SYMETRA LIFE INSURANCE COMPANY

FINANCIAL STATEMENTS – STATUTORY BASIS

Contents
Independent Auditors' Report			1
Financial Statements
Balance Sheets – Statutory Basis			3
Statements of Operations – Statutory Basis			4
Statements of Changes in Capital and Surplus – Statutory Basis			5
Statements of Cash Flow – Statutory Basis			6
Notes to Financial Statements – Statutory Basis			7

    

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Independent Auditors’ Report

The Board of Directors and Stockholder

Symetra Life Insurance Company:

Opinions

We have audited the financial statements of Symetra Life Insurance Company (the Company), which comprise the balance sheets - statutory basis as of December 31, 2023 and 2022, and the related statements of operations - statutory basis, changes in capital and surplus - statutory basis, and cash flow - statutory basis for each of the years in the three years ended December 31, 2023, and the related notes to the financial statements - statutory basis.

Unmodified Opinion on Statutory Basis of Accounting

In our opinion, the accompanying financial statements present fairly, in all material respects, the admitted assets, liabilities, and surplus of the Company as of December 31, 2023 and 2022, and the results of its operations and its cash flow for each of the years in the three years ended December 31, 2023 in accordance with accounting practices prescribed or permitted by the Iowa Insurance Division, Department of Insurance and Financial Services 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 financial statements do not present fairly, in accordance with U.S. generally accepted accounting principles, 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 years in the three years ended December 31, 2023.

Basis for Opinions

We conducted our audits in accordance with auditing standards generally accepted in the United States of America (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 audits. 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 using accounting practices prescribed or permitted by the Iowa Insurance Division, Department of Insurance and Financial Services, which is a basis of accounting other than U.S. generally accepted accounting principles. Accordingly, the financial statements are not intended to be presented in accordance with U.S. generally accepted accounting principles. The effects on the financial statements of the variances between the statutory accounting practices and U.S. generally accepted accounting principles are also described in Note 2.

Responsibilities of Management for the Financial Statements

Management is responsible for the preparation and fair presentation of the financial statements in accordance with accounting practices prescribed or permitted by the Iowa Insurance Division, Department of Insurance and Financial Services. 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.

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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 that the financial statements are issued.

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 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 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.

/s/ KPMG LLP

Seattle, Washington

March 26, 2024

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SYMETRA LIFE INSURANCE COMPANY

BALANCE SHEETS – STATUTORY BASIS

(In millions, except share and per share data)

			As of December 31,
			2023						2022
ADMITTED ASSETS
Bonds			$	31,983.6					$	30,964.0
Preferred stocks			106.4						93.1
Common stocks			622.1						636.5
Mortgage loans			7,850.9						7,125.4
Cash, cash equivalents, and short-term investments			2,258.9						958.6
Derivatives			272.8						219.7
Other invested assets			903.4						843.4
Total cash and invested assets			43,998.1						40,840.7
Accrued investment income			355.6						313.0
Deferred and uncollected premiums (net of loading of $0.3 and $(6.0))			(1,181.0)						(1,063.4)
Deferred tax assets, net			152.9						142.6
Current federal income taxes recoverable			19.6						8.1
Other receivables			1,409.9						1,363.2
Separate account assets			8,130.3						7,524.2
Total admitted assets			$	52,885.4					$	49,128.4
LIABILITIES AND CAPITAL AND SURPLUS
Life and annuity reserves			$	34,002.7					$	32,013.9
Accident and health reserves			269.1						241.0
Policy and contract claims			135.7						137.8
Liability for deposit-type contracts			4,255.8						4,250.0
Unearned premiums and annuity considerations			4.2						4.8
Total policy and contract liabilities			38,667.5						36,647.5
Cash collateral held			570.0						200.1
Asset valuation reserve			591.6						362.6
Interest maintenance reserve			113.3						236.2
Funds held under coinsurance agreements			1,349.2						1,241.3
Other liabilities			1,438.7						678.6
Separate account liabilities			7,886.1						7,268.5
Total liabilities			50,616.4						46,634.8
Commitments and contingencies (Note 14)
Capital and surplus (deficit)
Common stock, $250 par value, 20,000 shares authorized, issued and outstanding			5.0						5.0
Gross paid-in and contributed surplus			1,089.0						1,089.0
Unassigned funds			1,175.0						1,399.6
Total capital and surplus			2,269.0						2,493.6
Total liabilities and capital and surplus			$	52,885.4					$	49,128.4

See accompanying notes.

