485BPOS 1 d795408d485bpos.htm NEW YORK LIFE INS & ANNUITY CORP VAR UNIV LIFE SEP ACC I NEW YORK LIFE INS & ANNUITY CORP VAR UNIV LIFE SEP ACC I
As filed with the Securities and Exchange Commission on December 20, 2024
Registration No. 033-64410
811-07798
 
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C.
 
Post-Effective Amendment No. 40
 
FORM S-6
 
FOR THE REGISTRATION UNDER THE SECURITIES ACTOF 1933 OF SECURITIES OF UNIT
INVESTMENT TRUSTSREGISTERED ON FORM N-8B-2
☒  
Exact name of trust:
New York Life Ins & Annuity Corp
Var Univ Life Sep Acc I
(Exact Name of Registrant)
Name of depositor:
NEW YORK LIFE INSURANCE AND
ANNUITY CORPORATION
(Name of Depositor)
Complete address of Depositor’s principal executive office:
51 Madison Avenue,
New York, New York 10010
(Address of Depositor’s Principal Executive Office)
Name and complete address of agent for service:
Depositor’s Telephone Number: (212) 576-7000
Mary E. Najem, Esq.
New York Life Insurance and Annuity Corporation
51 Madison Avenue
New York, NY 10010
(Name and Address of Agent for Service)
 
Copy to:
Dodie Kent, Esq.
Eversheds Sutherland LLP
1275 Pennsylvania Avenue, NW
Washington, DC 20004-2415
Charles A. Whites, Jr., Esq.
Vice President and Associate General Counsel
New York Life Insurance Company
51 Madison Avenue
New York, NY 10010
 
Approximate Date of Proposed Public Offering: Continuous
It is proposed that this filing will become effective:
☐  
immediately upon filing pursuant to paragraph (b) of Rule 485
☒  
on December 31, 2024 pursuant to paragraph (b) of Rule 485
☐  
60 days after filing pursuant to paragraph (a)(1) of Rule 485
☐  
on (date) pursuant to paragraph (a)(1) of Rule 485
If appropriate, check the following box:
☐  
This post-effective amendment designates a new date for a previously filed post-effective amendment.
 

SUPPLEMENT DATED JANUARY 2, 2024
TO THE FOLLOWING PROSPECTUSES DATED MAY 1, 2024 
Flexible Premium Variable Universal Life
Market Wealth Plus
New York Life Survivorship Variable Universal Life Accumulator
New York Life Variable Universal Life Accumulator
New York Life Variable Universal Life Accumulator II
New York Life Variable Universal Life Accumulator Plus
NYLIAC Variable Universal Life 2000 
INVESTING IN THE FOLLOWING SEPARATE ACCOUNT
NYLIAC Variable Universal Life Separate Account-I 
This supplement amends the prospectuses (each a “Prospectus,” and together, the “Prospectuses”) for the New York Life variable universal life policies listed above that are issued by New York Life Insurance and Annuity Corporation (“NYLIAC”). This supplement describes changes to the investment options available under such policies. You should read this information carefully and retain this supplement for future reference together with the Prospectus for your policy. This supplement is not valid unless it is read in conjunction with the Prospectus for your policy. All
capitalized terms used but not defined herein have the same meaning as those included in the Prospectuses. 
The purpose of this supplement is to inform you of the following changes to the Prospectuses scheduled to take effect on or about February 10, 2025:
For all Prospectuses
I. ADDITION OF NEW INVESTMENT DIVISIONS AVAILABLE UNDER THE POLICIES
The following portfolios will be available as Investment Divisions under the policies:
●
NYLI VP MFS® Investors Trust – Initial Class
●
NYLI VP MFS® Research – Initial Class
●
NYLI VP Newton Technology Growth – Initial Class
The following should be added to the Appendix of ELIGIBLE PORTFOLIOS AVAILABLE UNDER THE POLICY: 
Portfolio Type
Portfolio and Adviser/Subadviser
Current
Expenses
Average Annual Total Returns
(as of 12/31/2023)
1 Year
5 Year
10 Year
Large Cap Equity
NYLI VP MFS® Investors Trust – Initial Class
 
Adviser: New York Life Investment Management
LLC (“New York Life Investments”)
 
Subadviser: Massachusetts Financial Services
Company (MFS)
0.74%
---
---
---
Portfolio Type
Portfolio and Adviser/Subadviser
Current
Expenses
Average Annual Total Returns
(as of 12/31/2023)
1 Year
5 Year
10 Year
Large Cap Equity
NYLI VP MFS® Research – Initial Class
 
Adviser: New York Life Investments
 
Subadviser: MFS
0.75%
---
---
---
Sector
NYLI VP Newton Technology Growth – Initial Class
 
Adviser: New York Life Investments
 
Subadviser: Newton Investment Management
North America, LLC (NIMNA)
0.77%
---
---
---
 
For the Flexible Premium Variable Universal Life Prospectus
1. IMPORTANT NOTICES
The following portfolios will be available as Investment Divisions under the policies:
●
NYLI VP MFS® Investors Trust – Initial Class
●
NYLI VP MFS® Research – Initial Class
●
NYLI VP Newton Technology Growth – Initial Class
2. FUNDS AND ELIGIBLE PORTFOLIOS
The following should be added to the FUND AND ELIGIBLE PORTFOLIOS section of your prospectus: 
Funds and Eligible Portfolios
Investment Adviser
Investment Objectives
New York Life Investments VP Funds
Trust:
 
NYLI VP MFS® Investors Trust – Initial
Class
New York Life Investment Management
LLC (“New York Life Investments”)
 
Subadviser: Massachusetts Financial
Services Company (MFS)
•Seeks capital appreciation.
NYLI VP MFS® Research – Initial Class
New York Life Investments
 
Subadviser: MFS
•Seeks capital appreciation.
]NYLI VP Newton Technology Growth –
Initial Class
New York Life Investments
 
Subadviser: Newton Investment
Management North America, LLC
(NIMNA)
•Seeks capital appreciation.
 
The other sections of your prospectus remain unchanged.
New York Life Insurance and Annuity Corporation
(a Delaware Corporation)
51 Madison Avenue
New York, New York 10010

Flexible Premium Variable Universal Life Insurance Policies
Prospectus Dated May 1, 2024
Please use one of the following addresses for service requests: 
 
Regular Mail
Express Mail
 
NYLIAC
Variable Products Service Center
Madison Square Station
P.O. Box 922
New York, NY 10159
NYLIAC
Variable Products Service Center
51 Madison Avenue
Floor 3B, Room 0304
New York, NY 10010
Telephone: 1-800-598-2019
For submitting death claim forms only, you may also use: 
 
Regular Mail
 
 
New York Life
P.O. Box 130539
Dallas, TX 75313-0539
 
Premium payments and loan repayments should be sent to us at: 
 
Regular Mail
Express Mail
 
NYLIAC
75 Remittance Drive
Suite 3021
Chicago, IL 60675-3021
NYLIAC
5450 N. Cumberland Avenue
Suite 100Chicago, IL 60656-1422
This prospectus describes a flexible premium variable universal life insurance policy formerly issued by New York Life Insurance and Annuity Corporation (“NYLIAC”). In this prospectus, the words “we,” “our” or “us” refer to NYLIAC and the words “you” or “your” refer to the policyowner. We have discontinued sales of this policy. We will still accept additional premiums under existing policies. Capitalized terms used in this prospectus have the same meaning as in the section on DEFINITION OF TERMS.
Policy Features
LIFE INSURANCE PROTECTION— This policy offers lifetime insurance protection, with a life insurance benefit payable when the Primary Insured dies while the policy is in effect. Even though the policy offers the protection of permanent life insurance, it can lapse even if all planned premiums are paid on time.
CHOICE OF LIFE INSURANCE BENEFIT OPTIONS— You can choose either a level life insurance benefit equal to the face amount of your policy or a life insurance benefit that varies and is equal to the sum of your policy’s face amount and Cash Value. If you choose a benefit that varies, the life insurance benefit will increase or decrease depending on the performance of the Allocation Alternatives you select. Your policy’s life insurance benefit will never be less than the face amount of your policy. The face amount appears on the Policy Data Page of your policy. Under both options, a higher life insurance benefit may apply if necessary for the policy to qualify as life insurance under the IRC. The policy proceeds we pay will be the sum of the life insurance benefit plus any rider death benefits less any loans (including any accrued loan interest).
FLEXIBLE PREMIUM PAYMENTS— You can decide the amount of premiums to pay and when to pay them, within limits. Although premium payments are flexible, we may require additional premium payments to keep the policy in effect. The policy may terminate if its Net Cash Value is insufficient to pay the policy’s monthly charges. The Cash Surrender Value of your policy will fluctuate depending on the performance of the Allocation Alternatives you have chosen. The Cash Surrender Value also will fluctuate to reflect the premium payments you make and the charges we deduct.
LOANS, WITHDRAWALS, AND SURRENDERS— You can borrow against or withdraw money from your policy, within limits. Loans and withdrawals will reduce the policy’s proceeds, Cash Surrender Value and Net Cash Value. You can also surrender your policy at any time. The Cash Surrender Value of your policy may increase or decrease depending on the performance of the Allocation Alternatives you select. We do not guarantee the Cash Surrender Value for your policy. If you surrender your policy or take a partial withdrawal during the first fifteen Policy Years or within fifteen years after you increase the face amount, we may apply a surrender charge. Loans, withdrawals, and surrenders may have tax consequences.
FACE AMOUNT INCREASES AND DECREASES— You may increase or decrease the face amount of your policy, within limits. We will apply a new schedule of surrender charges to any increase in your policy’s face amount. We may also deduct a surrender charge for any reduction in the face amount.
Replacing existing insurance with any policy may not be to your advantage. In addition, it may not be to your advantage to borrow to purchase this policy or to take withdrawals from another policy that you already own to make premium payments under this policy.
In addition, a variable life insurance policy is designed to provide a Life Insurance Benefit or to help meet other long-term financial objectives. Substantial fees, expenses, and tax implications generally make variable life insurance unsuitable as a short-term savings vehicle. Additionally, the policy may limit your ability to withdraw a portion of the
Cash Value through partial surrenders.
Important Notices
This prospectus provides information that a prospective investor should know before investing. Please read it carefully and retain it for future reference. This prospectus must be accompanied by the current prospectuses for the MainStay VP Funds Trust, the AB Variable Products Series Fund, Inc., the AIM Variable Insurance Funds (Invesco Variable Insurance Funds), the American Funds Insurance Series®, the BlackRock® Variable Series Funds, Inc., the BlackRock® Variable Series Funds II, Inc., the BNY Mellon Investment Portfolios, BNY Mellon Sustainable U.S. Equity Portfolio, the Columbia Funds Variable Series Trust II, the Delaware VIP® Trust, the Deutsche DWS Investments VIT Funds, the Deutsche DWS Variable Series II, the Fidelity® Variable Insurance Products Funds, the Janus Aspen Series, the Legg Mason Partners Variable Equity Trust, the Lincoln Variable Insurance Products Trust, the MFS® Variable Insurance Trust, the MFS® Variable Insurance Trust II, the Morgan Stanley Variable Insurance Fund, Inc., the Neuberger Berman Advisers Management Trust, the PIMCO Variable Insurance Trust, the Principal Variable Contracts Funds, Inc., the Putnam Variable Trust and the Voya Variable Portfolios, Inc., (the “Funds”, each individually a “Fund”).
The Securities and Exchange Commission has not approved or disapproved these securities, or passed upon the adequacy or accuracy of this prospectus. Any representation to the contrary is a criminal offense. The policies involve risks, including the potential risk of loss of principal invested. The policies are not deposits of, or guaranteed or endorsed by, any bank, and are not federally insured by the FDIC, the Federal Reserve Board, or any other agency.
Allocation Alternatives— Your policy allows you to choose how you want to invest your premium payments. You have the option to choose from 93 Investment Divisions (90 of which are available to all investors) and a Fixed Account. Policyowners may invest in a total of 21 investment options from among the 93 Investment Divisions and the Fixed Account, at any time. The Investment Divisions available under your policy are:
•
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 Hedge Multi-Strategy (formerly MainStay VP IQ Hedge Multi-Strategy)—Initial Class
•
MainStay VP Income Builder—Initial Class
•
MainStay VP Janus Henderson Balanced—Initial Class
•
MainStay VP MacKay Convertible—Initial Class
•
MainStay VP MacKay High Yield Corporate Bond—Initial Class
•
MainStay VP MacKay Strategic Bond—Initial Class
•
MainStay VP MacKay U.S. Infrastructure Bond (formerly MainStay VP MacKay Government)—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 (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
•
AB VPS Relative Value Portfolio—Class A
•
American Funds IS Asset Allocation Fund—Class 2
•
American Funds IS The Bond Fund of America®—Class 2
•
American Funds IS Capital World Bond Fund®—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 U.S. Government Securities 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
•
BNY Mellon IP Technology Growth Portfolio—Initial Shares
•
BNY Mellon Sustainable U.S. Equity 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
•
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 ContrafundSM Portfolio—Initial Class
•
Fidelity® VIP Emerging Markets Portfolio—Initial Class
•
Fidelity® VIP Equity-Income PortfolioSM—Initial Class
•
Fidelity® VIP Extended Market Index Portfolio—Initial Class
•
Fidelity® VIP Freedom 2020 PortfolioSM—Initial Class
•
Fidelity® VIP Freedom 2030 PortfolioSM—Initial Class
•
Fidelity® VIP Freedom 2040 PortfolioSM—Initial Class
•
Fidelity® VIP Growth Opportunities Portfolio—Initial Class
•
Fidelity® VIP Health Care 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
•
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. Main Street Small Cap Fund®—Series I Shares
•
Janus Henderson Enterprise Portfolio—Institutional Shares
•
Janus Henderson Global Research Portfolio—Institutional Shares
•
LVIP SSgA Mid-Cap Index Fund—Standard Class
•
Macquarie VIP Emerging Markets Series (formerly Delaware VIP® Emerging Markets Series)—Standard Class
•
Macquarie VIP Small Cap Value Series (formerly Delaware VIP® Small Cap Value Series)—Standard Class
•
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
•
MFS® Research Series—Initial Class
•
Morgan Stanley VIF U.S. Real Estate Portfolio—Class I
•
Neuberger Berman AMT Mid Cap Growth Portfolio—Class I
•
PIMCO VIT Income Portfolio—Institutional Class
•
PIMCO VIT International Bond Portfolio (U.S. Dollar-Hedged)—Institutional Class
•
PIMCO VIT Low Duration Portfolio—Institutional Class
•
PIMCO VIT Short-Term Portfolio—Institutional Class
•
PIMCO VIT Total Return Portfolio—Institutional Class
•
Principal VC Real Estate Securities Account—Class 1
•
Putnam VT International Value Fund—Class IA
•
Voya Growth and Income Portfolio—Class I
•
Western Asset Core Plus VIT Portfolio—Class I
*
Premiums or transfers will only be accepted into this fund from policyowners already invested in this fund. Policyowners who remove all Cash Value allocations from this fund will not be permitted to reinvest in this fund.
**
You may lose money by investing in this fund (or any other fund). Although this fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so. An investment in the fund is not insured by the Federal Deposit Insurance Corporation or any other government agency. The fund’s sponsor has no legal obligation to provide financial support to the fund, and you should not expect that the fund’s sponsor would provide such support. The fund’s yield may be very low during periods of low interest rates, and its yield could be negative after the deduction of the Separate Account Charges.
We do not guarantee the investment performance of the Investment Divisions, which involve varying degrees of risk.
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ii
In certain jurisdictions, different provisions may apply to the policy. Please refer to the policy or ask your registered representative for details regarding your particular policy.
The Investment Divisions offered through the NYLIAC VUL policy and described in this prospectus are different and may have different investment performance from mutual funds that may have similar names, the same adviser, the same investment objective and policy and similar portfolio securities.
iii
HOW TO REACH US FOR POLICY SERVICES
You can send service requests to us at one of the Variable Products Service Center (VPSC) addresses listed on the first page of this prospectus (or any other address we indicate to you in writing). In addition, as described below, you can reach us by phone on our toll-free number (1-800-598-2019) or contact us online at www.newyorklife.com. We make online service at www.newyorklife.com available at our discretion. In addition, availability of online service may be interrupted temporarily at certain times. We do not assume responsibility for any loss if service should become unavailable. All NYLIAC requirements must be met in order for us to deem your request in Good Order and process it. Please review all service request forms carefully and provide all required information as applicable to the transaction. If your request is not in Good Order, we will not be able to process your service request. We will make every reasonable attempt to notify you of this situation. It is important that you inform New York Life or NYLIAC of an address change so that you can receive important statements. We do not currently accept faxed or e-mailed service requests, however we reserve the right to accept them at our discretion.
E-mail inquiries that are non-transactional may be sent online at www.newyorklife.com once they have passed all security protocols to identify the policyowner.
Telephone Service Requests
For telephonic requests, or if you wish to speak to a Customer Service Representative, you can reach us by phone on our toll-free number (1-800-598-2019).
Certain service requests may be made by telephone. We will use reasonable procedures to make sure that the instructions we receive by telephone are genuine. For jointly owned policies, requests must be exercised jointly. We are not responsible for any loss, cost, or expense or any actions we take based on instructions we receive by telephone that we believe are genuine. We will confirm all transactions in writing.
Financial requests received after 4:00 p.m. (Eastern Time) or on non-Business days will be processed as of the next Business Day.
Currently, subject to certain limitations, you can do the following by calling one of our customer service representatives:
•
obtain current policy values;
•
transfer assets between Investment Divisions;
•
request or modify partial withdrawals;
•
request a loan up to $25,000 or make a one-time loan payment;
•
request a stop and reissue check on an outgoing payment;
•
set up one-time EFT for incoming payments;
•
change the allocation of future premium payments;
•
establish a new or modify an existing automatic transfer arrangement;
•
change your address, phone number or email address;
•
review and update beneficiary information;
•
revoke an authorized Third-Party caller from a policy; and
•
request a fax of policy-related documents.
If you experience any problems reaching us by telephone, you can access the online service or send service requests to us at one of the addresses listed on the front page of this prospectus.
1
Online Service at www.newyorklife.com
Through www.newyorklife.com, you can get up-to-date information about your policy and request fund transfers and allocation changes. We may revoke online service for certain policyowners (see “CASH VALUE AND CASH SURRENDER VALUE--Limits on Transfers”).
In order to obtain policy information online at www.newyorklife.com, you are required to register for access. You will be required to register a unique User Name and Password to gain access. Through www.newyorklife.com, you can, among other things, access policy values, change your address, download service forms, upload documents and forms, view policy statements, and submit policy transactions.
We will use reasonable procedures to make sure that the instructions we receive through www.newyorklife.com are genuine. We are not responsible for any loss, cost, or expense for any actions we take based on instructions received online at www.newyorklife.com that we believe are genuine. We will confirm all transactions in writing.
Policies that are jointly owned may not request transactions through www.newyorklife.com. Transfers and allocation changes received after 4:00 p.m. (Eastern Time) or on a non-Business Day, will be processed and priced as of the next Business Day.
We make online service at www.newyorklife.com available at our discretion. We may revoke online service for certain policyowners. In addition, availability of online service may be interrupted temporarily at times. We do not assume responsibility for any loss if service should become unavailable. If you are experiencing problems, you can send service requests to us at one of the addresses listed on the first page of this prospectus (or any other address we indicate to you in writing).
Currently, online service at www.newyorklife.com is available Monday through Friday, from 6:00 a.m. to 4:00 a.m., Saturdays from 6:00 a.m. to 2:00 a.m., and Sundays from 7:00 a.m. to 1:00 a.m. (Eastern Time).
After login at www.newyorklife.com, you can:
•
e-mail your registered representative or the VPSC;
•
obtain current policy values;
•
transfer assets between investment options;
•
change the allocation of future premium payments;
•
reset your password;
•
change your address;
•
download service forms;
•
upload documents and forms;
•
view and download policy statements;
•
establish a new or modify an existing Automatic Asset Rebalancing arrangement;
•
change your phone number or e-mail address;
•
view and update beneficiary information;
•
update your Client Profile or Investor Profile;
•
enroll in electronic delivery of select policy mailings and notifications, and
•
make premium payments.
The online service www.newyorklife.com enables you to sign-up to receive future prospectuses and policyowner annual and semi-annual reports electronically for your Policy online at www.newyorklife.com after login. Electronic delivery is not available for policies that are owned by corporations, trusts or organizations at this time.
2
Third-Party Access to Your Account
You can authorize a third party, including a joint policyowner, to access your policy information and make transfers among Investment Divisions and/or the Fixed Account, allocation changes, and other permitted transactions on your behalf through a Customer Service Representative. You may also authorize your registered representative to make transfers among Investment Divisions and/or the Fixed Account by telephone. To do so, you must send the VPSC a Telephone Authorization Form in Good Order to one of the addresses listed on the first page of this prospectus (or any other address we indicate to you in writing). The Customer Service Representative will require certain identifying information (Social Security number, address of record, date of birth) before taking any requests or providing any information to ensure that the individual giving instructions is authorized.
Risks Affecting our Administration of Your Policy
NYLIAC’s business activity and operations, and/or the activities and operations of our service providers and business partners, are subject to certain risks, including, those resulting from information systems failures, cyber-attack/ransomware, or current or future outbreaks of infectious diseases, epidemics or pandemics (“serious infectious disease outbreaks”). These risks are common to all insurers and financial service providers and may materially impact our ability to administer the policy (and to keep policyowner information confidential). (See “Information Systems Failures and Cybersecurity Risks” for more information on information systems failures and cybersecurity risks and “Risks from Serious Infectious Disease Outbreaks” for more information on risks from serious infectious disease outbreaks.)
Potential for Low Crediting Rates
The rates we declare on the Fixed Account and the interest on the loaned value may be lower than what you would find acceptable.
Information Systems Failures and Cybersecurity Risks
NYLIAC’s ability to administer the policy (and to keep policyowner information confidential) is subject to certain cybersecurity and cyber-attack risks that are common to all insurers and financial service providers. We rely on technology, including digital communications and data storage networks and systems to conduct our variable product business activities. Because our business, including our variable product business, is highly dependent upon the effective operation of our computer systems (including the online service at www.newyorklife.com and other systems) and those of our service providers and business partners, our business is vulnerable to disruptions from utility outages and susceptible to operational and information security risks resulting from information system failures and cyber-attacks, including ransomware. These risks also apply to other insurance and financial services companies and businesses. These risks include, among other things, the theft, misuse, corruption and destruction of data maintained online or digitally, interference with or denial of service attacks on websites and other operational disruption, and unauthorized use, abuse and/or release of confidential customer (including policyowner and insured) information. We have established administrative and technical controls and cybersecurity plans, including a business continuity plan, to identify and protect our operations against system failures and cybersecurity breaches, including ransomware. Despite these controls and plans, systems failures and cyber-attacks affecting NYLIC, NYLIAC or any of their affiliates and other affiliated or unaffiliated third-party administrators, underlying funds, intermediaries and other service providers and business partners may have a material, negative impact on us and your policy Cash Value. For instance, systems failures and cyber-attacks may (i) interfere with our processing of policy transactions (including surrenders, withdrawals, loans, and transfers) and the processing of orders from online service requests at www.newyorklife.com or with the underlying funds or cause other operational issues; (ii) impact our ability to calculate accumulation unit values and policy’s Cash Values; (iii) cause the release, loss and/or possible destruction of confidential customer or business information; and/or (iv) subject us and/or our service providers, business partners and intermediaries to regulatory fines, litigation, financial losses and/or cause us reputational damage. Systems failures and cybersecurity breaches may also impact the issuers of securities in which the underlying funds invest, which may cause the funds underlying your policy to lose value. There can be no assurance that we, or the underlying funds or our service providers and business partners will be able to avoid these risks at all times or avoid losses affecting your policy due to information systems failures or cyber-attacks.
3
Risks from Serious Infectious Disease Outbreaks
Our ability to administer your policy is subject to certain risks - common to all insurers and financial service providers -- that could result from current or future outbreaks of infectious diseases, epidemics or pandemics (“serious infectious disease outbreaks”). Serious infectious diseases may spread rapidly. Serious infectious disease outbreaks - and general concerns about the course and effects of such outbreaks -- not only raise serious health concerns, but may significantly disrupt economic activity in the U.S. and globally. The effects of a serious infectious disease outbreak may be short-term or last for extended time periods.
Our business activity and operations, and/or the activities and operations of our service providers and business partners, could be adversely affected or interrupted by serious infectious disease outbreaks. In order to mitigate the possible effects of these types of events, NYLIAC has established business continuity and disaster recovery plans. These plans may, for example, require our employees to work and access our information technology, communications or other systems remotely. Notwithstanding these plans, a serious infectious disease outbreak and public health measures taken by government officials to combat an outbreak -- may have a material, adverse effect on us, our ability to administer your policy and your policy Cash Value. For example, a serious infectious disease outbreak or public health measures implemented to combat it may adversely affect our business and operations by (i) interfering with our processing of policy transactions (including surrenders, withdrawals, loans, and transfers) and the processing of orders from online service requests at www.newyorklife.com or with the underlying funds or cause other operational issues; (ii) delaying or interrupting our receipt of pricing or other services provided by third parties, thereby affecting among other things our ability to calculate accumulation unit values and policy cash values or to administer policy transactions dependent on systems and services provided by third parties; (iii) preventing our workforce from being able to be physically present at one or more of our worksites or from traveling to alternative worksites needed to implement our business continuity and disaster recovery plans, thereby resulting in lengthy interruptions of service; or (iv) subjecting us and/or our service providers, business partners and intermediaries to regulatory fines, litigation, financial losses and/or cause us reputational damage. In addition, our operations require experienced professional staff. Loss of a substantial number of such persons or an inability to provide properly equipped places for them to work may disrupt our operations and adversely affect our business. Serious infectious disease outbreaks may also affect the issuers of securities in which the underlying funds invest, which may cause the funds underlying your policy Cash Value to decrease in value. Serious infectious disease outbreaks may also affect market interest rates, which may affect the interest crediting rates we may declare on the Fixed Account under your policy (subject to the guaranteed minimum interest crediting rate). There can be no assurance that we, the underlying funds, the companies in which they invest, or our services providers and business partners will be able to avoid these risks at all times or avoid losses affecting your policy due to serious infectious disease outbreaks.
Registered Representative Actions
You may authorize us to accept electronic or telephone instructions from your registered representative or the registered service assistant assigned to your policy to make premium allocations, transfers among Allocation Alternatives, Automatic Asset Rebalancing (AAR) updates (if applicable) and changes to your investment objective and/or risk tolerance. You may also authorize us to accept telephone instructions from your registered representative to make Interest Sweep and Dollar Cost Averaging (DCA) updates. Only your registered representative can make these requests by telephone. Your AAR will be canceled if a premium allocation change or fund transfer is submitted on your behalf and the AAR is not also modified at the time to be consistent with your fund transfer and premium allocation changes.
To authorize a registered representative or registered service assistant assigned to your policy to make premium allocations and transfers, you must send a completed Trading and Partial Withdrawal Authorization Form in Good Order to the VPSC at one of the addresses noted on the first page of this Prospectus. We may revoke or deny Trading Authorization privileges for certain policyowners (See CASH VALUE AND CASH SURRENDER VALUE—Limits on Transfers). Trading Authorization may be elected, changed or cancelled at any time. We will confirm all transactions in writing. Not all transactions are available on the Internet.
NYLIAC is not liable for any loss, cost or expense for acting on instructions which are believed to be genuine in accordance with our procedures. As these parties act on your behalf, you are responsible for and bear the consequences of their instructions and actions, including limits on transfers.
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We may choose to accept forms you have completed that your registered representative or your local General Office transmits to us electronically via our internal secured network. For information on how to initiate a transfer between Investment Divisions, or request a partial withdrawal, please refer to the sections titled “Transfers” or “Partial Withdrawals” in this prospectus. We do not currently accept faxed or e-mailed requests for transactions affecting your investments under the policy, but reserve the right to accept them at our discretion.
DEFINITION OF TERMS
1933 Act: The Securities Act of 1933, as amended.
1940 Act: The Investment Company Act of 1940, as amended.
AAR: Automatic Asset Rebalancing.
Accumulation Unit: An accounting unit used to calculate the values under the policy held in the Separate Account.
Accumulation Value: The value of Accumulation Units in the Investment Divisions of the Separate Account. The Accumulation Value is equal to the sum of the products of the current Accumulation Unit value(s) for each of the Investment Divisions multiplied by the number of Accumulation Units held in the respective Investment Divisions.
Allocation Alternatives: The Allocation Alternatives available to policyowners. This currently consists of 93 Investment Divisions (90 of which are available to all investors) and the Fixed Account.
Beneficiary: The person(s) or entity(ies) you name to receive insurance proceeds after the Insured dies.
Business Day: Any day on which the New York Stock Exchange (“NYSE”) is open for regular trading. Our Business Day ends at 4:00 p.m. Eastern Time or the closing of regular trading on the NYSE, if earlier.
Cash Surrender Value: An amount payable to you upon surrender of the policy. This amount is equal to the Cash Value less any surrender charges, any deferred contract charges, and any Policy Debt. However, for purposes of determining whether the policy lapses, any deferred contract charge will not be considered during the deferral period.
Cash Value: The sum of the Accumulation Value and the value in the Fixed Account.
Eligible Portfolios (“Portfolios”): The mutual fund portfolios of the Funds that are available for investment through the Investment Divisions of the Separate Account. Portfolios described in this prospectus are different from portfolios available directly to the general public. Investment results will differ.
Fixed Account: The Allocation Alternative that credits interest at fixed rates which are declared periodically in advance in our sole discretion, and are subject to a minimum guarantee. This rate can change but will never be less than 4%. Amounts in the Fixed Account are part of NYLIAC’s general account, which is subject to the claims of its general creditors.
Flat Extra: An additional charge that may be assessed and added to the monthly cost of insurance charge to cover an additional risk on the Insured.
Fund: An open-end management investment company.
Good Order: A request or transaction is in Good Order if it complies with our administrative procedures, and the required information is complete and correct. This means the actual receipt by us of your request and any instructions related to the request in writing (or, if permitted, by telephone or electronic means), along with all forms, and any other information or documentation necessary to complete the transaction. We may, in our sole discretion, determine whether any particular request or transaction is in Good Order. We may reject or delay a request or transaction if the information needed is not in Good Order. If you have any questions, you should contact us or your registered representative before submitting a form or request.
Guideline Annual Premium: On the Policy Date, it is the annual premium for the benefits provided, based on guaranteed mortality and expense risk charges and an interest rate of 4%. It is the same as “guideline level premium,” as defined in Section 7702 of the IRC.
Investment Division: A division of the Separate Account. Each Investment Division invests exclusively in shares of a specified Eligible Portfolio.
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IRC: Internal Revenue Code of 1986, as amended.
IRS: The Internal Revenue Service.
Issue Date: The day we approve and issue the policy.
Modified Endowment Contract (“MEC”): A modified endowment contract, which is a type of life insurance contract defined in Section 7702A of the Internal Revenue Code. For a description of MECs and the tax consequences of MEC status, please see “Basic Questions About Us and Our Policy—12. What is a modified endowment contract?”, “--13. Can the policy become a modified endowment contract?” and Federal Income Tax Considerations—Modified Endowment Contract Status” below.
Monthly Deduction Day: The date we deduct your monthly contract charge, cost of insurance charge, and any rider charges from your policy’s Cash Value. The first Monthly Deduction Day will be the monthly anniversary of the Policy Date on or following the Issue Date. If a Monthly Deduction Day falls on a day that is not a Business Day, the Monthly Deduction Charges will be deducted on the following Business Day.
Net Cash Value: The Cash Value, less any unpaid loans and accrued interest, and less the smaller of (a) any surrender charges that may apply at time of lapse or (b) the sum of any partial withdrawals, unpaid loans and accrued interest.
Net Premium: The balance of a premium payment after applicable sales expense, state premium tax, and federal tax charges have been deducted.
New York Life: New York Life Insurance Company.
Non-Qualified Policy: A variable universal life insurance policy that is not a Qualified Policy.
NYLIAC: New York Life Insurance and Annuity Corporation.
NYLIFE Distributors: NYLIFE Distributors, LLC.
Policy Data Page: Page 2 of the policy, which contains the policy specifications.
Policy Date: The date we use as the starting point for determining policy anniversaries, Policy Years, and Monthly Deduction Days. Your Policy Date will be the same as your Issue Date, unless you request otherwise. Generally, you cannot choose a Policy Date that is more than six months before your policy’s Issue Date. You can find your Policy Date on the Policy Data Page.
Policy Debt: The amount of the obligation from a policyowner to NYLIAC from outstanding loans. This amount includes any loan interest accrued to date.
Policy Proceeds: The benefit we will pay to your beneficiary when we receive proof that the insured died while the policy is in effect. It is equal to the Life Insurance Benefit, plus any additional benefits under any riders you have chosen, minus any outstanding loans (including any accrued loan interest).
Policy Year: The twelve-month period starting with the Policy Date, and each twelve-month period thereafter.
Portfolio(s): See “Eligible Portfolios”.
Primary Insured: The person who is insured under the base policy.
Qualified Plan: An employee benefit plan that is intended to qualify for special federal income tax treatment under Section 401(a) of the IRC.
Qualified Policy: A variable universal life insurance policy owned by a Qualified Plan.
Sales Standards: The criteria used to evaluate whether a recommended transaction, relating to your policy, complies with applicable standards of conduct.
SEC: The Securities and Exchange Commission.
Separate Account: NYLIAC Variable Universal Life Separate Account-I, a segregated asset account NYLIAC established to receive and invest Net Premiums that are allocated to the Investment Divisions. The Separate Account is divided into subaccounts that correspond to the Investment Divisions.
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Separate Account Value: An amount equal to the Cash Value allocated to the Separate Account.
Surrender Charge Guideline Annual Premium: Same as Guideline Annual Premium, except that the calculation assumes 5% interest rate, Life Insurance Benefit Option 1, and assumes that there are no riders. It is used for purposes of calculating surrender charges.
VPSC: The Variable Products Service Center. You may contact the VPSC toll-free by calling 1-800-598-2019, or by sending correspondence to the addresses listed on the first page of this prospectus (or any other address we indicate to you in writing.) See HOW TO REACH US FOR POLICY SERVICES for more information.
www.newyorklife.com: Through www.newyorklife.com, you can get up-to-date information about your policy. See HOW TO REACH US FOR POLICY SERVICES for more information.
BASIC QUESTIONS AND ANSWERS ABOUT US AND OUR POLICY
1. What are NYLIAC and New York Life?
New York Life Insurance and Annuity Corporation (“NYLIAC”) is a stock life insurance company incorporated in Delaware in 1980. NYLIAC is licensed to sell life, accident, and health insurance and annuities in the District of Columbia and all states. In addition to the policies described in this prospectus, NYLIAC offers other life insurance policies and annuities. This prospectus includes NYLIAC’s financial statements.
NYLIAC is a wholly-owned subsidiary of New York Life Insurance Company (“New York Life”), a mutual life insurance company founded in New York in 1845. NYLIAC held assets of $194.315 billion at the end of 2023. New York Life has invested in NYLIAC, and may, in order to maintain capital and surplus in accordance with state requirements occasionally make additional contributions to NYLIAC.
2. What type of variable life insurance policy is described by this Prospectus?
In this prospectus, we describe a flexible premium variable universal life insurance policy. The policy provides for a death benefit, Cash Value, loan privileges, and flexible premiums. It is called “flexible” because you may select the timing and amount of premiums and adjust the death benefit by increasing or decreasing the face amount (subject to certain restrictions). It is called “variable” because the death benefit may, and the Cash Value will, go up or down depending on the performance of the Investment Division(s) to which Cash Value is allocated.
The policy is a legal contract between you and NYLIAC. The entire contract consists of the policy, the application, and any riders to the policy.
3. How is the policy available for issue?
The policy is no longer available for issue.
4. What is the Cash Value of the policy?
The Cash Value is determined by (1) the amount and timing of premiums, (2) the investment experience of the Investment Divisions you selected, (3) the interest credited to amounts in the Fixed Account, and (4) any partial withdrawals and charges imposed on the policy. You bear the investment risk of any depreciation in value of the assets underlying the Investment Divisions, but you also reap the benefit of any appreciation in their value.
5. How is the value of an Accumulation Unit determined?
We calculate an Accumulation Unit value each day that the New York Stock Exchange (“NYSE”) is open for regular trading. We do this at the close of the NYSE (currently 4:00 p.m. Eastern Time). We determine the value of an Accumulation Unit by multiplying the value of that unit on the prior day when the NYSE was open by the net investment factor. The net investment factor we use to calculate the value of an Accumulation Unit is equal to: 
(a / b) – c
Where:
a = the sum of:
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(1)
the net asset value of a Portfolio share held in the Separate Account for that Investment
Division determined at the end of the current day on which we calculate the Accumulation Unit
value, plus
 
 
 
(2)
the per share amount of any dividends or capital gain distributions made by the Portfolio for
shares held on the Separate Account for that Investment Division if the ex-dividend date
occurs since the end of the immediately preceding day on which we calculate an Accumulation
Unit value for that Investment Division.
 
b
=
the net asset value of a Portfolio share held in the Separate Account for that Investment Division
determined as of the end of the immediately preceding day on which we calculated an Accumulation
Unit value for that Investment Division.
 
