As Filed with the Securities and Exchange Commission on April 27, 2020 

REGISTRATION NO. 333-168710 

811-05846 

SECURITIES AND EXCHANGE COMMISSION
WASHINGTON
 

FORM N-4
 

REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933
 

Post-Effective Amendment No. 19

and
 

REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940
 

Amendment No. 144 

DELAWARE LIFE VARIABLE ACCOUNT F
(Exact Name of Registrant)
 

DELAWARE LIFE INSURANCE COMPANY
(Name of Depositor)
 

1601 Trapelo Road, Suite 30
Waltham, Massachusetts 02451
(Address of Depositor's Principal Executive Offices)
 

Depositor's Telephone Number: (844) 448-3519 

Michael S. Bloom, Senior Vice President and General Counsel
Delaware Life Insurance Company
1601 Trapelo Road, Suite 30
Waltham, Massachusetts 02451
(Name and Address of Agent for Service)
 

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

£ immediately upon filing pursuant to paragraph (b) of Rule 485
R on April 29, 2020 pursuant to paragraph (b) of Rule 485
£ 60 days after filing pursuant to paragraph (a)(1) of Rule 485
£ on (date)pursuant to paragraph (a)(1) of Rule 485.
 

If appropriate, check the following box:
£ this post-effective amendment designates a new effective date for a previously filed post-effective amendment.
 

Title of Securities Being Registered: Flexible Premium Deferred Variable Annuity Contracts. 

No filing fee is due because an indefinite amount of securities is deemed to have been registered in reliance on Section 24(f) of the Investment Company Act of 1940. 

PART A 

APRIL 29, 2020

MASTERS CHOICE II PROSPECTUS

Delaware Life Insurance Company and Delaware Life Variable Account F offer the flexible payment deferred annuity contracts and certificates described in this Prospectus to groups and individuals. The contracts and certificates described in this Prospectus are no longer available for sale. You may choose among a number of fixed and variable investment options. The variable options are Sub-Accounts in the Variable Account, each of which invests in shares of one of the following funds (the “Funds”):

Large-Cap Equity Funds

CTIVP^SM - Loomis Sayles Growth Fund, Class 2

Fidelity^® Contrafund^® Portfolio, Service Class 2 (of Variable Insurance Products Fund II)

Franklin Mutual Shares VIP Fund, Class 4

Invesco V.I. Comstock Fund, Series II

JPMorgan Insurance Trust U.S. Equity Portfolio, Class 2

Lord Abbett Series Fund, Inc. - Fundamental Equity Portfolio, Class VC

MFS^® Core Equity Portfolio, Service Class

MFS^® Growth Series, Service Class

MFS^® Research Series, Service Class

MFS^® Value Series, Service Class

Morgan Stanley Variable Insurance Fund, Inc. Growth Portfolio, Class II

Putnam VT Equity Income Fund, Class IB

Rational Trend Aggregation VA Fund

Mid-Cap Equity Funds

Fidelity^® Mid Cap Portfolio, Service Class 2 (of Variable Insurance Products Fund III)

Invesco V.I. American Value Fund, Series II

Lord Abbett Series Fund, Inc. - Growth Opportunities Portfolio, Class VC

MFS^® Mid Cap Growth Series, Service Class

MFS^® Mid Cap Value Portfolio, Service Class

Morgan Stanley Variable Insurance Fund, Inc. Discovery Portfolio, Class II

Small/Mid-Cap Equity Fund

AB Small/Mid Cap Value Portfolio, Class B

Small-Cap Equity Funds

Franklin Small Cap Value VIP Fund, Class 4

MFS^® Blended Research Small Cap Equity Portfolio, Service Class

MFS^® New Discovery Series, Service Class

MFS^® New Discovery Value Portfolio, Service Class

Rational Insider Buying VA Fund

International/Global Equity Funds

First Eagle Overseas Variable Fund

Invesco Oppenheimer V.I. Global Fund, Series II Shares

Invesco V.I. International Growth Fund, Series II

MFS^® International Growth Portfolio, Service Class

MFS^® International Intrinsic Value Portfolio, Service Class

MFS^® Research International Portfolio, Service Class

PIMCO StocksPLUS^® Global Portfolio, Advisor Class

Emerging Markets Equity Funds

Lazard Retirement Emerging Markets Equity Portfolio, Service Class

MFS^® Emerging Markets Equity Portfolio, Service Class

Specialty Sector Equity Fund

MFS^® Utilities Series, Service Class

Specialty Sector Commodity Fund

PIMCO CommodityRealReturn^® Strategy Portfolio, Advisor Class

Real Estate Equity Fund

MFS^® Global Real Estate Portfolio, Service Class

Asset Allocation Funds

AB Balanced Wealth Strategy Portfolio, Class B

AB Dynamic Asset Allocation Portfolio, Class B

BlackRock Global Allocation V.I. Fund, Class III

Fidelity^® Balanced Portfolio, Service Class 2 (of Variable Insurance Products Fund III)

Franklin Income VIP Fund, Class 4

Invesco V.I. Equity and Income Fund, Series II

MFS^® Conservative Allocation Portfolio, Service Class

MFS^® Global Tactical Allocation Portfolio, Service Class

MFS^® Growth Allocation Portfolio, Service Class

MFS^® Moderate Allocation Portfolio, Service Class

MFS^® Total Return Series, Service Class

PIMCO All Asset Portfolio, Advisor Class

PIMCO Global Managed Asset Allocation Portfolio, Advisor Class

Putnam VT Multi-Asset Absolute Return Fund, Class IB

Money Market Fund

MFS^® U.S. Government Money Market Portfolio, Service Class

Global Bond Fund

Templeton Global Bond VIP Fund, Class 4

Short-Term Bond Fund

MFS^® Limited Maturity Portfolio, Service Class

Intermediate-Term Bond Funds

JPMorgan Insurance Trust Core Bond Portfolio, Class 2

MFS^® Government Securities Portfolio, Service Class

MFS^® Total Return Bond Series, Service Class

Inflation Adjusted Bond Fund

MFS^® Inflation-Adjusted Bond Portfolio, Service Class

Multi-Sector Bond Fund

Franklin Strategic Income VIP Fund, Class 4

High Yield Bond Fund

MFS^® High Yield Portfolio, Service Class

Emerging Markets Bond Fund

PIMCO Emerging Markets Bond Portfolio, Advisor Class

Not all Funds may be available as an investment option under your Contract. Please see “Variable Account Options: The Funds.”

We have filed a Statement of Additional Information dated April 29, 2020 (the “SAI”) with the Securities and Exchange Commission (the “SEC”), which is incorporated by reference in this Prospectus. The table of contents for the SAI is on page 72 of this Prospectus. You may obtain a copy without charge by writing to us at our Service Address shown below or by telephoning (877) 253-2323. In addition, you can inspect and copy all of our filings at the SEC’s public reference facilities at: 100 F Street, N.E., Washington, D.C. 20549-0102, telephone (202) 551-8090. The SEC will provide copies by mail for a fee. The SEC also has a website (www.sec.gov) that contains the SAI, material incorporated by reference, and other information regarding companies that file with the SEC.

Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the shareholder reports for the Funds available under your Contract or Certificate will no longer be sent by mail, unless you specifically request paper copies of the reports from us. Instead, the reports will be made available on a website, and you will be notified by mail each time a report is posted and provided with a website link to access the report. If you have already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from us electronically by calling us at (877) 253-2323.

You may elect to receive all future reports in paper form free of charge. You can inform us that you wish to continue receiving paper copies of your shareholder reports by calling us at (877) 253-2323. Your election to receive reports in paper form will apply to all Funds available under your Contract or Certificate.

The Contracts are not deposits or obligations of, or guaranteed or endorsed by, any bank, and are not federally insured by the Federal Deposit Insurance Corporation, the Federal Reserve Board or any other agency. The SEC has not approved or disapproved these securities or passed upon the accuracy or adequacy of this Prospectus. Any representation to the contrary is a criminal offense. Please read this Prospectus and the Fund prospectuses carefully before investing and keep them for future reference. They contain important information about the Contracts and the Funds.

Any reference in this Prospectus to receipt by us means receipt at our Service Address: DELAWARE LIFE INSURANCE COMPANY, P.O. Box 758581, Topeka, KS 66675-8581.

Overnight Mailing Service Address: Delaware Life Insurance Company Mail Zone 581 5801 S.W. 6^th Avenue Topeka, KS 66636

TABLE OF CONTENTS

SPECIAL TERMS	1
PRODUCT HIGHLIGHTS	1
FEES AND EXPENSES	5
EXAMPLE	7
CONDENSED FINANCIAL INFORMATION	7
THE ANNUITY CONTRACT	8
COMMUNICATING TO US ABOUT YOUR CONTRACT	9
Electronic Account Information	9
DELAWARE LIFE INSURANCE COMPANY	9
THE VARIABLE ACCOUNT	9
VARIABLE ACCOUNT OPTIONS: THE FUNDS	10
Selection of Funds	12
Payments We Receive	13
THE FIXED ACCOUNT OPTIONS: THE DCA PERIODS	13
THE ACCUMULATION PHASE	14
Issuing Your Contract	14
Amount and Frequency of Purchase Payments	14
Allocation of Net Purchase Payments	15
Your Account	15
Your Account Value	15
Variable Account Value	15
Fixed Account Value	16
Transfer Privilege	16
Waivers; Reduced Charges; Credits; Special Guaranteed Interest Rates	19
Other Programs	19
WITHDRAWALS AND WITHDRAWAL CHARGES	21
Cash Withdrawals	21
Withdrawal Charge	23
Types of Withdrawals not Subject to Withdrawal Charge	24
CONTRACT CHARGES	25
Account Fee	25
Administrative Expense Charge and Distribution Fee	25
Mortality and Expense Risk Charge	26
Charges for Optional Benefits	26
Premium Taxes	27
Fund Expenses and Restrictions	27
Modification in the Case of Group Contracts	27
OPTIONAL LIVING BENEFITS	27
Key Terms	28
Description of the Living Benefits	29
Important Considerations	33
Withdrawal Benefit Base	35
Lifetime Withdrawal Percentage	36
Annual Withdrawal Amount	36
Bonus and Bonus Base	37
200% Benefit Enhancement (SIM and SIM Plus only)	37
Step-Up	38
Plus Factor (SIM Plus only)	38
Impact of Withdrawals	39
Costs of Living Benefits	41
Cancellation of Living Benefits	42
Death of Participant - Single-Life Coverage	42
Death of Participant - Joint-Life Coverage	43
Annuitization Under the Living Benefits	43

Tax Issues Under the Living Benefits	43
DESIGNATED FUNDS	45
BUILD YOUR OWN PORTFOLIO	46
DEATH BENEFIT	46
Amount of Death Benefit	47
The Basic Death Benefit	47
Optional Death Benefit	47
Spousal Continuance	48
Calculating the Death Benefit	48
Method of Paying Death Benefit	49
Qualified Contracts	49
Non-Qualified Contracts	49
Selection and Change of Beneficiary	50
Payment of Death Benefit	50
THE INCOME PHASE - ANNUITY PROVISIONS	50
Selection of Annuitant(s)	51
Selection of the Annuity Commencement Date	51
Annuity Options	51
Selection of Annuity Option	52
Amount of Annuity Payments	53
Transfer of Variable Annuity Units	54
Account Fee	54
Annuity Payment Rates	54
Annuity Options as Method of Payment for Death Benefit	55
OTHER CONTRACT PROVISIONS	55
Exercise of Contract Rights	55
Change of Ownership	55
Voting of Fund Shares	55
Reports to Owners	56
Substitution of Securities	56
Change in Operation of Variable Account	57
Splitting Units	57
Modification	57
Discontinuance of New Participants	57
Reservation of Rights	57
Right to Return	58
TAX PROVISIONS	58
U.S. Federal Income Tax Provisions	58
Puerto Rico Tax Provisions	66
ADMINISTRATION OF THE CONTRACT	67
Business Disruption and Cyber Security Risks	67
DISTRIBUTION OF THE CONTRACT	68
AVAILABLE INFORMATION	70
STATE REGULATION	70
LEGAL PROCEEDINGS	71
FINANCIAL STATEMENTS	71
TABLE OF CONTENTS OF STATEMENT OF ADDITIONAL INFORMATION	72
APPENDIX A - GLOSSARY	73
APPENDIX B - WITHDRAWAL CHARGE CALCULATIONS	77
APPENDIX C - CALCULATION OF FREE WITHDRAWAL AMOUNT	79
APPENDIX D - PREVIOUSLY AVAILABLE INVESTMENT OPTIONS	80
APPENDIX E - OPTIONAL LIVING BENEFIT EXAMPLES	81
APPENDIX F - BUILD YOUR OWN PORTFOLIO	91
APPENDIX G - CONDENSED FINANCIAL INFORMATION	96

SPECIAL TERMS

Your Contract is a legal document that uses a number of specially defined terms. We explain most of the capitalized terms that we use in this Prospectus in the context where they arise, and some are self-explanatory. In addition, for convenient reference, we have compiled a list of these capitalized terms in the Glossary included at the back of this Prospectus as Appendix A. If, while you are reading this Prospectus, you come across a capitalized term that you do not understand, please refer to the Glossary for an explanation.

PRODUCT HIGHLIGHTS

The headings in this section correspond to headings in the Prospectus under which we discuss these topics in more detail.

The Annuity Contract

The Masters Choice II Contract provides a number of important benefits for your retirement planning. You are eligible to purchase a Contract if you are age 85 or younger on the Open Date. During the Accumulation Phase, you make Purchase Payments under the Contract and allocate them to one or more of the Variable Account options or the Fixed Account options available through our dollar-cost averaging program. During the Income Phase, we make annuity payments to you or someone else based on the amount you have accumulated. The Contract provides tax-deferral so that you do not pay taxes on your earnings until you withdraw them. When purchased in connection with a tax-qualified plan, the Contract provides no additional tax-deferral benefits because tax-qualified plans confer their own tax-deferral. The Contract also provides a basic death benefit if you die during the Accumulation Phase. You may enhance the basic death benefit by purchasing the optional death benefit at an additional cost if you are younger than age 75 on the Open Date.

The Accumulation Phase

Under most circumstances, you can buy the Contract with an initial Purchase Payment of $10,000 or the maximum annual Individual Retirement Annuity contribution, unless we waive these limits. You can make additional Purchase Payments at any time during the Accumulation Phase. Currently there is no minimum amount required for additional Purchase Payments. However, we reserve the right to require that each additional Purchase Payment be at least $1,000. We will not accept, without our prior approval, a Purchase Payment if your Account Value is over $2 million or if the Purchase Payment would cause your Account Value to exceed $2 million. These general requirements for Purchase Payments apply even if you elect an optional living benefit. In addition, there are other restrictions on the amounts and frequency of Purchase Payments that apply depending upon which optional living benefit you select.

If you select the Income Riser III living benefit, you can only make additional Purchase Payments during your first Account Year. Under Income Riser III, any Purchase Payments received after your first Account Anniversary will be deemed “not in Good Order” and returned to you.

If you select the Income Maximizer or Income Maximizer Plus living benefits, you can make additional Purchase Payments at any time. However, after your first Account Anniversary, Purchase Payments cannot exceed $50,000 per Account Year, without our prior approval. We reserve the right not to allow additional Purchase Payments at any time under Income Maximizer or Income Maximizer Plus. We will notify all Contract Owners in writing before we exercise this right.

Variable Account Options: The Funds

You can allocate your Purchase Payments among the Sub-Accounts investing in a number of Fund options. You may also transfer among the Funds. Each Fund is either a mutual fund registered under the Investment Company Act of 1940 or a separate securities portfolio of shares of such a mutual fund. The investment returns on the Funds are not guaranteed. You can make or lose money.

1

The Fixed Account Options: The DCA Periods

You can allocate your Purchase Payments to one of the Fixed Account options available through our dollar-cost averaging (“DCA”) program: 6-month DCA Period and 12-month DCA Period. Each DCA Period earns interest at a Guaranteed Interest Rate that we publish. We may change the Guaranteed Interest Rate from time to time, but no Guaranteed Interest Rate will ever be less than the minimum guaranteed rate required by law. Once we have accepted your allocation to a particular DCA Period, we promise that the Guaranteed Interest Rate applicable to that allocation will not change for the duration of the DCA Period. We reserve the right to stop offering the DCA program. (See “Other Programs.”)

Fees and Expenses

The Contract has insurance features and investment features, and there are costs related to each.

If your Account Value is less than $100,000 on your Account Anniversary, we deduct a $50 Annual Account Fee. We will waive the Account Fee if your Account Value is $100,000 or more on your Account Anniversary.

During the Accumulation Phase, we deduct a mortality and expense risk charge at an annual rate of 1.05% of the average daily value of the Contract invested in the Variable Account.

We also deduct an administrative charge at an annual rate of 0.15% of the average daily value and a distribution fee at an annual rate of 0.15% of the average daily value of the Contract invested in the Variable Account.

If you take more than a specified amount of money out of your Contract, we assess a withdrawal charge against each Purchase Payment withdrawn. For each Purchase Payment, the withdrawal charge (also known as a “contingent deferred sales charge”) starts at 8% and declines to 0% after the Purchase Payment has been in the Contract for seven complete Account Years.

Currently, you can transfer your Account Value among the underlying Funds free of charge. However, we reserve the right to impose a charge of up to $15 per transfer. We limit the number of your Fund transfers to 12 per year. (See “Transfer Privilege.”)

If you elect the optional death benefit, we will deduct, during the Accumulation Phase, an additional charge from the assets of the Variable Account at an annual rate of 0.40% of the average daily value of your Contract.

If you elect an optional living benefit, we will assess a periodic charge at a rate that may differ among the optional living benefits that are available. The annual amount of the charge will not exceed 1.75% for single-life coverage, and 1.95% for joint-life coverage, of the highest Withdrawal Benefit Base during the Account Year.

In addition to the charges we impose under the Contract, there are also charges (which include management fees and operating expenses) imposed by the Funds. The charges vary depending upon which Fund(s) you have selected.

Optional Living Benefits

At issue, you may choose to participate in one of the following optional living benefits available under your Contract:

• Income Riser III (“SIR III”) offers a guaranteed withdrawal benefit with an opportunity for a bonus to be added to your benefit base if you defer taking withdrawals during a specified time period under your Contract.

• Income Maximizer (“SIM”) offers the same guaranteed withdrawal benefit as SIR III, includes a higher bonus than SIR III, and offers a benefit base enhancement equal to 200% of your first-year Purchase Payments.

• Income Maximizer Plus (“SIM Plus”) offers the same guaranteed withdrawal benefit, bonus, and benefit base enhancement as SIM and offers an additional opportunity to increase the amount of your annual withdrawal over time regardless of market performance.

2

If you are age 59 or older, each of the living benefits offer lifetime income even if your Account Value declines to zero, provided that you limit the amount you withdraw annually to a specified percentage of your benefit base and you limit your investments to the Designated Funds. (See “Description of Living Benefits” and “Annual Withdrawal Amount.”) The living benefits also allow you to “step-up,” or increase, your guaranteed amount on an annual basis, if eligible. You will pay a fee for the optional living benefit that you select.

These optional living benefits are available only if you are 85 or younger on the Open Date. For SIM or SIM Plus all Owners and Annuitants must be 21 or older on the Open Date. If you want to participate in an optional living benefit, you must elect it when you purchase your Contract.

Under SIR III, you may make Purchase Payments only during your first Account Year. Any Purchase Payments received after your first Account Anniversary will be deemed “not in Good Order” and returned to you.

Under SIM and SIM Plus, you may make additional Purchase Payments at any time. However, after your first Account Anniversary, you may only make Purchase Payments up to $50,000 per Account Year without our prior approval. In addition, under SIM and SIM Plus, we reserve the right not to accept any additional Purchase Payments. We will notify you in writing before we exercise this right.

Purchase Payments allocated to investment options other than the Designated Funds will only terminate the optional living benefit. Withdrawals taken in excess of allowable amounts, or withdrawals taken prior to certain dates, may severely decrease your Account Value or cause your Contract and your living benefit to terminate without value.

You may terminate an optional living benefit at any time. In addition, your optional living benefit will terminate if you annuitize or if you transfer any portion of your Account Value to an investment option other than one of the Designated Funds. In certain circumstances, a change of ownership may also terminate your living benefit. Upon termination, all benefits and fees associated with the optional living benefit will cease. Once terminated, a living benefit may not be reinstated.

The Income Phase: Annuity Provisions

If you want to receive regular income from your annuity after the Annuity Commencement Date, you can select one of several Annuity Options. You can choose to receive annuity payments on a fixed or variable basis. If you choose to receive any part of your annuity payments on a variable basis, the dollar amount of the payments may fluctuate with the performance of the underlying Funds. Subject to the Maximum Annuity Commencement Date, you decide when your Income Phase will begin but, once it begins, you cannot change your choice of annuity payment option.

During the Income Phase, we will deduct total insurance charges at an annual rate of 1.60% of your average daily Annuity Unit values. We will not deduct the mortality and expense risk charge; nor will we deduct the charges for any optional living benefit or optional death benefit. The 1.60% insurance charge, which includes an administrative expense charge and a distribution fee, compensates us for the risks and expenses associated with providing annuity payments during the Income Phase. The level of these insurance charges (1.60%) is higher than the total Variable Account annual expenses without optional benefits (maximum, 1.35%) deducted during the Accumulation Phase.

Death Benefit

If you die before the Contract reaches the Income Phase, the Beneficiary will receive a death benefit. The amount of the death benefit depends upon whether you choose the basic death benefit or, for a fee, the optional death benefit. The basic death benefit pays the greater of your Account Value or your total Purchase Payments (adjusted for withdrawals) calculated as of your Death Benefit Date. If you are younger than age 75 on the Open Date, you may purchase the Maximum Anniversary Account Value (“MAV”) optional death benefit which pays the greater of the basic death benefit and the highest Account Value on any Account Anniversary (adjusted for withdrawals) prior to age 81. You must make your election before your Issue Date. Your death benefit election may not be changed after your Issue Date.

3

Withdrawals and Withdrawal Charges

You can withdraw money from your Contract during the Accumulation Phase. You may withdraw a portion of your Account Value each year without the imposition of a withdrawal charge. For the first Account Year, this “free withdrawal amount” equals 15% of the amount of all Purchase Payments you have made. For all other Account Years, the “free withdrawal amount” is equal to the greater of: (1) your Contract’s earnings minus all withdrawals previously taken that were not subject to withdrawal charges, or (2) 15% of all Purchase Payments made in the last seven Account Years minus all withdrawals taken during the current Account Year that were not subject to withdrawal charges. For details regarding how to calculate your Contract earnings, please see “Withdrawal Charge” and “APPENDIX B - WITHDRAWAL CHARGE CALCULATIONS.” All other Purchase Payments withdrawn will be subject to a withdrawal charge. You may also have to pay income taxes and tax penalties on money you withdraw.

Right to Return

Your Contract contains a “free look” provision. If you cancel your Contract within 10 days after receiving it (or later, if allowed by your state), we will send you, depending upon the laws of your state, either the full amount of all of your Purchase Payments or your Account Value as of the day we receive your cancellation request, in Good Order. (This amount may be more or less than the original Purchase Payment.) In states requiring return of Purchase Payments, you will receive the greater of (1) your Surrender Value as of the day we receive your cancellation request or (2) your total Purchase Payments made as of that date. We will only deduct a withdrawal charge when the returned amount is based on Surrender Value.

Tax Provisions

Your earnings are not taxed until you take them out. If you withdraw money during the Accumulation Phase, earnings come out first and are taxed as ordinary income. If your Contract is a Non-Qualified Contract, it is possible that the election of an optional living benefit might increase the taxable portion of any withdrawal you make from the Contract. If you are younger than 59¹⁄₂ when you take money out, you may be charged a 10% federal tax penalty on taxable amounts.

NOTE ABOUT OTHER ANNUITY CONTRACTS THAT WE OFFER: In addition to the Contract, we currently offer many other forms of annuity contracts with a wide variety of features, benefits and charges. Depending on your circumstances and needs, some of these other contracts may be at a lower cost to you. Not all of the annuity contracts that we offer are available in all jurisdictions or through all of the selling agents who offer the contracts. You should consider with your selling agent what annuity contract or financial product is most consistent with your needs and preferences.

If you have any questions about your Contract or need more information, please contact us at:

Delaware Life Insurance Company

P.O. Box 758581

Topeka, KS 66675-8581

Toll Free (877) 253-2323

www.delawarelife.com/contact-us/

4

FEES AND EXPENSES

The following tables describe the fees and expenses that you will pay when buying, owning, and surrendering the Contract.¹

The table below describes the fees and expenses that you will pay at the time that you buy the Contract, surrender the Contract, or transfer cash value between investment options.

Contract Owner Transaction Expenses

Maximum Withdrawal Charge (as a percentage of Purchase Payments withdrawn): 8% ² 

Number of Complete Account Years Since Purchase Payment has been in the Account	0 - 1	1 - 2	2 - 3	3 - 4	4 - 5	5 - 6	6 - 7	7 or more
Withdrawal Charge	8%	8%	7%	6%	5%	4%	3%	0%

Maximum Fee Per Transfer (currently $0):	$15
Premium Taxes (as a percentage of Account Value or total Purchase Payments):	0% - 3.5%	3

The tables below describe the fees and expenses that you will pay periodically during the time that you own the Contract, not including Fund fees and expenses.

Annual Account Fee $50 ⁴ 

Variable Account Annual Expenses

(as a percentage of net Variable Account assets)⁵

Mortality and Expense Risk Charge:	1.05%
Administrative Expense Charge:	0.15%
Distribution Fee:	0.15%
Total Variable Account Annual Expenses (without optional benefits):	1.35%

Charge for Optional Death Benefit

Maximum Anniversary Account Value Death Benefit (“MAV”)⁶ (as a percentage of Variable Account Value): 0.40%

Charges for Optional Living Benefits

Living Benefits Available7	Maximum Annual Fee
Income Riser III Living Benefit (as a percentage of the highest Withdrawal Benefit Base8 during the Account Year):		1.95%
Income Maximizer Living Benefit (as a percentage of the highest Withdrawal Benefit Base8 during the Account Year):		1.95%
Income Maximizer Plus Living Benefit (as a percentage of the highest Withdrawal Benefit Base8 during the Account Year):		1.95%
Maximum Annual Charge for an Optional Living Benefit (as a percentage of highest applicable Withdrawal Benefit Base8 during the Account Year):		1.95%
Total Variable Account Annual Expenses (1.35%) plus Maximum Charges for the Optional Death Benefit (0.40%) and an Optional Living Benefit (1.95%):		3.70%	9

5

The table below shows the minimum and maximum total operating expenses charged by the Funds for the year ended December 31, 2019.

Total Annual Fund Operating Expenses	Minimum		Maximum
(expenses as a percentage of average daily Fund net assets that are deducted from Fund assets, including management fees, distribution and/or service (12b-1) fees, and other expenses)		0.70%		2.26%

The expenses shown, which include any acquired fund fees and expenses, are those incurred for the year ended December 31, 2019, and were provided by the Funds. We have not independently verified the accuracy of the Fund expense information. Current or future expenses may be greater or less than those shown. For more information about Fund expenses, including a description of any applicable fee waiver or expense reimbursement arrangement, see the Fund prospectuses.

¹  The fee tables apply to the Accumulation Phase of the Contract and reflect the maximum charges unless otherwise noted. (See “Contract Charges.”) During the Income Phase, the fees will be different than the Total Variable Account Annual Expenses described in the fee table. After you annuitize, we will deduct total insurance charges at an annual rate of 1.60% of your average daily Annuity Unit values; we will no longer deduct a mortality and expense risk charge or the charges for any optional living benefit or the optional death benefit. The 1.60% insurance charge, which includes the administrative expense charge and a distribution fee, compensates us for the risks and expenses associated with providing annuity payments during the Income Phase. The total insurance charges of 1.60% during the Income Phase are higher than the maximum total Variable Account annual expenses (without optional benefits) deducted during the Accumulation Phase.

²  A portion of your Account may be withdrawn each year without imposition of any withdrawal charge and, after a Purchase Payment has been in your Account for seven Account Years, it may be withdrawn free of the withdrawal charge. (See “Withdrawal Charge.”)

³  The premium tax rate and base vary by your state of residence and the type of Contract you own. We may deduct premium taxes from Account Value upon full surrender (including surrender for the death benefit) or annuitization. (See “Premium Taxes.”)

⁴  The Annual Account Fee is waived if your Account Value is $100,000 or more on your Account Anniversary. (See “Account Fee.”)

⁵  All of the Variable Account Annual Expenses, except for the charges for optional living benefits, are assessed as a percentage of average daily net Variable Account assets. The charge for each optional living benefit is assessed on a quarterly basis.

⁶  The MAV optional death benefit is described under “DEATH BENEFIT.” It is currently available only if you are younger than age 75 on the Open Date.

⁷  The optional living benefits, and the fees for each of them, are described under “OPTIONAL LIVING BENEFITS.” Only one optional living benefit can be in effect under your Contract at any time. The fee for the optional living benefit is assessed and deducted quarterly based upon your Withdrawal Benefit Base on the last day of the Account Quarter. Different fees may apply depending on whether you have elected single-life or joint-life coverage. On the Issue Date, your Withdrawal Benefit Base is equal to your initial Purchase Payment and is, thereafter, subject to certain adjustments. We reserve the right to increase or decrease the percentage rate used to calculate the fee for each living benefit at any time but, in no event, will the rate ever exceed the maximum annual rate of 1.95% for joint-life, or 1.75% for single-life, coverage. The current annual rates and maximum annual rates used to calculate the fee for each optional living benefit are shown in the chart under “Charges for Optional Benefits.”

⁸  The Withdrawal Benefit Base is equal to your initial Purchase Payment, and is, thereafter, subject to certain adjustments. (See “Withdrawal Benefit Base” under “OPTIONAL LIVING BENEFITS.”)

⁹  This amount assumes that MAV (0.40%) was selected and that an optional living benefit with joint-life coverage (1.95%) was also selected (in addition to the 1.05% Mortality and Expense Risk Charge, the 0.15% Administrative Expense Charge, and the 0.15% Distribution Fee). It also assumes that the living benefit’s initial Withdrawal Benefit Base is equal to the initial Purchase Payment. If the Withdrawal Benefit Base changes, the charge for your optional living benefit and your Total Variable Account Annual Expenses would be higher or lower.

6

EXAMPLE

This Example is intended to help you compare the cost of investing in the Contract with the cost of investing in other variable annuity contracts. These costs include Contract Owner transaction expenses, contract fees, variable account annual expenses, and Fund fees and expenses.

The Example assumes that you invest $10,000 in the Contract for the time periods indicated and that your Contract combines the features producing the highest maximum charges, including the MAV optional death benefit and an optional living benefit with joint-life coverage. The Example also assumes that your investment has a 5% return each year and assumes the maximum fees and expenses of any of the Funds. For purposes of converting the Annual Account Fee to a percentage, the Example assumes an average Contract size of $50,000. In addition, this Example assumes no transfers were made and no premium taxes were deducted. If these arrangements were considered, the expenses shown would be higher.

Although your actual costs may be higher or lower, based on these assumptions, your costs would be:

(1) If you surrender your Contract at the end of the applicable time period:

1 year	3 years		5 years		10 years
$1,275	$	2,412	$	3,511	$	6,444

(2) If you annuitize your Contract at the end of the applicable time period:

1 year	3 years		5 years		10 years
$604	$	1,843	$	3,121	$	6,444

(3) If you do not surrender your Contract:

1 year	3 years		5 years		10 years
$604	$	1,843	$	3,121	$	6,444

The fee table and Example should not be considered a representation of past or future expenses and charges of the Sub-Accounts. Your actual expenses may be greater or less than those shown. The Example does not include the deduction of state premium taxes, which may be assessed upon full surrender, death or annuitization, or any taxes and penalties you may be required to pay if you surrender the Contract. This Example also does not take into consideration any fee waiver or expense reimbursement arrangement of the Funds. If these arrangements were taken into consideration, the expenses shown would be lower. Similarly, the 5% annual rate of return assumed in the Example is not intended to be representative of past or future investment performance. For more information about Fund expenses, including a description of any applicable fee waiver or expense reimbursement arrangement, see the prospectuses for the Funds.

For information concerning compensation paid for the sale of the Contracts, see “DISTRIBUTION OF THE CONTRACT.”

CONDENSED FINANCIAL INFORMATION

Historical information about the value of the units we use to measure the variable portion of your Contract (“Variable Accumulation Units”) is included in the back of this Prospectus as “APPENDIX G - CONDENSED FINANCIAL INFORMATION.”

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THE ANNUITY CONTRACT

Delaware Life Insurance Company and Delaware Life Variable Account F (the “Variable Account”) offer the Contract to groups and individuals for use in connection with their retirement plans. Annuities are long-term investment vehicles designed for retirement planning, and are not suitable for short-term investing or speculation. Persons wishing to employ such strategies should not purchase a Contract. The Contract is available on a group basis and, in certain states, may be available on an individual basis. We issue an Individual Contract directly to the individual Participant of the Contract. We issue a Group Contract to the Owner, covering all individuals participating under the Group Contract; each individual receives a Certificate that evidences his or her participation under the Group Contract.

In this Prospectus, unless we state otherwise, we refer to both the owners of Individual Contracts and participating individuals under Group Contracts as “Participants” and we address all Participants as “you”; we use the term “Contracts” to include Individual Contracts, Group Contracts, and Certificates issued under Group Contracts. For the purpose of determining benefits under both Individual Contracts and Group Contracts, we establish an Account for each Participant, which we will refer to as “your” Account or a “Participant Account.”

Your Contract provides certain features that may benefit you in retirement planning.

• It has an Accumulation Phase and an Income Phase. During the Accumulation Phase, you make Purchase Payments under the Contract and allocate them to one or more of the Variable Account options or the Fixed Account options available through our DCA program. During the Income Phase, we make annuity payments based on the amount you have accumulated. Annuity payments can be fixed or variable. When you choose variable options, you assume the investment risk. When you choose fixed options, we assume the investment risk.

• It also has tax deferral, so that you do not pay taxes on your earnings under your Contract until you withdraw them. However, if you purchase your Contract in connection with a tax-qualified plan, your purchase should be made for reasons other than tax-deferral. Tax-qualified plans provide tax-deferral without the need for purchasing an annuity contract.

• It provides a basic death benefit if you die during the Accumulation Phase. You may enhance the basic death benefit by electing the optional death benefit for an additional charge.

• If you so elect, during the Income Phase, it provides annuity payments to you or someone else for life or for another period that you choose.

The Contract is designed for use in connection with personal retirement and deferred compensation plans, some of which qualify for favorable federal income tax treatment under Sections 401, 403, 408 or 408A of the Internal Revenue Code. The Contract is also designed so that it may be used in connection with certain non-tax-qualified retirement plans, such as payroll savings plans and such other groups (trusteed or non-trusteed) as may be eligible under applicable law. We refer to Contracts used with plans that receive favorable tax treatment as “Qualified Contracts,” and all other Contracts as “Non-Qualified Contracts.” A qualified retirement plan generally provides tax-deferral regardless of whether the plan invests in an annuity contract. A decision to purchase an annuity contract should not be based on the assumption that the purchase of an annuity contract is necessary to obtain tax-deferral benefits under a qualified retirement plan.

You should work with your registered representative to decide whether an optional benefit is appropriate for you based on a thorough analysis of your particular insurance needs, financial objectives, investment goals, time horizons and risk tolerance.

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COMMUNICATING TO US ABOUT YOUR CONTRACT

You may submit transaction requests or otherwise communicate with us in writing or by telephone. All materials mailed to us, including Purchase Payments, must be sent to our Service Address. For all telephone communications, you must call (877) 253-2323. In addition, the authorized registered representative of the broker-dealer of record may submit transfer requests on your behalf in writing or by telephone.

Unless this Prospectus states differently, we will consider all materials sent to us and all telephone communications to be received on the date we actually receive them, in Good Order, at our Service Address or at (877) 253-2323. However, we will consider all financial transactions, including Purchase Payments, withdrawal requests and transfer instructions, to be received on the next Business Day if we receive them (1) on a day that is not a Business Day or (2) after the close of regular trading on the New York Stock Exchange, which is normally 4:00 p.m., Eastern Time.

Certain methods of contacting us, such as by telephone, may be unavailable or delayed. Any telephone system (including yours, ours, and your registered representative’s) can experience delays or outages that may delay or prevent us from processing your request. While we have taken reasonable precautions to allow our systems to accommodate heavy usage, we do not guarantee access or reliability under all circumstances. If you experience delays or an outage, you may submit your request writing to our Service Address.

When we specify that notice to us must be in writing, we reserve the right, at our sole discretion, to accept notice in another form.

Electronic Account Information

During the Accumulation Phase, instead of receiving paper copies, Contract Owners may elect to receive prospectuses, transaction confirmations, reports and other communications in electronic format. To enroll in this optional electronic delivery service Contract Owners must register and log on to our Internet customer website via www.delawarelife.com. First-time users of this website can enroll in this electronic delivery service by selecting “eDeliver Documents” when registering to use the website. If you are already a registered user of this website, you can enroll in the electronic delivery service by logging on to your account and selecting “eDeliver Documents” on the “Update Profile” page. The electronic delivery service is subject to various terms and conditions, including a requirement that you promptly notify us of any change in your e-mail address, in order to avoid any disruption of deliveries to you. You may obtain more information and assistance at the above-mentioned internet location or by writing us at our Service Address or by telephone at (877) 253-2323.

DELAWARE LIFE INSURANCE COMPANY

We are a stock life insurance company incorporated under the laws of Delaware on January 12, 1970. We are licensed to do business in 49 states, the District of Columbia, Puerto Rico and the U.S. Virgin Islands. We have a life insurance company subsidiary that is licensed to do business in New York. Our main administrative office address is 1601 Trapelo Road, Suite 30, Waltham, MA 02451.

The immediate parent company of Delaware Life Insurance Company is Group One Thousand One, LLC, a limited liability company organized under the laws of the State of Delaware on December 12, 2012. Group One Thousand One, LLC is ultimately controlled by Mark R. Walter.

THE VARIABLE ACCOUNT

We established the Variable Account as a separate account on July 13, 1989, pursuant to a resolution of our Board of Directors. The Variable Account funds the Contract and various other variable annuity contracts that we offer. These other products may have features, benefits and charges that are different from those under the Contract.

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Under Delaware insurance law and the Contract, the income, gains or losses of the Variable Account are credited to or charged against the assets of the Variable Account without regard to the other income, gains, or losses of the Company. These assets are held in relation to the Contract and other variable annuity contracts that provide benefits that vary in accordance with the investment performance of the Variable Account. The assets maintained in the Variable Account will not be charged with any liabilities arising out of any other business we conduct. All obligations arising under a Contract, including the promise to make annuity payments, and the optional living benefit and death benefit guarantees, are general corporate obligations of the Company and, as such, are subject to the claims of the Company’s creditors.

The assets of the Variable Account are divided into Sub-Accounts. Each Sub-Account invests exclusively in shares of a specific Fund. All amounts allocated by you to a Sub-Account will be used to purchase Fund shares at their net asset value. Any and all distributions made by the Funds with respect to the shares held by the Variable Account will be reinvested to purchase additional Fund shares at their net asset value. Deductions from the Variable Account for cash withdrawals, annuity payments, death benefits, Account Fees, Contract charges against the assets of the Variable Account for the assumption of mortality and expense risks, administrative expenses, optional benefits, and any applicable taxes will, in effect, be made by redeeming the number of Fund shares at their net asset value equal in total value to the amount to be deducted. The Variable Account will be fully invested in Fund shares at all times.

VARIABLE ACCOUNT OPTIONS: THE FUNDS

The Contract offers Sub-Accounts that invest in a number of Fund investment options. Each Fund is a mutual fund registered under the Investment Company Act of 1940, or a separate series of shares of such a mutual fund. Not all investment options are available under all Contracts. Please refer to “APPENDIX D - PREVIOUSLY AVAILABLE INVESTMENT OPTIONS” for more information. Currently you may select from the following investment options:

Large-Cap Equity Funds

CTIVP^SM - Loomis Sayles Growth Fund, Class 2

Fidelity^® Contrafund^® Portfolio, Service Class 2 (of Variable Insurance Products Fund II)⁴

Franklin Mutual Shares VIP Fund, Class 4

Invesco V.I. Comstock Fund, Series II

JPMorgan Insurance Trust U.S. Equity Portfolio, Class 2

Lord Abbett Series Fund, Inc. - Fundamental Equity Portfolio, Class VC

MFS^® Core Equity Portfolio, Service Class

MFS^® Growth Series, Service Class

MFS^® Research Series, Service Class

MFS^® Value Series, Service Class

Morgan Stanley Variable Insurance Fund, Inc. Growth Portfolio, Class II

Putnam VT Equity Income Fund, Class IB

Rational Trend Aggregation VA Fund²

Mid-Cap Equity Funds

Fidelity^® Mid Cap Portfolio, Service Class 2 (of Variable Insurance Products Fund III)⁴

Invesco V.I. American Value Fund, Series II

Lord Abbett Series Fund, Inc. - Growth Opportunities Portfolio, Class VC

MFS^® Mid Cap Growth Series, Service Class

MFS^® Mid Cap Value Portfolio, Service Class

Morgan Stanley Variable Insurance Fund, Inc. Discovery Portfolio, Class II

Small/Mid-Cap Equity Fund

AB Small/Mid Cap Value Portfolio, Class B

Small-Cap Equity Funds

Franklin Small Cap Value VIP Fund, Class 4

MFS^® Blended Research Small Cap Equity Portfolio, Service Class

MFS^® New Discovery Series, Service Class

MFS^® New Discovery Value Portfolio, Service Class

Rational Insider Buying VA Fund²

International/Global Equity Funds

First Eagle Overseas Variable Fund³

Invesco Oppenheimer V.I. Global Fund, Series II Shares⁸

Invesco V.I. International Growth Fund, Series II

MFS^® International Growth Portfolio, Service Class

MFS^® International Intrinsic Value Portfolio, Service Class⁷

MFS^® Research International Portfolio, Service Class

PIMCO StocksPLUS^® Global Portfolio, Advisor Class

Emerging Markets Equity Funds

Lazard Retirement Emerging Markets Equity Portfolio, Service Class

MFS^® Emerging Markets Equity Portfolio, Service Class

Specialty Sector Equity Fund

MFS^® Utilities Series, Service Class

Specialty Sector Commodity Fund

PIMCO CommodityRealReturn^® Strategy Portfolio, Advisor Class

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Real Estate Equity Fund

MFS^® Global Real Estate Portfolio, Service Class

Asset Allocation Funds

AB Balanced Wealth Strategy Portfolio, Class B

AB Dynamic Asset Allocation Portfolio, Class B⁶

BlackRock Global Allocation V.I. Fund, Class III

Fidelity^® Balanced Portfolio, Service Class 2 (of Variable Insurance Products Fund III)⁴

Franklin Income VIP Fund, Class 4

Invesco V.I. Equity and Income Fund, Series II

MFS^® Conservative Allocation Portfolio, Service Class¹

MFS^® Global Tactical Allocation Portfolio, Service Class⁶

MFS^® Growth Allocation Portfolio, Service Class¹

MFS^® Moderate Allocation Portfolio, Service Class¹

MFS^® Total Return Series, Service Class

PIMCO All Asset Portfolio, Advisor Class¹

PIMCO Global Managed Asset Allocation Portfolio, Advisor Class^1,6,9

Putnam VT Multi-Asset Absolute Return Fund, Class IB

Money Market Fund

MFS^® U.S. Government Money Market Portfolio, Service Class⁵

Global Bond Fund

Templeton Global Bond VIP Fund, Class 4

Short-Term Bond Fund

MFS^® Limited Maturity Portfolio, Service Class

Intermediate-Term Bond Funds

JPMorgan Insurance Trust Core Bond Portfolio, Class 2

MFS^® Government Securities Portfolio, Service Class

MFS^® Total Return Bond Series, Service Class

Inflation Adjusted Bond Fund

MFS^® Inflation-Adjusted Bond Portfolio, Service Class

Multi-Sector Bond Fund

Franklin Strategic Income VIP Fund, Class 4

High Yield Bond Fund

MFS^® High Yield Portfolio, Service Class

Emerging Markets Bond Fund

PIMCO Emerging Markets Bond Portfolio, Advisor Class

¹  This Fund is a fund-of-funds, which invests substantially all of its assets in shares of other mutual funds. This Fund may be more expensive than other Funds available under your Contract, as a fund-of-funds indirectly pays a portion of the management fees and other expenses incurred by the underlying mutual funds in which it invests. As a result, you will bear, directly, the expenses of the Fund and, indirectly, a portion of the expenses of the underlying funds. These expenses reduce the investment returns of both the Fund and the underlying funds.

²  Only available if you purchased your Contract through a Huntington Bank representative. These Funds do not have different share classes.

³  First Eagle Overseas Variable Fund does not have different share classes.

⁴  In marketing materials and other documents, the Fidelity^® funds may be referred to as follows: Fidelity^® VIP Contrafund^® Portfolio, Fidelity^® VIP Mid Cap Portfolio, and Fidelity^® VIP Balanced Portfolio.

⁵  There is no assurance that this Fund will be able to maintain a stable net asset value per share. In addition, during extended periods of low interest rates, and partly as a result of asset based separate account charges, the yield on this investment account may become low and possibly negative.

⁶  This Fund employs a managed volatility strategy.

⁷  Formerly known as MFS^® International Value Portfolio.

⁸  Formerly known as Oppenheimer Global Fund/VA.

⁹  Formerly known as PIMCO Global Multi-Asset Managed Allocation Portfolio.

AllianceBernstein L.P. advises the AB Variable Products Series Funds, Inc. Portfolios. BlackRock Advisors, LLC advises the BlackRock Global Allocation V.I. Fund. Columbia Management Investment Advisers, LLC, advises the CTIVP^SM - Loomis Sayles Growth Fund (sub-advised by Loomis, Sayles & Company LP). Fidelity Management & Research Company advises the Fidelity^® VIP Contrafund^® Portfolio, Fidelity^® VIP Mid Cap Portfolio (sub-advised by FMR Co. Inc. and other investment advisers), and Fidelity^® VIP Balanced Portfolio (sub-advised by Fidelity Investments Money Management, Inc., FMR Co. Inc., and other investment advisers). First Eagle Investment Management, LLC advises the First Eagle Overseas Variable Fund. Franklin Advisers, Inc. advises the Franklin Income VIP Fund, Franklin Strategic Income VIP Fund, and Templeton Global Bond VIP Fund. Franklin Mutual Advisers, LLC advises the Franklin Small Cap Value VIP Fund and the Franklin Mutual Shares VIP Fund. Invesco Advisers, Inc. advises the Invesco Funds. J.P. Morgan Investment Management Inc. advises the JPMorgan Portfolios. Lazard Asset Management LLC advises the Lazard Retirement Emerging Markets Equity Portfolio. Lord, Abbett & Co. LLC advises the Lord Abbett Portfolios. Massachusetts Financial Services Company advises the MFS^® Portfolios and the MFS^® Series. Morgan Stanley Investment Management Inc. advises the Morgan Stanley Variable Insurance Fund, Inc. Portfolios. Pacific Investment Management Company LLC advises the PIMCO Portfolios including PIMCO All Asset Portfolio

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(sub-advised by Research Affiliates, LLC). Putnam Investment Management, LLC advises the Putnam Funds (Putnam VT Equity Income Fund is sub-advised by Putnam Investments Limited and Putnam VT Multi-Asset Absolute Return Fund is sub-advised by Putnam Advisory Company and Putnam Investments Limited). Rational Advisors Inc. advises the Rational VA Funds (Rational Trend Aggregation VA Fund sub-advised by Tuttle Tactical Management, LLC).

More comprehensive information about the Funds, including a discussion of their management, investment objectives, expenses, and potential risks, is found in the current prospectuses for the Funds (the “Fund Prospectuses”). The Fund Prospectuses should be read in conjunction with this Prospectus before you invest. A copy of each Fund Prospectus, as well as each Fund’s Statement of Additional Information, may be obtained without charge on our website, www.delawarelife.com, or by calling us at (877) 253-2323 or by writing to Delaware Life Insurance Company, P.O. Box 758581 Topeka, KS 66675-8581.

The Funds may also be available to registered separate accounts offering variable annuity and variable life products of other affiliated and unaffiliated insurance companies, as well as to the Variable Account and other separate accounts of the Company. Although we do not anticipate any disadvantages to this, there is a possibility that a material conflict may arise between the interests of the Variable Account and one or more of the other separate accounts participating in the Funds. A conflict may occur due to a change in law affecting the operations of variable life and variable annuity separate accounts, differences in the voting instructions of the Participants and Payees and those of other companies, or some other reason. In the event of conflict, we will take any steps necessary to protect Participants and Payees, including withdrawal of the Variable Account from participation in the underlying Funds which are involved in the conflict or substitution of shares of other Funds.

As described in more detail in the Fund prospectuses, certain Funds may employ managed volatility or hedging strategies intended to reduce overall volatility and provide for downside protection during downward movements in equity markets. These hedging strategies could limit the Fund’s upside participation in rising equity markets relative to other Funds with substantially similar investment objectives and policies that do not use such strategies. Investing in such Funds may, however, be helpful in a declining market, because the hedging strategy will reduce your equity exposure under such circumstances, and your Account Value may decline less than would have been the case if you had not invested in Funds with a managed volatility or hedging strategy. In addition, the cost of these strategies may have a negative impact on performance. There is no guarantee that a Fund employing a managed volatility or hedging strategy can achieve or maintain the Fund’s optimal risk targets, and the Fund may not perform as expected. You should consult with your registered representative to determine which combination of investment choices is appropriate for you.

Certain of the investment advisers, transfer agents, or underwriters to the Funds may reimburse us for administrative costs in connection with administering the Funds as investment options under the Contracts. These amounts are not charged to the Funds or Participants, but are paid from assets of the advisers, transfer agents, or underwriters.

Certain publicly available mutual funds may have similar investment goals and principal investment policies and risks as one or more of the Funds, and may be managed by a Fund’s portfolio manager(s). While a Fund may have many similarities to these other funds, its investment performance will differ from their investment performance. This is due to a number of differences between a Fund and these similar products, including differences in sales charges, expense ratios, and cash flows.

Selection of Funds

The Funds offered through the Contract are selected by the Company. We review the Funds periodically and may remove a Fund or limit its availability to new Purchase Payments and/or transfers of Account Value if we determine that a Fund no longer satisfies one or more of the selection criteria, and/or if the Fund has not attracted significant allocations from Contract Owners. We do not recommend or endorse any particular fund, and we do not provide investment advice. You bear the risk of any decline in your Account Value resulting from the performance of the Funds you have chosen.

We may consider various factors, including, but not limited to, asset class coverage, the alignment of the investment objectives of a Fund with our hedging strategy, the strength of an adviser’s or sub-adviser’s reputation and tenure, brand recognition, performance, and the capability and qualification of each investment firm. Another factor that we may consider is whether the Fund or its service providers (e.g., the investment adviser or sub-advisers) or its affiliates

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will make payments to us or our affiliates in connection with certain administrative, marketing, and support services, or whether affiliates of the Fund can provide marketing and distribution support for the sale of the Contracts.

Payments We Receive

The Funds’ investment advisers, transfer agents, underwriters and/or affiliates (“Fund Groups”) compensate us for providing administrative and recordkeeping services that they would normally be required to provide for individual shareholders or cost savings experienced by the Fund Groups. Such compensation is typically a percentage of Variable Account assets invested in a relevant Fund and generally may range up to 0.50% of net assets. In like manner, some Funds pay Rule 12b-1 fees to the Company or the principal underwriter of the Contracts for providing distribution and shareholder support services to the Funds, ranging up to 0.25% directly from the Funds in connection with a Rule 12b-1 Plan. If the Company or the principal underwriter receive Rule 12b-1 fees, combined compensation for administrative, distribution and recordkeeping related services ranges up to 0.55% annually of Variable Account assets invested in a Fund. Certain Fund Groups do not provide any compensation to us from Rule 12b-1 fees but provide up to 0.50% annually of Variable Account assets invested in a Fund.

These payments reflect in part expense savings by the Fund Groups for having, in the case of the Contracts, a sole shareholder, the Variable Account, rather than multiple shareholders in the Funds. Proceeds of these payments may be used for any corporate purpose, including the payment of expenses that Delaware Life and its affiliates incur in promoting, issuing, distributing and administering the Contracts. These payments are generally based on a percentage of the daily assets of the Funds under the Contracts and other variable contracts offered by Delaware Life and its affiliated insurers.

In addition, certain Fund Groups provide fixed dollar compensation to defray the cost of our marketing support and training services. These services may include various promotional, training or marketing meetings for distributors, wholesalers, and/or selling broker-dealers’ registered representatives, and creating materials describing the Contract, its features and the available investment options. Certain Fund Groups may also attend these meetings.

These payments create an incentive for us to offer Funds (or classes of shares of Funds) for which such payments are available to us. We consider such payments, among other things, when deciding to include a Fund (or class of shares of a Fund) as an investment option under the Contracts. Other available investment portfolios (or classes of shares of Funds) may have lower fees and better overall investment performance than the Funds (or classes of shares of the Funds) offered under the Contract.

If you purchased the Contract through a broker-dealer or other financial intermediary (such as a bank), the Fund Groups may pay the intermediary for services provided with regard to the sale of Fund shares in the Subaccounts under the Contract. The amount and/or structure of the compensation can possibly create a conflict of interest as it may influence the broker-dealer or other intermediary and your salesperson to present this Contract (and certain Subaccounts under the Contract) over other investment alternatives. The variations in compensation, however, may also reflect differences in sales effort or ongoing customer services expected of the broker-dealer or other intermediary or your salesperson. You may ask your salesperson about such variations and how he or she and his or her broker-dealer or other financial intermediary are compensated for selling the Contract.

THE FIXED ACCOUNT OPTIONS: THE DCA PERIODS

The Fixed Account is made up of all the general assets of the Company (referred to as the “general account”) other than those allocated to any separate account. Amounts you allocate to the DCA program under either the 6-month DCA Period or the 12-month DCA Period, become part of the Fixed Account. (See “Other Programs.”) These general account assets are available to support our insurance and annuity obligations other than those funded by the Variable Account. Any guarantees under the Contract that exceed your Variable Account Value, such as those with any optional living benefit and any death benefit, are paid from our general account (and not the Variable Account). Therefore, any amounts that we may be obligated to pay under the Contract in excess of Variable Account Value are subject to our financial strength and claims-paying ability and our long-term ability to make such payments. We issue other types of insurance policies and financial products as well, and we pay our obligations under those products from our assets in the general account. The general account is subject to claims of creditors made on the assets of the Company.

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We will invest the assets of the Fixed Account in those assets we choose that are allowed by applicable state insurance laws. In general, these laws permit investments, within specified limits and subject to certain qualifications, in federal, state and municipal obligations, corporate bonds, preferred and common stocks, real estate mortgages, real estate and certain other investments. We intend to invest primarily in investment-grade fixed income securities (i.e., rated by a nationally recognized rating service within the four highest grades) or instruments we believe are of comparable quality.

We are not obligated to invest amounts allocated to the Fixed Account according to any particular strategy, except as may be required by applicable state insurance laws. You will not have a direct or indirect interest in the Fixed Account investments.

Money allocated to a DCA Period earns interest at a Guaranteed Interest Rate. We determine Guaranteed Interest Rates at our discretion. Our determination will be influenced by the interest rates we earn on our fixed income investments as well as other factors, including regulatory and tax requirements, sales commissions, administrative expenses, general economic trends, and competitive factors. You can find out about our current Guaranteed Interest Rates by calling us at (877) 253-2323.

THE ACCUMULATION PHASE

During the Accumulation Phase of your Contract, you make Purchase Payments into your Account, and your earnings accumulate on a tax-deferred basis. The Accumulation Phase begins with our acceptance of your first Purchase Payment and ends the Business Day before your Annuity Commencement Date. The Accumulation Phase will end sooner if you surrender your Contract or if the “Covered Person” dies before the Annuity Commencement Date.

Issuing Your Contract

We “open” the Contract on the Business Day when we receive your Application at our Service Address. We refer to this date as the “Open Date.” We “issue” your Contract on the day we apply your initial Purchase Payment, when your Application is “in Good Order.” An Application is in Good Order when we have received all the information necessary to complete it. We refer to this date as the “Issue Date.”

We determine your eligibility for purchasing a Contract and your eligibility for electing the optional death benefit and an optional living benefit based upon the ages of all Owners and Annuitants on the Open Date.

We will credit your initial Purchase Payment to your Account within two Business Days of receiving your completed Application, in Good Order. If your Application is not in Good Order, we will notify you. If we do not have the necessary information to complete the Application within five Business Days, we will send your money back to you or ask your permission to retain your Purchase Payment until the Application is in Good Order. Once the Application is in Good Order, we will then apply your Purchase Payment within two Business Days.

Amount and Frequency of Purchase Payments

The amount of Purchase Payments may vary. However, we will not accept an initial Purchase Payment of less than $10,000 or the maximum annual Individual Retirement Annuity (“IRA”) contribution, unless we waive these limits. Although there is currently no minimum amount for additional Purchase Payments, we reserve the right to limit each additional Purchase Payment to at least $1,000. In addition, unless we have given our prior approval, we will not accept a Purchase Payment if your Account Value is over $2 million, or if the Purchase Payment would cause your Account Value to exceed $2 million. We reserve the right to refuse Purchase Payments received more than five years after your Issue Date or after your 70th birthday, whichever is later. We will notify you of any change in writing prior to its effectiveness. Within these limits, you may make Purchase Payments at any time during the Accumulation Phase. Additional restrictions may apply if you purchased an optional living benefit. If you are participating in an optional living benefit, you may be limited in the amount and timing of Purchase Payments you can make. (See “OPTIONAL LIVING BENEFITS.”)

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Allocation of Net Purchase Payments

You may allocate your Purchase Payments among the different Sub-Accounts and DCA Periods currently available. However, we reserve the right to limit any allocation to a DCA Period to at least $1,000. We will notify you of any change in writing prior to its effectiveness.

In your Application, you may specify the percentage of each Purchase Payment to be allocated to each Sub-Account or DCA Period. These percentages are called your allocation factors. You may change the allocation factors for future Purchase Payments by sending us notice of the change as required. We will use your new allocation factors for Purchase Payments we receive with or after we have received notice of the change until we receive another change notice.

Although it is currently not our practice, we may deduct applicable premium taxes or similar taxes from your Purchase Payments. (See “Premium Taxes.”) In that case, we will credit your Net Purchase Payment, which is the Purchase Payment minus the amount of those taxes.

Your Account

When we accept your first Purchase Payment, we establish an Account for you, which we maintain throughout the Accumulation Phase of your Contract.

Your Account Value

Your Account Value is the sum of the value of the two components of your Contract: the Variable Account portion (“Variable Account Value”) and the Fixed Account portion (“Fixed Account Value”). These two components are calculated separately, as described under “Variable Account Value” and “Fixed Account Value.”

Variable Account Value

Variable Accumulation Units

In order to calculate your Variable Account Value, we use a measure called a Variable Accumulation Unit for each Sub-Account. Your Variable Account Value is the sum of your Account Value in each Sub-Account, which is the number of your Variable Accumulation Units for that Sub-Account times the value of each Unit.

Variable Accumulation Unit Value

The value of each Variable Accumulation Unit in a Sub-Account reflects the net investment performance of that Sub-Account. We determine that value once on each day that the New York Stock Exchange is open for trading, at the close of trading, which is generally 4:00 p.m., Eastern Time. (The close of trading is determined by the New York Stock Exchange.) Each day we make a valuation is called a “Business Day.” The period that begins at the time Variable Accumulation Units are valued on a Business Day and ends at that time on the next Business Day is called a “Valuation Period.” On days other than Business Days, the value of a Variable Accumulation Unit does not change.

To measure these values, we use a factor, which we call the Net Investment Factor, which represents the net return on the Sub-Account’s assets. At the end of any Valuation Period, the value of a Variable Accumulation Unit for a Sub-Account is equal to the value of that Sub-Account’s Variable Accumulation Units at the end of the previous Valuation Period, multiplied by the Net Investment Factor. We calculate the Net Investment Factor by dividing (1) the net asset value of a Fund share held in the Sub-Account at the end of that Valuation Period, plus the per share amount of any dividend or capital gains distribution made by that Fund during the Valuation Period, by (2) the net asset value per share of the Fund share at the end of the previous Valuation Period; then, for each day in the Valuation Period, we deduct a factor representing the asset-based insurance charges (the mortality and expense risk charge, the administrative expense charge, and the distribution fee) plus any applicable asset-based charge for an optional benefit.

For a hypothetical example of how we calculate the value of a Variable Accumulation Unit, see the Statement of Additional Information.

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Crediting and Canceling Variable Accumulation Units

When we receive an allocation to a Sub-Account, either from a Net Purchase Payment or a transfer of Account Value, we credit that amount to your Account in Variable Accumulation Units. Similarly, we cancel Variable Accumulation Units when you transfer or withdraw amounts from a Sub-Account, or when we deduct certain charges under the Contract. We determine the number of Units credited or canceled by dividing the dollar amount by the Variable Accumulation Unit value for that Sub-Account at the end of the Valuation Period during which the transaction or charge is effective.

Fixed Account Value

Your Fixed Account Value is the sum of all amounts allocated to the Fixed Account options available under our DCA program, plus interest credited on those amounts, minus withdrawals, transfers out of DCA Periods, and any deductions for charges under the Contract taken from your Fixed Account Value.

We credit interest on amounts allocated to the Fixed Account at the applicable Guaranteed Interest Rate for the duration of the DCA Period you elect. While you are participating in the DCA program, we credit interest daily at a rate that yields the Guaranteed Interest Rate on an annual effective basis. You can find out about our current Guaranteed Interest Rates by calling us at (877) 253-2323.

Transfer Privilege

Permitted Transfers

During the Accumulation Phase, you may transfer all or part of your Account Value to one or more Sub-Accounts then available, subject to the following restrictions:

• you may not make more than 12 transfers in any Account Year;

• at least 6 days must elapse between transfers to and from the Sub-Accounts;

• transfers to or from Sub-Accounts are subject to terms and conditions that may be imposed by the Funds; and

• we impose additional restrictions on market timers, which are further described below. (See “Short-Term Trading.”)

These restrictions do not apply to transfers made under any optional program. (See “Other Programs.”) Additional restrictions apply to transfers made under any of the optional living benefits.

We reserve the right to waive these restrictions and exceptions at any time, as discussed under “Short-Term Trading,” or to change them. Any change will be applied uniformly. We will notify you of any change prior to its effectiveness.

There is usually no charge imposed on transfers; however, we reserve the right to impose a transfer charge of $15 for each transfer. We will notify you of any change in writing prior to its effectiveness. Under current law, there is no tax liability for transfers.

Requests for Transfers

You, your authorized registered representative of the broker-dealer of record, or another authorized third party may request transfers in writing or by telephone.

If a written or telephone transfer request as described above is received in Good Order before the earlier of (a) 4:00 p.m. Eastern Time on a Business Day, or (b) the close of the New York Stock Exchange on days that the Stock Exchange closes before 4:00 p.m., the transfer will be priced that day. The telephone transfer privilege is available automatically during regular business hours before 4:00 p.m. Eastern Time, and does not require your written election. We have established procedures reasonably designed to confirm that instructions communicated to us by telephone are genuine. These procedures may require any person requesting a transfer by telephone to provide personal identifying information. We will not be liable for following instructions communicated by telephone that we reasonably believe are genuine.

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We reserve the right to deny any and all transfer requests made by telephone and to require that certain transfer requests be submitted in writing. A transfer request may be denied if it is not in Good Order or if it does not comply with the terms of our short-term trading policy or the trading policy of a fund involved in the transfer. If a telephone transfer request is denied, we will immediately notify you and your authorized registered representative.

We also reserve the right to suspend, modify, restrict, or terminate the telephone transfer privilege at any time. Your ability (or the ability of your authorized registered representative or another authorized third party) to request transfers by telephone may also be limited due to circumstances beyond our control, such as during system outages or periods of high volume.

A transfer request will be priced at the Variable Accumulation Unit value next determined at the close of the Business Day if we receive your transfer request, in Good Order, before the earlier of (a) 4:00 p.m. Eastern Time on a Business Day, or (b) the close of the New York Stock Exchange on days that the Stock Exchange closes before 4:00 p.m. Otherwise, your transfer request will be priced on the next Business Day.

Certain transfer requests may result in the modification or cancellation of one or more of the Contract’s optional programs or features that require, or are based on, specific allocations among the available Sub-Accounts or DCA Periods as described more particularly elsewhere in this Prospectus and in Appendix F.

No more than one transfer request of Account Values may be made on the same Business Day regardless of whether the request is made by you, your authorized registered representative, or another authorized third party, and regardless of whether the request is submitted in writing or by telephone. The Company has established reasonable procedures for handling multiple transfer requests received on the same Business Day, including processing the first transfer request received in Good Order on a Business Day (unless otherwise cancelled in accordance with the cancellation procedures described in the next paragraph).

You, your authorized registered representative, or another authorized third party may cancel a transfer request by contacting us by telephone at (877) 253-2323 before the end of the Business Day during which the transfer request was submitted.

Short-Term Trading

The Contracts are not designed for short-term trading. If you wish to employ such strategies, do not purchase a Contract. Transfer limits and other restrictions, described below, are subject to our ability to monitor transfer activity. Some Participants and their third party intermediaries engaging in short-term trading may employ a variety of strategies to avoid detection. Despite our efforts to prevent short-term trading, there is no assurance that we will be able to identify such Participants or intermediaries or curtail their trading. A failure to detect and curtail short-term trading could result in adverse consequences to the Participants. Short-term trading can increase costs for all Participants as a result of excessive portfolio transaction fees. In addition, short-term trading can adversely affect a Fund’s performance. If large amounts of money are suddenly transferred out of a Fund, the Fund’s investment adviser cannot effectively invest in accordance with the Fund’s investment objectives and policies.

The Company has policies and procedures to limit the number and frequency of transfers of Account Value. The Company also reserves the right to charge a fee for transfers to discourage frequent trading. In no event will the total charge assessed in connection with a transfer, that includes this fee as well as any charge that we may assess on a permitted transfer of Account Value among Sub-Accounts (see “Permitted Transfers,” above), exceed the maximum fee per transfer presented in the table of “Contract Owner Transaction Expenses” under “FEES AND EXPENSES” in this Prospectus.

Short-term trading activities whether by the Participant or a third party authorized to initiate transfer requests on behalf of Participant(s) may be subject to other restrictions as well. For example, we reserve the right to take actions against short-term trading which restrict your transfer privileges more narrowly than the policies described under “Permitted Transfers,” such as requiring transfer requests to be submitted in writing through regular first-class U.S. mail (e.g., no overnight, priority or courier delivery allowed) and refusing any and all transfer instructions.

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If we determine that a third party acting on your behalf is engaging (alone or in combination with transfers effected by you directly) in a pattern of short-term trading, we may refuse to process certain transfers requested by such a third party. We impose additional administrative restrictions on third parties that engage in transfers of Account Values on behalf of multiple Participants at one time. Specifically, we limit the form of such large group transfers to fax or mail delivery only, require the third party to provide us with advance notice of any possible large group transfer so that we can have additional staff ready to process the request, and require that the amount transferred out of a Sub-Account for each Participant be equal to 100% of that Participant’s value in the Sub-Account. In the last situation, we will not transfer any of the Sub-Account value. Instead, we will deem the request not in Good Order and immediately notify you.

We will provide you written notification of any restrictions imposed.

We reserve the right to waive short-term trading restrictions, where permitted by law and not adverse to the interests of the relevant underlying Fund, in the following instances:

• when a new broker of record is designated for the Contract;

• when the Participant changes;

• when control of the Contract passes to the designated beneficiary upon the death of the Participant or Annuitant;

• when necessary in our view to avoid hardship to a Participant; or

• when underlying Funds are dissolved, merged, or substituted.

If short-term trading results as a consequence of waiving the restrictions against short-term trading, it could expose Participants to certain risks. The short-term trading could increase costs for all Participants as a result of excessive portfolio transaction fees. In addition, the short-term trading could adversely affect a Fund’s performance. If large amounts of money are suddenly transferred out of a Fund, the Fund’s investment adviser cannot effectively invest in accordance with the Fund’s investment objectives and policies. We uniformly apply the short-term trading policy and the permitted waivers of that policy to all Contracts. If we did not do so, some Participants could experience a different application of the policy and therefore may be treated unfairly. Too much discretion on our part in allowing the waivers of short-term trading policy could result in an unequal treatment of short-term traders by permitting some short-term traders to engage in short-term trading while prohibiting others from doing the same.

Funds’ Trading Policies

In addition to the restrictions that we impose (as described under “Permitted Transfers” and “Short-Term Trading”), most of the Funds have adopted restrictions or other policies about transfers or other purchases and sales of the Fund’s shares. These policies (the “Funds’ Trading Policies”) are intended to protect the Fund from short-term trading or other trading practices that are potentially harmful to the Fund. The Funds’ Trading Policies may be more restrictive in some respects than the restrictions that we otherwise would impose, and the Funds may modify their trading policies from time to time.

We are legally obligated to provide (at the Funds’ request) information about each amount you cause to be deposited into a Fund (including by way of Purchase Payments and transfers under your Contract) or removed from the Fund (including by way of withdrawals and transfers under your Contract). If a Fund identifies you as having violated the Fund’s Trading Policies, we are obligated, if the Fund requests, to restrict or prohibit any further deposits or exchanges by you (or a third party acting on your behalf) in respect of that Fund. Any such restriction or prohibition may remain in place indefinitely.

Accordingly, if you do not comply with any Fund’s Trading Policies, you (or a third party acting on your behalf) may be prohibited from directing any additional amounts into that Fund or directing any transfers or other exchanges involving that Fund. You should review and comply with each Fund’s Trading Policies, which are generally disclosed in the Funds’ current prospectuses.

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Funds may differ significantly as to such matters as: (a) the amount, format, and frequency of information that the Funds request from us about transactions that our customers make; and (b) the extent and nature of any limits or restrictions that the Funds request us to impose upon such transactions. As a result of these differences, the costs borne by us and (directly or indirectly) by our customers may be significantly increased. Any such additional costs may outweigh any additional protection that would be provided to our customers, particularly in view of the protections already afforded by the trading restrictions that we impose as described under “Permitted Transfers” and under “Short-Term Trading.” Also, if a Fund imposes more strict trading restrictions than are reasonably necessary under the circumstances, you could be deprived of potentially valuable flexibility to make transactions with respect to that Fund. For these and other reasons, we may disagree with the timing or substance of a Fund’s requests for information from us or with any transaction limits or restrictions that the Fund requests us to impose upon our customers. If any such disagreement with respect to a Fund cannot be satisfactorily resolved, the Fund might be restricted or, subject to obtaining any required regulatory approval, replaced as a variable investment option.

Waivers; Reduced Charges; Credits; Special Guaranteed Interest Rates

In certain situations, we may reduce or waive the withdrawal charge or the annual Account Fee, credit additional amounts, grant special Guaranteed Interest Rates, or offer other options or benefits. These situations may include sales of Contracts (1) where selling and/or maintenance costs associated with the Contracts are reduced, such as the sale of several Contracts to the same Participant, certain sales of larger-sized Contracts (generally, Contracts that have our approval to exceed $2 million in Account Value), and certain group sales, and (2) to officers, directors and employees of the Company or its affiliates, registered representatives and employees of broker-dealers with a current selling agreement with the Company and affiliates of such representatives and broker-dealers, employees of affiliated asset management firms, and persons who have retired from such positions (“Eligible Employees”) and immediate family members of Eligible Employees. Eligible Employees and their immediate family members may also purchase a Contract without regard to minimum Purchase Payment requirements. For other situations in which withdrawal charges may be waived, see “WITHDRAWALS AND WITHDRAWAL CHARGES.”

If your Purchase Payments or Account Value exceeds $1 million on your Account Anniversary, an amount equal to 0.15% of your Account Value will be credited to your Account on that date and on every subsequent Account Anniversary during the Accumulation Phase. The 0.15% credit is not a Purchase Payment and therefore no withdrawal charges are directly associated with the credit. This credit will be allocated to the Sub-Accounts in proportion to your Account Value in those Sub-Accounts. It also immediately increases your Account Value and, as a result, other values may be affected. For example:

• An increase in your Account Value may also result in your Account Value becoming the greatest amount payable under the basic death benefit.

• If you are participating in an optional living benefit, the increase in your Account Value may cause a step-up of your Withdrawal Benefit Base.

• This credit is considered earnings and, as such, it is factored into the calculation of your free withdrawal amount.

This credit is paid out of our general account and is the result of cost savings that we expect on Contracts over $1 million.

Other Programs

You may participate in any of the following optional programs free of charge. Transfers made pursuant to the provisions of the following optional programs will not be charged a transfer fee, nor will such transfers count as one of the 12 transfers per year allowed under the section entitled “Transfer Privilege.” If you have elected to participate in an optional living benefit or the optional death benefit, certain restrictions may affect the operation or availability of these programs as discussed in more detail under each specific program below.

We reserve the right to terminate each of these programs. You may also terminate your participation in any of these programs at any time by written notice to us or by other means approved by us.

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Dollar-Cost Averaging (“DCA”) Program

You may elect to participate in the DCA program, at no extra charge, when you make any Purchase Payment to your Account prior to your Maximum Annuity Commencement Date. If you have elected SIR III, your ability to make Purchase Payments into the DCA program will end after your first Account Anniversary. If you have elected SIM or SIM Plus, you can make additional Purchase Payments into the DCA program at any time. However, under SIM and SIM Plus, we reserve the right not to accept any additional Purchase Payments into the DCA program, and any Purchase Payments after the first Account Anniversary may not exceed $50,000 per Account Year without our prior approval.

The DCA program allows you to invest gradually over time by allocating all or a portion of your Purchase Payment to a 6-month DCA Period or 12-month DCA Period. At regular time intervals, we will automatically transfer a portion of your Fixed Account Value to one or more Sub-Accounts that you choose. The program continues until your Fixed Account Value is depleted or you elect to stop the program. The final amount transferred from the Fixed Account will include all interest earned.

Amounts allocated to a DCA Period under the program will earn interest at a rate declared by the Company for the DCA Period you elect. Amounts invested in a Sub-Account may not be transferred to a DCA Period. If you elected to participate in the DCA program when you purchased your Contract, then all future Purchase Payments will be allocated to the DCA program, unless you specify otherwise. Any allocation of a new Purchase Payment to the DCA program will be treated as commencing a new DCA Period.

The main objective of the DCA program is to minimize the impact of short-term price fluctuations on Account Value. In general, since you transfer the same dollar amount to the variable investment options at set intervals, the DCA program allows you to purchase more Variable Accumulation Units (and, indirectly, more Fund shares) when prices are low and fewer Variable Accumulation Units (and, indirectly, fewer Fund shares) when prices are high. Therefore, you may achieve a lower average cost per Variable Accumulation Unit over the long term. The DCA program allows you to take advantage of market fluctuations. However, it is important to understand that the DCA program does not insure a profit or protect against loss in a declining market.

Asset Allocation

One or more asset allocation models may be available in connection with the Contract, at no extra charge. You may elect to participate in an asset allocation model at any time prior to your Maximum Annuity Commencement Date as long as we are still offering asset allocation models. Asset allocation is the process of investing in different asset classes, such as equity funds, fixed income funds, and money market funds, depending on your personal investment goals, tolerance for risk, and investment time horizon. By spreading your money among a variety of asset classes, you may be able to reduce the risk and volatility of investing, although there are no guarantees, and asset allocation does not insure a profit or protect against loss in a declining market.

We have no discretionary authority or control over your investment decisions. We do not recommend asset allocation models or otherwise provide advice as to what asset allocation model may be appropriate for you.

Our asset allocation program consists of one or more asset allocation models that we may make available from time to time. You may participate in only one model at a time. Each such asset allocation model represents a combination of Sub-Accounts with a different level of risk. Any asset allocation models, as well as the terms and conditions of this asset allocation program, are fully described in a separate brochure. You may request a copy of this brochure by calling us at (877) 253-2323. We may add or delete such models in the future.

Our asset allocation models are “static.” That is to say, if you elect an asset allocation model, we automatically rebalance your Account Value among the Sub-Accounts represented in the model you chose. While we will not alter the Sub-Account allocation percentages used in any asset allocation model, your asset allocation model and allocation weightings could be affected by mergers, liquidations, fund substitutions or closures.

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You will not be provided with information regarding the periodic updates to models that we may offer to new Contract purchasers. Any new models will only be offered to Contracts opened on or after the date the new model goes into effect or to Contract Owners who elect an asset allocation model on or after that date. Contract Owners who have elected an existing asset allocation model will remain in that existing model and we will continue to rebalance their percentage allocations among the Sub-Accounts in that existing model. However, such Contract Owners may make an independent decision to change their asset allocations at any time. Investment alternatives, other than these asset allocation models, are available that may enable you to invest your Account Value with similar risk and return characteristics. You should consult your financial adviser periodically to consider whether any model you have selected is still appropriate for you.

Systematic Withdrawal Program

You may select our Systematic Withdrawal Program at any time prior to your Maximum Annuity Commencement Date. Under the Systematic Withdrawal Program, you determine the amount and frequency of regular withdrawals you would like to receive from your Fixed Account Value and/or Variable Account Value and we will process them automatically. They may also be included as income and subject to a 10% federal tax penalty as well as charges applicable on withdrawal. You should consult a qualified tax professional before choosing this option. We reserve the right to limit the election of this program to Contracts with a minimum Account Value of $10,000.

You are responsible for and may have to adjust the amount and timing of your systematic withdrawals to comply with amounts you are allowed to withdraw under an optional living benefit. For more detail regarding the amount that you may withdraw under your optional living benefit, please see “Annual Withdrawal Amount” and “Lifetime Withdrawal Percentage.”

Withdrawals may significantly reduce the death benefit amount under your Contract. (See “Calculating the Death Benefit.”)

You may change or stop this program at any time, by written notice to us or other means approved by us.

Portfolio Rebalancing Program

You may select our Portfolio Rebalancing Program at any time prior to your Maximum Annuity Commencement Date. Under this program, we transfer funds among all Sub-Accounts to maintain the percentage allocation you have selected among these Sub-Accounts. At your election, we will make these transfers on a quarterly, semi-annual or annual basis. If you are participating in an optional living benefit, then, on a quarterly basis, we will automatically transfer your Account Value among the Designated Funds you have selected to maintain the percentage allocations you have chosen. (See “DESIGNATED FUNDS” and “BUILD YOUR OWN PORTFOLIO.”)

WITHDRAWALS AND WITHDRAWAL CHARGES

Cash Withdrawals

Requesting a Withdrawal

At any time during the Accumulation Phase, you may withdraw in cash all or any portion of your Account Value. To make a withdrawal, other than a Systematic Withdrawal, you must send us a written request at our Service Address. Your request must specify whether you want to withdraw the entire amount of your Account or, if less, the amount you wish to receive.

All withdrawals may be subject to a withdrawal charge. (See “Withdrawal Charge.”) Upon request, we will notify you of the amount we would pay in the event of a full withdrawal. Withdrawals also may have adverse federal income tax consequences, including a 10% penalty tax. (See “TAX PROVISIONS.”) You should carefully consider these tax consequences before requesting a cash withdrawal.

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Full Withdrawals

If you request a full withdrawal, we calculate the amount we will pay you as follows:

• first we determine your Account Value based on any Fixed Account Value in the DCA program and on the price next determined for each Sub-Account at the end of the Valuation Period during which we receive your withdrawal request;

• we then deduct the Account Fee, if applicable; and finally,

• we calculate and deduct any applicable withdrawal charge.

A full withdrawal results in the surrender of your Contract, cancellation of all rights and privileges under your Contract, and your optional living benefit will end.

Partial Withdrawals

When you request a partial withdrawal, you can ask to have any applicable charges deducted either from:

• the amount of your partial withdrawal request (thereby reducing the amount you are to receive); or

• your Account Value (thereby reducing your Account Value by the amount of your partial withdrawal request plus any applicable withdrawal charges).

If you make no specification, we will process your withdrawal request using the first option above. Please note: Under either option any applicable taxes will be deducted from the amount you receive.

You may specify the amount you want withdrawn from each Sub-Account and/or Fixed Account option to which your Account is allocated. If you do not so specify, we will deduct the total amount you request pro-rata, based on your Account Value at the end of the Valuation Period during which we receive your request. If you have elected “Build Your Own Portfolio,” withdrawals out of your portfolio model will be taken pro-rata from each of your selected Funds.

Withdrawals may significantly reduce any death benefit and/or living benefit amount. In calculating the amount payable under the living benefit or death benefit, we may reduce the benefit by an amount that is greater than the amount of the withdrawal, depending on the circumstances. Accordingly, you should refer to the more detailed discussions of the optional living benefits and the death benefits that appear elsewhere in this Prospectus for information about the effects that withdrawals will have on those benefits.

If you request a partial withdrawal that would result in your Account Value being reduced to an amount less than the Account Fee for the Account Year in which you make the withdrawal, we reserve the right to treat it as a request for a full withdrawal (i.e., a surrender of your Contract).

Time of Payment

We will pay you the applicable amount of any full or partial withdrawal within seven days after we receive your withdrawal request, in Good Order, except in cases where we are permitted, and choose, to defer payment under the Investment Company Act of 1940 and applicable state insurance law. Currently, we may defer payment of amounts you withdraw from the Variable Account only for the following periods:

• when the New York Stock Exchange is closed (except weekends and holidays) or when the SEC determines trading on the New York Stock Exchange is restricted;

• when the SEC determines that an emergency exists and that it is not reasonably practical (i) to dispose of securities held in the Variable Account or (ii) to determine the value of the net assets of the Variable Account;

• when an SEC order permits us to defer payment for the protection of Participants; or

• when mandated by applicable law.

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If, pursuant to SEC rules, a government money market fund suspends payment of redemption proceeds in connection with a liquidation of the Fund, we will delay payment of any transfer, partial withdrawal, surrender, loan, or death benefit from the corresponding Sub-Account until the Fund is liquidated. We also may defer payment of amounts you withdraw from the Fixed Account for up to six months from the date we receive your withdrawal request. We do not pay interest on the amount of any payments we defer.

If mandated under applicable law, we may be required to reject a Purchase Payment and/or block a Contract Owner’s account and thereby refuse to pay any request for transfers, withdrawals, surrenders or death benefits until instructions are received from the appropriate regulators. We may also be required to provide additional information about you or your account to governmental regulators.

Withdrawal Restrictions for Qualified Plans

If your Contract is a Qualified Contract, you should carefully check the terms of your retirement plan for limitations and restrictions on cash withdrawals.

Withdrawal Charge

We do not deduct any sales charge from your Purchase Payments when they are made. However, we may impose a withdrawal charge (known as a “contingent deferred sales charge”) on certain amounts you withdraw. We impose this charge primarily to defray some of our expenses related to the sale of the Contracts, such as commissions we pay to agents, the cost of sales literature, and other promotional costs and transaction expenses.

Free Withdrawal Amount

In each Account Year you may withdraw a portion of your Account Value, which we call the “free withdrawal amount,” before incurring the withdrawal charge.

For the first Account Year, the free withdrawal amount is equal to 15% of the amount of all Purchase Payments you have made. For all other Account Years, the free withdrawal amount is equal to the greater of:

• your Contract earnings (defined below) minus all withdrawals previously taken that were not subject to withdrawal charges, or

• 15% of the amount of all Purchase Payments made in the last seven Account Years (including the current Account Year), minus all withdrawals taken during the current Account Year that were not subject to withdrawal charges.

Your Contract earnings are determined according to the following formula:

(AV - PP) + WD

Where:
	AV	=	Account Value on the business day prior to the day we receive your withdrawal request.
	PP	=	All Purchase Payments.
	WD	=	All withdrawals and withdrawal charges taken.

For an example of how we calculate the “free withdrawal amount,” see “APPENDIX C - CALCULATION OF FREE WITHDRAWAL AMOUNT.”

Order of Withdrawals

Each time you make a withdrawal, we consider the free withdrawal amount to be withdrawn first. If the amount you withdraw is in excess of your free withdrawal amount, then that excess will be subject to a withdrawal charge. We will

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withdraw the excess, in order, from your oldest remaining Purchase Payment to your most recent Purchase Payment. Each time you make a withdrawal, we will follow this procedure until all of your Purchase Payments have been withdrawn. Once all Purchase Payments are withdrawn, the balance withdrawn (which would include the 0.15% credit described under “Mortality and Expense Risk Charge”) is considered to be earnings and is not subject to a withdrawal charge.

Calculation of Withdrawal Charge

We calculate the amount of the withdrawal charge by multiplying the Purchase Payments you withdraw by a percentage. The percentage varies according to the number of Account Years the Purchase Payment has been held in your Account. Each Purchase Payment begins a new 7-year period and moves down the declining withdrawal charge scale as shown below at each Account Anniversary. If a Purchase Payment is withdrawn during the same Account Year as it was made, it will have an 8% withdrawal charge. On your next scheduled Account Anniversary, that Purchase Payment, along with any other Purchase Payments made during that same Account Year, will be considered to be in their second Account Year and will also have an 8% withdrawal charge. On the next Account Anniversary, these Purchase Payments will move into their third Account Year and will have a withdrawal charge of 7%. This withdrawal charge decreases according to the number of Account Years the Purchase Payment has been held in your Account. The withdrawal charge scale is as follows:

Number of Account Years Payment Has Been In Your Account	Withdrawal Charge
0 - 1	8%
1 - 2	8%
2 - 3	7%
3 - 4	6%
4 - 5	5%
5 - 6	4%
6 - 7	3%
7 or more	0%

The withdrawal charge will never be greater than 8% of an amount equal to your Account Value minus your “free withdrawal amount.” You may want to consider deferring a withdrawal because withdrawal charges decline the longer the Purchase Payment is held in your Account.

For a Group Contract, we may modify the withdrawal charges and limits, upon notice to the Owner of the Group Contract. However, any modification will apply only to Accounts established after the date of the modification.

For additional examples of how we calculate withdrawal charges, see “APPENDIX B - WITHDRAWAL CHARGE CALCULATIONS.”

Types of Withdrawals not Subject to Withdrawal Charge

Nursing Home Waiver

We will waive the withdrawal charge for a full withdrawal if:

• the nursing home waiver is approved in the state of issue;

• at least one year has passed since your Issue Date;

• you are confined to an eligible nursing home and have been confined there for at least the preceding 180 days, or any shorter period required by your state; and

• your confinement to an eligible nursing home began after your Issue Date.

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An “eligible nursing home” means a licensed hospital or licensed skilled or intermediate care nursing facility at which medical treatment is available on a daily basis and daily medical records are kept for each patient. You must provide us with evidence of confinement in the form we determine. To find out where the nursing home waiver is approved, you can call us at (877) 253-2323.

Minimum Distributions

For each Qualified Contract, the free withdrawal amount in any Account Year will be the greater of the free withdrawal amount described above or any amounts required to be withdrawn to comply with the minimum distribution requirement of the Internal Revenue Code. This waiver of the withdrawal charge applies only to the portion of the required minimum distribution attributable to that Qualified Contract.

Other Withdrawals

We do not impose withdrawal charges:

• when you annuitize your Contract;

• on amounts we pay as a death benefit;

• on amounts you transfer among the Sub-Accounts; or

• on any amounts transferred as part of an optional program.

CONTRACT CHARGES

Account Fee

During the Accumulation Phase of your Contract, we will deduct an annual Account Fee of $50 from your Account Value to help cover the administrative expenses we incur related to the issuance of Contracts and the maintenance of Accounts. We deduct the Account Fee on each Account Anniversary. We deduct the Account Fee pro-rata from each Sub-Account and each Fixed Account option, based on the allocation of your Account Value on your Account Anniversary.

We will not charge the Account Fee if your Account Value is $100,000 or more on your Account Anniversary.

If you make a full withdrawal of your Account Value, we will deduct the full amount of the Account Fee at the time of the withdrawal. In addition, on the Annuity Commencement Date we will deduct a pro-rata portion of the Account Fee to reflect the time elapsed between the last Account Anniversary and the day before the Annuity Commencement Date.

After the Annuity Commencement Date, we will deduct an annual Account Fee of $50 in the aggregate in equal amounts from each Variable Annuity payment we make during the year. We do not deduct any Account Fee from Fixed Annuity payments.

Administrative Expense Charge and Distribution Fee

We deduct an administrative expense charge from the assets of the Variable Account during both the Accumulation Phase and the Income Phase. During the Accumulation Phase, this charge is deducted at an annual effective rate equal to 0.15% of your average daily Variable Account Value. During the Income Phase, this charge is included as part of the total insurance charges deducted from Annuity Unit values. This charge is designed to reimburse us for expenses we incur in administering the Contracts, Participant Accounts and the Variable Account that are not covered by the annual Account Fee.

We also deduct a distribution fee from the assets of the Variable Account during both the Accumulation Phase and the Income Phase. During the Accumulation Phase, this fee is deducted at an annual effective rate equal to 0.15% of your

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average daily Variable Account Value. During the Income Phase, this fee is included as part of the total insurance charges deducted from Annuity Unit values. This charge is designed to reimburse us for the expenses associated with distributing and issuing the Contracts.

Depending on the amount of expenses that we incur, we expect that we may earn a profit from these charges. If so, we may use the profit for any proper corporate purpose, including paying any other expenses in connection with the Contracts or adding to our corporate surplus.

Mortality and Expense Risk Charge

During the Accumulation Phase, we deduct a mortality and expense risk charge from the assets of the Variable Account at an effective annual rate equal to 1.05% of your average daily Variable Account Value.

We assume numerous mortality and expense risks under the Contracts. These risks include, but are not limited to: (1) the risk that arises from our contractual obligation to continue to make annuity payments to each Annuitant, regardless of how long the Annuitant lives and regardless of how long all Annuitants as a group live; (2) the risk that arises from our contractual obligation to pay a death benefit upon the death of the Participant prior to the Annuity Commencement Date, including in cases where the death benefit is greater than a Contract’s Account Value; (3) the risk that our cost of providing benefits according to the terms of the optional death benefit and any optional living benefits will exceed the amount of the charges we deduct for those optional benefits; and (4) the risk that the annual Account Fee, the administrative expense charge, and the distribution fee we assess under the Contract may be insufficient to cover the actual total administrative expenses we incur. If the amount of the charge is insufficient to cover our costs resulting from these and other mortality and expense risks, we will bear the loss. If, as we expect, the amount of the charge is more than sufficient to cover such costs, we will make a profit on the charge. We may use this profit for any proper corporate purpose, including the payment of marketing and distribution expenses for the Contract. In setting the rate of this charge, we not only consider our expected mortality and expense risks, but also our objective to earn a profit from the Contracts, after all of the costs, expenses, credits, and benefits we expect to pay in connection with the Contracts.

During the Income Phase, we will deduct total insurance charges at an annual rate of 1.60% of your average daily Annuity Unit values. We will not deduct the mortality and expense risk charge; nor will we deduct the charges for any optional living benefit or the optional death benefit. The 1.60% charge, which includes an administrative expense charge and a distribution fee, compensates us for the risks and expenses associated with providing annuity payments during the Income Phase. The level of these total insurance charges (1.60%) is higher than the level of the total Variable Account annual expenses without optional benefits (maximum, 1.35%) deducted during the Accumulation Phase.

Charges for Optional Benefits

You may only elect one of the optional living benefits. If you elect an optional living benefit, we will deduct a fee from your Account Value on the last valuation day of each Account Quarter during the Accumulation Phase. The fee will be a percentage of the Withdrawal Benefit Base during the Account Year. (The Withdrawal Benefit Base is initially equal to your initial Purchase Payment, and thereafter is subject to certain adjustments.) (See “Withdrawal Benefit Base.”) The percentage rates that we use to determine these fees may change over time, but will not exceed the maximum annual rates shown in the following chart. The chart also shows the current annual rates for each optional living benefit. (For more information about this fee, please see “FEES AND EXPENSES.”)

	Single-Life Coverage				Joint-Life Coverage
	Current Annual Rate		Maximum Annual Rate		Current Annual Rate		Maximum Annual Rate
Income Riser III		1.10%		1.75%		1.30%		1.95%
Income Maximizer		1.10%		1.75%		1.30%		1.95%
Income Maximizer Plus		1.25%		1.75%		1.45%		1.95%

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If you elect the MAV optional death benefit, during the Accumulation Phase, we will deduct a daily charge at an effective annual rate of 0.40% of your average daily Variable Account Value. For more information about this charge, please see “FEES AND EXPENSES.” For more information about the calculation of this charge, please see “Variable Accumulation Unit Value” under “Variable Account Value.”

Premium Taxes

Some states and local jurisdictions impose a premium tax on us that is equal to a specified percentage of the Purchase Payments you make. In many states there is no premium tax. We believe that the amounts of applicable premium taxes currently range from 0% to 3.5%. You should consult a qualified tax professional to find out if you could be subject to a premium tax and the amount of any tax.

In order to reimburse us for the premium tax we may pay on Purchase Payments, our policy is to deduct the amount of such taxes from the amount you apply to provide an annuity at the time of annuitization. However, we reserve the right to deduct the amount of any applicable tax from your Account at any time, including at the time you make a Purchase Payment or make a full or partial withdrawal. We do not make any profit on the deductions we make to reimburse premium taxes.

Fund Expenses and Restrictions

There are fees and expenses deducted from each Fund. These fees and expenses are described in the Fund prospectuses and related Statements of Additional Information.

Under certain circumstances, the board of directors of a government money market fund would have the discretion to impose a liquidity fee on redemptions from the money market fund and to implement a redemption gate that would temporarily suspend redemptions from the fund. We reserve the right to implement, administer and charge you for any such fee or restriction imposed by the fund.

Modification in the Case of Group Contracts

For Group Contracts, we may modify the annual Account Fee, the administrative expense charge and the mortality and expense risk charge upon notice to Participants. However, such modification will apply only with respect to Participant Accounts established after the effective date of the modification.

OPTIONAL LIVING BENEFITS

We offer a suite of optional living benefits that help protect your future income against market risk (that is, the risk that your investments may decline in value or underperform your expectations). Each living benefit provides lifetime income even if the Account Value declines to zero, provided that certain requirements are met. Note that, if your Account Value is reduced to zero prior to your Coverage Date (generally the Account Anniversary after you turn 59), then your Contract and your living benefit will end. This means that you could pay for a benefit that you never receive.

You may elect to participate in any one of the following optional living benefits (each, a “Living Benefit”):

• Income Riser III (“SIR III”)

• Income Maximizer (“SIM”)

• Income Maximizer Plus (“SIM Plus”)

You can only elect one Living Benefit and that election must be made no later than the Issue Date. You will pay a fee for the Living Benefit that you elect. You may terminate a Living Benefit at any time. However, once terminated, a Living Benefit cannot be reinstated.

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These Living Benefits are available only if you are 85 or younger on the Open Date. For SIM or SIM Plus all Contract Owners and Annuitants must be 21 or older on the Open Date. Important information about cost, restrictions, and availability of each Living Benefit is described more fully below. You should consult with tax and financial professionals to determine which of the Living Benefits is appropriate for you.

Living Benefits are designed to give you income for the rest of your life, regardless of investment performance. To determine the amount of lifetime income for which you are eligible, we consider two factors: your Withdrawal Benefit Base and your Lifetime Withdrawal Percentage. First, we set your Withdrawal Benefit Base to equal your initial Purchase Payment. We then determine your Lifetime Withdrawal Percentage, based on your age when you start taking withdrawals after your Coverage Date. The amount you can withdraw each Account Year equals your Annual Withdrawal Amount, which is your Lifetime Withdrawal Percentage multiplied by your Withdrawal Benefit Base. A Living Benefit gives you the opportunity, through Bonuses, step-ups, the Plus Factor (SIM Plus only), and the 200% Benefit Enhancement (SIM and SIM Plus only), to increase your Withdrawal Benefit Base and, therefore, your Annual Withdrawal Amount. See “Key Terms” for a better understanding of the Living Benefits before reading about them in more detail later in this Prospectus.

Key Terms

It is important to understand several key terms that are fundamental to the Living Benefits. These key terms are described in greater detail elsewhere in this Prospectus.

Annual Withdrawal Amount: an annual dollar amount calculated as a percentage of the Withdrawal Benefit Base beginning on the Coverage Date.

Bonus: an amount equal to 7% (for SIR III), and 8% (for SIM and SIM Plus only), of the Bonus Base credited to the Withdrawal Benefit Base in Account Years during the Bonus Period when no withdrawals are taken.

Bonus Base: the amount on which bonuses are calculated. The Bonus Base is set equal to your initial Purchase Payment, increased by any subsequent Purchase Payments and any “step-ups” (described below), and reduced proportionately by any Early Withdrawals and any Excess Withdrawals, and the One-Time Access Withdrawal (for SIM and SIM Plus only).

Bonus Period: a ten-year period beginning on the Issue Date and ending on your tenth Account Anniversary. For SIR III, this Bonus Period will renew at step-up. For SIM and SIM Plus, the Bonus Period is not renewable, and will end early if any withdrawal (other than the One-Time Access Withdrawal) is taken.

Coverage Date: your Issue Date if you are at least age 59; otherwise, the first Account Anniversary after you attain age 59. On this date, you will be eligible to begin receiving your Annual Withdrawal Amount, provided your Account Value is greater than zero.

Early Withdrawal: a withdrawal taken before the Coverage Date.

Excess Withdrawal: a withdrawal taken after the Coverage Date which, alone or when combined with any other withdrawals taken in the same Account Year, exceeds the Annual Withdrawal Amount (or, if greater, any required minimum distribution amount as defined under the Internal Revenue Code).

Lifetime Withdrawal Percentage: a percentage of the Withdrawal Benefit Base used to calculate the amount you can withdraw each Account Year. The percentage is determined based on your attained age at the time of your first withdrawal after the Coverage Date, unless the withdrawal is the One-Time Access Withdrawal (for SIM and SIM Plus only). Under each Living Benefit, a different Lifetime Withdrawal Percentage applies to specified age ranges. In all cases, the oldest age range corresponds to the highest percentage.

One-Time Access Withdrawal (for SIM and SIM Plus only): a withdrawal that will reduce your Withdrawal Benefit Base, your Bonus Base, and the amount eligible for the 200% Benefit Enhancement, but will not activate or lock-in your Lifetime Withdrawal Percentage or end your Bonus Period.

Plus Factor (for SIM Plus only): an annual increase of 2.5% to the Withdrawal Benefit Base on each Account Anniversary after the Coverage Date that is initiated if you have taken a withdrawal other than a One-Time Access Withdrawal.

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200% Benefit Enhancement (for SIM and SIM Plus only): an amount equal to the sum of 200% of the total Purchase Payments made in the first Account Year and 100% of Purchase Payments made on or after the first Account Anniversary. This sum is reduced proportionately by the One-Time Access Withdrawal, if taken.

Withdrawal Benefit Base: the amount used to calculate (i) your Annual Withdrawal Amount and (ii) the cost of your Living Benefit described below.

When discussing the Living Benefits, the terms “you” and “your” refer to the oldest living Participant under single-life coverage or the younger spouse under joint-life coverage. In the case of a non-natural Participant, these terms refer to the oldest living Annuitant.

Description of the Living Benefits

Each Living Benefit provides you with (i) a guaranteed lifetime withdrawal benefit and (ii) an opportunity to increase the amount of that benefit each year, if you meet certain requirements. First, you must allocate 100% of your Account Value in designated investment choices that are designed to help manage our risk and to support the guarantees under the Living Benefit. Second, after your Coverage Date, you must limit your total withdrawals in each year that a Living Benefit is in effect to an amount no greater than the Annual Withdrawal Amount. Your Living Benefit is in effect beginning on the Issue Date and ending on the earlier of the Annuity Commencement Date or the termination of the Living Benefit. Of course, you can always withdraw an amount up to your Surrender Value pursuant to your rights under the Contract.

Each of the Living Benefits allows you to defer withdrawals during your early Account Years to increase your benefit in later years. SIM and SIM Plus also offer the ability to increase the Withdrawal Benefit Base (i) by making additional Purchase Payments after your first Account Anniversary and (ii) through the 200% Benefit Enhancement. In addition, SIM Plus offers the Plus Factor that provides an additional means to increase the Withdrawal Benefit Base. SIM and SIM Plus also permit a One-Time Access Withdrawal that can be taken before you begin taking your Annual Withdrawal Amount.

You may elect single-life coverage or, for a higher fee, joint-life coverage. Under the Living Benefits, once you make an election, you cannot switch between joint-life and single-life coverage regardless of any change in life events. Joint-life coverage:

(i) must be elected on the Issue Date and cannot be added later;

(ii) is available on an individually-owned Contract only if the spouse is the sole primary beneficiary under the Contract while the Living Benefit is in effect;

(iii) is available on a co-owned Contract only if the spouses are the only co-owners while the Living Benefit is in effect; and

(iv) is not available if you are unmarried on the Issue Date.

If you are in a same-sex marriage, see “Definition of Spouse Under Federal Law” under “TAX PROVISIONS.”

With joint-life coverage, the age of the person who was the younger spouse on the Issue Date determines when you can begin to receive your Living Benefit. Your Coverage Date will be the Issue Date provided that person is age 59. If that person is younger than age 59, your Coverage Date will be the Account Anniversary after he or she attains (or would have attained) age 59. It does not matter whether the person who was the spouse is still alive or whether you are still married to that person. The Lifetime Withdrawal Percentage is based on the age the younger spouse is (or would have been) on the date of the first withdrawal under the Contract after the Coverage Date. The Lifetime Withdrawal Percentage may be reset to a higher percentage in the event of a step-up.

Please note: Whereas withdrawals of the Annual Withdrawal Amount under single-life coverage end when any Participant dies, withdrawals of the Annual Withdrawal Amount under joint-life coverage continue as long as either you or your spouse is alive. To take the Annual Withdrawal Amount after the death of a spouse under joint-life

coverage, however, the surviving spouse must first elect to continue the Contract through spousal continuation. (See “Death of Participant - Joint-Life Coverage.”)

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The following chart summarizes the important information about the terms and conditions of each Living Benefit that is presented in more detail below and in the related appendices.

Purchase Payments and Maximum Withdrawal Benefit Base
	SIR III	SIM	SIM Plus
Purchase Payments allowed after the first Account Anniversary	Not permitted	If permitted, are limited to $50,000 per Account Year without our approval	Same as SIM
Maximum Withdrawal Benefit Base	$5 million	$10 million	Same as SIM

Lifetime Income
	SIR III		SIM	SIM Plus
	Age	Percentage	Same as SIR III	Age	Percentage
Lifetime Withdrawal Percentage	59 - 64	4%		59 - 64	3%
	65 - 79	5%		65 - 79	4%
	80+	6%		80+	5%
Plus Factor	N/A		N/A	The Withdrawal Benefit Base increases by 2.5% annually after you start taking your Annual Withdrawal Amount
Bonuses and Enhancements
	SIR III		SIM	SIM Plus
Bonus	7% of Bonus Base		8% of Bonus Base	Same as SIM
Bonus Period	•   10 years from Issue or last step-up		•   10 years from Issue Date •   Does not renew at step-up •   Ends with any withdrawal (other than One-Time Access Withdrawal)	Same as SIM
200% Benefit Enhancement	N/A		Withdrawal Benefit Base increased to 200% of total 1st year Purchase Payments	Same as SIM

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Step-Up
	SIR III	SIM	SIM Plus
Annual Step-Up	•   During the Bonus Period, the Withdrawal Benefit Base and Bonus Base will step-up to the Account Value, if the Account Value is greater than Withdrawal Benefit Base, increased by any Bonuses •   Future Bonuses based on stepped-up Bonus Base •   After the Bonus Period, the Withdrawal Benefit Base will step-up to the Account Value, if Account Value is greater than Withdrawal Benefit Base •   Step-through to a higher Lifetime Withdrawal Percentage occurs at step-up, if you have attained age for higher tier	Same as SIR III except: •   Bonus Period does not renew at step-up	Same as SIM, and also: •   After the Bonus Period when taking income, the Withdrawal Benefit Base will step-up to the Account Value, if Account Value is greater than Withdrawal Benefit Base increased by the Plus Factor
Impact of Withdrawals
	SIR III	SIM	SIM Plus
Annual Withdrawal Amounts	•   Reduce Account Value dollar-for-dollar •   Do not reduce Withdrawal Benefit Base or Bonus Base	Same as SIR III except: •   Ends Bonus Period and 200% Benefit Enhancement	Same as SIM, and also: •   Plus Factor added on each Account Anniversary
Early Withdrawals	•   Reduce Account Value dollar-for-dollar •   Reduce Bonus Base and Withdrawal Benefit Base each in the same proportion as the amount withdrawn reduces the Account Value •   Subject to withdrawal charge on amount of withdrawal in excess of free withdrawal amount •   May be subject to 10% federal tax penalty if taken before age 591⁄2 •   Contract and Living Benefit cancelled if Account Value reduced to zero as a result of an Early Withdrawal	Same as SIR III, and also: •   Ends Bonus Period and 200% Benefit Enhancement	Same as SIM

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	SIR III	SIM	SIM Plus
Excess Withdrawals	•   Reduce Account Value dollar-for-dollar •   Reduce Bonus Base and Withdrawal Benefit Base in the same proportion as the Account Value is reduced by the amount of the withdrawal that exceeds the Annual Withdrawal Amount •   Subject to withdrawal charge on amount of withdrawal in excess of free withdrawal amount •   Contract and Living Benefit cancelled if Account Value reduced to zero as a result of an Excess Withdrawal	Same as SIR III, and also: •   Ends Bonus Period and 200% Benefit Enhancement	Same as SIM, and also: •   No Plus Factor permitted in any year during which an Excess Withdrawal is taken
One-Time Access Withdrawal	N/A	•   Reduce Account Value dollar-for-dollar •   Reduces Withdrawal Benefit Base, Bonus Base, and the amount eligible for the 200% Benefit Enhancement each in the same proportion as the amount withdrawn reduces the Account Value	Same as SIM, and also: •   Does not trigger initiation of Plus Factor
		•   If 1st withdrawal is an Early Withdrawal, then it will be treated as a One-Time Access Withdrawal
		•   If 1st withdrawal is taken after the Coverage Date, then you must decide whether to elect to use withdrawal as One-Time Access Withdrawal
		•   Will not lock in the Lifetime Withdrawal Percentage
		•   Not available if any systematic withdrawal program has been selected

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Investment Options
	SIR III	SIM	SIM Plus
Designated Funds	100% must be allocated among specified Funds; or 100% to asset allocation models	100% must be allocated among specified Funds	Same as SIM
Portfolio Model (Build Your Own Portfolio)	Allocation Ranges: •   30% - 50% Fixed Income Funds •   40% - 60% Core Retirement Strategies Funds •   10% - 30% Asset Allocation Funds •   0% - 20% Core Equity Funds •   0% - 20% Growth Equity Funds •   0% - 10% Specialty Funds	Allocation Ranges: •   0% - 60% Balanced Funds •   40% - 100% Fixed Income Funds	Same as SIM

Important Considerations

Optional living benefits may not be appropriate for all investors. Before purchasing a Living Benefit, you should carefully consider the following:

1. The frequency and amount of withdrawals you anticipate.

• You should not purchase a Living Benefit if you plan to take Early or Excess Withdrawals, because such withdrawals may significantly reduce or eliminate the value of the guarantees provided by the Living Benefit.

• Because the guaranteed lifetime withdrawal benefit under each Living Benefit is accessed through regular withdrawals that do not exceed the Annual Withdrawal Amount, such an optional living benefit may not be appropriate for you if you do not foresee a need for frequent withdrawals and your primary objective is to take maximum advantage of the tax deferral aspect of the Contract.

• The timing and amount of your withdrawals may significantly decrease, and even terminate, your benefits under a Living Benefit. For example, if your Account Value is reduced to zero immediately following an Early Withdrawal, Excess Withdrawal, or the One-Time Access Withdrawal, then your Withdrawal Benefit Base will also be reduced to zero and your Contract will terminate without value and, thereafter, no Annual Withdrawal Amount will be paid.

• Early and Excess Withdrawals may decrease the Withdrawal Benefit Base, the Bonus Base, and the 200% Benefit Enhancement by more than the amount withdrawn.

• You should carefully consider when to begin making withdrawals, because you may not start at the most financially beneficial time for you. For example, by waiting to take withdrawals, you will have a greater opportunity to increase your Annual Withdrawal Amount, but you will have less time to take withdrawals.

• Withdrawals taken in connection with a Living Benefit also:

• reduce your Account Value;

• reduce your death benefit under the Contract, including any optional death benefit;

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• may be subject to withdrawal charges; and

• may be subject to income taxes and federal tax penalties (e.g., if taken before age 59¹⁄₂).

2. Your investment objectives.

• Your entire Account Value must be allocated to a limited number of specified Funds.

• Any investment in or transfer to a Fund that is not a Designated Fund, or that falls outside the allocation ranges for the Build Your Own Portfolio model, will terminate your Living Benefit.

You should consult your financial adviser to assist you in determining which investment options may be best suited for your financial needs and risk tolerance.

3. The cost of the Living Benefit.

• You will begin paying the fee for the Living Benefit as of the Issue Date, even if you do not begin taking withdrawals for many years, or ever.

• The percentage rate used to calculate the fee may increase or decrease over time, but will not exceed the maximum annual rate shown in the fee table. (See “Costs of Living Benefits.”)

• We will not refund the fees that you have paid for the Living Benefit.

4. The impact of tax regulations.

• The tax rules for Qualified Contracts may limit the value of a Living Benefit. You should consult a qualified tax professional before electing a Living Benefit for a Qualified Policy.

• You may not elect a Living Benefit with an Inherited Non-Qualified or Beneficiary IRA Contract.

• You may only withdraw your annual required minimum distribution (“RMD”) allowed under the Internal Revenue Code once during any given Account Year.

• For SIM and SIM Plus, any withdrawals taken (including RMDs) will end the Bonus Period and the 200% Benefit Enhancement unless your withdrawal is your One-Time Access Withdrawal.

5. Whether joint-life coverage or single-life coverage is appropriate for you.

• With joint-life coverage, all benefits are based on the age of the younger spouse.

• If your spouse is significantly younger or older than you, you should carefully consider whether joint-life coverage is an appropriate choice in light of the possible long waiting period to begin annual withdrawals and to become eligible for the 200% Benefit Enhancement (for SIM or SIM Plus only), the longer period during which your Account Value could be reduced to zero prior to the Coverage Date, and the higher fee for joint-life coverage.

• Single-life coverage may not be an appropriate choice on a co-owned Contract because the Living Benefit will end on the death of any Participant.

• Once you elect joint-life coverage, you or your spouse will always pay the higher joint-life fee.

• If your spouse (as of the Issue Date) is no longer your spouse or no longer the sole primary beneficiary under the Contract, then coverage will continue until the death of a Participant. If a Participant remarries, the new spouse is not covered under the joint-life feature.

• If you are in a same-sex marriage, see “Definition of Spouse Under Federal Law” under “TAX PROVISIONS.”

6. The amount and frequency of Purchase Payments.

• After your Issue Date, we may limit the amount and timing of Purchase Payments that you can make.

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• For SIR III you cannot make Purchase Payments after your first Account Anniversary. Consequently, SIR III may not be appropriate if you are actively invested in a contributory plan.

• For SIM and SIM Plus, you can make additional Purchase Payments at any time. However, any Purchase Payments after the first Account Anniversary will be limited to $50,000 during any Account Year, without our prior approval. We reserve the right not to accept any additional Purchase Payments under SIM and SIM Plus.

• For SIM and SIM Plus, under the 200% Benefit Enhancement, any Purchase Payments made after the first Account Anniversary receive a lower benefit than Purchase Payments made during your first Account Year. (See “200% Benefit Enhancement.”)

• For SIM and SIM Plus, because the Bonus Period ends on your tenth Account Anniversary, any Purchase Payment made after the first Account Anniversary will only be eligible for a Bonus for any years remaining in the Bonus Period.

7. What happens if your Account Value is reduced to zero.

• If your Account Value is reduced to zero before your Coverage Date, the Account Anniversary following the 59^th birthday of the older spouse under single-life coverage (the younger spouse under joint-life coverage), then no Annual Withdrawal Amount will be available, and your Contract, including your Living Benefit, will end. This is true even if no withdrawals had been taken and the Account Value fell to zero as a result of poor investment performance, as well as the deduction of Contract fees and charges.

• If your Account Value is reduced to zero after your Coverage Date, for any reason other than immediately following an Excess Withdrawal or the One-Time Access Withdrawal, then your Contract, including your Living Benefit, will end, except that payments of the Annual Withdrawal Amount (calculated on the following Account Anniversary), increased by the Plus Factor if applicable, will continue to be paid to the Participant for the rest of his/her life. This is true even if your Account Value falls to zero through any combination of (i) poor investment performance, (ii) the deduction of Contract fees and charges, as well as (iii) taking your Annual Withdrawal Amount.

• If your Account Value is reduced to zero immediately following an Early Withdrawal, Excess Withdrawal, or the One-Time Access Withdrawal, then your Contract, including your Living Benefit, will terminate, and no future Annual Withdrawal Amounts will be available.

See “APPENDIX E - OPTIONAL LIVING BENEFIT EXAMPLES” for examples showing how the features of these Living Benefits work.

Withdrawal Benefit Base

We use the Withdrawal Benefit Base to calculate the Annual Withdrawal Amount. On the Issue Date, we set your Withdrawal Benefit Base equal to your initial Purchase Payment. Thereafter, your Withdrawal Benefit Base is:

• increased by any subsequent Purchase Payments;

• increased by any applicable Bonuses;

• increased by any step-ups;

• increased by the 200% Benefit Enhancement (SIM and SIM Plus only);

• increased by the Plus Factor (SIM Plus only);

• decreased by any Early and Excess Withdrawals; and

• decreased by the One-Time Access Withdrawal (SIM and SIM Plus only).

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The maximum Withdrawal Benefit Base permitted upon any step-up is $5 million for SIR III. After including any step-ups, Bonuses, 200% Benefit Enhancement, and the Plus Factor, the maximum Withdrawal Benefit Base permitted is $10 million for SIM and SIM Plus. (For the purposes of determining these maximum limits, we reserve the right, in our sole discretion, to aggregate the benefit bases of all variable annuity contracts with living benefits that you own and that are issued by Delaware Life Insurance Company or its affiliates.)

Please note:

• We use the Withdrawal Benefit Base to calculate the Annual Withdrawal Amount as well as the fee for your Living Benefit.

• Your Withdrawal Benefit Base is not a cash value, a Surrender Value, or a death benefit. It is not available for withdrawal, it is not a minimum return for any Sub-Account, and it is not a guarantee of Account Value.

Lifetime Withdrawal Percentage

We use the Lifetime Withdrawal Percentage to calculate the Annual Withdrawal Amount. The Lifetime Withdrawal Percentage is determined based on:

• your age at the time of the first withdrawal taken after the Coverage Date; or

• if joint-life coverage is selected, the age of the younger spouse at the time of the first withdrawal taken after the Coverage Date.

Age at time of first withdrawal	Lifetime Withdrawal Percentage - Single-Life and Joint-Life Coverage
	SIR III and SIM	SIM Plus
< 59	0%	0%
59 - 64	4%	3%
65 - 79	5%	4%
80 +	6%	5%

Please note: Once established, the Lifetime Withdrawal Percentage will not increase even though your age increases, except in certain circumstances involving step-ups. (See “Step-Up.”)

Annual Withdrawal Amount

Beginning on the Coverage Date, you can withdraw up to the Annual Withdrawal Amount from your Contract in any Account Year without reducing your Withdrawal Benefit Base. The Annual Withdrawal Amount is determined by multiplying the Withdrawal Benefit Base by the Lifetime Withdrawal Percentage (shown in the chart above), based on your age at the time of first withdrawal (other than the One-Time Access Withdrawal) after the Coverage Date. Your Annual Withdrawal Amount is recalculated on your Account Anniversary based upon the increases or decreases to the Withdrawal Benefit Base that occurred during the previous Account Year.

A Purchase Payment will increase your Withdrawal Benefit Base and your Annual Withdrawal Amount will immediately be recalculated. All other increases to the Withdrawal Benefit Base will occur on your next Account Anniversary and result in a new Annual Withdrawal Amount at that time. If an Excess Withdrawal has been taken, your available Annual Withdrawal Amount will be zero for the remainder of that Account Year. On your next Account Anniversary, a new Annual Withdrawal Amount will be calculated, based on your then current Withdrawal Benefit Base. If your Account Value has been reduced to zero immediately following an Excess Withdrawal, your Contract, including your Living Benefit, will end.

Your Lifetime Withdrawal Percentage will increase if your age at the time of step-up coincides with a higher percentage (shown in the chart above).

For further information regarding the impacts of taking your Annual Withdrawal Amount please see “Tax Issues Under the Living Benefits” and “TAX PROVISIONS.”

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Please note:

• If the Living Benefit is elected before your Coverage Date, then you will still be assessed a fee for the Living Benefit, even though the Annual Withdrawal Amount will be zero until the Coverage Date.

• Your Annual Withdrawal Amount is not cumulative. This means that if you do not take the entire Annual Withdrawal Amount during an Account Year, then you cannot take more than the Annual Withdrawal Amount in the next Account Year and maintain the Living Benefit’s guarantees.

Bonus and Bonus Base

If you make no withdrawals in an Account Year during the Bonus Period, then, on each Account Anniversary during the Bonus Period, we will increase your Withdrawal Benefit Base by an amount equal to 7% of the Bonus Base (under SIR III), and 8% of the Bonus Base (under SIM and SIM Plus). The Bonus Period is a ten-year period beginning on the Issue Date and ending on your tenth Account Anniversary. If you step-up SIR III during the Bonus Period, the Bonus Period is renewed for ten years from the date of the step-up. For SIM and SIM Plus, the Bonus Period is not renewable, and will end early if any withdrawal is taken (other than the One-Time Access Withdrawal).

We use the Bonus Base to calculate the Bonus. We set the initial Bonus Base to equal the initial Purchase Payment at issue. The Bonus Base will be increased by any subsequent Purchase Payments and any step-ups. The Bonus Base will be decreased by any Early Withdrawals, Excess Withdrawals, or the One-Time Access Withdrawal.

Please note:

• Under SIR III:

• A Bonus will not be applied during your Bonus Period in any Account Year in which you take a withdrawal.

• Early and Excess Withdrawals will reduce the Bonus Base. (See “Impact of Withdrawals.”)

• Under SIM and SIM Plus:

• Any withdrawal (other than the One-Time Access Withdrawal) will end your Bonus Period and eliminate your Bonus Base.

• A One-Time Access Withdrawal will reduce the Bonus Base. (See “Impact of Withdrawals.”)

200% Benefit Enhancement (SIM and SIM Plus only)

If no withdrawals, other than the One-Time Access Withdrawal, are taken from the Contract, then your Withdrawal Benefit Base will increase to an amount equal to the amount of the 200% Benefit Enhancement on the latest of:

• the 10^th Account Anniversary,

• the Account Anniversary following your 70^th birthday, or

• the Account Anniversary following the 70^th birthday of the younger spouse, if joint-life is elected.

On this date, we will set your Withdrawal Benefit Base to equal the greater of:

• the current Withdrawal Benefit Base, or

• the 200% Benefit Enhancement.

The 200% Benefit Enhancement equals the sum of (1), (2), and (3), below:

(1) 200% of the initial Purchase Payment,

(2) 200% of any additional Purchase Payments made before and including the first Account Anniversary, and

(3) 100% of additional Purchase Payments made after the first Account Anniversary.

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If the One-Time Access Withdrawal is taken, the amount of the 200% Benefit Enhancement will be reduced in the same proportion as the amount withdrawn reduces the Account Value. The One-Time Access Withdrawal will not eliminate the 200% Benefit Enhancement.

Please note:

• If any withdrawal, other than the One-Time Access Withdrawal, is taken from the Contract, then you will not be eligible for the 200% Benefit Enhancement or any future Bonuses.