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SYMETRA LIFE INSURANCE COMPANY

STATEMENTS OF OPERATIONS – STATUTORY BASIS

(In millions)

			For the Year Ended December 31,
			2023						2022						2021
Premiums and other revenues:
Premiums and annuity considerations			$	3,528.4					$	3,450.3					$	4,609.0
Net investment income			1,757.2						1,240.7						1,168.3
Amortization of interest maintenance reserve			21.6						44.9						50.9
Separate account fees and other			131.6						150.7						136.0
Commissions and expense allowances on reinsurance ceded, net			438.2						342.7						70.1
Reserve adjustment on reinsurance ceded			4,458.6						3,124.7						(119.6)
Other income			40.0						26.1						25.1
Total premiums and other revenues			10,375.6						8,380.1						5,939.8
Benefits:
Death benefits			326.2						364.2						337.8
Annuity benefits			337.1						330.7						336.7
Surrender and maturity benefits			5,785.0						4,008.8						3,151.8
Accident and health and other benefits			546.4						387.6						330.4
Increase in policy reserves			2,010.4						1,603.5						1,094.5
Total benefits			9,005.1						6,694.8						5,251.2
Insurance expenses and other deductions:
Commissions			510.5						385.6						341.9
General insurance expenses			637.0						581.4						512.8
Net transfers to (from) separate accounts			137.2						547.2						286.4
Total insurance expenses and other deductions			1,284.7						1,514.2						1,141.1
Gain (loss) from operations before federal income taxes and net realized capital gains (losses)			85.8						171.1						(452.5)
Federal income tax expense (benefit)			96.7						59.8						(133.5)
Gain (loss) from operations before net realized capital gains (losses)			(10.9)						111.3						(319.0)
Net realized capital gains (losses) (net of federal income taxes and transfer to interest maintenance reserve)			102.5						(26.8)						455.8
Net income (loss)			$	91.6					$	84.5					$	136.8

See accompanying notes.

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SYMETRA LIFE INSURANCE COMPANY

STATEMENTS OF CHANGES IN CAPITAL AND SURPLUS – STATUTORY BASIS

(In millions)

			Common Stock						Gross Paid-In and Contributed Surplus						Unassigned Funds						Total Capital and Surplus
Balances as of January 1, 2021			$	5.0					$	964.0					$	1,331.0					$	2,300.0
Net income (loss)			—						—						136.8						136.8
Change in net unrealized capital gains (losses), including foreign exchange			—						—						(5.8)						(5.8)
Change in net deferred income taxes			—						—						(14.4)						(14.4)
Change in nonadmitted assets			—						—						1.9						1.9
Change in reserve on account of change in valuation basis			—						—						(26.1)						(26.1)
Change in asset valuation reserve			—						—						(60.7)						(60.7)
Change in surplus in separate accounts			—						—						(0.1)						(0.1)
Balances as of December 31, 2021			5.0						964.0						1,362.6						2,331.6
Correction of prior period errors			—						—						8.5						8.5
Balances as of January 1, 2022			5.0						964.0						1,371.1						2,340.1
Net income (loss)			—						—						84.5						84.5
Change in net unrealized capital gains (losses), including foreign exchange			—						—						(92.8)						(92.8)
Change in net deferred income taxes			—						—						88.1						88.1
Change in nonadmitted assets			—						—						(74.3)						(74.3)
Change in liability for unauthorized reinsurance			—						—						(70.8)						(70.8)
Change in reserve on account of change in valuation basis			—						—						12.0						12.0
Change in asset valuation reserve			—						—						84.5						84.5
Change in surplus in separate accounts			—						—						(2.7)						(2.7)
Capital contribution from Parent			—						125.0						—						125.0
Balances as of December 31, 2022			5.0						1,089.0						1,399.6						2,493.6
Correction of prior period errors			—						—						2.8						2.8
Balances as of January 1, 2023			5.0						1,089.0						1,402.4						2,496.4
Net income (loss)			—						—						91.6						91.6
Change in net unrealized capital gains (losses), including foreign exchange			—						—						51.6						51.6
Change in net deferred income taxes			—						—						61.3						61.3
Change in nonadmitted assets			—						—						(59.7)						(59.7)
Change in liability for unauthorized reinsurance			—						—						70.8						70.8
Change in reserve on account of change in valuation basis			—						—						(9.1)						(9.1)
Change in asset valuation reserve			—						—						(228.9)						(228.9)
Change in surplus in separate accounts			—						—						2.0						2.0
Dividends to Parent			—						—						(207.0)						(207.0)
Balances as of December 31, 2023			$	5.0					$	1,089.0					$	1,175.0					$	2,269.0