c
=
a factor representing the mortality and expense risk charges and the administrative charges. This
factor is deducted on a daily basis and is currently equal, on an annual basis, to 0.70% (0.60% for
mortality and expense risk and 0.10% for administrative charges) of the daily net asset value of a
Portfolio share in the Separate Account for that Investment Division.
The net investment factor may be greater or less than one. Therefore, the value of an Accumulation Unit may increase or decrease.
6. What is a Net Premium and how is it applied?
When you give us a premium payment, we deduct the sales expense, state premium tax, and federal tax charges from your premium. We call the remainder the “Net Premium”. You may allocate this Net Premium among the Allocation Alternatives. The Allocation Alternatives currently consist of 93 Investment Divisions (90 of which are available to all investors) and the Fixed Account. You can choose a maximum of 21 Allocation Alternatives, including the Fixed Account, for the allocation of Net Premium payments. The 93 Investment Divisions are listed on the second and third pages of the prospectus.
7. What is the Fixed Account?
As an alternative to the Investment Divisions, you can allocate or transfer amounts to the Fixed Account. We will credit any amounts in the Fixed Account with a fixed interest rate, which we declare periodically in advance at our sole discretion. This rate will never be less than 4% per year. Interest accrues daily and is credited on each Monthly Deduction Day. All Net Premiums allocated or amounts transferred less amounts withdrawn, transferred from, or charged against the Fixed Account receive the interest rate in effect at that time. Different rates may apply to loaned and unloaned funds.
8. How long will the policy remain in force?
The policy does not automatically terminate if you do not pay the scheduled premiums. Payment of these premiums does not guarantee the policy will remain in force. The policy terminates only when the Net Cash Value is insufficient to pay the policy’s monthly deductions or when there is any outstanding Policy Debt that exceeds the Cash Value less surrender charges and deferred contract charge, and a late period expires without sufficient payment. In New York, policies issued on or after May 1, 1995 will terminate at the Insured’s age 100. Additional provisions apply to policies with a Guaranteed Minimum Death Benefit rider. See ADDITIONAL PROVISIONS OF THE POLICY—Additional Benefits Provided By Riders—Guaranteed Minimum Death Benefit Rider.
9. Is the amount of the death benefit guaranteed?
As long as the policy remains in force, the death benefit will be equal to the amount calculated under the applicable life insurance benefit option you selected, plus any death benefit payable on the Primary Insured under a rider, and less any Policy Debt. See DEATH BENEFIT UNDER THE POLICY. Additional provisions apply to policies with a Guaranteed Minimum Death Benefit rider. See ADDITIONAL PROVISIONS OF THE POLICY—Additional Benefits Provided By Riders—Guaranteed Minimum Death Benefit Rider.
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10. Is the death benefit subject to income taxes?
The Beneficiary may generally exclude the death benefit paid under a policy from his/her gross income for federal income tax purposes. See FEDERAL INCOME TAX CONSIDERATIONS.
Tax law provisions relating to “employer-owned life insurance contracts” may impact whether and to what extent the Life Insurance Benefit may be received on a tax-free basis. You may be required to take certain actions before acquiring the Policy in order to ensure that such Benefit may be received on a tax-free basis. See the discussion under FEDERAL INCOME TAX CONSIDERATIONS—Life Insurance Status of Policy—IRC Section 101(j)—Impact on Employer-Owned Policies for more information.
11. Does the policy have a Cash Surrender Value?
You can surrender the policy at any time and receive its Cash Surrender Value. We also allow partial withdrawals subject to certain restrictions. The Cash Surrender Value of a policy fluctuates with the investment performance of the Investment Divisions in which the policy has Accumulation Value and the amount held in the Fixed Account. It may increase or decrease daily.
If you choose to surrender your policy, you must provide written notification, in Good Order, to the VPSC at one of the addresses listed on the first page of this prospectus.
For federal income tax purposes, you are not usually taxed on increases in the Cash Surrender Value until you actually surrender the policy. You may, however, be taxed on all or a part of the amount distributed for certain partial withdrawals and policy loans. See CASH VALUE AND CASH SURRENDER VALUE—Cash Surrender Value, and FEDERAL INCOME TAX CONSIDERATIONS.
12. What is a modified endowment contract?
A modified endowment contract is a life insurance policy under which the cumulative premiums paid during the first seven Policy Years are greater than the cumulative premiums payable under a hypothetical policy providing for guaranteed benefits upon the payment of seven level annual premiums. Certain changes to the policy can subject it to retesting for a new seven-year period. If your policy is determined to be a modified endowment contract, any distributions during your lifetime, including collateral assignments, loans, and partial withdrawals are taxable if there is a gain in the policy. In addition, you may also incur a penalty tax if the distribution occurs when the taxpayer is not yet age 59½.
13. Can the policy become a modified endowment contract?
The policy can become a modified endowment contract. We currently test a policy at issue to determine whether it will be classified as a modified endowment contract. This at-issue test examines the policy for the first seven contract years. We base the test on the benefits applied for in the policy application and the initial premium requested, and on the assumption that there are no increases in premiums or changes in benefit structure during the period. We also have procedures to monitor whether a policy may become a modified endowment contract after issue. See FEDERAL INCOME TAX CONSIDERATIONS— Modified Endowment Contract Status.
14. What premiums are payable?
The Policy Data Page shows the amount and interval of any scheduled premiums. A scheduled premium (also known as a planned premium) does not have to be paid to keep the policy in force if there is enough Net Cash Value to cover the charges made on the Monthly Deduction Day. You may increase or decrease the amount of any scheduled premium subject to the limits we set. You may not, however, make a premium payment that would exceed the guideline premium limitations under Section 7702 of the IRC and jeopardize the policy’s qualification as “life insurance”. You may also change the frequency of premiums subject to our minimum premium rules. Scheduled premiums end on the policy anniversary on which the Insured is age 95. Premium payments must be made to one of the addresses listed on the first page of this prospectus.
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Acceptance of initial and subsequent premium payments is subject to our Sales Standards.
15. What are unscheduled premiums?
While the Insured is living, you can pay unscheduled premiums (also known as unplanned premiums) at any time before the policy anniversary on which the Insured is age 95. Any unscheduled premiums must equal at least $50. You may not, however, make a premium payment that would exceed the guideline premium limitations under Section 7702 of the IRC and jeopardize the policy’s qualification as “life insurance”. Unscheduled premiums also include the proceeds of an exchange made in accordance with Section 1035 of the IRC. If an unscheduled premium would result in an increase in the death benefit greater than the increase in the Cash Value, we reserve the right to require proof of insurability before accepting that premium and applying it to the policy. We also reserve the right to limit the number and amount of any unscheduled premiums. In certain states, an unscheduled premium may be made once each Policy Year. Subsequent premium payments must be made to one of the addresses listed on the first page of this prospectus. For details see GENERAL PROVISIONS OF THE POLICY—Premiums.
16. When are premiums put into the Fixed Account or the Separate Account?
On the Business Day we receive a premium, we first deduct a sales expense charge not to exceed the amount shown on the Policy Data Page. We also deduct the state premium tax and federal tax charges. After the end of the Free Look period, we will apply the balance of the premium (the Net Premium) to the Separate Account and the Fixed Account, in accordance with your allocation election in effect at the time when the premium is received. We will do this before any other deductions that may be due are made. The allocation percentages must be in whole numbers. (Deductions are described in greater detail in Question 18, “Are there charges against the policy?”)
17. How are Net Premiums allocated among the Allocation Alternatives?
You can allocate Net Premiums to a maximum of 21 of the Allocation Alternatives, which include the 93 Investment Divisions (90 of which are available to all investors) plus the Fixed Account. You can also raise or lower the percentages of the Net Premium (which must be in whole number percentages) allocated to each Allocation Alternative at the time you make a premium payment. We will allocate Net Premiums in accordance with your instructions.
You can change the premium allocation any time you make a subsequent premium payment by submitting a revised premium allocation form to one of the addresses listed for payment of subsequent premiums on the first page of this prospectus. Your revised premium allocation selections will be effective as of the Business Day the revised premium allocation is received by VPSC at one of the addresses listed on the first page of the prospectus. Premium allocation selections received after market close will be effective the next business day.
18. Are there charges against the policy?
We deduct three charges from each premium, whether scheduled or unscheduled. A sales expense charge not to exceed 5% is used to partially cover sales expenses. We also deduct 2% and 1.25% for state premium tax and federal tax charges, respectively. We allocate each premium, net of these charges, to the Fixed Account or the Investment Divisions. Each becomes a part of the Cash Value. See CHARGES UNDER THE POLICY—Deductions from Premium Payments.
On each Monthly Deduction Day, we make the following deductions from the policy’s Cash Value:
(a)
A monthly contract charge not to exceed, on an annual basis, the amount shown on the Policy Data Page (In the first Policy Year, the excess of the monthly charge over the amount of the monthly charge applicable in renewal years is deferred to the earlier of the first policy anniversary or surrender of the policy. However, if the policy is surrendered in the first Policy Year, the full amount deferred is deducted.);
(b)
The monthly cost of insurance; and
(c)
The monthly cost for any riders attached to the policy.
We may also make a deduction for any temporary Flat Extras as set forth on the Policy Data Page. A temporary Flat Extra is a charge per $1,000 of the net amount at risk made against the Cash Value for the amount of time
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specified on the Policy Data Page. It is designed to cover the risk of substandard mortality experience which is not permanent in nature due to an insured’s circumstances including, but not limited to, his or her medical condition, occupation, motor vehicle or aviation record.
The Monthly Deduction Day is shown on the Policy Data Page. The first Monthly Deduction Day will be the monthly anniversary of the Policy Date on or following the Issue Date. Subsequent Monthly Deduction Days will be on each monthly anniversary of the Policy Date.
Some deductions are made on a daily basis against the assets of the Investment Divisions. We assess daily charges, calculated at an annual rate of 0.60% and 0.10% of the value of the assets of each Investment Division, for mortality and expense risks and administrative charges, respectively. We may change the mortality and expense risk charge at our option subject to a maximum charge of 0.90%. Similarly, we may calculate tax assessments daily. Currently, we are not making any charges for income taxes, but we may make charges in the future against the Investment Divisions for federal income taxes attributable to them.
In addition, the value of the shares of each Portfolio reflects advisory fees, administration fees, and other expenses deducted from the assets of each Portfolio. Upon a surrender or requested decrease in the policy’s face amount, including decreases caused by a change in the life insurance benefit option, we may assess a surrender charge. A partial withdrawal or a change in the life insurance benefit option may result in a decrease in face amount. We may deduct a surrender charge from the Cash Value at the time of surrender or decrease.
Partial withdrawals of Cash Value are also subject to a charge not to exceed the lesser of $25 or 2% of the amount withdrawn. See CHARGES UNDER THE POLICY and FEDERAL INCOME TAX CONSIDERATIONS.
19. What is the loan privilege?
Using the policy as sole security, you can borrow any amount up to the loan value of the policy. The loan value on any given date is equal to (i) 90% of the Cash Value, less applicable surrender charges and less any deferred contract charges, less (ii) any Policy Debt.
20. Do I have a right to cancel?
You have the right to cancel the policy at any time during the Free Look period and receive a refund. The Free Look period begins on the date you receive the policy. It ends 20 days later (or as otherwise required by state law). To receive a refund you must return the policy to VPSC and/or provide a written request for cancellation in Good Order at one of the addresses listed on the first page of this prospectus (or to any other address we indicate to you in writing), or to the registered representative from whom you purchased the policy. You may cancel increases in the Face Amount of your policy under the same time limits.
21. Can the policy be exchanged, or can all amounts be allocated to the Fixed Account?
You have the right during the first two Policy Years to either (1) exchange the policy for a permanent fixed benefit policy we offer for this purpose, or (2) transfer all of the policy’s Cash Value to the Fixed Account. Similar rights are available during the first two years after an increase in the policy’s face amount. Policies issued in Colorado, Massachusetts, and New York have special rights when NYLIAC changes the objective of an Investment Division. See your policy for additional details, as well as EXCHANGE PRIVILEGE, and OUR RIGHTS.
22. How is a person’s age calculated?
When we refer to a person’s age on any date, we mean his or her age on the nearest birthday. However, the cost of insurance charges will be based on the Insured’s age on the birthday nearest to the prior policy anniversary.
CHARGES UNDER THE POLICY
We deduct certain charges to compensate us for providing the insurance benefits under the policy, for any riders, for administering the policy, for assuming certain risks, and for incurring certain expenses in distributing the policy.
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Deductions from Premium Payments
When we receive a premium, whether scheduled or unscheduled, we will deduct a sales expense charge, a state premium tax charge and, for Non-Qualified Policies, a federal tax charge. The Net Premium will be applied to the Separate Account Value and Fixed Account in accordance with your allocation election in effect at that time and before any other deductions which may be due are made.
Sales Expense Charge
We will deduct a sales expense charge not to exceed 5% of any premium and in addition to the surrender charge (for a discussion of the surrender charge, see CHARGES UNDER THE POLICY—Surrender Charges). The sales expense charge is currently eliminated after the tenth Policy Year. We reserve the right to impose this charge after Policy Year 10. The amount of the sales expense charge in a Policy Year is not necessarily related to our actual sales expenses for that particular year. To the extent that sales expenses are not covered by the sales expense charge and the surrender charge, they will be recovered from NYLIAC’s surplus, including any amounts derived from the mortality and expense risk charge or the cost of insurance charge. For a discussion of the commissions paid under the policy, see DISTRIBUTION AND COMPENSATION ARRANGEMENTS.
State Premium Tax Charge
Some jurisdictions impose a tax on the premiums insurance companies receive from their policyowners, currently ranging from 0% to 3.5% of premium payments. The premium tax may be higher in certain U.S. territories. We currently deduct a charge of 2% of all premiums we receive to cover these state premium taxes. This charge may not reflect the actual premium tax charged in your state. We may increase the amount we deduct as a state premium tax charge to reflect changes in applicable law. Our right to increase this charge is limited in some jurisdictions by law.
Federal Tax Charge
NYLIAC’s federal tax obligations will increase based upon premiums received under the policies. We currently deduct 1.25% of each premium to cover this federal tax charge. We reserve the right to increase this charge consistent with changes in applicable law and subject to any required approval of the Securities and Exchange Commission.
Deductions from Cash Value
On each Monthly Deduction Day, we deduct a monthly contract charge, a cost of insurance charge, and a rider charge for the cost of any additional riders from the Policy’s Cash Value. The first Monthly Deduction Day will be the monthly anniversary of your Policy Date on or following the Issue Date. If the Policy Date is prior to the Issue Date, the deductions made on the first Monthly Deduction Day will cover the period from the Policy Date until the first Monthly Deduction Day. We deduct these charges from the Accumulation Value and the value in the Fixed Account in proportion to the non-loaned Cash Value in the Separate Account and the Fixed Account.
Expense Allocation Option
With the Expense Allocation feature, you have the choice of how to allocate deductions from your Cash Value. These include monthly cost of insurance, monthly cost of any riders on the policy, and the monthly contract charge. You can instruct NYLIAC, at the time of the application, and at any time thereafter, to have the expenses deducted from the MainStay VP U.S. Government Money Market Investment Division, the unloaned portion of the Fixed Account, or a combination of both.
If the values in the MainStay VP U.S. Government Money Market Investment Division and/or the unloaned portion of the Fixed Account are insufficient to pay these charges, we will deduct as much of the charges as possible. The remainder of the charges will be deducted proportionately from each of the Investment Divisions. If you do not instruct us how you would like the expenses allocated, these charges will be deducted proportionately from each of the Investment Divisions including any unloaned amount in the Fixed Account.
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Monthly Contract Charge
In the first Policy Year, there is a charge currently equal to $312 on an annual basis to compensate us for costs incurred in providing certain administrative services including collecting premium, recordkeeping, processing claims, and communicating with policyowners. In subsequent Policy Years, the charge currently is equal to $84 on an annual basis. These charges are not designed to produce a profit. These charges may increase or decrease, but they will never exceed $324 on an annual basis in the first Policy Year and $96 in each subsequent Policy Year. These charges are deducted on each Monthly Deduction Day. In the first Policy Year, we will defer the deduction of the excess of the annual charge over the amount of the annual charge applicable in renewal years (currently $228) until the earlier of (1) the first policy anniversary or (2) the date you surrender the policy.
Charge for Cost of Insurance Protection
On each Monthly Deduction Day, we will deduct a charge for cost of insurance protection from the Cash Value of your policy. This charge covers the cost of providing life insurance benefits to you.
The cost of insurance charge is calculated by adding any applicable Flat Extra (which might apply to certain Insureds based on our underwriting) to the monthly cost of insurance rate that applies to the Primary Insured at that time and multiplying the result by the Net Amount at Risk on the Monthly Deduction Day. The Net Amount at Risk is based on the difference between the current life insurance benefit of your policy divided by 1.00327 and the policy’s Cash Value. We calculate the cost of insurance separately for the initial face amount and for any increase in face amount. If you request and we approve an increase in your policy’s face amount, then a different rate class (and therefore cost of insurance charge) may apply to the increase, based on the Primary Insured’s age and circumstances at the time of the increase.
We determine the initial rate of the monthly cost of insurance we apply to your policy based upon underwriting. This determination is based upon various factors including, but not limited to, the Insured’s issue age, gender, underwriting class, and Policy Year. We may change these rates from time to time based on changes in future expectations of various factors including, but not limited to, mortality, investment income, expenses, and persistency. The current rates, however, will never be more than the guaranteed maximum rates shown on the Policy Data Page. If the Primary Insured is in a standard or better underwriting class, we base the guaranteed rates on the 1980 Commissioner’s Standard Ordinary Tables.
We base the guaranteed rates for policies that insure Primary Insureds in substandard underwriting classes on higher rates than for standard or better underwriting classes. Your cost of insurance charge may vary from month to month depending on changes in cost of insurance rates and the Net Amount at Risk. We expect to profit from this charge. Profits derived from this charge can be used for any corporate purpose.
Guaranteed Minimum Death Benefit Rider Charge
If you elect this optional benefit, we will charge you an amount equal to $0.01 per $1,000 multiplied by the sum of your policy’s face amount and the face or benefit amount of any riders. In addition to that charge, a premium commitment is required to maintain this benefit; that premium amount is shown on the Policy Data Page.
Other Rider Charges
A monthly charge will be deducted if any of the following rider are in effect: the Accidental Death Benefit Rider, the Children’s Insurance Rider, the Guaranteed Insurability Rider, the Guaranteed Minimum Death Benefit Rider, the Monthly Deduction Waiver Rider, and the Term Insurance on Other Covered Insured Rider.
The current periodic charges for the Accidental Death Benefit Rider, the Children’s Insurance Rider, the Guaranteed Insurability Rider, Guaranteed Minimum Death Benefit Rider, the Monthly Deduction Waiver Rider, and the Term Insurance on Other Covered Insured Rider will vary based on the characteristics of the insured.
In addition, a one-time charge of $150 will apply if you exercise the Living Benefits Rider. The fees and charges for the riders specified above will never be greater than the maximum charges specified in the Table of Fees and Expenses. See ADDITIONAL PROVISIONS OF THE POLICY—Additional Benefits Provided by Riders for more information.
13
Separate Account Charges
Mortality and Expense Risk Charge
We deduct on a daily basis a mortality and expense risk charge from each Investment Division to cover our mortality and expense risk. The mortality risk we assume is that the group of lives insured under our policies may, on average, live for shorter periods of time than we estimated. The expense risk we assume is that our costs of issuing and administering policies may be more than we estimated. If these charges are insufficient to cover assumed risks, the loss will be deducted from NYLIAC’s surplus. We expect to profit from this charge. We may use these funds for any corporate purpose, including expenses relating to the sale of the policies.
Current Mortality and Expense Risk Charge—We currently deduct on a daily basis a mortality and expense risk charge that is equal to an annual rate of 0.60% of the average daily net asset value of each Investment Division.
Guaranteed Mortality and Expense Risk Charge—While we may change the mortality and expense risk charge we deduct, we guarantee that this charge will never be more than an annual rate of 0.90% of the average daily net asset value of each Investment Division.
Administrative Charge
We charge the Investment Divisions a daily charge for providing policy administrative services equal to an annual rate of 0.10% of the average daily net asset value of the Separate Account Value. This charge is not designed to produce a profit and is guaranteed not to increase.
Other Charges for Federal Income Taxes
We do not currently make any charge against the Investment Divisions for federal income taxes attributable to them. However, we reserve the right to make such a charge to provide for the future federal income tax liability of the Investment Divisions. For more information on charges for federal income taxes, see FEDERAL INCOME TAX CONSIDERATIONS.
Fund Charges
Each Investment Division of the Separate Account purchases shares of the corresponding Eligible Portfolio at the Accumulation Unit value. The Accumulation Unit value reflects the investment advisory fees and other expenses that are deducted from the assets of the Portfolio by the relevant Fund. The advisory fees and other expenses are not fixed or specified under the terms of the policy, and may vary from year to year. These fees and expenses are described in the Funds’ prospectuses.
Certain Eligible Portfolios may also impose liquidity or redemption fees on withdrawals (including transfers) pursuant to SEC Rules including Rules 2a-7 or 22c-2 under the 1940 Act. In such cases, we would administer the Fund fees and deduct them from your Cash Value or transaction proceeds.
The table below shows the minimum and maximum total operating expenses deducted from Eligible Portfolio assets (before any fee waiver or expense reimbursement) during the year ended December 31, 2023. Portfolio expenses may change from year to year, and hence may be higher or lower in the future. You may pay these expenses periodically during the time that your Cash Value is invested in the Investment Divisions of the Separate Account. More information concerning each underlying Fund’s fees and expenses is contained in the prospectus for each Fund. 
Funds’ Annual Operating Expenses (expenses that are deducted from
Fund assets)1
Minimum
Maximum
Total Annual Fund Companies’ Operating Expenses2
0.13%
1.30%
(1)
Expressed as a percentage of average net assets for the fiscal year ended December 31, 2023. This information is provided by the Funds and their agents. The information is based on 2023 expenses.
(2)
Expenses that are deducted from Fund Company assets, including management fees, distribution (12b-1) fees, service fees, and other expenses.
14
Surrender Charges
During the first 15 Policy Years, we will deduct a surrender charge from the Cash Value of your policy on a complete surrender or decrease in face amount, including decreases caused by a change in the life insurance benefit option or partial withdrawals on policies with Life Insurance Benefit Option 1. This Surrender Charge is in addition to the sales expense charge. See CHARGES UNDER THE POLICY—Sales Expense Charge.
The maximum surrender charge is equal to the applicable percentage shown in the table below multiplied by 50% of the Surrender Charge Guideline Annual Premium. The maximum surrender charge for your policy is shown on the Policy Data Page. The maximum surrender charge will never exceed the amount of premiums paid.
The surrender charge in the first Policy Year is equal to:
(A) 25% of premiums paid to date up to the Surrender Charge Guideline Annual Premium for the first year; plus
(B) 5% of premiums paid in that year that are in excess of the Surrender Charge Guideline Annual Premium for the first year, but not in excess of the sum of the Surrender Charge Guideline Annual Premium through the sixth Policy Year.
The surrender charge in and after the second Policy Year is equal to the applicable percentage shown in the table below multiplied by the base surrender charge. The base surrender charge is equal to:
(A) 25% of the lesser of (i) the premiums paid to date or (ii) the Surrender Charge Guideline Annual Premium for the first Policy Year; plus
(B) 5% of the lesser of (i) premiums paid in excess of the Surrender Charge Guideline Annual Premium for the first Policy Year or (ii) the sum of the Surrender Charge Guideline Annual Premiums for the first six Policy Years minus the Surrender Charge Guideline Annual Premium for the first Policy Year. 
Year
Percentage
Applied
2-6
100%
7
90%
8
80%
9
70%
10
60%
11
50%
12
40%
13
30%
14
20%
15
10%
16+
0%
During the first two Policy Years, the surrender charge is further limited to the sum of:
(A) 30% of all premiums paid during the first two Policy Years up to one Surrender Charge Guideline Annual Premium; plus
(B) 10% of all premiums in the first two Policy Years in excess of one Surrender Charge Guideline Annual Premium, but not more than two Surrender Charge Guideline Annual Premiums; plus
(C) 9% of all premium payments in the first two Policy Years in excess of two Surrender Charge Guideline Annual Premiums; less
(D) any sales expense charges deducted from such premiums; less
15
(E) any surrender charge previously deducted.
Surrender charges and surrender charge periods are calculated separately for the initial face amount and for each increase in the face amount, except ones caused by a change in the life insurance benefit option. Premium payments after an increase will be allocated between the initial face amount and the increase based on the relative Surrender Charge Guideline Annual Premiums. A decrease in face amount will result in the imposition of a surrender charge equal to the difference between the surrender charge that would have been payable on a complete surrender prior to the decrease and the surrender charge that would be payable on a complete surrender after the decrease.
For example, assume a policy with a $100,000 face amount is to be decreased to a $50,000 face amount. If a complete surrender of the policy prior to the decrease would result in a surrender charge of $1,250, and a complete surrender of the $50,000 remaining face amount after the decrease would result in a surrender charge of $750, the surrender charge imposed in connection with the decrease will be $500 ($1,250-$750). Where, because of increases in face amount, there are multiple schedules of surrender charges, the charge applied will be based first on the surrender charge associated with the last increase in face amount, then on each prior increase, in the reverse order in which the increases occurred, and then to the initial face amount.
The percentages specified above and/or the Policy Year that the surrender charge is reduced may vary for individuals having a life expectancy of less than 20 years either at the time the policy is issued or the face amount is increased.
Surrender charges may be significant upon early surrender. You should not purchase this policy unless you intend to hold the policy for an extended period of time.
Exceptions to Surrender Charge
There are a number of exceptions to the imposition of a surrender charge, including but not limited to, cancellation of a policy by us, the payment of proceeds upon the death of the Insured, or a required IRC minimum distribution for the policy.
Other Charges
Partial Withdrawal Charge
If you make a partial withdrawal, we will charge a processing fee not to exceed the lesser of $25 or 2% of the amount withdrawn. If the partial withdrawal results in a decrease to your policy’s face amount, we will deduct a surrender charge.
Transfer Charge
We may impose a charge up to $30 per transfer for each transfer in excess of 12 transfers within a Policy Year. See CASH VALUE AND CASH SURRENDER VALUE—Transfers.
Loan Charges
We currently charge an effective annual loan interest rate of 6% for all policies on and after May 19, 2000 and for all new and existing loans on their policy anniversaries following May 19, 2000, which is payable in arrears. We may increase or decrease this rate but we guarantee that the rate will never exceed 8% in any Policy Year. When you request a loan, a transfer of funds will be made from the Separate Account to the Fixed Account so that the Cash Value in the Fixed Account is at least 106% of the requested loan plus any outstanding loans. This percentage will change in accordance with changes in the loan interest rate, but will never exceed 108%.
When you take a loan against your policy, the loaned amount we hold in the Fixed Account may earn interest at a different rate from the rate we charge you for loan interest. Currently, the amount in the Fixed Account, which is collateral for an outstanding loan, is credited with interest at a rate that is 1% less than the effective annual loan interest rate during the first 10 Policy Years and 0.5% less than the effective rate in subsequent Policy Years. We guarantee that the rate we credit on loaned amounts will never be lower than the rate we charge for policy loans less 2% (for example, if the rate we charge for a policy loan is 6%, then the rate we credit on loaned amounts will never be
16
lower than 4%). We guarantee that the interest rate we credit on loaned amounts will always be at least 4%. See POLICY LOANS for more information.
How the Policy Works
The example assumes 6% hypothetical net investment performance (after the deduction of current Mortality and Expense Risk Charge and Administrative Charge and hypothetical Fund Charges) and current insurance charges in the first Policy Year. It assumes a Male Insured, Preferred Class, issue age 35, a Scheduled Annual Premium of $3,000, an initial face amount of $250,000, and a selection of life insurance benefit option 1 by the policyowner. There is no guarantee that the current charges illustrated below will not change or that the hypothetical net investment performance will be realized. 
Scheduled Annual Premium
$3,000.00
less:
Sales expense charge (5%)
150.00
State premium tax charge (2%)
60.00
Federal tax charge (1.25%)
37.50
equals:
Net premium
$2,752.50
plus:
Net investment performance (varies daily)
150.06
less:
Monthly contract charges ($7 per month currently)
84.00
less:
Charges for cost of insurance (varies monthly)
384.66
equals:
Cash Value
$2,433.90
less:
Surrender charge (25% of premium up to Surrender Charge Guideline
 
Annual Premium plus 5% of excess premiums paid)
750.00
less:
Balance of first year monthly contract charge(1)
228.00
equals:
Cash Surrender Value (at end of year 1)
$1,455.90
(1)
In the first Policy Year, the excess of the annual charge over the annual charge applicable in renewal years is advanced to your Accumulation Value, and deduction is deferred to the earlier of the first policy anniversary or surrender of the policy.
THE SEPARATE ACCOUNT
NYLIAC Variable Universal Life Separate Account-I is a segregated asset account NYLIAC established to receive and invest your Net Premiums.
NYLIAC established the Separate Account on June 4, 1993 under the laws of Delaware, in accordance with the resolutions set forth by NYLIAC's Board of Directors. The Separate Account is registered as a unit investment trust with the SEC under the 1940 Act. This registration does not mean that the SEC supervises the management or the investment practices or policies of the Separate Account.
Although the assets of the Separate Account belong to NYLIAC, these assets are held separately from the other assets of NYLIAC, and under applicable insurance law, cannot be charged for liabilities incurred in any other business operations of NYLIAC (except to the extent that assets in the Separate Account exceed the reserves and other liabilities of the Separate Account). These assets are not subject to the claims of our general creditors. The income, capital gains, and capital losses incurred on the assets of the Separate Account are credited to or are charged against the assets of the Separate Account, without regard to the income, capital gains, or capital losses arising out of any other business NYLIAC may conduct. Therefore, the investment performance of the Separate Account is entirely independent of both the investment performance of the Fixed Account and the performance of any other Separate Account. The obligations under the policies are obligations of NYLIAC.
The Separate Account currently includes the 93 Investment Divisions (90 of which are available to all investors) available under this policy. After the end of the Free Look period, Net Premium payments allocated to the Investment Divisions are invested exclusively in the corresponding Eligible Portfolios of the Funds.
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FUNDS AND ELIGIBLE PORTFOLIOS
The assets of each Eligible Portfolio are separate from the others and each such Portfolio has different investment objectives and policies. As a result, each Eligible Portfolio operates as a separate investment fund and the investment performance of one Portfolio has no effect on the investment performance of any other Portfolio. You can make or lose money in any of the Investment Divisions. Portfolios described in this prospectus are different from portfolios that may have similar names but are available directly to the general public. The funds available directly to the general public may have the same adviser, same name, same investment objectives and policies, and substantially similar portfolio securities, but the investment performance may not be the same. The Fund’s prospectus should be read carefully before any decision is made concerning the allocation of Net Premium payments to an Investment Division corresponding to a particular Eligible Portfolio.
We offer no assurance that any of the Eligible Portfolios will attain their respective stated investment objectives.
The Funds’ shares may be available to certain other separate accounts we use to fund our variable annuity contracts offered by NYLIAC. This is called “mixed funding.” The Funds’ shares may also be available to separate accounts of insurance companies that are not affiliated with NYLIAC and, in certain instances, to qualified plans. This is called “shared funding.” Although we do not anticipate that any difficulties will result from mixed and shared funding, it is possible that differences in tax treatment and other considerations may cause the interests of owners of various contracts participating in the Funds to be in conflict. The Board of Directors/Trustees of each Fund, the Funds’ investment advisers, and NYLIAC are required to monitor events to identify any material conflicts that arise from the use of the Funds for mixed and shared funding. In the event of a material conflict, we could be required to withdraw from an Eligible Portfolio. For more information about the risks of mixed and shared funding, please refer to the relevant Fund prospectus.
The Funds and Eligible Portfolios offered through this product are selected by NYLIAC based on several criteria, including asset class coverage, the strength of the manager’s reputation and tenure, brand recognition, performance, and the capability and qualification of each sponsoring investment firm. An affiliate of NYLIAC—New York Life Investment Management LLC—manages the MainStay VP Funds Trust and that was a factor in its selection.
We receive payments or compensation from the Funds or their investments advisors, or from other service providers of the Funds (who may be affiliates of NYLIAC) in connection with administration, distribution and other services we provide with respect to the Eligible Portfolios and their availability through the policies. These payments may be derived, in whole or in part, from the advisory fee charged by the Fund and deducted from Fund assets and/or from “Rule 12b-1” fees deducted from Fund assets. These payments are also a factor in our selection of Funds and Eligible Portfolios. NYLIAC may use these payments for any corporate purpose, including payment of expenses that NYLIAC and/or its affiliates incur in promoting, marketing and administering the Policies, and in its role as an intermediary of the funds. Policyowners, through their indirect investment in the Funds, bear the costs of these fees. NYLIAC’s parent company, New York Life Insurance Company, may also receive fixed dollar payments for marketing and education support services and for the participation of investment advisers and sub-advisers in training and educational meetings, which includes the opportunity to discuss and promote their Funds.
The Portfolios of each Fund, along with their advisors and investment objectives, are listed in the following table. For more information about each of these Portfolios, please read the Fund prospectuses. You should also read a Fund’s prospectus carefully before making any decision about allocating premium payments or a portion of the policy’s Cash Value to an Investment Division corresponding to a particular portfolio. Please contact us at 1-800-598-2019, or contact your registered representative, if you do not have the accompanying book of underlying Fund prospectuses. 
Funds and Eligible Portfolios
Investment Adviser
Investment Objectives
MainStay VP Funds Trust:
MainStay VP American Century Sustainable
Equity—Initial Class
New York Life Investment Management
LLC (“New York Life Investments”)
 
Subadvisers: American Century
Investment Management, Inc.
•Seeks long-term capital growth. Income is
a secondary objective.
18
Funds and Eligible Portfolios
Investment Adviser
Investment Objectives
MainStay VP Balanced—Initial Class
New York Life Investments
 
