NYLIAC Variable Annuity Separate Account-I

NYLIAC Variable Annuity Separate Account-II

Financial Statements

1

NYLIAC Variable Annuity Separate Account-I

Non-Qualified Policies

Statement of Assets and Liabilities

As of December 31, 2023

	MainStay VP American Century Sustainable Equity— Initial Class		MainStay VP Balanced— Service Class			MainStay VP Bond— Initial Class		MainStay VP Candriam Emerging Markets Equity— Initial Class		MainStay VP CBRE Global Infrastructure— Service Class		MainStay VP Conservative Allocation— Service Class		MainStay VP Epoch U.S. Equity Yield— Initial Class			MainStay VP Equity Allocation— Service Class
ASSETS:
Investment at net asset value	$	4,765,865	$	2,580,110		$	2,784,262	$	932,198	$	54,839	$	3,077,364	$	14,998,248		$	1,554,854
Dividends due and accrued		—		—			—		—		—		—		—			—
Net receivable from (payable to) New York Life Insurance and Annuity Corporation		—		(21,063	)		—		—		—		—		(19,253	)		—
Net receivable from (payable to) the Fund for shares sold or purchased		170		21,156			100		34		2		109		19,789			55
LIABILITIES:
Liability to New York Life Insurance and Annuity Corporation for:
Mortality and expense risk charges		157		86			92		31		2		101		495			51
Administrative charges		13		7			8		3		—		8		41			4
Total net assets	$	4,765,865	$	2,580,110		$	2,784,262	$	932,198	$	54,839	$	3,077,364	$	14,998,248		$	1,554,854
Total shares outstanding		533,071		195,691			225,129		134,019		7,876		313,419		904,664			168,570
Net asset value per share (NAV)	$	8.94	$	13.18		$	12.37	$	6.96	$	6.96	$	9.82	$	16.58		$	9.22
Total units outstanding		171,200		106,556			117,350		112,794		8,010		163,839		437,946			63,477
Variable accumulation unit value	$	27.84	$	24.22		$	23.73	$	8.26	$	6.85	$	18.79	$	34.26		$	24.38
Identified cost of investment	$	5,617,874	$	2,736,468		$	3,199,682	$	1,029,099	$	54,494	$	3,365,974	$	13,400,697		$	1,779,368

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

2

NYLIAC Variable Annuity Separate Account-I

Non-Qualified Policies

Statement of Assets and Liabilities (Continued)

As of December 31, 2023

	MainStay VP Fidelity Institutional AM® Utilities— Service Class		MainStay VP Floating Rate— Service Class		MainStay VP Growth Allocation— Service Class			MainStay VP Income Builder— Initial Class		MainStay VP IQ Hedge Multi- Strategy— Service Class		MainStay VP Janus Henderson Balanced— Initial Class			MainStay VP MacKay Convertible— Initial Class		MainStay VP MacKay Government— Initial Class
ASSETS:
Investment at net asset value	$	6,033,784	$	1,724,533	$	5,284,002		$	16,102,399	$	92,128	$	14,984,707		$	7,037,524	$	2,139,855
Dividends due and accrued		—		—		—			—		—		—			—		—
Net receivable from (payable to) New York Life Insurance and Annuity Corporation		—		—		(23,138	)		—		—		(32,010	)		—		—
Net receivable from (payable to) the Fund for shares sold or purchased		216		62		23,328			574		3		32,545			251		76
LIABILITIES:
Liability to New York Life Insurance and Annuity Corporation for:
Mortality and expense risk charges		199		57		175			530		3		494			232		70
Administrative charges		17		5		15			44		—		41			19		6
Total net assets	$	6,033,784	$	1,724,533	$	5,284,002		$	16,102,399	$	92,128	$	14,984,707		$	7,037,524	$	2,139,855
Total shares outstanding		565,469		200,700		548,776			1,105,182		10,937		1,057,958			474,160		221,254
Net asset value per share (NAV)	$	10.67	$	8.59	$	9.63		$	14.57	$	8.42	$	14.16		$	14.84	$	9.67
Total units outstanding		297,018		112,213		223,250			317,428		11,249		635,871			113,288		100,737
Variable accumulation unit value	$	20.31	$	15.40	$	23.66		$	50.74	$	8.19	$	23.57		$	62.11	$	21.25
Identified cost of investment	$	6,431,451	$	1,744,154	$	5,622,064		$	17,439,622	$	92,968	$	13,318,874		$	6,886,295	$	2,358,286

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

3

NYLIAC Variable Annuity Separate Account-I

Non-Qualified Policies

Statement of Assets and Liabilities (Continued)

As of December 31, 2023

	MainStay VP MacKay High Yield Corporate Bond— Initial Class			MainStay VP MacKay Strategic Bond— Service Class		MainStay VP Moderate Allocation— Service Class		MainStay VP Natural Resources— Initial Class			MainStay VP PIMCO Real Return— Service Class		MainStay VP PineStone International Equity— Initial Class			MainStay VP S&P 500 Index— Initial Class			MainStay VP Small Cap Growth— Initial Class
ASSETS:
Investment at net asset value	$	21,050,316		$	512,567	$	5,615,134	$	1,917,317		$	442,779	$	3,285,538		$	46,927,244		$	2,506,384
Dividends due and accrued		—			—		—		—			—		—			—			—
Net receivable from (payable to) New York Life Insurance and Annuity Corporation		(13,347	)		—		—		(1,000	)		—		(505	)		(90,066	)		—
Net receivable from (payable to) the Fund for shares sold or purchased		14,097			18		200		1,068			16		622			91,745			90
LIABILITIES:
Liability to New York Life Insurance and Annuity Corporation for:
Mortality and expense risk charges		692			17		185		63			15		108			1,550			83
Administrative charges		58			1		15		5			1		9			129			7
Total net assets	$	21,050,316		$	512,567	$	5,615,134	$	1,917,317		$	442,779	$	3,285,538		$	46,927,244		$	2,506,384
Total shares outstanding		2,319,568			53,852		591,964		160,159			57,114		306,258			549,749			232,529
Net asset value per share (NAV)	$	9.08		$	9.52	$	9.49	$	11.97		$	7.75	$	10.73		$	85.36		$	10.78
Total units outstanding		397,352			40,681		266,157		168,540			44,174		99,735			383,774			108,131
Variable accumulation unit value	$	52.99		$	12.61	$	21.09	$	11.38		$	10.02	$	32.95		$	122.32		$	23.18
Identified cost of investment	$	22,127,467		$	529,774	$	6,146,484	$	1,705,310		$	507,479	$	4,294,224		$	26,321,258		$	2,755,029

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

4

NYLIAC Variable Annuity Separate Account-I

Non-Qualified Policies

Statement of Assets and Liabilities (Continued)

As of December 31, 2023

	MainStay VP Small Cap Growth— Service Class		MainStay VP U.S. Government Money Market— Initial Class		MainStay VP Wellington Growth— Initial Class			MainStay VP Wellington Mid Cap— Initial Class			MainStay VP Wellington Small Cap— Initial Class		MainStay VP Wellington U.S. Equity— Initial Class		MainStay VP Winslow Large Cap Growth— Initial Class			AB VPS Relative Value Portfolio— Class B
ASSETS:
Investment at net asset value	$	652,375	$	3,846,894	$	32,504,839		$	4,382,320		$	2,226,951	$	17,569,777	$	5,952,204		$	77,768
Dividends due and accrued		—		—		—			—			—		—		—			—
Net receivable from (payable to) New York Life Insurance and Annuity Corporation		—		—		(3	)		(17,958	)		—		—		(42	)		—
Net receivable from (payable to) the Fund for shares sold or purchased		24		137		1,165			18,116			80		627		254			3
LIABILITIES:
Liability to New York Life Insurance and Annuity Corporation for:
Mortality and expense risk charges		22		115		1,073			146			74		579		196			3
Administrative charges		2		11		89			12			6		48		16			—
Total net assets	$	652,375	$	3,846,905	$	32,504,839		$	4,382,320		$	2,226,951	$	17,569,777	$	5,952,204		$	77,768
Total shares outstanding		63,993		3,846,509		1,329,740			520,033			256,703		667,999		228,017			2,702
Net asset value per share (NAV)	$	10.19	$	1.00	$	24.44		$	8.43		$	8.68	$	26.30	$	26.10		$	28.78
Total units outstanding		31,704		2,912,435		440,736			100,917			196,865		173,981		84,453			7,044
Variable accumulation unit value	$	20.58	$	1.32	$	73.77		$	43.43		$	11.31	$	101.02	$	70.47		$	11.04
Identified cost of investment	$	815,517	$	3,846,894	$	33,791,275		$	5,199,046		$	2,428,411	$	16,698,149	$	5,594,932		$	75,360

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

5

NYLIAC Variable Annuity Separate Account-I

Non-Qualified Policies

Statement of Assets and Liabilities (Continued)

As of December 31, 2023

	American Funds IS Asset Allocation Fund— Class 4		American Funds IS Global Small Capitalization Fund— Class 4		American Funds IS Growth Fund— Class 4		American Funds IS New  World Fund®— Class 4			American Funds IS Washington Mutual Investors FundSM— Class 4		BlackRock® Global Allocation V.I.  Fund— Class III		BlackRock® High Yield V.I.  Fund— Class III			BNY Mellon IP Technology Growth Portfolio— Initial Shares
ASSETS:
Investment at net asset value	$	890,497	$	45,817	$	701,567	$	156,720		$	410,486	$	931,894	$	379,943		$	3,201,670
Dividends due and accrued		—		—		—		—			—		—		2,007			—
Net receivable from (payable to) New York Life Insurance and Annuity Corporation		—		—		—		(4	)		—		—		(10,014	)		(7	)
Net receivable from (payable to) the Fund for shares sold or purchased		31		2		25		9			15		34		8,021			122
LIABILITIES:
Liability to New York Life Insurance and Annuity Corporation for:
Mortality and expense risk charges		29		2		23		5			14		31		13			106
Administrative charges		2		—		2		—			1		3		1			9
Total net assets	$	890,497	$	45,817	$	701,567	$	156,720		$	410,486	$	931,894	$	379,943		$	3,201,670
Total shares outstanding		38,153		2,624		7,331		6,281			29,195		71,519		55,254			114,305
Net asset value per share (NAV)	$	23.34	$	17.46	$	95.70	$	24.95		$	14.06	$	13.03	$	6.84		$	28.01
Total units outstanding		65,236		3,288		32,103		11,440			25,716		61,588		29,448			62,928
Variable accumulation unit value	$	13.65	$	13.93	$	21.85	$	13.70		$	15.96	$	15.13	$	12.91		$	50.87
Identified cost of investment	$	932,029	$	57,534	$	733,694	$	159,282		$	390,679	$	1,032,984	$	403,242		$	3,008,755

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

6

NYLIAC Variable Annuity Separate Account-I

Non-Qualified Policies

Statement of Assets and Liabilities (Continued)

As of December 31, 2023

	BNY Mellon Sustainable U.S. Equity Portfolio— Service Shares		ClearBridge Variable Appreciation Portfolio— Class II		Columbia Variable Portfolio— Commodity Strategy Fund— Class 2		Columbia Variable Portfolio— Emerging Markets Bond Fund— Class  2		Columbia Variable Portfolio— Small Cap Value Fund— Class  2		Delaware VIP® Small  Cap Value Series— Service Class		DWS Alternative Asset Allocation VIP— Class B		Fidelity®  VIP Bond Index Portfolio— Service Class 2
ASSETS:
Investment at net asset value	$	37,844	$	36,444	$	17,496	$	69,891	$	669,616	$	204,242	$	101,804	$	42,462
Dividends due and accrued		—		—		—		—		—		—		—		—
Net receivable from (payable to) New York Life Insurance and Annuity Corporation		—		—		—		—		—		—		—		—
Net receivable from (payable to) the Fund for shares sold or purchased		1		1		1		2		24		8		3		1
LIABILITIES:
Liability to New York Life Insurance and Annuity Corporation for:
Mortality and expense risk charges		1		1		1		2		22		7		3		1
Administrative charges		—		—		—		—		2		1		—		—
Total net assets	$	37,844	$	36,444	$	17,496	$	69,891	$	669,616	$	204,242	$	101,804	$	42,462
Total shares outstanding		859		632		4,767		8,903		52,273		5,355		8,003		4,409
Net asset value per share (NAV)	$	44.07	$	57.63	$	3.67	$	7.85	$	12.81	$	38.14	$	12.72	$	9.63
Total units outstanding		3,386		1,902		1,698		6,629		18,574		15,975		8,673		4,962
Variable accumulation unit value	$	11.18	$	19.16	$	10.30	$	10.54	$	36.07	$	12.78	$	11.74	$	8.55
Identified cost of investment	$	37,337	$	32,761	$	21,937	$	76,226	$	760,313	$	208,435	$	103,571	$	47,389

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

7

NYLIAC Variable Annuity Separate Account-I

Non-Qualified Policies

Statement of Assets and Liabilities (Continued)

As of December 31, 2023

	Fidelity®  VIP ContrafundSM Portfolio— Initial Class			Fidelity®  VIP Emerging Markets Portfolio— Service Class 2		Fidelity®  VIP Equity-Income PortfolioSM— Initial Class			Fidelity®  VIP FundsManager® 60% Portfolio— Service Class		Fidelity®  VIP Growth Opportunities Portfolio— Service Class 2			Fidelity®  VIP Health Care Portfolio— Service Class 2		Fidelity®  VIP International Index Portfolio— Service Class 2		Fidelity®  VIP Investment Grade Bond Portfolio— Service Class 2
ASSETS:
Investment at net asset value	$	23,319,957		$	51,510	$	5,114,045		$	141,343	$	2,206,277		$	375,444	$	105,368	$	27,937
Dividends due and accrued		—			—		—			—		—			—		—		—
Net receivable from (payable to) New York Life Insurance and Annuity Corporation		(19,629	)		—		(14,137	)		—		(19,246	)		—		—		—
Net receivable from (payable to) the Fund for shares sold or purchased		20,463			2		14,320			5		19,326			13		3		1
LIABILITIES:
Liability to New York Life Insurance and Annuity Corporation for:
Mortality and expense risk charges		770			2		169			5		74			12		3		1
Administrative charges		64			—		14			—		6			1		—		—
Total net assets	$	23,319,957		$	51,510	$	5,114,045		$	141,343	$	2,206,277		$	375,444	$	105,368	$	27,937
Total shares outstanding		479,538			4,869		205,797			14,571		38,046			11,055		9,978		2,582
Net asset value per share (NAV)	$	48.63		$	10.58	$	24.85		$	9.70	$	57.99		$	33.96	$	10.56	$	10.82
Total units outstanding		225,745			4,634		94,783			11,016		58,586			26,471		9,030		2,798
Variable accumulation unit value	$	103.34		$	11.12	$	53.99		$	12.83	$	37.66		$	14.18	$	11.67	$	9.99
Identified cost of investment	$	17,634,921		$	63,044	$	4,691,942		$	144,272	$	2,350,264		$	390,758	$	106,204	$	27,734

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

8

NYLIAC Variable Annuity Separate Account-I

Non-Qualified Policies

Statement of Assets and Liabilities (Continued)

As of December 31, 2023

	Fidelity®  VIP Mid Cap Portfolio— Service Class 2		Franklin Templeton Aggressive Model Portfolio— Class II		Franklin Templeton Conservative Model Portfolio— Class II		Franklin Templeton Moderate Model Portfolio— Class II		Franklin Templeton Moderately Aggressive Model Portfolio— Class II		Franklin Templeton Moderately Conservative Model Portfolio— Class II		Invesco V.I. EQV International Equity Fund— Series II  Shares		Invesco V.I. Main Street Small  Cap Fund®— Series II Shares
ASSETS:
Investment at net asset value	$	2,633,297	$	184,656	$	31,259	$	1,254,335	$	79,613	$	269,117	$	257,058	$	49,466
Dividends due and accrued		—		—		—		—		—		—		—		—
Net receivable from (payable to) New York Life Insurance and Annuity Corporation		—		—		—		—		—		—		—		—
Net receivable from (payable to) the Fund for shares sold or purchased		94		7		1		44		3		10		9		2
LIABILITIES:
Liability to New York Life Insurance and Annuity Corporation for:
Mortality and expense risk charges		87		6		1		41		3		9		8		2
Administrative charges		7		1		—		3		—		1		1		—
Total net assets	$	2,633,297	$	184,656	$	31,259	$	1,254,335	$	79,613	$	269,117	$	257,058	$	49,466
Total shares outstanding		75,909		13,863		3,249		109,358		6,462		25,034		7,680		1,881
Net asset value per share (NAV)	$	34.69	$	13.32	$	9.62	$	11.47	$	12.32	$	10.75	$	33.47	$	26.30
Total units outstanding		49,699		12,704		3,021		102,662		6,049		23,467		20,039		2,774
Variable accumulation unit value	$	53.01	$	14.53	$	10.35	$	12.22	$	13.16	$	11.47	$	12.83	$	17.83
Identified cost of investment	$	2,566,424	$	188,123	$	34,512	$	1,267,226	$	76,980	$	277,076	$	267,280	$	46,631

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

9

NYLIAC Variable Annuity Separate Account-I

Non-Qualified Policies

Statement of Assets and Liabilities (Continued)

As of December 31, 2023

	Janus Henderson Enterprise Portfolio— Service Shares		Janus Henderson Global Research Portfolio— Institutional Shares			MFS® International Intrinsic  Value Portfolio— Service Class		MFS® Investors Trust  Series— Initial Class		MFS® Mid  Cap Value Portfolio— Service Class		MFS® Research Series— Initial  Class		Morgan Stanley VIF U.S. Real Estate Portfolio— Class II		Neuberger Berman AMT Mid Cap Growth Portfolio— Class S
ASSETS:
Investment at net asset value	$	401,233	$	7,379,523		$	151,210	$	579,290	$	153,643	$	871,883	$	246,503	$	1,030,889
Dividends due and accrued		—		—			—		—		—		—		—		—
Net receivable from (payable to) New York Life Insurance and Annuity Corporation		—		(23,608	)		—		—		—		—		—		—
Net receivable from (payable to) the Fund for shares sold or purchased		14		23,872			5		21		5		31		9		37
LIABILITIES:
Liability to New York Life Insurance and Annuity Corporation for:
Mortality and expense risk charges		13		244			5		19		5		29		8		34
Administrative charges		1		20			—		2		—		2		1		3
Total net assets	$	401,233	$	7,379,523		$	151,210	$	579,290	$	153,643	$	871,883	$	246,503	$	1,030,889
Total shares outstanding		5,869		120,778			5,245		16,096		15,872		27,272		17,071		44,978
Net asset value per share (NAV)	$	68.37	$	61.10		$	28.83	$	35.99	$	9.68	$	31.97	$	14.44	$	22.92
Total units outstanding		23,094		161,677			10,701		15,410		8,771		19,530		20,608		21,637
Variable accumulation unit value	$	17.37	$	45.66		$	14.13	$	37.48	$	17.52	$	44.65	$	11.96	$	47.65
Identified cost of investment	$	443,151	$	6,135,298		$	155,571	$	525,706	$	157,459	$	806,494	$	283,905	$	1,243,220

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

10

NYLIAC Variable Annuity Separate Account-I

Non-Qualified Policies

Statement of Assets and Liabilities (Continued)

As of December 31, 2023

	PIMCO VIT Income Portfolio— Advisor Class		PIMCO VIT International Bond Portfolio (U.S. Dollar- Hedged)— Advisor  Class		PIMCO VIT Low Duration Portfolio— Advisor Class		PIMCO VIT Total Return Portfolio— Advisor Class
ASSETS:
Investment at net asset value	$	134,907	$	229,793	$	82,396	$	488,830
Dividends due and accrued		—		—		—		—
Net receivable from (payable to) New York Life Insurance and Annuity Corporation		—		—		—		—
Net receivable from (payable to) the Fund for shares sold or purchased		4		9		3		17
LIABILITIES:
Liability to New York Life Insurance and Annuity Corporation for:
Mortality and expense risk charges		4		8		3		16
Administrative charges		—		1		—		1
Total net assets	$	134,907	$	229,793	$	82,396	$	488,830
Total shares outstanding		13,559		23,377		8,583		53,249
Net asset value per share (NAV)	$	9.95	$	9.83	$	9.60	$	9.18
Total units outstanding		12,415		20,138		8,531		48,136
Variable accumulation unit value	$	10.87	$	11.41	$	9.66	$	10.15
Identified cost of investment	$	135,239	$	251,508	$	85,831	$	582,317

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

11

NYLIAC Variable Annuity Separate Account-I

Non-Qualified Policies

Statement of Operations

For the year ended December 31, 2023

	MainStay VP American Century Sustainable Equity— Initial Class			MainStay VP Balanced— Service Class			MainStay VP Bond— Initial Class			MainStay VP Candriam Emerging Markets Equity— Initial  Class			MainStay VP CBRE Global Infrastructure— Service Class			MainStay VP Conservative Allocation— Service Class			MainStay VP Epoch U.S. Equity Yield— Initial Class			MainStay VP Equity Allocation— Service Class
INVESTMENT INCOME (LOSS):
Dividend income	$	58,740		$	46,281		$	81,034		$	16,464		$	820		$	87,144		$	395,975		$	78,503
Mortality and expense risk charges		(54,353	)		(33,706	)		(34,937	)		(11,734	)		(638	)		(40,176	)		(178,058	)		(17,710	)
Administrative charges		(4,584	)		(2,845	)		(3,048	)		(1,123	)		(53	)		(3,413	)		(15,414	)		(1,609	)
Net investment income (loss)		(197	)		9,730			43,049			3,607			129			43,555			202,503			59,184
REALIZED AND UNREALIZED GAIN (LOSS):
Proceeds from sale of investments		679,306			684,194			794,986			202,730			6,971			771,216			3,153,374			130,142
Cost of investments sold		(736,227	)		(758,468	)		(944,427	)		(230,811	)		(10,784	)		(850,448	)		(3,050,206	)		(149,216	)
Net realized gain (loss) on investments		(56,921	)		(74,274	)		(149,441	)		(28,081	)		(3,813	)		(79,232	)		103,168			(19,074	)
Realized gain distribution received		1,497,819			—			—			—			—			108,367			948,202			146,595
Change in unrealized appreciation (depreciation) on investments		(503,471	)		215,290			228,743			81,328			5,036			198,413			(241,889	)		28,169
Net gain (loss) on investments		937,427			141,016			79,302			53,247			1,223			227,548			809,481			155,690
Net increase (decrease) in net assets resulting from operations	$	937,230		$	150,746		$	122,351		$	56,854		$	1,352		$	271,103		$	1,011,984		$	214,874

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

12

NYLIAC Variable Annuity Separate Account-I

Non-Qualified Policies

Statement of Operations (Continued)

For the year ended December 31, 2023

	MainStay VP Fidelity Institutional AM® Utilities— Service Class			MainStay VP Floating Rate— Service Class			MainStay VP Growth Allocation— Service Class			MainStay VP Income Builder— Initial Class			MainStay VP IQ Hedge Multi- Strategy— Service Class			MainStay VP Janus Henderson Balanced— Initial Class			MainStay VP MacKay Convertible— Initial Class			MainStay VP MacKay Government— Initial Class
INVESTMENT INCOME (LOSS):
Dividend income	$	110,749		$	126,348		$	170,947		$	534,162		$	4,194		$	203,120		$	157,225		$	57,708
Mortality and expense risk charges		(77,242	)		(18,894	)		(63,128	)		(194,934	)		(1,398	)		(172,051	)		(87,405	)		(29,374	)
Administrative charges		(6,616	)		(1,753	)		(5,387	)		(16,989	)		(122	)		(14,826	)		(7,449	)		(2,730	)
Net investment income (loss)		26,891			105,701			102,432			322,239			2,674			16,243			62,371			25,604
REALIZED AND UNREALIZED GAIN (LOSS):
Proceeds from sale of investments		1,107,432			493,469			1,926,626			2,660,840			45,794			1,241,403			1,409,504			758,149
Cost of investments sold		(1,073,022	)		(523,476	)		(2,172,452	)		(3,318,217	)		(45,172	)		(907,526	)		(1,158,806	)		(893,334	)
Net realized gain (loss) on investments		34,410			(30,007	)		(245,826	)		(657,377	)		622			333,877			250,698			(135,185	)
Realized gain distribution received		898,496			—			309,003			—			—			543,609			—			—
Change in unrealized appreciation (depreciation) on investments		(1,191,052	)		77,695			531,128			1,666,488			6,147			999,386			207,246			184,029
Net gain (loss) on investments		(258,146	)		47,688			594,305			1,009,111			6,769			1,876,872			457,944			48,844
Net increase (decrease) in net assets resulting from operations	$	(231,255	)	$	153,389		$	696,737		$	1,331,350		$	9,443		$	1,893,115		$	520,315		$	74,448

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

13

NYLIAC Variable Annuity Separate Account-I

Non-Qualified Policies

Statement of Operations (Continued)

For the year ended December 31, 2023

	MainStay VP MacKay High Yield Corporate Bond— Initial Class			MainStay VP MacKay Strategic Bond— Service Class			MainStay VP Moderate Allocation— Service Class			MainStay VP Natural Resources— Initial Class			MainStay VP PIMCO Real Return— Service Class			MainStay VP PineStone International Equity— Initial Class			MainStay VP S&P 500 Index— Initial Class			MainStay VP Small Cap Growth— Initial Class
INVESTMENT INCOME (LOSS):
Dividend income	$	1,206,647		$	26,136		$	159,830		$	48,974		$	37,316		$	—		$	607,767		$	—
Mortality and expense risk charges		(256,662	)		(6,790	)		(67,515	)		(31,445	)		(5,607	)		(40,379	)		(537,132	)		(31,011	)
Administrative charges		(22,399	)		(621	)		(5,701	)		(2,756	)		(477	)		(3,440	)		(46,326	)		(2,776	)
Net investment income (loss)		927,586			18,725			86,614			14,773			31,232			(43,819	)		24,309			(33,787	)
REALIZED AND UNREALIZED GAIN (LOSS):
Proceeds from sale of investments		4,788,998			137,800			844,266			1,498,877			146,223			497,730			7,477,750			484,855
Cost of investments sold		(5,258,228	)		(147,437	)		(986,097	)		(846,828	)		(149,227	)		(657,999	)		(2,185,729	)		(554,631	)
Net realized gain (loss) on investments		(469,230	)		(9,637	)		(141,831	)		652,049			(3,004	)		(160,269	)		5,292,021			(69,776	)
Realized gain distribution received		—			—			254,288			—			—			—			670,798			9,292
Change in unrealized appreciation (depreciation) on investments		1,666,521			36,515			399,636			(666,440	)		(18,042	)		301,215			3,893,088			422,716
Net gain (loss) on investments		1,197,291			26,878			512,093			(14,391	)		(21,046	)		140,946			9,855,907			362,232
Net increase (decrease) in net assets resulting from operations	$	2,124,877		$	45,603		$	598,707		$	382		$	10,186		$	97,127		$	9,880,216		$	328,445

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

14

NYLIAC Variable Annuity Separate Account-I

Non-Qualified Policies

Statement of Operations (Continued)

For the year ended December 31, 2023

	MainStay VP Small Cap Growth— Service Class			MainStay VP U.S. Government Money Market— Initial Class			MainStay VP Wellington Growth— Initial Class			MainStay VP Wellington Mid Cap— Initial Class			MainStay VP Wellington Small Cap— Initial Class			MainStay VP Wellington U.S. Equity— Initial Class			MainStay VP Winslow Large Cap Growth— Initial Class			AB VPS Relative Value Portfolio— Class B
INVESTMENT INCOME (LOSS):
Dividend income	$	—		$	197,654		$	—		$	4,766		$	17,532		$	157,632		$	—		$	664
Mortality and expense risk charges		(7,184	)		(50,557	)		(360,779	)		(52,261	)		(26,113	)		(202,967	)		(65,245	)		(689	)
Administrative charges		(611	)		(4,610	)		(32,291	)		(4,461	)		(2,333	)		(17,532	)		(5,658	)		(57	)
Net investment income (loss)		(7,795	)		142,487			(393,070	)		(51,956	)		(10,914	)		(62,867	)		(70,903	)		(82	)
REALIZED AND UNREALIZED GAIN (LOSS):
Proceeds from sale of investments		47,889			2,929,174			4,191,853			817,120			473,664			3,596,840			1,034,282			2,800
Cost of investments sold		(67,424	)		(2,929,174	)		(5,463,436	)		(1,373,323	)		(687,186	)		(3,868,239	)		(1,169,277	)		(3,274	)
Net realized gain (loss) on investments		(19,535	)		—			(1,271,583	)		(556,203	)		(213,522	)		(271,399	)		(134,995	)		(474	)
Realized gain distribution received		2,294			—			—			—			—			—			202,317			4,197
Change in unrealized appreciation (depreciation) on investments		103,373			—			11,026,120			1,105,958			473,033			3,900,144			1,890,983			2,094
Net gain (loss) on investments		86,132			—			9,754,537			549,755			259,511			3,628,745			1,958,305			5,817
Net increase (decrease) in net assets resulting from operations	$	78,337		$	142,487		$	9,361,467		$	497,799		$	248,597		$	3,565,878		$	1,887,402		$	5,735

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

15

NYLIAC Variable Annuity Separate Account-I

Non-Qualified Policies

Statement of Operations (Continued)

For the year ended December 31, 2023

	American Funds IS Asset Allocation Fund— Class 4			American Funds IS Global Small Capitalization Fund— Class 4			American Funds IS Growth Fund— Class 4			American Funds IS New World Fund®— Class 4			American Funds IS Washington Mutual Investors FundSM— Class 4			BlackRock® Global Allocation V.I. Fund— Class III			BlackRock® High Yield V.I. Fund— Class III			BNY Mellon IP Technology Growth Portfolio— Initial Shares
INVESTMENT INCOME (LOSS):
Dividend income	$	15,194		$	12		$	1,024		$	1,895		$	6,712		$	22,544		$	23,635		$	—
Mortality and expense risk charges		(8,266	)		(504	)		(6,737	)		(1,894	)		(4,751	)		(10,970	)		(4,488	)		(32,334	)
Administrative charges		(689	)		(42	)		(561	)		(163	)		(401	)		(958	)		(374	)		(2,780	)
Net investment income (loss)		6,239			(534	)		(6,274	)		(162	)		1,560			10,616			18,773			(35,114	)
REALIZED AND UNREALIZED GAIN (LOSS):
Proceeds from sale of investments		87,409			2,695			89,233			33,564			93,830			100,056			55,652			540,228
Cost of investments sold		(97,741	)		(4,310	)		(98,463	)		(34,003	)		(91,967	)		(111,411	)		(59,668	)		(562,476	)
Net realized gain (loss) on investments		(10,332	)		(1,615	)		(9,230	)		(439	)		1,863			(11,355	)		(4,016	)		(22,248	)
Realized gain distribution received		22,855			560			33,280			—			4,103			—			—			—
Change in unrealized appreciation (depreciation) on investments		64,054			7,328			157,678			22,086			52,309			95,759			26,523			1,256,966
Net gain (loss) on investments		76,577			6,273			181,728			21,647			58,275			84,404			22,507			1,234,718
Net increase (decrease) in net assets resulting from operations	$	82,816		$	5,739		$	175,454		$	21,485		$	59,835		$	95,020		$	41,280		$	1,199,604

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

16

NYLIAC Variable Annuity Separate Account-I

Non-Qualified Policies

Statement of Operations (Continued)

For the year ended December 31, 2023

	BNY Mellon Sustainable U.S. Equity Portfolio— Service Shares			ClearBridge Variable Appreciation Portfolio— Class II			Columbia Variable Portfolio— Commodity Strategy Fund— Class 2			Columbia Variable Portfolio— Emerging Markets Bond Fund— Class  2			Columbia Variable Portfolio— Small Cap Value Fund— Class 2			Delaware VIP® Small  Cap Value Series— Service Class			DWS Alternative Asset Allocation VIP— Class B			Fidelity®  VIP Bond Index Portfolio— Service Class 2
INVESTMENT INCOME (LOSS):
Dividend income	$	144		$	247		$	3,962		$	3,640		$	2,636		$	1,191		$	6,612		$	1,067
Mortality and expense risk charges		(363	)		(424	)		(250	)		(825	)		(7,708	)		(2,266	)		(1,308	)		(698	)
Administrative charges		(30	)		(36	)		(21	)		(70	)		(653	)		(189	)		(113	)		(61	)
Net investment income (loss)		(249	)		(213	)		3,691			2,745			(5,725	)		(1,264	)		5,191			308
REALIZED AND UNREALIZED GAIN (LOSS):
Proceeds from sale of investments		1,254			6,296			6,103			16,388			193,408			3,948			33,524			44,879
Cost of investments sold		(1,410	)		(5,075	)		(6,870	)		(20,570	)		(253,742	)		(2,673	)		(33,570	)		(53,625	)
Net realized gain (loss) on investments		(156	)		1,221			(767	)		(4,182	)		(60,334	)		1,275			(46	)		(8,746	)
Realized gain distribution received		3,230			980			—			—			44,900			7,985			937			—
Change in unrealized appreciation (depreciation) on investments		2,937			3,929			(4,903	)		7,199			139,114			6,686			(1,452	)		10,840
Net gain (loss) on investments		6,011			6,130			(5,670	)		3,017			123,680			15,946			(561	)		2,094
Net increase (decrease) in net assets resulting from operations	$	5,762		$	5,917		$	(1,979	)	$	5,762		$	117,955		$	14,682		$	4,630		$	2,402

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

17

NYLIAC Variable Annuity Separate Account-I

Non-Qualified Policies

Statement of Operations (Continued)

For the year ended December 31, 2023

	Fidelity®  VIP ContrafundSM Portfolio— Initial Class			Fidelity®  VIP Emerging Markets Portfolio— Service Class 2			Fidelity®  VIP Equity-Income PortfolioSM— Initial Class			Fidelity®  VIP FundsManager® 60% Portfolio— Service Class			Fidelity® VIP Growth Opportunities Portfolio— Service Class 2			Fidelity®  VIP Health Care Portfolio— Service Class 2			Fidelity®  VIP International Index Portfolio— Service Class 2			Fidelity®  VIP Investment Grade Bond Portfolio— Service Class 2
INVESTMENT INCOME (LOSS):
Dividend income	$	103,660		$	1,097		$	94,429		$	2,951		$	—		$	—		$	2,686		$	680
Mortality and expense risk charges		(261,022	)		(921	)		(61,140	)		(1,156	)		(21,564	)		(5,536	)		(1,201	)		(201	)
Administrative charges		(22,319	)		(77	)		(5,225	)		(96	)		(1,826	)		(463	)		(100	)		(17	)
Net investment income (loss)		(179,681	)		99			28,064			1,699			(23,390	)		(5,999	)		1,385			462
REALIZED AND UNREALIZED GAIN (LOSS):
Proceeds from sale of investments		3,553,405			66,994			809,535			1,270			290,777			208,272			38,222			14,551
Cost of investments sold		(2,808,770	)		(78,171	)		(664,369	)		(1,583	)		(281,995	)		(248,446	)		(45,108	)		(14,792	)
Net realized gain (loss) on investments		744,635			(11,177	)		145,166			(313	)		8,782			(40,174	)		(6,886	)		(241	)
Realized gain distribution received		762,233			—			141,743			—			—			—			—			—
Change in unrealized appreciation (depreciation) on investments		4,703,721			15,343			124,232			9,475			653,788			48,480			16,316			384
Net gain (loss) on investments		6,210,589			4,166			411,141			9,162			662,570			8,306			9,430			143
Net increase (decrease) in net assets resulting from operations	$	6,030,908		$	4,265		$	439,205		$	10,861		$	639,180		$	2,307		$	10,815		$	605

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

18

NYLIAC Variable Annuity Separate Account-I

Non-Qualified Policies

Statement of Operations (Continued)

For the year ended December 31, 2023

	Fidelity®  VIP Mid Cap Portfolio— Service Class 2			Franklin Templeton Aggressive Model Portfolio— Class II			Franklin Templeton Conservative Model Portfolio— Class II			Franklin Templeton Moderate Model Portfolio— Class II			Franklin Templeton Moderately Aggressive Model Portfolio— Class II			Franklin Templeton Moderately Conservative Model Portfolio— Class II			Invesco V.I. EQV International Equity Fund— Series II  Shares			Invesco V.I. Main Street Small  Cap Fund®— Series II Shares
INVESTMENT INCOME (LOSS):
Dividend income	$	9,589		$	1,637		$	984		$	20,697		$	979		$	6,613		$	—		$	418
Mortality and expense risk charges		(31,623	)		(2,347	)		(365	)		(13,849	)		(949	)		(2,674	)		(2,747	)		(439	)
Administrative charges		(2,696	)		(239	)		(30	)		(1,154	)		(139	)		(223	)		(231	)		(37	)
Net investment income (loss)		(24,730	)		(949	)		589			5,694			(109	)		3,716			(2,978	)		(58	)
REALIZED AND UNREALIZED GAIN (LOSS):
Proceeds from sale of investments		538,871			68,930			11,170			104,699			31,663			10,185			28,817			10,873
Cost of investments sold		(489,331	)		(70,651	)		(12,937	)		(113,925	)		(31,634	)		(11,265	)		(36,104	)		(14,278	)
Net realized gain (loss) on investments		49,540			(1,721	)		(1,767	)		(9,226	)		29			(1,080	)		(7,287	)		(3,405	)
Realized gain distribution received		72,328			1,112			—			3,881			321			—			179			—
Change in unrealized appreciation (depreciation) on investments		231,835			33,901			3,514			122,866			10,018			17,255			46,201			7,680
Net gain (loss) on investments		353,703			33,292			1,747			117,521			10,368			16,175			39,093			4,275
Net increase (decrease) in net assets resulting from operations	$	328,973		$	32,343		$	2,336		$	123,215		$	10,259		$	19,891		$	36,115		$	4,217

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

19

NYLIAC Variable Annuity Separate Account-I

Non-Qualified Policies

Statement of Operations (Continued)

For the year ended December 31, 2023

	Janus Henderson Enterprise Portfolio— Service Shares			Janus Henderson Global Research Portfolio— Institutional Shares			MFS® International Intrinsic  Value Portfolio— Service Class			MFS® Investors Trust  Series— Initial Class			MFS® Mid  Cap Value Portfolio— Service Class			MFS® Research Series— Initial  Class			Morgan Stanley VIF U.S. Real Estate Portfolio— Class II			Neuberger Berman AMT Mid Cap Growth Portfolio— Class S
INVESTMENT INCOME (LOSS):
Dividend income	$	349		$	71,666		$	695		$	4,539		$	2,482		$	4,155		$	5,016		$	—
Mortality and expense risk charges		(4,593	)		(97,822	)		(1,853	)		(7,842	)		(2,064	)		(9,735	)		(3,006	)		(11,579	)
Administrative charges		(383	)		(8,571	)		(154	)		(658	)		(173	)		(849	)		(252	)		(983	)
Net investment income (loss)		(4,627	)		(34,727	)		(1,312	)		(3,961	)		245			(6,429	)		1,758			(12,562	)
REALIZED AND UNREALIZED GAIN (LOSS):
Proceeds from sale of investments		38,085			2,385,911			33,930			231,467			90,960			77,692			53,883			175,850
Cost of investments sold		(47,443	)		(1,276,587	)		(32,564	)		(200,194	)		(99,057	)		(74,840	)		(84,168	)		(225,677	)
Net realized gain (loss) on investments		(9,358	)		1,109,324			1,366			31,273			(8,097	)		2,852			(30,285	)		(49,827	)
Realized gain distribution received		28,741			235,714			11,123			34,928			5,519			43,909			—			—
Change in unrealized appreciation (depreciation) on investments		41,961			439,096			11,712			40,163			16,902			113,880			58,191			211,882
Net gain (loss) on investments		61,344			1,784,134			24,201			106,364			14,324			160,641			27,906			162,055
Net increase (decrease) in net assets resulting from operations	$	56,717		$	1,749,407		$	22,889		$	102,403		$	14,569		$	154,212		$	29,664		$	149,493

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

20

NYLIAC Variable Annuity Separate Account-I

Non-Qualified Policies

Statement of Operations (Continued)

For the year ended December 31, 2023

	PIMCO VIT Income Portfolio— Advisor Class			PIMCO VIT International Bond Portfolio (U.S. Dollar- Hedged)— Advisor Class			PIMCO VIT Low Duration Portfolio— Advisor Class			PIMCO VIT Total Return Portfolio— Advisor Class
INVESTMENT INCOME (LOSS):
Dividend income	$	5,203		$	6,205		$	3,100		$	16,432
Mortality and expense risk charges		(1,194	)		(2,995	)		(1,063	)		(5,686	)
Administrative charges		(100	)		(266	)		(92	)		(489	)
Net investment income (loss)		3,909			2,944			1,945			10,257
REALIZED AND UNREALIZED GAIN (LOSS):
Proceeds from sale of investments		5,143			66,166			24,411			58,961
Cost of investments sold		(5,657	)		(77,430	)		(26,690	)		(74,224	)
Net realized gain (loss) on investments		(514	)		(11,264	)		(2,279	)		(15,263	)
Realized gain distribution received		—			7,017			—			—
Change in unrealized appreciation (depreciation) on investments		3,923			19,137			3,248			27,433
Net gain (loss) on investments		3,409			14,890			969			12,170
Net increase (decrease) in net assets resulting from operations	$	7,318		$	17,834		$	2,914		$	22,427

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

21

NYLIAC Variable Annuity Separate Account-I

Non-Qualified Policies

Statement of Changes in Net Assets

For the years ended December 31, 2023

and December 31, 2022

	MainStay VP American Century Sustainable Equity— Initial Class						MainStay VP Balanced— Service Class						MainStay VP Bond— Initial Class						MainStay VP Candriam Emerging Markets Equity— Initial Class						MainStay VP CBRE Global Infrastructure— Service Class
	2023			2022			2023			2022			2023			2022			2023			2022			2023			2022
INCREASE (DECREASE) IN NET ASSETS:
Operations:
Net investment income (loss)	$	(197	)	$	17,327		$	9,730		$	(17,572	)	$	43,049		$	22,107		$	3,607		$	(4,400	)	$	129		$	166
Net realized gain (loss) on investments		(56,921	)		(22,716	)		(74,274	)		52,319			(149,441	)		(85,576	)		(28,081	)		(1,604	)		(3,813	)		(1,059	)
Realized gain distribution received		1,497,819			515,460			—			566,258			—			—			—			153,318			—			—
Change in unrealized appreciation (depreciation) on investments		(503,471	)		(967,548	)		215,290			(860,969	)		228,743			(612,993	)		81,328			(580,165	)		5,036			(911	)
Net increase (decrease) in net assets resulting from operations		937,230			(457,477	)		150,746			(259,964	)		122,351			(676,462	)		56,854			(432,851	)		1,352			(1,804	)
Contributions and (Withdrawals):
Payments received from policyowners		12,836			10,380			1,866			36,258			67,654			24,837			5,472			5,699			—			9,999
Policyowners’ surrenders		(227,355	)		(366,656	)		(182,058	)		(183,104	)		(545,205	)		(342,023	)		(129,726	)		(46,852	)		(209	)		(367	)
Policyowners’ annuity and death benefits		(88,962	)		(41,468	)		(158,128	)		(27,805	)		(111,253	)		(163,889	)		(10,610	)		(2,935	)		—			—
Net transfers from (to) Fixed Account		(15,132	)		(60,888	)		(99,219	)		(30,500	)		(68,893	)		(70,014	)		(429	)		(29,852	)		(3,295	)		—
Transfers between Investment Divisions		(222,682	)		(112,447	)		(174,775	)		4,628			44,848			(26,270	)		(11,543	)		36,980			(708	)		27,647
Net contributions and (withdrawals)		(541,295	)		(571,079	)		(612,314	)		(200,523	)		(612,849	)		(577,359	)		(146,836	)		(36,960	)		(4,212	)		37,279
Increase (decrease) in net assets		395,935			(1,028,556	)		(461,568	)		(460,487	)		(490,498	)		(1,253,821	)		(89,982	)		(469,811	)		(2,860	)		35,475
NET ASSETS:
Beginning of period		4,369,930			5,398,486			3,041,678			3,502,165			3,274,760			4,528,581			1,022,180			1,491,991			57,699			22,224
End of period	$	4,765,865		$	4,369,930		$	2,580,110		$	3,041,678		$	2,784,262		$	3,274,760		$	932,198		$	1,022,180		$	54,839		$	57,699

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

22

NYLIAC Variable Annuity Separate Account-I

Non-Qualified Policies

Statement of Changes in Net Assets (Continued)

For the years ended December 31, 2023

and December 31, 2022

	MainStay VP Conservative Allocation— Service Class						MainStay VP Epoch U.S. Equity Yield— Initial Class						MainStay VP Equity Allocation— Service Class						MainStay VP Fidelity Institutional AM® Utilities— Service Class						MainStay VP Floating Rate— Service Class
	2023			2022			2023			2022			2023			2022			2023			2022			2023			2022
INCREASE (DECREASE) IN NET ASSETS:
Operations:
Net investment income (loss)	$	43,555		$	111,454		$	202,503		$	129,838		$	59,184		$	22,765		$	26,891		$	37,230		$	105,701		$	54,504
Net realized gain (loss) on investments		(79,232	)		10,524			103,168			69,295			(19,074	)		8,233			34,410			27,791			(30,007	)		(20,454	)
Realized gain distribution received		108,367			367,492			948,202			368,416			146,595			217,271			898,496			360,031			—			—
Change in unrealized appreciation (depreciation) on investments		198,413			(1,098,832	)		(241,889	)		(1,239,158	)		28,169			(568,286	)		(1,191,052	)		(133,991	)		77,695			(83,836	)
Net increase (decrease) in net assets resulting from operations		271,103			(609,362	)		1,011,984			(671,609	)		214,874			(320,017	)		(231,255	)		291,061			153,389			(49,786	)
Contributions and (Withdrawals):
Payments received from policyowners		1,801			1,801			58,520			66,734			95,449			5,314			28,667			142,141			2,164			41,669
Policyowners’ surrenders		(535,244	)		(374,441	)		(1,270,784	)		(915,423	)		(103,414	)		(33,562	)		(652,495	)		(479,411	)		(338,999	)		(158,625	)
Policyowners’ annuity and death benefits		(163,183	)		(93,772	)		(266,259	)		(359,099	)		—			(1,421	)		(81,076	)		(38,718	)		(38,475	)		(5,484	)
Net transfers from (to) Fixed Account		292			(7,596	)		(10,354	)		(52,951	)		—			—			(25,446	)		(9,305	)		15,863			(7,782	)
Transfers between Investment Divisions		(22,406	)		(41,958	)		(497,119	)		(26,624	)		(8,745	)		580			(131,733	)		(129,846	)		299,381			(150,998	)
Net contributions and (withdrawals)		(718,740	)		(515,966	)		(1,985,996	)		(1,287,363	)		(16,710	)		(29,089	)		(862,083	)		(515,139	)		(60,066	)		(281,220	)
Increase (decrease) in net assets		(447,637	)		(1,125,328	)		(974,012	)		(1,958,972	)		198,164			(349,106	)		(1,093,338	)		(224,078	)		93,323			(331,006	)
NET ASSETS:
Beginning of period		3,525,001			4,650,329			15,972,260			17,931,232			1,356,690			1,705,796			7,127,122			7,351,200			1,631,210			1,962,216
End of period	$	3,077,364		$	3,525,001		$	14,998,248		$	15,972,260		$	1,554,854		$	1,356,690		$	6,033,784		$	7,127,122		$	1,724,533		$	1,631,210

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

23

NYLIAC Variable Annuity Separate Account-I

Non-Qualified Policies

Statement of Changes in Net Assets (Continued)

For the years ended December 31, 2023

and December 31, 2022

	MainStay VP Growth Allocation— Service Class						MainStay VP Income Builder— Initial Class						MainStay VP IQ Hedge Multi- Strategy— Service Class						MainStay VP Janus Henderson Balanced— Initial Class						MainStay VP MacKay Convertible— Initial Class
	2023			2022			2023			2022			2023			2022			2023			2022			2023			2022
INCREASE (DECREASE) IN NET ASSETS:
Operations:
Net investment income (loss)	$	102,432		$	118,339		$	322,239		$	268,553		$	2,674		$	420		$	16,243		$	(35,649	)	$	62,371		$	185,297
Net realized gain (loss) on investments		(245,826	)		(182,629	)		(657,377	)		(458,501	)		622			1,614			333,877			559,977			250,698			268,959
Realized gain distribution received		309,003			832,816			—			1,738,257			—			—			543,609			1,090,746			—			924,830
Change in unrealized appreciation (depreciation) on investments		531,128			(1,924,200	)		1,666,488			(4,869,726	)		6,147			(17,231	)		999,386			(4,865,161	)		207,246			(2,782,370	)
Net increase (decrease) in net assets resulting from operations		696,737			(1,155,674	)		1,331,350			(3,321,417	)		9,443			(15,197	)		1,893,115			(3,250,087	)		520,315			(1,403,284	)
Contributions and (Withdrawals):
Payments received from policyowners		101,544			181,082			125,724			57,742			718			716			89,456			36,153			38,518			67,719
Policyowners’ surrenders		(677,988	)		(385,977	)		(1,808,344	)		(1,371,466	)		(35,783	)		(14,747	)		(706,177	)		(577,141	)		(698,184	)		(957,009	)
Policyowners’ annuity and death benefits		(1,178,551	)		(262,230	)		(554,943	)		(801,479	)		—			(43,561	)		(309,556	)		(224,849	)		(259,586	)		(162,742	)
Net transfers from (to) Fixed Account		3,399			(54,907	)		(151,107	)		(282,703	)		(9,414	)		(220	)		16,586			(274,865	)		(46,464	)		(158,110	)
Transfers between Investment Divisions		515,548			27,289			(16,415	)		(41,074	)		1,091			10,097			(15,566	)		(568,980	)		(228,611	)		(226,960	)
Net contributions and (withdrawals)		(1,236,048	)		(494,743	)		(2,405,085	)		(2,438,980	)		(43,388	)		(47,715	)		(925,257	)		(1,609,682	)		(1,194,327	)		(1,437,102	)
Increase (decrease) in net assets		(539,311	)		(1,650,417	)		(1,073,735	)		(5,760,397	)		(33,945	)		(62,912	)		967,858			(4,859,769	)		(674,012	)		(2,840,386	)
NET ASSETS:
Beginning of period		5,823,313			7,473,730			17,176,134			22,936,531			126,073			188,985			14,016,849			18,876,618			7,711,536			10,551,922
End of period	$	5,284,002		$	5,823,313		$	16,102,399		$	17,176,134		$	92,128		$	126,073		$	14,984,707		$	14,016,849		$	7,037,524		$	7,711,536

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

24

NYLIAC Variable Annuity Separate Account-I

Non-Qualified Policies

Statement of Changes in Net Assets (Continued)

For the years ended December 31, 2023

and December 31, 2022

	MainStay VP MacKay Government— Initial Class						MainStay VP MacKay High Yield Corporate Bond— Initial Class						MainStay VP MacKay Strategic Bond— Service Class						MainStay VP Moderate Allocation— Service Class						MainStay VP Natural Resources— Initial Class
	2023			2022			2023			2022			2023			2022			2023			2022			2023			2022
INCREASE (DECREASE) IN NET ASSETS:
Operations:
Net investment income (loss)	$	25,604		$	15,824		$	927,586		$	959,218		$	18,725		$	14,165		$	86,614		$	133,047		$	14,773		$	(4,758	)
Net realized gain (loss) on investments		(135,185	)		(73,475	)		(469,230	)		(523,450	)		(9,637	)		(25,452	)		(141,831	)		(137,561	)		652,049			242,994
Realized gain distribution received		—			—			—			—			—			—			254,288			742,131			—			—
Change in unrealized appreciation (depreciation) on investments		184,029			(349,871	)		1,666,521			(3,073,091	)		36,515			(70,259	)		399,636			(1,901,032	)		(666,440	)		483,783
Net increase (decrease) in net assets resulting from operations		74,448			(407,522	)		2,124,877			(2,637,323	)		45,603			(81,546	)		598,707			(1,163,415	)		382			722,019
Contributions and (Withdrawals):
Payments received from policyowners		42,034			32,046			139,164			147,650			1,970			1,920			5,920			15,338			60,836			89,392
Policyowners’ surrenders		(396,192	)		(265,678	)		(2,713,563	)		(1,828,337	)		(106,496	)		(247,753	)		(603,816	)		(564,615	)		(203,136	)		(273,368	)
Policyowners’ annuity and death benefits		(159,618	)		(92,125	)		(1,234,860	)		(903,930	)		—			(61,015	)		(42,144	)		(139,700	)		(377,684	)		(59,572	)
Net transfers from (to) Fixed Account		3,795			(108,032	)		(223,939	)		(817,325	)		203			(13,979	)		(26,041	)		(357,393	)		(6,914	)		(34,601	)
Transfers between Investment Divisions		(32,389	)		(47,993	)		342,935			(418,131	)		(13,708	)		(11,678	)		(48,724	)		922			(865,829	)		787,022
Net contributions and (withdrawals)		(542,370	)		(481,782	)		(3,690,263	)		(3,820,073	)		(118,031	)		(332,505	)		(714,805	)		(1,045,448	)		(1,392,727	)		508,873
Increase (decrease) in net assets		(467,922	)		(889,304	)		(1,565,386	)		(6,457,396	)		(72,428	)		(414,051	)		(116,098	)		(2,208,863	)		(1,392,345	)		1,230,892
NET ASSETS:
Beginning of period		2,607,777			3,497,081			22,615,702			29,073,098			584,995			999,046			5,731,232			7,940,095			3,309,662			2,078,770
End of period	$	2,139,855		$	2,607,777		$	21,050,316		$	22,615,702		$	512,567		$	584,995		$	5,615,134		$	5,731,232		$	1,917,317		$	3,309,662

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

25

NYLIAC Variable Annuity Separate Account-I

Non-Qualified Policies

Statement of Changes in Net Assets (Continued)

For the years ended December 31, 2023

and December 31, 2022

	MainStay VP PIMCO Real Return— Service Class						MainStay VP PineStone International Equity— Initial Class						MainStay VP S&P 500 Index— Initial Class						MainStay VP Small Cap Growth— Initial Class						MainStay VP Small Cap Growth— Service Class
	2023			2022			2023			2022			2023			2022			2023			2022			2023			2022
INCREASE (DECREASE) IN NET ASSETS:
Operations:
Net investment income (loss)	$	31,232		$	24,023		$	(43,819	)	$	(40,801	)	$	24,309		$	43,578		$	(33,787	)	$	(37,006	)	$	(7,795	)	$	(8,647	)
Net realized gain (loss) on investments		(3,004	)		11,991			(160,269	)		30,336			5,292,021			5,227,864			(69,776	)		55,114			(19,535	)		(17,636	)
Realized gain distribution received		—			—			—			710,811			670,798			1,485,686			9,292			673,004			2,294			164,588
Change in unrealized appreciation (depreciation) on investments		(18,042	)		(122,677	)		301,215			(2,096,751	)		3,893,088			(18,037,819	)		422,716			(1,705,059	)		103,373			(376,447	)
Net increase (decrease) in net assets resulting from operations		10,186			(86,663	)		97,127			(1,396,405	)		9,880,216			(11,280,691	)		328,445			(1,013,947	)		78,337			(238,142	)
Contributions and (Withdrawals):
Payments received from policyowners		553			36,826			73,365			32,734			226,878			90,578			30,707			30,028			2,040			11,339
Policyowners’ surrenders		(74,116	)		(33,683	)		(292,840	)		(186,984	)		(4,636,051	)		(3,242,961	)		(207,332	)		(141,071	)		(31,877	)		(3,805	)
Policyowners’ annuity and death benefits		(55,942	)		(40,883	)		(31,333	)		(78,474	)		(947,745	)		(2,162,456	)		(94,023	)		(23,652	)		—			(17,127	)
Net transfers from (to) Fixed Account		(1,075	)		(81,251	)		(73,177	)		(24,416	)		(661,283	)		(462,542	)		102			(33,664	)		323			42
Transfers between Investment Divisions		28,811			10,352			16,101			7,311			35,665			(183,960	)		(108,412	)		18,601			10,762			(35,631	)
Net contributions and (withdrawals)		(101,769	)		(108,639	)		(307,884	)		(249,829	)		(5,982,536	)		(5,961,341	)		(378,958	)		(149,758	)		(18,752	)		(45,182	)
Increase (decrease) in net assets		(91,583	)		(195,302	)		(210,757	)		(1,646,234	)		3,897,680			(17,242,032	)		(50,513	)		(1,163,705	)		59,585			(283,324	)
NET ASSETS:
Beginning of period		534,362			729,664			3,496,295			5,142,529			43,029,564			60,271,596			2,556,897			3,720,602			592,790			876,114
End of period	$	442,779		$	534,362		$	3,285,538		$	3,496,295		$	46,927,244		$	43,029,564		$	2,506,384		$	2,556,897		$	652,375		$	592,790

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

26

NYLIAC Variable Annuity Separate Account-I

Non-Qualified Policies

Statement of Changes in Net Assets (Continued)

For the years ended December 31, 2023

and December 31, 2022

	MainStay VP U.S. Government Money Market— Initial Class						MainStay VP Wellington Growth— Initial Class						MainStay VP Wellington Mid Cap— Initial Class						MainStay VP Wellington Small Cap— Initial Class						MainStay VP Wellington U.S. Equity— Initial Class
	2023			2022			2023			2022			2023			2022			2023			2022			2023			2022
INCREASE (DECREASE) IN NET ASSETS:
Operations:
Net investment income (loss)	$	142,487		$	2,633		$	(393,070	)	$	(418,807	)	$	(51,956	)	$	(67,045	)	$	(10,914	)	$	(5,305	)	$	(62,867	)	$	(129,663	)
Net realized gain (loss) on investments		—			4			(1,271,583	)		(76,338	)		(556,203	)		(140,079	)		(213,522	)		(18,883	)		(271,399	)		567,315
Realized gain distribution received		—			—			—			9,254,765			—			1,935,687			—			676,009			—			3,608,948
Change in unrealized appreciation (depreciation) on investments		—			(4	)		11,026,120			(23,373,206	)		1,105,958			(3,082,013	)		473,033			(1,335,705	)		3,900,144			(9,141,018	)
Net increase (decrease) in net assets resulting from operations		142,487			2,633			9,361,467			(14,613,586	)		497,799			(1,353,450	)		248,597			(683,884	)		3,565,878			(5,094,418	)
Contributions and (Withdrawals):
Payments received from policyowners		213,676			1,311,660			147,199			130,258			14,887			51,317			3,019			4,877			52,107			36,601
Policyowners’ surrenders		(2,091,810	)		(929,021	)		(2,881,689	)		(1,234,719	)		(396,249	)		(263,986	)		(173,279	)		(80,261	)		(2,586,900	)		(881,224	)
Policyowners’ annuity and death benefits		(80,123	)		(71,482	)		(505,681	)		(915,679	)		(122,595	)		(182,477	)		(103,869	)		(81,344	)		(344,226	)		(452,623	)
Net transfers from (to) Fixed Account		(30,816	)		(102,139	)		(104,638	)		(639,110	)		(1,845	)		(27,799	)		(17,267	)		(9,017	)		(299,255	)		(244,205	)
Transfers between Investment Divisions		1,434,370			875,807			(404,745	)		(12,224	)		(228,812	)		(48,850	)		(127,207	)		47,772			(122,279	)		(20,858	)
Net contributions and (withdrawals)		(554,703	)		1,084,825			(3,749,554	)		(2,671,474	)		(734,614	)		(471,795	)		(418,603	)		(117,973	)		(3,300,553	)		(1,562,309	)
Increase (decrease) in net assets		(412,216	)		1,087,458			5,611,913			(17,285,060	)		(236,815	)		(1,825,245	)		(170,006	)		(801,857	)		265,325			(6,656,727	)
NET ASSETS:
Beginning of period		4,259,121			3,171,663			26,892,926			44,177,986			4,619,135			6,444,380			2,396,957			3,198,814			17,304,452			23,961,179
End of period	$	3,846,905		$	4,259,121		$	32,504,839		$	26,892,926		$	4,382,320		$	4,619,135		$	2,226,951		$	2,396,957		$	17,569,777		$	17,304,452

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

27

NYLIAC Variable Annuity Separate Account-I

Non-Qualified Policies

Statement of Changes in Net Assets (Continued)

For the years ended December 31, 2023

and December 31, 2022

	MainStay VP Winslow Large Cap Growth— Initial Class						AB VPS Relative Value Portfolio— Class B						American Funds IS Asset Allocation Fund— Class 4						American Funds IS Global Small Capitalization Fund— Class 4						American Funds IS Growth Fund— Class 4
	2023			2022			2023			2022 (a)			2023			2022			2023			2022			2023			2022
INCREASE (DECREASE) IN NET ASSETS:
Operations:
Net investment income (loss)	$	(70,903	)	$	(75,312	)	$	(82	)	$	(150	)	$	6,239		$	439		$	(534	)	$	(517	)	$	(6,274	)	$	(6,341	)
Net realized gain (loss) on investments		(134,995	)		157,707			(474	)		(68	)		(10,332	)		(11,858	)		(1,615	)		429			(9,230	)		(4,658	)
Realized gain distribution received		202,317			1,322,106			4,197			1,034			22,855			99,128			560			13,235			33,280			78,920
Change in unrealized appreciation (depreciation) on investments		1,890,983			(3,905,931	)		2,094			315			64,054			(256,241	)		7,328			(28,909	)		157,678			(279,781	)
Net increase (decrease) in net assets resulting from operations		1,887,402			(2,501,430	)		5,735			1,131			82,816			(168,532	)		5,739			(15,762	)		175,454			(211,860	)
Contributions and (Withdrawals):
Payments received from policyowners		26,859			86,783			—			—			11,697			9,053			179			156			10,006			7,317
Policyowners’ surrenders		(435,923	)		(268,113	)		—			—			(35,488	)		(68,656	)		—			(3,406	)		(72,969	)		(5,225	)
Policyowners’ annuity and death benefits		(109,250	)		(88,382	)		—			—			—			—			—			—			—			—
Net transfers from (to) Fixed Account		(3,388	)		(20,076	)		5,000			(1	)		488			(31,104	)		3,225			3,221			3,280			(646	)
Transfers between Investment Divisions		(342,496	)		(124,900	)		20,000			45,903			283,765			(330,464	)		(2,252	)		3,211			128,201			(11,618	)
Net contributions and (withdrawals)		(864,198	)		(414,688	)		25,000			45,902			260,462			(421,171	)		1,152			3,182			68,518			(10,172	)
Increase (decrease) in net assets		1,023,204			(2,916,118	)		30,735			47,033			343,278			(589,703	)		6,891			(12,580	)		243,972			(222,032	)
NET ASSETS:
Beginning of period		4,929,000			7,845,118			47,033			—			547,219			1,136,922			38,926			51,506			457,595			679,627
End of period	$	5,952,204		$	4,929,000		$	77,768		$	47,033		$	890,497		$	547,219		$	45,817		$	38,926		$	701,567		$	457,595

(a) For the period May 1, 2022 (commencement of Investment Division) through December 31, 2022.

