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

REGISTRATION NO.                              333-225901 

811-05846 

SECURITIES AND EXCHANGE COMMISSION
WASHINGTON
 

FORM N-4
 

REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 

Post-Effective Amendment No. 3 

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 Payment Individual 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 

DELAWARE LIFE MASTERS PRIME VARIABLE ANNUITY^SM

Issued by

DELAWARE LIFE INSURANCE COMPANY

DELAWARE LIFE VARIABLE ACCOUNT F

Supplement dated April 29, 2020

to the Prospectus dated April 29, 2020

THIS SUPPLEMENT SHOULD BE READ IN CONJUNCTION WITH THE CURRENT

PROSPECTUS FOR YOUR CONTRACT DATED APRIL 29, 2020

This Rate Sheet Prospectus Supplement (the “Supplement” or “Rate Sheet Supplement”) provides certain information contained in the Delaware Life Masters Prime Variable Annuity^SM Prospectus dated April 29, 2020 (the “Prospectus”). Capitalized terms not defined in this Supplement have the same meaning as set forth in the Prospectus.

We are issuing this Supplement to provide the current Lifetime Withdrawal Percentages (the “LW%”), Bonus Rates (“BR%”) associated with the GLWB, and the GLWB Fee that we are offering. This supplement replaces and supersedes any previously issued Rate Sheet Supplement(s) and must be accompanied by, and used in conjunction with, the current variable annuity prospectus. It should be read and retained with the current variable annuity prospectus.

If you would like another copy of the current Prospectus, including any historical rates and fees, please call us at (877) 253-2323. The Prospectus and this Supplement can also be found on the U.S. Securities and Exchange Commission’s website (www.sec.gov) by searching File No. 333-225901.

If we file a new Rate Sheet Supplement, the terms of this Supplement will be superseded by the terms of the new Supplement. The terms of a Rate Sheet Supplement with no specified end date may not be amended unless we provide a minimum of 10 business days prior notice. The LW% and BR% rates and GLWB Fee below apply for applications signed on or after October 3, 2018. We must also receive your completed application within 7 calendar days of signing and the Contract must be funded within 60 calendar days of signing. If these conditions are not met, your application will be considered not In Good Order. If you decide to proceed with the purchase of the Contract, additional paperwork may be required to issue the Contract with the applicable LW%, BR% rates and GLWB Fee in effect at that time.

LW%

The Lifetime Withdrawal Percentage is based on the age of the youngest GLWB Covered Person on the Income Start Date and on the date of any subsequent Step-Up, as shown in the table below.

Age on Your Income Start Date and any Subsequent Step-Up date *	Lifetime Withdrawal Percentage Single-Life Coverage			Lifetime Withdrawal Percentage Joint-Life Coverage
<55		0.00	%		0.00	%
55-59		3.65	%		3.05	%
60-64		4.15	%		3.55	%
65-74		5.30	%		4.70	%
75-79		5.65	%		5.05	%
80-84		6.15	%		5.55	%
85+		6.65	%		6.05	%

* If you elect joint-life coverage, the age ranges are based upon the age of the younger spouse as described under “Joint-Life Coverage.”

BR%

On each Contract Anniversary during a Bonus Period, we will calculate a Bonus Amount that may be added to the Withdrawal Benefit Base. The Bonus Amount will be equal to the current Bonus Base multiplied by the Bonus Rate. Currently, the Bonus Rate is 6.25%.

GLWB FEE

The GLWB Fee is deducted from the Contract Value on the last Valuation Period of each Contract Quarter. The GLWB Fee is calculated by multiplying the GLWB Fee Rate by the Withdrawal Benefit Base. The GLWB Fee Rate is currently 0.30% (1.20% annually) and will never exceed the Maximum GLWB Fee Rate, currently 0.4875% (1.95% annually).

If you have any questions regarding this Supplement, please call the Service Center toll-free at (877) 253-2323 or write to us by mail - Delaware Life Insurance Company, P.O. Box 758581, Topeka, KS 66675-8581; by express mail - Delaware Life Insurance Company, Mail Zone 581, 5801 S.W. 6th Avenue, Topeka, KS 66636, and by facsimile at (785)286-6118.

THIS SUPPLEMENT SHOULD BE READ AND RETAINED FOR FUTURE REFERENCE.

DELAWARE LIFE MASTERS PRIME VARIABLE ANNUITY^SM

PROSPECTUS

April 29, 2020

This Prospectus describes the Delaware Life Masters Prime Variable Annuity^SM (the “Contract”), a flexible payment deferred variable annuity contract that allows you to accumulate assets on a tax-deferred basis for retirement or other long-term purposes. Delaware Life Insurance Company (the “Company,” “Delaware Life,” “us,” or “we”) and Delaware Life Variable Account F (the “Variable Account”) offer the Contract to individuals and entities.

When you contribute money to the Contract, you decide how to allocate your money among a number of Variable Account options and, when available, Fixed Account options. You should consider which features are important to you and the amount of Variable Account charges and the amount of any Withdrawal Charges you are willing to bear relative to your needs. In deciding whether to purchase any of the optional living benefit and death benefit riders, you should consider the desirability of the benefit relative to its additional cost and to your needs.

We hold the assets of each Variable Account option in a corresponding Subaccount of the Variable Account. Each Subaccount, in turn, invests in one of the following Funds:

AB Variable Products Series Fund, Inc., Class B

AB Balanced Wealth Strategy Portfolio

AB Large Cap Growth Portfolio

AB Small/Mid Cap Value Portfolio

American Funds Insurance Series^®, Class 4

Asset Allocation Fund

Global Balanced Fund

Global Growth Fund

Growth Fund

Growth-Income Fund

International Fund

New World Fund^®

BlackRock Variable Series Funds, Inc., Class III

BlackRock Global Allocation V.I. Fund

Columbia Variable Portfolio, Class 2

Columbia Variable Portfolio - Select Large Cap Value Fund

First Trust Variable Insurance Trust, Class I

First Trust/Dow Jones Dividend & Income Allocation Portfolio

Goldman Sachs Variable Insurance Trust, Service Shares

Goldman Sachs U.S. Equity Insights Fund

Invesco Variable Insurance Funds, Series II

Invesco V.I. Core Plus Bond Fund

Invesco V.I. Equity and Income Fund

JPMorgan Insurance Trust, Class 2

JPMorgan Insurance Trust Income Builder Portfolio

Lazard Retirement Series, Service Shares

Lazard Retirement Global Dynamic Multi-Asset Portfolio

Legg Mason Partners Variable Equity Trust, Class II

ClearBridge Variable Mid Cap Portfolio

Legg Mason Partners Variable Income Trust, Class II

Western Asset Core Plus VIT Portfolio

Lord Abbett Series Fund, Class VC

Bond Debenture Portfolio

MFS^® Variable Insurance Trust, Service Class

MFS^® Mid Cap Growth Series

MFS^® New Discovery Series

MFS^® Total Return Bond Series

MFS^® Total Return Series

MFS^® Value Series

MFS^® Variable Insurance Trust II, Service Class

MFS^® Core Equity Portfolio

MFS^® Global Growth Portfolio

MFS^® Technology Portfolio

MFS^® U.S. Government Money Market Portfolio²

MFS^® Variable Insurance Trust III, Service Class

MFS^® Blended Research^® Small Cap Equity Portfolio

MFS^® Conservative Allocation Portfolio¹

MFS^® Global Real Estate Portfolio

MFS^® Growth Allocation Portfolio¹

MFS^® Moderate Allocation Portfolio¹

MFS^® New Discovery Value Portfolio

Morgan Stanley Variable Insurance Fund, Inc., Class II

Global Franchise Portfolio

Global Infrastructure Portfolio

Global Strategist Portfolio

Growth Portfolio

PIMCO Variable Insurance Trust, Advisor Class

PIMCO CommodityRealReturn^® Strategy Portfolio

PIMCO International Bond Portfolio (U.S. Dollar-Hedged)

PIMCO Total Return Portfolio

Putnam Variable Trust, Class IB

Putnam VT Equity Income Fund

Putnam VT George Putnam Balanced Fund

Putnam VT Global Asset Allocation Fund

Putnam VT Global Health Care Fund

Putnam VT Income Fund

Putnam VT Research Fund

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 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.

Please see “VARIABLE ACCOUNT OPTIONS: THE FUNDS.” for a list of Funds by type and the names of the Funds’ investment advisers.

This Prospectus provides important information about the Variable Account and the Subaccounts that you should know before purchasing the Contract, including a description of the material rights and obligations under the Contract. It is important that you read the Contract, the optional living benefit and death benefit riders, and any amendments or endorsements.

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 into this Prospectus as a matter of law, which means it is legally part of the Prospectus. You can find the table of contents for the SAI on the last page of this Prospectus. You may obtain a copy of the SAI without charge by writing to us at our Service Address, by calling us at (877) 253-2323, and by visiting us at our customer website via www.delawarelife.com. In addition, you can obtain it by visiting the SEC’s website (www.sec.gov). This website also contains material incorporated by reference, and other information about the Variable Account that has been filed 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 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.

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 Variable Account, the Contract, and the Funds that a prospective investor ought to know before investing.

Any reference in this Prospectus to receipt by us means receipt at our Service Address: by mail - Delaware Life Insurance Company, P.O. Box 758581, Topeka, KS 66675-8581; by express mail - Delaware Life Insurance Company, Mail Zone 581, 5801 S.W. 6^th Avenue, Topeka, KS 66636, and by facsimile at (785)286-6118.

This Prospectus does not constitute an offering in any jurisdiction in which such offering may not be lawfully made. No dealer, salesperson or other person is authorized to give any information or make any representations in connection with the Contract other than those contained in this Prospectus, and, if given or made, such other information or representations must not be relied on.

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TABLE OF CONTENTS

SPECIAL TERMS	6
PRODUCT HIGHLIGHTS	11
FEES AND EXPENSES	15
EXAMPLE	16
CONDENSED FINANCIAL INFORMATION	17
THE ANNUITY CONTRACT	17
STATE LAW VARIATIONS	18
COMMUNICATING TO US ABOUT YOUR CONTRACT	18
Electronic Delivery of Contract Information	19
DELAWARE LIFE INSURANCE COMPANY	19
THE VARIABLE ACCOUNT	19
VARIABLE ACCOUNT OPTIONS: THE FUNDS	20
Payments We Receive	21
Selection of Funds	22
THE FIXED ACCOUNT	22
THE FIXED ACCOUNT OPTIONS: THE GUARANTEE PERIODS	23
Guarantee Periods	23
Guaranteed Interest Rates	24
THE ACCUMULATION PHASE	24
Issuing Your Contract	24
Amount and Frequency of Purchase Payments	24
Allocation of Purchase Payments	25
Your Contract Value	25
Variable Accumulation Value	25
Fixed Accumulation Value	26
Transfers Among the Subaccounts and the Fixed Account	27
Restrictions on Frequent Transfers	28
Waivers; Reduced Charges; Credits; Special Guaranteed Interest Rates	29
Automatic Programs	29
WITHDRAWALS, SURRENDERS, AND WITHDRAWAL CHARGES	31
Cash Withdrawals	31
Withdrawal Charge	32
Withdrawals not Subject to Withdrawal Charge	33
CONTRACT CHARGES	35
Annual Contract Fee	35
Asset Charge	35
Charges for the Optional Living Benefit	36
Charges for the Optional Death Benefits	36
Premium Taxes	36
Fund Charges	36
DESIGNATED INVESTMENT OPTIONS	37
OPTIONAL LIVING BENEFIT: THE GLWB	39
Determining Your Withdrawal Benefit Base	40
Determining Your AWA	40
How the GLWB Works	41
Step-Up Feature and Bonus Feature	41
Step-Up Feature	42
Bonus Feature	43
Withdrawals Under the GLWB	45
The GLWB Fee	47
GLWB Covered Person and Joint GLWB Covered Person	47
Effect of Divorce on the GLWB	48

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Death of Owner	49
Spousal Considerations - GLWB	49
Death of GLWB Covered Person with Single-Life Coverage	49
Death of GLWB Covered Person with Joint-Life Coverage	50
Annuitization Under the GLWB	50
Termination of the GLWB	51
Tax Issues Under the GLWB	51
DEATH BENEFIT	52
Amount of Death Benefit	52
Optional Death Benefits	52
HAV Death Benefit	53
ROP Death Benefit	54
Spousal Considerations - Death Benefit	56
Method of Paying Death Benefit	56
Payment of Death Benefit	56
Qualified Contracts	57
Non-Qualified Contracts	57
Selection and Change of Beneficiary	58
THE INCOME PHASE - ANNUITIZATION PROVISIONS	58
Selection of Annuitant(s)	58
Your Annuity Income Date	59
Fixed Annuity Payment Options	59
Determination of Amount of Annuity Payments	60
Interest Rates and Mortality Table	61
Annuity Payment Options as Method of Payment for Death Benefit	61
GENERAL PROVISIONS	61
Deferral of Payments and Transfers	61
Exercise of Contract Rights	62
Change of Ownership	62
Voting of Fund Shares	62
Reports to Owners	62
Substitution of Securities	63
Change in Operation of Variable Account	63
Splitting Units	63
Modification	63
Misstatement of Age or Sex	64
Assignment	64
Incontestability	64
Nonparticipating	64
Proof of Age and Survival	64
Reservation of Rights	64
Right to Examine and Cancel	64
TAX PROVISIONS	65
U.S. Federal Income Tax Provisions	65
ADMINISTRATION OF THE CONTRACT	72
Business Disruption and Cyber Security Risks	72
DISTRIBUTION OF THE CONTRACT	73
AVAILABLE INFORMATION	74
STATE REGULATION	75
LEGAL PROCEEDINGS	75
TABLE OF CONTENTS OF STATEMENT OF ADDITIONAL INFORMATION	76
APPENDIX A - STATE LAW VARIATIONS	77

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APPENDIX B - EXAMPLES OF WITHDRAWALS, SURRENDERS AND WITHDRAWAL CHARGES	78
APPENDIX C - EXAMPLES OF CALCULATION OF FREE WITHDRAWAL AMOUNT	79
APPENDIX D - CONDENSED FINANCIAL INFORMATION	80

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SPECIAL TERMS

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

ACCUMULATION PHASE: The period before the Annuity Income Date while the Contract is in force.

ANNUAL WITHDRAWAL AMOUNT (“AWA”): Under the GLWB, the maximum amount that you may withdraw in a Contract Year without reducing the Withdrawal Benefit Base. The AWA can change from Contract Year to Contract Year, based on changes in the Withdrawal Benefit Base and the Lifetime Withdrawal Percentage. Your AWA may only be withdrawn under the AWA automatic withdrawal program.

ANNUITANT: The natural person or persons with the right to receive annuity payments on or after the Annuity Income Date and on whose life or lives annuity payments involving life contingencies are based.

ANNUITY INCOME DATE: The date selected by the Owner to begin the annuity payments. If no Annuity Income Date is selected, the first annuity payment will be the first day of the month following the Contract Anniversary subsequent to the youngest Annuitant’s 100^th birthday.

ANNUITY PAYMENT OPTION: A payment option as described under “Fixed Annuity Payment Options” or subsequently made available by the Company.

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

ASSET CHARGE: The Asset Charge is also known as the mortality and expense risk charge. It is assessed in computing the Net Investment Factor.

BENEFICIARY: During the Accumulation Phase, the Beneficiary is the person or entity having the right to receive the death benefit and who, in the event of an Owner’s death, is the “designated Beneficiary” for purposes of Section 72(s) of the Code. After the Annuity Income Date, the Beneficiary is the person or entity having the right to receive the remaining payments, if any, under the Annuity Payment Option elected, following the death of each Annuitant.

BONUS AMOUNT: During the Bonus Period, an amount that may be added to the Withdrawal Benefit Base as a bonus at the end of each Contract Year and on the Income Start Date. The Bonus Amount is equal to the Bonus Rate multiplied by the Bonus Base.

BONUS BASE: The amount used to calculate any Bonus Amounts during the Bonus Period.

BONUS PERIOD: A 10-year time period before the Income Start Date, measured from the Issue Date or the last Step-Up Date, over which the Withdrawal Benefit Base can accumulate Bonus Amounts. The Bonus Period terminates automatically on the Income Start Date.

BONUS RATE: A percentage rate multiplied by the Bonus Base on each Contract Anniversary (and on the Income Start Date if not a Contract Anniversary) during the Bonus Period to determine any Bonus Amounts. The Bonus Rate will not vary from the Bonus Rate disclosed in this Prospectus or as disclosed in any Rate Sheet Supplement.

BUSINESS DAY: Any day the New York Stock Exchange (“NYSE”) is open for trading and that is a day on which we process financial transactions and requests.

CODE: The Internal Revenue Code of 1986, as amended.

COMPANY (“we,” “us,” “our,” “DELAWARE LIFE”): Delaware Life Insurance Company.

6

CONTRACT: The flexible payment deferred variable annuity contract described in this Prospectus and issued to an Owner or Joint Owners after the initial Purchase Payment is accepted by us.

CONTRACT ANNIVERSARY: The same date in each succeeding year that corresponds to the Issue Date. If your Contract is issued on February 29^th, your Contract Anniversary will be March 1^st of each subsequent year.

CONTRACT QUARTER: A three-month period with the first Contract Quarter beginning on the Issue Date.

CONTRACT VALUE: During the Accumulation Phase, the Contract Value for any Valuation Period is equal to the Variable Accumulation Value, if any, plus the Fixed Accumulation Value, if any, for that Valuation Period.

CONTRACT YEAR: A period of 365 days (366 days if a leap year) first measured from the Issue Date.

DEATH BENEFIT DATE: The date on which the Company receives Due Proof of Death. If there are multiple Beneficiaries, the Death Benefit Date will be the first date on which we receive Due Proof of Death from at least one Beneficiary.

DESIGNATED INVESTMENT OPTIONS: The Subaccounts (and fixed Guarantee Period(s), if any) that we make available for use with the GLWB, the HAV Death Benefit, and the ROP Death Benefit riders.

DOLLAR COST AVERAGING (“DCA”) program: The Owner may elect to participate in the DCA program, at no extra charge, by allocating a Purchase Payment to the Fixed Account prior to your Annuity Income Date. The 6 and 12-month DCA program automatically transfers a fractional amount of your Purchase Payment, plus accrued interest, from the Fixed Account to your selected Subaccounts each month.

DUE PROOF OF DEATH: An original or an originally 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, in respect of each Beneficiary, our claim form, properly completed, and any other information or documents required to make a death benefit payment.

EARLY WITHDRAWAL: Under the GLWB, any withdrawal taken prior to the Income Start Date.

EXCESS WITHDRAWAL: Under the GLWB, in any Contract Year after the Income Start Date, an Excess Withdrawal is the portion of cumulative withdrawals that exceeds the higher of the AWA and the RMD Amount.

FIXED ACCOUNT: A part of the Company’s general account, consisting of all the Company’s assets other than those allocated to the Company’s separate accounts. Amounts allocated to the Guarantee Periods and the DCA program are held in the Fixed Account.

FIXED ACCUMULATION VALUE: The sum of the values of all Guarantee Amounts credited to your Contract and the amounts in the DCA program for a Valuation Period.

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

FUND: An open-end management investment company or series or portfolio thereof, sometimes called a “mutual fund,” registered under the Investment Company Act of 1940. Each Subaccount invests in shares of a Fund.

GLWB: An optional living benefit that you may be eligible to elect on or before the Issue Date of your Contract. If elected, the GLWB rider guarantees that the Owner may withdraw and receive an annual amount each Contract Year during the lifetime of the GLWB Covered Person or, if a joint-life income is selected, during the lifetimes of the GLWB Covered Person and the Joint GLWB Covered Person.

GLWB COVERED PERSON (JOINT GLWB COVERED PERSON): Under the GLWB, the natural person whose age is used to determine the Lifetime Withdrawal Percentage for purposes of calculating the AWA on the Income Start

7

Date and on any subsequent Step-Up Date. If joint-life coverage is elected, the GLWB Covered Person is the younger spouse as recognized under federal tax laws and the older spouse is the Joint GLWB Covered Person.

GLWB FEE: A fee calculated by multiplying the GLWB Fee Rate by the Withdrawal Benefit Base and deducted from your Contract Value on the last Valuation Period of each Contract Quarter. The GLWB Fee will not vary from the GLWB Fee disclosed in this Prospectus or as disclosed in any Rate Sheet Supplement.

GLWB FEE RATE: The percentage rate used to calculate the quarterly GLWB Fee. The GLWB Fee Rate is currently 0.30% (1.20% annually) and will never exceed the Maximum GLWB Fee Rate, currently 0.4875% (1.95% annually).

GLWB PURCHASE PAYMENT PERIOD: The period during which additional Purchase Payments may be accepted. The GLWB Purchase Payment Period begins on the Issue Date and is currently the first three Contract Years.

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 consents) so that the Company does not need to exercise any discretion to follow such instruction.

GUARANTEE AMOUNT: Any portion of the Fixed Accumulation Value allocated to a Guarantee Period with a particular Renewal Date (including interest earned thereon).

GUARANTEE PERIOD: The period for which a Guaranteed Interest Rate is credited. Each year in a Guarantee Period is 365 days (366 days if a leap year), first measured from the date of the allocation to the Guarantee Period.

GUARANTEED INTEREST RATE: The rate of interest we credit during any Guarantee Period. Our minimum Guaranteed Interest Rate will always be equal to the greater of the required minimum nonforfeiture rate and 1%.

HAV COVERED PERSON: Under the HAV Death Benefit, the oldest Owner, or the oldest Annuitant if the Owner is not a natural person, on the Issue Date for the HAV Death Benefit except as provided under spousal continuation.

HAV DEATH BENEFIT: An optional death benefit that you may be eligible to elect on or before the Issue Date of your Contract. If elected, the HAV Death Benefit rider provides a death benefit equal to the higher of the Contract Value on the Death Benefit Date and the HAV Value. The HAV Death Benefit may be elected only if all Owners and Annuitants are younger than age 71 on the Open Date.

HAV VALUE: The higher of (1) the total Purchase Payments, adjusted for any partial withdrawals, and (2) the highest Contract Value on any Contract Anniversary before the HAV Covered Person’s 81st birthday, adjusted for any Purchase Payments and any partial withdrawals made between such Contract Anniversary and the Death Benefit Date under the HAV Death Benefit rider.

INCOME PHASE (annuity payout): The annuity payout period that begins on the Annuity Income Date and during which annuity payments are made.

INCOME START DATE: Under the GLWB, the date we receive your election to activate your right to withdraw the AWA. We will calculate the initial AWA on the Income Start Date. The Income Start Date cannot be earlier than the date the GLWB Covered Person attains age 55 nor later than the last Valuation Period before the Maximum Annuity Income Date.

ISSUE DATE: The effective date of your Contract when we apply your initial Purchase Payment and issue your Contract.

LIFETIME WITHDRAWAL PERCENTAGE: A percentage, based on the GLWB Covered Person’s age on the Income Start Date and on any subsequent Step-Up Date, that is applied to the Withdrawal Benefit Base to determine the AWA. The Lifetime Withdrawal Percentages will not change throughout the life of the Contract from the Lifetime Withdrawal Percentages disclosed in the Prospectus, or as disclosed in any Rate Sheet Supplement.

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MAXIMUM ANNUITY INCOME DATE: The first day of the month following the Contract Anniversary subsequent to the youngest Annuitant’s 100^th birthday, unless otherwise restricted, in the case of a Qualified Contract, by the particular retirement plan or by applicable law.

MIN-MAX PERCENTAGES: The minimum and maximum aggregate allocation percentage requirements for the Designated Investment Options categories, if the GLWB, HAV Death Benefit, or ROP Death Benefit is elected.

NET INVESTMENT FACTOR: A formula applied by the Company to reflect the investment performance of a Subaccount from one Valuation Period to the next and through which the Asset Charge is assessed. The Net Investment Factor may be greater than, less than, or equal to one.

NON-QUALIFIED CONTRACT: A Contract that does not receive favorable federal income tax treatment under Sections 401, 403, 408, 408A, or 457 of the Code. 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 in Good Order by the Company.

OWNER: The person(s) or entity entitled to the ownership rights in the Contract. Joint Owners must be spouses recognized as such under federal tax laws.

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 Owner, or upon the death of the Annuitant on or after the Annuity Income Date.

PURCHASE PAYMENT: An amount paid to the Company as consideration for the benefits provided by the 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, 408A, or 457 of the Code.

RATE SHEET SUPPLEMENT: Supplements to the Prospectus which we periodically file with the SEC that detail and modify the Lifetime Withdrawal Percentages and Bonus Rates associated with the GLWB and the GLWB Fee. Rate Sheet Supplements will disclose the rates applicable for a specified range of dates. The terms of a Rate Sheet Supplement with no specified end date may not be amended unless we provide a minimum of 10 Business Days prior notice. The Lifetime Withdrawal Percentages, Bonus Rates and the GLWB Fee are disclosed in this Prospectus. You may contact the Service Center at (877) 253-2323 for the rates applicable to your Contract. Any historical Lifetime Withdrawal Percentages, Bonus Rates and GLWB Fees reflected in Rate Sheet Supplements may be found in the Statement of Additional Information, as well as on the SEC’s website (www.sec.gov) by searching with File Number 333-225901.

RECEIVE (receipt, receives, received by the Company): Occurs when received by the Company in Good Order at our Service Address, or at such other location and by any means we identify as acceptable to us.

RENEWAL DATE: The last day of a Guarantee Period.

RMD AMOUNT: The required minimum distribution amount, if any, that must be distributed with respect to the Contract Value of a Qualified Contract for the current calendar year under Section 401(a)(9) of the Code or other provisions of federal tax laws.

ROP COVERED PERSON: Under the ROP Death Benefit, the Owner, Joint Owner, or the Annuitant if the Owner is not a natural person, on the Issue Date for the ROP Death Benefit except as provided under spousal continuation.

ROP DEATH BENEFIT: An optional death benefit that you may be eligible to elect on or before the Issue Date of your Contract. If elected, the ROP Death Benefit rider provides a death benefit equal to the higher of the Contract

9

Value and the ROP Value. The ROP Death Benefit option may be elected only if all Owners and Annuitants are younger than age 71 on the Open Date.