See accompanying notes.

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SYMETRA LIFE INSURANCE COMPANY

STATEMENTS OF CASH FLOW – STATUTORY BASIS

(In millions)

			For the Year Ended December 31,
			2023						2022						2021
Cash flows from operating activities
Premiums and annuity considerations collected			$	3,666.5					$	4,345.6					$	4,989.2
Net investment income received			1,805.0						1,460.6						1,474.9
Commissions and expense allowance on reinsurance ceded			427.3						267.6						54.7
Other income			223.8						250.2						178.0
Net transfers (to) from separate accounts			(152.8)						(574.5)						(336.7)
Benefits and loss-related payments			(2,586.9)						(1,992.0)						(4,332.0)
Commissions, other expenses, and taxes paid			(1,162.3)						(1,923.9)						(860.8)
Federal income taxes received (paid)			(88.5)						(55.7)						(15.5)
Net cash provided by (used in) operating activities			2,132.1						1,777.9						1,151.8
Cash flows from investing activities
Proceeds from investments sold, matured, or repaid:
Bonds			7,880.7						5,582.1						7,001.8
Mortgage loans			548.7						831.4						669.3
Other invested assets			760.3						307.1						652.6
Cost of investments acquired:
Bonds			(9,030.4)						(7,202.0)						(8,061.7)
Mortgage loans			(1,274.2)						(1,147.7)						(1,038.4)
Other invested assets			(697.6)						(813.1)						(620.9)
Other, net			(34.5)						(5.6)						(10.3)
Net cash provided by (used in) investing activities			(1,847.0)						(2,447.8)						(1,407.6)
Cash flows from financing activities
Capital contribution from Parent			—						125.0						—
Net deposits (withdrawals) on deposit-type contracts and other insurance liabilities			(1.3)						556.7						237.8
Net receipts from (transfers to) Parent, subsidiaries, and affiliates			(1.7)						(17.6)						(5.4)
Dividends to Parent			(207.0)						—						—
Other, net			1,225.2						(100.1)						62.3
Net cash provided by (used in) financing activities			1,015.2						564.0						294.7
Net increase (decrease) in cash			1,300.3						(105.9)						38.9
Cash, cash equivalents, and short-term investments, beginning of year			958.6						1,064.5						1,025.6
Cash, cash equivalents, and short-term investments, end of year			$	2,258.9					$	958.6					$	1,064.5
Supplemental disclosures of cash flow information
Non-cash transactions during the year:
Bonds and stock exchanges			$	90.8					$	116.1					$	162.3
Amortization of option costs under Iowa Administrative Code 191-97			62.1						225.9						211.9
Fair value adjustments			34.1						—						—
Investment expense on funds withheld			25.2						24.5						22.8
Mortgage loans – refinances			23.2						53.8						84.1
Initial premium ceded on reinsurance transactions			—						—						314.3
Initial funds withheld balance			—						—						314.3

See accompanying notes.