Subadvisers: NYL Investors LLC(“NYLI”)*
and Wellington Management LLP
(“Wellington”)
•Seeks total return.
MainStay VP Bond—Initial Class
New York Life Investments
Subadviser: NYLI
•Seeks total return.
MainStay VP Candriam Emerging
Markets Equity—Initial Class*
New York Life Investments
Subadviser: Candriam
•Seeks log-term capital appreciation.
MainStay VP CBRE Global
Infrastructure—Initial Class
New York Life Investments
Subadviser: CBRE Investment
Management Listed Real Assets LLC
•Seeks total return.
MainStay VP Conservative
Allocation—Initial Class
New York Life Investments
•Seeks current income and, secondarily,
long-term growth of capital.
MainStay VP Epoch U.S. Equity
Yield—Initial Class
New York Life Investments
Subadviser: Epoch Investment Partners,
Inc. ("Epoch")
•Seeks current income and capital
appreciation.
MainStay VP Equity Allocation—Initial
Class
New York Life Investments
•Seeks long-term growth of capital.
MainStay VP Fidelity Institutional AM®
Utilities—Initial Class
New York Life Investments
Subadviser: FIAM LLC
•Seeks total return.
MainStay VP Floating Rate—Initial Class
New York Life Investments
Subadviser: NYLI
•Seeks high current income.
MainStay VP Growth Allocation—Initial
Class
New York Life Investments
•Seeks long-term growth of capital, and
secondarily, current income.
MainStay VP Hedge Multi-Strategy
(formerly MainStay VP IQ Hedge
Multi-Strategy)—Initial Class
New York Life Investments
Subadviser: IndexIQ Advisors LLC
(“IndexIQ”)
•Seeks investment returns that correspond
(before fees and expenses) generally to
the price and yield performance of its
underlying index, the IQ Hedge
Multi-Strategy Index.
MainStay VP Income Builder—Initial
Class
New York Life Investments
Subadvisers: Epoch and MacKay
Shields LLC (“MacKay”)
•Seeks current income consistent with
reasonable opportunity for future growth
of capital and income.
MainStay VP Janus Henderson
Balanced—Initial Class
New York Life Investments
Subadviser: Janus Henderson Investors
US LLC (“Janus”)
•Seeks long-term capital growth,
consistent with preservation of capital
and balanced current income.
MainStay VP MacKay Convertible—Initial
Class
New York Life Investments
Subadviser: MacKay
•Seeks capital appreciation together with
current income.
MainStay VP MacKay High Yield
Corporate Bond—Initial Class
New York Life Investments
Subadviser: MacKay
•Seeks maximum current income through
investment in a diversified portfolio of
high-yield debt securities. Capital
appreciation is a secondary objective.
MainStay VP MacKay Strategic
Bond—Initial Class
New York Life Investments
Subadviser: MacKay
•Seeks total return by investing primarily in
domestic and foreign debt securities.
MainStay VP MacKay U.S. Infrastructure
Bond (formerly MainStay VP MacKay
Government)—Initial Class
New York Life Investments
Subadviser: MacKay
•Seeks current income.
MainStay VP Moderate Allocation—Initial
Class
New York Life Investments
•Seeks long-term growth of capital, and
secondarily, current income.
MainStay VP Natural Resources—Initial
Class
New York Life Investments
Subadviser: Newton Investment
Management North America, LLC
•Seeks long-term capital appreciation.
19
Funds and Eligible Portfolios
Investment Adviser
Investment Objectives
MainStay VP PIMCO Real Return—Initial
Class
New York Life Investments
Subadviser: Pacific Investment
Management Company LLC (“PIMCO”)
•Seeks maximum real return, consistent
with preservation of real capital and
prudent investment management.
MainStay VP PineStone International
Equity (formerly MainStay VP MacKay
International Equity)—Initial Class
New York Life Investments
Subadviser: PineStone Asset
Management Inc.
•Seeks capital appreciation.
MainStay VP S&P 500 Index—Initial
Class
New York Life Investments
Subadviser: Index IQ
•Seeks investment results that correspond
to the total return performance (reflecting
reinvestment of dividends) of common
stocks in the aggregate as represented by
the S&P 500® Index.
MainStay VP Small Cap Growth—Initial
Class
New York Life Investments
Subadvisers: Brown Advisory, LLC and
Segall Bryant & Hamill, LLC
•Seeks long-term capital appreciation.
MainStay VP U.S. Government Money
Market—Initial Class
New York Life Investments
Subadviser: NYLI
•Seeks a high level of current income
while preserving capital and maintaining
liquidity.
MainStay VP Wellington Growth—Initial
Class*
New York Life Investments
Subadviser: Wellington
•Seeks long-term growth of capital.
MainStay VP Wellington Mid Cap—Initial
Class
New York Life Investments
Subadviser: Wellington
•Seeks long-term growth of capital.
MainStay VP Wellington Small
Cap—Initial Class
New York Life Investments
Subadviser: Wellington
•Seeks long-term growth of capital.
MainStay VP Wellington U.S.
Equity—Initial Class
New York Life Investments
Subadviser: Wellington
•Seeks long-term growth of capital.
MainStay VP Winslow Large Cap
Growth—Initial Class
New York Life Investments
Subadviser: Winslow Capital
Management, Inc.
•Seeks long-term growth of capital.
AB Variable Products Series Fund,
Inc.:
AB VPS Discovery Value Portfolio—Class
A
AllianceBernstein L.P. (“AB”)
•Seeks long-term growth of capital.
AB VPS Relative Value Portfolio—Class A
AB
•Seeks long-term growth of capital.
AIM Variable Insurance Funds (Invesco
Variable Insurance Funds):Invesco V.I.
EQV International Equity Fund—Series I
Shares
Invesco Advisers, Inc.(“Invesco”)
•Seeks long-term growth of capital.
Invesco V.I. Main Street Small Cap
Fund®—Series I Shares
Invesco
•Seeks capital appreciation.
American Funds Insurance Series®:
American Funds IS Asset Allocation
Fund—Class 2
Capital Research and Management
CompanySM (“CRMC”)
•Seeks high total return (including income
and capital gains) consistent with
preservation of capital over the long term.
American Funds IS The Bond Fund of
America®—Class 2
CRMC
•Seeks to provide a high level of total
return consistent with prudent investment
management.
American Funds IS Capital World Bond
Fund®—Class 2
CRMC
•Seeks to provide a high level of total
return consistent with prudent investment
management.
American Funds IS Global Small
Capitalization Fund—Class 2
CRMC
•Seeks long-term growth of capital.
American Funds IS Growth Fund—Class
2
CRMC
•Seeks to provide growth of capital.
20
Funds and Eligible Portfolios
Investment Adviser
Investment Objectives
American Funds IS New World
Fund®—Class 2
CRMC
•Seeks long-term capital appreciation.
American Funds IS U.S. Government
Securities Fund®—Class 2
CRMC
•Seeks to provide a high level of current
income consistent with prudent
investment risk and preservation of
capital.
American Funds IS Washington Mutual
Investors FundSM—Class 2
CRMC
•Seeks to produce income and to provide
an opportunity for growth of principal
consistent with sound common stock
investing.
BlackRock® Variable Series Funds,
Inc.:
BlackRock® Global Allocation V.I.
Fund—Class I
BlackRock Advisors, LLC (“BlackRock”)
Subadviser: BlackRock (Singapore)
Limited and BlackRock International
Limited
•Seeks high total investment return.
BlackRock® Variable Series Funds II,
Inc.:
BlackRock® High Yield V.I. Fund—Class I
BlackRock Advisors, LLC
Subadviser: BlackRock International
Limited
•Seeks to maximize total return, consistent
with income generation and prudent
investment management.
BNY Mellon Investment Portfolios:
BNY Mellon IP Technology Growth
Portfolio—Initial Shares
BNY Mellon Investment Adviser, Inc.
Subadviser: Newton Investment
Management North America, LLC
•Seeks capital appreciation.
BNY Mellon Sustainable U.S. Equity
Portfolio, Inc.:
BNY Mellon Sustainable U.S. Equity
Portfolio—Initial Shares
BNY Mellon Investment Adviser, Inc.
Subadviser: Newton Investment
Management Limited
•Seeks long-term capital appreciation.
Columbia Funds Variable Series Trust
II:
Columbia Variable Portfolio—Commodity
Strategy Fund—Class 1*
Columbia Management Investment
Advisers, LLC (“Columbia”)
Subadviser: Threadneedle International
Limited
•Seeks to provide shareholders with high
total return.
Columbia Variable Portfolio—Emerging
Markets Bond Fund—Class 1
Columbia
•Seeks to provide shareholders with high
total return through current income and
secondarily, through capital appreciation.
Columbia Variable Portfolio—Intermediate
Bond Fund—Class 1
Columbia
•Seeks to provide shareholders with a high
level of current income while attempting
to conserve the value of the investment
for the longest period of time.
Delaware VIP® Trust:
Macquarie VIP Emerging Markets Series
(formerly Delaware VIP® Emerging
Markets Series)—Standard Class
Delaware Management Company, a
series of Macquarie Investment
Management Business Trust (a
Delaware statutory trust) (“DMC”)
Subadviser: Macquarie Investment
Management Global Limited (“MIMGL”)
•Seeks long-term capital appreciation.
Macquarie VIP Small Cap Value Series
(formerly Delaware VIP® Small Cap Value
Series)—Standard Class
DMC
Subadvisers: MIMGL
•Seeks capital appreciation.
Deutsche DWS Investments VIT Funds:
DWS Small Cap Index VIP—Class A
DWS Investment Management
Americas Inc. (“DIMA”)
Subadviser: Northern Trust Investments,
Inc.
•Seeks to replicate, as closely as possible,
before the deduction of expenses, the
performance of the Russell 2000® Index,
which emphasizes stocks of small U.S.
companies.
Deutsche DWS Variable Series II:
DWS Alternative Asset Allocation
VIP—Class A
DIMA
Subadviser: RREEF America LLC
•Seeks capital appreciation.
DWS Small Mid Cap Value VIP—Class A
DIMA
•Seeks long-term capital appreciation.
21
Funds and Eligible Portfolios
Investment Adviser
Investment Objectives
Fidelity® Variable Insurance Products
Funds:
Fidelity® VIP Bond Index Portfolio—Initial
Class
Fidelity Management & Research
Company (“FMR”)
Subadvisers: Other investment advisers
•Seeks to provide investment results that
correspond to the aggregate price and
interest performance of the debt
securities in the Bloomberg Barclays U.S.
Aggregate Bond Index.
Fidelity® VIP ContrafundSM
Portfolio—Initial Class
FMR
Subadvisers: Other investment advisers
•Seeks long-term capital appreciation
Fidelity® VIP Emerging Markets
Portfolio—Initial Class
FMR
Subadvisers: Other investment advisers
•Seeks capital appreciation.
Fidelity® VIP Equity-Income
PortfolioSM—Initial Class
FMR
Subadvisers: Other investment advisers
•Seeks reasonable income. The fund will
also consider the potential for capital
appreciation. The fund's goal is to achieve
a yield which exceeds the composite yield
on the securities comprising the S&P
500® Index.
Fidelity® VIP Extended Market Index
Portfolio—Initial Class
FMR
Subadviser: Geode Capital
Management, LLC
•Seeks to provide investment results that
correspond to the total return of stocks of
mid- to small-capitalization U.S.
companies.
Fidelity® VIP Freedom 2020
PortfolioSM—Initial Class
FMR
•Seeks high total return with a secondary
objective of principal preservation as the
fund approaches its target date and
beyond.
Fidelity® VIP Freedom 2030
PortfolioSM—Initial Class
FMR
•Seeks high total return with a secondary
objective of principal preservation as the
fund approaches its target date and
beyond.
Fidelity® VIP Freedom 2040
PortfolioSM—Initial Class
FMR
•Seeks high total return with a secondary
objective of principal preservation as the
fund approaches its target date and
beyond.
Fidelity® VIP Growth Opportunities
Portfolio—Initial Class
FMR
Subadvisers: Other investment advisers
•Seeks to provide capital growth.
Fidelity® VIP Health Care Portfolio—Initial
Class
FMR
Subadvisers: Other investment advisers
•Seeks capital appreciation.
Fidelity® VIP International Index
Portfolio—Initial Class
FMR
Subadviser: Geode Capital
Management, LLC
•Seeks to provide investment results that
correspond to the total return of foreign
developed and emerging stock markets.
Fidelity® VIP Investment Grade Bond
Portfolio—Initial Class
FMR
Subadvisers: Other investment advisers
•Seeks as high a level of current income
as is consistent with the preservation of
capital.
Fidelity® VIP Mid Cap Portfolio—Initial
Class
FMR
Subadvisers: Other investment advisers
•Seeks long-term growth of capital.
Legg Mason Partners Variable Equity
Trust:
ClearBridge Variable Appreciation
Portfolio—Class I
Franklin Templeton Fund Adviser, LLC
(“FTFA”)
Subadviser: ClearBridge Investments,
LLC
•Seeks long-term appreciation of capital.
Franklin Templeton Aggressive Model
Portfolio—Class I
FTFA
Subadviser: Franklin Advisers, Inc.
(“Franklin”)
•Seeks capital appreciation.
Franklin Templeton Conservative Model
Portfolio—Class I
FTFA
Subadviser: Franklin
•Seeks a balance of capital appreciation
and income.
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Funds and Eligible Portfolios
Investment Adviser
Investment Objectives
Franklin Templeton Moderate Model
Portfolio—Class I
FTFA
Subadviser: Franklin
•Seeks capital appreciation.
Franklin Templeton Moderately
Aggressive Model Portfolio—Class I
FTFA
Subadviser: Franklin
•Seeks capital appreciation.
Franklin Templeton Moderately
Conservative Model Portfolio—Class I
FTFA
Subadviser: Franklin
•Seeks a balance of capital appreciation
and income.
Legg Mason Partners Variable Income
Trust:
Western Asset Core Plus VIT
Portfolio—Class I
FTFA
Subadvisers: Western Asset
Management Company, LLC; Western
Asset Management Company Limited in
London; Western Asset Management
Company Pte. Ltd in Singapore; and
Western Asset Management Company
Ltd in Japan
•Seeks maximum total return, consistent
with prudent investment management and
liquidity needs, by investing to obtain an
average duration that is normally within
30% of the average duration of the
domestic bond market as a whole.
Janus Aspen Series:
Janus Henderson Enterprise
Portfolio—Institutional Shares
Janus
•Seeks long-term growth of capital.
Janus Henderson Global Research
Portfolio—Institutional Shares
Janus
•Seeks long-term growth of capital.
Lincoln Variable Insurance Products
Trust:
LVIP SSgA Mid-Cap Index
Fund—Standard Class
Lincoln Financial Investments
Corporation
Subadviser: SSgA Funds Management,
Inc.
•Seeks to approximate as closely as
practicable, before fees and expenses,
the performance of a broad market index
that emphasizes stocks of mid-sized U.S.
companies.
MFS® Variable Insurance Trust:
MFS® Investors Trust Series—Initial Class
Massachusetts Financial Services
Company (“MFS”)
•Seeks capital appreciation.
MFS® New Discovery Series—Initial Class
MFS
•Seeks capital appreciation.
MFS® Research Series—Initial Class
MFS
•Seeks capital appreciation.
MFS® Variable Insurance Trust II:
MFS® International Intrinsic Value
Portfolio—Initial Class
MFS
•Seeks capital appreciation.
MFS® Research International
Portfolio—Initial Class
MFS
•Seeks capital appreciation.
MFS® Variable Insurance Trust III:
MFS® Mid Cap Value Portfolio—Initial
Class
MFS
•Seeks capital appreciation.
Morgan Stanley Variable Insurance
Fund, Inc.:
Morgan Stanley VIF U.S. Real Estate
Portfolio—Class I
Morgan Stanley Investment
Management Inc.
•Seeks to provide above-average current
income and long-term capital appreciation
by investing primarily in equity securities
of companies in the U.S. real estate
industry, including real estate investment
trusts.
Neuberger Berman Advisers
Management Trust:
Neuberger Berman AMT Mid Cap Growth
Portfolio—Class I
Neuberger Berman Investment Advisers
LLC
•Seeks growth of capital.
PIMCO Variable Insurance Trust:
PIMCO VIT Income Portfolio—Institutional
Class
PIMCO
•Seeks to maximize current income.
Long-term capital appreciation is a
secondary objective.
PIMCO VIT International Bond Portfolio
(U.S. Dollar-Hedged)—Institutional Class
PIMCO
•Seeks maximum total return, consistent
with preservation of capital and prudent
investment management.
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Funds and Eligible Portfolios
Investment Adviser
Investment Objectives
PIMCO VIT Low Duration
Portfolio—Institutional Class
PIMCO
•Seeks maximum total return, consistent
with preservation of capital and prudent
investment management.
PIMCO VIT Short-Term
Portfolio—Institutional Class
PIMCO
•Seeks maximum current income,
consistent with preservation of capital
and daily liquidity.
PIMCO VIT Total Return
Portfolio—Institutional Class
PIMCO
•Seeks maximum total return, consistent
with preservation of capital and prudent
investment management.
Principal Variable Contracts Funds,
Inc.:
Principal VC Real Estate Securities
Account—Class 1
Principal Global Investors, LLC
Subadviser: Principal Real Estate
Investors, LLC
•Seeks to generate a total return.
Putnam Variable Trust:
Putnam VT International Value
Fund—Class IA
Putnam Investment Management, LLC
Subadvisers: Putnam Investments
Limited; and The Putnam Advisory
Company, LLC
•Seeks capital growth. Current income is a
secondary objective.
Voya Variable Product Funds:
Voya Growth and Income Portfolio—Class
I
Voya Investments, LLC
Subadviser: Voya Investment
Management Co. LLC
•Seeks maximum total return, consistent
with preservation of capital and prudent
investment management.
*
Premiums or transfers will only be accepted into this fund from policyowners already invested in the fund. Policyowners who remove all Cash Value allocations from this fund will not be permitted to reinvest in this fund.
NYLIAC does not provide investment advice and does not recommend or endorse any particular Portfolio or Portfolios. NYLIAC is not responsible for choosing the Investment Divisions or the amounts allocated to each. You are responsible for determining that those decisions are appropriate for your own individual circumstances and your investment goals, financial situation, and risk tolerance. Decisions regarding investment allocations should be carefully considered. You bear the risk of any decline in the value of your policy resulting from the performance of the Portfolios you have chosen. Each Investment Division has its own investment objectives and investment strategy. As a consequence, some Investment Divisions are riskier than others. You should consult with your registered representative to determine which combination of Allocation Alternatives is most appropriate for you, and periodically review your choices.
Certain portfolios, generally referred to as “funds of funds” or “master-feeder arrangements,” may invest all or substantially all of their assets in portfolios of other funds. In such cases, you will indirectly pay fees and expenses at both portfolio levels, which would reduce your investment return.
Hedging strategies may be employed by certain portfolios to attempt to provide downside protection during sharp downward movements in equity markets. The cost of these strategies could limit the upside participation of the portfolio in rising equity markets relative to other portfolios.
So-called “alternative” investment strategies may also be used by certain portfolios, which may involve non-traditional asset classes. These alternative investment strategies may be riskier than more traditional investment strategies and may involve leverage or use complex hedging techniques, such as options and derivatives. These may offer potential diversification benefits beyond traditional investment strategies.
Although we do not currently offer any Portfolios that offer such strategies, in the future, some of the Eligible Portfolios may use what are known as “volatility management strategies.” Volatility management strategies are designed to reduce the overall volatility and provide risk-adjusted returns over time. During rising markets, a volatility management strategy, however, could cause your policy Cash Value to rise less than would have been the case had you been invested in a fund with substantially similar investment objectives, policies and strategies that does not utilize a volatility management strategy. Conversely, investing in a fund that features a volatility management strategy may be helpful in a declining market when high market volatility triggers a reduction in the fund’s equity exposure, because during these periods of high volatility, the risk of losses from investing in equity securities may increase. In these instances, your policy’s Cash Value may decline less than would have been the case had you not been invested in a fund that features a volatility management strategy. The success of the volatility management strategy of a fund
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depends, in part, on the investment adviser’s ability to effectively and efficiently implement its risk forecasts and to manage the strategy for the fund’s benefit. In addition, the cost of implementing a volatility management strategy may negatively impact performance. There is no guarantee that a volatility management strategy can achieve or maintain the fund’s optimal risk targets, and the fund may not perform as expected. For more information about the Eligible Portfolios and the investment strategies they employ, please refer to the Funds’ current prospectuses.
Investment selections should be based on a thorough investigation of all of the information regarding the Eligible Portfolios that is available to you, including each Fund’s prospectus, statement of additional information, and annual and semi-annual reports. After you select Investment Divisions for your initial premium, you should monitor and periodically re-evaluate your allocations to determine if they are still appropriate.
The Investment Divisions invest in the corresponding Eligible Portfolios. You can choose a maximum of 21 Allocation Alternatives for Net Premium payments from the 93 Investment Divisions (90 of which are available to all investors) and the Fixed Account. Your choice of Allocation Alternatives may be limited if you elect certain benefits or riders. You can transfer all or part of the Cash Value of your policy among the Allocation Alternatives tax-free and within the limits described in this prospectus.
The Investment Divisions offered through this policy and described in this prospectus are different and may have different investment performance from mutual funds that may have similar names, the same adviser, the same investment objective and policies, and substantially similar portfolio securities.
Money Market Fund Fees and Gates
The SEC has adopted rules that provide that all money market funds can impose liquidity fees and/or suspend redemptions under certain circumstances. The liquidity fees can be up to 2% of the amount redeemed, and the suspensions of redemptions (redemption “gates”) can last for ten business days. Money market funds can impose these fees and gates (which could be applied to all policy transfers, surrenders, withdrawals and benefit payments from that portfolio) based on the liquidity of the fund’s assets and other factors.
All types of money market funds have the ability to impose these fees and gates, but government money market funds (that invest at least 99.5% of their assets in government securities, cash, and repurchase agreements secured by government securities) are less likely to impose fees and gates. Nevertheless, there remains a possibility that a government money market fund such as the MainStay VP U.S. Government Money Market Portfolio could impose such fees and gates, which could be applied to all Policy transfers, surrenders, withdrawals, and benefit payments from the portfolio.
Geopolitical Risks
Geopolitical events, such as the conflict in Ukraine, have increased market and liquidity volatility and have caused sanctions, trading suspensions and closures. The sanctions include legal, regulatory, currency and economic risks, and additional sanctions may be imposed in the future. The conflict in Ukraine has had a devastating effect on the Ukrainian and Russian economies, which have expanded to the European economy and worldwide. Certain economic sectors may be particularly affected, including but not limited to, financials, energy, metals and mining, engineering and defense and defense-related materials sectors. The duration of the war and the economic effects cannot be known. Such events, and other related events, could have a serious negative impact on, among other things, the performance, liquidity and valuation of investments in the Eligible Portfolios you choose. In light of these developments, your premium and Cash Value allocation choices should be consistent with your personal investment objective and your risk tolerance. In addition, governmental authorities have recently imposed prohibitions on transactions in investments in certain foreign sectors—for example, prohibitions imposed by the U.S. government on investment in companies in the Communist Chinese defense and related material sectors and surveillance technology sectors. If Eligible Portfolios do not comply with such prohibitions, it is possible that we could not allow policyowners to make any new investment in those Portfolios (by premium allocation or transfer), and we could even require that policyowners move any Cash Value out of the affected Eligible Portfolio(s). You should consult each Fund’s prospectus, statement of additional information, and annual and semi-annual reports for more information on these geopolitical risks and potential investment restrictions.
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Reinvestment
We automatically reinvest all dividends and capital gain distributions from Eligible Portfolios in additional shares of the distributing Portfolio at their net asset value on the date they are paid.
Other Policies
We offer other variable life insurance policies which also may invest in the same (or many of the same) Eligible Portfolios offered under this Policy. These policies have different charges that could affect their Investment Divisions’ performance, and they offer different benefits.
The Franklin Templeton Model Portfolios
The Franklin Templeton Model Portfolio Funds (the “Model Portfolios”) were created on our behalf by an unaffiliated third-party investment adviser, Franklin Templeton Fund Adviser, LLC (“FTFA”) formerly known as Legg Mason Partners Fund Advisor, LLC (“FTFA”), an indirect wholly-owned subsidiary of Franklin Resources, Inc., for the exclusive use of NYLIAC’s variable annuity and variable life insurance policyholders. Each Model Portfolio, itself an Eligible Portfolio, will actively invest in multiple other funds of various asset classes and strategies (the “Underlying Funds”), to seek to achieve a different investment objective depending on the risk tolerance for the particular Model Portfolio.
The Underlying Funds available to the Model Portfolios for investment are comprised entirely of the initial class or similar shares of the Eligible Portfolios available under your policy, except for (i) Eligible Portfolios that are themselves, funds of funds, and (ii) Eligible Portfolios that did not agree to sell their shares to the Model Portfolios.
Conflicts of Interest Relating to the Model Portfolios
FTFA's affiliated subadviser Franklin Advisers, Inc. ("Franklin") selected the initial composition of each Model Portfolio. Thereafter, Franklin manages the Model Portfolios, evaluating assets on a frequent basis and making changes to the investments of the Model Portfolios as deemed necessary. To the extent that NYLIAC adds, deletes, closes or substitutes the Eligible Portfolios available under your policy, the composition of the Underlying Funds available to the Model Portfolios for investment will likewise change. FTFA and Franklin, have sole discretion relating to investment by the Model Portfolios in the Underlying Funds. Neither NYLIAC, nor its parent company, affiliates or subsidiaries have input into the investment decisions of FTFA and/or Franklin. For additional information regarding the risks of investing in a Model Portfolio, see that Model Portfolio's prospectus.
For providing certain administrative support to FTFA and Franklin, Legg Mason Investor Services, LLC, the distributor of the Model Portfolios, compensates NYLIAC based on the aggregate net asset value of the shares of the Model Portfolios held by the Separate Account and other NYLIAC separate accounts (the “NYLIAC Separate Accounts”). NYLIAC also receives Rule 12b-1 fees, which are deducted from the assets of certain share classes of the Model Portfolios. For administrative services that NYLIAC performs with respect to NYLIAC Separate Account assets invested in the Model Portfolios and allocated to the Underlying Funds, NYLIAC receives compensation from the Underlying Funds or their investment advisers, or from other service providers of the Underlying Funds based on the aggregate net asset value of the Underlying Fund shares held by the Model Portfolios and attributable to investment by the NYLIAC Separate Accounts. The fees paid by the Underlying Funds for such services are paid at the same annual rate and fee schedule as the fees paid by the Underlying Funds for administrative services with respect to net assets of the Eligible Portfolios held directly by the NYLIAC Separate Accounts.
These payments are a factor in our selection of the Eligible Portfolios, which in turn, are available to the Model Portfolios for investment. However, only FTFA and Franklin will determine the portion of the Model Portfolios’ assets, if any, that are invested in particular Underlying Funds. Policyowners, through their direct investment in the Model Portfolios and their indirect investment in the Underlying Funds, bear the costs of these fees. FTFA and Franklin receive no payments from the Underlying Funds in connection with an investment by the Model Portfolios (except to the extent described below), nor do they know the terms of the payment arrangements (if any) between the Underlying Funds and NYLIAC.
FTFA and Franklin are also subject to competing interests that may influence their investment decisions with respect to the Model Portfolios. For example, FTFA is the investment adviser for the Model Portfolios and certain of
26
the other available underlying Funds and receives a management fee from the funds. FTFA and Franklin, therefore, have an incentive to allocate a greater portion of a Model Portfolio’s assets to those funds rather than to unaffiliated funds.
As noted above, we receive payments or compensation from the Underlying Funds or their Investment Advisers, or from other service providers of the Underlying Funds (who may be affiliates of NYLIAC) in connection with administration, distribution and other services that we provide with respect to such Underlying Fund and their availability through the Model Portfolios. The amount of this revenue and how it is computed varies by each Underlying Fund, may be significant, and may create conflicts of interest in the selection of the Eligible Portfolios that are available to the Model Portfolios for investment.
GENERAL PROVISIONS OF THE POLICY
This section of the prospectus describes the general provisions of the policy, and is subject to the terms of the policy. You may review a copy of the policy upon request.
When Life Insurance Coverage Begins
If you have coverage under a conditional temporary coverage agreement and if the policy is issued, the policy will replace the temporary coverage. Your coverage under the policy will be deemed to have commenced on the Policy Date.
In all other cases, if the policy is issued, coverage under the policy will take effect when we receive the premium payment that you are required to make when the policy is delivered to you.
Premiums
You can allocate a portion of each Net Premium to one or more Investment Divisions and the Fixed Account. You can have money in a maximum of 21 Allocation Alternatives, including the Fixed Account, at any given time. You select a premium payment schedule in the application and are not bound by an inflexible premium schedule. However, in no event can the premium be an amount that would exceed the guideline premium limitations under Section 7702 of the IRC and jeopardize the policy’s qualification as “life insurance”. Acceptance of initial and additional premium payments is subject to our Sales Standards. Subsequent premium payments must be mailed to one of the addresses listed on the first page of this prospectus. Acceptance of initial and subsequent premium payments (whether planned or unplanned) is subject to our Sales Standards.
The currently available methods of payment are: direct payment to NYLIAC, pre-authorized one-time or monthly deductions from your bank, credit union or similar accounts and any other method agreed to by us.
Two premium concepts are very important under the policy: scheduled premiums and unscheduled premiums.
Scheduled Premiums
The amount of the scheduled premium is shown on the Policy Data Page.
There is no penalty if the scheduled premium is not paid. Payment of the scheduled premium, however, does not guarantee coverage for any period of time. Instead, the continuance of the policy depends upon the policy’s Net Cash Value. If the Net Cash Value becomes insufficient to pay certain monthly charges, and a late period expires without sufficient payment, the policy will terminate. See GENERAL PROVISIONS OF THE POLICY—Termination.
Policies that are maintained at Net Cash Values just sufficient to cover fees and charges, or that are otherwise minimally funded, are more at risk for not being able to maintain such Net Cash Values. The risk arises because of market fluctuation and other performance-related risks. When determining the amount of your scheduled premium payments, you should consider funding your policy at a level that can maximize the investment opportunities within your policy and minimize the risks associated with market fluctuations. Your policy can lapse even if you pay all of the planned premiums on time.
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Unscheduled Premiums
While the Insured is living, you can make unscheduled premium payments of at least $50 at any time prior to the policy anniversary on which the Insured is age 95. Unscheduled premiums also include the proceeds of an exchange made in accordance with Section 1035 of the IRC. If an unscheduled premium would result in an increase in the life insurance benefit greater than the increase in the Cash Value, we reserve the right to require proof of insurability before we accept and apply the payment to the policy. We also reserve the right to limit the number and amount of any unscheduled premiums. In certain states, unscheduled premiums may be made only once each Policy Year.
Payments Returned For Insufficient Funds
If your premium payment is returned by the bank for insufficient funds, we will reverse the Allocation Alternatives you have chosen and reserve the right to charge you a $20.00 fee for each returned payment. In addition, if we incur any losses as a result of a returned payment, including an electronic payment, we will deduct the amount from your Policy’s Cash Value. If an electronic premium withdrawal is returned for insufficient funds for two consecutive months, this privilege will be suspended until you notify us in writing in Good Order to VPSC at one of the addresses listed on the first page of this prospectus (or any other address we indicate to you in writing) to resume the arrangement and we agree to do so.
Termination
The policy does not terminate for failure to pay premiums because payments, other than the initial premium, are not specifically required. Rather, if on a Monthly Deduction Day, the Net Cash Value is less than the monthly deduction charge for the next policy month, the policy will continue for a late period of 62 days after that Monthly Deduction Day.
We allow a 62 day late period to pay any premium necessary to cover the overdue monthly deduction and/or excess policy loan. We will mail a notice to you at your last known address, and a copy to the last known assignee on our records, if any, at least 31 days before the end of the late period, which states this amount. During the late period, the policy remains in force. If we do not receive the required payment before the end of the late period, the policy will end and there will be no Cash Value or death benefit. If the Insured dies during the late period, we will pay the death benefit. The death benefit, however, will be reduced by the amount of any Policy Debt and monthly deduction charges for the full policy month or months that run from the beginning of the late period through the policy month in which the Insured dies.
Maturity Date
For all policies issued prior to May 1, 1995 (except in New Jersey), the death benefit payable for all ages is based on the life insurance benefit option in effect and any decreases or increases made in the policy face amount as shown on the Policy Data Page. For all policies issued in New Jersey, and for policies issued on or after May 1, 1995 in all other states, a policy matures beginning on the anniversary on which the Insured is age 95 and the face amount of the policy, as shown on the Policy Data Page, will no longer apply. Instead, the death benefit under the policy will equal the Cash Value of the policy less any outstanding Policy Debt. You will be notified one year prior to maturity that, upon reaching attained age 95, you may elect either to receive the Cash Value of the policy at such time less any outstanding Policy Debt or to continue to hold the policy. Please consult your tax adviser regarding the tax implications of these options.
If you choose to continue the policy, we will continue to assess Separate Account and Fund charges on the Cash Value left in the Investment Divisions. Any amounts in the Fixed Account will be credited with interest at an annual rate of not less than 4%. No further monthly deductions will be made for cost of insurance. You may surrender the policy for an amount equal to the Cash Value of the policy by presenting a signed written request in Good Order to the VPSC at one of the addresses listed on the first page of this prospectus (or any other address we indicate to you in writing). (In New York, when the Insured reaches attained age 100, you will automatically receive the Cash Surrender Value of the policy.) If the policy is still in force upon the death of the Insured, these proceeds will be paid to the Beneficiary.
Any insurance on another covered insured, provided by a rider attached to the policy which is still in effect, will end on the policy anniversary when the Insured is age 95. If, however, another covered insured is younger than age 70 when the rider ends, that insured can convert the term insurance at that time as provided in the rider.
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DOLLAR-COST AVERAGING
Dollar-Cost Averaging is a systematic method of investing which allows you to purchase shares of the Investment Divisions at regular intervals in fixed dollar amounts so that the cost of your shares is averaged over time and over various market cycles. The main objective of Dollar-Cost Averaging is to achieve an average cost per share that is lower than the average price per share in a fluctuating market. Because you transfer the same dollar amount to a given Investment Division with each transfer, you purchase more units in an Investment Division if the value per unit is low and fewer units if the value per unit is high. Therefore, you may achieve a lower than average cost per unit if prices fluctuate over the long term. Similarly, for each transfer out of an Investment Division, you sell more units in an Investment Division if the value is low and fewer units if the value per unit is high. Dollar-Cost Averaging does not assure growth or protect against a loss in declining markets. Because it involves continuous investing regardless of price levels, you should consider your financial ability to continue investing during periods of low price levels.
You may not make Dollar-Cost Averaging transfers from the Fixed Account, but you can make Dollar-Cost Averaging transfers into the Fixed Account.
You can elect this option if your Cash Value is $2,500 or more. We will suspend this feature automatically if the Cash Value is less than $2,000 on a transfer date. Once the Cash Value equals or exceeds $2,000, the Dollar-Cost Averaging transfers will resume automatically as last requested. However, once all money has been transferred to the Investment Divisions of your choice, or the individual separate account fund balance is less than $100.00, the Dollar-Cost Averaging Plan will cease. A new request will be required to resume this feature.
To set up Dollar-Cost Averaging, you may contact us by phone on our toll-free number (1-800-598-2019) or send a completed Dollar-Cost Averaging form in Good Order to the VPSC at one of the addresses listed on the first page of this prospectus or by any other method we make available. We will make Dollar-Cost Averaging transfers on the date you specify or on the next Business Day. You can specify any day of the month, except the 29th, 30th, or 31st of a month. NYLIAC must receive the written request in Good Order no later than five Business Days prior to the date the transfer(s) are scheduled to begin. If your request for this option is received less than five Business Days prior to the date you request it to begin, the transfer(s) will begin on the date you have specified in the month following receipt of your request.
You may cancel the Dollar-Cost Averaging feature at any time. To cancel the Dollar-Cost Averaging feature, you may call us toll-free at 1-800-598-2019, or send a written request in Good Order to the VPSC at one of the addresses listed on the first page of this prospectus (or by any other method we make available). You may not elect Dollar-Cost Averaging if you have chosen Automatic Asset Rebalancing. You, however, have the option of alternating between these two policy features.
This feature is available to you at no additional cost.
AUTOMATIC ASSET REBALANCING
This option allows you to maintain a set investment mix. For example, you could specify that 50% of the amount you have in the Investment Divisions of the Separate Account be allocated to one Investment Division, while the other 50% be allocated to another Investment Division. Over time, the investment experience in each of these Investment Divisions would cause this balance to shift. If you elect to have the Automatic Asset Rebalancing (AAR) feature, we will automatically rebalance the amount you have in the Separate Account among the various Investment Divisions so that they are invested in the percentages you specify.
We will make AAR transfers either quarterly, semi-annually or annually (but not monthly), based on your Policy Anniversary Date. If your Policy Anniversary Date is on the 29th, 30th or 31st of a month, the rebalancing transfer will occur on the 28th of the month. Your AAR will be cancelled if a premium allocation change or fund transfer is submitted on your behalf and the AAR is not also modified at the time to be consistent with your fund transfer and premium allocation changes. To process AAR transfers, or to modify an existing AAR, you may call us toll-free at 1-800-598-2019, or send a completed AAR form in Good Order to the VPSC at one of the addresses listed on the first page of the prospectus (or by any other method we make available). NYLIAC must receive the request in writing no later than five (5) Business Days prior to the date the transfer(s) are scheduled to begin. If your request for this option is received less than five (5) Business Days prior to the date you request it to begin, the transfer(s) will begin on the date you have specified in the month following receipt of your request.
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The minimum Separate Account Value is $2,500. We will suspend this feature automatically if the Separate Account Value is less than $2,000 on a rebalancing date. Once the Separate Account Value equals or exceeds this amount, AAR will resume automatically as scheduled. There is no minimum amount that you must allocate among Investment Divisions for this feature.
You can cancel or modify the AAR feature at any time. To cancel or modify the AAR feature, you may contact us by phone on our toll-free number (1-800-598-2019), or send a written cancellation request in Good Order to the VPSC at one of the addresses listed on the first page of the Prospectus (or any other address we indicate to you in writing) or by any other method we make available. You cannot elect AAR if you have chosen Dollar Cost Averaging. However, you have the option of alternating between the two features.
INTEREST SWEEP
You can instruct us to periodically transfer the interest credited on the Fixed Account to the Investment Division(s) you specify. You can choose to make Interest Sweep transfers out of the Fixed Account if the amount in the Fixed Account is at least $2,500. We will make all Interest Sweep transfers on the date you specify or, if the date you specify is not a Business Day, on the next Business Day. You can specify any day of the month to make these automatic transfers, other than the 29th, 30th, or 31st of the month. We will not process an Interest Sweep transfer unless you contact us on our toll-free number (1-800-598-2019) or send a written request in Good Order to the VPSC at one of the addresses listed on the first page of the prospectus (or by any other method we make available). NYLIAC must receive the request no later than five (5) Business Days prior to the date the transfer(s) are scheduled to begin. If your request for this option is received less than five (5) Business Days prior to the date you request it to begin, the transfer(s) will begin on the date you have specified in the month following receipt of your request.
You cannot choose the Interest Sweep feature if you have instructed us to deduct any part of your policy charges from the Fixed Account. If you want to elect the Interest Sweep feature and you want to allocate your charges, you must allocate your charges to the MainStay VP U.S. Government Money Market Investment Division.
You can request Interest Sweep in addition to either the Dollar-Cost Averaging or Automatic Asset Rebalancing features. If an Interest Sweep transfer is scheduled for the same day as a Dollar Cost Averaging or Automatic Asset Rebalancing transfer, we will process the Interest Sweep transfer first.
If an Interest Sweep transfer would cause more than the greater of (i) $5,000 or (ii) 20% of the amount you have in the Fixed Account at the beginning of the Policy Year to be transferred from the Fixed Account, we will not process the transfer and we will suspend the Interest Sweep feature. If the amount you have in the Fixed Account is less than $2,000, we will automatically suspend this feature. Once the amount you have in the Fixed Account equals or exceeds this amount, the Interest Sweep feature will automatically resume as scheduled. You can cancel the Interest Sweep feature at any time. To cancel the Interest Sweep feature, you may contact us by phone on our toll-free number (1-800-598-2019), or send a written cancellation request in Good Order to the VPSC at one of the addresses listed on the first page of this prospectus (or any other address we indicate to you in writing) or by any other method we make available.
This feature is available at no additional cost.
DEATH BENEFIT UNDER THE POLICY
The death benefit is the amount payable to the named Beneficiary when the Insured dies prior to the Insured’s maturity date. Upon receiving due proof of death, we pay the Beneficiary the death benefit amount determined as of the date the Insured dies. All or part of the death benefit can be paid in cash or applied under one or more of our payment options described under ADDITIONAL PROVISIONS OF THE POLICY—Payment Options.
The amount of the death benefit is determined by whether you have chosen Life Insurance Benefit Option 1 or Life Insurance Benefit Option 2.
Life Insurance Benefit Option 1—Provides a death benefit equal to the greater of (i) the face amount of the policy in force on the Insured’s date of death or (ii) a percentage of the Cash Value equal to the minimum necessary for the policy to qualify as life insurance under Section 7702 of the IRC. (See the following table for these percentages.)
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Life Insurance Benefit Option 2—Provides a death benefit equal to the greater of (i) the face amount of the policy in force on the Insured’s date of death plus the Cash Value on the Insured’s date of death or (ii) a percentage of the Cash Value equal to the minimum necessary for the policy to qualify as life insurance under Section 7702 of the IRC. (See the following table for these percentages.) 
Insured’s Age
on Policy
Anniversary
IRC Section 7702
Life Insurance %
Insured’s Age
on Policy
Anniversary
IRC Section 7702
Life Insurance %
0-40
250
61
128
41
243
62
126
42
236
63
124
43
229
64
122
44
222
65
120
45
215
66
119
46
209
67
118
47
203
68
117
48
197
69
116
49
191
70
115
50
185
71
113
51
178
72
111
52
171
73
109
53
164
74
107
54
157
75-90
105
55
150
91
104
56
146
92
103
57
142
93
102
58
138
94
101
59
134
95 & Over
100
60
130
 
 
The value of any additional benefits provided by any rider on the Primary Insured’s life is added to the amount of the death benefit. We pay interest on the death benefit from the date of death to the date the death benefit is paid or a payment option becomes effective. The interest rate equals the rate determined under the Interest Payment Option as described in ADDITIONAL PROVISIONS OF THE POLICY— Payment Options. We subtract any outstanding Policy Debt, and any unpaid monthly deductions if the death occurs during the 62-day late period and then credit the interest. Under both life insurance benefit options, negative investment experience in the Investment Divisions will never result in a death benefit that will be less than the face amount, so long as the policy remains in force.
Example 1:
The following example shows how the death benefit varies as a result of investment performance on a policy with Life Insurance Benefit Option 1 assuming age at death is 45: 
 
Policy A
Policy B
(1) Face amount
$100,000
$100,000
(2) Cash Value on date of death (and no loans)
$50,000
$40,000
(3) Internal Revenue Code (“IRC”) Section 7702 Life Insurance
 
 
Percentage on date of death
215%
215%
(4) Cash Value multiplied by the IRC Percentage
$107,500
$86,000
(5) Death benefit = greater of (1) and (4)
$107,500
$100,000
Tax law provisions relating to “employer-owned life insurance contracts” may impact whether and to what extent the Life Insurance Benefit may be received on a tax-free basis. You may be required to take certain actions before
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acquiring the Policy in order to ensure that such Benefit may be received on a tax-free basis. See the discussion under FEDERAL INCOME TAX CONSIDERATIONS—Life Insurance Status of Policy—IRC Section 101(j)—Impact on Employer-Owned Policies for more information.
Example 2:
For all policies issued in New Jersey and for policies issued on or after May 1, 1995 in all other states, the following example shows how the death benefit varies as a result of investment performance on a policy assuming age at death is 97 (past maturity date): 
 
Policy A
Policy B
Policy C
(1) Face amount as shown on the Policy Data Page
$100,000.00
$100,000.00
$200,000.00
(2) Cash Surrender Value on date of death
$50,000.00
$110,000.00
$110,000.00
(3) Death benefit after maturity = Cash Surrender Value
$50,000.00
$110,000.00
$110,000.00
Face Amount Changes
Certain states may impose limitations on increasing or decreasing the face amount of your policy. Refer to your policy for details. You can apply in writing to have the face amount increased or decreased. The policy also contains a provision that permits cancellation of an increase in the face amount during the free look period. This period begins on the date the increase takes effect and ends 20 days later (or the amount of time required by state law but not less than 10 days).
The amount of an increase in face amount must be for at least $5,000 and is subject to our maximum retention limits. Evidence of insurability satisfactory to us is required for an increase. We reserve the right to limit increases, and the number of increases may be limited by state law. Generally, the Insured may not be older than age 80 as of the date of any increase in face amount. Any increase will take effect on the next Monthly Deduction Day on or after we approve the application for increase. An increase in face amount may affect the Net Amount at Risk, which may increase the cost of insurance charge, and will incur a new 15-year surrender charge period only on the amount of the increase.
Decreases in coverage are allowed. The face amount will be reduced by canceling insurance segments on a last purchased, first canceled basis and the appropriate surrender charge will be deducted from the Cash Value. (For a discussion of the charges associated with a decrease, see CHARGES UNDER THE POLICY—Surrender Charges.) Consult your tax adviser regarding the tax consequences of decreasing your coverage. A decrease in face amount is effective on the next Monthly Deduction Day following the receipt of a written request. The face amount may not be decreased to less than $50,000. We reserve the right to terminate the option of decreasing the face amount, and the number of decreases may be limited by state law.
Life Insurance Benefit Option Changes
You can change the life insurance benefit option of the policy while the Primary Insured is alive. Any change of option will take effect on the Monthly Deduction Day on or after the date we receive your signed request at the VPSC listed on the first page of this prospectus or such other location that we indicate to you in writing. If the change would increase the Net Amount at Risk, we will not require any proof of insurability to make such a change. Surrender charges may apply to any Face Amount decrease due to a change in Life Insurance Benefit Option. Changing your Life Insurance Benefit Options may have tax consequences. You should consult a tax advisor before changing your Life Insurance Benefit Option.
If you change from Option 1 to Option 2, the face amount of the policy will be decreased by the Cash Value, and a surrender charge will be assessed if a surrender charge is then currently applicable.
If you change from Option 2 to Option 1, the face amount of the policy will be increased by the Cash Value. No surrender charge schedule has been applied to those option changes since November 20, 1998. However, for policies issued on and before November 19, 1998 where a life insurance benefit change from Option 2 to Option 1 occurred, a surrender charge schedule was applied to any increase attributable to these changes. Effective May 19, 2000, this charge schedule was no longer in effect.
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CASH VALUE AND CASH SURRENDER VALUE
Cash Value
The Cash Value of your policy is the sum of the Accumulation Value and the value in the Fixed Account. Initially, the Cash Value equals the net amount of the first premium paid under the policy. This amount is allocated among the Fixed Account and the Investment Divisions according to the allocation percentages requested in the application, or as subsequently changed by you.
Transfers
All or part of the Cash Value can be transferred among Investment Divisions or from an Investment Division to the Fixed Account. We reserve the right to limit the number of transfers to the Fixed Account after the first two Policy Years. (In New Jersey and New York, no more than twelve transfers per Policy Year can be made from the Investment Divisions to the Fixed Account after the first two Policy Years.) The minimum amount that can be transferred from one Investment Division to another Investment Division, or to the Fixed Account, is the lesser of (i) $500 or (ii) the total value of the Accumulation Units in the Investment Division from which the transfer is being made. If, after an ordered transfer, the value of the remaining Accumulation Units in an Investment Division or the value in the Fixed Account would be less than $500, the entire value will be transferred. There is no charge for the first twelve transfers in any one Policy Year. We may impose a charge of up to $30 for each transfer in excess of twelve per year. Any transfer made in connection with the Dollar-Cost Averaging, Automatic Asset Rebalancing, and Interest Sweep options will not count toward the twelve-transfer limit.
Transfers can also be made from the Fixed Account to the Investment Divisions in certain situations. See THE FIXED ACCOUNT.
Requesting a Transfer
You can request a transfer by any of the three methods listed below. Transfer requests are subject to limitations and must be made in accordance with our established procedures:
•
submit your request in writing and in Good Order to the VPSC at one of the addresses listed on the first page of this prospectus (or any other address we indicate to you in writing);
•
speak to a customer service representative at 1-800-598-2019 on Business Days between the hours of 9:00 a.m. and 6:00 p.m. (Eastern Time); or
•
make your request online by logging into www.newyorklife.com.
We do not currently accept faxed or e-mailed transfer requests, however we reserve the right to accept them at our discretion.
Transfer requests received after the close of regular trading on the New York Stock Exchange, generally 4:00 p.m. (Eastern Time), or received on a non-Business Day, will be priced as of the next Business Day.
It is important that you inform NYLIAC of an address change so that you can receive important policy statements.
All NYLIAC requirements must be met in order for us to process your service requests. Please review all service request forms carefully and provide all required information as applicable to the transaction. NYLIAC will not be able to process your request if information is missing.
Transfers from Investment Divisions will be made based on the Accumulation Unit values at the end of the Business Day that NYLIAC receives the transfer request. If, however, the date that the request is received is not a Business Day, or if the request is received other than through the mail after the closing of the New York Stock Exchange, then the request is deemed received on the next Business Day. See ADDITIONAL PROVISIONS OF THE POLICY—When We Pay Proceeds.
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Limits on Transfers
Procedures Designed to Limit Potentially Harmful Transfers—This policy is not intended as a vehicle for market timing. Accordingly, your ability to make transfers under the policy is subject to limitation if we determine, in our sole opinion, that the exercise of that privilege may disadvantage or potentially hurt the rights or interests of other policyowners.
Any modification of the transfer privilege could be applied to transfers to or from some or all of the Investment Divisions. If not expressly prohibited by the policy, we may, for example:
•
reject a transfer request from you or from any person acting on your behalf
•
restrict the method of making a transfer
•
charge you for any redemption fee imposed by an underlying Fund
•
limit the dollar amount, frequency or number of transfers.
Currently, if you or someone acting on your behalf requests transfers either by telephone or electronically into or out of one or more Investment Divisions on three or more days within any 60-day period, we will send you a letter notifying you that a transfer limitation has been exceeded. If we receive an additional transfer request that would result in transfers into or out of one or more Investment Divisions on three or more days within any 60 day period, we will process the transfer request. Thereafter, we will immediately suspend your ability to make transfers electronically and by telephone, regardless of whether you have received the warning letter. All subsequent transfer requests for your policy must then be made through the U.S. mail or an overnight courier and received by the VPSC at one of the addresses noted on the first page of this prospectus. We will provide you with written notice when we take this action.
We currently do not include the following transfers in these limitations, although we reserve the right to include them in the future: transfers to and from the Fixed Account; the first transfer into the Investment Divisions at the expiration of the free look period; the first transfer out of the Mainstay VP U.S. Government Money Market Investment Division within six months of the issuance of a policy; and transfers made pursuant to the Dollar-Cost Averaging, Automatic Asset Rebalancing, and Interest Sweep options.
We may change these limitations or restrictions or add new ones at any time without prior notice; your policy will be subject to these changes regardless of the Issue Date of your policy. All transfers are subject to the limits set forth in the prospectus in effect on the date of the transfer request, regardless of when your policy was issued. Note, also, that any applicable transfer rules, either as indicated above or that we may utilize in the future, will be applied even if we cannot identify any specific harmful effect from any particular transfer.
We apply our limits on transfers procedures to all owners of this policy without exception. Orders for the purchase of Fund portfolio shares are subject to acceptance by the relevant Fund. We will reject or reverse, without prior notice, any transfer request into an Investment Division if the purchase of shares in the corresponding Fund portfolio is not accepted by the Fund for any reason. For transfers into multiple Investment Divisions, the entire transfer request will be rejected or reversed if any part of it is not accepted by any one of the Funds. We will provide you with written notice of any transfer request we reject or reverse. You should read the Fund prospectuses for more details regarding their ability to refuse or restrict purchases or redemptions of their shares. In addition, a Fund may require us to share specific policyowner transactional data with them, such as taxpayer identification numbers and transfer information.
Risks Associated with Potentially Harmful Transfers—Our procedures are designed to limit potentially harmful transfers. We cannot guarantee, however, that our procedures will be effective in detecting and preventing all transfer activity that could disadvantage or potentially hurt the rights or interests of other policyowners. The risks described below apply to policyowners and other persons having material rights under the policies.
•
We do not currently impose redemption fees on transfers or expressly limit the number or size of transfers in a given period (except for in New York and New Jersey, as disclosed in the “Transfers” section above). Redemption fees, transfer limits, and other procedures or restrictions may be more or less successful than our procedures in deterring or preventing potentially harmful transfer activity.
•
Our ability to detect and deter potentially harmful transfer activity may be limited by policy provisions.
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(1)
The underlying Fund portfolios may have adopted their own policies and procedures with respect to trading of their respective shares. The prospectuses for the underlying Fund portfolios, in effect at the time of any trade, describe any such policies and procedures. The trading policies and procedures of an underlying Fund portfolio may vary from ours and be more or less effective at preventing harm. Accordingly, the sole protection you may have against potentially harmful frequent transfers is the protection provided by the procedures described herein.
(2)
The purchase and redemption orders received by the underlying Fund portfolios reflect the aggregation and netting of multiple orders from owners of this policy and other variable policies issued by us. The nature of these combined orders may limit the underlying Fund portfolios’ ability to apply their respective trading policies and procedures. In addition, if an underlying Fund portfolio believes that a combined order we submit may reflect one or more transfer requests from owners engaged in potentially harmful transfer activity, the underlying Fund portfolio may reject the entire order and thereby prevent us from implementing any transfers that day. We do not generally expect this to happen. Alternatively, Funds may request information on individual policyowner transactions and may impose restrictions on individual policyowner transfer activity.
•
Other insurance companies, which invest in the Fund portfolios underlying this policy, may have adopted their own policies and procedures to detect and prevent potentially harmful transfer activity. The policies and procedures of other insurance companies may vary from ours and be more or less effective at preventing harm. If their policies and procedures fail to successfully discourage potentially harmful transfer activity, there could be a negative effect on the owners of all of the variable policies, including ours, whose variable Allocation Alternatives correspond to the affected underlying Fund portfolios.
•
Potentially harmful transfer activity could result in reduced performance results for one or more Investment Divisions, due to among other things:
(1)
an adverse effect on portfolio management, such as:
a)
impeding a portfolio manager’s ability to sustain an investment objective;
b)
causing the underlying Fund portfolio to maintain a higher level of cash than would otherwise be the case; or
c)
causing an underlying Fund portfolio to liquidate investments prematurely (or otherwise at an inopportune time) to pay withdrawals or transfers out of the underlying Fund portfolio.
(2)
increased administrative and Fund brokerage expenses.
(3)
dilution of the interests of long-term investors in an Investment Division if purchases or redemptions into or out of an underlying Fund portfolio are made when, and if, the underlying Fund portfolio’s investments do not reflect an accurate value (sometimes referred to as “time-zone arbitrage” and “liquidity arbitrage”).
Investment Return
The investment return of a policy is based on:
•
The Accumulation Units held in each Investment Division,
•
The investment experience of each Investment Division as measured by its actual net rate of return, and
•
The interest rate credited on Cash Values held in the Fixed Account.
The investment experience of an Investment Division reflects increases or decreases in the net asset value of the shares of the underlying Fund, any dividend or capital gains distributions declared by the Fund, and any charges against the assets of the Investment Division. This investment experience is determined each Business Day that the net asset value of the underlying Portfolio is determined. The actual net rate of return for an Investment Division measures the investment experience from the end of one Business Day to the end of the next Business Day.
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Cash Surrender Value
The policy can be surrendered for its Cash Surrender Value at any time before the Insured dies. Unless a later effective date is selected, the surrender is effective on the date we receive the policy and a written request in Good Order at the VPSC addresses listed on the first page of this prospectus. The written request for surrender is deemed received on the date that they are received by mail at the VPSC or such other location that we indicate to you in writing. If, however, the date that they are received is not a Business Day, or if they are received other than through the mail after the closing of regular trading on the New York Stock Exchange, they are deemed received on the next Business Day.
Because the Cash Value of the policy fluctuates with the performance of the Investment Divisions and the interest rate credited to the Fixed Account, and because certain surrenders or partial withdrawals are subject to a surrender charge, and because of charges made against the policy, the total amount paid upon surrender of the policy (taking into account any prior withdrawals) can be more or less than the total premiums.
Net Cash Value
Your policy may lapse without value if the Net Cash Value is insufficient to cover the charges. Therefore, while premium payments are flexible, you may need to make additional premium payments so that the Net Cash Value of your policy is sufficient to pay the charges needed to keep your policy in effect.
Partial Withdrawals
The owner of a policy can make a partial withdrawal of the policy’s Cash Surrender Value at any time while the Insured is living, by sending a written request in Good Order to the VPSC at one of the addresses listed on the first page of this prospectus, calling a service representative at 1-800-598-2019, or utilizing any other method we make available. If your address or bank account information has been on file with us for less than 30 days, we may require additional verification of your identity, in Good Order, before we will process a partial withdrawal request to send proceeds electronically to that bank account or through the mail to that address.
The minimum partial withdrawal is $500 unless we agree otherwise. We will apply uniform rules in agreeing to partial withdrawals under $500. The amount available for a partial withdrawal is the policy’s Cash Surrender Value at the end of the Business Day (defined by the closing time of the New York Stock Exchange) that we receive the request.
Please note that partial withdrawal requests must be received in Good Order and for requests above $50,000, we may require additional verification of the owner’s identity in a manner acceptable to us, including without limitation, a notarized confirmation of the owner(s) signature or a medallion signature guarantee. If your address or bank account information has been on file with us for less than 30 days, we will either require the request in writing or require additional verification of your identity, in Good Order, before we will process a request to send partial withdrawal proceeds electronically to that bank account or through the mail to that address. In addition, partial withdrawal requests made from policies that are less than 90 days old or that had an ownership change within 30 days of such partial withdrawal request must be made in writing, in Good Order and sent to the VPSC at one of the addresses listed on the first page of this prospectus (or any other address we indicate to you in writing). We do not currently accept faxed or e-mailed requests for a partial withdrawal, however we reserve the right to accept them at our discretion.
The partial withdrawal will be made on a pro-rata basis from the Fixed Account and/or Investment Divisions, unless you indicate otherwise. If the portion of your request for a partial withdrawal from the Fixed Account or Investment Division is greater than the amount in the Fixed Account and/or Investment Division, we will reduce the partial withdrawal by that amount and pay you the entire value of that Fixed Account and/or Investment Division, less any surrender charge which may apply. Partial withdrawals will cause a reduction in the policy’s face amount when Life Insurance Benefit Option 1 is in effect. We reserve the right to limit the amount and frequency of partial withdrawals, and state law limitations may also apply. Partial withdrawals and surrenders may be subject to surrender charges. See CHARGES UNDER THE POLICY—Other Charges—Partial Withdrawal Charge.
We will pay any partial withdrawals generally within seven days after we receive all of the necessary documentation and information. However, we may delay payment under certain circumstances. See ADDITIONAL PROVISIONS OF THE POLICY—When We Pay Proceeds for more information.
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Your requested partial withdrawal will be effective on the date we receive your written request in Good Order. However, if the day we receive your request is not a Business Day or if your request is received after the closing of regular trading on the New York Stock Exchange, then the requested partial withdrawal will be effective on the next Business Day.
We will charge a fee, not to exceed the lesser of $25 or 2% of the amount withdrawn, for processing a partial withdrawal. This fee will be deducted from the remaining balance of the Fixed Account and/or Investment Divisions based on the withdrawal allocation, or if the fee amount exceeds the remaining balance, it will be deducted from the Fixed Account and/or Investment Divisions on a pro rata basis. When you make a partial withdrawal, the death benefit, the Cash Value, the Net Cash Value and the Cash Surrender Value will be reduced by the amount of the withdrawal proceeds you receive as of the date you receive the payment and any applicable surrender charge.
A partial withdrawal may result in taxable income and a penalty tax to you. See FEDERAL INCOME TAX CONSIDERATIONS for more information.
Periodic Partial Withdrawals
After the first Policy Year, you may elect to receive regularly scheduled withdrawals from your policy. These periodic partial withdrawals (PPW) can be paid on a monthly, quarterly, semi-annual, or annual basis. You will elect the frequency of the withdrawals, and the day of the month for the withdrawals to be made (may not be the 29th, 30th, or 31st of a month). To process a PPW, we must receive a request in writing and in Good Order no later than five (5) Business Days prior to the date the withdrawals are to begin at one of the addresses listed on the first page of the prospectus, or you can utilize any other method we make available. If your request for this option is received less than five (5) Business Days prior to the date you request it to begin, the withdrawals will begin one month after the date you requested it to begin. We will make all withdrawals on the day of each calendar month you specify, or on the next Business Day (if the day you have specified is not a Business Day). The minimum amount of withdrawal is $500, or such lower amount as we may permit. We will deduct the Partial Withdrawal Charge, not to exceed the lesser of $25 or 2% of the initial PPW, when you elect the PPW option. You can specify which Investment Divisions and/or Fixed Account from which the PPWs will be made. If you do not specify, we will withdraw money on a pro rata basis from the Fixed Account and/or Investment Divisions. If a PPW would cause the policy’s Face Amount to be less than the minimum Face Amount, we will not process that PPW and the PPW arrangement will be suspended. If the policy’s Cash Surrender Value falls below $2,000, the PPW arrangement will also be suspended. If a PPW payment causes the policy’s Face Amount to decrease, a surrender charge may apply. You may not request this option if you have the Guaranteed Minimum Death Benefit Rider or your policy is a modified endowment contract or below the minimum Face Amount. The PPW arrangement will automatically terminate when total withdrawals taken (including PPWs) equal the total premiums paid under the policy.
POLICY LOANS
Using the policy as sole security, you can borrow any amount up to the loan value of the policy. The loan value on any given date is equal to (i) 90% of the Cash Value, less applicable surrender charges and less any deferred contract charges, less (ii) any Policy Debt. Certain of the provisions discussed below, applicable to policy loans, differ considerably in the state of New Jersey. New Jersey policyowners should review their policy for further details.
When you request a loan, a transfer of funds can be made from the Separate Account to the Fixed Account so that the Cash Value in the Fixed Account is at least 106% of the requested loan plus any outstanding loans, including accrued loan interest. This percentage will change in accordance with changes in the loan interest rate, but will never exceed 108%. We will transfer these funds from the Investment Divisions of the Separate Account in accordance with your instructions, or if you have not provided us with any instructions, in proportion to the amounts you have in each Investment Division. While any policy loan is outstanding, we will not allow you to make any partial withdrawals or transfer any funds from the Fixed Account if the partial withdrawal or transfer would cause the cash value of the Fixed Account to fall below 106% of all outstanding loans (or a different percentage based on the loan interest rate). In addition, if the monthly deductions from Cash Value will cause the Cash Value of the Fixed Account to fall below the total amount of all outstanding policy loans, we will take these deductions from the Investment Divisions of the Separate Account in proportion to the amounts you have in each Investment Division.
Please note that loan requests must be received in Good Order by us and for amounts above $50,000, we may require additional verification of the owner’s identity in a manner acceptable to us, including without limitation, a
37
notarized confirmation of the owner(s) signature or a medallion signature guarantee. If your address or bank account information has been on file with us for less than 30 days, we will either require the request in writing in or require additional verification of your identity, in Good Order, before we will process a request to send loan proceeds electronically to that bank account or through the mail to that address. In addition, loan requests made from policies that are less than 90 days old or that had an ownership change within 30 days of such loan request must be made in writing in Good Order and sent to the VPSC at one of the addresses listed on the first page of this prospectus (or any other address we indicate to you in writing). We do not currently accept faxed or e-mailed loan requests, however, we reserve the right to accept them at our discretion.
Loan Interest
The effective annual loan interest rate is 6% for all policies issued on and after May 19, 2000 and for all new and existing loans on their policy anniversaries following May 19, 2000, which is payable in arrears. We reserve the right to set a lower rate, which we will determine at least once every twelve months, but not more frequently than once in any three month period. Loan interest for the Policy Year that a loan is taken will be due on the next policy anniversary. Loan interest accrues each day and is payable on the earliest of the policy anniversary, on the date of death, surrender, or lapse, or on the date of a loan increase or loan repayment. Loan interest not paid in cash as of the policy anniversary, or prior to the expiration of the late period, will be charged as a new loan. An amount may need to be transferred to the Fixed Account to cover this increased loan amount. You should be aware that the larger the loan becomes relative to the Net Cash Value, the greater the risk that the remaining Net Cash Value may not be sufficient to support the policy charges and expenses, including any loan interest due, and the greater the risk of the policy lapsing. See Loan Repayment below.
If we have set a loan interest rate lower than 6%, any subsequent increase in the interest rate will be subject to the following conditions:
(1)
The effective date of any increase in the interest rate will not be earlier than one year after the effective date of the establishment of the previous rate.
(2)
The amount by which the interest rate may be increased will not exceed one percent per year, but the rate of interest will in no event ever exceed 8%.
(3)
We will give notice of the interest rate in effect when a loan is made and when sending notice of loan interest due.
(4)
If a loan is outstanding 40 days or more before the effective date of an increase in the interest rate, we will notify you of that increase at least 30 days prior to the effective date of the increase.
(5)
We will give notice of any increase in the interest rate when a loan is made during the 40 days before the effective date of the increase.
When Loan Interest is Due
The interest we charge on a loan accrues daily and is payable on the following dates:
•
the policy anniversary;
•
the date you surrender the policy;
•
the date you fully repay a loan;
•
the date the policy lapses; or
•
the date on which the last surviving insured dies.
Any loan interest that you do not pay when due will become part of the policy loan and will also accrue interest. You should be aware that the larger the loan becomes relative to the Net Cash Value, the greater the risk that the remaining Net Cash Value may not be sufficient to support the policy charges and expenses, including any loan interest due, and the greater the risk of the policy lapsing. In addition, if the interest charged would cause the amount of the borrowing to exceed 90% of the Cash Surrender Value of the policy, the interest amount will be withdrawn on a pro rata basis across all investment Divisions.
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Loan Repayment
All or part of an unpaid loan can be repaid before the Insured’s death or before the policy is surrendered. Loan repayments are allocated to the Investment Divisions and/or the Fixed Account in accordance with premium allocations in effect at the time of the loan repayment, unless you indicate otherwise. If a loan is outstanding when the life insurance or surrender proceeds become payable, we will deduct the amount of any Policy Debt from these proceeds. In addition, if any Policy Debt exceeds the policy’s Cash Surrender Value, we will mail a notice to you at your last known address and a copy to the last known assignee on our records. If you do not pay the necessary amount within 31 days after the day we mail you this notice, we will terminate your policy. This could result in a taxable gain to you. Loan repayments must be sent to NYLIAC at one of the addresses listed on the first page of this prospectus (or any other address we indicate to you in writing).
Interest on Loaned Value
The amount of any loan is held in the Fixed Account and earns interest at a rate we determine. We guarantee that the rate will never be lower than the rate we charge for policy loans, less 2% (for example, if the rate we charge for policy loans is 6%, then the rate we credit on loaned amounts will never be lower than 4%), and in no event less than 4%.
Currently, the amount in the Fixed Account that is collateral for an outstanding loan is credited with interest at a rate that is 1% less than the effective annual loan interest rate during the first 10 Policy Years and 0.5% less than the effective rate in subsequent Policy Years. These rates are not guaranteed and can change at any time.
That portion of the policy’s Cash Value held in the Fixed Account is not affected by the Separate Account’s investment performance. The Cash Value is affected because the portion of the Cash Value equal to the policy loan is credited with an interest rate declared by us rather than a rate of return reflecting the investment performance of the Separate Account. Any interest credited on the loan amount in the Fixed Account remains in the Fixed Account unless you transfer amounts no longer needed as security to the Separate Account.
The Effects of a Policy Loan
A loan, repaid or not, has a permanent effect on your Cash Value. This effect occurs because amounts borrowed are removed from your Investment Divisions (which will receive investment performance) and placed into the Fixed Account (which earns interest at a fixed rate). Investment results will apply only to the amounts remaining in your Investment Divisions. The longer a loan is outstanding, the greater the effect on your Cash Value is likely to be. The effect could be favorable or unfavorable. If the Investment Divisions earn more than the annual interest rate for loaned amounts held in the Fixed Account, your Cash Value will not increase as rapidly as it would have had no loan been made. If the Investment Divisions earn less than the interest earned on loaned amounts held in the Fixed Account, then your Cash Value may be greater than it would have been had no loan been made. If not repaid, the aggregate amount of the outstanding loan principal and any accrued interest will reduce the Policy Proceeds that might otherwise be payable.
In addition, unpaid capitalized loan interest generally will be treated as an additional new loan under the Code. If the policy is a modified endowment contract a loan may result in taxable income and penalty taxes to you. In addition, for all policies, if the loans taken, including unpaid interest, exceed the premiums paid, policy surrender or policy lapse will result in a taxable gain to you. See FEDERAL INCOME TAX CONSIDERATIONS for more information.
EXCHANGE PRIVILEGE
At any time within 24 months of the Issue Date of the policy, you may request to exchange for a fixed benefit life insurance protection on the life of the Insured. The exchange will become effective when the VPSC receives your written request, in Good Order, at one of the addresses listed on the first page of this prospectus.
At any time within 24 months of the Issue Date, you can exchange the policy for a policy on a permanent plan of life insurance that we or one of our affiliates offer for this purpose. We will not require evidence of insurability. The date of exchange will be the later of (a) the date you send us the policy along with a proper written request; or (b) the date we receive the policy in Good Order at the VPSC listed on the first page of this prospectus, or such other location that we indicate to you in writing, and the necessary payment for the exchange. Upon an exchange of a
39
policy, all riders and benefits will end unless we agree otherwise or unless required under state law. The exchanged policy will have the same Issue Date, issue age, and risk classification as the original policy. The amount applied to your new policy will be the policy’s Accumulation Value plus a refund of all cost of insurance charges, monthly per thousand Face Amount charges, sales expense charges, and any rider charges taken as of the date of the exchange. We will not refund Mortality and Expense Risk charges, monthly contract charges, state premium tax charges, or federal tax charges. Because policy values may increase or decrease due to market fluctuations during the period between submission of the exchange request and actual processing, the Cash Value applied to your new policy may be impacted. Please consult your registered representative for options to potentially mitigate market exposure during the time it will take to process the exchange. In order to exchange the policy, we will require: (a) that the policy be in effect on the date of exchange; (b) repayment of any Policy Debt; and (c) an adjustment, if any, for premiums and Cash Values of the policy and any new policy.
Special New York Requirements.
In the event of a material change in the investment policy of a Portfolio, you may convert your policy to a new flexible premium life insurance policy for an amount of insurance not to exceed the amount of the death benefit under your original policy on the date of conversion. The new policy will be based on the same issue age, gender, and class of risk as your original policy, but will not offer variable Allocation Alternatives such as the Investment Divisions. We will not require that you provide evidence of insurability to effect this conversion. You will have 60 days after the later of (1) the effective date of the change in the investment policy of the Portfolio and (2) the date you receive notification of such change. All riders attached to your original policy will end on the date of any such conversion.
YOUR VOTING RIGHTS
The Funds are not required to and typically do not hold annual stockholder meetings. Special shareholder meetings will be called when necessary.
To the extent required by law, whenever a special shareholder meeting is held, NYLIAC will vote the Portfolio shares held in the Separate Account in accordance with instructions received from policyowners having voting interests in the corresponding Investment Divisions. If, however, applicable laws or regulations change, and as a result, we determine that we are allowed to vote the Portfolio shares in our own right, we may elect to do so.
We may, if required by state insurance regulations, disregard voting instructions if they would require shares to be voted so as to cause a change in the sub-classification or investment objectives of one or more of the available Investment Divisions or to approve or disapprove an investment advisory contract for a Fund. In addition, we may disregard voting instructions that would require changes in the investment policy or investment adviser of one or more of the Funds associated with the available Investment Divisions, provided that we reasonably disapprove such changes in accordance with applicable federal or state regulations. If we disregard policyowner voting instructions, we will advise policyowners of our action and the reasons for such action in the next available annual or semi-annual report.
The number of votes which are available to a policyowner will be calculated separately for each Investment Division and will be determined by applying the policyowner’s percentage interest in a particular Investment Division to the total number of votes attributable to the Investment Division.
The number of available votes of an Eligible Portfolio will be determined as of the date established by that Portfolio for determining shareholders eligible to vote at the meeting of the relevant Fund. Voting instructions will be solicited prior to such meeting in accordance with procedures established by the relevant Fund.
Fund shares for which no timely instructions are received, and any other shares that we (or our affiliates) own in our own right, will be voted in proportion to the timely voting instructions received from all policies participating in that Investment Division. As a result, because of proportional voting, a small number of policy owners may control the outcome of the vote. Each person having a voting interest in an Investment Division will receive proxy material, reports, and other materials relating to the appropriate Portfolio.
40
OUR RIGHTS
We reserve the right to take certain actions in connection with our operations and the operations of the Separate Account. These actions will be taken in accordance with applicable laws (including obtaining any required approval of the SEC and any other required regulatory approvals). If necessary, we will seek your approval.
Specifically, we reserve the right to:
•
add, close, substitute or remove any Investment Division (and the shares of an associated Eligible Portfolio);
•
create new Separate Accounts;
•
combine the Separate Account with one or more other Separate Accounts;
•
operate the Separate Account as a management investment company or in any other form permitted by law;
•
deregister the Separate Account under the 1940 Act;
•
manage the Separate Account under the direction of a committee or discharge such committee at any time;
•
transfer the assets of the Separate Account to one or more other Separate Accounts; and
•
restrict or eliminate any of the voting rights of policyowners or other persons who have voting rights as to the Separate Account.
NYLIAC also reserves the right to change the names of the Separate Account.
We may remove an Investment Division even if the shares of an Eligible Portfolio are no longer available for investment or if we, in our sole discretion, decide that investment in an Eligible Portfolio is inappropriate given the purposes of the Separate Account. A new Eligible Portfolio may have higher fees and charges than the one it replaces. We will not substitute shares attributable to your interest in an Investment Division until you have been notified of the change, as required by the 1940 Act and we have obtained any necessary regulatory approvals. We may also add new Investment Divisions and/or close one or more Investment Divisions when marketing, tax, investment, or other conditions make it appropriate. We may decide whether or not the new Investment Divisions should be made available to existing policyowners. If we make a substitution or change to the Investment Divisions, we may change your policy to reflect such substitution or change. We will not transfer any amounts invested in an Investment Division without the policyowner's instructions, except as permitted by law.
DIRECTORS AND PRINCIPAL OFFICERS OF NYLIAC
 