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

28

NYLIAC Variable Annuity Separate Account-I

Non-Qualified Policies

Statement of Changes in Net Assets (Continued)

For the years ended December 31, 2023

and December 31, 2022

	American Funds IS New World Fund®— Class 4						American Funds IS Washington Mutual Investors FundSM— Class 4						BlackRock® Global Allocation V.I. Fund— Class III						BlackRock® High Yield V.I. Fund— Class III						BNY Mellon IP Technology Growth Portfolio— Initial Shares
	2023			2022			2023			2022			2023			2022			2023			2022			2023			2022
INCREASE (DECREASE) IN NET ASSETS:
Operations:
Net investment income (loss)	$	(162	)	$	(316	)	$	1,560		$	2,390		$	10,616		$	(13,122	)	$	18,773		$	15,894		$	(35,114	)	$	(38,160	)
Net realized gain (loss) on investments		(439	)		1,280			1,863			6			(11,355	)		(11,335	)		(4,016	)		(5,364	)		(22,248	)		(123,430	)
Realized gain distribution received		—			15,761			4,103			72,472			—			15,943			—			—			—			301,564
Change in unrealized appreciation (depreciation) on investments		22,086			(62,696	)		52,309			(101,567	)		95,759			(195,905	)		26,523			(66,512	)		1,256,966			(2,254,023	)
Net increase (decrease) in net assets resulting from operations		21,485			(45,971	)		59,835			(26,699	)		95,020			(204,419	)		41,280			(55,982	)		1,199,604			(2,114,049	)
Contributions and (Withdrawals):
Payments received from policyowners		347			16,909			50,000			42,052			531			23,088			109			4,520			110,875			22,174
Policyowners’ surrenders		(8,870	)		(20,331	)		(20,617	)		(58,409	)		(86,807	)		(119,271	)		(38,722	)		(26,412	)		(237,075	)		(254,551	)
Policyowners’ annuity and death benefits		(3,277	)		(7,730	)		(12,480	)		—			—			(73	)		—			(7,976	)		(145,322	)		(21,986	)
Net transfers from (to) Fixed Account		1,851			689			—			(5,772	)		599			5,505			784			2,256			19,216			38,114
Transfers between Investment Divisions		(15,741	)		17,855			(55,070	)		159,706			18,888			(2,440	)		(9,791	)		(535	)		107,941			(98,488	)
Net contributions and (withdrawals)		(25,690	)		7,392			(38,167	)		137,577			(66,789	)		(93,191	)		(47,620	)		(28,147	)		(144,365	)		(314,737	)
Increase (decrease) in net assets		(4,205	)		(38,579	)		21,668			110,878			28,231			(297,610	)		(6,340	)		(84,129	)		1,055,239			(2,428,786	)
NET ASSETS:
Beginning of period		160,925			199,504			388,818			277,940			903,663			1,201,273			386,283			470,412			2,146,431			4,575,217
End of period	$	156,720		$	160,925		$	410,486		$	388,818		$	931,894		$	903,663		$	379,943		$	386,283		$	3,201,670		$	2,146,431

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

29

NYLIAC Variable Annuity Separate Account-I

Non-Qualified Policies

Statement of Changes in Net Assets (Continued)

For the years ended December 31, 2023

and December 31, 2022

	BNY Mellon Sustainable U.S. Equity Portfolio— Service Shares						ClearBridge Variable Appreciation Portfolio— Class II						Columbia  Variable Portfolio— Commodity Strategy Fund— Class 2						Columbia  Variable Portfolio— Emerging Markets Bond Fund— Class 2						Columbia  Variable Portfolio— Small Cap Value Fund— Class 2
	2023			2022 (a)			2023			2022			2023			2022			2023			2022			2023			2022
INCREASE (DECREASE) IN NET ASSETS:
Operations:
Net investment income (loss)	$	(249	)	$	(115	)	$	(213	)	$	(174	)	$	3,691		$	6,128		$	2,745		$	2,376		$	(5,725	)	$	(5,854	)
Net realized gain (loss) on investments		(156	)		(9	)		1,221			1,459			(767	)		121			(4,182	)		(7,232	)		(60,334	)		(34,402	)
Realized gain distribution received		3,230			—			980			1,693			—			—			—			—			44,900			288,988
Change in unrealized appreciation (depreciation) on investments		2,937			(2,430	)		3,929			(7,496	)		(4,903	)		(2,645	)		7,199			(12,412	)		139,114			(329,422	)
Net increase (decrease) in net assets resulting from operations		5,762			(2,554	)		5,917			(4,518	)		(1,979	)		3,604			5,762			(17,268	)		117,955			(80,690	)
Contributions and (Withdrawals):
Payments received from policyowners		—			—			151			16,698			313			750			—			16,602			366			904
Policyowners’ surrenders		—			—			(4,026	)		(10,225	)		(5,779	)		—			(2,766	)		(19,159	)		(83,332	)		(10,167	)
Policyowners’ annuity and death benefits		—			—			—			—			—			(94	)		(12,406	)		—			(35,590	)		(29,112	)
Net transfers from (to) Fixed Account		8,000			—			1,461			(868	)		—			—			—			(3,826	)		6,345			5,576
Transfers between Investment Divisions		(612	)		27,248			(1,390	)		(555	)		3			(209	)		2,511			3,097			(33,401	)		35,358
Net contributions and (withdrawals)		7,388			27,248			(3,804	)		5,050			(5,463	)		447			(12,661	)		(3,286	)		(145,612	)		2,559
Increase (decrease) in net assets		13,150			24,694			2,113			532			(7,442	)		4,051			(6,899	)		(20,554	)		(27,657	)		(78,131	)
NET ASSETS:
Beginning of period		24,694			—			34,331			33,799			24,938			20,887			76,790			97,344			697,273			775,404
End of period	$	37,844		$	24,694		$	36,444		$	34,331		$	17,496		$	24,938		$	69,891		$	76,790		$	669,616		$	697,273

(a) For the period May 1, 2022 (commencement of Investment Division) through December 31, 2022.

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

30

NYLIAC Variable Annuity Separate Account-I

Non-Qualified Policies

Statement of Changes in Net Assets (Continued)

For the years ended December 31, 2023

and December 31, 2022

	Delaware VIP® Small Cap Value Series— Service Class						DWS Alternative Asset Allocation VIP— Class B						Fidelity® VIP Bond Index Portfolio— Service Class 2						Fidelity® VIP ContrafundSM Portfolio— Initial Class						Fidelity® VIP Emerging Markets Portfolio— Service Class 2
	2023			2022			2023			2022			2023			2022			2023			2022			2023			2022
INCREASE (DECREASE) IN NET ASSETS:
Operations:
Net investment income (loss)	$	(1,264	)	$	(1,474	)	$	5,191		$	7,343		$	308		$	(1	)	$	(179,681	)	$	(183,936	)	$	99		$	272
Net realized gain (loss) on investments		1,275			13,915			(46	)		2,291			(8,746	)		(4,504	)		744,635			470,814			(11,177	)		(48	)
Realized gain distribution received		7,985			10,756			937			134			—			—			762,233			1,085,588			—			—
Change in unrealized appreciation (depreciation) on investments		6,686			(52,382	)		(1,452	)		(23,118	)		10,840			(11,691	)		4,703,721			(9,297,805	)		15,343			(27,940	)
Net increase (decrease) in net assets resulting from operations		14,682			(29,185	)		4,630			(13,350	)		2,402			(16,196	)		6,030,908			(7,925,339	)		4,265			(27,716	)
Contributions and (Withdrawals):
Payments received from policyowners		—			4,486			—			43,207			1,001			1,079			118,819			295,375			181			424
Policyowners’ surrenders		(1,121	)		(497	)		(4,907	)		(42,185	)		(3,589	)		(15,523	)		(2,031,062	)		(1,057,562	)		(63,607	)		(517	)
Policyowners’ annuity and death benefits		—			—			(23,803	)		(143	)		(24,626	)		—			(315,453	)		(542,656	)		—			—
Net transfers from (to) Fixed Account		—			1,074			—			(14,474	)		(4,545	)		(5,812	)		(603,037	)		(196,224	)		—			—
Transfers between Investment Divisions		560			(11,353	)		186			1,893			(8,244	)		(1,869	)		(128,954	)		201,170			4,641			4,317
Net contributions and (withdrawals)		(561	)		(6,290	)		(28,524	)		(11,702	)		(40,003	)		(22,125	)		(2,959,687	)		(1,299,897	)		(58,785	)		4,224
Increase (decrease) in net assets		14,121			(35,475	)		(23,894	)		(25,052	)		(37,601	)		(38,321	)		3,071,221			(9,225,236	)		(54,520	)		(23,492	)
NET ASSETS:
Beginning of period		190,121			225,596			125,698			150,750			80,063			118,384			20,248,736			29,473,972			106,030			129,522
End of period	$	204,242		$	190,121		$	101,804		$	125,698		$	42,462		$	80,063		$	23,319,957		$	20,248,736		$	51,510		$	106,030

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

31

NYLIAC Variable Annuity Separate Account-I

Non-Qualified Policies

Statement of Changes in Net Assets (Continued)

For the years ended December 31, 2023

and December 31, 2022

	Fidelity® VIP Equity-Income PortfolioSM— Initial Class						Fidelity® VIP FundsManager® 60% Portfolio— Service Class						Fidelity® VIP Growth Opportunities Portfolio— Service Class 2						Fidelity® VIP Health Care Portfolio— Service Class 2						Fidelity® VIP International Index Portfolio— Service Class 2
	2023			2022			2023			2022			2023			2022			2023			2022			2023			2022
INCREASE (DECREASE) IN NET ASSETS:
Operations:
Net investment income (loss)	$	28,064		$	26,223		$	1,699		$	227		$	(23,390	)	$	(26,008	)	$	(5,999	)	$	(7,133	)	$	1,385		$	821
Net realized gain (loss) on investments		145,166			65,150			(313	)		(7,182	)		8,782			43,580			(40,174	)		(6,953	)		(6,886	)		40
Realized gain distribution received		141,743			179,908			—			19,964			—			411,235			—			35,275			—			—
Change in unrealized appreciation (depreciation) on investments		124,232			(735,846	)		9,475			(27,420	)		653,788			(1,518,243	)		48,480			(107,112	)		16,316			(15,580	)
Net increase (decrease) in net assets resulting from operations		439,205			(464,565	)		10,861			(14,411	)		639,180			(1,089,436	)		2,307			(85,923	)		10,815			(14,719	)
Contributions and (Withdrawals):
Payments received from policyowners		13,909			105,843			607			661			40,390			14,502			5,370			4,995			—			—
Policyowners’ surrenders		(406,825	)		(989,844	)		—			—			(211,547	)		(261,856	)		(79,249	)		(108,881	)		(22,939	)		—
Policyowners’ annuity and death benefits		(56,956	)		(189,548	)		—			(64,859	)		(42,334	)		(56,125	)		(93,096	)		—			(4,276	)		—
Net transfers from (to) Fixed Account		(123,192	)		(153,785	)		—			—			8,719			(39,160	)		14,892			45,035			4,737			—
Transfers between Investment Divisions		31,645			103,467			80,979			(4,198	)		281,114			35,391			5,613			25,976			33,972			17,611
Net contributions and (withdrawals)		(541,419	)		(1,123,867	)		81,586			(68,396	)		76,342			(307,248	)		(146,470	)		(32,875	)		11,494			17,611
Increase (decrease) in net assets		(102,214	)		(1,588,432	)		92,447			(82,807	)		715,522			(1,396,684	)		(144,163	)		(118,798	)		22,309			2,892
NET ASSETS:
Beginning of period		5,216,259			6,804,691			48,896			131,703			1,490,755			2,887,439			519,607			638,405			83,059			80,167
End of period	$	5,114,045		$	5,216,259		$	141,343		$	48,896		$	2,206,277		$	1,490,755		$	375,444		$	519,607		$	105,368		$	83,059

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

32

NYLIAC Variable Annuity Separate Account-I

Non-Qualified Policies

Statement of Changes in Net Assets (Continued)

For the years ended December 31, 2023

and December 31, 2022

	Fidelity® VIP Investment Grade Bond Portfolio— Service Class 2						Fidelity® VIP Mid Cap Portfolio— Service Class 2						Franklin Templeton Aggressive Model Portfolio— Class II						Franklin Templeton Conservative  Model Portfolio— Class II						Franklin Templeton Moderate Model Portfolio— Class II
	2023			2022 (a)			2023			2022			2023			2022			2023			2022			2023			2022
INCREASE (DECREASE) IN NET ASSETS:
Operations:
Net investment income (loss)	$	462		$	74		$	(24,730	)	$	(31,533	)	$	(949	)	$	2,018		$	589		$	436		$	5,694		$	12,468
Net realized gain (loss) on investments		(241	)		(2	)		49,540			(8,035	)		(1,721	)		(1,747	)		(1,767	)		(242	)		(9,226	)		(2,231	)
Realized gain distribution received		—			—			72,328			206,900			1,112			7,021			—			68			3,881			9,018
Change in unrealized appreciation (depreciation) on investments		384			(181	)		231,835			(741,246	)		33,901			(53,759	)		3,514			(5,812	)		122,866			(211,727	)
Net increase (decrease) in net assets resulting from operations		605			(109	)		328,973			(573,914	)		32,343			(46,467	)		2,336			(5,550	)		123,215			(192,472	)
Contributions and (Withdrawals):
Payments received from policyowners		—			—			5,424			7,215			10,780			3,017			—			—			150			137
Policyowners’ surrenders		(6,061	)		(535	)		(337,021	)		(182,089	)		—			—			(260	)		(523	)		(85,898	)		—
Policyowners’ annuity and death benefits		—			—			(87,493	)		(39,282	)		—			—			—			—			—			—
Net transfers from (to) Fixed Account		5,309			—			(38,336	)		(27,364	)		(66,710	)		(9,632	)		(12,267	)		—			—			—
Transfers between Investment Divisions		23,185			5,543			7,113			5,603			3,018			64,241			2,444			7,978			230,975			4,768
Net contributions and (withdrawals)		22,433			5,008			(450,313	)		(235,917	)		(52,912	)		57,626			(10,083	)		7,455			145,227			4,905
Increase (decrease) in net assets		23,038			4,899			(121,340	)		(809,831	)		(20,569	)		11,159			(7,747	)		1,905			268,442			(187,567	)
NET ASSETS:
Beginning of period		4,899			—			2,754,637			3,564,468			205,225			194,066			39,006			37,101			985,893			1,173,460
End of period	$	27,937		$	4,899		$	2,633,297		$	2,754,637		$	184,656		$	205,225		$	31,259		$	39,006		$	1,254,335		$	985,893

(a) For the period May 1, 2022 (commencement of Investment Division) through December 31, 2022.

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

33

NYLIAC Variable Annuity Separate Account-I

Non-Qualified Policies

Statement of Changes in Net Assets (Continued)

For the years ended December 31, 2023

and December 31, 2022

	Franklin Templeton Moderately Aggressive Model Portfolio— Class II						Franklin Templeton Moderately Conservative Model Portfolio— Class II						Invesco V.I. EQV International Equity Fund— Series II Shares						Invesco V.I. Main Street Small Cap Fund®— Series II Shares						Janus Henderson Enterprise Portfolio— Service Shares
	2023			2022			2023			2022			2023			2022			2023			2022			2023			2022
INCREASE (DECREASE) IN NET ASSETS:
Operations:
Net investment income (loss)	$	(109	)	$	983		$	3,716		$	1,805		$	(2,978	)	$	296		$	(58	)	$	(244	)	$	(4,627	)	$	(4,944	)
Net realized gain (loss) on investments		29			127			(1,080	)		3,427			(7,287	)		(3,406	)		(3,405	)		(2,806	)		(9,358	)		(7,967	)
Realized gain distribution received		321			1,521			—			510			179			25,543			—			2,394			28,741			73,469
Change in unrealized appreciation (depreciation) on investments		10,018			(15,296	)		17,255			(34,926	)		46,201			(74,936	)		7,680			(4,408	)		41,961			(144,427	)
Net increase (decrease) in net assets resulting from operations		10,259			(12,665	)		19,891			(29,184	)		36,115			(52,503	)		4,217			(5,064	)		56,717			(83,869	)
Contributions and (Withdrawals):
Payments received from policyowners		300			538			4,799			4,800			376			378			—			—			329			242
Policyowners’ surrenders		(30,754	)		—			(7,542	)		(93,156	)		(5,399	)		(8,081	)		(2,621	)		(176	)		(16,719	)		(3,909	)
Policyowners’ annuity and death benefits		—			—			—			—			—			(11,818	)		(2,149	)		—			(9,935	)		—
Net transfers from (to) Fixed Account		—			—			—			—			(5,006	)		(247	)		235			(8,721	)		1,153			(42,343	)
Transfers between Investment Divisions		14,503			32,412			82,239			70,599			10,621			12,717			30,791			8,735			2,159			8,202
Net contributions and (withdrawals)		(15,951	)		32,950			79,496			(17,757	)		592			(7,051	)		26,256			(162	)		(23,013	)		(37,808	)
Increase (decrease) in net assets		(5,692	)		20,285			99,387			(46,941	)		36,707			(59,554	)		30,473			(5,226	)		33,704			(121,677	)
NET ASSETS:
Beginning of period		85,305			65,020			169,730			216,671			220,351			279,905			18,993			24,219			367,529			489,206
End of period	$	79,613		$	85,305		$	269,117		$	169,730		$	257,058		$	220,351		$	49,466		$	18,993		$	401,233		$	367,529

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

34

NYLIAC Variable Annuity Separate Account-I

Non-Qualified Policies

Statement of Changes in Net Assets (Continued)

For the years ended December 31, 2023

and December 31, 2022

	Janus Henderson Global Research Portfolio— Institutional Shares						MFS® International Intrinsic Value Portfolio— Service Class						MFS® Investors Trust Series— Initial Class						MFS® Mid Cap Value Portfolio— Service Class						MFS® Research Series— Initial Class
	2023			2022			2023			2022			2023			2022			2023			2022			2023			2022
INCREASE (DECREASE) IN NET ASSETS:
Operations:
Net investment income (loss)	$	(34,727	)	$	(22,071	)	$	(1,312	)	$	(1,242	)	$	(3,961	)	$	(4,851	)	$	245		$	(1,132	)	$	(6,429	)	$	(6,999	)
Net realized gain (loss) on investments		1,109,324			459,692			1,366			712			31,273			31,708			(8,097	)		7,581			2,852			21,209
Realized gain distribution received		235,714			933,888			11,123			7,426			34,928			95,778			5,519			20,610			43,909			107,947
Change in unrealized appreciation (depreciation) on investments		439,096			(3,464,687	)		11,712			(55,421	)		40,163			(278,905	)		16,902			(54,283	)		113,880			(306,785	)
Net increase (decrease) in net assets resulting from operations		1,749,407			(2,093,178	)		22,889			(48,525	)		102,403			(156,270	)		14,569			(27,224	)		154,212			(184,628	)
Contributions and (Withdrawals):
Payments received from policyowners		53,984			127,679			—			16,560			1,185			22,291			149			4,550			1,199			17,805
Policyowners’ surrenders		(610,131	)		(331,891	)		(13,033	)		(17,780	)		(117,450	)		(34,474	)		(20,245	)		(12,771	)		(50,814	)		(49,567	)
Policyowners’ annuity and death benefits		(1,356,902	)		(243,466	)		(3,283	)		—			(15,302	)		(12,312	)		(2,076	)		—			(12,278	)		(15,073	)
Net transfers from (to) Fixed Account		(63,486	)		(56,731	)		221			(846	)		—			(65,636	)		225			—			45			(25,797	)
Transfers between Investment Divisions		(244,070	)		36,221			(7,471	)		5,229			(91,047	)		23,524			(46,816	)		(32,395	)		(4,452	)		(2,368	)
Net contributions and (withdrawals)		(2,220,605	)		(468,188	)		(23,566	)		3,163			(222,614	)		(66,607	)		(68,763	)		(40,616	)		(66,300	)		(75,000	)
Increase (decrease) in net assets		(471,198	)		(2,561,366	)		(677	)		(45,362	)		(120,211	)		(222,877	)		(54,194	)		(67,840	)		87,912			(259,628	)
NET ASSETS:
Beginning of period		7,850,721			10,412,087			151,887			197,249			699,501			922,378			207,837			275,677			783,971			1,043,599
End of period	$	7,379,523		$	7,850,721		$	151,210		$	151,887		$	579,290		$	699,501		$	153,643		$	207,837		$	871,883		$	783,971

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

35

NYLIAC Variable Annuity Separate Account-I

Non-Qualified Policies

Statement of Changes in Net Assets (Continued)

For the years ended December 31, 2023

and December 31, 2022

	Morgan Stanley VIF U.S. Real Estate Portfolio— Class II						Neuberger Berman AMT Mid Cap Growth Portfolio— Class S						PIMCO VIT Income Portfolio— Advisor Class						PIMCO VIT International Bond Portfolio (U.S. Dollar-Hedged)— Advisor Class						PIMCO VIT Low Duration Portfolio— Advisor Class
	2023			2022			2023			2022			2023			2022			2023			2022			2023			2022
INCREASE (DECREASE) IN NET ASSETS:
Operations:
Net investment income (loss)	$	1,758		$	(936	)	$	(12,562	)	$	(15,550	)	$	3,909		$	1,137		$	2,944		$	108		$	1,945		$	259
Net realized gain (loss) on investments		(30,285	)		(11,624	)		(49,827	)		(1,137	)		(514	)		(42	)		(11,264	)		(21,920	)		(2,279	)		(488	)
Realized gain distribution received		—			67,029			—			234,131			—			3			7,017			160			—			—
Change in unrealized appreciation (depreciation) on investments		58,191			(158,086	)		211,882			(678,119	)		3,923			(4,806	)		19,137			(26,524	)		3,248			(5,621	)
Net increase (decrease) in net assets resulting from operations		29,664			(103,617	)		149,493			(460,675	)		7,318			(3,708	)		17,834			(48,176	)		2,914			(5,850	)
Contributions and (Withdrawals):
Payments received from policyowners		121			121			7,602			17,988			179			105			1,199			1,276			—			—
Policyowners’ surrenders		(36,767	)		(5,187	)		(118,804	)		(178,658	)		(2,531	)		—			(30,423	)		(79,817	)		(23,179	)		(4,167	)
Policyowners’ annuity and death benefits		—			—			(46,819	)		(7,502	)		—			—			(14,693	)		(40,225	)		—			(56	)
Net transfers from (to) Fixed Account		—			—			5,011			(2,852	)		119			—			575			(13,649	)		—			—
Transfers between Investment Divisions		2,915			(18,937	)		57,226			25,845			41,585			47,341			(3,023	)		(46,107	)		13,309			17,709
Net contributions and (withdrawals)		(33,731	)		(24,003	)		(95,784	)		(145,179	)		39,352			47,446			(46,365	)		(178,522	)		(9,870	)		13,486
Increase (decrease) in net assets		(4,067	)		(127,620	)		53,709			(605,854	)		46,670			43,738			(28,531	)		(226,698	)		(6,956	)		7,636
NET ASSETS:
Beginning of period		250,570			378,190			977,180			1,583,034			88,237			44,499			258,324			485,022			89,352			81,716
End of period	$	246,503		$	250,570		$	1,030,889		$	977,180		$	134,907		$	88,237		$	229,793		$	258,324		$	82,396		$	89,352

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

36

NYLIAC Variable Annuity Separate Account-I

Non-Qualified Policies

Statement of Changes in Net Assets (Continued)

For the years ended December 31, 2023

and December 31, 2022

	PIMCO VIT Total Return Portfolio— Advisor Class
	2023			2022
INCREASE (DECREASE) IN NET ASSETS:
Operations:
Net investment income (loss)	$	10,257		$	6,649
Net realized gain (loss) on investments		(15,263	)		(29,500	)
Realized gain distribution received		—			—
Change in unrealized appreciation (depreciation) on investments		27,433			(78,259	)
Net increase (decrease) in net assets resulting from operations		22,427			(101,110	)
Contributions and (Withdrawals):
Payments received from policyowners		1,378			24,606
Policyowners’ surrenders		(24,188	)		(38,516	)
Policyowners’ annuity and death benefits		(24,368	)		(39,815	)
Net transfers from (to) Fixed Account		523			(27,756	)
Transfers between Investment Divisions		25,620			(122,962	)
Net contributions and (withdrawals)		(21,035	)		(204,443	)
Increase (decrease) in net assets		1,392			(305,553	)
NET ASSETS:
Beginning of period		487,438			792,991
End of period	$	488,830		$	487,438

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

37

NYLIAC Variable Annuity Separate Account-II

Tax-Qualified Policies

Statement of Assets and Liabilities

As of December 31, 2023

	MainStay VP American Century Sustainable Equity— Initial Class		MainStay VP Balanced— Service Class		MainStay VP Bond— Initial Class			MainStay VP Candriam Emerging Markets Equity— Initial Class		MainStay VP CBRE Global Infrastructure— Service Class		MainStay VP Conservative Allocation— Service Class			MainStay VP Epoch U.S. Equity Yield— Initial Class			MainStay VP Equity Allocation— Service Class
ASSETS:
Investment at net asset value	$	7,422,199	$	3,928,402	$	4,440,878		$	2,443,373	$	105,334	$	5,919,892		$	24,019,744		$	3,740,745
Dividends due and accrued		—		—		—			—		—		—			—			—
Net receivable from (payable to) New York Life Insurance and Annuity Corporation		243		18		(11,876	)		13		—		(10,369	)		(13,213	)		(28,661	)
Net receivable from (payable to) the Fund for shares sold or purchased		22		122		12,035			74		3		10,580			14,070			28,795
LIABILITIES:
Liability to New York Life Insurance and Annuity Corporation for:
Mortality and expense risk charges		245		129		147			80		3		195			791			124
Administrative charges		20		11		12			7		—		16			66			10
Total net assets	$	7,422,199	$	3,928,402	$	4,440,878		$	2,443,373	$	105,334	$	5,919,892		$	24,019,744		$	3,740,745
Total shares outstanding		830,186		297,954		359,079			351,276		15,128		602,920			1,448,823			405,554
Net asset value per share (NAV)	$	8.94	$	13.18	$	12.37		$	6.96	$	6.96	$	9.82		$	16.58		$	9.22
Total units outstanding		266,621		162,188		187,140			295,642		15,385		315,899			691,834			151,479
Variable accumulation unit value	$	27.84	$	24.23	$	23.73		$	8.26	$	6.85	$	18.74		$	34.72		$	24.59
Identified cost of investment	$	8,714,168	$	4,129,442	$	5,160,313		$	2,965,595	$	101,633	$	6,561,074		$	21,393,146		$	4,193,499

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

38

NYLIAC Variable Annuity Separate Account-II

Tax-Qualified Policies

Statement of Assets and Liabilities (Continued)

As of December 31, 2023

	MainStay VP Fidelity Institutional AM® Utilities— Service Class			MainStay VP Floating Rate— Service Class		MainStay VP Growth Allocation— Service Class		MainStay VP Income Builder— Initial Class			MainStay VP IQ Hedge Multi- Strategy— Service Class		MainStay VP Janus Henderson Balanced— Initial Class			MainStay VP MacKay Convertible— Initial Class		MainStay VP MacKay Government— Initial Class
ASSETS:
Investment at net asset value	$	10,752,250		$	4,506,989	$	8,389,969	$	26,421,657		$	474,413	$	31,002,029		$	12,185,611	$	3,041,199
Dividends due and accrued		—			—		—		—			—		—			—		—
Net receivable from (payable to) New York Life Insurance and Annuity Corporation		731			—		—		(10,994	)		—		(26,827	)		38		(5,539	)
Net receivable from (payable to) the Fund for shares sold or purchased		(347	)		160		300		11,937			17		27,934			398		5,647
LIABILITIES:
Liability to New York Life Insurance and Annuity Corporation for:
Mortality and expense risk charges		354			148		277		870			16		1,022			402		100
Administrative charges		30			12		23		73			1		85			34		8
Total net assets	$	10,752,250		$	4,506,989	$	8,389,969	$	26,421,657		$	474,413	$	31,002,029		$	12,185,611	$	3,041,199
Total shares outstanding		1,007,671			524,520		871,350		1,813,441			56,321		2,188,821			821,017		314,450
Net asset value per share (NAV)	$	10.67		$	8.59	$	9.63	$	14.57		$	8.42	$	14.16		$	14.84	$	9.67
Total units outstanding		529,289			293,029		349,411		520,770			57,923		1,315,561			196,736		143,153
Variable accumulation unit value	$	20.31		$	15.40	$	24.01	$	50.74		$	8.19	$	23.57		$	61.94	$	21.25
Identified cost of investment	$	11,467,131		$	4,559,878	$	9,226,212	$	28,913,270		$	478,761	$	27,929,259		$	11,784,795	$	3,400,790

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

39

NYLIAC Variable Annuity Separate Account-II

Tax-Qualified Policies

Statement of Assets and Liabilities (Continued)

As of December 31, 2023

	MainStay VP MacKay High Yield Corporate Bond— Initial Class			MainStay VP MacKay Strategic Bond— Service Class		MainStay VP Moderate Allocation— Service Class			MainStay VP Natural Resources— Initial Class		MainStay VP PIMCO Real Return— Service Class			MainStay VP PineStone International Equity— Initial Class			MainStay VP S&P 500 Index— Initial Class			MainStay VP Small Cap Growth— Initial Class
ASSETS:
Investment at net asset value	$	27,149,254		$	1,854,724	$	10,316,940		$	3,740,011	$	866,721		$	4,495,347		$	84,210,260		$	5,804,266
Dividends due and accrued		—			—		—			—		—			—			—			—
Net receivable from (payable to) New York Life Insurance and Annuity Corporation		(11,755	)		—		(13,643	)		44		(2,630	)		(28,017	)		(69,697	)		46
Net receivable from (payable to) the Fund for shares sold or purchased		12,722			66		14,011			90		2,661			28,178			72,708			163
LIABILITIES:
Liability to New York Life Insurance and Annuity Corporation for:
Mortality and expense risk charges		893			61		340			124		29			149			2,779			193
Administrative charges		74			5		28			10		2			12			232			16
Total net assets	$	27,149,254		$	1,854,724	$	10,316,940		$	3,740,011	$	866,721		$	4,495,347		$	84,210,260		$	5,804,266
Total shares outstanding		2,991,620			194,863		1,087,642			312,415		111,799			419,029			986,517			538,489
Net asset value per share (NAV)	$	9.08		$	9.52	$	9.49		$	11.97	$	7.75		$	10.73		$	85.36		$	10.78
Total units outstanding		512,958			147,117		485,615			328,763		86,468			136,375			688,544			250,410
Variable accumulation unit value	$	52.93		$	12.61	$	21.24		$	11.38	$	10.02		$	32.97		$	122.32		$	23.18
Identified cost of investment	$	28,659,547		$	1,916,200	$	11,420,568		$	2,630,339	$	1,015,236		$	5,867,701		$	41,826,652		$	6,437,843

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

40

NYLIAC Variable Annuity Separate Account-II

Tax-Qualified Policies

Statement of Assets and Liabilities (Continued)

As of December 31, 2023

	MainStay VP Small Cap Growth— Service Class		MainStay VP U.S. Government Money Market— Initial Class			MainStay VP Wellington Growth— Initial Class			MainStay VP Wellington Mid Cap— Initial Class			MainStay VP Wellington Small Cap— Initial Class			MainStay VP Wellington U.S. Equity— Initial Class		MainStay VP Winslow Large Cap Growth— Initial Class			AB VPS Relative Value Portfolio— Class B
ASSETS:
Investment at net asset value	$	865,985	$	5,398,960		$	57,913,993		$	7,401,269		$	3,418,832		$	32,659,531	$	12,103,947		$	8,494
Dividends due and accrued		—		—			—			—			—			—		—			—
Net receivable from (payable to) New York Life Insurance and Annuity Corporation		—		(5,033	)		(29,121	)		(8,691	)		(12	)		30		(11,699	)		—
Net receivable from (payable to) the Fund for shares sold or purchased		31		5,226			31,192			8,956			135			1,136		12,132			—
LIABILITIES:
Liability to New York Life Insurance and Annuity Corporation for:
Mortality and expense risk charges		29		178			1,912			245			114			1,076		400			—
Administrative charges		2		15			159			20			9			90		33			—
Total net assets	$	865,985	$	5,398,960		$	57,913,993		$	7,401,269		$	3,418,832		$	32,659,531	$	12,103,947		$	8,494
Total shares outstanding		84,946		5,398,419			2,369,203			878,280			394,093			1,241,708		463,678			295
Net asset value per share (NAV)	$	10.19	$	1.00		$	24.44		$	8.43		$	8.68		$	26.30	$	26.10		$	28.78
Total units outstanding		42,085		4,086,021			785,161			170,123			302,229			323,368		170,279			769
Variable accumulation unit value	$	20.58	$	1.32		$	73.77		$	43.51		$	11.31		$	101.01	$	71.09		$	11.04
Identified cost of investment	$	1,065,690	$	5,398,959		$	60,195,498		$	8,829,629		$	3,736,974		$	30,885,164	$	11,389,888		$	8,497

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

41

NYLIAC Variable Annuity Separate Account-II

Tax-Qualified Policies

Statement of Assets and Liabilities (Continued)

As of December 31, 2023

	American Funds IS Asset Allocation Fund— Class 4		American Funds IS The Bond Fund of America®— Class 4		American Funds IS Global Small Capitalization Fund— Class 4		American Funds IS Growth Fund— Class 4		American Funds IS New  World Fund®— Class 4			American Funds IS Washington Mutual Investors FundSM— Class 4			BlackRock® Global Allocation V.I. Fund— Class III		BlackRock® High Yield V.I. Fund— Class III
ASSETS:
Investment at net asset value	$	2,392,251	$	10,179	$	207,058	$	952,681	$	633,627		$	1,298,177		$	1,744,780	$	916,005
Dividends due and accrued		—		—		—		—		—			—			—		4,742
Net receivable from (payable to) New York Life Insurance and Annuity Corporation		—		—		—		—		(3,086	)		(5,042	)		—		—
Net receivable from (payable to) the Fund for shares sold or purchased		86		—		8		35		3,109			5,089			62		(4,709	)
LIABILITIES:
Liability to New York Life Insurance and Annuity Corporation for:
Mortality and expense risk charges		79		—		7		32		21			43			57		30
Administrative charges		7		—		1		3		2			4			5		3
Total net assets	$	2,392,251	$	10,179	$	207,058	$	952,681	$	633,627		$	1,298,177		$	1,744,780	$	916,005
Total shares outstanding		102,496		1,089		11,859		9,955		25,396			92,331			133,905		133,226
Net asset value per share (NAV)	$	23.34	$	9.35	$	17.46	$	95.70	$	24.95		$	14.06		$	13.03	$	6.84
Total units outstanding		175,252		1,032		14,859		43,596		46,253			81,327			115,312		71,013
Variable accumulation unit value	$	13.65	$	9.86	$	13.93	$	21.85	$	13.70		$	15.96		$	15.13	$	12.91
Identified cost of investment	$	2,460,184	$	10,199	$	265,358	$	921,338	$	650,852		$	1,220,960		$	1,942,471	$	949,534

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

42

NYLIAC Variable Annuity Separate Account-II

Tax-Qualified Policies

Statement of Assets and Liabilities (Continued)

As of December 31, 2023

	BNY Mellon IP Technology Growth Portfolio— Initial Shares		BNY Mellon Sustainable U.S. Equity Portfolio— Service Shares		ClearBridge Variable Appreciation Portfolio— Class II			Columbia Variable Portfolio— Commodity Strategy Fund— Class  2		Columbia Variable Portfolio— Emerging Markets Bond Fund— Class  2			Columbia Variable Portfolio— Intermediate Bond Fund— Class 2		Columbia Variable Portfolio— Small Cap Value Fund— Class 2		Delaware VIP® Small Cap Value Series— Service Class
ASSETS:
Investment at net asset value	$	5,799,518	$	9,889	$	79,205		$	37,473	$	190,034		$	3,672	$	1,710,300	$	218,952
Dividends due and accrued		—		—		—			—		—			—		—		—
Net receivable from (payable to) New York Life Insurance and Annuity Corporation		20		—		(3,967	)		—		(2,468	)		—		—		—
Net receivable from (payable to) the Fund for shares sold or purchased		188		—		3,970			1		2,475			—		62		8
LIABILITIES:
Liability to New York Life Insurance and Annuity Corporation for:
Mortality and expense risk charges		192		—		3			1		6			—		57		7
Administrative charges		16		—		—			—		1			—		5		1
Total net assets	$	5,799,518	$	9,889	$	79,205		$	37,473	$	190,034		$	3,672	$	1,710,300	$	218,952
Total shares outstanding		207,052		224		1,374			10,211		24,208			430		133,513		5,741
Net asset value per share (NAV)	$	28.01	$	44.07	$	57.63		$	3.67	$	7.85		$	8.55	$	12.81	$	38.14
Total units outstanding		117,449		885		4,134			3,638		18,026			378		47,406		17,126
Variable accumulation unit value	$	49.37	$	11.18	$	19.16		$	10.30	$	10.54		$	9.71	$	36.07	$	12.78
Identified cost of investment	$	5,425,044	$	9,057	$	76,004		$	51,811	$	214,673		$	3,440	$	1,792,581	$	226,847

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

43

NYLIAC Variable Annuity Separate Account-II

Tax-Qualified Policies

Statement of Assets and Liabilities (Continued)

As of December 31, 2023

	DWS Alternative Asset Allocation VIP— Class B			Fidelity®  VIP Bond Index Portfolio— Service Class 2		Fidelity® VIP ContrafundSM Portfolio— Initial Class			Fidelity®  VIP Emerging Markets Portfolio— Service Class 2		Fidelity® VIP Equity-Income PortfolioSM— Initial Class			Fidelity® VIP FundsManager® 60% Portfolio— Service Class		Fidelity® VIP Growth Opportunities Portfolio— Service Class 2		Fidelity®  VIP Health Care Portfolio— Service Class 2
ASSETS:
Investment at net asset value	$	367,974		$	210,775	$	46,079,213		$	161,263	$	11,050,053		$	352,334	$	4,829,024	$	741,567
Dividends due and accrued		—			—		—			—		—			—		—		—
Net receivable from (payable to) New York Life Insurance and Annuity Corporation		(5,733	)		—		(14,800	)		—		(3,647	)		—		30		—
Net receivable from (payable to) the Fund for shares sold or purchased		5,746			8		16,447			5		4,041			13		143		26
LIABILITIES:
Liability to New York Life Insurance and Annuity Corporation for:
Mortality and expense risk charges		12			7		1,520			5		364			12		160		24
Administrative charges		1			1		127			—		30			1		13		2
Total net assets	$	367,974		$	210,775	$	46,079,213		$	161,263	$	11,050,053		$	352,334	$	4,829,024	$	741,567
Total shares outstanding		28,929			21,887		947,547			15,242		444,670			36,323		83,273		21,836
Net asset value per share (NAV)	$	12.72		$	9.63	$	48.63		$	10.58	$	24.85		$	9.70	$	57.99	$	33.96
Total units outstanding		31,351			24,637		454,671			14,506		206,248			27,461		128,231		52,284
Variable accumulation unit value	$	11.74		$	8.55	$	101.36		$	11.12	$	53.58		$	12.83	$	37.66	$	14.18
Identified cost of investment	$	373,857		$	236,523	$	34,916,130		$	198,502	$	10,112,685		$	345,341	$	5,038,744	$	776,263

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

44

NYLIAC Variable Annuity Separate Account-II

Tax-Qualified Policies

Statement of Assets and Liabilities (Continued)

As of December 31, 2023

	Fidelity®  VIP International Index Portfolio— Service Class 2		Fidelity®  VIP Investment Grade Bond Portfolio— Service Class 2		Fidelity® VIP Mid Cap Portfolio— Service Class 2		Franklin Templeton Aggressive Model Portfolio— Class II		Franklin Templeton Conservative Model Portfolio— Class II		Franklin Templeton Moderate Model Portfolio— Class II		Franklin Templeton Moderately Aggressive Model Portfolio— Class II		Franklin Templeton Moderately Conservative Model Portfolio— Class II
ASSETS:
Investment at net asset value	$	57,686	$	6,938	$	5,706,397	$	567,361	$	911,456	$	2,520,968	$	827,136	$	1,359,203
Dividends due and accrued		—		—		—		—		—		—		—		—
Net receivable from (payable to) New York Life Insurance and Annuity Corporation		—		—		47		—		—		—		20		—
Net receivable from (payable to) the Fund for shares sold or purchased		2		—		158		21		33		90		9		49
LIABILITIES:
Liability to New York Life Insurance and Annuity Corporation for:
Mortality and expense risk charges		2		—		189		19		30		83		27		45
Administrative charges		—		—		16		2		3		7		2		4
Total net assets	$	57,686	$	6,938	$	5,706,397	$	567,361	$	911,456	$	2,520,968	$	827,136	$	1,359,203
Total shares outstanding		5,463		641		164,497		42,595		94,746		219,788		67,138		126,438
Net asset value per share (NAV)	$	10.56	$	10.82	$	34.69	$	13.32	$	9.62	$	11.47	$	12.32	$	10.75
Total units outstanding		4,944		695		105,858		39,036		88,075		206,330		62,843		118,525
Variable accumulation unit value	$	11.67	$	9.99	$	53.91	$	14.53	$	10.35	$	12.22	$	13.16	$	11.47
Identified cost of investment	$	60,223	$	6,952	$	5,496,914	$	535,170	$	922,329	$	2,504,373	$	796,580	$	1,375,976

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

45

NYLIAC Variable Annuity Separate Account-II

Tax-Qualified Policies

Statement of Assets and Liabilities (Continued)

As of December 31, 2023

	Invesco V.I. EQV International Equity Fund— Series II Shares		Invesco V.I. Main Street Small Cap Fund®— Series II Shares		Janus Henderson Enterprise Portfolio— Service Shares		Janus Henderson Global Research Portfolio— Institutional Shares		MFS® International Intrinsic  Value Portfolio— Service Class			MFS® Investors Trust Series— Initial Class			MFS® Mid  Cap Value Portfolio— Service Class		MFS® Research International Portfolio— Service Class
ASSETS:
Investment at net asset value	$	241,494	$	166,624	$	746,180	$	17,904,019	$	437,911		$	1,476,839		$	556,220	$	—
Dividends due and accrued		—		—		—		—		—			—			—		—
Net receivable from (payable to) New York Life Insurance and Annuity Corporation		—		—		—		13		(3,026	)		(12,346	)		—		—
Net receivable from (payable to) the Fund for shares sold or purchased		9		6		27		626		3,041			12,399			20		—
LIABILITIES:
Liability to New York Life Insurance and Annuity Corporation for:
Mortality and expense risk charges		8		6		25		590		14			49			18		—
Administrative charges		1		—		2		49		1			4			2		—
Total net assets	$	241,494	$	166,624	$	746,180	$	17,904,019	$	437,911		$	1,476,839		$	556,220	$	—
Total shares outstanding		7,215		6,335		10,914		293,028		15,189			41,035			57,461		—
Net asset value per share (NAV)	$	33.47	$	26.30	$	68.37	$	61.10	$	28.83		$	35.99		$	9.68	$	—
Total units outstanding		18,825		9,344		42,949		391,427		30,992			38,277			31,754		—
Variable accumulation unit value	$	12.83	$	17.83	$	17.37	$	45.75	$	14.13		$	38.51		$	17.52	$	—
Identified cost of investment	$	240,053	$	152,568	$	788,260	$	12,145,337	$	455,435		$	1,310,467		$	545,354	$	—

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

46

NYLIAC Variable Annuity Separate Account-II

Tax-Qualified Policies

Statement of Assets and Liabilities (Continued)

As of December 31, 2023

	MFS® Research Series— Initial  Class			Morgan Stanley VIF U.S. Real Estate Portfolio— Class II		Neuberger Berman AMT Mid Cap Growth Portfolio— Class S		PIMCO VIT Income Portfolio— Advisor Class		PIMCO VIT International Bond Portfolio (U.S. Dollar- Hedged)— Advisor Class		PIMCO VIT Low Duration Portfolio— Advisor Class			PIMCO VIT Total Return Portfolio— Advisor Class			Western Asset Core Plus VIT Portfolio— Class II
ASSETS:
Investment at net asset value	$	1,134,176		$	312,551	$	2,349,979	$	628,072	$	723,217	$	186,523		$	1,037,474		$	9,448
Dividends due and accrued		—			—		—		—		—		—			—			—
Net receivable from (payable to) New York Life Insurance and Annuity Corporation		(16,361	)		—		—		—		—		(15,004	)		(3,422	)		—
Net receivable from (payable to) the Fund for shares sold or purchased		16,402			11		84		23		26		15,012			3,459			—
LIABILITIES:
Liability to New York Life Insurance and Annuity Corporation for:
Mortality and expense risk charges		38			10		78		21		24		7			34			—
Administrative charges		3			1		6		2		2		1			3			—
Total net assets	$	1,134,176		$	312,551	$	2,349,979	$	628,072	$	723,217	$	186,523		$	1,037,474		$	9,448
Total shares outstanding		35,476			21,645		102,530		63,123		73,572		19,430			113,015			1,905
Net asset value per share (NAV)	$	31.97		$	14.44	$	22.92	$	9.95	$	9.83	$	9.60		$	9.18		$	4.96
Total units outstanding		25,737			26,130		51,716		57,800		63,373		19,311			102,180			951
Variable accumulation unit value	$	44.08		$	11.96	$	45.44	$	10.87	$	11.41	$	9.66		$	10.15		$	9.94
Identified cost of investment	$	1,035,209		$	344,580	$	2,675,013	$	633,491	$	792,316	$	186,893		$	1,192,690		$	9,069

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

47

NYLIAC Variable Annuity Separate Account-II

Tax-Qualified Policies

Statement of Operations

For the year ended December 31, 2023

	MainStay VP American Century Sustainable Equity— Initial Class			MainStay VP Balanced— Service Class			MainStay VP Bond— Initial Class			MainStay VP Candriam Emerging Markets Equity— Initial Class			MainStay VP CBRE Global Infrastructure— Service Class			MainStay VP Conservative Allocation— Service Class			MainStay VP Epoch U.S. Equity Yield— Initial Class			MainStay VP Equity Allocation— Service Class
INVESTMENT INCOME (LOSS):
Dividend income	$	93,001		$	66,898		$	129,144		$	42,578		$	1,571		$	161,048		$	630,085		$	190,714
Mortality and expense risk charges		(86,081	)		(50,553	)		(56,795	)		(29,419	)		(1,226	)		(73,774	)		(286,193	)		(44,761	)
Administrative charges		(8,014	)		(4,452	)		(5,778	)		(3,014	)		(114	)		(7,092	)		(28,765	)		(4,153	)
Net investment income (loss)		(1,094	)		11,893			66,571			10,145			231			80,182			315,127			141,800
REALIZED AND UNREALIZED GAIN (LOSS):
Proceeds from sale of investments		1,326,298			1,417,503			928,613			233,067			13,941			1,328,748			3,572,046			672,018
Cost of investments sold		(1,455,654	)		(1,640,255	)		(1,100,414	)		(324,531	)		(12,810	)		(1,460,773	)		(3,534,862	)		(744,410	)
Net realized gain (loss) on investments		(129,356	)		(222,752	)		(171,801	)		(91,464	)		1,131			(132,025	)		37,184			(72,392	)
Realized gain distribution received		2,371,431			—			—			—			—			200,267			1,508,801			356,134
Change in unrealized appreciation (depreciation) on investments		(762,890	)		437,547			290,220			221,761			1,270			362,158			(226,285	)		114,746
Net gain (loss) on investments		1,479,185			214,795			118,419			130,297			2,401			430,400			1,319,700			398,488
Net increase (decrease) in net assets resulting from operations	$	1,478,091		$	226,688		$	184,990		$	140,442		$	2,632		$	510,582		$	1,634,827		$	540,288

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

48

NYLIAC Variable Annuity Separate Account-II

Tax-Qualified Policies

Statement of Operations (Continued)

For the year ended December 31, 2023

	MainStay VP Fidelity Institutional AM® Utilities— Service Class			MainStay VP Floating Rate— Service Class			MainStay VP Growth Allocation— Service Class			MainStay VP Income Builder— Initial Class			MainStay VP IQ Hedge Multi- Strategy— Service Class			MainStay VP Janus Henderson Balanced— Initial Class			MainStay VP MacKay Convertible— Initial Class			MainStay  VP MacKay Government— Initial Class
INVESTMENT INCOME (LOSS):
Dividend income	$	192,548		$	329,522		$	306,287		$	880,190		$	21,414		$	428,639		$	266,534		$	74,205
Mortality and expense risk charges		(136,253	)		(49,166	)		(97,898	)		(320,903	)		(5,958	)		(372,476	)		(149,394	)		(39,212	)
Administrative charges		(12,369	)		(4,421	)		(8,995	)		(33,123	)		(523	)		(38,179	)		(13,701	)		(4,468	)
Net investment income (loss)		43,926			275,935			199,394			526,164			14,933			17,984			103,439			30,525
REALIZED AND UNREALIZED GAIN (LOSS):
Proceeds from sale of investments		2,170,428			649,212			1,267,192			4,194,415			128,510			5,390,311			2,119,946			608,509
Cost of investments sold		(1,952,918	)		(696,963	)		(1,456,890	)		(5,155,198	)		(129,432	)		(3,925,125	)		(1,783,838	)		(710,393	)
Net realized gain (loss) on investments		217,510			(47,751	)		(189,698	)		(960,783	)		(922	)		1,465,186			336,108			(101,884	)
Realized gain distribution received		1,562,112			—			553,644			—			—			1,147,163			—			—
Change in unrealized appreciation (depreciation) on investments		(2,252,144	)		167,606			486,326			2,592,567			26,796			1,466,763			448,912			180,195
Net gain (loss) on investments		(472,522	)		119,855			850,272			1,631,784			25,874			4,079,112			785,020			78,311
Net increase (decrease) in net assets resulting from operations	$	(428,596	)	$	395,790		$	1,049,666		$	2,157,948		$	40,807		$	4,097,096		$	888,459		$	108,836

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

49

NYLIAC Variable Annuity Separate Account-II

Tax-Qualified Policies

Statement of Operations (Continued)

For the year ended December 31, 2023

	MainStay VP MacKay High Yield Corporate Bond— Initial Class			MainStay VP MacKay Strategic Bond— Service Class			MainStay VP Moderate Allocation— Service Class			MainStay VP Natural Resources— Initial Class			MainStay VP PIMCO Real Return— Service Class			MainStay VP PineStone International Equity— Initial Class			MainStay VP S&P 500 Index— Initial Class			MainStay VP Small Cap Growth— Initial Class
INVESTMENT INCOME (LOSS):
Dividend income	$	1,559,253		$	86,591		$	294,289		$	89,911		$	73,278		$	—		$	1,097,977		$	—
Mortality and expense risk charges		(328,177	)		(21,827	)		(124,551	)		(52,685	)		(11,511	)		(55,724	)		(959,378	)		(67,157	)
Administrative charges		(32,134	)		(1,937	)		(11,307	)		(5,222	)		(995	)		(5,141	)		(95,458	)		(6,860	)
Net investment income (loss)		1,198,942			62,827			158,431			32,004			60,772			(60,865	)		43,141			(74,017	)
REALIZED AND UNREALIZED GAIN (LOSS):
Proceeds from sale of investments		4,209,718			208,830			1,924,927			1,531,720			324,448			591,155			10,282,406			500,711
Cost of investments sold		(4,774,956	)		(224,137	)		(2,144,058	)		(789,623	)		(337,548	)		(755,760	)		(3,529,204	)		(518,567	)
Net realized gain (loss) on investments		(565,238	)		(15,307	)		(219,131	)		742,097			(13,100	)		(164,605	)		6,753,202			(17,856	)
Realized gain distribution received		—			—			468,211			—			—			—			1,211,846			20,138
Change in unrealized appreciation (depreciation) on investments		2,072,312			98,429			703,780			(730,492	)		(27,872	)		341,152			9,506,047			809,737
Net gain (loss) on investments		1,507,074			83,122			952,860			11,605			(40,972	)		176,547			17,471,095			812,019
Net increase (decrease) in net assets resulting from operations	$	2,706,016		$	145,949		$	1,111,291		$	43,609		$	19,800		$	115,682		$	17,514,236		$	738,002

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

50

NYLIAC Variable Annuity Separate Account-II

Tax-Qualified Policies

Statement of Operations (Continued)

For the year ended December 31, 2023

	MainStay VP Small Cap Growth— Service Class			MainStay VP U.S. Government Money Market— Initial Class			MainStay VP Wellington Growth— Initial Class			MainStay VP Wellington Mid Cap— Initial Class			MainStay VP Wellington Small Cap— Initial Class			MainStay VP Wellington U.S. Equity— Initial Class			MainStay VP Winslow Large Cap Growth— Initial Class			AB VPS Relative Value Portfolio— Class B
INVESTMENT INCOME (LOSS):
Dividend income	$	—		$	276,020		$	—		$	8,144		$	27,527		$	297,799		$	—		$	103
Mortality and expense risk charges		(9,649	)		(70,747	)		(635,202	)		(89,091	)		(39,809	)		(371,234	)		(129,875	)		(125	)
Administrative charges		(850	)		(8,000	)		(70,593	)		(7,979	)		(3,740	)		(37,309	)		(12,544	)		(10	)
Net investment income (loss)		(10,499	)		197,273			(705,795	)		(88,926	)		(16,022	)		(110,744	)		(142,419	)		(32	)
REALIZED AND UNREALIZED GAIN (LOSS):
Proceeds from sale of investments		172,406			3,203,201			6,353,146			1,380,662			579,162			3,799,905			1,952,866			6,613
Cost of investments sold		(242,531	)		(3,203,201	)		(8,456,658	)		(2,285,019	)		(831,107	)		(3,468,941	)		(2,022,495	)		(7,549	)
Net realized gain (loss) on investments		(70,125	)		—			(2,103,512	)		(904,357	)		(251,945	)		330,964			(69,629	)		(936	)
Realized gain distribution received		3,181			—			—			—			—			—			407,156			652
Change in unrealized appreciation (depreciation) on investments		187,469			—			19,228,127			1,849,251			649,381			6,182,665			3,574,550			969
Net gain (loss) on investments		120,525			—			17,124,615			944,894			397,436			6,513,629			3,912,077			685
Net increase (decrease) in net assets resulting from operations	$	110,026		$	197,273		$	16,418,820		$	855,968		$	381,414		$	6,402,885		$	3,769,658		$	653

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

51

NYLIAC Variable Annuity Separate Account-II

Tax-Qualified Policies

Statement of Operations (Continued)

For the year ended December 31, 2023

	American Funds IS Asset Allocation Fund— Class 4			American Funds IS The Bond Fund of America®— Class 4			American Funds IS  Global Small Capitalization Fund— Class 4			American Funds IS Growth Fund— Class 4			American Funds IS New  World Fund®— Class 4			American Funds IS Washington Mutual Investors FundSM— Class 4			BlackRock® Global Allocation V.I. Fund— Class III			BlackRock® High Yield V.I. Fund— Class III
INVESTMENT INCOME (LOSS):
Dividend income	$	45,927		$	309		$	56		$	1,735		$	7,741		$	20,914		$	42,211		$	60,361
Mortality and expense risk charges		(27,557	)		(76	)		(2,520	)		(11,480	)		(8,209	)		(14,638	)		(21,280	)		(11,494	)
Administrative charges		(2,342	)		(7	)		(214	)		(979	)		(693	)		(1,240	)		(1,847	)		(976	)
Net investment income (loss)		16,028			226			(2,678	)		(10,724	)		(1,161	)		5,036			19,084			47,891
REALIZED AND UNREALIZED GAIN (LOSS):
Proceeds from sale of investments		269,697			83			43,099			386,156			228,295			256,089			360,732			324,071
Cost of investments sold		(277,979	)		(86	)		(62,399	)		(428,026	)		(226,960	)		(240,283	)		(384,551	)		(356,687	)
Net realized gain (loss) on investments		(8,282	)		(3	)		(19,300	)		(41,870	)		1,335			15,806			(23,819	)		(32,616	)
Realized gain distribution received		91,619			—			2,732			61,075			—			11,801			—			—
Change in unrealized appreciation (depreciation) on investments		174,126			(21	)		45,655			274,468			88,356			146,047			187,731			85,502
Net gain (loss) on investments		257,463			(24	)		29,087			293,673			89,691			173,654			163,912			52,886
Net increase (decrease) in net assets resulting from operations	$	273,491		$	202		$	26,409		$	282,949		$	88,530		$	178,690		$	182,996		$	100,777

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

52

NYLIAC Variable Annuity Separate Account-II

Tax-Qualified Policies

Statement of Operations (Continued)

For the year ended December 31, 2023

	BNY Mellon IP Technology Growth Portfolio— Initial Shares			BNY Mellon Sustainable  U.S. Equity Portfolio— Service Shares			ClearBridge Variable Appreciation Portfolio— Class II			Columbia Variable Portfolio— Commodity Strategy Fund— Class 2			Columbia Variable Portfolio— Emerging Markets Bond Fund— Class 2			Columbia Variable Portfolio— Intermediate Bond Fund— Class 2			Columbia Variable Portfolio— Small Cap Value Fund— Class 2			Delaware VIP® Small Cap Value Series— Service Class
INVESTMENT INCOME (LOSS):
Dividend income	$	—		$	35		$	571		$	8,624		$	10,072		$	—		$	5,419		$	1,218
Mortality and expense risk charges		(59,378	)		(82	)		(1,006	)		(472	)		(2,301	)		(6	)		(16,251	)		(2,382	)
Administrative charges		(5,284	)		(7	)		(84	)		(39	)		(200	)		(1	)		(1,404	)		(213	)
Net investment income (loss)		(64,662	)		(54	)		(519	)		8,113			7,571			(7	)		(12,236	)		(1,377	)
REALIZED AND UNREALIZED GAIN (LOSS):
Proceeds from sale of investments		1,025,873			484			56,593			1,296			32,361			6			279,043			71,999
Cost of investments sold		(1,145,899	)		(542	)		(50,641	)		(1,895	)		(40,087	)		(6	)		(355,869	)		(70,513	)
Net realized gain (loss) on investments		(120,026	)		(58	)		5,952			(599	)		(7,726	)		—			(76,826	)		1,486
Realized gain distribution received		—			785			2,231			—			—			—			92,316			8,162
Change in unrealized appreciation (depreciation) on investments		2,391,929			735			5,828			(10,945	)		15,875			232			263,324			10,250
Net gain (loss) on investments		2,271,903			1,462			14,011			(11,544	)		8,149			232			278,814			19,898
Net increase (decrease) in net assets resulting from operations	$	2,207,241		$	1,408		$	13,492		$	(3,431	)	$	15,720		$	225		$	266,578		$	18,521

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

53

NYLIAC Variable Annuity Separate Account-II

Tax-Qualified Policies

Statement of Operations (Continued)

For the year ended December 31, 2023

	DWS Alternative Asset Allocation VIP— Class B			Fidelity® VIP Bond Index Portfolio— Service Class 2			Fidelity® VIP ContrafundSM Portfolio— Initial Class			Fidelity® VIP Emerging Markets Portfolio— Service Class 2			Fidelity® VIP Equity-Income PortfolioSM— Initial Class			Fidelity® VIP FundsManager® 60% Portfolio— Service Class			Fidelity® VIP Growth Opportunities Portfolio— Service Class 2			Fidelity® VIP Health Care Portfolio— Service Class 2
INVESTMENT INCOME (LOSS):
Dividend income	$	23,829		$	4,566		$	204,817		$	3,135		$	203,974		$	7,494		$	—		$	—
Mortality and expense risk charges		(4,542	)		(2,425	)		(506,611	)		(1,950	)		(135,805	)		(3,214	)		(49,404	)		(9,677	)
Administrative charges		(389	)		(207	)		(49,714	)		(170	)		(13,586	)		(268	)		(4,193	)		(829	)
Net investment income (loss)		18,898			1,934			(351,508	)		1,015			54,583			4,012			(53,597	)		(10,506	)
REALIZED AND UNREALIZED GAIN (LOSS):
Proceeds from sale of investments		54,132			55,736			5,766,961			70,083			2,452,342			61,379			930,572			319,697
Cost of investments sold		(54,125	)		(66,409	)		(4,694,696	)		(102,097	)		(2,171,713	)		(76,567	)		(883,130	)		(370,682	)
Net realized gain (loss) on investments		7			(10,673	)		1,072,265			(32,014	)		280,629			(15,188	)		47,442			(50,985	)
Realized gain distribution received		3,378			—			1,497,106			—			306,174			—			—			—
Change in unrealized appreciation (depreciation) on investments		(6,519	)		17,319			9,387,764			45,541			332,009			40,545			1,483,012			80,881
Net gain (loss) on investments		(3,134	)		6,646			11,957,135			13,527			918,812			25,357			1,530,454			29,896
Net increase (decrease) in net assets resulting from operations	$	15,764		$	8,580		$	11,605,627		$	14,542		$	973,395		$	29,369		$	1,476,857		$	19,390

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

54

NYLIAC Variable Annuity Separate Account-II

Tax-Qualified Policies

Statement of Operations (Continued)

For the year ended December 31, 2023

	Fidelity® VIP International Index Portfolio— Service Class 2			Fidelity® VIP Investment Grade Bond Portfolio— Service Class 2			Fidelity® VIP Mid Cap Portfolio— Service Class 2			Franklin Templeton Aggressive Model Portfolio— Class II			Franklin Templeton Conservative Model Portfolio— Class II			Franklin Templeton Moderate Model Portfolio— Class II			Franklin Templeton Moderately Aggressive Model Portfolio— Class II			Franklin Templeton Moderately Conservative Model Portfolio— Class II
INVESTMENT INCOME (LOSS):
Dividend income	$	1,455		$	168		$	20,848		$	5,015		$	28,504		$	41,486		$	10,249		$	33,105
Mortality and expense risk charges		(653	)		(90	)		(68,127	)		(6,115	)		(8,997	)		(22,996	)		(11,139	)		(14,715	)
Administrative charges		(54	)		(9	)		(6,095	)		(605	)		(750	)		(1,976	)		(958	)		(1,266	)
Net investment income (loss)		748			69			(53,374	)		(1,705	)		18,757			16,514			(1,848	)		17,124
REALIZED AND UNREALIZED GAIN (LOSS):
Proceeds from sale of investments		6,295			2,855			988,773			25,138			61,847			66,311			278,619			378,124
Cost of investments sold		(6,346	)		(2,925	)		(912,242	)		(24,260	)		(69,220	)		(71,754	)		(312,369	)		(407,373	)
Net realized gain (loss) on investments		(51	)		(70	)		76,531			878			(7,373	)		(5,443	)		(33,750	)		(29,249	)
Realized gain distribution received		—			—			156,651			2,632			—			7,021			3,882			—
Change in unrealized appreciation (depreciation) on investments		6,679			(14	)		525,303			74,857			47,941			208,339			151,290			124,168
Net gain (loss) on investments		6,628			(84	)		758,485			78,367			40,568			209,917			121,422			94,919
Net increase (decrease) in net assets resulting from operations	$	7,376		$	(15	)	$	705,111		$	76,662		$	59,325		$	226,431		$	119,574		$	112,043

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

55

NYLIAC Variable Annuity Separate Account-II

Tax-Qualified Policies

Statement of Operations (Continued)

For the year ended December 31, 2023

	Invesco V.I. EQV International Equity Fund— Series II Shares			Invesco V.I. Main Street Small Cap Fund®— Series II Shares			Janus Henderson Enterprise Portfolio— Service Shares			Janus Henderson Global Research Portfolio— Institutional Shares			MFS® International Intrinsic Value Portfolio— Service Class			MFS® Investors Trust Series— Initial Class			MFS® Mid Cap Value Portfolio— Service Class			MFS® Research International Portfolio— Service Class
INVESTMENT INCOME (LOSS):
Dividend income	$	—		$	1,533		$	654		$	153,784		$	2,054		$	12,420		$	7,357		$	—
Mortality and expense risk charges		(3,665	)		(2,487	)		(9,309	)		(198,263	)		(5,165	)		(20,346	)		(5,951	)		(2	)
Administrative charges		(322	)		(224	)		(808	)		(21,367	)		(438	)		(1,837	)		(526	)		—
Net investment income (loss)		(3,987	)		(1,178	)		(9,463	)		(65,846	)		(3,549	)		(9,763	)		880			(2	)
REALIZED AND UNREALIZED GAIN (LOSS):
Proceeds from sale of investments		198,220			165,444			261,676			1,495,052			226,281			565,109			190,173			4,301
Cost of investments sold		(240,452	)		(206,697	)		(285,782	)		(878,010	)		(231,414	)		(438,619	)		(183,717	)		(4,144	)
Net realized gain (loss) on investments		(42,232	)		(41,253	)		(24,106	)		617,042			(5,133	)		126,490			6,456			157
Realized gain distribution received		201			—			58,078			468,159			32,889			95,578			16,359			—
Change in unrealized appreciation (depreciation) on investments		89,697			69,796			90,066			2,696,658			42,374			51,140			30,979			125
Net gain (loss) on investments		47,666			28,543			124,038			3,781,859			70,130			273,208			53,794			282
Net increase (decrease) in net assets resulting from operations	$	43,679		$	27,365		$	114,575		$	3,716,013		$	66,581		$	263,445		$	54,674		$	280

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

56

NYLIAC Variable Annuity Separate Account-II

Tax-Qualified Policies

Statement of Operations (Continued)