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SYMETRA LIFE INSURANCE COMPANY

NOTES TO FINANCIAL STATEMENTS – STATUTORY BASIS

(All dollar amounts in millions unless otherwise stated)

1. Description of Business

Symetra Life Insurance Company (the Company) is a stock life insurance company domiciled in the state of Iowa, and a wholly-owned subsidiary of Symetra Financial Corporation (the Parent), a Delaware Corporation. The Company has three wholly-owned subsidiaries: Symetra National Life Insurance Company, First Symetra National Life Insurance Company of New York, and Symetra Reinsurance Corporation. The Company's parent is a wholly-owned subsidiary of Sumitomo Life Insurance Company, a mutual company (sougo kaisha) organized under the laws of Japan.

The Company offers products and services that serve the retirement, employment-based benefits, and life insurance markets. These products and services are marketed through financial institutions, broker-dealers, financial professionals, independent agents, and benefits consultants in 49 states and the District of Columbia. The Company’s principal product lines include:

Retirement

Benefits

Individual Life

Fixed deferred annuities

Medical stop-loss insurance

Term life insurance

Fixed indexed annuities (FIA)

Group life insurance

Universal life (UL) insurance

Registered index-linked annuities (RILA)

Disability income (DI) insurance

Indexed universal life (IUL) insurance

Single premium immediate annuities (SPIA)

Short-term disability (STD)

Variable universal life (VUL) insurance

Long-term disability (LTD)

Bank-owned life insurance (BOLI)

Absence management

Group voluntary benefits

The Company also services a block of in-force income annuities that has been fully reinsured since 2018 and includes all of the Company's structured settlement annuities. Refer to Note 7 for further discussion.

2. Summary of Significant Accounting Policies

Basis of Presentation and Use of Estimates

The financial statements have been prepared in conformity with statutory accounting practices prescribed or permitted by the Iowa Insurance Division, Department of Insurance and Financial Services (the Department). Companies domiciled in the state of Iowa prepare their statutory-basis financial statements in accordance with the National Association of Insurance Commissioners’ (NAIC) Accounting Practices and Procedures Manual, subject to any deviations prescribed or permitted by the Department.

Under Iowa Bulletin 07-06, the Department allows insurance companies with approval from the commissioner to use other than market value for assets held in a separate account where general account guarantees are present. The Company, with explicit permission from the Department, is permitted to account for the separate account assets related to its BOLI and RILA business at other than market value. The assets of the BOLI and RILA separate accounts primarily include bonds and commercial mortgage loans that are accounted for in accordance with the guidance otherwise applicable to these assets. Therefore, there is no impact to net income or surplus.

Under Iowa Bulletin 06-01, the Department allows insurance companies to record the change in the fair value of derivative instruments used to economically hedge indexed products in income, consistent with how the change in indexed product reserves is recorded. The Company uses this election for its IUL and RILA products. This election has no net impact on surplus.

Under Iowa Administrative Code (IAC) 191-97, the Department allows companies to account for eligible derivative assets using the amortized cost method if the company can demonstrate that they meet the criteria for an economic hedge. Furthermore, IAC 191-97 also prescribes the use of a reserve calculation methodology for indexed annuity products that only reflects credited interest on reserves at the conclusion of the index term based on actual index performance. The Company uses this election for its FIA products.

The Company has received explicit permission from the Department to record the change in fair value of equity and equity-type investments held in segregated portfolios related to investments supporting two reinsurance transactions through the statements of operations instead of surplus. The segregated portfolios include investments supporting a block of structured settlement annuities in connection with the Income Annuities Inforce Reinsurance Transaction in 2018 and another related to investments supporting a block of FIA and fixed deferred annuities in connection with the Deferred Annuity New Business Reinsurance Transaction in 2022. The change in the fair value of these assets is settled with the reinsurers quarterly in accordance with the reinsurance agreements.

