NYLIAC Variable Universal Life Separate Account-I

Financial Statements

NYLIAC VUL Separate Account-I

Statement of Assets and Liabilities

As of December 31, 2023

	MainStay VP American Century Sustainable Equity— Initial Class			MainStay VP Balanced— Initial Class			MainStay VP Bond— Initial Class			MainStay VP Candriam Emerging Markets Equity— Initial Class			MainStay VP CBRE Global Infrastructure— Initial Class
ASSETS:
Investment at net asset value	$	79,950,320		$	21,526,967		$	29,649,518		$	28,971,144		$	2,439,305
Dividends due and accrued		—			—			—			—			—
Net receivable from (payable to) New York Life Insurance and Annuity Corporation		19,497			(2,047	)		2,288			4,320			(1,020	)
Net receivable from (payable to) the Fund for shares sold or purchased		(18,919	)		2,165			(2,021	)		(4,101	)		1,021
LIABILITIES:
Liability to New York Life Insurance and Annuity Corporation for:
Mortality and expense risk charges		535			106			241			200			1
Administrative charges		43			12			26			19			—
Total net assets	$	79,950,320		$	21,526,967		$	29,649,518		$	28,971,144		$	2,439,305
Total shares outstanding		8,942,589			1,609,974			2,397,393			4,165,094			345,697
Net asset value per share (NAV)	$	8.94		$	13.37		$	12.37		$	6.96		$	7.06
Total units outstanding		2,541,252			691,471			1,263,621			3,106,558			257,846
Variable accumulation unit value (lowest to highest)	$	29.89 to $32.48		$	23.22 to $32.38		$	11.97 to $29.58		$	8.87 to $9.64		$	8.98 to $9.48
Identified cost of investment	$	94,583,022		$	22,414,998		$	34,101,963		$	35,417,459		$	2,354,593

Not all investment divisions are available under all policies.

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

2

NYLIAC VUL Separate Account-I

Statement of Assets and Liabilities (Continued)

As of December 31, 2023

	MainStay VP Conservative Allocation— Initial Class			MainStay VP Epoch U.S. Equity Yield— Initial Class			MainStay VP Equity Allocation— Initial Class			MainStay  VP Fidelity Institutional AM® Utilities— Initial Class			MainStay VP Floating Rate— Initial Class
ASSETS:
Investment at net asset value	$	13,958,590		$	138,640,957		$	98,050,866		$	51,858,290		$	40,949,961
Dividends due and accrued		—			—			—			—			—
Net receivable from (payable to) New York Life Insurance and Annuity Corporation		(29,491	)		(1,495	)		2,861			(26,177	)		11,413
Net receivable from (payable to) the Fund for shares sold or purchased		29,616			2,884			(2,594	)		26,378			(11,295	)
LIABILITIES:
Liability to New York Life Insurance and Annuity Corporation for:
Mortality and expense risk charges		115			1,260			243			183			106
Administrative charges		10			129			24			18			12
Total net assets	$	13,958,590		$	138,640,957		$	98,050,866		$	51,858,290		$	40,949,961
Total shares outstanding		1,404,271			8,362,545			10,458,982			4,838,159			4,769,443
Net asset value per share (NAV)	$	9.94		$	16.58		$	9.37		$	10.72		$	8.59
Total units outstanding		598,088			3,490,987			3,092,348			2,160,971			2,083,169
Variable accumulation unit value (lowest to highest)	$	22.03 to $24.70		$	28.28 to $45.07		$	28.83 to $32.17		$	22.47 to $24.41		$	15.75 to $20.58
Identified cost of investment	$	15,399,395		$	123,088,802		$	109,716,315		$	55,790,284		$	40,526,527

Not all investment divisions are available under all policies.

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

3

NYLIAC VUL Separate Account-I

Statement of Assets and Liabilities (Continued)

As of December 31, 2023

	MainStay VP Growth Allocation— Initial Class			MainStay VP Income Builder— Initial Class			MainStay VP IQ Hedge Multi- Strategy— Initial Class			MainStay VP Janus Henderson Balanced— Initial Class			MainStay VP MacKay Convertible— Initial Class
ASSETS:
Investment at net asset value	$	95,510,002		$	63,265,997		$	11,704,255		$	166,738,497		$	75,893,110
Dividends due and accrued		—			—			—			—			—
Net receivable from (payable to) New York Life Insurance and Annuity Corporation		(14,978	)		(2,384	)		2,147			3,304			(7,761	)
Net receivable from (payable to) the Fund for shares sold or purchased		15,467			3,164			(2,137	)		(1,620	)		8,374
LIABILITIES:
Liability to New York Life Insurance and Annuity Corporation for:
Mortality and expense risk charges		436			692			9			1,560			566
Administrative charges		53			88			1			124			47
Total net assets	$	95,510,002		$	63,265,997		$	11,704,255		$	166,738,497		$	75,893,110
Total shares outstanding		9,784,758			4,342,240			1,388,866			11,772,158			5,113,367
Net asset value per share (NAV)	$	9.76		$	14.57		$	8.43		$	14.16		$	14.84
Total units outstanding		3,155,960			1,588,077			1,309,710			6,339,096			1,307,049
Variable accumulation unit value (lowest to highest)	$	23.94 to $31.29		$	27.65 to $54.39		$	8.38 to $8.97		$	25.30 to $27.49		$	28.75 to $72.93
Identified cost of investment	$	105,165,025		$	68,426,561		$	11,915,586		$	147,240,352		$	71,923,993

Not all investment divisions are available under all policies.

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

4

NYLIAC VUL Separate Account-I

Statement of Assets and Liabilities (Continued)

As of December 31, 2023

	MainStay VP MacKay Government— Initial Class			MainStay VP MacKay High Yield Corporate Bond— Initial Class			MainStay VP MacKay Strategic Bond— Initial Class			MainStay VP Moderate Allocation— Initial Class			MainStay VP Natural Resources— Initial Class
ASSETS:
Investment at net asset value	$	12,459,844		$	148,545,603		$	26,163,424		$	46,889,444		$	49,486,451
Dividends due and accrued		—			—			—			—			—
Net receivable from (payable to) New York Life Insurance and Annuity Corporation		(760	)		(4,284	)		1,180			(24,648	)		(5,721	)
Net receivable from (payable to) the Fund for shares sold or purchased		875			5,364			(1,137	)		24,914			5,917
LIABILITIES:
Liability to New York Life Insurance and Annuity Corporation for:
Mortality and expense risk charges		104			969			39			239			179
Administrative charges		11			111			4			27			17
Total net assets	$	12,459,844		$	148,545,603		$	26,163,424		$	46,889,444		$	49,486,451
Total shares outstanding		1,288,305			16,368,481			2,739,453			4,890,175			4,133,757
Net asset value per share (NAV)	$	9.67		$	9.08		$	9.55		$	9.59		$	11.97
Total units outstanding		624,538			3,112,500			1,797,253			1,739,869			3,794,307
Variable accumulation unit value (lowest to highest)	$	11.00 to $24.40		$	19.93 to $62.94		$	13.51 to $14.66		$	20.46 to $28.01		$	12.22 to $13.27
Identified cost of investment	$	13,836,321		$	158,542,699		$	26,923,235		$	51,910,107		$	31,735,460

Not all investment divisions are available under all policies.

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

5

NYLIAC VUL Separate Account-I

Statement of Assets and Liabilities (Continued)

As of December 31, 2023

	MainStay VP PIMCO Real Return— Initial 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 U.S. Government Money Market— Initial Class
ASSETS:
Investment at net asset value	$	12,138,151		$	48,093,180		$	688,846,888		$	54,867,476		$	51,081,196
Dividends due and accrued		—			—			—			—			—
Net receivable from (payable to) New York Life Insurance and Annuity Corporation		(5,469	)		26,849			331,193			71,190			111,735
Net receivable from (payable to) the Fund for shares sold or purchased		5,512			(26,510	)		(325,611	)		(70,648	)		(111,427	)
LIABILITIES:
Liability to New York Life Insurance and Annuity Corporation for:
Mortality and expense risk charges		39			307			5,006			498			280
Administrative charges		4			32			576			44			28
Total net assets	$	12,138,151		$	48,093,180		$	688,846,888		$	54,867,476		$	51,081,196
Total shares outstanding		1,561,217			4,482,959			8,069,789			5,090,314			51,076,088
Net asset value per share (NAV)	$	7.77		$	10.73		$	85.36		$	10.78		$	1.00
Total units outstanding		1,024,540			1,460,661			9,315,389			2,117,871			37,921,415
Variable accumulation unit value (lowest to highest)	$	11.07 to $12.03		$	25.20 to $39.43		$	14.03 to $144.46		$	24.89 to $27.04		$	1.10 to $1.57
Identified cost of investment	$	13,542,668		$	59,427,092		$	377,640,505		$	60,890,106		$	51,081,195

Not all investment divisions are available under all policies.

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

6

NYLIAC VUL Separate Account-I

Statement of Assets and Liabilities (Continued)

As of December 31, 2023

	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
ASSETS:
Investment at net asset value	$	243,527,149		$	96,685,995		$	44,509,771		$	136,485,010		$	130,362,476
Dividends due and accrued		—			—			—			—			—
Net receivable from (payable to) New York Life Insurance and Annuity Corporation		(5,268	)		11,581			(3,952	)		(8,969	)		58,652
Net receivable from (payable to) the Fund for shares sold or purchased		9,349			(11,010	)		4,182			10,818			(57,858	)
LIABILITIES:
Liability to New York Life Insurance and Annuity Corporation for:
Mortality and expense risk charges		3,617			524			210			1,659			738
Administrative charges		464			47			20			190			56
Total net assets	$	243,527,149		$	96,685,995		$	44,509,771		$	136,485,010		$	130,362,476
Total shares outstanding		9,962,452			11,473,359			5,130,691			5,189,130			4,993,927
Net asset value per share (NAV)	$	24.44		$	8.43		$	8.68		$	26.30		$	26.10
Total units outstanding		4,561,363			1,722,577			2,836,415			1,900,645			2,019,081
Variable accumulation unit value (lowest to highest)	$	29.81 to $75.89		$	48.98 to $60.03		$	15.09 to $15.92		$	46.51 to $118.86		$	43.47 to $75.76
Identified cost of investment	$	254,521,464		$	120,024,398		$	50,149,079		$	125,111,259		$	117,818,976

Not all investment divisions are available under all policies.

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

7

NYLIAC VUL Separate Account-I

Statement of Assets and Liabilities (Continued)

As of December 31, 2023

	AB VPS Discovery Value Portfolio— Class A			AB VPS International Value Portfolio— Class A		AB VPS Relative Value Portfolio— Class A			Alger Capital Appreciation Portfolio— Class I-2		American Century Investments® VP Inflation Protection Fund— Class II
ASSETS:
Investment at net asset value	$	19,966,879		$	6	$	8,493,342		$	3,099,994	$	334,669
Dividends due and accrued		—			—		—			—		—
Net receivable from (payable to) New York Life Insurance and Annuity Corporation		4,424			—		6,747			—		—
Net receivable from (payable to) the Fund for shares sold or purchased		(4,350	)		—		(6,727	)		—		—
LIABILITIES:
Liability to New York Life Insurance and Annuity Corporation for:
Mortality and expense risk charges		68			—		19			—		—
Administrative charges		6			—		1			—		—
Total net assets	$	19,966,879		$	6	$	8,493,342		$	3,099,994	$	334,669
Total shares outstanding		1,127,435			—		287,910			39,632		35,717
Net asset value per share (NAV)	$	17.71		$	14.79	$	29.50		$	78.22	$	9.37
Total units outstanding		573,422			—		750,699			27,852		19,015
Variable accumulation unit value (lowest to highest)	$	31.26 to $35.86		$	13.30 to $13.30	$	11.20 to $11.33		$	48.54 to $115.46	$	13.47 to $17.76
Identified cost of investment	$	20,376,252		$	5	$	8,324,287		$	3,140,091	$	381,105

Not all investment divisions are available under all policies.

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

8

NYLIAC VUL Separate Account-I

Statement of Assets and Liabilities (Continued)

As of December 31, 2023

	American Century Investments® VP International Fund— Class II		American Century Investments® VP Value Fund— Class II		American Funds IS Asset Allocation Fund— Class 2			American Funds IS The Bond Fund of America®— Class 2			American Funds IS Global Small Capitalization Fund— Class 2
ASSETS:
Investment at net asset value	$	3,082,584	$	4,400,021	$	7,955,652		$	372,817		$	6,584,807
Dividends due and accrued		—		—		—			—			—
Net receivable from (payable to) New York Life Insurance and Annuity Corporation		—		—		9,471			45			199
Net receivable from (payable to) the Fund for shares sold or purchased		—		—		(9,424	)		(44	)		(184	)
LIABILITIES:
Liability to New York Life Insurance and Annuity Corporation for:
Mortality and expense risk charges		—		—		42			1			14
Administrative charges		—		—		5			—			1
Total net assets	$	3,082,584	$	4,400,021	$	7,955,652		$	372,817		$	6,584,807
Total shares outstanding		291,911		360,362		338,107			39,661			376,275
Net asset value per share (NAV)	$	10.56	$	12.21	$	23.53		$	9.40		$	17.50
Total units outstanding		84,892		76,879		540,290			36,862			415,927
Variable accumulation unit value (lowest to highest)	$	36.31 to $36.31	$	57.23 to $57.23	$	14.33 to $14.91		$	10.01 to $10.12		$	15.01 to $15.95
Identified cost of investment	$	3,103,748	$	3,786,778	$	8,503,887		$	370,706		$	8,117,732

Not all investment divisions are available under all policies.

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

9

NYLIAC VUL Separate Account-I

Statement of Assets and Liabilities (Continued)

As of December 31, 2023

	American Funds IS Growth Fund— Class 2			American Funds IS New World Fund®— Class 2			American Funds IS Washington Mutual Investors FundSM— Class 2			BlackRock® Global Allocation V.I. Fund— Class I			BlackRock® High Yield V.I. Fund— Class I
ASSETS:
Investment at net asset value	$	24,844,347		$	20,892,980		$	13,340,082		$	25,085,604		$	9,910,793
Dividends due and accrued		—			—			—			—			52,389
Net receivable from (payable to) New York Life Insurance and Annuity Corporation		89,067			(1,085	)		2,655			861			(722	)
Net receivable from (payable to) the Fund for shares sold or purchased		(88,984	)		1,122			(2,613	)		(778	)		(51,635	)
LIABILITIES:
Liability to New York Life Insurance and Annuity Corporation for:
Mortality and expense risk charges		75			34			37			75			29
Administrative charges		8			3			5			8			3
Total net assets	$	24,844,347		$	20,892,980		$	13,340,082		$	25,085,604		$	9,910,793
Total shares outstanding		252,997			830,075			938,781			1,538,051			1,441,287
Net asset value per share (NAV)	$	98.20		$	25.17		$	14.21		$	16.31		$	6.84
Total units outstanding		1,041,620			1,321,696			765,706			1,869,988			669,616
Variable accumulation unit value (lowest to highest)	$	23.02 to $24.03		$	14.87 to $15.91		$	16.81 to $17.55		$	12.99 to $13.52		$	14.00 to $14.98
Identified cost of investment	$	25,090,417		$	20,447,079		$	12,743,673		$	26,749,007		$	10,193,403

Not all investment divisions are available under all policies.

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

10

NYLIAC VUL Separate Account-I

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— Initial Shares		BNY Mellon VIF Opportunistic Small Cap Portfolio— Initial Shares		ClearBridge Variable Appreciation Portfolio— Class I			Columbia Variable Portfolio— Commodity Strategy Fund— Class 1
ASSETS:
Investment at net asset value	$	66,604,877		$	313,427	$	3,623,322	$	4,605,102		$	867,200
Dividends due and accrued		—			—		—		—			—
Net receivable from (payable to) New York Life Insurance and Annuity Corporation		(12,991	)		—		—		24,323			—
Net receivable from (payable to) the Fund for shares sold or purchased		13,247			1		—		(24,316	)		2
LIABILITIES:
Liability to New York Life Insurance and Annuity Corporation for:
Mortality and expense risk charges		256			1		—		6			2
Administrative charges		—			—		—		1			—
Total net assets	$	66,604,877		$	313,427	$	3,623,322	$	4,605,102		$	867,200
Total shares outstanding		2,377,896			6,968		86,414		79,357			230,638
Net asset value per share (NAV)	$	28.01		$	44.98	$	41.93	$	58.03		$	3.76
Total units outstanding		870,917			27,395		90,370		217,533			74,016
Variable accumulation unit value (lowest to highest)	$	56.45 to $85.39		$	11.33 to $11.47	$	40.09 to $40.09	$	20.28 to $21.24		$	11.13 to $11.82
Identified cost of investment	$	58,673,809		$	291,482	$	3,468,642	$	4,006,836		$	1,046,291

Not all investment divisions are available under all policies.

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

11

NYLIAC VUL Separate Account-I

Statement of Assets and Liabilities (Continued)

As of December 31, 2023

	Columbia Variable Portfolio— Emerging Markets Bond Fund— Class 1			Columbia Variable Portfolio— Intermediate Bond Fund— Class 1		Columbia Variable Portfolio— Small Cap Value Fund— Class 2		Delaware VIP® Emerging Markets Series— Standard Class			Delaware VIP® International Series— Standard Class
ASSETS:
Investment at net asset value	$	4,991,175		$	352,169	$	34,699	$	7,785,126		$	1,428
Dividends due and accrued		—			—		—		—			—
Net receivable from (payable to) New York Life Insurance and Annuity Corporation		(130	)		—		—		2,570			—
Net receivable from (payable to) the Fund for shares sold or purchased		139			—		—		(2,546	)		—
LIABILITIES:
Liability to New York Life Insurance and Annuity Corporation for:
Mortality and expense risk charges		8			—		—		22			—
Administrative charges		1			—		—		2			—
Total net assets	$	4,991,175		$	352,169	$	34,699	$	7,785,126		$	1,428
Total shares outstanding		635,009			40,998		2,709		353,067			85
Net asset value per share (NAV)	$	7.86		$	8.59	$	12.81	$	22.05		$	16.75
Total units outstanding		415,919			35,321		1,145		503,637			140
Variable accumulation unit value (lowest to highest)	$	11.36 to $12.07		$	9.97 to $9.97	$	30.32 to $30.32	$	13.38 to $15.69		$	10.22 to $10.22
Identified cost of investment	$	5,597,511		$	333,701	$	36,942	$	9,032,887		$	1,611

Not all investment divisions are available under all policies.

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

12

NYLIAC VUL Separate Account-I

Statement of Assets and Liabilities (Continued)

As of December 31, 2023

	Delaware VIP® Small Cap Value Series— Standard Class			DFA VA Global Bond Portfolio		DFA VA International Small Portfolio		DFA VA International Value Portfolio		DFA VA Short-Term Fixed Portfolio
ASSETS:
Investment at net asset value	$	14,265,492		$	33,721	$	146,792	$	259,297	$	114,869
Dividends due and accrued		—			—		—		—		—
Net receivable from (payable to) New York Life Insurance and Annuity Corporation		13,130			—		—		—		—
Net receivable from (payable to) the Fund for shares sold or purchased		(13,085	)		—		—		—		—
LIABILITIES:
Liability to New York Life Insurance and Annuity Corporation for:
Mortality and expense risk charges		41			—		—		—		—
Administrative charges		4			—		—		—		—
Total net assets	$	14,265,492		$	33,721	$	146,792	$	259,297	$	114,869
Total shares outstanding		371,594			3,473		12,356		19,052		11,453
Net asset value per share (NAV)	$	38.39		$	9.71	$	11.88	$	13.61	$	10.03
Total units outstanding		523,155			2,895		6,819		13,042		10,288
Variable accumulation unit value (lowest to highest)	$	25.51 to $28.21		$	11.65 to $11.65	$	21.53 to $21.53	$	19.88 to $19.88	$	11.16 to $11.16
Identified cost of investment	$	12,700,426		$	36,428	$	150,057	$	217,176	$	117,067

Not all investment divisions are available under all policies.

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

13

NYLIAC VUL Separate Account-I

Statement of Assets and Liabilities (Continued)

As of December 31, 2023

	DFA VA U.S. Large Value Portfolio		DFA VA U.S. Targeted Value Portfolio		DWS Alternative Asset  Allocation VIP— Class A			DWS Small Cap Index VIP— Class A			DWS Small Mid Cap Value VIP— Class A
ASSETS:
Investment at net asset value	$	460,271	$	312,372	$	9,803,584		$	3,590,412		$	5,922,491
Dividends due and accrued		—		—		—			—			—
Net receivable from (payable to) New York Life Insurance and Annuity Corporation		—		—		(371	)		39			18,224
Net receivable from (payable to) the Fund for shares sold or purchased		—		—		385			(11	)		(18,205	)
LIABILITIES:
Liability to New York Life Insurance and Annuity Corporation for:
Mortality and expense risk charges		—		—		13			24			17
Administrative charges		—		—		1			4			2
Total net assets	$	460,271	$	312,372	$	9,803,584		$	3,590,412		$	5,922,491
Total shares outstanding		14,145		13,822		769,512			263,420			427,308
Net asset value per share (NAV)	$	32.54	$	22.60	$	12.74		$	13.63		$	13.86
Total units outstanding		13,757		8,398		739,700			259,728			221,118
Variable accumulation unit value (lowest to highest)	$	33.46 to $33.46	$	37.20 to $37.20	$	12.61 to $13.31		$	13.37 to $28.60		$	24.42 to $27.24
Identified cost of investment	$	362,154	$	243,850	$	10,052,277		$	4,147,063		$	5,301,478

Not all investment divisions are available under all policies.

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

14

NYLIAC VUL Separate Account-I

Statement of Assets and Liabilities (Continued)

As of December 31, 2023

	Fidelity® VIP Bond Index Portfolio— Initial Class			Fidelity® VIP ContrafundSM Portfolio— Initial Class			Fidelity® VIP Emerging Markets Portfolio— Initial Class			Fidelity® VIP Equity-Income PortfolioSM— Initial Class			Fidelity® VIP Freedom 2020 PortfolioSM— Initial Class
ASSETS:
Investment at net asset value	$	4,106,424		$	364,177,318		$	5,568,789		$	96,032,303		$	1,486,859
Dividends due and accrued		—			—			—			—			—
Net receivable from (payable to) New York Life Insurance and Annuity Corporation		1,715			57,256			(34	)		(411	)		—
Net receivable from (payable to) the Fund for shares sold or purchased		(1,680	)		(54,220	)		48			1,182			18
LIABILITIES:
Liability to New York Life Insurance and Annuity Corporation for:
Mortality and expense risk charges		31			2,753			13			700			16
Administrative charges		4			283			1			71			2
Total net assets	$	4,106,424		$	364,177,318		$	5,568,789		$	96,032,303		$	1,486,859
Total shares outstanding		424,656			7,488,738			526,351			3,864,479			118,949
Net asset value per share (NAV)	$	9.67		$	48.63		$	10.58		$	24.85		$	12.50
Total units outstanding		461,732			4,139,693			461,848			1,917,316			81,903
Variable accumulation unit value (lowest to highest)	$	8.79 to $8.98		$	42.16 to $119.33		$	11.65 to $12.13		$	32.50 to $62.44		$	17.64 to $19.00
Identified cost of investment	$	4,579,536		$	267,127,206		$	6,314,744		$	87,282,839		$	1,577,798

Not all investment divisions are available under all policies.

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

15

NYLIAC VUL Separate Account-I

Statement of Assets and Liabilities (Continued)

As of December 31, 2023

	Fidelity® VIP Freedom 2030 PortfolioSM— Initial Class			Fidelity® VIP Freedom 2040 PortfolioSM— Initial Class			Fidelity® VIP Growth Opportunities Portfolio— Initial Class			Fidelity® VIP Growth Portfolio— Initial Class		Fidelity® VIP Health Care Portfolio— Initial Class
ASSETS:
Investment at net asset value	$	6,889,133		$	8,874,177		$	52,305,733		$	13,954,374	$	13,183,605
Dividends due and accrued		—			—			—			—		—
Net receivable from (payable to) New York Life Insurance and Annuity Corporation		303			1,339			18,275			—		(11,567	)
Net receivable from (payable to) the Fund for shares sold or purchased		(276	)		(1,305	)		(18,090	)		—		11,626
LIABILITIES:
Liability to New York Life Insurance and Annuity Corporation for:
Mortality and expense risk charges		25			30			166			—		54
Administrative charges		2			4			19			—		5
Total net assets	$	6,889,133		$	8,874,177		$	52,305,733		$	13,954,374	$	13,183,605
Total shares outstanding		448,511			356,250			875,263			149,886		384,698
Net asset value per share (NAV)	$	15.36		$	24.91		$	59.76		$	93.10	$	34.27
Total units outstanding		320,568			359,371			1,210,878			198,112		871,797
Variable accumulation unit value (lowest to highest)	$	20.26 to $21.83		$	23.26 to $25.07		$	40.89 to $43.75		$	70.44 to $70.44	$	14.75 to $15.24
Identified cost of investment	$	6,919,426		$	8,641,982		$	50,651,938		$	9,940,912	$	13,515,483

Not all investment divisions are available under all policies.

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

16

NYLIAC VUL Separate Account-I

Statement of Assets and Liabilities (Continued)

As of December 31, 2023

	Fidelity® VIP Index 500 Portfolio— Initial Class			Fidelity® VIP International Index Portfolio— Initial Class			Fidelity® VIP Investment Grade Bond Portfolio— Initial Class			Fidelity® VIP Mid Cap Portfolio— Initial Class			Fidelity® VIP Overseas Portfolio— Initial Class
ASSETS:
Investment at net asset value	$	39,434,441		$	11,252,542		$	3,108,740		$	23,582,744		$	8,181,267
Dividends due and accrued		—			—			—			—			—
Net receivable from (payable to) New York Life Insurance and Annuity Corporation		(69	)		1,131			(488	)		10,376			—
Net receivable from (payable to) the Fund for shares sold or purchased		69			(1,088	)		489			(10,325	)		—
LIABILITIES:
Liability to New York Life Insurance and Annuity Corporation for:
Mortality and expense risk charges		—			39			1			46			—
Administrative charges		—			4			—			5			—
Total net assets	$	39,434,441		$	11,252,542		$	3,108,740		$	23,582,744		$	8,181,267
Total shares outstanding		85,395			1,060,560			278,312			647,166			316,858
Net asset value per share (NAV)	$	461.79		$	10.61		$	11.17		$	36.44		$	25.82
Total units outstanding		648,002			1,015,436			170,218			762,571			228,333
Variable accumulation unit value (lowest to highest)	$	45.55 to $61.01		$	10.89 to $11.13		$	10.12 to $21.10		$	24.95 to $82.84		$	20.28 to $35.86
Identified cost of investment	$	17,810,639		$	11,072,809		$	3,510,636		$	22,821,948		$	6,144,066

Not all investment divisions are available under all policies.

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

17

NYLIAC VUL Separate Account-I

Statement of Assets and Liabilities (Continued)

As of December 31, 2023

	Franklin Templeton Aggressive Model Portfolio— Class I			Franklin Templeton Conservative Model Portfolio— Class I			Franklin Templeton Moderate Model Portfolio— Class I			Franklin Templeton Moderately Aggressive Model Portfolio— Class I			Franklin Templeton Moderately Conservative Model Portfolio— Class I
ASSETS:
Investment at net asset value	$	68,555,213		$	2,441,787		$	13,338,941		$	53,915,802		$	4,775,543
Dividends due and accrued		—			—			—			—			—
Net receivable from (payable to) New York Life Insurance and Annuity Corporation		604,224			293			14,170			199,005			(4,846	)
Net receivable from (payable to) the Fund for shares sold or purchased		(604,208	)		(287	)		(14,140	)		(198,968	)		4,859
LIABILITIES:
Liability to New York Life Insurance and Annuity Corporation for:
Mortality and expense risk charges		16			5			29			33			12
Administrative charges		—			1			1			4			1
Total net assets	$	68,555,213		$	2,441,787		$	13,338,941		$	53,915,802		$	4,775,543
Total shares outstanding		5,131,378			253,297			1,159,908			4,362,120			443,824
Net asset value per share (NAV)	$	13.36		$	9.64		$	11.50		$	12.36		$	10.76
Total units outstanding		4,457,933			223,617			1,034,826			3,876,365			395,296
Variable accumulation unit value (lowest to highest)	$	14.99 to $15.38		$	10.68 to $10.96		$	12.60 to $12.93		$	13.57 to $13.92		$	11.82 to $12.12
Identified cost of investment	$	65,397,843		$	2,411,255		$	13,177,919		$	52,130,230		$	4,765,668

Not all investment divisions are available under all policies.

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

18

NYLIAC VUL Separate Account-I

Statement of Assets and Liabilities (Continued)

As of December 31, 2023

	Invesco V.I. EQV International Equity Fund— Series I Shares			Invesco V.I. Global Real Estate Fund— Series I Shares		Invesco V.I. Main Street Small Cap Fund®— Series I Shares			Janus Henderson Enterprise Portfolio— Institutional Shares			Janus Henderson Forty Portfolio— Institutional Shares
ASSETS:
Investment at net asset value	$	22,167,244		$	14,728	$	2,376,516		$	21,814,996		$	154,831
Dividends due and accrued		—			—		—			—			—
Net receivable from (payable to) New York Life Insurance and Annuity Corporation		(1,209	)		—		204			5,739			—
Net receivable from (payable to) the Fund for shares sold or purchased		1,259			—		(202	)		(5,660	)		—
LIABILITIES:
Liability to New York Life Insurance and Annuity Corporation for:
Mortality and expense risk charges		45			—		2			72			—
Administrative charges		5			—		—			7			—
Total net assets	$	22,167,244		$	14,728	$	2,376,516		$	21,814,996		$	154,831
Total shares outstanding		650,257			1,054		88,313			285,089			3,270
Net asset value per share (NAV)	$	34.09		$	13.98	$	26.91		$	76.52		$	47.35
Total units outstanding		1,194,611			895		126,075			1,028,265			2,933
Variable accumulation unit value (lowest to highest)	$	16.42 to $19.32		$	16.45 to $16.45	$	18.40 to $18.88		$	18.30 to $96.25		$	52.78 to $52.78
Identified cost of investment	$	23,012,092		$	15,984	$	2,359,385		$	22,848,539		$	143,753

Not all investment divisions are available under all policies.

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

19

NYLIAC VUL Separate Account-I

Statement of Assets and Liabilities (Continued)

As of December 31, 2023

	Janus Henderson Global Research Portfolio— Institutional Shares			LVIP Baron Growth Opportunities Fund— Service Class		LVIP Delaware Diversified Income Fund— Standard Class		LVIP Delaware Value Fund— Standard Class		LVIP SSgA Mid-Cap Index Fund— Standard Class
ASSETS:
Investment at net asset value	$	121,209,565		$	4,960	$	57,482	$	90,063	$	2,318,672
Dividends due and accrued		—			—		—		—		—
Net receivable from (payable to) New York Life Insurance and Annuity Corporation		5,755			—		—		—		12,839
Net receivable from (payable to) the Fund for shares sold or purchased		(4,202	)		—		—		—		(12,829	)
LIABILITIES:
Liability to New York Life Insurance and Annuity Corporation for:
Mortality and expense risk charges		1,424			—		—		—		9
Administrative charges		129			—		—		—		1
Total net assets	$	121,209,565		$	4,960	$	57,482	$	90,063	$	2,318,672
Total shares outstanding		1,983,790			69		6,446		3,569		188,786
Net asset value per share (NAV)	$	61.10		$	71.99	$	8.92	$	25.24	$	12.28
Total units outstanding		3,115,832			125		4,149		2,638		147,169
Variable accumulation unit value (lowest to highest)	$	30.23 to $53.29		$	39.72 to $39.72	$	13.85 to $13.85	$	34.14 to $34.14	$	15.28 to $15.90
Identified cost of investment	$	80,830,804		$	4,390	$	65,733	$	97,067	$	2,343,664

Not all investment divisions are available under all policies.

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

20

NYLIAC VUL Separate Account-I

Statement of Assets and Liabilities (Continued)

As of December 31, 2023

	MFS® International Intrinsic  Value Portfolio— Initial Class			MFS® Investors Trust  Series— Initial Class			MFS® Mid  Cap Value Portfolio— Initial Class			MFS® New Discovery Series— Initial Class			MFS® Research International Portfolio— Initial Class
ASSETS:
Investment at net asset value	$	20,386,770		$	16,131,386		$	13,812,653		$	12,065,652		$	1,084,949
Dividends due and accrued		—			—			—			—			—
Net receivable from (payable to) New York Life Insurance and Annuity Corporation		1,711			469			470			1,301			101
Net receivable from (payable to) the Fund for shares sold or purchased		(1,634	)		(444	)		(432	)		(1,279	)		(101	)
LIABILITIES:
Liability to New York Life Insurance and Annuity Corporation for:
Mortality and expense risk charges		69			22			36			20			—
Administrative charges		8			3			2			2			—
Total net assets	$	20,386,770		$	16,131,386		$	13,812,653		$	12,065,652		$	1,084,949
Total shares outstanding		693,428			448,219			1,405,153			932,431			64,274
Net asset value per share (NAV)	$	29.40		$	35.99		$	9.83		$	12.94		$	16.88
Total units outstanding		782,881			614,231			747,704			330,565			98,456
Variable accumulation unit value (lowest to highest)	$	24.43 to $27.97		$	24.60 to $55.34		$	14.14 to $18.55		$	28.47 to $59.65		$	10.89 to $11.02
Identified cost of investment	$	20,373,582		$	14,223,967		$	13,057,151		$	17,456,315		$	1,024,860

Not all investment divisions are available under all policies.

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

21

NYLIAC VUL Separate Account-I

Statement of Assets and Liabilities (Continued)

As of December 31, 2023

	MFS® Research Series— Initial  Class			MFS® Total Return Bond  Series— Initial Class		MFS® Value Series— Initial  Class		Morgan Stanley VIF Emerging Markets Debt Portfolio— Class I		Morgan Stanley VIF U.S. Real Estate Portfolio— Class I
ASSETS:
Investment at net asset value	$	6,324,812		$	2,480	$	6,667	$	386,006	$	25,499,893
Dividends due and accrued		—			—		—		—		—
Net receivable from (payable to) New York Life Insurance and Annuity Corporation		3,276			—		—		—		(1,504	)
Net receivable from (payable to) the Fund for shares sold or purchased		(3,254	)		—		—		—		1,582
LIABILITIES:
Liability to New York Life Insurance and Annuity Corporation for:
Mortality and expense risk charges		20			—		—		—		71
Administrative charges		2			—		—		—		7
Total net assets	$	6,324,812		$	2,480	$	6,667	$	386,006	$	25,499,893
Total shares outstanding		197,836			212		313		70,183		1,753,775
Net asset value per share (NAV)	$	31.97		$	11.70	$	21.27	$	5.50	$	14.54
Total units outstanding		167,708			175		197		14,007		1,353,335
Variable accumulation unit value (lowest to highest)	$	35.29 to $38.29		$	14.14 to $14.14	$	33.93 to $33.93	$	27.56 to $27.56	$	16.30 to $44.27
Identified cost of investment	$	5,889,416		$	2,552	$	6,342	$	495,612	$	30,645,545

Not all investment divisions are available under all policies.

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

22

NYLIAC VUL Separate Account-I

Statement of Assets and Liabilities (Continued)

As of December 31, 2023

	Neuberger Berman AMT Mid Cap Growth Portfolio— Class I			PIMCO VIT Global  Bond Opportunities Portfolio (Unhedged)— Administrative Class		PIMCO VIT Income Portfolio— Institutional Class		PIMCO VIT International Bond Portfolio (U.S.  Dollar- Hedged)— Institutional Class			PIMCO VIT Low Duration Portfolio— Administrative Class
ASSETS:
Investment at net asset value	$	23,538,071		$	117,954	$	4,389,642	$	10,414,020		$	558,276
Dividends due and accrued		—			—		—		—			—
Net receivable from (payable to) New York Life Insurance and Annuity Corporation		7,572			—		4		(5,691	)		—
Net receivable from (payable to) the Fund for shares sold or purchased		(7,523	)		—		4		5,720			—
LIABILITIES:
Liability to New York Life Insurance and Annuity Corporation for:
Mortality and expense risk charges		45			—		7		26			—
Administrative charges		4			—		1		3			—
Total net assets	$	23,538,071		$	117,954	$	4,389,642	$	10,414,020		$	558,276
Total shares outstanding		883,893			12,261		441,170		1,059,412			58,154
Net asset value per share (NAV)	$	26.63		$	9.62	$	9.95	$	9.83		$	9.60
Total units outstanding		753,281			6,739		382,595		793,549			40,038
Variable accumulation unit value (lowest to highest)	$	27.98 to $65.83		$	17.53 to $17.53	$	11.21 to $11.50	$	12.39 to $13.26		$	13.95 to $13.95
Identified cost of investment	$	26,251,036		$	134,761	$	4,404,755	$	11,383,219		$	598,151

Not all investment divisions are available under all policies.

