25.3621		408,763		1.31			1.35		to	2.30			23.76		to	22.59
2020		17,116		22.3709	to		20.6892		367,741		1.65			1.35		to	2.30			2.08		to	1.10
MG3
2024		3,931		37.4081	to		33.1988		134,386		1.23			1.35		to	2.05			12.20		to	11.41
2023		4,078		33.3395	to		29.7994		124,952		1.76			1.35		to	2.05			11.21		to	10.43
2022		4,212		29.9781	to		26.9844		116,579		0.98			1.35		to	2.05			(10.01	)	to	(10.64	)
2021		4,900		33.3134	to		30.1989		152,113		0.79			1.35		to	2.05			29.22		to	28.32
2020		5,053		25.7794	to		23.3809		121,980		1.19			1.35		to	2.10			2.47		to	1.69
P06
2024		18,400		16.3564	to		15.1455		280,168		2.61			1.35		to	1.70			0.75		to	0.39
2023		18,673		16.2349	to		15.0867		283,169		2.99			1.35		to	1.70			2.28		to	1.92
2022		18,949		15.8732	to		12.8176		281,879		6.67			1.35		to	2.30			(13.09	)	to	(13.92	)
2021		20,031		18.2648	to		17.0934		344,070		4.94			1.35		to	1.70			4.19		to	3.82
2020		20,422		17.5309	to		16.0260		337,826		1.43			1.35		to	1.85			10.21		to	9.65
P07
2024		55,808		16.1185	to		12.9879		817,846		4.03			1.35		to	2.30			1.14		to	0.17
2023		60,838		15.9361	to		12.9654		882,252		3.51			1.35		to	2.30			4.52		to	3.52
2022		67,800		15.2475	to		12.5241		944,475		2.59			1.35		to	2.30			(15.46	)	to	(16.26	)
2021		75,501		18.0359	to		14.9566		1,248,101		1.82			1.35		to	2.30			(2.60	)	to	(3.52	)
2020		77,144		18.5167	to		15.5030		1,315,534		2.13			1.35		to	2.30			7.19		to	6.17

- 43 -

DELAWARE LIFE VARIABLE ACCOUNT F - ALL-STAR

(A Separate Account of Delaware Life Insurance Company)

11. 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
2024		406	$	41.8574	to	$	32.7869	$	14,521		1.42	%		1.55	%	to	2.05	%		(9.68	%)	to	(10.14	%)
2023		510		46.3432	to		36.4857		21,293		0.32			1.55		to	2.05			15.15		to	14.57
2022		526		40.2454	to		31.8446		19,134		1.04			1.55		to	2.05			(34.87	)	to	(35.20	)
2021		1,137		61.7904	to		49.1394		62,613		0.55			1.55		to	2.05			16.97		to	16.39
2020		1,208		52.8245	to		42.2214		56,864		2.04			1.55		to	2.05			12.59		to	12.02
W416
2022		11,390		39.1771	to		28.2101		349,924		—			1.35		to	2.05			(35.71	)	to	(36.16	)
2021		11,957		60.9372	to		44.1900		575,440		—			1.35		to	2.05			4.41		to	3.67
2020		12,928		58.3657	to		45.1893		598,032		0.74			1.35		to	2.10			24.94		to	24.00
W42
2024		24,020		64.8019	to		44.5477		1,102,683		—			1.35		to	2.30			12.63		to	11.55
2023		27,754		57.5359	to		39.9360		1,144,161		—			1.35		to	2.30			20.10		to	18.96
2022		21,582		47.9061	to		33.5704		747,012		—			1.35		to	2.30			(34.36	)	to	(34.98	)
2021		20,457		72.9816	to		51.6337		1,086,098		0.74			1.35		to	2.30			7.43		to	6.41
2020		22,266		67.9322	to		48.5234		1,102,993		—			1.35		to	2.30			22.55		to	21.38

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 mutual 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  AB VPS Sustainable International Thematic Portfolio (Class B) Sub-Account (AM2) merged into Sub-Account C75 on April 15, 2024.

⁶  Sub-Account W41 merged into Sub-Account W42 on April 21, 2023.

- 44 -

Delaware Life

Variable Account F - Futurity

Financial Statements as of and for the Year Ended December 31, 2024 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, 2024

	Page(s)
Report of Independent Registered Public Accounting Firm		1-4
Financial Statements
Statement of Assets and Liabilities		5-7
Statement of Operations		8-27
Statements of Changes in Net Assets		28-56
Notes to the Financial Statements		57-76

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 - Futurity:

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities of the Sub-Accounts listed in the Appendix that comprise Delaware Life Variable Account F - Futurity (the Separate Account), as of December 31, 2024, the related statement of operations and statements of changes in net assets for the periods indicated in the Appendix, and the related notes (collectively, the financial statements) and the financial highlights for each of the years or periods in the four-year period then ended. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Sub-Accounts as of December 31, 2024, the results of their operations and changes in their net assets for the periods indicated in the Appendix, and the financial highlights for each of the years or periods in the four-year period then ended, in conformity with U.S. generally accepted accounting principles. The financial highlights for the year or period ended on or prior to December 31, 2020 were audited by other independent registered public accountants whose report, dated April 28, 2021, expressed an unqualified opinion on those financial highlights.

Basis for Opinion

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

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Such procedures also included confirmation of securities owned as of December 31, 2024, by correspondence with the transfer agent of the underlying mutual funds; when replies were not received from the transfer agent, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

/s/ KPMG LLP

We have served as the auditor of Delaware Life Insurance Company’s Separate Accounts since 2021.

Boston, Massachusetts

April 24, 2025

Appendix

AB VPS Sustainable Global Thematic Portfolio (Class B) Sub-Account (A70) (1)

AB VPS Relative Value Portfolio (Class B) Sub-Account (A71) (1)(2)

AB VPS Sustainable International Thematic Portfolio (Class B) Sub-Account (AM2) (1)

AB VPS Small Cap Growth Portfolio (Class B) Sub-Account (A19) (1)

Alger Growth & Income Portfolio I-2 Sub-Account (A55) (1)

Alger Small Cap Growth Portfolio I-2 Sub-Account (A51) (1)

ClearBridge Variable Dividend Strategy Portfolio Class I Sub-Account (C53) (1)

ClearBridge Variable Large Cap Value Portfolio Class I Sub-Account (L13) (1)

Fidelity VIP Contrafund Portfolio (Service Class 2) Sub-Account (F24) (1)

Fidelity VIP Growth Portfolio (Service Class 2) Sub-Account (F99) (1)

Fidelity VIP Overseas Portfolio (Service Class 2) Sub-Account (F91) (1)

First Eagle Overseas Variable Fund Sub-Account (FE3) (1)

Franklin Templeton Foreign VIP Fund Class 2 Sub-Account (T20) (1)

Franklin Templeton Growth VIP Fund Class 2 Sub-Account (F56) (1)

Goldman Sachs VIT Large Cap Value Fund I Class Sub-Account (G30) (1)

Goldman Sachs VIT Small Cap Equity Insights Fund I Class Sub-Account (521) (1)

Goldman Sachs VIT Strategic Growth Fund I Class Sub-Account (520) (1)

Goldman Sachs International Equity Insights Fund I Class Sub-Account (G33) (1)

Goldman Sachs VIT U.S Equity Insights Fund I Class Sub-Account (G31) (1)

Invesco V.I. Discovery Mid Cap Growth Fund, Series I Sub-Account (O00) (1)

Invesco V.I. American Franchise Fund Series I Sub-Account (V15) (1)

Invesco V.I. American Franchise Fund Series II Sub-Account (V52) (1)

Invesco V.I. Core Equity Fund I Sub-Account (A39) (1)

Invesco V.I. Core Equity Fund II Sub-Account (AC3) (1)

Invesco V.I. EQV International Equity Fund Series I Sub-Account (A21) (1)

Invesco V.I. EQV International Equity Fund Series II Sub-Account (AC1) (1)

Invesco V.I. Small Cap Equity Fund I Sub-Account (I76) (1)

LVIP JPMorgan Small Cap Core Fund Standard Class Sub-Account (J43) (1)(3)

- 2 -

LVIP JPMorgan U.S. Equity Fund Standard Class Sub-Account (J32) (1)(4)

MFS U.S. Government Money Market Portfolio Initial Class Sub-Account (MD8) (1)

MFS VIT Total Return Series Initial Class Sub-Account (M07) (1)

MFS VIT Total Return Series Service Class Sub-Account (M35) (1)

MFS VIT I Growth Series Initial Class Sub-Account (M31) (1)

MFS VIT I Growth Series Service Class Sub-Account (M80) (1)

MFS VIT I Mid Cap Growth Series Initial Class Sub-Account (MF1) (1)

MFS VIT I New Discovery Series Initial Class Sub-Account (M05) (1)

MFS VIT I New Discovery Series Service Class Sub-Account (M42) (1)

MFS VIT I Total Return Bond Series Initial Class Sub-Account (M06) (1)

MFS VIT I Research Series Initial Class Sub-Account (M33) (1)

MFS VIT I Utilities Series Initial Class Sub-Account (M44) (1)

MFS VIT I Utilities Series Service Class Sub-Account (M40) (1)

MFS VIT I Value Series Initial Class Sub-Account (M83) (1)

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

MFS VIT II Blended Research Core Equity Portfolio S Class Sub-Account (MB7) (1)

MFS VIT II Government Securities Portfolio I Class Sub-Account (M96) (1)

MFS VIT II Government Securities Portfolio S Class Sub-Account (MD2) (1)

MFS VIT II High Yield Portfolio I Class Sub-Account (MA6) (1)

MFS VIT II High Yield Portfolio Service Class Sub-Account (MA3) (1)

MFS VIT II Massachusetts Investors Growth Stock Portfolio I Class Sub-Account (MD6) (1)

MFS VIT II Massachusetts Investors Growth Stock Portfolio S Class Sub-Account (MB3) (1)

MFS VIT III Blended Research Small Cap Equity Portfolio Initial Class Sub-Account (MB8) (1)

MFS VIT III Global Real Estate Portfolio Initial Class Sub-Account (MF6) (1)

MFS VIT III Mid Cap Value Portfolio Initial Class Sub-Account (MG3) (1)

PIMCO VIT Emerging Markets Bond Portfolio Admin Class Sub-Account (PK8) (1)

PIMCO VIT Real Return Portfolio Admin Class Sub-Account (P06) (1)

PIMCO VIT Total Return Portfolio Admin Class Sub-Account (P07) (1)

Rydex VT NASDAQ-100 Fund Sub-Account (R03) (1)

- 3 -

Rydex VT Nova Fund Sub-Account (R02) (1)

(1) Statement of assets and liabilities as of December 31, 2024, the related statement of operations for the year then ended, the statements of changes in net assets for each of the years in the two-year period then ended, and the financial highlights for each of the years in the four-year period then ended. Financial highlights for the year or period ended on December 31, 2020 were audited by other independent registered public accountants.

(2) Formerly AB VPS Growth and Income Portfolio (Class B).

(3) Formerly JPMorgan Insurance Trust Small Cap Core Portfolio Class 1.

(4) Formerly JPMorgan Insurance Trust U.S. Equity Portfolio Class 1.

- 4 -

DELAWARE LIFE VARIABLE ACCOUNT F - FUTURITY

(A Separate Account of Delaware Life Insurance Company)

STATEMENT OF ASSETS AND LIABILITIES

DECEMBER 31, 2024

			Assets								Liabilities
	Shares		Cost		Investments at fair value		Receivable from Sponsor		Total assets		Payable to Sponsor		Net Assets
AB VPS Sustainable Global Thematic Portfolio (Class B) Sub-Account (A70)		13,425	$	376,737	$	440,352	$	4,035	$	444,387	$	—	$	444,387
AB VPS Relative Value Portfolio (Class B) Sub-Account (A71)		227,473		6,399,830		7,022,088		—		7,022,088		—		7,022,088
AB VPS Sustainable International Thematic Portfolio (Class B) Sub-Account (AM2) ¹		—		—		—		—		—		—		—
AB VPS Small Cap Growth Portfolio (Class B) Sub-Account (A19)		101,818		1,059,984		961,165		6,801		967,966		—		967,966
Alger Growth & Income Portfolio I-2 Sub-Account (A55)		142,137		3,268,580		4,734,573		1,087		4,735,660		—		4,735,660
Alger Small Cap Growth Portfolio I-2 Sub-Account (A51)		64,478		1,506,555		1,148,345		1,074		1,149,419		—		1,149,419
ClearBridge Variable Dividend Strategy Portfolio Class I Sub-Account (C53)		18,242		380,543		386,741		—		386,741		—		386,741
ClearBridge Variable Large Cap Value Portfolio Class I Sub-Account (L13)		13,192		265,978		257,250		—		257,250		—		257,250
Fidelity VIP Contrafund Portfolio (Service Class 2) Sub-Account (F24)		296,566		13,098,613		16,459,439		20,981		16,480,420		—		16,480,420
Fidelity VIP Growth Portfolio (Service Class 2) Sub-Account (F99)		159,082		14,189,144		14,753,229		—		14,753,229		18,567		14,734,662
Fidelity VIP Overseas Portfolio (Service Class 2) Sub-Account (F91)		64,627		1,452,059		1,625,380		36		1,625,416		—		1,625,416
First Eagle Overseas Variable Fund Sub-Account (FE3)		969,673		23,530,007		22,700,038		—		22,700,038		47,160		22,652,878
Franklin Templeton Foreign VIP Fund Class 2 Sub-Account (T20)		71,629		979,812		985,613		247		985,860		—		985,860
Franklin Templeton Growth VIP Fund Class 2 Sub-Account (F56)		45,020		527,643		561,853		—		561,853		—		561,853
Goldman Sachs VIT Large Cap Value Fund I Class Sub-Account (G30)		179,092		1,632,545		1,543,773		—		1,543,773		—		1,543,773
Goldman Sachs VIT Small Cap Equity Insights Fund I Class Sub-Account (521)		110,464		1,400,849		1,484,636		4,358		1,488,994		—		1,488,994
Goldman Sachs VIT Strategic Growth Fund I Class Sub-Account (520)		192,964		2,493,239		2,969,724		14,691		2,984,415		—		2,984,415
Goldman Sachs International Equity Insights Fund I Class Sub-Account (G33)		159,954		1,341,720		1,405,994		4,149		1,410,143		—		1,410,143
Goldman Sachs VIT U.S Equity Insights Fund I Class Sub-Account (G31)		216,069		4,143,629		4,684,385		13,170		4,697,555		—		4,697,555
Invesco V.I. Discovery Mid Cap Growth Fund, Series I Sub-Account (O00)		5,943		432,884		463,714		6,857		470,572		—		470,571
Invesco V.I. American Franchise Fund Series I Sub-Account (V15)		167,020		10,128,038		13,283,130		—		13,283,130		92,216		13,190,914
Invesco V.I. American Franchise Fund Series II Sub-Account (V52)		1,644		89,572		117,734		—		117,734		6,765		110,969
Invesco V.I. Core Equity Fund I Sub-Account (A39)		231,490		6,902,992		7,782,706		9,453		7,792,159		—		7,792,159
Invesco V.I. Core Equity Fund II Sub-Account (AC3)		1,276		37,158		42,608		—		42,608		—		42,608
Invesco V.I. EQV International Equity Fund Series I Sub-Account (A21)		129,206		4,517,143		4,330,987		2,356		4,333,343		—		4,333,343
Invesco V.I. EQV International Equity Fund Series II Sub-Account (AC1)		4,449		134,978		146,336		—		146,336		—		146,336
Invesco V.I. Small Cap Equity Fund I Sub-Account (I76)		44,153		771,235		855,235		6,456		861,691		—		861,691
LVIP JPMorgan Small Cap Core Fund Standard Class Sub-Account (J43)		46,675		945,390		1,012,564		6,298		1,018,862		—		1,018,862
LVIP JPMorgan U.S. Equity Fund Standard Class Sub-Account (J32)		83,038		2,834,388		3,694,537		27,560		3,722,097		—		3,722,097
MFS U.S. Government Money Market Portfolio Initial Class Sub-Account (MD8)		13,028,697		13,028,697		13,028,697		3,300		13,031,997		—		13,031,997
MFS VIT Total Return Series Initial Class Sub-Account (M07)		393,999		9,367,565		9,168,367		—		9,168,367		449		9,167,918
MFS VIT Total Return Series Service Class Sub-Account (M35)		327,336		7,613,560		7,410,890		—		7,410,890		3		7,410,887
MFS VIT I Growth Series Initial Class Sub-Account (M31)		253,810		15,522,028		18,606,783		—		18,606,783		2,056		18,604,727
MFS VIT I Growth Series Service Class Sub-Account (M80)		55,718		2,930,889		3,737,555		—		3,737,555		6		3,737,549
MFS VIT I Mid Cap Growth Series Initial Class Sub-Account (MF1)		1,616,889		15,309,043		14,875,378		—		14,875,378		19,148		14,856,230
MFS VIT I New Discovery Series Initial Class Sub-Account (M05)		466,058		7,333,225		6,436,259		5,311		6,441,570		—		6,441,570
MFS VIT I New Discovery Series Service Class Sub-Account (M42)		649,805		8,164,712		6,985,401		—		6,985,401		22,640		6,962,761
MFS VIT I Total Return Bond Series Initial Class Sub-Account (M06)		448,965		5,658,435		5,163,101		5,294		5,168,395		—		5,168,395
MFS VIT I Research Series Initial Class Sub-Account (M33)		352,523		10,487,610		12,546,283		—		12,546,283		240		12,546,043
MFS VIT I Utilities Series Initial Class Sub-Account (M44)		143,515		4,657,614		4,911,090		4,267		4,915,357		—		4,915,357
MFS VIT I Utilities Series Service Class Sub-Account (M40)		39,433		1,225,344		1,317,861		—		1,317,861		—		1,317,861
MFS VIT I Value Series Initial Class Sub-Account (M83)		1,493,162		30,527,772		32,297,091		—		32,297,091		41,489		32,255,602
MFS VIT II Blended Research Core Equity Portfolio I Class Sub-Account (MB6)		80,859		4,376,964		5,190,362		—		5,190,362		946		5,189,416
MFS VIT II Blended Research Core Equity Portfolio S Class Sub-Account (MB7)		51,384		2,616,378		3,246,930		—		3,246,930		—		3,246,930
MFS VIT II Government Securities Portfolio I Class Sub-Account (M96)		256,550		3,137,619		2,711,735		—		2,711,735		54		2,711,681
MFS VIT II Government Securities Portfolio S Class Sub-Account (MD2)		156,394		1,895,754		1,645,264		—		1,645,264		—		1,645,264
MFS VIT II High Yield Portfolio I Class Sub-Account (MA6)		2,496,216		13,207,082		12,531,006		—		12,531,006		4,549		12,526,457
MFS VIT II High Yield Portfolio Service Class Sub-Account (MA3)		460,843		2,439,508		2,281,172		—		2,281,172		—		2,281,172
MFS VIT II Massachusetts Investors Growth Stock Portfolio I Class Sub-Account (MD6)		506,517		11,024,931		12,131,091		—		12,131,091		20,873		12,110,218
MFS VIT II Massachusetts Investors Growth Stock Portfolio S Class Sub-Account (MB3)		187,435		3,860,843		4,372,864		—		4,372,864		3		4,372,861
MFS VIT III Blended Research Small Cap Equity Portfolio Initial Class Sub-Account (MB8)		1,191,453		11,212,502		12,295,794		—		12,295,794		30,798		12,264,996
MFS VIT III Global Real Estate Portfolio Initial Class Sub-Account (MF6)		634,904		8,551,656		7,917,257		—		7,917,257		15,492		7,901,765
MFS VIT III Mid Cap Value Portfolio Initial Class Sub-Account (MG3)		1,822,600		15,546,391		19,301,333		—		19,301,333		28,714		19,272,619
PIMCO VIT Emerging Markets Bond Portfolio Admin Class Sub-Account (PK8)		789,782		9,245,049		8,403,282		—		8,403,282		8,642		8,394,640
PIMCO VIT Real Return Portfolio Admin Class Sub-Account (P06)		245,382		3,079,641		2,824,342		134		2,824,476		—		2,824,476
PIMCO VIT Total Return Portfolio Admin Class Sub-Account (P07)		1,853,965		18,998,004		16,759,841		—		16,759,841		3,323		16,756,518
Rydex VT NASDAQ-100 Fund Sub-Account (R03)		19,659		1,204,601		1,691,852		29,259		1,721,111		—		1,721,111
Rydex VT Nova Fund Sub-Account (R02)		2,753		357,237		586,172		29,509		615,681		—		615,681

¹ This Sub-Account was closed in 2024 due to liquidation and termination of the underlying portfolio. 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.

- 5 -

DELAWARE LIFE VARIABLE ACCOUNT F - FUTURITY

(A Separate Account of Delaware Life Insurance Company)

STATEMENT OF ASSETS AND LIABILITIES (CONTINUED)

DECEMBER 31, 2024

	Units		Value Applicable to Owners of Deferred Variable Annuity Contracts		Reserve for Variable Annuities		Net Assets
A70		20,854	$	426,153	$	18,234	$	444,387
A71		196,558		7,022,088		—		7,022,088
AM2		—		—		—		—
A19		19,361		945,404		22,562		967,966
A55		107,598		4,658,852		76,808		4,735,660
A51		40,851		1,148,345		1,074		1,149,419
C53		11,256		386,741		—		386,741
L13		5,484		257,250		—		257,250
F24		230,054		16,125,215		355,205		16,480,420
F99		251,896		14,332,645		402,017		14,734,662
F91		77,068		1,593,944		31,472		1,625,416
FE3		421,160		22,429,740		223,138		22,652,878
T20		42,087		983,494		2,366		985,860
F56		20,516		561,853		—		561,853
G30		47,098		1,543,773		—		1,543,773
521		31,010		1,464,776		24,218		1,488,994
520		56,337		2,883,862		100,553		2,984,415
G33		90,350		1,391,816		18,327		1,410,143
G31		101,817		4,656,141		41,414		4,697,555
O00		29,072		447,824		22,747		470,571
V15		285,943		13,109,112		81,802		13,190,914
V52		2,789		80,554		30,415		110,969
A39		251,056		7,767,649		24,510		7,792,159
AC3		852		42,608		—		42,608
A21		197,257		4,317,452		15,891		4,333,343
AC1		4,538		146,336		—		146,336
I76		30,327		839,851		21,840		861,691
J43		21,468		997,970		20,892		1,018,862
J32		48,769		3,599,582		122,515		3,722,097
MD8		1,344,904		12,925,053		106,944		13,031,997
M07		494,878		9,115,648		52,270		9,167,918
M35		417,558		7,385,775		25,112		7,410,887
M31		340,921		18,257,186		347,541		18,604,727

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)

STATEMENT OF ASSETS AND LIABILITIES (CONTINUED)

DECEMBER 31, 2024

	Total Units		Value Applicable to Owners of Deferred Variable Annuity Contracts		Reserve for Variable Annuities		Net Assets
M80		55,513	$	3,691,629	$	45,920.00	$	3,737,549
MF1		378,024		14,725,836		130,394		14,856,230
M05		306,240		6,276,806		164,764		6,441,570
M42		344,657		6,900,640		62,121		6,962,761
M06		487,588		5,112,922		55,473		5,168,395
M33		332,463		12,520,055		25,988		12,546,043
M44		304,615		4,890,020		25,337		4,915,357
M40		85,162		1,317,861		—		1,317,861
M83		1,090,632		31,692,864		562,738		32,255,602
MB6		112,419		5,107,155		82,261		5,189,416
MB7		65,252		3,246,930		—		3,246,930
M96		174,978		2,696,088		15,593		2,711,681
MD2		130,496		1,645,264		—		1,645,264
MA6		578,488		12,366,057		160,400		12,526,457
MA3		91,976		2,281,172		—		2,281,172
MD6		317,899		11,853,742		256,476		12,110,218
MB3		91,552		4,350,258		22,603		4,372,861
MB8		239,784		12,096,379		168,617		12,264,996
MF6		199,169		7,847,591		54,174		7,901,765
MG3		530,783		18,831,177		441,442		19,272,619
PK8		260,760		8,338,510		56,130		8,394,640
P06		172,839		2,820,208		4,268		2,824,476
P07		1,033,596		16,681,716		74,802		16,756,518
R03		24,929		1,569,219		151,892		1,721,111
R02		10,641		464,083		151,598		615,681

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)

STATEMENT OF OPERATIONS

FOR THE YEAR ENDED DECEMBER 31, 2024

	A70			A71			AM2
	Sub-Account			Sub-Account			Sub-Account
Income:
Dividend income	$	—		$	90,681		$	—
Expenses:
Mortality and expense risk charges		(6,234	)		(87,927	)		(1,900	)
Administration and distribution charges		(1,664	)		(25,266	)		(469	)
Net investment income (loss)		(7,898	)		(22,512	)		(2,369	)
Net realized and change in unrealized gains (losses):
Net realized gains (losses) on sale of investments		17,212			97,298			(99,713	)
Realized gain distributions		1,498			255,156			—
Net realized gains (losses)		18,710			352,454			(99,713	)
Net change in unrealized appreciation (depreciation)		9,390			422,226			94,594
Net realized and change in unrealized gains (losses)		28,100			774,680			(5,119	)
Net increase (decrease) from operations	$	20,202		$	752,168		$	(7,488	)

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)

STATEMENT OF OPERATIONS (CONTINUED)

FOR THE YEAR ENDED DECEMBER 31, 2024

	A19			A55			A51
	Sub-Account			Sub-Account			Sub-Account
Income:
Dividend income	$	—		$	27,806		$	4,382
Expenses:
Mortality and expense risk charges		(11,834	)		(55,759	)		(14,517	)
Administration and distribution charges		(2,830	)		(12,609	)		(3,152	)
Net investment income (loss)		(14,664	)		(40,562	)		(13,287	)
Net realized and change in unrealized gains (losses):
Net realized gains (losses) on sale of investments		(272,129	)		416,336			(129,688	)
Realized gain distributions		—			16,156			—
Net realized gains (losses)		(272,129	)		432,492			(129,688	)
Net change in unrealized appreciation (depreciation)		436,386			499,116			217,964
Net realized and change in unrealized gains (losses)		164,257			931,608			88,276
Net increase (decrease) from operations	$	149,593		$	891,046		$	74,989

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)

STATEMENT OF OPERATIONS (CONTINUED)

FOR THE YEAR ENDED DECEMBER 31, 2024

	C53			L13			F24
	Sub-Account			Sub-Account			Sub-Account
Income:
Dividend income	$	5,840		$	3,235		$	5,792
Expenses:
Mortality and expense risk charges		(6,449	)		(3,414	)		(200,053	)
Administration and distribution charges		(783	)		(415	)		(56,144	)
Net investment income (loss)		(1,392	)		(594	)		(250,405	)
Net realized and change in unrealized gains (losses):
Net realized gains (losses) on sale of investments		41,725			3,410			1,898,697
Realized gain distributions		42,505			39,174			1,949,918
Net realized gains (losses)		84,230			42,584			3,848,615
Net change in unrealized appreciation (depreciation)		(18,981	)		(24,299	)		857,821
Net realized and change in unrealized gains (losses)		65,249			18,285			4,706,436
Net increase (decrease) from operations	$	63,857		$	17,691		$	4,456,031

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)

STATEMENT OF OPERATIONS (CONTINUED)

FOR THE YEAR ENDED DECEMBER 31, 2024

	F99			F91			FE3
	Sub-Account			Sub-Account			Sub-Account
Income:
Dividend income	$	—		$	23,499		$	395,243
Expenses:
Mortality and expense risk charges		(173,536	)		(19,105	)		(281,071	)
Administration and distribution charges		(48,857	)		(5,480	)		(84,337	)
Net investment income (loss)		(222,393	)		(1,086	)		29,835
Net realized and change in unrealized gains (losses):
Net realized gains (losses) on sale of investments		1,321,935			37,371			(420,741	)
Realized gain distributions		3,289,546			76,833			156,237
Net realized gains (losses)		4,611,481			114,204			(264,504	)
Net change in unrealized appreciation (depreciation)		(717,079	)		(62,168	)		1,324,870
Net realized and change in unrealized gains (losses)		3,894,402			52,036			1,060,366
Net increase (decrease) from operations	$	3,672,009		$	50,950		$	1,090,201

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)

STATEMENT OF OPERATIONS (CONTINUED)

FOR THE YEAR ENDED DECEMBER 31, 2024

	T20			F56			G30
	Sub-Account			Sub-Account			Sub-Account
Income:
Dividend income	$	26,273		$	5,409		$	21,476
Expenses:
Mortality and expense risk charges		(12,444	)		(6,885	)		(18,831	)
Administration and distribution charges		(3,662	)		(1,910	)		(3,576	)
Net investment income (loss)		10,167			(3,386	)		(931	)
Net realized and change in unrealized gains (losses):
Net realized gains (losses) on sale of investments		1,321			(5,866	)		426
Realized gain distributions		—			1,851			185,435
Net realized gains (losses)		1,321			(4,015	)		185,861
Net change in unrealized appreciation (depreciation)		(32,301	)		31,459			32,145
Net realized and change in unrealized gains (losses)		(30,980	)		27,444			218,006
Net increase (decrease) from operations	$	(20,813	)	$	24,058		$	217,075

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)

STATEMENT OF OPERATIONS (CONTINUED)

FOR THE YEAR ENDED DECEMBER 31, 2024

	521			520			G33
	Sub-Account			Sub-Account			Sub-Account
Income:
Dividend income	$	13,893		$	—		$	43,348
Expenses:
Mortality and expense risk charges		(17,006	)		(34,964	)		(18,340	)
Administration and distribution charges		(4,699	)		(10,287	)		(2,779	)
Net investment income (loss)		(7,812	)		(45,251	)		22,229
Net realized and change in unrealized gains (losses):
Net realized gains (losses) on sale of investments		1,243			96,494			6,903
Realized gain distributions		114,869			220,181			50,431
Net realized gains (losses)		116,112			316,675			57,334
Net change in unrealized appreciation (depreciation)		123,411			506,018			(14,530	)
Net realized and change in unrealized gains (losses)		239,523			822,693			42,804
Net increase (decrease) from operations	$	231,711		$	777,442		$	65,033

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)

STATEMENT OF OPERATIONS (CONTINUED)

FOR THE YEAR ENDED DECEMBER 31, 2024

	G31			O00			V15
	Sub-Account			Sub-Account			Sub-Account
Income:
Dividend income	$	28,701		$	—		$	—
Expenses:
Mortality and expense risk charges		(53,796	)		(5,486	)		(151,474	)
Administration and distribution charges		(10,427	)		(1,420	)		(29,967	)
Net investment income (loss)		(35,522	)		(6,906	)		(181,441	)
Net realized and change in unrealized gains (losses):
Net realized gains (losses) on sale of investments		199,883			(9,077	)		546,741
Realized gain distributions		620,051			—			—
Net realized gains (losses)		819,934			(9,077	)		546,741
Net change in unrealized appreciation (depreciation)		248,083			107,522			3,155,401
Net realized and change in unrealized gains (losses)		1,068,017			98,445			3,702,142
Net increase (decrease) from operations	$	1,032,495		$	91,539		$	3,520,701

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)

STATEMENT OF OPERATIONS (CONTINUED)

FOR THE YEAR ENDED DECEMBER 31, 2024

	V52			A39			AC3
	Sub-Account			Sub-Account			Sub-Account
Income:
Dividend income	$	—		$	52,496		$	247
Expenses:
Mortality and expense risk charges		(1,528	)		(87,842	)		(560	)
Administration and distribution charges		(554	)		(20,575	)		(150	)
Net investment income (loss)		(2,082	)		(55,921	)		(463	)
Net realized and change in unrealized gains (losses):
Net realized gains (losses) on sale of investments		2,344			(20,973	)		(260	)
Realized gain distributions		—			630,457			4,277
Net realized gains (losses)		2,344			609,484			4,017
Net change in unrealized appreciation (depreciation)		28,995			1,027,931			6,912
Net realized and change in unrealized gains (losses)		31,339			1,637,415			10,929
Net increase (decrease) from operations	$	29,257		$	1,581,494		$	10,466

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)

STATEMENT OF OPERATIONS (CONTINUED)

FOR THE YEAR ENDED DECEMBER 31, 2024

	A21			AC1			I76
	Sub-Account			Sub-Account			Sub-Account
Income:
Dividend income	$	81,084		$	2,308		$	1,126
Expenses:
Mortality and expense risk charges		(56,781	)		(2,001	)		(10,436	)
Administration and distribution charges		(12,792	)		(500	)		(2,584	)
Net investment income (loss)		11,511			(193	)		(11,894	)
Net realized and change in unrealized gains (losses):
Net realized gains (losses) on sale of investments		(10,750	)		463			11,329
Realized gain distributions		24,105			799			39,820
Net realized gains (losses)		13,355			1,262			51,149
Net change in unrealized appreciation (depreciation)		(59,035	)		(2,992	)		92,458
Net realized and change in unrealized gains (losses)		(45,680	)		(1,730	)		143,607
Net increase (decrease) from operations	$	(34,169	)	$	(1,923	)	$	131,713

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)

STATEMENT OF OPERATIONS (CONTINUED)

FOR THE YEAR ENDED DECEMBER 31, 2024

	J43			J32			MD8
	Sub-Account			Sub-Account			Sub-Account
Income:
Dividend income	$	8,105		$	18,770		$	630,251
Expenses:
Mortality and expense risk charges		(12,985	)		(45,239	)		(160,396	)
Administration and distribution charges		(2,800	)		(9,126	)		(39,475	)
Net investment income (loss)		(7,680	)		(35,595	)		430,380
Net realized and change in unrealized gains (losses):
Net realized gains (losses) on sale of investments		(13,114	)		140,381			—
Realized gain distributions		15,278			159,526			—
Net realized gains (losses)		2,164			299,907			—
Net change in unrealized appreciation (depreciation)		108,083			456,770			—
Net realized and change in unrealized gains (losses)		110,247			756,677			—
Net increase (decrease) from operations	$	102,567		$	721,082		$	430,380

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)

STATEMENT OF OPERATIONS (CONTINUED)

FOR THE YEAR ENDED DECEMBER 31, 2024

	M07			M35			M31
	Sub-Account			Sub-Account			Sub-Account
Income:
Dividend income	$	229,988		$	175,140		$	—
Expenses:
Mortality and expense risk charges		(107,266	)		(92,649	)		(225,574	)
Administration and distribution charges		(27,638	)		(29,225	)		(47,787	)
Net investment income (loss)		95,084			53,266			(273,361	)
Net realized and change in unrealized gains (losses):
Net realized gains (losses) on sale of investments		1,166			(6,569	)		1,754,547
Realized gain distributions		445,238			375,674			1,383,329
Net realized gains (losses)		446,404			369,105			3,137,876
Net change in unrealized appreciation (depreciation)		15,459			13,843			1,950,001
Net realized and change in unrealized gains (losses)		461,863			382,948			5,087,877
Net increase (decrease) from operations	$	556,947		$	436,214		$	4,814,516

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)

STATEMENT OF OPERATIONS (CONTINUED)

FOR THE YEAR ENDED DECEMBER 31, 2024

	M80			MF1			M05
	Sub-Account			Sub-Account			Sub-Account
Income:
Dividend income	$	—		$	—		$	—
Expenses:
Mortality and expense risk charges		(43,243	)		(179,633	)		(77,635	)
Administration and distribution charges		(12,513	)		(50,987	)		(21,264	)
Net investment income (loss)		(55,756	)		(230,620	)		(98,899	)
Net realized and change in unrealized gains (losses):
Net realized gains (losses) on sale of investments		126,534			(366,180	)		(621,904	)
Realized gain distributions		303,995			944,160			—
Net realized gains (losses)		430,529			577,980			(621,904	)
Net change in unrealized appreciation (depreciation)		524,785			1,531,316			1,072,381
Net realized and change in unrealized gains (losses)		955,314			2,109,296			450,477
Net increase (decrease) from operations	$	899,558		$	1,878,676		$	351,578

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)

STATEMENT OF OPERATIONS (CONTINUED)

FOR THE YEAR ENDED DECEMBER 31, 2024

	M42			M06			M33
	Sub-Account			Sub-Account			Sub-Account
Income:
Dividend income	$	—		$	224,270		$	75,099
Expenses:
Mortality and expense risk charges		(84,446	)		(63,141	)		(140,606	)
Administration and distribution charges		(28,609	)		(16,758	)		(49,886	)
Net investment income (loss)		(113,055	)		144,371			(115,393	)
Net realized and change in unrealized gains (losses):
Net realized gains (losses) on sale of investments		(757,981	)		(186,846	)		418,158
Realized gain distributions		—			—			722,054
Net realized gains (losses)		(757,981	)		(186,846	)		1,140,212
Net change in unrealized appreciation (depreciation)		1,217,896			95,200			948,837
Net realized and change in unrealized gains (losses)		459,915			(91,646	)		2,089,049
Net increase (decrease) from operations	$	346,860		$	52,725		$	1,973,656

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)

STATEMENT OF OPERATIONS (CONTINUED)

FOR THE YEAR ENDED DECEMBER 31, 2024

	M44			M40			M83
	Sub-Account			Sub-Account			Sub-Account
Income:
Dividend income	$	119,291		$	27,435		$	540,151
Expenses:
Mortality and expense risk charges		(63,300	)		(16,263	)		(390,715	)
Administration and distribution charges		(13,361	)		(5,619	)		(114,218	)
Net investment income (loss)		42,630			5,553			35,218
Net realized and change in unrealized gains (losses):
Net realized gains (losses) on sale of investments		216,642			(11,587	)		1,162,219
Realized gain distributions		147,205			38,197			2,446,352
Net realized gains (losses)		363,847			26,610			3,608,571
Net change in unrealized appreciation (depreciation)		93,661			89,113			(421,213	)
Net realized and change in unrealized gains (losses)		457,508			115,723			3,187,358
Net increase (decrease) from operations	$	500,138		$	121,276		$	3,222,576

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)

STATEMENT OF OPERATIONS (CONTINUED)

FOR THE YEAR ENDED DECEMBER 31, 2024

	MB6			MB7			M96
	Sub-Account			Sub-Account			Sub-Account
Income:
Dividend income	$	50,386		$	24,939		$	101,553
Expenses:
Mortality and expense risk charges		(58,999	)		(36,460	)		(34,980	)
Administration and distribution charges		(12,601	)		(12,633	)		(7,208	)
Net investment income (loss)		(21,214	)		(24,154	)		59,365
Net realized and change in unrealized gains (losses):
Net realized gains (losses) on sale of investments		154,017			122,962			(236,284	)
Realized gain distributions		343,270			222,572			—
Net realized gains (losses)		497,287			345,534			(236,284	)
Net change in unrealized appreciation (depreciation)		555,330			331,283			143,774
Net realized and change in unrealized gains (losses)		1,052,617			676,817			(92,510	)
Net increase (decrease) from operations	$	1,031,403		$	652,663		$	(33,145	)

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)

STATEMENT OF OPERATIONS (CONTINUED)

FOR THE YEAR ENDED DECEMBER 31, 2024

	MD2			MA6			MA3
	Sub-Account			Sub-Account			Sub-Account
Income:
Dividend income	$	58,976		$	806,631		$	137,579
Expenses:
Mortality and expense risk charges		(20,252	)		(154,413	)		(28,064	)
Administration and distribution charges		(7,105	)		(42,654	)		(8,828	)
Net investment income (loss)		31,619			609,564			100,687
Net realized and change in unrealized gains (losses):
Net realized gains (losses) on sale of investments		(84,729	)		(335,972	)		(65,661	)
Realized gain distributions		—			—			—
Net realized gains (losses)		(84,729	)		(335,972	)		(65,661	)
Net change in unrealized appreciation (depreciation)		35,173			407,154			75,533
Net realized and change in unrealized gains (losses)		(49,556	)		71,182			9,872
Net increase (decrease) from operations	$	(17,937	)	$	680,746		$	110,559

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)

STATEMENT OF OPERATIONS (CONTINUED)

FOR THE YEAR ENDED DECEMBER 31, 2024

	MD6			MB3			MB8
	Sub-Account			Sub-Account			Sub-Account
Income:
Dividend income	$	42,626		$	5,735		$	124,480
Expenses:
Mortality and expense risk charges		(142,026	)		(51,019	)		(152,202	)
Administration and distribution charges		(39,122	)		(17,819	)		(44,006	)
Net investment income (loss)		(138,522	)		(63,103	)		(71,728	)
Net realized and change in unrealized gains (losses):
Net realized gains (losses) on sale of investments		680,916			201,561			257,659
Realized gain distributions		1,068,478			398,990			103,614
Net realized gains (losses)		1,749,394			600,551			361,273
Net change in unrealized appreciation (depreciation)		131,125			46,076			148,284
Net realized and change in unrealized gains (losses)		1,880,519			646,627			509,557
Net increase (decrease) from operations	$	1,741,997		$	583,524		$	437,829

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)

STATEMENT OF OPERATIONS (CONTINUED)

FOR THE YEAR ENDED DECEMBER 31, 2024

	MF6			MG3			PK8
	Sub-Account			Sub-Account			Sub-Account
Income:
Dividend income	$	175,314		$	241,046		$	557,285
Expenses:
Mortality and expense risk charges		(97,304	)		(236,163	)		(103,707	)
Administration and distribution charges		(28,910	)		(68,324	)		(30,434	)
Net investment income (loss)		49,100			(63,441	)		423,144
Net realized and change in unrealized gains (losses):
Net realized gains (losses) on sale of investments		(250,640	)		1,001,063			(366,945	)
Realized gain distributions		—			812,806			—
Net realized gains (losses)		(250,640	)		1,813,869			(366,945	)
Net change in unrealized appreciation (depreciation)		(94,045	)		514,042			445,881
Net realized and change in unrealized gains (losses)		(344,685	)		2,327,911			78,936
Net increase (decrease) from operations	$	(295,585	)	$	2,264,470		$	502,080

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)

STATEMENT OF OPERATIONS (CONTINUED)

FOR THE YEAR ENDED DECEMBER 31, 2024

	P06			P07			R03
	Sub-Account			Sub-Account			Sub-Account
Income:
Dividend income	$	76,536		$	714,796		$	3,315
Expenses:
Mortality and expense risk charges		(35,094	)		(211,969	)		(19,691	)
Administration and distribution charges		(9,305	)		(61,384	)		(4,994	)
Net investment income (loss)		32,137			441,443			(21,370	)
Net realized and change in unrealized gains (losses):
Net realized gains (losses) on sale of investments		(74,320	)		(656,197	)		196,363
Realized gain distributions		—			—			30,682
Net realized gains (losses)		(74,320	)		(656,197	)		227,045
Net change in unrealized appreciation (depreciation)		57,901			408,627			109,649
Net realized and change in unrealized gains (losses)		(16,419	)		(247,570	)		336,694
Net increase (decrease) from operations	$	15,718		$	193,873		$	315,324

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)

STATEMENT OF OPERATIONS (CONTINUED)

FOR THE YEAR ENDED DECEMBER 31, 2024

	R02
	Sub-Account
Income:
Dividend income	$	—
Expenses:
Mortality and expense risk charges		(7,560	)
Administration and distribution charges		(1,753	)
Net investment income (loss)		(9,313	)
Net realized and change in unrealized gains (losses):
Net realized gains (losses) on sale of investments		95,119
Realized gain distributions		—
Net realized gains (losses)		95,119
Net change in unrealized appreciation (depreciation)		73,952
Net realized and change in unrealized gains (losses)		169,071
Net increase (decrease) from operations	$	159,758

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

FOR THE YEARS ENDED DECEMBER 31, 2024 AND 2023

	A70 Sub-Account						A71 Sub-Account
	December 31,			December 31,			December 31,			December 31,
	2024			2023			2024			2023
Operations:
Net investment income (loss)	$	(7,898	)	$	(7,614	)	$	(22,512	)	$	(21,576	)
Net realized gains (losses)		18,710			32,255			352,454			484,289
Net change in unrealized appreciation (depreciation)		9,390			33,862			422,226			227,472
Net increase (decrease) in net assets from operations		20,202			58,503			752,168			690,185
Contract Owner Transactions:
Accumulation Activity:
Purchase payments received		—			—			90,443			428,012
Transfers between Sub-Accounts (including the Fixed Account), net		1,692			1,848			(214,373	)		(283,518	)
Withdrawals, surrenders, annuitizations and contract charges		(50,734	)		(47,462	)		(813,676	)		(1,229,849	)
Net accumulation activity		(49,042	)		(45,614	)		(937,606	)		(1,085,355	)
Annuitization Activity:
Annuitizations		—			—			—			—
Annuity payments and contract charges		(2,676	)		(2,698	)		(7,611	)		(13,049	)
Adjustments to annuity reserves		782			1,006			505			(1,359	)
Net annuitization activity		(1,894	)		(1,692	)		(7,106	)		(14,408	)
Net increase (decrease) from contract owner transactions		(50,936	)		(47,306	)		(944,712	)		(1,099,763	)
Total increase (decrease) in net assets		(30,734	)		11,197			(192,544	)		(409,578	)
Net assets at beginning of year		475,121			463,924			7,214,632			7,624,210
Net assets at end of year	$	444,387		$	475,121		$	7,022,088		$	7,214,632

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, 2024 AND 2023

	AM2 Sub-Account 2						A19 Sub-Account
	December 31,			December 31,			December 31,			December 31,
	2024			2023			2024			2023
Operations:
Net investment income (loss)	$	(2,369	)	$	(9,916	)	$	(14,664	)	$	(14,134	)
Net realized gains (losses)		(99,713	)		(4,603	)		(272,129	)		(107,603	)
Net change in unrealized appreciation (depreciation)		94,594			76,468			436,386			261,101
Net increase (decrease) in net assets from operations		(7,488	)		61,949			149,593			139,364
Contract Owner Transactions:
Accumulation Activity:
Purchase payments received		4,789			75			89,199			5,063
Transfers between Sub-Accounts (including the Fixed Account), net		(600,661	)		(21,738	)		(93,361	)		8,237
Withdrawals, surrenders, annuitizations and contract charges		(16,215	)		(87,866	)		(174,361	)		(40,663	)
Net accumulation activity		(612,087	)		(109,529	)		(178,523	)		(27,363	)
Annuitization Activity:
Annuitizations		—			—			—			—
Annuity payments and contract charges		—			—			(2,596	)		(3,350	)
Adjustments to annuity reserves		—			—			1,790			804
Net annuitization activity		—			—			(806	)		(2,546	)
Net increase (decrease) from contract owner transactions		(612,087	)		(109,529	)		(179,329	)		(29,909	)
Total increase (decrease) in net assets		(619,575	)		(47,580	)		(29,736	)		109,455
Net assets at beginning of year		619,575			667,155			997,702			888,247
Net assets at end of year	$	—		$	619,575		$	967,966		$	997,702

² The current year activities for this Sub-Account are for the period from January 1, 2024 to April 15, 2024. Refer to Note 1 for details on closed Sub-Accounts.