Directors:
Positions During Last Five Years:
Elizabeth K. Brill
Senior Vice President and Chief Financial Officer of the Foundational
Business at New York Life since April 2024; Senior Vice President and
Chief Actuary of NYLIAC and New York Life from April 2019 to April
2024. Joined New York Life as a Vice President & Actuary in the Office of
the Chief Actuary in 2010 and has since held various positions in the
Corporate Finance department and the Office of the General Counsel.
Deputy Chief Actuary of New York Life from September 2018 to April
2019. Director, Senior Vice President, NYLIAC, since April 2019; Vice
President & Actuary, May 2016 to April 2019; Executive Committee
Member, NYLIAC, June 2020 to date.
Alexander I. Cook
Senior Vice President and Head of Strategic Capabilities since February
2023. Previously Senior Vice President and Chief Data and Analytics
Officer from June 2017 through February 2023. He joined New York Life
in 2010 and has held roles of increasing responsibility. He is a member
of New York Life’s Executive Management Committee since
December 2015. Director of NYLIAC since June 2017; Senior Vice
President of NYLIAC since April 2015.
41
Directors:
Positions During Last Five Years:
Craig L. DeSanto
Chairman, New York Life, since April 2023; Chief Executive Officer &
President, New York Life, since April 2022; President, New York Life,
from July 2020 to April 2022; Executive Vice President & Co-Chief
Operating Officer, New York Life, from May 2019 to July 2020; Executive
Vice President, New York Life, from July 2018 to May 2019. He is a
member of New York Life’s Executive Management Committee since
January 2017. He is Chief Executive Office of NYLIAC since June 2022;
President of NYLIAC since September 2020; Chairman of the Board and
Executive Committee Chairman of NYLIAC since September 2020;
Executive Vice President, Co-Chief Operating Officer & Actuary of
NYLIAC, from June 2019 to September 2020; Executive Vice President
of NYLIAC from October 2018 to June 2019.
Eric A. Feldstein
Executive Vice President & Chief Financial Officer and member of the
Executive Management Committee of New York Life since October 2019.
Director and Executive Committee member of NYLIAC since June 2020;
Executive Vice President & Chief Financial Officer of NYLIAC, since
October 2019.
Robert M. Gardner
Senior Vice President and Controller of New York Life since September
2017; Senior Vice President and Controller, NYLIAC, since September
2017; Director, NYLIAC, since January 2013.
Francis M. Harte
Senior Vice President and Chief Financial Officer of New York Life
Investments division of New York Life since May 2014. Senior Managing
Director and Chief Financial Officer of New York Life Investment
Management Holdings LLC since May 2014. Director of NYLIAC since
June 2015; Audit Committee Chairman of NYLIAC since June 2021;
Audit Committee member of NYLIAC, from November 2017 to present.
Senior Vice President of NYLIAC since April 2015.
Thomas A. Hendry
Senior Vice President and Treasurer of New York Life since July 2012;
Senior Vice President and Treasurer of NYLIAC since August 2012.
Director of NYLIAC since June 2015; Audit Committee member of
NYLIAC since April 2016.
Jodi Kravitz
Chief Financial Officer of the Foundational Business of New York Life
since April 2024; Senior Vice President & Actuary of New York Life since
February 2020. Previously Vice President & Actuary from February 2012
to February 2020. Director, member of the Audit Committee, and
Investment Committee of NYLIAC since June 2021; Senior Vice
President & Actuary of NYLIAC since June 2020. Previously Vice
President & Actuary of NYLIAC from February 2012 to February 2020.
Mark J. Madgett
Executive Vice President and Co-Head of the Foundational Business of
New York Life since February 2023. Previously served as Executive Vice
President and Head of Agency of New York Life from May 2019 through
February 2023. Prior to that he was Senior Vice President and Head of
Agency of New York Life from February 2016 through May 2019. He is a
member of New York Life’s Executive Management Committee since
December 2015.He is a Director of NYLIAC since April 2016; Executive
Vice President of NYLIAC since June 2019; and previously served as
Senior Vice President of NYLIAC from May 2016 to June 2019.
42
Directors:
Positions During Last Five Years:
Anthony R. Malloy
Executive Vice President and Chief Investment Officer of New York Life
since July 2018. Mr. Malloy is also Chief Executive Officer of NYL
Investors LLC, the firm’s insurance asset management subsidiary. He
has held roles of increasing responsibility since joining New York Life in
1999. He is a member of New York Life’s Executive Management
Committee since January 2017. Director and a member of the
Investment Committee, Executive Vice President, and Chief Investment
Officer of NYLIAC since August 2020. He became Chair of the NYLIAC
Investment Committee in December 2020.
Amy Miller
Senior Vice President, Deputy General Counsel and Secretary of New
York Life since September 2016 and held roles of increasing
responsibility since joining in 2006. She is a member of New York Life’s
Executive Management Committee since January 2024. Director of
NYLIAC since June 2015. Senior Vice President, Deputy General
Counsel and Assistant Secretary of NYLIAC since June 2020. Previously
served as a member of the Audit Committee from January 2017 to April
2019.
Matthew D. Wion
Senior Vice President and Head of Retail Annuities at New York Life
since April 2024. He was Senior Vice President and Chief Financial
Officer of the Strategic Business group of New York Life from September
2018 to March 2024. Formerly Senior Vice President and Individual Life
Chief Financial Officer of New York Life from September 2015 to
September 2018; and a Senior Vice President of New York Life since
September 2014. He is a Director of NYLIAC since June 2015, and a
member of the Investment Committee since September 2020. He is also
a Senior Vice President of NYLIAC since April 2015.
 