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

23

NYLIAC VUL Separate Account-I

Statement of Assets and Liabilities (Continued)

As of December 31, 2023

	PIMCO VIT Low Duration Portfolio— Institutional Class			PIMCO VIT Total Return Portfolio— Administrative Class		PIMCO VIT Total Return Portfolio— Institutional Class			T. Rowe  Price All-Cap Opportunities Portfolio		T. Rowe Price Blue Chip Growth Portfolio
ASSETS:
Investment at net asset value	$	5,670,758		$	1,425,153	$	19,261,190		$	3,071	$	153,402
Dividends due and accrued		—			—		—			—		—
Net receivable from (payable to) New York Life Insurance and Annuity Corporation		(14	)		—		(8,860	)		—		—
Net receivable from (payable to) the Fund for shares sold or purchased		30			—		8,946			—		—
LIABILITIES:
Liability to New York Life Insurance and Annuity Corporation for:
Mortality and expense risk charges		14			—		77			—		—
Administrative charges		2			—		9			—		—
Total net assets	$	5,670,758		$	1,425,153	$	19,261,190		$	3,071	$	153,402
Total shares outstanding		590,704			155,245		2,098,169			89		3,321
Net asset value per share (NAV)	$	9.60		$	9.18	$	9.18		$	34.40	$	46.19
Total units outstanding		525,529			76,306		1,659,437			54		3,052
Variable accumulation unit value (lowest to highest)	$	10.31 to $10.88		$	13.24 to $19.12	$	11.02 to $11.80		$	56.56 to $56.56	$	50.26 to $50.26
Identified cost of investment	$	5,879,993		$	1,671,925	$	22,179,375		$	3,026	$	126,575

Not all investment divisions are available under all policies.

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

24

NYLIAC VUL Separate Account-I

Statement of Assets and Liabilities (Continued)

As of December 31, 2023

	T. Rowe Price International Stock Portfolio		T. Rowe Price Limited-Term Bond  Portfolio		The Merger Fund VL		Western Asset Core Plus VIT Portfolio— Class I
ASSETS:
Investment at net asset value	$	33,574	$	225,604	$	33,001	$	40,599
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		—		—		—		—
LIABILITIES:
Liability to New York Life Insurance and Annuity Corporation for:
Mortality and expense risk charges		—		—		—		—
Administrative charges		—		—		—		—
Total net assets	$	33,574	$	225,604	$	33,001	$	40,599
Total shares outstanding		2,237		48,413		2,957		8,202
Net asset value per share (NAV)	$	15.01	$	4.66	$	11.16	$	4.95
Total units outstanding		1,809		14,669		2,271		4,007
Variable accumulation unit value (lowest to highest)	$	18.56 to $18.56	$	11.97 to $16.12	$	14.53 to $14.53	$	10.08 to $10.19
Identified cost of investment	$	33,510	$	235,715	$	34,099	$	40,574

Not all investment divisions are available under all policies.

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

25

NYLIAC VUL Separate Account-I

Statement of Operations

For the year ended December 31, 2023

	MainStay  VP American Century Sustainable Equity— Initial  Class			MainStay VP Balanced— Initial Class			MainStay VP Bond— Initial Class			MainStay VP Candriam Emerging Markets Equity— Initial Class			MainStay VP CBRE  Global Infrastructure— Initial Class
INVESTMENT INCOME (LOSS):
Dividend income	$	980,085		$	395,078		$	831,742		$	500,409		$	40,585
Mortality and expense risk charges		(181,504	)		(38,052	)		(87,501	)		(72,373	)		(448	)
Administrative charges		(14,686	)		(4,486	)		(9,548	)		(6,920	)		(41	)
Net investment income (loss)		783,895			352,540			734,693			421,116			40,096
REALIZED AND UNREALIZED GAIN (LOSS):
Proceeds from sale of investments		6,261,619			1,992,824			2,724,819			1,943,722			306,011
Cost of investments sold		(6,663,278	)		(2,281,038	)		(3,283,670	)		(2,846,544	)		(342,675	)
Net realized gain (loss) on investments		(401,659	)		(288,214	)		(558,851	)		(902,822	)		(36,664	)
Realized gain distribution received		24,991,107			—			—			—			—
Change in unrealized appreciation (depreciation) on investments		(9,330,936	)		1,401,542			1,312,691			2,394,916			110,656
Net gain (loss) on investments		15,258,512			1,113,328			753,840			1,492,094			73,992
Net increase (decrease) in net assets resulting from operations	$	16,042,407		$	1,465,868		$	1,488,533		$	1,913,210		$	114,088

Not all investment divisions are available under all policies.

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

26

NYLIAC VUL Separate Account-I

Statement of Operations (Continued)

For the year ended December 31, 2023

	MainStay VP Conservative Allocation— Initial Class			MainStay VP Epoch  U.S. Equity Yield— Initial Class			MainStay VP Equity Allocation— Initial Class			MainStay  VP Fidelity Institutional AM® Utilities— Initial  Class			MainStay VP Floating  Rate— Initial Class
INVESTMENT INCOME (LOSS):
Dividend income	$	412,078		$	3,609,384		$	4,915,855		$	1,041,541		$	3,229,850
Mortality and expense risk charges		(39,928	)		(442,477	)		(83,378	)		(66,359	)		(36,497	)
Administrative charges		(3,465	)		(45,317	)		(8,099	)		(6,575	)		(4,147	)
Net investment income (loss)		368,685			3,121,590			4,824,378			968,607			3,189,206
REALIZED AND UNREALIZED GAIN (LOSS):
Proceeds from sale of investments		1,839,683			9,871,434			5,246,108			2,958,011			2,635,767
Cost of investments sold		(2,144,126	)		(6,572,376	)		(6,518,376	)		(3,012,776	)		(2,792,269	)
Net realized gain (loss) on investments		(304,443	)		3,299,058			(1,272,268	)		(54,765	)		(156,502	)
Realized gain distribution received		458,873			8,643,024			8,689,897			7,211,863			—
Change in unrealized appreciation (depreciation) on investments		778,156			(4,397,724	)		2,386,283			(8,966,837	)		1,303,237
Net gain (loss) on investments		932,586			7,544,358			9,803,912			(1,809,739	)		1,146,735
Net increase (decrease) in net assets resulting from operations	$	1,301,271		$	10,665,948		$	14,628,290		$	(841,132	)	$	4,335,941

Not all investment divisions are available under all policies.

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

27

NYLIAC VUL Separate Account-I

Statement of Operations (Continued)

For the year ended December 31, 2023

	MainStay  VP Growth Allocation— Initial Class			MainStay  VP Income Builder— Initial Class			MainStay VP IQ Hedge Multi- Strategy— Initial Class			MainStay  VP Janus Henderson Balanced— Initial Class			MainStay  VP MacKay Convertible— Initial Class
INVESTMENT INCOME (LOSS):
Dividend income	$	3,683,509		$	2,007,080		$	579,553		$	2,246,388		$	1,554,815
Mortality and expense risk charges		(149,303	)		(244,419	)		(3,127	)		(542,748	)		(199,724	)
Administrative charges		(17,930	)		(31,128	)		(300	)		(43,185	)		(16,657	)
Net investment income (loss)		3,516,276			1,731,533			576,126			1,660,455			1,338,434
REALIZED AND UNREALIZED GAIN (LOSS):
Proceeds from sale of investments		7,829,507			4,274,467			577,053			10,597,679			3,829,283
Cost of investments sold		(10,362,569	)		(4,010,496	)		(578,949	)		(7,773,582	)		(3,411,174	)
Net realized gain (loss) on investments		(2,533,062	)		263,971			(1,896	)		2,824,097			418,109
Realized gain distribution received		6,158,970			—			—			6,011,990			—
Change in unrealized appreciation (depreciation) on investments		5,894,083			3,592,827			499,686			11,742,596			4,192,201
Net gain (loss) on investments		9,519,991			3,856,798			497,790			20,578,683			4,610,310
Net increase (decrease) in net assets resulting from operations	$	13,036,267		$	5,588,331		$	1,073,916		$	22,239,138		$	5,948,744

Not all investment divisions are available under all policies.

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

28

NYLIAC VUL Separate Account-I

Statement of Operations (Continued)

For the year ended December 31, 2023

	MainStay  VP MacKay Government— Initial Class			MainStay VP MacKay High  Yield Corporate Bond— Initial Class			MainStay VP MacKay Strategic Bond— Initial Class			MainStay  VP Moderate Allocation— Initial Class			MainStay VP Natural Resources— Initial Class
INVESTMENT INCOME (LOSS):
Dividend income	$	296,428		$	8,262,808		$	1,206,904		$	1,410,918		$	1,089,711
Mortality and expense risk charges		(37,799	)		(342,702	)		(13,262	)		(83,669	)		(67,226	)
Administrative charges		(4,125	)		(39,130	)		(1,404	)		(9,654	)		(6,402	)
Net investment income (loss)		254,504			7,880,976			1,192,238			1,317,595			1,016,083
REALIZED AND UNREALIZED GAIN (LOSS):
Proceeds from sale of investments		1,212,006			8,722,829			1,216,543			3,910,577			5,109,474
Cost of investments sold		(1,433,494	)		(9,253,644	)		(1,263,369	)		(4,684,430	)		(3,726,753	)
Net realized gain (loss) on investments		(221,488	)		(530,815	)		(46,826	)		(773,853	)		1,382,721
Realized gain distribution received		—			—			—			2,037,452			—
Change in unrealized appreciation (depreciation) on investments		515,313			8,249,562			1,192,166			2,831,436			(1,496,310	)
Net gain (loss) on investments		293,825			7,718,747			1,145,340			4,095,035			(113,589	)
Net increase (decrease) in net assets resulting from operations	$	548,329		$	15,599,723		$	2,337,578		$	5,412,630		$	902,494

Not all investment divisions are available under all policies.

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

29

NYLIAC VUL Separate Account-I

Statement of Operations (Continued)

For the year ended December 31, 2023

	MainStay VP PIMCO Real  Return— Initial 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 U.S. Government Money Market— Initial Class
INVESTMENT INCOME (LOSS):
Dividend income	$	1,041,091		$	—		$	8,594,984		$	—		$	2,425,629
Mortality and expense risk charges		(14,446	)		(112,191	)		(1,672,906	)		(170,871	)		(97,459	)
Administrative charges		(1,461	)		(11,897	)		(193,198	)		(15,378	)		(9,185	)
Net investment income (loss)		1,025,184			(124,088	)		6,728,880			(186,249	)		2,318,985
REALIZED AND UNREALIZED GAIN (LOSS):
Proceeds from sale of investments		1,188,644			3,395,625			27,785,016			3,879,148			17,248,870
Cost of investments sold		(1,241,538	)		(3,968,989	)		(8,959,231	)		(3,906,691	)		(17,248,870	)
Net realized gain (loss) on investments		(52,894	)		(573,364	)		18,825,785			(27,543	)		—
Realized gain distribution received		—			—			9,486,356			185,407			—
Change in unrealized appreciation (depreciation) on investments		(551,007	)		2,602,787			104,155,932			7,333,099			—
Net gain (loss) on investments		(603,901	)		2,029,423			132,468,073			7,490,963			—
Net increase (decrease) in net assets resulting from operations	$	421,283		$	1,905,335		$	139,196,953		$	7,304,714		$	2,318,985

Not all investment divisions are available under all policies.

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

30

NYLIAC VUL Separate Account-I

Statement of Operations (Continued)

For the year ended December 31, 2023

	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
INVESTMENT INCOME (LOSS):
Dividend income	$	—		$	103,919		$	351,131		$	1,216,203		$	—
Mortality and expense risk charges		(1,174,628	)		(179,461	)		(69,645	)		(559,232	)		(234,536	)
Administrative charges		(151,000	)		(16,206	)		(6,450	)		(64,356	)		(17,708	)
Net investment income (loss)		(1,325,628	)		(91,748	)		275,036			592,615			(252,244	)
REALIZED AND UNREALIZED GAIN (LOSS):
Proceeds from sale of investments		16,349,961			6,226,408			3,142,990			10,234,459			11,981,865
Cost of investments sold		(16,841,914	)		(11,719,340	)		(4,796,783	)		(6,208,878	)		(11,124,175	)
Net realized gain (loss) on investments		(491,953	)		(5,492,932	)		(1,653,793	)		4,025,581			857,690
Realized gain distribution received		—			—			—			—			4,275,238
Change in unrealized appreciation (depreciation) on investments		70,885,580			17,304,721			6,813,838			22,579,048			35,636,889
Net gain (loss) on investments		70,393,627			11,811,789			5,160,045			26,604,629			40,769,817
Net increase (decrease) in net assets resulting from operations	$	69,067,999		$	11,720,041		$	5,435,081		$	27,197,244		$	40,517,573

Not all investment divisions are available under all policies.

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

31

NYLIAC VUL Separate Account-I

Statement of Operations (Continued)

For the year ended December 31, 2023

	AB VPS Discovery Value Portfolio— Class A			AB VPS International Value Portfolio— Class A		AB VPS Relative Value Portfolio— Class A			Alger Capital Appreciation Portfolio— Class I-2			American Century Investments®  VP Inflation Protection Fund— Class II
INVESTMENT INCOME (LOSS):
Dividend income	$	190,993		$	—	$	95,315		$	—		$	10,787
Mortality and expense risk charges		(22,386	)		—		(3,414	)		—			—
Administrative charges		(1,831	)		—		(174	)		—			—
Net investment income (loss)		166,776			—		91,727			—			10,787
REALIZED AND UNREALIZED GAIN (LOSS):
Proceeds from sale of investments		1,217,980			—		103,356			75,667			6,261
Cost of investments sold		(1,397,574	)		—		(108,423	)		(90,375	)		(7,413	)
Net realized gain (loss) on investments		(179,594	)		—		(5,067	)		(14,708	)		(1,152	)
Realized gain distribution received		1,504,182			—		501,236			—			—
Change in unrealized appreciation (depreciation) on investments		1,466,353			1		164,829			956,383			1,434
Net gain (loss) on investments		2,790,941			1		660,998			941,675			282
Net increase (decrease) in net assets resulting from operations	$	2,957,717		$	1	$	752,725		$	941,675		$	11,069

Not all investment divisions are available under all policies.

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

32

NYLIAC VUL Separate Account-I

Statement of Operations (Continued)

For the year ended December 31, 2023

	American Century Investments® VP International Fund— Class II			American Century Investments® VP Value Fund— Class II			American Funds IS Asset Allocation Fund— Class 2			American Funds IS The  Bond Fund of America®— Class 2			American Funds IS Global Small Capitalization Fund— Class 2
INVESTMENT INCOME (LOSS):
Dividend income	$	37,395		$	96,364		$	161,009		$	12,151		$	16,250
Mortality and expense risk charges		—			—			(14,214	)		(109	)		(4,929	)
Administrative charges		—			—			(1,604	)		(4	)		(452	)
Net investment income (loss)		37,395			96,364			145,191			12,038			10,869
REALIZED AND UNREALIZED GAIN (LOSS):
Proceeds from sale of investments		146,620			494,843			944,242			152,452			1,276,884
Cost of investments sold		(123,294	)		(373,475	)		(971,535	)		(161,277	)		(1,918,340	)
Net realized gain (loss) on investments		23,326			121,368			(27,293	)		(8,825	)		(641,456	)
Realized gain distribution received		—			335,003			261,626			—			79,930
Change in unrealized appreciation (depreciation) on investments		292,016			(185,640	)		556,126			5,978			1,512,322
Net gain (loss) on investments		315,342			270,731			790,459			(2,847	)		950,796
Net increase (decrease) in net assets resulting from operations	$	352,737		$	367,095		$	935,650		$	9,191		$	961,665

Not all investment divisions are available under all policies.

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

33

NYLIAC VUL Separate Account-I

Statement of Operations (Continued)

For the year ended December 31, 2023

	American Funds IS Growth Fund— Class 2			American Funds IS New  World Fund®— Class 2			American Funds IS Washington Mutual Investors FundSM— Class 2			BlackRock® Global Allocation V.I.  Fund— Class I			BlackRock® High Yield V.I.  Fund— Class I
INVESTMENT INCOME (LOSS):
Dividend income	$	69,531		$	285,736		$	226,895		$	534,980		$	542,478
Mortality and expense risk charges		(23,930	)		(11,920	)		(12,774	)		(25,605	)		(9,000	)
Administrative charges		(2,558	)		(1,122	)		(1,521	)		(2,581	)		(903	)
Net investment income (loss)		43,043			272,694			212,600			506,794			532,575
REALIZED AND UNREALIZED GAIN (LOSS):
Proceeds from sale of investments		1,250,534			979,373			1,221,158			1,768,233			556,948
Cost of investments sold		(1,215,534	)		(862,207	)		(1,205,121	)		(1,954,496	)		(607,410	)
Net realized gain (loss) on investments		35,000			117,166			16,037			(186,263	)		(50,462	)
Realized gain distribution received		966,722			—			104,948			—			—
Change in unrealized appreciation (depreciation) on investments		4,745,712			2,407,612			1,549,264			2,486,052			562,229
Net gain (loss) on investments		5,747,434			2,524,778			1,670,249			2,299,789			511,767
Net increase (decrease) in net assets resulting from operations	$	5,790,477		$	2,797,472		$	1,882,849		$	2,806,583		$	1,044,342

Not all investment divisions are available under all policies.

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

34

NYLIAC VUL Separate Account-I

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— Initial  Shares			BNY Mellon VIF Opportunistic Small Cap Portfolio— Initial  Shares			ClearBridge Variable Appreciation Portfolio— Class I			Columbia Variable Portfolio— Commodity Strategy Fund— Class  1
INVESTMENT INCOME (LOSS):
Dividend income	$	—		$	595		$	11,189		$	40,679		$	200,606
Mortality and expense risk charges		(77,585	)		(119	)		—			(1,962	)		(819	)
Administrative charges		(6,921	)		(10	)		—			(243	)		(80	)
Net investment income (loss)		(84,506	)		466			11,189			38,474			199,707
REALIZED AND UNREALIZED GAIN (LOSS):
Proceeds from sale of investments		3,872,598			28,878			62,505			171,467			195,625
Cost of investments sold		(3,059,150	)		(28,633	)		(26,627	)		(126,688	)		(221,625	)
Net realized gain (loss) on investments		813,448			245			35,878			44,779			(26,000	)
Realized gain distribution received		—			9,549			75,411			117,289			—
Change in unrealized appreciation (depreciation) on investments		24,054,505			22,306			187,783			521,673			(239,289	)
Net gain (loss) on investments		24,867,953			32,100			299,072			683,741			(265,289	)
Net increase (decrease) in net assets resulting from operations	$	24,783,447		$	32,566		$	310,261		$	722,215		$	(65,582	)

Not all investment divisions are available under all policies.

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

35

NYLIAC VUL Separate Account-I

Statement of Operations (Continued)

For the year ended December 31, 2023

	Columbia Variable Portfolio— Emerging Markets Bond Fund— Class  1			Columbia Variable Portfolio— Intermediate Bond Fund— Class  1			Columbia Variable Portfolio— Small Cap Value Fund— Class  2			Delaware  VIP® Emerging Markets Series— Standard Class			Delaware  VIP® International Series— Standard Class
INVESTMENT INCOME (LOSS):
Dividend income	$	249,231		$	1,515		$	130		$	113,457		$	20
Mortality and expense risk charges		(2,546	)		—			—			(7,462	)		—
Administrative charges		(254	)		—			—			(608	)		—
Net investment income (loss)		246,431			1,515			130			105,387			20
REALIZED AND UNREALIZED GAIN (LOSS):
Proceeds from sale of investments		160,301			125,041			5,478			624,295			640
Cost of investments sold		(206,433	)		(120,492	)		(8,444	)		(729,494	)		(750	)
Net realized gain (loss) on investments		(46,132	)		4,549			(2,966	)		(105,199	)		(110	)
Realized gain distribution received		—			—			2,206			—			—
Change in unrealized appreciation (depreciation) on investments		261,373			17,464			6,802			936,260			306
Net gain (loss) on investments		215,241			22,013			6,042			831,061			196
Net increase (decrease) in net assets resulting from operations	$	461,672		$	23,528		$	6,172		$	936,448		$	216

Not all investment divisions are available under all policies.

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

36

NYLIAC VUL Separate Account-I

Statement of Operations (Continued)

For the year ended December 31, 2023

	Delaware VIP® Small Cap  Value Series— Standard Class			DFA VA Global Bond Portfolio			DFA VA International Small Portfolio			DFA VA International Value Portfolio			DFA VA Short-Term Fixed Portfolio
INVESTMENT INCOME (LOSS):
Dividend income	$	120,382		$	1,319		$	4,361		$	11,749		$	4,334
Mortality and expense risk charges		(13,803	)		—			—			—			—
Administrative charges		(1,406	)		—			—			—			—
Net investment income (loss)		105,173			1,319			4,361			11,749			4,334
REALIZED AND UNREALIZED GAIN (LOSS):
Proceeds from sale of investments		1,054,368			2,049			3,103			7,295			940
Cost of investments sold		(1,158,292	)		(2,195	)		(3,140	)		(6,066	)		(950	)
Net realized gain (loss) on investments		(103,924	)		(146	)		(37	)		1,229			(10	)
Realized gain distribution received		531,800			—			—			2,345			—
Change in unrealized appreciation (depreciation) on investments		655,941			459			13,831			24,192			1,119
Net gain (loss) on investments		1,083,817			313			13,794			27,766			1,109
Net increase (decrease) in net assets resulting from operations	$	1,188,990		$	1,632		$	18,155		$	39,515		$	5,443

Not all investment divisions are available under all policies.

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

37

NYLIAC VUL Separate Account-I

Statement of Operations (Continued)

For the year ended December 31, 2023

	DFA VA U.S. Large Value Portfolio			DFA VA U.S. Targeted Value Portfolio			DWS Alternative Asset Allocation VIP— Class A			DWS Small Cap Index  VIP— Class A			DWS Small Mid Cap Value VIP— Class A
INVESTMENT INCOME (LOSS):
Dividend income	$	9,886		$	4,447		$	611,524		$	32,842		$	65,408
Mortality and expense risk charges		—			—			(4,660	)		(7,769	)		(5,551	)
Administrative charges		—			—			(521	)		(1,190	)		(563	)
Net investment income (loss)		9,886			4,447			606,343			23,883			59,294
REALIZED AND UNREALIZED GAIN (LOSS):
Proceeds from sale of investments		15,997			5,497			431,620			176,444			779,020
Cost of investments sold		(13,797	)		(4,042	)		(459,325	)		(250,369	)		(987,797	)
Net realized gain (loss) on investments		2,200			1,455			(27,705	)		(73,925	)		(208,777	)
Realized gain distribution received		6,025			19,790			81,596			70,401			219,647
Change in unrealized appreciation (depreciation) on investments		27,478			26,689			(108,236	)		471,022			689,437
Net gain (loss) on investments		35,703			47,934			(54,345	)		467,498			700,307
Net increase (decrease) in net assets resulting from operations	$	45,589		$	52,381		$	551,998		$	491,381		$	759,601

Not all investment divisions are available under all policies.

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

38

NYLIAC VUL Separate Account-I

Statement of Operations (Continued)

For the year ended December 31, 2023

	Fidelity® VIP Bond  Index Portfolio— Initial Class			Fidelity® VIP ContrafundSM Portfolio— Initial Class			Fidelity®  VIP Emerging Markets Portfolio— Initial Class			Fidelity® VIP Equity-Income PortfolioSM— Initial Class			Fidelity® VIP Freedom 2020 PortfolioSM— Initial Class
INVESTMENT INCOME (LOSS):
Dividend income	$	96,272		$	1,616,485		$	118,817		$	1,768,942		$	45,916
Mortality and expense risk charges		(10,805	)		(903,970	)		(4,897	)		(260,456	)		(5,455	)
Administrative charges		(1,515	)		(93,115	)		(553	)		(27,071	)		(583	)
Net investment income (loss)		83,952			619,400			113,367			1,481,415			39,878
REALIZED AND UNREALIZED GAIN (LOSS):
Proceeds from sale of investments		337,231			23,213,793			468,271			20,018,312			744,229
Cost of investments sold		(408,216	)		(10,288,814	)		(606,859	)		(18,661,322	)		(876,928	)
Net realized gain (loss) on investments		(70,985	)		12,924,979			(138,588	)		1,356,990			(132,699	)
Realized gain distribution received		—			11,673,267			—			2,655,259			9,886
Change in unrealized appreciation (depreciation) on investments		180,365			67,973,048			466,294			3,792,156			252,796
Net gain (loss) on investments		109,380			92,571,294			327,706			7,804,405			129,983
Net increase (decrease) in net assets resulting from operations	$	193,332		$	93,190,694		$	441,073		$	9,285,820		$	169,861

Not all investment divisions are available under all policies.

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

39

NYLIAC VUL Separate Account-I

Statement of Operations (Continued)

For the year ended December 31, 2023

	Fidelity® VIP Freedom 2030 PortfolioSM— Initial Class			Fidelity® VIP Freedom 2040 PortfolioSM— Initial Class			Fidelity®  VIP Growth Opportunities Portfolio— Initial Class			Fidelity®  VIP Growth Portfolio— Initial Class			Fidelity® VIP Health  Care Portfolio— Initial Class
INVESTMENT INCOME (LOSS):
Dividend income	$	162,548		$	129,518		$	—		$	16,172		$	—
Mortality and expense risk charges		(10,275	)		(10,530	)		(51,031	)		—			(17,468	)
Administrative charges		(783	)		(1,345	)		(5,870	)		—			(1,662	)
Net investment income (loss)		151,490			117,643			(56,901	)		16,172			(19,130	)
REALIZED AND UNREALIZED GAIN (LOSS):
Proceeds from sale of investments		1,057,903			1,176,077			2,311,097			576,747			985,715
Cost of investments sold		(1,040,857	)		(1,085,851	)		(2,103,840	)		(259,698	)		(1,072,154	)
Net realized gain (loss) on investments		17,046			90,226			207,257			317,049			(86,439	)
Realized gain distribution received		—			111,955			—			580,869			—
Change in unrealized appreciation (depreciation) on investments		725,476			1,087,429			14,877,524			2,890,453			612,532
Net gain (loss) on investments		742,522			1,289,610			15,084,781			3,788,371			526,093
Net increase (decrease) in net assets resulting from operations	$	894,012		$	1,407,253		$	15,027,880		$	3,804,543		$	506,963

Not all investment divisions are available under all policies.

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

40

NYLIAC VUL Separate Account-I

Statement of Operations (Continued)

For the year ended December 31, 2023

	Fidelity® VIP Index 500 Portfolio— Initial Class			Fidelity®  VIP International Index Portfolio— Initial Class			Fidelity® VIP Investment Grade Bond Portfolio— Initial Class			Fidelity® VIP Mid Cap Portfolio— Initial Class			Fidelity®  VIP Overseas Portfolio— Initial Class
INVESTMENT INCOME (LOSS):
Dividend income	$	525,863		$	287,118		$	77,822		$	131,892		$	80,445
Mortality and expense risk charges		—			(12,328	)		(230	)		(14,705	)		—
Administrative charges		—			(1,291	)		(32	)		(1,617	)		—
Net investment income (loss)		525,863			273,499			77,560			115,570			80,445
REALIZED AND UNREALIZED GAIN (LOSS):
Proceeds from sale of investments		329,406			413,413			263,863			1,029,769			433,683
Cost of investments sold		(93,076	)		(429,588	)		(288,981	)		(1,074,482	)		(260,216	)
Net realized gain (loss) on investments		236,330			(16,175	)		(25,118	)		(44,713	)		173,467
Realized gain distribution received		313,531			—			—			598,535			20,346
Change in unrealized appreciation (depreciation) on investments		7,090,006			1,065,602			106,288			2,332,568			1,139,198
Net gain (loss) on investments		7,639,867			1,049,427			81,170			2,886,390			1,333,011
Net increase (decrease) in net assets resulting from operations	$	8,165,730		$	1,322,926		$	158,730		$	3,001,960		$	1,413,456

Not all investment divisions are available under all policies.

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

41

NYLIAC VUL Separate Account-I

Statement of Operations (Continued)

For the year ended December 31, 2023

	Franklin Templeton Aggressive Model Portfolio— Class I			Franklin Templeton Conservative Model Portfolio— Class I			Franklin Templeton Moderate Model Portfolio— Class I			Franklin Templeton Moderately Aggressive Model Portfolio— Class I			Franklin Templeton Moderately Conservative Model Portfolio— Class I
INVESTMENT INCOME (LOSS):
Dividend income	$	726,458		$	82,703		$	246,553		$	760,342		$	126,722
Mortality and expense risk charges		(5,144	)		(1,266	)		(9,715	)		(9,285	)		(4,612	)
Administrative charges		(126	)		(137	)		(420	)		(1,026	)		(296	)
Net investment income (loss)		721,188			81,300			236,418			750,031			121,814
REALIZED AND UNREALIZED GAIN (LOSS):
Proceeds from sale of investments		577,608			920,521			2,056,032			814,896			651,069
Cost of investments sold		(588,635	)		(1,067,383	)		(2,196,832	)		(815,854	)		(756,428	)
Net realized gain (loss) on investments		(11,027	)		(146,862	)		(140,800	)		(958	)		(105,359	)
Realized gain distribution received		226,997			—			35,224			157,254			—
Change in unrealized appreciation (depreciation) on investments		7,491,339			263,415			1,174,834			5,203,134			380,542
Net gain (loss) on investments		7,707,309			116,553			1,069,258			5,359,430			275,183
Net increase (decrease) in net assets resulting from operations	$	8,428,497		$	197,853		$	1,305,676		$	6,109,461		$	396,997

Not all investment divisions are available under all policies.

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

42

NYLIAC VUL Separate Account-I

Statement of Operations (Continued)

For the year ended December 31, 2023

	Invesco V.I. EQV International Equity Fund— Series I Shares			Invesco V.I. Global Real Estate Fund— Series I Shares			Invesco V.I. Main Street Small Cap Fund®— Series I Shares			Janus Henderson Enterprise Portfolio— Institutional Shares			Janus Henderson Forty Portfolio— Institutional Shares
INVESTMENT INCOME (LOSS):
Dividend income	$	41,511		$	211		$	23,297		$	32,869		$	266
Mortality and expense risk charges		(15,503	)		—			(898	)		(22,148	)		—
Administrative charges		(1,726	)		—			(96	)		(2,015	)		—
Net investment income (loss)		24,282			211			22,303			8,706			266
REALIZED AND UNREALIZED GAIN (LOSS):
Proceeds from sale of investments		1,356,243			3,489			216,683			944,307			18,120
Cost of investments sold		(1,433,764	)		(4,913	)		(268,554	)		(974,925	)		(20,671	)
Net realized gain (loss) on investments		(77,521	)		(1,424	)		(51,871	)		(30,618	)		(2,551	)
Realized gain distribution received		15,542			—			—			1,278,522			—
Change in unrealized appreciation (depreciation) on investments		3,471,396			2,341			371,581			1,813,705			47,833
Net gain (loss) on investments		3,409,417			917			319,710			3,061,609			45,282
Net increase (decrease) in net assets resulting from operations	$	3,433,699		$	1,128		$	342,013		$	3,070,315		$	45,548

Not all investment divisions are available under all policies.

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

43

NYLIAC VUL Separate Account-I

Statement of Operations (Continued)

For the year ended December 31, 2023

	Janus Henderson Global Research Portfolio— Institutional Shares			LVIP Baron Growth Opportunities Fund— Service Class			LVIP Delaware Diversified Income Fund— Standard Class			LVIP Delaware Value Fund— Standard Class			LVIP SSgA Mid-Cap Index Fund— Standard Class
INVESTMENT INCOME (LOSS):
Dividend income	$	1,034,769		$	—		$	2,263		$	1,500		$	30,132
Mortality and expense risk charges		(474,927	)		—			—			—			(2,769	)
Administrative charges		(43,085	)		—			—			—			(381	)
Net investment income (loss)		516,757			—			2,263			1,500			26,982
REALIZED AND UNREALIZED GAIN (LOSS):
Proceeds from sale of investments		7,795,586			15,356			2,514			10,048			87,857
Cost of investments sold		(3,780,820	)		(15,655	)		(2,846	)		(11,681	)		(81,928	)
Net realized gain (loss) on investments		4,014,766			(299	)		(332	)		(1,633	)		5,929
Realized gain distribution received		3,141,906			311			—			4,205			122,524
Change in unrealized appreciation (depreciation) on investments		18,173,452			1,842			1,426			(958	)		147,790
Net gain (loss) on investments		25,330,124			1,854			1,094			1,614			276,243
Net increase (decrease) in net assets resulting from operations	$	25,846,881		$	1,854		$	3,357		$	3,114		$	303,225

Not all investment divisions are available under all policies.

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

44

NYLIAC VUL Separate Account-I

Statement of Operations (Continued)

For the year ended December 31, 2023

	MFS® International Intrinsic  Value Portfolio— Initial Class			MFS® Investors Trust  Series— Initial Class			MFS® Mid  Cap Value Portfolio— Initial Class			MFS® New Discovery Series— Initial Class			MFS® Research International Portfolio— Initial Class
INVESTMENT INCOME (LOSS):
Dividend income	$	134,573		$	107,705		$	220,573		$	—		$	10,472
Mortality and expense risk charges		(23,131	)		(7,526	)		(13,193	)		(7,200	)		(319	)
Administrative charges		(2,613	)		(934	)		(989	)		(565	)		(1	)
Net investment income (loss)		108,829			99,245			206,391			(7,765	)		10,152
REALIZED AND UNREALIZED GAIN (LOSS):
Proceeds from sale of investments		1,188,835			547,306			1,444,580			625,614			163,880
Cost of investments sold		(1,082,828	)		(457,679	)		(1,183,690	)		(975,043	)		(158,007	)
Net realized gain (loss) on investments		106,007			89,627			260,890			(349,429	)		5,873
Realized gain distribution received		1,398,347			828,861			418,317			—			—
Change in unrealized appreciation (depreciation) on investments		1,347,865			1,539,639			680,358			1,868,117			76,686
Net gain (loss) on investments		2,852,219			2,458,127			1,359,565			1,518,688			82,559
Net increase (decrease) in net assets resulting from operations	$	2,961,048		$	2,557,372		$	1,565,956		$	1,510,923		$	92,711

Not all investment divisions are available under all policies.

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

45

NYLIAC VUL Separate Account-I

Statement of Operations (Continued)

For the year ended December 31, 2023

	MFS® Research  Series— Initial Class			MFS® Total Return Bond Series— Initial Class			MFS® Value Series— Initial  Class			Morgan Stanley VIF Emerging Markets Debt Portfolio— Class I			Morgan Stanley VIF U.S. Real Estate Portfolio— Class I
INVESTMENT INCOME (LOSS):
Dividend income	$	29,131		$	317		$	102		$	31,238		$	519,042
Mortality and expense risk charges		(5,693	)		—			—			—			(23,721	)
Administrative charges		(613	)		—			—			—			(2,396	)
Net investment income (loss)		22,825			317			102			31,238			492,925
REALIZED AND UNREALIZED GAIN (LOSS):
Proceeds from sale of investments		354,732			7,403			5			26,833			1,383,254
Cost of investments sold		(360,002	)		(9,660	)		(5	)		(41,728	)		(2,082,359	)
Net realized gain (loss) on investments		(5,270	)		(2,257	)		—			(14,895	)		(699,105	)
Realized gain distribution received		307,869			—			430			—			—
Change in unrealized appreciation (depreciation) on investments		794,866			1,955			(43	)		24,938			3,391,798
Net gain (loss) on investments		1,097,465			(302	)		387			10,043			2,692,693
Net increase (decrease) in net assets resulting from operations	$	1,120,290		$	15		$	489		$	41,281		$	3,185,618

Not all investment divisions are available under all policies.