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, 2024 AND 2023

	A55 Sub-Account						A51 Sub-Account
	December 31,			December 31,			December 31,			December 31,
	2024			2023			2024			2023
Operations:
Net investment income (loss)	$	(40,562	)	$	(2,416	)	$	(13,287	)	$	(18,046	)
Net realized gains (losses)		432,492			408,776			(129,688	)		(125,150	)
Net change in unrealized appreciation (depreciation)		499,116			448,050			217,964			301,825
Net increase (decrease) in net assets from operations		891,046			854,410			74,989			158,629
Contract Owner Transactions:
Accumulation Activity:
Purchase payments received		108,915			108,200			—			50,154
Transfers between Sub-Accounts (including the Fixed Account), net		(28,939	)		9,488			8,337			4,367
Withdrawals, surrenders, annuitizations and contract charges		(825,361	)		(454,792	)		(147,853	)		(234,372	)
Net accumulation activity		(745,385	)		(337,104	)		(139,516	)		(179,851	)
Annuitization Activity:
Annuitizations		—			62,841			—			—
Annuity payments and contract charges		(9,355	)		(1,738	)		(279	)		(256	)
Adjustments to annuity reserves		509			(75	)		244			313
Net annuitization activity		(8,846	)		61,028			(35	)		57
Net increase (decrease) from contract owner transactions		(754,231	)		(276,076	)		(139,551	)		(179,794	)
Total increase (decrease) in net assets		136,815			578,334			(64,562	)		(21,165	)
Net assets at beginning of year		4,598,845			4,020,511			1,213,981			1,235,146
Net assets at end of year	$	4,735,660		$	4,598,845		$	1,149,419		$	1,213,981

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, 2024 AND 2023

	C53 Sub-Account						L13 Sub-Account
	December 31,			December 31,			December 31,			December 31,
	2024			2023			2024			2023
Operations:
Net investment income (loss)	$	(1,392	)	$	3,750		$	(594	)	$	(206	)
Net realized gains (losses)		84,230			118,093			42,584			20,213
Net change in unrealized appreciation (depreciation)		(18,981	)		(53,729	)		(24,299	)		13,593
Net increase (decrease) in net assets from operations		63,857			68,114			17,691			33,600
Contract Owner Transactions:
Accumulation Activity:
Purchase payments received		236,152			62,307			8,213			—
Transfers between Sub-Accounts (including the Fixed Account), net		14,333			(842	)		(256	)		5,362
Withdrawals, surrenders, annuitizations and contract charges		(516,356	)		(172,499	)		(48,010	)		(6,923	)
Net accumulation activity		(265,871	)		(111,034	)		(40,053	)		(1,561	)
Annuitization Activity:
Annuitizations		—			—			—			—
Annuity payments and contract charges		—			1,011			—			—
Adjustments to annuity reserves		—			(13,369	)		—			—
Net annuitization activity		—			(12,358	)		—			—
Net increase (decrease) from contract owner transactions		(265,871	)		(123,392	)		(40,053	)		(1,561	)
Total increase (decrease) in net assets		(202,014	)		(55,278	)		(22,362	)		32,039
Net assets at beginning of year		588,755			644,033			279,612			247,573
Net assets at end of year	$	386,741		$	588,755		$	257,250		$	279,612

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, 2024 AND 2023

	F24 Sub-Account						F99 Sub-Account
	December 31,			December 31,			December 31,			December 31,
	2024			2023			2024			2023
Operations:
Net investment income (loss)	$	(250,405	)	$	(190,021	)	$	(222,393	)	$	(194,712	)
Net realized gains (losses)		3,848,615			1,063,926			4,611,481			1,217,549
Net change in unrealized appreciation (depreciation)		857,821			3,067,834			(717,079	)		2,781,767
Net increase (decrease) in net assets from operations		4,456,031			3,941,739			3,672,009			3,804,604
Contract Owner Transactions:
Accumulation Activity:
Purchase payments received		952,236			663,658			814,891			274,790
Transfers between Sub-Accounts (including the Fixed Account), net		(446,377	)		(565,318	)		(739,203	)		(1,248,261	)
Withdrawals, surrenders, annuitizations and contract charges		(3,843,470	)		(2,342,882	)		(2,475,792	)		(1,632,528	)
Net accumulation activity		(3,337,611	)		(2,244,542	)		(2,400,104	)		(2,605,999	)
Annuitization Activity:
Annuitizations		—			173,836			9,130			123,575
Annuity payments and contract charges		(42,992	)		(17,009	)		(41,319	)		(81,779	)
Adjustments to annuity reserves		9,748			3,881			(13,585	)		(1,839	)
Net annuitization activity		(33,244	)		160,708			(45,774	)		39,957
Net increase (decrease) from contract owner transactions		(3,370,855	)		(2,083,834	)		(2,445,878	)		(2,566,042	)
Total increase (decrease) in net assets		1,085,176			1,857,905			1,226,131			1,238,562
Net assets at beginning of year		15,395,244			13,537,339			13,508,531			12,269,969
Net assets at end of year	$	16,480,420		$	15,395,244		$	14,734,662		$	13,508,531

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, 2024 AND 2023

	F91 Sub-Account						FE3 Sub-Account
	December 31,			December 31,			December 31,			December 31,
	2024			2023			2024			2023
Operations:
Net investment income (loss)	$	(1,086	)	$	(11,573	)	$	29,835		$	(367,932	)
Net realized gains (losses)		114,204			34,004			(264,504	)		1,304,078
Net change in unrealized appreciation (depreciation)		(62,168	)		243,542			1,324,870			984,330
Net increase (decrease) in net assets from operations		50,950			265,973			1,090,201			1,920,476
Contract Owner Transactions:
Accumulation Activity:
Purchase payments received		191,350			19,035			1,142,897			824,803
Transfers between Sub-Accounts (including the Fixed Account), net		162,032			(32,558	)		(342,924	)		103,915
Withdrawals, surrenders, annuitizations and contract charges		(375,491	)		(166,899	)		(3,391,516	)		(2,592,271	)
Net accumulation activity		(22,109	)		(180,422	)		(2,591,543	)		(1,663,553	)
Annuitization Activity:
Annuitizations		—			32,702			8,909			87,865
Annuity payments and contract charges		(4,131	)		(3,653	)		(29,017	)		(130,774	)
Adjustments to annuity reserves		138			(103	)		(12,432	)		(14,913	)
Net annuitization activity		(3,993	)		28,946			(32,540	)		(57,822	)
Net increase (decrease) from contract owner transactions		(26,102	)		(151,476	)		(2,624,083	)		(1,721,375	)
Total increase (decrease) in net assets		24,848			114,497			(1,533,882	)		199,101
Net assets at beginning of year		1,600,568			1,486,071			24,186,760			23,987,659
Net assets at end of year	$	1,625,416		$	1,600,568		$	22,652,878		$	24,186,760

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, 2024 AND 2023

	T20 Sub-Account						F56 Sub-Account
	December 31,			December 31,			December 31,			December 31,
	2024			2023			2024			2023
Operations:
Net investment income (loss)	$	10,167		$	19,437		$	(3,386	)	$	10,892
Net realized gains (losses)		1,321			(17,793	)		(4,015	)		(9,033	)
Net change in unrealized appreciation (depreciation)		(32,301	)		189,935			31,459			100,401
Net increase (decrease) in net assets from operations		(20,813	)		191,579			24,058			102,260
Contract Owner Transactions:
Accumulation Activity:
Purchase payments received		59,839			5,270			—			146
Transfers between Sub-Accounts (including the Fixed Account), net		43,653			(65,408	)		(17,551	)		(3,524	)
Withdrawals, surrenders, annuitizations and contract charges		(204,366	)		(101,639	)		(46,003	)		(56,700	)
Net accumulation activity		(100,874	)		(161,777	)		(63,554	)		(60,078	)
Annuitization Activity:
Annuitizations		—			—			—			—
Annuity payments and contract charges		(129	)		(121	)		—			—
Adjustments to annuity reserves		(16	)		33			—			—
Net annuitization activity		(145	)		(88	)		—			—
Net increase (decrease) from contract owner transactions		(101,019	)		(161,865	)		(63,554	)		(60,078	)
Total increase (decrease) in net assets		(121,832	)		29,714			(39,496	)		42,182
Net assets at beginning of year		1,107,692			1,077,978			601,349			559,167
Net assets at end of year	$	985,860		$	1,107,692		$	561,853		$	601,349

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, 2024 AND 2023

	G30 Sub-Account						521 Sub-Account
	December 31,			December 31,			December 31,			December 31,
	2024			2023			2024			2023
Operations:
Net investment income (loss)	$	(931	)	$	1,453		$	(7,812	)	$	(6,258	)
Net realized gains (losses)		185,861			(18,261	)		116,112			(7,802	)
Net change in unrealized appreciation (depreciation)		32,145			172,690			123,411			234,804
Net increase (decrease) in net assets from operations		217,075			155,882			231,711			220,744
Contract Owner Transactions:
Accumulation Activity:
Purchase payments received		23,848			20,624			7,759			—
Transfers between Sub-Accounts (including the Fixed Account), net		52,389			(55,692	)		27,805			(3,454	)
Withdrawals, surrenders, annuitizations and contract charges		(193,689	)		(766,520	)		(256,808	)		(15,112	)
Net accumulation activity		(117,452	)		(801,588	)		(221,244	)		(18,566	)
Annuitization Activity:
Annuitizations		—			—			—			—
Annuity payments and contract charges		(12,284	)		(1,478	)		(2,154	)		(1,832	)
Adjustments to annuity reserves		1,372			(1,184	)		1,062			837
Net annuitization activity		(10,912	)		(2,662	)		(1,092	)		(995	)
Net increase (decrease) from contract owner transactions		(128,364	)		(804,250	)		(222,336	)		(19,561	)
Total increase (decrease) in net assets		88,711			(648,368	)		9,375			201,183
Net assets at beginning of year		1,455,062			2,103,430			1,479,619			1,278,436
Net assets at end of year	$	1,543,773		$	1,455,062		$	1,488,994		$	1,479,619

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, 2024 AND 2023

	520 Sub-Account						G33 Sub-Account
	December 31,			December 31,			December 31,			December 31,
	2024			2023			2024			2023
Operations:
Net investment income (loss)	$	(45,251	)	$	(37,009	)	$	22,229		$	16,018
Net realized gains (losses)		316,675			66,082			57,334			2,019
Net change in unrealized appreciation (depreciation)		506,018			747,509			(14,530	)		191,667
Net increase (decrease) in net assets from operations		777,442			776,582			65,033			209,704
Contract Owner Transactions:
Accumulation Activity:
Purchase payments received		112,287			85,670			—			37,165
Transfers between Sub-Accounts (including the Fixed Account), net		(59,473	)		78,656			(15,063	)		(25,967	)
Withdrawals, surrenders, annuitizations and contract charges		(614,778	)		(127,662	)		(32,673	)		(116,707	)
Net accumulation activity		(561,964	)		36,664			(47,736	)		(105,509	)
Annuitization Activity:
Annuitizations		—			—			5,520			—
Annuity payments and contract charges		(9,846	)		(1,505	)		(5,702	)		(13,074	)
Adjustments to annuity reserves		5,530			5,328			598			787
Net annuitization activity		(4,316	)		3,823			416			(12,287	)
Net increase (decrease) from contract owner transactions		(566,280	)		40,487			(47,320	)		(117,796	)
Total increase (decrease) in net assets		211,162			817,069			17,713			91,908
Net assets at beginning of year		2,773,253			1,956,184			1,392,430			1,300,522
Net assets at end of year	$	2,984,415		$	2,773,253		$	1,410,143		$	1,392,430

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, 2024 AND 2023

	G31 Sub-Account						O00 Sub-Account
	December 31,			December 31,			December 31,			December 31,
	2024			2023			2024			2023
Operations:
Net investment income (loss)	$	(35,522	)	$	(27,564	)	$	(6,906	)	$	(6,934	)
Net realized gains (losses)		819,934			2,063			(9,077	)		(81,366	)
Net change in unrealized appreciation (depreciation)		248,083			767,349			107,522			140,884
Net increase (decrease) in net assets from operations		1,032,495			741,848			91,539			52,584
Contract Owner Transactions:
Accumulation Activity:
Purchase payments received		127,700			—			13			44,608
Transfers between Sub-Accounts (including the Fixed Account), net		132,331			(55,316	)		(27,525	)		(64,927	)
Withdrawals, surrenders, annuitizations and contract charges		(589,191	)		(168,956	)		(23,574	)		(160,285	)
Net accumulation activity		(329,160	)		(224,272	)		(51,086	)		(180,604	)
Annuitization Activity:
Annuitizations		—			—			—			—
Annuity payments and contract charges		(18,123	)		(4,541	)		(2,576	)		(3,138	)
Adjustments to annuity reserves		5,747			(716	)		2,040			(2,547	)
Net annuitization activity		(12,376	)		(5,257	)		(536	)		(5,685	)
Net increase (decrease) from contract owner transactions		(341,536	)		(229,529	)		(51,622	)		(186,289	)
Total increase (decrease) in net assets		690,959			512,319			39,917			(133,705	)
Net assets at beginning of year		4,006,596			3,494,277			430,654			564,359
Net assets at end of year	$	4,697,555		$	4,006,596		$	470,571		$	430,654

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, 2024 AND 2023

	V15 Sub-Account						V52 Sub-Account
	December 31,			December 31,			December 31,			December 31,
	2024			2023			2024			2023
Operations:
Net investment income (loss)	$	(181,441	)	$	(151,138	)	$	(2,082	)	$	(1,716	)
Net realized gains (losses)		546,741			232,210			2,344			(1,667	)
Net change in unrealized appreciation (depreciation)		3,155,401			3,334,504			28,995			32,879
Net increase (decrease) in net assets from operations		3,520,701			3,415,576			29,257			29,496
Contract Owner Transactions:
Accumulation Activity:
Purchase payments received		766,249			411,716			—			—
Transfers between Sub-Accounts (including the Fixed Account), net		(56,680	)		(415,951	)		(650	)		(656	)
Withdrawals, surrenders, annuitizations and contract charges		(2,488,676	)		(1,070,756	)		(328	)		(23,294	)
Net accumulation activity		(1,779,107	)		(1,074,991	)		(978	)		(23,950	)
Annuitization Activity:
Annuitizations		10,932			19,041			—			—
Annuity payments and contract charges		(17,513	)		(15,980	)		(3,956	)		(3,017	)
Adjustments to annuity reserves		(61,277	)		(15,745	)		(116	)		(745	)
Net annuitization activity		(67,858	)		(12,684	)		(4,072	)		(3,762	)
Net increase (decrease) from contract owner transactions		(1,846,965	)		(1,087,675	)		(5,050	)		(27,712	)
Total increase (decrease) in net assets		1,673,736			2,327,901			24,207			1,784
Net assets at beginning of year		11,517,178			9,189,277			86,762			84,978
Net assets at end of year	$	13,190,914		$	11,517,178		$	110,969		$	86,762

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, 2024 AND 2023

	A39 Sub-Account						AC3 Sub-Account
	December 31,			December 31,			December 31,			December 31,
	2024			2023			2024			2023
Operations:
Net investment income (loss)	$	(55,921	)	$	(47,577	)	$	(463	)	$	(661	)
Net realized gains (losses)		609,484			(60,857	)		4,017			(2,718	)
Net change in unrealized appreciation (depreciation)		1,027,931			1,383,718			6,912			15,635
Net increase (decrease) in net assets from operations		1,581,494			1,275,284			10,466			12,256
Contract Owner Transactions:
Accumulation Activity:
Purchase payments received		181,583			398,638			8,640			—
Transfers between Sub-Accounts (including the Fixed Account), net		(36,861	)		13,234			(12,452	)		(1,088	)
Withdrawals, surrenders, annuitizations and contract charges		(798,182	)		(974,085	)		(24,593	)		(12,264	)
Net accumulation activity		(653,460	)		(562,213	)		(28,405	)		(13,352	)
Annuitization Activity:
Annuitizations		—			—			—			—
Annuity payments and contract charges		(1,809	)		(8,913	)		—			—
Adjustments to annuity reserves		1,727			2,296			—			—
Net annuitization activity		(82	)		(6,617.00	)		—			—
Net increase (decrease) from contract owner transactions		(653,542	)		(568,830	)		(28,405	)		(13,352	)
Total increase (decrease) in net assets		927,952			706,454			(17,939	)		(1,096	)
Net assets at beginning of year		6,864,207			6,157,753			60,547			61,643
Net assets at end of year	$	7,792,159		$	6,864,207		$	42,608		$	60,547

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, 2024 AND 2023

	A21 Sub-Account						AC1 Sub-Account
	December 31,			December 31,			December 31,			December 31,
	2024			2023			2024			2023
Operations:
Net investment income (loss)	$	11,511		$	(59,474	)	$	(193	)	$	(2,307	)
Net realized gains (losses)		13,355			(67,577	)		1,262			(141	)
Net change in unrealized appreciation (depreciation)		(59,035	)		834,232			(2,992	)		22,739
Net increase (decrease) in net assets from operations		(34,169	)		707,181			(1,923	)		20,291
Contract Owner Transactions:
Accumulation Activity:
Purchase payments received		241,558			46,122			—			—
Transfers between Sub-Accounts (including the Fixed Account), net		125,360			(40,460	)		2,612			374
Withdrawals, surrenders, annuitizations and contract charges		(727,721	)		(507,926	)		(514	)		(4,086	)
Net accumulation activity		(360,803	)		(502,264	)		2,098			(3,712	)
Annuitization Activity:
Annuitizations		—			2,358			—			—
Annuity payments and contract charges		(2,342	)		(15,454	)		—			—
Adjustments to annuity reserves		392			343			—			—
Net annuitization activity		(1,950	)		(12,753	)		—			—
Net increase (decrease) from contract owner transactions		(362,753	)		(515,017	)		2,098			(3,712	)
Total increase (decrease) in net assets		(396,922	)		192,164			175			16,579
Net assets at beginning of year		4,730,265			4,538,101			146,161			129,582
Net assets at end of year	$	4,333,343		$	4,730,265		$	146,336		$	146,161

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, 2024 AND 2023

	I76 Sub-Account						J43 Sub-Account
	December 31,			December 31,			December 31,			December 31,
	2024			2023			2024			2023
Operations:
Net investment income (loss)	$	(11,894	)	$	(12,389	)	$	(7,680	)	$	(2,284	)
Net realized gains (losses)		51,149			(35,878	)		2,164			(18,336	)
Net change in unrealized appreciation (depreciation)		92,458			168,127			108,083			140,916
Net increase (decrease) in net assets from operations		131,713			119,860			102,567			120,296
Contract Owner Transactions:
Accumulation Activity:
Purchase payments received		22,633			37,986			97,525			3,617
Transfers between Sub-Accounts (including the Fixed Account), net		(23,987	)		(135,768	)		(4,796	)		(1,196	)
Withdrawals, surrenders, annuitizations and contract charges		(89,389	)		(108,917	)		(355,092	)		(122,577	)
Net accumulation activity		(90,743	)		(206,699	)		(262,363	)		(120,156	)
Annuitization Activity:
Annuitizations		—			—			—			—
Annuity payments and contract charges		(2,477	)		(3,492	)		(2,509	)		(3,465	)
Adjustments to annuity reserves		1,668			(1,816	)		1,377			(1,615	)
Net annuitization activity		(809	)		(5,308	)		(1,132	)		(5,080	)
Net increase (decrease) from contract owner transactions		(91,552	)		(212,007	)		(263,495	)		(125,236	)
Total increase (decrease) in net assets		40,161			(92,147	)		(160,928	)		(4,940	)
Net assets at beginning of year		821,530			913,677			1,179,790			1,184,730
Net assets at end of year	$	861,691		$	821,530		$	1,018,862		$	1,179,790

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, 2024 AND 2023

	J32 Sub-Account						MD8 Sub-Account
	December 31,			December 31,			December 31,			December 31,
	2024			2023			2024			2023
Operations:
Net investment income (loss)	$	(35,595	)	$	2,648		$	430,380		$	369,730
Net realized gains (losses)		299,907			197,832			—			—
Net change in unrealized appreciation (depreciation)		456,770			489,714			—			—
Net increase (decrease) in net assets from operations		721,082			690,194			430,380			369,730
Contract Owner Transactions:
Accumulation Activity:
Purchase payments received		173,990			9,096			1,017,602			935,306
Transfers between Sub-Accounts (including the Fixed Account), net		(5,631	)		110,145			3,126,011			2,472,843
Withdrawals, surrenders, annuitizations and contract charges		(581,700	)		(152,983	)		(4,608,732	)		(1,813,382	)
Net accumulation activity		(413,341	)		(33,742	)		(465,119	)		1,594,767
Annuitization Activity:
Annuitizations		23,955			—			102			55,517
Annuity payments and contract charges		(11,603	)		(8,610	)		(48,350	)		(60,610	)
Adjustments to annuity reserves		6,581			5,293			968			798
Net annuitization activity		18,933			(3,317	)		(47,280	)		(4,295	)
Net increase (decrease) from contract owner transactions		(394,408	)		(37,059	)		(512,399	)		1,590,472
Total increase (decrease) in net assets		326,674			653,135			(82,019	)		1,960,202
Net assets at beginning of year		3,395,423			2,742,288			13,114,016			11,153,814
Net assets at end of year	$	3,722,097		$	3,395,423		$	13,031,997		$	13,114,016

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, 2024 AND 2023

	M07 Sub-Account						M35 Sub-Account
	December 31,			December 31,			December 31,			December 31,
	2024			2023			2024			2023
Operations:
Net investment income (loss)	$	95,084		$	47,447		$	53,266		$	14,052
Net realized gains (losses)		446,404			274,823			369,105			275,778
Net change in unrealized appreciation (depreciation)		15,459			436,534			13,843			349,933
Net increase (decrease) in net assets from operations		556,947			758,804			436,214			639,763
Contract Owner Transactions:
Accumulation Activity:
Purchase payments received		390,643			718,218			285,614			104,687
Transfers between Sub-Accounts (including the Fixed Account), net		159,101			63,422			15,954			(77,224	)
Withdrawals, surrenders, annuitizations and contract charges		(996,545	)		(1,790,479	)		(1,121,064	)		(1,191,302	)
Net accumulation activity		(446,801	)		(1,008,839	)		(819,496	)		(1,163,839	)
Annuitization Activity:
Annuitizations		—			50,929			—			28,797
Annuity payments and contract charges		(6,591	)		(119,478	)		(13,416	)		(2,953	)
Adjustments to annuity reserves		29			26,773			712			(1,166	)
Net annuitization activity		(6,562	)		(41,776	)		(12,704	)		24,678
Net increase (decrease) from contract owner transactions		(453,363	)		(1,050,615	)		(832,200	)		(1,139,161	)
Total increase (decrease) in net assets		103,584			(291,811	)		(395,986	)		(499,398	)
Net assets at beginning of year		9,064,334			9,356,145			7,806,873			8,306,271
Net assets at end of year	$	9,167,918		$	9,064,334		$	7,410,887		$	7,806,873

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, 2024 AND 2023

	M31 Sub-Account						M80 Sub-Account
	December 31,			December 31,			December 31,			December 31,
	2024			2023			2024			2023
Operations:
Net investment income (loss)	$	(273,361	)	$	(229,548	)	$	(55,756	)	$	(44,291	)
Net realized gains (losses)		3,137,876			1,671,474			430,529			294,425
Net change in unrealized appreciation (depreciation)		1,950,001			3,097,227			524,785			593,959
Net increase (decrease) in net assets from operations		4,814,516			4,539,153			899,558			844,093
Contract Owner Transactions:
Accumulation Activity:
Purchase payments received		725,963			78,827			120,209			240,019
Transfers between Sub-Accounts (including the Fixed Account), net		(41,921	)		(332,959	)		(37,794	)		(5,868	)
Withdrawals, surrenders, annuitizations and contract charges		(4,049,848	)		(1,140,918	)		(437,142	)		(435,688	)
Net accumulation activity		(3,365,806	)		(1,395,050	)		(354,727	)		(201,537	)
Annuitization Activity:
Annuitizations		66,292			84,905			—			36,299
Annuity payments and contract charges		(37,912	)		(114,519	)		(5,848	)		(4,150	)
Adjustments to annuity reserves		(19,218	)		24,982			(11	)		5
Net annuitization activity		9,162			(4,632	)		(5,859	)		32,154
Net increase (decrease) from contract owner transactions		(3,356,644	)		(1,399,682	)		(360,586	)		(169,383	)
Total increase (decrease) in net assets		1,457,872			3,139,471			538,972			674,710
Net assets at beginning of year		17,146,855			14,007,384			3,198,577			2,523,867
Net assets at end of year	$	18,604,727		$	17,146,855		$	3,737,549		$	3,198,577

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, 2024 AND 2023

	MF1 Sub-Account						M05 Sub-Account
	December 31,			December 31,			December 31,			December 31,
	2024			2023			2024			2023
Operations:
Net investment income (loss)	$	(230,620	)	$	(223,149	)	$	(98,899	)	$	(103,893	)
Net realized gains (losses)		577,980			(351,877	)		(621,904	)		(925,956	)
Net change in unrealized appreciation (depreciation)		1,531,316			3,179,263			1,072,381			1,886,057
Net increase (decrease) in net assets from operations		1,878,676			2,604,237			351,578			856,208
Contract Owner Transactions:
Accumulation Activity:
Purchase payments received		569,992			304,268			247,286			266,697
Transfers between Sub-Accounts (including the Fixed Account), net		(738,340	)		(693,333	)		(170,305	)		(86,023	)
Withdrawals, surrenders, annuitizations and contract charges		(1,932,254	)		(1,458,720	)		(1,229,322	)		(886,611	)
Net accumulation activity		(2,100,602	)		(1,847,785	)		(1,152,341	)		(705,937	)
Annuitization Activity:
Annuitizations		6,965			9,462			20,900			72,759
Annuity payments and contract charges		(32,112	)		(58,266	)		(26,187	)		(41,655	)
Adjustments to annuity reserves		(5,939	)		(8,297	)		1,061			(948	)
Net annuitization activity		(31,086	)		(57,101	)		(4,226	)		30,156
Net increase (decrease) from contract owner transactions		(2,131,688	)		(1,904,886	)		(1,156,567	)		(675,781	)
Total increase (decrease) in net assets		(253,012	)		699,351			(804,989	)		180,427
Net assets at beginning of year		15,109,242			14,409,891			7,246,559			7,066,132
Net assets at end of year	$	14,856,230		$	15,109,242		$	6,441,570		$	7,246,559

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, 2024 AND 2023

	M42 Sub-Account						M06 Sub-Account
	December 31,			December 31,			December 31,			December 31,
	2024			2023			2024			2023
Operations:
Net investment income (loss)	$	(113,055	)	$	(109,834	)	$	144,371		$	94,172
Net realized gains (losses)		(757,981	)		(817,075	)		(186,846	)		(208,359	)
Net change in unrealized appreciation (depreciation)		1,217,896			1,753,505			95,200			429,591
Net increase (decrease) in net assets from operations		346,860			826,596			52,725			315,404
Contract Owner Transactions:
Accumulation Activity:
Purchase payments received		279,989			190,785			326,668			132,351
Transfers between Sub-Accounts (including the Fixed Account), net		17,192			(50,076	)		498,987			192,111
Withdrawals, surrenders, annuitizations and contract charges		(848,066	)		(659,776	)		(1,331,336	)		(875,024	)
Net accumulation activity		(550,885	)		(519,067	)		(505,681	)		(550,562	)
Annuitization Activity:
Annuitizations		1,768			33,334			—			22,174
Annuity payments and contract charges		(4,376	)		(17,799	)		(6,863	)		(6,708	)
Adjustments to annuity reserves		(6,114	)		(7,100	)		411			500
Net annuitization activity		(8,722	)		8,435			(6,452	)		15,966
Net increase (decrease) from contract owner transactions		(559,607	)		(510,632	)		(512,133	)		(534,596	)
Total increase (decrease) in net assets		(212,747	)		315,964			(459,408	)		(219,192	)
Net assets at beginning of year		7,175,508			6,859,544			5,627,803			5,846,995
Net assets at end of year	$	6,962,761		$	7,175,508		$	5,168,395		$	5,627,803

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, 2024 AND 2023

	M33 Sub-Account						M44 Sub-Account
	December 31,			December 31,			December 31,			December 31,
	2024			2023			2024			2023
Operations:
Net investment income (loss)	$	(115,393	)	$	(114,407	)	$	42,630		$	122,755
Net realized gains (losses)		1,140,212			818,140			363,847			476,320
Net change in unrealized appreciation (depreciation)		948,837			1,432,547			93,661			(837,081	)
Net increase (decrease) in net assets from operations		1,973,656			2,136,280			500,138			(238,006	)
Contract Owner Transactions:
Accumulation Activity:
Purchase payments received		374,531			470,274			252,345			105,444
Transfers between Sub-Accounts (including the Fixed Account), net		(166,801	)		(192,750	)		(109,679	)		2,581
Withdrawals, surrenders, annuitizations and contract charges		(1,642,262	)		(1,288,486	)		(1,587,465	)		(1,098,033	)
Net accumulation activity		(1,434,532	)		(1,010,962	)		(1,444,799	)		(990,008	)
Annuitization Activity:
Annuitizations		—			26,923			—			—
Annuity payments and contract charges		(3,464	)		(27,731	)		(2,167	)		(11,285	)
Adjustments to annuity reserves		26			(1,213	)		786			(20,100	)
Net annuitization activity		(3,438	)		(2,021	)		(1,381	)		(31,385	)
Net increase (decrease) from contract owner transactions		(1,437,970	)		(1,012,983	)		(1,446,180	)		(1,021,393	)
Total increase (decrease) in net assets		535,686			1,123,297			(946,042	)		(1,259,399	)
Net assets at beginning of year		12,010,357			10,887,060			5,861,399			7,120,798
Net assets at end of year	$	12,546,043		$	12,010,357		$	4,915,357		$	5,861,399

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, 2024 AND 2023

	M40 Sub-Account						M83 Sub-Account
	December 31,			December 31,			December 31,			December 31,
	2024			2023			2024			2023
Operations:
Net investment income (loss)	$	5,553		$	25,886		$	35,218		$	41,339
Net realized gains (losses)		26,610			104,013			3,608,571			2,695,956
Net change in unrealized appreciation (depreciation)		89,113			(198,597	)		(421,213	)		(747,879	)
Net increase (decrease) in net assets from operations		121,276			(68,698	)		3,222,576			1,989,416
Contract Owner Transactions:
Accumulation Activity:
Purchase payments received		91,867			51,351			2,556,597			795,991
Transfers between Sub-Accounts (including the Fixed Account), net		(114,740	)		36,620			(307,671	)		(15,357	)
Withdrawals, surrenders, annuitizations and contract charges		(225,050	)		(343,014	)		(6,794,046	)		(3,879,567	)
Net accumulation activity		(247,923	)		(255,043	)		(4,545,120	)		(3,098,933	)
Annuitization Activity:
Annuitizations		—			—			393,384			100,523
Annuity payments and contract charges		—			—			(65,990	)		(100,867	)
Adjustments to annuity reserves		—			—			(16,524	)		(9,093	)
Net annuitization activity		—			—			310,870			(9,437	)
Net increase (decrease) from contract owner transactions		(247,923	)		(255,043	)		(4,234,250	)		(3,108,370	)
Total increase (decrease) in net assets		(126,647	)		(323,741	)		(1,011,674	)		(1,118,954	)
Net assets at beginning of year		1,444,508			1,768,249			33,267,276			34,386,230
Net assets at end of year	$	1,317,861		$	1,444,508		$	32,255,602		$	33,267,276

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, 2024 AND 2023

	MB6 Sub-Account						MB7 Sub-Account
	December 31,			December 31,			December 31,			December 31,
	2024			2023			2024			2023
Operations:
Net investment income (loss)	$	(21,214	)	$	(2,533	)	$	(24,154	)	$	(12,355	)
Net realized gains (losses)		497,287			350,978			345,534			250,915
Net change in unrealized appreciation (depreciation)		555,330			660,903			331,283			389,179
Net increase (decrease) in net assets from operations		1,031,403			1,009,348			652,663			627,739
Contract Owner Transactions:
Accumulation Activity:
Purchase payments received		298,831			184,277			86,692			30,310
Transfers between Sub-Accounts (including the Fixed Account), net		90,741			91,392			(104,109	)		(34,032	)
Withdrawals, surrenders, annuitizations and contract charges		(752,163	)		(839,045	)		(316,808	)		(143,117	)
Net accumulation activity		(362,591	)		(563,376	)		(334,225	)		(146,839	)
Annuitization Activity:
Annuitizations		—			32,145			—			—
Annuity payments and contract charges		(8,436	)		(3,600	)		—			—
Adjustments to annuity reserves		(205	)		(1,280	)		—			—
Net annuitization activity		(8,641	)		27,265			—			—
Net increase (decrease) from contract owner transactions		(371,232	)		(536,111	)		(334,225	)		(146,839	)
Total increase (decrease) in net assets		660,171			473,237			318,438			480,900
Net assets at beginning of year		4,529,245			4,056,008			2,928,492			2,447,592
Net assets at end of year	$	5,189,416		$	4,529,245		$	3,246,930		$	2,928,492

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, 2024 AND 2023

	M96 Sub-Account						MD2 Sub-Account
	December 31,			December 31,			December 31,			December 31,
	2024			2023			2024			2023
Operations:
Net investment income (loss)	$	59,365		$	2,145		$	31,619		$	(8,001	)
Net realized gains (losses)		(236,284	)		(111,178	)		(84,729	)		(95,079	)
Net change in unrealized appreciation (depreciation)		143,774			209,288			35,173			150,190
Net increase (decrease) in net assets from operations		(33,145	)		100,255			(17,937	)		47,110
Contract Owner Transactions:
Accumulation Activity:
Purchase payments received		82,432			111,323			116,280			72,827
Transfers between Sub-Accounts (including the Fixed Account), net		22,307			153,307			(21,383	)		63,009
Withdrawals, surrenders, annuitizations and contract charges		(1,120,857	)		(541,912	)		(412,076	)		(456,137	)
Net accumulation activity		(1,016,118	)		(277,282	)		(317,179	)		(320,301	)
Annuitization Activity:
Annuitizations		16,434			—			—			—
Annuity payments and contract charges		(2,963	)		(9,221	)		—			—
Adjustments to annuity reserves		(5	)		(53	)		—			—
Net annuitization activity		13,466			(9,274	)		—			—
Net increase (decrease) from contract owner transactions		(1,002,652	)		(286,556	)		(317,179	)		(320,301	)
Total increase (decrease) in net assets		(1,035,797	)		(186,301	)		(335,116	)		(273,191	)
Net assets at beginning of year		3,747,478			3,933,779			1,980,380			2,253,571
Net assets at end of year	$	2,711,681		$	3,747,478		$	1,645,264		$	1,980,380

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, 2024 AND 2023

	MA6 Sub-Account						MA3 Sub-Account
	December 31,			December 31,			December 31,			December 31,
	2024			2023			2024			2023
Operations:
Net investment income (loss)	$	609,564		$	562,134		$	100,687		$	92,230
Net realized gains (losses)		(335,972	)		(412,555	)		(65,661	)		(95,549	)
Net change in unrealized appreciation (depreciation)		407,154			1,179,350			75,533			250,917
Net increase (decrease) in net assets from operations		680,746			1,328,929			110,559			247,598
Contract Owner Transactions:
Accumulation Activity:
Purchase payments received		857,574			459,137			206,584			100,053
Transfers between Sub-Accounts (including the Fixed Account), net		(161,030	)		98,458			18,569			33,508
Withdrawals, surrenders, annuitizations and contract charges		(2,200,660	)		(1,537,939	)		(478,216	)		(495,885	)
Net accumulation activity		(1,504,116	)		(980,344	)		(253,063	)		(362,324	)
Annuitization Activity:
Annuitizations		11,880			14,554			—			—
Annuity payments and contract charges		(17,706	)		(77,835	)		(7,021	)		—
Adjustments to annuity reserves		(2,585	)		(1,396	)		519			(838	)
Net annuitization activity		(8,411	)		(64,677	)		(6,502	)		(838	)
Net increase (decrease) from contract owner transactions		(1,512,527	)		(1,045,021	)		(259,565	)		(363,162	)
Total increase (decrease) in net assets		(831,781	)		283,908			(149,006	)		(115,564	)
Net assets at beginning of year		13,358,238			13,074,330			2,430,178			2,545,742
Net assets at end of year	$	12,526,457		$	13,358,238		$	2,281,172		$	2,430,178

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, 2024 AND 2023

	MD6 Sub-Account						MB3 Sub-Account
	December 31,			December 31,			December 31,			December 31,
	2024			2023			2024			2023
Operations:
Net investment income (loss)	$	(138,522	)	$	(137,125	)	$	(63,103	)	$	(60,936	)
Net realized gains (losses)		1,749,394			834,395			600,551			328,921
Net change in unrealized appreciation (depreciation)		131,125			1,727,792			46,076			533,281
Net increase (decrease) in net assets from operations		1,741,997			2,425,062			583,524			801,266
Contract Owner Transactions:
Accumulation Activity:
Purchase payments received		343,973			60,315			169,904			48,660
Transfers between Sub-Accounts (including the Fixed Account), net		(131,662	)		(203,632	)		(23,735	)		(81,143	)
Withdrawals, surrenders, annuitizations and contract charges		(2,461,412	)		(1,372,704	)		(552,946	)		(340,381	)
Net accumulation activity		(2,249,101	)		(1,516,021	)		(406,777	)		(372,864	)
Annuitization Activity:
Annuitizations		20,732			149,944			—			21,789
Annuity payments and contract charges		(30,408	)		(10,290	)		(13,850	)		(2,381	)
Adjustments to annuity reserves		(19,519	)		(4,360	)		663			(1,178	)
Net annuitization activity		(29,195	)		135,294			(13,187	)		18,230
Net increase (decrease) from contract owner transactions		(2,278,296	)		(1,380,727	)		(419,964	)		(354,634	)
Total increase (decrease) in net assets		(536,299	)		1,044,335			163,560			446,632
Net assets at beginning of year		12,646,517			11,602,182			4,209,301			3,762,669
Net assets at end of year	$	12,110,218		$	12,646,517		$	4,372,861		$	4,209,301

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, 2024 AND 2023

	MB8 Sub-Account						MF6 Sub-Account
	December 31,			December 31,			December 31,			December 31,
	2024			2023			2024			2023
Operations:
Net investment income (loss)	$	(71,728	)	$	(94,864	)	$	49,100		$	(57,215	)
Net realized gains (losses)		361,273			200,639			(250,640	)		460,779
Net change in unrealized appreciation (depreciation)		148,284			1,933,209			(94,045	)		399,718
Net increase (decrease) in net assets from operations		437,829			2,038,984			(295,585	)		803,282
Contract Owner Transactions:
Accumulation Activity:
Purchase payments received		493,459			333,140			689,037			233,285
Transfers between Sub-Accounts (including the Fixed Account), net		10,828			(460,747	)		252,103			31,939
Withdrawals, surrenders, annuitizations and contract charges		(1,877,045	)		(1,273,775	)		(1,621,886	)		(927,327	)
Net accumulation activity		(1,372,758	)		(1,401,382	)		(680,746	)		(662,103	)
Annuitization Activity:
Annuitizations		7,264			35,798			2,879			8,010
Annuity payments and contract charges		(22,417	)		(85,377	)		(6,281	)		(39,169	)
Adjustments to annuity reserves		(8,349	)		(11,963	)		(3,260	)		(4,099	)
Net annuitization activity		(23,502	)		(61,542	)		(6,662	)		(35,258	)
Net increase (decrease) from contract owner transactions		(1,396,260	)		(1,462,924	)		(687,408	)		(697,361	)
Total increase (decrease) in net assets		(958,431	)		576,060			(982,993	)		105,921
Net assets at beginning of year		13,223,427			12,647,367			8,884,758			8,778,837
Net assets at end of year	$	12,264,996		$	13,223,427		$	7,901,765		$	8,884,758

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, 2024 AND 2023

	MG3 Sub-Account						PK8 Sub-Account
	December 31,			December 31,			December 31,			December 31,
	2024			2023			2024			2023
Operations:
Net investment income (loss)	$	(63,441	)	$	40,782		$	423,144		$	363,395
Net realized gains (losses)		1,813,869			1,022,624			(366,945	)		(373,268	)
Net change in unrealized appreciation (depreciation)		514,042			977,187			445,881			794,030
Net increase (decrease) in net assets from operations		2,264,470			2,040,593			502,080			784,157
Contract Owner Transactions:
Accumulation Activity:
Purchase payments received		1,412,053			690,835			583,240			271,929
Transfers between Sub-Accounts (including the Fixed Account), net		(594,346	)		(215,112	)		(81,357	)		140,647
Withdrawals, surrenders, annuitizations and contract charges		(3,884,817	)		(2,175,716	)		(1,530,981	)		(958,756	)
Net accumulation activity		(3,067,110	)		(1,699,993	)		(1,029,098	)		(546,180	)
Annuitization Activity:
Annuitizations		264,370			59,506			1,618			12,039
Annuity payments and contract charges		(51,595	)		(74,457	)		(8,163	)		(36,966	)
Adjustments to annuity reserves		(12,560	)		(11,668	)		(2,454	)		(2,387	)
Net annuitization activity		200,215			(26,619	)		(8,999	)		(27,314	)
Net increase (decrease) from contract owner transactions		(2,866,895	)		(1,726,612	)		(1,038,097	)		(573,494	)
Total increase (decrease) in net assets		(602,425	)		313,981			(536,017	)		210,663
Net assets at beginning of year		19,875,044			19,561,063			8,930,657			8,719,994
Net assets at end of year	$	19,272,619		$	19,875,044		$	8,394,640		$	8,930,657

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)

STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)

FOR THE YEARS ENDED DECEMBER 31, 2024 AND 2023

	P06 Sub-Account						P07 Sub-Account
	December 31,			December 31,			December 31,			December 31,
	2024			2023			2024			2023
Operations:
Net investment income (loss)	$	32,137		$	47,257		$	441,443		$	374,623
Net realized gains (losses)		(74,320	)		(108,222	)		(656,197	)		(816,719	)
Net change in unrealized appreciation (depreciation)		57,901			123,578			408,627			1,185,621
Net increase (decrease) in net assets from operations		15,718			62,613			193,873			743,525
Contract Owner Transactions:
Accumulation Activity:
Purchase payments received		155,845			58,977			1,229,452			520,725
Transfers between Sub-Accounts (including the Fixed Account), net		15,395			108,769			774,648			1,493,734
Withdrawals, surrenders, annuitizations and contract charges		(406,581	)		(742,129	)		(3,944,828	)		(3,155,360	)
Net accumulation activity		(235,341	)		(574,383	)		(1,940,728	)		(1,140,901	)
Annuitization Activity:
Annuitizations		—			—			1,770			13,096
Annuity payments and contract charges		(826	)		(816	)		(17,492	)		(40,062	)
Adjustments to annuity reserves		78			60			(476	)		(2,983	)
Net annuitization activity		(748	)		(756	)		(16,198	)		(29,949	)
Net increase (decrease) from contract owner transactions		(236,089	)		(575,139	)		(1,956,926	)		(1,170,850	)
Total increase (decrease) in net assets		(220,371	)		(512,526	)		(1,763,053	)		(427,325	)
Net assets at beginning of year		3,044,847			3,557,373			18,519,571			18,946,896
Net assets at end of year	$	2,824,476		$	3,044,847		$	16,756,518		$	18,519,571

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

- 55 -

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, 2024 AND 2023

	R03 Sub-Account						R02 Sub-Account
	December 31,			December 31,			December 31,			December 31,
	2024			2023			2024			2023
Operations:
Net investment income (loss)	$	(21,370	)	$	(19,300	)	$	(9,313	)	$	(7,246	)
Net realized gains (losses)		227,045			55,994			95,119			34,092
Net change in unrealized appreciation (depreciation)		109,649			452,418			73,952			111,530
Net increase (decrease) in net assets from operations		315,324			489,112			159,758			138,376
Contract Owner Transactions:
Accumulation Activity:
Purchase payments received		173,446			—			—			2,300
Transfers between Sub-Accounts (including the Fixed Account), net		7,336			115,347			78,333			58,817
Withdrawals, surrenders, annuitizations and contract charges		(257,594	)		(108,262	)		(177,214	)		(73,028	)
Net accumulation activity		(76,812	)		7,085			(98,881	)		(11,911	)
Annuitization Activity:
Annuitizations		—			—			—			—
Annuity payments and contract charges		(17,442	)		(6,727	)		(15,468	)		(6,774	)
Adjustments to annuity reserves		10,503			11,554			10,390			11,749
Net annuitization activity		(6,939	)		4,827			(5,078	)		4,975
Net increase (decrease) from contract owner transactions		(83,751	)		11,912			(103,959	)		(6,936	)
Total increase (decrease) in net assets		231,573			501,024			55,799			131,440
Net assets at beginning of year		1,489,538			988,514			559,882			428,442
Net assets at end of year	$	1,721,111		$	1,489,538		$	615,681		$	559,882

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

- 56 -

DELAWARE LIFE VARIABLE ACCOUNT F - FUTURITY

(A Separate Account of Delaware Life Insurance Company)

NOTES TO FINANCIAL STATEMENTS

FOR THE YEAR ENDED DECEMBER 31, 2024

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.