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SYMETRA LIFE INSURANCE COMPANY

NOTES TO FINANCIAL STATEMENTS – STATUTORY BASIS

(All dollar amounts in millions unless otherwise stated)

The state of Iowa has adopted a prescribed accounting practice that differs from that found in the NAIC statutory accounting principles (SAP) related to the admission of a variable funding note as capital and surplus. Symetra Reinsurance Corporation (SRC), a wholly-owned subsidiary of the Company, is entitled to admit as an asset, the value of a variable funding note associated with a reinsurance agreement with the Company. There was no impact to net income. If SRC had not used this prescribed practice, the result would not have triggered a regulatory event at the Company. SRC's statutory surplus under the prescribed practice from the state of Iowa was $41.9 and $42.0 as of December 31, 2023 and 2022. SRC's statutory deficit would have been $33.0 and $30.5 as of December 31, 2023 and 2022 under the SAP.

The impact of the practices described above are summarized as follows:

			For the Year Ended December 31,
			2023						2022						2021
Net income (loss) – Iowa basis			$	91.6					$	84.5					$	136.8
State prescribed practices:
Iowa Bulletin 06-01			(36.6)						50.7						(9.8)
IAC 191-97 – options			13.2						3.5						(9.0)
IAC 191-97 – reserves			(250.5)						146.4						(5.7)
State permitted practices:
Equity-type investments			(34.3)						59.0						(52.7)
Net income (loss) – NAIC basis			$	(216.6)					$	344.1					$	59.6

			As of December 31,
			2023						2022
Statutory surplus – Iowa basis			$	2,269.0					$	2,493.6
State prescribed practices:
Variable funding note			(74.9)						(72.6)
IAC 191-97 – options			(2.2)						(2.0)
IAC 191-97 – reserves			(290.8)						(40.3)
Statutory surplus – NAIC basis			$	1,901.1					$	2,378.7

The preparation of financial statements in conformity with SAP requires the Company to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. The most significant estimates include those used to determine the following: policy and contract liabilities; the identification and measurement of other-than-temporary impairments (OTTI) of investments; and the admissibility of deferred tax assets (DTAs). The recorded amounts reflect management’s best estimates, though actual results could differ from those estimates. Such estimates and assumptions could change in the future as more information becomes available, which could impact the amounts reported and disclosed herein.

Certain reclassifications have been made to prior year financial information to conform to the current period presentation.

Statutory accounting practices are different in some respects from financial statements prepared in accordance with U.S. generally accepted accounting principles (GAAP). Below is a description of the Company’s significant accounting policies, including the significant variances from GAAP. In 2016, the Company's Parent became a wholly-owned subsidiary of Sumitomo Life Insurance Company, an event which is referred to as the Merger. The Merger was accounted for under the acquisition method of accounting (purchase accounting, or PGAAP). In addition to the differences described, the Company's GAAP-basis financial results are also affected by the application of PGAAP, which results in further differences between GAAP and Statutory-basis accounting.

Accounting Pronouncements Newly Adopted

Revisions to SSAP No. 86, Derivatives

In 2022, the NAIC revised SSAP No. 86, Derivatives, to be consistent with what is permitted under GAAP regarding certain types of effective hedging relationships as a result of the Financial Accounting Standards Board's (FASB) issuance of Accounting Standard Update (ASU) 2017-12: Derivatives and Hedging: Targeted Improvements to Accounting for Hedging Activities. The revisions are classified as new SAP concepts on assessing hedge effectiveness, as well as new guidance on permitted excluded components and the appropriate measurement for those excluded items. The revisions were effective January 1, 2023, with early application permitted.

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SYMETRA LIFE INSURANCE COMPANY

NOTES TO FINANCIAL STATEMENTS – STATUTORY BASIS

(All dollar amounts in millions unless otherwise stated)

The Company adopted this standard prospectively on January 1, 2023. Upon adoption, the Company updated its internal processes and controls to ensure compliance with the revised standards. The adoption did not have an impact on the financial statements.

Statutory Ref No. 2022-17 Interest Income Disclosure

In 2023, the NAIC adopted revisions to Statement of Statutory Accounting Principles (SSAP) No. 34, Investment Income Due and Accrued, to add additional disclosures to data capture the gross, nonadmitted and admitted amounts for interest income due and accrued, and to reflect the cumulative amount of paid-in-kind (PIK) interest income included in the current principal balance. The Company adopted the revisions as of December 31, 2023 and updated its internal processes and controls to ensure compliance with the revised SSAP. The adoption did not have a material impact on the Company's financial statements or the disclosures herein.