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

46

NYLIAC VUL Separate Account-I

Statement of Operations (Continued)

For the year ended December 31, 2023

	Neuberger Berman AMT Mid Cap Growth Portfolio— Class I			PIMCO VIT Global Bond Opportunities Portfolio (Unhedged)— Administrative Class			PIMCO VIT Income Portfolio— Institutional Class			PIMCO VIT International Bond Portfolio (U.S. Dollar- Hedged)— Institutional Class			PIMCO VIT Low Duration Portfolio— Administrative Class
INVESTMENT INCOME (LOSS):
Dividend income	$	—		$	2,882		$	187,834		$	265,902		$	19,863
Mortality and expense risk charges		(14,396	)		—			(1,647	)		(8,929	)		—
Administrative charges		(1,438	)		—			(125	)		(961	)		—
Net investment income (loss)		(15,834	)		2,882			186,062			256,012			19,863
REALIZED AND UNREALIZED GAIN (LOSS):
Proceeds from sale of investments		1,234,383			30,113			83,695			596,070			22,736
Cost of investments sold		(1,305,742	)		(39,757	)		(94,182	)		(687,456	)		(25,164	)
Net realized gain (loss) on investments		(71,359	)		(9,644	)		(10,487	)		(91,386	)		(2,428	)
Realized gain distribution received		—			1,432			—			255,802			—
Change in unrealized appreciation (depreciation) on investments		3,621,547			10,550			117,518			433,131			9,407
Net gain (loss) on investments		3,550,188			2,338			107,031			597,547			6,979
Net increase (decrease) in net assets resulting from operations	$	3,534,354		$	5,220		$	293,093		$	853,559		$	26,842

Not all investment divisions are available under all policies.

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

47

NYLIAC VUL Separate Account-I

Statement of Operations (Continued)

For the year ended December 31, 2023

	PIMCO VIT Low Duration Portfolio— Institutional Class			PIMCO VIT Total Return Portfolio— Administrative Class			PIMCO VIT Total Return Portfolio— Institutional Class			T. Rowe Price All-Cap Opportunities Portfolio			T. Rowe Price Blue Chip Growth Portfolio
INVESTMENT INCOME (LOSS):
Dividend income	$	199,993		$	51,699		$	676,212		$	7		$	—
Mortality and expense risk charges		(5,019	)		—			(27,321	)		—			—
Administrative charges		(589	)		—			(3,030	)		—			—
Net investment income (loss)		194,385			51,699			645,861			7			—
REALIZED AND UNREALIZED GAIN (LOSS):
Proceeds from sale of investments		657,837			163,027			1,742,711			8,511			28,942
Cost of investments sold		(714,658	)		(208,759	)		(2,079,209	)		(8,740	)		(14,028	)
Net realized gain (loss) on investments		(56,821	)		(45,732	)		(336,498	)		(229	)		14,914
Realized gain distribution received		—			—			—			202			—
Change in unrealized appreciation (depreciation) on investments		129,655			74,637			759,775			1,991			40,007
Net gain (loss) on investments		72,834			28,905			423,277			1,964			54,921
Net increase (decrease) in net assets resulting from operations	$	267,219		$	80,604		$	1,069,138		$	1,971		$	54,921

Not all investment divisions are available under all policies.

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

48

NYLIAC VUL Separate Account-I

Statement of Operations (Continued)

For the year ended December 31, 2023

	T. Rowe Price International Stock Portfolio			T. Rowe Price Limited-Term Bond Portfolio			The Merger Fund VL			Western Asset Core Plus VIT Portfolio— Class I
INVESTMENT INCOME (LOSS):
Dividend income	$	319		$	7,329		$	593		$	1,510
Mortality and expense risk charges		—			—			—			(118	)
Administrative charges		—			—			—			(17	)
Net investment income (loss)		319			7,329			593			1,375
REALIZED AND UNREALIZED GAIN (LOSS):
Proceeds from sale of investments		5,138			6,344			2,063			1,891
Cost of investments sold		(5,580	)		(6,751	)		(2,086	)		(1,892	)
Net realized gain (loss) on investments		(442	)		(407	)		(23	)		(1	)
Realized gain distribution received		—			—			2,320			—
Change in unrealized appreciation (depreciation) on investments		5,229			3,735			(1,461	)		323
Net gain (loss) on investments		4,787			3,328			836			322
Net increase (decrease) in net assets resulting from operations	$	5,106		$	10,657		$	1,429		$	1,697

Not all investment divisions are available under all policies.

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

49

NYLIAC VUL Separate Account-I

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— Initial Class						MainStay VP Bond— Initial Class
	2023			2022			2023			2022			2023			2022
INCREASE (DECREASE) IN NET ASSETS:
Operations:
Net investment income (loss)	$	783,895		$	1,050,329		$	352,540		$	170,326		$	734,693		$	508,881
Net realized gain (loss) on investments		(401,659	)		1,239,511			(288,214	)		55,015			(558,851	)		(454,315	)
Realized gain distribution received		24,991,107			7,968,302			—			3,756,266			—			—
Change in unrealized appreciation (depreciation) on investments		(9,330,936	)		(16,465,584	)		1,401,542			(5,323,764	)		1,312,691			(5,339,794	)
Net increase (decrease) in net assets resulting from operations		16,042,407			(6,207,442	)		1,465,868			(1,342,157	)		1,488,533			(5,285,228	)
Contributions and (Withdrawals):
Payments received from policyowners		2,757,796			3,237,992			1,809,964			1,598,903			2,469,799			2,554,785
Cost of insurance		(3,271,079	)		(3,102,693	)		(1,144,569	)		(1,109,701	)		(1,961,086	)		(1,966,438	)
Policyowners’ surrenders		(2,182,790	)		(2,562,603	)		(1,037,012	)		(736,357	)		(863,690	)		(747,717	)
Net transfers from (to) Fixed Account		(1,031,226	)		(568,840	)		(163,441	)		(200,987	)		(322,693	)		(101,299	)
Transfers between Investment Divisions		(1,181,163	)		(1,330,616	)		51,180			289,448			(304,154	)		(710,363	)
Policyowners’ death benefits		(495,739	)		(483,518	)		(98,304	)		(201,628	)		(222,218	)		(461,892	)
Net contributions and (withdrawals)		(5,404,201	)		(4,810,278	)		(582,182	)		(360,322	)		(1,204,042	)		(1,432,924	)
Increase (decrease) in net assets		10,638,206			(11,017,720	)		883,686			(1,702,479	)		284,491			(6,718,152	)
NET ASSETS:
Beginning of period		69,312,114			80,329,834			20,643,281			22,345,760			29,365,027			36,083,179
End of period	$	79,950,320		$	69,312,114		$	21,526,967		$	20,643,281		$	29,649,518		$	29,365,027

Not all investment divisions are available under all policies.

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

50

NYLIAC VUL Separate Account-I

Statement of Changes in Net Assets (Continued)

For the years ended December 31, 2023

and December 31, 2022

	MainStay VP Candriam Emerging Markets Equity— Initial Class						MainStay VP CBRE Global Infrastructure— Initial Class						MainStay VP Conservative Allocation— Initial Class
	2023			2022			2023			2022			2023			2022
INCREASE (DECREASE) IN NET ASSETS:
Operations:
Net investment income (loss)	$	421,116		$	214,696		$	40,096		$	26,369		$	368,685		$	589,715
Net realized gain (loss) on investments		(902,822	)		(334,657	)		(36,664	)		(59,195	)		(304,443	)		(24,648	)
Realized gain distribution received		—			4,239,024			—			—			458,873			1,331,114
Change in unrealized appreciation (depreciation) on investments		2,394,916			(15,605,450	)		110,656			(95,300	)		778,156			(3,913,057	)
Net increase (decrease) in net assets resulting from operations		1,913,210			(11,486,387	)		114,088			(128,126	)		1,301,271			(2,016,876	)
Contributions and (Withdrawals):
Payments received from policyowners		2,160,406			2,331,805			422,733			387,141			1,020,973			793,718
Cost of insurance		(1,446,083	)		(1,525,633	)		(117,119	)		(100,132	)		(821,824	)		(830,760	)
Policyowners’ surrenders		(962,278	)		(906,470	)		(51,637	)		(36,898	)		(746,978	)		(829,573	)
Net transfers from (to) Fixed Account		(548,949	)		(497,200	)		(114,686	)		2,267			(102,443	)		(390,482	)
Transfers between Investment Divisions		(72,495	)		578,221			75,680			88,891			(143,204	)		(360,774	)
Policyowners’ death benefits		(100,291	)		(216,915	)		(797	)		(1,016	)		(36,108	)		(46,590	)
Net contributions and (withdrawals)		(969,690	)		(236,192	)		214,174			340,253			(829,584	)		(1,664,461	)
Increase (decrease) in net assets		943,520			(11,722,579	)		328,262			212,127			471,687			(3,681,337	)
NET ASSETS:
Beginning of period		28,027,624			39,750,203			2,111,043			1,898,916			13,486,903			17,168,240
End of period	$	28,971,144		$	28,027,624		$	2,439,305		$	2,111,043		$	13,958,590		$	13,486,903

Not all investment divisions are available under all policies.

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

51

NYLIAC VUL Separate Account-I

Statement of Changes in Net Assets (Continued)

For the years ended December 31, 2023

and December 31, 2022

	MainStay VP Epoch U.S. Equity Yield— Initial Class						MainStay VP Equity Allocation— Initial Class						MainStay VP Fidelity Institutional AM® Utilities— Initial Class
	2023			2022			2023			2022			2023			2022
INCREASE (DECREASE) IN NET ASSETS:
Operations:
Net investment income (loss)	$	3,121,590		$	2,387,657		$	4,824,378		$	2,792,514		$	968,607		$	1,021,983
Net realized gain (loss) on investments		3,299,058			4,034,930			(1,272,268	)		(31,006	)		(54,765	)		38,672
Realized gain distribution received		8,643,024			3,105,847			8,689,897			13,621,354			7,211,863			2,634,048
Change in unrealized appreciation (depreciation) on investments		(4,397,724	)		(13,991,755	)		2,386,283			(35,231,793	)		(8,966,837	)		(931,112	)
Net increase (decrease) in net assets resulting from operations		10,665,948			(4,463,321	)		14,628,290			(18,848,931	)		(841,132	)		2,763,591
Contributions and (Withdrawals):
Payments received from policyowners		5,811,819			6,058,300			7,915,241			8,662,756			3,745,625			3,990,903
Cost of insurance		(6,255,396	)		(6,355,985	)		(4,277,466	)		(4,339,630	)		(2,215,427	)		(2,276,884	)
Policyowners’ surrenders		(5,015,916	)		(3,735,078	)		(3,444,021	)		(2,929,472	)		(1,381,966	)		(1,286,725	)
Net transfers from (to) Fixed Account		(1,338,793	)		(1,361,807	)		(2,180,294	)		(1,712,803	)		(746,547	)		(680,188	)
Transfers between Investment Divisions		(955,429	)		(1,994,319	)		(668,203	)		(1,315,143	)		187,824			(2,039,840	)
Policyowners’ death benefits		(591,936	)		(1,595,685	)		(85,403	)		(416,476	)		(84,866	)		(278,694	)
Net contributions and (withdrawals)		(8,345,651	)		(8,984,574	)		(2,740,146	)		(2,050,768	)		(495,357	)		(2,571,428	)
Increase (decrease) in net assets		2,320,297			(13,447,895	)		11,888,144			(20,899,699	)		(1,336,489	)		192,163
NET ASSETS:
Beginning of period		136,320,660			149,768,555			86,162,722			107,062,421			53,194,779			53,002,616
End of period	$	138,640,957		$	136,320,660		$	98,050,866		$	86,162,722		$	51,858,290		$	53,194,779

Not all investment divisions are available under all policies.

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

52

NYLIAC VUL Separate Account-I

Statement of Changes in Net Assets (Continued)

For the years ended December 31, 2023

and December 31, 2022

	MainStay VP Floating Rate— Initial Class						MainStay VP Growth Allocation— Initial Class						MainStay VP Income Builder— Initial Class
	2023			2022			2023			2022			2023			2022
INCREASE (DECREASE) IN NET ASSETS:
Operations:
Net investment income (loss)	$	3,189,206		$	1,345,669		$	3,516,276		$	3,058,413		$	1,731,533		$	1,445,345
Net realized gain (loss) on investments		(156,502	)		(110,555	)		(2,533,062	)		(522,083	)		263,971			661,288
Realized gain distribution received		—			—			6,158,970			12,197,708			—			5,913,125
Change in unrealized appreciation (depreciation) on investments		1,303,237			(784,990	)		5,894,083			(30,079,654	)		3,592,827			(18,060,258	)
Net increase (decrease) in net assets resulting from operations		4,335,941			450,124			13,036,267			(15,345,616	)		5,588,331			(10,040,500	)
Contributions and (Withdrawals):
Payments received from policyowners		1,377,237			20,049,602			6,864,108			7,097,037			3,791,366			3,845,483
Cost of insurance		(1,048,329	)		(863,899	)		(4,599,822	)		(4,641,489	)		(3,668,558	)		(3,681,837	)
Policyowners’ surrenders		(531,733	)		(380,333	)		(4,267,650	)		(2,718,989	)		(2,046,361	)		(1,292,912	)
Net transfers from (to) Fixed Account		(240,018	)		(86,191	)		(1,541,969	)		(44,442	)		(389,985	)		(447,481	)
Transfers between Investment Divisions		234,545			1,125,428			(1,866,639	)		(3,710,973	)		378,298			(357,614	)
Policyowners’ death benefits		(370,055	)		(257,221	)		(139,644	)		(669,501	)		(386,497	)		(586,379	)
Net contributions and (withdrawals)		(578,353	)		19,587,386			(5,551,616	)		(4,688,357	)		(2,321,737	)		(2,520,740	)
Increase (decrease) in net assets		3,757,588			20,037,510			7,484,651			(20,033,973	)		3,266,594			(12,561,240	)
NET ASSETS:
Beginning of period		37,192,373			17,154,863			88,025,351			108,059,324			59,999,403			72,560,643
End of period	$	40,949,961		$	37,192,373		$	95,510,002		$	88,025,351		$	63,265,997		$	59,999,403

Not all investment divisions are available under all policies.

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

53

NYLIAC VUL Separate Account-I

Statement of Changes in Net Assets (Continued)

For the years ended December 31, 2023

and December 31, 2022

	MainStay VP IQ Hedge Multi- Strategy— Initial Class						MainStay VP Janus Henderson Balanced— Initial Class						MainStay VP MacKay Convertible— Initial Class
	2023			2022			2023			2022			2023			2022
INCREASE (DECREASE) IN NET ASSETS:
Operations:
Net investment income (loss)	$	576,126		$	208,872		$	1,660,455		$	1,180,564		$	1,338,434		$	2,240,943
Net realized gain (loss) on investments		(1,896	)		(6,786	)		2,824,097			2,973,641			418,109			2,084,553
Realized gain distribution received		—			—			6,011,990			11,472,378			—			8,130,138
Change in unrealized appreciation (depreciation) on investments		499,686			(1,197,149	)		11,742,596			(46,824,095	)		4,192,201			(23,331,887	)
Net increase (decrease) in net assets resulting from operations		1,073,916			(995,063	)		22,239,138			(31,197,512	)		5,948,744			(10,876,253	)
Contributions and (Withdrawals):
Payments received from policyowners		1,347,369			1,482,303			8,665,104			8,420,233			5,071,127			4,749,328
Cost of insurance		(566,532	)		(576,111	)		(7,638,672	)		(7,345,250	)		(3,516,490	)		(3,486,892	)
Policyowners’ surrenders		(432,904	)		(312,064	)		(5,868,808	)		(4,158,195	)		(1,907,562	)		(1,749,502	)
Net transfers from (to) Fixed Account		(274,559	)		(199,363	)		(712,664	)		(482,757	)		(544,227	)		(706,717	)
Transfers between Investment Divisions		142,451			(612,197	)		827,087			(488,483	)		1,963,456			(3,434,863	)
Policyowners’ death benefits		(37,466	)		(28,876	)		(1,588,393	)		(1,312,432	)		(571,411	)		(974,502	)
Net contributions and (withdrawals)		178,359			(246,308	)		(6,316,346	)		(5,366,884	)		494,893			(5,603,148	)
Increase (decrease) in net assets		1,252,275			(1,241,371	)		15,922,792			(36,564,396	)		6,443,637			(16,479,401	)
NET ASSETS:
Beginning of period		10,451,980			11,693,351			150,815,705			187,380,101			69,449,473			85,928,874
End of period	$	11,704,255		$	10,451,980		$	166,738,497		$	150,815,705		$	75,893,110		$	69,449,473

Not all investment divisions are available under all policies.

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

54

NYLIAC VUL Separate Account-I

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— Initial Class
	2023			2022			2023			2022			2023			2022
INCREASE (DECREASE) IN NET ASSETS:
Operations:
Net investment income (loss)	$	254,504		$	198,537		$	7,880,976		$	7,317,391		$	1,192,238		$	798,798
Net realized gain (loss) on investments		(221,488	)		(209,949	)		(530,815	)		(539,416	)		(46,826	)		(80,316	)
Realized gain distribution received		—			—			—			—			—			—
Change in unrealized appreciation (depreciation) on investments		515,313			(1,649,610	)		8,249,562			(19,957,565	)		1,192,166			(2,510,457	)
Net increase (decrease) in net assets resulting from operations		548,329			(1,661,022	)		15,599,723			(13,179,590	)		2,337,578			(1,791,975	)
Contributions and (Withdrawals):
Payments received from policyowners		1,020,149			1,113,426			10,983,862			11,351,629			2,584,415			2,698,684
Cost of insurance		(876,039	)		(909,066	)		(8,184,491	)		(8,033,603	)		(1,142,621	)		(1,159,860	)
Policyowners’ surrenders		(486,455	)		(250,921	)		(4,198,396	)		(3,566,144	)		(877,210	)		(744,007	)
Net transfers from (to) Fixed Account		(89,246	)		(4,957	)		(2,395,225	)		(1,748,363	)		(454,112	)		(352,279	)
Transfers between Investment Divisions		374,301			(745,636	)		(555,887	)		(4,540,210	)		1,880,578			(1,468,109	)
Policyowners’ death benefits		(181,802	)		(107,608	)		(933,453	)		(1,501,803	)		(88,554	)		(78,936	)
Net contributions and (withdrawals)		(239,092	)		(904,762	)		(5,283,590	)		(8,038,494	)		1,902,496			(1,104,507	)
Increase (decrease) in net assets		309,237			(2,565,784	)		10,316,133			(21,218,084	)		4,240,074			(2,896,482	)
NET ASSETS:
Beginning of period		12,150,607			14,716,391			138,229,470			159,447,554			21,923,350			24,819,832
End of period	$	12,459,844		$	12,150,607		$	148,545,603		$	138,229,470		$	26,163,424		$	21,923,350

Not all investment divisions are available under all policies.

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

55

NYLIAC VUL Separate Account-I

Statement of Changes in Net Assets (Continued)

For the years ended December 31, 2023

and December 31, 2022

	MainStay VP Moderate Allocation— Initial Class						MainStay VP Natural Resources— Initial Class						MainStay VP PIMCO Real Return— Initial Class
	2023			2022			2023			2022			2023			2022
INCREASE (DECREASE) IN NET ASSETS:
Operations:
Net investment income (loss)	$	1,317,595		$	1,642,232		$	1,016,083		$	450,446		$	1,025,184		$	734,813
Net realized gain (loss) on investments		(773,853	)		(612,846	)		1,382,721			949,769			(52,894	)		110,880
Realized gain distribution received		2,037,452			5,448,118			—			—			—			—
Change in unrealized appreciation (depreciation) on investments		2,831,436			(13,932,102	)		(1,496,310	)		12,367,602			(551,007	)		(2,418,715	)
Net increase (decrease) in net assets resulting from operations		5,412,630			(7,454,598	)		902,494			13,767,817			421,283			(1,573,022	)
Contributions and (Withdrawals):
Payments received from policyowners		2,832,764			3,159,736			4,299,928			3,693,356			1,189,503			1,348,882
Cost of insurance		(2,409,024	)		(2,472,524	)		(2,542,414	)		(2,441,676	)		(622,514	)		(636,567	)
Policyowners’ surrenders		(1,912,346	)		(2,319,069	)		(1,778,339	)		(1,517,871	)		(422,501	)		(202,294	)
Net transfers from (to) Fixed Account		(514,192	)		(409,815	)		(883,216	)		(874,680	)		(183,540	)		(130,463	)
Transfers between Investment Divisions		(162,598	)		426,864			(1,178,704	)		(207,652	)		(287,903	)		(474,541	)
Policyowners’ death benefits		(141,040	)		(751,420	)		(216,516	)		(105,801	)		(25,208	)		(175,945	)
Net contributions and (withdrawals)		(2,306,436	)		(2,366,228	)		(2,299,261	)		(1,454,324	)		(352,163	)		(270,928	)
Increase (decrease) in net assets		3,106,194			(9,820,826	)		(1,396,767	)		12,313,493			69,120			(1,843,950	)
NET ASSETS:
Beginning of period		43,783,250			53,604,076			50,883,218			38,569,725			12,069,031			13,912,981
End of period	$	46,889,444		$	43,783,250		$	49,486,451		$	50,883,218		$	12,138,151		$	12,069,031

Not all investment divisions are available under all policies.

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

56

NYLIAC VUL Separate Account-I

Statement of Changes in Net Assets (Continued)

For the years ended December 31, 2023

and December 31, 2022

	MainStay VP PineStone International Equity— Initial Class						MainStay VP S&P 500 Index— Initial Class						MainStay VP Small Cap Growth— Initial Class
	2023			2022			2023			2022			2023			2022
INCREASE (DECREASE) IN NET ASSETS:
Operations:
Net investment income (loss)	$	(124,088	)	$	(4,817	)	$	6,728,880		$	6,235,034		$	(186,249	)	$	(199,336	)
Net realized gain (loss) on investments		(573,364	)		162,489			18,825,785			16,721,930			(27,543	)		709,067
Realized gain distribution received		—			9,263,585			9,486,356			17,602,148			185,407			13,086,641
Change in unrealized appreciation (depreciation) on investments		2,602,787			(26,380,946	)		104,155,932			(159,705,615	)		7,333,099			(32,122,396	)
Net increase (decrease) in net assets resulting from operations		1,905,335			(16,959,689	)		139,196,953			(119,146,503	)		7,304,714			(18,526,024	)
Contributions and (Withdrawals):
Payments received from policyowners		3,736,203			3,446,730			61,066,949			46,841,222			2,967,733			3,087,967
Cost of insurance		(2,387,970	)		(2,402,500	)		(29,871,348	)		(25,525,176	)		(2,347,967	)		(2,340,929	)
Policyowners’ surrenders		(1,912,979	)		(1,379,223	)		(17,991,497	)		(12,129,074	)		(1,815,337	)		(1,501,335	)
Net transfers from (to) Fixed Account		(128,059	)		(493,630	)		144,390			(174,705	)		(674,604	)		(166,427	)
Transfers between Investment Divisions		213,682			1,315,232			6,274,552			1,399,464			253,742			(475,916	)
Policyowners’ death benefits		(151,846	)		(355,717	)		(4,188,178	)		(2,520,298	)		(337,225	)		(177,792	)
Net contributions and (withdrawals)		(630,969	)		130,892			15,434,868			7,891,433			(1,953,658	)		(1,574,432	)
Increase (decrease) in net assets		1,274,366			(16,828,797	)		154,631,821			(111,255,070	)		5,351,056			(20,100,456	)
NET ASSETS:
Beginning of period		46,818,814			63,647,611			534,215,067			645,470,137			49,516,420			69,616,876
End of period	$	48,093,180		$	46,818,814		$	688,846,888		$	534,215,067		$	54,867,476		$	49,516,420

Not all investment divisions are available under all policies.

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

57

NYLIAC VUL Separate Account-I

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
	2023			2022			2023			2022			2023			2022
INCREASE (DECREASE) IN NET ASSETS:
Operations:
Net investment income (loss)	$	2,318,985		$	566,167		$	(1,325,628	)	$	(1,345,826	)	$	(91,748	)	$	(211,371	)
Net realized gain (loss) on investments		—			89			(491,953	)		2,913,111			(5,492,932	)		(921,576	)
Realized gain distribution received		—			—			—			64,032,599			—			36,691,586
Change in unrealized appreciation (depreciation) on investments		—			(89	)		70,885,580			(164,271,886	)		17,304,721			(59,747,581	)
Net increase (decrease) in net assets resulting from operations		2,318,985			566,167			69,067,999			(98,672,002	)		11,720,041			(24,188,942	)
Contributions and (Withdrawals):
Payments received from policyowners		5,542,404			10,252,465			8,533,152			9,137,544			5,388,124			5,557,976
Cost of insurance		(4,677,964	)		(4,390,598	)		(10,652,540	)		(10,633,990	)		(4,270,044	)		(4,325,830	)
Policyowners’ surrenders		(1,888,133	)		(3,815,219	)		(6,949,212	)		(5,380,664	)		(3,324,195	)		(2,687,325	)
Net transfers from (to) Fixed Account		(713,196	)		(1,667,826	)		(2,202,182	)		(68,342	)		(1,222,345	)		(1,205,379	)
Transfers between Investment Divisions		(2,176,896	)		8,834,191			(1,372,321	)		(829,805	)		(761,640	)		(1,059,290	)
Policyowners’ death benefits		(532,913	)		(977,946	)		(1,885,608	)		(2,155,804	)		(390,075	)		(725,583	)
Net contributions and (withdrawals)		(4,446,698	)		8,235,067			(14,528,711	)		(9,931,061	)		(4,580,175	)		(4,445,431	)
Increase (decrease) in net assets		(2,127,713	)		8,801,234			54,539,288			(108,603,063	)		7,139,866			(28,634,373	)
NET ASSETS:
Beginning of period		53,208,909			44,407,675			188,987,861			297,590,924			89,546,129			118,180,502
End of period	$	51,081,196		$	53,208,909		$	243,527,149		$	188,987,861		$	96,685,995		$	89,546,129

Not all investment divisions are available under all policies.

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

58

NYLIAC VUL Separate Account-I

Statement of Changes in Net Assets (Continued)

For the years ended December 31, 2023

and December 31, 2022

	MainStay VP Wellington Small Cap— Initial Class						MainStay VP Wellington U.S. Equity— Initial Class						MainStay VP Winslow Large Cap Growth— Initial Class
	2023			2022			2023			2022			2023			2022
INCREASE (DECREASE) IN NET ASSETS:
Operations:
Net investment income (loss)	$	275,036		$	406,416		$	592,615		$	189,799		$	(252,244	)	$	(252,086	)
Net realized gain (loss) on investments		(1,653,793	)		(137,643	)		4,025,581			3,625,522			857,690			1,178,467
Realized gain distribution received		—			11,237,121			—			24,293,945			4,275,238			25,774,110
Change in unrealized appreciation (depreciation) on investments		6,813,838			(22,443,873	)		22,579,048			(60,439,474	)		35,636,889			(71,159,420	)
Net increase (decrease) in net assets resulting from operations		5,435,081			(10,937,979	)		27,197,244			(32,330,208	)		40,517,573			(44,458,929	)
Contributions and (Withdrawals):
Payments received from policyowners		3,187,036			3,307,557			6,218,352			6,322,276			9,232,014			8,873,526
Cost of insurance		(1,996,761	)		(2,012,542	)		(5,859,686	)		(6,016,870	)		(5,207,094	)		(4,758,890	)
Policyowners’ surrenders		(1,667,861	)		(1,146,944	)		(4,017,364	)		(3,259,769	)		(3,089,957	)		(2,009,290	)
Net transfers from (to) Fixed Account		(616,350	)		(366,408	)		(1,927,950	)		365,769			(1,374,148	)		(1,045,171	)
Transfers between Investment Divisions		(396,350	)		(362,725	)		(1,384,005	)		(509,360	)		(8,089,403	)		2,064,026
Policyowners’ death benefits		(151,803	)		(216,699	)		(1,655,992	)		(1,152,904	)		(517,237	)		(808,280	)
Net contributions and (withdrawals)		(1,642,089	)		(797,761	)		(8,626,645	)		(4,250,858	)		(9,045,825	)		2,315,921
Increase (decrease) in net assets		3,792,992			(11,735,740	)		18,570,599			(36,581,066	)		31,471,748			(42,143,008	)
NET ASSETS:
Beginning of period		40,716,779			52,452,519			117,914,411			154,495,477			98,890,728			141,033,736
End of period	$	44,509,771		$	40,716,779		$	136,485,010		$	117,914,411		$	130,362,476		$	98,890,728

Not all investment divisions are available under all policies.

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

59

NYLIAC VUL Separate Account-I

Statement of Changes in Net Assets (Continued)

For the years ended December 31, 2023

and December 31, 2022

	AB VPS Discovery Value Portfolio— Class A						AB VPS International Value Portfolio— Class A				AB VPS Relative Value Portfolio— Class A
	2023			2022			2023		2022		2023			2022 (a)
INCREASE (DECREASE) IN NET ASSETS:
Operations:
Net investment income (loss)	$	166,776		$	166,882		$	—	$	—	$	91,727		$	666
Net realized gain (loss) on investments		(179,594	)		(22,501	)		—		—		(5,067	)		(1,598	)
Realized gain distribution received		1,504,182			2,589,084			—		—		501,236			8,564
Change in unrealized appreciation (depreciation) on investments		1,466,353			(5,851,305	)		1		—		164,829			4,226
Net increase (decrease) in net assets resulting from operations		2,957,717			(3,117,840	)		1		—		752,725			11,858
Contributions and (Withdrawals):
Payments received from policyowners		1,346,777			1,411,741			—		—		491,223			15,886
Cost of insurance		(677,412	)		(664,852	)		—		—		(143,755	)		(7,247	)
Policyowners’ surrenders		(296,742	)		(272,035	)		—		—		(9,263	)		—
Net transfers from (to) Fixed Account		(127,402	)		(220,789	)		—		—		83,797			1,083
Transfers between Investment Divisions		(6,346	)		379,917			—		—		7,030,016			267,019
Policyowners’ death benefits		(99,708	)		(15,177	)		—		—		—			—
Net contributions and (withdrawals)		139,167			618,805			—		—		7,452,018			276,741
Increase (decrease) in net assets		3,096,884			(2,499,035	)		1		—		8,204,743			288,599
NET ASSETS:
Beginning of period		16,869,995			19,369,030			5		5		288,599			—
End of period	$	19,966,879		$	16,869,995		$	6	$	5	$	8,493,342		$	288,599

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

Not all investment divisions are available under all policies.

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

60

NYLIAC VUL Separate Account-I

Statement of Changes in Net Assets (Continued)

For the years ended December 31, 2023

and December 31, 2022

	Alger Capital Appreciation Portfolio— Class I-2						American Century Investments® VP Inflation Protection Fund— Class II						American Century Investments® VP International Fund— Class II
	2023			2022			2023			2022			2023			2022
INCREASE (DECREASE) IN NET ASSETS:
Operations:
Net investment income (loss)	$	—		$	—		$	10,787		$	17,430		$	37,395		$	36,193
Net realized gain (loss) on investments		(14,708	)		2,309			(1,152	)		(2,593	)		23,326			9,060
Realized gain distribution received		—			198,274			—			1,845			—			429,891
Change in unrealized appreciation (depreciation) on investments		956,383			(1,483,156	)		1,434			(66,002	)		292,016			(1,375,030	)
Net increase (decrease) in net assets resulting from operations		941,675			(1,282,573	)		11,069			(49,320	)		352,737			(899,886	)
Contributions and (Withdrawals):
Payments received from policyowners		19,753			17,098			1,995			2,361			15,500			15,746
Cost of insurance		(56,242	)		(50,758	)		(5,394	)		(5,254	)		(61,062	)		(52,224	)
Policyowners’ surrenders		(36	)		(21,065	)		—			(10,595	)		—			(2,064	)
Net transfers from (to) Fixed Account		540			(37,447	)		(9	)		(10	)		(164	)		(2,355	)
Transfers between Investment Divisions		(10,431	)		20,887			6,843			4,259			(23,676	)		221,973
Policyowners’ death benefits		—			—			—			—			—			—
Net contributions and (withdrawals)		(46,416	)		(71,285	)		3,435			(9,239	)		(69,402	)		181,076
Increase (decrease) in net assets		895,259			(1,353,858	)		14,504			(58,559	)		283,335			(718,810	)
NET ASSETS:
Beginning of period		2,204,735			3,558,593			320,165			378,724			2,799,249			3,518,059
End of period	$	3,099,994		$	2,204,735		$	334,669		$	320,165		$	3,082,584		$	2,799,249

Not all investment divisions are available under all policies.

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

61

NYLIAC VUL Separate Account-I

Statement of Changes in Net Assets (Continued)

For the years ended December 31, 2023

and December 31, 2022

	American Century Investments® VP Value Fund— Class II						American Funds IS Asset Allocation Fund— Class 2						American Funds IS The Bond Fund of America®— Class 2
	2023			2022			2023			2022			2023			2022(a)
INCREASE (DECREASE) IN NET ASSETS:
Operations:
Net investment income (loss)	$	96,364		$	82,276		$	145,191		$	113,814		$	12,038		$	2,023
Net realized gain (loss) on investments		121,368			103,969			(27,293	)		13,686			(8,825	)		(586	)
Realized gain distribution received		335,003			345,653			261,626			710,912			—			83
Change in unrealized appreciation (depreciation) on investments		(185,640	)		(524,436	)		556,126			(1,855,175	)		5,978			(3,867	)
Net increase (decrease) in net assets resulting from operations		367,095			7,462			935,650			(1,016,763	)		9,191			(2,347	)
Contributions and (Withdrawals):
Payments received from policyowners		30,957			36,266			878,670			674,028			64,632			8,621
Cost of insurance		(124,123	)		(105,492	)		(450,517	)		(388,579	)		(22,259	)		(2,587	)
Policyowners’ surrenders		(13,504	)		—			(33,379	)		(82,710	)		(55	)		(1	)
Net transfers from (to) Fixed Account		—			—			38,421			(155,347	)		(132,173	)		(4,907	)
Transfers between Investment Divisions		(46,939	)		(105,074	)		(151,878	)		1,134,277			361,615			93,087
Policyowners’ death benefits		—			—			(4,850	)		(19,260	)		—			—
Net contributions and (withdrawals)		(153,609	)		(174,300	)		276,467			1,162,409			271,760			94,213
Increase (decrease) in net assets		213,486			(166,838	)		1,212,117			145,646			280,951			91,866
NET ASSETS:
Beginning of period		4,186,535			4,353,373			6,743,535			6,597,889			91,866			—
End of period	$	4,400,021		$	4,186,535		$	7,955,652		$	6,743,535		$	372,817		$	91,866

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

Not all investment divisions are available under all policies.

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

62

NYLIAC VUL Separate Account-I

Statement of Changes in Net Assets (Continued)

For the years ended December 31, 2023

and December 31, 2022

	American Funds IS Global Small Capitalization Fund— Class 2						American Funds IS Growth Fund— Class 2						American Funds IS New World Fund®— Class 2
	2023			2022			2023			2022			2023			2022
INCREASE (DECREASE) IN NET ASSETS:
Operations:
Net investment income (loss)	$	10,869		$	(5,524	)	$	43,043		$	19,846		$	272,694		$	222,238
Net realized gain (loss) on investments		(641,456	)		(25,345	)		35,000			974,753			117,166			103,407
Realized gain distribution received		79,930			2,106,804			966,722			1,916,547			—			1,555,183
Change in unrealized appreciation (depreciation) on investments		1,512,322			(4,316,047	)		4,745,712			(8,079,634	)		2,407,612			(6,226,171	)
Net increase (decrease) in net assets resulting from operations		961,665			(2,240,112	)		5,790,477			(5,168,488	)		2,797,472			(4,345,343	)
Contributions and (Withdrawals):
Payments received from policyowners		850,695			902,527			6,045,232			3,252,940			2,548,163			2,461,374
Cost of insurance		(283,094	)		(274,477	)		(1,594,628	)		(987,729	)		(944,867	)		(877,811	)
Policyowners’ surrenders		(122,738	)		(84,338	)		(332,136	)		(257,859	)		(400,470	)		(346,704	)
Net transfers from (to) Fixed Account		(42,726	)		(270,652	)		259,204			120,680			(276,003	)		(41,290	)
Transfers between Investment Divisions		(1,029,400	)		947,349			1,116,202			(1,465,795	)		(18,422	)		1,384,933
Policyowners’ death benefits		(30,993	)		(3,025	)		(8,730	)		(20,205	)		(25,761	)		(53,282	)
Net contributions and (withdrawals)		(658,256	)		1,217,384			5,485,144			642,032			882,640			2,527,220
Increase (decrease) in net assets		303,409			(1,022,728	)		11,275,621			(4,526,456	)		3,680,112			(1,818,123	)
NET ASSETS:
Beginning of period		6,281,398			7,304,126			13,568,726			18,095,182			17,212,868			19,030,991
End of period	$	6,584,807		$	6,281,398		$	24,844,347		$	13,568,726		$	20,892,980		$	17,212,868

Not all investment divisions are available under all policies.