• This benefit may increase your Withdrawal Benefit Base when investment performance is neutral or negative.

• If, as a result of positive investment performance, your Withdrawal Benefit Base is greater than your 200% Benefit Enhancement, then you would not need or receive the 200% Benefit Enhancement because your actual performance is greater than the guarantee provided by the 200% Benefit Enhancement.

• Purchase Payments made after the first Account Anniversary will not provide any additional benefit to the 200% Benefit Enhancement. This is because the additional amount added to the 200% Benefit Enhancement is equal to 100% of Purchase Payments made after the first Account Anniversary. When adding Purchase Payments after the first Account Year, the same increase is made to the Withdrawal Benefit Base and, consequently, the additional Purchase Payment will not provide any greater benefit under the 200% Benefit Enhancement.

• The maximum Withdrawal Benefit Base permitted for SIM and SIM Plus is $10 million.

• If you are participating in SIR III, the 200% Benefit Enhancement is not available to you.

Step-Up

The step-up feature available with the Living Benefit gives you an opportunity to grow your Withdrawal Benefit Base.

• On each Account Anniversary during the Bonus Period and before your Annuity Commencement Date:

• If your Account Value exceeds your current Withdrawal Benefit Base, adjusted for any applicable Bonus, we will automatically increase your Withdrawal Benefit Base and Bonus Base to an amount equal to your Account Value.

• If your Account Value is less than your current Withdrawal Benefit Base, adjusted for any applicable Bonus, you will receive the Bonus, instead of a step-up.

• On each Account Anniversary after the Bonus Period and before your Annuity Commencement Date, if your Account Value exceeds your current Withdrawal Benefit Base, increased by the Plus Factor, if any, we will automatically increase your Withdrawal Benefit Base to an amount equal to your Account Value.

Please note: The Lifetime Withdrawal Percentage will increase if you have crossed into another age tier at the time of the step-up (we refer to this as “step-through”). For example, if you are age 79 (in the 65-79 age tier) when you make your first withdrawal, and you are age 80 at the time of the automatic step-up of your Withdrawal Benefit Base, then your Lifetime Withdrawal Percentage will increase to the level for the 80+ age tier. (See the chart under “Lifetime Withdrawal Percentage.”)

Plus Factor (SIM Plus only)

After the Coverage Date and if you have taken a withdrawal (other than a One-Time Access Withdrawal), the Plus Factor will be initiated. On each Account Anniversary thereafter, we will automatically increase your Withdrawal Benefit Base by 2.5%, unless a step-up would result in a greater Withdrawal Benefit Base.

Please note:

• A 2.5% Plus Factor increase could prevent a step-up to a higher Lifetime Withdrawal Percentage (referred to as a step-through).

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• If you take an Excess Withdrawal in any Account Year, you will forfeit the Plus Factor for that Account Year.

• If your Account Value is reduced to zero immediately following an Excess Withdrawal, then no Annual Withdrawal Amount will be available. The Contract, including your Living Benefit and the Plus Factor, will end.

• If your Account Value is reduced to zero for any reason, other than immediately following an Excess Withdrawal (or One-Time Access Withdrawal), then the Contract, including your Living Benefit, will end, except that payments of the Annual Withdrawal Amount, increased by the Plus Factor if applicable, will continue to be paid to the Participant for the rest of his/her life.

• If you are participating in SIR III or SIM, the Plus Factor is not available to you.

Impact of Withdrawals

Starting on your Coverage Date and continuing to your Annuity Commencement Date, you may take partial withdrawals up to your Annual Withdrawal Amount each Account Year without reducing your Withdrawal Benefit Base or Bonus Base. These withdrawals will, however, reduce your Account Value by the amount of the withdrawal (and, consequently, the amount of your death benefit proportionately). In addition, these withdrawals are subject to withdrawal charges to the extent that they exceed the greatest of: (i) the free withdrawal amount permitted under your Contract (see “Free Withdrawal Amount”); (ii) your “yearly RMD amount” (subject to conditions discussed in “Tax Issues Under Living Benefits,”); and (iii) your Annual Withdrawal Amount.

Early Withdrawals

Withdrawals taken before your Coverage Date, referred to as “Early Withdrawals,” will reduce your Withdrawal Benefit Base and any Bonus Base according to the following formulas.

Your New Withdrawal Benefit Base	=	WBB x	(	AV - WD	)
				AV
Your New Bonus Base	=	BB x	(	AV - WD	)
				AV

Where:
	WBB	=	your Withdrawal Benefit Base immediately before the Early Withdrawal.
	BB	=	your Bonus Base immediately before the Early Withdrawal.
	WD	=	the amount of the Early Withdrawal.
	AV	=	your Account Value immediately before the Early Withdrawal.

Under SIM and SIM Plus, your first withdrawal, if taken before the Coverage Date, will be deemed the One-Time Access Withdrawal. (See “One-Time Access Withdrawal.”) For Early Withdrawals, the Withdrawal Benefit Base and the Bonus Base are both reduced proportionally by the full amount of the withdrawal.

Excess Withdrawals

After the Coverage Date, any partial withdrawal that, when taken alone or in combination with all other withdrawals taken in the same Account Year, exceeds the Annual Withdrawal Amount is referred to as an “Excess Withdrawal.” An

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Excess Withdrawal will reduce your Withdrawal Benefit Base and any Bonus Base according to the following formulas.

Your New Withdrawal Benefit Base	=	WBB x	(	AV - WD	)
				AV - AWA
Your New Bonus Base	=	BB x	(	AV - WD	)
				AV - AWA

Where:
	WBB	=	your Withdrawal Benefit Base immediately before the Excess Withdrawal.
	BB	=	your Bonus Base immediately before the Excess Withdrawal.
	WD	=	the amount of the Excess Withdrawal.
	AV	=	your Account Value immediately before the Excess Withdrawal.
	AWA	=	your Annual Withdrawal Amount minus any prior partial withdrawals taken during the current Account Year.

If you take an Excess Withdrawal, the Withdrawal Benefit Base and the Bonus Base are both reduced proportionally by the amount of the withdrawal in excess of the Annual Withdrawal Amount.

One-Time Access Withdrawal (SIM and SIM Plus only)

You may take your first withdrawal as the One-Time Access Withdrawal. Before the Coverage Date, your first withdrawal will automatically be your One-Time Access Withdrawal. After your Coverage Date, when you make your first withdrawal, you have the option of electing to use the One-Time Access Withdrawal.

The One-Time Access Withdrawal differs from other withdrawals in that:

• It will not end the 200% Benefit Enhancement, but will reduce the eligible amount based on the following formula:

Your new 200% Benefit Enhancement	=	BE x	(	AV - WD	)
				AV

Where:
	BE	=	the 200% Benefit Enhancement immediately before the One-Time Access Withdrawal.
	WD	=	the total amount of the One-Time Access Withdrawal.
	AV	=	the Account Value immediately before the One-Time Access Withdrawal.

• It will reduce the Withdrawal Benefit Base and Bonus Base in the same manner as an Early Withdrawal. (See “Early Withdrawals.”)

• If taken during the Bonus Period, then it will cause the Bonus for that Account Year to be forfeited, but will not end the Bonus Period.

• If taken after the Coverage Date, then it will not lock in the Lifetime Withdrawal Percentage used to calculate the Annual Withdrawal Amount or initiate the Plus Factor for SIM Plus.

If you take a withdrawal after the Coverage Date and do not elect to use the One-Time Access Withdrawal then:

• we will lock in the Lifetime Withdrawal Percentage;

• you may begin to take your Annual Withdrawal Amount;

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• you will be eligible to receive any applicable Plus Factors under SIM Plus;

• you will forfeit the One-Time Access Withdrawal benefit;

• the Bonus Period ends; and

• you will forfeit the 200% Benefit Enhancement.

If you are participating in SIR III, then the One-Time Access Withdrawal is not available to you.

Please Note: In regard to Early and Excess Withdrawals and the One-Time Access Withdrawal:

• The above calculations show proportionate reductions. Generally speaking:

• If your Account Value is greater than your Withdrawal Benefit Base, the reduction to your Withdrawal Benefit Base will be less than the amount withdrawn.

• If your Account Value is less than your Withdrawal Benefit Base, the reduction to your Withdrawal Benefit Base will be more than the amount withdrawn.

• Subsequent withdrawals taken after the One-Time Access Withdrawal will be treated as described in “Annual Withdrawal Amount,” “Early Withdrawals,” and “Excess Withdrawals.”

• A withdrawal that does not exceed the Annual Withdrawal Amount may nevertheless affect the Bonus Period and step-ups. If you elect SIM or SIM Plus, then any withdrawal, except the One-Time Access Withdrawal, will result in the forfeiture of the 200% Benefit Enhancement and end the Bonus Period. Under SIM Plus, you will forfeit the Plus Factor for that Account Year if you take an Excess Withdrawal.

• In addition, these withdrawals are subject to withdrawal charges to the extent they exceed the greatest of:

• the free withdrawal amount permitted under your Contract;

• your yearly RMD amount for your Contract; and

• your Annual Withdrawal Amount.

• Early Withdrawals, Excess Withdrawals, and the One-Time Access Withdrawal could severely reduce, and even terminate, your Living Benefit, and could reduce your Account Value to zero, thereby terminating your Contract without value.

• In addition to reducing your Living Benefit, any withdrawal taken before you reach age 59¹⁄₂ could have adverse state and federal tax liabilities. You should consult a qualified tax professional for more information.

• We do not monitor for Excess Withdrawals. Accordingly, if you take regular or scheduled withdrawals, you should carefully monitor your withdrawals to be certain they are not in excess of your Annual Withdrawal Amount.

• The One-Time Access Withdrawal is only available at the time of your first partial withdrawal request and cannot be used in connection with any systematic withdrawal program available under your Contract.

• The One-Time Access Withdrawal is not available for a withdrawal made as part of an exchange under Section 1035 of the Internal Revenue Code (“Code”) or as part of a transfer or rollover to an eligible retirement plan offered by another insurance company.

Costs of Living Benefits

If you select a Living Benefit, then we will deduct a fee from your Account Value on the last valuation day of each Account Quarter. The fee is a percentage of your Withdrawal Benefit Base and differs for single-life and joint-life coverage. The percentage rate may increase or decrease over time, but will not exceed the Maximum Annual Rates

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shown in the table below. If we change the rate, then you may elect to cancel your Living Benefit and no longer pay the fee.

	Single-Life								Joint-Life
	Current Quarterly Rate		Current Annual Rate		Maximum Quarterly Rate		Maximum Annual Rate		Current Quarterly Rate		Current Annual Rate		Maximum Quarterly Rate		Maximum Annual Rate
SIR III		0.2750%		1.10%		0.4375%		1.75%		0.3250%		1.30%		0.4875%		1.95%
SIM		0.2750%		1.10%		0.4375%		1.75%		0.3250%		1.30%		0.4875%		1.95%
SIM Plus		0.3125%		1.25%		0.4375%		1.75%		0.3625%		1.45%		0.4875%		1.95%

Please note: Because the fee for the benefit is a percentage of your Withdrawal Benefit Base:

• Your total annual fee is the sum of four quarterly fees and could be a much higher percentage of your Account Value than of your Withdrawal Benefit Base. The maximum annual fee is the maximum annual rate multiplied by the highest quarterly Withdrawal Benefit Base during that Account Year.

• Your fee will increase as your Withdrawal Benefit Base increases (although the rate used to calculate the fee may remain the same).

Cancellation of Living Benefits

Should you decide that the Living Benefit is no longer appropriate for you, you may cancel it at any time.

We will terminate a Living Benefit upon the earliest of the following:

• receipt, in Good Order, at our Service Address, of your written request to cancel the Living Benefit;

• change of ownership of a Contract, unless you have received our prior approval to change the ownership;

• death of a Participant (with single-life coverage);

• death of a Participant with joint-life coverage, if the spouses on the Issue Date are no longer spouses or no longer sole primary beneficiaries;

• annuitization;

• termination/full surrender of the Contract;

• the Withdrawal Benefit Base is reduced to zero as a result of Early or Excess Withdrawals, or the One-Time Access Withdrawal (for SIM and SIM Plus only);

• if the Account Value is reduced to zero prior to the Coverage Date, for any reason;

• any investment in or transfer to a Fund that is not a Designated Fund; or

• any investment in or transfer that is outside the allocation ranges for the Build Your Own Portfolio model.

Upon termination, all benefits and fees associated with a Living Benefit will cease. Once terminated, your Living Benefit cannot be reinstated.

Death of Participant - Single-Life Coverage

If you selected single-life coverage, then the Living Benefit ends on the death of any Participant and the Beneficiary may elect to exercise any of the available options under the Death Benefit provisions of the Contract. If your surviving spouse is the sole primary Beneficiary, he or she may elect to continue the Contract, but the Living Benefit will terminate and no optional living benefit will be available to your surviving spouse.

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Please note:

• Single-life coverage may be inappropriate on a co-owned Contract because the Living Benefit will end on the death of any Participant.

• Beneficiaries who are not spouses cannot continue the Contract (see “Spousal Continuance” under “DEATH BENEFIT”) or any Living Benefit under the Contract. Co-owners who are not spouses should, therefore, discuss with their financial adviser whether a Living Benefit is appropriate for them. Also, if you are in a same-sex marriage, see “Definition of Spouse Under Federal Law” under “TAX PROVISIONS.”

Death of Participant - Joint-Life Coverage

If the surviving spouse on the Death Benefit Date was not the spouse of a Participant on the original Contract’s Issue Date, then this section does not apply, even if joint-life coverage was elected. In such case, if a Participant dies while participating in a Living Benefit, the provisions of the section titled “Death of Participant - Single-Life Coverage” will apply.

If you purchased joint-life coverage and one of the Participants dies, then the surviving spouse, as the sole primary beneficiary, can elect to continue the Contract and all currently-held benefits will continue to the surviving spouse. In such case, the Account Value will be equal to the Death Benefit. If you are in a same-sex marriage, see “Definition of Spouse Under Federal Law” under “TAX PROVISIONS.”

Alternatively, the surviving spouse may elect any available option under the death benefit provisions of the Contract. In such case, the Contract, including any applicable Living Benefit, will end.

Annuitization Under the Living Benefits

If your Account Value is greater than zero on your Maximum Annuity Commencement Date, then you must elect to:

• surrender your Contract and receive your Surrender Value,

• annuitize your Account Value under one of the then currently available Annuity Options, or

• annuitize your remaining Account Value as a single-life annuity (or a joint-life annuity, if joint-life coverage was elected on the Issue Date and is still eligible) with an annualized annuity payment of not less than your then current Annual Withdrawal Amount increased by the Plus Factor, if applicable. If you make no election, we will default your choice to this option.

If you elect to annuitize prior to your Maximum Annuity Commencement Date, then your Contract and any Living Benefit will end.

Tax Issues Under the Living Benefits

Certain state and federal tax provisions may be important to you in connection with a living benefit. If your Contract is a Non-Qualified Contract, it is possible that the election of optional living benefits, such as the Living Benefits, might increase the taxable portion of any withdrawal you make from the Contract. It is not clear whether withdrawals after the Coverage Date while the Contract value is greater than zero will be taxed as withdrawals or as annuity payments. This is significant for Non-Qualified Contracts because withdrawals are taxed less favorably than are annuity payments. In view of this uncertainty, we intend to adopt a conservative approach and treat such payments as withdrawals for tax purposes. We intend to treat payments pursuant to a Living Benefit after the Contract value becomes zero as annuity payments for tax purposes.

You may not elect a Living Benefit with an inherited Non-Qualified Contract or beneficiary IRA Contract.

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If your Contract is a Qualified Contract, then the retirement plan governing that Qualified Contract may be subject to certain required minimum distribution (RMD) provisions imposed by the Internal Revenue Code (the “Code”) and Internal Revenue Service (“IRS”) regulations (collectively, the “Federal Tax Laws”). These RMD provisions require that an amount be distributed from the retirement plan each year. If you were born before July 1, 1949, your required beginning date is April 1 of the calendar year following the calendar year in which you reach age 70 ½. If you were born on or after July 1, 1949, your required beginning date is April 1 of the calendar year following the calendar year in which you reach age 72. For non-IRAs, distributions must begin no later than April 1 of the calendar year following the year in which you attain the applicable age or the date of retirement instead of age 72 if it is later. For that year, and each succeeding year, a distribution must be made on or before December 31. Your failure to withdraw your yearly RMD amount from your retirement plan could result in adverse tax treatment. Because for certain retirement plans we do not know what assets are held by the plan, we have assumed for all plans that the Qualified Contract (i.e., your Contract) is the only asset, and we determine a yearly RMD amount taking into account only your Contract (“Yearly RMD Amount”).

When you elect to participate in a Living Benefit, we will inform you that you may withdraw amounts up to your Yearly RMD Amount each year without reducing your Withdrawal Benefit Base. To assist you in complying with the RMD requirements, in January of each year, we will notify you of your calculated Yearly RMD Amount and inform you that you may withdraw amounts up to your Yearly RMD Amount each Account Year without reducing your Withdrawal Benefit Base. Please note: For SIM and SIM Plus, if you withdraw your yearly RMD amount, that withdrawal will end the Bonus Period and the 200% Benefit Enhancement.

To the extent that the Yearly RMD Amount attributable to your Contract exceeds the Annual Withdrawal Amount permitted each year under your Living Benefit, we currently are waiving withdrawal provisions as follows. If you withdraw all or a portion of your Qualified Contract’s Yearly RMD Amount from the Contract while participating in a Living Benefit, then we will reduce your Account Value dollar-for-dollar by the amount of the withdrawal. In addition, for that year only, your Annual Withdrawal Amount under the Living Benefit will be reduced, dollar-for-dollar, by the amount of the withdrawal. We will not, however, penalize you if the current Federal Tax Laws require you to withdraw from your Contract an amount greater than your Annual Withdrawal Amount. In other words, we will not reduce your Annual Withdrawal Amount for future years (or your Withdrawal Benefit Base or Bonus Base), if a Yearly RMD Amount exceeds your Annual Withdrawal Amount, provided that:

• you withdraw your (Qualified) Contract’s first Yearly RMD Amount in the calendar year you attain age 72, rather than postponing the withdrawal of that amount until the first quarter of the next calendar year, and

• you do not make any withdrawal from your (Qualified) Contract that would result in your receiving, in any Account Year, more than one calendar year’s Yearly RMD Amount.

Currently, any withdrawal in excess of the Annual Withdrawal Amount that is taken to satisfy the Yearly RMD Amounts will not be treated as an Excess Withdrawal. However, if there is any material change to the current Code or IRS Rules governing the timing or determination of required minimum distribution amounts, then the Company reserves the right to treat any withdrawal greater than the Annual Withdrawal Amount as an Excess Withdrawal which may significantly reduce the Withdrawal Benefit Base.

For a further discussion of some of these provisions, please refer to “Impact of Optional Death Benefit and Optional Living Benefits” under “TAX PROVISIONS.”

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DESIGNATED FUNDS

To participate in a Living Benefit, all of your Account Value must be invested only in Designated Funds at all times during the term of your optional living benefit.

For Contracts participating in SIM or SIM Plus, the only Funds, dollar-cost averaging programs, and asset allocation models that currently qualify as Designated Funds are as follows:

Asset Allocation Model	Funds
Build Your Own Portfolio	MFS® Conservative Allocation Portfolio, Service Class
	MFS® Global Tactical Allocation Portfolio, Service Class
Dollar-Cost Averaging Program Options
6-Month DCA Period
12-Month DCA Period

For Contracts participating in SIR III, the only Funds, dollar-cost averaging program options, and asset allocation models that currently qualify as Designated Funds are as follows:

Asset Allocation Models	Funds
Build Your Own Portfolio	AB Dynamic Asset Allocation Portfolio, Class B
Blended Model	MFS® Conservative Allocation Portfolio, Service Class
	MFS® Global Tactical Allocation Portfolio, Service Class
Dollar-Cost Averaging Program Options	MFS® Moderate Allocation Portfolio, Service Class
6-Month DCA Period	PIMCO All Asset Portfolio, Advisor Class
12-Month DCA Period	PIMCO Global Managed Asset Allocation Portfolio, Advisor Class
	Putnam VT Multi-Asset Absolute Return Fund, Class IB

One of the asset allocation models that qualifies as a Designated Fund is the portfolio model that applies to our “build your own portfolio” program. That portfolio model and the “build your own portfolio” program are described in “BUILD YOUR OWN PORTFOLIO” and in “APPENDIX F - BUILD YOUR OWN PORTFOLIO.”

If you elected to participate in Income Riser III (“SIR III”), Income Maximizer (“SIM”), or Income Maximizer Plus (“SIM Plus”) and are invested in more than one Designated Fund, we will automatically transfer assets among your Designated Funds to maintain the percentage allocation you selected. We will make these transfers on a quarterly basis.

We reserve the right to declare that a particular Fund no longer qualifies as a Designated Fund. Written notice will be provided to Contract Owners whenever a fund is no longer considered to be a Designated Fund. If you are invested in a Designated Fund at the time we declare the Fund to no longer be a Designated Fund, your Account Value can remain in that Fund without canceling your participation in a Living Benefit. However, any transfers or future Purchase Payments may only be allocated to a Fund that is declared by us to be a Designated Fund at the time of the transaction. If you are invested in a Fund that has been declared by us to no longer be a Designated Fund, you must first transfer your Account Value from that Fund into one or more of the current Designated Fund(s) if you want to make subsequent Purchase Payments or any additional transfers. (Note that this restriction does not apply to automatic portfolio rebalancing. Likewise, if you are participating in a DCA program and one of the funds receiving transfers under the DCA program is declared no longer to be a Designated Fund, then your Account Value can remain invested in that Fund until the end of your DCA Period. However, before you make any subsequent Purchase Payments, you must first transfer all your Account Value from that Fund into one or more of the current Designated Funds and provide us with new allocation instructions for your DCA program.) We also reserve the right to close Funds only to new Contracts. We will, however, revise the Prospectus to give notice to prospective investors of the closing of any

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Fund. If a Designated Fund is closed only to new Contracts, any current Account Value may remain in that Fund and future transfers and Purchase Payments to that Fund are permissible, as long as the Fund is still declared by us to be a Designated Fund.

Note that on SIR III, SIM, and SIM Plus, we have reserved the right to allow step-ups only if your Account Value is invested in a Fund that has been declared by us to be a Designated Fund. In such case, if you are invested in a Fund that has been declared by us to no longer be a Designated Fund, you will have to transfer into a current Designated Fund before a step-up can occur. If you decide not to transfer into a current Designated Fund and forgo step-up, then your Living Benefit will continue with all of the benefits except for step-up.

BUILD YOUR OWN PORTFOLIO

Among the choices of Designated Funds is a selection of funds (“portfolio model”) that you design yourself using certain broad guidelines that we provide. To “build your own portfolio,” you pick funds from the asset classes available at that time. Altogether you may not choose more than 18 funds for your portfolio model. The amount you may invest in each asset class is determined by a percentage range that we provide for each asset class. The sum of the percentages you invest in the asset classes altogether must total 100%. A chart showing the Funds available in each asset class and the percentage range assigned to each asset class is included in Appendix F.

You may transfer funds within the asset classes as long as your allocations remain within the percentage ranges we have established, and you adhere to the transfer provisions of your Contract. (See “Transfer Privilege,” “Short-Term Trading,” and “Funds’ Trading Policies.”) Withdrawals out of your portfolio model will be taken pro-rata from each of your selected Funds. Any additional Purchase Payments will be allocated proportionally to your current Fund selection. At any time you can change your Fund selection by providing new allocation instructions. Your new instructions will change your existing allocations accordingly. Your portfolio will be rebalanced quarterly to maintain your percentage allocations in line with the performance of the Funds over the prior quarter.

Under the terms of the Living Benefits, however, there are certain limits on the times when you can make additional Purchase Payments. For SIR III, you cannot make Purchase Payments after your first Account Anniversary. For SIM and SIM Plus, you may make additional Purchase Payments at any time. However, Purchase Payments made after the first Account Anniversary will be limited to $50,000 during any Account Year, without our prior approval. We reserve the right not to accept additional Purchase Payments under SIM and SIM Plus.

If at any time, a fund is closed to new business, no new payments or transfers into the fund will be permitted. However, portfolio rebalancing of the fund will continue. To make a payment into your portfolio model after a fund within the model has been closed, you must redesign your portfolio model without the closed fund. Your entire Account Value will then be reallocated to your new portfolio model. Likewise, if you are participating in a DCA program and one of the Funds in this portfolio model receiving transfers under the DCA program is declared to no longer be part of the portfolio model, then the program will run through to completion. However, before you make any subsequent Purchase Payments, you must first either (a) reallocate your total Account Value among funds that comply with the current Build Your Own Portfolio categories or (b) transfer your total Account Value to Designated Funds other than the Build Your Own Portfolio model. You must also provide us with new allocation instructions for your DCA program.

DEATH BENEFIT

If the Covered Person dies during the Accumulation Phase, we may pay a death benefit to the designated Beneficiary(ies), using the payment method elected (a single cash payment or one of our Annuity Options that is available and permissible under Federal Tax Laws). If the Beneficiary is not living on the date of death of the Covered Person, we will pay the death benefit to the surviving Participant, if any, subject to conditions imposed by Federal Tax Laws or, if there is no Participant, in one sum to your estate. We do not pay a death benefit if the Covered Person dies during the Income Phase. However, the Beneficiary may receive any annuity payments provided under the Annuity Option that is in effect and that is permissible under Federal Tax Laws. If the Contract names more than one Covered Person, we will pay the death benefit upon the first death of such Covered Persons.

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The death benefit proceeds will remain invested in the Sub-Accounts in accordance with the allocations made by the Contract Owner until the Beneficiary has provided us with Due Proof of Death in Good Order. Once we have received Due Proof of Death, then investments in the Variable Account may be reallocated in accordance with the Beneficiary’s instructions.

Amount of Death Benefit

To calculate the amount of the death benefit, we use a “Death Benefit Date.” The Death Benefit Date is the date we receive Due Proof of Death of the Covered Person in an acceptable form, if you have elected a death benefit payment method that is permissible under Federal Tax Laws before the death of the Covered Person and it remains in effect. Otherwise, the Death Benefit Date is the later of the date we receive Due Proof of Death or the date we receive the Beneficiary’s election of a payment method or, if the Beneficiary is your spouse, Contract continuation. If we do not receive the Beneficiary’s election within 60 days after we receive Due Proof of Death, we reserve the right to provide a lump sum to your Beneficiary.

The amount of the death benefit is determined as of the Death Benefit Date.

The Basic Death Benefit

The basic death benefit will be the greater of the following amounts:

(1) your Account Value on the Death Benefit Date; and

(2) your total Adjusted Purchase Payments. (See “Calculating the Death Benefit.”)

Adjusted Purchase Payments initially equal the initial Purchase Payment.

Each time there is an additional Purchase Payment then:

Your new Adjusted Purchase Payments = APP + PP                            

Where:
	APP	=	Your Adjusted Purchase Payments immediately prior to the additional Purchase Payment.
	PP	=	The amount of the additional Purchase Payment.

Each time there is a withdrawal then:

Your new Adjusted Purchase Payments	=	APP x	(AV - WD)
			AV

Where:
	APP	=	Your Adjusted Purchase Payments immediately prior to the withdrawal.
	WD	=	The amount of the withdrawal.
	AV	=	Your Account Value immediately prior to the withdrawal.

When the Account Value is less than the Adjusted Purchase Payments, a withdrawal may cause the basic death benefit to decrease by more than the amount of the withdrawal.

Optional Death Benefit

You may enhance the “basic death benefit” by electing the optional death benefit known as the Maximum Anniversary Account Value (“MAV”). You must make your election on or before the Issue Date. You will pay a charge for the optional death benefit. (For a description of the charge, see “Charges for Optional Benefits.”) The optional death

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benefit is available only if you are younger than age 75 on the Open Date. The optional death benefit election may not be changed after the Contract’s Issue Date. The optional death benefit will be adjusted for all partial withdrawals as described in this Prospectus under the heading “Calculating the Death Benefit.”

If your Contract is a Qualified Contract, required minimum distributions under the Internal Revenue Code may affect the value of this optional death benefit to you. Please refer to “Impact of Optional Death Benefit and Optional Living Benefits” under “TAX PROVISIONS” for more information regarding tax issues that you should consider before electing this optional benefit.

Under MAV, the death benefit will be the greater of:

• the amount payable under the basic death benefit above, or

• your highest Account Value on any Account Anniversary before the Covered Person’s 81st birthday, adjusted for any subsequent Purchase Payments and partial withdrawals made between that Account Anniversary and the Death Benefit Date.

In determining the highest Account Value, on the second and each subsequent Account Anniversary, the current Account Value is compared to the previous highest Account Value, adjusted for any Purchase Payments and partial withdrawals made during the Account Year ending on that Account Anniversary. If the current Account Value exceeds the adjusted highest Account Value, the current Account Value will become the new highest Anniversary Account Value.

Spousal Continuance

Under an individually-owned Contract, if you are the Covered Person and your spouse is the sole Beneficiary, upon your death, your spouse may elect to continue the Contract by becoming the new Participant and new Covered Person, rather than receive the death benefit amount. Under a co-owned Contract, if you and your spouse are the Covered Persons and sole Beneficiaries, then upon the death of either you or your spouse, the surviving spouse may continue the Contract as the sole Participant and sole Covered Person. In either case, we will not pay a death benefit, but the Contract’s Account Value will be set to equal the death benefit amount. (See “The Basic Death Benefit” or, if applicable, the “Optional Death Benefit.”) If you are participating in a Living Benefit and you have joint-life coverage, then your surviving spouse may continue the Contract and the Living Benefit. If you are participating in a Living Benefit and you have single-life coverage, then your surviving spouse can continue the Contract, but the Living Benefit will terminate and no optional living benefit will be available to your surviving spouse. (See “Death of Participant - Single-Life Coverage.”)

All Contract provisions, including, if elected, the optional death benefit (subject to the optional death benefit age restriction), will continue as if your surviving spouse had purchased the Contract on the Death Benefit Date with a deposit equal to the death benefit amount. For purposes of calculating death benefits and expenses from that date forward, your surviving spouse’s age on the original effective date of the Contract will be used. Upon surrender or annuitization, this increased amount will not be treated as premium, but will be treated as income. If you are in a same-sex marriage, see “Definition of Spouse Under Federal Law” under “TAX PROVISIONS.”

Calculating the Death Benefit

In calculating the death benefit amount payable under option (3) of “The Basic Death Benefit” or the optional death benefit, each partial withdrawal will reduce the death benefit amount to an amount equal to the death benefit amount immediately before the withdrawal multiplied by the ratio of the Account Value immediately after the withdrawal to the Account Value immediately before the withdrawal. (See “The Basic Death Benefit.”) A withdrawal may cause the basic death benefit to decrease by more than the amount of the withdrawal.

Rather than receiving the death benefit, the Beneficiary may, subject to the requirements under the Federal Tax Laws, elect to annuitize, to defer receipt of the death benefit, or to continue the Contract. In such case, if the death benefit

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amount payable under the Contract is greater than your Account Value, we will increase the Account Value to equal the death benefit amount. Any such increase will be allocated to the Sub-Accounts in proportion to your Account Value in those Sub-Accounts on the Death Benefit Date. Also, any portion of this new Account Value attributed to the Fixed Account will be transferred to the Money Market Sub-Account (without the application of a Market Value Adjustment). If a surviving spouse, as the named Beneficiary, elects to continue the Contract after the Covered Person’s death, the surviving spouse may transfer any such Fixed Account portion back to the Fixed Account and begin a new Guarantee Period, if we are then currently offering Fixed Account options.

Method of Paying Death Benefit

The death benefit may be paid in a single cash payment or as an annuity (either fixed, variable or a combination), under one or more of our Annuity Options that is available and permissible under the Federal Tax Laws. We describe the Annuity Options in this Prospectus under “The Income Phase - Annuity Provisions.”

During the Accumulation Phase, you may elect the method of payment for the death benefit. This election can be made by sending us at our Service Address a completed election form, which we will provide. If no such election is in effect on the date of your death, the Beneficiary may elect either a single cash payment or an annuity that is permissible under the Federal Tax Laws.

We can defer payment of the death benefit to the extent permitted under the Investment Company Act of 1940. (See “Payment of Death Benefit.”)

If we pay the death benefit in the form of an Annuity Option, the Beneficiary becomes the Annuitant/Payee under the terms of that Annuity Option.

Qualified Contracts

If your Contract is a Qualified Contract, the following rules apply to the payment of the death benefit:

The death benefit may be (1) taken as an immediate lump sum, (2) deferred for any period up to December 31^st of the tenth year after your death, or (3) taken in the form of an annuity over a period that does not extend beyond December 31^st of the tenth year after your death.

If, on the date of your death, the Beneficiary is not more than ten years younger than you or is “disabled” or “chronically ill” as either of those terms is defined under Federal Tax Laws, restriction (3) above does not apply and the death benefit may also be taken in the form of an annuity over the Beneficiary’s lifetime or life expectancy.

If the sole Beneficiary is your surviving spouse, the Beneficiary may also elect to continue the Contract. This election is made by sending us written notice in a form acceptable to us. If we do not receive the Beneficiary’s election within 60 days after we receive Due Proof of Death, the Beneficiary shall be deemed to have elected to defer receipt of payment under any death benefit option until a written election is submitted to the Company or a distribution is required by law.

If the Beneficiary is your child and under the age of majority on the date of your death, the Beneficiary may elect to defer receipt of the death benefit for any period up to December 31^st of the tenth year after reaching the age of majority, or take the death benefit in the form of an annuity over a period that does not extend beyond December 31^st of the tenth year after reaching the age of majority.

Non-Qualified Contracts

If your Contract is a Non-Qualified Contract, special distribution rules apply to the payment of the death benefit. The amount of the death benefit must be distributed either (1) as a lump sum within 5 years after your death, or (2) if in the form of an annuity, over a period not greater than the life or expected life of the “designated beneficiary” within the meaning of Section 72(s) of the Internal Revenue Code, with payments beginning no later than one year after your death.

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The person you have named as Beneficiary under your Contract, if any, will be the “designated beneficiary.” If the named Beneficiary is not living and no contingent beneficiary has been named, the surviving Participant, if any, or the estate of the deceased Participant automatically becomes the designated beneficiary.

If the designated beneficiary is your surviving spouse, your spouse may continue the Contract in his or her own name as Participant. To make this election, your spouse must give us written notification within 60 days after we receive Due Proof of Death. The special distribution rules will then apply on the death of your spouse. To understand what happens when your spouse continues the Contract, see “Spousal Continuance.” If you are in a same-sex marriage, see “Definition of Spouse Under Federal Law” under “TAX PROVISIONS.”

During the Income Phase, if the Annuitant dies, the remaining value of the Annuity Option in place must be distributed at least as rapidly as the method of distribution under that option.

If the Participant is not a natural person, these distribution rules apply upon the death or removal of any Annuitant.

Payments made in contravention of these special rules would adversely affect the treatment of the Contracts as annuity contracts under the Internal Revenue Code. Neither you nor the Beneficiary may exercise rights that would have that effect.

Selection and Change of Beneficiary

You select your Beneficiary in your Application. You may change your Beneficiary at any time by sending us written notice on our required form, unless you previously made an irrevocable Beneficiary designation. A new Beneficiary designation is not effective until we record the change.

Every state has unclaimed property laws which generally declare annuity contracts to be abandoned after a period of inactivity of three to five years from the contract’s Annuity Commencement Date or date the death benefit is due and payable. For example, if the payment of a death benefit has been triggered, but, if after a thorough search, we are still unable to locate your Beneficiary, or your Beneficiary does not come forward to claim the death benefit in a timely manner, the death benefit will be paid to the abandoned property division or unclaimed property office of the state in which you or your Beneficiary last resided, as shown on our books and records, or to our state of domicile. This “escheatment” is revocable, however, and the state is obligated to pay the death benefit if your Beneficiary steps forward to claim it with the proper documentation. To prevent such escheatment, it is important that you update your Beneficiary designations, including full names and complete addresses, if and as they change.

Payment of Death Benefit

Payment of the death benefit in cash will be made within seven days of the Death Benefit Date, except if we are permitted to defer payment in accordance with the Investment Company Act of 1940. If an Annuity Option is elected, the Annuity Commencement Date will be the first day of the second calendar month following the Death Benefit Date, and your Account will remain in effect until the Annuity Commencement Date.

THE INCOME PHASE - ANNUITY PROVISIONS

During the Income Phase, we make regular annuity payments to the Annuitant.

The Income Phase of your Contract begins with the Annuity Commencement Date. On that date, we apply your Account Value, adjusted as described under the Annuity Option you have selected, and we make the first annuity payment.

Once the Income Phase begins, no lump sum settlement option or cash withdrawals are permitted, except pursuant to Annuity Option D, Monthly Payments for a Specified Period Certain, as described under “Annuity Options,” and you cannot change the Annuity Option selected. (Also, a Beneficiary receiving payments after the Annuitant’s death under

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Option B, Life Annuity with 60, 120, 180 or 240 Monthly Payments Certain, may elect to receive the discounted value of the remaining payments in a single sum, as discussed under “Annuity Options.”) You may request a full withdrawal before the Annuity Commencement Date, which will be subject to all charges applicable on withdrawals. (See “WITHDRAWALS AND WITHDRAWAL CHARGES.”)

Selection of Annuitant(s)

You select the Annuitant in your Application. The Annuitant is the person who receives annuity payments during the Income Phase and on whose life these payments are based. In your Contract, the Annuity Options refer to the Annuitant as the “Payee.” If you name someone other than yourself as Annuitant and the Annuitant dies before the Income Phase, you become the Annuitant.

When an Annuity Option has been selected as the method of paying the death benefit, the Beneficiary is the Payee of the annuity payments.

Selection of the Annuity Commencement Date

You select the Annuity Commencement Date in your Application. The following restrictions apply to the date you may select:

• The earliest possible Annuity Commencement Date is the first day of the second month following your Issue Date.

• The latest possible Annuity Commencement Date is the first day of the month following the Annuitant’s 95th birthday (“Maximum Annuity Commencement Date”). If there is a Co-Annuitant, the Annuity Commencement Date applies to the younger of the Annuitant and Co-Annuitant.

• The Annuity Commencement Date must always be the first day of a calendar month.

You may change the Annuity Commencement Date by sending us written notice, in a form acceptable to us, with the following additional limitations:

• We must receive your notice, in Good Order, at least 30 days before the current Annuity Commencement Date.

• The new Annuity Commencement Date must be at least 30 days after we receive the notice.

There may be other restrictions on your selection of the Annuity Commencement Date imposed by your retirement plan or applicable law. In most situations, current law requires that for a Qualified Contract, certain minimum distributions must commence as follows:

If you were born before July 1, 1949, your required beginning date is April 1 of the calendar year following the calendar year in which you reach age 70 ½. If you were born on or after July 1, 1949, your required beginning date is April 1 of the calendar year following the calendar year in which you reach age 72. For non-IRAs, distributions must begin no later than April 1 of the calendar year following the year in which you attain the applicable age or the date of retirement instead of age 72 if it is later. For that year, and each succeeding year, a distribution must be made on or before December 31.

Annuity Options

We offer the following Annuity Options for payments during the Income Phase. Each Annuity Option may be selected for a Variable Annuity, a Fixed Annuity, or a combination of both. We may also agree to other settlement options, at our discretion.

Annuity Option A - Life Annuity

We provide monthly payments during the lifetime of the Annuitant. Annuity payments stop when the Annuitant dies. There is no provision for continuation of any payments to a Beneficiary. Note that if the Annuitant dies prior to the end of the first month after the Annuity Commencement Date, only one annuity payment will be made.

Annuity Option B - Life Annuity with 60, 120, 180 or 240 Monthly Payments Certain

We make monthly payments during the lifetime of the Annuitant. In addition, we guarantee that the Beneficiary will receive monthly payments for the remainder of the period certain, if the Annuitant dies during that period, subject to

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any conditions imposed by Federal Tax Laws. The election of a longer period results in smaller monthly payments. If no Beneficiary is designated, we pay the discounted value of the remaining payments in one sum to the Annuitant’s estate. The Beneficiary may also elect to receive the discounted value of the remaining payments in one sum. The discount rate for a Variable Annuity will be the assumed interest rate of 3%; the discount rate for a Fixed Annuity will be based on the interest rate we used to determine the amount of each payment.

If your Contract is a Qualified Contract, in general, the Beneficiary must take any remaining payments over a period that does not extend beyond December 31^st of the tenth year after your death. If, on the date of your death, the Beneficiary is your spouse, or is not more than ten years younger than you or is “disabled” or “chronically ill” as either of those terms is defined under Federal Tax Laws, this restriction does not apply and the Beneficiary may receive monthly payments for the remainder of the period certain, regardless of its duration. If the Beneficiary is your child and under the age of majority on the date of your death, the Beneficiary may take any remaining payments over a period that does not extend beyond December 31^st of the tenth year after the Beneficiary attains the age of majority.

Annuity Option C - Joint and Survivor Annuity

We make monthly payments during the lifetime of the Annuitant and another person you designate and during the lifetime of the survivor of the two. We stop making payments when the last survivor dies. There is no provision for continuance of any payments to a Beneficiary.

If your Contract is a Qualified Contract, this Annuity Option is available only if the Annuitant and the other designated person are spouses.

Annuity Option D - Monthly Payments for a Specified Period Certain

We make monthly payments for a specified period of time from 5 to 30 years, as you elect. The longer the period you elect, the smaller your monthly payments will be. If payments under this option are paid on a variable annuity basis, the Annuitant may elect to receive, in one sum, at any time, some or all of the discounted value of the remaining payments, less any applicable withdrawal charge; the discount rate for this purpose will be the assumed interest rate of 3%. If the Annuitant dies during the period selected, the remaining income payments are made as described above for the payments to a Beneficiary under Annuity Option B, subject to any conditions imposed by Federal Tax Laws. The election of this Annuity Option may result in the imposition of a penalty tax. The 5, 6, 7, 8, and 9-year period certain options are not available during your first seven Account Years unless (a) you or your Beneficiary are selecting this Annuity Option to be used as the method of payment for the death benefit and (b) your Beneficiary’s life expectancy on the date of the first payment exceeds the selected period.

If your Contract is a Qualified Contract, in general, payments cannot extend beyond December 31^st of the tenth year after your death. If, on the date of your death, the Beneficiary is your spouse, or is not more than ten years younger than you or is “disabled” or “chronically ill” as either of those terms is defined under Federal Tax Laws, this restriction does not apply and the Beneficiary may receive monthly payments for the remainder of the period certain, regardless of its duration. If the Beneficiary is your child and under the age of majority on the date of your death, the Beneficiary may take monthly payments over a period that does not extend beyond December 31^st of the tenth year after the Beneficiary attains the age of majority.

Selection of Annuity Option

You select one or more of the Annuity Options, which you may change during the Accumulation Phase, as long as we receive your selection or change in writing at least 30 days before the Annuity Commencement Date. If we have not received your written selection on the 30th day before the Annuity Commencement Date, you will receive Annuity Option B, for a life annuity with 120 monthly payments certain, except as otherwise provided under your applicable living benefit.

You must specify the proportion of your Adjusted Account Value you wish to provide a Variable Annuity or a Fixed Annuity. Under a Variable Annuity, the dollar amount of payments will vary, while under a Fixed Annuity, the dollar

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amount of payments will remain the same. You may allocate your Adjusted Account Value applied to a Variable Annuity among the Sub-Accounts, or we will use your existing allocations. If, however, a portion of your Account Value was allocated to a Guarantee Period at the time of annuitization, that portion will be exchanged for Annuity Units and allocated among the Sub-Accounts you select at annuitization or, if you make no such selection, then in proportion to the Sub-Accounts you were invested in prior to annuitization.

There may be additional limitations on the options you may elect under your particular retirement plan or applicable law.

Remember that the Annuity Option may not be changed once annuity payments begin, unless a change is required under Federal Tax Laws.

Amount of Annuity Payments

Adjusted Account Value

The Adjusted Account Value is the amount we apply to provide a Variable Annuity and/or a Fixed Annuity. We calculate Adjusted Account Value by taking your Account Value on the Business Day just before the Annuity Commencement Date and making the following adjustments:

• We deduct a proportional amount of the Account Fee, based on the fraction of the current Account Year that has elapsed.

• We deduct any applicable premium tax or similar tax if not previously deducted.

Variable Annuity Payments

On the Annuity Commencement Date, we will exchange your Account’s Variable Accumulation Units for Annuity Units upon which we will assess annual insurance charges of 1.60% of your average daily Annuity Unit values. Variable Annuity payments may vary each month. We determine the dollar amount of the first payment using the portion of your Adjusted Account Value applied to a Variable Annuity and the “annuity payment rates” in your Contract, which are based on an assumed interest rate of 3% per year, compounded annually. (See “Annuity Payment Rates.”)

To calculate the remaining payments, we convert the amount of the first payment into Annuity Units for each Sub-Account; we determine the number of those Annuity Units by dividing the portion of the first payment attributable to the Sub-Account by the Annuity Unit value of that Sub-Account for the Valuation Period ending just before the Annuity Commencement Date. This number of Annuity Units for each Sub-Account will remain constant (unless the Annuitant requests a transfer among Sub-Accounts). However, the dollar amount of the next Variable Annuity payment, which is the sum of the number of Annuity Units for each Sub-Account times its Annuity Unit value for the Valuation Period ending just before the date of the payment, will increase, decrease, or remain the same, depending on the net investment return of the Sub-Accounts.

If the net investment return of the Sub-Accounts selected is the same as the assumed interest rate of 3%, compounded annually, the payments will remain level. If the net investment return exceeds the assumed interest rate, payments will increase and, conversely, if it is less than the assumed interest rate, payments will decrease.

Please refer to the Statement of Additional Information for more information about calculating Variable Annuity Units and Variable Annuity payments, including examples of these calculations.

After you annuitize, we will deduct total insurance charges at an annual rate of 1.60% of your average daily Annuity Unit values. We will no longer deduct the mortality and expense risk charge or the charges for any optional living benefit or the optional death benefit. The 1.60% charge, which includes an administrative expense charge and a distribution fee, compensates us for the risks and expenses associated with providing annuity payments during the Income Phase. The total insurance charges of 1.60% during the Income Phase are higher than the maximum total Variable Account annual expenses (without optional benefits) deducted during the Accumulation Phase.

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Fixed Annuity Payments

Fixed Annuity payments are the same each month. We determine the dollar amount of each Fixed Annuity payment using the fixed portion of your Adjusted Account Value and the applicable “annuity payment rates.” These will be either (1) the rates in your Contract, or (2) new rates we have published and are using on the Annuity Commencement Date, if they are more favorable. (See “Annuity Payment Rates.”)

Minimum Payments

If your Adjusted Account Value is less than $2,000, or the first annuity payment for any Annuity Option is less than $20, we will pay the Adjusted Account Value to the Annuitant in one payment, except as otherwise provided under your Living Benefit.

Transfer of Variable Annuity Units

During the Income Phase, the Annuitant may transfer Annuity Units in one Sub-Account for Annuity Units in another Sub-Account, up to 12 times each Account Year. Any such transfers may be subject to any restrictions or other policies that the Funds have adopted to protect the Funds from short-term trading or other practices that are potentially harmful to the Fund (the “Funds’ Trading Policies”). The applicability of the Funds’ Trading Policies is the same during the Income Phase as during the Accumulation Phase, and this is discussed in this Prospectus under “Funds’ Trading Policies.” For the reasons discussed there, you should review and comply with each Fund’s Trading Policies, which are generally disclosed in the Funds’ current prospectuses.

During the Income Phase, the Annuitant, the authorized representative of the broker-dealer of record, or another authorized third party may request transfers by telephone, or in writing by submitting the request to our Service Address, stating the number of Annuity Units in the Sub-Account he or she wishes to transfer and the new Sub-Account for which Annuity Units are requested. The number of new Annuity Units will be calculated so the dollar amount of an annuity payment on the date of the transfer would not be affected. To calculate this number, we use Annuity Unit values for the Valuation Period during which we receive the transfer request.

Before transferring Annuity Units in one Sub-Account for those in another, the Annuitant should carefully review the relevant Fund prospectuses for the investment objectives and risk disclosure of the Funds in which the Sub-Accounts invest.

During the Income Phase, we permit only transfers among Sub-Accounts. No transfers to or from a Fixed Annuity are permitted.

Account Fee

During the Income Phase, we deduct the annual Account fee of $50 in equal amounts from each Variable Annuity payment. We do not deduct the annual Account fee from Fixed Annuity payments.

Annuity Payment Rates

Annuity payment rates are the rates we use to determine the dollar amount of an annuity payment under each Annuity Option. The Contract contains annuity payment rate schedules for each Annuity Option described in this Prospectus. These schedules show, for each $1,000 applied, the dollar amount of: (a) the first monthly Variable Annuity payment based on the assumed interest rate specified in the applicable Contract (3% per year, compounded annually); and (b) the monthly Fixed Annuity payment, when this payment is based on the minimum guaranteed interest rate specified in the Contract. We may change these rates under Group Contracts for Accounts established after the effective date of such change. (See “Modification.”)

The annuity payment rates may vary according to the Annuity Option elected and the adjusted age of the Annuitant. The Contracts also describe the method of determining the adjusted age of the Annuitant. The mortality table used in determining the annuity payment rates for Annuity Options A, B and C is the Annuity 2000 Table.

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Annuity Options as Method of Payment for Death Benefit

You or your Beneficiary may also select one or more Annuity Options to be used in the event of the Covered Person’s death before the Income Phase, as described under the “Death Benefit” section of this Prospectus. In that case, your Beneficiary will be the Annuitant. The Annuity Commencement Date will be the first day of the second month beginning after the Death Benefit Date.

OTHER CONTRACT PROVISIONS

Exercise of Contract Rights

An Individual Contract belongs to the individual to whom the Contract is issued. A Group Contract belongs to the Owner. In the case of a Group Contract, the Owner may expressly reserve all Contract rights and privileges; otherwise, each Participant will be entitled to exercise such rights and privileges. In any case, such rights and privileges can be exercised without the consent of the Beneficiary (other than an irrevocably designated Beneficiary) or any other person. Such rights and privileges may be exercised only before the Annuity Commencement Date, except as the Contract otherwise provides.

The Annuitant becomes the Payee on and after the Annuity Commencement Date. The Beneficiary becomes the Payee on the death of the Covered Person prior to the Annuity Commencement Date, or on the death of the Annuitant after the Annuity Commencement Date. Such Payee may thereafter exercise such rights and privileges, if any, of ownership which continue.

Change of Ownership

Ownership of a Qualified Contract may not be transferred except to: (1) the Annuitant; (2) a trustee or successor trustee of a pension or profit sharing trust which is qualified under Section 401 of the Internal Revenue Code; (3) the employer of the Annuitant, provided that the Qualified Contract after transfer is maintained under the terms of a retirement plan qualified under Section 403(a) of the Internal Revenue Code for the benefit of the Annuitant; (4) the trustee or custodian of an individual retirement account plan qualified under Section 408 of the Internal Revenue Code for the benefit of the Participants under a Group Contract; or (5) as otherwise permitted from time to time by laws and regulations governing the retirement or deferred compensation plans for which a Qualified Contract may be issued. Subject to the foregoing, a Qualified Contract may not be sold, assigned, transferred, discounted or pledged as collateral for a loan or as security for the performance of an obligation or for any other purpose to any person other than the Company.

The Owner of a Non-Qualified Contract may change the ownership of the Contract prior to the Annuity Commencement Date; and each Participant, in like manner, may change the ownership interest in a Contract. A change of ownership will not be binding on us until we receive written notification, in Good Order. When we receive such notification, the change will be effective as of the date on which the request for change was signed by the Owner or Participant, as appropriate, but the change will be without prejudice to us on account of any payment we make or any action we take before receiving the change. If you change the Owner of a Non-Qualified Contract without full and adequate consideration, you will become immediately liable for the payment of taxes on any gain realized under the Contract prior to the change of ownership, including possible liability for a 10% federal excise tax.

Change of ownership will not change the Covered Person named when the Contract is issued. This means that all death benefits and surrender charge waivers will continue to be based on the Covered Person and not the Participant. The amount payable on the death of the new Participant will be the Surrender Value.

Voting of Fund Shares

To the extent required by law, we will vote all shares held in the Variable Account in accordance with instructions we receive from persons with voting interests in the Funds. During the Accumulation Phase, you will have the right to give voting instructions, except in the case of a Group Contract in which the Owner has reserved this right. During the Income Phase, the Payee (that is, the Annuitant or Beneficiary entitled to receive benefits) is the person having the right to give voting instructions.

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Before a vote of the shareholders of a Fund occurs, each person with voting interests in the Fund will receive voting materials from us. We will ask those persons to instruct us on how to vote and to return their respective voting instructions to us in a timely manner. Each such person is permitted to cast votes based on the dollar value of the shares of each Fund that we hold for your Contract in the corresponding Sub-Account. We calculate this value based on the number of Variable Accumulation Units or Variable Annuity Units allocated to your Contract as of the date set by the Fund and the value of each Variable Accumulation Unit or Variable Annuity Unit on that date. We count fractional votes.

We will vote any shares attributable to us and Fund shares for which no timely voting instructions are received in the same proportion as the shares for which we receive instructions from person(s) with voting interests in the Fund. Because of this method of proportional voting, a small number of persons with voting interests in the Fund may determine the outcome of a shareholder vote. If, however, we determine that we are permitted to vote the Fund shares in our own right, then we may do so.

Note: Owners of Qualified Contracts issued on a group basis may be subject to other voting provisions of the particular retirement plan and under the Investment Company Act of 1940. Employees who contribute to retirement plans that are funded by the Contracts may be entitled to instruct the Owners as to how to instruct us to vote the Fund shares attributable to their contributions. Such retirement plans may also provide the additional extent, if any, to which an Owner shall follow voting instructions of persons with rights under those plans. If no voting instructions are received from any such person with respect to a particular Contract, the Owner may instruct us as to how to vote the number of Fund shares for which instructions may be given.

Reports to Owners

We will send you, by regular U.S. mail, confirmation of all Purchase Payments (including any interest credited), withdrawals, (including any withdrawal charges and federal taxes on withdrawals), minimum distributions, death benefit payments, transfers (excluding dollar-cost averaging transfers) and living benefit credits or refunds. Such confirmations will be sent within two business days after the transaction occurs.

In addition, within five business days after each calendar quarter, we will send you, by regular U.S. mail, a statement showing your current Account Value, death benefit value, and investment allocation by asset class. Each quarterly statement will detail transactions that occurred during the last calendar quarter including Purchase Payments, annuity payments, transfers (including dollar-cost averaging transfers), partial withdrawals, systematic withdrawals, minimum distributions, portfolio rebalancing, asset reallocations, step-ups credited on living benefits, and annual contract fees assessed.

We will also send you annual and semi-annual reports of the Funds in which you are invested, including a list of investments held by each portfolio as of the current date of the report.

If you have enrolled in the electronic delivery service and consented to receive documents electronically, we will send you an email at the address you provided notifying you when we have posted your confirmations, statements, and reports on our website.

It is your obligation to review each such statement carefully and to report to us, at the address or telephone number provided on the statement, any errors or discrepancies in the information presented therein within 60 days of the date of such statement. Unless we receive notice of any such error or discrepancy from you within such period, we may not be responsible for correcting the error or discrepancy.

Substitution of Securities

Shares of any or all Funds may not always be available for investment under the Contract. We may add or delete Funds or other investment companies as variable investment options under the Contract. We may also substitute for the shares held in any Sub-Account shares of another Fund or shares of another registered open-end investment company or unit investment trust, provided that the substitution has been approved, if required, by the SEC. You will receive notice of any such Fund changes that affect your Contract by a supplement to this Prospectus.

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Change in Operation of Variable Account

At our election and subject to any necessary vote by persons having the right to give instructions with respect to the voting of Fund shares held by the Sub-Accounts, the Variable Account may be operated as a management company under the Investment Company Act of 1940 or it may be deregistered under the Investment Company Act of 1940 in the event registration is no longer required. Deregistration of the Variable Account requires an order by the SEC. In the event of any change in the operation of the Variable Account pursuant to this provision, we may supplement this Prospectus to reflect the change and take such other action as may be necessary and appropriate to effect the change.

Splitting Units

We reserve the right to split or combine the value of Variable Accumulation Units, Annuity Units or any of them. In effecting any such change of unit values, strict equity will be preserved and no change will have a material effect on the benefits or other provisions of the Contract. Any changes we make by splitting or combining Variable Accumulation Unit values must comply with federal securities laws and regulations.

Modification

Upon notice to the Participant, in the case of an Individual Contract, and the Owner and Participant(s), in the case of a Group Contract (or the Payee(s) during the Income Phase), we may modify the Contract if such modification is consistent with federal securities laws and regulations and: (1) is necessary to make the Contract or the Variable Account comply with any law or regulation issued by a governmental agency to which the Company or the Variable Account is subject; (2) is necessary to assure continued qualification of the Contract under the Internal Revenue Code or other federal or state laws relating to retirement annuities or annuity contracts; (3) is necessary to reflect a change in the operation of the Variable Account or the Sub-Account(s) (see “Change in Operation of Variable Account”); (4) provides additional Variable Account and/or fixed accumulation options; or (5) as may otherwise be in the best interests of Owners, Participants, or Payees, as applicable. In the event of any such modification, we may supplement this Prospectus to reflect such modification.

In addition, upon notice to the Owner, we may modify a Group Contract to change the withdrawal charges, Account Fee, mortality and expense risk charges, administrative expense charges, and the tables used in determining the amount of the first monthly variable annuity and fixed annuity payments, provided that such modification will not exceed the maximum fees as shown in the fee table. In order to exercise our modification rights in these particular instances, we must notify the Owner of such modification in writing. The notice shall specify the effective date of such modification which must be at least 60 days following the date we mail notice of modification. All of the charges and the annuity tables which are provided in the Group Contract prior to any such modification will remain in effect permanently, unless improved by the Company, with respect to Participant Accounts established prior to the effective date of such modification.

Discontinuance of New Participants

We may limit or discontinue the acceptance of new Applications and the issuance of new Certificates under a Group Contract by giving 30 days prior written notice to the Owner. This will not affect rights or benefits with respect to any Participant Accounts established under such Group Contract prior to the effective date of such limitation or discontinuance.

Reservation of Rights

We reserve the right, to the extent permitted by law, to: (1) combine any two or more variable accounts or Sub-Accounts; (2) add or delete Funds, sub-series thereof or other investment companies and corresponding Sub-Accounts; (3) add or remove DCA Periods available at any time for election by a Participant; and (4) restrict or eliminate any of the voting rights of Participants (or Owners) or other persons who have voting rights as to the Variable Account. Where required by law, we will obtain approval of changes from Participants or any appropriate regulatory authority. In the event of any change pursuant to this provision, we may supplement this Prospectus and make appropriate endorsement to the Contract as necessary to reflect the change.

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Right to Return

If you are not satisfied with your Contract, you may return it by mailing or delivering it to us at our Service Address, within 10 days or longer if allowed by your state after it was delivered to you. State law may also allow you to return the Contract to your sales representative. (Information about your right to return period can be found on the first page of your Contract or prominently displayed in an endorsement to your Contract. You can also obtain information about your right to return period by contacting your sales representative.) When we receive the returned Contract, it will be cancelled and we will refund to you your Account Value. If applicable state law requires return of Purchase Payments, we will return the greater of (1) your Surrender Value or (2) the full amount of any Purchase Payment(s) we received.

If you are establishing an Individual Retirement Annuity (“IRA”), the Internal Revenue Code requires that we give you a disclosure statement containing certain information about the Contract and applicable legal requirements. We must give you this statement on or before the date the IRA is established. If we give you the disclosure statement before the seventh day preceding the date the IRA is established, you will not have any right of revocation under the Code. If we give you the disclosure statement at a later date, then you may give us a notice of revocation at any time within seven days after your Issue Date. Upon such revocation, we will refund your Purchase Payment(s). This right of revocation with respect to an IRA is in addition to the return privilege set forth in the preceding paragraph. We allow a Participant establishing an IRA a “ten day free-look,” notwithstanding the provisions of the Internal Revenue Code.

TAX PROVISIONS

This section provides general information on the federal income tax consequences of ownership of a Contract and is not intended as tax advice. Actual federal tax consequences will vary depending on, among other things, the type of retirement plan under which your Contract is issued. Also, legislation altering the current tax treatment of annuity contracts could be enacted in the future and could apply retroactively to Contracts that were purchased before the date of enactment. We make no attempt to consider any applicable state or other income tax laws, any state and local estate or inheritance tax, or other tax consequences of ownership or receipt of distributions under a Contract. We also make no guarantee regarding the federal, state, or local tax status of any Contract or any transaction involving any Contract. You should consult a qualified tax professional for advice before purchasing a Contract or executing any other transaction (such as a rollover, distribution, withdrawal or payment) involving a Contract.

When you invest in an annuity contract, you usually do not pay taxes on your investment gains until you withdraw the money - generally for retirement purposes. If you invest in a variable annuity as part of an individual retirement plan, pension plan or employer-sponsored retirement program, your Contract is called a “Qualified Contract.” If your annuity is independent of any formal retirement or pension plan, it is termed a “Non-Qualified Contract.” The tax rules applicable to Qualified Contracts vary according to the type of retirement plan and the terms and conditions of the plan.

U.S. Federal Income Tax Provisions

The following discussion applies only to those Contracts issued in the United States. For a discussion of tax provisions affecting Contracts issued in Puerto Rico, see “Puerto Rico Tax Provisions.”

Taxation of Non-Qualified Contracts

Deductibility of Purchase Payments. For federal income tax purposes, Purchase Payments made under Non-Qualified Contracts are not deductible. Under certain circumstances, Purchase Payments made under Qualified Contracts may be excludible or deductible from taxable income. Any such amounts will also be excluded from the “investment in the contract” for purposes of determining the taxable portion of any distributions from a Qualified Contract. As a general rule, regardless of whether you own a Qualified or a Non-Qualified Contract, the amount of your tax liability on earnings and distributions will depend upon the specific tax rules applicable to your Contract and your particular circumstances.

Pre-Distribution Taxation of Contracts. Generally, an increase in the value of a Contract will not give rise to a current income tax liability to the Owner of a Contract or to any Payee under the Contract until a distribution is received from the Contract. However, certain assignments or pledges of a Contract will be treated as distributions to the Owner of the Contract and will accelerate the taxability of any increases in the value of a Contract.

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Also, corporate (or other non-natural person) Owners of a Non-Qualified Contract will generally incur a current tax liability on Account Value increases. There are certain exceptions to this current taxation rule, including: (i) any Contract that is an “immediate annuity”, which the Internal Revenue Code (the “Code”) defines as a single premium contract with an annuity commencement date within one year of the date of purchase which provides for a series of substantially equal periodic payments (to be made not less frequently than annually) during the annuity period, and (ii) any Contract that the non-natural person holds as agent for a natural person (such as where a bank or other entity holds a Contract as trustee under a trust agreement).

You should note that a qualified retirement plan generally provides tax deferral regardless of whether the plan invests in an annuity contract. For that reason, no decision to purchase an annuity should be based on the assumption that the purchase of an annuity is necessary to obtain tax deferral under a qualified plan.

Distributions and Withdrawals from Non-Qualified Contracts. The Account Value of a Non-Qualified Contract will generally include both (i) an amount attributable to Purchase Payments, the return of which will not be taxable, and (ii) an amount attributable to investment earnings, the receipt of which will be taxable at ordinary income rates. The relative portions of any particular distribution that derive from nontaxable Purchase Payments and taxable investment earnings depend upon the nature and the timing of that distribution.

Any withdrawal of less than your entire Account Value under a Non-Qualified Contract before the Annuity Commencement Date must be treated as a receipt of investment earnings to the extent the Account Value immediately prior to the withdrawal exceeds the “investment in the contract”. You may not treat such withdrawals as a non-taxable return of Purchase Payments unless you have first withdrawn the entire amount of the Account Value that is attributable to investment earnings. For purposes of determining whether an Owner has withdrawn the entire amount of the investment earnings under a Non-Qualified Contract, the Code provides that all Non-Qualified deferred annuity contracts issued by the same company to the same Owner during any one calendar year must be treated as one annuity contract. If you withdraw your entire Account Value under a Non-Qualified Contract before the Annuity Commencement Date (a “full surrender”), the taxable portion will equal the amount you receive less the “investment in the contract” (i.e., the total Purchase Payments (excluding amounts that were deductible by, or excluded from the gross income of, the Owner of a Contract), less any Purchase Payments that were amounts previously received which were not includable in income).

Annuity Payments. A Payee who receives annuity payments under a Non-Qualified Contract after the Annuity Commencement Date will generally be able to treat a portion of each payment as a nontaxable return of Purchase Payments and to treat only the remainder of each such payment as taxable investment earnings. Until the Purchase Payments have been fully recovered in this manner, the nontaxable portion of each payment will be determined by the ratio of (i) the total amount of the Purchase Payments made under the Contract, to (ii) the Payee’s expected return under the Contract. Once the Payee has received nontaxable payments in an amount equal to total Purchase Payments, no further exclusion is allowed and all future distributions will constitute fully taxable ordinary income. If payments are terminated upon the death of the Annuitant or other Payee before the Purchase Payments have been fully recovered, the unrecovered Purchase Payments may be deducted on the final return of the Annuitant or other Payee.

Penalty Tax on Certain Withdrawals. A penalty tax of 10% may also apply to taxable cash withdrawals, including lump-sum payments from Non-Qualified Contracts. This penalty will generally not apply to distributions made after age 59¹⁄₂, to distributions pursuant to the death or disability of the owner, to distributions that are a part of a series of substantially equal periodic payments made not less frequently than annually for life or life expectancy, or to distributions under an immediate annuity (as defined above). Other exceptions may be applicable under certain circumstances and special rules may be applicable in connection with the exceptions enumerated above. Also, additional exceptions apply to distributions from a Qualified Contract. You should consult a qualified tax professional with regard to exceptions from the penalty tax.

Taxation of Death Benefit Proceeds. Generally, death benefits paid upon the death of a Participant are not life insurance benefits and will generally be includable in the income of the recipient to the extent they represent investment earnings under the contract. For this purpose, the amount of the investment in the Contract is not affected by the Participant’s or Annuitant’s death, i.e., the investment in the Contract must still be determined by reference to

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the Participant’s investment in the Contract. Special mandatory distribution rules also apply after the death of the Participant when the beneficiary is not the surviving spouse of the Participant.

If death benefits are distributed in a lump sum, the taxable amount of those benefits will be determined in the same manner as upon a full surrender of the Contract. If death benefits are distributed under an annuity option, the taxable amount of those benefits will be determined in the same manner as annuity payments, as described above.

For a Non-Qualified Contract to be treated as an annuity contract for federal income tax purposes, the terms of the Contract must provide the following three distribution rules:

(1) If the Owner dies before the date annuity payouts begin, the entire Annuity Account Value must generally be distributed within five years after the date of death;

(2) If payable to a designated Beneficiary, the distributions may be paid over the life of that designated Beneficiary or over a period not extending beyond the life expectancy of that Beneficiary, so long as payouts start within one year of the Owner’s death; and

(3) If the sole designated Beneficiary is the Owner’s Spouse, the Contract may be continued in the name of the Spouse as Owner.

Transfers, Assignments or Exchanges of a Contract. A transfer or assignment of ownership of a Contract, the designation of an Annuitant other than the Owner, the selection of certain maturity dates, or the exchange of a Contract may result in certain tax consequences to you that are not discussed herein. An Owner contemplating any such transfer, assignment or exchange should consult a qualified tax professional as to the tax consequences.

Section 1035 of the Code provides that no gain or loss will be recognized on the exchange of one annuity contract for another. Generally, an annuity contract issued in an exchange for another annuity contract is treated as new for purposes of the penalty and distribution at death rules.

In Revenue Procedure 2011-38, the IRS set forth the rules as to when a partial transfer between annuity contracts will be treated as a tax-free exchange under Section 1035 of the Code. Under Rev. Proc. 2011-38:

The period of time in which cash cannot be withdrawn from either contract after a partial transfer is 180 days beginning on the date of the transfer; and

Annuity payments that satisfy the partial annuitization rule of IRC Section 72(a)(2) will not be treated as a distribution from either the old or new contract.

Please discuss the tax consequences of any contemplated or completed transactions with a qualified tax professional.

Withholding. Annuity distributions are generally subject to withholding for the recipient’s federal income tax liability. Recipients can generally elect, however, not to have tax withheld from distributions.

Multiple Contracts. All non-qualified deferred annuity contracts that are issued by us (or our affiliates) to the same owner during any calendar year are treated as one annuity contract for purposes of determining the amount includible in such owner’s income when a taxable distribution occurs.

Partial Annuitization. Under a new tax provision enacted in 2010, if part of an annuity contract’s value is applied to an annuity option that provides payments for one or more lives or for a period of at least ten years, those payments may be taxed as annuity payments instead of withdrawals. None of the payment options under the Contract is intended to qualify for this “partial annuitization” treatment.

Taxation of Qualified Contracts

“Qualified Contracts” are Contracts used with plans that receive tax-deferral treatment pursuant to specific provisions of the Code. Annuity contracts also receive tax-deferral treatment. It is not necessary that you purchase an annuity

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contract to receive the tax-deferral treatment available through a Qualified Contract. If you purchase this annuity Contract as a Qualified Contract, you do not receive additional tax-deferral. Therefore, if you purchase this annuity Contract as a Qualified Contract, you should do so for reasons other than obtaining tax deferral.

You may use Qualified Contracts with several types of qualified retirement plans. Because tax consequences will vary with the type of qualified retirement plan and the plan’s specific terms and conditions, we provide below only brief, general descriptions of the consequences that follow from using Qualified Contracts in connection with various types of qualified retirement plans. We stress that the rights of any person to any benefits under these plans may be subject to the terms and conditions of the plans themselves, regardless of the terms of the Qualified Contracts that you are using. These terms and conditions may include restrictions on, among other things, ownership, transferability, assignability, contributions and distributions. Adverse tax consequences may result if you do not ensure that contributions, distributions and other transactions with respect to the Contract comply with the law.

Beginning on January 1, 2020, an exception to the 10 percent early withdrawal tax penalty applies to distributions from IRAs and other applicable eligible retirement plans (as defined under Federal Tax Laws) for the birth or adoption of a child. The maximum amount of such distribution for any individual is $5,000. The distribution must be made during the one-year period beginning on the date on which a child of the individual is born or on which the legal adoption by the individual of an eligible adoptee is finalized. In addition, such distributions, if recontributed to the eligible retirement plan will be treated as a rollover and thus not includible in income, subject to certain requirements. You will be required to represent to us in writing that you meet the requirements for this exception.

Pension and Profit-Sharing Plans. Sections 401(a), 401(k) and 403(a) of the Code permit business employers and certain associations to establish various types of retirement plans for employees. The Code requirements are similar for qualified retirement plans of corporations and those of self- employed individuals. Self-employed persons, as a general rule, may therefore use Qualified Contracts as a funding vehicle for their retirement plans. Adverse tax consequences to the retirement plan, the participant or both may result if the Contract is transferred to any individual as a means to provide benefit payments, unless the plan complies with all the requirements applicable to such benefits prior to transferring the Contract.

Individual Retirement Accounts and Annuities. Individual Retirement Accounts and Annuities (“IRAs”), as defined in Section 408 of the Code, permit eligible individuals to make annual contributions of up to the lesser of a specified dollar amount for the year or the amount of compensation includible in the individual’s gross income for the year. The contributions may be deductible in whole or in part, depending on the individual’s income. In addition, certain distributions from some other types of retirement plans may be “rolled over” into an IRA on a tax-deferred basis without regard to these limits. Amounts in the IRA (other than nondeductible contributions) are taxed when distributed from the IRA. A 10% penalty tax generally applies to distributions made before age 59¹⁄₂, unless an exception applies. The Internal Revenue Service imposes special information requirements with respect to IRAs and we will provide purchasers of the Contracts as Individual Retirement Annuities with any necessary information. You will have the right to revoke a Contract issued as an Individual Retirement Annuity under certain circumstances, as described in the section of this Prospectus entitled “Right to Return.” If your Contract is issued in connection with an Individual Retirement Account, we have no information about the Account and you should contact the Account’s trustee or custodian.

The Coronavirus Aid, Relief and Economic Security (“CARES”) Act. The CARES Act waives the required minimum distribution rules for calendar year 2020 for (1) plans (including 401(k) plans) qualified under Code Section 401, (2) defined contribution plans described in Code Sections 403(a) and 403(b), (3) eligible governmental defined contribution plans described in Code Section 457(b) and (4) Individual Retirement Accounts and Individual Retirement Annuities described in Code Section 408. In addition, distributions which are required to be made in calendar year 2020 by reason of a required beginning date occurring in such calendar year and such distribution not having been made before January 1, 2020 are also waived.

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Roth Individual Retirement Arrangements. Section 408A of the Code permits certain eligible individuals to contribute to an individual retirement program called a Roth IRA. Unlike contributions to a traditional IRA under Section 408 of the Code, contributions to a Roth IRA are not tax-deductible. Provided certain conditions are satisfied, distributions are generally tax-free. Like traditional IRAs, Roth IRAs are subject to limitations on contribution amounts and the timing of distributions. If you roll over from or convert a traditional IRA Contract into a Roth IRA Contract or your Individual Retirement Account that holds a Contract is converted to a Roth Individual Retirement Account, the fair market value of the Contract is included in taxable income. Under IRS regulations and Revenue Procedure 2006-13, fair market value may exceed the Contract’s account balance. Thus, you should consult with a qualified tax professional prior to any conversion. Distributions from a Roth IRA are generally not taxed, except that once aggregate distributions exceed contributions to the Roth IRA, income tax and a 10% penalty tax may apply to distributions made (1) before age 59¹⁄₂ (subject to certain exceptions) or (2) during the five taxable years starting with the year in which the first contribution is made to any Roth IRA. A 10% penalty tax may apply to amounts attributable to a conversion from an IRA if they are distributed during the five taxable years beginning with the year in which the conversion was made.

The Internal Revenue Service imposes special information requirements with respect to Roth IRAs and we will provide the necessary information for Contracts issued as Roth Individual Retirement Annuities. If your Contract is issued in connection with a Roth Individual Retirement Account, we have no information about the Account and you should contact the Account’s trustee or custodian.

Distributions and Withdrawals from Qualified Contracts. In most cases, all of the distributions you receive from a Qualified Contract will constitute fully taxable ordinary income. Also, a 10% penalty tax will apply to distributions prior to age 59¹⁄₂, except in certain circumstances.

If you receive a distribution from a Qualified Contract used in connection with a qualified pension plan, from a tax-sheltered annuity, a governmental Code Section 457 plan or an IRA and roll over some or all of that distribution to another eligible plan, following the rules set out in the Code and IRS regulations, the portion of such distribution that is rolled over will not be includible in your income. An eligible rollover distribution from a qualified plan, tax-sheltered annuity or governmental Section 457 plan will be subject to 20% mandatory withholding as described below. Because the amount of the cash paid to you as an eligible rollover distribution will be reduced by this withholding, you will not be able to roll over the entire account balance under your Contract, unless you use other funds equal to the tax withholding to complete the rollover. Rollovers of IRA distributions are not subject to the 20% mandatory withholding requirement.

An eligible rollover distribution from a qualified plan, governmental Section 457 plan or tax-sheltered annuity is any distribution of all or any portion of the balance to the credit of an employee, except that the term does not include:

• a distribution which is one of a series of substantially equal periodic payments made annually under a lifetime annuity or for a specified period of ten years or more;

• any required minimum distribution; or

• any hardship distribution.

Only you or your surviving spouse Beneficiary may elect to roll over a distribution to an eligible retirement plan. However, a non-surviving-spouse Beneficiary may be able to directly transfer a distribution to a so-called inherited IRA that will be subject to the IRS distribution rules applicable to beneficiaries.

Taxation of Qualified Death Benefit Proceeds. Generally, death benefits paid upon the death of a Participant are not life insurance benefits and will generally be includable in the income of the recipient.

If the Owner died on or before December 31, 2019, and after RMD distributions have begun, the remaining portion of such interest will continue to be distributed at least as rapidly as under the method of distribution being used prior to the individual’s death.

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If the Owner died on or before December 31, 2019, and before RMD distributions have begun, distribution of the individual’s entire interest must be completed by December 31 of the calendar year containing the fifth anniversary of the individual’s death unless an election is made to receive distributions in accordance with the rules set forth below:

(1) If the Owner’s interest is payable to a designated Beneficiary, then the entire interest of the individual may be distributed in equal or substantially equal payments over the life or over a period certain not greater than the life expectancy of the designated Beneficiary commencing on or before December 31 of the calendar year immediately following the calendar year in which the Owner died;

(2) If the designated Beneficiary is the Owner’s surviving spouse, the date distributions are required to begin in accordance with (1) above must not be earlier than the later of (a) December 31 of the calendar year immediately following the calendar year in which the individual died or (b) December 31 of the calendar year in which the individual would have attained age 70½;

If the Owner dies on or after the date annuity payouts start, and before the entire interest in the Contract has been distributed, payments under the Contract must continue on the same or on a more rapid schedule than that provided for in the method in effect on the date of death.

If the Owner dies after December 31, 2019, regardless of whether RMD distributions have begun, distribution of the individual’s entire interest must be completed by December 31 of the calendar year containing the tenth anniversary of the Owner’s death unless an election is made to receive distributions in accordance with the following three distribution rules:

(1) If, on the date of the Owner’s death, the Beneficiary is not more than ten years younger than the Owner or is “disabled” or “chronically ill” as either of those terms is defined under Federal Tax Laws, the death benefit may also be taken in the form of an annuity over the Beneficiary’s lifetime or life expectancy;

(2) If the Beneficiary is the Owner’s child and under the age of majority on the date of the Owner’s death, the Beneficiary may elect to defer receipt of the death benefit for any period up to December 31st of the tenth year after reaching the age of majority, or take the death benefit in the form of an annuity over a period that does not extend beyond December 31st of the tenth year after reaching the age of majority; and

(3) If the sole Beneficiary is the Owner’s surviving spouse, the spouse may treat the Contract as his or her own Qualified Contract. This election will be deemed to have been made if such surviving spouse makes a regular Contribution to the Contract, makes a rollover to or from such Contract, or fails to elect any of the above provisions.

If the Owner dies on or after the date annuity payments start, and before the entire interest in the Contract has been distributed, the Beneficiary must take any remaining payments over a period that does not extend beyond December 31st of the tenth year after your death. If, on the date of your death, the Beneficiary is your spouse, or is not more than ten years younger than you or is “disabled” or “chronically ill” as either of those terms is defined under Federal Tax Laws, this restriction does not apply. If the Beneficiary is your child and under the age of majority on the date of your death, the Beneficiary may take any remaining payments over a period that does not extend beyond December 31st of the tenth year after the Beneficiary attains the age of majority.

Withholding. In the case of an eligible rollover distribution (as defined above) from a Qualified Contract (other than from an IRA), we (or the plan administrator) must withhold and remit to the U.S. Government 20% of the distribution, unless the Participant or Payee elects to make a direct rollover of the distribution to another qualified retirement plan that is eligible to receive the rollover; however, a Beneficiary who is not the surviving spouse may elect a direct rollover only to a so-called inherited IRA that will be subject to the IRS distribution rules applicable to beneficiaries. In the case of a distribution from (i) a Non-Qualified Contract, (ii) an IRA, or (iii) a Qualified Contract where the distribution is not an eligible rollover distribution, we will withhold and remit to the U.S. Government a part of the taxable portion of each distribution unless, prior to the distribution, the Participant or Payee provides us his or her taxpayer identification number and instructs us (in the manner prescribed) not to withhold. The Participant or Payee may credit against his or her federal income tax liability for the year of distribution any amounts that we (or the plan administrator) withhold.

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Investment Diversification and Control

The Treasury Department has issued regulations that prescribe investment diversification requirements for the mutual fund series underlying non-qualified variable contracts. All Non-Qualified Contracts must comply with these regulations to qualify as annuities for federal income tax purposes. The owner of a Non-Qualified Contract that does not meet these guidelines will be subject to current taxation on annual increases in value of the Contract. We believe that each Fund available as an investment option under the Contract complies with these regulations.

In certain circumstances, owners of variable annuity contracts have been considered for federal income tax purposes to be the owners of the assets of the separate account supporting their contracts due to their ability to exercise investment control over those assets. When this is the case, the contract owners have been currently taxed on income and gains attributable to the variable account assets. There is limited guidance in this area, and some features of our Contracts, such as the flexibility of an owner to allocate premium payments and transfer amounts among the investment divisions of the separate account, have not been explicitly addressed in published rulings. While we believe that the Contracts do not give Owners investment control over separate account assets, we reserve the right to modify the Contracts as necessary to prevent an Owner from being treated as the Owner of the separate account assets supporting the Contract. Nevertheless, you should consult with a qualified tax professional on the potential impact of the investor control rules of the IRS as they relate to the investment decisions and activities you may undertake with respect to the Contract. In addition, the IRS and/or the Treasury Department may issue new rulings, interpretations or regulations on this subject in the future. Accordingly, we therefore reserve the right to modify the Contracts as necessary to attempt to prevent you from being considered the owner, for tax purposes, of the underlying assets. We also reserve the right to notify you if we determine that it is no longer practicable to maintain the Contract in a manner that was designed to prevent you from being considered the owner of the assets of the Separate Account. You bear the risk that you may be treated as the owner of Separate Account assets and taxed accordingly.

Tax Treatment of the Company and the Variable Account

As a life insurance company under the Code, we will record and report operations of the Variable Account separately from other operations. The Variable Account will not, however, constitute a regulated investment company or any other type of taxable entity distinct from our other operations. Under present law, we will not incur tax on the income of the Variable Account (consisting primarily of interest, dividends, and net capital gains) if we use this income to increase reserves under Contracts participating in the Variable Account.

Impact of Optional Death Benefit and Optional Living Benefits

For a further discussion, please refer to “Tax Issues Under the Living Benefits.”

Qualified Contracts. If your Contract is a Qualified Contract other than a Roth IRA, it is subject to certain required minimum distribution (RMD) requirements imposed by the Internal Revenue Code and IRS regulations. If you were born before July 1, 1949, your required beginning date is April 1 of the calendar year following the calendar year in which you reach age 70 ½. If you were born on or after July 1, 1949, your required beginning date is April 1 of the calendar year following the calendar year in which you reach age 72. For non-IRAs, distributions must begin no later than April 1 of the calendar year following the year in which you attain the applicable age or the date of retirement instead of age 72 if it is later. For that year, and each succeeding year, a distribution must be made on or before December 31. The RMD amount for a distribution calendar year is generally calculated by dividing the Contract’s value as of 12/31 of the prior calendar year by the applicable distribution factor set forth in a Uniform Lifetime Table in the IRS regulations.

The IRS’s RMD regulations provide that the annual RMD amount is to be calculated based on the Contract’s Account Value as of 12/31 plus “the actuarial present value of any additional benefits” that are provided under your Contract (such as optional death and living benefits) which is also calculated as of 12/31. When we notify you yearly of the RMD amount, we will inform you if the calculation included the actuarial present value of any additional benefits since such inclusion would have increased your RMD amount. Because of the above actuarial present value requirements, your initial election of a Contract’s optional benefit could cause your RMD amount to be higher than it would be

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without such an election. Prior to electing to participate in any optional benefit, you should consult with a qualified tax professional as to the possible effect of that benefit on your yearly RMD amounts.

You may take an RMD amount calculated for a particular Individual Retirement Annuity from that Annuity or from another IRA of yours. If your Qualified Contract is an asset of a qualified retirement plan, the qualified plan is subject to the RMD requirements and the Contract, as an asset of the qualified plan, may need to be used as a source of funds for the RMDs.

If your Contract is a traditional Individual Retirement Annuity or is held by your traditional Individual Retirement Account and you convert such a traditional Annuity or Account to a Roth IRA (see “Roth Individual Retirement Arrangements”), the IRS’s rules for determining the amount of your taxable income at the time of conversion include an amount based on the RMD actuarial present value requirements discussed above. Thus, your election of a Contract’s optional benefit could cause your taxable income upon conversion to be higher than it would be without such an election. Prior to electing to participate in any optional living benefit or death benefit, you should consult with a qualified tax professional as to the possible effect of that benefit on conversion taxable income.

For Qualified Contracts issued other than as Individual Retirement Annuities, (1) we do not calculate your annual RMD amount nor do we notify you of such amount and (2) you should contact the Account’s trustee or custodian about RMD requirements since we only provide the trustee or custodian with the Contract’s value (including any actuarial present value of additional benefits discussed below) so that it can be used by the trustee or custodian in the Account’s RMD calculations.

Non-Qualified Contracts. We are required to make a determination as to the taxability of any withdrawal you make in order to be able to annually report to the IRS and your information about your withdrawal. Under the Internal Revenue Code, any withdrawal from a Non-Qualified Contract is taxable to the extent the annuity’s cash value (determined without regard to surrender charges) exceeds the investment in the contract. There is no definition of “cash value” in the Code and, for tax reporting purposes, we are currently treating it as the Account Value of the Contract. However, there can be no assurance that the IRS will agree that this is the correct cash value. The IRS could, for example, determine that the cash value is the Account Value plus an additional amount representing the value of an optional benefit. If this were to occur, election of an optional benefit could cause any withdrawal, including a withdrawal under the withdrawal benefit of any optional living benefit, to have a higher proportion of the withdrawal derived from taxable investment earnings. Prior to electing to participate in an optional benefit (or, if applicable, prior to renewing your participation in any optional living benefit), you should consult with a qualified tax professional as to the meaning of “cash value.”

Definition of Spouse Under Federal Law

The Contract provides that upon your death, a surviving spouse may have certain continuation rights that he or she may elect to exercise for the Contract’s death benefit and any joint-life coverage under an optional living benefit. All Contract provisions relating to spousal continuation are available only to a person who meets the definition of “spouse” under federal law. The U.S. Supreme Court has held that same-sex marriages must be permitted under state law and that marriages recognized under state law will be recognized for federal law purposes. Domestic partnerships and civil unions that are not recognized as legal marriages under state law, however, will not be treated as marriages under federal law. Consult a qualified tax professional for more information on this subject.

Federal Estate Taxes

While no attempt is being made to discuss the Federal estate tax implications of the Contract, a purchaser should keep in mind that the value of an annuity contract owned by a decedent and payable to a beneficiary by virtue of an annuity contract owned by a decedent and payable to a beneficiary by virtue of surviving the decedent is included in the decedent’s gross estate. Depending on the terms of the annuity contract, the value of the annuity included in the gross estate may be the value of the lump sum payment payable to the designated beneficiary or the actuarial value of the payments to be received by the beneficiary. Please consult an estate planning adviser for more information.

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Generation-skipping Transfer Tax

Under certain circumstances, the Code may impose a “generation-skipping transfer tax” when all or part of an annuity contract is transferred to, or a death benefit is paid to, an individual two or more generations younger than the Owner. Regulations issued under the Code may require us to deduct the tax from your Contract, or from any applicable payment, and pay it directly to the IRS. Please consult a qualified tax professional for more information.

Tax Cuts and Jobs Act of 2017

On December 22, 2017, the Tax Cuts and Jobs Act was enacted that included a broad range of tax reforms affecting businesses and individuals, including certain provisions related to contract owner tax reporting (effective after January 1, 2018). Please consult a qualified tax professional for more information.

Medicare Tax

Beginning in 2013, distributions from non-qualified annuity policies will be considered “investment income” for purposes of the newly enacted Medicare tax on investment income. Thus, in certain circumstances, a 3.8% tax may be applied to some or all of the taxable portion of distributions (e.g. earnings) to individuals whose income exceeds certain threshold amounts ($200,000 for filing single, $250,000 for married filing jointly and $125,000 for married filing separately.) Please consult a qualified tax professional for more information.

Annuity Purchases by Residents of Puerto Rico

The Internal Revenue Service has announced that income received by residents of Puerto Rico under life insurance or annuity contracts issued by a Puerto Rico branch of a United States life insurance company is U.S.-source income that is generally subject to United States federal income tax.

Annuity Purchases by Nonresident Aliens and Foreign Corporations

The discussion above provides general information regarding U.S. federal income tax consequences to annuity purchasers that are U.S. citizens or residents. Purchasers that are not U.S. citizens or residents will generally be subject to U.S. federal withholding tax on taxable distributions from annuity contracts at a 30% rate, unless a lower treaty rate applies. In addition, purchasers may be subject to state and/or municipal taxes and taxes that may be imposed by the purchaser’s country of citizenship or residence. Prospective purchasers are advised to consult with a qualified tax professional regarding U.S. state, and foreign taxation with respect to an annuity contract purchase.

Possible Tax Law Changes

Although the likelihood of legislative changes is uncertain, there is always the possibility that the tax treatment of the Contract could change by legislation or otherwise. Consult a qualified tax professional with respect to legislative developments and their effect on the Contract.

We have the right to modify the Contract in response to legislative changes that could otherwise diminish the favorable tax treatment that annuity contract owners currently receive. We make no guarantee regarding the tax status of any Contract and do not intend the above discussion as tax advice.

Puerto Rico Tax Provisions

The Contract offered by this Prospectus is considered a non-qualified annuity contract under Section 1022 of the Puerto Rico Internal Revenue Code of 1994, as amended and Section 1031.01 of the 2011 Internal Revenue Code for a New Puerto Rico, as amended (collectively the “Puerto Rico Code”). Under the current provisions of the Puerto Rico Code, no income tax is payable on increases in value of accumulation shares of annuity units credited to a variable annuity contract until payments are made to the annuitant or other payee under such contract.

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When payments are made from your Contract in the form of an annuity, the annuitant or other payee will be required to include as gross income the lesser of the amount received during the taxable year or the portion of the amount received equal to 3% of the aggregate premiums or other consideration paid for the annuity. The amount, if any, in excess of the included amount is excluded from gross income as a return of premium. After an amount equal to the aggregate premiums or other consideration paid for the annuity has been excluded from gross income, all of the subsequent annuity payments are considered to be taxable income.

When a payment under a Contract is made in a lump sum, the amount of the payment would be included in the gross income of the Annuitant or other Payee to the extent it exceeds the Annuitant’s aggregate premiums or other consideration paid.

The provisions of the Puerto Rico Code with respect to qualified retirement plans described in this Prospectus vary significantly from those under the Internal Revenue Code. We currently offer the Contract in Puerto Rico in connection with Individual Retirement Arrangements that qualify under the U.S. Internal Revenue Code but do not qualify under the Puerto Rico Code. See the applicable text of this Prospectus under the heading “U.S. Federal Income Tax Provisions” dealing with such Arrangements and their RMD requirements. We may make Contracts available for use with other retirement plans that similarly qualify under the U.S. Internal Revenue Code but do not qualify under the Puerto Rico Code.

As a result of IRS Revenue Ruling 2004-75, as amplified by Revenue Ruling 2004-97, we will treat Contract distributions and withdrawals occurring on or after January 1, 2005 as U.S.-source income that is subject to U.S. income tax withholding and reporting. Under “TAX PROVISIONS,” see “Pre-Distribution Taxation of Contracts,” “Distributions and Withdrawals from Non-Qualified Contracts,” “Withholding” and “Non-Qualified Contracts.” You should consult a qualified tax professional for advice regarding the effect of Revenue Ruling 2004-75 on your U.S. and Puerto Rico income tax situation.

For information regarding the income tax consequences of owning a Contract, you should consult a qualified tax professional.

ADMINISTRATION OF THE CONTRACT

We have engaged se², llc (“se²”), a leading third-party provider of contract administration services for many other life insurance companies, located at 5801 SW 6^th Avenue, Topeka, KS 66636, to administer the Contracts. Administrative functions performed by se² include maintaining the books and records of the Variable Account and the Sub-Accounts; maintaining records of the name, address, taxpayer identification number, Contract number, Participant Account number and type, the status of each Participant Account and other pertinent information necessary to the administration and operation of the Contract; processing Applications, Purchase Payments, transfers, Death Benefits and full and partial withdrawals; issuing Contracts and Certificates; administering annuity payments; furnishing accounting and valuation services; reconciling and depositing cash receipts; providing confirmations; providing toll-free customer service lines; and furnishing telephonic transfer services. The compensation paid to se² is based on the number of Contracts to which they provide these administrative services.

Business Disruption and Cyber Security Risks

We rely on technology, including digital communications and data storage networks and systems, to conduct our variable product business activities. Because our variable product business is highly dependent upon the effective operation of our computer systems and those of our service providers and other business partners, our business is vulnerable to disruptions from utility outages, and susceptible to operational and information security risks resulting from information systems failure and cyber-attacks. We have established administrative and technical controls and cyber security plans, including a business continuity plan, to identify and protect our operations against business interruption and/or cyber security breaches. Despite these controls, a cyber security breach could have a material, negative impact on the Company and the Variable Account, as well as on you and your Contract. Our operations also could be negatively affected by a cyber security breach impacting a third party, such as a governmental or regulatory

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authority, a service provider or another participant in the financial markets. Operational and information security risks include, among other things, the theft, misuse, corruption, and destruction of data maintained online or digitally, interference with or denial of service, attacks on our website and other operational disruption, interruptions of service resulting from natural disasters, and unauthorized release of confidential customer information. Cyber security breaches may interfere with our processing of Contract transactions, including the processing of orders, impact our ability to calculate Variable Accumulation Unit values, cause the release or possible destruction of your confidential information or business information, impede order processing or cause other operational issues, subject us and/or our service providers and intermediaries to regulatory fines, litigation, and financial losses and/or cause reputational damage. Cyber security breaches may also impact the Funds and the issuers of securities in which the Funds invest, which may cause the Funds to lose value. There can be no assurance that we or the Funds will always be able to avoid cyber security risks.

In addition, we are also exposed to risks related to natural and man-made disasters and catastrophes, such as (but not limited to) storms, fires, floods, earthquakes, public health crises, malicious acts, and terrorist acts, any of which could adversely affect our ability to conduct business. A natural or man-made disaster or catastrophe, including a pandemic (such as COVID- 19), could affect the ability of our employees or the employees of our service providers to perform their job responsibilities. In the event our employees and/or the employees of our service providers are required to work remotely, those remote work arrangements could result in our business operations being less efficient than under normal circumstances and could lead to delays in our processing of Contract-related transactions, including orders from Contract owners. Catastrophic events may negatively affect the computer and other systems on which we rely, impact our ability to calculate the Variable Accumulation Unit values, or have other possible negative impacts. There can be no assurance that we, our service providers, or the Funds will be able to avoid negative impacts associated with natural and man-made disasters and catastrophes.

The COVID-19 pandemic to date has led to the implementation of various responses, including government-imposed quarantines, travel restrictions and other public health-focused safety measures across the United States and in other countries. Some of these responses may increase the risk to the Company and the Variable Account of cyber security breaches or other forms of business disruption in ways that are currently unpredictable. Although we continually make efforts to identify and reduce our exposure to these risks, there is considerable uncertainty around both the severity and duration of the COVID-19 outbreak and, for that reason, the future financial and other impacts of the pandemic on the Company cannot reasonably be estimated at this time.

DISTRIBUTION OF THE CONTRACT

Contracts are sold by licensed insurance agents (“the Selling Agents”) in those states where the Contract may be lawfully sold. Such Selling Agents will be registered representatives of affiliated or unaffiliated broker-dealer firms (“the Selling Broker-Dealers”) registered under the Securities Exchange Act of 1934 who are members of the Financial Industry Regulatory Authority (“FINRA”) and who have entered into selling agreements with the Company and the general distributor, Clarendon Insurance Agency, Inc. (“Clarendon”), 1601 Trapelo Road, Suite 30, Waltham, Massachusetts 02451. Clarendon is a wholly-owned subsidiary of the Company, is registered with the SEC under the Securities Exchange Act of 1934 as a broker-dealer and is a member of FINRA.

The Company (or its affiliate, for purposes of this section only, collectively, “the Company”), pays the Selling Broker-Dealers compensation for the promotion and sale of the Contract. The Selling Agents who solicit sales of the Contract typically receive a portion of the compensation paid by the Company to the Selling Broker-Dealers in the form of commissions or other compensation, depending on the agreement between the Selling Broker-Dealer and their Selling Agent. This compensation is not paid directly by the Participant or the separate account. The Company intends to recoup this compensation through fees and charges imposed under the Contract, and from profits on payments received by the Company for providing administrative, marketing, and other support and services to the Funds.

The amount and timing of commissions the Company may pay to Selling Broker-Dealers may vary depending on the selling agreement but is not expected to be more than 7.50% of Purchase Payments, and 1.25% annually of the Participant’s Account Value. The Company may pay or allow other promotional incentives or payments in the form of

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cash or other compensation to the extent permitted by FINRA rules and other applicable laws and regulations, and this compensation may be significant in amount.

The Company also pays compensation to wholesaling broker-dealers or other firms or intermediaries in return for wholesaling services such as providing marketing and sales support, product training and administrative services to the Selling Agents of the Selling Broker-Dealers. This compensation may be significant in amount and may be based on a percentage of Purchase Payments and/or a percentage of Contract value and/or may be a fixed dollar amount.

In addition to the compensation described above, the Company may make additional cash payments, in certain circumstances referred to as “override” compensation, or reimbursements to Selling Broker-Dealers in recognition of their marketing and distribution, transaction processing and/or administrative services support. These payments are not offered to all Selling Broker-Dealers, and the terms of any particular agreement governing the payments may vary among Selling Broker-Dealers depending on, among other things, the level and type of marketing and distribution support provided. Marketing and distribution support services may include, among other services, placement of the Company’s products on the Selling Broker-Dealers’ preferred or recommended list, access to the Selling Broker-Dealers’ registered representatives for purposes of promoting sales of the Company’s products, assistance in training and education of the Selling Agents, and opportunities for the Company to participate in sales conferences and educational seminars. The payments or reimbursements may be calculated as a percentage of the particular Selling Broker-Dealer’s actual or expected aggregate sales of our variable contracts (including the Contract) or assets held within those contracts and/or may be a fixed dollar amount. Broker-dealers receiving these additional payments may pass on some or all of the payments to the Selling Agent. The prospect of receiving, or the receipt of additional compensation as described above may provide Selling Broker-Dealers with an incentive to favor sales of the Contracts over other variable annuity contracts (or other investments) with respect to which the Selling Broker-Dealer does not receive additional compensation, or lower levels of additional compensation. You should take such payment arrangements into account when considering and evaluating any recommendation relating to the Contracts.

In addition to selling our variable contracts (including the Contract), some Selling Broker-Dealers or their affiliates may have other business relationships with the Company. Those other business relationships may include, for example, reinsurance agreements pursuant to which an affiliate of the Selling Broker-Dealer provides reinsurance to the Company relative to some or all of the Contracts or other variable policies issued by the Company or its affiliates. The potential profits for a Selling Broker-Dealer or its affiliates (including its registered representatives) associated with such reinsurance arrangements could be significant in amount and could indirectly provide incentives to the Selling Broker-Dealer and its Selling Agents to recommend products for which they provide reinsurance over similar products which do not result in potential reinsurance profits to the Selling Broker-Dealer or its affiliate. The operation of an individual contract is not impacted by whether the policy is subject to a reinsurance arrangement between the Company and an affiliate of the Selling Broker-Dealer.

As discussed in the preceding paragraphs, the Selling Broker-Dealer may receive numerous forms of payments that, directly or indirectly, provide incentives to, and otherwise facilitate and encourage the offer and sale of the Contracts by Selling Broker-Dealers and their registered representatives. Such payments may be greater or less in connection with the Contracts than in connection with other products offered and sold by the Company or by others. Accordingly, the payments described above may create a potential conflict of interest, as they may influence your Selling Broker-Dealer or registered representative to present a Contract to you instead of (or more favorably than) another product or products that might be preferable to you.

You should ask your Selling Agent for further information about what commissions or other compensation he or she, or the Selling Broker-Dealer for which he or she works, may receive in connection with your purchase of a Contract.

Commissions may be waived or reduced in connection with certain transactions described in this Prospectus under the heading “Waivers; Reduced Charges; Credits; Special Guaranteed Interest Rates.” During 2017, 2018 and 2019, $2,815,295, $2,564,246, and $2,226,118, respectively, in commissions were paid by Delaware Life Insurance Company on behalf of Clarendon in connection with the distribution of the Contracts described in this Prospectus.

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AVAILABLE INFORMATION

The Company and the Variable Account have filed with the SEC registration statements under the Securities Act of 1933 relating to the Contracts. For further information regarding the Variable Account, the Company and the Contracts, please refer to the registration statements and their exhibits.

You can inspect and copy this information and our registration statements at the SEC’s public reference facilities at the following location: 100 F Street, N.E., Washington, D.C. 20549-0102, telephone (202) 551-8090. The SEC’s public reference room will also provide copies by mail for a fee. You may also find these materials on the SEC’s website (www.sec.gov).

STATE REGULATION

The Company is subject to the laws of the State of Delaware governing life insurance companies and to regulation by the Commissioner of Insurance of Delaware. An annual statement is filed with the Commissioner of Insurance on or before March 1st in each year relating to the operations of the Company for the preceding year and its financial condition on December 31st of such year. Its books and records are subject to review or examination by the Commissioner or his agents at any time and a full examination of its operations is conducted at periodic intervals.

The Company is also subject to the insurance laws and regulations of the other states and jurisdictions in which it is licensed to operate. The laws of the State of Delaware and the various jurisdictions establish supervisory agencies with broad administrative powers with respect to licensing to transact business, overseeing trade practices, licensing agents, approving policy forms, establishing reserve requirements, fixing maximum interest rates on life insurance policy loans and minimum rates for accumulation of surrender values, prescribing the form and content of required financial statements and regulating the type and amounts of investments permitted. Each insurance company is required to file detailed annual reports with supervisory agencies in each of the jurisdictions in which it does business and its operations and accounts are subject to examination by such agencies at regular intervals.

In addition, many states regulate affiliated groups of insurers, such as the Company and its affiliates, under insurance holding company legislation. Under such laws, inter-company transfers of assets and dividend payments from insurance subsidiaries may be subject to prior notice or approval, depending on the size of such transfers and payments in relation to the financial positions of the companies involved. Such insurance holding company legislation protects the Company’s ability to pay all guaranteed contract benefits, including any optional living benefits and death benefits. Under insurance guaranty fund laws in most states, insurers doing business therein can be assessed (up to prescribed limits) for policyholder losses incurred by insolvent companies. The amount of any future assessments of the Company under these laws cannot be reasonably estimated. However, most of these laws do provide that an assessment may be excused or deferred if it would threaten an insurer’s own financial strength and many permit the deduction of all or a portion of any such assessment from any future premium or similar taxes payable. A state’s assessment on insurers in connection with the state guaranty fund would not affect the Company’s obligation to pay guaranteed contract benefits, including any optional living benefits and death benefits. If an assessment were so large as to affect the Company’s own ability to meet its obligations, then the provisions to excuse, defer, or offset such assessment would allow the Company to pay guaranteed contract benefits.

Although the federal government generally does not directly regulate the business of insurance, federal initiatives often have an impact on the business in a variety of ways. Current and proposed federal measures which may significantly affect the insurance business include employee benefit regulation, removal of barriers preventing banks from engaging in the insurance business, tax law changes affecting the taxation of insurance companies, the tax treatment of insurance products and its impact on the relative desirability of various personal investment vehicles.

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LEGAL PROCEEDINGS

The Company, like other insurance companies, is involved in lawsuits, including class action lawsuits. Although the outcome of any litigation cannot be predicted with certainty, Delaware Life Insurance Company believes that, at the present time, there are no pending or threatened lawsuits that are reasonably likely to have a material adverse impact on the Variable Account, on the ability of Clarendon Insurance Agency, Inc. to perform under its principal underwriting agreement, or on our ability to meet our obligations under the Contract.

FINANCIAL STATEMENTS

The financial statements of the Company which are included in the SAI should be considered only as bearing on the ability of the Company to meet its obligations with respect to amounts allocated to the Fixed Account options and with respect to the death benefit and the Company’s assumption of the mortality and expense risks. They should not be considered as bearing on the investment performance of the Fund shares held in the Sub-Accounts of the Variable Account.

The financial statements of the Variable Account for the year ended December 31, 2019 are also included in the SAI.

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TABLE OF CONTENTS OF STATEMENT OF ADDITIONAL INFORMATION

Delaware Life Insurance Company	2
Advertising and Sales Literature	2
Tax-Deferred Accumulation	4
Calculations	4
Example of Net Investment Factor Calculation	4
Example of Variable Accumulation Unit Value Calculation	5
Annuity Provisions	5
Determination of Annuity Payments	5
Annuity Unit Value	6
Example of Variable Annuity Unit Calculation	6
Example of Variable Annuity Payment Calculation	6
Distribution of the Contracts	7
Custodian	7
Experts	7
Financial Statements	7

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APPENDIX A - GLOSSARY

The following terms as used in this Prospectus have the indicated meanings:

ACCOUNT or PARTICIPANT ACCOUNT: An account established for each Participant to which Net Purchase Payments are credited.

ACCOUNT QUARTER: A three-month period, with the first Account Quarter beginning on your Issue Date.

ACCOUNT VALUE: The Variable Account Value, if any, plus the Fixed Account Value, if any, of your Account for any Valuation Period.

ACCOUNT YEAR and ACCOUNT ANNIVERSARY: Your first Account Year is the period 365 days (366, if a leap year) from the date on which we issued your Contract. Your Account Anniversary is the last day of an Account Year. Each Account Year after the first is the 365-day period that begins on your Account Anniversary. For example, if the Issue Date is on March 12, the first Account Year is determined from the Issue Date and ends on March 12 of the following year. Your Account Anniversary is March 12 and all Account Years after the first are measured from March 12. (If the Anniversary Date falls on a non-Business Day, the previous Business Day will be used.)

ACCUMULATION PHASE: The period before the Annuity Commencement Date and during the lifetime of the Annuitant (and while the Covered Person and all Owners are still alive) during which you make Purchase Payments under the Contract. This is called the “Accumulation Period” in the Contract.

ADJUSTED PURCHASE PAYMENTS: Purchase Payments adjusted for partial withdrawals as described in “Calculating the Death Benefit.”

*ANNUITANT: The person or persons to whom the first annuity payment is made. If either Annuitant dies prior to the Annuity Commencement Date, the surviving Annuitant will become the sole Annuitant. The Annuitant becomes the Payee on the Annuity Commencement Date.

ANNUITY COMMENCEMENT DATE: The date on which the first annuity payment under each Contract is to be made.

ANNUITY OPTION: The method you choose for making annuity payments.

ANNUITY UNIT: A unit of measure used in the calculation of the amount of the second and each subsequent Variable Annuity payment from the Variable Account.

APPLICATION: The document signed by you or other evidence acceptable to us that serves as your application for participation under a Group Contract or purchase of an Individual Contract.

*BENEFICIARY: The person or entity having the right to receive the death benefit and, for a Certificate issued under a Non-Qualified Contract, who is the “designated beneficiary” for purposes of Section 72(s) of the Code in the event of the Participant’s death. Notwithstanding the foregoing, if there is more than one Participant of a Non-Qualified Contract, the surviving Participant will be deemed the beneficiary under the preceding sentence and any other designated beneficiary will be treated as a contingent beneficiary. The Beneficiary becomes the Payee on the death of the Covered Person prior to the Annuity Commencement Date, or on the death of the Annuitant on or after the Annuity Commencement Date.

BUSINESS DAY: Any day the New York Stock Exchange is open for trading. Also, any day on which we make a determination of the value of a Variable Accumulation Unit.

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CERTIFICATE: The document for each Participant which evidences the coverage of the Participant under a Group Contract.

COMPANY (“WE”, “US”): Delaware Life Insurance Company.

CONTRACT: Any Individual Contract, Group Contract, or Certificate issued under a Group Contract.

COVERED PERSON: The person(s) identified as such in the Contract whose death will trigger the death benefit provisions of the Contract and whose medically necessary stay in a hospital or nursing facility may allow the Participant to be eligible for a waiver of the withdrawal charge. The Participant/Owner is the Covered Person unless there is a non-natural Owner, such as a trust, in which case the Annuitant is the Covered Person.

DCA PERIOD: The period for which a Guaranteed Interest Rate is credited.

DEATH BENEFIT DATE: If you have elected a death benefit payment option before the Covered Person’s death that remains in effect, the date on which we receive Due Proof of Death. If your Beneficiary elects the death benefit payment option, the later of (a) the date on which we receive the Beneficiary’s election and (b) the date on which we receive Due Proof of Death. If we do not receive the Beneficiary’s election within 60 days after we receive Due Proof of Death, the Beneficiary shall be deemed to have elected to defer receipt of payment under any death benefit option until such time as a written election is received by the Company or a distribution is required by law.

DESIGNATED FUNDS: The limited investment options you can choose if you are participating in a living benefit.

DUE PROOF OF DEATH: Receipt by the Company of (1) an original certified copy of an official death certificate or an original certified copy of a decree of a court of competent jurisdiction as to the finding of death, and (2) any other information or documentation required by the Company that is necessary to make payment (e.g. taxpayer identification numbers, beneficiary names and addresses, state inheritance tax waivers, etc.).

FIXED ACCOUNT: The general account of the Company, consisting of all assets of the Company other than those allocated to a separate account of the Company.

FIXED ACCOUNT VALUE: The value of that portion of your Account allocated to the Fixed Account.

FIXED ANNUITY: An annuity with payments which do not vary as to dollar amount.

FUND: A registered management investment company, or series thereof, in which assets of a Sub-Account may be invested.

GOOD ORDER: An instruction that is received by the Company, that is sufficiently complete and clear, along with all forms, information and supporting legal documentation (including any required spousal or joint owner’s consents) so that the Company does not need to exercise any discretion to follow such instruction. All orders to process a withdrawal request, a request to surrender your Contract, a fund transfer request, or a death benefit claim must be in good order.

GROUP CONTRACT: A Contract issued by the Company on a group basis.

GUARANTEED INTEREST RATE: The rate of interest we credit on an annual effective basis.

INCOME PHASE: The period on and after the Annuity Commencement Date and during the lifetime of the Annuitant during which we make annuity payments under the Contract.

INDIVIDUAL CONTRACT: A Contract issued by the Company on an individual basis.

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ISSUE DATE: The date the Contract becomes effective which is the date we apply your initial Net Purchase Payment to your Account and issue your Contract. This is called the “Date of Coverage” in the Contract.

MAXIMUM ANNUITY COMMENCEMENT DATE: The first day of the month following the youngest Annuitant’s 95^th birthday.

NET INVESTMENT FACTOR: An index applied to measure the investment performance of a Sub-Account from one Valuation Period to the next. The Net Investment Factor may be greater than, less than, or equal to one.

NET PURCHASE PAYMENT: The portion of a Purchase Payment which remains after the deduction of any applicable premium tax or similar tax.

NON-QUALIFIED CONTRACT: A Contract used in connection with a retirement plan that does not receive favorable federal income tax treatment under Sections 401, 403, 408, or 408A of the Internal Revenue Code. The Participant’s interest in the Contract must be owned by a natural person or agent for a natural person for the Contract to receive income tax treatment as an annuity.

OPEN DATE: The Business Day your Application is received by the Company at its Service Address. The ages of all Owners and Annuitants on the Open Date determines your eligibility for purchasing a Contract and for electing the optional death benefit and an optional living benefit.

*OWNER: The person, persons or entity entitled to the ownership rights stated in a Group Contract and in whose name or names the Group Contract is issued. The Owner may designate a trustee or custodian of a retirement plan which meets the requirements of Section 401, Section 408(c), Section 408(k), Section 408(p) or Section 408A of the Internal Revenue Code to serve as legal owner of assets of a retirement plan, but the term “Owner,” as used herein, shall refer to the organization entering into the Group Contract.

*PARTICIPANT: In the case of an Individual Contract, the owner of the Contract. In the case of a Group Contract, the person named in the Contract who is entitled to exercise all rights and privileges of ownership under the Contract, except as reserved by the Owner. If there are two Participants, the death benefit is paid upon the death of either Participant.

PAYEE: A recipient of payments under a Contract. The term includes (1) an Annuitant or (2) a Beneficiary who becomes entitled to benefits upon the death of the Participant or upon the death of the Annuitant on or after the Annuity Commencement Date.

PURCHASE PAYMENT (PAYMENT): An amount paid to the Company as consideration for the benefits provided by a Contract.

QUALIFIED CONTRACT: A Contract used in connection with a retirement plan which may receive favorable federal income tax treatment under Sections 401, 403, 408 or 408A of the Internal Revenue Code of 1986, as amended.

SERVICE ADDRESS: P.O. Box 758581, Topeka, KS 66675-8581 or such other address as we may hereafter specify to you by written notice.

SUB-ACCOUNT: That portion of the Variable Account which invests in shares of a specific Fund.

SURRENDER VALUE: The amount payable on full withdrawal (or surrender) of your Contract. The amount equals: (i) your Account Value at the end of the Valuation Period during which we receive your surrender request; minus (ii) any Account Fee applicable for the Account Year in which the surrender is made and minus any applicable withdrawal charge.

VALUATION PERIOD: The period of time from one determination of Variable Accumulation Unit or Annuity Unit values to the next subsequent determination of these values. Value determinations are made as of the close of the New York Stock Exchange on each day that the Exchange is open for trading.

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VARIABLE ACCOUNT: Variable Account F of the Company, which is a separate account of the Company consisting of assets set aside by the Company, the investment performance of which is kept separate from that of the general assets of the Company.

VARIABLE ACCUMULATION UNIT: A unit of measure used in the calculation of Variable Account Value.

VARIABLE ACCOUNT VALUE: The value of that portion of your Account allocated to the Variable Account.

VARIABLE ANNUITY: An annuity with payments which vary as to dollar amount in relation to the investment performance of the Variable Account.

YOU and YOUR: The terms “you” and “your” refer to “Owner,” “Participant,” and/or “Covered Person” as those terms are identified in the Contract.

* You specify these items on the Application, and may change them, as we describe in this Prospectus.

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APPENDIX B - WITHDRAWAL CHARGE CALCULATIONS

Full Withdrawal:

Assume a Purchase Payment of $40,000 is made on the Issue Date, no additional Purchase Payments are made and there are no partial withdrawals. The table below presents three examples of the withdrawal charge resulting from a full withdrawal of your Account, based on hypothetical Account Values.

	Account Year		Hypothetical Account Value		Annual Earnings		Cumulative Annual Earnings		Free Withdrawal Amount		Purchase Payment Amount Subject to Withdrawal Charge		Withdrawal Charge Percentage			Withdrawal Charge Amount
(a)		1	$	41,000	$	1,000	$	1,000	$	6,000	$	35,000		8.00	%	$	2,800
		2	$	45,100	$	4,100	$	5,100	$	6,000	$	39,100		8.00	%	$	3,128
		3	$	49,600	$	4,500	$	9,600	$	9,600	$	40,000		7.00	%	$	2,800
(b)		4	$	52,100	$	2,500	$	12,100	$	12,100	$	40,000		6.00	%	$	2,400
		5	$	57,300	$	5,200	$	17,300	$	17,300	$	40,000		5.00	%	$	2,000
		6	$	63,000	$	5,700	$	23,000	$	23,000	$	40,000		4.00	%	$	1,600
		7	$	66,200	$	3,200	$	26,200	$	26,200	$	40,000		3.00	%	$	1,200
(c)		8	$	72,800	$	6,600	$	32,800	$	32,800	$	0		0.00	%	$	0

(a) The free withdrawal amount in any year is equal to the greater of (1) the Contract’s earnings, minus all withdrawals previously taken that were not subject to withdrawal charges, and (2) 15% of any Purchase Payments made in the last seven Account Years minus all withdrawals taken during the current Account Year that were not subject to withdrawal charges. In Account Year 1, the free withdrawal amount is $6,000, which equals 15% of the Purchase Payment of $40,000. On a full withdrawal of $41,000, the amount subject to a withdrawal charge is $35,000, which equals the Account Value of $41,000 minus the free withdrawal amount of $6,000.

(b) In Account Year 4, the free withdrawal amount is $12,100, which equals the Contract’s cumulative earnings to date. On a full withdrawal of $52,100, the amount subject to a withdrawal charge is $40,000.

(c) In Account Year 8, the free withdrawal amount is $32,800, which equals the Contract’s cumulative earnings to date. On a full withdrawal of $72,800, the amount subject to a withdrawal charge is $0, since the Purchase Payment amount subject to withdrawal charge equals $0.

Partial Withdrawal

Assume a single Purchase Payment of $40,000 is made on the Issue Date, no additional Purchase Payments are made, no partial withdrawals have been taken prior to the fourth Account Year, and there are a series of four partial withdrawals made during the fourth Account Year of $4,000, $9,000, $12,000, and $20,000.

Account Year	Hypothetical Account Value Before Withdrawal		Earnings		Cumulative Earnings		Amount of Withdrawal		Remaining Free Withdrawal Amount After Withdrawal		Amount of Withdrawal Subject to Withdrawal Charge		Withdrawal Charge Percentage			Withdrawal Charge Amount		Hypothetical Account Value After Withdrawal
1	$	41,000	$	1,000	$	1,000	$	0	$	6,000	$	0		8.00	%	$	0	$	41,000
2	$	45,100	$	4,100	$	5,100	$	0	$	6,000	$	0		8.00	%	$	0	$	45,100
3	$	49,600	$	4,500	$	9,600	$	0	$	9,600	$	0		7.00	%	$	0	$	49,600
(a) 4	$	50,100	$	500	$	10,100	$	4,000	$	6,100	$	0		6.00	%	$	0	$	46,100
(b) 4	$	46,900	$	800	$	10,900	$	9,000	$	0	$	2,100		6.00	%	$	126	$	37,900
(c) 4	$	38,500	$	600	$	11,500	$	12,000	$	0	$	11,400		6.00	%	$	684	$	26,500
(d) 4	$	26,900	$	400	$	11,900	$	20,000	$	0	$	19,600		6.00	%	$	1,176	$	6,900

(a) In Account Year 4, the free withdrawal amount is $10,100, which equals the Contract’s cumulative earnings to date. The partial withdrawal amount of $4,000 is less than the free withdrawal amount, so there is no withdrawal charge.

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(b) Since a partial withdrawal of $4,000 was taken, the remaining free withdrawal amount in Account Year 4 is $10,900 - $4,000 = $6,900. Therefore, $6,900 of the $9,000 withdrawal is not subject to a withdrawal charge, and $2,100 is subject to a withdrawal charge. Of the $13,000 withdrawn to date, $10,900 has been from the free withdrawal amount and $2,100 has been from Purchase Payments.

(c) Since $10,900 of the two prior Account Year 4 partial withdrawals was taken from the free withdrawal amount, the remaining free withdrawal amount in Account Year 4 is $11,500 - $10,900 = $600. Therefore, $600 of the $12,000 withdrawal is not subject to a withdrawal charge, and $11,400 is subject to a withdrawal charge. Of the $25,000 withdrawn to date, $11,500 has been from the free withdrawal amount and $13,500 has been from Purchase Payments.

(d) Since $11,500 of the three prior Account Year 4 partial withdrawals was taken from the free withdrawal amount, the remaining free withdrawal amount in Account Year 4 is $11,900 - $11,500 = $400. Therefore, $400 of the $20,000 withdrawal is not subject to a withdrawal charge, and $19,600 is subject to a withdrawal charge. Of the $45,000 withdrawn to date, $11,900 has been from the free withdrawal amount and $33,100 has been from Purchase Payments. Note that if the $6,900 hypothetical Account Value after withdrawal was withdrawn, it would all be from Purchase Payments and subject to a withdrawal charge. The withdrawal charge would be 6% of $6,900, which equals $414. The total Account Year 4 withdrawal charges would then be $2,400, which is the same amount that was assessed for a full withdrawal in Account Year 4 in the example above.

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APPENDIX C - CALCULATION OF FREE WITHDRAWAL AMOUNT

For the first Account Year, the free withdrawal amount is equal to 15% of the amount of all Purchase Payments made. For all other Account Years, the free withdrawal amount is equal to the greater of:

#1 - Contract earnings minus all withdrawals previously taken that were not subject to withdrawal charges, or

#2 - 15% of the amount of all Purchase Payments made in the last seven Account Years (including the current Account Year), minus all withdrawals taken during the current Account Year that were not subject to withdrawal charges.