For the year ended December 31, 2023

	MFS® Research Series— Initial Class			Morgan Stanley VIF U.S. Real Estate Portfolio— Class II			Neuberger Berman AMT Mid Cap Growth Portfolio— Class S			PIMCO VIT Income Portfolio— Advisor Class			PIMCO VIT International Bond Portfolio (U.S. Dollar- Hedged)— Advisor Class			PIMCO VIT Low Duration Portfolio— Advisor Class			PIMCO VIT Total Return Portfolio— Advisor Class			Western Asset Core Plus  VIT Portfolio— Class II
INVESTMENT INCOME (LOSS):
Dividend income	$	5,465		$	8,533		$	—		$	25,738		$	18,493		$	7,522		$	36,834		$	322
Mortality and expense risk charges		(13,204	)		(4,841	)		(25,634	)		(5,927	)		(8,943	)		(2,579	)		(12,744	)		(27	)
Administrative charges		(1,366	)		(478	)		(2,232	)		(499	)		(767	)		(215	)		(1,108	)		(2	)
Net investment income (loss)		(9,105	)		3,214			(27,866	)		19,312			8,783			4,728			22,982			293
REALIZED AND UNREALIZED GAIN (LOSS):
Proceeds from sale of investments		248,160			230,015			440,842			81,046			188,381			45,950			302,243			28
Cost of investments sold		(234,395	)		(320,129	)		(560,754	)		(91,473	)		(212,642	)		(48,775	)		(389,335	)		(28	)
Net realized gain (loss) on investments		13,765			(90,114	)		(119,912	)		(10,427	)		(24,261	)		(2,825	)		(87,092	)		—
Realized gain distribution received		57,757			—			—			—			19,511			—			—			—
Change in unrealized appreciation (depreciation) on investments		143,384			129,036			489,847			26,231			49,001			5,260			107,887			380
Net gain (loss) on investments		214,906			38,922			369,935			15,804			44,251			2,435			20,795			380
Net increase (decrease) in net assets resulting from operations	$	205,801		$	42,136		$	342,069		$	35,116		$	53,034		$	7,163		$	43,777		$	673

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

57

NYLIAC Variable Annuity Separate Account-II

Tax-Qualified Policies

Statement of Changes in Net Assets

For the years ended December 31, 2023

and December 31, 2022

	MainStay VP American Century Sustainable Equity— Initial Class						MainStay VP Balanced— Service Class						MainStay VP Bond— Initial Class						MainStay VP Candriam Emerging Markets Equity— Initial Class						MainStay VP CBRE Global Infrastructure— Service Class
	2023			2022			2023			2022			2023			2022			2023			2022			2023			2022
INCREASE (DECREASE) IN NET ASSETS:
Operations:
Net investment income (loss)	$	(1,094	)	$	25,603		$	11,893		$	(23,675	)	$	66,571		$	33,117		$	10,145		$	(11,194	)	$	231		$	127
Net realized gain (loss) on investments		(129,356	)		42,378			(222,752	)		21,772			(171,801	)		(85,001	)		(91,464	)		(23,987	)		1,131			(5,048	)
Realized gain distribution received		2,371,431			823,176			—			899,359			—			—			—			372,896			—			—
Change in unrealized appreciation/ (depreciation) on investments		(762,890	)		(1,621,515	)		437,547			(1,259,863	)		290,220			(971,766	)		221,761			(1,396,072	)		1,270			(3,328	)
Net increase (decrease) in net assets resulting from operations		1,478,091			(730,358	)		226,688			(362,407	)		184,990			(1,023,650	)		140,442			(1,058,357	)		2,632			(8,249	)
Contributions and (Withdrawals):
Payments received from policyowners		78,658			74,153			128,497			339,587			63,109			65,020			40,126			38,635			2,215			11,615
Policyowners’ surrenders		(936,800	)		(466,063	)		(983,256	)		(348,500	)		(826,397	)		(510,639	)		(193,457	)		(144,809	)		(12,789	)		(267	)
Policyowners’ annuity and death benefits		(48,391	)		(59,391	)		(8,761	)		(14,216	)		(40,824	)		(92,520	)		(8,417	)		(8,024	)		—			—
Net transfers from (to) Fixed Account		(328	)		(383,487	)		53,195			(122,597	)		(1,486	)		(111,858	)		(1,070	)		(57,197	)		7,490			—
Transfers between Investment Divisions		(154,988	)		(495,710	)		(173,666	)		191,564			(7,393	)		8,180			5,877			76,188			4,171			(14,983	)
Net contributions and (withdrawals)		(1,061,849	)		(1,330,498	)		(983,991	)		45,838			(812,991	)		(641,817	)		(156,941	)		(95,207	)		1,087			(3,635	)
Increase (decrease) in net assets		416,242			(2,060,856	)		(757,303	)		(316,569	)		(628,001	)		(1,665,467	)		(16,499	)		(1,153,564	)		3,719			(11,884	)
NET ASSETS:
Beginning of period		7,005,957			9,066,813			4,685,705			5,002,274			5,068,879			6,734,346			2,459,872			3,613,436			101,615			113,499
End of period	$	7,422,199		$	7,005,957		$	3,928,402		$	4,685,705		$	4,440,878		$	5,068,879		$	2,443,373		$	2,459,872		$	105,334		$	101,615

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

58

NYLIAC Variable Annuity Separate Account-II

Tax-Qualified Policies

Statement of Changes in Net Assets (Continued)

For the years ended December 31, 2023

and December 31, 2022

	MainStay VP Conservative Allocation— Service Class						MainStay VP Epoch U.S. Equity Yield— Initial Class						MainStay VP Equity Allocation— Service Class						MainStay VP Fidelity Institutional AM® Utilities— Service Class						MainStay VP Floating Rate— Service Class
	2023			2022			2023			2022			2023			2022			2023			2022			2023			2022
INCREASE (DECREASE) IN NET ASSETS:
Operations:
Net investment income (loss)	$	80,182		$	207,230		$	315,127		$	201,719		$	141,800		$	63,724		$	43,926		$	67,407		$	275,935		$	124,330
Net realized gain (loss) on investments		(132,025	)		17,683			37,184			490,788			(72,392	)		21,070			217,510			36,712			(47,751	)		(35,555	)
Realized gain distribution received		200,267			686,010			1,508,801			586,079			356,134			609,936			1,562,112			678,137			—			—
Change in unrealized appreciation/ (depreciation) on investments		362,158			(2,061,099	)		(226,285	)		(2,395,593	)		114,746			(1,600,036	)		(2,252,144	)		(262,979	)		167,606			(193,155	)
Net increase (decrease) in net assets resulting from operations		510,582			(1,150,176	)		1,634,827			(1,117,007	)		540,288			(905,306	)		(428,596	)		519,277			395,790			(104,380	)
Contributions and (Withdrawals):
Payments received from policyowners		32,755			46,094			235,320			318,662			43,249			41,120			184,838			234,390			95,173			92,287
Policyowners’ surrenders		(868,020	)		(653,828	)		(2,546,064	)		(1,615,231	)		(562,621	)		(208,487	)		(1,387,164	)		(1,166,532	)		(491,028	)		(144,580	)
Policyowners’ annuity and death benefits		(99,658	)		(180,052	)		(182,395	)		(310,701	)		(64,616	)		(2,974	)		(116,559	)		(139,352	)		(18,032	)		(26,814	)
Net transfers from (to) Fixed Account		(24,339	)		(176,776	)		(309,826	)		(208,526	)		(9,495	)		20,840			(30,763	)		(473,607	)		(33,310	)		(111,048	)
Transfers between Investment Divisions		(119,341	)		(118,189	)		(245,672	)		(189,397	)		10,033			2,001			(408,223	)		(580,288	)		684,448			588,621
Net contributions and (withdrawals)		(1,078,603	)		(1,082,751	)		(3,048,637	)		(2,005,193	)		(583,450	)		(147,500	)		(1,757,871	)		(2,125,389	)		237,251			398,466
Increase (decrease) in net assets		(568,021	)		(2,232,927	)		(1,413,810	)		(3,122,200	)		(43,162	)		(1,052,806	)		(2,186,467	)		(1,606,112	)		633,041			294,086
NET ASSETS:
Beginning of period		6,487,913			8,720,840			25,433,554			28,555,754			3,783,907			4,836,713			12,938,717			14,544,829			3,873,948			3,579,862
End of period	$	5,919,892		$	6,487,913		$	24,019,744		$	25,433,554		$	3,740,745		$	3,783,907		$	10,752,250		$	12,938,717		$	4,506,989		$	3,873,948

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

59

NYLIAC Variable Annuity Separate Account-II

Tax-Qualified Policies

Statement of Changes in Net Assets (Continued)

For the years ended December 31, 2023

and December 31, 2022

	MainStay VP Growth Allocation— Service Class						MainStay VP Income Builder— Initial Class						MainStay VP IQ Hedge Multi- Strategy— Service Class						MainStay VP Janus Henderson Balanced— Initial Class						MainStay VP MacKay Convertible— Initial Class
	2023			2022			2023			2022			2023			2022			2023			2022			2023			2022
INCREASE (DECREASE) IN NET ASSETS:
Operations:
Net investment income (loss)	$	199,394		$	168,851		$	526,164		$	427,804		$	14,933		$	1,422		$	17,984		$	(78,740	)	$	103,439		$	290,408
Net realized gain (loss) on investments		(189,698	)		52,601			(960,783	)		247,400			(922	)		(152	)		1,465,186			1,125,751			336,108			332,182
Realized gain distribution received		553,644			1,198,468			—			2,792,191			—			—			1,147,163			2,436,615			—			1,553,748
Change in unrealized appreciation/ (depreciation) on investments		486,326			(3,099,396	)		2,592,567			(8,612,629	)		26,796			(72,521	)		1,466,763			(10,635,610	)		448,912			(4,412,384	)
Net increase (decrease) in net assets resulting from operations		1,049,666			(1,679,476	)		2,157,948			(5,145,234	)		40,807			(71,251	)		4,097,096			(7,151,984	)		888,459			(2,236,046	)
Contributions and (Withdrawals):
Payments received from policyowners		184,936			190,076			289,159			325,108			14,138			13,650			390,026			431,837			207,902			264,770
Policyowners’ surrenders		(792,164	)		(1,019,036	)		(2,764,900	)		(2,131,554	)		(71,052	)		(154,484	)		(4,282,189	)		(2,190,977	)		(1,671,100	)		(1,156,118	)
Policyowners’ annuity and death benefits		(14,269	)		(79,114	)		(526,584	)		(244,660	)		(5,407	)		(1,658	)		(376,153	)		(225,035	)		(73,297	)		(46,430	)
Net transfers from (to) Fixed Account		(70,558	)		(70,402	)		(113,513	)		(511,130	)		157			(9,062	)		(367,388	)		(549,381	)		(8,107	)		(176,334	)
Transfers between Investment Divisions		(259,417	)		(78,937	)		(491,470	)		(113,724	)		(45,575	)		(8,691	)		(65,183	)		(359,537	)		(83,802	)		(407,329	)
Net contributions and (withdrawals)		(951,472	)		(1,057,413	)		(3,607,308	)		(2,675,960	)		(107,739	)		(160,245	)		(4,700,887	)		(2,893,093	)		(1,628,404	)		(1,521,441	)
Increase (decrease) in net assets		98,194			(2,736,889	)		(1,449,360	)		(7,821,194	)		(66,932	)		(231,496	)		(603,791	)		(10,045,077	)		(739,945	)		(3,757,487	)
NET ASSETS:
Beginning of period		8,291,775			11,028,664			27,871,017			35,692,211			541,345			772,841			31,605,820			41,650,897			12,925,556			16,683,043
End of period	$	8,389,969		$	8,291,775		$	26,421,657		$	27,871,017		$	474,413		$	541,345		$	31,002,029		$	31,605,820		$	12,185,611		$	12,925,556

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

60

NYLIAC Variable Annuity Separate Account-II

Tax-Qualified Policies

Statement of Changes in Net Assets (Continued)

For the years ended December 31, 2023

and December 31, 2022

	MainStay VP MacKay Government— Initial Class						MainStay VP MacKay High Yield Corporate Bond— Initial Class						MainStay VP MacKay Strategic Bond— Service Class						MainStay VP Moderate Allocation— Service Class						MainStay VP Natural Resources— Initial Class
	2023			2022			2023			2022			2023			2022			2023			2022			2023			2022
INCREASE (DECREASE) IN NET ASSETS:
Operations:
Net investment income (loss)	$	30,525		$	18,938		$	1,198,942		$	1,207,623		$	62,827		$	37,496		$	158,431		$	242,148		$	32,004		$	(8,520	)
Net realized gain (loss) on investments		(101,884	)		(74,161	)		(565,238	)		(510,020	)		(15,307	)		(10,531	)		(219,131	)		50,982			742,097			356,140
Realized gain distribution received		—			—			—			—			—			—			468,211			1,338,223			—			—
Change in unrealized appreciation/ (depreciation) on investments		180,195			(478,206	)		2,072,312			(3,867,788	)		98,429			(217,447	)		703,780			(3,625,962	)		(730,492	)		928,616
Net increase (decrease) in net assets resulting from operations		108,836			(533,429	)		2,706,016			(3,170,185	)		145,949			(190,482	)		1,111,291			(1,994,609	)		43,609			1,276,236
Contributions and (Withdrawals):
Payments received from policyowners		49,085			51,650			292,282			355,105			48,810			32,663			133,733			372,620			134,120			228,222
Policyowners’ surrenders		(487,644	)		(369,781	)		(3,629,913	)		(2,685,649	)		(156,580	)		(298,833	)		(1,356,760	)		(1,030,983	)		(570,982	)		(475,427	)
Policyowners’ annuity and death benefits		(32,023	)		(48,058	)		(213,583	)		(279,905	)		(21,506	)		(9,986	)		(96,442	)		(169,680	)		(60,933	)		(7,430	)
Net transfers from (to) Fixed Account		(1,844	)		(136,953	)		(74,087	)		(453,964	)		(6,853	)		(36,644	)		(104,585	)		(92,001	)		(24,724	)		(88,525	)
Transfers between Investment Divisions		(64,498	)		4,103			49,061			(844,830	)		112,439			(95,821	)		(248,794	)		247,910			(759,817	)		541,756
Net contributions and (withdrawals)		(536,924	)		(499,039	)		(3,576,240	)		(3,909,243	)		(23,690	)		(408,621	)		(1,672,848	)		(672,134	)		(1,282,336	)		198,596
Increase (decrease) in net assets		(428,088	)		(1,032,468	)		(870,224	)		(7,079,428	)		122,259			(599,103	)		(561,557	)		(2,666,743	)		(1,238,727	)		1,474,832
NET ASSETS:
Beginning of period		3,469,287			4,501,755			28,019,478			35,098,906			1,732,465			2,331,568			10,878,497			13,545,240			4,978,738			3,503,906
End of period	$	3,041,199		$	3,469,287		$	27,149,254		$	28,019,478		$	1,854,724		$	1,732,465		$	10,316,940		$	10,878,497		$	3,740,011		$	4,978,738

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

61

NYLIAC Variable Annuity Separate Account-II

Tax-Qualified Policies

Statement of Changes in Net Assets (Continued)

For the years ended December 31, 2023

and December 31, 2022

	MainStay VP PIMCO Real Return— Service Class						MainStay VP PineStone International Equity— Initial Class						MainStay VP S&P 500 Index— Initial Class						MainStay VP Small Cap Growth— Initial Class						MainStay VP Small Cap Growth— Service Class
	2023			2022			2023			2022			2023			2022			2023			2022			2023			2022
INCREASE (DECREASE) IN NET ASSETS:
Operations:
Net investment income (loss)	$	60,772		$	59,400		$	(60,865	)	$	(55,169	)	$	43,141		$	79,321		$	(74,017	)	$	(81,206	)	$	(10,499	)	$	(12,114	)
Net realized gain (loss) on investments		(13,100	)		21,721			(164,605	)		103,624			6,753,202			6,010,298			(17,856	)		103,972			(70,125	)		(29,381	)
Realized gain distribution received		—			—			—			949,049			1,211,846			2,592,923			20,138			1,464,243			3,181			216,019
Change in unrealized appreciation/ (depreciation) on investments		(27,872	)		(275,384	)		341,152			(2,865,609	)		9,506,047			(27,908,851	)		809,737			(3,681,132	)		187,469			(518,044	)
Net increase (decrease) in net assets resulting from operations		19,800			(194,263	)		115,682			(1,868,105	)		17,514,236			(19,226,309	)		738,002			(2,194,123	)		110,026			(343,520	)
Contributions and (Withdrawals):
Payments received from policyowners		7,807			147,433			111,396			95,958			770,578			1,719,130			75,264			68,970			49,109			15,031
Policyowners’ surrenders		(193,860	)		(151,025	)		(401,322	)		(364,877	)		(8,581,725	)		(5,569,371	)		(425,488	)		(393,507	)		(86,801	)		(43,956	)
Policyowners’ annuity and death benefits		(6,003	)		(56,130	)		(39,918	)		(59,861	)		(707,297	)		(949,120	)		(8,430	)		(25,591	)		—			—
Net transfers from (to) Fixed Account		(17,121	)		(96,034	)		(25,523	)		9,475			(304,304	)		(1,164,204	)		(18,439	)		(48,376	)		—			—
Transfers between Investment Divisions		(66,262	)		(43,774	)		32,950			49,264			130,825			(803,212	)		(18,724	)		2,868			3,829			(176,581	)
Net contributions and (withdrawals)		(275,439	)		(199,530	)		(322,417	)		(270,041	)		(8,691,923	)		(6,766,777	)		(395,817	)		(395,636	)		(33,863	)		(205,506	)
Increase (decrease) in net assets		(255,639	)		(393,793	)		(206,735	)		(2,138,146	)		8,822,313			(25,993,086	)		342,185			(2,589,759	)		76,163			(549,026	)
NET ASSETS:
Beginning of period		1,122,360			1,516,153			4,702,082			6,840,228			75,387,947			101,381,033			5,462,081			8,051,840			789,822			1,338,848
End of period	$	866,721		$	1,122,360		$	4,495,347		$	4,702,082		$	84,210,260		$	75,387,947		$	5,804,266		$	5,462,081		$	865,985		$	789,822

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

62

NYLIAC Variable Annuity Separate Account-II

Tax-Qualified Policies

Statement of Changes in Net Assets (Continued)

For the years ended December 31, 2023

and December 31, 2022

	MainStay VP U.S. Government Money Market— Initial Class						MainStay VP Wellington Growth— Initial Class						MainStay VP Wellington Mid Cap— Initial Class						MainStay VP Wellington Small Cap— Initial Class						MainStay VP Wellington U.S. Equity— Initial Class
	2023			2022			2023			2022			2023			2022			2023			2022			2023			2022
INCREASE (DECREASE) IN NET ASSETS:
Operations:
Net investment income (loss)	$	197,273		$	(733	)	$	(705,795	)	$	(749,299	)	$	(88,926	)	$	(115,304	)	$	(16,022	)	$	(8,806	)	$	(110,744	)	$	(225,648	)
Net realized gain (loss) on investments		—			—			(2,103,512	)		(83,812	)		(904,357	)		(318,496	)		(251,945	)		(27,987	)		330,964			1,382,408
Realized gain distribution received		—			—			—			16,143,137			—			3,225,357			—			954,566			—			6,141,809
Change in unrealized appreciation/ (depreciation) on investments		—			—			19,228,127			(41,099,753	)		1,849,251			(5,148,558	)		649,381			(1,919,803	)		6,182,665			(15,956,934	)
Net increase (decrease) in net assets resulting from operations		197,273			(733	)		16,418,820			(25,789,727	)		855,968			(2,357,001	)		381,414			(1,002,030	)		6,402,885			(8,658,365	)
Contributions and (Withdrawals):
Payments received from policyowners		86,962			378,954			507,182			525,130			88,512			98,004			96,099			74,916			247,430			432,390
Policyowners’ surrenders		(2,549,946	)		(1,558,358	)		(5,147,207	)		(3,694,310	)		(1,002,725	)		(734,275	)		(358,704	)		(210,314	)		(2,805,408	)		(2,090,622	)
Policyowners’ annuity and death benefits		(68,082	)		(93,814	)		(463,008	)		(379,210	)		(25,238	)		(17,369	)		(58,626	)		(13,186	)		(225,748	)		(310,902	)
Net transfers from (to) Fixed Account		(128,624	)		(203,401	)		(74,875	)		(573,662	)		(34,211	)		(291,537	)		(4,483	)		(54,289	)		(63,932	)		(231,820	)
Transfers between Investment Divisions		885,532			2,092,875			(311,562	)		(548,663	)		(188,256	)		(75,129	)		(32,002	)		(67,935	)		(391,716	)		(130,325	)
Net contributions and (withdrawals)		(1,774,158	)		616,256			(5,489,470	)		(4,670,715	)		(1,161,918	)		(1,020,306	)		(357,716	)		(270,808	)		(3,239,374	)		(2,331,279	)
Increase (decrease) in net assets		(1,576,885	)		615,523			10,929,350			(30,460,442	)		(305,950	)		(3,377,307	)		23,698			(1,272,838	)		3,163,511			(10,989,644	)
NET ASSETS:
Beginning of period		6,975,845			6,360,322			46,984,643			77,445,085			7,707,219			11,084,526			3,395,134			4,667,972			29,496,020			40,485,664
End of period	$	5,398,960		$	6,975,845		$	57,913,993		$	46,984,643		$	7,401,269		$	7,707,219		$	3,418,832		$	3,395,134		$	32,659,531		$	29,496,020

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

63

NYLIAC Variable Annuity Separate Account-II

Tax-Qualified Policies

Statement of Changes in Net Assets (Continued)

For the years ended December 31, 2023

and December 31, 2022

	MainStay VP Winslow Large Cap Growth— Initial Class						AB VPS Relative Value Portfolio— Class B			American Funds IS Asset Allocation Fund— Class 4						American Funds IS The Bond Fund of America®— Class 4						American Funds IS Global Small Capitalization Fund— Class 4
	2023			2022			2023			2022 (a)			2023			2022			2023			2023			2022
INCREASE (DECREASE) IN NET ASSETS:
Operations:
Net investment income (loss)	$	(142,419	)	$	(148,662	)	$	(32	)	$	36		$	16,028		$	7,450		$	226		$	(2,678	)	$	(2,717	)
Net realized gain (loss) on investments		(69,629	)		271,530			(936	)		(19	)		(8,282	)		8,699			(3	)		(19,300	)		(2,927	)
Realized gain distribution received		407,156			2,631,331			652			1,333			91,619			258,222			—			2,732			70,992
Change in unrealized appreciation/ (depreciation) on investments		3,574,550			(7,616,628	)		969			(972	)		174,126			(701,899	)		(21	)		45,655			(146,696	)
Net increase (decrease) in net assets resulting from operations		3,769,658			(4,862,429	)		653			378			273,491			(427,528	)		202			26,409			(81,348	)
Contributions and (Withdrawals):
Payments received from policyowners		221,376			186,532			—			—			51,789			107,810			—			4,079			23,476
Policyowners’ surrenders		(1,634,279	)		(723,560	)		(321	)		(157	)		(151,090	)		(28,618	)		—			(14,995	)		(7,262	)
Policyowners’ annuity and death benefits		(49,628	)		(72,255	)		—			—			—			—			—			—			—
Net transfers from (to) Fixed Account		12,939			(245,816	)		—			—			(21,222	)		(151,466	)		—			—			—
Transfers between Investment Divisions		28,543			157,574			(6,041	)		13,982			14,908			(153,692	)		9,977			(5,890	)		8,331
Net contributions and (withdrawals)		(1,421,049	)		(697,525	)		(6,362	)		13,825			(105,615	)		(225,966	)		9,977			(16,806	)		24,545
Increase (decrease) in net assets		2,348,609			(5,559,954	)		(5,709	)		14,203			167,876			(653,494	)		10,179			9,603			(56,803	)
NET ASSETS:
Beginning of period		9,755,338			15,315,292			14,203			—			2,224,375			2,877,869			—			197,455			254,258
End of period	$	12,103,947		$	9,755,338		$	8,494		$	14,203		$	2,392,251		$	2,224,375		$	10,179		$	207,058		$	197,455

(a) For the period May 1, 2022 (commencement of Investment Division) through December 31, 2022.

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

64

NYLIAC Variable Annuity Separate Account-II

Tax-Qualified Policies

Statement of Changes in Net Assets (Continued)

For the years ended December 31, 2023

and December 31, 2022

	American Funds IS Growth Fund— Class 4						American Funds IS New World Fund®— Class 4						American Funds IS Washington Mutual Investors FundSM— Class 4						BlackRock® Global Allocation V.I. Fund— Class III						BlackRock® High Yield V.I. Fund— Class III
	2023			2022			2023			2022			2023			2022			2023			2022			2023			2022
INCREASE (DECREASE) IN NET ASSETS:
Operations:
Net investment income (loss)	$	(10,724	)	$	(10,332	)	$	(1,161	)	$	(1,412	)	$	5,036		$	5,204		$	19,084		$	(26,561	)	$	47,891		$	42,816
Net realized gain (loss) on investments		(41,870	)		10,563			1,335			(4,961	)		15,806			19,991			(23,819	)		(28,517	)		(32,616	)		(17,437	)
Realized gain distribution received		61,075			131,785			—			67,426			11,801			254,348			—			31,163			—			—
Change in unrealized appreciation/ (depreciation) on investments		274,468			(456,116	)		88,356			(274,102	)		146,047			(394,778	)		187,731			(390,205	)		85,502			(177,740	)
Net increase (decrease) in net assets resulting from operations		282,949			(324,100	)		88,530			(213,049	)		178,690			(115,235	)		182,996			(414,120	)		100,777			(152,361	)
Contributions and (Withdrawals):
Payments received from policyowners		25,800			117,554			19,071			19,615			26,790			104,433			23,709			27,722			13,103			17,235
Policyowners’ surrenders		(243,866	)		(26,561	)		(135,921	)		(66,833	)		(175,789	)		(122,669	)		(261,396	)		(222,009	)		(187,904	)		(18,972	)
Policyowners’ annuity and death benefits		(12,777	)		—			(6,452	)		(516	)		(1,200	)		—			(2,783	)		(21,912	)		—			—
Net transfers from (to) Fixed Account		(42,321	)		1,959			(8,684	)		(3,459	)		17,642			(4,036	)		(1,947	)		(49,375	)		(65,014	)		(3,110	)
Transfers between Investment Divisions		159,197			23,899			(13,818	)		51,259			165,288			43,643			(2,883	)		20,998			31,644			(112,270	)
Net contributions and (withdrawals)		(113,967	)		116,851			(145,804	)		66			32,731			21,371			(245,300	)		(244,576	)		(208,171	)		(117,117	)
Increase (decrease) in net assets		168,982			(207,249	)		(57,274	)		(212,983	)		211,421			(93,864	)		(62,304	)		(658,696	)		(107,394	)		(269,478	)
NET ASSETS:
Beginning of period		783,699			990,948			690,901			903,884			1,086,756			1,180,620			1,807,084			2,465,780			1,023,399			1,292,877
End of period	$	952,681		$	783,699		$	633,627		$	690,901		$	1,298,177		$	1,086,756		$	1,744,780		$	1,807,084		$	916,005		$	1,023,399

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

65

NYLIAC Variable Annuity Separate Account-II

Tax-Qualified Policies

Statement of Changes in Net Assets (Continued)

For the years ended December 31, 2023

and December 31, 2022

	BNY Mellon IP Technology Growth Portfolio— Initial Shares						BNY Mellon Sustainable U.S. Equity Portfolio— Service Shares						ClearBridge Variable Appreciation Portfolio— Class II						Columbia  Variable Portfolio— Commodity Strategy Fund— Class 2						Columbia  Variable Portfolio— Emerging Markets Bond Fund— Class 2
	2023			2022			2023			2022 (a)			2023			2022			2023			2022			2023			2022
INCREASE (DECREASE) IN NET ASSETS:
Operations:
Net investment income (loss)	$	(64,662	)	$	(68,113	)	$	(54	)	$	(17	)	$	(519	)	$	(612	)	$	8,113		$	10,389		$	7,571		$	5,661
Net realized gain (loss) on investments		(120,026	)		(106,977	)		(58	)		(1	)		5,952			1,708			(599	)		9			(7,726	)		(7,857	)
Realized gain distribution received		—			509,335			785			—			2,231			5,909			—			—			—			—
Change in unrealized appreciation/ (depreciation) on investments		2,391,929			(4,028,874	)		735			96			5,828			(26,419	)		(10,945	)		(4,465	)		15,875			(38,836	)
Net increase (decrease) in net assets resulting from operations		2,207,241			(3,694,629	)		1,408			78			13,492			(19,414	)		(3,431	)		5,933			15,720			(41,032	)
Contributions and (Withdrawals):
Payments received from policyowners		149,516			153,021			—			—			441			329			—			700			2,184			2,003
Policyowners’ surrenders		(513,083	)		(390,376	)		(234	)		—			(48,688	)		(1,741	)		(785	)		—			(25,529	)		(34,297	)
Policyowners’ annuity and death benefits		(118,511	)		(6,710	)		—			—			—			—			—			—			(2,920	)		(90	)
Net transfers from (to) Fixed Account		(38,792	)		(72,651	)		—			—			—			—			—			—			—			(4,190	)
Transfers between Investment Divisions		71,188			25,917			2,794			5,843			(3,871	)		(5,293	)		—			—			2,736			16,506
Net contributions and (withdrawals)		(449,682	)		(290,799	)		2,560			5,843			(52,118	)		(6,705	)		(785	)		700			(23,529	)		(20,068	)
Increase (decrease) in net assets		1,757,559			(3,985,428	)		3,968			5,921			(38,626	)		(26,119	)		(4,216	)		6,633			(7,809	)		(61,100	)
NET ASSETS:
Beginning of period		4,041,959			8,027,387			5,921			—			117,831			143,950			41,689			35,056			197,843			258,943
End of period	$	5,799,518		$	4,041,959		$	9,889		$	5,921		$	79,205		$	117,831		$	37,473		$	41,689		$	190,034		$	197,843

(a) For the period May 1, 2022 (commencement of Investment Division) through December 31, 2022.

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

66

NYLIAC Variable Annuity Separate Account-II

Tax-Qualified Policies

Statement of Changes in Net Assets (Continued)

For the years ended December 31, 2023

and December 31, 2022

	Columbia  Variable Portfolio— Intermediate Bond Fund— Class 2			Columbia Variable Portfolio— Small Cap Value Fund— Class 2						Delaware VIP® Small Cap Value Series— Service Class						DWS Alternative Asset Allocation VIP— Class B						Fidelity® VIP Bond Index Portfolio— Service Class 2
	2023			2023			2022			2023			2022			2023			2022			2023			2022
INCREASE (DECREASE) IN NET ASSETS:
Operations:
Net investment income (loss)	$	(7	)	$	(12,236	)	$	(11,457	)	$	(1,377	)	$	(1,877	)	$	18,898		$	19,996		$	1,934		$	144
Net realized gain (loss) on investments		—			(76,826	)		(78,652	)		1,486			26,487			7			12,693			(10,673	)		(10,020	)
Realized gain distribution received		—			92,316			553,660			8,162			16,332			3,378			369			—			—
Change in unrealized appreciation/ (depreciation) on investments		232			263,324			(621,247	)		10,250			(75,925	)		(6,519	)		(70,907	)		17,319			(33,015	)
Net increase (decrease) in net assets resulting from operations		225			266,578			(157,696	)		18,521			(34,983	)		15,764			(37,849	)		8,580			(42,891	)
Contributions and (Withdrawals):
Payments received from policyowners		—			6,477			81,539			7,979			8,017			4,030			71,966			7,429			2,010
Policyowners’ surrenders		—			(153,063	)		(166,667	)		(58,899	)		(19,620	)		(46,395	)		(76,899	)		(51,966	)		(42,876	)
Policyowners’ annuity and death benefits		—			(4,812	)		(4,317	)		—			—			(5,709	)		(216	)		(3,828	)		—
Net transfers from (to) Fixed Account		—			(61	)		(1,964	)		1,082			4,000			348			(10,009	)		4,039			(3,644	)
Transfers between Investment Divisions		3,447			262,434			58,975			8,714			14,025			14,560			(3,527	)		29,149			2,880
Net contributions and (withdrawals)		3,447			110,975			(32,434	)		(41,124	)		6,422			(33,166	)		(18,685	)		(15,177	)		(41,630	)
Increase (decrease) in net assets		3,672			377,553			(190,130	)		(22,603	)		(28,561	)		(17,402	)		(56,534	)		(6,597	)		(84,521	)
NET ASSETS:
Beginning of period		—			1,332,747			1,522,877			241,555			270,116			385,376			441,910			217,372			301,893
End of period	$	3,672		$	1,710,300		$	1,332,747		$	218,952		$	241,555		$	367,974		$	385,376		$	210,775		$	217,372

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

67

NYLIAC Variable Annuity Separate Account-II

Tax-Qualified Policies

Statement of Changes in Net Assets (Continued)

For the years ended December 31, 2023

and December 31, 2022

	Fidelity® VIP ContrafundSM Portfolio— Initial Class						Fidelity® VIP Emerging Markets Portfolio— Service Class 2						Fidelity® VIP Equity-Income PortfolioSM— Initial Class						Fidelity® VIP FundsManager® 60% Portfolio— Service Class						Fidelity® VIP Growth Opportunities Portfolio— Service Class 2
	2023			2022			2023			2022			2023			2022			2023			2022			2023			2022
INCREASE (DECREASE) IN NET ASSETS:
Operations:
Net investment income (loss)	$	(351,508	)	$	(368,688	)	$	1,015		$	274		$	54,583		$	67,259		$	4,012		$	221		$	(53,597	)	$	(54,055	)
Net realized gain (loss) on investments		1,072,265			2,005,184			(32,014	)		(1,148	)		280,629			80,930			(15,188	)		(3,448	)		47,442			117,722
Realized gain distribution received		1,497,106			2,099,341			—			—			306,174			411,679			—			32,828			—			808,199
Change in unrealized appreciation/ (depreciation) on investments		9,387,764			(19,316,326	)		45,541			(51,620	)		332,009			(1,437,269	)		40,545			(65,991	)		1,483,012			(3,118,734	)
Net increase (decrease) in net assets resulting from operations		11,605,627			(15,580,489	)		14,542			(52,494	)		973,395			(877,401	)		29,369			(36,390	)		1,476,857			(2,246,868	)
Contributions and (Withdrawals):
Payments received from policyowners		470,940			602,102			3,194			3,283			131,423			189,844			61,868			137			114,632			256,136
Policyowners’ surrenders		(4,229,729	)		(3,093,232	)		(51,756	)		(6,792	)		(1,724,160	)		(923,923	)		(39,713	)		(56,364	)		(543,093	)		(129,544	)
Policyowners’ annuity and death benefits		(286,287	)		(283,163	)		—			—			(176,488	)		(77,687	)		—			—			(65,576	)		—
Net transfers from (to) Fixed Account		63,350			(736,644	)		—			—			(48,439	)		(353,362	)		(12,987	)		(19,934	)		(37,779	)		(33,436	)
Transfers between Investment Divisions		(450,000	)		154,000			7,742			(55,117	)		(266,714	)		106,685			170,255			38,927			424,251			(125,787	)
Net contributions and (withdrawals)		(4,431,726	)		(3,356,937	)		(40,820	)		(58,626	)		(2,084,378	)		(1,058,443	)		179,423			(37,234	)		(107,565	)		(32,631	)
Increase (decrease) in net assets		7,173,901			(18,937,426	)		(26,278	)		(111,120	)		(1,110,983	)		(1,935,844	)		208,792			(73,624	)		1,369,292			(2,279,499	)
NET ASSETS:
Beginning of period		38,905,312			57,842,738			187,541			298,661			12,161,036			14,096,880			143,542			217,166			3,459,732			5,739,231
End of period	$	46,079,213		$	38,905,312		$	161,263		$	187,541		$	11,050,053		$	12,161,036		$	352,334		$	143,542		$	4,829,024		$	3,459,732

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

68

NYLIAC Variable Annuity Separate Account-II

Tax-Qualified Policies

Statement of Changes in Net Assets (Continued)

For the years ended December 31, 2023

and December 31, 2022

	Fidelity® VIP Health Care Portfolio— Service Class 2						Fidelity® VIP International Index Portfolio— Service Class 2						Fidelity® VIP Investment Grade Bond Portfolio— Service Class 2					Fidelity® VIP Mid Cap Portfolio— Service Class 2						Franklin Templeton Aggressive Model Portfolio— Class II
	2023			2022			2023			2022			2023			2022 (a)		2023			2022			2023			2022
INCREASE (DECREASE) IN NET ASSETS:
Operations:
Net investment income (loss)	$	(10,506	)	$	(11,926	)	$	748		$	452		$	69		$	—	$	(53,374	)	$	(64,558	)	$	(1,705	)	$	6,237
Net realized gain (loss) on investments		(50,985	)		(17,663	)		(51	)		1,982			(70	)		—		76,531			7,317			878			395
Realized gain distribution received		—			61,475			—			—			—			—		156,651			418,558			2,632			13,247
Change in unrealized appreciation/ (depreciation) on investments		80,881			(177,739	)		6,679			(13,586	)		(14	)		—		525,303			(1,544,727	)		74,857			(77,314	)
Net increase (decrease) in net assets resulting from operations		19,390			(145,853	)		7,376			(11,152	)		(15	)		—		705,111			(1,183,410	)		76,662			(57,435	)
Contributions and (Withdrawals):
Payments received from policyowners		16,470			39,789			—			—			151			—		142,697			206,349			10,904			10,311
Policyowners’ surrenders		(102,259	)		(43,776	)		(214	)		(2,473	)		(281	)		—		(780,118	)		(338,882	)		(19,558	)		(1,258	)
Policyowners’ annuity and death benefits		(47,450	)		—			(2,401	)		—			—			—		(29,627	)		(10,535	)		—			—
Net transfers from (to) Fixed Account		(16,762	)		17,677			16			(33	)		—			—		(31,809	)		(277,018	)		3,180			36,383
Transfers between Investment Divisions		(52,045	)		(33,755	)		398			(4,110	)		6,499			584		(36,860	)		(33,991	)		62,742			125,041
Net contributions and (withdrawals)		(202,046	)		(20,065	)		(2,201	)		(6,616	)		6,369			584		(735,717	)		(454,077	)		57,268			170,477
Increase (decrease) in net assets		(182,656	)		(165,918	)		5,175			(17,768	)		6,354			584		(30,606	)		(1,637,487	)		133,930			113,042
NET ASSETS:
Beginning of period		924,223			1,090,141			52,511			70,279			584			—		5,737,003			7,374,490			433,431			320,389
End of period	$	741,567		$	924,223		$	57,686		$	52,511		$	6,938		$	584	$	5,706,397		$	5,737,003		$	567,361		$	433,431

(a) For the period May 1, 2022 (commencement of Investment Division) through December 31, 2022.

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

69

NYLIAC Variable Annuity Separate Account-II

Tax-Qualified Policies

Statement of Changes in Net Assets (Continued)

For the years ended December 31, 2023

and December 31, 2022

	Franklin Templeton Conservative Model Portfolio— Class II						Franklin Templeton Moderate Model Portfolio— Class II						Franklin Templeton Moderately Aggressive Model Portfolio— Class II						Franklin Templeton Moderately Conservative Model Portfolio— Class II						Invesco V.I. EQV International Equity Fund— Series II Shares
	2023			2022			2023			2022			2023			2022			2023			2022			2023			2022
INCREASE (DECREASE) IN NET ASSETS:
Operations:
Net investment income (loss)	$	18,757		$	10,423		$	16,514		$	16,170		$	(1,848	)	$	11,015		$	17,124		$	13,792		$	(3,987	)	$	502
Net realized gain (loss) on investments		(7,373	)		(3,343	)		(5,443	)		10,159			(33,750	)		(9,442	)		(29,249	)		515			(42,232	)		(14,813	)
Realized gain distribution received		—			770			7,021			13,164			3,882			14,303			—			2,807			201			41,453
Change in unrealized appreciation/ (depreciation) on investments		47,941			(59,345	)		208,339			(319,400	)		151,290			(126,969	)		124,168			(174,972	)		89,697			(119,160	)
Net increase (decrease) in net assets resulting from operations		59,325			(51,495	)		226,431			(279,907	)		119,574			(111,093	)		112,043			(157,858	)		43,679			(92,018	)
Contributions and (Withdrawals):
Payments received from policyowners		36,152			2,100			234,488			74,885			29,853			350,928			104,301			3,851			10,583			10,345
Policyowners’ surrenders		(24,239	)		(8,631	)		(51,679	)		(443,670	)		(269,725	)		(5,279	)		(160,187	)		(264,614	)		(115,348	)		(68,225	)
Policyowners’ annuity and death benefits		(19,486	)		—			—			—			—			—			(98,277	)		—			(3,735	)		(1,004	)
Net transfers from (to) Fixed Account		(9,512	)		—			5,548			(132,703	)		9,422			(56,889	)		—			2			(149	)		(1,414	)
Transfers between Investment Divisions		163,849			314,060			828,522			260,956			97,945			163,368			315,617			325,979			(31,596	)		9,718
Net contributions and (withdrawals)		146,764			307,529			1,016,879			(240,532	)		(132,505	)		452,128			161,454			65,218			(140,245	)		(50,580	)
Increase (decrease) in net assets		206,089			256,034			1,243,310			(520,439	)		(12,931	)		341,035			273,497			(92,640	)		(96,566	)		(142,598	)
NET ASSETS:
Beginning of period		705,367			449,333			1,277,658			1,798,097			840,067			499,032			1,085,706			1,178,346			338,060			480,658
End of period	$	911,456		$	705,367		$	2,520,968		$	1,277,658		$	827,136		$	840,067		$	1,359,203		$	1,085,706		$	241,494		$	338,060

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

70

NYLIAC Variable Annuity Separate Account-II

Tax-Qualified Policies

Statement of Changes in Net Assets (Continued)

For the years ended December 31, 2023

and December 31, 2022

	Invesco V.I. Main Street Small Cap Fund®— Series II Shares						Janus Henderson Enterprise Portfolio— Service Shares						Janus Henderson Global Research Portfolio— Institutional Shares						MFS® International Intrinsic Value Portfolio— Service Class						MFS® Investors Trust Series— Initial Class
	2023			2022			2023			2022			2023			2022			2023			2022			2023			2022
INCREASE (DECREASE) IN NET ASSETS:
Operations:
Net investment income (loss)	$	(1,178	)	$	(1,862	)	$	(9,463	)	$	(10,040	)	$	(65,846	)	$	(47,405	)	$	(3,549	)	$	(4,117	)	$	(9,763	)	$	(12,014	)
Net realized gain (loss) on investments		(41,253	)		1,561			(24,106	)		(3,108	)		617,042			761,387			(5,133	)		(6,330	)		126,490			75,104
Realized gain distribution received		—			27,228			58,078			142,437			468,159			1,869,803			32,889			22,798			95,578			239,824
Change in unrealized appreciation/ (depreciation) on investments		69,796			(59,667	)		90,066			(289,111	)		2,696,658			(6,733,290	)		42,374			(177,156	)		51,140			(693,207	)
Net increase (decrease) in net assets resulting from operations		27,365			(32,740	)		114,575			(159,822	)		3,716,013			(4,149,505	)		66,581			(164,805	)		263,445			(390,293	)
Contributions and (Withdrawals):
Payments received from policyowners		2,484			2,587			14,975			68,683			221,997			280,529			2,902			44,186			13,681			8,460
Policyowners’ surrenders		(94,552	)		(1,947	)		(150,452	)		(29,468	)		(1,244,011	)		(913,214	)		(136,762	)		(18,384	)		(232,705	)		(174,784	)
Policyowners’ annuity and death benefits		(1,621	)		—			—			—			(100,026	)		(136,755	)		(3,613	)		—			(8,555	)		(302	)
Net transfers from (to) Fixed Account		25			(55	)		(48,098	)		(1,383	)		(191	)		(171,109	)		(2,116	)		(38,585	)		(216,849	)		(1,123	)
Transfers between Investment Divisions		(5,943	)		128,014			19,212			(35,102	)		(10,148	)		(105,856	)		36,762			4,703			(87,764	)		(4,356	)
Net contributions and (withdrawals)		(99,607	)		128,599			(164,363	)		2,730			(1,132,379	)		(1,046,405	)		(102,827	)		(8,080	)		(532,192	)		(172,105	)
Increase (decrease) in net assets		(72,242	)		95,859			(49,788	)		(157,092	)		2,583,634			(5,195,910	)		(36,246	)		(172,885	)		(268,747	)		(562,398	)
NET ASSETS:
Beginning of period		238,866			143,007			795,968			953,060			15,320,385			20,516,295			474,157			647,042			1,745,586			2,307,984
End of period	$	166,624		$	238,866		$	746,180		$	795,968		$	17,904,019		$	15,320,385		$	437,911		$	474,157		$	1,476,839		$	1,745,586

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

71

NYLIAC Variable Annuity Separate Account-II

Tax-Qualified Policies

Statement of Changes in Net Assets (Continued)

For the years ended December 31, 2023

and December 31, 2022

	MFS® Mid Cap Value Portfolio— Service Class						MFS® Research International Portfolio— Service Class						MFS® Research Series— Initial Class						Morgan Stanley VIF U.S. Real Estate Portfolio— Class II						Neuberger Berman AMT Mid Cap Growth Portfolio— Class S
	2023			2022			2023			2022 (a)			2023			2022			2023			2022			2023			2022
INCREASE (DECREASE) IN NET ASSETS:
Operations:
Net investment income (loss)	$	880		$	(1,757	)	$	(2	)	$	(2	)	$	(9,105	)	$	(9,934	)	$	3,214		$	(1,917	)	$	(27,866	)	$	(35,164	)
Net realized gain (loss) on investments		6,456			5,217			157			—			13,765			26,929			(90,114	)		(8,039	)		(119,912	)		9,009
Realized gain distribution received		16,359			38,659			—			—			57,757			152,662			—			109,817			—			536,355
Change in unrealized appreciation/ (depreciation) on investments		30,979			(81,735	)		125			(124	)		143,384			(429,203	)		129,036			(275,433	)		489,847			(1,568,265	)
Net increase (decrease) in net assets resulting from operations		54,674			(39,616	)		280			(126	)		205,801			(259,546	)		42,136			(175,572	)		342,069			(1,058,065	)
Contributions and (Withdrawals):
Payments received from policyowners		47,473			42,938			—			—			8,088			10,281			6,866			12,078			82,337			54,083
Policyowners’ surrenders		(46,255	)		(6,965	)		—			—			(144,815	)		(87,329	)		(106,584	)		(24,277	)		(368,593	)		(452,217	)
Policyowners’ annuity and death benefits		(1,561	)		—			—			—			(11,131	)		(4,904	)		—			—			(4,515	)		(5,396	)
Net transfers from (to) Fixed Account		(2,993	)		(19	)		—			—			174			(45,531	)		(1,628	)		(513	)		12			(53,981	)
Transfers between Investment Divisions		4,698			114,831			(4,300	)		4,146			(15,451	)		33,586			(56,662	)		(86,286	)		123,228			11,582
Net contributions and (withdrawals)		1,362			150,785			(4,300	)		4,146			(163,135	)		(93,897	)		(158,008	)		(98,998	)		(167,531	)		(445,929	)
Increase (decrease) in net assets		56,036			111,169			(4,020	)		4,020			42,666			(353,443	)		(115,872	)		(274,570	)		174,538			(1,503,994	)
NET ASSETS:
Beginning of period		500,184			389,015			4,020			—			1,091,510			1,444,953			428,423			702,993			2,175,441			3,679,435
End of period	$	556,220		$	500,184		$	—		$	4,020		$	1,134,176		$	1,091,510		$	312,551		$	428,423		$	2,349,979		$	2,175,441

(a) For the period May 1, 2022 (commencement of Investment Division) through December 31, 2022.

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

72

NYLIAC Variable Annuity Separate Account-II

Tax-Qualified Policies

Statement of Changes in Net Assets (Continued)

For the years ended December 31, 2023

and December 31, 2022

	PIMCO VIT Income Portfolio— Advisor Class						PIMCO VIT International Bond Portfolio (U.S. Dollar-Hedged)— Advisor Class						PIMCO VIT Low Duration Portfolio— Advisor Class						PIMCO VIT Total Return Portfolio— Advisor Class						Western Asset Core Plus  VIT Portfolio— Class II
	2023			2022			2023			2022			2023			2022			2023			2022			2023
INCREASE (DECREASE) IN NET ASSETS:
Operations:
Net investment income (loss)	$	19,312		$	7,855		$	8,783		$	616		$	4,728		$	929		$	22,982		$	16,037		$	293
Net realized gain (loss) on investments		(10,427	)		(2,042	)		(24,261	)		(27,146	)		(2,825	)		(20,735	)		(87,092	)		(92,272	)		—
Realized gain distribution received		—			21			19,511			361			—			—			—			—			—
Change in unrealized appreciation/ (depreciation) on investments		26,231			(30,028	)		49,001			(90,116	)		5,260			(3,020	)		107,887			(180,754	)		380
Net increase (decrease) in net assets resulting from operations		35,116			(24,194	)		53,034			(116,285	)		7,163			(22,826	)		43,777			(256,989	)		673
Contributions and (Withdrawals):
Payments received from policyowners		14,631			13,006			22,826			17,864			932			668			38,371			25,925			—
Policyowners’ surrenders		(6,940	)		(5,679	)		(133,546	)		(142,051	)		(39,595	)		(45,036	)		(175,330	)		(208,375	)		—
Policyowners’ annuity and death benefits		—			—			(6,818	)		(7,299	)		(1,710	)		(104	)		(5,782	)		(7,197	)		—
Net transfers from (to) Fixed Account		6,004			(1,952	)		(9,374	)		(16,238	)		(2	)		—			(3,317	)		(75,488	)		—
Transfers between Investment Divisions		114,362			198,822			5,731			(45,636	)		2,336			(94,185	)		69,679			(192,148	)		8,775
Net contributions and (withdrawals)		128,057			204,197			(121,181	)		(193,360	)		(38,039	)		(138,657	)		(76,379	)		(457,283	)		8,775
Increase (decrease) in net assets		163,173			180,003			(68,147	)		(309,645	)		(30,876	)		(161,483	)		(32,602	)		(714,272	)		9,448
NET ASSETS:
Beginning of period		464,899			284,896			791,364			1,101,009			217,399			378,882			1,070,076			1,784,348			—
End of period	$	628,072		$	464,899		$	723,217		$	791,364		$	186,523		$	217,399		$	1,037,474		$	1,070,076		$	9,448

The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

73

NYLIAC Variable Annuity Separate Accounts-I and -II

Non-Qualified and Tax-Qualified Policies

Notes to Financial Statements

NOTE 1—Organization and Significant Accounting Policies:

NYLIAC Variable Annuity Separate Account-I (“Separate Account-I”) and NYLIAC Variable Annuity Separate Account-II (“Separate Account-II”) were established on October 5, 1992, under Delaware law by New York Life Insurance and Annuity Corporation (“NYLIAC”), a wholly-owned subsidiary of New York Life Insurance Company (“NYLIC”). These accounts were established to receive and invest premium payments under Non-Qualified Flexible Premium Variable Retirement Annuity Policies (“Separate Account-I”) and Tax-Qualified Flexible Premium Variable Retirement Annuity Policies (“Separate Account-II”) issued by NYLIAC. Sales of these policies were discontinued effective May 10, 2002. Separate Account-I policies are designed to establish retirement benefits to provide individuals with supplemental retirement income. Separate Account-II policies are designed to establish retirement benefits for individuals who participate in tax-qualified pension, profit sharing or annuity plans. The policies are distributed by NYLIFE Distributors LLC and sold by registered representatives of NYLIFE Securities LLC. NYLIFE Securities LLC and NYLIFE Distributors LLC are both indirect, wholly-owned subsidiaries of NYLIC. Separate Account-I and Separate Account-II are registered under the Investment Company Act of 1940, as amended, as unit investment trusts that follows the accounting and reporting guidance under ASC 946.

The assets of Separate Account-I and Separate Account-II are invested in shares of eligible portfolios of the MainStay VP Funds Trust, the AB Variable Products Series Fund, Inc., the AIM Variable Insurance Funds, the American Funds Insurance Series^®, the BlackRock^® Variable Series Funds, Inc., the BlackRock^® Variable Series Funds II, Inc., the BNY Mellon Investment Portfolios, the Columbia Funds Variable Insurance Trust, the Columbia Funds Variable Series Trust II, the Delaware VIP^® Trust, the Deutsche DWS Variable Series II, the Fidelity Variable Insurance Products Fund, the Janus Aspen Series, the Legg Mason Partners Variable Equity Trust, the Legg Mason Partners Variable Income Trust, the MFS^® Variable Insurance Trust, the MFS^® Variable Insurance Trust II, the MFS^® Variable Insurance Trust III, the Morgan Stanley Variable Insurance Fund, Inc., the Neuberger Berman Advisers Management Trust and the PIMCO Variable Insurance Trust, (collectively “Funds”). These assets are clearly identified and distinguished from the other assets and liabilities of NYLIAC. These assets are the property of NYLIAC; however, the portion of the assets attributable to the policies will not be charged with liabilities arising out of any other business NYLIAC may conduct. The Fixed Account represents a portion of the general account assets of NYLIAC and is not included in this report. NYLIAC’s Fixed Account may be charged with liabilities arising out of other business NYLIAC may conduct.

The following Investment Divisions, with their respective Fund portfolios, are available in Separate Account-I and Separate Account-II:

MainStay VP American Century Sustainable Equity—Initial Class

MainStay VP Balanced—Service Class

MainStay VP Bond—Initial Class

MainStay VP Candriam Emerging Markets Equity—Initial Class

MainStay VP CBRE Global Infrastructure—Service Class

MainStay VP Conservative Allocation—Service Class

MainStay VP Epoch U.S. Equity Yield—Initial Class

MainStay VP Equity Allocation—Service Class

MainStay VP Fidelity Institutional AM^® Utilities—Service Class

MainStay VP Floating Rate—Service Class

MainStay VP Growth Allocation—Service Class

MainStay VP Income Builder—Initial Class

MainStay VP IQ Hedge Multi-Strategy—Service Class

MainStay VP Janus Henderson Balanced—Initial Class

MainStay VP MacKay Convertible—Initial Class

MainStay VP MacKay Government—Initial Class

MainStay VP MacKay High Yield Corporate Bond—Initial Class

MainStay VP MacKay Strategic Bond—Service Class

MainStay VP Moderate Allocation—Service Class

MainStay VP Natural Resources—Initial Class

MainStay VP PIMCO Real Return—Service Class

MainStay VP PineStone International Equity—Initial Class (formerly MainStay VP MacKay International Equity—Initial Class)

MainStay VP S&P 500 Index—Initial Class

MainStay VP Small Cap Growth—Initial Class

MainStay VP Small Cap Growth—Service Class

74

NYLIAC Variable Annuity Separate Accounts-I and -II

Non-Qualified and Tax-Qualified Policies

Notes to Financial Statements (Continued)

NOTE 1—Organization and Significant Accounting Policies (Continued):

MainStay VP U.S. Government Money Market—Initial Class

MainStay VP Wellington Growth—Initial Class

MainStay VP Wellington Mid Cap—Initial Class

MainStay VP Wellington Small Cap—Initial Class

MainStay VP Wellington U.S. Equity—Initial Class

MainStay VP Winslow Large Cap Growth—Initial Class

AB VPS Relative Value Portfolio—Class B (formerly AB VPS Growth and Income Portfolio—Class B)

American Funds IS Asset Allocation Fund—Class 4

American Funds IS The Bond Fund of America^®—Class 4

American Funds IS Global Small Capitalization Fund—Class 4

American Funds IS Growth Fund—Class 4

American Funds IS New World Fund^®—Class 4

American Funds IS Washington Mutual Investors Fund^SM—Class 4

BlackRock^® Global Allocation V.I. Fund—Class III

BlackRock^® High Yield V.I. Fund—Class III

BNY Mellon IP Technology Growth Portfolio—Initial Shares

BNY Mellon Sustainable U.S. Equity Portfolio—Service Shares

ClearBridge Variable Appreciation Portfolio—Class II

Columbia Variable Portfolio—Commodity Strategy Fund—Class 2

Columbia Variable Portfolio—Emerging Markets Bond Fund—Class 2

Columbia Variable Portfolio—Intermediate Bond Fund—Class 2

Columbia Variable Portfolio—Small Cap Value Fund—Class 2

Delaware VIP^® Small Cap Value Series—Service Class

DWS Alternative Asset Allocation VIP—Class B

Fidelity^® VIP Bond Index Portfolio—Service Class 2

Fidelity^® VIP Contrafund^SM Portfolio—Initial Class

Fidelity^® VIP Emerging Markets Portfolio—Service Class 2

Fidelity^® VIP Equity-Income Portfolio^SM—Initial Class

Fidelity^® VIP FundsManager^® 60% Portfolio—Service Class

Fidelity^® VIP Growth Opportunities Portfolio—Service Class 2

Fidelity^® VIP Health Care Portfolio—Service Class 2

Fidelity^® VIP International Index Portfolio—Service Class 2

Fidelity^® VIP Investment Grade Bond Portfolio—Service Class 2

Fidelity^® VIP Mid Cap Portfolio—Service Class 2

Franklin Templeton Aggressive Model Portfolio—Class II

Franklin Templeton Conservative Model Portfolio—Class II

Franklin Templeton Moderate Model Portfolio—Class II

Franklin Templeton Moderately Aggressive Model Portfolio—Class II

Franklin Templeton Moderately Conservative Model Portfolio—Class II

Invesco V.I. EQV International Equity Fund—Series II Shares

Invesco V.I. Main Street Small Cap Fund^®—Series II Shares

Janus Henderson Enterprise Portfolio—Service Shares

Janus Henderson Global Research Portfolio—Institutional Shares

MFS^® International Intrinsic Value Portfolio—Service Class

MFS^® Investors Trust Series—Initial Class

MFS^® Mid Cap Value Portfolio—Service Class

MFS^® Research International Portfolio—Service Class

MFS^® Research Series—Initial Class

Morgan Stanley VIF U.S. Real Estate Portfolio—Class II

Neuberger Berman AMT Mid Cap Growth Portfolio—Class S

PIMCO VIT Income Portfolio—Advisor Class

PIMCO VIT International Bond Portfolio (U.S. Dollar-Hedged)—Advisor Class

PIMCO VIT Low Duration Portfolio—Advisor Class

PIMCO VIT Total Return Portfolio—Advisor Class

Western Asset Core Plus VIT Portfolio—Class II

75

NYLIAC Variable Annuity Separate Accounts-I and -II

Non-Qualified and Tax-Qualified Policies

Notes to Financial Statements (Continued)

NOTE 1—Organization and Significant Accounting Policies (Continued):

New investments in the MainStay VP Candriam Emerging Markets Equity, MainStay VP Wellington Growth and Columbia Variable Portfolio—Commodity Strategy Fund—Class 2 Investment Divisions are restricted to those policies already invested in these Investment Divisions.

Initial premium payments were allocated to the MainStay VP U.S. Government Money Market Investment Division until 15 days after the policy issue date. Subsequent premium payments for flexible premium policies are generally allocated to the Investment Divisions of Separate Account-I or Separate Account-II and the Fixed Account at the close of the business day they are received, in accordance with the policyowner’s instructions. In addition, the policyowner has the option to transfer amounts between the Investment Divisions of Separate Account-I or Separate Account-II and the Fixed Account of NYLIAC, subject to certain restrictions.

No Federal income tax is payable on investment income or capital gains of Separate Account-I or Separate Account-II under current Federal income tax law.

Security Valuation—The investments are valued at the net asset value (“NAV”) of shares of the respective Fund portfolios.

Security Transactions—Realized gains and losses from security transactions are reported on the identified cost basis. Security transactions are accounted for as of the date the securities are purchased or sold (trade date).

Distributions Received—Dividend income and capital gain distributions are recorded on the ex-dividend date and reinvested in the corresponding Fund portfolio.

The authoritative guidance defines fair value 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. The authoritative guidance also establishes a framework for measuring fair value that includes a hierarchy used to classify the inputs used in measuring fair value. The hierarchy prioritizes the inputs to valuation techniques used to measure fair value into three levels. The level in the fair value hierarchy within which the fair value measurement falls is determined based on the lowest level input that is significant to the fair value measurement.

The levels of the fair value hierarchy are based on the inputs to the valuation as follows:

Level 1—Fair value is based on unadjusted quoted prices for identical assets or liabilities in an active market. Active markets are defined as a market in which many transactions occur with sufficient frequency and volume to provide pricing information on an ongoing basis.

Level 2—Observable inputs other than Level 1 prices, such as quoted prices for similar instruments, quoted prices in markets that are not active, and inputs to model-derived valuations that are directly observable or can be corroborated by observable market data for substantially the full term of the asset.

Level 3—Instruments whose values are based on prices or valuation techniques that require inputs that are both unobservable and significant to the overall fair value measurement. These inputs reflect management’s own assumptions in pricing of the asset or liability.

Investments in the mutual funds represent open-end mutual funds in which the valuation is based on the aggregate NAV of the shares held at the valuation date, which represents fair value, and are classified as level 1.

The amounts shown as net receivable from (payable to) NYLIAC on the Statement of Assets and Liabilities reflect transactions that occurred on the last business day of the reporting period. These amounts will be deposited to or withdrawn from the separate account in accordance with the policyowners’ instructions on the first business day subsequent to the close of the period presented. The amounts shown as net receivable from (payable to) the Fund for shares sold or purchased represent unsettled trades.

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

Each Investment Division of the Separate Account indirectly bears exposure to the market, credit and liquidity risks of the Fund portfolio in which it invests. These financial statements should be read in conjunction with the financial statements and footnotes of the Fund portfolios.