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

63

NYLIAC VUL Separate Account-I

Statement of Changes in Net Assets (Continued)

For the years ended December 31, 2023

and December 31, 2022

	American Funds IS Washington Mutual Investors FundSM— Class 2						BlackRock® Global Allocation V.I. Fund— Class I						BlackRock® High Yield V.I. Fund— Class I
	2023			2022			2023			2022			2023			2022
INCREASE (DECREASE) IN NET ASSETS:
Operations:
Net investment income (loss)	$	212,600		$	190,548		$	506,794		$	(30,153	)	$	532,575		$	376,346
Net realized gain (loss) on investments		16,037			63,305			(186,263	)		(157,330	)		(50,462	)		(72,807	)
Realized gain distribution received		104,948			2,301,725			—			289,384			—			—
Change in unrealized appreciation (depreciation) on investments		1,549,264			(3,432,589	)		2,486,052			(4,323,640	)		562,229			(1,123,845	)
Net increase (decrease) in net assets resulting from operations		1,882,849			(877,011	)		2,806,583			(4,221,739	)		1,044,342			(820,306	)
Contributions and (Withdrawals):
Payments received from policyowners		2,319,895			1,838,730			2,011,897			2,431,532			1,457,909			1,149,135
Cost of insurance		(755,655	)		(675,311	)		(1,066,241	)		(1,032,382	)		(531,980	)		(434,520	)
Policyowners’ surrenders		(221,614	)		(148,849	)		(676,375	)		(541,581	)		(186,362	)		(330,927	)
Net transfers from (to) Fixed Account		45,056			83,460			(444,867	)		73,299			41,953			68,259
Transfers between Investment Divisions		(636,242	)		319,745			137,892			743,665			919,876			75,374
Policyowners’ death benefits		(20,259	)		(24,183	)		(72,363	)		(356,213	)		(24,989	)		(41,775	)
Net contributions and (withdrawals)		731,181			1,393,592			(110,057	)		1,318,320			1,676,407			485,546
Increase (decrease) in net assets		2,614,030			516,581			2,696,526			(2,903,419	)		2,720,749			(334,760	)
NET ASSETS:
Beginning of period		10,726,052			10,209,471			22,389,078			25,292,497			7,190,044			7,524,804
End of period	$	13,340,082		$	10,726,052		$	25,085,604		$	22,389,078		$	9,910,793		$	7,190,044

Not all investment divisions are available under all policies.

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

64

NYLIAC VUL Separate Account-I

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— Initial Shares						BNY Mellon VIF Opportunistic Small Cap Portfolio— Initial Shares
	2023			2022			2023			2022(a)			2023			2022
INCREASE (DECREASE) IN NET ASSETS:
Operations:
Net investment income (loss)	$	(84,506	)	$	(81,767	)	$	466		$	(3	)	$	11,189		$	—
Net realized gain (loss) on investments		813,448			942,015			245			(295	)		35,878			33,699
Realized gain distribution received		—			4,702,637			9,549			—			75,411			710,752
Change in unrealized appreciation (depreciation) on investments		24,054,505			(38,937,623	)		22,306			(361	)		187,783			(1,416,880	)
Net increase (decrease) in net assets resulting from operations		24,783,447			(33,374,738	)		32,566			(659	)		310,261			(672,429	)
Contributions and (Withdrawals):
Payments received from policyowners		6,450,341			5,659,403			87,627			8,458			2,081			2,442
Cost of insurance		(2,858,257	)		(2,538,306	)		(18,338	)		(1,427	)		(56,983	)		(50,189	)
Policyowners’ surrenders		(1,548,754	)		(1,348,686	)		(1,156	)		(85	)		—			(10,574	)
Net transfers from (to) Fixed Account		(506,096	)		(123,116	)		(5,640	)		(1,200	)		(218	)		(1,836	)
Transfers between Investment Divisions		(229,253	)		1,798,291			201,541			11,740			18,793			93,565
Policyowners’ death benefits		(318,670	)		(293,283	)		—			—			—			—
Net contributions and (withdrawals)		989,311			3,154,303			264,034			17,486			(36,327	)		33,408
Increase (decrease) in net assets		25,772,758			(30,220,435	)		296,600			16,827			273,934			(639,021	)
NET ASSETS:
Beginning of period		40,832,119			71,052,554			16,827			—			3,349,388			3,988,409
End of period	$	66,604,877		$	40,832,119		$	313,427		$	16,827		$	3,623,322		$	3,349,388

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

Not all investment divisions are available under all policies.

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

65

NYLIAC VUL Separate Account-I

Statement of Changes in Net Assets (Continued)

For the years ended December 31, 2023

and December 31, 2022

	ClearBridge Variable Appreciation Portfolio— Class I						Columbia  Variable Portfolio— Commodity Strategy Fund— Class 1						Columbia Variable Portfolio— Emerging Markets Bond Fund— Class 1
	2023			2022			2023			2022			2023			2022
INCREASE (DECREASE) IN NET ASSETS:
Operations:
Net investment income (loss)	$	38,474		$	35,510		$	199,707		$	266,676		$	246,431		$	174,800
Net realized gain (loss) on investments		44,779			104,377			(26,000	)		69,288			(46,132	)		(34,476	)
Realized gain distribution received		117,289			169,185			—			—			—			—
Change in unrealized appreciation (depreciation) on investments		521,673			(775,168	)		(239,289	)		(117,996	)		261,373			(813,720	)
Net increase (decrease) in net assets resulting from operations		722,215			(466,096	)		(65,582	)		217,968			461,672			(673,396	)
Contributions and (Withdrawals):
Payments received from policyowners		903,639			860,479			79,351			105,539			731,044			788,913
Cost of insurance		(326,009	)		(282,627	)		(45,415	)		(49,827	)		(287,314	)		(281,667	)
Policyowners’ surrenders		(99,958	)		(62,838	)		(16,075	)		(33,716	)		(110,951	)		(90,945	)
Net transfers from (to) Fixed Account		(20,304	)		27,627			(108,097	)		(28,590	)		(44,817	)		(86,417	)
Transfers between Investment Divisions		(52,970	)		(433,724	)		24,576			(255,399	)		48,031			654,663
Policyowners’ death benefits		(878	)		(57,087	)		(1,272	)		—			(1,852	)		(6,194	)
Net contributions and (withdrawals)		403,520			51,830			(66,932	)		(261,993	)		334,141			978,353
Increase (decrease) in net assets		1,125,735			(414,266	)		(132,514	)		(44,025	)		795,813			304,957
NET ASSETS:
Beginning of period		3,479,367			3,893,633			999,714			1,043,739			4,195,362			3,890,405
End of period	$	4,605,102		$	3,479,367		$	867,200		$	999,714		$	4,991,175		$	4,195,362

Not all investment divisions are available under all policies.

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

66

NYLIAC VUL Separate Account-I

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 1						Columbia Variable Portfolio— Small Cap Value Fund— Class 2						Delaware VIP® Emerging Markets Series— Standard Class
	2023			2022(a)			2023			2022			2023			2022
INCREASE (DECREASE) IN NET ASSETS:
Operations:
Net investment income (loss)	$	1,515		$	204		$	130		$	162		$	105,387		$	308,652
Net realized gain (loss) on investments		4,549			(1	)		(2,966	)		(20	)		(105,199	)		203,683
Realized gain distribution received		—			4			2,206			12,759			—			—
Change in unrealized appreciation (depreciation) on investments		17,464			1,005			6,802			(16,100	)		936,260			(3,187,104	)
Net increase (decrease) in net assets resulting from operations		23,528			1,212			6,172			(3,199	)		936,448			(2,674,769	)
Contributions and (Withdrawals):
Payments received from policyowners		4,717			1,046			1,324			1,508			728,512			889,774
Cost of insurance		(3,034	)		(601	)		(714	)		(774	)		(265,241	)		(278,137	)
Policyowners’ surrenders		—			—			(1,060	)		—			(214,406	)		(101,406	)
Net transfers from (to) Fixed Account		3,630			446			1			107			(90,793	)		(103,962	)
Transfers between Investment Divisions		143,133			178,092			—			—			(139,697	)		(1,263,039	)
Policyowners’ death benefits		—			—			(4,213	)		—			(7,547	)		(216	)
Net contributions and (withdrawals)		148,446			178,983			(4,662	)		841			10,828			(856,986	)
Increase (decrease) in net assets		171,974			180,195			1,510			(2,358	)		947,276			(3,531,755	)
NET ASSETS:
Beginning of period		180,195			—			33,189			35,547			6,837,850			10,369,605
End of period	$	352,169		$	180,195		$	34,699		$	33,189		$	7,785,126		$	6,837,850

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

Not all investment divisions are available under all policies.

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

67

NYLIAC VUL Separate Account-I

Statement of Changes in Net Assets (Continued)

For the years ended December 31, 2023

and December 31, 2022

	Delaware VIP® International Series— Standard Class						Delaware VIP® Small Cap Value Series— Standard Class						DFA VA Global Bond Portfolio
	2023			2022			2023			2022			2023			2022
INCREASE (DECREASE) IN NET ASSETS:
Operations:
Net investment income (loss)	$	20		$	29		$	105,173		$	87,661		$	1,319		$	528
Net realized gain (loss) on investments		(110	)		(14	)		(103,924	)		(41,786	)		(146	)		(4,433	)
Realized gain distribution received		—			161			531,800			866,125			—			—
Change in unrealized appreciation (depreciation) on investments		306			(577	)		655,941			(2,604,717	)		459			(1,241	)
Net increase (decrease) in net assets resulting from operations		216			(401	)		1,188,990			(1,692,717	)		1,632			(5,146	)
Contributions and (Withdrawals):
Payments received from policyowners		—			—			1,524,546			1,509,855			1,053			2,335
Cost of insurance		(63	)		(65	)		(511,268	)		(499,974	)		(1,348	)		(1,538	)
Policyowners’ surrenders		—			—			(332,509	)		(199,855	)		—			—
Net transfers from (to) Fixed Account		(578	)		—			(2,454	)		(138,544	)		(3	)		(3	)
Transfers between Investment Divisions		1			(1	)		184,633			(688,435	)		—			(87,000	)
Policyowners’ death benefits		—			—			(53,028	)		(5,246	)		—			—
Net contributions and (withdrawals)		(640	)		(66	)		809,920			(22,199	)		(298	)		(86,206	)
Increase (decrease) in net assets		(424	)		(467	)		1,998,910			(1,714,916	)		1,334			(91,352	)
NET ASSETS:
Beginning of period		1,852			2,319			12,266,582			13,981,498			32,387			123,739
End of period	$	1,428		$	1,852		$	14,265,492		$	12,266,582		$	33,721		$	32,387

Not all investment divisions are available under all policies.

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

68

NYLIAC VUL Separate Account-I

Statement of Changes in Net Assets (Continued)

For the years ended December 31, 2023

and December 31, 2022

	DFA VA International Small Portfolio						DFA VA International Value Portfolio						DFA VA Short-Term Fixed Portfolio
	2023			2022			2023			2022			2023			2022
INCREASE (DECREASE) IN NET ASSETS:
Operations:
Net investment income (loss)	$	4,361		$	3,396		$	11,749		$	8,725		$	4,334		$	1,426
Net realized gain (loss) on investments		(37	)		(76	)		1,229			414			(10	)		(2,810	)
Realized gain distribution received		—			2,312			2,345			2,425			—			—
Change in unrealized appreciation (depreciation) on investments		13,831			(32,945	)		24,192			(19,230	)		1,119			(1,558	)
Net increase (decrease) in net assets resulting from operations		18,155			(27,313	)		39,515			(7,666	)		5,443			(2,942	)
Contributions and (Withdrawals):
Payments received from policyowners		5,033			6,275			5,952			9,701			8,229			8,222
Cost of insurance		(5,433	)		(5,122	)		(8,479	)		(7,536	)		(7,585	)		(7,394	)
Policyowners’ surrenders		—			—			—			—			—			—
Net transfers from (to) Fixed Account		(5	)		(4	)		—			—			—			—
Transfers between Investment Divisions		125			(91	)		(21	)		—			—			(163,000	)
Policyowners’ death benefits		—			—			—			—			—			—
Net contributions and (withdrawals)		(280	)		1,058			(2,548	)		2,165			644			(162,172	)
Increase (decrease) in net assets		17,875			(26,255	)		36,967			(5,501	)		6,087			(165,114	)
NET ASSETS:
Beginning of period		128,917			155,172			222,330			227,831			108,782			273,896
End of period	$	146,792		$	128,917		$	259,297		$	222,330		$	114,869		$	108,782

Not all investment divisions are available under all policies.

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

69

NYLIAC VUL Separate Account-I

Statement of Changes in Net Assets (Continued)

For the years ended December 31, 2023

and December 31, 2022

	DFA VA U.S. Large Value Portfolio						DFA VA U.S. Targeted Value Portfolio						DWS Alternative Asset Allocation VIP— Class A
	2023			2022			2023			2022			2023			2022
INCREASE (DECREASE) IN NET ASSETS:
Operations:
Net investment income (loss)	$	9,886		$	9,542		$	4,447		$	3,522		$	606,343		$	616,457
Net realized gain (loss) on investments		2,200			2,581			1,455			448			(27,705	)		25,889
Realized gain distribution received		6,025			5,158			19,790			20,861			81,596			8,560
Change in unrealized appreciation (depreciation) on investments		27,478			(39,598	)		26,689			(36,706	)		(108,236	)		(1,319,764	)
Net increase (decrease) in net assets resulting from operations		45,589			(22,317	)		52,381			(11,875	)		551,998			(668,858	)
Contributions and (Withdrawals):
Payments received from policyowners		13,528			18,631			10,169			10,231			1,479,982			1,607,177
Cost of insurance		(20,619	)		(20,397	)		(14,981	)		(14,184	)		(576,757	)		(604,711	)
Policyowners’ surrenders		(34	)		(125	)		—			—			(290,190	)		(216,716	)
Net transfers from (to) Fixed Account		—			—			—			—			(188,345	)		(91,075	)
Transfers between Investment Divisions		(1,270	)		(7,235	)		(21	)		—			121,004			290,991
Policyowners’ death benefits		—			—			—			—			(11,481	)		(11,030	)
Net contributions and (withdrawals)		(8,395	)		(9,126	)		(4,833	)		(3,953	)		534,213			974,636
Increase (decrease) in net assets		37,194			(31,443	)		47,548			(15,828	)		1,086,211			305,778
NET ASSETS:
Beginning of period		423,077			454,520			264,824			280,652			8,717,373			8,411,595
End of period	$	460,271		$	423,077		$	312,372		$	264,824		$	9,803,584		$	8,717,373

Not all investment divisions are available under all policies.

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

70

NYLIAC VUL Separate Account-I

Statement of Changes in Net Assets (Continued)

For the years ended December 31, 2023

and December 31, 2022

	DWS Small Cap Index VIP— Class A						DWS Small Mid Cap Value VIP— Class A						Fidelity® VIP Bond Index Portfolio— Initial Class
	2023			2022			2023			2022			2023			2022
INCREASE (DECREASE) IN NET ASSETS:
Operations:
Net investment income (loss)	$	23,883		$	16,219		$	59,294		$	41,507		$	83,952		$	49,322
Net realized gain (loss) on investments		(73,925	)		(48,456	)		(208,777	)		(52,680	)		(70,985	)		(89,040	)
Realized gain distribution received		70,401			479,740			219,647			82,018			—			—
Change in unrealized appreciation (depreciation) on investments		471,022			(1,116,597	)		689,437			(1,076,851	)		180,365			(513,184	)
Net increase (decrease) in net assets resulting from operations		491,381			(669,094	)		759,601			(1,006,006	)		193,332			(552,902	)
Contributions and (Withdrawals):
Payments received from policyowners		413,678			358,356			528,819			491,561			372,094			354,370
Cost of insurance		(167,188	)		(135,632	)		(226,067	)		(223,608	)		(177,761	)		(163,630	)
Policyowners’ surrenders		(40,579	)		(64,622	)		(141,960	)		(171,969	)		(163,180	)		(32,209	)
Net transfers from (to) Fixed Account		(33,146	)		(42,942	)		(332	)		(19,938	)		46,261			(6,128	)
Transfers between Investment Divisions		218,507			149,942			(367,648	)		32,457			324,081			(266,901	)
Policyowners’ death benefits		(2,635	)		(1,992	)		(24,492	)		(53,596	)		(21,053	)		(594	)
Net contributions and (withdrawals)		388,637			263,110			(231,680	)		54,907			380,442			(115,092	)
Increase (decrease) in net assets		880,018			(405,984	)		527,921			(951,099	)		573,774			(667,994	)
NET ASSETS:
Beginning of period		2,710,394			3,116,378			5,394,570			6,345,669			3,532,650			4,200,644
End of period	$	3,590,412		$	2,710,394		$	5,922,491		$	5,394,570		$	4,106,424		$	3,532,650

Not all investment divisions are available under all policies.

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

71

NYLIAC VUL Separate Account-I

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— Initial Class						Fidelity® VIP Equity-Income PortfolioSM— Initial Class
	2023			2022			2023			2022			2023			2022
INCREASE (DECREASE) IN NET ASSETS:
Operations:
Net investment income (loss)	$	619,400		$	634,368		$	113,367		$	74,598		$	1,481,415		$	1,662,933
Net realized gain (loss) on investments		12,924,979			9,220,741			(138,588	)		(8,687	)		1,356,990			1,082,386
Realized gain distribution received		11,673,267			15,336,228			—			—			2,655,259			3,494,860
Change in unrealized appreciation (depreciation) on investments		67,973,048			(131,952,679	)		466,294			(904,917	)		3,792,156			(11,987,729	)
Net increase (decrease) in net assets resulting from operations		93,190,694			(106,761,342	)		441,073			(839,006	)		9,285,820			(5,747,550	)
Contributions and (Withdrawals):
Payments received from policyowners		16,148,051			16,138,169			1,077,207			1,230,110			5,236,134			5,710,838
Cost of insurance		(13,667,624	)		(12,951,100	)		(358,629	)		(318,916	)		(4,218,623	)		(4,249,108	)
Policyowners’ surrenders		(9,159,894	)		(7,709,462	)		(165,840	)		(70,403	)		(2,378,181	)		(2,356,696	)
Net transfers from (to) Fixed Account		(3,567,444	)		(2,987,270	)		(68,976	)		(93,633	)		(6,857,406	)		(884,184	)
Transfers between Investment Divisions		(6,152,845	)		689,419			262,891			(68,957	)		(8,358,746	)		1,236,923
Policyowners’ death benefits		(2,210,403	)		(2,157,640	)		—			(3,983	)		(429,445	)		(851,290	)
Net contributions and (withdrawals)		(18,610,159	)		(8,977,884	)		746,653			674,218			(17,006,267	)		(1,393,517	)
Increase (decrease) in net assets		74,580,535			(115,739,226	)		1,187,726			(164,788	)		(7,720,447	)		(7,141,067	)
NET ASSETS:
Beginning of period		289,596,783			405,336,009			4,381,063			4,545,851			103,752,750			110,893,817
End of period	$	364,177,318		$	289,596,783		$	5,568,789		$	4,381,063		$	96,032,303		$	103,752,750

Not all investment divisions are available under all policies.

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

72

NYLIAC VUL Separate Account-I

Statement of Changes in Net Assets (Continued)

For the years ended December 31, 2023

and December 31, 2022

	Fidelity® VIP Freedom 2020 PortfolioSM— Initial Class						Fidelity® VIP Freedom 2030 PortfolioSM— Initial Class						Fidelity® VIP Freedom 2040 PortfolioSM— Initial Class
	2023			2022			2023			2022			2023			2022
INCREASE (DECREASE) IN NET ASSETS:
Operations:
Net investment income (loss)	$	39,878		$	35,069		$	151,490		$	117,258		$	117,643		$	112,527
Net realized gain (loss) on investments		(132,699	)		(18,731	)		17,046			(7,320	)		90,226			24,667
Realized gain distribution received		9,886			211,965			—			437,320			111,955			612,988
Change in unrealized appreciation (depreciation) on investments		252,796			(587,905	)		725,476			(1,832,563	)		1,087,429			(2,337,039	)
Net increase (decrease) in net assets resulting from operations		169,861			(359,602	)		894,012			(1,285,305	)		1,407,253			(1,586,857	)
Contributions and (Withdrawals):
Payments received from policyowners		77,605			87,104			691,337			663,831			1,449,825			1,073,580
Cost of insurance		(81,328	)		(108,684	)		(344,504	)		(307,489	)		(474,131	)		(356,688	)
Policyowners’ surrenders		(459,401	)		(85,315	)		(113,155	)		(130,010	)		(203,510	)		(52,017	)
Net transfers from (to) Fixed Account		(19,969	)		(17,131	)		(413,518	)		(233,493	)		26,102			(166,002	)
Transfers between Investment Divisions		29,432			(179,878	)		(186,931	)		221,057			(697,417	)		55,030
Policyowners’ death benefits		—			—			(14,962	)		(7,539	)		(6,411	)		—
Net contributions and (withdrawals)		(453,661	)		(303,904	)		(381,733	)		206,357			94,458			553,903
Increase (decrease) in net assets		(283,800	)		(663,506	)		512,279			(1,078,948	)		1,501,711			(1,032,954	)
NET ASSETS:
Beginning of period		1,770,659			2,434,165			6,376,854			7,455,802			7,372,466			8,405,420
End of period	$	1,486,859		$	1,770,659		$	6,889,133		$	6,376,854		$	8,874,177		$	7,372,466

Not all investment divisions are available under all policies.

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

73

NYLIAC VUL Separate Account-I

Statement of Changes in Net Assets (Continued)

For the years ended December 31, 2023

and December 31, 2022

	Fidelity® VIP Growth Opportunities Portfolio— Initial Class						Fidelity® VIP Growth Portfolio— Initial Class						Fidelity® VIP Health Care Portfolio— Initial Class
	2023			2022			2023			2022			2023			2022
INCREASE (DECREASE) IN NET ASSETS:
Operations:
Net investment income (loss)	$	(56,901	)	$	(51,533	)	$	16,172		$	71,252		$	(19,130	)	$	(16,093	)
Net realized gain (loss) on investments		207,257			427,008			317,049			116,696			(86,439	)		(111	)
Realized gain distribution received		—			5,901,545			580,869			857,561			—			561,684
Change in unrealized appreciation (depreciation) on investments		14,877,524			(23,035,573	)		2,890,453			(4,486,624	)		612,532			(1,769,848	)
Net increase (decrease) in net assets resulting from operations		15,027,880			(16,758,553	)		3,804,543			(3,441,115	)		506,963			(1,224,368	)
Contributions and (Withdrawals):
Payments received from policyowners		8,163,632			7,143,984			4,189			1,548			2,970,645			2,220,504
Cost of insurance		(2,715,380	)		(2,285,315	)		(196,605	)		(150,402	)		(854,513	)		(705,325	)
Policyowners’ surrenders		(843,591	)		(531,002	)		—			—			(208,398	)		(244,408	)
Net transfers from (to) Fixed Account		(300,509	)		(238,617	)		(837	)		(34,166	)		123,941			52,334
Transfers between Investment Divisions		2,757,552			959,324			(168,512	)		(24,539	)		1,780,880			(1,090,079	)
Policyowners’ death benefits		(193,166	)		(89,018	)		—			—			(5,984	)		(3,125	)
Net contributions and (withdrawals)		6,868,538			4,959,356			(361,765	)		(207,559	)		3,806,571			229,901
Increase (decrease) in net assets		21,896,418			(11,799,197	)		3,442,778			(3,648,674	)		4,313,534			(994,467	)
NET ASSETS:
Beginning of period		30,409,315			42,208,512			10,511,596			14,160,270			8,870,071			9,864,538
End of period	$	52,305,733		$	30,409,315		$	13,954,374		$	10,511,596		$	13,183,605		$	8,870,071

Not all investment divisions are available under all policies.

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

74

NYLIAC VUL Separate Account-I

Statement of Changes in Net Assets (Continued)

For the years ended December 31, 2023

and December 31, 2022

	Fidelity® VIP Index 500 Portfolio— Initial Class						Fidelity® VIP International Index Portfolio— Initial Class						Fidelity® VIP Investment Grade Bond Portfolio— Initial Class
	2023			2022			2023			2022			2023			2022
INCREASE (DECREASE) IN NET ASSETS:
Operations:
Net investment income (loss)	$	525,863		$	489,991		$	273,499		$	143,954		$	77,560		$	52,039
Net realized gain (loss) on investments		236,330			661,484			(16,175	)		(25,159	)		(25,118	)		(19,032	)
Realized gain distribution received		313,531			255,237			—			—			—			118,672
Change in unrealized appreciation (depreciation) on investments		7,090,006			(8,449,745	)		1,065,602			(1,197,942	)		106,288			(482,054	)
Net increase (decrease) in net assets resulting from operations		8,165,730			(7,043,033	)		1,322,926			(1,079,147	)		158,730			(330,375	)
Contributions and (Withdrawals):
Payments received from policyowners		89,262			83,539			994,921			733,983			56,349			50,871
Cost of insurance		(287,140	)		(304,757	)		(373,020	)		(272,502	)		(90,528	)		(51,214	)
Policyowners’ surrenders		(23,054	)		(37,706	)		(251,532	)		(60,586	)		(27,212	)		(10,622	)
Net transfers from (to) Fixed Account		(18,249	)		(168,635	)		122,910			(11,568	)		(99,827	)		6,879
Transfers between Investment Divisions		319,681			(371,954	)		2,535,859			1,753,459			912,956			33,765
Policyowners’ death benefits		—			—			—			—			—			—
Net contributions and (withdrawals)		80,500			(799,513	)		3,029,138			2,142,786			751,738			29,679
Increase (decrease) in net assets		8,246,230			(7,842,546	)		4,352,064			1,063,639			910,468			(300,696	)
NET ASSETS:
Beginning of period		31,188,211			39,030,757			6,900,478			5,836,839			2,198,272			2,498,968
End of period	$	39,434,441		$	31,188,211		$	11,252,542		$	6,900,478		$	3,108,740		$	2,198,272

Not all investment divisions are available under all policies.

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

75

NYLIAC VUL Separate Account-I

Statement of Changes in Net Assets (Continued)

For the years ended December 31, 2023

and December 31, 2022

	Fidelity® VIP Mid Cap Portfolio— Initial Class						Fidelity® VIP Overseas Portfolio— Initial Class						Franklin Templeton Aggressive Model Portfolio— Class I
	2023			2022			2023			2022			2023			2022
INCREASE (DECREASE) IN NET ASSETS:
Operations:
Net investment income (loss)	$	115,570		$	83,619		$	80,445		$	80,088		$	721,188		$	781,324
Net realized gain (loss) on investments		(44,713	)		(4,186	)		173,467			44,489			(11,027	)		(9,840	)
Realized gain distribution received		598,535			1,276,058			20,346			65,288			226,997			932,623
Change in unrealized appreciation (depreciation) on investments		2,332,568			(4,594,847	)		1,139,198			(2,427,327	)		7,491,339			(4,644,034	)
Net increase (decrease) in net assets resulting from operations		3,001,960			(3,239,356	)		1,413,456			(2,237,462	)		8,428,497			(2,939,927	)
Contributions and (Withdrawals):
Payments received from policyowners		2,301,629			2,145,512			15,916			34,817			33,182,195			22,996,824
Cost of insurance		(933,358	)		(853,823	)		(135,836	)		(103,500	)		(9,076,757	)		(5,798,659	)
Policyowners’ surrenders		(437,036	)		(309,126	)		(1,577	)		(28,778	)		(1,669,158	)		(474,854	)
Net transfers from (to) Fixed Account		73,558			(126,719	)		(5,792	)		60,430			4,738,469			2,553,923
Transfers between Investment Divisions		291,001			282,535			(186,831	)		183,826			1,986,277			862,382
Policyowners’ death benefits		(27,565	)		(23,089	)		—			—			(1,660	)		(4,682	)
Net contributions and (withdrawals)		1,268,229			1,115,290			(314,120	)		146,795			29,159,366			20,134,934
Increase (decrease) in net assets		4,270,189			(2,124,066	)		1,099,336			(2,090,667	)		37,587,863			17,195,007
NET ASSETS:
Beginning of period		19,312,555			21,436,621			7,081,931			9,172,598			30,967,350			13,772,343
End of period	$	23,582,744		$	19,312,555		$	8,181,267		$	7,081,931		$	68,555,213		$	30,967,350

Not all investment divisions are available under all policies.

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

76

NYLIAC VUL Separate Account-I

Statement of Changes in Net Assets (Continued)

For the years ended December 31, 2023

and December 31, 2022

	Franklin Templeton Conservative Model Portfolio— Class I						Franklin Templeton Moderate Model Portfolio— Class I						Franklin Templeton Moderately Aggressive Model Portfolio— Class I
	2023			2022			2023			2022			2023			2022
INCREASE (DECREASE) IN NET ASSETS:
Operations:
Net investment income (loss)	$	81,300		$	50,130		$	236,418		$	214,120		$	750,031		$	682,919
Net realized gain (loss) on investments		(146,862	)		(41,332	)		(140,800	)		(58,394	)		(958	)		12,761
Realized gain distribution received		—			2,794			35,224			66,689			157,254			421,024
Change in unrealized appreciation (depreciation) on investments		263,415			(193,731	)		1,174,834			(1,250,551	)		5,203,134			(3,893,640	)
Net increase (decrease) in net assets resulting from operations		197,853			(182,139	)		1,305,676			(1,028,136	)		6,109,461			(2,776,936	)
Contributions and (Withdrawals):
Payments received from policyowners		653,901			397,216			5,191,330			4,292,344			22,857,970			15,937,984
Cost of insurance		(273,676	)		(147,180	)		(1,687,625	)		(1,135,054	)		(6,919,876	)		(4,529,229	)
Policyowners’ surrenders		(47,723	)		(16,390	)		(763,336	)		(120,377	)		(1,397,852	)		(613,081	)
Net transfers from (to) Fixed Account		67,426			84,207			110,567			192,154			5,286,716			3,908,767
Transfers between Investment Divisions		(141,470	)		501,680			1,347,332			136,481			857,591			1,916,880
Policyowners’ death benefits		(3,678	)		—			(79,347	)		(83,290	)		(2,218	)		(2,124	)
Net contributions and (withdrawals)		254,780			819,533			4,118,921			3,282,258			20,682,331			16,619,197
Increase (decrease) in net assets		452,633			637,394			5,424,597			2,254,122			26,791,792			13,842,261
NET ASSETS:
Beginning of period		1,989,154			1,351,760			7,914,344			5,660,222			27,124,010			13,281,749
End of period	$	2,441,787		$	1,989,154		$	13,338,941		$	7,914,344		$	53,915,802		$	27,124,010

Not all investment divisions are available under all policies.

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

77

NYLIAC VUL Separate Account-I

Statement of Changes in Net Assets (Continued)

For the years ended December 31, 2023

and December 31, 2022

	Franklin Templeton Moderately Conservative Model Portfolio— Class I						Invesco V.I. EQV International Equity Fund— Series I Shares						Invesco V.I. Global Real Estate Fund— Series I Shares
	2023			2022			2023			2022			2023			2022
INCREASE (DECREASE) IN NET ASSETS:
Operations:
Net investment income (loss)	$	121,814		$	70,952		$	24,282		$	326,132		$	211		$	511
Net realized gain (loss) on investments		(105,359	)		(36,842	)		(77,521	)		7,146			(1,424	)		(34	)
Realized gain distribution received		—			7,151			15,542			2,188,408			—			—
Change in unrealized appreciation (depreciation) on investments		380,542			(408,360	)		3,471,396			(6,740,456	)		2,341			(5,493	)
Net increase (decrease) in net assets resulting from operations		396,997			(367,099	)		3,433,699			(4,218,770	)		1,128			(5,016	)
Contributions and (Withdrawals):
Payments received from policyowners		1,162,475			631,524			2,053,887			2,197,397			1,203			1,428
Cost of insurance		(459,579	)		(318,047	)		(881,696	)		(863,125	)		(362	)		(446	)
Policyowners’ surrenders		(266,226	)		(122,446	)		(666,239	)		(487,727	)		(491	)		—
Net transfers from (to) Fixed Account		658,832			(201,634	)		(396,991	)		(310,874	)		(6	)		(6	)
Transfers between Investment Divisions		474,300			364,853			(492,991	)		(128,855	)		244			89
Policyowners’ death benefits		—			(268	)		(59,468	)		(72,143	)		(2,832	)		—
Net contributions and (withdrawals)		1,569,802			353,982			(443,498	)		334,673			(2,244	)		1,065
Increase (decrease) in net assets		1,966,799			(13,117	)		2,990,201			(3,884,097	)		(1,116	)		(3,951	)
NET ASSETS:
Beginning of period		2,808,744			2,821,861			19,177,043			23,061,140			15,844			19,795
End of period	$	4,775,543		$	2,808,744		$	22,167,244		$	19,177,043		$	14,728		$	15,844

Not all investment divisions are available under all policies.

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

78

NYLIAC VUL Separate Account-I

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 I Shares						Janus Henderson Enterprise Portfolio— Institutional Shares						Janus Henderson Forty Portfolio— Institutional Shares
	2023			2022			2023			2022			2023			2022
INCREASE (DECREASE) IN NET ASSETS:
Operations:
Net investment income (loss)	$	22,303		$	9,606		$	8,706		$	13,302		$	266		$	280
Net realized gain (loss) on investments		(51,871	)		(75,754	)		(30,618	)		757,393			(2,551	)		20
Realized gain distribution received		—			226,777			1,278,522			2,585,772			—			22,232
Change in unrealized appreciation (depreciation) on investments		371,581			(402,891	)		1,813,705			(6,452,701	)		47,833			(46,854	)
Net increase (decrease) in net assets resulting from operations		342,013			(242,262	)		3,070,315			(3,096,234	)		45,548			(24,322	)
Contributions and (Withdrawals):
Payments received from policyowners		561,463			368,728			2,388,547			2,038,762			—			—
Cost of insurance		(128,276	)		(100,239	)		(818,853	)		(715,050	)		(1,653	)		(1,408	)
Policyowners’ surrenders		(123,984	)		(37,907	)		(369,940	)		(261,651	)		—			—
Net transfers from (to) Fixed Account		(3,730	)		33,213			(64,499	)		(48,716	)		(16,061	)		(1,081	)
Transfers between Investment Divisions		134,634			502,095			1,938,246			(3,643,744	)		—			125,500
Policyowners’ death benefits		—			—			(6,635	)		(3,901	)		—			—
Net contributions and (withdrawals)		440,107			765,890			3,066,866			(2,634,300	)		(17,714	)		123,011
Increase (decrease) in net assets		782,120			523,628			6,137,181			(5,730,534	)		27,834			98,689
NET ASSETS:
Beginning of period		1,594,396			1,070,768			15,677,815			21,408,349			126,997			28,308
End of period	$	2,376,516		$	1,594,396		$	21,814,996		$	15,677,815		$	154,831		$	126,997

Not all investment divisions are available under all policies.

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

79

NYLIAC VUL Separate Account-I

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						LVIP Baron Growth Opportunities Fund—Service Class						LVIP Delaware Diversified Income Fund— Standard Class
	2023			2022			2023			2022			2023			2022
INCREASE (DECREASE) IN NET ASSETS:
Operations:
Net investment income (loss)	$	516,757		$	629,786		$	—		$	—		$	2,263		$	1,794
Net realized gain (loss) on investments		4,014,766			3,029,345			(299	)		765			(332	)		(40	)
Realized gain distribution received		3,141,906			12,075,134			311			1,757			—			111
Change in unrealized appreciation (depreciation) on investments		18,173,452			(41,495,359	)		1,842			(9,585	)		1,426			(9,687	)
Net increase (decrease) in net assets resulting from operations		25,846,881			(25,761,094	)		1,854			(7,063	)		3,357			(7,822	)
Contributions and (Withdrawals):
Payments received from policyowners		5,246,278			5,446,950			20			213			3,987			4,613
Cost of insurance		(5,082,490	)		(4,943,018	)		(305	)		(423	)		(1,109	)		(1,123	)
Policyowners’ surrenders		(3,013,104	)		(2,638,682	)		—			(3,331	)		(1,956	)		—
Net transfers from (to) Fixed Account		(1,042,787	)		(395,244	)		(14,995	)		—			(42	)		(43	)
Transfers between Investment Divisions		(1,818,171	)		44,257			376			1,306			2,048			(34	)
Policyowners’ death benefits		(436,866	)		(907,070	)		—			—			—			—
Net contributions and (withdrawals)		(6,147,140	)		(3,392,807	)		(14,904	)		(2,235	)		2,928			3,413
Increase (decrease) in net assets		19,699,741			(29,153,901	)		(13,050	)		(9,298	)		6,285			(4,409	)
NET ASSETS:
Beginning of period		101,509,824			130,663,725			18,010			27,308			51,197			55,606
End of period	$	121,209,565		$	101,509,824		$	4,960		$	18,010		$	57,482		$	51,197

Not all investment divisions are available under all policies.