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.

There were no Sub-Accounts held by the contract owners of the Variable Account that had a name change during the current year.

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

Closed Sub-Account	New Sub-Account	Effective Date
AM2	MD8	April 15, 2024
I84	O00	April 30, 2020

- 57 -

DELAWARE LIFE VARIABLE ACCOUNT F - FUTURITY

(A Separate Account of Delaware Life Insurance Company)

NOTES TO FINANCIAL STATEMENTS

FOR THE YEAR ENDED DECEMBER 31, 2024

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, 2024. 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.

- 58 -

DELAWARE LIFE VARIABLE ACCOUNT F - FUTURITY

(A Separate Account of Delaware Life Insurance Company)

NOTES TO FINANCIAL STATEMENTS

FOR THE YEAR ENDED DECEMBER 31, 2024

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 GAAP 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, 2024, noting that there are no subsequent events requiring accounting adjustments or disclosure.

- 59 -

DELAWARE LIFE VARIABLE ACCOUNT F - FUTURITY

(A Separate Account of Delaware Life Insurance Company)

NOTES TO FINANCIAL STATEMENTS

FOR THE YEAR ENDED DECEMBER 31, 2024

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.

The Variable Account uses the Funds’ closing net asset value to determine the fair value of its Sub-Accounts. As of December 31, 2024, 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, 2024. There were no transfers between levels during the year ended December 31, 2024.

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.

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.

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.

- 60 -

DELAWARE LIFE VARIABLE ACCOUNT F -   FUTURITY

(A Separate Account of Delaware Life Insurance Company)

NOTES TO FINANCIAL STATEMENTS

FOR THE YEAR ENDED DECEMBER 31, 2024

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, 2024, 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”.

- 61 -

DELAWARE LIFE VARIABLE ACCOUNT F - FUTURITY

(A Separate Account of Delaware Life Insurance Company)

NOTES TO FINANCIAL STATEMENTS

FOR THE YEAR ENDED DECEMBER 31, 2024

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 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 3% or 4% 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.

- 62 -

DELAWARE LIFE VARIABLE ACCOUNT F - FUTURITY

(A Separate Account of Delaware Life Insurance Company)

NOTES TO FINANCIAL STATEMENTS

FOR THE YEAR ENDED DECEMBER 31, 2024

7. INVESTMENT PURCHASES AND SALES

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

	Purchases		Sales
A70	$	3,615	$	61,775
A71		567,956		1,281,570
AM2		4,977		619,486
A19		160,073		355,938
A55		230,869		1,010,154
A51		17,770		170,754
C53		287,578		512,381
L13		52,692		54,186
F24		3,492,833		5,176,122
F99		5,471,065		4,842,640
F91		458,541		409,169
FE3		2,300,922		4,728,537
T20		143,762		234,690
F56		15,486		80,624
G30		292,232		237,580
521		169,421		285,886
520		425,054		822,801
G33		107,185		82,553
G31		952,418		715,241
O00		6,654		67,258
V15		1,120,683		3,088,123
V52		178		7,203
A39		886,516		967,637
AC3		13,495		38,091
A21		566,393		894,075
AC1		5,724		3,033

- 63 -

DELAWARE LIFE VARIABLE ACCOUNT F - FUTURITY

(A Separate Account of Delaware Life Insurance Company)

NOTES TO FINANCIAL STATEMENTS

FOR THE YEAR ENDED DECEMBER 31, 2024

7. INVESTMENT PURCHASES AND SALES (CONTINUED)

	Purchases		Sales
I76	$	78,539	$	143,902
J43		171,300		428,674
J32		458,780		735,827
MD8		5,064,171		5,148,238
M07		1,319,609		1,233,401
M35		891,455		1,296,660
M31		2,503,782		4,732,016
M80		471,655		584,259
MF1		2,087,430		3,501,662
M05		398,364		1,655,475
M42		554,782		1,221,953
M06		1,087,039		1,455,431
M33		1,187,720		2,020,054
M44		601,095		1,858,686
M40		169,822		374,122
M83		6,632,266		8,371,162
MB6		937,626		987,496
MB7		444,945		581,001
M96		328,359		1,271,935
MD2		231,675		517,399
MA6		2,303,474		3,204,031
MA3		367,852		527,852
MD6		1,602,648		2,932,053
MB3		615,402		701,103
MB8		1,325,736		2,682,878
MF6		1,996,406		2,632,203
MG3		3,049,342		5,155,987
PK8		1,483,230		2,096,487
P06		336,441		540,725
P07		3,325,323		4,841,901
R03		387,630		473,677
R02		98,239		222,557

- 64 -

DELAWARE LIFE VARIABLE ACCOUNT F - FUTURITY

(A Separate Account of Delaware Life Insurance Company)

NOTES TO FINANCIAL STATEMENTS

FOR THE YEAR ENDED DECEMBER 31, 2024

8. CHANGES IN UNITS OUTSTANDING

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

	Units Issued		Units Redeemed		Net Increase (Decrease)
A70		109		1,711		(1,602	)
A71		12,579		40,365		(27,786	)
AM2		215		26,012		(25,797	)
A19		3,530		7,806		(4,276	)
A55		5,666		23,918		(18,252	)
A51		665		5,104		(4,439	)
C53		7,571		16,059		(8,488	)
L13		224		1,093		(869	)
F24		24,325		76,767		(52,442	)
F99		44,522		88,983		(44,461	)
F91		16,676		18,544		(1,868	)
FE3		35,951		84,445		(48,494	)
T20		4,733		8,916		(4,183	)
F56		300		2,541		(2,241	)
G30		2,855		6,961		(4,106	)
521		872		6,421		(5,549	)
520		6,029		17,454		(11,425	)
G33		1,268		3,872		(2,604	)
G31		9,170		16,003		(6,833	)
O00		458		4,032		(3,574	)
V15		41,395		86,216		(44,821	)
V52		4		130		(126	)
A39		8,206		31,599		(23,393	)
AC3		290		1,082		(792	)
A21		21,109		37,348		(16,239	)
AC1		84		15		69
I76		1,446		4,794		(3,348	)
J43		3,113		9,142		(6,029	)
J32		4,392		10,052		(5,660	)
MD8		477,808		535,523		(57,715	)
M07		45,641		70,200		(24,559	)
M35		27,752		75,638		(47,886	)
M31		30,779		85,598		(54,819	)
M80		2,892		9,416		(6,524	)

- 65 -

DELAWARE LIFE VARIABLE ACCOUNT F - FUTURITY

(A Separate Account of Delaware Life Insurance Company)

NOTES TO FINANCIAL STATEMENTS

FOR THE YEAR ENDED DECEMBER 31, 2024

8. CHANGES IN UNITS OUTSTANDING (CONTINUED)

	Units Issued		Units Redeemed		Net Increase (Decrease)
MF1		33,575		89,907		(56,332	)
M05		28,179		84,249		(56,070	)
M42		28,172		55,589		(27,417	)
M06		97,659		146,203		(48,544	)
M33		10,475		50,543		(40,068	)
M44		21,506		116,466		(94,960	)
M40		6,982		24,414		(17,432	)
M83		143,261		289,461		(146,200	)
MB6		15,014		24,191		(9,177	)
MB7		4,404		11,496		(7,092	)
M96		15,635		81,557		(65,922	)
MD2		13,200		37,617		(24,417	)
MA6		73,419		143,213		(69,794	)
MA3		9,399		20,571		(11,172	)
MD6		21,337		78,117		(56,780	)
MB3		5,189		14,030		(8,841	)
MB8		23,936		51,047		(27,111	)
MF6		46,496		61,027		(14,531	)
MG3		61,939		144,915		(82,976	)
PK8		31,776		65,244		(33,468	)
P06		15,566		30,577		(15,011	)
P07		164,590		285,596		(121,006	)
R03		9,429		11,498		(2,069	)
R02		3,374		5,765		(2,391	)

- 66 -

DELAWARE LIFE VARIABLE ACCOUNT F - FUTURITY

(A Separate Account of Delaware Life Insurance Company)

NOTES TO FINANCIAL STATEMENTS

FOR THE YEAR ENDED DECEMBER 31, 2024

8. CHANGES IN UNITS OUTSTANDING (CONTINUED)

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

	Units Issued		Units Redeemed		Net Increase (Decrease)
A70		3,892		5,940		(2,048	)
A71		19,148		56,833		(37,685	)
AM2		2,247		7,198		(4,951	)
A19		1,756		2,422		(666	)
A55		16,480		25,897		(9,417	)
A51		6,636		12,927		(6,291	)
C53		2,393		6,766		(4,373	)
L13		1,215		1,247		(32	)
F24		24,840		67,945		(43,105	)
F99		23,613		86,765		(63,152	)
F91		9,125		16,915		(7,790	)
FE3		42,869		78,235		(35,366	)
T20		4,129		11,189		(7,060	)
F56		74		2,649		(2,575	)
G30		2,148		32,025		(29,877	)
521		553		1,007		(454	)
520		6,741		6,351		390
G33		3,603		11,197		(7,594	)
G31		2,752		9,911		(7,159	)
O00		7,339		22,257		(14,918	)
V15		18,584		54,108		(35,524	)
V52		—		980		(980	)
A39		18,230		42,031		(23,801	)
AC3		2		346		(344	)
A21		4,276		29,070		(24,794	)
AC1		12		130		(118	)
I76		3,499		12,548		(9,049	)
J43		933		4,130		(3,197	)
J32		4,269		4,964		(695	)
MD8		411,566		238,360		173,206
M07		63,837		130,025		(66,188	)
M35		14,404		86,466		(72,062	)
M31		12,959		52,391		(39,432	)
M80		9,113		12,499		(3,386	)

- 67 -

DELAWARE LIFE VARIABLE ACCOUNT F - FUTURITY

(A Separate Account of Delaware Life Insurance Company)

NOTES TO FINANCIAL STATEMENTS

FOR THE YEAR ENDED DECEMBER 31, 2024

8. CHANGES IN UNITS OUTSTANDING (CONTINUED)

	Units Issued		Units Redeemed		Net Increase (Decrease)
MF1		14,807		75,635		(60,828	)
M05		32,519		68,776		(36,257	)
M42		21,907		49,653		(27,746	)
M06		61,839		115,651		(53,812	)
M33		18,818		53,690		(34,872	)
M44		12,997		81,299		(68,302	)
M40		6,023		24,151		(18,128	)
M83		76,766		198,933		(122,167	)
MB6		11,834		28,019		(16,185	)
MB7		856		4,743		(3,887	)
M96		19,696		38,706		(19,010	)
MD2		13,616		39,838		(26,222	)
MA6		54,617		109,959		(55,342	)
MA3		9,466		26,331		(16,865	)
MD6		20,386		61,886		(41,500	)
MB3		1,943		10,961		(9,018	)
MB8		16,421		48,729		(32,308	)
MF6		16,654		34,637		(17,983	)
MG3		42,440		99,264		(56,824	)
PK8		24,344		44,629		(20,285	)
P06		15,742		52,006		(36,264	)
P07		152,684		227,770		(75,086	)
R03		5,181		4,945		236
R02		2,942		3,073		(131	)

9. 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.

10. SEGMENT REPORTING

The Variable Account derives revenues from the variable portion of certain variable annuity products sold by the Sponsor. The Sponsor has identified its Chief Product Officer as the chief operating decision maker (“CODM”) for overseeing the Variable Account’s variable annuity products and the performance of the Funds to evaluate the results of the business and make operational decisions. The Variable Account’s products constitute a single operating segment and therefore, a single reportable segment. The Variable Account is structured with a limited purpose by design and its sole purpose is to record and report the Funds’ activities and performance. Investment performance of the Funds may vary based on the Fund’s investment objectives specified in the fund prospectuses. The accounting policies used to measure the profit and loss of the segment are the same as those described in the summary of significant accounting policies herein. Refer to the Variable Account’s Statement of Operations for segment expenses for the year ended December 31, 2024 and the Statement of Assets and Liabilities for segment assets at December 31, 2024.

- 68 -

DELAWARE LIFE VARIABLE ACCOUNT F - FUTURITY

(A Separate Account of Delaware Life Insurance Company)

NOTES TO FINANCIAL STATEMENTS

FOR THE YEAR ENDED DECEMBER 31, 2024

11. 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,
	Units		Unit Value4					Net Assets		Investment Income Ratio1			Expense Ratio lowest to highest2						Total Return3
A70
2024		20,854	$	19.2913	to	$	33.7181	$	444,387		—	%		1.15	%	to	2.10	%		4.73	%	to	3.73	%
2023		22,456		18.4196	to		32.5071		475,121		0.03			1.15		to	2.10			14.38		to	13.29
2022		24,504		16.1041	to		28.6937		463,924		—			1.15		to	2.10			(28.00	)	to	(28.69	)
2021		31,053		22.3679	to		40.2380		785,144		—			1.15		to	2.10			21.16		to	20.01
2020		34,687		18.4608	to		33.5291		714,807		0.45			1.15		to	2.10			37.48		to	36.17
A71
2024		196,558		37.6484	to		42.1251		7,022,088		1.26			1.15		to	2.10			11.46		to	10.39
2023		224,344		33.7777	to		38.1611		7,214,632		1.25			1.15		to	2.10			10.44		to	9.39
2022		262,029		30.5840	to		34.8846		7,624,210		1.10			1.15		to	2.10			(5.51	)	to	(6.41	)
2021		276,394		32.3691	to		37.2757		8,500,155		0.64			1.15		to	2.10			26.37		to	25.17
2020		302,915		25.6146	to		29.7811		7,384,564		1.29			1.15		to	2.10			1.29		to	0.32
AM25
2024		—		25.2219	to		26.7725		—		—			1.15		to	2.10			(1.26	)	to	(1.54	)
2023		25,797		25.5429	to		27.1902		619,575		—			1.15		to	2.10			11.07		to	10.01
2022		30,748		22.9977	to		24.7160		667,155		—			1.15		to	2.10			(28.63	)	to	(29.32	)
2021		36,793		32.2253	to		34.9665		1,122,489		—			1.15		to	2.10			6.77		to	5.75
2020		48,513		30.1828	to		33.0656		1,394,660		1.10			1.15		to	2.10			28.11		to	26.88
A19
2024		19,361		52.4547	to		66.9972		967,966		—			1.15		to	2.10			17.07		to	15.95
2023		23,637		44.8050	to		57.7823		997,702		—			1.15		to	2.10			16.38		to	15.27
2022		24,303		38.4996	to		50.1272		888,247		—			1.15		to	2.10			(39.96	)	to	(40.53	)
2021		25,995		64.1253	to		84.2966		1,578,476		—			1.15		to	2.10			7.95		to	6.92
2020		25,694		59.4044	to		78.8431		1,462,606		—			1.15		to	2.10			51.87		to	50.42
A55
2024		107,598		35.5259	to		45.6472		4,735,660		0.59			1.15		to	1.85			21.24		to	20.39
2023		125,850		29.3012	to		37.9172		4,598,845		1.40			1.15		to	1.85			22.51		to	21.65
2022		135,267		23.9172	to		31.1679		4,020,511		1.41			1.15		to	1.85			(15.95	)	to	(16.54	)
2021		148,347		28.4574	to		37.3462		5,270,547		1.15			1.15		to	1.85			30.15		to	29.24
2020		169,439		21.8649	to		28.8971		4,752,286		1.39			1.15		to	1.85			13.56		to	12.76
A51
2024		40,851		22.8073	to		26.4043		1,149,419		0.37			1.15		to	1.85			6.88		to	6.12
2023		45,290		21.3394	to		24.8809		1,213,981		—			1.15		to	1.85			15.16		to	14.35
2022		51,581		18.5307	to		21.7582		1,235,146		—			1.15		to	1.85			(38.73	)	to	(39.16	)
2021		54,554		30.2421	to		35.7606		2,134,397		—			1.15		to	1.85			(7.14	)	to	(7.79	)
2020		56,954		32.5674	to		38.7827		2,386,011		1.06			1.15		to	1.85			65.23		to	64.07
C53
2024		11,256		34.3601					386,741		1.13			1.40						15.22
2023		19,744		29.8219					588,755		2.04			1.40						12.62
2022		24,117		26.4800					644,033		1.20			1.40						(9.37)
2021		30,862		29.2177					906,875		1.51			1.40						25.05
2020		33,248		23.3655					780,319		1.37			1.40						6.18

- 69 -

DELAWARE LIFE VARIABLE ACCOUNT F - FUTURITY

(A Separate Account of Delaware Life Insurance Company)

NOTES TO FINANCIAL STATEMENTS

FOR THE YEAR ENDED DECEMBER 31, 2024

11. 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
2024		5,484		$46.9073			$	257,250		1.18	%		1.40%				6.57%
2023		6,353		44.0140				279,612		1.31			1.40				13.51
2022		6,385		38.7761				247,573		1.24			1.40				(7.72)
2021		7,758		42.0205				325,999		0.99			1.40				24.47
2020		9,300		33.7608				313,962		1.48			1.40				3.79
F24
2024		230,054		77.4226	to	70.5823		16,480,420		0.04			1.15	to	2.10		31.90		to	30.64
2023		282,496		58.6959	to	54.0294		15,395,244		0.25			1.15	to	2.10		31.59		to	30.34
2022		325,601		44.6041	to	41.4518		13,537,339		0.25			1.15	to	2.10		(27.33	)	to	(28.02	)
2021		365,838		61.3800	to	55.3834		21,038,611		0.03			1.15	to	2.30		26.05		to	24.60
2020		422,383		48.6962	to	44.4507		19,365,539		0.08			1.15	to	2.30		28.73		to	27.25
F99
2024		251,896		59.2062	to	74.1769		14,734,662		—			1.15	to	2.30		28.57		to	27.08
2023		296,357		46.0501	to	58.3721		13,508,531		—			1.15	to	2.30		34.33		to	32.79
2022		359,509		34.2804	to	43.9576		12,269,969		0.35			1.15	to	2.30		(25.51	)	to	(26.37	)
2021		371,927		46.0193	to	59.6980		17,083,341		—			1.15	to	2.30		21.49		to	20.09
2020		465,466		37.8785	to	49.7100		17,526,406		0.04			1.15	to	2.30		41.90		to	40.26
F91
2024		77,068		22.2405	to	27.8751		1,625,416		1.40			1.15	to	2.10		3.59		to	2.60
2023		78,936		21.4692	to	27.1697		1,600,568		0.78			1.15	to	2.10		18.84		to	17.71
2022		86,726		18.0651	to	23.0811		1,486,071		0.57			1.15	to	2.10		(25.55	)	to	(26.26	)
2021		347,457		24.2634	to	31.2990		8,486,481		0.33			1.15	to	2.10		18.02		to	16.89
2020		347,509		20.5588	to	26.7755		7,248,029		0.22			1.15	to	2.10		14.01		to	12.91
FE3
2024		421,160		59.0131	to	46.4595		22,652,878		1.66			1.15	to	2.10		4.88		to	3.86
2023		469,654		56.2685	to	44.7336		24,186,760		—			1.15	to	2.10		8.83		to	7.78
2022		505,020		51.7046	to	41.5042		23,987,659		2.06			1.15	to	2.10		(9.21	)	to	(10.08	)
2021		591,037		56.9496	to	46.1588		31,035,581		0.89			1.15	to	2.10		3.25		to	2.26
2020		647,434		55.1553	to	43.4966		33,030,181		2.70			1.15	to	2.30		5.63		to	4.40
T20
2024		42,087		25.4744	to	19.5875		985,860		2.48			1.15	to	2.10		(2.13	)	to	(3.09	)
2023		46,270		26.0298	to	20.2111		1,107,692		3.26			1.15	to	2.10		19.39		to	18.24
2022		53,330		21.8030	to	17.0934		1,077,978		2.95			1.15	to	2.10		(8.66	)	to	(9.54	)
2021		61,230		23.8691	to	18.8951		1,343,875		1.82			1.15	to	2.10		2.97		to	1.98
2020		62,603		23.1800	to	18.5282		1,340,524		3.44			1.15	to	2.10		(2.29	)	to	(3.23	)
F56
2024		20,516		29.6569	to	22.6447		561,853		0.91			1.15	to	2.10		4.18		to	3.18
2023		22,757		28.4662	to	21.9466		601,349		3.33			1.15	to	2.10		19.62		to	18.49
2022		25,332		23.7964	to	18.5224		559,167		0.16			1.15	to	2.10		(12.52	)	to	(13.35	)
2021		26,462		27.2015	to	21.3765		669,353		1.09			1.15	to	2.10		3.67		to	2.68
2020		28,440		26.2393	to	20.8189		697,837		2.99			1.15	to	2.10		4.58		to	3.58
G30
2024		47,098		34.8195	to	31.9385		1,543,773		1.40			1.15	to	1.85		15.75		to	14.92
2023		51,204		30.0809	to	27.7913		1,455,062		1.55			1.15	to	1.85		11.73		to	10.94
2022		81,081		26.9231	to	25.0516		2,103,430		1.35			1.15	to	1.85		(7.43	)	to	(8.09	)
2021		87,072		29.0850	to	27.2570		2,448,631		1.15			1.15	to	1.85		22.72		to	21.85
2020		99,769		23.7003	to	22.3698		2,293,253		1.45			1.15	to	1.85		2.79		to	2.06

- 70 -

DELAWARE LIFE VARIABLE ACCOUNT F - FUTURITY

(A Separate Account of Delaware Life Insurance Company)

NOTES TO FINANCIAL STATEMENTS

FOR THE YEAR ENDED DECEMBER 31, 2024

11. 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
2024		31,010	$	61.7001	to	$	51.1176	$	1,488,994		0.96	%		1.15	%	to	1.70	%		17.69	%	to	17.02	%
2023		36,559		52.4280	to		43.6834		1,479,619		1.03			1.15		to	1.70			17.92		to	17.26
2022		37,013		44.4600	to		37.2533		1,278,436		0.31			1.15		to	1.70			(20.30	)	to	(20.75	)
2021		38,721		55.7824	to		47.0044		1,691,218		0.45			1.15		to	1.70			22.38		to	21.69
2020		43,899		45.5809	to		38.6254		1,602,246		0.23			1.15		to	1.70			7.34		to	6.74
520
2024		56,337		57.1712	to		67.0243		2,984,415		—			1.15		to	2.10			30.83		to	29.58
2023		67,762		43.6973	to		51.7254		2,773,253		—			1.15		to	2.10			40.32		to	38.98
2022		67,372		31.1418	to		37.2168		1,956,184		—			1.15		to	2.10			(33.29	)	to	(33.93	)
2021		65,706		46.6828	to		56.3264		2,874,030		—			1.15		to	2.10			20.53		to	19.38
2020		81,708		38.7326	to		47.1839		2,997,168		0.09			1.15		to	2.10			38.89		to	37.56
G33
2024		90,350		13.9514	to		14.6330		1,410,143		2.99			1.15		to	1.70			4.91		to	4.32
2023		92,954		13.2991	to		14.0269		1,392,430		2.63			1.15		to	1.70			17.35		to	16.70
2022		100,548		11.3331	to		11.6105		1,300,522		3.15			1.15		to	1.85			(14.55	)	to	(15.15	)
2021		108,489		13.2622	to		13.6828		1,654,704		2.72			1.15		to	1.85			10.88		to	10.10
2020		121,479		11.9606	to		12.4271		1,697,556		1.60			1.15		to	1.85			5.58		to	4.84
G31
2024		101,817		48.3514	to		44.1681		4,697,555		0.64			1.15		to	2.05			26.85		to	25.68
2023		108,650		38.1167	to		35.1423		4,006,596		0.70			1.15		to	2.05			22.40		to	21.29
2022		115,809		31.1404	to		28.9740		3,494,277		0.80			1.15		to	2.05			(20.65	)	to	(21.38	)
2021		125,842		39.2451	to		36.8509		4,805,105		0.78			1.15		to	2.05			27.93		to	26.77
2020		144,157		30.6762	to		29.0699		4,314,841		0.87			1.15		to	2.05			16.20		to	15.14
O00
2024		29,072		16.2315	to		15.5203		470,571		—			1.15		to	2.10			22.79		to	21.61
2023		32,646		13.2185	to		12.7621		430,654		—			1.15		to	2.10			11.86		to	10.79
2022		47,564		11.8175	to		11.5189		564,359		—			1.15		to	2.10			(31.77	)	to	(32.42	)
2021		46,399		17.3211	to		17.0460		806,137		—			1.15		to	2.10			17.73		to	16.61
2020		48,250		14.7124	to		14.6183		708,295		—			1.15		to	2.10			47.12		to	46.18
V15
2024		285,943		48.1881	to		43.9927		13,190,914		—			1.15		to	1.85			33.34		to	32.38
2023		330,764		36.0906	to		33.2310		11,517,178		—			1.15		to	1.85			39.31		to	38.34
2022		366,288		25.9060	to		24.0212		9,189,277		—			1.15		to	1.85			(31.90	)	to	(32.38	)
2021		391,428		38.0864	to		35.5244		14,479,127		—			1.15		to	1.85			10.65		to	9.86
2020		442,986		34.4198	to		32.3347		14,870,443		0.07			1.15		to	1.85			40.73		to	39.73
V52
2024		2,789		45.4373	to		41.2611		110,969		—			1.35		to	2.10			32.74		to	31.73
2023		2,915		34.2315	to		31.3235		86,762		—			1.35		to	2.10			38.71		to	37.67
2022		3,895		24.6782	to		22.7529		84,978		—			1.35		to	2.10			(32.22	)	to	(32.73	)
2021		4,199		36.4092	to		33.8239		150,011		—			1.35		to	2.10			10.14		to	9.31
2020		4,558		33.0558	to		30.9423		147,742		—			1.35		to	2.10			40.08		to	39.02
A39
2024		251,056		35.7510	to		30.7845		7,792,159		0.70			1.15		to	1.85			24.17		to	23.28
2023		274,449		28.7928	to		24.9720		6,864,207		0.72			1.15		to	1.85			21.96		to	21.10
2022		298,250		23.6077	to		20.6213		6,157,753		0.90			1.15		to	1.85			(21.45	)	to	(22.01	)
2021		321,190		30.0544	to		26.4404		8,455,254		0.65			1.15		to	1.85			26.29		to	25.39
2020		370,766		23.7987	to		21.0870		7,711,112		1.32			1.15		to	1.85			12.55		to	11.75

- 71 -

DELAWARE LIFE VARIABLE ACCOUNT F - FUTURITY

(A Separate Account of Delaware Life Insurance Company)

NOTES TO FINANCIAL STATEMENTS

FOR THE YEAR ENDED DECEMBER 31, 2024

11. 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
2024		852	$	51.0425	to	$	35.7178	$	42,608		0.34	%		1.35	%	to	1.85	%		23.59	%	to	22.96	%
2023		1,644		41.3001	to		29.0481		60,547		0.44			1.35		to	1.85			21.43		to	20.82
2022		1,988		34.0104	to		24.0418		61,643		0.64			1.35		to	1.85			(21.82	)	to	(22.21	)
2021		1,953		43.5020	to		30.9072		77,417		0.45			1.35		to	1.85			25.67		to	25.03
2020		2,005		34.6172	to		24.7195		63,522		1.01			1.35		to	1.85			12.04		to	11.47
A21
2024		197,257		27.4499	to		20.5426		4,333,343		1.73			1.15		to	1.85			(0.54	)	to	(1.25	)
2023		213,496		27.5979	to		20.8028		4,730,265		0.19			1.15		to	1.85			16.80		to	15.98
2022		238,290		23.6275	to		17.9372		4,538,101		1.66			1.15		to	1.85			(19.23	)	to	(19.81	)
2021		281,978		29.2545	to		22.3681		6,720,256		1.24			1.15		to	1.85			4.68		to	3.94
2020		306,071		27.9456	to		21.5206		7,053,997		2.36			1.15		to	1.85			12.69		to	11.89
AC1
2024		4,538		33.8580	to		29.7358		146,336		1.55			1.35		to	2.10			(1.02	)	to	(1.77	)
2023		4,469		34.2061	to		30.2721		146,161		—			1.35		to	2.10			16.28		to	15.41
2022		4,587		29.4160	to		26.2303		129,582		1.35			1.35		to	2.10			(19.60	)	to	(20.21	)
2021		5,402		36.5873	to		32.8731		190,359		1.07			1.35		to	2.10			4.18		to	3.40
2020		5,332		35.1179	to		31.7929		180,983		2.16			1.35		to	2.10			12.20		to	11.35
I846
2020		—		19.8515	to		18.3769		—		—			1.15		to	2.10			(5.87	)	to	(6.17	)
I76
2024		30,327		30.1671	to		25.4440		861,691		0.13			1.15		to	2.10			16.72		to	15.60
2023		33,675		25.8448	to		22.0101		821,530		—			1.15		to	2.10			15.24		to	14.14
2022		42,724		22.4269	to		19.2827		913,677		—			1.15		to	2.10			(21.42	)	to	(22.17	)
2021		44,061		28.5396	to		24.7745		1,201,174		0.16			1.15		to	2.10			19.02		to	17.88
2020		50,273		23.9789	to		21.0159		1,155,560		0.36			1.15		to	2.10			25.78		to	24.58
J43
2024		21,468		49.8068	to		44.5722		1,018,862		0.77			1.15		to	1.85			10.42		to	9.64
2023		27,497		45.1083	to		40.6551		1,179,790		1.30			1.15		to	1.85			11.80		to	11.02
2022		30,694		40.3456	to		36.6188		1,184,730		0.45			1.15		to	1.85			(20.28	)	to	(20.84	)
2021		33,091		50.6074	to		46.2569		1,603,468		0.52			1.15		to	1.85			19.99		to	19.15
2020		35,618		42.1760	to		38.8227		1,444,996		0.98			1.15		to	1.85			12.38		to	11.59
J32
2024		48,769		79.9518	to		71.4190		3,722,097		0.51			1.15		to	1.85			22.56		to	21.68
2023		54,429		65.2334	to		58.6925		3,395,423		1.57			1.15		to	1.85			25.72		to	24.83
2022		55,124		51.8883	to		47.0189		2,742,288		0.52			1.15		to	1.85			(19.62	)	to	(20.19	)
2021		62,739		64.5529	to		58.9139		3,889,278		0.76			1.15		to	1.85			27.87		to	26.96
2020		80,027		50.4831	to		46.4032		3,885,805		0.78			1.15		to	1.85			23.83		to	22.95

- 72 -

DELAWARE LIFE VARIABLE ACCOUNT F - FUTURITY

(A Separate Account of Delaware Life Insurance Company)

NOTES TO FINANCIAL STATEMENTS

FOR THE YEAR ENDED DECEMBER 31, 2024

11. 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
2024		1,344,904	$	9.9918	to	$	8.8807	$	13,031,997		4.74	%		1.15	%	to	2.10	%		3.65	%	to	2.64	%
2023		1,402,619		9.6401	to		8.6521		13,114,016		4.49			1.15		to	2.10			3.41		to	2.41
2022		1,229,413		9.3226	to		8.4484		11,153,814		1.15			1.15		to	2.10			0.02		to	(0.94	)
2021		1,271,565		9.3204	to		8.3723		11,515,773		—			1.15		to	2.30			(1.14	)	to	(2.29	)
2020		1,469,033		9.4277	to		8.5683		13,527,211		0.23			1.15		to	2.30			(0.92	)	to	(2.08	)
M07
2024		494,878		19.1943	to		17.6891		9,167,918		2.48			1.15		to	1.85			6.52		to	5.75
2023		519,437		18.0202	to		16.7272		9,064,334		1.98			1.15		to	1.85			9.19		to	8.41
2022		585,625		16.5036	to		15.4289		9,356,145		1.65			1.15		to	1.85			(10.61	)	to	(11.24	)
2021		653,490		18.4624	to		17.3837		11,748,952		1.78			1.15		to	1.85			12.82		to	12.01
2020		724,185		16.3649	to		15.5191		11,589,559		2.27			1.15		to	1.85			8.56		to	7.78
M35
2024		417,558		18.6347	to		16.7041		7,410,887		2.28			1.15		to	2.10			6.22		to	5.19
2023		465,444		17.5441	to		15.8792		7,806,873		1.76			1.15		to	2.10			8.95		to	7.92
2022		537,506		16.1022	to		14.7140		8,306,271		1.46			1.15		to	2.10			(10.87	)	to	(11.72	)
2021		601,770		18.0665	to		16.3875		10,483,070		1.60			1.15		to	2.30			12.53		to	11.23
2020		675,722		16.0550	to		14.7327		10,503,400		2.05			1.15		to	2.30			8.26		to	7.00
M31
2024		340,921		66.6599	to		52.5739		18,604,727		—			1.15		to	1.85			29.96		to	29.03
2023		395,740		51.2936	to		40.7469		17,146,855		—			1.15		to	1.85			34.32		to	33.37
2022		435,172		38.1869	to		30.5518		14,007,384		—			1.15		to	1.85			(32.41	)	to	(32.89	)
2021		479,109		56.5000	to		45.5272		23,018,402		—			1.15		to	1.85			22.13		to	21.26
2020		539,465		46.2633	to		37.5458		21,408,756		—			1.15		to	1.85			30.35		to	29.42
M80
2024		55,513		70.0742	to		88.7227		3,737,549		—			1.15		to	1.95			29.63		to	28.59
2023		62,037		54.0555	to		69.7347		3,198,577		—			1.15		to	1.90			33.96		to	32.95
2022		65,423		40.3526	to		52.4516		2,523,867		—			1.15		to	1.90			(32.59	)	to	(33.10	)
2021		69,635		59.8595	to		78.3989		3,987,382		—			1.15		to	1.90			21.82		to	20.90
2020		74,584		49.1368	to		45.2070		3,511,226		—			1.15		to	2.05			30.02		to	28.85
MF1
2024		378,024		41.1570	to		36.5803		14,856,230		—			1.15		to	2.10			13.41		to	12.30
2023		434,356		36.2919	to		32.5728		15,109,242		—			1.15		to	2.10			19.95		to	18.79
2022		495,184		30.2570	to		27.4198		14,409,891		—			1.15		to	2.10			(29.51	)	to	(30.19	)
2021		532,653		42.9232	to		39.2767		22,103,980		—			1.15		to	2.10			12.81		to	11.73
2020		614,252		38.0480	to		34.5807		22,655,730		—			1.15		to	2.30			34.92		to	33.35
M05
2024		306,240		21.7199	to		20.1586		6,441,570		—			1.15		to	1.85			5.50		to	4.74
2023		362,310		20.5879	to		19.2461		7,246,559		—			1.15		to	1.85			13.11		to	12.31
2022		398,567		18.2010	to		17.1365		7,066,132		—			1.15		to	1.85			(30.56	)	to	(31.05	)
2021		407,560		26.2101	to		24.8539		10,426,785		—			1.15		to	1.85			0.64		to	(0.08	)
2020		436,260		26.0432	to		24.8728		11,129,273		—			1.15		to	1.85			44.22		to	43.20
M42
2024		344,657		21.1442	to		19.1331		6,962,761		—			1.15		to	2.10			5.20		to	4.19
2023		372,074		20.0985	to		18.3635		7,175,508		—			1.15		to	2.10			12.95		to	11.87
2022		399,820		17.7949	to		16.4148		6,859,544		—			1.15		to	2.10			(30.80	)	to	(31.46	)
2021		390,506		25.7145	to		23.9486		9,730,936		—			1.15		to	2.10			0.41		to	(0.55	)
2020		405,073		25.6106	to		23.7718		10,094,486		—			1.15		to	2.30			43.91		to	42.25
M06
2024		487,588		11.0418	to		9.8138		5,168,395		4.16			1.15		to	2.10			1.37		to	0.39
2023		536,132		10.8925	to		9.7761		5,627,803		3.15			1.15		to	2.10			6.16		to	5.14
2022		589,944		10.2604	to		9.2982		5,846,995		2.67			1.15		to	2.10			(14.91	)	to	(15.73	)
2021		726,553		12.0587	to		11.0341		8,466,471		2.70			1.15		to	2.10			(1.94	)	to	(2.89	)
2020		747,124		12.2976	to		11.3623		8,908,870		3.26			1.15		to	2.10			7.23		to	6.19

- 73 -

DELAWARE LIFE VARIABLE ACCOUNT F - FUTURITY

(A Separate Account of Delaware Life Insurance Company)