For the below example, assume an initial Purchase Payment of $100,000 is made on the Issue Date.

Account Year	Purchase Payments		Hypothetical Account Value before Withdrawal		Contract Earnings (#1 Above)		15% of Purchase Payments (#2 Above)		Free Amount before Withdrawal		Amount of Withdrawals		Remaining Free Withdrawal Amount After Withdrawal		Hypothetical Account Value after Withdrawal
1	$	100,000	$	101,000	$	1,000	$	15,000	$	15,000	$	0	$	15,000	$	101,000
2	$	0	$	101,000	$	1,000	$	15,000	$	15,000	$	0	$	15,000	$	101,000
3	$	0	$	109,000	$	9,000	$	15,000	$	15,000	$	0	$	15,000	$	109,000
(a) 4	$	0	$	117,000	$	17,000	$	15,000	$	17,000	$	17,000	$	0	$	100,000
(b) 4	$	40,000	$	141,000	$	1,000	$	4,000	$	4,000	$	0	$	4,000	$	141,000
5	$	0	$	142,000	$	2,000	$	21,000	$	21,000	$	0	$	21,000	$	142,000
6	$	0	$	135,000	$	0	$	21,000	$	21,000	$	0	$	21,000	$	135,000
7	$	0	$	140,000	$	0	$	21,000	$	21,000	$	0	$	21,000	$	140,000
(c) 8	$	0	$	143,000	$	3,000	$	6,000	$	6,000	$	0	$	6,000	$	143,000
(d) 8	$	20,000	$	165,000	$	5,000	$	9,000	$	9,000	$	0	$	9,000	$	165,000
(e) 8	$	0	$	159,000	$	0	$	9,000	$	9,000	$	9,000	$	0	$	150,000

(a) In Account Year 4, a request for the entire free withdrawal amount is made. The Contract earnings of $17,000 are greater than 15% of all Purchase Payments made in the last seven Account Years (15% x $100,000 = $15,000) and as such $17,000 is withdrawn from the Account.

(b) Later in Account Year 4, an additional Purchase Payment of $40,000 is made and the free withdrawal amount is immediately recalculated. Because 15% of all Purchase Payments made in the last seven Account Years (15% of $140,000) exceeds Contract earnings in Account Year 4 ($1,000), the new free withdrawal amount is $4,000 ([0.15% x $140,000] - $17,000).

(c) In Account Year 8, the free withdrawal amount is $6,000 which represents 15% of Purchase Payments made in the last seven Account Years. (Purchase Payments made in the last seven Account Years would include the $40,000 in Account Year 4, but would not include the $100,000 initial Purchase Payment because that Payment was made more than seven Account Years ago.) The $6,000 is greater than the Contract earnings of $3,000.

(d) Later in Account Year 8, an additional Purchase Payment of $20,000 is made and the free withdrawal amount is immediately recalculated. The new free withdrawal amount is $9,000 (0.15 x [$40,000 + $20,000]), which exceeds Contract earnings in Account Year 8 ($5,000).

(e) Subsequently, in Account Year 8, a withdrawal of $9,000 is taken which reduces the free withdrawal amount to $0.

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APPENDIX D - PREVIOUSLY AVAILABLE INVESTMENT OPTIONS

The current available variable investment options are those listed on the cover page of the prospectus.

If you purchased your Contract before October 31, 2011, you may make subsequent Purchase Payments and transfers into the following investment options that were available for investment prior to that date:

Large-Cap Equity Funds

Columbia Variable Portfolio - Large Cap Growth Fund, Class 2

Franklin Mutual Shares VIP Fund, Class 2

Invesco Oppenheimer V.I. Capital Appreciation Fund, Series II Shares¹

Small-Cap Equity Fund

Franklin Small Cap Value VIP Fund, Class 2

International/Global Equity Funds

AB International Growth Portfolio, Class B

Columbia Variable Portfolio - Overseas Core Fund, Class 2

Templeton Growth VIP Fund, Class 2

Specialty Sector Commodity Fund

PIMCO CommodityRealReturn^® Strategy Portfolio, Administrative Class

Asset Allocation Fund

Franklin Income VIP Fund, Class 2

Target Date Funds

Fidelity^® Freedom 2015 Portfolio, Service Class 2 (of Variable Insurance Products Fund IV)

Fidelity^® Freedom 2020 Portfolio, Service Class 2 (of Variable Insurance Products Fund IV)

Intermediate-Term Bond Fund

MFS^® Corporate Bond Portfolio, Service Class

Multi-Sector Bond Fund

Franklin Strategic Income VIP Fund, Class 2

Emerging Markets Bond Fund

PIMCO Emerging Markets Bond Portfolio, Administrative Class

¹  Formerly known as Oppenheimer Capital Appreciation Fund/VA.

AllianceBernstein L.P. advises the AB International Growth Portfolio. Columbia Management Investment Advisers, LLC, advises the Columbia Variable Portfolios and Threadneedle International Ltd subadvises the Columbia Variable Portfolio-Overseas Core Fund. FMR Co., Inc. advises the Fidelity^® Freedom Portfolios. Franklin Advisers, Inc. advises the Franklin Income VIP Fund and Franklin Strategic Income VIP Fund. Franklin Advisory Services, LLC advises the Franklin Small Cap Value VIP Fund. Franklin Mutual Advisers LLC advises the Franklin Mutual Shares VIP Fund. Invesco Advisers, Inc. advises the Invesco Oppenheimer V.I. Capital Appreciation Fund. Massachusetts Financial Services Company advises the MFS^® Corporate Bond Portfolio. Pacific Investment Management Company LLC advises the PIMCO Portfolios. Templeton Global Advisors Limited advises the Templeton Growth VIP Fund.

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APPENDIX E - OPTIONAL LIVING BENEFIT EXAMPLES

Example: How the Living Benefits work

Assume for the examples below that you are age 63 when your Contract is issued with an initial Purchase Payment of $100,000 and that you elected to participate with single-life coverage. (If you selected joint-life coverage, then the numbers shown in the example could be different). Your Withdrawal Benefit Base and your Bonus Base are each set equal to your initial Purchase Payment on your Issue Date. Because you reached age 59 prior to your Issue Date, your Coverage Date is your Issue Date. At any time, you can begin to withdraw up to your Annual Withdrawal Amount each Account Year without reducing your Withdrawal Benefit Base. (For convenience, assume that the investment performance of your underlying investments equals or offsets all Contract expenses. Therefore, your Account Value remains constant throughout the life of your Contract, except for Account Years 2 and 5.)

A. How SIR III works.

Your Annual Withdrawal Amount is set equal to 4% of your Withdrawal Benefit Base, or $4,000. Your Withdrawal Benefit Base will increase by 7% of your Bonus Base each Account Year in which you do not take a withdrawal during the Bonus Period. By deferring withdrawals during the Bonus Period you will increase your Withdrawal Benefit Base, which in turn may maximize your Annual Withdrawal Amount.

Assume that, because of good investment performance of the Designated Funds during Account Year 2, your Account Value has grown to $125,000 on your second Account Anniversary. Therefore, your Contract is eligible for an automatic step-up of its Withdrawal Benefit Base and Bonus Base. At this time we will step up your Withdrawal Benefit Base and your Bonus Base to $125,000. Additionally, because you have crossed into another age tier (from age 63 to age 65), your new Annual Withdrawal Amount will be 5% of your new Withdrawal Benefit Base, or $6,250. Going forward, your new Bonus Base will be $125,000, unless increased by another step-up or reduced by an Excess Withdrawal, and your Bonus Period will now end on your 12th Account Anniversary (i.e., ten years after the step-up). All values shown are as of the beginning of the Account Year.

Account Year	Account Value	Withdrawal Benefit Base	Bonus Base	Annual Withdrawal Amount	Withdrawals
1	$100,000	$100,000	$100,000	$4,000	$0
2	$100,000	$107,000	$100,000	$4,280	$0
3	$125,000	$125,000	$125,000	$6,250	$0

Assume you take your first withdrawal in Account Year 4. We set your Lifetime Withdrawal Percentage at 5%. Your Annual Withdrawal Amount will be equal to 5% of your Withdrawal Benefit Base. You can withdraw up to $6,688 in Account Year 4 without reducing your Withdrawal Benefit Base.

Account Year	Account Value	Withdrawal Benefit Base	Bonus Base	Annual Withdrawal Amount	Withdrawals
4	$125,000	$133,750	$125,000	$6,688	$6,688
5	$118,312	$133,750	$125,000	$6,688	$6,688

Assume that, because of good investment performance of the Designated Funds during Account Year 5, your Account Value has grown to $170,000 on your fifth Account Anniversary. Therefore, your Contract is eligible for an automatic step-up of its Withdrawal Benefit Base. We will step up your Withdrawal Benefit Base to $170,000. Your new Annual Withdrawal Amount will be 5% of your new Withdrawal Benefit Base, or $8,500. Going forward, your new Bonus Base will be $170,000, unless increased by another step-up or reduced by an Excess Withdrawal, and your Bonus Period will now end on your 15th Account Anniversary.

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Account Year	Account Value	Withdrawal Benefit Base	Bonus Base	Annual Withdrawal Amount	Withdrawals
6	$170,000	$170,000	$170,000	$8,500	$8,500
7	$161,500	$170,000	$170,000	$8,500	$8,500
8	$153,000	$170,000	$170,000	$8,500	$8,500

Assume in Account Year 9, you don’t take a withdrawal. Your Withdrawal Benefit Base will increase by $11,900, which is 7% of your Bonus Base ($170,000). Your new Annual Withdrawal Amount will be set equal to $9,095, which is 5% of your new Withdrawal Benefit Base ($181,900), as shown below:

Account Year	Account Value	Withdrawal Benefit Base	Bonus Base	Annual Withdrawal Amount	Withdrawals
9	$144,500	$170,000	$170,000	$8,500	$0
10	$144,500	$181,900	$170,000	$9,095	$9,095
11	$135,405	$181,900	$170,000	$9,095	$9,095
12	$126,310	$181,900	$170,000	$9,095	$9,095
13	$117,215	$181,900	$170,000	$9,095	$9,095
14	$108,120	$181,900	$170,000	$9,095	$9,095
15	$99,025	$181,900	$170,000	$9,095	$9,095

B. How SIM works.

Your Annual Withdrawal Amount is set equal to 4% of your Withdrawal Benefit Base, or $4,000. Your Withdrawal Benefit Base will increase by 8% of your Bonus Base each Account Year in which you do not take a withdrawal during the Bonus Period. By deferring withdrawals during the Bonus Period, you will increase your Withdrawal Benefit Base, which in turn may maximize your Annual Withdrawal Amount.

Assume that, because of good investment performance of the Designated Funds during Account Year 2, your Account Value has grown to $125,000 on your second Account Anniversary. Therefore, your Contract is eligible for an automatic step-up of its Withdrawal Benefit Base and Bonus Base. At this time we will step-up your Withdrawal Benefit Base and your Bonus Base to $125,000. Additionally, because you have crossed into another age tier (from age 63 to age 65), your new Annual Withdrawal Amount will be 5% of your new Withdrawal Benefit Base, or $6,250. Going forward, your new Bonus Base will be $125,000, unless increased by another step-up or reduced by a One Time Access Withdrawal. Your Bonus Period will end on your 10th Account Anniversary (i.e., ten years after the Issue Date) or the first withdrawal that is not a One-Time Access Withdrawal. All values shown are as of the beginning of the Account Year.

Account Year	Account Value	Withdrawal Benefit Base	Bonus Base	Annual Withdrawal Amount	Withdrawals
1	$100,000	$100,000	$100,000	$4,000	$0
2	$100,000	$108,000	$100,000	$4,320	$0
3	$125,000	$125,000	$125,000	$6,250	$0

Assume you take your first withdrawal in Account Year 4. We set your Lifetime Withdrawal Percentage at 5%. Your Annual Withdrawal Amount will be equal to 5% of your Withdrawal Benefit Base. In Account Year 4, your Withdrawal Benefit Base (including the Bonus) equals $135,000, and you can withdraw up to $6,750 (5% of $135,000) in Account Year 4 without reducing your Withdrawal Benefit Base. Because your first withdrawal was not a One-Time Access Withdrawal, your Bonus Period ends.

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Account Year	Account Value	Withdrawal Benefit Base	Bonus Base	Annual Withdrawal Amount	Withdrawals
4	$125,000	$135,000	N/A	$6,750	$6,750
5	$118,250	$135,000	N/A	$6,750	$6,750

Assume that, because of good investment performance of the Designated Funds during Account Year 5, your Account Value has grown to $170,000 on your fifth Account Anniversary. Therefore, your Contract is eligible for an automatic step-up of its Withdrawal Benefit Base. We will step up your Withdrawal Benefit Base to $170,000. Your new Annual Withdrawal Amount will be 5% of your new Withdrawal Benefit Base, or $8,500.

Account Year	Account Value	Withdrawal Benefit Base	Bonus Base	Annual Withdrawal Amount	Withdrawals
6	$170,000	$170,000	N/A	$8,500	$8,500
7	$161,500	$170,000	N/A	$8,500	$8,500
8	$153,000	$170,000	N/A	$8,500	$8,500

Assume in Account Year 9, you don’t take a withdrawal. Your Withdrawal Benefit Base will not increase by a Bonus because the Bonus Period ended when the first withdrawal (other than the One-Time Access Withdrawal) was taken.

Account Year	Account Value	Withdrawal Benefit Base	Bonus Base	Annual Withdrawal Amount	Withdrawals
9	$144,500	$170,000	N/A	$8,500	$0
10	$144,500	$170,000	N/A	$8,500	$8,500
11	$136,000	$170,000	N/A	$8,500	$8,500
12	$127,500	$170,000	N/A	$8,500	$8,500
13	$119,000	$170,000	N/A	$8,500	$8,500
14	$110,500	$170,000	N/A	$8,500	$8,500
15	$102,000	$170,000	N/A	$8,500	$8,500

C. How SIM Plus works.

Your Annual Withdrawal Amount is set equal to 3% of your Withdrawal Benefit Base, or $3,000. Your Withdrawal Benefit Base will increase by 8% of your Bonus Base each Account Year in which you do not take a withdrawal during the Bonus Period. By deferring your withdrawals during the Bonus Period you will increase your Withdrawal Benefit Base, which in turn may maximize your Annual Withdrawal Amount.

Assume that, because of good investment performance of the Designated Funds during Account Year 2, your Account Value has grown to $125,000 on your second Account Anniversary. Therefore, your Contract is eligible for an automatic step-up of its Withdrawal Benefit Base and Bonus Base. At this time we will step up your Withdrawal Benefit Base and your Bonus Base to $125,000. Additionally, because you have crossed into another age tier (from age 63 to age 65), your new Annual Withdrawal Amount will be 4% of your new Withdrawal Benefit Base, or $5,000. Going forward, your new Bonus Base will be $125,000, unless increased by another step-up or reduced by a One Time Access Withdrawal. Your Bonus Period will end on your 10th Account Anniversary (i.e., ten years after the Issue Date) or the first withdrawal that is not a One-Time Access Withdrawal. All values shown are as of the beginning of the Account Year.

Account Year	Account Value	Withdrawal Benefit Base	Bonus Base	Annual Withdrawal Amount	Withdrawals
1	$100,000	$100,000	$100,000	$3,000	$0
2	$100,000	$108,000	$100,000	$3,240	$0
3	$125,000	$125,000	$125,000	$5,000	$0

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Assume you take your first withdrawal in Account Year 4. We set your Lifetime Withdrawal Percentage at 4%. Your Annual Withdrawal Amount will be equal to 4% of your Withdrawal Benefit Base. In Account Year 4, your Withdrawal Benefit Base (including the Bonus) equals $135,000, and you can withdraw up to $5,400 (4% of $135,000) in Account Year 4 without reducing your Withdrawal Benefit Base. The Withdrawal Benefit Base will increase each year following the initial withdrawal by the 2.5% Plus Factor, as long as no Excess Withdrawals are taken during the Account Year. Because your first withdrawal was not a One-Time Access Withdrawal, your Bonus Period ends.

Account Year	Account Value	Withdrawal Benefit Base	Bonus Base	Annual Withdrawal Amount	Withdrawals
4	$125,000	$135,000	N/A	$5,400	$5,400
5	$119,600	$138,375	N/A	$5,535	$5,535

Assume that, because of good investment performance of the Designated Funds during Account Year 5, your Account Value has grown to $170,000 on your fifth Account Anniversary. Therefore your Contract is eligible for an automatic step-up of its Withdrawal Benefit Base. We will step up your Withdrawal Benefit Base to $170,000. Your new Annual Withdrawal Amount will be 4% of your new Withdrawal Benefit Base, or $6,800.

Account Year	Account Value	Withdrawal Benefit Base	Bonus Base	Annual Withdrawal Amount	Withdrawals
6	$170,000	$170,000	N/A	$6,800	$6,800
7	$163,200	$174,250	N/A	$6,970	$6,970
8	$156,230	$178,606	N/A	$7,144	$7,144

Assume in Account Year 9, you don’t take a withdrawal. Your Withdrawal Benefit Base will not increase by a Bonus because the Bonus Period ended when the first withdrawal (other than the One-Time Access Withdrawal) was taken. However, the Withdrawal Benefit Base will increase by 2.5% as a result of the Plus Factor.

Account Year	Account Value	Withdrawal Benefit Base	Bonus Base	Annual Withdrawal Amount	Withdrawals
9	$149,086	$183,071	N/A	$7,323	$0
10	$149,086	$187,648	N/A	$7,506	$7,506
11	$141,580	$192,339	N/A	$7,694	$7,694
12	$133,886	$197,148	N/A	$7,886	$7,886
13	$126,000	$202,077	N/A	$8,083	$8,083
14	$117,917	$207,129	N/A	$8,285	$8,285
15	$109,632	$212,307	N/A	$8,492	$8,492

Example: 200% Benefit Enhancement (SIM & SIM Plus only)

Assume a client, age 62, purchased a contract on January 1, 2010 with an initial Purchase Payment of $100,000. On January 1, 2020 (the later of the 10th Account Anniversary or the Account Anniversary following age 70), if no withdrawals have been taken and the then current Withdrawal Benefit Base equals $180,000, the Withdrawal Benefit Base will be increased to $200,000 (200% of the initial Purchase Payment). If on January 1, 2020, your current Withdrawal Benefit Base is greater than $200,000 due to a prior step-up, then the 200% Benefit Enhancement would not be applied.

Assume a client, age 55, purchased a contract on January 1, 2010 with an initial Purchase Payment of $100,000. On January 1, 2025 (the later of the 10th Account Anniversary or the Account Anniversary following age 70), if no withdrawals have been taken and the then current Withdrawal Benefit Base equals $180,000, the Withdrawal Benefit Base will be increased to $200,000.

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Assume a client, age 62, purchased a contract on January 1, 2010 with an initial Purchase Payment of $100,000. A subsequent purchase payment of $50,000 is made on June 1, 2018. On January 1, 2020 (the later of the 10th Account Anniversary or the Account Anniversary following age 70), if no withdrawals have been taken and the then current Withdrawal Benefit Base equals $238,000, the Withdrawal Benefit Base will be increased to $250,000 (200% of the initial Purchase Payment, plus 100% of additional Purchase Payments made after the first Account Anniversary.)

Example: One-Time Access Withdrawal (SIM and SIM Plus only)

You may take the One-Time Access Withdrawal before you begin receiving your Annual Withdrawal Amount. The One-Time Access Withdrawal will not end the 200% Benefit Enhancement or the Bonus Period. However, the One-Time Access Withdrawal will cause the Bonus for that Account Year to be forfeited. As a result of the One-Time Access Withdrawal, your Withdrawal Benefit Base, Bonus Base and your 200% Benefit Enhancement will be reduced using the following formulas:

Your new Bonus Base	=	BB x	(	AV - WD	)
				AV
Your new Withdrawal Benefit Base	=	WBB x	(	AV - WD	)
				AV
Your new 200% Benefit Enhancement	=	BE x	(	AV - WD	)
				AV

Where:
	BB	=	Your Bonus Base immediately prior to the One-Time Access Withdrawal.
	WBB	=	Your Withdrawal Benefit Base immediately prior to the One-Time Access Withdrawal.
	BE	=	Your 200% Benefit Enhancement immediately prior to the One-Time Access Withdrawal.
	WD	=	The amount of the One-Time Access Withdrawal.
	AV	=	Your Account Value immediately prior to the One-Time Access Withdrawal.

Assume your Contract is issued with an initial Purchase Payment of $100,000, and that you elected to participate with single-life coverage. Your Withdrawal Benefit Base and your Bonus Base are each set equal to your initial Purchase Payment on your Issue Date. Your Withdrawal Benefit Base will increase by 8% of your Bonus Base each year in which you do not take a withdrawal during the Bonus Period. Assume your Coverage Date will start in your 5^th Account Anniversary (the first Account Anniversary after you reach age 59). If you notify us, the first withdrawal you take after the Coverage Date may be considered the One-Time Access Withdrawal.

Assume that because of good investment performance of the Designated Funds during Account Year 2 your Account Value has grown to $125,000 on your second Account Anniversary. Therefore your Contract is eligible for an automatic step-up of its Withdrawal Benefit Base and Bonus Base. We will step-up your Withdrawal Benefit Base and your Bonus Base to $125,000.

Assume that, in your Account Year 7, you need to take $10,000 and you notify us of your intention to make this withdrawal your One-Time Access Withdrawal.

Account Year	Account Value	Withdrawal Benefit Base	Bonus Base	Withdrawals
1	$100,000	$100,000	$100,000	$0
2	$100,000	$108,000	$100,000	$0
3	$125,000	$125,000	$125,000	$0
4	$125,000	$135,000	$125,000	$0
5	$125,000	$145,000	$125,000	$0
6	$125,000	$155,000	$125,000	$0
7	$125,000	$165,000	$125,000	$10,000

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At this point, your Bonus Base, your Withdrawal Benefit Base and your 200% Benefit Enhancement will be recalculated as follows:

Your new Bonus Base	=	$125,000	x	$125,000 - $10,000
				$125,000
	=	$115,000
Your new Withdrawal Benefit Base	=	$165,000	x	$125,000 - $10,000
				$125,000
	=	$151,800
Your new 200% Benefit Enhancement	=	$200,000	x	$125,000 - $10,000
				$125,000
	=	$184,000

Example: Early Withdrawals

Any withdrawal (other than the One-Time Access Withdrawal applicable to SIM and SIM Plus) taken before your Coverage Date will be considered an Early Withdrawal. Your Bonus Base (applicable to SIR III only) and Withdrawal Benefit Base will be reduced using the following formulas:

Your new Bonus Base	=	BB x	(	AV - WD	)
				AV

Your new Withdrawal Benefit Base	=	WBB x	(	AV - WD	)
				AV

Where:
	BB	=	Your Bonus Base immediately prior to the Early Withdrawal.
	WBB	=	Your Withdrawal Benefit Base immediately prior to the Early Withdrawal.
	WD	=	The amount of the Early Withdrawal.
	AV	=	Your Account Value immediately prior to the Early Withdrawal.

Assume that you are age 50 when your Contract is issued with an initial Purchase Payment of $100,000, and that you elected to participate with single-life coverage. Your Withdrawal Benefit Base and your Bonus Base are each set to equal your initial Purchase Payment on your Issue Date. Your Withdrawal Benefit Base will increase by a percentage of your Bonus Base each year in which you do not take a withdrawal. Your Coverage Date will be the first Account Anniversary after you attain the age of 59. (Please note that with SIM and SIM Plus, the first Early Withdrawal taken will be considered the One-Time Access Withdrawal. Also note that the Bonus Period will end on SIM and SIM Plus if a second Early Withdrawal is taken.)

Assume that, because of good investment performance of the Designated Funds during Account Year 2 your Account Value has grown to $125,000 on your second Account Anniversary. Therefore, your Contract is eligible for an automatic step-up of the Withdrawal Benefit Base and Bonus Base. We will step up your Withdrawal Benefit Base and Bonus Base to $125,000. Assume that, in your Account Year 3, you withdraw $10,000. Because you are age 53 (and younger than age 59), this is an Early Withdrawal.

86

At this point, your Bonus Base and your Withdrawal Benefit Base will be recalculated as follows:

Your new Bonus Base	=	$125,000	x	$125,000 - $10,000
(SIR III only)				$125,000
	=	115,000
Your new Withdrawal Benefit Base	=	$125,000	x	$125,000 - $10,000
				$125,000
	=	115,000

Your Annual Withdrawal Amount will still be $0 because you have not reached your Coverage Date. For SIM and SIM Plus, any withdrawal other than the One-Time Access Withdrawal will end the Bonus Period and forfeit the 200% Benefit Enhancement.

Example: Excess Withdrawals

If you take an Excess Withdrawal that is not your One-Time Access Withdrawal, (applicable to SIM and SIM Plus only) your Withdrawal Benefit Base and Bonus Base (applicable to SIR III only) will be reduced according to the following formulas:

Your new Bonus Base	=	BB x	(	AV - WD	)
				AV - AWA

Your new Withdrawal Benefit Base	=	WBB x	(	AV - WD	)
				AV - AWA

Where:
	BB	=	Your Bonus Base immediately prior to the Excess Withdrawal.
	WBB	=	Your Withdrawal Benefit Base immediately prior to the Excess Withdrawal.
	WD	=	The amount of the Excess Withdrawal.
	AV	=	Your Account Value immediately prior to the Excess Withdrawal.
	AWA	=	Your Annual Withdrawal Amount minus any prior partial withdrawals taken during the current Account Year.

Assume that you invested $65,000 and, due to recent positive market performance, your Account Value in Account Year 5 is $100,000. Your Withdrawal Benefit Base and Bonus Base have stepped up to 100,000, your Lifetime Withdrawal Percentage is 5%, and thus your Annual Withdrawal Amount is $5,000. During this Account Year you make two withdrawals: a $4,000 withdrawal followed by a $6,000 withdrawal. Your first withdrawal reduces your Account Value to $96,000 but does not affect your Withdrawal Benefit Base because it is not in excess of your Annual Withdrawal Amount. Your second withdrawal (when combined with the first) is in excess of your $5,000 Annual Withdrawal Amount. After your second withdrawal, your Withdrawal Benefit Base will be reduced as follows:

Your new Bonus Base	=	$100,000	x	$96,000 - $6,000
				$96,000 - ($5,000 - $4,000)
	=	$94,737
Your new Withdrawal Benefit Base	=	$100,000	x	$96,000 - $6,000
				$96,000 - ($5,000 - $4,000)
	=	$94,737

Beginning on your Account Anniversary and going forward, your new Annual Withdrawal Amount will be $4,737 (5% of $94,737). For SIM and SIM Plus, any withdrawal other than the One-Time Access Withdrawal will end the Bonus Period and forfeit the 200% Benefit Enhancement.

87

You should be aware that, if your Account Value minus your Annual Withdrawal Amount is less than the Withdrawal Benefit Base at the time an Excess Withdrawal is taken (as in the above example), then your Withdrawal Benefit Base will be reduced by an amount equal to or more than the excess amount withdrawn. Thus, Excess Withdrawals taken in a down market could severely reduce your benefit.

Example: Account Value goes to zero before the Coverage Date

Assume for the next two examples (A and B) below that you are age 45 when your Contract is issued with an initial Purchase Payment of $100,000 and that you elected to participate in the SIR III living benefit with single-life coverage. (If you selected joint-life coverage or a different optional living benefit, the numbers shown in the example could be different; however, the concept is the same.)

Your Withdrawal Benefit Base and your Bonus Base are each set equal to your initial Purchase Payment on your Issue Date. Because you have not reached age 59 prior to your Issue Date, your Coverage Date is the anniversary following your 59^th birthday. You may begin to withdraw up to your Annual Withdrawal Amount each Account Year without reducing your Withdrawal Benefit Base starting on the Coverage Date.

A. Early Withdrawal causes Account Value to go to zero before the Coverage Date.

Assume that because of the investment performance of the Designated Funds your Account Value remains constant. During Account Year 4 you decide to take an Early Withdrawal equal to the full Account Value.

Account Year	Account Value	Withdrawal Benefit Base	Bonus Base	Annual Withdrawal Amount	Withdrawals
1	$100,000	$100,000	$100,000	$0	$0
2	$100,000	$107,000	$100,000	$0	$0
3	$100,000	$114,000	$100,000	$0	$0
4	$100,000	$121,000	$100,000	$0	$100,000
5	$0	$0	$0	$0	$0

Since your withdrawal was for the full Account Value, your Contract, including the Living Benefit, will end and you will not be eligible to receive your Annual Withdrawal Amount.

B. Poor performance, Contract fees and charges cause Account Value to go to zero before the Coverage Date.

Assume that, over the course of the first 10 years of the Contract, the investment performance of the Designated Funds is such that the Account Value goes to zero due to the combination of poor investment performance, contract fees and charges. You did not take any withdrawals to cause the Account Value to go to zero.

Account Year	Account Value	Withdrawal Benefit Base	Bonus Base	Annual Withdrawal Amount	Withdrawals
1	$100,000	$100,000	$100,000	$0	$0
2	$85,000	$107,000	$100,000	$0	$0
3	$65,000	$114,000	$100,000	$0	$0
4	$55,000	$121,000	$100,000	$0	$0
5	$45,000	$128,000	$100,000	$0	$0
6	$35,000	$135,000	$100,000	$0	$0
7	$25,000	$142,000	$100,000	$0	$0
8	$15,000	$149,000	$100,000	$0	$0
9	$8,000	$156,000	$100,000	$0	$0
10	$400	$163,000	$100,000	$0	$0
11	$0	$0	$0	$0	$0

88

Since your Account Value went to zero before the Coverage Date, your Contract, including the Living Benefit, will end and you will not be eligible to receive your Annual Withdrawal Amount.

Examples: Account Value goes to zero after the Coverage Date

Assume for the next two examples (A and B) below that you are age 65 when your Contract is issued with an initial Purchase Payment of $100,000 and that you elected to participate in the SIR III living benefit with single-life coverage. (If you selected joint-life coverage or a different optional living benefit, the numbers shown in the example could be different; however, the concept is the same.)

A. Excess Withdrawal combined with poor performance, Contract fees and charges cause Account Value to go to zero after the Coverage Date.

Assume that, over the course of the first 9 years of the Contract, the investment performance of the Designated Funds is such that the Account Value increases by $1,000 per year. During Account Year 9, you decide to take an Excess Withdrawal for less than the full Account Value. Your Withdrawal Benefit Base and Bonus Base will both reduce proportionately; your Annual Withdrawal Amount will be 5% of the new Withdrawal Benefit Base. Suppose, due to poor investment performance after the Excess Withdrawal, the Account Value goes to zero during Account Year 12. Then your Annual Withdrawal Amount available in Account Year 13 will continue to be paid for the rest of your life.

Account Year	Account Value	Withdrawal Benefit Base	Bonus Base	Annual Withdrawal Amount	Withdrawals
1	$100,000	$100,000	$100,000	$5,000	$0
2	$101,000	$107,000	$100,000	$5,350	$0
3	$102,000	$114,000	$100,000	$5,700	$0
4	$103,000	$121,000	$100,000	$6,050	$0
5	$104,000	$128,000	$100,000	$6,400	$0
6	$105,000	$135,000	$100,000	$6,750	$0
7	$106,000	$142,000	$100,000	$7,100	$0
8	$107,000	$149,000	$100,000	$7,450	$0
9	$108,000	$156,000	$100,000	$7,800	$50,000
10	$58,000	$90,299	$57,884	$4,515	$4,515
11	$25,000	$90,299	N/A	$4,515	$4,515
12	$5,000	$90,299	N/A	$4,515	$4,515
For Life	$0	$90,299	N/A	$4,515	$4,515

89

B. Poor performance, Contract fees and charges cause Account Value to go to zero after the Coverage Date.

Assume that, over the course of the first 10 years of the Contract, the investment performance of the Designated Funds is such that the Account Value goes to zero due to the combination of poor investment performance, contract fees and charges. You did not take any withdrawals to cause the Account Value to go to zero.

Account Year	Account Value	Withdrawal Benefit Base	Bonus Base	Annual Withdrawal Amount	Withdrawals
1	$100,000	$100,000	$100,000	$5,000	$0
2	$85,000	$107,000	$100,000	$5,350	$0
3	$65,000	$114,000	$100,000	$5,700	$0
4	$55,000	$121,000	$100,000	$6,050	$0
5	$45,000	$128,000	$100,000	$6,400	$0
6	$35,000	$135,000	$100,000	$6,400	$0
7	$25,000	$142,000	$100,000	$7,100	$0
8	$15,000	$149,000	$100,000	$7,450	$0
9	$8,000	$156,000	$100,000	$7,800	$0
10	$400	$163,000	$100,000	$8,150	$0
11	$0	$170,000	N/A	$8,500	$8,500
For Life	$0	$170,000	N/A	$8,500	$8,500

Because your Account Value was reduced to zero during Account Year 11, we will pay the Annual Withdrawal Amount for the rest of your life. All other Contract features, benefits, and guarantees will terminate.

C. Excess Withdrawal causes Account Value to go to zero after the Coverage Date.

Account Year	Account Value	Withdrawal Benefit Base	Bonus Base	Annual Withdrawal Amount	Withdrawals
1	$100,000	$100,000	$100,000	$5,000	$0
2	$80,000	$107,000	$100,000	$5,350	$0
3	$60,000	$114,000	$100,000	$5,700	$60,000
4	$0	$0	$0	$0	$0

Your Contract and all benefits end because you took an Excess Withdrawal that causes your Account Value to go to zero.

90

APPENDIX F - BUILD YOUR OWN PORTFOLIO

This Appendix sets forth the Funds and percentage limits that constitute the “build your own portfolio” program. This program is more fully described under “BUILD YOUR OWN PORTFOLIO” in the Prospectus. Briefly, if you comply with this program, the portfolio you build will satisfy the Designated Funds requirement under certain optional living benefits. If you do not comply with the allocation percentage limits in effect under your Contract, your selection of the Build Your Own Portfolio model will not qualify as a Designated Fund and your participation in the Living Benefit will be cancelled.

For Contracts purchased with Income Maximizer or Income Maximizer Plus, the Funds available in each asset class and the percentage range assigned to each asset class under the Build Your Own Portfolio investment option are as follows:

Balanced Funds

0% to 60%

AB Balanced Wealth Strategy Portfolio

AB Dynamic Asset Allocation Portfolio

BlackRock Global Allocation V.I. Fund

Fidelity^® Balanced Portfolio (of Variable Insurance Products Fund III)

Invesco V.I. Equity and Income Fund

MFS^® Conservative Allocation Portfolio

MFS^® Global Tactical Allocation Portfolio

MFS^® Moderate Allocation Portfolio

MFS^® Total Return Series

PIMCO All Asset Portfolio

PIMCO Global Managed Asset Allocation Portfolio

Putnam VT Multi-Asset Absolute Return Fund

Fixed Income Funds

40% to 100%

JPMorgan Insurance Trust Core Bond Portfolio

MFS^® Government Securities Portfolio

MFS^® Inflation-Adjusted Bond Portfolio

MFS^® Limited Maturity Portfolio

MFS^® U.S. Government Money Market Portfolio

MFS^® Total Return Bond Series

91

For Contracts purchased on or after October 31, 2011, with Income Riser III, the following is the Build Your Own Portfolio model that applies to your Contract. If you do not comply with the allocation percentage limits in effect under your Contract, then your selection of the Build Your Own Portfolio model will not qualify as a Designated Fund and your participation in the Living Benefit will be cancelled.

Fixed Income Funds	Core Retirement Strategies Funds	Asset Allocation Funds	Core Equity Funds	Growth Equity Funds	Specialty Funds
30% to 50%	40% to 60%	10% to 30%	0% to 20%	0% to 20%	0% to 10%
MFS® Total Return Bond Series	AB Dynamic Asset Allocation Portfolio	AB Balanced Wealth Strategy Portfolio	Lord Abbett Series Fund, Inc. - Fundamental Equity Portfolio	Franklin Small Cap Value VIP Fund	Franklin Strategic Income VIP Fund
MFS® Government Securities Portfolio	PIMCO Global Managed Asset Allocation Portfolio	Fidelity® Balanced Portfolio (of Variable Insurance Products Fund III)	MFS® Value Series	MFS® Blended Research Small Cap Equity Portfolio	PIMCO Emerging Markets Bond Portfolio
MFS® U.S. Government Money Market Portfolio	MFS® Global Tactical Allocation Portfolio	Franklin Income VIP Fund	Invesco V.I. Comstock Fund	Lord Abbett Series Fund - Growth Opportunities Portfolio	MFS® Global Real Estate Portfolio
MFS® Limited Maturity Portfolio	MFS® Moderate Allocation Portfolio	MFS® Total Return Series	Franklin Mutual Shares VIP Fund	MFS® International Intrinsic Value Portfolio	PIMCO CommodityRealReturn® Strategy Portfolio
MFS® Inflation- Adjusted Bond Portfolio	MFS® Conservative Allocation Portfolio	Invesco V.I. Equity and Income Fund	MFS® Utilities Series	MFS® Research International Portfolio	MFS® Emerging Markets Equity Portfolio
JPMorgan Insurance Trust Core Bond Portfolio	PIMCO All Asset Portfolio	MFS® Growth Allocation Portfolio	MFS® Core Equity Portfolio	First Eagle Overseas Variable Fund	MFS® High Yield Portfolio
	Putnam VT Multi-Asset Absolute Return Fund	BlackRock Global Allocation V.I. Fund	MFS® Research Series	Invesco Oppenheimer V.I. Global Fund	Lazard Retirement Emerging Markets Equity Portfolio
			Rational Trend Aggregation VA Fund1	Fidelity® Mid Cap Portfolio (of Variable Insurance Products Fund III)	Templeton Global Bond VIP Fund
			MFS® Mid Cap Value Portfolio	MFS® International Growth Portfolio
			JPMorgan Insurance Trust U.S. Equity Portfolio	MFS® Growth Series
			Putnam VT Equity Income Fund	CTIVPSM - Loomis Sayles Growth Fund
				Rational Insider Buying VA Fund1
				MFS® Mid Cap Growth Series
				Morgan Stanley Variable Insurance Fund, Inc. Discovery Portfolio
				Invesco V.I. American Value Fund
				Fidelity® Contrafund® Portfolio (of Variable Insurance Products Fund II)

92

Fixed Income Funds	Core Retirement Strategies Funds	Asset Allocation Funds	Core Equity Funds	Growth Equity Funds	Specialty Funds
30% to 50%	40% to 60%	10% to 30%	0% to 20%	0% to 20%	0% to 10%
				MFS® New Discovery Value Portfolio
				MFS® New Discovery Series
				AB Small/Mid Cap Value Portfolio
				Invesco V.I. International Growth Fund
				PIMCO StocksPLUS® Global Portfolio
				Morgan Stanley Variable Insurance Fund, Inc. Growth Portfolio

¹  Only available if you purchased your Contract through a Huntington Bank representative.

93

For Contracts purchased prior to October 31, 2011, with Income Riser III, the following is the Build Your Own Portfolio model that applies to your Contract. If you do not comply with the allocation percentage limits in effect under your Contract, then your selection of the Build Your Own Portfolio model will not qualify as a Designated Fund and your participation in the Living Benefit will be cancelled.

Fixed Income Funds	Core Retirement Strategies Funds	Asset Allocation Funds	Core Equity Funds	Growth Equity Funds	Specialty Funds
30% to 50%	40% to 60%	10% to 30%	0% to 20%	0% to 20%	0% to 10%
MFS® Total Return Bond Series	AB Dynamic Asset Allocation Portfolio	AB Balanced Wealth Strategy Portfolio	Lord Abbett Series Fund, Inc. - Fundamental Equity Portfolio	Franklin Small Cap Value VIP Fund	Franklin Strategic Income VIP Fund
MFS® Government Securities Portfolio	PIMCO Global Managed Asset Allocation Portfolio	Fidelity® Balanced Portfolio (of Variable Insurance Products Fund III)	MFS® Value Series	MFS® Blended Research Small Cap Equity Portfolio	PIMCO Emerging Markets Bond Portfolio
MFS® Corporate Bond Portfolio	MFS® Global Tactical Allocation Portfolio	Franklin Income VIP Fund	Invesco V.I. Comstock Fund	Invesco Oppenheimer V.I. Capital Appreciation Fund	MFS® Global Real Estate Portfolio
JPMorgan Insurance Trust Core Bond Portfolio	MFS® Moderate Allocation Portfolio	MFS® Total Return Series	Franklin Mutual Shares VIP Fund	Lord Abbett Series Fund, Inc. - Growth Opportunities Portfolio	PIMCO CommodityRealReturn® Strategy Portfolio
MFS® U.S. Government Money Market Portfolio	MFS® Conservative Allocation Portfolio	Invesco V.I. Equity and Income Fund	MFS® Utilities Series	MFS® International Intrinsic Value Portfolio	MFS® Emerging Markets Equity Portfolio
MFS® Limited Maturity Portfolio	PIMCO All Asset Portfolio	Fidelity® Freedom 2015 Portfolio (of Variable Insurance Products Fund IV)	MFS® Core Equity Portfolio	MFS® Research International Portfolio	MFS® High Yield Portfolio
MFS® Inflation- Adjusted Bond Portfolio	Putnam VT Multi-Asset Absolute Return Fund	Fidelity® Freedom 2020 Portfolio (of Variable Insurance Products Fund IV)	MFS® Research Series	Templeton Growth VIP Fund	Lazard Retirement Emerging Markets Equity Portfolio
		MFS® Growth Allocation Portfolio	Rational Trend Aggregation VA Fund1	First Eagle Overseas Variable Fund	Templeton Global Bond VIP Fund
		BlackRock Global Allocation V.I. Fund	MFS® Mid Cap Value Portfolio	Invesco Oppenheimer V.I. Global Fund
			JPMorgan Insurance Trust U.S. Equity Portfolio	Columbia Variable Portfolio - Overseas Core Fund
			Putnam VT Equity Income Fund	Fidelity® Mid Cap Portfolio (of Variable Insurance Products Fund III)
				MFS® International Growth Portfolio
				MFS® Growth Series
				CTIVPSM - Loomis Sayles Growth Fund
				Columbia Variable Portfolio - Large Cap Growth Fund
				Rational Insider Buying VA Fund1

94

Fixed Income Funds	Core Retirement Strategies Funds	Asset Allocation Funds	Core Equity Funds	Growth Equity Funds	Specialty Funds
30% to 50%	40% to 60%	10% to 30%	0% to 20%	0% to 20%	0% to 10%
				MFS® Mid Cap Growth Series
				Morgan Stanley Variable Insurance Fund, Inc. Discovery Portfolio
				Invesco V.I. American Value Fund
				AB International Growth Portfolio
				Fidelity® Contrafund® Portfolio (of Variable Insurance Products Fund II)
				MFS® New Discovery Value Portfolio
				MFS® New Discovery Series
				AB Small/Mid Cap Value Portfolio
				Invesco V.I. International Growth Fund
				PIMCO StocksPLUS® Global Portfolio
				Morgan Stanley Variable Insurance Fund, Inc. Growth Portfolio

¹  Only available if you purchased your Contract through a Huntington Bank representative.

95

APPENDIX G - CONDENSED FINANCIAL INFORMATION

The following information for Masters Choice II should be read in conjunction with the Variable Account’s financial statements appearing in the Statement of Additional Information. The beginning value for each Accumulation Unit is November 4, 2010, which is the date the Sub-Accounts first became available. Calculated unit values are provided for portfolios with zero accumulated units at year end.

Fund	Price Level		Year		Accumulation Unit Value Beginning of Year		Accumulation Unit Value End of Year		Number of Accumulation Units End of Year
AB Dynamic Asset Allocation Portfolio, Class B		01		2019		11.6564		13.2520		1,355,678
		01		2018		12.7534		11.6564		1,622,566
		01		2017		11.3075		12.7534		1,943,419
		01		2016		11.0890		11.3075		2,141,781
		01		2015		11.3888		11.0890		2,270,075
		01		2014		11.0786		11.3888		2,414,996
		01		2013		10.0330		11.0786		2,355,480
		01		2012		9.4171		10.0330		1,828,987
		01		2011		10.0000		9.4171		1,470,741
		02		2019		11.4310		12.9624		0
		02		2018		12.5392		11.4310		0
		02		2017		11.1461		12.5392		0
		02		2016		10.9584		11.1461		0
		02		2015		11.2833		10.9584		0
		02		2014		11.0038		11.2833		0
		02		2013		9.9906		11.0038		0
		02		2012		9.4012		9.9906		0
		02		2011		10.0000		9.4012		0
		03		2019		11.2997		12.7950		291,756
		03		2018		12.4132		11.2997		318,755
		03		2017		11.0501		12.4132		343,213
		03		2016		10.8807		11.0501		395,179
		03		2015		11.2203		10.8807		425,024
		03		2014		10.9591		11.2203		444,940
		03		2013		9.9652		10.9591		486,903
		03		2012		9.3917		9.9652		396,691
		03		2011		10.0000		9.3917		292,023
AB International Growth Portfolio, Class B		01		2019		8.4878		10.6537		22,134
		01		2018		10.4423		8.4878		24,387
		01		2017		7.8616		10.4423		33,389
		01		2016		8.5754		7.8616		36,360
		01		2015		8.8860		8.5754		33,306
		01		2014		9.1369		8.8860		41,605
		01		2013		8.1732		9.1369		39,872
		01		2012		7.1901		8.1732		36,522
		01		2011		8.6813		7.1901		39,716
		01		2010		10.0000		8.6813		3,260

96

Fund	Price Level		Year		Accumulation Unit Value Beginning of Year		Accumulation Unit Value End of Year		Number of Accumulation Units End of Year
		02		2019		8.2574		10.3379		0
		02		2018		10.1852		8.2574		0
		02		2017		7.6877		10.1852		0
		02		2016		8.4070		7.6877		0
		02		2015		8.7336		8.4070		0
		02		2014		9.0031		8.7336		0
		02		2013		8.0739		9.0031		0
		02		2012		7.1209		8.0739		0
		02		2011		8.6196		7.1209		0
		02		2010		10.0000		8.6196		0
		03		2019		8.1234		10.1555		6,099
		03		2018		10.0345		8.1234		6,965
		03		2017		7.5849		10.0345		8,926
		03		2016		8.3073		7.5849		11,453
		03		2015		8.6432		8.3073		10,781
		03		2014		8.9235		8.6432		11,052
		03		2013		8.0148		8.9235		12,460
		03		2012		7.0796		8.0148		13,427
		03		2011		8.5826		7.0796		13,353
		03		2010		10.0000		8.5826		0
AB Small/Mid Cap Value Portfolio, Class B		01		2019		19.0676		22.5546		33,547
		01		2018		22.8197		19.0676		34,955
		01		2017		20.4967		22.8197		44,747
		01		2016		16.6494		20.4967		39,547
		01		2015		17.8962		16.6494		30,075
		01		2014		16.6515		17.8962		41,572
		01		2013		12.2638		16.6515		31,294
		01		2012		10.4942		12.2638		3,401
		01		2011		10.0000		10.4942		973
		02		2019		18.9171		22.0832		0
		02		2018		22.4584		18.9171		0
		02		2017		20.2237		22.4584		0
		02		2016		16.4694		20.2237		0
		02		2015		17.7477		16.4694		0
		02		2014		16.5553		17.7477		0
		02		2013		12.2239		16.5553		0
		02		2012		10.4868		12.2239		0
		02		2011		10.0000		10.4868		0
		03		2019		18.5129		21.8108		4,865
		03		2018		22.2456		18.5129		6,139
		03		2017		20.0614		22.2456		7,799
		03		2016		16.3621		20.0614		7,721
		03		2015		17.6590		16.3621		6,921
		03		2014		16.4977		17.6590		4,475
		03		2013		12.1999		16.4977		5,487
		03		2012		10.4823		12.1999		919
		03		2011		10.0000		10.4823		80

97

Fund	Price Level		Year		Accumulation Unit Value Beginning of Year		Accumulation Unit Value End of Year		Number of Accumulation Units End of Year
AB Balanced Wealth Strategy Portfolio, Class B		01		2019		14.3435		16.7261		274,678
		01		2018		15.5362		14.3435		317,132
		01		2017		13.6200		15.5362		388,841
		01		2016		13.2190		13.6200		448,845
		01		2015		13.2287		13.2190		544,811
		01		2014		12.5197		13.2287		570,651
		01		2013		10.9148		12.5197		555,570
		01		2012		9.7596		10.9148		537,953
		01		2011		10.2047		9.7596		515,186
		01		2010		10.0000		10.2047		35,667
		02		2019		13.9544		16.2306		0
		02		2018		15.1540		13.9544		0
		02		2017		13.3189		15.1540		0
		02		2016		12.9596		13.3189		0
		02		2015		13.0021		12.9596		0
		02		2014		12.3364		13.0021		0
		02		2013		10.7824		12.3364		0
		02		2012		9.6657		10.7824		0
		02		2011		10.1322		9.6657		0
		02		2010		10.0000		10.1322		0
		03		2019		13.7280		15.9443		55,506
		03		2018		14.9298		13.7280		66,052
		03		2017		13.1410		14.9298		80,444
		03		2016		12.8060		13.1410		80,780
		03		2015		12.8676		12.806		94,952
		03		2014		12.2275		12.8676		101,685
		03		2013		10.7035		12.2275		79,489
		03		2012		9.6097		10.7035		75,354
		03		2011		10.0889		9.6097		64,189
		03		2010		10.0000		10.0889		4,378
BlackRock Global Allocation V.I. Fund, Class III		01		2019		15.5828		18.1025		2,733,925
		01		2018		17.0921		15.5828		3,257,990
		01		2017		15.2363		17.0921		3,832,651
		01		2016		14.8786		15.2363		4,280,675
		01		2015		15.2347		14.8786		4,619,599
		01		2014		15.1505		15.2347		4,877,063
		01		2013		13.4228		15.1505		5,145,065
		01		2012		12.3741		13.4228		5,769,861
		01		2011		13.0169		12.3741		5,477,464
		01		2010		10.0000		13.0169		156,617
		02		2019		15.1837		17.5936		317
		02		2018		16.6975		15.1837		0
		02		2017		14.9226		16.6975		126
		02		2016		14.6093		14.9226		261
		02		2015		14.9970		14.6093		6,242
		02		2014		14.9520		14.9970		0
		02		2013		13.2805		14.9520		0
		02		2012		12.2742		13.2805		0
		02		2011		12.9446		12.2742		0
		02		2010		10.0000		12.9446		0

98

Fund	Price Level		Year		Accumulation Unit Value Beginning of Year		Accumulation Unit Value End of Year		Number of Accumulation Units End of Year
		03		2019		14.9514		17.2994		426,645
		03		2018		16.4659		14.9514		515,577
		03		2017		14.7371		16.4659		620,935
		03		2016		14.4498		14.7371		688,953
		03		2015		14.8558		14.4498		732,233
		03		2014		14.8338		14.8558		824,893
		03		2013		13.1957		14.8338		888,075
		03		2012		12.2146		13.1957		873,338
		03		2011		12.9013		12.2146		811,301
		03		2010		10.0000		12.9013		5,660
CTIVP - Loomis Sayles Growth Fund, Class 2		01		2019		13.1250		17.0185		44,230
		01		2018		13.6677		13.1250		60,295
		01		2017		10.4410		13.6677		76,291
		01		2016		16.0502		10.4410		69,765
		01		2015		15.9699		16.0502		45,615
		01		2014		14.8291		15.9699		47,559
		01		2013		11.1093		14.8291		49,975
		01		2012		10.0631		11.1093		77,047
		01		2011		10.4978		10.0631		73,496
		01		2010		10.0000		10.4978		1,219
		02		2019		13.0355		16.8590		0
		02		2018		13.6096		13.0355		0
		02		2017		10.4232		13.6096		0
		02		2016		15.6946		10.4232		0
		02		2015		15.6558		15.6946		0
		02		2014		14.5744		15.6558		0
		02		2013		10.9461		14.5744		0
		02		2012		9.9406		10.9461		0
		02		2011		10.3963		9.9406		0
		02		2010		10.0000		10.3963		0
		03		2019		12.9843		16.7686		11,383
		03		2018		13.5759		12.9843		16,722
		03		2017		10.4125		13.5759		38,227
		03		2016		15.4846		10.4125		42,946
		03		2015		15.4699		15.4846		30,606
		03		2014		14.4233		15.4699		30,141
		03		2013		10.8492		14.4233		32,001
		03		2012		9.8677		10.8492		21,356
		03		2011		10.3358		9.8677		34,901
		03		2010		10.0000		10.3358		0

99

Fund	Price Level		Year		Accumulation Unit Value Beginning of Year		Accumulation Unit Value End of Year		Number of Accumulation Units End of Year
Columbia Variable Portfolio - Large Cap Growth Fund, Class 2		01		2019		12.4681		16.6709		19,191
		01		2018		13.1846		12.4681		22,402
		01		2017		10.4539		13.1846		40,966
		01		2016		13.9401		10.4539		23,832
		01		2015		13.9552		13.9401		18,350
		01		2014		12.9993		13.9552		39,428
		01		2013		9.2796		12.9993		37,358
		01		2012		8.4658		9.2796		37,323
		01		2011		9.7642		8.4658		39,076
		01		2010		10.0000		9.7642		1,209
		02		2019		12.3830		16.5147		0
		02		2018		13.1287		12.3830		0
		02		2017		10.4361		13.1287		0
		02		2016		13.6312		10.4361		0
		02		2015		13.6806		13.6312		0
		02		2014		12.7759		13.6806		0
		02		2013		9.1433		12.7759		0
		02		2012		8.3627		9.1433		0
		02		2011		9.6698		8.3627		0
		02		2010		10.0000		9.6698		0
		03		2019		12.3344		16.4261		574
		03		2018		13.0961		12.3344		1,156
		03		2017		10.4254		13.0961		5,674
		03		2016		13.4488		10.4254		1,044
		03		2015		13.5181		13.4488		0
		03		2014		12.6434		13.5181		0
		03		2013		9.0623		12.6434		3,401
		03		2012		8.3013		9.0623		3,401
		03		2011		9.6135		8.3013		3,401
		03		2010		10.0000		9.6135		0
Columbia Variable Portfolio - Overseas Core Fund, Class 2		01		2019		10.0049		12.3524		3,284
		01		2018		12.1922		10.0049		3,437
		01		2017		9.7170		12.1922		4,351
		01		2016		14.0224		9.7170		5,187
		01		2015		14.2188		14.0224		4,465
		01		2014		15.1870		14.2188		4,673
		01		2013		12.7868		15.1870		4,039
		01		2012		11.0208		12.7868		4,427
		01		2011		13.3286		11.0208		6,291
		01		2010		10.0000		13.3286		0

100

Fund	Price Level		Year		Accumulation Unit Value Beginning of Year		Accumulation Unit Value End of Year		Number of Accumulation Units End of Year
		02		2019		9.9367		12.2366		0
		02		2018		12.1404		9.9367		0
		02		2017		9.7005		12.1404		0
		02		2016		13.6438		9.7005		0
		02		2015		13.8701		13.6438		0
		02		2014		14.8522		13.8701		0
		02		2013		12.5367		14.8522		0
		02		2012		10.8327		12.5367		0
		02		2011		13.1345		10.8327		0
		02		2010		10.0000		13.1345		0
		03		2019		9.8976		12.1710		3,295
		03		2018		12.1103		9.8976		3,346
		03		2017		9.6906		12.1103		3,446
		03		2016		13.4211		9.6906		3,547
		03		2015		13.6645		13.4211		2,723
		03		2014		14.6544		13.6645		2,734
		03		2013		12.3886		14.6544		7,592
		03		2012		10.7212		12.3886		8,331
		03		2011		13.0191		10.7212		8,855
		03		2010		10.0000		13.0191		0
Fidelity VIP Balanced Portfolio, Service Class 2		01		2019		17.1577		21.0086		869,787
		01		2018		18.2016		17.1577		1,007,796
		01		2017		15.8888		18.2016		1,100,775
		01		2016		15.0555		15.8888		1,181,331
		01		2015		15.2067		15.0555		1,212,960
		01		2014		14.0111		15.2067		1,146,120
		01		2013		11.9068		14.0111		979,708
		01		2012		10.5126		11.9068		928,726
		01		2011		11.0801		10.5126		858,798
		01		2010		10.0000		11.0801		4,573
		02		2019		16.6493		20.3337		0
		02		2018		17.7079		16.6493		0
		02		2017		15.4974		17.7079		0
		02		2016		14.7219		15.4974		0
		02		2015		14.9076		14.7219		0
		02		2014		13.7704		14.9076		0
		02		2013		11.7320		13.7704		0
		02		2012		10.3847		11.7320		0
		02		2011		10.9730		10.3847		0
		02		2010		10.0000		10.9730		0
		03		2019		16.3538		19.9440		110,748
		03		2018		17.4189		16.3538		132,745
		03		2017		15.2667		17.4189		136,260
		03		2016		14.5249		15.2667		142,273
		03		2015		14.7305		14.5249		148,142
		03		2014		13.6276		14.7305		152,811
		03		2013		11.6281		13.6276		171,985
		03		2012		10.3085		11.6281		174,262
		03		2011		10.9091		10.3085		95,917
		03		2010		10.0000		10.9091		23

101

Fund	Price Level		Year		Accumulation Unit Value Beginning of Year		Accumulation Unit Value End of Year		Number of Accumulation Units End of Year
Fidelity VIP Contrafund Portfolio, Service Class 2		01		2019		18.7120		24.2335		204,051
		01		2018		20.3180		18.7120		277,247
		01		2017		16.9382		20.3180		411,653
		01		2016		15.9380		16.9382		419,468
		01		2015		16.0892		15.9380		461,586
		01		2014		14.6070		16.0892		483,087
		01		2013		11.3070		14.6070		510,608
		01		2012		9.8695		11.3070		546,516
		01		2011		10.2908		9.8695		516,849
		01		2010		10.0000		10.2908		8,771
		02		2019		18.2044		23.5155		266
		02		2018		19.8181		18.2044		0
		02		2017		16.5637		19.8181		107
		02		2016		15.6251		16.5637		221
		02		2015		15.8135		15.6251		4,953
		02		2014		14.3932		15.8135		0
		02		2013		11.1697		14.3932		0
		02		2012		9.7746		11.1697		0
		02		2011		10.2177		9.7746		0
		02		2010		10.0000		10.2177		0
		03		2019		17.9091		23.1007		25,697
		03		2018		19.5249		17.9091		51,122
		03		2017		16.3424		19.5249		70,802
		03		2016		15.4400		16.3424		82,822
		03		2015		15.6499		15.4400		72,366
		03		2014		14.2660		15.6499		69,026
		03		2013		11.0880		14.2660		71,299
		03		2012		9.7179		11.0880		84,600
		03		2011		10.1739		9.7179		75,745
		03		2010		10.0000		10.1739		1,082
Fidelity VIP Freedom 2015 Portfolio, Service Class 2		01		2019		16.3594		19.0399		7,344
		01		2018		17.5087		16.3594		2,231
		01		2017		15.4592		17.5087		4,607
		01		2016		14.8430		15.4592		5,049
		01		2015		15.1227		14.8430		5,219
		01		2014		14.6759		15.1227		5,353
		01		2013		13.0378		14.6759		5,852
		01		2012		11.8112		13.0378		4,953
		01		2011		12.0346		11.8112		5,135
		01		2010		10.0000		12.0346		0

102

Fund	Price Level		Year		Accumulation Unit Value Beginning of Year		Accumulation Unit Value End of Year		Number of Accumulation Units End of Year
		02		2019		15.8207		18.3656		0
		02		2018		16.9760		15.8207		0
		02		2017		15.0272		16.9760		0
		02		2016		14.4648		15.0272		0
		02		2015		14.7748		14.4648		0
		02		2014		14.3747		14.7748		0
		02		2013		12.8027		14.3747		0
		02		2012		11.6278		12.8027		0
		02		2011		11.8778		11.6278		0
		02		2010		10.0000		11.8778		0
		03		2019		15.5081		17.9768		0
		03		2018		16.6648		15.5081		0
		03		2017		14.7732		16.6648		1,245
		03		2016		14.2421		14.7732		1,422
		03		2015		14.5695		14.2421		1,487
		03		2014		14.1966		14.5695		0
		03		2013		12.6633		14.1966		334
		03		2012		11.5189		12.6633		0
		03		2011		11.7845		11.5189		0
		03		2010		10.0000		11.7845		0
Fidelity VIP Freedom 2020 Portfolio, Service Class 2		01		2019		16.4756		19.4848		22,021
		01		2018		17.7826		16.4756		24,711
		01		2017		15.5038		17.7826		31,593
		01		2016		14.8540		15.5038		32,651
		01		2015		15.1267		14.8540		28,917
		01		2014		14.6600		15.1267		28,759
		01		2013		12.8513		14.6600		23,997
		01		2012		11.5221		12.8513		20,958
		01		2011		11.8263		11.5221		21,717
		01		2010		10.0000		11.8263		0
		02		2019		15.9330		18.7948		0
		02		2018		17.2415		15.9330		0
		02		2017		15.0705		17.2415		0
		02		2016		14.4756		15.0705		0
		02		2015		14.7787		14.4756		0
		02		2014		14.3592		14.7787		0
		02		2013		12.6196		14.3592		0
		02		2012		11.3432		12.6196		0
		02		2011		11.6722		11.3432		0
		02		2010		10.0000		11.6722		0
		03		2019		15.6182		18.3969		99
		03		2018		16.9254		15.6182		104
		03		2017		14.8157		16.9254		208
		03		2016		14.2526		14.8157		215
		03		2015		14.5733		14.2526		112
		03		2014		14.1812		14.5733		113
		03		2013		12.4822		14.1812		450
		03		2012		11.2369		12.4822		128
		03		2011		11.5804		11.2369		133
		03		2010		10.0000		11.5804		0

103

Fund	Price Level		Year		Accumulation Unit Value Beginning of Year		Accumulation Unit Value End of Year		Number of Accumulation Units End of Year
Fidelity VIP Mid Cap Portfolio, Service Class 2		01		2019		18.2120		22.1301		150,528
		01		2018		21.6620		18.2120		182,641
		01		2017		18.2160		21.6620		231,765
		01		2016		16.4982		18.2160		244,688
		01		2015		17.0009		16.4982		274,239
		01		2014		16.2532		17.0009		285,566
		01		2013		12.1260		16.2532		287,083
		01		2012		10.7302		12.1260		333,448
		01		2011		12.2009		10.7302		338,910
		01		2010		10.0000		12.2009		11,717
		02		2019		17.6723		21.4191		0
		02		2018		21.0746		17.6723		0
		02		2017		17.7674		21.0746		0
		02		2016		16.1327		17.7674		0
		02		2015		16.6665		16.1327		0
		02		2014		15.9740		16.6665		0
		02		2013		11.9479		15.9740		0
		02		2012		10.5996		11.9479		0
		02		2011		12.0830		10.5996		0
		02		2010		10.0000		12.0830		0
		03		2019		17.3586		21.0086		16,042
		03		2018		20.7306		17.3586		26,161
		03		2017		17.5029		20.7306		37,969
		03		2016		15.9168		17.5029		40,942
		03		2015		16.4685		15.9168		49,145
		03		2014		15.8084		16.4685		51,321
		03		2013		11.8421		15.8084		59,781
		03		2012		10.5218		11.8421		57,894
		03		2011		12.0126		10.5218		65,863
		03		2010		10.0000		12.0126		0
First Eagle Overseas Variable Fund		01		2019		14.1346		16.3676		733,327
		01		2018		16.0186		14.1346		865,252
		01		2017		14.1713		16.0186		1,063,791
		01		2016		13.6590		14.1713		1,174,702
		01		2015		13.5956		13.6590		1,299,170
		01		2014		13.9527		13.5956		1,427,337
		01		2013		12.4891		13.9527		1,514,891
		01		2012		11.0258		12.4891		1,692,836
		01		2011		11.9271		11.0258		1,703,999
		01		2010		10.0000		11.9271		70,067
		02		2019		13.7158		15.8418		0
		02		2018		15.5842		13.7158		0
		02		2017		13.8222		15.5842		0
		02		2016		13.3564		13.8222		0
		02		2015		13.3282		13.3564		0
		02		2014		13.7130		13.3282		0
		02		2013		12.3057		13.7130		0
		02		2012		10.8916		12.3057		0
		02		2011		11.8119		10.8916		0
		02		2010		10.0000		11.8119		0

104

Fund	Price Level		Year		Accumulation Unit Value Beginning of Year		Accumulation Unit Value End of Year		Number of Accumulation Units End of Year
		03		2019		13.4734		15.5383		68,008
		03		2018		15.3299		13.4724		99,881
		03		2017		13.6165		15.3299		143,442
		03		2016		13.1777		13.6165		155,453
		03		2015		13.1699		13.1777		152,101
		03		2014		13.5709		13.1699		237,330
		03		2013		12.1968		13.5709		257,611
		03		2012		10.8117		12.1968		283,397
		03		2011		11.7431		10.8117		291,058
		03		2010		10.0000		11.7431		269
Franklin Income VIP Fund, Class 2		01		2019		14.4445		16.5384		152,125
		01		2018		15.3014		14.4445		183,377
		01		2017		14.1418		15.3014		275,793
		01		2016		12.5723		14.1418		284,966
		01		2015		13.7116		12.5723		325,844
		01		2014		13.2860		13.7116		408,596
		01		2013		11.8199		13.2860		366,107
		01		2012		10.6367		11.8199		365,753
		01		2011		10.5309		10.6367		361,960
		01		2010		10.0000		10.5309		19,278
		02		2019		14.0166		16.0072		0
		02		2018		14.8865		14.0166		0
		02		2017		13.7936		14.8865		0
		02		2016		12.2938		13.7936		0
		02		2015		13.4420		12.2938		0
		02		2014		13.0578		13.4420		0
		02		2013		11.6464		13.0578		0
		02		2012		10.5073		11.6464		0
		02		2011		10.4291		10.5073		0
		02		2010		10.0000		10.4291		0
		03		2019		13.7678		15.7005		34,025
		03		2018		14.6435		13.7678		38,760
		03		2017		13.5882		14.6435		55,744
		03		2016		12.1293		13.5882		59,834
		03		2015		13.2823		12.1293		56,582
		03		2014		12.9224		13.2823		54,895
		03		2013		11.5433		12.9224		55,734
		03		2012		10.4303		11.5433		60,583
		03		2011		10.3684		10.4303		57,416
		03		2010		10.0000		10.3684		0
Franklin Income VIP Fund, Class 4		01		2019		13.9607		15.9829		49,458
		01		2018		14.8062		13.9607		68,234
		01		2017		13.6995		14.8062		75,965
		01		2016		12.1956		13.6995		77,634
		01		2015		13.3138		12.1956		97,874
		01		2014		12.9121		13.3138		105,773
		01		2013		11.4961		12.9121		114,236
		01		2012		10.3537		11.4961		76,347
		01		2011		10.0000		10.3537		38,388

105

Fund	Price Level		Year		Accumulation Unit Value Beginning of Year		Accumulation Unit Value End of Year		Number of Accumulation Units End of Year
		02		2019		13.7042		15.6489		0
		02		2018		14.5718		13.7042		0
		02		2017		13.5171		14.5718		0
		02		2016		12.0637		13.5171		0
		02		2015		13.2034		12.0637		0
		02		2014		12.8375		13.2034		0
		02		2013		11.4587		12.8375		0
		02		2012		10.3464		11.4587		0
		03		2019		13.5546		15.4558		5,604
		03		2018		14.4336		13.5546		8,977
		02		2011		10.0000		10.3464		0
		03		2017		13.4085		14.4336		9,073
		03		2016		11.9851		13.4085		9,102
		03		2015		13.1374		11.9851		11,542
		03		2014		12.7929		13.1374		12,402
		03		2013		11.4362		12.7929		12,763
		03		2012		10.3419		11.4362		13,890
		03		2011		10.0000		10.3419		12,067
Franklin Mutual Shares VIP Fund, Class 2		01		2019		23.1939		28.0465		20,412
		01		2018		25.8566		23.1939		28,673
		01		2017		24.1895		25.8566		44,260
		01		2016		21.1278		24.1895		41,976
		01		2015		22.5291		21.1278		48,746
		01		2014		21.3191		22.5291		55,269
		01		2013		16.8490		21.3191		57,916
		01		2012		14.9511		16.8490		49,139
		01		2011		15.3149		14.9511		54,674
		01		2010		10.0000		15.3149		2,447
		02		2019		22.2465		26.8318		0
		02		2018		24.8642		22.2465		0
		02		2017		23.3211		24.8647		0
		02		2016		20.4210		23.3211		0
		02		2015		21.8308		20.4210		0
		02		2014		20.7107		21.8308		0
		02		2013		16.4098		20.7107		0
		02		2012		14.5985		16.4098		0
		02		2011		14.9917		14.5985		0
		02		2010		10.0000		14.9917		0
		03		2019		21.6993		26.1342		12,158
		03		2018		24.2883		21.6993		16,853
		03		2017		22.8138		24.2883		17,267
		03		2016		20.0073		22.8138		17,145
		03		2015		21.4212		20.0073		18,352
		03		2014		20.3532		21.4212		19,993
		03		2013		16.1510		20.3532		20,133
		03		2012		14.3904		16.1510		18,952
		03		2011		14.8005		14.3904		17,870
		03		2010		10.0000		14.8005		537

106

Fund	Price Level		Year		Accumulation Unit Value Beginning of Year		Accumulation Unit Value End of Year		Number of Accumulation Units End of Year
Franklin Mutual Shares VIP Fund, Class 4		01		2019		16.2532		19.6320		3,261
		01		2018		18.1374		16.2532		7,683
		01		2017		16.9831		18.1374		8,023
		01		2016		14.8481		16.9831		8,278
		01		2015		15.8522		14.8481		9,305
		01		2014		15.0119		15.8522		9,172
		01		2013		11.8836		15.0119		6,654
		01		2012		10.5493		11.8836		5,123
		01		2011		10.0000		10.5493		5,100
		02		2019		15.9545		19.2217		0
		02		2018		17.8503		15.9545		0
		02		2017		16.7570		17.8503		0
		02		2016		14.6879		16.7570		0
		02		2015		15.7207		14.6879		0
		02		2014		14.9252		15.7207		0
		02		2013		11.8449		14.9252		0
		02		2012		10.5418		11.8449		0
		02		2011		10.0000		10.5418		0
		03		2019		15.7804		18.9846		0
		03		2018		17.6811		15.7804		0
		03		2017		16.6224		17.6811		0
		03		2016		14.5922		16.6224		0
		03		2015		15.6421		14.5922		0
		03		2014		14.8733		15.6421		0
		03		2013		11.8218		14.8733		0
		03		2012		10.5373		11.8218		0
		03		2011		10.0000		10.5373		47
Franklin Small Cap Value VIP Fund, Class 2		01		2019		34.4232		42.9074		24,765
		01		2018		40.0533		34.4232		29,409
		01		2017		36.6906		40.0533		44,061
		01		2016		28.5685		36.6906		42,861
		01		2015		31.2693		28.5685		43,856
		01		2014		31.5173		31.2693		46,797
		01		2013		23.4504		31.5173		43,138
		01		2012		20.0806		23.4504		32,018
		01		2011		21.1501		20.0806		33,778
		01		2010		10.0000		21.1501		601
		02		2019		33.0169		41.0488		0
		02		2018		38.5166		33.0169		0
		02		2017		35.3732		38.5166		0
		02		2016		27.6126		35.3732		0
		02		2015		30.2999		27.6126		0
		02		2014		30.6178		30.2999		0
		02		2013		22.8390		30.6178		0
		02		2012		19.6069		22.8390		0
		02		2011		20.7036		19.6069		0
		02		2010		10.0000		20.7036		0

107

Fund	Price Level		Year		Accumulation Unit Value Beginning of Year		Accumulation Unit Value End of Year		Number of Accumulation Units End of Year
		03		2019		32.2049		39.9816		3,738
		03		2018		37.6239		32.2049		6,519
		03		2017		34.6038		37.6239		7,990
		03		2016		27.0532		34.6038		8,160
		03		2015		29.7314		27.0532		9,615
		03		2014		30.0893		29.7314		9,446
		03		2013		22.4790		30.0893		9,373
		03		2012		19.3274		22.4790		11,281
		03		2011		20.4396		19.3274		11,762
		03		2010		10.0000		20.4396		0
Franklin Small Cap Value VIP Fund, Class 4		01		2019		18.7476		23.3463		5,224
		01		2018		21.8470		18.7476		7,295
		01		2017		20.0288		21.8470		23,882
		01		2016		15.6030		20.0288		23,842
		01		2015		17.1036		15.6030		25,022
		01		2014		17.2543		17.1026		24,606
		01		2013		12.8488		17.2543		21,571
		01		2012		11.0136		12.8488		22,605
		01		2011		10.0000		11.0136		20,609
		02		2019		18.4031		22.8584		0
		02		2018		21.5011		18.4031		0
		02		2017		19.7621		21.5011		0
		02		2016		15.4344		19.7621		0
		02		2015		16.9607		15.4344		0
		02		2014		17.1546		16.9607		0
		02		2013		12.8070		17.1546		0
		02		2012		11.0058		12.8070		0
		02		2011		10.0000		11.0058		0
		03		2019		18.2023		22.5764		0
		03		2018		21.2974		18.2023		7,123
		03		2017		19.6034		21.2974		7,142
		03		2016		15.3338		19.6034		7,295
		03		2015		16.8760		15.3338		8,820
		03		2014		17.0949		16.8760		9,105
		03		2013		12.7820		17.0949		10,060
		03		2012		11.0011		12.7820		11,620
		03		2011		10.0000		11.0011		11,428
Franklin Strategic Income VIP Fund, Class 2		01		2019		14.2807		15.2232		41,120
		01		2018		14.7925		14.2807		48,171
		01		2017		14.3403		14.7925		81,344
		01		2016		13.4673		14.3403		88,469
		01		2015		14.2011		13.4673		97,711
		01		2014		14.1324		14.2011		128,962
		01		2013		13.8660		14.1324		171,418
		01		2012		12.4669		13.8660		179,812
		01		2011		12.3199		12.4669		179,084
		01		2010		10.0000		12.3199		2,961

108

Fund	Price Level		Year		Accumulation Unit Value Beginning of Year		Accumulation Unit Value End of Year		Number of Accumulation Units End of Year
		02		2019		13.8577		14.7343		0
		02		2018		14.3915		13.8577		0
		02		2017		13.9872		14.3915		0
		02		2016		13.1691		13.9872		0
		02		2015		13.9218		13.1691		0
		02		2014		13.8897		13.9218		0
		02		2013		13.6625		13.8897		0
		02		2012		12.3153		13.6625		0
		02		2011		12.2009		12.3153		0
		02		2010		10.0000		12.2009		0
		03		2019		13.6117		14.4519		3,756
		03		2018		14.1566		13.6117		3,615
		03		2017		13.7790		14.1566		3,955
		03		2016		12.9929		13.7790		3,933
		03		2015		13.7565		12.9929		4,126
		03		2014		13.7457		13.7565		4,106
		03		2013		13.5416		13.7457		3,212
		03		2012		12.2250		13.5416		8,290
		03		2011		12.1299		12.2250		3,500
		03		2010		10.0000		12.1299		0
Franklin Strategic Income VIP Fund, Class 4		01		2019		11.4511		12.1933		8,150
		01		2018		11.8738		11.4511		14,591
		01		2017		11.5214		11.8738		15,303
		01		2016		10.8276		11.5214		20,623
		01		2015		11.4302		10.8276		21,389
		01		2014		11.3871		11.4302		17,861
		01		2013		11.1886		11.3871		18,024
		01		2012		10.0673		11.1886		20,689
		01		2011		10.0000		10.0673		8,625
		02		2019		11.2407		11.9385		0
		02		2018		11.6858		11.2407		0
		02		2017		11.3680		11.6858		0
		02		2016		10.7106		11.3680		0
		02		2015		11.3354		10.7106		0
		02		2014		11.3213		11.3354		0
		02		2013		11.1522		11.3213		0
		02		2012		10.0601		11.1522		0
		02		2011		10.0000		10.0601		0
		03		2019		11.1180		11.7912		104
		03		2018		11.5750		11.1180		98
		03		2017		11.2767		11.5750		100
		03		2016		10.6408		11.2767		97
		03		2015		11.2787		10.6408		100
		03		2014		11.2819		11.2787		101
		03		2013		11.1304		11.2819		98
		03		2012		10.0558		11.1304		97
		03		2011		10.0000		10.0558		17

109

Fund	Price Level		Year		Accumulation Unit Value Beginning of Year		Accumulation Unit Value End of Year		Number of Accumulation Units End of Year
Rational Trend Aggregation VA Fund		01		2019		13.6922		14.4934		10,308
		01		2018		14.5448		13.6922		12,387
		01		2017		14.9810		14.5448		19,740
		01		2016		14.1967		14.9810		19,140
		01		2015		14.8447		14.1967		20,703
		01		2014		13.6600		14.8447		22,714
		01		2013		11.5426		13.6600		35,463
		01		2012		10.4977		11.5426		36,096
		01		2011		9.9383		10.4977		37,616
		01		2010		10.0000		9.9383		3,219
		02		2019		13.3129		14.0557		0
		02		2018		14.1786		13.3129		0
		02		2017		14.6412		14.1786		0
		02		2016		13.9099		14.6412		0
		02		2015		14.5817		13.9099		0
		02		2014		13.4521		14.5817		0
		02		2013		11.3958		13.4521		0
		02		2012		10.3907		11.3958		0
		02		2011		9.8618		10.3907		0
		02		2010		10.0000		9.8618		0
		03		2019		13.0923		13.8029		2
		03		2018		13.9639		13.0923		355
		03		2017		14.4405		13.9639		359
		03		2016		13.7401		14.4405		464
		03		2015		14.4258		13.7401		500
		03		2014		13.3285		14.4258		502
		03		2013		11.3084		13.3285		2,728
		03		2012		10.3268		11.3084		3,080
		03		2011		9.8161		10.3268		3,589
		03		2010		10.0000		9.8161		0
Rational Insider Buying VA Fund		01		2019		15.7616		19.2814		10,378
		01		2018		17.2141		15.7616		13,393
		01		2017		14.8475		17.2141		18,564
		01		2016		13.5587		14.8475		21,124
		01		2015		14.8053		13.5587		23,430
		01		2014		15.3242		14.8053		24,567
		01		2013		11.7752		15.3242		28,670
		01		2012		9.7345		11.7752		34,931
		01		2011		9.9582		9.7345		41,571
		01		2010		10.0000		9.9582		447
		02		2019		15.3250		18.6992		0
		02		2018		16.7807		15.3250		0
		02		2017		14.5107		16.7807		0
		02		2016		13.2848		14.5107		0
		02		2015		14.5431		13.2848		0
		02		2014		15.0911		14.5431		0
		02		2013		11.6254		15.0911		0
		02		2012		9.6353		11.6254		0
		02		2011		9.8816		9.6353		0
		02		2010		10.0000		9.8816		0

110

Fund	Price Level		Year		Accumulation Unit Value Beginning of Year		Accumulation Unit Value End of Year		Number of Accumulation Units End of Year
		03		2019		15.0710		18.3628		303
		03		2018		16.5266		15.0710		794
		03		2017		14.3118		16.5266		840
		03		2016		13.1227		14.3118		1,060
		03		2015		14.3876		13.1227		1,158
		03		2014		14.9525		14.3876		1,125
		03		2013		11.5363		14.9525		2,954
		03		2012		9.5760		11.5363		3,830
		03		2011		9.8358		9.5760		5,010
		03		2010		10.0000		9.8358		0
Invesco V.I. Equity and Income Fund, Series II		01		2019		16.8837		19.9892		931,171
		01		2018		18.9599		16.8837		1,127,751
		01		2017		17.3480		18.9599		1,334,138
		01		2016		15.3136		17.3480		1,261,457
		01		2015		15.9351		15.3136		1,499,951
		01		2014		14.8511		15.9351		1,512,342
		01		2013		12.0545		14.8511		1,332,077
		01		2012		10.8733		12.0545		950,223
		01		2011		11.1670		10.8733		902,759
		01		2010		10.0000		11.1670		12,116
		02		2019		16.4257		19.3971		0
		02		2018		18.4934		16.4257		0
		02		2017		16.9645		18.4934		0
		02		2016		15.0130		16.9645		0
		02		2015		15.6620		15.0130		0
		02		2014		14.6337		15.6620		0
		02		2013		11.9082		14.6337		0
		02		2012		10.7688		11.9082		0
		02		2011		11.0876		10.7688		0
		02		2010		10.0000		11.0876		0
		03		2019		16.1592		19.0549		153,919
		03		2018		18.2197		16.1592		182,574
		03		2017		16.7378		18.2197		195,609
		03		2016		14.8351		16.7378		190,958
		03		2015		15.5000		14.8351		203,586
		03		2014		14.5045		15.5000		186,479
		03		2013		11.8210		14.5045		206,519
		03		2012		10.7063		11.8210		171,148
		03		2011		11.0401		10.7063		154,461
		03		2010		10.0000		11.0401		4,446
Invesco V.I. American Value Fund, Series II		01		2019		16.8049		20.6752		31,931
		01		2018		19.5512		16.8049		40,874
		01		2017		18.0681		19.5512		63,295
		01		2016		15.8962		18.0681		79,798
		01		2015		17.7776		15.8962		81,945
		01		2014		16.4608		17.7776		80,644
		01		2013		12.4585		16.4608		77,843
		01		2012		10.7878		12.4585		54,522
		01		2011		10.8455		10.7878		54,800
		01		2010		10.0000		10.8455		1,589

111

Fund	Price Level		Year		Accumulation Unit Value Beginning of Year		Accumulation Unit Value End of Year		Number of Accumulation Units End of Year
		02		2019		16.3489		20.0626		0
		02		2018		19.0700		16.3489		0
		02		2017		17.6685		19.0700		0
		02		2016		15.5842		17.6685		0
		02		2015		17.4729		15.5842		0
		02		2014		16.2197		17.4729		0
		02		2013		12.3072		16.2197		0
		02		2012		10.6840		12.3072		0
		02		2011		10.7684		10.6840		0
		02		2010		10.0000		10.7684		0
		03		2019		16.0836		19.7086		1,044
		03		2018		18.7878		16.0836		9,562
		03		2017		17.4325		18.7878		15,527
		03		2016		15.3995		17.4325		16,064
		03		2015		17.2922		15.3995		16,308
		03		2014		16.0765		17.2922		15,529
		03		2013		12.2171		16.0765		12,765
		03		2012		10.6221		12.2171		12,696
		03		2011		10.7223		10.6221		12,231
		03		2010		10.0000		10.7223		0
Invesco V.I. Comstock Fund, Series II		01		2019		15.8403		19.5245		34,556
		01		2018		18.3239		15.8403		42,107
		01		2017		15.7970		18.3239		85,980
		01		2016		13.6880		15.7970		89,274
		01		2015		14.7916		13.6880		103,593
		01		2014		13.7433		14.7916		99,644
		01		2013		10.2698		13.7433		93,592
		01		2012		8.7543		10.2698		94,997
		01		2011		9.0650		8.7543		81,645
		01		2010		10.0000		9.0650		1,643
		02		2019		15.3709		18.8972		0
		02		2018		17.8269		15.3709		0
		02		2017		15.4079		17.8269		0
		02		2016		13.3847		15.4079		0
		02		2015		14.5006		13.3847		0
		02		2014		13.5072		14.5006		0
		02		2013		10.1190		13.5072		0
		02		2012		8.6478		10.1190		0
		02		2011		8.9774		8.6478		0
		02		2010		10.0000		8.9774		0
		03		2019		15.0980		18.5350		1,063
		03		2018		17.5353		15.0980		9,170
		03		2017		15.1784		17.5358		20,556
		03		2016		13.2055		15.1784		21,331
		03		2015		14.3283		13.2055		25,176
		03		2014		13.3671		14.3283		19,547
		03		2013		10.0293		13.3671		19,088
		03		2012		8.5843		10.0293		13,479
		03		2011		8.9251		8.5843		18,579
		03		2010		10.0000		8.9251		0

112

Fund	Price Level		Year		Accumulation Unit Value Beginning of Year		Accumulation Unit Value End of Year		Number of Accumulation Units End of Year
Invesco V.I. International Growth Fund, Series II		01		2019		15.8403		16.2221		5,194
		01		2018		15.3295		15.8403		41,107
		01		2017		12.6609		15.3295		6,307
		01		2016		12.9242		12.6609		7,047
		01		2015		13.4530		12.9242		8,974
		01		2014		13.6248		13.4530		6,192
		01		2013		11.6337		13.6248		3,789
		01		2012		10.2327		11.6337		746
		01		2011		10.0000		10.2327		767
		02		2019		15.3709		15.8830		0
		02		2018		15.0868		15.3709		0
		02		2017		12.4923		15.0868		0
		02		2016		12.7845		12.4923		0
		02		2015		13.3413		12.7845		0
		02		2014		13.5461		13.3413		0
		02		2013		11.5959		13.5461		0
		02		2012		10.2255		11.5959		0
		02		2011		10.0000		10.2255		0
		03		2019		15.0980		15.6871		1,438
		03		2018		14.9438		15.0980		9,170
		03		2017		12.3920		14.9438		1,483
		03		2016		12.7012		12.3920		1,634
		03		2015		13.2747		12.7012		1,575
		03		2014		13.4990		13.2747		2,259
		03		2013		11.5732		13.4990		1,566
		03		2012		10.2211		11.5732		0
		03		2011		10.0000		10.2211		0
JPMorgan Insurance Trust Core Bond Portfolio, Class 2		01		2019		10.4377		11.1072		637,626
		01		2018		10.6050		10.4377		637,452
		01		2017		10.4057		10.6050		751,129
		01		2016		10.3579		10.4057		750,167
		01		2015		10.4097		10.3579		563,834
		01		2014		10.0773		10.4097		485,129
		01		2013		10.3961		10.0773		490,434
		01		2012		10.0308		10.3961		171,523
		01		2011		10.0000		10.0308		37,226
		02		2019		10.2459		10.8751		0
		02		2018		10.4370		10.2459		0
		02		2017		10.2671		10.4370		0
		02		2016		10.2460		10.2671		0
		02		2015		10.3233		10.2460		0
		02		2014		10.0191		10.3233		0
		02		2013		10.3623		10.0191		0
		02		2012		10.0236		10.3623		0
		02		2011		10.0000		10.0236		0

113

Fund	Price Level		Year		Accumulation Unit Value Beginning of Year		Accumulation Unit Value End of Year		Number of Accumulation Units End of Year
		03		2019		10.1341		10.7409		49,798
		03		2018		10.3381		10.1341		50,749
		03		2017		10.1846		10.3381		50,978
		03		2016		10.1792		10.1846		59,285
		03		2015		10.2717		10.1792		56,877
		03		2014		9.9842		10.2717		71,987
		03		2013		10.3420		9.9842		22,860
		03		2012		10.0194		10.3420		17,240
		03		2011		10.0000		10.0194		9,191
JPMorgan Insurance Trust U.S. Equity Portfolio, Class 2		01		2019		21.6403		28.0611		5,061
		01		2018		23.4426		21.6403		14,067
		01		2017		19.4698		23.4426		23,830
		01		2016		17.8294		19.4698		16,850
		01		2015		17.9675		17.8294		16,419
		01		2014		16.0317		17.9675		10,563
		01		2013		11.9582		16.0317		907
		01		2012		10.3366		11.9582		1,431
		01		2011		10.0000		10.3366		491
		02		2019		21.2427		27.4748		0
		02		2018		23.0715		21.2427		0
		02		2017		19.2105		23.0715		0
		02		2016		17.6367		19.2105		0
		02		2015		17.8185		17.6367		0
		02		2014		15.9391		17.8185		0
		02		2013		11.9193		15.9391		0
		02		2012		10.3292		11.9193		0
		02		2011		10.0000		10.3292		0
		03		2019		21.0109		27.1358		895
		03		2018		22.8529		21.0109		1,043
		03		2017		19.0563		22.8529		1,168
		03		2016		17.5218		19.0563		6,245
		03		2015		17.7294		17.5218		6,573
		03		2014		15.8837		17.7294		5,235
		03		2013		11.8960		15.8837		0
		03		2012		10.3248		11.8960		0
		03		2011		10.0000		10.3248		0
Lazard Retirement Emerging Markets Equity Portfolio, Service Class		01		2019		9.5082		11.0819		189,968
		01		2018		11.8349		9.5082		224,676
		01		2017		9.3846		11.8349		250,136
		01		2016		7.8764		9.3846		289,126
		01		2015		9.9872		7.8764		352,714
		01		2014		10.6162		9.9872		311,665
		01		2013		10.8970		10.6162		305,461
		01		2012		9.0510		10.8970		295,477
		01		2011		11.1886		9.0510		287,674
		01		2010		10.0000		11.1886		14,919

114

Fund	Price Level		Year		Accumulation Unit Value Beginning of Year		Accumulation Unit Value End of Year		Number of Accumulation Units End of Year
		02		2019		9.2502		10.7535		0
		02		2018		11.5436		9.2502		0
		02		2017		9.1771		11.5436		0
		02		2016		7.7217		9.1771		0
		02		2015		9.8160		7.7217		0
		02		2014		10.4607		9.8160		0
		02		2013		10.7647		10.4607		0
		02		2012		8.9639		10.7647		0
		02		2011		11.1091		8.9639		0
		02		2010		10.0000		11.1091		0
		03		2019		9.1000		10.5637		33,363
		03		2018		11.3728		9.1000		67,946
		03		2017		9.0544		11.3728		73,908
		03		2016		7.6301		9.0544		86,745
		03		2015		9.7144		7.6301		101,860
		03		2014		10.3683		9.7144		90,205
		03		2013		10.6859		10.3683		97,486
		03		2012		8.9120		10.6859		89,971
		03		2011		11.0616		8.9120		92,407
		03		2010		10.0000		11.0616		0
Lord Abbett Series Fund, Inc. - Fundamental Equity Portfolio, Class VC		01		2019		24.3611		29.2038		40,726
		01		2018		26.8886		24.3611		46,623
		01		2017		24.2103		26.8886		58,424
		01		2016		21.2032		24.2103		56,581
		01		2015		22.2599		21.2032		67,012
		01		2014		21.0605		22.2599		70,920
		01		2013		15.7254		21.0605		77,612
		01		2012		14.4163		15.7254		71,805
		01		2011		15.3001		14.4163		70,279
		01		2010		10.0000		15.3001		1,225
		02		2019		23.4456		28.0342		0
		02		2018		25.9452		23.4456		0
		02		2017		23.4206		25.9452		0
		02		2016		20.5637		23.4206		0
		02		2015		21.6434		20.5637		0
		02		2014		20.5293		21.6434		0
		02		2013		15.3677		20.5293		0
		02		2012		14.1243		15.3677		0
		02		2011		15.0282		14.1243		0
		02		2010		10.0000		15.0282		0
		03		2019		22.9160		27.3614		14,150
		03		2018		25.3959		22.9160		26,239
		03		2017		22.9582		25.3959		30,290
		03		2016		20.1885		22.9582		31,196
		03		2015		21.2810		20.1885		34,439
		03		2014		20.2163		21.2810		34,193
		03		2013		15.1565		20.2163		31,509
		03		2012		13.9515		15.1565		37,988
		03		2011		14.8670		13.9515		37,763
		03		2010		10.0000		14.8670		0

115

Fund	Price Level		Year		Accumulation Unit Value Beginning of Year		Accumulation Unit Value End of Year		Number of Accumulation Units End of Year
Lord Abbett Series Fund, Inc. - Growth Opportunities Portfolio, Class VC		01		2019		25.9578		34.9213		20,996
		01		2018		27.0971		25.9578		23,312
		01		2017		22.3464		27.0971		25,499
		01		2016		22.3763		22.3464		27,161
		01		2015		22.0812		22.3763		29,289
		01		2014		21.1026		22.0812		27,834
		01		2013		15.6052		21.1026		30,170
		01		2012		13.8647		15.6052		28,785
		01		2011		15.6239		13.8647		28,640
		01		2010		10.0000		15.6239		806
		02		2019		24.9823		33.5227		0
		02		2018		26.1463		24.9823		0
		02		2017		21.6175		26.1463		0
		02		2016		21.7014		21.6175		0
		02		2015		21.4696		21.7014		0
		02		2014		20.5703		21.4696		0
		02		2013		15.2501		20.5703		0
		02		2012		13.5838		15.2501		0
		02		2011		15.3463		13.5838		0
		02		2010		10.0000		15.3463		0
		03		2019		24.4179		32.7181		2,419
		03		2018		25.5927		24.4179		3,405
		03		2017		21.1906		25.5927		5,302
		03		2016		21.3053		21.1906		5,695
		03		2015		21.1100		21.3053		6,692
		03		2014		20.2566		21.1100		6,025
		03		2013		15.0405		20.2566		7,168
		03		2012		13.4176		15.0405		11,893
		03		2011		15.1817		13.4176		11,434
		03		2010		10.0000		15.1817		2,241
MFS Corporate Bond Portfolio, Service Class		01		2019		18.3586		20.7300		345,095
		01		2018		19.2476		18.3586		410,959
		01		2017		18.3862		19.2476		556,389
		01		2016		17.5855		18.3862		509,395
		01		2015		17.9305		17.5855		498,251
		01		2014		17.2130		17.9305		535,447
		01		2013		17.5379		17.2130		532,397
		01		2012		16.0169		17.5379		455,946
		01		2011		15.2726		16.0169		435,017
		01		2010		10.0000		15.2726		14,003
		02		2019		17.6087		19.8322		0
		02		2018		18.5093		17.6087		0
		02		2017		17.7261		18.5093		0
		02		2016		16.9973		17.7261		0
		02		2015		17.3748		16.9973		0
		02		2014		16.7219		17.3748		0
		02		2013		17.0807		16.7219		0
		02		2012		15.6392		17.0807		0
		02		2011		14.9503		15.6392		0
		02		2010		10.0000		14.9503		0

116

Fund	Price Level		Year		Accumulation Unit Value Beginning of Year		Accumulation Unit Value End of Year		Number of Accumulation Units End of Year
		03		2019		17.1757		19.3167		44,388
		03		2018		18.0803		17.1757		46,873
		03		2017		17.3406		18.0803		59,102
		03		2016		16.6530		17.3406		63,773
		03		2015		17.0488		16.6530		63,796
		03		2014		16.4332		17.0488		76,861
		03		2013		16.8115		16.4332		72,913
		03		2012		15.4164		16.8115		68,266
		03		2011		14.7597		15.4164		64,012
		03		2010		10.0000		14.7597		83
MFS Core Equity Portfolio, Service Class		01		2019		20.1224		26.3769		33,130
		01		2018		21.2635		20.1224		46,345
		01		2017		17.3109		21.2635		61,427
		01		2016		15.7992		17.3109		72,200
		01		2015		16.0805		15.7992		81,041
		01		2014		14.6763		16.0805		83,758
		01		2013		11.0789		14.6763		82,256
		01		2012		9.6620		11.0789		93,732
		01		2011		9.9183		9.6620		56,870
		01		2010		10.0000		9.9183		4,543
		02		2019		19.5261		25.5295		0
		02		2018		20.6869		19.5261		0
		02		2017		16.8845		20.6869		0
		02		2016		15.4491		16.8845		0
		02		2015		15.7641		15.4491		0
		02		2014		14.4241		15.7641		0
		02		2013		10.9161		14.4241		0
		02		2012		9.5444		10.9161		0
		02		2011		9.8224		9.5444		0
		02		2010		10.0000		9.8224		0
		03		2019		19.1796		25.0403		7,302
		03		2018		20.3493		19.1796		16,253
		03		2017		16.6332		20.3493		17,632
		03		2016		15.2424		16.6332		18,545
		03		2015		15.5769		15.2424		17,558
		03		2014		14.2746		15.5769		23,950
		03		2013		10.8195		14.2746		24,305
		03		2012		9.4744		10.8195		26,405
		03		2011		9.7652		9.4744		22,764
		03		2010		10.0000		9.7652		0
MFS Emerging Markets Equity Portfolio, Service Class		01		2019		14.6516		17.3714		50,308
		01		2018		17.2971		14.6516		56,446
		01		2017		12.7357		17.2971		66,820
		01		2016		11.8393		12.7357		78,374
		01		2015		13.8082		11.8393		86,733
		01		2014		15.0486		13.8082		102,961
		01		2013		16.1256		15.0486		107,939
		01		2012		13.7834		16.1256		105,145
		01		2011		17.1905		13.7834		106,666
		01		2010		10.0000		17.1905		2,108

117

Fund	Price Level		Year		Accumulation Unit Value Beginning of Year		Accumulation Unit Value End of Year		Number of Accumulation Units End of Year
		02		2019		14.1690		16.7560		0
		02		2018		16.7708		14.1690		0
		02		2017		12.3797		16.7708		0
		02		2016		11.5375		12.3797		0
		02		2015		13.4905		11.5375		0
		02		2014		14.7397		13.4905		0
		02		2013		15.8348		14.7397		0
		02		2012		13.5693		15.8348		0
		02		2011		16.9665		13.5693		0
		02		2010		10.0000		16.9665		0
		03		2019		13.8890		16.4012		8,658
		03		2018		16.4631		13.8890		9,159
		03		2017		12.1704		16.4631		9,532
		03		2016		11.3597		12.1704		11,916
		03		2015		13.3030		11.3597		13,885
		03		2014		14.5570		13.3030		13,220
		03		2013		15.6624		14.5570		12,611
		03		2012		13.4422		15.6624		13,663
		03		2011		16.8332		13.4422		13,659
		03		2010		10.0000		16.8332		2,045
MFS Global Tactical Allocation Portfolio, Service Class		01		2019		12.6809		14.2993		9,822,115
		01		2018		13.5034		12.6809		11,510,062
		01		2017		12.3772		13.5034		13,954,080
		01		2016		11.8385		12.3772		15,057,233
		01		2015		12.3070		11.8385		16,246,500
		01		2014		11.9671		12.3070		17,382,477
		01		2013		11.1762		11.9671		18,900,924
		01		2012		10.3693		11.1762		19,833,426
		01		2011		10.3770		10.3693		18,776,532
		01		2010		10.0000		10.3770		389,018
		02		2019		12.3929		13.9386		0
		02		2018		13.2309		12.3929		0
		02		2017		12.1584		13.2309		0
		02		2016		11.6588		12.1584		0
		02		2015		12.1510		11.6588		0
		02		2014		11.8454		12.1510		0
		02		2013		11.0906		11.8454		0
		02		2012		10.3162		11.0906		0
		02		2011		10.3500		10.3162		0
		02		2010		10.0000		10.3500		0
		03		2019		12.2250		13.7300		998,229
		03		2018		13.0707		12.2250		1,176,600
		03		2017		12.0287		13.0707		1,527,924
		03		2016		11.5520		12.0287		1,792,117
		03		2015		12.0581		11.5520		1,889,942
		03		2014		11.7728		12.0581		2,197,614
		03		2013		11.0394		11.7728		2,296,420
		03		2012		10.2843		11.0394		2,419,263
		03		2011		10.3338		10.2843		2,302,473
		03		2010		10.0000		10.3338		144,756

118

Fund	Price Level		Year		Accumulation Unit Value Beginning of Year		Accumulation Unit Value End of Year		Number of Accumulation Units End of Year
MFS Government Securities Portfolio, Service Class		01		2019		13.2950		13.9487		441,572
		01		2018		13.4547		13.2950		533,078
		01		2017		13.3671		13.4547		740,976
		01		2016		13.4590		13.3671		832,160
		01		2015		13.6084		13.4590		772,554
		01		2014		13.1794		13.6084		848,441
		01		2013		13.7582		13.1794		982,522
		01		2012		13.6379		13.7582		1,154,948
		01		2011		12.9063		13.6379		1,048,671
		01		2010		10.0000		12.9063		13,834
		02		2019		12.7519		13.3446		0
		02		2018		12.9385		12.7519		0
		02		2017		12.8872		12.9385		0
		02		2016		13.0088		12.8872		0
		02		2015		13.1866		13.0088		0
		02		2014		12.8033		13.1866		0
		02		2013		13.3995		12.8033		0
		02		2012		13.3164		13.3995		0
		02		2011		12.6339		13.3164		0
		02		2010		10.0000		12.6339		0
		03		2019		12.4383		12.9976		63,403
		03		2018		12.6386		12.4383		73,602
		03		2017		12.6069		12.6386		148,948
		03		2016		12.7453		12.6069		158,963
		03		2015		12.9392		12.7453		150,375
		03		2014		12.5822		12.9392		157,649
		03		2013		13.1883		12.5822		238,579
		03		2012		13.1266		13.1883		239,985
		03		2011		12.4728		13.1266		211,974
		03		2010		10.0000		12.4728		2,197
MFS High Yield Portfolio, Service Class		01		2019		11.4534		12.9303		31,713
		01		2018		11.9994		11.4534		52,884
		01		2017		11.4409		11.9994		80,562
		01		2016		10.2050		11.4409		83,682
		01		2015		10.8232		10.2050		86,737
		01		2014		10.7003		10.8232		96,606
		01		2013		10.2233		10.7003		109,202
		01		2012		10.0000		10.2233		112,819
		02		2019		11.2763		12.6977		0
		02		2018		11.8445		11.2763		0
		02		2017		11.3221		11.8445		0
		02		2016		10.1247		11.3221		0
		02		2015		10.7653		10.1247		0
		02		2014		10.6700		10.7653		0
		02		2013		10.2203		10.6700		0
		02		2012		10.0000		10.2203		0

119

Fund	Price Level		Year		Accumulation Unit Value Beginning of Year		Accumulation Unit Value End of Year		Number of Accumulation Units End of Year
		03		2019		11.1732		12.5635		10,084
		03		2018		11.7532		11.1732		22,955
		03		2017		11.2513		11.7532		25,474
		03		2016		10.0767		11.2513		25,526
		03		2015		10.7306		10.0767		22,673
		03		2014		10.6519		10.7306		24,154
		03		2013		10.2185		10.6519		24,558
		03		2012		10.0000		10.2185		26,715
MFS International Growth Portfolio, Service Class		01		2019		13.5956		17.0490		34,905
		01		2018		15.1959		13.5956		43,191
		01		2017		11.6381		15.1959		59,721
		01		2016		11.5487		11.6381		43,417
		01		2015		11.6945		11.5487		53,788
		01		2014		12.5033		11.6945		54,349
		01		2013		11.1495		12.5033		49,304
		01		2012		9.4553		11.1495		48,393
		01		2011		10.7828		9.4553		51,761
		01		2010		10.0000		10.7828		2,390
		02		2019		13.1927		16.5013		0
		02		2018		14.7838		13.1927		0
		02		2017		11.3514		14.7838		0
		02		2016		11.2928		11.3514		0
		02		2015		11.4645		11.2928		0
		02		2014		12.2885		11.4645		0
		02		2013		10.9858		12.2885		0
		02		2012		9.3402		10.9858		0
		02		2011		10.6786		9.3402		0
		02		2010		10.0000		10.6786		0
		03		2019		12.9586		16.1850		3,678
		03		2018		14.5425		12.9586		4,153
		03		2017		11.1824		14.5425		4,678
		03		2016		11.1417		11.1824		5,345
		03		2015		11.3284		11.1417		1,423
		03		2014		12.1611		11.3284		2,113
		03		2013		10.8885		12.1611		2,100
		03		2012		9.2717		10.8885		2,202
		03		2011		10.6164		9.2717		2,500
		03		2010		10.0000		10.6164		0
MFS International Intrinsic Value Portfolio, Service Class		01		2019		16.2662		20.1638		29,308
		01		2018		18.2657		16.2662		46,218
		01		2017		14.5991		18.2657		69,437
		01		2016		14.2514		14.5991		62,980
		01		2015		13.5877		14.2514		62,684
		01		2014		13.6194		13.5877		36,676
		01		2013		10.8166		13.6194		32,015
		01		2012		9.4585		10.8166		23,229
		01		2011		9.7611		9.4585		24,652
		01		2010		10.0000		9.7611		2,690

120

Fund	Price Level		Year		Accumulation Unit Value Beginning of Year		Accumulation Unit Value End of Year		Number of Accumulation Units End of Year
		02		2019		15.7842		19.5160		0
		02		2018		17.7704		15.7842		0
		02		2017		14.2395		17.7704		0
		02		2016		13.9357		14.2395		0
		02		2015		13.3204		13.9357		0
		02		2014		13.3854		13.3204		0
		02		2013		10.6577		13.3854		0
		02		2012		9.3433		10.6577		0
		02		2011		9.6668		9.3433		0
		02		2010		10.0000		9.6668		0
		03		2019		15.5041		19.1421		5,369
		03		2018		17.4804		15.5041		7,804
		03		2017		14.0276		17.4804		8,473
		03		2016		13.7492		14.0276		7,325
		03		2015		13.1622		13.7492		7,314
		03		2014		13.2466		13.1622		4,280
		03		2013		10.5633		13.2466		383
		03		2012		9.2748		10.5633		235
		03		2011		9.6105		9.2748		309
		03		2010		10.0000		9.6105		0
MFS U.S. Government Money Market Portfolio, Service Class		01		2019		9.3459		9.3709		894,138
		01		2018		9.3563		9.3459		1,000,882
		01		2017		9.4568		9.3563		1,293,983
		01		2016		9.5854		9.4568		1,387,451
		01		2015		9.7166		9.5854		986,669
		01		2014		9.8495		9.7166		1,083,590
		01		2013		9.9843		9.8495		897,343
		01		2012		10.0000		9.9843		1,029,485
		02		2019		9.2014		9.2023		1,233
		02		2018		9.2355		9.2014		1,788
		02		2017		9.3585		9.2355		2,436
		02		2016		9.5100		9.3585		3,025
		02		2015		9.6646		9.5100		3,630
		02		2014		9.8217		9.6646		0
		02		2013		9.9814		9.8217		0
		02		2012		10.0000		9.9814		0
		03		2019		9.1173		9.1050		189,957
		03		2018		9.1643		9.1173		195,598
		03		2017		9.3000		9.1643		244,669
		03		2016		9.4649		9.3000		269,120
		03		2015		9.6334		9.4649		167,924
		03		2014		9.8050		9.6334		174,420
		03		2013		9.9797		9.8050		185,396
		03		2012		10.0000		9.9797		245,993

121

Fund	Price Level		Year		Accumulation Unit Value Beginning of Year		Accumulation Unit Value End of Year		Number of Accumulation Units End of Year
MFS Research International Portfolio, Service Class		01		2019		21.9471		27.6427		5,304
		01		2018		25.9667		21.9471		6,555
		01		2017		20.5785		25.9667		9,311
		01		2016		21.0524		20.5785		9,504
		01		2015		21.8199		21.0524		9,698
		01		2014		23.8240		21.8199		6,802
		01		2013		20.3327		23.8240		6,775
		01		2012		17.7257		20.3327		7,417
		01		2011		20.2023		17.7257		7,082
		01		2010		10.0000		20.2023		0
		02		2019		21.0505		26.4453		0
		02		2018		24.9704		21.0505		0
		02		2017		19.8396		24.9704		0
		02		2016		20.3480		19.8396		0
		02		2015		21.1434		20.3480		0
		02		2014		23.1441		21.1434		0
		02		2013		19.8026		23.1441		0
		02		2012		17.3075		19.8026		0
		02		2011		19.7758		17.3075		0
		02		2010		10.0000		19.7758		0
		03		2019		20.5327		25.7577		605
		03		2018		24.3916		20.5327		708
		03		2017		19.4080		24.3916		855
		03		2016		19.9358		19.4080		991
		03		2015		20.7467		19.9358		515
		03		2014		22.7445		20.7467		550
		03		2013		19.4904		22.7445		572
		03		2012		17.0608		19.4904		835
		03		2011		19.5237		17.0608		743
		03		2010		10.0000		19.5237		0
MFS Total Return Series, Service Class		01		2019		12.3555		14.6412		784,192
		01		2018		13.3063		12.3555		944,059
		01		2017		12.0397		13.3063		1,197,271
		01		2016		11.2158		12.0397		1,353,608
		01		2015		11.4355		11.2158		1,458,741
		01		2014		10.7099		11.4355		1,524,633
		01		2013		10.0000		10.7099		1,596,654
		02		2019		12.1873		14.4048		0
		02		2018		13.1592		12.1873		0
		02		2017		11.9371		13.1592		0
		02		2016		11.1484		11.9371		0
		02		2015		11.3957		11.1484		0
		02		2014		10.6997		11.3957		0
		02		2013		10.0000		10.6997		0

122

Fund	Price Level		Year		Accumulation Unit Value Beginning of Year		Accumulation Unit Value End of Year		Number of Accumulation Units End of Year
		03		2019		12.0895		14.2686		167,434
		03		2018		13.0725		12.0895		200,794
		03		2017		11.8758		13.0725		246,988
		03		2016		11.1081		11.8758		268,122
		03		2015		11.3718		11.1081		280,881
		03		2014		10.6936		11.3718		290,363
		03		2013		10.0000		10.6936		320,934
MFS Growth Series, Service Class		01		2019		23.2278		31.5720		40,880
		01		2018		22.9923		23.2278		54,687
		01		2017		17.7788		22.9923		88,001
		01		2016		17.6378		17.7788		97,736
		01		2015		16.6626		17.6378		80,805
		01		2014		15.5409		16.6626		76,718
		01		2013		11.5415		15.5409		70,515
		01		2012		10.0000		11.5415		31,799
		02		2019		22.8010		30.9124		0
		02		2018		22.6283		22.8010		0
		02		2017		17.5421		22.6283		0
		02		2016		17.4472		17.5421		0
		02		2015		16.5243		17.4472		0
		02		2014		15.4512		16.5243		0
		02		2013		11.5039		15.4512		0
		02		2012		10.0000		11.5039		0
		03		2019		22.5523		30.5310		6,941
		03		2018		22.4139		22.5523		7,935
		03		2017		17.4013		22.4139		12,641
		03		2016		17.3336		17.4013		12,896
		03		2015		16.4418		17.3336		12,849
		03		2014		15.3974		16.4418		9,248
		03		2013		11.4814		15.3974		10,335
		03		2012		10.0000		11.4814		13,033
MFS Research Series, Service Class		01		2019		17.6492		23.0883		46,167
		01		2018		18.7592		17.6492		59,378
		01		2017		15.4503		18.7592		70,133
		01		2016		14.4362		15.4503		80,542
		01		2015		14.5564		14.4362		89,285
		01		2014		13.4221		14.5564		96,843
		01		2013		10.3073		13.4221		115,208
		01		2012		10.0000		10.3073		142,311
		02		2019		17.3764		22.6730		0
		02		2018		18.5171		17.3764		0
		02		2017		15.2899		18.5171		0
		02		2016		14.3226		15.2899		0
		02		2015		14.4786		14.3226		0
		02		2014		13.3842		14.4786		0
		02		2013		10.3043		13.3842		0
		02		2012		10.0000		10.3043		0

123

Fund	Price Level		Year		Accumulation Unit Value Beginning of Year		Accumulation Unit Value End of Year		Number of Accumulation Units End of Year
		03		2019		17.2175		22.4333		1,002
		03		2018		18.3744		17.2175		2,441
		03		2017		15.1942		18.3744		3,221
		03		2016		14.2547		15.1942		5,130
		03		2015		14.4320		14.2547		7,499
		03		2014		13.3615		14.4320		7,336
		03		2013		10.3025		13.3615		8,818
		03		2012		10.0000		10.3025		17,874
MFS Utilities Series, Service Class		01		2019		10.4852		12.9095		89,349
		01		2018		10.5437		10.4852		143,392
		01		2017		9.3344		10.5437		220,459
		01		2016		8.5064		9.3344		257,194
		01		2015		10.1156		8.5064		286,276
		01		2014		10.0000		10.1156		286,574
		02		2019		10.3681		12.7326		0
		02		2018		10.4530		10.3681		0
		02		2017		9.2777		10.4530		0
		02		2016		8.4762		9.2777		0
		02		2015		10.1054		8.4762		0
		02		2014		10.0000		10.1054		0
		03		2019		10.3003		12.6310		16,164
		03		2018		10.3996		10.3003		21,084
		03		2017		9.2439		10.3996		35,132
		03		2016		10.0993		9.2439		38,113
		03		2015		10.0993		8.4582		39,874
		03		2014		10.0000		10.0993		33,353
MFS Value Series, Service Class		01		2019		16.8501		21.5281		73,820
		01		2018		19.0549		16.8501		91,807
		01		2017		16.4590		19.0549		131,907
		01		2016		14.6642		16.4590		132,467
		01		2015		15.0050		14.6642		151,513
		01		2014		13.8022		15.0050		149,384
		01		2013		10.3181		13.8022		50,757
		01		2012		10.0000		10.3181		51,379
		02		2019		16.5897		21.1409		0
		02		2018		18.8090		16.5897		0
		02		2017		16.2882		18.8090		0
		02		2016		14.5488		16.2882		0
		02		2015		14.9247		14.5488		0
		02		2014		13.7632		14.9247		0
		02		2013		10.3151		13.7632		0
		02		2012		10.0000		10.3151		0

124

Fund	Price Level		Year		Accumulation Unit Value Beginning of Year		Accumulation Unit Value End of Year		Number of Accumulation Units End of Year
		03		2019		16.4380		20.9174		22,576
		03		2018		18.6641		16.4380		39,465
		03		2017		16.1863		18.6641		48,352
		03		2016		14.4798		16.1863		50,103
		03		2015		14.8767		14.4798		44,190
		03		2014		13.7398		14.8767		45,057
		03		2013		10.3133		13.7398		16,337
		03		2012		10.0000		10.3133		20,219
MFS Blended Research Small Cap Equity Portfolio, Service Class		01		2019		18.7587		23.3836		37,305
		01		2018		20.0918		18.7587		55,753
		01		2017		17.7560		20.0918		73,536
		01		2016		14.9265		17.7560		82,077
		01		2015		15.8238		14.9265		91,321
		01		2014		14.9856		15.8238		118,212
		01		2013		10.4523		14.9856		119,161
		01		2012		9.2628		10.4523		169,166
		01		2011		9.8933		9.2628		161,105
		01		2010		10.0000		9.8933		1,705
		02		2019		18.2026		22.6322		0
		02		2018		19.5468		18.2026		0
		02		2017		17.3185		19.5468		0
		02		2016		14.5957		17.3185		0
		02		2015		15.5124		14.5957		0
		02		2014		14.7281		15.5124		0
		02		2013		10.2988		14.7281		0
		02		2012		9.1500		10.2988		0
		02		2011		9.7976		9.1500		0
		02		2010		10.0000		9.7976		0
		03		2019		17.8794		22.1984		16,091
		03		2018		19.2276		17.8794		18,888
		03		2017		17.0606		19.2276		23,427
		03		2016		14.4003		17.0606		25,639
		03		2015		15.3281		14.4003		30,704
		03		2014		14.5753		15.3281		31,131
		03		2013		10.2075		14.5753		26,161
		03		2012		9.0829		10.2075		31,633
		03		2011		9.7405		9.0829		28,470
		03		2010		10.0000		9.7405		0
MFS Conservative Allocation Portfolio, Service Class		01		2019		15.8983		18.2685		2,640,161
		01		2018		16.6022		15.8983		3,347,834
		01		2017		15.1284		16.6022		4,093,189
		01		2016		14.6432		15.1284		4,424,890
		01		2015		14.9165		14.6432		4,708,664
		01		2014		14.4817		14.9165		5,067,123
		01		2013		13.4043		14.4817		5,585,159
		01		2012		12.4992		13.4043		6,020,346
		01		2011		12.5907		12.4992		5,333,518
		01		2010		10.0000		12.5907		189,308

125

Fund	Price Level		Year		Accumulation Unit Value Beginning of Year		Accumulation Unit Value End of Year		Number of Accumulation Units End of Year
		02		2019		15.4912		17.7550		0
		02		2018		16.2189		15.4912		0
		02		2017		14.8171		16.2189		0
		02		2016		14.3782		14.8171		0
		02		2015		14.6838		14.3782		0
		02		2014		14.2920		14.6838		0
		02		2013		13.2622		14.2920		0
		02		2012		12.3983		13.2622		0
		02		2011		12.5207		12.3983		0
		02		2010		10.0000		12.5207		0
		03		2019		15.2542		17.4582		460,259
		03		2018		15.9940		15.2542		544,989
		03		2017		14.6329		15.9940		722,769
		03		2016		14.2212		14.6329		786,869
		03		2015		14.5455		14.2212		813,864
		03		2014		14.1790		14.5455		867,325
		03		2013		13.1775		14.1790		933,319
		03		2012		12.3381		13.1775		1,367,080
		03		2011		12.4788		12.3381		1,078,844
		03		2010		10.0000		12.4788		44,313
MFS Global Real Estate Portfolio, Service Class		01		2019		19.0053		23.7510		28,790
		01		2018		19.9308		19.0053		37,264
		01		2017		17.8676		19.9308		66,212
		01		2016		16.8166		17.8676		81,948
		01		2015		16.9671		16.8166		84,815
		01		2014		14.9157		16.9671		88,442
		01		2013		14.4321		14.9157		94,291
		01		2012		11.2920		14.4321		86,903
		01		2011		12.4068		11.2920		93,062
		01		2010		10.0000		12.4068		548
		02		2019		18.2981		22.8085		0
		02		2018		19.2389		18.2981		0
		02		2017		17.2914		19.2389		0
		02		2016		16.3156		17.2914		0
		02		2015		16.5035		16.3156		0
		02		2014		14.5449		16.5035		0
		02		2013		14.1092		14.5449		0
		02		2012		11.0675		14.1092		0
		02		2011		12.1909		11.0675		0
		02		2010		10.0000		12.1909		0
		03		2019		17.8889		22.2663		4,366
		03		2018		18.8360		17.8889		6,352
		03		2017		16.9540		18.8360		10,436
		03		2016		16.0217		16.9540		17,084
		03		2015		16.2308		16.0217		17,439
		03		2014		14.3265		16.2308		19,579
		03		2013		13.9185		14.3265		19,511
		03		2012		10.9347		13.9185		16,559
		03		2011		12.0630		10.9347		17,474
		03		2010		10.0000		12.0630		50

126

Fund	Price Level		Year		Accumulation Unit Value Beginning of Year		Accumulation Unit Value End of Year		Number of Accumulation Units End of Year
MFS Growth Allocation Portfolio, Service Class		01		2019		21.6057		26.9981		151,235
		01		2018		23.1675		21.6057		200,349
		01		2017		19.6492		23.1675		253,644
		01		2016		18.6258		19.6492		272,631
		01		2015		18.8247		18.6258		275,709
		01		2014		18.1674		18.8247		290,941
		01		2013		15.0480		18.1674		301,349
		01		2012		13.5723		15.0480		262,604
		01		2011		14.3162		13.5723		273,632
		01		2010		10.0000		14.3162		11,402
		02		2019		21.0525		26.2391		0
		02		2018		22.6327		21.0525		0
		02		2017		19.2448		22.6327		0
		02		2016		18.2887		19.2448		0
		02		2015		18.5309		18.2887		0
		02		2014		17.9294		18.5309		0
		02		2013		14.8886		17.9294		0
		02		2012		13.4627		14.8886		0
		02		2011		14.2367		13.4627		0
		02		2010		10.0000		14.2367		0
		03		2019		20.7304		25.8005		19,142
		03		2018		22.3188		20.7304		23,614
		03		2017		19.0055		22.3188		35,912
		03		2016		18.0889		19.0055		40,710
		03		2015		18.3565		18.0889		42,866
		03		2014		17.7877		18.3565		44,040
		03		2013		14.7935		17.7877		49,659
		03		2012		13.3973		14.7935		31,615
		03		2011		14.1891		13.3973		46,304
		03		2010		10.0000		14.1891		0
MFS Inflation Adjusted Bond Portfolio, Service Class		01		2019		11.9423		12.7300		1,723,165
		01		2018		12.7035		11.9423		1,940,210
		01		2017		11.9240		12.7035		2,374,056
		01		2016		11.8061		11.9240		2,515,874
		01		2015		12.6328		11.8061		2,528,692
		01		2014		12.3807		12.6328		2,744,726
		01		2013		13.2504		12.3807		2,913,605
		01		2012		12.5047		13.2504		3,074,258
		01		2011		11.3458		12.5047		2,628,887
		01		2010		10.0000		11.3458		72,600
		02		2019		11.6365		12.3721		0
		02		2018		12.4102		11.6365		0
		02		2017		11.6785		12.4102		0
		02		2016		11.5924		11.6785		0
		02		2015		12.4357		11.5924		0
		02		2014		12.2185		12.4357		0
		02		2013		13.1100		12.2185		0
		02		2012		12.4038		13.1100		0
		02		2011		11.2827		12.4038		0
		02		2010		10.0000		11.2827		0