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

80

NYLIAC VUL Separate Account-I

Statement of Changes in Net Assets (Continued)

For the years ended December 31, 2023

and December 31, 2022

	LVIP Delaware Value Fund— Standard Class						LVIP SSgA Mid-Cap Index Fund— Standard Class						MFS® International Intrinsic Value Portfolio— Initial Class
	2023			2022			2023			2022			2023			2022
INCREASE (DECREASE) IN NET ASSETS:
Operations:
Net investment income (loss)	$	1,500		$	1,674		$	26,982		$	22,937		$	108,829		$	107,042
Net realized gain (loss) on investments		(1,633	)		(162	)		5,929			38,603			106,007			407,122
Realized gain distribution received		4,205			6,459			122,524			188,420			1,398,347			734,835
Change in unrealized appreciation (depreciation) on investments		(958	)		(11,009	)		147,790			(513,772	)		1,347,865			(6,223,208	)
Net increase (decrease) in net assets resulting from operations		3,114			(3,038	)		303,225			(263,812	)		2,961,048			(4,974,209	)
Contributions and (Withdrawals):
Payments received from policyowners		5,334			5,962			280,018			228,915			1,885,295			1,903,446
Cost of insurance		(1,788	)		(1,869	)		(93,529	)		(80,110	)		(791,694	)		(739,351	)
Policyowners’ surrenders		(9,182	)		—			(31,580	)		(27,925	)		(421,009	)		(165,986	)
Net transfers from (to) Fixed Account		(36	)		15			37,589			(10,186	)		(93,937	)		141,369
Transfers between Investment Divisions		1,647			(3,211	)		100,835			(36,122	)		266,128			(789,477	)
Policyowners’ death benefits		—			—			(13,479	)		(2,141	)		(99,447	)		(85,488	)
Net contributions and (withdrawals)		(4,025	)		897			279,854			72,431			745,336			264,513
Increase (decrease) in net assets		(911	)		(2,141	)		583,079			(191,381	)		3,706,384			(4,709,696	)
NET ASSETS:
Beginning of period		90,974			93,115			1,735,593			1,926,974			16,680,386			21,390,082
End of period	$	90,063		$	90,974		$	2,318,672		$	1,735,593		$	20,386,770		$	16,680,386

Not all investment divisions are available under all policies.

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

81

NYLIAC VUL Separate Account-I

Statement of Changes in Net Assets (Continued)

For the years ended December 31, 2023

and December 31, 2022

	MFS® Investors Trust Series— Initial Class						MFS® Mid Cap Value Portfolio— Initial Class						MFS® New Discovery Series— Initial Class
	2023			2022			2023			2022			2023			2022
INCREASE (DECREASE) IN NET ASSETS:
Operations:
Net investment income (loss)	$	99,245		$	84,312		$	206,391		$	108,484		$	(7,765	)	$	(8,621	)
Net realized gain (loss) on investments		89,627			217,343			260,890			275,827			(349,429	)		(157,446	)
Realized gain distribution received		828,861			1,783,067			418,317			1,028,093			—			3,396,559
Change in unrealized appreciation (depreciation) on investments		1,539,639			(4,713,265	)		680,358			(2,538,812	)		1,868,117			(7,686,404	)
Net increase (decrease) in net assets resulting from operations		2,557,372			(2,628,543	)		1,565,956			(1,126,408	)		1,510,923			(4,455,912	)
Contributions and (Withdrawals):
Payments received from policyowners		1,882,229			2,013,742			1,270,943			1,284,333			749,555			803,237
Cost of insurance		(826,862	)		(831,990	)		(485,302	)		(441,821	)		(341,070	)		(344,395	)
Policyowners’ surrenders		(458,775	)		(393,087	)		(221,350	)		(147,347	)		(181,399	)		(67,365	)
Net transfers from (to) Fixed Account		(305,914	)		(188,855	)		(24,739	)		(78,549	)		(70,188	)		(72,961	)
Transfers between Investment Divisions		(61,917	)		(509,909	)		(765,955	)		1,298,866			104,859			(1,021,901	)
Policyowners’ death benefits		(17,262	)		(30,407	)		(13,453	)		(2,496	)		(32,106	)		(707	)
Net contributions and (withdrawals)		211,499			59,494			(239,856	)		1,912,986			229,651			(704,092	)
Increase (decrease) in net assets		2,768,871			(2,569,049	)		1,326,100			786,578			1,740,574			(5,160,004	)
NET ASSETS:
Beginning of period		13,362,515			15,931,564			12,486,553			11,699,975			10,325,078			15,485,082
End of period	$	16,131,386		$	13,362,515		$	13,812,653		$	12,486,553		$	12,065,652		$	10,325,078

Not all investment divisions are available under all policies.

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

82

NYLIAC VUL Separate Account-I

Statement of Changes in Net Assets (Continued)

For the years ended December 31, 2023

and December 31, 2022

	MFS® Research International Portfolio— Initial Class						MFS® Research Series— Initial Class						MFS® Total Return Bond Series— Initial Class
	2023			2022(a)			2023			2022			2023			2022
INCREASE (DECREASE) IN NET ASSETS:
Operations:
Net investment income (loss)	$	10,152		$	8,955		$	22,825		$	18,769		$	317		$	261
Net realized gain (loss) on investments		5,873			(1,090	)		(5,270	)		37,777			(2,257	)		(234	)
Realized gain distribution received		—			11,124			307,869			646,973			—			110
Change in unrealized appreciation (depreciation) on investments		76,686			(16,597	)		794,866			(1,738,170	)		1,955			(1,719	)
Net increase (decrease) in net assets resulting from operations		92,711			2,392			1,120,290			(1,034,651	)		15			(1,582	)
Contributions and (Withdrawals):
Payments received from policyowners		81,356			17,330			817,264			883,842			—			—
Cost of insurance		(31,706	)		(6,338	)		(343,114	)		(349,879	)		(150	)		(186	)
Policyowners’ surrenders		(130,122	)		—			(147,080	)		(140,925	)		—			—
Net transfers from (to) Fixed Account		(13,274	)		492			(109,575	)		(28,469	)		(7,302	)		—
Transfers between Investment Divisions		586,210			485,898			75,282			(314,048	)		954			(848	)
Policyowners’ death benefits		—			—			(5,492	)		(1,145	)		—			—
Net contributions and (withdrawals)		492,464			497,382			287,285			49,376			(6,498	)		(1,034	)
Increase (decrease) in net assets		585,175			499,774			1,407,575			(985,275	)		(6,483	)		(2,616	)
NET ASSETS:
Beginning of period		499,774			—			4,917,237			5,902,512			8,963			11,579
End of period	$	1,084,949		$	499,774		$	6,324,812		$	4,917,237		$	2,480		$	8,963

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

Not all investment divisions are available under all policies.

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

83

NYLIAC VUL Separate Account-I

Statement of Changes in Net Assets (Continued)

For the years ended December 31, 2023

and December 31, 2022

	MFS® Value Series— Initial Class						Morgan Stanley VIF Emerging Markets Debt Portfolio— Class I						Morgan Stanley VIF U.S. Real Estate Portfolio— Class I
	2023			2022			2023			2022			2023			2022
INCREASE (DECREASE) IN NET ASSETS:
Operations:
Net investment income (loss)	$	102		$	84		$	31,238		$	28,233		$	492,925		$	268,987
Net realized gain (loss) on investments		—			—			(14,895	)		(10,236	)		(699,105	)		(53,799	)
Realized gain distribution received		430			357			—			—			—			5,208,424
Change in unrealized appreciation (depreciation) on investments		(43	)		(807	)		24,938			(99,240	)		3,391,798			(13,056,069	)
Net increase (decrease) in net assets resulting from operations		489			(366	)		41,281			(81,243	)		3,185,618			(7,632,457	)
Contributions and (Withdrawals):
Payments received from policyowners		231			232			12,117			10,276			2,405,346			2,660,322
Cost of insurance		(228	)		(226	)		(19,284	)		(16,327	)		(995,621	)		(1,006,193	)
Policyowners’ surrenders		—			—			—			(7,013	)		(677,501	)		(580,795	)
Net transfers from (to) Fixed Account		19			253			—			(1,739	)		(362,181	)		(225,838	)
Transfers between Investment Divisions		—			—			(11,044	)		26,099			105,557			1,991,364
Policyowners’ death benefits		—			—			—			—			(83,580	)		(71,709	)
Net contributions and (withdrawals)		22			259			(18,211	)		11,296			392,020			2,767,151
Increase (decrease) in net assets		511			(107	)		23,070			(69,947	)		3,577,638			(4,865,306	)
NET ASSETS:
Beginning of period		6,156			6,263			362,936			432,883			21,922,255			26,787,561
End of period	$	6,667		$	6,156		$	386,006		$	362,936		$	25,499,893		$	21,922,255

Not all investment divisions are available under all policies.

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

84

NYLIAC VUL Separate Account-I

Statement of Changes in Net Assets (Continued)

For the years ended December 31, 2023

and December 31, 2022

	Neuberger Berman AMT Mid Cap Growth Portfolio— Class I						PIMCO VIT Global Bond Opportunities Portfolio (Unhedged)— Administrative Class						PIMCO VIT Income Portfolio— Institutional Class
	2023			2022			2023			2022			2023			2022
INCREASE (DECREASE) IN NET ASSETS:
Operations:
Net investment income (loss)	$	(15,834	)	$	(18,336	)	$	2,882		$	1,889		$	186,062		$	61,082
Net realized gain (loss) on investments		(71,359	)		304,542			(9,644	)		(2,562	)		(10,487	)		(16,071	)
Realized gain distribution received		—			3,840,643			1,432			1,854			—			126
Change in unrealized appreciation (depreciation) on investments		3,621,547			(11,569,798	)		10,550			(16,245	)		117,518			(127,354	)
Net increase (decrease) in net assets resulting from operations		3,534,354			(7,442,949	)		5,220			(15,064	)		293,093			(82,217	)
Contributions and (Withdrawals):
Payments received from policyowners		2,359,659			2,463,181			15,936			17,472			294,287			207,666
Cost of insurance		(1,016,094	)		(986,358	)		(11,015	)		(11,106	)		(133,859	)		(74,701	)
Policyowners’ surrenders		(563,058	)		(425,968	)		—			—			(20,058	)		(454	)
Net transfers from (to) Fixed Account		(524,899	)		(68,500	)		—			—			7,320			23,489
Transfers between Investment Divisions		435,054			596,190			(19,146	)		—			1,396,445			1,590,837
Policyowners’ death benefits		(20,679	)		(385,053	)		—			—			(5,678	)		—
Net contributions and (withdrawals)		669,983			1,193,492			(14,225	)		6,366			1,538,457			1,746,837
Increase (decrease) in net assets		4,204,337			(6,249,457	)		(9,005	)		(8,698	)		1,831,550			1,664,620
NET ASSETS:
Beginning of period		19,333,734			25,583,191			126,959			135,657			2,558,092			893,472
End of period	$	23,538,071		$	19,333,734		$	117,954		$	126,959		$	4,389,642		$	2,558,092

Not all investment divisions are available under all policies.

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

85

NYLIAC VUL Separate Account-I

Statement of Changes in Net Assets (Continued)

For the years ended December 31, 2023

and December 31, 2022

	PIMCO VIT International Bond Portfolio (U.S. Dollar- Hedged)— Institutional Class						PIMCO VIT Low Duration Portfolio— Administrative Class						PIMCO VIT Low Duration Portfolio— Institutional Class
	2023			2022			2023			2022			2023			2022
INCREASE (DECREASE) IN NET ASSETS:
Operations:
Net investment income (loss)	$	256,012		$	150,815		$	19,863		$	9,590		$	194,385		$	87,924
Net realized gain (loss) on investments		(91,386	)		(158,403	)		(2,428	)		(1,536	)		(56,821	)		(104,489	)
Realized gain distribution received		255,802			3,838			—			—			—			—
Change in unrealized appreciation (depreciation) on investments		433,131			(1,091,079	)		9,407			(42,642	)		129,655			(276,721	)
Net increase (decrease) in net assets resulting from operations		853,559			(1,094,829	)		26,842			(34,588	)		267,219			(293,286	)
Contributions and (Withdrawals):
Payments received from policyowners		1,137,390			1,252,917			576			575			352,480			325,358
Cost of insurance		(516,093	)		(526,114	)		(22,736	)		(18,252	)		(198,931	)		(175,503	)
Policyowners’ surrenders		(332,040	)		(229,664	)		—			—			(64,641	)		(294,549	)
Net transfers from (to) Fixed Account		(182,287	)		(186,892	)		—			—			(141,160	)		(134,672	)
Transfers between Investment Divisions		273,547			(1,461,695	)		—			—			155,036			344,616
Policyowners’ death benefits		(25,783	)		(16,121	)		—			—			(2,001	)		(3,068	)
Net contributions and (withdrawals)		354,734			(1,167,569	)		(22,160	)		(17,677	)		100,783			62,182
Increase (decrease) in net assets		1,208,293			(2,262,398	)		4,682			(52,265	)		368,002			(231,104	)
NET ASSETS:
Beginning of period		9,205,727			11,468,125			553,594			605,859			5,302,756			5,533,860
End of period	$	10,414,020		$	9,205,727		$	558,276		$	553,594		$	5,670,758		$	5,302,756

Not all investment divisions are available under all policies.

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

86

NYLIAC VUL Separate Account-I

Statement of Changes in Net Assets (Continued)

For the years ended December 31, 2023

and December 31, 2022

	PIMCO VIT Total Return Portfolio— Administrative Class						PIMCO VIT Total Return Portfolio— Institutional Class						T. Rowe Price All-Cap Opportunities Portfolio
	2023			2022			2023			2022			2023			2022
INCREASE (DECREASE) IN NET ASSETS:
Operations:
Net investment income (loss)	$	51,699		$	41,416		$	645,861		$	469,521		$	7		$	—
Net realized gain (loss) on investments		(45,732	)		(16,389	)		(336,498	)		(140,922	)		(229	)		35
Realized gain distribution received		—			—			—			—			202			609
Change in unrealized appreciation (depreciation) on investments		74,637			(279,123	)		759,775			(3,185,276	)		1,991			(3,618	)
Net increase (decrease) in net assets resulting from operations		80,604			(254,096	)		1,069,138			(2,856,677	)		1,971			(2,974	)
Contributions and (Withdrawals):
Payments received from policyowners		25,347			26,891			1,832,095			1,976,963			21			—
Cost of insurance		(82,666	)		(58,169	)		(948,538	)		(907,259	)		(294	)		(371	)
Policyowners’ surrenders		(2,388	)		(10,094	)		(665,600	)		(301,545	)		—			—
Net transfers from (to) Fixed Account		(18,521	)		(73	)		(359,038	)		(122,364	)		(7,591	)		(1,261	)
Transfers between Investment Divisions		(54,872	)		(1,496	)		513,258			281,034			(588	)		124
Policyowners’ death benefits		(2,949	)		—			(37,174	)		(37,981	)		—			—
Net contributions and (withdrawals)		(136,049	)		(42,941	)		335,003			888,848			(8,452	)		(1,508	)
Increase (decrease) in net assets		(55,445	)		(297,037	)		1,404,141			(1,967,829	)		(6,481	)		(4,482	)
NET ASSETS:
Beginning of period		1,480,598			1,777,635			17,857,049			19,824,878			9,552			14,034
End of period	$	1,425,153		$	1,480,598		$	19,261,190		$	17,857,049		$	3,071		$	9,552

Not all investment divisions are available under all policies.

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

87

NYLIAC VUL Separate Account-I

Statement of Changes in Net Assets (Continued)

For the years ended December 31, 2023

and December 31, 2022

	T. Rowe Price Blue Chip Growth Portfolio						T. Rowe Price International Stock Portfolio						T. Rowe Price Limited-Term Bond Portfolio
	2023			2022			2023			2022			2023			2022
INCREASE (DECREASE) IN NET ASSETS:
Operations:
Net investment income (loss)	$	—		$	—		$	319		$	255		$	7,329		$	4,342
Net realized gain (loss) on investments		14,914			751			(442	)		(64	)		(407	)		(688	)
Realized gain distribution received		—			5,751			—			771			—			341
Change in unrealized appreciation (depreciation) on investments		40,007			(69,205	)		5,229			(6,392	)		3,735			(14,669	)
Net increase (decrease) in net assets resulting from operations		54,921			(62,703	)		5,106			(5,430	)		10,657			(10,674	)
Contributions and (Withdrawals):
Payments received from policyowners		5,919			17,308			2,607			2,862			2,417			3,823
Cost of insurance		(2,984	)		(2,721	)		(866	)		(800	)		(4,221	)		(3,861	)
Policyowners’ surrenders		(13,210	)		(114	)		(4,400	)		—			(1,001	)		—
Net transfers from (to) Fixed Account		(7,771	)		2,313			(99	)		(73	)		(42	)		(43	)
Transfers between Investment Divisions		6,799			7,946			(496	)		771			2,255			(9,086	)
Policyowners’ death benefits		—			—			—			—			—			—
Net contributions and (withdrawals)		(11,247	)		24,732			(3,254	)		2,760			(592	)		(9,167	)
Increase (decrease) in net assets		43,674			(37,971	)		1,852			(2,670	)		10,065			(19,841	)
NET ASSETS:
Beginning of period		109,728			147,699			31,722			34,392			215,539			235,380
End of period	$	153,402		$	109,728		$	33,574		$	31,722		$	225,604		$	215,539

Not all investment divisions are available under all policies.

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

88

NYLIAC VUL Separate Account-I

Statement of Changes in Net Assets (Continued)

For the years ended December 31, 2023

and December 31, 2022

	The Merger Fund VL						Western Asset Core Plus VIT Portfolio— Class I
	2023			2022			2023			2022 (a)
INCREASE (DECREASE) IN NET ASSETS:
Operations:
Net investment income (loss)	$	593		$	479		$	1,375		$	93
Net realized gain (loss) on investments		(23	)		35			(1	)		(4	)
Realized gain distribution received		2,320			—			—			—
Change in unrealized appreciation (depreciation) on investments		(1,461	)		(240	)		323			(297	)
Net increase (decrease) in net assets resulting from operations		1,429			274			1,697			(208	)
Contributions and (Withdrawals):
Payments received from policyowners		2,234			2,503			570			4,280
Cost of insurance		(751	)		(752	)		(947	)		(257	)
Policyowners’ surrenders		(1,694	)		—			—			—
Net transfers from (to) Fixed Account		(21	)		(5	)		10,362			—
Transfers between Investment Divisions		568			(989	)		19,176			5,926
Policyowners’ death benefits		—			—			—			—
Net contributions and (withdrawals)		336			757			29,161			9,949
Increase (decrease) in net assets		1,765			1,031			30,858			9,741
NET ASSETS:
Beginning of period		31,236			30,205			9,741			—
End of period	$	33,001		$	31,236		$	40,599		$	9,741

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

Not all investment divisions are available under all policies.

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

89

NYLIAC VUL Separate Account-I

Notes to Financial Statements

NOTE 1—Organization and Significant Accounting Policies:

NYLIAC Variable Universal Life Separate Account-I (“VUL Separate Account-I”) was established on June 4, 1993 under Delaware law by New York Life Insurance and Annuity Corporation (“NYLIAC”), a wholly-owned subsidiary of New York Life Insurance Company (“NYLIC”). VUL Separate Account-I funds Group 1 policies (Variable Universal Life (“VUL”) and Survivorship Variable Universal Life (“SVUL”)—Series 1), Group 2 policies (Variable Universal Life 2000 (“VUL 2000”)—Series 1 and Single Premium Variable Universal Life (“SPVUL”)—Series 1), Group 3 policies (Pinnacle Variable Universal Life (“Pinnacle VUL”) and Pinnacle Survivorship Variable Universal Life (“Pinnacle SVUL”)), Group 4 policies (Variable Universal Life 2000 (“VUL 2000”)—Series 2, Single Premium Variable Universal Life (“SPVUL”)—Series 2 and 3, Legacy Creator Single Premium Variable Universal Life (“Legacy Creator SPVUL”), Survivorship Variable Universal Life (“SVUL”)—Series 2, Variable Universal Life Provider (“VUL Provider”), Variable Universal Life Accumulator (“VUL Accumulator”), Survivorship Variable Universal Life Accumulator (“SVUL Accumulator”), Variable Universal Life Accumulator Plus (“VUL Accumulator Plus”), Variable Universal Life Accumulator II (“VUL Accumulator II”)—Series 1 and 2), and Market Wealth Plus, and the Group 5 policy (Lifetime Wealth Variable Universal Life (“LWVUL”)). Sales of VUL were discontinued on September 28, 1999, or the date VUL 2000 was approved in a jurisdiction that had not approved it by September 28, 1999. Sales of SPVUL Series 1, VUL 2000 Series 1 and SVUL Series 1 were discontinued on May 9, 2002. Sales of SPVUL Series 2 were discontinued on May 15, 2003. Sales of VUL Provider, VUL 2000 Series 2 and SVUL Series 2 were discontinued on May 23, 2008, or the date VUL Accumulator and SVUL Accumulator were approved in a jurisdiction that had not approved the new products by May 23, 2008. Sales of Pinnacle SVUL and Pinnacle VUL were discontinued on May 23, 2008 in all jurisdictions. Sales of SPVUL Series 3 were discontinued on January 1, 2009 in all jurisdictions. Sales of LWVUL were discontinued on November 18, 2013 in all jurisdictions. Sales of VUL Accumulator were discontinued on December 31, 2013 or the date VUL Accumulator Plus was approved in a jurisdiction that had not approved the new products by December 31, 2013. Sales of Legacy Creator SPVUL were discontinued on April 6, 2015. Sales of VUL Accumulator Plus were discontinued on April 30, 2018 or the date VUL Accumulator II was approved in a jurisdiction that had not approved the new product by April 30, 2018. Sales of SVUL Accumulator were discontinued as of December 31, 2019 in all jurisdictions. VUL Accumulator II Series 2 policies were offered for sale on August 28, 2021 in most jurisdictions and in New York and California on November 20, 2021. Sales of VUL Accumulator II Series 1 policies were discontinued upon the availability of Series 2 policies in the respective jurisdictions. Market Wealth Plus policies were offered for sale on September 10, 2022 in most jurisdictions and in New York on November 12, 2022.

All of these policies are designed for individuals who seek lifetime insurance protection and flexibility with respect to premium payments and death benefits. In addition, SVUL Series 1 and 2, Pinnacle SVUL and SVUL Accumulator policies provide life insurance protection on two insureds with proceeds payable upon the death of the last surviving insured. These policies are distributed by NYLIFE Distributors LLC and sold by registered representatives of NYLIFE Securities, LLC and by registered representatives of broker-dealers who have entered into dealer agreements with NYLIFE Distributors LLC. NYLIFE Securities LLC and NYLIFE Distributors LLC are both indirect, wholly-owned subsidiaries of NYLIC. NYLIFE LLC and NYLIM Holdings are both wholly-owned subsidiaries of NYLIC. VUL Separate Account-I is registered under the Investment Company Act of 1940, as amended, as a unit investment trust that follows the accounting and reporting guidance under ASC 946.

The assets of VUL Separate Account-I are invested in the shares of the MainStay VP Funds Trust, the AB Variable Products Series Fund, Inc., AIM Variable Insurance Funds (Invesco Variable Insurance Funds), The Alger Portfolios, the American Century^® Variable Portfolios, Inc., the American Century^® Variable Portfolios II, Inc., the American Funds Insurance Series^®, the BlackRock^® Variable Series Funds, Inc., the BlackRock^® Variable Series Funds II, Inc., the BNY Mellon Variable Investment Fund, the BNY Mellon Investment Portfolios, the BNY Mellon Sustainable U.S. Equity Portfolio, Inc., the Columbia Funds Variable Insurance Trust, the Columbia Funds Variable Series Trust II, the Delaware VIP^® Trust, the Deutsche DWS Investments VIT Funds, the Deutsche DWS Variable Series II, the DFA Investment Dimensions Group Inc., the Fidelity^® Variable Insurance Products Funds, the Janus Aspen Series, the Legg Mason Partners Variable Equity Trust, the Legg Mason Partners Variable Income Trust, the Lincoln Variable Insurance Products Trust, The Merger Fund VL, 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, the PIMCO Variable Insurance Trust, the T. Rowe Price Equity Series, Inc., the T. Rowe Price Fixed Income Series, Inc., and the T. Rowe Price International Series, Inc., Funds (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, Dollar-Cost Averaging (DCA) Plus Account, DCA Extension Account, DCA Extra Account and the Enhanced DCA Fixed Account represent a portion of the general

90

NYLIAC VUL Separate Account-I

Notes to Financial Statements (Continued)

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

account assets of NYLIAC and are not included in this report. NYLIAC’s Fixed Account, DCA Plus Account, DCA Extension Account, DCA Extra Account and the Enhanced DCA 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 VUL Separate Account-I:

MainStay VP American Century Sustainable Equity—Initial Class

MainStay VP Balanced—Initial Class

MainStay VP Bond—Initial Class

MainStay VP Candriam Emerging Markets Equity—Initial Class

MainStay VP CBRE Global Infrastructure—Initial Class

MainStay VP Conservative Allocation—Initial Class

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

MainStay VP Equity Allocation—Initial Class

MainStay VP Fidelity Institutional AM^® Utilities—Initial Class

MainStay VP Floating Rate—Initial Class

MainStay VP Growth Allocation—Initial Class

MainStay VP Income Builder—Initial Class

MainStay VP IQ Hedge Multi-Strategy—Initial 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—Initial Class

MainStay VP Moderate Allocation—Initial Class

MainStay VP Natural Resources—Initial Class

MainStay VP PIMCO Real Return—Initial 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 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 Discovery Value Portfolio—Class A (formerly AB VPS Small/Mid Cap Value Portfolio—Class A)

AB VPS International Value Portfolio—Class A

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

Alger Capital Appreciation Portfolio—Class I-2

American Century Investments^® VP Inflation Protection Fund—Class II

American Century Investments^® VP International Fund—Class II

American Century Investments^® VP Value Fund—Class II

American Funds IS Asset Allocation Fund—Class 2

American Funds IS The Bond Fund of America^®—Class 2

American Funds IS Global Small Capitalization Fund—Class 2

American Funds IS Growth Fund—Class 2

American Funds IS New World Fund^®—Class 2

American Funds IS Washington Mutual Investors Fund^SM—Class 2

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

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

91

NYLIAC VUL Separate Account-I

Notes to Financial Statements (Continued)

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

BNY Mellon IP Technology Growth Portfolio—Initial Shares

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

BNY Mellon VIF Opportunistic Small Cap Portfolio—Initial Shares

ClearBridge Variable Appreciation Portfolio—Class I

Columbia Variable Portfolio—Commodity Strategy Fund—Class 1

Columbia Variable Portfolio—Emerging Markets Bond Fund—Class 1

Columbia Variable Portfolio—Intermediate Bond Fund—Class 1

Columbia Variable Portfolio—Small Cap Value Fund—Class 2

Delaware VIP^® Emerging Markets Series—Standard Class

Delaware VIP^® International Series—Standard Class

Delaware VIP^® Small Cap Value Series—Standard Class

DFA VA Global Bond Portfolio

DFA VA International Small Portfolio

DFA VA International Value Portfolio

DFA VA Short-Term Fixed Portfolio

DFA VA U.S. Large Value Portfolio

DFA VA U.S. Targeted Value Portfolio

DWS Alternative Asset Allocation VIP—Class A

DWS Small Cap Index VIP—Class A

DWS Small Mid Cap Value VIP—Class A

Fidelity^® VIP Bond Index Portfolio—Initial Class

Fidelity^® VIP Contrafund^SM Portfolio—Initial Class

Fidelity^® VIP Emerging Markets Portfolio—Initial Class

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

Fidelity^® VIP Freedom 2020 Portfolio^SM—Initial Class

Fidelity^® VIP Freedom 2030 Portfolio^SM—Initial Class

Fidelity^® VIP Freedom 2040 Portfolio^SM—Initial Class

Fidelity^® VIP Growth Opportunities Portfolio—Initial Class

Fidelity^® VIP Growth Portfolio—Initial Class

Fidelity^® VIP Health Care Portfolio—Initial Class

Fidelity^® VIP Index 500 Portfolio—Initial Class

Fidelity^® VIP International Index Portfolio—Initial Class

Fidelity^® VIP Investment Grade Bond Portfolio—Initial Class

Fidelity^® VIP Mid Cap Portfolio—Initial Class

Fidelity^® VIP Overseas Portfolio—Initial Class

Franklin Templeton Aggressive Model Portfolio—Class I

Franklin Templeton Conservative Model Portfolio—Class I

Franklin Templeton Moderate Model Portfolio—Class I

Franklin Templeton Moderately Aggressive Model Portfolio—Class I

Franklin Templeton Moderately Conservative Model Portfolio—Class I

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

Invesco V.I. Global Real Estate Fund—Series I Shares

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

Janus Henderson Enterprise Portfolio—Institutional Shares

Janus Henderson Forty Portfolio—Institutional Shares

Janus Henderson Global Research Portfolio—Institutional Shares

LVIP Baron Growth Opportunities Fund—Service Class

LVIP Delaware Diversified Income Fund—Standard Class

LVIP Delaware Value Fund—Standard Class

LVIP SSgA Mid-Cap Index Fund—Standard Class

MFS^® International Intrinsic Value Portfolio—Initial Class

MFS^® Investors Trust Series—Initial Class

92

NYLIAC VUL Separate Account-I

Notes to Financial Statements (Continued)

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

MFS^® Mid Cap Value Portfolio—Initial Class

MFS^® New Discovery Series—Initial Class

MFS^® Research International Portfolio—Initial Class

MFS^® Research Series—Initial Class

MFS^® Total Return Bond Series—Initial Class

MFS^® Value Series—Initial Class

Morgan Stanley VIF Emerging Markets Debt Portfolio—Class I

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

Neuberger Berman AMT Mid Cap Growth Portfolio—Class I

PIMCO VIT Global Bond Opportunities Portfolio (Unhedged)—Administrative Class

PIMCO VIT Income Portfolio—Institutional Class

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

PIMCO VIT Low Duration Portfolio—Administrative Class

PIMCO VIT Low Duration Portfolio—Institutional Class

PIMCO VIT Total Return Portfolio—Administrative Class

PIMCO VIT Total Return Portfolio—Institutional Class

T. Rowe Price All-Cap Opportunities Portfolio

T. Rowe Price Blue Chip Growth Portfolio

T. Rowe Price International Stock Portfolio

T. Rowe Price Limited-Term Bond Portfolio

The Merger Fund VL

Western Asset Core Plus VIT Portfolio—Class I

Not all investment options are available under all policies.

New investments in the MainStay VP Candriam Emerging Markets Equity—Initial Class, MainStay VP Wellington Growth—Initial Class and Columbia Variable Portfolio—Commodity Strategy Fund—Class 1 Investment Divisions are restricted to those policies already invested in these Investment Divisions.

All investments into the MainStay VP Series Funds by VUL Separate Account-I will be made into the Initial Class of shares unless otherwise indicated. Each Investment Division of VUL Separate Account-I will invest exclusively in the corresponding eligible Fund portfolio.

For SVUL, VUL 2000, SPVUL, LWVUL, VUL Provider, VUL Accumulator, Pinnacle VUL and Pinnacle SVUL policies, any/all premium payments received during the free look period are allocated to the General Account of NYLIAC. After the free look period, these premium payments are allocated in accordance with the policyowner’s allocation instructions. Subsequent premium payments for all policies will be allocated to the Investment Divisions of VUL Separate Account-I in accordance with the policyowner’s allocations instructions. For Legacy Creator SPVUL, SVUL Accumulator, VUL Accumulator Plus, VUL Accumulator II, and Market Wealth Plus, any/all premium payments received before the Initial Premium Transfer Date will be allocated to the General Account of NYLIAC. On the Initial Premium Transfer Date, the net premium, along with any interest credited will be allocated to the Investment Divisions of VUL Separate Account-I, the Fixed Account, and/or the DCA Plus Account in accordance with the policyowner’s allocation instructions. Pinnacle VUL and Pinnacle SVUL policies issued on or after October 14, 2002 can have premium payments made in the first 12 policy months allocated to an Enhanced DCA Fixed Account. VUL 2000, VUL Provider, SVUL, VUL Accumulator and SVUL Accumulator policies issued on or after February 11, 2005 can have premium payments made in the first 12 policy months allocated to a DCA Plus Account. Legacy Creator SPVUL policies issued on or after May 15, 2009, can have the initial premium payment allocated to the 6 months DCA Extra Account. LWVUL policies issued on or after February 14, 2011, can have premium payments made in the first 12 policy months allocated to the DCA Plus Account. VUL Accumulator Plus policies issued on or after November 18, 2013, can have premium payments made in the first 12 months following the Initial Premium Transfer Date allocated to the DCA Plus Account. VUL Accumulator II policies issued on or after May 1, 2018, can have premium payments made in the first 12 months following the Initial Premium Transfer Date allocated to the DCA Plus Account or DCA Extension Account. Market Wealth Plus policies issued on or after September 10, 2022, can have premium payments made in the first 12 months following the Initial Premium Transfer Date allocated to the DCA Plus Account or DCA Extension Account.

93

NYLIAC VUL Separate Account-I

Notes to Financial Statements (Continued)

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

In addition, for all VUL, VUL 2000, SVUL, SPVUL, Legacy Creator SPVUL, LWVUL, VUL Provider, VUL Accumulator, SVUL Accumulator, Pinnacle VUL, Pinnacle SVUL, VUL Accumulator Plus, VUL Accumulator II, and Market Wealth Plus policies, the policyowner has the option, within limits, to transfer amounts between the Investment Divisions of VUL Separate Account-I and the Fixed Account of NYLIAC.

No Federal income tax is payable on investment income or capital gains of VUL Separate Account-I 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 assumptions in pricing the asset or liability.

Investments in 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.