ROP VALUE: Total Purchase Payments adjusted for any partial withdrawals under the ROP Death Benefit rider.

SERVICE ADDRESS: By mail, Delaware Life Insurance Company, P.O. Box 758581, Topeka, KS 66675-8581; by express mail, Delaware Life Insurance Company, Mail Zone 581, 5801 SW 6^th Avenue, Topeka, KS 66636; and by facsimile at (785)286-6118, or such other address specified by written notice, to which all correspondence concerning your Contract should be sent.

STEP-UP: Under the GLWB, an increase that the Company applies to the Withdrawal Benefit Base.

STEP-UP DATE: Under the GLWB, the date when the Withdrawal Benefit Base is increased by a Step-Up.

SUBACCOUNT: A division of the Variable Account which invests in shares of a Fund.

SURRENDER VALUE: The amount payable on full withdrawal of your Contract. It is the Contract Value less any applicable Annual Contract Fee, any Withdrawal Charge, and any applicable GLWB, HAV Death Benefit, and ROP Death Benefit rider charges.

VALUATION PERIOD: The period of time beginning at the close of regular trading on the NYSE each Business Day and ending at the close of such trading on the next Business Day.

VARIABLE ACCOUNT: Delaware Life Variable Account F, 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 and which is not chargeable with liabilities arising out of any other business of the Company.

VARIABLE ACCUMULATION UNIT: A unit of measure, for each Subaccount of the Variable Account. It is used to calculate the Contract Value allocated to each Subaccount of the Variable Account during the Accumulation Phase.

VARIABLE ACCUMULATION VALUE: The sum of the values of all the Variable Accumulation Units in the Subaccounts supporting your Contract for a Valuation Period.

WITHDRAWAL BENEFIT BASE: Under the GLWB, the amount used to calculate the AWA and the GLWB Fee. The Withdrawal Benefit Base is not available for withdrawal, surrender, as a death benefit, or for application to any Annuity Payment Option.

WITHDRAWAL CHARGE: The charge which will be applied in the event that you make a partial withdrawal or surrender your Contract during the period when the Withdrawal Charge applies. The Withdrawal Charge does not apply to any Free Withdrawal Amount or in any case where the Withdrawal Charge is waived under the Contract.

YOU and YOUR: The terms “you” and “your” refer to the “Owner,” as that term is used in this Prospectus.

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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 Delaware Life Masters Prime Variable Annuity^SM Contract provides a number of important benefits for your retirement planning. You are eligible to purchase a Contract if you are younger than age 81 on the Open Date. During the Accumulation Phase, you may make Purchase Payments under the Contract and allocate them to one or more of the Variable Account options or, if available, the Fixed Account options. During the Income Phase, we make annuity payments to you, or someone else designated by you, 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 electing the HAV Death Benefit or the ROP Death Benefit on or before the Issue Date at an additional cost. The Contract also provides an optional living benefit, the GLWB, which may be elected on or before the Issue Date at an additional cost.

The Accumulation Phase

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, unless you elected the GLWB, as described below. The minimum amount required for each additional Purchase Payment is $500. We will not accept, without our prior approval, a Purchase Payment that would cause the total Purchase Payments to exceed $1.5 million. We will not accept a Purchase Payment after any Owner or Annuitant attains age 93. These general requirements for Purchase Payments apply if you elect any of the GLWB, the HAV Death Benefit or the ROP Death Benefit riders. If you elect the GLWB, Purchase Payments will be accepted only during the GLWB Purchase Payment Period, currently the first three Contract Years. Any Purchase Payment received after the third Contract Anniversary will be deemed “not in Good Order” and returned to you.

Variable Account Options: The Subaccounts

You can allocate your Purchase Payments among a number of Subaccounts. You may also transfer among the Subaccounts. Each Subaccount invests in a Fund that is either a mutual fund registered under the Investment Company Act of 1940 (“1940 Act”) or a separate series or portfolio thereof. The Subaccounts available under the GLWB, the HAV Death Benefit and the ROP Death Benefit riders are called “Designated Investment Options.” Currently, all Subaccounts investing in available Funds also are Designated Investment Options, but this could change as we reserve the right to change Designated Investment Options. The investment returns on the Funds are not guaranteed. You can make or lose money.

The Fixed Account Options: The Guarantee Periods

We may make Fixed Account options available. When we do, you can allocate your Purchase Payments to the Fixed Account and elect one or more of the available Guarantee Periods. You may also transfer your Contract Value to the available Guarantee Periods in the Fixed Account. Each Guarantee Period earns interest at a Guaranteed Interest Rate that we publish. We may change the Guaranteed Interest Rate for Purchase Payments and renewals, but no Guaranteed Interest Rate will ever be less than the minimum guaranteed rate required by law. If we have accepted your allocation to a particular Guarantee Period, we promise that the Guaranteed Interest Rate applicable to that allocation will not change for the duration of the Guarantee Period. We may offer Guarantee Periods of different durations or stop offering some or all Guarantee Periods. If we stop offering a Guarantee Period or any Guarantee Periods at all, any future allocations, transfers or renewals into such Guarantee Period(s) will not be permitted. Guarantee Amounts already in existence will be unaffected, although the Guarantee Amounts will be transferred into a money market Subaccount at the end of the Guarantee Period unless you direct us to transfer the Guarantee Amounts into any other Subaccount(s). Amounts paid from the Fixed Account will be subject to the claims paying ability and financial strength of the Company. Interests in the Fixed Account will not be registered as an investment company under the Investment Company Act of 1940.

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Fees and Expenses

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

If your Contract Value is less than $100,000 on your Contract Anniversary, we will deduct a $30 Annual Contract Fee. We will waive this fee if your Contract Value is $100,000 or more on your Contract Anniversary.

During the Accumulation Phase, we assess an Asset Charge at an annual rate of 1.20% in computing the Net Investment Factor for each Subaccount. The Asset Charge is designed to compensate us for the mortality, administrative, distribution and other expenses we assume to provide your Contract benefits. (See “Asset Charge.”)

If you withdraw more than the Free Withdrawal Amount prior to the Annuity Income Date or more than the greater of the Free Withdrawal Amount or the AWA after the Income Start Date, we assess a Withdrawal Charge against each Purchase Payment withdrawn. For each Purchase Payment, the Withdrawal Charge starts at 8% and declines to 0% after the Purchase Payment has been in the Contract for seven complete years. See “Withdrawal Charge” for a description of the calculation of the Withdrawal Charge, the Free Withdrawal Amount, withdrawals are not subject to the Withdrawal Charge and the order of withdrawals.

Currently, you can transfer your Contract Value among the Subaccounts and, if available, the Guarantee Period(s) free of charge. However, we reserve the right to impose a charge of up to $25 per transfer. We limit the number of transfers to 12 per Contract Year. (See “Transfers Among the Subaccounts and the Fixed Account.”)

If you elect either the HAV Death Benefit or the ROP Death Benefit (as described below), a quarterly fee will be deducted from the Contract Value at the end of each Contract Quarter (or proportionately when the optional death benefit terminates) as follows:

• HAV Death Benefit - 0.10% (0.40% annually) of the HAV Value.

• ROP Death Benefit - 0.05% (0.20% annually) of the ROP Value.

If you elect the GLWB, the quarterly fee of .30% (1.20% annually), which will not exceed .4875% (1.95% annually), of the Withdrawal Benefit Base, will be deducted from the Contract Value at the end of each Contract Quarter (or proportionately when the GLWB terminates).

Fund Charges

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.

Designated Investment Options

If you elect any of the GLWB, the HAV Death Benefit and the ROP Death Benefit riders, your Purchase Payments and Contract Value must be allocated only to Designated Investment Options in compliance with the minimum and maximum aggregate allocation percentage requirements. The GLWB, the HAV Death Benefit and the ROP Death Benefit riders will terminate automatically if you do not comply with this requirement. If any of the GLWB, HAV Death Benefit, and ROP Death Benefit riders are terminated, any rider charges will not be repaid to you by the Company. (See “DESIGNATED INVESTMENT OPTIONS.”)

Optional Living Benefit

On or before the Issue Date, you may elect the GLWB at an additional cost. The GLWB is the only optional living benefit offered under the Contract. The GLWB offers a guaranteed annual withdrawal amount known as the AWA, with an opportunity for a Step-Up or a Bonus Amount to increase your Withdrawal Benefit Base.

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The GLWB is available only if all Owners and Annuitants are age 45 or older on the Issue Date and younger than age 81 on the Open Date. If you purchase the GLWB, your investment choices are limited to the Designated Investment Options. Under the GLWB, you may make Purchase Payments only during the GLWB Purchase Payment Period, currently the first three Contract Years. Any Purchase Payments received after the third Contract Anniversary will be deemed “not in Good Order” and returned to you.

Purchase Payments allocated to any investment option that is not a Designated Investment Option will terminate the GLWB. Withdrawals taken in excess of specified amounts, or withdrawals taken prior to certain dates, will, in addition to decreasing your Contract Value, decrease values under the GLWB by an amount that may be greater than the amount withdrawn and may cause your Contract and the GLWB to terminate without any value.

You may terminate the GLWB at any time. If the GLWB terminates on any day except the last day of the Contract Quarter, we will deduct a proportional amount of the GLWB Fee. (See “The GLWB Fee.”) In addition, the GLWB will terminate if you annuitize or if you transfer any portion of your Contract Value to any investment option that is not a Designated Investment Option. In certain circumstances, a change of ownership may also terminate the GLWB. Upon termination, all benefits and fees associated with the GLWB will cease. Once terminated, the GLWB cannot be reinstated.

Basic Death Benefit

If you die during the Accumulation Phase, the Beneficiary will receive a death benefit. The amount of the death benefit depends upon whether you choose the basic death benefit provided by the Contract or, at an additional cost, one of the optional death benefits. The basic death benefit pays your Contract Value calculated as of the Death Benefit Date.

Optional Death Benefit

You may elect one of the two optional death benefits at an additional cost if all Owners and Annuitants are younger than age 71 on the Open Date. The two optional death benefits are the HAV Death Benefit and the ROP Death Benefit. The HAV Death Benefit pays the greater of the Contract Value on the Death Benefit Date and the HAV Value (See “HAV Death Benefit.”) The ROP Death Benefit pays the greater of the Contract Value on the Death Benefit Date and the ROP Value (See “ROP Death Benefit.”) Purchase Payments allocated to any investment option that is not a Designated Investment Option will terminate the HAV Death Benefit and the ROP Death Benefit riders. Partial Withdrawals will, in addition to decreasing your Contract Value, decrease values under the HAV Death Benefit and the ROP Death Benefit riders by an amount that may be greater than the amount withdrawn and may cause your Contract and the HAV Death Benefit and the ROP Death Benefit to terminate without any value.

You may terminate the HAV Death Benefit and the ROP Death Benefit at any time. If the HAV Death Benefit and the ROP Death Benefit terminate on any day except the last day of the Contract Quarter, we will deduct a proportional amount of the optional death benefit fees. In addition, the HAV Death Benefit and the ROP Death Benefit will terminate if you annuitize. In certain circumstances, a change of ownership may also terminate the HAV Death Benefit and the ROP Death Benefit. Upon termination, all benefits and fees associated with the HAV Death Benefit and the ROP Death Benefit will cease. Once terminated, the HAV Death Benefit and the ROP Death Benefit cannot be reinstated. See “HAV Death Benefit” and “ROP Death Benefit.”

The Income Phase: Annuitization Provisions

If you want to receive regular income payments other than payments under the GLWB or the Systematic Withdrawal program, you can select one of several fixed Annuity Payment Options. There are no variable annuity options available under the Contract. Subject to the Maximum Annuity Income Date, you choose your Annuity Income Date to begin your annuity payments. Once the Income Phase begins, you cannot change the choice of annuity payment option.

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Withdrawals, Surrenders, and Withdrawal Charges

You can withdraw money from your Contract or surrender your Contract during the Accumulation Phase. You may withdraw the Free Withdrawal Amount from your Contract Value each year without the imposition of a Withdrawal Charge. During the first Contract Year, the Free Withdrawal Amount is available only for Qualified Contracts and is equal to the RMD Amount, if any, for the current calendar year, as calculated by us under the Code. For all other Contract Years, the Free Withdrawal Amount is equal to the greater of: a) 10% of the Contract Value (computed as of the last Contract Anniversary prior to the withdrawal), or b) the RMD Amount, if any, for the current calendar year, as calculated by us under the Code and regulations. Withdrawals other than the Free Withdrawal Amounts will be subject to a Withdrawal Charge. For any withdrawal and surrender, including any Free Withdrawal Amount, you may also have to pay income taxes and tax penalties. You should consult a qualified tax professional for more information.

Right to Examine and Cancel

The Contract contains a Right to Examine provision. You may return and cancel your Contract within 10 days after receiving it (30 days if your Contract was purchased as part of a replacement or later, if required by your state). We will return your Contract Value as of the end of the Valuation Period when we receive your cancellation request in Good Order plus any amount deducted from your Purchase Payments. This amount may be more or less than the original Purchase Payment. If the Contract is issued in a state requiring the return of Purchase Payments, you will receive the greater of (1) your Contract Value as of the Valuation Period we receive your cancellation request, reduced by the applicable Annual Contract Fee and the Withdrawal Charge or (2) your total Purchase Payments made as of that date.

Tax Provisions

Your earnings are not taxed unless you take a withdrawal from the Contract. If you withdraw money during the Accumulation Phase, earnings come out first for tax purposes 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 59 ¹/₂ 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 Contracts, we currently offer other forms of annuity contracts with a variety of features, benefits and charges. Some of these other annuity contracts may be available at a lower cost and you should ask your financial professional. Not all of the annuity contracts that we offer are available in all jurisdictions or through all financial professionals with whom we contract. You should consider with your financial professional 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 our Service Address:

By mail - Delaware Life Insurance Company

P.O. Box 758581

Topeka, KS 66675-8581

By express mail - Delaware Life Insurance Company

Mail Zone 581

5801 SW 6^th Avenue

Topeka, KS 66636;

By facsimile - (785) 286-6118

By telephone - (877) 253-2323

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FEES AND EXPENSES

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

The first table describes the fees and expenses that you will pay at the time that you buy the Contract, surrender the Contract, or transfer Contract Value among the Subaccounts and the Fixed Account, if available. State premium taxes may also be deducted.

Owner Transaction Expenses

Sales Charge Imposed on Purchases (as a percentage of Purchase Payments)			None
Maximum Withdrawal Charge for Full Surrenders and Partial Withdrawals (as a percentage of Purchase Payments withdrawn)			8%2
Number of Completed Years Since the Purchase Payment Has Been in Your Contract	Withdrawal Charge
0		8%
1		7%
2		6%
3		6%
4		5%
5		4%
6		3%
7 or more		0%
Maximum Fee Per Transfer (currently $0):			$25

The next table describes the fees and expenses that you will pay periodically during the time that you own the Contract, not including Fund fees and expenses.

Annual Contract Fee $30 ³ 

Variable Account Annual Expenses

(As a percentage of average Variable Accumulation Value)

Total Variable Account Annual Expenses (Asset Charge) 1.20% ⁴ 

Charges for Optional Death Benefits	Maximum/Current Charge
HAV Death Benefit (as a percentage of the HAV Value5)	0.40% annually (0.10% quarterly)
ROP Death Benefit (as a percentage of the ROP Value6)	0.20% annually (0.05% quarterly)
Charge for the Optional Living Benefit7	Current Charge	Maximum Charge
GLWB (as a percentage of the Withdrawal Benefit Base8)	1.20% annually (0.30% quarterly)	1.95% annually (0.4875% quarterly)

Total Variable Account Annual Expenses (1.20%) plus Maximum Charges for the HAV Death Benefit
(0.40%) and the GLWB (1.95%):

3.55% ⁹ 

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The next item shows the minimum and maximum total operating expenses charged by the Funds that you may pay periodically during the time that you own the Contract. More detail concerning each Fund’s fees and expenses, including a description of any applicable fee waiver or expense reimbursement arrangement, is contained in the prospectus for each Fund for the year ended December 31, 2019.

Total Annual Fund Operating Expenses	Minimum		Maximum
(expenses that are deducted from Fund assets, including management fees, distribution and/or service (12b-1) fees, and other expenses)		0.77%		2.16%

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.

¹  The fee tables apply to the Accumulation Phase of the Contract and reflect the maximum charges unless otherwise noted. (See “CONTRACT CHARGES.”) There are no fees assessed during the Income Phase.

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

³  The Annual Contract Fee is waived if your Contract Value is $100,000 or more on your Contract Anniversary. (See “Annual Contract Fee.”)

⁴ The Variable Account Annual Expense(Asset Charge) is assessed as a reduction in the Net Investment Factor at the end of each Valuation Period. The Asset Charge is designed to compensate us for mortality expense, administration, distribution and other expenses. There is no separate asset charge for these expenses. (See “Asset Charges.”)

⁵  The HAV Death Benefit is described under “DEATH BENEFIT.” It is currently available only if all Owners and Annuitants are younger than age 71 on the Open Date. The HAV Value is equal to your initial Purchase Payment, and is thereafter subject to certain adjustments. The charges shown are assessed and deducted quarterly based upon the HAV Value, taken on the last day of each Contract Quarter. (See “HAV Death Benefit.”)

⁶  The ROP Death Benefits is described under “DEATH BENEFIT.” It is currently available only if all Owners and Annuitants are younger than age 71 on the Open Date. The ROP Value initially is equal to your initial Purchase Payment, and is thereafter subject to certain adjustments. The charges shown are assessed and deducted quarterly based upon the ROP Value, taken on the last day of each Contract Quarter. (See “ROP Death Benefit.”)

⁷ As discussed under “OPTIONAL LIVING BENEFIT: THE GLWB,” we have the right to increase the rate of the charge on a Step-Up. The charge shown is assessed and deducted quarterly based upon the Withdrawal Benefit Base, taken on the last day of each Contract Quarter. Your actual charges may be less than the maximum stated above. (See “Step-Up Feature.”)

⁸  The Withdrawal Benefit Base initially is equal to your initial Purchase Payment, and is thereafter subject to certain adjustments. (See “OPTIONAL LIVING BENEFIT: THE GLWB”)

⁹  This amount assumes that the HAV Death Benefit (0.40%) was selected and that the GLWB (1.95%) was also selected (in addition to the 1.20% Asset Charge). We included the HAV Death Benefit fee only since the ROP Death Benefit fee is less than the HAV Death Benefit fee. This assumes the HAV Value and the GLWB’s initial Withdrawal Benefit Base are equal to the initial Purchase Payments. If the fee base changes, the charge for your HAV Death Benefit and the GLWB would be higher or lower.

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 Owner transaction expenses, Annual Contract Fees, Variable Account annual expenses (Asset Charges), optional benefit fees, 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 HAV Death Benefit and the GLWB. 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 Contract Fee to a percentage, the Example assumes an average Contract size of $100,000. In addition, the Example assumes no transfers were made and no premium taxes were deducted. If these expenses were considered, the expenses shown below would be higher.

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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
$1,438	$	2,497	$	3,769	$	6,949

(2) If you annuitize your Contract at the end of the applicable time period or do not surrender your Contract:

1 year	3 years		5 years		10 years
$649	$	1,981	$	3,356	$	6,949

The fee table and Example should not be considered a representation of past or future expenses and charges of the Subaccounts. Your actual expenses may be greater or less than those shown. The Example does not include the deduction of state premium taxes (ranging from 0% to 3.5%) from Contract Value, which may be assessed upon 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. (See “APPENDIX D - CONDENSED FINANCIAL INFORMATION.”)

THE ANNUITY CONTRACT

Delaware Life and the Variable Account offer the Contract to individuals and entities for use in connection with long term retirement planning. 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 provides certain features that may benefit you in retirement planning.

• It has an Accumulation Phase and an Income Phase. During the Accumulation Phase, you may generally make Purchase Payments under the Contract and allocate them to one or more of the Variable Account options or, if available, the Fixed Account options. When you choose Variable Account options, you assume the investment risk. When you choose Fixed Account options, we credit guaranteed interest to your Fixed Accumulation Value. During the Income Phase, we make annuity payments based on the amount you have accumulated. Annuity payments are fixed, and not variable.

• It also has tax deferral during the Accumulation Phase, so that you do not pay taxes on the increase in the Contract Value. You are taxed when you withdraw the Contract Value. 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 to purchase an annuity contract.

• If you elect the optional living benefit known as the GLWB, it provides annual lifetime withdrawal payments under single-coverage or spousal joint-coverage for an additional charge. You may elect the GLWB only on or before the Issue Date.

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• It provides a basic death benefit if you die during the Accumulation Phase. You may enhance the basic death benefit by electing prior to the Issue Date one of the optional death benefits known as the HAV Death Benefit and the ROP Death Benefit for an additional charge.

• If you so elect, during the Income Phase, it provides annuity payments to you or another Payee for life or for another period that you choose. You may choose any Annuity Payment Option only on or before the Annuity Income Date.

• 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 Contract may be offered to 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 Code. We refer to Contracts used with plans that receive favorable tax treatment as “Qualified Contracts.” Currently, we offer Qualified Contracts only as Traditional IRAs or Roth IRAs under Section 408 and 408A of the Code. We refer to all Contracts other than Qualified 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 financial professional to decide whether any of the GLWB, the HAV Death Benefit, and the ROP Death Benefit riders are appropriate for you based on a thorough analysis of your insurance needs, financial objectives, investment goals, time horizons and risk tolerance.

STATE LAW VARIATIONS

Your Contract is subject to the law of the state in which it is issued. Contract provisions may vary depending on the state of issuance. Any material state variations are listed in “APPENDIX A - STATE LAW VARIATIONS.”

COMMUNICATING TO US ABOUT YOUR CONTRACT

You may submit transaction requests or otherwise communicate with us in writing or by telephone or by any other means acceptable to us. All materials transmitted to us, including Purchase Payments, must be received at our Service Address. For all telephone communications, you must call (877) 253-2323. In addition, your authorized financial professional who is a registered representative of the broker-dealer of record may submit transfer requests on your behalf in writing to our Service Address or by telephone at (877) 253-2323.

Unless this Prospectus states differently, we will consider all materials sent to us and all telephone communications to be received on the date we receive them, in Good Order, at our Service Address or by telephone 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 NYSE, which is normally 4:00 p.m., Eastern Time.

Certain methods of contacting us may be unavailable or delayed. Any telephone system or website 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 in 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.

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Electronic Delivery of Contract Information

During the Accumulation Phase, we may make available for Owners the option to receive to receive prospectuses, transaction confirmations, reports and certain other communications in electronic format, instead of receiving paper copies. To enroll in this optional electronic delivery service, if available, 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, to avoid any disruption of deliveries to you. You have the right to receive a paper copy of our communications at any time, free of charge. You can stop eDelivery by updating the consent in your user profile. We are not required to offer the electronic delivery service and may discontinue it in whole or in part at any time. 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.

Under Delaware insurance law and the Contract, the income, gains or losses of the Variable Account, whether or not realized, 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 Contracts 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.

The assets of the Variable Account are divided into Subaccounts. Each Subaccount invests exclusively in shares of a specific Fund. All amounts allocated by you to a Subaccount will be used to purchase Fund shares at their net asset value. 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 withdrawals, annuity payments, death benefits, Contract fees, fees for any optional living benefit or death 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.

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VARIABLE ACCOUNT OPTIONS: THE FUNDS

The Contract offers Subaccounts each of which invests in a single Fund. Each Fund is a mutual fund registered under the 1940 Act, or a separate series or portfolio thereof. Currently, you may select one or more Subaccounts that invest in the following Funds listed by type*:

Aggressive Allocation

MFS^® Growth Allocation Portfolio

Allocation

American Funds Insurance Series^®, Global Balanced Fund

BlackRock Global Allocation V.I. Fund

Lazard Retirement Global Dynamic Multi-Asset Portfolio

Cautious Allocation

JPMorgan Insurance Trust Income Builder Portfolio

MFS^® Conservative Allocation Portfolio

Commodities Broad Basket

PIMCO CommodityRealReturn^® Strategy Portfolio

Emerging Markets Equity

American Funds Insurance Series^®, New World Fund^®

Global Equity

American Funds Insurance Series^®, Global Growth Fund

MFS^® Global Growth Portfolio

Morgan Stanley Variable Insurance Fund, Inc., Global Franchise Portfolio

Global Equity Large Cap

American Funds Insurance Series^®, International Fund

Global Fixed Income

PIMCO International Bond Portfolio (U.S. Dollar-Hedged)

Healthcare Sector Equity

Putnam VT Global Health Care Fund

High Yield Fixed Income

Lord Abbett Series Fund, Bond Debenture Portfolio

Moderate Allocation

AB Balanced Wealth Strategy Portfolio

American Funds Insurance Series^®, Asset Allocation Fund

First Trust Dow/Jones Dividend & Income Allocation Portfolio

Invesco V.I. Equity and Income Fund

MFS^® Moderate Allocation Portfolio

MFS^® Total Return Series

Morgan Stanley Variable Insurance Fund, Inc., Global Strategist Portfolio

Putnam VT George Putnam Balanced Fund

Putnam VT Global Asset Allocation Fund

Other Sector Equity

Morgan Stanley Variable Insurance Fund, Inc., Global Infrastructure Portfolio

Real Estate Sector Equity

MFS^® Global Real Estate Portfolio

Technology Sector Equity

MFS^® Technology Portfolio

US Equity Large Cap Blend

American Funds Insurance Series^®, Growth-Income Fund

Goldman Sachs U.S. Equity Insights Fund

MFS^® Core Equity Portfolio

Putnam VT Research Fund

US Equity Large Cap Growth

AB Large Cap Growth Portfolio

American Funds Insurance Series^®, Growth Fund

Morgan Stanley Variable Insurance Fund, Inc., Growth Portfolio

US Equity Large Cap Value

Columbia Variable Portfolio - Select Large Cap Value Fund

MFS^® Value Series

Putnam VT Equity Income Fund

US Equity Mid Cap

AB Small/Mid Cap Value Portfolio

Legg Mason Partners, Variable Equity Trust, ClearBridge Variable Mid Cap Portfolio

MFS^® Mid Cap Growth Series

US Equity Small Cap

MFS^® Blended Research^® Small Cap Equity Portfolio

MFS^® New Discovery Series

MFS^® New Discovery Value Portfolio

US Fixed Income

Invesco V.I. Core Plus Bond Fund

Legg Mason Partners Variable Income Trust, Western Asset Core Plus VIT Portfolio

MFS^® Total Return Bond Series

PIMCO Total Return Portfolio

Putnam VT Income Fund

US Money Market

MFS^® U.S. Government Money Market Portfolio

* The Company has indicated the type of Fund above according to its Morningstar category. Morningstar groups mutual funds into categories according to their actual investment style, not merely their stated investment objectives, and normally allocates funds to categories on the basis of their portfolio holdings.