NOTES TO FINANCIAL STATEMENTS

FOR THE YEAR ENDED DECEMBER 31, 2024

11. 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
2024		332,463	$	39.4929	to	$	35.1017	$	12,546,043		0.60	%		1.15	%	to	2.10	%		17.51	%	to	16.37	%
2023		372,531		33.6086	to		30.1648		12,010,357		0.52			1.15		to	2.10			21.03		to	19.87
2022		407,403		27.7689	to		25.1652		10,887,060		0.47			1.15		to	2.10			(18.15	)	to	(18.94	)
2021		451,965		33.9273	to		31.0452		14,841,583		0.53			1.15		to	2.10			23.38		to	22.19
2020		493,818		27.4978	to		25.4066		13,188,439		0.72			1.15		to	2.10			15.26		to	14.15
M44
2024		304,615		16.6277	to		15.4324		4,915,357		2.24			1.15		to	1.85			10.38		to	9.59
2023		399,575		15.0642	to		14.0823		5,861,399		3.44			1.15		to	1.85			(3.22	)	to	(3.91	)
2022		467,877		15.5654	to		14.6551		7,120,798		2.36			1.15		to	1.85			(0.39	)	to	(1.10	)
2021		551,346		15.6263	to		14.8176		8,437,129		1.70			1.15		to	1.85			12.79		to	11.99
2020		637,525		13.8539	to		13.2311		8,672,423		2.46			1.15		to	1.85			4.69		to	3.95
M40
2024		85,162		16.1810	to		14.6419		1,317,861		1.92			1.15		to	2.10			10.06		to	9.00
2023		102,594		14.7026	to		13.4333		1,444,508		3.27			1.15		to	2.10			(3.45	)	to	(4.37	)
2022		120,722		15.2279	to		14.0470		1,768,249		2.22			1.15		to	2.10			(0.67	)	to	(1.62	)
2021		139,543		15.3310	to		14.2781		2,068,906		1.54			1.15		to	2.10			12.52		to	11.44
2020		152,285		13.6256	to		12.8120		2,017,815		2.23			1.15		to	2.10			4.40		to	3.41
M83
2024		1,090,632		30.9173	to		27.4795		32,255,602		1.61			1.15		to	2.10			10.33		to	9.26
2023		1,236,832		28.0222	to		25.1508		33,267,276		1.63			1.15		to	2.10			6.71		to	5.68
2022		1,358,999		26.2609	to		23.7987		34,386,230		1.37			1.15		to	2.10			(6.98	)	to	(7.87	)
2021		1,560,322		28.2305	to		25.8322		42,575,705		1.33			1.15		to	2.10			24.03		to	22.83
2020		1,790,880		22.7619	to		20.6874		39,542,680		1.57			1.15		to	2.30			2.29		to	1.10
MB6
2024		112,419		50.3075	to		46.3749		5,189,416		1.01			1.15		to	1.85			24.06		to	23.17
2023		121,596		40.5502	to		37.6504		4,529,245		1.37			1.15		to	1.85			27.07		to	26.17
2022		137,781		31.9123	to		29.8418		4,056,008		1.10			1.15		to	1.85			(16.96	)	to	(17.55	)
2021		158,091		38.4296	to		36.1936		5,645,783		1.10			1.15		to	1.85			28.05		to	27.14
2020		185,651		30.0106	to		28.4669		5,191,792		1.65			1.15		to	1.85			14.02		to	13.21
MB7
2024		65,252		53.7075	to		55.4652		3,246,930		0.76			1.15		to	2.10			23.73		to	22.54
2023		72,344		43.4075	to		45.2632		2,928,492		1.09			1.15		to	2.10			26.74		to	25.53
2022		76,231		34.2505	to		36.0574		2,447,592		0.86			1.15		to	2.10			(17.17	)	to	(17.95	)
2021		78,929		41.3479	to		43.9479		3,068,836		0.91			1.15		to	2.10			27.70		to	26.48
2020		87,198		32.3788	to		33.4811		2,662,895		1.35			1.15		to	2.30			13.74		to	12.42
M96
2024		174,978		16.7471	to		14.2731		2,711,681		3.46			1.15		to	1.85			(0.38	)	to	(1.10	)
2023		240,900		16.5074	to		14.4315		3,747,478		1.49			1.15		to	1.85			2.95		to	2.23
2022		259,910		16.3276	to		14.1164		3,933,779		2.00			1.15		to	1.85			(13.25	)	to	(13.87	)
2021		303,949		18.8223	to		16.3897		5,331,002		2.17			1.15		to	1.85			(3.01	)	to	(3.70	)
2020		308,930		19.4055	to		17.0187		5,605,124		3.08			1.15		to	1.85			5.16		to	4.41
MD2
2024		130,496		13.8297	to		10.4299		1,645,264		3.24			1.15		to	2.10			(0.64	)	to	(1.59	)
2023		154,913		13.9182	to		10.5986		1,980,380		1.14			1.15		to	2.10			2.67		to	1.69
2022		181,135		13.5568	to		10.4226		2,253,571		1.75			1.15		to	2.10			(13.45	)	to	(14.28	)
2021		196,553		15.6639	to		12.1584		2,836,361		1.93			1.15		to	2.10			(3.26	)	to	(4.19	)
2020		203,260		16.1925	to		12.2278		3,046,330		2.63			1.15		to	2.30			4.89		to	3.68

- 74 -

DELAWARE LIFE VARIABLE ACCOUNT F - FUTURITY

(A Separate Account of Delaware Life Insurance Company)

NOTES TO FINANCIAL STATEMENTS

FOR THE YEAR ENDED DECEMBER 31, 2024

11. 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
2024		578,488	$	27.5781	to	$	13.1175	$	12,526,457		6.17	%		1.15	%	to	2.10	%		5.70	%	to	4.67	%
2023		648,282		26.0915	to		12.5328		13,358,238		5.79			1.15		to	2.10			11.13		to	10.06
2022		703,624		23.4779	to		11.3863		13,074,330		5.34			1.15		to	2.10			(11.53	)	to	(12.38	)
2021		826,321		26.5381	to		12.9955		17,459,794		4.90			1.15		to	2.10			2.31		to	1.32
2020		877,302		25.9393	to		12.6165		18,327,314		5.62			1.15		to	2.30			3.89		to	2.67
MA3
2024		91,976		27.2134	to		23.3458		2,281,172		5.88			1.15		to	2.10			5.29		to	4.28
2023		103,148		25.8451	to		22.3872		2,430,178		5.32			1.15		to	2.10			11.19		to	10.14
2022		120,013		23.2432	to		20.3268		2,545,742		5.23			1.15		to	2.10			(11.80	)	to	(12.64	)
2021		142,732		26.3539	to		23.2688		3,455,051		4.85			1.15		to	2.10			1.90		to	0.93
2020		149,437		25.8628	to		22.2159		3,570,106		5.31			1.15		to	2.30			3.64		to	2.45
MD6
2024		317,899		48.8127	to		41.7384		12,110,218		0.34			1.15		to	1.85			14.93		to	14.11
2023		374,679		42.4711	to		36.5783		12,646,517		0.30			1.15		to	1.85			22.60		to	21.73
2022		416,179		34.6421	to		30.0487		11,602,182		0.10			1.15		to	1.85			(20.18	)	to	(20.74	)
2021		437,869		43.3982	to		37.9134		15,360,533		0.24			1.15		to	1.85			24.54		to	23.65
2020		474,974		34.8469	to		30.6610		13,469,034		0.45			1.15		to	1.85			21.13		to	20.26
MB3
2024		91,552		50.9723	to		55.2817		4,372,861		0.13			1.15		to	2.10			14.64		to	13.54
2023		100,393		44.4637	to		48.6910		4,209,301		0.05			1.15		to	2.10			22.29		to	21.13
2022		109,411		36.3596	to		40.1986		3,762,669		—			1.15		to	2.10			(20.37	)	to	(21.13	)
2021		117,581		45.6613	to		50.9680		5,089,165		0.03			1.15		to	2.10			24.21		to	23.03
2020		134,308		36.7599	to		41.4271		4,695,475		0.22			1.15		to	2.10			20.79		to	19.64
MB8
2024		239,784		60.6576	to		47.9031		12,264,996		0.96			1.15		to	2.10			3.73		to	2.74
2023		266,895		58.4739	to		46.6268		13,223,427		0.77			1.15		to	2.10			17.60		to	16.48
2022		299,203		49.7247	to		40.0306		12,647,367		0.76			1.15		to	2.10			(19.31	)	to	(20.08	)
2021		321,975		61.6247	to		50.0876		16,959,161		0.86			1.15		to	2.10			28.15		to	26.93
2020		399,198		48.0883	to		38.4858		16,443,783		0.85			1.15		to	2.30			1.06		to	(0.11	)
MF6
2024		199,169		54.0844	to		29.0382		7,901,765		2.11			1.15		to	2.10			(3.81	)	to	(4.74	)
2023		213,700		56.2245	to		30.4835		8,884,758		0.87			1.15		to	2.10			10.19		to	9.13
2022		231,683		51.0245	to		27.9325		8,778,837		1.62			1.15		to	2.10			(27.77	)	to	(28.46	)
2021		233,702		70.6402	to		39.0469		12,353,892		1.48			1.15		to	2.10			28.64		to	27.41
2020		289,933		54.9111	to		31.1405		11,937,752		4.73			1.15		to	2.30			0.33		to	(0.84	)

- 75 -

DELAWARE LIFE VARIABLE ACCOUNT F - FUTURITY

(A Separate Account of Delaware Life Insurance Company)

NOTES TO FINANCIAL STATEMENTS

FOR THE YEAR ENDED DECEMBER 31, 2024

11. 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
2024		530,783	$	38.6986	to	$	32.9137	$	19,272,619		1.21	%		1.15	%	to	2.10	%		12.43	%	to	11.35	%
2023		613,759		34.4200	to		29.5589		19,875,044		1.74			1.15		to	2.10			11.44		to	10.38
2022		670,583		30.8879	to		26.7803		19,561,063		0.98			1.15		to	2.10			(9.83	)	to	(10.69	)
2021		748,910		34.2557	to		29.9859		24,305,255		0.79			1.15		to	2.10			29.48		to	28.25
2020		891,391		26.4556	to		22.7792		22,426,346		1.23			1.15		to	2.30			2.67		to	1.49
PK8
2024		260,760		35.3416	to		27.4318		8,394,640		6.41			1.15		to	2.10			6.32		to	5.28
2023		294,228		33.2417	to		26.0551		8,930,657		5.69			1.15		to	2.10			9.88		to	8.82
2022		314,513		30.2524	to		23.9423		8,719,994		4.81			1.15		to	2.10			(16.69	)	to	(17.49	)
2021		348,864		36.3134	to		29.0185		11,649,357		4.48			1.15		to	2.10			(3.68	)	to	(4.61	)
2020		356,522		37.7024	to		29.3144		12,404,399		4.56			1.15		to	2.30			5.49		to	4.26
P06
2024		172,839		17.7218	to		14.8042		2,824,476		2.61			1.15		to	2.10			0.96		to	(0.02	)
2023		187,850		17.5529	to		14.8070		3,044,847		2.98			1.15		to	2.10			2.49		to	1.51
2022		224,114		17.1258	to		14.5870		3,557,373		6.97			1.15		to	2.10			(12.91	)	to	(13.75	)
2021		257,072		19.6647	to		16.9123		4,689,566		4.95			1.15		to	2.10			4.41		to	3.40
2020		257,143		18.8348	to		16.3562		4,525,863		1.42			1.15		to	2.10			10.44		to	9.38
P07
2024		1,033,596		17.7134	to		14.2558		16,756,518		4.02			1.15		to	2.10			1.36		to	0.37
2023		1,154,602		17.4758	to		14.2026		18,519,571		3.56			1.15		to	2.10			4.74		to	3.73
2022		1,229,688		16.6856	to		13.6919		18,946,896		2.60			1.15		to	2.10			(15.28	)	to	(16.10	)
2021		1,382,697		19.6955	to		16.3188		25,226,187		1.82			1.15		to	2.10			(2.39	)	to	(3.33	)
2020		1,429,861		20.1780	to		16.6075		26,820,334		2.13			1.15		to	2.30			7.42		to	6.17
R03
2024		24,929		67.7559	to		113.4582		1,721,111		0.21			1.15		to	2.10			22.47		to	21.29
2023		26,998		55.3239	to		93.5399		1,489,538		—			1.15		to	2.10			51.47		to	50.03
2022		26,762		36.5252	to		62.3478		988,514		—			1.15		to	2.10			(34.90	)	to	(35.52	)
2021		29,733		56.1044	to		96.6909		1,702,670		—			1.15		to	2.10			24.10		to	22.92
2020		33,536		45.2084	to		78.6624		1,543,565		0.31			1.15		to	2.10			43.29		to	41.92
R02
2024		10,641		54.1373	to		79.5816		615,681		—			1.15		to	2.10			31.22		to	29.96
2023		13,032		41.2572	to		61.2364		559,882		—			1.15		to	2.10			33.53		to	32.26
2022		13,163		30.8982	to		46.3010		428,442		0.36			1.15		to	2.10			(31.07	)	to	(31.72	)
2021		17,948		44.8223	to		67.8128		824,729		0.35			1.15		to	2.10			40.55		to	39.21
2020		19,769		31.8900	to		48.7113		644,205		0.86			1.15		to	2.10			18.65		to	17.51

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  AB VPS Sustainable International Thematic Portfolio (Class B) Sub-Account (AM2) merged into Sub-Account MD9 on April 15, 2024.

⁶  Invesco V.I. Mid Cap Growth Fund Series I Sub-Account (I84) merged into Sub-Account O00 on April 30, 2020.

- 76 -

Delaware Life Insurance Company

(A Wholly-Owned Subsidiary of DLIC Sub-Holdings, LLC)

Report of Independent Auditors

Statutory Financial Statements as of

December 31, 2024 and 2023 and for the Years Ended

December 31, 2024, 2023 and 2022

DELAWARE LIFE INSURANCE COMPANY

(A Wholly-Owned Subsidiary of DLIC Sub-Holdings, LLC)

TABLE OF CONTENTS
	Page
Report of Independent Auditors		1
Statutory Statements of Admitted Assets, Liabilities, and Capital and Surplus		4
Statutory Statements of Operations		6
Statutory Statements of Changes in Capital and Surplus		7
Statutory Statements of Cash Flow		8
Notes to the Statutory Financial Statements		10

	KPMG LLP One Financial Plaza 755 Main Street Hartford, CT 06103

Independent Auditors’ Report

The Board of Directors

Delaware Life Insurance Company:

Opinions

We have audited the financial statements of Delaware Life Insurance Company (the Company), which comprise the statutory statements of admitted assets, liabilities, and capital and surplus as of December 31, 2024 and 2023, and the related statutory statements of operations, changes in capital and surplus, and cash flow for each of the years in the three-year period ended December 31, 2024, and the related notes to the financial statements.

Unmodified Opinion on Statutory Basis of Accounting

In our opinion, the accompanying financial statements present fairly, in all material respects, the admitted assets, liabilities, and capital and surplus of the Company as of December 31, 2024 and 2023, and the results of its operations and its cash flow for each of the years in the three-year period ended December 31, 2024 in accordance with accounting practices prescribed or permitted by the Delaware Department of Insurance described in Note 2.

Adverse Opinion on U.S. Generally Accepted Accounting Principles

In our opinion, because of the significance of the matter discussed in the Basis for Adverse Opinion on U.S. Generally Accepted Accounting Principles section of our report, the financial statements do not present fairly, in accordance with U.S. generally accepted accounting principles, the financial position of the Company as of December 31, 2024 and 2023, or the results of its operations or its cash flows for each of the years in the three-year period ended December 31, 2024.

Basis for Opinions

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

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

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

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

1

Responsibilities of Management for the Financial Statements

Management is responsible for the preparation and fair presentation of the financial statements in accordance with accounting practices prescribed or permitted by the 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.

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

Auditors’ Responsibilities for the Audit of the Financial Statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditors’ report that includes our opinion. Reasonable assurance is a high level of assurance but is not absolute assurance and therefore is not a guarantee that an audit conducted in accordance with GAAS will always detect a material misstatement when it exists. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. Misstatements are considered material if there is a substantial likelihood that, individually or in the aggregate, they would influence the judgment made by a reasonable user based on the financial statements.

In performing an audit in accordance with GAAS, we:

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

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

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

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

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

2

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

/s/ KPMG LLP

Hartford, Connecticut

April 17, 2025

3

DELAWARE LIFE INSURANCE COMPANY

(A Wholly-Owned Subsidiary of DLIC Sub-Holdings, LLC)

STATUTORY STATEMENTS OF ADMITTED ASSETS, LIABILITIES, AND CAPITAL AND SURPLUS

AS OF DECEMBER 31, 2024 AND 2023 (IN THOUSANDS EXCEPT SHARE AND PER SHARE DATA)

Admitted Assets	2024		2023
General Account assets:
Bonds	$	22,182,484	$	18,134,460
Preferred stocks		729,639		802,140
Common stocks		196,204		162,439
Mortgage loans		2,191,508		1,721,502
Real estate		175,974		—
Contract loans		320,642		351,919
Derivatives		749,791		575,141
Other invested assets		1,589,384		1,493,229
Mortgage escrow funds		20,944		16,129
Receivables for securities		69,394		127,334
Cash, cash equivalents and short-term investments		4,193,943		3,859,773
Total cash and invested assets		32,419,907		27,244,066
Accrued investment income		609,241		480,307
Amounts recoverable from reinsurers		7,382		16,753
Other amounts receivable under reinsurance contracts		14,374		9,021
Reinsurance deposit asset		—		76,063
Other amounts receivable under affiliated reinsurance contracts		16,639		—
Current federal and foreign income tax recoverable		22,395		—
Net deferred tax asset		286,009		176,589
Receivables from parent, subsidiaries and affiliates		23,951		185,277
Admitted disallowed interest maintenance reserve		169,590		140,735
Other assets		29,204		34,245
Total General Account assets		33,598,692		28,363,056
Separate Account assets		17,827,382		17,727,809
Total admitted assets	$	51,426,074	$	46,090,865

(continued)

4

DELAWARE LIFE INSURANCE COMPANY

(A Wholly-Owned Subsidiary of DLIC Sub-Holdings, LLC)

STATUTORY STATEMENTS OF ADMITTED ASSETS, LIABILITIES, AND CAPITAL AND SURPLUS

AS OF DECEMBER 31, 2024 AND 2023 (IN THOUSANDS EXCEPT SHARE AND PER SHARE DATA)

Liabilities and Capital and Surplus	2024			2023
General Account liabilities:
Aggregate reserve for life and annuity contracts	$	25,495,837		$	21,040,253
Liability for deposit-type contracts		2,708,109			1,979,497
Contract claims		33,045			32,738
Other amounts payable on reinsurance		16,910			147,653
Asset valuation reserve		396,327			282,462
Funds held under reinsurance treaties with unauthorized and certified reinsurers		—			260,713
Funds held under coinsurance		46,855			106,269
Commissions to agents due or accrued		26,501			38,164
General expenses due or accrued		32,520			29,468
Transfers from Separate Accounts due or (accrued), net		(227,625	)		(195,531	)
Borrowed money		50,000			—
Payable for securities		1,348,826			1,122,769
Payable to parent, subsidiaries, and affiliates		117,377			59,679
Derivatives		586,128			435,850
Current federal and foreign income taxes		—			81,263
Remittances and items not allocated		44,827			232,460
Derivative collateral payable		—			64,282
Other liabilities		57,071			82,818
Total General Account liabilities		30,732,708			25,800,807
Separate Account liabilities		17,827,380			17,727,809
Total liabilities		48,560,088			43,528,616
Capital 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		390,213			390,213
Gross paid in and contributed surplus		1,590,920			1,590,920
Unassigned funds		708,826			433,944
Special surplus funds		169,590			140,735
Total surplus		2,859,549			2,555,812
Total capital and surplus		2,865,986			2,562,249
Total liabilities, capital and surplus	$	51,426,074		$	46,090,865

See accompanying notes to statutory financial statements.

5

DELAWARE LIFE INSURANCE COMPANY

(A Wholly-Owned Subsidiary of DLIC Sub-Holdings, LLC)

STATUTORY STATEMENTS OF OPERATIONS

FOR THE YEARS ENDED DECEMBER 31, 2024, 2023 AND 2022 (IN THOUSANDS)

	2024			2023			2022
Premiums and other revenues:
Premiums and annuity considerations	$	6,780,026		$	5,446,325		$	2,436,071
Considerations for supplementary contracts with life contingencies		25,181			33,719			26,204
Net investment income		1,806,782			1,243,794			1,117,986
Commissions and expense allowances on reinsurance ceded		104,107			103,237			104,874
Reserve adjustments on reinsurance ceded		(1,056,598	)		(964,497	)		(897,173	)
Income from fees associated with investment management, administration and contract guarantees from Separate Accounts		323,541			312,625			336,073
Investment (expense) on reinsurance deposit asset/liability		(246,024	)		(261,142	)		(154,844	)
Reinsurance experience refund		98,336			54,437			105,218
Assets transferred on coinsurance		(78,007	)		(118,857	)		—
Other income		68,995			62,955			51,986
Total premiums and other revenues		7,826,339			5,912,596			3,126,395
Benefits paid or provided:
Death benefits		117,302			131,919			154,335
Annuity benefits		405,361			381,780			345,465
Health benefits		—			51			1,639
Surrender benefits and withdrawals for life contracts		2,986,373			2,039,161			1,295,060
Interest and adjustments on contract or deposit-type contract funds		58,095			53,499			60,691
Payments on supplementary contracts with life contingencies		43,819			43,820			45,362
Increase in aggregate reserves for life and accident and health contracts		4,474,113			3,734,433			1,245,954
Total benefits paid or provided		8,085,063			6,384,663			3,148,506
Commissions on premiums, annuity considerations and deposit-type contract funds		207,423			115,453			188,091
Commissions and expense allowances on reinsurance assumed		120			116			118
General insurance expenses		347,816			296,678			278,295
Insurance taxes, licenses and fees, excluding federal income taxes		36,323			6,903			6,119
Net transfers from Separate Accounts net of reinsurance		(1,123,912	)		(983,184	)		(833,857	)
Investment (income) expense on funds held		(85,185	)		(180,512	)		47,393
Expense (income) under hedging program with affiliate		(102,082	)		(49,423	)		—
Other expenses		246			382			63
Total benefits and expenses		7,365,812			5,591,076			2,834,728
Gain from operations before federal income tax expense and net realized capital gains (losses)		460,527			321,520			291,667
Federal income tax expense, excluding tax on capital gains (losses)		197,724			183,751			46,564
Gain from operations before net realized capital gains (losses)		262,803			137,769			245,103
Net realized capital gains (losses) less capital gains tax and transfers to the interest maintenance reserve		(24,998	)		7,207			14,186
Net income	$	237,805		$	144,976		$	259,289

See accompanying notes to statutory financial statements.

6

DELAWARE LIFE INSURANCE COMPANY

(A Wholly-Owned Subsidiary of DLIC Sub-Holdings, LLC)

STATUTORY STATEMENTS OF CHANGES IN CAPITAL AND SURPLUS

FOR THE YEARS ENDED DECEMBER 31, 2024, 2023 AND 2022 (IN THOUSANDS)

	Capital stock		Surplus notes		Gross paid-in and contributed surplus		Unassigned funds			Special surplus funds		Total
Balances at December 31, 2021	$	6,437	$	390,213	$	1,425,920	$	253,772		$	—	$	2,076,342
Net income		—		—		—		259,289			—		259,289
Change in net unrealized investment gains (losses), net of taxes		—		—		—		(345,740	)		—		(345,740	)
Change in net unrealized foreign exchange capital gain (loss)		—		—		—		(10,232	)		—		(10,232	)
Change in net deferred income tax		—		—		—		26,762			—		26,762
Change in nonadmitted assets		—		—		—		2,654			—		2,654
Change in asset valuation reserve		—		—		—		66,457			—		66,457
Paid in capital		—		—		50,000		—			—		50,000
Dividends paid to stockholders		—		—		—		(100,000	)		—		(100,000	)
Prior period adjustment net of tax		—		—		—		33,174			—		33,174
Investment income on funds held - unrealized		—		—		—		185,983			—		185,983
Other capital changes		—		—		—		(43	)		—		(43	)
Balances at December 31, 2022	$	6,437	$	390,213	$	1,475,920	$	372,076		$	—	$	2,244,646
Net income		—		—		—		144,976			—		144,976
Change in net unrealized investment gains (losses), net of taxes		—		—		—		42,836			—		42,836
Change in net unrealized foreign exchange capital gain (loss)		—		—		—		4,621			—		4,621
Change in net deferred income tax		—		—		—		141,057			—		141,057
Change in nonadmitted assets		—		—		—		(13,668	)		—		(13,668	)
Change in asset valuation reserve		—		—		—		(134,844	)		—		(134,844	)
Paid in capital		—		—		115,000		—			—		115,000
Prior period adjustment net of tax		—		—		—		3,780			—		3,780
Investment income on funds held - unrealized		—		—		—		7,939			—		7,939
Admitted disallowed interest maintenance reserve		—		—		—		(140,735	)		140,735		—
Other capital changes		—		—		—		5,906			—		5,906
Balances at December 31, 2023	$	6,437	$	390,213	$	1,590,920	$	433,944		$	140,735	$	2,562,249
Net income		—		—		—		237,805			—		237,805
Change in net unrealized investment gains (losses), net of taxes		—		—		—		59,264			—		59,264
Change in net unrealized foreign exchange capital gain (loss)		—		—		—		(3,837	)		—		(3,837	)
Change in net deferred income tax		—		—		—		115,459			—		115,459
Change in nonadmitted assets		—		—		—		902			—		902
Change in asset valuation reserve		—		—		—		(113,865	)		—		(113,865	)
Prior period adjustment net of tax		—		—		—		24,639			—		24,639
Investment expense on funds held - unrealized		—		—		—		(20,622	)		—		(20,622	)
Admitted disallowed interest maintenance reserve		—		—		—		(28,855	)		28,855		—
Other capital changes		—		—		—		3,992			—		3,992
Balances at December 31, 2024	$	6,437	$	390,213	$	1,590,920	$	708,826		$	169,590	$	2,865,986

See accompanying notes to statutory financial statements.

7

DELAWARE LIFE INSURANCE COMPANY

(A Wholly-Owned Subsidiary of DLIC Sub-Holdings, LLC)

STATUTORY STATEMENTS OF CASH FLOW

FOR THE YEARS ENDED DECEMBER 31, 2024, 2023 AND 2022 (IN THOUSANDS)

	2024			2023			2022
Cash flow from operating activities:
Premiums and annuity considerations collected net of reinsurance	$	7,194,112		$	5,753,440		$	2,824,909
Net investment income received		1,677,904			1,258,847			1,086,575
Miscellaneous income		316,561			377,825			389,289
Total receipts		9,188,577			7,390,112			4,300,773
Benefits and loss related payments		(4,866,174	)		(3,729,563	)		(2,960,471	)
Net transfers from Separate Accounts		1,091,818			901,198			829,715
Commissions, expenses paid and aggregate write-ins for deductions		(302,682	)		(361,428	)		(502,314	)
Federal and foreign income taxes recovered (paid)		(298,530	)		(108,685	)		(11,000	)
Total payments		(4,375,568	)		(3,298,478	)		(2,644,070	)
Net cash provided by operating activities		4,813,009			4,091,634			1,656,703
Cash flow from investing activities:
Proceeds from investments sold, matured, repaid or received:
Bonds		4,104,515			877,630			2,998,524
Stocks		183,210			875,522			381,570
Mortgage loans		275,408			175,963			332,138
Other Invested Assets		76,656			139,135			351,593
Miscellaneous proceeds		296,658			129,189			235,472
Total investment proceeds		4,936,447			2,197,439			4,299,297
Cost of investments acquired:
Bonds		(8,292,195	)		(4,861,590	)		(4,182,569	)
Stocks		(243,493	)		(354,704	)		(89,351	)
Mortgage loans		(734,086	)		(500,124	)		(757,256	)
Real Estate		(176,638	)		—			—
Other Invested Assets		(131,811	)		(345,015	)		(74,038	)
Miscellaneous applications		(354,734	)		(190,874	)		(80,612	)
Total cost of investments acquired		(9,932,957	)		(6,252,307	)		(5,183,826	)
Net decrease in contract loans and premium notes		31,377			1,731			19,540
Net cash used in investing activities		(4,965,133	)		(4,053,137	)		(864,989	)
Cash flow from financing and miscellaneous activities:
Bilateral loan agreement with affiliate		36,000			175,000			(215,217	)
Borrowed funds		50,000			—			—
Net deposits on deposit-type contracts and other liabilities		728,612			416,536			199,557
Capital and paid in surplus		—			115,000			50,000
Dividends paid to stockholders		—			—			(100,000	)
Other cash provided (applied)		(328,318	)		(26,936	)		16,424
Net cash provided by (used in) financing and miscellaneous activities		486,294			679,600			(49,236	)
Net change in cash, cash equivalents and short-term investments		334,170			718,097			742,478
Cash, cash equivalents, and short-term investments:
Beginning of year		3,859,773			3,141,676			2,399,198
End of year	$	4,193,943		$	3,859,773		$	3,141,676

(continued)

8

DELAWARE LIFE INSURANCE COMPANY

(A Wholly-Owned Subsidiary of DLIC Sub-Holdings, LLC)

STATUTORY STATEMENTS OF CASH FLOW

FOR THE YEARS ENDED DECEMBER 31, 2024, 2023 AND 2022 (IN THOUSANDS)

Supplemental disclosures of noncash transactions:

	2024		2023		2022
Exchanges and transfers of invested assets	$	282,144	$	707,035	$	218,534
Modified coinsurance reserve adjustment - net (including premium, miscellaneous income, and benefits)		1,056,598		964,497		897,173
Capitalized interest		41,713		29,255		36,536
Transfer of invested assets in settlement of coinsurance		118,673		—		—
Transfer of invested assets in settlement of funds held under reinsurance treaties with unauthorized reinsurers		115,949		—		—
Surplus note exchanges		—		84,801		—

See accompanying notes to statutory financial statements.

9

DELAWARE LIFE INSURANCE COMPANY

(A Wholly-Owned Subsidiary of DLIC Sub-Holdings, LLC)

NOTES TO STATUTORY FINANCIAL STATEMENTS AS OF DECEMBER 31, 2024 AND 2023 AND

FOR THE YEARS ENDED DECEMBER 31, 2024, 2023 AND 2022

(IN THOUSANDS OF DOLLARS, EXCEPT SHARE AND PER SHARE DATA)

1. Organization

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 DLIC Sub-Holdings, LLC (“DLSH”), a Delaware limited liability company, and an indirect subsidiary of Group 1001 Insurance Holdings, LLC. DLSH was formed in the first quarter of 2022 as a new holding company subsidiary of the Company’s former parent, DLIC Holdings, LLC (“DLH”) (formerly known as Group One Thousand One, LLC).

The Company is licensed to transact business in 49 states, the District of Columbia, Puerto Rico, and the U.S. Virgin Islands. The business of the Company 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 reinsures portions of its individual life insurance, annuity, and group insurance exposure with both affiliated and unaffiliated companies using indemnity reinsurance agreements.

2. Summary of Significant Accounting Policies

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. The Company has no permitted or prescribed practices that differ from NAIC SAP.

There was no difference in the Company’s net income (loss) or capital and surplus between NAIC SAP and practices prescribed and permitted by the State of Delaware as of December 31, 2024 and 2023 and for the years ended December 31, 2024, 2023, and 2022.

Accounting principles and procedures of the NAIC, as prescribed or permitted by the Department, comprise a basis of accounting other than accounting principles generally accepted in the United States of America (“GAAP”). The effects on the financial statements of the differences between NAIC SAP and GAAP are not reasonably determinable and are presumed to be material. The primary differences between GAAP and NAIC SAP can be summarized as follows:

• The asset valuation reserve (“AVR”) and interest maintenance reserve (“IMR”) are eliminated with unrealized gains and losses reported directly in equity and realized gains and losses reported in income;

• Certain assets designated under NAIC SAP as “nonadmitted assets” are included in the GAAP balance sheet rather than excluded from assets in the statutory balance sheet;

• Certain policy acquisition costs and sales inducements are deferred and amortized over the estimated life of the policies for GAAP rather than charged to operations as incurred;

10

DELAWARE LIFE INSURANCE COMPANY

(A Wholly-Owned Subsidiary of DLIC Sub-Holdings, LLC)

NOTES TO STATUTORY FINANCIAL STATEMENTS AS OF DECEMBER 31, 2024 AND 2023 AND

FOR THE YEARS ENDED DECEMBER 31, 2024, 2023 AND 2022

(IN THOUSANDS OF DOLLARS, EXCEPT SHARE AND PER SHARE DATA)

• Policy and contract reserves for traditional life insurance are based on best estimates of expected mortality, morbidity, persistency and interest for GAAP rather than based on prescribed methodologies;

• Policy reserves on universal life and certain investment products are reported at account value, including additional liabilities for certain guaranteed benefits such as lifetime income benefit riders valued using actuarial assumptions for GAAP, rather than using prescribed statutory methodologies under NAIC SAP;

• Certain premiums for life and annuity contracts are recognized as deposits for GAAP rather than recorded as premiums in the period received;

• Investments in wholly owned insurance subsidiaries, other entities under the control of the Company, and certain variable interest entities are consolidated in the Company’s financial statements under GAAP rather than being carried at the Company’s share of the underlying audited GAAP equity or statutory surplus of a domestic insurance subsidiary;

• The carrying value of investments in subsidiaries is adjusted for any unamortized goodwill as provided for in Statement of Statutory Accounting Principles (“SSAP”) No. 68, Business Combinations and Goodwill (“SSAP No. 68”). Admissibility of goodwill is subject to certain limitations, and is amortized to unrealized gains and losses. Goodwill includes direct costs of an acquisition that are expensed under GAAP. Amortization of goodwill is elective for private companies under GAAP and is amortized to expense;

• For equity method investments under GAAP, investee earnings and losses are reported in income and dividends of undistributed earnings reduce the carrying value of the investment. Under NAIC SAP, investee earnings and losses are reported as a change in unrealized gain/loss in capital and surplus, while dividends of accumulated undistributed earnings are reported in investment income;

• Bonds designated as available for sale and trading securities are reported at fair value for GAAP with unrealized gains and losses reported in equity and income, respectively, rather than at amortized cost (or lower of cost or market for bonds with an NAIC designation of 6);

• An allowance for credit losses is established for available-for-sale securities under the current expected loss model under GAAP rather than being evaluated for other-than-temporary impairment (“OTTI”) with impairments recorded as a direct write-down of the security’s cost basis for NAIC SAP;

• Equity/fund investments such as mutual funds and exchange traded funds are classified as equity securities and reported at fair value with changes in fair value reported in earnings under GAAP. Under NAIC SAP, certain equity/fund investments identified by the NAIC’s Securities Valuation Office (the “SVO”) qualify for special bond treatment and are reported using the systematic valuation method;

• All equity securities, excluding equity method investments, are carried at fair value with changes in fair value reported in earnings for GAAP rather than as unrealized gains and losses in capital and surplus for NAIC SAP;

• Real estate held for the production of income properties are stated at cost less accumulated depreciation and encumbrances;

• Certain reinsurance transactions are accounted for as financing transactions under GAAP and as reinsurance for NAIC SAP. Assets and liabilities are reported gross of reinsurance for GAAP and net of reinsurance for NAIC SAP;

11

DELAWARE LIFE INSURANCE COMPANY

(A Wholly-Owned Subsidiary of DLIC Sub-Holdings, LLC)

NOTES TO STATUTORY FINANCIAL STATEMENTS AS OF DECEMBER 31, 2024 AND 2023 AND

FOR THE YEARS ENDED DECEMBER 31, 2024, 2023 AND 2022

(IN THOUSANDS OF DOLLARS, EXCEPT SHARE AND PER SHARE DATA)

• The statements of cash flow reconcile to changes in cash, cash equivalents, and restricted cash for GAAP. Under NAIC SAP, the Statutory Statements of Cash Flow reconcile to changes in cash, cash equivalents, and short-term investments with original maturities of one year or less. A reconciliation of net income to net cash provided by operating activities is not required;

• Generally, changes in deferred taxes are reported as a component of net income under GAAP. Under NAIC SAP, changes in deferred taxes are direct adjustments to surplus and separately reported in the Statutory Statements of Changes in Capital and Surplus;

• Money market funds are classified as short-term investments under GAAP and cash equivalents under NAIC SAP;

• 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 NAIC SAP.

• Contracts that contain an embedded derivative, including fixed index annuities (“FIAs”), are bifurcated from the host contract and accounted for separately under GAAP. Under NAIC SAP, contracts that contain an embedded derivative are not bifurcated and are accounted for as part of the host contract;

• Surplus notes designated as available for sale are reported at fair value for GAAP rather than at amortized cost for surplus notes with an NAIC designation of 1 or 2. Surplus notes with an NAIC designation of 3-6 are reported at the lower of amortized cost or fair value; and

• The majority of derivatives are carried at fair value on both a GAAP and NAIC SAP basis. However, unrealized gains and losses on derivatives are recognized in income for GAAP purposes and are recognized in surplus under NAIC SAP. The Company designates derivatives as hedges on a limited basis which results in unrealized gains and losses on those derivatives being recognized in income.

Use of Estimates

The preparation of the Company’s statutory-basis financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent liabilities as of the date of the financial statements and the reported amounts of revenue and expenses during the reporting periods. 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 OTTI of investments.

12

DELAWARE LIFE INSURANCE COMPANY

(A Wholly-Owned Subsidiary of DLIC Sub-Holdings, LLC)

NOTES TO STATUTORY FINANCIAL STATEMENTS AS OF DECEMBER 31, 2024 AND 2023 AND

FOR THE YEARS ENDED DECEMBER 31, 2024, 2023 AND 2022

(IN THOUSANDS OF DOLLARS, EXCEPT SHARE AND PER SHARE DATA)

Significant Accounting Policies

The following is a summary of significant accounting policies followed by the Company in preparing the accompanying statutory-basis financial statements:

Investments

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 fluctuations. The Company evaluates and monitors each financial instrument individually and, when appropriate, obtains collateral or other security to minimize potential losses. For securities in an unrealized loss position, management has the positive intent and ability to hold the securities until recovery. All securities are accounted for as of the date the investments are purchased or sold (the trade date).

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 a bond has fallen to 6 and the fair value has fallen below amortized cost, the bond is 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 (“SSAP No. 43R”) 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 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 4.

Preferred Stocks

Preferred stocks are stated in accordance with guidance provided in SSAP No. 32R, Investments in Preferred Stock. Perpetual preferred stocks and mandatory convertible preferred stocks are reported at fair value not to exceed any currently effective call price. Redeemable preferred stocks are stated at amortized cost unless they have an NAIC designation of 4, 5, or 6. Redeemable preferred stocks with an NAIC designation of 4, 5, or 6 are stated at the lower of amortized cost or fair value.

13

DELAWARE LIFE INSURANCE COMPANY

(A Wholly-Owned Subsidiary of DLIC Sub-Holdings, LLC)

NOTES TO STATUTORY FINANCIAL STATEMENTS AS OF DECEMBER 31, 2024 AND 2023 AND

FOR THE YEARS ENDED DECEMBER 31, 2024, 2023 AND 2022

(IN THOUSANDS OF DOLLARS, EXCEPT SHARE AND PER SHARE DATA)

Common Stocks

Unaffiliated common stocks are stated at fair value, with changes in unrealized gains or losses credited or charged directly to unassigned surplus, net of tax. Affiliated common stocks are carried based on the underlying audited statutory equity of the investee for insurance subsidiaries and audited GAAP equity for non-insurance subsidiaries. The Company accounts for its investments in subsidiaries in accordance with SSAP No. 97, Investments in Subsidiary, Controlled and Affiliated Entities.

Mortgage Loans

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 unrecognized in the Company’s Statutory Statements of Admitted Assets, Liabilities and Capital 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 Statutory Statements of Operations using the effective interest rate method.

Mortgage loans, which primarily include first-lien commercial first mortgages, are diversified by property type and geographic area throughout the United States. Mortgage loans are collateralized by the related properties and the Company regularly assesses the 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 interest income is recorded in accordance with the effective interest rate method. Interest income is not recognized on impaired mortgage loans and such 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.

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.

14

DELAWARE LIFE INSURANCE COMPANY

(A Wholly-Owned Subsidiary of DLIC Sub-Holdings, LLC)

NOTES TO STATUTORY FINANCIAL STATEMENTS AS OF DECEMBER 31, 2024 AND 2023 AND

FOR THE YEARS ENDED DECEMBER 31, 2024, 2023 AND 2022

(IN THOUSANDS OF DOLLARS, EXCEPT SHARE AND PER SHARE DATA)

Real Estate

The Company invests in real estate properties which consist of multi-unit housing complexes. The Company’s real estate investments are held for the production of income, as defined within SSAP No. 40R, Real Estate Investments (“SSAP No. 40R”). In accordance with SSAP No. 40R, the Company carries its properties held for the production of income at cost less accumulated depreciation and encumbrances. During the years ended December 31, 2024 and 2023, the Company did not recognize any impairment loss on real estate investments and did not sell or classify any real estate investments as held for sale. The Company has not experienced changes to a plan of sale for any of its real estate investments, does not engage in retail land sale operations, and does not hold any real estate investments with participating mortgage loan features.

Receivable/Payable for Securities

The Company has entered into agreements to purchase or sell certain securities as of December 31, 2024 and 2023 that have not yet settled and are recorded as a receivable or payable at the purchase or sale price with gains or losses on sales recorded in the Company’s Statements of Operations.

Other Invested Assets

Other invested assets are primarily comprised of limited partnerships, limited liability companies, collateral loans, surplus notes, non-rated residual equity tranches, residential reverse mortgages, and low income housing tax credits (“LIHTCs”). Investments in limited partnerships and limited liability companies are stated based on the underlying audited GAAP equity of the investee in accordance with SSAP No. 48, Joint Ventures, Partnerships and Limited Liability Companies (“SSAP No. 48”). The Company’s share of undistributed earnings and losses of the investee are included in unrealized gains and losses of the Company. Distributions received from the investee are recognized in investment income when declared to the extent that they are not in excess of undistributed accumulated earnings attributable to the investee. Distributions declared in excess of undistributed accumulated earnings attributable to the investee reduce the carrying amount of the investments. Collateral loans are carried at unpaid principal balance. Surplus notes with an NAIC designation of 1 or 2 are carried at amortized cost, while surplus notes with an NAIC designation of 3 to 6 are carried at lower of amortized cost or fair value. Reverse mortgages are valued in accordance with the SSAP No. 39, Reverse Mortgages, which allows the Company to carry these securities at remaining principal balances. Income on reverse mortgages is recognized using the effective yield method based on the contractual interest rate and anticipated repayment of the mortgage. LIHTCs are accounted for in accordance with SSAP No. 93, Low Income Housing Tax Credit Property Investments.

15

DELAWARE LIFE INSURANCE COMPANY

(A Wholly-Owned Subsidiary of DLIC Sub-Holdings, LLC)

NOTES TO STATUTORY FINANCIAL STATEMENTS AS OF DECEMBER 31, 2024 AND 2023 AND

FOR THE YEARS ENDED DECEMBER 31, 2024, 2023 AND 2022

(IN THOUSANDS OF DOLLARS, EXCEPT SHARE AND PER SHARE DATA)

A summary of the Company’s collateral loans by qualifying investment collateral as of December 31, 2024 and 2023 is as follows:

	December 31, 2024						December 31, 2023
Collateral Type	Aggregate Collateral Loan		Admitted		Nonadmitted		Aggregate Collateral Loan		Admitted		Nonadmitted
Bonds	$	575,852	$	575,852	$	—	$	575,852	$	575,852	$	—
Joint ventures, partnerships, LLC		45,000		45,000		—		45,000		45,000		—
Total	$	620,852	$	620,852	$	—	$	620,852	$	620,852	$	—

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, unless the investment’s NAIC designation is 6, in which case the asset is carried at the lower of amortized cost or market. 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.

Contract Loans

Contract loans are carried at the amount of unpaid principal balance. Contract loans are collateralized by the related insurance policy and do not exceed the net cash surrender value of such policy.

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.

16

DELAWARE LIFE INSURANCE COMPANY

(A Wholly-Owned Subsidiary of DLIC Sub-Holdings, LLC)

NOTES TO STATUTORY FINANCIAL STATEMENTS AS OF DECEMBER 31, 2024 AND 2023 AND

FOR THE YEARS ENDED DECEMBER 31, 2024, 2023 AND 2022

(IN THOUSANDS OF DOLLARS, EXCEPT SHARE AND PER SHARE DATA)

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 FIAs. The interest credited on these products is based on the changes in the indices. These instruments are purchased directly or through the Company’s 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.

Repurchase Agreements and Reverse Repurchase Agreements

The Company participates in repurchase agreements where the Company sells securities and simultaneously agrees to repurchase the same or substantially the same securities at a stated price on a specified date. The Company accounts for repurchase agreements as short-term borrowings reported as liabilities under payable for securities.

The Company also participates in reverse repurchase agreements where the Company purchases securities and simultaneously agrees to resell the same or substantially the same securities at a stated price on a specified date. The Company accounts for the amount paid for securities under the reverse repurchase agreements as short-term investments.

Net Investment Income and Accrued Investment Income

Investment income is recorded when earned. Dividends are recorded on the ex-dividend date.