Statutory Ref No. 2023-23 Residuals in Preferred Stock and Common Stock Structures

In 2023, the NAIC adopted revisions to SSAP No. 30R, Unaffiliated Common Stock, and SSAP No. 32R, Preferred Stock, in order to clarify that investments in common stock and preferred stock structures that are in substance residual interests shall be reported separately from common and preferred stock as residual interests. The revisions were effective and the Company adopted the revisions as of December 31, 2023 and updated its internal processes and controls to ensure compliance with the revised SSAPs. The adoption did not have a material impact on the Company's financial statements or the disclosures herein.

Statutory Ref No. 2022-19 Negative IMR

In 2023, the NAIC adopted interpretation (INT) 23-01 which provides a temporary, optional INT to allow reporting entities with risk-based capital (RBC) greater than 300%, after certain adjustments, admittance of net negative or disallowed interest maintenance reserve (IMR) up to 10% of the reporting entity’s adjusted general account capital and surplus. The INT includes specific guidance regarding restrictions as to what should be included in or excluded from the IMR and calculations, specific guidance for general account versus separate accounts, as well as specific reporting and disclosure requirements. INT 23-01 is effective until December 31, 2025 and will be automatically nullified on January 1, 2026, but the effective date can be adjusted in response to regulatory actions to establish statutory accounting guidance specific to net negative or disallowed IMR.

The Company does not have negative IMR as of December 31, 2023. The Company has not yet elected to apply the optional INT, but is permitted to do so until January 1, 2026. The Company would evaluate the impact of the election on its policies, processes, and applicable systems and make a determination if IMR becomes net negative.

Accounting Pronouncements Not Yet Adopted

Statutory Ref No. 2019-21 Bond Definition

In 2023, the NAIC adopted revisions to SSAP No. 26R, Bonds, and SSAP No. 43R, Loan-Backed and Structured Securities, for the principles-based bond definition and the accounting for bonds (issuer credit obligations and asset-backed securities), as well as revisions to various SSAPs that have been updated to reflect the revised definition and/or SSAP references. The revisions are effective January 1, 2025.

The Company is currently evaluating the impact of the revised SSAPs and reviewing its policies, processes, and applicable systems to determine the impact the revisions will have on its operations and financial statements. The Company plans to adopt the revisions effective January 1, 2025.

Statutory Ref No. 2023-17 Short-Term Investments

In 2023, the NAIC adopted revisions to SSAP No. 2R, Cash, Cash Equivalents, Drafts, and Short-Term Investments. The adopted revisions further restrict the investments that are permitted to be reported as cash equivalent and short-term investments. The revisions are effective January 1, 2025.

The Company is currently evaluating the impact of the revised SSAP and reviewing its policies, processes, and applicable systems to determine the impact the revisions will have on its operations and financial statements. The Company plans to adopt the revisions effective January 1, 2025.

Recognition of Premiums and Annuity Considerations

Premiums for UL policies and annuity considerations with mortality and morbidity risk are recognized as revenue when received. Premiums for traditional individual life policies are recognized annually on the policy anniversary, consistent with the statutory reserving process. Amounts received under deposit-type contracts with no life contingencies, including guaranteed interest and certain group annuity contracts, are recorded as liabilities when received.