94

NYLIAC VUL Separate Account-I

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:

	Purchases		Sales
MainStay VP American Century Sustainable Equity—Initial Class	$	26,632	$	6,262
MainStay VP Balanced—Initial Class		1,763		1,993
MainStay VP Bond—Initial Class		2,255		2,725
MainStay VP Candriam Emerging Markets Equity—Initial Class		1,395		1,944
MainStay VP CBRE Global Infrastructure—Initial Class		560		306
MainStay VP Conservative Allocation—Initial Class		1,838		1,840
MainStay VP Epoch U.S. Equity Yield—Initial Class		13,290		9,871
MainStay VP Equity Allocation—Initial Class		16,020		5,246
MainStay VP Fidelity Institutional AM® Utilities—Initial Class		10,643		2,958
MainStay VP Floating Rate—Initial Class		5,247		2,636
MainStay VP Growth Allocation—Initial Class		11,953		7,830
MainStay VP Income Builder—Initial Class		3,684		4,274
MainStay VP IQ Hedge Multi-Strategy—Initial Class		1,332		577
MainStay VP Janus Henderson Balanced—Initial Class		11,954		10,598
MainStay VP MacKay Convertible—Initial Class		5,663		3,829
MainStay VP MacKay Government—Initial Class		1,227		1,212
MainStay VP MacKay High Yield Corporate Bond—Initial Class		11,320		8,723
MainStay VP MacKay Strategic Bond—Initial Class		4,311		1,217
MainStay VP Moderate Allocation—Initial Class		4,959		3,911
MainStay VP Natural Resources—Initial Class		3,826		5,109
MainStay VP PIMCO Real Return—Initial Class		1,862		1,189
MainStay VP PineStone International Equity—Initial Class		2,641		3,396
MainStay VP S&P 500 Index—Initial Class		59,435		27,785
MainStay VP Small Cap Growth—Initial Class		1,925		3,879
MainStay VP U.S. Government Money Market—Initial Class		15,121		17,249
MainStay VP Wellington Growth—Initial Class		496		16,350
MainStay VP Wellington Mid Cap—Initial Class		1,554		6,226
MainStay VP Wellington Small Cap—Initial Class		1,776		3,143
MainStay VP Wellington U.S. Equity—Initial Class		2,200		10,234
MainStay VP Winslow Large Cap Growth—Initial Class		6,959		11,982
AB VPS Discovery Value Portfolio—Class A		3,028		1,218
AB VPS International Value Portfolio—Class A		—		—
AB VPS Relative Value Portfolio—Class A		8,148		103
Alger Capital Appreciation Portfolio—Class I-2		29		76
American Century Investments® VP Inflation Protection Fund—Class II		20		6
American Century Investments® VP International Fund—Class II		115		147
American Century Investments® VP Value Fund—Class II		773		495
American Funds IS Asset Allocation Fund—Class 2		1,628		944
American Funds IS The Bond Fund of America®—Class 2		436		152
American Funds IS Global Small Capitalization Fund—Class 2		709		1,277
American Funds IS Growth Fund—Class 2		7,745		1,251
American Funds IS New World Fund®—Class 2		2,135		979
American Funds IS Washington Mutual Investors FundSM—Class 2		2,270		1,221
BlackRock® Global Allocation V.I. Fund—Class I		2,165		1,768
BlackRock® High Yield V.I. Fund—Class I		2,752		557
BNY Mellon IP Technology Growth Portfolio—Initial Shares		4,777		3,873

95

NYLIAC VUL Separate Account-I

Notes to Financial Statements (Continued)

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

	Purchases		Sales
BNY Mellon Sustainable U.S. Equity Portfolio—Initial Shares	$	303	$	29
BNY Mellon VIF Opportunistic Small Cap Portfolio—Initial Shares		113		63
ClearBridge Variable Appreciation Portfolio—Class I		731		171
Columbia Variable Portfolio—Commodity Strategy Fund—Class 1		328		196
Columbia Variable Portfolio—Emerging Markets Bond Fund—Class 1		741		160
Columbia Variable Portfolio—Intermediate Bond Fund—Class 1		275		125
Columbia Variable Portfolio—Small Cap Value Fund—Class 2		3		5
Delaware VIP® Emerging Markets Series—Standard Class		741		624
Delaware VIP® International Series—Standard Class		—		1
Delaware VIP® Small Cap Value Series—Standard Class		2,501		1,054
DFA VA Global Bond Portfolio		3		2
DFA VA International Small Portfolio		7		3
DFA VA International Value Portfolio		19		7
DFA VA Short-Term Fixed Portfolio		6		1
DFA VA U.S. Large Value Portfolio		24		16
DFA VA U.S. Targeted Value Portfolio		25		5
DWS Alternative Asset Allocation VIP—Class A		1,654		432
DWS Small Cap Index VIP—Class A		659		176
DWS Small Mid Cap Value VIP—Class A		826		779
Fidelity® VIP Bond Index Portfolio—Initial Class		802		337
Fidelity® VIP ContrafundSM Portfolio—Initial Class		16,896		23,214
Fidelity® VIP Emerging Markets Portfolio—Initial Class		1,328		468
Fidelity® VIP Equity-Income PortfolioSM—Initial Class		7,149		20,018
Fidelity® VIP Freedom 2020 PortfolioSM—Initial Class		340		744
Fidelity® VIP Freedom 2030 PortfolioSM—Initial Class		828		1,058
Fidelity® VIP Freedom 2040 PortfolioSM—Initial Class		1,500		1,176
Fidelity® VIP Growth Opportunities Portfolio—Initial Class		9,123		2,311
Fidelity® VIP Growth Portfolio—Initial Class		812		577
Fidelity® VIP Health Care Portfolio—Initial Class		4,773		986
Fidelity® VIP Index 500 Portfolio—Initial Class		1,249		329
Fidelity® VIP International Index Portfolio—Initial Class		3,716		413
Fidelity® VIP Investment Grade Bond Portfolio—Initial Class		1,093		264
Fidelity® VIP Mid Cap Portfolio—Initial Class		3,012		1,030
Fidelity® VIP Overseas Portfolio—Initial Class		220		434
Franklin Templeton Aggressive Model Portfolio—Class I		30,685		578
Franklin Templeton Conservative Model Portfolio—Class I		1,257		921
Franklin Templeton Moderate Model Portfolio—Class I		6,447		2,056
Franklin Templeton Moderately Aggressive Model Portfolio—Class I		22,405		815
Franklin Templeton Moderately Conservative Model Portfolio—Class I		2,343		651
Invesco V.I. EQV International Equity Fund—Series I Shares		953		1,356
Invesco V.I. Global Real Estate Fund—Series I Shares		1		3
Invesco V.I. Main Street Small Cap Fund®—Series I Shares		679		217
Janus Henderson Enterprise Portfolio—Institutional Shares		5,298		944
Janus Henderson Forty Portfolio—Institutional Shares		1		18
Janus Henderson Global Research Portfolio—Institutional Shares		5,307		7,796

96

NYLIAC VUL Separate Account-I

Notes to Financial Statements (Continued)

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

	Purchases		Sales
LVIP Baron Growth Opportunities Fund—Service Class	$	1	$	15
LVIP Delaware Diversified Income Fund—Standard Class		8		3
LVIP Delaware Value Fund—Standard Class		12		10
LVIP SSgA Mid-Cap Index Fund—Standard Class		517		88
MFS® International Intrinsic Value Portfolio—Initial Class		3,441		1,189
MFS® Investors Trust Series—Initial Class		1,687		547
MFS® Mid Cap Value Portfolio—Initial Class		1,829		1,445
MFS® New Discovery Series—Initial Class		847		626
MFS® Research International Portfolio—Initial Class		666		164
MFS® Research Series—Initial Class		973		355
MFS® Total Return Bond Series—Initial Class		1		7
MFS® Value Series—Initial Class		1		—
Morgan Stanley VIF Emerging Markets Debt Portfolio—Class I		40		27
Morgan Stanley VIF U.S. Real Estate Portfolio—Class I		2,268		1,383
Neuberger Berman AMT Mid Cap Growth Portfolio—Class I		1,889		1,234
PIMCO VIT Global Bond Opportunities Portfolio (Unhedged)—Administrative Class		20		30
PIMCO VIT Income Portfolio—Institutional Class		1,808		84
PIMCO VIT International Bond Portfolio (U.S. Dollar-Hedged)—Institutional Class		1,463		596
PIMCO VIT Low Duration Portfolio—Administrative Class		20		23
PIMCO VIT Low Duration Portfolio—Institutional Class		953		658
PIMCO VIT Total Return Portfolio—Administrative Class		79		163
PIMCO VIT Total Return Portfolio—Institutional Class		2,724		1,743
T. Rowe Price All-Cap Opportunities Portfolio		—		9
T. Rowe Price Blue Chip Growth Portfolio		18		29
T. Rowe Price International Stock Portfolio		2		5
T. Rowe Price Limited-Term Bond Portfolio		13		6
The Merger Fund VL		5		2
Western Asset Core Plus VIT Portfolio—Class I		32		2
Total	$	429,064	$	281,567

Not all investment divisions are available under all policies.

97

NYLIAC VUL Separate Account-I

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”), Index IQ 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, IndexIQ Advisors, MacKay, 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 The 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.

Deductions from Premiums:

NYLIAC deducts premium expense charges from all premiums received for certain VUL Separate Account-I policies. Premium expense charges are expressed as a percentage of the payment received.

State and Federal Tax Charge: NYLIAC deducts 2% from all premium payments for VUL, SVUL, VUL 2000, SPVUL—Series 3, VUL Provider, LWVUL, VUL Accumulator, SVUL Accumulator, Pinnacle VUL, Pinnacle SVUL, VUL Accumulator Plus, VUL Accumulator II, and Market Wealth Plus policies to pay state premium taxes. NYLIAC deducts 1.25% from all premium payments for non-qualified VUL, SVUL, VUL 2000, SPVUL Series 3, VUL Provider, LWVUL, VUL Accumulator, SVUL Accumulator, Pinnacle VUL, Pinnacle SVUL, VUL Accumulator Plus, VUL Accumulator II, and Market Wealth Plus policies to cover federal premium taxes.

Sales Expense Charge: NYLIAC deducts a sales expense charge from all premium payments for VUL, SVUL, VUL 2000, VUL Provider, LWVUL, VUL Accumulator, SVUL Accumulator, Legacy Creator SPVUL, Pinnacle VUL, Pinnacle SVUL, VUL Accumulator Plus, VUL Accumulator II, and Market Wealth Plus policies to partially cover the expenses associated with selling the policies.

For VUL policies, currently 5% of any premium payment for the first 10 policy years is deducted; NYLIAC reserves the right to impose this charge after the 10th policy year.

For SVUL policies, currently 8% of any premium payments in policy years 1-10, up to the target premium, is deducted. Once the target premium is reached NYLIAC expects to deduct 4% from any premium payments in any given policy year. Beginning with the 11th policy year, NYLIAC expects to deduct 4% of any premium payments up to the target premium, and no charge for premium payments in excess of the target premium in that year. The initial target premium is determined at the time the policy is issued, and it is indicated on the policy data page.

For VUL 2000 policies, currently 2.75% of any premium payments in a policy year, up to the surrender charge premium, is deducted. Once the premium payments equal the surrender charge premium for a policy year, NYLIAC deducts a sales expense charge of 1.25% from any additional premium payments in that policy year. The initial surrender charge premium is determined at the time the policy is issued and can be found on the policy data page. For VUL Provider policies, currently 6.75% of any premium payment up to the target premium is deducted in policy years 1-5. Once the target premium is reached, 4.25% of any premium payment is deducted. Beginning with the 6th policy year, NYLIAC expects to deduct 2.75% of any premium payments up to the target premium; once the target premium is reached, 0.75% of any premium payment is deducted. The initial target premium is determined at the time the policy is issued, and is indicated on the policy data page.

98

NYLIAC VUL Separate Account-I

Notes to Financial Statements (Continued)

NOTE 3—Expenses and Related Party Transactions (Continued):

For LWVUL policies, in all policy years, we currently do not deduct a sales expense charge on any premium payment up to target premium 1. In each of policy years 1-7, we currently deduct 8.75% of any premium payment over target premium 1. In each of policy years 8 and subsequent, we currently do not deduct a sales expense charge on any premium payment. target premium 1 and target premium 2 are determined at the time the policy is issued, and are indicated on the policy data page.

For VUL Accumulator, VUL Accumulator Plus and SVUL Accumulator policies, currently 4.75% of any premium payment up to the target premium is deducted in policy years 1-10. Once the target premium is reached, 1.75% of any premium payment is deducted in policy years 1-5 and 0.75% of any premium payment is deducted in policy years 6-10. Beginning with the 11th policy year, NYLIAC expects to deduct 4.25% of any premium payments up to the target premium; once the target is reached, 0.25% of any premium payment is deducted in policy years 11 and beyond. The initial target premium is determined at the time the policy is issued, and is indicated on the policy data page.

For VUL Accumulator II and Market Wealth Plus policies, currently 0.75% of any premium payment is deducted in all policy years.

For Pinnacle VUL and Pinnacle SVUL policies, the percentage of premiums deducted varies depending on the age of the policy and whether the total premium payment in a given policy year is above or below the target premium. For premium payments up to the target premium, the sales expense charge in the first policy year is currently 56.75%, in policy years 2-5 the charge is 26.75%, for policy year 6 the charge is 1.75%, and for policy years 7 and beyond the charge is 0.75%. For premium payments in excess of the target premium the charge is currently 2.75% for policy years 1-5, 1.75% for policy year 6 and 0.75% for policy years 7 and beyond. The initial target premium is determined at the time the policy is issued, and it is indicated on the policy data page.

For Legacy Creator SPVUL policies, the current monthly premium expense charge is deducted at an annualized rate of 2.0% of the adjusted total premium for policy years 11 and beyond. The monthly premium expense charge is guaranteed not to exceed the annual rate of 2.25% of the adjusted total premium. This charge also covers state premium tax and federal tax expenses.

Deductions from Cash Value:

NYLIAC deducts certain monthly charges from the cash value of VUL Separate Account-I policies. These charges include the monthly contract charge, the administrative charge, the cost of insurance charge, the per thousand face amount charge, the deferred sales expense charge, and the mortality and expense risk charge (deducted from the policy’s cash value for Group 3, 4 & 5 policies), and are recorded as cost of insurance in the accompanying Statement of Changes in Net Assets. The mortality and expense charge for Group 1 & 2 policies are deducted from the Investment Division and is recorded as mortality and expense risk charges in the Statement of Operations. The charges disclosed below were in effect for each of the five periods presented in the Financial Highlights section. Not all charges are deducted from all products, as shown below.

Monthly Contract Charge: A monthly contract charge is assessed on certain VUL Separate Account-I policies to compensate NYLIAC for certain administrative services such as premium collection, record keeping, claims processing and communicating with policyowners. Outlined below is the current schedule for VUL, SVUL, VUL 2000, VUL Provider, VUL Accumulator, SVUL Accumulator, LWVUL, Pinnacle VUL, Pinnacle SVUL, VUL Accumulator Plus, VUL Accumulator II and Market Wealth Plus:

99

NYLIAC VUL Separate Account-I

Notes to Financial Statements (Continued)

NOTE 3—Expenses and Related Party Transactions (Continued):

Policy	Monthly Contract Charge Policy Year 1		Monthly Contract Charge Subsequent  Policy Years
VUL	$	26	$	7
SVUL		60		10
VUL 2000		30		10
VUL Provider		30		10
LWVUL		15		15 in years 2-10; 10 in years 11 and beyond.
VUL Accumulator		35		15 in years 2-10; 10 in years 11 and beyond.
SVUL Accumulator		35		15 in years 2-10; 10 in years 11 and beyond.
Pinnacle VUL*		100		25
Pinnacle SVUL*		100		25
VUL Accumulator Plus		15		15 in years 2-10; 10 in years 11 and beyond.
VUL Accumulator II		10		10
Market Wealth Plus		10		10

Administrative Charge: An administrative charge is assessed on VUL 2000, SPVUL, Legacy Creator SPVUL, SVUL - Series 2**, and Market Wealth Plus policies monthly. This charge compensates NYLIAC for providing administrative policy services.

For VUL 2000 policies, the administrative charge is expressed as a percentage of the amount of cash value in VUL Separate Account-I and varies based on the amount of cash value in VUL Separate Account-I. The VUL Separate Account-I administrative charge percentage currently ranges from 0% to 0.20%.

For SPVUL policies, the current administrative charge is made monthly at an annualized rate of 0.60% of the policy’s cash value for the first three policy years. This charge is waived in the fourth and subsequent policy years if the cash value of the policy exceeds $200,000. If the cash value of the policy does not exceed $200,000, this charge will range from 0.10% to 0.60% depending on the cash value of the policy.

For SVUL - Series 2** the administrative charge is 0.10%, based on the amount of cash value in VUL Separate Account-I.

For Legacy Creator SPVUL policies, the current asset based administrative charge is deducted monthly at an annualized rate of 2.25% of the policy’s cash value for policy years 1 through 10. The monthly asset based administrative charge is guaranteed not to exceed the annual rate of 2.25% of the cash value of the policy. This charge also covers state premium tax and federal tax expenses.

For Market Wealth Plus policies, this charge varies based on the insured’s age, risk class, policy duration and initial face amount. This charge is guaranteed not to exceed $0.75 per thousand of face amount per month.

Cost of Insurance Charge: A charge to cover the cost of providing life insurance benefits is assessed monthly on all VUL Separate Account-I policies. This charge is based on such factors as issue age of the insured(s), duration, gender, underwriting class, face amount, any riders included and the cash value of the policy.

Per Thousand Face Amount Charge: NYLIAC assesses a monthly per thousand face amount charge on SVUL, VUL Accumulator, SVUL Accumulator, LWVUL, Pinnacle VUL, Pinnacle SVUL, VUL Provider, VUL Accumulator Plus, and VUL Accumulator II policies.

* If the target face amount falls below $1 million, the contract charge will not exceed $25 per month.

** VUL 2000 - Series 2, SPVUL - Series 2, and SVUL - Series 2 designates policies issued on and after May 10, 2002 where approved.

100

NYLIAC VUL Separate Account-I

Notes to Financial Statements (Continued)

NOTE 3—Expenses and Related Party Transactions (Continued):

For SVUL - Series 1 policies, this charge is $0.04 per $1,000 of the policy’s initial face amount. For SVUL - Series 2 policies, this charge is $0.04 per $1,000 of the policy’s current face amount. For both series of SVUL policies this charge is assessed for the first 3 policy years and will always be at least $10 per month and will never be more than $100 per month.

For VUL Accumulator Plus, this charge is currently deducted during the first 10 policy years and is based on the insured’s age, gender, risk class and face amount. NYLIAC does not expect to deduct this charge in years 21 and beyond.

For VUL Accumulator II, this charge is currently deducted during the first 10 policy years and is based on the insured’s age, gender, risk class, policy duration and face amount. NYLIAC does not expect to deduct this charge in years 21 and beyond.

For VUL Accumulator and LWVUL policies, this charge is based on the insured’s age, gender, risk class and face amount plus any term insurance benefit. NYLIAC does not expect to deduct this charge in years 21 and beyond.

For SVUL Accumulator policies, this charge is based on insured’s age, gender, risk class and face amount plus any term insurance benefit. NYLIAC does not expect to deduct this charge in years 31 and beyond.

For Pinnacle VUL and Pinnacle SVUL policies, this charge is $0.03 per $1,000 of the policy’s face amount plus any term insurance benefit for the first 5 policy years. NYLIAC does not expect to deduct this charge in policy year 6 and beyond.

For VUL Provider policies, this charge is $0.07 per $1,000 of the policy’s face amount plus any term insurance benefit for the first 5 policy years. NYLIAC does not expect to deduct this charge in policy year 6 and beyond.

Deferred Sales Expense Charge: NYLIAC assesses a monthly deferred sales expense charge on SPVUL policies. This charge is deducted from the policy’s cash value for a 10-year period after a premium payment is applied. The deferred sales expense charge is expressed as a percentage of the policy’s cash value for Series 1 and 2. The current 0.90% deferred sales expense is comprised of 0.40% for sales expenses, 0.30% for state taxes and 0.20% for federal taxes. For SPVUL - Series 3*** currently the deferred sales expense charge is equal to 0.40%.

Mortality and Expense Risk Charge: NYLIAC deducts a mortality and expense risk charge as follows:

Group 1 & 2 Policies: NYLIAC assesses a mortality and expense risk charge based on the variable accumulation value of the Investment Divisions. These charges are made daily at an annual rate of 0.70%**** for VUL, 0.70%**** for SVUL - Series 1, 0.50% for VUL 2000 - Series 1 and 0.50% for SPVUL - Series 1.

Group 3 Policies: For Pinnacle VUL and Pinnacle SVUL mortality and expense risk charges are based on net assets and the percent ranges from 0.25% to 0.55% in policy years 1-20; and in policy years 21 and beyond, the percentage ranges from 0.05% to 0.35%. In policy years 1-20, if the policy has an Alternative Cash Surrender Value I (ACSV I), the mortality and expense risk is increased by 0.30% in policy years 1-10. For Alternative Cash Surrender Value II (ACSV II), the mortality and expense risk is increased by 0.55% in policy years 1-10. The mortality and expense risk charge is guaranteed not to exceed 1.00%.

Group 4 Policies: For SPVUL - Series 2** and VUL 2000 - Series 2** policies, NYLIAC deducts a monthly mortality and expense risk charge at an annual rate of 0.50% of the cash value in VUL Separate Account-I and for SVUL - Series 2** policies, the mortality and expense risk charge is deducted monthly at an annual rate of 0.60% of the cash value in VUL Separate Account-I.

** VUL 2000 - Series 2, SPVUL - Series 2, and SVUL - Series 2 designates policies issued on and after May 10, 2002 where approved.

*** SPVUL - Series 3 designates policies issued on and after May 16, 2003 where approved.

**** Includes a 0.10% administrative service charge.

101

NYLIAC VUL Separate Account-I

Notes to Financial Statements (Continued)

NOTE 3—Expenses and Related Party Transactions (Continued):

For VUL Accumulator, VUL Accumulator Plus and SVUL Accumulator policies, the monthly mortality and expense risk charge currently ranges from an annual rate of 0.55% to 0.15% of the cash value in VUL Separate Account-I (it declines based on the cash value in VUL Separate Account-I and duration). NYLIAC guarantees that the mortality and expense risk charge on VUL Accumulator, SVUL Accumulator, and VUL Accumulator Plus policies will never exceed an annual rate of 0.75%.

For VUL Accumulator II Series 1 policies, the monthly mortality and expense risk charge is currently 0.10% annually of the cash value in the VUL Separate Account-I. For VUL Accumulator II Series 2 policies, the monthly mortality and expense risk charge is currently 0.00% annually of the cash value in the VUL Separate Account-I. NYLIAC guarantees that the mortality and expense risk charge on VUL Accumulator II policies will never exceed an annual rate of 0.50%.

For VUL Provider policies, the monthly mortality and expense risk charge currently ranges from an annual rate of 0.70% to 0.05% of the cash value in VUL Separate Account-I (it declines based on the cash value in VUL Separate Account-I and duration). If the VUL Provider policy has the Alternative Cash Surrender Value (ACSV), the mortality and expense risk charge currently ranges from 1.00% to 0.05%. NYLIAC guarantees that the mortality and expense risk charge on VUL Provider policies will never exceed an annual rate of 1.00%.

For Legacy Creator SPVUL policies, the current mortality and expense risk charge is deducted monthly at an annual rate of 0.50% of the cash value in VUL Separate Account-I. The mortality and expense charge is guaranteed not to exceed the annual rate of 0.75% of the cash value in VUL Separate Account-I.

For Market Wealth Plus policies, the current mortality and expense risk charge is currently 0.00% annually of the cash value in the VUL Separate Account-I. The mortality and expense risk charge is guaranteed to never exceed an annual rate of 0.75%.

Group 5 Policies: For LWVUL policies, the monthly mortality and expense risk charge currently ranges from an annual rate of 0.75% to 0.25% of the cash value in VUL Separate Account-I (it declines based on the cash value in VUL Separate Account-I and duration). NYLIAC guarantees that the mortality and expense risk charge on LWVUL policies will never exceed an annual rate of 0.75%.

Surrender Charges:

Surrender charges may be assessed by NYLIAC for VUL, SVUL, VUL 2000, VUL Provider, VUL Accumulator, SVUL Accumulator, SPVUL, Legacy Creator SPVUL, VUL Accumulator Plus, VUL Accumulator II, and Market Wealth Plus policies during the surrender charge period on complete surrenders, decreases in face amount including decreases caused by a change in life insurance benefit option and some partial withdrawals. Surrender charges are paid to NYLIAC. The amount of this charge is included in surrenders in the accompanying Statement of Changes in Net Assets. In addition, a new surrender charge period will apply to face amount increases.

For VUL, SVUL and VUL 2000 policies, this charge is deducted during the first 15 policy years or within 15 years after a face amount increase. For VUL Provider, VUL Accumulator, SVUL Accumulator and VUL Accumulator Plus this charge is deducted for the first 10 policy years or within 10 years after a face amount increase. For VUL Accumulator II policies, the applicable surrender charge period will vary according to the insured’s age at the time the policy is issued.

For VUL, the maximum surrender charge is shown on the policy’s data page. For VUL 2000 - Series 1, VUL Provider, VUL Accumulator, SVUL Accumulator, VUL Accumulator Plus, VUL Accumulator II, and Market Wealth Plus, the maximum surrender charge is the lesser of 50% of total premiums paid or a percentage of the surrender charge premium. This percentage is based on the policy year in which the surrender or decrease in face amount takes place.

Initially for VUL 2000 - Series 2** policies, the maximum surrender charge is the lesser of 50% of total premiums paid less the monthly contract charge incurred during the first three policy years or 100% of the surrender charge premium. Beginning in year four, the maximum surrender charge is the lesser of 50% of total premium payments less the sum of all monthly contract charges incurred in the first three policy years (which will never exceed $636) or a specified percentage of the surrender charge premium, which declines each policy year from 93% in the fourth year to 0% in year sixteen and later.

** VUL 2000 - Series 2, SPVUL - Series 2, and SVUL - Series 2 designates policies issued on and after May 10, 2002 where approved.

102

NYLIAC VUL Separate Account-I

Notes to Financial Statements (Continued)

NOTE 3—Expenses and Related Party Transactions (Continued):

For SVUL policies, the surrender charge is deducted during the first 15 policy years if the younger insured is less than age 85 at the time the policy was issued. If the younger insured is age 85 or older at the time of issue, the charge is deducted during the first 8 policy years. The maximum surrender charge on SVUL policies varies based on the policy’s target premium, age of the younger insured and year of surrender. The target premium is shown on the policy data page.

For SPVUL policies, the surrender charge is deducted during the first 9 policy years. This charge is equal to a percentage of the cash value of the policy minus any withdrawal taken using the surrender charge free window, or the initial single premium minus any partial withdrawals for which the surrender charge was assessed. The applicable surrender charge percentage is based on the amount of time elapsed from the date the initial single premium was accepted to the effective date of the surrender or partial withdrawal. For Series 1 and 2 the surrender charge percentage declines each policy year from 9% in the first year to 0% in year 10 and later. For Series 3, the percentage declines each year from 7.5% in the first year to 0% in year 10 and after.

For Legacy Creator SPVUL, the surrender charge is deducted during the first 9 policy years. The surrender charge is assessed on the amount of the cash value withdrawn in any policy year that is in excess of the surrender charge free window. The surrender charge free window is the greater of 10% of the policy cash value (minus any partial withdrawals already taken in that year) or 100% of the policy gain. The surrender charge percentage declines each policy year from 7.50% in the first year to 0% in year 10 and later.

For Market Wealth Plus policies, the surrender charge period is 10 years in most jurisdiction and 5 years in New York. During the surrender charge period, surrender charges are not assessed on a full surrender of a Market Wealth Plus policy for its Alternative Cash Surrender Value (ACSV).

VUL Separate Account-I 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 either NYLIAC or VUL Separate Account-I. Management Fees (which may include administration and/or advisory fees) range from 0.00% to 1.24%, distribution (12b-1) fees range from 0.00% to 0.25%, other expenses range from 0.00% to 0.31%, and acquired fund fees and expenses range from 0.00% to 0.63%. 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:

VUL Separate Account-I does 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 or transfers) in excess of the net premium payments.

103

NYLIAC VUL Separate Account-I

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
	Units Issued		Units Redeemed			Net Increase (Decrease)			Units Issued		Units Redeemed			Net Increase (Decrease)
MainStay VP American Century Sustainable Equity—Initial Class		24		(217	)		(193	)		44		(227	)		(183	)
MainStay VP Balanced—Initial Class		46		(68	)		(22	)		50		(63	)		(13	)
MainStay VP Bond—Initial Class		65		(113	)		(48	)		83		(144	)		(61	)
MainStay VP Candriam Emerging Markets Equity—Initial Class		103		(211	)		(108	)		167		(194	)		(27	)
MainStay VP CBRE Global Infrastructure—Initial Class		59		(33	)		26			78		(42	)		36
MainStay VP Conservative Allocation—Initial Class		44		(81	)		(37	)		36		(108	)		(72	)
MainStay VP Epoch U.S. Equity Yield—Initial Class		30		(262	)		(232	)		32		(282	)		(250	)
MainStay VP Equity Allocation—Initial Class		84		(181	)		(97	)		90		(163	)		(73	)
MainStay VP Fidelity Institutional AM® Utilities—Initial Class		105		(127	)		(22	)		82		(192	)		(110	)
MainStay VP Floating Rate—Initial Class		110		(141	)		(31	)		1,239		(85	)		1,154
MainStay VP Growth Allocation—Initial Class		77		(272	)		(195	)		136		(298	)		(162	)
MainStay VP Income Builder—Initial Class		52		(106	)		(54	)		39		(103	)		(64	)
MainStay VP IQ Hedge Multi-Strategy—Initial Class		89		(68	)		21			56		(87	)		(31	)
MainStay VP Janus Henderson Balanced—Initial Class		151		(417	)		(266	)		161		(395	)		(234	)
MainStay VP MacKay Convertible—Initial Class		77		(65	)		12			31		(133	)		(102	)
MainStay VP MacKay Government—Initial Class		52		(61	)		(9	)		44		(92	)		(48	)
MainStay VP MacKay High Yield Corporate Bond—Initial Class		74		(186	)		(112	)		71		(257	)		(186	)
MainStay VP MacKay Strategic Bond—Initial Class		226		(89	)		137			64		(147	)		(83	)
MainStay VP Moderate Allocation—Initial Class		61		(155	)		(94	)		80		(184	)		(104	)
MainStay VP Natural Resources—Initial Class		215		(395	)		(180	)		356		(470	)		(114	)
MainStay VP PIMCO Real Return—Initial Class		72		(103	)		(31	)		99		(121	)		(22	)
MainStay VP PineStone International Equity—Initial Class		86		(104	)		(18	)		79		(75	)		4
MainStay VP S&P 500 Index—Initial Class		695		(351	)		344			556		(339	)		217
MainStay VP Small Cap Growth—Initial Class		75		(159	)		(84	)		71		(137	)		(66	)
MainStay VP U.S. Government Money Market—Initial Class		9,529		(13,180	)		(3,651	)		21,455		(14,699	)		6,756
MainStay VP Wellington Growth—Initial Class		14		(315	)		(301	)		40		(269	)		(229	)
MainStay VP Wellington Mid Cap—Initial Class		30		(118	)		(88	)		29		(114	)		(85	)
MainStay VP Wellington Small Cap—Initial Class		104		(217	)		(113	)		109		(162	)		(53	)
MainStay VP Wellington U.S. Equity—Initial Class		20		(135	)		(115	)		48		(121	)		(73	)
MainStay VP Winslow Large Cap Growth—Initial Class		48		(218	)		(170	)		147		(119	)		28
AB VPS Discovery Value Portfolio—Class A		43		(38	)		5			55		(37	)		18
AB VPS International Value Portfolio—Class A		—		—			—			—		—			—
AB VPS Relative Value Portfolio—Class A		734		(12	)		722			30		(1	)		29
Alger Capital Appreciation Portfolio—Class I-2		1		(1	)		—			—		(1	)		(1	)
American Century Investments® VP Inflation Protection Fund—Class II		—		—			—			1		(1	)		—
American Century Investments® VP International Fund—Class II		2		(4	)		(2	)		6		(1	)		5
American Century Investments® VP Value Fund—Class II		6		(9	)		(3	)		3		(6	)		(3	)
American Funds IS Asset Allocation Fund—Class 2		90		(73	)		17			130		(50	)		80
American Funds IS The Bond Fund of America®—Class 2		43		(16	)		27			11		(1	)		10

104

NYLIAC VUL Separate Account-I

Notes to Financial Statements (Continued)

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

	2023								2022
	Units Issued		Units Redeemed			Net Increase (Decrease)			Units Issued		Units Redeemed			Net Increase (Decrease)
American Funds IS Global Small Capitalization Fund—Class 2		42		(87	)		(45	)		113		(29	)		84
American Funds IS Growth Fund—Class 2		318		(65	)		253			204		(151	)		53
American Funds IS New World Fund®—Class 2		126		(67	)		59			215		(40	)		175
American Funds IS Washington Mutual Investors FundSM—Class 2		124		(80	)		44			136		(43	)		93
BlackRock® Global Allocation V.I. Fund—Class I		130		(141	)		(11	)		223		(128	)		95
BlackRock® High Yield V.I. Fund—Class I		161		(41	)		120			93		(59	)		34
BNY Mellon IP Technology Growth Portfolio—Initial Shares		81		(63	)		18			117		(66	)		51
BNY Mellon Sustainable U.S. Equity Portfolio—Initial Shares		28		(3	)		25			3		(1	)		2
BNY Mellon VIF Opportunistic Small Cap Portfolio—Initial Shares		1		(2	)		(1	)		2		(2	)		—
ClearBridge Variable Appreciation Portfolio—Class I		30		(9	)		21			28		(24	)		4
Columbia Variable Portfolio—Commodity Strategy Fund—Class 1		11		(16	)		(5	)		6		(26	)		(20	)
Columbia Variable Portfolio—Emerging Markets Bond Fund—Class 1		44		(14	)		30			101		(16	)		85
Columbia Variable Portfolio—Intermediate Bond Fund—Class 1		29		(13	)		16			19		—			19
Columbia Variable Portfolio—Small Cap Value Fund—Class 2		—		—			—			—		—			—
Delaware VIP® Emerging Markets Series—Standard Class		44		(43	)		1			61		(110	)		(49	)
Delaware VIP® International Series—Standard Class		—		—			—			—		—			—
Delaware VIP® Small Cap Value Series—Standard Class		72		(42	)		30			58		(58	)		—
DFA VA Global Bond Portfolio		—		—			—			1		(8	)		(7	)
DFA VA International Small Portfolio		—		—			—			—		—			—
DFA VA International Value Portfolio		—		—			—			—		—			—
DFA VA Short-Term Fixed Portfolio		—		—			—			—		(15	)		(15	)
DFA VA U.S. Large Value Portfolio		1		(1	)		—			1		(1	)		—
DFA VA U.S. Targeted Value Portfolio		—		(1	)		(1	)		—		—			—
DWS Alternative Asset Allocation VIP—Class A		76		(34	)		42			112		(38	)		74
DWS Small Cap Index VIP—Class A		45		(14	)		31			42		(21	)		21
DWS Small Mid Cap Value VIP—Class A		24		(34	)		(10	)		24		(22	)		2
Fidelity® VIP Bond Index Portfolio—Initial Class		82		(38	)		44			63		(75	)		(12	)
Fidelity® VIP ContrafundSM Portfolio—Initial Class		52		(285	)		(233	)		105		(222	)		(117	)
Fidelity® VIP Emerging Markets Portfolio—Initial Class		106		(42	)		64			121		(53	)		68
Fidelity® VIP Equity-Income PortfolioSM—Initial Class		62		(407	)		(345	)		125		(147	)		(22	)
Fidelity® VIP Freedom 2020 PortfolioSM—Initial Class		16		(42	)		(26	)		7		(24	)		(17	)
Fidelity® VIP Freedom 2030 PortfolioSM—Initial Class		33		(53	)		(20	)		47		(37	)		10
Fidelity® VIP Freedom 2040 PortfolioSM—Initial Class		55		(51	)		4			48		(24	)		24
Fidelity® VIP Growth Opportunities Portfolio—Initial Class		250		(64	)		186			231		(87	)		144
Fidelity® VIP Growth Portfolio—Initial Class		4		(9	)		(5	)		—		(4	)		(4	)
Fidelity® VIP Health Care Portfolio—Initial Class		330		(69	)		261			120		(104	)		16
Fidelity® VIP Index 500 Portfolio—Initial Class		7		(6	)		1			2		(17	)		(15	)
Fidelity® VIP International Index Portfolio—Initial Class		333		(41	)		292			245		(35	)		210
Fidelity® VIP Investment Grade Bond Portfolio—Initial Class		74		(21	)		53			11		(6	)		5
Fidelity® VIP Mid Cap Portfolio—Initial Class		93		(36	)		57			93		(44	)		49
Fidelity® VIP Overseas Portfolio—Initial Class		4		(14	)		(10	)		9		(4	)		5
Franklin Templeton Aggressive Model Portfolio—Class I		2,115		(42	)		2,073			1,548		(48	)		1,500

105

NYLIAC VUL Separate Account-I

Notes to Financial Statements (Continued)

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

	2023								2022
	Units Issued		Units Redeemed			Net Increase (Decrease)			Units Issued		Units Redeemed			Net Increase (Decrease)
Franklin Templeton Conservative Model Portfolio—Class I		114		(87	)		27			116		(36	)		80
Franklin Templeton Moderate Model Portfolio—Class I		524		(185	)		339			380		(108	)		272
Franklin Templeton Moderately Aggressive Model Portfolio—Class I		1,682		(66	)		1,616			1,387		(58	)		1,329
Franklin Templeton Moderately Conservative Model Portfolio—Class I		195		(57	)		138			132		(99	)		33
Invesco V.I. EQV International Equity Fund—Series I Shares		53		(78	)		(25	)		86		(65	)		21
Invesco V.I. Global Real Estate Fund—Series I Shares		—		—			—			—		—			—
Invesco V.I. Main Street Small Cap Fund®—Series I Shares		40		(14	)		26			73		(29	)		44
Janus Henderson Enterprise Portfolio—Institutional Shares		227		(49	)		178			124		(264	)		(140	)
Janus Henderson Forty Portfolio—Institutional Shares		—		—			—			3		—			3
Janus Henderson Global Research Portfolio—Institutional Shares		32		(211	)		(179	)		56		(165	)		(109	)
LVIP Baron Growth Opportunities Fund—Service Class		—		(1	)		(1	)		—		—			—
LVIP Delaware Diversified Income Fund—Standard Class		—		—			—			—		—			—
LVIP Delaware Value Fund—Standard Class		—		—			—			—		—			—
LVIP SSgA Mid-Cap Index Fund—Standard Class		26		(7	)		19			17		(12	)		5
MFS® International Intrinsic Value Portfolio—Initial Class		80		(50	)		30			84		(69	)		15
MFS® Investors Trust Series—Initial Class		32		(23	)		9			37		(34	)		3
MFS® Mid Cap Value Portfolio—Initial Class		71		(85	)		(14	)		177		(65	)		112
MFS® New Discovery Series—Initial Class		30		(19	)		11			29		(50	)		(21	)
MFS® Research International Portfolio—Initial Class		63		(16	)		47			53		(2	)		51
MFS® Research Series—Initial Class		19		(10	)		9			17		(16	)		1
MFS® Total Return Bond Series—Initial Class		—		(1	)		(1	)		—		—			—
MFS® Value Series—Initial Class		—		—			—			—		—			—
Morgan Stanley VIF Emerging Markets Debt Portfolio—Class I		—		(1	)		(1	)		2		(1	)		1
Morgan Stanley VIF U.S. Real Estate Portfolio—Class I		104		(82	)		22			226		(76	)		150
Neuberger Berman AMT Mid Cap Growth Portfolio—Class I		69		(45	)		24			98		(55	)		43
PIMCO VIT Global Bond Opportunities Portfolio (Unhedged)—Administrative Class		1		(2	)		(1	)		2		(1	)		1
PIMCO VIT Income Portfolio—Institutional Class		149		(7	)		142			180		(17	)		163
PIMCO VIT International Bond Portfolio (U.S. Dollar-Hedged)—Institutional Class		77		(48	)		29			44		(136	)		(92	)
PIMCO VIT Low Duration Portfolio—Administrative Class		—		(2	)		(2	)		—		(1	)		(1	)
PIMCO VIT Low Duration Portfolio—Institutional Class		73		(63	)		10			192		(183	)		9
PIMCO VIT Total Return Portfolio—Administrative Class		1		(10	)		(9	)		2		(4	)		(2	)
PIMCO VIT Total Return Portfolio—Institutional Class		183		(156	)		27			198		(120	)		78
T. Rowe Price All-Cap Opportunities Portfolio		—		—			—			—		—			—
T. Rowe Price Blue Chip Growth Portfolio		1		(1	)		—			—		—			—
T. Rowe Price International Stock Portfolio		—		—			—			—		—			—
T. Rowe Price Limited-Term Bond Portfolio		—		—			—			1		(1	)		—
The Merger Fund VL		—		—			—			—		—			—
Western Asset Core Plus VIT Portfolio—Class I		3		—			3			1		—			1

Not all investment divisions are available under all policies.