127

Fund	Price Level		Year		Accumulation Unit Value Beginning of Year		Accumulation Unit Value End of Year		Number of Accumulation Units End of Year
		03		2019		11.4584		12.1653		295,979
		03		2018		12.2380		11.4584		335,185
		03		2017		11.5333		12.2380		403,582
		03		2016		11.4658		11.5333		434,781
		03		2015		12.3186		11.4658		442,055
		03		2014		12.1220		12.3186		464,898
		03		2013		13.0263		12.1220		490,843
		03		2012		12.3435		13.0263		518,286
		03		2011		11.2450		12.3435		446,527
		03		2010		10.0000		11.2450		10,054
MFS Limited Maturity Portfolio, Service Class		01		2019		10.1055		10.4575		1,455,637
		01		2018		10.1441		10.1055		1,507,587
		01		2017		10.1356		10.1441		1,958,017
		01		2016		10.1243		10.1356		1,930,305
		01		2015		10.2344		10.1243		2,049,882
		01		2014		10.3241		10.2344		2,299,438
		01		2013		10.4153		10.3241		2,318,075
		01		2012		10.3508		10.4153		1,376,300
		01		2011		10.4739		10.3508		1,261,617
		01		2010		10.0000		10.4739		59,915
		02		2019		9.8314		10.1477		0
		02		2018		9.8945		9.8314		0
		02		2017		9.9115		9.8945		0
		02		2016		9.9256		9.9115		0
		02		2015		10.0590		9.9256		0
		02		2014		10.1730		10.0590		0
		02		2013		10.2889		10.1730		0
		02		2012		10.2513		10.2889		0
		02		2011		10.3995		10.2513		0
		02		2010		10.0000		10.3995		0
		03		2019		9.6719		9.9687		228,057
		03		2018		9.7481		9.6719		235,507
		03		2017		9.7791		9.7481		294,758
		03		2016		9.8080		9.7791		329,651
		03		2015		9.9550		9.8080		422,640
		03		2014		10.0832		9.9550		390,634
		03		2013		10.2136		10.0832		396,909
		03		2012		10.1919		10.2136		273,230
		03		2011		10.3549		10.1919		211,200
		03		2010		10.0000		10.3549		4,606
MFS Mid Cap Value Portfolio, Service Class		01		2019		18.9278		24.4066		47,216
		01		2018		21.7090		18.9278		66,351
		01		2017		19.4031		21.7090		92,975
		01		2016		16.9905		19.4031		96,287
		01		2015		17.6939		16.9905		125,680
		01		2014		16.2813		17.6939		132,604
		01		2013		12.0887		16.2813		129,674
		01		2012		10.5633		12.0887		77,625
		01		2011		10.4630		10.5633		83,229
		01		2010		10.0000		10.4630		284

128

Fund	Price Level		Year		Accumulation Unit Value Beginning of Year		Accumulation Unit Value End of Year		Number of Accumulation Units End of Year
		02		2019		18.4142		23.6834		0
		02		2018		21.1747		18.4142		0
		02		2017		18.9740		21.1747		0
		02		2016		16.6569		18.9740		0
		02		2015		17.3906		16.6569		0
		02		2014		16.0428		17.3906		0
		02		2013		11.9419		16.0428		0
		02		2012		10.4617		11.9419		0
		02		2011		10.3887		10.4617		0
		02		2010		10.0000		10.3887		0
		03		2019		18.1154		23.2656		10,455
		03		2018		20.8614		18.1154		19,468
		03		2017		18.7205		20.8614		21,196
		03		2016		16.4595		18.7205		22,414
		03		2015		17.2107		16.4595		25,472
		03		2014		15.9012		17.2107		24,668
		03		2013		11.8545		15.9012		27,031
		03		2012		10.4010		11.8545		32,635
		03		2011		10.3442		10.4010		30,087
		03		2010		10.0000		10.3442		0
MFS Moderate Allocation Portfolio, Service Class		01		2019		18.9294		22.7643		5,535,359
		01		2018		20.0153		18.9294		6,750,795
		01		2017		17.6060		20.0153		8,344,836
		01		2016		16.8582		17.6060		9,082,716
		01		2015		17.0666		16.8582		9,575,213
		01		2014		16.4701		17.0666		10,134,444
		01		2013		14.3300		16.4701		10,163,783
		01		2012		13.1592		14.3300		10,220,861
		01		2011		13.5845		13.1592		9,566,857
		01		2010		10.0000		13.5845		208,432
		02		2019		18.4447		22.1244		0
		02		2018		19.5533		18.4447		0
		02		2017		17.2436		19.5533		0
		02		2016		16.5531		17.2436		0
		02		2015		16.8003		16.5531		0
		02		2014		16.2543		16.8003		0
		02		2013		14.1781		16.2543		0
		02		2012		13.0530		14.1781		0
		02		2011		13.5091		13.0530		0
		02		2010		10.0000		13.5091		0
		03		2019		18.1625		21.7544		799,269
		03		2018		19.2820		18.1625		982,423
		03		2017		17.0292		19.2820		1,228,964
		03		2016		16.3722		17.0292		1,348,797
		03		2015		16.6421		16.3722		1,378,264
		03		2014		16.1259		16.6421		1,530,812
		03		2013		14.0876		16.1259		1,479,056
		03		2012		12.9896		14.0876		1,472,109
		03		2011		13.4639		12.9896		1,282,283
		03		2010		10.0000		13.4639		17,908

129

Fund	Price Level		Year		Accumulation Unit Value Beginning of Year		Accumulation Unit Value End of Year		Number of Accumulation Units End of Year
MFS New Discovery Value Portfolio, Service Class		01		2019		23.9695		31.5511		12,637
		01		2018		27.3016		23.9695		14,333
		01		2017		24.0612		27.3016		22,942
		01		2016		19.2452		24.0612		29,731
		01		2015		20.0914		19.2452		21,948
		01		2014		19.7364		20.0914		22,241
		01		2013		14.3233		19.7364		24,568
		01		2012		13.2484		14.3233		23,122
		01		2011		14.3636		13.2484		24,360
		01		2010		10.0000		14.3636		914
		02		2019		23.3557		30.6641		0
		02		2018		26.6713		23.3557		0
		02		2017		23.5659		26.6713		0
		02		2016		18.8969		23.5659		0
		02		2015		19.7779		18.8969		0
		02		2014		19.4778		19.7779		0
		02		2013		14.1715		19.4778		0
		02		2012		13.1414		14.1715		0
		02		2011		14.2838		13.1414		0
		02		2010		10.0000		14.2838		0
		03		2019		22.9983		30.1514		774
		03		2018		26.3013		22.9983		860
		03		2017		23.2729		26.3013		817
		03		2016		18.6904		23.2729		1,172
		03		2015		19.5917		18.6904		3,307
		03		2014		19.3239		19.5917		3,314
		03		2013		14.0810		19.3239		3,675
		03		2012		13.0775		14.0810		4,904
		03		2011		14.2360		13.0775		4,875
		03		2010		10.0000		14.2360		0
MFS Mid Cap Growth Series, Service Class		01		2019		19.9997		27.2829		18,986
		01		2018		20.0826		19.9997		19,436
		01		2017		16.0693		20.0826		36,035
		01		2016		15.5705		16.0693		42,355
		01		2015		15.1136		15.5705		45,776
		01		2014		14.1126		15.1136		47,078
		01		2013		10.4256		14.1126		42,258
		01		2012		10.0000		10.4256		37,355
		02		2019		19.6905		26.7921		0
		02		2018		19.8234		19.6905		0
		02		2017		15.9024		19.8234		0
		02		2016		15.4479		15.9024		0
		02		2015		15.0328		15.4479		0
		02		2014		14.0728		15.0328		0
		02		2013		10.4225		14.0728		0
		02		2012		10.0000		10.4225		0
		03		2019		19.5104		26.5089		4,971
		03		2018		19.6707		19.5104		8,068
		03		2017		15.8029		19.6707		11,965
		03		2016		15.3747		15.8029		15,712
		03		2015		14.9844		15.3747		16,080
		03		2014		14.0489		14.9844		13,422
		03		2013		10.4207		14.0489		10,007
		03		2012		10.0000		10.4207		9,030

130

Fund	Price Level		Year		Accumulation Unit Value Beginning of Year		Accumulation Unit Value End of Year		Number of Accumulation Units End of Year
MFS New Discovery Series, Service Class		01		2019		16.8456		23.4782		42,651
		01		2018		17.3752		16.8456		53,701
		01		2017		13.9409		17.3752		64,820
		01		2016		12.9888		13.9409		61,964
		01		2015		13.4553		12.9888		62,603
		01		2014		14.7445		13.4553		44,951
		01		2013		10.5837		14.7445		39,689
		01		2012		10.0000		10.5837		38,147
		02		2019		16.5852		23.0559		0
		02		2018		17.1509		16.5852		0
		02		2017		13.7962		17.1509		0
		02		2016		12.8866		13.7962		0
		02		2015		13.3833		12.8866		0
		02		2014		14.7029		13.3833		0
		02		2013		10.5806		14.7029		0
		02		2012		10.0000		10.5806		0
		03		2019		16.4335		22.8121		3,804
		03		2018		17.0188		16.4335		8,355
		03		2017		13.7098		17.0188		9,788
		03		2016		12.8255		13.7098		10,838
		03		2015		13.3402		12.8255		20,818
		03		2014		14.6779		13.3402		21,526
		03		2013		10.5788		14.6779		23,010
		03		2012		10.0000		10.5788		11,350
MFS Total Return Bond Series, Service Class		01		2019		10.8477		11.7632		7,135,504
		01		2018		11.1446		10.8477		7,948,622
		01		2017		10.8428		11.1446		9,983,498
		01		2016		10.5674		10.8428		10,146,514
		01		2015		10.7746		10.5674		10,497,058
		01		2014		10.3410		10.7746		11,254,008
		01		2013		10.6193		10.3410		11,743,340
		01		2012		10.0560		10.6193		12,761,383
		01		2011		10.0000		10.0560		74,444
		02		2019		10.6483		11.5174		305
		02		2018		10.9681		10.6483		0
		02		2017		10.6984		10.9681		260
		02		2016		10.4532		10.6984		235
		02		2015		10.6852		10.4532		7,736
		02		2014		10.2812		10.6852		0
		02		2013		10.5848		10.2812		0
		02		2012		10.0488		10.5848		0
		02		2011		10.0000		10.0488		0
		03		2019		10.5321		11.3753		1,004,830
		03		2018		10.8642		10.5321		1,122,682
		03		2017		10.6125		10.8642		1,378,031
		03		2016		10.3851		10.6125		1,384,769
		03		2015		10.6318		10.3851		1,407,740
		03		2014		10.2455		10.6318		1,573,770
		03		2013		10.5641		10.2455		1,738,608
		03		2012		10.0446		10.5641		1,687,879
		03		2011		10.0000		10.0446		3,144

131

Fund	Price Level		Year		Accumulation Unit Value Beginning of Year		Accumulation Unit Value End of Year		Number of Accumulation Units End of Year
Morgan Stanley Variable Insurance Fund, Inc. Growth Portfolio, Class II		01		2019		25.1932		32.6751		16,551
		01		2018		23.8021		25.1932		28,881
		01		2017		16.8926		23.8021		40,838
		01		2016		17.4594		16.8926		24,671
		01		2015		15.8065		17.4594		18,550
		01		2014		15.1032		15.8065		7,012
		01		2013		10.3638		15.1032		23,732
		01		2012		9.2118		10.3638		1,296
		01		2011		10.0000		9.2118		550
		02		2019		24.7303		31.9923		0
		02		2018		23.4253		24.7303		0
		02		2017		16.6676		23.4253		0
		02		2016		17.2706		16.6676		0
		02		2015		15.6754		17.2706		0
		02		2014		15.0159		15.6754		0
		02		2013		10.3301		15.0159		0
		02		2012		9.2053		10.3301		0
		02		2011		10.0000		9.2053		0
		03		2019		24.4606		31.5978		281
		03		2018		23.2035		24.4606		394
		03		2017		16.5339		23.2035		2,238
		03		2016		17.1582		16.5339		810
		03		2015		15.5971		17.1582		1,917
		03		2014		14.9637		15.5971		1,212
		03		2013		10.3099		14.9637		1,250
		03		2012		9.2014		10.3099		873
		03		2011		10.0000		9.2014		167
Morgan Stanley Variable Insurance Fund, Inc. Discovery Portfolio, Class II		01		2019		21.1471		29.2002		24,715
		01		2018		19.3957		21.1471		28,243
		01		2017		14.1847		19.3957		32,781
		01		2016		15.7736		14.1847		33,857
		01		2015		17.0082		15.7736		32,539
		01		2014		16.9293		17.0082		32,783
		01		2013		12.4821		16.9293		35,137
		01		2012		11.6637		12.4821		30,006
		01		2011		12.7369		11.6637		33,733
		01		2010		10.0000		12.7369		469
		02		2019		20.5733		28.3349		0
		02		2018		18.9183		20.5733		0
		02		2017		13.8710		18.9183		0
		02		2016		15.4639		13.8710		0
		02		2015		16.7166		15.4639		0
		02		2014		16.6814		16.7166		0
		02		2013		12.3305		16.6814		0
		02		2012		11.5514		12.3305		0
		02		2011		12.6463		11.5514		0
		02		2010		10.0000		12.6463		0

132

Fund	Price Level		Year		Accumulation Unit Value Beginning of Year		Accumulation Unit Value End of Year		Number of Accumulation Units End of Year
		03		2019		20.2394		27.8350		5,344
		03		2018		18.6383		20.2394		9,564
		03		2017		13.6856		18.6383		11,049
		03		2016		15.2806		13.6856		11,928
		03		2015		16.5437		15.2806		11,698
		03		2014		16.5341		16.5437		13,733
		03		2013		12.2403		16.5341		10,500
		03		2012		11.4845		12.2403		10,059
		03		2011		12.5922		11.4845		9,321
		03		2010		10.0000		12.5922		63
Invesco Oppenheimer V.I. Capital Appreciation Fund, Series II Shares		01		2019		26.7752		35.8833		13,447
		01		2018		28.8616		26.7752		15,252
		01		2017		23.1254		28.8616		20,246
		01		2016		24.0255		23.1254		24,610
		01		2015		23.5836		24.0255		26,777
		01		2014		20.7651		23.5836		21,959
		01		2013		16.2632		20.7651		25,642
		01		2012		14.4867		16.2632		31,235
		01		2011		14.8892		14.4867		29,507
		01		2010		10.0000		14.8892		0
		02		2019		25.6815		34.3292		0
		02		2018		27.7544		25.6815		0
		02		2017		22.2951		27.7544		0
		02		2016		23.2218		22.2951		0
		02		2015		22.8526		23.2218		0
		02		2014		20.1725		22.8526		0
		02		2013		15.8392		20.1725		0
		02		2012		14.1450		15.8392		0
		02		2011		14.5748		14.1450		0
		02		2010		10.0000		14.5748		0
		03		2019		25.0499		33.4367		5,128
		03		2018		27.1112		25.0499		8,811
		03		2017		21.8102		27.1112		11,393
		03		2016		22.7514		21.8102		13,236
		03		2015		22.4238		22.7514		13,777
		03		2014		19.8243		22.4238		13,938
		03		2013		15.5895		19.8243		12,617
		03		2012		13.9434		15.5895		13,044
		03		2011		14.3890		13.9434		13,351
		03		2010		10.0000		14.3890		0
Invesco Oppenheimer V.I. Global Fund, Series II Shares		01		2019		24.3490		31.5768		28,468
		01		2018		28.5004		24.3490		44,702
		01		2017		21.1917		28.5004		57,830
		01		2016		21.5155		21.1917		57,575
		01		2015		21.0374		21.5155		70,966
		01		2014		20.8957		21.0374		70,872
		01		2013		16.6796		20.8957		76,472
		01		2012		13.9800		16.6796		65,535
		01		2011		15.4920		13.9800		65,294
		01		2010		10.0000		15.4920		3,099

133

Fund	Price Level		Year		Accumulation Unit Value Beginning of Year		Accumulation Unit Value End of Year		Number of Accumulation Units End of Year
		02		2019		23.4340		30.3122		0
		02		2018		27.5006		23.4340		0
		02		2017		20.5006		27.5006		0
		02		2016		20.8667		20.5006		0
		02		2015		20.4548		20.8667		0
		02		2014		20.3686		20.4548		0
		02		2013		16.3001		20.3686		0
		02		2012		13.6969		16.3001		0
		02		2011		15.2167		13.6969		0
		02		2010		10.0000		15.2167		0
		03		2019		22.9045		29.5846		5,416
		03		2018		26.9183		22.9045		9,569
		03		2017		20.0957		26.9183		18,932
		03		2016		20.4859		20.0957		18,565
		03		2015		20.1122		20.4859		25,403
		03		2014		20.0580		20.1122		26,172
		03		2013		16.0760		20.0580		26,266
		03		2012		13.5293		16.0760		12,135
		03		2011		15.0535		13.5293		23,458
		03		2010		10.0000		15.0535		0
PIMCO All Asset Portfolio, Advisor Class		01		2019		11.5326		12.7134		410,093
		01		2018		12.3644		11.5326		533,631
		01		2017		11.0539		12.3644		619,702
		01		2016		9.9244		11.0539		546,042
		01		2015		11.0781		9.9244		617,822
		01		2014		11.1789		11.0781		695,300
		01		2013		11.3195		11.1789		691,770
		01		2012		9.9952		11.3195		692,508
		01		2011		10.0000		9.9952		253,471
		02		2019		11.3207		12.4477		0
		02		2018		12.1686		11.3207		0
		02		2017		10.9067		12.1686		0
		02		2016		9.8172		10.9067		0
		02		2015		10.9862		9.8172		0
		02		2014		11.1143		10.9862		0
		02		2013		11.2827		11.1143		0
		02		2012		9.9881		11.2827		0
		02		2011		10.0000		9.9881		0
		03		2019		11.1971		12.2942		67,994
		03		2018		12.0533		11.1971		74,917
		03		2017		10.8191		12.0533		75,516
		03		2016		9.7532		10.8191		81,390
		03		2015		10.9313		9.7532		87,728
		03		2014		11.0756		10.9313		90,448
		03		2013		11.2606		11.0756		62,897
		03		2012		9.9838		11.2606		119,996
		03		2011		10.0000		9.9838		39,516

134

Fund	Price Level		Year		Accumulation Unit Value Beginning of Year		Accumulation Unit Value End of Year		Number of Accumulation Units End of Year
PIMCO Commodity RealReturn Strategy Portfolio, Administrative Class		01		2019		5.1952		5.7111		179,883
		01		2018		6.1333		5.1952		180,945
		01		2017		6.0858		6.1333		259,442
		01		2016		5.3572		6.0858		257,122
		01		2015		7.3096		5.3572		288,072
		01		2014		9.0833		7.3096		245,885
		01		2013		10.7945		9.0833		232,382
		01		2012		10.3833		10.7945		241,187
		01		2011		11.3856		10.3833		223,901
		01		2010		10.0000		11.3856		5,501
		02		2019		5.0240		5.5087		0
		02		2018		5.9466		5.0240		0
		02		2017		5.9157		5.9466		0
		02		2016		5.2206		5.9157		0
		02		2015		7.1414		5.2206		0
		02		2014		8.8969		7.1414		0
		02		2013		10.5998		8.8969		0
		02		2012		10.2220		10.5998		0
		02		2011		11.2372		10.2220		0
		02		2010		10.0000		11.2372		0
		03		2019		4.9247		5.3920		50,870
		03		2018		5.8375		4.9247		54,210
		03		2017		5.8156		5.8375		57,158
		03		2016		5.1402		5.8156		64,286
		03		2015		7.0421		5.1402		82,786
		03		2014		8.7866		7.0421		64,660
		03		2013		10.4844		8.7866		55,302
		03		2012		10.1262		10.4844		50,603
		03		2011		11.1489		10.1262		46,097
		03		2010		10.0000		11.1489		23
PIMCO CommodityRealReturn Strategy Portfolio, Advisor Class		01		2019		4.5171		4.9621		25,129
		01		2018		5.3371		4.5171		32,926
		01		2017		5.3013		5.3371		34,902
		01		2016		4.6781		5.3013		42,735
		01		2015		6.3792		4.6781		47,304
		01		2014		7.9462		6.3792		33,821
		01		2013		9.4448		7.9462		44,840
		01		2012		9.1080		9.4448		62,097
		01		2011		10.0000		9.1080		17,523
		02		2019		4.4341		4.8584		0
		02		2018		5.2526		4.4341		0
		02		2017		5.2306		5.2526		0
		02		2016		4.6275		5.2306		0
		02		2015		6.3263		4.6275		0
		02		2014		7.9003		6.3263		0
		02		2013		9.4141		7.9003		0
		02		2012		9.1016		9.4141		0
		02		2011		10.0000		9.1016		0

135

Fund	Price Level		Year		Accumulation Unit Value Beginning of Year		Accumulation Unit Value End of Year		Number of Accumulation Units End of Year
		03		2019		4.3856		4.7984		12,453
		03		2018		5.2027		4.3856		12,280
		03		2017		5.1886		5.2027		12,337
		03		2016		4.5973		5.1886		11,430
		03		2015		6.2946		4.5973		18,298
		03		2014		7.8728		6.2946		17,831
		03		2013		9.3956		7.8728		15,927
		03		2012		9.0977		9.3956		14,646
		03		2011		10.0000		9.0977		4,603
PIMCO Emerging Markets Bond Portfolio, Administrative Class		01		2019		30.4103		34.4400		6,386
		01		2018		32.3596		30.4103		7,521
		01		2017		29.8473		32.3596		12,175
		01		2016		26.6936		29.8473		14,320
		01		2015		27.6807		26.6936		17,229
		01		2014		27.6386		27.6807		18,849
		01		2013		30.1154		27.6386		19,610
		01		2012		25.8936		30.1154		26,541
		01		2011		24.6842		25.8936		23,944
		01		2010		10.0000		24.6842		1,986
		02		2019		29.1796		32.9614		0
		02		2018		31.1304		29.1796		0
		02		2017		28.7871		31.1304		0
		02		2016		25.8107		28.7871		0
		02		2015		26.8332		25.8107		0
		02		2014		26.8604		26.8332		0
		02		2013		29.3420		26.8604		0
		02		2012		25.2930		29.3420		0
		02		2011		24.1727		25.2930		0
		02		2010		10.0000		24.1727		0
		03		2019		28.4688		32.1121		4,582
		03		2018		30.4162		28.4688		4,708
		03		2017		28.1676		30.4162		5,523
		03		2016		25.2939		28.1676		6,227
		03		2015		26.3361		25.2939		6,683
		03		2014		26.4031		26.3361		6,858
		03		2013		28.8864		26.4031		7,585
		03		2012		24.9385		28.8864		5,611
		03		2011		23.8702		24.9385		5,328
		03		2010		10.0000		23.8702		16
PIMCO Emerging Markets Bond Portfolio, Advisor Class		01		2019		11.7584		13.3032		6,446
		01		2018		12.5246		11.7584		14,146
		01		2017		11.5638		12.5246		16,012
		01		2016		10.3522		11.5638		10,230
		01		2015		10.7458		10.3522		11,545
		01		2014		10.7401		10.7458		13,979
		01		2013		11.7144		10.7401		14,162
		01		2012		10.0823		11.7144		22,050
		01		2011		10.0000		10.0823		13,152

136

Fund	Price Level		Year		Accumulation Unit Value Beginning of Year		Accumulation Unit Value End of Year		Number of Accumulation Units End of Year
		02		2019		11.5423		13.0252		0
		02		2018		12.3263		11.5423		0
		02		2017		11.4097		12.3263		0
		02		2016		10.2402		11.4097		0
		02		2015		10.6566		10.2402		0
		02		2014		10.6780		10.6566		0
		02		2013		11.6762		10.6780		0
		02		2012		10.0752		11.6762		0
		02		2011		10.0000		10.0752		0
		03		2019		11.4163		12.8644		871
		03		2018		12.2094		11.4163		12,158
		03		2017		11.3181		12.2094		13,331
		03		2016		10.1735		11.3181		13,596
		03		2015		10.6033		10.1735		13,897
		03		2014		10.6409		10.6033		15,176
		03		2013		11.6534		10.6409		15,389
		03		2012		10.0709		11.6534		13,206
		03		2011		10.0000		10.0709		12,972
PIMCO StocksPLUS® Global Portfolio, Advisor Class		01		2019		13.0736		16.4478		56
		01		2018		14.8480		13.0736		61
		01		2017		12.2369		14.8480		659
		01		2016		11.5124		12.2369		744
		01		2015		12.8265		11.5124		780
		01		2014		12.8855		12.8265		1,317
		01		2013		10.9583		12.8855		711
		01		2012		10.1202		10.9583		3,536
		01		2011		10.0000		10.1202		3,055
		02		2019		12.8333		16.1041		0
		02		2018		14.6129		12.8333		0
		02		2017		12.0740		14.6129		0
		02		2016		11.3879		12.0740		0
		02		2015		12.7201		11.3879		0
		02		2014		12.8111		12.7201		0
		02		2013		10.9226		12.8111		0
		02		2012		10.1130		10.9226		0
		02		2011		10.0000		10.1130		0
		03		2019		12.6933		15.9054		0
		03		2018		14.4744		12.6933		0
		03		2017		11.9770		14.4744		2,483
		03		2016		11.3137		11.9770		2,912
		03		2015		12.6565		11.3137		2,836
		03		2014		12.7665		12.6565		0
		03		2013		10.9012		12.7665		0
		03		2012		10.1087		10.9012		0
		03		2011		10.0000		10.1087		0
PIMCO Global Managed Asset Allocation Portfolio, Advisor Class		01		2019		12.0777		13.9360		4,482,715
		01		2018		12.9713		12.0777		5,262,897
		01		2017		11.5339		12.9713		6,525,688
		01		2016		11.2507		11.5339		7,254,442
		01		2015		11.4343		11.2507		8,033,921
		01		2014		11.0842		11.4343		8,682,312
		01		2013		12.2009		11.0842		10,413,267
		01		2012		11.3710		12.2009		12,341,987
		01		2011		11.7375		11.3710		11,511,241
		01		2010		10.0000		11.7375		378,531

137

Fund	Price Level		Year		Accumulation Unit Value Beginning of Year		Accumulation Unit Value End of Year		Number of Accumulation Units End of Year
		02		2019		11.7930		13.5726		161
		02		2018		12.6984		11.7930		0
		02		2017		11.3201		12.6984		64
		02		2016		11.0702		11.3201		131
		02		2015		11.2795		11.0702		3,325
		02		2014		10.9618		11.2795		0
		02		2013		12.0969		10.9618		0
		02		2012		11.3029		12.0969		0
		02		2011		11.6967		11.3029		0
		02		2010		10.0000		11.6967		0
		03		2019		11.6272		13.3625		514,094
		03		2018		12.5381		11.6272		602,787
		03		2017		11.1935		12.5381		752,372
		03		2016		10.9631		11.1935		856,829
		03		2015		11.1873		10.9631		1,051,932
		03		2014		10.8889		11.1873		1,158,984
		03		2013		12.0348		10.8889		1,456,205
		03		2012		11.2621		12.0348		1,507,599
		03		2011		11.6723		11.2621		1,363,738
		03		2010		10.0000		11.6723		45,994
Putnam VT Multi-Asset Absolute Return Fund, Class IB Shares		01		2019		10.1754		10.6321		271,746
		01		2018		11.1924		10.1754		299,852
		01		2017		10.6047		11.1924		382,856
		01		2016		10.6752		10.6047		434,107
		01		2015		10.8799		10.6752		410,518
		01		2014		10.6192		10.8799		326,456
		01		2013		10.3424		10.6192		287,598
		01		2012		10.0457		10.3424		116,035
		01		2011		10.0000		10.0457		54,781
		02		2019		9.9884		10.4098		0
		02		2018		11.0151		9.9884		0
		02		2017		10.4634		11.0151		0
		02		2016		10.5598		10.4634		0
		02		2015		10.7896		10.5598		0
		02		2014		10.5578		10.7896		0
		02		2013		10.3088		10.5578		0
		02		2012		10.0385		10.3088		0
		02		2011		10.0000		10.0385		0
		03		2019		9.8794		10.2814		37,901
		03		2018		10.9108		9.8794		54,055
		03		2017		10.3794		10.9108		59,035
		03		2016		10.4910		10.3794		59,375
		03		2015		10.7357		10.4910		60,420
		03		2014		10.5211		10.7357		59,156
		03		2013		10.2886		10.5211		56,205
		03		2012		10.0343		10.2886		34,695
		03		2011		10.0000		10.0343		10,059

138

Fund	Price Level		Year		Accumulation Unit Value Beginning of Year		Accumulation Unit Value End of Year		Number of Accumulation Units End of Year
Putnam VT Equity Income Fund, Class IB Shares		01		2019		20.7878		26.7432		20,509
		01		2018		23.0279		20.7878		29,694
		01		2017		19.6522		23.0279		51,294
		01		2016		17.5294		19.6522		38,743
		01		2015		18.3269		17.5294		24,407
		01		2014		16.4900		18.3269		44,891
		01		2013		12.6236		16.4900		31,177
		01		2012		10.7265		12.6236		6,367
		01		2011		10.0000		10.7265		0
		02		2019		20.4058		26.1844		0
		02		2018		22.6633		20.4058		0
		02		2017		19.3906		22.6633		0
		02		2016		17.3400		19.3906		0
		02		2015		18.1749		17.3400		0
		02		2014		16.3948		18.1749		0
		02		2013		12.5825		16.3948		0
		02		2012		10.7189		12.5825		0
		02		2011		10.0000		10.7189		0
		03		2019		20.1832		25.8614		4,695
		03		2018		22.4486		20.1832		5,686
		03		2017		19.2349		22.4486		7,055
		03		2016		17.2270		19.2349		10,109
		03		2015		18.0841		17.2270		10,372
		03		2014		16.3378		18.0841		7,009
		03		2013		12.5579		16.3378		808
		03		2012		10.7143		12.5579		0
		03		2011		10.0000		10.7143		46
Templeton Global Bond VIP Fund, Class 4		01		2019		10.7840		10.8364		50,308
		01		2018		10.7286		10.7840		58,043
		01		2017		10.6865		10.7286		56,376
		01		2016		10.5306		10.6865		48,779
		01		2015		11.1649		10.5306		49,879
		01		2014		11.1292		11.1649		40,746
		01		2013		11.1109		11.1292		49,791
		01		2012		9.7973		11.1109		22,801
		01		2011		10.0000		9.7973		5,022
		02		2019		10.5858		10.6098		0
		02		2018		10.5587		10.5858		0
		02		2017		10.5442		10.5587		0
		02		2016		10.4167		10.5442		0
		02		2015		11.0723		10.4167		0
		02		2014		11.0649		11.0723		0
		02		2013		11.0748		11.0649		0
		02		2012		9.7904		11.0748		0
		02		2011		10.0000		9.7904		0
		03		2019		10.4703		10.4789		4,833
		03		2018		10.4586		10.4703		4,756
		03		2017		10.4595		10.4586		8,571
		03		2016		10.3488		10.4595		8,407
		03		2015		11.0169		10.3488		8,080
		03		2014		11.0264		11.0169		4,993
		03		2013		11.0531		11.0264		3,026
		03		2012		9.7862		11.0531		3,936
		03		2011		10.0000		9.7862		2,342

139

Fund	Price Level		Year		Accumulation Unit Value Beginning of Year		Accumulation Unit Value End of Year		Number of Accumulation Units End of Year
Templeton Growth VIP Fund, Class 2		01		2019		21.3277		24.2291		12,839
		01		2018		25.3909		21.3277		18,452
		01		2017		21.7186		25.3909		25,605
		01		2016		20.0838		21.7186		28,467
		01		2015		21.7710		20.0838		35,592
		01		2014		22.7083		21.7710		46,338
		01		2013		17.5958		22.7083		50,142
		01		2012		14.7338		17.5958		40,472
		01		2011		16.0550		14.7338		45,848
		01		2010		10.0000		16.0550		199
		02		2019		20.4643		23.1886		0
		02		2018		24.4263		20.4643		0
		02		2017		20.9469		24.4263		0
		02		2016		19.4194		20.9469		0
		02		2015		21.1043		19.4194		0
		02		2014		22.0688		21.1043		0
		02		2013		17.1437		22.0688		0
		02		2012		14.3919		17.1437		0
		02		2011		15.7222		14.3919		0
		02		2010		10.0000		15.7222		0
		03		2019		19.9657		22.5910		4,651
		03		2018		23.8657		19.9657		8,748
		03		2017		20.4961		23.8657		11,611
		03		2016		19.0305		20.4961		10,476
		03		2015		20.7132		19.0305		11,607
		03		2014		21.6929		20.7132		11,910
		03		2013		16.8774		21.6929		12,194
		03		2012		14.1901		16.8774		12,409
		03		2011		15.5254		14.1901		13,331
		03		2010		10.0000		15.5254		0

140

This Prospectus sets forth information about the Contract and the Variable Account that a prospective purchaser should know before investing. Additional information about the Contract and the Variable Account has been filed with the Securities and Exchange Commission in a Statement of Additional Information dated April 29, 2020 which is incorporated herein by reference. The Statement of Additional Information is available upon request and without charge from Delaware Life Insurance Company. To receive a copy, return this request form to the address shown below or telephone (877) 253-2323.

To:	Delaware Life Insurance Company
	P.O. Box 758581
	Topeka, KS 66675-8581
	Please send me a Statement of Additional Information for
	Masters Choice II
	Delaware Life Variable Account F.
Name:
Address:
City:		State:	Zip Code:
Telephone:

141

PART B 

APRIL 29, 2020

MASTERS CHOICE II

VARIABLE AND FIXED ANNUITY

STATEMENT OF ADDITIONAL INFORMATION

DELAWARE LIFE VARIABLE ACCOUNT F

TABLE OF CONTENTS

Delaware Life Insurance Company	2
Advertising and Sales Literature	2
Tax-Deferred Accumulation	4
Calculations	4
Example of Net Investment Factor Calculation	4
Example of Variable Accumulation Unit Value Calculation	5
Annuity Provisions	5
Determination of Annuity Payments	5
Annuity Unit Value	6
Example of Variable Annuity Unit Value Calculation	6
Example of Variable Annuity Payment Calculations	6
Distribution of the Contract	7
Custodian	7
Experts	7
Financial Statements	7

The Statement of Additional Information sets forth information which may be of interest to prospective purchasers of Masters Choice II (the “Contract”) issued by Delaware Life Insurance Company (the “Company” or “Delaware Life”) in connection with Delaware Life Variable Account F (the “Variable Account”) which is not included in the Prospectus dated April 29, 2020. This Statement of Additional Information should be read in conjunction with the Prospectus, a copy of which may be obtained without charge from the Company by writing to Delaware Life Insurance Company, P.O. Box 758581, Topeka, KS 66675-8581, or by telephoning (877) 253-2323.

The terms used in this Statement of Additional Information have the same meanings as in the Prospectus.

THIS STATEMENT OF ADDITIONAL INFORMATION IS NOT A PROSPECTUS AND IS AUTHORIZED FOR DISTRIBUTION TO PROSPECTIVE PURCHASERS ONLY IF PRECEDED OR ACCOMPANIED BY A CURRENT PROSPECTUS.

DELAWARE LIFE INSURANCE COMPANY

Group One Thousand One, LLC is the Company’s immediate corporate parent. Group One Thousand One, LLC is ultimately controlled by Mark R. Walter. Mr. Walter ultimately controls the Company through the following intervening companies: Group One Thousand One, LLC, Delaware Life Holdings Parent, LLC, Delaware Life Holdings Parent II, LLC, and DLICM, LLC. The nature of the business of Mr. Walter and these intervening companies is investing in companies engaged in the business of life, health, and property and casualty insurance.

ADVERTISING AND SALES LITERATURE

As set forth in the Prospectus, the Company may refer to the following organizations (and others) in its marketing materials:

A.M. Best’s Rating System is designed to evaluate the various factors affecting the overall performance of an insurance company in order to provide an opinion as to an insurance company’s relative financial strength and ability to meet its contractual obligations. The procedure includes both a quantitative and qualitative review of each company.

Lipper Variable Insurance Products Performance Analysis Service is a publisher of statistical data covering the investment company industry in the United States and overseas. Lipper is recognized as the leading source of data on open-end and closed-end funds. Lipper currently tracks the performance of over 5,000 investment companies and publishes numerous specialized reports, including reports on performance and portfolio analysis, fee and expense analysis.

Standard & Poor’s insurance claims-paying ability rating is an opinion of an operating insurance company’s financial capacity to meet obligations of its insurance policies in accordance with their terms.

VARDS (Variable Annuity Research Data Service) provides a comprehensive guide to variable annuity contract features and historical fund performance. The service also provides a readily understandable analysis of the comparative characteristics and market performance of funds inclusive in variable contracts.

Moody’s Investors Services, Inc.’s insurance claims-paying rating is a system of rating an insurance company’s financial strength, market leadership, and ability to meet financial obligations. The purpose of Moody’s ratings is to provide investors with a simple system of gradation by which the relative quality of insurance companies may be noted.

Standard & Poor’s Index - broad-based measurement of changes in stock-market conditions based on the average performance of 500 widely held common stocks; commonly known as the Standard & Poor’s 500 (S&P 500). The selection of stocks, their relative weightings to reflect differences in the number of outstanding shares, and publication of the index itself are services of Standard & Poor’s Corporation, a financial advisory, securities rating, and publishing firm. The index tracks 400 industrial company stocks, 20 transportation stocks, 40 financial company stocks, and 40 public utilities.

NASDAQ-OTC Price Index - this index is based on the National Association of Securities Dealers Automated Quotations (NASDAQ) and represents all domestic over-the-counter stocks except those traded on exchanges and those having only one market maker, a total of some 3,500 stocks. It is market value-weighted and was introduced with a base of 100.00 on February 5, 1971.

Dow Jones Industrial Average (DJIA) - price-weighted average of 30 actively traded blue chip stocks, primarily industrials, but including American Express Company and American Telephone and Telegraph Company. Prepared and Published by Dow Jones & Company, it is the oldest and most widely quoted of all the market indicators. The average is quoted in points, not dollars.

2

Morningstar, Inc. is an independent financial publisher offering comprehensive statistical and analytical coverage of open-end and closed-end funds and variable annuities. This coverage for mutual funds includes, among other information, performance analysis rankings, risk rankings (e.g. aggressive, moderate or conservative), and “style box” matrices. Style box matrices display, for equity funds, the investment philosophy and size of the companies in which the fund invests and, for fixed-income funds, interest rate sensitivity and credit quality of the investment instruments.

Ibbotson Associates, Inc. is a consulting firm that provides a variety of historical data, including total return, capital appreciation and income, on the stock market as well as other investment asset classes, and inflation. This information will be used primarily for comparative purposes and to illustrate general financial planning principles.

In its advertisements and other sales literature for the Variable Account and the Funds, the Company intends to illustrate the advantages of the Contracts in a number of ways:

Dollar-Cost Averaging Illustrations. These illustrations will generally discuss the price-leveling effect of making regular investments in the same Sub-Accounts over a period of time, to take advantage of the trends in market prices of the portfolio securities purchased by those Sub-Accounts.

Systematic Withdrawal Program. A service provided by the Company, through which a Participant may take any distribution allowed by Internal Revenue Code Section 401 (a) (9) in the case of Qualified Contracts, or permitted under Internal Revenue Code Section 72 in the case of Non-Qualified Contracts, by way of a series of partial withdrawals. Withdrawals under this program may be fully or partially includible in income and may be subject to a 10% penalty tax. You should consult a qualified tax professional.

The Company’s and the Funds’ Customers. Sales literature for the Variable Account and the Funds may refer to the number of clients which they serve.

The Company’s Assets, Size. The Company may discuss its general financial condition (see, for example, the references to Standard & Poor’s and A.M. Best Company above); it may refer to its assets; and it may discuss its relative size and/or ranking among companies in the industry or among any sub-classification of those companies, based upon recognized evaluation criteria.

Compound Interest Illustrations. These will emphasize several advantages of the variable annuity contract. For example, but not by way of limitation, the literature may emphasize the potential savings through tax deferral; the potential advantage of the Variable Account over the Fixed Account; and the compounding effect when a participant makes regular deposits to his or her account.

The Company may use hypothetical illustrations of the benefits of tax deferral, including but not limited to the following chart. The chart below assumes an initial investment of $10,000 which remains fully invested for the entire time period, an 8% annual return, and a 33% combined federal and state income tax rate. It compares how 3 different investments might fare over 10, 20, and 30 years. The first example illustrates an investment in a non-tax-deferred account and assumes that taxes are paid annually out of that account. The second example illustrates how the same investment would grow in a tax-deferred investment, such as an annuity. The third example illustrates the net value of the tax-deferred investment after paying taxes on the full account value.

	10 YEARS		20 YEARS		30 YEARS
Non-Tax-Deferred Account	$	16,856	$	28,413	$	47,893
Tax-Deferred Account	$	21,589	$	46,610	$	100,627
Tax-Deferred Account After Paying Taxes	$	17,765	$	34,528	$	70,720

This illustration is hypothetical and does not represent the projected performance of the contract or any of its investment options. The illustration does not reflect the deduction of any charges or fees related to portfolio management, mortality and expense, or account administration. Taxes on earnings within an annuity are due upon withdrawal. Withdrawals may also be subject to surrender charges and, if made prior to age 59¹⁄₂, a 10% federal penalty tax.

3

TAX-DEFERRED ACCUMULATION

In general, individuals who own annuity contracts are not taxed on increases in the value of their annuity contracts until some form of distribution is made under the contract. As a result, the annuity contract would benefit from tax deferral during the contract’s accumulation phase; this would have the effect of permitting an investment in an annuity contract to grow more rapidly that a comparable investment under which increases in value are taxed on a current basis.

In reports or other communications to you or in advertising or sales materials, we may also describe the effects of tax-deferred compounding on the Variable Account’s investment returns. We may illustrate these effects in charts or graphs and from time to time may include comparisons of returns under the Contract or in general on a tax-deferred basis, with the returns on a taxable basis. Different tax rates may be assumed. Any such illustrative chart or graph would show accumulations on an initial investment or Purchase Payment, assuming a given amount (including the applicable interest credit), hypothetical gross annual returns compounded annually, and a stated rate of return. The values shown for the taxable investment would not include any deduction for management fees or other expenses, but would assume the annual deduction of federal and state taxes from investment returns. The values shown for the Contract in a chart would reflect the deduction of Contract expenses, such as the mortality and expense risk charge, the 0.15% administrative charge, the 0.15% distribution fee, and the $50 annual Account Fee. In addition, the values shown would assume that the Participant has not surrendered his or her Contract or made any partial surrenders until the end of the period shown. The chart would assume a full surrender at the end of the period shown and the payment of federal and state taxes, at a rate of not more than 33%, on the amount in excess of the Purchase Payments.

In developing illustrative tax deferral charts, we will observe these general principles:

• The assumed rate of earnings will be realistic.

• The illustrative chart will accurately depict the effect of all fees and charges or provide a narrative that prominently discloses all fees and charges under the Contract.

• Charts comparing accumulation values for tax-deferred and non-tax-deferred investments will depict the implications of any surrender.

• A narrative accompanying the chart will prominently disclose that there may be a 10% tax penalty on a surrender by a Participant who has not reached age 59¹⁄₂ at the time of surrender.

The rates of return illustrated in any chart would be hypothetical and are not an estimate or guaranty of performance. Actual tax returns may vary among Participants.

CALCULATIONS

Example of Net Investment Factor Calculation

We determine the net investment factor using the following formula:

Investment Factor	=	(	a + b	)	-	d
			c

where:

(a) is the net asset value of a Fund share held in the Sub-Account at the end of that Valuation Period;

(b) is the per share amount of any dividend or capital gains distribution made by that Fund during the Valuation Period;

(c) is the net asset value per share of the Fund share at the end of the previous Valuation Period;

4

(d) is a factor representing the asset-based insurance charges (the mortality and expense risk charge, the administrative expense charge, and the distribution fee) plus any applicable asset-based charge for an optional benefit for the Valuation Period.

Assume the following facts about a particular Variable Account at the end of the current Valuation Period:

(a) the net asset value of a fund equals $ 18.38;

(b) the per share amount of any dividend or capital gains distributions equal $0;

(c) the net asset value per share of the Fund share at the end of the previous Valuation Period equals $18.32; and

(d) the factor representing the asset-based insurance charges (the mortality and expense risk charge, the administrative expense charge, and the distribution fee) plus any applicable asset-based charge for an optional benefit for the Valuation Period equals 0.00004837.

The net investment factor is, therefore, determined as follows:

(18.38 + 0.00) - (.00004837)	=	1.00322674
18.32

Example of Variable Accumulation Unit Value Calculation

We calculate the Variable Accumulation Unit Value for any Valuation Period as follows: we multiply the Variable Accumulation Unit Value for the immediately preceding Valuation Period by the appropriate Net Investment Factor for the subsequent Valuation Period.

Assume the Variable Accumulation Unit value for the immediately preceding Valuation Period had been 14.5645672. Assume that the Net Investment Factor for the subsequent Valuation Period is 1.00322674 as shown in the calculation above. The value for the current Valuation Period would be, therefore, determined as follows:

(14.5645672 x 1.00322674) = 14.6115633

ANNUITY PROVISIONS

Determination of Annuity Payments

On the Annuity Commencement Date, the Contract’s Accumulation Account will be canceled and its adjusted value will be applied to provide a Variable Annuity or a Fixed Annuity or a combination of both. The adjusted value will be equal to the value of the Accumulation Account for the Valuation Period which ends immediately preceding the Annuity Commencement Date, reduced by any applicable premium or similar taxes and a proportionate amount of the contract maintenance charge to reflect the time elapsed between the last Contract Anniversary and the day before the Annuity Commencement Date.

The dollar amount of the first variable annuity payment will be determined in accordance with the annuity payment rates found in the Contract which are based on an assumed interest rate of 3% per year. All variable annuity payments other than the first are determined by means of Annuity Units credited to the Contract. The number of Annuity Units to be credited in respect of a particular Variable Account is determined by dividing that portion of the first variable annuity payment attributable to that Variable Account by the Annuity Unit value of that Variable Account for the Valuation Period which ends immediately preceding the Annuity Commencement Date. The number of Annuity Units of each particular Variable Account credited to the Contract then remains fixed unless an exchange of Annuity Units is made as described below. The dollar amount of each variable annuity payment after the first may increase, decrease or remain constant, and is equal to the sum of the amounts determined by multiplying the number of Annuity Units of a particular Variable Account credited to the Contract by the Annuity Unit value for the particular Variable Account for the Valuation Period which ends immediately preceding the due date of each subsequent payment.

5

Annuity Unit Value

The Annuity Unit value for each Variable Account was established at $10.00 for the first Valuation Period of the particular Variable Account. The Annuity Unit value for any subsequent Valuation Period is determined using the following formula:

Annuity Unit Value = (A x B) x C

where:

A equals the Annuity Unit value for the immediately preceding Valuation Period

B equals the Net Investment Factor for the current Valuation Period

C equals a factor to neutralize the assumed interest rate of 3% per year used to establish the annuity payment rates found in the Contract. (This factor is 0.99991902 for a one day Valuation Period.)

Example of Variable Annuity Unit Calculation

Assume the value of an Annuity Unit for the immediately preceding Valuation Period had been 12.3456789. Assume that the Net Investment Factor for the subsequent Valuation Period is 1.00323092 as shown in the calculation above. If the first variable annuity payment is determined by using an annuity payment based on an assumed interest rate of 3% per year, the value of the Annuity Unit for the current Valuation Period would be determined as follows:

(12.3456789 x 1.00323092) x 0.99991902 = 12.3845638

Example of Variable Annuity Payment Calculations

The first Variable Annuity payment is determined by multiplying the Variable Accumulation Unit value for the Valuation Period (as described under “Example of Variable Accumulation Unit Calculation”) by the annuity payment rate for the age and annuity option elected.

Assume the following facts:

• the Account value being annuitized is made up of a particular Variable Account with 8,765.4321 Variable Accumulation Units;

• at the end of the Valuation Period immediately preceding the Annuity Commencement Date, the Variable Accumulation Unit value and the Annuity Unit value for that Variable Account are 14.5645672 and 12.3456789, respectively;

• the annuity payment rate for the age and option elected is $6.78 per $1,000; and

• on the day prior to the second variable annuity payment date, the Annuity Unit value is 12.3724831.

The first Variable Annuity payment would be determined as follows:

(8,765.4321 x 14.5645672) x 6.78	=	$	865.57
1,000

This first Variable Annuity payment of $865.57 represents 70.1112 Variable Annuity Units, which are calculated by dividing the first Variable Annuity Payment by the Variable Annuity Unit value at the end of the Valuation Period immediately preceding the Annuity Commencement Date. In this case, $865.57 divided by 12.3456789.

6

Subsequent Variable Annuity payments are determined by multiplying the number of Variable Annuity Units (calculated for the first Variable Annuity payment) by the Variable Annuity Unit value at the end of the Valuation Period immediately preceding the annuity payment date. Thus, the second Variable Annuity payment would be determined as follows:

70.1112 x 12.3845638 = $ 868.29

DISTRIBUTION OF THE CONTRACT

We offer the Contract on a continuous basis through the general distributor and principal underwriter of the Contracts, Clarendon Insurance Agency, Inc. (“Clarendon”). Clarendon also acts as the general distributor of certain other annuity contracts issued by the Company and its subsidiary, Delaware Life Insurance Company of New York, and variable life insurance contracts issued by the Company.

In addition to commissions, the Company may, from time to time, pay or allow additional promotional incentives, in the form of cash or other compensation. The Company reserves the right to offer these additional incentives only to certain broker-dealers that sell or are expected to sell during specified time periods certain minimum amounts of Contracts or Certificates or other contracts offered by the Company. Promotional incentives may change at any time.

Commissions will not be paid to selling agents with respect to Participant Accounts established for the personal account of employees of the Company or any of its affiliates, or of persons engaged in the distribution of the Contract, or of immediate family members of such employees or persons. In addition, commissions may be waived or reduced in connection with certain transactions described in the Prospectus under the heading “Waivers; Reduced Charges; Credits; Special Guaranteed Interest Rates.” Total commissions paid on behalf of Clarendon in connection with the Variable Account during 2017, 2018, and 2019, were approximately, $72,466,231, $65,608,771, and $60,507,109, respectively.

CUSTODIAN

We are the Custodian of the assets of the Variable Account. We will purchase Fund shares at net asset value in connection with amounts allocated to the Sub-Accounts in accordance with your instructions, and we will redeem Fund shares at net asset value for the purpose of meeting the contractual obligations of the Variable Account, paying charges relative to the Variable Account or making adjustments for annuity reserves held in the Variable Account.

EXPERTS

The statutory-basis financial statements of Delaware Life Insurance Company as of December 31, 2019 and 2018 and for each of the three years in the period ended December 31, 2019 included in this Statement of Additional Information have been so included in reliance on the report of PricewaterhouseCoopers LLP, an independent registered public accounting firm, given on the authority of said firm as experts in auditing and accounting.

The financial statements of Delaware Life Variable Account F as of December 31, 2019 and 2018 and for each of the three years in the period ended December 31, 2019 included in this Statement of Additional Information have been so included in reliance on the report of PricewaterhouseCoopers LLP, an independent registered public accounting firm, given on the authority of said firm as experts in auditing and accounting.

FINANCIAL STATEMENTS

The financial statements of the Variable Account and Delaware Life Insurance Company are included herein. The statutory-basis financial statements of Delaware Life Insurance Company are provided as relevant to its ability to meet its financial obligations under the Contracts and Certificates and should not be considered as bearing on the investment performance of the assets held in the Variable Account.

7

Delaware Life

Variable Account F – Regatta

Financial Statements as of and for the Year Ended December 31, 2019 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, 2019

	Page(s)
Report of Independent Registered Public Accounting Firm....................................................................................................................................	1-3

Financial Statements

Statements of Assets and Liabilities...............................................................................................................................4-11

Statements of Operations..............................................................................................................................................12-56

Statements of Changes in Net Assets..........................................................................................................................57-124

Notes to the Financial Statements.............................................................................................................................125-158

Report of Independent Registered Public Accounting Firm

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

Opinions on the Financial Statements

We have audited the accompanying statements of assets and liabilities of each of the subaccounts of Delaware Life Variable Account F – Regatta indicated in the table below as of December 31, 2019, and the related statements of operations and of changes in net assets for each of the periods indicated in the table below, including the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the subaccounts of Delaware Life Variable Account F - Regatta as of December 31, 2019, and the results of each of their operations and the changes in each of their net assets for the periods indicated in the table below, in conformity with accounting principles generally accepted in the United States of America.

AB VPS Balanced Wealth Strategy Portfolio (Class B) Sub-Account (AL1) (1)	MFS VIT II Blended Research Core Equity Portfolio I Class Sub-Account (MB6) (1)
AB VPS Dynamic Asset Allocation Portfolio Class B Sub-Account (AO5) (1)	MFS VIT II Blended Research Core Equity Portfolio S Class Sub-Account (MB7) (1)
AB VPS International Growth Portfolio (Class B) Sub-Account (AM2) (1)	MFS VIT II Core Equity Portfolio I Class Sub-Account (MC2) (1)
AB VPS International Value Portfolio (Class B) Sub-Account (A98) (1)	MFS VIT II Core Equity Portfolio S Class Sub-Account (MC1) (1)
AB VPS Large Cap Growth (Class B) Sub-Account (AC4) (2)	MFS VIT II Corporate Bond Portfolio I Class Sub-Account (MC0) (1)
AB VPS Small/Mid Cap Value Portfolio (Class B) Sub-Account (A74) (1)	MFS VIT II Corporate Bond Portfolio S Class Sub-Account (MA0) (1)
American Funds Growth Fund - Class 4 Sub-Account (AP0) (2)	MFS VIT II Emerging Markets Equity Portfolio I Class Sub-Account (MC3) (1)
American Funds Growth-Income Fund - Class 4 Sub-Account (AQ1) (2)	MFS VIT II Emerging Markets Equity Portfolio S Class Sub-Account (MA1) (1)
American Funds IS Asset Allocation - Class 4 Sub-Account (AS3) (2)	MFS VIT II Global Governments Portfolio I Class Sub-Account (MC4) (1)
American Funds New World Fund - Class 4 Sub-Account (AQ3) (2)	MFS VIT II Global Governments Portfolio S Class Sub-Account (MC5) (1)
BlackRock Global Allocation V.I. Fund (Class III) Sub-Account (B18) (1)	MFS VIT II Global Growth Portfolio I Class Sub-Account (MC6) (1)
ClearBridge Variable Mid Cap Portfolio - Class II Sub-Account (L33) (2)	MFS VIT II Global Growth Portfolio S Class Sub-Account (MC7) (1)
Columbia Variable Portfolio - Large Cap Growth Fund Class 1 Sub-Account (C59)
(1)	MFS VIT II Global Research Portfolio I Class Sub-Account (MC8) (1)
Columbia Variable Portfolio - Large Cap Growth Fund Class 2 Sub-Account (C60)
(1)	MFS VIT II Global Research Portfolio S Class Sub-Account (MC9) (1)
Columbia Variable Portfolio - Overseas Core Fund Class 2 Sub-Account (C58) (1)	MFS VIT II Global Tactical Allocation Portfolio I Class Sub-Account (MD0) (1)
Columbia Variable Portfolio - Small Cap Value Fund Class 2 Sub-Account (C71) (1)	MFS VIT II Global Tactical Allocation Portfolio S Class Sub-Account (M92) (1)
Columbia Variable Portfolio Select Large Cap Value- Class 2 Sub-Account (C91) (2)	MFS VIT II Government Securities Portfolio I Class Sub-Account (M96) (1)
CTIVP - Loomis Sayles Growth Fund Class 1 Sub-Account (C89) (1)	MFS VIT II Government Securities Portfolio S Class Sub-Account (MD2) (1)
CTIVP - Loomis Sayles Growth Fund Class 2 Sub-Account (C90) (1)	MFS VIT II High Yield Portfolio I Class Sub-Account (MA6) (1)
Fidelity VIP Balanced Portfolio (Service Class 2) Sub-Account (FD7) (1)	MFS VIT II High Yield Portfolio Service Class Sub-Account (MA3) (1)
Fidelity VIP Contrafund Portfolio (Service Class 2) Sub-Account (F24) (1)	MFS VIT II International Growth Portfolio I Class Sub-Account (M97) (1)
Fidelity VIP Freedom 2010 Portfolio (Service Class 2) Sub-Account (F88) (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)
Fidelity VIP Freedom 2015 Portfolio (Service Class 2) Sub-Account (FB9) (1)	(1)
	MFS VIT II International Intrinsic Value Portfolio Service Class Sub-Account
Fidelity VIP Freedom 2020 Portfolio (Service Class 2) Sub-Account (F15) (1)	(M93) (1)

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1

	MFS VIT II Massachusetts Investors Growth Stock Portfolio I Class Sub-Account
Fidelity VIP Mid Cap Portfolio (Service Class 2) Sub-Account (F41) (1)	(MD6) (1)
	MFS VIT II Massachusetts Investors Growth Stock Portfolio S Class Sub-Account
First Eagle Overseas Variable Fund Sub-Account (FE3) (1)	(MB3) (1)
Franklin Templeton Global Bond VIP Fund Class 4 Sub-Account (T59) (1)	MFS VIT II Research International Portfolio I Class Sub-Account (ME2) (1)
Franklin Templeton Allocation VIP Fund Class 2 Sub-Account (FE6) (1)	MFS VIT II Research International Portfolio S Class Sub-Account (ME3) (1)
Franklin Templeton Developing Markets VIP Fund Class 2 Sub-Account (T21) (1)	MFS VIT II Strategic Income Portfolio I Class Sub-Account (MA5) (1)
Franklin Templeton Foreign VIP Fund Class 2 Sub-Account (T20) (1)	MFS VIT II Strategic Income Portfolio S Class Sub-Account (MA7) (1)
Franklin Templeton Growth VIP Fund Class 2 Sub-Account (F56) (1)	MFS VIT II Technology Portfolio I Class Sub-Account (ME4) (1)
Franklin Templeton Income VIP Fund Class 2 Sub-Account (F59) (1)	MFS VIT II Technology Portfolio S Class Sub-Account (MA2) (1)
	MFS VIT III Blended Research Small Cap Equity Portfolio Service Class Sub-
Franklin Templeton Income VIP Fund Class 4 Sub-Account (FF0) (1)	Account (MF3) (1)
Franklin Templeton Mutual Shares VIP Fund Class 2 Sub-Account (F54) (1)	MFS VIT III Conservative Allocation Portfolio Service Class Sub-Account (MF5) (1)
Franklin Templeton Mutual Shares VIP Fund Class 4 Sub-Account (FG8) (1)	MFS VIT III Global Real Estate Portfolio Initial Class Sub-Account (MF6) (1)
Franklin Templeton Small Cap Value VIP Fund Class 2 Sub-Account (F53) (1)	MFS VIT III Global Real Estate Portfolio Service Class Sub-Account (MF7) (1)
Franklin Templeton Small Cap Value VIP Fund Class 4 Sub-Account (FJ9) (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)
Franklin Templeton Strategic Income VIP Fund Class 2 Sub-Account (T28) (1)	(1)
Franklin Templeton Strategic Income VIP Fund Class 4 Sub-Account (FJ0) (1)	MFS VIT III Limited Maturity Portfolio Initial Class Sub-Account (MF2) (1)
Goldman Sachs VIT U.S. Equity Insights Fund - Service Class Sub-Account (G03)
(2)	MFS VIT III Limited Maturity Portfolio Service Class Sub-Account (MG2) (1)
Invesco Oppenheimer V.I. Capital Appreciation Fund, Series II Sub-Account (O19)
(1)	MFS VIT III Mid Cap Value Portfolio Initial Class Sub-Account (MG3) (1)
Invesco Oppenheimer V.I. Conservative Balanced Fund, Series II Sub-Account
(O23) (1)	MFS VIT III Mid Cap Value Portfolio Service Class Sub-Account (MG4) (1)
Invesco Oppenheimer V.I. Global Fund, Series II Sub-Account (O20) (1)	MFS VIT III Moderate Allocation Portfolio Service Class Sub-Account (MG6) (1)
Invesco Oppenheimer V.I. Main Street Fund, Series II Sub-Account (O21) (1)	MFS VIT III New Discovery Value Portfolio Service Class Sub-Account (MG7) (1)
Invesco Oppenheimer V.I. Main Street Small Cap Fund, Series II Sub-Account
(O04) (1)	MFS VIT Total Return Series Initial Class Sub-Account (M07) (1)
Invesco V.I. American Value Fund Series II Sub-Account (V35) (1)	MFS VIT Total Return Series Service Class Sub-Account (M35) (1)
	Morgan Stanley Variable Insurance Fund, Inc. Discovery Portfolio Class II Sub-
Invesco V.I. Comstock Fund Series II Sub-Account (V13) (1)	Account (V43) (1)
	Morgan Stanley Variable Insurance Fund, Inc. Growth Portfolio Class II Sub-
Invesco V.I. Equity and Income Fund Series II Sub-Account (V11) (1)	Account (V44) (1)
Invesco V.I. International Growth Fund II Sub-Account (AC1) (1)	PIMCO VIT All Asset Portfolio Admin Class Sub-Account (P08) (1)
JPMorgan Insurance Trust Core Bond Portfolio (Class 2) Sub-Account (J88) (1)	PIMCO VIT All Asset Portfolio Advisor Class Sub-Account (PC0) (1)
	PIMCO VIT CommodityRealReturn Strategy Portfolio Advisor Class Sub-Account
JPMorgan Insurance Trust U.S. Equity Portfolio (Class 2) Sub-Account (J94) (1)	(P70) (1)
Lazard Retirement Emerging Markets Equity Portfolio Service Class Sub-Account	PIMCO VIT CommodityRealReturnTM Strategy Portfolio Admin Class Sub-
(L11) (1)	Account (P10) (1)
Lord Abbett Series Fund - Growth Opportunities Portfolio VC Sub-Account (L18)
(1)	PIMCO VIT Emerging Markets Bond Portfolio Admin Class Sub-Account (PK8) (1)
Lord Abbett Series Fund- Fundamental Equity Portfolio VC Sub-Account (L17) (1)	PIMCO VIT Emerging Markets Bond Portfolio Advisor Class Sub-Account (P20) (1)
MFS U.S. Government Money Market Portfolio Initial Class Sub-Account (MD8)	PIMCO VIT Global Managed Asset Allocation Portfolio Advisor Class Sub-Account
(1)	(PD6) (1)
MFS U.S. Government Money Market Portfolio Service Class Sub-Account (MD9)
(1)	PIMCO VIT Real Return Portfolio Admin Class Sub-Account (P06) (1)
MFS VIT I Growth Series Initial Class Sub-Account (M31) (1)	PIMCO VIT StocksPLUS Global Portfolio Advisor Class Sub-Account (PH2) (1)
MFS VIT I Growth Series Service Class Sub-Account (M80) (1)	PIMCO VIT Total Return Portfolio - Advisor Class Sub-Account (P68) (2)
MFS VIT I Mid Cap Growth Series Initial Class Sub-Account (MF1) (1)	PIMCO VIT Total Return Portfolio Admin Class Sub-Account (P07) (1)

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2

MFS VIT I Mid Cap Growth Series Service Class Sub-Account (M41) (1)	Putnam VT Equity Income Fund Class IB Sub-Account (P72) (1)
MFS VIT I New Discovery Series Initial Class Sub-Account (M05) (1)	Putnam VT Income Fund - Class IB Sub-Account (P95) (2)
MFS VIT I New Discovery Series Service Class Sub-Account (M42) (1)	Putnam VT Multi-Asset Absolute Return Fund Class IB Sub-Account (PI3) (1)
MFS VIT I Research Series Service Class Sub-Account (M82) (1)	Putnam VT Research Fund - Class IB Sub-Account (P79) (2)
MFS VIT I Total Return Bond Series Service Class Sub-Account (M89) (1)	Rational Insider Buying VA Fund Sub-Account (H32) (1)
MFS VIT I Utilities Series Initial Class Sub-Account (M44) (1)	Rational Trend Aggregation VA Fund Sub-Account (H24) (1)
MFS VIT I Utilities Series Service Class Sub-Account (M40) (1)	Wanger Select Fund Sub-Account (W41) (1)
MFS VIT I Value Series Initial Class Sub-Account (M83) (1)	Wanger USA Sub-Account (W42) (1)
MFS VIT I Value Series Service Class Sub-Account (M08) (1)

(1) Statement of operations for the year ended December 31, 2019 and statement of changes in net assets for the years ended December 31, 2019 and 2018.

(2) Statement of operations for the year ended December 31, 2019 and statement of changes in net assets for the year ended December 31, 2019 and the period October 3, 2018 (commencement of operations) through December 31, 2018.

Basis for Opinions

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

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of investments owned as of December 31, 2019 by correspondence with the transfer agents of the investee mutual funds. We believe that our audits provide a reasonable basis for our opinions.

/s/ PricewaterhouseCoopers LLP

Hartford, CT

April 27, 2020

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

PricewaterhouseCoopers LLP, CITYPLACE I 185 Asylum Street, Suite 2400, Hartford, CT 06103-3404 T: (860) 241-7000, www.pwc.com/us

3

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

STATEMENTS OF ASSETS AND LIABILITIES

DECEMBER 31, 2019

					Assets					Liabilities
				Investments at fair		Receivable from				Payable to
	Shares		Cost		value		Sponsor		Total assets		Sponsor		Net Assets
AB VPS Balanced Wealth Strategy Portfolio (Class B) Sub-Account
(AL1)	3,748,101	$	40,670,208	$	37,855,824	$	-	$	37,855,824	$	-	$	37,855,824
AB VPS Dynamic Asset Allocation Portfolio Class B Sub-Account (AO5)	5,395,054		63,175,218		72,077,915		-		72,077,915		-		72,077,915
AB VPS International Growth Portfolio (Class B) Sub-Account (AM2)	187,121		3,633,062		4,331,861		-		4,331,861		-		4,331,861
AB VPS International Value Portfolio (Class B) Sub-Account (A98)	1,922,645		26,407,773		27,378,458		-		27,378,458		31		27,378,427
AB VPS Large Cap Growth (Class B) Sub-Account (AC4)	1,577		89,637		90,321		-		90,321		-		90,321
AB VPS Small/Mid Cap Value Portfolio (Class B) Sub-Account (A74)	705,264		13,598,493		12,497,272		1,095		12,498,367		-		12,498,367
American Funds Growth Fund - Class 4 Sub-Account (AP0)	1,510		110,462		119,876		-		119,876		-		119,876
American Funds Growth-Income Fund - Class 4 Sub-Account (AQ1)	144		6,999		7,109		-		7,109		-		7,109
American Funds IS Asset Allocation - Class 4 Sub-Account (AS3)	4,824		110,160		114,179		-		114,179		-		114,179
American Funds New World Fund - Class 4 Sub-Account (AQ3)	146		3,408		3,715		-		3,715		-		3,715
BlackRock Global Allocation V.I. Fund (Class III) Sub-Account (B18)	26,982,929		384,321,808		390,712,807		60,430		390,773,237		-		390,773,237
ClearBridge Variable Mid Cap Portfolio - Class II Sub-Account (L33)	1,229		25,458		27,625		-		27,625		-		27,625
Columbia Variable Portfolio - Small Cap Value Fund Class 2 Sub-Account
(C71)	1,365		24,419		21,229		-		21,229		-		21,229
Columbia Variable Portfolio - Large Cap Growth Fund Class 1 Sub-
Account (C59)	2,998		42,335		65,592		-		65,592		-		65,592
Columbia Variable Portfolio - Large Cap Growth Fund Class 2 Sub-
Account (C60)	2,586,425		33,655,113		55,246,039		561		55,246,600		-		55,246,600
CTIVP - Loomis Sayles Growth Fund Class 1 Sub-Account (C89)	4,110		129,006		154,346		-		154,346		-		154,346
CTIVP - Loomis Sayles Growth Fund Class 2 Sub-Account (C90)	452,533		10,515,024		16,594,376		3,047		16,597,423		-		16,597,423
Columbia Variable Portfolio - Overseas Core Fund Class 2 Sub-Account
(C58)	348,440		4,575,866		4,641,220		-		4,641,220		-		4,641,220
Columbia Variable Portfolio Select Large Cap Value- Class 2 Sub-
Account (C91) ¹	1,340		33,364		36,216		-		36,216		-		36,216
Fidelity VIP Balanced Portfolio (Service Class 2) Sub-Account (FD7)	5,404,698		91,224,291		102,797,362		175		102,797,537		-		102,797,537
Fidelity VIP Contrafund Portfolio (Service Class 2) Sub-Account (F24)	3,941,620		125,236,410		142,292,470		65,994		142,358,464		1		142,358,463
Fidelity VIP Freedom 2010 Portfolio (Service Class 2) Sub-Account (F88)	167,658		2,109,419		2,233,208		-		2,233,208		-		2,233,208
Fidelity VIP Freedom 2015 Portfolio (Service Class 2) Sub-Account (FB9)	907,099		11,156,087		11,901,135		-		11,901,135		-		11,901,135
Fidelity VIP Freedom 2020 Portfolio (Service Class 2) Sub-Account (F15)	1,376,073		16,687,755		19,154,940		-		19,154,940		-		19,154,940
Fidelity VIP Mid Cap Portfolio (Service Class 2) Sub-Account (F41)	2,435,349		76,294,758		77,322,344		785		77,323,129		-		77,323,129
First Eagle Overseas Variable Fund Sub-Account (FE3)	8,551,102		225,920,060		220,190,867		-		220,190,867		102		220,190,765
Franklin Templeton Developing Markets VIP Fund Class 2 Sub-Account
(T21)	1,929,413		14,793,307		20,664,008		490		20,664,498		-		20,664,498
Franklin Templeton Foreign VIP Fund Class 2 Sub-Account (T20)	5,596,327		79,462,540		77,956,830		3,410		77,960,240		-		77,960,240
Franklin Templeton Allocation VIP Fund Class 2 Sub-Account (FE6) ¹	3,846,954		26,357,486		26,197,758		-		26,197,758		-		26,197,758
Franklin Templeton Global Bond VIP Fund Class 4 Sub-Account (T59)	273,583		4,627,384		4,467,613		540		4,468,153		-		4,468,153
Franklin Templeton Growth VIP Fund Class 2 Sub-Account (F56)	1,329,518		16,657,527		14,491,742		-		14,491,742		643		14,491,099
Franklin Templeton Income VIP Fund Class 2 Sub-Account (F59)	3,501,407		53,762,709		55,707,393		-		55,707,393		205		55,707,188
Franklin Templeton Income VIP Fund Class 4 Sub-Account (FF0)	94,320		1,484,547		1,539,309		-		1,539,309		-		1,539,309
Franklin Templeton Mutual Shares VIP Fund Class 2 Sub-Account (F54)	6,480,421		122,941,484		121,896,717		62		121,896,779		-		121,896,779
Franklin Templeton Mutual Shares VIP Fund Class 4 Sub-Account (FG8)	11,813		234,118		224,329		-		224,329		-		224,329
Franklin Templeton Small Cap Value VIP Fund Class 2 Sub-Account
(F53)	1,507,252		24,637,136		22,684,139		269		22,684,408		-		22,684,408
Franklin Templeton Small Cap Value VIP Fund Class 4 Sub-Account
(FJ9)	16,867		286,849		261,610		-		261,610		-		261,610

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

- 4 -

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

STATEMENTS OF ASSETS AND LIABILITIES (CONTINUED)

DECEMBER 31, 2019

					Assets					Liabilities
				Investments at fair		Receivable from				Payable to
	Shares		Cost		value		Sponsor		Total assets		Sponsor		Net Assets
Franklin Templeton Strategic Income VIP Fund Class 2 Sub-Account
(T28)	1,168,251	$	12,751,729	$	12,325,046	$	593	$	12,325,639	$	-	$	12,325,639
Franklin Templeton Strategic Income VIP Fund Class 4 Sub-Account (FJ0)	14,391		157,879		155,855		-		155,855		-		155,855
Goldman Sachs VIT U.S. Equity Insights Fund - Service Class Sub-
Account (G03)	2,025		36,423		36,538		-		36,538		-		36,538
Rational Trend Aggregation VA Fund Sub-Account (H24)	69,919		840,848		783,087		-		783,087		-		783,087
Rational Insider Buying VA Fund Sub-Account (H32)	87,407		1,095,722		1,040,138		-		1,040,138		-		1,040,138
Invesco V.I. American Value Fund Series II Sub-Account (V35)	342,275		5,542,036		5,387,403		108		5,387,511		-		5,387,511
Invesco V.I. Comstock Fund Series II Sub-Account (V13)	1,464,180		26,251,010		25,022,833		-		25,022,833		2		25,022,831
Invesco V.I. Equity and Income Fund Series II Sub-Account (V11)	5,108,447		88,993,175		88,989,150		-		88,989,150		9,742		88,979,408
Invesco V.I. International Growth Fund II Sub-Account (AC1)	61,845		2,182,434		2,379,793		-		2,379,793		2		2,379,791
JPMorgan Insurance Trust Core Bond Portfolio (Class 2) Sub-Account
(J88)	3,651,195		39,469,691		40,491,756		-		40,491,756		-		40,491,756
JPMorgan Insurance Trust U.S. Equity Portfolio (Class 2) Sub-Account
(J94)	495,426		14,203,226		15,769,422		-		15,769,422		-		15,769,422
Lazard Retirement Emerging Markets Equity Portfolio Service Class Sub-
Account (L11)	1,422,106		27,408,748		31,286,324		59		31,286,383		-		31,286,383
Lord Abbett Series Fund - Growth Opportunities Portfolio VC Sub-
Account (L18)	1,677,118		20,426,079		21,836,081		1,193		21,837,274		-		21,837,274
Lord Abbett Series Fund- Fundamental Equity Portfolio VC Sub-Account
(L17)	1,919,900		33,014,942		31,755,152		188		31,755,340		-		31,755,340
MFS VIT Total Return Series Initial Class Sub-Account (M07)	12,419,608		283,134,384		309,248,251		-		309,248,251		693,881		308,554,370
MFS VIT Total Return Series Service Class Sub-Account (M35)	11,720,499		264,334,990		286,331,800		412		286,332,212		2,641		286,329,571
MFS VIT I Growth Series Initial Class Sub-Account (M31)	2,574,117		99,550,645		152,902,538		63,612		152,966,150		-		152,966,150
MFS VIT I Growth Series Service Class Sub-Account (M80)	393,896		17,441,271		22,381,169		1,071		22,382,240		-		22,382,240
MFS VIT I Mid Cap Growth Series Initial Class Sub-Account (MF1)	2,387,147		21,152,952		23,775,986		4,411		23,780,397		167		23,780,230
MFS VIT I Mid Cap Growth Series Service Class Sub-Account (M41)	2,786,030		23,301,344		25,547,893		494		25,548,387		-		25,548,387
MFS VIT I New Discovery Series Initial Class Sub-Account (M05)	2,616,906		46,954,752		53,070,856		-		53,070,856		120		53,070,736
MFS VIT I New Discovery Series Service Class Sub-Account (M42)	1,997,845		32,625,608		36,001,153		1,693		36,002,846		-		36,002,846
MFS VIT I Total Return Bond Series Service Class Sub-Account (M89)	33,083,191		432,175,756		438,021,461		48,357		438,069,818		-		438,069,818
MFS VIT I Research Series Service Class Sub-Account (M82)	4,017,048		106,052,654		116,695,230		147		116,695,377		-		116,695,377
MFS VIT I Utilities Series Initial Class Sub-Account (M44)	2,851,108		90,029,747		100,301,995		56,366		100,358,361		166		100,358,195
MFS VIT I Utilities Series Service Class Sub-Account (M40)	1,426,931		40,152,552		49,314,750		751		49,315,501		1		49,315,500
MFS VIT I Value Series Initial Class Sub-Account (M83)	10,488,488		196,247,906		219,733,814		76,219		219,810,033		-		219,810,033
MFS VIT I Value Series Service Class Sub-Account (M08)	5,068,674		94,392,974		104,009,198		4,226		104,013,424		-		104,013,424
MFS VIT II Blended Research Core Equity Portfolio I Class Sub-Account
(MB6)	4,731,042		202,524,237		251,029,115		126,044		251,155,159		-		251,155,159
MFS VIT II Blended Research Core Equity Portfolio S Class Sub-Account
(MB7)	1,136,777		52,016,899		59,726,276		12,494		59,738,770		-		59,738,770
MFS VIT II Corporate Bond Portfolio I Class Sub-Account (MC0)	4,100,913		47,644,283		48,964,906		17,743		48,982,649		401		48,982,248

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

- 5 -

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

STATEMENTS OF ASSETS AND LIABILITIES (CONTINUED)

DECEMBER 31, 2019

					Assets					Liabilities
				Investments at fair		Receivable from				Payable to
	Shares		Cost		value		Sponsor		Total assets	Sponsor		Net Assets
MFS VIT II Corporate Bond Portfolio S Class Sub-Account (MA0)	10,134,900	$	115,482,161	$	119,389,123	$	-	$	119,389,123	$ 13,561	$	119,375,562
MFS VIT II Core Equity Portfolio I Class Sub-Account (MC2)	3,992,635		83,454,848		99,057,279		48,268		99,105,547	585		99,104,962
MFS VIT II Core Equity Portfolio S Class Sub-Account (MC1)	1,639,014		37,017,134		40,155,836		12,670		40,168,506	-		40,168,506
MFS VIT II Emerging Markets Equity Portfolio I Class Sub-Account
(MC3)	972,937		14,151,246		16,588,570		11,381		16,599,951	-		16,599,951
MFS VIT II Emerging Markets Equity Portfolio S Class Sub-Account
(MA1)	931,340		13,276,454		15,637,199		159		15,637,358	-		15,637,358
MFS VIT II Global Governments Portfolio I Class Sub-Account (MC4)	857,979		9,118,239		9,188,954		25,306		9,214,260	-		9,214,260
MFS VIT II Global Governments Portfolio S Class Sub-Account (MC5)	76,524		792,985		803,500		-		803,500	-		803,500
MFS VIT II Global Growth Portfolio I Class Sub-Account (MC6)	1,679,463		34,636,380		48,032,651		40,386		48,073,037	-		48,073,037
MFS VIT II Global Growth Portfolio S Class Sub-Account (MC7)	73,578		1,511,424		2,098,442		-		2,098,442	-		2,098,442
MFS VIT II Global Research Portfolio I Class Sub-Account (MC8)	2,567,747		53,975,262		82,655,789		66,286		82,722,075	-		82,722,075
MFS VIT II Global Research Portfolio S Class Sub-Account (MC9)	151,727		3,674,427		4,864,377		-		4,864,377	4		4,864,373
MFS VIT II Global Tactical Allocation Portfolio I Class Sub-Account
(MD0)	2,589,244		38,955,974		41,065,410		51,852		41,117,262	-		41,117,262
MFS VIT II Global Tactical Allocation Portfolio S Class Sub-Account
(M92)	33,214,414		494,206,294		517,148,430		636		517,149,066	-		517,149,066
MFS VIT II Government Securities Portfolio I Class Sub-Account (M96)	5,845,342		74,569,224		72,774,512		44,878		72,819,390	-		72,819,390
MFS VIT II Government Securities Portfolio S Class Sub-Account (MD2)	11,918,217		150,089,719		147,547,523		10,514		147,558,037	-		147,558,037
MFS VIT II High Yield Portfolio I Class Sub-Account (MA6)	8,344,975		48,134,717		47,733,258		2,931		47,736,189	-		47,736,189
MFS VIT II High Yield Portfolio Service Class Sub-Account (MA3)	6,300,881		36,026,259		35,599,980		1,344		35,601,324	-		35,601,324
MFS VIT II International Growth Portfolio I Class Sub-Account (M97)	2,467,309		33,025,985		35,183,822		5,780		35,189,602	411		35,189,191
MFS VIT II International Growth Portfolio S Class Sub-Account (MD5)	1,122,215		15,139,247		15,834,456		-		15,834,456	43		15,834,413
MFS VIT II International Intrinsic Value Portfolio Initial Class Sub-
Account (M98) ¹	1,386,740		29,207,789		41,519,003		14,154		41,533,157	-		41,533,157
MFS VIT II International Intrinsic Value Portfolio Service Class Sub-
Account (M93) ¹	2,752,287		61,806,487		81,109,909		700		81,110,609	-		81,110,609
MFS VIT II Massachusetts Investors Growth Stock Portfolio I Class Sub-
Account (MD6)	14,606,848		227,364,742		329,822,627		533,608		330,356,235	583		330,355,652
MFS VIT II Massachusetts Investors Growth Stock Portfolio S Class Sub-
Account (MB3)	1,628,039		26,919,991		36,256,430		10,966		36,267,396	-		36,267,396
MFS U.S. Government Money Market Portfolio Initial Class Sub-Account
(MD8)	38,022,610		38,022,610		38,022,610		-		38,022,610	44,640		37,977,970
MFS U.S. Government Money Market Portfolio Service Class Sub-
Account (MD9)	107,714,122		107,714,122		107,714,122		1,970		107,716,092	-		107,716,092
MFS VIT II Research International Portfolio I Class Sub-Account (ME2)	1,194,337		16,831,305		20,255,954		300		20,256,254	-		20,256,254
MFS VIT II Research International Portfolio S Class Sub-Account (ME3)	2,302,756		33,596,812		38,548,132		914		38,549,046	-		38,549,046
MFS VIT II Strategic Income Portfolio I Class Sub-Account (MA5)	2,547,270		25,102,083		25,421,755		-		25,421,755	8,223		25,413,532
MFS VIT II Strategic Income Portfolio S Class Sub-Account (MA7)	409,063		3,990,086		4,049,722		589		4,050,311	-		4,050,311
MFS VIT II Technology Portfolio I Class Sub-Account (ME4)	848,734		11,924,036		17,976,176		8,764		17,984,940	153		17,984,787
MFS VIT II Technology Portfolio S Class Sub-Account (MA2)	83,307		1,119,724		1,658,655		-		1,658,655	-		1,658,655

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

- 6 -

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

STATEMENTS OF ASSETS AND LIABILITIES (CONTINUED)

DECEMBER 31, 2019

					Assets					Liabilities
				Investments at fair		Receivable from				Payable to
	Shares		Cost		value		Sponsor		Total assets		Sponsor		Net Assets
MFS VIT III Blended Research Small Cap Equity Portfolio Service Class
Sub-Account (MF3)	4,660,032	$	54,780,766	$	52,378,757	$	1,086	$	52,379,843	$	-	$	52,379,843
MFS VIT III Conservative Allocation Portfolio Service Class Sub-Account
(MF5)	35,392,573		400,445,160		405,952,819		-		405,952,819		1,065		405,951,754
MFS VIT III Global Real Estate Portfolio Initial Class Sub-Account
(MF6)	109,617		1,502,051		1,744,002		185		1,744,187		-		1,744,187
MFS VIT III Global Real Estate Portfolio Service Class Sub-Account
(MF7)	2,722,138		42,484,156		50,522,885		667		50,523,552		1		50,523,551
MFS VIT III Growth Allocation Portfolio Service Class Sub-Account
(MF9)	27,262,051		312,047,060		325,781,512		178		325,781,690		-		325,781,690
MFS VIT III Inflation Adjusted Bond Portfolio Service Class Sub-Account
(MG1)	10,944,057		111,750,792		116,991,964		-		116,991,964		2,099		116,989,865
MFS VIT III Limited Maturity Portfolio Initial Class Sub-Account (MF2)	18,656,563		191,383,890		192,908,863		5,783		192,914,646		-		192,914,646
MFS VIT III Limited Maturity Portfolio Service Class Sub-Account
(MG2)	10,594,871		108,477,576		109,445,018		372		109,445,390		-		109,445,390
MFS VIT III Mid Cap Value Portfolio Initial Class Sub-Account (MG3)	2,807,563		22,817,657		24,538,099		244		24,538,343		-		24,538,343
MFS VIT III Mid Cap Value Portfolio Service Class Sub-Account (MG4)	2,466,282		19,823,423		21,333,339		114		21,333,453		-		21,333,453
MFS VIT III Moderate Allocation Portfolio Service Class Sub-Account
(MG6)	98,517,891		1,233,889,336		1,302,406,516		178,076		1,302,584,592		-		1,302,584,592
MFS VIT III New Discovery Value Portfolio Service Class Sub-Account
(MG7)	824,431		8,004,636		7,625,981		115		7,626,096		-		7,626,096
Morgan Stanley Variable Insurance Fund, Inc. Growth Portfolio Class II
Sub-Account (V44)	335,263		10,158,671		11,234,668		174		11,234,842		-		11,234,842
Morgan Stanley Variable Insurance Fund, Inc. Discovery Portfolio Class II
Sub-Account (V43) ¹	622,003		7,429,607		7,855,904		106		7,856,010		-		7,856,010
Invesco Oppenheimer V.I. Capital Appreciation Fund, Series II Sub-
Account (O19) ¹	237,047		12,290,158		13,907,544		532		13,908,076		-		13,908,076
Invesco Oppenheimer V.I. Conservative Balanced Fund, Series II Sub-
Account (O23) ¹	684,314		9,724,736		11,010,608		-		11,010,608		-		11,010,608
Invesco Oppenheimer V.I. Global Fund, Series II Sub-Account (O20) ¹	370,642		14,583,037		15,548,415		540		15,548,955		-		15,548,955
Invesco Oppenheimer V.I. Main Street Fund, Series II Sub-Account (O21)
¹	5,236,288		146,213,075		152,114,180		6,455		152,120,635		1		152,120,634
Invesco Oppenheimer V.I. Main Street Small Cap Fund, Series II Sub-
Account (O04) ¹	209,405		4,828,429		4,793,288		-		4,793,288		2		4,793,286
PIMCO VIT StocksPLUS Global Portfolio Advisor Class Sub-Account
(PH2)	42,706		358,829		376,666		-		376,666		-		376,666
PIMCO VIT All Asset Portfolio Admin Class Sub-Account (P08)	1,574,399		16,328,752		16,987,769		-		16,987,769		-		16,987,769
PIMCO VIT All Asset Portfolio Advisor Class Sub-Account (PC0)	1,355,504		14,216,372		14,802,101		-		14,802,101		-		14,802,101
PIMCO VIT CommodityRealReturn Strategy Portfolio Advisor Class Sub-
Account (P70)	39,387		294,272		255,626		-		255,626		-		255,626
PIMCO VIT CommodityRealReturnTM Strategy Portfolio Admin Class
Sub-Account (P10)	3,590,137		25,416,578		23,012,776		126		23,012,902		-		23,012,902
PIMCO VIT Emerging Markets Bond Portfolio Admin Class Sub-Account
(PK8)	599,103		7,704,898		7,902,165		636		7,902,801		-		7,902,801
PIMCO VIT Emerging Markets Bond Portfolio Advisor Class Sub-
Account (P20)	16,015		206,864		211,235		-		211,235		-		211,235
PIMCO VIT Global Managed Asset Allocation Portfolio Advisor Class
Sub-Account (PD6) ¹	30,328,711		360,158,978		381,838,471		27,293		381,865,764		-		381,865,764
PIMCO VIT Real Return Portfolio Admin Class Sub-Account (P06)	2,562,510		32,343,916		32,390,133		11		32,390,144		-		32,390,144
PIMCO VIT Total Return Portfolio Admin Class Sub-Account (P07)	12,098,994		132,141,247		133,330,919		352		133,331,271		-		133,331,271
PIMCO VIT Total Return Portfolio - Advisor Class Sub-Account (P68)	1,853		20,449		20,424		-		20,424		-		20,424
Putnam VT Multi-Asset Absolute Return Fund Class IB Sub-Account
(PI3)	1,456,123		14,876,385		14,604,913		-		14,604,913		-		14,604,913
Putnam VT Equity Income Fund Class IB Sub-Account (P72)	514,970		12,310,812		13,842,390		-		13,842,390		-		13,842,390
Putnam VT Income Fund - Class IB Sub-Account (P95)	639		7,240		7,351		-		7,351		-		7,351
Putnam VT Research Fund - Class IB Sub-Account (P79)	567		14,988		16,907		-		16,907		-		16,907
Wanger Select Fund Sub-Account (W41)	14,071		259,174		257,366		-		257,366		-		257,366
Wanger USA Sub-Account (W42)	1,695		39,928		37,721		-		37,721		-		37,721

1This Sub-Account had a name change in 2019. 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.

- 7 -

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

STATEMENTS OF ASSETS AND LIABILITIES (CONTINUED)

DECEMBER 31, 2019

		Applicable to Owners
		of Deferred Variable			Reserve for
			Annuity Contracts		Variable
	Total Units		Value		Annuities		Net Assets
AL1	2,340,904	$	37,855,824	$	-	$	37,855,824
AO5	5,551,012		72,077,915		-		72,077,915
AM2	421,037		4,331,861		-		4,331,861
A98	3,626,556		27,276,911		101,516		27,378,427
AC4	7,757		90,321		-		90,321
A74	576,830		12,463,913		34,454		12,498,367
AP0	10,862		119,876		-		119,876
AQ1	654		7,109		-		7,109
AS3	10,471		114,179		-		114,179
AQ3	323		3,715		-		3,715
B18	22,286,973		390,671,083		102,154		390,773,237
L33	2,537		27,625		-		27,625
C71	944		21,229		-		21,229
C59	3,939		65,592		-		65,592
C60	3,355,394		55,004,913		241,687		55,246,600
C89	9,175		154,346		-		154,346
C90	987,736		16,509,416		88,007		16,597,423
C58	380,321		4,641,220		-		4,641,220
C91	3,422		36,216		-		36,216
FD7	5,062,414		102,795,692		1,845		102,797,537
F24	6,086,530		142,154,064		204,399		142,358,463
F88	129,978		2,233,208		-		2,233,208
FB9	657,257		11,901,135		-		11,901,135
F15	1,025,139		19,154,940		-		19,154,940
F41	3,638,561		77,215,758		107,371		77,323,129
FE3	13,956,758		220,083,789		106,976		220,190,765
T21	1,213,365		20,632,508		31,990		20,664,498
T20	3,970,974		77,796,499		163,741		77,960,240
FE6	1,669,351		26,197,758		-		26,197,758
T59	427,256		4,461,951		6,202		4,468,153
F56	642,518		14,470,875		20,224		14,491,099
F59	3,499,450		55,691,809		15,379		55,707,188
FF0	97,632		1,539,309		-		1,539,309
F54	4,608,107		121,777,882		118,897		121,896,779
FG8	11,683		224,329		-		224,329
F53	564,908		22,677,904		6,504		22,684,408
FJ9	11,424		261,610		-		261,610
T28	846,888		12,318,835		6,804		12,325,639
FJ0	12,959		155,855		-		155,855
G03	3,522		36,538		-		36,538
H24	55,201		783,087		-		783,087
H32	55,082		1,040,138		-		1,040,138

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

- 8 -

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

STATEMENTS OF ASSETS AND LIABILITIES (CONTINUED)

DECEMBER 31, 2019

		Applicable to Owners
		of Deferred Variable			Reserve for
			Annuity Contracts		Variable
	Total Units		Value		Annuities		Net Assets
V35	271,291	$	5,382,849	$	4,662	$	5,387,511
V13	1,331,139		25,016,155		6,676		25,022,831
V11	4,591,136		88,916,943		62,465		88,979,408
AC1	151,039		2,372,763		7,028		2,379,791
J88	3,728,909		40,491,756		-		40,491,756
J94	574,362		15,769,422		-		15,769,422
L11	2,926,589		31,252,182		34,201		31,286,383
L18	665,279		21,810,279		26,995		21,837,274
L17	1,152,329		31,748,996		6,344		31,755,340
M07	20,851,912		305,112,397		3,441,973		308,554,370
M35	19,920,899		285,553,315		776,256		286,329,571
M31	3,740,843		152,310,334		655,816		152,966,150
M80	512,464		22,324,604		57,636		22,382,240
MF1	1,585,873		23,495,648		284,582		23,780,230
M41	788,367		25,422,278		126,109		25,548,387
M05	2,988,255		52,878,792		191,944		53,070,736
M42	1,693,473		35,921,424		81,422		36,002,846
M89	37,989,667		437,887,945		181,873		438,069,818
M82	5,170,576		116,614,184		81,193		116,695,377
M44	7,697,178		99,491,764		866,431		100,358,195
M40	3,882,378		49,307,051		8,449		49,315,500
M83	11,986,049		218,221,217		1,588,816		219,810,033
M08	5,322,655		103,576,808		436,616		104,013,424
MB6	6,487,980		248,098,894		3,056,265		251,155,159
MB7	1,845,504		59,584,408		154,362		59,738,770
MC0	1,943,211		48,522,057		460,191		48,982,248
MA0	6,042,604		119,211,514		164,048		119,375,562
MC2	2,842,931		98,383,693		721,269		99,104,962
MC1	1,523,361		40,019,801		148,705		40,168,506
MC3	504,336		16,453,376		146,575		16,599,951
MA1	858,553		15,635,678		1,680		15,637,358
MC4	488,093		9,115,566		98,694		9,214,260
MC5	54,156		803,500		-		803,500
MC6	1,046,941		47,715,075		357,962		48,073,037
MC7	62,083		2,098,442		-		2,098,442
MC8	2,503,331		81,912,468		809,607		82,722,075
MC9	196,208		4,824,648		39,725		4,864,373
MD0	1,307,551		40,776,608		340,654		41,117,262
M92	36,890,746		517,013,366		135,700		517,149,066
M96	3,639,440		72,262,666		556,724		72,819,390
MD2	11,100,477		147,169,221		388,816		147,558,037

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

- 9 -

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

STATEMENTS OF ASSETS AND LIABILITIES (CONTINUED)

DECEMBER 31, 2019

		Applicable to Owners
		of Deferred Variable			Reserve for
			Annuity Contracts		Variable
	Total Units		Value		Annuities		Net Assets
MA6	1,688,655	$	47,300,480	$	435,709	$	47,736,189
MA3	1,558,342		35,442,360		158,964		35,601,324
M97	1,237,228		34,666,784		522,407		35,189,191
MD5	808,213		15,733,437		100,976		15,834,413
M98	934,776		41,097,300		435,857		41,533,157
M93	4,106,841		80,929,617		180,992		81,110,609
MD6	11,233,612		325,557,528		4,798,124		330,355,652
MB3	1,119,963		36,152,010		115,386		36,267,396
MD8	3,364,994		37,310,612		667,358		37,977,970
MD9	12,065,194		107,519,341		196,751		107,716,092
ME2	932,101		20,202,062		54,192		20,256,254
ME3	1,520,079		38,517,019		32,027		38,549,046
MA5	1,166,830		25,336,476		77,056		25,413,532
MA7	208,505		4,013,731		36,580		4,050,311
ME4	998,683		17,830,355		154,432		17,984,787
MA2	49,526		1,658,655		-		1,658,655
MF3	2,340,999		52,168,314		211,529		52,379,843
MF5	22,941,913		405,633,626		318,128		405,951,754
MF6	52,821		1,742,142		2,045		1,744,187
MF7	2,253,830		50,413,583		109,968		50,523,551
MF9	12,493,257		325,779,812		1,878		325,781,690
MG1	9,471,698		116,917,459		72,406		116,989,865
MF2	18,692,242		192,325,925		588,721		192,914,646
MG2	10,825,862		109,424,356		21,034		109,445,390
MG3	1,024,055		24,495,873		42,470		24,538,343
MG4	902,847		21,328,530		4,923		21,333,453
MG6	59,093,135		1,301,400,061		1,184,531		1,302,584,592
MG7	251,133		7,621,100		4,996		7,626,096

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

- 10 -

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

STATEMENTS OF ASSETS AND LIABILITIES (CONTINUED)

DECEMBER 31, 2019

		Applicable to Owners
		of Deferred Variable			Reserve for
			Annuity Contracts		Variable
	Total Units		Value		Annuities		Net Assets
V44	353,950	$	11,233,005	$	1,837	$	11,234,842
V43	278,593		7,851,398		4,612		7,856,010
O19	420,729		13,855,218		52,858		13,908,076
O23	967,190		11,010,608		-		11,010,608
O20	518,280		15,542,802		6,153		15,548,955
O21	4,719,995		151,744,666		375,968		152,120,634
O04	112,700		4,768,570		24,716		4,793,286
PH2	23,358		376,666		-		376,666
P08	1,102,174		16,987,769		-		16,987,769
PC0	1,187,243		14,802,101		-		14,802,101
P70	52,264		255,626		-		255,626
P10	4,210,677		22,922,293		90,609		23,012,902
PK8	254,755		7,871,458		31,343		7,902,801
P20	16,181		211,235		-		211,235
PD6	28,128,118		381,803,602		62,162		381,865,764
P06	2,006,490		32,377,117		13,027		32,390,144
P07	7,707,882		133,108,430		222,841		133,331,271
P68	1,895		20,424		-		20,424
PI3	1,404,143		14,604,913		-		14,604,913
P72	532,161		13,842,390		-		13,842,390
P95	664		7,351		-		7,351
P79	1,490		16,907		-		16,907
W41	9,137		257,366		-		257,366
W42	1,276		37,721		-		37,721

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

- 11 -

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

STATEMENTS OF OPERATIONS

FOR THE YEAR ENDED DECEMBER 31, 2019

		AL1		AO5		AM2
		Sub-Account		Sub-Account		Sub-Account
Income:
Dividend income	$	889,749	$	1,298,355	$	12,165
Expenses:
Mortality and expense risk charges		(478,739)		(880,798)		(54,313)
Distribution and administration charges		(152,735)		(281,359)		(18,189)
Net investment income (loss)		258,275		136,198		(60,337)
Net realized and change in unrealized gains (losses):
Net realized gains (losses) on sale of investments		(1,217,479)		1,738,964		151,872
Realized gain distributions		4,615,722		82,153		108,202
Net realized gains (losses)		3,398,243		1,821,117		260,074
Net change in unrealized appreciation (depreciation)		2,188,551		7,340,627		787,565
Net realized and change in unrealized gains (losses)		5,586,794		9,161,744		1,047,639
Net increase (decrease) in net assets from operations	$	5,845,069	$	9,297,942	$	987,302

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

- 12 -

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

STATEMENTS OF OPERATIONS (CONTINUED)

FOR THE YEAR ENDED DECEMBER 31, 2019

		A98		AC4		A74
		Sub-Account		Sub-Account		Sub-Account
Income:
Dividend income	$	217,366	$	-	$	40,123
Expenses:
Mortality and expense risk charges		(347,050)		(221)		(156,400)
Distribution and administration charges		(114,448)		(91)		(52,481)
Net investment income (loss)		(244,132)		(312)		(168,758)
Net realized and change in unrealized gains (losses):
Net realized gains (losses) on sale of investments		389,132		(563)		(216,381)
Realized gain distributions		-		5,983		1,385,859
Net realized gains (losses)		389,132		5,420		1,169,478
Net change in unrealized appreciation (depreciation)		3,647,301		684		968,916
Net realized and change in unrealized gains (losses)		4,036,433		6,104		2,138,394
Net increase (decrease) in net assets from operations	$	3,792,301	$	5,792	$	1,969,636

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

- 13 -

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

STATEMENTS OF OPERATIONS (CONTINUED)

FOR THE YEAR ENDED DECEMBER 31, 2019

		AP0		AQ1		AS3
		Sub-Account		Sub-Account		Sub-Account
Income:
Dividend income	$	424	$	41	$	1,344
Expenses:
Mortality and expense risk charges		(306)		(4)		(180)
Distribution and administration charges		(125)		(2)		(74)
Net investment income (loss)		(7)		35		1,090
Net realized and change in unrealized gains (losses):
Net realized gains (losses) on sale of investments		562		3		181
Realized gain distributions		-		-		-
Net realized gains (losses)		562		3		181
Net change in unrealized appreciation (depreciation)		9,414		110		4,019
Net realized and change in unrealized gains (losses)		9,976		113		4,200
Net increase (decrease) in net assets from operations	$	9,969	$	148	$	5,290

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

- 14 -

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

STATEMENTS OF OPERATIONS (CONTINUED)

FOR THE YEAR ENDED DECEMBER 31, 2019

		AQ3		B18		L33
		Sub-Account		Sub-Account		Sub-Account
Income:
Dividend income	$	22	$	4,803,345	$	93
Expenses:
Mortality and expense risk charges		(9)		(4,895,209)		(112)
Distribution and administration charges		(4)		(1,559,478)		(46)
Net investment income (loss)		9		(1,651,342)		(65)
Net realized and change in unrealized gains (losses):
Net realized gains (losses) on sale of investments		8		230,074		18
Realized gain distributions		-		15,167,268		192
Net realized gains (losses)		8		15,397,342		210
Net change in unrealized appreciation (depreciation)		307		44,387,747		2,167
Net realized and change in unrealized gains (losses)		315		59,785,089		2,377
Net increase (decrease) in net assets from operations	$	324	$	58,133,747	$	2,312

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

- 15 -

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

STATEMENTS OF OPERATIONS (CONTINUED)

FOR THE YEAR ENDED DECEMBER 31, 2019

		C71		C59		C60
		Sub-Account		Sub-Account		Sub-Account
Income:
Dividend income	$	55	$	-	$	-
Expenses:
Mortality and expense risk charges		(260)		(743)		(707,010)
Distribution and administration charges		(79)		(228)		(240,174)
Net investment income (loss)		(284)		(971)		(947,184)
Net realized and change in unrealized gains (losses):
Net realized gains (losses) on sale of investments		(537)		2,801		5,523,482
Realized gain distributions		1,803		-		-
Net realized gains (losses)		1,266		2,801		5,523,482
Net change in unrealized appreciation (depreciation)		2,515		14,041		11,405,519
Net realized and change in unrealized gains (losses)		3,781		16,842		16,929,001
Net increase (decrease) in net assets from operations	$	3,497	$	15,871	$	15,981,817

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

- 16 -

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

STATEMENTS OF OPERATIONS (CONTINUED)

FOR THE YEAR ENDED DECEMBER 31, 2019

		C89		C90		C58
		Sub-Account		Sub-Account		Sub-Account
Income:
Dividend income	$	-	$	-	$	83,925
Expenses:
Mortality and expense risk charges		(1,990)		(213,193)		(58,666)
Distribution and administration charges		(748)		(74,167)		(20,004)
Net investment income (loss)		(2,738)		(287,360)		5,255
Net realized and change in unrealized gains (losses):
Net realized gains (losses) on sale of investments		755		1,871,889		62,314
Realized gain distributions		-		-		662,137
Net realized gains (losses)		755		1,871,889		724,451
Net change in unrealized appreciation (depreciation)		36,444		2,765,257		261,230
Net realized and change in unrealized gains (losses)		37,199		4,637,146		985,681
Net increase (decrease) in net assets from operations	$	34,461	$	4,349,786	$	990,936

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

- 17 -

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

STATEMENTS OF OPERATIONS (CONTINUED)

FOR THE YEAR ENDED DECEMBER 31, 2019

		C91		FD7		F24
		Sub-Account		Sub-Account		Sub-Account
Income:
Dividend income	$	-	$	1,562,247	$	304,579
Expenses:
Mortality and expense risk charges		(128)		(1,253,643)		(1,777,734)
Distribution and administration charges		(53)		(393,142)		(579,684)
Net investment income (loss)		(181)		(84,538)		(2,052,839)
Net realized and change in unrealized gains (losses):
Net realized gains (losses) on sale of investments		299		2,017,426		3,284,919
Realized gain distributions		-		4,938,194		17,277,526
Net realized gains (losses)		299		6,955,620		20,562,445
Net change in unrealized appreciation (depreciation)		2,852		13,264,132		17,701,255
Net realized and change in unrealized gains (losses)		3,151		20,219,752		38,263,700
Net increase (decrease) in net assets from operations	$	2,970	$	20,135,214	$	36,210,861

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

- 18 -

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

STATEMENTS OF OPERATIONS (CONTINUED)

FOR THE YEAR ENDED DECEMBER 31, 2019

		F88		FB9		F15
		Sub-Account		Sub-Account		Sub-Account
Income:
Dividend income	$	41,047	$	208,103	$	331,863
Expenses:
Mortality and expense risk charges		(31,556)		(148,454)		(235,321)
Distribution and administration charges		(11,160)		(51,070)		(77,027)
Net investment income (loss)		(1,669)		8,579		19,515
Net realized and change in unrealized gains (losses):
Net realized gains (losses) on sale of investments		32,469		209,038		517,324
Realized gain distributions		105,893		861,081		1,061,400
Net realized gains (losses)		138,362		1,070,119		1,578,724
Net change in unrealized appreciation (depreciation)		178,241		669,304		1,527,161
Net realized and change in unrealized gains (losses)		316,603		1,739,423		3,105,885
Net increase (decrease) in net assets from operations	$	314,934	$	1,748,002	$	3,125,400

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

- 19 -

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

STATEMENTS OF OPERATIONS (CONTINUED)

FOR THE YEAR ENDED DECEMBER 31, 2019

		F41		FE3		T21
		Sub-Account		Sub-Account		Sub-Account
Income:
Dividend income	$	517,912	$	679,101	$	202,829
Expenses:
Mortality and expense risk charges		(980,495)		(2,782,354)		(261,034)
Distribution and administration charges		(331,008)		(892,026)		(90,497)
Net investment income (loss)		(793,591)		(2,995,279)		(148,702)
Net realized and change in unrealized gains (losses):
Net realized gains (losses) on sale of investments		(2,529,305)		(5,239,074)		739,656
Realized gain distributions		9,283,963		7,362,449		-
Net realized gains (losses)		6,754,658		2,123,375		739,656
Net change in unrealized appreciation (depreciation)		9,323,427		33,329,453		3,955,027
Net realized and change in unrealized gains (losses)		16,078,085		35,452,828		4,694,683
Net increase (decrease) in net assets from operations	$	15,284,494	$	32,457,549	$	4,545,981

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

- 20 -

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

STATEMENTS OF OPERATIONS (CONTINUED)

FOR THE YEAR ENDED DECEMBER 31, 2019

		T20		FE6		T59
		Sub-Account		Sub-Account		Sub-Account
Income:
Dividend income	$	1,352,674	$	923,874	$	300,247
Expenses:
Mortality and expense risk charges		(977,870)		(324,819)		(57,491)
Distribution and administration charges		(372,562)		(102,464)		(23,723)
Net investment income (loss)		2,242		496,591		219,033
Net realized and change in unrealized gains (losses):
Net realized gains (losses) on sale of investments		(1,246,223)		(52,645)		(34,844)
Realized gain distributions		807,401		1,703,218		-
Net realized gains (losses)		(438,822)		1,650,573		(34,844)
Net change in unrealized appreciation (depreciation)		8,345,887		2,127,360		(164,682)
Net realized and change in unrealized gains (losses)		7,907,065		3,777,933		(199,526)
Net increase (decrease) in net assets from operations	$	7,909,307	$	4,274,524	$	19,507

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

- 21 -

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

STATEMENTS OF OPERATIONS (CONTINUED)

FOR THE YEAR ENDED DECEMBER 31, 2019

		F56		F59		FF0
		Sub-Account		Sub-Account		Sub-Account
Income:
Dividend income	$	399,185	$	2,992,771	$	80,257
Expenses:
Mortality and expense risk charges		(184,245)		(703,770)		(19,142)
Distribution and administration charges		(64,043)		(231,010)		(5,807)
Net investment income (loss)		150,897		2,057,991		55,308
Net realized and change in unrealized gains (losses):
Net realized gains (losses) on sale of investments		(676,445)		(222,539)		18,026
Realized gain distributions		2,742,217		904,526		24,710
Net realized gains (losses)		2,065,772		681,987		42,736
Net change in unrealized appreciation (depreciation)		(362,298)		4,947,386		133,681
Net realized and change in unrealized gains (losses)		1,703,474		5,629,373		176,417
Net increase (decrease) in net assets from operations	$	1,854,371	$	7,687,364	$	231,725

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

- 22 -

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

STATEMENTS OF OPERATIONS (CONTINUED)

FOR THE YEAR ENDED DECEMBER 31, 2019

		F54		FG8		F53
		Sub-Account		Sub-Account		Sub-Account
Income:
Dividend income	$	2,184,955	$	3,720	$	242,085
Expenses:
Mortality and expense risk charges		(1,538,837)		(3,112)		(284,168)
Distribution and administration charges		(506,462)		(971)		(99,972)
Net investment income (loss)		139,656		(363)		(142,055)
Net realized and change in unrealized gains (losses):
Net realized gains (losses) on sale of investments		3,855,630		(11,920)		(1,538,446)
Realized gain distributions		11,683,042		20,908		3,856,572
Net realized gains (losses)		15,538,672		8,988		2,318,126
Net change in unrealized appreciation (depreciation)		7,202,452		38,793		2,835,195
Net realized and change in unrealized gains (losses)		22,741,124		47,781		5,153,321
Net increase (decrease) in net assets from operations	$	22,880,780	$	47,418	$	5,011,266

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

- 23 -

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

STATEMENTS OF OPERATIONS (CONTINUED)

FOR THE YEAR ENDED DECEMBER 31, 2019

		FJ9		T28		FJ0
		Sub-Account		Sub-Account		Sub-Account
Income:
Dividend income	$	3,571	$	647,363	$	8,028
Expenses:
Mortality and expense risk charges		(3,867)		(156,769)		(2,006)
Distribution and administration charges		(1,494)		(55,204)		(635)
Net investment income (loss)		(1,790)		435,390		5,387
Net realized and change in unrealized gains (losses):
Net realized gains (losses) on sale of investments		(49,509)		(283,096)		(5,902)
Realized gain distributions		63,357		-		-
Net realized gains (losses)		13,848		(283,096)		(5,902)
Net change in unrealized appreciation (depreciation)		57,431		632,479		12,705
Net realized and change in unrealized gains (losses)		71,279		349,383		6,803
Net increase (decrease) in net assets from operations	$	69,489	$	784,773	$	12,190

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

- 24 -

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

STATEMENTS OF OPERATIONS (CONTINUED)

FOR THE YEAR ENDED DECEMBER 31, 2019

		G03		H24		H32
		Sub-Account		Sub-Account		Sub-Account
Income:
Dividend income	$	362	$	21,359	$	-
Expenses:
Mortality and expense risk charges		(49)		(9,246)		(11,977)
Distribution and administration charges		(20)		(3,126)		(4,190)
Net investment income (loss)		293		8,987		(16,167)
Net realized and change in unrealized gains (losses):
Net realized gains (losses) on sale of investments		12		(22,842)		(42,335)
Realized gain distributions		1,265		-		208,439
Net realized gains (losses)		1,277		(22,842)		166,104
Net change in unrealized appreciation (depreciation)		115		60,335		64,584
Net realized and change in unrealized gains (losses)		1,392		37,493		230,688
Net increase (decrease) in net assets from operations	$	1,685	$	46,480	$	214,521

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

- 25 -

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

STATEMENTS OF OPERATIONS (CONTINUED)

FOR THE YEAR ENDED DECEMBER 31, 2019

		V35		V13		V11
		Sub-Account		Sub-Account		Sub-Account
Income:
Dividend income	$	22,148	$	412,806	$	2,035,389
Expenses:
Mortality and expense risk charges		(66,461)		(308,697)		(1,097,319)
Distribution and administration charges		(23,477)		(105,099)		(350,383)
Net investment income (loss)		(67,790)		(990)		587,687
Net realized and change in unrealized gains (losses):
Net realized gains (losses) on sale of investments		(118,914)		(153,610)		(1,043,161)
Realized gain distributions		393,568		3,152,144		6,344,088
Net realized gains (losses)		274,654		2,998,534		5,300,927
Net change in unrealized appreciation (depreciation)		879,227		2,129,231		9,074,976
Net realized and change in unrealized gains (losses)		1,153,881		5,127,765		14,375,903
Net increase (decrease) in net assets from operations	$	1,086,091	$	5,126,775	$	14,963,590

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

- 26 -

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

STATEMENTS OF OPERATIONS (CONTINUED)

FOR THE YEAR ENDED DECEMBER 31, 2019

		AC1		J88		J94
		Sub-Account		Sub-Account		Sub-Account
Income:
Dividend income	$	30,282	$	951,868	$	89,979
Expenses:
Mortality and expense risk charges		(32,068)		(494,895)		(178,379)
Distribution and administration charges		(9,766)		(155,363)		(56,006)
Net investment income (loss)		(11,552)		301,610		(144,406)
Net realized and change in unrealized gains (losses):
Net realized gains (losses) on sale of investments		49,241		(74,563)		451,216
Realized gain distributions		152,205		-		1,028,826
Net realized gains (losses)		201,446		(74,563)		1,480,042
Net change in unrealized appreciation (depreciation)		387,748		2,153,039		2,346,047
Net realized and change in unrealized gains (losses)		589,194		2,078,476		3,826,089
Net increase (decrease) in net assets from operations	$	577,642	$	2,380,086	$	3,681,683

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

- 27 -

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

STATEMENTS OF OPERATIONS (CONTINUED)

FOR THE YEAR ENDED DECEMBER 31, 2019

		L11		L18		L17
		Sub-Account		Sub-Account		Sub-Account
Income:
Dividend income	$	274,876	$	-	$	385,355
Expenses:
Mortality and expense risk charges		(382,467)		(275,299)		(408,075)
Distribution and administration charges		(128,634)		(103,454)		(140,080)
Net investment income (loss)		(236,225)		(378,753)		(162,800)
Net realized and change in unrealized gains (losses):
Net realized gains (losses) on sale of investments		216,081		(491,855)		(1,603,029)
Realized gain distributions		-		1,981,410		783,134
Net realized gains (losses)		216,081		1,489,555		(819,895)
Net change in unrealized appreciation (depreciation)		4,748,459		5,293,168		6,717,165
Net realized and change in unrealized gains (losses)		4,964,540		6,782,723		5,897,270
Net increase (decrease) in net assets from operations	$	4,728,315	$	6,403,970	$	5,734,470

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

- 28 -

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

STATEMENTS OF OPERATIONS (CONTINUED)

FOR THE YEAR ENDED DECEMBER 31, 2019

		M07		M35		M31
		Sub-Account		Sub-Account		Sub-Account
Income:
Dividend income	$	7,081,231	$	6,047,457	$	-
Expenses:
Mortality and expense risk charges		(3,717,073)		(3,560,796)		(1,804,705)
Distribution and administration charges		(554,021)		(1,181,304)		(296,954)
Net investment income (loss)		2,810,137		1,305,357		(2,101,659)
Net realized and change in unrealized gains (losses):
Net realized gains (losses) on sale of investments		3,224,356		3,792,855		12,500,534
Realized gain distributions		8,060,058		7,731,866		12,699,851
Net realized gains (losses)		11,284,414		11,524,721		25,200,385
Net change in unrealized appreciation (depreciation)		38,023,976		35,380,547		21,375,801
Net realized and change in unrealized gains (losses)		49,308,390		46,905,268		46,576,186
Net increase (decrease) in net assets from operations	$	52,118,527	$	48,210,625	$	44,474,527

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

- 29 -

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

STATEMENTS OF OPERATIONS (CONTINUED)

FOR THE YEAR ENDED DECEMBER 31, 2019

		M80		MF1		M41
		Sub-Account		Sub-Account		Sub-Account
Income:
Dividend income	$	-	$	-	$	-
Expenses:
Mortality and expense risk charges		(254,957)		(281,497)		(314,694)
Distribution and administration charges		(93,934)		(58,531)		(110,245)
Net investment income (loss)		(348,891)		(340,028)		(424,939)
Net realized and change in unrealized gains (losses):
Net realized gains (losses) on sale of investments		1,654,338		1,027,295		939,177
Realized gain distributions		1,878,055		2,978,075		3,426,547
Net realized gains (losses)		3,532,393		4,005,370		4,365,724
Net change in unrealized appreciation (depreciation)		3,209,092		3,422,127		3,846,452
Net realized and change in unrealized gains (losses)		6,741,485		7,427,497		8,212,176
Net increase (decrease) in net assets from operations	$	6,392,594	$	7,087,469	$	7,787,237

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

- 30 -

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

STATEMENTS OF OPERATIONS (CONTINUED)

FOR THE YEAR ENDED DECEMBER 31, 2019

		M05		M42		M89
		Sub-Account		Sub-Account		Sub-Account
Income:
Dividend income	$	-	$	-	$	13,994,861
Expenses:
Mortality and expense risk charges		(614,668)		(444,962)		(5,374,543)
Distribution and administration charges		(128,845)		(165,788)		(1,703,198)
Net investment income (loss)		(743,513)		(610,750)		6,917,120
Net realized and change in unrealized gains (losses):
Net realized gains (losses) on sale of investments		443,449		1,873,138		(1,294,208)
Realized gain distributions		9,132,191		6,916,160		-
Net realized gains (losses)		9,575,640		8,789,298		(1,294,208)
Net change in unrealized appreciation (depreciation)		7,809,540		3,759,741		29,519,797
Net realized and change in unrealized gains (losses)		17,385,180		12,549,039		28,225,589
Net increase (decrease) in net assets from operations	$	16,641,667	$	11,938,289	$	35,142,709

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

- 31 -

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

STATEMENTS OF OPERATIONS (CONTINUED)

FOR THE YEAR ENDED DECEMBER 31, 2019

		M82		M44		M40
		Sub-Account		Sub-Account		Sub-Account
Income:
Dividend income	$	680,489	$	3,942,968	$	1,838,637
Expenses:
Mortality and expense risk charges		(1,473,624)		(1,210,611)		(607,330)
Distribution and administration charges		(480,825)		(210,784)		(211,541)
Net investment income (loss)		(1,273,960)		2,521,573		1,019,766
Net realized and change in unrealized gains (losses):
Net realized gains (losses) on sale of investments		5,179,396		(1,091,780)		972,263
Realized gain distributions		11,904,875		289,538		145,633
Net realized gains (losses)		17,084,271		(802,242)		1,117,896
Net change in unrealized appreciation (depreciation)		14,996,133		18,956,238		8,116,274
Net realized and change in unrealized gains (losses)		32,080,404		18,153,996		9,234,170
Net increase (decrease) in net assets from operations	$	30,806,444	$	20,675,569	$	10,253,936

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

- 32 -

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

STATEMENTS OF OPERATIONS (CONTINUED)

FOR THE YEAR ENDED DECEMBER 31, 2019

		M83		M08		MB6
		Sub-Account		Sub-Account		Sub-Account
Income:
Dividend income	$	4,557,001	$	1,948,381	$	3,582,421
Expenses:
Mortality and expense risk charges		(2,700,578)		(1,287,156)		(2,976,851)
Distribution and administration charges		(791,580)		(443,726)		(481,940)
Net investment income (loss)		1,064,843		217,499		123,630
Net realized and change in unrealized gains (losses):
Net realized gains (losses) on sale of investments		7,427,772		123,222		18,304,969
Realized gain distributions		9,590,957		4,681,544		18,079,163
Net realized gains (losses)		17,018,729		4,804,766		36,384,132
Net change in unrealized appreciation (depreciation)		34,673,474		20,169,467		21,892,323
Net realized and change in unrealized gains (losses)		51,692,203		24,974,233		58,276,455
Net increase (decrease) in net assets from operations	$	52,757,046	$	25,191,732	$	58,400,085