Accrued investment income is comprised of accrued interest on bonds, preferred stock, short-term investments, mortgage loans, contract loans, other invested assets, and dividends declared but not yet received on common stock. Accrued investment income more than 90 days past due is nonadmitted and reported as a direct reduction of surplus in the Statutory Statements of Changes in Capital and Surplus, with the exception of mortgage loans. Accrued investment income on mortgage loans is recorded as investment income when such interest is deemed collectible, except for interest that is 180 days past due.

Investment Capital Gains and Losses

Realized capital gains and losses are determined on the basis of specific identification method. Realized capital losses also include valuation adjustments for impairments of bonds, mortgage loans, common and preferred stocks, and other investments that have experienced a decline in fair value that management considers to be “other-than-temporary.” In determining whether impairments are other-than-temporary, management considers the size of the excess of carrying value over fair value, the likelihood and expected timing of a recovery in value, the credit quality and financial condition of the issuer, management’s intent to sell when a decline is due to interest rates, and management’s intent and ability to hold the investment until maturity or a recovery in the investment’s fair value.

17

DELAWARE LIFE INSURANCE COMPANY

(A Wholly-Owned Subsidiary of DLIC Sub-Holdings, LLC)

NOTES TO STATUTORY FINANCIAL STATEMENTS AS OF DECEMBER 31, 2024 AND 2023 AND

FOR THE YEARS ENDED DECEMBER 31, 2024, 2023 AND 2022

(IN THOUSANDS OF DOLLARS, EXCEPT SHARE AND PER SHARE DATA)

For loan-backed securities, the determination of OTTI is based on an estimate of the non-interest loss, which is recognized in the net realized capital losses in the Statutory Statements of Operations. To the extent the Company determines that a non-structured security, corporate bond, common stock, preferred stock, other invested asset, or mortgage loan is deemed to be other-than-temporarily impaired, the difference between the cost of the security and fair value is recorded as a realized loss and the carrying amount of the investment is written down to its estimated fair value through realized capital losses. In accordance with SSAP No. 43R, securities with OTTI are required to be written down to fair value only if the Company intends to sell or cannot assert the intent and ability to hold the investment until its anticipated recovery. However, if the Company can assert the intent and ability to hold the investment until its anticipated recovery, the valuation adjustment is based on the discounted future expected cash flows of the security discounted at the security’s original effective interest rate. Realized capital gains and losses as reported in the Statutory Statements of Operations are net of any capital gains tax (or benefit) and exclude any deferrals to the IMR of interest-rate related capital gains or losses.

Unrealized capital gains and losses include changes in the fair value of common stocks, interest rate swaps, currency swaps, currency forwards, certain bonds and preferred stocks, and change in the equity method share of the accumulated earnings of limited liability companies and partnerships and are reported net of any related changes in deferred taxes. Changes in unrealized capital gains and losses are reported in the Statutory Statements of Changes in Capital and Surplus.

Nonadmitted Assets

Under NAIC SAP, certain assets are designated as nonadmitted assets (e.g., affiliated common stocks of entities that are not audited, electronic data processing equipment, furniture and equipment, and a portion of accrued investment income). The Company had $44,757 and $45,659 in nonadmitted assets as of December 31, 2024 and 2023, respectively.

Policy Reserves and Liabilities for Deposit-Type Contracts

Policy reserves and liabilities consist of deposit-type contracts and life and annuity policy reserves.

Life and Annuity Policy 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. Annuity reserves are calculated in accordance with the Commissioner’s Annuity Reserve Valuation Method and Actuarial Guidelines 33 and 35, as applicable.

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.

18

DELAWARE LIFE INSURANCE COMPANY

(A Wholly-Owned Subsidiary of DLIC Sub-Holdings, LLC)

NOTES TO STATUTORY FINANCIAL STATEMENTS AS OF DECEMBER 31, 2024 AND 2023 AND

FOR THE YEARS ENDED DECEMBER 31, 2024, 2023 AND 2022

(IN THOUSANDS OF DOLLARS, EXCEPT SHARE AND PER SHARE DATA)

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, premium deposit funds, investment-type contracts such as supplementary contracts not involving life contingencies, and certain structured settlement annuities are based on account value or accepted actuarial methods using applicable interest rates.

Contract Claims

The liability for policy and contract claims is based upon the estimated ultimate cost of settling the claims, using past experience adjusted for current trends, and any other factors that modify past experience.

Asset Valuation Reserve and Interest Maintenance Reserve

The Company is required to maintain an IMR and AVR. The IMR is used to defer realized capital gains and losses, net of any income tax, on fixed income investments and derivatives that are attributable to changes in interest rates. Net realized capital gains and losses deferred to the IMR are amortized into investment income over the estimated remaining term to maturity of the investment sold. Revisions to INT 23-01, Net Negative (Disallowed) Interest Maintenance Reserve were adopted with an effective date of August 13, 2023 to provide limited-time exception guidance to SSAP No. 7, Asset Valuation Reserve and Interest Maintenance Reserve, and the annual statement instruction for the reporting of net negative (disallowed) IMR. The revisions allow an insurer to admit negative IMR up to 10% of adjusted capital and surplus when its Risk-Based Capital (“RBC”) is greater than 300% after adjustment to remove admitted positive goodwill, electronic data processing equipment and operating system software, deferred tax assets (“DTAs”), and admitted IMR. As a result of these revisions, the Company reported $169,590 and $140,735 of admitted negative IMR within the Statutory Statement of Admitted Assets, Liabilities, and Capital and Surplus as of December 31, 2024 and 2023, respectively. The Company also recognized $8,709 and $11,045 of negative IMR as an asset within the Company’s non-insulated Separate Account as of December 31, 2024 and 2023, respectively.

The Company’s calculated adjusted capital and surplus for purposes of determining negative IMR allowed to be admitted using information from the Company’s most recently filed statement with the Department was $2,263,012 and $2,195,524 as of December 31, 2024 and 2023, respectively. The General Account admitted negative IMR represented 7.5% and 6.4% of the Company’s General Account adjusted capital and surplus as of December 31, 2024 and 2023, respectively. The Separate Account negative IMR recognized as an asset represented 0.4% and 0.5% of the Company’s General Account adjusted capital and surplus as of December 31, 2024 and 2023, respectively.

Fixed income investments generating IMR losses comply with the Company’s documented investment or liability management policies. There were no temporary and transitory timing issues or events that caused IMR losses to not be reflective of reinvestment activities. Asset sales generating negative IMR were not compelled by liquidity pressures. The Company had derivative activity included in IMR as follows:

19

DELAWARE LIFE INSURANCE COMPANY

(A Wholly-Owned Subsidiary of DLIC Sub-Holdings, LLC)

NOTES TO STATUTORY FINANCIAL STATEMENTS AS OF DECEMBER 31, 2024 AND 2023 AND

FOR THE YEARS ENDED DECEMBER 31, 2024, 2023 AND 2022

(IN THOUSANDS OF DOLLARS, EXCEPT SHARE AND PER SHARE DATA)

	2024				2023
	Gains		Losses		Gains		Losses
General Account:
Unamortized fair value derivative gains & losses realized to IMR - prior period	$	—	$	57,564	$	—	$	61,185
Fair value derivative gains & losses realized to IMR - added in current period		—		—		—		1,350
Fair value derivative gains & losses amortized over current period		—		5,108		—		4,971
Unamortized fair value derivative gains & losses realized to IMR - current period total		—		52,456		—		57,564
Separate Account - Non-Insulated:
Unamortized fair value derivative gains & losses realized to IMR - prior period	$	—	$	23,875	$	—	$	26,825
Fair value derivative gains & losses realized to IMR - added in current period		—		—		—		—
Fair value derivative gains & losses amortized over current period		—		2,984		—		2,950
Unamortized fair value derivative gains & losses realized to IMR - current period total		—		20,891		—		23,875

The AVR represents a reserve for invested asset valuation using a formula prescribed by the NAIC. The AVR is intended to protect surplus by absorbing declines in the value of the Company’s investments that are not related to changes in interest rates. Increases or decreases in the AVR are reported as direct adjustments to surplus in the Statutory Statements of Changes in Capital and Surplus.

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 (“SSAP No. 101”). Under the applicable asset and liability method for recording deferred income taxes, DTAs, net of any nonadmitted portion, and deferred tax liabilities (“DTLs”) are recognized for the future tax consequences attributable to differences between the statutory financial statement carrying amounts of existing assets and liabilities and their respective tax basis. DTAs and DTLs are measured using the enacted tax rates on which those temporary differences are expected to be recovered or settled. The change in deferred taxes is charged or credited directly to surplus. Gross DTAs are first reduced by a statutory valuation allowance, if deemed appropriate. The Company then determines the admissibility of the remaining net DTAs, after valuation allowance, subject to admissibility limitations set forth in NAIC SAP.

Reinsurance

Certain of the Company’s individual life insurance, annuity, and group insurance policies are reinsured on a coinsurance and funds held coinsurance basis with both affiliated and unaffiliated companies using indemnity reinsurance agreements. The Company accounts for funds held under coinsurance in accordance with SSAP No. 61R, Life, Deposit-Type and Accident and Health Reinsurance (“SSAP No. 61R”). The amounts withheld by the Company under these arrangements are recorded as liabilities on the Statutory Statements of Admitted Assets, Liabilities, and Capital and Surplus.

Reinsurance premiums, claims and claim adjustment expenses are accounted for on a basis consistent with those used in accounting for the original policies issued and the terms of the reinsurance contracts. The Company remains contingently liable for the liabilities ceded in the event the reinsurers are unable to meet their obligations under the reinsurance agreements. To limit the possibility of such losses, the Company evaluates the financial condition of its reinsurers and monitors its concentration of credit risk.

20

DELAWARE LIFE INSURANCE COMPANY

(A Wholly-Owned Subsidiary of DLIC Sub-Holdings, LLC)

NOTES TO STATUTORY FINANCIAL STATEMENTS AS OF DECEMBER 31, 2024 AND 2023 AND

FOR THE YEARS ENDED DECEMBER 31, 2024, 2023 AND 2022

(IN THOUSANDS OF DOLLARS, EXCEPT SHARE AND PER SHARE DATA)

Amounts recoverable and payable under reinsurance agreements include amounts recoverable or due related to net settlements with assumed, ceded, and retroceded activity.

The following accounting applies to coinsurance arrangements with funds withheld:

Ceding Entity

Premiums paid or payable to the reinsurer reduce premium income. Policy benefit payments paid by the reinsurer reduce reported policy benefits. Expense allowances paid by the reinsurer are reported separately in the Statutory Statements of Operations as they are incurred. A net reduction to policy reserves is taken for the portion of the obligation assumed by the reinsurer. Any funds withheld by the ceding entity are recorded as a separate liability.

Assuming Entity

Premiums received or receivable by the reinsurer increase premium income. Policy benefit payments paid by the reinsurer increase the reported policy benefits. Expense allowances paid by the reinsurer are reported separately in the Statutory Statements of Operations when payable. The reinsurer records its share of the statutory policy reserves attributable to the business identified in the reinsurance agreement. Any funds withheld by the ceding entity are recorded as a separate asset by the assuming entity. Non-IMR gains and losses are recorded through net investment income by the assuming entity.

Separate Accounts

The assets and liabilities of the separate accounts shown in the Statutory Statements of Admitted Assets, Liabilities, and Capital and Surplus are reported at fair value or, if there is no readily available market, in accordance with the valuation procedures in the applicable contract. These represent funds that are segregated and maintained for the benefit of separate account contract holders.

Premiums and Annuity Considerations

Annuity considerations are recognized as revenue when received. Premiums for traditional life insurance products are recognized as revenue when due and are recognized over the premium-paying period of the related policies. Considerations for deposit-type contracts, which do not have any life contingencies, are recorded directly to the related liability.

Assets Transferred on Coinsurance

Effective December 31, 2023, the Company entered into a reinsurance agreement with its wholly owned subsidiary, Delaware Life and Annuity Company (“DLAC”), to cede a block of multi-year guaranteed annuity (“MYGA”) contracts on a coinsurance basis. Effective December 1, 2024, the Company amended and restated its coinsurance agreement with Delaware Life Reinsurance (Barbados) Corp. (“Barbco”), a former affiliate, which, in part, resulted in additional corporate-owned life insurance (“COLI”) policies being ceded by the Company. Refer to Note 10 for additional information on these agreements.

The assets transferred by the Company under these agreements were recorded as a reduction to income in the Statutory Statements of Operations.

21

DELAWARE LIFE INSURANCE COMPANY

(A Wholly-Owned Subsidiary of DLIC Sub-Holdings, LLC)

NOTES TO STATUTORY FINANCIAL STATEMENTS AS OF DECEMBER 31, 2024 AND 2023 AND

FOR THE YEARS ENDED DECEMBER 31, 2024, 2023 AND 2022

(IN THOUSANDS OF DOLLARS, EXCEPT SHARE AND PER SHARE DATA)

Commissions and Expense Allowances

Expenses incurred in connection with acquiring new insurance business are charged to operations as incurred in accordance with SSAP No. 71, Policy Acquisition Costs and Commissions.

Expense (Income) Under Hedging Program With Affiliate

In accordance with the terms of the Hedging Program Agreement between the Company and DLIH 2016-1, the Company pays a service fee that is settled in conjunction with a liability option impact.

Settlements related to this agreement are recorded as an increase or decrease to expenses in the Statutory Statements of Operations.

Correction of Errors

During 2024, the Company discovered an error related to an incorrect assumption, which impacted the calculation of certain reserves supporting variable annuities. The error resulted in aggregate reserves for life policies being overstated in prior periods. This error has been adjusted and recorded, net of tax, in the Statutory Statements of Capital and Surplus in the amount of $14,637.

During 2024, the Company discovered an error related to the application of cash on certain investment transactions. The error resulted in receivables for securities being understated in prior periods. This error has been adjusted and recorded, net of tax, in the Statutory Statements of Capital and Surplus in the amount of $10,002.

During 2023, the Company discovered an error related to a reinsurance agreement with Barbco under which the Company ceded 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 error resulted in other amounts receivable under reinsurance and miscellaneous income being understated as of the year-ended December 31, 2022. This error has been corrected and recorded, net of tax, in the Statutory Statements of Capital and Surplus in the amount of $3,780.

During 2022, the Company discovered an error related to the calculation of investment income on certain bond investments, which resulted in accrued investment income and net investment income being understated. This error has been adjusted and recorded, net of tax, in the Statutory Statements of Capital and Surplus in the amount of $36,786.

During 2022, the Company discovered an error related to the carrying value of certain other invested assets whereby certain of these assets were not carried at the lower of cost or fair value, resulting in other invested assets and the asset valuation reserve being overstated. This error has been adjusted and recorded, net of tax, in the Statutory Statements of Capital and Surplus in the amount of $(3,612).

22

DELAWARE LIFE INSURANCE COMPANY

(A Wholly-Owned Subsidiary of DLIC Sub-Holdings, LLC)

NOTES TO STATUTORY FINANCIAL STATEMENTS AS OF DECEMBER 31, 2024 AND 2023 AND

FOR THE YEARS ENDED DECEMBER 31, 2024, 2023 AND 2022

(IN THOUSANDS OF DOLLARS, EXCEPT SHARE AND PER SHARE DATA)

3. Related Party Transactions

Investments in Affiliates and Related Parties

The Company has significant transactions with and investments in affiliates and other related parties. The purpose of these investments is to generate investment returns in line with the Company’s overall investment strategy. All investments in affiliated entities and related parties are valued in accordance with the accounting policies described in Note 2 unless otherwise noted below.

At December 31, 2024 and 2023, the Company held investments in affiliates and other related parties, excluding investments in subsidiaries, as follows:

	Carrying Value December 31,
	2024		2023
Cash Equivalent	$	—	$	186,000
Short-Term Investments		1,065,373		557,833
Bonds		351,271		343,021
Preferred Stocks		246,274		241,130
Other Invested Assets (a)		61,741		61,741
Total	$	1,724,659	$	1,389,725

(a) The totals for other invested assets include a $16,741 non-admitted investment in both 2024 and 2023.

As of December 31, 2023, the Company held a cash equivalent of $60,000 relating to amounts borrowed by Clear Spring Health Insurance Company (“CSHIC”), an affiliate, in the form of a demand promissory note. During 2024, CSHIC borrowed an additional $542,041 from the Company and made repayments of $320,000. As of December 31, 2024, the Company holds a short-term investment of $282,041, which reflects the outstanding balance of the demand promissory note.

Short-term investments in affiliates primarily relate to investments in Wright STF III, LLC (“Wright”). During 2024, the Company had $570,000 of acquisitions of short-term investments/cash equivalents in Wright, offset by $530,500 of proceeds from sales/maturities which increased the prior year balance of affiliated short-term investments of $530,500 to $570,000 as of December 31, 2024. During 2023, the Company had $530,500 of acquisitions of short-term investments/cash equivalents in Wright, offset by $532,500 of proceeds from sales/maturities which decreased the prior year balance of affiliated short-term investments of $532,000 to $530,500 as of December 31, 2023. The Company recorded $37,759, $22,029, and $6,400 of investment income related to these investments during 2024, 2023, and 2022, respectively.

DL Investment Holdings 2015-1, LLC (“DLIH 2015-1”) is an affiliated investment holding company with both common and preferred units. The Company owns all 255,000 issued and outstanding Series A Preferred Units (the “Preferred Units”) with a par value of $255,000. The Preferred Units are non-voting member units that entitle the Company to a 6% yield that compounds quarterly with distributions that take priority over common unit distributions. As of December 31, 2024 and 2023, the carrying value of the Preferred Units was $246,274 and $241,130, respectively.

23

DELAWARE LIFE INSURANCE COMPANY

(A Wholly-Owned Subsidiary of DLIC Sub-Holdings, LLC)

NOTES TO STATUTORY FINANCIAL STATEMENTS AS OF DECEMBER 31, 2024 AND 2023 AND

FOR THE YEARS ENDED DECEMBER 31, 2024, 2023 AND 2022

(IN THOUSANDS OF DOLLARS, EXCEPT SHARE AND PER SHARE DATA)

The Company’s investment in subsidiaries is comprised of the Company’s investments in Delaware Life Reinsurance (U.S.) Corp. (“DLOK”), DL Reinsurance Company (“DLRC”), DLAC, and Clarendon Insurance Agency, Inc (“Clarendon”). During 2023, the Company sold its former wholly-owned subsidiary, Delaware Life Insurance Company of New York (“DLNY”), to Nassau Financial Group, L.P. The cash proceeds of the sale were $184,859 and the Company’s surplus increased by $18,525 as a result of the sale due to a $28,081 realized gain partially offset by the reversal of cumulative unrealized gains of $9,556. As of December 31, 2024 and 2023, the Company’s investment in DLOK was fully nonadmitted.

The Company’s investments in subsidiaries reflected in common stock as of December 31, 2024 and 2023 were as follows:

	Carrying Value as of December 31,
Entity	2024		2023
Clarendon	$	1,500	$	1,454
DLRC		4,385		4,066
DLAC		26,686		16,029
Total	$	32,571	$	21,549

The Company owns controlling membership interests in the following limited liability companies, which are carried as other invested assets: Clear Spring PC Holdings, LLC (“CSPCH”); Ellendale Insurance Agency, LLC (“Ellendale”); DLIH 2016-1; and DL Investment Holdings 2016-2, LLC (“DLIH 2016-2”). The Company’s share of losses of one such entity, Ellendale, exceeds the investment value. Therefore, in accordance with SSAP No. 48, the Company has ceased equity method accounting and nonadmitted this investment.

In February 2022, the Company sold its wholly owned non-insurance holding company, Clear Spring Health Holdings, LLC (“CSHH”), to DLSH. The proceeds of the sale were $195,300 and the Company’s surplus increased by $151,789 as a result of the sale due to the reversal of cumulative unrealized losses of $143,892 and a $7,898 realized gain.

The Company’s investments in subsidiaries reflected in other invested assets as of December 31, 2024 and 2023 were as follows:

	Carrying Value as of December 31,
Entity	2024		2023
DLIH 2016-1	$	220,084	$	202,024
DLIH 2016-2		49,858		33,292
CSPCH		232,001		232,705
Total	$	501,943	$	468,021

In addition to the investments in affiliates and related parties included in the tables above, the Company held investments for which a related party was a beneficial owner totaling $367,758 and $217,758 as of December 31, 2024 and 2023, respectively.

24

DELAWARE LIFE INSURANCE COMPANY

(A Wholly-Owned Subsidiary of DLIC Sub-Holdings, LLC)

NOTES TO STATUTORY FINANCIAL STATEMENTS AS OF DECEMBER 31, 2024 AND 2023 AND

FOR THE YEARS ENDED DECEMBER 31, 2024, 2023 AND 2022

(IN THOUSANDS OF DOLLARS, EXCEPT SHARE AND PER SHARE DATA)

During 2024 and 2023, the Company made the following capital contributions to subsidiaries:

Entity	2024		2023
DLIH 2016-2	$	7,434	$	100
DLIH 2016-1		—		150,000
DLAC		7,000		23,000
Clarendon		50		—

Goodwill

The Company carries goodwill in the investment value of subsidiaries related to direct statutory purchases and indirect purchases of downstream insurance subsidiaries by noninsurance holding company subsidiaries. Admitted goodwill is limited to 10% of adjusted capital and surplus under SSAP No. 68.

On December 30, 2020, the Company purchased 200 units of its 80% owned subsidiary, CSPCH, representing the 20% minority interest previously held by a third party. Clear Spring Property and Casualty Company (“CSP&C”) is an indirect wholly-owned subsidiary of CSPCH. The goodwill related to this purchase is shown in the table below. Additional goodwill from the original purchase of CSP&C by downstream non-insurance holding companies is not shown in the table below but is embedded in the Company’s investment value of CSPCH.

On April 1, 2019, the Company acquired Clear Spring Casualty Insurance Company (“CSCIC”), formerly known as Lackawanna Casualty Company, a workers’ compensation insurance company, and its subsidiaries, Clear Spring American Insurance Company (“CSAIC”), formerly known as Lackawanna American Insurance Company, and Clear Spring National Insurance Company (“CSNIC”), formerly known as Lackawanna National Insurance Company. On December 30, 2021, the Company contributed its direct investment in CSCIC to CSPCH at the statutory value of CSCIC. CSPCH subsequently contributed CSCIC at its statutory value to CSP&C through a wholly-owned intermediary non-insurance holding company. As such, the goodwill reported in the table below for CSCIC is reflected in the Company’s book value of CSPCH as of December 31, 2024, in addition to the goodwill noted above.

The transactions described above were each accounted for as a statutory purchase by the Company and are reported in the table below. Indirect goodwill derived from the purchase of CSP&C by CSPCH is not considered a statutory purchase by the Company and is excluded from the table below. Total goodwill related to CSPCH and CSP&C from all sources reflected in the book value of CSPCH as of December 31, 2024 was $29,794, representing 12.8% of the total book value, and is inclusive of $948 of indirect goodwill referenced above. A summary of the Company’s goodwill related to statutory purchases is as follows:

Purchased entity	Acquisition date	Cost of acquired entity		Original amount of goodwill		Original amount of admitted goodwill		Admitted goodwill as of the reporting date		Amount of goodwill amortized during the reporting period		Book Value of SCA		Admitted goodwill as a % of SCA BACV, gross of admitted goodwill
CSCIC/CSPCH*	4/1/2019	$	171,728	$	61,162	$	61,162	$	25,994	$	6,116	$	232,001		11.2%
CSPCH	12/30/2020	$	12,200	$	8,553	$	8,553	$	2,851	$	1,426	$	232,001		1.2%

* Unamortized goodwill from the Company’s statutory purchase of CSCIC is shown in the table above as a percentage of the book value of CSPCH.

25

DELAWARE LIFE INSURANCE COMPANY

(A Wholly-Owned Subsidiary of DLIC Sub-Holdings, LLC)

NOTES TO STATUTORY FINANCIAL STATEMENTS AS OF DECEMBER 31, 2024 AND 2023 AND

FOR THE YEARS ENDED DECEMBER 31, 2024, 2023 AND 2022

(IN THOUSANDS OF DOLLARS, EXCEPT SHARE AND PER SHARE DATA)

Capital Transactions

Refer to Note 17 for disclosure of dividends paid by the Company and capital contributions received by the Company.

During 2024, 2023, and 2022, the Company recognized the following dividends and distributions from subsidiaries:

Date	Entity	Amount		Form	Asset Description
December 22, 2023	DLIH 2016-1	$	75,000	Return of capital	Cash
May 18, 2022	DLNY		54,026	Dividend	Cash
December 12, 2022	DLNY		200,000	Extraordinary dividend (a)	Cash

(a) In accordance with SSAP No. 72, Surplus and Quasi-Reorganizations, $900 was recognized as dividend income and $199,100 was recognized as a return of capital.

In addition to the above distributions, on December 31, 2024, December 30, 2023, and December 30, 2022 the Company accrued $15,735, $15,604, and $15,604, respectively, of preferred dividends from DLIH 2015-1. The 2024 accrued distribution was subsequently received in cash by the Company on January 2, 2025. The 2023 accrued distribution was subsequently received in cash by the Company on January 5, 2024, and the 2022 accrued distribution was declared by DLIH 2015-1 and received by the Company on the same day.

Debt and Surplus Note Transactions

During 2023, Group 1001 Finance Company, LLC (“Group 1001 Finance”), an affiliate, purchased $189,699 of interests in the Company’s surplus notes that were previously issued by the Company to an unrelated party. Refer to Note 17 for additional details.

The Company entered into a $200,000 bilateral loan agreement with its affiliate, Clear Spring Life and Annuity Company (“CSLAC”), dated June 1, 2022. The initial terms of the agreement provided for an interest rate at LIBOR plus 1.15%. During 2023, the interest rate was amended to be stated at the Secured Overnight Financing Rate (“SOFR”) plus 1.21%. The repayment of principal and interest is due on demand. During 2024, the Company borrowed $100,000 under the agreement, and repaid the full amount borrowed. In November 2024, CSLAC made a draw relating to this agreement totaling $100,000, and fully repaid the amount borrowed within the same month. During 2023, CSLAC borrowed $115,000 under the agreement, and repaid the full amount borrowed. The Company had $0 due to or from CSLAC under the bilateral loan agreement as of December 31, 2024 and 2023.

The Company entered into a $100,000 bilateral loan agreement with DLIH 2016-1 dated March 31, 2021. In 2022, the bilateral loan agreement was increased to $200,000. The initial terms of the agreement provided for an interest rate at LIBOR plus 1.15%. During 2023, the interest rate was amended to be stated at SOFR plus 1.21%. The repayment of principal and interest is due on demand. During 2024, the Company made draws relating to this agreement totaling $293,000 and made repayments of $257,000 to DLIH 2016-1. The Company had $88,000 and $52,000 due to DLIH 2016-1 recorded within payable to parent, subsidiaries, and affiliates on its Balance Sheets as of December 31, 2024 and 2023, respectively, under this agreement.

26

DELAWARE LIFE INSURANCE COMPANY

(A Wholly-Owned Subsidiary of DLIC Sub-Holdings, LLC)

NOTES TO STATUTORY FINANCIAL STATEMENTS AS OF DECEMBER 31, 2024 AND 2023 AND

FOR THE YEARS ENDED DECEMBER 31, 2024, 2023 AND 2022

(IN THOUSANDS OF DOLLARS, EXCEPT SHARE AND PER SHARE DATA)

The Company entered into a $18,000 bilateral loan agreement with CSP&C dated September 14, 2022, as amended and restated effective June 11, 2023, with interest at SOFR plus 1.21%. This agreement was further amended on April 24, 2024 to include CSCIC, CSAIC, and CSCIC (together with CSP&C, the “P&C Companies”), as participants in the agreement. As a result of this amendment, the maximum principal amount permitted to be borrowed under the agreement was amended to be the lesser of 3% of each of the P&C Companies’ admitted assets or 25% of each of the P&C Companies’ total capital and surplus as of December 31 of the preceding year. In December 2024, CSP&C made a draw of $19,754 and subsequently repaid the balance in full. As of December 31, 2024, there was no outstanding amount owed under this agreement. There was no activity under this agreement during 2023.

In November 2020, R.V.I. Guaranty Co., Ltd. (“RVI”), an affiliate, entered into a $20,000 revolving loan note (the “RVI Note”) with the Company. The initial terms of the note provided for an interest rate at LIBOR plus 150 basis points. During 2023, the interest rate was amended to be stated at SOFR plus 1.21%. There were no amounts outstanding under the RVI Note as of December 31, 2024 and 2023.

Agreements and Other Transactions with Affiliates and Related Parties

The Company has entered into various affiliate and related-party agreements. The following agreements had material transactions during the years ended December 31, 2024, 2023 and 2022:

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 distributor and principal underwriter agreement dated April 1, 2002 with Clarendon, pursuant to which Clarendon serves as distributor and principal underwriter for all variable insurance and annuity products issued by the Company. There were equal and offsetting amounts incurred under these two agreements.

A federal tax allocation agreement has been implemented with Group 1001, Inc. as the common parent of an affiliated group of companies as described in Note 16.

The Company has a services and resource sharing agreement between the Company and Group 1001 Resources, LLC (“G1001 Resources”), pursuant to which G1001 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. Gross amounts allocated under this agreement amounted to $118,791, $81,905, and $84,900 for the years ended December 31, 2024, 2023, and 2022, respectively.

Effective January 1, 2019, the Company had an Amended and Restated Master Agency Agreement (the “First Amended Agreement”) between the Company and Delaware Life Marketing, LLC (“DLM”). On September 1, 2021, the First Amended Agreement was superseded by the Second Amended and Restated Master Agency Agreement (“Second Amended Agreement”) executed between the Company and DLM. Pursuant to the Second Amended Agreement, the Company makes heaped commission payments to DLM. These heaped commission payments are expensed as incurred. At least annually, and in accordance with the Second Amended Agreement, the Company reviews the agreement for compliance with agreed-upon limits. As a result of this analysis, commission expense was reduced by $132,275, $130,835, and $0, for December 31, 2024, 2023, and 2022, respectively. As of December 31, 2024, 2023, and 2022, DLM owed $9,621, $130,835, and $0, respectively, to the Company. Under the Second Amended Agreement, the Company incurred commission expenses, net of refunds, of $144,385, $57,832, and $109,716 for the years ended December 31, 2024 and 2023, respectively.

27

DELAWARE LIFE INSURANCE COMPANY

(A Wholly-Owned Subsidiary of DLIC Sub-Holdings, LLC)

NOTES TO STATUTORY FINANCIAL STATEMENTS AS OF DECEMBER 31, 2024 AND 2023 AND

FOR THE YEARS ENDED DECEMBER 31, 2024, 2023 AND 2022

(IN THOUSANDS OF DOLLARS, EXCEPT SHARE AND PER SHARE DATA)

Under the Second Amended Agreement with DLM, the Company also began paying marketing fees as an allowance for advertising, marketing, bonuses, and other expenses related to the promotion and sales of certain products of the Company, and these fees totaled $60,000 each year for the years ended December 31, 2024, 2023, and 2022. Other fees paid for services by the Company to DLM totaled $29,359, $25,568, and $22,854 for the years ended December 31, 2024, 2023, and 2022, respectively.

The Company has a services agreement with Insurance Management Services, LLC (“IMS”), formerly known as Guggenheim Insurance Services, LLC, whereby IMS provides certain advisory and other services to the Company. Expenses incurred under this agreement amounted to $30,000 each year for the years ended December 31, 2024, 2023, and 2022.

The Company and DLIH 2016-1 initiated a hedging program arrangement in 2019 whereby DLIH 2016-1 engages in certain hedging activities related to the Company’s FIA contracts. Under this arrangement, the Company routinely transfers new FIA equity options to DLIH 2016-1 at fair value and processes settlements on behalf of DLIH 2016-1. All economic rights and responsibilities of the equity options transferred belong to DLIH 2016-1. DLIH 2016-1 purchases equity futures and manages both the options and futures to more efficiently monitor the hedging risks associated with the Company’s FIA products.

Effective October 1, 2023, the Company entered into a second Hedging Program Agreement with DLIH 2016-1. Under this agreement, the Company pays DLIH 2016-1 a service fee that is settled in conjunction with a liability option impact. The net impact of service fees and the liability option impact was $102,082 and $49,423, recorded as income in the Company’s Statutory Statements of Operations, during 2024 and 2023, respectively. During 2024, the Company received cash of $190,140 and paid cash of $60,115 in settlement of current year invoices related to this agreement. In January 2024, the Company received cash of $49,423 in settlement of the prior year receivable related to this agreement. As of December 31, 2024, the Company had a payable to DLIH 2016-1 of $27,943. During 2023, there were no cash settlements related to this agreement, and as of December 31, 2023, the Company had a receivable from DLIH 2016-1 of $49,423.

Effective January 1, 2022, the Company entered into a licensing agreement with Group 1001 IP Solutions, LLC (formerly, Group 1001 Innovation Solutions, LLC) to support the administration of information technology assets and vendor relationships of the Company. Expenses incurred under this agreement were $54,682, $38,302, and $14,394 for the years ended December 31, 2024, 2023, and 2022, respectively.

The Company had $23,798 and $135,781 due from affiliates, $1,433 and $7,679 due to affiliates, and $8,515 and $8,525 included in general expenses due or accrued to other related parties as of December 31, 2024 and 2023, respectively, under the terms of various management and services contracts which provide for cash settlements on a quarterly or more frequent basis.

The Company has an amended and restated investment management agreement with Guggenheim Partners Investment Management, LLC (“GPIM”), whereby GPIM provides investment management services for certain of the Company’s investments. GPIM managed $169,241 and $201,335 of the Company’s investments with related parties as of December 31, 2024 and 2023.

During 2024, the Company sold securities with a book value of $16,266 to DLAC at fair market value. The Company received cash proceeds of $16,266 and recognized no gain or loss on the sale. The fair value of the assets acquired was determined in accordance with the Company’s and DLAC’s established asset pricing methodologies.

During 2024, the Company purchased securities with a book value of $813 from GLIC at fair market value. The Company paid cash of $798 for these purchases. Additionally, during 2024, the Company sold securities with a book value of $172,896 to GLIC at fair market value. The Company received cash proceeds of $172,896 and recognized no gain or loss on the sale.

28

DELAWARE LIFE INSURANCE COMPANY

(A Wholly-Owned Subsidiary of DLIC Sub-Holdings, LLC)

NOTES TO STATUTORY FINANCIAL STATEMENTS AS OF DECEMBER 31, 2024 AND 2023 AND

FOR THE YEARS ENDED DECEMBER 31, 2024, 2023 AND 2022

(IN THOUSANDS OF DOLLARS, EXCEPT SHARE AND PER SHARE DATA)

During 2024, the Company purchased securities with a book value of $232,753 and accrued interest of $2,390 from CSLAC at fair market value. The Company paid cash of $235,143 for these purchases. Additionally, during 2024, the Company sold one security with a book value of $24,936 and no accrued interest to CSLAC at fair market value. The Company received cash proceeds of $24,936 and recognized no gain or loss on the sale. During 2023, the Company purchased securities with a book value of $313,574 and accrued interest of $2,751 from CSLAC at fair market value. The Company paid cash of $315,884 for these purchases. Additionally, during 2023, the Company sold securities with a book value of $95,557 and accrued interest of $504 to CSLAC at fair market value. The Company received cash proceeds of $92,314 and recognized a loss of $3,747 on the sale. The fair value of the assets acquired and sold was determined in accordance with the Company’s and CSLAC’s established asset pricing methodologies.

During 2024, the Company purchased securities with a book value of $176,273 and accrued interest of $749 from Barbco at fair market value. The Company paid cash of $177,022 for these purchases.

Reinsurance Agreements

The Company has reinsurance agreements with certain subsidiaries and affiliates. Refer to Note 10 for disclosures related to these agreements.

Guarantees and Commitments

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 $300,000. There was no liability accrued for this guaranty at December 31, 2024 and 2023.

In 2018, CSP&C entered into a lease agreement for an office in Boca Raton, Florida that expires in March 2026. The Company is a guarantor of the lease which has future minimum lease commitments of approximately $593 as of December 31, 2024.

In 2022, an affiliate, PSA Realty Company (“PSA”), entered into a lease agreement for an office in Ft. Lauderdale, Florida with a termination date of April 30, 2030 and two agreements for office spaces in Waltham, Massachusetts with termination dates of October 31, 2029 and October 31, 2030, respectively, for which the Company is the guarantor. Future minimum lease payments for these three agreements totaled $14,075 as of December 31, 2024.

In 2020, the Company authorized a wholly-owned subsidiary, DLIH 2016-2, to enter into a Société Générale credit facility (the “SG Facility”) with a maximum borrowing amount of $225,000 as part of its investment program. On October 8, 2024, the SG Facility was amended and restated to increase the maximum borrowing amount to $350,000. 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, 2024 and 2023, DLIH 2016-2 had borrowed $230,630 and $163,820, respectively, under the SG Facility.

During 2024, the Company provided an unconditional financial guaranty to DLAC (the “ME Guaranty”) as a condition of licensure for DLAC to write business in the State of Maine. The ME Guaranty would obligate the Company to contribute capital if DLAC fails to maintain capital and surplus at a level no less than the greater of the regulatory action level risk-based capital or the minimum requirements for capital and surplus each in the amount of $1,500.

29

DELAWARE LIFE INSURANCE COMPANY

(A Wholly-Owned Subsidiary of DLIC Sub-Holdings, LLC)

NOTES TO STATUTORY FINANCIAL STATEMENTS AS OF DECEMBER 31, 2024 AND 2023 AND

FOR THE YEARS ENDED DECEMBER 31, 2024, 2023 AND 2022

(IN THOUSANDS OF DOLLARS, EXCEPT SHARE AND PER SHARE DATA)

Effective April 25, 2024, the Company guarantees certain of CSHIC’s obligations to Bank of America, N.A. (“BANA”) in connection with a 2023 receivables purchase transaction entered into between CSHIC and BANA related to receivables owing to CSHIC by the Centers for Medicare & Medicaid Services, a federal agency of the United States of America (“CMS”). The obligations of the Company are limited to the outstanding obligations of CSHIC to BANA, which totaled $29,200 as of December 31, 2024. There was no liability accrued for this guaranty at December 31, 2024.

Effective December 10, 2024, the Company guarantees certain of CSHIC’s obligations to BANA in connection with a 2024 receivables purchase transaction entered into between CSHIC and BANA related to receivables owing to CSHIC by CMS. The obligations of the Company are limited to the outstanding obligations of CSHIC to BANA, which totaled $151,032 as of December 31, 2024. There was no liability accrued for this guaranty at December 31, 2024.

As a requirement under a Master Receivables Purchase Agreement (the “RPA”) between CSHIC and Société Générale Factoring S.A. (“SGF”) dated October 4, 2021, the Company guarantees the performance and observance of all obligations and covenants by CSHIC. Under the RPA, CSHIC proposes the sale of certain eligible receivables for purchase by SGF at a discounted rate. CSHIC is required to repurchase any ineligible receivables sold to SGF. The guarantee would require payment by the Company if CSHIC was unable to repurchase any ineligible receivables sold. Effective November 14, 2024, the RPA was terminated.

The Company is a co-borrower under a short-term money market facility (the “STMM Facility”) with Société Générale, acting through its New York Branch (“SocGen”). The Company and CSHIC were co-borrowers under the STMM Facility until August 23, 2022. At that time, as part of a corporate financing strategy, Group 1001 Finance was added via an amendment (the “Amended STMM Facility”) to the original STMM Facility. As part of the strategy, CSHIC was removed as a borrower and no longer has the ability to directly borrow from the Amended STMM Facility or incur any liability related to the Amended STMM Facility. Group 1001 Finance, as borrower, has authority to borrow up to $350,000 to be used for general corporate purposes. Group 1001 Finance and the Company have a reimbursement agreement in place, whereby Group 1001 Finance will reimburse the Company in the event that the Company makes any payment in support of Group 1001 Finance under the Amended STMM Facility. In addition, Group 1001 Finance will pay the Company a support fee calculated based on the average daily balance of Group 1001 Finance borrowings under the Amended STMM Facility.

Effective February 24, 2022, a support and reimbursement agreement was executed between the Company and CSHH, whereby a market based fee is paid to the Company to compensate it for the guarantees provided by the Company. This agreement remains in effect after the sale of CSHH to DLSH.

In September 2022, the Company’s board of directors extended the Company’s commitment to contribute capital to CSP&C in an amount necessary to keep CSP&C’s Authorized Control Level (“ACL”) Risk-Based Capital (“RBC”) Ratio from falling below 325% for all reporting periods through December 31, 2026.

In July 2023, the Company’s board of directors approved a capital support commitment to maintain DLAC’s capital at a minimum of 350% of its Company Action Level (“CAL”) RBC. The commitment is valid through the filing of DLAC’s December 31, 2027 statutory financial statements.

In May 2024, as a condition of DLAC’s licensure in the State of New Jersey, the Company’s board of directors approved a capital and support commitment to maintain DLAC’s capital at an amount at least equal to $1,000 and surplus at an amount at least equal to $4,000.

30

DELAWARE LIFE INSURANCE COMPANY

(A Wholly-Owned Subsidiary of DLIC Sub-Holdings, LLC)

NOTES TO STATUTORY FINANCIAL STATEMENTS AS OF DECEMBER 31, 2024 AND 2023 AND

FOR THE YEARS ENDED DECEMBER 31, 2024, 2023 AND 2022

(IN THOUSANDS OF DOLLARS, EXCEPT SHARE AND PER SHARE DATA)

In July 2024, the Company entered into a Capital Maintenance Agreement as a condition of DLAC’s licensure in the State of Rhode Island (the “RI Agreement”). If at any time DLAC’s total adjusted capital shown on its annual statement falls below an RBC level of 350%, the RI Agreement requires DLIC to provide the necessary capital to raise DLAC’s RBC to at least 350% within 30 days of the filing of DLAC’s annual statement.

In July 2024, the Company entered into a Capital Maintenance Agreement as a condition of DLAC’s licensure in the Commonwealth of Virginia (the “VA Agreement”). If at any time DLAC’s total adjusted capital shown in its financial statements falls below an ACL RBC level of 300%, the VA Agreement requires the Company to provide DLAC with the necessary additional capital to raise its ACL RBC level to at least 300% within 30 days of the filing of the statement upon which the measurement has been made.