76

NYLIAC Variable Annuity Separate Accounts-I and -II

Non-Qualified and Tax-Qualified Policies

Notes to Financial Statements (Continued)

NOTE 2—Purchases and Sales (in 000’s):

The cost of purchases and proceeds from sales of investments for the year ended December 31, 2023 were as follows:

Separate Account-I (Non-Qualified Policies)	Purchases		Sales
MainStay VP American Century Sustainable Equity—Initial Class	$	1,636	$	679
MainStay VP Balanced—Service Class		82		684
MainStay VP Bond—Initial Class		225		795
MainStay VP Candriam Emerging Markets Equity—Initial Class		60		203
MainStay VP CBRE Global Infrastructure—Service Class		3		7
MainStay VP Conservative Allocation—Service Class		204		771
MainStay VP Epoch U.S. Equity Yield—Initial Class		2,318		3,153
MainStay VP Equity Allocation—Service Class		319		130
MainStay VP Fidelity Institutional AM® Utilities—Service Class		1,171		1,107
MainStay VP Floating Rate—Service Class		539		493
MainStay VP Growth Allocation—Service Class		1,102		1,927
MainStay VP Income Builder—Initial Class		578		2,661
MainStay VP IQ Hedge Multi-Strategy—Service Class		5		46
MainStay VP Janus Henderson Balanced—Initial Class		876		1,241
MainStay VP MacKay Convertible—Initial Class		278		1,410
MainStay VP MacKay Government—Initial Class		241		758
MainStay VP MacKay High Yield Corporate Bond—Initial Class		2,026		4,789
MainStay VP MacKay Strategic Bond—Service Class		38		138
MainStay VP Moderate Allocation—Service Class		470		844
MainStay VP Natural Resources—Initial Class		121		1,499
MainStay VP PIMCO Real Return—Service Class		76		146
MainStay VP PineStone International Equity—Initial Class		146		498
MainStay VP S&P 500 Index—Initial Class		2,190		7,478
MainStay VP Small Cap Growth—Initial Class		81		485
MainStay VP Small Cap Growth—Service Class		24		48
MainStay VP U.S. Government Money Market—Initial Class		2,517		2,929
MainStay VP Wellington Growth—Initial Class		49		4,192
MainStay VP Wellington Mid Cap—Initial Class		31		817
MainStay VP Wellington Small Cap—Initial Class		44		474
MainStay VP Wellington U.S. Equity—Initial Class		233		3,597
MainStay VP Winslow Large Cap Growth—Initial Class		301		1,034
AB VPS Relative Value Portfolio—Class B		32		3
American Funds IS Asset Allocation Fund—Class 4		377		87
American Funds IS Global Small Capitalization Fund—Class 4		4		3
American Funds IS Growth Fund—Class 4		185		89
American Funds IS New World Fund®—Class 4		8		34
American Funds IS Washington Mutual Investors FundSM—Class 4		61		94
BlackRock® Global Allocation V.I. Fund—Class III		44		100
BlackRock® High Yield V.I. Fund—Class III		27		56
BNY Mellon IP Technology Growth Portfolio—Initial Shares		361		540
BNY Mellon Sustainable U.S. Equity Portfolio—Service Shares		12		1
ClearBridge Variable Appreciation Portfolio—Class II		3		6
Columbia Variable Portfolio—Commodity Strategy Fund—Class 2		4		6
Columbia Variable Portfolio—Emerging Markets Bond Fund—Class 2		6		16
Columbia Variable Portfolio—Small Cap Value Fund—Class 2		87		193
Delaware VIP® Small Cap Value Series—Service Class		10		4
DWS Alternative Asset Allocation VIP—Class B		11		34
Fidelity® VIP Bond Index Portfolio—Service Class 2		5		45

77

NYLIAC Variable Annuity Separate Accounts-I and -II

Non-Qualified and Tax-Qualified Policies

Notes to Financial Statements (Continued)

NOTE 2—Purchases and Sales (in 000’s) (Continued):

Separate Account-I (Non-Qualified Policies)	Purchases		Sales
Fidelity® VIP ContrafundSM Portfolio—Initial Class	$	1,176	$	3,553
Fidelity® VIP Emerging Markets Portfolio—Service Class 2		8		67
Fidelity® VIP Equity-Income PortfolioSM—Initial Class		438		810
Fidelity® VIP FundsManager® 60% Portfolio—Service Class		85		1
Fidelity® VIP Growth Opportunities Portfolio—Service Class 2		344		291
Fidelity® VIP Health Care Portfolio—Service Class 2		56		208
Fidelity® VIP International Index Portfolio—Service Class 2		51		38
Fidelity® VIP Investment Grade Bond Portfolio—Service Class 2		37		15
Fidelity® VIP Mid Cap Portfolio—Service Class 2		136		539
Franklin Templeton Aggressive Model Portfolio—Class II		16		69
Franklin Templeton Conservative Model Portfolio—Class II		2		11
Franklin Templeton Moderate Model Portfolio—Class II		260		105
Franklin Templeton Moderately Aggressive Model Portfolio—Class II		16		32
Franklin Templeton Moderately Conservative Model Portfolio—Class II		93		10
Invesco V.I. EQV International Equity Fund—Series II Shares		27		29
Invesco V.I. Main Street Small Cap Fund®—Series II Shares		37		11
Janus Henderson Enterprise Portfolio—Service Shares		39		38
Janus Henderson Global Research Portfolio—Institutional Shares		366		2,386
MFS® International Intrinsic Value Portfolio—Service Class		20		34
MFS® Investors Trust Series—Initial Class		40		231
MFS® Mid Cap Value Portfolio—Service Class		28		91
MFS® Research Series—Initial Class		49		78
Morgan Stanley VIF U.S. Real Estate Portfolio—Class II		22		54
Neuberger Berman AMT Mid Cap Growth Portfolio—Class S		68		176
PIMCO VIT Income Portfolio—Advisor Class		48		5
PIMCO VIT International Bond Portfolio (U.S. Dollar-Hedged)—Advisor Class		30		66
PIMCO VIT Low Duration Portfolio—Advisor Class		16		24
PIMCO VIT Total Return Portfolio—Advisor Class		48		59
Total	$	22,777	$	55,375

78

NYLIAC Variable Annuity Separate Accounts-I and -II

Non-Qualified and Tax-Qualified Policies

Notes to Financial Statements (Continued)

NOTE 2—Purchases and Sales (in 000’s) (Continued):

Separate Account-II (Tax-Qualified Policies)	Purchases		Sales
MainStay VP American Century Sustainable Equity—Initial Class	$	2,635	$	1,326
MainStay VP Balanced—Service Class		445		1,418
MainStay VP Bond—Initial Class		182		929
MainStay VP Candriam Emerging Markets Equity—Initial Class		86		233
MainStay VP CBRE Global Infrastructure—Service Class		15		14
MainStay VP Conservative Allocation—Service Class		531		1,329
MainStay VP Epoch U.S. Equity Yield—Initial Class		2,347		3,572
MainStay VP Equity Allocation—Service Class		587		672
MainStay VP Fidelity Institutional AM® Utilities—Service Class		2,019		2,170
MainStay VP Floating Rate—Service Class		1,162		649
MainStay VP Growth Allocation—Service Class		1,069		1,267
MainStay VP Income Builder—Initial Class		1,113		4,194
MainStay VP IQ Hedge Multi-Strategy—Service Class		36		129
MainStay VP Janus Henderson Balanced—Initial Class		1,855		5,390
MainStay VP MacKay Convertible—Initial Class		595		2,120
MainStay VP MacKay Government—Initial Class		102		609
MainStay VP MacKay High Yield Corporate Bond—Initial Class		1,832		4,210
MainStay VP MacKay Strategic Bond—Service Class		248		209
MainStay VP Moderate Allocation—Service Class		879		1,925
MainStay VP Natural Resources—Initial Class		281		1,532
MainStay VP PIMCO Real Return—Service Class		110		324
MainStay VP PineStone International Equity—Initial Class		208		591
MainStay VP S&P 500 Index—Initial Class		2,845		10,282
MainStay VP Small Cap Growth—Initial Class		51		501
MainStay VP Small Cap Growth—Service Class		131		172
MainStay VP U.S. Government Money Market—Initial Class		1,626		3,203
MainStay VP Wellington Growth—Initial Class		158		6,353
MainStay VP Wellington Mid Cap—Initial Class		130		1,381
MainStay VP Wellington Small Cap—Initial Class		205		579
MainStay VP Wellington U.S. Equity—Initial Class		450		3,800
MainStay VP Winslow Large Cap Growth—Initial Class		797		1,953
AB VPS Relative Value Portfolio—Class B		1		7
American Funds IS Asset Allocation Fund—Class 4		272		270
American Funds IS The Bond Fund of America®—Class 4		10		—
American Funds IS Global Small Capitalization Fund—Class 4		26		43
American Funds IS Growth Fund—Class 4		323		386
American Funds IS New World Fund®—Class 4		81		228
American Funds IS Washington Mutual Investors FundSM—Class 4		306		256
BlackRock® Global Allocation V.I. Fund—Class III		135		361
BlackRock® High Yield V.I. Fund—Class III		164		324
BNY Mellon IP Technology Growth Portfolio—Initial Shares		512		1,026
BNY Mellon Sustainable U.S. Equity Portfolio—Service Shares		4		—
ClearBridge Variable Appreciation Portfolio—Class II		6		57
Columbia Variable Portfolio—Commodity Strategy Fund—Class 2		9		1
Columbia Variable Portfolio—Emerging Markets Bond Fund—Class 2		16		32
Columbia Variable Portfolio—Intermediate Bond Fund—Class 2		3		—
Columbia Variable Portfolio—Small Cap Value Fund—Class 2		470		279
Delaware VIP® Small Cap Value Series—Service Class		38		72

79

NYLIAC Variable Annuity Separate Accounts-I and -II

Non-Qualified and Tax-Qualified Policies

Notes to Financial Statements (Continued)

NOTE 2—Purchases and Sales (in 000’s) (Continued):

Separate Account-II (Tax-Qualified Policies)	Purchases		Sales
DWS Alternative Asset Allocation VIP—Class B	$	43	$	54
Fidelity® VIP Bond Index Portfolio—Service Class 2		42		56
Fidelity® VIP ContrafundSM Portfolio—Initial Class		2,481		5,767
Fidelity® VIP Emerging Markets Portfolio—Service Class 2		30		70
Fidelity® VIP Equity-Income PortfolioSM—Initial Class		729		2,452
Fidelity® VIP FundsManager® 60% Portfolio—Service Class		245		61
Fidelity® VIP Growth Opportunities Portfolio—Service Class 2		769		931
Fidelity® VIP Health Care Portfolio—Service Class 2		107		320
Fidelity® VIP International Index Portfolio—Service Class 2		5		6
Fidelity® VIP Investment Grade Bond Portfolio—Service Class 2		9		3
Fidelity® VIP Mid Cap Portfolio—Service Class 2		356		989
Franklin Templeton Aggressive Model Portfolio—Class II		83		25
Franklin Templeton Conservative Model Portfolio—Class II		227		62
Franklin Templeton Moderate Model Portfolio—Class II		1,107		66
Franklin Templeton Moderately Aggressive Model Portfolio—Class II		148		279
Franklin Templeton Moderately Conservative Model Portfolio—Class II		557		378
Invesco V.I. EQV International Equity Fund—Series II Shares		54		198
Invesco V.I. Main Street Small Cap Fund®—Series II Shares		65		165
Janus Henderson Enterprise Portfolio—Service Shares		146		262
Janus Henderson Global Research Portfolio—Institutional Shares		765		1,495
MFS® International Intrinsic Value Portfolio—Service Class		153		226
MFS® Investors Trust Series—Initial Class		119		565
MFS® Mid Cap Value Portfolio—Service Class		209		190
MFS® Research International Portfolio—Service Class		—		4
MFS® Research Series—Initial Class		134		248
Morgan Stanley VIF U.S. Real Estate Portfolio—Class II		75		230
Neuberger Berman AMT Mid Cap Growth Portfolio—Class S		245		441
PIMCO VIT Income Portfolio—Advisor Class		228		81
PIMCO VIT International Bond Portfolio (U.S. Dollar-Hedged)—Advisor Class		95		188
PIMCO VIT Low Duration Portfolio—Advisor Class		13		46
PIMCO VIT Total Return Portfolio—Advisor Class		249		302
Western Asset Core Plus VIT Portfolio—Class II		9		—
Total	$	36,603	$	82,538

80

NYLIAC Variable Annuity Separate Accounts-I and -II

Non-Qualified and Tax-Qualified Policies

Notes to Financial Statements (Continued)

NOTE 3—Expenses and Related Party Transactions:

New York Life Investment Management LLC (“New York Life Investments”) provides investment advisory services to the MainStay VP Funds Trust, for a fee. New York Life Investments retains several sub-advisors, including American Century Investment Management, Inc. (“American Century”), Brown Advisory LLC (“Brown Advisory”), Candriam (“Candriam”), CBRE Investment Management Listed Real Assets LLC (“CBRE”), Epoch Investment Partners, Inc. (“Epoch”), FIAM LLC (“FIAM”), IndexIQ Advisors LLC (“IndexIQ Advisors”), Janus Henderson Investors US LLC (“Janus”), MacKay Shields LLC (“MacKay”), Newton Investment Management North America, LLC (“NIMNA”), NYL Investors LLC (“NYLI”), Pacific Investment Management Company LLC (“PIMCO”), PineStone Asset Management Inc. (“PineStone”), Segall Bryant & Hamill, LLC (“SBH”), Wellington Management Company LLP (“Wellington”) and Winslow Capital Management, LLC. (“Winslow Capital”) to provide investment advisory services to certain portfolios of the MainStay VP Funds Trust.

New York Life Investments, MacKay, IndexIQ Advisors and NYLI are all wholly-owned direct and indirect subsidiaries of NYLIC. Candriam is an indirect majority-owned subsidiary of NYLIC. American Century is a wholly-owned subsidiary of American Century Companies, Inc., a privately held corporation. Brown Advisory is a wholly-owned subsidiary of Brown Advisory Management, LLC. CBRE is the listed real asset solution within CBRE Investment Management. Epoch is an indirect, wholly-owned subsidiary of Toronto Dominion Bank. FIAM is an indirectly held wholly-owned subsidiary of FMR LLC. Janus is a wholly-owned subsidiary of Janus Henderson Group Plc, doing business as Janus Henderson Investors. NIMNA is an indirect subsidiary of the Bank of New York Mellon Corporation. PIMCO is a majority owned subsidiary of Allianz Asset Management of America L.P. PineStone is an independent advisory firm. SBH is a wholly-owned subsidiary of CI Financial Corp. Wellington is an independent investment advisory firm. Winslow Capital is a wholly-owned subsidiary of Nuveen, LLC.

NYLIAC deducts a surrender charge on certain partial withdrawals and surrenders. This charge is 7% during the first three policy years and declines 1% per year for each additional policy year, until the ninth policy year, after which no charge is made. Surrender charges are paid to NYLIAC. This charge is shown with policyowners’ surrenders in the accompanying Statements of Changes in Net Assets.

NYLIAC also deducts an annual policy service charge from the policy’s accumulation value on each policy anniversary date and upon surrender, if on the policy anniversary and/or date of surrender the accumulation value is less than $10,000. This charge is the lesser of $30 or 2% of the accumulation value. This charge is shown as a reduction to payments received from policyowners in the accompanying Statements of Changes in Net Assets.

Separate Account-I and Separate Account-II are charged for mortality and expense risks assumed and administrative services provided by NYLIAC. These charges are made daily at an annual rate of 1.20% and .10%, respectively, of the daily average variable accumulation value of each Investment Division, and is the same rate for each of the five periods presented in the Financial Highlights Section. These charges are disclosed on the accompanying Statement of Operations.

Separate Account-I and Separate Account-II policyowners may pay certain Fund portfolio company operating expenses during the time they own their policy, which are reflected in the daily computation of NAVs for the Funds. NYLIAC may receive payment or compensation from the Funds resulting from certain of these operating expenses in connection with the administration, distribution and other services it provides to the Funds, some of whom may be affiliates of NYLIAC. Management Fees (which may include administration and/or advisory fees) range from 0.00% to 1.00%, distribution (12b-1) fees range from 0.00% to 0.30%, and other expenses range from 0.00% to 0.31%. These ranges are shown as a percentage of average net assets as of December 31, 2022, and approximate the ranges as of December 31, 2023.

NOTE 4—Distribution of Net Income:

Separate Account-I and Separate Account-II do not expect to declare dividends to policyowners from accumulated net investment income and realized gains. The income and gains are distributed to policyowners as part of withdrawals of amounts (in the form of surrenders, death benefits, transfers, or annuity payments) in excess of the net premium payments.

81

NYLIAC Variable Annuity Separate Accounts-I and -II

Non-Qualified and Tax-Qualified Policies

Notes to Financial Statements (Continued)

NOTE 5—Changes in Units Outstanding (in 000’s):

The changes in units outstanding for the years ended December 31, 2023 and 2022 were as follows:

	2023								2022
Separate Account-I (Non-Qualified Policies)	Units Issued		Units Redeemed			Net Increase (Decrease)			Units Issued		Units Redeemed			Net Increase (Decrease)
MainStay VP American Century Sustainable Equity—Initial Class		3		(25	)		(22	)		2		(26	)		(24	)
MainStay VP Balanced—Service Class		2		(28	)		(26	)		10		(19	)		(9	)
MainStay VP Bond—Initial Class		6		(33	)		(27	)		2		(26	)		(24	)
MainStay VP Candriam Emerging Markets Equity—Initial Class		6		(24	)		(18	)		6		(9	)		(3	)
MainStay VP CBRE Global Infrastructure—Service Class		—		(1	)		(1	)		6		—			6
MainStay VP Conservative Allocation—Service Class		1		(41	)		(40	)		2		(31	)		(29	)
MainStay VP Epoch U.S. Equity Yield—Initial Class		32		(94	)		(62	)		7		(48	)		(41	)
MainStay VP Equity Allocation—Service Class		4		(5	)		(1	)		1		(2	)		(1	)
MainStay VP Fidelity Institutional AM® Utilities—Service Class		10		(53	)		(43	)		13		(38	)		(25	)
MainStay VP Floating Rate—Service Class		27		(32	)		(5	)		6		(26	)		(20	)
MainStay VP Growth Allocation—Service Class		28		(85	)		(57	)		14		(37	)		(23	)
MainStay VP Income Builder—Initial Class		1		(52	)		(51	)		5		(56	)		(51	)
MainStay VP IQ Hedge Multi-Strategy—Service Class		—		(6	)		(6	)		2		(8	)		(6	)
MainStay VP Janus Henderson Balanced—Initial Class		7		(49	)		(42	)		3		(79	)		(76	)
MainStay VP MacKay Convertible—Initial Class		2		(22	)		(20	)		1		(25	)		(24	)
MainStay VP MacKay Government—Initial Class		10		(36	)		(26	)		6		(28	)		(22	)
MainStay VP MacKay High Yield Corporate Bond—Initial Class		17		(91	)		(74	)		4		(83	)		(79	)
MainStay VP MacKay Strategic Bond—Service Class		2		(11	)		(9	)		—		(29	)		(29	)
MainStay VP Moderate Allocation—Service Class		4		(40	)		(36	)		2		(56	)		(54	)
MainStay VP Natural Resources—Initial Class		7		(131	)		(124	)		114		(68	)		46
MainStay VP PIMCO Real Return—Service Class		4		(14	)		(10	)		6		(17	)		(11	)
MainStay VP PineStone International Equity—Initial Class		5		(14	)		(9	)		2		(10	)		(8	)
MainStay VP S&P 500 Index—Initial Class		9		(63	)		(54	)		4		(62	)		(58	)
MainStay VP Small Cap Growth—Initial Class		3		(21	)		(18	)		2		(9	)		(7	)
MainStay VP Small Cap Growth—Service Class		1		(2	)		(1	)		1		(3	)		(2	)
MainStay VP U.S. Government Money Market—Initial Class		1,799		(2,222	)		(423	)		1,740		(889	)		851
MainStay VP Wellington Growth—Initial Class		1		(59	)		(58	)		5		(47	)		(42	)
MainStay VP Wellington Mid Cap—Initial Class		1		(19	)		(18	)		3		(15	)		(12	)
MainStay VP Wellington Small Cap—Initial Class		3		(44	)		(41	)		12		(22	)		(10	)
MainStay VP Wellington U.S. Equity—Initial Class		1		(38	)		(37	)		2		(19	)		(17	)
MainStay VP Winslow Large Cap Growth—Initial Class		1		(16	)		(15	)		7		(15	)		(8	)
AB VPS Relative Value Portfolio—Class B		2		—			2			5		—			5
American Funds IS Asset Allocation Fund—Class 4		26		(6	)		20			2		(37	)		(35	)
American Funds IS Global Small Capitalization Fund—Class 4		—		—			—			—		—			—
American Funds IS Growth Fund—Class 4		7		(4	)		3			2		(2	)		—
American Funds IS New World Fund®—Class 4		—		(2	)		(2	)		3		(3	)		—
American Funds IS Washington Mutual Investors FundSM—Class 4		4		(6	)		(2	)		15		(5	)		10
BlackRock® Global Allocation V.I. Fund—Class III		2		(6	)		(4	)		3		(10	)		(7	)
BlackRock® High Yield V.I. Fund—Class III		—		(4	)		(4	)		1		(4	)		(3	)
BNY Mellon IP Technology Growth Portfolio—Initial Shares		9		(12	)		(3	)		5		(14	)		(9	)
BNY Mellon Sustainable U.S. Equity Portfolio—Service Shares		—		—			—			3		—			3
ClearBridge Variable Appreciation Portfolio—Class II		—		—			—			1		(1	)		—
Columbia Variable Portfolio—Commodity Strategy Fund—Class 2		1		(1	)		—			—		—			—

82

NYLIAC Variable Annuity Separate Accounts-I and -II

Non-Qualified and Tax-Qualified Policies

Notes to Financial Statements (Continued)

NOTE 5—Changes in Units Outstanding (in 000’s) (Continued):

	2023								2022
Separate Account-I (Non-Qualified Policies)	Units Issued		Units Redeemed			Net Increase (Decrease)			Units Issued		Units Redeemed			Net Increase (Decrease)
Columbia Variable Portfolio—Emerging Markets Bond Fund—Class 2		1		(2	)		(1	)		3		(3	)		—
Columbia Variable Portfolio—Small Cap Value Fund—Class 2		2		(6	)		(4	)		2		(2	)		—
Delaware VIP® Small Cap Value Series—Service Class		—		—			—			5		(5	)		—
DWS Alternative Asset Allocation VIP—Class B		1		(3	)		(2	)		5		(6	)		(1	)
Fidelity® VIP Bond Index Portfolio—Service Class 2		—		(5	)		(5	)		1		(3	)		(2	)
Fidelity® VIP ContrafundSM Portfolio—Initial Class		4		(36	)		(32	)		8		(23	)		(15	)
Fidelity® VIP Emerging Markets Portfolio—Service Class 2		1		(6	)		(5	)		—		—			—
Fidelity® VIP Equity-Income PortfolioSM—Initial Class		4		(15	)		(11	)		7		(30	)		(23	)
Fidelity® VIP FundsManager® 60% Portfolio—Service Class		7		—			7			—		(6	)		(6	)
Fidelity® VIP Growth Opportunities Portfolio—Service Class 2		11		(9	)		2			4		(14	)		(10	)
Fidelity® VIP Health Care Portfolio—Service Class 2		3		(15	)		(12	)		7		(9	)		(2	)
Fidelity® VIP International Index Portfolio—Service Class 2		4		(3	)		1			2		—			2
Fidelity® VIP Investment Grade Bond Portfolio—Service Class 2		3		(1	)		2			1		—			1
Fidelity® VIP Mid Cap Portfolio—Service Class 2		1		(10	)		(9	)		1		(6	)		(5	)
Franklin Templeton Aggressive Model Portfolio—Class II		2		(5	)		(3	)		4		(1	)		3
Franklin Templeton Conservative Model Portfolio—Class II		—		(1	)		(1	)		1		—			1
Franklin Templeton Moderate Model Portfolio—Class II		21		(8	)		13			3		(3	)		—
Franklin Templeton Moderately Aggressive Model Portfolio—Class II		1		(2	)		(1	)		2		—			2
Franklin Templeton Moderately Conservative Model Portfolio—Class II		8		(1	)		7			9		(11	)		(2	)
Invesco V.I. EQV International Equity Fund—Series II Shares		2		(2	)		—			2		(2	)		—
Invesco V.I. Main Street Small Cap Fund®—Series II Shares		3		(1	)		2			1		(1	)		—
Janus Henderson Enterprise Portfolio—Service Shares		—		(2	)		(2	)		1		(3	)		(2	)
Janus Henderson Global Research Portfolio—Institutional Shares		2		(55	)		(53	)		5		(17	)		(12	)
MFS® International Intrinsic Value Portfolio—Service Class		1		(2	)		(1	)		2		(2	)		—
MFS® Investors Trust Series—Initial Class		—		(7	)		(7	)		1		(3	)		(2	)
MFS® Mid Cap Value Portfolio—Service Class		2		(6	)		(4	)		—		(3	)		(3	)
MFS® Research Series—Initial Class		1		(2	)		(1	)		—		(2	)		(2	)
Morgan Stanley VIF U.S. Real Estate Portfolio—Class II		2		(5	)		(3	)		1		(3	)		(2	)
Neuberger Berman AMT Mid Cap Growth Portfolio—Class S		2		(4	)		(2	)		2		(5	)		(3	)
PIMCO VIT Income Portfolio—Advisor Class		3		—			3			5		—			5
PIMCO VIT International Bond Portfolio (U.S. Dollar-Hedged)—Advisor Class		2		(6	)		(4	)		2		(18	)		(16	)
PIMCO VIT Low Duration Portfolio—Advisor Class		1		(2	)		(1	)		3		(1	)		2
PIMCO VIT Total Return Portfolio—Advisor Class		3		(5	)		(2	)		4		(23	)		(19	)

83

NYLIAC Variable Annuity Separate Accounts-I and -II

Non-Qualified and Tax-Qualified Policies

Notes to Financial Statements (Continued)

NOTE 5—Changes in Units Outstanding (in 000’s) (Continued):

The changes in units outstanding for the years ended December 31, 2023 and 2022 were as follows:

	2023								2022
Separate Account-II (Tax-Qualified Policies)	Units Issued		Units Redeemed			Net Increase (Decrease)			Units Issued		Units Redeemed			Net Increase (Decrease)
MainStay VP American Century Sustainable Equity—Initial Class		8		(50	)		(42	)		3		(58	)		(55	)
MainStay VP Balanced—Service Class		17		(60	)		(43	)		31		(29	)		2
MainStay VP Bond—Initial Class		3		(39	)		(36	)		5		(32	)		(27	)
MainStay VP Candriam Emerging Markets Equity—Initial Class		7		(26	)		(19	)		11		(22	)		(11	)
MainStay VP CBRE Global Infrastructure—Service Class		2		(2	)		—			5		(6	)		(1	)
MainStay VP Conservative Allocation—Service Class		11		(71	)		(60	)		6		(68	)		(62	)
MainStay VP Epoch U.S. Equity Yield—Initial Class		8		(102	)		(94	)		12		(75	)		(63	)
MainStay VP Equity Allocation—Service Class		2		(28	)		(26	)		2		(9	)		(7	)
MainStay VP Fidelity Institutional AM® Utilities—Service Class		15		(104	)		(89	)		13		(117	)		(104	)
MainStay VP Floating Rate—Service Class		58		(42	)		16			60		(32	)		28
MainStay VP Growth Allocation—Service Class		10		(54	)		(44	)		11		(58	)		(47	)
MainStay VP Income Builder—Initial Class		6		(82	)		(76	)		8		(63	)		(55	)
MainStay VP IQ Hedge Multi-Strategy—Service Class		2		(16	)		(14	)		4		(24	)		(20	)
MainStay VP Janus Henderson Balanced—Initial Class		15		(228	)		(213	)		14		(148	)		(134	)
MainStay VP MacKay Convertible—Initial Class		7		(34	)		(27	)		9		(34	)		(25	)
MainStay VP MacKay Government—Initial Class		2		(28	)		(26	)		8		(31	)		(23	)
MainStay VP MacKay High Yield Corporate Bond—Initial Class		6		(78	)		(72	)		5		(85	)		(80	)
MainStay VP MacKay Strategic Bond—Service Class		14		(16	)		(2	)		4		(38	)		(34	)
MainStay VP Moderate Allocation—Service Class		8		(92	)		(84	)		29		(62	)		(33	)
MainStay VP Natural Resources—Initial Class		19		(130	)		(111	)		100		(76	)		24
MainStay VP PIMCO Real Return—Service Class		4		(32	)		(28	)		23		(44	)		(21	)
MainStay VP PineStone International Equity—Initial Class		7		(18	)		(11	)		7		(15	)		(8	)
MainStay VP S&P 500 Index—Initial Class		6		(85	)		(79	)		14		(79	)		(65	)
MainStay VP Small Cap Growth—Initial Class		2		(21	)		(19	)		5		(23	)		(18	)
MainStay VP Small Cap Growth—Service Class		6		(8	)		(2	)		2		(12	)		(10	)
MainStay VP U.S. Government Money Market—Initial Class		1,057		(2,432	)		(1,375	)		2,198		(1,716	)		482
MainStay VP Wellington Growth—Initial Class		2		(89	)		(87	)		4		(80	)		(76	)
MainStay VP Wellington Mid Cap—Initial Class		3		(32	)		(29	)		4		(29	)		(25	)
MainStay VP Wellington Small Cap—Initial Class		19		(54	)		(35	)		8		(34	)		(26	)
MainStay VP Wellington U.S. Equity—Initial Class		2		(38	)		(36	)		3		(30	)		(27	)
MainStay VP Winslow Large Cap Growth—Initial Class		7		(31	)		(24	)		8		(21	)		(13	)
AB VPS Relative Value Portfolio—Class B		1		(1	)		—			1		—			1
American Funds IS Asset Allocation Fund—Class 4		12		(20	)		(8	)		12		(31	)		(19	)
American Funds IS The Bond Fund of America®—Class 4		1		—			1			—		—			—
American Funds IS Global Small Capitalization Fund—Class 4		2		(3	)		(1	)		4		(2	)		2
American Funds IS Growth Fund—Class 4		14		(19	)		(5	)		11		(5	)		6
American Funds IS New World Fund®—Class 4		5		(17	)		(12	)		6		(6	)		—
American Funds IS Washington Mutual Investors FundSM—Class 4		19		(17	)		2			16		(14	)		2
BlackRock® Global Allocation V.I. Fund—Class III		6		(24	)		(18	)		6		(23	)		(17	)
BlackRock® High Yield V.I. Fund—Class III		9		(26	)		(17	)		5		(16	)		(11	)
BNY Mellon IP Technology Growth Portfolio—Initial Shares		13		(25	)		(12	)		14		(20	)		(6	)
BNY Mellon Sustainable U.S. Equity Portfolio—Service Shares		—		—			—			1		—			1
ClearBridge Variable Appreciation Portfolio—Class II		—		(3	)		(3	)		—		(1	)		(1	)

84

NYLIAC Variable Annuity Separate Accounts-I and -II

Non-Qualified and Tax-Qualified Policies

Notes to Financial Statements (Continued)

NOTE 5—Changes in Units Outstanding (in 000’s) (Continued):

	2023								2022
Separate Account-II (Tax-Qualified Policies)	Units Issued		Units Issued			Net Increase (Decrease)			Units Issued		Units Redeemed			Net Increase (Decrease)
Columbia Variable Portfolio—Commodity Strategy Fund—Class 2		—		—			—			—		—			—
Columbia Variable Portfolio—Emerging Markets Bond Fund—Class 2		1		(3	)		(2	)		3		(5	)		(2	)
Columbia Variable Portfolio—Intermediate Bond Fund—Class 2		—		—			—			—		—			—
Columbia Variable Portfolio—Small Cap Value Fund—Class 2		12		(9	)		3			8		(10	)		(2	)
Delaware VIP® Small Cap Value Series—Service Class		3		(6	)		(3	)		5		(5	)		—
DWS Alternative Asset Allocation VIP—Class B		1		(4	)		(3	)		7		(9	)		(2	)
Fidelity® VIP Bond Index Portfolio—Service Class 2		5		(6	)		(1	)		1		(6	)		(5	)
Fidelity® VIP ContrafundSM Portfolio—Initial Class		9		(60	)		(51	)		10		(51	)		(41	)
Fidelity® VIP Emerging Markets Portfolio—Service Class 2		3		(6	)		(3	)		2		(7	)		(5	)
Fidelity® VIP Equity-Income PortfolioSM—Initial Class		5		(47	)		(42	)		9		(31	)		(22	)
Fidelity® VIP FundsManager® 60% Portfolio—Service Class		19		(5	)		14			4		(7	)		(3	)
Fidelity® VIP Growth Opportunities Portfolio—Service Class 2		24		(28	)		(4	)		25		(26	)		(1	)
Fidelity® VIP Health Care Portfolio—Service Class 2		8		(23	)		(15	)		13		(14	)		(1	)
Fidelity® VIP International Index Portfolio—Service Class 2		1		(1	)		—			—		(1	)		(1	)
Fidelity® VIP Investment Grade Bond Portfolio—Service Class 2		1		—			1			—		—			—
Fidelity® VIP Mid Cap Portfolio—Service Class 2		4		(19	)		(15	)		5		(14	)		(9	)
Franklin Templeton Aggressive Model Portfolio—Class II		5		(1	)		4			14		—			14
Franklin Templeton Conservative Model Portfolio—Class II		20		(5	)		15			36		(3	)		33
Franklin Templeton Moderate Model Portfolio—Class II		93		(4	)		89			50		(71	)		(21	)
Franklin Templeton Moderately Aggressive Model Portfolio—Class II		11		(21	)		(10	)		43		(6	)		37
Franklin Templeton Moderately Conservative Model Portfolio—Class II		49		(33	)		16			31		(24	)		7
Invesco V.I. EQV International Equity Fund—Series II Shares		5		(17	)		(12	)		3		(7	)		(4	)
Invesco V.I. Main Street Small Cap Fund®—Series II Shares		3		(10	)		(7	)		9		(1	)		8
Janus Henderson Enterprise Portfolio—Service Shares		6		(16	)		(10	)		9		(9	)		—
Janus Henderson Global Research Portfolio—Institutional Shares		4		(32	)		(28	)		7		(35	)		(28	)
MFS® International Intrinsic Value Portfolio—Service Class		9		(17	)		(8	)		6		(7	)		(1	)
MFS® Investors Trust Series—Initial Class		—		(15	)		(15	)		—		(5	)		(5	)
MFS® Mid Cap Value Portfolio—Service Class		12		(12	)		—			11		(1	)		10
MFS® Research International Portfolio—Service Class		—		—			—			—		—			—
MFS® Research Series—Initial Class		2		(6	)		(4	)		2		(4	)		(2	)
Morgan Stanley VIF U.S. Real Estate Portfolio—Class II		7		(21	)		(14	)		2		(10	)		(8	)
Neuberger Berman AMT Mid Cap Growth Portfolio—Class S		6		(10	)		(4	)		4		(14	)		(10	)
PIMCO VIT Income Portfolio—Advisor Class		19		(7	)		12			23		(2	)		21
PIMCO VIT International Bond Portfolio (U.S. Dollar-Hedged)—Advisor Class		5		(17	)		(12	)		4		(21	)		(17	)
PIMCO VIT Low Duration Portfolio—Advisor Class		1		(5	)		(4	)		19		(34	)		(15	)
PIMCO VIT Total Return Portfolio—Advisor Class		22		(30	)		(8	)		7		(52	)		(45	)
Western Asset Core Plus VIT Portfolio—Class II		1		—			1			—		—			—

85

NYLIAC Variable Annuity Separate Accounts-I and -II

Non-Qualified and Tax-Qualified Policies

Notes to Financial Statements (Continued)

NOTE 6—Financial Highlights

The following table presents financial highlights for each Investment Division as of December 31, 2023, 2022, 2021, 2020 and 2019:

		Net Assets (in 000’s)		Units Outstanding (in 000’s)		Variable Accumulation Unit Value		Total Return1			Investment Income Ratio2
Separate Account-I (Non-Qualified Policies)
MainStay VP American Century Sustainable Equity—Initial Class	2023	$	4,766		171	$	27.84		22.8	%		1.3	%
	2022		4,370		193		22.67		(8.9	)%		1.7	%
	2021		5,398		217		24.88		23.9	%		2.5	%
	2020		4,587		228		20.09		(0.3	)%		3.5	%
	2019		5,058		251		20.16		24.7	%		2.3	%
MainStay VP Balanced—Service Class	2023	$	2,580		107	$	24.22		5.9	%		1.7	%
	2022		3,042		133		22.87		(7.2	)%		0.8	%
	2021		3,502		142		24.65		15.5	%		1.1	%
	2020		2,920		137		21.34		6.2	%		1.8	%
	2019		2,819		140		20.09		15.0	%		1.7	%
MainStay VP Bond—Initial Class	2023	$	2,784		117	$	23.73		4.2	%		2.8	%
	2022		3,275		144		22.77		(15.6	)%		1.9	%
	2021		4,529		168		26.97		(2.6	)%		1.8	%
	2020		5,308		192		27.71		6.5	%		2.1	%
	2019		4,847		186		26.01		7.7	%		2.6	%
MainStay VP Candriam Emerging Markets Equity—Initial Class	2023	$	932		113	$	8.26		5.9	%		1.7	%
	2022		1,022		131		7.81		(29.6	)%		0.9	%
	2021		1,492		134		11.10		(3.3	)%		1.1	%
	2020		1,667		145		11.47		24.1	%		3.3	%
	2019		1,623		176		9.24		18.5	%		1.4	%
MainStay VP CBRE Global Infrastructure—Service Class	2023	$	55		8	$	6.85		2.5	%		1.5	%
	2022		58		9		6.68		(7.4	)%		1.7	%
	2021		22		3		7.22		13.5	%		0.0	%
	2020		21		3		6.36		(14.2	)%		7.5	%
	2019		44		6		7.41		3.7	%		0.0	%

86

NYLIAC Variable Annuity Separate Accounts-I and -II

Non-Qualified and Tax-Qualified Policies

Notes to Financial Statements (Continued)

NOTE 6—Financial Highlights (Continued):

		Net Assets (in 000’s)		Units Outstanding (in 000’s)		Variable Accumulation Unit Value		Total Return1			Investment Income Ratio2
MainStay VP Conservative Allocation—Service Class	2023	$	3,077		164	$	18.79		8.6	%		2.6	%
	2022		3,525		204		17.30		(13.4	)%		4.1	%
	2021		4,650		233		19.98		5.5	%		1.6	%
	2020		5,016		265		18.94		8.6	%		1.8	%
	2019		5,451		313		17.44		13.1	%		2.4	%
MainStay VP Epoch U.S. Equity Yield—Initial Class	2023	$	14,998		438	$	34.26		7.3	%		2.7	%
	2022		15,972		500		31.93		(3.8	)%		2.1	%
	2021		17,931		541		33.17		21.3	%		2.4	%
	2020		15,570		569		27.35		(1.3	)%		2.7	%
	2019		17,678		638		27.70		22.6	%		3.1	%
MainStay VP Equity Allocation—Service Class	2023	$	1,555		63	$	24.38		15.6	%		5.3	%
	2022		1,357		64		21.09		(18.9	)%		2.9	%
	2021		1,706		65		26.01		18.3	%		1.7	%
	2020		1,567		71		21.99		13.3	%		2.1	%
	2019		1,498		77		19.41		22.7	%		2.3	%
MainStay VP Fidelity Institutional AM® Utilities—Service Class	2023	$	6,034		297	$	20.31		(3.0	)%		1.7	%
	2022		7,127		340		20.94		4.0	%		1.8	%
	2021		7,351		365		20.14		15.4	%		1.8	%
	2020		6,995		401		17.45		(1.9	)%		2.3	%
	2019		8,323		468		17.79		21.4	%		2.2	%
MainStay VP Floating Rate—Service Class	2023	$	1,725		112	$	15.40		10.1	%		7.9	%
	2022		1,631		117		13.98		(2.8	)%		4.5	%
	2021		1,962		137		14.38		2.1	%		3.0	%
	2020		3,447		245		14.08		0.9	%		3.5	%
	2019		3,507		252		13.95		6.8	%		4.7	%

87

NYLIAC Variable Annuity Separate Accounts-I and -II

Non-Qualified and Tax-Qualified Policies

Notes to Financial Statements (Continued)

NOTE 6—Financial Highlights (Continued):

		Net Assets (in 000’s)		Units Outstanding (in 000’s)		Variable Accumulation Unit Value		Total Return1			Investment Income Ratio2
MainStay VP Growth Allocation—Service Class	2023	$	5,284		223	$	23.66		13.7	%		3.3	%
	2022		5,823		280		20.81		(15.7	)%		3.2	%
	2021		7,474		303		24.69		14.2	%		2.2	%
	2020		6,883		318		21.62		11.2	%		2.6	%
	2019		7,052		363		19.44		19.6	%		2.9	%
MainStay VP Income Builder—Initial Class	2023	$	16,102		317	$	50.74		8.6	%		3.3	%
	2022		17,176		368		46.71		(14.6	)%		2.7	%
	2021		22,937		419		54.72		9.1	%		2.9	%
	2020		22,571		450		50.16		6.6	%		2.5	%
	2019		24,332		517		47.06		16.5	%		4.8	%
MainStay VP IQ Hedge Multi-Strategy—Service Class	2023	$	92		11	$	8.19		8.6	%		3.6	%
	2022		126		17		7.54		(9.9	)%		1.6	%
	2021		189		23		8.37		(2.1	)%		0.0	%
	2020		256		30		8.55		3.8	%		1.6	%
	2019		311		38		8.05		(2.3	)%		1.3	%
MainStay VP Janus Henderson Balanced—Initial Class	2023	$	14,985		636	$	23.57		14.0	%		1.4	%
	2022		14,017		678		20.67		(17.5	)%		1.1	%
	2021		18,877		754		25.04		15.8	%		1.3	%
	2020		17,390		804		21.62		12.8	%		1.8	%
	2019		16,854		880		19.16		21.3	%		1.8	%
MainStay VP MacKay Convertible—Initial Class	2023	$	7,038		113	$	62.11		7.5	%		2.2	%
	2022		7,712		133		57.80		(13.8	)%		3.4	%
	2021		10,552		157		67.05		7.8	%		1.2	%
	2020		10,744		173		62.18		34.3	%		0.7	%
	2019		8,071		174		46.30		20.9	%		1.5	%

88

NYLIAC Variable Annuity Separate Accounts-I and -II

Non-Qualified and Tax-Qualified Policies

Notes to Financial Statements (Continued)

NOTE 6—Financial Highlights (Continued):

		Net Assets (in 000’s)		Units Outstanding (in 000’s)		Variable Accumulation Unit Value		Total Return1			Investment Income Ratio2
MainStay VP MacKay Government—Initial Class	2023	$	2,140		101	$	21.25		3.6	%		2.4	%
	2022		2,608		127		20.50		(12.4	)%		1.9	%
	2021		3,497		149		23.41		(2.8	)%		1.5	%
	2020		4,510		187		24.08		3.6	%		1.4	%
	2019		4,535		195		23.24		4.1	%		2.1	%
MainStay VP MacKay High Yield Corporate Bond—Initial Class	2023	$	21,050		397	$	52.99		10.4	%		5.6	%
	2022		22,616		471		47.98		(9.2	)%		5.2	%
	2021		29,073		550		52.87		4.1	%		4.7	%
	2020		29,857		588		50.77		4.0	%		5.7	%
	2019		32,349		663		48.80		11.8	%		5.4	%
MainStay VP MacKay Strategic Bond—Service Class	2023	$	513		41	$	12.61		8.5	%		4.6	%
	2022		585		50		11.62		(8.7	)%		3.2	%
	2021		999		79		12.72		0.4	%		2.2	%
	2020		1,210		96		12.67		4.5	%		2.4	%
	2019		1,654		136		12.13		5.4	%		3.2	%
MainStay VP Moderate Allocation—Service Class	2023	$	5,615		266	$	21.09		11.3	%		2.8	%
	2022		5,731		302		18.96		(15.0	)%		3.4	%
	2021		7,940		356		22.31		9.7	%		1.0	%
	2020		7,724		380		20.34		9.9	%		2.3	%
	2019		7,454		403		18.52		16.5	%		2.8	%
MainStay VP Natural Resources—Initial Class	2023	$	1,917		169	$	11.38		0.6	%		1.9	%
	2022		3,310		293		11.31		34.1	%		1.1	%
	2021		2,079		247		8.43		36.2	%		1.2	%
	2020		1,493		241		6.19		5.5	%		2.7	%
	2019		1,667		284		5.87		15.1	%		0.6	%

89

NYLIAC Variable Annuity Separate Accounts-I and -II

Non-Qualified and Tax-Qualified Policies

Notes to Financial Statements (Continued)

NOTE 6—Financial Highlights (Continued):

		Net Assets (in 000’s)		Units Outstanding (in 000’s)		Variable Accumulation Unit Value		Total Return1			Investment Income Ratio2
MainStay VP PIMCO Real Return—Service Class	2023	$	443		44	$	10.02		2.1	%		8.1	%
	2022		534		54		9.81		(12.8	)%		5.3	%
	2021		730		65		11.26		3.8	%		0.3	%
	2020		800		74		10.85		10.1	%		1.9	%
	2019		657		67		9.86		7.2	%		2.9	%
MainStay VP PineStone International Equity—Initial Class	2023	$	3,286		100	$	32.95		2.9	%		0.0	%
	2022		3,496		109		32.02		(27.4	)%		0.3	%
	2021		5,143		117		44.10		10.8	%		0.1	%
	2020		5,221		131		39.81		19.3	%		0.8	%
	2019		4,708		141		33.37		23.2	%		0.4	%
MainStay VP S&P 500 Index—Initial Class	2023	$	46,927		384	$	122.32		24.5	%		1.3	%
	2022		43,030		438		98.23		(19.2	)%		1.4	%
	2021		60,272		496		121.65		26.9	%		1.2	%
	2020		51,781		540		95.87		16.7	%		1.4	%
	2019		49,535		603		82.14		29.6	%		1.7	%
MainStay VP Small Cap Growth—Initial Class	2023	$	2,506		108	$	23.18		14.0	%		0.0	%
	2022		2,557		126		20.33		(27.4	)%		0.0	%
	2021		3,721		133		28.02		8.9	%		0.0	%
	2020		3,752		146		25.73		38.7	%		0.0	%
	2019		3,045		164		18.55		24.0	%		0.0	%
MainStay VP Small Cap Growth—Service Class	2023	$	652		32	$	20.58		13.7	%		0.0	%
	2022		593		33		18.09		(27.6	)%		0.0	%
	2021		876		35		25.00		8.6	%		0.0	%
	2020		1,152		50		23.01		38.3	%		0.0	%
	2019		829		50		16.64		23.7	%		0.0	%

90

NYLIAC Variable Annuity Separate Accounts-I and -II

Non-Qualified and Tax-Qualified Policies

Notes to Financial Statements (Continued)

NOTE 6—Financial Highlights (Continued):

		Net Assets (in 000’s)		Units Outstanding (in 000’s)		Variable Accumulation Unit Value		Total Return1			Investment Income Ratio2
MainStay VP U.S. Government Money Market—Initial Class	2023	$	3,847		2,912	$	1.32		3.5	%		4.7	%
	2022		4,259		3,335		1.28		0.0	%		1.4	%
	2021		3,172		2,484		1.28		(1.3	)%		0.0	%
	2020		2,926		2,263		1.30		(1.1	)%		0.2	%
	2019		3,401		2,602		1.31		0.5	%		1.8	%
MainStay VP Wellington Growth—Initial Class	2023	$	32,505		441	$	73.77		36.8	%		0.0	%
	2022		26,893		499		53.92		(34.0	)%		0.0	%
	2021		44,178		541		81.73		18.2	%		0.3	%
	2020		40,298		583		69.14		30.6	%		0.6	%
	2019		34,266		647		52.94		28.3	%		0.5	%
MainStay VP Wellington Mid Cap—Initial Class	2023	$	4,382		101	$	43.43		12.2	%		0.1	%
	2022		4,619		119		38.70		(21.5	)%		0.0	%
	2021		6,444		131		49.33		18.5	%		0.6	%
	2020		6,113		147		41.64		9.8	%		1.0	%
	2019		6,205		164		37.91		21.3	%		1.1	%
MainStay VP Wellington Small Cap—Initial Class	2023	$	2,227		197	$	11.31		12.4	%		0.8	%
	2022		2,397		238		10.06		(21.9	)%		1.1	%
	2021		3,199		248		12.88		16.5	%		0.4	%
	2020		3,150		285		11.05		8.8	%		0.1	%
	2019		3,185		313		10.16		1.6	%		0.2	%
MainStay VP Wellington U.S. Equity—Initial Class	2023	$	17,570		174	$	101.02		23.0	%		0.9	%
	2022		17,304		211		82.14		(21.7	)%		0.6	%
	2021		23,961		228		104.90		27.1	%		0.9	%
	2020		21,307		258		82.53		14.1	%		1.6	%
	2019		20,311		281		72.35		24.6	%		1.4	%

91

NYLIAC Variable Annuity Separate Accounts-I and -II

Non-Qualified and Tax-Qualified Policies

Notes to Financial Statements (Continued)

NOTE 6—Financial Highlights (Continued):

		Net Assets (in 000’s)		Units Outstanding (in 000’s)		Variable Accumulation Unit Value		Total Return1			Investment Income Ratio2
MainStay VP Winslow Large Cap Growth—Initial Class	2023	$	5,952		84	$	70.47		41.2	%		0.0	%
	2022		4,929		99		49.91		(32.1	)%		0.0	%
	2021		7,845		107		73.45		22.9	%		0.0	%
	2020		7,164		120		59.76		35.4	%		0.0	%
	2019		5,859		133		44.14		31.9	%		0.0	%
AB VPS Relative Value Portfolio—Class B	2023	$	78		7	$	11.04		10.3	%		1.1	%
	2022		47		5		10.01		0.1	%		0.2	%
American Funds IS Asset Allocation Fund—Class 4	2023	$	890		65	$	13.65		12.6	%		2.2	%
	2022		547		45		12.13		(14.8	)%		1.4	%
	2021		1,137		80		14.23		13.4	%		1.4	%
	2020		788		63		12.55		10.7	%		1.5	%
	2019		657		58		11.34		19.4	%		2.4	%
American Funds IS Global Small Capitalization Fund—Class 4	2023	$	46		3	$	13.93		14.3	%		0.0	%
	2022		39		3		12.19		(30.6	)%		0.0	%
	2021		52		3		17.57		5.1	%		0.0	%
	2020		50		3		16.72		27.7	%		0.2	%
	2019		55		4		13.09		29.5	%		0.0	%
American Funds IS Growth Fund—Class 4	2023	$	702		32	$	21.85		36.4	%		0.2	%
	2022		458		29		16.03		(31.0	)%		0.1	%
	2021		680		29		23.23		20.1	%		0.1	%
	2020		485		25		19.34		49.8	%		0.2	%
	2019		105		8		12.92		28.8	%		0.5	%
American Funds IS New World Fund®—Class 4	2023	$	157		11	$	13.70		14.2	%		1.2	%
	2022		161		13		12.00		(23.3	)%		1.1	%
	2021		200		13		15.63		3.3	%		0.6	%
	2020		262		17		15.14		21.7	%		0.0	%
	2019		275		22		12.44		27.2	%		0.8	%

92

NYLIAC Variable Annuity Separate Accounts-I and -II

Non-Qualified and Tax-Qualified Policies

Notes to Financial Statements (Continued)

NOTE 6—Financial Highlights (Continued):

		Net Assets (in 000’s)		Units Outstanding (in 000’s)		Variable Accumulation Unit Value		Total Return1			Investment Income Ratio2
American Funds IS Washington Mutual Investors FundSM—Class 4	2023	$	410		26	$	15.96		15.5	%		1.7	%
	2022		389		28		13.82		(9.9	)%		2.0	%
	2021		278		18		15.34		25.9	%		1.2	%
	2020		289		24		12.19		7.1	%		1.6	%
	2019		270		24		11.38		19.5	%		2.0	%
BlackRock® Global Allocation V.I. Fund—Class III	2023	$	932		62	$	15.13		11.0	%		2.5	%
	2022		904		66		13.63		(17.2	)%		0.0	%
	2021		1,201		73		16.45		5.0	%		0.8	%
	2020		1,137		73		15.66		19.1	%		1.2	%
	2019		1,220		93		13.14		16.2	%		1.2	%
BlackRock® High Yield V.I. Fund—Class III	2023	$	380		29	$	12.91		11.5	%		6.3	%
	2022		386		33		11.58		(11.7	)%		5.1	%
	2021		470		36		13.11		3.9	%		4.2	%
	2020		410		32		12.63		5.7	%		5.2	%
	2019		388		32		11.95		13.4	%		5.1	%
BNY Mellon IP Technology Growth Portfolio—Initial Shares	2023	$	3,202		63	$	50.87		57.4	%		0.0	%
	2022		2,146		66		32.33		(47.1	)%		0.0	%
	2021		4,575		75		61.09		11.5	%		0.0	%
	2020		4,651		85		54.80		67.7	%		0.2	%
	2019		2,655		81		32.67		24.2	%		0.0	%
BNY Mellon Sustainable U.S. Equity Portfolio—Service Shares	2023	$	38		3	$	11.18		21.9	%		0.5	%
	2022		25		3		9.17		(8.3	)%		0.0	%
ClearBridge Variable Appreciation Portfolio—Class II	2023	$	36		2	$	19.16		17.9	%		0.7	%
	2022		34		2		16.26		(13.8	)%		0.8	%
	2021		34		2		18.86		21.7	%		0.2	%
	2020		72		5		15.49		13.0	%		0.9	%
	2019		60		4		13.70		27.9	%		1.3	%

93

NYLIAC Variable Annuity Separate Accounts-I and -II

Non-Qualified and Tax-Qualified Policies

Notes to Financial Statements (Continued)

NOTE 6—Financial Highlights (Continued):

		Net Assets (in 000’s)		Units Outstanding (in 000’s)		Variable Accumulation Unit Value		Total Return1			Investment Income Ratio2
Columbia Variable Portfolio—Commodity Strategy Fund—Class 2	2023	$	17		2	$	10.30		(8.3	)%		19.3	%
	2022		25		2		11.24		17.2	%		25.5	%
	2021		21		2		9.59		30.3	%		0.0	%
	2020		15		2		7.36		(2.8	)%		22.9	%
	2019		19		3		7.57		6.4	%		0.6	%
Columbia Variable Portfolio—Emerging Markets Bond Fund—Class 2	2023	$	70		7	$	10.54		8.6	%		5.3	%
	2022		77		8		9.71		(17.2	)%		4.1	%
	2021		97		8		11.73		(3.7	)%		3.7	%
	2020		148		12		12.18		5.8	%		3.0	%
	2019		202		18		11.52		10.6	%		5.1	%
Columbia Variable Portfolio—Small Cap Value Fund—Class 2	2023	$	670		19	$	36.07		20.1	%		0.4	%
	2022		697		23		30.04		(10.1	)%		0.5	%
	2021		775		23		33.43		27.1	%		0.6	%
	2020		518		20		26.29		7.2	%		0.3	%
	2019		595		24		24.53		19.4	%		0.3	%
Delaware VIP® Small Cap Value Series—Service Class	2023	$	204		16	$	12.78		7.7	%		0.6	%
	2022		190		16		11.87		(13.5	)%		0.5	%
	2021		226		16		13.72		32.3	%		0.7	%
	2020		124		12		10.37		(3.4	)%		1.0	%
	2019		119		11		7.89		(26.5	)%		0.7	%
DWS Alternative Asset Allocation VIP—Class B	2023	$	102		9	$	11.74		4.3	%		6.1	%
	2022		126		11		11.25		(8.9	)%		6.4	%
	2021		151		12		12.36		10.9	%		2.0	%
	2020		257		23		11.14		4.0	%		2.3	%
	2019		294		27		10.72		12.9	%		3.3	%

94

NYLIAC Variable Annuity Separate Accounts-I and -II

Non-Qualified and Tax-Qualified Policies

Notes to Financial Statements (Continued)

NOTE 6—Financial Highlights (Continued):

		Net Assets (in 000’s)		Units Outstanding (in 000’s)		Variable Accumulation Unit Value		Total Return1			Investment Income Ratio2
Fidelity® VIP Bond Index Portfolio—Service Class 2	2023	$	42		5	$	8.55		3.8	%		1.9	%
	2022		80		10		8.24		(14.5	)%		1.3	%
	2021		118		12		9.64		(3.5	)%		0.8	%
	2020		136		14		9.99		(0.1	)%		1.0	%
Fidelity® VIP ContrafundSM Portfolio—Initial Class	2023	$	23,320		226	$	103.34		31.7	%		0.5	%
	2022		20,249		258		78.45		(27.3	)%		0.5	%
	2021		29,474		273		107.85		26.2	%		0.1	%
	2020		25,547		299		85.47		28.9	%		0.2	%
	2019		22,789		344		66.32		29.9	%		0.4	%
Fidelity® VIP Emerging Markets Portfolio—Service Class 2	2023	$	52		5	$	11.12		8.1	%		1.5	%
	2022		106		10		10.29		(21.4	)%		1.6	%
	2021		130		10		13.09		(3.7	)%		2.2	%
	2020		101		7		13.58		29.2	%		0.7	%
	2019		67		6		10.52		27.5	%		1.3	%
Fidelity® VIP Equity-Income PortfolioSM—Initial Class	2023	$	5,114		95	$	53.99		9.2	%		1.8	%
	2022		5,216		106		49.43		(6.2	)%		1.8	%
	2021		6,805		129		52.69		23.3	%		1.9	%
	2020		6,013		141		42.74		5.3	%		1.8	%
	2019		6,322		156		40.58		25.8	%		2.0	%
Fidelity® VIP FundsManager® 60% Portfolio—Service Class	2023	$	141		11	$	12.83		12.7	%		3.0	%
	2022		49		4		11.38		(16.2	)%		1.7	%
	2021		132		10		13.58		10.9	%		1.1	%
	2020		51		4		12.24		13.6	%		1.3	%
	2019		28		3		10.77		7.7	%		1.4	%

95

NYLIAC Variable Annuity Separate Accounts-I and -II

Non-Qualified and Tax-Qualified Policies

Notes to Financial Statements (Continued)

NOTE 6—Financial Highlights (Continued):

		Net Assets (in 000’s)		Units Outstanding (in 000’s)		Variable Accumulation Unit Value		Total Return1			Investment Income Ratio2
Fidelity® VIP Growth Opportunities Portfolio—Service Class 2	2023	$	2,206		59	$	37.66		43.4	%		0.0	%
	2022		1,491		57		26.26		(39.1	)%		0.0	%
	2021		2,887		67		43.12		10.2	%		0.0	%
	2020		2,484		64		39.12		66.1	%		0.0	%
	2019		1,133		48		23.56		38.7	%		0.0	%
Fidelity® VIP Health Care Portfolio—Service Class 2	2023	$	375		26	$	14.18		2.7	%		0.0	%
	2022		520		38		13.81		(13.7	)%		0.0	%
	2021		638		40		16.02		10.0	%		0.1	%
	2020		491		34		14.56		19.7	%		0.7	%
	2019		73		6		12.16		21.6	%		0.6	%
Fidelity® VIP International Index Portfolio—Service Class 2	2023	$	105		9	$	11.67		14.4	%		2.7	%
	2022		83		8		10.20		(17.3	)%		2.4	%
	2021		80		6		12.33		6.1	%		3.0	%
	2020		42		4		11.63		8.9	%		1.9	%
	2019		17		2		10.67		6.7	%		3.9	%
Fidelity® VIP Investment Grade Bond Portfolio—Service Class 2	2023	$	28		3	$	9.99		4.6	%		3.8	%
	2022		5		1		9.54		(4.6	)%		2.1	%
Fidelity® VIP Mid Cap Portfolio—Service Class 2	2023	$	2,633		50	$	53.01		13.3	%		0.4	%
	2022		2,755		59		46.77		(16.1	)%		0.3	%
	2021		3,564		64		55.73		23.7	%		0.4	%
	2020		3,160		70		45.05		16.3	%		0.4	%
	2019		3,203		83		38.72		21.6	%		0.7	%
Franklin Templeton Aggressive Model Portfolio—Class II	2023	$	185		13	$	14.53		16.5	%		0.8	%
	2022		205		16		12.47		(17.9	)%		2.2	%
	2021		194		13		15.19		18.0	%		1.5	%
Franklin Templeton Conservative Model Portfolio—Class II	2023	$	31		3	$	10.35		6.9	%		3.3	%
	2022		39		4		9.68		(14.3	)%		2.4	%
	2021		37		3		11.29		3.4	%		1.8	%

96

NYLIAC Variable Annuity Separate Accounts-I and -II

Non-Qualified and Tax-Qualified Policies

Notes to Financial Statements (Continued)

NOTE 6—Financial Highlights (Continued):

		Net Assets (in 000’s)		Units Outstanding (in 000’s)		Variable Accumulation Unit Value		Total Return1			Investment Income Ratio2
Franklin Templeton Moderate Model Portfolio—Class II	2023	$	1,254		103	$	12.22		11.7	%		1.8	%
	2022		986		90		10.94		(16.1	)%		2.5	%
	2021		1,173		90		13.03		10.9	%		1.7	%
	2020		923		79		11.76		17.6	%		0.9	%
Franklin Templeton Moderately Aggressive Model Portfolio—Class II	2023	$	80		6	$	13.16		14.0	%		1.2	%
	2022		85		7		11.54		(17.1	)%		2.6	%
	2021		65		5		13.92		13.1	%		1.7	%
	2020		52		4		12.31		23.1	%		1.4	%
Franklin Templeton Moderately Conservative Model Portfolio—Class II	2023	$	269		23	$	11.47		8.9	%		2.9	%
	2022		170		16		10.53		(14.4	)%		2.3	%
	2021		217		18		12.30		7.6	%		1.9	%
	2020		153		13		11.44		14.4	%		1.3	%
Invesco V.I. EQV International Equity Fund—Series II Shares	2023	$	257		20	$	12.83		16.3	%		0.0	%
	2022		220		20		11.03		(19.6	)%		1.4	%
	2021		280		20		13.71		4.2	%		1.1	%
	2020		312		24		13.15		12.3	%		2.0	%
	2019		345		29		11.71		26.6	%		1.3	%
Invesco V.I. Main Street Small Cap Fund®—Series II Shares	2023	$	49		3	$	17.83		16.3	%		1.1	%
	2022		19		1		15.33		(17.1	)%		0.2	%
	2021		24		1		18.50		20.7	%		0.2	%
Janus Henderson Enterprise Portfolio—Service Shares	2023	$	401		23	$	17.37		16.3	%		0.1	%
	2022		368		25		14.94		(17.2	)%		0.1	%
	2021		489		27		18.05		15.0	%		0.2	%
	2020		426		27		15.69		17.6	%		0.0	%
	2019		408		31		13.34		33.4	%		0.1	%

97

NYLIAC Variable Annuity Separate Accounts-I and -II

Non-Qualified and Tax-Qualified Policies

Notes to Financial Statements (Continued)

NOTE 6—Financial Highlights (Continued):

		Net Assets (in 000’s)		Units Outstanding (in 000’s)		Variable Accumulation Unit Value		Total Return1			Investment Income Ratio2
Janus Henderson Global Research Portfolio—Institutional Shares	2023	$	7,380		162	$	45.66		25.1	%		0.9	%
	2022		7,851		215		36.48		(20.5	)%		1.1	%
	2021		10,412		227		45.86		16.6	%		0.5	%
	2020		9,498		241		39.34		18.5	%		0.7	%
	2019		8,153		246		33.20		27.4	%		1.0	%
MFS® International Intrinsic Value Portfolio—Service Class	2023	$	151		11	$	14.13		15.9	%		0.5	%
	2022		152		12		12.20		(24.7	)%		0.5	%
	2021		197		12		16.20		8.9	%		0.1	%
	2020		228		15		14.89		18.7	%		0.9	%
	2019		155		12		12.55		24.0	%		1.6	%
MFS® Investors Trust Series—Initial Class	2023	$	579	$	15	$	37.48		17.4	%		0.7	%
	2022		700		22		31.91		(17.6	)%		0.7	%
	2021		922		24		38.71		25.2	%		0.6	%
	2020		983		32		30.93		12.4	%		0.6	%
	2019		1,075		39		27.51		29.9	%		0.7	%
MFS® Mid Cap Value Portfolio—Service Class	2023	$	154		9	$	17.52		10.9	%		1.4	%
	2022		208		13		15.79		(10.2	)%		0.8	%
	2021		276		16		17.58		28.9	%		0.8	%
	2020		56		4		13.64		36.4	%		0.5	%
MFS® Research Series—Initial Class	2023	$	872		20	$	44.65		20.8	%		0.5	%
	2022		784		21		36.95		(18.3	)%		0.5	%
	2021		1,044		23		45.22		23.2	%		0.5	%
	2020		928		25		36.70		15.1	%		0.7	%
	2019		995		31		31.89		31.2	%		0.8	%

98

NYLIAC Variable Annuity Separate Accounts-I and -II

Non-Qualified and Tax-Qualified Policies

Notes to Financial Statements (Continued)

NOTE 6—Financial Highlights (Continued):

		Net Assets (in 000’s)		Units Outstanding (in 000’s)		Variable Accumulation Unit Value		Total Return1			Investment Income Ratio2
Morgan Stanley VIF U.S. Real Estate Portfolio—Class II	2023	$	247		21	$	11.96		12.7	%		2.0	%
	2022		251		24		10.61		(28.2	)%		1.0	%
	2021		378		26		14.77		37.6	%		1.9	%
	2020		219		20		10.73		(18.2	)%		2.6	%
	2019		351		27		13.11		17.1	%		1.7	%
Neuberger Berman AMT Mid Cap Growth Portfolio—Class S	2023	$	1,031		22	$	47.65		16.4	%		0.0	%
	2022		977		24		40.92		(29.7	)%		0.0	%
	2021		1,583		27		58.25		11.3	%		0.0	%
	2020		1,706		33		52.35		37.9	%		0.0	%
	2019		1,266		33		37.96		30.8	%		0.0	%
PIMCO VIT Income Portfolio—Advisor Class	2023	$	135		12	$	10.87		6.8	%		5.1	%
	2022		88		9		10.18		(9.1	)%		3.6	%
	2021		44		4		11.19		0.6	%		2.7	%
	2020		30		3		11.13		11.3	%		1.0	%
PIMCO VIT International Bond Portfolio (U.S. Dollar-Hedged)—Advisor Class	2023	$	230		20	$	11.41		7.5	%		2.5	%
	2022		258		24		10.62		(11.4	)%		1.4	%
	2021		485		40		11.98		(3.3	)%		1.5	%
	2020		560		45		12.39		4.1	%		5.8	%
	2019		647		54		11.91		5.5	%		1.7	%
PIMCO VIT Low Duration Portfolio—Advisor Class	2023	$	82		9	$	9.66		3.5	%		3.5	%
	2022		89		10		9.33		(7.0	)%		1.6	%
	2021		82		8		10.04		(2.3	)%		0.4	%
	2020		103		10		10.28		1.6	%		1.1	%
	2019		90		9		10.12		2.6	%		2.8	%

99

NYLIAC Variable Annuity Separate Accounts-I and -II

Non-Qualified and Tax-Qualified Policies

Notes to Financial Statements (Continued)

NOTE 6—Financial Highlights (Continued):

		Net Assets (in 000’s)		Units Outstanding (in 000’s)		Variable Accumulation Unit Value		Total Return1			Investment Income Ratio2
PIMCO VIT Total Return Portfolio—Advisor Class	2023	$	489		48	$	10.15		4.5	%		3.5	%
	2022		487		50		9.72		(15.5	)%		2.5	%
	2021		793		69		11.50		(2.6	)%		1.7	%
	2020		946		80		11.81		7.1	%		2.0	%
	2019		804		73		11.03		6.9	%		2.9	%

Charges and fees levied by NYLIAC are disclosed in Note 3.

Expenses as a percent of average variable accumulation value were 1.30%, excluding expenses of the underlying Funds, surrender charges and the annual policy fee.

⁽¹⁾ Total returns are not annualized for periods less than a year. The amounts represent the total return for the periods indicated, including changes in the value of the underlying Fund, and expenses assessed through the reduction of unit values. These ratios do not include any expenses assessed through the redemption of units. Investment options with a date notation indicate the effective date of that investment option in the variable account. The total returns are calculated for each period indicated or from the effective date through the end of the reporting period.