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AllianceBernstein L.P. advises the AB Variable Products Series Fund, Inc. Portfolios. BlackRock Advisors, LLC advises the BlackRock Global Allocation V.I. Fund. Capital Research and Management Company advises the American Funds Insurance Series^® Funds. Columbia Management Investment Advisers, LLC, advises the Columbia Variable Portfolio Select Large Cap Value Fund. First Trust Advisers L.P. advises the First Trust/Dow Jones Dividend & Income Allocation Portfolio. Goldman Sachs Asset Management, L.P. advises the Goldman Sachs U.S. Equity Insights Fund. Invesco Advisers, Inc. advises the Invesco Variable Insurance Funds. J.P. Morgan Investment Management, Inc. advises the JP Morgan Insurance Trust Income Builder Portfolio. Lazard Asset Management LLC advises the Lazard Retirement Global Dynamic Multi-Asset Portfolio. Legg Mason Partners Fund Advisor, LLC advises the ClearBridge Variable Mid Cap Portfolio (sub-advised by ClearBridge Investments, LLC) and the Western Asset Core Plus VIT Portfolio (sub-advised by Western Asset Management Company, Western Asset Management Company Limited, Western Asset Management Company Pte. Ltd. and Western Asset Management Company Ltd.) Lord, Abbett & Co. LLC advises the Lord Abbett Series Fund Bond Debenture Portfolio. Massachusetts Financial Services Company advises the MFS^® Portfolios and Series. Morgan Stanley Investment Management Inc. advises the Morgan Stanley Variable Insurance Funds, Inc. Portfolios (Morgan Stanley Variable Insurance Fund, Inc. Global Franchise Portfolio, Morgan Stanley Variable Insurance Fund, Inc. Global Infrastructure Portfolio and Morgan Stanley Variable Insurance Fund, Inc. Global Strategist Portfolio are sub-advised by Morgan Stanley Investment Management Limited and Morgan Stanley Investment Management Company.) Pacific Investment Management Company LLC advises the PIMCO Portfolios. Putnam Investment Management, LLC advises the Putnam Funds and Putnam Investments Limited serves as sub-advisor. The Putnam VT Research, Putnam VT Global Asset Allocation and Putnam VT Global Health Care Funds are also sub-advised by Putnam Advisory Company, 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”). You should read the Fund Prospectuses carefully 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 downloaded from our website, www.delawarelife.com, or obtained without charge by calling us at (877) 253-2323 or by writing to: Delaware Life Insurance Company, P.O. Box 758581, Topeka, KS 66675-8581. If you received a summary prospectus for a Fund, please follow the directions on the first page of the summary prospectus to obtain a copy of that Fund’s prospectus.

The Funds may also be available to registered separate accounts offering variable annuity and variable life insurance 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 of interest may occur due to a change in law affecting the operations of variable life insurance and variable annuity separate accounts, differences in the voting instructions of the Owners and those of other companies, or some other reason. In the event of a conflict of interest, we will take any steps necessary to protect Owners, including (1) withdrawal of the Variable Account from participation in the Funds which are involved in the conflict or (2) substitution of shares of other Funds.

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 several differences between a Fund and these similar products, including differences in sales charges, expense ratios, and cash flows.

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

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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.

Selection of Funds

The Funds offered through the Contract are selected by the Company. We may add or remove a Fund or limit its availability to new Purchase Payments and/or transfers of Contract Value at our discretion. In selecting the Funds and Designated Investment Options, we consider, among other things, whether a Fund or its service providers (e.g., the investment adviser or sub-advisers) or its affiliates will make payments to us or our affiliates in connection with certain administrative, marketing, distribution and support services provided by us to the Funds, or whether Fund affiliates can provide marketing and distribution support for the sale of the Contracts. 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 Contract Value resulting from the investment performance of the Funds.

If you elect any of the GLWB, the HAV Death Benefit and ROP Death Benefit riders, we currently limit your choice of Subaccounts to the Designated Investment Options. In addition, we limit the number and type of available Designated Investment Options and impose minimum and maximum allocation requirements for each Designated Investment Option category to reduce our risk exposure in providing the guarantees associated with the GLWB, the HAV Death Benefit and ROP Death Benefit riders. These limits may reduce the return on your investment. The Designated Investment Option requirements may reduce the likelihood that the Contract Value will be reduced to zero as a result of investment performance and that we will have to make payments under the AWA settlement option. (See “DESIGNATED INVESTMENT OPTIONS.”)

THE FIXED ACCOUNT

The Fixed Account is part of our general account which is made up of all the general assets of the Company other than those allocated to any separate account. Amounts you allocate to Guarantee Periods and the DCA program become part

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of the Fixed Account. 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 Accumulation Value, such as those with the GLWB, the HAV Death Benefit and the ROP Death Benefit riders, 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 Accumulation 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.

We will invest the assets of the Fixed Account in those assets we choose that are allowed by applicable state insurance laws. We are not, however, 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.

In reliance on certain exemptive and exclusionary provisions, interests in the Fixed Account have not been registered as securities under the Securities Act of 1933 and the Fixed Account has not been registered as an investment company under the 1940 Act. Therefore, neither the Fixed Account nor any interests therein are generally subject to regulation under the Securities Act of 1933 or the 1940 Act. The disclosures relating to the Fixed Account included in this Prospectus are for the Owner’s information. However, such disclosures are subject to certain generally applicable provisions of federal securities law relating to the accuracy and completeness of statements made in prospectuses.

From time to time and subject to regulatory approval, we may offer Fixed Account options with different interest guaranteed periods. Each Guarantee Period earns interest at a Guaranteed Interest Rate that we publish. We, in our sole discretion, establish the interest rates for each Guarantee Period. We will not declare a rate that yields values less than those required by the state in which the Contract is issued. You bear the risk that we will not declare a rate that is higher than the minimum rate. Because these rates vary from time to time, allocations made to the Guarantee Periods of the Fixed Account at different times may earn interest at different rates.

You may allocate your Purchase Payments, and transfer Contract Value, to Guarantee Periods of the Fixed Account that are currently available, subject to certain conditions. If you have elected the GLWB, the HAV Death Benefit, and/or the ROP Death Benefit, you may not allocate Purchase Payments, or transfer Contract Value to Guarantee Period(s) in the Fixed Account. See “THE FIXED ACCOUNT OPTIONS: THE GUARANTEE PERIODS” and “PRODUCT HIGHLIGHTS: The Fixed Account Options: The Guarantee Periods.”

We do not make Asset Charge deductions from amounts in the Fixed Account to cover the mortality, administrative, distribution and other expenses we assume to provide your Contract benefits. We consider these risks when determining the credited rate. If you make a withdrawal from amounts in the Fixed Account, a Withdrawal Charge may apply. See “CONTRACT CHARGES.”

THE FIXED ACCOUNT OPTIONS: THE GUARANTEE PERIODS

If you have elected any of the GLWB, the HAV Death Benefit, and the ROP Death Benefit riders, you may not currently allocate Purchase Payments or transfer Contract Value to Guarantee Period(s) in the Fixed Account unless you cancel the GLWB, the HAV Death Benefit and ROP Death Benefit riders.

Guarantee Periods

You may elect one or more Guarantee Periods from those we may make available. When available, we may offer Guarantee Periods of different durations; however, we may stop offering some or all Guarantee Periods at any time. Once we stop offering a Guarantee Period, allocations, transfers or renewals into that Guarantee Period will not be permitted. In addition, we reserve the right not to make any Guarantee Periods available. Guarantee Amounts already in existence will be unaffected, although the Guarantee Amounts will be transferred into a money market Subaccount at the end of the Guarantee Period unless you direct us to transfer the Guarantee Amounts into any other Subaccount(s). We may choose not to make any Guarantee Periods available at our discretion. At any time, we can reverse our decision to exercise this right.

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Guaranteed Interest Rates

We determine Guaranteed Interest Rates at our discretion. Our determination will be influenced by the return we earn on our investments as well as other factors, including regulatory and tax requirements, sales commissions, administrative expenses, general economic trends and competitive factors. Our minimum Guaranteed Interest Rate will always be equal to the greater of the required minimum nonforfeiture rate and 1%. You can find out about our current Guaranteed Interest Rates by calling us at (877) 253-2323.

We may at our discretion periodically offer special interest rates for new Purchase Payments that are higher than the rates we are then offering for renewals or transfers.

THE ACCUMULATION PHASE

During the Accumulation Phase of your Contract, you may make Purchase Payments into your Contract, and your earnings accumulate on a tax-deferred basis. The Accumulation Phase begins on the Issue Date and ends on the Valuation Period before your Annuity Income Date. The Accumulation Phase will end sooner if you surrender your Contract or if you die before the Annuity Income Date.

Issuing Your Contract

We “open” the Contract on the Business Day when we receive your Application in Good Order at our Service Address. We refer to this date as the Open Date. We issue your Contract within two Business Days after we receive your initial Purchase Payment and your Application is in Good Order. We refer to this date as the Issue Date.

If we receive an Application not in Good Order and we do not receive the required information or documentation within five Business Days from our receipt of your initial Purchase Payment, we will either send back your initial Purchase Payment or request your permission to keep the funds until we receive the required information or documentation. Then, when the Application is in Good Order, we will apply your Purchase Payment within two Business Days.

To purchase the Contract, all Owners must be younger than age 81 on the Open Date. The GLWB may be elected only if all Owners and Annuitants are younger than age 81 on the Open Date and older than age 45 on the Issue Date. The HAV Death Benefit and ROP Death Benefit options may be elected only if all Owners and Annuitants are younger than age 71 on the Open Date.

Subsequent Purchase Payments will be credited to your Contract on the Business Day that we receive them in Good Order.

Amount and Frequency of Purchase Payments

The amount of Purchase Payments may vary. The initial Purchase Payment must be at least $10,000 for a Non-Qualified Contract and the maximum annual Individual Retirement Annuity contribution under the Code for a Qualified Contract. The maximum annual Individual Retirement Annuity contribution under the Code for 2020 for traditional IRAs and Roth IRAs cannot be more on a combined basis than $6,000 ($7,000 if you are age 50 or older).

Each additional Purchase Payment must be at least $500. In addition, unless we have given our prior approval, we will not accept a Purchase Payment that would cause the total Purchase Payments to exceed $1.5 million. We will not accept a Purchase Payment after any Owner or Annuitant’s 93^rd birthday. We will not accept a Purchase Payment after the third Contract Anniversary if you purchased the GLWB. We reserve the right not to accept any Purchase Payment.

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Allocation of Purchase Payments

You may allocate your Purchase Payments among the Subaccounts offered as the Variable Account options and Guarantee Periods currently available and offered as the Fixed Account options. However, any allocation to a Guarantee Period must be at least $500. We reserve the right to change this minimum amount upon written notice to you.

During the Accumulation Phase, you may specify the percentage of each Purchase Payment to be allocated to each Subaccount or Guarantee Period, if available. These percentages are called your allocation instructions. You may change your allocation instructions for future Purchase Payments by sending a notice of the change in Good Order to the Service Address. We will use your new allocation instructions for current and future Purchase Payments until we receive another change notice in Good Order.

Your Contract Value

During the Accumulation Phase, the Contract Value for any Valuation Period is equal to the Variable Accumulation Value, if any, plus the Fixed Accumulation Value, if any, for that Valuation Period.

Variable Accumulation Value

Variable Accumulation Units

Your Variable Accumulation Value is the combined Contract Value in each Subaccount. We use a unit of measure called a Variable Accumulation Unit in determining that combined value. A Variable Accumulation Unit works much like a mutual fund share. We determine the value in each Subaccount by multiplying the number of your Variable Accumulation Units allocated to that Subaccount by the value of each Variable Accumulation Unit.

Variable Accumulation Unit Value

The value of each Variable Accumulation Unit in a Subaccount reflects the net investment performance of that Subaccount. We determine that value once on each Business Day at the close of trading, which is generally 4:00 p.m., Eastern Time. (The close of trading is determined by the NYSE.) 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. The Net Investment Factor represents the net investment performance of a Subaccount at the end of any Valuation Period.

We determine the value of a Variable Accumulation Unit for each Subaccount for a Valuation Period by multiplying the value of a Variable Accumulation Unit for that Subaccount for the preceding Valuation Period by the Net Investment Factor for that Subaccount for such subsequent Valuation Period. The value of a Variable Accumulation Unit for each Subaccount for any Valuation Period is the value determined as of the end of that Valuation Period and may increase, decrease or remain the same from Valuation Period to Valuation Period in accordance with the calculation of the Net Investment Factor described below.

We calculate the Net Investment Factor for any Valuation Period by dividing (a) by (b) and then subtracting (c), where:

(a) is the net result of:

1. the net asset value of a Fund share held in the Subaccount at the end of that Valuation Period, plus

2. the per share amount of any dividend or other distribution made by that Fund on shares held in the Subaccount if the ex-dividend date occurs during the Valuation Period, plus or minus

3. a per share credit or charge with respect to any taxes paid or reserved for by the Company during the Valuation Period which are determined by the Company to be attributable to the operation of the Subaccount.

(b) is the net asset value per share of the Fund share at the end of the preceding Valuation Period; and

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(c) is the Asset Charge factor (the mortality and expense risk charge factor) for the Valuation Period.

The Net Investment Factor may be greater than, less than, or equal to one; therefore, the Variable Accumulation Unit value may increase, decrease or remain unchanged.

Crediting Variable Accumulation Units

Any allocations to a Subaccount or Subaccounts (including Purchase Payments and transfers) will result in the purchase of Variable Accumulation Units. The number of Variable Accumulation Units that the Company credits to each Subaccount is determined by dividing the dollar amount allocated to that Subaccount by the Subaccount’s Variable Accumulation Unit value as calculated at the end of the Valuation Period when the allocation is effected.

Canceling Variable Accumulation Units

Any deductions from a Subaccount (including surrenders, partial withdrawals, death benefit payments, transfers, and fee deductions), will result in the cancellation of Variable Accumulation Units with a variable accumulation value equal to the total amount by which the Subaccount is reduced. The number of cancelled units will be determined by dividing the dollar amount deducted from that Subaccount by the Subaccount’s Variable Accumulation Unit value as calculated at the end of the Valuation Period when the deduction is effected.

Fixed Accumulation Value

Your Fixed Accumulation Value is the sum of Purchase Payments and Contract Value allocated to Guarantee Periods and the DCA program, plus interest credited on those amounts, and minus withdrawals, transfers, and any deductions for charges under the Contract taken from your Fixed Accumulation Value.

A Guarantee Period begins on the Business Day that (a) a Purchase Payment is applied to a Guarantee Period under your Contract or (b) we receive your request in Good Order to transfer Contract Value from a Subaccount or another Guarantee Period into a new Guarantee Period. Subsequent Guarantee Periods begin on the first day following the Renewal Date.

Each additional Purchase Payment, transfer or renewal credited to your Fixed Account Value will result in a new Guarantee Period and a new Guarantee Rate with its own Renewal Date. Amounts allocated at different times to Guarantee Periods of the same duration may have different Renewal Dates and different Guarantee Rates. Guarantee Periods may not always be available for allocation. (See “FIXED ACCOUNT OPTIONS: THE GUARANTEE PERIODS.”)

Crediting Interest

We credit interest on amounts allocated to a Guarantee Period at the applicable Guaranteed Interest Rate for the duration of the Guarantee Period. During the Guarantee Period, 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.

Guarantee Amounts

Each separate allocation you make to a Guarantee Period, together with interest credited thereon, is called a Guarantee Amount. Each new allocation to a Guarantee Period must be at least $500 unless it is equal to the entire Guarantee Amount being renewed.

Renewals of Guarantee Periods

At least 30 days prior to the Renewal Date of each Guarantee Period, we will provide you with notice of the upcoming expiration of the Guarantee Period. Unless you instruct us otherwise, a one-year Guarantee Period will commence

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automatically at the end of the previous Guarantee Period. If a one-year Guarantee Period is not offered by us at that time, the Guarantee Amount will be transferred automatically to a money market Subaccount. To avoid an automatic renewal or transfer on the Renewal Date, the Owner must elect, in writing prior to the Renewal Date, a different Guarantee Period from among those that the Company offers at such time, or provide written instructions to transfer all or a portion of the Guarantee Amount to one or more Subaccounts. (See “Transfers Among the Subaccounts and the Fixed Account.”)

Each new Guarantee Amount must be at least $500 unless it is equal to the entire Guarantee Amount being renewed. Automatic transfers of Guarantee Amounts into a money market Subaccount will not count as a transfer for purposes of the transfer restrictions. (See “Transfers Among the Subaccounts and the Fixed Account.”)

Transfers Among the Subaccounts and the Fixed Account

Permitted Transfers

During the Accumulation Phase, you may transfer all or part of your Contract Value to one or more Subaccounts or Guarantee Periods then available, subject to the following restrictions:

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

• at least 6 days must elapse between transfers to and from the Subaccounts;

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

• we impose additional restrictions on frequent transfers or excessive trading, which are further described below. (See “Restrictions on Frequent Transfers.”)

These restrictions do not apply to the Dollar-Cost Averaging and Portfolio Rebalancing programs. (See “Automatic Programs”)

We reserve the right to waive these restrictions and exceptions at any time, as discussed under “Restrictions on Frequent Transfers,” 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 $25 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 financial professional, or another authorized third party may request transfers in writing at the Service Address, by telephone at (877) 253-2323 or by such other means as we may make available.

If a 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 NYSE on days that the NYSE closes before 4:00 p.m., the transfer will be priced that day. Otherwise, your transfer request will be priced on the next Business 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 are genuine. These procedures may require any person requesting a transfer to provide personal identifying information. We will not be liable for following instructions that we reasonably believe are genuine.

We reserve the right to deny any and all transfer requests 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 frequent trading policy or the trading policy of a Fund involved in the transfer. If a transfer request is denied, we will immediately notify you and your authorized financial professional.

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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 financial professional 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.

No more than one transfer request may be made on the same Business Day regardless of whether the request is made by you, your authorized financial professional, 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 financial professional, 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.

Under certain circumstances, we may defer transfers. (See “Deferral of Payments and Transfers.”)

If you elect any of the GLWB, the HAV Death Benefit and the ROP Death Benefit riders, transfers of your Contract Value among the Designated Investment Options may result in the minimum and maximum aggregate percentages in your Contract Value not being in compliance with the Min-Max Percentages. The GLWB, the HAV Death Benefit and the ROP Death Benefit riders will terminate automatically if you do not comply with these requirements. (See “DESIGNATED INVESTMENT OPTIONS.”)

Restrictions on Frequent Transfers

Delaware Life’s Restrictions

Frequent transfers of Contract Value among the Subaccounts can adversely affect the performance of the Funds underlying the Subaccounts because of the costs associated with unusual and/or large movements of cash in and out of Funds in shorter than anticipated periods of time. Frequent transfers or excessive trading can harm you and other Contract owners with allocations to the Funds underlying a Subaccount in various ways, including increasing Fund expenses. The increased Fund costs include excessive Fund transaction fees and disruption of the management of the Fund. Frequent transfers will diminish a Fund’s return and directly decrease the Subaccount’s performance. If large amounts of money are suddenly transferred into or out of a Fund, the Fund’s investment manager may be unable to effectively invest in accordance with the Fund’s investment objectives and policies. We will monitor and may modify and/or restrict your right and any authorized third party’s right to transfer among the Subaccounts if we determine, in our sole discretion, that the use of transfers among the Subaccounts may potentially harm the rights or interests of other Owners.

Delaware Life, as depositor of the Contracts, has policies and procedures designed to detect and deter frequent transfers by limiting the number and frequency of transfers of Contract Value. Currently, you may make only up to twelve (12) transfers per Contract Year and six (6) days must elapse between each transfer. We also may impose a fee of $25 per transfer. We may waive any of these restrictions at our discretion, subject to such terms and conditions as the Funds may impose. We reserve the right to impose additional administrative restrictions on third parties that engage in transfers of Contract Value on behalf of multiple Owners at one time.

We may also take the following actions (but not are obligated to) against you and any authorized third parties acting on your behalf or on behalf of multiple Owners to restrict transfers, if we determine, in our sole discretion, that you and such parties may be engaging in frequent transfers of Contract Value among the Subaccounts:

• Limit the dollar amount and frequency of transfers;

• Restrict the method of transfers (e.g., require that transfer requests be in writing sent to our Service Address via first class mail);

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• Terminate or suspend the ability to transfer among Subaccounts by telephone or other means that would otherwise be permissible;

• Reject the transfer or exchange instructions of individual Owners who have executed pre-authorized transfer forms which are submitted by third parties on behalf of more than one Owner; and

• Impose other limitations or restrictions.

Transfer limitations and other restrictions are subject to our ability to monitor transfer activity. Our ability to monitor transfer activity may be limited by operational and technological systems, as well as our ability to predict and monitor the variety of strategies that might be employed by Owners and their authorized third parties to avoid detection. There is no assurance that we will be able to monitor and stop frequent transfers of Contract Value among the Subaccounts. A failure to detect and curtail frequent transfers may result in lower performance of the Funds underlying the Subaccounts that you selected.

The Funds’ Restrictions

The Funds themselves have policies and procedures to deter frequent trading (“Fund’s Trading Policies”). We have entered into information sharing agreements with the Funds, as required by Rule 22c-2 under the 1940 Act. We are legally obligated to provide information about an Owner’s allocations into and out of a Fund underlying a Subaccount at the Fund’s request. If a Fund identifies an Owner or any authorized third party as having violated the Fund’s Trading Policies, the Fund may direct us to impose a transfer fee, or restrict or prohibit any further allocations into or out of the Fund by or on behalf of the Owner. Such a restriction may remain in place indefinitely. The Owner or authorized third party may be part of a group of other variable annuity and variable life insurance owners and shareholders that the Fund has restricted. We may not have the operational capacity to apply a Fund’s Trading Policies. If we do not have such capacity, it may result in lower performance of the Funds underlying the Subaccounts that you selected.

The Funds are available to retirement plans and other insurance companies for their variable annuity and variable life insurance contracts. These retirement plans, and insurance companies may have different procedures to monitor and deter frequent and large-scale trading or may not have any restrictions against frequent and large-scale trading. You may be harmed by frequent transfer activity related to other insurance company and retirement plan investments in the Funds.

Waivers; Reduced Charges; Credits; Special Guaranteed Interest Rates

In certain situations, we may reduce or waive the Withdrawal Charge or the Annual Contract 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 Owner, certain sales of larger-sized Contracts, and certain group sales, and (2) to officers, directors and employees of the Company or its affiliates, financial professionals 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 and their immediate families.

Automatic 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 (See “Transfers Among the Subaccounts and the Fixed Account.”)

You, your authorized financial professional, or another authorized third party may elect and terminate your participation in any of these programs at any time by written notice to us at our Service Address 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, by allocating a Purchase Payment to the Fixed Account prior to your Annuity Income Date under the 6 and 12-month DCA program. The DCA program automatically transfers a fractional amount of your Purchase Payment, plus accrued interest, from the Fixed Account to your selected Subaccounts each month. The first transfer under the DCA program will occur on the day we receive your Purchase Payment. The program continues until your Contract Value allocated to the program is depleted or you elect to stop the program.

Amounts held in the Fixed Account under the DCA program will earn interest at a rate declared by the Company. If you elect to participate in the DCA program, 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 program will be treated as commencing a new DCA program and will be subject to the $500 minimum.

The main objective of the DCA program is to minimize the impact of short-term market fluctuations affecting the value of the Funds. In general, since you transfer the same dollar amount to the Subaccounts 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. It is important to understand that the DCA program does not ensure a profit or protect against loss in a declining market. We do not allow transfers into any of the Guarantee Periods under the DCA program.

Systematic Withdrawal Program

You may select our Systematic Withdrawal program at any time prior to your Annuity Income Date. Under the Systematic Withdrawal program, you may determine the amount and frequency of regular withdrawals you would like to receive from your Fixed Accumulation Value and/or Variable Accumulation Value. We reserve the right to select the day of the month that the withdrawals occur. Withdrawals may have adverse federal income tax consequences including a 10% penalty tax. (See “TAX PROVISIONS.”) You should carefully consider these tax consequences before requesting any withdrawal.

You should consult a qualified tax professional before choosing this optional program. We reserve the right to limit the election of this program to Contracts with a minimum Contract Value of $10,000.

Withdrawals under the Systematic Withdrawal program may significantly reduce the death benefit amount and decrease values under the GLWB by an amount that may be greater than the amount withdrawn and may cause your Contract and the GLWB, HAV Death Benefit and the ROP Death Benefit riders to terminate without value.

If you elect the GLWB, the Systematic Withdrawal program is not available after the Income Start Date. After the Income Start Date, your AWA payments may only be withdrawn under the AWA automatic withdrawal program. Under the AWA automatic withdrawal program, you will receive your AWA payments monthly. We may make other periodic payment schedules available at our discretion.