106

NYLIAC VUL Separate Account-I

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 (Lowest to Highest)	Total Return¹ (Lowest to Highest)	Investment Income Ratio²
MainStay VP American Century Sustainable Equity—Initial Class	2023	$	79,950		2,541	$29.89 to $32.48	23.5% to 24.4%	1.3%
	2022		69,312		2,734	24.20 to 26.11	(8.3%) to (7.7%)	1.7%
	2021		80,330		2,917	26.40 to 28.29	24.6% to 25.5%	2.5%
	2020		68,887		3,131	21.19 to 22.54	0.3% to 1.0%	3.6%
	2019		73,230		3,353	21.13 to 22.33	25.5% to 26.4%	2.3%
MainStay VP Balanced—Initial Class	2023	$	21,527		691	$23.22 to $32.38	6.8% to 7.5%	1.9%
	2022		20,643		713	21.60 to 30.11	(6.4%) to (5.7%)	1.0%
	2021		22,346		726	28.42 to 31.94	16.5% to 17.3%	1.4%
	2020		18,533		706	19.53 to 27.23	7.1% to 7.9%	2.1%
	2019		18,653		766	18.10 to 25.24	15.9% to 16.8%	2.0%
MainStay VP Bond—Initial Class	2023	$	29,650		1,264	$11.97 to $29.58	4.8% to 5.6%	2.8%
	2022		29,365		1,312	11.34 to 28.22	(15.1%) to (14.5%)	2.0%
	2021		36,083		1,373	13.26 to 33.22	(2.1%) to (1.4%)	1.8%
	2020		36,360		1,358	13.44 to 33.92	7.2% to 7.9%	2.0%
	2019		34,315		1,365	12.45 to 31.65	8.4% to 9.1%	2.7%
MainStay VP Candriam Emerging Markets Equity—Initial Class	2023	$	28,971		3,107	$8.87 to $9.64	6.5% to 7.2%	1.8%
	2022		28,028		3,215	8.33 to 8.99	(29.2%) to (28.7%)	1.0%
	2021		39,750		3,242	11.77 to 12.61	(2.7%) to (2.0%)	1.1%
	2020		42,440		3,383	12.10 to 12.87	24.8% to 25.7%	3.3%
	2019		36,396		3,639	9.69 to 10.24	19.2% to 20.1%	1.4%
MainStay VP CBRE Global Infrastructure—Initial Class	2023	$	2,439		258	$8.98 to $9.48	3.3% to 4.1%	1.9%
	2022		2,111		232	8.69 to 9.11	(6.6%) to (6.0%)	1.3%
	2021		1,899		196	9.31 to 9.69	14.5% to 15.3%	0.0%
	2020		1,022		122	8.13 to 8.40	(13.4%) to (12.8%)	7.7%
	2019		1,009		105	9.39 to 9.64	4.6% to 5.3%	0.0%
MainStay VP Conservative Allocation—Initial Class	2023	$	13,959		598	$22.03 to $24.70	9.5% to 10.3%	3.0%
	2022		13,487		635	20.11 to 22.40	(12.7%) to (12.1%)	4.4%
	2021		17,168		707	23.03 to 25.47	6.4% to 7.1%	1.9%
	2020		16,707		735	21.64 to 23.77	9.5% to 10.3%	2.1%
	2019		16,327		788	15.27 to 21.56	14.0% to 14.8%	2.7%
MainStay VP Epoch U.S. Equity Yield—Initial Class	2023	$	138,641		3,491	$28.28 to $45.07	7.9% to 8.7%	2.7%
	2022		136,321		3,723	26.02 to 41.47	(3.2%) to (2.5%)	2.1%
	2021		149,769		3,973	26.68 to 42.53	22.0% to 22.9%	2.4%
	2020		128,833		4,188	21.71 to 34.61	(0.7%) to 0.0%	2.8%
	2019		137,501		4,457	21.71 to 34.60	23.3% to 24.2%	3.2%

107

NYLIAC VUL Separate Account-I

Notes to Financial Statements (Continued)

NOTE 6—Financial Highlights (Continued):

		Net Assets (in 000’s)		Units Outstanding (in 000’s)		Variable Accumulation Unit Value (Lowest to Highest)	Total Return¹ (Lowest to Highest)	Investment Income Ratio²
MainStay VP Equity Allocation—Initial Class	2023	$	98,051		3,092	$28.83 to $32.17	16.6% to 17.4%	5.4%
	2022		86,163		3,189	24.73 to 27.40	(18.2%) to (17.6%)	3.2%
	2021		107,062		3,262	30.24 to 33.27	19.3% to 20.2%	1.9%
	2020		92,646		3,391	25.35 to 27.69	14.2% to 15.0%	2.3%
	2019		83,143		3,503	22.19 to 24.07	23.7% to 24.6%	3.0%
MainStay VP Fidelity Institutional AM® Utilities—Initial Class	2023	$	51,858		2,161	$22.47 to $24.41	(2.1%) to (1.5%)	2.1%
	2022		53,195		2,183	22.96 to 24.78	4.8% to 5.6%	2.1%
	2021		53,003		2,293	21.90 to 23.47	16.4% to 17.2%	2.1%
	2020		46,029		2,332	18.81 to 20.02	(1.1%) to (0.4%)	2.6%
	2019		49,157		2,479	19.02 to 20.09	22.4% to 23.3%	2.5%
MainStay VP Floating Rate—Initial Class	2023	$	40,950		2,083	$15.75 to $20.58	11.1% to 11.9%	8.2%
	2022		37,192		2,114	14.08 to 18.40	(1.9%) to (1.2%)	5.1%
	2021		17,155		960	14.26 to 18.63	3.0% to 3.7%	3.1%
	2020		16,350		947	13.75 to 17.97	1.8% to 2.5%	3.8%
	2019		18,051		1,070	13.42 to 17.53	7.7% to 8.5%	4.9%
MainStay VP Growth Allocation—Initial Class	2023	$	95,510		3,156	$23.94 to $31.29	14.7% to 15.5%	4.0%
	2022		88,025		3,351	20.73 to 27.09	(15.0%) to (14.4%)	3.5%
	2021		108,059		3,513	24.23 to 31.66	15.2% to 16.0%	2.5%
	2020		98,314		3,705	20.88 to 27.29	12.1% to 12.9%	3.0%
	2019		91,615		3,899	18.49 to 24.16	20.6% to 21.4%	3.2%
MainStay VP Income Builder—Initial Class	2023	$	63,266		1,588	$27.65 to $54.39	9.3% to 10.1%	3.3%
	2022		59,999		1,642	25.25 to 49.77	(14.1%) to (13.5%)	2.8%
	2021		72,561		1,706	29.34 to 57.96	9.7% to 10.5%	2.9%
	2020		68,261		1,759	19.63 to 52.81	7.2% to 8.0%	2.5%
	2019		66,101		1,831	18.18 to 49.25	17.2% to 18.1%	4.8%
MainStay VP IQ Hedge Multi-Strategy—Initial Class	2023	$	11,704		1,310	$8.38 to $8.97	9.5% to 10.3%	5.2%
	2022		10,452		1,289	7.65 to 8.13	(9.1%) to (8.5%)	2.0%
	2021		11,693		1,320	8.42 to 8.88	(1.3%) to (0.6%)	0.0%
	2020		10,232		1,148	8.53 to 8.94	4.6% to 5.4%	2.3%
	2019		9,048		1,070	8.15 to 8.48	7.7% to 8.5%	0.0%
MainStay VP Janus Henderson Balanced—Initial Class	2023	$	166,738		6,339	$25.30 to $27.49	14.7% to 15.5%	1.4%
	2022		150,816		6,605	22.06 to 23.80	(17.0%) to (16.4%)	1.1%
	2021		187,380		6,839	26.57 to 28.47	16.5% to 17.4%	1.3%
	2020		164,489		7,022	22.80 to 24.26	13.5% to 14.3%	1.9%
	2019		151,156		7,351	20.08 to 21.22	22.1% to 22.9%	1.8%
MainStay VP MacKay Convertible—Initial Class	2023	$	75,893		1,307	$28.75 to $72.93	8.1% to 8.9%	2.1%
	2022		69,449		1,295	26.41 to 67.47	(13.3%) to (12.7%)	3.3%
	2021		85,929		1,397	30.24 to 77.80	8.5% to 9.2%	1.1%
	2020		77,526		1,370	27.68 to 71.71	35.1% to 36.0%	0.7%
	2019		60,227		1,441	20.35 to 53.08	21.6% to 22.5%	1.5%

108

NYLIAC VUL Separate Account-I

Notes to Financial Statements (Continued)

NOTE 6—Financial Highlights (Continued):

		Net Assets (in 000’s)		Units Outstanding (in 000’s)		Variable Accumulation Unit Value (Lowest to Highest)	Total Return¹ (Lowest to Highest)	Investment Income Ratio²
MainStay VP MacKay Government—Initial Class	2023	$	12,460		625	$11.00 to $24.40	4.3% to 5.0%	2.4%
	2022		12,151		634	10.47 to 23.40	(11.9%) to (11.3%)	1.9%
	2021		14,716		682	11.81 to 26.57	(2.2%) to (1.5%)	1.5%
	2020		16,291		734	11.99 to 27.16	4.2% to 5.0%	1.5%
	2019		15,121		708	11.42 to 26.06	4.7% to 5.4%	2.0%
MainStay VP MacKay High Yield Corporate Bond—Initial Class	2023	$	148,546		3,113	$19.93 to $62.94	11.1% to 11.9%	5.8%
	2022		138,229		3,225	17.82 to 56.66	(8.7%) to (8.1%)	5.4%
	2021		159,448		3,411	19.38 to 62.06	4.8% to 5.5%	4.8%
	2020		151,430		3,402	18.37 to 59.23	4.7% to 5.4%	5.8%
	2019		150,597		3,548	17.43 to 56.59	12.4% to 13.2%	5.7%
MainStay VP MacKay Strategic Bond—Initial Class	2023	$	26,163		1,797	$13.51 to $14.66	9.4% to 10.2%	5.0%
	2022		21,923		1,660	12.35 to 13.31	(7.9%) to (7.2%)	3.6%
	2021		24,820		1,743	13.41 to 14.35	1.3% to 2.0%	2.5%
	2020		22,538		1,613	13.24 to 14.07	5.4% to 6.1%	2.7%
	2019		21,114		1,604	12.57 to 13.26	6.3% to 7.1%	3.5%
MainStay VP Moderate Allocation—Initial Class	2023	$	46,889		1,740	$20.46 to $28.01	12.2% to 13.0%	3.1%
	2022		43,783		1,834	18.11 to 24.79	(14.3%) to (13.7%)	3.7%
	2021		53,604		1,938	20.98 to 28.72	10.6% to 11.4%	1.2%
	2020		48,025		1,931	18.84 to 25.79	10.8% to 11.6%	2.6%
	2019		45,283		2,030	16.88 to 23.11	17.5% to 18.3%	3.1%
MainStay VP Natural Resources—Initial Class	2023	$	49,486		3,794	$12.22 to $13.27	1.2% to 1.9%	2.2%
	2022		50,883		3,974	12.07 to 13.02	34.9% to 35.8%	1.1%
	2021		38,570		4,088	8.95 to 9.59	37.1% to 38.0%	1.2%
	2020		29,021		4,237	6.53 to 6.95	6.1% to 6.9%	2.7%
	2019		26,707		4,165	6.15 to 6.50	15.8% to 16.6%	0.8%
MainStay VP PIMCO Real Return—Initial Class	2023	$	12,138		1,025	$11.07 to $12.03	3.0% to 3.7%	8.6%
	2022		12,069		1,056	10.75 to 11.60	(12.1%) to (11.4%)	6.0%
	2021		13,913		1,078	12.23 to 13.10	4.6% to 5.4%	0.5%
	2020		12,402		1,012	11.68 to 12.43	11.0% to 11.8%	2.0%
	2019		10,354		944	10.53 to 11.12	8.1% to 8.9%	3.2%
MainStay VP PineStone International Equity—Initial Class	2023	$	48,093		1,461	$25.20 to $39.43	3.5% to 4.3%	0.0%
	2022		46,819		1,479	24.29 to 38.08	(27.0%) to (26.4%)	0.3%
	2021		63,648		1,475	33.19 to 52.13	11.5% to 12.2%	0.1%
	2020		59,161		1,534	29.72 to 46.77	20.0% to 20.8%	0.8%
	2019		52,787		1,646	15.90 to 38.98	23.9% to 24.8%	0.4%
MainStay VP S&P 500 Index—Initial Class	2023	$	688,847		9,315	$14.03 to $144.46	25.3% to 26.1%	1.4%
	2022		534,215		8,971	11.12 to 115.33	(18.8%) to (18.2%)	1.5%
	2021		645,470		8,754	13.59 to 141.97	27.7% to 28.5%	1.2%
	2020		502,425		8,687	10.57 to 111.21	5.7% to 18.2%	1.5%
	2019		435,766		8,852	32.04 to 94.72	30.3% to 31.2%	1.7%

109

NYLIAC VUL Separate Account-I

Notes to Financial Statements (Continued)

NOTE 6—Financial Highlights (Continued):

		Net Assets (in 000’s)		Units Outstanding (in 000’s)		Variable Accumulation Unit Value (Lowest to Highest)	Total Return¹ (Lowest to Highest)	Investment Income Ratio²
MainStay VP Small Cap Growth—Initial Class	2023	$	54,867		2,118	$24.89 to $27.04	14.7% to 15.5%	0.0%
	2022		49,516		2,202	21.70 to 23.41	(27.0%) to (26.5%)	0.0%
	2021		69,617		2,268	29.72 to 31.85	9.5% to 10.3%	0.0%
	2020		64,792		2,321	27.14 to 28.87	39.5% to 40.5%	0.0%
	2019		50,845		2,550	19.45 to 20.55	24.7% to 25.6%	0.0%
MainStay VP U.S. Government Money Market—Initial Class	2023	$	51,081		37,921	$1.10 to $1.57	4.1% to 4.8%	4.7%
	2022		53,209		41,572	1.05 to 1.51	0.6% to 1.3%	1.3%
	2021		44,408		34,816	1.04 to 1.50	(0.7%) to 0.0%	0.0%
	2020		62,922		49,659	1.04 to 1.51	(0.5%) to 0.2%	0.2%
	2019		36,872		28,736	1.04 to 1.51	1.1% to 1.8%	1.8%
MainStay VP Wellington Growth—Initial Class	2023	$	243,527		4,561	$29.81 to $75.89	37.6% to 38.6%	0.0%
	2022		188,988		4,862	21.61 to 55.14	(33.6%) to (33.2%)	0.0%
	2021		297,591		5,091	32.50 to 83.08	18.9% to 19.7%	0.3%
	2020		263,128		5,353	27.28 to 69.86	31.4% to 32.3%	0.6%
	2019		214,688		5,788	20.72 to 53.18	29.1% to 30.0%	0.6%
MainStay VP Wellington Mid Cap—Initial Class	2023	$	96,686		1,723	$48.98 to $60.03	12.9% to 13.7%	0.1%
	2022		89,546		1,811	43.38 to 52.80	(21.1%) to (20.5%)	0.0%
	2021		118,181		1,896	54.96 to 66.43	19.2% to 20.0%	0.6%
	2020		105,460		2,026	46.12 to 55.36	10.5% to 11.3%	1.0%
	2019		105,960		2,262	41.74 to 49.75	22.0% to 22.9%	1.1%
MainStay VP Wellington Small Cap—Initial Class	2023	$	44,510		2,836	$15.09 to $15.92	13.1% to 13.9%	0.8%
	2022		40,717		2,949	13.34 to 13.98	(21.4%) to (20.8%)	1.1%
	2021		52,453		3,002	16.97 to 17.66	17.2% to 18.0%	0.4%
	2020		47,015		3,170	14.48 to 14.96	9.5% to 10.2%	0.1%
	2019		43,830		3,252	13.23 to 13.58	17.0% to 17.8%	0.2%
MainStay VP Wellington U.S. Equity—Initial Class	2023	$	136,485		1,901	$46.51 to $118.86	23.7% to 24.6%	1.0%
	2022		117,914		2,016	37.52 to 96.08	(21.2%) to (20.7%)	0.7%
	2021		154,495		2,089	47.53 to 121.97	27.9% to 28.8%	0.9%
	2020		126,918		2,201	37.10 to 95.38	14.7% to 15.6%	1.6%
	2019		117,910		2,364	32.26 to 83.12	25.3% to 26.2%	1.5%
MainStay VP Winslow Large Cap Growth—Initial Class	2023	$	130,362		2,019	$43.47 to $75.76	42.1% to 43.1%	0.0%
	2022		98,891		2,189	30.60 to 52.96	(31.6%) to (31.2%)	0.0%
	2021		141,034		2,161	44.77 to 76.94	23.6% to 24.5%	0.0%
	2020		112,987		2,169	36.20 to 61.79	36.2% to 37.2%	0.0%
	2019		83,741		2,209	26.58 to 45.05	32.7% to 33.6%	0.0%
AB VPS Discovery Value Portfolio—Class A	2023	$	19,967		573	$31.26 to $35.86	16.4% to 17.2%	1.1%
	2022		16,870		568	26.86 to 30.60	(16.2%) to (15.6%)	1.1%
	2021		19,369		550	32.06 to 36.27	35.0% to 35.9%	0.8%
	2020		12,683		489	23.75 to 26.68	2.6% to 3.4%	1.1%
	2019		11,337		452	23.14 to 25.81	19.3% to 20.1%	0.6%

110

NYLIAC VUL Separate Account-I

Notes to Financial Statements (Continued)

NOTE 6—Financial Highlights (Continued):

		Net Assets (in 000’s)		Units Outstanding (in 000’s)		Variable Accumulation Unit Value (Lowest to Highest)	Total Return¹ (Lowest to Highest)	Investment Income Ratio²
AB VPS International Value Portfolio—Class A	2023	$	—		—	$13.30 to $13.30	15.1% to 15.1%	0.0%
	2022		—		—	11.55 to 11.55	(13.6%) to (13.6%)	0.0%
	2021		—		—	13.37 to 13.37	11.1% to 11.1%	0.0%
	2020		—		—	12.04 to 12.04	2.5% to 2.5%	0.0%
	2019		—		—	11.75 to 11.75	17.1% to 17.1%	3.0%
AB VPS Relative Value Portfolio—Class A	2023	$	8,493		751	$11.20 to $11.33	11.2% to 12.0%	1.9%
	2022		289		29	10.07 to 10.11	0.7% to 1.1%	0.4%
Alger Capital Appreciation Portfolio—Class I-2	2023	$	3,100		28	$48.54 to $115.46	43.1% to 43.1%	0.0%
	2022		2,205		28	33.92 to 80.67	(36.5%) to (36.5%)	0.0%
	2021		3,559		29	53.43 to 127.08	19.1% to 19.1%	0.0%
	2020		3,054		30	44.85 to 106.68	41.8% to 41.8%	0.0%
	2019		2,191		31	31.64 to 75.25	33.6% to 33.6%	0.0%
American Century Investments® VP Inflation Protection Fund—Class II	2023	$	335		19	$13.47 to $17.76	3.4% to 3.4%	3.3%
	2022		320		19	13.02 to 17.17	(13.1%) to (13.1%)	5.1%
	2021		379		19	14.98 to 19.76	6.3% to 6.3%	3.2%
	2020		356		20	14.10 to 18.59	9.6% to 9.6%	1.4%
	2019		330		20	12.87 to 16.97	8.9% to 8.9%	2.3%
American Century Investments® VP International Fund—Class II	2023	$	3,083		85	$36.31 to $36.31	12.4% to 12.4%	1.2%
	2022		2,799		87	32.30 to 32.30	(24.9%) to (24.9%)	1.3%
	2021		3,518		82	42.98 to 42.98	8.6% to 8.6%	0.0%
	2020		3,395		86	39.58 to 39.58	25.7% to 25.7%	0.4%
	2019		2,761		88	31.50 to 31.50	28.1% to 28.1%	0.8%
American Century Investments® VP Value Fund—Class II	2023	$	4,400		77	$57.23 to $57.23	9.0% to 9.0%	2.2%
	2022		4,187		80	52.50 to 52.50	0.3% to 0.3%	2.0%
	2021		4,353		83	52.34 to 52.34	24.3% to 24.3%	1.6%
	2020		3,731		89	42.11 to 42.11	0.8% to 0.8%	2.2%
	2019		3,492		84	41.76 to 41.76	26.9% to 26.9%	1.9%
American Funds IS Asset Allocation Fund—Class 2	2023	$	7,956		540	$14.33 to $14.91	13.5% to 14.3%	2.3%
	2022		6,744		523	12.63 to 13.05	(14.0%) to (13.4%)	1.9%
	2021		6,598		443	14.68 to 15.07	14.3% to 15.1%	1.8%
	2020		3,602		278	12.85 to 13.09	11.7% to 12.5%	1.8%
	2019		2,581		223	11.50 to 11.64	20.4% to 21.2%	2.3%
American Funds IS The Bond Fund of America®—Class 2	2023	$	373		37	$10.01 to $10.12	4.3% to 5.0%	4.7%
	2022		92		10	9.61 to 9.64	(3.9%) to (3.6%)	4.5%
American Funds IS Global Small Capitalization Fund—Class 2	2023	$	6,585		416	$15.01 to $15.95	15.4% to 16.2%	0.3%
	2022		6,281		461	13.01 to 13.73	(30.0%) to (29.6%)	0.0%
	2021		7,304		377	18.60 to 19.49	6.0% to 6.7%	0.0%
	2020		5,623		310	17.55 to 18.26	28.8% to 29.7%	0.2%
	2019		3,403		243	13.62 to 14.08	30.6% to 31.5%	0.2%

111

NYLIAC VUL Separate Account-I

Notes to Financial Statements (Continued)

NOTE 6—Financial Highlights (Continued):

		Net Assets (in 000’s)		Units Outstanding (in 000’s)		Variable Accumulation Unit Value (Lowest to Highest)	Total Return¹ (Lowest to Highest)	Investment Income Ratio²
American Funds IS Growth Fund—Class 2	2023	$	24,844		1,042	$23.02 to $24.03	37.5% to 38.5%	0.4%
	2022		13,569		789	16.74 to 17.35	(30.4%) to (29.9%)	0.3%
	2021		18,095		736	24.06 to 24.77	21.1% to 22.0%	0.2%
	2020		9,162		455	19.86 to 20.30	51.0% to 52.1%	0.3%
	2019		3,909		294	13.15 to 13.35	29.9% to 30.8%	0.8%
American Funds IS New World Fund®—Class 2	2023	$	20,893		1,322	$14.87 to $15.91	15.2% to 16.0%	1.5%
	2022		17,213		1,263	12.91 to 13.72	(22.6%) to (22.1%)	1.4%
	2021		19,031		1,088	16.69 to 17.61	4.2% to 4.9%	0.9%
	2020		18,510		1,109	16.02 to 16.78	22.7% to 23.6%	0.1%
	2019		15,143		1,122	13.05 to 13.58	28.2% to 29.1%	1.0%
American Funds IS Washington Mutual Investors FundSM— Class 2	2023	$	13,340		766	$16.81 to $17.55	16.5% to 17.3%	2.0%
	2022		10,726		722	14.43 to 14.96	(9.1%) to (8.5%)	2.0%
	2021		10,209		629	15.88 to 16.34	26.9% to 27.8%	1.5%
	2020		6,776		532	12.51 to 12.79	7.9% to 8.7%	1.9%
	2019		5,263		449	11.59 to 11.77	20.5% to 21.4%	2.1%
BlackRock® Global Allocation V.I. Fund—Class I	2023	$	25,086		1,870	$12.99 to $13.52	12.0% to 12.8%	2.3%
	2022		22,389		1,881	11.59 to 11.98	(16.4%) to (15.9%)	0.0%
	2021		25,292		1,786	13.88 to 14.24	5.9% to 6.7%	1.0%
	2020		21,696		1,632	13.10 to 13.35	20.2% to 21.0%	1.3%
	2019		18,114		1,647	10.90 to 11.03	17.2% to 18.0%	1.2%
BlackRock® High Yield V.I. Fund—Class I	2023	$	9,911		670	$14.00 to $14.98	12.4% to 13.2%	6.5%
	2022		7,190		550	12.45 to 13.23	(11.0%) to (10.3%)	5.3%
	2021		7,525		516	13.98 to 14.76	4.6% to 5.3%	4.4%
	2020		5,255		379	13.37 to 14.01	6.5% to 7.3%	5.2%
	2019		4,345		336	12.55 to 13.06	14.5% to 15.3%	5.3%
BNY Mellon IP Technology Growth Portfolio—Initial Shares	2023	$	66,605		871	$56.45 to $85.39	58.3% to 59.4%	0.0%
	2022		40,832		853	35.66 to 53.56	(46.8%) to (46.4%)	0.0%
	2021		71,053		802	66.98 to 99.90	12.1% to 12.9%	0.0%
	2020		60,724		777	59.73 to 88.47	68.7% to 69.9%	0.2%
	2019		36,399		791	35.40 to 52.06	24.9% to 25.8%	0.0%
BNY Mellon Sustainable U.S. Equity Portfolio—Initial Shares	2023	$	313		27	$11.33 to $11.47	23.0% to 23.8%	0.4%
	2022		17		2	9.26 to 9.26	(7.4%) to (7.4%)	0.0%
BNY Mellon VIF Opportunistic Small Cap Portfolio—Initial Shares	2023	$	3,623		90	$40.09 to $40.09	9.3% to 9.3%	0.3%
	2022		3,349		91	36.69 to 36.69	(16.6%) to (16.6%)	0.0%
	2021		3,988		91	44.00 to 44.00	16.5% to 16.5%	0.1%
	2020		3,484		92	37.78 to 37.78	19.9% to 19.9%	0.6%
	2019		2,963		94	31.51 to 31.51	21.8% to 21.8%	0.0%

112

NYLIAC VUL Separate Account-I

Notes to Financial Statements (Continued)

NOTE 6—Financial Highlights (Continued):

		Net Assets (in 000’s)		Units Outstanding (in 000’s)		Variable Accumulation Unit Value (Lowest to Highest)	Total Return¹ (Lowest to Highest)	Investment Income Ratio²
ClearBridge Variable Appreciation Portfolio—Class I	2023	$	4,605		218	$20.28 to $21.24	18.9% to 19.7%	1.0%
	2022		3,479		197	17.06 to 17.75	(13.1%) to (12.4%)	1.1%
	2021		3,894		193	19.62 to 20.27	22.8% to 23.7%	0.7%
	2020		2,635		161	15.98 to 16.39	14.0% to 14.8%	1.2%
	2019		1,807		127	14.02 to 14.28	29.0% to 29.9%	0.0%
Columbia Variable Portfolio—Commodity Strategy Fund— Class 1	2023	$	867		74	$11.13 to $11.82	(7.5%) to (6.8%)	21.7%
	2022		1,000		79	12.03 to 12.69	18.3% to 19.1%	24.1%
	2021		1,044		99	10.17 to 10.66	31.7% to 32.6%	0.2%
	2020		852		107	7.72 to 8.03	(2.0%) to (1.3%)	21.0%
	2019		699		86	7.88 to 8.14	7.0% to 7.8%	1.2%
Columbia Variable Portfolio—Emerging Markets Bond Fund—Class 1	2023	$	4,991		416	$11.36 to $12.07	9.7% to 10.4%	5.5%
	2022		4,195		386	10.35 to 10.93	(16.6%) to (16.0%)	4.5%
	2021		3,890		301	12.42 to 13.01	(2.9%) to (2.2%)	4.0%
	2020		3,282		248	12.79 to 13.31	6.7% to 7.4%	3.6%
	2019		2,429		197	11.99 to 12.39	11.6% to 12.4%	5.0%
Columbia Variable Portfolio—Intermediate Bond Fund— Class 1	2023	$	352		35	$9.97 to $9.97	6.3% to 6.3%	1.4%
	2022		180		19	9.38 to 9.38	(6.2%) to (6.2%)	0.4%
Columbia Variable Portfolio—Small Cap Value Fund— Class 2	2023	$	35		1	$30.32 to $30.32	21.7% to 21.7%	0.4%
	2022		33		1	24.92 to 24.92	(9.0%) to (9.0%)	0.5%
	2021		36		1	27.37 to 27.37	28.8% to 28.8%	0.5%
	2020		27		1	21.25 to 21.25	8.6% to 8.6%	0.3%
	2019		21		1	19.57 to 19.57	21.0% to 21.0%	0.3%
Delaware VIP® Emerging Markets Series—Standard Class	2023	$	7,785		504	$13.38 to $15.69	13.0% to 13.8%	1.6%
	2022		6,838		503	11.76 to 13.79	(28.1%) to (27.6%)	4.2%
	2021		10,370		552	16.23 to 19.04	(3.5%) to (2.8%)	0.3%
	2020		7,772		402	16.71 to 19.59	24.2% to 25.1%	0.8%
	2019		5,261		340	13.36 to 15.66	21.8% to 22.6%	0.7%
Delaware VIP® International Series—Standard Class	2023	$	1		—	$10.22 to $10.22	13.6% to 13.6%	1.3%
	2022		2		—	8.99 to 8.99	(17.3%) to (17.3%)	1.5%
	2021		2		—	10.88 to 10.88	6.9% to 6.9%	0.9%
	2020		2		—	10.18 to 10.18	1.8% to 1.8%	0.0%
Delaware VIP® Small Cap Value Series—Standard Class	2023	$	14,265		523	$25.51 to $28.21	8.7% to 9.4%	0.9%
	2022		12,267		493	23.48 to 25.78	(12.7%) to (12.1%)	0.8%
	2021		13,981		493	26.89 to 29.32	33.5% to 34.4%	0.8%
	2020		11,927		565	20.15 to 21.81	(2.6%) to (1.9%)	1.4%
	2019		12,446		578	20.68 to 22.24	27.2% to 28.1%	1.0%

113

NYLIAC VUL Separate Account-I

Notes to Financial Statements (Continued)

NOTE 6—Financial Highlights (Continued):

		Net Assets (in 000’s)		Units Outstanding (in 000’s)		Variable Accumulation Unit Value (Lowest to Highest)	Total Return¹ (Lowest to Highest)	Investment Income Ratio²
DFA VA Global Bond Portfolio	2023	$	34		3	$11.65 to $11.65	5.1% to 5.1%	4.0%
	2022		32		3	11.09 to 11.09	(6.3%) to (6.3%)	1.1%
	2021		124		10	11.84 to 11.84	(1.0%) to (1.0%)	0.7%
	2020		125		10	11.96 to 11.96	1.5% to 1.5%	0.1%
	2019		12		1	11.79 to 11.79	4.2% to 4.2%	1.4%
DFA VA International Small Portfolio	2023	$	147		7	$21.53 to $21.53	14.1% to 14.1%	3.2%
	2022		129		7	18.87 to 18.87	(17.6%) to (17.6%)	2.6%
	2021		155		7	22.91 to 22.91	14.6% to 14.6%	2.6%
	2020		135		7	20.00 to 20.00	9.4% to 9.4%	3.3%
	2019		53		3	18.27 to 18.27	23.9% to 23.9%	2.9%
DFA VA International Value Portfolio	2023	$	259		13	$19.88 to $19.88	17.9% to 17.9%	4.8%
	2022		222		13	16.87 to 16.87	(3.5%) to (3.5%)	4.0%
	2021		228		13	17.47 to 17.47	18.1% to 18.1%	4.1%
	2020		190		13	14.79 to 14.79	(1.8%) to (1.8%)	4.2%
	2019		71		5	15.06 to 15.06	15.9% to 15.9%	3.6%
DFA VA Short-Term Fixed Portfolio	2023	$	115		10	$11.16 to $11.16	5.0% to 5.0%	3.9%
	2022		109		10	10.64 to 10.64	(1.2%) to (1.2%)	1.0%
	2021		274		25	10.76 to 10.76	(0.2%) to (0.2%)	0.0%
	2020		274		25	10.78 to 10.78	0.6% to 0.6%	1.7%
	2019		48		4	10.72 to 10.72	2.5% to 2.5%	2.3%
DFA VA U.S. Large Value Portfolio	2023	$	460		14	$33.46 to $33.46	10.9% to 10.9%	2.3%
	2022		423		14	30.16 to 30.16	(4.9%) to (4.9%)	2.2%
	2021		455		14	31.71 to 31.71	27.0% to 27.0%	1.8%
	2020		364		15	24.96 to 24.96	(1.4%) to (1.4%)	2.7%
	2019		225		9	25.31 to 25.31	25.8% to 25.8%	2.2%
DFA VA U.S. Targeted Value Portfolio	2023	$	312		8	$37.20 to $37.20	20.0% to 20.0%	1.6%
	2022		265		9	30.99 to 30.99	(4.2%) to (4.2%)	1.3%
	2021		281		9	32.35 to 32.35	39.7% to 39.7%	1.4%
	2020		203		9	23.16 to 23.16	4.0% to 4.0%	2.4%
	2019		93		4	22.27 to 22.27	22.6% to 22.6%	1.5%
DWS Alternative Asset Allocation VIP—Class A	2023	$	9,804		740	$12.61 to $13.31	5.4% to 6.2%	6.6%
	2022		8,717		698	11.96 to 12.53	(8.1%) to (7.4%)	7.3%
	2021		8,412		624	13.01 to 13.54	12.0% to 12.7%	2.0%
	2020		6,783		567	11.62 to 12.01	5.0% to 5.7%	2.6%
	2019		5,215		461	11.07 to 11.36	13.9% to 14.7%	3.3%
DWS Small Cap Index VIP—Class A	2023	$	3,590		260	$13.37 to $28.60	15.9% to 16.8%	1.1%
	2022		2,710		229	11.53 to 24.49	(21.2%) to (20.6%)	0.9%
	2021		3,116		208	14.63 to 30.86	13.7% to 14.5%	0.7%
	2020		1,391		104	12.87 to 26.95	18.6% to 19.4%	1.1%
	2019		1,109		99	10.85 to 22.57	24.3% to 25.2%	1.5%

114

NYLIAC VUL Separate Account-I

Notes to Financial Statements (Continued)

NOTE 6—Financial Highlights (Continued):