⁽²⁾ These amounts represent the dividends excluding distributions of capital gains, received by an Investment Division from the underlying Fund, net of management fees assessed by the Fund manager, divided by the average investment at net assets. These ratios exclude those expenses, such as mortality and expense charges, that are assessed against contract owner accounts either through reductions in the unit values or the redemption of units. The recognition of investment income by the Investment Division is affected by the timing of the declaration of dividends by the underlying Fund in which the Investment Division invests. Annualized percentages are shown for the Investment Income Ratio for all Investment Divisions in all periods.

100

NYLIAC Variable Annuity Separate Accounts-I and -II

Non-Qualified and Tax-Qualified Policies

Notes to Financial Statements (Continued)

NOTE 6—Financial Highlights (Continued):

		Net Assets (in 000’s)		Units Outstanding (in 000’s)		Variable Accumulation Unit Value		Total Return1			Investment Income Ratio2
Separate Account-II (Tax-Qualified Policies)
MainStay VP American Century Sustainable Equity—Initial Class	2023	$	7,422		267	$	27.84		22.8	%		1.3	%
	2022		7,006		309		22.67		(8.9	)%		1.7	%
	2021		9,067		364		24.88		23.9	%		2.5	%
	2020		8,460		421		20.09		(0.3	)%		3.6	%
	2019		9,221		457		20.16		24.7	%		2.3	%
MainStay VP Balanced—Service Class	2023	$	3,928		162	$	24.23		5.9	%		1.6	%
	2022		4,686		205		22.88		(7.2	)%		0.8	%
	2021		5,002		203		24.65		15.5	%		1.1	%
	2020		4,348		204		21.34		6.2	%		1.8	%
	2019		4,981		248		20.09		15.0	%		1.7	%
MainStay VP Bond—Initial Class	2023	$	4,441		187	$	23.73		4.2	%		2.7	%
	2022		5,069		223		22.77		(15.6	)%		1.9	%
	2021		6,734		250		26.97		(2.6	)%		1.8	%
	2020		7,564		273		27.71		6.5	%		2.0	%
	2019		7,926		305		26.01		7.7	%		2.7	%
MainStay VP Candriam Emerging Markets Equity—Initial Class	2023	$	2,443		296	$	8.26		5.9	%		1.7	%
	2022		2,460		315		7.81		(29.6	)%		0.9	%
	2021		3,613		326		11.10		(3.3	)%		1.1	%
	2020		3,989		348		11.47		24.1	%		3.3	%
	2019		3,566		386		9.24		18.5	%		1.4	%
MainStay VP CBRE Global Infrastructure—Service Class	2023	$	105		15	$	6.85		2.5	%		1.5	%
	2022		102		15		6.68		(7.4	)%		1.5	%
	2021		113		16		7.22		13.5	%		0.0	%
	2020		61		10		6.36		(14.2	)%		9.3	%
	2019		46		6		7.41		3.7	%		0.0	%

101

NYLIAC Variable Annuity Separate Accounts-I and -II

Non-Qualified and Tax-Qualified Policies

Notes to Financial Statements (Continued)

NOTE 6—Financial Highlights (Continued):

		Net Assets (in 000’s)		Units Outstanding (in 000’s)		Variable Accumulation Unit Value		Total Return1			Investment Income Ratio2
MainStay VP Conservative Allocation—Service Class	2023	$	5,920		316	$	18.74		8.6	%		2.6	%
	2022		6,488		376		17.25		(13.4	)%		4.1	%
	2021		8,721		438		19.92		5.5	%		1.6	%
	2020		8,941		473		18.89		8.6	%		1.8	%
	2019		9,069		521		17.39		13.1	%		2.5	%
MainStay VP Epoch U.S. Equity Yield—Initial Class	2023	$	24,020		692	$	34.72		7.3	%		2.6	%
	2022		25,434		786		32.36		(3.8	)%		2.1	%
	2021		28,556		849		33.62		21.3	%		2.4	%
	2020		25,565		922		27.72		(1.3	)%		2.8	%
	2019		28,485		1,015		28.07		22.6	%		3.1	%
MainStay VP Equity Allocation—Service Class	2023	$	3,741		151	$	24.59		15.6	%		5.1	%
	2022		3,784		177		21.28		(18.9	)%		2.9	%
	2021		4,837		184		26.24		18.3	%		1.6	%
	2020		4,632		208		22.18		13.3	%		2.0	%
	2019		5,000		255		19.58		22.7	%		2.7	%
MainStay VP Fidelity Institutional AM® Utilities—Service Class	2023	$	10,752		529	$	20.31		(3.0	)%		1.7	%
	2022		12,939		618		20.94		4.0	%		1.8	%
	2021		14,545		722		20.14		15.4	%		1.8	%
	2020		14,100		808		17.45		(1.9	)%		2.3	%
	2019		16,887		949		17.79		21.4	%		2.2	%
MainStay VP Floating Rate—Service Class	2023	$	4,507		293	$	15.40		10.1	%		8.0	%
	2022		3,874		277		13.98		(2.8	)%		4.5	%
	2021		3,580		249		14.38		2.1	%		2.9	%
	2020		3,179		226		14.08		0.9	%		3.5	%
	2019		3,549		255		13.95		6.8	%		4.7	%

102

NYLIAC Variable Annuity Separate Accounts-I and -II

Non-Qualified and Tax-Qualified Policies

Notes to Financial Statements (Continued)

NOTE 6—Financial Highlights (Continued):

		Net Assets (in 000’s)		Units Outstanding (in 000’s)		Variable Accumulation Unit Value		Total Return1			Investment Income Ratio2
MainStay VP Growth Allocation—Service Class	2023	$	8,390		349	$	24.01		13.7	%		3.7	%
	2022		8,292		393		21.11		(15.7	)%		3.2	%
	2021		11,029		440		25.05		14.2	%		2.2	%
	2020		10,661		486		21.93		11.2	%		2.7	%
	2019		11,441		580		19.72		19.6	%		2.8	%
MainStay VP Income Builder—Initial Class	2023	$	26,422		521	$	50.74		8.6	%		3.3	%
	2022		27,871		597		46.71		(14.6	)%		2.8	%
	2021		35,692		652		54.72		9.1	%		2.9	%
	2020		34,453		687		50.16		6.6	%		2.5	%
	2019		35,546		755		47.06		16.5	%		4.8	%
MainStay VP IQ Hedge Multi-Strategy—Service Class	2023	$	474		58	$	8.19		8.6	%		4.3	%
	2022		541		72		7.54		(9.9	)%		1.5	%
	2021		773		92		8.37		(2.1	)%		0.0	%
	2020		794		93		8.55		3.8	%		1.9	%
	2019		839		102		8.24		6.8	%		1.3	%
MainStay VP Janus Henderson Balanced—Initial Class	2023	$	31,002		1,316	$	23.57		14.0	%		1.4	%
	2022		31,606		1,529		20.67		(17.5	)%		1.1	%
	2021		41,651		1,663		25.04		15.8	%		1.3	%
	2020		38,696		1,790		21.62		12.8	%		1.9	%
	2019		37,481		1,956		19.16		21.3	%		1.8	%
MainStay VP MacKay Convertible—Initial Class	2023	$	12,186		197	$	61.94		7.5	%		2.1	%
	2022		12,926		224		57.64		(13.8	)%		3.4	%
	2021		16,683		249		66.87		7.8	%		1.1	%
	2020		16,013		258		62.01		34.3	%		0.7	%
	2019		12,693		275		46.18		20.9	%		1.5	%

103

NYLIAC Variable Annuity Separate Accounts-I and -II

Non-Qualified and Tax-Qualified Policies

Notes to Financial Statements (Continued)

NOTE 6—Financial Highlights (Continued):

		Net Assets (in 000’s)		Units Outstanding (in 000’s)		Variable Accumulation Unit Value		Total Return1			Investment Income Ratio2
MainStay VP MacKay Government—Initial Class	2023	$	3,041		143	$	21.25		3.6	%		2.3	%
	2022		3,469		169		20.50		(12.4	)%		1.8	%
	2021		4,502		192		23.41		(2.8	)%		1.5	%
	2020		5,367		223		24.08		3.6	%		1.4	%
	2019		5,393		232		23.24		4.1	%		2.0	%
MainStay VP MacKay High Yield Corporate Bond—Initial Class	2023	$	27,149		513	$	52.93		10.4	%		5.7	%
	2022		28,019		585		47.93		(9.2	)%		5.3	%
	2021		35,099		665		52.81		4.1	%		4.7	%
	2020		36,481		719		50.71		4.0	%		5.8	%
	2019		38,874		798		48.74		11.8	%		5.6	%
MainStay VP MacKay Strategic Bond—Service Class	2023	$	1,855		147	$	12.61		8.5	%		4.7	%
	2022		1,732		149		11.62		(8.7	)%		3.3	%
	2021		2,332		183		12.72		0.4	%		2.2	%
	2020		2,347		185		12.67		4.5	%		2.4	%
	2019		2,571		212		12.13		5.4	%		3.3	%
MainStay VP Moderate Allocation—Service Class	2023	$	10,317		486	$	21.24		11.3	%		2.8	%
	2022		10,878		570		19.09		(15.0	)%		3.4	%
	2021		13,545		603		22.46		9.7	%		0.9	%
	2020		13,096		639		20.48		9.9	%		2.3	%
	2019		14,127		758		18.64		16.5	%		2.7	%
MainStay VP Natural Resources—Initial Class	2023	$	3,740		329	$	11.38		0.6	%		2.1	%
	2022		4,979		440		11.31		34.1	%		1.1	%
	2021		3,504		416		8.43		36.2	%		1.2	%
	2020		2,835		458		6.19		5.5	%		2.6	%
	2019		3,105		529		5.87		15.1	%		0.7	%

104

NYLIAC Variable Annuity Separate Accounts-I and -II

Non-Qualified and Tax-Qualified Policies

Notes to Financial Statements (Continued)

NOTE 6—Financial Highlights (Continued):

		Net Assets (in 000’s)		Units Outstanding (in 000’s)		Variable Accumulation Unit Value		Total Return1			Investment Income Ratio2
MainStay VP PIMCO Real Return—Service Class	2023	$	867		86	$	10.02		2.1	%		7.7	%
	2022		1,122		114		9.81		(12.8	)%		5.7	%
	2021		1,516		135		11.26		3.8	%		0.3	%
	2020		1,260		116		10.85		10.1	%		1.9	%
	2019		1,144		116		9.86		7.2	%		2.9	%
MainStay VP PineStone International Equity—Initial Class	2023	$	4,495		136	$	32.97		2.9	%		0.0	%
	2022		4,702		147		32.03		(27.4	)%		0.3	%
	2021		6,840		155		44.12		10.8	%		0.1	%
	2020		6,765		170		39.82		19.3	%		0.8	%
	2019		6,610		198		33.38		23.2	%		0.4	%
MainStay VP S&P 500 Index—Initial Class	2023	$	84,210		689	$	122.32		24.5	%		1.4	%
	2022		75,388		768		98.23		(19.2	)%		1.4	%
	2021		101,381		833		121.65		26.9	%		1.2	%
	2020		85,745		894		95.87		16.7	%		1.4	%
	2019		79,151		964		82.14		29.6	%		1.7	%
MainStay VP Small Cap Growth—Initial Class	2023	$	5,804		250	$	23.18		14.0	%		0.0	%
	2022		5,462		269		20.33		(27.4	)%		0.0	%
	2021		8,052		287		28.02		8.9	%		0.0	%
	2020		8,365		325		25.73		38.7	%		0.0	%
	2019		6,734		363		18.55		24.0	%		0.0	%
MainStay VP Small Cap Growth—Service Class	2023	$	866		42	$	20.58		13.7	%		0.0	%
	2022		790		44		18.09		(27.6	)%		0.0	%
	2021		1,339		54		25.00		8.6	%		0.0	%
	2020		1,124		49		23.01		38.3	%		0.0	%
	2019		773		46		16.64		23.7	%		0.0	%

105

NYLIAC Variable Annuity Separate Accounts-I and -II

Non-Qualified and Tax-Qualified Policies

Notes to Financial Statements (Continued)

NOTE 6—Financial Highlights (Continued):

		Net Assets (in 000’s)		Units Outstanding (in 000’s)		Variable Accumulation Unit Value		Total Return1			Investment Income Ratio2
MainStay VP U.S. Government Money Market—Initial Class	2023	$	5,399		4,086	$	1.32		3.5	%		4.7	%
	2022		6,976		5,461		1.28		0.0	%		1.3	%
	2021		6,360		4,979		1.28		(1.3	)%		0.0	%
	2020		7,279		5,624		1.30		(1.1	)%		0.2	%
	2019		5,005		3,827		1.31		0.5	%		1.8	%
MainStay VP Wellington Growth—Initial Class	2023	$	57,914		785	$	73.77		36.8	%		0.0	%
	2022		46,985		872		53.92		(34.0	)%		0.0	%
	2021		77,445		948		81.73		18.2	%		0.3	%
	2020		70,814		1,024		69.14		30.6	%		0.6	%
	2019		59,366		1,121		52.94		28.3	%		0.5	%
MainStay VP Wellington Mid Cap—Initial Class	2023	$	7,401		170	$	43.51		12.2	%		0.1	%
	2022		7,707		199		38.77		(21.5	)%		0.0	%
	2021		11,085		224		49.41		18.5	%		0.6	%
	2020		10,433		250		41.71		9.8	%		1.0	%
	2019		11,003		290		37.98		21.3	%		1.1	%
MainStay VP Wellington Small Cap—Initial Class	2023	$	3,419		302	$	11.31		12.4	%		0.8	%
	2022		3,395		337		10.06		(21.9	)%		1.1	%
	2021		4,668		363		12.88		16.5	%		0.4	%
	2020		4,414		399		11.05		8.8	%		0.1	%
	2019		4,505		443		10.16		1.6	%		0.2	%
MainStay VP Wellington U.S. Equity—Initial Class	2023	$	32,660		323	$	101.01		23.0	%		1.0	%
	2022		29,496		359		82.14		(21.7	)%		0.6	%
	2021		40,486		386		104.90		27.1	%		0.9	%
	2020		35,098		425		82.53		14.1	%		1.5	%
	2019		34,577		478		72.35		24.6	%		1.5	%

106

NYLIAC Variable Annuity Separate Accounts-I and -II

Non-Qualified and Tax-Qualified Policies

Notes to Financial Statements (Continued)

NOTE 6—Financial Highlights (Continued):

		Net Assets (in 000’s)		Units Outstanding (in 000’s)		Variable Accumulation Unit Value		Total Return1			Investment Income Ratio2
MainStay VP Winslow Large Cap Growth—Initial Class	2023	$	12,104		170	$	71.09		41.2	%		0.0	%
	2022		9,755		194		50.34		(32.1	)%		0.0	%
	2021		15,315		207		74.09		22.9	%		0.0	%
	2020		12,677		210		60.28		35.4	%		0.0	%
	2019		10,228		230		44.52		31.9	%		0.0	%
AB VPS Relative Value Portfolio—Class B	2023	$	8		1	$	11.04		10.3	%		1.0	%
	2022		14		1		10.01		0.1	%		0.9	%
American Funds IS Asset Allocation Fund—Class 4	2023	$	2,392		175	$	13.65		12.6	%		2.0	%
	2022		2,224		183		12.13		(14.8	)%		1.6	%
	2021		2,878		202		14.23		13.4	%		1.4	%
	2020		2,147		171		12.55		10.7	%		1.6	%
	2019		1,517		134		11.34		19.4	%		1.9	%
American Funds IS The Bond Fund of America®—Class 4	2023	$	10		1	$	9.86		3.4	%		4.4	%
American Funds IS Global Small Capitalization Fund—Class 4	2023	$	207		15	$	13.93		14.3	%		0.0	%
	2022		197		16		12.19		(30.6	)%		0.0	%
	2021		254		14		17.57		5.1	%		0.0	%
	2020		203		12		16.72		27.7	%		0.1	%
	2019		161		12		13.09		29.5	%		0.0	%
American Funds IS Growth Fund—Class 4	2023	$	953		44	$	21.85		36.4	%		0.2	%
	2022		784		49		16.03		(31.0	)%		0.1	%
	2021		991		43		23.23		20.1	%		0.1	%
	2020		720		37		19.34		49.8	%		0.2	%
	2019		358		28		12.92		28.8	%		0.6	%
American Funds IS New World Fund®—Class 4	2023	$	634		46	$	13.70		14.2	%		1.1	%
	2022		691		58		12.00		(23.3	)%		1.1	%
	2021		904		58		15.63		3.3	%		0.6	%
	2020		873		58		15.14		21.7	%		0.0	%
	2019		789		63		12.44		27.2	%		0.8	%

107

NYLIAC Variable Annuity Separate Accounts-I and -II

Non-Qualified and Tax-Qualified Policies

Notes to Financial Statements (Continued)

NOTE 6—Financial Highlights (Continued):

		Net Assets (in 000’s)		Units Outstanding (in 000’s)		Variable Accumulation Unit Value		Total Return1			Investment Income Ratio2
American Funds IS Washington Mutual Investors FundSM—Class 4	2023	$	1,298		81	$	15.96		15.5	%		1.7	%
	2022		1,087		79		13.82		(9.9	)%		1.8	%
	2021		1,181		77		15.34		25.9	%		1.3	%
	2020		925		76		12.19		7.1	%		1.7	%
	2019		846		74		11.38		19.5	%		2.1	%
BlackRock® Global Allocation V.I. Fund—Class III	2023	$	1,745		115	$	15.13		11.0	%		2.4	%
	2022		1,807		133		13.63		(17.2	)%		0.0	%
	2021		2,466		150		16.45		5.0	%		0.8	%
	2020		2,414		154		15.66		19.1	%		1.3	%
	2019		2,274		173		13.14		16.2	%		1.1	%
BlackRock® High Yield V.I. Fund—Class III	2023	$	916		71	$	12.91		11.5	%		6.3	%
	2022		1,023		88		11.58		(11.7	)%		5.1	%
	2021		1,293		99		13.11		3.9	%		4.3	%
	2020		1,187		94		12.63		5.7	%		5.0	%
	2019		887		74		11.95		13.4	%		5.1	%
BNY Mellon IP Technology Growth Portfolio—Initial Shares	2023	$	5,800		117	$	49.37		57.4	%		0.0	%
	2022		4,042		129		31.37		(47.1	)%		0.0	%
	2021		8,027		135		59.28		11.5	%		0.0	%
	2020		7,331		138		53.18		67.7	%		0.2	%
	2019		4,908		155		31.71		24.2	%		0.0	%
BNY Mellon Sustainable U.S. Equity Portfolio—Service Shares	2023	$	10		1	$	11.18		21.9	%		0.5	%
	2022		6		1		9.17		(8.3	)%		0.0	%
ClearBridge Variable Appreciation Portfolio—Class II	2023	$	79		4	$	19.16		17.9	%		0.7	%
	2022		118		7		16.26		(13.8	)%		0.8	%
	2021		144		8		18.86		21.7	%		0.5	%
	2020		82		5		15.49		13.0	%		0.6	%
	2019		112		8		13.70		27.9	%		1.4	%

108

NYLIAC Variable Annuity Separate Accounts-I and -II

Non-Qualified and Tax-Qualified Policies

Notes to Financial Statements (Continued)

NOTE 6—Financial Highlights (Continued):

		Net Assets (in 000’s)		Units Outstanding (in 000’s)		Variable Accumulation Unit Value		Total Return1			Investment Income Ratio2
Columbia Variable Portfolio—Commodity Strategy Fund—Class 2	2023	$	37		4	$	10.30		(8.3	)%		21.9	%
	2022		42		4		11.24		17.2	%		25.6	%
	2021		35		4		9.59		30.3	%		0.0	%
	2020		26		4		7.36		(2.8	)%		20.8	%
	2019		27		4		7.57		6.4	%		0.9	%
Columbia Variable Portfolio—Emerging Markets Bond Fund—Class 2	2023	$	190		18	$	10.54		8.6	%		5.2	%
	2022		198		20		9.71		(17.2	)%		4.1	%
	2021		259		22		11.73		(3.7	)%		3.6	%
	2020		338		28		12.18		5.8	%		3.3	%
	2019		323		28		11.52		10.6	%		4.8	%
Columbia Variable Portfolio—Intermediate Bond Fund—Class 2	2023	$	4		—	$	9.71		4.7	%		0.0	%
Columbia Variable Portfolio—Small Cap Value Fund—Class 2	2023	$	1,710		47	$	36.07		20.1	%		0.4	%
	2022		1,333		44		30.04		(10.1	)%		0.5	%
	2021		1,523		46		33.43		27.1	%		0.5	%
	2020		1,124		43		26.29		7.2	%		0.3	%
	2019		1,337		55		24.53		19.4	%		0.3	%
Delaware VIP® Small Cap Value Series—Service Class	2023	$	219		17	$	12.78		7.7	%		0.6	%
	2022		242		20		11.87		(13.5	)%		0.5	%
	2021		270		20		13.72		32.3	%		0.4	%
	2020		241		23		10.37		(3.4	)%		1.1	%
	2019		195		18		10.74		26.1	%		0.7	%
DWS Alternative Asset Allocation VIP—Class B	2023	$	368		31	$	11.74		4.3	%		6.3	%
	2022		385		34		11.25		(8.9	)%		6.2	%
	2021		442		36		12.36		10.9	%		1.7	%
	2020		489		44		11.14		4.0	%		2.6	%
	2019		495		46		10.72		12.9	%		3.1	%

109

NYLIAC Variable Annuity Separate Accounts-I and -II

Non-Qualified and Tax-Qualified Policies

Notes to Financial Statements (Continued)

NOTE 6—Financial Highlights (Continued):

		Net Assets (in 000’s)		Units Outstanding (in 000’s)		Variable Accumulation Unit Value		Total Return1			Investment Income Ratio2
Fidelity® VIP Bond Index Portfolio—Service Class 2	2023	$	211		25	$	8.55		3.8	%		2.3	%
	2022		217		26		8.24		(14.5	)%		1.4	%
	2021		302		31		9.64		(3.5	)%		0.8	%
	2020		313		31		9.99		(0.1	)%		0.9	%
Fidelity® VIP ContrafundSM Portfolio—Initial Class	2023	$	46,079		455	$	101.36		31.7	%		0.5	%
	2022		38,905		506		76.94		(27.3	)%		0.5	%
	2021		57,843		547		105.78		26.2	%		0.1	%
	2020		51,206		611		83.83		28.9	%		0.2	%
	2019		44,810		689		65.05		29.9	%		0.5	%
Fidelity® VIP Emerging Markets Portfolio—Service Class 2	2023	$	161		15	$	11.12		8.1	%		1.9	%
	2022		188		18		10.29		(21.4	)%		1.5	%
	2021		299		23		13.09		(3.7	)%		1.7	%
	2020		382		28		13.58		29.2	%		0.7	%
	2019		218		21		10.52		27.5	%		1.6	%
Fidelity® VIP Equity-Income PortfolioSM—Initial Class	2023	$	11,050		206	$	53.58		9.2	%		1.8	%
	2022		12,161		248		49.06		(6.2	)%		1.9	%
	2021		14,097		270		52.29		23.3	%		1.9	%
	2020		12,196		288		42.42		5.3	%		1.8	%
	2019		12,535		311		40.28		25.8	%		2.0	%
Fidelity® VIP FundsManager® 60% Portfolio—Service Class	2023	$	352		27	$	12.83		12.7	%		2.7	%
	2022		144		13		11.38		(16.2	)%		1.4	%
	2021		217		16		13.58		10.9	%		1.0	%
	2020		188		15		12.24		13.6	%		1.1	%
	2019		42		4		10.77		7.7	%		2.5	%

110

NYLIAC Variable Annuity Separate Accounts-I and -II

Non-Qualified and Tax-Qualified Policies

Notes to Financial Statements (Continued)

NOTE 6—Financial Highlights (Continued):

		Net Assets (in 000’s)		Units Outstanding (in 000’s)		Variable Accumulation Unit Value		Total Return1			Investment Income Ratio2
Fidelity® VIP Growth Opportunities Portfolio—Service Class 2	2023	$	4,829		128	$	37.66		43.4	%		0.0	%
	2022		3,460		132		26.26		(39.1	)%		0.0	%
	2021		5,739		133		43.12		10.2	%		0.0	%
	2020		4,698		120		39.12		66.1	%		0.0	%
	2019		2,619		111		23.56		38.7	%		0.0	%
Fidelity® VIP Health Care Portfolio—Service Class 2	2023	$	742		52	$	14.18		2.7	%		0.0	%
	2022		924		67		13.81		(13.7	)%		0.0	%
	2021		1,090		68		16.02		10.0	%		0.0	%
	2020		586		40		14.56		19.7	%		0.7	%
	2019		117		10		12.16		21.6	%		0.3	%
Fidelity® VIP International Index Portfolio—Service Class 2	2023	$	58		5	$	11.67		14.4	%		2.7	%
	2022		53		5		10.20		(17.3	)%		2.1	%
	2021		70		6		12.33		6.1	%		2.4	%
	2020		36		3		11.63		8.9	%		1.2	%
	2019		63		6		10.67		6.7	%		2.1	%
Fidelity® VIP Investment Grade Bond Portfolio—Service Class 2	2023	$	7		1	$	9.99		4.6	%		2.1	%
	2022		1		—		9.54		(4.6	)%		0.0	%
Fidelity® VIP Mid Cap Portfolio—Service Class 2	2023	$	5,706		106	$	53.91		13.3	%		0.4	%
	2022		5,737		121		47.57		(16.1	)%		0.3	%
	2021		7,374		130		56.68		23.7	%		0.4	%
	2020		6,676		146		45.82		16.3	%		0.4	%
	2019		6,561		167		39.39		21.6	%		0.7	%
Franklin Templeton Aggressive Model Portfolio—Class II	2023	$	567		39	$	14.53		16.5	%		1.0	%
	2022		433		35		12.47		(17.9	)%		3.4	%
	2021		320		21		15.19		18.0	%		1.7	%
	2020		135		11		12.88		28.8	%		1.7	%

111

NYLIAC Variable Annuity Separate Accounts-I and -II

Non-Qualified and Tax-Qualified Policies

Notes to Financial Statements (Continued)

NOTE 6—Financial Highlights (Continued):

		Net Assets (in 000’s)		Units Outstanding (in 000’s)		Variable Accumulation Unit Value		Total Return1			Investment Income Ratio2
Franklin Templeton Conservative Model Portfolio—Class II	2023	$	911		88	$	10.35		6.9	%		3.7	%
	2022		705		73		9.68		(14.3	)%		3.4	%
	2021		449		40		11.29		3.4	%		2.2	%
	2020		290		27		10.93		9.3	%		1.5	%
Franklin Templeton Moderate Model Portfolio—Class II	2023	$	2,521		206	$	12.22		11.7	%		2.1	%
	2022		1,278		117		10.94		(16.1	)%		2.4	%
	2021		1,798		138		13.03		10.9	%		1.9	%
	2020		872		74		11.76		17.6	%		1.4	%
Franklin Templeton Moderately Aggressive Model Portfolio—Class II	2023	$	827		63	$	13.16		14.0	%		1.1	%
	2022		840		73		11.54		(17.1	)%		2.9	%
	2021		499		36		13.92		13.1	%		2.0	%
	2020		180		15		12.31		23.1	%		1.7	%
Franklin Templeton Moderately Conservative Model Portfolio—Class II	2023	$	1,359		119	$	11.47		8.9	%		2.7	%
	2022		1,086		103		10.53		(14.4	)%		2.7	%
	2021		1,178		96		12.30		7.6	%		2.5	%
	2020		645		56		11.44		14.4	%		1.5	%
Invesco V.I. EQV International Equity Fund—Series II Shares	2023	$	241		19	$	12.83		16.3	%		0.0	%
	2022		338		31		11.03		(19.6	)%		1.5	%
	2021		481		35		13.71		4.2	%		1.0	%
	2020		599		46		13.15		12.3	%		2.1	%
	2019		618		53		11.71		26.6	%		1.3	%
Invesco V.I. Main Street Small Cap Fund®—Series II Shares	2023	$	167		9	$	17.83		16.3	%		0.8	%
	2022		239		16		15.33		(17.1	)%		0.3	%
	2021		143		8		18.50		20.7	%		0.3	%
	2020		20		1		15.33		53.3	%		0.3	%

112

NYLIAC Variable Annuity Separate Accounts-I and -II

Non-Qualified and Tax-Qualified Policies

Notes to Financial Statements (Continued)

NOTE 6—Financial Highlights (Continued):

		Net Assets (in 000’s)		Units Outstanding (in 000’s)		Variable Accumulation Unit Value		Total Return1			Investment Income Ratio2
Janus Henderson Enterprise Portfolio—Service Shares	2023	$	746		43	$	17.37		16.3	%		0.1	%
	2022		796		53		14.94		(17.2	)%		0.1	%
	2021		953		53		18.05		15.0	%		0.2	%
	2020		888		57		15.69		17.6	%		0.0	%
	2019		727		55		13.34		33.4	%		0.1	%
Janus Henderson Global Research Portfolio—Institutional Shares	2023	$	17,904		391	$	45.75		25.1	%		0.9	%
	2022		15,320		419		36.55		(20.5	)%		1.1	%
	2021		20,516		447		45.95		16.6	%		0.5	%
	2020		19,162		486		39.42		18.5	%		0.7	%
	2019		17,645		531		33.26		27.4	%		1.0	%
MFS® International Intrinsic Value Portfolio—Service Class	2023	$	438		31	$	14.13		15.9	%		0.5	%
	2022		474		39		12.20		(24.7	)%		0.5	%
	2021		647		40		16.20		8.9	%		0.1	%
	2020		500		34		14.89		18.7	%		0.8	%
	2019		424		34		12.55		24.0	%		1.5	%
MFS® Investors Trust Series—Initial Class	2023	$	1,477		38	$	38.51		17.4	%		0.7	%
	2022		1,746		53		32.79		(17.6	)%		0.7	%
	2021		2,308		58		39.78		25.2	%		0.6	%
	2020		1,975		62		31.78		12.4	%		0.6	%
	2019		1,994		70		28.27		29.9	%		0.7	%
MFS® Mid Cap Value Portfolio—Service Class	2023	$	556		32	$	17.52		10.9	%		1.5	%
	2022		500		32		15.79		(10.2	)%		0.9	%
	2021		389		22		17.58		28.9	%		0.8	%
	2020		138		10		13.64		36.4	%		0.0	%
MFS® Research International Portfolio—Service Class	2023	$	—		—	$	—		—			—
	2022		4		—		9.65		(3.5	)%		0.0	%

113

NYLIAC Variable Annuity Separate Accounts-I and -II

Non-Qualified and Tax-Qualified Policies

Notes to Financial Statements (Continued)

NOTE 6—Financial Highlights (Continued):

		Net Assets (in 000’s)		Units Outstanding (in 000’s)		Variable Accumulation Unit Value		Total Return1			Investment Income Ratio2
MFS® Research Series—Initial Class	2023	$	1,134		26	$	44.08		20.8	%		0.5	%
	2022		1,092		30		36.48		(18.3	)%		0.5	%
	2021		1,445		32		44.63		23.2	%		0.5	%
	2020		1,240		34		36.23		15.1	%		0.7	%
	2019		1,302		41		31.48		31.2	%		0.8	%
Morgan Stanley VIF U.S. Real Estate Portfolio—Class II	2023	$	313		26	$	11.96		12.7	%		2.1	%
	2022		428		40		10.61		(28.2	)%		0.9	%
	2021		703		48		14.77		37.6	%		1.9	%
	2020		372		35		10.73		(18.2	)%		2.5	%
	2019		639		49		13.11		17.1	%		1.6	%
Neuberger Berman AMT Mid Cap Growth Portfolio—Class S	2023	$	2,350		52	$	45.44		16.4	%		0.0	%
	2022		2,175		56		39.02		(29.7	)%		0.0	%
	2021		3,679		66		55.55		11.3	%		0.0	%
	2020		3,401		68		49.92		37.9	%		0.0	%
	2019		2,531		70		36.20		30.8	%		0.0	%
PIMCO VIT Income Portfolio—Advisor Class	2023	$	628		58	$	10.87		6.8	%		5.1	%
	2022		465		46		10.18		(9.1	)%		3.6	%
	2021		285		25		11.19		0.6	%		2.7	%
	2020		64		6		11.13		11.3	%		0.5	%
PIMCO VIT International Bond Portfolio (U.S. Dollar-Hedged)—Advisor Class	2023	$	723		63	$	11.41		7.5	%		2.5	%
	2022		791		75		10.62		(11.4	)%		1.4	%
	2021		1,101		92		11.98		(3.3	)%		1.5	%
	2020		1,087		88		12.39		4.1	%		5.8	%
	2019		1,151		97		11.91		5.5	%		1.7	%

114

NYLIAC Variable Annuity Separate Accounts-I and -II

Non-Qualified and Tax-Qualified Policies

Notes to Financial Statements (Continued)

NOTE 6—Financial Highlights (Continued):

		Net Assets (in 000’s)		Units Outstanding (in 000’s)		Variable Accumulation Unit Value		Total Return1			Investment Income Ratio2
PIMCO VIT Low Duration Portfolio—Advisor Class	2023	$	187		19	$	9.66		3.5	%		3.5	%
	2022		217		23		9.33		(7.0	)%		1.6	%
	2021		379		38		10.04		(2.3	)%		0.4	%
	2020		489		48		10.28		1.6	%		1.0	%
	2019		229		23		10.12		2.6	%		2.7	%
PIMCO VIT Total Return Portfolio—Advisor Class	2023	$	1,037		102	$	10.15		4.5	%		3.5	%
	2022		1,070		110		9.72		(15.5	)%		2.5	%
	2021		1,784		155		11.50		(2.6	)%		1.7	%
	2020		2,262		192		11.81		7.1	%		2.0	%
	2019		1,690		153		11.03		6.9	%		2.9	%
Western Asset Core Plus VIT Portfolio—Class II	2023	$	9		1	$	9.94		5.1	%		3.6	%

Charges and fees levied by NYLIAC are disclosed in Note 3.

Expenses as a percent of average variable accumulation value were 1.30%, excluding expenses of the underlying Funds, surrender charges and the annual policy fee.

(1) Total returns are not annualized for periods less than a year. These amounts represent the total return for the periods indicated, including changes in the value of the underlying Fund, and expenses assessed through the reduction of unit values. These ratios do not include any expenses assessed through the redemption of units. Investment options with a date notation indicate the effective date of that investment option in the variable account. The total returns are calculated for each period indicated or from the effective date through the end of the reporting period.

(2) These amounts represent the dividends excluding distributions of capital gains, received by an Investment Division from the underlying Fund, net of management fees assessed by the Fund manager, divided by the average investment at net assets. These ratios exclude those expenses, such as mortality and expense charges, that are assessed against contract owner accounts either through reductions in the unit values or the redemption of units. The recognition of investment income by the Investment Division is affected by the timing of the declaration of dividends by the underlying Fund in which the Investment Division invests. Annualized percentages are shown for the Investment Income Ratio for all Investment Divisions in all periods.

115

Report of Independent Registered Public Accounting Firm

To the Board of Directors of New York Life Insurance and Annuity Corporation and the Policyowners of NYLIAC Variable Annuity Separate Account-I and NYLIAC Variable Annuity Separate Account-II

Opinions on the Financial Statements

We have audited the accompanying statements of assets and liabilities of each of the investment divisions of NYLIAC Variable Annuity Separate Account-I and NYLIAC Variable Annuity Separate Account-II indicated in the table below as of December 31, 2023, 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 investment divisions of NYLIAC Variable Annuity Separate Account-I and NYLIAC Variable Annuity Separate Account-II as of December 31, 2023, 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.

MainStay VP American Century Sustainable Equity—Initial Class (1)	MainStay VP Wellington Mid Cap—Initial Class (1)	Fidelity® VIP Growth Opportunities Portfolio—Service Class 2 (1)
MainStay VP Balanced—Service Class (1)	MainStay VP Wellington Small Cap—Initial Class (1)	Fidelity® VIP Health Care Portfolio—Service Class 2 (1)
MainStay VP Bond—Initial Class (1)	MainStay VP Wellington U.S. Equity—Initial Class (1)	Fidelity® VIP International Index Portfolio—Service Class 2 (1)
MainStay VP Candriam Emerging Markets Equity—Initial Class (1)	MainStay VP Winslow Large Cap Growth—Initial Class (1)	Fidelity® VIP Investment Grade Bond Portfolio—Service Class 2 (2)
MainStay VP CBRE Global Infrastructure—Service Class (1)	AB VPS Relative Value Portfolio—Class B (2)	Fidelity® VIP Mid Cap Portfolio—Service Class 2 (1)
MainStay VP Conservative Allocation—Service Class (1)	American Funds IS Asset Allocation Fund—Class 4 (1)	Franklin Templeton Aggressive Model Portfolio—Class II (1)
MainStay VP Epoch U.S. Equity Yield—Initial Class (1)	American Funds IS The Bond Fund of America®—Class 4 (1)	Franklin Templeton Conservative Model Portfolio—Class II (1)
MainStay VP Equity Allocation—Service Class (1)	American Funds IS Global Small Capitalization Fund—Class 4 (1)	Franklin Templeton Moderate Model Portfolio—Class II (1)
MainStay VP Fidelity Institutional AM® Utilities—Service Class (1)	American Funds IS Growth Fund—Class 4 (1)	Franklin Templeton Moderately Aggressive Model Portfolio—Class II (1)
MainStay VP Floating Rate—Service Class (1)	American Funds IS New World Fund®—Class 4 (1)	Franklin Templeton Moderately Conservative Model Portfolio—Class II (1)
MainStay VP Growth Allocation—Service Class (1)	American Funds IS Washington Mutual Investors FundSM—Class 4 (1)	Invesco V.I. EQV International Equity Fund—Series II Shares (1)
MainStay VP Income Builder—Initial Class (1)	BlackRock® Global Allocation V.I. Fund—Class III (1)	Invesco V.I. Main Street Small Cap Fund®—Series II Shares (1)
MainStay VP IQ Hedge Multi- Strategy—Service Class (1)	BlackRock® High Yield V.I. Fund—Class III (1)	Janus Henderson Enterprise Portfolio—Service Shares (1)
MainStay VP Janus Henderson Balanced—Initial Class (1)	BNY Mellon IP Technology Growth Portfolio—Initial Shares (1)	Janus Henderson Global Research Portfolio—Institutional Shares (1)
MainStay VP MacKay Convertible—Initial Class (1)	BNY Mellon Sustainable U.S. Equity Portfolio—Service Shares (2)	MFS® International Intrinsic Value Portfolio—Service Class (1)
MainStay VP MacKay Government—Initial Class (1)	ClearBridge Variable Appreciation Portfolio—Class II (1)	MFS® Investors Trust Series—Initial Class (1)
MainStay VP MacKay High Yield Corporate Bond—Initial Class (1)	Columbia Variable Portfolio—Commodity Strategy Fund—Class 2 (1)	MFS® Mid Cap Value Portfolio—Service Class (1)

116

Report of Independent Registered Public Accounting Firm (Continued)

MainStay VP MacKay Strategic Bond—Service Class (1)	Columbia Variable Portfolio—Emerging Markets Bond Fund—Class 2 (1)	MFS® Research International Portfolio—Service Class (2)
MainStay VP Moderate Allocation—Service Class (1)	Columbia Variable Portfolio—Intermediate Bond Fund—Class 2 (1)	MFS® Research Series—Initial Class (1)
MainStay VP Natural Resources—Initial Class (1)	Columbia Variable Portfolio—Small Cap Value Fund—Class 2 (1)	Morgan Stanley VIF U.S. Real Estate Portfolio—Class II (1)
MainStay VP PIMCO Real Return—Service Class (1)	Delaware VIP® Small Cap Value Series—Service Class (1)	Neuberger Berman AMT Mid Cap Growth Portfolio—Class S (1)
MainStay VP PineStone International Equity—Initial Class (1)	DWS Alternative Asset Allocation VIP—Class B (1)	PIMCO VIT Income Portfolio—Advisor Class (1)
MainStay VP S&P 500 Index—Initial Class (1)	Fidelity® VIP Bond Index Portfolio—Service Class 2 (1)	PIMCO VIT International Bond Portfolio (U.S. Dollar-Hedged)—Advisor Class (1)
MainStay VP Small Cap Growth—Initial Class (1)	Fidelity® VIP ContrafundSM Portfolio—Initial Class (1)	PIMCO VIT Low Duration Portfolio—Advisor Class (1)
MainStay VP Small Cap Growth—Service Class (1)	Fidelity® VIP Emerging Markets Portfolio—Service Class 2 (1)	PIMCO VIT Total Return Portfolio—Advisor Class (1)
MainStay VP U.S. Government Money Market—Initial Class (1)	Fidelity® VIP Equity-Income PortfolioSM—Initial Class (1)	Western Asset Core Plus VIT Portfolio—Class II (1)
MainStay VP Wellington Growth—Initial Class (1)	Fidelity® VIP FundsManager® 60% Portfolio—Service Class (1)

⁽¹⁾ Statement of operations for the year ended December 31, 2023 and statement of changes in net assets for the years ended December 31, 2023 and 2022

⁽²⁾ Statement of operations for the year ended December 31, 2023 and statement of changes in net assets for the year ended December 31, 2023 and the period May 1, 2022 (commencement of operations) through December 31, 2022

Basis for Opinions

These financial statements are the responsibility of the New York Life Insurance and Annuity Corporation management. Our responsibility is to express an opinion on the financial statements of each of the investment divisions of NYLIAC Variable Annuity Separate Account-I and NYLIAC Variable Annuity Separate Account-II 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 investment divisions of NYLIAC Variable Annuity Separate Account-I and NYLIAC Variable Annuity Separate Account-II 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, 2023 by correspondence with the custodian and the investee mutual funds. We believe that our audits provide a reasonable basis for our opinions.

117

Report of Independent Registered Public Accounting Firm (Continued)

/s/ PricewaterhouseCoopers LLP

New York, New York

April 4, 2024

We have served as the auditor of one or more of the investment divisions of NYLIAC Variable Annuity Separate Account-I and NYLIAC Variable Annuity Separate Account-II since at least 1994. We have not been able to determine the specific year we began serving as auditor.

118

NEW YORK LIFE INSURANCE AND ANNUITY CORPORATION

(A wholly-owned subsidiary of

New York Life Insurance Company)

FINANCIAL STATEMENTS

AND SUPPLEMENTAL SCHEDULES

(STATUTORY BASIS)

December 31, 2023, 2022 and 2021

Table of Contents

	Page Number
Report of Independent Auditors		1
Statutory Statements of Financial Position		3
Statutory Statements of Operations		4
Statutory Statements of Changes in Capital and Surplus		5
Statutory Statements of Cash Flows		6
Notes to Statutory Financial Statements
Note 1 - Nature of Operations		8
Note 2 - Basis of Presentation		8
Note 3 - Significant Accounting Policies		10
Note 4 - Business Risks and Uncertainties		17
Note 5 - Recent Accounting Pronouncements		18
Note 6 - Investments		19
Note 7 - Derivative Instruments and Risk Management		32
Note 8 - Separate Accounts		38
Note 9 - Fair Value Measurements		41
Note 10 - Investment Income and Capital Gains and Losses		50
Note 11 - Related Party Transactions		54
Note 12 - Insurance Liabilities		57
Note 13 - Reinsurance		64
Note 14 - Benefit Plans		65
Note 15 - Commitments and Contingencies		66
Note 16 - Income Taxes		68
Note 17 - Capital and Surplus		72
Note 18 - Dividends to Stockholder		73
Note 19 - Written Premiums		73
Note 20 - Loan-Backed and Structured Security Impairments		74
Note 21 - Subsequent Events		75
Glossary of Terms		76
Supplemental Schedules and Interrogatories
Schedule 1- Supplemental Schedule of Selected Financial Data		78
Schedule 2- Summary Investment Schedule		82
Schedule 3- Investment Risks Interrogatories		84
Schedule 4- Supplemental Schedule of Reinsurance Contracts		90

Report of Independent Auditors

To the Board of Directors of New York Life Insurance and Annuity Corporation

Opinions

We have audited the accompanying statutory basis financial statements of New York Life Insurance and Annuity Corporation (the “Company”), which comprise the statutory statements of financial position as of December 31, 2023 and 2022, and the related statutory statements of operations, of changes in capital and surplus, and of cash flows for each of the three years ended December 31, 2023, including the related notes (collectively referred to as the “financial statements”).

Unmodified Opinion on Statutory Basis of Accounting

In our opinion, the accompanying financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2023 and 2022, and the results of its operations and its cash flows for each of the three years ended December 31, 2023, in accordance with the accounting practices prescribed or permitted by the Delaware Department of Insurance described in Note 2.

Adverse Opinion on U.S. Generally Accepted Accounting Principles

In our opinion, because of the significance of the matter discussed in the Basis for Adverse Opinion on U.S. Generally Accepted Accounting Principles section of our report, the accompanying financial statements 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, 2023 and 2022, or the results of its operations or its cash flows for each of the three years ended December 31, 2023.

Basis for Opinions

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

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

As described in Note 2 to the financial statements, the financial statements are prepared by the Company 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 2 and accounting principles generally accepted in the United States of America, although not reasonably determinable, are presumed to be material.

Responsibilities of Management 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.

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

PricewaterhouseCoopers LLP, 300 Madison Avenue, New York, New York 10017

T: (646) 471 3000, www.pwc.com/us

Auditors’ Responsibilities for the Audit of the Financial Statements

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

In performing an audit in accordance with US GAAS, we:

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

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

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

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

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

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

Supplemental Information

Our audit was conducted for the purpose of forming an opinion on the financial statements taken as a whole. The supplemental schedule of selected financial data, summary investment schedule, investment risks interrogatories, and supplemental schedule of reinsurance contracts (collectively referred to as the “supplemental schedules”) of the Company as of December 31, 2023 and for the year then ended are presented to comply with the National Association of Insurance Commissioners’ Annual Statement Instructions and Accounting Practices and Procedures Manual and for purposes of additional analysis and are not a required part of the financial statements. The supplemental schedules are the responsibility of management and were derived from and relate directly to the underlying accounting and other records used to prepare the financial statements. The supplemental schedules have been subjected to the auditing procedures applied in the audit of the financial statements and certain additional procedures, including comparing and reconciling such information directly to the underlying accounting and other records used to prepare the financial statements or to the financial statements themselves and other additional procedures, in accordance with auditing standards generally accepted in the United States of America. In our opinion, the supplemental schedules are fairly stated, in all material respects, in relation to the financial statements taken as a whole.

New York, New York

February 28, 2024

2

NEW YORK LIFE INSURANCE AND ANNUITY CORPORATION

(A wholly-owned subsidiary of New York Life Insurance Company)

STATUTORY STATEMENTS OF FINANCIAL POSITION

	December 31,
	2023			2022
	(in millions)
Assets
Bonds	$	102,056		$	93,817
Common and preferred stocks		659			1,285
Mortgage loans		15,484			15,544
Policy loans		928			862
Other invested assets		3,583			3,721
Cash, cash equivalents and short-term investments		1,696			6,401
Derivatives		1,196			1,360
Total cash and invested assets		125,602			122,990
Investment income due and accrued		1,005			851
Admitted disallowed interest maintenance reserve		328			—
Interest in annuity contracts		10,774			10,236
Other assets		1,201			1,101
Separate accounts assets		55,405			49,808
Total assets	$	194,315		$	184,986
Liabilities, capital and surplus
Liabilities:
Policy reserves	$	112,990		$	109,695
Deposit funds		1,583			1,441
Policy claims		1,041			1,049
Separate accounts transfers due and accrued		(1,114	)		(1,104	)
Obligations under structured settlement agreements		10,774			10,236
Amounts payable under security lending agreements		678			675
Other liabilities		2,106			2,798
Interest maintenance reserve		—			(8	)
Asset valuation reserve		1,939			1,890
Separate accounts liabilities		55,388			49,777
Total liabilities		185,385			176,449
Capital and Surplus:
Capital stock - par value $10,000 (20,000 shares authorized, 2,500 issued and outstanding)		25			25
Gross paid in and contributed surplus		4,458			4,458
Special surplus for admitted disallowed interest maintenance reserve		328			—
Unassigned surplus		4,119			4,054
Total capital and surplus		8,930			8,537
Total liabilities, capital and surplus	$	194,315		$	184,986

See accompanying notes to financial statements.

3

NEW YORK LIFE INSURANCE AND ANNUITY CORPORATION

(A wholly-owned subsidiary of New York Life Insurance Company)

STATUTORY STATEMENTS OF OPERATIONS

Years Ended December 31,
2023	2022	2021

	(in millions)
Income
Premiums	$	16,743		$	21,033		$	14,012
Net investment income		5,276			4,304			4,261
Other income		1,129			1,093			1,073
Total income		23,148			26,430			19,346
Benefits and expenses
Benefit payments:
Death benefits		2,275			2,345			2,343
Annuity benefits		3,664			3,431			3,430
Surrender benefits		12,037			9,256			9,054
Other benefit payments		103			93			87
Total benefit payments		18,079			15,125			14,914
Additions to policy reserves		3,334			9,721			418
Net transfers (from)/to separate accounts		(648	)		444			1,909
Operating expenses		1,710			1,645			1,432
Total benefits and expenses		22,475			26,935			18,673
Gain/(loss) from operations before federal and foreign income taxes		673			(505	)		673
Federal and foreign income taxes		268			114			187
Net gain/(loss) from operations		405			(619	)		486
Net realized capital gains/(losses), after taxes and transfers to interest maintenance reserve		188			(37	)		(157	)
Net income/(loss)	$	593		$	(656	)	$	329

See accompanying notes to financial statements.

4

NEW YORK LIFE INSURANCE AND ANNUITY CORPORATION

(A wholly-owned subsidiary of New York Life Insurance Company)

STATUTORY STATEMENTS OF CHANGES IN CAPITAL AND SURPLUS

	Years Ended December 31,
	2023			2022			2021
	(in millions)
Capital and surplus, beginning of year	$	8,537		$	9,734		$	9,448
Net increase/(decrease) due to:
Net income/(loss)		593			(656	)		329
Change in net unrealized capital (losses)/gains on investments		(268	)		(153	)		589
Change in nonadmitted assets		(89	)		(300	)		(7	)
Change in reserve valuation basis		31			—			536
Change in asset valuation reserve		(49	)		(16	)		(271	)
Change in net deferred income tax		189			311			106
Dividends to parent		—			(400	)		(942	)
Prior period corrections		—			—			(77	)
Other adjustments, net		(14	)		17			23
Net increase/(decrease)		393			(1,197	)		286
Capital and surplus, end of year	$	8,930		$	8,537		$	9,734

See accompanying notes to financial statements.

5

NEW YORK LIFE INSURANCE AND ANNUITY CORPORATION

(A wholly-owned subsidiary of New York Life Insurance Company)

STATUTORY STATEMENTS OF CASH FLOWS

	Years Ended December 31,
	2023			2022			2021
	(in millions)
Cash flows from operating activities:
Premiums received	$	16,730		$	20,995		$	13,623
Net investment income received		4,878			3,888			4,237
Other		1,130			1,095			1,080
Total received		22,738			25,978			18,940
Benefits and other payments		18,054			15,140			14,154
Net transfers (from)/to separate accounts		(635	)		334			2,020
Operating expenses		1,548			1,580			1,356
Federal income taxes		235			101			285
Total paid		19,202			17,155			17,815
Net cash from/(used in) operating activities		3,536			8,823			1,125
Cash flows from investing activities:
Proceeds from investments sold		4,331			6,998			8,403
Proceeds from investments matured or repaid		9,850			8,889			12,844
Cost of investments acquired		(21,917	)		(20,237	)		(22,397	)
Net change in policy loans		(66	)		(9	)		34
Net cash (used in)/from investing activities		(7,802	)		(4,359	)		(1,116	)
Cash flows from financing and miscellaneous activities:
Dividends to New York Life		—			(400	)		(942	)
Other miscellaneous uses		(438	)		574			(103	)
Net cash (used in)/from financing and miscellaneous activities		(438	)		174			(1,045	)
Net (decrease)/increase in cash, cash equivalents and short-term investments		(4,704	)		4,638			(1,036	)
Cash, cash equivalents and short-term investments, beginning of year		6,401			1,763			2,799
Cash, cash equivalents and short-term investments, end of year	$	1,697		$	6,401		$	1,763

See accompanying notes to financial statements.

6

NEW YORK LIFE INSURANCE AND ANNUITY CORPORATION

(A wholly-owned subsidiary of New York Life Insurance Company)

STATUTORY STATEMENTS OF CASH FLOWS (supplemental)

	Years Ended December 31,
	2023		2022		2021
	(in millions)
Non-cash activities during the year not included in the Statutory Statements of Cash Flows:
Transfer of bond investment to bond investment	$	556	$	6,760	$	1,348
Transfer of other invested assets investment to insurance affiliate in exchange for bonds	$	—	$	250	$	—
Transfer of assets between bond investment and other invested assets	$	23	$	146	$	66
Capitalized interest on bonds and mortgage loans	$	76	$	95	$	119
Depreciation/amortization on fixed assets	$	92	$	73	$	73
Low-income housing tax credit future commitments	$	10	$	68	$	80
Transfer of mortgage loans to other invested assets	$	3	$	44	$	72
Transfers between equity investment and equity investment	$	40	$	34	$	5
Bonds to be announced commitments - purchased/sold	$	—	$	19	$	1,535
Other invested assets stock distribution	$	—	$	6	$	16
Dividend to New York Life paid in bonds	$	—	$	—	$	402
Exchange of bonds to stocks	$	—	$	—	$	3

See accompanying notes to financial statements.

7

NEW YORK LIFE INSURANCE AND ANNUITY CORPORATION

NOTES TO STATUTORY FINANCIAL STATEMENTS

December  31, 2023, 2022 and 2021

NOTE 1—NATURE OF OPERATIONS

New York Life Insurance and Annuity Corporation (“the Company”), domiciled in the State of Delaware, is a direct, wholly-owned subsidiary of New York Life Insurance Company (“New York Life”). The Company’s primary business operations are its life and annuity business and its investment management activities. The Company offers a wide variety of interest sensitive and variable life insurance and annuity products to a large cross section of the insurance market. The Company markets its products in all 50 states of the United States of America and the District of Columbia, primarily through New York Life’s career agency force, with certain products also marketed through independent brokers, brokerage general agents and banks.

NOTE 2—BASIS OF PRESENTATION

The accompanying financial statements have been prepared using accounting practices prescribed or permitted by the Delaware State Insurance Department (“the Department” or “statutory accounting practices”), which is a comprehensive basis of accounting other than accounting principles generally accepted in the United States of America (“U.S. GAAP”).

The Department recognizes only statutory accounting practices prescribed or permitted by the State of Delaware for determining and reporting the financial position and results of operations of an insurance company and for determining its solvency under the Delaware State Insurance Law. The National Association of Insurance Commissioners’ (“NAIC”) Accounting Practices and Procedures Manual (“NAIC SAP”) has been adopted as a component of prescribed or permitted practices by the State of Delaware. Prescribed statutory accounting practices include state laws and regulations. Permitted statutory accounting practices encompass accounting practices that are not prescribed; such practices differ from state to state, may differ from company to company within a state, and may change in the future. The Company has no permitted practices.

Prior Period Correction

In 2021, the Company corrected its assumption of the duration in which bank owned life insurance policies paid premiums under the universal life (“UL”) Commissioners Reserve Valuation Methodology. As a result, the Company recorded a prior period correction decreasing surplus by $77 million in 2021.

Statutory vs. U.S. GAAP Basis of Accounting

Financial statements prepared under NAIC SAP as determined under Delaware State Insurance Law vary from those prepared under U.S. GAAP. The effects of those differences are material to the Company’s financial statements. The primary differences that would most likely be material are as follows:

Investments

• investments in bonds are generally carried at amortized cost or values as prescribed by the Department, whereas under U.S. GAAP, investments in bonds that are classified as available for sale or trading are carried at fair value, with changes in fair value of bonds classified as available for sale reflected in equity, and changes in fair value of bonds classified as trading reflected in earnings;

• investments in noncontrolled partnerships and limited liability companies are accounted for under the equity method for both NAIC SAP and U.S. GAAP. Under the statutory equity method, undistributed income and capital gains and losses for these investments are reported in surplus as unrealized gains or losses, whereas under U.S. GAAP, in many cases, for investment companies, unrealized gains and losses are included in net investment income;

8

NEW YORK LIFE INSURANCE AND ANNUITY CORPORATION

NOTES TO STATUTORY FINANCIAL STATEMENTS

NOTE 2—BASIS OF PRESENTATION (continued)

• credit loss-related bond impairments that are deemed to be other than temporary are recorded as a direct write-down to the security without the ability to reverse those losses in the future if expected cash flows increase. Under U.S. GAAP, estimated credit losses on bonds classified as available for sale are recorded through an allowance for credit losses subject to future reversals if expected cash flows increase;

• specific valuation allowances are established for the excess carrying value of a mortgage loan over the estimated fair value of the collateral as an unrealized loss in surplus when it is probable that based on current information and events, the Company will be unable to collect amounts due under the contractual terms of the loan agreement. Under U.S. GAAP, a valuation allowance is established for expected credit losses. The valuation allowance under U.S. GAAP is based on historical experience, current economic conditions and reasonable and supportable forecasts;

• realized gains and losses resulting from changes in interest rates are deferred in the interest maintenance reserve (“IMR”) and amortized into investment income over the remaining life of the investment sold, whereas under U.S. GAAP, the gains and losses are recognized in income at the time of sale;

• certain derivative instruments are carried at amortized cost, whereas under U.S. GAAP, all derivative instruments are carried at fair value;

Insurance Contracts

• contracts that have any mortality or morbidity risk, regardless of significance, and contracts with life contingent annuity purchase rate guarantees are classified as insurance contracts, whereas under U.S. GAAP, only contracts that have significant mortality or morbidity risk are classified as insurance contracts otherwise they are accounted for in a manner consistent with the accounting for interest bearing or other financial instruments;

• payments received for universal and variable life insurance products, certain variable and fixed deferred annuities and group annuity contracts are reported as premium income and corresponding change in reserves, whereas U.S. GAAP would treat these payments as deposits to policyholders’ account balances;

• the costs related to acquiring insurance contracts (principally commissions), policy issue expenses and sales inducements are charged to income in the period incurred, whereas under U.S. GAAP, these costs are deferred when related directly to successful sales and amortized over the periods benefited;

• life insurance and annuity reserves are based on different statutory methods and assumptions than they are under U.S. GAAP;

• reinsurance agreements are accounted for as reinsurance on an NAIC SAP and U.S. GAAP basis if certain risk transfer provisions have been met. NAIC SAP requires the reinsurer to assume insurance risk, regardless of the significance of the loss potential, whereas U.S. GAAP requires that there is a reasonable possibility that the reinsurer may realize significant loss from assuming insurance risk; assets and liabilities from reinsurance transactions are reported net of reinsurance, whereas under U.S. GAAP, assets and liabilities from reinsurance transactions are reported gross of reinsurance;

Taxes

• deferred income taxes exclude state income taxes and are admitted to the extent they can be realized within three years subject to a 15% limitation of capital and surplus with changes in the net deferred tax reflected as a component of surplus, whereas under U.S. GAAP, deferred income taxes include federal and state income taxes and changes in deferred taxes are reflected in either earnings or other comprehensive income;

9

NEW YORK LIFE INSURANCE AND ANNUITY CORPORATION

NOTES TO STATUTORY FINANCIAL STATEMENTS

NOTE 2—BASIS OF PRESENTATION (continued)

• a tax loss contingency is required to be established if it is more likely than not that a tax position will not be sustained upon examination by taxing authorities. If a loss contingency is greater than 50% of the tax benefit associated with a tax position, the loss contingency is increased to 100%, whereas under U.S. GAAP the amount of the benefit for any uncertain tax position is the largest amount that is greater than 50% likely of being realized upon settlement;

Surplus

• an asset valuation reserve (“AVR”) based on a formula prescribed by the NAIC is established as a liability to offset potential non-interest related investment losses. Changes in the AVR are recorded directly to surplus, whereas under U.S. GAAP, no AVR is recognized;

• certain assets, such as deferred taxes as noted above, intangible assets, furniture and equipment, and unsecured receivables are considered nonadmitted and excluded from assets, whereas they are included in assets under U.S. GAAP subject to a valuation allowance, as appropriate.

NOTE 3—SIGNIFICANT ACCOUNTING POLICIES

Use of Estimates

The preparation of financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements. Management is also required to disclose contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the period. Actual results may differ from those estimates.

Bonds

Bonds are stated at amortized cost using the interest method. Bonds in or near default (rated NAIC 6) are stated at the lower of amortized cost or fair value. Residual interests in securitizations are reported as other invested assets at the lower of cost or fair value. Refer to Note 9 - Fair Value Measurements for discussion on the valuation approach and methods for bonds.

Under NAIC SAP, Securities Valuation Office (“SVO”)-identified investments, which include certain SVO approved exchange traded funds (“ETFs”) and mutual funds, are eligible for classification as bonds as identified in the SVO’s Purposes and Procedures Manual. SVO-identified bond ETFs are stated at fair value.

The interest method for loan-backed and structured securities, which are included in bonds, uses current assumptions of projected cash flows. Amortization of premium or accretion of discount from the purchase of these securities considers the estimated timing and amount of cash flows of the underlying loans, including prepayment assumptions based on data obtained from external sources or internal estimates. Projected future cash flows are updated monthly, and the amortized cost and effective yield of the securities are adjusted as necessary to reflect historical prepayment experience and changes in estimated future prepayments. For high credit quality loan-backed and structured securities backed by the U.S. government (those rated AA or above at the date of acquisition), the adjustments to amortized cost are recorded as a charge or credit to net investment income in accordance with the retrospective method. For all other securities, including all loan-backed and structured securities that are not of high credit quality (those rated below AA at date of acquisition), floating rate securities and securities with the potential for a loss of a portion of the original investment due to contractual prepayments (e.g., interest only securities), the effective yield is adjusted prospectively for any changes in estimated cash flows.

All acquisitions of securities are recorded in the financial statements on a trade date basis except for the acquisitions of private placement bonds, which are recorded on the funding date.

10

NEW YORK LIFE INSURANCE AND ANNUITY CORPORATION

NOTES TO STATUTORY FINANCIAL STATEMENTS

NOTE 3—SIGNIFICANT ACCOUNTING POLICIES (continued)

Preferred Stocks

Redeemable preferred stocks in “good standing” (NAIC designation of 1 to 3) are valued at amortized cost. Redeemable preferred stocks “not in good standing” (NAIC designation of 4 to 6) are valued at the lower of amortized cost or fair value. Perpetual preferred stock and mandatory convertible preferred stock are valued at fair value, not to exceed any currently effective call price. Refer to Note 9 - Fair Value Measurements for discussion on the valuation approach and methods for preferred stocks.

Common Stocks

Common stocks include the Company’s investments in unaffiliated stocks, which includes investments in shares of SEC registered investment funds as well as regulated foreign open-end investment funds, which are carried at fair value. Unrealized gains and losses are reflected in surplus, net of deferred taxes. Refer to Note 9 - Fair Value Measurements for a discussion on the valuation approach and methods for common stocks.

Other than Temporary Impairments

The cost basis of bonds and equity securities is adjusted for impairments in value that are deemed to be other than temporary. An other-than-temporary loss is recognized in net income when it is anticipated that the amortized cost will not be recovered. Factors considered in evaluating whether a decline in value is other than temporary include: (1) whether the decline is substantial; (2) the duration that the fair value has been less than cost; (3) the financial condition and near-term prospects of the issuer; and (4) the Company’s ability and intent to retain the investment for a period of time sufficient to allow for an anticipated recovery in value.

When a bond (other than loan-backed and structured securities), preferred stock or common stock is deemed other-than-temporarily impaired, the difference between the investment’s amortized cost and its fair value is recognized as a realized loss and reported in net income if the loss is credit related, or deferred in the IMR if interest related for bonds.

For loan-backed and structured securities, the entire difference between the security’s amortized cost and its fair value is recognized in net income only when the Company (a) has the intent to sell the security or (b) it does not have the intent and ability to hold the security to recovery. If neither of these two conditions exists, a realized loss is recognized in net income for the difference between the amortized cost basis of the security and the net present value of projected future cash flows expected to be collected. The net present value is calculated by discounting the Company’s best estimate of projected future cash flows at the effective interest rate implicit in the loan-backed or structured security prior to impairment.