Portfolio Rebalancing Program

You may select our Portfolio Rebalancing program at any time prior to your Annuity Income Date. Under this program, we transfer funds once each Contract Quarter among all Subaccounts to maintain the percentage allocation you have selected among these Subaccounts. If you elect any of the GLWB, the HAV Death Benefit and the ROP Death Benefit riders, then, once each Contract Quarter, we will automatically transfer your Contract Value among the Designated Investment Options you have selected to maintain the percentage allocations you have chosen. (See “DESIGNATED INVESTMENT OPTIONS.”) No transfers to or from any Guarantee Period are permitted while the Portfolio Rebalancing program is in effect.

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WITHDRAWALS, SURRENDERS, 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 Contract 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 a full surrender or a partial withdrawal.

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 surrender or partial withdrawal. Withdrawals also may have adverse state and federal income tax consequences, including a 10% penalty tax. (See “TAX PROVISIONS.”) You should consult a qualified tax professional and carefully consider these tax consequences before requesting a cash withdrawal.

Full Surrenders

If you withdraw the entire Contract Value, your request will result in a full surrender of the Contract. In that event, we calculate the amount we will pay you as follows:

• first, we determine your Contract Value as the sum of any Fixed Accumulation Value and any Variable Accumulation Value based on the price next determined for each Subaccount at the end of the Valuation Period during which we receive your withdrawal request;

• we then deduct the proportionate amount of the Annual Contract Fee, if applicable;

• we then calculate and deduct the proportionate amount of the quarterly fee for any optional living benefit and any optional death benefit, if applicable;

• we then calculate and deduct any applicable Withdrawal Charge.

In addition, any applicable taxes will be deducted from the amount you receive. A full withdrawal results in the surrender of your Contract, cancellation of all rights and privileges under your Contract, and the termination of any elected GMWB, HAV Death Benefit and ROP Death Benefit rider.

Partial Withdrawals

When you withdraw less than the entire Contract Value, you request a partial withdrawal. In that event, 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 Contract Value (thereby reducing your Contract Value by the amount of your partial withdrawal request plus any applicable Withdrawal Charge).

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.

Unless you have elected an optional living benefit or death benefit, you may specify the amount you want withdrawn from each Subaccount and/or Guarantee Amount to which your Contract is allocated. If you do not so specify, we will deduct the total amount you request pro-rata, from each Subaccount, Guarantee Amount and Fixed Accumulation Value in the DCA program, if any, at the end of the Valuation Period during which we receive your request. If you have elected an optional living benefit or death benefit, we will deduct the total amount you request pro-rata, from each of the Designated Investments Options and Fixed Accumulation Value in the DCA program, if any, at the end of the Valuation Period during which we receive your request.

Withdrawals may significantly reduce any optional living benefit and optional death benefit values. In calculating the amount payable under the optional living benefit or death benefit, the benefit may be reduced by

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an amount that is greater than the amount by which your Contract Value is reduced by the withdrawal, depending on the circumstances. Accordingly, you should refer to the more detailed descriptions of the optional living benefit and 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 Contract Value being reduced to an amount less than the $2,000 minimum Contract Value, we reserve the right to treat it as a request for a full surrender of your Contract.

Time of Payment

Full surrenders and partial withdrawals will be paid within seven days after we receive your request in Good Order, except in cases where we are permitted, and choose, to defer payment under the 1940 Act and applicable state insurance law. (See “Deferral of Payments and Transfers.”)

Withdrawal Charge

We do not deduct any charge from your Purchase Payments when they are made. However, we may impose a Withdrawal Charge (also 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.

The Company imposes no Withdrawal Charge on the Contract Value applied to a Fixed Annuity Payment Option.

Free Withdrawal Amount

In each Contract Year you may withdraw a portion of your Contract Value before incurring the Withdrawal Charge as described below:

The Free Withdrawal Amount is the greater of:

a) 10% of the Contract Value (computed as of the last Contract Anniversary prior to withdrawal), in any Contract Year after the first Contract Anniversary, or

b) The RMD Amount, if any, for the current calendar year, as calculated by us under the Code and regulations. Your Contract may be subject to an RMD Amount if it was issued in connection with certain Individual Retirement Contracts or Annuities (“IRAs”), or other tax qualified plans. Only one tax year’s RMD Amount can be taken without the application of a Withdrawal Charge during any Contract Year.

The Free Withdrawal Amount will be reduced by any prior withdrawals taken during the same Contract Year.

If your Contract is a Non-Qualified Contract or a Qualified Contract from which no RMD Amount is currently due, there is no Free Withdrawal Amount in the first Contract Year.

The Free Withdrawal Amount will be reduced by any prior withdrawals taken during the same Contract Year. Any portion of the Free Withdrawal Amount that is not used during a Contract Year will not be available for use in future Contract Years.

Although there is no Withdrawal Charge for a withdrawal of the Free Withdrawal Amount, it could be subject to adverse state and federal tax consequences. You should consult a qualified tax professional for more information.

You may withdraw the greater of the Free Withdrawal Amount or the AWA, without a Withdrawal Charge, after the Income Start Date under the GLWB.

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For an example of how we calculate the Free Withdrawal Amount see “APPENDIX C - EXAMPLES OF 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 more than your Free Withdrawal Amount, then that excess may be subject to a Withdrawal Charge. We will withdraw the excess, in order, first from your earliest remaining Purchase Payment no longer subject to a Withdrawal Charge and then from your earliest remaining Purchase Payment subject to a Withdrawal Charge. 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, any additional amount withdrawn is not subject to a Withdrawal Charge.

Calculation of Withdrawal Charge

We calculate the amount of the Withdrawal Charge by multiplying the amount of each Purchase Payment withdrawn by its applicable Withdrawal Charge percentage. The percentage varies according to the number of years the Purchase Payment has been held in your Contract. Each Purchase Payment has its own 7-year period and for each completed year after the Purchase Payment, the Withdrawal Charge declines as shown below. If a Purchase Payment is withdrawn within one year of when it was made, it will have an 8% Withdrawal Charge. After one year, a 7% Withdrawal Charge would apply to that Purchase Payment. If the Contract Value is less than the total Purchase Payments, the Withdrawal Charge only applies to the Contract Value.

Number of Completed Years Since the Purchase  Payment Has Been In Your Contract	Withdrawal Charge
0	8%
1	7%
2	6%
3	6%
4	5%
5	4%
6	3%
7 or more	0%

You may want to consider deferring a withdrawal because the Withdrawal Charge declines the longer the Purchase Payment is held in your Contract.

For additional examples of how we calculate Withdrawal Charge, see “APPENDIX B - EXAMPLES OF WITHDRAWALS, SURRENDERS AND WITHDRAWAL CHARGES.”

Withdrawals not Subject to Withdrawal Charge

Nursing Home Withdrawal Charge Waiver (“NHW”)

You may be eligible for a waiver of the Withdrawal Charge for partial withdrawals or a full surrender on or after the first Contract Anniversary under the following circumstances:

• You (or the Annuitant if the Owner is a Non-Natural person) are confined to an Eligible Nursing Home. An “Eligible Nursing Home” is a licensed hospital or licensed skilled or intermediate care nursing facility at which medical treatment is available daily and daily medical records are kept for each patient;

• The confinement is for a period of 90 continuous days, or any shorter period required by the state in which your Contract is issued, beginning on or after the Issue Date; and

• The NHW is approved by the state in which your Contract is issued. (See “APPENDIX A - STATE LAW VARIATIONS.”)

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At the time of the withdrawal or surrender request, proof (1) that the facility is an Eligible Nursing Home and (2) of the duration of the Owner’s confinement must be received by the Company on our form(s). We will provide you with a written claim form within 10 Business Days after we receive a request for a partial withdrawal or full surrender. If we do not provide a claim form within 10 Business Days, you will be deemed to have complied with the claim requirements if we receive written proof covering the occurrence, the character and the extent of the confinement for which the claim is made.

If we find proof of confinement in an Eligible Nursing Home to be insufficient, we will notify you of the denial and provide you with the opportunity to accept or reject the withdrawal or surrender proceeds, subject to all applicable Withdrawal Charge.

There is no charge for this benefit. We will terminate this benefit upon receipt of your request to terminate it or upon termination of the Contract.

Termination of the NHW will not affect the previous waiver of any Withdrawal Charge.

Terminal Illness Withdrawal Charge Waiver (“TIW”)

You may be eligible for a waiver of the Withdrawal Charge for partial withdrawals or a full surrender on or after the first Contract Anniversary under the following circumstances:

• You (or the Annuitant if the Owner is a Non-Natural person) develop a Terminal Illness;

• We must receive the request for waiver on our form(s);

• We must receive proof of such Terminal Illness which shall include, but not be limited to, certification by a Licensed Physician who: (i) has examined you and is qualified to provide such certification, and (ii) is neither an Owner, an Annuitant nor a Family Member of an Owner or an Annuitant.

Terminal Illness, Family Member, and Licensed Physician are defined as follows:

Terminal Illness: any medical condition which a Licensed Physician certifies has reduced your expected life span to one year or less.

Family Member: your spouse or domestic partner, your spouse’s or domestic partner’s parents, your sons and daughters and their spouses or domestic partners, your parents and their spouses or domestic partners, your brothers and sisters and their spouses or domestic partners, your grandparents and grandchildren and their spouses or domestic partners, and any individual related to you by blood or affinity whose close association with you is the equivalent of a family relationship.

Licensed Physician: a person authorized or licensed to practice medicine in a state.

We will provide you with a written claim form within 10 Business Days after we receive a request for a partial withdrawal or full surrender. If we do not provide a claim form within 10 Business Days, you will be deemed to have complied with the claim requirements if we receive written proof covering the occurrence, the character and the extent of the Terminal Illness for which the claim is made.

We reserve the right to require a second opinion and to have you examined by a Licensed Physician of our choosing and at our expense. In the event the second opinion conflicts with the first, the second opinion controls. For state variations related to this process, see “APPENDIX A - STATE LAW VARIATIONS.”

If the Company finds proof of your Terminal Illness to be insufficient, we will notify you of the denial and provide you with the opportunity to accept or reject the withdrawal or surrender proceeds, subject to the applicable Withdrawal Charge.

There is no charge for this benefit. We will terminate this benefit upon receipt of your request to terminate it or upon termination of the Contract.

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Termination of the TIW will not affect the previous waiver of any Withdrawal Charge.

Any withdrawals under the NHW and the TIW will reduce the remaining Free Withdrawal Amount, if any, the remaining AWA, if any, the remaining Contract Value, the Withdrawal Benefit Base, if any, and the death benefit.

Other Withdrawals

We do not impose Withdrawal Charge:

• on the AWA under the GLWB;

• when you annuitize your Contract;

• on amounts we pay as a death benefit;

• on amounts you transfer among the Subaccounts, between the Subaccounts and the Fixed Account, or within the Fixed Account; or

• on any amounts transferred as part of a DCA or Portfolio Rebalancing program. (See “Automatic Programs.”)

CONTRACT CHARGES

Annual Contract Fee

During the Accumulation Phase of your Contract, we will deduct an Annual Contract Fee of $30 from your Contract Value to help cover the administrative expenses we incur related to the issuance and maintenance of Contracts. We deduct the Annual Contract Fee on each Contract Anniversary. We deduct the Annual Contract Fee pro-rata from each Subaccount and each Guarantee Amount, based on the allocation of your Contract Value on the date we deduct the Contract Fee.

If you surrender your Contract on a date other than a Contract Anniversary, we will deduct a proportionate amount of the Annual Contract Fee to reflect the time elapsed between the last Contract Anniversary and the date of the surrender.

We will not deduct the Annual Contract Fee if your Contract Value is $100,000 or more on your Contract Anniversary or on the date you surrender your Contract.

We do not deduct the Annual Contract Fee on or after the Annuity Income Date.

Asset Charge

During the Accumulation Phase, we assess an Asset Charge of 1.20% to compensate us for the mortality, administrative, distribution and other expenses we incur related to the issuance, maintenance and provision of the benefits under the Contract. The Asset Charge is designed to also compensate us for the risk that our mortality and other expense costs may exceed the Asset Charge itself. No Asset Charge is deducted during the Income Phase.

If the amount of the Asset Charge is insufficient to cover our costs resulting from these 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 Asset 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 the Asset Charge, we not only consider our expense risks, but also our objective to earn a profit from the Contracts, after all of the costs, expenses, and benefits we expect to pay in connection with the Contracts.

The mortality risk we assume is that Annuitants may live for a longer period of time than we estimate. We assume this mortality risk from our contractual obligations to make annuity payments to each Annuitant determined in accordance

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with the annuity tables and other contractual provisions that cannot be changed. The administrative expense risk we assume is the risk that our actual expenses in administering the Variable Account and Contracts will be greater than anticipated and not covered by the Annual Contract Fee. Administrative expenses include issuing, servicing and administering the Contracts, regulatory compliance, and reporting functions, among others. The distribution expense risk we assume is the risk that our actual expenses in distributing the Contracts and the Variable Account will be greater than anticipated and not covered by the Withdrawal Charge. Distribution expenses include the marketing and sale of the Contracts. The expense risk we assume is that our cost of providing the GLWB, the HAV Death Benefit and the ROP Death Benefit according to the terms of the Contract will exceed the amount of the optional living benefit and death benefit charges we deduct for those benefits under the Contract.

Charges for the Optional Living Benefit

If you elect the GLWB, we will deduct a charge from your Contract Value on the last Valuation Period of each Contract Quarter while the GLWB is in effect. The maximum amount of the charge is 0.4875% of the Withdrawal Benefit Base at the end of each Contract Quarter (1.95% annually).

If the GLWB terminates on any day except the last day of the Contract Quarter, we will deduct a proportionate amount of the fee to reflect the time elapsed between the first day of the current Contract Quarter and the day the benefit terminates.

For more information about this charge, please see “The GLWB Fee.”

Charges for the Optional Death Benefits

If you elect an optional death benefit, a quarterly fee will be deducted from the Contract Value as follows:

•   HAV Death Benefit:	0.10% (0.40% annually) of the HAV Value.
•   ROP Death Benefit:	0.05% (0.20% annually) of the ROP Value.

If the optional death benefit terminates on any day except the last day of the Contract Quarter, we will deduct a proportionate amount of the fee from the Contract Value to reflect the time elapsed between the first day of the current Contract Quarter and the day the optional death benefit terminates.

For more information about the calculation of these charges, please see “HAV Death Benefit” and “ROP Death Benefit.”

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, or the Contract Value applied to the fixed Annuity Payment Option. In many states there is no premium tax. We believe that the amounts of applicable premium taxes currently range from 0% to 3.5%. 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. We do not make any profit on the deductions we make to reimburse premium taxes.

Fund Charges

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. The MFS US Government Money Market Fund has the discretion to impose a liquidity fee on redemptions from the Fund and to implement a redemption gate that would temporarily suspend redemptions from the Fund. We will implement, administer and charge you for any such fee and restriction imposed by the Fund.

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DESIGNATED INVESTMENT OPTIONS

If you elect any of the GLWB, the HAV Death Benefit and the ROP Death Benefit riders, your Purchase Payments and Contract Value must be allocated only to Designated Investment Options in compliance with the minimum and maximum aggregate allocation percentage requirements. The GLWB, the HAV Death Benefit and the ROP Death Benefit riders will terminate automatically if you do not comply with this requirement.

Currently, there are four categories of Designated Investment Options. The amount you may invest in each category is determined by a percentage range that we provide for each category. The sum of the percentages you invest in the categories altogether must total 100%. The current Designated Investment Options available in each category and the Min-Max Percentages for each category are shown below.

Categories	Minimum/Maximum Aggregate Allocation Percentages	Designated Investment Options
Category I	minimum     20% maximum   100%	American Funds Insurance Series®, Asset Allocation Fund BlackRock Global Allocation V.I. Fund First Trust/Dow Jones Dividend & Income Allocation Portfolio Invesco V.I. Core Plus Bond Fund JPMorgan Insurance Trust Income Builder Portfolio Lord Abbett Series Fund, Bond Debenture Portfolio MFS® Conservative Allocation Portfolio MFS® U.S. Government Money Market Portfolio MFS® Total Return Bond Series PIMCO Total Return Portfolio PIMCO International Bond Portfolio (U.S. Dollar-Hedged) Putnam VT Income Fund Legg Mason Partners Variable Income Trust, Western Asset Core Plus VIT Portfolio
Category II	minimum       0% maximum     80%	AB Balanced Wealth Strategy Portfolio AB Large Cap Growth Portfolio American Funds Insurance Series®, Global Balanced Fund American Funds Insurance Series®, Global Growth Fund American Funds Insurance Series®, Growth Fund American Funds Insurance Series®, Growth-Income Fund Columbia Variable Portfolio - Asset Allocation Fund Columbia Variable Portfolio - Select Large Cap Value Fund Goldman Sachs V.S. Equity Insights Fund Invesco V.I. Equity and Income Fund Lazard Retirement Global Dynamic Multi-Asset Portfolio MFS® Core Equity Portfolio MFS® Global Growth Portfolio MFS® Growth Allocation Portfolio MFS® Moderate Allocation Portfolio MFS® Total Return Series MFS® Value Series Morgan Stanley Variable Insurance Fund, Inc., Global Strategist Portfolio Putnam VT Equity Income Fund Putnam VT George Putnam Balanced Fund Putnam VT Global Asset Allocation Fund Putnam VT Research Fund

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Categories	Minimum/Maximum Aggregate Allocation Percentages	Designated Investment Options
Category III	minimum       0% maximum     25%	AB Small/Mid Cap Value Portfolio American Funds Insurance Series®, International Fund American Funds Insurance Series®, New World Fund® Legg Mason Partners Variable Equity Trust, ClearBridge Variable Mid Cap Portfolio MFS® Blended Research® Small Cap Equity Portfolio MFS® Mid Cap Growth Series MFS® New Discovery Series MFS® New Discovery Value Portfolio Morgan Stanley Variable Insurance Fund, Inc., Global Franchise Portfolio Morgan Stanley Variable Insurance Fund, Inc., Growth Portfolio
Category IV	minimum       0% maximum     10%	MFS® Technology Portfolio MFS® Global Real Estate Portfolio Morgan Stanley Variable Insurance Fund, Inc., Global Infrastructure Portfolio PIMCO CommodityRealReturn® Strategy Portfolio Putnam VT Global Health Care Fund

You may transfer funds within the categories as long as your allocations remain within the percentage ranges we have established and may change from time to time, and you adhere to the transfer provisions of your Contract. (See “Transfers Among the Subaccounts and the Fixed Account” and “Restrictions on Frequent Transfers.”)

Withdrawals will be taken pro-rata from each of your selected Designated Investment Options. Any additional Purchase Payments will be allocated proportionally to your current Designated Investment Options based on your current allocation instructions. At any time, you can change your allocation by providing new allocation instructions. Your new instructions will change your existing allocations accordingly. Once each Contract Quarter, we will automatically rebalance your Contract Value among the Designated Investment Options you have selected to maintain the percentage allocations you have chosen.

We may add or remove a Designated Investment Option in our sole discretion, including in the event of a fund reorganization, fund substitution, a fund liquidation or merger or to help maintain our ability to provide the guarantees under the optional living benefit and optional death benefit riders. If a Designated Investment Option is closed to new Purchase Payments, but existing Contract Value is not required to be moved from the closed Designated Investment Option, portfolio rebalancing will continue. To make an additional Purchase Payment or a transfer thereafter, you must change your allocation instructions to exclude the closed Designated Investment Option. Your entire Contract Value will then be reallocated according to your new allocation instructions.

If a Designated Investment Option is closed to new Purchase Payments and the Contract Value allocated to the closed Designated Investment Option must move to a new Designated Investment Option, we will provide you with reasonable notice (generally 30 calendar days) prior to the effective date of such change to allow you to reallocate your Contract Value to maintain your optional benefits. If you do not timely reallocate your Contract Value, your rider will terminate.

We also limit the number and type of available Designated Investment Options and impose minimum and maximum allocation requirements for each Designated Investment Option category in our sole discretion to reduce our risk exposure in providing the guarantees associated with the GLWB, the HAV Death Benefit and ROP Death Benefit riders. These limits may reduce the return on your investment. The Designated Investment Option requirements may reduce the likelihood that the Contract Value will be reduced to zero as a result of investment performance and that we will have to make payments under the AWA settlement option.

The Company reserves the right, upon written notice to you, to (1) change the available Designated Investment Options, (2) change the percentages that may be allocated to the Designated Investment Options, (3) change the

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investment category classification of any Designated Investment Option, and (4) determine the appropriate investment category classification for any new Designated Investment Option. Any time there is a change in the Designated Investment Options, the Contract Value will remain in the previously available Designated Investment Options. However, if you subsequently submit a transfer request or Purchase Payment, the entire Contract Value must be reallocated only among the Designated Investment Options then available in compliance with minimum and maximum percentages then specified, in order to keep the optional benefit in force. Any transfer or allocation of Purchase Payments other than among Designated Investment Options in compliance with the permissible percentage allocations will result in termination of the GLWB, the HAV Death Benefit and the ROP Death Benefit.

OPTIONAL LIVING BENEFIT: THE GLWB

The GLWB allows you to withdraw a guaranteed amount of money each year, referred to as your Annual Withdrawal Amount or AWA, beginning on your Income Start Date. After the Income Start Date, the AWA payments continue until the death of any Owner if single-life coverage is elected except under spousal continuation, or until the death of both the Owner and the Owner’s spouse if joint-life coverage is elected. (See “Spousal Considerations - GLWB.”) Your right to take withdrawals under the GLWB continues regardless of the investment performance of the Designated Investment Options, provided that you comply with certain requirements. After your Income Start Date, the amount you can withdraw in any one Contract Year can range from 3.05% to 6.65% of your Withdrawal Benefit Base, depending on whether single- life or joint-life coverage was elected and, on your age, or the younger spouse’s age in case of joint-life coverage on the Income Start Date.

The GLWB may not be appropriate for all investors. Before purchasing the GLWB, you should carefully consider the following:

The GLWB may be appropriate for you if you are an investor who:

• wants an opportunity for annual income to increase as you grow older.

• wants a guaranteed stream of income for life without annuitizing, beginning on or after your Income Start Date.

• wants the option of spousal joint-life coverage.

• can defer withdrawals during your early Contract Years to increase your benefit in later years.

The GLWB may be inappropriate for you if you are an investor who:

• anticipates the need for Excess Withdrawals or Early Withdrawals.

• wants to allocate to the Fixed Account or Subaccounts other than Designated Investment Options.

The GLWB is inappropriate if you are an investor who:

• wants to make additional Purchase Payments after the third Contract Year.

You may elect the GLWB, provided that:

• all Owners and Annuitants are younger than age 81 on the Issue Date (in the case of a non-natural Owner, all Annuitants are younger than age 81 on the Issue Date); and

• you limit the allocation of your Purchase Payments and Contract Value to the Designated Investment Options that we make available with the GLWB.

If you elect the GLWB, you may make Purchase Payments only during your first three Contract Years. After the third Contract Anniversary, any Purchase Payments you submit will be deemed “not in Good Order” and returned to you.

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To participate in the GLWB, all of your Contract Value must be invested in one or more of the Designated Investment Options at all times during the term of the GLWB. (The “term” of the GLWB is for life, unless your Withdrawal Benefit Base is reduced to zero or the GLWB is terminated or cancelled as described under “Termination of the GLWB,” “Withdrawals under the GLWB,” and “Annuitization Under the GLWB.”) The only Subaccounts that currently qualify as Designated Investment Options are listed in the section entitled “DESIGNATED INVESTMENT OPTIONS.”

Under the GLWB, you have the option of choosing between single-life coverage and joint-life coverage. These options are described in greater detail under “GLWB Covered Person and Joint GLWB Covered Person.”

You may combine the GLWB with either the HAV or ROP Death Benefit. You may not elect the GLWB with an inherited Non-Qualified Contract or beneficiary IRA Contract.

On the Annuity Income Date, the GLWB, the HAV Death Benefit, and the ROP Death Benefit riders, if elected, automatically terminate.

If you or your spouse (if joint-coverage) has not begun to take AWA payments, the GLWB rider will automatically terminate on the Annuity Income Date, subject to the following terms : (1) if your Contract Value has been reduced to zero (other than as a result of an Early Withdrawal or an Excess Withdrawal), and your Withdrawal Benefit Base is greater than zero on the Annuity Income Date, you will receive your full AWA until you die under the AWA Settlement Option; or (2) if your Contract Value and Withdrawal Benefit Base is greater than zero on the Annuity Income Date, you may elect to receive any Annuity Payment Option, which will not be less than the AWA.

Determining Your Withdrawal Benefit Base

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 additional Purchase Payments you make during the first three Contract Years;

• increased by any Step-Ups or Bonus Amounts as described under “How the GLWB Works;”

• decreased proportionally by any Early Withdrawals you take as described under “Withdrawals under the GLWB;” and

• decreased proportionally by any Excess Withdrawals you take as described under “Withdrawals under the GLWB.”

Determining Your AWA

Your AWA is equal to your Withdrawal Benefit Base multiplied by your Lifetime Withdrawal Percentage. Your AWA is first determined on your Income Start Date and then on each subsequent Contract Anniversary prior to the Annuity Income Date. The Lifetime Withdrawal Percentage is based on the age of the youngest GLWB Covered Person on the Income Start Date and on the date of any subsequent Step-Up, as shown in the table below.

Age on Your Income Start Date and any Subsequent Step-Up date*	Lifetime Withdrawal Percentage Single-Life Coverage	Lifetime Withdrawal Percentage Joint-Life Coverage
<55	0.00%	0.00%
55-59	3.65%	3.05%
60-64	4.15%	3.55%
65-74 75-79 80-84 85 +	5.30% 5.65% 6.15% 6.65%	4.70% 5.05% 5.55% 6.05%

* If you elect joint-life coverage, the age ranges are based upon the age of the younger spouse as described under “Joint-Life Coverage.”

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The Lifetime Withdrawal Percentages will not vary from the Lifetime Withdrawal Percentages disclosed in the Prospectus, or as disclosed in any Rate Sheet Supplement. Your Lifetime Withdrawal Percentage will only increase if your age at the time of the Step-Up coincides with a higher percentage as shown in the table above. (See “Step-Up Feature.”)

An increase in the Lifetime Withdrawal Percentage due to Step-Up may increase your AWA.