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SYMETRA LIFE INSURANCE COMPANY

NOTES TO FINANCIAL STATEMENTS – STATUTORY BASIS

(All dollar amounts in millions unless otherwise stated)

Premiums for medical stop-loss policies, group life and DI policies, and absence management and group voluntary benefits policies are recognized when due. Certain types of these policies have retrospective rating features that require premium to be paid or refunded based on claims experience. The Company records its estimate for retrospective premiums in accordance with the terms of each contract as an adjustment to earned premium. The following table presents the amount of net premiums subject to retrospective rating features, and its percentage of total net premiums written on the Company's group health business:

			For the Year Ended December 31,
			2023												2022												2021
			Amount						%						Amount						%						Amount						%
Net premiums subject to retrospective rating features			$	90.3					17.0		%				$	101.6					18.6		%				$	94.0					19.5		%

Approximately 46% of 2023 premiums were from fixed deferred annuities and FIA, 11% were from RILA, 18% were from UL, and 12% were from group life and DI. No other products represented more than 10% of premiums. Two financial institutions accounted for approximately 48% of the Company’s total fixed deferred annuity, FIA, and RILA sales for the year ended December 31, 2023. Fixed deferred annuity and FIA sales represent premiums on new policies, net of first year policy lapses and/or surrenders.

Under GAAP, amounts received for UL policies and annuity contracts are reflected as liabilities rather than revenue when received, while traditional individual life premiums are recognized as revenue and considered earned when due.

Policy Acquisition Costs

The costs of acquiring and renewing policies are expensed when incurred.

Under GAAP, the Company defers costs that are directly related to the successful acquisition or renewal of insurance contracts. These primarily include commissions, distribution costs directly related to sales, third-party underwriting costs, and the portion of salaries and benefits directly related to processing successful new and renewal contracts. The Company amortizes acquisition costs over the lives of the contracts or policies. Additionally, in conjunction with the Merger, the Company recorded an asset that represented the right to receive future gross profits from cash flows and earnings of the Company's existing business, or value of business acquired (VOBA). The Company amortizes VOBA in the same manner as policy acquisition costs.

Investments

Bonds, Preferred Stocks, and Common Stocks

The Company carries bonds at amortized cost, using the constant yield method of amortization. Loan-backed securities, including mortgage-backed securities, are stated at amortized cost, and income is recognized using a constant effective yield based on anticipated prepayments and the estimated economic life of the securities. Prepayment assumptions are based on current interest rates and the economic environment. When actual prepayments differ significantly from anticipated prepayments, the effective yield is recalculated to reflect actual payments to date and estimated future payments. The net investment in the security is adjusted to the amount that would have existed had the new effective yield been applied since the acquisition of the security (i.e. the retrospective method). For commercial mortgage-backed interest-only securities, the effective yield is adjusted prospectively for any changes in estimated cash flows. The Company includes any resulting adjustment in net investment income in the current period. Bonds are recorded on a trade date basis, except for private placement bonds, which are recorded on the funding date.

All bonds in or near default, which have a NAIC designation of 6, are carried at the lower of amortized cost or fair value.

Redeemable preferred stocks which have characteristics of debt securities and are rated as medium quality or better (NAIC designations 1 to 3) are reported at cost or amortized cost. All other redeemable preferred stocks (NAIC designations 4 to 6) are reported at the lower of cost, amortized cost or fair value. Perpetual preferred stocks, which have characteristics of equity securities are reported at the lower of currently effective call price or fair value.

For those bonds and preferred stocks reported at fair value, the related change in net unrealized capital gains (losses) are recorded in unassigned funds, net of related deferred income taxes.

Unaffiliated common stocks are reported at fair value and the related net unrealized capital gains (losses) are recorded in unassigned funds, net of related deferred income taxes. Federal Home Loan Bank of Des Moines common stocks are reported at cost, which is presumed to be fair value.

Under GAAP, the Company classifies its investments in fixed maturities (bonds and redeemable preferred stocks) as either available-for-sale or trading securities and carries them at fair value. For available-for-sale securities, unrealized gains (losses)

10

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SYMETRA LIFE INSURANCE COMPANY

NOTES TO FINANCIAL STATEMENTS – STATUTORY BASIS

(All dollar amounts in millions unless otherwise stated)

are recorded directly to accumulated other comprehensive income (AOCI), net of related deferred acquisition costs (DAC), VOBA, deferred sales inducements (DSI) adjustments, and deferred income taxes. Changes in the fair value of trading securities are reported as realized gains (losses). The Company carries marketable equity securities (common stock) at fair value with changes in fair value reported as realized gains (losses).