The determination of cash flow estimates in the net present value calculation is subjective and methodologies will vary, depending on the type of security. The Company considers all information relevant to the collectability of the security, including past events, current conditions, and reasonably supportable assumptions and forecasts in developing the estimate of cash flows expected to be collected. This information generally includes, but may not be limited to, the remaining payment terms of the security, estimated prepayment speeds, defaults, recoveries upon liquidation of the underlying collateral securing the notes, the financial condition of the issuer(s), credit enhancements and other third-party guarantees. In addition, other information, such as industry analyst reports and forecasts, sector credit ratings, the financial condition of the bond insurer for insured fixed income securities and other market data relevant to the collectability may also be considered, as well as the expected timing of the receipt of insured payments, if any. The estimated fair value of the collateral may be used to estimate recovery value if the Company determines that the security is dependent on the liquidation of the collateral for recovery.

The new cost basis of an impaired security is not adjusted for subsequent increases in estimated fair value. In periods subsequent to the recognition of an other-than-temporary impairment (“OTTI”), the impaired bond security is accounted for as if it had been purchased on the measurement date of the impairment. Accordingly, the discount (or reduced premium) based on the new cost basis may be accreted (or amortized) into net investment income in future periods based on prospective changes in cash flow estimates, to reflect adjustments to the effective yield.

11

NEW YORK LIFE INSURANCE AND ANNUITY CORPORATION

NOTES TO STATUTORY FINANCIAL STATEMENTS

NOTE 3—SIGNIFICANT ACCOUNTING POLICIES (continued)

Mortgage Loans

Mortgage loans on real estate are carried at unpaid principal balances, net of discounts, premiums, deferred origination fees related to points, and specific valuation allowances, and are collateralized. Specific valuation allowances are established for the excess carrying value of the mortgage loan over the estimated fair value of the collateral as an unrealized loss in surplus when it is probable that based on current information and events, the Company will be unable to collect amounts due under the contractual terms of the loan agreement. Fair value of the collateral is estimated by performing an internal or external current appraisal. If impairment is deemed to be other-than-temporary, which can include a loan modification that qualifies as a troubled debt restructuring (“TDR”), a direct write-down is recognized as a realized loss reported in net income, and a new cost basis for the individual mortgage loan, which is equal to the fair value of the collateral, less costs to obtain and sell, is established. Refer to Note 9 - Fair Value Measurements for a discussion of the valuation approach and methods for mortgage loans.

The Company accrues interest income on mortgage loans to the extent it is deemed collectible. The Company places loans on non-accrual status, and ceases to recognize interest income when management determines that the collection of interest and repayment of principal is not probable. Any accrued but uncollected interest is reversed out of interest income once a loan is put on non-accrual status. Interest payments received on mortgage loans where interest payments have been deemed uncollectible are recognized on a cash basis and recorded as interest income. If a determination is made that the principal will not be collected, the interest payment received is used to reduce the principal balance. If a mortgage loan has any investment income due and accrued that is 90 days past due and collectible, the investment income will continue to accrue but all accrued interest related to the mortgage loan is reported as a nonadmitted asset, until such time that it has been paid or is deemed uncollectible.

Policy Loans

Policy loans are stated at the aggregate balance due. The excess of the unpaid balance of a policy loan that exceeds the cash surrender value is nonadmitted.

Other Invested Assets

Investments in limited partnerships and limited liability companies, including equity investments in affiliated entities organized as limited liability companies, which have admissible audits are carried at the underlying audited equity of the investee. In the absence of an admissible audit, the entire investment is nonadmitted. The financial statements of equity method investees are usually not received in time for the Company to apply the equity method at each reporting period. Therefore, the equity pick-up on these investments has been recorded on a one to three-month lag.

The cost basis of limited partnerships and limited liability companies is adjusted for impairments in value deemed to be other-than-temporary, with the difference between cost and carrying value, which approximates fair value, recognized as a realized loss reported in net income. The new cost basis of an impaired limited partnership or limited liability company is not adjusted for subsequent increases in the underlying audited equity of the investee.

Dividends and distributions from limited partnerships and limited liability companies, other than those deemed a return of capital, are recorded in net investment income. Undistributed earnings are included in unrealized gains and losses and are reflected in surplus, net of deferred taxes.

Residual tranches of securitizations are reported at the lower of cost or market.

Low-Income Housing Tax Credit (“LIHTC”) investments, which are included in other invested assets, are recorded at proportional amortized cost and include remaining unfunded commitments. The carrying value of the investment is amortized into income in proportion to the actual and projected future amounts of tax credits and deductible losses. The amortization is recorded through net investment income.

12

NEW YORK LIFE INSURANCE AND ANNUITY CORPORATION

NOTES TO STATUTORY FINANCIAL STATEMENTS

NOTE 3—SIGNIFICANT ACCOUNTING POLICIES (continued)

Real Estate

Real estate includes properties that are directly-owned and real estate property investments that are directly and wholly-owned through a limited liability company and meet certain criteria. Real estate held for the production of income is stated at cost less accumulated depreciation and encumbrances. Real estate held for sale is stated at the lower of cost less accumulated depreciation or fair value, less encumbrances and estimated costs to sell. If there is an indication that the carrying amount of the real estate may not be recoverable, then it must be tested for impairment. If the carrying amount of a real estate investment exceeds its undiscounted cash flows, an OTTI is recorded as a realized loss in net income, calculated as the difference between the carrying amount of the real estate investment and the fair value of the real estate investment. Depreciation of real estate held for the production of income is calculated using the straight-line method over the estimated lives of the assets, generally 40 years. Costs of permanent improvements are depreciated over the shorter of their estimated useful life, or the remaining estimated life of the real estate. Rental revenue from leased real estate is recognized on a straight-line basis over the lease term.

Derivative Instruments

Derivative instruments that qualify and are designated for hedge accounting are valued in a manner consistent with the items being hedged. Periodic payments and receipts on these derivatives are recorded on an accrual basis within net investment income for hedges of fixed income securities, and within other income for hedges of liabilities. Net realized gains and losses are recognized upon termination or maturity of these contracts in a manner consistent with the hedged item and when subject to the IMR, are transferred to the IMR, net of taxes.

To qualify for hedge accounting, the hedge relationship is designated and formally documented at inception, which means any time prior to the first quarterly hedge effectiveness assessment date, by detailing the particular risk, management objective and strategy for the hedge. This includes the item and risk that is being hedged, the derivative that is being used, as well as how effectiveness is being assessed. A derivative must be highly effective in accomplishing the objective of offsetting either changes in fair value or cash flows for the risk being hedged. The hedging relationship is considered highly effective if the changes in fair value or cash flows of the hedging instrument are within 80% to 125% of the inverse changes in the fair value or cash flows of the hedged item. For foreign currency swaps used under a fair value hedge designation, the Company excludes the cross-currency basis spread in its calculation of effectiveness as allowed under statutory accounting guidance. The Company formally assesses effectiveness of its hedging relationships both at the hedge inception and on a quarterly basis over the life of the hedge relationship in accordance with its risk management policy. The Company assesses hedge effectiveness qualitatively on a quarterly basis if (1) the initial quantitative prospective assessment demonstrates that the relationship is expected to be highly effective and (2) at inception, the Company is able to reasonably support an expectation of high effectiveness on a qualitative basis in subsequent periods. The Company continually assesses the credit standing of the derivative counterparty and, if the counterparty is deemed to be no longer creditworthy, the hedge relationship will no longer be considered effective.

The Company discontinues hedge accounting prospectively if: (1) it is determined that the derivative is no longer effective in offsetting changes in the fair value or cash flows of a hedged item; (2) the derivative expired or is sold, terminated, or exercised; (3) it is probable that the forecasted transaction will not occur, or (4) management determines that designation of the derivative as a hedge instrument is no longer appropriate.

Derivative instruments that do not qualify or are not designated for hedge accounting are carried at fair value and changes in fair value are recorded in surplus as unrealized gains and losses, net of deferred taxes. Periodic payments and receipts on these derivatives are recorded on an accrual basis within net investment income for hedges of fixed income securities and within other income for hedges of liabilities. Upon termination or maturity, the gains or losses on these contracts are recognized in net realized capital gains and losses, net of taxes. Realized gains or losses on terminated or matured derivatives, which are subject to the IMR, are transferred to the IMR, net of taxes.

13

NEW YORK LIFE INSURANCE AND ANNUITY CORPORATION

NOTES TO STATUTORY FINANCIAL STATEMENTS

NOTE 3—SIGNIFICANT ACCOUNTING POLICIES (continued)

The Company also uses derivatives as part of replication transactions. Replication transactions refer to derivative transactions entered into in conjunction with other investments in order to reproduce the investment characteristics of otherwise permissible investments. The accounting for derivatives used in replication transactions depends upon how the underlying cash instrument is accounted for, as well as how the replicated asset would be accounted for if acquired directly; alternatively, the Company can elect to carry the derivative at fair value. The Company uses bonds as the referenced cash instrument in its current replication transactions, and therefore, the derivatives are carried at amortized cost. The Company accrues investment income for the replicated synthetic asset throughout the life of the replication transaction. Realized gains or losses at maturity of the replication transaction, which are subject to the IMR, are transferred to the IMR, net of tax.

Cash, Cash Equivalents and Short-term Investments

Cash and cash equivalents includes cash on hand, amounts due from banks and highly liquid debt instruments that have original maturities of three months or less at date of purchase and are carried at amortized cost. Cash and cash equivalents also include money market mutual funds which are stated at fair value. Short-term investments consist of securities with remaining maturities of one year or less, but greater than three months at the time of acquisition and are carried at amortized cost, which approximates fair value.

AVR and IMR

The AVR is used to stabilize surplus from fluctuations in the fair value of bonds, stocks, mortgage loans, real estate and other invested assets. Changes in the AVR are accounted for as direct increases or decreases in surplus. The IMR captures interest related realized gains and losses on sales (net of taxes) of bonds, preferred stocks, mortgage loans, interest related other-than-temporary impairments (net of taxes) and realized gains or losses (net of taxes) on terminated interest rate related derivatives which are amortized into net income over the expected years to maturity of the investments sold or the item being hedged using the grouped method. An interest related other-than-temporary impairment occurs when the Company has the intent to sell an investment at the reporting date, before recovery of the cost of the investment. For loan-backed and structured securities, the non-interest related other-than-temporary impairment is booked to the AVR, and the interest related portion to the IMR. The Company admits negative IMR up to 10% of its capital and surplus as required to be shown on the balance sheet of the statutory financial statements most recently filed with its domiciliary state insurance regulator, adjusted to exclude any net positive goodwill, electronic database processing equipment and operating system software, net deferred tax assets and admitted net negative IMR.

Loaned Securities and Repurchase Agreements

The Company enters into securities lending agreements whereby certain investment securities are loaned to third-parties. Securities loaned are treated as financing arrangements. With respect to securities loaned, in order to reduce the Company’s risk under these transactions, the Company requires initial cash collateral equal to 102% of the fair value of domestic securities loaned. The Company records an offsetting liability in amounts payable under security lending agreements. The Company monitors the fair value of securities loaned with additional collateral obtained as necessary. The borrower of the loaned securities is permitted to sell or repledge those securities.

The Company enters into dollar roll repurchase agreements to sell and repurchase securities. Assets to be repurchased are the same, or substantially the same, as the assets sold. The Company agrees to sell securities at a specified price and repurchase the securities at a lower price. The Company receives cash in the amount of the sales proceeds and establishes a liability equal to the repurchase amount. The difference between the sale and repurchase amounts represents deferred income which is earned over the life of the agreement. The liability for repurchasing the assets is included in other liabilities.

14

NEW YORK LIFE INSURANCE AND ANNUITY CORPORATION

NOTES TO STATUTORY FINANCIAL STATEMENTS

NOTE 3—SIGNIFICANT ACCOUNTING POLICIES (continued)

The Company enters into tri-party reverse repurchase agreements to purchase and resell short-term securities. The Company receives securities as collateral, having a fair value at least equal to 102% of the purchase price paid by the Company for the securities and the Company’s designated custodian takes possession of this collateral. The Company is not permitted to sell or repledge these securities. The collateral is not recorded on the Company’s financial statements. However, if the counterparty defaults, the Company would then exercise its rights with respect to the collateral, including a sale of the collateral. The fair value of the securities held as collateral is monitored daily and additional collateral is obtained, where appropriate, to protect against credit exposure. The Company records the amount paid for securities purchased under agreements to resell in cash, cash equivalents and short-term investments.

Premiums and Related Expenses

Life premiums are recognized as revenue when due. Annuity considerations are recognized as revenue when received. Commissions and other costs associated with acquiring new business are charged to operations as incurred. Amounts received or paid under deposit type contracts without mortality or morbidity risk are not reported as income or benefits but are recorded directly as an adjustment to the liability for deposit funds.

Net Investment Income

Income from investments, including amortization of premium, accrual of discount and similar items, as well as income from prepayment penalties, is recorded within net investment income, unless otherwise stated herein.

Policy Reserves

Policy reserves are based on mortality tables and valuation interest rates, which are consistent with statutory requirements and are designed to be sufficient to provide for contractual benefits. The Company holds reserves greater than those developed under the minimum statutory reserving rules when the valuation actuary determines that the minimum statutory reserves are inadequate. Actual results could differ from these estimates and may result in the establishment of additional reserves. The valuation actuary monitors actual experience and, where circumstances warrant, revises assumptions and the related estimates for policy reserves. Refer to Note 12 - Insurance Liabilities for a discussion of reserves in excess of minimum NAIC requirements.

Federal Income Taxes

The Company is a member of an affiliated group which files a consolidated federal income tax return with New York Life. The consolidated income tax provision or benefit is allocated among the members of the group in accordance with a tax allocation agreement. The tax allocation agreement provides that the Company computes its share of consolidated tax provision or benefit, in general, on a separate company basis, and may, where applicable, include the tax benefits of operating or capital losses utilizable in New York Life’s consolidated returns. Intercompany tax balances are settled quarterly on an estimated basis with a final settlement occurring within 30 days of the filing of the consolidated tax return. Current federal income taxes are charged or credited to operations based upon amounts estimated to be payable or recoverable as a result of taxable operations for the current year and any adjustments to such estimates from prior years.

15

NEW YORK LIFE INSURANCE AND ANNUITY CORPORATION

NOTES TO STATUTORY FINANCIAL STATEMENTS

NOTE 3—SIGNIFICANT ACCOUNTING POLICIES (continued)

The Company generally recognizes deferred federal income tax assets (“DTAs”) and deferred federal income tax liabilities (“DTLs”) for expected future tax consequences of temporary differences between statutory and taxable income. Changes in DTAs and DTLs are recognized as a separate component of surplus (except for the net deferred taxes related to investments, which are included in unrealized gains and losses). Limitations on the admitted amount of DTA are calculated in accordance with SSAP No. 101, Income Taxes, a replacement of SSAP 10R and SSAP 10. Gross DTAs are reduced by a statutory valuation allowance if it is more likely than not that some portion or all of the gross DTA will not be realized. The Company is required to establish a tax loss contingency if it is more likely than not that a tax position will not be sustained. The amount of the contingency reserve is management’s best estimate of the amount of the original tax benefit that could be reversed upon audit, unless the best estimate is greater than 50% of the original tax benefit, in which case the reserve is equal to the entire tax benefit. Refer to Note 16 - Income Taxes for more detailed information about the Company’s income taxes.

Separate Accounts

The Company has established both non-guaranteed and guaranteed separate accounts with varying investment objectives which are segregated from the Company’s general account and are maintained for the benefit of separate accounts policyholders. Assets held in non-guaranteed separate accounts are stated at market value. Assets held in guaranteed separate accounts are carried at the same basis as the general account up to the value of policyholder reserves and at fair value thereafter.

The liability for separate accounts represents policyholders’ interests in the separate accounts assets, excluding liabilities representing due and accrued transfers to the general account. The liability for non-guaranteed separate accounts represents policyholders’ interests in the separate accounts assets, including accumulated net investment income and realized and unrealized gains and losses on those assets. For the guaranteed separate accounts, the liability represents amounts due to policyholders pursuant to the terms of the contract.

Other Assets and Liabilities

Other assets primarily consist of net DTAs and other receivables.

Other liabilities primarily consist of derivative liabilities, reinsurance payables, amounts payable for undelivered securities and payable to parent.

Nonadmitted Assets

Under statutory accounting practices, certain assets are designated as nonadmitted assets and are not included in the accompanying Statutory Statements of Financial Position since these assets are not permitted by the Department to be taken into account in determining the Company’s financial condition.

Nonadmitted assets typically include agents’ debit balances, DTAs not realizable within three years, and receivables over ninety days past due. Changes to nonadmitted assets are reported as a direct adjustment to surplus in the accompanying Statutory Statements of Changes in Surplus.

Fair Value of Financial Instruments and Insurance Liabilities

Fair value of various assets and liabilities are included throughout the notes to the financial statements. Specifically, fair value disclosure of investments held is reported in Note 6 - Investments. Fair values for derivative instruments are included in Note 7 - Derivative Instruments and Risk Management. Fair values for insurance liabilities are reported in Note 12 - Insurance Liabilities. The aggregate fair value of all financial instruments summarized by type is included in Note 9 - Fair Value Measurements.

16

NEW YORK LIFE INSURANCE AND ANNUITY CORPORATION

NOTES TO STATUTORY FINANCIAL STATEMENTS

NOTE 3—SIGNIFICANT ACCOUNTING POLICIES (continued)

Contingencies

Amounts related to contingencies are accrued if it is probable that a liability has been incurred and an amount is reasonably estimable.

At the inception of a guarantee, the Company recognizes an initial liability at fair value for the obligations it has undertaken, regardless of the probability of performance under the guarantee.

Foreign Currency Transactions

For foreign currency items, income and expenses are translated at the average exchange rate for the period while assets and liabilities are translated using the spot rate in effect at the date of the statements. Changes in the asset and liability values due to fluctuations in foreign currency exchange rates are recorded as unrealized capital gains and losses in surplus until the asset is sold or exchanged or the liability is settled. Upon settlement, previously recorded unrealized capital gains and losses are reversed, and the foreign exchange gain or loss for the entire holding period is recorded as a realized capital gain or loss in net income.

NOTE 4—BUSINESS RISKS AND UNCERTAINTIES

The Company is exposed to various risks, including, but not limited to, insurance, financial, operational, and regulatory risks.

The Company is regulated by the insurance departments of the states and territories where it is licensed to do business. Although the federal government does not directly regulate the business of insurance, federal legislation and administrative policies can significantly and adversely affect the insurance industry and the Company. The Company is unable to predict whether any administrative or legislative proposals, at either the federal or state level, will be adopted in the future, or the effect, if any, such proposals would have on the Company.

The Company’s insurance liabilities and assets under management are exposed to market risk, policyholder behavior risk, and mortality/longevity risk. Market volatility and other equity market conditions may affect the Company’s exposure to risks related to guaranteed death benefits and guaranteed living benefits on variable annuity (“VA”) and certain variable universal life (“VUL”) products issued by the Company. Furthermore, the level of sales of the Company’s insurance and investment products is influenced by many factors, including general market rates of interest, the strength, weakness and volatility of equity markets, and terms and conditions of competing products.

The Company is exposed to the risks normally associated with an investment portfolio, which include general risk of loss of investment, market volatility, interest rate, liquidity, credit, valuation, regulatory change, currency, geographic and counterparty risks. In addition, the investment portfolio is exposed to climate risk, which may affect the value of the Company’s investments.

The Company is subject to various operational risks that could adversely impact its profitability, notably technology risks, which include cybersecurity. Technology risks may involve failures or inadequacies in the Company’s technology systems, including the risk of damage to or theft of Company information, whether in digital or physical formats, or breaches of the Company’s technology platforms. Operational risks also include business disruption risks, which may involve disruptions to mission-critical business functions as a result of system or infrastructure failures, malicious activity, pandemics, and natural and man-made disasters. Climate change may increase the frequency and severity of certain natural disasters that can lead to operational risks.

The Company continues to monitor the economic environment and other potential impacts relating to the COVID-19 pandemic. The Company has maintained effective operations and levels of policyholder service throughout the course of the pandemic.

17

NEW YORK LIFE INSURANCE AND ANNUITY CORPORATION

NOTES TO STATUTORY FINANCIAL STATEMENTS

NOTE 5—RECENT ACCOUNTING PRONOUNCEMENTS

Changes in Accounting Principles

Accounting changes adopted to conform to the provisions of NAIC SAP or other state prescribed accounting practices are reported as changes in accounting principles. The cumulative effect of changes in accounting principles is generally reported as an adjustment to unassigned surplus in the period of the change in accounting principle. Generally, the cumulative effect is the difference between the amount of capital and surplus at the beginning of the year and the amount of capital and surplus that would have been reported at that date if the new accounting principles had been applied retroactively for all prior periods.

The NAIC adopted revisions to SSAP No. 48 “Joint Ventures, Partnerships and Limited Liability Companies”, SSAP No. 30 “Common Stock” and SSAP No. 32 “Preferred Stock” regarding residual investments. The amended guidance clarified that equity investments issued from entities that are in substance securitization vehicles are to be reported as residual investments. The adoption of this guidance had no impact to the Company’s surplus, but required the reclassification of $3 million of investments in limited partnerships as residual investments.

The NAIC adopted INT 23-01, which is an interpretation that prescribes limited-time, optional, statutory accounting guidance as an exception to the existing guidance detailed in SSAP No. 7 “Asset Valuation Reserve and Interest Maintenance Reserve” and the annual statement instructions that requires non-admittance of a negative IMR. Under the INT, reporting entities are allowed to admit negative IMR if certain criteria are met. The adoption of this guidance allowed the Company to admit $328 million of negative IMR at December 31, 2023, which increased the Company’s total assets. There was no impact to net income from this change. New disclosures required under the INT have been included in Note 6 - Investments.

The NAIC adopted revisions to SSAP No. 86 “Derivatives”, which adopt with modification U.S. GAAP guidance in determining hedge effectiveness. More specifically, SSAP No. 86 was modified to incorporate measurement guidance for excluded components when measuring hedge effectiveness of foreign currency swaps and foreign currency forwards. In addition, new guidance was added regarding the portfolio layer method and partial term hedges for fair value hedges. The Company adopted this guidance on January 1, 2023 with no impact to surplus at adoption. New disclosures related to this guidance were added to Note 7 - Derivative Instruments and Risk Management.

The NAIC adopted revisions to SSAP No. 43R “Loan-Backed and Structured Securities” to require residual tranches of securitizations to be reported as other invested assets at the lower of cost or market. Residual tranches have been defined under SSAP 43R as those investments in a securitization that have no contractual payments, whether principal or interest, or both and where payment to the holders of the instruments only occurs after contractual interest and principal payments have been made to the other tranches in the securitization based on any remaining funds. The Company adopted this guidance at December 31, 2022 and reclassified residual tranches with a book value of $94 million from Bonds to Other invested assets. The reclassification had no impact on income or surplus.

The NAIC adopted revisions to SSAP No. 25 “Affiliates and Other Related Parties” in 2022, with additional revisions issued in 2023, to clarify that for entities not controlled by voting interests, such as limited partnerships, trusts and other special purpose entities, control may be held by a general partner, servicer, or by other arrangements. The ability of the reporting entity or its affiliates to direct the management and policies of an entity through such arrangements shall constitute control as defined in SSAP 25. Updates were also adopted in SSAP 43R to clarify that investments from any arrangement that results in direct or indirect control of an investee, which include but are not limited to control through a servicer or other controlling arrangement, shall be reported as affiliated in accordance with SSAP 25. The Company invests in asset-backed securities issued by securitization vehicles that are managed by its asset management affiliates. These investments do not have any credit risk exposure to affiliates, but are now reported as affiliated investments in Note 6 - Investments based on the revisions adopted. Reporting these investments as affiliated only impacted disclosures and had no impact on the Company’s income or surplus.

18

NEW YORK LIFE INSURANCE AND ANNUITY CORPORATION

NOTES TO STATUTORY FINANCIAL STATEMENTS

NOTE 5—RECENT ACCOUNTING PRONOUNCEMENTS (continued)

The NAIC adopted revisions to Statement of Statutory Accounting Principles (“SSAP”) 32 “Preferred Stock.” The revisions include definitions, measurement and impairment guidance. The revisions require perpetual preferred stock and mandatory convertible preferred stock to be reported at fair value, not to exceed any current effective call price, among other changes. The Company adopted this guidance on January 1, 2021, which increased statutory surplus by $14 million.

In 2020, the NAIC issued Interpretation 20-01 to provide statutory accounting and reporting guidance for the adoption of ASU 2020-04 Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting under U.S. GAAP. This Interpretation adopts, with minor modification, the U.S. GAAP adopted guidance, which provides optional expedients and exceptions for applying current accounting guidance to contracts, hedging relationships and other transactions affected by reference rate reform if certain criteria are met, through December 31, 2024. The Company is performing an ongoing evaluation of the impact of reference rate reform on its contracts and hedging relationships. Since most of the Company’s contracts and hedging relationships are expected to meet the criteria for applying the accounting expedients listed in the Interpretation, reference rate reform has no material impact to the Company’s surplus or net income at December 31, 2023.

NOTE 6—INVESTMENTS

Bonds

The carrying value and estimated fair value of bonds by maturity at December 31, 2023 and 2022, were as follows (in millions):

	2023				2022
	Carrying Value		Estimated Fair Value		Carrying Value		Estimated Fair Value
Due in one year or less	$	7,562	$	7,396	$	5,257	$	5,138
Due after one year through five years(1)		40,965		39,741		35,959		34,142
Due after five years through ten years		25,625		23,810		26,066		23,167
Due after ten years		27,905		24,094		26,535		21,485
Total	$	102,056	$	95,041	$	93,817	$	83,932

⁽¹⁾ Includes an affiliated bond issued by Madison Capital Funding LLC (“MCF”) and two affiliated bonds issued by NYL Investment Management Holdings LLC (“NYL Investments”). Refer to Note 11 - Related Party Transactions for a more detailed discussion of related party investments.

Corporate bonds are shown based on contractual maturity. Expected maturities may differ from contractual maturities because issuers may have the right to call or prepay obligations with or without call or prepayment penalties. Mortgage and asset-backed securities (“ABS”) are not due at a single maturity date and therefore are shown based on the expected cash flows of the underlying loans, which includes estimates of anticipated future prepayments.

In addition to the information disclosed above, short-term investments with a carrying value of $44 million and $2,126 million at December 31, 2023 and 2022, respectively, and cash equivalents with a carrying value of $1,875 million and $4,485 million at December 31, 2023 and 2022, respectively, are due in one year or less. Carrying value approximates fair value for these investments.

19

NEW YORK LIFE INSURANCE AND ANNUITY CORPORATION

NOTES TO STATUTORY FINANCIAL STATEMENTS

NOTE 6—INVESTMENTS (continued)

At December 31, 2023 and 2022, the distribution of gross unrealized gains and losses on bonds were as follows (in millions):

	2023
	Carrying Value		Unrealized Gains		Unrealized Losses		Estimated Fair Value
U.S. governments	$	5,663	$	12	$	1,237	$	4,438
All other governments		247		3		17		233
U.S. special revenue and special assessment		10,509		59		1,011		9,557
Industrial and miscellaneous unaffiliated		81,761		613		5,402		76,972
Parent, subsidiaries, and affiliates(1)		3,120		1		34		3,087
SVO identified funds		755		—		—		755
Total	$	102,056	$	687	$	7,702	$	95,041

⁽¹⁾ The balance includes $241 million of ABS investments that are managed by affiliates of the Company but have no credit risk exposure to those affiliates.

	2022
	Carrying Value		Unrealized Gains		Unrealized Losses		Estimated Fair Value
U.S. governments	$	5,532	$	4	$	1,209	$	4,327
All other governments		172		1		17		156
U.S. special revenue and special assessment		10,805		17		1,329		9,493
Industrial and miscellaneous unaffiliated		73,324		139		7,394		66,069
Parent, subsidiaries, and affiliates(1)		3,149		1		98		3,052
SVO identified funds		835		—		—		835
Total	$	93,817	$	162	$	10,047	$	83,932

⁽¹⁾ The balance includes $200 million of ABS investments that are managed by affiliates of the Company but have no credit risk exposure to those affiliates.

Common and Preferred Stocks

The following table presents the carrying value and change in unrealized gains (losses) of common and preferred stocks at December 31, 2023 and 2022 (in millions):

	2023					2022
	Carrying Value		Change in Unrealized Gains (Losses)			Carrying Value		Change in Unrealized Gains (Losses)
Common stocks	$	615	$	(172	)	$	1,236	$	(217	)
Preferred stocks		44		(3	)		49		(2	)
Total	$	659	$	(175	)	$	1,285	$	(219	)

20

NEW YORK LIFE INSURANCE AND ANNUITY CORPORATION

NOTES TO STATUTORY FINANCIAL STATEMENTS

NOTE 6—INVESTMENTS (continued)

Mortgage Loans

The Company’s mortgage loans are diversified by property type, location and borrower, and are collateralized. The maximum and minimum lending rates for new commercial mortgage loans funded during 2023 were 12.7% and 5.5% and funded during 2022 were 7.8% and 2.3%, respectively. For 2023 and 2022, the maximum percentage of any one commercial loan to the value of the collateral at the time of the loan, exclusive of insured or guaranteed or purchase money mortgages, was 92.4% (average percentage was 58.0% and 54.5% at December 31, 2023 and 2022, respectively). For 2023 and 2022, the maximum percentage of any residential loan to the value of the collateral at the time of the loan was 80.0% (average percentage was 46.4% and 49.4% at December 31, 2023 and 2022, respectively). The Company has no significant credit risk exposure to any one individual borrower.

The majority of the Company’s commercial mortgage loans were held in a form of participations with the carrying value of $15,185 million and $15,457 million at December 31, 2023 and 2022, respectively. These loans were originated or acquired by New York Life. Refer to Note 11 - Related Party Transactions for more detail on these transactions.

At December 31, 2023 and 2022, the distribution of the mortgage loan portfolio by property type and geographic location was as follows (in millions):

	2023					2022
	Carrying Value		% of Total			Carrying Value		% of Total
Property Type:
Industrial	$	4,713		30.4	%	$	3,998		25.7	%
Apartment buildings		4,225		27.3			4,672		30.1
Office buildings		3,304		21.3			3,752		24.1
Retail facilities		2,742		17.7			2,773		17.8
Hotels		301		1.9			330		2.1
Other		195		1.3			14		0.2
Residential		4		—			5		—
Total	$	15,484		100.0	%	$	15,544		100.0	%

	2023					2022
	Carrying Value		% of Total			Carrying Value		% of Total
Geographic Location:
Central	$	4,331		28.0	%	$	4,245		27.3	%
Pacific		3,641		23.5			3,798		24.4
South Atlantic		3,530		22.8			3,598		23.1
Middle Atlantic		3,215		20.8			3,081		19.8
New England		673		4.3			805		5.2
Other		93		0.6			17		0.2
Total	$	15,484		100.0	%	$	15,544		100.0	%

At December 31, 2023 and 2022, mortgage loans of $110 million and $110 million, respectively, were past due 90 days and over.

The Company maintains a watchlist of commercial mortgage loans that may potentially be impaired. Some of the general guidelines analyzed to include commercial loans within the watchlist are loan-to-value ratio (“LTV”), asset performance such as debt service coverage ratio, lease rollovers, income and expense hurdles, major tenant or

21

NEW YORK LIFE INSURANCE AND ANNUITY CORPORATION

NOTES TO STATUTORY FINANCIAL STATEMENTS

NOTE 6—INVESTMENTS (continued)

borrower issues, the economic climate, and catastrophic events, among others. Collateral securing loans placed on the watchlist generally take priority in being revalued in the Company’s inspection/evaluation commercial loan program that revalues properties securing commercial mortgage loans.

Fair value of the collateral for commercial mortgages (excluding credit loans) over $10 million is generally updated every three years, unless a more current appraisal is warranted. For portfolio loans, which are collateralized by multiple commercial properties, inspections are done every three years for approximately 50% of the properties in the portfolio. Commercial mortgages less than $10 million have an on-site inspection performed by an external inspection service generally every three years. If the loan is determined to be potentially troubled, the loan is more frequently monitored as to its status. Certain properties that serve as collateral for commercial mortgages have been placed on a different schedule to address additional risks that resulted from rising interest rates or distress in the market due to return to work issues. LTV, which is based on collateral values, is deemed as one of the key mortgage loan indicators to assess credit quality and to assist in identifying problem loans. At December 31, 2023 and 2022, LTVs on the Company’s mortgage loans were as follows (in millions):

	2023
Loan to Value % (By Class)	Apartment Buildings		Office Buildings		Industrial		Retail Facilities		Hotels		Residential		Other		Total
Above 95%	$	—	$	254	$	—	$	—	$	—	$	—	$	—	$	254
91% to 95%		6		47		—		110		—		—		8		171
81% to 90%		70		462		—		203		36		—		—		771
71% to 80%		91		394		110		254		—		—		14		862
Below 70%		4,059		2,147		4,603		2,176		265		4		173		13,426
Total	$	4,225	$	3,304	$	4,713	$	2,742	$	301	$	4	$	195	$	15,484

	2022
Loan to Value % (By Class)	Apartment Buildings		Office Buildings		Industrial		Retail Facilities		Hotels		Residential		Other		Total
Above 95%	$	14	$	107	$	—	$	—	$	—	$	—	$	—	$	121
91% to 95%		—		—		—		110		—		—		—		110
81% to 90%		—		17		—		109		23		—		—		149
71% to 80%		279		257		91		308		40		—		2		977
Below 70%		4,379		3,371		3,907		2,246		267		5		12		14,187
Total	$	4,672	$	3,752	$	3,998	$	2,773	$	330	$	5	$	14	$	15,544

At December 31, 2023 and 2022, impaired mortgage loans were as follows (in millions):

	2023
Type	Impaired Loans with  Allowance for Credit Losses		Related Allowance		Impaired Loans Without Allowance for Credit Losses		Average Recorded Investment		Interest Income Recognized		Interest Income on a Cash  Basis During the Period
Residential	$	—	$	—	$	—	$	—	$	—	$	—
Commercial		191		72		110		150		14		11
Total	$	191	$	72	$	110	$	150	$	14	$	11

22

NEW YORK LIFE INSURANCE AND ANNUITY CORPORATION

NOTES TO STATUTORY FINANCIAL STATEMENTS

NOTE 6—INVESTMENTS (continued)

	2022
Type	Impaired Loans with  Allowance for Credit Losses		Related Allowance		Impaired Loans Without Allowance for Credit Losses		Average Recorded Investment		Interest Income Recognized		Interest Income on a Cash  Basis During the Period
Residential	$	—	$	—	$	—	$	1	$	—	$	—
Commercial		—		—		110		58		8		8
Total	$	—	$	—	$	110	$	59	$	8	$	8

Other Invested Assets

The carrying value of other invested assets at December 31, 2023 and 2022 consisted of the following (in millions):

	2023		2022
Investment in MCF	$	1,238	$	1,316
Limited partnerships and limited liability companies		1,515		1,476
Other investments		509		623
Real estate investment property		91		93
LIHTC investments		217		197
Loan to affiliate		13		16
Total other invested assets	$	3,583	$	3,721

Net investment income (loss) and change in unrealized gains (losses) for other invested assets for the years ended December 31, 2023, 2022 and 2021 consisted of the following (in millions):

	2023						2022						2021
	Net Investment Income (Loss)			Unrealized Gains (Losses)(1)			Net Investment Income (Loss)			Unrealized Gains (Losses)(1)			Net Investment Income (Loss)			Unrealized Gains (Losses)(1)
Investment in MCF	$	345		$	(79	)	$	176		$	29		$	137		$	169
Limited partnerships and limited liability companies		28			(58	)		11			(12	)		42			176
Other investments		25			(5	)		11			(7	)		9			—
Real estate investment property		17			—			22			—			11			—
LIHTC investments		(17	)		—			(10	)		—			(12	)		—
Loans to affiliates		1			—			1			—			—			—
Total other invested assets	$	399		$	(142	)	$	211		$	10		$	187		$	345

⁽¹⁾ Includes unrealized foreign exchange gains (losses) of $2 million, $(18) million and less than $1 million in 2023, 2022, and 2021, respectively.

Investment in MCF consists of the Company’s equity investment in this affiliate. The Company owns a majority interest in MCF. Dividends are recorded in Net investment income in the accompanying Statutory Statements of Operations when declared and changes in the equity of this investment are recorded in Change in unrealized capital gains on investments in the accompanying Statutory Statements of Financial Position.

Limited partnerships and limited liability companies primarily consist of limited partnership interests in leveraged buy-out funds, mezzanine funds, real estate funds, and other private equity investments. Distributions, other than those deemed a return of capital, are recorded as Net investment income in the accompanying Statutory Statements of Operations. Undistributed earnings are included in Change in net unrealized capital gains on investments in the accompanying Statutory Statements of Changes in Capital and Surplus.

23

NEW YORK LIFE INSURANCE AND ANNUITY CORPORATION

NOTES TO STATUTORY FINANCIAL STATEMENTS

NOTE 6—INVESTMENTS (continued)

Other investments consist primarily of investments in surplus notes, preferred units of limited partnerships, residual tranches of securitizations, and other investments with characteristics of debt. Interest earned on these investments is included in Net investment income in the accompanying Statutory Statements of Operations.

The Company receives tax credits related to its investments in LIHTC partnerships. The Company’s unexpired tax credits on its investments in LIHTC expire within a range of 1 year to 13 years. During 2023, 2022 and 2021, the Company recorded amortization on these investments under the proportional amortized cost method of $17 million, $10 million, and $12 million, respectively. The Company recorded tax credits and other tax benefits on these investments of $20 million, $12 million, and $15 million for 2023, 2022 and 2021, respectively. The minimum holding period required for the Company’s LIHTC investments extends from 1 years to 16 years. The LIHTC investments are periodically subject to regulatory reviews by housing authorities where the properties are located. The Company is not aware of any adverse issues related to such regulatory reviews.

Assets on Deposit or Pledged as Collateral

At December 31, 2023 and 2022, the Company’s restricted assets (including pledged collateral) were as follows ($ in millions):

	2023
	Gross (Admitted and Nonadmitted) Restricted											Percentage
Restricted Asset Category	Total General Account		Total From Prior Year		Increase (Decrease)			Total Nonadmitted Restricted		Total Admitted Restricted		Gross (Admitted and Non-admitted) Restricted  to Total Assets			Admitted Restricted to Total Admitted Assets
Collateral held under security lending agreements	$	675	$	675	$	—		$	—	$	675		0.3	%		0.3	%
Subject to reverse repurchase agreements		210		185		25			—		210		0.1			0.1
Subject to dollar repurchase agreements		—		—		—			—		—		0.0			0.0
Letter stock or securities restricted as to sale -excluding Federal Home Loan Bank (“FHLB”) capital stock		37		38		(1	)		—		37		0.0			0.0
FHLB capital stock		25		25		—			—		25		0.0			0.0
On deposit with states		4		4		—			—		4		0.0			0.0
Pledged as collateral not captured in other categories		10		3		7			—		10		0.0			0.0
Total restricted assets	$	961	$	930	$	31		$	—	$	961		0.5	%		0.5	%

24

NEW YORK LIFE INSURANCE AND ANNUITY CORPORATION

NOTES TO STATUTORY FINANCIAL STATEMENTS

NOTE 6—INVESTMENTS (continued)

	2022
	Gross (Admitted and Nonadmitted) Restricted											Percentage
Restricted Asset Category	Total General Account		Total From Prior Year		Increase (Decrease)			Total Nonadmitted Restricted		Total Admitted Restricted		Gross (Admitted and Non-admitted) Restricted to Total  Assets			Admitted Restricted to Total Admitted Assets
Collateral held under security lending agreements	$	675	$	675	$	—		$	—	$	675		0.4	%		0.4	%
Subject to reverse repurchase agreements		185		140		45			—		185		0.1			0.1
Subject to dollar repurchase agreements		—		—		—			—		—		0.0			0.0
Letter stock or securities restricted as to sale -excluding FHLB capital stock		38		40		(2	)		—		38		0.0			0.0
FHLB capital stock		25		29		(4	)		—		25		0.0			0.0
On deposit with states		4		4		—			—		4		0.0			0.0
Pledged as collateral not captured in other categories		3				3			—		3		0.0			0.0
Total restricted assets	$	930	$	888	$	42		$	—	$	930		0.5	%		0.5	%

Loaned Securities and Repurchase Agreements

The Company participates in securities lending programs whereby securities, which are included in investments, are loaned to third-parties for the purpose of enhancing income on securities held through reinvestment of cash collateral received upon lending. For securities lending transactions, the Company requires initial collateral, usually in the form of cash, equal to 102% of the fair value of domestic securities loaned. The borrower of the loaned securities is permitted to sell or repledge those securities. At December 31, 2023, the Company recorded cash collateral received under these agreements of $675 million, and established a corresponding liability for the same amount, which is included in Amounts payable under security lending agreements in the accompanying Statutory Statements of Financial Position. For securities lending transactions, the carrying value of securities classified as bonds and on loan at December 31, 2023 was $688 million with a fair value of $658 million. At December 31, 2022, the carrying value was $740 million, with a fair value of $657 million. The reinvested collateral is reported in bonds, and Cash, cash equivalent and short-term investments in the accompanying Statutory Statements of Financial Position. The total fair value of all reinvested collateral positions was $707 million and $701 million at December 31, 2023 and 2022, respectively.

At December 31, 2023, the carrying value and fair value of securities held under agreements to purchase and resell was $210 million, which were classified as tri-party reverse repurchase agreements and included in Cash, cash equivalents, and short-term investments in the accompanying Statutory Statements of Financial Position. The securities had a weighted average maturity of 2 days and a weighted average yield of 5.3%. At December 31, 2022, the carrying value and fair value of securities held under agreements to purchase and resell was $185 million which were classified as tri-party reverse repurchase agreements and included in Cash, cash equivalents, and short-term investments in the accompanying Statutory Statements of Financial Position. The securities had a weighted average maturity of three days and a weighted average yield of 4.3%.

The Company participates in dollar repurchase agreements to sell and repurchase securities. The purchaser of the securities is permitted to sell or repledge those securities. The liability for repurchasing the assets is included in Borrowed money in the accompanying Statutory Statements of Financial Position. At December 31, 2023 and 2022, the Company was not a party to any dollar repurchase agreements in the general account. At December 31, 2023 and 2022, the Company was not a party to any dollar repurchase agreements in the separate accounts.

25

NEW YORK LIFE INSURANCE AND ANNUITY CORPORATION

NOTES TO STATUTORY FINANCIAL STATEMENTS

NOTE 6—INVESTMENTS (continued)

Collateral Received

At December 31, 2023 and 2022, assets received as collateral reflected within the accompanying Statutory Statements of Financial Position, along with a liability to return such collateral, were as follows ($ in millions):

	2023
Cash Collateral Assets	Book/Adjusted Carrying Value		Fair Value			% Total Assets (Admitted  and Nonadmitted)			% Total Admitted Assets
Securities lending	$	675	$	675			0.5	%		0.5	%
Derivatives		838		838			0.6			0.6
Total	$	1,513	$	1,513			1.1	%		1.1	%
	2022
Cash Collateral Assets	Book/Adjusted Carrying Value		Fair Value			% Total Assets (Admitted  and Nonadmitted)			% Total Admitted Assets
Securities lending	$	675	$	675			0.5	%		0.5	%
Derivatives		831		831			0.6			0.6
Total	$	1,506	$	1,506			1.1	%		1.1	%
	2023					2022
Recognized Liability to Return Collateral	Amount		% Total Liabilities			Amount			% Total Liabilities
Amounts payable under securities lending agreements	$	675		0.5	%	$	675			0.5	%
Other liabilities (derivatives)		823		0.6			813			0.6
Separate accounts liabilities (derivatives)		14		—			17			—
Total	$	1,513		1.1	%	$	1,506			1.1	%

Cash received on securities lending transactions and repurchase agreements is then reinvested in short-term investments and bonds with various maturities.

26

NEW YORK LIFE INSURANCE AND ANNUITY CORPORATION

NOTES TO STATUTORY FINANCIAL STATEMENTS

NOTE 6—INVESTMENTS (continued)

Composition of Collateral Received

The following tables present the terms and amounts of cash collateral received under security lending transactions and dollar repurchase agreements for the following types of securities loaned at December 31, 2023 and 2022 (in millions):

	2023
	Remaining Contractual Maturity of the Agreements
	Open		30 days or less		31 to 60 days		61 to 90 days		Greater than 90 days		Total
US. Treasury	$	84	$	—	$	—	$	—	$	—	$	84
U.S. government corporation & agencies		1		—		—		—		—		1
Foreign governments		3		—		—		—		—		3
U.S. corporate		498		—		—		—		—		498
Foreign corporate		89		—		—		—		—		89
Total general account securities lending transactions	$	675	$	—	$	—	$	—	$	—	$	675

	2022
	Remaining Contractual Maturity of the Agreements
	Open		30 days or less		31 to 60 days		61 to 90 days		Greater than 90 days		Total
U.S. government corporation & agencies	$	1	$	—	$	—	$	—	$	—	$	1
Foreign governments		4		—		—		—		—		4
U.S. corporate		538		—		—		—		—		538
Foreign corporate		132		—		—		—		—		132
Total general account securities lending transactions	$	675	$	—	$	—	$	—	$	—	$	675

At December 31, 2023 and 2022, there were no separate account securities cash collateral received under securities lending agreements.

27

NEW YORK LIFE INSURANCE AND ANNUITY CORPORATION

NOTES TO STATUTORY FINANCIAL STATEMENTS

NOTE 6—INVESTMENTS (continued)

Reinvestment of Collateral Received

The following tables present the term and aggregate fair value at December 31, 2023 and 2022 from the reinvestment of all collateral received in securities lending and dollar repurchase agreements (in millions):

	2023				2022
Period to Maturity	Amortized Cost		Fair Value		Amortized Cost		Fair Value
Open	$	—	$	—	$	—	$	—
30 days or less		429		429		512		512
31 to 60 days		37		37		—		—
61 to 90 days		42		42		—		—
91 to 120 days		—		—		—		—
121 to 180 days		6		6		—		—
181 to 365 days		36		36		18		18
1 to 2 years		86		86		104		103
2 to 3 years		70		70		68		68
Greater than 3 years		—		—		—		—
Total collateral reinvested	$	706	$	707	$	702	$	701

To help manage the mismatch of maturity dates between the security lending transactions and the related reinvestment of the collateral received, the Company invests in highly liquid assets.

Reverse Repurchase Agreement Transactions

The following table provides contractual maturity, maximum balance during the year, and ending balance for tri-party reverse repurchase agreements at December 31, 2023 and 2022 (in millions):

	2023				2022
	Maximum Balance		Ending Balance		Maximum Balance		Ending Balance
Open - No Maturity	$	—	$	—	$	—	$	—
Overnight	$	—	$	—	$	—	$	—
2 Days to 1 Week	$	221	$	210	$	199	$	185
> 1 Week to 1 Month	$	—	$	—	$	—	$	—
> 1 Month to 3 Months	$	—	$	—	$	—	$	—
> 3 Months to 1 Year	$	—	$	—	$	—	$	—
> 1 Year	$	—	$	—	$	—	$	—

At December 31, 2023 and 2022, the Company did not have any defaulted reverse repurchase agreements.

28

NEW YORK LIFE INSURANCE AND ANNUITY CORPORATION

NOTES TO STATUTORY FINANCIAL STATEMENTS

NOTE 6—INVESTMENTS (continued)

The following table presents the fair value of securities acquired under tri-party reverse repurchase agreement transactions, which were all NAIC rating of 1, for all four quarters of 2023 and 2022 (in millions):

	Maximum Balance		Ending Balance
Fourth Quarter 2023	$	221	$	210
Third Quarter 2023	$	224	$	210
Second Quarter 2023	$	222	$	221
First Quarter 2023	$	221	$	206
Fourth Quarter 2022	$	199	$	185
Third Quarter 2022	$	174	$	151
Second Quarter 2022	$	141	$	131
First Quarter 2022	$	141	$	131

The following table presents the securities at fair value pledged as collateral used in tri-party reverse repurchase agreement transactions by remaining contractual maturity for four quarters of 2023 and 2022 (in millions):

	Overnight and Continuous		30 days or Less		31 to 90 Days		> 90 Days
Maximum Amount
Fourth Quarter 2023	$	—	$	—	$	—	$	226
Third Quarter 2023	$	—	$	—	$	—	$	228
Second Quarter 2023	$	—	$	—	$	—	$	226
First Quarter 2023	$	—	$	—	$	—	$	225
Fourth Quarter 2022	$	—	$	—	$	—	$	203
Third Quarter 2022	$	—	$	—	$	—	$	177
Second Quarter 2022	$	—	$	—	$	—	$	144
First Quarter 2022	$	—	$	—	$	—	$	143
Ending Balance
Fourth Quarter 2023	$	—	$	—	$	—	$	215
Third Quarter 2023	$	—	$	—	$	—	$	214
Second Quarter 2023	$	—	$	—	$	—	$	226
First Quarter 2023	$	—	$	—	$	—	$	210
Fourth Quarter 2022	$	—	$	—	$	—	$	189
Third Quarter 2022	$	—	$	—	$	—	$	154
Second Quarter 2022	$	—	$	—	$	—	$	133
First Quarter 2022	$	—	$	—	$	—	$	133

At December 31, 2023, and 2022, the Company had no recognized receivable for return of collateral or a recognized liability to return collateral.

29

NEW YORK LIFE INSURANCE AND ANNUITY CORPORATION

NOTES TO STATUTORY FINANCIAL STATEMENTS

NOTE 6—INVESTMENTS (continued)

Insurer Self-Certified Securities

The following represents securities for which the Company does not have all the information required for the NAIC to provide an NAIC designation, but for which the Company is receiving timely payments of principal and interest. These securities are referred to as “5GI Securities” ($ in millions):

General Account	2023						2022
Investments	Number of 5GI Securities		Carrying Value		Estimated Fair Value		Number of 5GI Securities		Carrying Value		Estimated Fair Value
Bonds—amortized cost		9	$	14	$	13		2	$	1	$	1
Loan-backed and structured securities -amortized cost		43		44		47		28		11		12
Total general account		52	$	58	$	60		30	$	12	$	13
Separate account:
Loan-backed and structured securities -amortized cost		2	$	—	$	1		2	$	1	$	1
Total separate account		2	$	—	$	1		2	$	1	$	1

Wash Sales

In the course of the Company’s investment management activities, securities may be sold and repurchased within 30 days of the sale date to meet individual portfolio objectives and to achieve the ongoing rebalancing of exposure.

The details by NAIC designation of 3 or below, or unrated, securities sold during the years ended December 31, 2023 and 2022, and reacquired within 30 days of the sale date are as follows ($ in millions):

	2023
Description	NAIC Designation		Number of Transactions		Book Value of Securities Sold		Cost of Securities Repurchased		Realized Gains (Losses)
Bonds		NAIC 3		1	$	1	$	1	$	—
Bonds		NAIC 4		—		—		—		—
Bonds		NAIC 5		—		—		—		—
Bonds		NAIC 6		—		—		—		—
Preferred stock		NAIC 3		—		—		—		—
Preferred stock		NAIC 4		—		—		—		—
Preferred stock		NAIC 5		—		—		—		—
Preferred stock		NAIC 6		—		—		—		—
Common stock(1)				5		—		—		—
				6	$	1	$	1	$	—

⁽¹⁾ Book value of securities sold and cost of securities repurchased are both less than a million.

30

NEW YORK LIFE INSURANCE AND ANNUITY CORPORATION

NOTES TO STATUTORY FINANCIAL STATEMENTS

NOTE 6—INVESTMENTS (continued)

	2022
Description	NAIC Designation		Number of Transactions		Book Value of Securities Sold		Cost of Securities Repurchased		Realized Gains (Losses)
Bonds		NAIC 3		—	$	—	$	—	$	—
Bonds		NAIC 4		—		—		—		—
Bonds		NAIC 5		—		—		—		—
Bonds		NAIC 6		—		—		—		—
Preferred stock		NAIC 3		—		—		—		—
Preferred stock		NAIC 4		—		—		—		—
Preferred stock		NAIC 5		—		—		—		—
Preferred stock		NAIC 6		—		—		—		—
Common stock(1)				1		—		—		—
				1	$	—	$	—	$	—

⁽¹⁾ Book value of securities sold and cost of securities repurchased are both less than $1 million.

Admitted Negative IMR

The Company admitted all of its negative IMR in the general account and the insulated separate accounts at December 31, 2023, which was $328 million and less than a million, respectively. Of the $328 million in the general account, $68 million relates to cumulative realized gains on bonds and $396 million relates to cumulative realized losses on derivatives. The Company’s IMR balance includes interest-related realized gains and losses arising from sales of its fixed income investments that are done in compliance with the Company’s investment management policies. The Company’s IMR balance includes interest-related realized gains and losses arising from sales of its fixed income investments that are made in compliance with the Company’s investment management policies. The Company engages in prudent portfolio management that may require sales of its fixed income investments in order to rebalance the portfolio and match the duration of the Company’s insurance liabilities. Proceeds from the sale of fixed income investments made for these purposes are reinvested in similar assets. If sales are executed due to liquidity pressures related to the Company’s insurance contracts (i.e., excess withdrawal activity), any related realized gains and losses are not deferred into the IMR. The Company did not have any excess withdrawals as of December 31, 2023.

The Company’s general account IMR balance includes interest-related losses on derivatives of $396 million. This amount includes gross gains of $104 million and gross losses of $432 million on derivatives that were reported at amortized cost; and gross gains of $329 million and gross losses of $397 million on derivatives that were reported at fair value. There were no gains or losses in the insulated separate accounts. The Company uses different derivative instruments to manage interest rate risk. Derivatives trading is made in accordance with the Company’s investment management policies and is in accordance with the Company’s derivatives use plan, which is filed with NYSDFS. The Company is allowed to include realized gains and losses arising from the sale of derivatives carried at fair value while held s as the Company’s policy has historically been to defer in the IMR realized gains and losses from all of its interest rate hedges where the underlying is subject to the IMR regardless of whether the derivative is reported at fair value or amortized cost.

31

NEW YORK LIFE INSURANCE AND ANNUITY CORPORATION

NOTES TO STATUTORY FINANCIAL STATEMENTS

NOTE 6—INVESTMENTS (continued)

Negative IMR was admitted up to 10% of the Company’s adjusted Capital and Surplus. Capital and Surplus was adjusted to exclude net positive admitted goodwill, electronic data processing equipment and operating system software, admitted negative IMR, and net deferred tax assets. The computation of adjusted Capital and Surplus for purposes of negative IMR admissibility is included below (in millions):

	Calculation of Limitation as of
	September 30, 2023		December 31, 2023
Capital and surplus	$	8,711
Less:
Admitted positive goodwill		—
Admitted EDP equipment and operating system software		—
Admitted net deferred taxes		605
Exclude admitted disallowed IMR-GA	$	296
Exclude admitted disallowed IMR-SA	$	—
Total adjustments		901
Adjusted capital and surplus	$	7,810
Limitation on amount of negative IMR (adjusted capital and surplus times 10%)	$	781
Current period reported admitted negative IMR in GA			$	328
Current period negative IMR, reported as an asset in the Separate Accounts				—
Total admitted negative IMR			$	328
Current period admitted negative IMR as a % of prior period adjusted capital and surplus				4	%

NOTE 7—DERIVATIVE INSTRUMENTS AND RISK MANAGEMENT

The Company uses derivative instruments to manage interest rate, equity and currency risk, and to replicate otherwise permissible investments. These derivative instruments include foreign currency and bond forwards, interest rate and equity options, interest rate and equity futures, interest rate, total return, credit default and foreign currency swaps. The Company does not engage in derivative instrument transactions for speculative purposes.

The Company may enter into exchange traded futures and over-the-counter (“OTC”) derivative instruments. Exchange traded derivatives are executed through regulated exchanges and require initial and daily variation margin collateral postings. The Company is exposed to credit risk resulting from default of the exchange.

OTC derivatives may either be cleared through a clearinghouse (“OTC-cleared”) or transacted between the Company and a counterparty under bilateral agreements (“OTC-bilateral”). Similar to exchange traded futures, OTC-cleared derivatives require initial and daily variation margin collateral postings. When transacting OTC-cleared derivatives, the Company is exposed to credit risk resulting from default of the clearinghouse and/or default of the Futures Commission Merchant (e.g. clearinghouse agent).

32

NEW YORK LIFE INSURANCE AND ANNUITY CORPORATION

NOTES TO STATUTORY FINANCIAL STATEMENTS

NOTE 7—DERIVATIVE INSTRUMENTS AND RISK MANAGEMENT (continued)

When transacting OTC-bilateral derivatives, the Company is exposed to the potential default of its OTC-bilateral counterparty. The Company manages its credit risk by entering into transactions with creditworthy counterparties, using master netting arrangements, and obtaining collateral where appropriate. The Company also deals with a large number of counterparties, thus limiting its exposure to any single counterparty. The Company monitors credit exposures to its OTC-bilateral counterparties by limiting transactions within specified dollar limits and adjusting transaction levels where appropriate, to minimize risk. All of the net credit exposure for the Company from derivatives transactions is with investment-grade counterparties. In addition, certain of the Company’s agreements require that if the Company’s (or its counterparty’s) credit rating were to fall below a specified rating assigned by a credit rating agency, the other party could request immediate payout on all transactions under the agreements or full collateralization of the positions thereunder. The Company’s policy is to not offset amounts for derivatives executed with the same counterparty under the same master netting agreement with the associated collateral.

Collateralization plays a central role in the Company’s mitigation of risk related to derivatives. For OTC-cleared and exchange traded derivatives, the Company obtains collateral through variation margin which is adjusted daily based on the parties’ net derivative position.

For OTC-bilateral derivatives, the Company obtains collateral in accordance with the terms of credit support annexes (“CSAs”) negotiated as part of the master agreements entered into with most OTC-bilateral counterparties. CSAs define the terms under which collateral is transferred between the parties in order to mitigate credit risk arising from “in the money” derivative positions. The Variation Margin CSA requires that an OTC-bilateral counterparty post collateral to secure its anticipated derivative obligation, taking into account netting arrangements. Cash collateral received by the Company under Variation Margin CSAs is invested in short-term investments. The Company also enters into Initial Margin CSAs with many of its OTC-bilateral counterparties. These documents require additional margin to be posted to and collected from counterparties to OTC-bilateral derivatives to cover market movements over a ten day close-out period. This “initial margin” must be maintained at a third-party custodian, without any right of rehypothecation. Securities posted by the Company as collateral under derivative contracts continue to be reported as assets in the Company’s Statutory Statements of Financial Position. Securities received as collateral under derivative contracts are not reported in the Company’s Statutory Statements of Financial Position.

The Company may be exposed to credit-related losses in the event that an OTC-bilateral counterparty fails to perform its obligations under its contractual terms. In contractual arrangements with OTC-bilateral counterparties that do not include netting provisions, in the event of default, credit exposure is limited to the positive fair value of derivatives at the reporting date. In contractual arrangements with OTC-bilateral counterparties that include netting provisions, in the event of default, credit exposure is limited to the net fair value, if positive, of all derivatives at the reporting date. At December 31, 2023 and 2022, the Company held collateral for derivatives of $574 million and $710 million, respectively, including $73 million and $169 million, respectively, of securities. Fair value of derivatives in a net asset position, net of collateral, was $10 million and $7 million at December 31, 2023 and 2022, respectively.

Interest Rate Risk Management

The Company enters into interest rate derivatives primarily to minimize exposure to fluctuations in interest rates on assets and liabilities held by the Company.

Interest rate swaps are used by the Company to hedge interest rate risk for individual and portfolios of assets. Interest rate swaps are agreements with other parties to exchange, at specified intervals, the difference between interest amounts calculated by reference to an agreed upon notional value. Generally, no cash is exchanged at the onset of the contract and no principal payments are made by either party. The Company does not act as an intermediary or broker in interest rate swaps.

Interest rate (Treasury) futures are used by the Company to manage duration of the Company’s fixed income portfolio. Interest rate futures are exchange traded contracts to buy or sell a bond at a specific price at a future date.

33

NEW YORK LIFE INSURANCE AND ANNUITY CORPORATION

NOTES TO STATUTORY FINANCIAL STATEMENTS

NOTE 7—DERIVATIVE INSTRUMENTS AND RISK MANAGEMENT (continued)

Interest rate options are used by the Company to hedge the risk of increasing interest rates on policyholder liabilities. Under these contracts, the Company will receive payments from counterparties should an agreed upon interest rate level be reached and payments will continue to increase under the option contract until an agreed upon interest rate ceiling, if applicable.

Currency Risk Management

The primary purpose of the Company’s foreign currency hedging activities is to protect the value of foreign currency denominated assets from the risk of changes in foreign exchange rates.

Foreign currency swaps are agreements with other parties to exchange, at specified intervals, principal and interest in one currency for the same in another, at a fixed exchange rate, which is generally set at inception and calculated by reference to an agreed upon notional value. Generally, only principal payments are exchanged at the onset and the end of the contract.

Foreign currency forwards involve the exchange of foreign currencies at a specified future date and at a specified price. No cash is exchanged at the time the agreement is entered into.

Equity Risk Management

The Company purchases equity options and equity futures to minimize exposure to the equity risk associated with guarantees on certain underlying policyholder liabilities. There are upfront fees paid related to option contracts at the time the agreements are entered into.

The Company enters into total return swaps to hedge equity exposure in the general account portfolio.

Replication Transactions

Bond forwards are paired with other investment grade bonds in replication transactions to generate the return and price risk of long-dated fixed income securities.

Credit default swaps are paired with investment grade bonds in replication transactions to generate the return and price risk of long dated corporate bonds.

34

NEW YORK LIFE INSURANCE AND ANNUITY CORPORATION

NOTES TO STATUTORY FINANCIAL STATEMENTS

NOTE 7—DERIVATIVE INSTRUMENTS AND RISK MANAGEMENT (continued)

The following tables present the notional amount, gross fair value and carrying value of derivative instruments that are qualifying and designated for hedge accounting, by type of hedge designation, and those that are not designated for hedge accounting at December 31, 2023 and 2022 (in millions):

	2023
	Primary Risk Exposure		Notional Amount(1)		Fair Value(2)				Carrying Value(3)
Derivative Type					Asset		Liability		Asset		Liability
Derivatives qualifying and designated:
Cash flow hedges:
Foreign currency swaps		Currency	$	265	$	15	$	3	$	16	$	2
Interest rate swaps		Interest		12		1		—		—		—
Subtotal cash flow hedges				276		15		3		16		2
Fair value hedges:
Foreign currency swaps		Currency		1,025		36		36		32		26
Replications:
Bond forwards		Interest		250		—		82		—		—
Credit default swaps		Interest		275		5		—		2		—
Subtotal replications				525		5		82		2		—
Total derivatives qualifying and designated				1,826		56		122		49		28
Derivatives not designated:
Foreign currency forwards		Currency		238		2		3		2		3
Foreign currency swaps		Currency		3,828		410		28		410		28
Futures		Interest		459		1		—		1		—
Equity options		Equity		14,281		222		—		222		—
Interest rate options		Interest		4,574		20		—		20		—
Interest rate swaps		Interest		8,633		492		162		492		162
Bond forwards		Interest		225		—		11		—		11
Total derivatives not designated				32,237		1,147		205		1,147		205
Total derivatives			$	34,063	$	1,203	$	327	$	1,196	$	233

⁽¹⁾ Notional amount of derivative instruments provides a measure of involvement in these types of transactions and generally does not represent the amount exchanged between the parties engaged in the transaction.

⁽²⁾ For a discussion of valuation methods for derivative instruments refer to Note 9 - Fair Value Measurements.

⁽³⁾ The carrying value of derivatives in an asset position is reported within Other investments and the carrying value of derivatives in a liability position is reported within Other liabilities in the accompanying Statutory Statements of Financial Position.

35

NEW YORK LIFE INSURANCE AND ANNUITY CORPORATION

NOTES TO STATUTORY FINANCIAL STATEMENTS

NOTE 7—DERIVATIVE INSTRUMENTS AND RISK MANAGEMENT (continued)

	2022
	Primary Risk Exposure		Notional Amount(1)		Fair Value(2)				Carrying Value(3)
Derivative Type					Asset		Liability		Asset		Liability
Derivatives qualifying and designated:
Cash flow hedges:
Foreign currency swaps		Currency	$	277	$	29	$	1	$	25	$	—
Interest rate swaps		Interest		12		1		—		—		—
Subtotal cash flow hedges				289		30		1		25		—
Replications:
Bond forwards		Interest		900		—		308		—		—
Credit default swaps		Interest		250		3		—		3		—
Subtotal replications				1,150		3		308		3		—
Total derivatives qualifying and designated				1,439		33		309		28		—
Derivatives not designated:
Foreign currency forwards		Currency		335		5		12		5		12
Foreign currency swaps		Currency		4,313		721		4		721		4
Futures		Interest		173		—		—		—		—
Equity options		Equity		3,391		52		—		52		—
Interest rate options		Interest		6,015		73		—		73		—
Interest rate swaps		Interest		8,588		481		310		481		310
Total derivatives not designated				22,815		1,332		326		1,332		326
Total derivatives			$	24,254	$	1,365	$	635	$	1,360	$	326

⁽¹⁾ Notional amount of derivative instruments provides a measure of involvement in these types of transactions and generally does not represent the amount exchanged between the parties engaged in the transaction.