Your AWA equals your Withdrawal Benefit Base multiplied by your Lifetime Withdrawal Percentage. If your Withdrawal Benefit Base changes after your AWA is determined, your AWA will also change. The new AWA will be effective on the next Contract Anniversary and, at that time, will reflect any increases caused by any Purchase Payments or Step-Up during the prior Contract Year and any decreases caused by an Excess Withdrawal (described below) that were taken during the prior Contract Year. The new AWA will be in effect for all subsequent Contract Years, unless and until there is a further change in your Withdrawal Benefit Base.

Your AWA payments must be withdrawn under the AWA automatic withdrawal program. Under the AWA automatic withdrawal program, you will receive your AWA payments monthly. We reserve the right to select the day of the month that the AWA payments occur. We may make other periodic payment schedules available at our discretion.

How the GLWB Works

Beginning on your Income Start Date, you can take withdrawals each Contract Year totaling up to the amount of your AWA, subject to the terms and conditions discussed below. Even if your Contract Value is reduced to zero (other than as a result of an Early Withdrawal or an Excess Withdrawal), if your Withdrawal Benefit Base is greater than zero, you can withdraw your AWA every year until you die. AWAs will decrease your Contract Value and death benefits under the Contract. Early Withdrawals and Excess Withdrawals may significantly decrease, and even terminate, your benefits under the GLWB, including reducing your Contract Value to zero and thereby terminating your Contract without value and the GLWB. (See “Withdrawals Under the GLWB.”)

If you defer taking withdrawals during your early Contract Years, you may potentially take larger withdrawals in later Contract Years. Your AWA is not cumulative: any unused portion of your AWA in any Contract Year expires and cannot be applied to a future Contract Year.

Lifetime payments by us will be made when your Contract Value is depleted. If you take Early Withdrawals or Excess Withdrawals and/or do not satisfy other conditions of the GLWB, the guaranteed benefits of the GLWB will be reduced or eliminated.

Note also that allocating to the Fixed Account or to any Subaccount that is not a Designated Investment Option, will cancel the GLWB. (See “Termination of the GLWB.”)

Step-Up Feature and Bonus Feature

The GLWB provides a Step-Up Feature and a Bonus Feature that may increase the Withdrawal Benefit Base. We will determine eligibility for an increase to the Withdrawal Benefit Base under each of these two features on each Contract Anniversary prior to the Income Start Date. We will calculate two potential increases to the Withdrawal Benefit Base, one under the Step-Up Feature and the other under the Bonus Feature, and then increase the Withdrawal Benefit Base by the higher of the two. The new Withdrawal Benefit Base will be the greater of: a) the highest adjusted quarterly Contract Value (the “HQ Contract Value”) as calculated under the Step-Up Feature; or b) the current Withdrawal Benefit Base plus any Bonus Amount available under the Bonus Feature. Note that the HQ Contract Value is determined at the end of each Contract Quarter, not each calendar quarter.

On the Income Start Date, we will calculate two potential increases to the Withdrawal Benefit Base, one under the Step-Up Feature and the other under the Bonus Feature, and then increase the Withdrawal Benefit Base by the higher of the two. The new Withdrawal Benefit Base will be the greater of: a) the Contract Value; or b) the current Withdrawal Benefit Base increased proportionally by any applicable Bonus Amount to reflect the number of days elapsed since the last Contract Anniversary. The Step-Up Feature continues in effect after the Income Start Date.

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After the Income Start Date, we will continue to determine eligibility for a Step-Up on each Contract Anniversary prior to the Annuity Income Date, and at the end of the Valuation Period immediately preceding the Annuity Income Date. The Bonus Feature is not available after the Income Start Date.

Any increase in the Withdrawal Benefit Base is subject to the maximum Withdrawal Benefit Base of $5,000,000. For purposes of determining this limit, the Company reserves the right to aggregate the Withdrawal Benefit Base with the withdrawal benefit bases of all other variable annuity contracts owned by you that have been issued by us or our affiliates.

The Step-Up will be automatic if:

• Your Withdrawal Benefit Base is $5,000,000 or less;

• Your HQ Contract Value is greater than your Withdrawal Benefit Base increased by any applicable Bonus Amount during the Bonus Period; and

• The GLWB Fee Rate is not increased after the first Contract Anniversary and on and after any Contract Anniversary thereafter.

The Step-Up will not be automatic if:

• Your Contract Value is more than $5,000,000;

• Your HQ Contract Value is less than your Withdrawal Benefit Base (increased by any applicable Bonus Amount during the Bonus Period); and

• If the GLWB Fee has increased on the second Contract Anniversary and any Contract Anniversary thereafter.

Step-Up Feature

On each Contract Anniversary prior to the Annuity Income Date, we will compare the current Withdrawal Benefit Base to the HQ Contract Value for the Contract Year just ended. The Withdrawal Benefit Base will be eligible for a Step-Up if the HQ Contract Value is higher than the current Withdrawal Benefit Base. If the Step-Up is applied, the Withdrawal Benefit Base will be increased to equal the HQ Contract Value. If the Step-Up is applied prior to the Income Start Date, then a new Bonus Period will start on the Step-Up Date, with a Bonus Base equal to the new Withdrawal Benefit Base.

After the Income Start Date, we will continue to determine whether your Withdrawal Benefit Base is eligible for a Step-Up on each Contract Anniversary until the Annuity Income Date. There are no Bonus Periods after the Income Start Date.

The Step-Up will be applied automatically when there is no Bonus Period in effect. During any Bonus Period, however, the new Withdrawal Benefit Base will be the higher of: a) the HQ Contract Value as calculated under the Step-Up Feature; or b) the current Withdrawal Benefit Base plus the Bonus Amount under the Bonus Feature, as further described below.

To determine the HQ Contract Value for the Contract Year just ended, we first record the Contract Value at the end of each Contract Quarter during the prior Contract Year. We then increase each of these recorded quarter-end Contract Values for each Purchase Payment made and decrease them for each withdrawal taken after the end of the applicable Contract Quarter. A withdrawal that is not an Early Withdrawal or an Excess Withdrawal will decrease the recorded quarter-end Contract Values by the amount of the withdrawal. Early Withdrawals and Excess Withdrawals will decrease the recorded quarter-end Contract Values proportionally in the same manner that the Withdrawal Benefit Base is decreased by such withdrawals. After all Purchase Payments and withdrawals are taken into account, the HQ Contract Value is set to the greatest of these four-adjusted quarter-end Contract Values.

If the Income Start Date is not a Contract Anniversary, we will compare the current Withdrawal Benefit Base to the Contract Value. The Withdrawal Benefit Base will then be adjusted to equal the Contract Value, if higher. The adjustment will be applied automatically when there is no Bonus Period in effect. During any Bonus Period, however,

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the new Withdrawal Benefit Base will be the higher of: a) the Contract Value; or b) the current Withdrawal Benefit Base plus a proportional Bonus Amount to reflect the number of days elapsed since the last Contract Anniversary.

When a Step-Up occurs, your Lifetime Withdrawal Percentage will increase if your age at the time of the Step-Up coincides with a higher Lifetime Withdrawal Percentage as shown in the table under “Determining Your AWA.”

We reserve the right to increase the GLWB Fee Rate when a Step-Up occurs. Any Step-Up will automatically occur unless a GLWB Fee Rate increase is applicable. If a GLWB Fee Rate increase is applicable, then we will send notice to you. If we receive your written consent to the rate increase prior to the end of the Contract Quarter immediately following the Contract Anniversary, the Step-Up will occur as of the Contract Anniversary. The increased GLWB Fee Rate will be applied on the last day of that Contract Quarter. If your consent is not timely received by us, the GLWB Fee increase will not apply, no Step-Up will occur, and no additional Step-Ups will be permitted.

The GLWB, including the Step-Up Feature, will terminate automatically on the Annuity Income Date, as described under “Optional Living Benefit: The GLWB.”

Bonus Feature

On each Contract Anniversary during a Bonus Period, we will calculate a Bonus Amount that may be added to the Withdrawal Benefit Base. The Bonus Amount will be equal to the current Bonus Base multiplied by the Bonus Rate. Currently, the Bonus Rate is 6.25%. On each Contract Anniversary during a Bonus Period, the Withdrawal Benefit Base will be increased by the greater of a Step-Up, if any, as described above, or the Bonus Amount. In the event of a Step-Up, the Bonus Base will also be increased to equal the new Withdrawal Benefit Base, and a new Bonus Period will begin on the Step-Up Date.

The Bonus Rate applicable to your Contract will not vary from the percentage disclosed in the Prospectus or as disclosed in any Rate Sheet Supplement.

The Bonus Base is not available for withdrawal, full surrender, as a death benefit, or for application to any Annuity Payment Option. After the Income Start Date, the Bonus Base is no longer calculated or maintained for any purpose.

On the Issue Date, the Bonus Base is equal to the Withdrawal Benefit Base. During the Bonus Period, the Bonus Base is increased by any additional Purchase Payments and decreased proportionally for any Early Withdrawals in the same manner that the Withdrawal Benefit Base is decreased by such withdrawals. In the event of a Step-Up, the Bonus Base will also be increased to equal the new Withdrawal Benefit Base, and a new Bonus Period will begin on the Step-Up Date.

If the Income Start Date is not a Contract Anniversary, the Withdrawal Benefit Base will be increased to the greater of: a) the Contract Value, as described above; or b) the current Withdrawal Benefit Base plus a proportional Bonus Amount to reflect the number of days elapsed since the last Contract Anniversary.

The Bonus Feature terminates automatically on the Income Start Date, after the addition of any Bonus Amount to the Withdrawal Benefit Base.

Here is an example of how the GLWB works.

Assume the following:

• You are age 65 when your Contract is issued with a Purchase Payment of $100,000 and you elected the GLWB with single-life coverage. (If you selected joint-life coverage the numbers shown in the example could be different.)

• Your Withdrawal Benefit Base and your Bonus Base are equal to your initial Purchase Payment of $100,000.

• On your Income Start Date, you can withdraw your AWA each Contract Year without reducing your Withdrawal Benefit Base on or after the Income Start Date.

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• The investment performance of your Designated Investment Options equals or offsets Contract expenses, i.e., your Contract Value remains constant throughout the life of your Contract, except for Contract Year 2.

• During the Bonus Period, your Withdrawal Benefit Base will increase by your Bonus Amount each Contract Year in the Bonus Period.

• Your Contract Value has grown to $125,000 by the beginning of Contract Year 3 due to positive investment performance of the Designated Investment Options. Your Contract is therefore eligible for an automatic Step-Up of its Withdrawal Benefit Base and Bonus Base.

• The GLWB Fee Rate has not increased and therefore an automatic Step-Up will be applied to increase your Withdrawal Benefit Base and your Bonus Base to $125,000. Your new Bonus Base will be $125,000, and your Bonus Period will now end on your 12^th Contract Anniversary (i.e., 10 years after the Step-Up).

• No Bonus Amount is applied in Contract Years 13 or 14 as you are not in a Bonus Period.

• Your Contract Value has grown to $225,000 by the beginning of Contract Year 15 due to positive investment performance of the Designated Investment Options in Contract Year 14. Your Contract is eligible for an automatic Step-Up of its Withdrawal Benefit Base to $225,000 and a new Bonus Period will begin.

• You select your Income Start Date on your 83^rd birthday in Contract Year 18. Your Lifetime Withdrawal Percentage is 6.15%. Your AWA will be 6.15% of your Withdrawal Benefit Base.

• So, you can withdraw $15,567 each Contract Year after the Income Start Date without reducing your Withdrawal Benefit Base.

Your Income Start Date will depend upon your own situation. You should discuss your GLWB with your financial professional.

All values shown are as of the beginning of the Contract Year.

Contract Year	Contract Value	Withdrawal Benefit Base	Bonus Base	Annual Withdrawal Amount	Withdrawals
1	$100,000	$100,000	$100,000	n/a	$0
2	$100,000	$106,250	$100,000	n/a	$0
3	$125,000	$125,000	$125,000	n/a	$0
4	$125,000	$132,813	$125,000	n/a	$0
5	$125,000	$140,625	$125,000	n/a	$0
6	$125,000	$148,438	$125,000	n/a	$0
7	$125,000	$156,250	$125,000	n/a	$0
8	$125,000	$164,063	$125,000	n/a	$0
9	$125,000	$171,875	$125,000	n/a	$0
10	$125,000	$179,688	$125,000	n/a	$0
11	$125,000	$187,500	$125,000	n/a	$0
12	$125,000	$195,313	$125,000	n/a	$0
13	$125,000	$203,105	n/a	n/a	$0
14	$125,000	$203,105	n/a	n/a	$0
15	$225,000	$225,000	$225,000	n/a	$0
16	$225,000	$239,063	$225,000	n/a	$0
17	$225,000	$253,125	$225,000	n/a	$0
18	$225,000	$253,125	n/a	$15,567	$15,567
19	$210,015	$253,125	n/a	$15,567	$15,567
20	$195,030	$253,125	n/a	$15,567	$15,567
21	$180,045	$253,125	n/a	$15,567	$15,567
22	$165,060	$253,125	n/a	$15,567	$15,567

If a different Bonus Rate applied, the numbers in the above example would be different.

Delaying the Income Start Date has the potential to increase the future AWA due to the Bonus Amounts applied to the Withdrawal Benefit Base during the Bonus Period and the potential for a Step-up. Once you start taking your AWA,

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delaying or not taking subsequent AWAs will not increase your future AWA because any unused portion of your AWA in any Contract Year cannot increase your AWA in any future Contract Year.

The total amount paid under the GLWB will depend upon the Income Start Date, the age of the GLWB Covered Person(s) on the Income Start Date, the investment performance of the Designated Investment Options and how long the GLWB Covered Person(s) live(s).

Withdrawals Under the GLWB

While the GLWB is in effect, you may not choose the Designated Investment Options and the Fixed Accumulation Value in the DCA program, if any, from which a partial withdrawal will be deducted. All withdrawals, including the Free Withdrawal Amount, the RMD Amount and the AWA, will be deducted pro-rata from each Designated Investment Option and the Fixed Accumulation Value in the DCA program, if any, to which the Contract Value is allocated on the effective date of the withdrawal.

Withdrawals On or After the Income Start Date

Starting on your Income Start Date and continuing to your Annuity Income Date, you may take withdrawals totaling up to your AWA each Contract Year without reducing your Withdrawal Benefit Base. These withdrawals will reduce your Contract Value by the dollar amount of the withdrawal but will not change your Withdrawal Benefit Base. Withdrawals in any Contract Year are subject to a Withdrawal Charge only to the extent they are in excess of the greatest of:

• the Free Withdrawal Amount permitted under the Contract (See “Free Withdrawal Amount” under “Withdrawal Charge.”)

• your RMD Amount (subject to conditions discussed under “Tax Issues Under the GLWB”); and

• your AWA.

Excess Withdrawals

After the Income Start Date, an Excess Withdrawal is the portion of cumulative withdrawals that exceeds the higher of the AWA and the RMD Amount in any Contract Year. Your Withdrawal Benefit Base and your AWA for each subsequent Contract Year will be reduced by an Excess Withdrawal. Excess Withdrawals could reduce your Withdrawal Benefit Base by more than the dollar amount of the Excess Withdrawals.

If you take an Excess Withdrawal, your Withdrawal Benefit Base will be reduced according to the following formula:

Your new Withdrawal Benefit Base = A x (1 – (B/C))

Where:
	A	=	Your Withdrawal Benefit Base before the Excess Withdrawal.
	B	=	The amount of the Excess Withdrawal, including any Withdrawal Charge.
	C	=	Your Contract Value immediately prior to the Excess Withdrawal.

Assuming the facts in the example above:

• You take two withdrawals in Contract Year 18: a $10,000 withdrawal and then an $8,000 withdrawal.

• Your first withdrawal reduces your Contract Value to $215,000. It does not reduce your Withdrawal Benefit Base because it is not in excess of your AWA.

• Your second withdrawal (when combined with the first) is in excess of $15,567, which is the AWA. The amount of the Excess Withdrawal is $2,433 ($18,000-$15,567 = $2,433.)

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After your second withdrawal, your Withdrawal Benefit Base will be reduced as follows:

Your New Withdrawal Benefit Base	=	$253,125 x (1 - $2,433/$215,000)
	=	$253,125 x (1 - 0.01132)
	=	$253,125 x (0.98868)
	=	$250,261

Beginning on your Contract Anniversary and going forward, your new AWA will be reduced to 6.15% of your new Withdrawal Benefit Base, or $15,391.

You should be aware that if your Contract Value 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 benefits under the GLWB, including reducing your Contract Value to zero and thereby terminating your Contract and benefits thereunder.

Early Withdrawals

Before the Income Start Date, any withdrawals, including RMD withdrawals and Free Withdrawal Amounts, are Early Withdrawals in any Contract Year. Accordingly, your Withdrawal Benefit Base and your Bonus Base will be reduced by Early Withdrawals. Your Withdrawal Benefit Base and your Bonus Base will be reduced by Early Withdrawals using the following formula:

Your new Bonus Base	=	A x (1 – (B/C))
Your new Withdrawal Benefit Base	=	A x (1 – (B/C))

Where:
	A	=	Your Bonus Base or Withdrawal Benefit Base before the Early Withdrawal.
	B	=	The amount of the Early Withdrawal, including any Withdrawal Charge
	C	=	Your Contract Value immediately prior to the Excess Withdrawal.

Using the facts of the above example, assume that in Contract Year 9, your Contract Value is $125,000 and you withdraw $10,000. This withdrawal is an Early Withdrawal under the GLWB. This Early Withdrawal reduces your Withdrawal Benefit Base and Bonus Base, if applicable, as follows:

Your New Bonus Base =	=	$125,000 x (1 - $10,000/$125,000)
	=	$125,000 x (1 - 0.08)
	=	$125,000 x (0.92)
	=	$115,000
Your New Withdrawal Benefit Base =	=	$171,875 x (1 - $10,000/$125,000)
	=	$171,875 x (1 - 0.08)
	=	$171,875 x (0.92)
	=	$158,125

In the above example, your AWA is not payable because you have not elected your Income Start Date.

If a different Bonus Rate applied, the numbers shown in the above example would be different.

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Early Withdrawals could reduce your Withdrawal Benefit Base by more than the dollar amount of the Early Withdrawals.

Early Withdrawals could severely reduce, and even terminate, your benefits under the GLWB, including reducing your Contract Value to zero and thereby terminating your Contract and all benefits thereunder.

In addition to reducing your benefits under the GLWB, any withdrawal before you reach age 59¹⁄₂ could result in adverse state and federal tax consequences. You should consult a qualified tax professional for more information.

Depleting Your Contract Value

If your Contract Value is reduced to zero immediately following an Early Withdrawal or an Excess Withdrawal, then your Withdrawal Benefit Base and the Bonus Base will each also be reduced to zero and your Contract and all benefits thereunder will terminate.

If, on the other hand, your Contract Value is reduced to zero through any combination of negative investment performance of the Designated Investment Options, Contract charges, and withdrawals other than Early Withdrawals or Excess Withdrawals, your Withdrawal Benefit Base will not be reduced, although no further Bonus Amounts or Step-Ups will apply. All rights and benefits under the Contract will terminate except for the right to receive future payments under the GLWB. Regardless of your age on the day the Contract Value is reduced to zero, the GLWB Covered Person or the surviving GLWB Covered Person will be entitled to receive the AWA each year under the AWA settlement option.

The GLWB Fee

The GLWB Fee is deducted from the Contract Value on the last Valuation Period of each Contract Quarter. The GLWB Fee is calculated by multiplying the GLWB Fee Rate by the Withdrawal Benefit Base. The GLWB Fee Rate, currently 0.30 % (1.20% annually) of your Withdrawal Benefit Base, will not exceed the maximum GLWB Fee Rate of 0.4875% (1.95% annually). On the last day of the final Contract Quarter in any Contract Year, the Withdrawal Benefit Base for the purpose of calculating the GLWB Fee will include any Step-Up or Bonus Amount that is added to the Withdrawal Benefit Base on the Contract Anniversary. The GLWB Fee is deducted pro-rata from each Designated Investment Option to which the Contract Value is allocated on the last day of each Contract Quarter. If the GLWB terminates on any day except the last day of the Contract Quarter, we will deduct a proportional amount of the GLWB Fee to reflect the time elapsed between the first day of the current Contract Quarter and the day the GLWB terminates. After the GLWB is terminated, the GLWB Fee is also terminated.

The Company reserves the right to increase the GLWB Fee Rate. (See “Step-Up Feature.”)

Your GLWB Fee will not change during a Contract Year, unless you take one of the following specific actions:

• If you make additional Purchase Payments during the Contract Year, you will increase your Withdrawal Benefit Base and thus your GLWB Fee, because your GLWB Fee is calculated as a percentage of your Withdrawal Benefit Base.

• If you make an Early Withdrawal or an Excess Withdrawal, you will decrease your Withdrawal Benefit Base and thus your GLWB Fee, because your GLWB Fee is calculated as a percentage of your Withdrawal Benefit Base.

We will continue to deduct the GLWB Fee until the earliest of your Annuity Income Date, the date on which your Contract Value reduces to zero, or your GLWB is terminated. (See “Termination of the GLWB.”) The GLWB Fee will not vary from the GLWB Fee disclosed in the Prospectus or as disclosed in any Rate Sheet Supplement.

GLWB Covered Person and Joint GLWB Covered Person

Eligibility to be the GLWB Covered Person or Joint GLWB Covered Person and elect joint-life coverage is based on the Contract’s ownership on the Income Start Date.

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An Owner that is not a natural person must name an Annuitant as the GLWB Covered Person for single-life coverage. To elect joint-life coverage:

• The Annuitant(s) must be the GLWB Covered Person or the Joint GLWB Covered Person;

• The GLWB Covered Person and the Joint GLWB Covered Person must be spouses recognized as such under federal tax laws;

• The GLWB Covered Person will be the younger of the spouses; and

• The Annuitant’s spouse must be the sole Beneficiary under the Contract.

An individual Owner who is a natural person must also be the GLWB Covered Person if he or she elects single-life coverage.

If an individual Owner elects joint-life coverage:

• The GLWB Covered Person and the Joint GLWB Covered Person must be spouses recognized as such under federal tax laws;

• The Owner must be either the GLWB Covered Person or the Joint GLWB Covered Person;

• The GLWB Covered Person will be the younger of the spouses; and

• The Owner’s spouse must be the sole Beneficiary under the Contract.

The Contract may have two Owners who are spouses recognized as such under federal tax laws. In this circumstance, the two Owners may elect:

• Single-life coverage with the younger Owner named as the GLWB Covered Person; or

• Joint-life coverage with the younger Owner as the GLWB Covered Person and the other Owner as the Joint GLWB Covered Person.

Since the younger spouse must be at least age 55 on the Income Start Date, you should carefully consider whether joint-life coverage is an appropriate choice in light of the possibility of a longer waiting period before withdrawals under the GLWB can be made.

If the Owner is not a natural person and the Annuitant marries prior to the Income Start Date, then subject to our approval, the Annuitant’s spouse may be added to the Contract as an Annuitant and may then be eligible to be a GLWB Covered Person or Joint GLWB Covered Person. If the Owner is a natural person and the Owner marries prior to the Income Start Date, the Owner’s spouse may be added to the Contract as an Owner, as an Owner and Annuitant, or as the sole Beneficiary, and will then be a GLWB Covered Person or Joint GLWB Covered Person.

Effect of Divorce on the GLWB

The divorce of an Owner may affect the status of the GLWB.

Prior to the Income Start Date:

If divorce occurs prior to the Income Start Date, then the GLWB will be available with single-life coverage based on the GLWB Covered Person on the Income Start Date. If the Owner subsequently remarries, the GLWB will also be available with joint-life coverage based on the GLWB Covered Person and the Joint GLWB Covered Person on the Income Start Date

On or after the Income Start Date with single-life coverage:

If divorce occurs on or after the Income Start Date, the GLWB will remain in force as long as the GLWB Covered Person remains an Owner of the Contract and all other GLWB requirements continue to be met.

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On or after the Income Start Date with joint-life coverage:

If divorce occurs on or after the Income Start Date and the GLWB Covered Person and Joint GLWB Covered Person are no longer spouses, the GLWB will remain in force with single-life coverage as long as the GLWB Covered Person or Joint GLWB Covered Person remains an Owner of the Contract and all other GLWB requirements, such as the minimum and maximum allocation requirements for each Designated Investment Option category, continue to be met. The Lifetime Withdrawal Percentage will not change and the GLWB will terminate upon the death of any Owner.

You may remove an Owner from the Contract upon divorce. If an Owner is removed, the remaining/new Owner becomes the GLWB Covered Person. The Lifetime Withdrawal Percentage will not change and the GLWB will terminate upon the death of the Owner.

Division of the Contract:

In the event of a divorce, if there is a court order, property settlement agreement or other document requiring the division, transfer, or split of the Contract, such division, transfer, or split will be considered a withdrawal for all purposes under the Contract and as such may adversely affect the benefits available under the GLWB. If the withdrawal occurs prior to the Income Start Date, it will be considered an Early Withdrawal. If the withdrawal occurs on or after the Income Start Date and exceeds the AWA, the amount of the excess will be considered an Excess Withdrawal.

Death of Owner

The GLWB terminates on the Death Benefit Date unless:

An Owner dies before the Income Start Date and the surviving spouse, as sole Beneficiary under the Contract, elects to continue the GLWB along with the Contract instead of receiving the death benefit proceeds.

If an Owner who is the GLWB Covered Person or Joint GLWB Covered Person dies after the Income Start Date, and joint-life income was elected, then the spouse, as sole Beneficiary under the Contract, can continue the GLWB and the Contract and continue to receive the AWA for the rest of his or her life.

If the Owner is not a natural person, the death of an Annuitant is treated as the death of the Owner. In this case, if the Contract is eligible for spousal continuation under federal tax laws, then the GLWB may continue as follows:

1. If an Annuitant dies before the Income Start Date, the surviving spouse may continue the GLWB along with the Contract; or

2. If an Annuitant who is the GLWB Covered Person or Joint GLWB Covered Person dies after the Income Start Date, and joint-life income was elected, then the surviving spouse can continue the GLWB and the Contract and continue to receive the AWA for the rest of his or her life.