Officers:
Positions During Last Five Years:
Michael K. McDonnell
Senior Vice President & General Counsel of New York Life since
September 2022. Previously, Senior Vice President, Deputy General
Counsel and Chief Insurance Counsel from January 2022 to September
2022; Senior Vice President and Deputy General Counsel from
September 2021 to February 2022; Vice President & Associate General
Counsel from September 2016 to September 2021. He is a member of
New York Life’s Executive Management Committee since January 2024.
He is also Senior Vice President, General Counsel and Chief Legal
Officer of NYLIAC since November 2022. He served as Senior Vice
President and Chief Legal Officer of NYLIAC from January 2022 to
November 2022; Vice President & Associate General Counsel of
NYLIAC from June 2020 to January 2022.
Colleen A. Meade
Associate General Counsel of New York Life since March 2016;
Assistant Secretary of New York Life since February 2018. Associate
General Counsel and Secretary of NYLIAC since June 2019; Associate
Legal Officer and Secretary of NYLIAC from May 2016 to June 2019.
Sandra G. Tillotson
Senior Vice President and Chief Compliance Officer of New York Life
since January 2023. She was previously Senior Vice President of New
York Life from February 2020 to January 2023; Vice President of New
York Life from November 2018 to February 2020. She is the Senior Vice
President and Chief Compliance Officer of NYLIAC since January 2023;
Senior Vice President of NYLIAC since June 2020; and Vice President &
Legal Officer of NYLIAC from June 2017 to June 2020.
43
The Principal business address for all the Directors and Officers is 51 Madison Avenue, New York, New York 10010
THE FIXED ACCOUNT
The Fixed Account is supported by the assets in NYLIAC’s General Account, which includes all of NYLIAC’s assets except those assets specifically allocated to the Separate Account. NYLIAC has sole discretion to invest the assets of the Fixed Account subject to applicable law. The Fixed Account is not registered under the federal securities laws and is not generally subject to their provisions. NYLIAC has been advised that the staff of the SEC has not reviewed the disclosures in this prospectus relating to the Fixed Account. Disclosures regarding the Fixed Account, however, are subject to certain generally applicable provisions of the federal securities laws relating to the accuracy and completeness of statements made in a prospectus.
Interest Crediting
NYLIAC guarantees that it will credit interest at an annual rate of at least 4% to values in or transferred to the Fixed Account under the policies. NYLIAC may, at its sole discretion, credit a higher rate of interest to the Fixed Account, or to amounts allocated or transferred to the Fixed Account. The interest rate will be set by NYLIAC and can change daily. The interest rate may differ for loaned and non-loaned amounts in the Fixed Account.
Transfers to Investment Divisions and to the Fixed Account
Amounts may be transferred from the Fixed Account to the Investment Divisions, subject to the following conditions.
•
Maximum Transfer. The maximum amount you are allowed to transfer from the Fixed Account to the Investment Divisions during any Policy Year is the greater of $5,000 or 20% of the value in the Fixed Account at the beginning of the Policy Year. This means, for example if you have $50,000 in the Fixed Account, it will take you 8 years to transfer out the entire amount.
•
Minimum Transfer. The minimum amount that you may transfer from the Fixed Account to the Investment Divisions is the lesser of (i) $500 or (ii) the value in the Fixed Account. In most states, we will consider transfers of amounts less than this minimum.
•
Minimum Remaining Value. If, after a contemplated transfer, the remaining values in the Fixed Account would be less than $500, we have the right to include that amount in the transfer. (This will apply even in cases in which you have reached the Maximum Transfer amount outlined above.)
•
Transfer Charge. We may impose a charge of up to $30 per transfer for each transfer after the first twelve in any Policy Year. We will deduct this charge from accounts in the Investment Divisions and amounts not held as collateral for a loan in the Fixed Account in proportion to amounts in these Allocation Alternatives. We will not count any transfer made in connection with the Dollar Cost Averaging, Automatic Asset Rebalancing, and Interest Sweep options as a transfer toward the twelve transfer limit.
•
How to request a transfer:
(1)
submit your request in writing in Good Order to the VPSC at one of the addresses listed on the first page of this prospectus (or any other address we indicate to you in writing);
(2)
speak to a customer service representative at 1-800-598-2019 on Business Days between the hours of 9:00 a.m. and 6:00 p.m. Eastern Time; or
(3)
make your request online by logging into www.newyorklife.com.
We do not currently accept faxed or e-mailed transfer requests, however we reserve the right to accept them at our discretion. Transfer requests received after the close of regular trading on the New York Stock Exchange, generally 4:00 p.m. (Eastern Time), or received on a non-Business Day, will be priced as of the next Business Day. See HOW TO REACH US FOR POLICY SERVICES for more information.
We reserve the right to limit transfers from the Investment Divisions to the Fixed Account after the first two Policy Years. In New Jersey and New York, after the first two Policy Years, you may not make more than 12 transfers to the
44
Fixed Account in any one Policy Year. You should review your policy for further details. Certain limits apply to transfers into and out of Investment Divisions. See CASH VALUE AND CASH SURRENDER VALUE—Limits on Transfers.
See the policy for details and a description of the Fixed Account.
DISTRIBUTION AND COMPENSATION ARRANGEMENTS
NYLIFE Distributors, the underwriter and distributor of the policies, is registered with the SEC and FINRA as a broker-dealer. The firm is an indirect wholly-owned subsidiary of NYLIC, and an affiliate of NYLIAC. Its principal business address is 30 Hudson Street, Jersey City, New Jersey 07302.
The policies were sold by registered representatives of NYLIFE Securities, a broker-dealer that is an affiliate of NYLIFE Distributors, and by registered representatives of unaffiliated broker-dealers. Your registered representative is also a licensed insurance agent with NYLIC. He or she may be qualified to offer other forms of life insurance, annuities, and other investment products. In certain circumstances, NYLIFE Securities registered representatives can sell both products manufactured and issued by NYLIC or its affiliates and products provided by other companies.
The selling broker-dealer, and in turn your registered representative, will receive compensation for selling you this policy or any other investment product. Compensation may consist of commissions, asset-based compensation, allowances for expenses, and other compensation programs. The amount of compensation received by your registered representative will vary depending on the policy that he or she sells, on sales production goals, and on the specific payment arrangements of the relevant broker-dealer. Differing compensation arrangements have the potential to influence the recommendations made by your registered representative or broker-dealer. The maximum commissions payable to a broker-dealer in the first 30 years are equivalent to the present value of an annual commission rate for 30 years of 6.9% per year. This figure is a percentage of planned annual premiums of $2,750 and assumes a discount rate of 6%. Additional assumptions for VUL policies are Male Issue Age 36, issued Preferred, with an initial face amount of $250,000. Broker-dealers receive commission not to exceed 50% of the premiums paid up to a policy’s Target Premium during Policy Year 1, 8% in Policy Year 2, 6.25% in Policy Years 3 and 4, 6.5% in Policy Years 5 and 6, 5.5% in Policy Year 7, 5.0% in Policy Years 8-10, 3.5% in Policy Years 11-15, plus 3.5% of premiums paid in excess of such amount in Policy Years 1-15. The “Target Premium” is the calculation of the maximum commission payable based on the insured’s age at the inception of the policy, gender, and face amount of the policy. Broker-dealers may also receive an allowance for expenses that ranges generally from 0% to 41% of first year premiums.
The total commissions paid during the fiscal year ended December 31, 2023, 2022 and 2021 were $722,629, $702,674 and $0, respectively. NYLIFE Distributors did not retain any of these commissions.
NYLIC also has other compensation programs where registered representatives, managers, and employees involved in the sales process receive additional compensation related to the sale of products manufactured and issued by NYLIC or its affiliates. NYLIFE Securities registered representatives who are members of the General Office management team receive compensation based on a number of sales-related incentive programs designed to compensate for education, supervision, training, and recruiting of agents.
Unaffiliated broker-dealers may receive sales support for products manufactured and issued by New York Life or its affiliates from Brokerage General Agents (“BGAs”) who are not employed by NYLIC. BGAs receive commissions on the policies based on a percentage of the commissions the registered representative receives and an allowance for expenses based on first year premiums paid.
NYLIFE Securities registered representatives can qualify to attend NYLIC-sponsored educational, training, and development conferences based on the sales they make of life insurance, annuities, and investment products during a particular twelve-month period. In addition, qualification for recognition programs sponsored by NYLIC depends on the sale of products manufactured and issued by NYLIC or its affiliates.
NYLIAC has discontinued sales of these policies. Premium payments on existing policies, however, are accepted on a continuous basis.
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FEDERAL INCOME TAX CONSIDERATIONS
Our Intent
Our intent in the discussion in this section is to provide general information about federal income tax considerations related to the policies. This is not an exhaustive discussion of all tax questions that might arise under the policies. This discussion is not intended to be tax advice for you. Tax results may vary according to your particular circumstances, and you may need tax advice in connection with the purchase or use of your policy.
The discussion in this section is based on our understanding of the present federal income tax laws as they are currently interpreted by the Internal Revenue Service ("IRS"). We have not included any information about applicable state or other tax laws (except as noted in “Other Tax Considerations” below). Further, you should note that tax law changes from time to time. We do not know whether the treatment of life insurance policies under federal income tax or estate or gift tax laws will continue. Future legislation, regulations, or interpretations could adversely affect the tax treatment of life insurance policies. Lastly, there are many areas of the tax law where minimal guidance exists in the form of Treasury Regulations or Revenue Rulings. You should consult a tax advisor for information on the tax treatment of the policies, for the tax treatment under the laws of your state, or for information on the impact of proposed or future changes in tax legislation, regulations, or interpretations.
The ultimate effect of federal income taxes on values under the policy and on the economic benefit to you or the Beneficiary depends upon NYLIAC’s tax status, upon the terms of the policy, and upon your circumstances.
Tax Status of NYLIAC and the Separate Account
NYLIAC is taxed as a life insurance company under Subchapter L of the IRC. The Separate Account is not a separate taxable entity from NYLIAC and we take its operations into account in determining NYLIAC’s income tax liability. As a result, NYLIAC takes into account applicable tax attributes of the assets of the Separate Account on its corporate income tax return, including corporate dividends received deductions and foreign tax credits that may be produced by assets of the Separate Account. All investment income and realized net capital gains on the assets of the Separate Account are reinvested and taken into account in determining policy Cash Values, and are automatically applied to increase the book reserves associated with the policies. Under existing federal income tax law, neither the investment income nor any net capital gains of the Separate Account, are taxed to NYLIAC to the extent those items are applied to increase tax-deductible reserves associated with the policies.
Charges for Taxes
We impose a federal tax charge equal to 1.25% of premiums received under the policy to compensate us for taxes we have to pay under Section 848 of the IRC in connection with our receipt of premiums under Non-Qualified Policies. We may increase this charge to reflect changes in the IRC or otherwise to reflect changes in the taxes we owe. See CHARGES UNDER THE POLICY-Deductions from Premium Payments for additional information. No other charge is currently made to the Separate Account for our federal income taxes that may be attributable to the Separate Account. In the future, we may impose a charge for our federal income taxes that are attributable to the Separate Account. In addition, depending on the method of calculating interest on amounts allocated to the Fixed Account, we may impose a charge for the policy’s share of NYLIAC’s federal income taxes attributable to the Fixed Account.
Under current laws, we may incur state or local taxes other than premium taxes (including income, franchise and capital taxes) in several states and localities. At present we do not charge the Separate Account for these taxes. We, however, reserve the right to charge the Separate Account for the portion of such taxes, if any, attributable to the Separate Account or the policies.
Diversification Standards and Control Issues
In addition to other requirements imposed by the IRC, a policy will qualify as life insurance under the IRC if the diversification requirements of IRC Section 817(h) are satisfied by the Separate Account. We intend for the Separate Account to comply with IRC Section 817(h) and related regulations. To satisfy these diversification standards, the regulations generally require that on the last day of each calendar quarter, no more than 55% of the value of a Separate Account’s assets can be represented by any one investment, no more than 70% can be represented by any two investments, no more than 80% can be represented by any three investments, and no more than 90% can be
46
represented by any four investments. For purposes of these rules, all securities of the same issuer generally are treated as a single investment, but each U.S. Government agency or instrumentality is treated as a separate issuer. Under a “look through” rule, we are able to meet the diversification requirements by looking through the Separate Account to the underlying Eligible Portfolio. Each of the Funds has committed to us that the Eligible Portfolios will meet the diversification requirements.
The IRS has stated in published rulings that a variable policyowner will be considered the owner of Separate Account assets if he or she possesses incidents of ownership in those assets, such as the ability to exercise investment control over the assets. In those circumstances, income and gains from the Separate Account assets would be includable in the variable policyowner’s gross income. In connection with its issuance of temporary regulations under IRC Section 817(h) in 1986, the Treasury Department announced that such temporary regulations did not provide guidance concerning the extent to which policyowners could be permitted to direct their investments to particular Investment Divisions of a separate account and that guidance on this issue would be forthcoming. Regulations addressing this issue have not yet been issued or proposed. The ownership rights under your policy are similar to, but different in certain respects from, those described by the IRS in rulings in which it was determined that policyowners were not owners of Separate Account assets. For example, you have additional flexibility in allocating premium payments and policy Cash Values. These differences could result in you being treated as the owner of your policy’s pro rata portion of the assets of the Separate Account. In addition, we do not know what standards will be set forth, if any, in the regulations or ruling which the Treasury Department has stated it expects to issue. We therefore reserve the right to modify the policy, as deemed appropriate by us, to attempt to prevent you from being considered the owner of your policy’s pro rata share of the assets of the Separate Account. Moreover, in the event that regulations are adopted or rulings are issued, there can be no assurance that the Eligible Portfolios will continue to be available, will be able to operate as currently described in the Fund prospectuses, or that a Fund will not have to change an Eligible Portfolio’s investment objective or investment policies.
Life Insurance Status of Policy
We believe that the policy meets the statutory definition of life insurance under IRC Section 7702 and that you and the Beneficiary of your policy, subject to the discussion below under “IRC Section 101(j)— Impact on Employer-Owned Policies,” will receive the same federal income tax treatment as that accorded to owners and beneficiaries of fixed benefit life insurance policies. Specifically, subject to the discussion below under “IRC Section 101(j)— Impact on Employer-Owned Policies,” we believe that the Life Insurance Benefit under your policy will be excludable from the gross income of the Beneficiary subject to the terms and conditions of Section 101(a)(1) of the IRC. Pursuant to Section 101(g) of the IRC, amounts received by the policyowner may also be excludable from the policyowner’s gross income when the Primary Insured has a terminal illness and benefits are paid under the Living Benefits Rider. (Life insurance benefits under a “modified endowment contract” as discussed below are treated in the same manner as life insurance benefits under life insurance policies that are not so classified.)
In addition, unless the policy is a “modified endowment contract,” in which case the receipt of any loan under the policy may result in recognition of income to the policyowner, we believe that the policyowner will not be deemed to be in constructive receipt of the Cash Values, including increments thereon, under the policy until proceeds of the policy are received upon a surrender of the policy or a partial withdrawal or, in certain circumstances where there is an existing policy loan, upon a surrender or lapse of the policy.
We reserve the right to make changes to the policy if we think it is appropriate to attempt to assure qualification of the policy as a life insurance contract. If a policy were determined not to qualify as life insurance, the policy would not provide the tax advantages normally provided by life insurance.
IRC Section 101(j)— Impact on Employer-Owned Policies
For an “employer-owned life insurance contract” issued after August 17, 2006 (unless issued in a 1035 exchange for a contract originally issued prior to that date where the new contract is not materially different from the exchanged contract), if certain specific requirements described below are not satisfied, IRC Section 101(j) generally requires policy beneficiaries to treat death proceeds paid under such contract as income to the extent such proceeds exceed the premiums and other amounts paid by the policyholder for the contract. This rule of income inclusion will not apply
47
if, before the policy is issued, the employer-policyholder provides certain written notice to and obtains certain written consents from insureds (who must be United States citizens or residents) in circumstances where:
(1)
the insured was an individual who was an employee within 12 months of their death;
(2)
the insured was a “highly compensated employee” at the time the contract was issued. In general, highly compensated employees for this purpose are more than 5 percent owners, employees who for 2024 received compensation in excess of $150,000 in 2023 (or who for 2025 received in excess of $155,000 in 2024), directors and anyone else in the top 35 percent of employees based on compensation;
(3)
the death proceeds are paid to a family member of the insured (as defined under Code Section 267 (c)(4)), an individual who is a designated beneficiary of the insured under the policy (other than the policyholder), a trust established for either the family member’s or beneficiary’s benefit, or the insured’s estate; or
(4)
the death proceeds are used to buy an equity interest in the policyholder from the family member, beneficiary, trust or estate.
Policyholders that own one or more contracts subject to 101(j) will also be subject to annual reporting and record-keeping requirements. In particular, such policyholders must file Form 8925 annually with their U.S. income tax return.
You should consult with your tax advisor to determine whether and to what extent 101(j) may apply to the policy. Assuming this provision applies, you should, to the extent appropriate (in consultation with your tax advisor), take the necessary steps, before you acquire the policy, to ensure that the income inclusion rule described above does not apply to the policy.
Modified Endowment Contract Status
Internal Revenue Code Section 7702A defines a class of life insurance policies referred to as modified endowment contracts. Under this provision, the policies will be treated for tax purposes in one of two ways. Policies that are not classified as modified endowment contracts will be taxed as conventional life insurance policies, as described below. Taxation of pre-death distributions (including loans) from policies that are classified as modified endowment contracts is somewhat different, as described below.
A life insurance policy becomes a “modified endowment contract” if, at any time during the first seven policy years, the sum of actual premiums paid exceeds the sum of the “seven-pay premium.” Generally, the “seven-pay premium” is the level annual premium, such that if paid for each of the first seven policy years, will fully pay for all future life insurance and endowment benefits under a life insurance policy. For example, if the “seven-pay premium” was $1,000, the maximum premium that could be paid during the first seven policy years to avoid “modified endowment” treatment would be $1,000 in the first year, $2,000 through the first two years and $3,000 through the first three years, etc. Under this test, a policy may or may not be a modified endowment contract, depending on the amount of premium paid during each of the policy’s first seven years. A policy received in exchange for a modified endowment contract will be taxed as a modified endowment contract even if it would otherwise satisfy the seven-pay test.
Certain changes in the terms of a policy, including a reduction in life insurance benefits will require a policy to be retested to determine whether the change has caused the policy to become a modified endowment contract. A reduction in Life Insurance Benefits will require retesting if it occurs within seven years after the beginning of the test period. In addition, if a “material change” occurs at any time while the policy is in force, a new seven-pay test period will start and the policy will need to be retested to determine whether it continues to meet the seven-pay test. A “material change” generally includes increases in life insurance benefits, but where applicable does not include an increase in life insurance benefits which is attributable to the payment of premiums necessary to fund the lowest level of life insurance benefits payable during the first seven Policy Years, or which is attributable to the crediting of interest with respect to such premiums.
Because the policy provides for flexible premiums, NYLIAC has instituted procedures to monitor whether, under our current interpretation of the law, increases in Life Insurance Benefits or additional premiums cause either the start of a new seven-year test period or the taxation of distributions and loans. All additional premiums will be considered in these determinations.
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If a policy fails the seven-pay test, all distributions (including loans) occurring in the Policy Year of failure and thereafter will be subject to the rules for modified endowment contracts. A recapture provision may also apply to loans and distributions that are received in anticipation of failing the seven-pay test. Under the IRC, any distribution or loan made within two years prior to the date that a policy fails the seven-pay test is considered to have been made in anticipation of the failure.
Any amounts distributed under a “modified endowment contract” (including proceeds of any loan) are taxable to the extent of any accumulated income in the policy. Penalty taxes may apply to such taxable amounts as well. In general, the amount that may be subject to tax is the excess of the Cash Value (both loaned and unloaned) over the previously unrecovered premiums paid.
For purposes of determining the amount of income received upon a distribution (or loan) from a modified endowment contract, the IRC requires the aggregation of all modified endowment contracts issued to the same policyowner by an insurer and its affiliates within the same calendar year. Therefore, loans and distributions from any one such policy are taxable to the extent of the income accumulated in all the modified endowment contracts required to be so aggregated.
If any amount is taxable as a distribution of income under a modified endowment contract (as a result of a policy surrender, a partial withdrawal, or a loan), it may also be subject to a 10% penalty tax under IRC Section 72(v). Limited exceptions from the additional penalty tax are available for certain distributions to individuals who own policies. The penalty tax will not apply to distributions: (i) that are made on or after the date the taxpayer attains age 591/2; or (ii) that are attributable to the taxpayer’s becoming disabled; or (iii) that are part of a series of substantially equal periodic payments (made not less frequently than annually) made for the life or life expectancy of the taxpayer or the joint lives or joint life expectancies of the taxpayer and his or her beneficiary.
Status of the Policy After the Insured Is Age 95 (For Policies Issued After May 1, 1995)
The policy provides that your policy matures on the policy anniversary on which the insured is age 95. Beginning on this maturity date, the Face Amount of your policy, as shown on the Policy Data Page, will no longer apply. Instead, your Life Insurance Benefit will equal the Cash Value of your policy less any loans and any interest due on loans. The IRS has not issued final guidance on the status of a life insurance policy after the insured becomes age 95. There is a risk that the policy may not qualify as life insurance under the Federal tax law after the insured becomes age 95 and that the policyowner may become subject to adverse tax consequences at that time. For this reason, a tax advisor should be consulted about the advisability of continuing the policy after the insured becomes age 95. For some policies, a similar risk arises after the insured becomes age 100, in which case a tax advisor should be consulted about the advisability of continuing the policy after the insured becomes age 100.
Policy Surrenders and Partial Withdrawals
Upon a full surrender of a policy for its Cash Surrender Value, you will recognize ordinary income for federal tax purposes to the extent that the Cash Value less surrender charges and any uncollected additional contract charges, exceeds the investment in your policy (the total of all premiums paid but not previously recovered plus any other consideration paid for the policy). The tax consequences of a partial withdrawal from your policy will depend upon whether the partial withdrawal results in a reduction of future benefits under your policy and whether your policy is a modified endowment contract. If upon a full surrender of a policy the premium payments made exceed the surrender proceeds plus the amount of any outstanding loans, you will recognize a loss, which is not deductible for federal income tax purposes.
If your policy is not a modified endowment contract, the general rule is that a partial withdrawal from a policy is taxable only to the extent that it exceeds the total investment in the policy. An exception to this general rule applies, however, if a reduction of future benefits occurs during the first fifteen years after a policy is issued and there is a cash distribution associated with that reduction. In such a case, the IRC prescribes a formula under which you may be taxed on all or a part of the amount distributed. After fifteen years, cash distributions from a policy that is not a modified endowment contract will not be subject to federal income tax, except to the extent they exceed the total investment in the policy. We suggest that you consult with a tax advisor in advance of a proposed decrease in face amount or a partial withdrawal.
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3.8 Percent Medicare Tax on Certain Investment Income
In general, a tax of 3.8 percent will apply to net investment income (“NII”) received by an individual taxpayer to the extent his or her modified adjusted gross income (“MAGI”) exceeds certain thresholds (e.g., $250,000 in the case of taxpayers filing jointly, $125,000 in the case of a married taxpayer filing separately and $200,000 in the case of other individual taxpayers). For this purpose, NII includes (i) gross income from various investments, including gross income received with respect to annuities that are not held through a tax-qualified plan (e.g., a traditional IRA or Section 403(b) plan) and (ii) net gain attributable to the disposition of property. Such NII (as well as gross income from tax qualified plans) will also increase a taxpayer’s MAGI for purposes of the taxable thresholds described above. This tax also applies to trusts and estates under a special set of rules. In 2012, the IRS and the Treasury Department issued guidance regarding this new tax in the form of proposed regulations, which were finalized in 2013. You should consult your tax advisor to determine the applicability of this tax in your individual circumstances and with respect to any amount received in connection with the surrender of this policy, distributions or withdrawals from this policy or the exercise of other rights and features under this policy (including policy loans).
Policy Loans and Interest Deductions
We believe that under current law any loan received under your policy will be treated as Policy Debt to you and that, unless your policy is a modified endowment contract, no part of any loan under your policy will constitute income to you. If your policy is a modified endowment contract (see discussion above) loans will be fully taxable to the extent of the income in the policy (and in any other contracts with which it must be aggregated) and could be subject to the additional 10% penalty tax described above.
Internal Revenue Code Section 264 provides that interest paid or accrued on a loan in connection with a policy is generally nondeductible. Certain exceptions apply, however, with respect to policies covering key employees. In addition, in the case of policies not held by individuals, special rules may limit the deductibility of interest on loans that are not made in connection with a policy. We suggest consultation with a tax advisor for further guidance.
In addition, if your policy lapses or you surrender it with an outstanding loan, and the amount of the loan plus the Cash Surrender Value is more than the sum of premiums you paid, you will generally be liable for taxes on the excess. Such amount will be taxed as ordinary income. A 10% penalty tax may apply as well. Finally, it is possible that a loan could be treated as a taxable distribution if there is no spread or a very small spread between the interest rate charged on the loan and the interest rate credited to the loaned amount.
Exchanges, Sales or Assignments of Policies
If you change the policyowner or exchange or assign your policy, it may have significant tax consequences depending on the circumstances. An assignment, sale or exchange of the policy may result in taxable income and tax penalties to you. Further, IRC Section 101(a) provides, subject to certain exceptions, that where a policy has been transferred for value, only the portion of the life insurance benefit which is equal to the total consideration paid for the policy may be excluded from gross income. Based on IRS guidance, amounts received in excess of the consideration paid for the policy may be taxed as ordinary income to the extent of the amount of gain that would have been realized had the policy been surrendered. Based on the same guidance, amounts received in excess of that amount would be taxed as a capital gain. If you sell your policy in a reportable policy sale, the Tax Cuts and Jobs Act of 2017 imposes new information reporting requirements on the purchaser and the policy issuer. Under these new reporting requirements, certain information related to the sale may be required to be reported to the IRS and to the seller. For complete information with respect to policy assignments, sales and exchanges, a qualified tax advisor should be consulted.
Tax-Free “Section 1035” Insurance Policy Exchanges
Generally, you can exchange one life insurance policy for another in a “tax-free exchange” under Section 1035 of the Internal Revenue Code (“IRC”). However, because we have discontinued sales of this policy, you may not exchange another policy for the one described in this prospectus. As a general matter, you should compare both policies carefully before making any exchange. You should also remember that if you exchange one policy for another, you might have to pay a surrender charge on your old policy. The new policy may also have a new surrender charge period, charges that may be higher (or lower), and benefits that may be different. If the exchange does not qualify for
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Section 1035 treatment, you may have to pay federal income and penalty taxes on the exchange. You should not exchange another policy for a new one unless you determine, after knowing all of the facts that the exchange is in your best interest.
Living Benefits Rider (Also Known as Accelerated Benefits Rider)
A Living Benefits Rider is available in connection with the policy. Amounts received under this rider will generally be excludable from your gross income under Section 101(g) of the IRC. The exclusion from gross income will not apply, however, if you are not the Primary Insured and you have an insurable interest in the life of the Primary Insured either because the Primary Insured is your director, officer, or employee, or because the Primary Insured has a financial interest in a business of yours.
In some cases, there may be a question as to whether a life insurance policy that has an accelerated living benefit rider can meet certain technical aspects of the definition of “life insurance contract” under the IRC. We reserve the right (but we are not obligated) to modify the rider to conform with requirements the IRS may prescribe.
Withholding
Under Section 3405 of the IRC, withholding is generally required with respect to certain taxable distributions under insurance policies. In the case of periodic payments (payments made as an annuity or on a similar basis), the withholding is at graduated rates (as though the payments were employee wages). With respect to non-periodic distributions, the withholding is at a flat rate of 10%. You can elect to have either non-periodic or periodic payments made without withholding except where your tax identification number has not been furnished to us, or where the IRS has notified us that a tax identification number is incorrect.
Different withholding rules apply to payments made to U.S. citizens living outside the United States and to non-U.S. citizens living outside of the United States. U.S. citizens who live outside of the United States generally are not permitted to elect not to have federal income taxes withheld from payments. Payments to non-U.S. citizens who are not residents of the United States generally are subject to 30% withholding, unless an income tax treaty between their country of residence and the United States provides for a lower rate of withholding or an exemption from withholding.
Under the Foreign Account Tax Compliance Act ("FATCA"), as reflected in Sections 1471 through 1474 of the IRC, U.S. withholding agents (such as NYLIAC) may be required to obtain certain information to establish the U.S. or non-U.S. status of its account or contract holders (e.g., a Form W-9 or W-8BEN may be required) and perform certain due diligence to ensure that information is accurate. In certain cases, if this information is not obtained, withholding agents, such as NYLIAC may be required to withhold at a 30% rate on certain payments.
Business Uses of Policy
Businesses can use the policies in various arrangements, including nonqualified deferred compensation or salary continuance plans, split dollar insurance plans, executive bonus plans, tax exempt and nonexempt welfare benefit plans, retiree medical benefit plans and others. The tax consequences of such plans may vary depending on the particular facts and circumstances. If you are purchasing the policy for any arrangement the value of which depends in part on its tax consequences, you should consult a qualified tax advisor. In recent years, moreover, Congress has adopted new rules relating to life insurance owned by businesses. Any business contemplating the purchase of a new policy or a change in an existing policy should consult a tax advisor.
Non-Individual Owners and Business Beneficiaries of Policies
If a policy is owned or held by a corporation, trust or other entity that is not a natural person, this could jeopardize some or all of such entity’s interest deduction under IRC Section 264, even where such entity’s indebtedness is in no way connected to the policy. In addition, under IRC Section 264(f)(5), if a business (other than a sole proprietorship) is directly or indirectly a beneficiary of a policy, the policy could be treated as held by the business for purposes of the IRC Section 264(f) entity-holder rules. A qualified tax advisor should be consulted before any non-natural person is made an owner or holder of a policy, or before a business (other than a sole proprietorship) is made a beneficiary of a policy.
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Split-Dollar Arrangements
The IRS and the Treasury Department have issued guidance that substantially affects split-dollar arrangements. Consult a qualified tax advisor before entering into or paying additional premiums with respect to such arrangements.
Additionally, the Sarbanes-Oxley Act of 2002 prohibits, with limited exceptions, publicly-traded companies, including non-U.S. companies that have securities listed on exchanges in the United States, from extending, directly or through a subsidiary, many types of personal loans to their directors or executive officers. It is possible that this prohibition may be interpreted as applying to split-dollar life insurance policies for directors and executive officers of such companies, since such insurance arguably can be viewed as involving a loan from the employer for at least some purposes. Although the prohibition on loans is generally effective as of July 30, 2002, there is an exception for loans outstanding as of the date of enactment, so long as there is no material modification to the loan terms and the loan is not renewed after July 30, 2002.
Any affected business contemplating the payment of a premium on an existing policy, or the purchase of a new policy, in connection with a split-dollar life insurance arrangement should consult legal counsel.
Tax Shelter Regulations
Prospective owners that are corporations should consult a tax advisor about the treatment of the policy under the Treasury Regulations applicable to corporate tax shelters.
Other Tax Considerations
The transfer of the policy or designation of a beneficiary may have federal, state, and/or local transfer and inheritance tax consequences, including the imposition of gift, estate, and generation-skipping transfer taxes. For example, the transfer of the policy to, or the designation as a beneficiary of, or the payment of proceeds to, a person who is assigned to a generation which is two or more generations below the generation assignment of the owner may have generation skipping transfer tax consequences under federal tax law.
The individual situation of each Policyowner or beneficiary will determine the extent, if any, to which federal, state, and local transfer and inheritance taxes may be imposed and how ownership or receipt of policy proceeds will be treated for purposes of federal, state and local estate, inheritance, generation skipping and other taxes.
For 2024, the federal estate tax, gift tax, and GST tax exemptions and maximum rates are $13,610,000, as adjusted for inflation, and 40%, respectively.
The uncertainty as to how the current law might be modified in coming years underscores the importance of seeking guidance from a qualified advisor to help ensure that your estate plan adequately addresses your needs and those of your beneficiaries under all possible scenarios.
Life Insurance Purchases by Residents of Puerto Rico
In Rev. Rule 2004-75, 2004-31 I.R.B. 109, the IRS announced that income received by residents of Puerto Rico under life insurance contracts issued by a Puerto Rico branch of a United States life insurance company is U.S.-source income that is generally subject to United States Federal income tax.
ADDITIONAL PROVISIONS OF THE POLICY
Reinstatement Option
For a period of five (5) years after termination, and during the Insured’s lifetime, you can send a written request in Good Order that we reinstate the policy to one of the addresses listed on the first page of this prospectus (or any other address we indicate to you in writing). We will not reinstate the policy if it has been returned for its Cash Surrender Value. Note that a termination and later reinstatement may cause the policy to become a modified endowment contract.
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Before we will reinstate the policy, we must also receive the following:
(1)
A payment in an amount which is sufficient to keep the policy in force for at least 3 months. This amount will consist of any amount necessary to bring the Net Cash Value above zero plus three monthly deductions (and any monthly deduction charges due and unpaid at time of lapse) multiplied by a factor in order to account for premium expenses and surrender charges. If the policy lapses before and is reinstated after the first policy anniversary, we must also receive an amount equal to 150% of any deferred contract charge not previously deducted. This payment will be in lieu of the payment of all premiums in arrears;
(2)
Any unpaid loan must be repaid or deducted from the Cash Value of the reinstated policy, together with loan interest at 6% compounded once each year from the end of the late period to the date of reinstatement. If a policy loan interest rate of less than 6% is in effect when the policy is reinstated, the interest rate for any unpaid loan at the time of reinstatement will be the same as the policy loan interest rate; and
(3)
Evidence of insurability satisfactory to us if the reinstatement is requested more than 31 days after termination.
We will apply your payment to the Investment Divisions and/or the Fixed Account as of the Business Day we receive it and in accordance what your instructions at the time you make such payment. Payments received after the close of regular trading on the New York Stock Exchange, generally 4:00 p.m. (Eastern Time) on any Business Day, or any non-Business Day, will be credited on the next Business Day.
The effective date of reinstatement will be the Monthly Deduction Day on or following the date we approve the request for reinstatement that we receive in Good Order. The approval for reinstatement is contingent upon our receipt from you of the reinstatement payment, which is the amount specified in (1) above.
If we reinstate your policy, the face amount for the reinstated policy will be the same as it would have been if the policy had not terminated.
The Cash Value of the reinstated policy will be the Cash Value at the time the policy lapsed plus the reinstatement payment net of administrative expenses, less any monthly deduction charges due and unpaid at time of lapse, less the difference between the surrender charge assessed at the time of the lapse and the surrender charge that applies at the time the policy is reinstated.
Additional Benefits Provided By Riders
The policy can include additional benefits that we approve based on our standards and limits for issuing insurance and classifying risks. None of these benefits depends on the investment performance of the Separate Account or the Fixed Account. An additional benefit is provided by a rider and is subject to the terms of both the policy and the rider. There is generally an additional charge for each rider you elect. The following riders are available.
Accidental Death Benefit Rider
This rider provides an additional death benefit if the Primary Insured’s death was caused directly, and apart from any other cause, by accidental bodily injury. We will pay the additional death benefit if the Primary Insured dies within one year of such accident. No benefit is payable under the rider if the death of the Primary Insured occurs before the Primary Insured’s first birthday or after the policy anniversary on which the Primary Insured is age 70. There is an additional charge for this rider.
Children’s Insurance Rider
This rider provides a level term insurance benefit on the child, stepchild, or legally adopted child of the Primary Insured (a “covered child”) who is proposed and accepted for coverage. A child born to, or legally adopted by, the Primary Insured while the rider is in effect is also a covered child. For a child to be covered under this rider, he or she must be age 18 or under when this rider is issued, or when that child would otherwise be covered. No child is covered under the rider, however, until the 15th day after birth.
When you apply for this rider, you must specify how many units of insurance coverage will apply to each covered child. You may purchase 1 to 25 units of coverage on each covered child. Each unit provides $1,000 of level term
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insurance. The number of units must be the same for each child. Each child covered under this rider is issued in a standard risk class.
If the Primary Insured dies while this rider is in effect, the term insurance on each covered child will continue at no additional cost. This is known as paid-up insurance. Although paid-up insurance has no loan value, it does have cash value and can be surrendered for its cash value.
The term insurance coverage, or the paid-up insurance, on each covered child will end on the earlier of:
•
the policy anniversary on which the covered child is age 25; and
•
the policy anniversary on which the Primary Insured is, or would have been, age 65.
Within 31 days after the date on which the term insurance coverage ends, you or the covered child can convert the term insurance to any permanent plan of insurance we offer, without any evidence of insurability. The maximum face amount of the new policy is five times the amount of the term insurance coverage on the covered child. The premium rates for the new policy will be based on the age and sex of the covered child, and our premium rates in effect on the date of conversion. To convert this rider, you must send a completed Children’s Insurance Rider form in Good Order to the VPSC at one of the addresses listed on the first page of this prospectus.
There is an additional charge for this rider.
Guaranteed Insurability Rider
This rider allows you to purchase additional insurance coverage on the Primary Insured, on a scheduled option date or alternate option date, without providing any evidence of insurability. The additional insurance coverage can either be a new policy on the life of the Primary Insured or an increase to the existing policy’s face amount.
Scheduled option dates are the policy anniversaries on which the Primary Insured is age 22, 25, 28, 31, 34, 37, 40, 43, and 46. An alternate option date is the Monthly Deduction Day on or following the date that is three months after any of these events:
•
the marriage of the Primary Insured;
•
the birth of a living child to the Primary Insured; or
•
the legal adoption of a child by the Primary Insured.
If elected, the new policy or increase in face amount will take effect as of a scheduled or alternate option date. This date will always be a Monthly Deduction Day. When one of the events that would trigger an alternate option date occurs, we will automatically provide term insurance on the Primary Insured in an amount equal to the maximum amount you are eligible to purchase on the alternate option date. This term insurance coverage will begin on the date that the event which triggers the alternate option date occurs until the alternate option date. We do not provide term insurance for any period before or after a scheduled option date. If you purchase additional insurance coverage on an alternate option date, you may not purchase additional insurance coverage on the next scheduled option date.
In order to exercise this rider’s benefit on an option date, the rider must be in effect on that date. The minimum amount of additional insurance coverage that you can purchase on each option date is $10,000 and the maximum amount is the Option Amount of the rider, as shown on the Policy Data Pages. This Option Amount must be selected at the time the rider is issued, and it cannot exceed the lesser of $150,000 (or $100,000 if the rider was added prior to May 1, 2008) or a multiple of the policy’s initial face amount based on the Primary Insured’s age when the policy was issued. The multiples are set forth below: 
Age At Issue
Multiple
0–21
5 times face amount
22–37
2 times face amount
38–43
1 times face amount
This rider will end on the policy anniversary on which the Primary Insured is age 46. However, if any of the events that trigger an alternate option date occurs within three months before that anniversary, you will continue to have the right to purchase additional insurance coverage until that option date. We will also provide the automatic term
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insurance coverage up to that option date. To exercise this rider, you must send a completed Guaranteed Insurability Rider form in Good Order to the VPSC at one of the addresses listed on the first page of this prospectus.
There is an additional charge for this rider.
Guaranteed Minimum Death Benefit Rider
We no longer offer this rider for sale. If you previously purchased this rider, however, we will deduct a charge equal to $0.01 per $1000 multiplied by the sum of your policy’s face amount and the face or benefit amount of any riders. The face or benefit amount of a rider is the amount that is multiplied by the cost of insurance rate for that rider.
As long as this rider is in effect and the benefit period has not expired, this rider guarantees that your policy will not lapse even if the policy’s Cash Surrender Value is insufficient to cover the current monthly deduction charges. Under this rider, if your total monthly deduction charges are greater than your policy’s Cash Value, we will deduct as much of the monthly deduction charges from the Cash Value as possible. We will then waive any excess amount of these charges including the charge for this and any other rider. Generally, this rider is available with a benefit period up to the Primary Insured’s age 70, 80, or 95. You can choose any one of these expiry dates as long as the benefit period is at least ten years.
In exchange for the guarantee provided by this rider, you must make certain premium payments into your policy. The premium you must pay under this rider is called the “Monthly Guaranteed Minimum Death Benefit (GMDB) premium.” If you elected this rider, you will find the GMDB premium on the Policy Data Page. The monthly GMDB premium may change if you modify your policy or any of the riders attached to your policy. Although this premium is expressed as a monthly premium, you do not need to pay it on a monthly basis. Rather, we will perform a GMDB premium test each month to determine if you have made enough cumulative premium payments to keep the rider in effect.
GMDB Premium Test (performed on each Monthly Deduction Day) 
Cumulative premium payments to date
less
Cumulative partial withdrawals to date
must be at
least equal to
Cumulative monthly GMDB
premiums from the Policy Date to the date the test is performed
If your policy does not satisfy the GMDB premium test and your policy fails the test by an amount that is more than one monthly GMDB premium, we will notify you that your policy has failed this test. The rider will terminate unless you make a premium payment in an amount necessary to pass the GMDB premium test before the next Monthly Deduction Day. If the rider terminates, we will reinstate it if we receive the required premium payment before the Monthly Deduction Day that follows the date the rider terminated. If the rider terminates during a period when the rider benefit is in effect, your policy will enter the late period and will lapse unless the required payment is made.
Having this rider affects your ability to take policy loans in the following way:
(a)
If you take a loan during the first two Policy Years, this rider will end.
(b)
After the first two Policy Years, you can take loans within certain limits. On the day you take a loan (or when any unpaid loan interest is charged as an additional loan), the Cash Surrender Value of your policy less the new loan and the amount of any current outstanding loan balance must be greater than the cumulative monthly GMDB premiums required up to the time you take the loan, accumulated at an annual effective interest rate of 6.0% as of that date.
Living Benefits Rider (also known as Accelerated Benefits Rider)
Under this rider, if the Primary Insured has a life expectancy of twelve months or less (six months or less in Michigan), you can request a portion or all of the Policy Proceeds as an accelerated death benefit. You must elect this rider when you apply for your policy or after we issue your policy.
You can elect to receive an accelerated death benefit of 25%, 50%, 75%, or 100% of certain eligible proceeds from your Policy Proceeds. We will pay you an amount equal to the results of the following calculation: 
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Elected
percentage
X
Eligible
proceeds
X
Interest
factor
-
Administrative
fee (up to $150)
-
Elected percentage of
an unpaid policy loan
Minimum accelerated benefit amount: $25,000.
Maximum accelerated benefit amount: $250,000 (total for all of your NYLIAC and affiliated companies’ policies).
If you accelerate less than 100% of the eligible proceeds, the remaining face amount of your policy after we pay this benefit must be at least $50,000. We do not permit any subsequent acceleration.
When we make a payment under this rider, we will reduce your policy’s face amount, Surrender Charge Premium, rider death benefits, monthly deductions, Cash Value, and any unpaid policy loan based on the percentage you elected. We will deduct an administrative fee of up to $150 at the time you exercise the rider.
Monthly Deduction Waiver Rider
This rider provides for the waiver of monthly deduction charges if the Primary Insured becomes totally disabled. This rider will end on the policy anniversary on which the Primary Insured is age 65. In the event of the total disability (as defined in the rider), we will waive the following deductions from Cash Value on each Monthly Deduction Day:
•
the monthly cost of insurance for the base policy;
•
the monthly cost of riders, if any; and
•
the monthly contract charge.
You must provide proof that the Primary Insured has been totally disabled for at least six consecutive months before we waive any monthly deduction charges. We will waive the monthly deduction charges as long as the total disability continues. From time to time we may require proof that the Primary Insured is still totally disabled. We will pay for any medical examination necessary in connection with such proof.
In addition, the following special rules apply:
•
If the total disability begins on or before the policy anniversary on which the Primary Insured is age 60 and continues to the policy anniversary on which the Primary Insured is age 65, we will waive the monthly deduction charges under this policy for the remainder of time that the policy is in effect. We will not require any further proof of disability.
•
If the total disability begins after the policy anniversary on which the Primary Insured is age 60, we will waive the monthly deduction charges under this policy while the disability continues but only until the policy anniversary on which the Primary Insured is age 65.
We will not waive the monthly deduction charges for any disability that begins on or after the policy anniversary on which the Primary Insured is age 65.
There is an additional charge for this rider.
Spouse’s Paid-Up Insurance Purchase Option Rider
This rider allows a spouse who is the Beneficiary under the policy to purchase a new paid-up whole life insurance policy on his or her own life without evidence of insurability when the Primary Insured dies. This rider is included in the policy at no additional cost.
The maximum face amount of the new paid-up whole life policy is the lesser of:
•
the amount of the Policy Proceeds payable under this policy (not including any benefit payable under the Accidental Death Benefit Rider, and before any unpaid loan is deducted); or
•
$5,000,000.
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If the Primary Insured’s spouse dies at the same time as the Primary Insured or within 90 days after the Primary Insured’s death and does not exercise the option under this rider, we will pay a benefit to the spouse’s estate equal to the maximum amount of insurance coverage that could have been purchased under this rider, minus the premium payment that would have been required for that insurance.
If someone other than the spouse (including a trust) is the owner and beneficiary under the policy, that person can also exercise the option and purchase a paid-up whole life policy on the life of the spouse. The owner must have an insurable interest in the life of the spouse, and the spouse must consent to the issuance of the new insurance in writing.
Term Insurance on Other Covered Insured Rider
This rider provides term insurance on one or more members of the Primary Insured’s immediate family (generally, the spouse and/or children of the Primary Insured). The Primary Insured can also be covered under this rider.
We refer to any person, including the Primary Insured, who is covered under this rider as an “Other Covered Insured” (OCI). The minimum amount of term insurance that you can apply for under this rider is $25,000.
You can convert the term insurance provided by this rider to any permanent plan of insurance we offer without any evidence of insurability. You can make a conversion on any Monthly Deduction Day prior to the policy anniversary on which the OCI is age 70, provided the policy is in effect. To exercise this rider, you must send a completed form in Good Order to the VPSC at one of the addresses listed on the first page of this prospectus.
The term insurance under this rider will end when the Primary Insured dies. However, provided the rider is in effect and you are not the Primary Insured under the policy, you can convert the term insurance on any living OCI under age 70 to any permanent plan of insurance we offer within 31 days after the Monthly Deduction Day on or following the date of the Primary Insured’s death. The term insurance under this rider will also end if the base policy ends. In no event will this rider continue beyond the policy anniversary on which the Primary Insured is age 95.
There is an additional charge for this rider.
How Policy Proceeds Will Be Paid
While the Insured is living, you may designate how the Policy Proceeds will be paid to the beneficiary. Policy Proceeds can be paid in a lump sum or over time through the various payment options described below.
If you do not specify how Policy Proceeds will be paid, they will be paid in a lump sum. If you elect to have Policy Proceeds paid through one of the payment options described below, the beneficiary will not be able to receive a lump sum.
Lump Sum Payment
If you specified that the Policy Proceeds be paid in a lump sum, after the death of the insured, the beneficiary can choose among the following methods of payment:
•
We will issue a single check for the amount of the Policy Proceeds; or
•
Policy Proceeds will be paid over time through one of the various payment options described below.
After we are notified of the death of the Insured, the beneficiary will receive a claim form. If no choice is made, we will issue a single check for the amount of the Policy Proceeds.
Payment Options
If you designated that the Policy Proceeds be paid to the beneficiary over time, or if the beneficiary chooses (or elects a payee) to be paid over time, Policy Proceeds will be paid according to one of the following payment options: an Interest Accumulation Option, an Interest Payment Option, or a Life Income Option. (Those receiving payments under these options—whether they are designated by you or the beneficiary—will be referred to as “payees” below.) Under the Interest Accumulation or Interest Payment Options, the payee can withdraw amounts of at least $100 at any time. We will mail a check for the amount of the proceeds to the payee. If the payee requests a withdrawal, and
57
the balance remaining on deposit with us after the withdrawal would be less than $100, we may pay the entire remaining balance in one sum to the payee.
•
Interest Accumulation Option (Option 1 A)
Under this option, the Policy Proceeds will remain on deposit with us until the payee requests a withdrawal. Each year, the balance will earn interest at a rate we reset annually. The interest crediting rate will never be less than 3%. We will pay interest on the sum withdrawn up to the date of the withdrawal.
•
Interest Payment Option (Option 1 B)
Under this option, we will pay interest monthly, quarterly, semi-annually or annually, as directed, on amounts remaining on deposit with us. The balance will earn interest at a rate we reset annually. The interest crediting rate will never be less than 3%.
•
Life Income Option (Option 2) (Not available in Massachusetts and Montana)
Under this option, the Policy Proceeds are applied to the purchase of a single premium life annuity policy that will make equal monthly payments during the lifetime of the payee. The annuity policy is issued when the first premium payment is due. Payments under the annuity will remain level and are guaranteed for a period that you (or the beneficiary, if applicable) specify—5, 10, 15 or 20 years—even if the specified payee dies sooner.
Payments are based on an adjusted annuity premium rate in effect at the time of issue, but will never be less than the corresponding minimum amount shown in the “Option 2” of your policy. Upon request, we will send you (or the beneficiary, if applicable) a statement of the minimum amount of each monthly payment—based on the gender and adjusted age of the payee(s)—before this option is elected.
If the first annuity payment was due in 2016 or after, we will decrease the payee's actual age to arrive at the payee’s adjusted age. Such decreases will result in lower monthly annuity payments to the payee. Adjustments to the payee’s age will be made as follows: 
2016-2025
2026-2035
2036 and later
-1
-2
-3
Electing or Changing a Payment Option
While the Insured is living, you can elect or change a payment option. You can also name or change one or more of the beneficiaries who will be payees(s) under that Option. To change your payment option, you must send a written request in Good Order to the VPSC at one of the addresses listed on the first page of this prospectus. After the Insured dies, any person who is to receive proceeds in one sum (other than an assignee) can elect an option and name payees. The person who elects an option can also name one or more successor payees to receive any amount remaining at the death of the payee. Naming these payees cancels any prior choice of successor payees. A payee who did not elect the option does not have the right to advance or assign payments, take the payments in one sum, or make any other change. However, the payees may be given the right to do one or more of these things if the person who elects the option tells us in writing and we agree.
If we agree, a payee who elects Option 1A, 1B, or 2 may later elect to have any amount we still have, or the present value of any elected payments, placed under some other option described in this section.
Payees
Only individuals who are to receive payments in their own behalf may be named as payees or successor payees, unless we agree otherwise. We may require proof of the age or the survival of a payee.
It may happen that when the last surviving payee dies, we still have an unpaid amount, or there are some payments that remain to be made. If so, we will pay the unpaid amount with interest to the date of payment, or pay the present value of the remaining payments, to that payee’s estate in one sum. The present value of the remaining payments is based on the interest rate used to compute them, and is always less than their sum.
58
Beneficiary
A Beneficiary is any person(s) and/or entity(ies) you name to receive the death benefit after the Insured dies. You name the Beneficiary when you apply for the policy. There may be different classes of beneficiaries, such as primary and secondary. These classes set the order of payment. There may be more than one Beneficiary in a class.
Who is named as Owner and Beneficiary may impact whether and to what extent the Life Insurance Benefit may be received on a tax-free basis. See the discussion under FEDERAL INCOME TAX CONSIDERATIONS—Life Insurance Status of Policy—IRC Section 101(j)—Impact on Employer-Owned Policies for more information.
To change a revocable beneficiary while the insured is living, you must send a written request in Good Order to us to the VPSC at one of the addresses listed on the first page of this prospectus or any such other address that we indicate to you in writing. Generally, the change will take effect as of the date the request is signed. If no Beneficiary is living when the Insured dies, unless provided otherwise, the Death Benefit is paid to the policyowner or, if deceased, the policyowner’s estate.
When We Pay Proceeds
If the policy is still in effect, NYLIAC will pay any Cash Surrender Value, loan proceeds, partial withdrawals, or the death benefit proceeds generally within seven days after we receive all of the necessary requirements in Good Order at the VPSC at one of the addresses listed on the first page of this prospectus or any such other address that we indicate to you in writing. But we can delay payment of the Cash Surrender Value or any partial withdrawal from the Separate Account, loan proceeds attributable to the Separate Account, or the death benefit during any period that:
•
It is not reasonably practicable to determine the amount because the NYSE is closed (other than customary weekend and holiday closings), trading is restricted by the SEC, or an emergency exists, or an Eligible Portfolio suspends redemptions pursuant to SEC Rules 2a-7 or 22e-3 under the 1940 Act or otherwise; or
•
The SEC, by order, permits us to delay payment in order to protect our policyowners.
•
Federal laws designed to combat terrorism and prevent money laundering by criminals might in certain circumstances require us to reject a premium payment and/or “freeze” a policy. If these laws apply in a particular situation, we would not be allowed to pay any request for transfers, withdrawals, surrenders, loans, or death benefits. If a policy or account is frozen, the cash value would be moved to a special segregated interest bearing account and held in that account until we receive instructions from the appropriate federal regulator.
•
If you have submitted a recent check or draft, we have the right to defer payment of any surrender, withdrawal, loan, death benefit proceeds, or payments under a settlement option until such check or draft has been honored.
We may delay paying any surrender value or loan proceeds on the Fixed Account for up to 6 months from the date the request is received by VPSC at one of the addresses listed on the first page of this prospectus or any such other address that we indicate to you in writing. We can delay payment of the entire death benefit if payment is contested. We investigate all death claims arising within the two-year contestable period. Upon receiving the information from a completed investigation, we generally make a determination within five days as to whether the claim should be authorized for payment. Payments are made promptly after authorization. If payment of a Cash Surrender Value or partial withdrawal value is delayed for 30 days or more, we add interest at an annual rate of 3%. We add interest to a death benefit from the date of death to the date of payment at the same rate as is paid under the Interest Payment Option.
Every state has unclaimed property laws, which generally declare a life insurance policy to be abandoned after a period of inactivity of three to five years from the contract’s maturity date or the date the death benefit is due and payable. For example, if the payment of a death benefit has been triggered, but, if after a thorough search, we are unable to locate the beneficiary of the death benefit, or the beneficiary does not come forward to claim the death benefit in a timely manner, the death benefit may be paid to the abandoned property division or unclaimed property office of the state in which the beneficiary or the insured last resided, as shown on our books and records, or to our state of domicile. This escheatment is revocable, however, and the state is obligated to pay the death benefit (without interest) if your beneficiary steps forward to claim it with the proper documentation. To prevent such escheatment, it is
59
important that you update your Beneficiary designation, including addresses, if and as they change. Please contact us at (1-800-598-2019) or send a written request in Good Order to NYLIAC at one of the addresses listed on the first page of this prospectus (or any other address we indicate to you in writing) to make such changes.
Assignment
While the Insured is living, the policy can be assigned as collateral for a loan or other obligation. For an assignment to be binding on us, we must receive a signed copy of such assignment in Good Order to the VPSC at one of the addresses listed on the first page of this prospectus or any such other address that we indicate to you in writing. We are not responsible for the validity of any assignment.
Transfer of Ownership
The current policy owner (on non-qualified plans) has the right to transfer ownership to another party/entity. The person having the right to transfer the ownership of the policy must do so by using the Company’s approved “Transfer of Ownership” form in effect at the time of the request. When the Company records the change, it will take effect as of the date the form was signed, subject to any payment made or other action taken by the Company before recording. Federal law requires all financial institutions to obtain, verify, and record information that identifies each person who becomes the owner of an existing policy. This means the new owner will be required to provide their name, address, date of birth, and other identifying information. A transfer of ownership request also requires that the new owner(s) submit financial and suitability information as well.
Limits on Our Rights to Challenge the Policy
Except for any increases in face amount, other than one due solely to a change in the life insurance benefit option, we must bring any legal action to contest the validity of a policy within two years from its Issue Date (unless a state has different requirements). After that we cannot contest its validity, except for failure to pay premiums unless the Insured died within that two year period. For any increase in the face amount, other than one due solely to a change in the life insurance benefit option, we must bring legal action to contest that increase within two years from the effective date of the increase.
Misstatement of Age or Sex
If the Insured’s age or sex is misstated in the policy application, the Cash Value (except in Pennsylvania), Cash Surrender Value, and the death benefit will be adjusted to reflect the correct age and sex. The death benefit will be adjusted based on what the policy would provide according to the most recent mortality charge for the correct date of birth or correct sex.
Suicide
If the death of the Primary Insured is a result of suicide within two years (or less where required by law) from the Issue Date (or with respect to an increase in face amount, the effective date of the increase), and while the policy is in force, we pay a limited death benefit in one sum to the Beneficiary. The limited death benefit is the amount of premiums, less any Policy Debt, or amounts withdrawn. For any increases in the face amount, the limited death benefit will be the monthly deductions made for that increase. If the limited death benefit for the entire policy is payable, there will be no additional payment for the increase.
RECORDS AND REPORTS
New York Life or NYLIAC maintains all records and accounts relating to the Separate Account and the Fixed Account. Each year we will mail to you at your last known address of record a report showing the Cash Value, Cash Surrender Value, and outstanding loans (including accrued loan interest) as of the latest policy anniversary. This report contains any additional information required by any applicable law or regulation. We will also mail you a report each quarter showing this same information as of the end of the previous quarter. This quarterly statement reports transactions that you have requested or authorized.
Generally, NYLIAC will immediately mail you confirmation of any transactions involving the Separate Account. However, when we process certain transactions on your behalf involving the Separate Account, including transactions
60
such as: (1) automatic asset rebalancing/reallocation options and Dollar-Cost Averaging Accounts; (2) premium payments initiated through pre-authorized deductions from banks or your employer; and/or (3) other pre-authorized deductions to which we agree, a summary of these policy transactions will only appear on your quarterly statement and you will not receive an immediate confirmation statement after each such transaction.
Please review it carefully. If you believe it contains an error, we must be notified within 15 days of the date of the statement. It is important that you inform NYLIAC of an address change so that you can receive these policy statements. (Please refer to the section on “How To Reach Us for Policy Services.”) In the event your statement is returned from the US Postal Service as undeliverable, we reserve the right to suspend mailing future correspondence and also suspend current transaction processing until a correct address is obtained. In addition, no new service requests can be processed until a valid current address is provided.
Reports and promotional literature may contain the ratings New York Life and NYLIAC have received from independent rating agencies. Both companies are among only a few companies that have consistently received among the highest possible ratings from the four major independent rating companies for financial strength and stability: A.M. Best, Fitch, Moody’s Investor’s Services Inc. and Standard and Poor’s. Neither New York Life nor NYLIAC, however, guarantees the investment performance of the Investment Divisions. NYLIAC’s obligations under the policy are subject to its claim-paying ability and financial strength, and are not backed or guaranteed by NYLIC.
LEGAL PROCEEDINGS
NYLIAC is a defendant in lawsuits arising from its agency sales force, insurance (including variable contracts registered under federal securities law), and/or other operations. Some of these actions seek substantial or unspecified compensatory and punitive damages. NYLIAC 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, NYLIAC 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 NYLIAC’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 NYLIAC’s operating results for a given year.
FINANCIAL STATEMENTS
The statutory statements of financial position of NYLIAC 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 in the period ended December 31, 2023 (including the report of the independent registered public accounting firm) and each of the investment divisions of the Separate Account’s statements of assets and liabilities as of December 31, 2023, and the statements of operations and of changes in net assets and financial highlights for each of the periods indicated in the Financial Statements (including the report of the independent registered public accounting firm) are included. The independent registered public accounting firm is PricewaterhouseCoopers LLP.
61

 

 

 

 

 

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 FundSM—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 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

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

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  

LOGO

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

LOGO

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.

 

LOGO
New York, New York
February 28, 2024

 

2

NEW YORK LIFE INSURANCE AND ANNUITY CORPORATION

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

STATUTORY STATEMENTS OF FINANCIAL POSITION

 

                                         
     December 31,  
        2023           2022     
              
     (in millions)  

Assets

     

Bonds

    $ 102,056     $ 93,817  

Common and preferred stocks

      659       1,285  

Mortgage loans

      15,484       15,544  

Policy loans

      928       862  

Other invested assets

      3,583       3,721  

Cash, cash equivalents and short-term investments

      1,696       6,401  

Derivatives

      1,196       1,360  
  

 

 

    

 

 

  

Total cash and invested assets

      125,602       122,990  

Investment income due and accrued

      1,005       851  

Admitted disallowed interest maintenance reserve

      328       —   

Interest in annuity contracts

      10,774       10,236  

Other assets

      1,201       1,101  

Separate accounts assets

      55,405       49,808  
  

 

 

    

 

 

  

Total assets

    $ 194,315     $ 184,986  
  

 

 

    

 

 

  

Liabilities, capital and surplus

     

Liabilities:

     

Policy reserves

    $ 112,990     $ 109,695  

Deposit funds

      1,583       1,441  

Policy claims

      1,041       1,049  

Separate accounts transfers due and accrued

      (1,114 )      (1,104 ) 

Obligations under structured settlement agreements

      10,774       10,236  

Amounts payable under security lending agreements

      678       675  

Other liabilities

      2,106       2,798  

Interest maintenance reserve

      —        (8 ) 

Asset valuation reserve

      1,939       1,890  

Separate accounts liabilities

      55,388       49,777  
  

 

 

    

 

 

  

Total liabilities

      185,385       176,449  
  

 

 

    

 

 

  

Capital and Surplus:

     

Capital stock - par value $10,000 (20,000 shares authorized, 2,500 issued and outstanding)

      25       25  

Gross paid in and contributed surplus

      4,458       4,458  

Special surplus for admitted disallowed interest maintenance reserve

      328       —   

Unassigned surplus

      4,119       4,054  
  

 

 

    

 

 

  

Total capital and surplus

      8,930       8,537  
  

 

 

    

 

 

  

Total liabilities, capital and surplus

    $ 194,315     $ 184,986  
  

 

 

    

 

 

  

See accompanying notes to financial statements.

 

3

NEW YORK LIFE INSURANCE AND ANNUITY CORPORATION

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

STATUTORY STATEMENTS OF OPERATIONS

 

                                                              
     Years Ended December 31,
        2023          2022          2021   
                                                                                            
     (in millions)  

Income

       

Premiums

    $ 16,743     $ 21,033     $ 14,012  

Net investment income

      5,276       4,304       4,261  

Other income

      1,129       1,093       1,073  
  

 

 

    

 

 

    

 

 

  

Total income

      23,148       26,430       19,346  
  

 

 

    

 

 

    

 

 

  

Benefits and expenses

       

Benefit payments:

       

Death benefits

      2,275       2,345       2,343  

Annuity benefits

      3,664       3,431       3,430  

Surrender benefits

      12,037       9,256       9,054  

Other benefit payments

      103       93       87  
  

 

 

    

 

 

    

 

 

  

Total benefit payments

      18,079       15,125       14,914  

Additions to policy reserves

      3,334       9,721       418  

Net transfers (from)/to separate accounts

      (648 )      444       1,909  

Operating expenses

      1,710       1,645       1,432  
  

 

 

    

 

 

    

 

 

  

Total benefits and expenses

      22,475       26,935       18,673  
  

 

 

    

 

 

    

 

 

  

Gain/(loss) from operations before federal and foreign income taxes

      673       (505 )      673  

Federal and foreign income taxes

      268       114       187  
  

 

 

    

 

 

    

 

 

  

Net gain/(loss) from operations

      405       (619 )      486  

Net realized capital gains/(losses), after taxes and transfers to interest maintenance reserve

      188       (37 )      (157 ) 
  

 

 

    

 

 

    

 

 

  

Net income/(loss)

    $ 593     $ (656 )    $ 329  
  

 

 

    

 

 

    

 

 

  

See accompanying notes to financial statements.

 

4

NEW YORK LIFE INSURANCE AND ANNUITY CORPORATION

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

STATUTORY STATEMENTS OF CHANGES IN CAPITAL AND SURPLUS

 

                                                                                            
     Years Ended December 31,  
        2023           2022           2021     
     (in millions)  

Capital and surplus, beginning of year

    $ 8,537     $ 9,734     $ 9,448  

Net increase/(decrease) due to:

       

Net income/(loss)

      593       (656 )      329  

Change in net unrealized capital (losses)/gains on investments

      (268 )      (153 )      589  

Change in nonadmitted assets

      (89 )      (300 )      (7 ) 

Change in reserve valuation basis

      31       —        536  

Change in asset valuation reserve

      (49 )      (16 )      (271 ) 

Change in net deferred income tax

      189       311       106  

Dividends to parent

      —        (400 )      (942 ) 

Prior period corrections

      —        —        (77 ) 

Other adjustments, net

      (14 )      17       23  
  

 

 

    

 

 

    

 

 

  

Net increase/(decrease)

      393       (1,197 )      286  
  

 

 

    

 

 

    

 

 

  

Capital and surplus, end of year

    $ 8,930     $ 8,537     $ 9,734  
  

 

 

    

 

 

    

 

 

  

See accompanying notes to financial statements.

 

5

NEW YORK LIFE INSURANCE AND ANNUITY CORPORATION

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

STATUTORY STATEMENTS OF CASH FLOWS

 

                                                              
     Years Ended December 31,  
        2023           2022           2021     
     (in millions)  

Cash flows from operating activities:

       

Premiums received

    $ 16,730     $ 20,995     $ 13,623  

Net investment income received

      4,878       3,888       4,237  

Other

      1,130       1,095       1,080  
  

 

 

    

 

 

    

 

 

  

Total received

      22,738       25,978       18,940  
  

 

 

    

 

 

    

 

 

  

Benefits and other payments

      18,054       15,140       14,154  

Net transfers (from)/to separate accounts

      (635 )      334       2,020  

Operating expenses

      1,548       1,580       1,356  

Federal income taxes

      235       101       285  
  

 

 

    

 

 

    

 

 

  

Total paid

      19,202       17,155       17,815  
  

 

 

    

 

 

    

 

 

  

Net cash from/(used in) operating activities

      3,536       8,823       1,125  
  

 

 

    

 

 

    

 

 

  

Cash flows from investing activities:

       

Proceeds from investments sold

      4,331       6,998       8,403  

Proceeds from investments matured or repaid

      9,850       8,889       12,844  

Cost of investments acquired

      (21,917 )      (20,237 )      (22,397 ) 

Net change in policy loans

      (66 )      (9 )      34  
  

 

 

    

 

 

    

 

 

  

Net cash (used in)/from investing activities

      (7,802 )      (4,359 )      (1,116 ) 
  

 

 

    

 

 

    

 

 

  

Cash flows from financing and miscellaneous activities:

       

Dividends to New York Life

      —        (400 )      (942 ) 

Other miscellaneous uses

      (438 )      574       (103 ) 
  

 

 

    

 

 

    

 

 

  

Net cash (used in)/from financing and miscellaneous activities

      (438 )      174       (1,045 ) 
  

 

 

    

 

 

    

 

 

  

Net (decrease)/increase in cash, cash equivalents and short-term investments

      (4,704 )      4,638       (1,036 ) 

Cash, cash equivalents and short-term investments, beginning of year

      6,401       1,763       2,799  
  

 

 

    

 

 

    

 

 

  

Cash, cash equivalents and short-term investments, end of year

    $ 1,697     $ 6,401     $ 1,763  
  

 

 

    

 

 

    

 

 

  

See accompanying notes to financial statements.

 

6

NEW YORK LIFE INSURANCE AND ANNUITY CORPORATION

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

STATUTORY STATEMENTS OF CASH FLOWS (supplemental)

 

                                                                                            
     Years Ended December 31,  
        2023            2022            2021     
     (in millions)  

Non-cash activities during the year not included in the Statutory Statements of Cash Flows:

         

Transfer of bond investment to bond investment

    $ 556      $ 6,760      $ 1,348  

Transfer of other invested assets investment to insurance affiliate in exchange for bonds

    $ —       $ 250      $ —   

Transfer of assets between bond investment and other invested assets

    $ 23      $ 146      $ 66  

Capitalized interest on bonds and mortgage loans

    $ 76      $ 95      $ 119  

Depreciation/amortization on fixed assets

    $ 92      $ 73      $ 73  

Low-income housing tax credit future commitments

    $ 10      $ 68      $ 80  

Transfer of mortgage loans to other invested assets

    $ 3      $ 44      $ 72  

Transfers between equity investment and equity investment

    $ 40      $ 34      $ 5  

Bonds to be announced commitments - purchased/sold

    $ —       $ 19      $ 1,535  

Other invested assets stock distribution

    $ —       $ 6      $ 16  

Dividend to New York Life paid in bonds

    $ —       $ —       $ 402  

Exchange of bonds to stocks

    $ —       $ —       $ 3  

See accompanying notes to financial statements.

 

7

NEW YORK LIFE INSURANCE AND ANNUITY CORPORATION

NOTES TO STATUTORY FINANCIAL STATEMENTS

December  31, 2023, 2022 and 2021

NOTE 1—NATURE OF OPERATIONS

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

NOTE 2—BASIS OF PRESENTATION

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

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

Prior Period Correction

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

Statutory vs. U.S. GAAP Basis of Accounting

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

Investments

 

  •  

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

 

  •  

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

 

8

NEW YORK LIFE INSURANCE AND ANNUITY CORPORATION

NOTES TO STATUTORY FINANCIAL STATEMENTS

 

NOTE 2—BASIS OF PRESENTATION (continued)

 

  •  

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

 

  •  

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

 

  •  

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

 

  •  

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

Insurance Contracts

 

  •  

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

 

  •  

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

 

  •  

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

 

  •  

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

 

  •  

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

Taxes

 

  •  

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

 

9

NEW YORK LIFE INSURANCE AND ANNUITY CORPORATION

NOTES TO STATUTORY FINANCIAL STATEMENTS

 

NOTE 2—BASIS OF PRESENTATION (continued)

 

  •  

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

Surplus

 

  •  

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

 

  •  

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

NOTE 3—SIGNIFICANT ACCOUNTING POLICIES

Use of Estimates

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

Bonds

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

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

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

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

 

10

NEW YORK LIFE INSURANCE AND ANNUITY CORPORATION

NOTES TO STATUTORY FINANCIAL STATEMENTS

 

NOTE 3—SIGNIFICANT ACCOUNTING POLICIES (continued)

 

Preferred Stocks

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

Common Stocks

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

Other than Temporary Impairments

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

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

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

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

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

 

11

NEW YORK LIFE INSURANCE AND ANNUITY CORPORATION

NOTES TO STATUTORY FINANCIAL STATEMENTS

 

NOTE 3—SIGNIFICANT ACCOUNTING POLICIES (continued)

 

Mortgage Loans

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

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

Policy Loans

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

Other Invested Assets

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

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

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

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

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

 

12

NEW YORK LIFE INSURANCE AND ANNUITY CORPORATION

NOTES TO STATUTORY FINANCIAL STATEMENTS

 

NOTE 3—SIGNIFICANT ACCOUNTING POLICIES (continued)

 

Real Estate

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

Derivative Instruments

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

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

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

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

 

13

NEW YORK LIFE INSURANCE AND ANNUITY CORPORATION

NOTES TO STATUTORY FINANCIAL STATEMENTS

 

NOTE 3—SIGNIFICANT ACCOUNTING POLICIES (continued)

 

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

Cash, Cash Equivalents and Short-term Investments

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

AVR and IMR

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

Loaned Securities and Repurchase Agreements

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

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

 

14

NEW YORK LIFE INSURANCE AND ANNUITY CORPORATION

NOTES TO STATUTORY FINANCIAL STATEMENTS

 

NOTE 3—SIGNIFICANT ACCOUNTING POLICIES (continued)

 

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

Premiums and Related Expenses

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

Net Investment Income

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

Policy Reserves

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

Federal Income Taxes

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

 

15

NEW YORK LIFE INSURANCE AND ANNUITY CORPORATION

NOTES TO STATUTORY FINANCIAL STATEMENTS

 

NOTE 3—SIGNIFICANT ACCOUNTING POLICIES (continued)

 

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

Separate Accounts

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

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

Other Assets and Liabilities

Other assets primarily consist of net DTAs and other receivables.