		Net Assets (in 000’s)		Units Outstanding (in 000’s)		Variable Accumulation Unit Value (Lowest to Highest)	Total Return¹ (Lowest to Highest)	Investment Income Ratio²
DWS Small Mid Cap Value VIP—Class A	2023	$	5,922		221	$24.42 to $27.24	14.1% to 14.9%	1.2%
	2022		5,395		231	21.40 to 23.70	(16.4%) to (15.8%)	0.9%
	2021		6,346		229	25.59 to 28.15	29.6% to 30.5%	1.2%
	2020		5,418		258	19.75 to 21.57	(1.5%) to (0.8%)	1.4%
	2019		5,357		253	20.05 to 21.74	20.7% to 21.5%	0.7%
Fidelity® VIP Bond Index Portfolio—Initial Class	2023	$	4,106		462	$8.79 to $8.98	4.7% to 5.5%	2.5%
	2022		3,533		418	8.39 to 8.51	(13.8%) to (13.2%)	1.7%
	2021		4,201		430	9.73 to 9.81	(2.6%) to (2.0%)	1.0%
	2020		4,109		411	10.00 to 10.00	(0.0%) to 0.0%	0.9%
Fidelity® VIP ContrafundSM Portfolio—Initial Class	2023	$	364,177		4,140	$42.16 to $119.33	32.5% to 33.5%	0.5%
	2022		289,597		4,373	31.59 to 90.04	(26.8%) to (26.3%)	0.5%
	2021		405,336		4,490	42.87 to 123.06	26.9% to 27.8%	0.1%
	2020		333,527		4,701	33.54 to 96.94	29.7% to 30.6%	0.2%
	2019		275,095		5,052	25.69 to 74.76	30.7% to 31.6%	0.5%
Fidelity® VIP Emerging Markets Portfolio—Initial Class	2023	$	5,569		462	$11.65 to $12.13	8.9% to 9.7%	2.4%
	2022		4,381		398	10.70 to 11.06	(20.7%) to (20.1%)	2.0%
	2021		4,546		330	13.49 to 13.84	(2.9%) to (2.2%)	2.5%
	2020		2,530		179	13.90 to 14.16	30.4% to 31.3%	0.9%
	2019		1,240		115	10.66 to 10.79	28.6% to 29.5%	2.2%
Fidelity® VIP Equity-Income PortfolioSM—Initial Class	2023	$	96,032		1,917	$32.50 to $62.44	9.9% to 10.6%	1.8%
	2022		103,753		2,262	29.37 to 56.83	(5.6%) to (5.0%)	1.9%
	2021		110,894		2,284	30.90 to 60.21	24.0% to 24.9%	1.9%
	2020		89,602		2,295	24.74 to 48.55	6.0% to 6.7%	1.9%
	2019		82,784		2,246	23.19 to 45.82	26.6% to 27.4%	2.0%
Fidelity® VIP Freedom 2020 PortfolioSM—Initial Class	2023	$	1,487		82	$17.64 to $19.00	11.6% to 12.4%	3.2%
	2022		1,771		108	15.80 to 16.91	(16.3%) to (15.7%)	2.2%
	2021		2,434		125	18.87 to 20.05	8.7% to 9.5%	1.0%
	2020		2,455		138	17.36 to 18.32	14.3% to 15.1%	1.4%
	2019		2,604		168	15.19 to 15.92	19.3% to 20.1%	2.1%
Fidelity® VIP Freedom 2030 PortfolioSM—Initial Class	2023	$	6,889		321	$20.26 to $21.83	13.9% to 14.7%	2.4%
	2022		6,377		341	17.79 to 19.03	(17.5%) to (16.9%)	2.0%
	2021		7,456		331	21.55 to 22.90	11.6% to 12.4%	1.1%
	2020		6,697		334	19.31 to 20.38	16.1% to 16.9%	1.3%
	2019		5,056		294	16.64 to 17.43	23.6% to 24.4%	2.4%
Fidelity® VIP Freedom 2040 PortfolioSM—Initial Class	2023	$	8,874		359	$23.26 to $25.07	18.1% to 18.9%	1.6%
	2022		7,372		355	19.70 to 21.08	(18.8%) to (18.3%)	1.7%
	2021		8,405		331	24.26 to 25.78	17.0% to 17.8%	1.0%
	2020		5,823		269	20.74 to 21.88	18.4% to 19.3%	1.0%
	2019		4,290		237	17.51 to 18.34	27.6% to 28.5%	1.9%

115

NYLIAC VUL Separate Account-I

Notes to Financial Statements (Continued)

NOTE 6—Financial Highlights (Continued):

		Net Assets (in 000’s)		Units Outstanding (in 000’s)		Variable Accumulation Unit Value (Lowest to Highest)	Total Return¹ (Lowest to Highest)	Investment Income Ratio²
Fidelity® VIP Growth Opportunities Portfolio—Initial Class	2023	$	52,306		1,211	$40.89 to $43.75	44.6% to 45.6%	0.0%
	2022		30,409		1,025	28.27 to 30.04	(38.6%) to (38.1%)	0.0%
	2021		42,209		881	46.03 to 48.56	11.2% to 11.9%	0.0%
	2020		32,774		765	41.40 to 43.38	67.5% to 68.7%	0.0%
	2019		16,763		658	24.72 to 25.72	39.9% to 40.8%	0.2%
Fidelity® VIP Growth Portfolio—Initial Class	2023	$	13,954		198	$70.44 to $70.44	36.2% to 36.2%	0.1%
	2022		10,512		203	51.71 to 51.71	(24.5%) to (24.5%)	0.6%
	2021		14,160		207	68.44 to 68.44	23.2% to 23.2%	0.0%
	2020		11,658		210	55.55 to 55.55	43.9% to 43.9%	0.1%
	2019		8,701		225	38.60 to 38.60	34.3% to 34.3%	0.3%
Fidelity® VIP Health Care Portfolio—Initial Class	2023	$	13,184		872	$14.75 to $15.24	3.5% to 4.3%	0.0%
	2022		8,870		611	14.25 to 14.62	(13.0%) to (12.4%)	0.0%
	2021		9,865		595	16.38 to 16.69	11.0% to 11.7%	0.1%
	2020		5,930		399	14.76 to 14.93	20.7% to 21.6%	0.9%
	2019		729		59	12.23 to 12.28	22.3% to 22.8%	0.0%
Fidelity® VIP Index 500 Portfolio—Initial Class	2023	$	39,434		648	$45.55 to $61.01	26.2% to 26.2%	1.5%
	2022		31,188		647	36.10 to 48.35	(18.2%) to (18.2%)	1.5%
	2021		39,031		662	44.13 to 59.11	28.6% to 28.6%	1.3%
	2020		31,508		687	34.33 to 45.98	18.2% to 18.2%	1.8%
	2019		27,086		699	29.03 to 38.88	31.4% to 31.4%	2.0%
Fidelity® VIP International Index Portfolio—Initial Class	2023	$	11,253		1,015	$10.89 to $11.13	15.3% to 16.2%	3.1%
	2022		6,900		723	9.44 to 9.58	(16.6%) to (16.0%)	2.4%
	2021		5,837		513	11.32 to 11.41	7.0% to 7.7%	2.8%
	2020		4,139		391	10.58 to 10.59	5.8% to 5.9%	1.4%
Fidelity® VIP Investment Grade Bond Portfolio—Initial Class	2023	$	3,109		170	$10.12 to $21.10	5.5% to 6.2%	2.9%
	2022		2,198		117	9.60 to 19.87	(13.0%) to (3.6%)	2.3%
	2021		2,499		112	15.27 to 22.83	(0.6%) to (0.6%)	2.0%
	2020		2,554		114	15.36 to 22.96	9.4% to 9.4%	2.5%
	2019		1,245		63	14.04 to 20.99	9.7% to 9.7%	2.7%
Fidelity® VIP Mid Cap Portfolio—Initial Class	2023	$	23,583		763	$24.95 to $82.84	14.3% to 15.1%	0.6%
	2022		19,313		706	21.83 to 71.98	(15.3%) to (14.7%)	0.5%
	2021		21,437		657	25.79 to 84.43	24.7% to 25.6%	0.6%
	2020		17,725		683	20.68 to 67.22	17.4% to 18.2%	0.7%
	2019		14,304		643	17.62 to 56.88	22.6% to 23.4%	0.9%
Fidelity® VIP Overseas Portfolio—Initial Class	2023	$	8,181		228	$20.28 to $35.86	20.5% to 20.5%	1.1%
	2022		7,082		238	16.83 to 29.76	(24.5%) to (24.5%)	1.1%
	2021		9,173		233	22.29 to 39.41	19.7% to 19.7%	0.5%
	2020		7,688		234	18.62 to 32.92	15.6% to 15.6%	0.5%
	2019		6,771		238	16.11 to 28.47	27.8% to 27.8%	1.7%

116

NYLIAC VUL Separate Account-I

Notes to Financial Statements (Continued)

NOTE 6—Financial Highlights (Continued):

		Net Assets (in 000’s)		Units Outstanding (in 000’s)		Variable Accumulation Unit Value (Lowest to Highest)	Total Return¹ (Lowest to Highest)	Investment Income Ratio²
Franklin Templeton Aggressive Model Portfolio—Class I	2023	$	68,555		4,458	$14.99 to $15.38	17.6% to 18.4%	1.5%
	2022		30,967		2,385	12.75 to 12.99	(17.2%) to (16.6%)	3.6%
	2021		13,772		885	15.40 to 15.58	18.9% to 19.8%	2.7%
	2020		2,089		161	12.95 to 13.01	29.5% to 30.1%	1.8%
Franklin Templeton Conservative Model Portfolio—Class I	2023	$	2,442		224	$10.68 to $10.96	7.8% to 8.6%	3.4%
	2022		1,989		197	9.91 to 10.09	(13.6%) to (13.0%)	3.3%
	2021		1,352		117	11.46 to 11.59	4.2% to 5.0%	2.6%
	2020		998		90	10.99 to 11.04	9.9% to 10.4%	2.7%
Franklin Templeton Moderate Model Portfolio—Class I	2023	$	13,339		1,035	$12.60 to $12.93	12.6% to 13.4%	2.4%
	2022		7,914		696	11.19 to 11.40	(15.4%) to (14.8%)	3.2%
	2021		5,660		424	13.22 to 13.38	11.8% to 12.5%	2.6%
	2020		2,129		179	11.83 to 11.89	18.3% to 18.9%	2.0%
Franklin Templeton Moderately Aggressive Model Portfolio—Class I	2023	$	53,916		3,876	$13.57 to $13.92	15.1% to 15.9%	1.9%
	2022		27,124		2,260	11.79 to 12.01	(16.5%) to (15.9%)	3.4%
	2021		13,282		931	14.11 to 14.28	14.0% to 14.8%	2.8%
	2020		3,056		246	12.38 to 12.44	23.8% to 24.4%	1.9%
Franklin Templeton Moderately Conservative Model Portfolio—Class I	2023	$	4,776		395	$11.82 to $12.12	9.8% to 10.6%	3.3%
	2022		2,809		257	10.76 to 10.96	(13.7%) to (13.1%)	2.9%
	2021		2,822		224	12.47 to 12.61	8.5% to 9.2%	2.8%
	2020		992		86	11.50 to 11.55	15.0% to 15.5%	2.0%
Invesco V.I. EQV International Equity Fund—Series I Shares	2023	$	22,167		1,195	$16.42 to $19.32	17.3% to 18.1%	0.2%
	2022		19,177		1,220	13.99 to 16.35	(18.9%) to (18.3%)	1.8%
	2021		23,061		1,199	17.25 to 20.01	5.2% to 5.9%	1.3%
	2020		22,636		1,245	16.40 to 18.90	13.2% to 14.0%	2.4%
	2019		22,480		1,411	14.49 to 16.58	27.7% to 28.6%	1.6%
Invesco V.I. Global Real Estate Fund—Series I Shares	2023	$	15		1	$16.45 to $16.45	9.0% to 9.0%	1.5%
	2022		16		1	15.08 to 15.08	(24.9%) to (24.9%)	3.0%
	2021		20		1	20.10 to 20.10	25.7% to 25.7%	1.6%
	2020		32		2	15.99 to 15.99	(12.3%) to (12.3%)	5.2%
	2019		34		2	18.23 to 18.23	23.0% to 23.0%	3.0%
Invesco V.I. Main Street Small Cap Fund®—Series I Shares	2023	$	2,377		126	$18.40 to $18.88	17.3% to 18.1%	1.2%
	2022		1,594		100	15.69 to 15.98	(16.4%) to (15.8%)	0.7%
	2021		1,071		56	18.77 to 18.99	21.7% to 22.6%	0.4%
	2020		264		17	15.42 to 15.49	54.2% to 54.9%	0.4%
Janus Henderson Enterprise Portfolio—Institutional Shares	2023	$	21,815		1,028	$18.30 to $96.25	17.3% to 18.1%	0.2%
	2022		15,678		850	15.61 to 81.52	(16.5%) to (15.9%)	0.2%
	2021		21,408		990	18.70 to 96.98	16.0% to 16.8%	0.3%
	2020		13,691		708	16.12 to 83.01	18.6% to 19.5%	0.1%
	2019		10,082		606	13.58 to 69.48	34.5% to 35.5%	0.2%

117

NYLIAC VUL Separate Account-I

Notes to Financial Statements (Continued)

NOTE 6—Financial Highlights (Continued):

		Net Assets (in 000’s)		Units Outstanding (in 000’s)		Variable Accumulation Unit Value (Lowest to Highest)	Total Return¹ (Lowest to Highest)	Investment Income Ratio²
Janus Henderson Forty Portfolio—Institutional Shares	2023	$	155		3	$52.78 to $52.78	40.0% to 40.0%	0.2%
	2022		127		3	37.71 to 37.71	(33.6%) to (33.6%)	0.3%
	2021		28		—	56.75 to 56.75	22.9% to 22.9%	0.0%
	2020		23		1	46.18 to 46.18	39.4% to 39.4%	0.3%
	2019		16		—	33.13 to 33.13	37.2% to 37.2%	0.2%
Janus Henderson Global Research Portfolio—Institutional Shares	2023	$	121,210		3,116	$30.23 to $53.29	25.9% to 26.8%	0.9%
	2022		101,510		3,295	23.96 to 42.33	(20.0%) to (19.4%)	1.1%
	2021		130,664		3,404	29.89 to 52.89	17.3% to 18.1%	0.5%
	2020		114,820		3,509	25.43 to 45.10	19.2% to 20.1%	0.7%
	2019		102,782		3,764	21.29 to 37.83	28.1% to 29.0%	1.0%
LVIP Baron Growth Opportunities Fund—Service Class	2023	$	5		—	$39.72 to $39.72	17.8% to 17.8%	0.0%
	2022		18		1	33.71 to 33.71	(25.8%) to (25.8%)	0.0%
	2021		27		1	45.45 to 45.45	18.7% to 18.7%	0.0%
	2020		39		1	38.29 to 38.29	34.1% to 34.1%	0.0%
	2019		20		1	28.55 to 28.55	36.4% to 36.4%	0.0%
LVIP Delaware Diversified Income Fund—Standard Class	2023	$	57		4	$13.85 to $13.85	6.2% to 6.2%	4.1%
	2022		51		4	13.04 to 13.04	(13.9%) to (13.9%)	3.5%
	2021		56		4	15.14 to 15.14	(1.3%) to (1.3%)	4.9%
	2020		72		5	15.34 to 15.34	11.0% to 11.0%	2.7%
	2019		63		5	13.81 to 13.81	10.4% to 10.4%	3.7%
LVIP Delaware Value Fund—Standard Class	2023	$	90		3	$34.14 to $34.14	3.5% to 3.5%	1.6%
	2022		91		3	32.99 to 32.99	(3.3%) to (3.3%)	1.9%
	2021		93		3	34.10 to 34.10	22.4% to 22.4%	5.3%
	2020		99		4	27.86 to 27.86	0.4% to 0.4%	2.1%
	2019		98		4	27.74 to 27.74	20.0% to 20.0%	1.7%
LVIP SSgA Mid-Cap Index Fund—Standard Class	2023	$	2,319		147	$15.28 to $15.90	15.2% to 16.0%	1.5%
	2022		1,736		128	13.26 to 13.70	(14.0%) to (13.4%)	1.5%
	2021		1,927		123	15.42 to 15.82	23.5% to 24.4%	1.2%
	2020		1,132		89	12.48 to 12.72	12.4% to 13.2%	1.2%
	2019		1,980		176	11.11 to 11.24	24.9% to 25.8%	2.1%
MFS® International Intrinsic Value Portfolio—Initial Class	2023	$	20,387		783	$24.43 to $27.97	16.8% to 17.7%	0.7%
	2022		16,680		753	20.91 to 23.77	(24.1%) to (23.6%)	0.8%
	2021		21,390		738	27.54 to 31.10	9.8% to 10.6%	0.3%
	2020		19,008		725	25.09 to 28.13	19.7% to 20.5%	1.0%
	2019		17,861		819	20.96 to 23.34	25.1% to 25.9%	1.9%
MFS® Investors Trust Series—Initial Class	2023	$	16,131		614	$24.60 to $55.34	18.2% to 19.0%	0.7%
	2022		13,363		605	20.82 to 46.51	(17.1%) to (16.5%)	0.7%
	2021		15,932		602	25.11 to 55.69	25.9% to 26.8%	0.6%
	2020		12,996		623	19.94 to 43.92	13.1% to 13.9%	0.6%
	2019		10,529		574	17.63 to 38.57	30.7% to 31.6%	0.7%

118

NYLIAC VUL Separate Account-I

Notes to Financial Statements (Continued)

NOTE 6—Financial Highlights (Continued):

		Net Assets (in 000’s)		Units Outstanding (in 000’s)		Variable Accumulation Unit Value (Lowest to Highest)	Total Return¹ (Lowest to Highest)	Investment Income Ratio²
MFS® Mid Cap Value Portfolio—Initial Class	2023	$	13,813		748	$14.14 to $18.55	11.9% to 12.7%	1.7%
	2022		12,487		762	12.55 to 16.46	(9.4%) to (8.8%)	1.0%
	2021		11,700		650	13.76 to 18.04	30.1% to 31.0%	0.8%
	2020		7,042		512	10.50 to 13.78	5.0% to 37.8%	0.8%
MFS® New Discovery Series—Initial Class	2023	$	12,066		331	$28.47 to $59.65	13.6% to 14.4%	0.0%
	2022		10,325		320	25.06 to 52.14	(30.2%) to (29.8%)	0.0%
	2021		15,485		341	35.93 to 74.23	1.1% to 1.8%	0.0%
	2020		15,662		351	35.54 to 72.92	44.9% to 45.9%	0.0%
	2019		11,788		386	24.53 to 49.98	40.7% to 41.7%	0.0%
MFS® Research International Portfolio—Initial Class	2023	$	1,085		98	$10.89 to $11.02	12.2% to 13.0%	1.3%
	2022		500		51	9.71 to 9.75	(2.9%) to (2.5%)	3.1%
MFS® Research Series—Initial Class	2023	$	6,325		168	$35.29 to $38.29	21.6% to 22.4%	0.5%
	2022		4,917		159	29.03 to 31.28	(17.8%) to (17.2%)	0.5%
	2021		5,903		158	35.31 to 37.78	23.9% to 24.8%	0.5%
	2020		4,872		163	28.49 to 41.13	15.8% to 16.6%	0.7%
	2019		3,943		153	24.61 to 35.28	32.0% to 32.9%	0.8%
MFS® Total Return Bond Series—Initial Class	2023	$	2		—	$14.14 to $14.14	7.4% to 7.4%	4.1%
	2022		9		1	13.17 to 13.17	(13.9%) to (13.9%)	2.7%
	2021		12		1	15.31 to 15.31	(0.8%) to (0.8%)	3.7%
	2020		46		3	15.43 to 15.43	8.5% to 8.5%	4.0%
	2019		65		5	14.23 to 14.23	10.2% to 10.2%	4.4%
MFS® Value Series—Initial Class	2023	$	7		—	$33.93 to $33.93	7.9% to 7.9%	1.6%
	2022		6		—	31.44 to 31.44	(5.9%) to (5.9%)	1.4%
	2021		6		—	33.41 to 33.41	25.5% to 25.5%	1.8%
	2020		16		1	26.63 to 26.63	3.5% to 3.5%	1.6%
	2019		14		1	25.74 to 25.74	29.8% to 29.8%	2.2%
Morgan Stanley VIF Emerging Markets Debt Portfolio—Class I	2023	$	386		14	$27.56 to $27.56	11.8% to 11.8%	8.5%
	2022		363		15	24.64 to 24.64	(18.7%) to (18.7%)	7.7%
	2021		433		14	30.32 to 30.32	(2.0%) to (2.0%)	5.2%
	2020		425		14	30.95 to 30.95	5.5% to 5.5%	4.5%
	2019		408		14	29.32 to 29.32	14.3% to 14.3%	5.3%
Morgan Stanley VIF U.S. Real Estate Portfolio—Class I	2023	$	25,500		1,353	$16.30 to $44.27	13.7% to 14.5%	2.2%
	2022		21,922		1,331	14.33 to 38.66	(27.6%) to (27.1%)	1.3%
	2021		26,788		1,181	19.79 to 53.00	38.8% to 39.8%	2.0%
	2020		20,065		1,238	14.25 to 37.91	(17.4%) to (16.9%)	2.9%
	2019		23,746		1,217	17.26 to 45.59	18.1% to 18.9%	1.9%
Neuberger Berman AMT Mid Cap Growth Portfolio—Class I	2023	$	23,538		753	$27.98 to $65.83	17.3% to 18.1%	0.0%
	2022		19,334		729	23.85 to 55.72	(29.2%) to (28.7%)	0.0%
	2021		25,583		686	33.70 to 78.19	12.2% to 13.0%	0.0%
	2020		21,542		650	30.03 to 69.20	39.0% to 40.0%	0.0%
	2019		15,137		639	21.60 to 49.43	31.8% to 32.7%	0.0%

119

NYLIAC VUL Separate Account-I

Notes to Financial Statements (Continued)

NOTE 6—Financial Highlights (Continued):

		Net Assets (in 000’s)		Units Outstanding (in 000’s)		Variable Accumulation Unit Value (Lowest to Highest)	Total Return¹ (Lowest to Highest)	Investment Income Ratio²
PIMCO VIT Global Bond Opportunities Portfolio (Unhedged)—Administrative Class	2023	$	118		7	$17.53 to $17.53	5.3% to 5.3%	2.3%
	2022		127		8	16.66 to 16.66	(11.0%) to (11.0%)	1.5%
	2021		136		7	18.72 to 18.72	(4.2%) to (4.2%)	5.3%
	2020		183		9	19.53 to 19.53	10.1% to 10.1%	2.4%
	2019		138		8	17.73 to 17.73	6.1% to 6.1%	2.5%
PIMCO VIT Income Portfolio—Institutional Class	2023	$	4,390		383	$11.21 to $11.50	7.7% to 8.4%	5.4%
	2022		2,558		241	10.41 to 10.61	(8.3%) to (7.6%)	3.9%
	2021		893		78	11.35 to 11.49	1.4% to 2.1%	3.0%
	2020		708		63	11.21 to 11.24	12.1% to 12.4%	2.3%
PIMCO VIT International Bond Portfolio (U.S. Dollar-Hedged)—Institutional Class	2023	$	10,414		794	$12.39 to $13.26	8.4% to 9.2%	2.7%
	2022		9,206		765	11.43 to 12.14	(10.6%) to (10.0%)	1.6%
	2021		11,468		857	12.79 to 13.49	(2.5%) to (1.8%)	1.7%
	2020		10,315		756	13.12 to 13.74	5.0% to 5.7%	5.8%
	2019		9,096		705	12.49 to 13.00	6.4% to 7.2%	1.9%
PIMCO VIT Low Duration Portfolio—Administrative Class	2023	$	558		40	$13.95 to $13.95	5.0% to 5.0%	3.6%
	2022		554		42	13.29 to 13.29	(5.7%) to (5.7%)	1.7%
	2021		606		43	14.09 to 14.09	(0.9%) to (0.9%)	0.5%
	2020		623		44	14.23 to 14.23	3.0% to 3.0%	1.2%
	2019		618		45	13.81 to 13.81	4.0% to 4.0%	2.8%
PIMCO VIT Low Duration Portfolio—Institutional Class	2023	$	5,671		526	$10.31 to $10.88	4.4% to 5.1%	3.7%
	2022		5,303		516	9.87 to 10.35	(6.3%) to (5.6%)	1.9%
	2021		5,534		507	10.53 to 10.96	(1.5%) to (0.8%)	0.7%
	2020		3,080		281	10.69 to 11.05	2.4% to 3.1%	1.2%
	2019		1,536		144	10.44 to 10.71	3.5% to 4.2%	2.9%
PIMCO VIT Total Return Portfolio—Administrative Class	2023	$	1,425		76	$13.24 to $19.12	5.9% to 5.9%	3.6%
	2022		1,481		85	12.50 to 18.05	(14.3%) to (14.3%)	2.6%
	2021		1,778		87	14.59 to 21.06	(1.3%) to (1.3%)	1.8%
	2020		1,868		91	14.78 to 21.33	8.6% to 8.6%	2.1%
	2019		1,722		91	13.60 to 19.63	8.4% to 8.4%	3.0%
PIMCO VIT Total Return Portfolio—Institutional Class	2023	$	19,261		1,659	$11.02 to $11.80	5.4% to 6.1%	3.7%
	2022		17,857		1,632	10.46 to 11.12	(14.8%) to (14.2%)	2.8%
	2021		19,825		1,554	12.28 to 12.95	(1.8%) to (1.1%)	2.0%
	2020		18,046		1,396	12.50 to 13.10	8.1% to 8.8%	2.2%
	2019		12,934		1,087	11.57 to 12.04	7.8% to 8.5%	3.1%
T. Rowe Price All-Cap Opportunities Portfolio	2023	$	3		—	$56.56 to $56.56	29.0% to 29.0%	0.1%
	2022		10		—	43.86 to 43.86	(21.5%) to (21.5%)	0.0%
	2021		14		—	55.87 to 55.87	20.8% to 20.8%	0.0%
	2020		12		—	46.26 to 46.26	44.4% to 44.4%	0.0%
	2019		9		—	32.04 to 32.04	34.9% to 34.9%	0.4%

120

NYLIAC VUL Separate Account-I

Notes to Financial Statements (Continued)

NOTE 6—Financial Highlights (Continued):

		Net Assets (in 000’s)		Units Outstanding (in 000’s)		Variable Accumulation Unit Value (Lowest to Highest)	Total Return¹ (Lowest to Highest)	Investment Income Ratio²
T. Rowe Price Blue Chip Growth Portfolio	2023	$	153		3	$50.26 to $50.26	49.3% to 49.3%	0.0%
	2022		110		3	33.67 to 33.67	(38.5%) to (38.5%)	0.0%
	2021		148		3	54.75 to 54.75	17.6% to 17.6%	0.0%
	2020		136		3	46.55 to 46.55	34.3% to 34.3%	0.0%
	2019		103		3	34.66 to 34.66	29.9% to 29.9%	0.0%
T. Rowe Price International Stock Portfolio	2023	$	34		2	$18.56 to $18.56	16.2% to 16.2%	0.9%
	2022		32		2	15.97 to 15.97	(15.8%) to (15.8%)	0.8%
	2021		34		2	18.97 to 18.97	1.3% to 1.3%	0.6%
	2020		36		2	18.72 to 18.72	14.4% to 14.4%	0.6%
	2019		30		2	16.36 to 16.36	27.8% to 27.8%	2.5%
T. Rowe Price Limited-Term Bond Portfolio	2023	$	226		15	$11.97 to $16.12	4.9% to 4.9%	3.3%
	2022		216		15	11.40 to 15.36	(4.5%) to (4.5%)	1.9%
	2021		235		15	11.94 to 16.09	0.1% to 0.1%	1.3%
	2020		235		16	11.93 to 16.07	4.7% to 4.7%	2.0%
	2019		222		16	11.39 to 15.34	4.4% to 4.4%	2.5%
The Merger Fund VL	2023	$	33		2	$14.53 to $14.53	4.3% to 4.3%	1.8%
	2022		31		2	13.93 to 13.93	0.9% to 0.9%	1.6%
	2021		30		2	13.81 to 13.81	1.1% to 1.1%	0.0%
	2020		39		3	13.66 to 13.66	7.4% to 7.4%	0.0%
	2019		34		3	12.72 to 12.72	6.2% to 6.2%	0.7%
Western Asset Core Plus VIT Portfolio—Class I	2023	$	41		4	$10.08 to $10.19	6.1% to 6.8%	5.3%
	2022		10		1	9.50 to 9.54	(5.0%) to (4.6%)	1.8%

Not all investment divisions are available under all policies.

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

Expenses as a percent of net assets are .05% - 1.00%, excluding expenses of the underlying funds, deductions from premiums, deductions from cash value and surrender charges.

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.

121

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 Universal Life Separate Account-I

Opinions on the Financial Statements

We have audited the accompanying statements of assets and liabilities of each of the investment divisions of NYLIAC Variable Universal Life Separate Account-I 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 Universal Life Separate Account-I 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)	American Funds IS Growth Fund—Class 2 (1)	Franklin Templeton Aggressive Model Portfolio—Class I (1)
MainStay VP Balanced—Initial Class (1)	American Funds IS New World Fund®—Class 2 (1)	Franklin Templeton Conservative Model Portfolio—Class I (1)
MainStay VP Bond—Initial Class (1)	American Funds IS Washington Mutual Investors FundSM—Class 2 (1)	Franklin Templeton Moderate Model Portfolio—Class I (1)
MainStay VP Candriam Emerging Markets Equity—Initial Class (1)	BlackRock® Global Allocation V.I. Fund—Class I (1)	Franklin Templeton Moderately Aggressive Model Portfolio—Class I (1)
MainStay VP CBRE Global Infrastructure—Initial Class (1)	BlackRock® High Yield V.I. Fund—Class I (1)	Franklin Templeton Moderately Conservative Model Portfolio—Class I (1)
MainStay VP Conservative Allocation—Initial Class (1)	BNY Mellon IP Technology Growth Portfolio—Initial Shares (1)	Invesco V.I. EQV International Equity Fund—Series I Shares (1)
MainStay VP Epoch U.S. Equity Yield—Initial Class (1)	BNY Mellon Sustainable U.S. Equity Portfolio—Initial Shares (2)	Invesco V.I. Global Real Estate Fund—Series I Shares (1)
MainStay VP Equity Allocation—Initial Class (1)	BNY Mellon VIF Opportunistic Small Cap Portfolio—Initial Shares (1)	Invesco V.I. Main Street Small Cap Fund®—Series I Shares (1)
MainStay VP Fidelity Institutional AM® Utilities—Initial Class (1)	ClearBridge Variable Appreciation Portfolio—Class I (1)	Janus Henderson Enterprise Portfolio—Institutional Shares (1)
MainStay VP Floating Rate—Initial Class (1)	Columbia Variable Portfolio—Commodity Strategy Fund—Class 1 (1)	Janus Henderson Forty Portfolio—Institutional Shares (1)
MainStay VP Growth Allocation—Initial Class (1)	Columbia Variable Portfolio—Emerging Markets Bond Fund—Class 1 (1)	Janus Henderson Global Research Portfolio—Institutional Shares (1)
MainStay VP Income Builder—Initial Class (1)	Columbia Variable Portfolio—Intermediate Bond Fund—Class 1 (2)	LVIP Baron Growth Opportunities Fund—Service Class (1)
MainStay VP IQ Hedge Multi- Strategy—Initial Class (1)	Columbia Variable Portfolio—Small Cap Value Fund—Class 2 (1)	LVIP Delaware Diversified Income Fund—Standard Class (1)
MainStay VP Janus Henderson Balanced—Initial Class (1)	Delaware VIP® Emerging Markets Series—Standard Class (1)	LVIP Delaware Value Fund—Standard Class (1)
MainStay VP MacKay Convertible—Initial Class (1)	Delaware VIP® International Series—Standard Class (1)	LVIP SSgA Mid-Cap Index Fund—Standard Class (1)
MainStay VP MacKay Government—Initial Class (1)	Delaware VIP® Small Cap Value Series—Standard Class (1)	MFS® International Intrinsic Value Portfolio—Initial Class (1)
MainStay VP MacKay High Yield Corporate Bond—Initial Class (1)	DFA VA Global Bond Portfolio (1)	MFS® Investors Trust Series—Initial Class (1)

122

Report of Independent Registered Public Accounting Firm (Continued)

MainStay VP MacKay Strategic Bond—Initial Class (1)	DFA VA International Small Portfolio (1)	MFS® Mid Cap Value Portfolio—Initial Class (1)
MainStay VP Moderate Allocation—Initial Class (1)	DFA VA International Value Portfolio (1)	MFS® New Discovery Series—Initial Class (1)
MainStay VP Natural Resources—Initial Class (1)	DFA VA Short-Term Fixed Portfolio (1)	MFS® Research International Portfolio—Initial Class (2)
MainStay VP PIMCO Real Return—Initial Class (1)	DFA VA U.S. Large Value Portfolio (1)	MFS® Research Series—Initial Class (1)
MainStay VP PineStone International Equity—Initial Class (1)	DFA VA U.S. Targeted Value Portfolio (1)	MFS® Total Return Bond Series—Initial Class (1)
MainStay VP S&P 500 Index—Initial Class (1)	DWS Alternative Asset Allocation VIP—Class A (1)	MFS® Value Series—Initial Class (1)
MainStay VP Small Cap Growth—Initial Class (1)	DWS Small Cap Index VIP—Class A (1)	Morgan Stanley VIF Emerging Markets Debt Portfolio—Class I (1)
MainStay VP U.S. Government Money Market—Initial Class (1)	DWS Small Mid Cap Value VIP— Class A (1)	Morgan Stanley VIF U.S. Real Estate Portfolio—Class I (1)
MainStay VP Wellington Growth—Initial Class (1)	Fidelity® VIP Bond Index Portfolio—Initial Class (1)	Neuberger Berman AMT Mid Cap Growth Portfolio—Class I (1)
MainStay VP Wellington Mid Cap—Initial Class (1)	Fidelity® VIP ContrafundSM Portfolio—Initial Class (1)	PIMCO VIT Global Bond Opportunities Portfolio (Unhedged)—Administrative Class (1)
MainStay VP Wellington Small Cap—Initial Class (1)	Fidelity® VIP Emerging Markets Portfolio—Initial Class (1)	PIMCO VIT Income Portfolio—Institutional Class (1)
MainStay VP Wellington U.S. Equity—Initial Class (1)	Fidelity® VIP Equity-Income PortfolioSM—Initial Class (1)	PIMCO VIT International Bond Portfolio (U.S. Dollar-Hedged)—Institutional Class (1)
MainStay VP Winslow Large Cap Growth—Initial Class (1)	Fidelity® VIP Freedom 2020 PortfolioSM—Initial Class (1)	PIMCO VIT Low Duration Portfolio—Administrative Class (1)
AB VPS Discovery Value Portfolio—Class A (1)	Fidelity® VIP Freedom 2030 PortfolioSM—Initial Class (1)	PIMCO VIT Low Duration Portfolio—Institutional Class (1)
AB VPS International Value Portfolio—Class A (1)	Fidelity® VIP Freedom 2040 PortfolioSM—Initial Class (1)	PIMCO VIT Total Return Portfolio—Administrative Class (1)
AB VPS Relative Value Portfolio— Class A (2)	Fidelity® VIP Growth Opportunities Portfolio—Initial Class (1)	PIMCO VIT Total Return Portfolio—Institutional Class (1)
Alger Capital Appreciation Portfolio— Class I-2 (1)	Fidelity® VIP Growth Portfolio—Initial Class (1)	T. Rowe Price All-Cap Opportunities Portfolio (1)
American Century Investments® VP Inflation Protection Fund—Class II (1)	Fidelity® VIP Health Care Portfolio—Initial Class (1)	T. Rowe Price Blue Chip Growth Portfolio (1)
American Century Investments® VP International Fund—Class II (1)	Fidelity® VIP Index 500 Portfolio—Initial Class (1)	T. Rowe Price International Stock Portfolio (1)
American Century Investments® VP Value Fund—Class II (1)	Fidelity® VIP International Index Portfolio—Initial Class (1)	T. Rowe Price Limited-Term Bond Portfolio (1)
American Funds IS Asset Allocation Fund—Class 2 (1)	Fidelity® VIP Investment Grade Bond Portfolio—Initial Class (1)	The Merger Fund VL (1)
American Funds IS The Bond Fund of America®—Class 2 (2)	Fidelity® VIP Mid Cap Portfolio—Initial Class (1)	Western Asset Core Plus VIT Portfolio—Class I (2)

123

Report of Independent Registered Public Accounting Firm (Continued)

American Funds IS Global Small Capitalization Fund—Class 2 (1)	Fidelity® VIP Overseas Portfolio— Initial 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 Universal Life Separate Account-I 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 Universal Life Separate Account-I 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.

/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 Universal Life Separate Account-I since at least 1994. We have not been able to determine the specific year we began serving as auditor.

124

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;

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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;

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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.

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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.

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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.

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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.

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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.

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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.

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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.

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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.

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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

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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.

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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	%

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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	—	%

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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

90