In order to ensure that the AWA continues after the death of an Owner, you must elect a joint-life coverage on the Income Start Date and the GLWB Covered Person and the Joint GLWB Covered Person must be spouses to preserve the availability of the GLWB after the death of an Owner. In addition, the spouses must be joint Owners, or the spouse of the Owner must be the sole Beneficiary.

The right to continue the GLWB upon spousal continuation of the Contract may be exercised only once. If the surviving spouse remarries and then dies, the Contract may be continued by the spouse if he or she is the sole Beneficiary, but the GLWB may not be continued.

Spousal Considerations - GLWB

Death of the GLWB Covered Person with Single-Life Coverage

If you elect single-life coverage on the Income Start Date, the GLWB terminates on the death of the GLWB Covered Person and the Beneficiary may elect to exercise any of the available options under the death benefit provisions of the Contract.

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Note that single-life coverage may be inappropriate for Joint Owners that are spouses, because the GLWB will end if the GLWB Covered Person dies after the Income Start Date. Note also that Beneficiaries who are not spouses cannot continue the Contract or the GLWB under the Contract. (See “Spousal Considerations - GLWB.”)

Death of the GLWB Covered Person with Joint-Life Coverage

We do not permit the election of the joint-life coverage unless the GLWB Covered Persons are spouses recognized as such under federal tax laws on the Income Start Date.

If you elect joint-life coverage on the Income Start Date and a spouse dies, the GLWB will continue, provided that the surviving spouse, as the sole primary Beneficiary, continues the Contract. In such case:

• No death benefit will be paid until the surviving spouse’s subsequent death;

• The Withdrawal Benefit Base and the Bonus Base will remain unchanged (in the absence of subsequent Purchase Payments during the first three Contract Years and Withdrawals) until the next Contract Anniversary when a Step-Up could apply due to an increase in Contract Value (See “Step-Up Feature.”);

• If AWA withdrawals have not begun before the spouse dies, the Lifetime Withdrawal Percentage will be based on the age the younger spouse attains (or would have attained) on the Income Start Date; and

• If AWA withdrawals under the GLWB have already begun, the Lifetime Withdrawal Percentage will be the Lifetime Withdrawal Percentage that applied to the Contract prior to the death of the spouse.

At the death of the surviving spouse, the GLWB will terminate.

If you selected joint-life coverage and your surviving spouse does not continue the Contract, he or she may elect any available option under the death benefit provisions of the Contract.

Annuitization Under the GLWB

Under the terms of the GLWB, if your Contract Value is greater than zero on your Annuity Income Date, you may elect:

(1) to surrender your Contract and receive your Surrender Value, or

(2) to apply your Contract Value, less any applicable premium taxes and similar taxes, to anyone of the then currently available Annuity Payment Options, or

(3) the AWA settlement option.

If you make no election and you elected single-life coverage, we will apply your Contract Value, less any applicable premium tax or similar tax, to a Life Annuity with a 10-Year Period Certain with an annualized annuity payment of not less than your then current AWA. If joint-life coverage is in effect, we will annuitize your remaining Contract Value with joint-life coverage and an annualized annuity payment of not less than your then current AWA.

If your Contract Value has been reduced to zero (other than as a result of an Early Withdrawal or an Excess Withdrawal), and your Withdrawal Benefit Base is greater than zero on or before your Annuity Income Date, you will receive your full AWA until you die under the AWA Settlement Option. (See “Withdrawals under the GLWB” and “Annuitization under the GLWB.”) “Depleting Your Contract Value” and “AWA Settlement Option.”

AWA Settlement Option

You may elect the AWA settlement option after the Income Start Date and prior to the Maximum Annuity Income Date.

At the end of the Valuation Period immediately preceding the Annuity Income Date, if the Contract Value is higher than the Withdrawal Benefit Base, the Withdrawal Benefit Base will then be adjusted to equal the higher Contract

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Value. The payments under the AWA settlement option will then be calculated based on the higher Withdrawal Benefit Base.

The AWA settlement option will be applied automatically if your Contract Value is reduced to zero prior to the Annuity Income Date for any reason other than an Early Withdrawal or an Excess Withdrawal. In that event, all rights and benefits under the Contract will terminate except for the right to receive future payments under the AWA settlement option.

In either case, any remaining AWA payments for the current Contract Year will be distributed as a lump sum. The AWA settlement option will then go into effect on the next Contract Anniversary, and we will convert your right to withdraw the AWA into automatic monthly payments.

The AWA settlement option provides automatic monthly payments equal to the most-recently calculated AWA divided by 12 for each Contract Year during the life of the GLWB Covered Person or, if joint-life coverage has been elected, for the lifetime of the last survivor of the GLWB Covered Person and the Joint GLWB Covered Person.

Payments under the AWA settlement option will only be made monthly. We will not accept any additional Purchase Payments after the AWA settlement option goes into effect.

Termination of the GLWB

The GLWB will terminate immediately upon the occurrence of the earliest of:

• The date we approve your request to terminate the GLWB;

• The date of any transfer or allocation of Purchase Payments other than to Designated Investment Options in accordance with the permissible percentage allocations;

• The date the Withdrawal Benefit Base is reduced to zero as a result of an Early Withdrawal or Excess Withdrawal;

• An ownership change that has the effect of changing the GLWB Covered Person(s) except as described above in the “Effect of Divorce on the GLWB” and “Death of Owner” provisions;

• The Annuity Income Date*; or

• Termination of the Contract.

* Note that the Maximum Annuity Income Date permitted under the Contract is the first day of the month following the Annuitant’s 100^th birthday. (See “Your Annuity Income Date.”)

Tax Issues Under the GLWB

Certain state and federal tax provisions may be important to you in connection with the GLWB. It is not clear whether withdrawals after the Income Start 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 under the GLWB after the Contract Value is zero as annuity payments for tax purposes.

A Qualified Contract other than a Roth IRA is subject to certain required minimum distribution (RMD) provisions imposed by the Code and IRS regulations. These RMD provisions require that an amount be distributed from your IRA 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 IRA could result in adverse tax treatment. We determine a yearly RMD Amount for your Contract only, and not for your other tax-qualified investments. We will notify you of the RMD Amount for your Contract in January of each year.

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After the Income Start Date, the GLWB permits you to withdraw your RMD Amount each year without reducing your Withdrawal Benefit Base. RMD Amounts withdrawn prior to the Income Start Date are considered Early Withdrawals that will reduce the Withdrawal Benefit Base and the Bonus Base proportionally as the RMD Amounts reduce the Contract Value dollar-for-dollar.

Currently, any withdrawal in excess of the AWA that is taken to satisfy the RMD Amounts will not be treated as an Excess Withdrawal if the withdrawal is taken after the Income Start Date. However, if there is any material change to the current Code or IRS regulations governing the timing or determination of RMD Amounts, then we reserve the right to treat any withdrawal greater than the AWA as an Excess Withdrawal which may significantly reduce the Withdrawal Benefit Base. (See “U.S. Federal Income Tax Provisions.”)

DEATH BENEFIT

If you die during the Accumulation Phase, we may pay a death benefit to the designated Beneficiary(ies). If there is more than one Owner, we may pay a death benefit upon the death of the first Owner. If the Owner is not a natural person, the Annuitant is considered the Owner for the purpose of this death benefit provision.

If the death of the Owner occurs on or after the Annuity Income Date, no death benefit will be payable except as may be provided under the Annuity Payment Option elected, subject to requirements under federal tax laws.

If your surviving spouse is the sole designated Beneficiary and elects to continue the Contract in his or her own name as Owner, the death benefit will be payable only upon your surviving spouse’s subsequent death.

To be a Beneficiary, a natural person Beneficiary must be alive on the date of death of the Owner (or the Annuitant if the Owner is not a natural person). If there are multiple beneficiaries, the designated Beneficiary is determined according to the order below:

1. the surviving Owner, if a natural person, then

2. the primary Beneficiary(ies), then

3. the contingent Beneficiary(ies), and then

4. the Owner’s estate or the Owner if the Owner is not a natural person.

Multiple Beneficiaries in the same class (primary or contingent) share equally unless you direct otherwise. However, if a natural person Beneficiary is not alive and there are other Beneficiaries in the same class that are alive, the death benefit will be shared among the other Beneficiaries of the same class unless you instruct us otherwise.

Each Beneficiary’s share of the death benefit will remain allocated in accordance with the allocations you made until the Valuation Period in which we receive Due Proof of Death from that Beneficiary, except that any Contract Value allocated to the Fixed Account will be re-allocated to a money market Subaccount on the Death Benefit Date. Each Beneficiary’s share of the death benefit is subject to, and will change in value based upon, the investment experience of the Subaccounts to which the Beneficiary’s share is allocated. 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 the Death Benefit

We calculate the amount of the death benefit on the Death Benefit Date, which is the first date we receive Due Proof of Death from at least one Beneficiary. On the Death Benefit Date, the basic death benefit is equal to the Contract Value.

Optional Death Benefits

You may enhance the basic death benefit by electing one of the two optional death benefits: the HAV Death Benefit or the ROP Death Benefit. You must make your election on or before the Issue Date. You will pay a charge for the

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optional death benefit. (See “Charges for the Optional Death Benefits.”) The HAV Death Benefit or the ROP Death Benefit may be elected only if all Owners and Annuitants are younger than age 71 on the Open Date. You may not elect an optional death benefit after the Issue Date. The optional death benefit will be adjusted for all partial withdrawals as described below.

HAV Death Benefit

Under the HAV Death Benefit the death benefit will be the higher of:

• the Contract Value on the Death Benefit Date, and

• the HAV Value which is the higher of (i) the total Purchase Payments, adjusted as described below for any partial withdrawals; and (ii) the highest Contract Value on any Contract Anniversary before the HAV Covered Person’s 81st birthday, adjusted as described below for any Purchase Payments and any partial withdrawals made between such Contract Anniversary and the Death Benefit Date.

The HAV Covered Person is the oldest Owner, or the oldest Annuitant if the Owner is not a natural person, on the Issue Date, unless the surviving spouse continues the Contract as the new HAV Covered Person.

If the HAV Value is higher than the Contract Value as of the Death Benefit Date, the Company will allocate an additional amount equal to the difference between the Contract Value and the HAV Value to the Subaccounts based on their respective values as of the Death Benefit Date except in the case of spousal continuation.

If any Purchase Payments are made after the highest Contract Value has been determined but before the Owner’s death, then the total Purchase Payments used to calculate the HAV Value will be increased by the amount of each Purchase Payment on the date it is received.

HAV Death Benefit Example (With No Withdrawals):

Assume:

• You elected the HAV Death Benefit

• An initial Purchase Payment of $60,000.

• The HAV Covered Person, the oldest Owner, is age 65 on the Open Date.

• An additional Purchase Payment of $40,000 is made on the first Contract Anniversary.

• No withdrawals are taken during Contract Years 1-8.

• The Owner dies in Contract Year 9.

• The Contract Value on the Death Benefit Date is $135,000.

• The adjusted Purchase Payment value on the Death Benefit Date is $100,000.

• The highest Contract Value is $145,000 as determined on the eighth Contract Anniversary. The additional Purchase Payment of $40,000 is made on any Contract Anniversary before the highest Contract Value is determined.

• There is no additional Purchase Payment after the highest anniversary Contract Value is determined. So, there will be no adjustment to the total Purchase Payments for any subsequent Purchase Payment.

The Death Benefit Amount will be the greatest of:

Contract Value on the Death Benefit Date	=	$135,000
Total Purchase Payments, adjusted for partial withdrawals	=	$100,000
Highest Contract Value on any Contract Anniversary	=	$145,000
The HAV Death Benefit Payable to the Beneficiary (ies)	=	$145,000

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ROP Death Benefit

Under the ROP Death Benefit, the death benefit will be the higher of:

(a) The Contract Value; and

(b) The ROP Value which is total Purchase Payments; adjusted as described below for any partial withdrawals.

If the ROP Value is higher than the Contract Value as of the Death Benefit Date, the Company will allocate an additional amount equal to the difference between the Contract Value and the ROP Value to the Subaccounts based on their respective values as of the Death Benefit Date except in the case of spousal continuation.

ROP Death Benefit Example (With No Withdrawals):

Assume:

• You elected the ROP Death Benefit.

• An initial Purchase Payment of $60,000.

• The ROP Covered Person, the oldest Owner, is age 65 on the Open Date.

• An additional Purchase Payment of $40,000 is made on the first Contract Anniversary.

• No withdrawals are taken during Contract Years 1-8.

• The Owner dies in Contract Year 9.

• The Contract Value on the Death Benefit Date is $70,000.

• The ROP Value is the adjusted Purchase Payments of $100,000.

The Death Benefit Amount will be the greatest of:

Contract Value	=	$70,000
Total Purchase Payments, adjusted for partial withdrawals	=	$100,000
The ROP Death Benefit Payable to the Beneficiary(ies)	=	$100,000

Impact of Partial Withdrawals under the Optional Death Benefits

If any partial withdrawals are made, each partial withdrawal will reduce the value of your optional death benefit in the same proportion as the Contract Value is reduced by the partial withdrawal. The reduction in the value of your optional death benefit may be more than the amount of the partial withdrawal.

A partial withdrawal will reduce the value of your optional death benefit such that the value of your optional death benefit after the withdrawal is equal to:

A x (1 – (B/C))

Where:

• A is the value of the optional death benefit before the partial withdrawal;

• B is the amount of the partial withdrawal including any Withdrawal Charge; and

• C is the Contract Value before the partial withdrawal.

While the optional death benefit is in effect, you may not choose the Designated Investment Options from which the partial withdrawal will be deducted. All withdrawals will be deducted pro-rata from each Designated Investment Option to which the Contract Value is allocated on the effective date of the withdrawal.

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HAV Death Benefit Example (With Withdrawals):

Assume:

• You elected the HAV Death Benefit.

• An initial Purchase Payment of $60,000.

• The Owner is the HAV Covered Person.

• The HAV Covered Person is age 65 on the Open Date.

• An additional Purchase Payment of $40,000 is made on the first Contract Anniversary.

• At the end of Contract Year 5, the Contract Value is $150,000, the HAV Value is $175,000 and the total Purchase Payments are $100,000.

• On the first day of Contract Year 6, you take a $30,000 withdrawal.

• Immediately following the withdrawal, the Contract Value is $120,000, the adjusted Purchase Payment value is $80,000*, and the HAV Value is $140,000**.

• There were no Step-Ups in Contract Years 7-9.

• The Owner dies in Contract Year 9.

• The Contract Value on the Death Benefit Date is $90,000 and the values of the adjusted Purchase Payments and HAV remain $80,000 and $140,000 respectively.

The Death Benefit Amount will be the greatest of:

Contract Value	=	$90,000
Total Purchase Payments, adjusted for partial withdrawals*	=	$80,000
Highest Contract Value on any Contract Anniversary**	=	$140,000
The Death Benefit Amount would therefore	=	$140,000

ROP Death Benefit Example (With Withdrawals):

Assume:

• You elected the ROP Death Benefit.

• An initial Purchase Payment of $60,000.

• The Owner is the ROP Covered Person.

• The ROP Covered Person is age 65 on the Open Date.

• Additional Purchase Payment of $40,000 is made on the first Contract Anniversary.

• The Contract Value grows to $150,000 during Contract Years 1-8.

• You take a withdrawal of $30,000 in Contract Year 9.

• The Owner dies in Contract Year 9.

• The Contract Value on the Death Benefit Date is $90,000.

• The ROP Value is the adjusted Purchase Payments of $80,000.

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The Death Benefit Amount will be the greatest of:

Contract Value	=	$90,000
Total of Purchase Payments, adjusted for partial withdrawals***	=	$80,000
The ROP Death Benefit Amount Payable to the Beneficiary (ies)	=	$90,000

* The total Purchase Payments adjusted for the partial withdrawals is calculated as follows: Purchase Payments before withdrawal x (1 – withdrawal amount ÷ Contract Value prior to withdrawal) = $100,000 x [(1 – ($30,000 ÷ $150,000)] = $80,000.

** The HAV Value adjusted for the partial withdrawal is calculated as follows: HAV Value prior to withdrawal x (1 – withdrawal amount ÷ Contract Value prior to withdrawal) = $175,000 x [(1 – ($30,000 ÷ $150,000)] = $140,000.

*** Purchase Payments adjusted for partial withdrawals are calculated as follows: Purchase Payments x (1 – withdrawal amount ÷ Contract Value prior to withdrawal) = $100,000 x [(1 – ($30,000 ÷ $150,000)] = $80,000.

Spousal Considerations - Death Benefit

If your spouse is the sole Beneficiary, upon your death, your spouse may elect to continue the Contract by becoming the new Owner rather than receive the death benefit. If an optional death benefit is in effect, your surviving spouse may elect to continue the optional death benefit as the HAV Covered Person or the ROP Covered Person. In this case, the value of the HAV Death Benefit or ROP Death Benefit will be set to equal its value on the Death Benefit Date. Thereafter, the value of the HAV Death Benefit or ROP Death Benefit may change, depending upon your surviving spouse’s age and whether additional purchase payments and withdrawals are made.

The right to spousal continuance may be exercised only once for the optional death benefits. If the surviving spouse remarries and then dies, the optional death benefit cannot be continued.

Method of Paying Death Benefit

The death benefit may be paid in a single cash payment or as an annuity, under a fixed Annuity Payment Option or under any other payment option we may make available, subject to requirements under federal tax laws. We describe the fixed Annuity Payment Options in this Prospectus under “THE INCOME PHASE - ANNUITIZATION PROVISIONS.”

During the Accumulation Phase, you may elect the method of payment (that is permitted under federal tax laws) for the death benefit 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, subject to requirements under federal tax laws. If the Beneficiary does not provide all documents and information required by us to begin annuity payments within the time period permitted under the Code, or if the predetermined payout option does not comply with federal tax laws, the predetermined payout option will no longer apply. If the Beneficiary is your surviving spouse, the Beneficiary may elect to continue the Contract. This election is made by sending us written notice in a form acceptable to us.

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

Payment of Death Benefit

If the death benefit is to be paid to a Beneficiary in a lump sum, we will make such payment within seven days of the date the Company receives Due Proof of Death from that Beneficiary, except if we are permitted to defer payment in accordance with the 1940 Act. (See “Deferral of Payments and Transfers.”)

If payment is not made to the Beneficiary within seven days as described above, interest will be added as follows:

(a) beginning on the eighth day, interest shall accrue at the rate or rates applicable to the Contract for funds left on deposit with the Company or, if the Company has not established a rate for funds left on deposit, at the Two-Year Treasury Constant Maturity Rate as published by the Federal Reserve. In determining the effective annual rate or rates, the Company shall use the rate in effect on the date that the Company receives Due Proof of Death; and

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(b) additional interest at a rate of 10% annually shall begin accruing 31 days from the latest of (i), and (ii), where: (i) is the date that Due Proof of Death from the applicable Beneficiary was received by the Company, and (ii) is the date that legal impediments to payment of proceeds that depend on the action of parties other than the Company are resolved and sufficient evidence of the same is received by the Company. Legal impediments to payment include, but are not limited to (a) the establishment of guardianships and conservatorships; (b) the appointment and qualification of trustees, executors and administrators; and (c) the submission of information required to satisfy state and federal reporting requirements.

Certain states may require a different interest calculation. (See “APPENDIX A - STATE LAW VARIATIONS.”)

If settlement under an Annuity Payment Option is elected, the Annuity Income Date will be the first Valuation Period following the Death Benefit Date. We will maintain the Contract Value in the Accumulation Phase until the Annuity Income Date. However, if the amount to be applied under the Annuity Payment Option is less than $2,000, or if the modal annuity payment payable in accordance with such option is less than the $100, we will pay the death benefit to the Beneficiary in a single lump sum.

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 31st 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 31st 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 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.

Non-Qualified Contracts

If your Contract is a Non-Qualified Contract, special distribution rules apply to the payment of the death benefit under the Code (“NQ Distribution Rules”). The amount of the death benefit must be distributed either (1) as a lump sum within five years after your death, or (2) 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 Code, with payments beginning no later than one year after your death.

The person you have named as Beneficiary under your Contract, if any, will be the “designated Beneficiary.”

If the designated Beneficiary is your surviving spouse, your spouse may continue the Contract as Owner. The NQ Distribution Rules will then apply on the death of your spouse if the surviving spouse does not remarry. To understand what happens when your spouse continues the Contract, see “Spousal Considerations - GLWB” and “Spousal Considerations - Death Benefit.”

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

If the Owner is not a natural person, the NQ Distribution Rules apply upon the death or removal of any Annuitant.

Payments made in contravention of the NQ Distribution Rules would adversely affect the treatment of the Contracts as annuity contracts under the 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. Subject to the rights of an irrevocable Beneficiary, you may change or revoke the Beneficiary designation. A change of Beneficiary will not be binding on us until we receive written notification, in Good Order. When we receive such notification and it is in Good Order, the change will be effective as of the date on which the request for change was signed by the Owner, but the change will be without prejudice to us on account of any payment we make or any action we take before receiving the request.

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 Income Date or the 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 a Beneficiary, or a 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 the 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 a 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 contact information, if and as they change.

THE INCOME PHASE - ANNUITIZATION PROVISIONS

During the Accumulation Phase, you may at any time elect an Annuity Income Date to begin receiving payments under any available fixed Annuity Payment Option, subject to certain restrictions as described below. The Income Phase of your Contract begins on the Annuity Income Date. On that date, we apply your Contract Value, less any applicable premium tax or similar tax, to the fixed Annuity Payment 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 fixed Annuity Payment Option 3, Payments for a Specified Period Certain, as described under “Fixed Annuity Payment Options,” and you cannot change the fixed Annuity Payment Option selected. You may request a full withdrawal before the Annuity Income Date, which will be subject to all charges applicable to withdrawals. (See “Withdrawal Charge.”)

Selection of Annuitant(s)

You select the Annuitant(s) in your Application. The Annuitant is the person who receives annuity payments during the Income Phase and on whose life annuity payments involving life contingencies are based. If you name someone other than yourself as Annuitant and the Annuitant dies before the Income Phase, you become the Annuitant. In the case of joint Annuitants, if either Annuitant dies prior to the Annuity Income Date, the surviving Annuitant will become the sole Annuitant. The Annuitant becomes the Payee on the Annuity Income Date.

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

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Your Annuity Income Date

The following restrictions apply to the Annuity Income Date you may select:

• The earliest possible Annuity Income Date is the first Contract Anniversary;

• The Maximum Annuity Income Date is the first day of the month following the Contract Anniversary after the Annuitant’s 100^th birthday and, if there is a joint Annuitant, the youngest Annuitant’s 100^th birthday, unless otherwise restricted, in the case of a Qualified Contract, by the particular retirement plan or by applicable law;

• We must receive your selection, in Good Order, at least 30 days before the requested Annuity Income Date; and

• Any request to change the Annuity Income Date must be received at least 30 days before the current Annuity Income Date.

If you do not select otherwise, your Annuity Income Date will be the Maximum Annuity Income Date.

Your retirement plan or applicable law may also restrict your ability to defer receiving income from your Contract. 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.

Fixed Annuity Payment Options

You may select a fixed Annuity Payment Option, 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 Income Date. If we have not received your written selection on the 30th day before the Annuity Income Date, the Annuitant will receive fixed Annuity Payment Option 2, for a life annuity with 120 monthly payments certain (10 Years). There may be additional limitations on the Annuity Payment Option you may elect under your particular retirement plan or applicable law.

We offer the following fixed Annuity Payment Options for payments during the Income Phase. We may also agree to other settlement options, at our discretion.

1. Single-Life Annuity

We provide 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 Income Date, only one annuity payment will be made.

2. Life Annuity with Period Certain

We make payments during the longer of the Annuitant’s lifetime, or a selected period of no less than five (5) years and no more than thirty (30) years. In addition, we guarantee that the Beneficiary will receive payments for the remainder of the period certain, if the Annuitant dies during that period, unless the Beneficiary elects to receive the discounted value of the remaining payments in one sum. The selection of a longer period results in smaller payments. If no Beneficiary is designated, we pay the discounted value of any remaining payments in one lump sum to the Annuitant’s estate.

If your Contract is a Qualified Contract, in general, payments cannot 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 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 31st of the tenth year after the Beneficiary attains the age of majority.

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3. Period Certain

We make payments for a specified period of time you select from ten (10) to thirty (30) years. The longer the period you select, the smaller the payments will be. The payment period may not exceed the Annuitant’s life expectancy. If the Annuitant dies before the end of the period selected, payments will continue to the Beneficiary until the end of the period unless the Beneficiary elects to receive the discounted value of the remaining payments in one sum.

If your Contract is a Qualified Contract, in general, payments cannot 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 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 31st of the tenth year after the Beneficiary attains the age of majority.

4. Joint and Survivor Annuity

We make payments while the Annuitant and the joint Annuitant are alive. After the death of one of the Annuitants, we will continue to make payments for the lifetime of the surviving Annuitant. Annuity payments stop when the surviving Annuitant dies.

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

5. Joint and Survivor Annuity with a Period Certain

We make payments for the longer of:

(a) the Annuitant’s lifetime and joint Annuitant’s lifetime, or

(b) the period selected (at least 5 years but not more than 30 years).

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

If both Annuitants die before the end of the period, payments will continue to the Beneficiary until the end of the period unless the Beneficiary elects to receive the discounted value of the remaining payments in one lump sum.

If your Contract is a Qualified Contract, in general, payments cannot extend beyond December 31st of the tenth year after your death. If, on the date the last surviving Annuitant’s death, the Beneficiary is, or is not more than ten years younger, 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 31st of the tenth year after the Beneficiary attains the age of majority.

We make monthly, quarterly, semi-annual and annual modal payments subject to a minimum modal payment of $100.

Remember that the Annuity Payment Option may not be changed once annuity payments begin.