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

Nonadmitted Assets

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

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

Fair Value of Financial Instruments and Insurance Liabilities

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

 

16

NEW YORK LIFE INSURANCE AND ANNUITY CORPORATION

NOTES TO STATUTORY FINANCIAL STATEMENTS

 

NOTE 3—SIGNIFICANT ACCOUNTING POLICIES (continued)

 

Contingencies

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

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

Foreign Currency Transactions

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

NOTE 4—BUSINESS RISKS AND UNCERTAINTIES

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

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

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

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

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

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

 

17

NEW YORK LIFE INSURANCE AND ANNUITY CORPORATION

NOTES TO STATUTORY FINANCIAL STATEMENTS

 

NOTE 5—RECENT ACCOUNTING PRONOUNCEMENTS

Changes in Accounting Principles

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

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

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

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

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

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

 

18

NEW YORK LIFE INSURANCE AND ANNUITY CORPORATION

NOTES TO STATUTORY FINANCIAL STATEMENTS

 

NOTE 5—RECENT ACCOUNTING PRONOUNCEMENTS (continued)

 

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

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

NOTE 6—INVESTMENTS

Bonds

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

 

                                                                                                                           
     2023      2022  
     Carrying
Value		      Estimated
Fair Value		      Carrying
Value		      Estimated
Fair Value		  

Due in one year or less

    $ 7,562      $ 7,396      $ 5,257      $ 5,138  

Due after one year through five years(1)

     40,965        39,741        35,959        34,142  

Due after five years through ten years

      25,625        23,810        26,066        23,167  

Due after ten years

      27,905        24,094        26,535        21,485  
  

 

 

     

 

 

     

 

 

     

 

 

  

Total

    $ 102,056      $ 95,041      $ 93,817      $ 83,932  
  

 

 

     

 

 

     

 

 

     

 

 

  

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

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

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

 

19

NEW YORK LIFE INSURANCE AND ANNUITY CORPORATION

NOTES TO STATUTORY FINANCIAL STATEMENTS

 

NOTE 6—INVESTMENTS (continued)

 

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

 

                                                                                                                           
     2023  
     Carrying
Value		      Unrealized
Gains		      Unrealized
Losses		      Estimated
Fair Value		  

U.S. governments

    $ 5,663      $ 12      $ 1,237      $ 4,438  

All other governments

      247        3        17        233  

U.S. special revenue and special assessment

      10,509        59        1,011        9,557  

Industrial and miscellaneous unaffiliated

      81,761        613        5,402        76,972  

Parent, subsidiaries, and affiliates(1)

     3,120        1        34        3,087  

SVO identified funds

      755        —         —         755  
  

 

 

     

 

 

     

 

 

     

 

 

  

Total

    $ 102,056      $ 687      $ 7,702      $ 95,041  
  

 

 

     

 

 

     

 

 

     

 

 

  

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

 

                                                                                                                           
     2022  
     Carrying
Value		      Unrealized
Gains		      Unrealized
Losses		      Estimated
Fair Value		  

U.S. governments

    $ 5,532      $ 4      $ 1,209      $ 4,327  

All other governments

      172        1        17        156  

U.S. special revenue and special assessment

      10,805        17        1,329        9,493  

Industrial and miscellaneous unaffiliated

      73,324        139        7,394        66,069  

Parent, subsidiaries, and affiliates(1)

     3,149        1        98        3,052  

SVO identified funds

      835        —         —         835  
  

 

 

     

 

 

     

 

 

     

 

 

  

Total

    $ 93,817      $ 162      $ 10,047      $ 83,932  
  

 

 

     

 

 

     

 

 

     

 

 

  

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

Common and Preferred Stocks

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

 

                                                                                                                           
     2023     2022  
     Carrying Value      Change in
Unrealized Gains
(Losses)		     Carrying Value      Change in
Unrealized Gains
(Losses)		  

Common stocks

    $ 615      $ (172 )    $ 1,236      $ (217 ) 

Preferred stocks

      44        (3 )      49        (2 ) 
  

 

 

     

 

 

    

 

 

     

 

 

  

Total

    $ 659      $ (175 )    $ 1,285      $ (219 ) 
  

 

 

     

 

 

    

 

 

     

 

 

  

 

20

NEW YORK LIFE INSURANCE AND ANNUITY CORPORATION

NOTES TO STATUTORY FINANCIAL STATEMENTS

 

NOTE 6—INVESTMENTS (continued)

 

Mortgage Loans

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

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

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

 

                                                                                                                           
     2023     2022  
     Carrying Value      % of Total     Carrying Value      % of Total  

Property Type:

           

Industrial

    $ 4,713        30.4 %    $ 3,998        25.7 % 

Apartment buildings

      4,225        27.3       4,672        30.1  

Office buildings

      3,304        21.3       3,752        24.1  

Retail facilities

      2,742        17.7       2,773        17.8  

Hotels

      301        1.9       330        2.1  

Other

      195        1.3       14        0.2  

Residential

      4        —        5        —   
  

 

 

     

 

 

    

 

 

     

 

 

  

Total

    $ 15,484        100.0 %    $ 15,544        100.0 % 
  

 

 

     

 

 

    

 

 

     

 

 

  

 

                                                                                                                           
     2023     2022  
     Carrying Value      % of Total     Carrying Value      % of Total  

Geographic Location:

           

Central

    $ 4,331        28.0 %    $ 4,245        27.3 % 

Pacific

      3,641        23.5       3,798        24.4  

South Atlantic

      3,530        22.8       3,598        23.1  

Middle Atlantic

      3,215        20.8       3,081        19.8  

New England

      673        4.3       805        5.2  

Other

      93        0.6       17        0.2  
  

 

 

     

 

 

    

 

 

     

 

 

  

Total

    $ 15,484        100.0 %    $ 15,544        100.0 % 
  

 

 

     

 

 

    

 

 

     

 

 

  

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

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

 

21

NEW YORK LIFE INSURANCE AND ANNUITY CORPORATION

NOTES TO STATUTORY FINANCIAL STATEMENTS

 

NOTE 6—INVESTMENTS (continued)

 

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

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

 

                                                                                                                                                                       
     2023  

Loan to Value % (By Class)

    Apartment
Buildings		      Office
Buildings		      Industrial      Retail
Facilities		      Hotels      Residential      Other      Total  

Above 95%

    $ —       $ 254      $ —       $ —       $ —       $ —       $ —       $ 254  

91% to 95%

      6        47        —         110        —         —         8        171  

81% to 90%

      70        462        —         203        36        —         —         771  

71% to 80%

      91        394        110        254        —         —         14        862  

Below 70%

      4,059        2,147        4,603        2,176        265        4        173        13,426  
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  

Total

    $ 4,225      $ 3,304      $ 4,713      $ 2,742      $ 301      $ 4      $ 195      $ 15,484  
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  

 

                                                                                                                                                                       
     2022  

Loan to Value % (By Class)

    Apartment
Buildings		      Office
Buildings		      Industrial      Retail
Facilities		      Hotels      Residential      Other      Total  

Above 95%

    $ 14      $ 107      $ —       $ —       $ —       $ —       $ —       $ 121  

91% to 95%

      —         —         —         110        —         —         —         110  

81% to 90%

      —         17        —         109        23        —         —         149  

71% to 80%

      279        257        91        308        40        —         2        977  

Below 70%

      4,379        3,371        3,907        2,246        267        5        12        14,187  
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  

Total

    $ 4,672      $ 3,752      $ 3,998      $ 2,773      $ 330      $ 5      $ 14      $ 15,544  
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  

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

 

                                                                                                                             
     2023  

Type

    Impaired Loans
with  Allowance
for Credit Losses		      Related
Allowance		      Impaired Loans
Without
Allowance for
Credit Losses		      Average
Recorded
Investment		      Interest Income
Recognized		      Interest Income
on a Cash  Basis
During the Period		  

Residential

    $ —       $ —       $ —       $ —       $ —       $ —   

Commercial

      191        72        110        150        14        11  
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  

Total

    $ 191      $ 72      $ 110      $ 150      $ 14      $ 11  
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  

 

22

NEW YORK LIFE INSURANCE AND ANNUITY CORPORATION

NOTES TO STATUTORY FINANCIAL STATEMENTS

 

NOTE 6—INVESTMENTS (continued)

 

                                                                                                                             
     2022  

Type

    Impaired Loans
with  Allowance
for Credit Losses		      Related
Allowance		      Impaired Loans
Without
Allowance for
Credit Losses		      Average
Recorded
Investment		      Interest Income
Recognized		      Interest Income
on a Cash  Basis
During the Period		  

Residential

    $ —       $ —       $ —       $ 1      $ —       $ —   

Commercial

      —         —         110        58        8        8  
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  

Total

    $ —       $ —       $ 110      $ 59      $ 8      $ 8  
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  

Other Invested Assets

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

 

                                                             
     2023      2022  

Investment in MCF

    $ 1,238      $ 1,316  

Limited partnerships and limited liability companies

      1,515        1,476  

Other investments

      509        623  

Real estate investment property

      91        93  

LIHTC investments

      217        197  

Loan to affiliate

      13        16  
  

 

 

     

 

 

  

Total other invested assets

    $ 3,583      $ 3,721  
  

 

 

     

 

 

  

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

 

                                                                                                                             
     2023     2022     2021  
     Net
Investment
Income
(Loss)		     Unrealized
Gains
(Losses)(1)		     Net
Investment
Income
(Loss)		     Unrealized
Gains
(Losses)(1) 		    Net
Investment
Income
(Loss)		     Unrealized
Gains
(Losses)(1) 		 

Investment in MCF

    $ 345     $ (79 )    $ 176     $ 29     $ 137     $ 169  

Limited partnerships and limited liability companies

      28       (58 )      11       (12 )      42       176  

Other investments

      25       (5 )      11       (7 )      9       —   

Real estate investment property

      17       —        22       —        11       —   

LIHTC investments

      (17 )      —        (10 )      —        (12 )      —   

Loans to affiliates

      1       —        1       —        —        —   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total other invested assets

    $ 399     $ (142 )    $ 211     $ 10     $ 187     $ 345  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

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

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

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

 

23

NEW YORK LIFE INSURANCE AND ANNUITY CORPORATION

NOTES TO STATUTORY FINANCIAL STATEMENTS

 

NOTE 6—INVESTMENTS (continued)

 

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

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

Assets on Deposit or Pledged as Collateral

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

 

                                                                                                                                                  
     2023  
     Gross (Admitted and Nonadmitted) Restricted      Percentage  

Restricted Asset Category

    Total
General
Account		      Total
From
Prior
Year		      Increase
(Decrease)		     Total
Nonadmitted
Restricted		      Total
Admitted
Restricted		      Gross
(Admitted and
Non-admitted)
Restricted  to
Total Assets		     Admitted
Restricted
to Total
Admitted
Assets		  
                                                

Collateral held under security lending agreements

    $ 675      $ 675      $ —      $ —       $ 675        0.3 %      0.3 % 

Subject to reverse repurchase agreements

      210        185        25       —         210        0.1       0.1  

Subject to dollar repurchase agreements

      —         —         —        —         —         0.0       0.0  

Letter stock or securities restricted as to sale -excluding Federal Home Loan Bank (“FHLB”) capital stock

      37        38     

 

(1

) 

     —         37        0.0       0.0  

FHLB capital stock

      25        25        —        —         25        0.0       0.0  

On deposit with states

      4        4        —        —         4        0.0       0.0  

Pledged as collateral not captured in other categories

      10        3        7       —         10        0.0       0.0  
  

 

 

     

 

 

     

 

 

    

 

 

     

 

 

     

 

 

    

 

 

  

Total restricted assets

    $ 961      $ 930      $ 31     $ —       $ 961        0.5 %      0.5 % 
  

 

 

     

 

 

     

 

 

    

 

 

     

 

 

     

 

 

    

 

 

  

 

24

NEW YORK LIFE INSURANCE AND ANNUITY CORPORATION

NOTES TO STATUTORY FINANCIAL STATEMENTS

 

NOTE 6—INVESTMENTS (continued)

 

                                                                                                                                                  
     2022  
     Gross (Admitted and Nonadmitted) Restricted      Percentage  

Restricted

Asset Category

    Total
General
Account		      Total
From
Prior
Year		      Increase
(Decrease)		     Total
Nonadmitted
Restricted		      Total
Admitted
Restricted		      Gross
(Admitted and
Non-admitted)
Restricted to
Total  Assets		     Admitted
Restricted
to Total
Admitted
Assets		  
                                                

Collateral held under security lending agreements

    $ 675      $ 675      $ —      $ —       $ 675        0.4 %      0.4 % 

Subject to reverse repurchase agreements

      185        140        45       —         185        0.1       0.1  

Subject to dollar repurchase agreements

      —         —         —        —         —         0.0       0.0  

Letter stock or securities restricted as to sale -excluding FHLB capital stock

      38        40        (2 )      —         38        0.0       0.0  

FHLB capital stock

      25        29        (4 )      —         25        0.0       0.0  

On deposit with states

      4        4        —        —         4        0.0       0.0  

Pledged as collateral not captured in other categories

      3           3       —         3        0.0       0.0  
  

 

 

     

 

 

     

 

 

    

 

 

     

 

 

     

 

 

    

 

 

  

Total restricted assets

    $ 930      $ 888      $ 42     $ —       $ 930        0.5 %      0.5 % 
  

 

 

     

 

 

     

 

 

    

 

 

     

 

 

     

 

 

    

 

 

  

Loaned Securities and Repurchase Agreements

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

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

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

 

25

NEW YORK LIFE INSURANCE AND ANNUITY CORPORATION

NOTES TO STATUTORY FINANCIAL STATEMENTS

 

NOTE 6—INVESTMENTS (continued)

 

Collateral Received

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

 

                                                                                   
     2023  

Cash Collateral Assets

    Book/Adjusted
Carrying Value		      Fair Value     % Total Assets
(Admitted  and
Nonadmitted)		     % Total Admitted
Assets		  

Securities lending

    $ 675      $ 675       0.5 %      0.5 % 

Derivatives

      838        838       0.6       0.6  
  

 

 

     

 

 

    

 

 

    

 

 

  

Total

    $ 1,513      $ 1,513       1.1 %      1.1 % 
  

 

 

     

 

 

    

 

 

    

 

 

  
     2022  

Cash Collateral Assets

    Book/Adjusted
Carrying Value		      Fair Value     % Total Assets
(Admitted  and
Nonadmitted)		     % Total Admitted
Assets		  

Securities lending

    $ 675      $ 675       0.5 %      0.5 % 

Derivatives

      831        831       0.6       0.6  
  

 

 

     

 

 

    

 

 

    

 

 

  

Total

    $ 1,506      $ 1,506       1.1 %      1.1 % 
  

 

 

     

 

 

    

 

 

    

 

 

  
     2023     2022  

Recognized Liability to Return Collateral

    Amount      % Total
Liabilities		     Amount     % Total
Liabilities		  

Amounts payable under securities lending agreements

    $ 675        0.5 %    $ 675       0.5 % 

Other liabilities (derivatives)

      823        0.6       813       0.6  

Separate accounts liabilities (derivatives)

      14        —        17       —   
  

 

 

     

 

 

    

 

 

    

 

 

  

Total

    $ 1,513        1.1 %    $ 1,506       1.1 % 
  

 

 

     

 

 

    

 

 

    

 

 

  

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

 

26

NEW YORK LIFE INSURANCE AND ANNUITY CORPORATION

NOTES TO STATUTORY FINANCIAL STATEMENTS

 

NOTE 6—INVESTMENTS (continued)

 

Composition of Collateral Received

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

 

                                                                                                                             
     2023  
     Remaining Contractual Maturity of the Agreements  
     Open      30 days
or less		      31 to 60
days		      61 to 90
days		      Greater
than 90
days		      Total  

US. Treasury

    $ 84      $ —       $ —       $ —       $ —       $ 84  

U.S. government corporation & agencies

      1        —         —         —         —         1  

Foreign governments

      3        —         —         —         —         3  

U.S. corporate

      498        —         —         —         —         498  

Foreign corporate

      89        —         —         —         —         89  
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  

Total general account securities lending transactions

    $ 675      $ —       $ —       $ —       $ —       $ 675  
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  

 

                                                                                                                             
     2022  
     Remaining Contractual Maturity of the Agreements  
     Open      30 days
or less		      31 to 60
days		      61 to 90
days		      Greater
than 90
days		      Total  

U.S. government corporation & agencies

    $ 1      $ —       $ —       $ —       $ —       $ 1  

Foreign governments

      4        —         —         —         —         4  

U.S. corporate

      538        —         —         —         —         538  

Foreign corporate

      132        —         —         —         —         132  
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  

Total general account securities lending transactions

    $ 675      $ —       $ —       $ —       $ —       $ 675  
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  

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

 

27

NEW YORK LIFE INSURANCE AND ANNUITY CORPORATION

NOTES TO STATUTORY FINANCIAL STATEMENTS

 

NOTE 6—INVESTMENTS (continued)

 

Reinvestment of Collateral Received

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

 

                                                                                                                           
     2023      2022  

Period to Maturity

    Amortized Cost      Fair Value      Amortized Cost      Fair Value  

Open

    $ —       $ —       $ —       $ —   

30 days or less

      429        429        512        512  

31 to 60 days

      37        37        —         —   

61 to 90 days

      42        42        —         —   

91 to 120 days

      —         —         —         —   

121 to 180 days

      6        6        —         —   

181 to 365 days

      36        36        18        18  

1 to 2 years

      86        86        104        103  

2 to 3 years

      70        70        68        68  

Greater than 3 years

      —         —         —         —   
  

 

 

     

 

 

     

 

 

     

 

 

  

Total collateral reinvested

    $ 706      $ 707      $ 702      $ 701  
  

 

 

     

 

 

     

 

 

     

 

 

  

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

Reverse Repurchase Agreement Transactions

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

 

                                                                                   
         2023      2022  
     Maximum Balance      Ending Balance      Maximum Balance      Ending Balance  

Open - No Maturity

    $ —       $ —       $ —       $ —   

Overnight

    $ —       $ —       $ —       $ —   

2 Days to 1 Week

    $ 221      $ 210      $ 199      $ 185  

> 1 Week to 1 Month

    $ —       $ —       $ —       $ —   

> 1 Month to 3 Months

    $ —       $ —       $ —       $ —   

> 3 Months to 1 Year

    $ —       $ —       $ —       $ —   

> 1 Year

    $ —       $ —       $ —       $ —   

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

 

28

NEW YORK LIFE INSURANCE AND ANNUITY CORPORATION

NOTES TO STATUTORY FINANCIAL STATEMENTS

 

NOTE 6—INVESTMENTS (continued)

 

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

 

                                         
     Maximum Balance      Ending Balance  

Fourth Quarter 2023

    $ 221      $ 210  

Third Quarter 2023

    $ 224      $ 210  

Second Quarter 2023

    $ 222      $ 221  

First Quarter 2023

    $ 221      $ 206  
     

Fourth Quarter 2022

    $ 199      $ 185  

Third Quarter 2022

    $ 174      $ 151  

Second Quarter 2022

    $ 141      $ 131  

First Quarter 2022

    $ 141      $ 131  

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

 

                                                                                   
    

Overnight and

Continuous

      30 days or Less      31 to 90 Days      > 90 Days  

Maximum Amount

            

Fourth Quarter 2023

    $ —       $ —       $ —       $ 226  

Third Quarter 2023

    $ —       $ —       $ —       $ 228  

Second Quarter 2023

    $ —       $ —       $ —       $ 226  

First Quarter 2023

    $ —       $ —       $ —       $ 225  
           

Fourth Quarter 2022

    $ —       $ —       $ —       $ 203  

Third Quarter 2022

    $ —       $ —       $ —       $ 177  

Second Quarter 2022

    $ —       $ —       $ —       $ 144  

First Quarter 2022

    $ —       $ —       $ —       $ 143  
           

Ending Balance

            

Fourth Quarter 2023

    $ —       $ —       $ —       $ 215  

Third Quarter 2023

    $ —       $ —       $ —       $ 214  

Second Quarter 2023

    $ —       $ —       $ —       $ 226  

First Quarter 2023

    $ —       $ —       $ —       $ 210  
           

Fourth Quarter 2022

    $ —       $ —       $ —       $ 189  

Third Quarter 2022

    $ —       $ —       $ —       $ 154  

Second Quarter 2022

    $ —       $ —       $ —       $ 133  

First Quarter 2022

    $ —       $ —       $ —       $ 133  

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

 

29

NEW YORK LIFE INSURANCE AND ANNUITY CORPORATION

NOTES TO STATUTORY FINANCIAL STATEMENTS

 

NOTE 6—INVESTMENTS (continued)

 

Insurer Self-Certified Securities

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

 

                                                                                                                                                     

General Account

    2023      2022  
Investments   

Number

of 5GI
Securities

     

Carrying

Value

     

Estimated

Fair

Value

     

Number

of 5GI

Securities

     

Carrying

Value

     

Estimated

Fair

Value

  

Bonds—amortized cost

      9      $ 14      $ 13        2      $ 1      $ 1  

Loan-backed and structured securities -amortized cost

      43        44        47        28        11        12  
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  

Total general account

      52      $ 58      $ 60        30      $ 12      $ 13  
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  

Separate account:

                  

Loan-backed and structured securities -amortized cost

      2      $ —       $ 1        2      $ 1      $ 1  
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  

Total separate account

      2      $ —       $ 1        2      $ 1      $ 1  
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  

Wash Sales

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

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

 

                                                                                                                                                          
     2023  
Description   

NAIC

Designation

     

Number of

Transactions

     

Book Value of

Securities Sold

     

Cost of

Securities

Repurchased

     

Realized Gains

(Losses)

  

Bonds

      NAIC 3        1      $ 1      $ 1      $ —  

Bonds

      NAIC 4        —         —         —         —   

Bonds

      NAIC 5        —         —         —         —   

Bonds

      NAIC 6        —         —         —         —   

Preferred stock

      NAIC 3        —         —         —         —   

Preferred stock

      NAIC 4        —         —         —         —   

Preferred stock

      NAIC 5        —         —         —         —   

Preferred stock

      NAIC 6        —         —         —         —   

Common stock(1)

        5        —         —         —   
     

 

 

     

 

 

     

 

 

     

 

 

  
        6      $ 1      $ 1      $ —   
     

 

 

     

 

 

     

 

 

     

 

 

  

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

 

30

NEW YORK LIFE INSURANCE AND ANNUITY CORPORATION

NOTES TO STATUTORY FINANCIAL STATEMENTS

 

NOTE 6—INVESTMENTS (continued)

 

                                                                                                                                                          
     2022  
Description    NAIC
Designation		     

Number of

Transactions

     

Book Value of

Securities Sold

     

Cost of

Securities

Repurchased

     

Realized Gains

(Losses)

  

Bonds

      NAIC 3        —       $ —       $ —       $ —   

Bonds

      NAIC 4        —         —         —         —   

Bonds

      NAIC 5        —         —         —         —   

Bonds

      NAIC 6        —         —         —         —   

Preferred stock

      NAIC 3        —         —         —         —   

Preferred stock

      NAIC 4        —         —         —         —   

Preferred stock

      NAIC 5        —         —         —         —   

Preferred stock

      NAIC 6        —         —         —         —   

Common stock(1)

        1        —         —         —   
     

 

 

     

 

 

     

 

 

     

 

 

  
        1      $ —       $ —       $ —   
     

 

 

     

 

 

     

 

 

     

 

 

  

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

Admitted Negative IMR

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

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

 

31

NEW YORK LIFE INSURANCE AND ANNUITY CORPORATION

NOTES TO STATUTORY FINANCIAL STATEMENTS

 

NOTE 6—INVESTMENTS (continued)

 

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

 

                                         
     Calculation of Limitation as of  
        September 30, 2023      December 31, 2023  

Capital and surplus

    $ 8,711     

Less:

      

Admitted positive goodwill

      —      

Admitted EDP equipment and operating system software

      —      

Admitted net deferred taxes

      605     

Exclude admitted disallowed IMR-GA

    $ 296     

Exclude admitted disallowed IMR-SA

    $ —      
  

 

 

     

Total adjustments

      901     
  

 

 

     

Adjusted capital and surplus

    $ 7,810     
  

 

 

     

Limitation on amount of negative IMR (adjusted capital and surplus times 10%)

    $ 781     

Current period reported admitted negative IMR in GA

       $ 328  

Current period negative IMR, reported as an asset in the Separate Accounts

         —   
     

 

 

  

Total admitted negative IMR

       $ 328  

Current period admitted negative IMR as a % of prior period adjusted capital and surplus

         4 % 

NOTE 7—DERIVATIVE INSTRUMENTS AND RISK MANAGEMENT

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

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

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

 

32

NEW YORK LIFE INSURANCE AND ANNUITY CORPORATION

NOTES TO STATUTORY FINANCIAL STATEMENTS

 

NOTE 7—DERIVATIVE INSTRUMENTS AND RISK MANAGEMENT (continued)

 

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

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

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

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

Interest Rate Risk Management

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

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

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

 

33

NEW YORK LIFE INSURANCE AND ANNUITY CORPORATION

NOTES TO STATUTORY FINANCIAL STATEMENTS

 

NOTE 7—DERIVATIVE INSTRUMENTS AND RISK MANAGEMENT (continued)

 

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

Currency Risk Management

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

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

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

Equity Risk Management

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

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

Replication Transactions

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

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

 

34

NEW YORK LIFE INSURANCE AND ANNUITY CORPORATION

NOTES TO STATUTORY FINANCIAL STATEMENTS

 

NOTE 7—DERIVATIVE INSTRUMENTS AND RISK MANAGEMENT (continued)

 

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

 

                                                                                                                             
     2023  
     Primary
Risk
Exposure		      Notional
Amount(1)		      Fair Value(2)      Carrying Value(3)  

Derivative Type

    Asset      Liability      Asset      Liability  

Derivatives qualifying and designated:

                  

Cash flow hedges:

                  

Foreign currency swaps

      Currency      $ 265      $ 15      $ 3      $ 16      $ 2  

Interest rate swaps

      Interest        12        1        —         —         —   
     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  

Subtotal cash flow hedges

         276        15        3        16        2  

Fair value hedges:

                  

Foreign currency swaps

      Currency        1,025        36        36        32        26  

Replications:

                  

Bond forwards

      Interest        250        —         82        —         —   

Credit default swaps

      Interest        275        5        —         2        —   
     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  

Subtotal replications

         525        5        82        2        —   
     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  

Total derivatives qualifying and designated

         1,826        56        122        49        28  
     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  

Derivatives not designated:

                  

Foreign currency forwards

      Currency        238        2        3        2        3  

Foreign currency swaps

      Currency        3,828        410        28        410        28  

Futures

      Interest        459        1        —         1        —   

Equity options

      Equity        14,281        222        —         222        —   

Interest rate options

      Interest        4,574        20        —         20        —   

Interest rate swaps

      Interest        8,633        492        162        492        162  

Bond forwards

      Interest        225        —         11        —         11  
     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  

Total derivatives not designated

         32,237        1,147        205        1,147        205  
     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  

Total derivatives

       $ 34,063      $ 1,203      $ 327      $ 1,196      $ 233  
     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  

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

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

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

 

35

NEW YORK LIFE INSURANCE AND ANNUITY CORPORATION

NOTES TO STATUTORY FINANCIAL STATEMENTS

 

NOTE 7—DERIVATIVE INSTRUMENTS AND RISK MANAGEMENT (continued)

 

                                                                                                                             
     2022  
     Primary
Risk
Exposure		      Notional
Amount(1)		      Fair Value(2)      Carrying Value(3)  

Derivative Type

    Asset      Liability      Asset      Liability  

Derivatives qualifying and designated:

                  

Cash flow hedges:

                  

Foreign currency swaps

      Currency      $ 277      $ 29      $ 1      $ 25      $ —   

Interest rate swaps

      Interest        12        1        —         —         —   
     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  

Subtotal cash flow hedges

         289        30        1        25        —   

Replications:

                  

Bond forwards

      Interest        900        —         308        —         —   

Credit default swaps

      Interest        250        3        —         3        —   
     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  

Subtotal replications

         1,150        3        308        3        —   
     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  

Total derivatives qualifying and designated

         1,439        33        309        28        —   
     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  

Derivatives not designated:

                  

Foreign currency forwards

      Currency        335        5        12        5        12  

Foreign currency swaps

      Currency        4,313        721        4        721        4  

Futures

      Interest        173        —         —         —         —   

Equity options

      Equity        3,391        52        —         52        —   

Interest rate options

      Interest        6,015        73        —         73        —   

Interest rate swaps

      Interest        8,588        481        310        481        310  
     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  

Total derivatives not designated

         22,815        1,332        326        1,332        326  
     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  

Total derivatives

       $ 24,254      $ 1,365      $ 635      $ 1,360      $ 326  
     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  

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

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

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

Derivatives Qualifying and Designated

Cash Flow Hedges

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

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

 

36

NEW YORK LIFE INSURANCE AND ANNUITY CORPORATION

NOTES TO STATUTORY FINANCIAL STATEMENTS

 

NOTE 7—DERIVATIVE INSTRUMENTS AND RISK MANAGEMENT (continued)

 

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

 

                                                                                                                                                                                            
     Surplus(1)      Net Realized Capital Gains
(Losses)		      Net Investment Income  

Derivative Type

    2023     2022      2021      2023      2022      2021      2023      2022      2021  

Foreign currency swaps

    $ (12 )    $ 20      $ 11      $ 2      $ 1      $ 2      $ 3      $ 3      $ 2  

Interest rate swaps

       —         —          —          —          —          —          —          —         1  
  

 

 

    

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  

Total

    $ (12 )    $ 20      $ 11      $ 2      $ 1      $ 2      $ 3      $ 3      $ 3  
  

 

 

    

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  

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

Fair Value Hedges

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

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

 

                                                                                                                                                                                            
     Gain or (Loss) Recognized
in  Surplus(1)		      Gain or (Loss) Recognized
in  Net Realized Capital
Gains (Losses)		      Gain or (Loss)
Recognized in  Net
Investment Income		  

Derivative Type

    2023     2022      2021      2023      2022      2021      2023      2022      2021  

Foreign currency swaps

    $ (37 )    $  —       $  —       $ 1      $  —       $  —       $ 7      $  —       $  —   
  

 

 

    

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  

Total

    $ (37 )    $ —       $ —       $ 1      $  —       $  —       $ 7      $ —       $ —   
  

 

 

    

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  

Derivatives Replications

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

 

                                                                                                                                                                                            
     Gain or (Loss) Recognized
in Surplus(1) 		     Gain or (Loss) Recognized
in  Net Realized Capital
Gains (Losses)		     Gain or (Loss)
Recognized in Net
Investment Income		  

Derivative Type

    2023      2022      2021      2023     2022     2021     2023      2022      2021  

Bond forwards

    $  —       $  —       $  —       $ (227 )    $ (29 )    $ (173 )    $ 7      $ 12      $ 19  

Credit default swaps

      —         —         —         —        —        —        —         1        —   
  

 

 

     

 

 

     

 

 

     

 

 

    

 

 

    

 

 

    

 

 

     

 

 

     

 

 

  

Total

    $ —       $ —       $ —       $ (227 )    $ (29 )    $ (173 )    $ 7      $ 13      $ 19  
  

 

 

     

 

 

     

 

 

     

 

 

    

 

 

    

 

 

    

 

 

     

 

 

     

 

 

  

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

 

37

NEW YORK LIFE INSURANCE AND ANNUITY CORPORATION

NOTES TO STATUTORY FINANCIAL STATEMENTS

 

NOTE 7—DERIVATIVE INSTRUMENTS AND RISK MANAGEMENT (continued)

 

Derivatives Not Designated

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

 

                                                                                                                                                                                            
     Surplus(1)     Net Realized Capital  Gains
(Losses)		     Net Investment Income  

Derivative Type

    2023     2022     2021     2023     2022     2021     2023     2022     2021  

Equity options

    $ 61     $ (14 )    $ 5     $ 23     $ (8 )    $ (4 )    $  —      $  —      $  —   

Foreign currency forwards

      6       (13 )      19       (12 )      39        —         —         —         —   

Foreign currency swaps

      (293 )      420       161       42       (12 )      (3 )      52       61       42  

Futures

      (8 )       —         —        (11 )      (5 )      (87 )       —         —         —   

Interest rate options

      (54 )      40       3       (10 )      1       5       1       (3 )      (6 ) 

Interest rate swaps

      152       (59 )      (27 )      6        —        (4 )      (102 )      (3 )      22  

Bond forwards

      (11 )       —         —         —         —         —         —         —         —   

Total return swap

       —         —        73        —         —        (147 )       —         —         —   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total

    $ (146 )    $  374     $ 234     $ 37     $ 15     $ (240 )    $ (48 )    $ 55     $ 58  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

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

NOTE 8—SEPARATE ACCOUNTS

Separate Accounts Activity

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

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

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

 

38

NEW YORK LIFE INSURANCE AND ANNUITY CORPORATION

NOTES TO STATUTORY FINANCIAL STATEMENTS

 

NOTE 8—SEPARATE ACCOUNTS (continued)

 

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

 

                                                                                                                                                                       
     2023      2022  

Product/Transaction

    Legally
Insulated
Assets		      Separate
Accounts Assets
(Not Legally
Insulated)(1)		      Legally
Insulated
Assets		      Separate
Accounts Assets
(Not Legally
Insulated)(2) 		 

VA products non-guaranteed

    $ 35,691      $ 37      $ 32,602      $ 38  

VUL insurance products non-guaranteed

      13,116        —         10,550        2  

UL insurance products guaranteed

      6,313        39        6,404        34  

VUL insurance products guaranteed

      189        20        156        22  
  

 

 

     

 

 

     

 

 

     

 

 

  

Total

    $  55,309      $  96      $  49,712      $  96  
  

 

 

     

 

 

     

 

 

     

 

 

  

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

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

Guaranteed Separate Accounts

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

Non-Guaranteed Separate Accounts

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

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

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

 

                    

Year

    Amount  

2023

    $ 65  

2022

    $ 67  

2021

    $ 62  

2020

    $ 57  

2019

    $ 54  

 

39

NEW YORK LIFE INSURANCE AND ANNUITY CORPORATION

NOTES TO STATUTORY FINANCIAL STATEMENTS

 

NOTE 8—SEPARATE ACCOUNTS (continued)

 

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

 

                    

Year

    Amount  

2023

    $ 12  

2022

    $ 12  

2021

    $ 4  

2020

    $ 5  

2019

    $ 3  

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

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

 

                                                                                                                                                               
     2023  
     Non-Indexed
Guarantee
Less than /
Equal to 4%		      Non-Indexed
Guarantee
More than 4%		      Non-
Guaranteed
Separate
Accounts		      Total  

Premiums, considerations or deposits

    $ —       $ —       $ 3,046      $ 3,046  
  

 

 

     

 

 

     

 

 

     

 

 

  

Reserves at 12/31:

            

For accounts with assets at:

            

Fair value

    $ —       $ —       $ 47,728      $ 47,728  

Amortized cost

      5,792        710        —         6,502  
  

 

 

     

 

 

     

 

 

     

 

 

  

Total reserves

    $ 5,792      $ 710      $ 47,728      $ 54,230  
  

 

 

     

 

 

     

 

 

     

 

 

  

By withdrawal characteristics:

            

With fair value adjustment

    $ 5,792      $ 710      $ —       $ 6,502  

At fair value

      —         —         47,728        47,728  
  

 

 

     

 

 

     

 

 

     

 

 

  

Total reserves

    $ 5,792      $ 710      $ 47,728      $ 54,230  
  

 

 

     

 

 

     

 

 

     

 

 

  

 

                                                                                                                                                               
     2022  
     Non-Indexed
Guarantee
Less than /
Equal to 4%		      Non-Indexed
Guarantee
More than 4%		      Non-
Guaranteed
Separate
Accounts		      Total  

Premiums, considerations or deposits

    $ —       $ —       $ 2,539      $ 2,539  
  

 

 

     

 

 

     

 

 

     

 

 

  

Reserves at 12/31:

            

For accounts with assets at:

            

Fair value

    $ —       $ —       $ 42,088      $ 42,088  

Amortized cost

      6,035        516        —         6,551  
  

 

 

     

 

 

     

 

 

     

 

 

  

Total reserves

    $ 6,035      $ 516      $ 42,088      $ 48,639  
  

 

 

     

 

 

     

 

 

     

 

 

  

By withdrawal characteristics:

            

With fair value adjustment

    $ 6,035      $ 516      $ —       $ 6,551  

At fair value

      —         —         42,088        42,088  
  

 

 

     

 

 

     

 

 

     

 

 

  

Total reserves

    $ 6,035      $ 516      $ 42,088      $ 48,639  
  

 

 

     

 

 

     

 

 

     

 

 

  

 

40

NEW YORK LIFE INSURANCE AND ANNUITY CORPORATION

NOTES TO STATUTORY FINANCIAL STATEMENTS

 

NOTE 8—SEPARATE ACCOUNTS (continued)

 

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

 

                                                                                                                             
     2023     2022     2021  

Transfers to separate accounts

    $ 3,046     $ 2,540     $ 4,058  

Transfers from separate accounts

      (3,694 )      (2,096 )      (2,211 ) 
  

 

 

    

 

 

    

 

 

  

Net transfers (from)/to separate accounts

    $ (648 )    $ 444     $ 1,847  
  

 

 

    

 

 

    

 

 

  

Reconciling Adjustment:

       

Change in reserve valuation basis(1)

   $ —      $ —      $ 62  
  

 

 

    

 

 

    

 

 

  

Net transfers (from)/to separate accounts

    $ (648 )    $ 444     $ 1,909  
  

 

 

    

 

 

    

 

 

  

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

NOTE 9—FAIR VALUE MEASUREMENTS

The Company’s financial assets and liabilities carried at fair value have been classified, for disclosure purposes, based on a hierarchy defined by SSAP No. 100, “Fair Value Measurements”. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. This guidance establishes a framework for measuring fair value that includes a hierarchy used to classify the inputs used in measuring fair value. The hierarchy prioritizes the inputs to valuation techniques used to measure fair value into three levels. The level in the fair value hierarchy within which the fair value measurement falls is determined based on the lowest level input that is significant to the fair value measurement.