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

- 33 -

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

STATEMENTS OF OPERATIONS (CONTINUED)

FOR THE YEAR ENDED DECEMBER 31, 2019

		MB7		MC0		MA0
		Sub-Account		Sub-Account		Sub-Account
Income:
Dividend income	$	731,235	$	1,869,706	$	4,238,840
Expenses:
Mortality and expense risk charges		(730,696)		(598,747)		(1,478,066)
Distribution and administration charges		(275,671)		(112,268)		(467,613)
Net investment income (loss)		(275,132)		1,158,691		2,293,161
Net realized and change in unrealized gains (losses):
Net realized gains (losses) on sale of investments		4,405,201		(289,863)		(438,794)
Realized gain distributions		4,442,609		-		-
Net realized gains (losses)		8,847,810		(289,863)		(438,794)
Net change in unrealized appreciation (depreciation)		5,301,682		5,159,392		12,285,001
Net realized and change in unrealized gains (losses)		14,149,492		4,869,529		11,846,207
Net increase (decrease) in net assets from operations	$	13,874,360	$	6,028,220	$	14,139,368

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

- 34 -

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

STATEMENTS OF OPERATIONS (CONTINUED)

FOR THE YEAR ENDED DECEMBER 31, 2019

		MC2		MC1		MC3
		Sub-Account		Sub-Account		Sub-Account
Income:
Dividend income	$	758,576	$	213,886	$	105,942
Expenses:
Mortality and expense risk charges		(1,159,126)		(480,513)		(195,394)
Distribution and administration charges		(220,757)		(171,619)		(36,372)
Net investment income (loss)		(621,307)		(438,246)		(125,824)
Net realized and change in unrealized gains (losses):
Net realized gains (losses) on sale of investments		8,728,882		1,372,566		166,340
Realized gain distributions		12,379,441		5,081,762		501,484
Net realized gains (losses)		21,108,323		6,454,328		667,824
Net change in unrealized appreciation (depreciation)		5,216,051		4,325,042		2,215,434
Net realized and change in unrealized gains (losses)		26,324,374		10,779,370		2,883,258
Net increase (decrease) in net assets from operations	$	25,703,067	$	10,341,124	$	2,757,434

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

- 35 -

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

STATEMENTS OF OPERATIONS (CONTINUED)

FOR THE YEAR ENDED DECEMBER 31, 2019

		MA1		MC4		MC5
		Sub-Account		Sub-Account		Sub-Account
Income:
Dividend income	$	61,696	$	225,375	$	16,765
Expenses:
Mortality and expense risk charges		(194,792)		(111,643)		(9,515)
Distribution and administration charges		(67,378)		(20,188)		(3,447)
Net investment income (loss)		(200,474)		93,544		3,803
Net realized and change in unrealized gains (losses):
Net realized gains (losses) on sale of investments		593,324		(70,361)		1,636
Realized gain distributions		504,805		-		-
Net realized gains (losses)		1,098,129		(70,361)		1,636
Net change in unrealized appreciation (depreciation)		1,821,414		389,041		24,296
Net realized and change in unrealized gains (losses)		2,919,543		318,680		25,932
Net increase (decrease) in net assets from operations	$	2,719,069	$	412,224	$	29,735

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

- 36 -

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

STATEMENTS OF OPERATIONS (CONTINUED)

FOR THE YEAR ENDED DECEMBER 31, 2019

		MC6		MC7		MC8
		Sub-Account		Sub-Account		Sub-Account
Income:
Dividend income	$	252,809	$	5,179	$	840,614
Expenses:
Mortality and expense risk charges		(560,543)		(21,734)		(982,831)
Distribution and administration charges		(86,178)		(9,214)		(143,839)
Net investment income (loss)		(393,912)		(25,769)		(286,056)
Net realized and change in unrealized gains (losses):
Net realized gains (losses) on sale of investments		4,653,270		111,332		7,352,730
Realized gain distributions		4,855,340		208,538		6,755,725
Net realized gains (losses)		9,508,610		319,870		14,108,455
Net change in unrealized appreciation (depreciation)		4,100,002		258,452		7,052,565
Net realized and change in unrealized gains (losses)		13,608,612		578,322		21,161,020
Net increase (decrease) in net assets from operations	$	13,214,700	$	552,553	$	20,874,964

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

- 37 -

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

STATEMENTS OF OPERATIONS (CONTINUED)

FOR THE YEAR ENDED DECEMBER 31, 2019

		MC9		MD0		M92
		Sub-Account		Sub-Account		Sub-Account
Income:
Dividend income	$	36,083	$	1,145,228	$	13,320,895
Expenses:
Mortality and expense risk charges		(57,735)		(511,688)		(6,306,231)
Distribution and administration charges		(18,290)		(79,299)		(1,988,322)
Net investment income (loss)		(39,942)		554,241		5,026,342
Net realized and change in unrealized gains (losses):
Net realized gains (losses) on sale of investments		402,737		1,212,722		6,358,764
Realized gain distributions		399,263		929,091		12,018,048
Net realized gains (losses)		802,000		2,141,813		18,376,812
Net change in unrealized appreciation (depreciation)		489,821		2,378,266		38,714,473
Net realized and change in unrealized gains (losses)		1,291,821		4,520,079		57,091,285
Net increase (decrease) in net assets from operations	$	1,251,879	$	5,074,320	$	62,117,627

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

- 38 -

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

STATEMENTS OF OPERATIONS (CONTINUED)

FOR THE YEAR ENDED DECEMBER 31, 2019

		M96		MD2		MA6
		Sub-Account		Sub-Account		Sub-Account
Income:
Dividend income	$	2,231,586	$	4,070,640	$	2,752,061
Expenses:
Mortality and expense risk charges		(906,769)		(1,865,231)		(600,475)
Distribution and administration charges		(162,599)		(628,463)		(105,254)
Net investment income (loss)		1,162,218		1,576,946		2,046,332
Net realized and change in unrealized gains (losses):
Net realized gains (losses) on sale of investments		(1,278,668)		(1,178,920)		(635,045)
Realized gain distributions		-		-		-
Net realized gains (losses)		(1,278,668)		(1,178,920)		(635,045)
Net change in unrealized appreciation (depreciation)		3,781,989		6,531,642		4,657,175
Net realized and change in unrealized gains (losses)		2,503,321		5,352,722		4,022,130
Net increase (decrease) in net assets from operations	$	3,665,539	$	6,929,668	$	6,068,462

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

- 39 -

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

STATEMENTS OF OPERATIONS (CONTINUED)

FOR THE YEAR ENDED DECEMBER 31, 2019

		MA3		M97		MD5
		Sub-Account		Sub-Account		Sub-Account
Income:
Dividend income	$	1,950,126	$	411,680	$	153,499
Expenses:
Mortality and expense risk charges		(453,357)		(420,035)		(194,345)
Distribution and administration charges		(166,339)		(84,275)		(66,173)
Net investment income (loss)		1,330,430		(92,630)		(107,019)
Net realized and change in unrealized gains (losses):
Net realized gains (losses) on sale of investments		(472,005)		1,147,415		285,880
Realized gain distributions		-		3,689,439		1,700,991
Net realized gains (losses)		(472,005)		4,836,854		1,986,871
Net change in unrealized appreciation (depreciation)		3,452,945		3,109,153		1,655,050
Net realized and change in unrealized gains (losses)		2,980,940		7,946,007		3,641,921
Net increase (decrease) in net assets from operations	$	4,311,370	$	7,853,377	$	3,534,902

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

- 40 -

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

STATEMENTS OF OPERATIONS (CONTINUED)

FOR THE YEAR ENDED DECEMBER 31, 2019

		M98		M93		MD6
		Sub-Account		Sub-Account		Sub-Account
Income:
Dividend income	$	739,811	$	1,172,660	$	1,812,369
Expenses:
Mortality and expense risk charges		(493,649)		(1,040,293)		(3,824,920)
Distribution and administration charges		(85,986)		(356,848)		(617,061)
Net investment income (loss)		160,176		(224,481)		(2,629,612)
Net realized and change in unrealized gains (losses):
Net realized gains (losses) on sale of investments		4,019,684		8,404,873		29,860,170
Realized gain distributions		1,214,007		2,458,206		24,212,419
Net realized gains (losses)		5,233,691		10,863,079		54,072,589
Net change in unrealized appreciation (depreciation)		3,321,340		6,894,434		47,665,760
Net realized and change in unrealized gains (losses)		8,555,031		17,757,513		101,738,349
Net increase (decrease) in net assets from operations	$	8,715,207	$	17,533,032	$	99,108,737

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

- 41 -

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

STATEMENTS OF OPERATIONS (CONTINUED)

FOR THE YEAR ENDED DECEMBER 31, 2019

		MB3		MD8		MD9
		Sub-Account		Sub-Account		Sub-Account
Income:
Dividend income	$	116,194	$	653,153	$	1,885,817
Expenses:
Mortality and expense risk charges		(412,793)		(492,008)		(1,435,340)
Distribution and administration charges		(161,809)		(75,794)		(489,532)
Net investment income (loss)		(458,408)		85,351		(39,055)
Net realized and change in unrealized gains (losses):
Net realized gains (losses) on sale of investments		2,790,692		-		-
Realized gain distributions		2,682,539		-		-
Net realized gains (losses)		5,473,231		-		-
Net change in unrealized appreciation (depreciation)		5,776,033		-		-
Net realized and change in unrealized gains (losses)		11,249,264		-		-
Net increase (decrease) in net assets from operations	$	10,790,856	$	85,351	$	(39,055)

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

- 42 -

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

STATEMENTS OF OPERATIONS (CONTINUED)

FOR THE YEAR ENDED DECEMBER 31, 2019

		ME2		ME3		MA5
		Sub-Account		Sub-Account		Sub-Account
Income:
Dividend income	$	282,109	$	458,594	$	882,689
Expenses:
Mortality and expense risk charges		(229,453)		(482,583)		(305,021)
Distribution and administration charges		(48,884)		(171,876)		(56,829)
Net investment income (loss)		3,772		(195,865)		520,839
Net realized and change in unrealized gains (losses):
Net realized gains (losses) on sale of investments		754,435		1,185,041		(90,709)
Realized gain distributions		806,986		1,595,820		-
Net realized gains (losses)		1,561,421		2,780,861		(90,709)
Net change in unrealized appreciation (depreciation)		2,914,964		6,166,935		1,947,006
Net realized and change in unrealized gains (losses)		4,476,385		8,947,796		1,856,297
Net increase (decrease) in net assets from operations	$	4,480,157	$	8,751,931	$	2,377,136

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

- 43 -

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

STATEMENTS OF OPERATIONS (CONTINUED)

FOR THE YEAR ENDED DECEMBER 31, 2019

		MA7		ME4		MA2
		Sub-Account		Sub-Account		Sub-Account
Income:
Dividend income	$	131,203	$	-	$	-
Expenses:
Mortality and expense risk charges		(47,680)		(216,134)		(18,564)
Distribution and administration charges		(16,467)		(46,219)		(7,023)
Net investment income (loss)		67,056		(262,353)		(25,587)
Net realized and change in unrealized gains (losses):
Net realized gains (losses) on sale of investments		(16,697)		2,574,164		161,599
Realized gain distributions		-		1,828,477		174,983
Net realized gains (losses)		(16,697)		4,402,641		336,582
Net change in unrealized appreciation (depreciation)		321,429		1,059,864		136,559
Net realized and change in unrealized gains (losses)		304,732		5,462,505		473,141
Net increase (decrease) in net assets from operations	$	371,788	$	5,200,152	$	447,554

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

- 44 -

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

STATEMENTS OF OPERATIONS (CONTINUED)

FOR THE YEAR ENDED DECEMBER 31, 2019

		MF3		MF5		MF6
		Sub-Account		Sub-Account		Sub-Account
Income:
Dividend income	$	250,443	$	9,782,801	$	64,718
Expenses:
Mortality and expense risk charges		(668,769)		(5,130,549)		(21,899)
Distribution and administration charges		(228,850)		(1,663,487)		(9,579)
Net investment income (loss)		(647,176)		2,988,765		33,240
Net realized and change in unrealized gains (losses):
Net realized gains (losses) on sale of investments		(760,978)		(2,044,458)		79,515
Realized gain distributions		8,750,623		20,396,022		11,386
Net realized gains (losses)		7,989,645		18,351,564		90,901
Net change in unrealized appreciation (depreciation)		4,231,927		35,726,802		265,482
Net realized and change in unrealized gains (losses)		12,221,572		54,078,366		356,383
Net increase (decrease) in net assets from operations	$	11,574,396	$	57,067,131	$	389,623

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

- 45 -

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

STATEMENTS OF OPERATIONS (CONTINUED)

FOR THE YEAR ENDED DECEMBER 31, 2019

		MF7		MF9		MG1
		Sub-Account		Sub-Account		Sub-Account
Income:
Dividend income	$	1,441,983	$	6,438,699	$	1,671,391
Expenses:
Mortality and expense risk charges		(643,535)		(4,062,700)		(1,465,956)
Distribution and administration charges		(229,425)		(1,304,292)		(477,367)
Net investment income (loss)		569,023		1,071,707		(271,932)
Net realized and change in unrealized gains (losses):
Net realized gains (losses) on sale of investments		2,433,072		2,723,943		(412,851)
Realized gain distributions		278,310		30,022,100		-
Net realized gains (losses)		2,711,382		32,746,043		(412,851)
Net change in unrealized appreciation (depreciation)		7,890,371		37,179,675		8,180,523
Net realized and change in unrealized gains (losses)		10,601,753		69,925,718		7,767,672
Net increase (decrease) in net assets from operations	$	11,170,776	$	70,997,425	$	7,495,740

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

- 46 -

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

STATEMENTS OF OPERATIONS (CONTINUED)

FOR THE YEAR ENDED DECEMBER 31, 2019

		MF2		MG2		MG3
		Sub-Account		Sub-Account		Sub-Account
Income:
Dividend income	$	5,223,853	$	2,649,314	$	310,503
Expenses:
Mortality and expense risk charges		(2,509,417)		(1,369,294)		(312,533)
Distribution and administration charges		(897,113)		(441,126)		(119,504)
Net investment income (loss)		1,817,323		838,894		(121,534)
Net realized and change in unrealized gains (losses):
Net realized gains (losses) on sale of investments		12,600		70,113		(536,853)
Realized gain distributions		-		-		2,045,216
Net realized gains (losses)		12,600		70,113		1,508,363
Net change in unrealized appreciation (depreciation)		4,852,171		2,583,630		4,830,956
Net realized and change in unrealized gains (losses)		4,864,771		2,653,743		6,339,319
Net increase (decrease) in net assets from operations	$	6,682,094	$	3,492,637	$	6,217,785

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

- 47 -

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

STATEMENTS OF OPERATIONS (CONTINUED)

FOR THE YEAR ENDED DECEMBER 31, 2019

		MG4		MG6		MG7
		Sub-Account		Sub-Account		Sub-Account
Income:
Dividend income	$	209,785	$	28,981,888	$	40,585
Expenses:
Mortality and expense risk charges		(267,594)		(16,137,147)		(95,957)
Distribution and administration charges		(85,124)		(5,218,652)		(31,312)
Net investment income (loss)		(142,933)		7,626,089		(86,684)
Net realized and change in unrealized gains (losses):
Net realized gains (losses) on sale of investments		(237,998)		18,046,923		(258,308)
Realized gain distributions		1,813,187		89,967,222		1,203,634
Net realized gains (losses)		1,575,189		108,014,145		945,326
Net change in unrealized appreciation (depreciation)		4,031,740		121,640,903		1,230,783
Net realized and change in unrealized gains (losses)		5,606,929		229,655,048		2,176,109
Net increase (decrease) in net assets from operations	$	5,463,996	$	237,281,137	$	2,089,425

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

- 48 -

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

STATEMENTS OF OPERATIONS (CONTINUED)

FOR THE YEAR ENDED DECEMBER 31, 2019

		V44		V43		O19
		Sub-Account		Sub-Account		Sub-Account
Income:
Dividend income	$	-	$	-	$	-
Expenses:
Mortality and expense risk charges		(143,600)		(94,933)		(170,103)
Distribution and administration charges		(47,842)		(30,536)		(68,729)
Net investment income (loss)		(191,442)		(125,469)		(238,832)
Net realized and change in unrealized gains (losses):
Net realized gains (losses) on sale of investments		380,081		697,441		(105,251)
Realized gain distributions		657,213		1,055,600		1,369,098
Net realized gains (losses)		1,037,294		1,753,041		1,263,847
Net change in unrealized appreciation (depreciation)		1,960,842		789,341		2,926,219
Net realized and change in unrealized gains (losses)		2,998,136		2,542,382		4,190,066
Net increase (decrease) in net assets from operations	$	2,806,694	$	2,416,913	$	3,951,234

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

- 49 -

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

STATEMENTS OF OPERATIONS (CONTINUED)

FOR THE YEAR ENDED DECEMBER 31, 2019

		O23		O20		O21
		Sub-Account		Sub-Account		Sub-Account
Income:
Dividend income	$	218,641	$	97,675	$	1,252,671
Expenses:
Mortality and expense risk charges		(136,686)		(193,820)		(1,948,634)
Distribution and administration charges		(41,190)		(67,741)		(720,533)
Net investment income (loss)		40,765		(163,886)		(1,416,496)
Net realized and change in unrealized gains (losses):
Net realized gains (losses) on sale of investments		278,353		247,083		8,338,429
Realized gain distributions		175,774		2,205,847		24,849,733
Net realized gains (losses)		454,127		2,452,930		33,188,162
Net change in unrealized appreciation (depreciation)		1,036,159		1,782,214		7,743,862
Net realized and change in unrealized gains (losses)		1,490,286		4,235,144		40,932,024
Net increase (decrease) in net assets from operations	$	1,531,051	$	4,071,258	$	39,515,528

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

- 50 -

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

STATEMENTS OF OPERATIONS (CONTINUED)

FOR THE YEAR ENDED DECEMBER 31, 2019

		O04		PH2		P08
		Sub-Account		Sub-Account		Sub-Account
Income:
Dividend income	$	-	$	5,661	$	491,035
Expenses:
Mortality and expense risk charges		(58,468)		(4,862)		(210,955)
Distribution and administration charges		(24,374)		(1,300)		(72,699)
Net investment income (loss)		(82,842)		(501)		207,381
Net realized and change in unrealized gains (losses):
Net realized gains (losses) on sale of investments		(66,782)		(19,837)		(78,054)
Realized gain distributions		450,053		-		-
Net realized gains (losses)		383,271		(19,837)		(78,054)
Net change in unrealized appreciation (depreciation)		712,934		106,721		1,472,575
Net realized and change in unrealized gains (losses)		1,096,205		86,884		1,394,521
Net increase (decrease) in net assets from operations	$	1,013,363	$	86,383	$	1,601,902

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

- 51 -

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

STATEMENTS OF OPERATIONS (CONTINUED)

FOR THE YEAR ENDED DECEMBER 31, 2019

		PC0		P70		P10
		Sub-Account		Sub-Account		Sub-Account
Income:
Dividend income	$	422,029	$	10,846	$	1,036,804
Expenses:
Mortality and expense risk charges		(182,964)		(2,910)		(287,981)
Distribution and administration charges		(58,384)		(1,085)		(96,064)
Net investment income (loss)		180,681		6,851		652,759
Net realized and change in unrealized gains (losses):
Net realized gains (losses) on sale of investments		(169,165)		(28,719)		(1,800,207)
Realized gain distributions		-		-		-
Net realized gains (losses)		(169,165)		(28,719)		(1,800,207)
Net change in unrealized appreciation (depreciation)		1,456,580		47,589		3,255,539
Net realized and change in unrealized gains (losses)		1,287,415		18,870		1,455,332
Net increase (decrease) in net assets from operations	$	1,468,096	$	25,721	$	2,108,091

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

- 52 -

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

STATEMENTS OF OPERATIONS (CONTINUED)

FOR THE YEAR ENDED DECEMBER 31, 2019

		PK8		P20		PD6
		Sub-Account		Sub-Account		Sub-Account
Income:
Dividend income	$	352,072	$	11,566	$	7,963,414
Expenses:
Mortality and expense risk charges		(97,030)		(3,088)		(4,715,103)
Distribution and administration charges		(35,050)		(1,179)		(1,494,404)
Net investment income (loss)		219,992		7,299		1,753,907
Net realized and change in unrealized gains (losses):
Net realized gains (losses) on sale of investments		(87,696)		(18,985)		(3,091,629)
Realized gain distributions		-		-		-
Net realized gains (losses)		(87,696)		(18,985)		(3,091,629)
Net change in unrealized appreciation (depreciation)		827,881		48,575		55,980,825
Net realized and change in unrealized gains (losses)		740,185		29,590		52,889,196
Net increase (decrease) in net assets from operations	$	960,177	$	36,889	$	54,643,103

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

- 53 -

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

STATEMENTS OF OPERATIONS (CONTINUED)

FOR THE YEAR ENDED DECEMBER 31, 2019

		P06		P07		P68
		Sub-Account		Sub-Account		Sub-Account
Income:
Dividend income	$	554,384	$	4,142,192	$	28
Expenses:
Mortality and expense risk charges		(423,060)		(1,745,987)		(8)
Distribution and administration charges		(144,433)		(605,442)		(3)
Net investment income (loss)		(13,109)		1,790,763		17
Net realized and change in unrealized gains (losses):
Net realized gains (losses) on sale of investments		(725,895)		(1,382,694)		(6)
Realized gain distributions		-		-		-
Net realized gains (losses)		(725,895)		(1,382,694)		(6)
Net change in unrealized appreciation (depreciation)		2,901,183		8,406,563		(25)
Net realized and change in unrealized gains (losses)		2,175,288		7,023,869		(31)
Net increase (decrease) in net assets from operations	$	2,162,179	$	8,814,632	$	(14)

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

- 54 -

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

STATEMENTS OF OPERATIONS (CONTINUED)

FOR THE YEAR ENDED DECEMBER 31, 2019

		PI3		P72		P95
		Sub-Account		Sub-Account		Sub-Account
Income:
Dividend income	$	-	$	274,142	$	-
Expenses:
Mortality and expense risk charges		(186,121)		(165,667)		(18)
Distribution and administration charges		(58,708)		(55,865)		(7)
Net investment income (loss)		(244,829)		52,610		(25)
Net realized and change in unrealized gains (losses):
Net realized gains (losses) on sale of investments		(88,411)		313,106		-
Realized gain distributions		-		1,171,568		-
Net realized gains (losses)		(88,411)		1,484,674		-
Net change in unrealized appreciation (depreciation)		990,098		1,746,855		111
Net realized and change in unrealized gains (losses)		901,687		3,231,529		111
Net increase (decrease) in net assets from operations	$	656,858	$	3,284,139	$	86

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

- 55 -

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

STATEMENTS OF OPERATIONS (CONTINUED)

FOR THE YEAR ENDED DECEMBER 31, 2019

		P79		W41		W42
		Sub-Account		Sub-Account		Sub-Account
Income:
Dividend income	$	-	$	191	$	94
Expenses:
Mortality and expense risk charges		(58)		(3,289)		(477)
Distribution and administration charges		(23)		(986)		(155)
Net investment income (loss)		(81)		(4,084)		(538)
Net realized and change in unrealized gains (losses):
Net realized gains (losses) on sale of investments		29		(13,575)		(799)
Realized gain distributions		-		34,972		6,353
Net realized gains (losses)		29		21,397		5,554
Net change in unrealized appreciation (depreciation)		1,919		42,687		4,003
Net realized and change in unrealized gains (losses)		1,948		64,084		9,557
Net increase (decrease) in net assets from operations	$	1,867	$	60,000	$	9,019

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)

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE YEARS ENDED DECEMBER 31, 2019 AND 2018

		AL1 Sub-Account				AO5 Sub-Account
		December 31,		December 31,		December 31,		December 31,
		2019		2018		2019		2018
Operations:
Net investment income (loss)	$	258,275	$	2,404	$	136,198	$	(9,555)
Net realized gains (losses)		3,398,243		1,915,154		1,821,117		2,636,100
Net change in unrealized appreciation/(depreciation)		2,188,551		(5,255,416)		7,340,627		(10,100,798)
Increase (decrease) in net assets from operations		5,845,069		(3,337,858)		9,297,942		(7,474,253)
Contract Owner Transactions:
Accumulation Activity:
Purchase payments received		634,100		394,253		506,046		417,148
Transfers between Sub-Accounts
(including the Fixed Account), net		(656,419)		(1,084,323)		(727,344)		912,942
Withdrawals, surrenders, annuitizations
and contract charges		(5,869,993)		(7,819,516)		(10,597,645)		(13,996,121)
Net accumulation activity		(5,892,312)		(8,509,586)		(10,818,943)		(12,666,031)
Annuitization Activity:
Annuitizations		-		-		-		-
Annuity payments and contract charges		-		-		-		-
Transfers between Sub-Accounts, net		-		-		-		-
Adjustments to annuity reserves		-		-		-		-
Net annuitization activity		-		-		-		-
Net increase (decrease) from contract owner transactions		(5,892,312)		(8,509,586)		(10,818,943)		(12,666,031)
Total increase (decrease) in net assets		(47,243)		(11,847,444)		(1,521,001)		(20,140,284)
Net assets at beginning of year		37,903,067		49,750,511		73,598,916		93,739,200
Net assets at end of year	$	37,855,824	$	37,903,067	$	72,077,915	$	73,598,916

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

- 57 -

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

STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)

FOR THE YEARS ENDED DECEMBER 31, 2019 AND 2018

		AM2 Sub-Account				A98 Sub-Account
		December 31,		December 31,		December 31,		December 31,
		2019		2018		2019		2018
Operations:
Net investment income (loss)	$	(60,337)	$	(61,511)	$	(244,132)	$	(195,268)
Net realized gains (losses)		260,074		200,642		389,132		1,740,925
Net change in unrealized appreciation/(depreciation)		787,565		(1,113,581)		3,647,301		(9,685,602)
Increase (decrease) in net assets from operations		987,302		(974,450)		3,792,301		(8,139,945)
Contract Owner Transactions:
Accumulation Activity:
Purchase payments received		4,456		3,627		473,057		533,024
Transfers between Sub-Accounts
(including the Fixed Account), net		(379,632)		643,064		505,607		4,899,754
Withdrawals, surrenders, annuitizations
and contract charges		(583,324)		(694,194)		(4,220,643)		(6,141,657)
Net accumulation activity		(958,500)		(47,503)		(3,241,979)		(708,879)
Annuitization Activity:
Annuitizations		-		-		-		149,843
Annuity payments and contract charges		-		-		(13,804)		(16,768)
Transfers between Sub-Accounts, net		-		-		-		-
Adjustments to annuity reserves		-		-		26		(56)
Net annuitization activity		-		-		(13,778)		133,019
Net increase (decrease) from contract owner transactions		(958,500)		(47,503)		(3,255,757)		(575,860)
Total increase (decrease) in net assets		28,802		(1,021,953)		536,544		(8,715,805)
Net assets at beginning of year		4,303,059		5,325,012		26,841,883		35,557,688
Net assets at end of year	$	4,331,861	$	4,303,059	$	27,378,427	$	26,841,883

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

- 58 -

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

STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)

FOR THE YEARS ENDED DECEMBER 31, 2019 AND 2018

		AC4 Sub-Account				A74 Sub-Account
		December 31,		December 31,		December 31,		December 31,
		2019		2018		2019		2018
Operations:
Net investment income (loss)	$	(312)	$	-	$	(168,758)	$	(187,386)
Net realized gains (losses)		5,420		-		1,169,478		1,171,525
Net change in unrealized appreciation/(depreciation)		684		-		968,916		(3,063,412)
Increase (decrease) in net assets from operations		5,792		-		1,969,636		(2,079,273)
Contract Owner Transactions:
Accumulation Activity:
Purchase payments received		71,502		-		198,126		104,597
Transfers between Sub-Accounts
(including the Fixed Account), net		13,263		-		464,916		1,581,249
Withdrawals, surrenders, annuitizations
and contract charges		(236)		-		(1,255,034)		(1,791,077)
Net accumulation activity		84,529		-		(591,992)		(105,231)
Annuitization Activity:
Annuitizations		-		-		-		-
Annuity payments and contract charges		-		-		(1,692)		(3,683)
Transfers between Sub-Accounts, net		-		-		-		-
Adjustments to annuity reserves		-		-		281		2,325
Net annuitization activity		-		-		(1,411)		(1,358)
Net increase (decrease) from contract owner transactions		84,529		-		(593,403)		(106,589)
Total increase (decrease) in net assets		90,321		-		1,376,233		(2,185,862)
Net assets at beginning of year		-		-		11,122,134		13,307,996
Net assets at end of year	$	90,321	$	-	$	12,498,367	$	11,122,134

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

- 59 -

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

STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)

FOR THE YEARS ENDED DECEMBER 31, 2019 AND 2018

		AP0 Sub-Account				AQ1 Sub-Account
		December 31,		December 31,		December 31,		December 31,
		2019		2018		2019		2018
Operations:
Net investment income (loss)	$	(7)	$	-	$	35	$	-
Net realized gains (losses)		562		-		3		-
Net change in unrealized appreciation/(depreciation)		9,414		-		110		-
Increase (decrease) in net assets from operations		9,969		-		148		-
Contract Owner Transactions:
Accumulation Activity:
Purchase payments received		105,899		-		-		-
Transfers between Sub-Accounts
(including the Fixed Account), net		4,357		-		6,961		-
Withdrawals, surrenders, annuitizations
and contract charges		(349)		-		-		-
Net accumulation activity		109,907		-		6,961		-
Annuitization Activity:
Annuitizations		-		-		-		-
Annuity payments and contract charges		-		-		-		-
Transfers between Sub-Accounts, net		-		-		-		-
Adjustments to annuity reserves		-		-		-		-
Net annuitization activity		-		-		-		-
Net increase (decrease) from contract owner transactions		109,907		-		6,961		-
Total increase (decrease) in net assets		119,876		-		7,109		-
Net assets at beginning of year		-		-		-		-
Net assets at end of year	$	119,876	$	-	$	7,109	$	-

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

- 60 -

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

STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)

FOR THE YEARS ENDED DECEMBER 31, 2019 AND 2018

		AS3 Sub-Account				AQ3 Sub-Account
		December 31,		December 31,		December 31,		December 31,
		2019		2018		2019		2018
Operations:
Net investment income (loss)	$	1,090	$	-	$	9	$	-
Net realized gains (losses)		181		-		8		-
Net change in unrealized appreciation/(depreciation)		4,019		-		307		-
Increase (decrease) in net assets from operations		5,290		-		324		-
Contract Owner Transactions:
Accumulation Activity:
Purchase payments received		95,000		-		3,500		-
Transfers between Sub-Accounts
(including the Fixed Account), net		13,889		-		(97)		-
Withdrawals, surrenders, annuitizations
and contract charges		-		-		(12)		-
Net accumulation activity		108,889		-		3,391		-
Annuitization Activity:
Annuitizations		-		-		-		-
Annuity payments and contract charges		-		-		-		-
Transfers between Sub-Accounts, net		-		-		-		-
Adjustments to annuity reserves		-		-		-		-
Net annuitization activity		-		-		-		-
Net increase (decrease) from contract owner transactions		108,889		-		3,391		-
Total increase (decrease) in net assets		114,179		-		3,715		-
Net assets at beginning of year		-		-		-		-
Net assets at end of year	$	114,179	$	-	$	3,715	$	-

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

- 61 -

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

STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)

FOR THE YEARS ENDED DECEMBER 31, 2019 AND 2018

		B18 Sub-Account				L33 Sub-Account
		December 31,		December 31,		December 31,		December 31,
		2019		2018		2019		2018
Operations:
Net investment income (loss)	$	(1,651,342)	$	(3,767,490)	$	(65)	$	-
Net realized gains (losses)		15,397,342		22,166,279		210		-
Net change in unrealized appreciation/(depreciation)		44,387,747		(58,588,910)		2,167		-
Increase (decrease) in net assets from operations		58,133,747		(40,190,121)		2,312		-
Contract Owner Transactions:
Accumulation Activity:
Purchase payments received		3,725,606		2,896,346		25,595		-
Transfers between Sub-Accounts
(including the Fixed Account), net		(9,728,137)		(2,313,350)		(144)		-
Withdrawals, surrenders, annuitizations
and contract charges		(51,694,414)		(66,821,548)		(138)		-
Net accumulation activity		(57,696,945)		(66,238,552)		25,313		-
Annuitization Activity:
Annuitizations		23,549		-		-		-
Annuity payments and contract charges		(13,508)		(10,484)		-		-
Transfers between Sub-Accounts, net		-		-		-		-
Adjustments to annuity reserves		10,066		(13,268)		-		-
Net annuitization activity		20,107		(23,752)		-		-
Net increase (decrease) from contract owner transactions		(57,676,838)		(66,262,304)		25,313		-
Total increase (decrease) in net assets		456,909		(106,452,425)		27,625		-
Net assets at beginning of year		390,316,328		496,768,753		-		-
Net assets at end of year	$	390,773,237	$	390,316,328	$	27,625	$	-

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

- 62 -

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

STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)

FOR THE YEARS ENDED DECEMBER 31, 2019 AND 2018

		C71 Sub-Account				C59 Sub-Account
		December 31,		December 31,		December 31,		December 31,
		2019		2018		2019		2018
Operations:
Net investment income (loss)	$	(284)	$	(379)	$	(971)	$	(824)
Net realized gains (losses)		1,266		5,535		2,801		3,850
Net change in unrealized appreciation/(depreciation)		2,515		(9,528)		14,041		(4,782)
Increase (decrease) in net assets from operations		3,497		(4,372)		15,871		(1,756)
Contract Owner Transactions:
Accumulation Activity:
Purchase payments received		-		7,917		-		-
Transfers between Sub-Accounts
(including the Fixed Account), net		100		(143)		10,574		(1,658)
Withdrawals, surrenders, annuitizations
and contract charges		(875)		(20,429)		(2,207)		(9,260)
Net accumulation activity		(775)		(12,655)		8,367		(10,918)
Annuitization Activity:
Annuitizations		-		-		-		-
Annuity payments and contract charges		-		-		-		-
Transfers between Sub-Accounts, net		-		-		-		-
Adjustments to annuity reserves		-		-		-		-
Net annuitization activity		-		-		-		-
Net increase (decrease) from contract owner transactions		(775)		(12,655)		8,367		(10,918)
Total increase (decrease) in net assets		2,722		(17,027)		24,238		(12,674)
Net assets at beginning of year		18,507		35,534		41,354		54,028
Net assets at end of year	$	21,229	$	18,507	$	65,592	$	41,354

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

- 63 -

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

STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)

FOR THE YEARS ENDED DECEMBER 31, 2019 AND 2018

		C60 Sub-Account				C89 Sub-Account
		December 31,		December 31,		December 31,		December 31,
		2019		2018		2019		2018
Operations:
Net investment income (loss)	$	(947,184)	$	(1,070,789)	$	(2,738)	$	(1,696)
Net realized gains (losses)		5,523,482		5,693,760		755		12,259
Net change in unrealized appreciation/(depreciation)		11,405,519		(6,709,814)		36,444		(18,210)
Increase (decrease) in net assets from operations		15,981,817		(2,086,843)		34,461		(7,647)
Contract Owner Transactions:
Accumulation Activity:
Purchase payments received		673,488		827,342		-		-
Transfers between Sub-Accounts
(including the Fixed Account), net		(4,722,438)		(2,482,113)		18,106		59,575
Withdrawals, surrenders, annuitizations
and contract charges		(9,223,283)		(11,109,467)		(5,855)		(4,088)
Net accumulation activity		(13,272,233)		(12,764,238)		12,251		55,487
Annuitization Activity:
Annuitizations		29,104		222,363		-		-
Annuity payments and contract charges		(30,229)		(23,985)		-		-
Transfers between Sub-Accounts, net		-		-		-		-
Adjustments to annuity reserves		(1,722)		769		-		-
Net annuitization activity		(2,847)		199,147		-		-
Net increase (decrease) from contract owner transactions		(13,275,080)		(12,565,091)		12,251		55,487
Total increase (decrease) in net assets		2,706,737		(14,651,934)		46,712		47,840
Net assets at beginning of year		52,539,863		67,191,797		107,634		59,794
Net assets at end of year	$	55,246,600	$	52,539,863	$	154,346	$	107,634

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

- 64 -

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

STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)

FOR THE YEARS ENDED DECEMBER 31, 2019 AND 2018

		C90 Sub-Account				C58 Sub-Account
		December 31,		December 31,		December 31,		December 31,
		2019		2018		2019		2018
Operations:
Net investment income (loss)	$	(287,360)	$	(316,281)	$	5,255	$	46,628
Net realized gains (losses)		1,871,889		1,850,963		724,451		156,167
Net change in unrealized appreciation/(depreciation)		2,765,257		(2,073,444)		261,230		(1,206,332)
Increase (decrease) in net assets from operations		4,349,786		(538,762)		990,936		(1,003,537)
Contract Owner Transactions:
Accumulation Activity:
Purchase payments received		256,324		453,992		87,849		216,779
Transfers between Sub-Accounts
(including the Fixed Account), net		(916,072)		(253,613)		(220,746)		453,173
Withdrawals, surrenders, annuitizations
and contract charges		(3,037,734)		(3,878,020)		(821,832)		(937,360)
Net accumulation activity		(3,697,482)		(3,677,641)		(954,729)		(267,408)
Annuitization Activity:
Annuitizations		-		-		-		-
Annuity payments and contract charges		(4,120)		4,736		-		-
Transfers between Sub-Accounts, net		-		-		-		-
Adjustments to annuity reserves		956		(14,183)		-		-
Net annuitization activity		(3,164)		(9,447)		-		-
Net increase (decrease) from contract owner transactions		(3,700,646)		(3,687,088)		(954,729)		(267,408)
Total increase (decrease) in net assets		649,140		(4,225,850)		36,207		(1,270,945)
Net assets at beginning of year		15,948,283		20,174,133		4,605,013		5,875,958
Net assets at end of year	$	16,597,423	$	15,948,283	$	4,641,220	$	4,605,013

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

- 65 -

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

STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)

FOR THE YEARS ENDED DECEMBER 31, 2019 AND 2018

		C91 Sub-Account				FD7 Sub-Account
		December 31,		December 31,		December 31,		December 31,
		2019		2018		2019		2018
Operations:
Net investment income (loss)	$	(181)	$	-	$	(84,538)	$	(382,020)
Net realized gains (losses)		299		-		6,955,620		7,880,821
Net change in unrealized appreciation/(depreciation)		2,852		-		13,264,132		(13,129,382)
Increase (decrease) in net assets from operations		2,970		-		20,135,214		(5,630,581)
Contract Owner Transactions:
Accumulation Activity:
Purchase payments received		27,143		-		734,476		434,228
Transfers between Sub-Accounts
(including the Fixed Account), net		6,265		-		2,719,256		9,691,693
Withdrawals, surrenders, annuitizations
and contract charges		(162)		-		(14,743,854)		(20,723,390)
Net accumulation activity		33,246		-		(11,290,122)		(10,597,469)
Annuitization Activity:
Annuitizations		-		-		-		187,516
Annuity payments and contract charges		-		-		(89)		(192,435)
Transfers between Sub-Accounts, net		-		-		-		-
Adjustments to annuity reserves		-		-		36		(4,065)
Net annuitization activity		-		-		(53)		(8,984)
Net increase (decrease) from contract owner transactions		33,246		-		(11,290,175)		(10,606,453)
Total increase (decrease) in net assets		36,216		-		8,845,039		(16,237,034)
Net assets at beginning of year		-		-		93,952,498		110,189,532
Net assets at end of year	$	36,216	$	-	$	102,797,537	$	93,952,498

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

- 66 -

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

STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)

FOR THE YEARS ENDED DECEMBER 31, 2019 AND 2018

		F24 Sub-Account				F88 Sub-Account
		December 31,		December 31,		December 31,		December 31,
		2019		2018		2019		2018
Operations:
Net investment income (loss)	$	(2,052,839)	$	(1,953,233)	$	(1,669)	$	(11,391)
Net realized gains (losses)		20,562,445		27,652,052		138,362		117,206
Net change in unrealized appreciation/(depreciation)		17,701,255		(35,950,898)		178,241		(261,342)
Increase (decrease) in net assets from operations		36,210,861		(10,252,079)		314,934		(155,527)
Contract Owner Transactions:
Accumulation Activity:
Purchase payments received		1,379,979		1,708,942		3		1,601
Transfers between Sub-Accounts
(including the Fixed Account), net		(8,403,283)		(2,503,995)		212,399		89,345
Withdrawals, surrenders, annuitizations
and contract charges		(20,351,932)		(30,116,013)		(646,449)		(421,565)
Net accumulation activity		(27,375,236)		(30,911,066)		(434,047)		(330,619)
Annuitization Activity:
Annuitizations		72,677		-		-		-
Annuity payments and contract charges		(23,376)		(16,514)		-		-
Transfers between Sub-Accounts, net		-		-		-		-
Adjustments to annuity reserves		18,523		(9,293)		-		-
Net annuitization activity		67,824		(25,807)		-		-
Net increase (decrease) from contract owner transactions		(27,307,412)		(30,936,873)		(434,047)		(330,619)
Total increase (decrease) in net assets		8,903,449		(41,188,952)		(119,113)		(486,146)
Net assets at beginning of year		133,455,014		174,643,966		2,352,321		2,838,467
Net assets at end of year	$	142,358,463	$	133,455,014	$	2,233,208	$	2,352,321

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

- 67 -

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

STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)

FOR THE YEARS ENDED DECEMBER 31, 2019 AND 2018

		FB9 Sub-Account				F15 Sub-Account
		December 31,		December 31,		December 31,		December 31,
		2019		2018		2019		2018
Operations:
Net investment income (loss)	$	8,579	$	(50,984)	$	19,515	$	(95,412)
Net realized gains (losses)		1,070,119		932,416		1,578,724		1,749,406
Net change in unrealized appreciation/(depreciation)		669,304		(1,756,402)		1,527,161		(3,220,009)
Increase (decrease) in net assets from operations		1,748,002		(874,970)		3,125,400		(1,566,015)
Contract Owner Transactions:
Accumulation Activity:
Purchase payments received		423,578		49,886		91,612		91,187
Transfers between Sub-Accounts
(including the Fixed Account), net		640,884		387,533		(13,515)		235,770
Withdrawals, surrenders, annuitizations
and contract charges		(2,351,876)		(2,255,879)		(2,368,849)		(3,647,535)
Net accumulation activity		(1,287,414)		(1,818,460)		(2,290,752)		(3,320,578)
Annuitization Activity:
Annuitizations		-		-		-		-
Annuity payments and contract charges		-		-		-		-
Transfers between Sub-Accounts, net		-		-		-		-
Adjustments to annuity reserves		-		-		-		-
Net annuitization activity		-		-		-		-
Net increase (decrease) from contract owner transactions		(1,287,414)		(1,818,460)		(2,290,752)		(3,320,578)
Total increase (decrease) in net assets		460,588		(2,693,430)		834,648		(4,886,593)
Net assets at beginning of year		11,440,547		14,133,977		18,320,292		23,206,885
Net assets at end of year	$	11,901,135	$	11,440,547	$	19,154,940	$	18,320,292

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)

STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)

FOR THE YEARS ENDED DECEMBER 31, 2019 AND 2018

		F41 Sub-Account				FE3 Sub-Account
		December 31,		December 31,		December 31,		December 31,
		2019		2018		2019		2018
Operations:
Net investment income (loss)	$	(793,591)	$	(1,173,636)	$	(2,995,279)	$	1,201,147
Net realized gains (losses)		6,754,658		10,675,021		2,123,375		12,481,080
Net change in unrealized appreciation/(depreciation)		9,323,427		(22,903,360)		33,329,453		(45,025,288)
Increase (decrease) in net assets from operations		15,284,494		(13,401,975)		32,457,549		(31,343,061)
Contract Owner Transactions:
Accumulation Activity:
Purchase payments received		1,041,115		1,047,954		2,049,780		2,284,518
Transfers between Sub-Accounts
(including the Fixed Account), net		(1,247,656)		2,823,647		(5,245,049)		8,658,751
Withdrawals, surrenders, annuitizations
and contract charges		(14,494,177)		(16,887,452)		(32,806,123)		(42,602,901)
Net accumulation activity		(14,700,718)		(13,015,851)		(36,001,392)		(31,659,632)
Annuitization Activity:
Annuitizations		64,694		16,490		92,008		-
Annuity payments and contract charges		(14,854)		(10,320)		(14,461)		(8,321)
Transfers between Sub-Accounts, net		-		-		-		-
Adjustments to annuity reserves		436		1,136		398		336
Net annuitization activity		50,276		7,306		77,945		(7,985)
Net increase (decrease) from contract owner transactions		(14,650,442)		(13,008,545)		(35,923,447)		(31,667,617)
Total increase (decrease) in net assets		634,052		(26,410,520)		(3,465,898)		(63,010,678)
Net assets at beginning of year		76,689,077		103,099,597		223,656,663		286,667,341
Net assets at end of year	$	77,323,129	$	76,689,077	$	220,190,765	$	223,656,663

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

- 69 -

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

STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)

FOR THE YEARS ENDED DECEMBER 31, 2019 AND 2018

		T21 Sub-Account				T20 Sub-Account
		December 31,		December 31,		December 31,		December 31,
		2019		2018		2019		2018
Operations:
Net investment income (loss)	$	(148,702)	$	(200,711)	$	2,242	$	775,164
Net realized gains (losses)		739,656		170,496		(438,822)		2,699,112
Net change in unrealized appreciation/(depreciation)		3,955,027		(4,161,988)		8,345,887		(19,157,107)
Increase (decrease) in net assets from operations		4,545,981		(4,192,203)		7,909,307		(15,682,831)
Contract Owner Transactions:
Accumulation Activity:
Purchase payments received		298,669		487,990		1,178,503		1,873,510
Transfers between Sub-Accounts
(including the Fixed Account), net		(1,025,610)		2,102,873		3,369,456		6,558,623
Withdrawals, surrenders, annuitizations
and contract charges		(3,596,228)		(3,903,559)		(12,423,697)		(15,108,371)
Net accumulation activity		(4,323,169)		(1,312,696)		(7,875,738)		(6,676,238)
Annuitization Activity:
Annuitizations		11,215		7,148		104,714		43,793
Annuity payments and contract charges		(3,961)		(3,948)		(22,863)		(12,748)
Transfers between Sub-Accounts, net		-		-		-		-
Adjustments to annuity reserves		383		440		2,407		(27,867)
Net annuitization activity		7,637		3,640		84,258		3,178
Net increase (decrease) from contract owner transactions		(4,315,532)		(1,309,056)		(7,791,480)		(6,673,060)
Total increase (decrease) in net assets		230,449		(5,501,259)		117,827		(22,355,891)
Net assets at beginning of year		20,434,049		25,935,308		77,842,413		100,198,304
Net assets at end of year	$	20,664,498	$	20,434,049	$	77,960,240	$	77,842,413

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

- 70 -

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

STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)

FOR THE YEARS ENDED DECEMBER 31, 2019 AND 2018

		FE6 Sub-Account				T59 Sub-Account
		December 31,		December 31,		December 31,		December 31,
		2019		2018		2019		2018
Operations:
Net investment income (loss)	$	496,591	$	399,577	$	219,033	$	(96,658)
Net realized gains (losses)		1,650,573		821,758		(34,844)		(85,699)
Net change in unrealized appreciation/(depreciation)		2,127,360		(4,390,100)		(164,682)		182,229
Increase (decrease) in net assets from operations		4,274,524		(3,168,765)		19,507		(128)
Contract Owner Transactions:
Accumulation Activity:
Purchase payments received		136,134		147,241		4,145		54,279
Transfers between Sub-Accounts
(including the Fixed Account), net		(164,358)		133,648		138,537		199,573
Withdrawals, surrenders, annuitizations
and contract charges		(2,893,088)		(6,012,819)		(617,690)		(751,110)
Net accumulation activity		(2,921,312)		(5,731,930)		(475,008)		(497,258)
Annuitization Activity:
Annuitizations		-		-		6,742		-
Annuity payments and contract charges		-		-		(1,386)		-
Transfers between Sub-Accounts, net		-		-		-		-
Adjustments to annuity reserves		-		-		540		-
Net annuitization activity		-		-		5,896		-
Net increase (decrease) from contract owner transactions		(2,921,312)		(5,731,930)		(469,112)		(497,258)
Total increase (decrease) in net assets		1,353,212		(8,900,695)		(449,605)		(497,386)
Net assets at beginning of year		24,844,546		33,745,241		4,917,758		5,415,144
Net assets at end of year	$	26,197,758	$	24,844,546	$	4,468,153	$	4,917,758

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

- 71 -

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

STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)

FOR THE YEARS ENDED DECEMBER 31, 2019 AND 2018

		F56 Sub-Account				F59 Sub-Account
		December 31,		December 31,		December 31,		December 31,
		2019		2018		2019		2018
Operations:
Net investment income (loss)	$	150,897	$	46,812	$	2,057,991	$	2,213,553
Net realized gains (losses)		2,065,772		2,270,011		681,987		737,887
Net change in unrealized appreciation/(depreciation)		(362,298)		(5,135,476)		4,947,386		(6,588,791)
Increase (decrease) in net assets from operations		1,854,371		(2,818,653)		7,687,364		(3,637,351)
Contract Owner Transactions:
Accumulation Activity:
Purchase payments received		305,174		192,920		489,312		2,366,565
Transfers between Sub-Accounts
(including the Fixed Account), net		395,311		799,010		169,971		(3,524,898)
Withdrawals, surrenders, annuitizations
and contract charges		(2,834,265)		(3,059,834)		(10,178,274)		(14,603,187)
Net accumulation activity		(2,133,780)		(2,067,904)		(9,518,991)		(15,761,520)
Annuitization Activity:
Annuitizations		-		-		9,218		-
Annuity payments and contract charges		(4,606)		(8,184)		(3,285)		(8,550)
Transfers between Sub-Accounts, net		-		-		-		-
Adjustments to annuity reserves		115		601		856		(891)
Net annuitization activity		(4,491)		(7,583)		6,789		(9,441)
Net increase (decrease) from contract owner transactions		(2,138,271)		(2,075,487)		(9,512,202)		(15,770,961)
Total increase (decrease) in net assets		(283,900)		(4,894,140)		(1,824,838)		(19,408,312)
Net assets at beginning of year		14,774,999		19,669,139		57,532,026		76,940,338
Net assets at end of year	$	14,491,099	$	14,774,999	$	55,707,188	$	57,532,026

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

- 72 -

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

STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)

FOR THE YEARS ENDED DECEMBER 31, 2019 AND 2018

		FF0 Sub-Account				F54 Sub-Account
		December 31,		December 31,		December 31,		December 31,
		2019		2018		2019		2018
Operations:
Net investment income (loss)	$	55,308	$	64,252	$	139,656	$	863,289
Net realized gains (losses)		42,736		14,293		15,538,672		12,661,277
Net change in unrealized appreciation/(depreciation)		133,681		(191,268)		7,202,452		(27,408,877)
Increase (decrease) in net assets from operations		231,725		(112,723)		22,880,780		(13,884,311)
Contract Owner Transactions:
Accumulation Activity:
Purchase payments received		14,259		31,589		1,529,139		2,037,336
Transfers between Sub-Accounts
(including the Fixed Account), net		(84,945)		(38,171)		(2,608,790)		414,156
Withdrawals, surrenders, annuitizations
and contract charges		(426,662)		(377,583)		(18,783,857)		(24,997,384)
Net accumulation activity		(497,348)		(384,165)		(19,863,508)		(22,545,892)
Annuitization Activity:
Annuitizations		-		-		92,633		19,811
Annuity payments and contract charges		-		-		(16,051)		(12,377)
Transfers between Sub-Accounts, net		-		-		-		-
Adjustments to annuity reserves		-		-		1,415		711
Net annuitization activity		-		-		77,997		8,145
Net increase (decrease) from contract owner transactions		(497,348)		(384,165)		(19,785,511)		(22,537,747)
Total increase (decrease) in net assets		(265,623)		(496,888)		3,095,269		(36,422,058)
Net assets at beginning of year		1,804,932		2,301,820		118,801,510		155,223,568
Net assets at end of year	$	1,539,309	$	1,804,932	$	121,896,779	$	118,801,510

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

- 73 -

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

STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)

FOR THE YEARS ENDED DECEMBER 31, 2019 AND 2018

		FG8 Sub-Account				F53 Sub-Account
		December 31,		December 31,		December 31,		December 31,
		2019		2018		2019		2018
Operations:
Net investment income (loss)	$	(363)	$	2,108	$	(142,055)	$	(212,968)
Net realized gains (losses)		8,988		10,894		2,318,126		2,838,431
Net change in unrealized appreciation/(depreciation)		38,793		(44,154)		2,835,195		(6,142,082)
Increase (decrease) in net assets from operations		47,418		(31,152)		5,011,266		(3,516,619)
Contract Owner Transactions:
Accumulation Activity:
Purchase payments received		-		5,398		598,035		409,382
Transfers between Sub-Accounts
(including the Fixed Account), net		(67,315)		6,227		(1,439,022)		(696,277)
Withdrawals, surrenders, annuitizations
and contract charges		(30,365)		(18,109)		(3,926,163)		(5,132,066)
Net accumulation activity		(97,680)		(6,484)		(4,767,150)		(5,418,961)
Annuitization Activity:
Annuitizations		-		-		6,512		48,554
Annuity payments and contract charges		-		-		(1,438)		(49,808)
Transfers between Sub-Accounts, net		-		-		-		-
Adjustments to annuity reserves		-		-		269		(1,025)
Net annuitization activity		-		-		5,343		(2,279)
Net increase (decrease) from contract owner transactions		(97,680)		(6,484)		(4,761,807)		(5,421,240)
Total increase (decrease) in net assets		(50,262)		(37,636)		249,459		(8,937,859)
Net assets at beginning of year		274,591		312,227		22,434,949		31,372,808
Net assets at end of year	$	224,329	$	274,591	$	22,684,408	$	22,434,949

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

- 74 -

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

STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)

FOR THE YEARS ENDED DECEMBER 31, 2019 AND 2018

		FJ9 Sub-Account				T28 Sub-Account
		December 31,		December 31,		December 31,		December 31,
		2019		2018		2019		2018
Operations:
Net investment income (loss)	$	(1,790)	$	(5,855)	$	435,390	$	160,235
Net realized gains (losses)		13,848		85,420		(283,096)		(628,160)
Net change in unrealized appreciation/(depreciation)		57,431		(156,357)		632,479		(89,982)
Increase (decrease) in net assets from operations		69,489		(76,792)		784,773		(557,907)
Contract Owner Transactions:
Accumulation Activity:
Purchase payments received		-		10,843		317,185		359,177
Transfers between Sub-Accounts
(including the Fixed Account), net		(36,102)		(366,445)		889,681		(256,442)
Withdrawals, surrenders, annuitizations
and contract charges		(172,157)		(66,679)		(2,420,381)		(3,186,450)
Net accumulation activity		(208,259)		(422,281)		(1,213,515)		(3,083,715)
Annuitization Activity:
Annuitizations		-		-		7,102		-
Annuity payments and contract charges		-		-		(1,478)		-
Transfers between Sub-Accounts, net		-		-		-		-
Adjustments to annuity reserves		-		-		593		-
Net annuitization activity		-		-		6,217		-
Net increase (decrease) from contract owner transactions		(208,259)		(422,281)		(1,207,298)		(3,083,715)
Total increase (decrease) in net assets		(138,770)		(499,073)		(422,525)		(3,641,622)
Net assets at beginning of year		400,380		899,453		12,748,164		16,389,786
Net assets at end of year	$	261,610	$	400,380	$	12,325,639	$	12,748,164

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

- 75 -

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

STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)

FOR THE YEARS ENDED DECEMBER 31, 2019 AND 2018

		FJ0 Sub-Account				G03 Sub-Account
		December 31,		December 31,		December 31,		December 31,
		2019		2018		2019		2018
Operations:
Net investment income (loss)	$	5,387	$	2,408	$	293	$	-
Net realized gains (losses)		(5,902)		(7,101)		1,277		-
Net change in unrealized appreciation/(depreciation)		12,705		(4,754)		115		-
Increase (decrease) in net assets from operations		12,190		(9,447)		1,685		-
Contract Owner Transactions:
Accumulation Activity:
Purchase payments received		12,856		10,513		35,000		-
Transfers between Sub-Accounts
(including the Fixed Account), net		(7,890)		(425)		(117)		-
Withdrawals, surrenders, annuitizations
and contract charges		(81,874)		(54,362)		(30)		-
Net accumulation activity		(76,908)		(44,274)		34,853		-
Annuitization Activity:
Annuitizations		-		-		-		-
Annuity payments and contract charges		-		-		-		-
Transfers between Sub-Accounts, net		-		-		-		-
Adjustments to annuity reserves		-		-		-		-
Net annuitization activity		-		-		-		-
Net increase (decrease) from contract owner transactions		(76,908)		(44,274)		34,853		-
Total increase (decrease) in net assets		(64,718)		(53,721)		36,538		-
Net assets at beginning of year		220,573		274,294		-		-
Net assets at end of year	$	155,855	$	220,573	$	36,538	$	-

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

- 76 -

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

STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)

FOR THE YEARS ENDED DECEMBER 31, 2019 AND 2018

		H24 Sub-Account				H32 Sub-Account
		December 31,		December 31,		December 31,		December 31,
		2019		2018		2019		2018
Operations:
Net investment income (loss)	$	8,987	$	22,361	$	(16,167)	$	(11,047)
Net realized gains (losses)		(22,842)		(28,225)		166,104		(76,028)
Net change in unrealized appreciation/(depreciation)		60,335		(52,687)		64,584		24,748
Increase (decrease) in net assets from operations		46,480		(58,551)		214,521		(62,327)
Contract Owner Transactions:
Accumulation Activity:
Purchase payments received		-		9,175		15,963		2,939
Transfers between Sub-Accounts
(including the Fixed Account), net		44,656		(47,101)		(69,240)		(39,531)
Withdrawals, surrenders, annuitizations
and contract charges		(166,443)		(317,234)		(175,512)		(377,501)
Net accumulation activity		(121,787)		(355,160)		(228,789)		(414,093)
Annuitization Activity:
Annuitizations		-		-		-		-
Annuity payments and contract charges		-		-		-		-
Transfers between Sub-Accounts, net		-		-		-		-
Adjustments to annuity reserves		-		-		-		-
Net annuitization activity		-		-		-		-
Net increase (decrease) from contract owner transactions		(121,787)		(355,160)		(228,789)		(414,093)
Total increase (decrease) in net assets		(75,307)		(413,711)		(14,268)		(476,420)
Net assets at beginning of year		858,394		1,272,105		1,054,406		1,530,826
Net assets at end of year	$	783,087	$	858,394	$	1,040,138	$	1,054,406

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, 2019 AND 2018

		V35 Sub-Account				V13 Sub-Account
		December 31,		December 31,		December 31,		December 31,
		2019		2018		2019		2018
Operations:
Net investment income (loss)	$	(67,790)	$	(96,057)	$	(990)	$	(88,942)
Net realized gains (losses)		274,654		984,566		2,998,534		3,729,770
Net change in unrealized appreciation/(depreciation)		879,227		(1,608,992)		2,129,231		(7,155,135)
Increase (decrease) in net assets from operations		1,086,091		(720,483)		5,126,775		(3,514,307)
Contract Owner Transactions:
Accumulation Activity:
Purchase payments received		67,510		186,370		294,127		556,149
Transfers between Sub-Accounts
(including the Fixed Account), net		39,910		(256,641)		(1,186,324)		576,958
Withdrawals, surrenders, annuitizations
and contract charges		(860,092)		(1,753,720)		(2,842,232)		(5,644,991)
Net accumulation activity		(752,672)		(1,823,991)		(3,734,429)		(4,511,884)
Annuitization Activity:
Annuitizations		4,213		-		7,688		-
Annuity payments and contract charges		(262)		-		(1,627)		-
Transfers between Sub-Accounts, net		-		-		-		-
Adjustments to annuity reserves		108		-		(2)		-
Net annuitization activity		4,059		-		6,059		-
Net increase (decrease) from contract owner transactions		(748,613)		(1,823,991)		(3,728,370)		(4,511,884)
Total increase (decrease) in net assets		337,478		(2,544,474)		1,398,405		(8,026,191)
Net assets at beginning of year		5,050,033		7,594,507		23,624,426		31,650,617
Net assets at end of year	$	5,387,511	$	5,050,033	$	25,022,831	$	23,624,426

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, 2019 AND 2018

		V11 Sub-Account				AC1 Sub-Account
		December 31,		December 31,		December 31,		December 31,
		2019		2018		2019		2018
Operations:
Net investment income (loss)	$	587,687	$	309,880	$	(11,552)	$	2,113
Net realized gains (losses)		5,300,927		4,794,963		201,446		54,881
Net change in unrealized appreciation/(depreciation)		9,074,976		(15,984,727)		387,748		(546,550)
Increase (decrease) in net assets from operations		14,963,590		(10,879,884)		577,642		(489,556)
Contract Owner Transactions:
Accumulation Activity:
Purchase payments received		575,447		576,476		73,422		10,272
Transfers between Sub-Accounts
(including the Fixed Account), net		(2,897,632)		3,414,361		(123,396)		280,890
Withdrawals, surrenders, annuitizations
and contract charges		(11,089,887)		(17,872,826)		(580,329)		(391,264)
Net accumulation activity		(13,412,072)		(13,881,989)		(630,303)		(100,102)
Annuitization Activity:
Annuitizations		86,152		183,846		7,878		-
Annuity payments and contract charges		(16,375)		(185,906)		(1,723)		-
Transfers between Sub-Accounts, net		-		-		-		-
Adjustments to annuity reserves		(9,742)		(4,052)		(2)		-
Net annuitization activity		60,035		(6,112)		6,153		-
Net increase (decrease) from contract owner transactions		(13,352,037)		(13,888,101)		(624,150)		(100,102)
Total increase (decrease) in net assets		1,611,553		(24,767,985)		(46,508)		(589,658)
Net assets at beginning of year		87,367,855		112,135,840		2,426,299		3,015,957
Net assets at end of year	$	88,979,408	$	87,367,855	$	2,379,791	$	2,426,299

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, 2019 AND 2018

		J88 Sub-Account				J94 Sub-Account
		December 31,		December 31,		December 31,		December 31,
		2019		2018		2019		2018
Operations:
Net investment income (loss)	$	301,610	$	281,347	$	(144,406)	$	(141,309)
Net realized gains (losses)		(74,563)		(534,025)		1,480,042		2,339,575
Net change in unrealized appreciation/(depreciation)		2,153,039		(630,145)		2,346,047		(3,296,149)
Increase (decrease) in net assets from operations		2,380,086		(882,823)		3,681,683		(1,097,883)
Contract Owner Transactions:
Accumulation Activity:
Purchase payments received		391,144		430,685		102,406		130,736
Transfers between Sub-Accounts
(including the Fixed Account), net		4,179,157		(1,357,430)		792,039		2,110,498
Withdrawals, surrenders, annuitizations
and contract charges		(4,728,268)		(6,724,265)		(1,690,614)		(2,018,163)
Net accumulation activity		(157,967)		(7,651,010)		(796,169)		223,071
Annuitization Activity:
Annuitizations		-		-		-		-
Annuity payments and contract charges		-		-		-		-
Transfers between Sub-Accounts, net		-		-		-		-
Adjustments to annuity reserves		-		-		-		-
Net annuitization activity		-		-		-		-
Net increase (decrease) from contract owner transactions		(157,967)		(7,651,010)		(796,169)		223,071
Total increase (decrease) in net assets		2,222,119		(8,533,833)		2,885,514		(874,812)
Net assets at beginning of year		38,269,637		46,803,470		12,883,908		13,758,720
Net assets at end of year	$	40,491,756	$	38,269,637	$	15,769,422	$	12,883,908

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, 2019 AND 2018

		L11 Sub-Account				L18 Sub-Account
		December 31,		December 31,		December 31,		December 31,
		2019		2018		2019		2018
Operations:
Net investment income (loss)	$	(236,225)	$	73,774	$	(378,753)	$	(415,484)
Net realized gains (losses)		216,081		525,683		1,489,555		4,957,030
Net change in unrealized appreciation/(depreciation)		4,748,459		(8,004,741)		5,293,168		(5,235,369)
Increase (decrease) in net assets from operations		4,728,315		(7,405,284)		6,403,970		(693,823)
Contract Owner Transactions:
Accumulation Activity:
Purchase payments received		301,330		265,243		351,627		327,111
Transfers between Sub-Accounts
(including the Fixed Account), net		(48,660)		3,466,802		(1,856,636)		(1,355,272)
Withdrawals, surrenders, annuitizations
and contract charges		(4,518,715)		(5,855,814)		(3,518,361)		(4,046,915)
Net accumulation activity		(4,266,045)		(2,123,769)		(5,023,370)		(5,075,076)
Annuitization Activity:
Annuitizations		-		44,912		20,405		756
Annuity payments and contract charges		(4,423)		(5,224)		(3,909)		(671)
Transfers between Sub-Accounts, net		-		-		-		-
Adjustments to annuity reserves		73		(13)		1,172		(12,636)
Net annuitization activity		(4,350)		39,675		17,668		(12,551)
Net increase (decrease) from contract owner transactions		(4,270,395)		(2,084,094)		(5,005,702)		(5,087,627)
Total increase (decrease) in net assets		457,920		(9,489,378)		1,398,268		(5,781,450)
Net assets at beginning of year		30,828,463		40,317,841		20,439,006		26,220,456
Net assets at end of year	$	31,286,383	$	30,828,463	$	21,837,274	$	20,439,006

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, 2019 AND 2018

		L17 Sub-Account				M07 Sub-Account
		December 31,		December 31,		December 31,		December 31,
		2019		2018		2019		2018
Operations:
Net investment income (loss)	$	(162,800)	$	(105,021)	$	2,810,137	$	2,496,902
Net realized gains (losses)		(819,895)		4,359,965		11,284,414		18,659,635
Net change in unrealized appreciation/(depreciation)		6,717,165		(7,615,817)		38,023,976		(43,683,554)
Increase (decrease) in net assets from operations		5,734,470		(3,360,873)		52,118,527		(22,527,017)
Contract Owner Transactions:
Accumulation Activity:
Purchase payments received		591,927		401,780		6,508,994		4,658,650
Transfers between Sub-Accounts
(including the Fixed Account), net		(1,537,767)		(825,257)		4,016		(1,892,802)
Withdrawals, surrenders, annuitizations
and contract charges		(4,404,020)		(5,372,407)		(41,350,526)		(47,828,508)
Net accumulation activity		(5,349,860)		(5,795,884)		(34,837,516)		(45,062,660)
Annuitization Activity:
Annuitizations		-		-		551,723		1,193,472
Annuity payments and contract charges		(457)		(457)		(626,069)		(645,805)
Transfers between Sub-Accounts, net		-		-		-		-
Adjustments to annuity reserves		60		10		(144,403)		(263,368)
Net annuitization activity		(397)		(447)		(218,749)		284,299
Net increase (decrease) from contract owner transactions		(5,350,257)		(5,796,331)		(35,056,265)		(44,778,361)
Total increase (decrease) in net assets		384,213		(9,157,204)		17,062,262		(67,305,378)
Net assets at beginning of year		31,371,127		40,528,331		291,492,108		358,797,486
Net assets at end of year	$	31,755,340	$	31,371,127	$	308,554,370	$	291,492,108

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, 2019 AND 2018

		M35 Sub-Account				M31 Sub-Account
		December 31,		December 31,		December 31,		December 31,
		2019		2018		2019		2018
Operations:
Net investment income (loss)	$	1,305,357	$	935,991	$	(2,101,659)	$	(1,972,854)
Net realized gains (losses)		11,524,721		19,502,817		25,200,385		19,916,126
Net change in unrealized appreciation/(depreciation)		35,380,547		(44,075,970)		21,375,801		(15,099,024)
Increase (decrease) in net assets from operations		48,210,625		(23,637,162)		44,474,527		2,844,248
Contract Owner Transactions:
Accumulation Activity:
Purchase payments received		6,902,336		5,173,630		2,758,299		2,540,163
Transfers between Sub-Accounts
(including the Fixed Account), net		(3,124,405)		(4,124,441)		(2,446,975)		(231,012)
Withdrawals, surrenders, annuitizations
and contract charges		(47,584,143)		(57,829,987)		(20,744,131)		(17,340,837)
Net accumulation activity		(43,806,212)		(56,780,798)		(20,432,807)		(15,031,686)
Annuitization Activity:
Annuitizations		-		434,860		73,254		66,633
Annuity payments and contract charges		(55,985)		(235,973)		(92,678)		(114,722)
Transfers between Sub-Accounts, net		-		-		-		-
Adjustments to annuity reserves		(17,100)		96,366		(34,115)		(77,191)
Net annuitization activity		(73,085)		295,253		(53,539)		(125,280)
Net increase (decrease) from contract owner transactions		(43,879,297)		(56,485,545)		(20,486,346)		(15,156,966)
Total increase (decrease) in net assets		4,331,328		(80,122,707)		23,988,181		(12,312,718)
Net assets at beginning of year		281,998,243		362,120,950		128,977,969		141,290,687
Net assets at end of year	$	286,329,571	$	281,998,243	$	152,966,150	$	128,977,969

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, 2019 AND 2018

		M80 Sub-Account				MF1 Sub-Account
		December 31,		December 31,		December 31,		December 31,
		2019		2018		2019		2018
Operations:
Net investment income (loss)	$	(348,891)	$	(353,556)	$	(340,028)	$	(341,305)
Net realized gains (losses)		3,532,393		3,360,685		4,005,370		5,034,606
Net change in unrealized appreciation/(depreciation)		3,209,092		(2,682,080)		3,422,127		(4,529,576)
Increase (decrease) in net assets from operations		6,392,594		325,049		7,087,469		163,725
Contract Owner Transactions:
Accumulation Activity:
Purchase payments received		388,108		236,925		650,560		595,480
Transfers between Sub-Accounts
(including the Fixed Account), net		(259,935)		477,225		(591,038)		282,046
Withdrawals, surrenders, annuitizations
and contract charges		(3,018,934)		(3,622,685)		(3,603,632)		(3,766,172)
Net accumulation activity		(2,890,761)		(2,908,535)		(3,544,110)		(2,888,646)
Annuitization Activity:
Annuitizations		33,548		22,094		87,667		10,336
Annuity payments and contract charges		(6,145)		(4,295)		(29,439)		(24,635)
Transfers between Sub-Accounts, net		-		-		-		-
Adjustments to annuity reserves		965		(2,332)		(2,822)		3,742
Net annuitization activity		28,368		15,467		55,406		(10,557)
Net increase (decrease) from contract owner transactions		(2,862,393)		(2,893,068)		(3,488,704)		(2,899,203)
Total increase (decrease) in net assets		3,530,201		(2,568,019)		3,598,765		(2,735,478)
Net assets at beginning of year		18,852,039		21,420,058		20,181,465		22,916,943
Net assets at end of year	$	22,382,240	$	18,852,039	$	23,780,230	$	20,181,465

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, 2019 AND 2018

		M41 Sub-Account				M05 Sub-Account
		December 31,		December 31,		December 31,		December 31,
		2019		2018		2019		2018
Operations:
Net investment income (loss)	$	(424,939)	$	(457,701)	$	(743,513)	$	(767,407)
Net realized gains (losses)		4,365,724		6,351,388		9,575,640		7,340,782
Net change in unrealized appreciation/(depreciation)		3,846,452		(5,411,499)		7,809,540		(7,181,035)
Increase (decrease) in net assets from operations		7,787,237		482,188		16,641,667		(607,660)
Contract Owner Transactions:
Accumulation Activity:
Purchase payments received		603,043		320,722		1,353,242		1,018,674
Transfers between Sub-Accounts
(including the Fixed Account), net		(2,150,626)		(1,292,063)		(2,139,302)		(1,732,760)
Withdrawals, surrenders, annuitizations
and contract charges		(3,972,744)		(4,851,085)		(7,030,419)		(6,496,373)
Net accumulation activity		(5,520,327)		(5,822,426)		(7,816,479)		(7,210,459)
Annuitization Activity:
Annuitizations		25,225		83,952		48,955		62,768
Annuity payments and contract charges		(12,706)		(10,692)		(32,284)		(53,601)
Transfers between Sub-Accounts, net		-		-		-		-
Adjustments to annuity reserves		191		825		1,560		(23,146)
Net annuitization activity		12,710		74,085		18,231		(13,979)
Net increase (decrease) from contract owner transactions		(5,507,617)		(5,748,341)		(7,798,248)		(7,224,438)
Total increase (decrease) in net assets		2,279,620		(5,266,153)		8,843,419		(7,832,098)
Net assets at beginning of year		23,268,767		28,534,920		44,227,317		52,059,415
Net assets at end of year	$	25,548,387	$	23,268,767	$	53,070,736	$	44,227,317

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, 2019 AND 2018

		M42 Sub-Account				M89 Sub-Account
		December 31,		December 31,		December 31,		December 31,
		2019		2018		2019		2018
Operations:
Net investment income (loss)	$	(610,750)	$	(685,182)	$	6,917,120	$	6,782,825
Net realized gains (losses)		8,789,298		7,512,818		(1,294,208)		(7,182,359)
Net change in unrealized appreciation/(depreciation)		3,759,741		(6,952,594)		29,519,797		(15,591,399)
Increase (decrease) in net assets from operations		11,938,289		(124,958)		35,142,709		(15,990,933)
Contract Owner Transactions:
Accumulation Activity:
Purchase payments received		918,968		657,194		3,176,590		2,799,378
Transfers between Sub-Accounts
(including the Fixed Account), net		(4,435,252)		(3,311,837)		19,142,277		(15,237,641)
Withdrawals, surrenders, annuitizations
and contract charges		(6,481,255)		(6,185,942)		(59,270,132)		(83,624,839)
Net accumulation activity		(9,997,539)		(8,840,585)		(36,951,265)		(96,063,102)
Annuitization Activity:
Annuitizations		59,763		1,539		118,557		18,865
Annuity payments and contract charges		(8,115)		(3,166)		(28,095)		(11,629)
Transfers between Sub-Accounts, net		-		-		-		-
Adjustments to annuity reserves		1,132		(23,375)		2,096		(6,976)
Net annuitization activity		52,780		(25,002)		92,558		260
Net increase (decrease) from contract owner transactions		(9,944,759)		(8,865,587)		(36,858,707)		(96,062,842)
Total increase (decrease) in net assets		1,993,530		(8,990,545)		(1,715,998)		(112,053,775)
Net assets at beginning of year		34,009,316		42,999,861		439,785,816		551,839,591
Net assets at end of year	$	36,002,846	$	34,009,316	$	438,069,818	$	439,785,816

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, 2019 AND 2018

		M82 Sub-Account				M44 Sub-Account
		December 31,		December 31,		December 31,		December 31,
		2019		2018		2019		2018
Operations:
Net investment income (loss)	$	(1,273,960)	$	(1,613,578)	$	2,521,573	$	(352,211)
Net realized gains (losses)		17,084,271		23,766,371		(802,242)		(3,019,469)
Net change in unrealized appreciation/(depreciation)		14,996,133		(28,158,400)		18,956,238		3,060,437
Increase (decrease) in net assets from operations		30,806,444		(6,005,607)		20,675,569		(311,243)
Contract Owner Transactions:
Accumulation Activity:
Purchase payments received		1,000,177		1,453,373		1,973,302		1,772,328
Transfers between Sub-Accounts
(including the Fixed Account), net		(7,263,573)		(6,166,091)		(347,853)		(2,235,143)
Withdrawals, surrenders, annuitizations
and contract charges		(16,837,169)		(22,406,738)		(15,962,903)		(14,113,525)
Net accumulation activity		(23,100,565)		(27,119,456)		(14,337,454)		(14,576,340)
Annuitization Activity:
Annuitizations		74,853		-		75,771		112,552
Annuity payments and contract charges		(10,075)		(1,027)		(103,119)		(212,598)
Transfers between Sub-Accounts, net		-		-		-		-
Adjustments to annuity reserves		55		109		20,118		(55,388)
Net annuitization activity		64,833		(918)		(7,230)		(155,434)
Net increase (decrease) from contract owner transactions		(23,035,732)		(27,120,374)		(14,344,684)		(14,731,774)
Total increase (decrease) in net assets		7,770,712		(33,125,981)		6,330,885		(15,043,017)
Net assets at beginning of year		108,924,665		142,050,646		94,027,310		109,070,327
Net assets at end of year	$	116,695,377	$	108,924,665	$	100,358,195	$	94,027,310

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, 2019 AND 2018

		M40 Sub-Account				M83 Sub-Account
		December 31,		December 31,		December 31,		December 31,
		2019		2018		2019		2018
Operations:
Net investment income (loss)	$	1,019,766	$	(463,187)	$	1,064,843	$	(246,922)
Net realized gains (losses)		1,117,896		(2,474,033)		17,018,729		24,858,858
Net change in unrealized appreciation/(depreciation)		8,116,274		2,663,761		34,673,474		(51,644,195)
Increase (decrease) in net assets from operations		10,253,936		(273,459)		52,757,046		(27,032,259)
Contract Owner Transactions:
Accumulation Activity:
Purchase payments received		738,857		992,003		3,680,792		4,105,227
Transfers between Sub-Accounts
(including the Fixed Account), net		(2,320,992)		(2,992,318)		(6,971,305)		894,619
Withdrawals, surrenders, annuitizations
and contract charges		(8,081,319)		(10,943,659)		(33,688,999)		(37,090,402)
Net accumulation activity		(9,663,454)		(12,943,974)		(36,979,512)		(32,090,556)
Annuitization Activity:
Annuitizations		5,388		1,723		374,465		371,085
Annuity payments and contract charges		(1,291)		(88)		(234,416)		(310,127)
Transfers between Sub-Accounts, net		-		-		-		-
Adjustments to annuity reserves		543		152		(7,668)		(37,623)
Net annuitization activity		4,640		1,787		132,381		23,335
Net increase (decrease) from contract owner transactions		(9,658,814)		(12,942,187)		(36,847,131)		(32,067,221)
Total increase (decrease) in net assets		595,122		(13,215,646)		15,909,915		(59,099,480)
Net assets at beginning of year		48,720,378		61,936,024		203,900,118		262,999,598
Net assets at end of year	$	49,315,500	$	48,720,378	$	219,810,033	$	203,900,118

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, 2019 AND 2018

		M08 Sub-Account				MB6 Sub-Account
		December 31,		December 31,		December 31,		December 31,
		2019		2018		2019		2018
Operations:
Net investment income (loss)	$	217,499	$	(450,574)	$	123,630	$	(208,559)
Net realized gains (losses)		4,804,766		8,396,753		36,384,132		46,980,515
Net change in unrealized appreciation/(depreciation)		20,169,467		(21,674,331)		21,892,323		(68,748,916)
Increase (decrease) in net assets from operations		25,191,732		(13,728,152)		58,400,085		(21,976,960)
Contract Owner Transactions:
Accumulation Activity:
Purchase payments received		1,991,718		1,685,593		6,304,159		4,880,058
Transfers between Sub-Accounts
(including the Fixed Account), net		(5,709,666)		1,326,716		(3,897,280)		(2,642,566)
Withdrawals, surrenders, annuitizations
and contract charges		(16,709,517)		(24,191,635)		(36,462,734)		(39,166,033)
Net accumulation activity		(20,427,465)		(21,179,326)		(34,055,855)		(36,928,541)
Annuitization Activity:
Annuitizations		-		376,236		730,512		629,093
Annuity payments and contract charges		(57,015)		(136,097)		(468,340)		(322,696)
Transfers between Sub-Accounts, net		-		-		-		-
Adjustments to annuity reserves		699		106,983		127,532		(123,130)
Net annuitization activity		(56,316)		347,122		389,704		183,267
Net increase (decrease) from contract owner transactions		(20,483,781)		(20,832,204)		(33,666,151)		(36,745,274)
Total increase (decrease) in net assets		4,707,951		(34,560,356)		24,733,934		(58,722,234)
Net assets at beginning of year		99,305,473		133,865,829		226,421,225		285,143,459
Net assets at end of year	$	104,013,424	$	99,305,473	$	251,155,159	$	226,421,225

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, 2019 AND 2018

		MB7 Sub-Account				MC0 Sub-Account
		December 31,		December 31,		December 31,		December 31,
		2019		2018		2019		2018
Operations:
Net investment income (loss)	$	(275,132)	$	(394,225)	$	1,158,691	$	1,252,890
Net realized gains (losses)		8,847,810		13,180,487		(289,863)		(478,229)
Net change in unrealized appreciation/(depreciation)		5,301,682		(18,344,538)		5,159,392		(3,241,544)
Increase (decrease) in net assets from operations		13,874,360		(5,558,276)		6,028,220		(2,466,883)
Contract Owner Transactions:
Accumulation Activity:
Purchase payments received		1,141,801		1,441,953		920,502		848,773
Transfers between Sub-Accounts
(including the Fixed Account), net		(1,966,539)		(1,763,627)		876,184		(245,951)
Withdrawals, surrenders, annuitizations
and contract charges		(8,948,781)		(10,583,591)		(7,438,682)		(6,575,847)
Net accumulation activity		(9,773,519)		(10,905,265)		(5,641,996)		(5,973,025)
Annuitization Activity:
Annuitizations		58,286		3,425		84,557		97,056
Annuity payments and contract charges		(26,877)		(20,529)		(86,119)		(76,438)
Transfers between Sub-Accounts, net		-		-		-		-
Adjustments to annuity reserves		4,055		(45,664)		(4,559)		3,293
Net annuitization activity		35,464		(62,768)		(6,121)		23,911
Net increase (decrease) from contract owner transactions		(9,738,055)		(10,968,033)		(5,648,117)		(5,949,114)
Total increase (decrease) in net assets		4,136,305		(16,526,309)		380,103		(8,415,997)
Net assets at beginning of year		55,602,465		72,128,774		48,602,145		57,018,142
Net assets at end of year	$	59,738,770	$	55,602,465	$	48,982,248	$	48,602,145

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, 2019 AND 2018

		MA0 Sub-Account				MC2 Sub-Account
		December 31,		December 31,		December 31,		December 31,
		2019		2018		2019		2018
Operations:
Net investment income (loss)	$	2,293,161	$	2,569,282	$	(621,307)	$	(795,753)
Net realized gains (losses)		(438,794)		(2,091,770)		21,108,323		18,091,243
Net change in unrealized appreciation/(depreciation)		12,285,001		(7,571,584)		5,216,051		(21,666,200)
Increase (decrease) in net assets from operations		14,139,368		(7,094,072)		25,703,067		(4,370,710)
Contract Owner Transactions:
Accumulation Activity:
Purchase payments received		1,777,130		1,714,930		1,958,287		2,115,489
Transfers between Sub-Accounts
(including the Fixed Account), net		5,713,341		(1,627,731)		(3,280,378)		(1,101,604)
Withdrawals, surrenders, annuitizations
and contract charges		(16,826,655)		(27,291,614)		(12,766,386)		(13,931,442)
Net accumulation activity		(9,336,184)		(27,204,415)		(14,088,477)		(12,917,557)
Annuitization Activity:
Annuitizations		33,441		196,413		92,911		91,184
Annuity payments and contract charges		(15,641)		(64,597)		(117,234)		(119,287)
Transfers between Sub-Accounts, net		-		-		-		-
Adjustments to annuity reserves		(12,872)		(1,558)		18,667		(39,368)
Net annuitization activity		4,928		130,258		(5,656)		(67,471)
Net increase (decrease) from contract owner transactions		(9,331,256)		(27,074,157)		(14,094,133)		(12,985,028)
Total increase (decrease) in net assets		4,808,112		(34,168,229)		11,608,934		(17,355,738)
Net assets at beginning of year		114,567,450		148,735,679		87,496,028		104,851,766
Net assets at end of year	$	119,375,562	$	114,567,450	$	99,104,962	$	87,496,028

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, 2019 AND 2018

		MC1 Sub-Account				MC3 Sub-Account
		December 31,		December 31,		December 31,		December 31,
		2019		2018		2019		2018
Operations:
Net investment income (loss)	$	(438,246)	$	(490,555)	$	(125,824)	$	(207,794)
Net realized gains (losses)		6,454,328		6,281,631		667,824		314,353
Net change in unrealized appreciation/(depreciation)		4,325,042		(7,796,386)		2,215,434		(2,950,352)
Increase (decrease) in net assets from operations		10,341,124		(2,005,310)		2,757,434		(2,843,793)
Contract Owner Transactions:
Accumulation Activity:
Purchase payments received		1,062,736		590,764		150,435		310,156
Transfers between Sub-Accounts
(including the Fixed Account), net		(500,463)		3,055,795		34,308		16,433
Withdrawals, surrenders, annuitizations
and contract charges		(6,462,132)		(6,633,970)		(1,729,964)		(2,834,742)
Net accumulation activity		(5,899,859)		(2,987,411)		(1,545,221)		(2,508,153)
Annuitization Activity:
Annuitizations		28,759		39,062		10,957		6,740
Annuity payments and contract charges		(28,944)		(25,581)		(22,815)		(38,976)
Transfers between Sub-Accounts, net		-		-		-		-
Adjustments to annuity reserves		9,410		(674)		1,669		(606)
Net annuitization activity		9,225		12,807		(10,189)		(32,842)
Net increase (decrease) from contract owner transactions		(5,890,634)		(2,974,604)		(1,555,410)		(2,540,995)
Total increase (decrease) in net assets		4,450,490		(4,979,914)		1,202,024		(5,384,788)
Net assets at beginning of year		35,718,016		40,697,930		15,397,927		20,782,715
Net assets at end of year	$	40,168,506	$	35,718,016	$	16,599,951	$	15,397,927

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, 2019 AND 2018

		MA1 Sub-Account				MC4 Sub-Account
		December 31,		December 31,		December 31,		December 31,
		2019		2018		2019		2018
Operations:
Net investment income (loss)	$	(200,474)	$	(292,446)	$	93,544	$	(47,189)
Net realized gains (losses)		1,098,129		885,555		(70,361)		(105,550)
Net change in unrealized appreciation/(depreciation)		1,821,414		(3,542,009)		389,041		(107,108)
Increase (decrease) in net assets from operations		2,719,069		(2,948,900)		412,224		(259,847)
Contract Owner Transactions:
Accumulation Activity:
Purchase payments received		131,373		117,887		63,618		168,067
Transfers between Sub-Accounts
(including the Fixed Account), net		(574,962)		1,143,659		809,924		(49,587)
Withdrawals, surrenders, annuitizations
and contract charges		(2,456,171)		(3,216,388)		(910,700)		(1,399,312)
Net accumulation activity		(2,899,760)		(1,954,842)		(37,158)		(1,280,832)
Annuitization Activity:
Annuitizations		-		1,469		30,644		12,592
Annuity payments and contract charges		(78)		(76)		(8,153)		(3,153)
Transfers between Sub-Accounts, net		-		-		-		-
Adjustments to annuity reserves		29		(739)		27,746		963
Net annuitization activity		(49)		654		50,237		10,402
Net increase (decrease) from contract owner transactions		(2,899,809)		(1,954,188)		13,079		(1,270,430)
Total increase (decrease) in net assets		(180,740)		(4,903,088)		425,303		(1,530,277)
Net assets at beginning of year		15,818,098		20,721,186		8,788,957		10,319,234
Net assets at end of year	$	15,637,358	$	15,818,098	$	9,214,260	$	8,788,957

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, 2019 AND 2018

		MC5 Sub-Account				MC6 Sub-Account
		December 31,		December 31,		December 31,		December 31,
		2019		2018		2019		2018
Operations:
Net investment income (loss)	$	3,803	$	(9,471)	$	(393,912)	$	(460,791)
Net realized gains (losses)		1,636		(4,347)		9,508,610		7,432,469
Net change in unrealized appreciation/(depreciation)		24,296		(13,916)		4,100,002		(9,595,343)
Increase (decrease) in net assets from operations		29,735		(27,734)		13,214,700		(2,623,665)
Contract Owner Transactions:
Accumulation Activity:
Purchase payments received		360		34,227		1,547,806		950,242
Transfers between Sub-Accounts
(including the Fixed Account), net		77,739		(51,716)		(1,694,111)		(97,250)
Withdrawals, surrenders, annuitizations
and contract charges		(126,411)		(162,411)		(6,410,296)		(8,148,077)
Net accumulation activity		(48,312)		(179,900)		(6,556,601)		(7,295,085)
Annuitization Activity:
Annuitizations		-		-		139,111		41,396
Annuity payments and contract charges		-		-		(94,675)		(55,787)
Transfers between Sub-Accounts, net		-		-		-		-
Adjustments to annuity reserves		-		(649)		11,710		(54,594)
Net annuitization activity		-		(649)		56,146		(68,985)
Net increase (decrease) from contract owner transactions		(48,312)		(180,549)		(6,500,455)		(7,364,070)
Total increase (decrease) in net assets		(18,577)		(208,283)		6,714,245		(9,987,735)
Net assets at beginning of year		822,077		1,030,360		41,358,792		51,346,527
Net assets at end of year	$	803,500	$	822,077	$	48,073,037	$	41,358,792

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, 2019 AND 2018

		MC7 Sub-Account				MC8 Sub-Account
		December 31,		December 31,		December 31,		December 31,
		2019		2018		2019		2018
Operations:
Net investment income (loss)	$	(25,769)	$	(32,988)	$	(286,056)	$	(374,582)
Net realized gains (losses)		319,870		310,129		14,108,455		12,625,683
Net change in unrealized appreciation/(depreciation)		258,452		(377,842)		7,052,565		(20,365,369)
Increase (decrease) in net assets from operations		552,553		(100,701)		20,874,964		(8,114,268)
Contract Owner Transactions:
Accumulation Activity:
Purchase payments received		65,239		9,891		1,038,573		1,406,635
Transfers between Sub-Accounts
(including the Fixed Account), net		(29,158)		(425,058)		(1,489,416)		(806,848)
Withdrawals, surrenders, annuitizations
and contract charges		(237,130)		(230,506)		(10,910,669)		(12,439,064)
Net accumulation activity		(201,049)		(645,673)		(11,361,512)		(11,839,277)
Annuitization Activity:
Annuitizations		-		-		105,014		77,704
Annuity payments and contract charges		-		-		(417,982)		(95,584)
Transfers between Sub-Accounts, net		-		-		-		-
Adjustments to annuity reserves		-		-		7,337		(76,276)
Net annuitization activity		-		-		(305,631)		(94,156)
Net increase (decrease) from contract owner transactions		(201,049)		(645,673)		(11,667,143)		(11,933,433)
Total increase (decrease) in net assets		351,504		(746,374)		9,207,821		(20,047,701)
Net assets at beginning of year		1,746,938		2,493,312		73,514,254		93,561,955
Net assets at end of year	$	2,098,442	$	1,746,938	$	82,722,075	$	73,514,254

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, 2019 AND 2018

		MC9 Sub-Account				MD0 Sub-Account
		December 31,		December 31,		December 31,		December 31,
		2019		2018		2019		2018
Operations:
Net investment income (loss)	$	(39,942)	$	(48,509)	$	554,241	$	(297,441)
Net realized gains (losses)		802,000		983,797		2,141,813		2,750,518
Net change in unrealized appreciation/(depreciation)		489,821		(1,450,844)		2,378,266		(5,168,279)
Increase (decrease) in net assets from operations		1,251,879		(515,556)		5,074,320		(2,715,202)
Contract Owner Transactions:
Accumulation Activity:
Purchase payments received		216,974		178,206		453,118		627,924
Transfers between Sub-Accounts
(including the Fixed Account), net		(290,318)		50,622		(742,813)		(399,574)
Withdrawals, surrenders, annuitizations
and contract charges		(876,806)		(1,353,039)		(5,167,777)		(5,241,983)
Net accumulation activity		(950,150)		(1,124,211)		(5,457,472)		(5,013,633)
Annuitization Activity:
Annuitizations		38,826		-		140,834		49,775
Annuity payments and contract charges		(1,409)		-		(119,160)		(46,516)
Transfers between Sub-Accounts, net		-		-		-		-
Adjustments to annuity reserves		(4)		-		(16,043)		554
Net annuitization activity		37,413		-		5,631		3,813
Net increase (decrease) from contract owner transactions		(912,737)		(1,124,211)		(5,451,841)		(5,009,820)
Total increase (decrease) in net assets		339,142		(1,639,767)		(377,521)		(7,725,022)
Net assets at beginning of year		4,525,231		6,164,998		41,494,783		49,219,805
Net assets at end of year	$	4,864,373	$	4,525,231	$	41,117,262	$	41,494,783

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, 2019 AND 2018

		M92 Sub-Account				M96 Sub-Account
		December 31,		December 31,		December 31,		December 31,
		2019		2018		2019		2018
Operations:
Net investment income (loss)	$	5,026,342	$	(6,440,405)	$	1,162,218	$	1,421,881
Net realized gains (losses)		18,376,812		35,283,647		(1,278,668)		(1,918,056)
Net change in unrealized appreciation/(depreciation)		38,714,473		(66,609,072)		3,781,989		(451,011)
Increase (decrease) in net assets from operations		62,117,627		(37,765,830)		3,665,539		(947,186)
Contract Owner Transactions:
Accumulation Activity:
Purchase payments received		3,081,466		3,992,372		2,041,727		2,137,998
Transfers between Sub-Accounts
(including the Fixed Account), net		(4,847,344)		(7,673,837)		3,388,225		951,512
Withdrawals, surrenders, annuitizations
and contract charges		(65,743,594)		(96,296,080)		(12,238,158)		(13,164,918)
Net accumulation activity		(67,509,472)		(99,977,545)		(6,808,206)		(10,075,408)
Annuitization Activity:
Annuitizations		121,530		-		78,337		46,175
Annuity payments and contract charges		(17,621)		(7,628)		(82,626)		(71,594)
Transfers between Sub-Accounts, net		-		-		-		-
Adjustments to annuity reserves		337		115		46,030		26,896
Net annuitization activity		104,246		(7,513)		41,741		1,477
Net increase (decrease) from contract owner transactions		(67,405,226)		(99,985,058)		(6,766,465)		(10,073,931)
Total increase (decrease) in net assets		(5,287,599)		(137,750,888)		(3,100,926)		(11,021,117)
Net assets at beginning of year		522,436,665		660,187,553		75,920,316		86,941,433
Net assets at end of year	$	517,149,066	$	522,436,665	$	72,819,390	$	75,920,316

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, 2019 AND 2018

		MD2 Sub-Account				MA6 Sub-Account
		December 31,		December 31,		December 31,		December 31,
		2019		2018		2019		2018
Operations:
Net investment income (loss)	$	1,576,946	$	2,200,283	$	2,046,332	$	2,181,887
Net realized gains (losses)		(1,178,920)		(5,130,701)		(635,045)		(550,790)
Net change in unrealized appreciation/(depreciation)		6,531,642		(161,208)		4,657,175		(3,971,491)
Increase (decrease) in net assets from operations		6,929,668		(3,091,626)		6,068,462		(2,340,394)
Contract Owner Transactions:
Accumulation Activity:
Purchase payments received		1,760,978		2,104,664		965,401		1,759,113
Transfers between Sub-Accounts
(including the Fixed Account), net		9,244,724		(5,562,489)		1,116,129		(738,549)
Withdrawals, surrenders, annuitizations
and contract charges		(24,454,893)		(30,603,443)		(8,102,654)		(7,536,181)
Net accumulation activity		(13,449,191)		(34,061,268)		(6,021,124)		(6,515,617)
Annuitization Activity:
Annuitizations		104,374		60,348		46,838		235,677
Annuity payments and contract charges		(111,326)		(49,346)		(80,699)		(111,129)
Transfers between Sub-Accounts, net		-		-		-		-
Adjustments to annuity reserves		3,474		299		8,739		(26,139)
Net annuitization activity		(3,478)		11,301		(25,122)		98,409
Net increase (decrease) from contract owner transactions		(13,452,669)		(34,049,967)		(6,046,246)		(6,417,208)
Total increase (decrease) in net assets		(6,523,001)		(37,141,593)		22,216		(8,757,602)
Net assets at beginning of year		154,081,038		191,222,631		47,713,973		56,471,575
Net assets at end of year	$	147,558,037	$	154,081,038	$	47,736,189	$	47,713,973

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, 2019 AND 2018

		MA3 Sub-Account				M97 Sub-Account
		December 31,		December 31,		December 31,		December 31,
		2019		2018		2019		2018
Operations:
Net investment income (loss)	$	1,330,430	$	1,528,962	$	(92,630)	$	(180,896)
Net realized gains (losses)		(472,005)		(807,134)		4,836,854		4,636,941
Net change in unrealized appreciation/(depreciation)		3,452,945		(2,722,844)		3,109,153		(8,360,437)
Increase (decrease) in net assets from operations		4,311,370		(2,001,016)		7,853,377		(3,904,392)
Contract Owner Transactions:
Accumulation Activity:
Purchase payments received		1,012,677		769,728		652,098		1,113,343
Transfers between Sub-Accounts
(including the Fixed Account), net		574,823		(948,043)		(911,078)		832,320
Withdrawals, surrenders, annuitizations
and contract charges		(6,654,915)		(8,101,451)		(6,066,394)		(5,918,736)
Net accumulation activity		(5,067,415)		(8,279,766)		(6,325,374)		(3,973,073)
Annuitization Activity:
Annuitizations		52,178		59,682		102,177		141,615
Annuity payments and contract charges		(20,597)		(32,258)		(63,507)		(76,936)
Transfers between Sub-Accounts, net		-		-		-		-
Adjustments to annuity reserves		1,878		(100)		(108)		437
Net annuitization activity		33,459		27,324		38,562		65,116
Net increase (decrease) from contract owner transactions		(5,033,956)		(8,252,442)		(6,286,812)		(3,907,957)
Total increase (decrease) in net assets		(722,586)		(10,253,458)		1,566,565		(7,812,349)
Net assets at beginning of year		36,323,910		46,577,368		33,622,626		41,434,975
Net assets at end of year	$	35,601,324	$	36,323,910	$	35,189,191	$	33,622,626

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, 2019 AND 2018

		MD5 Sub-Account				M98 Sub-Account
		December 31,		December 31,		December 31,		December 31,
		2019		2018		2019		2018
Operations:
Net investment income (loss)	$	(107,019)	$	(148,554)	$	160,176	$	(154,878)
Net realized gains (losses)		1,986,871		2,203,551		5,233,691		3,776,239
Net change in unrealized appreciation/(depreciation)		1,655,050		(3,909,472)		3,321,340		(8,408,466)
Increase (decrease) in net assets from operations		3,534,902		(1,854,475)		8,715,207		(4,787,105)
Contract Owner Transactions:
Accumulation Activity:
Purchase payments received		733,208		223,055		958,498		590,056
Transfers between Sub-Accounts
(including the Fixed Account), net		(139,043)		810,036		(744,117)		(203,658)
Withdrawals, surrenders, annuitizations
and contract charges		(3,355,412)		(3,186,881)		(5,975,245)		(5,388,453)
Net accumulation activity		(2,761,247)		(2,153,790)		(5,760,864)		(5,002,055)
Annuitization Activity:
Annuitizations		1,527		113,254		132,072		13,722
Annuity payments and contract charges		(13,103)		(12,739)		(34,729)		(25,998)
Transfers between Sub-Accounts, net		-		-		-		-
Adjustments to annuity reserves		360		(1,823)		2,847		(245)
Net annuitization activity		(11,216)		98,692		100,190		(12,521)
Net increase (decrease) from contract owner transactions		(2,772,463)		(2,055,098)		(5,660,674)		(5,014,576)
Total increase (decrease) in net assets		762,439		(3,909,573)		3,054,533		(9,801,681)
Net assets at beginning of year		15,071,974		18,981,547		38,478,624		48,280,305
Net assets at end of year	$	15,834,413	$	15,071,974	$	41,533,157	$	38,478,624

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, 2019 AND 2018

		M93 Sub-Account				MD6 Sub-Account
		December 31,		December 31,		December 31,		December 31,
		2019		2018		2019		2018
Operations:
Net investment income (loss)	$	(224,481)	$	(770,299)	$	(2,629,612)	$	(2,691,088)
Net realized gains (losses)		10,863,079		10,085,206		54,072,589		43,456,731
Net change in unrealized appreciation/(depreciation)		6,894,434		(19,715,838)		47,665,760		(40,256,429)
Increase (decrease) in net assets from operations		17,533,032		(10,400,931)		99,108,737		509,214
Contract Owner Transactions:
Accumulation Activity:
Purchase payments received		1,258,769		945,791		7,373,231		5,980,877
Transfers between Sub-Accounts
(including the Fixed Account), net		(4,607,176)		3,847,794		(5,751,466)		(4,804,151)
Withdrawals, surrenders, annuitizations
and contract charges		(14,321,450)		(16,686,793)		(47,896,543)		(43,724,030)
Net accumulation activity		(17,669,857)		(11,893,208)		(46,274,778)		(42,547,304)
Annuitization Activity:
Annuitizations		92,177		30,760		1,218,448		510,394
Annuity payments and contract charges		(24,994)		(18,556)		(727,280)		(458,906)
Transfers between Sub-Accounts, net		-		-		-		-
Adjustments to annuity reserves		216		2,061		193,957		(49,327)
Net annuitization activity		67,399		14,265		685,125		2,161
Net increase (decrease) from contract owner transactions		(17,602,458)		(11,878,943)		(45,589,653)		(42,545,143)
Total increase (decrease) in net assets		(69,426)		(22,279,874)		53,519,084		(42,035,929)
Net assets at beginning of year		81,180,035		103,459,909		276,836,568		318,872,497
Net assets at end of year	$	81,110,609	$	81,180,035	$	330,355,652	$	276,836,568

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, 2019 AND 2018

		MB3 Sub-Account				MD8 Sub-Account
		December 31,		December 31,		December 31,		December 31,
		2019		2018		2019		2018
Operations:
Net investment income (loss)	$	(458,408)	$	(481,640)	$	85,351	$	(82,676)
Net realized gains (losses)		5,473,231		4,921,484		-		-
Net change in unrealized appreciation/(depreciation)		5,776,033		(4,468,638)		-		1
Increase (decrease) in net assets from operations		10,790,856		(28,794)		85,351		(82,675)
Contract Owner Transactions:
Accumulation Activity:
Purchase payments received		932,822		618,923		4,810,684		3,654,292
Transfers between Sub-Accounts
(including the Fixed Account), net		(1,354,184)		(1,544,843)		6,761,791		6,937,355
Withdrawals, surrenders, annuitizations
and contract charges		(5,050,090)		(5,446,561)		(15,797,473)		(17,416,173)
Net accumulation activity		(5,471,452)		(6,372,481)		(4,224,998)		(6,824,526)
Annuitization Activity:
Annuitizations		28,328		18,245		13,325		(138,342)
Annuity payments and contract charges		(18,881)		(16,743)		(74,023)		(51,963)
Transfers between Sub-Accounts, net		-		-		-		-
Adjustments to annuity reserves		3,105		(532)		5,610		(10,445)
Net annuitization activity		12,552		970		(55,088)		(200,750)
Net increase (decrease) from contract owner transactions		(5,458,900)		(6,371,511)		(4,280,086)		(7,025,276)
Total increase (decrease) in net assets		5,331,956		(6,400,305)		(4,194,735)		(7,107,951)
Net assets at beginning of year		30,935,440		37,335,745		42,172,705		49,280,656
Net assets at end of year	$	36,267,396	$	30,935,440	$	37,977,970	$	42,172,705

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, 2019 AND 2018

		MD9 Sub-Account				ME2 Sub-Account
		December 31,		December 31,		December 31,		December 31,
		2019		2018		2019		2018
Operations:
Net investment income (loss)	$	(39,055)	$	(546,982)	$	3,772	$	1,543
Net realized gains (losses)		-		(2)		1,561,421		888,401
Net change in unrealized appreciation/(depreciation)		-		1		2,914,964		(4,195,304)
Increase (decrease) in net assets from operations		(39,055)		(546,983)		4,480,157		(3,305,360)
Contract Owner Transactions:
Accumulation Activity:
Purchase payments received		4,067,406		2,473,627		430,114		414,900
Transfers between Sub-Accounts
(including the Fixed Account), net		30,175,124		34,874,529		(324,005)		(93,566)
Withdrawals, surrenders, annuitizations
and contract charges		(47,357,837)		(52,556,996)		(2,324,795)		(2,381,207)
Net accumulation activity		(13,115,307)		(15,208,840)		(2,218,686)		(2,059,873)
Annuitization Activity:
Annuitizations		102,412		6,916		6,814		-
Annuity payments and contract charges		(33,094)		(27,000)		(4,901)		(4,171)
Transfers between Sub-Accounts, net		-		-		-		-
Adjustments to annuity reserves		796		179		(378)		(8,784)
Net annuitization activity		70,114		(19,905)		1,535		(12,955)
Net increase (decrease) from contract owner transactions		(13,045,193)		(15,228,745)		(2,217,151)		(2,072,828)
Total increase (decrease) in net assets		(13,084,248)		(15,775,728)		2,263,006		(5,378,188)
Net assets at beginning of year		120,800,340		136,576,068		17,993,248		23,371,436
Net assets at end of year	$	107,716,092	$	120,800,340	$	20,256,254	$	17,993,248

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, 2019 AND 2018

		ME3 Sub-Account				MA5 Sub-Account
		December 31,		December 31,		December 31,		December 31,
		2019		2018		2019		2018
Operations:
Net investment income (loss)	$	(195,865)	$	(244,468)	$	520,839	$	641,767
Net realized gains (losses)		2,780,861		3,293,176		(90,709)		(253,269)
Net change in unrealized appreciation/(depreciation)		6,166,935		(9,986,514)		1,947,006		(1,298,972)
Increase (decrease) in net assets from operations		8,751,931		(6,937,806)		2,377,136		(910,474)
Contract Owner Transactions:
Accumulation Activity:
Purchase payments received		380,690		714,536		615,549		413,038
Transfers between Sub-Accounts
(including the Fixed Account), net		(2,004,424)		2,577,530		1,357,412		979,144
Withdrawals, surrenders, annuitizations
and contract charges		(5,750,705)		(7,988,802)		(3,307,518)		(3,349,239)
Net accumulation activity		(7,374,439)		(4,696,736)		(1,334,557)		(1,957,057)
Annuitization Activity:
Annuitizations		17,442		17,857		-		46,742
Annuity payments and contract charges		(5,272)		(3,170)		(24,925)		(55,330)
Transfers between Sub-Accounts, net		-		-		-		-
Adjustments to annuity reserves		1,056		(17,146)		(5,432)		(7,313)
Net annuitization activity		13,226		(2,459)		(30,357)		(15,901)
Net increase (decrease) from contract owner transactions		(7,361,213)		(4,699,195)		(1,364,914)		(1,972,958)
Total increase (decrease) in net assets		1,390,718		(11,637,001)		1,012,222		(2,883,432)
Net assets at beginning of year		37,158,328		48,795,329		24,401,310		27,284,742
Net assets at end of year	$	38,549,046	$	37,158,328	$	25,413,532	$	24,401,310

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, 2019 AND 2018

		MA7 Sub-Account				ME4 Sub-Account
		December 31,		December 31,		December 31,		December 31,
		2019		2018		2019		2018
Operations:
Net investment income (loss)	$	67,056	$	91,786	$	(262,353)	$	(288,837)
Net realized gains (losses)		(16,697)		(33,190)		4,402,641		3,534,311
Net change in unrealized appreciation/(depreciation)		321,429		(236,898)		1,059,864		(2,904,627)
Increase (decrease) in net assets from operations		371,788		(178,302)		5,200,152		340,847
Contract Owner Transactions:
Accumulation Activity:
Purchase payments received		33,094		129,311		66,025		462,245
Transfers between Sub-Accounts
(including the Fixed Account), net		127,608		(162,323)		(782,602)		(381,645)
Withdrawals, surrenders, annuitizations
and contract charges		(685,596)		(628,764)		(2,895,455)		(2,544,186)
Net accumulation activity		(524,894)		(661,776)		(3,612,032)		(2,463,586)
Annuitization Activity:
Annuitizations		-		41,770		-		15,644
Annuity payments and contract charges		(6,568)		(6,234)		(27,784)		(22,484)
Transfers between Sub-Accounts, net		-		-		-		-
Adjustments to annuity reserves		724		(210)		2,362		(466)
Net annuitization activity		(5,844)		35,326		(25,422)		(7,306)
Net increase (decrease) from contract owner transactions		(530,738)		(626,450)		(3,637,454)		(2,470,892)
Total increase (decrease) in net assets		(158,950)		(804,752)		1,562,698		(2,130,045)
Net assets at beginning of year		4,209,261		5,014,013		16,422,089		18,552,134
Net assets at end of year	$	4,050,311	$	4,209,261	$	17,984,787	$	16,422,089

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, 2019 AND 2018

		MA2 Sub-Account				MF3 Sub-Account
		December 31,		December 31,		December 31,		December 31,
		2019		2018		2019		2018
Operations:
Net investment income (loss)	$	(25,587)	$	(32,519)	$	(647,176)	$	(687,155)
Net realized gains (losses)		336,582		520,071		7,989,645		4,794,415
Net change in unrealized appreciation/(depreciation)		136,559		(429,480)		4,231,927		(6,526,352)
Increase (decrease) in net assets from operations		447,554		58,072		11,574,396		(2,419,092)
Contract Owner Transactions:
Accumulation Activity:
Purchase payments received		90,940		47,590		952,420		790,778
Transfers between Sub-Accounts
(including the Fixed Account), net		(106,299)		(164,955)		(1,465,202)		(3,768,957)
Withdrawals, surrenders, annuitizations
and contract charges		(144,089)		(463,477)		(9,256,127)		(10,878,234)
Net accumulation activity		(159,448)		(580,842)		(9,768,909)		(13,856,413)
Annuitization Activity:
Annuitizations		-		-		41,725		150,886
Annuity payments and contract charges		-		-		(27,520)		(24,149)
Transfers between Sub-Accounts, net		-		-		-		-
Adjustments to annuity reserves		-		-		614		1,434
Net annuitization activity		-		-		14,819		128,171
Net increase (decrease) from contract owner transactions		(159,448)		(580,842)		(9,754,090)		(13,728,242)
Total increase (decrease) in net assets		288,106		(522,770)		1,820,306		(16,147,334)
Net assets at beginning of year		1,370,549		1,893,319		50,559,537		66,706,871
Net assets at end of year	$	1,658,655	$	1,370,549	$	52,379,843	$	50,559,537

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, 2019 AND 2018

		MF5 Sub-Account				MF6 Sub-Account
		December 31,		December 31,		December 31,		December 31,
		2019		2018		2019		2018
Operations:
Net investment income (loss)	$	2,988,765	$	1,242,727	$	33,240	$	45,572
Net realized gains (losses)		18,351,564		16,949,532		90,901		124,693
Net change in unrealized appreciation/(depreciation)		35,726,802		(38,053,127)		265,482		(249,752)
Increase (decrease) in net assets from operations		57,067,131		(19,860,868)		389,623		(79,487)
Contract Owner Transactions:
Accumulation Activity:
Purchase payments received		3,559,376		2,988,398		68,125		24,404
Transfers between Sub-Accounts
(including the Fixed Account), net		7,672,634		(943,151)		(25,702)		(209,176)
Withdrawals, surrenders, annuitizations
and contract charges		(76,823,412)		(86,630,923)		(332,173)		(214,603)
Net accumulation activity		(65,591,402)		(84,585,676)		(289,750)		(399,375)
Annuitization Activity:
Annuitizations		63,196		-		-		20,820
Annuity payments and contract charges		(49,952)		(47,997)		(449)		(22,346)
Transfers between Sub-Accounts, net		-		-		-		-
Adjustments to annuity reserves		(2,821)		916		81		(405)
Net annuitization activity		10,423		(47,081)		(368)		(1,931)
Net increase (decrease) from contract owner transactions		(65,580,979)		(84,632,757)		(290,118)		(401,306)
Total increase (decrease) in net assets		(8,513,848)		(104,493,625)		99,505		(480,793)
Net assets at beginning of year		414,465,602		518,959,227		1,644,682		2,125,475
Net assets at end of year	$	405,951,754	$	414,465,602	$	1,744,187	$	1,644,682

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, 2019 AND 2018

		MF7 Sub-Account				MF9 Sub-Account
		December 31,		December 31,		December 31,		December 31,
		2019		2018		2019		2018
Operations:
Net investment income (loss)	$	569,023	$	845,467	$	1,071,707	$	(445,376)
Net realized gains (losses)		2,711,382		4,926,484		32,746,043		30,502,722
Net change in unrealized appreciation/(depreciation)		7,890,371		(8,367,087)		37,179,675		(52,263,773)
Increase (decrease) in net assets from operations		11,170,776		(2,595,136)		70,997,425		(22,206,427)
Contract Owner Transactions:
Accumulation Activity:
Purchase payments received		721,572		976,962		2,667,103		1,838,912
Transfers between Sub-Accounts
(including the Fixed Account), net		(1,783,332)		(3,882,639)		(7,887,201)		(133,135)
Withdrawals, surrenders, annuitizations
and contract charges		(7,835,137)		(11,142,616)		(46,455,295)		(60,125,613)
Net accumulation activity		(8,896,897)		(14,048,293)		(51,675,393)		(58,419,836)
Annuitization Activity:
Annuitizations		27,861		66,403		-		1,614
Annuity payments and contract charges		(14,978)		(11,244)		(91)		(83)
Transfers between Sub-Accounts, net		-		-		-		-
Adjustments to annuity reserves		530		(11,654)		40		138
Net annuitization activity		13,413		43,505		(51)		1,669
Net increase (decrease) from contract owner transactions		(8,883,484)		(14,004,788)		(51,675,444)		(58,418,167)
Total increase (decrease) in net assets		2,287,292		(16,599,924)		19,321,981		(80,624,594)
Net assets at beginning of year		48,236,259		64,836,183		306,459,709		387,084,303
Net assets at end of year	$	50,523,551	$	48,236,259	$	325,781,690	$	306,459,709

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, 2019 AND 2018

		MG1 Sub-Account				MF2 Sub-Account
		December 31,		December 31,		December 31,		December 31,
		2019		2018		2019		2018
Operations:
Net investment income (loss)	$	(271,932)	$	(294,055)	$	1,817,323	$	594,615
Net realized gains (losses)		(412,851)		(2,844,445)		12,600		(781,904)
Net change in unrealized appreciation/(depreciation)		8,180,523		(5,945,327)		4,852,171		(1,035,946)
Increase (decrease) in net assets from operations		7,495,740		(9,083,827)		6,682,094		(1,223,235)
Contract Owner Transactions:
Accumulation Activity:
Purchase payments received		1,049,811		1,324,312		3,578,626		3,810,791
Transfers between Sub-Accounts
(including the Fixed Account), net		4,481,478		277,391		14,014,632		(9,800,389)
Withdrawals, surrenders, annuitizations
and contract charges		(18,567,225)		(24,199,221)		(35,035,305)		(40,310,509)
Net accumulation activity		(13,035,936)		(22,597,518)		(17,442,047)		(46,300,107)
Annuitization Activity:
Annuitizations		64,899		4,791		360,285		112,619
Annuity payments and contract charges		(44,599)		(7,408)		(83,110)		(48,024)
Transfers between Sub-Accounts, net		-		-		-		-
Adjustments to annuity reserves		(2,643)		1,109		3,464		5,195
Net annuitization activity		17,657		(1,508)		280,639		69,790
Net increase (decrease) from contract owner transactions		(13,018,279)		(22,599,026)		(17,161,408)		(46,230,317)
Total increase (decrease) in net assets		(5,522,539)		(31,682,853)		(10,479,314)		(47,453,552)
Net assets at beginning of year		122,512,404		154,195,257		203,393,960		250,847,512
Net assets at end of year	$	116,989,865	$	122,512,404	$	192,914,646	$	203,393,960

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, 2019 AND 2018

		MG2 Sub-Account				MG3 Sub-Account
		December 31,		December 31,		December 31,		December 31,
		2019		2018		2019		2018
Operations:
Net investment income (loss)	$	838,894	$	90,855	$	(121,534)	$	(249,421)
Net realized gains (losses)		70,113		(492,960)		1,508,363		1,474,002
Net change in unrealized appreciation/(depreciation)		2,583,630		(479,827)		4,830,956		(4,612,691)
Increase (decrease) in net assets from operations		3,492,637		(881,932)		6,217,785		(3,388,110)
Contract Owner Transactions:
Accumulation Activity:
Purchase payments received		1,378,440		878,858		470,601		525,266
Transfers between Sub-Accounts
(including the Fixed Account), net		8,879,074		(1,820,563)		(1,319,690)		298,936
Withdrawals, surrenders, annuitizations
and contract charges		(14,098,530)		(20,943,488)		(3,999,846)		(4,646,012)
Net accumulation activity		(3,841,016)		(21,885,193)		(4,848,935)		(3,821,810)
Annuitization Activity:
Annuitizations		9,118		-		3,765		43,835
Annuity payments and contract charges		(1,546)		(1,770)		(5,378)		(4,909)
Transfers between Sub-Accounts, net		-		-		-		-
Adjustments to annuity reserves		247		872		320		(11,758)
Net annuitization activity		7,819		(898)		(1,293)		27,168
Net increase (decrease) from contract owner transactions		(3,833,197)		(21,886,091)		(4,850,228)		(3,794,642)
Total increase (decrease) in net assets		(340,560)		(22,768,023)		1,367,557		(7,182,752)
Net assets at beginning of year		109,785,950		132,553,973		23,170,786		30,353,538
Net assets at end of year	$	109,445,390	$	109,785,950	$	24,538,343	$	23,170,786

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, 2019 AND 2018

		MG4 Sub-Account				MG6 Sub-Account
		December 31,		December 31,		December 31,		December 31,
		2019		2018		2019		2018
Operations:
Net investment income (loss)	$	(142,933)	$	(246,530)	$	7,626,089	$	2,835,220
Net realized gains (losses)		1,575,189		1,221,931		108,014,145		97,587,976
Net change in unrealized appreciation/(depreciation)		4,031,740		(3,934,613)		121,640,903		(174,910,427)
Increase (decrease) in net assets from operations		5,463,996		(2,959,212)		237,281,137		(74,487,231)
Contract Owner Transactions:
Accumulation Activity:
Purchase payments received		136,486		253,805		11,953,200		14,418,888
Transfers between Sub-Accounts
(including the Fixed Account), net		(1,440,755)		(211,073)		(10,777,670)		714,091
Withdrawals, surrenders, annuitizations
and contract charges		(3,544,128)		(5,449,557)		(192,422,803)		(239,069,385)
Net accumulation activity		(4,848,397)		(5,406,825)		(191,247,273)		(223,936,406)
Annuitization Activity:
Annuitizations		4,426		-		665,748		-
Annuity payments and contract charges		(277)		-		(30,874)		(144,951)
Transfers between Sub-Accounts, net		-		-		-		-
Adjustments to annuity reserves		114		-		(53,159)		123,493
Net annuitization activity		4,263		-		581,715		(21,458)
Net increase (decrease) from contract owner transactions		(4,844,134)		(5,406,825)		(190,665,558)		(223,957,864)
Total increase (decrease) in net assets		619,862		(8,366,037)		46,615,579		(298,445,095)
Net assets at beginning of year		20,713,591		29,079,628		1,255,969,013		1,554,414,108
Net assets at end of year	$	21,333,453	$	20,713,591	$	1,302,584,592	$	1,255,969,013