4. Bonds and Equity Investments

The carrying value and fair value of investments in bonds and equity securities as of December 31, 2024 and 2023 are as follows:

	December 31, 2024
	Carrying Value		Gross Unrealized Gains		Gross Unrealized Losses			Estimated Fair Value
Bonds:
U.S. Governments	$	508,975	$	1,191	$	(13,641	)	$	496,525
All Other Governments		19,527		392		(2,237	)		17,682
States, Territories and Possessions (Direct and Guaranteed)		114		—		(5	)		109
U.S. Political Subdivisions of States, Territories and Possessions (Direct and Guaranteed)		31,260		14		(5,835	)		25,439
U.S. Special Revenue and Special Assessment Obligations and all Non-Guaranteed Obligations of Agencies and Authorities of Governments and Their Political Subdivisions		1,322,160		24,671		(94,495	)		1,252,336
Industrial and Miscellaneous (Unaffiliated)		19,760,267		94,496		(830,183	)		19,024,580
Hybrid Securities		186,348		198		(7,244	)		179,302
Parents, Subsidiaries and Affiliates		343,021		—		(18,264	)		324,757
SVO Identified Exchange Traded Funds		2,216		—		(631	)		1,585
Unaffiliated Bank Loans		8,596		296		—			8,892
Total Bonds	$	22,182,484	$	121,258	$	(972,535	)	$	21,331,207
Preferred Stocks	$	729,639	$	50,201	$	(3,307	)	$	776,533
	December 31, 2024
	Cost		Gross Unrealized Gains		Gross Unrealized Losses			Estimated Fair Value
Common Stocks (Unaffiliated) (a)	$	167,479	$	1,292	$	(5,138	)	$	163,633

31

DELAWARE LIFE INSURANCE COMPANY

(A Wholly-Owned Subsidiary of DLIC Sub-Holdings, LLC)

NOTES TO STATUTORY FINANCIAL STATEMENTS AS OF DECEMBER 31, 2024 AND 2023 AND

FOR THE YEARS ENDED DECEMBER 31, 2024, 2023 AND 2022

(IN THOUSANDS OF DOLLARS, EXCEPT SHARE AND PER SHARE DATA)

	December 31, 2023
	Carrying Value		Gross Unrealized Gains		Gross Unrealized Losses			Estimated Fair Value
Bonds:
U.S. Governments	$	655,852	$	931	$	(21,543	)	$	635,240
All Other Governments		17,200		453		(1,887	)		15,766
States, Territories and Possessions (Direct and Guaranteed)		546		—		(52	)		494
U.S. Political Subdivisions of States, Territories and Possessions (Direct and Guaranteed)		23,618		27		(5,214	)		18,431
U.S. Special Revenue and Special Assessment Obligations and all Non-Guaranteed Obligations of Agencies and Authorities of Governments and Their Political Subdivisions		1,102,480		25,953		(93,049	)		1,035,384
Industrial and Miscellaneous (Unaffiliated)		15,836,658		64,204		(992,758	)		14,908,104
Hybrid Securities		153,270		—		(11,592	)		141,678
Parents, Subsidiaries and Affiliates		343,021		—		(17,499	)		325,522
SVO Identified Exchange Traded Funds		1,815		—		(216	)		1,599
Total Bonds	$	18,134,460	$	91,568	$	(1,143,810	)	$	17,082,218
Preferred Stocks	$	802,140	$	7,322	$	(10,220	)	$	799,242
	Cost		Gross Unrealized Gains		Gross Unrealized Losses			Estimated Fair Value
Common Stocks (Unaffiliated) (a)	$	143,693	$	1,131	$	(3,934	)	$	140,890

(a) Excludes affiliated common stock with an equity method carrying value of $32,571 and $21,549 as of December 31, 2024 and 2023, respectively.

Expected maturities differ from contractual maturities for corporate bonds because certain borrowers have the right to call or prepay obligations with or without call or prepayment penalties. Mortgage and asset-backed securities (“ABS”) are not due at a single maturity date and therefore are shown based on the expected cash flows of the underlying loans, which includes estimates of anticipated future prepayments. The carrying value and fair value of bonds, including those that are classified as short-term investments, other than ABS and MBS, as of December 31, 2024 by contractual maturity are as follows:

32

DELAWARE LIFE INSURANCE COMPANY

(A Wholly-Owned Subsidiary of DLIC Sub-Holdings, LLC)

NOTES TO STATUTORY FINANCIAL STATEMENTS AS OF DECEMBER 31, 2024 AND 2023 AND

FOR THE YEARS ENDED DECEMBER 31, 2024, 2023 AND 2022

(IN THOUSANDS OF DOLLARS, EXCEPT SHARE AND PER SHARE DATA)

	December 31, 2024
	Carrying Value		Estimated Fair Value
Due in one year or less	$	1,047,005	$	1,036,772
Due after one year through five years		4,516,114		4,449,710
Due after five years through ten years		5,371,788		5,179,537
Due after ten years through twenty years		1,630,389		1,410,071
Due after twenty years		2,186,691		1,882,733
SVO identified exchange traded funds		2,216		1,585
Total before mortgage and other asset-backed securities		14,754,203		13,960,408
Mortgage and other asset-backed securities		7,551,457		7,494,002
Total	$	22,305,660	$	21,454,410

The table above includes short-term bonds, which are classified as short-term investments, with a carrying value and fair value of $123,176 and $123,203, respectively, at December 31, 2024.

Investment-grade bonds were 95.3% and 95.9% of the Company’s total bonds as of December 31, 2024 and 2023, respectively.

Exposure to any single issuer is less than 10% of net admitted assets.

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 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 is the difference between the amortized cost basis and the fair value of the security. In accordance with SSAP No. 43R, the amount of OTTI that is non-interest related shall be recorded through the AVR, and the amount of the OTTI that is interest related shall be recorded through the IMR.

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 employs a portfolio monitoring process and 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.

33

DELAWARE LIFE INSURANCE COMPANY

(A Wholly-Owned Subsidiary of DLIC Sub-Holdings, LLC)

NOTES TO STATUTORY FINANCIAL STATEMENTS AS OF DECEMBER 31, 2024 AND 2023 AND

FOR THE YEARS ENDED DECEMBER 31, 2024, 2023 AND 2022

(IN THOUSANDS OF DOLLARS, EXCEPT SHARE AND PER SHARE DATA)

There was $0, $73, and $0 in OTTI recorded in 2024, 2023, and 2022 on LBSS held as of December 31, 2024, 2023, and 2022, 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 and Surplus date, the Company assesses whether the impairment is an OTTI. An OTTI has occurred when it is probable that all amounts due according to the contractual terms will not be collected or when a decision to sell the bond at an amount below its carrying value has been made. 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.

The Company performs quarterly procedures in determining whether a security is other-than-temporarily impaired. The process involves a screening of all securities with a fair value less than the amortized cost basis. As part of this screening, the Company also incorporates a monitor and watch list maintained by investment managers. Inclusion in this list may be driven by heightened risk of particular sectors driven by macro events or credit events on individual issuers or particular investments, such as a ratings downgrade. Based on the evidence, securities identified may be subject to further review to evaluate 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. Upon completion of this screening process, the relevant information is provided to the Company’s Asset Valuation Committee, which is composed of investment and finance professionals, to exercise judgment and conclude on whether there is an OTTI.

Should it be determined that a security is other-than-temporarily impaired, the Company records a loss through an appropriate adjustment in carrying value. A summary of impairments incurred by the Company for the years ended December 31, 2024, 2023, and 2022 is as follows:

	For the years ended December 31
	2024		2023		2022
Bonds (Including those subject to SSAP No. 43R)	$	47,371	$	2,217	$	6,600
Residual equity tranches		4,944		25,110		—
Equity interests		—		8,250		—

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.

34

DELAWARE LIFE INSURANCE COMPANY

(A Wholly-Owned Subsidiary of DLIC Sub-Holdings, LLC)

NOTES TO STATUTORY FINANCIAL STATEMENTS AS OF DECEMBER 31, 2024 AND 2023 AND

FOR THE YEARS ENDED DECEMBER 31, 2024, 2023 AND 2022

(IN THOUSANDS OF DOLLARS, EXCEPT SHARE AND PER SHARE DATA)

The following tables analyze the Company’s investment positions with unrealized losses, segmented by type of security and period of continuous unrealized loss, as of December 31, 2024 and 2023:

	2024
	Less than 12 months							12 months or more							Total
	#		Fair Value		Unrealized Losses			#		Fair Value		Unrealized Losses			#		Fair Value		Unrealized Losses
Bonds:
U.S. Governments		17	$	97,872	$	(2,491	)		19	$	199,778	$	(21,265	)		36	$	297,650	$	(23,756	)
All Other Governments		3		2,913		(74	)		7		6,449		(2,161	)		10		9,362		(2,235	)
U.S. States, Territories and Possessions (Direct and Guaranteed)		—		—		—			1		109		(5	)		1		109		(5	)
U.S. Political Subdivisions of States, Territories and Possessions		6		7,408		(101	)		40		17,696		(5,734	)		46		25,104		(5,835	)
U.S. Special Revenue and Special Assessment Obligations		55		170,844		(2,089	)		338		584,679		(82,155	)		393		755,523		(84,244	)
Industrial and Miscellaneous (Unaffiliated)		557		2,795,362		(82,831	)		1,065		6,947,049		(748,152	)		1,622		9,742,411		(830,983	)
Hybrid Securities		5		42,192		(665	)		31		56,281		(6,579	)		36		98,473		(7,244	)
Parent, Subsidiaries and Affiliates		—		—		—			2		259,398		(17,602	)		2		259,398		(17,602	)
SVO Identified Exchange Traded Funds		3		1,585		(631	)		—		—		—			3		1,585		(631	)
Total Bonds		646	$	3,118,176	$	(88,882	)		1,503	$	8,071,439	$	(883,653	)		2,149	$	11,189,615	$	(972,535	)
Preferred Stocks		4	$	5,771	$	(1,841	)		2	$	87,042	$	(1,466	)		6	$	92,813	$	(3,307	)
Common Stocks (Unaffiliated)		3	$	5,930	$	(64	)		2	$	14,972	$	(5,074	)		5	$	20,902	$	(5,138	)

35

DELAWARE LIFE INSURANCE COMPANY

(A Wholly-Owned Subsidiary of DLIC Sub-Holdings, LLC)

NOTES TO STATUTORY FINANCIAL STATEMENTS AS OF DECEMBER 31, 2024 AND 2023 AND

FOR THE YEARS ENDED DECEMBER 31, 2024, 2023 AND 2022

(IN THOUSANDS OF DOLLARS, EXCEPT SHARE AND PER SHARE DATA)

	2023
	Less than 12 months							12 months or more							Total
	#		Fair Value		Unrealized Losses			#		Fair Value		Unrealized Losses			#		Fair Value		Unrealized Losses
Bonds:
U.S. Governments		13	$	146,600	$	(738	)		22	$	360,065	$	(20,805	)		35	$	506,665	$	(21,543	)
All Other Governments		3		2,977		(8	)		8		6,842		(1,879	)		11		9,819		(1,887	)
U.S. States, Territories and Possessions (Direct and Guaranteed)		—		—		—			2		494		(52	)		2		494		(52	)
U.S. Political Subdivisions of States, Territories and Possessions (Direct and Guaranteed)		—		—		—			42		17,842		(5,214	)		42		17,842		(5,214	)
U.S. Special Revenue and Special Assessment Obligations and all Non- Guaranteed Obligations of Agencies and Authorities of Governments and Their Political Subdivisions		22		34,734		(523	)		406		616,456		(92,526	)		428		651,190		(93,049	)
Industrial and Miscellaneous (Unaffiliated)		185		1,987,192		(66,965	)		1,545		8,036,186		(925,793	)		1,730		10,023,378		(992,758	)
Hybrid Securities		3		4,241		(15	)		56		134,735		(11,577	)		59		138,976		(11,592	)
Parent, Subsidiaries and Affiliates		1		65,961		(60	)		2		259,561		(17,439	)		3		325,522		(17,499	)
SVO Identified Exchange Traded Funds		—		—		—			3		1,599		(216	)		3		1,599		(216	)
Total Bonds		227	$	2,241,705	$	(68,309	)		2,086	$	9,433,780	$	(1,075,501	)		2,313	$	11,675,485	$	(1,143,810	)
Preferred Stocks		3	$	292,169	$	(5,983	)		6	$	143,314	$	(4,237	)		9	$	435,483	$	(10,220	)
Common Stocks (Unaffiliated)		2	$	5,095	$	—			3	$	16,150	$	(3,934	)		5	$	21,245	$	(3,934	)

The unrealized losses of $972,535 on bonds as of December 31, 2024 were primarily attributable to higher interest rates and wider spread levels. As disclosed above, the Company’s bond portfolio was composed of 95.3% of investment-grade bonds as of December 31, 2024, which did not materially change from the 95.9% held at December 31, 2023. Full repayment of principal and interest is expected. The contractual terms of these investments do not permit the issuer to settle the securities at a price less than par, which will equal amortized cost at maturity. Because the Company did not intend to sell these investments or lack the ability to hold them to recovery at December 31, 2024, these investments were not considered other-than-temporarily impaired.

5GI Securities

Securities with NAIC designation of 5GI are deemed to possess the credit characteristics of, and incur the regulatory treatment associated with, securities assigned an NAIC 5 designation. The Company’s overall exposure to 5GI securities is shown below:

	Number of 5GI Securities				Carry Value				Aggregate Fair Value
Investment	12/31/2024		12/31/2023		12/31/2024		12/31/2023		12/31/2024		12/31/2023
Bonds - Unaffiliated		27		12	$	143,665	$	10,280	$	144,504	$	10,216
Preferred Stock - Affiliated		2		1		261,199		241,130		261,199		241,130
Total		29		13	$	404,864	$	251,410	$	405,703	$	251,346

36

DELAWARE LIFE INSURANCE COMPANY

(A Wholly-Owned Subsidiary of DLIC Sub-Holdings, LLC)

NOTES TO STATUTORY FINANCIAL STATEMENTS AS OF DECEMBER 31, 2024 AND 2023 AND

FOR THE YEARS ENDED DECEMBER 31, 2024, 2023 AND 2022

(IN THOUSANDS OF DOLLARS, EXCEPT SHARE AND PER SHARE DATA)

5. Mortgage Loans

The Company invests in commercial and residential first mortgage loans primarily in the United States. 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.

The following table shows the geographic distribution of the carrying value of the Company’s mortgage loan portfolio as of December 31, 2024 and 2023:

	2024				2023
	Carrying value		Percentage of total		Carrying value		Percentage of total
Geographic region:
East	$	421,409		19%	$	460,208		27%
Midwest		217,563		10%		216,119		12%
South		1,176,082		54%		838,775		49%
West		378,914		17%		208,860		12%
	$	2,193,968		100%	$	1,723,962		100%

The following table shows the carrying value by collateral type of the Company’s mortgage loan portfolio as of December 31, 2024 and 2023:

	2024				2023
	Carrying value		Percentage of total		Carrying value		Percentage of total
Collateral type:
Shopping centers	$	10,922		0.5%	$	13,997		0.8%
Office buildings		145,939		6.7%		126,281		7.3%
Industrial		307,193		14.0%		270,889		15.7%
Mixed use		4,277		0.2%		4,917		0.3%
Multifamily		1,353,418		61.7%		981,465		56.9%
Single family		218,150		9.9%		171,358		9.9%
Hotels		154,069		7.0%		155,055		9.0%
	$	2,193,968		100.0%	$	1,723,962		100.0%

The Company originated 21 and 23 commercial mortgage loans in 2024 and 2023, respectively, and made additional investments after acquisition each year with a total cost of new loans of $576,557 and $381,778, respectively. The Company originated 85 new residential mortgage loans in 2024 with a total cost of $55,921. There were no new residential loans made during 2023. Minimum and maximum rates of the new loans ranged from 5.53% to 14.2% and 4.8% to 12.0% in 2024 and 2023, respectively. During the years ended December 31, 2024 and 2023, the Company did not reduce interest rates on any outstanding mortgage loans. Mortgage loans are collateralized by the related properties. At the time the original loan was made during 2024, the loan to value ratio (“LTV”) was no more than 67.8% for commercial mortgages and no more than 89.9% for residential loans made during 2024. At the time the original loan was made during 2023, the LTV was no more than 75.4% of the property’s value for commercial mortgages, and there were no new residential loans made during 2023.

37

DELAWARE LIFE INSURANCE COMPANY

(A Wholly-Owned Subsidiary of DLIC Sub-Holdings, LLC)

NOTES TO STATUTORY FINANCIAL STATEMENTS AS OF DECEMBER 31, 2024 AND 2023 AND

FOR THE YEARS ENDED DECEMBER 31, 2024, 2023 AND 2022

(IN THOUSANDS OF DOLLARS, EXCEPT SHARE AND PER SHARE DATA)

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, 2024 and 2023. 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 $2,460 at December 31, 2024 and 2023. 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, 2024 and 2023, the Company individually and collectively evaluated loans with a net carrying value of $2,193,968 and $1,723,962, respectively.

As of December 31, 2024 and 2023, 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 6 loans totaling $6,565 past due greater than 90 days at December 31, 2024 and there were 5 loans totaling $2,764 past due greater than 90 days at December 31, 2023.

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
December 31, 2024
Recorded Investment
Current	$	—	$	204,871	$	—	$	1,881,643	$	54,024	$	2,140,538
30 - 59 Days Past Due		—		874		—		40,151		—		41,025
60 - 89 Days Past Due		—		5,840		—		—		—		5,840
90 - 179 Days Past Due		—		6,065		—		—		—		6,065
180 + Days Past Due		—		500		—		—		—		500
Accruing Interest 90-179 Days Past Due
Recorded Investment	$	—	$	6,065	$	—	$	—	$	—	$	6,065
Interest Accrued		—		197		—		—		—		197
Accruing Interest 180+ Days Past Due
Recorded Investment	$	—	$	500	$	—	$	—	$	—	$	500
Interest Accrued		—		47		—		—		—		47
Interest Reduced
Recorded Investment	$	—	$	—	$	—	$	—	$	—	$	—
Number of Loans		—		—		—		—		—		—
Percent Reduced		—		—		—		—		—		—
Participant or Co-lender in a Mortgage Loan Agreement	$	—	$	—	$	—	$	84,199	$	—	$	84,199

38

DELAWARE LIFE INSURANCE COMPANY

(A Wholly-Owned Subsidiary of DLIC Sub-Holdings, LLC)

NOTES TO STATUTORY FINANCIAL STATEMENTS AS OF DECEMBER 31, 2024 AND 2023 AND

FOR THE YEARS ENDED DECEMBER 31, 2024, 2023 AND 2022

(IN THOUSANDS OF DOLLARS, EXCEPT SHARE AND PER SHARE DATA)

	Residential				Commercial
	Insured		All Other		Insured		All Other		Mezzanine		Total
December 31, 2023
Recorded Investment
Current	$	—	$	166,920	$	—	$	1,455,803	$	44,625	$	1,667,348
30 - 59 Days Past Due		—		1,360		—		16,805		—		18,165
60 - 89 Days Past Due		—		314		—		35,371		—		35,685
90 - 179 Days Past Due		—		2,505		—		—		—		2,505
180 + Days Past Due		—		259		—		—		—		259
Accruing Interest 90-179 Days Past Due
Recorded Investment	$	—	$	2,505	$	—	$	—	$	—	$	2,505
Interest Accrued		—		57		—		—		—		57
Accruing Interest 180+ Days Past Due
Recorded Investment	$	—	$	259	$	—	$	—	$	—	$	259
Interest Accrued		—		26		—		—		—		26
Interest Reduced
Recorded Investment	$	—	$	—	$	—	$	—	$	—	$	—
Number of Loans		—		—		—		—		—		—
Percent Reduced		—		—		—		—		—		—
Participant or Co-lender in a Mortgage Loan Agreement	$	—	$	—	$	—	$	101,295	$	—	$	101,295

The Company had no investments in impaired loans during 2024 or 2023.

Information regarding the Company’s allowance for credit losses is as follows at December 31, 2024 and 2023:

	2024		2023
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 2024 or 2023.

39

DELAWARE LIFE INSURANCE COMPANY

(A Wholly-Owned Subsidiary of DLIC Sub-Holdings, LLC)

NOTES TO STATUTORY FINANCIAL STATEMENTS AS OF DECEMBER 31, 2024 AND 2023 AND

FOR THE YEARS ENDED DECEMBER 31, 2024, 2023 AND 2022

(IN THOUSANDS OF DOLLARS, EXCEPT SHARE AND PER SHARE DATA)

The credit quality of the Company’s mortgage loans is assessed using the debt service coverage ratio (“DSC”) and LTV. LTV is calculated using the most recently available appraisal value divided by the carrying value. LTV is calculated at the time of origination and is updated annually. The DSC is calculated by dividing net operating income by total debt service and is updated annually. The following tables show the recorded gross investment of the Company’s mortgage loans aggregated by LTV and DSC as of December 31, 2024 and 2023:

	2024
	Debt Service Coverage Ratio
	>1.2x		1.0x to < 1.2x		<1.0x		Total
Loan to Value Ratio
0%-59.99%	$	264,411	$	575,856	$	231,900	$	1,072,167
60%-69.99%		253,005		270,803		158,144		681,952
70%-79.99%		55,925		47,900		86,255		190,080
80% or greater		31,618		—		—		31,618
Total (*)	$	604,959	$	894,559	$	476,299	$	1,975,817

	2023
	Debt Service Coverage Ratio
	>1.2x		1.0x to < 1.2x		<1.0x		Total
Loan to Value Ratio
0%-59.99%	$	119,755	$	486,046	$	292,174	$	897,975
60%-69.99%		140,200		159,776		51,225		351,201
70%-79.99%		77,448		97,900		98,691		274,039
80% or greater		6,360		—		23,029		29,389
Total (*)	$	343,763	$	743,722	$	465,119	$	1,552,604

(*) excludes residential mortgages of $218,151 and $171,358 as of December 31, 2024 and 2023, respectively.

6. Repurchase Agreements and Reverse Repurchase Agreements Transactions Accounted for as Secured Borrowing

Repurchase Agreements Transactions Accounted for as Secured Borrowing

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 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, the Company has received United States Treasuries on occasion. In the case of United States Treasuries, the Company monitors the price of the Treasury collateral to ensure the Company is adequately collateralized.

40

DELAWARE LIFE INSURANCE COMPANY

(A Wholly-Owned Subsidiary of DLIC Sub-Holdings, LLC)

NOTES TO STATUTORY FINANCIAL STATEMENTS AS OF DECEMBER 31, 2024 AND 2023 AND

FOR THE YEARS ENDED DECEMBER 31, 2024, 2023 AND 2022

(IN THOUSANDS OF DOLLARS, EXCEPT SHARE AND PER SHARE DATA)

An overview of the Company’s repurchase agreements as of December 31, 2024 is as follows:

Type of Repurchase Trades Used:

	FIRST QUARTER	SECOND QUARTER	THIRD QUARTER	FOURTH QUARTER
Bilateral (YES/NO)	Yes	Yes	Yes	Yes
Tri-Party (YES/NO)	No	No	No	No

Original (Flow) & Residual Maturity:

	FIRST QUARTER		SECOND QUARTER		THIRD QUARTER		FOURTH QUARTER
Maximum Amount
Open - No Maturity	$	—	$	—	$	26,285	$	27,611
Overnight		—		—		—		—
2 Days to 1 Week		—		106,725		—		—
> 1 Week to 1 Month		—		—		154,627		5,007
> 1 Month to 3 Months		370,000		97,753		3,817		320,976
> 3 Months to 1 Year		—		332,844		693,985		734,982
> 1 Year		—		—		—		—
Ending Balance
Open - No Maturity	$	—	$	—	$	26,285	$	27,611
Overnight		—		—		—		—
2 Days to 1 Week		—		106,725		—		—
> 1 Week to 1 Month		—		—		154,627		5,007
> 1 Month to 3 Months		370,000		97,753		3,817		320,976
> 3 Months to 1 Year		—		332,844		693,985		734,982
> 1 Year		—		—		—		—

Securities “Sold” Under Repurchase - Secured Borrowing:

	FIRST QUARTER		SECOND QUARTER		THIRD QUARTER		FOURTH QUARTER
Maximum Amount
BACV		XXX		XXX		XXX	$	1,088,576
Nonadmitted - Subset of BACV		XXX		XXX		XXX		—
Fair Value	$	400,847	$	659,463	$	1,036,269	$	1,258,727
Ending Balance
BACV		XXX		XXX		XXX	$	1,088,576
Nonadmitted - Subset of BACV		XXX		XXX		XXX		—
Fair Value	$	400,847	$	659,463	$	1,036,269	$	1,258,727

BACV = Book-Adjusted Carrying Value

41

DELAWARE LIFE INSURANCE COMPANY

(A Wholly-Owned Subsidiary of DLIC Sub-Holdings, LLC)

NOTES TO STATUTORY FINANCIAL STATEMENTS AS OF DECEMBER 31, 2024 AND 2023 AND

FOR THE YEARS ENDED DECEMBER 31, 2024, 2023 AND 2022

(IN THOUSANDS OF DOLLARS, EXCEPT SHARE AND PER SHARE DATA)

Securities Sold Under Repurchase - Secured Borrowing by NAIC Designation:

	NONE		NAIC 1		NAIC 2		NAIC 3		NAIC 4		NAIC 5		NAIC 6		Nonadmitted
Bonds - BACV	$	—	$	451,602	$	634,194	$	—	$	2,778	$	—	$	—	$	—
Bonds - FV		—		533,783		721,254		—		3,690		—		—		—
Total Assets - BACV	$	—	$	451,602	$	634,194	$	—	$	2,778	$	—	$	—	$	—
Total Assets - FV	$	—	$	533,783	$	721,254	$	—	$	3,690	$	—	$	—	$	—

FV = Fair Value

Collateral Received - Secured Borrowing:

	FIRST QUARTER		SECOND QUARTER		THIRD QUARTER		FOURTH QUARTER
Maximum Amount
Cash	$	—	$	—	$	—	$	—
Securities (FV)		400,847		659,463		1,036,269		1,258,727
Nonadmitted		—		—		—		—
Ending Balance
Cash	$	—	$	—	$	—	$	—
Securities (FV)		400,847		659,463		1,036,269		1,258,727
Nonadmitted		—		—		—		—

Cash & Non-Cash Collateral Received - Secured Borrowing by NAIC Designation:

	NONE		NAIC 1		NAIC 2		NAIC 3		NAIC 4		NAIC 5		NAIC 6		Nonadmitted
Bonds - FV	$	—	$	533,783	$	721,254	$	—	$	3,690	$	—	$	—	$	—
Total Collateral Assets - FV	$	—	$	533,783	$	721,254	$	—	$	3,690	$	—	$	—	$	—

Allocation of Aggregate Collateral by Remaining Contractual Maturity:

	Fair Value
Overnight and Continuous	$	30,270
30 Days or Less		5,150
31 to 90 Days		376,246
> 90 Days		847,061

42

DELAWARE LIFE INSURANCE COMPANY

(A Wholly-Owned Subsidiary of DLIC Sub-Holdings, LLC)

NOTES TO STATUTORY FINANCIAL STATEMENTS AS OF DECEMBER 31, 2024 AND 2023 AND

FOR THE YEARS ENDED DECEMBER 31, 2024, 2023 AND 2022

(IN THOUSANDS OF DOLLARS, EXCEPT SHARE AND PER SHARE DATA)

Reverse Repurchase Agreements Transactions Accounted for as Secured Borrowing

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 counterparty. The Company’s decision to do so will be dependent on its liquidity needs and assessment of the counterparty, as well as the 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 these transactions.

An overview of the Company’s reverse repurchase agreements as of December 31, 2024 is as follows:

Type of Repurchase Trades Used:

	FIRST QUARTER	SECOND QUARTER	THIRD QUARTER	FOURTH QUARTER
Bilateral (Yes/No)	Yes	Yes	Yes	Yes
Tri-Party (Yes/No)	No	No	No	No

Original (Flow) & Residual Maturity:

	FIRST QUARTER		SECOND QUARTER		THIRD QUARTER		FOURTH QUARTER
Maximum Amount
Open - No Maturity	$	—	$	—	$	—	$	—
Overnight		—		—		—		—
2 Days to 1 Week		—		—		—		—
> 1 Week to 1 Month		—		25,840		—		—
> 1 Month to 3 Months		460,200		245,000		245,000		—
> 3 Months to 1 Year		1,046,707		1,236,067		1,261,907		1,381,907
> 1 Year		—		—		—		—
Ending Balance
Open - No Maturity	$	—	$	—	$	—	$	—
Overnight		—		—		—		—
2 Days to 1 Week		—		—		—		—
> 1 Week to 1 Month		—		25,840		—		—
> 1 Month to 3 Months		460,200		245,000		245,000		—
> 3 Months to 1 Year		1,046,707		1,236,067		1,261,907		1,381,907
> 1 Year		—		—		—		—

43

DELAWARE LIFE INSURANCE COMPANY

(A Wholly-Owned Subsidiary of DLIC Sub-Holdings, LLC)

NOTES TO STATUTORY FINANCIAL STATEMENTS AS OF DECEMBER 31, 2024 AND 2023 AND

FOR THE YEARS ENDED DECEMBER 31, 2024, 2023 AND 2022

(IN THOUSANDS OF DOLLARS, EXCEPT SHARE AND PER SHARE DATA)

Fair Value of Securities Acquired Under Repurchase - Secured Borrowing:

	FIRST QUARTER		SECOND QUARTER		THIRD QUARTER		FOURTH QUARTER
Maximum Amount	$	1,524,364	$	1,526,671	$	1,530,024	$	1,401,933
Ending Balance	$	1,524,364	$	1,526,671	$	1,530,024	$	1,401,933

Securities Acquired Under Repurchase - Secured Borrowing by NAIC Designation:

	NONE		NAIC 1		NAIC 2		NAIC 3		NAIC 4		NAIC 5		NAIC 6		Nonadmitted
Bonds - FV	$	1,401,933	$	—	$	—	$	—	$	—	$	—	$	—	$	—
LB & SS - FV		—		—		—		—		—		—		—		—
Preferred Stock - FV		—		—		—		—		—		—		—		—
Common Stock		—		—		—		—		—		—		—		—
Mortgage Loans - FV		—		—		—		—		—		—		—		—
Real Estate - FV		—		—		—		—		—		—		—		—
Derivatives - FV		—		—		—		—		—		—		—		—
Other Invested Assets - FV		—		—		—		—		—		—		—		—
Total Assets	$	1,401,933	$	—	$	—	$	—	$	—	$	—	$	—	$	—

Collateral Pledged - Secured Borrowing:

	FIRST QUARTER		SECOND QUARTER		THIRD QUARTER		FOURTH QUARTER
Maximum Amount
Cash	$	—	$	—	$	—	$	—
Securities (FV)		1,524,364		1,526,671		1,530,024		1,401,933
Nonadmitted		—		—		—		—
Ending Balance
Cash	$	—	$	—	$	—	$	—
Securities (FV)		1,524,364		1,526,671		1,530,024		1,401,933
Nonadmitted		—		—		—		—

The Company had no repurchase agreement transactions or reverse repurchase agreement transactions accounted for as a sale.

7. 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 Statutory Statements of Operations but are not included in the computation of net gain from operations.

44

DELAWARE LIFE INSURANCE COMPANY

(A Wholly-Owned Subsidiary of DLIC Sub-Holdings, LLC)

NOTES TO STATUTORY FINANCIAL STATEMENTS AS OF DECEMBER 31, 2024 AND 2023 AND

FOR THE YEARS ENDED DECEMBER 31, 2024, 2023 AND 2022

(IN THOUSANDS OF DOLLARS, EXCEPT SHARE AND PER SHARE DATA)

Changes in unrealized gains and losses on investments are reported as a component of capital and surplus, net of deferred income taxes.

Reported realized gains and losses for the years ended December 31, 2024, 2023, and 2022, respectively, are summarized as follows:

	Years Ended December 31,
	2024			2023			2022
Realized gains (losses):
Bonds	$	(53,388	)	$	(158,598	)	$	(11,794	)
Preferred stocks		(39,236	)		(7,246	)		(1	)
Common stocks		22,914			28,081			824
Mortgage loans		547			(31	)		(397	)
Derivatives		(170,259	)		(63,921	)		2,397
Other invested assets		(1,189	)		(24,778	)		10,047
Cash, cash equivalents and short-term investments		1			(6	)		—
Reinsurance realized gains		169,467			59,814			5,970
Subtotal		(71,143	)		(166,685	)		7,046
Less capital gains tax expense (benefit)		(5,511	)		(18,439	)		3
Net realized gains (losses)		(65,632	)		(148,246	)		7,043
Less gains (losses) transferred to IMR (net of taxes)		(40,634	)		(155,453	)		(7,143	)
Net realized gains (losses) after tax and IMR transfer	$	(24,998	)	$	7,207		$	14,186

Proceeds from sales of investments in bonds and stocks (excluding maturity proceeds) during 2024, 2023, and 2022 were $4,455,828, $1,584,172, and $3,428,161, respectively, including non-cash transactions of $487,835, $585,134, and $217,169, respectively. Gross gains of $47,044, $32,519, and $4,182, respectively, and gross losses of $65,284, $159,815, and $15,118 were realized on those sales during 2024, 2023, and 2022, respectively.

Unrealized gains and losses and related deferred capital gains tax were as follows:

	Years Ended December 31,
	2024			2023			2022
Changes in Net Unrealized Capital Gains (Losses):
Bonds	$	796		$	(118	)	$	(648	)
Preferred stocks (unaffiliated)		(1,672	)		3,129			(21,496	)
Preferred stocks (affiliated)		5,144			—			—
Common stocks (unaffiliated)		(1,042	)		868			(2,906	)
Common stocks (affiliated)		4,075			(6,723	)		(84,618	)
Derivatives		26,682			(5,718	)		(171,549	)
Other invested assets		27,428			55,814			(69,586	)
Subtotal		61,411			47,252			(350,803	)
Deferred capital gains tax		2,147			4,416			(5,063	)
Total	$	59,264		$	42,836		$	(345,740	)

45

DELAWARE LIFE INSURANCE COMPANY

(A Wholly-Owned Subsidiary of DLIC Sub-Holdings, LLC)

NOTES TO STATUTORY FINANCIAL STATEMENTS AS OF DECEMBER 31, 2024 AND 2023 AND

FOR THE YEARS ENDED DECEMBER 31, 2024, 2023 AND 2022

(IN THOUSANDS OF DOLLARS, EXCEPT SHARE AND PER SHARE DATA)

8. Net Investment Income

Major categories of net investment income for the years ended December 31, 2024, 2023, and 2022, respectively, are summarized as follows:

	Years Ended December 31,
	2024			2023			2022
Income:
Bonds	$	1,321,414		$	963,014		$	734,930
Preferred stocks		45,785			27,470			61,886
Common stocks		15,523			36,809			59,143
Mortgage loans		135,032			109,675			71,115
Contract loans		14,635			14,952			15,604
Derivative instruments		(95,257	)		(178,156	)		(15,494	)
Other invested assets		85,771			69,754			100,589
Cash, cash equivalents and short-term investments		296,301			203,442			97,041
Other investment income		78,088			69,385			63,292
Total gross investment income		1,897,292			1,316,345			1,188,106
Interest expense on surplus notes		(30,237	)		(30,236	)		(46,061	)
Investment expenses		(58,481	)		(44,345	)		(28,495	)
Net investment income before amortization of IMR		1,808,574			1,241,764			1,113,550
Amortization of IMR		(1,792	)		1,787			4,436
Net investment income	$	1,806,782		$	1,243,551		$	1,117,986

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 had investment income due and accrued excluded from surplus of $46, $58, and $12, respectively, for the years ended December 31, 2024, 2023, and 2022.

The cumulative amount of paid-in-kind interest included in principal balances was $81,975, $27,105, and $36,243 for the years ended December 31, 2024, 2023, and 2022, respectively. The Company holds investments in trust notes that allow for deferred interest. The Company recorded deferred interest of $114,223, $92,154, and $71,643 during 2024, 2023, and 2022, respectively.

9. 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, FIA, and variable annuity products. Futures are used to hedge equity exposure included in FIAs, 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.

46

DELAWARE LIFE INSURANCE COMPANY

(A Wholly-Owned Subsidiary of DLIC Sub-Holdings, LLC)

NOTES TO STATUTORY FINANCIAL STATEMENTS AS OF DECEMBER 31, 2024 AND 2023 AND

FOR THE YEARS ENDED DECEMBER 31, 2024, 2023 AND 2022

(IN THOUSANDS OF DOLLARS, EXCEPT SHARE AND PER SHARE DATA)

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 as 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).

The Company uses options to hedge the equity exposure embedded in its 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, the Deutsche Bank Momentum Asset Allocator (“MAA”) indices, the Barclays First Trust Capital Strength Barclays 5% Index (“FTCS”), and the RBA Select Equity Yield CIBC 5% Index (“RBEY”). Fair value changes in the options embedded within the annuity contract are recorded through income. The Company purchases certain of these options through its investment subsidiary, DLIH 2016-1, which is accounted for in accordance with SSAP No. 48.

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, 2024 and 2023, the Company pledged $130,800 and $103,151, respectively, in U.S. Treasury securities, corporate bonds, and cash as collateral to counterparties. At December 31, 2024 and 2023, counterparties pledged to the Company $62,799 and $88,105, respectively, in collateral comprised of cash, U.S. Treasury securities, and corporate bonds.

47

DELAWARE LIFE INSURANCE COMPANY

(A Wholly-Owned Subsidiary of DLIC Sub-Holdings, LLC)

NOTES TO STATUTORY FINANCIAL STATEMENTS AS OF DECEMBER 31, 2024 AND 2023 AND

FOR THE YEARS ENDED DECEMBER 31, 2024, 2023 AND 2022

(IN THOUSANDS OF DOLLARS, EXCEPT SHARE AND PER SHARE DATA)

The Company’s underlying notional or principal amounts associated with open derivatives positions were as follows:

	Outstanding at December 31, 2024
	Notional Principal Amounts		Fair Value/ Statement Value			Amortized Cost		Unrealized Gain (Loss)
Interest Rate Swaps	$	7,894,096	$	155,394		$	—	$	155,394
Total Return Swaps		5,000		(15	)		—		(15	)
Equity Future Forwards		890,363		28,496			—		28,496
FX Forwards		69,950		2,314			—		2,314
Total	$	8,859,409	$	186,189		$	—	$	186,189
	Outstanding at December 31, 2023
	Notional Principal Amounts		Fair Value/ Statement Value			Amortized Cost		Unrealized Gain (Loss)
Interest Rate Swaps	$	8,229,758	$	159,917		$	—	$	159,917
Equity Future Forwards		915,800		(11,391	)		—		(11,391	)
FX Forwards		83,455		(2,587	)		—		(2,587	)
Total	$	9,229,013	$	145,939		$	—	$	145,939

At December 31, 2024 and 2023, open futures contracts had a notional value of $1,649,589, and $1,846,766 and a fair value of ($2,649) and ($339), respectively. These amounts did not include the component of variation margin that had already been cash settled. The Company did not have derivative contracts with financing premiums during 2024 or 2023.

10. Reinsurance

The Company participates in reinsurance with other insurance companies to limit the loss exposure on certain risks associated with its products. 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. The Company had no uncollectible reinsurance balances written off and no commutation of ceded reinsurance during the years ended December 31, 2024, 2023, and 2022.

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.

48

DELAWARE LIFE INSURANCE COMPANY

(A Wholly-Owned Subsidiary of DLIC Sub-Holdings, LLC)

NOTES TO STATUTORY FINANCIAL STATEMENTS AS OF DECEMBER 31, 2024 AND 2023 AND

FOR THE YEARS ENDED DECEMBER 31, 2024, 2023 AND 2022

(IN THOUSANDS OF DOLLARS, EXCEPT SHARE AND PER SHARE DATA)

The Company has a coinsurance with funds withheld agreement with an unrelated reinsurer which provides reinsurance related to optional guaranteed lifetime withdrawal benefit riders under certain FIA contracts.

The Company has a coinsurance and modified coinsurance agreement, under which it ceded certain in-force variable annuity base contracts to an unaffiliated reinsurer. For the years ended December 31, 2024, 2023, and 2022, premiums ceded under the agreement were $388,744, $273,442, and $362,627, respectively, and benefits ceded (including policy surrenders) were $1,245,115, $1,082,509, and $1,050,937, respectively.

The Company has a reinsurance agreement with DLRC in which the Company cedes 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”). The VA Treaty transfers hedging risks to DLRC but does not transfer insurance risks. Therefore, the treaty is accounted for using deposit accounting. As a result, certain gains (losses) previously accounted for as other changes in capital and surplus, net investment income, and net realized capital gains (losses) are accounted for as investment (expense) on reinsurance deposit asset/liability. 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 (income) expense on funds held represents amounts paid or received on hedging instruments that were ceded under the VA Treaty. 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 (expense) on reinsurance deposit asset/liability represents the net gains and losses on all hedging instruments ceded under the VA Treaty.

A summary of the pretax impacts of the VA Treaty on the Company’s Statutory Statements of Operations and Statutory Statements of Changes in Capital and Surplus for the years ended December 31, 2024, 2023, and 2022 is as follows:

	Treaty Impacts
	2024			2023			2022
Statements of Operations
Investment (Expense) on Reinsurance Deposit Asset/Liability	$	(246,024	)	$	(261,142	)	$	(154,844	)
Total Revenue		(246,024	)		(261,142	)		(154,844	)
Investment (Income) Expense on Funds Held		(97,179	)		(193,389	)		37,109
Total Policyholder Benefits and Expenses		(97,179	)		(193,389	)		37,109
Net Realized Capital Gains		169,467			59,814			5,970
Net Income (Loss)		20,622			(7,939	)		(185,983	)
Statements of Changes in Capital and Surplus
Investment Income (Expense) on Funds Held - Unrealized		(20,622	)		7,939			185,983
Net Change in Capital and Surplus from VA Treaty (excluding reinsurance fee)	$	—		$	—		$	—

The Company recognized a reinsurance deposit liability of $16,639 with a corresponding amount receivable from DLRC reported as Other amounts receivable under affiliated reinsurance contracts at December 31, 2024 and recognized a reinsurance deposit asset of $76,063 with a corresponding payable reported as Funds held under coinsurance at December 31, 2023.

49

DELAWARE LIFE INSURANCE COMPANY

(A Wholly-Owned Subsidiary of DLIC Sub-Holdings, LLC)

NOTES TO STATUTORY FINANCIAL STATEMENTS AS OF DECEMBER 31, 2024 AND 2023 AND

FOR THE YEARS ENDED DECEMBER 31, 2024, 2023 AND 2022

(IN THOUSANDS OF DOLLARS, EXCEPT SHARE AND PER SHARE DATA)

Until December 1, 2024, the Company had a reinsurance agreement with Barbco under which it ceded risks associated with certain of the Company’s in-force COLI and private placement variable universal life insurance policies on a combination coinsurance and coinsurance with funds-held basis (the “COLI Agreement”). The Company also had a reinsurance agreement with Barbco under which it ceded mortality risks associated with certain of the Company’s in-force bank-owned variable universal life insurance policies on a yearly renewable term basis (the “BOLI Agreement”). The Company had liabilities for the funds held under the COLI Agreement with Barbco of $260,713 at December 31, 2023.

During the year, the COLI Agreement and BOLI Agreement were both amended and restated effective December 1, 2024. The amendments to the COLI Agreement removed the funds-held structure and resulted in an additional block of in-force COLI policies with reserves totaling $78,007 being ceded by the Company. Subsequently, but also effective December 1, 2024, the Company entered into a Novation and Release Agreement by and among Barbco, Somerset Reinsurance Ltd. (“Somerset”), an unaffiliated reinsurer with reciprocal jurisdiction, and the Company, pursuant to which Barbco transferred, assigned, and novated all of its rights, title and interest of, and duties, liabilities and obligations under each of the amended and restated agreements, and Somerset accepted, assumed, and reinsured such rights, title, interests, duties, liabilities, and obligations in order to accomplish novation of the two amended and restated reinsurance agreements to Somerset. As of December 31, 2024, the reserve credit for this block of business was $361,802.

Effective December 31, 2023, the Company entered into a reinsurance agreement with DLAC to cede a block of MYGA contracts on a coinsurance basis. Pursuant to the agreement, the Company ceded a 10% quota share of the activity associated with the MYGAs, including initial statutory reserves totaling $118,857 at December 31, 2023, and it received a $6,700 ceding commission from DLAC. In exchange for DLAC’s assumption of the initial statutory reserves, the Company transferred assets totaling $118,857 to DLAC. Benefits ceded under this agreement totaled $4,004 and $0 for the years ended December 31, 2024 and 2023, respectively.