⁽²⁾ For a discussion of valuation methods for derivative instruments refer to Note 9 - Fair Value Measurements.

⁽³⁾ The carrying value of derivatives in an asset position is reported within Other investments and the carrying value of derivatives in a liability position is reported within Other liabilities in the accompanying Statutory Statements of Financial Position.

Derivatives Qualifying and Designated

Cash Flow Hedges

The Company’s cash flow hedges primarily include hedges of floating rate securities and foreign currency denominated assets. Derivative instruments used in cash flow hedges that meet criteria indicating that they are highly effective are valued and reported in a manner that is consistent with the hedged asset.

The Company designates and accounts for the following qualified cash flow hedges: (1) interest rate swaps used to convert floating rate investments to fixed rate investments; (2) foreign currency swaps used to hedge the foreign currency cash flow exposure of foreign currency denominated investments.

36

NEW YORK LIFE INSURANCE AND ANNUITY CORPORATION

NOTES TO STATUTORY FINANCIAL STATEMENTS

NOTE 7—DERIVATIVE INSTRUMENTS AND RISK MANAGEMENT (continued)

The following table presents the effects of derivatives in cash flow hedging relationships for the years ended December 31, 2023, 2022 and 2021 (in millions):

	Surplus(1)							Net Realized Capital Gains (Losses)						Net Investment Income
Derivative Type	2023			2022		2021		2023		2022		2021		2023		2022		2021
Foreign currency swaps	$	(12	)	$	20	$	11	$	2	$	1	$	2	$	3	$	3	$	2
Interest rate swaps		—			—		—		—		—		—		—		—		1
Total	$	(12	)	$	20	$	11	$	2	$	1	$	2	$	3	$	3	$	3

⁽¹⁾ The amount of gain (loss) recognized in surplus is reported as a Change in net unrealized losses on investments in the accompanying Statutory Statements of Changes in Surplus.

Fair Value Hedges

The Company’s fair value hedges primarily consist of hedges of foreign currency denominated assets whereby the Company enters into foreign currency swaps to hedge its foreign currency exposure. Derivative instruments used in fair value hedges that meet criteria indicating that they are highly effective are valued and reported in a manner that is consistent with the hedged asset.

The Company excludes the cross-currency basis spread in its foreign currency swaps from the assessment of effectiveness as allowed under SSAP No. 86. The fair value of the cross-currency basis spread on the Company’s foreign currency swaps, which was excluded from the assessment of effectiveness at December 31, 2023 was $(7) million.

	Gain or (Loss) Recognized in  Surplus(1)							Gain or (Loss) Recognized in  Net Realized Capital Gains (Losses)						Gain or (Loss) Recognized in  Net Investment Income
Derivative Type	2023			2022		2021		2023		2022		2021		2023		2022		2021
Foreign currency swaps	$	(37	)	$	—	$	—	$	1	$	—	$	—	$	7	$	—	$	—
Total	$	(37	)	$	—	$	—	$	1	$	—	$	—	$	7	$	—	$	—

Derivatives Replications

The following table presents the effects of derivatives in replication relationships for the years ended December 31, 2023, 2022 and 2021 (in millions):

	Gain or (Loss) Recognized in Surplus(1)						Gain or (Loss) Recognized in  Net Realized Capital Gains (Losses)									Gain or (Loss) Recognized in Net Investment Income
Derivative Type	2023		2022		2021		2023			2022			2021			2023		2022		2021
Bond forwards	$	—	$	—	$	—	$	(227	)	$	(29	)	$	(173	)	$	7	$	12	$	19
Credit default swaps		—		—		—		—			—			—			—		1		—
Total	$	—	$	—	$	—	$	(227	)	$	(29	)	$	(173	)	$	7	$	13	$	19

⁽¹⁾ The amount of gain (loss) recognized in surplus is reported as a Change in net unrealized capital losses on investments in the accompanying Statutory Statements of Changes in Surplus.

37

NEW YORK LIFE INSURANCE AND ANNUITY CORPORATION

NOTES TO STATUTORY FINANCIAL STATEMENTS

NOTE 7—DERIVATIVE INSTRUMENTS AND RISK MANAGEMENT (continued)

Derivatives Not Designated

The following table summarizes the surplus and net income impact on derivative instruments not designated for the years ended December 31, 2023, 2022 and 2021 (in millions):

	Surplus(1)									Net Realized Capital  Gains (Losses)									Net Investment Income
Derivative Type	2023			2022			2021			2023			2022			2021			2023			2022			2021
Equity options	$	61		$	(14	)	$	5		$	23		$	(8	)	$	(4	)	$	—		$	—		$	—
Foreign currency forwards		6			(13	)		19			(12	)		39			—			—			—			—
Foreign currency swaps		(293	)		420			161			42			(12	)		(3	)		52			61			42
Futures		(8	)		—			—			(11	)		(5	)		(87	)		—			—			—
Interest rate options		(54	)		40			3			(10	)		1			5			1			(3	)		(6	)
Interest rate swaps		152			(59	)		(27	)		6			—			(4	)		(102	)		(3	)		22
Bond forwards		(11	)		—			—			—			—			—			—			—			—
Total return swap		—			—			73			—			—			(147	)		—			—			—
Total	$	(146	)	$	374		$	234		$	37		$	15		$	(240	)	$	(48	)	$	55		$	58

⁽¹⁾ The amount of gain (loss) recognized in surplus is reported as a Change in net unrealized capital gains on investments in the accompanying Statutory Statements of Changes in Surplus.

NOTE 8—SEPARATE ACCOUNTS

Separate Accounts Activity

The Company utilizes separate accounts to record and account for assets and liabilities for particular lines of business and/or transactions, including VUL insurance products guaranteed, VUL insurance products non-guaranteed, VA products non-guaranteed, UL insurance products guaranteed.

In accordance with the domiciliary state procedures for approving items within separate accounts, the classification of the separate accounts is subject to Section 2932 of the Delaware Insurance Code and the regulations thereunder. Assets of guaranteed separate accounts are invested in accordance with the provisions of Chapter 13 of the Delaware Insurance Code.

All items that were permitted for separate accounts reporting were supported by state statute.

38

NEW YORK LIFE INSURANCE AND ANNUITY CORPORATION

NOTES TO STATUTORY FINANCIAL STATEMENTS

NOTE 8—SEPARATE ACCOUNTS (continued)

The assets legally and not legally insulated from the general account at December 31, 2023 and 2022 are attributed to the following products or transactions (in millions):

	2023				2022
Product/Transaction	Legally Insulated Assets		Separate Accounts Assets (Not Legally Insulated)(1)		Legally Insulated Assets		Separate Accounts Assets (Not Legally Insulated)(2)
VA products non-guaranteed	$	35,691	$	37	$	32,602	$	38
VUL insurance products non-guaranteed		13,116		—		10,550		2
UL insurance products guaranteed		6,313		39		6,404		34
VUL insurance products guaranteed		189		20		156		22
Total	$	55,309	$	96	$	49,712	$	96

⁽¹⁾ Separate accounts assets classified as not legally insulated support $59 million of remittances and items not allocated and other transfers to the general account due or accrued (net), $17 million of surplus, $17 million of derivatives, $2 million of payable for securities, and $1 million of other liabilities.

⁽²⁾ Separate accounts assets classified as not legally insulated support $40 million of remittances and items not allocated and other transfers to the general account due or accrued (net), $31 million of surplus, $20 million of derivatives, $3 million of other liabilities, and $2 million of payable for securities.

Guaranteed Separate Accounts

The Company maintains four guaranteed separate accounts for UL insurance policies and one guaranteed separate account for a private placement VUL policy, with assets of $6,562 million and $6,615 million at December 31, 2023 and 2022, respectively. These accounts provide a guarantee of principal and interest with a market value adjustment imposed upon certain surrenders. A transfer adjustment charge is imposed upon certain transfers. Interest rates on these contracts may be adjusted periodically. The assets of these separate accounts are stated at amortized cost up to the value of policyholder reserves and at fair value thereafter. Certain derivatives not qualifying for hedge accounting are stated at fair value.

Non-Guaranteed Separate Accounts

The Company maintains non-guaranteed separate accounts for its VA and VUL products, some of which are registered with the Securities and Exchange Commission. Assets in non-guaranteed separate accounts were $48,844 million and $43,193 million at December 31, 2023 and 2022, respectively. The assets of these separate accounts represent investments in shares of New York Life sponsored MainStay VP Funds Trust and other non-proprietary insurance-dedicated funds.

Certain of these variable contracts have guaranteed minimum death benefit (“GMDB”) and guaranteed minimum accumulation benefit (“GMAB”) features that are guaranteed by the assets of the general account.

To compensate the general account for the risk taken, the separate accounts have paid risk charges as follows for the past five years (in millions):

Year	Amount
2023	$	65
2022	$	67
2021	$	62
2020	$	57
2019	$	54

39

NEW YORK LIFE INSURANCE AND ANNUITY CORPORATION

NOTES TO STATUTORY FINANCIAL STATEMENTS

NOTE 8—SEPARATE ACCOUNTS (continued)

The general account of the Company made payments toward separate accounts guarantees as follows for the past five years (in millions):

Year	Amount
2023	$	12
2022	$	12
2021	$	4
2020	$	5
2019	$	3

The general account holds reserves on these guarantees. Refer to Note 12 - Insurance Liabilities for discussion of GMAB and GMDB reserves.

Information regarding the separate accounts of the Company at and for the years ended December 31, 2023 and 2022 is as follows (in millions):

	2023
	Non-Indexed Guarantee Less than / Equal to 4%		Non-Indexed Guarantee More than 4%		Non- Guaranteed Separate Accounts		Total
Premiums, considerations or deposits	$	—	$	—	$	3,046	$	3,046
Reserves at 12/31:
For accounts with assets at:
Fair value	$	—	$	—	$	47,728	$	47,728
Amortized cost		5,792		710		—		6,502
Total reserves	$	5,792	$	710	$	47,728	$	54,230
By withdrawal characteristics:
With fair value adjustment	$	5,792	$	710	$	—	$	6,502
At fair value		—		—		47,728		47,728
Total reserves	$	5,792	$	710	$	47,728	$	54,230

	2022
	Non-Indexed Guarantee Less than / Equal to 4%		Non-Indexed Guarantee More than 4%		Non- Guaranteed Separate Accounts		Total
Premiums, considerations or deposits	$	—	$	—	$	2,539	$	2,539
Reserves at 12/31:
For accounts with assets at:
Fair value	$	—	$	—	$	42,088	$	42,088
Amortized cost		6,035		516		—		6,551
Total reserves	$	6,035	$	516	$	42,088	$	48,639
By withdrawal characteristics:
With fair value adjustment	$	6,035	$	516	$	—	$	6,551
At fair value		—		—		42,088		42,088
Total reserves	$	6,035	$	516	$	42,088	$	48,639

40

NEW YORK LIFE INSURANCE AND ANNUITY CORPORATION

NOTES TO STATUTORY FINANCIAL STATEMENTS

NOTE 8—SEPARATE ACCOUNTS (continued)

The following is a reconciliation of net transfers to (from) the general account to the separate accounts (in millions):

	2023			2022			2021
Transfers to separate accounts	$	3,046		$	2,540		$	4,058
Transfers from separate accounts		(3,694	)		(2,096	)		(2,211	)
Net transfers (from)/to separate accounts	$	(648	)	$	444		$	1,847
Reconciling Adjustment:
Change in reserve valuation basis(1)	$	—		$	—		$	62
Net transfers (from)/to separate accounts	$	(648	)	$	444		$	1,909

⁽¹⁾ Refer to Note 12 - Insurance liabilities for more details on change in reserve valuation basis.

NOTE 9—FAIR VALUE MEASUREMENTS

The Company’s financial assets and liabilities carried at fair value have been classified, for disclosure purposes, based on a hierarchy defined by SSAP No. 100, “Fair Value Measurements”. 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. This guidance establishes a framework for measuring fair value that includes a hierarchy used to classify the inputs used in measuring fair value. The hierarchy prioritizes the inputs to valuation techniques used to measure fair value into three levels. The level in the fair value hierarchy within which the fair value measurement falls is determined based on the lowest level input that is significant to the fair value measurement.

The levels of the fair value hierarchy are based on the inputs to the valuation as follows:

Level 1	Fair value is based on unadjusted quoted prices for identical assets or liabilities in an active market. Active markets are defined as a market in which many transactions occur with sufficient frequency and volume to provide pricing information on an ongoing basis.
Level 2	Observable inputs other than level 1 prices, such as quoted prices in active markets for similar assets or liabilities; quoted prices in markets that are not active for identical or similar assets or liabilities, or other model driven inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. Valuations are generally obtained from third-party pricing services for identical or comparable assets or liabilities or through the use of valuation methodologies using observable market inputs.
Level 3	Instruments whose values are based on prices or valuation techniques that require inputs that are both unobservable and significant to the overall fair value measurement. These inputs reflect management’s own assumptions in pricing the asset or liability. Pricing may also be based upon broker quotes that do not represent an offer to transact. Prices are determined using valuation methodologies such as option pricing models, discounted cash flow models and other similar techniques. Non-binding broker quotes, which are utilized when pricing service information is not available, are reviewed for reasonableness based on the Company’s understanding of the market, and are generally considered Level 3. To the extent the internally developed valuations use significant unobservable inputs, they are classified as Level 3.

41

NEW YORK LIFE INSURANCE AND ANNUITY CORPORATION

NOTES TO STATUTORY FINANCIAL STATEMENTS

NOTE 9—FAIR VALUE MEASUREMENTS (continued)

Determination of Fair Value

The Company has an established and well-documented process for determining fair value. Security pricing is applied using a hierarchy approach whereby publicly available prices are first sought from nationally recognized third-party pricing services. For most private placement securities, the Company applies a matrix-based pricing methodology, which uses spreads derived from third-party benchmark bond indices. For private placement securities that cannot be priced through these processes, the Company uses internal models and calculations. All other securities are submitted to independent brokers for prices. The Company performs various analyses to ascertain that the prices represent fair value. Examples of procedures performed include, but are not limited to, back testing recent trades, monitoring trading volumes, and performing variance analysis of monthly price changes using different thresholds based on asset type. The Company also performs an annual review of all third-party pricing services. During this review, the Company obtains an understanding of the process and sources used by the pricing service to ensure that they maximize the use of observable inputs, the pricing service’s frequency of updating prices, and the controls that the pricing service uses to ensure that their prices reflect market assumptions. The Company also selects a sample of securities and obtains a more detailed understanding from each pricing service regarding how they derived the price assigned to each security. Where inputs or prices do not reflect market participant assumptions, the Company will challenge these prices and apply different methodologies that will enhance the use of observable inputs and data. The Company may use non-binding broker quotes or internal valuations to support the fair value of securities that go through this formal price challenge process. At December 31, 2023 and 2022, the Company did not have any price challenges on general account and separate account securities for what it received from third party pricing services.

In addition, the Company has a pricing committee that provides oversight over the Company’s prices and fair value process for securities. The committee meets quarterly and is responsible for the review and approval of the Company’s valuation procedures. The committee is also responsible for the review of pricing exception reports as well as the review of significant inputs used in the valuation of assets that are valued internally.

42

NEW YORK LIFE INSURANCE AND ANNUITY CORPORATION

NOTES TO STATUTORY FINANCIAL STATEMENTS

NOTE 9—FAIR VALUE MEASUREMENTS (continued)

The following tables present the estimated fair value and carrying value of the Company’s financial instruments at December 31, 2023 and 2022 (in millions):

	2023
	Fair Value		Carrying Value		Level 1		Level 2		Level 3		NAV as a Practical Expedient
Assets:
Bonds	$	95,041	$	102,056	$	755	$	89,789	$	4,497	$	—
Preferred stocks		44		44		—		16		28		—
Common stocks(1)		615		615		590		—		25		—
Mortgage loans		14,534		15,484		—		—		14,534		—
Cash, cash equivalents and short-term investments		1,696		1,696		217		1,479		—		—
Derivatives		1,203		1,196		—		1,203		—		—
Derivatives collateral		137		137		—		137		—		—
Other invested assets(1)		598		593		—		126		472		—
Investment income due and accrued		1,005		1,005		—		1,005		—		—
Separate accounts assets		54,822		55,405		47,291		5,012		934		1,585
Total assets	$	169,695	$	178,231	$	48,853	$	98,767	$	20,490	$	1,585
Liabilities:
Deposit fund contracts:
Annuities certain	$	1,219	$	1,257	$	—	$	—	$	1,219	$	—
Derivatives		327		233		—		327		—		—
Derivatives collateral		823		823		—		823		—		—
Amounts payable under securities lending agreements		678		678		—		678		—		—
Payable to parent and affiliates		131		131		—		131		—		—
Separate accounts liabilities - derivatives		22		18		—		18		4		—
Total liabilities	$	3,200	$	3,140	$	—	$	1,977	$	1,223	$	—

⁽¹⁾ Excludes investments accounted for under the equity method.

43

NEW YORK LIFE INSURANCE AND ANNUITY CORPORATION

NOTES TO STATUTORY FINANCIAL STATEMENTS

NOTE 9—FAIR VALUE MEASUREMENTS (continued)

	2022
	Fair Value		Carrying Value		Level 1		Level 2		Level 3		NAV as  a Practical Expedient
Assets:
Bonds	$	83,932	$	93,817	$	835	$	79,509	$	3,588	$	—
Preferred stocks		49		49		—		15		34		—
Common stocks(1)		1,236		1,236		1,057		7		116		56
Mortgage loans		14,360		15,544		—		—		14,360		—
Cash, cash equivalents and short-term investments		6,401		6,401		170		6,231		—		—
Derivatives		1,365		1,360		—		1,361		4		—
Derivatives collateral		306		306		—		306		—		—
Other invested assets(1)		528		528		—		114		414		—
Investment income due and accrued		851		851		—		851		—		—
Separate accounts assets		49,048		49,808		42,069		4,838		994		1,147
Total assets	$	158,076	$	169,900	$	44,131	$	93,232	$	19,510	$	1,203
Liabilities:
Deposit fund contracts:
Annuities certain	$	1,010	$	1,077	$	—	$	—	$	1,010	$	—
Derivatives		635		326		—		635		—		—
Derivatives collateral		813		813		—		813		—		—
Amounts payable under securities lending agreements		675		675		—		675		—		—
Payable to parent and affiliates		140		140		—		140		—		—
Separate accounts liabilities - derivatives		27		22		—		22		5		—
Total liabilities	$	3,300	$	3,053	$	—	$	2,285	$	1,015	$	—

⁽¹⁾ Excludes investments accounted for under the equity method.

Bonds

For U.S. SAP, bonds reported as Level 1 represent investments in certain SVO approved ETF and mutual funds. Valuation of these securities is based on unadjusted quoted prices in active markets that are readily and regularly available. All other ETFs and mutual funds are classified and accounted for as common stock.

Securities priced using a pricing service are generally classified as Level 2. Third-party pricing services generally use an income-based valuation approach by using a discounted cash-flow model or it may also use a market approach by looking at recent trades of a specific security to determine fair value on public securities or a combination of the two. Typical inputs used by these pricing services include, but are not limited to: benchmark yields, reported trades, issuer spreads, bids, offers, benchmark securities, estimated cash flows and prepayment speeds, which the Company has determined are observable inputs.

Private placement securities are primarily priced using a market approach such as a matrix-based pricing methodology, which uses spreads derived from third-party benchmark bond indices. Specifically, the Barclays Investment Grade Corporate Index is used for investment-grade securities and the Citi High Yield Cash Index is used for below investment-grade securities. These indices are two widely recognized, reliable and well regarded benchmarks by participants in the financial services industry, which represent the broader U.S. public bond markets. The spreads derived from each matrix are adjusted for liquidity. The liquidity premium is standardized and based on market transactions. These securities are classified as Level 2.

44

NEW YORK LIFE INSURANCE AND ANNUITY CORPORATION

NOTES TO STATUTORY FINANCIAL STATEMENTS

NOTE 9—FAIR VALUE MEASUREMENTS (continued)

Certain private placement securities that cannot be priced using the matrix pricing described above, are priced by an internally developed discounted cash flow model or are priced based on internal calculations. The model uses observable inputs with a discount rate based off spreads of comparable public bond issues, adjusted for liquidity, rating and maturity. The Company assigns a credit rating for private placement securities based upon internal analysis. The liquidity premium is usually based on market transactions. These securities are classified as Level 2.

For some of the private placement securities priced through the model, the liquidity adjustments may not be based on market data, but rather, calculated internally. If the impact of the liquidity adjustment, which usually requires the most judgment, is not significant to the overall value of the security, the security is still classified as Level 2. If it is deemed to be significant, the security is classified as Level 3.

The valuation techniques for most Level 3 bonds are generally the same as those described in Level 2. However, if the investments are less liquid or are lightly traded, there is generally less observable market data, and therefore these investments will be classified as Level 3. Circumstances where observable market data are not available may include events such as market illiquidity and credit events related to the security. In addition, certain securities are priced based upon internal valuations using significant unobservable inputs. If a security could not be priced by a third-party vendor or through internal pricing models, broker quotes are received and reviewed by each investment analyst. These inputs may not be observable. Therefore, Level 3 classification is determined to be appropriate.

Included in bonds are affiliated bonds from MCF and NYL Investments. The affiliated bond from MCF had a carrying value of $2,117 million and a fair value of $2,106 million at December 31, 2023, and a carrying value of $2,187 million and a fair value of $2,128 million at December 31, 2022. The fair value of this security is calculated internally and may include inputs that may not be observable. Therefore, this security is classified as Level 3. Also included in bonds is an affiliated bond from NYL Investments which had a carrying value of $762 million and fair value of $740 million at December 31, 2023, and a carrying value of $762 million and a fair value of $729 million at December 31, 2022. The fair value of this security is calculated internally using observable inputs and is therefore classified as Level 2.

Preferred Stocks

Preferred stocks valued using prices from third-party pricing services generally use a discounted cash flow model or a market approach to arrive at the security’s fair value and are classified as Level 2. Preferred stocks classified as Level 3 are valued based on internal valuations where significant inputs are deemed to be unobservable.

Common Stocks

These securities are comprised of exchange traded U.S. and foreign common stock and mutual funds. The fair value of these securities is primarily based on unadjusted quoted prices in active markets that are readily and regularly available and are classified as Level 1. Common stocks that do not trade in an active market and are valued based on prices obtained from independent pricing vendors using unadjusted quoted prices in active markets for similar securities that are readily and regularly available are classified as level 2. Common stocks priced through an internal valuation where significant inputs are deemed to be unobservable, including securities issued by government organizations where fair value is fixed, are classified as Level 3. For common stocks that do not have a readily available fair value, net asset value (“NAV”) is used as a practical expedient.

Mortgage Loans

The estimated fair value of mortgage loans is determined using an income approach, based upon the present value of the expected cash flows discounted at an interpolated treasury yield plus a spread. The spread is based on management’s judgment and assumptions, which takes into account matters such as property type, LTV and remaining term of each loan, etc. The spread is a significant component of the pricing inputs, and therefore, these investments are classified as Level 3.

45

NEW YORK LIFE INSURANCE AND ANNUITY CORPORATION

NOTES TO STATUTORY FINANCIAL STATEMENTS

NOTE 9—FAIR VALUE MEASUREMENTS (continued)

Cash, Cash Equivalents, Short-term Investments and Investment Income Due and Accrued

Cash on hand and money market mutual funds are classified as Level 1. Cash overdrafts (i.e. outstanding checks) are classified as Level 2. Due to the short-term maturities of cash equivalents, short term investments, and investment income due and accrued, carrying value approximates fair value and is classified as Level 2.

Derivatives

The fair value of derivative instruments is generally derived using valuation models that use an income approach, except for derivatives that are exchange-traded, which are valued using quoted prices in an active market. Where valuation models are used, the selection of a particular model depends upon the contractual terms of, and specific risks inherent in the instrument, as well as the availability of pricing information in the market. The Company generally uses similar models to value similar instruments. Valuation model inputs include contractual terms, yield curves, foreign exchange rates, equity prices, credit curves, measures of volatility and other factors. Exchange-traded derivatives are valued using a market approach as fair value is based on quoted prices in active market and are classified as Level 1. OTC derivatives that trade in liquid markets, where model inputs are observable for substantially the full term, are classified as Level 2. Derivatives that are valued based upon models with any significant unobservable market inputs or inputs from less actively traded markets, or where the fair value is solely derived using broker quotations, are classified as Level 3.

Derivatives Collateral

The carrying value of these instruments approximates fair value since these assets and liabilities are generally short-term in nature and are classified as Level 2.

Other Invested Assets

Other invested assets are principally comprised of LIHTC investments and surplus notes, an affiliated loan, preferred units of a limited partnership, and other investments with characteristics of debt. Surplus Notes are valued using prices from third-party pricing services that generally use a discounted cash-flow model or a market approach to arrive at the security’s fair value and are classified as Level 2. The fair value of the affiliated loan and the LIHTC investments is derived using an income valuation approach, which is based on a discounted cash flow calculation using a discount rate that is determined internally and therefore classified as Level 3 (refer to Note 6 - Investments for details on LIHTC investments). The fair value of investments with debt characteristics and the fair value of the majority of residual tranches of securitizations is derived using an income valuation approach, which is based on a discounted cash flow calculation that may or may not use observable inputs and therefore is classified as Level 3. The fair value of the preferred units in a limited partnership is derived internally based on market comparable preferred units and recent transactions by the limited partnership. The valuation technique used required inputs that were both unobservable and significant and therefore classified as Level 3.

Separate Accounts Assets

Separate accounts assets reported as Level 1 in the fair value hierarchy are mostly comprised of ETFs, common stocks and actively traded open-end mutual funds with a daily NAV. The NAV can be observed by redemption and subscription transactions between third parties, or may be obtained from third-party asset managers. Common stocks are generally traded on an exchange. Separate accounts assets reported as Level 2 relate to investments in U.S. government and treasury securities, corporate bonds and mortgage-backed securities. These separate accounts assets are valued and assigned within the fair value hierarchy, consistent with the methodologies described herein for similar financial instruments held within the general account of the Company.

Separate accounts assets reported as Level 3 relate to investments in corporate bonds. These are instruments whose values are based on prices or valuation techniques that require inputs that are both unobservable and significant to the overall fair value measurement.

46

NEW YORK LIFE INSURANCE AND ANNUITY CORPORATION

NOTES TO STATUTORY FINANCIAL STATEMENTS

NOTE 9—FAIR VALUE MEASUREMENTS (continued)

The following tables provide additional information for investments that are measured at fair value using NAV as a practical expedient, as allowed under authoritative guidance, for investments that meet specified criteria (in millions):

2023
Category of Investment	Investment Strategy	Fair Value Determined using NAV		Unfunded Commitments		Redemption Frequency	Redemption Notice Period
Hedge Fund	Multi-Strategy	$	1,474	$	—	Monthly, Quarterly, Semi Annually and Annually	180 days or less
Hedge Fund	Fixed Income Arbitrage		51		—	Quarterly	100 days or less
Hedge Fund	Sector Investing		—		—	Monthly	30 days
Hedge Fund	Long/Short Equity		4		—	Monthly	30 days
Private Equity	Venture Capital		56		—	Quarterly	95 days
Mutual Fund	Multi Strategy, Global Allocation		—		—	Quarterly, Weekly	5 days - 45 days (Assets subject to lock up periods)
		$	1,585	$	—
2022
Category of Investment	Investment Strategy	Fair Value Determined using NAV		Unfunded Commitments		Redemption Frequency	Redemption Notice Period
Hedge Fund	Multi-Strategy	$	1,067	$	—	Monthly, Quarterly, Semi Annually and Annually	180 days or less
Hedge Fund	Fixed Income Arbitrage		27		—	Quarterly	100 days or less
Hedge Fund	Sector Investing		24		—	Monthly	30 days
Hedge Fund	Long/Short Equity		4		—	Monthly	30 days
Private Equity	Venture Capital		25		—	Quarterly	95 days
Mutual Fund	Multi Strategy, Global Allocation		56		—	Quarterly, Weekly	5 days - 45 days (Assets subject to lock up periods)
		$	1,203	$	—

Annuities Certain

Fair values for annuities certain liabilities are estimated using discounted cash flow calculations based on interest rates currently being offered for similar contracts with maturities consistent with those remaining for the contracts being valued.

Separate Accounts Liabilities – Derivatives

For separate accounts derivative instruments, fair value is determined using the same procedures as the general account disclosed above.

47

NEW YORK LIFE INSURANCE AND ANNUITY CORPORATION

NOTES TO STATUTORY FINANCIAL STATEMENTS

NOTE 9—FAIR VALUE MEASUREMENTS (continued)

The following tables present the balances of assets and liabilities measured at fair value at December 31, 2023 and 2022 (in millions):

	2023
	Quoted Prices in Active  Markets for Identical Assets (Level 1)		Significant Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		NAV as a Practical Expedient		Total
Assets at fair value
Bonds
SVO-identified bond ETF	$	755	$	—	$	—	$	—	$	755
Non-agency ABS		—		—		—		—		—
Total bonds		755		13		—		—		768
Preferred stocks		—		15		28		—		43
Common stocks		590		—		25		—		615
Derivatives		1		1,146		—		—		1,147
Separate accounts assets		47,260		9		—		1,585		48,854
Other invested assets		—		—		158		—		158
Total assets at fair value	$	48,606	$	1,183	$	211	$	1,585	$	51,585
Liabilities at fair value
Derivatives	$	—	$	205	$	—	$	—	$	205
Separate accounts liabilities - derivatives(1)		—		2		—		—		2
Total liabilities at fair value	$	—	$	207	$	—	$	—	$	207

⁽¹⁾ Separate account contract holder liabilities are not included in the table as they are reported at contract value and not fair value in the Company’s statutory financial statements.

	2022
	Quoted Prices in Active  Markets for Identical Assets (Level 1)		Significant Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		NAV as a Practical Expedient		Total
Assets at fair value
Bonds
SVO-identified bond ETF	$	835	$	—	$	—	$	—	$	835
Non-agency ABS		—		—		6		—		6
Total bonds		835		—		6		—		841
Preferred stocks		—		15		34		—		49
Common stocks		1,057		7		116		56		1,236
Derivatives		—		1,328		4		—		1,332
Separate accounts assets		42,046		9		17		1,147		43,219
Other invested assets		—		—		87		—		87
Total assets at fair value	$	43,938	$	1,359	$	264	$	1,203	$	46,764
Liabilities at fair value
Derivatives	$	—	$	326	$	—	$	—	$	326
Separate accounts liabilities - derivatives(1)		—		3		—		—		3
Total liabilities at fair value	$	—	$	329	$	—	$	—	$	329

⁽¹⁾ Separate accounts contract holder liabilities are not included in the table as they are reported at contract value and not fair value in the Company’s statutory financial statements.

48

NEW YORK LIFE INSURANCE AND ANNUITY CORPORATION

NOTES TO STATUTORY FINANCIAL STATEMENTS

NOTE 9—FAIR VALUE MEASUREMENTS (continued)

The tables below present a rollforward of Level 3 assets and liabilities for the years ended December 31, 2023 and 2022 (in millions):

2023
	Balance at 1/1		Transfers into Level 3		Transfers out of Level 3			Total Gains (Losses) Included in Net Income			Total Gains (Losses) Included in Surplus			Purchases		Issuances		Sales			Settlements			Balance at 12/31
Bonds:
U.S. corporate	$	—	$	—	$	—		$	—		$	—		$	—	$	—	$	—		$	—		$	—
Non-agency ABS		6		—		(6	)		—			—			—		—		—			—			—
Total bonds		6		—		(6	)		—			—			—		—		—			—			—
Preferred Stocks		34		—		—			(1	)		(5	)		—		—		—			—			28
Common stocks		116		—		—			67			(79	)		—		—		(79	)		—			25
Derivatives		4		—		(4	)		—			—			—		—		—			—			—
Separate accounts assets		17		—		(3	)		11			(13	)		—		—		(12	)		—			—
Other invested assets		87		38		—			(30	)		(6	)		78		—		(9	)		—			158
Total	$	264	$	38	$	(13	)	$	47		$	(103	)	$	78	$	—	$	(100	)	$	—		$	211
2022
	Balance at 1/1		Transfers into Level 3		Transfers out of Level  3			Total Gains (Losses) Included  in Net Income			Total Gains (Losses) Included in Surplus			Purchases		Issuances		Sales			Settlements			Balance at 12/31
Bonds:
U.S. corporate	$	—	$	—	$	—		$	—		$	—		$	—	$	—	$	—		$	—		$	—
Non-agency ABS		12		—		(3	)		—			(1	)		7		—		—			(9	)		6
Total bonds		12		—		(3	)		—			(1	)		7		—		—			(9	)		6
Preferred stocks		34		—		—			—			—			—		—		—			—			34
Common stocks		74		—		—			—			46			2		—		(6	)		—			116
Derivatives		—		—		—			(3	)		7			—		—		—			—			4
Separate accounts assets		8		—		—			(1	)		10			—		—		—			—			17
Other invested assets		87		—		—			—			—			—		—		—			—			87
Total	$	215	$	—	$	(3	)	$	(4	)	$	62		$	9	$	—	$	(6	)	$	(9	)	$	264

Transfers Between Levels

Transfers between levels may occur due to changes in valuation sources, or changes in the availability of market observable inputs, which generally are caused by changes in market conditions such as liquidity, trading volume or bid-ask spreads, or as a result of a security measured at amortized cost at the beginning of the period, but measured at estimated fair value at the end of the period, or vice versa due to a ratings downgrade or upgrade.

Transfers into and out of Level 3

The Company’s basis for transferring assets and liabilities into and out of Level 3 is based on changes in the observability of data, a change in the security’s measurement.

Transfers into Level 3 totaled $38 million for the year ended December 31, 2023, which primarily relates to residual tranches of securitizations that were measured at amortized cost at the beginning of the period and measured at fair value at the end of the period. Transfers out of Level 3 totaled $13 million for the year ended December 31, 2023, which primarily relates to $6 million of non-agency asset-backed securities measured at fair value at the beginning of the period and measured at amortized cost at the end of the period; and derivatives securities of $4 million and separate account derivatives securities of $3 million that had price level changes from 3 to 2 due to increase in interest rates in 2023 which changed the market to active and observable.

49

NEW YORK LIFE INSURANCE AND ANNUITY CORPORATION

NOTES TO STATUTORY FINANCIAL STATEMENTS

NOTE 9—FAIR VALUE MEASUREMENTS (continued)

Transfers into Level 3 is less than $1 million for the year ended December 31, 2022, which primarily relates to a U.S. corporate security measured at amortized cost at the beginning of the period and measured at fair value at the end of the period. Transfers out of Level 3 totaled $3 million for the year ended December 31, 2022, which primarily relates to non-agency asset-backed securities measured at fair value at the beginning of the period and measured at amortized cost at the end of the period.

There were no liabilities measured at fair value at December 31, 2023 and 2022.

NOTE 10—INVESTMENT INCOME AND CAPITAL GAINS AND LOSSES

The components of net investment income for the years ended December 31, 2023, 2022, and 2021 were as follows (in millions):

	2023			2022			2021
Bonds	$	4,091		$	3,361		$	3,319
Common and preferred stocks		33			23			32
Mortgage loans		757			638			632
Policy loans		53			53			64
Other invested assets1		419			221			197
Short-term investments		156			55			2
Derivative instruments		(30	)		71			80
Gross investment income		5,479			4,422			4,326
Investment expenses		(266	)		(192	)		(169	)
Net investment income		5,213			4,230			4,157
Net gain from separate accounts		60			46			56
Amortization of IMR		3			28			48
Net investment income, including net gain from separate accounts and amortization of IMR	$	5,276		$	4,304		$	4,261

⁽¹⁾ Includes real estate net investment income of $17 million, $22 million, and $11 million for the years ended December 31, 2023, 2022, and 2021, respectively. Includes dividend received from MCF of $345 million, $176 million and $137 million for the years ended December 31, 2023, 2022, and , 2021, respectively. Refer to Note 11 – Related Party Transactions.

Due and accrued investment income is excluded from surplus when amounts are over 90 days past due or collection is uncertain. At December 31, 2023 and 2022, the Company reported admitted due and accrued investment income of $1,005 million and $851 million, respectively. At December 31, 2023 and 2022, the Company did not have any nonadmitted due and accrued investment income on bonds. For certain fixed income instruments, the contractual agreement allows the issuer/borrower to defer interest (Paid-in-Kind interest). When interest is deferred, it is capitalized into principal. At December 31, 2023, the Company had paid-in-kind interest of $469 million, which has been included in the principal amount of the Company’s bonds of $432 million and mortgage loans of $36 million.

The following table shows the Company’s securities redeemed or otherwise disposed of as a result of a callable feature (including make whole call provisions) or tender and the amount of investment income generated as a result of a prepayment penalty and/or acceleration fee ($ in millions):

	2023				2022				2021
	General Account(1)		Separate Account		General Account(1)		Separate Account		General Account(1)		Separate Account
Number of cusips		30		11		146		77		302		177
Investment income	$	4	$	1	$	39	$	3	$	137	$	8

⁽¹⁾ Included in the net investment income on bonds. Refer to net investment income table above.

50

NEW YORK LIFE INSURANCE AND ANNUITY CORPORATION

NOTES TO STATUTORY FINANCIAL STATEMENTS

NOTE 10—INVESTMENT INCOME AND CAPITAL GAINS AND LOSSES (continued)

For the years ended December 31, 2023, 2022, and 2021, net realized capital gains (losses) were as follows (in millions):

	2023			2022			2021
Bonds	$	(167	)	$	(110	)	$	160
Mortgage loans		(3	)		(12	)		4
Common and preferred stocks		305			45			73
Other invested assets		(61	)		18			(9	)
Derivatives		(186	)		(12	)		(408	)
Net realized capital losses before tax and transfers to the IMR		(112	)		(71	)		(180	)
Less:
Capital gains tax (benefit)/expense		(41	)		16			47
Net realized capital losses after tax transferred to IMR		(259	)		(50	)		(70	)
Net realized capital gains/(losses) after tax and transfers to the IMR	$	188		$	(37	)	$	(157	)

Proceeds from investments in bonds sold were $3,342 million, $3,940 million, and $1,857 million for the years ended December 31, 2023, 2022, and 2021, respectively. Gross gains of $19 million, $42 million, and $169 million in 2023, 2022 and 2021, respectively, and gross losses of $130 million, $78 million, and $26 million in 2023, 2022, and 2021, respectively, were realized on these sales. The Company computes gains and losses on sales under the specific identification method.

The following table provides a summary of OTTI losses included as realized capital losses for the years ended December 31, 2023, 2022 and 2021 (in millions):

	2023			2022			2021
Bonds	$	22		$	72		$	23
Common and preferred stocks		33			14			3
Other invested assets		59			27			6
Mortgage Loans		3			12			—
Total	$	117		$	125		$	32

Refer to Note 19 - Loan-Backed and Structured Security Impairments for a list with each loan-backed and structured security at a CUSIP level where the present value of cash flows expected to be collected is less than the amortized cost basis during the current reporting period.

51

NEW YORK LIFE INSURANCE AND ANNUITY CORPORATION

NOTES TO STATUTORY FINANCIAL STATEMENTS

NOTE 10—INVESTMENT INCOME AND CAPITAL GAINS AND LOSSES (continued)

The following tables present the Company’s gross unrealized losses and fair values for bonds and equity securities aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position, at December 31, 2023 and 2022 (in millions):

	2023
	Less than 12 Months				12 Months or Greater				Total
	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses(1)
Bonds
U.S. governments	$	636	$	113	$	3,222	$	1,124	$	3,858	$	1,237
All other governments		22		1		142		16		164		17
U.S. Special Revenue and Special Assessment		881		68		7,013		943		7,894		1,011
Industrial and miscellaneous unaffiliated		6,557		430		51,349		4,989		57,906		5,419
Parent, subsidiaries, and affiliates(2)		139		1		2,839		33		2,978		34
SVO identified Funds		—		—		212		18		212		18
Total bonds		8,235		613		64,777		7,123		73,012		7,736
Equity securities (unaffiliated)
Common stocks		67		8		1		—		68		8
Preferred stocks		—		—		—		—		—		—
Total equity securities		67		8		1		—		68		8
Total	$	8,302	$	621	$	64,778	$	7,123	$	73,080	$	7,744

⁽¹⁾ Includes unrealized losses related to NAIC 6 bonds of $17 million and $18 million of Bond ETF MTM losses included in the statutory carrying amount.

⁽²⁾ The unrealized losses include less than $1 million of ABS investments that are managed by affiliates of the Company but have no credit risk exposure to those affiliates.

	2022
	Less than 12 Months				12 Months or Greater				Total
	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses(1)
Bonds
U.S. governments	$	3,921	$	1,185	$	132	$	24	$	4,053	$	1,209
All other governments		98		11		34		6		132		17
U.S. Special Revenue and Special Assessment		8,247		1,291		208		38		8,455		1,329
Industrial and miscellaneous unaffiliated		55,347		6,524		6,734		870		62,081		7,394
Parent, subsidiaries, and affiliates(2)		2,789		76		208		22		2,997		98
Total bonds		70,402		9,087		7,316		960		77,718		10,047
Equity securities (unaffiliated)
Common stocks		1,048		77		19		—		1,067		77
Preferred stocks		3		1		—		—		3		1
Total equity securities		1,051		78		19		—		1,070		78
Total	$	71,453	$	9,165	$	7,335	$	960	$	78,788	$	10,125

⁽¹⁾ Includes unrealized losses related to NAIC 6 bonds of less than $1 million included in the statutory carrying amount.

⁽²⁾ The unrealized losses include $3 million of ABS investments that are managed by affiliates of the Company but have no credit risk exposure to those affiliates.

52

NEW YORK LIFE INSURANCE AND ANNUITY CORPORATION

NOTES TO STATUTORY FINANCIAL STATEMENTS

NOTE 10—INVESTMENT INCOME AND CAPITAL GAINS AND LOSSES (continued)

At December 31, 2023, the gross unrealized loss on bonds and equity securities was comprised of approximately 10,211 and 371 different securities, respectively, which are included in the table above. Of the total amount of bond unrealized losses, $7,443 million or 96% is related to unrealized losses on investment grade securities and $293 million or 4% is related to below investment grade securities. At December 31, 2022, the gross unrealized loss on bonds and equity securities was comprised of approximately 11,372 and 630 different securities, respectively, which are included in the table above. Of the total amount of bond unrealized losses, $9,614 million, or 96%, is related to unrealized losses on investment grade securities and $433 million, or 4%, is related to below investment grade securities. Investment grade is defined as a security having a credit rating from the NAIC of 1 or 2; a rating of Aaa, Aa, A or Baa from Moody’s or a rating of AAA, AA, A or BBB from Standard & Poor’s (“S&P”); or a comparable internal rating if an externally provided rating is not available.

The amount of gross unrealized losses for bonds where fair value had declined by 20% or more of the amortized cost, totaled $2,943 million. The period of time that each of these securities has continuously been below amortized cost by 20% or more consists of $86 million for six months or less, $406 million for greater than six months through 12 months, and $2,451 million for greater than 12 months. In accordance with the Company’s impairment policy, the Company performed quantitative and qualitative analysis to determine if the decline was temporary. For those securities where the decline was considered temporary, the Company did not recognize an impairment when it had the ability and intent to hold until recovery.

The change in unrealized capital gains (losses) for the years ended December 31, 2023, 2022 and 2021 were as follows (in millions):

	Change in Unrealized Gains  (Losses)									Change in Unrealized Foreign  Exchange Gains (Losses)								Total Change in Unrealized  Gains (Losses)
	2023			2022			2021			2023		2022			2021			2023			2022			2021
Bonds	$	27		$	(42	)	$	(2	)	$	236	$	(351	)	$	(113	)	$	263		$	(393	)	$	(115	)
Preferred Stocks		(3	)		(2	)		17			—		—			—			(3	)		(2	)		17
Common stocks unaffiliated		(182	)		(210	)		231			11		(7	)		(18	)		(172	)		(217	)		213
Mortgage loans		(72	)		4			(3	)		—		—			—			(72	)		4			(3	)
Other invested assets		(144	)		28			345			2		(18	)		—			(142	)		10			345
Cash, cash equivalents and short-term investments		—			—			—			2		2			—			2			2			—
Derivatives		(195	)		393			244			—		—			—			(195	)		393			244
Total change in unrealized on investments		(569	)		171			832			251		(374	)		(131	)		(319	)		(203	)		701
Capital gains tax (benefit) expense		(50	)		(49	)		112			—		—			—			(50	)		(49	)		112
Total change in unrealized gains (losses), net of tax	$	(519	)	$	220		$	720		$	251	$	(374	)	$	(131	)	$	(268	)	$	(154	)	$	589

53

NEW YORK LIFE INSURANCE AND ANNUITY CORPORATION

NOTES TO STATUTORY FINANCIAL STATEMENTS

NOTE 11—RELATED PARTY TRANSACTIONS

Capital Contributions

For the years ended December 31, 2023 and 2022, the Company made no capital contribution to MCF. For the year ended December 31, 2021, the Company made capital contributions to MCF of $66 million.

Dividend Distributions

For the year ended December 31, 2023, the Company paid no cash dividend to its parent company, New York Life. For the years ended December 31, 2022 and 2021, the Company paid a cash dividend to its parent company, New York Life, in the amount of $400 million and $942 million, respectively.

For the years ended December 31, 2023, 2022 and 2021, the Company received dividend distributions from MCF of $345 million, $176 million and $137 million, respectively.

Material Transactions

The following table presents material related party transactions between the Company, its parent, and its affiliates, for the years ended December 31, 2023 and 2022:

Date of Transaction	Name of Related Party	Nature of Relationship	Type of Transaction	Description
Loans and Credit Agreements:
12/31/2015 (last amended as of 12/31/2022)	MCF	Non- insurance affiliate	Note funding agreement	The Company and New York Life entered into a note funding agreement with MCF (as amended from time to time, the (“MCF Note Agreement”) and acquired a variable funding note issued by MCF. The note was most recently reissued on December 31, 2022 due to the Company’s transfer of a portion of its interest to Life Insurance Company of North America (“LINA”), direct wholly owned subsidiaries of the Company. The funding limit is determined using 2.25% multiplied by the cash and invested assets amount, as of such date of determination. Cash and invested assets amount means, as of any date of determination, the sum of (x) the net admitted cash and invested assets of the Company (y) the net admitted cash and invested assets of New York Life (excluding any portion thereof attributable to New York Life’s investment in the Company), and LINA, in each case, based on the most recently available quarterly or annual financial statements of New York Life, LINA or the Company, as applicable. All outstanding advances made to MCF under the MCF Note Agreement will be due in full on December 31, 2025.
12/23/2004 (last amended as of 12/30/2022)	New York Life Capital Corporation (“NYLCC”)	Non- insurance affiliate	Revolving credit agreement	NYLCC has agreed to make loans to the Company in an amount up to, but not exceeding, $3,500 million from proceeds from the issuance of commercial paper. During 2023 and 2022, the revolving credit facility was not used, no interest was paid and no outstanding balance was due.
9/30/1993 (last amended on 12/30/2022)	New York Life	Parent	Revolving credit agreement	The Company has a revolving credit agreement with New York Life whereby the Company may borrow in the amount of up to $3,500 million. At December 31, 2023 and 2022, the Company has not borrowed under this agreement.
4/1/1999 (last amended as of 12/30/2022)	New York Life	Parent	Revolving credit agreement	The Company has a revolving credit agreement with New York Life, whereby the Company may lend in the amount of up to $900 million. During 2021, NYLIC borrowed and repaid a $600 million loan to the Company. $3,288 of interest was paid, and there was no outstanding balance due at December 31, 2021. At December 31, 2023 and 2022, the Company has not borrowed under this agreement.
Service Agreements:
4/27/2006 (amended from time to time	NYLIFE Distributors, LLC.	Non- insurance affiliate	Variable product distribution agreement	The Company has appointed NYLIFE Distributors, LLC as the underwriter and/ or wholesale distributor of the Company’s variable products. For the years ended December 31, 2023, 2022 and 2021, the Company received service fees of $40 million, $44 million and $50 million, respectively, under a 12b-1 Plan Services Agreement, in consideration for providing 12b-1 Plan services attributable to the variable products.

54

NEW YORK LIFE INSURANCE AND ANNUITY CORPORATION

NOTES TO STATUTORY FINANCIAL STATEMENTS

NOTE 11—RELATED PARTY TRANSACTIONS (continued)

Date of Transaction	Name of Related Party	Nature of Relationship	Type of Transaction	Description
Amended and restated at 5/29/2009	New York Life	Parent	Administration agreement	New York Life provides the Company with certain services and facilities including, but not limited to accounting, tax and auditing services, legal services, actuarial services, electronic data processing operations and communications operations. New York Life charges the Company for the identified costs associated with these services and facilities under the terms of a service agreement between New York Life and the Company. For the years ended December 31, 2023, 2022 and 2021, the fees incurred associated with these services and facilities, amounted to $983 million, $915 million and $862 million, respectively, and are reflected in Operating expenses and Net investment income in the accompanying Statutory Statements of Operations.
Various	New York Life	Parent	Participation in mortgage loans, Real estate owned and real estate	The Company’s interests in commercial mortgage loans are primarily held in the form of participations in mortgages` originated or acquired by New York Life. A real estate property acquired through foreclosure is called REO Portfolio. The Company’s interests in the ownership of REO Portfolio is called REO Ownership Interest. Certain real estate investments acquired may have similar ownership interests through a participation. Under the participation agreement for the mortgage loans, it is agreed between the Company and New York Life that the Company’s proportionate interest (as evidenced by a participation certificate) in the underlying mortgage loan, including without limitation, the principal balance thereof, all interest which accrues thereon, and all proceeds generated therefrom, will be pari passu with New York Life’s and pro rata based upon the respective amounts funded by New York Life and the Company in connection with the applicable mortgage loan origination or acquisition. Consistent with the participation arrangement, all mortgage loan documents name New York Life (and not both New York Life and the Company) as the lender but are held for the benefit of both the Company and New York Life pursuant to the applicable participation agreement. New York Life retains general decision making authority with respect to each mortgage loan, although certain decisions require the Company’s approval. The Company’s mortgage loans, REOs and certain real estate investments acquired through a participation from New York Life had a carrying value of $15,221 million and $15,495 million as of December 31, 2023 and 2022, respectively. There’s no REO in the form of participations owned by the Company as of December 31, 2023 and 2022.
1/1/2005 (amended 3/28/2014)	New York Life Investment Management LLC (“NYLIM”)	Non- insurance affiliate	Administrative service agreement	NYLIM has a management agreement with the MainStay VP Funds Trust (“the Fund”), a registered investment company whose shares are sold to various separate accounts of the Company. Under the terms of the agreement, NYLIM pays the Company administrative fees for providing services to the Fund.
4/1/2000, as amended from time to time	NYL Investors, LLC	Non- insurance affiliate	Investment advisory agreement	The Company is a party to an investment advisory agreement with NYL Investors, LLC, as amended from time to time, to receive investment advisory and administrative services from NYL Investors, LLC. The payments are required to be made within 90 days from the time of billing.
6/30/2008, as amended from time to time	NYLIFE Securities, LLC	Non- insurance affiliate	Service fee agreement	The Company pays NYLIFE Securities LLC a service fee for supervisory services based on a determined revenue factor based on sales and in-force business.
Other Agreements:
Various	New York Life	Parent	Sale of corporate owned life insurance policies (“COLI”)	The Company sold various COLI policies to New York Life for the purpose of informally funding certain benefits for New York Life employees and agents. These policies were issued on the same terms as policies sold to unrelated customers. At December 31, 2023 and 2022, policyholder reserve balances for these policies amounted to $4,308 million and $4,181 million, respectively, and were included in Policy reserves and Separate accounts liabilities in the accompanying Statutory Statements of Financial Position.
10/5/2017	REEP-OFC 2300 Empire LLC / Retreat at Seven Bridges	Non- insurance affiliate	Mortgage loan on real estate	In connection with the acquisition of an office building by REEP-OFC 2300 Empire LLC and a pledge of an unleveraged equity interest in the owner of Retreat at Seven Bridges, an existing multifamily property, the Company provided a first mortgage loan to REEP-OFC 2300 Empire LLC and REEP-MF Woodridge IL LLC.
6/11/2012	New York Life	Parent	Tenancy in common agreement	In connection with a $150 million land acquisition of a fee simple estate in land underlying an office building and related improvements and encumbered by a ground lease located at 1372 Broadway, New York, NY by New York Life (73.8% interest) and the Company (26.2% interest), the Company and New York Life entered into a Tenancy in Common Agreement in which the agreement sets forth the terms that govern, in part, each entity’s interest in the property.

55

NEW YORK LIFE INSURANCE AND ANNUITY CORPORATION

NOTES TO STATUTORY FINANCIAL STATEMENTS

NOTE 11—RELATED PARTY TRANSACTIONS (continued)

Date of Transaction	Name of Related Party	Nature of Relationship	Type of Transaction	Description
Various	New York Life	Parent	Structured settlement agreements	The Company has sold certain annuity contracts to New York Life in order that New York Life may satisfy its third-party obligations under certain structured settlement agreements. The Company has been directed by New York Life to make the payments under the annuity contracts directly to the beneficiaries under these structured settlement agreements. At December 31, 2023 and 2022, the policyholder reserves related to these contracts amounted to $148 million and $147 million, respectively, and are included in Policy reserves in the accompanying Statutory Statements of Financial Position.
Various	New York Life	Parent	Structured settlement agreements	The Company is the assumed obligor for certain structured settlement agreements with unaffiliated insurance companies, beneficiaries and other non-affiliated entities. To satisfy its obligations under these agreements, the Company owns all rights, title and interest in and to certain structured settlement annuity contracts issued by New York Life. The obligations are based upon the actuarially determined present value of expected future payments. Interest rates used in establishing such obligations ranged from 3.50% to 7.65%. The Company has directed New York Life to make the payments under the annuity contracts directly to the beneficiaries under the structured settlement agreements. At December 31, 2023 and 2022, the carrying value of the interest in annuity contracts and the corresponding obligations under structured settlement agreements amounted to $10,774 million and $10,236 million, respectively.
Various	New York Life	Parent	Premiums settlement agreement	The Company has an agreement in place with NYLIC to settle premiums associated with the Company’s products sold at field offices. These premiums are typically settled within 1-2 business days. The Company had a receivable of $11 million and $26 million, respectively, for the years ended December 31, 2023 and 2022.
Significant Transactions:
11/29/2022	NYLIC / LINA	Parent / Insurance affiliate	Transfer of assets	Bond asset and cash transfers between the Company, NYLIC and LINA were executed to strengthen duration alignment between asset and liability profiles amongst the insurance companies. The Company acquired bonds with a book value of $2,415 million, including realized losses and accrued interest, and cash of $1,419 million from NYLIC in exchange for bonds valued at $3,801 million. In addition, the Company acquired $250 million of bonds from LINA in exchange for transferring a $250 million equity interest in MCF.
12/31/2020	LINA	Insurance Affiliate	Reinsurance agreement	The Company has an affiliated reinsurance agreement to reinsure mortality risk arising under LINA’s group term life insurance business on a yearly renewable term basis. Additional details of this agreement are included in Note 13 “Reinsurance”.
Various	NYLARC	Insurance Affiliate	Reinsurance agreement	The Company has reinsurance agreements with New York Life Agents Reinsurance Company (“NYLARC”). Additional details of this agreement are included in Note 13 “Reinsurance”.

At December 31, 2023 and 2022, the Company reported a net amount of $94 million and $85 million, respectively, as amounts payable to parent and affiliates. The terms of the underlying agreements generally require that these amounts be settled in cash within 90 days.

In the ordinary course of business, the Company enters into reinsurance agreements with its parent and affiliates. Material reinsurance agreements have been disclosed in Note 13 – Reinsurance. In addition, the Company may enter into guarantees and/or keep wells with its parent and affiliates. Material guarantee agreements and/ or keep wells have been disclosed in Note 15 – Commitments and Contingencies.

56

NEW YORK LIFE INSURANCE AND ANNUITY CORPORATION

NOTES TO STATUTORY FINANCIAL STATEMENTS

NOTE 12—INSURANCE LIABILITIES

Insurance liabilities at December 31, 2023 and 2022 were as follows (in millions):

	2023		2022
Life insurance reserves	$	29,546	$	29,525
Annuity reserves and supplementary contracts with life contingencies		83,406		80,033
Asset adequacy and special reserves		38		137
Total policy reserves		112,990		109,695
Deposit funds		1,583		1,441
Policy claims		1,041		1,049
Total insurance liabilities	$	115,614	$	112,185

Life Insurance Reserves

Reserves for life insurance policies are maintained principally using the 1958 Commissioners’ Extended Term Mortality Table and the 1958, 1980 and 2001 Commissioners’ Standard Ordinary Mortality Tables under the Commissioners’ Reserve Valuation Method or Net Level Premium Reserve Method with valuation interest rates ranging from 3.0% to 6.0%. Reserves for universal life secondary guarantee products with multiple sets of cost of insurance are determined using the methodology outlined in the November 2011 Life Actuarial Task Force Statement.

In 2021, the Department granted approval for the Company to change the valuation basis for reserves for certain blocks of life insurance policies from the minimum statutory reserve standard required under either New York or Washington law to the NAIC valuation basis. The Company recorded a net change in reserve valuation basis of $31 million for the year ended December 31, 2023, which was reported as a direct increase in surplus in the accompanying Statutory Statements of Changes in Surplus. For the year ended December 31, 2022, there were no changes in reserve basis for life insurance reserves.

The Company has established policy reserves on contracts issued January 1, 2001 and later that exceed the minimum amounts determined under Appendix A-820, “Minimum Life and Annuity Reserve Standards” of NAIC SAP by approximately $244 million and $56 million at December 31, 2023 and 2022, respectively.

At December 31, 2023 and 2022, the Company’s liabilities for GMDB reserves, which are associated with certain variable life products, amounted to $9 million and $11 million, respectively, and were recorded in Policy reserves in the accompanying Statutory Statements of Financial Position.

Surrender values are promised in excess of life reserves on certain policies. This excess is included as part of miscellaneous reserves. No surrender values are promised in excess of any other reserves. Additional reserves are held on account of anticipated extra mortality for policies subject to extra premiums.

At December 31, 2023 and 2022, the Company had $9,739 million and $10,325 million, respectively, of insurance in-force for which the gross premiums were less than the net premiums according to the standard of valuation set by the state of Delaware.

The tabular interest has been determined by formula as described in the NAIC instructions except for certain UL products for which tabular interest has been determined from the basic data for the calculation of policy reserves. The tabular less actual reserves 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.

57

NEW YORK LIFE INSURANCE AND ANNUITY CORPORATION

NOTES TO STATUTORY FINANCIAL STATEMENTS

NOTE 12—INSURANCE LIABILITIES (continued)

Annuity Reserves and Supplementary Contracts with Life Contingencies

Reserves for single premium immediate annuities and guaranteed future income annuities are based principally on A2000, 2012 IAR and the Commissioners’ Annuity Reserve Valuation Method (“CARVM”), with assumed interest rates ranging from 3.75% to 6.0%. Purchases in 2018 and later years are reserved with valuation interest rates satisfying both the valuation manual requirements for maximum valuation interest rates for income annuities (“VM-22”) and the New York State Department of Financial Services (“NYSDFS”) Regulation 213 maximum valuation rate requirements, applying the 2012 IAR Table. The VM-22 rates range from 1.0% to 5.00%.

Reserves for fixed deferred annuities are based principally on 1971 Individual Annuity Mortality, 1983 Table A, A2000, 2012 IAR and CARVM, with assumed interest rates ranging from 3.0% to 10.0%. Reserves for variable deferred annuities are based principally on VM-21 and NYSDFS Regulation 213, where the VM-21 deficiencies are discounted applying scenario specific net asset earned rates ranging from 3.0% to 8.25%. For the index-linked account corresponding to a VA product, we also apply Actuarial Guideline XXXV, with assumed interest rates ranging from 3.0% to 4.75%. Generally, owners of the Company’s deferred annuities are able, at their discretion, to withdraw funds from their policies. The withdrawals in excess of the surrender charge-free withdrawal amount may be subject to surrender charges in the early years.

At December 31, 2023 and 2022, the Company’s liabilities for GMDB, GMAB, guaranteed future income benefit, and enhanced beneficiary benefits reserves, which are associated with VA products, amounted to $38 million and $137 million, respectively, and were recorded in Policy reserves in the accompanying Statutory Statements of Financial Position.

For the year ended December 31, 2023 and 2022, there were no changes in reserve valuation basis for annuities reserves.

The tabular interest has been determined by a formula as described in the NAIC instructions. The tabular less actual reserve released has been determined by a formula as described in the NAIC instructions. The tabular cost has been determined by formula as described in the NAIC instructions.