Determination of Amount of Annuity Payments

Adjusted Contract Value

The adjusted Contract Value is the amount we apply to your fixed Annuity Payment Option to provide fixed annuity payments. We calculate adjusted Contract Value by taking your Contract Value on the Business Day just before the Annuity Income Date and deducting any applicable premium tax or similar tax.

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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 Contract 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 Income Date if they are more favorable. (See “Interest Rates and Mortality Table.”)

Minimum Payments

If your Contract Value is less than $2,000 at the end of the Valuation Period immediately before the Annuity Income Date, or the modal annuity payment would be less than $100, we will pay the Annuity Contract Value to the Annuitant in one payment, except as otherwise provided under the GLWB, if elected.

Interest Rates and Mortality Table

The mortality table used in determining the guaranteed minimum annuity payment rates for the fixed Annuity Payment Options is the Annuity 2000 Mortality Table projected for mortality improvements using Projection Scale G. The interest rate used is 1%.

An Adjusted Age is used to determine the applicable guaranteed minimum annuity payment rate. The Adjusted Age equals the actual age(s) of the Annuitant(s), in completed years and months, as of the Annuity Income Date, less an age setback. The age setback is one year for Annuity Income Dates occurring during the years 2020-2029; the age setback is two years for Annuity Income Dates occurring during the years 2030-2039; and so on.

Guaranteed minimum annuity payments are applied to Adjusted Ages for the fixed Annuity Payment Options. Rates for Adjusted Ages expressed in completed years and months will be based on straight line interpolation between the appropriate annuity payment rates.in the Contract.

Annuity Payment Options as Method of Payment for Death Benefit

During the Accumulation Phase, you or your Beneficiary may also select a fixed Annuity Payment Option as a method of settlement of the death benefit as described under the “DEATH BENEFIT” section of this Prospectus. In that case, your Beneficiary will be the Annuitant. The Annuity Income Date will be the first Valuation Period after the Death Benefit Date.

GENERAL PROVISIONS

Deferral of Payments and Transfers

The Company may suspend or defer payment of any amount due from the Variable Account, including the death benefit or any transfer among Subaccounts, if:

• the NYSE is closed (except weekends and holidays),

• trading on the NYSE is restricted,

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

• the SEC permits a delay for the protection of Owners.

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, or death benefit from the corresponding Subaccount until the Fund is liquidated.

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We may also defer payment of amounts payable from the Fixed Account for withdrawal requests and death benefits for up to six months if permitted by our domiciliary insurance department.

If mandated under applicable law, we may be required to reject a Purchase Payment and/or restrict an Owner’s account and thereby refuse to honor 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 Contract to governmental regulators.

Exercise of Contract Rights

Contract rights and privileges can be exercised by the Owner and Joint Owner 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 Income Date, except as the Contract otherwise provides.

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

Change of Ownership

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 unless allowed under applicable law.

The Owner of a Non-Qualified Contract may change the ownership of the Contract prior to the Annuity Income Date. A change of ownership will not be binding on us until we receive written notification, in Good Order. When we receive such notification and it is in Good Order, the change will be effective as of the date on which the request for change was signed by the Owner, but the change will be without prejudice to us on account of any payment we make or any action we take before receiving the request. 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.

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.

Before a vote of the shareholders of a Fund occurs, each person with voting interests in the Fund will receive voting materials from us or the Funds. 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. You are permitted to cast votes based on the dollar value of the shares of each Fund that we hold for your Contract in the corresponding Subaccount. We calculate this value based on the number of Variable Accumulation Units allocated to your Contract as of the date set by the Fund and the value of each Variable Accumulation Unit on that date. We count fractional votes.

We will vote any shares owned by 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.

Reports to Owners

We will send you, by regular U.S. mail, an immediate confirmation statement of all Purchase Payments, non-automated withdrawals, (including any Withdrawal Charge and federal taxes on withdrawals), death benefit payments, annuity

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payments and transfers (excluding DCA transfers). In addition, we will send you, by regular U.S. mail, a quarterly confirmation statement showing your current Contract Value, death benefit value, and investment allocation. Each quarterly statement will detail transactions that occurred during the last calendar quarter including Purchase Payments, transfers (including DCA transfers), partial withdrawals, systematic withdrawals, AWA payments, portfolio rebalancing, and any Annual Contract Fee assessed.

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 certain reports on our website.

It is your obligation to review confirmation statements 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 through the Subaccounts under the Contract. We may add or delete Funds or other investment companies available through Subaccounts under the Contract. We may also substitute shares of another Fund or shares or units of another SEC-registered investment company for the shares held in any Subaccount. We will not make any substitution without SEC approval and any required state insurance department approval. We may close Subaccounts to allocation of Purchase Payments or Contract Value, or both, in our sole discretion.

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 Subaccounts, the Variable Account may be operated as a management company under the 1940 Act or it may be deregistered under the 1940 Act in the event registration is no longer required. We will not deregister the Variable Account without SEC approval. 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

The Company reserves the right to split or combine the value of Variable Accumulation Units. 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.

Modification

Upon notice to the you, we may modify the Contract if such modification: (a) 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; (b) is necessary to assure continued qualification of the Contract under the Code or other federal or state laws relating to retirement annuities or annuity contracts; (c) is necessary to reflect a change in the operation of the Variable Account or the Subaccounts; (d) provides additional Variable Account options; or (e) may otherwise be in the best interests of Owners. In the event of any such modification, the Company may make appropriate endorsement to the Contract and supplement this Prospectus to reflect such modification. The Company cannot make any modification that reduces or eliminates the benefits or coverage, or impairs or invalidates any right granted to the Owner under the Contract except for amendments to conform to changes in any applicable provisions or requirements of the Code.

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Misstatement of Age or Sex

If the age or sex of any Annuitant, Beneficiary or Owner has been misstated, the amount payable by us will be that which would be due if the true age or sex had been stated. If we make or have made any overpayments or underpayments due to the misstatement, the excess amount and interest at a rate not to exceed 6.00% per annum will be charged against, or added to, payments coming due after the adjustment.

Assignment

Any assignment of rights under the Contract must be received by us in writing. Unless otherwise specified, assignments will be effective as of the date on which the request is signed by the Owner, subject to any action taken by the Company prior to its receipt of the assignment request. In no event will the Company be responsible for the validity of the assignment. We have no liability under any assignment for our actions or omissions made in good faith. 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 unless allowed under applicable law. The GLWB will terminate if an assignment results in an ownership change that has the effect of changing the GLWB Covered Person(s) except as described above in the Effect of Divorce on the GLWB and Death of the Owner provisions.

Incontestability

The Contract is incontestable.

Nonparticipating

The Contract is nonparticipating and will not share in any profits or surplus earnings of the Company and, therefore, no dividends are payable under the Contract.

Proof of Age and Survival

The Company shall have the right to require reasonable evidence of the age and survival of any Annuitant.

Reservation of Rights

We reserve the right, to the extent permitted by law, to: (1) deregister the Variable Account under the 1940 Act; (2) combine the Variable Account with one or more other separate accounts; (3) operate the Variable Account as a management investment company or in any other form permitted by law; (4) substitute shares of a Fund (or portfolios or classes thereof) for shares of another investment company (or portfolios or classes thereof) if shares of such Fund (or portfolios or classes thereof) are not available, or if, in the Company’s judgment, further investment in such Fund’s shares (or portfolios or classes thereof) is no longer appropriate in view of the purposes of the Variable Account; (5) add or delete Funds (or portfolios or classes thereof) and corresponding Subaccounts; (6) restrict or eliminate any rights of Owners or other persons who have the right to give voting instructions as to the Variable Account; (7) cease accepting Purchase Payments under the Contract; (8) close or liquidate a Subaccount if, in the Company’s sole discretion, marketing, tax, investment, or other conditions warrant such change; and (9) transfer assets in the Variable Account to another separate account. We will provide you with notice of these changes to your rights under the Contract as required by federal and state laws.

Right to Examine and Cancel

The Contract contains a Right to Examine provision. You may return and cancel your Contract within 10 days after receiving it (30 days if your Contract was purchased as part of a replacement or later, if required by your state). We will return your Contract Value as of the end of the Valuation Period when we receive your cancellation request in Good Order plus any amount deducted from your Purchase Payments. This amount may be more or less than the original Purchase Payment. If the Contract is issued in a state requiring the return of Purchase Payments, you will receive the greater of (1) your Contract Value as of the Valuation Period we receive your cancellation request, reduced by the applicable Annual Contract Fee and the Withdrawal Charge or (2) your total Purchase Payments made as of that date.

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If you are establishing an Individual Retirement Annuity (“IRA”), the 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 an Owner establishing an IRA a right to return as set forth in the preceding paragraph, notwithstanding the provisions of the 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.

U.S. Federal Income Tax Provisions

This discussion is not intended to provide tax advice and assumes that the Contract qualifies as an annuity contract for federal income tax purposes. This discussion is not intended to address the tax consequences resulting from all situations. Before entering into the Contract or initiating any transaction, you should consult a competent tax advisor.

This discussion is based upon our understanding of the present federal income tax laws as they are currently interpreted by the Internal Revenue Service (“IRS”). No representation is made as to the likelihood of the continuation of the present federal income tax laws or of the current interpretation by the IRS. No attempt has been made to consider any applicable state or other tax laws.

Investment Diversification and Investor Control

The Treasury Department has issued regulations that prescribe investment diversification requirements for the mutual fund series underlying Non-Qualified Contracts. 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 the value of the Contract. We believe that each Fund available through Subaccounts under the Contract complies with these regulations. You bear the risk that the entire Non-Qualified Contract could be disqualified as an annuity under the Code due to the failure of a Fund to be adequately diversified.

In certain circumstances, owners of variable annuity contracts such as the Contracts have been considered for federal income tax purposes to be the owners of the assets of the separate account supporting their variable annuity contracts due to their ability to exercise investment control over those assets. When this is the case, the owners have been currently taxed on income and recognized gains attributable to the separate account assets. In Revenue Ruling 2003-91, the IRS provided guidance by describing the circumstances under which the owner of a variable contract will not possess sufficient control over the assets underlying that contract to be treated as the owner of those assets for federal income tax purposes. Rev. Rul. 2003-91 states that the determination of whether the owner of a variable contract is to be treated as the owner of the assets held by the insurance company under the contract will depend on all of the facts and circumstances. 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

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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 Variable Account. You bear the risk that you may be treated as the owner of Variable Account assets and taxed accordingly.

Taxation of Annuities

Section 72 of the Code governs the taxation of annuities, including the Contracts. An owner who is a “natural person” will not generally be taxed on increases, if any, in the Contract Value until all or part of the Contract Value is distributed.

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.

Also, corporate (or other non-natural person) Owners of a Non-Qualified Contract will generally incur a current tax liability on Contract Value increases. There are certain exceptions to this current taxation rule, including: (i) any Contract that is an “immediate annuity,” which the Code defines as a single premium contract with an Annuity Income 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).

Distributions and Withdrawals from Non-Qualified Contracts. The Contract 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 Contract Value under a Non-Qualified Contract before the Annuity Income Date must be treated as a receipt of investment earnings to the extent the Contract 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 Contract 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 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 Contract Value under a Non-Qualified Contract before the Annuity Income 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 the Contract), less any Purchase Payments that were amounts previously received which were not includable in income).

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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 information about your withdrawal. Under the 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 Contract 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 Contract 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.”

Annuity Payments. A Payee who receives annuity payments under a Non-Qualified Contract after the Annuity Income 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 the 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 Free Withdrawal Amounts and lump-sum payments from Non-Qualified Contracts. This penalty will generally not apply to: (i) distributions made after age 59¹⁄₂; (ii) distributions pursuant to the death or disability (as defined in the Code) of the Owner; (iii) distributions that are a part of a series of substantially equal periodic payments made not less frequently than annually for your life or life expectancy or the joint lives or joint life expectancies of you and your designated beneficiary; or (iv) 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 Non-Qualified Death Benefit Proceeds. Generally, death benefits paid upon the death of an Owner 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 Owner’s or Annuitant’s death, i.e., the investment in the Contract must still be determined by reference to the Owner’s investment in the Contract. Special mandatory distribution rules also apply after the death of the Owner when the beneficiary is not the surviving spouse of the Owner.

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 Contract 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.

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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.

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 or the selection of certain maturity dates may result in certain tax consequences to you that are not discussed herein. An Owner contemplating any such transfer or assignment 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 any tax consequences concerning any contemplated or completed transactions with a qualified tax professional.

Withholding. Annuity distributions are generally subject to withholding for the Annuitant or other Payee’s federal income tax liability. An Annuitant or other Payee 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. 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 because there is no partial annuitization under the Contract.

Qualified Contracts

Currently, we offer Qualified Contracts only as Traditional IRAs or Roth IRAs under Section 408 and 408A of the Code.

“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 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.

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

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from the IRA. A 10% penalty tax generally applies to distributions, including Free Withdrawal Amounts, 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.”

The IRS imposes special information requirements with respect to IRAs and we will provide the necessary information for Contracts issued as Individual Retirement Annuities. 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.

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.

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, the IRS 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 below. 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 (or, if applicable, prior to renewing your participation 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.

The IRS 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 a Qualified Contract, 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

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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 into a Qualified 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.

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;

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(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.

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 Living Benefit and Optional Death Benefits

For further discussion on the impact of the optional living benefit, see “Tax Issues Under the GLWB.”

Required Minimum Distributions. If your Contract is a Qualified Contract other than a Roth IRA, it is subject to certain lifetime required minimum distribution (RMD) requirements imposed by the 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 regulation.

The IRS’s RMD regulations provide that the annual RMD Amount is to be calculated based on the Contract Value as of 12/31 plus “the actuarial present value of any additional benefits” that are provided under your Contract (such as

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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 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 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 any other IRA you may have established.

If you are subject to the RMD requirements while you are enrolled in the GLWB, any RMD Amount that you take from the Contract prior to the Income Start Date will reduce the amount of the benefit under the GLWB. This reduction could significantly reduce the value of the optional living benefit to you.

If you are subject to the RMD requirements while you are enrolled in an optional death benefit, any RMD Amount that you take from the Contract will reduce the value of your optional death benefit in the same proportion as the Contract Value is reduced by the partial withdrawal. The reduction in the value of your optional death benefit may be more than the amount of the partial withdrawal. This reduction could significantly reduce the value of the optional death benefit to you.

Prior to electing to participate in (or, if applicable, prior to renewing your participation in) any optional living benefit or death benefit, you should consult with a qualified tax professional as to the possible effect of RMD distributions on the benefits that might otherwise be available.

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 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 a qualified estate planning professional for more information.

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.

Medicare Tax

Distributions from Non-Qualified Contracts will be considered “investment income” for purposes of the Medicare tax on investment income. Thus, in certain circumstances, a 3.8% tax may be applied to some or all of the taxable portion

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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.

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.

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.

ADMINISTRATION OF THE CONTRACT

se², llc, a third-party provider of contract administrative services for life insurance companies, located at 5801 SW 6^th Avenue, Topeka, KS 66636, administers the Contracts. Administrative functions performed by se² include maintaining the books and records of the Variable Account and the Subaccounts; maintaining records of Owner(s)’ address, taxpayer identification number, Contract number; processing Applications, Purchase Payments, transfers, death benefits, living benefits, full surrenders and partial withdrawals; issuing Contracts; administering annuity payments; furnishing accounting and valuation services; reconciling and depositing cash receipts; providing confirmations; 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 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

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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 financial professionals in those states where the Contract may be lawfully sold. Such financial professionals will be registered representatives of affiliated or unaffiliated broker-dealer firms (the “Selling Broker-Dealers”) registered under the Securities Exchange Act of 1934 that are members of the Financial Industry Regulatory Authority (“FINRA”) and that 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 pays the Selling Broker-Dealers compensation for the promotion and sale of the Contract. The financial professionals 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 financial professional. This compensation is not paid directly by the Owner or the Variable 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 services to the Funds.

The amount and timing of commissions paid to Selling Broker-Dealers may vary depending on the selling agreement but is not expected to be more than 7.00% of Purchase Payments, and 1.25% annually of the Owner’s Contract Value. The Company may pay or allow other promotional incentives or payments in the form of 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 financial professionals 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

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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’ financial professionals for purposes of promoting sales of the Company’s products, assistance in training and education of the financial professionals, 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 financial professional. 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 financial professionals) associated with such reinsurance arrangements could be significant in amount and could indirectly provide incentives to the Selling Broker-Dealer and its financial professionals 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 affected 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 financial professionals. 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 financial professional 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 financial professional 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 2019, $115,744, respectively, in commissions were paid by Delaware Life Insurance Company on behalf of Clarendon in connection with the distribution of the Contracts.

AVAILABLE INFORMATION

The Company and the Variable Account have filed with the SEC a registration statement 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 statement and its exhibits.

The SEC maintains a website (www.sec.gov) that contains the SAI and other information filed electronically by Delaware Life concerning the Contract, the optional living and death benefit riders, and the Variable Account. You also 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 (800) SEC-0330. The SEC’s public reference room will also provide copies by mail for a fee.

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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/her agents at any time and a full examination of the Company’s 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 laws. Under such laws, inter-company transfers of assets and dividend payments by insurance companies 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 laws protect 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.

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.

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TABLE OF CONTENTS OF STATEMENT OF ADDITIONAL INFORMATION

The SAI contains more specific information relating to the Variable Account and Delaware Life, such as:

Delaware Life Insurance Company and Delaware Life Variable Account F	2
Distribution of the Contract	2
Other Service Providers	3
Performance Information	3
Annuity Provisions	4
Custodian	5
Financial Statements	5

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APPENDIX A

STATE LAW VARIATIONS

Right to Examine and Cancel

California, Florida, and North Dakota only

You may return and cancel your Contract within 10 days after receiving it (30 days if replacement or any longer period as may be required by applicable law).

The following states permit a longer period than 10 days after receiving your Contract for you to examine and cancel your Contract.

California - 30 days (once approved)

Florida - 21 days

North Dakota - 20 days

Terminal Illness Withdrawal Charge Waiver (“TIW”)

South Dakota only

Under the TIW endorsement, we reserve the right to require a second opinion concerning the character and the extent of the Terminal Illness for which a claim is made and to have you examined by a Licensed Physician of our choosing and at our expense. However, for Contracts issued in South Dakota, a second opinion is at our expense and the Licensed Physician must be mutually acceptable to you and the Company.

Guarantee Periods

Florida only

For Contracts issued in Florida, the Company will offer a one-year Guarantee Period only for the duration of your Contract.

GLWB

North Dakota only

To determine the maximum Withdrawal Benefit Base of $5,000,000 for Contracts issued in North Dakota, the Company will not aggregate the Withdrawal Benefit Base with the withdrawal benefit bases of other variable annuity contracts owned by you that have been issued by us or our affiliates.

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APPENDIX B -

EXAMPLES OF WITHDRAWALS, SURRENDERS, AND WITHDRAWAL CHARGES

Example of Full Withdrawal:

Contract Year		Purchase Payments		Hypothetical Contract Value Beginning of Year		Free Withdrawal Amount		Purchase Payment Subject to Withdrawal Charge		Withdrawal Charge Percentage			Withdrawal Charge Amount
(a)	1		40,000		40,000		-		40,000		8	%		3,200
	2		-		42,000		4,200		37,800		7	%		2,506
	3		-		45,000		4,500		40,000		6	%		2,130
(b)	4		-		50,000		5,000		40,000		6	%		2,100
	5		-		55,000		5,500		40,000		5	%		1,725
	6		-		60,000		6,000		40,000		4	%		1,360
	7		-		70,000		7,000		40,000		3	%		990
(c)	8		-		75,000		7,500		40,000		0	%		-

(a) The Free Withdrawal Amount in any Contract Year is equal to 10% of the Contract Value on the last Contract Anniversary prior to the withdrawal. In Contract Year 1, the Free Withdrawal Amount is $0 because this example assumes no Required Minimum Distribution is applicable.

(b) In Contract Year 4, the Free Withdrawal Amount is $5,000 which equals 10% of $50,000. On a full withdrawal, the amount subject to a Withdrawal Charge is $35,000.

(c) In Contract Year 8, the Free Withdrawal Amount is $7,500 which is 10% of $75,000. On a full withdrawal, the amount subject to a Withdrawal Charge is $0 since the Purchase Payment amount subject to the Withdrawal Charge equals $0.

Example of Partial Withdrawal:

Contract Year		Purchase Payments		Hypothetical Contract Value Beginning of Year		Hypothetical Contract Value before Withdrawal		Amount of Withdrawal		Remaining Free Withdrawal Amount After Withdrawal		Amount of Withdrawal Subject to Withdrawal Charge		Withdrawal Charge Percentage			Withdrawal Charge Amount		Hypothetical Contract Value after Withdrawal
	1		40,000		40,000		41,000		-		-		-		8	%		-		41,000
	2		-		42,000		42,000		-		4,200		-		7	%		-		42,000
	3		-		45,000		50,000		-		4,500		-		6	%		-		50,000
(a)	4		-		50,000		50,000		4,000		1,000		-		6	%		-		46,000
(b)	4		-		50,000		46,000		5,000		-		4,000		6	%		240		41,000
(c)	4		-		50,000		41,000		6,000		-		6,000		6	%		360		35,000
(d)	4		-		50,000		35,000		35,000		-		25,000		6	%		1,500		-

(a) In Contract Year 4, the Free Withdrawal amount is $5,000 which equals 10% of $50,000. The partial withdrawal amount of $4,000 is less than the Free Withdrawal Amount, so there is no Withdrawal Charge.

(b) Since a partial withdrawal of $4,000 was taken, the remaining Free Withdrawal Amount in Contract Year 4 is $5,000 - $4,000 = $1,000. Therefore $1,000 of the $5,000 withdrawal is not subject to a Withdrawal Charge, and $4,000 is subject to a Withdrawal Charge. Of the $9,000 withdrawn to date, $5,000 was attributable to the Free Withdrawal Amount and $4,000 was subject to a Withdrawal Charge.

(c) Since partial withdrawals of $9,000 were taken, the remaining Free Withdrawal Amount in Contract Year 4 is $0; therefore all $6,000 is subject to a Withdrawal Charge. Of the $15,000 withdrawn to date, $5,000 has been from the Free Withdrawal Amount and $10,000 was subject to a Withdrawal Charge.

(d) The remaining $35,000 is withdrawn, all of which is subject to a Withdrawal Charge. The Withdrawal Charge is 6% of $25,000 = $1,500. The amount subject to a Withdrawal Charge is $25,000 which represents total Purchase Payments not already withdrawn. The total Contract Year 4 Withdrawal Charge is $2,100 which is the same amount that was assessed for a full withdrawal in Contract Year 4 in the Full Withdrawal example.

79

APPENDIX C -

EXAMPLES OF CALCULATION OF FREE WITHDRAWAL AMOUNT

Contract Year		Purchase Payments		Hypothetical Contract Value Beginning of Year		Hypothetical Contract Value before Withdrawal		Free Withdrawal Amount		Amount of Withdrawals		Remaining Free Withdrawal Amount After Withdrawal		Hypothetical Contract Value after Withdrawal
	1		100,000		100,000		110,000		-		-		-		110,000
	2		-		110,000		110,000		11,000		-		11,000		110,000
	3		-		110,000		150,000		11,000		-		11,000		150,000
(a)	4		-		150,000		165,000		15,000		15,000		-		150,000
(b)	4		40,000		150,000		190,000		-		-		-		190,000
	5		-		190,000		190,000		19,000		-		19,000		190,000
	6		-		190,000		190,000		19,000		-		19,000		190,000
	7		-		190,000		190,000		19,000		-		19,000		190,000
(c)	8		-		190,000		190,000		19,000		-		19,000		190,000
(d)	8		20,000		190,000		210,000		19,000		-		19,000		210,000
(d)	8		-		190,000		210,000		19,000		18,000		-		191,000

(a) In Contract Year 4, a request for the entire Free Withdrawal Amount is received. The Free Withdrawal Amount of $15,000, equals 10% of $150,000, which was the Contract Value on the last Contract Anniversary prior to the withdrawal.

(b) Later in Contract Year 4, an additional Purchase Payment of $40,000 is made. However, because the Free Withdrawal Amount is based on the Contract Value as of the last Contract Anniversary and the full Free Withdrawal Amount has already been withdrawn, there is no additional Free Withdrawal Amount available from the additional Purchase Payment.

(c) In Contract Year 8, a request for a partial withdrawal is received. The Free Withdrawal Amount of $19,000, equals 10% of $190,000, which was the Contract Value on the last Contract Anniversary prior to withdrawal.

(d) Later in Contract Year 8, an additional Purchase Payment of $20,000 is received. However, because the Free Withdrawal Amount is based on the Contract Value on the last Contract Anniversary, there is no additional Free Withdrawal Amount available from the subsequent Purchase Payment.

80

APPENDIX D -

CONDENSED FINANCIAL INFORMATION

The following information for DELAWARE LIFE MASTERS PRIME VARIABLE ANNUITY ^SM shows the Variable Accumulation Unit Values for all Subaccounts available in the product. Values shown for years prior to 2018 are for certain Subaccounts which are available in other products offered by the Variable Account with the same total annual asset charge. There were no Variable Accumulation Units in Delaware Life Masters Prime Variable Annuity^SM prior to 2018.

The $10 beginning value for each Variable Accumulation Unit is as of the date the unit value was first calculated, which was generally later than the first day of the year shown.

The information should be read in conjunction with the Variable Account’s financial statements appearing in the Statement of Additional Information.