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, 2019 AND 2018

		MG7 Sub-Account				V44 Sub-Account
		December 31,		December 31,		December 31,		December 31,
		2019		2018		2019		2018
Operations:
Net investment income (loss)	$	(86,684)	$	(125,917)	$	(191,442)	$	(169,475)
Net realized gains (losses)		945,326		1,480,850		1,037,294		2,699,341
Net change in unrealized appreciation/(depreciation)		1,230,783		(2,281,768)		1,960,842		(1,986,910)
Increase (decrease) in net assets from operations		2,089,425		(926,835)		2,806,694		542,956
Contract Owner Transactions:
Accumulation Activity:
Purchase payments received		73,855		97,720		311,599		267,843
Transfers between Sub-Accounts
(including the Fixed Account), net		(812,312)		(63,135)		453,357		2,517,213
Withdrawals, surrenders, annuitizations
and contract charges		(1,024,134)		(1,602,767)		(2,049,615)		(2,492,168)
Net accumulation activity		(1,762,591)		(1,568,182)		(1,284,659)		292,888
Annuitization Activity:
Annuitizations		4,356		-		-		1,548
Annuity payments and contract charges		(276)		-		(88)		(80)
Transfers between Sub-Accounts, net		-		-		-		-
Adjustments to annuity reserves		115		-		44		130
Net annuitization activity		4,195		-		(44)		1,598
Net increase (decrease) from contract owner transactions		(1,758,396)		(1,568,182)		(1,284,703)		294,486
Total increase (decrease) in net assets		331,029		(2,495,017)		1,521,991		837,442
Net assets at beginning of year		7,295,067		9,790,084		9,712,851		8,875,409
Net assets at end of year	$	7,626,096	$	7,295,067	$	11,234,842	$	9,712,851

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, 2019 AND 2018

		V43 Sub-Account				O19 Sub-Account
		December 31,		December 31,		December 31,		December 31,
		2019		2018		2019		2018
Operations:
Net investment income (loss)	$	(125,469)	$	(114,330)	$	(238,832)	$	(258,238)
Net realized gains (losses)		1,753,041		1,911,195		1,263,847		1,004,567
Net change in unrealized appreciation/(depreciation)		789,341		(1,092,481)		2,926,219		(1,648,774)
Increase (decrease) in net assets from operations		2,416,913		704,384		3,951,234		(902,445)
Contract Owner Transactions:
Accumulation Activity:
Purchase payments received		42,333		198,185		388,220		235,610
Transfers between Sub-Accounts
(including the Fixed Account), net		(144,257)		338,264		(837,964)		329,120
Withdrawals, surrenders, annuitizations
and contract charges		(938,162)		(1,602,340)		(2,309,048)		(2,931,831)
Net accumulation activity		(1,040,086)		(1,065,891)		(2,758,792)		(2,367,101)
Annuitization Activity:
Annuitizations		4,607		-		43,566		6,813
Annuity payments and contract charges		(278)		-		(3,303)		(2,940)
Transfers between Sub-Accounts, net		-		-		-		-
Adjustments to annuity reserves		106		-		543		(6)
Net annuitization activity		4,435		-		40,806		3,867
Net increase (decrease) from contract owner transactions		(1,035,651)		(1,065,891)		(2,717,986)		(2,363,234)
Total increase (decrease) in net assets		1,381,262		(361,507)		1,233,248		(3,265,679)
Net assets at beginning of year		6,474,748		6,836,255		12,674,828		15,940,507
Net assets at end of year	$	7,856,010	$	6,474,748	$	13,908,076	$	12,674,828

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, 2019 AND 2018

		O23 Sub-Account				O20 Sub-Account
		December 31,		December 31,		December 31,		December 31,
		2019		2018		2019		2018
Operations:
Net investment income (loss)	$	40,765	$	11,691	$	(163,886)	$	(171,036)
Net realized gains (losses)		454,127		605,046		2,452,930		2,260,258
Net change in unrealized appreciation/(depreciation)		1,036,159		(1,416,845)		1,782,214		(4,600,790)
Increase (decrease) in net assets from operations		1,531,051		(800,108)		4,071,258		(2,511,568)
Contract Owner Transactions:
Accumulation Activity:
Purchase payments received		18,019		23,308		139,824		303,997
Transfers between Sub-Accounts
(including the Fixed Account), net		42,090		63,821		(1,283,873)		1,423,490
Withdrawals, surrenders, annuitizations
and contract charges		(912,015)		(987,227)		(2,531,357)		(4,321,877)
Net accumulation activity		(851,906)		(900,098)		(3,675,406)		(2,594,390)
Annuitization Activity:
Annuitizations		-		-		3,609		1,487
Annuity payments and contract charges		-		-		(226)		(77)
Transfers between Sub-Accounts, net		-		-		-		-
Adjustments to annuity reserves		-		-		415		125
Net annuitization activity		-		-		3,798		1,535
Net increase (decrease) from contract owner transactions		(851,906)		(900,098)		(3,671,608)		(2,592,855)
Total increase (decrease) in net assets		679,145		(1,700,206)		399,650		(5,104,423)
Net assets at beginning of year		10,331,463		12,031,669		15,149,305		20,253,728
Net assets at end of year	$	11,010,608	$	10,331,463	$	15,548,955	$	15,149,305

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, 2019 AND 2018

		O21 Sub-Account				O04 Sub-Account
		December 31,		December 31,		December 31,		December 31,
		2019		2018		2019		2018
Operations:
Net investment income (loss)	$	(1,416,496)	$	(1,447,783)	$	(82,842)	$	(97,877)
Net realized gains (losses)		33,188,162		32,978,412		383,271		898,069
Net change in unrealized appreciation/(depreciation)		7,743,862		(46,742,368)		712,934		(1,361,863)
Increase (decrease) in net assets from operations		39,515,528		(15,211,739)		1,013,363		(561,671)
Contract Owner Transactions:
Accumulation Activity:
Purchase payments received		2,365,549		3,154,271		101,580		252,734
Transfers between Sub-Accounts
(including the Fixed Account), net		(9,953,076)		(2,412,025)		(225,878)		(173,868)
Withdrawals, surrenders, annuitizations
and contract charges		(25,593,737)		(29,668,893)		(681,265)		(1,299,780)
Net accumulation activity		(33,181,264)		(28,926,647)		(805,563)		(1,220,914)
Annuitization Activity:
Annuitizations		208,125		49,875		24,042		-
Annuity payments and contract charges		(51,387)		(30,654)		(880)		-
Transfers between Sub-Accounts, net		-		-		-		-
Adjustments to annuity reserves		4,106		(55,277)		(2)		-
Net annuitization activity		160,844		(36,056)		23,160		-
Net increase (decrease) from contract owner transactions		(33,020,420)		(28,962,703)		(782,403)		(1,220,914)
Total increase (decrease) in net assets		6,495,108		(44,174,442)		230,960		(1,782,585)
Net assets at beginning of year		145,625,526		189,799,968		4,562,326		6,344,911
Net assets at end of year	$	152,120,634	$	145,625,526	$	4,793,286	$	4,562,326

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, 2019 AND 2018

		PH2 Sub-Account				P08 Sub-Account
		December 31,		December 31,		December 31,		December 31,
		2019		2018		2019		2018
Operations:
Net investment income (loss)	$	(501)	$	(534)	$	207,381	$	258,016
Net realized gains (losses)		(19,837)		53,650		(78,054)		(140,462)
Net change in unrealized appreciation/(depreciation)		106,721		(105,149)		1,472,575		(1,418,065)
Increase (decrease) in net assets from operations		86,383		(52,033)		1,601,902		(1,300,511)
Contract Owner Transactions:
Accumulation Activity:
Purchase payments received		-		-		487,763		103,255
Transfers between Sub-Accounts
(including the Fixed Account), net		(16,814)		(32,214)		830,190		(657,106)
Withdrawals, surrenders, annuitizations
and contract charges		(60,358)		(100,508)		(2,417,966)		(2,760,347)
Net accumulation activity		(77,172)		(132,722)		(1,100,013)		(3,314,198)
Annuitization Activity:
Annuitizations		-		-		-		-
Annuity payments and contract charges		-		-		-		-
Transfers between Sub-Accounts, net		-		-		-		-
Adjustments to annuity reserves		-		-		-		-
Net annuitization activity		-		-		-		-
Net increase (decrease) from contract owner transactions		(77,172)		(132,722)		(1,100,013)		(3,314,198)
Total increase (decrease) in net assets		9,211		(184,755)		501,889		(4,614,709)
Net assets at beginning of year		367,455		552,210		16,485,880		21,100,589
Net assets at end of year	$	376,666	$	367,455	$	16,987,769	$	16,485,880

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, 2019 AND 2018

		PC0 Sub-Account				P70 Sub-Account
		December 31,		December 31,		December 31,		December 31,
		2019		2018		2019		2018
Operations:
Net investment income (loss)	$	180,681	$	248,205	$	6,851	$	1,397
Net realized gains (losses)		(169,165)		(205,493)		(28,719)		(29,631)
Net change in unrealized appreciation/(depreciation)		1,456,580		(1,304,321)		47,589		(22,724)
Increase (decrease) in net assets from operations		1,468,096		(1,261,609)		25,721		(50,958)
Contract Owner Transactions:
Accumulation Activity:
Purchase payments received		25,122		70,367		-		-
Transfers between Sub-Accounts
(including the Fixed Account), net		318,496		(374,351)		7,283		125
Withdrawals, surrenders, annuitizations
and contract charges		(2,787,144)		(2,741,140)		(57,784)		(19,294)
Net accumulation activity		(2,443,526)		(3,045,124)		(50,501)		(19,169)
Annuitization Activity:
Annuitizations		-		-		-		-
Annuity payments and contract charges		-		-		-		-
Transfers between Sub-Accounts, net		-		-		-		-
Adjustments to annuity reserves		-		-		-		-
Net annuitization activity		-		-		-		-
Net increase (decrease) from contract owner transactions		(2,443,526)		(3,045,124)		(50,501)		(19,169)
Total increase (decrease) in net assets		(975,430)		(4,306,733)		(24,780)		(70,127)
Net assets at beginning of year		15,777,531		20,084,264		280,406		350,533
Net assets at end of year	$	14,802,101	$	15,777,531	$	255,626	$	280,406

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, 2019 AND 2018

		P10 Sub-Account				PK8 Sub-Account
		December 31,		December 31,		December 31,		December 31,
		2019		2018		2019		2018
Operations:
Net investment income (loss)	$	652,759	$	119,523	$	219,992	$	230,141
Net realized gains (losses)		(1,800,207)		(4,215,017)		(87,696)		(495,524)
Net change in unrealized appreciation/(depreciation)		3,255,539		(124,679)		827,881		(369,777)
Increase (decrease) in net assets from operations		2,108,091		(4,220,173)		960,177		(635,160)
Contract Owner Transactions:
Accumulation Activity:
Purchase payments received		291,679		339,488		108,177		113,360
Transfers between Sub-Accounts
(including the Fixed Account), net		1,830,018		(306,040)		161,243		(100,961)
Withdrawals, surrenders, annuitizations
and contract charges		(3,551,389)		(4,946,357)		(1,030,625)		(2,177,283)
Net accumulation activity		(1,429,692)		(4,912,909)		(761,205)		(2,164,884)
Annuitization Activity:
Annuitizations		22,327		93,477		4,539		-
Annuity payments and contract charges		(12,123)		(10,785)		(1,681)		(2,653)
Transfers between Sub-Accounts, net		-		-		-		-
Adjustments to annuity reserves		134		109		266		1,682
Net annuitization activity		10,338		82,801		3,124		(971)
Net increase (decrease) from contract owner transactions		(1,419,354)		(4,830,108)		(758,081)		(2,165,855)
Total increase (decrease) in net assets		688,737		(9,050,281)		202,096		(2,801,015)
Net assets at beginning of year		22,324,165		31,374,446		7,700,705		10,501,720
Net assets at end of year	$	23,012,902	$	22,324,165	$	7,902,801	$	7,700,705

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, 2019 AND 2018

		P20 Sub-Account				PD6 Sub-Account
		December 31,		December 31,		December 31,		December 31,
		2019		2018		2019		2018
Operations:
Net investment income (loss)	$	7,299	$	11,677	$	1,753,907	$	(44,260)
Net realized gains (losses)		(18,985)		(10,855)		(3,091,629)		31,903,014
Net change in unrealized appreciation/(depreciation)		48,575		(33,408)		55,980,825		(61,692,049)
Increase (decrease) in net assets from operations		36,889		(32,586)		54,643,103		(29,833,295)
Contract Owner Transactions:
Accumulation Activity:
Purchase payments received		54		10,702		1,935,269		2,279,834
Transfers between Sub-Accounts
(including the Fixed Account), net		54,654		(2,752)		(5,098,717)		(3,134,058)
Withdrawals, surrenders, annuitizations
and contract charges		(303,188)		(77,582)		(50,239,343)		(67,876,727)
Net accumulation activity		(248,480)		(69,632)		(53,402,791)		(68,730,951)
Annuitization Activity:
Annuitizations		-		-		35,037		-
Annuity payments and contract charges		-		-		(8,830)		(10,487)
Transfers between Sub-Accounts, net		-		-		-		-
Adjustments to annuity reserves		-		-		5,993		(4,969)
Net annuitization activity		-		-		32,200		(15,456)
Net increase (decrease) from contract owner transactions		(248,480)		(69,632)		(53,370,591)		(68,746,407)
Total increase (decrease) in net assets		(211,591)		(102,218)		1,272,512		(98,579,702)
Net assets at beginning of year		422,826		525,044		380,593,252		479,172,954
Net assets at end of year	$	211,235	$	422,826	$	381,865,764	$	380,593,252

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, 2019 AND 2018

		P06 Sub-Account				P07 Sub-Account
		December 31,		December 31,		December 31,		December 31,
		2019		2018		2019		2018
Operations:
Net investment income (loss)	$	(13,109)	$	309,757	$	1,790,763	$	1,296,639
Net realized gains (losses)		(725,895)		(2,033,268)		(1,382,694)		(1,319,823)
Net change in unrealized appreciation/(depreciation)		2,901,183		185,992		8,406,563		(3,937,414)
Increase (decrease) in net assets from operations		2,162,179		(1,537,519)		8,814,632		(3,960,598)
Contract Owner Transactions:
Accumulation Activity:
Purchase payments received		617,630		467,193		2,524,505		2,700,980
Transfers between Sub-Accounts
(including the Fixed Account), net		1,354,818		(939,489)		6,824,739		(4,717,636)
Withdrawals, surrenders, annuitizations
and contract charges		(5,220,116)		(7,261,832)		(24,322,817)		(28,536,400)
Net accumulation activity		(3,247,668)		(7,734,128)		(14,973,573)		(30,553,056)
Annuitization Activity:
Annuitizations		-		84,107		80,648		148,343
Annuity payments and contract charges		(37,713)		(73,847)		(123,533)		(98,188)
Transfers between Sub-Accounts, net		-		-		-		-
Adjustments to annuity reserves		(183)		(1,291)		31,041		(9,951)
Net annuitization activity		(37,896)		8,969		(11,844)		40,204
Net increase (decrease) from contract owner transactions		(3,285,564)		(7,725,159)		(14,985,417)		(30,512,852)
Total increase (decrease) in net assets		(1,123,385)		(9,262,678)		(6,170,785)		(34,473,450)
Net assets at beginning of year		33,513,529		42,776,207		139,502,056		173,975,506
Net assets at end of year	$	32,390,144	$	33,513,529	$	133,331,271	$	139,502,056

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, 2019 AND 2018

		P68 Sub-Account				PI3 Sub-Account
		December 31,		December 31,		December 31,		December 31,
		2019		2018		2019		2018
Operations:
Net investment income (loss)	$	17	$	-	$	(244,829)	$	(220,925)
Net realized gains (losses)		(6)		-		(88,411)		574,464
Net change in unrealized appreciation/(depreciation)		(25)		-		990,098		(2,039,809)
Increase (decrease) in net assets from operations		(14)		-		656,858		(1,686,270)
Contract Owner Transactions:
Accumulation Activity:
Purchase payments received		13,516		-		87,000		35,327
Transfers between Sub-Accounts
(including the Fixed Account), net		6,922		-		402,091		(329,434)
Withdrawals, surrenders, annuitizations
and contract charges		-		-		(1,718,387)		(3,497,291)
Net accumulation activity		20,438		-		(1,229,296)		(3,791,398)
Annuitization Activity:
Annuitizations		-		-		-		-
Annuity payments and contract charges		-		-		-		-
Transfers between Sub-Accounts, net		-		-		-		-
Adjustments to annuity reserves		-		-		-		-
Net annuitization activity		-		-		-		-
Net increase (decrease) from contract owner transactions		20,438		-		(1,229,296)		(3,791,398)
Total increase (decrease) in net assets		20,424		-		(572,438)		(5,477,668)
Net assets at beginning of year		-		-		15,177,351		20,655,019
Net assets at end of year	$	20,424	$	-	$	14,604,913	$	15,177,351

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, 2019 AND 2018

		P72 Sub-Account				P95 Sub-Account
		December 31,		December 31,		December 31,		December 31,
		2019		2018		2019		2018
Operations:
Net investment income (loss)	$	52,610	$	(130,263)	$	(25)	$	-
Net realized gains (losses)		1,484,674		1,276,193		-		-
Net change in unrealized appreciation/(depreciation)		1,746,855		(2,419,747)		111		-
Increase (decrease) in net assets from operations		3,284,139		(1,273,817)		86		-
Contract Owner Transactions:
Accumulation Activity:
Purchase payments received		148,716		205,600		7,000		-
Transfers between Sub-Accounts
(including the Fixed Account), net		191,954		1,200,905		289		-
Withdrawals, surrenders, annuitizations
and contract charges		(1,846,560)		(2,668,458)		(24)		-
Net accumulation activity		(1,505,890)		(1,261,953)		7,265		-
Annuitization Activity:
Annuitizations		-		-		-		-
Annuity payments and contract charges		-		-		-		-
Transfers between Sub-Accounts, net		-		-		-		-
Adjustments to annuity reserves		-		-		-		-
Net annuitization activity		-		-		-		-
Net increase (decrease) from contract owner transactions		(1,505,890)		(1,261,953)		7,265		-
Total increase (decrease) in net assets		1,778,249		(2,535,770)		7,351		-
Net assets at beginning of year		12,064,141		14,599,911		-		-
Net assets at end of year	$	13,842,390	$	12,064,141	$	7,351	$	-

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, 2019 AND 2018

		P79 Sub-Account				W41 Sub-Account
		December 31,		December 31,		December 31,		December 31,
		2019		2018		2019		2018
Operations:
Net investment income (loss)	$	(81)	$	-	$	(4,084)	$	(4,097)
Net realized gains (losses)		29		-		21,397		10,307
Net change in unrealized appreciation/(depreciation)		1,919		-		42,687		(38,996)
Increase (decrease) in net assets from operations		1,867		-		60,000		(32,786)
Contract Owner Transactions:
Accumulation Activity:
Purchase payments received		15,406		-		-		-
Transfers between Sub-Accounts
(including the Fixed Account), net		(312)		-		(10,586)		(4,884)
Withdrawals, surrenders, annuitizations
and contract charges		(54)		-		(28,856)		(29,338)
Net accumulation activity		15,040		-		(39,442)		(34,222)
Annuitization Activity:
Annuitizations		-		-		-		-
Annuity payments and contract charges		-		-		-		-
Transfers between Sub-Accounts, net		-		-		-		-
Adjustments to annuity reserves		-		-		-		-
Net annuitization activity		-		-		-		-
Net increase (decrease) from contract owner transactions		15,040		-		(39,442)		(34,222)
Total increase (decrease) in net assets		16,907		-		20,558		(67,008)
Net assets at beginning of year		-		-		236,808		303,816
Net assets at end of year	$	16,907	$	-	$	257,366	$	236,808

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, 2019 AND 2018

		W42 Sub-Account
		December 31,		December 31,
		2019		2018
Operations:
Net investment income (loss)	$	(538)	$	(924)
Net realized gains (losses)		5,554		523
Net change in unrealized appreciation/(depreciation)		4,003		432
Increase (decrease) in net assets from operations		9,019		31
Contract Owner Transactions:
Accumulation Activity:
Purchase payments received		-		7,585
Transfers between Sub-Accounts
(including the Fixed Account), net		(2,274)		(1,043)
Withdrawals, surrenders, annuitizations
and contract charges		(408)		(28,099)
Net accumulation activity		(2,682)		(21,557)
Annuitization Activity:
Annuitizations		-		-
Annuity payments and contract charges		-		-
Transfers between Sub-Accounts, net		-		-
Adjustments to annuity reserves		-		-
Net annuitization activity		-		-
Net increase (decrease) from contract owner transactions		(2,682)		(21,557)
Total increase (decrease) in net assets		6,337		(21,526)
Net assets at beginning of year		31,384		52,910
Net assets at end of year	$	37,721	$	31,384

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)

NOTES TO FINANCIAL STATEMENTS

FOR THE YEAR ENDED DECEMBER 31, 2019

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 (collectively the "Contracts"), and certain other fixed and variable annuity contracts issued by the Sponsor. The Variable Account is registered with the Securities and Exchange Commission under the Investment Company Act of 1940, as amended, as a unit investment trust existing in accordance with the regulations of the Delaware Insurance Department and is an investment company. Accordingly, the Variable Account follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") Topic 946 Financial Services – Investment Companies.

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

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

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

Sub-
Account	Previous Name	Effective Date
V43	Morgan Stanley Variable Insurance Fund, Inc. Mid Cap Growth Portfolio Class II	April 30, 2019
FE6	Franklin Templeton Founding Funds Allocation VIP Fund Class 2	May 1, 2019
C91	Columbia Variable Portfolio Select Large-Cap Value- Class 2	May 1, 2019
O19	Oppenheimer Capital Appreciation Fund/VA (Service Shares)	May 24, 2019
O23	Oppenheimer Conservative Balanced Fund/VA (Service Shares)	May 24, 2019
O20	Oppenheimer Global Fund/VA (Service Shares)	May 24, 2019
O04	Oppenheimer Main Street Small Cap Fund/VA (Service Shares)	May 24, 2019
O21	Oppenheimer Main Street Fund/VA (Service Shares)	May 24, 2019
M93	MFS VIT II International Value Portfolio S Class	June 1, 2019
M98	MFS VIT II International Value Portfolio I Class	June 1, 2019
PD6	PIMCO VIT Global Multi-Asset Managed Allocation Portfolio Advisor Class	October 1, 2019

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

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

1. BUSINESS AND ORGANIZATION (CONTINUED)

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

Sub-Account	Effective Date
C59, C60, C58, C89, C90	April 29, 2016
AC4, C91, G03, P68, P95, P79, AP0, AQ1, AS3, AQ3, L33	October 3, 2018
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, 2019. 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.

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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 accounting principles generally accepted in the United States of America requires Sponsor's management to make estimates and assumptions that affect the reported amounts of assets and liabilities as of the date of the financial statements and the reported amounts of income and expenses during the period. The most significant estimates are fair value measurements of investments and the calculation of the reserve for variable annuities. Actual results could vary from the amounts derived from Sponsor management's estimates.

Subsequent events

The Sponsor's management has evaluated events subsequent to December 31, 2019 noting that, other than indicated below, there are no subsequent events requiring accounting adjustments or disclosure.

The spread of COVID-19 is worldwide, dislocating the capital markets and affecting every industry. There is considerable uncertainty around both the severity and the duration of the COVID-19 outbreak, and for that reason the future financial and other impacts of the pandemic on the Variable Account's net assets cannot reasonably be estimated at this time.

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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, 2019, 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, 2019. There were no transfers between levels during the year ended December 31, 2019.

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.

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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, 2019, the deduction is at an effective annual rate as follows:

	Level	Level	Level	Level	Level	Level	Level	Level	Level
	1	2	3	4	5	6	7	8	9
Regatta	1.40%	-	-	-	-	-	-	-	-
Regatta Gold	1.25%	-	-	-	-	-	-	-	-
Regatta Classic	1.00%	-	-	-	-	-	-	-	-
Regatta Platinum	1.25%	-	-	-	-	-	-	-	-
Regatta Extra	1.30%	1.45%	1.55%	1.70%	-	-	-	-	-
Regatta Choice	0.85%	1.00%	1.10%	1.15%	1.25%	1.40%	-	-	-
Regatta Access	1.00%	1.15%	1.25%	1.40%	1.50%	1.65%	-	-	-
Regatta Flex 4	0.95%	1.10%	1.20%	1.35%	1.45%	1.60%	-	-	-
Regatta Flex II	1.30%	1.50%	1.55%	1.70%	1.75%	1.90%	1.95%	2.15%	-
Regatta Choice II	1.05%	1.25%	1.30%	1.45%	1.50%	1.65%	1.70%	-	-
Masters Extra	1.40%	1.60%	1.65%	1.80%	1.85%	2.00%	2.05%	2.25%	-
Masters Choice	1.05%	1.25%	1.30%	1.45%	1.50%	1.65%	1.70%	1.90%	-
Masters Access	1.35%	1.55%	1.60%	1.75%	1.80%	1.95%	-	-	-
Masters Flex	1.30%	1.50%	1.55%	1.70%	1.75%	1.90%	1.95%	2.15%	-
Masters IV	1.25%	1.30%	1.35%	1.45%	1.50%	1.55%	1.60%	1.65%	1.75%
Masters VII	1.00%	1.05%	1.20%	1.25%	1.30%	1.35%	1.40%	1.50%	-
Masters Extra II	1.40%	1.80%	-	-	-	-	-	-	-
Masters Choice II	1.05%	1.30%	1.45%	-	-	-	-	-	-
Masters Flex II	1.30%	1.70%	-	-	-	-	-	-	-
Masters I Share	0.50%	-	-	-	-	-	-	-	-
Masters Prime	0.85%

Distribution and administrative expense charges

For assuming the risk that surrender charges may be insufficient to compensate the Sponsor for the costs of distributing the Contracts, the Sponsor makes a deduction from the Sub-Account at the end of each valuation period for the first seven account years at an effective annual rate of 0.15% of the average daily value of the contract invested in the Sub-Account attributable to Regatta, Masters VII, Masters Extra, Masters Extra II, Masters Choice and Masters Choice II, and at an effective annual rate of 0.20% of the average daily value of the contract invested in the Sub-Account attributable to Masters IV, Masters Access, Masters Flex, Masters Flex II and Masters Prime. There are no distribution charges associated with the other contracts listed in Note 1.

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

5. CONTRACT CHARGES (CONTINUED)

Distribution and administrative expense charges (Continued)

Additionally, for Regatta, Regatta Gold, Regatta Classic, Regatta Platinum, Regatta Extra, Regatta Access, Regatta Choice, Regatta Flex 4, Regatta Flex II, Regatta Choice II, Masters Extra, Masters Choice, Masters Access, Masters Flex, Masters IV, Masters VII, Masters Extra II, Masters Flex II, Masters I Share, Masters Choice II and Masters Prime contracts, an administrative expense charge is deducted from the assets of the Variable Account at an annual effective rate equal to 0.15% of the average daily Variable Account value. This charge is designed to reimburse the Sponsor for expenses incurred in administering the Contracts, the accounts and the Variable Account that are not covered by the annual account administration fee ("Account Fee"). Distribution and administrative expense charges are reflected in the Statements of Operations.

Administration charges ("Account Fee")

Each year on the account anniversary date, an Account Fee equal to the lesser of $30 or 2% of the participant's account value in the case of Regatta Gold, $30 in cash Masters Prime, $35 in the case of Regatta Extra and Regatta Platinum contracts, and $50 in the case of Regatta Choice, Regatta Classic, Regatta Access, Regatta Flex 4, Regatta Flex II, Regatta Choice II, Masters Extra, Masters Choice, Masters Access, Masters Flex, Masters IV, Masters VII, Masters Extra II, Masters Flex II, Masters I Share, and Masters Choice II contracts (after account year 5, the Account Fee for Regatta Gold, Regatta Platinum, Regatta Extra, and Regatta Choice contracts, may be changed annually, but it may not exceed the lesser of $50 or 2% of the participant's account value) is deducted from the participant's account to reimburse the Sponsor for certain administrative expenses. The Account Fee related to contracts in the accumulation phase is reflected in the Statements of Changes in Net Assets as part of "Withdrawals, surrenders, annuitizations, and contract charges" line item. After the annuity commencement date, the Account Fee will be deducted pro rata from each variable annuity payment made during the year and reflected under the line item "Annuity payments and contract charges" in the Statements of Changes in Net Assets.

Surrender charges

The Sponsor does not deduct a sales charge from the purchase payments. However, a surrender charge (contingent deferred sales charge) of up to 6% of certain amounts withdrawn will be deducted to cover certain expenses relating to the sale of Regatta, Regatta Gold, Regatta Flex 4, and Regatta Platinum contracts; 8% for Regatta Extra, Regatta Choice II, Regatta Flex II, Masters Choice, Masters Choice II, Masters Flex, Masters Flex II, Masters Extra, Masters Extra II, Masters IV, Masters VII, and Masters Prime; and for 7% for Regatta Choice if the contract holder requests a full withdrawal prior to reaching the pay-out phase. These charges are reflected in the "Withdrawals, surrenders, annuitizations and contract charges" line on the Statements of Changes in Net Assets.

Optional living benefit rider charges ("Benefit Fee")

Benefit Fee is charged for optional living benefit riders elected by the contract holder. The benefit fee is deducted from the related account value as highlighted in the following table.

	Single Life Quarterly		Joint Life Quarterly		Single Life Annual		Joint Life Annual
Secured Returns	Charge		Charge		Charge		Charge
	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%
		- 130 -

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.

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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, 2019 were as follows:

AL1		Purchases		Sales
	$	6,115,503	$	7,133,986
AO5		2,482,603		13,083,345
AM2		225,775		1,136,486
A98		1,785,509		5,285,714
AC4		98,405		8,205
A74		2,880,583		2,257,166
AP0		116,519		6,619
AQ1		10,483		3,487
AS3		117,133		7,154
AQ3		3,522		122
B18		25,214,324		69,376,778
L33		25,943		503
C71		2,527		1,783
C59		14,830		7,434
C60		1,162,162		15,383,096
C89		18,107		8,594
C90		1,039,955		5,028,969
C58		940,958		1,228,355
C91		37,527		4,463
FD7		13,676,770		20,114,318
F24		21,824,037		33,909,331
F88		571,032		900,855
FB9		2,328,540		2,746,704
F15		1,843,797		3,053,634
F41		13,301,632		19,462,801
FE3		11,792,783		43,350,404
T21		906,815		5,371,472
T20		9,147,982		16,132,254
FE6		2,980,097		3,701,618
T59		942,916		1,193,633
F56		4,472,133		3,716,308
F59		6,169,418		12,718,948
FF0		177,722		595,052
F54		17,049,859		25,012,952
FG8		27,315		104,450
F53		5,341,479		6,389,646
FJ9		73,450		220,142
T28		2,063,996		2,836,515
FJ0		27,481		99,002
G03		36,626		215
H24		71,847		184,647
H32		264,501		301,036
V35		1,104,082		1,527,043

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

7. INVESTMENT PURCHASES AND SALES (CONTINUED)

V13		Purchases		Sales
	$	5,103,715	$	5,681,072
V11		10,669,727		17,081,138
AC1		375,100		858,637
J88		6,549,121		6,405,955
J94		3,581,725		3,493,628
L11		2,347,786		6,854,682
L18		3,086,013		6,490,233
L17		2,356,033		7,086,109
M07		22,057,527		46,055,327
M35		21,577,629		56,403,168
M31		15,448,018		25,342,816
M80		4,374,807		5,709,167
MF1		4,472,940		5,324,535
M41		4,994,901		7,501,241
M05		10,863,386		10,278,692
M42		8,133,512		11,774,022
M89		42,852,517		72,790,035
M82		14,089,877		26,495,586
M44		7,021,758		18,578,433
M40		4,029,545		12,523,818
M83		19,132,773		45,345,598
M08		9,486,281		25,069,211
MB6		27,492,918		43,058,600
MB7		7,199,401		12,773,859
MC0		4,998,149		9,496,347
MA0		16,882,558		23,910,003
MC2		15,685,500		18,022,014
MC1		8,970,646		10,227,024
MC3		1,387,787		2,560,624
MA1		1,870,086		4,465,705
MC4		1,501,872		1,423,109
MC5		102,864		147,380
MC6		6,905,081		8,956,746
MC7		271,178		289,458
MC8		8,472,332		13,702,007
MC9		797,997		1,351,409
MD0		2,990,558		6,968,598
M92		29,244,084		79,611,331
M96		8,235,505		13,890,774
MD2		16,724,783		28,604,967
MA6		5,305,966		9,324,139
MA3		3,697,649		7,403,140
M97		5,232,518		7,924,426
MD5		3,348,996		4,527,490
M98		3,551,043		7,843,481
M93		5,975,896		21,345,052
MD6		34,082,065		58,315,754
MB3		4,519,764		7,757,495
MD8		14,671,823		18,869,537

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

7. INVESTMENT PURCHASES AND SALES (CONTINUED)

MD9		Purchases		Sales
	$	48,627,939	$	61,713,051
ME2		1,745,531		3,135,793
ME3		3,055,779		9,018,134
MA5		3,158,622		3,970,887
MA7		452,920		917,329
ME4		2,397,402		4,471,233
MA2		439,351		449,403
MF3		12,489,194		14,140,664
MF5		44,589,854		86,788,019
MF6		194,997		440,570
MF7		3,320,008		11,356,867
MF9		40,979,553		61,561,931
MG1		10,299,814		23,588,986
MF2		23,189,549		38,540,104
MG2		14,696,799		17,691,528
MG3		3,038,090		5,964,958
MG4		2,869,973		6,044,154
MG6		134,146,830		227,187,330
MG7		1,674,182		2,315,857
V44		3,126,424		3,945,495
V43		2,928,961		3,034,651
O19		2,173,071		3,761,390
O23		698,907		1,334,274
O20		2,813,885		4,444,050
O21		28,086,090		37,677,519
O04		680,303		1,095,493
PH2		7,014		84,687
P08		1,835,230		2,727,903
PC0		1,050,807		3,313,652
P70		26,976		70,626
P10		3,421,368		4,188,308
PK8		750,796		1,289,375
P20		67,201		308,382
PD6		13,715,206		65,338,259
P06		2,973,949		6,272,682
P07		14,482,799		27,711,143
P68		23,927		3,472
PI3		1,086,831		2,561,487
P72		3,211,249		3,493,316
P95		7,264		24
P79		15,434		475
W41		38,870		47,424
W42		6,635		3,502

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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, 2019 were as follows:

	Units	Units	Net Increase
AL1	Issued	Redeemed	(Decrease)
	83,787	467,198	(383,411)
AO5	176,999	1,054,756	(877,757)
AM2	12,539	114,893	(102,354)
A98	267,289	723,032	(455,743)
AC4	9,075	1,318	7,757
A74	84,446	105,745	(21,299)
AP0	11,864	1,002	10,862
AQ1	1,311	657	654
AS3	11,769	1,298	10,471
AQ3	333	10	323
B18	740,242	4,234,323	(3,494,081)
L33	2,577	40	2,537
C71	32	67	(35)
C59	1,029	419	610
C60	118,952	1,015,518	(896,566)
C89	1,270	374	896
C90	79,944	317,979	(238,035)
C58	27,610	111,712	(84,102)
C91	4,177	755	3,422
FD7	492,904	1,079,189	(586,285)
F24	289,968	1,567,565	(1,277,597)
F88	33,101	59,340	(26,239)
FB9	82,471	157,307	(74,836)
F15	30,189	161,034	(130,845)
F41	260,490	994,191	(733,701)
FE3	483,427	2,892,933	(2,409,506)
T21	75,211	355,796	(280,585)
T20	450,912	864,252	(413,340)
FE6	50,998	247,751	(196,753)
T59	74,720	118,673	(43,953)
F56	82,790	180,873	(98,083)
F59	203,302	827,988	(624,686)
FF0	6,047	39,301	(33,254)
F54	196,456	999,092	(802,636)
FG8	161	5,635	(5,474)
F53	45,769	174,660	(128,891)
FJ9	328	10,693	(10,365)
T28	117,401	201,333	(83,932)
FJ0	1,759	8,216	(6,457)
G03	3,537	15	3,522
H24	3,783	12,501	(8,718)

- 135 -

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

8. CHANGES IN UNITS OUTSTANDING (CONTINUED)

	Units	Units	Net Increase
H32	Issued	Redeemed	(Decrease)
	4,205	17,303	(13,098)
V35	40,986	81,073	(40,087)
V13	106,837	320,561	(213,724)
V11	207,244	937,160	(729,916)
AC1	14,801	57,611	(42,810)
J88	640,150	652,394	(12,244)
J94	111,541	143,871	(32,330)
L11	265,931	690,651	(424,720)
L18	48,322	217,590	(169,268)
L17	64,969	271,409	(206,440)
M07	1,027,266	3,547,464	(2,520,198)
M35	935,045	4,193,323	(3,258,278)
M31	161,948	737,262	(575,314)
M80	66,913	136,389	(69,476)
MF1	161,184	416,324	(255,140)
M41	71,771	239,110	(167,339)
M05	159,217	649,708	(490,491)
M42	99,148	609,045	(509,897)
M89	3,219,579	6,485,565	(3,265,986)
M82	117,300	1,239,211	(1,121,911)
M44	382,679	1,579,231	(1,196,552)
M40	226,734	1,051,318	(824,584)
M83	668,932	2,797,655	(2,128,723)
M08	224,789	1,347,128	(1,122,339)
MB6	447,455	1,433,080	(985,625)
MB7	103,461	427,058	(323,597)
MC0	167,522	403,489	(235,967)
MA0	805,221	1,290,464	(485,243)
MC2	125,837	560,511	(434,674)
MC1	185,019	434,894	(249,875)
MC3	39,571	89,932	(50,361)
MA1	88,756	262,007	(173,251)
MC4	82,226	85,393	(3,167)
MC5	5,918	9,175	(3,257)
MC6	76,512	237,867	(161,355)
MC7	6,380	10,875	(4,495)
MC8	74,011	457,612	(383,601)
MC9	16,708	57,901	(41,193)
MD0	52,649	237,907	(185,258)
M92	848,204	5,885,296	(5,037,092)
M96	421,864	755,470	(333,606)
MD2	1,209,196	2,231,702	(1,022,506)
MA6	138,094	349,447	(211,353)
MA3	136,514	376,595	(240,081)

- 136 -

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

8. CHANGES IN UNITS OUTSTANDING (CONTINUED)

	Units	Units	Net Increase
M97	Issued	Redeemed	(Decrease)
	74,111	314,822	(240,711)
MD5	119,764	273,625	(153,861)
M98	62,786	203,003	(140,217)
M93	246,767	1,221,829	(975,062)
MD6	662,674	2,433,309	(1,770,635)
MB3	71,447	265,135	(193,688)
MD8	1,397,857	1,762,463	(364,606)
MD9	6,051,856	7,526,615	(1,474,759)
ME2	53,234	163,598	(110,364)
ME3	68,827	385,220	(316,393)
MA5	138,876	203,970	(65,094)
MA7	17,680	46,786	(29,106)
ME4	46,000	268,136	(222,136)
MA2	14,218	11,317	2,901
MF3	219,376	684,198	(464,822)
MF5	1,279,358	5,147,877	(3,868,519)
MF6	4,278	13,666	(9,388)
MF7	120,320	545,010	(424,690)
MF9	283,585	2,418,989	(2,135,404)
MG1	870,910	1,945,575	(1,074,665)
MF2	2,307,410	3,986,883	(1,679,473)
MG2	1,556,616	1,935,082	(378,466)
MG3	54,681	275,658	(220,977)
MG4	53,330	277,459	(224,129)
MG6	1,477,254	10,682,819	(9,205,565)
MG7	20,639	84,642	(64,003)
V44	101,435	142,062	(40,627)
V43	73,947	111,349	(37,402)
O19	32,890	125,555	(92,665)
O23	35,468	114,641	(79,173)
O20	25,922	160,831	(134,909)
O21	181,495	1,311,461	(1,129,966)
O04	8,609	29,131	(20,522)
PH2	105	5,360	(5,255)
P08	113,365	189,473	(76,108)
PC0	67,754	270,653	(202,899)
P70	3,522	14,155	(10,633)
P10	512,152	778,471	(266,319)
PK8	17,773	41,910	(24,137)
P20	7,934	28,357	(20,423)
PD6	711,571	4,842,844	(4,131,273)
P06	186,368	392,546	(206,178)
P07	778,815	1,661,803	(882,988)
P68	2,533	638	1,895
PI3	137,373	254,022	(116,649)
P72	92,641	154,034	(61,393)
P95	667	3	664
P79	1,527	37	1,490
W41	149	1,669	(1,520)
W42	7	99	(92)
		- 137 -

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, 2018 were as follows:

	Units	Units	Net Increase
AL1	Issued	Redeemed	(Decrease)
	134,287	701,601	(567,314)
AO5	407,618	1,441,950	(1,034,332)
AM2	128,144	129,296	(1,152)
A98	871,819	884,210	(12,391)
A74	149,898	147,574	2,324
B18	1,231,342	5,269,642	(4,038,300)
C71	416	968	(552)
C59	114	891	(777)
C60	454,897	1,327,459	(872,562)
C89	8,527	4,624	3,903
C90	156,981	412,517	(255,536)
C58	76,713	97,028	(20,315)
FD7	982,399	1,562,785	(580,386)
F24	895,837	2,376,468	(1,480,631)
F88	7,867	28,681	(20,814)
FB9	43,351	153,012	(109,661)
F15	63,035	260,091	(197,056)
F41	626,702	1,178,590	(551,888)
FE3	1,472,322	3,556,874	(2,084,552)
T21	299,988	374,858	(74,870)
T20	563,052	868,538	(305,486)
FE6	72,570	460,642	(388,072)
T59	94,388	142,878	(48,490)
F56	71,322	154,939	(83,617)
F59	346,073	1,412,978	(1,066,905)
FF0	5,565	31,892	(26,327)
F54	329,682	1,238,796	(909,114)
FG8	1,135	1,419	(284)
F53	91,852	226,966	(135,114)
FJ9	2,748	22,566	(19,818)
T28	79,559	299,161	(219,602)
FJ0	1,357	5,240	(3,883)
H24	4,487	29,419	(24,932)

- 138 -

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

8. CHANGES IN UNITS OUTSTANDING (CONTINUED)

	Units	Units	Net Increase
H32	Issued	Redeemed	(Decrease)
	8,613	30,835	(22,222)
V35	58,249	147,202	(88,953)
V13	300,263	535,750	(235,487)
V11	670,395	1,410,942	(740,547)
AC1	36,589	43,536	(6,947)
J88	528,835	1,278,284	(749,449)
J94	191,191	180,266	10,925
L11	796,474	953,662	(157,188)
L18	73,517	259,662	(186,145)
L17	116,136	341,307	(225,171)
M07	1,017,977	4,394,642	(3,376,665)
M35	938,732	5,323,146	(4,384,414)
M31	273,952	747,122	(473,170)
M80	114,199	210,953	(96,754)
MF1	167,684	410,754	(243,070)
M41	156,462	352,700	(196,238)
M05	252,884	748,984	(496,100)
M42	317,335	795,571	(478,236)
M89	2,731,278	11,728,186	(8,996,908)
M82	369,532	1,772,430	(1,402,898)
M44	412,623	1,784,249	(1,371,626)
M40	414,598	1,640,484	(1,225,886)
M83	983,703	2,942,816	(1,959,113)
M08	721,408	1,911,360	(1,189,952)
MB6	386,031	1,483,882	(1,097,851)
MB7	153,914	522,021	(368,107)
MC0	129,282	391,368	(262,086)
MA0	952,795	2,486,450	(1,533,655)
MC2	164,101	607,307	(443,206)
MC1	408,647	542,129	(133,482)
MC3	47,432	127,574	(80,142)
MA1	246,139	357,663	(111,524)
MC4	27,201	96,068	(68,867)
MC5	10,836	23,469	(12,633)
MC6	61,221	271,361	(210,140)
MC7	9,837	29,634	(19,797)
MC8	132,346	581,321	(448,975)
MC9	24,493	73,970	(49,477)
MD0	71,539	239,434	(167,895)
M92	1,462,806	9,163,496	(7,700,690)
M96	407,761	924,658	(516,897)
MD2	1,069,015	3,758,310	(2,689,295)
MA6	224,162	462,718	(238,556)
MA3	143,235	541,740	(398,505)

- 139 -

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

8. CHANGES IN UNITS OUTSTANDING (CONTINUED)

	Units	Units	Net Increase
M97	Issued	Redeemed	(Decrease)
	133,066	281,803	(148,737)
MD5	202,504	318,935	(116,431)
M98	60,374	184,248	(123,874)
M93	440,732	1,111,294	(670,562)
MD6	2,075,854	3,958,183	(1,882,329)
MB3	59,492	304,184	(244,692)
MD8	1,757,546	2,374,027	(616,481)
MD9	6,585,723	8,239,542	(1,653,819)
ME2	47,370	146,234	(98,864)
ME3	250,936	442,784	(191,848)
MA5	124,684	223,983	(99,299)
MA7	16,025	51,680	(35,655)
ME4	115,844	280,690	(164,846)
MA2	11,323	30,964	(19,641)
MF3	339,420	976,609	(637,189)
MF5	892,881	6,128,409	(5,235,528)
MF6	5,085	19,378	(14,293)
MF7	310,004	1,049,062	(739,058)
MF9	796,483	3,343,563	(2,547,080)
MG1	1,225,399	3,112,952	(1,887,553)
MF2	1,232,615	5,867,500	(4,634,885)
MG2	1,208,275	3,433,369	(2,225,094)
MG3	124,496	297,934	(173,438)
MG4	151,319	399,938	(248,619)
MG6	2,597,158	13,982,208	(11,385,050)
MG7	66,290	120,707	(54,417)
V44	187,047	172,320	14,727
V43	140,270	186,545	(46,275)
O19	78,257	161,542	(83,285)
O23	66,883	152,836	(85,953)
O20	137,929	227,565	(89,636)
O21	361,949	1,397,427	(1,035,478)
O04	18,757	48,665	(29,908)
PH2	3,094	12,204	(9,110)
P08	124,585	345,680	(221,095)
PC0	88,861	346,030	(257,169)
P70	5,848	9,368	(3,520)
P10	527,137	1,360,136	(832,999)
PK8	47,732	121,934	(74,202)
P20	2,445	8,408	(5,963)
PD6	963,822	6,407,267	(5,443,445)
P06	175,093	676,852	(501,759)
P07	809,097	2,685,153	(1,876,056)
PI3	146,684	501,848	(355,164)
P72	143,060	194,936	(51,876)
W41	1,378	2,474	(1,096)
W42	307	1,173	(866)

- 140 -

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

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.

- 141 -

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

10. FINANCIAL HIGHLIGHTS

The summary of units outstanding, unit value (some of which may be rounded), net assets, investment income ratios, expense ratios (excluding expenses of the underlying funds) and the total return, for each of the five years in the period ended December 31, is as follows:

			At December 31,						For the years ended December 31,
								Investment
			Unit Value				Net	Income	Expense Ratio
	Units		lowest to highest4				Assets	Ratio1	lowest to highest2			Total Return3
AL1
2019	2,340,904	$	18.0438	to $	15.0135	$	37,855,824	2.30%	0.65%	to	2.25%	17.43%	to	15.56%
2018	2,724,315		15.3649	to	12.9921		37,903,067	1.65	0.65	to	2.25	(7.02)	to	(8.51)
2017	3,291,629		16.5251	to	14.2013		49,750,511	1.79	0.65	to	2.25	14.87	to	13.04
2016	3,865,256		14.3855	to	12.5630		51,387,951	1.79	0.65	to	2.25	3.76	to	2.09
2015	4,512,477		13.8637	to	12.3054		58,432,090	1.78	0.65	to	2.25	0.64	to	(0.99)
AO5
2019	5,551,012		14.0887	to	12.4059		72,077,915	1.77	0.65	to	2.10	14.49	to	12.83
2018	6,428,769		12.3054	to	10.6142		73,598,916	1.58	0.65	to	2.55	(7.95)	to	(9.71)
2017	7,463,101		13.3685	to	11.7555		93,739,200	1.77	0.65	to	2.55	13.58	to	11.43
2016	8,585,060		11.7699	to	10.5496		95,788,842	0.56	0.65	to	2.55	2.69	to	0.73
2015	9,592,149		11.4611	to	10.4731		105,174,303	0.59	0.65	to	2.55	(1.94)	to	(3.82)
AM2
2019	421,037		10.6537	to	9.6780		4,331,861	0.28	1.35	to	2.15	25.52	to	24.51
2018	523,391		8.4878	to	7.7730		4,303,059	0.42	1.35	to	2.15	(18.72)	to	(19.38)
2017	524,543		10.4423	to	9.6410		5,325,012	0.90	1.35	to	2.15	32.83	to	31.76
2016	713,443		7.8616	to	7.3171		5,466,235	-	1.35	to	2.15	(8.32)	to	(9.07)
2015	774,917		8.5754	to	8.0468		6,494,198	0.06	1.35	to	2.15	(3.50)	to	(4.28)
A98
2019	3,626,556		7.8914	to	7.1689		27,378,427	0.79	1.30	to	2.10	15.28	to	14.35
2018	4,082,299		6.8457	to	6.2693		26,841,883	1.07	1.30	to	2.10	(23.98)	to	(24.60)
2017	4,094,690		9.0054	to	8.1495		35,557,688	1.85	1.30	to	2.10	23.48	to	22.24
2016	5,133,617		7.2932	to	6.6668		36,247,936	1.05	1.30	to	2.30	(2.09)	to	(3.08)
2015	5,778,249		7.4488	to	6.8786		41,831,964	2.01	1.30	to	2.30	1.07	to	0.05
AC4
2019	7,757		11.6441				90,321	-	1.20			32.76
A74
2019	576,830		23.9137	to	20.8218		12,498,367	0.33	0.65	to	2.30	19.12	to	17.16
2018	598,129		20.0747	to	17.7721		11,122,134	0.22	0.65	to	2.30	(15.85)	to	(17.24)
2017	595,805		23.8553	to	21.4756		13,307,996	0.27	0.65	to	2.30	12.12	to	10.27
2016	523,358		21.2769	to	19.4750		10,562,629	0.42	0.65	to	2.30	23.98	to	21.92
2015	437,564		17.1614	to	15.9732		7,178,377	0.50	0.65	to	2.30	(6.31)	to	(7.86)
AP0
2019	10,862		11.0364				119,876	1.17	1.20			28.88
AQ1
2019	654		10.8711				7,109	7.73	1.20			24.35
AS3
2019	10,471		10.9039				114,179	6.29	1.20			19.48
AQ3
2019	323		11.4968				3,715	2.05	1.20			27.27
B18
2019	22,286,973		15.3292	to	16.1552		390,773,237	1.22	0.65	to	2.35	16.99	to	15.01
2018	25,781,054		13.1029	to	14.0473		390,316,328	0.81	0.65	to	2.35	(8.18)	to	(9.75)
2017	29,819,354		14.2705	to	15.5648		496,768,753	1.22	0.65	to	2.35	12.97	to	11.06
2016	35,145,601		12.6320	to	14.0152		523,480,827	1.15	0.65	to	2.35	3.13	to	1.37
2015	40,093,659		12.2486	to	13.8264		584,729,720	0.98	0.65	to	2.35	(1.64)	to	(3.33)
L33
2019	2,537		10.8900				27,625	0.71	1.20			31.06
C655
2016	-		9.8054	to	12.3340		-	0.80	1.30	to	2.10	(4.24)	to	(4.49)
2015	513,806		10.2392	to	12.9140		6,857,974	0.28	1.30	to	2.10	(1.33)	to	(2.13)
C616
2016	-		17.1122	to	16.0816		-	-	1.35	to	1.90	(6.80)	to	(6.97)
2015	3,018		17.9633	to	17.7677		53,720	-	1.55	to	1.65	(3.28)	to	(13.42)

- 142 -

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

10. FINANCIAL HIGHLIGHTS (CONTINUED)
			At December 31,						For the years ended December 31,
								Investment
							Net	Income	Expense Ratio
	Units		Unit Value4				Assets	Ratio1	lowest to highest2			Total Return3
C627
2016	-	$	15.5095	to $	11.8811	$	-	-%	0.65%	to	2.30%	(6.66%)	to	(7.17%)
2015	5,635,627		16.6154	to	12.7981		76,304,541	-	0.65	to	2.30	0.60	to	(1.07)
C648
2016	-		17.4651	to	14.6266		-	0.19	0.65	to	2.25	(0.66)	to	(1.19)
2015	1,572,715		17.5816	to	14.7239		24,527,188	-	0.65	to	2.30	1.22	to	(0.54)
C71
2019	944		22.5273	to	22.1927		21,229	0.27	1.65	to	1.75	18.99	to	18.88
2018	979		18.9315	to	18.4082		18,507	0.20	1.65	to	1.85	(19.52)	to	(19.69)
2017	1,531		23.8314	to	22.9200		35,534	0.33	1.65	to	1.85	12.23	to	11.89
2016	2,366		21.2353	to	20.4850		49,461	0.39	1.55	to	1.85	30.68	to	30.29
2015	2,127		16.2493	to	15.7231		34,255	0.56	1.55	to	1.85	(7.77)	to	(8.05)
C59
2019	3,939		16.8147	to	16.5058		65,592	-	1.35	to	1.85	34.07	to	33.40
2018	3,329		12.4742	to	12.3734		41,354	-	1.55	to	1.85	(5.43)	to	(5.72)
2017	4,106		13.2350	to	13.1127		54,028	-	1.55	to	1.85	26.41	to	25.72
2016	47,225		10.4695	to	10.5251		493,355	-	1.35	to	2.10	4.70	to	5.25
C60
2019	3,355,394		17.1081	to	16.2133		55,246,600	-	0.65	to	2.10	34.65	to	32.70
2018	4,251,960		12.7053	to	12.2179		52,539,863	-	0.65	to	2.10	(4.76)	to	(6.15)
2017	5,124,522		13.3407	to	12.9747		67,191,797	-	0.65	to	2.10	27.01	to	24.92
2016	6,524,247		10.5036	to	10.3862		68,050,656	-	0.65	to	2.30	5.04	to	3.86
C89
2019	9,175		16.9851	to	16.7973		154,346	-	1.65	to	1.95	29.59	to	29.20
2018	8,279		13.2139	to	13.0013		107,634	-	1.35	to	1.95	(3.72)	to	(4.30)
2017	4,376		13.7243	to	13.6550		59,794	-	1.35	to	1.65	31.24	to	30.85
2016	7,157		10.4571	to	10.4571		74,841	-	1.35	to	1.35	4.57	to	4.57
C90
2019	987,736		17.4648	to	16.5514		16,597,423	-	0.65	to	2.10	30.58	to	28.69
2018	1,225,771		13.3747	to	12.8616		15,948,283	-	0.65	to	2.10	(3.29)	to	(4.70)
2017	1,481,307		13.8294	to	13.4615		20,174,133	-	0.65	to	2.10	31.83	to	29.72
2016	2,020,327		10.4906	to	10.3770		21,055,048	-	0.65	to	2.25	4.91	to	3.77
C58
2019	380,321		12.3754	to	12.0129		4,641,220	1.80	1.30	to	2.10	23.53	to	22.53
2018	464,423		10.0185	to	9.8039		4,605,013	2.57	1.30	to	2.10	(17.90)	to	(18.56)
2017	484,738		12.2025	to	12.0386		5,875,958	1.89	1.30	to	2.10	25.54	to	24.53
2016	615,937		9.8447	to	9.6674		5,971,463	1.10	1.30	to	2.10	(1.55)	to	(3.33)
C91
2019	3,422		10.5818				36,216	-		1.20		24.91
FD7
2019	5,062,414		21.7589	to	18.6826		102,797,537	1.53	0.65	to	2.25	23.31	to	21.34
2018	5,648,699		17.6458	to	15.3970		93,952,498	1.26	0.65	to	2.25	(5.06)	to	(6.59)
2017	6,229,085		18.5872	to	16.4832		110,189,532	1.29	0.65	to	2.25	15.36	to	13.52
2016	6,637,474		16.1118	to	14.5197		102,788,152	1.13	0.65	to	2.25	6.28	to	4.57
2015	7,553,495		15.1593	to	14.3059		111,120,652	1.25	0.65	to	2.30	(0.29)	to	1.48
F24
2019	6,086,530		27.5338	to	21.4915		142,358,463	0.21	0.65	to	2.35	30.42	to	28.21
2018	7,364,127		21.1113	to	16.7628		133,455,014	0.43	0.65	to	2.35	(7.25)	to	(8.83)
2017	8,844,758		22.7613	to	18.3870		174,643,966	0.75	0.65	to	2.35	20.80	to	18.75
2016	11,005,874		18.8423	to	15.4835		181,782,257	0.58	0.65	to	2.35	7.03	to	5.20
2015	12,707,426		17.6047	to	14.7183		198,122,776	0.77	0.65	to	2.35	(0.24)	to	(1.94)
F88
2019	129,978		18.1424	to	16.2854		2,233,208	1.67	1.35	to	2.10	14.19	to	13.33
2018	156,217		15.8877	to	14.3697		2,352,321	1.34	1.35	to	2.10	(5.56)	to	(6.27)
2017	177,031		16.8227	to	15.3314		2,838,467	1.24	1.35	to	2.10	11.28	to	10.44
2016	207,643		15.1173	to	13.8816		3,001,549	1.27	1.35	to	2.10	3.81	to	3.02
2015	215,408		14.5625	to	13.4747		3,006,722	1.46	1.35	to	2.10	(1.87)	to	(2.62)
FB9
2019	657,257		19.0399	to	17.0910		11,901,135	1.76	1.35	to	2.10	16.38	to	15.51
2018	732,093		16.4691	to	14.5012		11,440,547	1.33	1.30	to	2.25	(6.52)	to	(7.41)
2017	841,754		17.6171	to	15.6620		14,133,977	1.18	1.30	to	2.25	13.31	to	12.24
2016	1,020,459		15.5472	to	13.9546		15,173,885	1.17	1.30	to	2.25	4.20	to	3.20
2015	1,266,991		14.9198	to	13.5217		18,207,001	1.50	1.30	to	2.25	(1.80)	to	(2.75)

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

10. FINANCIAL HIGHLIGHTS (CONTINUED)
			At December 31,						For the years ended December 31,
								Investment
							Net	Income	Expense Ratio
	Units		Unit Value4				Assets	Ratio1	lowest to highest2			Total Return3
F15
2019	1,025,139	$	19.6253	to $	16.9923	$	19,154,940	1.75%	1.30%	to	2.30%	18.32%	to	17.14%
2018	1,155,984		16.5860	to	14.5061		18,320,292	1.21	1.30	to	2.30	(7.30)	to	(8.24)
2017	1,353,040		17.8926	to	15.8083		23,206,885	1.20	1.30	to	2.30	14.76	to	13.61
2016	1,691,367		15.5919	to	13.9150		25,385,912	1.20	1.30	to	2.30	4.43	to	3.37
2015	2,026,917		14.9308	to	13.4614		29,229,313	1.53	1.30	to	2.30	(1.75)	to	(2.75)
F41
2019	3,638,561		20.8766	to	19.6798		77,323,129	0.66	0.65	to	2.25	22.37	to	20.42
2018	4,372,262		17.0599	to	16.3429		76,689,077	0.41	0.65	to	2.25	(15.33)	to	(16.69)
2017	4,924,150		20.1484	to	19.6170		103,099,597	0.48	0.65	to	2.25	19.76	to	17.85
2016	6,007,337		16.8246	to	15.6761		106,126,074	0.28	0.65	to	2.30	11.20	to	3.49
2015	7,301,226		15.1306	to	15.1469		117,171,457	0.24	0.65	to	2.30	(2.27)	to	(3.89)
FE3
2019	13,956,758		15.5308	to	14.3662		220,190,765	0.30	0.65	to	2.35	16.62	to	14.64
2018	16,366,264		13.3179	to	12.2318		223,656,663	2.11	0.65	to	2.55	(11.13)	to	(12.83)
2017	18,450,816		14.9865	to	14.0320		286,667,341	0.99	0.65	to	2.55	13.83	to	11.68
2016	22,736,161		13.1653	to	12.5649		313,290,374	0.53	0.65	to	2.55	4.49	to	2.49
2015	25,596,651		12.6001	to	12.2598		340,985,348	0.60	0.65	to	2.55	1.18	to	(0.76)
T21
2019	1,213,365		18.0670	to	15.7564		20,664,498	0.99	1.30	to	2.25	25.05	to	23.86
2018	1,493,950		14.4474	to	12.6351		20,434,049	0.86	1.30	to	2.30	(16.89)	to	(17.73)
2017	1,568,820		17.3842	to	15.3587		25,935,308	0.99	1.30	to	2.30	38.59	to	37.20
2016	2,224,462		12.5433	to	11.1941		26,654,823	0.83	1.30	to	2.30	15.92	to	14.74
2015	2,802,285		10.8211	to	9.7559		29,094,768	2.00	1.30	to	2.30	(20.65)	to	(21.45)
T20
2019	3,970,974		16.8684	to	17.5788		77,960,240	1.75	1.30	to	2.50	11.07	to	9.73
2018	4,384,314		15.1872	to	16.0195		77,842,413	2.62	1.30	to	2.50	(16.54)	to	(17.56)
2017	4,689,800		18.1981	to	19.4305		100,198,304	2.57	1.30	to	2.50	15.18	to	13.80
2016	5,668,828		15.7992	to	17.0744		105,713,504	2.01	1.30	to	2.50	5.78	to	4.50
2015	6,850,839		14.9357	to	18.1124		121,352,263	3.09	1.30	to	2.55	(7.71)	to	1.67
FE6
2019	1,669,351		16.2337	to	14.5715		26,197,758	3.54	1.35	to	2.25	18.25	to	17.18
2018	1,866,104		13.7288	to	12.0292		24,844,546	2.98	1.35	to	2.55	(10.87)	to	(11.95)
2017	2,254,176		15.4036	to	13.6620		33,745,241	2.69	1.35	to	2.55	10.47	to	9.15
2016	2,475,754		13.9431	to	12.5173		33,663,567	3.95	1.35	to	2.55	11.65	to	10.29
2015	3,088,382		12.4880	to	11.3489		37,738,539	2.79	1.35	to	2.55	(7.48)	to	(8.61)
T59
2019	427,256		11.4894	to	10.0037		4,468,153	6.55	0.65	to	2.30	1.20	to	(0.47)
2018	471,209		11.3537	to	9.8660		4,917,758	-	0.65	to	2.55	1.23	to	(0.70)
2017	519,699		11.2156	to	9.9355		5,415,144	-	0.65	to	2.55	1.10	to	(0.81)
2016	531,876		11.0934	to	10.0171		5,559,572	-	0.65	to	2.55	2.20	to	0.25
2015	620,029		10.8545	to	9.9925		6,420,065	7.82	0.65	to	2.55	(5.01)	to	(6.83)
F56
2019	642,518		17.7181	to	20.6892		14,491,099	2.71	1.30	to	2.25	13.66	to	12.58
2018	740,601		15.5885	to	18.3774		14,774,999	1.96	1.30	to	2.25	(15.96)	to	(16.77)
2017	824,218		18.5490	to	22.0791		19,669,139	1.63	1.30	to	2.25	16.97	to	15.85
2016	1,040,279		15.8582	to	19.0576		21,317,014	2.04	1.30	to	2.25	8.19	to	7.15
2015	1,224,047		14.6571	to	17.3044		23,282,566	2.58	1.30	to	2.25	(7.70)	to	(11.06)
F59
2019	3,499,450		17.2950	to	14.6110		55,707,188	5.27	0.65	to	2.30	15.31	to	13.40
2018	4,124,136		14.9993	to	12.8840		57,532,026	4.88	0.65	to	2.30	(4.93)	to	(6.51)
2017	5,191,041		15.7769	to	13.7804		76,940,338	4.16	0.65	to	2.30	8.96	to	7.17
2016	6,181,841		14.4793	to	12.8587		84,955,589	4.95	0.65	to	2.30	13.28	to	11.40
2015	7,202,924		12.7816	to	11.5427		88,276,667	4.65	0.65	to	2.30	(7.66)	to	(9.19)

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

10. FINANCIAL HIGHLIGHTS (CONTINUED)
			At December 31,						For the years ended December 31,
								Investment
							Net	Income	Expense Ratio
	Units		Unit Value4				Assets	Ratio1	lowest to highest2			Total Return3
FF0
2019	97,632	$	15.9829	to $	15.0064	$	1,539,309	4.92%	1.35%	to	2.10%	14.49%	to	13.62%
2018	130,886		13.9607	to	13.2072		1,804,932	4.63	1.35	to	2.10	(5.71)	to	(6.42)
2017	157,213		14.8062	to	14.1139		2,301,820	3.85	1.35	to	2.10	8.08	to	7.26
2016	174,678		13.6995	to	13.1580		2,367,221	4.61	1.35	to	2.10	12.33	to	11.48
2015	221,349		12.1956	to	11.8032		2,675,685	4.38	1.35	to	2.10	(8.40)	to	(9.10)
F54
2019	4,608,107		20.5707	to	23.7028		121,896,779	1.78	0.65	to	2.30	21.78	to	19.77
2018	5,410,743		16.8922	to	18.0108		118,801,510	2.29	0.65	to	2.55	(9.66)	to	(11.38)
2017	6,319,857		18.6985	to	20.3246		155,223,568	2.18	0.65	to	2.55	7.65	to	5.61
2016	7,296,500		17.3704	to	19.2457		168,372,832	1.98	0.65	to	2.55	15.30	to	13.10
2015	9,046,135		15.0650	to	17.0167		183,026,033	2.98	0.65	to	2.55	(5.55)	to	(7.36)
FG8
2019	11,683		19.6320	to	18.5107		224,329	1.45	1.35	to	2.05	20.79	to	19.94
2018	17,157		16.2532	to	15.4333		274,591	2.27	1.35	to	2.05	(10.39)	to	(11.02)
2017	17,441		18.1374	to	17.3450		312,227	2.13	1.35	to	2.05	6.80	to	6.05
2016	17,750		16.9831	to	16.3559		298,131	1.91	1.35	to	2.05	14.38	to	13.56
2015	19,752		14.8484	to	14.4022		290,680	2.95	1.35	to	2.05	(6.33)	to	(7.00)
F53
2019	564,908		24.7045	to	36.2616		22,684,408	1.05	0.65	to	2.30	25.53	to	23.46
2018	693,799		19.6805	to	26.3599		22,434,949	0.90	0.65	to	2.55	(13.45)	to	(15.10)
2017	828,913		22.7376	to	31.0472		31,372,808	0.52	0.65	to	2.55	9.93	to	7.85
2016	975,482		20.6828	to	28.7869		33,974,255	0.83	0.65	to	2.55	29.34	to	26.87
2015	1,241,308		15.9909	to	22.6902		33,770,572	0.63	0.65	to	2.55	(7.99)	to	(9.75)
FJ9
2019	11,424		23.3463	to	22.0128		261,610	1.07	1.35	to	2.05	24.53	to	23.66
2018	21,789		18.7476	to	17.8018		400,380	0.79	1.35	to	2.05	(14.19)	to	(14.79)
2017	41,607		21.8470	to	20.8925		899,453	0.44	1.35	to	2.05	9.08	to	8.31
2016	44,227		20.0288	to	19.2891		877,516	0.65	1.35	to	2.05	28.36	to	27.45
2015	52,597		15.6030	to	15.1342		813,592	0.53	1.35	to	2.05	(8.77)	to	(9.42)
T28
2019	846,888		13.1901	to	13.5381		12,325,639	5.06	0.65	to	2.25	7.35	to	5.64
2018	930,820		12.2867	to	12.8155		12,748,164	2.76	0.65	to	2.25	(2.77)	to	(4.34)
2017	1,150,422		12.6373	to	13.3963		16,389,786	2.97	0.65	to	2.25	3.88	to	2.22
2016	1,385,829		12.1651	to	13.1050		19,230,035	3.46	0.65	to	2.25	7.24	to	5.51
2015	1,632,712		11.3441	to	12.4205		21,339,869	6.56	0.65	to	2.25	(4.49)	to	(6.03)

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

10. FINANCIAL HIGHLIGHTS (CONTINUED)
			At December 31,						For the years ended December 31,
								Investment
							Net	Income	Expense Ratio
	Units		Unit Value4				Assets	Ratio1	lowest to highest2			Total Return3
FJ0
2019	12,959	$	12.1933	to $	11.4969	$	155,855	4.56%	1.35%	to	2.05%	6.48%	to	5.73%
2018	19,416		11.4511	to	10.8734		220,573	2.44	1.35	to	2.05	(3.56)	to	(4.24)
2017	23,299		11.8738	to	11.3549		274,294	2.49	1.35	to	2.05	3.06	to	2.33
2016	28,744		11.5214	to	11.0959		329,206	3.06	1.35	to	2.05	6.41	to	5.65
2015	33,869		11.3392	to	10.5022		364,463	5.99	0.65	to	2.05	(3.07)	to	(5.94)
G03
2019	3,522		10.3727				36,538	6.25	1.20			23.43
H24
2019	55,201		14.4934	to	13.5511		783,087	2.65	1.35	to	1.90	5.85	to	5.27
2018	63,919		13.6922	to	12.8733		858,394	3.63	1.35	to	1.90	(5.86)	to	(6.39)
2017	88,851		14.5448	to	13.7514		1,272,105	3.12	1.35	to	1.90	(2.91)	to	(3.45)
2016	103,249		14.9810	to	14.2426		1,527,346	4.49	1.35	to	1.90	5.52	to	4.94
2015	135,046		14.1967	to	13.5725		1,892,317	3.96	1.35	to	1.90	(4.37)	to	(4.90)
H279
2015	-		9.6560	to	9.1381		-	1.75	1.35	to	2.10	3.03	to	2.89
H32
2019	55,082		19.2814	to	17.5910		1,040,138	-	1.35	to	2.10	22.33	to	21.41
2018	68,180		15.7616	to	14.4888		1,054,406	0.66	1.35	to	2.10	(8.44)	to	(9.13)
2017	90,402		17.2141	to	15.9449		1,530,826	0.52	1.35	to	2.10	15.94	to	15.07
2016	122,712		14.8475	to	13.8570		1,796,035	0.62	1.35	to	2.10	9.51	to	8.67
2015	157,815		13.5587	to	12.7511		2,112,682	0.52	1.35	to	2.10	(8.42)	to	(9.12)
V35
2019	271,291		20.6752	to	18.8957		5,387,511	0.41	1.35	to	2.10	23.03	to	22.10
2018	311,378		16.8049	to	15.4750		5,050,033	0.18	1.35	to	2.10	(14.05)	to	(14.70)
2017	400,331		19.5512	to	18.1415		7,594,507	0.58	1.35	to	2.10	8.21	to	7.39
2016	523,944		18.0681	to	15.3400		9,219,910	0.11	1.35	to	2.10	13.66	to	12.80
2015	658,892		15.8962	to	14.9758		10,234,351	0.01	1.35	to	2.10	(10.58)	to	(11.26)

- 146 -

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

10. FINANCIAL HIGHLIGHTS (CONTINUED)
			At December 31,						For the years ended December 31,
								Investment
							Net	Income	Expense Ratio
	Units		Unit Value4				Assets	Ratio1	lowest to highest2			Total Return3
V13
2019	1,331,139	$	24.9503	to $	17.7062	$	25,022,831	1.67%	0.65%	to	2.10%	24.13%	to	22.33%
2018	1,544,863		20.1003	to	13.7074		23,624,426	1.36	0.65	to	2.55	(12.94)	to	(14.60)
2017	1,780,350		23.0876	to	16.0509		31,650,617	1.95	0.65	to	2.55	16.81	to	14.60
2016	2,109,158		19.7645	to	14.0059		32,417,640	1.29	0.65	to	2.55	16.23	to	14.00
2015	2,533,709		17.0051	to	12.2855		33,829,593	1.58	0.65	to	2.55	(6.80)	to	(8.59)
V11
2019	4,591,136		20.2592	to	18.2691		88,979,408	2.26	0.65	to	2.10	19.23	to	17.50
2018	5,321,052		16.9917	to	15.5479		87,367,855	1.92	0.65	to	2.10	(10.32)	to	(11.62)
2017	6,061,599		18.9464	to	17.5930		112,135,840	1.47	0.65	to	2.10	10.06	to	8.47
2016	6,225,472		17.2143	to	16.2194		105,689,244	1.61	0.65	to	2.10	14.09	to	12.42
2015	7,299,418		15.0885	to	14.4270		109,646,517	2.17	0.65	to	2.10	(3.22)	to	(4.63)
AC1
2019	151,039		16.2221	to	15.2308		2,379,791	1.23	1.35	to	2.10	26.51	to	25.56
2018	193,849		12.8226	to	12.1304		2,426,299	1.77	1.35	to	2.10	(16.35)	to	(16.99)
2017	200,796		15.3295	to	14.6127		3,015,957	1.22	1.35	to	2.10	21.08	to	20.17
2016	210,017		12.6609	to	12.1604		2,613,067	1.15	1.35	to	2.10	(2.04)	to	(2.78)
2015	243,180		12.9242	to	12.5084		3,100,461	1.41	1.35	to	2.10	(3.93)	to	(4.66)
J88
2019	3,728,909		11.7765	to	10.4285		40,491,756	2.38	0.65	to	2.10	7.17	to	5.61
2018	3,741,153		10.9890	to	9.8743		38,269,637	2.30	0.65	to	2.10	(0.88)	to	(2.32)
2017	4,490,602		11.0863	to	9.9802		46,803,470	2.39	0.65	to	2.10	2.63	to	0.94
2016	4,467,729		10.8018	to	9.8869		45,830,587	2.50	0.65	to	2.30	1.17	to	(0.51)
2015	3,583,990		10.6765	to	10.0247		36,693,573	3.11	0.65	to	2.10	0.21	to	(1.25)
J94
2019	574,362		29.7517	to	26.3469		15,769,422	0.62	0.65	to	2.10	30.59	to	28.69
2018	606,692		22.7832	to	20.4724		12,883,908	0.62	0.65	to	2.10	(7.03)	to	(8.39)
2017	595,767		24.5064	to	22.3467		13,758,720	0.69	0.65	to	2.10	21.25	to	19.50
2016	610,046		20.2108	to	18.7003		11,727,631	0.71	0.65	to	2.10	9.97	to	8.37
2015	613,320		18.3776	to	17.2559		10,824,807	0.91	0.65	to	2.10	(0.06)	to	(1.52)
L11
2019	2,926,589		10.7242	to	9.8276		31,286,383	0.88	0.65	to	2.35	17.37	to	15.38
2018	3,351,309		9.1367	to	8.5174		30,828,463	1.85	0.65	to	2.35	(19.09)	to	(20.47)
2017	3,508,497		11.2922	to	10.7098		40,317,841	1.68	0.65	to	2.35	27.00	to	24.85
2016	4,251,904		8.8917	to	8.5784		38,857,707	1.00	0.65	to	2.35	19.99	to	17.94
2015	5,273,665		7.4101	to	7.2733		40,573,672	1.13	0.65	to	2.35	(20.58)	to	(21.94)
L18
2019	665,279		27.3000	to	29.6554		21,837,274	-	0.65	to	2.35	35.48	to	33.18
2018	834,547		20.1504	to	21.7574		20,439,006	-	0.65	to	2.50	(3.52)	to	(5.32)
2017	1,020,692		20.8862	to	22.9788		26,220,456	-	0.65	to	2.50	22.11	to	19.86
2016	1,243,093		17.1039	to	19.1710		26,470,868	-	0.65	to	2.50	0.58	to	(1.30)
2015	1,472,427		17.0061	to	19.4230		31,539,261	-	0.65	to	2.50	2.06	to	0.15
L17
2019	1,152,329		22.3933	to	25.2104		31,755,340	1.20	0.65	to	2.25	20.73	to	18.80
2018	1,358,769		18.5489	to	21.0581		31,371,127	1.43	0.65	to	2.30	(8.76)	to	(10.27)
2017	1,583,940		20.3289	to	23.4681		40,528,331	1.01	0.65	to	2.30	11.85	to	10.00
2016	1,720,494		18.1758	to	21.3338		39,783,024	1.08	0.65	to	2.30	14.99	to	13.08
2015	2,037,566		15.8061	to	18.8657		41,432,558	1.08	0.65	to	2.30	(4.07)	to	(5.66)

- 147 -

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

10. FINANCIAL HIGHLIGHTS (CONTINUED)
			At December 31,						For the years ended December 31,
								Investment
							Net	Income	Expense Ratio
	Units		Unit Value4				Assets	Ratio1	lowest to highest2			Total Return3
M07
2019	20,851,912	$	15.0746	to $	14.3983	$	308,554,370	2.32%	1.15%	to	1.85%	19.01%	to	18.17%
2018	23,372,110		12.6662	to	12.1847		291,492,108	2.16	1.15	to	1.85	(6.69)	to	(7.36)
2017	26,748,775		13.5747	to	13.1528		358,797,486	2.33	1.15	to	1.85	11.02	to	10.23
2016	29,910,041		12.2267	to	11.9316		362,343,544	2.88	1.15	to	1.85	7.85	to	7.08
2015	33,503,120		11.3363	to	11.1431		377,393,483	2.58	1.15	to	1.85	(1.50)	to	(2.21)
M35
2019	19,920,899		15.3152	to	13.7245		286,329,571	2.10	0.65	to	2.35	19.34	to	17.31
2018	23,179,177		12.8336	to	11.5711		281,998,243	1.94	0.65	to	2.55	(6.49)	to	(8.27)
2017	27,563,591		13.7237	to	12.6143		362,120,950	2.12	0.65	to	2.55	11.30	to	9.19
2016	32,522,599		12.3304	to	11.5526		387,743,049	2.61	0.65	to	2.55	8.11	to	6.04
2015	38,061,626		11.4057	to	10.8944		423,982,545	2.32	0.65	to	2.55	(1.23)	to	(3.11)
M31
2019	3,740,843		21.0558	to	19.9683		152,966,150	-	1.00	to	1.85	36.77	to	35.60
2018	4,316,157		15.3951	to	14.7254		128,977,969	0.09	1.00	to	1.85	1.64	to	0.77
2017	4,789,327		15.1470	to	14.6133		141,290,687	0.10	1.00	to	1.85	30.10	to	28.99
2016	5,426,005		11.6429	to	11.3291		123,629,170	0.04	1.00	to	1.85	1.42	to	0.55
2015	6,024,171		11.4800	to	11.2673		136,388,570	0.15	1.00	to	1.85	6.48	to	5.57
M80
2019	512,464		33.4741	to	51.7228		22,382,240	-	0.65	to	2.25	36.88	to	34.70
2018	581,940		24.4544	to	38.3992		18,852,039	-	0.65	to	2.25	1.74	to	0.11
2017	678,694		24.0356	to	38.3580		21,420,058	-	0.65	to	2.25	30.24	to	28.16
2016	863,914		18.4555	to	28.9819		21,240,396	-	0.65	to	2.30	1.51	to	(2.62)
2015	851,571		18.1802	to	29.7614		20,421,532	-	0.65	to	2.30	6.60	to	4.83
MF1
2019	1,585,873		15.9313	to	13.8562		23,780,230	-	1.15	to	1.85	37.08	to	36.11
2018	1,841,013		11.6216	to	10.1803		20,181,465	-	1.15	to	1.85	0.08	to	(0.64)
2017	2,084,083		11.6128	to	10.2460		22,916,943	0.12	1.15	to	1.85	25.56	to	24.66
2016	2,360,839		9.2491	to	8.2190		20,746,816	-	1.15	to	1.85	3.72	to	2.97
2015	2,692,372		8.9176	to	7.9820		22,872,751	-	1.15	to	1.85	3.42	to	2.68
M41
2019	788,367		28.6884	to	33.6261		25,548,387	-	0.65	to	2.30	37.38	to	35.12
2018	955,706		20.8824	to	24.8865		23,268,767	-	0.65	to	2.30	0.29	to	(1.37)
2017	1,151,944		15.3076	to	22.9447		28,534,920	-	1.15	to	2.30	25.23	to	23.72
2016	1,460,801		12.2240	to	18.5451		29,172,668	-	1.15	to	2.35	3.41	to	2.16
2015	1,724,133		11.8206	to	18.1534		33,576,678	-	1.15	to	2.35	3.23	to	1.98
M05
2019	2,988,255		18.1945	to	17.3698		53,070,736	-	1.00	to	1.85	40.29	to	39.09
2018	3,478,746		12.9696	to	12.4881		44,227,317	-	1.00	to	1.85	(2.47)	to	(3.30)
2017	3,974,846		13.2975	to	12.9145		52,059,415	-	1.00	to	1.85	25.39	to	24.33
2016	4,550,411		10.6045	to	10.3875		47,735,809	-	1.00	to	1.85	7.96	to	7.03
2015	5,274,363		9.8226	to	9.7048		51,473,702	-	1.00	to	1.85	(2.87)	to	(3.70)
M42
2019	1,693,473		24.6879	to	21.8430		36,002,846	-	0.65	to	2.35	40.36	to	37.98
2018	2,203,370		17.5893	to	15.6340		34,009,316	-	0.65	to	2.55	(2.36)	to	(4.22)
2017	2,681,606		18.0142	to	16.3232		42,999,861	-	0.65	to	2.55	25.51	to	23.14
2016	3,472,298		14.3524	to	13.2562		45,183,766	-	0.65	to	2.55	8.09	to	6.02
2015	4,234,433		13.2781	to	12.5030		51,679,700	-	0.65	to	2.55	(2.78)	to	(4.64)

- 148 -

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

10. FINANCIAL HIGHLIGHTS (CONTINUED)
			At December 31,						For the years ended December 31,
								Investment
							Net	Income	Expense Ratio
	Units		Unit Value4				Assets	Ratio1	lowest to highest2			Total Return3
M89
2019	37,989,667	$	12.4721	to $	10.8599	$	438,069,818	3.15%	0.65%	to	2.30%	9.21%	to	7.41%
2018	41,255,653		11.4207	to	9.9244		439,785,816	2.95	0.65	to	2.55	(1.97)	to	(3.84)
2017	50,252,561		11.6505	to	10.3209		551,839,591	3.10	0.65	to	2.55	3.51	to	1.55
2016	54,097,481		11.2556	to	10.1637		579,337,780	3.20	0.65	to	2.55	3.33	to	1.36
2015	58,329,019		10.8924	to	10.0275		610,129,654	2.99	0.65	to	2.55	(1.23)	to	(3.12)
M82
2019	5,170,576		24.2777	to	21.8715		116,695,377	0.58	0.65	to	2.10	31.74	to	29.83
2018	6,292,487		18.4283	to	16.8461		108,924,665	0.44	0.65	to	2.10	(5.25)	to	(6.63)
2017	7,695,385		19.4490	to	18.0426		142,050,646	1.09	0.65	to	2.10	22.27	to	20.50
2016	9,907,870		15.9063	to	14.6264		151,167,809	0.51	0.65	to	2.30	7.78	to	4.42
2015	11,612,965		14.7576	to	14.0971		166,083,179	0.45	0.65	to	2.10	(0.12)	to	(1.58)
M44
2019	7,697,178		13.2329	to	12.7289		100,358,195	3.96	1.15	to	1.85	23.64	to	22.76
2018	8,893,730		10.7023	to	10.3685		94,027,310	1.09	1.15	to	1.85	(0.10)	to	(0.81)
2017	10,265,356		10.7128	to	10.4535		109,070,327	4.23	1.15	to	1.85	13.53	to	12.72
2016	11,888,231		9.4362	to	9.2738		111,519,024	3.84	1.15	to	1.85	10.20	to	9.41
2015	13,586,264		8.5625	to	8.4762		115,876,289	4.13	1.15	to	1.85	(15.49)	to	(16.10)
M40
2019	3,882,378		13.1581	to	12.2558		49,315,500	3.71	1.00	to	2.30	23.56	to	21.95
2018	4,706,962		10.6496	to	10.0500		48,720,378	0.83	1.00	to	2.30	(0.20)	to	(1.51)
2017	5,932,848		10.6711	to	10.2037		61,936,024	3.99	1.00	to	2.30	13.35	to	11.88
2016	7,287,818		9.4141	to	9.1202		67,546,731	3.56	1.00	to	2.30	10.12	to	8.68
2015	8,723,614		8.5486	to	8.3920		73,904,560	3.83	1.00	to	2.30	(15.61)	to	(16.72)
M83
2019	11,986,049		15.7464	to	20.1686		219,810,033	2.10	1.15	to	2.50	28.32	to	26.58
2018	14,114,772		12.2708	to	15.9337		203,900,118	1.52	1.15	to	2.50	(11.12)	to	(12.33)
2017	16,073,885		13.7996	to	18.1754		262,999,598	1.90	1.15	to	2.50	16.30	to	14.73
2016	19,203,768		11.8689	to	15.8414		272,478,586	2.08	1.15	to	2.50	12.79	to	11.24
2015	22,857,789		10.5228	to	14.8028		291,415,553	2.19	1.15	to	2.55	(1.87)	to	0.71
M08
2019	5,322,655		22.6372	to	20.1014		104,013,424	1.87	0.65	to	2.30	28.66	to	26.55
2018	6,444,994		17.5939	to	15.8843		99,305,473	1.29	0.65	to	2.30	(10.94)	to	(12.42)
2017	7,634,946		19.7556	to	18.0898		133,865,829	1.70	0.65	to	2.30	16.59	to	14.61
2016	9,064,489		16.9448	to	14.9209		137,624,810	1.86	0.65	to	2.50	13.04	to	5.53
2015	10,766,656		14.9906	to	14.1384		146,351,882	2.02	0.65	to	2.50	(1.58)	to	(3.41)
MB6
2019	6,487,980		42.3746	to	22.5117		251,155,159	1.47	1.15	to	1.85	27.70	to	26.80
2018	7,473,605		19.5217	to	17.7543		226,421,225	1.35	1.15	to	1.85	(8.80)	to	(9.45)
2017	8,571,456		21.1244	to	19.6069		285,143,459	1.49	1.15	to	1.85	19.38	to	18.54
2016	9,827,330		30.4722	to	16.5398		274,414,193	1.43	1.15	to	1.85	7.21	to	6.44
2015	11,089,198		28.4221	to	15.5391		290,589,545	1.57	1.15	to	1.85	(0.02)	to	(0.74)
MB7
2019	1,845,504		29.2725	to	28.4960		59,738,770	1.24	1.00	to	2.50	27.59	to	25.67
2018	2,169,101		22.9432	to	22.6747		55,602,465	1.12	1.00	to	2.50	(8.91)	to	(10.29)
2017	2,537,208		25.1886	to	25.2752		72,128,774	1.29	1.00	to	2.50	19.27	to	17.48
2016	3,165,481		21.1190	to	21.5140		76,171,922	1.25	1.00	to	2.50	7.09	to	5.47
2015	3,811,047		19.7201	to	21.0114		86,489,467	1.25	1.00	to	2.55	(0.14)	to	1.91
MC0
2019	1,943,211		26.9909	to	22.9516		48,982,248	3.78	1.15	to	1.85	13.35	to	12.54
2018	2,179,178		23.8130	to	20.3944		48,602,145	3.83	1.15	to	1.85	(4.11)	to	(4.80)
2017	2,441,264		23.6529	to	21.4218		57,018,142	3.71	1.15	to	1.85	5.17	to	4.43
2016	2,639,684		23.6109	to	20.5132		58,807,589	4.07	1.15	to	1.85	5.08	to	4.32
2015	2,988,943		22.4704	to	19.6641		63,529,911	3.96	1.15	to	1.85	(1.45)	to	(2.16)

- 149 -

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

10. FINANCIAL HIGHLIGHTS (CONTINUED)
			At December 31,						For the years ended December 31,
								Investment
							Net	Income	Expense Ratio
	Units		Unit Value4				Assets	Ratio1	lowest to highest2			Total Return3
MA0
2019	6,042,604	$	14.2930	to $	15.7393	$	119,375,562	3.56%	0.65%	to	2.30%	13.71%	to	11.84%
2018	6,527,847		12.5691	to	14.0727		114,567,450	3.56	0.65	to	2.30	(3.94)	to	(5.53)
2017	8,061,502		13.0848	to	14.8968		148,735,679	3.48	0.65	to	2.30	5.42	to	3.69
2016	8,446,444		12.4116	to	14.0494		149,405,681	3.90	0.65	to	2.50	5.29	to	3.91
2015	9,138,528		11.7876	to	13.5201		155,094,085	3.78	0.65	to	2.50	(1.23)	to	(3.07)
MC2
2019	2,842,931		45.1674	to	28.3230		99,104,962	0.80	1.15	to	1.85	31.68	to	30.74
2018	3,277,605		34.3018	to	21.6637		87,496,028	0.67	1.15	to	1.85	(4.93)	to	(5.61)
2017	3,720,811		36.0812	to	22.9519		104,851,766	0.94	1.15	to	1.85	23.41	to	22.53
2016	4,258,493		29.2369	to	18.7314		97,617,989	0.76	1.15	to	1.85	10.11	to	9.32
2015	4,776,662		26.5525	to	17.1351		99,683,494	0.55	1.15	to	1.85	(1.34)	to	(2.05)
MC1
2019	1,523,361		30.8774	to	23.4566		40,168,506	0.55	0.65	to	2.25	32.01	to	29.90
2018	1,773,236		23.3905	to	18.0574		35,718,016	0.44	0.65	to	2.25	(4.69)	to	(6.23)
2017	1,906,718		24.5425	to	19.2561		40,697,930	0.69	0.65	to	2.25	23.70	to	21.73
2016	2,161,230		19.8405	to	15.8192		37,582,688	0.45	0.65	to	2.25	10.35	to	8.57
2015	2,594,573		17.9804	to	14.5707		41,219,748	0.30	0.65	to	2.25	(1.05)	to	(2.65)
MC3
2019	504,336		33.5786	to	28.4361		16,599,951	0.66	1.00	to	1.85	19.31	to	18.30
2018	554,697		28.1431	to	24.0378		15,397,927	0.34	1.00	to	1.85	(14.80)	to	(15.53)
2017	634,839		33.0334	to	28.4588		20,782,715	1.07	1.00	to	1.85	36.58	to	35.42
2016	699,804		24.1864	to	21.0156		16,866,599	0.62	1.00	to	1.85	8.27	to	7.34
2015	796,990		22.3385	to	19.5780		17,765,433	0.94	1.00	to	1.85	(13.76)	to	(14.51)
MA1
2019	858,553		11.3658	to	15.1481		15,637,358	0.39	0.65	to	2.30	19.40	to	17.43
2018	1,031,804		9.5190	to	12.4719		15,818,098	0.11	0.65	to	2.55	(14.69)	to	(16.32)
2017	1,143,328		11.1584	to	14.9044		20,721,186	0.87	0.65	to	2.55	36.77	to	34.18
2016	1,403,830		8.1584	to	11.1075		18,711,593	0.37	0.65	to	2.55	8.33	to	6.26
2015	1,637,155		7.5307	to	10.4527		20,171,751	0.58	0.65	to	2.55	(13.65)	to	(15.30)
MC4
2019	488,093		17.9328	to	15.2520		9,214,260	2.47	1.00	to	1.85	5.02	to	4.12
2018	491,260		17.0758	to	14.6479		8,788,957	0.96	1.00	to	1.85	(2.10)	to	(2.94)
2017	560,127		17.4420	to	15.0913		10,319,234	-	1.00	to	1.85	5.93	to	5.02
2016	640,441		16.4663	to	14.3695		11,249,055	-	1.00	to	1.85	(0.70)	to	(1.55)
2015	689,912		16.5821	to	14.5958		12,301,550	2.44	1.00	to	1.85	(4.62)	to	(5.44)
MC5
2019	54,156		16.2674	to	14.2806		803,500	2.12	1.15	to	1.85	4.58	to	3.84
2018	57,413		15.5555	to	13.7522		822,077	0.59	1.15	to	1.85	(2.46)	to	(3.15)
2017	70,046		15.9475	to	14.1990		1,030,360	-	1.15	to	1.85	5.49	to	4.75
2016	111,398		15.1182	to	13.5556		1,568,339	-	1.15	to	1.85	(1.15)	to	(1.85)
2015	110,442		15.2941	to	15.0234		1,583,099	2.55	1.15	to	2.05	(4.96)	to	(0.34)
MC6
2019	1,046,941		52.8547	to	22.7764		48,073,037	0.56	1.15	to	1.85	34.46	to	33.50
2018	1,208,296		39.3087	to	17.0605		41,358,792	0.50	1.15	to	1.85	(5.92)	to	(6.59)
2017	1,418,436		41.7825	to	18.2650		51,346,527	1.08	1.15	to	1.85	30.64	to	29.71
2016	1,566,590		31.9832	to	14.0815		43,506,302	0.58	1.15	to	1.85	4.86	to	4.11
2015	1,741,127		30.4997	to	13.5259		46,420,205	0.95	1.15	to	1.85	(2.66)	to	(3.36)

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

10. FINANCIAL HIGHLIGHTS (CONTINUED)
			At December 31,						For the years ended December 31,
								Investment
							Net	Income	Expense Ratio
	Units		Unit Value4				Assets	Ratio1	lowest to highest2			Total Return3
MC7
2019	62,083	$	33.5290	to $	36.4438	$	2,098,442	0.26%	1.15%	to	2.10%	34.10%	to	32.83%
2018	66,578		25.0026	to	24.3194		1,746,938	0.18	1.15	to	2.55	(6.16)	to	(7.48)
2017	86,375		26.6434	to	26.2859		2,493,312	0.82	1.15	to	2.55	30.26	to	28.44
2016	104,234		20.4535	to	20.4656		2,325,270	0.35	1.15	to	2.55	4.63	to	3.15
2015	96,438		19.5480	to	19.8404		1,996,561	0.62	1.15	to	2.55	(2.95)	to	(4.33)
MC8
2019	2,503,331		32.1194	to	15.9005		82,722,075	1.05	1.15	to	1.85	30.46	to	29.53
2018	2,886,932		24.6202	to	12.2754		73,514,254	0.98	1.15	to	1.85	(9.87)	to	(10.52)
2017	3,335,907		27.3168	to	13.7182		93,561,955	1.55	1.15	to	1.85	24.09	to	23.21
2016	3,836,452		22.0136	to	11.1342		86,911,841	1.12	1.15	to	1.85	4.24	to	3.49
2015	4,325,426		21.1183	to	10.7590		93,596,211	1.26	1.15	to	1.85	(1.94)	to	(2.65)
MC9
2019	196,208		23.0220	to	26.1665		4,864,373	0.75	1.10	to	2.10	30.17	to	28.87
2018	237,401		17.6857	to	20.3047		4,525,231	0.69	1.10	to	2.10	(10.07)	to	(10.97)
2017	286,878		19.6652	to	24.0412		6,164,998	1.31	1.10	to	2.10	23.80	to	22.38
2016	369,037		15.8845	to	19.6450		6,490,047	0.81	1.10	to	2.25	4.05	to	2.84
2015	422,318		15.2657	to	19.1018		7,232,070	0.96	1.10	to	2.25	(2.18)	to	(3.32)
MD0
2019	1,307,551		33.6202	to	20.8714		41,117,262	2.76	1.15	to	1.85	13.28	to	12.47
2018	1,492,809		29.6796	to	18.5572		41,494,783	0.78	1.15	to	1.85	(5.60)	to	(6.27)
2017	1,660,704		31.4392	to	19.7991		49,219,805	3.09	1.15	to	1.85	9.57	to	8.79
2016	1,899,277		28.6923	to	18.1988		51,409,257	0.00	1.15	to	1.85	5.03	to	4.27
2015	2,118,016		27.3178	to	17.4528		54,757,714	5.17	1.15	to	1.85	(3.34)	to	(4.04)
M92
2019	36,890,746		14.7155	to	13.2480		517,149,066	2.53	0.65	to	2.10	13.56	to	11.91
2018	41,927,838		12.9584	to	11.3564		522,436,665	0.50	0.65	to	2.55	(5.42)	to	(7.23)
2017	49,628,528		13.7016	to	12.2413		660,187,553	2.90	0.65	to	2.55	9.87	to	7.79
2016	56,171,972		12.4709	to	11.3569		686,213,466	0.00	0.65	to	2.55	5.29	to	3.28
2015	61,825,683		11.8441	to	10.9963		724,423,931	4.89	0.65	to	2.55	(3.12)	to	(4.98)
M96
2019	3,639,440		20.9862	to	15.8911		72,819,390	2.99	1.15	to	1.85	5.31	to	4.56
2018	3,973,046		19.9272	to	15.1974		75,920,316	3.21	1.15	to	1.85	(0.68)	to	(1.39)
2017	4,489,943		17.2070	to	15.4120		86,941,433	3.10	1.15	to	1.85	1.05	to	0.34
2016	4,799,909		19.8527	to	15.3592		92,685,337	2.68	1.15	to	1.85	(0.11)	to	(0.83)
2015	5,257,120		19.8742	to	15.4874		102,055,769	2.73	1.15	to	1.85	(0.67)	to	(1.39)
MD2
2019	11,100,477		11.2446	to	11.0487		147,558,037	2.69	0.65	to	2.50	5.66	to	3.71
2018	12,122,983		10.6424	to	10.6537		154,081,038	2.92	0.65	to	2.50	(0.48)	to	(2.33)
2017	14,812,278		10.6942	to	10.9081		191,222,631	2.80	0.65	to	2.50	1.37	to	(0.51)
2016	16,682,003		10.5502	to	10.9635		214,602,842	2.37	0.65	to	2.50	0.02	to	(1.84)
2015	18,001,929		10.5479	to	11.2494		233,787,906	2.39	0.65	to	2.55	(0.40)	to	(0.96)
MA6
2019	1,688,655		25.1272	to	21.3330		47,736,189	5.60	1.00	to	1.85	13.66	to	12.69
2018	1,900,008		22.1072	to	18.9302		47,713,973	5.56	1.00	to	1.85	(4.05)	to	(4.87)
2017	2,138,564		23.0408	to	19.9002		56,471,575	6.41	1.00	to	1.85	5.62	to	4.73
2016	2,350,891		21.8140	to	19.0023		59,541,819	6.62	1.00	to	1.85	12.69	to	11.72
2015	2,734,375		19.3581	to	17.0090		61,795,969	6.84	1.00	to	1.85	(5.18)	to	(5.99)
MA3
2019	1,558,342		13.5966	to	18.2086		35,601,324	5.36	0.65	to	2.50	13.69	to	11.59
2018	1,798,423		11.9591	to	16.3168		36,323,910	5.31	0.65	to	2.50	(3.87)	to	(5.66)
2017	2,196,928		12.4407	to	17.2951		46,577,368	6.18	0.65	to	2.50	5.62	to	3.67
2016	2,592,985		11.7787	to	16.6825		52,755,833	6.38	0.65	to	2.50	12.91	to	10.80
2015	3,167,879		10.4323	to	15.9129		57,755,878	6.36	0.65	to	2.55	(5.04)	to	(0.91)

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

10. FINANCIAL HIGHLIGHTS (CONTINUED)
			At December 31,						For the years ended December 31,
								Investment
							Net	Income	Expense Ratio
	Units		Unit Value4				Assets	Ratio1	lowest to highest2			Total Return3
M97
2019	1,237,228	$	27.1338	to $	23.4630	$	35,189,191	1.19%	1.00%	to	1.85%	26.03%	to	24.95%
2018	1,477,939		21.5299	to	18.7772		33,622,626	1.00	1.00	to	1.85	(9.93)	to	(10.71)
2017	1,626,676		23.9046	to	21.0285		41,434,975	1.35	1.00	to	1.85	31.32	to	30.20
2016	1,863,912		18.2037	to	16.1509		36,365,158	1.15	1.00	to	1.85	1.47	to	0.60
2015	2,078,687		17.9405	to	16.0552		40,049,140	1.55	1.00	to	1.85	(0.68)	to	(1.54)
MD5
2019	808,213		17.7677	to	15.4613		15,834,413	0.97	0.65	to	2.10	26.29	to	24.46
2018	962,074		14.0694	to	12.4231		15,071,974	0.80	0.65	to	2.10	(9.89)	to	(11.21)
2017	1,078,505		15.6143	to	13.9913		18,981,547	1.11	0.65	to	2.10	31.49	to	29.59
2016	1,260,948		11.8749	to	10.7967		16,974,565	0.88	0.65	to	2.10	1.49	to	0.01
2015	1,348,083		11.7007	to	10.7959		18,095,128	1.28	0.65	to	2.10	(0.55)	to	(2.00)
M98
2019	934,776		56.3598	to	33.4739		41,533,157	1.83	1.15	to	1.85	24.51	to	23.62
2018	1,074,993		45.2653	to	27.0771		38,478,624	1.09	1.15	to	1.85	(10.53)	to	(11.17)
2017	1,198,867		50.5904	to	30.4809		48,280,305	1.46	1.15	to	1.85	25.70	to	24.81
2016	1,344,992		40.2464	to	24.4224		43,324,841	1.33	1.15	to	1.85	2.87	to	2.13
2015	1,495,078		39.1244	to	23.9140		46,933,339	1.92	1.15	to	1.85	5.44	to	4.68
M93
2019	4,106,841		22.9326	to	17.9314		81,110,609	1.43	0.65	to	2.25	24.84	to	22.84
2018	5,081,903		18.3700	to	14.5970		81,180,035	0.89	0.65	to	2.25	(10.31)	to	(11.76)
2017	5,752,465		20.4825	to	16.5415		103,459,909	1.25	0.65	to	2.25	26.00	to	23.99
2016	7,480,028		16.2563	to	13.3412		107,609,241	1.11	0.65	to	2.25	3.17	to	1.51
2015	8,395,446		15.7574	to	13.1434		118,129,065	1.68	0.65	to	2.25	5.63	to	3.93
MD6
2019	11,233,612		21.6551	to	19.8213		330,355,652	0.58	1.00	to	1.85	38.56	to	37.38
2018	13,004,247		15.6292	to	14.4286		276,836,568	0.57	1.00	to	1.85	(0.20)	to	(1.06)
2017	14,886,576		15.6611	to	14.5830		318,872,497	0.64	1.00	to	1.85	27.15	to	26.06
2016	16,970,462		12.3173	to	11.5679		287,428,792	0.59	1.00	to	1.85	5.01	to	4.11
2015	19,246,726		11.7292	to	11.1109		311,395,276	0.49	1.00	to	1.85	(1.11)	to	(1.96)
MB3
2019	1,119,963		31.2923	to	33.1589		36,267,396	0.34	1.00	to	2.30	38.19	to	36.39
2018	1,313,651		22.6443	to	24.3110		30,935,440	0.33	1.00	to	2.30	(0.43)	to	(1.74)
2017	1,558,343		22.7430	to	24.5561		37,335,745	0.41	1.00	to	2.30	26.82	to	25.11
2016	1,833,885		17.9326	to	19.3889		34,998,962	0.37	1.00	to	2.50	4.78	to	4.10
2015	2,067,810		17.1139	to	18.6244		37,896,204	0.44	1.00	to	2.50	(1.33)	to	(2.83)
MD8
2019	3,364,994		11.9190	to	9.1323		37,977,970	1.63	1.15	to	1.85	0.48	to	(0.24)
2018	3,729,600		11.8621	to	9.1539		42,172,705	1.24	1.15	to	1.85	0.10	to	(0.62)
2017	4,346,081		11.8502	to	9.2106		49,280,656	0.29	1.15	to	1.85	(0.84)	to	(1.55)
2016	4,698,353		11.9508	to	9.3554		54,106,028	0.01	1.15	to	1.85	(1.13)	to	(1.84)
2015	5,440,048		12.0872	to	9.5310		63,450,866	-	1.15	to	1.85	(1.14)	to	(1.85)
MD9
2019	12,065,194		9.8538	to	7.7712		107,716,092	1.63	0.65	to	2.50	0.98	to	(0.89)
2018	13,539,953		9.7586	to	7.7780		120,800,340	1.24	0.65	to	2.55	0.60	to	(1.32)
2017	15,193,772		9.7005	to	7.8820		136,576,068	0.27	0.65	to	2.55	(0.36)	to	(2.25)
2016	18,785,298		9.7360	to	8.0637		170,982,388	0.01	0.65	to	2.55	(0.64)	to	(2.54)
2015	18,207,733		9.7989	to	8.3576		168,401,641	-	0.65	to	2.55	(0.65)	to	(1.57)

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

10. FINANCIAL HIGHLIGHTS (CONTINUED)
			At December 31,						For the years ended December 31,
								Investment
							Net	Income	Expense Ratio
	Units		Unit Value4				Assets	Ratio1	lowest to highest2			Total Return3
ME2
2019	932,101	$	32.3022	to $	16.8736	$	20,256,254	1.46%	1.15%	to	1.85%	26.59%	to	25.69%
2018	1,042,465		25.5179	to	13.4252		17,993,248	1.45	1.15	to	1.85	(15.11)	to	(15.72)
2017	1,141,329		17.4281	to	15.9287		23,371,436	1.86	1.15	to	1.85	26.82	to	25.93
2016	1,315,665		23.6996	to	12.6486		21,301,442	1.57	1.15	to	1.85	(1.83)	to	(2.54)
2015	1,495,623		24.1416	to	12.9781		24,634,929	1.93	1.15	to	1.85	(3.08)	to	(3.78)
ME3
2019	1,520,079		15.2365	to	22.3803		38,549,046	1.19	0.65	to	2.30	26.84	to	24.75
2018	1,836,472		18.4314	to	17.9397		37,158,328	1.16	1.15	to	2.30	(15.31)	to	(16.29)
2017	2,028,320		21.7632	to	22.3708		48,795,329	1.56	1.15	to	2.30	26.44	to	24.98
2016	2,632,854		17.2127	to	16.9084		50,418,946	1.34	1.15	to	2.50	(2.05)	to	(2.03)
2015	2,946,172		17.5735	to	17.2595		57,887,140	1.69	1.15	to	2.50	(3.32)	to	(4.64)
MA5
2019	1,166,830		23.3272	to	19.9843		25,413,532	3.51	1.15	to	1.85	10.33	to	9.55
2018	1,231,924		21.1430	to	18.2429		24,401,310	3.97	1.15	to	1.85	(3.11)	to	(3.80)
2017	1,331,223		21.8216	to	18.9642		27,284,742	4.59	1.15	to	1.85	5.03	to	4.28
2016	1,449,592		20.7762	to	18.1852		28,360,544	3.06	1.15	to	1.85	7.01	to	6.24
2015	1,688,630		19.4153	to	17.1175		30,929,998	5.58	1.15	to	1.85	(2.97)	to	(3.67)
MA7
2019	208,505		21.1297	to	17.4621		4,050,311	3.24	1.15	to	2.10	10.01	to	8.97
2018	237,611		19.2064	to	16.0251		4,209,261	3.62	1.15	to	2.10	(3.24)	to	(4.16)
2017	273,266		19.8489	to	16.7212		5,014,013	4.47	1.15	to	2.10	4.67	to	3.68
2016	369,423		18.9631	to	16.1284		6,463,203	2.85	1.15	to	2.10	6.76	to	5.73
2015	378,492		17.7625	to	15.2539		6,242,579	5.56	1.15	to	2.10	(3.19)	to	(4.12)
ME4
2019	998,683		20.0112	to	16.2986		17,984,787	-	1.15	to	1.85	34.59	to	33.65
2018	1,220,819		13.9374	to	12.1950		16,422,089	-	1.15	to	1.85	0.57	to	(0.15)
2017	1,385,665		14.7855	to	12.2136		18,552,134	-	1.15	to	1.85	37.41	to	36.45
2016	1,549,172		10.7600	to	8.9511		15,195,193	-	1.15	to	1.85	7.46	to	6.68
2015	1,705,852		10.0145	to	8.3903		15,593,420	-	1.15	to	1.85	9.49	to	8.70
MA2
2019	49,526		39.6947	to	37.4828		1,658,655	-	1.15	to	2.05	34.32	to	33.11
2018	46,625		29.5533	to	28.1602		1,370,549	-	1.15	to	2.05	0.35	to	(0.56)
2017	66,266		29.4506	to	28.3191		1,893,319	-	1.15	to	2.05	37.06	to	35.83
2016	69,292		21.4868	to	20.8489		1,456,202	-	1.15	to	2.05	7.14	to	6.16
2015	75,216		20.0550	to	19.6383		1,480,354	-	1.15	to	2.05	9.26	to	8.27

- 153 -

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

10. FINANCIAL HIGHLIGHTS (CONTINUED)
			At December 31,						For the years ended December 31,
								Investment
							Net	Income	Expense Ratio
	Units		Unit Value4				Assets	Ratio1	lowest to highest2			Total Return3
MF3
2019	2,340,999	$	28.2240	to $	20.6585	$	52,379,843	0.47%	0.65%	to	2.30%	25.54%	to	23.47%
2018	2,805,821		22.4828	to	16.7318		50,559,537	0.58	0.65	to	2.30	(5.97)	to	(7.53)
2017	3,443,010		23.9106	to	18.0944		66,706,871	0.61	0.65	to	2.30	13.95	to	12.08
2016	4,055,584		20.9829	to	16.1445		69,692,673	0.92	0.65	to	2.30	19.80	to	17.81
2015	5,343,286		17.5150	to	13.7037		77,471,696	0.32	0.65	to	2.30	(5.00)	to	(6.58)
MF5
2019	22,941,913		15.8017	to	16.7750		405,951,754	2.34	0.65	to	2.10	15.72	to	14.04
2018	26,810,432		13.6551	to	14.0355		414,465,602	1.89	0.65	to	2.55	(3.56)	to	(5.40)
2017	32,045,960		14.1589	to	14.8364		518,959,227	1.86	0.65	to	2.55	10.52	to	8.42
2016	38,928,761		12.8118	to	13.6840		575,990,066	2.42	0.65	to	2.55	4.05	to	2.06
2015	45,325,104		12.3135	to	13.4082		650,867,979	2.85	0.65	to	2.55	(1.14)	to	(3.03)
MF6
2019	52,821		35.2256	to	31.4072		1,744,187	3.63	1.35	to	2.30	25.17	to	23.97
2018	62,209		28.1431	to	21.0070		1,644,682	4.07	1.35	to	2.55	(4.34)	to	(5.50)
2017	76,502		29.4215	to	22.2303		2,125,475	4.14	1.35	to	2.55	11.81	to	10.46
2016	90,462		26.3141	to	20.1245		2,257,599	2.55	1.35	to	2.55	6.48	to	5.19
2015	112,828		24.7122	to	19.1320		2,640,528	3.97	1.35	to	2.55	(0.62)	to	(1.82)
MF7
2019	2,253,830		20.4845	to	20.2009		50,523,551	2.83	0.65	to	2.35	25.85	to	23.72
2018	2,678,520		16.2765	to	15.9585		48,236,259	3.15	0.65	to	2.50	(3.97)	to	(5.75)
2017	3,417,578		16.9486	to	16.9319		64,836,183	3.34	0.65	to	2.50	12.33	to	10.26
2016	4,098,331		15.0877	to	15.3561		69,972,782	1.97	0.65	to	2.50	7.00	to	5.01
2015	4,791,411		14.1003	to	14.6231		77,277,420	3.27	0.65	to	2.50	(0.18)	to	(2.04)
MF9
2019	12,493,257		21.2067	to	24.2321		325,781,690	1.98	0.65	to	2.30	25.84	to	23.77
2018	14,628,661		16.8520	to	19.5785		306,459,709	1.53	0.65	to	2.30	(6.08)	to	(7.63)
2017	17,175,741		17.9426	to	21.1967		387,084,303	1.58	0.65	to	2.30	18.74	to	16.78
2016	20,358,832		15.1113	to	18.1505		390,486,019	2.45	0.65	to	2.30	6.24	to	4.48
2015	23,810,696		14.2233	to	17.3724		434,272,098	4.01	0.65	to	2.30	(0.35)	to	(2.01)

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

10. FINANCIAL HIGHLIGHTS (CONTINUED)
			At December 31,					For the years ended December 31,
							Investment
						Net	Income	Expense Ratio
	Units		Unit Value4			Assets	Ratio1	lowest to highest2			Total Return3
MG1
2019	9,471,698	$	11.5440	to $	11.4256	$ 116,989,865	1.39%	0.65%	to	2.30%	7.35%	to	5.58%
2018	10,546,363		10.7537	to	10.8217	122,512,404	1.41	0.65	to	2.30	(5.32)	to	(6.89)
2017	12,433,916		11.3584	to	11.6227	154,195,257	-	0.65	to	2.30	7.29	to	5.52
2016	13,465,623		10.5868	to	11.0145	157,145,585	-	0.65	to	2.30	1.72	to	0.03
2015	14,182,033		10.4082	to	11.0116	164,263,639	0.40	0.65	to	2.30	(5.88)	to	(7.45)
MF2
2019	18,692,242		10.8479	to	9.3915	192,914,646	2.64	1.30	to	2.50	3.82	to	2.57
2018	20,371,715		10.4484	to	9.1557	203,393,960	1.99	1.30	to	2.50	(0.04)	to	(1.25)
2017	25,006,600		10.4531	to	9.2719	250,847,512	1.58	1.30	to	2.50	0.41	to	(0.79)
2016	27,490,632		10.4101	to	9.3462	275,872,908	1.35	1.30	to	2.50	0.36	to	(0.86)
2015	30,382,434		10.3725	to	9.4944	305,073,432	1.30	1.30	to	2.55	(0.83)	to	(0.99)
MG2
2019	10,825,862		10.5709	to	9.5576	109,445,390	2.39	0.65	to	2.10	4.21	to	2.70
2018	11,204,328		10.1434	to	9.3060	109,785,950	1.72	0.65	to	2.10	0.33	to	(1.13)
2017	13,429,422		10.1103	to	9.4127	132,553,973	1.32	0.65	to	2.10	0.79	to	(0.67)
2016	14,365,301		10.0311	to	9.4762	142,051,166	1.05	0.65	to	2.10	0.82	to	(0.65)
2015	16,047,854		9.9493	to	9.5382	158,937,215	1.04	0.65	to	2.10	(0.37)	to	(1.83)
MG3
2019	1,024,055		25.3101	to	22.4470	24,538,343	1.27	1.30	to	2.30	29.42	to	28.12
2018	1,245,032		19.5567	to	17.5199	23,170,786	0.87	1.30	to	2.30	(12.60)	to	(13.49)
2017	1,418,470		22.3771	to	20.2510	30,353,538	1.23	1.30	to	2.30	12.20	to	11.08
2016	1,665,751		19.9432	to	18.2309	31,932,872	0.86	1.30	to	2.30	14.47	to	13.31
2015	2,078,651		17.4222	to	16.0893	34,980,102	0.93	1.30	to	2.30	(3.60)	to	(4.57)
MG4
2019	902,847		27.1282	to	22.3061	21,333,453	0.97	0.65	to	2.10	29.86	to	27.98
2018	1,126,976		20.8908	to	17.4300	20,713,591	0.66	0.65	to	2.10	(12.19)	to	(13.47)
2017	1,375,595		23.7913	to	20.1438	29,079,628	1.03	0.65	to	2.10	12.67	to	11.04
2016	1,552,431		21.1154	to	16.1967	29,418,427	0.67	0.65	to	2.15	15.01	to	1.59
2015	1,911,690		18.3596	to	15.9433	31,822,181	0.69	0.65	to	2.15	(3.29)	to	(4.75)
MG6
2019	59,093,135		18.5528	to	20.9032	1,302,584,592	2.21	0.65	to	2.10	21.11	to	19.35
2018	68,298,700		15.3192	to	17.5137	1,255,969,013	1.83	0.65	to	2.10	(4.75)	to	(6.14)
2017	79,683,750		16.0837	to	18.3989	1,554,414,108	1.78	0.65	to	2.10	14.49	to	12.66
2016	92,397,930		14.0486	to	16.3314	1,590,095,837	2.53	0.65	to	2.25	5.18	to	3.48
2015	102,938,721		13.3571	to	15.7817	1,700,470,142	3.65	0.65	to	2.25	(0.52)	to	(2.12)
MG7
2019	251,133		26.4623	to	28.9714	7,626,096	0.53	0.65	to	2.10	32.56	to	30.64
2018	315,136		19.9625	to	22.1766	7,295,067	0.25	0.65	to	2.10	(11.58)	to	(12.87)
2017	369,553		22.5770	to	25.4523	9,790,084	0.77	0.65	to	2.10	14.27	to	12.61
2016	320,776		19.7581	to	20.1485	7,536,524	0.64	0.65	to	2.25	25.91	to	11.84
2015	402,041		15.6921	to	18.2161	7,573,913	0.31	0.65	to	2.10	(3.53)	to	(4.94)
V44
2019	353,950		34.6435	to	30.6790	11,234,842	-	0.65	to	2.10	30.61	to	28.72
2018	394,577		26.5236	to	23.8336	9,712,851	-	0.65	to	2.10	6.60	to	5.04
2017	379,850		24.8821	to	22.4004	8,875,409	-	0.65	to	2.10	41.90	to	39.56
2016	337,618		17.5355	to	16.0506	5,605,835	-	0.65	to	2.30	(2.56)	to	(4.18)
2015	207,421		17.9962	to	16.7505	3,575,777	-	0.65	to	2.30	11.24	to	9.39

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

10. FINANCIAL HIGHLIGHTS (CONTINUED)
			At December 31,						For the years ended December 31,
								Investment
							Net	Income	Expense Ratio
	Units		Unit Value4				Assets	Ratio1	lowest to highest2			Total Return3
V43
2019	278,593	$	27.0537	to $	26.6870	$	7,856,010	-%	0.65%	to	2.10%	39.06%	to	37.04%
2018	315,995		19.4551	to	19.4736		6,474,748	-	0.65	to	2.10	9.81	to	8.20
2017	362,270		19.3957	to	17.9971		6,836,255	-	1.35	to	2.10	36.74	to	35.71
2016	468,136		14.1847	to	13.2616		6,469,819	-	1.35	to	2.10	(10.07)	to	(10.76)
2015	479,964		15.7736	to	14.8601		7,397,574	-	1.35	to	2.10	(7.26)	to	(7.96)
O19
2019	420,729		27.3210	to	27.4130		13,908,076	-	1.30	to	2.30	34.08	to	32.74
2018	513,394		20.3759	to	19.4884		12,674,828	-	1.30	to	2.35	(7.18)	to	(8.16)
2017	596,679		22.1306	to	21.2210		15,940,507	0.01	1.30	to	2.35	25.68	to	23.55
2016	778,076		16.9815	to	17.1754		16,765,951	0.12	0.65	to	2.35	(6.51)	to	(4.72)
2015	911,851		18.1646	to	18.0266		20,459,674	-	0.65	to	2.35	2.60	to	0.84
O23
2019	967,190		11.8170	to	10.7166		11,010,608	2.02	1.35	to	2.10	15.64	to	14.77
2018	1,046,363		10.2190	to	9.3377		10,331,463	1.76	1.35	to	2.10	(6.81)	to	(7.52)
2017	1,132,316		11.0263	to	10.0966		12,031,669	1.73	1.30	to	2.10	7.54	to	6.68
2016	1,113,958		10.3640	to	9.4228		11,018,271	2.12	1.30	to	2.10	4.72	to	2.76
2015	1,051,993		9.8973	to	9.1845		10,095,675	2.01	1.30	to	2.10	(0.74)	to	(1.55)
O20
2019	518,280		23.1704	to	27.2588		15,548,955	0.62	0.65	to	2.25	30.60	to	28.51
2018	653,189		17.7414	to	21.2107		15,149,305	0.76	0.65	to	2.25	(13.96)	to	(15.34)
2017	742,825		20.6196	to	25.0546		20,253,728	0.70	0.65	to	2.25	35.44	to	33.28
2016	917,004		15.2246	to	18.7989		18,640,711	0.79	0.65	to	2.25	(0.81)	to	(2.40)
2015	1,162,408		15.3483	to	18.6697		24,056,298	1.06	0.65	to	2.25	3.00	to	(1.78)
O21
2019	4,719,995		28.7756	to	26.6808		152,120,634	0.82	1.30	to	2.50	30.03	to	28.47
2018	5,849,961		22.1301	to	20.7688		145,625,526	0.91	1.30	to	2.50	(9.30)	to	(10.39)
2017	6,885,439		24.3981	to	23.1777		189,799,968	1.04	1.30	to	2.50	15.13	to	13.74
2016	8,523,438		21.1924	to	20.3773		205,092,333	0.86	1.30	to	2.50	9.85	to	8.52
2015	10,443,174		19.2919	to	18.9782		229,753,746	0.65	1.30	to	2.55	1.77	to	3.14
O04
2019	112,700		45.8637	to	39.1083		4,793,286	-	1.35	to	2.25	24.44	to	23.31
2018	133,222		36.8575	to	31.7147		4,562,326	0.06	1.35	to	2.25	(11.75)	to	(12.55)
2017	163,130		30.7748	to	36.2667		6,344,911	0.64	1.35	to	2.25	12.44	to	11.37
2016	204,714		27.3709	to	29.8788		7,092,483	0.25	1.30	to	2.25	16.14	to	15.02
2015	208,260		23.5667	to	28.3115		6,257,962	0.64	1.30	to	2.25	(7.31)	to	(7.24)
PH2
2019	23,358		16.4478	to	15.9711		376,666	1.47	1.35	to	1.70	25.81	to	25.36
2018	28,613		13.0736	to	12.5993		367,455	1.48	1.35	to	1.85	(11.95)	to	(12.40)
2017	37,723		14.8480	to	14.3363		552,210	3.35	1.35	to	1.85	21.34	to	20.67
2016	25,868		12.2369	to	11.4183		313,754	4.98	1.35	to	2.10	6.29	to	2.48
2015	17,585		11.5124	to	11.1420		200,218	5.36	1.35	to	2.10	(10.25)	to	8.04
P08
2019	1,102,174		16.1693	to	14.2034		16,987,769	2.93	1.35	to	2.25	10.39	to	9.39
2018	1,178,282		14.6475	to	12.9838		16,485,880	3.10	1.35	to	2.25	(6.69)	to	(7.53)
2017	1,399,377		15.6974	to	14.0418		21,100,589	4.65	1.35	to	2.25	12.02	to	11.01
2016	1,425,955		14.0135	to	12.6495		19,285,931	2.56	1.35	to	2.25	11.41	to	10.39
2015	1,618,473		12.5788	to	11.4590		19,696,479	2.92	1.35	to	2.25	(10.22)	to	(11.04)

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

10. FINANCIAL HIGHLIGHTS (CONTINUED)
			At December 31,						For the years ended December 31,
								Investment
							Net	Income	Expense Ratio
	Units		Unit Value4				Assets	Ratio1	lowest to highest2			Total Return3
PC0
2019	1,187,243	$	13.4796	to $	11.9366	$	14,802,101	2.77%	0.65%	to	2.10%	11.02%	to	9.41%
2018	1,390,142		12.1418	to	10.9101		15,777,531	2.96	0.65	to	2.10	(6.06)	to	(7.43)
2017	1,647,311		12.9256	to	11.7862		20,084,264	4.59	0.65	to	2.10	12.64	to	11.01
2016	1,573,134		11.4748	to	10.6169		17,175,088	2.42	0.65	to	2.10	12.17	to	10.53
2015	1,909,115		10.2297	to	9.6051		18,751,715	2.84	0.65	to	2.10	(9.78)	to	(11.10)
P70
2019	52,264		5.2614	to	4.6785		255,626	4.19	0.65	to	2.05	10.63	to	9.08
2018	62,897		4.7559	to	4.2891		280,406	1.97	0.65	to	2.05	(14.76)	to	(15.96)
2017	66,417		5.5796	to	5.1038		350,533	10.69	0.65	to	2.05	1.39	to	(0.03)
2016	71,096		5.5293	to	5.1053		373,905	0.96	0.65	to	2.05	14.13	to	12.52
2015	95,997		4.8221	to	4.5374		446,503	4.02	0.65	to	2.05	(26.15)	to	(27.19)
P10
2019	4,210,677		5.8610	to	4.9443		23,012,902	4.48	0.65	to	2.35	10.71	to	8.83
2018	4,476,996		5.2941	to	4.5432		22,324,165	2.10	0.65	to	2.35	(14.69)	to	(16.15)
2017	5,309,995		6.2059	to	5.4182		31,374,446	11.24	0.65	to	2.35	1.49	to	(0.23)
2016	5,613,985		6.1148	to	5.4308		33,027,779	1.09	0.65	to	2.35	14.41	to	12.45
2015	7,094,528		5.3448	to	4.8295		36,847,209	4.54	0.65	to	2.35	(26.19)	to	(27.45)
PK8
2019	254,755		14.3682	to	29.1500		7,902,801	4.42	0.65	to	2.30	14.05	to	12.17
2018	278,892		12.5980	to	17.7675		7,700,705	4.12	0.65	to	2.55	(5.36)	to	(7.16)
2017	353,094		13.3109	to	19.1381		10,501,720	5.08	0.65	to	2.55	9.18	to	7.11
2016	419,882		12.1916	to	17.8672		11,618,444	5.26	0.65	to	2.55	12.61	to	10.45
2015	514,828		10.8266	to	16.1760		12,770,747	5.18	0.65	to	2.55	(2.88)	to	(4.74)
P20
2019	16,181		13.3032	to	12.4903		211,235	4.37	1.35	to	2.10	13.14	to	12.29
2018	36,604		11.7584	to	11.1236		422,826	4.02	1.35	to	2.10	(6.12)	to	(6.83)
2017	42,567		12.5246	to	11.9389		525,044	4.96	1.35	to	2.10	8.31	to	7.49
2016	32,472		11.5638	to	11.1066		370,047	5.17	1.35	to	2.10	11.70	to	10.85
2015	35,308		10.3522	to	10.0190		361,335	5.19	1.35	to	2.10	(3.66)	to	(4.40)
PD6
2019	28,128,118		12.8916	to	12.6752		381,865,764	2.05	0.65	to	2.25	16.20	to	14.35
2018	32,259,391		11.0943	to	11.0850		380,593,252	1.59	0.65	to	2.25	(6.23)	to	(7.73)
2017	37,702,836		11.8310	to	12.0142		479,172,954	2.10	0.65	to	2.25	13.26	to	11.45
2016	43,988,744		10.4463	to	10.7801		498,296,480	2.31	0.65	to	2.25	3.24	to	1.58
2015	49,587,168		10.1180	to	10.6122		549,137,374	1.58	0.65	to	2.25	(0.91)	to	(2.50)
P06
2019	2,006,490		14.6435	to	14.5293		32,390,144	1.66	1.30	to	2.30	7.04	to	5.97
2018	2,212,668		13.6804	to	13.7114		33,513,529	2.50	1.30	to	2.30	(3.48)	to	(4.45)
2017	2,714,427		14.1736	to	14.3506		42,776,207	2.37	1.30	to	2.30	2.32	to	1.29
2016	2,992,479		13.8527	to	14.0798		46,282,276	2.24	1.30	to	2.30	3.83	to	2.78
2015	3,448,066		13.3416	to	13.6990		51,516,094	3.70	1.30	to	2.30	(3.97)	to	(4.94)
P07
2019	7,707,882		16.9212	to	14.4783		133,331,271	3.01	1.30	to	2.35	6.97	to	5.84
2018	8,590,870		15.8193	to	13.2477		139,502,056	2.53	1.30	to	2.55	(1.83)	to	(3.06)
2017	10,466,926		16.1136	to	13.6664		173,975,506	2.02	1.30	to	2.55	3.56	to	2.26
2016	11,732,629		15.5594	to	13.3638		189,260,806	2.06	1.30	to	2.55	1.35	to	0.06
2015	12,782,699		15.3525	to	13.3552		204,323,414	4.63	1.30	to	2.55	(0.86)	to	(2.11)
P68
2019	1,895		10.7788				20,424	2.82	1.20				6.97

- 157 -

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

10. FINANCIAL HIGHLIGHTS (CONTINUED)
			At December 31,						For the years ended December 31,
								Investment
							Net	Income	Expense Ratio
	Units		Unit Value4				Assets	Ratio1	lowest to highest2			Total Return3
PI3
2019	1,404,143	$	11.2727	to $	9.9824	$	14,604,913	-%	0.65%	to	2.10%	5.23%	to	3.70%
2018	1,520,792		10.7129	to	9.6262		15,177,351	0.40	0.65	to	2.10	(8.44)	to	(9.77)
2017	1,875,956		11.7004	to	10.6690		20,655,019	-	0.65	to	2.10	6.29	to	4.75
2016	2,003,188		10.6047	to	10.1855		20,961,119	3.83	1.35	to	2.10	(0.66)	to	(1.42)
2015	2,146,145		10.6752	to	10.3318		22,655,392	0.09	1.35	to	2.10	(1.88)	to	(2.63)
P72
2019	532,161		28.3544	to	24.7945		13,842,390	2.04	0.65	to	2.25	29.56	to	27.49
2018	593,554		21.8856	to	19.0187		12,064,141	0.71	0.65	to	2.55	(9.09)	to	(10.82)
2017	645,430		24.0728	to	21.3263		14,599,911	1.74	0.65	to	2.55	18.00	to	15.77
2016	734,547		20.4002	to	18.4216		14,212,210	1.82	0.65	to	2.55	12.90	to	10.75
2015	915,560		17.5294	to	16.6341		15,831,203	1.42	1.35	to	2.55	(4.35)	to	(5.52)
P95
2019	664		11.0626				7,351	-	1.20			10.55
P79
2019	1,490		11.3433				16,907	-	1.20			31.64
W41
2019	9,137		29.5462	to	26.5978		257,366	0.07	1.35	to	2.05	27.56	to	26.66
2018	10,657		23.1626	to	20.9987		236,808	0.16	1.35	to	2.05	(13.60)	to	(14.21)
2017	11,753		26.8083	to	24.4767		303,816	0.16	1.35	to	2.05	24.97	to	24.09
2016	15,020		21.4519	to	19.7246		310,731	0.16	1.35	to	2.05	11.83	to	11.04
2015	17,210		19.1829	to	17.7642		319,237	0.01	1.35	to	2.05	(1.10)	to	(1.81)
W42
2019	1,276		29.8943	to	28.1496		37,721	0.26	1.65	to	2.05	28.95	to	28.43
2018	1,368		23.1836	to	21.9184		31,384	0.07	1.65	to	2.05	(3.09)	to	(3.48)
2017	2,234		23.9234	to	22.7093		52,910	-	1.65	to	2.05	17.62	to	17.15
2016	2,292		20.3397	to	15.6813		46,189	-	1.65	to	2.05	11.81	to	11.36
2015	4,229		18.1909	to	17.4081		75,099	-	1.65	to	2.05	(2.25)	to	(2.65)
W4610
2016	-		11.5298	to	10.4698		-	0.48	0.65	to	2.55	2.57	to	1.93
2015	3,851,623		11.2410	to	10.2720		41,497,667	1.24	0.65	to	2.55	(0.52)	to	(2.42)

1Represents the dividends, excluding distributions of capital gains, received by the Sub-Account from the underlying mutual fund, net of management fees assessed by the fund manager, divided by the average net assets. The ratio excludes those expenses, such as mortality and expense charges, that result in direct reductions in the unit values. The recognition of investment income by the Sub-Account is affected by the timing of the declaration of dividends by the underlying fund in which the Sub-Accounts invest.