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

 

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

 

41

NEW YORK LIFE INSURANCE AND ANNUITY CORPORATION

NOTES TO STATUTORY FINANCIAL STATEMENTS

 

NOTE 9—FAIR VALUE MEASUREMENTS (continued)

 

Determination of Fair Value

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

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

 

42

NEW YORK LIFE INSURANCE AND ANNUITY CORPORATION

NOTES TO STATUTORY FINANCIAL STATEMENTS

 

NOTE 9—FAIR VALUE MEASUREMENTS (continued)

 

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

 

                                                                                                                                                                                         
     2023  
     Fair Value      Carrying
Value		      Level 1      Level 2      Level 3      NAV as a
Practical
Expedient		  

Assets:

                  

Bonds

    $ 95,041      $ 102,056      $ 755      $ 89,789      $ 4,497      $ —   

Preferred stocks

      44        44        —         16        28        —   

Common stocks(1)

     615        615        590        —         25        —   

Mortgage loans

      14,534        15,484        —         —         14,534        —   

Cash, cash equivalents and short-term investments

      1,696        1,696        217        1,479        —         —   

Derivatives

      1,203        1,196        —         1,203        —         —   

Derivatives collateral

      137        137        —         137        —         —   

Other invested assets(1)

     598        593        —         126        472        —   

Investment income due and accrued

      1,005        1,005        —         1,005        —         —   

Separate accounts assets

      54,822        55,405        47,291        5,012        934        1,585  
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  

Total assets

    $ 169,695      $ 178,231      $ 48,853      $ 98,767      $ 20,490      $ 1,585  
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  

Liabilities:

                  

Deposit fund contracts:

                  

Annuities certain

    $ 1,219      $ 1,257      $ —       $ —       $ 1,219      $ —   

Derivatives

      327        233        —         327        —         —   

Derivatives collateral

      823        823        —         823        —         —   

Amounts payable under securities lending agreements

      678        678        —         678        —         —   

Payable to parent and affiliates

      131        131        —         131        —         —   

Separate accounts liabilities - derivatives

      22        18        —         18        4        —   
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  

Total liabilities

    $ 3,200      $ 3,140      $ —       $ 1,977      $ 1,223      $ —   
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  

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

 

43

NEW YORK LIFE INSURANCE AND ANNUITY CORPORATION

NOTES TO STATUTORY FINANCIAL STATEMENTS

 

NOTE 9—FAIR VALUE MEASUREMENTS (continued)

 

                                                                                                                                                                                         
     2022  
     Fair Value      Carrying
Value		      Level 1      Level 2      Level 3      NAV as  a
Practical
Expedient		  

Assets:

                  

Bonds

    $ 83,932      $ 93,817      $ 835      $ 79,509      $ 3,588      $ —   

Preferred stocks

      49        49        —         15        34        —   

Common stocks(1)

     1,236        1,236        1,057        7        116        56  

Mortgage loans

      14,360        15,544        —         —         14,360        —   

Cash, cash equivalents and short-term investments

      6,401        6,401        170        6,231        —         —   

Derivatives

      1,365        1,360        —         1,361        4        —   

Derivatives collateral

      306        306        —         306        —         —   

Other invested assets(1)

     528        528        —         114        414        —   

Investment income due and accrued

      851        851        —         851        —         —   

Separate accounts assets

      49,048        49,808        42,069        4,838        994        1,147  
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  

Total assets

    $ 158,076      $ 169,900      $ 44,131      $ 93,232      $ 19,510      $ 1,203  
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  

Liabilities:

                  

Deposit fund contracts:

                  

Annuities certain

    $ 1,010      $ 1,077      $ —       $ —       $ 1,010      $ —   

Derivatives

      635        326        —         635        —         —   

Derivatives collateral

      813        813        —         813        —         —   

Amounts payable under securities lending agreements

      675        675        —         675        —         —   

Payable to parent and affiliates

      140        140        —         140        —         —   

Separate accounts liabilities - derivatives

      27        22        —         22        5        —   
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  

Total liabilities

    $ 3,300      $ 3,053      $ —       $ 2,285      $ 1,015      $ —   
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  

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

Bonds

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

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

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

 

44

NEW YORK LIFE INSURANCE AND ANNUITY CORPORATION

NOTES TO STATUTORY FINANCIAL STATEMENTS

 

NOTE 9—FAIR VALUE MEASUREMENTS (continued)

 

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

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

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

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

Preferred Stocks

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

Common Stocks

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

Mortgage Loans

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

 

45

NEW YORK LIFE INSURANCE AND ANNUITY CORPORATION

NOTES TO STATUTORY FINANCIAL STATEMENTS

 

NOTE 9—FAIR VALUE MEASUREMENTS (continued)

 

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

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

Derivatives

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

Derivatives Collateral

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

Other Invested Assets

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

Separate Accounts Assets

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

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

 

46

NEW YORK LIFE INSURANCE AND ANNUITY CORPORATION

NOTES TO STATUTORY FINANCIAL STATEMENTS

 

NOTE 9—FAIR VALUE MEASUREMENTS (continued)

 

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

 

                                                                                                        

2023

Category of

Investment

   

Investment

Strategy

    Fair Value
Determined
using NAV		      Unfunded
Commitments		     

Redemption Frequency

   

Redemption Notice Period

Hedge Fund

    Multi-Strategy    $ 1,474      $ —       Monthly, Quarterly, Semi Annually and Annually    180 days or less

Hedge Fund

    Fixed Income Arbitrage      51        —       Quarterly    100 days or less

Hedge Fund

    Sector Investing      —         —       Monthly    30 days

Hedge Fund

    Long/Short Equity      4        —       Monthly    30 days

Private Equity

    Venture Capital      56        —       Quarterly    95 days

Mutual Fund

    Multi Strategy, Global Allocation      —         —       Quarterly, Weekly    5 days - 45 days (Assets subject to lock up periods)
     

 

 

     

 

 

        
      $ 1,585      $ —         
     

 

 

     

 

 

        

2022

Category of
Investment

   

Investment Strategy

    Fair Value
Determined
using NAV		      Unfunded
Commitments		     

Redemption Frequency

   

Redemption Notice Period

Hedge Fund

    Multi-Strategy    $ 1,067      $ —       Monthly, Quarterly, Semi Annually and Annually    180 days or less

Hedge Fund

    Fixed Income Arbitrage      27        —       Quarterly    100 days or less

Hedge Fund

    Sector Investing      24        —       Monthly    30 days

Hedge Fund

    Long/Short Equity      4        —       Monthly    30 days

Private Equity

    Venture Capital      25        —       Quarterly    95 days

Mutual Fund

    Multi Strategy, Global Allocation      56        —       Quarterly, Weekly    5 days - 45 days (Assets subject to lock up periods)
     

 

 

     

 

 

        
      $ 1,203      $ —         
     

 

 

     

 

 

        

Annuities Certain

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

Separate Accounts Liabilities – Derivatives

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

 

47

NEW YORK LIFE INSURANCE AND ANNUITY CORPORATION

NOTES TO STATUTORY FINANCIAL STATEMENTS

 

NOTE 9—FAIR VALUE MEASUREMENTS (continued)

 

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

 

                                                                                                                                                                                                                 
     2023  
     Quoted Prices in
Active  Markets
for Identical
Assets (Level 1)		      Significant
Observable
Inputs
(Level 2)		      Significant
Unobservable
Inputs
(Level 3)		      NAV as a
Practical
Expedient		      Total  

Assets at fair value

               

Bonds

               

SVO-identified bond ETF

    $ 755      $ —       $ —       $ —       $ 755  

Non-agency ABS

      —         —         —         —         —   
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  

Total bonds

      755        13        —         —         768  

Preferred stocks

      —         15        28        —         43  

Common stocks

      590        —         25        —         615  

Derivatives

      1        1,146        —         —         1,147  

Separate accounts assets

      47,260        9        —         1,585        48,854  

Other invested assets

      —         —         158        —         158  
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  

Total assets at fair value

    $ 48,606      $ 1,183      $ 211      $ 1,585      $ 51,585  
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  

Liabilities at fair value

               

Derivatives

    $ —       $ 205      $ —       $ —       $ 205  

Separate accounts liabilities - derivatives(1)

     —         2        —         —         2  
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  

Total liabilities at fair value

    $ —       $ 207      $ —       $ —       $ 207  
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  

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

 

                                                                                                                                                                                                                 
     2022  
     Quoted Prices in
Active  Markets
for Identical
Assets (Level 1)		      Significant
Observable
Inputs
(Level 2)		      Significant
Unobservable
Inputs
(Level 3)		      NAV as a
Practical
Expedient		      Total  

Assets at fair value

               

Bonds

               

SVO-identified bond ETF

    $ 835      $ —       $ —       $ —       $ 835  

Non-agency ABS

      —         —         6        —         6  
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  

Total bonds

      835        —         6        —         841  

Preferred stocks

      —         15        34        —         49  

Common stocks

      1,057        7        116        56        1,236  

Derivatives

      —         1,328        4        —         1,332  

Separate accounts assets

      42,046        9        17        1,147        43,219  

Other invested assets

      —         —         87        —         87  
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  

Total assets at fair value

    $ 43,938      $ 1,359      $ 264      $ 1,203      $ 46,764  
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  

Liabilities at fair value

               

Derivatives

    $ —       $ 326      $ —       $ —       $ 326  

Separate accounts liabilities - derivatives(1)

     —         3        —         —         3  
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  

Total liabilities at fair value

    $ —       $ 329      $ —       $ —       $ 329  
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  

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

 

48

NEW YORK LIFE INSURANCE AND ANNUITY CORPORATION

NOTES TO STATUTORY FINANCIAL STATEMENTS

 

NOTE 9—FAIR VALUE MEASUREMENTS (continued)

 

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

 

                                                                                                                                                                                                                 

2023

  
     Balance
at 1/1		      Transfers
into
Level 3		      Transfers
out of
Level 3		     Total Gains
(Losses)
Included in
Net Income		     Total Gains
(Losses)
Included in
Surplus		     Purchases      Issuances      Sales     Settlements     Balance
at 12/31		  

Bonds:

                         

U.S. corporate

    $ —       $ —       $ —      $ —      $ —      $ —       $ —       $ —      $ —      $ —   

Non-agency ABS

      6        —         (6 )      —        —        —         —         —        —        —   
  

 

 

     

 

 

     

 

 

    

 

 

    

 

 

    

 

 

     

 

 

     

 

 

    

 

 

    

 

 

  

Total bonds

      6        —         (6 )      —        —        —         —         —        —        —   

Preferred Stocks

      34        —         —        (1 )      (5 )      —         —         —        —        28  

Common stocks

      116        —         —        67       (79 )      —         —         (79 )      —        25  

Derivatives

      4        —         (4 )      —        —        —         —         —        —        —   

Separate accounts assets

      17        —         (3 )      11       (13 )      —         —         (12 )      —        —   

Other invested assets

      87        38        —        (30 )      (6 )      78        —         (9 )      —        158  
  

 

 

     

 

 

     

 

 

    

 

 

    

 

 

    

 

 

     

 

 

     

 

 

    

 

 

    

 

 

  

Total

    $ 264      $ 38      $ (13 )    $ 47     $ (103 )    $ 78      $ —       $ (100 )    $ —      $ 211  
  

 

 

     

 

 

     

 

 

    

 

 

    

 

 

    

 

 

     

 

 

     

 

 

    

 

 

    

 

 

  

2022

  
     Balance
at 1/1		      Transfers
into
Level 3		      Transfers
out of
Level  3		     Total Gains
(Losses)
Included  in
Net Income		     Total Gains
(Losses)
Included in
Surplus		     Purchases      Issuances      Sales     Settlements     Balance
at 12/31		  

Bonds:

                         

U.S. corporate

    $ —       $ —       $ —      $ —      $ —      $ —       $ —       $ —      $ —      $ —   

Non-agency ABS

      12        —         (3 )      —        (1 )      7        —         —        (9 )      6  
  

 

 

     

 

 

     

 

 

    

 

 

    

 

 

    

 

 

     

 

 

     

 

 

    

 

 

    

 

 

  

Total bonds

      12        —         (3 )      —        (1 )      7        —         —        (9 )      6  

Preferred stocks

      34        —         —        —        —        —         —         —        —        34  

Common stocks

      74        —         —        —        46       2        —         (6 )      —        116  

Derivatives

      —         —         —        (3 )      7       —         —         —        —        4  

Separate accounts assets

      8        —         —        (1 )      10       —         —         —        —        17  

Other invested assets

      87        —         —        —        —        —         —         —        —        87  
  

 

 

     

 

 

     

 

 

    

 

 

    

 

 

    

 

 

     

 

 

     

 

 

    

 

 

    

 

 

  

Total

    $ 215      $ —       $ (3 )    $ (4 )    $ 62     $ 9      $ —       $ (6 )    $ (9 )    $ 264  
  

 

 

     

 

 

     

 

 

    

 

 

    

 

 

    

 

 

     

 

 

     

 

 

    

 

 

    

 

 

  

Transfers Between Levels

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

Transfers into and out of Level 3

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

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

 

49

NEW YORK LIFE INSURANCE AND ANNUITY CORPORATION

NOTES TO STATUTORY FINANCIAL STATEMENTS

 

NOTE 9—FAIR VALUE MEASUREMENTS (continued)

 

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

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

NOTE 10—INVESTMENT INCOME AND CAPITAL GAINS AND LOSSES

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

 

                                                                                                                             
     2023     2022     2021  

Bonds

    $ 4,091     $ 3,361     $ 3,319  

Common and preferred stocks

      33       23       32  

Mortgage loans

      757       638       632  

Policy loans

      53       53       64  

Other invested assets1

     419       221       197  

Short-term investments

      156       55       2  

Derivative instruments

      (30 )      71       80  
  

 

 

    

 

 

    

 

 

  

Gross investment income

      5,479       4,422       4,326  

Investment expenses

      (266 )      (192 )      (169 ) 
  

 

 

    

 

 

    

 

 

  

Net investment income

      5,213       4,230       4,157  

Net gain from separate accounts

      60       46       56  

Amortization of IMR

      3       28       48  
  

 

 

    

 

 

    

 

 

  

Net investment income, including net gain from separate accounts and amortization of IMR

    $ 5,276     $ 4,304     $ 4,261  
  

 

 

    

 

 

    

 

 

  

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

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

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

 

                                                                                                                                                                                         
     2023      2022      2021  
     General
Account(1)		      Separate
Account		      General
Account(1)
      Separate
Account		      General
Account(1)		      Separate
Account		  

Number of cusips

      30        11        146        77        302        177  

Investment income

    $ 4      $ 1      $ 39      $ 3      $ 137      $ 8  

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

 

50

NEW YORK LIFE INSURANCE AND ANNUITY CORPORATION

NOTES TO STATUTORY FINANCIAL STATEMENTS

 

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

 

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

 

                                                                                            
     2023     2022     2021  

Bonds

    $ (167 )    $ (110 )    $ 160  

Mortgage loans

      (3 )      (12 )      4  

Common and preferred stocks

      305       45       73  

Other invested assets

      (61 )      18       (9 ) 

Derivatives

      (186 )      (12 )      (408 ) 
  

 

 

    

 

 

    

 

 

  

Net realized capital losses before tax and transfers to the IMR

      (112 )      (71 )      (180 ) 

Less:

       

Capital gains tax (benefit)/expense

      (41 )      16       47  

Net realized capital losses after tax transferred to IMR

      (259 )      (50 )      (70 ) 
  

 

 

    

 

 

    

 

 

  

Net realized capital gains/(losses) after tax and transfers to the IMR

    $ 188     $ (37 )    $ (157 ) 
  

 

 

    

 

 

    

 

 

  

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

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

 

                                                                                            
     2023     2022     2021  

Bonds

    $ 22     $ 72     $ 23  

Common and preferred stocks

      33       14       3  

Other invested assets

      59       27       6  

Mortgage Loans

      3       12       —   
  

 

 

    

 

 

    

 

 

  

Total

    $ 117      $ 125      $ 32  
  

 

 

    

 

 

    

 

 

  

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

 

51

NEW YORK LIFE INSURANCE AND ANNUITY CORPORATION

NOTES TO STATUTORY FINANCIAL STATEMENTS

 

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

 

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

 

                                                                                                                                                                                         
     2023  
     Less than 12 Months      12 Months or Greater      Total  
     Fair
Value		      Unrealized
Losses		      Fair
Value		      Unrealized
Losses		      Fair
Value		      Unrealized
Losses(1) 		 

Bonds

                  

U.S. governments

    $ 636      $ 113      $ 3,222      $ 1,124      $ 3,858      $ 1,237  

All other governments

      22        1        142        16        164        17  

U.S. Special Revenue and Special Assessment

      881        68        7,013        943        7,894        1,011  

Industrial and miscellaneous unaffiliated

      6,557        430        51,349        4,989        57,906        5,419  

Parent, subsidiaries, and affiliates(2)

     139        1        2,839        33        2,978        34  

SVO identified Funds

      —         —         212        18        212        18  
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  

Total bonds

      8,235        613        64,777        7,123        73,012        7,736  
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  

Equity securities (unaffiliated)

                  

Common stocks

      67        8        1        —         68        8  

Preferred stocks

      —         —         —         —         —         —   
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  

Total equity securities

      67        8        1        —         68        8  
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  

Total

    $ 8,302      $ 621      $ 64,778      $ 7,123      $ 73,080      $ 7,744  
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  

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

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

 

                                                                                                                                                                                         
     2022  
     Less than 12 Months      12 Months or Greater      Total  
     Fair
Value		      Unrealized
Losses		      Fair
Value		      Unrealized
Losses		      Fair
Value		      Unrealized
Losses(1) 		 

Bonds

                  

U.S. governments

    $ 3,921      $ 1,185      $ 132      $ 24      $ 4,053      $ 1,209  

All other governments

      98        11        34        6        132        17  

U.S. Special Revenue and Special Assessment

      8,247        1,291        208        38        8,455        1,329  

Industrial and miscellaneous unaffiliated

      55,347        6,524        6,734        870        62,081        7,394  

Parent, subsidiaries, and affiliates(2)

     2,789        76        208        22        2,997        98  
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  

Total bonds

      70,402        9,087        7,316        960        77,718        10,047  
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  

Equity securities (unaffiliated)

                  

Common stocks

      1,048        77        19        —         1,067        77  

Preferred stocks

      3        1        —         —         3        1  
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  

Total equity securities

      1,051        78        19        —         1,070        78  
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  

Total

    $ 71,453      $ 9,165      $ 7,335      $ 960      $ 78,788      $ 10,125  
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  

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

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

 

52

NEW YORK LIFE INSURANCE AND ANNUITY CORPORATION

NOTES TO STATUTORY FINANCIAL STATEMENTS

 

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

 

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

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

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

 

                                                                                                                                                                                            
     Change in Unrealized
Gains  (Losses)		     Change in Unrealized
Foreign  Exchange
Gains (Losses)		     Total Change in
Unrealized  Gains
(Losses)		  
     2023     2022     2021     2023      2022     2021     2023     2022     2021  

Bonds

    $ 27     $ (42 )    $ (2 )    $ 236      $ (351 )    $ (113 )    $ 263     $ (393 )    $ (115 ) 

Preferred Stocks

      (3 )      (2 )      17       —         —        —        (3 )      (2 )      17  

Common stocks unaffiliated

      (182 )      (210 )      231       11        (7 )      (18 )      (172 )      (217 )      213  

Mortgage loans

      (72 )      4       (3 )      —         —        —        (72 )      4       (3 ) 

Other invested assets

      (144 )      28       345       2        (18 )      —        (142 )      10       345  

Cash, cash equivalents and short-term investments

      —        —        —        2        2       —        2       2       —   

Derivatives

      (195 )      393       244       —         —        —        (195 )      393       244  
  

 

 

    

 

 

    

 

 

    

 

 

     

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total change in unrealized on investments

      (569 )      171       832       251        (374 )      (131 )      (319 )      (203 )      701  
  

 

 

    

 

 

    

 

 

    

 

 

     

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Capital gains tax (benefit) expense

      (50 )      (49 )      112       —         —        —        (50 )      (49 )      112  
  

 

 

    

 

 

    

 

 

    

 

 

     

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total change in unrealized gains (losses), net of tax

    $ (519 )    $ 220     $ 720     $ 251      $ (374 )    $ (131 )    $ (268 )    $ (154 )    $ 589  
  

 

 

    

 

 

    

 

 

    

 

 

     

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

 

53

NEW YORK LIFE INSURANCE AND ANNUITY CORPORATION

NOTES TO STATUTORY FINANCIAL STATEMENTS

 

NOTE 11—RELATED PARTY TRANSACTIONS

Capital Contributions

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

Dividend Distributions

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

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

Material Transactions

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

 

Date of

Transaction

   

Name of

Related Party

   

Nature of

Relationship

   

Type of

Transaction

   

Description

Loans and Credit Agreements:

      
12/31/2015 (last amended as of 12/31/2022)    MCF   

Non-

insurance affiliate

    Note funding agreement    The Company and New York Life entered into a note funding agreement with MCF (as amended from time to time, the (“MCF Note Agreement”) and acquired a variable funding note issued by MCF. The note was most recently reissued on December 31, 2022 due to the Company’s transfer of a portion of its interest to Life Insurance Company of North America (“LINA”), direct wholly owned subsidiaries of the Company. The funding limit is determined using 2.25% multiplied by the cash and invested assets amount, as of such date of determination. Cash and invested assets amount means, as of any date of determination, the sum of (x) the net admitted cash and invested assets of the Company (y) the net admitted cash and invested assets of New York Life (excluding any portion thereof attributable to New York Life’s investment in the Company), and LINA, in each case, based on the most recently available quarterly or annual financial statements of New York Life, LINA or the Company, as applicable. All outstanding advances made to MCF under the MCF Note Agreement will be due in full on December 31, 2025.
12/23/2004 (last amended as of 12/30/2022)    New York Life Capital Corporation (“NYLCC”)   

Non-

insurance affiliate

    Revolving credit agreement    NYLCC has agreed to make loans to the Company in an amount up to, but not exceeding, $3,500 million from proceeds from the issuance of commercial paper. During 2023 and 2022, the revolving credit facility was not used, no interest was paid and no outstanding balance was due.
9/30/1993 (last amended on 12/30/2022)    New York Life    Parent    Revolving credit agreement    The Company has a revolving credit agreement with New York Life whereby the Company may borrow in the amount of up to $3,500 million. At December 31, 2023 and 2022, the Company has not borrowed under this agreement.
4/1/1999 (last amended as of 12/30/2022)    New York Life    Parent    Revolving credit agreement    The Company has a revolving credit agreement with New York Life, whereby the Company may lend in the amount of up to $900 million. During 2021, NYLIC borrowed and repaid a $600 million loan to the Company. $3,288 of interest was paid, and there was no outstanding balance due at December 31, 2021. At December 31, 2023 and 2022, the Company has not borrowed under this agreement.

Service Agreements:

         
4/27/2006 (amended from time to time    NYLIFE Distributors, LLC.   

Non-

insurance affiliate

    Variable product distribution agreement    The Company has appointed NYLIFE Distributors, LLC as the underwriter and/ or wholesale distributor of the Company’s variable products. For the years ended December 31, 2023, 2022 and 2021, the Company received service fees of $40 million, $44 million and $50 million, respectively, under a 12b-1 Plan Services Agreement, in consideration for providing 12b-1 Plan services attributable to the variable products.

 

54

NEW YORK LIFE INSURANCE AND ANNUITY CORPORATION

NOTES TO STATUTORY FINANCIAL STATEMENTS

 

NOTE 11—RELATED PARTY TRANSACTIONS (continued)

 

Date of

Transaction

   

Name of

Related Party

   

Nature of

Relationship

   

Type of

Transaction

   

Description

Amended and restated at 5/29/2009    New York Life    Parent    Administration agreement    New York Life provides the Company with certain services and facilities including, but not limited to accounting, tax and auditing services, legal services, actuarial services, electronic data processing operations and communications operations. New York Life charges the Company for the identified costs associated with these services and facilities under the terms of a service agreement between New York Life and the Company. For the years ended December 31, 2023, 2022 and 2021, the fees incurred associated with these services and facilities, amounted to $983 million, $915 million and $862 million, respectively, and are reflected in Operating expenses and Net investment income in the accompanying Statutory Statements of Operations.
Various    New York Life    Parent    Participation in mortgage loans, Real estate owned and real estate    The Company’s interests in commercial mortgage loans are primarily held in the form of participations in mortgages` originated or acquired by New York Life. A real estate property acquired through foreclosure is called REO Portfolio. The Company’s interests in the ownership of REO Portfolio is called REO Ownership Interest. Certain real estate investments acquired may have similar ownership interests through a participation. Under the participation agreement for the mortgage loans, it is agreed between the Company and New York Life that the Company’s proportionate interest (as evidenced by a participation certificate) in the underlying mortgage loan, including without limitation, the principal balance thereof, all interest which accrues thereon, and all proceeds generated therefrom, will be pari passu with New York Life’s and pro rata based upon the respective amounts funded by New York Life and the Company in connection with the applicable mortgage loan origination or acquisition. Consistent with the participation arrangement, all mortgage loan documents name New York Life (and not both New York Life and the Company) as the lender but are held for the benefit of both the Company and New York Life pursuant to the applicable participation agreement. New York Life retains general decision making authority with respect to each mortgage loan, although certain decisions require the Company’s approval. The Company’s mortgage loans, REOs and certain real estate investments acquired through a participation from New York Life had a carrying value of $15,221 million and $15,495 million as of December 31, 2023 and 2022, respectively. There’s no REO in the form of participations owned by the Company as of December 31, 2023 and 2022.

1/1/2005 (amended

3/28/2014)

    New York Life Investment Management LLC (“NYLIM”)   

Non- insurance

affiliate

   

Administrative service

agreement

    NYLIM has a management agreement with the MainStay VP Funds Trust (“the Fund”), a registered investment company whose shares are sold to various separate accounts of the Company. Under the terms of the agreement, NYLIM pays the Company administrative fees for providing services to the Fund.
4/1/2000, as amended from time to time    NYL Investors, LLC    Non- insurance affiliate    Investment advisory agreement    The Company is a party to an investment advisory agreement with NYL Investors, LLC, as amended from time to time, to receive investment advisory and administrative services from NYL Investors, LLC. The payments are required to be made within 90 days from the time of billing.
6/30/2008, as amended from time to time    NYLIFE Securities, LLC    Non- insurance affiliate    Service fee agreement    The Company pays NYLIFE Securities LLC a service fee for supervisory services based on a determined revenue factor based on sales and in-force business.
Other Agreements:         
Various    New York Life    Parent    Sale of corporate owned life insurance policies (“COLI”)    The Company sold various COLI policies to New York Life for the purpose of informally funding certain benefits for New York Life employees and agents. These policies were issued on the same terms as policies sold to unrelated customers. At December 31, 2023 and 2022, policyholder reserve balances for these policies amounted to $4,308 million and $4,181 million, respectively, and were included in Policy reserves and Separate accounts liabilities in the accompanying Statutory Statements of Financial Position.
10/5/2017    REEP-OFC 2300 Empire LLC / Retreat at Seven Bridges    Non- insurance affiliate    Mortgage loan on real estate    In connection with the acquisition of an office building by REEP-OFC 2300 Empire LLC and a pledge of an unleveraged equity interest in the owner of Retreat at Seven Bridges, an existing multifamily property, the Company provided a first mortgage loan to REEP-OFC 2300 Empire LLC and REEP-MF Woodridge IL LLC.
6/11/2012    New York Life    Parent    Tenancy in common agreement    In connection with a $150 million land acquisition of a fee simple estate in land underlying an office building and related improvements and encumbered by a ground lease located at 1372 Broadway, New York, NY by New York Life (73.8% interest) and the Company (26.2% interest), the Company and New York Life entered into a Tenancy in Common Agreement in which the agreement sets forth the terms that govern, in part, each entity’s interest in the property.

 

55

NEW YORK LIFE INSURANCE AND ANNUITY CORPORATION

NOTES TO STATUTORY FINANCIAL STATEMENTS

 

NOTE 11—RELATED PARTY TRANSACTIONS (continued)

 

Date of

Transaction

   

Name of

Related Party

   

Nature of

Relationship

   

Type of

Transaction

   

Description

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

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

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

 

56

NEW YORK LIFE INSURANCE AND ANNUITY CORPORATION

NOTES TO STATUTORY FINANCIAL STATEMENTS

 

NOTE 12—INSURANCE LIABILITIES

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

 

                                                             
     2023      2022  

Life insurance reserves

    $ 29,546      $ 29,525  

Annuity reserves and supplementary contracts with life contingencies

      83,406        80,033  

Asset adequacy and special reserves

      38        137  
  

 

 

     

 

 

  

Total policy reserves

      112,990        109,695  

Deposit funds

      1,583        1,441  

Policy claims

      1,041        1,049  
  

 

 

     

 

 

  

Total insurance liabilities

    $ 115,614      $ 112,185  
  

 

 

     

 

 

  

Life Insurance Reserves

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

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

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

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

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

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

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

 

57

NEW YORK LIFE INSURANCE AND ANNUITY CORPORATION

NOTES TO STATUTORY FINANCIAL STATEMENTS

 

NOTE 12—INSURANCE LIABILITIES (continued)

 

Annuity Reserves and Supplementary Contracts with Life Contingencies

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

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

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

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

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

Deposit Funds

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

 

                                                             
     2023      2022  

Fixed period annuities

    $ 1,271      $ 1,077  

Supplemental contracts without life contingencies

      300        350  

Continued interest accounts

      12        14  
  

 

 

     

 

 

  

Total deposit funds

    $ 1,583      $ 1,441  
  

 

 

     

 

 

  

 

58

NEW YORK LIFE INSURANCE AND ANNUITY CORPORATION

NOTES TO STATUTORY FINANCIAL STATEMENTS

 

NOTE 12—INSURANCE LIABILITIES (continued)

 

Withdrawal Characteristics of Annuity Reserves and Deposit Funds

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

Individual Annuities

 

                                                                                                                                                          
     2023  
     General
Account		      Separate
Accounts
with
Guarantees		      Separate
Accounts
Non-
guaranteed		      Total      % of
Total		  

Subject to discretionary withdrawal:

               

With fair value adjustment

    $ 30,270      $ —       $ —       $ 30,270        26 % 

At book value less current surrender charge of 5% or more

      12,128        —         —         12,128        10  

At fair value

      —         —         34,793        34,793        30  
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  

Total with adjustment or at fair value

      42,399        —         34,793        77,191        66  

At book value without adjustment

      20,213        —         —         20,213        17  

Not subject to discretionary withdrawal

      20,350        —         —         20,350        17  
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  

Total

    $ 82,962      $ —       $ 34,793      $ 117,754        100 % 
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  

Amount with current surrender charge of 5% or more that will have less than a 5% surrender charge in the following year

    $ 78      $ —       $ —       $ 78     

 

                                                                                                                                                          
     2022  
     General
Account		      Separate
Accounts
with
Guarantees		      Separate
Accounts
Non-
guaranteed		      Total      % of
Total		  

Subject to discretionary withdrawal:

               

With fair value adjustment

    $ 30,662      $ —       $ —       $ 30,662        28 % 

At book value less current surrender charge of 5% or more

      8,173        —         —         8,173        7  

At fair value

      —         —         31,696        31,696        28  
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  

Total with adjustment or at fair value

      38,835        —         31,696        70,531        63  

At book value without adjustment

      21,904        —         —         21,904        20  

Not subject to discretionary withdrawal

      18,798        —         —         18,798        17  
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  

Total

    $ 79,537      $ —       $ 31,696      $ 111,233        100 % 
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  

Amount with current surrender charge of 5% or more that will have less than a 5% surrender charge in the following year

    $ 303      $ —       $ —       $ 303     

 

59

NEW YORK LIFE INSURANCE AND ANNUITY CORPORATION

NOTES TO STATUTORY FINANCIAL STATEMENTS

 

NOTE 12—INSURANCE LIABILITIES (continued)

 

Group Annuities

 

                                                                                                                                                          
     2023  
     General
Account		      Separate
Accounts
with
Guarantees		      Separate
Accounts
Non-
guaranteed		      Total      % of
Total		  

Subject to discretionary withdrawal:

               

With fair value adjustment

    $ 24      $ —       $ —       $ 24        5 % 

At book value less current surrender charge of 5% or more

      —         —         —         —         —   

At fair value

      —         —         —         —         —   
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  

Total with adjustment or at fair value

      24        —         —         24        5  

At book value without adjustment

      32        —         —         32        7  

Not subject to discretionary withdrawal

      388        —         —         388        88  
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  

Total

    $ 444      $ —       $ —       $ 444        100 % 
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  

Amount with current surrender charge of 5% or more that will have less than a 5% surrender charge in the following year

    $ —       $ —       $ —       $ —      

 

                                                                                                                                                          
     2022  
     General
Account		      Separate
Accounts
with
Guarantees		      Separate
Accounts
Non-
guaranteed		      Total      % of
Total		  

Subject to discretionary withdrawal:

               

With fair value adjustment

    $ 31      $ —       $ —       $ 31        6 % 

At book value less current surrender charge of 5% or more

      —         —         —         —         —   

At fair value

      —         —         —         —         —   
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  

Total with adjustment or at fair value

      31        —         —         31        6  

At book value without adjustment

      37        —         —         37        7  

Not subject to discretionary withdrawal

      428        —         —         428        87  
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  

Total

    $ 496      $ —       $ —       $ 496        100 % 
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  

Amount with current surrender charge of 5% or more that will have less than a 5% surrender charge in the following year

    $ —       $ —       $ —       $ —      

 

60

NEW YORK LIFE INSURANCE AND ANNUITY CORPORATION

NOTES TO STATUTORY FINANCIAL STATEMENTS

 

NOTE 12—INSURANCE LIABILITIES (continued)

 

Deposit-Type Contracts

 

                                                                                                                                                          
     2023  
     General
Account		      Separate
Accounts
with
Guarantees		      Separate
Accounts
Non-
guaranteed		      Total      % of
Total		  

Subject to discretionary withdrawal:

               

With fair value adjustment

    $ —       $ —       $ —       $ —         —  % 

At book value less current surrender charge of 5% or more

      —         —         —         —         —   

At fair value

      —         —         —         —         —   
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  

Total with adjustment or at fair value

      —         —         —         —         —   

At book value without adjustment

      162        —         —         162        10  

Not subject to discretionary withdrawal

      1,421        —         —         1,421        90  
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  

Total

    $ 1,583      $ —       $ —       $ 1,583        100 % 
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  

Amount with current surrender charge of 5% or more that will have less than a 5% surrender charge in the following year

    $ —       $ —       $ —       $ —      

 

                                                                                                                                                          
     2022  
     General
Account		      Separate
Accounts
with
Guarantees		      Separate
Accounts
Non-
guaranteed		      Total      % of
Total		  

Subject to discretionary withdrawal:

               

With fair value adjustment

    $ —       $ —       $ —       $ —         —  % 

At book value less current surrender charge of 5% or more

      —         —         —         —         —   

At fair value

      —         —         —         —         —   
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  

Total with adjustment or at fair value

      —         —         —         —         —   

At book value without adjustment

      188        —         —         188        13  

Not subject to discretionary withdrawal

      1,253        —         —         1,253        87  
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  

Total

    $ 1,441      $ —       $ —       $ 1,441        100 % 
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  

Amount with current surrender charge of 5% or more that will have less than a 5% surrender charge in the following year

    $ —       $ —       $ —       $ —      

 

61

NEW YORK LIFE INSURANCE AND ANNUITY CORPORATION

NOTES TO STATUTORY FINANCIAL STATEMENTS

 

NOTE 12—INSURANCE LIABILITIES (continued)

 

Withdrawal Characteristics of Life Insurance Reserves

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

 

                                                                                                                                                  
    2023  
    General Account         

Separate Accounts

Guaranteed and

Non-guaranteed

  
   

Account

Value

     

Cash

Value

      Reserve         

Account

Value

     

Cash

Value

      Reserve  

Subject to discretionary withdrawal, surrender, or policy loans:

                   

Term policies with cash value

   $ —       $ —       $ —         $ —       $ —       $ —   

Universal life

     18,768        19,111        19,299          6,312        6,312        6,312  

Universal life with secondary guarantees

     5,892        5,397        8,527          —         —         —   

Indexed universal life

     —         —         —           —         —         —   

Indexed universal life with secondary guarantees

     —         —         —           —         —         —   

Indexed life

     —         —         —           —         —         —   

Other permanent cash value life insurance

     —         —         —           —         —         —   

Variable life

     11        11        16          58        58        58  

Variable universal life

     1,748        1,744        1,744          13,233        13,030        13,066  

Miscellaneous reserves

     —         —         —           —         —         —   

Not subject to discretionary withdrawal or no cash values:

                   

Term policies without cash value

     —         —         —           —         —         —   

Accidental death benefits

     —         —         —           —         —         —   

Disability - active lives

     —         —         2          —         —         —   

Disability - disabled lives

     —         —         75          —         —         —   

Miscellaneous reserves

     —         —         612          —         —         —   
 

 

 

     

 

 

     

 

 

       

 

 

     

 

 

     

 

 

  

Total life insurance (gross)

     26,419        26,263        30,275          19,603        19,400        19,436  

Reinsurance ceded

     —         —         728          —         —         —   
 

 

 

     

 

 

     

 

 

       

 

 

     

 

 

     

 

 

  

Total life insurance (net)

   $ 26,419      $ 26,263      $ 29,547        $ 19,603      $ 19,400      $ 19,436  
 

 

 

     

 

 

     

 

 

       

 

 

     

 

 

     

 

 

  

 

62

NEW YORK LIFE INSURANCE AND ANNUITY CORPORATION

NOTES TO STATUTORY FINANCIAL STATEMENTS

 

NOTE 12—INSURANCE LIABILITIES (continued)

 

                                                                                                                                                  
    2022  
    General Account         

Separate Accounts

Guaranteed and

Non-guaranteed

  
   

Account

Value

     

Cash

Value

      Reserve         

Account

Value

     

Cash

Value

      Reserve  

Subject to discretionary withdrawal, surrender, or policy loans:

                   

Term policies with cash value

   $ —       $ —       $ —         $ —       $ —       $ —   

Universal life

     19,090        19,424        19,277          6,396        6,396        6,396  

Universal life with secondary guarantees

     5,727        5,155        8,759          —         —         —   

Indexed universal life

     —         —         —           —         —         —   

Indexed universal life with secondary guarantees

     —         —         —           —         —         —   

Indexed life

     —         —         —           —         —         —   

Other permanent cash value life insurance

     —         —         —           —         —         —   

Variable life

     11        11        17          50        50        50  

Variable universal life

     1,757        1,752        1,501          10,653        10,469        10,498  

Miscellaneous reserves

     —         —         —           —         —         —   

Not subject to discretionary withdrawal or no cash values:

                   

Term policies without cash value

     —         —         —           —         —         —   

Accidental death benefits

     —         —         —           —         —         —   

Disability - active lives

     —         —         2          —         —         —   

Disability - disabled lives

     —         —         75          —         —         —   

Miscellaneous reserves

     —         —         608          —         —         —   
 

 

 

     

 

 

     

 

 

       

 

 

     

 

 

     

 

 

  

Total life insurance (gross)

     26,585        26,342        30,239          17,099        16,915        16,944  

Reinsurance ceded

     —         —         716          —         —         —   
 

 

 

     

 

 

     

 

 

       

 

 

     

 

 

     

 

 

  

Total life insurance (net)

   $ 26,585      $ 26,342      $ 29,523        $ 17,099      $ 16,915      $ 16,944  
 

 

 

     

 

 

     

 

 

       

 

 

     

 

 

     

 

 

  

 

63

NEW YORK LIFE INSURANCE AND ANNUITY CORPORATION

NOTES TO STATUTORY FINANCIAL STATEMENTS

 

NOTE 13—REINSURANCE

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

 

                                                             
     2023     2022  

Policy reserves:

     

Direct

    $ 113,718     $ 110,411  

Assumed

      —        —   

Ceded

      (728 )      (716 ) 
  

 

 

    

 

 

  

Policy reserves

    $ 112,990     $ 109,695  
  

 

 

    

 

 

  

Policy claims:

     

Direct

    $ 552     $ 523  

Assumed

      673       658  

Ceded(1)

     (184 )      (132 ) 
  

 

 

    

 

 

  

Policy claims

    $ 1,041     $ 1,049  
  

 

 

    

 

 

  

Reinsurance recoverable(2)

   $ 39     $ 45  

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

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

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

 

                                                                                            
     2023     2022     2021  

Premiums:

       

Direct(1)

   $ 16,089     $ 20,379     $ 13,461  

Assumed

      1,208       1,185       1,090  

Ceded

      (554 )      (531 )      (539 ) 
  

 

 

    

 

 

    

 

 

  

Premiums

    $ 16,743     $ 21,033     $ 14,012  
  

 

 

    

 

 

    

 

 

  

Benefit payments:

       

Direct

    $ 17,464     $ 14,387     $ 14,265  

Assumed

      1,266       1,344       1,388  

Ceded

      (652 )      (606 )      (739 ) 
  

 

 

    

 

 

    

 

 

  

Benefit payments

    $ 18,078     $ 15,125     $ 14,914  
  

 

 

    

 

 

    

 

 

  

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

Reinsurance Assumed

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

 

64

NEW YORK LIFE INSURANCE AND ANNUITY CORPORATION

NOTES TO STATUTORY FINANCIAL STATEMENTS

 

NOTE 13—REINSURANCE (continued)

 

Reinsurance Ceded

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

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

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

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

NOTE 14—BENEFIT PLANS

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

 

                                                                                            
     2023      2022      2021  

Defined benefit pension

    $ 25      $ 31      $ 32  

Defined contribution

      10        10        10  

Postretirement life and health

      4        5        6  

Postemployment

      2        2        2  
  

 

 

     

 

 

     

 

 

  

Total

    $ 41      $ 48      $ 50  
  

 

 

     

 

 

     

 

 

  

 

65

NEW YORK LIFE INSURANCE AND ANNUITY CORPORATION

NOTES TO STATUTORY FINANCIAL STATEMENTS

 

NOTE 15—COMMITMENTS AND CONTINGENCIES

Guarantees

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

Litigation

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

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

Borrowed Money

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

Assessments

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

Other Commitments and Contingencies

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

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

 

66

NEW YORK LIFE INSURANCE AND ANNUITY CORPORATION

NOTES TO STATUTORY FINANCIAL STATEMENTS

 

NOTE 15—COMMITMENTS AND CONTINGENCIES (continued)

 

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

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

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

FHLB Agreement

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

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

 

                                                             
     2023      2022  

Membership stock - Class B(1)

   $ 25      $ 25  

Activity stock

      —         —   
  

 

 

     

 

 

  

Aggregate total

    $ 25      $ 25  
  

 

 

     

 

 

  

Actual or estimated borrowing capacity as determined by the insurer

    $ 6,945      $ 6,759  

(1) Membership stock is not eligible for redemption.

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

 

                                                                                                                           
     2023      2022  
     General
Account		      Separate
Account		      General
Account		      Separate
Account		  

Fair Value

    $ 3,018      $ —       $ 1,175      $ —   

Carrying Value

    $ 3,018      $ —       $ 1,175      $ —   

Maximum Amount Borrowed During the Year

    $ 5      $ —       $ —       $ —   

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

 

67

NEW YORK LIFE INSURANCE AND ANNUITY CORPORATION

NOTES TO STATUTORY FINANCIAL STATEMENTS

 

NOTE 16—INCOME TAXES

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

 

                                                                                                                                                                                            
     2023      2022      Change  
     Ordinary      Capital     Total      Ordinary      Capital     Total      Ordinary     Capital     Total  

Gross DTAs

    $ 1,725      $ 356     $ 2,081      $ 1,433      $ 475     $ 1,908      $ 292     $ (119 )    $ 173  

Statutory valuation allowance

      —         —        —         —         —        —         —        —        —  
  

 

 

     

 

 

    

 

 

     

 

 

     

 

 

    

 

 

     

 

 

    

 

 

    

 

 

  

Adjusted gross DTAs

      1,725        356       2,081        1,433        475       1,908        292       (119 )      173  

Nonadmitted DTAs (1)

     712        —       712        545        —       545        167       —       167  
  

 

 

     

 

 

    

 

 

     

 

 

     

 

 

    

 

 

     

 

 

    

 

 

    

 

 

  

Subtotal net admitted DTAs

      1,013        356       1,369        888        475       1,363        125       (119 )      6  

Gross DTLs

      255        493       748        262        552       814        (7 )      (59 )      (66 ) 
  

 

 

     

 

 

    

 

 

     

 

 

     

 

 

    

 

 

     

 

 

    

 

 

    

 

 

  

Net admitted DTAs (2)

   $ 758      $ (137 )    $ 621      $ 626      $ (77 )    $ 549      $ 132     $ (60 )    $ 72  
  

 

 

     

 

 

    

 

 

     

 

 

     

 

 

    

 

 

     

 

 

    

 

 

    

 

 

  

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

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

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

 

     December 31, 2023      December 31, 2022      Change  
     Ordinary      Capital      Total      Ordinary      Capital      Total      Ordinary      Capital     Total  

Federal income taxes paid in prior years recoverable through loss carrybacks (Paragraph 11.a)

    $ —       $ 22      $ 22      $ —       $ 54      $ 54      $ —       $ (32 )    $ (32 ) 

Adjusted gross DTAs expected to be realized (excluding the amount of DTAs from paragraph 11.a above) after application of the threshold limitation (the lesser of paragraph 11.b.i and 11.b.ii below):

      597        2        599        495        —         495        102        2       104  

Adjusted gross DTAs expected to be realized following the balance sheet date. (Paragraph 11.b.i)

      597        2        599        495        —         495        102        2       104  

Adjusted gross DTAs allowed per limitation threshold (Paragraph 11.b.ii)

      N/A        N/A        1,246        N/A        N/A        1,198        N/A        N/A       48  

Adjusted gross DTAs (excluding the amount of DTAs from paragraphs 11.a and 11.b above) offset by gross DTLs (Paragraph 11.c)

      416        332        748        393        421        814        23        (89 )      (66 ) 
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

    

 

 

  

DTAs admitted as the result of application of SSAP 101 (Total of paragraphs 11.a, 11.b, 11.c).

    $ 1,013      $ 356      $ 1,369      $ 888      $ 475      $ 1,363      $ 125      $ (119 )    $ 6  
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

    

 

 

  

 

68

NEW YORK LIFE INSURANCE AND ANNUITY CORPORATION

NOTES TO STATUTORY FINANCIAL STATEMENTS

 

NOTE 16—INCOME TAXES (continued)

 

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

 

                                                             
     2023     2022  

Ratio percentage used to determine recovery period and threshold limitation amount.

      877 %      812 % 

Amount of adjusted capital and surplus used to determine recovery period and threshold limitation in paragraph 11.b.ii above.