The effects of reinsurance on premiums and benefits (excluding policy surrenders) were as follows:

	Years Ended December 31,
	2024			2023			2022
Premiums and Annuity Considerations:
Direct	$	7,246,919		$	5,803,753		$	2,883,622
Assumed		3,136			—			—
Ceded - Affiliated		(42,063	)		(49,873	)		(54,453	)
Ceded - Non-affiliated		(427,966	)		(307,555	)		(393,098	)
Net Premiums and Annuity Considerations	$	6,780,026		$	5,446,325		$	2,436,071
Insurance and Other Individual Policy Benefits and Claims:
Direct	$	959,164		$	949,977		$	955,376
Assumed - Non-affiliated		5,154			3,082			4,523
Ceded - Affiliated		(40,254	)		(44,762	)		(54,896	)
Ceded - Non-affiliated		(357,583	)		(350,727	)		(358,202	)
Net Policy Benefits and Claims	$	566,481		$	557,570		$	546,801

In addition to the reinsurance activity disclosed in the table above, the transfer of assets by the Company to DLAC as part of the coinsurance agreement between the two companies was recorded as a reduction to income on the Statutory Statements of Operations during 2023.

50

DELAWARE LIFE INSURANCE COMPANY

(A Wholly-Owned Subsidiary of DLIC Sub-Holdings, LLC)

NOTES TO STATUTORY FINANCIAL STATEMENTS AS OF DECEMBER 31, 2024 AND 2023 AND

FOR THE YEARS ENDED DECEMBER 31, 2024, 2023 AND 2022

(IN THOUSANDS OF DOLLARS, EXCEPT SHARE AND PER SHARE DATA)

11. 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, 2024 and 2023, the Company had $5,095 and $5,901, respectively, of insurance in force, for which gross premiums were less than the net premiums according to the standard of valuation required by the State of Delaware. Premium deficiency reserves to cover the above insurance totaled $2,816 and $2,855 as of December 31, 2024 and 2023, respectively.

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.

Other than normal updates of reserves, there were no significant reserve changes for the year ended December 31, 2024. The details for other changes in reserves for the year ended December 31, 2023 were as follows:

	2023
Item	Total			Ordinary Individual Annuities			Group Annuities
Reserves ceded on coinsurance agreement	$	(118,857	)	$	(118,857	)	$	—
Total change	$	(118,857	)	$	(118,857	)	$	—

51

DELAWARE LIFE INSURANCE COMPANY

(A Wholly-Owned Subsidiary of DLIC Sub-Holdings, LLC)

NOTES TO STATUTORY FINANCIAL STATEMENTS AS OF DECEMBER 31, 2024 AND 2023 AND

FOR THE YEARS ENDED DECEMBER 31, 2024, 2023 AND 2022

(IN THOUSANDS OF DOLLARS, EXCEPT SHARE AND PER SHARE DATA)

12. Withdrawal Characteristics of Annuity Actuarial Reserves and Deposit-Type Liabilities

As of December 31, 2024, the withdrawal characteristics of the Company’s individual and group annuity reserves and deposit-type contracts are summarized as follows:

Individual Annuities	December 31, 2024
	General Account		Separate Account with Guarantees		Separate Account Non-guaranteed		Total		% of Total
Subject to Discretionary Withdrawal:
With Market Value Adjustment	$	22,779,654	$	121,776	$	—	$	22,901,430		85.9%
At Book Value Less Current Surrender Charge of 5% or More		883,214		—		—		883,214		3.3%
At Fair Value		—		—		1,372,595		1,372,595		5.1%
Total with Adjustment or at Market Value		23,662,868		121,776		1,372,595		25,157,239		94.4%
At Book Value Without Adjustment (Minimal or no Charge or Adjustment)		1,271,125		—		—		1,271,125		4.8%
Not Subject to Discretionary Withdrawal		188,485		—		46,437		234,922		0.9%
Total (Gross: Direct and Assumed)		25,122,478		121,776		1,419,032		26,663,286		100.0%
Reinsurance Ceded		371,053		—		—		371,053
Total (Net)	$	24,751,425	$	121,776	$	1,419,032	$	26,292,233
Amount included at book value less surrender charge of 5% or more that will be at book value without adjustment in the next year	$	58,372	$	—	$	—	$	58,372

52

DELAWARE LIFE INSURANCE COMPANY

(A Wholly-Owned Subsidiary of DLIC Sub-Holdings, LLC)

NOTES TO STATUTORY FINANCIAL STATEMENTS AS OF DECEMBER 31, 2024 AND 2023 AND

FOR THE YEARS ENDED DECEMBER 31, 2024, 2023 AND 2022

(IN THOUSANDS OF DOLLARS, EXCEPT SHARE AND PER SHARE DATA)

Group Annuities	December 31, 2024
	General Account		Separate Account with Guarantees		Separate Account Non-guaranteed		Total		% of Total
Subject to Discretionary Withdrawal:
With Market Value Adjustment	$	—	$	91,852	$	—	$	91,852		1.3%
At Book Value Less Current Surrender Charge of 5% or More		—		—		—		—		— %
At Fair Value		—		—		6,776,480		6,776,480		96.0%
Total with Adjustment or at Market Value		—		91,852		6,776,480		6,868,332		97.3%
At Book Value Without Adjustment (Minimal or no Charge or Adjustment)		27,969		—		—		27,969		0.4%
Not Subject to Discretionary Withdrawal		163,499		—		—		163,499		2.3%
Total (Gross: Direct and Assumed)		191,468		91,852		6,776,480		7,059,800		100.0%
Reinsurance Ceded		78,420		—		—		78,420
Total (Net)	$	113,048	$	91,852	$	6,776,480	$	6,981,380
Amount included at book value less surrender charge of 5% or more that will be at book value without adjustment in the next year	$	—	$	—	$	—	$	—

Deposit-Type Contracts (no life contingencies)	December 31, 2024
	General Account		Separate Account with Guarantees		Separate Account Non-guaranteed		Total		% of Total
Subject to Discretionary Withdrawal:
With Market Value Adjustment	$	—	$	—	$	—	$	—		— %
At Book Value Less Current Surrender Charge of 5% or More		—		—		—		—		— %
At Fair Value		—		—		330,532		330,532		10.9%
Total with Adjustment or at Market Value		—		—		330,532		330,532		10.9%
At Book Value Without Adjustment (Minimal or no Charge or Adjustment)		—		—		—		—		— %
Not Subject to Discretionary Withdrawal		2,710,520		—		—		2,710,520		89.1%
Total (Gross: Direct and Assumed)		2,710,520		—		330,532		3,041,052		100.0%
Reinsurance Ceded		2,411		—		—		2,411
Total (Net)	$	2,708,109	$	—	$	330,532	$	3,038,641
Amount included at book value less surrender charge of 5% or more that will be at book value without adjustment in the next year	$	—	$	—	$	—	$	—

53

DELAWARE LIFE INSURANCE COMPANY

(A Wholly-Owned Subsidiary of DLIC Sub-Holdings, LLC)

NOTES TO STATUTORY FINANCIAL STATEMENTS AS OF DECEMBER 31, 2024 AND 2023 AND

FOR THE YEARS ENDED DECEMBER 31, 2024, 2023 AND 2022

(IN THOUSANDS OF DOLLARS, EXCEPT SHARE AND PER SHARE DATA)

Below is the reconciliation of the annuity actuarial reserves, deposit-type contract funds, and other liabilities without life or disability contingencies from the Company’s General Account and Separate Accounts as of December 31, 2024:

	December 31, 2024
Life & Accident & Health Annual Statement:
Exhibit 5, Annuities Section, Total (net)	$	24,687,251
Exhibit 5, Supplementary Contracts with Life Contingencies Section, Total (net)		177,221
Exhibit 7, Deposit-Type Contracts		2,708,109
Subtotal General Account		27,572,581
Separate Account Annual Statement:
Exhibit 3, Annuities Section, Total (net)		8,362,703
Exhibit 3, Supplementary Contracts with Life Contingencies Section, Total (net)		46,437
Other contract deposit funds		330,533
Subtotal Separate Account		8,739,673
Combined Total	$	36,312,254

As of December 31, 2023, the withdrawal characteristics of the Company’s individual and group annuity reserves and deposit-type contracts are summarized as follows:

Individual Annuities	December 31, 2023
	General Account		Separate Account with Guarantees		Separate Account Non-guaranteed		Total		% of Total
Subject to Discretionary Withdrawal:
With Market Value Adjustment	$	18,188,596	$	154,691	$	—	$	18,343,287		84.5%
At Book Value Less Current Surrender Charge of 5% or More		805,364		—		—		805,364		3.7%
At Fair Value		—		—		1,109,874		1,109,874		5.1%
Total with Adjustment or at Market Value		18,993,960		154,691		1,109,874		20,258,525		93.3%
At Book Value Without Adjustment (Minimal or no Charge or Adjustment)		1,202,619		—		—		1,202,619		5.5%
Not Subject to Discretionary Withdrawal		222,480		—		42,205		264,685		1.2%
Total (Gross: Direct and Assumed)		20,419,059		154,691		1,152,079		21,725,829		100.0%
Reinsurance Ceded		275,074		—		—		275,074
Total (Net)	$	20,143,985	$	154,691	$	1,152,079	$	21,450,755
Amount included at book value less surrender charge of 5% or more that will be at book value without adjustment in the next year	$	116	$	—	$	—	$	116

54

DELAWARE LIFE INSURANCE COMPANY

(A Wholly-Owned Subsidiary of DLIC Sub-Holdings, LLC)

NOTES TO STATUTORY FINANCIAL STATEMENTS AS OF DECEMBER 31, 2024 AND 2023 AND

FOR THE YEARS ENDED DECEMBER 31, 2024, 2023 AND 2022

(IN THOUSANDS OF DOLLARS, EXCEPT SHARE AND PER SHARE DATA)

Group Annuities	December 31, 2023
	General Account		Separate Account with Guarantees		Separate Account Non-guaranteed		Total		% of Total
Subject to Discretionary Withdrawal:
With Market Value Adjustment	$	—	$	114,680	$	—	$	114,680		1.5%
At Book Value Less Current Surrender Charge of 5% or More		—		—		—		—		— %
At Fair Value		—		—		7,222,652		7,222,652		95.8%
Total with Adjustment or at Market Value		—		114,680		7,222,652		7,337,332		97.3%
At Book Value Without Adjustment (Minimal or no Charge or Adjustment)		31,290		—		—		31,290		0.4%
Not Subject to Discretionary Withdrawal		176,489		—		—		176,489		2.3%
Total (Gross: Direct and Assumed)		207,779		114,680		7,222,652		7,545,111		100.0%
Reinsurance Ceded		39,732		—		—		39,732
Total (Net)	$	168,047	$	114,680	$	7,222,652	$	7,505,379
Amount included at book value less surrender charge of 5% or more that will be at book value without adjustment in the next year	$	—	$	—	$	—	$	—

Deposit-Type Contracts (no life contingencies)	December 31, 2023
	General Account		Separate Account with Guarantees		Separate Account Non-guaranteed		Total		% of Total
Subject to Discretionary Withdrawal:
With Market Value Adjustment	$	—	$	—	$	—	$	—		— %
At Book Value Less Current Surrender Charge of 5% or More		—		—		—		—		— %
At Fair Value		—		—		323,124		323,124		14.0%
Total with Adjustment or at Market Value		—		—		323,124		323,124		14.0%
At Book Value Without Adjustment (Minimal or no Charge or Adjustment)		—		—		—		—		— %
Not Subject to Discretionary Withdrawal		1,982,424		—		—		1,982,424		86.0%
Total (Gross: Direct and Assumed)		1,982,424		—		323,124		2,305,548		100.0%
Reinsurance Ceded		2,927		—		—		2,927
Total (Net)	$	1,979,497	$	—	$	323,124	$	2,302,621
Amount included at book value less surrender charge of 5% or more that will be at book value without adjustment in the next year	$	—	$	—	$	—	$	—

55

DELAWARE LIFE INSURANCE COMPANY

(A Wholly-Owned Subsidiary of DLIC Sub-Holdings, LLC)

NOTES TO STATUTORY FINANCIAL STATEMENTS AS OF DECEMBER 31, 2024 AND 2023 AND

FOR THE YEARS ENDED DECEMBER 31, 2024, 2023 AND 2022

(IN THOUSANDS OF DOLLARS, EXCEPT SHARE AND PER SHARE DATA)

Below is the reconciliation of the annuity actuarial reserves, deposit-type contract funds, and other liabilities without life or disability contingencies from the Company’s General Account and Separate Accounts as of December 31, 2023:

	December 31, 2023
Life & Accident & Health Annual Statement:
Exhibit 5, Annuities Section, Total (net)	$	20,124,813
Exhibit 5, Supplementary Contracts with Life Contingencies Section, Total (net)		187,219
Exhibit 7, Deposit-Type Contracts		1,979,497
Subtotal General Account		22,291,529
Separate Account Annual Statement:
Exhibit 3, Annuities Section, Total (net)		8,601,897
Exhibit 3, Supplementary Contracts with Life Contingencies Section, Total (net)		42,205
Other contract deposit funds		323,124
Subtotal Separate Account		8,967,226
Combined Total	$	31,258,755

13. Analysis of Life Actuarial Reserves by Withdrawal Characteristics

The amounts of account value, cash value, and reserve breakouts of life insurance by withdrawal characteristics for the Company’s General Account products and Separate Account non-guaranteed products are shown in the tables below as of December 31, 2024 or 2023. The Company had no life Separate Account products with guarantees at December 31, 2024 or 2023.

	December 31, 2024
General Account	Account Value		Cash Value		Reserve
Subject to discretionary withdrawal, surrender values, or policy loans:
Term Policies with Cash Value	$	—	$	—	$	—
Universal Life		31,983		29,702		33,591
Universal Life with Secondary Guarantees		—		—		—
Indexed Universal Life		—		—		—
Indexed Universal Life with Secondary Guarantees		—		—		—
Indexed Life		—		—		—
Other Permanent Cash Value Life Insurance		—		—		—
Variable Life		15,137		15,137		15,137
Variable Universal Life		390,862		392,591		402,821
Miscellaneous Reserves		570,381		569,978		571,000
Not subject to discretionary withdrawal or no cash values
Term Policies with Cash Value		—		—		153
Accidental Death Benefits		—		—		—
Disability - Active Lives		—		—		7
Disability - Disabled Lives		—		—		222
Miscellaneous Reserves		—		—		5,847
Total (gross: direct + assumed)		1,008,363		1,007,408		1,028,778
Reinsurance Ceded		360,453		362,296		381,768
Total (net)	$	647,910	$	645,112	$	647,010

56

DELAWARE LIFE INSURANCE COMPANY

(A Wholly-Owned Subsidiary of DLIC Sub-Holdings, LLC)

NOTES TO STATUTORY FINANCIAL STATEMENTS AS OF DECEMBER 31, 2024 AND 2023 AND

FOR THE YEARS ENDED DECEMBER 31, 2024, 2023 AND 2022

(IN THOUSANDS OF DOLLARS, EXCEPT SHARE AND PER SHARE DATA)

	December 31, 2024
Separate Account Non Guaranteed	Account Value		Cash Value		Reserve
Subject to discretionary withdrawal, surrender values, or policy loans:
Term Policies with Cash Value	$	—	$	—	$	—
Universal Life		—		—		—
Universal Life with Secondary Guarantees		—		—		—
Indexed Universal Life		—		—		—
Indexed Universal Life with Secondary Guarantees		—		—		—
Indexed Life		—		—		—
Other Permanent Cash Value Life Insurance		—		—		—
Variable Life		—		—		—
Variable Universal Life		49,304		49,304		49,304
Miscellaneous Reserves		7,732,027		7,732,027		7,726,571
Not subject to discretionary withdrawal or no cash values
Term Policies with Cash Value		—		—		—
Accidental Death Benefits		—		—		—
Disability - Active Lives		—		—		—
Disability - Disabled Lives		—		—		—
Miscellaneous Reserves		—		—		—
Total (gross: direct + assumed)		7,781,331		7,781,331		7,775,875
Reinsurance Ceded		—		—		—
Total (net)	$	7,781,331	$	7,781,331	$	7,775,875

Below is a reconciliation of the life reserves from the Company’s General Account and Separate Accounts as of December 31, 2024:

	December 31, 2024
Life & Accident & Health Annual Statement:
Exhibit 5, Life Insurance Section, Total (net)	$	639,926
Exhibit 5, Disability - Active Lives Section, Total (net)		—
Exhibit 5, Disability - Disabled Lives Section, Total (net)		222
Exhibit 5, Miscellaneous Reserves Section, Total (net)		6,862
Subtotal General Account		647,010
Separate Account Annual Statement:
Exhibit 3, Life Insurance Section, Total (net)		7,775,875
Subtotal Separate Account		7,775,875
Combined Total	$	8,422,885

57

DELAWARE LIFE INSURANCE COMPANY

(A Wholly-Owned Subsidiary of DLIC Sub-Holdings, LLC)

NOTES TO STATUTORY FINANCIAL STATEMENTS AS OF DECEMBER 31, 2024 AND 2023 AND

FOR THE YEARS ENDED DECEMBER 31, 2024, 2023 AND 2022

(IN THOUSANDS OF DOLLARS, EXCEPT SHARE AND PER SHARE DATA)

	December 31, 2023
General Account	Account Value		Cash Value		Reserve
Subject to discretionary withdrawal, surrender values, or policy loans:
Term Policies with Cash Value	$	—	$	—	$	—
Universal Life		33,600		31,252		35,236
Universal Life with Secondary Guarantees		—		—		—
Indexed Universal Life		—		—		—
Indexed Universal Life with Secondary Guarantees		—		—		—
Indexed Life		—		—		—
Other Permanent Cash Value Life Insurance		—		—		—
Variable Life		14,614		14,614		14,614
Variable Universal Life		401,236		402,990		403,849
Miscellaneous Reserves		602,888		602,036		603,074
Not subject to discretionary withdrawal or no cash values
Term Policies with Cash Value		—		—		144
Accidental Death Benefits		—		—		—
Disability - Active Lives		—		—		7
Disability - Disabled Lives		—		—		295
Miscellaneous Reserves		—		—		7,576
Total (gross: direct + assumed)		1,052,338		1,050,892		1,064,795
Reinsurance Ceded		294,988		296,293		317,845
Total (net)	$	757,350	$	754,599	$	746,950

	December 31, 2023
Separate Account Non-Guaranteed	Account Value		Cash Value		Reserve
Subject to discretionary withdrawal, surrender values, or policy loans:
Term Policies with Cash Value	$	—	$	—	$	—
Universal Life		—		—		—
Universal Life with Secondary Guarantees		—		—		—
Indexed Universal Life		—		—		—
Indexed Universal Life with Secondary Guarantees		—		—		—
Indexed Life		—		—		—
Other Permanent Cash Value Life Insurance		—		—		—
Variable Life		46,186		46,186		46,186
Variable Universal Life		7,640,044		7,640,044		7,641,444
Miscellaneous Reserves		—		—		—
Not subject to discretionary withdrawal or no cash values
Term Policies with Cash Value		—		—		—
Accidental Death Benefits		—		—		—
Disability - Active Lives		—		—		—
Disability - Disabled Lives		—		—		—
Miscellaneous Reserves		—		—		—
Total (gross: direct + assumed)		7,686,230		7,686,230		7,687,630
Reinsurance Ceded		—		—		—
Total (net)	$	7,686,230	$	7,686,230	$	7,687,630

58

DELAWARE LIFE INSURANCE COMPANY

(A Wholly-Owned Subsidiary of DLIC Sub-Holdings, LLC)

NOTES TO STATUTORY FINANCIAL STATEMENTS AS OF DECEMBER 31, 2024 AND 2023 AND

FOR THE YEARS ENDED DECEMBER 31, 2024, 2023 AND 2022

(IN THOUSANDS OF DOLLARS, EXCEPT SHARE AND PER SHARE DATA)

Below is a reconciliation of the life reserves from the Company’s General Account and Separate Accounts as of December 31, 2023:

	December 31, 2023
Life & Accident & Health Annual Statement:
Exhibit 5, Life Insurance Section, Total (net)	$	738,114
Exhibit 5, Disability - Active Lives Section, Total (net)		7
Exhibit 5, Disability - Disabled Lives Section, Total (net)		295
Exhibit 5, Miscellaneous Reserves Section, Total (net)		8,534
Subtotal General Account		746,950
Separate Account Annual Statement:
Exhibit 3, Life Insurance Section, Total (net)		7,687,630
Subtotal Separate Account		7,687,630
Combined Total	$	8,434,580

14. 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 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 reserve for life and annuity contracts” in the Company’s Statutory Statements of Admitted Assets, Liabilities and Capital and Surplus.

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 Statutory 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:

• Delaware Life Variable Life

• Delaware Life Variable Annuity

• Delaware Life Market Value Adjusted Annuity

59

DELAWARE LIFE INSURANCE COMPANY

(A Wholly-Owned Subsidiary of DLIC Sub-Holdings, LLC)

NOTES TO STATUTORY FINANCIAL STATEMENTS AS OF DECEMBER 31, 2024 AND 2023 AND

FOR THE YEARS ENDED DECEMBER 31, 2024, 2023 AND 2022

(IN THOUSANDS OF DOLLARS, EXCEPT SHARE AND PER SHARE DATA)

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” versus “not legally insulated” is supported by Section 2932 of the Delaware Insurance Code.

The assets legally insulated and non-legally insulated from the General Account as of December 31, 2024 and 2023 were attributable to the following products:

	December 31, 2024
Product	Legally Insulated Assets		Not Legally Insulated Assets		Total
Variable Life	$	8,861,621	$	—	$	8,861,621
Variable Annuity		8,579,982		—		8,579,982
MVA Annuity		—		385,779		385,779
Total	$	17,441,603	$	385,779	$	17,827,382

	December 31, 2023
Product	Legally Insulated Assets		Not Legally Insulated Assets		Total
Variable Life	$	8,568,227	$	—	$	8,568,227
Variable Annuity		8,737,714		—		8,737,714
MVA Annuity		—		421,868		421,868
Total	$	17,305,941	$	421,868	$	17,727,809

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 Statutory 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.

To compensate the General Account for the risk associated with separate account guarantees, risk charges of $190,217, $182,305, and $192,357 were received by the General Account from the Separate Accounts during the years ended December 31, 2024, 2023, and 2022, respectively.

For the years ended December 31, 2024, 2023, and 2022, the Company’s General Account paid $92,975, $85,397, and $104,861 for Separate Account guarantees, respectively.

The Company does not engage in securities lending transactions within its Separate Accounts.

60

DELAWARE LIFE INSURANCE COMPANY

(A Wholly-Owned Subsidiary of DLIC Sub-Holdings, LLC)

NOTES TO STATUTORY FINANCIAL STATEMENTS AS OF DECEMBER 31, 2024 AND 2023 AND

FOR THE YEARS ENDED DECEMBER 31, 2024, 2023 AND 2022

(IN THOUSANDS OF DOLLARS, EXCEPT SHARE AND PER SHARE DATA)

An analysis of the separate account reserves as of December 31, 2024 and 2023 is as follows:

	December 31, 2024
	Nonindexed Guarantee Less than/ Equal to 4%		Nonguaranteed Separate Accounts		Total
Premiums, Considerations or Deposits	$	1,835	$	376,216	$	378,051
Reserves at December 31, 2024
For Accounts with Assets at:
Fair Value		91,852		16,301,920		16,393,772
Amortized Cost		121,776		—		121,776
Total Reserves	$	213,628	$	16,301,920	$	16,515,548
By Withdrawal Characteristics:
With Market Value Adjustment	$	213,628	$	—	$	213,628
At Book Value Without Market Value Adjustment and with current surrender charge of 5% or more		—		833,824		833,824
At Fair Value		—		15,421,660		15,421,660
Subtotal		213,628		16,255,484		16,469,112
Not Subject to Discretionary Withdrawal		—		46,436		46,436
Total	$	213,628	$	16,301,920	$	16,515,548

61

DELAWARE LIFE INSURANCE COMPANY

(A Wholly-Owned Subsidiary of DLIC Sub-Holdings, LLC)

NOTES TO STATUTORY FINANCIAL STATEMENTS AS OF DECEMBER 31, 2024 AND 2023 AND

FOR THE YEARS ENDED DECEMBER 31, 2024, 2023 AND 2022

(IN THOUSANDS OF DOLLARS, EXCEPT SHARE AND PER SHARE DATA)

	December 31, 2023
	Nonindexed Guarantee Less than/ equal to 4%			Nonguaranteed Separate Accounts		Total
Premiums, Considerations or Deposits	$	(2,913	)	$	310,103	$	307,190
Reserves at December 31, 2023
For Accounts with Assets at:
Fair Value		114,680			16,385,486		16,500,166
Amortized Cost		154,690			—		154,690
Total Reserves	$	269,370		$	16,385,486	$	16,654,856
By Withdrawal Characteristics:
With Market Value Adjustment	$	269,370		$	—	$	269,370
At Book Value Without Market Value Adjustment and with current surrender charge of 5% or more		—			569,857		569,857
At Fair Value		—			15,773,424		15,773,424
Subtotal		269,370			16,343,281		16,612,651
Not Subject to Discretionary Withdrawal		—			42,205		42,205
Total	$	269,370		$	16,385,486	$	16,654,856

Below is the reconciliation of “Net Transfers from Separate Accounts net of reinsurance” in the Statutory Statements of Operations:

	Years Ended December 31,
	2024			2023			2022
Transfers to Separate Accounts	$	378,051		$	307,190		$	382,649
Transfers from Separate Accounts		(1,501,963	)		(1,290,374	)		(1,216,506	)
Net Transfers from Separate Accounts net of reinsurance in the Statement of Operations	$	(1,123,912	)	$	(983,184	)	$	(833,857	)

62

DELAWARE LIFE INSURANCE COMPANY

(A Wholly-Owned Subsidiary of DLIC Sub-Holdings, LLC)

NOTES TO STATUTORY FINANCIAL STATEMENTS AS OF DECEMBER 31, 2024 AND 2023 AND

FOR THE YEARS ENDED DECEMBER 31, 2024, 2023 AND 2022

(IN THOUSANDS OF DOLLARS, EXCEPT SHARE AND PER SHARE DATA)

15. 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 and therefore, represents an exit price. Fair value estimates are significantly affected by the assumptions used, including the discount rate and estimates of future cash flow. Although fair value estimates are calculated using assumptions that management believes are appropriate, changes in assumptions could cause these estimates to vary materially. In that regard, certain Level 3 derived fair value estimates cannot be substantiated by comparison to independent markets and, in some cases, could not be realized in the immediate settlement of the instruments. Certain financial liabilities (including non-investment type insurance contracts) and all nonfinancial instruments are excluded from the disclosure requirements. Accordingly, the aggregate fair value amounts presented do not represent the underlying value to the Company.

The Company’s financial assets and liabilities have been classified, for disclosure purposes, based on a hierarchy defined by SSAP No. 100R, Fair Value (“SSAP No. 100R”). The hierarchy gives the highest ranking to fair values determined using unadjusted quoted prices in active markets for identical assets and liabilities (Level 1) and the lowest ranking to fair values determined using methodologies and models with unobservable inputs (Level 3). An asset’s or a liability’s classification is based on the lowest level input that is significant to its measurement. For example, a Level 3 fair value measurement may include inputs that are both observable (Levels 1 and 2) and unobservable (Level 3). The levels of the fair value hierarchy are as follows:

Level 1: Fair value is based on unadjusted quoted prices for identical assets or liabilities in active markets accessible at the measurement date.

Level 2: Fair value is based on quoted prices for similar assets or liabilities in active markets, quoted prices from those willing to trade in markets that are not active, or other inputs that are observable or can be corroborated by market data for the term of the instrument. Such inputs include market interest rates and volatilities, spreads, and yield curves.

Level 3: Fair value is based on valuations derived from techniques in which one or more significant inputs are unobservable (supported by little or no market activity). Unobservable inputs reflect the Company’s best estimate of what hypothetical market participants would use to determine a transaction price for the asset or liability at the reporting date.

In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, a financial instrument’s level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. The assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the financial instrument. From time to time, there may be movements between levels as inputs become more or less observable, which may depend on several factors including the activity of the market for the specific security, the activity of the market for similar securities, the level of risk spreads and the source of the information from which we obtain the information. Transfers in or out of any level are measured as of the beginning of the period. Pursuant to SSAP No. 100R, the Company is permitted to utilize net asset value (“NAV”) as a practical expedient to fair value for certain investments that qualify for such treatment. Investments reported at NAV are separately identified in the table below.

63

DELAWARE LIFE INSURANCE COMPANY

(A Wholly-Owned Subsidiary of DLIC Sub-Holdings, LLC)

NOTES TO STATUTORY FINANCIAL STATEMENTS AS OF DECEMBER 31, 2024 AND 2023 AND

FOR THE YEARS ENDED DECEMBER 31, 2024, 2023 AND 2022

(IN THOUSANDS OF DOLLARS, EXCEPT SHARE AND PER SHARE DATA)

Valuation of Financial Instruments Held at Fair Value by Fair Value Hierarchy Levels

The following tables present the Company’s assets and liabilities measured at fair value in the Statutory Statements of Admitted Assets, Liabilities, and Capital and Surplus as of December 31, 2024 and 2023:

	December 31, 2024
Description for Each Class of Asset or Liability	Level 1		Level 2		Level 3		Net Asset Value (“NAV”)		Total
Assets at fair value:
Bonds
Industrial and miscellaneous	$	—	$	51,478	$	7,620	$	—	$	59,098
Preferred Stocks
Industrial and miscellaneous		—		22,216		—		—		22,216
Parent, subsidiaries and affiliates		—		246,274		—		—		246,274
Common Stocks
Industrial and miscellaneous		14,969		288		31,381		3,357		49,995
Other Invested Assets
Industrial and miscellaneous		—		43,103		3,023		—		46,126
Derivative assets
Interest rate contracts		710,540		—		—		—		710,540
Equity contracts		538		28,497		—		—		29,035
FX contracts		—		—		2,392		—		2,392
Separate Accounts assets (a) (b)		12,298,884		3,623,106		302,886		125,578		16,350,454
Total assets at fair value/NAV	$	13,024,931	$	4,014,962	$	347,302	$	128,935	$	17,516,130
Liabilities at fair value:
Derivative liabilities
Interest rate contracts	$	581,625	$	15	$	—	$	—	$	581,640
Equity contracts		1,259		—		—		—		1,259
FX contracts		—		—		78		—		78
Total liabilities at fair value	$	582,884	$	15	$	78	$	—	$	582,977

64

DELAWARE LIFE INSURANCE COMPANY

(A Wholly-Owned Subsidiary of DLIC Sub-Holdings, LLC)

NOTES TO STATUTORY FINANCIAL STATEMENTS AS OF DECEMBER 31, 2024 AND 2023 AND

FOR THE YEARS ENDED DECEMBER 31, 2024, 2023 AND 2022

(IN THOUSANDS OF DOLLARS, EXCEPT SHARE AND PER SHARE DATA)

	December 31, 2023
Description for Each Class of Asset or Liability	Level 1		Level 2		Level 3		NAV		Total
Assets at fair value:
Cash, cash equivalents and short-term investments
Government - Treasury	$	—	$	1,699	$	—	$	—	$	1,699
Bonds
Hybrid securities		—		2,702		—		—		2,702
Industrial and miscellaneous		—		11,150		—		—		11,150
Preferred Stocks
Industrial and miscellaneous		—		27,237		—		—		27,237
Parent, subsidiaries and affiliates		—		241,130		—		—		241,130
Common Stocks
Industrial and miscellaneous		16,115		16,000		20,112		3,194		55,421
Other Invested Assets
Industrial and miscellaneous		—		21,437		21,493		—		42,930
Derivative assets
Interest rate contracts		564,194		—		—		—		564,194
Equity contracts		2,569		135		—		—		2,704
FX contracts		—		—		67		—		67
Separate Accounts assets (a)(b)		12,742,594		3,189,851		291,900		121,382		16,345,727
Total assets at fair value	$	13,325,472	$	3,511,341	$	333,572	$	124,576	$	17,294,961
Liabilities at fair value:
Derivative liabilities
Interest rate contracts	$	416,702	$	—	$	—	$	—	$	416,702
Equity contracts		306		11,526		—		—		11,832
FX contracts		—		—		2,654		—		2,654
Total liabilities at fair value	$	417,008	$	11,526	$	2,654	$	—	$	431,188

(a) 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 exclude $1,235,380 and $1,102,527 of investment income and receivables due at December 31, 2024 and 2023, respectively.

(b) Includes assets with a fair value of $125,578 and $121,382 at December 31, 2024 and 2023 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 the OTC market. As of December 31, 2024 or 2023, 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.

None of the Company’s assets measured at fair value transferred between Levels 1 and 2 during the years ended December 31, 2024 and December 31, 2023.

65

DELAWARE LIFE INSURANCE COMPANY

(A Wholly-Owned Subsidiary of DLIC Sub-Holdings, LLC)

NOTES TO STATUTORY FINANCIAL STATEMENTS AS OF DECEMBER 31, 2024 AND 2023 AND

FOR THE YEARS ENDED DECEMBER 31, 2024, 2023 AND 2022

(IN THOUSANDS OF DOLLARS, EXCEPT SHARE AND PER SHARE DATA)

The following tables are a reconciliation of the beginning and ending balances for assets and liabilities measured at fair value which were categorized as Level 3 for the years ended December 31, 2024 and 2023:

2024	Balance at January 1, 2024		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 December 31, 2024
Assets:
Common Stocks - Unaffiliated	$	20,112	$	25,658	$	(14,356	)	$	3,609		$	5		$	15,737	$	—	$	(19,384	)	$	—		$	31,381
Bonds
Industrial and miscellaneous - unaffiliated		—		16,540		—			(4,987	)		(158	)		—		—		(3,775	)		—			7,620
Other Invested Assets		21,493		—		(5,000	)		(1,226	)		6,198			—		—		(18,442	)		—			3,023
Derivative Assets		67		—		—			4,908			2,325			—		—		—			(4,908	)		2,392
Separate Accounts Assets		291,900		2		(6,609	)		(26	)		3,983			162,821		—		(148,725	)		(460	)		302,886
Total Assets	$	333,572	$	42,200	$	(25,965	)	$	2,278		$	12,353		$	178,558	$	—	$	(190,326	)	$	(5,368	)	$	347,302
Liabilities:
FX Contracts	$	2,654	$	—	$	—		$	5,700		$	(2,576	)	$	—	$	—	$	—		$	(5,700	)	$	78
Total Liabilities	$	2,654	$	—	$	—		$	5,700		$	(2,576	)	$	—	$	—	$	—		$	(5,700	)	$	78

2023	Balance at January 1, 2023		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 December 31, 2023
Assets:
Common Stocks - Unaffiliated	$	27,959	$	3	$	(4,791	)	$	—		$	152		$	69	$	—	$	(3,280	)	$	—		$	20,112
Bonds
Industrial and miscellaneous - unaffiliated		2,999		11,461		(7,596	)		786			866			—		—		(8,516	)		—			—
Other Invested Assets		2,071		32,701		—			(724	)		(6,492	)		—		—		(6,063	)		—			21,493
Derivative Assets		52		—		—			7,111			16			—		—		—			(7,112	)		67
Separate Accounts Assets		270,387		5,792		(20,426	)		502			14,380			94,986		—		(72,489	)		(1,232	)		291,900
Total Assets	$	303,468	$	49,957	$	(32,813	)	$	7,675		$	8,922		$	95,055	$	—	$	(90,348	)	$	(8,344	)	$	333,572
Liabilities:
FX Contracts	$	3,205	$	—	$	—		$	9,874		$	(551	)	$	—	$	—	$	—		$	(9,874	)	$	2,654
Total Liabilities	$	3,205	$	—	$	—		$	9,874		$	(551	)	$	—	$	—	$	—		$	(9,874	)	$	2,654

The Company transfers assets into or out of Level 3 at fair value as of the beginning of the reporting period. Transfers made are the result of changes in the level of observability of inputs used to price the assets or liabilities or changes in NAIC designations.

At the beginning of each reporting period, the Company evaluates whether or not any event has occurred or circumstances have changed that would cause an instrument to be transferred between levels.

Derivative values in the above tables are presented on a gross basis.

66

DELAWARE LIFE INSURANCE COMPANY

(A Wholly-Owned Subsidiary of DLIC Sub-Holdings, LLC)

NOTES TO STATUTORY FINANCIAL STATEMENTS AS OF DECEMBER 31, 2024 AND 2023 AND

FOR THE YEARS ENDED DECEMBER 31, 2024, 2023 AND 2022

(IN THOUSANDS OF DOLLARS, EXCEPT SHARE AND PER SHARE DATA)

Quantitative Information about Level 3 Fair Value Measurements

The following tables provide quantitative information about the significant unobservable inputs used for recurring assets measured at fair value in the Statutory Statements of Admitted Assets, Liabilities, and Capital and Surplus categorized within Level 3 for the years ended December 31, 2024 or 2023:

	December 31, 2024
	Valuation Techniques	Significant Unobservable Inputs	Fair Value		Range		Weighted Average
Bonds - Unaffiliated - Industrial & Misc.	Matrix Pricing	Spreads	$	7,620		0-1		1
Common Stocks	Trade Price	Pricing Valuation Multiple / Discount Rate		31,381		0-1000		554
Other Invested Assets	External Model	Expected Cashflows/Spreads		3,023		0-16		10
Separate Accounts assets	Matrix Pricing	Spreads		2		89		89
	Matrix Pricing	Spreads		447		30		30
	Matrix Pricing	Spreads		300,280		90-112		98
	Market Pricing	Quoted Prices		2,157		100-101		100
Total Assets			$	344,910

	December 31, 2023
	Valuation Techniques	Significant Unobservable Inputs	Fair Value		Range		Weighted Average
Common Stocks	Trade Price	Pricing Valuation Multiple/Discount Rate	$	20,079		0-1000		389
	External Model	Net Asset Value		33		1		1
Other Invested Assets	External Model	External Cashflows/Spreads		16,503		0-2		1
	Matrix Pricing	Quoted Prices		4,990		1		1
Separate Accounts Assets	Matrix Pricing	Spreads		1,241		90-105		100
	Market Pricing	Spreads		566		38		38
	Market Pricing	Spreads		284,805		50-113		96
	Market Pricing	Quoted Prices		5,288		89-100		92
Total Assets			$	333,505

There were no significant changes made in valuation techniques during 2024 and 2023.

The above unobservable input tables do not include immaterial balances related to derivatives which totaled $2,392 and $67 as of December 31, 2024 and December 31, 2023, respectively.

67

DELAWARE LIFE INSURANCE COMPANY

(A Wholly-Owned Subsidiary of DLIC Sub-Holdings, LLC)

NOTES TO STATUTORY FINANCIAL STATEMENTS AS OF DECEMBER 31, 2024 AND 2023 AND

FOR THE YEARS ENDED DECEMBER 31, 2024, 2023 AND 2022

(IN THOUSANDS OF DOLLARS, EXCEPT SHARE AND PER SHARE DATA)

Aggregate Fair Value of all Financial Instruments

For financial instruments, the carrying value, fair value, and/or NAV, including the level within the fair value hierarchy, at December 31, 2024 and 2023 were as follows:

	December 31, 2024
Type of Financial Instrument	Aggregate Fair Value		Carrying Value		Level 1		Level 2		Level 3		NAV		Not Practicable (Carrying Value)
Assets:
Cash, cash equivalents and short-term investments	$	4,193,970	$	4,193,943	$	706,604	$	3,487,366	$	—	$	—	$	—
Bonds		21,331,207		22,182,484		1,585		20,825,479		504,143		—		—
Preferred stocks		776,533		729,639		—		691,643		84,890		—		—
Common stocks (b)		163,633		163,633		14,969		98,248		47,059		3,357		—
Mortgage loans, net of allowance		2,127,304		2,191,508		—		2,127,304		—		—		—
Real estate		175,974		175,974		—		175,974		—		—		—
Derivative assets		768,119		749,791		737,231		28,496		2,392		—		—
Contract Loans		321,513		320,642		—		—		321,513		—
Other invested assets (a) (b)		820,610		822,549		—		779,007		41,603		—		—
Separate account assets		16,572,182		16,592,002		12,302,637		3,840,411		303,557		125,577		—
Total Assets	$	47,251,045	$	48,122,165	$	13,763,026	$	32,053,928	$	1,305,157	$	128,934	$	—
Liabilities:
Borrowed money	$	50,000	$	—	$	—	$	50,000	$	—	$	—	$	—
Liabilities for deposit-type contracts		2,603,465		2,708,109		—		—		2,603,465		—		—
Derivative liabilities		584,578		586,128		584,486		14		78		—		—
Separate account liabilities		330,533		—		—		—		330,533		—		—
Total Liabilities	$	3,568,576	$	3,294,237	$	584,486	$	50,014	$	2,934,076	$	—	$	—

68

DELAWARE LIFE INSURANCE COMPANY

(A Wholly-Owned Subsidiary of DLIC Sub-Holdings, LLC)

NOTES TO STATUTORY FINANCIAL STATEMENTS AS OF DECEMBER 31, 2024 AND 2023 AND

FOR THE YEARS ENDED DECEMBER 31, 2024, 2023 AND 2022

(IN THOUSANDS OF DOLLARS, EXCEPT SHARE AND PER SHARE DATA)

	December 31, 2023
Type of Financial Instrument	Aggregate Fair Value		Carrying Value		Level 1		Level 2		Level 3		NAV		Not Practicable (Carrying Value)
Assets:
Cash, cash equivalents and short-term investments	$	3,859,737	$	3,859,773	$	1,128,103	$	2,731,634	$	—	$	—		—
Bonds		17,082,218		18,134,460		1,599		16,876,810		203,809		—		—
Preferred stocks		799,242		802,140		—		799,242		—		—		—
Common stocks (b)		140,890		140,890		16,115		101,469		20,112		3,194		—
Mortgage loans, net of allowance		1,617,888		1,721,502		—		1,617,888		—		—		—
Derivatives assets		579,905		575,141		579,703		135		67		—		—
Contract Loans		354,125		351,919		—		—		354,125		—		—
Other invested assets (a) (b)		807,216		825,554		—		780,819		26,397		—		—
Separate account assets		16,605,957		16,625,283		12,762,461		3,427,797		294,317		121,382		—
Total assets	$	41,847,178	$	43,036,662	$	14,487,981	$	26,335,794	$	898,827	$	124,576	$	—
Liabilities:
Liability for deposit-type contracts	$	1,933,048	$	1,979,497	$	—	$	—	$	1,933,048	$	—	$	—
Derivatives liabilities		434,306		435,850		420,126		11,526		2,654		—		—
Separate account liabilities		232,124		323,124		—		—		232,124		—		—
Total liabilities	$	2,599,478	$	2,738,471	$	420,126	$	11,526	$	2,167,826	$	—	$	—

(a) As of December 31, 2024 and 2023, there were $112,504 and $190,986 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.

(b) The common stock line in the tables above exclude equity method investments with carrying values of $32,571 and $21,549 as of December 31, 2024 and 2023, respectively. The other invested assets line in the tables above exclude equity method investments with carrying values of $766,835 and $667,674 as of December 31, 2024 and 2023, respectively.

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.