2Ratio represents the annualized contract expenses of the Sub-Account, consisting primarily of mortality and expense charges and distribution charges. The ratio includes only those expenses that result in a direct reduction to unit values. Charges made directly to contract owner accounts through the redemption of units and expenses of the underlying fund are excluded.

3Ratio represents the total return for the year indicated, including changes in the value of the underlying fund. The total return does not include any expenses assessed through the redemption of units; inclusion of these expenses in the calculation would result in reduction in the total return presented. The total return is calculated for each period indicated or from the effective date through the end of the reporting period using the unit value of the beginning period that corresponds to the lowest or highest ending period unit value disclosed. The total returns are presented as a range of maximum to minimum values based on the product grouping representing the corresponding lowest to highest expense ratio amounts.

4The unit values are not a direct calculation of net assets over the number of units allocated to the Sub-Account. The unit values are presented as a range of maximum to minimum values based on the product grouping representing the corresponding lowest to highest expense ratio amounts. Some unit values may be outside of the range due to timing of the related Sub-Account level's commencement date. Unit values of product pricing levels with zero units during the period are excluded when determining the range.

5Columbia Variable Portfolio - International Opportunities Fund - Class 2 Sub-Account (C65) merged into fund C58 on April 29, 2016.

6Columbia Variable Portfolio - Large Cap Growth Fund II Class 1 Sub-Account (C61) merged into fund C59 on April 29, 2016.

7Columbia Variable Portfolio - Large Cap Growth Fund II - Class 2 Sub-Account (C62) merged into fund C60 on April 29, 2016.

8Columbia Variable Portfolio- Loomis Sayles Growth Fund II Class 2 Sub-Account (C64) merged into fund C90 on April 29, 2016.

9Huntington VA International Equity Sub-Account (H27) merged into fund MD9 on March 6, 2015.

10Wells Fargo VT Total Return Bond Fund Class 2 Sub-Account (W46) merged into fund MD9 on April 29, 2016.

- 158 -

Delaware Life Insurance Company

(A Wholly-Owned Subsidiary of Group One Thousand One, LLC)

Report of Independent Auditors

Statutory Financial Statements as of

December 31, 2019 and 2018 and for the Years

Ended December 31, 2019, 2018 and 2017

DELAWARE LIFE INSURANCE COMPANY

(A Wholly-Owned Subsidiary of Group One Thousand One, LLC)

____________________________________________________________________________

TABLE OF CONTENTS

	Page
REPORT OF INDEPENDENT AUDITORS	1
Statutory Statements of Admitted Assets, Liabilities and Capital Stock and Surplus	3
Statutory Statements of Operations	5
Statutory Statements of Changes in Capital Stock and Surplus	6
Statutory Statements of Cash Flows	7
Notes to the Statutory Financial Statements	9

Report of Independent Auditors

To the Board of Directors of

Delaware Life Insurance Company

We have audited the accompanying statutory financial statements of Delaware Life Insurance Company, which comprise the statutory statements of admitted assets, liabilities and capital stock and surplus as of December 31, 2019 and 2018, and the related statutory statements of operations and changes in capital stock and surplus, and of cash flows for the years ended December 31, 2019, 2018 and 2017.

Management's Responsibility for the Financial Statements

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

Auditors' Responsibility

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

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

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

As described in Note 1 to the financial statements, the financial statements are prepared by the Company on the basis of the accounting practices prescribed or permitted by the Delaware Department of Insurance, which is a basis of accounting other than accounting principles generally accepted in the United States of America.

The effects on the financial statements of the variances between the statutory basis of accounting described in Note 1 and accounting principles generally accepted in the United States of America, although not reasonably determinable, are presumed to be material.

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

T: (860) 241 7000, F: (860) 241 7590, www.pwc.com/us

1

Adverse Opinion on U.S. Generally Accepted Accounting Principles

In our opinion, because of the significance of the matter discussed in the "Basis for Adverse Opinion on U.S. Generally Accepted Accounting Principles" paragraph, the financial statements referred to above do not present fairly, in accordance with accounting principles generally accepted in the United States of America, the financial position of the Company as of December 31, 2019 and 2018, or the results of its operations or its cash flows for the years ended December 31, 2019, 2018 and 2017.

Opinion on Statutory Basis of Accounting

In our opinion, the financial statements referred to above present fairly, in all material respects, the admitted assets, liabilities and surplus of the Company as of December 31, 2019 and 2018, and the results of its operations and its cash flows for the years ended December 31, 2019, 2018 and 2017, in accordance with the accounting practices prescribed or permitted by the Delaware Department of Insurance described in Note 1.

/s/ PricewaterhouseCoopers LLP Hartford, Connecticut

April 27, 2020

2

DELAWARE LIFE INSURANCE COMPANY

(A Wholly-Owned Subsidiary of Group One Thousand One, LLC)

STATUTORY STATEMENTS OF ADMITTED ASSETS, LIABILITIES AND CAPITAL STOCK AND SURPLUS AS OF DECEMBER 31, 2019 AND 2018 (IN THOUSANDS EXCEPT SHARE AND PER SHARE DATA)

______________________________________________________________________________________________________

ADMITTED ASSETS		2019		2018
GENERAL ACCOUNT ASSETS
Bonds	$	10,918,153	$	10,497,705
Preferred stocks		769,767		566,677
Common stocks		779,463		592,218
Mortgage loans on real estate		606,383		544,207
Cash, cash equivalents and short-term investments		1,480,742		982,422
Contract loans		400,939		405,685
Derivatives		335,701		250,525
Other invested assets		878,847		451,955
Mortgage escrow funds		2,827		3,430
Receivables for securities		36,500		4,970
Investment income due and accrued		153,301		105,522
Amounts recoverable from reinsurers		9,549		17,199
Other amounts receivable under reinsurance contracts		4,049		5,435
Current federal and foreign income tax recoverable		49,947		23,865
Net deferred tax asset		79,469		83,265
Electronic data processing equipment and software		469		837
Receivables from parent, subsidiaries and affiliates		103,360		12,864
Reinsurance deposit asset		371,013		1,051,960
Other assets		17,793		73,989
Total general account assets		16,998,272		15,674,730
SEPARATE ACCOUNT ASSETS		20,832,308		21,177,841
TOTAL ADMITTED ASSETS	$	37,830,580	$	36,852,571
See notes to the statutory financial statements.

3

DELAWARE LIFE INSURANCE COMPANY

(A Wholly-Owned Subsidiary of Group One Thousand One, LLC)

STATUTORY STATEMENTS OF ADMITTED ASSETS, LIABILITIES AND CAPITAL STOCK AND SURPLUS AS OF DECEMBER 31, 2019 AND 2018 (IN THOUSANDS EXCEPT SHARE AND PER SHARE DATA)

______________________________________________________________________________________________________

LIABILITIES, CAPITAL STOCK AND SURPLUS		2019		2018
GENERAL ACCOUNT LIABILITIES
Aggregate reserve for life contracts	$	13,486,913	$	12,168,958
Aggregate reserve for accident and health contracts		679		—
Liability for deposit-type contracts		671,845		475,872
Contract claims		33,937		31,574
Other amounts payable on reinsurance		16,698		13,315
Interest maintenance reserve		39,563		14,497
Commissions to agents due or accrued		20,383		15,770
General expenses due or accrued		18,677		61,193
Transfers from Separate Accounts due or accrued (net)		(233,009)		(252,664)
Remittances and items not allocated		17,405		38,084
Asset valuation reserve		250,890		71,674
Payable for securities		191,881		65,607
Payable to parent and affiliates		15,095		—
Reinsurance in unauthorized and certified companies		585		—
Funds held under reinsurance treaties with unauthorized and certified reinsurers		245,590		246,959
Funds held under coinsurance		371,889		1,052,175
Derivatives		117,942		77,319
Other liabilities		147,998		39,114
Total general account liabilities		15,414,961		14,119,447
SEPARATE ACCOUNT LIABILITIES		20,832,306		21,177,839
Total liabilities		36,247,267		35,297,286
CAPITAL STOCK AND SURPLUS
Common capital stock, $1,000 par value – 10,000 shares
authorized; 6,437 shares issued and outstanding		6,437		6,437
Surplus notes		565,000		565,000
Gross paid in and contributed surplus		770,439		653,698
Unassigned funds		241,437		330,150
Total surplus		1,576,876		1,548,848
Total capital stock and surplus		1,583,313		1,555,285
TOTAL LIABILITIES, CAPITAL STOCK AND SURPLUS	$	37,830,580	$	36,852,571
See notes to the statutory financial statements.

4

DELAWARE LIFE INSURANCE COMPANY

(A Wholly-Owned Subsidiary of Group One Thousand One, LLC)

STATUTORY STATEMENTS OF OPERATIONS

FOR THE YEARS ENDED DECEMBER 31, 2019, 2018 AND 2017 (IN THOUSANDS)

		2019		2018		2017
INCOME:
Premiums and annuity considerations	$	2,412,284	$	(10,314,071)	$	2,033,394
Considerations for supplementary contracts with life contingencies		42,186		41,368		31,253
Net investment income		426,912		719,167		204,701
Amortization of interest maintenance reserve		9,296		12,414		20,548
Commissions and expense allowances on reinsurance ceded		113,811		243,365		2,288
Reserve adjustments on reinsurance ceded		(1,652,188)		10,705,103		—
Income from fees associated with investment management,
administration and contract guarantees from Separate Accounts		346,576		375,076		421,373
Change in cash value of company owned life insurance		—		3,513		6,877
Investment (loss) income on reinsurance deposit asset		(116,980)		19,592		(262,531)
Reinsurance experience refund		120,973		129,967		—
Other income		54,015		57,899		65,750
Total Income		1,756,885		1,993,393		2,523,653
BENEFITS AND EXPENSES:
Death benefits		97,356		123,612		132,771
Annuity benefits		315,500		267,802		588,661
Health benefits		666		—		—
Surrender benefits and withdrawals for life contracts		1,275,361		1,009,649		2,206,148
Interest and adjustments on contract or deposit-type contract funds		8,163		22,140		23,571
Payments on supplementary contracts with life contingencies		44,396		41,136		36,609
Increase in aggregate reserves for life and accident and health contracts		1,318,634		2,081,112		1,277,372
Total Benefits		3,060,076		3,545,451		4,265,132
Commissions on premiums, annuity considerations and deposit-type
contract funds (direct business only)		186,775		152,103		133,038
Commissions and expense allowances on reinsurance assumed		119		123		112
General insurance expenses		223,389		219,357		236,239
Insurance taxes, licenses and fees, excluding federal income taxes		5,466		5,103		3,737
Net transfers from Separate Accounts net of reinsurance		(1,613,693)		(2,270,518)		(2,020,178)
Investment (income) expense on funds held		(349,816)		135,750		(288,371)
Other (benefits) deductions		(25)		222		2,021
Total Benefits and Expenses		1,512,291		1,787,591		2,331,730
Net income from operations before federal income tax benefit
and net realized capital gains (losses)		244,594		205,802		191,923
Federal income tax benefit, excluding tax on capital gains (losses)		(21,279)		(3,553)		(65,461)
Net income from operations after federal income taxes
and before net realized capital gains		265,873		209,355		257,384
Net realized capital gains (losses) less capital gains tax and transfers to
the interest maintenance reserve		4,540		(10,566)		24,045
NET INCOME	$	270,413	$	198,789	$	281,429
See notes to statutory financial statements.

5

DELAWARE LIFE INSURANCE COMPANY

(A Wholly-Owned Subsidiary of Group One Thousand One, LLC)

STATUTORY STATEMENTS OF CHANGES IN CAPITAL STOCK AND SURPLUS

FOR THE YEARS ENDED DECEMBER 31, 2019, 2018 AND 2017 (IN THOUSANDS)

		2019		2018		2017
CAPITAL STOCK AND SURPLUS, BEGINNING OF YEAR	$	1,555,285	$	1,463,390	$	1,635,897
Net income		270,413		198,789		281,429
Change in net unrealized capital gains (losses), net of deferred income tax		345,580		(105,877)		(95,725)
Change in net unrealized foreign exchange capital gains (losses)		10,982		(3,123)		(15,426)
Change in net deferred income tax		(56,342)		27,017		(89,076)
Change in nonadmitted assets		(37,743)		(16,961)		(3,784)
Change in liability for reinsurance in unauthorized and certified companies		(585)		—		—
Change in asset valuation reserve		(179,216)		22,080		22,072
Surplus paid in		116,741		—		—
Dividends to stockholder		(200,000)		(157,384)		(235,358)
Investment (expense) income on funds held - unrealized		(241,802)		127,354		(36,639)
CAPITAL STOCK AND SURPLUS, END OF YEAR	$	1,583,313	$	1,555,285	$	1,463,390
See notes to statutory financial statements.

6

DELAWARE LIFE INSURANCE COMPANY

(A Wholly-Owned Subsidiary of Group One Thousand One, LLC)

STATUTORY STATEMENTS OF CASH FLOWS

FOR THE YEARS ENDED DECEMBER 31, 2019, 2018 AND 2017 (IN THOUSANDS)

		2019		2018		2017
CASH FROM OPERATIONS:
Premiums collected net of reinsurance	$	2,610,423	$	2,735,182	$	2,064,646
Net investment income		745,774		593,150		522,677
Miscellaneous income		402,030		433,475		489,411
Total receipts		3,758,227		3,761,807		3,076,734
Benefits and loss related payments		(3,301,972)		(3,146,388)		(2,997,833)
Net transfers from Separate Accounts		1,570,877		2,083,619		2,221,156
Commissions, expenses paid and aggregate write-ins for deductions		(462,727)		(377,617)		(387,448)
Federal and foreign income taxes recovered (paid)		(15,165)		33,867		11,280
Total payments		(2,208,987)		(1,406,519)		(1,152,845)
Net cash from operations		1,549,240		2,355,288		1,923,889
CASH FROM INVESTMENTS:
Proceeds from investments sold, matured, repaid or received
Bonds		6,370,188		3,963,764		7,792,594
Stocks		84,610		151,520		46,290
Mortgage loans		244,684		80,758		114,292
Other Invested Assets		78,173		60,752		3,587
Net gains or (losses) on cash, cash equivalents and short-term		—		1,079		(1,388)
investments
Miscellaneous proceeds		94,743		51,913		—
Total investment proceeds		6,872,398		4,309,786		7,955,375
Cost of investments acquired (long-term only):
Bonds		(6,726,353)		(6,155,024)		(8,581,956)
Stocks		(460,624)		(349,366)		(208,860)
Mortgage loans		(247,625)		(131,649)		(229,405)
Other Invested Assets		(287,682)		(10,965)		(113,041)
Miscellaneous applications		(258,454)		(36,335)		(522,792)
Total investments acquired		(7,980,738)		(6,683,339)		(9,656,054)
Net decrease (increase) in contract loans and premium notes		4,652		23,436		23,591
Net cash from investments		(1,103,688)		(2,350,117)		(1,677,088)
CASH FROM FINANCING AND MISCELLANEOUS SOURCES:
Net deposits on deposit-type contracts and other liabilities		195,974		11,471		(2,899)
Dividends to stockholders		(200,000)		(157,384)		(235,358)
Other cash (used) provided		56,794		17,133		14,763
Net cash from financing and miscellaneous sources		52,768		(128,780)		(223,494)
Net change in cash, cash equivalents and short-term investments		498,320		(123,609)		23,307
CASH, CASH EQUIVALENTS AND SHORT-TERM INVESTMENTS:
Beginning of year		982,422		1,106,031		1,082,724
End of year	$	1,480,742	$	982,422	$	1,106,031

7

DELAWARE LIFE INSURANCE COMPANY

(A Wholly-Owned Subsidiary of Group One Thousand One, LLC)

STATUTORY STATEMENTS OF CASH FLOWS

FOR THE YEARS ENDED DECEMBER 31, 2019, 2018 AND 2017 (IN THOUSANDS)

SUPPLEMENTAL SCHEDULE OF NON-CASH ACTIVITIES
		2019		2018		2017
Exchanges of bonds	$	346,653	$	342,445	$	191,862
Exchanges of stocks		20,000		—		—
Capital Contribution - interest in limited partnership		16,741		—		—
Transfer of other invested assets to bonds		—		—		134,445
Transfer of other invested assets to common stock		—		—		40
Modified coinsurance reserve adjustment - net (including premium,		1,652,188		10,705,103		—
miscellaneous income and benefits)
Exchange of PPVUL policies for funding agreements		—		255,773		—
Transfer of other invested assets to preferred stocks		—		255,000		—
Transfer of bonds to preferred stocks		—		14,344		—
Transfer preferred stocks to bonds		—		18,620		—
Exchange of policy loans for bonds		—		166,220		—
Transfer of non-insulated separate account bonds to general account		11,652		99,864		—
Transfer of non-insulated separate account mortgages to general account		50,819		—		—
Capital contributions of options to subsidiary		176,418		—		—
Surplus note transfer from bonds to other invested assets		6,423		—		—
DLRC dividend received - invested assets and related accrued interest		2,333		—		—
DLRC return of capital - invested assets and related accrued interest		24,618		—		—
Capital Contribution - SSAP 72		100,000		—		—

See notes to statutory financial statements.

8

DELAWARE LIFE INSURANCE COMPANY

(A Wholly-Owned Subsidiary of Group One Thousand One, LLC)

NOTES TO STATUTORY FINANCIAL STATEMENTS AS OF DECEMBER 31, 2019 AND 2018 AND FOR THE YEARS ENDED DECEMBER 31, 2019, 2018 AND 2017

____________________________________________________________________________________________

1.DESCRIPTION OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES GENERAL

Delaware Life Insurance Company (the "Company"), is a stock life insurance company incorporated under the laws of Delaware. The Company is a direct, wholly-owned subsidiary of Group One Thousand One, LLC , (the "Parent"), a Delaware limited liability company.

The Company is authorized to transact business in 49 states, the District of Columbia, Puerto Rico and the U.S. Virgin Islands. While the Company is not authorized to transact business in the State of New York, its wholly- owned subsidiary, Delaware Life Insurance Company of New York ("DLNY"), is authorized to transact business in New York as well as Rhode Island. The business of the Company and its subsidiaries includes the issuance, administration and servicing of a variety of wealth accumulation products, protection products, and institutional investment contracts. These products include individual and group fixed and variable annuities, individual and group variable life insurance, individual universal life insurance, funding agreements, and group life and disability insurance.

In the normal course of business, the Company and DLNY reinsure portions of their individual life insurance, annuity, and group insurance exposure with both affiliated and unaffiliated companies using indemnity reinsurance agreements.

BASIS OF PRESENTATION - ACCOUNTING PRACTICES

The accompanying financial statements of the Company are presented on the basis of accounting principles prescribed or permitted by the Delaware Department of Insurance (the "Department"). The Department recognizes only statutory accounting practices prescribed or permitted by the State of Delaware for determining and reporting the financial condition and results of operations of an insurance company and for determining its solvency under Delaware's insurance laws. The National Association of Insurance Commissioners' ("NAIC") Accounting Practices and Procedures Manual ("NAIC SAP") has been adopted as a component of prescribed or permitted accounting principles by the State of Delaware.

There was no difference in the Company's net income (loss) or capital stock and surplus between NAIC SAP and practices prescribed and permitted by the State of Delaware as of December 31, 2019 and 2018 and for the years ended December 31, 2019, 2018 and 2017.

Accounting principles and procedures of the NAIC as prescribed or permitted by the Department comprise a comprehensive basis of accounting other than accounting principles generally accepted in the United States of America ("GAAP"). The more significant differences affecting the Company are as follows:

Under statutory accounting principles, financial statements are not consolidated. Investments in domestic life insurance subsidiaries, as defined by Statement of Statutory Accounting Principles ("SSAP") No. 97, Investments in Subsidiary, Controlled and Affiliated Entities, are carried at their audited net statutory equity value adjusted for any unamortized goodwill as provided for in SSAP No. 68, Business Combinations and Goodwill. The changes in value are recorded directly to surplus. Non-public, non-insurance subsidiaries, including limited liability companies ("LLCs") and controlled partnerships, are carried at their audited GAAP equity value. Dividends paid by subsidiaries to the Company are included in the Company's net investment income. Goodwill includes direct costs of the acquisition that are expensed under GAAP. Admissibility of goodwill is subject to certain limitations, and is amortized to unrealized gains and losses. Amortization of goodwill is elective for private companies under GAAP, and is amortized to expense.

Statutory accounting principles do not recognize the following assets or liabilities, which are recognized under GAAP: deferred policy acquisition costs and unearned premium reserves. Deferred policy acquisition costs create a temporary tax difference as disclosed in Note 15. An asset valuation reserve ("AVR") and interest maintenance

9

DELAWARE LIFE INSURANCE COMPANY

(A Wholly-Owned Subsidiary of Group One Thousand One, LLC)

NOTES TO STATUTORY FINANCIAL STATEMENTS AS OF DECEMBER 31, 2019 AND 2018 AND FOR THE YEARS ENDED DECEMBER 31, 2019, 2018 AND 2017

____________________________________________________________________________________________

reserve ("IMR") are established under statutory accounting principles but not under GAAP. Methods for calculating real estate investment valuation allowances differ under statutory accounting principles and GAAP. Methods for calculating investment valuation allowances differ under statutory accounting principles and GAAP. Actuarial assumptions and reserving methods differ under statutory accounting principles and GAAP. There are certain limitations on the admissibility of net deferred tax assets ("DTAs") under statutory accounting principles. Certain contracts with a market value adjustment ("MVA") feature are classified within the Company's General Account under GAAP, but are classified within the Company's non-insulated Separate Accounts under statutory accounting principles.

Under GAAP, investments in fixed maturity securities classified as available-for-sale or trading are carried at their aggregate fair value. Changes in unrealized gains and losses are reported net of taxes in a separate component of stockholder's equity for available-for-sale securities and changes in unrealized gains and losses on trading securities are recorded in net investment income. Fixed maturity securities are generally carried at amortized cost under statutory accounting principles.

The majority of derivatives are carried at fair value on both a GAAP and statutory accounting basis. Unrealized gains and losses on derivatives are recognized in income for GAAP purposes and are recognized in surplus on a statutory basis. The Company designates derivatives as hedges on a limited basis which results in unrealized gains and losses on those derivatives being recognized in income.

Life premiums are recognized as income over the premium paying period of the related policies. Annuity considerations are recognized as revenue when received. Health insurance premiums are recognized when written. Expenses incurred in connection with acquiring new insurance business, including acquisition costs such as sales commissions, are charged to operations as incurred.

The reserves for life insurance, accident and health, and annuity contracts are computed in accordance with presently accepted actuarial standards, and are based on actuarial assumptions and methods (including use of published mortality tables and prescribed interest rates) which produce reserves at least as great as those required by law and/or contract provisions.

USE OF ESTIMATES

The preparation of financial statements in conformity with statutory accounting principles prescribed or permitted by the State of Delaware requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities. It also requires disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the period. Actual results could differ from those estimates. The most significant estimates are those used in determining the fair value of financial instruments, allowance for loan losses, aggregate reserves for life policies and annuity contracts, deferred income taxes, provision for income taxes, and other-than-temporary-impairments ("OTTI") of investments.

GOING CONCERN

There are no conditions or events, considered in the aggregate, that raise substantial doubt about the Company's ability to continue as a going concern.

SIGNIFICANT ACCOUNTING POLICIES

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

FINANCIAL INSTRUMENTS

In the normal course of business, the Company enters into transactions involving various types of financial instruments, including cash equivalents, short-term investments, debt and equity securities, mortgage loans, and

10

DELAWARE LIFE INSURANCE COMPANY

(A Wholly-Owned Subsidiary of Group One Thousand One, LLC)

NOTES TO STATUTORY FINANCIAL STATEMENTS AS OF DECEMBER 31, 2019 AND 2018 AND FOR THE YEARS ENDED DECEMBER 31, 2019, 2018 AND 2017

____________________________________________________________________________________________

derivatives. These instruments involve credit risk and also may be subject to risk of loss due to interest rate fluctuation. The Company evaluates and monitors each financial instrument individually and, when appropriate, obtains collateral or other security to minimize potential losses.

CASH, CASH EQUIVALENTS, AND SHORT-TERM INVESTMENTS

Cash, cash equivalents, and short-term investments are liquid assets. The Company's cash equivalents primarily include commercial paper and money market instruments, which have an original term to maturity of less than three months. The carrying value for cash, cash equivalents, and short-term investments is stated at amortized cost, which approximates fair value. Short-term investments, with the exception of money market instruments which are carried at fair value per SSAP No. 2R, Cash, Cash Equivalents, Drafts and Short Term Investments, include bonds with a term to maturity exceeding three months, but less than one year on the date of acquisition.

INVESTMENTS

Bonds

Investments in bonds, mortgage-backed securities ("MBS"), and asset-backed securities ("ABS") are stated at amortized cost using the scientific method. Where the NAIC designation of the bond has fallen to 6 and the fair value has fallen below amortized cost, they are stated at fair value. Adjustments to the value of MBS and ABS securities based on changes in cash flows, including those related to changes in prepayment assumptions, are made retrospectively. As part of this process, the NAIC appointed a third-party vendor for each security type to develop a revised NAIC designation methodology. The ratings for residential mortgage-backed securities ("RMBS") and commercial mortgage-backed securities ("CMBS") are determined by comparing the insurer's carrying value divided by the remaining par value to price ranges provided by the third-party vendor corresponding to each NAIC designation. Comparisons are initially made to the model based on amortized cost. Where the resulting designation is NAIC 6 per the model, further comparison based on fair value is required, which in some cases, results in a higher final NAIC designation.

The definition of structured securities under SSAP No. 43R, Loan Backed and Structured Securities - Revised, includes certain types of ABS and MBS securities that do not follow the revised rating methodology described above, including, but not limited to, equipment trust certificates, credit tenant loans, 5*/6* securities, interest-only securities, and those with Securities Valuation Office ("SVO") assigned NAIC designations. Interest income on bonds, MBS and ABS is recognized when earned based upon estimated principal repayments, if applicable. For bonds subject to prepayment risk, yields are recalculated and asset balances adjusted periodically so that expected return on future cash flows matches the expected return over the life of the investment from acquisition. If the collection of all contractual cash flows is not probable, an OTTI may be indicated. The process of analyzing securities for an OTTI adjustment is further described in Note 3.

Bonds not backed by other loans are stated at amortized cost, net of OTTI, using the scientific method.

Preferred Stocks, Common Stocks, and Other Invested Assets

Preferred stocks with an NAIC designation of 1 through 3 are stated at amortized cost. Those with NAIC designations of 4 through 6 are stated at the lower of amortized cost or fair value. Common stocks are stated at fair value, except for investments in subsidiaries. The latter are carried based on the underlying statutory equity of the subsidiary for insurance subsidiaries and GAAP equity for non-insurance subsidiaries including LLCs. The Company accounts for its investments in subsidiaries in accordance with SSAP No. 97. The Company has ownership interests in joint ventures and partnerships which are carried at values based on the underlying equity of the investee in accordance with SSAP No. 48, Joint Ventures, Partnerships and Limited Liability Companies, and SSAP No. 93, Low Income Housing Tax Credit Property Investments. Audited financial statements for these investments are received on an annual basis. OTTI on stocks is evaluated under the methodology described in Note 3.

11

DELAWARE LIFE INSURANCE COMPANY

(A Wholly-Owned Subsidiary of Group One Thousand One, LLC)

NOTES TO STATUTORY FINANCIAL STATEMENTS AS OF DECEMBER 31, 2019 AND 2018 AND FOR THE YEARS ENDED DECEMBER 31, 2019, 2018 AND 2017

____________________________________________________________________________________________

Mortgage Loans on Real Estate

Mortgage loans are stated at unpaid principal balances, net of provisions for estimated losses. Mortgage loans acquired at a premium or discount are carried at amortized cost using the effective interest rate method, net of provisions for estimated losses. Purchases and sales of mortgage loans are recognized or derecognized in the Company's Statements of Admitted Assets, Liabilities and Capital Stock and Surplus on the loan's trade date, which is the date that the Company funds the purchase or receives the proceeds from the sale. Transaction costs on mortgage loans are capitalized on initial recognition and are recognized in the Company's Statements of Operations using the effective interest rate method. Mortgage loans, which primarily include commercial first mortgages, are diversified by property type and geographic area throughout the United States. Mortgage loans are collateralized by the related properties and generally are no more than 75% of the property's fair value at the time that the original loan was made. The Company regularly assesses the fair value of the collateral.

A mortgage loan is considered impaired when it is probable that the principal or interest is not collectible in accordance with the contractual terms of the loan. When a mortgage loan is classified as impaired, allowances for credit losses are established to adjust the carrying value of the loan to its net recoverable amount.

A specific allowance for loan loss is established for an impaired loan if the present value of expected cash flows discounted at the loan's effective interest rate, or the fair value of the collateral less cost to sell, is less than the recorded amount of the loan. The full extent of impairment in the mortgage portfolio cannot be assessed solely by reviewing loans individually. A general allowance for loan loss is established based on an assessment of past loss experience on groups of loans with similar characteristics and current economic conditions. While management believes that it uses the best information available to establish loan loss allowances, future adjustments may become necessary if economic conditions differ from the assumptions used in calculating them.

Interest income is recognized on mortgage loans when the collection of contractually specified future cash flows is probable, in which case cash receipts are recorded in accordance with the effective interest rate method. Interest income is not recognized on impaired mortgage loans and these mortgage loans are placed in a non-accrual status when the collection of contractually specified future cash flows is not probable, in which case cash receipts are applied in the following order: first against the carrying value of the loan, then against the provision, and then to income. The accrual of interest resumes when the collection of contractually specified future cash flows becomes probable based on certain facts and circumstances.

Changes in allowances for losses are recorded as changes in unrealized gains and losses to surplus. Once the conditions causing impairment improve and future payments are reasonably assured, the mortgages are no longer classified as impaired and the Company resumes accrual of income. However, if the original terms of the contract have been changed resulting in the Company providing an economic concession to the borrower at below market rates, then the mortgage is reclassified as restructured. If the conditions causing impairment do not improve and future payments remain unassured, the Company typically derecognizes the asset through disposition or foreclosure. Uncollectible collateral-dependent loans are written off through realized losses for any difference between the carrying value and amount received for the underlying property at the time of disposition or foreclosure.

Contract Loans

Contract loans are carried at the amount of outstanding principal balance. Contract loans are collateralized by the related insurance policy and do not exceed the net cash surrender value of such policy.

Other Invested Assets

Other invested assets (excluding investments accounted for under the equity method) include surplus debentures. Third-party pricing services are used to determine the fair value of surplus debentures.

12

DELAWARE LIFE INSURANCE COMPANY

(A Wholly-Owned Subsidiary of Group One Thousand One, LLC)

NOTES TO STATUTORY FINANCIAL STATEMENTS AS OF DECEMBER 31, 2019 AND 2018 AND FOR THE YEARS ENDED DECEMBER 31, 2019, 2018 AND 2017

____________________________________________________________________________________________

Asset Valuation Reserve and Interest Maintenance Reserve

The AVR is established as a liability based upon a formula prescribed by the NAIC to offset potential credit-related investment losses on all invested assets, with changes in the AVR charged or credited directly to surplus. The IMR is established as a liability to capture realized gains and losses, net of income tax, on the sale of fixed income investments, principally bonds, mortgage loans, and derivatives, resulting from changes in the general level of interest rates, and is amortized into income over the remaining years to expected maturity of the assets sold.

Derivatives

As part of the Company's overall risk management strategy, the Company uses over-the-counter ("OTC") and listed options, exchange-traded futures, currency forwards, currency swaps, interest rate swaps and swaptions. Derivatives are accounted for in accordance with SSAP No. 86, Derivatives.

Interest rate swaps are employed for duration matching purposes, in replication transactions, and to hedge the guaranteed minimum living benefit offered in some of the Company's variable annuity policies. Interest rate swaps are reported at fair value except those used in replication transactions which are reported at amortized cost. Changes in fair value are recorded as unrealized gains/losses within surplus.

The Company utilizes listed put and call options and exchange-traded futures on the Standard & Poor's 500 Composite Stock Price Index (the "S&P 500 Index") and other indices to hedge against stock market exposure inherent in the mortality and expense risk charges and guaranteed minimum death and living benefit features of the Company's variable annuities. These options are reported at fair value. Changes in fair value for options are recorded in unrealized gains/losses within surplus. The daily cash variation margin settlements for futures are recorded as a component of net investment income.

The Company also purchases OTC and listed call options and exchange-traded futures on the S&P 500 Index and other indices to economically hedge its obligations under certain fixed index annuity ("FIA") contracts. The interest credited on these products is based on the changes in the indices. These instruments are purchased directly or through its wholly owned investment subsidiary, DL Investment Holdings 2016-1, LLC ("DLIH 2016"). 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 are reported as a component of net investment income.

The Company uses currency swaps and currency forwards to hedge against the risk of fluctuations in foreign currency exchange rates. Currency swaps and currency forwards are reported at fair value. Changes in fair value are recorded as unrealized gains/losses within surplus.

Swaptions are utilized by the Company to hedge exposure to interest rate risk. At the trade date of a swaption, a premium is paid to the counterparty and recorded as an asset. At expiration, swaptions either cash settle for value, settle into an interest rate swap, or expire worthless. Swaptions are reported at fair value and changes in fair value are recorded in unrealized gains/losses within surplus.

Pharmaceutical rebate receivables

Receivables for pharmacy rebates are estimated from information provided by the Company's pharmacy benefit manager based on factors including utilization of drugs subject to rebate and contractual provisions with the pharmacy benefit manager. Any variance between actual rebate receipts and estimated amounts is recognized in the period that the Company becomes aware of the difference. Pharmacy rebates receivables are recorded as nonadmitted assets if they do not meet admissibility requirements.

13

DELAWARE LIFE INSURANCE COMPANY

(A Wholly-Owned Subsidiary of Group One Thousand One, LLC)

NOTES TO STATUTORY FINANCIAL STATEMENTS AS OF DECEMBER 31, 2019 AND 2018 AND FOR THE YEARS ENDED DECEMBER 31, 2019, 2018 AND 2017

____________________________________________________________________________________________

POLICY AND CONTRACT RESERVES

The reserves for life insurance policies and annuity contracts are computed in accordance with presently accepted actuarial standards, and are based on actuarial assumptions and methods (including use of published mortality tables and prescribed interest rates) which produce reserves at least as great as those required by law and/or contract provisions.

Premium deficiency reserves for MedicareAdvantage business are recognized when it is probable that the expected future benefit expenses, claim adjustment expenses, direct administration costs and indirect administration costs under a group of contracts will exceed anticipated future premiums over the remaining lives of the contracts and are recorded as aggregate health policy reserves. Indirect administration costs are considered in the development of the premium deficiency reserves. The methods for making such estimates and establishing such reserves are periodically reviewed and updated, and any adjustments are reflected as an increase or decrease in the reserves in the period in which the change in estimate is identified. Investment income is not considered in the calculation of the premium deficiency reserve.

Liabilities for unpaid claims consist of the estimated amount payable for claims reported but not yet settled and an estimate of claims incurred but not reported. These liabilities include estimates of the expenses that will be incurred in connection with the payment of benefits. The amounts reported are based upon historical experience, adjusted for trends and current circumstances. Management believes that the recorded liability is sufficient to provide for the associated claims adjustment expenses. Revisions of these estimates are included in operations in the year such adjustments are determined to be required.

Unpaid losses and claims adjustment expenses for health insurance contracts include an amount determined from individual case estimates and loss reports, if necessary. An amount based on past experience and current payment trends is estimated for losses incurred but not reported. Such liabilities are necessarily based on assumptions and estimates and, while management believes the amount is adequate, the ultimate liability may be in excess of or less than the amount provided. The methods for making such estimates and for establishing the resulting liabilities are continually reviewed and any adjustments are reflected in the period determined.

DEPOSIT-TYPE CONTRACTS

Liabilities for funding agreements, investment-type contracts such as supplementary contracts not involving life contingencies, and certain structured settlement annuities are based on account value or accepted actuarial standards and methods including use of prescribed interest rates.

INCOME TAXES

The Company accounts for current and deferred income taxes and recognizes reserves for income tax contingencies in accordance with SSAP No. 101, Income Taxes. Under the applicable asset and liability method for recording deferred income taxes, deferred taxes are recognized when assets and liabilities have different values for financial statement and tax reporting purposes, using enacted tax rates in effect for the year in which the differences are expected to reverse. The effect of a change in tax rates on DTAs and deferred tax liabilities ("DTLs") is recognized in the period that includes the enactment date. Valuation allowances on DTAs are estimated based on the Company's assessment of the realization of such DTAs. Refer to Note 15 for further discussion of the Company's income taxes.

14

DELAWARE LIFE INSURANCE COMPANY

(A Wholly-Owned Subsidiary of Group One Thousand One, LLC)

NOTES TO STATUTORY FINANCIAL STATEMENTS AS OF DECEMBER 31, 2019 AND 2018 AND FOR THE YEARS ENDED DECEMBER 31, 2019, 2018 AND 2017

____________________________________________________________________________________________

INCOME AND EXPENSES

Life insurance premiums are recognized as income over the premium paying period of the related policies. Annuity considerations are recognized as revenue when received. Beginning in 2019, the Company entered into contracts with the Centers for Medicare and Medicaid Services ("CMS") to provide Medicare Advantage products resulting in approximately $0.5 million of premium written in 2019. Health insurance premiums are recognized when written. Expenses, such as commissions and other costs applicable to the acquisition of new business, are charged to operations as incurred.

SEPARATE ACCOUNTS

The Company has established insulated Separate Accounts applicable to various classes of contracts providing for variable benefits. Contracts for which funds are invested in insulated variable Separate Accounts include individual and group life and annuity contracts. The assets in these insulated separate accounts are carried at fair value and the investment risk associated with such assets is retained by the contract holder. These variable products provide minimum death benefits and, in certain annuity contracts, minimum accumulation, income, or withdrawal benefits. The minimum guaranteed benefit reserves associated with the insulated Separate Accounts are reported in Aggregate Reserves for Life Contracts in the Company's Statements of Admitted Assets, Liabilities, Capital Stock and Surplus.

The Company has also established non-insulated Separate Accounts for certain annuity contracts that include an MVA feature associated with fixed rates, including for amounts allocated to the fixed portion of certain combination fixed and variable deferred annuity contracts. Assets in the non-insulated Separate Accounts are carried at fair value or on a General Account basis, depending on the annuity contract being supported. The assets of the non- insulated Separate Accounts are not legally insulated and can be used by the Company to satisfy General Account obligations.

Net investment income, capital gains and losses, and changes in invested asset values on the insulated variable Separate Accounts are allocated to policyholders and therefore do not affect the operating results of the Company. The Company earns Separate Account fees for providing administrative services and bearing the mortality and other guaranteed benefit risks related to contracts for which funds are invested in variable Separate Accounts.

Certain activity from the variable Separate Accounts is reflected in the Company's financial statements as follows:

•The fees that the Company receives which are assessed periodically and recognized as revenue when assessed.

•The activity related to the guaranteed minimum death benefit, guaranteed minimum accumulation benefit, guaranteed minimum income benefit, and guaranteed minimum withdrawal benefit is reflected in the Company's financial statements.

•Premiums and withdrawals with offsetting transfers to/from the variable Separate Accounts are reflected in the Statements of Operations.

•Transfers from the variable Separate Accounts due and accrued, which include accrued expense allowances receivable from the variable Separate Accounts and the aggregate surplus (income) due and accrued from MVA contracts.

•The dividends-received-deduction ("DRD"), which is included in the Company's income tax expense, is calculated based upon the variable Separate Accounts' assets held in connection with variable contracts.

15

DELAWARE LIFE INSURANCE COMPANY

(A Wholly-Owned Subsidiary of Group One Thousand One, LLC)

NOTES TO STATUTORY FINANCIAL STATEMENTS AS OF DECEMBER 31, 2019 AND 2018 AND FOR THE YEARS ENDED DECEMBER 31, 2019, 2018 AND 2017

____________________________________________________________________________________________

ACCOUNTING PRONOUNCEMENTS

New and Adopted Accounting Pronouncements

The Company did not have any new accounting pronouncement changes during 2019.

Effective January 1, 2018, the NAIC adopted changes to SSAP No. 100, Fair Value, to allow net asset value per share as a practical expedient to fair value, either when specifically named in a SSAP or when specific conditions exist. The Company elected to early adopt this guidance in its 2017 reporting. The adoption of the revisions within SSAP No. 100 did not have a significant impact on the financial statements of the Company.

Effective December 31, 2017, the NAIC adopted changes to SSAP No. 26, Bonds. The changes include removing SVO-identified instruments from the definition of a bond and providing separate statutory accounting guidance for exchange-traded bond funds ("ETFs"). The Company has elected to use a documented systematic value measurement method for ETFs. Revisions also incorporate the definition of a security within the definition of a bond, and incorporate definitions for non-bond, fixed-income instruments. The adoption of the revisions within SSAP No. 26 did not have a significant impact on the financial statements of the Company.

Effective January 1, 2017, the NAIC adopted changes to SSAP No. 35R, Guaranty Fund and Other Assessments, to require revisions to the discounting of long-term care guaranty fund assessments and related assets. The adoption of the revisions within SSAP No. 35R did not have a significant impact on the financial statements of the Company.

Effective January 1, 2017, the NAIC adopted changes to SSAP No. 41R, Surplus Notes, to provide guidance on how to determine the measurement method for surplus notes. The adoption of the revisions within SSAP No. 41R did not have a significant impact on the financial statements of the Company.

Effective January 1, 2017, the NAIC adopted changes to SSAP No. 103R, Transfers and Servicing of Financial Assets and Extinguishment Liabilities, to provide accounting and reporting guidance for short sales. The adoption of the revisions within SSAP No. 103R did not have a significant impact on the financial statements of the Company.

CORRECTIONS OF ERRORS

During 2019, the Company discovered an error related to the accounting for certain common stocks. In the prior periods impacted, net income was overstated and the change in unrealized capital gains (losses) was understated by $23.2 million. The correction of this error in the current year, net of tax, had no net impact on surplus. The Company did not have any corrections of errors during 2018.

2. RELATED-PARTY TRANSACTIONS

The Company has significant transactions with affiliates and other related parties. Intercompany revenues and expenses recognized under these agreements may not necessarily be indicative of costs that would be incurred if the Company operated on a stand-alone basis and if these transactions were with unrelated parties.

The Company paid dividends to the Parent and received capital contributions from the Parent as described further in Note 16. The Company does not own shares of an upstream intermediate entity or ultimate parent, directly or indirectly, via a downstream subsidiary, controlled, or affiliated entity.

16

DELAWARE LIFE INSURANCE COMPANY

(A Wholly-Owned Subsidiary of Group One Thousand One, LLC)

NOTES TO STATUTORY FINANCIAL STATEMENTS AS OF DECEMBER 31, 2019 AND 2018 AND FOR THE YEARS ENDED DECEMBER 31, 2019, 2018 AND 2017

____________________________________________________________________________________________

Below are details of investments in subsidiaries and significant transactions with affiliates and other related parties.

Investments in Subsidiaries - Common Stocks

(In Thousands)
			Carrying Value
Entity	Type of Subsidiary		December 31,
			2019		2018
DLNY	Insurance	$	398,539	$	366,354
Lackawanna Casualty Company	Insurance		186,890		—
DL Reinsurance Company ("DLRC")	Insurance		3,371		32,357
Delaware Life Reinsurance (U.S.) Corp.	Insurance		21,342		21,557
Clarendon Insurance Agency, Inc.	Non Insurance		1,454		1,454
Total		$	611,596	$	421,722

OnApril 1, 2019, the Company acquired Lackawanna Casualty Company "LCC", a Pennsylvania domiciled worker's compensation insurance company, and its subsidiaries, Lackawanna American Insurance Company and Lackawanna National Insurance Company for a total cost of $171.7 million. The difference between the cost and the statutory value of the group purchased was recorded as goodwill totaling $61.2 million. At December 31, 2019, the admitted amount of unamortized goodwill was $56.6 million. The Company also contributed $2.5 million of additional capital to LCC in October 2019.

The Company values Clarendon Insurance Agency, Inc. ("Clarendon") as described in paragraph 8.b.ii of SSAP No. 97. At December 31, 2019 and 2018, the admitted amount was $1,454.0 thousand. The Company's Sub-2 filing for Clarendon will be completed in accordance with SSAP No. 97.

Investments in Affiliates - Preferred Interests

In September 2018, DL Investment Holdings 2015-1, LLC ("DLIH 2015"), an affiliate and formerly a wholly-owned subsidiary, distributed $15.0 million of capital back to the Company. On December 28, 2018, DLIH 2015 amended and restated its Limited Liability CompanyAgreement to restructure its membership interests and include an affiliate of the Company, DLHP II AH, LLC ("DLHP"), as a party to the agreement. As part of the restructuring, the Company received 255,000 Series A Preferred Units (non-voting interests) with a value of $255.0 million in exchange for the equity of DLIH 2015 that was held by the Company prior to the restructuring. DLHP received 100% of the Series A Common Units (voting interests). The Company recorded an unrealized gain as a result of the restructuring equal to $98.0 million in 2018. On December 31, 2019, the Company received a $15.8 million preferred dividend from DLIH 2015.

Investments in Affiliates - Other Invested Assets

The Company owns controlling membership interests in the following limited liability companies: DL Investment DELRE Holdings 2009-1, LLC; IDF IX, LLC; IDF X, LLC; DLService Holdings, LLC; DLPrivate Placement Investment Company I, LLC; Conway Capital, LLC; Clear Spring PC Holdings, LLC ("CSPCH"), Clear Spring Health Holdings, LLC ("CSHH"), Ellendale Insurance Agency, LLC ("Ellendale"); DLIH 2016; and DL Investment Holdings 2016-2, LLC. The values of certain of these limited liability companies without audited financial statements were non- admitted as of December 31, 2019 and December 31, 2018.

17

DELAWARE LIFE INSURANCE COMPANY

(A Wholly-Owned Subsidiary of Group One Thousand One, LLC)

NOTES TO STATUTORY FINANCIAL STATEMENTS AS OF DECEMBER 31, 2019 AND 2018 AND FOR THE YEARS ENDED DECEMBER 31, 2019, 2018 AND 2017

____________________________________________________________________________________________

Effective January 1, 2019, the Company and its subsidiary, DLIH 2016, initiated a hedging program arrangement related to the Company's FIA products. Under this arrangement, the Company transferred equity options to DLIH 2016 at fair value on January 1 and April 1, 2019, totaling $113.4 million and $63.0 million, respectively, in the form of capital contributions. The Company realized net losses of $7.8 million and $0.3 million on these transfers, respectively. During 2019, on behalf of DLIH 2016, the Company began purchasing and immediately transferring new FIA equity options to DLIH 2016 on an ongoing basis. $37.6 million of such purchases were transferred at fair value and were subsequently reimbursed by DLIH 2016. The Company reported no gains or losses on these transactions. All economic rights and responsibilities of the equity options transferred during 2019 belong to DLIH 2016. Additionally, DLIH 2016 began purchasing equity futures in 2019 as part of the FIA hedging program. The Company also contributed $10.0 million to DLIH 2016 in 2017.

During 2017, the Company purchased an 80% controlling interest in Clear Spring Property and Casualty Company (formerly SeaBright Insurance Company) ("CSP&C") through its indirect wholly-owned subsidiary, Clear Spring PCAcquisition Corp. CSP&C is a Texas domestic property and casualty insurance company. The Company invested a total of $48.8 million for the acquisition of CSP&C and for additional capital contributions during 2017. At December 31, 2019 and 2018, $2.7 million and $3.0 million of unamortized goodwill related to the purchase was reflected in the Company's carrying value of CSPCH.

During 2019, 2018 and 2017, the Company contributed $87.2 million, $8.5 million, and $2.0 million to its subsidiary health holding company, CSHH, of which $14.5 million was used by CSHH to purchase Clear Spring Health Insurance Company (formerly Corvesta Life Insurance Company) ("CSHIC") in April 2019, $2.0 million was used to purchase Community Care Alliance of Illinois, Inc. (formerly Community Care Alliance of Illinois, NFP) ("CCAI") in May 2019, and $3.5 million was used to purchase Eon Health Plan, LLC ("EHP") and its subsidiaries, Eon Health, Inc. (South Carolina) ("Eon SC") and Eon Health, Inc. (Georgia) ("Eon GA") in June 2018. The difference between the cost of these entities paid by CSHH and their statutory book values at the date of purchase resulted in goodwill. At December 31, 2019 and 2018, $20.6 million and $4.8 million of unamortized goodwill was reflected in the Company's carrying value of CSHH in schedule BA. During 2019 and 2018, CSHH contributed additional capital to its direct and indirect subsidiaries as follows:

(In Thousands)
Entity		2019		2018
Clear Spring Health of Illinois, Inc	$	6,200	$	—
Clear Spring Health (CO), Inc.		6,000		—
Clear Spring Health (VA), Inc.		6,500		—
Clear Spring Health (IL), Inc.		2,000		—
CSHIC		2,500		—
CCAI		24,100		—
Eon SC		3,402		3,000
Eon GA		7,298		2,000
Total	$	58,000	$	5,000

The Company values its investments in CSPCH and CSHH using the look-through approach described in SSAP No. 97 because CSPCH and CSHH are unaudited non-insurance holding companies. The Company calculates the value of its ownership interest in CSPCH and CSHH using the audited statutory value of their downstream insurance subsidiaries plus adjustments required by SSAP No. 97, such as unamortized goodwill. All liabilities, commitments, contingencies, guarantees or obligations required to be recorded were considered by the Company

18

DELAWARE LIFE INSURANCE COMPANY

(A Wholly-Owned Subsidiary of Group One Thousand One, LLC)

NOTES TO STATUTORY FINANCIAL STATEMENTS AS OF DECEMBER 31, 2019 AND 2018 AND FOR THE YEARS ENDED DECEMBER 31, 2019, 2018 AND 2017

____________________________________________________________________________________________

in the determination of the carrying values. The carrying values of CSPCH and CSHH were $36.0 million and $66.1 million, respectively at December 31, 2019, and $44.8 million and ($2.3) million, respectively, at December 31, 2018.

Dividends/Distributions

During 2019 and 2018, the Company received or accrued the following amounts from subsidiaries:

(In Thousands)
Date	Entity		Amount	Form	Asset Description
May 3, 2019	DLIH 2016	$	25,000	Distribution	Cash
August 7, 2019	DLIH 2016	$	5,000	Distribution	Cash
September 18, 2019	DLRC	$	2,357	Ordinary dividend	Invested assets and cash
December 13, 2019	DLRC	$	1,335	Extraordinary dividend	Cash
December 17, 2019	DLRC	$	27,307	Return of capital	Invested assets and cash
December 31, 2019	DLIH 2016	$	7,000	Distribution	Accrual
October 3, 2018	DLRC	$	2,878	Ordinary dividend	Cash
December 10, 2018	Ellendale	$	20,000	Distribution	Cash
December 18, 2018	DLNY	$	20,312	Ordinary dividend	Cash
December 22, 2017	DLNY	$	40,436	Ordinary dividend	Cash

Reinsurance-Related Agreements

During 2018, the Company had two reinsurance agreements with DLRC. Under one agreement, 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"). Under the second agreement, the Company cedes a quota share of certain risks associated with various fixed index annuity products and associated riders to DLRC (the "FIA Treaty"). The VA Treaty and the FIA Treaty transferred hedging risks to DLRC, but did not transfer insurance risks. Both treaties were accounted for using deposit accounting. As a result of the treaties between the Company and DLRC, certain gains (losses), previously accounted for as other changes in capital stock and surplus, net investment income (loss), and net realized capital gains (losses), are accounted for as investment income (loss) on reinsurance deposit asset. The Company made changes in the hedging strategy during 2018 and certain hedges were excluded from or added to the two treaties. DLRC, as reinsurer, consented to these changes as required by the treaties.

During 2019, the Company recaptured the FIA Treaty but maintained the VA Treaty as described above. DLRC, as reinsurer, consented to the recapture as required by the treaty. The recapture decreased both the reinsurance deposit asset and funds held under coinsurance associated with the FIA treaty by $724.4 million but had no effect on the surplus of the Company.

Hedging risk is defined as changes in unrealized hedging instrument gains or losses, realized gains and losses on dispositions of hedging instruments, and investment income or loss from hedging instruments. "Investment expense (income) on funds held" represents amounts paid or received on hedging instruments that were ceded under the treaties, and for 2017 and 2016, ceded realized gains and losses on dispositions of hedging instruments. Beginning in 2018, the ceded realized gains and losses were reported in "Net realized capital gains (losses)".

19

DELAWARE LIFE INSURANCE COMPANY

(A Wholly-Owned Subsidiary of Group One Thousand One, LLC)

NOTES TO STATUTORY FINANCIAL STATEMENTS AS OF DECEMBER 31, 2019 AND 2018 AND FOR THE YEARS ENDED DECEMBER 31, 2019, 2018 AND 2017

____________________________________________________________________________________________

"Investment income (expense) on funds held - unrealized" represents the unrealized gain or loss for the period on hedging instruments that has been ceded to DLRC. "Investment income (loss) on reinsurance deposit asset" represents the net gains and losses on all hedging instruments ceded under the treaties.

A summary of the pretax impacts of these two treaties on the Company's Statements of Operations and Statements of Changes in Capital Stock and Surplus is set forth below as of December 31:

(In Thousands)				Treaty
				Impacts
		2019		2018		2017
Statements of Operations
Investment Income (Loss) on Reinsurance Deposit Asset	$	(116,980)	$	19,592	$	(262,531)
Total Revenue		(116,980)		19,592		(262,531)
Investment Expense (Income) on Funds Held		(358,699)		123,723		(299,170)
Total Policyholder Benefits and Expenses		(358,699)		123,723		(299,170)
Net Realized Capital Gains (Losses)		83		(23,223)		—
Net (loss) income		241,802		(127,354)		36,639
Statements of Changes in Capital Stock and Surplus
Investment Income (Expense) on Funds Held - Unrealized		(241,802)		127,354		(36,639)
Net Change in Capital Stock and Surplus from
VA and FIA Treaties (excluding reinsurance fee)	$	— $		— $		—

In addition, the Company recognized a reinsurance deposit accounting asset of $371.0 million and $1,052.0 million at December 31, 2019 and 2018, respectively, and a corresponding amount in funds held under coinsurance liability.

The Company has a reinsurance agreement with Delaware Life Reinsurance (Barbados) Corp. ("Barbco"), an affiliate, under which it cedes risks associated with certain of the Company's in-force corporate-owned variable universal life insurance and private placement variable universal life insurance policies on a combination coinsurance and coinsurance with funds-held basis.

The Company also has a reinsurance agreement with Barbco under which it cedes mortality risks associated with certain of the Company's in-force bank-owned variable universal life insurance policies on a yearly renewable term basis.

Debt and Surplus Note Transactions

In June 2017, Delaware Life Insurance and Annuity Company (Bermuda) Ltd. ("DLIAC") entered into a $40.0 million demand promissory note (the "DLIAC Note") with the Company. DLIAC's borrowings under the DLIAC Note may be used for general corporate purposes. Borrowings bear interest at LIBOR plus 115 basis points, with a commitment fee of 48 basis points for any unused portion of the DLIAC Note. In June 2019, the DLIAC Note was replaced with a new demand promissory note with the same terms and no commitment fee. There were no outstanding borrowings as of December 31, 2019 and 2018.

In May 2017, DLNY entered into a $35.0 million demand promissory note (the "DLNY Note") with the Company. DLNY's borrowings under the DLNY Note may be used for general corporate purposes. Borrowings bear interest

20

DELAWARE LIFE INSURANCE COMPANY

(A Wholly-Owned Subsidiary of Group One Thousand One, LLC)

NOTES TO STATUTORY FINANCIAL STATEMENTS AS OF DECEMBER 31, 2019 AND 2018 AND FOR THE YEARS ENDED DECEMBER 31, 2019, 2018 AND 2017

____________________________________________________________________________________________

at LIBOR plus 115 basis points, with a commitment fee of 48 basis points for any unused portion of the DLNY Note. There were no outstanding borrowings as of December 31, 2019 and 2018.

As of December 31, 2019 and 2018, the Company had $565.0 million of surplus notes outstanding. The Company has an agreement with Deutsche Bank Trust Company Americas ("DBTCA"), whereby the surplus notes were taken into custody by the bank on behalf of the holders of the surplus notes, some of which were related parties as of December 31, 2019 and 2018 (the "Noteholders").

DBTCA collects all surplus note payments and distributes such funds to the Noteholders. The DBTCA agreement allows the Noteholders to transfer any part of the surplus notes they hold, subject to the consent of the Company and with proper notice given to DBTCA. As of December 31, 2019, the Noteholders were as follows: Eisenhower LLC, EquiTrust Life Insurance Company, Estate of Jeffrey S. Lange, Guggenheim Life and Annuity Company, Heritage Life Insurance Company, Midland National Life Insurance Company, Naismith LLC, North American Company for Life and Health Insurance, and Security Benefit Life Insurance Company.

The details of outstanding surplus notes at December 31, 2019 and 2018 were as follows (amounts in thousands):

									Interest Paid
							Principal/		Years Ended
Issue Date	Type	Rate	Maturity	Face Amount				December 31,
						Carrying Value		2019 and 2018
12/15/1995	Surplus	6.15%	12/15/2027	$	150,000	$	150,000	$	9,225
12/15/1995	Surplus	7.626%	12/15/2032		150,000		150,000		11,439
12/15/1995	Surplus	6.15%	12/15/2027		7,500		7,500		461
12/15/1995	Surplus	7.626%	12/15/2032		7,500		7,500		572
12/22/1997	Surplus	8.625%	11/6/2027		250,000		250,000		21,563
				$	565,000	$	565,000	$	43,260

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 Delaware Commissioner of Insurance.

The Company incurred $43.3 million of interest on the surplus notes for the years ended December 31, 2019, 2018 and 2017, respectively. Total interest paid from inception through December 31, 2019 was approximately $992.7 million. There have been no principal payments since original issuance of the surplus notes.

Each accrual and payment of interest on the surplus notes may be made only with the prior approval of the Delaware Commissioner of Insurance and only to the extent that the Company has sufficient surplus earnings to make such payment. The Company received approval for all surplus note interest payments and the related accrual in the amount of $4.3 million at December 31, 2019 and 2018.

21

DELAWARE LIFE INSURANCE COMPANY

(A Wholly-Owned Subsidiary of Group One Thousand One, LLC)

NOTES TO STATUTORY FINANCIAL STATEMENTS AS OF DECEMBER 31, 2019 AND 2018 AND FOR THE YEARS ENDED DECEMBER 31, 2019, 2018 AND 2017

____________________________________________________________________________________________

Administrative Services Agreements

The Company has entered into various related-party agreements. The following agreements were in effect at December 31, 2019 and 2018:

The Company participates in the Group 1001 401(k) Savings Plan (the "401(k) Plan") (formerly the Delaware Life Insurance Company 401(k) Savings Plan), which qualified under Section 401(k) of the Internal Revenue Code (the "IRC") and includes a retirement investment account feature (the "RIA") that qualifies under Section 401(a) of the IRC. The plan name change was effective January 1, 2019 when the sponsor was changed to Group 1001 Resources, LLC ("GOTO Resources") from Delaware Life Insurance Company. Expenses under the 401(k) Plan and the RIA are allocated to affiliates pursuant to inter-company service agreements. The expenses incurred by the Company under the 401(k) Plan and the RIA were $2.2 million, $2.3 million, and $2.1 million, respectively, for the years ended December 31, 2019, 2018 and 2017, of which $0.1 million was allocated to DLNY each of those years.

The Company has a management services agreement with DLNY, whereby the Company furnishes certain investment, actuarial and administrative services to DLNY on a cost-reimbursement basis. The Company allocated amounts related to this agreement of $7.8 million, $9.4 million, and $8.6 million for the years ended December 31, 2019, 2018 and 2017, respectively.

The Company has an administrative services agreement with DLIAC, pursuant to which the Company performs various administrative services on behalf of DLIAC. Amounts allocated under this agreement amounted to approximately $0.4 million, $0.4 million, and $0.3 million for the years ended December 31, 2019, 2018 and 2017, respectively.

The Company has an administrative services agreement with Clarendon pursuant to which the Company provides services and facilities in connection with Clarendon's business of supporting the wholesale distribution of the Company's variable insurance and annuity products. The Company also has a principal underwriter's agreement dated April 1, 2002 with Clarendon, pursuant to which Clarendon serves as principal underwriter and distributor for all variable insurance and annuity products issued by the Company. There were equal and offsetting amounts incurred under these two agreements.

The Company has a services agreement with Barbco, pursuant to which the Company provides certain administrative and functional services to Barbco on a cost-reimbursement basis. Amounts allocated under this agreement amounted to approximately $0.3 million, $0.4 million, and $0.3 million for the years ended December 31, 2019, 2018 and 2017, respectively.

The Company has an administrative services agreement with DLRC, pursuant to which the Company furnishes certain investment, actuarial and administrative services to DLRC. Amounts allocated under this agreement amounted to approximately $0.2 million for the years ended December 31, 2019, 2018 and 2017.

The Company has a services agreement with CSP&C, pursuant to which the Company furnishes certain administrative and functional services to CSP&C. Amounts allocated under this agreement were $0.6 million for each of the years ended December 31, 2019, 2018 and 2017.

A federal tax allocation agreement has been implemented with the Company as the common parent of an affiliated group of companies that includes DLNY, as described in Note 15.

The Company has an administrative services agreement between the Company and Delaware Life Reinsurance (U.S.) Corp. ("DLOK"), pursuant to which the Company provides certain services to DLOK, including finance, legal, compliance, administrative, information technology and other operational and support functions. No amounts were allocated under this agreement for the years ended December 31, 2019, 2018 and 2017.

22

DELAWARE LIFE INSURANCE COMPANY

(A Wholly-Owned Subsidiary of Group One Thousand One, LLC)

NOTES TO STATUTORY FINANCIAL STATEMENTS AS OF DECEMBER 31, 2019 AND 2018 AND FOR THE YEARS ENDED DECEMBER 31, 2019, 2018 AND 2017

____________________________________________________________________________________________

The Company has a services and resource sharing agreement between the Company and EHP, pursuant to which the Company provides certain services and resources to EHP, including finance, legal, compliance, human resources, investment, administrative, information technology and other support functions. No amounts were allocated under this agreement for the years ended December 31, 2019 and 2018.

The Company has a services and resource sharing agreement between the Company and Group One Thousand One Advisory Services, LLC ("GOTO Advisory"), pursuant to which the Company provides certain services and resources to GOTO Advisory, including the provisions of investment management services and related resources. No amounts were allocated under this agreement for the years ended December 31, 2019 and 2018.

The Company has a services and resource sharing agreement between the Company and CSHH pursuant to which the Company provides certain services and resources to CSHH, including personnel for finance, legal, compliance, human resources, administrative, information technology and other operational support functions. No amounts were allocated under this agreement for the years ended December 31, 2019 and 2018.

The Company has a facilities use agreement between the Company and GOTO Resources dated January 1, 2019, pursuant to which the Company provides use of certain of its facilities to GOTO Resources. No amounts were allocated under this agreement for the year ended December 31, 2019.

The Company has a services and resource sharing agreement between the Company and GOTO Resources, dated January 1, 2019, pursuant to which GOTO Resources provides certain services and resources to the Company, including personnel for finance, legal, compliance, human resources, administrative, information technology and other operational support functions. Amounts allocated under this agreement amounted to approximately $85.4 million for the year ended December 31, 2019.

The Company has a services and resource sharing agreement between the Company and Clear Spring Health Management Services, LLC ("CSHMS"), dated January 1, 2019, pursuant to which CSHMS provides certain services and resources to the Company, including personnel for finance, legal, compliance, human resources, administrative, information technology and other operational support functions. Amounts allocated under this agreement amounted to approximately $4.3 million for the year ended December 31, 2019.

The Company has a services and resource sharing agreement between the Company and CSHMS, dated January 1, 2019, pursuant to which the Company provides certain services and resources to CSHMS, including personnel for finance, legal, compliance, human resources, administrative, information technology and other operational support functions. No amounts were allocated under this agreement for the year ended December 31, 2019.

The Company has an administrative services agreement between the Company and Delaware Life Marketing, LLC ("DLM"), dated January 1, 2019, pursuant to which the Company agrees to provide certain services and use of facilities to DLM. The services relate to the business of DLM. The primary business of DLM is the distribution of the Company's annuity products and related activities. No amounts were allocated under this agreement for the year ended December 31, 2019.

The Company has an amended and restated master agency agreement between the Company and DLM, dated January 1, 2019, pursuant to which DLM provides certain distribution and agent management services to the Company. Amounts allocated under this agreement amounted to approximately $11.8 million for the year ended December 31, 2019 and is included in commission expense in the Statutory Statement of Operations.

On August 2, 2013, the Parent acquired all of the issued and outstanding shares of the Company from Sun Life Canada (U.S.) Holdings, Inc. (the "Sale Transaction"). In connection with the Sale Transaction, the Company's controlling persons agreed that the Company would comply with the filing and other requirements contained in Section 5005(a) of the Delaware Insurance Code with respect to any transaction subject to Section 5005(a)(2) between (a) the Company, on the one hand, and (b) (I) Guggenheim Capital, LLC ("GC") or a subsidiary thereof, or (II) Sammons Enterprises, Inc. or a subsidiary thereof, on the other hand. The following are agreements in effect that the Company has filed pursuant to the terms of this undertaking:

The Company has an investment management agreement with Guggenheim Partners Investment Management,

23

DELAWARE LIFE INSURANCE COMPANY

(A Wholly-Owned Subsidiary of Group One Thousand One, LLC)

NOTES TO STATUTORY FINANCIAL STATEMENTS AS OF DECEMBER 31, 2019 AND 2018 AND FOR THE YEARS ENDED DECEMBER 31, 2019, 2018 AND 2017

____________________________________________________________________________________________

LLC ("GPIM"), whereby GPIM provides investment management services for certain of the Company's investments. Expenses incurred under this agreement amounted to approximately $7.8 million, $5.8 million, and $4.2 million, for the years ended December 31, 2019, 2018 and 2017, respectively.

The Company had an investment services agreement with GPIM, which last payment for services was July 2018, whereby GPIM provided services to the Company with respect to certain General Account assets that GPIM did not manage for the Company under the above-cited agreement. Expenses incurred under this agreement amounted to approximately $2.2 million, and $2.9 million for the years ended, December 31, 2018 and 2017, respectively.

The Company has a services agreement with Guggenheim Commercial Real Estate Finance, LLC ("GCREF"), whereby GCREF provides mortgage loan sourcing, origination and administration services to the Company. No expenses related to this agreement were incurred during 2019, 2018, or 2017.

The Company has a services agreement with Guggenheim Insurance Services, LLC ("GIS"), whereby GIS provides certain personnel, facilities, systems and equipment in conjunction with the provision of accounting and general services, insurance services, and other advisory services to the Company. Expenses incurred under this agreement amounted to approximately $57.1 million, $65.5 million, and $58.6 million for the years ended December 31, 2019, 2018 and 2017, respectively.

The Company has a master agency agreement between the Company and Dunbarre Insurance Agency, LLC ("Dunbarre"), together with a related commission payment facility agreement and an assignment and assumption agreement, under which the Company authorized Dunbarre to recruit producers to solicit and sell life insurance and annuity contracts and to accept assignment of previously recruited producers. Expenses incurred under this agreement amounted to approximately $11.1 million, $15.5 million, and $16.8 million for the years ended December 31, 2019, 2018 and 2017, respectively.

The Company has a limited discretionary investment advisory agreement between the Company and Guggenheim Investment Advisors, LLC ("GIA"), pursuant to which GIA provides investment advisory services to the Company. Expenses incurred under this agreement amounted to $0.1 million the year ended December 31, 2019. The Company did not incur expenses under this agreement for the year end December 31, 2018.

The Company has a selling agreement among the Company, GIS, and South Blacktree Insurance Agency, LLC related to the sale of certain private placement variable universal life insurance policies and funding agreements issued by the Company as identified in the selling agreement. The Company did not incur expenses under this agreement for the years ended December 31, 2019, 2018 and 2017.

The Company had $103.4 million and $12.9 million due from affiliates, $15.1 and $0 due to affiliates, and $1.9 million and $19.0 million included in general expenses due or accrued to other related parties as of December 31, 2019 and 2018, respectively, under the terms of various management and services contracts which provide for cash settlements on a quarterly or more frequent basis. The $103.4 million includes a $100.0 million capital contribution receivable from its Parent described in Note 21.

Other

As of December 31, 2019, the Company held two short-term investments from affiliates, Armstrong STF IV, LLC ("Armstrong") and Wright STF III, LLC ("Wright"), totaling $200.0 million. The Company recorded $0.6 million of investment income in 2019 related to these investments, and the average yield was 5.7%. During 2018, the Company held other affiliated short-term investments purchased in 2017 from Armstrong and Wright as well as Marcy STF I, LLC and DLM (formerly Redfield STF II, LLC) that matured in 2018 resulting in no gain. The Company recorded $9.1 million and $15.5 million of investment income on these investments in 2018 and 2017, respectively, and the average yields were 7.4% and 7.35% in 2018 and 2017, respectively.

24

DELAWARE LIFE INSURANCE COMPANY

(A Wholly-Owned Subsidiary of Group One Thousand One, LLC)

NOTES TO STATUTORY FINANCIAL STATEMENTS AS OF DECEMBER 31, 2019 AND 2018 AND FOR THE YEARS ENDED DECEMBER 31, 2019, 2018 AND 2017

____________________________________________________________________________________________

During 2018, the Company purchased a short-term investment from an affiliate, WPH Holdings II Parent LLC ("WPH") totaling $256.0 million, and disposed of $171.0 million and $85.0 million of this investment in 2019 and 2018, respectively, resulting in no gain. $10.0 million of the $85.0 million 2018 disposal was sold to Aureum Reinsurance Company, Ltd. ("ARC") as part of a related-party transaction. During 2019, the Company acquired a short-term investment from WPH totaling $202.5 million that matured in 2019 resulting in no gain. The Company recorded $23.3 million and $13.8 million of investment income related to these short-term investments in 2019 and 2018, respectively, and the average yields were 8.0% in both 2019 and 2018.

The Company acquired $93.6 million of bonds and $9.8 million of mortgages from affiliates in 2019, including the invested assets received from DLRC capital transactions noted above, and received proceeds of $71.1 million from affiliates. During 2018, the Company received bond proceeds of $2.5 million from affiliates. Gains recognized on the transactions in 2019 and 2018 were immaterial.

The Company purchased $17.2 million and $7.7 million of bonds and received proceeds of $5 million and $721.4 million from bond sales from parties related to or managed by GC in 2019 and 2018, respectively. No gains and losses were recognized by the Company on these transactions in 2019, but $13.3 million of gains were recognized in 2018.

At December 31, 2019 and 2018, the Company had investments in affiliates and parties related to or managed by Guggenheim Capital, LLC, Inc. as follows:

Affiliated Investments excluding Investments in Subsidiaries:
		December 31,
(In Thousands)	2019				2018
Short-Term Investments	$	200,000	$		171,000
Bonds		67,000			59,766
Preferred Stocks		255,000			255,000
Commercial Mortgage Loans		8,831			—
Total	$	530,831		$	485,766
Non - Affiliated Related Parties and Guggenheim Managed Investments:

(In Thousands)		December 31,
	2019			2018
Bonds	$	879,267	$	817,359
Commercial Mortgages Loans		—		2,534
Common Stocks		44,333		54,773
Other Invested Assets		22,580		43,495
Total		946,180		918,161

During 2018 and 2017, the Company's wholly-owned subsidiary, DL Service Holdings, LLC, held company-owned life insurance ("COLI") policies on the lives of key executives of the Company issued by EquiTrust Life Insurance Company ("ELIC"), a former related party. These policies were surrendered during 2018, and the Company received cash equal to the net cash surrender value of $78.3 million.

In 2014, the Company issued private placement variable universal life ("PPVUL") policies to ELIC through a subsidiary single member limited liability company, IDF IX, LLC. During 2018, ELIC surrendered the policies with a total value of $255.8 million, and the Company demanded repayment of $182.4 million of related policy loans,

25

DELAWARE LIFE INSURANCE COMPANY

(A Wholly-Owned Subsidiary of Group One Thousand One, LLC)

NOTES TO STATUTORY FINANCIAL STATEMENTS AS OF DECEMBER 31, 2019 AND 2018 AND FOR THE YEARS ENDED DECEMBER 31, 2019, 2018 AND 2017

____________________________________________________________________________________________

including capitalized interest. In December 2018, prior to the settlement of the surrender and related policy loans, ELIC sold its rights to the cash surrender value of the PPVUL policies and its obligations of the related policy loans to an external party. As a result of the sale and subsequent settlement transactions, the Company exchanged the PPVUL policies for funding agreements at the same total value and received $166.2 million of corporate term loans and $16.2 million of cash to extinguish the policy loan debt assumed by the external party.

Guarantees

The Company, as successor to Keyport Life Insurance Company ("Keyport"), unconditionally guarantees the full and punctual payment when due of any obligations of the former Keyport Benefit Life Insurance Company ("KBL") arising out of or in connection with any contract issued by KBL on or after June 25, 1998 and before December 31, 2002, the date that KBL merged with and into the Company's wholly-owned subsidiary, DLNY. The purpose of this guaranty was to enhance the financial strength of KBL. The liability of the Company under the guaranty is unlimited to any specific sum. The guaranty will not exceed contractual obligations to the policyholders of the contracts. The cash surrender value of the contracts at December 31, 2019 and December 31, 2018 was approximately $193.0 million, and $207.9 million, respectively. At December 31, 2019 and 2018, there was no liability accrued for this guaranty.

The Company guarantees on a subordinated basis all amounts payable by DLNY to holders of certain deferred combination fixed and variable annuity contracts ("MVA Contracts") issued by DLNY which include the option to earn a guaranteed fixed return for specified periods ("Guarantee Period"). The Company unconditionally and irrevocably guarantees the full and punctual payment when due of all amounts payable by DLNY from a Guarantee Period to any holder. The guaranty is subject to no preconditions other than the failure by DLNY to pay when due any Guarantee Period interests. DLNY registered such Guarantee Period interests under the Securities Act of 1933 with the U.S. Securities and Exchange Commission (the "SEC"). Under the SEC's rules, implementation of the guaranty permitted DLNY to stop filing periodic reports with the SEC pursuant to the Securities Exchange Act of 1934, and the purpose of the guaranty was to achieve that result. The Company's guaranty in this regard guarantees the payment of amounts payable by DLNY from a Guarantee Period but does not guaranty any other obligations of DLNY under the MVA Contracts. The obligations under the foregoing guaranty are unsecured obligations of the Company and subordinate in right of payment to the prior payment in full of all other obligations of the Company, except for guarantees which by their terms are designated as ranking equally in right of payment with or subordinate to this guaranty. The liability of the Company under the guaranty is unlimited to any specific sum. The guaranty will not exceed contractual obligations to the holders of the MVA Contracts. The total account value of the MVA Contracts was approximately $6.3 million and $6.8 million at December 31, 2019 and 2018, respectively. There is no liability accrued for this guaranty.

Pursuant to an agreement effective January 20, 2017, the Company guarantees punctual payment to Merrill Lynch Professional Clearing Corp. ("ML Pro") and certain affiliates of ML Pro (collectively, the "Guaranteed Parties") by certain subsidiaries of the Company that may be added to the guaranty (collectively, the "ML Customers"), in connection with accounts the ML Customers have with the Guaranteed Parties. The obligations of the Company under the guaranty agreement are limited to $300.0 million.

In 2018, CSP&C entered into a lease agreement for an office in Boca Raton, Florida that expires February 2021. The Company is a guarantor of the lease which has future minimum lease commitments of approximately $0.2 million as of December 31, 2019.

Pursuant to a Letter of Credit Facility Agreement between the Company and CSP&C, the Company was issued a $12.0 million irrevocable letter of credit effective September 30, 2019 by the Federal Home Loan Bank of Indianapolis (the "FHLB") on behalf of an unrelated party, and CSP&C pays the Company a facility fee.

26

DELAWARE LIFE INSURANCE COMPANY

(A Wholly-Owned Subsidiary of Group One Thousand One, LLC)

NOTES TO STATUTORY FINANCIAL STATEMENTS AS OF DECEMBER 31, 2019 AND 2018 AND FOR THE YEARS ENDED DECEMBER 31, 2019, 2018 AND 2017

____________________________________________________________________________________________

3.BONDS AND PREFERRED STOCKS

The statement value and fair value of the Company's bonds and preferred stocks were as follows:

December 31, 2019

(In Thousands)						Gross			Gross
		Statement			Unrealized			Unrealized				Estimated
Bonds:		Value				Gains			Losses			Fair Value
U.S. Governments	$	525,871	$			999	$		(77)	$		526,793
All Other Governments		11,434				505			(46)			11,893
U.S. States, Territories and		4,581				105			(15)			4,671
Possessions (Direct and Guaranteed)
U.S. Special Revenue and Special Assessment
Obligations and all Non-Guaranteed Obligations
of Agencies and Authorities of Governments		679,789				17,299			(1,886)			695,202
and Their Political Subdivisions
Industrial and Miscellaneous (Unaffiliated)		9,456,225				189,308			(81,190)			9,564,343
Hybrid Securities		171,443				11,366			(516)			182,293
Bond - Affiliated		67,000				—			—			67,000
SVO Identified Exchange Traded Funds		1,810				39			(20)			1,829
Total Bonds	$	10,918,153		$		219,621	$		(83,750)	$		11,054,024
Preferred Stocks	$	769,767		$		5,487	$		(350)	$		774,904
						December 31, 2018
(In Thousands)						Gross			Gross
		Statement				Unrealized			Unrealized			Estimated
		Value				Gains			Losses			Fair Value
Bonds:
U.S. Governments	$	265,444	$			163	$		(1,577)	$		264,030
All Other Governments		12,905				34			(260)			12,679
U.S. States, Territories and		3,732				35			(5)			3,762
Possessions (Direct and Guaranteed)
U.S. Special Revenue and Special
Assessment Obligations and all Non-
Guaranteed Obligations of Agencies and
Authorities of Governments and Their Political		254,762				5,096			(2,165)			257,693
Subdivisions
Industrial and Miscellaneous (Unaffiliated)		9,384,291				43,610			(355,599)			9,072,302
Hybrid Securities		167,960				1,432			(9,172)			160,220
SVO Identified Exchange Traded Funds		408,611				—			(31,727)			376,884
Total Bonds	$	10,497,705			$	50,370	$		(400,505)		$	10,147,570
Preferred Stocks	$	566,677	$			3,061	$		(938)	$		568,800

27

DELAWARE LIFE INSURANCE COMPANY

(A Wholly-Owned Subsidiary of Group One Thousand One, LLC)

NOTES TO STATUTORY FINANCIAL STATEMENTS AS OF DECEMBER 31, 2019 AND 2018 AND FOR THE YEARS ENDED DECEMBER 31, 2019, 2018 AND 2017

____________________________________________________________________________________________

The statement value and estimated fair value by maturity periods for bonds, other than ABS and MBS, are shown below. Actual maturities may differ from contractual maturities on ABS and MBS because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties; accordingly, the contractual maturities for those securities are not shown.

		December 31, 2019
(In Thousands)		Statement		Estimated
		Value		Fair Value
Due in one year or less	$	142,075	$	142,771
Due after one year through five years		2,275,165		2,307,066
Due after five years through ten years		2,735,234		2,781,359
Due after ten years		2,218,025		2,286,797
SVO Identified Exchange Traded Funds		1,810		1,830
Total before asset and mortgage-backed securities		7,372,309		7,519,823
Asset and mortgage-backed securities		3,545,844		3,534,201
Total	$	10,918,153	$	11,054,024

Proceeds from sales and maturities of investments in bonds and preferred stock during 2019, 2018 and 2017, were $6.7 billion, $4.4 billion, and $8.0 billion, including non-cash transactions of $366.7 million, $375.4 million, and $195.8 million, respectively; gross gains were $66.4 million, $41.4 million, and $63.6 million respectively; and gross losses were $34.8 million, $77.2 million, and $22.9 million, respectively.

The Company had unfunded commitments for future fixed income fundings of $1,134.9 million and $1,083.7 million as of December 31, 2019 and 2018 respectively.

Bonds included above with a statement value of approximately $5.2 million for the years ended December 31, 2019 and 2018 were on deposit with governmental authorities as required by law.

Investment-grade bonds were 96.7% and 97.8% of the Company's total bonds as of December 31, 2019, and 2018, respectively.

The fair value of publicly-traded bonds is determined using three primary pricing methods: third-party pricing services, non-binding broker quotes, and pricing models. Prices are first sought from third-party pricing services, with the remaining unpriced securities priced using one of the other two methods. For privately-placed fixed maturity securities, fair values are estimated using model prices or broker quotes. Aportion of privately-placed fixed maturity securities (typically SEC Rule 144A securities) are priced using market prices.

Structured securities, such as ABS, RMBS and CMBS, are priced using third-party pricing services, a fair value model, or independent broker quotations. Typical inputs used by these three pricing methods include, but are not limited to, reported trades, benchmark yields, issuer spreads, bids and/or estimated cash flows and prepayment speeds. In addition, estimates of expected future prepayments are factors in determining the price of ABS, RMBS and CMBS. These estimates are based on the underlying collateral and structure of the security, as well as prepayment speeds previously experienced in the market at interest rate levels projected for the underlying collateral. Actual prepayment experience may vary from these estimates. Exposure to any single issuer is less than 10% of net admitted assets.

The fair value of the Company's preferred stocks is first based on quoted market prices. Similar to fixed-maturity securities, the Company uses pricing services and broker quotes to price preferred stocks for which the quoted market price is not available.

28

DELAWARE LIFE INSURANCE COMPANY

(A Wholly-Owned Subsidiary of Group One Thousand One, LLC)

NOTES TO STATUTORY FINANCIAL STATEMENTS AS OF DECEMBER 31, 2019 AND 2018 AND FOR THE YEARS ENDED DECEMBER 31, 2019, 2018 AND 2017

____________________________________________________________________________________________

Other-than-temporary-impairment

The Company recognizes and measures OTTI for loan-backed and structured securities ("LBSS") in accordance with SSAP No. 43R. In accordance with SSAP No. 43R, if the fair value of a LBSS is less than its amortized cost basis at the Statutory Statements of Admitted Assets, Liabilities and Capital Stock and Surplus date, the Company assesses whether the impairment is an OTTI. When an OTTI has occurred, the amount of OTTI recognized in earnings is the difference between the amortized cost basis of the security and the present value of its expected future cash flows, discounted at the effective interest rate implicit in the security.

If the Company intends to sell the LBSS, or if it is more likely than not that it will be required to sell the security before recovery of its amortized cost basis, an OTTI is considered to have occurred. The amount of the OTTI recognized in earnings is the difference between the amortized cost basis and the fair value of the security.

If the Company does not intend to sell the LBSS, or if it is not more likely than not that it will be required to sell the security before recovery of its amortized cost basis, the Company performs cash-flow based testing to determine if the present value of its expected future cash flows discounted at the effective interest rate implicit in the security is less than its amortized cost basis.

Estimating future cash flows is a quantitative and qualitative process that incorporates information received from third parties, along with assumptions and judgments about the future performance of the underlying collateral. Losses incurred on the respective portfolios are based on loss models using assumptions about key systematic risks, such as unemployment rates and housing prices, and loan-specific information, such as delinquency rates and loan-to-value ratios.

There were no credit impairments recorded in 2019, 2018 and 2017 on LBSS held as of December 31, 2019, 2018 and 2017, respectively, pursuant to SSAP No. 43R.

If the fair value of a bond, other than those subject to SSAP No. 43R, is less than its amortized cost basis at the Statements of Admitted Assets, Liabilities and Capital Stock and Surplus date, the Company assesses whether the impairment is an OTTI. When an OTTI has occurred, the amount of OTTI recognized in earnings is the difference between the amortized cost basis of the security and its fair value.

If the Company intends to sell the bond, or if it is more likely than not that it will be required to sell the security before recovery of its amortized cost basis, an OTTI is considered to have occurred. If the Company does not intend to sell the bond, or if it is not more likely than not that it will be required to sell the security before recovery of its amortized cost basis, the Company employs a portfolio monitoring process to identify securities that are OTTI.

The Company has an Asset Valuation Committee composed of investment and finance professionals which meets at least quarterly to review individual issues or issuers that may be of concern. In determining whether a security is OTTI, the Asset Valuation Committee considers the factors described below. The process involves a quarterly screening of all securities with a fair value less than the amortized cost basis. Discrete credit events, such as a ratings downgrade, are also used to identify securities that may be OTTI. The securities identified are then evaluated based on issuer-specific facts and circumstances, such as the issuer's ability to meet current and future interest and principal payments, an evaluation of the issuer's financial position and its near-term recovery prospects, difficulties being experienced by an issuer's parent or affiliate, and management's assessment of the outlook for the issuer's sector. In making these evaluations, the asset valuation committee exercises considerable judgment. Based on the Asset Valuation Committee's evaluation, issues or issuers are considered for inclusion on one of the Company's following credit lists:

"Monitor List" - A security on this list is subject to a heightened level of monitoring because either the issue or the issuer or its industry, sector, geographic location, or political operating environment has been under stress.

29

DELAWARE LIFE INSURANCE COMPANY

(A Wholly-Owned Subsidiary of Group One Thousand One, LLC)

NOTES TO STATUTORY FINANCIAL STATEMENTS AS OF DECEMBER 31, 2019 AND 2018 AND FOR THE YEARS ENDED DECEMBER 31, 2019, 2018 AND 2017

____________________________________________________________________________________________

"Watch List" - There is a preponderance of likelihood that either interest or principal will not be received according to the committee's expectations and may result in an impairment or write-offs.

"Impaired List" - The Asset Valuation Committee has concluded that the Company has the intent to sell the security, it is more likely than not that the Company will be required to sell the security before recovery of its amortized cost basis, or the amortized cost basis of the security is not expected to be recovered due to expected delays or shortfalls in the contractually specified cash flows. For these investments, the amount of OTTI recognized in the Company's Statements of Operations is the difference between the amortized cost basis of the security and its fair value or discounted cash flows.

Should it be determined that a security is OTTI, the Company records a loss through an appropriate adjustment in carrying value. For the years ended December 31, 2019, 2018 and 2017, the Company incurred write-downs of bonds totaling $0, $5.8 million, and $27.9 million respectively, including those subject to SSAP No. 43R. Of these amounts, no OTTI was related to sub-prime loans. $27.9 million of the 2017 OTTI was related to securities the Company intended to sell. All such OTTI was interest related.

There are inherent risks and uncertainties in management's evaluation of securities for OTTI. These risks and uncertainties include factors both external and internal to the Company, such as general economic conditions, an issuer's financial condition or near-term recovery prospects, market interest rates, unforeseen events which affect one or more issuers or industry sectors, and portfolio management parameters, including asset mix, interest rate risk, portfolio diversification, duration matching, and greater-than-expected liquidity needs. All of these factors could impact management's evaluation of securities for OTTI.

The gross unrealized losses and fair value of investments, which were deemed temporarily impaired, aggregated by investment category, number of securities, and the length of time in an unrealized loss position, at December 31,

2019 were as follows:

(in Thousands except # of securities)
	Less than 12 months								12 months or more											Total
				Fair		Unrealized						Fair		Unrealized						Fair		Unrealized
Bonds:	#			Value			Losses		#			Value			Losses		#			Value			Losses
U.S. Governments	3	$		405,016	$		(77)		—	$		—	$		—	3		$		405,016	$		(77)
All Other Governments	1			102			(1)	1				4,218			(45)	2				4,320			(46)
U.S. States, Territories and
Possessions (Direct and	2			2,985			(15)		—			—			—	2				2,985			(15)
Guaranteed)
U.S. Special Revenue and
Special Assessment Obligations
and all Non-Guaranteed
Obligations of Agencies and
Authorities of Governments and	29			220,710			(1,881)	3				389			(6)	32				221,099			(1,887)
Their Political Subdivisions
Industrial and Miscellaneous	111			1,399,329			(19,048)	86				971,377			(62,141)	197				2,370,706			(81,189)
(Unaffiliated)
Hybrid Securities	2			5,418			(313)	2				5,259			(203)	4				10,677			(516)
SVO Identified Exchange Traded	—			—			—		1			827			(20)		1			827			(20)
Funds
Total Bonds	148		$	2,033,560		$	(21,335)		93		$	982,070		$	(62,415)		241		$	3,015,630		$	(83,750)
Preferred Stocks	3	$		99,616	$		(350)		—	$		—	$		—	3		$		99,616	$		(350)

30

DELAWARE LIFE INSURANCE COMPANY

(A Wholly-Owned Subsidiary of Group One Thousand One, LLC)

NOTES TO STATUTORY FINANCIAL STATEMENTS AS OF DECEMBER 31, 2019 AND 2018 AND FOR THE YEARS ENDED DECEMBER 31, 2019, 2018 AND 2017

____________________________________________________________________________________________

The gross unrealized losses and fair value of investments, which were deemed temporarily impaired, aggregated by investment category, number of securities, and the length of time in an unrealized loss position, at December 31,

2018 were as follows:

(in Thousands except # of securities)
	Less than 12 months								12 months or more											Total
				Fair		Unrealized						Fair		Unrealized						Fair		Unrealized
Bonds:	#			Value			Losses		#			Value			Losses		#			Value			Losses
U.S. Governments	2	$		4,891	$		(82)	3		$		256,308	$		(1,495)	5		$		261,199	$		(1,577)
All Other Governments	2			250			(3)	3				10,906			(257)	5				11,156			(260)
U.S. States, Territories and
Possessions (Direct and	2			2,251			(5)		—			—			—	2				2,251			(5)
Guaranteed)
U.S. Special Revenue and
Special Assessment Obligations
and all Non-Guaranteed
Obligations of Agencies and
Authorities of Governments and	20			22,053			(436)	24				67,120			(1,729)	44				89,173			(2,165)
Their Political Subdivisions
Industrial and Miscellaneous	894			4,194,663			(167,435)	218				1,587,043			(188,163)	1,112				5,781,706			(355,598)
(Unaffiliated)
Hybrid Securities	28			91,258			(6,000)	5				36,135			(3,173)	33				127,393			(9,173)
SVO Identified Exchange Traded	—			—			—		3			376,884			(31,727)		3			376,884			(31,727)
Funds
Total Bonds	948		$	4,315,366		$	(173,961)		256		$	2,334,396		$	(226,544)		1,204		$	6,649,762		$	(400,505)
Preferred Stocks	3	$		40,000	$		(938)		—	$		—	$		—	3		$		40,000	$		(938)

As summarized in the table below, the Company had indirect exposure to sub-prime loans with a book adjusted carrying value of $1.0 million as of December 31, 2019. This amount represented approximately one-tenth of a percent of the Company's total invested assets. In terms of managing and mitigating sub-prime mortgage risk, the Company's overall exposure to these investments was as shown below (in thousands):

					Book/Adjusted
Type		Actual Cost			Carrying Value			Fair Value
					(excluding interest)
Residential Mortgage Backed Securities $		952	$		952	$		1,003
	$	952		$	952		$	1,003

As summarized in the table below, the Company had indirect exposure to sub-prime loans with a book adjusted carrying value of $1.4 million as of December 31, 2018. This amount represented approximately one-tenth of a percent of the Company's total invested assets. The Company's overall exposure to sub-prime mortgage risk was as shown below (in thousands):

			Book/Adjusted
Type	Actual Cost		Carrying Value		Fair Value
			(excluding interest)
Residential Mortgage Backed Securities $	864	$	864	$	915
Structured Securities	500		500		504
$	1,364	$	1,364	$	1,419

31

DELAWARE LIFE INSURANCE COMPANY

(A Wholly-Owned Subsidiary of Group One Thousand One, LLC)

NOTES TO STATUTORY FINANCIAL STATEMENTS AS OF DECEMBER 31, 2019 AND 2018 AND FOR THE YEARS ENDED DECEMBER 31, 2019, 2018 AND 2017

____________________________________________________________________________________________

5 GI Securities

The Company's overall exposure to 5GI securities was as shown below:

(In thousands except for number of securities):

	Number of 5 GI Securities		Aggregate Book Adjusted		Aggregate Fair Value
			Carry Value
Investment	Current Year	Prior Year	Current Year	Prior Year	Current Year	Prior Year

LBSS	—	1	$	— $		1	$	— $		2
Preferred	1	—	$	255,000	$	—	$	255,000	$	—
Stock
Total	1	1	$	255,000	$	1	$	255,000	$	2

4. MORTGAGE LOANS ON REAL ESTATE

The Company invests in commercial first mortgage loans throughout the United States and Great Britain. Investments are diversified by property type and geographic area in order to manage credit risk. The Company monitors the condition of the mortgage loans in its portfolio.

In those cases, where mortgages have been restructured, appropriate allowances for losses are made. In those cases where, in management's judgment, the mortgage loan's value is impaired, appropriate losses are recorded.

32

DELAWARE LIFE INSURANCE COMPANY

(A Wholly-Owned Subsidiary of Group One Thousand One, LLC)

NOTES TO STATUTORY FINANCIAL STATEMENTS AS OF DECEMBER 31, 2019 AND 2018 AND FOR THE YEARS ENDED DECEMBER 31, 2019, 2018 AND 2017

____________________________________________________________________________________________

The following table shows the geographical distribution of the statement value of the Company's mortgage loan portfolio as of December 31, 2019 and 2018 (in thousands):

		2019		2018
Alabama	$	3,143	$	3,331
Arizona		9,854		2,352
California		132,444		73,401
Colorado		16,515		17,187
Connecticut		10,925		10,925
Florida		21,016		130
Georgia		10,927		10,813
Idaho		963		1,438
Illinois		25,000		48,523
Kansas		8,050		13,300
Kentucky		1,652		1,744
Louisiana		400		577
Maine		—		2,534
Massachusetts		5,684		979
Michigan		7,669		7,669
Minnesota		—		4,322
Missouri		493		—
Mississippi		—		2,567
New Jersey		3,690		5,426
New Mexico		3,849		4,125
New York		220,294		291,638
North Carolina		45,480		6,972
Nevada		15,610		—
Ohio		3,024		4,148
Oregon		5,872		5,202
Pennsylvania		5,478		3,011
South Carolina		20,010		1,535
Texas		8,010		7,323
Utah		3,133		3,549
Virginia		1,731		1,252
Washington		2,947		1,656
Wisconsin		2,923		43
Great Britain		12,057		8,995
General allowance for loan loss		(2,460)		(2,460)
Total Mortgage Loans on Real Estate	$	606,383	$	544,207

The Company had $91.6 million and $79.8 million of outstanding mortgage loan commitments on real estate as of December 31, 2019 and December 31, 2018 respectively.

The Company originated 59 mortgage loans and made additional investments after acquisition with a total cost of $299.5 million during the year ended December 31, 2019 with rates ranging from 4.59% to 7.18%. The Company originated nine mortgage loans and made four additional investments after acquisition with a total cost of $131.7 million during the year ended December 31, 2018 with rates ranging from 4.87% to 11.00%, and eighteen mortgage

33

DELAWARE LIFE INSURANCE COMPANY

(A Wholly-Owned Subsidiary of Group One Thousand One, LLC)

NOTES TO STATUTORY FINANCIAL STATEMENTS AS OF DECEMBER 31, 2019 AND 2018 AND FOR THE YEARS ENDED DECEMBER 31, 2019, 2018 AND 2017

____________________________________________________________________________________________

loans with a total cost of $229.4 million during the year ended December 31, 2017 with rates ranging from 3.36% to 9.83%. During the years ended December 31, 2019, 2018 and 2017, the Company did not reduce interest rates on any outstanding mortgage loans. Mortgage loans are collateralized by the related properties and are no more than 75% of the property's value at the time the original loan is made.

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, 2019 and 2018. A general allowance for loan loss is established based on an assessment of past loss experience on groups of loans with similar characteristics and current economic conditions. The general allowance for loan loss was $2.5 million at December 31, 2019 and 2018. 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, 2019 and 2018, the Company individually and collectively evaluated loans with a gross carrying value of $608.8 million and $546.7 million, respectively.

As of December 31, 2019 and 2018, the Company held no restructured loans. Should the Company hold any troubled debt, the Company may modify the terms of a loan by adjusting the interest rate, extending the maturity date, or both.

Delinquency status is determined based upon the occurrence of a missed contract payment. There were no loans past due greater than 90 days at December 31, 2019 and 2018.

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
		Farm		Insured		All Other			Insured		All Other		Mezzanine			Total
(In Thousands)
December 31, 2019
Recorded Investment
Current	$	—	$		—	$	—	$		—	$ 608,843	$		—	$ 608,843
December 31, 2018
Recorded Investment
Current	$	—	$		—	$	—	$		—	$ 546,667	$		—	$ 546,667

The Company did not have any mortgages accruing interest more than 90 days past due or with reduced interest during 2019 or 2018.

The Company did not have any investments in impaired loans during 2019 or 2018.

34

DELAWARE LIFE INSURANCE COMPANY

(A Wholly-Owned Subsidiary of Group One Thousand One, LLC)

NOTES TO STATUTORY FINANCIAL STATEMENTS AS OF DECEMBER 31, 2019 AND 2018 AND FOR THE YEARS ENDED DECEMBER 31, 2019, 2018 AND 2017

____________________________________________________________________________________________

Allowance for Credit Losses:

(In Thousands)

Balance at Beginning of Period            

Additions Charged to Operations       

Recoveries of Amounts Previously Charged Off  Balance at End of Period

2019           2018

$2,460      $ 2,460

——

——

$2,460      $ 2,460

The following table provides an aging of commercial mortgage loans as of December 31, 2019 and 2018, based on the recorded investment net of allowances for credit losses:

(In Thousands)
	2019			2018
Current	$	608,843	$	546,667
Total Allowance for Loan Loss		(2,460)		(2,460)
Total Mortgage Loans on Real Estate	$	606,383	$	544,207

The credit quality of the Company's mortgage loans is assessed by the debt service coverage ratio ("DSC") and loan to value ratio ('LTV"). The following table shows the recorded gross investment of the Company's mortgage loans aggregated by LTV and DSC as of December 31, 2019 and 2018.

				2019
(In Thousands)		Debt Service Coverage Ratio
		>1.2x	1.0x to < 1.2x			<1.0x	Total
Loan to Value Ratio
0%-59.99%	$	147,090	$	197,269	$	60,425	$ 404,784
60%-69.99%		33,050		11,569		37,700	82,319
70%-79.99%		1,265		95,262		25,213	121,740
80% or greater		—		—		—	—
Total	$	181,405	$	304,100	$	123,338	$ 608,843

				2018
(In Thousands)		Debt Service Coverage Ratio
		>1.2x	1.0x to < 1.2x			<1.0x	Total
Loan to Value Ratio
0%-59.99%	$	188,015	$	106,091	$	87,531	$ 381,637
60%-69.99%		41,239		17,669		32,500	91,408
70%-79.99%		—		—		73,622	73,622
80% or greater		—		—		—	—
Total	$	229,254	$	123,760	$	193,653	$ 546,667

35

DELAWARE LIFE INSURANCE COMPANY

(A Wholly-Owned Subsidiary of Group One Thousand One, LLC)

NOTES TO STATUTORY FINANCIAL STATEMENTS AS OF DECEMBER 31, 2019 AND 2018 AND FOR THE YEARS ENDED DECEMBER 31, 2019, 2018 AND 2017

____________________________________________________________________________________________

5.REPURCHASE AGREEMENTS AND REVERSE REPURCHASE AGREEMENTS TRANSACTIONSACCOUNTED FOR AS SECURED BORROWING

REPURCHASE TRANSACTION - CASH PROVIDER -OVERVIEW OF SECURED BORROWING TRANSACTIONS

(1)The Company opportunistically uses repurchase transactions in conjunction with its liquidity management program to temporarily provide short-term liquidity from time-to-time as needed and determined by the Company. Using repurchase transactions to meet the short-term liquidity needs positions the Company to be prepared to execute on opportunistic investments as they arise. The collateral posted by the Company is subject to fair value change and a decline in fair value could require the Company to post additional collateral to the counterparty. This risk is mitigated by the Company's internal policy of limiting repurchase transactions to 5.0% of its available collateral. Potential liquidity risks arising from a duration mismatch between the collateral and repurchase transaction are mitigated by the Company's other sources of liquidity, such as monthly principal and interest payments, premium sales by the Company, and other lines of credit established by the Company. The Company typically receives cash for its repurchase transactions, however on occasion the Company has received United States Treasuries. In the case of United State Treasuries, the Company monitors the price of the Treasury collateral to ensure the Company is adequately collateralized.

(2)Type of Repurchase Trades Used

		1	2	3	4
		FIRST	SECOND	THIRD	FOURTH
a.	Bilateral (YES/NO)	Yes	Yes	Yes	Yes
b.	Tri-Party (YES/NO)	No	No	No	No

36

DELAWARE LIFE INSURANCE COMPANY

(A Wholly-Owned Subsidiary of Group One Thousand One, LLC)

NOTES TO STATUTORY FINANCIAL STATEMENTS AS OF DECEMBER 31, 2019 AND 2018 AND FOR THE YEARS ENDED DECEMBER 31, 2019, 2018 AND 2017

____________________________________________________________________________________________

(3) Original (Flow) & Residual Maturity

(In Thousands)			FIRST	SECOND			THIRD		FOURTH
		QUARTER		QUARTER		QUARTER		QUARTER
a. Maximum Amount
1.	Open - No Maturity	$	25,000	$	25,000	$	25,000	$	25,000
2.	Overnight		—		—		—		—
3.	2 Days to 1 Week		—		—		—		—
4.	> 1 Week to 1 Month		—		—		—		—
5.	> 1 Month to 3 Months		—		—		—		—
6.	> 3 Months to 1 Year		—		—		—		—
7.	> 1 Year		—		—		—		—
b. Ending Balance
1.	Open - No Maturity	$	25,000	$	25,000	$	25,000	$	25,000
2.	Overnight		—		—		—		—
3.	2 Days to 1 Week		—		—		—		—
4.	> 1 Week to 1 Month		—		—		—		—
5.	> 1 Month to 3 Months		—		—		—		—
6.	> 3 Months to 1 Year		—		—		—		—
7.	> 1 Year		—		—		—		—

(4)Counter Party, Jurisdiction and Fair Value (FV) Not applicable

(5)Securities "Sold" Under Repurchase - Secured Borrowing

(In Thousands)			FIRST		SECOND		THIRD		FOURTH
			QUARTER		QUARTER		QUARTER		QUARTER
a. Maximum Amount
1.	BACV		XXX		XXX		XXX		XXX
2.	Nonadmitted -		XXX		XXX		XXX		XXX
	Subset of BACV
		$		$		$		$
3.	Fair Value		26,745		27,667		26,314		25,425
b. Ending Balance
1.	BACV	$	26,726	$	26,731	$	25,788	$	25,086
2.	Nonadmitted -		XXX		XXX		XXX		XXX
	Subset of BACV
3.	Fair Value		26,745		27,667		26,314		25,425

37

DELAWARE LIFE INSURANCE COMPANY

(A Wholly-Owned Subsidiary of Group One Thousand One, LLC)

NOTES TO STATUTORY FINANCIAL STATEMENTS AS OF DECEMBER 31, 2019 AND 2018 AND FOR THE YEARS ENDED DECEMBER 31, 2019, 2018 AND 2017

____________________________________________________________________________________________

(6)Securities Sold Under Repurchase - Secured Borrowing by NAIC Designation

(In Thousands)		NONE	NAIC 1		NAIC 2		NAIC 3	NAIC 4	NAIC 5	NAIC 6	Nonadmitted
Bonds - BACV	$	— $	21,829	$	3,257	$	— $	— $	— $	— $	—
Bonds - FV		—	22,114		3,311		—	—	—	—	—
LB & SS - BACV		—	—		—		—	—	—	—	—
LB & SS - FV		—	—		—		—	—	—	—	—
Preferred Stock - BACV		—	—		—		—	—	—	—	—
Preferred Stock - FV		—	—		—		—	—	—	—	—
Common Stock		—	—		—		—	—	—	—	—
Total Assets - BACV		—	21,829		3,257		—	—	—	—	—
Total Assets - FV		—	22,114		3,311		—	—	—	—	—

(7)Collateral Received - Secured Borrowing

(In Thousands)			FIRST	SECOND	THIRD	FOURTH
			QUARTER	QUARTER	QUARTER	QUARTER
Maximum Amount
1.	Cash	$	— $	— $	— $	—
2.	Securities (FV)		26,745	27,667	26,314	25,425
Ending Balance
1.	Cash	$	— $	— $	— $	—
2.	Securities (FV)		26,745	27,667	26,314	25,425

(8)Cash & Non Cash Collateral Received - Secured Borrowing by NAIC Designation

	(In Thousands)	NONE	NAIC 1	NAIC 2	NAIC 3	NAIC 4	NAIC 5	NAIC 6	Nonadmitted
a. Cash		$ — $	— $	— $	— $	— $	— $	— $	—
b. Bonds - FV		—	25,425	—	—	—	—	—	—
c. LB & SS - FV		—	—	—	—	—	—	—	—
d. Preferred Stock - FV		—	—	—	—	—	—	—	—
e. Common Stock		—	—	—	—	—	—	—	—
f.	Mortgage Loans - FV	—	—	—	—	—	—	—	—
g.	Real Estate - FV	—	—	—	—	—	—	—	—
h.	Derivatives - FV	—	—	—	—	—	—	—	—
i.	Other Invested Assets - FV	—	—	—	—	—	—	—	—
j.	Total Collateral Assets - FV	—	25,425	—	—	—	—	—	—
	(Sum of a through i)

38

DELAWARE LIFE INSURANCE COMPANY

(A Wholly-Owned Subsidiary of Group One Thousand One, LLC)

NOTES TO STATUTORY FINANCIAL STATEMENTS AS OF DECEMBER 31, 2019 AND 2018 AND FOR THE YEARS ENDED DECEMBER 31, 2019, 2018 AND 2017

____________________________________________________________________________________________

(9)Allocation of Aggregate Collateral by Remaining Contractual Maturity

	(in Thousands)		FAIR
			VALUE
a.	Overnight and Continuous	$	—
b.	30 Days or Less		—
c.	31 to 90 Days		—
d.	> 90 Days		25,425

(10)Allocation of Aggregate Collateral Reinvested by Remaining Contractual Maturity Not applicable

(11)Liability to Return Collateral - Secured Borrowing (Total) Not applicable

REVERSE REPURCHASE TRANSACTION - CASH PROVIDER -OVERVIEW OF SECURED BORROWING TRANSACTIONS

(1)The Company engages in a reverse repurchase agreement program. This program is intended to provide opportunistic, short-term financing to counterparties. Each repurchase agreement entered into is governed by the terms of the Master Repurchase Agreement (MRA) as agreed to between the parties. Under the terms of the MRA, the Company purchases investments from the counterparty and the counterparty agrees to repurchase the same, or similar investments, back from the Company on a specified date at a specified price. On the maturity date, the Company may elect to enter into a new repurchase agreement with that same repo counterparty. The Company's decision to do so will be dependent on the Company's liquidity needs and their assessment of the counterparty and collateral's performance.

As a risk-mitigant, the Company requires its counterparties to post collateral in excess of the loan amount, otherwise known as over collateralization. The amount of over collateralization is up to the Company's discretion, but will not be less than 102%. On average, the Company has required over collateralization of 120%. The short duration of the repurchase agreements and the over collateralization required by the Company mitigate potential financial risks associated with the transactions.