Deposit Funds

Deposit funds at December 31, 2023 and 2022 were as follows (in millions):

	2023		2022
Fixed period annuities	$	1,271	$	1,077
Supplemental contracts without life contingencies		300		350
Continued interest accounts		12		14
Total deposit funds	$	1,583	$	1,441

58

NEW YORK LIFE INSURANCE AND ANNUITY CORPORATION

NOTES TO STATUTORY FINANCIAL STATEMENTS

NOTE 12—INSURANCE LIABILITIES (continued)

Withdrawal Characteristics of Annuity Reserves and Deposit Funds

The following table reflects the withdrawal characteristics of annuity reserves and deposit fund liabilities at December 31, 2023 and 2022 ($ in millions):

Individual Annuities

	2023
	General Account		Separate Accounts with Guarantees		Separate Accounts Non- guaranteed		Total		% of Total
Subject to discretionary withdrawal:
With fair value adjustment	$	30,270	$	—	$	—	$	30,270		26	%
At book value less current surrender charge of 5% or more		12,128		—		—		12,128		10
At fair value		—		—		34,793		34,793		30
Total with adjustment or at fair value		42,399		—		34,793		77,191		66
At book value without adjustment		20,213		—		—		20,213		17
Not subject to discretionary withdrawal		20,350		—		—		20,350		17
Total	$	82,962	$	—	$	34,793	$	117,754		100	%
Amount with current surrender charge of 5% or more that will have less than a 5% surrender charge in the following year	$	78	$	—	$	—	$	78

	2022
	General Account		Separate Accounts with Guarantees		Separate Accounts Non- guaranteed		Total		% of Total
Subject to discretionary withdrawal:
With fair value adjustment	$	30,662	$	—	$	—	$	30,662		28	%
At book value less current surrender charge of 5% or more		8,173		—		—		8,173		7
At fair value		—		—		31,696		31,696		28
Total with adjustment or at fair value		38,835		—		31,696		70,531		63
At book value without adjustment		21,904		—		—		21,904		20
Not subject to discretionary withdrawal		18,798		—		—		18,798		17
Total	$	79,537	$	—	$	31,696	$	111,233		100	%
Amount with current surrender charge of 5% or more that will have less than a 5% surrender charge in the following year	$	303	$	—	$	—	$	303

59

NEW YORK LIFE INSURANCE AND ANNUITY CORPORATION

NOTES TO STATUTORY FINANCIAL STATEMENTS

NOTE 12—INSURANCE LIABILITIES (continued)

Group Annuities

	2023
	General Account		Separate Accounts with Guarantees		Separate Accounts Non- guaranteed		Total		% of Total
Subject to discretionary withdrawal:
With fair value adjustment	$	24	$	—	$	—	$	24		5	%
At book value less current surrender charge of 5% or more		—		—		—		—		—
At fair value		—		—		—		—		—
Total with adjustment or at fair value		24		—		—		24		5
At book value without adjustment		32		—		—		32		7
Not subject to discretionary withdrawal		388		—		—		388		88
Total	$	444	$	—	$	—	$	444		100	%
Amount with current surrender charge of 5% or more that will have less than a 5% surrender charge in the following year	$	—	$	—	$	—	$	—

	2022
	General Account		Separate Accounts with Guarantees		Separate Accounts Non- guaranteed		Total		% of Total
Subject to discretionary withdrawal:
With fair value adjustment	$	31	$	—	$	—	$	31		6	%
At book value less current surrender charge of 5% or more		—		—		—		—		—
At fair value		—		—		—		—		—
Total with adjustment or at fair value		31		—		—		31		6
At book value without adjustment		37		—		—		37		7
Not subject to discretionary withdrawal		428		—		—		428		87
Total	$	496	$	—	$	—	$	496		100	%
Amount with current surrender charge of 5% or more that will have less than a 5% surrender charge in the following year	$	—	$	—	$	—	$	—

60

NEW YORK LIFE INSURANCE AND ANNUITY CORPORATION

NOTES TO STATUTORY FINANCIAL STATEMENTS

NOTE 12—INSURANCE LIABILITIES (continued)

Deposit-Type Contracts

	2023
	General Account		Separate Accounts with Guarantees		Separate Accounts Non- guaranteed		Total		% of Total
Subject to discretionary withdrawal:
With fair value adjustment	$	—	$	—	$	—	$	—		—	%
At book value less current surrender charge of 5% or more		—		—		—		—		—
At fair value		—		—		—		—		—
Total with adjustment or at fair value		—		—		—		—		—
At book value without adjustment		162		—		—		162		10
Not subject to discretionary withdrawal		1,421		—		—		1,421		90
Total	$	1,583	$	—	$	—	$	1,583		100	%
Amount with current surrender charge of 5% or more that will have less than a 5% surrender charge in the following year	$	—	$	—	$	—	$	—

	2022
	General Account		Separate Accounts with Guarantees		Separate Accounts Non- guaranteed		Total		% of Total
Subject to discretionary withdrawal:
With fair value adjustment	$	—	$	—	$	—	$	—		—	%
At book value less current surrender charge of 5% or more		—		—		—		—		—
At fair value		—		—		—		—		—
Total with adjustment or at fair value		—		—		—		—		—
At book value without adjustment		188		—		—		188		13
Not subject to discretionary withdrawal		1,253		—		—		1,253		87
Total	$	1,441	$	—	$	—	$	1,441		100	%
Amount with current surrender charge of 5% or more that will have less than a 5% surrender charge in the following year	$	—	$	—	$	—	$	—

61

NEW YORK LIFE INSURANCE AND ANNUITY CORPORATION

NOTES TO STATUTORY FINANCIAL STATEMENTS

NOTE 12—INSURANCE LIABILITIES (continued)

Withdrawal Characteristics of Life Insurance Reserves

The following tables reflect the withdrawal characteristics of life insurance reserves at December 31, 2023 and 2022 ($ in millions):

	2023
	General Account							Separate Accounts Guaranteed and Non-guaranteed
	Account Value		Cash Value		Reserve			Account Value		Cash Value		Reserve
Subject to discretionary withdrawal, surrender, or policy loans:
Term policies with cash value	$	—	$	—	$	—		$	—	$	—	$	—
Universal life		18,768		19,111		19,299			6,312		6,312		6,312
Universal life with secondary guarantees		5,892		5,397		8,527			—		—		—
Indexed universal life		—		—		—			—		—		—
Indexed universal life with secondary guarantees		—		—		—			—		—		—
Indexed life		—		—		—			—		—		—
Other permanent cash value life insurance		—		—		—			—		—		—
Variable life		11		11		16			58		58		58
Variable universal life		1,748		1,744		1,744			13,233		13,030		13,066
Miscellaneous reserves		—		—		—			—		—		—
Not subject to discretionary withdrawal or no cash values:
Term policies without cash value		—		—		—			—		—		—
Accidental death benefits		—		—		—			—		—		—
Disability - active lives		—		—		2			—		—		—
Disability - disabled lives		—		—		75			—		—		—
Miscellaneous reserves		—		—		612			—		—		—
Total life insurance (gross)		26,419		26,263		30,275			19,603		19,400		19,436
Reinsurance ceded		—		—		728			—		—		—
Total life insurance (net)	$	26,419	$	26,263	$	29,547		$	19,603	$	19,400	$	19,436

62

NEW YORK LIFE INSURANCE AND ANNUITY CORPORATION

NOTES TO STATUTORY FINANCIAL STATEMENTS

NOTE 12—INSURANCE LIABILITIES (continued)

	2022
	General Account							Separate Accounts Guaranteed and Non-guaranteed
	Account Value		Cash Value		Reserve			Account Value		Cash Value		Reserve
Subject to discretionary withdrawal, surrender, or policy loans:
Term policies with cash value	$	—	$	—	$	—		$	—	$	—	$	—
Universal life		19,090		19,424		19,277			6,396		6,396		6,396
Universal life with secondary guarantees		5,727		5,155		8,759			—		—		—
Indexed universal life		—		—		—			—		—		—
Indexed universal life with secondary guarantees		—		—		—			—		—		—
Indexed life		—		—		—			—		—		—
Other permanent cash value life insurance		—		—		—			—		—		—
Variable life		11		11		17			50		50		50
Variable universal life		1,757		1,752		1,501			10,653		10,469		10,498
Miscellaneous reserves		—		—		—			—		—		—
Not subject to discretionary withdrawal or no cash values:
Term policies without cash value		—		—		—			—		—		—
Accidental death benefits		—		—		—			—		—		—
Disability - active lives		—		—		2			—		—		—
Disability - disabled lives		—		—		75			—		—		—
Miscellaneous reserves		—		—		608			—		—		—
Total life insurance (gross)		26,585		26,342		30,239			17,099		16,915		16,944
Reinsurance ceded		—		—		716			—		—		—
Total life insurance (net)	$	26,585	$	26,342	$	29,523		$	17,099	$	16,915	$	16,944

63

NEW YORK LIFE INSURANCE AND ANNUITY CORPORATION

NOTES TO STATUTORY FINANCIAL STATEMENTS

NOTE 13—REINSURANCE

The effects of reinsurance on the accompanying Statutory Statements of Financial Position at December 31, 2023 and 2022 were as follows (in millions):

	2023			2022
Policy reserves:
Direct	$	113,718		$	110,411
Assumed		—			—
Ceded		(728	)		(716	)
Policy reserves	$	112,990		$	109,695
Policy claims:
Direct	$	552		$	523
Assumed		673			658
Ceded(1)		(184	)		(132	)
Policy claims	$	1,041		$	1,049
Reinsurance recoverable(2)	$	39		$	45

⁽¹⁾ Includes reinsurance recoverable related to unpaid losses of $145 million and $91 million at December 31, 2023 and 2022, respectively.

⁽²⁾ Included in Other assets in the accompanying Statutory Statements of Financial Position.

The effects of reinsurance on the accompanying Statutory Statements of Operations for the years ended December 31, 2023, 2022 and 2021 were as follows (in millions):

	2023			2022			2021
Premiums:
Direct(1)	$	16,089		$	20,379		$	13,461
Assumed		1,208			1,185			1,090
Ceded		(554	)		(531	)		(539	)
Premiums	$	16,743		$	21,033		$	14,012
Benefit payments:
Direct	$	17,464		$	14,387		$	14,265
Assumed		1,266			1,344			1,388
Ceded		(652	)		(606	)		(739	)
Benefit payments	$	18,078		$	15,125		$	14,914

⁽¹⁾ Includes considerations for supplementary contracts with life contingencies of $47 million, $42 million and $48 million for the years ended December 31, 2023, 2022 and 2021, respectively.

Reinsurance Assumed

The Company has an affiliated reinsurance agreement to reinsure mortality risk arising under LINA’s group term life insurance business on a yearly renewable term basis. This transfer of life insurance mortality risk allows the Company to diversify its overall risk profile, as the Company’s risk profile was previously weighted more heavily toward interest rate and asset risk. Entry into the yearly renewable term treaty also reduces LINA’s exposure to mortality risk. At December 31, 2023 and 2022, the Company held assumed liabilities for policy claims relating to this reinsurance agreement of $667 million and $653 million, respectively, which are included in Policy claims in the accompanying Statutory Statements of Financial Position.

64

NEW YORK LIFE INSURANCE AND ANNUITY CORPORATION

NOTES TO STATUTORY FINANCIAL STATEMENTS

NOTE 13—REINSURANCE (continued)

Reinsurance Ceded

The Company enters into reinsurance agreements in the normal course of its insurance business to reduce overall risk and to be able to issue individual life insurance policies in excess of its retention limits. Currently, the Company primarily reinsures the mortality risk on new life insurance policies on a quota share yearly renewable term basis, except for custom guarantee UL, asset flex, and certain VUL products. Most of the reinsurance ceded on new and inforce business is established on an automatic basis. The quota share currently ceded on new business generally ranges from 15% to 90%. All products are ceded from first dollar with the exception of reinsured VUL, which has a minimum size policy ceded of $1 million. Cases in excess of the Company’s retention and certain substandard cases are ceded on a facultative reinsurance basis. The majority of the Company’s facultative reinsurance is for substandard cases in which it typically cedes 90%.

The ceding of risk does not discharge the Company from its primary obligations to policyholders. To the extent that the assuming reinsurers become unable to meet their obligations under reinsurance contracts, the Company remains contingently liable. Each reinsurer is reviewed to evaluate its financial stability before entering into each reinsurance contract and throughout the period that the reinsurance contract is in place.

Life insurance ceded was 43% and 42% of total life insurance in-force at December 31, 2023 and 2022.

The Company has reinsurance agreements with New York Life Agents Reinsurance Company (“NYLARC”). NYLARC is a life insurance company wholly owned by NYLARC Holding Company, Inc., whose shareholders consist of New York Life’s top agents who meet certain criteria and who may also be agents of the Company or NYLIFE Insurance Company of Arizona (“NYLAZ”). NYLARC reinsures a portion of certain life insurance products sold by its shareholders. NYLARC’s purpose is to retain high production agents, and increase the volume and quality of the business that they submit to New York Life, NYLAZ and the Company.

NOTE 14—BENEFIT PLANS

The Company shares in the cost of the following plans sponsored by New York Life: (1) certain defined benefit pension plans for eligible employees and agents, (2) certain defined contribution plans for substantially all employees and agents, (3) certain postretirement life and health benefits for retired employees and agents including their eligible dependents, and (4) postemployment benefits. The expense for these plans is allocated to the Company in accordance with an intercompany cost sharing agreement. The liabilities for these plans are included with the liabilities for the corresponding plan of New York Life. The cost allocated to the Company related to benefit plans is recorded under Operating expenses in the accompanying Statutory Statements of Operations. The Company’s share of the cost of these plans was as follows for the years ended December 31, 2023, 2022 and 2021 (in millions):

	2023		2022		2021
Defined benefit pension	$	25	$	31	$	32
Defined contribution		10		10		10
Postretirement life and health		4		5		6
Postemployment		2		2		2
Total	$	41	$	48	$	50

65

NEW YORK LIFE INSURANCE AND ANNUITY CORPORATION

NOTES TO STATUTORY FINANCIAL STATEMENTS

NOTE 15—COMMITMENTS AND CONTINGENCIES

Guarantees

As stated in Note 3 - Significant Accounting Policies, at the inception of a guarantee (except unlimited guarantees), the Company recognizes an initial liability at fair value for the obligations it has undertaken, regardless of the probability of performance under the guarantee. This includes guarantees made on behalf of affiliates unless the guarantee is deemed unlimited. At December 31, 2023 and 2022, the Company had no such guarantees.

Litigation

The Company is a defendant in individual and/or alleged class action suits arising from their agency sales force, insurance (including variable contracts registered under the federal securities law), investment, retail securities, employment and/or other operations, including actions involving retail sales practices. Some of the actions seek substantial or unspecified compensatory and punitive damages. The Company is also from time to time involved in various governmental, administrative, and investigative proceedings and inquiries.

Notwithstanding the uncertain nature of litigation and regulatory inquiries, the outcome of which cannot be predicted, the Company believes that, after provisions made in the financial statements, the ultimate liability that could result from litigation and proceedings would not have a material adverse effect on the Company’s financial position; however, it is possible that settlements or adverse determinations in one or more actions or other proceedings in the future could have a material adverse effect on the Company’s operating results for a given year.

Borrowed Money

Refer to Note 6 - Investments for a more detailed discussion of the Company’s commitments for loaned securities and repurchase agreements.

Assessments

Most of the jurisdictions in which the Company is licensed to transact business require life insurers to participate in guaranty associations which are organized to pay contractual benefits pursuant to insurance policies issued by impaired, insolvent or failed life insurers. These associations levy assessments, up to prescribed limits, on all member insurers in a particular state on the basis of the proportionate share of the premiums written by member insurers in the line of business in which the impaired, insolvent or failed life insurer is engaged. Some states permit member insurers to recover assessments through full or partial premium tax offsets.

Other Commitments and Contingencies

Prior to July 1, 2002, the Company did business in Taiwan through a branch operation (the “Taiwan Branch”). On July 1, 2002, the Taiwan Branch ceased operations and all of its liabilities and assets, including policy liabilities were transferred to New York Life Insurance Taiwan Corporation (“Taiwan Corporation”), an indirect subsidiary of New York Life. On December 31, 2013, Taiwan Corporation was sold to Yuanta Financial Holding Co. Ltd. (“Yuanta”). Under the terms of the sale agreement, Yuanta has agreed to satisfy in full, or to cause Taiwan Corporation to satisfy in full, all of Taiwan Corporation’s obligations under the Taiwan Branch policies that were transferred to Taiwan Corporation on July 1, 2002. However, the Company, under Taiwan law, also remains contingently liable for these policies in the event that neither Taiwan Corporation nor Yuanta meets its obligations. This contingent liability of the Company has not been recognized on the accompanying Statutory Statements of Financial Position because it does not meet the probable and estimable criteria of SSAP No. 5R.

At December 31, 2023 and 2022, the Company and its guaranteed separate accounts had contractual commitments to extend credit for commercial mortgage loans at both fixed and variable rates of interest, which amounted to approximately $1,100 million and $725 million, respectively. These commitments are diversified by property type and geographic location. There were no contractual commitments to extend credit under residential loan agreements at December 31, 2023 and 2022.

66

NEW YORK LIFE INSURANCE AND ANNUITY CORPORATION

NOTES TO STATUTORY FINANCIAL STATEMENTS

NOTE 15—COMMITMENTS AND CONTINGENCIES (continued)

At December 31, 2023 and 2022, the Company and its guaranteed separate accounts had outstanding contractual obligations to acquire additional private placement securities amounting to $1,109 million and $717 million, respectively.

Unfunded commitments on limited partnerships, limited liability companies and other invested assets amounted to $904 million and $960 million at December 31, 2023 and 2022, respectively. Unfunded commitments on LIHTC amounted to $163 million and $153 million at December 31, 2023 and 2022, respectively. At December 31, 2023 and 2022, unfunded commitments on LIHTC are included in Other invested assets, with an offset in Other liabilities in the accompanying Statutory Statements of Financial Position.

Several commercial banks have customary security interests in certain assets of the Company to secure potential overdrafts and other liabilities of the Company that may arise under custody, securities lending and other banking agreements with such banks.

FHLB Agreement

The Company is a member of the FHLB of Pittsburgh. Membership in the FHLB of Pittsburgh provides the Company with a significant source of alternative liquidity. Advances received by the general account are included in Other liabilities in the accompanying Statutory Statements of Financial Position. When borrowing from the FHLB of Pittsburgh, the Company is required to post collateral in the form of eligible securities, including mortgage-backed, government and agency debt instruments for each of the advances received. Upon any event of default by the Company, the FHLB of Pittsburgh’s recovery from the collateral is limited to the amount of the Company’s liability to the FHLB of Pittsburgh.

The amount of FHLB of Pittsburgh common stock held, in aggregate exclusively in the Company’s general account at December 31, 2023 and 2022 was as follows (in millions):

	2023		2022
Membership stock - Class B(1)	$	25	$	25
Activity stock		—		—
Aggregate total	$	25	$	25
Actual or estimated borrowing capacity as determined by the insurer	$	6,945	$	6,759

⁽¹⁾ Membership stock is not eligible for redemption.

At December 31, 2023 and 2022, the Company did not have an outstanding balance due to the FHLB of Pittsburgh. The maximum amount borrowed and collateral pledged to the FHLB of Pittsburgh during the years ended December 31, 2023 and 2022 was as follows (in millions):

	2023				2022
	General Account		Separate Account		General Account		Separate Account
Fair Value	$	3,018	$	—	$	1,175	$	—
Carrying Value	$	3,018	$	—	$	1,175	$	—
Maximum Amount Borrowed During the Year	$	5	$	—	$	—	$	—

The Company does not have any prepayment obligations for the borrowing arrangement.

67

NEW YORK LIFE INSURANCE AND ANNUITY CORPORATION

NOTES TO STATUTORY FINANCIAL STATEMENTS

NOTE 16—INCOME TAXES

The components of the net DTAs and DTLs were as follows at December 31, 2023 and 2022 (in millions):

	2023							2022							Change
	Ordinary		Capital			Total		Ordinary		Capital			Total		Ordinary			Capital			Total
Gross DTAs	$	1,725	$	356		$	2,081	$	1,433	$	475		$	1,908	$	292		$	(119	)	$	173
Statutory valuation allowance		—		—			—		—		—			—		—			—			—
Adjusted gross DTAs		1,725		356			2,081		1,433		475			1,908		292			(119	)		173
Nonadmitted DTAs (1)		712		—			712		545		—			545		167			—			167
Subtotal net admitted DTAs		1,013		356			1,369		888		475			1,363		125			(119	)		6
Gross DTLs		255		493			748		262		552			814		(7	)		(59	)		(66	)
Net admitted DTAs (2)	$	758	$	(137	)	$	621	$	626	$	(77	)	$	549	$	132		$	(60	)	$	72

⁽¹⁾ DTAs are nonadmitted primarily because they are not expected to be realized within three years of the Statutory Statements of Financial Position date.

⁽²⁾ The total net admitted DTAs are included in Other assets in the accompanying Statutory Statements of Financial Position.

The admission calculation components were as follows (paragraph references throughout Note 16 are to paragraphs of SSAP No. 101 “Income Taxes, A Replacement of SSAP No. 10R and SSAP No. 10”) (in millions):

	December 31, 2023						December 31, 2022						Change
	Ordinary		Capital		Total		Ordinary		Capital		Total		Ordinary		Capital			Total
Federal income taxes paid in prior years recoverable through loss carrybacks (Paragraph 11.a)	$	—	$	22	$	22	$	—	$	54	$	54	$	—	$	(32	)	$	(32	)
Adjusted gross DTAs expected to be realized (excluding the amount of DTAs from paragraph 11.a above) after application of the threshold limitation (the lesser of paragraph 11.b.i and 11.b.ii below):		597		2		599		495		—		495		102		2			104
Adjusted gross DTAs expected to be realized following the balance sheet date. (Paragraph 11.b.i)		597		2		599		495		—		495		102		2			104
Adjusted gross DTAs allowed per limitation threshold (Paragraph 11.b.ii)		N/A		N/A		1,246		N/A		N/A		1,198		N/A		N/A			48
Adjusted gross DTAs (excluding the amount of DTAs from paragraphs 11.a and 11.b above) offset by gross DTLs (Paragraph 11.c)		416		332		748		393		421		814		23		(89	)		(66	)
DTAs admitted as the result of application of SSAP 101 (Total of paragraphs 11.a, 11.b, 11.c).	$	1,013	$	356	$	1,369	$	888	$	475	$	1,363	$	125	$	(119	)	$	6

68

NEW YORK LIFE INSURANCE AND ANNUITY CORPORATION

NOTES TO STATUTORY FINANCIAL STATEMENTS

NOTE 16—INCOME TAXES (continued)

The ratio used to determine the applicable period used in paragraph 11.b.i above and the amount of adjusted capital and surplus used to determine the percentage threshold limitation in paragraph 11.b.ii above are as follows at December 31, 2023 and 2022 (in millions):

	2023			2022
Ratio percentage used to determine recovery period and threshold limitation amount.		877	%		812	%
Amount of adjusted capital and surplus used to determine recovery period and threshold limitation in paragraph 11.b.ii above.	$	8,308		$	7,987

There was no impact on the Company’s adjusted gross and net admitted DTAs due to tax planning strategies at December 31, 2023 and 2022.

The Company did not use reinsurance in its tax planning strategies. The Company had no unrecognized DTLs at December 31, 2023 and 2022. Additionally, the Company had no adjustments to gross DTAs because of a change in circumstances that causes a change in judgment about the realizability of the related DTAs.

Significant components of the current federal and foreign income taxes for the years ended December 31, 2023, 2022 and 2021 were as follows (in millions):

	2023			2022		2021		Change 2023-2022			Change 2022-2021
Federal(1)	$	247		$	114	$	187	$	133		$	(73	)
Foreign		21			—		—		21			—
Subtotal		268			114		187		154			(73	)
Federal income tax on net capital gains (losses)		(41	)		16		47		(57	)		(31	)
Other		—			—		—		—			—
Total federal and foreign income taxes	$	227		$	130	$	234	$	97		$	(104	)

⁽¹⁾ The Company had investment tax credits of $33 million, $28 million and $27 million for the years ended December 31, 2023, 2022 and 2021, respectively.

69

NEW YORK LIFE INSURANCE AND ANNUITY CORPORATION

NOTES TO STATUTORY FINANCIAL STATEMENTS

NOTE 16—INCOME TAXES (continued)

The tax effects of temporary differences that give rise to DTAs and DTLs for the years ended December 31, 2023 and 2022 were as follows (in millions):

	2023		2022		Change
DTAs
Ordinary:
Policyholder reserves	$	1,026	$	859	$	167
Deferred acquisition costs		411		376		35
Investments		234		151		83
Pension accrual		20		21		(1	)
Receivables - nonadmitted		17		21		(4	)
Fixed assets		2		2		—
Other		15		3		12
Subtotal		1,725		1,433		292
Nonadmitted		712		545		167
Admitted ordinary DTAs		1,013		888		125
Capital:
Investments		356		475		(119	)
Subtotal		356		475		(119	)
Nonadmitted		—		—		—
Admitted capital DTAs		356		475		(119	)
Total admitted DTAs		1,369		1,363		6
DTLs
Ordinary:
Policyholder reserves		80		124		(44	)
Investments		166		138		28
Other		9		—		9
Subtotal		255		262		(7	)
Capital:
Investments		493		552		(59	)
Subtotal		493		552		(59	)
Total DTLs		748		814		(66	)
Net admitted DTAs	$	621	$	549	$	72
Change in deferred income tax on change in net unrealized capital gains/ losses					$	50
Change in net deferred taxes related to other items						189
Change in DTAs nonadmitted						(167	)
Change in net admitted DTAs					$	72

70

NEW YORK LIFE INSURANCE AND ANNUITY CORPORATION

NOTES TO STATUTORY FINANCIAL STATEMENTS

NOTE 16—INCOME TAXES (continued)

The Company’s income tax expense and change in net DTAs for the years ended December 31, 2023, 2022 and 2021 differs from the amount obtained by applying the statutory rate of 21% to net gain from operations after dividends to policyholders and before federal income taxes for the following reasons (in millions):

	2023			2022			2021			Change 2023-2022			Change 2022-2021
Net gain from operations after dividends to policyholders and before federal and foreign income taxes at statutory rate	$	141		$	(106	)	$	141		$	247		$	(247	)
Net realized capital (losses)/gains at statutory rate		(24	)		(15	)		(38	)		(9	)		23
Tax exempt income		(33	)		(35	)		(39	)		2			4
Tax credits, net of withholding		(41	)		(40	)		(37	)		(1	)		(3	)
Amortization of IMR		(1	)		(6	)		(10	)		5			4
Dividend from MCF		(72	)		(37	)		(29	)		(35	)		(8	)
Partnership income from MCF		57			54			46			3			8
Prior year audit liability and settlement		4			1			(1	)		3			2
Non-admitted assets		4			(6	)		—			10			(6	)
Other items impacting surplus		4			4			96			—			(92	)
Other		(1	)		5			(1	)		(6	)		6
Federal and foreign income taxes incurred and change in net deferred taxes during the year	$	38		$	(181	)	$	128		$	219		$	(309	)
Federal and foreign income tax expense reported in the Company’s Statutory Statements of Operations	$	268		$	114		$	187		$	154		$	(73	)
Capital gains tax (benefit)/expense incurred		(41	)		16			47			(57	)		(31	)
Change in net DTAs		(189	)		(311	)		(106	)		122			(205	)
Change in current and deferred income taxes reported in surplus		—			—			—			—			—
Federal and foreign income taxes incurred and change in net deferred taxes during the year	$	38		$	(181	)	$	128		$	219		$	(309	)

For years ended December 31, 2023, 2022 and 2021, the Company’s federal income tax return is consolidated with New York Life, NYLAZ, NYLIFE LLC, New York Life Enterprises LLC, NYL Investments, NYL Investors, LLC, LINA, New York Life Group Insurance Company of NY (“NYLGICNY”), and LINA Benefit Payments, Inc. Refer to Note 3 – Significant Accounting Policies - Federal Income Taxes.

As a member of NYLIC’s consolidated group, the Company’s federal income tax returns are routinely audited by the Internal Revenue Service (“IRS”) and provisions are made in the financial statements in anticipation of the results of these audits. The IRS has completed audits through 2013, and tax years 2014 through 2018 are currently under examination. There were no material effects in the Company’s Statement of Operations as a result of these audits.

The Company does not anticipate any significant changes to its total unrecognized tax benefits within the next 12 months.

71

NEW YORK LIFE INSURANCE AND ANNUITY CORPORATION

NOTES TO STATUTORY FINANCIAL STATEMENTS

NOTE 16—INCOME TAXES (continued)

The Company did not have any operating loss and tax credit carry forwards available for tax purposes. For the years ended December 2023, 2022, and 2021, the Company’s income taxes incurred in current and prior years that will be available for recoupment in the event of future net losses were as follows (in millions):

Year 2023	$	—
Year 2022	$	21
Year 2021	$	120

The Inflation Reduction Act (“IRA”) of 2022 was enacted on August 16, 2022. The IRA includes a new Federal corporate alternative minimum tax (“CAMT”), effective in 2023, that is based on the adjusted financial statement income set forth on the applicable financial statement of an applicable corporation. The NAIC adopted Interpretation (“INT”) 23-04 to apply to December 31, 2023. Following that guidance, the Company has determined as of the reporting date it will not be an applicable corporation and will not be liable for CAMT in 2023. The Company is also not a member of a controlled group of corporations that is an applicable corporation.

At December 31, 2023 and 2022, the Company recorded a current income tax payable of $23 million and $31 million, respectively, which is included in Other liabilities in the accompanying Statutory Statements of Financial Position.

At December 31, 2023, the Company had no protective tax deposits on deposit with the IRS under Section 6603 of the Internal Revenue Code.

NOTE 17—CAPITAL AND SURPLUS

Capitalization

The Company has 20,000 shares authorized, with a par value of $10,000 per share with 2,500 shares issued and outstanding. All shares are common stock and are owned by New York Life. The Company has no preferred stock.

The Company did not receive a capital contribution from New York Life for the years ended December 31, 2023 and 2022. For the year ended December 31, 2021, the Company received a capital contribution in the form of an affiliated equity investment in MCF from New York Life for $530 million.

Other Surplus Adjustments

Other adjustments, net in the accompanying Statutory Statements of Changes in Surplus at December 31, 2023, 2022 and 2021, principally include the effects of the following (in millions):

	2023			2022			2021
Surplus withdrawn from separate accounts	$	58		$	48		$	55
Changes in surplus relating to separate accounts		(74	)		(29	)		(44	)
Change in liability for reinsurance in unauthorized companies		2			(2	)		(2	)
Total	$	(14	)	$	17		$	9

Nonadmitted Assets

Under statutory accounting rules, a nonadmitted asset is defined as an asset having economic value other than that which can be used to fulfill policyholder obligations, or those assets that are unavailable due to encumbrances or other third-party interests. These assets are not recognized in the accompanying Statutory Statements of Financial Position, and are, therefore, considered nonadmitted. The changes between years in nonadmitted assets are charged or credited directly to surplus.

72

NEW YORK LIFE INSURANCE AND ANNUITY CORPORATION

NOTES TO STATUTORY FINANCIAL STATEMENTS

NOTE 18—DIVIDENDS TO STOCKHOLDER

The Company is subject to restrictions on the payment of dividends to New York Life. Under the Delaware Insurance Code, cash dividends can be paid only out of that part of the Company’s available and accumulated surplus funds which are derived from realized net operating profits on its business and realized capital gains, and dividends (or other distributions) on capital stock can be declared and paid only out of earned surplus (being an amount equal to the unassigned funds of the Company as set forth in its most recent annual statement submitted to the Delaware Insurance Commissioner (“the Commissioner”), including all or part of the surplus arising from unrealized capital gains or revaluation of assets), except as otherwise approved by the Commissioner (provided that stock dividends may be paid out of any available surplus funds). Furthermore, no extraordinary dividend may be paid until 30 days after the Commissioner has received notice of such declaration and has not disapproved such payment within such 30 day period, or the Commissioner has approved such payment within that 30 day period. Extraordinary dividends are defined as any dividend or distribution or cash or other property, whose fair market value, together with that of other dividends or distributions made within the preceding 12 months, exceeds the greater of (1) 10 percent of the Company’s surplus as regards policyholders as of the preceding December 31 or (2) the net gain from operations, not including realized capital gains, not to exceed thirty percent of its surplus to policyholders as of the immediately preceding calendar year, of the Company for the 12 month period ending on the preceding December 31 (not including pro rata distributions of any class of the Company’s own securities).

At December 31, 2023, the amount of earned surplus of the Company available for the payment of dividends was $4,119 million. The maximum amount of dividends that may be paid in 2024 without prior notice to or approval of the Commissioner is $890 million.

Dividends may be declared by the Board of Directors of the Company from available surplus, as it deems appropriate, on a non-cumulative basis. At December 31, 2023, the Company paid no dividends to its sole stockholder, New York Life, and paid dividends of $400 million and $942 million in 2022 and 2021, respectively.

The Company’s special surplus funds increased from December 31, 2022 to December 31, 2023 by $328 million due to the admittance of negative IMR. For more details, refer to Note 6 - Investments for Admitted Negative IMR.

NOTE 19—WRITTEN PREMIUMS

Deferred and uncollected life insurance premiums and annuity considerations at December 31, 2023 and 2022 were as follows (in millions):

	2023				2022
	Gross		Net of Loading		Gross		Net of Loading
Group life(1)	$	441	$	441	$	418	$	418

⁽¹⁾ Represents reinsurance premiums assumed from LINA. Refer to Note 13 - Reinsurance for more details.

Deferred premium is the portion of the annual premium not earned at the reporting date. Loading of deferred premium is an amount obtained by subtracting the valuation net deferred premium from the gross deferred premium and generally includes allowances for acquisition costs and other expenses.

Uncollected premium is gross premium, net of reinsurance that is due and unpaid at the reporting date. Net premium is the amount used in the calculation of reserves. The change in loading is included as an expense and is not shown as a reduction to premium income.

73

NEW YORK LIFE INSURANCE AND ANNUITY CORPORATION

NOTES TO STATUTORY FINANCIAL STATEMENTS

NOTE 20—LOAN-BACKED AND STRUCTURED SECURITY IMPAIRMENTS

The Company does not have any loan-backed and structured securities, which are other-than-temporarily impaired where the Company intends to sell, or does not have the intent and ability to hold until recovery, at December 31, 2023.

The following table lists each loan-backed and structured security at a CUSIP level where the present value of cash flows expected to be collected is less than the amortized cost basis during the year (in thousands):

IMPAIRMENTS TAKEN ON CURRENT HOLDINGS DURING THE CURRENT YEAR
(1)	(2)	(3)	(4)	(5)	(6)	(7)
CUSIP(1,2)	Amortized Cost Before Current Period OTTI	Projected Cash Flows	Current Period Recognized OTTI	Amortized Cost After OTTI	Fair Value	Financial Statement Reporting Period
General Account
001406AA5	$5,236	$4,522	$713	$4,522	$4,383	12/31/2023
07389NAC9	280	273	7	273	278	12/31/2023
12544ABN4	247	245	2	245	252	12/31/2023
12544TAH7	500	491	9	491	500	12/31/2023
12544VAB5	15	14	1	14	15	12/31/2023
12667FJ55	685	679	6	679	530	12/31/2023
12668AY25	431	431	—	431	440	12/31/2023
12668BFL2	138	129	9	129	131	12/31/2023
15132EFL7	30	25	5	25	27	12/31/2023
16162WNB1	484	459	25	459	470	12/31/2023
17029PAA3	656	636	20	636	636	12/31/2023
3622MPAB4	180	171	9	171	176	12/31/2023
3623416X2	124	90	34	90	116	12/31/2023
36242DD26	190	160	30	160	164	12/31/2023
69337VAE0	1,053	1,049	4	1,049	839	12/31/2023
76111XZW6	949	941	7	941	967	12/31/2023
81744HAF0	190	189	1	189	191	12/31/2023
93934FCE0	484	472	12	472	428	12/31/2023
93934FEM0	481	480	1	480	436	12/31/2023
93934FLW0	513	511	2	511	478	12/31/2023
001406AA5	6,409	5,634	775	5,634	4,506	9/30/2023
15132EFL7	30	30	—	30	29	9/30/2023
16162WNB1	629	518	110	518	496	9/30/2023
32052MAA9	6	—	6	—	—	9/30/2023
3622MPAB4	183	183	—	183	172	9/30/2023
3623416X2	133	133	1	133	119	9/30/2023
38237KAA8	8,845	8,845	—	8,845	7,701	9/30/2023
45660LEW5	488	248	240	248	454	9/30/2023
93934FEM0	500	500	1	500	436	9/30/2023
93934FLW0	553	552	2	552	499	9/30/2023
001406AA5	7,722	7,046	677	7,046	4,638	6/30/2023
12667FJ55	728	709	19	709	571	6/30/2023
17029PAA3	703	656	47	656	695	6/30/2023
17029RAA9	18	—	17	—	16	6/30/2023
17309BAD9	1,355	907	448	907	1,057	6/30/2023

74

NEW YORK LIFE INSURANCE AND ANNUITY CORPORATION

NOTES TO STATUTORY FINANCIAL STATEMENTS

NOTE 20—LOAN-BACKED AND STRUCTURED SECURITY IMPAIRMENTS (continued)

IMPAIRMENTS TAKEN ON CURRENT HOLDINGS DURING THE CURRENT YEAR
(1)	(2)	(3)	(4)	(5)	(6)	(7)
CUSIP(1,2)	Amortized Cost Before Current Period OTTI	Projected Cash Flows	Current Period Recognized OTTI	Amortized Cost After OTTI	Fair Value	Financial Statement Reporting Period
46628BBD1	124	113	10	113	102	6/30/2023
69336QAL6	413	411	1	411	396	6/30/2023
93934FEM0	519	518	1	518	463	6/30/2023
93934FLW0	564	559	5	559	517	6/30/2023
3623416X2	139	138	1	138	140	3/31/2023
38237KAA8	11,217	11,205	13	11,205	10,191	3/31/2023
61946TAA3	3,297	3,288	9	3,288	2,771	3/31/2023
69336QAL6	416	415	1	415	400	3/31/2023
93934FEM0	524	522	2	522	501	3/31/2023
93934FLW0	615	572	42	572	534	3/31/2023
Subtotal - General Account	XXX	XXX	$3,327	XXX	XXX
Guaranteed Separate Accounts
001406AA5	$1,626	$1,404	$222	$1,404	$1,361	12/31/2023
07389NAC9	7	7	—	7	7	12/31/2023
12544VAB5	6	6	—	6	6	12/31/2023
12668BFL2	184	172	12	172	175	12/31/2023
001406AA5	1,990	1,749	241	1,749	1,399	9/30/2023
001406AA5	2,398	2,188	210	2,188	1,440	6/30/2023
38237KAA8	556	556	1	556	505	3/31/2023
61946TAA3	384	383	1	383	323	3/31/2023
Subtotal - Guaranteed Separate Accounts	XXX	XXX	$  687	XXX	XXX
Grand Total	XXX	XXX	$4,014	XXX	XXX

⁽¹⁾ Only the impaired lots within each CUSIP are included within this table.

⁽²⁾ CUSIP amounts less than $1 thousand within this table are shown as zero.

NOTE 21—SUBSEQUENT EVENTS

At February 28, 2024, the date the financial statements were available to be issued, there have been no events occurring subsequent to the close of the Company’s books or accounts for the accompanying statutory financial statements that would have a material effect on the financial condition of the Company.

75

NEW YORK LIFE INSURANCE AND ANNUITY CORPORATION

NOTES TO STATUTORY FINANCIAL STATEMENTS

GLOSSARY OF TERMS

Term	Description
ABS	Asset-backed securities
AG 43	Actuarial Guideline 43 CARVM for variable annuities
AVR	Asset valuation reserve
CARES Act	Coronavirus Aid, Relief, and Economic Security Act
CAMT	Corporate Alternative Minimum Tax
CARVM	Commissioners’ Annuity Reserve Valuation Method
COLI	Corporate owned life insurance
CRVM	Commissioners’ Reserve Valuation Method
CSAs	Credit support annexes
DTA(s)	Deferred tax asset(s)
DTL(s)	Deferred tax liability(ies)
ETFs	Exchange traded funds
FHLB	Federal Home Loan Bank
GMAB	Guaranteed minimum accumulation benefit
GMDB	Guaranteed minimum death benefit
IMR	Interest maintenance reserve
IRA	The Inflation Reduction Act of 2022
IRS	Internal Revenue Service
LIHTC	Low-income housing tax credit
LINA	Life Insurance Company of North America
LTV	Loan to value ratio
MCF	Madison Capital Funding LLC
MCF Note Agreement	New York Life note funding agreement with MCF
NAIC	National Association of Insurance Commissioners
NAIC SAP	National Association of Insurance Commissioners’ Accounting Practices and Procedures
NAV	Net asset value
New York Life	New York Life Insurance Company
NYLARC	New York Life Agents Reinsurance Company
NYLAZ	NYLIFE Insurance Company of Arizona
NYLCC	New York Life Capital Corporation
NYLGICNY	New York Life Group Insurance Company of NY
NYLIM	New York Life Investment Management LLC
NYL Investments	New York Life Investment Management Holdings LLC
NYSDFS	New York State Department of Financial Services
OTC	Over-the-counter
OTC-bilateral	Over-the-counter bilateral agreements
OTC-cleared	Over-the-counter clearinghouse
OTTI	Other-than-temporary impairment(s)
PBR	Principle-based reserving
SSAP	Statement of statutory accounting principle
SVO	Securities Valuation Office

76

NEW YORK LIFE INSURANCE AND ANNUITY CORPORATION

NOTES TO STATUTORY FINANCIAL STATEMENTS

Term	Description
Taiwan Branch	NYLIAC’s former branch operations in Taiwan
Taiwan Corporation	New York Life Insurance Taiwan Corporation
TDR	Troubled debt restructuring
The Commissioner	Delaware Insurance Commissioner
The Company	New York Life Insurance and Annuity Corporation
The Department	Delaware State Insurance Department
The Fund	The MainStay VP Funds Trust
U.S. GAAP	Accounting principles generally accepted in the United States of America
UL	Universal life
VA	Variable annuity
VM-20	Valuation manual requirements for PBR for individual life products
VM-21	Valuation manual requirements for PBR for variable annuity products
VM-22	Valuation manual requirements for maximum valuation interest rates for income annuities
VUL	Variable universal life
Yuanta	Yuanta Financials Holding Co., Ltd.

77

NEW YORK LIFE INSURANCE AND ANNUITY CORPORATION

SCHEDULE 1—SUPPLEMENTAL SCHEDULE OF SELECTED FINANCIAL DATA

At and for the Year Ended December 31, 2023

The following is a summary of certain financial information included in exhibits and schedules in the Annual Statement filed with the Delaware Insurance Department subjected to audit procedures by independent auditors and utilized by actuaries in the determination of reserves.

Investment Income Earned:
U.S. government bonds	$	163,438,981
Other bonds (unaffiliated)		3,716,493,278
Bonds of affiliates		211,433,316
Preferred stocks (unaffiliated)		1,770,431
Preferred stocks of affiliates		—
Common stocks (unaffiliated)		31,482,807
Common stocks of affiliates		—
Mortgage loans		756,667,188
Real estate		17,251,373
Premium notes, policy loans and liens		52,769,039
Cash on hand and on deposit		10,449,940
Short-term investments		156,284,647
Derivative instruments		(29,735,277	)
Other invested assets		382,452,247
Aggregate write-ins for investment income		8,366,616
Gross investment income	$	5,479,124,586
Real Estate Owned - Book Value less Encumbrances	$	91,166,137
Mortgage Loans - Book Value:
Residential mortgages	$	4,075,801
Commercial mortgages		15,186,978,388
Mezzanine real estate loans		292,876,613
Total mortgage loans	$	15,483,930,802
Mortgage Loans by Standing - Book Value:
Good standing	$	15,374,430,802
Good standing with restructured terms	$	—
Interest overdue more than 90 days, not in foreclosure	$	—
Foreclosures in process	$	109,500,000
Other Invested Assets - Statement Value	$	3,338,621,735
Collateral Loans	$	—

78

NEW YORK LIFE INSURANCE AND ANNUITY CORPORATION

SCHEDULE 1—SUPPLEMENTAL SCHEDULE OF SELECTED FINANCIAL DATA (continued)

Bonds and Stocks of Parent, Subsidiaries and Affiliates - Book Value:
Bonds	$	3,120,177,818
Preferred stocks	$	—
Common stocks	$	—
Bonds and Short-Term Investments by Maturity and NAIC Designation:
Bonds by maturity - statement value:
Due within one year or less	$	9,288,152,168
Over one year through five years		40,964,712,901
Over five years through 10 years		25,624,957,942
Over 10 years through 20 years		11,246,900,203
Over 20 years		16,657,862,973
Total by maturity	$	103,782,586,187
Bonds by NAIC designation - statement value
NAIC 1	$	63,955,395,170
NAIC 2		35,090,242,232
NAIC 3		2,571,262,521
NAIC 4		1,840,642,384
NAIC 5		302,130,565
NAIC 6		22,913,315
Total by NAIC designation	$	103,782,586,187
Total bonds publicly traded	$	55,703,777,216
Total bonds privately placed	$	48,078,808,971
Preferred Stocks - Statement Value	$	43,512,713
Common Stocks - Fair Value	$	615,258,682
Short-Term Investments - Book Value	$	43,908,215
Options, Caps and Floors Owned - Statement Value	$	242,527,246
Options, Caps and Floors Written and In-Force - Statement Value	$	—
Collar, Swap and Forward Agreements Open - Statement Value	$	720,426,711
Future Contracts Open - Current Value	$	416,564
Cash on Deposit	$	(222,657,159	)

79

NEW YORK LIFE INSURANCE AND ANNUITY CORPORATION

SCHEDULE 1—SUPPLEMENTAL SCHEDULE OF SELECTED FINANCIAL DATA (continued)

Life Insurance In-Force (in thousands):
Industrial	$	—
Ordinary	$	183,564
Credit life	$	—
Group life	$	741,943
Amount of Accidental Death Insurance In-Force Under Ordinary Policies (in thousands):	$	798
Life Insurance Policies with Disability Provisions In-Force (in thousands):
Industrial	$	—
Ordinary	$	14,507
Credit life	$	—
Group life	$	—
Supplementary Contracts In-Force:
Ordinary - not involving life contingencies
Amount on deposit	$	312,748,977
Income payable	$	51,726,610
Ordinary - involving life contingencies
Income payable	$	51,211,980
Group - not involving life contingencies
Amount on deposit
Income payable
Group - involving life contingencies
Income payable
Annuities:
Ordinary
Immediate - amount of income payable	$	2,056,329,740
Deferred - fully paid account balance	$	54,029,137,239
Deferred - not fully paid - account balance	$	36,540,076,416
Group
Amount of income payable	$	79,031,942
Fully paid account balance	$	990,567
Not fully paid - account balance	$	—

80

NEW YORK LIFE INSURANCE AND ANNUITY CORPORATION

SCHEDULE 1—SUPPLEMENTAL SCHEDULE OF SELECTED FINANCIAL DATA (continued)

Accident and Health Insurance - Premiums In-Force
Ordinary	$	—
Group	$	—
Credit	$	—
Deposit Funds and Dividend Accumulations:
Deposit funds - account balance	$	282,022,138
Dividend accumulations - account balance	$	—
Claim Payments 2023 (in thousands):
Group accident and health - year ended December 31, 2023
2023
2022
2021
2020
2019
Prior
Other accident and health
2023
2022
2021
2020
2019
Prior
Other coverages that use developmental methods to calculate claims reserves (in thousands):
2023	$	881
2022	$	988
2021	$	926
2020	$	956
2019	$	774
Prior	$	18

81

NEW YORK LIFE INSURANCE AND ANNUITY CORPORATION

SCHEDULE 2—SUMMARY INVESTMENT SCHEDULE

At and for the Year Ended December 31, 2023

Investment Categories	Gross Investment Holdings*					Admitted Assets as Reported in the Annual Statement
	Amount		Percentage			Amount		Securities Lending Reinvested Collateral Amount		Total Amount		Percentage
Bonds:
U.S. governments	$	5,663,493,664		4.508	%	$	5,663,493,652			$	5,663,493,652		4.509	%
All other governments		247,349,546		0.197			247,349,543				247,349,543		0.197
U.S. states, territories and possessions, etc. guaranteed		—		—			—		—		—		—
U.S. political subdivisions of states, territories, and possessions, guaranteed		—		—			—		—		—		—
U.S. special revenue and special assessment obligations, etc. non-guaranteed		10,509,428,813		8.366			10,509,428,777				10,509,428,777		8.367
Industrial and miscellaneous		81,208,552,375		64.643			81,208,552,430				81,208,552,430		64.656
Hybrid securities		—		—			—		—		—		—
Parent, subsidiaries and affiliates		3,120,177,818		2.484			3,120,177,819				3,120,177,819		2.484
SVO identified funds		754,823,659		0.601			754,823,659				754,823,659		0.601
Unaffiliated Bank loans		552,112,378		0.439			552,112,374				552,112,374		0.440
Unaffiliated Certificates of deposit		—		0.000			—		—		—		—
Total long-term bonds		102,055,938,253		81.238			102,055,938,254				102,055,938,254		81.254
Preferred Stocks:
Industrial and miscellaneous (Unaffiliated)		43,512,713		0.035			43,512,713				43,512,713		0.035
Parent, subsidiaries and affiliates		—		—			—		—		—		—
Total preferred stocks		43,512,713		0.035			43,512,713				43,512,713		0.035
Common Stock:
Industrial and miscellaneous Publicly traded (Unaffiliated)		454,040,222		0.361			454,096,287				454,096,287		0.362
Industrial and miscellaneous Other (Unaffiliated)		33,970,920		0.027			33,914,836				33,914,836		0.027
Parent, subsidiaries and affiliates Publicly traded				—									—
Parent, subsidiaries and affiliates Other				—									—
Mutual funds		125,959,006		0.100			125,959,005				125,959,005		0.100
Unit investment trusts				—									—
Closed-end funds				—									—
Exchange traded funds		1,288,554		0.001			1,288,554				1,288,554		0.001
Total common stocks		615,258,702		0.490			615,258,682				615,258,682		0.490
Mortgage loans:
Farm mortgages		—		—			—		—		—		—
Residential mortgages		4,075,801		0.003			4,075,801				4,075,801		0.003
Commercial mortgages		15,186,978,392		12.089			15,186,978,388				15,186,978,388		12.091
Mezzanine real estate loans		292,876,613		0.233			292,876,613				292,876,613		0.233
Total valuation allowance				—									—
Total mortgage loans		15,483,930,806		12.325			15,483,930,802				15,483,930,802		12.328

82

NEW YORK LIFE INSURANCE AND ANNUITY CORPORATION

SCHEDULE 2—SUMMARY INVESTMENT SCHEDULE (continued)

Investment Categories	Gross Investment Holdings*						Admitted Assets as Reported in the Annual Statement
	Amount			Percentage			Amount			Securities Lending Reinvested Collateral Amount		Total Amount			Percentage
Real Estate:
Properties occupied by company		—			—			—			—		—			—
Properties held for production of income		91,166,137			0.073			91,166,137					91,166,137			0.073
Properties held for sale					—											—
Total real estate		91,166,137			0.073			91,166,137					91,166,137			0.073
Cash, cash equivalents and short-term investments:
Cash		(222,657,159	)		(0.177	)		(222,657,159	)				(222,657,159	)		(0.177	)
Cash equivalents		1,874,558,563			1.492			1,874,558,564					1,874,558,564			1.492
Short-term investments		43,908,216			0.035			43,908,215					43,908,215			0.035
Total cash, cash equivalents and short-term investments		1,695,809,620			1.35			1,695,809,620					1,695,809,620			1.35
Contract loans		948,865,372			0.755			927,584,607					927,584,607			0.739
Derivatives		1,196,422,700			0.952			1,196,422,700					1,196,422,700			0.953
Other invested assets		3,342,739,779			2.661			3,338,621,735					3,338,621,735			2.658
Receivables for securities		15,694,487			0.012			15,694,487					15,694,487			0.012
Securities Lending					—
Other invested assets		137,225,563			0.109			137,225,563					137,225,563			0.109
Total invested assets	$	125,626,564,132			100.000	%	$	125,601,165,300				$	125,601,165,300			100.000	%

* Gross investment holdings as valued in compliance with NAIC Accounting Practices & Procedures Manual.

83

NEW YORK LIFE INSURANCE AND ANNUITY CORPORATION

SCHEDULE 3 – INVESTMENT RISKS INTERROGATORIES

At and for the Year Ended December 31, 2023

NAIC Group Code: 0826 NAIC Company Code: 91596 EIN: 13-3044743

The Investment Risks Interrogatories are to be filed by April 1. They are also to be included with the Audited Statutory Financial Statements.

Answer the following interrogatories by reporting the applicable U.S. dollar amounts and percentages of the reporting entity’s total admitted assets held in that category of investments.

1. Reporting entity’s total admitted assets as reported on Page 2 of this annual statement. $138,909,313,692

2. Ten largest exposures to a single issuer/borrower/investment.

Issuer	Description of Exposure	Amount		Total Admitted Assets
NEW YORK LIFE INS CO (MADISON CAPITAL FUNDING LLC )	Bonds/Limited Partnership	$	3,354,928,668		2.42	%
WELLS FARGO	Bonds/Equity/Derivatives	$	1,195,627,853		0.86	%
JP MORGAN	Bonds/Equity	$	985,098,692		0.71	%
NYLIM HOLDINGS NOTE	Bonds	$	762,000,000		0.55	%
MORGAN STANLEY	Bonds/Equity	$	746,120,149		0.54	%
CITIGROUP	Bonds/Equity	$	730,734,981		0.53	%
GS MORTGAGE	Mortgage Loans	$	649,165,715		0.47	%
GIC REAL ESTATE	Mortgage Loans	$	612,143,034		0.44	%
BLACKSTONE	Mortgage Loans	$	557,954,388		0.40	%
MAPLETREE INVESTMENTS PTE LTD	Mortgage Loans	$	476,000,000		0.34	%

3. Amounts and percentages of the reporting entity’s total admitted assets held in bonds and preferred stocks by NAIC rating.

Rating	Bonds		Percentage of Total Admitted Assets			Preferred Stocks				Percentage of Total Admitted Assets
NAIC – 1	$	63,955,395,171		46.04	%		P/RP - 1	$	65,032		—	%
NAIC – 2	$	35,090,242,233		25.26	%		P/RP - 2	$	15,347,799		0.01	%
NAIC – 3	$	2,571,262,520		1.85	%		P/RP - 3	$	—		—	%
NAIC – 4	$	1,840,642,384		1.33	%		P/RP - 4	$	—		—	%
NAIC – 5	$	302,130,564		0.22	%		P/RP - 5	$	—		—	%
NAIC – 6	$	22,913,315		0.02	%		P/RP - 6	$	28,099,882		0.02	%

84

NEW YORK LIFE INSURANCE AND ANNUITY CORPORATION

SCHEDULE 3 – INVESTMENT RISKS INTERROGATORIES (continued)

4. Assets held in foreign investments:

Are assets held in foreign investments less than 2.5% of the reporting entity’s total admitted assets?

Yes [ ] No [X]

If response to 4.01 above is Yes, responses are not required for interrogatories 5-10
Total admitted assets held in foreign investments	$	18,511,069,601	13.33	%
Foreign-currency-denominated investments	$	—	—	%
Insurance liabilities denominated in that same foreign currency	$	—	—	%
5. Aggregate foreign investment exposure categorized by NAIC sovereign rating:
Countries rated NAIC-1	$	17,761,826,949	12.79	%
Countries rated NAIC-2	$	520,191,736	0.37	%
Countries rated NAIC-3 or below	$	229,050,917	0.16	%
6. Largest foreign investment exposures by country, categorized by NAIC sovereign rating:
Countries rated NAIC-1:
UNITED KINGDOM	$	4,746,859,397	3.42	%
CAYMAN ISLANDS	$	4,482,414,317	3.23	%
Countries rated NAIC-2:
MEXICO	$	203,842,021	0.15	%
INDONESIA	$	83,830,111	0.06	%
Countries rated NAIC-3 or below:
BARBADOS	$	49,020,877	0.04	%
COLOMBIA	$	37,278,781	0.03	%
7. Aggregate unhedged foreign currency exposure	$	220,659,049	0.15	%
8. Aggregate unhedged foreign currency exposure categorized by the country’s NAIC sovereign rating:
Countries rated NAIC-1:	$	208,109,241	0.15	%
Countries rated NAIC-2:	$	10,694,773	0.01	%
Countries rated NAIC-3 or below:	$	1,855,035	0.00	%
9. Largest unhedged foreign currency exposures by country, categorized by the country’s NAIC sovereign rating:
Countries rated NAIC-1:
LUXEMBOURG	$	57,974,189	0.04	%
UNITED KINGDOM	$	52,536,273	0.04	%
Countries rated NAIC-2:
ITALY	$	5,062,225	—	%
INDIA	$	3,615,519	—	%
Countries rated NAIC-3 or below:
BRAZIL	$	1,256,120	—	%
SOUTH AFRICA	$	518,764	—	%

85

NEW YORK LIFE INSURANCE AND ANNUITY CORPORATION

SCHEDULE 3 – INVESTMENT RISKS INTERROGATORIES (continued)

10. Ten largest non-sovereign (i.e. non-governmental) foreign issues:

Issuer	NAIC Rating
INTERTEK GROUP PLC	2A	$	202,465,014	0.15	%
UBS GROUP AG	2.A FE	$	167,127,233	0.12	%
BANCO SANTANDER SA	1.E FE	$	146,426,296	0.11	%
BALLYROCK CLO LTD BALLY_23-23A	1.A FE	$	140,000,000	0.10	%
LLOYDS BANKING GROUP PLC	2.A FE	$	139,043,214	0.10	%
MITSUBISHI UFJ FINANCIAL GROUP	1.G FE	$	138,397,882	0.10	%
BARCLAYS PLC	2.A FE	$	134,755,020	0.10	%
TRITAX BIG BOX REIT PLC	2.A	$	127,798,663	0.09	%
RAD CLO LTD RAD_23-18	1.A FE	$	125,748,000	0.09	%
STATNETT SF	1.F	$	123,800,000	0.09	%

11. Amounts and percentages of the reporting entity’s total admitted assets held in Canadian investments and unhedged Canadian currency exposure.

Are assets held in Canadian investments less than 2.5% of the reporting entity’s total admitted assets? Yes [X] No [ ]

If response to 11.01 is Yes, detail is not required for the remainder of Interrogatory 11

12. Report aggregate amounts and percentages of the reporting entity’s total admitted assets held in investments with contractual sales restrictions.

Are assets held in investments with contractual sales restrictions less than 2.5% of the reporting entity’s total admitted assets? Yes[X] No[ ]

If response to 12.01 is Yes, responses are not required for the remainder of Interrogatory 12

13. Amounts and percentages of admitted assets held in the ten largest equity interests:

Are assets held in equity interest less than 2.5% of the reporting entity’s total admitted assets?

Yes [] No [X]

If response to 13.01 above is Yes, responses are not required for the remainder of Interrogatory 13

Issuer
MADISON CAPITAL FUNDING LLC	$	1,237,699,316	0.89	%
CURZON CAPITAL PARTNERS 5 LONG-LIFE LP	$	93,561,798	0.07	%
STONE RIDGE HOLDING GROUP LP - PREFERRED SHARES	$	87,210,000	0.06	%
MSSDF MEMBER LLC	$	78,794,423	0.06	%
TRISTAN INCOME PLUS STRATEGY ONE SCSP	$	67,987,386	0.05	%
GOLDPOINT MEZZANINE PARTNERS IV, LP	$	63,123,195	0.05	%
NYLIC HKP MEMBER LLC	$	48,889,200	0.04	%
INE CANDRIAM GF US COR BD SQ USD DIS	$	48,056,000	0.03	%
MACKAY SHIELDS EMERGING MARKETS DEBT PORTFOLIO	$	47,788,680	0.03	%
REEP-RTL NPM GA LLC	$	46,379,003	0.03	%

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NEW YORK LIFE INSURANCE AND ANNUITY CORPORATION

SCHEDULE 3 – INVESTMENT RISKS INTERROGATORIES (continued)

14. Amounts and percentages of the reporting entity’s total admitted assets held in nonaffiliated, privately placed equities:

Are assets held in nonaffiliated, privately placed equities less than 2.5% of the reporting entity’s total admitted assets? Yes [X] No [ ]

If response to 14.01 above is yes, responses are not required for 14.02 through 14.05. Aggregate statement value of investments held in nonaffiliated, privately placed equities Largest three investments held in nonaffiliated, privately placed equities:

Ten largest fund managers:

Fund Manager	Total Invested		Diversified		Nondiversified
STONE RIDGE	$	1,054,516,681	$	—	$	1,054,516,681
BLACKROCK ADVISORS, LLC	$	755,442,686	$	755,442,686	$	—
APOGEM CAPITAL	$	172,137,115	$	—	$	172,137,115
CANDRIAM LUXEMBOURG	$	146,106,989	$	—	$	146,106,989
FIDELITY MANAGEMENT & RESEARCH COMPANY	$	105,000,100	$	105,000,100	$	—
NYL INVESTORS LLC - REAL ESTATE INVESTORS	$	88,929,792	$	—	$	88,929,792
MACKAY	$	77,917,953	$	—	$	77,917,953
WHITEHORSE	$	51,344,733	$	—	$	51,344,733
EQT	$	23,646,071	$	—	$	23,646,071
AUSBIL INVESTMENT MANAGEMENT LIMITED	$	20,007,322	$	—	$	20,007,322

15. Amounts and percentages of the reporting entity’s total admitted assets held in general partnership interests:

Are assets held in general partnership interests less than 2.5% of the reporting entity’s total admitted assets? Yes [X] No [ ]

If response to 15.01 above is Yes responses are not required for the remainder of Interrogatory 15

16. Amounts and percentages of the reporting entity’s total admitted assets held in mortgage loans:

Are mortgage loans reported in Schedule B less than 2.5% of the reporting entity’s total admitted assets? Yes [ ] No [X]

If response to 16.01 above is Yes, responses are not required for the remainder of Interrogatory 16 and Interrogatory 17

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NEW YORK LIFE INSURANCE AND ANNUITY CORPORATION

SCHEDULE 3 – INVESTMENT RISKS INTERROGATORIES (continued)

Type ( Residential, Commercial, Agricultural)
COMMERCIAL	$	306,245,000	0.22	%
COMMERCIAL	$	286,896,178	0.21	%
COMMERCIAL	$	257,320,000	0.19	%
COMMERCIAL	$	247,100,000	0.18	%
COMMERCIAL	$	228,900,000	0.16	%
COMMERCIAL	$	228,823,034	0.16	%
COMMERCIAL	$	224,516,000	0.16	%
COMMERCIAL	$	219,484,000	0.16	%
COMMERCIAL	$	164,125,741	0.12	%
COMMERCIAL	$	162,895,054	0.12	%

Amount and percentage of the reporting entity’s total admitted assets held in the following categories of mortgage loans:

Construction loans	$	471,938,271	0.34	%
Mortgage loans over 90 days past due	$	—	—	%
Mortgage loans in the process of foreclosure	$	109,500,000	0.08	%
Mortgage loans foreclosed	$	481,372	—	%
Restructured mortgage loans	$	—	—	%

17. Aggregate mortgage loans having the following loan-to-value ratios as determined from the most current appraisal as of the annual statement date:

Loan-to-Value	Residential				Commercial				Agricultural
above 95%	$	—	—	%	$	254,186,512	0.18	%	$	—	—	%
91% to 95%	$	—	—	%	$	170,532,138	0.12	%	$	—	—	%
81% to 90%	$	—	—	%	$	771,088,603	0.56	%	$	—	—	%
71% to 80%	$	—	—	%	$	861,690,745	0.62	%	$	—	—	%
Below 70%	$	4,075,801	—	%	$	13,422,357,003	9.66	%	$	—	—	%

18. Amounts and percentages of the reporting entity’s total admitted assets held in each of the five largest investments in real estate:

Are assets held in real estate reported less than 2.5% of the reporting entity’s total admitted assets    Yes [X] No [ ]

If response to 18.01 above is Yes, responses are not required for the remainder of Interrogatory 18

19. Report aggregate amounts and percentages of the reporting entity’s total admitted assets held in investments held in mezzanine real estate loans:

Are assets held in investment held in mezzanine real estate loans less than 2.5% of the reporting entity’s total admitted assets    Yes [X] No [ ]

If response to 19.01 above is Yes, responses are not required for the remainder of Interrogatory 19

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NEW YORK LIFE INSURANCE AND ANNUITY CORPORATION

SCHEDULE 3 – INVESTMENT RISKS INTERROGATORIES (continued)

20. Amounts and percentages of the reporting entity’s total admitted assets subject to the following types of agreements:

	At End of Each Quarter
	At Year End				1st Qtr		2nd Qtr		3rd Qtr
Securities lending agreements (do not include assets held as collateral for such transactions)	$	687,857,306	0.50	%	$	722,615,099	$	717,899,970	$	740,937,316
Repurchase agreements	$	—	—	%	$	—	$	—	$	—
Reverse repurchase agreements	$	210,310,000	0.15	%	$	206,055,000	$	221,343,000	$	209,568,000
Dollar repurchase agreements	$	—	—	%	$	—	$	—	$	—
Dollar reverse repurchase agreements	$	—	—	%	$	—	$	—	$	—

21. Amounts and percentages of the reporting entity’s total admitted assets for warrants not attached to other financial instruments, options, caps, and floors:

	Owned				Written
Hedging	$	242,527,246	0.17	%	$	—	—	%
Income generation	$	—	—	%	$	—	—	%
Other	$	—	—	%	$	—	—	%

22. Amounts and percentages of the reporting entity’s total admitted assets of potential exposure for collars, swaps, and forwards:

	At End of Each Quarter
	At Year End				1st Qtr		2nd Qtr		3rd Qtr
Hedging	$	151,921,846	0.11	%	$	156,483,624	$	160,944,946	$	154,784,326
Income generation	$	—	—	%	$	—	$	—	$	—
Replications	$	275,686,214	0.20	%	$	251,800,085	$	251,121,856	$	250,929,906
Other	$	—	—	%	$	—	$	—	$	—

23. Amounts and percentages of the reporting entity’s total admitted assets of potential exposure for futures contracts:

	At End of Each Quarter
	At Year End				1st Qtr		2nd Qtr		3rd Qtr
Hedging	$	7,380,050	0.01	%	$	1,347,575	$	1,026,425	$	14,225,025
Income generation	$	—	—	%	$	—	$	—	$	—
Replications	$	—	—	%	$	—	$	—	$	—
Other	$	—	—	%	$	—	$	—	$	—

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NEW YORK LIFE INSURANCE AND ANNUITY CORPORATION

SCHEDULE 4—SUPPLEMENTAL SCHEDULE OF REINSURANCE CONTRACTS

At and for the Year Ended December 31, 2023

1. Ceded Reinsurance contracts (or multiple contracts with the same reinsurer or its affiliates) subject to A-791 that includes a provision, which limits the reinsurer’s assumption of significant risks identified as in A-791.

None

2. Ceded Reinsurance contracts (or multiple contracts with the same reinsurer or its affiliates) not subject to A-791, for which reinsurance accounting was applied and includes a provision that limits the reinsurer’s assumption of risk.

None

3. Ceded Reinsurance contracts containing features (except reinsurance contracts with a federal or state facility) described below which result in delays in payment in form or in fact:

a. Provisions which permit the reporting of losses, or settlements are made, less frequently than quarterly or payments due from the reinsurer are not made in cash within ninety (90) days of the settlement date (unless there is no activity during the period).

None

b. Payment schedules, accumulating retentions from multiple years or any features inherently designed to delay timing of the reimbursement to the ceding entity.

None

4. Contracts for which the reporting entity has reflected reinsurance accounting credit for any contracts not subject to Appendix A-791 and not yearly renewable term, which meet the risk-transfer requirements of SSAP 61R, including any new assumption reinsurance contracts.

None

5. Risk ceded which is not subject to A-791 and not yearly renewable term reinsurance, under any reinsurance contract (or multiple contracts with the same reinsurer or its affiliates) during the period covered by the financial statement, and either:

a. Accounted for that contract as reinsurance under statutory accounting principles (SAP) and as a deposit under U.S. generally accepted accounting principles (GAAP); or

None

b. Accounted for that contract as reinsurance under U.S. GAAP and as a deposit under SAP. If yes, explain why the contract (s) is treated different for GAAP and SAP.

None

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