    $ 8,308     $ 7,987  

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

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

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

 

                                                                                                                                                          
     2023     2022      2021      Change
2023-2022		     Change
2022-2021		  

Federal(1)

   $ 247     $ 114      $ 187      $ 133     $ (73 ) 

Foreign

      21       —         —         21       —   
  

 

 

    

 

 

     

 

 

     

 

 

    

 

 

  

Subtotal

      268       114        187        154       (73 ) 
  

 

 

    

 

 

     

 

 

     

 

 

    

 

 

  

Federal income tax on net capital gains (losses)

      (41 )      16        47        (57 )      (31 ) 

Other

      —        —         —         —        —   
  

 

 

    

 

 

     

 

 

     

 

 

    

 

 

  

Total federal and foreign income taxes

    $ 227     $ 130      $ 234      $ 97     $ (104 ) 
  

 

 

    

 

 

     

 

 

     

 

 

    

 

 

  

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

 

69

NEW YORK LIFE INSURANCE AND ANNUITY CORPORATION

NOTES TO STATUTORY FINANCIAL STATEMENTS

 

NOTE 16—INCOME TAXES (continued)

 

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

 

                                                                                            
     2023      2022      Change  

DTAs

         

Ordinary:

         

Policyholder reserves

    $ 1,026      $ 859      $ 167  

Deferred acquisition costs

      411        376        35  

Investments

      234        151        83  

Pension accrual

      20        21        (1 ) 

Receivables - nonadmitted

      17        21        (4 ) 

Fixed assets

      2        2        —   

Other

      15        3        12  
  

 

 

     

 

 

     

 

 

  

Subtotal

      1,725        1,433        292  

Nonadmitted

      712        545        167  
  

 

 

     

 

 

     

 

 

  

Admitted ordinary DTAs

      1,013        888        125  
  

 

 

     

 

 

     

 

 

  

Capital:

         

Investments

      356        475        (119 ) 
  

 

 

     

 

 

     

 

 

  

Subtotal

      356        475        (119 ) 

Nonadmitted

      —         —         —   
  

 

 

     

 

 

     

 

 

  

Admitted capital DTAs

      356        475        (119 ) 
  

 

 

     

 

 

     

 

 

  

Total admitted DTAs

      1,369        1,363        6  
  

 

 

     

 

 

     

 

 

  

DTLs

         

Ordinary:

         

Policyholder reserves

      80        124        (44 ) 

Investments

      166        138        28  

Other

      9        —         9  
  

 

 

     

 

 

     

 

 

  

Subtotal

      255        262        (7 ) 
  

 

 

     

 

 

     

 

 

  

Capital:

         

Investments

      493        552        (59 ) 
  

 

 

     

 

 

     

 

 

  

Subtotal

      493        552        (59 ) 
  

 

 

     

 

 

     

 

 

  

Total DTLs

      748        814        (66 ) 
  

 

 

     

 

 

     

 

 

  

Net admitted DTAs

    $ 621      $ 549      $ 72  
  

 

 

     

 

 

     

 

 

  

Change in deferred income tax on change in net unrealized capital gains/ losses

          $ 50  

Change in net deferred taxes related to other items

            189  

Change in DTAs nonadmitted

            (167 ) 
        

 

 

  

Change in net admitted DTAs

          $ 72  
        

 

 

  

 

70

NEW YORK LIFE INSURANCE AND ANNUITY CORPORATION

NOTES TO STATUTORY FINANCIAL STATEMENTS

 

NOTE 16—INCOME TAXES (continued)

 

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

 

                                                                                                                                                          
     2023     2022     2021     Change
2023-2022		     Change
2022-2021		  

Net gain from operations after dividends to policyholders and before federal and foreign income taxes at statutory rate

    $ 141     $ (106 )    $ 141     $ 247     $ (247 ) 

Net realized capital (losses)/gains at statutory rate

      (24 )      (15 )      (38 )      (9 )      23  

Tax exempt income

      (33 )      (35 )      (39 )      2       4  

Tax credits, net of withholding

      (41 )      (40 )      (37 )      (1 )      (3 ) 

Amortization of IMR

      (1 )      (6 )      (10 )      5       4  

Dividend from MCF

      (72 )      (37 )      (29 )      (35 )      (8 ) 

Partnership income from MCF

      57       54       46       3       8  

Prior year audit liability and settlement

      4       1       (1 )      3       2  

Non-admitted assets

      4       (6 )      —        10       (6 ) 

Other items impacting surplus

      4       4       96       —        (92 ) 

Other

      (1 )      5       (1 )      (6 )      6  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Federal and foreign income taxes incurred and change in net deferred taxes during the year

    $ 38     $ (181 )    $ 128     $ 219     $ (309 ) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Federal and foreign income tax expense reported in the Company’s Statutory Statements of Operations

    $ 268     $ 114     $ 187     $ 154     $ (73 ) 

Capital gains tax (benefit)/expense incurred

      (41 )      16       47       (57 )      (31 ) 

Change in net DTAs

      (189 )      (311 )      (106 )      122       (205 ) 

Change in current and deferred income taxes reported in surplus

      —        —        —        —        —   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Federal and foreign income taxes incurred and change in net deferred taxes during the year

    $ 38     $ (181 )    $ 128     $ 219     $ (309 ) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

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

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

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

 

71

NEW YORK LIFE INSURANCE AND ANNUITY CORPORATION

NOTES TO STATUTORY FINANCIAL STATEMENTS

 

NOTE 16—INCOME TAXES (continued)

 

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

 

                    

Year 2023

    $ —   

Year 2022

    $ 21  

Year 2021

    $ 120  

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

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

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

NOTE 17—CAPITAL AND SURPLUS

Capitalization

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

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

Other Surplus Adjustments

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

 

                                                                                            
     2023     2022     2021  

Surplus withdrawn from separate accounts

    $ 58     $ 48     $ 55  

Changes in surplus relating to separate accounts

      (74 )      (29 )      (44 ) 

Change in liability for reinsurance in unauthorized companies

      2       (2 )      (2 ) 
  

 

 

    

 

 

    

 

 

  

Total

    $ (14 )    $ 17     $ 9  
  

 

 

    

 

 

    

 

 

  

Nonadmitted Assets

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

 

72

NEW YORK LIFE INSURANCE AND ANNUITY CORPORATION

NOTES TO STATUTORY FINANCIAL STATEMENTS

 

NOTE 18—DIVIDENDS TO STOCKHOLDER

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

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

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

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

NOTE 19—WRITTEN PREMIUMS

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

 

                                                                                                                                                          
     2023             2022  
     Gross      Net of Loading              Gross      Net of Loading  

Group life(1)

   $ 441      $ 441         $ 418      $ 418  

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

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

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

 

73

NEW YORK LIFE INSURANCE AND ANNUITY CORPORATION

NOTES TO STATUTORY FINANCIAL STATEMENTS

 

NOTE 20—LOAN-BACKED AND STRUCTURED SECURITY IMPAIRMENTS

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

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

 

IMPAIRMENTS TAKEN ON CURRENT HOLDINGS DURING THE CURRENT YEAR
(1)   (2)   (3)   (4)   (5)   (6)   (7)
CUSIP(1,2)  

Amortized

Cost Before

Current

Period OTTI

   Projected
Cash Flows		  

Current Period

Recognized OTTI

  

Amortized Cost

After OTTI

   Fair Value  

Financial Statement

Reporting Period

General Account

            

001406AA5

   $5,236   $4,522   $713   $4,522   $4,383   12/31/2023

07389NAC9

   280   273   7   273   278   12/31/2023

12544ABN4

   247   245   2   245   252   12/31/2023

12544TAH7

   500   491   9   491   500   12/31/2023

12544VAB5

   15   14   1   14   15   12/31/2023

12667FJ55

   685   679   6   679   530   12/31/2023

12668AY25

   431   431   —    431   440   12/31/2023

12668BFL2

   138   129   9   129   131   12/31/2023

15132EFL7

   30   25   5   25   27   12/31/2023

16162WNB1

   484   459   25   459   470   12/31/2023

17029PAA3

   656   636   20   636   636   12/31/2023

3622MPAB4

   180   171   9   171   176   12/31/2023

3623416X2

   124   90   34   90   116   12/31/2023

36242DD26

   190   160   30   160   164   12/31/2023

69337VAE0

   1,053   1,049   4   1,049   839   12/31/2023

76111XZW6

   949   941   7   941   967   12/31/2023

81744HAF0

   190   189   1   189   191   12/31/2023

93934FCE0

   484   472   12   472   428   12/31/2023

93934FEM0

   481   480   1   480   436   12/31/2023

93934FLW0

   513   511   2   511   478   12/31/2023

001406AA5

   6,409   5,634   775   5,634   4,506   9/30/2023

15132EFL7

   30   30   —    30   29   9/30/2023

16162WNB1

   629   518   110   518   496   9/30/2023

32052MAA9

   6   —    6   —    —    9/30/2023

3622MPAB4

   183   183   —    183   172   9/30/2023

3623416X2

   133   133   1   133   119   9/30/2023

38237KAA8

     8,845    8,845   —     8,845   7,701   9/30/2023

45660LEW5

   488   248   240   248   454   9/30/2023

93934FEM0

   500   500   1   500   436   9/30/2023

93934FLW0

   553   552   2   552   499   9/30/2023

001406AA5

   7,722   7,046   677   7,046    4,638   6/30/2023

12667FJ55

   728   709   19   709   571   6/30/2023

17029PAA3

   703   656   47   656   695   6/30/2023

17029RAA9

   18   —   17   —   16   6/30/2023

17309BAD9

   1,355   907   448   907   1,057   6/30/2023

 

74

NEW YORK LIFE INSURANCE AND ANNUITY CORPORATION

NOTES TO STATUTORY FINANCIAL STATEMENTS

 

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

 

IMPAIRMENTS TAKEN ON CURRENT HOLDINGS DURING THE CURRENT YEAR
(1)   (2)   (3)   (4)   (5)   (6)   (7)
CUSIP(1,2)  

Amortized

Cost Before

Current

Period OTTI

  

Projected

Cash Flows

  

Current Period

Recognized OTTI

  

Amortized

Cost After OTTI

   Fair Value  

Financial Statement

Reporting Period

46628BBD1

   124   113   10   113   102   6/30/2023

69336QAL6

   413   411   1   411   396   6/30/2023

93934FEM0

   519   518   1   518   463   6/30/2023

93934FLW0

   564   559   5   559   517   6/30/2023

3623416X2

   139   138   1   138   140   3/31/2023

38237KAA8

   11,217   11,205   13   11,205   10,191   3/31/2023

61946TAA3

   3,297   3,288   9   3,288   2,771   3/31/2023

69336QAL6

   416   415   1   415   400   3/31/2023

93934FEM0

   524   522   2   522   501   3/31/2023

93934FLW0

   615   572   42   572   534   3/31/2023
 

 

  

 

  

 

  

 

  

 

  

Subtotal - General Account

   XXX   XXX   $3,327   XXX   XXX  
 

 

  

 

  

 

  

 

  

 

  

Guaranteed Separate Accounts

            

001406AA5

   $1,626   $1,404   $222   $1,404   $1,361   12/31/2023

07389NAC9

   7   7   —    7   7   12/31/2023

12544VAB5

   6   6   —    6   6   12/31/2023

12668BFL2

   184   172   12   172   175   12/31/2023

001406AA5

   1,990   1,749   241   1,749   1,399   9/30/2023

001406AA5

   2,398   2,188   210   2,188   1,440   6/30/2023

38237KAA8

   556   556   1   556   505   3/31/2023

61946TAA3

   384   383   1   383   323   3/31/2023
 

 

  

 

  

 

  

 

  

 

  

Subtotal - Guaranteed Separate Accounts

   XXX   XXX   $  687   XXX   XXX  

Grand Total

   XXX   XXX   $4,014   XXX   XXX  
 

 

  

 

  

 

  

 

  

 

  

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

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

NOTE 21—SUBSEQUENT EVENTS

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

 

75

NEW YORK LIFE INSURANCE AND ANNUITY CORPORATION

NOTES TO STATUTORY FINANCIAL STATEMENTS

 

GLOSSARY OF TERMS

 

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

 

76

NEW YORK LIFE INSURANCE AND ANNUITY CORPORATION

NOTES TO STATUTORY FINANCIAL STATEMENTS

 

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

 

77

NEW YORK LIFE INSURANCE AND ANNUITY CORPORATION

 

SCHEDULE 1—SUPPLEMENTAL SCHEDULE OF SELECTED FINANCIAL DATA

At and for the Year Ended December 31, 2023

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

 

                    

Investment Income Earned:

   

U.S. government bonds

    $ 163,438,981  

Other bonds (unaffiliated)

      3,716,493,278  

Bonds of affiliates

      211,433,316  

Preferred stocks (unaffiliated)

      1,770,431  

Preferred stocks of affiliates

      —   

Common stocks (unaffiliated)

      31,482,807  

Common stocks of affiliates

      —   

Mortgage loans

      756,667,188  

Real estate

      17,251,373  

Premium notes, policy loans and liens

      52,769,039  

Cash on hand and on deposit

      10,449,940  

Short-term investments

      156,284,647  

Derivative instruments

      (29,735,277 ) 

Other invested assets

      382,452,247  

Aggregate write-ins for investment income

      8,366,616  
  

 

 

  

Gross investment income

    $ 5,479,124,586  
  

 

 

  

Real Estate Owned - Book Value less Encumbrances

    $ 91,166,137  
  

 

 

  

Mortgage Loans - Book Value:

   

Residential mortgages

    $ 4,075,801  

Commercial mortgages

      15,186,978,388  

Mezzanine real estate loans

      292,876,613  
  

 

 

  

Total mortgage loans

    $ 15,483,930,802  
  

 

 

  

Mortgage Loans by Standing - Book Value:

   

Good standing

    $ 15,374,430,802  
  

 

 

  

Good standing with restructured terms

    $ —   
  

 

 

  

Interest overdue more than 90 days, not in foreclosure

    $ —   
  

 

 

  

Foreclosures in process

    $ 109,500,000  
  

 

 

  

Other Invested Assets - Statement Value

    $ 3,338,621,735  
  

 

 

  

Collateral Loans

    $ —   
  

 

 

  

 

78

NEW YORK LIFE INSURANCE AND ANNUITY CORPORATION

 

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

 

                    

Bonds and Stocks of Parent, Subsidiaries and Affiliates - Book Value:

   

Bonds

    $ 3,120,177,818  
  

 

 

  

Preferred stocks

    $ —   
  

 

 

  

Common stocks

    $ —   
  

 

 

  

Bonds and Short-Term Investments by Maturity and NAIC Designation:

   

Bonds by maturity - statement value:

   

Due within one year or less

    $ 9,288,152,168  

Over one year through five years

      40,964,712,901  

Over five years through 10 years

      25,624,957,942  

Over 10 years through 20 years

      11,246,900,203  

Over 20 years

      16,657,862,973  
  

 

 

  

Total by maturity

    $ 103,782,586,187  
  

 

 

  

Bonds by NAIC designation - statement value

   

NAIC 1

    $ 63,955,395,170  

NAIC 2

      35,090,242,232  

NAIC 3

      2,571,262,521  

NAIC 4

      1,840,642,384  

NAIC 5

      302,130,565  

NAIC 6

      22,913,315  
  

 

 

  

Total by NAIC designation

    $ 103,782,586,187  
  

 

 

  

Total bonds publicly traded

    $ 55,703,777,216  
  

 

 

  

Total bonds privately placed

    $ 48,078,808,971  
  

 

 

  

Preferred Stocks - Statement Value

    $ 43,512,713  
  

 

 

  

Common Stocks - Fair Value

    $ 615,258,682  
  

 

 

  

Short-Term Investments - Book Value

    $ 43,908,215  
  

 

 

  

Options, Caps and Floors Owned - Statement Value

    $ 242,527,246  
  

 

 

  

Options, Caps and Floors Written and In-Force - Statement Value

    $ —   
  

 

 

  

Collar, Swap and Forward Agreements Open - Statement Value

    $ 720,426,711  
  

 

 

  

Future Contracts Open - Current Value

    $ 416,564  
  

 

 

  

Cash on Deposit

    $ (222,657,159 ) 
  

 

 

  

 

79

NEW YORK LIFE INSURANCE AND ANNUITY CORPORATION

 

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

 

                    

Life Insurance In-Force (in thousands):

   

Industrial

    $ —   
  

 

 

  

Ordinary

    $ 183,564  
  

 

 

  

Credit life

    $ —   
  

 

 

  

Group life

    $ 741,943  
  

 

 

  

Amount of Accidental Death Insurance In-Force Under Ordinary Policies (in thousands):

    $ 798  
  

 

 

  

Life Insurance Policies with Disability Provisions In-Force (in thousands):

   

Industrial

    $ —   
  

 

 

  

Ordinary

    $ 14,507  
  

 

 

  

Credit life

    $ —   
  

 

 

  

Group life

    $ —   
  

 

 

  

Supplementary Contracts In-Force:

   

Ordinary - not involving life contingencies

   

Amount on deposit

    $ 312,748,977  
  

 

 

  

Income payable

    $ 51,726,610  
  

 

 

  

Ordinary - involving life contingencies

   

Income payable

    $ 51,211,980  
  

 

 

  

Group - not involving life contingencies

   

Amount on deposit

   
  

 

 

  

Income payable

   
  

 

 

  

Group - involving life contingencies

   

Income payable

   
  

 

 

  

Annuities:

   

Ordinary

   

Immediate - amount of income payable

    $ 2,056,329,740  
  

 

 

  

Deferred - fully paid account balance

    $ 54,029,137,239  
  

 

 

  

Deferred - not fully paid - account balance

    $ 36,540,076,416  
  

 

 

  

Group

   

Amount of income payable

    $ 79,031,942  
  

 

 

  

Fully paid account balance

    $ 990,567  
  

 

 

  

Not fully paid - account balance

    $ —   
  

 

 

  

 

80

NEW YORK LIFE INSURANCE AND ANNUITY CORPORATION

 

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

 

                    

Accident and Health Insurance - Premiums In-Force

   

Ordinary

    $ —   
  

 

 

  

Group

    $ —   
  

 

 

  

Credit

    $ —   
  

 

 

  

Deposit Funds and Dividend Accumulations:

   

Deposit funds - account balance

    $ 282,022,138  
  

 

 

  

Dividend accumulations - account balance

    $ —   
  

 

 

  

Claim Payments 2023 (in thousands):

   

Group accident and health - year ended December 31, 2023

   

2023

   
  

 

 

  

2022

   
  

 

 

  

2021

   
  

 

 

  

2020

   
  

 

 

  

2019

   
  

 

 

  

Prior

   
  

 

 

  

Other accident and health

   

2023

   
  

 

 

  

2022

   
  

 

 

  

2021

   
  

 

 

  

2020

   
  

 

 

  

2019

   
  

 

 

  

Prior

   
  

 

 

  

Other coverages that use developmental methods to calculate claims reserves (in thousands):

   

2023

    $ 881  
  

 

 

  

2022

    $ 988  
  

 

 

  

2021

    $ 926  
  

 

 

  

2020

    $ 956  
  

 

 

  

2019

    $ 774  
  

 

 

  

Prior

    $ 18  
  

 

 

  

 

81

NEW YORK LIFE INSURANCE AND ANNUITY CORPORATION

 

SCHEDULE 2—SUMMARY INVESTMENT SCHEDULE

At and for the Year Ended December 31, 2023

 

                                                                                                                             
Investment Categories    Gross Investment Holdings*    

Admitted Assets as

Reported in the Annual Statement

  
      Amount      Percentage     Amount     

Securities

Lending

Reinvested

Collateral

Amount

      Total Amount      Percentage  

Bonds:

                                                     

U.S. governments

    $ 5,663,493,664        4.508 %    $ 5,663,493,652               $ 5,663,493,652        4.509 % 

All other governments

      247,349,546        0.197       247,349,543                 247,349,543        0.197  

U.S. states, territories and possessions, etc. guaranteed

      —         —        —         —         —         —   

U.S. political subdivisions of states, territories, and possessions, guaranteed

      —         —        —         —         —         —   

U.S. special revenue and special assessment obligations, etc. non-guaranteed

      10,509,428,813        8.366       10,509,428,777                 10,509,428,777        8.367  

Industrial and miscellaneous

      81,208,552,375        64.643       81,208,552,430                 81,208,552,430        64.656  

Hybrid securities

      —         —        —         —         —         —   

Parent, subsidiaries and affiliates

      3,120,177,818        2.484       3,120,177,819                 3,120,177,819        2.484  

SVO identified funds

      754,823,659        0.601       754,823,659                 754,823,659        0.601  

Unaffiliated Bank loans

      552,112,378        0.439       552,112,374                 552,112,374        0.440  

Unaffiliated Certificates of deposit

      —         0.000       —         —         —         —   

Total long-term bonds

      102,055,938,253        81.238       102,055,938,254                 102,055,938,254        81.254  

Preferred Stocks:

                                                     

Industrial and miscellaneous (Unaffiliated)

      43,512,713        0.035       43,512,713                 43,512,713        0.035  

Parent, subsidiaries and affiliates

      —         —        —         —         —         —   

Total preferred stocks

      43,512,713        0.035       43,512,713                 43,512,713        0.035  

Common Stock:

                                                     

Industrial and miscellaneous Publicly traded (Unaffiliated)

      454,040,222        0.361       454,096,287                 454,096,287        0.362  

Industrial and miscellaneous Other (Unaffiliated)

      33,970,920        0.027       33,914,836                 33,914,836        0.027  

Parent, subsidiaries and affiliates Publicly traded

               —                                   —   

Parent, subsidiaries and affiliates Other

               —                                   —   

Mutual funds

      125,959,006        0.100       125,959,005                 125,959,005        0.100  

Unit investment trusts

               —                                   —   

Closed-end funds

               —                                   —   

Exchange traded funds

      1,288,554        0.001       1,288,554                 1,288,554        0.001  

Total common stocks

      615,258,702        0.490       615,258,682                 615,258,682        0.490  

Mortgage loans:

                                                     

Farm mortgages

      —         —        —         —         —         —   

Residential mortgages

      4,075,801        0.003       4,075,801                 4,075,801        0.003  

Commercial mortgages

      15,186,978,392        12.089       15,186,978,388                 15,186,978,388        12.091  

Mezzanine real estate loans

      292,876,613        0.233       292,876,613                 292,876,613        0.233  

Total valuation allowance

               —                                   —   

Total mortgage loans

      15,483,930,806        12.325       15,483,930,802                 15,483,930,802        12.328  

 

82

NEW YORK LIFE INSURANCE AND ANNUITY CORPORATION

 

SCHEDULE 2—SUMMARY INVESTMENT SCHEDULE (continued)

 

                                                                                                                             
Investment Categories    Gross Investment Holdings*    

Admitted Assets as

Reported in the Annual Statement

  
      Amount     Percentage     Amount     Securities
Lending
Reinvested
Collateral
Amount		      Total Amount     Percentage  

Real Estate:

                                                  

Properties occupied by company

      —        —        —        —         —        —   

Properties held for production of income

      91,166,137       0.073       91,166,137                91,166,137       0.073  

Properties held for sale

              —                                 —   

Total real estate

      91,166,137       0.073       91,166,137                91,166,137       0.073  

Cash, cash equivalents and short-term investments:

                                                  

Cash

      (222,657,159 )      (0.177 )      (222,657,159 )               (222,657,159 )      (0.177 ) 

Cash equivalents

      1,874,558,563       1.492       1,874,558,564                1,874,558,564       1.492  

Short-term investments

      43,908,216       0.035       43,908,215                43,908,215       0.035  

Total cash, cash equivalents and short-term investments

      1,695,809,620       1.35       1,695,809,620                1,695,809,620       1.35  

Contract loans

      948,865,372       0.755       927,584,607                927,584,607       0.739  

Derivatives

      1,196,422,700       0.952       1,196,422,700                1,196,422,700       0.953  

Other invested assets

      3,342,739,779       2.661       3,338,621,735                3,338,621,735       2.658  

Receivables for securities

      15,694,487       0.012       15,694,487                15,694,487       0.012  

Securities Lending

              —                                    

Other invested assets

      137,225,563       0.109       137,225,563                137,225,563       0.109  

Total invested assets

    $ 125,626,564,132       100.000 %    $ 125,601,165,300          $ 125,601,165,300       100.000 % 
                                                   

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

 

83

NEW YORK LIFE INSURANCE AND ANNUITY CORPORATION

SCHEDULE 3 – INVESTMENT RISKS INTERROGATORIES

At and for the Year Ended December 31, 2023

 

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

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

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

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

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

 

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

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

 

Rating         Bonds             Percentage of
Total Admitted
Assets		            Preferred Stocks                            Percentage of
Total Admitted
Assets		  

NAIC – 1

       $ 63,955,395,171           46.04 %         P/RP - 1         $ 65,032           —  % 

NAIC – 2

       $ 35,090,242,233           25.26 %         P/RP - 2         $ 15,347,799           0.01 % 

NAIC – 3

       $ 2,571,262,520           1.85 %         P/RP - 3         $ —            —  % 

NAIC – 4

       $ 1,840,642,384           1.33 %         P/RP - 4         $ —            —  % 

NAIC – 5

       $ 302,130,564           0.22 %         P/RP - 5         $ —            —  % 

NAIC – 6

       $ 22,913,315           0.02 %         P/RP - 6         $ 28,099,882           0.02 % 

 

84

NEW YORK LIFE INSURANCE AND ANNUITY CORPORATION

 

SCHEDULE 3 – INVESTMENT RISKS INTERROGATORIES (continued)

 

4. Assets held in foreign investments:

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

Yes [ ] No [X]

 

If response to 4.01 above is Yes, responses are not required for interrogatories 5-10

      

Total admitted assets held in foreign investments

    $ 18,511,069,601        13.33 % 

Foreign-currency-denominated investments

    $ —         —  % 

Insurance liabilities denominated in that same foreign currency

    $ —         —  % 

5. Aggregate foreign investment exposure categorized by NAIC sovereign rating:

      

Countries rated NAIC-1

    $ 17,761,826,949        12.79 % 

Countries rated NAIC-2

    $ 520,191,736        0.37 % 

Countries rated NAIC-3 or below

    $ 229,050,917        0.16 % 

6. Largest foreign investment exposures by country, categorized by NAIC sovereign rating:

      

Countries rated NAIC-1:

      

UNITED KINGDOM

    $ 4,746,859,397        3.42 % 

CAYMAN ISLANDS

    $ 4,482,414,317        3.23 % 

Countries rated NAIC-2:

      

MEXICO

    $ 203,842,021        0.15 % 

INDONESIA

    $ 83,830,111        0.06 % 

Countries rated NAIC-3 or below:

      

BARBADOS

    $ 49,020,877        0.04 % 

COLOMBIA

    $ 37,278,781        0.03 % 

7. Aggregate unhedged foreign currency exposure

    $ 220,659,049        0.15 % 

8. Aggregate unhedged foreign currency exposure categorized by the country’s NAIC sovereign rating:

      

Countries rated NAIC-1:

    $ 208,109,241        0.15 % 

Countries rated NAIC-2:

    $ 10,694,773        0.01 % 

Countries rated NAIC-3 or below:

    $ 1,855,035        0.00 % 

9. Largest unhedged foreign currency exposures by country, categorized by the country’s NAIC sovereign rating:

      

Countries rated NAIC-1:

      

LUXEMBOURG

    $ 57,974,189        0.04 % 

UNITED KINGDOM

    $ 52,536,273        0.04 % 

Countries rated NAIC-2:

      

ITALY

    $ 5,062,225        —  % 

INDIA

    $ 3,615,519        —  % 

Countries rated NAIC-3 or below:

      

BRAZIL

    $ 1,256,120        —  % 

SOUTH AFRICA

    $ 518,764        —  % 

 

85

NEW YORK LIFE INSURANCE AND ANNUITY CORPORATION

 

SCHEDULE 3 – INVESTMENT RISKS INTERROGATORIES (continued)

 

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

 

Issuer

   

NAIC
Rating

              

INTERTEK GROUP PLC

    2A    $ 202,465,014        0.15 % 

UBS GROUP AG

    2.A FE    $ 167,127,233        0.12 % 

BANCO SANTANDER SA

    1.E FE    $ 146,426,296        0.11 % 

BALLYROCK CLO LTD BALLY_23-23A

    1.A FE    $ 140,000,000        0.10 % 

LLOYDS BANKING GROUP PLC

    2.A FE    $ 139,043,214        0.10 % 

MITSUBISHI UFJ FINANCIAL GROUP

    1.G FE    $ 138,397,882        0.10 % 

BARCLAYS PLC

    2.A FE    $ 134,755,020        0.10 % 

TRITAX BIG BOX REIT PLC

    2.A    $ 127,798,663        0.09 % 

RAD CLO LTD RAD_23-18

    1.A FE    $ 125,748,000        0.09 % 

STATNETT SF

    1.F    $ 123,800,000        0.09 % 

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

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

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

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

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

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

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

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

Yes [] No [X]

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

 

                 

Issuer

              

MADISON CAPITAL FUNDING LLC

    $ 1,237,699,316        0.89 % 

CURZON CAPITAL PARTNERS 5 LONG-LIFE LP

    $ 93,561,798        0.07 % 

STONE RIDGE HOLDING GROUP LP - PREFERRED SHARES

    $ 87,210,000        0.06 % 

MSSDF MEMBER LLC

    $ 78,794,423        0.06 % 

TRISTAN INCOME PLUS STRATEGY ONE SCSP

    $ 67,987,386        0.05 % 

GOLDPOINT MEZZANINE PARTNERS IV, LP

    $ 63,123,195        0.05 % 

NYLIC HKP MEMBER LLC

    $ 48,889,200        0.04 % 

INE CANDRIAM GF US COR BD SQ USD DIS

    $ 48,056,000        0.03 % 

MACKAY SHIELDS EMERGING MARKETS DEBT PORTFOLIO

    $ 47,788,680        0.03 % 

REEP-RTL NPM GA LLC

    $ 46,379,003        0.03 % 

 

86

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

 

87

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

 

88

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

    $ —         —  %    $ —       $ —       $ —   

 

89

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

The representation as to the reasonableness of aggregate fees and charges.
The signatures.
Written consents of the following persons (filed herewith):
(a) Charles A. Whites, Jr., Esq.
(b) PricewaterhouseCoopers LLP
The following exhibits:
1. The following exhibits correspond to those required by paragraph A of the instructions as to exhibits in form N-8B-2 
(1)
 
(2)
Not applicable.
(3)(a)(1)
(3)(a)(2)
(3)(a)(3)
(3)(a)(4)
(3)(b)
Not applicable.
(3)(c)
Not applicable.
(4)
Not applicable.
(5)
(6)(a)
(6)(a)(1)
C-1
(6)(b)(1)
(6)(b)(2)
(6)(b)(3)
(7)
Not applicable.
(8)
Not applicable.
(9)(a)
Powers of Attorney – Filed herewith.
(9)(b)
(9)(c)
(9)(d)
(9)(e)
(9)(f)
(9)(g)
(9)(h)
C-2
(9)(i)
(9)(j)
(9)(k)
(9)(l)
(9)(m)
(9)(n)
(9)(o)
(9)(p)
(9)(q)
(9)(r)
(9)(s)
C-3
(9)(t)
(9)(u)
(9)(v)
(9)(w)
(9)(x)
(9)(y)
(9)(z)
(9)(a)(a)
(9)(a)(b)
(9)(a)(c)
(9)(a)(d)
C-4
(9)(a)(e)
(9)(a)(f)
(9)(a)(g)
(9)(a)(h)
(9)(a)(i)
(9)(a)(j)
(9)(a)(k)
(9)(a)(j)
(9)(a)(k)
(9)(a)(l)
(9)(a)(m)
C-5
(9)(a)(n)
(9)(a)(o)
(9)(a)(p)
(9)(a)(q)
(9)(a)(r)
(9)(a)(s)
(9)(a)(t)
(9)(a)(u)
2.
Opinion and Consent of Charles A. Whites, Jr., Esq. — Filed herewith.
3.
Not applicable.
4.
Not applicable.
5.
Not applicable.
6.
Opinion and Consent of Actuary
Not applicable.
7.
Consent of PricewaterhouseCoopers LLP – Filed herewith.
C-6
DIRECTORS AND OFFICERS OF THE DEPOSITOR
The principal business address of each director and officer of NYLIAC is 51 Madison Avenue, New York, NY 10010. 
Name:
Title:
DeSanto, Craig L.
Chairman, Chief Executive Officer & President
Feldstein, Eric M.
Director, Executive Vice President & Chief Financial Officer
Gardner, Robert M.
Director, Senior Vice President & Controller
Harte, Francis Michael
Director & Senior Vice President
Hendry, Thomas A.
Director, Senior Vice President & Treasurer
Kravitz, Jodi L.
Director, Senior Vice President & Actuary
Malloy, Anthony R.
Director, Executive Vice President & Chief Investment Officer
McDonnell, Michael K.
Director, Senior Vice President, General Counsel & Chief Legal Officer
Miller, Amy
Director, Senior Vice President, Deputy General Counsel & Assistant Secretary
Karaoglan, Alain M.
Executive Vice President
Madgett, Mark J.
Executive Vice President & Head of Agency
Abramo, Stephen
Senior Vice President
Akkerman, John W.
Senior Vice President
Albarella, Joel I.
Senior Vice President
Anderson, Erik A.
Senior Vice President & Chief Actuary
Arita, Darin C.
Senior Vice President
Ball, Aaron C.
Senior Vice President
Berlin, Scott L.
Senior Vice President
Bopp, Kevin M.
Senior Vice President
Brill, Elizabeth K.
Senior Vice President
Colleary, Maura R.
Senior Vice President
Cook, Alexander I. M.
Senior Vice President
Cooney, Colleen C.
Senior Vice President
Cronin, Maureen A.
Senior Vice President, Deputy General Counsel, Chief Investment Counsel & Assistant
Secretary
Cruz, David
Senior Vice President
DiMella, Robert A.
Senior Vice President
Drinkard, Kenneth R.
Senior Vice President & General Auditor
Formon, William
Senior Vice President
Frederick, Robert R.
Senior Vice President
Gennaro, Paul J.
Senior Vice President
Gupta, Tina
Senior Vice President
Herwig, Julie E.
Senior Vice President
Hu, Amy
Senior Vice President & Chief Marketing Officer
Huang, Dylan W.
Senior Vice President
James, Cheryl
Senior Vice President & Deputy General Counsel
Khalil, Saad A.
Senior Vice President
Kravitz, Jodi L.
Senior Vice President & Actuary
Kuhl Sarrubbo, Amanda L.
Senior Vice President
Lackey, Michael P.
Senior Vice President
Lenz, Scott L.
Senior Vice President, Deputy General Counsel & Chief Tax Counsel
Loffredo, John M.
Senior Vice President
McCarthy, Elizabeth W.
Senior Vice President
McClain, Keith B.
Senior Vice President
Micucci, Alison H.
Senior Vice President
Navarro, Kathleen
Senior Vice President
Nesle, Heather M.
Senior Vice President
Patel, Hiran
Senior Vice President
Putnam, Roger L.
Senior Vice President
C-7
Name:
Title:
Rocchi, Gerard A.
Senior Vice President
Rodgers, Joanne H.
Senior Vice President & Head of Human Resources
Rosenthal, Benjamin L.
Senior Vice President & Chief Risk Officer
Rosh, Robert M.
Senior Vice President, Deputy General Counsel & Chief Insurance Counsel
Sabal, Craig A.
Senior Vice President, Deputy Chief Investment Officer & Chief Derivatives Officer
Silber, Irwin
Senior Vice President
Simonetti, Richard P.
Senior Vice President
Susser, Andrew M.
Senior Vice President
Talgo, Mark W.
Senior Vice President
Taylor, Todd
Senior Vice President
Tillotson, Sandra G.
Senior Vice President & Chief Compliance Officer
Virendra, Sonali
Senior Vice President
Vu, Don D.
Senior Vice President
Wion, Matthew D.
Senior Vice President
Yoon, Jae
Senior Vice President
Abdelkader, Farid
Vice President & Associate General Auditor
Advani, Janice
Vice President
Albano, Angelina
Vice President
Albergo, Rosemary
Vice President
Armstrong, Vivian
Vice President
Ascione, Mitchell P.
Vice President
Bain, Karen A.
Vice President
Ballman, Cheryl
Vice President
Becher, Eric R.
Vice President
Behar, Paul
Vice President
Beligotti, Jeffrey
Vice President
Ben-Ami, Kevin A.
Vice President & Associate General Counsel
Berry, Ross
Vice President
Bhat, Saritha K.
Vice President
Black, Meaghan
Vice President
Boccio, John
Vice President
Borisenko, Evgueni
Vice President & Actuary
Boyd IV, Robert L.
Vice President
Braut, Stephen A.
Vice President
Bredikis, Scott
Vice President
Breslin, Christopher J.
Vice President
Brobston, Irena S.
Vice President
Brochard, Gabrielle
Vice President & Actuary
Brooks, Whytne
Vice President
Brotherton, Diane M.
Vice President
Budhwani, Reshma
Vice President
Caminiti, Philip E.
Vice President
Campellone, Mark A.
Vice President
Carbone, Jeanne M.
Vice President & Actuary
Carey, Christopher H.
Vice President
Carrig, Erica E.
Vice President & Associate General Counsel
Casanova, Ramon A.
Vice President & Actuary
Chan, David
Vice President, Associate General Counsel & Assistant Secretary
Chan, Vee-En
Vice President
Cherpelis, George S.
Vice President
Chua, Albert
Vice President & Actuary
Cirella, Margaret M.
Vice President
C-8
Name:
Title:
Citera, Frank
Vice President
Civello, Alisa M.
Vice President
Cobaj, Skender
Vice President
Cohen, Andrew J.
Vice President
Cohen, Ross E.
Vice President
Collins, Maria V.
Vice President
Colon, Wilfred R.
Vice President
Colton, Andrew
Vice President & Actuary
Contey, Allison
Vice President
Conti, Jane S.
Vice President
Council, Catherine
Vice President
Crawford, Thomas
Vice President & Actuary
Cristello, Cindy
Vice President
Cruz, Jeanne M.
Vice President
Curran, Debra
Vice President
Danzig, Jeff
Vice President & Actuary
Davidowitz, Aron B.
Vice President
Davis, Juliet
Vice President
Del Bello, Timothy
Vice President
DelGreco, Phylliss A.
Vice President & Associate General Counsel
Dias, Maryann D.
Vice President
DiCarmine, Kristen
Vice President
DiRago, John C.
Vice President
Donner, Andrew
Vice President
Donohue, Robert P.
Vice President & Assistant Treasurer
Doshi, Manoj
Vice President
Duarte, Deborah
Vice President
Dubrow, Michael G.
Vice President
Eppink, Jr., Richard H.
Vice President
Facinelli, Joanne S.
Vice President
Feeney, Brendan L.
Vice President
Feinberg, Amarya
Vice President & Actuary
Feinstein, Jonathan
Vice President
Ferguson, Robert E.
Vice President
Ferreira, Leandra C.
Vice President
Fitzgerald, Christopher P.
Vice President
Florin, Timothy
Vice President
Fong, Michael
Vice President & Actuary
Fox, Ryan D.
Vice President
Frawley, Stephanie A.
Vice President
Freeman, Lisa A.
Vice President
Fromm, Paul
Vice President
Froshiesar, Donn
Vice President
Gallagher, Erin M.
Vice President
Gamble, Michael
Vice President
Gangemi, Thomas J.
Vice President & Chief Underwriter
Gao, J. Kevin
Vice President & Associate General Counsel
Gill, Sandra
Vice President
Gleason, Kevin M.
Vice President
Goel, Prakhar
Vice President
Goldstein, Andrew
Vice President
Goldstein, Paul Z.
Vice President & Associate General Counsel
C-9
Name:
Title:
Gostling, Page H.
Vice President
Grace, Deborah A.
Vice President
Guerrero, Jomil M.
Vice President & Chief Diversity Officer
Gunda, Kishore
Vice President
Hajducek, Laura
Vice President
Hale, Rachel
Vice President & Actuary
Hallahan, Mary T.
Vice President & Assistant Treasurer
Hammie, Tyrin
Vice President
Han, Wen Wei
Vice President & Actuary
Hanley, Dale A.
Vice President
Hayden, Adam C.
Vice President
Healy, Brendan J.
Vice President
Healy, John J.
Vice President
Hekmat, Saba
Vice President
Henderson, Loyd T.
Vice President
Hoffman, Eric S.
Vice President
Huang, Angela
Vice President & Actuary
Ingham, Scott
Vice President & Assistant Secretary
Jachym, David D.
Vice President
Jackson, Eric
Vice President
Jackson, Zerlina R.
Vice President
Johnston, Todd C.
Vice President
Kakkanattu, Manuel M.
Vice President
Katti, Rohit R.
Vice President
Kaufman, Wayne
Vice President
Kelly, Christopher P.
Vice President & Associate General Auditor
Kim, Terry
Vice President
King, Martin L.
Vice President
Klatell, Jeremy N.
Vice President, Associate General Counsel & Chief Litigation Counsel
Kraus, Linda M.
Vice President
Krueger, Kyle
Vice President
Kuan, Melissa
Vice President
Kula, Michael
Vice President & Actuary
Kyan, Raymond
Vice President
Landaas, Marci P.
Vice President
LaPier, Theodore
Vice President & Associate General Counsel
Larkin, Colleen E.
Vice President & Assistant Secretary
Lathrop, Douglas
Vice President
Lawrence, Cameryn A.
Vice President
Lee, Young
Vice President
Lewis, Sean S.
Vice President
Lewis, Tanner
Vice President
Loden, Wesley
Vice President & Actuary
Long, Harry Scott
Vice President
Lynn, Eric J.
Vice President & Actuary
Madabushi, Krishna Prashanth
Vice President
Madgett, Sean
Vice President
Marinaccio, Ralph S.
Vice President
Martello, Virginia C.
Vice President
Martin, Trina
Vice President
Mauceri, Maria J.
Vice President & Actuary
Mayer, Carol S.
Vice President & Associate General Counsel
C-10
Name:
Title:
McGilberry, Brent
Vice President
McKeon, John
Vice President & Actuary
McNamara, Stephen J.
Vice President & Actuary
McNulty, Stephen B.
Vice President
Melka, Frank David
Vice President
Micale, Anthony F.
Vice President
Micun, Pawel
Vice President
Millay, Edward P.
Vice President
Mitchinson, Tod J.
Vice President & Chief Information Security Officer
Mitra, Debapriya
Vice President
Moo-Young, Jillian
Vice President
Mosquera, Jaime
Vice President & Actuary
Mossessian, Dmitri
Vice President
Mount, William J.
Vice President
Murphy, Marijo F.
Vice President
Mwaramba, Rutendo
Vice President & Actuary
Nair, Dinesh K.
Vice President
Nayar, Ridhika
Vice President
Newman, Jennifer
Vice President
Ng, Ching (Andrew)
Vice President & Actuary
O'Brien, Daniel J.
Vice President
O'Hanlon, Thomas P.
Vice President
O'Hearn, Claudine C.
Vice President
O’Neill, Kathleen
Vice President
Orban, Rachel
Vice President & Associate General Counsel
Panganiban, Maria E.
Vice President
Paone, Jonathan T.
Vice President
Pavone, Joseph
Vice President
Perrotti, Anthony R.
Vice President
Perry, Valerie L.
Vice President
Perseghin, Andrew J.
Vice President
Petersen, Todd
Vice President & Actuary
Petro, Kenneth
Vice President
Pizzute, Robert J.
Vice President
Portnoy, Michael
Vice President
Power, Kevin J.
Vice President
Quartararo, Paul
Vice President
Rajendran, Paul P.
Vice President
Rangachar, Raghu
Vice President & Actuary
Raturi, Sanjana
Vice President
Rice, Scott
Vice President
Riven, Inga
Vice President & Actuary
Rodrigue, Kyle
Vice President
Rosenblum, Tal
Vice President
Rotondo, Richard
Vice President
Roy, Jennifer M.
Vice President
Rubin, Janis C.
Vice President
Sabo, Phillip J.
Vice President
Salvatore, Daniel
Vice President
Sarma, Samar
Vice President
Schirizzo, Michael
Vice President
Schwartz, Rachel S.
Vice President & Associate General Counsel
C-11
Name:
Title:
Scozzafava, Mark J.
Vice President
Seaman, Brian
Vice President
Seewald, Scott R.
Vice President
Seguin, Brian
Vice President
Seyb, Sean M.
Vice President
Shah, Chintan T.
Vice President
Shan, YiYi
Vice President
Shapiro, Natalie
Vice President
Sherman, Eric C.
Vice President & Actuary
Sherman, Nancy G.
Vice President
Singh, Jacqueline
Vice President
Smith, Elizabeth A.
Vice President
Smith, Kevin M.
Vice President
Solazzo, Amy L.
Vice President
Standbridge, Elizabeth A.
Vice President
Steelman, Elliot H.
Vice President
Stengel, Agustin
Vice President
Stolte, William R.
Vice President
Stricoff, Celine
Vice President
Strutton, Rebecca
Vice President & Associate General Counsel
Suh, Hannah L.
Vice President & Actuary
Suryapranata, Monica
Vice President
Tamayo-Sanchez, Angelica
Vice President
Tate, William P.
Vice President
Taylor, John G.
Vice President
Tillinghast, Mark E.
Vice President
Tobin, Michael
Vice President
Tomassi, Deborah A.
Vice President
Torrey, Arthur S.
Vice President
Tripi, Stephen A.
Vice President
Tyndell, Elizabeth A.
Vice President
Tzani, Rodanthy
Vice President
Valdes, Gilberto
Vice President
Vandegrift, Jr., Donald P.
Vice President & Associate General Counsel
Vilchis, Hector D.
Vice President
Waelti, Linus
Vice President & Actuary
Wall, Joseph E.
Vice President
Walsh, Edward C.
Vice President
Wang, Ching C.
Vice President
Warga, Regina
Vice President
Warner, S. Andre
Vice President & Associate General Counsel
Weatherman, Aaron
Vice President & Actuary
Webster, Gregory H.
Vice President
Wei, Helen
Vice President
Weiss, Jennifer M.
Vice President
Whites, Jr., Charles A.
Vice President & Associate General Counsel
Wickwire, Brian D.
Vice President
Wilcox, Lyle D.
Vice President
Williams, Brian D.
Vice President
Williams, Matthew
Vice President
Wilson, Michael E.
Vice President
Wolf, Madeline A.
Vice President
C-12
Name:
Title:
Wong, Judy
Vice President & Actuary
Wood, Melissa
Vice President
Wulwick, Jacqueline N.
Vice President
Yashnyk, Michael A.
Vice President
Yenko, Elizabeth M.
Vice President
Yim, Henry
Vice President
Zaman, Nabeed
Vice President
Zeng, Paul
Vice President & Actuary
Meade, Colleen A.
Associate General Counsel & Secretary
C-13
SIGNATURES
Pursuant to the Securities Act of 1933 and the Investment Company Act of 1940, the Registrant NYLIAC Variable Universal Life Separate Account-I, certifies that it has meet the requirements of Securities Act Rule 485(b) for effectiveness of this Registration Statement and has duly caused this Amendment to the Registration Statement to be signed on its behalf by the undersigned, duly authorized, in the City and State of New York on December 20, 2024. 
NYLIAC VARIABLE UNIVERSAL LIFE
SEPARATE ACCOUNT – I
(Registrant)
By:
/s/ Francis Citera
Name: Francis Citera
Title: Vice President
NEW YORK LIFE INSURANCE AND
ANNUITY CORPORATION
(Depositor)
By:
/s/ Francis Citera
Name: Francis Citera
Title: Vice President
Pursuant to the requirements of the Securities Act of 1933, this Registration Statement has been signed below by the following persons in the capacities and on the date indicated. 
Craig L. DeSanto*
Chairman of the Board, Chief Executive Officer, President &
Director (Principal Executive Officer)
Eric M. Feldstein*
Director & Chief Financial Officer (Principal Financial Officer)
Robert M. Gardner*
Director (Principal Accounting Officer)
Francis M. Harte*
Director
Thomas A. Hendry*
Director
Jodi L. Kravitz*
Director
Anthony R. Malloy*
Director
Michael K. McDonnell*
Director
Amy Miller*
Director
 
By:
/s/ Francis Citera
Francis Citera
Attorney-in-Fact
 
December 20, 2024
*
Pursuant to Powers of Attorney – Filed herewith.