(2) Type of Repurchase Trades Used

		1	2	3	4
		FIRST	SECOND	THIRD	FOURTH
		QUARTER	QUARTER	QUARTER	QUARTER
a.	Bilateral (Yes/No)	Yes	Yes	Yes	Yes
b.	Tri-Party (Yes/No)	No	No	No	No

39

DELAWARE LIFE INSURANCE COMPANY

(A Wholly-Owned Subsidiary of Group One Thousand One, LLC)

NOTES TO STATUTORY FINANCIAL STATEMENTS AS OF DECEMBER 31, 2019 AND 2018 AND FOR THE YEARS ENDED DECEMBER 31, 2019, 2018 AND 2017

____________________________________________________________________________________________

3) Original (Flow) & Residual Maturity

(In Thousands)			FIRST	SECOND			THIRD	FOURTH
		QUARTER		QUARTER		QUARTER		QUARTER
a. Maximum Amount
1.	Open - No Maturity	$	—	$	—	$	—	$	—
2.	Overnight		—		—		—		—
3.	2 Days to 1 Week		—		—		—		—
4.	> 1 Week to 1 Month		34,000		10,599		7,670		—
5.	> 1 Month to 3 Months		11,175		20,014		18,844		7,074
6.	> 3 Months to 1 Year		334,909		309,909		299,909		334,909
7.	> 1 Year		25,000		25,000		25,000		—
b. Ending Balance
1.	Open - No Maturity	$	—	$	—	$	—	$	—
2.	Overnight		—		—		—		—
3.	2 Days to 1 Week		—		—		—		—
4.	> 1 Week to 1 Month		34,000		9,434		7,670		—
5.	> 1 Month to 3 Months		11,175		10,000		—		5,880
6.	> 3 Months to 1 Year		300,909		299,909		201,909		334,909
7.	> 1 Year		—		25,000		25,000		—

(4)Counter Party, Jurisdiction and Fair Value (FV) Not applicable

(5)Fair Value of Securities Acquired Under Repurchase - Secured Borrowing

(In Thousands)		FIRST		SECOND		THIRD		FOURTH
		QUARTER		QUARTER		QUARTER		QUARTER
a. Maximum	$	428,269	$	425,911	$	424,095	$	421,503
Amount
b. Ending		426,630		424,453		287,249		420,011
Balance

40

DELAWARE LIFE INSURANCE COMPANY

(A Wholly-Owned Subsidiary of Group One Thousand One, LLC)

NOTES TO STATUTORY FINANCIAL STATEMENTS AS OF DECEMBER 31, 2019 AND 2018 AND FOR THE YEARS ENDED DECEMBER 31, 2019, 2018 AND 2017

____________________________________________________________________________________________

(6) Securities Acquired Under Repurchase - Secured Borrowing by NAIC Designation

		1		2		3		4		5		6		7		8
(In Thousands)		NONE		NAIC 1		NAIC 2		NAIC 3		NAIC 4		NAIC 5		NAIC 6		NONADMITTED
Bonds - FV	$	394,736	$	25,275	$	—	$	—	$	—	$	—	$	—	$	—
LB & SS - FV		—		—		—		—		—		—		—		—
Preferred Stock - FV		—		—		—		—		—		—		—		—
Common Stock		—		—		—		—		—		—		—		—
Mortgage Loans - FV		—		—		—		—		—		—		—		—
Real Estate - FV		—		—		—		—		—		—		—		—
Derivatives - FV		—		—		—		—		—		—		—		—
Other Invested Assets -		—		—		—		—		—		—		—		—
FV
Total Assets	$	394,736	$	25,275	$	—	$	—	$	—	$	—	$	—	$	—

(7)Collateral Pledged - Secured Borrowing Not applicable

(8)Allocation of Aggregate Collateral Pledged by Remaining Contractual Maturity Not applicable

(9)Allocation of Aggregate Collateral Pledged by Remaining Contractual Maturity Not applicable

(10)Recognized Liability to Return Collateral - Secured Borrowing (Total)

Not applicable

6.INVESTMENT GAINS AND LOSSES

Realized capital gains and losses on bonds, preferred stock, mortgages and interest rate swaps, which relate to changes in the general level of interest rates, are charged or credited to the IMR, net of tax, and amortized into operations over the remaining contractual life of the security sold. Realized gains and losses from all other investments are reported, net of tax, in the Statements of Operations but are not included in the computation of net gain from operations.

Changes in unrealized gains and losses on investments are reported as a component of Capital Stock and Surplus, net of deferred income taxes.

41

DELAWARE LIFE INSURANCE COMPANY

(A Wholly-Owned Subsidiary of Group One Thousand One, LLC)

NOTES TO STATUTORY FINANCIAL STATEMENTS AS OF DECEMBER 31, 2019 AND 2018 AND FOR THE YEARS ENDED DECEMBER 31, 2019, 2018 AND 2017

____________________________________________________________________________________________

Realized gains and losses, net of amounts transferred to the IMR and capital gains tax, are as follows:

		Years Ended December 31,
	2019				2018			2017
(In Thousands)
Realized Gains (Losses):
Bonds	$	31,542	$		(41,605)	$		12,901
Preferred Stocks		8			23			(46)
Common Stocks		3,530			566			—
Mortgage Loans		48			374			(57)
Cash, Cash Equivalents and Short-term Investments		—			—			155
Other Invested Assets		4,154			(54,476)			(590)
Other Hedging Investments		—			—			—
Derivative Instruments		88,153			16,576			27,896
Reinsurance Realized Gains (Losses)		83			(23,223)			—
Realized Capital Gains/(Losses) - other		(78,176)			—			—
Subtotal		49,342			(101,765)			40,259
Capital Gains Tax Expense		10,362			—			8,105
Net Realized Gains (Losses)		38,980			(101,765)			32,154
Losses (Gains) Transferred to IMR (Net of Taxes)	$	(34,440)		$	91,199		$	(8,109)
Total	$	4,540	$		(10,566)	$		24,045

		Years Ended December 31,
		2019		2018		2017
(In Thousands)
Changes in Net Unrealized Capital Gains (Losses)
Net of Deferred Income Tax:
Bonds	$	(163)	$	(38)	$	(77)
Common Stocks of Non-affiliates		(7,791)		(2,144)		(1,473)
Common Stocks of Affiliates		45,453		(14,004)		(33,845)
Preferred Stocks		(41)		77,368		—
Derivative Instruments		101,770		(72,222)		26,171
Other Hedging Investments		67,196		(26,744)		7,694
Other Invested Assets		60,980		(68,093)		(115,335)
Unrealized Capital Gains/(Losses) - Other		78,176		—		—
Tax Rate change impact		—		—		21,140
Total	$	345,580	$	(105,877)	$	(95,725)

42

DELAWARE LIFE INSURANCE COMPANY

(A Wholly-Owned Subsidiary of Group One Thousand One, LLC)

NOTES TO STATUTORY FINANCIAL STATEMENTS AS OF DECEMBER 31, 2019 AND 2018 AND FOR THE YEARS ENDED DECEMBER 31, 2019, 2018 AND 2017

____________________________________________________________________________________________

The deferred tax (benefit) reflected in unrealized capital gains (losses) above, except for common stock of affiliates and other affiliated invested assets, was ($41.5) million, $26.6 million, and ($21.6) million at December 31, 2019, 2018 and 2017, respectively.

In 2015, the Company implemented a public bond trading strategy which resulted in the increase in investment cash flows from both sales and acquisitions of bonds. Included in the investment cash flows are proceeds from sales of bonds to related parties and the cost of bonds acquired from related parties totaling $736.9 million and $7.7 million, respectively, for the year ended December 31, 2018, and $1,060.9 million and $1,001.2 million, respectively, for the year ended December 31, 2017. The public bond strategy was discontinued and no related transactions occurred during 2019. Net realized gains before taxes and transfers to the IMR associated with the related-party sales totaled $13.3 million and $9.0 million for the years ended 2018 and 2017, respectively.

7. NET INVESTMENT INCOME

Net investment income consisted of:

		Years Ended December 31,
(In Thousands)		2019		2018		2017
Bonds (Unaffiliated)	$	577,949	$	426,102	$	359,474
Bonds (Affiliated)		2,634		—		—
Preferred Stocks (Unaffiliated)		46,447		21,777		14,351
Preferred stocks (affiliated)		15,826		—		—
Common Stocks (Unaffiliated)		10,307		13,033		23,086
Common Stocks (Affiliated)		3,693		23,190		40,436
Mortgage Loans		40,928		36,349		27,277
Contract Loans		17,535		28,459		29,563
Cash, Cash Equivalents and Short-term Investments		72,290		65,998		47,434
Derivative Instruments		(348,490)		133,172		(285,985)
Other Invested Assets		58,573		43,933		27,054
Other Investment Income		3,726		—		—
Gross Investment Income		501,418		792,013		282,690
Interest Expense on Surplus Notes		(43,260)		(43,260)		(43,260)
Investment Expenses		(31,246)		(29,586)		(34,729)
Net Investment Income	$	426,912	$	719,167	$	204,701

The Company's policy is to exclude investment income due and accrued with amounts that are over 90 days past due or where the collection of interest is uncertain. The Company did not have investment income due and accrued excluded from surplus for the years ended December 31, 2019 and 2018.

8.DERIVATIVES

The Company uses derivatives for hedging or replication purposes only. Interest rate swaps are mainly employed for hedging guaranteed minimum living benefits for certain variable annuity contracts and for duration matching purposes.

Options and swaptions are used to hedge equity and interest exposure embedded in the Company's fixed, fixed index, and variable annuity products. Futures are used to hedge equity exposure included in fixed indexed annuities,

43

DELAWARE LIFE INSURANCE COMPANY

(A Wholly-Owned Subsidiary of Group One Thousand One, LLC)

NOTES TO STATUTORY FINANCIAL STATEMENTS AS OF DECEMBER 31, 2019 AND 2018 AND FOR THE YEARS ENDED DECEMBER 31, 2019, 2018 AND 2017

____________________________________________________________________________________________

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.

Interest rate swaps, options, swaptions and currency swaps are reported at fair value, with the unrealized gain or loss reported as an adjustment to surplus if not designated an effective hedge. All futures are marked to market and settled on a daily basis, with the gain or loss reported as a component of net investment income (loss).

Beginning in July 2015, the Company began hedging the equity exposure embedded in its new FIA products with OTC options utilizing the Cash Return on Capital Invested, Sector III, and MAA indices. Fair value change in the options embedded within the policies are recorded in income. The OTC options were designated as fair value hedges with changes in fair value also recorded in income through September 30, 2018. On October 1, 2018, the Company elected to discontinue hedge accounting and de-designate the options and offsetting liabilities as hedge pairs. As a result, changes in the fair value of these options from October 1, 2018 to December 31, 2018 were recorded as unrealized losses in surplus. As described further in Note 2, in January 2019, the Company transferred equity options related to the FIA hedging program to DLIH 2016.

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, 2019 and 2018, the Company pledged $150.9 million and $208.1 million, respectively, in U.S. Treasury securities and cash as collateral to counterparties. At December 31, 2019 and 2018, counterparties pledged to the Company $234.2 million and $144.4 million, respectively, in collateral comprised of cash and U.S. Treasury securities and corporate bonds.

44

DELAWARE LIFE INSURANCE COMPANY

(A Wholly-Owned Subsidiary of Group One Thousand One, LLC)

NOTES TO STATUTORY FINANCIAL STATEMENTS AS OF DECEMBER 31, 2019 AND 2018 AND FOR THE YEARS ENDED DECEMBER 31, 2019, 2018 AND 2017

____________________________________________________________________________________________

The Company's underlying notional or principal amounts associated with open derivatives positions were as follows:

					Outstanding at
					December 31, 2019
		Notional			Fair Value/
		Principal			Statement			Amortized			Unrealized
(In Thousands)		Amounts			Value			Cost			Gain (Loss)
Interest Rate Swaps	$	5,842,202	$		219,118	$		—	$		219,118
Currency Swaps		9,459			892			—			892
FX Forwards		29,900			90			—			90
Payor Swaptions		800,000			55			7,890			(7,835)
Total	$	6,681,561		$	220,155		$	7,890		$	212,265
					Outstanding at
					December 31, 2018
		Notional		Fair Value/
		Principal			Statement			Amortized			Unrealized
(In Thousands)		Amounts			Value			Cost			Gain (Loss)
Interest Rate Swaps	$	4,478,512	$		9,315	$		—	$		9,315
Currency Swaps		152,157			25,594			—			25,594
Credit Default Swaps		30,500			1,420			1,622			(202)
FX Forwards		4,216			91			—			91
Payor Swaptions		800,000			863			7,890			(7,027)
Equity Index Options		1,699,337			147,679			84,957			62,722
Total	$	7,164,722	$		184,962	$		94,469	$		90,493

At December 31, 2019 and 2018, open futures contracts had a notional value of $1,621.8 million and $2,232.6 million and a fair value of ($2.4) million and ($11.8) million, respectively. These amounts did not include the component of variation margin that had already been cash settled.

On November 1, 2018, the Company created 4 Replication Synthetic Asset Transactions ("RSATs") which were approved by the SVO. Each of the four RSATs are the combination of a long dated interest rate swap that pays fixed and receives floating rate coupons with a group of long dated fixed rate investment grade corporate bonds. The resulting synthetic asset is a long dated floating rate bond. The net unrealized loss on the four interest rate swaps was $2.5 million at November 1, 2018. This amount is being amortized over the remaining life of the swaps.

The Company did not have derivative contracts with financing premiums during 2019 or 2018.

9. REINSURANCE

Reinsurance ceded contracts do not relieve the Company from its obligations to policyholders. The Company remains liable to its policyholders for the portion reinsured to the extent that any reinsurer does not meet the obligations assumed under the reinsurance agreement. To minimize its exposure to significant losses from reinsurer insolvencies, the Company regularly evaluates the financial condition of its reinsurers and monitors concentrations of credit risk. Management believes that any liability arising from this contingency is unlikely.

45

DELAWARE LIFE INSURANCE COMPANY

(A Wholly-Owned Subsidiary of Group One Thousand One, LLC)

NOTES TO STATUTORY FINANCIAL STATEMENTS AS OF DECEMBER 31, 2019 AND 2018 AND FOR THE YEARS ENDED DECEMBER 31, 2019, 2018 AND 2017

____________________________________________________________________________________________

The Company has two reinsurance agreements with Barbco, refer to Note 2 for additional details. The Company has liabilities for the funds held under the coinsurance with funds held treaty with Barbco of $245.6 million and $247.0 million at December 31, 2019 and 2018, respectively.

The Company ceded certain risks during 2019 and 2018 to DLRC through the VA Treaty and the FIA Treaty. Refer to Note 2 for further details.

The Company has agreements with several unrelated companies, which provide for reinsurance of portions of the net amount at risk under certain of the Company's individual variable universal life, individual universal life, individual private placement variable universal life, corporate and bank-owned life insurance policies and accidental death benefit. These amounts are reinsured on either a monthly renewable term, yearly renewable term, or coinsurance basis.

The Company has agreements with unrelated companies that provide for reinsurance of guaranteed minimum death benefits under certain of its variable annuity contracts. These amounts are reinsured on a monthly renewable term basis.

In 2018, the Company ceded, on a coinsurance and modified coinsurance basis, in-force variable annuity base contracts to an unaffiliated reinsurer. For the year ended December 31, 2019, premiums ceded under the treaty were $156.0 million, and benefits ceded (including policy surrenders) were $1.6 billion. For the year ended December 31, 2018, premiums ceded under the treaty were $13.0 billion, and benefits ceded (including policy surrenders) were $1.9 billion.

The effects of reinsurance on premiums and benefits were as follows:

		Years Ended December 31,
(In Thousands)		2019		2018		2017
Premiums and Annuity Considerations:
Direct	$	2,616,422	$	2,735,942	$	2,079,789
Ceded - Affiliated		(28,989)		(22,573)		(29,101)
Ceded - Non-affiliated		(175,149)		(13,027,440)		(17,295)
Net Premiums and Annuity Considerations	$	2,412,284	$	(10,314,071)	$	2,033,393
Insurance and Other Individual Policy Benefits and Claims:
Direct		890,010		862,511		806,146
Assumed - Non-affiliated		6,584		4,214		4,182
Ceded - Affiliated		(29,416)		(22,493)		(26,772)
Ceded - Non-affiliated		(409,260)		(411,682)		(25,515)
Net Policy Benefits and Claims	$	457,918	$	432,550	$	758,041

10. RESERVES

The reserves for life insurance and annuity contracts are computed in accordance with presently accepted actuarial standards and are based on actuarial assumptions and methods (including use of published mortality tables and prescribed interest rates and methodologies) which produce reserves at least as great as those required by law and contract provisions.

Deduction of deferred fractional premiums upon death of the insured and return of any portion of the final premium for the period beyond the date of death are not applicable to the business of the Company. Surrender values are not promised in excess of reserves legally computed.

46

DELAWARE LIFE INSURANCE COMPANY

(A Wholly-Owned Subsidiary of Group One Thousand One, LLC)

NOTES TO STATUTORY FINANCIAL STATEMENTS AS OF DECEMBER 31, 2019 AND 2018 AND FOR THE YEARS ENDED DECEMBER 31, 2019, 2018 AND 2017

____________________________________________________________________________________________

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, 2019 and 2018, the Company had $9.5 million and $10.9 million, respectively, of insurance in force (direct and assumed), for which gross premiums were less than the net premiums according to the standard of valuation required by the State of Delaware. Reserves (direct and assumed) to cover the above insurance totaled of $3.0 million and $3.1 million as of December 31, 2019 and 2018, 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 as of December 31, 2019 and 2018.

47

DELAWARE LIFE INSURANCE COMPANY

(A Wholly-Owned Subsidiary of Group One Thousand One, LLC)

NOTES TO STATUTORY FINANCIAL STATEMENTS AS OF DECEMBER 31, 2019 AND 2018 AND FOR THE YEARS ENDED DECEMBER 31, 2019, 2018 AND 2017

____________________________________________________________________________________________

11.WITHDRAWAL CHARACTERISTICS OF ANNUITY ACTUARIAL RESERVES AND DEPOSIT-TYPE LIABILITIES

The withdrawal characteristics of annuity actuarial reserves and deposit-type contract funds and other liabilities without life or disability contingencies were as follows:

December 31, 2019

A. INDIVIDUAL ANNUITIES

		Separate	Separate
	General	Account		Total
(In Thousands)		with	Account		% of Total
	Account	Guarantees	Nonguaranteed	12/31/2019

1Subject to Discretionary Withdrawal:

	a	With Market Value	$	9,647,895	$	269,928	$	—	$	9,917,823	76.244%
		Adjustment
		At Book Value Less Current
	b	Surrender Charge of 5% or		946,115		—		—		946,115	7.273%
		More
	d	At Fair Value		—		—		746,664		746,664		5.740%
	d	Total with Adjustment or at		10,594,010		269,928		746,664		11,610,602	89.257%
		Market Value
	e	At Book Value Without
		Adjustment
		(Minimal or no Charge or		1,092,112		—		—		1,092,112	8.396%
		Adjustment)
2	Not Subject to Discretionary			272,214		—		33,079		305,293		2.347%
	Withdrawal
3	Total (Gross: Direct and Assumed)			11,958,336		269,928		779,743		13,008,007	100.000%
4	Reinsurance Ceded			42,837		—		—		42,837
5	Total (Net)		$	11,915,499	$	269,928	$	779,743	$	12,965,170
	Amount included in A(1)b above that
	will move to A(1)e in the year after
6	the statement date.		$	2,055	$	—	$	—	$	2,055

48

DELAWARE LIFE INSURANCE COMPANY

(A Wholly-Owned Subsidiary of Group One Thousand One, LLC)

NOTES TO STATUTORY FINANCIAL STATEMENTS AS OF DECEMBER 31, 2019 AND 2018 AND FOR THE YEARS ENDED DECEMBER 31, 2019, 2018 AND 2017

____________________________________________________________________________________________

B. GROUP ANNUITIES

							Separate			Separate
				General			Account					Total
	(In Thousands)						with			Account				% of Total
				Account		Guarantees			Nonguaranteed			12/31/2019
1	Subject to Discretionary
	Withdrawal:
	a	With Market Value	$	—	$		151,300	$		—	$	151,300	1.446%
		Adjustment
		At Book Value Less Current
	b	Surrender Charge of 5% or		1			—			—		1		—%
		More
	c	At Fair Value		—			—			10,029,726		10,029,726		95.887%
	d	Total with Adjustment or at	$	1	$		151,300	$		10,029,726	$	10,181,027	97.333%
		Market Value
	e	At Book Value Without
		Adjustment
		(Minimal or no Charge or		39,702			—			—		39,702	0.380%
		Adjustment)
2	Not Subject to Discretionary			239,236			—			—		239,236		2.287%
	Withdrawal
3	Total (Gross: Direct and		$	278,939	$		151,300	$		10,029,726	$	10,459,965	100.000%
	Assumed)
4	Reinsurance Ceded			—			—			—		—
5	Total (Net)		$	278,939	$		151,300	$		10,029,726	$	10,459,965
	Amount included in B(1)b above
	that will move to B(1)e in the
6	year after the statement date.		$	—	$		—	$		—	$	—

49

DELAWARE LIFE INSURANCE COMPANY

(A Wholly-Owned Subsidiary of Group One Thousand One, LLC)

NOTES TO STATUTORY FINANCIAL STATEMENTS AS OF DECEMBER 31, 2019 AND 2018 AND FOR THE YEARS ENDED DECEMBER 31, 2019, 2018 AND 2017

____________________________________________________________________________________________

C. DEPOSIT-TYPE CONTRACTS

							Separate			Separate
				General			Account					Total
	(In Thousands)						with			Account				% of Total
				Account		Guarantees			Nonguaranteed		12/31/2019
1	Subject to Discretionary
	Withdrawal:
	a	With Market Value	$	—	$		—	$		—	$	—		—%
		Adjustment
		At Book Value Less Current
	b	Surrender Charge of 5% or		—			—			—		—		—%
		More
	c	At Fair Value		—			—			288,617		288,617		30.039%
	d	Total with Adjustment or at	$	—	$		—	$		288,617	$	288,617	30.039%
		Market Value
	e	At Book Value Without
		Adjustment
		(Minimal or no Charge or		—			—			—		—		—%
		Adjustment)
2	Not Subject to Discretionary			672,205			—			—		672,205		69.961%
	Withdrawal
3	Total (Gross: Direct and Assumed)		$	672,205	$		—	$		288,617	$	960,822	100.000%
4	Reinsurance Ceded			360			—			—		360
5	Total (Net)		$	671,845	$		—	$		288,617	$	960,462
	Amount included in C(1)b above
	that will move to C(1)e in the year
6	after the statement date.		$	—	$		—	$		—	$	—

50

DELAWARE LIFE INSURANCE COMPANY

(A Wholly-Owned Subsidiary of Group One Thousand One, LLC)

NOTES TO STATUTORY FINANCIAL STATEMENTS AS OF DECEMBER 31, 2019 AND 2018 AND FOR THE YEARS ENDED DECEMBER 31, 2019, 2018 AND 2017

____________________________________________________________________________________________

December 31, 2018

A. INDIVIDUAL ANNUITIES

							Separate			Separate
				General			Account					Total
	(In Thousands)						with			Account				% of Total
				Account		Guarantees			Nonguaranteed		12/31/2018
1	Subject to Discretionary
	Withdrawal:
	a	With Market Value	$	8,024,252	$		326,391	$		—	$	8,350,643	71.995%
		Adjustment
		At Book Value Less Current
	b	Surrender Charge of 5% or		1,052,278			—			—		1,052,278	9.072%
		More
	c	At Fair Value		—			—			675,896		675,896		5.827%
	d	Total with Adjustment or at		9,076,530			326,391			675,896		10,078,817	86.894%
		Market Value
	e	At Book Value Without
		Adjustment
		(Minimal or no Charge or		1,227,772			—			—		1,227,772	10.585%
		Adjustment)
2	Not Subject to Discretionary			268,068			—			24,345		292,413		2.521%
	Withdrawal
3	Total (Gross: Direct +Assumed)			10,572,370			326,391			700,241		11,599,002	100.000%
4	Reinsurance Ceded			36,258			—			—		36,258
5	Total (Net)		$	10,536,112	$		326,391	$		700,241	$	11,562,744
	Amount included in A(1)b above
	that will move to A(1)e in the year
6	after the statement date.		$	4,275	$		—	$		—	$	4,275

51

DELAWARE LIFE INSURANCE COMPANY

(A Wholly-Owned Subsidiary of Group One Thousand One, LLC)

NOTES TO STATUTORY FINANCIAL STATEMENTS AS OF DECEMBER 31, 2019 AND 2018 AND FOR THE YEARS ENDED DECEMBER 31, 2019, 2018 AND 2017

____________________________________________________________________________________________

B. GROUP ANNUITIES

							Separate			Separate
				General			Account					Total
	(In Thousands)						with			Account				% of Total
				Account		Guarantees			Nonguaranteed		12/31/2018
1	Subject to Discretionary
	Withdrawal:
	a	With Market Value	$	—	$		140,925	$		—	$	140,925	1.388%
		Adjustment
		At Book Value Less Current
	b	Surrender Charge of 5% or		1			—			—		1		—%
		More
	c	At Fair Value		—			—			9,717,079		9,717,079		95.696%
	e	Total with Adjustment or at		1			140,925			9,717,079		9,858,005	97.084%
		Market Value
		At Book Value Without
		Adjustment
		(Minimal or no Charge or		40,923			—			—		40,923	0.403%
		Adjustment)
2	Not Subject to Discretionary			255,126			—			—		255,126		2.513%
	Withdrawal
3	Total (Gross: Direct +Assumed)			296,050			140,925			9,717,079		10,154,054	100.000%
4	Reinsurance Ceded			—			—			—		—
5	Total (Net)		$	296,050	$		140,925	$		9,717,079	$	10,154,054
	Amount included in B(1)b above
6	that will move to B(1)e in the		$	—	$		—	$		—	$	—
	year after the statement date.

52

DELAWARE LIFE INSURANCE COMPANY

(A Wholly-Owned Subsidiary of Group One Thousand One, LLC)

NOTES TO STATUTORY FINANCIAL STATEMENTS AS OF DECEMBER 31, 2019 AND 2018 AND FOR THE YEARS ENDED DECEMBER 31, 2019, 2018 AND 2017

____________________________________________________________________________________________

C. DEPOSIT-TYPE CONTRACTS

							Separate			Separate
				General			Account					Total
	(In Thousands)						with			Account				% of Total
				Account		Guarantees			Nonguaranteed		12/31/2018
1	Subject to Discretionary
	Withdrawal:
	a	With Market Value	$	—	$		—	$		—	$	—		—%
		Adjustment
		At Book Value Less Current
		Surrender Charge of 5% or		—			—			—		—		—%
	b   More
	c	At Fair Value		—			—			278,290		278,290		36.882%
	d	Total with Adjustment or at		—			—			278,290		278,290	36.882%
		Market Value
	e	At Book Value Without
		Adjustment
		(Minimal or no Charge or		—			—			—		—		—%
		Adjustment)
2	Not Subject to Discretionary			476,260			—			—		476,260		63.118%
	Withdrawal
3	Total (Gross: Direct +Assumed)			476,260			—			278,290		754,550	100.000%
4	Reinsurance Ceded			388			—			—		388
5	Total (Net)		$	475,872	$		—	$		278,290	$	754,162
	Amount included in C(1)b above
6	that will move to C(1)e in the		$	—	$		—	$		—	$	—
	year after the statement date.

12. ANALYSIS OF LIFE ACTUARIAL RESERVES BY WITHDRAWAL CHARACTERISTICS

The amounts of account value, cash value and reserve breakouts of the life insurance by withdrawal characteristics, separately for General Account products, Separate Account with Guarantees products and Separate Account Nonguaranteed products were as follows:

53

DELAWARE LIFE INSURANCE COMPANY

(A Wholly-Owned Subsidiary of Group One Thousand One, LLC)

NOTES TO STATUTORY FINANCIAL STATEMENTS AS OF DECEMBER 31, 2019 AND 2018 AND FOR THE YEARS ENDED DECEMBER 31, 2019, 2018 AND 2017

__________________________________________________________________________________

December 31, 2019					General Account					Separate Account - Guaranteed and
											Nonguaranteed
	(In Thousands)			Account		Cash Value		Reserve	Account Value			Cash Value		Reserve
				Value
	Subject to discretionary withdrawal,
A. surrender values, or policy loans:
	(1)	Term Policies with Cash Value	$	—	$	—	$	—	$	—	$	—	$	—
	(2)	Universal Life		45,937		45,989		47,443		—		—		—
	(3)	Universal Life with Secondary		—		—		—		—		—		—
		Guarantees
	(4)	Indexed Universal Life		—		—		—		—		—		—
	(5)	Indexed Universal Life with		—		—		—		—		—		—
		Secondary Guarantees
	(6)	Indexed Life		—		—		—		—		—		—
	(7)	Other Permanent Cash Value		—		—		—		—		—		—
		Life Insurance
	(8)	Variable Life		16,884		16,884		16,884		43,974		44,596		44,596
	(9)	Variable Universal Life		406,603		414,076		413,560		7,555,852		7,555,852		7,551,874
	(10)	Miscellaneous Reserves		794,871		794,602		796,015		—		—		—
B.	Not subject to discretionary withdrawal or
	not cash values
	(1)	Term Policies with Cash Value		XXX		XXX		282		XXX		XXX		—
	(2)	Accidental Death Benefits		XXX		XXX		1		XXX		XXX		—
	(3)	Disability - Active Lives		XXX		XXX		8		XXX		XXX		—
	(4)	Disability - Disabled Lives		XXX		XXX		467		XXX		XXX		—
	(5)	Miscellaneous Reserves		XXX		XXX		19,403		XXX		XXX		—
C. Total (gross: direct + assumed)				1,264,295		1,271,551		1,294,063		7,599,826		7,600,448		7,596,470
D. Reinsurance Ceded				285,848		287,986		309,869		—		—		—
E.	Total (net) (C)- (D)		$	978,447	$	983,565	$	984,194	$	7,599,826	$	7,600,448	$	7,596,470

54

DELAWARE LIFE INSURANCE COMPANY

(A Wholly-Owned Subsidiary of Group One Thousand One, LLC)

NOTES TO STATUTORY FINANCIAL STATEMENTS AS OF DECEMBER 31, 2019 AND 2018 AND FOR THE YEARS ENDED DECEMBER 31, 2019, 2018 AND 2017

__________________________________________________________________________________

December 31, 2018					General Account					Separate Account - Guaranteed and
											Nonguaranteed
	(In Thousands)			Account		Cash Value		Reserve	Account Value			Cash Value		Reserve
				Value
	Subject to discretionary withdrawal,
A. surrender values, or policy loans:
	(1)	Term Policies with Cash Value	$	—	$	—	$	—	$	—	$	—	$	—
	(2)	Universal Life		48,304		48,361		49,841		—		—		—
	(3)	Universal Life with Secondary		—		—		—		—		—		—
		Guarantees
	(4)	Indexed Universal Life		—		—		—		—		—		—
	(5)	Indexed Universal Life with		—		—		—		—		—		—
		Secondary Guarantees
	(6)	Indexed Life		—		—		—		—		—		—
	(7)	Other Permanent Cash Value		—		—		—		—		—		—
		Life Insurance
	(8)	Variable Life		17,589		17,589		17,589		37,632		37,632		37,632
	(9)	Variable Universal Life		417,685		429,022		432,347		7,343,456		7,343,456		7,338,105
	(10)	Miscellaneous Reserves		826,921		826,267		827,789		—		—		—
B.	Not subject to discretionary withdrawal or
	not cash values
	(1)	Term Policies with Cash Value		XXX		XXX		260		XXX		XXX		—
	(2)	Accidental Death Benefits		XXX		XXX		1		XXX		XXX		—
	(3)	Disability - Active Lives		XXX		XXX		3		XXX		XXX		—
	(4)	Disability - Disabled Lives		XXX		XXX		508		XXX		XXX		—
	(5)	Miscellaneous Reserves		XXX		XXX		22,691		XXX		XXX		—
C. Total (gross: direct + assumed)				1,310,499		1,321,239		1,351,029		7,381,088		7,381,088		7,375,737
D. Reinsurance Ceded				287,165		291,420		313,064		—		—		—
E.	Total (net) (C)- (D)		$	1,023,334	$	1,029,819	$	1,037,965	$	7,381,088	$	7,381,088	$	7,375,737

13. SEPARATE ACCOUNTS

The Company has established insulated Separate Accounts applicable to various classes of contracts providing for variable benefits. Contracts for which funds are invested in insulated variable Separate Accounts include individual and group life and annuity contracts. The assets (securities) in these insulated accounts are carried at fair value and the investment risk associated with such assets is retained by the contract holder. These variable products provide minimum death benefits and, in certain annuity contracts, minimum accumulation income or withdrawal benefits. The minimum guaranteed benefit reserves associated with the insulated Separate Accounts are reported in "Aggregate reserve for the life contracts" in the Company's Statements of Admitted Assets, Liabilities and Capital Stock and Surplus.

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.

55

DELAWARE LIFE INSURANCE COMPANY

(A Wholly-Owned Subsidiary of Group One Thousand One, LLC)

NOTES TO STATUTORY FINANCIAL STATEMENTS AS OF DECEMBER 31, 2019 AND 2018 AND FOR THE YEARS ENDED DECEMBER 31, 2019, 2018 AND 2017

____________________________________________________________________________________________

The Company earns Separate Account fees for providing administrative services and bearing the mortality and the other guaranteed benefit risks related to variable contracts. Net investment income, capital gains and losses, and changes in mutual fund asset values in variable Separate Accounts are allocated to policyholders and therefore are not reflected in the Company's Statements of Operations for the General Account.

For the current reporting year, the Company reported assets and liabilities from the following products in a Separate Account:

•Variable Life

•Variable Annuity

•MVA Annuity

A majority of the variable Separate Account assets are legally insulated from the Company's General Account, whereas the non-insulated Separate Account assets are not legally insulated. The legal insulation of the Separate Account assets prevents such assets from being generally available to satisfy claims resulting from the General Account. The Separate Account classification of "legally insulated" vs. "not legally insulated" is supported by Section 2932 of the Delaware Insurance Code.

The Company maintained Separate Account assets totaling $20,832.3 million and $21,177.8 million as of December 31, 2019 and 2018, respectively. As of December 31, 2019 and 2018, the Company's Separate Account statements, included legally insulated assets of $20,321.9 million and $20,542.8 million, respectively.

The assets legally insulated and non-legally insulated from the General Account as of December 31, 2019 were attributed to the following products:

Product		Legally Insulated		Not - Legally		Total
		Assets		Insulated Assets
(In Thousands)
Variable Life	$	9,103,259	$	—	$	9,103,259
Variable Annuity		11,218,651		—		11,218,651
MVA Annuity		—		510,398		510,398
Total	$	20,321,910	$	510,398	$	20,832,308

Separate Account liabilities are determined in accordance with prescribed actuarial methodologies, which approximate the fair value of the related assets less applicable surrender charges. The resulting surplus is recorded in the Statements of Operations for the General Account as a component of "Net transfers (from) or to Separate Accounts net of reinsurance." The variable Separate Accounts are non-guaranteed Separate Accounts, wherein the policyholder assumes substantially all the investment risks and rewards. MVA Separate Accounts are guaranteed Separate Accounts, wherein the Company contractually guarantees either a minimum return or account value to the policyholder. In accordance with the guarantees provided, if the investment proceeds are insufficient to cover the rate of return guaranteed for the product, the policyholder proceeds will be remitted by the General Account.

The Company had $18,694.6 million and $18,071.3 million of non-guaranteed Separate Account reserves and $421.2 million and $467.3 million of guaranteed Separate Account reserves as of December 31, 2019 and 2018, respectively.

To compensate the General Account for the risk associated with Separate Account guarantees, risk charges of $171.8 million, $179.3 million, and $206.1 million were received by the General Account from the Separate Accounts during the years ended December 31, 2019, 2018 and 2017, respectively.

56

DELAWARE LIFE INSURANCE COMPANY

(A Wholly-Owned Subsidiary of Group One Thousand One, LLC)

NOTES TO STATUTORY FINANCIAL STATEMENTS AS OF DECEMBER 31, 2019 AND 2018 AND FOR THE YEARS ENDED DECEMBER 31, 2019, 2018 AND 2017

____________________________________________________________________________________________

For the years ended December 31, 2019, 2018 and 2017, the Company's General Account paid $69.8 million, $62.9 million, and $84.0 million for Separate Account guarantees, respectively.

The Company does not engage in securities lending transactions within its Separate Account.

An analysis of the Separate Account reserves as of December 31, 2019 is as follows:

(In Thousands)		Nonindexed
		Guarantee	Nonguarantee
		Less than/		Separate
		Equal to 4%		Accounts		Total
Premiums, Considerations or
Deposits for Year Ended 12/31/2019	$	26,357	$	190,962	$	217,319
Reserves at 12/31/2019
For Accounts with Assets at:
Fair Value		156,589		18,694,557		18,851,146
Amortized Cost		264,640		—		264,640
Total Reserves	$	421,229	$	18,694,557	$	19,115,786
By Withdrawal Characteristics:
With Market Value Adjustment	$	421,229	$	—	$	421,229
At Fair Value		—		18,661,478		18,661,478
Subtotal		421,229		18,661,478		19,082,707
Not Subject to Discretionary		—		33,079		33,079
Withdrawal
Total	$	421,229	$	18,694,557	$	19,115,786

57

DELAWARE LIFE INSURANCE COMPANY

(A Wholly-Owned Subsidiary of Group One Thousand One, LLC)

NOTES TO STATUTORY FINANCIAL STATEMENTS AS OF DECEMBER 31, 2019 AND 2018 AND FOR THE YEARS ENDED DECEMBER 31, 2019, 2018 AND 2017

____________________________________________________________________________________________

An analysis of the Separate Account reserves as of December 31, 2018 is as follows:

(In Thousands)		Nonindexed
		Guarantee	Nonguaranteed
		Less than/		Separate
		equal to 4%		Accounts		Total
Premiums, Considerations or
Deposits for Year Ended 12/31/2018	$	11,608	$	186,607	$	198,215
Reserves at 12/31/2018
For Accounts with Assets at:
Fair Value		147,437		18,071,347		18,218,784
Amortized Cost		319,879		—		319,879
Total Reserves	$	467,316	$	18,071,347	$	18,538,663
By Withdrawal Characteristics:
With Market Value Adjustment	$	467,316	$	—	$	467,316
At Fair Value		—		18,047,002		18,047,002
Subtotal		467,316		18,047,002		18,514,318
Not Subject to Discretionary		—		24,345		24,345
Withdrawal
Total	$	467,316	$	18,071,347	$	18,538,663

Below is the reconciliation of "Net Transfers (from) or to Separate Accounts net of reinsurance" in the Statements of Operations of the Company:

		Years Ended December 31,
(In Thousands)		2019		2018		2017
Transfers to Separate Accounts	$	217,318	$	198,215	$	152,254
Transfers (from) Separate Accounts		(1,831,011)		(2,468,733)		(2,172,432)
Net Transfers (from) Separate Accounts
net of reinsurance in the Statement of	$	(1,613,693)	$	(2,270,518)	$	(2,020,178)
Operations

14. FAIR VALUE OF FINANCIAL INSTRUMENTS

Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. In determining fair value, the Company uses various methods including market, income and cost approaches. The Company utilizes valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs.

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

58

DELAWARE LIFE INSURANCE COMPANY

(A Wholly-Owned Subsidiary of Group One Thousand One, LLC)

NOTES TO STATUTORY FINANCIAL STATEMENTS AS OF DECEMBER 31, 2019 AND 2018 AND FOR THE YEARS ENDED DECEMBER 31, 2019, 2018 AND 2017

____________________________________________________________________________________________

Financial assets and liabilities recorded at fair value in the Company's Statutory Statements of Admitted Assets, Liabilities and Capital Stock and Surplus are categorized as follows:

Level 1

•Valuation inputs are unadjusted quoted prices for identical assets or liabilities in an active market.

The types of assets and liabilities utilizing Level 1 valuation inputs generally include cash, cash equivalents, short term investments, U.S. Treasury and agency securities, investments in publicly-traded mutual funds with quoted market prices, and exchange-traded derivatives.

Level 2

•Valuation is based upon quoted prices in markets that are not active or significant inputs that are observable either directly or indirectly.

Level 2 inputs include the following:

•Quoted prices for similar assets or liabilities in active markets,

•Quoted prices for identical or similar assets or liabilities in non-active markets,

•Inputs other than quoted market prices that are observable, and

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

The types of assets and liabilities utilizing Level 2 valuations generally include U.S. government securities not backed by the full faith and credit of the U.S. government, municipal bonds, structured notes, certain ABS (including collateralized debt obligations, RMBS and CMBS), certain corporate debt, certain private equity investments, and certain derivatives.

Level 3

•Valuation utilizes techniques that require inputs that are both unobservable and significant to the overall fair value measurement.

These valuations reflect management's opinions regarding the assumptions a market participant would use in pricing the asset or liability. Generally, the types of assets and liabilities utilizing Level 3 valuations are certain ABS, RMBS and CMBS, certain commercial mortgages, certain corporate debt, certain private equity investments, certain mutual fund holdings, and certain derivatives.

59

DELAWARE LIFE INSURANCE COMPANY

(A Wholly-Owned Subsidiary of Group One Thousand One, LLC)

NOTES TO STATUTORY FINANCIAL STATEMENTS AS OF DECEMBER 31, 2019 AND 2018 AND FOR THE YEARS ENDED DECEMBER 31, 2019, 2018 AND 2017

____________________________________________________________________________________________

The Company's assets and liabilities measured at fair value were classified by these levels as of December 31,

2019 as follows:

(In Thousands)

Description for Each Class of Asset or								Net Asset
		Level 1		Level 2		Level 3		Value		Total
Liability								("NAV")
Assets at Fair Value:
Common Stock - Unaffiliated (a)
Industrial and Miscellaneous	$	—	$	1,654	$	166,214	$	—	$	167,868
Bonds - Unaffiliated (b)										—
Asset-backed Securities		—		—		862		—		862
Industrial and Miscellaneous		—		1		—		—		1
Derivative Assets (d)										—
Interest Rate Contracts		229,582		94,771		—		—		324,353
Equity Contracts		779				—		—		779
Foreign Exchange Contracts		—		982		—		—		982
Separate Accounts Assets (c) (e)		12,672,123		6,338,379		274,378		181,390		19,466,270
Total Assets at Fair Value	$	12,902,484	$	6,435,787	$	441,454	$	181,390	$	19,961,115
Liabilities at Fair Value:
Separate Accounts (c)	$	—	$	—	$	—	$	—	$	—
Derivative Liabilities (d)
Interest Rate Contracts		(104,066)		—		—		—		(104,066)
Equity Contracts		(1,767)		—		—		—		(1,767)
Foreign Exchange Contracts		(1,414)		—		—		—		(1,414)
Total Liabilities at Fair Value	$	(107,247)	$	—	$	—	$	—	$	(107,247)

60

DELAWARE LIFE INSURANCE COMPANY

(A Wholly-Owned Subsidiary of Group One Thousand One, LLC)

NOTES TO STATUTORY FINANCIAL STATEMENTS AS OF DECEMBER 31, 2019 AND 2018 AND FOR THE YEARS ENDED DECEMBER 31, 2019, 2018 AND 2017

____________________________________________________________________________________________

The Company's assets and liabilities measured at fair value were classified by these levels as of December 31,

2018 as follows:

(In Thousands)

Description for each class of asset or		Level 1		Level 2		Level 3		NAV		Total
liability
Assets at Fair Value:
Common Stock - Unaffiliated (a)
Industrial and Miscellaneous	$	—	$	1,856	$	168,640	$	—	$	170,496
Bonds - Unaffiliated (b)
Asset-backed Securities		—		—		1,068		—		1,068
Derivative Assets (d)										—
Interest Rate Contracts		45,885		21,247		—		—		67,132
Equity Contracts		93		147,679		—		—		147,772
Foreign Exchange Contracts		—		25,684		—		—		25,684
Separate Accounts Assets (c) (e)		12,356,549		5,656,089		323,517		179,611		18,515,766
Total Assets at Fair Value	$	12,402,527	$	5,852,555	$	493,225	$	179,611	$	18,927,918
Liabilities at Fair Value:
Separate Accounts (c) (e)	$	—	$	(28,142)	$	—	$	—		(28,142)
Derivative Liabilities (d)
Interest Rate Contracts		(23,242)		(30,029)		—		—		(53,271)
Equity Contracts		(10,227)		—		—		—		(10,227)
Foreign Exchange Contracts		(1,622)		—		—		—		(1,622)
Total Liabilities at Fair Value	$	(35,091)	$	(58,171)	$	—	$	—	$	(93,262)

(a)Common stocks are carried at fair value.

(b)Bonds with NAIC designations of 6 are carried at the lower of amortized cost or fair value. Where fair value is less than amortized cost, amounts are included in the tables above.

(c)Separate Account invested assets are typically carried at fair value. In instances where market risk is guaranteed by the Company, bonds and preferred stocks are carried at amortized cost based on their respective NAIC designation. Separate Account assets also include $948.2 million and $2,233.1 million of investment income and receivables due at December 31, 2019 and 2018, respectively. Separate Account liabilities include derivative liabilities carried at fair value.

(d)The derivatives included in the leveling descriptions are carried at fair value.

(e)Includes assets with a fair value of $181.4 million and $179.6 million at December 31, 2019 and 2018 respectively, in hedge funds, private equities and other alternative investments for which fair value is measured at NAV using the practical expedient. These investments are not quoted on a securities exchange or in the over the counter market. As of December 31, 2019 or 2018, 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).

61

DELAWARE LIFE INSURANCE COMPANY

(A Wholly-Owned Subsidiary of Group One Thousand One, LLC)

NOTES TO STATUTORY FINANCIAL STATEMENTS AS OF DECEMBER 31, 2019 AND 2018 AND FOR THE YEARS ENDED DECEMBER 31, 2019, 2018 AND 2017

____________________________________________________________________________________________

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, 2019 and December 31, 2018.

The following table is a reconciliation of the beginning and ending balances for assets and liabilities measured at fair value which were categorized as Level 3 for the year ended December 31, 2019:

							Total Gains			Total
	Beginning				Transfers			and	Gains and											Ending
				Transfers				(Losses)		(Losses)
(In Thousands)	Balance at					Out of	Included in		Included in		Purchases		Issuances			Sales	Settlements		Balance at
	01/01/2019		Into Level 3			Level 3	Net Income			Surplus									12/31/2019
Assets:
Common Stock	$	168,640	$	—	$	(19,948)	$	3,601	$	15,451	$	101,376	$	—	$	(72,445)	$	(30,461)	$	166,214
Unaffiliated
Bonds - Unaffiliated:
Asset-backed		1,068		—		—		—		(206)		—		—		—		—		862
Securities
Separate Accounts		323,517		951		(261,568)		(127)		14,380		377,709		—		(145,390)		(35,094)		274,378
Assets
Total Assets	$	493,225	$	951	$	(281,516)	$	3,474	$	29,625	$	479,085	$	—	$	(217,835)	$	(65,555)	$	441,454

The following table is a reconciliation of the beginning and ending balances for assets and liabilities measured at fair value which were categorized as Level 3 for the year ended December 31, 2018:

							Total Gains			Total
	Beginning				Transfers			and	Gains and											Ending
				Transfers				(Losses)		(Losses)
(In Thousands)	Balance at					Out of	Included in		Included in		Purchases		Issuances			Sales	Settlements		Balance at
	01/01/2018		Into Level 3			Level 3	Net Income			Surplus									12/31/2018
Assets:
Common Stock	$	125,472	$	—	$	—	$	—	$	(13,956)	$	70,470	$	—	$	(13,308)	$	(38)	$	168,640
Unaffiliated
Bonds -
Unaffiliated:
Asset-backed		1,118		—		—		—		(50)		—		—		—		—		1,068
Securities
Separate Accounts		653,171		27,077		(409,933)		236		(19,364)		117,200		16		(19,163)		(25,723)		323,517
Assets
Total Assets	$	779,761	$	27,077	$	(409,933)	$	236	$	(33,370)	$	187,670	$	16	$	(32,471)	$	(25,761)	$	493,225

The Company transfers assets into or out of Level 3 at fair value as of the beginning of the reporting period. Transfers are made as a result of changes in the level of observability of inputs used to price the assets or changes in NAIC designations.

62

DELAWARE LIFE INSURANCE COMPANY

(A Wholly-Owned Subsidiary of Group One Thousand One, LLC)

NOTES TO STATUTORY FINANCIAL STATEMENTS AS OF DECEMBER 31, 2019 AND 2018 AND FOR THE YEARS ENDED DECEMBER 31, 2019, 2018 AND 2017

____________________________________________________________________________________________

The table below presents the balances of Level 3 assets measured at fair value with their corresponding pricing sources as of December 31, 2019:

	Valuation	Significant				Weighted
		Unobservable	Fair Value		Range
	Techniques	Inputs				Average
(In Thousands)
Bonds - Unaffiliated
Asset-backed Securities	Matrix Pricing	Spreads	$	862	21	21
Common Stocks	Matrix Pricing	Spreads		166,214	1-249	60
Separate Accounts Assets	Matrix Pricing	Spreads		18,123	46-112	103
	Market Pricing	Quoted Prices		1,014	101	101
	Matrix Pricing	Spreads		232,897	1-100	94
	Market Pricing	Quoted Prices		21,808	100-101	100
Total Assets			$	440,918

The table below presents the balances of Level 3 assets measured at fair value with their corresponding pricing sources as of December 31, 2018:

	Valuation	Significant				Weighted
		Unobservable		Fair Value	Range
	Techniques	Inputs				Average
(In Thousands)
Bonds - Unaffiliated
Asset-backed securities	Matrix Pricing	Spreads	$	1,068	25	25
Common Stocks	Market Pricing	Spreads		168,640	1-216	46
Separate Accounts assets	Market Pricing	Spreads		228,664	1-100	92
	Matrix Pricing	Spreads		7,359	94-103	100
	Market Pricing	Quoted Prices		20,156	40-106	100
	Market Pricing	Quoted Prices		34,492	91-104	98
Total assets			$	460,379

There were no significant changes made in valuation techniques during 2019 and 2018.

Derivative values in the above tables are presented on a gross basis.

63

DELAWARE LIFE INSURANCE COMPANY

(A Wholly-Owned Subsidiary of Group One Thousand One, LLC)

NOTES TO STATUTORY FINANCIAL STATEMENTS AS OF DECEMBER 31, 2019 AND 2018 AND FOR THE YEARS ENDED DECEMBER 31, 2019, 2018 AND 2017

____________________________________________________________________________________________

Aggregate Fair Value of all Financial Instruments

The following table presents the estimated fair values and carrying amounts of the Company's financial instruments as of December 31, 2019:

(In Thousands)

											Not
		Aggregate	Statement							Practicable
Type of Financial Instrument					Level 1	Level 2		Level 3	NAV		(Carrying
		Fair Value	Value								Value)
Cash, Cash Equivalents and
Short-term Investments	$ 1,480,738		$ 1,480,742	$	744,699	$ 736,039	$	— $	—	$	—
Bonds	11,054,022		10,918,153		517,928	10,020,471		515,623	—		—
Preferred Stocks	774,903		769,767		—	394,415		380,488	—		—
Common Stocks	167,867		167,867		—	1,654		166,213	—		—
Mortgages Loans on Real Estate	612,899		606,383		—	—		612,899	—		—
Derivatives – Options and Swaptions	55		55		—	55		—			—
Derivatives – Swaps and Forwards	315,265		334,861		219,567	95,698		—	—		—
Derivatives - Futures	785		785		785	—		—	—		—
Contract Loans	470,431		400,939		—	—		470,431	—		—
Other Invested Assets (a)	542,208		544,323		—	7,028		474,967	60,213		—
Separate Account Assets	19,899,455		19,884,097		12,737,725	6,689,797		290,543	181,390		—
Contractholder Deposit Funds and	(736,725)		(671,845)		—	—		(736,725)	—		—
Other Policyholder Liabilities
Derivatives – Swaps and Forwards	(122,497)		(114,761)		(104,065)	(18,432)		—	—		—
Derivatives - Futures	(3,181)		(3,181)		(3,181)	—		—	—		—
Separate Account Liabilities	(288,617)		(288,617)		—	—		(288,617)	—		—

64

DELAWARE LIFE INSURANCE COMPANY

(A Wholly-Owned Subsidiary of Group One Thousand One, LLC)

NOTES TO STATUTORY FINANCIAL STATEMENTS AS OF DECEMBER 31, 2019 AND 2018 AND FOR THE YEARS ENDED DECEMBER 31, 2019, 2018 AND 2017

____________________________________________________________________________________________

The following table presents the estimated fair value and carrying amounts of the Company's financial instruments as of December 31, 2018:

(In Thousands)

										Not
		Aggregate	Statement							Practicable
Type of Financial Instrument					Level 1	Level 2		Level 3	NAV	(Carrying
		Fair Value	Value							Value)
Cash, Cash Equivalents and
Short-term Investments	$ 982,420		$ 982,422	$	261,757	$ 720,663	$	—	—	—
Bonds	10,147,570		10,497,705		255,301	8,810,613		1,081,656	—	—
Preferred Stocks	569,036		566,677		—	459,536		109,500	—	—
Common Stocks	170,496		170,496		—	1,856		168,640	—	—
Mortgages Loans on Real Estate	556,226		544,207		—	—		556,226	—	—
Derivatives – Options and Swaptions	148,542		148,542		—	148,542		—	—	—
Derivatives – Swaps and Forwards	95,083		101,890		49,015	46,068		—	—	—
Derivatives - Futures	93		93		93	—		—	—	—
Contract Loans	418,546		405,685		—	—		418,546	—	—
Other Invested Assets (a)	378,388		399,350		—	6		272,592	105,790	—
Separate Account Assets	18,912,208		18,944,772		12,363,762	6,005,960		362,875	179,611	—
Contractholder Deposit Funds and	(490,792)		(475,872)		—	—		(490,792)	—	—
Other Policyholder Liabilities
Derivatives – Swaps and Forwards	(68,674)		(65,470)		(23,242)	(45,431)		—	—	—
Derivatives - Futures	(11,849)		(11,849)		(11,849)	—		—	—	—
Separate Account Liabilities	(306,432)		(306,432)		—	(28,142)		(278,290)	—	—

(a)- Other invested assets include assets with a fair value of $60.2 million and $105.8 million at December 31, 2019 and 2018, respectively, in limited partnership investments as they are valued using equity values which are a proxy for fair value. As of December 31, 2019 and 2018, there were $126.1 million and $112.9 million of unfunded commitments for limited partnership investments, respectively.The investments have liquidity restrictions consisting of either general partner approval or no ability for early redemption.

The methods and assumptions that the Company uses in determining the estimated fair value of its financial instruments are summarized below:

Cash, cash equivalents, and short-term investments - The carrying value for cash, cash equivalents, and short- term investments approximates fair value due to the short-term nature and liquidity of the balances.

Bonds - The Company determines the fair value of its publicly-traded fixed maturity securities using three primary pricing methods: third-party pricing services, non-binding broker quotes, and pricing models. Prices are first sought from third-party pricing services, with the remaining unpriced securities priced using one of the other two methods. Third-party pricing services derive the security prices through recently reported trades for identical or similar securities with adjustments for trading volumes and market observable information through the reporting date. In the event that there are no recent market trades, pricing services and brokers may use pricing models to develop a security price based on future expected cash flows discounted at an estimated market rate using collateral performance and vintages. The Company generally does not adjust quotes or prices obtained from brokers or pricing services.

65

DELAWARE LIFE INSURANCE COMPANY

(A Wholly-Owned Subsidiary of Group One Thousand One, LLC)

NOTES TO STATUTORY FINANCIAL STATEMENTS AS OF DECEMBER 31, 2019 AND 2018 AND FOR THE YEARS ENDED DECEMBER 31, 2019, 2018 AND 2017

____________________________________________________________________________________________

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.

Equity securities - The fair value of the Company's equity securities not accounted for under the equity method is first based on quoted market prices. Similar to fixed maturity securities, the Company uses pricing services and broker quotes to price equity securities for which a quoted market price is not available.

Mortgage loans on real estate - The fair value of mortgage loans is estimated by discounting future cash flows using current rates at which similar loans would be made to borrowers with similar credit ratings and for the same remaining maturities.

Derivatives - The fair values of swaps, swaptions, and forwards are based on current settlement values, dealer quotes, and market prices. Fair values for options and futures are also based on dealer quotes and market prices.

Contract loans - The fair value of policy loans is determined by estimating future policy loan cash flows and discounting the cash flows at a current market interest rate.

Other invested assets - Other invested assets (excluding investments accounted for under the equity method) include low income housing tax credits ("LIHTCs"), surplus debentures, collateral loans, and equipment lease trusts. The fair value of LIHTCs and equipment leases approximate their carrying values. The fair values of surplus debentures are obtained from third-party pricing services. Collateral loans are carried at amortized cost using pricing methods similar to private placements.

Separate Accounts - The estimated fair value of Separate Account assets and liabilities is determined using the same methodology described in Note 13. The difference between Separate Account assets and liabilities reflected in the chart above and the total recognized in the Statements of Admitted Assets, Liabilities and Capital and Surplus represents amounts that are attributable to non-financial instruments.

Contract holder deposit funds - The fair values of the Company's General Account liabilities under investment- type contracts (insurance and annuity contracts that do not involve mortality or morbidity risks) is estimated using discounted cash flow analyses or surrender values. Those contracts that are deemed to have short-term guarantees have a carrying amount equal to their estimated fair value.

66

DELAWARE LIFE INSURANCE COMPANY

(A Wholly-Owned Subsidiary of Group One Thousand One, LLC)

NOTES TO STATUTORY FINANCIAL STATEMENTS AS OF DECEMBER 31, 2019 AND 2018 AND FOR THE YEARS ENDED DECEMBER 31, 2019, 2018 AND 2017

____________________________________________________________________________________________

15. FEDERAL INCOME TAXES

The application of SSAP No.101, "Income Taxes," requires a company to evaluate the recoverability of DTAs and, if necessary, to establish a valuation allowance to reduce the DTA to an amount which is more likely than not to be realized.

Considerable judgment is required in determining whether a valuation allowance is necessary and, if so, the amount of such valuation allowance. Although the realization is not assured, management believes it is more likely than not that DTAs will be realized. Therefore, the Company did not record a valuation allowance as of December 31, 2019 and December 31, 2018.

The components of the Company's DTAs and DTLs as of December 31, 2019 and December 31, 2018 were as follows:

(In Thousands)		December 31, 2019						December 31, 2018								Change
Description		Ordinary		Capital		Total		Ordinary		Capital		Total		Ordinary		Capital		Total
Gross Deferred Tax	$	162,404	$	55,355	$	217,759	$	172,389	$	—	$	172,389	$	(9,985)	$	55,355	$	45,370
Assets
Statutory Valuation		—		—		—		—		—		—		—		—		—
Allowance Adjustments
Adjusted Gross		162,404		55,355		217,759		172,389		—		172,389		(9,985)		55,355		45,370
Deferred Tax Assets
Deferred Tax Assets		—		—		—		10,997		—		10,997		(10,997)		—		(10,997)
Nonadmitted
Subtotal Net Admitted		162,404		55,355		217,759		161,392		—		161,392		1,012		55,355		56,367
Deferred Tax Assets
Deferred Tax Liabilities		112,773		25,517		138,290		78,127		—		78,127		34,646		25,517		60,163
Net Admitted Deferred
Tax Assets / (Net	$	49,631	$	29,838	$	79,469	$	83,265	$	—	$	83,265	$	(33,634)	$	29,838	$	(3,796)
Deferred Tax Liabilities)

67

DELAWARE LIFE INSURANCE COMPANY

(A Wholly-Owned Subsidiary of Group One Thousand One, LLC)

NOTES TO STATUTORY FINANCIAL STATEMENTS AS OF DECEMBER 31, 2019 AND 2018 AND FOR THE YEARS ENDED DECEMBER 31, 2019, 2018 AND 2017

____________________________________________________________________________________________

The following table provides component amounts of the Company's calculation by tax character in accordance with paragraphs 11.a, 11.b.i, 11.b.ii and 11.c of SSAP No. 101:

(In Thousands)		December 31, 2019				December 31, 2018				Change
Description	Ordinary		Capital	Total	Ordinary		Capital	Total	Ordinary	Capital	Total

Admission Calculation Components SSAP No. 101

(a)Federal Income Taxes Paid in Prior Years Recoverable Through

Loss Carrybacks	$	— $	—	$		—	$		— $	—	$		—	$		— $	—	$		—
(b) Adjusted Gross
Deferred Tax Assets
Expected to Be Realized
(Excluding the amount of
Deferred Tax Assets
From 2(a) above) After
Application of the
Threshold Limitation.
(The Lesser of 2(b)1 and		57,163	30,719			87,882			83,265	—			83,265			(26,102)	30,719			4,617
2(b)2 Below)
1. Adjusted Gross
Deferred Tax Assets
Expected to be Realized
Following the Balance
Sheet Date.		57,163	30,719			87,882			83,265	—			83,265			(26,102)	30,719			4,617
2. Adjusted Gross
Deferred Tax Assets
Allowed per Limitation
Threshold.		XXX	XXX			225,506			XXX	XXX			214,328			XXX	XXX			11,178
(c) Adjusted Gross
Deferred Tax Assets
(Excluding the Amount
Of Deferred Tax Assets
From 2(a) and 2(b)
above) Offset by Gross		105,241	24,636			129,877			78,127	—			78,127			27,114	24,636			51,750
Deferred Tax Liabilities.
(d) Deferred Tax Assets
Admitted as the result of
application of SSAP No.
101.	$	162,404	55,355		$	217,759		$	161,392	—		$	161,392		$	1,012	55,355		$	56,367
Total (2(a) + 2(b) + 2(c))
													2019				2018
Ratio Percentage Used To Determine Recovery Period And Threshold													994%				923%
Limitation Amount
Amount Of Adjusted Capital And Surplus Used To Determine Recovery													$1,503,375				$1,472,020
Period And Threshold Limitation Above (In Thousands)

68

DELAWARE LIFE INSURANCE COMPANY

(A Wholly-Owned Subsidiary of Group One Thousand One, LLC)

NOTES TO STATUTORY FINANCIAL STATEMENTS AS OF DECEMBER 31, 2019 AND 2018 AND FOR THE YEARS ENDED DECEMBER 31, 2019, 2018 AND 2017

____________________________________________________________________________________________

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, 2019				December 31, 2018				Change
(In Thousands)
Description		Ordinary		Capital		Ordinary		Capital		Ordinary	Capital
Impact of Tax Planning Strategies
Determination of Adjusted Gross
Deferred Tax Assets and Net
Admitted Deferred Tax Assets, by
Tax Character as a Percentage.
Adjusted Gross Deferred Tax	$	162,404	55,355		$	172,389		—	$	(9,985)	55,355
Assets
Percentage of Adjusted Gross
Deferred Tax Assets by Tax
Character Attributable to the		0.00%	0.00%			0.00%	0.00%			0.00 %	0.00%
Impact of Tax Planning Strategies
Net Admitted Adjusted Gross	$	162,404	55,355		$	161,392		—	$	1,012	55,355
Deferred Tax Assets
Percentage of Net Admitted
Adjusted Gross Deferred Tax
Assets by Tax Character Because
of the Impact of Tax Planning		0.00%	0.00%			26.06%	0.00%			(26.06)%	0.00%
Strategies

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

The Company had no temporary difference for which a DTL was not established.

The following tables provide the Company's main components of income taxes incurred and the changes in DTAs and DTLs.

(In Thousands)	December 31,			December 31,		December 31,
		2019		2018		2017
Current Income Tax
Federal Tax (Benefit) Expense from Operations	$	(21,279)	$	(3,553)	$	(65,461)
Federal Income Tax Expense on Net Capital Gains		10,362		—		8,105
Current Income Tax (Benefit) Expense	$	(10,917)	$	(3,553)	$	(57,356)

69

DELAWARE LIFE INSURANCE COMPANY

(A Wholly-Owned Subsidiary of Group One Thousand One, LLC)

NOTES TO STATUTORY FINANCIAL STATEMENTS AS OF DECEMBER 31, 2019 AND 2018 AND FOR THE YEARS ENDED DECEMBER 31, 2019, 2018 AND 2017

____________________________________________________________________________________________

The main components of the Company's DTAs and DTLs as of December 31, 2019 and 2018 were as follows:

(In Thousands)		December 31,		December 31,		Change
		2019		2018
Deferred Tax Assets:
Ordinary
Policyholder Reserves	$	89,538	$	97,382	$	(7,844)
Investments		2,389		23,255		(20,866)
Deferred Acquisition Costs		28,246		22,997		5,249
Fixed assets		1,018		—		1,018
Compensation and benefits accrual		1,581		—		1,581
Receivables-nonadmitted		4,172		—		4,172
Net Operating Loss carry-forward		—		—		—
Tax credit carry-forward		33,288		—		33,288
Other (Including Items <5% of Total Ordinary Tax Assets)		2,172		28,755		(26,583)
Total Ordinary Deferred Tax Assets	$	162,404	$	172,389	$	(9,985)
Statutory Valuation Allowance Adjustment		—		—		—
Nonadmitted		—		10,997		(10,997)
Admitted Ordinary Deferred Tax Assets	$	162,404	$	161,392	$	1,012
Capital:
Investments		55,355		—		55,355
Net Capital Loss Carry forward		—		—		—
Subtotal		55,355		—		55,355
Statutory Valuation Allowance Adjustment		—		—		—
Nonadmitted		—		—		—
Admitted Capital Deferred Tax Assets		55,355		—		55,355
Admitted Deferred Tax Assets	$	217,759	$	161,392	$	56,367
Deferred Tax Liabilities:
Ordinary
Investments	$	61,445	$	26,602	$	34,843
Policyholder Reserves		51,328		51,525		(197)
Subtotal	$	112,773	$	78,127	$	34,646
Capital:
Investments		25,517		—		25,517
Subtotal		25,517		—		25,517
Deferred Tax Liabilities	$	138,290	$	78,127	$	60,163
Net Admitted Deferred Tax Assets / Deferred Tax Liabilities	$	79,469	$	83,265	$	(3,796)

70

DELAWARE LIFE INSURANCE COMPANY

(A Wholly-Owned Subsidiary of Group One Thousand One, LLC)

NOTES TO STATUTORY FINANCIAL STATEMENTS AS OF DECEMBER 31, 2019 AND 2018 AND FOR THE YEARS ENDED DECEMBER 31, 2019, 2018 AND 2017

____________________________________________________________________________________________

The change in net deferred income taxes was comprised of the following:

(In Thousands)
Description		December 31, 2019			December 31, 2018			Change
Total Deferred Tax Assets	$		217,759	$		172,389	$	45,370
Total Deferred Tax Liabilities			138,290			78,127		60,163
Net Deferred Tax Assets / Deferred Tax Liabilities	$		79,469	$		94,262	$	(14,793)
Statutory Valuation Allowance			—			—		—
Net Deferred Tax Assets / Deferred Tax Liabilities	$		79,469	$		94,262	$	(14,793)
Tax Effect of Unrealized (Gains)/Losses								41,549
Change in Net Deferred Income Tax							$	(56,342)

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, 2019, 2018 and 2017 were as follows:

(In Thousands)		December 31, 2019							December 31, 2018							December 31, 2017
					Tax		Effective				Tax Effect			Effective					Tax		Effective
Description		Amount		Effect @					Amount							Amount		Effect @
					21%		Tax Rate					@ 21%		Tax Rate					35%		Tax Rate
Net Income Before Taxes	$	244,594	$		51,365	17.5 %		$	205,802	$		43,218	41.5 %		$	191,923	$		67,173	28.9 %
Pre-tax Capital Gains - Pre		49,342			10,362	3.5 %			(101,765)			(21,370)	(20.5)%			40,259			14,091	6.1 %
IMR
Dividends Received					(3,970)	(1.4)%						(16,026)	(15.4)%						(25,309)	(10.9)%
Deduction
Exhibit 5a adjustment					(1,352)	(0.5)%						—		— %					—		— %
Non-deductible Expenses					—		— %					60	0.1 %						61		— %
Reversal of IMR					(1,670)	(0.6)%						(3,179)	(3.1)%						(8,981)	(3.9)%
Change in Non-admitted					(10,236)	(3.5)%						(2,576)	(2.5)%						881	0.4 %
assets
Prior Year Over/Under					(492)	(0.2)%						2,083	2.0 %						(8,058)	(3.5)%
Accrual
Tax Credit Adjustment					(15,369)	(5.2)%						—		— %					83,440	35.9 %
Tax Differences in Wholly					16,694	5.7 %						(32,785)	(31.5)%						(91,695)	(39.5)%
Owned Subsidiaries
Other					93		0.2 %					5		— %					117		0.2 %
Total Statutory Income Taxes			$		45,425	15.5 %				$		(30,570)	(29.4)%				$		31,720	13.7 %
Federal Income Taxes
			$		(10,917)	(3.7)%				$		(3,553)	(3.4)%				$		(57,356)	(24.7)%
Incurred
Change in Net Deferred					56,342		19.2 %					(27,017)		(26.0)%					89,076		38.4 %
Income Taxes
Total Statutory Income Taxes			$		45,425	15.5 %				$		(30,570)	(29.4)%				$		31,720	13.7 %

At December 31, 2019, the Company had no net operating loss or capital loss carry forwards. At December 31, 2019, the Company had $19.5 million of foreign tax credit carry forward, which will begin to expire, if not utilized, in 2020. At December 31, 2019, the Company had $13.8 million of general business credit carry forwards, which will begin to expire, if not utilized, in 2029.

71

DELAWARE LIFE INSURANCE COMPANY

(A Wholly-Owned Subsidiary of Group One Thousand One, LLC)

NOTES TO STATUTORY FINANCIAL STATEMENTS AS OF DECEMBER 31, 2019 AND 2018 AND FOR THE YEARS ENDED DECEMBER 31, 2019, 2018 AND 2017

____________________________________________________________________________________________

As of December 31, 2019, the Company had no capital income tax expense in the preceding years that will be available for recoupment in the event of future losses.

The Company has no deposits admitted under Section 6603 of the Internal Revenue code.

The Tax Cuts and Jobs Act ("the Act") repealed the corporate Alternative Minimum Tax (and its related credit) for tax years beginning after December 31, 2017. To the extent the Company possesses an AMT credit carryover as of that date, the Company is generally permitted to utilize the credit to the extent of the Company's regular tax liability for the year. In addition, for tax years 2018, 2019, and 2020, to the extent the Company's AMT credit carryover exceeds the Company's regular tax liability, 50% of the excess AMT credit carryover is refundable. Any remaining AMT credit carryover becomes completely refundable in 2021.

Below is a summary of the Company's 2019 activity related to its AMT credit carryover:

(In Thousands)

(1)Gross AMT Credit Recognized as:

	a. Current year recoverable	$	1,683
	b. Deferred tax asset (DTA)		—
(2)	Beginning Balance of AMT Credit Carry forward		1,683
(3)	Amounts Recovered		—
(4)	Adjustments		—
(5)	Ending Balance of AMT Credit Carry forward (5=2-3-4)		1,683
(6)	Reduction for Sequestration		—
(7)	Nonadmitted by Reporting Entity		—
(8)	Reporting Entity Balance (8=5-6-7)	$	1,683

Tax years prior to 2016 are closed for audit or examination under the applicable statute of limitations. On August 8, 2017 the Internal Revenue Service ( the "IRS") held open conference for tax years 2014 and 2015. The audit was closed in 2019 with no material changes. The Company does not believe it has any uncertain tax positions for its federal income tax return that would be material to its financial condition, results of operations, or cash flows. Therefore, the Company did not record a liability for unrecognized tax benefits ("UTBs") as of December 31, 2019 and 2018. As of December 31, 2019, there were no positions for which management believes it is reasonably possible that the total amounts of tax contingencies will significantly increase within 12 months of the reporting date.

The Company recognizes interest accrued related to UTBs in income tax expense. The Company had no accrued interest balance as of December 31, 2019 and December 31, 2018. The Company recognized no gross interest benefit related to UTBs during the years ended December 31, 2019, 2018 and 2017. The Company has not accrued any penalties related to UTBs.

The Company will file a consolidated federal income tax return for the December 31, 2019 tax year with its wholly- owned subsidiary, DLNY, and will continue to do so in future tax years under Internal Revenue Code Section 1504 (c)(1). A formal tax allocation agreement has been implemented, and the allocation is based upon separate return calculations with current credit (benefit) given for losses and tax attributes that are utilized by the consolidated group. Intercompany tax balances are settled on a quarterly basis and a final true up is made after the filing of the federal income tax return, as prescribed by the terms of the agreement.

72

DELAWARE LIFE INSURANCE COMPANY

(A Wholly-Owned Subsidiary of Group One Thousand One, LLC)

NOTES TO STATUTORY FINANCIAL STATEMENTS AS OF DECEMBER 31, 2019 AND 2018 AND FOR THE YEARS ENDED DECEMBER 31, 2019, 2018 AND 2017

____________________________________________________________________________________________

16.CAPITAL STOCK AND SURPLUS AND DIVIDEND RESTRICTIONS

The Company is authorized to issue 10,000 shares of common stock with a par value of $1,000 per share; 6,437 shares of common stock are issued and outstanding. The Company is not authorized to issue preferred stock.

The Company's ability to pay dividends is subject to certain statutory restrictions. The State of Delaware has enacted laws governing the payment of dividends to stockholders by domestic insurers. Pursuant to Delaware's statute, the maximum amount of dividends and other distributions that a domestic insurer may pay in any twelve- month period without the prior approval of the Delaware Commissioner of Insurance is limited to the greater of:

(i) 10% of its statutory surplus as of the preceding December 31; or (ii) the Company's statutory net gain from operations for the preceding calendar year. Any dividends to be paid by an insurer, whether or not in excess of the aforementioned threshold, from a source other than statutory surplus would also require the prior approval of the Commissioner. In connection with the Sale Transaction on August 2, 2013, any portion of a dividend which would cause the Company's total adjusted capital as of the most recent calendar quarter end to fall below 300% of Company Action Level NAIC Risk-Based Capital as of such calendar quarter end, after taking into account the payment of such dividend, requires the prior approval of the Department.

In April 2019, April 2018, October 2017 and April 2017, the Company paid an ordinary dividend $200.0 million, $157.4 million, $100.0 million and $135.4 million, respectively, to the Parent. In October 2019, the Parent contributed $16.9 million to the Company in the form of an other invested asset which was nonadmitted at December 31, 2019. The Company received a capital contribution from the Parent during the first quarter of 2020 in the amount of $100.0 million, as described in Note 21.

The portion of unassigned funds (surplus) represented or reduced by cumulative unrealized gains/losses, excluding deferred taxes, was approximately $560.0 million and $256.0 million at December 31, 2019 and 2018, respectively.

Risk-Based Capital

Life and health insurance companies are subject to certain Risk-Based Capital ("RBC") requirements as specified by the NAIC. The RBC requirements provide a method for measuring the minimum acceptable amount of adjusted capital that a life insurer should have, as determined under statutory accounting principles, taking into account the risk characteristics of its investments and products. The Company exceeded the minimum RBC requirements at December 31, 2019 and 2018.

17.COMMITMENTS AND CONTINGENT LIABILITIES Contingent Commitments

The Company had unfunded commitments for limited partnership investments of $128.0 million and $112.9 million as of December 31, 2019 and December 31, 2018, respectively.

In December 2018, the Company committed to pay $19.4 million of capital contributions to CSHH which were paid in the first quarter of 2019 and were included in the amounts disclosed in Note 2.

Regulatory and Industry Developments

Under insurance guaranty fund laws in each state, the District of Columbia and Puerto Rico, insurers licensed to do business can be assessed by state insurance guaranty associations for certain obligations of insolvent insurance companies to policyholders and claimants. Most of these laws provide, however, that an assessment may be excused or deferred if it would threaten an insurer's solvency and further provide annual limits on such assessments. Part of the assessments paid by the Company pursuant to these laws may be used as credits for a portion of the associated premium taxes.

73

DELAWARE LIFE INSURANCE COMPANY

(A Wholly-Owned Subsidiary of Group One Thousand One, LLC)

NOTES TO STATUTORY FINANCIAL STATEMENTS AS OF DECEMBER 31, 2019 AND 2018 AND FOR THE YEARS ENDED DECEMBER 31, 2019, 2018 AND 2017

____________________________________________________________________________________________

Various insolvencies reported by the National Organization of Life and Health Insurance Guaranty Associations will result in retrospective, premium-based guaranty fund assessments against the Company. Based on the best information available, the Company has recorded an accrued liability of $3.1 million and $3.2 million for guaranty fund assessments as of December 31, 2019 and 2018, respectively. The Company does not know the period over which the guaranty fund assessments may be paid.

As of December 31, 2019 and 2018, the Company did not have any guaranty fund liabilities or assets related to assessments from insolvencies of entities that wrote long-term care contracts.

The Company has not established any asset for premium tax credits or policy surcharges as their recoveries are not estimable.

Litigation and Other Matters

The Company is not aware of any contingent liabilities arising from litigation or other matters that could have a material effect upon the financial condition, results of operations, or cash flows of the Company.

Indemnities

In the normal course of its business, the Company has entered into agreements that include indemnities in favor of third parties, such as contracts with advisors and consultants, outsourcing agreements, underwriting and agency agreements, information technology agreements, distribution agreements, and service agreements. The Company has also agreed to indemnify its directors, officers and employees in accordance with the Company's by-laws. The Company believes any potential liability under these agreements is neither probable nor estimable. Therefore, the Company has not recorded any associated liability.

Pursuant to the terms of the Sale Transaction, the acquired companies, including the Company and DLNY, and their respective affiliates are indemnified from and against (i) breach of customary representations, warranties and covenants of SLF and (ii) other specified matters, including losses arising from pending or threatened litigation as of the closing of the Sale Transaction (August 2, 2013), certain excluded assets that were transferred from the acquired companies to SLF's affiliates at or prior to closing of the Sale Transaction, including the group insurance business previously conducted by DLNY, certain environmental liabilities, and certain liabilities arising under unclaimed property laws.

Pledged or Restricted Assets

The following assets were restricted at December 31, 2019 and reported in the current financial statements:

•Collateral posted under repurchase agreements which was reported as bonds and preferred stocks.

•Cash collateral posted under reverse repurchase agreements which was reported as cash equivalents.

•Certain FHLB capital stock.

•Certain bonds on deposit with governmental authorities as required by law.

•Certain cash deposits held in a mortgage escrow account (see "Other restricted assets" below).

•Derivative cash collateral which was reported as cash equivalents (see "Assets pledged as collateral not captured in other categories" below).

•Certain cash collateral for brokerage margin.

•Cash held in a tax escrow account.

74

DELAWARE LIFE INSURANCE COMPANY

(A Wholly-Owned Subsidiary of Group One Thousand One, LLC)

NOTES TO STATUTORY FINANCIAL STATEMENTS AS OF DECEMBER 31, 2019 AND 2018 AND FOR THE YEARS ENDED DECEMBER 31, 2019, 2018 AND 2017

____________________________________________________________________________________________

The following were restricted assets (including pledged assets):

(In Thousands)
					Current Year														Percentage
						Total										Total		Total		Admitted
		Total		G/A	Separate		S/A Assets												Gross
					Account							Total				Current		Current		Restricted
Restricted Asset		General	Supporting			(S/A)	Supporting						Increase/		Year Non			Year	Restricted	to Total
		Account		S/A	Restricted			G/A		Total		From			Admitted		Admitted		Total	Admitted
Category		(G/A)		Activity		Assets		Activity			Prior Year		(Decrease)		Restricted		Restricted		Assets	Assets
Subject to
Repurchase	$	25,000	$	—	$	—	$	—	$	25,000	$	25,000	$	—	$	—	$	25,000	0.07%	0.07%
Agreements
Subject to Reverse
Repurchase		340,789		—		—		—		340,789		347,813		(7,024)		—		340,789	0.9%	0.9%
Agreements
FHLB Capital Stock		30,690		—		—		—		30,690		16,425		14,265		—		30,690	0.08%	0.08%
On Deposit with		5,214		—		—		—		5,214		5,193		21		—		5,214	0.01%	0.01%
States
Pledged as Collateral
to FHLB (Including
Securities and
Commercial		610,287		—		—		—		610,287		603,517		6,770		—		610,287	1.61%	1.61%
Mortgage Loans)
Other Restricted		52,817		—		—		—		52,817		139,833		(87,016)		—		52,817	0.14%	0.14%
Assets
Total Restricted	$	1,064,797	$	—	$	—	$	—	$	1,064,797	$1,137,781		$	(72,984)	$	—	$	1,064,797	2.81%	2.81%
Assets

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):

						Gross Restricted
(In Thousands)					Current Year												Percentage
						Total										Total		Admitted
		Total		G/A	Separate		S/A Assets										Gross
					Account							Total				Current		Restricted
Description of		General	Supporting			(S/A)	Supporting						Increase/			Year	Restricted	to Total
	Account			S/A	Restricted			G/A		Total		From			Admitted		Total	Admitted
Assets		(G/A)		Activity		Assets		Activity			Prior Year		(Decrease)		Restricted		Assets	Assets
Mortgage Escrow	$	2,827	$	—	$	—	$	—	$	2,827	$	3,430	$	(603)	$	2,827	0.01%	0.01%
Restricted Cash - Tax		—		—		—		—		—		11,280		(11,280)		—
Escrow																	—	—
Restricted Cash -		49,990		—		—		—		49,990		125,123		(75,133)		49,990	0.13%	0.13%
Derivative Collateral
Total	$	52,817	$	—	$	—	$	—	$	52,817	$	139,833	$	(87,016)	$	52,817	0.14%	0.14%

Lease Commitments

Effective September 24, 2014, the Company entered into a lease agreement for its Waltham, Massachusetts office. On February 19, 2016, the original lease agreement was amended to add additional space. The lease, as amended, expires on April 30, 2023. Rental expenses for 2019, 2018 and 2017 were $2.4 million, $2.4 million, and $2.3 million, respectively, under this lease.

75

DELAWARE LIFE INSURANCE COMPANY

(A Wholly-Owned Subsidiary of Group One Thousand One, LLC)

NOTES TO STATUTORY FINANCIAL STATEMENTS AS OF DECEMBER 31, 2019 AND 2018 AND FOR THE YEARS ENDED DECEMBER 31, 2019, 2018 AND 2017

____________________________________________________________________________________________

Effective January 22, 2014, the Company entered into a lease agreement for its Indianapolis, Indiana office. This lease expires on December 31, 2024. Rental expenses for 2019, 2018 and 2017 were $0.2 million under this lease.

Effective July 27, 2016, the Company entered into a sublease agreement for additional space for its Indianapolis office, with this sublease expiring on November 30, 2026. Rental expenses for 2019, 2018 and 2017 were $0.4 million under this sublease.

Effective February 26, 2016, the Company entered into a sublease agreement for a Chicago, Illinois office which expired July 29, 2018. The Company entered into a new sublease effective August 1, 2018 which expired on August 31, 2019. Effective September 1, 2019 , the Company entered into a thirteen-month lease agreement that expires on September 30, 2020. Rental expenses for 2019, 2018 and 2017 were $0.3 million under this sublease. A portion of these rental expenses are reimbursed by CSP&C.

Effective December 20, 2018, the Company entered into a lease agreement for a Chicago office that expires on May 31, 2025. Rental expense for 2019 was $83.0 thousand. Rental expense for 2018 was $0 due to the abatement of the first five months of rent. Effective January 2020, the Company entered into a lease agreement for additional space in this Chicago office that also expires on May 31, 2025. The rental expenses are reimbursed by CSHMS.

Effective June 1, 2019, the Company entered into a six-month lease agreement for a Chicago office that expired on November 30, 2019. The term was extended on a month-to-month basis after November 30, 2019 and the agreement was terminated in January 2020. Rental expenses for 2019 were $0.2 million. These rental expenses are reimbursed by CSHMS.

Effective December 1, 2017, the Company entered into a six-month lease agreement for a New York, New York office with a monthly rental expense of approximately $13.6 thousand that expired May 31, 2018. Effective June 1, 2018, the Company renewed the lease with additional space for another six months with a monthly rental expense of approximately $17.8 thousand that expired on November 30, 2018. Effective December 1, 2018 the Company renewed the lease for an additional four months with a monthly rental expense of approximately $18.8 thousand. Effective April 1, 2019, the Company renewed the lease for an additional 12 months with a monthly rental expense of approximately $17.9 thousand. Effective September 1, 2019, the Company assigned the lease to an affiliate, Gainbridge Insurance Agency, LLC.

Effective July 23, 2018, the Company entered into a month-to-month lease agreement for an office in New York, New York. The monthly rental expense is approximately $3.9 thousand. The lease expired February 28, 2019.

Effective September 10, 2018, the Company entered into a lease agreement for an office in Miramar, Florida that expires on June 30, 2024. Rental payments commenced once the Company took possession of the space which was on March 6, 2019. The first three months of rent in 2019 were abated. Rental expense for 2019 was $0.1 million. These rental expenses are reimbursed by CSHMS.

Effective February 7, 2019 the Company entered into a lease agreement for a second office in Miramar, Florida that terminated on March 31, 2019. The rental expense for 2019 was $33.2 thousand and was reimbursed by

CSHMS.

Effective December 20, 2019 the Company entered into a one-year lease agreement for an office in Columbia, South Carolina with rent payments beginning in January 2020. These rental expenses will be reimbursed by

CSHMS.

76

DELAWARE LIFE INSURANCE COMPANY

(A Wholly-Owned Subsidiary of Group One Thousand One, LLC)

NOTES TO STATUTORY FINANCIAL STATEMENTS AS OF DECEMBER 31, 2019 AND 2018 AND FOR THE YEARS ENDED DECEMBER 31, 2019, 2018 AND 2017

____________________________________________________________________________________________

a.At December 31, 2019, future minimum aggregate rental commitments were as follows:

Year Ending		(In Thousands)
December 31,		Operating Leases
2020	$	3,193
2021		3,076
2022		3,220
2023		1,831
2024		1,044
Aggregate Total All Future	$	1,006
Years

18. DEBT

On December 12, 2014, the Company entered into a $350.0 million revolving credit facility (the "Facility") with Societe Generale, which was amended effective December 29, 2017 to a $200.0 million revolving credit facility. The Facility terminated on December 12, 2019. Borrowings under the Facility were available for general corporate purposes. Borrowings bore interest at LIBOR + 115 basis points, with a commitment fee of 48 basis points for any unused portion of the Facility, and the Facility had a 270 days rolling margin commitment. The Facility was secured by certain securities held in an account established for this purpose, and borrowings were limited to a specified percentage of the value of the securities in this account. The total commitment fees paid in 2019, 2018, and 2017 were approximately $0.9 million, $0.9 million, and $1.7 million, respectively. There were no outstanding borrowings as of December 31, 2019 and 2018.

19. FEDERAL HOME LOAN BANK

The Company is a member of the FHLB. Through its membership, the Company utilizes funding agreements obtained from the FHLB. The Company manages these funds in an investment spread strategy, consistent with its other investment spread operations. Accordingly, the Company considers these funds policyholder liabilities. It is not part of the Company's strategy to utilize these funds for operations, and any funds obtained from the FHLB for use in the Company's general operations would be accounted for as borrowed money. As indicated in Note 2, the FHLB also issued a $12.0 million letter of credit to the Company on behalf of an unrelated party effective September 30, 2019 with an initial expiration date of August 15, 2020. Collateral related to the letter of credit is included in the disclosures below. As of December 31, 2019 and 2018, respectively, there was $565.0 million and $365.0 million outstanding to the FHLB.

77

DELAWARE LIFE INSURANCE COMPANY

(A Wholly-Owned Subsidiary of Group One Thousand One, LLC)

NOTES TO STATUTORY FINANCIAL STATEMENTS AS OF DECEMBER 31, 2019 AND 2018 AND FOR THE YEARS ENDED DECEMBER 31, 2019, 2018 AND 2017

____________________________________________________________________________________________

FHLB Capital Stock
	Aggregate Totals
										General						Separate
	Year Ended 2019 (In Thousands)					Total				Account						Accounts
	Membership Stock – Class A					$		—	$				—		$		—
	Membership Stock – Class B						2,949						2,949				—
	Activity Stock						23,016						23,016				—
	Excess Stock						4,725						4,725				—
	Aggregate Total					$	30,690		$				30,690		$		—
	Actual or Estimated Borrowing Capacity as
						$	747,256				XXX						XXX
	Determined by the Insurer
	Year Ended 2018 (In Thousands)
	Membership Stock – Class A					$		—	$				—		$		—
	Membership Stock – Class B						2,587						2,587				—
	Activity Stock						13,838						13,838				—
	Excess Stock							—					—				—
	Aggregate Total					$	16,425		$				16,425		$		—
	Actual or Estimated Borrowing Capacity as
						$	471,449				XXX						XXX
	Determined by the Insurer
	Membership Stock (Class A and B) Eligible for Redemption
	(In Thousands)
	Membership	Current Year		Not Eligible				6 months to					1 to Less
				for	Less Than 6 Less Than 1												3 to 5 Years
	stock	Total		Redemption		Months			Year			Than 3 Years
	Class A	$	— $		— $		— $			— $					— $		—
	Class B	2,949			2,949		—			—					—		—
Collateral Pledged to FHLB
	Amount Pledged as of Reporting Date
													Carrying			Aggregate
(In Thousands)								Fair Value									Total
													Value			Borrowing
Current Year General Account Total Collateral Pledged							$		868,893		$		849,372			$	565,000
Current Year Separate Accounts Total Collateral Pledged										—				—			—
Current Year Total General and Separate Accounts Total Collateral									868,893			$	849,372			$	565,000
Pledged								$
Prior Year End Total General and Separate Accounts Total Collateral									607,674		$		603,518			$	365,000
Pledged							$

78

DELAWARE LIFE INSURANCE COMPANY

(A Wholly-Owned Subsidiary of Group One Thousand One, LLC)

NOTES TO STATUTORY FINANCIAL STATEMENTS AS OF DECEMBER 31, 2019 AND 2018 AND FOR THE YEARS ENDED DECEMBER 31, 2019, 2018 AND 2017

____________________________________________________________________________________________

Maximum Amount Pledged During Reporting Period
									Carrying		Aggregate
(In Thousands)					Fair Value							Total
									Value		Borrowing
Current Year General Account Maximum Collateral Pledged				$		922,781		$	897,192	$		565,000
Current Year Separate Accounts Maximum Collateral Pledged						91,551			90,924			—
Current Year Total General and Separate Accounts Maximum				$		1,014,332		$	988,116	$		565,000
Collateral Pledged
Prior Year End Total General and Separate Accounts Total Collateral
				$		644,799		$	641,248	$		365,000
Pledged
Borrowing from FHLB
Amount as of Reporting Date
Current Year (In Thousands)		Total		General					Separate			Funding
												Agreements
				Account				Accounts				Reserves
												Established
Debt	$	—	$			—	$		—			XXX
Funding Agreements		565,000				565,000			—			508,480
Other		—				—			—			XXX
Aggregate Total	$	565,000	$			565,000	$		—	$		508,480
Prior Year (In Thousands)		Total		General					Separate			Funding
												Agreements
				Account				Accounts				Reserves
												Established
Debt	$	—	$			—	$		—			XXX
Funding Agreements		365,000				365,000			—			320,507
Other		—				—			—			XXX
Aggregate Total	$	365,000	$			365,000	$		—	$		320,507

Maximum Amount during Reporting Period (Current Year)

(In Thousands)		Total		General		Separate
				Account		Accounts
Debt	$	—	$	—	$	—
Funding Agreements		565,000		565,000		—
Other		—		—		—
Aggregate Total	$	565,000	$	565,000	$	—

79

DELAWARE LIFE INSURANCE COMPANY

(A Wholly-Owned Subsidiary of Group One Thousand One, LLC)

NOTES TO STATUTORY FINANCIAL STATEMENTS AS OF DECEMBER 31, 2019 AND 2018 AND FOR THE YEARS ENDED DECEMBER 31, 2019, 2018 AND 2017

____________________________________________________________________________________________

FHLB - Prepayment Obligations
	Does the Company have prepayment
	Obligations under the following arrangements
	(YES/NO)
Debt	NO
Funding Agreements	YES
Other	NO

20. Health Business

Beginning in 2019, the Company issued Medicare Advantage products in the states of Colorado, North Carolina and Virginia, resulting in approximately $0.5 million of premium written in 2019. There was no premium written in 2018 or 2017.

Retrospectively-Rated Contracts and Contracts Subject to Redetermination

The Company estimates accrued retrospective premium adjustments for the Medicare Part D business in accordance with CMS regulations and using CMS formulas. Accrued retrospective premiums are recorded through written premium. The Company has Medicare Part D risk-corridor amounts related to Part D premiums. The amount of Medicare Part D direct premiums written subject to this retrospectively rated feature was $28.5 thousand for 2019 representing 6.0% of total direct health premiums written for 2019.

The Company has risk-adjustment amounts from CMS from Medicare Part C and Part D premiums. Medicare Part D premiums include payments from CMS for risk-sharing adjustments which are estimated quarterly based on claim experience, with final revenue adjustment determined and settlement with CMS in the year following the contract. The Company's Medicare Part C and Part D premiums are subject to redetermination by CMS based on risk factor scores of each member. The Company estimates premium adjustments for changes to health scores based on past experience. The Company recognizes periodic changes to risk-adjusted premiums as revenue when the amounts are determinable and collection is reasonably assured. All of the Company's direct health premiums written are subject to this redetermination feature.

The Company's actual loss ratios on the Medicare line of business were in excess of the minimum requirements and as a result no minimum medical loss ratio rebate was required to be established.

The Company did not write accident and health premiums in 2019 or 2018 subject to the risk-sharing provisions of the Affordable Care Act ("ACA").

Change in Incurred Losses and Loss Adjustment Expenses

There were no changes in methodologies or assumptions used in calculating the liability for unpaid losses and loss adjustment expenses. The Company did not write any health insurance business in 2018 or 2017 and therefore had no prior year development.

80

DELAWARE LIFE INSURANCE COMPANY

(A Wholly-Owned Subsidiary of Group One Thousand One, LLC)

NOTES TO STATUTORY FINANCIAL STATEMENTS AS OF DECEMBER 31, 2019 AND 2018 AND FOR THE YEARS ENDED DECEMBER 31, 2019, 2018 AND 2017

__________________________________________________________________________________

The following table discloses paid claims, incurred claims, claims unpaid, aggregate health claim reserves, and health care receivables for the year ended December 31, 2019.

In thousands				2019
		Current Year		Prior Year		Total
Beginning of year claim reserve		Incurred		Incurred
	$	—	$	—	$	—
Paid claims - net of health care		555		—		555
receivable
End of year claim reserve		131		—		131
Incurred claims excluding the		686		—		686
change in health care receivable
Beginning of year health care		—		—		—
receivable
End of year health care receivable		20		—		20
Total incurred claims	$	666	$	—	$	666

Original estimates are increased or decreased as additional information becomes known regarding claim development experience.

The Company incurred claims adjustment expenses ("CAE") of $65.3 thousand in 2019. The Company did not incur or pay claim adjustment expenses in the current year that was attributable to prior years.

Premium Deficiency Reserves

		In thousands
1.	Liability carried for premium deficiency reserves	$	679
2.	Date of the most recent evaluation of this liability		2/18/2020
3.	Was anticipated investment income utilized in the	Yes [	] No [ X ]
	calculation?

21. SUBSEQUENT EVENTS

The Company has evaluated events and transactions that occurred from January 1, 2020 to April 27, 2020, the date the financial statements were issued.

Type I - Recognized Subsequent Events:

During the first quarter of 2020, the Company received $100.0 million in cash contributions from its Parent. As these contributions were received prior to the filing of the annual statement, and the contributions were approved by the State of Delaware Department of Insurance, the contributions were recorded as of December 31, 2019. The corresponding receivable from Parent was considered an admitted asset as prescribed by SSAP No. 72 "Surplus and Quasi-Reorganizations."

Type II - Nonrecognized Subsequent Events:

During 2020, the Company borrowed $320.0 million from the FHLB by entering into short term advance agreements, of which $250.0 million has been repaid. Also during 2020, the Company entered into additional funding agreements with the FHLB for $248.0 million.

81

DELAWARE LIFE INSURANCE COMPANY

(A Wholly-Owned Subsidiary of Group One Thousand One, LLC)

NOTES TO STATUTORY FINANCIAL STATEMENTS AS OF DECEMBER 31, 2019 AND 2018 AND FOR THE YEARS ENDED DECEMBER 31, 2019, 2018 AND 2017

____________________________________________________________________________________________

Subsequent to December 31, 2019, on March 27, 2020, H.R. 748, the Coronavirus Aid, Relief, and Economic Security Act, "the CARES ACT", was signed into legislation which includes tax provisions relevant to businesses that during 2020 will impact taxes related to 2018 and 2019. Some of the significant changes are reducing the interest expense disallowance for 2019 and 2020, allowing the five year carryback of net operating losses for 2018-2020, suspension of the 80% limitation of taxable income for net operating loss carryforwards for 2018-2020, and the acceleration of depreciation expense from 2018 and forward on qualified improvement property. The Company is required to recognize the effect on the financial statements in the period the law was enacted, which is 2020. At this time, for 2018 and 2019, the Company does not expect the impact of the CARES ACT on the Company's financial position or results of operations to be material.

The spread of COVID-19 is worldwide, dislocating the capital markets and affecting every industry. As of April 27, 2020, the Company has taken steps to protect its employees and seek to maintain business continuity. The Company further believes that its capital and liquidity positions enable it to weather current market volatilities and business disruptions related to the pandemic. However, there is considerable uncertainty around both the severity and the duration of the COVID-19 outbreak, and for that reason the future financial and other impacts of the pandemic cannot reasonably be estimated at this time.

On April 23, 2020, the Company declared an ordinary dividend of $65.0 million to the Parent to be paid on or after April 24, 2020.

82

PART C 

OTHER INFORMATION 

Item 24. FINANCIAL STATEMENTS AND EXHIBITS 

(a)	The following Financial Statements are included in the Registration Statement:
	A.	Condensed Financial Information - Accumulation Unit Values (Part A)
	B.	Financial Statements of the Depositor (Part B)
	C.	Financial Statements of the Registrant (Part B)

(b)  The following Exhibits are incorporated in the Registration Statement by reference unless otherwise indicated: 

(1)	Resolution of Board of Directors of the Depositor dated December 3, 1985 authorizing the establishment of the Registrant (Incorporated herein by reference to the Registration Statement on Form N-4, File No. 333-37907, filed on October 14, 1997); Exhibit (1)
(2)	Not Applicable;
(3)(a)	Marketing Services Agreement between Sun Life Assurance Company of Canada (U.S.), Sun Life of Canada (U.S.) Distributors, Inc. and Clarendon Insurance Agency, Inc. (Incorporated herein by reference to Pre-Effective Amendment No. 1 to the Registration Statement on Form N-4, File No. 333-37907, filed on January 16, 1998); Exhibit (3)(a)
(3)(b)(i)	Principal Underwriter’s Agreement by and between Sun Life Assurance Company of Canada (U.S.) and Clarendon Insurance Agency, Inc. (Incorporated herein by reference to Post-Effective Amendment No. 16 to the Registration Statement on Form N-4, File No. 333-83364, filed on or about April 28, 2009); Exhibit (3)(b)(i)
(3)(b)(ii)	Amendment No. 1 to Principal Underwriter’s Agreement by and between Sun Life Assurance Company of Canada (U.S.) and Clarendon Insurance Agency, Inc. (Incorporated herein by reference to Post-Effective Amendment No. 16 to the Registration Statement on Form N-4, File No. 333-83364, filed on or about April 28, 2009);  Exhibit (3)(b)(2)
(3)(b)(iii)	Amendment No. 2 to Principal Underwriter’s Agreement by and between Sun Life Assurance Company of Canada (U.S.) and Clarendon Insurance Agency, Inc. (Incorporated herein by reference to Post-Effective Amendment No. 12 to the Registration Statement of Delaware Life Variable Account I on Form N-6, File No. 333-100829, filed on April 27, 2010); Exhibit (3)(b)(iii)
(3)(b)(iv)	Amendment No. 3 to Principal Underwriter’s Agreement by and between Sun Life Assurance Company of Canada (U.S.) and Clarendon Insurance Agency, Inc. (Incorporated herein by reference to Post-Effective Amendment No. 12 to the Registration Statement of Delaware Life Variable Account I on Form N-6, File No. 333-100829, filed on April 27, 2010); Exhibit (3)(b)(iv)
(3)(c)(i)	Sales Operations and General Agent Agreement (Incorporated herein by reference to Pre-Effective Amendment No. 1 to the Registration Statement on Form N-4, File No. 333-37907, filed on January 16, 1998); Exhibit (3)(c)(1)
(3)(c)(ii)	Broker-Dealer Supervisory and Service Agreement (Incorporated herein by reference to Pre-Effective Amendment No. 1 to the Registration Statement on Form N-4, File No. 333-37907, filed on January 16, 1998); Exhibit (3)(c)(ii)
(3)(c)(iii)	General Agent Agreement (Incorporated herein by reference to Pre-Effective Amendment No. 1 to the Registration Statement on Form N-4, File No. 333-37907, filed on January 16, 1998); Exhibit (3)(c)(iii)
(4)(a)	Flexible Payment Combination Fixed/Variable Group Annuity Contract (Incorporated herein by reference to the Registration Statement on Form N-4, File No. 333-83256, filed on February 22, 2002); Exhibit (4)(a)
(4)(b)	Certificate to be issued in connection with Contract filed as Exhibit 4(a) (Incorporated herein by reference to the Registration Statement on Form N-4, File No. 333-83256, filed on February 22, 2002); Exhibit (4)(b)
(4)(c)	Flexible Payment Combination Fixed/Variable Individual Annuity Contract (Incorporated herein by reference to the Registration Statement on Form N-4, File No. 333-83256, filed on February 22, 2002); Exhibit (4)(c)
(4)(d)	Sun Income Riser III Rider to Flexible Payment Combination Fixed/Variable Individual Annuity Contract filed as Exhibit (4)(c) (Incorporated herein by reference to the Registration Statement on Form N-4, File No. 333-168710, filed on August 10, 2010); Exhibit (4)(d)
(4)(e)	Sun Income Maximizer Rider to Flexible Payment Combination Fixed/Variable Individual Annuity Contract filed as Exhibit (4)(c) (Incorporated herein by reference to the Registration Statement on Form N-4, File No. 333-168710, filed on August 10, 2010); Exhibit (4)(e)
(4)(f)	Sun Income Maximizer Plus Rider to Flexible Payment Combination Fixed/Variable Individual Annuity Contract filed as Exhibit (4)(c) (Incorporated herein by reference to the Registration Statement on Form N-4, File No. 333-168710, filed on August 10, 2010); Exhibit (4)(f)
(5)(a)	Application to be used with Contract filed as Exhibit 4(a) (Incorporated herein by reference to Pre-Effective Amendment No. 1 to the Registration Statement on Form N-4, File No. 333-74884, filed February 14, 2002); Exhibit (5)(a)
(5)(b)	Application to be used with Certificate filed as Exhibit 4(b) and Contract filed as Exhibit 4(c) (Incorporated herein by reference to Pre-Effective Amendment No. 1 to the Registration Statement on Form N-4, File No. 333-74844, filed February 14, 2002); Exhibit (5)(b)
(6)(a)	Certificate of Incorporation of the Depositor (Incorporated herein by reference to Post-Effective Amendment No. 51 to the Registration Statement on Form N-4, File No. 333-83516, filed on August 11, 2014); Exhibit (6(a)
(6)(b)	By-Laws of the Depositor (Incorporated herein by reference to Post-Effective Amendment No. 51 to the Registration Statement on Form N-4, File No. 333-83516, filed on August 11, 2014); Exhibit (6)(b)
(7)	Amended and Restated Reinsurance Agreement between Delaware Life Insurance Company and Hannover Life Reassurance Company of America (Incorporated herein by reference to Post-Effective Amendment No. 56 to the Registration Statement on Form N-4, File No. 333-83516, filed on April 26, 2019); Exhibit (7)
(8)(a)	Participation Agreement, dated February 17, 1998, as amended through September 18, 2014, by and among Delaware Life Insurance Company, Clarendon Insurance Agency, Inc., AIM Variable Insurance Funds (Invesco Variable Insurance Funds) and Invesco Distributors, Inc. (Incorporated herein by reference to the Pre-Effective Amendment No. 1 to the Registration Statement on Form N-4, File No. 333-225901, filed on October 1, 2018): Exhibit (8)(a)
(8)(b)	Amended and Restated Participation Agreement dated September 1, 2004 by and among Sun Life Assurance Company of Canada (U.S.), Variable Insurance Products Funds, and Fidelity Distributors Corporation. (Incorporated herein by reference to Post-Effective Amendment No. 8 to the Registration Statement on Form N-4, File No. 333-83516, filed on April 28, 2005); Exhibit (8)(b)
(8)(c)	Participation Agreement, dated May 1, 2001,as amended through March 26, 2018, by and among Delaware Life Insurance Company, Clarendon Insurance Agency, Inc., AllianceBernstein L.P. and AllianceBernstein Investments, Inc. (Incorporated herein by reference to the Pre-Effective Amendment No. 1 to the Registration Statement on Form N-4, File No. 333-225901, filed on October 1, 2018); Exhibit (8)(c)
(8)(d)	Participation Agreement, dated February 17, 1998, as amended through July 23, 2018, by and among Delaware Life Insurance Company, Delaware Life Insurance Company of New York, Lord Abbett Series Fund, Inc. and Lord, Abbett & Co. LLC (Incorporated herein by reference to the Pre-Effective Amendment No. 1 to the Registration Statement on Form N-4, File No. 333-225901, filed on October 1, 2018); Exhibit (8)(d)
(8)(e)	Participation Agreement Among Franklin Templeton Variable Insurance Products Trust, Franklin Templeton Distributors, Inc., Sun Life Assurance Company of Canada (U.S.), Sun Life Insurance and Annuity Company of New York and Clarendon Insurance Agency, Inc. (Incorporated herein by reference to the Registration Statement on Form N-4, File No. 333-102278, filed on December 31, 2002); Exhibit (8)(e)
(8)(f)	Participation Agreement, dated September 16, 2002, as amended through September 17, 2014, by and among Delaware Life Insurance Company, Delaware Life Insurance Company of New York, PIMCO Variable Insurance Trust and PIMCO Investments (Incorporated herein by reference to the Pre-Effective Amendment No. 1 to the Registration Statement on Form N-4, File No. 333-225901, filed on October 1, 2018); Exhibit (8)(f)
(8)(g)	Participation Agreement, dated December 3, 2007, as amended through May 1, 2018, by and among Delaware Life Insurance Company, Delaware Life Insurance Company of New York, Lazard Asset Management Securities LLC, and Lazard Retirement Series, Inc. (Incorporated herein by reference to the Pre-Effective Amendment No. 1 to the Registration Statement on Form N-4, File No. 333-225901, filed on October 1, 2018); Exhibit (8)(g)
(8)(h)	Participation Agreement, dated May 1, 2004, as amended through June 5, 2018, by and among Delaware Life Insurance Company, The Morgan Stanley Variable Insurance Fund, Inc., Morgan Stanley Investment Management Inc. and Morgan Stanley Distribution, Inc (Incorporated herein by reference to the Pre-Effective Amendment No. 1 to the Registration Statement on Form N-4, File No. 333-225901, filed on October 1, 2018); Exhibit (8)(h)
(8)(i)	Participation Agreement, dated December 3, 2007, by and among Sun Life Assurance Company of Canada (U.S.), The Huntington Funds, Edgewood Services, Inc., and Huntington Asset Advisors, Inc. (Incorporated herein by reference to Post-Effective Amendment No. 25 to the Registration Statement on Form N-4, File No. 333-83516, filed on February 12, 2008); Exhibit (8)(i)
(8)(j)	Participation Agreement, dated May 13, 2004, by and among Sun Life Assurance Company of Canada (U.S.), Merrill Lynch Variable Series Funds, Inc., Merrill Lynch Investment Managers, L.P. and FAM Distributors, Inc. (Incorporated herein by reference to Post-Effective Amendment No. 2 to the Registration Statement of Delaware Life Variable Account G on Form N-6, File No. 333-111688, filed on December 30, 2005); Exhibit (8)(j)
(8)(k)	Participation Agreement, dated September 30, 2002, by and among Sun Life Assurance Company of Canada (U.S.), Sun Life Insurance and Annuity Company of New York, First Eagle Sogen Variable Funds, Inc. and Arnhold and S. Bleichroeder, Inc. (Incorporated herein by reference to the Registration Statement of Delaware Life Variable Account I on Form N-6, File No. 333-143353, filed on May 30, 2007); Exhibit (8)(k)
(8)(l)	Participation Agreement, dated August 1, 2011, as amended through May 16, 2018, by and among Delaware Life Insurance Company of New York and Delaware Life Insurance Company, Putnam Variable Trust and Putnam Retail Management Limited Partnership (Incorporated herein by reference to the Pre-Effective Amendment No. 1 to the Registration Statement on Form N-4, File No. 333-225901, filed on October 1, 2018); Exhibit (8)(l)
(8)(m)	Participation Agreement, dated August 1, 2011, among Sun Life Assurance Company of Canada (U.S.), Sun Life Insurance and Annuity Company of New York, PIMCO Equity Series VIT, and PIMCO Investments LLC (Incorporated herein by reference to Pre-Effective Amendment No. 2 the Registration Statement of Delaware Life Variable Account K on Form N-4, File No. 333-173301, filed on August 10, 2011); Exhibit (8)(m)
(8)(n)	Participation Agreement, dated May 1, 2011, among Wells Fargo Variable Trust, Sun Life Assurance Company of Canada (U.S.) and Sun Life Insurance and Annuity Company of New York (Incorporated herein by reference to Pre-Effective Amendment No. 1 the Registration Statement on Form N-4, File No. 333-173301, filed on June 8, 2011); Exhibit (8)(n)
(8)(o)	Participation Agreement, dated April 24, 2009, as amended through May 29, 2018, by and among Delaware Life Insurance Company of New York and Delaware Life Insurance Company, JPMorgan Insurance Trust and J. P. Morgan Investment Management Inc. (Incorporated herein by reference to the Pre-Effective Amendment No. 1 to the Registration Statement on Form N-4, File No. 333-225901, filed on October 1, 2018); Exhibit (8)(o)
(8)(p)	Participation Agreement, dated December 1, 2012, as amended through September 8, 2014, by and among Delaware Life Insurance Company of New York and Delaware Life Insurance Company, MFS Variable Insurance Trusts I, II and III, and MFS Fund Distributors, Inc. (Incorporated herein by reference to the Pre-Effective Amendment No. 1 to the Registration Statement on Form N-4, File No. 333-225901, filed on October 1, 2018); Exhibit (8)(p)
(8)(q)	Participation Agreement, dated April 26. 2013, as amended through July 1, 2018, by and among Delaware Life Insurance Company, Delaware Life Insurance Company of New York, Delaware Life Insurance and Annuity Company (Bermuda) Ltd., Columbia Funds Variable Insurance Trust, Columbia Management Investment Advisers, LLC, and Columbia Management Investment Distributors, Inc. (Incorporated herein by reference to the Pre-Effective Amendment No. 1 to the Registration Statement on Form N-4, File No. 333-225901, filed on October 1, 2018); Exhibit (8)(q)
(9)	Opinion of Counsel as to the legality of the securities being registered and Consent to its use;*
(10)(a)	Consent of Independent Registered Public Accounting Firm;*
(10)(b)	Representation of Counsel pursuant to Rule 485(b);*
(11)	Not Applicable;
(12)	Not Applicable;
(13)	Schedule for Computation of Performance Quotations (Incorporated herein by reference to Post-Effective Amendment No. 10 to the Registration Statement on Form N-4, File No. 033-41628, filed on April 29, 1998); Exhibit (13)
(14)(a)	Powers of Attorney (Incorporated herein by reference to the Post-Effective Amendment No. 2 to the Registration Statement on Form N-4, File No. 333-225901, filed on December 30, 2019);Exhibit (14)(a)
(14)(b)	Resolution of the Board of Directors of the Depositor dated April 23, 2020, authorizing the use of powers of attorney for Officer signatures;*
(15)	Organization Chart of the Registrant, the Depositor and Group One Thousand One, LLC;* and
(16)	Master Services Agreement by and between Sun Life Assurance Company of Canada (U.S.) and se2, Inc., dated December 1, 2013. (Incorporated herein by reference to Post-Effective Amendment No. 15 to the Registration Statement of Delaware Life Variable Account I on Form N-6, File No. 333-143354, filed on April 29, 2015.) Exhibit (16)

* Filed herewith. 

Item 25. DIRECTORS AND OFFICERS OF THE DEPOSITOR 

Name and Principal Business Address	Positions and Offices With Depositor
Dennis A. Cullen 811 Turnberry Lane Northbrook, IL 60062	Director
David E. Sams, Jr. Delaware Life Insurance Company 1601 Trapelo Road, Suite 30 Waltham, MA  02451	Chairman and Director
Daniel J. Towriss Delaware Life Insurance Company 1601 Trapelo Road, Suite 30 Waltham, MA 02451	Chief Executive Officer and President and Director
Michael S. Bloom Delaware Life Insurance Company 1601 Trapelo Road, Suite 30 Waltham, MA 02451	Senior Vice President and General Counsel and Secretary
Andrew F. Kenney Delaware Life Insurance Company 1601 Trapelo Road, Suite 30 Waltham, MA 02451	Chief Investment Officer
Michael K. Moran Delaware Life Insurance Company 1601 Trapelo Road, Suite 30 Waltham, MA 02451	Senior Vice President and Chief Accounting Officer and Treasurer
James D. Purvis Delaware Life Insurance Company 1601 Trapelo Road, Suite 30 Waltham, MA 02451	Chief Operating Officer
Robert S. Sabatino Delaware Life Insurance Company 1601 Trapelo Road, Suite 30 Waltham, MA 02451	Senior Vice President, Information Technology and Operations
Michelle B. Wilcon Delaware Life Insurance Company 1601 Trapelo Road, Suite 30 Waltham, MA 02451	Senior Vice President, Human Resources

Item 26. PERSONS CONTROLLED BY OR UNDER COMMON CONTROL WITH THE DEPOSITOR OR REGISTRANT 

No person is directly or indirectly controlled by the Registrant. The Registrant is a separate account of the Depositor, Delaware Life Insurance Company, which is a wholly-owned subsidiary of Group One Thousand One, LLC. 

The organization chart of Group One Thousand One, LLC, the Depositor and Registrant is filed herewith as Exhibit 15. None of the companies listed in such organization chart is a subsidiary of the Registrant; therefore, the only financial statements being filed are those of Delaware Life Insurance Company. 

Item 27. NUMBER OF CONTRACT OWNERS 

As of March 2, 2020, there were 4,129 qualified and 2,002 non-qualified contract owners. 

Item 28. INDEMNIFICATION 

Pursuant to Section 145 of the Delaware Corporation Law, Article 8 of the By-laws of Delaware Life Insurance Company (a copy of which was filed as Exhibit (6)(b) to Post-Effective Amendment No. 51 to the Registration Statement on Form N-4, File No. 333-83516, on August 11, 2014), provides for the indemnification of directors, officers and employees of Delaware Life Insurance Company. Insofar as indemnification for liability arising under the Securities Act of 1933 may be permitted to directors, officers and controlling persons of Delaware Life Insurance Company pursuant to the certificate of incorporation, by-laws, or otherwise, Delaware Life Insurance Company has been advised that in the opinion of the Securities and Exchange Commission such indemnification is against public policy as expressed in the Act and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by Delaware Life Insurance Company of expenses incurred or paid by a director, officer, controlling person of Delaware Life Insurance Company in the successful defense of any action, suit or proceeding) is asserted by such director, officer or controlling person in connection with the securities being registered, Delaware Life Insurance Company will submit to a court of appropriate jurisdiction the question whether such indemnification by them is against public policy as expressed in the Act, unless in the opinion of their counsel the matter has been settled by controlling precedent, and will be governed by the final adjudication of such issue. 

Item 29. PRINCIPAL UNDERWRITERS 

(a) Clarendon Insurance Agency, Inc., a wholly-owned subsidiary of Delaware Life Insurance Company, acts as general distributor for the Registrant, Delaware Life Variable Accounts C, D, E, G, I, K and L, Keyport Variable Account A, KMA Variable Account, Keyport Variable Account I, KBL Variable Account A, KBL Variable Annuity Account, Delaware Life NY Variable Accounts A, B, C, D, J and N. 

(b)	Name and Principal	Position and Offices
	Business Address*	with Underwriter
	Thomas G. Seitz	President and Director
	Michael K. Moran	Financial Operations Principal and Treasurer and Director
	Michael S. Bloom	Secretary and Director
	Christopher J. Vellante	Chief Compliance Officer

*The principal business address of all directors and officers of the principal underwriter is 1601 Trapelo Road, Suite 30, Waltham, Massachusetts 02451 

(c) Inapplicable. 

Item 30. LOCATION OF ACCOUNTS AND RECORDS 

Accounts, books and other documents required to be maintained by Section 31(a) of the Investment Company Act of 1940 and the Rules promulgated thereunder are maintained, in whole or in part, by Delaware Life Insurance Company at its offices at 1601 Trapelo Road, Suite 30, Waltham, Massachusetts 02451, at the offices of Clarendon Insurance Agency, Inc., at 1601 Trapelo Road, Suite 30, Waltham, Massachusetts 02451, or at the offices of se², llc at 5801SW6thAvenue, Topeka,Kansas66636-0001. 

Item 31. MANAGEMENT SERVICES 

Not Applicable. 

Item 32. UNDERTAKINGS 

The Registrant hereby undertakes: 

(a)	To file a post-effective amendment to this Registration Statement as frequently as is necessary to ensure that the audited financial statements in the Registration Statement are never more than 16 months old for so long as payments under the variable annuity Contracts may be accepted;
(b)	To include either (1) as part of any application to purchase a Contract offered by the prospectus, a space that an Applicant can check to request a Statement of Additional Information, or (2) a post card or similar written communication affixed to or included in the prospectus that the Applicant can remove to send for a Statement of Additional Information;
(c)	To deliver any Statement of Additional Information and any financial statements required to be made available under SEC Form N-4 promptly upon written or oral request.
(d)	Representation with respect to Section 26(f)(2)(A) of the Investment Company Act of 1940: Delaware Life Insurance Company represents that the fees and charges deducted under the Contracts, in the aggregate, are reasonable in relation to the services rendered, the expenses expected to be incurred, and the risks assumed by the insurance company.
	The Registrant is relying on the no-action letter issued by the Division of Investment Management of the Securities and Exchange Commission to American Council of Life Insurance, Ref. No. IP-6-88, dated November 28, 1988, the requirements for which have been complied with by the Registrant.

SIGNATURES 

As required by the Securities Act of 1933 and the Investment Company Act of 1940, the Registrant certifies that it meets all of the requirements of Securities Act Rule 485(b) for effectiveness of this Post-Effective Amendment to the Registration Statement and has caused this Post-Effective Amendment to the Registration Statement to be signed on its behalf, in the City of Waltham, and Commonwealth of Massachusetts on this 27th day of April, 2020. 

DELAWARE LIFE VARIABLE ACCOUNT F
(Registrant)
DELAWARE LIFE INSURANCE COMPANY
(Depositor)
By: /s/ Daniel J. Towriss*
	Daniel J. Towriss
	Chief Executive Officer and President

As required by the Securities Act of 1933, this Post-Effective Amendment to the Registration Statement has been signed below by the following persons in the capacities with the Depositor, Delaware Life Insurance Company, and on the dates indicated. 

SIGNATURE	TITLE	DATE
/s/ David E. Sams, Jr.*	Chairman and Director	April 27, 2020
David E. Sams, Jr.	(Principal Executive Officer)
/s/ Daniel J. Towriss*	Chief Executive Officer and President and Director	April 27, 2020
Daniel J. Towriss	(Principal Executive Officer)
/s/ Michael K. Moran*	Senior Vice President and Chief Accounting	April 27, 2020
Michael K. Moran	Officer and Treasurer
	(Principal Financial Officer and Principal
	Accounting Officer)
/s/ Dennis A. Cullen*	Director	April 27, 2020
Dennis A. Cullen
*By: /s/ Kenneth N. Crowley	Attorney-in-Fact for:	April 27, 2020
Kenneth N. Crowley	Dennis A. Cullen, Director
	David E. Sams, Jr., Chairman and Director
	Daniel J. Towriss, Chief Executive Officer,      President, and Director;
	Michael K. Moran, Senior Vice President, Chief      Accounting Officer, and Treasurer

*Kenneth N. Crowley has signed this document on the indicated date on behalf of the above Directors for the Depositor pursuant to powers of attorney duly executed by such persons and a resolution of the Board of Directors authorizing use of powers of attorney for Officer signatures. Powers of Attorney are incorporated herein by reference to Post-Effective Amendment No. 2 to the Registration Statement on Form N-4, File No. 333-225901, filed on December 30, 2019. Resolution of the Board of Directors is included herein as Exhibit 14(b).  

EXHIBIT INDEX 

(9)	Opinion of Counsel as to the legality of the securities being registered and Consent to its use
(10)(a)	Consent of Independent Registered Public Accounting Firm
(10)(b)	Representation of Counsel pursuant to Rule 485(b)
(14)(b)	Resolution of the Board of Directors
(15)	Organization Chart of the Registrant, the Depositor and Group One Thousand One, LLC