Fund	Year		Price Level		Accumulation Unit Value Beginning of Year (USD)		Accumulation Unit Value End of Year (USD)		Number of Accumulation Units End of Year
AB Balanced Wealth Strategy Portfolio - Class B		2019		01		9.1444		10.6795		657
		2018		01		10.0000		9.1444		0
AB Large Cap Growth Portfolio - Class B		2019		01		8.7710		11.6441		7,757
		2018		01		10.0000		8.7710		0
AB Small/Mid Cap Value Portfolio - Class B		2019		01		8.1255		9.6261		11,039
		2018		01		10.0000		8.1255		0
American Funds Insurance Series® Asset Allocation - Class 4		2019		01		9.1262		10.9039		10,471
		2018		01		10.0000		9.1262		0
American Funds Insurance Series® Global Balanced - Class 4		2019		01		9.2445		10.9795		0
		2018		01		10.0000		9.2445		0
American Funds Insurance Series® Global Growth - Class 4		2019		01		8.5322		11.3702		0
		2018		01		10.0000		8.5322		0
American Funds Insurance Series® Growth Fund - Class 4		2019		01		8.5634		11.0364		10,862
		2018		01		10.0000		8.5634		0
American Funds Insurance Series® Growth-Income Fund - Class 4		2019		01		8.7425		10.8711		654
		2018		01		10.0000		8.7425		0
American Funds Insurance Series International Fund - Class 4		2019		01		8.8387		10.7125		0
		2018		01		10.0000		8.8387		0
American Funds Insurance Series® New World Fund - Class 4		2019		01		9.0331		11.4968		323
		2018		01		10.0000		9.0331		0
BlackRock Global Allocation V.I. Fund - Class III		2019		01		9.2229		10.7305		18,708
		2018		01		10.0000		9.2229		1,046
ClearBridge Variable Mid Cap Portfolio - Class II		2019		01		8.3089		10.8900		2,537
		2018		01		10.0000		8.3089		0

81

Fund	Year		Price Level		Accumulation Unit Value Beginning of Year (USD)		Accumulation Unit Value End of Year (USD)		Number of Accumulation Units End of Year
Columbia Variable Portfolio - Asset Allocation Fund - Class 2		2019		01		9.0180		10.7693		0
		2018		01		10.0000		9.0180		0
Columbia Variable Portfolio - Select Large Cap Value Fund - Class 2		2019		01		8.4712		10.8518		3,422
		2018		01		10.0000		8.4712		0
Goldman Sachs U.S. Equity Insights Fund - Service Shares		2019		01		8.4035		10.3727		3,522
		2018		01		10.0000		8.4035		0
Invesco V.I. Core Plus Bond Fund - Series II		2019		01		9.8862		10.8421		0
		2018		01		10.0000		9.8862		0
Invesco V.I. Equity and Income Fund - Series II		2019		01		8.8344		10.4752		0
		2018		01		10.0000		8.8344		0
JPMorgan Insurance Trust Income Builder Portfolio - Class 2		2019		01		9.4889		10.7130		0
		2018		01		10.0000		9.4889		0
Lazard Retirement Global Dynamic Multi-Asset Portfolio - Service Shares		2019		01		9.0408		10.5215		0
		2018		01		10.0000		9.0408		0
Lord Abbett Series Fund, Bond Debenture Portfolio - Class VC		2019		01		9.4723		10.6088		0
		2018		01		10.0000		9.4723		0
MFS® Mid Cap Growth Series - Service Class		2019		01		8.3857		11.4659		8,911
		2018		01		10.0000		8.3857		0
		2017		01		25.7173		32.1885		0
		2016		01		24.8812		25.7173		0
		2015		01		24.1146		24.8812		0
		2014		01		22.4833		24.1146		0
		2013		01		16.5842		22.4833		0
MFS® New Discovery Series - Service Class		2019		01		8.1253		11.3416		495
		2018		01		10.0000		8.1253		0
		2017		01		10.4909		13.0949		0
		2016		01		9.7596		10.4909		0
		2015		01		10.0948		9.7596		0
		2014		01		10.0000		10.0948		0
MFS® Total Return Bond Series - Service Class		2019		01		10.0255		10.8882		189
		2018		01		10.0000		10.0255		0
MFS® Total Return Series - Service Class		2019		01		9.2709		11.0026		0
		2018		01		10.0000		9.2709		0
		2017		01		12.1016		13.3947		0
		2016		01		11.2563		12.1016		0
		2015		01		11.4594		11.2563		0
		2014		01		10.0000		11.4594		0

82

Fund	Year		Price Level		Accumulation Unit Value Beginning of Year (USD)		Accumulation Unit Value End of Year (USD)		Number of Accumulation Units End of Year
MFS® Value Series - Service Class		2019		01		8.8059		11.2678		7,432
		2018		01		10.0000		8.8059		0
		2017		01		11.7821		13.6608		0
		2016		01		10.4813		11.7821		0
		2015		01		10.7086		10.4813		0
		2014		01		10.0000		10.7086		0
MFS® Core Equity Portfolio - Service Class		2019		01		8.6114		11.3051		661
		2018		01		10.0000		8.6114		0
		2017		01		30.1587		37.1005		0
		2016		01		27.4833		30.1587		0
		2015		01		27.9302		27.4833		0
		2014		01		25.4526		27.9302		0
		2013		01		19.1846		25.4526		0
		2012		01		16.7056		19.1846		0
		2011		01		17.1228		16.7056		0
		2010		01		14.8193		17.1228		0
		2009		01		11.3257		14.8193		0
MFS® Global Growth Portfolio - Service Class		2019		01		8.7711		11.7564		3,816
		2018		01		10.0000		8.7711		0
		2017		01		27.1792		35.3866		0
		2016		01		25.9890		27.1792		0
		2015		01		26.7935		25.9890		0
		2014		01		26.0623		26.7935		0
		2013		01		21.8117		26.0623		0
		2012		01		18.4763		21.8117		0
		2011		01		20.0359		18.4763		0
		2010		01		18.1819		20.0359		0
		2009		01		13.1983		18.1819		0
MFS® Technology Portfolio - Service Class		2019		01		8.1537		10.9463		8,844
		2018		01		10.0000		8.1537		0
		2017		01		45.1536		61.8580		0
		2016		01		42.1660		45.1536		0
		2015		01		38.6118		42.1660		0
		2014		01		35.3976		38.6118		0
		2013		01		26.5938		35.3976		0
		2012		01		23.5580		26.5938		0
		2011		01		23.5955		23.5580		0
		2010		01		19.8656		23.5955		0
		2009		01		11.3963		19.8656		0
MFS® U.S. Government Money Market Portfolio - Service Class		2019		01		10.0109		10.0529		0
		2018		01		10.0000		10.0109		0
		2017		01		9.6915		9.6030		0
		2016		01		9.8085		9.6915		0
		2015		01		9.9276		9.8085		0
		2014		01		10.0482		9.9276		0
		2013		01		10.1703		10.0482		0
		2012		01		10.2945		10.1703		0
		2011		01		10.4192		10.2945		0
		2010		01		10.5458		10.4192		0
		2009		01		10.6739		10.5458		0

83

Fund	Year		Price Level		Accumulation Unit Value Beginning of Year (USD)		Accumulation Unit Value End of Year (USD)		Number of Accumulation Units End of Year
MFS® Blended Research Small Cap Equity Portfolio - Service Class		2019		01		8.118		10.1272		0
		2018		01		10.0000		8.1118		0
MFS® Conservative Allocation Portfolio - Service Class		2019		01		9.4692		10.8975		53,495
		2018		01		10.0000		9.4692		0
MFS® Global Real Estate Portfolio - Service Class		2019		01		9.4342		11.8078		159
		2018		01		10.0000		9.4342		0
MFS® Growth Allocation Portfolio - Service Class		2019		01		8.8919		11.1281		6,631
		2018		01		10.0000		8.8919		0
MFS® Moderate Allocation Portfolio - Service Class		2019		01		9.1632		11.0363		0
		2018		01		10.0000		9.1632		0
MFS® New Discovery Value Portfolio - Service Class		2019		01		8.2713		10.9040		153
		2018		01		10.0000		8.2713		0
Morgan Stanley Variable Insurance Fund Global Franchise Portfolio - Class II		2019		01		9.0465		11.5776		0
		2018		01		10.0000		9.0465		0
Morgan Stanley Variable Insurance Fund Global Infrastructure - Class II		2019		01		9.3339		11.7921		0
		2018		01		10.0000		9.3339		0
Morgan Stanley Variable Insurance Fund Global Strategist Portfolio - Class II		2019		01		9.3038		10.8234		0
		2018		01		10.0000		9.3038		0
Morgan Stanley Variable Insurance Fund Growth Portfolio - Class II		2019		01		8.3358		10.8277		0
		2018		01		10.0000		8.3358		0
PIMCO CommodityRealReturn® Strategy Portfolio - Advisor Class		2019		01		8.7786		9.6581		110
		2018		01		10.0000		8.7786		0
PIMCO International Bond Portfolio (U.S. Dollar-Hedged) - Advisor Class		2019		01		10.0193		10.5833		0
		2018		01		10.0000		10.0193		0
PIMCO Total Return Portfolio - Advisor Class		2019		01		10.0767		10.7788		1,895
		2018		01		10.0000		10.0767		0
Putnam VT Equity Income Fund - Class IB		2019		01		8.5522		10.0190		2,469
		2018		01		10.0000		8.5522		0
Putnam VT George Putnam Balanced Fund - Class IB		2019		01		9.1382		11.1963		0
		2018		01		10.0000		9.1382		0
Putnam VT Global Asset Allocation Fund - Class IB		2019		01		8.9279		10.3321		0
		2018		01		10.0000		8.9279		0

84

Fund	Year		Price Level		Accumulation Unit Value Beginning of Year (USD)		Accumulation Unit Value End of Year (USD)		Number of Accumulation Units End of Year
Putnam VT Global Health Care Fund - Class IB		2019		01		8.9263		11.4910		0
		2018		01		10.0000		8.9263		0
Putnam VT Income Fund - Class IB		2019		01		10.0065		11.0626		664
		2018		01		10.0000		10.0065		0
Putnam VT Research Fund - Class IB		2019		01		8.6168		11.3433		1,490
		2018		01		10.0000		8.6168		0
Western Asset Core Plus VIT Portfolio - Class II		2019		01		10.0118		11.0613		0
		2018		01		10.0000		10.0118		0

85

To:	Delaware Life Insurance Company
	P.O. Box 758581
	Topeka, KS 66675-8581
	Please send me a Statement of Additional Information for
	Delaware Life Masters Prime Variable AnnuitySM
	Delaware Life Variable Account F.
Name:
Address:
City:		State:	Zip Code:
Telephone:

86

PART B 

MASTERS PRIME VARIABLE ANNUITY ^SM

Flexible Payment Deferred Variable Annuity Contracts

DELAWARE LIFE VARIABLE ACCOUNT F (the “Variable Account”)

a separate account of

DELAWARE LIFE INSURANCE COMPANY

1601Trapelo Road, Suite 30

Waltham, MA 02451.

STATEMENT OF ADDITIONAL INFORMATION

APRIL 29, 2020

TABLE OF CONTENTS

Delaware Life Insurance Company and Delaware Life Variable Account F	2
Distribution of the Contract	2
Other Service Providers	3
Performance Information	3
Annuity Provisions	4
Custodian	5
Experts	5
Financial Statements	5

The Statement of Additional Information (“SAI”) is not a prospectus. Terms used in this SAI have the same meanings as are defined in the Masters Prime Variable Annuity^SM Prospectus (the “Prospectus”). Much of the information contained in this SAI expands upon subjects discussed in the Prospectus. Therefore, this SAI should be read in conjunction with the Prospectus, dated April 29, 2020, as supplemented, which may be obtained without charge by calling (877) 253-2323 or writing to Delaware Life Insurance Company, P.O. Box 758581, Topeka, KS 66675-8581.

DELAWARE LIFE INSURANCE COMPANY AND

DELAWARE LIFE VARIABLE ACCOUNT F

Delaware Life Insurance Company (“Delaware Life” or the “Company”) changed its name from Sun Life Assurance Company of Canada (U.S.) on July 21, 2014. Group One Thousand One, LLC, is Delaware Life’s immediate corporate parent. Group One Thousand One, LLC, is ultimately controlled by Mark R. Walter. Mr. Walter ultimately controls Delaware Life 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.

The assets of the Variable Account are the exclusive property of Delaware Life. Registration of the Variable Account under the Investment Company Act of 1940 does not involve supervision of the management or investment practices or policies of the Variable Account or of Delaware Life by the Securities and Exchange Commission. Delaware Life may accumulate in the Variable Account proceeds from charges under the Masters Prime Variable Annuity^SM (the “Contracts”) and other amounts in excess of the Variable Account assets representing reserves and liabilities under the Contract and other variable annuity contracts issued by Delaware Life. Delaware Life may from time to time transfer to its general account any of such excess amounts. Under certain remote circumstances, the assets of one Subaccount may not be insulated from liability associated with another Subaccount.

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 is registered with the Securities and Exchange Commission (“SEC”) as a broker-dealer and is a member of the Financial Industry Regulatory Authority (“FINRA”). The Contract is sold by registered representatives of broker-dealers who have entered into selling agreements with Delaware Life and Clarendon. Clarendon also acts as the general distributor of certain other annuity and variable life insurance contracts issued by Delaware Life and its subsidiary, Delaware Life Insurance Company of New York. Clarendon’s principal business address is 1601Trapelo Road, Suite 30, Waltham, MA 02451.

Underwriting and distribution costs are borne directly by Delaware Life. Clarendon is not directly compensated for distribution of the Contracts. Delaware Life reimburses Clarendon for the cost of distribution services for the Contract. The reimbursement includes direct and directly allocable expenses for the distribution services and expenses for direct overhead.

The allocable expenses and overhead charges shall include, without limitation: all necessary examination and registration fees and other expenses of any type incurred by Clarendon with respect to the registration with FINRA of individuals employed by or otherwise associated with Delaware Life; all necessary training and continuing education expenses incurred by Clarendon with respect to FINRA-registered individuals who are employed by or otherwise associated with Delaware Life; all filing fees incurred by Clarendon with respect to the filing with FINRA of sales and advertising material for the Contracts; salaries and payroll taxes for personnel performing distribution services; license and registration fees; equipment and supplies; computer charges; consulting, accounting and legal fees; travel expenses; rent and other reasonable and customary business overhead charges; and all other charges, costs, and expenses reasonably incurred in connection with providing the distribution services. In addition to commissions, Delaware Life may, from time to time, pay or allow additional promotional incentives, in the form of cash or other non-cash compensation. Delaware Life 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 numbers of Contracts or other contracts offered by Delaware Life. Promotional incentives may change at any time.

Total commissions paid on behalf of Clarendon by Delaware Life in connection with other contracts issued through the Variable Account during 2017, 2018 and 2019 were approximately $72,466,231, $65,608,771, and $60,507,109, respectively.

2

Other Service Providers

SE2, LLC (“SE2”), a third-party provider of contract administration services for life insurance companies, administers the Contracts. See “Administration of the Contract” in the Prospectus for additional information about se².

Performance Information

From time to time our advertising and other promotional material may quote the performance (yield and total return) of a Subaccount. In addition, our reports or other communications to current or prospective contract owners may also quote the yield on total return of a Subaccount. Quoted results are based on past performance and reflect the performance of all assets held in that Subaccount for the stated time period. QUOTED RESULTS ARE NEITHER AN ESTIMATE NOR A GUARANTEE OF FUTURE INVESTMENT PERFORMANCE, AND DO NOT REPRESENT THE ACTUAL EXPERIENCE OF AMOUNTS INVESTED BY ANY PARTICULAR CONTRACT OWNER.

Total Returns

A Subaccount may advertise its “average annual total return” over various periods of time. “Total return” represents the percentage change in value of an investment in the Subaccount from the beginning of a measuring period to the end of that measuring period. “Annualized” total return assumes that the total return achieved for the measuring period is achieved for each such period for a full year. “Average annual” total return is computed in accordance with a standard method prescribed by the SEC.

Currently, we intend to advertise Subaccount historical total return performance beginning from the Variable Account’s inception on July 13, 1989, as follows: Total return performance is the percentage change in the Accumulation Unit Value based on the performance of a Subaccount over a period, usually 1, 5 and 10 years and since the Fund inception date, by dividing the increase or decrease in value for that unit at the end of the period by the Accumulation Unit Value at the beginning of the period. We may also show total return performance for shorter or longer periods than 1, 5 and 10 years. Total return performance will reflect the Variable Account charges, the underlying Fund expenses, the Annual Contract charge, and any Withdrawal Charge. Total return performance will not include any optional death benefit and living benefit charges. The deduction of the optional death benefit and living benefit charges will reduce any performance increase or make greater any performance decrease.

Non-Standardized Performance

We also advertise hypothetical total return performance for the Subaccounts before the inception of the Variable Account and may advertise other non-standardized performance total return. Non-standardized performance total return will be accompanied by standardized performance total return.

Calculation of Total Return and Yield

We will calculate the total return and yield performance of each Subaccount in accordance with the Securities Act of 1933, the Investment Company Act of 1940, and FINRA requirements.

Calculation of Total Return

For certain year periods, we calculate the average annual total return according to the following formula:

P(1+T)ⁿ = ERV

Where:
	P	=	a hypothetical initial payment of $1,000
	T	=	average annual total return
	n	=	number of years

3

ERV = ending redeemable value of a hypothetical $1,000 payment made at the beginning of the year period(s) at the end of the year period(s) (or fractional portion thereof).

Calculation of Yield for Non-Money Market Fund Subaccounts

We calculate yield on a thirty-day period by dividing the net investment income per Accumulation Unit earned during the period by the maximum offering price per unit on the last day of the period, according to the following formula:

YIELD = 2[(a - b  +1)⁶ - 1]

       cd

Where:
	a	=	net investment income earned during the period by the Fund attributable to Subaccount shares.
	b	=	expenses accrued for the period (net of reimbursements).
	c	=	the average daily number of units outstanding during the period.
	d	=	the maximum Accumulation Unit Value on the last day of the period.

Any performance advertising of yield for the non-Money Market Fund Subaccounts will be accompanied by the standardized total return for the Subaccount.

Calculation of Yield and Effective Yield for the MFS^® U.S. Government Money Market Portfolio, Service Class Subaccount (Money Market Fund Subaccount)

We calculate the yield of the Money Market Fund Subaccount for a 7-day period by determining the net change in value of a hypothetical investment in the Money Market Fund Subaccount. We assume the following. There is an investment equal to one share on Day 1. We then determine the value of the hypothetical investment in the Money Market Fund Subaccount on Day 7. The Day 7 value minus the Day 1 value is the net change in value for the hypothetical investment in the Money Market Fund Subaccount. The net change in value divided by Day 1 value give us the 7-day return for the hypothetical investment in the Money Market Fund Subaccount. We multiply the 7 -day return by 365/7 to determine the annual return. The effective yield calculation is similar, except we assume all returns or interest are reinvested for the period in the Money Market Fund Subaccount. For yield and effective yield, we carry the results to the nearest one hundredth of one percent.

Any performance advertising of yield and effective yield for the Money Market Fund Subaccount will be accompanied by the standardized total return for the Subaccount.

Other Performance Information

Delaware Life may also distribute sales material which compares the performance of the Contract’s Accumulation Unit Values with the unit values of other variable annuities not issued by us. Such information will be derived from Morningstar. The rankings of these third-party issuers may not reflect the deduction of the same Contract fees and charges. In addition, we may advertise Delaware Life’s credit rating by nationally recognized statistical rating organizations such as AM Best and Standard and Poor’s. From time to time, we may also advertise comparisons such as tax-deferred compounding charts and other hypothetical illustrations, which may include comparisons of taxable and tax-deferred investments. We may also use illustrations showing how the GLWB living benefit, HAV Death Benefit and ROP Death Benefit work with historical performance of the Subaccounts or a hypothetical rate of return.

ANNUITY PROVISIONS

During the Accumulation Phase, you may at any time elect an Annuity Income Date to begin receiving payments under any available Annuity Option. On the Annuity Income Date, the Company will apply the Contract Value, less any applicable premium tax or similar tax, to an Annuity Option.

4

The Income Phase of your Contract begins on the Annuity Income Date when we make the first annuity payment.

Currently, only Fixed Annuity Options are available under the Contract.

See “Income Phase - Annuitization Provisions” in the Prospectus.

CUSTODIAN

Delaware Life is the Custodian of the assets of the Variable Account. Its main administrative offices are at 1601 Trapelo Road, Suite 30, Waltham, MA 02451. The assets of the Variable Account are kept physically segregated and held separate and apart from the general account of Delaware Life. We will purchase Fund shares at net asset value in connection with amounts allocated to the Subaccounts 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, if any.

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 should not be considered as bearing on the investment performance of the assets held in the Variable Account.

5

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)

PricewaterhouseCoopers LLP, CITYPLACE I 185 Asylum Street, Suite 2400, Hartford, CT 06103-3404 T: (860) 241-7000, www.pwc.com/us

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)

PricewaterhouseCoopers LLP, CITYPLACE I 185 Asylum Street, Suite 2400, Hartford, CT 06103-3404 T: (860) 241-7000, www.pwc.com/us

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%
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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

- 134 -

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)

- 145 -

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)

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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
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)

- 151 -

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)

- 152 -

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

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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
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

- 155 -

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

10. FINANCIAL HIGHLIGHTS (CONTINUED)
			At December 31,						For the years ended December 31,
								Investment
							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)

- 156 -

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

10. FINANCIAL HIGHLIGHTS (CONTINUED)
			At December 31,						For the years ended December 31,
								Investment
							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

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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

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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

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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

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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

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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

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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

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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

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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

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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 – (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)(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)(ii)
(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)	Form of Sales Operations and General Agent Agreement; (Incorporated herein by reference to Post-Effective Amendment No. 1 to the Registration Statement on Form N-4, File No., 333-225901 filed on April 26, 2019) Exhibit (4)(c)(i)
(4)(a)	Form of Flexible Payment Individual Deferred Variable Annuity Contract (Incorporated herein by reference to the Registration Statement on Form N-4, File No., 333-225901 filed on June 27, 2018); Exhibit (4)(a)
(4) (a)(i)	Form of Contract Specifications (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 (4)(a)(i)
(4)(b)	GLWB Rider to Flexible Payment Individual Deferred Variable Annuity Contract (Incorporated herein by reference to the Registration Statement on Form N-4, File No., 333-225901 filed on June 27, 2018); Exhibit (4)(b)
(4)(b)(i)	Form of Additional Benefit Specifications Guaranteed Living Withdrawal Benefit Rider (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 (4)(b)(i)
(4)(c)	HAV Death Benefit Rider to Flexible Payment Individual Deferred Variable Annuity Contract (Incorporated herein by reference to the Registration Statement on Form N-4, File No., 333-225901 filed on June 27, 2018); Exhibit (4)(c)
(4)(c)(i)	Form of Additional Benefit Specifications HAV Death Benefit Rider (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 (4)(c)(i)
(4)(d)	ROP Death Benefit Rider to Flexible Payment Individual Deferred Variable Annuity Contract (Incorporated herein by reference to the Registration Statement on Form N-4, File No., 333-225901 filed on June 27, 2018); Exhibit (4)(d)
(4)(d)(i)	Form of Additional Benefit Specifications ROP Death Benefit Rider (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 (4)(d)(i)
(4)(e)	Nursing Home Waiver Endorsement to Flexible Payment Individual Deferred Variable Annuity Contract (Incorporated herein by reference to the Registration Statement on Form N-4, File No., 333-225901 filed on June 27, 2018); Exhibit (4)(e)
(4)(f)	Terminal Illness Waiver Endorsement to Flexible Payment Individual Deferred Variable Annuity Contract (Incorporated herein by reference to the Registration Statement on Form N-4, File No., 333-225901 filed on June 27, 2018); Exhibit (4)(f)
(5)	Application to be used with to Flexible Payment Individual Deferred Variable Annuity Contract (Incorporated herein by reference to the Registration Statement on Form N-4, File No., 333-225901 filed on June 27, 2018); Exhibit (5)
(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)	Not Applicable.
(8)	Participation Agreements
(8)(a)	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)(a)
(8)(b)	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)(b)
(8)(c)	Participation Agreement, dated October 1, 2008, as amended through May 7, 2018, by and among Delaware Life Insurance Company and Delaware Life Insurance Company of New York, American Funds Insurance Series, and Capital Research and Management Company (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 May 13, 2004as amended through June 19, 2018, by and among Delaware Life Insurance Company and Delaware Life Insurance Company of New York, BlackRock Variable Series Funds, Inc., BlackRock Advisors, LLC, and BlackRock Investments, 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, 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)(e)
(8)(f)	Participation Agreement, dated September 27, 2018, by and among Goldman Sachs Variable Insurance Trust and Goldman Sachs & Co. LLC, dated September 27, 2018 (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 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)(g)
(8)(h)	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)(h)
(8)(i)	Participation Agreement, dated February 17, 1998,as amended through August 2, 2018, by and among Delaware Life Insurance Company and Delaware Life Insurance Company of New York, Legg Mason Partners Fund Advisor, LLC, Legg Mason Partners Variable Equity TrustandLegg Mason Partners Variable Income Trust (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)(i)
(8)(j)	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)(j)
(8)(k)	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)(k)
(8)(l)	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)(l)
(8)(m)	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)(m)
(8)(n)	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)(n)
(8)(o)	Participation Agreement, dated March 3, 2020, by and among Delaware Life Insurance Company, First Trust Variable Insurance Trust, and First Trust Portfolios, L.P.;*
(9)	Opinion of Counsel as to the legality of the securities being registered and Consent to its use;*
(10)(a)  (10)(b)	Consent of Independent Registered Public Accounting Firm;*  Representation of Counsel pursuant to Rule 485(b);*
(11)	Not Applicable;
(12)	Not Applicable;
(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 for Group One Thousand One, LLC, the Depositor and Registrant;* 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 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 10 qualified and 4 non-qualified contract owners.  The Depositor, through the Registrant, issues other contracts by means of other prospectuses.   

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 5801SW6^th Avenue, 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.

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)
By: /s/ Daniel J. Towriss*
Daniel J. Towriss
President of Delaware Life Insurance Company
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
/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	(1) Dennis A. Cullen, Director
	(2) David E. Sams, Jr., Chairman and Director
	(3) Daniel J. Towriss, Chief Executive Officer, President, and Director;
	(4) 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 

(8)(o)	Participation Agreement dated March 3, 2020, by and among Delaware Life Insurance Company, First Trust Variable Insurance Trust, and First Trust Portfolios, L.P.
(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