69

DELAWARE LIFE INSURANCE COMPANY

(A Wholly-Owned Subsidiary of DLIC Sub-Holdings, LLC)

NOTES TO STATUTORY FINANCIAL STATEMENTS AS OF DECEMBER 31, 2024 AND 2023 AND

FOR THE YEARS ENDED DECEMBER 31, 2024, 2023 AND 2022

(IN THOUSANDS OF DOLLARS, EXCEPT SHARE AND PER SHARE DATA)

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.

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.

The Company takes into consideration both qualitative and quantitative factors as part of its analysis, including but not limited to, an overall analysis of portfolio fair value movement against general movements in interest rates and spreads. The Company also compares price movement trends, considering the reasons for both significant price movements between periods and a lack of movement where the Company has become aware of securities that experienced a positive or negative credit or other event that would suggest the price provided has not captured market activity.

Preferred stocks - The fair values of preferred stocks are determined using prices provided by third party pricing services or broker quotes. The fair value cannot exceed the stated call price. For privately placed preferred stocks without readily ascertainable fair value, such values are determined utilizing a discounted cash flow methodology based on coupon rates, maturity provisions and credit assumptions.

Common stocks - The fair value of unaffiliated common stocks is based on quoted market prices, where available. The Company records its investments in mutual funds at fair value, which equates to the NAV of the fund. The Company records its investments in common stock of affiliates under the equity method using audited equity. For the Company’s common stock investments measured at NAV, the Company does not anticipate selling these investments for amounts different than NAV and there are no significant restrictions in the liquidation of these investments.

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.

Real estate - The fair value of real estate is determined by the purchase price of the investment, including capitalized expenditures, which was supported by an appraisal near the purchase date. Appraisals are used on an ongoing basis to approximate future fair values.

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.

70

DELAWARE LIFE INSURANCE COMPANY

(A Wholly-Owned Subsidiary of DLIC Sub-Holdings, LLC)

NOTES TO STATUTORY FINANCIAL STATEMENTS AS OF DECEMBER 31, 2024 AND 2023 AND

FOR THE YEARS ENDED DECEMBER 31, 2024, 2023 AND 2022

(IN THOUSANDS OF DOLLARS, EXCEPT SHARE AND PER SHARE DATA)

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 - The fair values of other invested assets which consist of limited partnerships, limited liability companies, reverse mortgages, collateral loans, and surplus notes are determined as follows:

Collateral loans - The fair value of collateral loans is determined using interest and principal at a yield of interpolated swaps plus a spread. Due to call features present in these securities, the fair value of collateral loans typically approximates carrying value.

Other fixed or variable rate investments - The fair value of fixed or variable rate investments, which includes investments in subsidiaries, certain investments in limited partnerships and limited liability companies, and non-rated residual tranches on ABS, that are accounted for under the equity method was $766,835 and $667,674 at December 31, 2024 and 2023, respectively. In addition to the residual equity tranches on ABS that are accounted for under the equity method, the Company also holds residual tranches that are priced by third-party pricing services. The total fair value of such investments was $142,447 and $158,086 at December 31, 2024 and 2023.

Surplus notes - The fair value of surplus notes is obtained from independent pricing services or pricing models that discount cash flows at a yield of interpolated swaps plus a spread.

Separate Accounts - The estimated fair value of Separate Account assets and liabilities is determined using the same methodology described in Note 14. The difference between Separate Account assets and liabilities reflected in the chart above and the total recognized in the Statutory Statements of Admitted Assets, Liabilities and Capital and Surplus represents amounts that are attributable to non-financial instruments.

Borrowed money - The fair value is approximated by the unpaid principal balance of debt outstanding.

Deposit-type contracts - 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.

71

DELAWARE LIFE INSURANCE COMPANY

(A Wholly-Owned Subsidiary of DLIC Sub-Holdings, LLC)

NOTES TO STATUTORY FINANCIAL STATEMENTS AS OF DECEMBER 31, 2024 AND 2023 AND

FOR THE YEARS ENDED DECEMBER 31, 2024, 2023 AND 2022

(IN THOUSANDS OF DOLLARS, EXCEPT SHARE AND PER SHARE DATA)

16. Federal Income Taxes

The Inflation Reduction Act (“IRA”) was enacted on August 16, 2022 and included a new corporate alternative minimum tax (“CAMT”). The IRA and CAMT are effective for tax years beginning after 2022. The Company is a non-applicable reporting entity as it relates to the CAMT.

The components of the Company’s DTAs and DTLs as of December 31, 2024 and December 31, 2023 were as follows:

	December 31, 2024						December 31, 2023						Change
Description	Ordinary		Capital		Total		Ordinary		Capital		Total		Ordinary		Capital			Total
Gross deferred tax assets	$	316,964	$	88,775	$	405,739	$	224,890	$	80,137	$	305,027	$	92,074	$	8,638		$	100,712
Statutory valuation allowance adjustments		—		—		—		—		—		—		—		—			—
Adjusted gross deferred tax assets		316,964		88,775		405,739		224,890		80,137		305,027		92,074		8,638			100,712
Deferred tax assets nonadmitted		—		—		—		—		—		—		—		—			—
Subtotal net admitted deferred tax assets		316,964		88,775		405,739		224,890		80,137		305,027		92,074		8,638			100,712
Deferred tax liabilities		88,896		30,834		119,730		65,299		63,139		128,438		23,597		(32,305	)		(8,708	)
Net admitted deferred tax assets / (Net deferred tax liabilities)	$	228,068	$	57,941	$	286,009	$	159,591	$	16,998	$	176,589	$	68,477	$	40,943		$	109,420

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:

	December 31, 2024						December 31, 2023						Change
Description	Ordinary		Capital		Total		Ordinary		Capital		Total		Ordinary		Capital			Total
Federal income taxes paid in prior years recoverable through loss carrybacks	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—		$	—
Adjusted gross deferred tax assets expected to be realized after application of the threshold limitation		244,806		62,036		306,842		165,618		26,600		192,218		79,188		35,436			114,624
Adjusted gross deferred tax assets expected to be realized following the balance sheet date		244,806		62,036		306,842		165,618		26,600		192,218		79,188		35,436			114,624
Adjusted gross deferred tax assets allowed per limitation threshold		XXX		XXX		382,527		XXX		XXX		352,224		XXX		XXX			30,303
Adjusted gross deferred tax assets offset by gross deferred tax liabilities		72,158		26,739		98,897		59,272		53,537		112,809		12,886		(26,798	)		(13,912	)
Deferred tax assets admitted as the result of application of SSAP No. 101.	$	316,964	$	88,775	$	405,739	$	224,890	$	80,137	$	305,027	$	92,074	$	8,638		$	100,712

72

DELAWARE LIFE INSURANCE COMPANY

(A Wholly-Owned Subsidiary of DLIC Sub-Holdings, LLC)

NOTES TO STATUTORY FINANCIAL STATEMENTS AS OF DECEMBER 31, 2024 AND 2023 AND

FOR THE YEARS ENDED DECEMBER 31, 2024, 2023 AND 2022

(IN THOUSANDS OF DOLLARS, EXCEPT SHARE AND PER SHARE DATA)

Description	2024			2023
Ratio Percentage Used To Determine Recovery Period And Threshold Limitation Amount		733	%		823	%
Amount Of Adjusted Capital And Surplus Used To Determine Recovery Period And Threshold Limitation Above	$	2,550,183		$	2,348,158

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, 2024						December 31, 2023						Change
Description	Ordinary			Capital			Ordinary			Capital			Ordinary			Capital
Adjusted gross deferred tax assets	$	316,964		$	88,775		$	224,890		$	80,137		$	92,074		$	8,638
Percentage of adjusted gross deferred tax assets by tax character attributable to the impact of tax planning strategies		—	%		—	%		—	%		—	%		—	%		—	%
Net admitted adjusted gross deferred tax assets	$	316,964		$	88,775		$	224,890		$	80,137		$	92,074		$	8,638
Percentage of net admitted assets by tax character because of the impact of tax planning strategies		—	%		—	%		—	%		—	%		—	%		—	%

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

The Company had no temporary differences for which a DTL was not established.

The following tables provide the significant components of the Company’s income taxes incurred and the changes in DTAs and DTLs.

	December 31, 2024			December 31, 2023			December 31, 2022
Current Income Tax
Federal Income Tax Expense from Operations	$	197,724		$	183,751		$	46,564
Federal Income Tax (Benefit) Expense on Net Capital Gains		(5,511	)		(18,439	)		3
Current Income Tax Expense	$	192,213		$	165,312		$	46,567

73

DELAWARE LIFE INSURANCE COMPANY

(A Wholly-Owned Subsidiary of DLIC Sub-Holdings, LLC)

NOTES TO STATUTORY FINANCIAL STATEMENTS AS OF DECEMBER 31, 2024 AND 2023 AND

FOR THE YEARS ENDED DECEMBER 31, 2024, 2023 AND 2022

(IN THOUSANDS OF DOLLARS, EXCEPT SHARE AND PER SHARE DATA)

The significant components of the Company’s DTAs and DTLs as of December 31, 2024 and 2023 were as follows:

	December 31, 2024		December 31, 2023		Change
Deferred Tax Assets:
Ordinary
Policyholder Reserves	$	247,992	$	166,071	$	81,921
Investments		2,399		2,402		(3	)
Deferred Acquisition Costs		57,874		46,394		11,480
Fixed assets		1,320		1,300		20
Compensation and benefits accrual		320		1,432		(1,112	)
Receivables - nonadmitted		4,777		5,013		(236	)
Other		2,282		2,278		4
Total Ordinary Deferred Tax Assets		316,964		224,890		92,074
Statutory Valuation Allowance Adjustment		—		—		—
Nonadmitted		—		—		—
Admitted Ordinary Deferred Tax Assets		316,964		224,890		92,074
Capital
Investments		45,656		47,173		(1,517	)
Net capital loss carry-forward		43,119		32,964		10,155
Subtotal		88,775		80,137		8,638
Statutory Valuation Allowance Adjustment		—		—		—
Nonadmitted		—		—		—
Admitted Capital Deferred Tax Assets		88,775		80,137		8,638
Admitted Deferred Tax Assets		405,739		305,027		100,712
Deferred Tax Liabilities:
Ordinary
Investments		59,389		45,990		13,399
Fixed Assets		340		552		(212	)
Policyholder Reserves		29,167		18,757		10,410
Subtotal		88,896		65,299		23,597
Capital
Investments		30,834		63,139		(32,305	)
Subtotal		30,834		63,139		(32,305	)
Deferred Tax Liabilities		119,730		128,438		(8,708	)
Net Admitted Deferred Tax Assets / Deferred Tax Liabilities	$	286,009	$	176,589	$	109,420

74

DELAWARE LIFE INSURANCE COMPANY

(A Wholly-Owned Subsidiary of DLIC Sub-Holdings, LLC)

NOTES TO STATUTORY FINANCIAL STATEMENTS AS OF DECEMBER 31, 2024 AND 2023 AND

FOR THE YEARS ENDED DECEMBER 31, 2024, 2023 AND 2022

(IN THOUSANDS OF DOLLARS, EXCEPT SHARE AND PER SHARE DATA)

The change in net deferred income taxes is comprised of the following (this analysis is exclusive of nonadmitted assets as the change in nonadmitted assets is reported separately from the change in net deferred income taxes in the surplus section of the Annual Statement):

Description	December 31, 2024		December 31, 2023		Change
Total Deferred Tax Assets	$	405,739	$	305,027	$	100,712
Total Deferred Tax Liabilities		119,730		128,438		(8,708	)
Net Deferred Tax Assets / Deferred Tax Liabilities		286,009		176,589		109,420
Statutory Valuation Allowance		—		—		—
Net Deferred Tax Assets / Deferred Tax Liabilities		286,009		176,589		109,420
Tax Effect of Unrealized (Gains)/Losses						2,148
Prior Period Adjustment						3,891
Change in Net Deferred Income Tax					$	115,459

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, 2024, 2023, and 2022 were as follows:

	December 31, 2024									December 31, 2023									December 31, 2022
Description	Amount			Tax Effect @ 21%			Effective Tax Rate			Amount			Tax Effect @ 21%			Effective Tax Rate			Amount			Tax Effect @ 21%			Effective Tax Rate
Net Income Before Taxes	$	389,384		$	81,771			21.0	%	$	154,835		$	32,515			21.0	%	$	298,712		$	62,730			21.0	%
Investment Related		(3,024	)		(635	)		(0.2	)%		(38,296	)		(8,042	)		(5.1	)%		(778	)		(163	)		(0.1	)%
Change in Non-admitted assets		902			189			—	%		(13,668	)		(2,870	)		(1.9	)%		2,647			556			0.2	%
Ceding Commission		3,991			838			0.2	%		—			—			—	%		—			—			—	%
Tax Credit Adjustment		(10,350	)		(2,174	)		(0.6	)%		(12,405	)		(2,605	)		(1.7	)%		(10,943	)		(2,298	)		(0.8	)%
Tax Differences in Wholly Owned Subsidiaries		(15,725	)		(3,302	)		(0.8	)%		24,846			5,218			3.4	%		(214,556	)		(45,057	)		(15.1	)%
Other		316			67			—	%		189			40			—	%		19,229			4,038			1.4	%
Total Statutory Income Taxes				$	76,754			19.6	%				$	24,256			15.7	%				$	19,806			6.6	%
Federal Income Taxes Incurred				$	192,213			49.3	%				$	165,312			106.8	%				$	46,567			15.6	%
Change in Net Deferred Income Taxes					(115,459	)		(29.7	)%					(141,057	)		(91.1	)%					(26,762	)		(9.0	)%
Total Statutory Income Taxes				$	76,754			19.6	%				$	24,255			15.7	%				$	19,805			6.6	%

As of December 31, 2024, the Company did not have any net operating loss carry-forwards.

As of December 31, 2024, the Company had $205,327 of capital loss carry-forwards, which will expire in 2029, if not utilized.

The Company had no income taxes incurred in the current and prior years that will be available for recoupment in the event of future net losses.

The Company has no deposits admitted under Section 6603 of the Internal Revenue Code.

75

DELAWARE LIFE INSURANCE COMPANY

(A Wholly-Owned Subsidiary of DLIC Sub-Holdings, LLC)

NOTES TO STATUTORY FINANCIAL STATEMENTS AS OF DECEMBER 31, 2024 AND 2023 AND

FOR THE YEARS ENDED DECEMBER 31, 2024, 2023 AND 2022

(IN THOUSANDS OF DOLLARS, EXCEPT SHARE AND PER SHARE DATA)

The application of SSAP No.101 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, 2024 and December 31, 2023.

Tax years prior to 2021 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 positions (“UTPs”) as of December 31, 2024 and 2023.

The Company is part of an affiliated group of companies that will file a consolidated federal income tax return for 2024. The following companies are included in the consolidated return filing:

• Group 1001, Inc.

• Group 1001 Insurance Holdings, LLC

• Group 1001 Services, Inc.

• Delaware Life (Bermuda) Holdings, Inc.

• Delaware Life Insurance Company

• Delaware Life and Annuity Company

• DL Reinsurance Company

• Clarendon Insurance Agency, Inc.

• Clear Spring Health Insurance Company

• Delaware Life Reinsurance (U.S.) Corp.

• Clear Spring Health (CO), Inc.

• Clear Spring Health (GA), Inc.

• Clear Spring Health (SC), Inc.

• Clear Spring Health Community Care, Inc.

• Clear Spring Health (VA), Inc.

• Clear Spring Health of Illinois, Inc.

• Clear Spring Health Holdings, LLC

• Clear Spring Health Management Services, LLC

• Clear Spring Casualty Insurance Company

• Clear Spring American Insurance Company

• Clear Spring National Insurance Company

• Clear Spring PC Acquisition Corp.

• Clear Spring PC Holdings, LLC

• Clear Spring Property and Casualty Company

• Evolution of Sports, Inc.

• R.V.I. Holdings, LLC

• R.V.I. America Corporation

• RVI Analytical Services, Inc.

• Transition Services, Inc.

• R.V.I. Services Co., Inc.

• R.V.I. Guaranty Co., Ltd.

• R.V.I. America Insurance Company

• R.V.I. Acquisition Holdings, LLC

76

DELAWARE LIFE INSURANCE COMPANY

(A Wholly-Owned Subsidiary of DLIC Sub-Holdings, LLC)

NOTES TO STATUTORY FINANCIAL STATEMENTS AS OF DECEMBER 31, 2024 AND 2023 AND

FOR THE YEARS ENDED DECEMBER 31, 2024, 2023 AND 2022

(IN THOUSANDS OF DOLLARS, EXCEPT SHARE AND PER SHARE DATA)

A written tax allocation agreement has been approved by 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 consolidated group.

17. Capital and Surplus and Dividend Restrictions

As of December 31, 2024 and 2023, the Company was authorized to issue 10,000 shares of common stock with a par value of $1,000 per share; 6,437 shares of common stock were issued and outstanding. The Company is not authorized to issue preferred stock.

The Company is subject to certain statutory and regulatory restrictions imposed by the State of Delaware on insurance companies which limits the amount of cash dividends that may be paid to the stockholders. Under Delaware law, cash dividends may be paid only from earned surplus. Additionally, the maximum aggregate amount of ordinary dividends that the Company may declare or pay during any twelve-month period is the greater of: (1) 10% of its statutory surplus, or (2) net gains from operations before net realized capital gains (losses) provided that unassigned surplus is positive and sufficient to cover the payment, each as reported in the prior year’s Annual Statement, unless written approval is obtained from the Department granting a greater amount (i.e., an extraordinary dividend). In addition, no dividend may be paid in excess of unassigned funds. At December 31, 2024, the Company reported surplus as regards policyholders of $2,859,549, gain from operations before net realized capital losses of $262,803, and unassigned funds of $708,826. As of December 31, 2024, the Company may declare an ordinary dividend to shareholders without prior approval from the Department in the maximum amount of $285,955.

The Company did not receive any capital contributions or pay any dividends during 2024. In June 2023, the Company received a capital contribution of $115,000 from DLSH and paid no dividends during 2023. The Company paid an ordinary dividend of $100,000 to DLSH in April 2022 and received a capital contribution of $50,000 from DLSH in December 2022.

The Company reclassified $169,590 and $140,735 from unassigned funds to aggregate write-ins for special surplus funds in accordance with the interpretive guidance established within INT 23-01 as of December 31, 2024 and 2023, respectively.

Surplus Notes

As of December 31, 2024 and 2023, the Company had $390,213 of surplus notes outstanding. During 2013, the Company entered into an agreement with Deutsche Bank Trust Company Americas (“DBTCA”), pursuant to which the surplus notes were taken into custody by DBTCA on behalf of the holders of the surplus notes (the “Noteholders”). DBTCA collects all surplus note payments and distributes such funds to the Noteholders.

77

DELAWARE LIFE INSURANCE COMPANY

(A Wholly-Owned Subsidiary of DLIC Sub-Holdings, LLC)

NOTES TO STATUTORY FINANCIAL STATEMENTS AS OF DECEMBER 31, 2024 AND 2023 AND

FOR THE YEARS ENDED DECEMBER 31, 2024, 2023 AND 2022

(IN THOUSANDS OF DOLLARS, EXCEPT SHARE AND PER SHARE DATA)

The details of outstanding surplus notes were as follows as of and for the years ended December 31, 2024 and 2023:

2024
Item Number	Date Issued		Interest Rate			Original Issue Amount of Note		Carrying Value of Note		Current Year Principal Paid		Life-To-Date Principal Paid		Current Year Interest Expense Recognized		Life-To-Date Interest Expense Recognized		Date of Maturity
1000		12/22/97		8.625	%	$	250,000	$	20,713	$	—	$	229,287	$	1,786	$	534,657		11/06/27
1001		11/06/22		7.750	%		85,500		85,500		—		—		6,626		14,265		11/06/52
1002		11/06/22		7.750	%		24,587		24,587		—		—		1,905		4,102		11/06/52
1003		11/06/22		7.750	%		24,612		24,612		—		—		1,907		4,106		11/06/52
2000		12/15/95		7.750	%		150,000		—		—		150,000		—		253,791		12/15/52
2002		06/15/23		7.750	%		52,301		52,301		—		—		4,053		6,080		12/15/52
2003		06/15/23		7.750	%		5,200		5,200		—		—		403		605		12/15/52
2004		06/15/23		7.750	%		4,000		4,000		—		—		310		465		12/15/52
2005		06/15/23		7.750	%		500		500		—		—		39		58		12/15/52
2006		06/15/23		7.750	%		1,750		1,750		—		—		136		203		12/15/52
2007		06/15/23		7.750	%		1,000		1,000		—		—		78		116		12/15/52
2008		06/15/23		7.750	%		500		500		—		—		39		58		12/15/52
2009		06/15/23		7.750	%		3,000		3,000		—		—		233		349		12/15/52
2010		06/15/23		7.750	%		4,950		4,950		—		—		384		575		12/15/52
2011		06/15/23		7.750	%		2,000		2,000		—		—		155		233		12/15/52
2012		06/15/23		7.750	%		500		500		—		—		39		58		12/15/52
2013		06/15/23		7.750	%		250		250		—		—		19		29		12/15/52
2014		06/15/23		7.750	%		250		250		—		—		19		29		12/15/52
2015		06/15/23		7.750	%		100		100		—		—		8		12		12/15/52
2016		06/15/23		7.750	%		500		500		—		—		39		58		12/15/52
2017		06/15/23		7.750	%		500		500		—		—		39		58		12/15/52
3000		12/15/95		7.626	%		150,000		150,000		—		—		11,439		322,954		12/15/52
4000		12/15/95		7.750	%		7,500		—		—		7,500		—		12,535		12/15/52
4001		06/15/23		7.750	%		7,500		7,500		—		—		581		872		12/15/52
Total		XXX		XXX		$	777,000	$	390,213	$	—	$	386,787	$	30,237	$	1,156,268		XXX

78

DELAWARE LIFE INSURANCE COMPANY

(A Wholly-Owned Subsidiary of DLIC Sub-Holdings, LLC)

NOTES TO STATUTORY FINANCIAL STATEMENTS AS OF DECEMBER 31, 2024 AND 2023 AND

FOR THE YEARS ENDED DECEMBER 31, 2024, 2023 AND 2022

(IN THOUSANDS OF DOLLARS, EXCEPT SHARE AND PER SHARE DATA)

2023
Item Number	Date Issued		Interest Rate			Original Issue Amount of Note		Carrying Value of Note		Current Year Principal Paid		Life-To-Date Principal Paid		Current Year Interest Expense Recognized		Life-To-Date Interest Expense Recognized		Date of Maturity
1000		12/22/97		8.625	%	$	250,000	$	20,713	$	—	$	229,287	$	1,786	$	532,871		11/06/27
1001		11/06/22		7.750	%		85,500		85,500		—		—		6,626		7,639		11/06/52
1002		11/06/22		7.750	%		24,587		24,587		—		—		1,905		2,197		11/06/52
1003		11/06/22		7.750	%		24,612		24,612		—		—		1,907		2,199		11/06/52
2000		12/15/95		7.750	%		150,000		—		77,301		150,000		2,995		253,791		12/15/52
2002		06/15/23		7.750	%		52,301		52,301		—		—		2,027		2,027		12/15/52
2003		06/15/23		7.750	%		5,200		5,200		—		—		202		202		12/15/52
2004		06/15/23		7.750	%		4,000		4,000		—		—		155		155		12/15/52
2005		06/15/23		7.750	%		500		500		—		—		19		19		12/15/52
2006		06/15/23		7.750	%		1,750		1,750		—		—		68		68		12/15/52
2007		06/15/23		7.750	%		1,000		1,000		—		—		39		39		12/15/52
2008		06/15/23		7.750	%		500		500		—		—		19		19		12/15/52
2009		06/15/23		7.750	%		3,000		3,000		—		—		116		116		12/15/52
2010		06/15/23		7.750	%		4,950		4,950		—		—		192		192		12/15/52
2011		06/15/23		7.750	%		2,000		2,000		—		—		78		78		12/15/52
2012		06/15/23		7.750	%		500		500		—		—		19		19		12/15/52
2013		06/15/23		7.750	%		250		250		—		—		10		10		12/15/52
2014		06/15/23		7.750	%		250		250		—		—		10		10		12/15/52
2015		06/15/23		7.750	%		100		100		—		—		4		4		12/15/52
2016		06/15/23		7.750	%		500		500		—		—		19		19		12/15/52
2017		06/15/23		7.750	%		500		500		—		—		19		19		12/15/52
3000		12/15/95		7.626	%		150,000		150,000		—		—		11,439		311,515		12/15/52
4000		12/15/95		7.750	%		7,500		—		7,500		7,500		291		12,535		12/15/52
4001		06/15/23		7.750	%		7,500		7,500		—		—		291		291		12/15/52
Total		XXX		XXX		$	777,000	$	390,213	$	84,801	$	386,787	$	30,236	$	1,126,034		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.

79

DELAWARE LIFE INSURANCE COMPANY

(A Wholly-Owned Subsidiary of DLIC Sub-Holdings, LLC)

NOTES TO STATUTORY FINANCIAL STATEMENTS AS OF DECEMBER 31, 2024 AND 2023 AND

FOR THE YEARS ENDED DECEMBER 31, 2024, 2023 AND 2022

(IN THOUSANDS OF DOLLARS, EXCEPT SHARE AND PER SHARE DATA)

During 2022, $134,699 of interests in item 1000 held by Security Benefit Life Insurance Company (“Security Benefit”) were canceled in exchange for three new notes issued by the Company, each with an interest rate of 7.75% and a maturity date of November 6, 2052 (items 1001, 1002 and 1003 in the above tables). The remaining interest in the amount of $20,713 in item 1000 is held solely by the Lange Trust with an interest rate of 8.625% and a maturity date of November 6, 2027. During 2023, Group 1001 Finance purchased $134,699 of interests in the notes listed as item 1001, 1002, and 1003 in the above tables from Security Benefit. In September 2024, Group 1001 Finance sold its interest in notes 1001, 1002, and 1003 to PDIF Feeder I, LLC (“PDIF”), an affiliate. As of December 31, 2024, the interests in items 1001, 1002, and 1003 were held solely by PDIF.

During 2022, the interest rate on item 2000 in the above tables was changed to 7.75% and the maturity date was extended to December 15, 2052. Effective December 15, 2022 and April 28, 2023, Group 1001 Finance purchased $22,301 and $55,000, respectively, of the surplus note held by Security Benefit. On June 15, 2023, $77,301 of interests in item 2000 held by Group 1001 Finance were canceled in exchange for sixteen new notes issued by the Company, each with an interest rate of 7.75% and a maturity date of December 15, 2052 (items 2002 thru 2017 in the above tables). As of December 31, 2024, the interest in item 2002 was held solely by Group 1001 Finance. As of December 31, 2024, the interests in items 2003 thru 2017 were held by the following unaffiliated entities:

Item Number(s)	Noteholder	Carry Value of Note(s)
2003, 2004, 2005	Horace Mann Life Insurance Company	$	9,700
2006	Heritage Life Insurance Company		1,750
2007	Puritan Life Insurance Company of America		1,000
2008, 2009	Physicians Mutual Insurance Company		3,500
2010, 2013	Investors Heritage Life Insurance Company		5,200
2011, 2012	Capital Avenue Reinsurance LLC		2,500
2014	Reliance Standard Life Insurance Company		250
2015	HMO Louisiana Inc.		100
2016	Louisiana Health Service & Indemnity Company		500
2017	Factory Mutual Insurance Company		500

Interests in the surplus note in the amount of $150,000, listed as item 3000 in the above tables, are held by Midland National Life Insurance Company (“Midland National”) and North American Company for Life and Health (“North American”), which are both considered related parties of the Company. Midland National and North American hold interests in the amounts of $100,000 and $50,000, respectively. During 2022, the maturity date of this note was extended to December 15, 2052.

The surplus note in the amount of $7,500, listed as item 4000 in the above tables, was held by Security Benefit until December 15, 2022. Effective on this date, Group 1001 Finance purchased the full amount of this surplus note from Security Benefit. During 2022, the interest rate was changed to 7.75% and the maturity date of this note was extended to December 15, 2052. On June 15, 2023, $7,500 of interest in item 4000 held by Group 1001 Finance was canceled in exchange for a new note issued by the Company with an interest rate of 7.75% and a maturity date of December 15, 2052 (item 4001 in the tables above). As of December 31, 2024, the interest in item 4001 is held solely by Group 1001 Finance.

80

DELAWARE LIFE INSURANCE COMPANY

(A Wholly-Owned Subsidiary of DLIC Sub-Holdings, LLC)

NOTES TO STATUTORY FINANCIAL STATEMENTS AS OF DECEMBER 31, 2024 AND 2023 AND

FOR THE YEARS ENDED DECEMBER 31, 2024, 2023 AND 2022

(IN THOUSANDS OF DOLLARS, EXCEPT SHARE AND PER SHARE DATA)

The Company incurred $30,237, $30,236, and $29,940 of interest on the surplus notes for the years ended December 31, 2024, 2023, and 2022, respectively. Each accrual and payment of interest on the surplus notes may be made only with the prior approval of the Delaware Insurance Commissioner and only to the extent 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 $2,669 at December 31, 2024 and 2023.

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 surplus note holders.

After payment in full of certain obligations set forth in 18 Del. Code Ann. tit. 59, § 5918, 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 of all principal and interest amounts owing. The Company has no preferred stockholders.

Risk-Based Capital

Life and health insurance companies are subject to certain 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, 2024 and 2023.

18. Commitments and Contingent Liabilities

Lease Commitments

Effective January 1, 2021, the Company entered into a lease agreement with Group 1001 Indiana Holdings, LLC, an affiliate, to occupy office space in Zionsville, Indiana. The lease has an expiration date of December 31, 2035 and an option to renew the lease agreement for up to a five-year period. Rental expenses under this lease for 2024, 2023, and 2022 were $2,679, $2,644, and $1,610, respectively. The rent expense recorded in 2024 and 2023 under this lease was inclusive of a $1,000 assessment each year for use of certain additional benefits in excess of, and consistent with, those received under this lease.

During 2022 and 2023, the Company leased office space in Waltham, Massachusetts under a lease with an original expiration date of April 30, 2023 for three premises within an office building known as 1601 Trapelo Road. The termination date of the lease was amended during 2022 and 2023, along with certain other terms and conditions in both the “Second Amendment” and the “Third Amendment,” respectively. Upon execution of the Second Amendment, affiliates of the landlord and an affiliate of the Company simultaneously entered into new lease agreements for two separate office spaces in Waltham, Massachusetts. One of the original premises at 1601 Trapelo Road terminated on June 30, 2023. The remaining two premises terminated on November 1, 2023, the date per the Second Amendment that corresponded with the commencement/occupancy of one of the new leases. Rent expenses during 2024, 2023, and 2022 were $0, $1,485, and $2,421, respectively, under this lease and were partially reimbursed by affiliates.

Effective October 13, 2022, the Company entered into two sublease agreements with PSA to occupy two separate office spaces in Waltham, Massachusetts. The primary leases for the office spaces known as 10 CityPoint and 230 CityPoint are seven-year and eight-year leases, respectively, each with an option to renew for five additional years. The subleases expire no later than one day prior to the expiration of the primary leases. Combined rental expenses under these subleases in 2024 and 2023 were $1,978 and $527, respectively, and the Company was partially reimbursed by an affiliate.

81

DELAWARE LIFE INSURANCE COMPANY

(A Wholly-Owned Subsidiary of DLIC Sub-Holdings, LLC)

NOTES TO STATUTORY FINANCIAL STATEMENTS AS OF DECEMBER 31, 2024 AND 2023 AND

FOR THE YEARS ENDED DECEMBER 31, 2024, 2023 AND 2022

(IN THOUSANDS OF DOLLARS, EXCEPT SHARE AND PER SHARE DATA)

Effective February 2, 2022, the Company entered into an additional sublease agreement with PSA to occupy office space in Ft. Lauderdale, Florida. The sublease agreement expires no later than one day prior to the PSA primary lease expiration. Rental expenses under this sublease in 2024, 2023, and 2022 were $485, $157, and $0, respectively.

At December 31, 2024, the Company’s minimum aggregate lease commitments, for the next five years and thereafter, were as follows:

	Operating Leases
Year ended December 31:
2025	$	3,593
2026		3,518
2027		3,595
2028		3,672
2029		3,695
Thereafter		12,970
Total	$	31,043

Contingent Commitments

The Company had unfunded commitments for limited partnership investments of $112,504 and $190,986 as of December 31, 2024, and 2023, respectively.

Guaranty Fund Assessments

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 $1,569 and $2,970 for guaranty fund assessments as of December 31, 2024 and 2023, respectively. The Company does not know the period over which the guaranty fund assessments may be paid.

As of December 31, 2024 and 2023, 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.

82

DELAWARE LIFE INSURANCE COMPANY

(A Wholly-Owned Subsidiary of DLIC Sub-Holdings, LLC)

NOTES TO STATUTORY FINANCIAL STATEMENTS AS OF DECEMBER 31, 2024 AND 2023 AND

FOR THE YEARS ENDED DECEMBER 31, 2024, 2023 AND 2022

(IN THOUSANDS OF DOLLARS, EXCEPT SHARE AND PER SHARE DATA)

Litigation and Other Matters

The Company is involved in various lawsuits in the normal course of business. The status of these legal actions is actively monitored by management. If management believed, based on available information, that an adverse outcome upon resolution of a given legal action was probable and the amount of that adverse outcome was reasonably estimable, a loss would be recognized and a related liability recorded. 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.

Pledged or Restricted Assets

The following assets were restricted (including pledged assets) at December 31, 2024 and 2023:

	Gross (Admitted & Nonadmitted) Restricted																	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		2024 Total		2023 Total		Increase/ (Decrease)			Total 2024 Admitted Restricted		Gross Restricted Total Assets		Admitted Restricted to Total Admitted Assets
Subject to Repurchase Agreements	$	1,088,576	$	—	$	—	$	—	$	1,088,576	$	816,037	$	272,539		$	1,088,576		2.11%		2.12%
Subject to Reverse Repurchase Agreements		1,381,907		—		—		—		1,381,907		1,247,707		134,200			1,381,907		2.68%		2.69%
FHLB Capital Stock		93,960		—		—		—		93,960		71,460		22,500			93,960		0.18%		0.18%
On Deposit with States		4,154		—		—		—		4,154		4,181		(27	)		4,154		0.01%		0.01%
Pledged as Collateral to FHLB (Including Securities and Commercial Mortgage Loans)		2,741,717		—		—		—		2,741,717		2,110,097		631,620			2,741,717		5.33%		5.33%
Pledged as collateral not captured in other categories		826,555		—		—		—		826,555		177,683		648,872			826,555		1.61%		1.61%
Other Restricted Assets		20,944		—		—		—		20,944		18,031		2,913			20,944		0.04%		0.04%
Total Restricted Assets	$	6,157,813	$	—	$	—	$	—	$	6,157,813	$	4,445,196	$	1,712,617		$	6,157,813		11.96%		11.98%

The following were assets pledged as collateral not captured in other categories, including assets backing funding agreements (contracts that share similar characteristics, such as reinsurance and derivatives, are reported in the aggregate) at December 31, 2024 and 2023:

	Gross Restricted																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		2024 Total		2023 Total		Increase/ (Decrease)		Total 2024 Admitted Restricted		Gross Restricted Total Assets		Admitted Restricted to Total Admitted Assets
Collateral to Société Générale	$	236,825	$	—	$	—	$	—		236,825	$	176,883	$	59,942	$	236,825		0.46%		0.46%
Derivative collateral		267,557		—		—		—		267,557		800		266,757		267,557		0.52%		0.52%
Collateral to CitiGroup, Inc.		322,173		—		—		—		322,173		—		322,173		322,173		0.63%		0.63%
Total	$	826,555	$	—	$	—	$	—	$	826,555	$	177,683	$	648,872	$	826,555		1.61%		1.61%

83

DELAWARE LIFE INSURANCE COMPANY

(A Wholly-Owned Subsidiary of DLIC Sub-Holdings, LLC)

NOTES TO STATUTORY FINANCIAL STATEMENTS AS OF DECEMBER 31, 2024 AND 2023 AND

FOR THE YEARS ENDED DECEMBER 31, 2024, 2023 AND 2022

(IN THOUSANDS OF DOLLARS, EXCEPT SHARE AND PER SHARE DATA)

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) at December 31, 2024 and 2023:

	Gross Restricted																	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		2024 Total		2023 Total		Increase/ (Decrease)			Total 2024 Admitted Restricted		Gross Restricted Total Assets		Admitted Restricted to Total Admitted Assets
Restricted Cash - Tax Escrow	$	—	$	—	$	—	$	—	$	—		1,902	$	(1,902	)	$	—		— %		— %
Mortgage Escrow		20,944		—		—		—		20,944		16,129		4,815			20,944		0.04%		0.04%
Total	$	20,944	$	—	$	—	$	—	$	20,944	$	18,031	$	2,913		$	20,944		0.04%		0.04%

19. Federal Home Loan Bank

The Company is a member of the Federal Home Loan Bank of Indianapolis (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 $2,164,369 as of December 31, 2024. The Company calculated this amount in accordance with its current collateral pledged to the FHLB.

FHLB Capital Stock

Aggregate Totals:

As of December 31, 2024	Total		General Account		Separate Accounts
Membership Stock – Class A	$	—	$	—	$	—
Membership Stock – Class B		5,000		5,000		—
Activity Stock		88,960		88,960		—
Excess Stock		—		—		—
Aggregate Total	$	93,960	$	93,960	$	—
Actual or Estimated Borrowing Capacity as Determined by the Insurer	$	2,164,369	$	—	$	—
As of December 31, 2023
Membership Stock – Class A	$	—	$	—	$	—
Membership Stock – Class B		7		7		—
Activity Stock		69,203		69,203		—
Excess Stock		2,250		2,250		—
Aggregate Total	$	71,460	$	71,460	$	—
Actual or Estimated Borrowing Capacity as Determined by the Insurer	$	1,683,708	$	—	$	—

84

DELAWARE LIFE INSURANCE COMPANY

(A Wholly-Owned Subsidiary of DLIC Sub-Holdings, LLC)

NOTES TO STATUTORY FINANCIAL STATEMENTS AS OF DECEMBER 31, 2024 AND 2023 AND

FOR THE YEARS ENDED DECEMBER 31, 2024, 2023 AND 2022

(IN THOUSANDS OF DOLLARS, EXCEPT SHARE AND PER SHARE DATA)

Membership Stock (Class A and B) Eligible and Not Eligible for Redemption:

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		5,000		5,000		—		—		—		—

Collateral Pledged to FHLB

Amount Pledged as of Reporting Date:

	Fair Value		Carrying Value		Aggregate Total Borrowing
Current Year General Account Total Collateral Pledged	$	2,618,240	$	2,741,717	$	2,088,000
Current Year Separate Accounts Total Collateral Pledged		—		—		—
Current Year Total General and Separate Accounts Total Collateral Pledged	$	2,618,240	$	2,741,717	$	2,088,000
Prior Year End Total General and Separate Accounts Total Collateral Pledged	$	1,966,287	$	2,110,097	$	1,538,000

Maximum Amount Pledged During Reporting Period:

	Fair Value		Carrying Value		Amount Borrowed at Time of Maximum Collateral
Current Year General Account Maximum Collateral Pledged	$	2,752,749	$	2,867,212	$	2,038,000
Current Year Separate Accounts Maximum Collateral Pledged		—		—		—
Current Year Total General and Separate Accounts Maximum Collateral Pledged	$	2,752,749	$	2,867,212	$	2,038,000
Prior Year End Total General and Separate Accounts Total Collateral Pledged	$	1,966,287	$	2,110,097	$	1,538,000

Borrowing from FHLB

Amount as of Reporting Date:

As of December 31, 2024	Total		General Account		Separate Accounts		Funding Agreements Reserves Established
Debt	$	50,000	$	50,000	$	—		XXX
Funding Agreements		2,038,000		2,038,000		—		1,960,750
Other		—		—		—		XXX
Aggregate Total	$	2,088,000	$	2,088,000	$	—	$	1,960,750
As of December 31, 2023
Debt	$	—	$	—	$	—		XXX
Funding Agreements		1,538,000		1,538,000		—		1,475,607
Other		—		—		—		XXX
Aggregate Total	$	1,538,000	$	1,538,000	$	—	$	1,475,607

85

DELAWARE LIFE INSURANCE COMPANY

(A Wholly-Owned Subsidiary of DLIC Sub-Holdings, LLC)

NOTES TO STATUTORY FINANCIAL STATEMENTS AS OF DECEMBER 31, 2024 AND 2023 AND

FOR THE YEARS ENDED DECEMBER 31, 2024, 2023 AND 2022

(IN THOUSANDS OF DOLLARS, EXCEPT SHARE AND PER SHARE DATA)

Maximum Amount During Reporting Period:

	Total		General Account		Separate Accounts
Debt	$	50,000	$	50,000	$	—
Funding Agreements		2,038,000		2,038,000		—
Other		—		—		—
Aggregate Total	$	2,088,000	$	2,088,000	$	—

FHLB - Prepayment Obligations

	Does the Company have prepayment obligations under the following arrangements? (YES/NO)
Debt	Yes
Funding Agreements	Yes
Other	No

20. Reconciliation with Statutory Financial Statements Filed

Subsequent to the filing of the 2024 Annual Statement, management adjusted the accompanying Statutory Statements of Cash Flow to remove a non-cash transaction. A reconciliation between the presentation within the 2024 Annual Statement and the accompanying Statutory Statements of Cash Flow for the year ended December 31, 2024 is provided below.

Statement of Cash Flow	Change			2024 Annual Statement			2024 Statutory Audit Report
Operating activities:
Net investment income received	$	(995	)	$	1,678,899		$	1,677,904
Net cash provided by operating activities		(995	)		4,814,004			4,813,009
Investing activities:
Proceeds - Bonds		(112,888	)		4,217,403			4,104,515
Proceeds - Stocks		(2,066	)		185,276			183,210
		(114,954	)		4,402,679			4,287,725
Net cash used in investing activities		(114,954	)		(4,850,179	)		(4,965,133	)
Financing and miscellaneous activities:
Other cash (applied) (a)		115,949			(444,267	)		(328,318	)
Net cash provided by financing and miscellaneous activities		115,949			370,345			486,294

(a) The 2024 Annual Statement Other cash (applied) line item has been adjusted for comparability to exclude the $36,000 Bilateral loan agreement with affiliate line item, which is presented separately within the accompanying Statutory Statements of Cash Flow.

86

DELAWARE LIFE INSURANCE COMPANY

(A Wholly-Owned Subsidiary of DLIC Sub-Holdings, LLC)

NOTES TO STATUTORY FINANCIAL STATEMENTS AS OF DECEMBER 31, 2024 AND 2023 AND

FOR THE YEARS ENDED DECEMBER 31, 2024, 2023 AND 2022

(IN THOUSANDS OF DOLLARS, EXCEPT SHARE AND PER SHARE DATA)

The Company has adjusted these line items to reflect a $115,949 non-cash transaction with respect to the transfer of invested assets in settlement of funds held under reinsurance treaties with unauthorized reinsurers which impacted net cash provided by operating activities, net cash used in investing activities, and net cash provided by financing and miscellaneous activities.

21. Subsequent Events

The Company has evaluated events and transactions that occurred from January 1, 2025 to April 17, 2025, the date these financial statements were available to be issued. There have been no Type I or Type II events or transactions that occurred subsequent to December 31, 2024 having a material effect on the financial statements, except as discussed below.

Effective January 1, 2025, and in accordance with approval from the Delaware Department on October 10, 2024, the Company transferred all assets and liabilities of the Company’s non-insulated separate account to the Company’s general account. The transfer had no effect on the capital and surplus of the Company.

87