The Company’s investments in its insurance subsidiaries are included in affiliated common stocks and are carried at their underlying statutory equity, which was $257.8 and $234.2 as of December 31, 2023 and 2022, respectively. Changes in the carrying value of subsidiaries are recorded directly to unassigned funds (surplus). The Company owns no shares, either directly or indirectly, of the Parent. Under GAAP, the accounts and operations of the subsidiaries are consolidated.

The Company reports interest and dividends earned, including prepayment fees or interest-related make whole payments, in net investment income. Interest income for bonds is recognized using the effective yield method. When the collectability of interest income for bonds is considered doubtful, any accrued but uncollectible interest is deducted from investment income in the current period. The Company then places the securities on nonaccrual status, and they are not restored to accrual status until all delinquent interest and principal is paid.

Investments are considered to be impaired when a decline in fair value below a security’s amortized cost is determined to be other-than-temporary. The Company’s review of investment securities for OTTI includes both quantitative and qualitative criteria, and for loan-backed and structured securities, may include identification of the portion related to credit losses. See Note 3 for additional discussion about the Company’s process for identifying and recording OTTI.

Under GAAP, a fixed maturity with fair value below its amortized cost but is not intended to be sold, is evaluated to determine whether the decline in fair value has resulted from an expected credit loss or other factors (such as market interest rates). The amount of the expected credit loss equals the difference between amortized cost and recovery value of the security, and is limited by the amount that the fair value is less than the amortized cost basis. The expected credit loss is recorded as an allowance, with the initial recognition and subsequent changes recognized in earnings as a realized loss. Amounts determined uncollectible are written off as a reduction to the amortized cost and removed from the allowance. Any remaining non-credit related unrealized loss is recorded in AOCI.

Mortgage Loans

The Company carries mortgage loans on real estate at outstanding principal balances less any recognized impairment. Loans are specifically evaluated for impairment if the Company considers it probable that amounts due according to the terms of the loan agreement will not be collected, or the loan is modified in a troubled debt restructuring. For mortgage loans that the Company determines to be impaired, the Company charges the difference between the estimated fair value of the collateral and the recorded investment in the mortgage loan as a realized investment loss.

The Company accrues interest income on impaired loans to the extent that it is deemed collectible and the loan continues to perform under its original or restructured terms. Accrued interest income that is over 180 days past due and collectible is reported as a nonadmitted asset. Interest income on non-performing loans, defined generally as those in default, close to being in default, or more than 90 days past due, is recognized upon receipt. Loan origination fees are recorded in income upon receipt and origination costs are expensed when incurred.

Under GAAP, a majority of mortgage loans are carried at outstanding principal balances, adjusted for unamortized deferred fees and costs, net of an allowance for expected credit losses. Loan origination fees and costs are deferred and amortized over the life of the loan. Mortgage loans supporting a block of structured settlement annuities in connection with the Income Annuities Inforce Reinsurance Transaction (Note 7) are measured at fair value, with changes in fair value recorded in earnings as realized gains (losses).

Cash, Cash Equivalents, and Short-Term Investments

Cash and cash equivalents consist of cash on deposit and bonds used to facilitate liquidity needs. Cash and cash equivalents are carried at cost, which approximates fair value, and are consistent with GAAP. As of December 31, 2023 and 2022, $1,247.4, or 96.4%, and $566.5, or 96.8%, respectively, of total cash was held at one highly rated financial institution.

Short-term investments consist of bonds and other highly liquid investments such as short-term intercompany loans. Short-term bonds are recorded in the same manner as similar long-term investments, and are consistent with GAAP. Short-term intercompany loans are carried at the unpaid principal balance plus accrued interest, and are consistent with GAAP. See Note 13 for further discussion.

Derivatives

The Company uses derivative financial instruments to hedge certain portions of its exposure to equity market risk, interest rate risk, and foreign currency exchange risk. Derivative financial instruments currently held consist primarily of equity market contracts, interest rate swaps, and cross currency swaps.

11

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SYMETRA LIFE INSURANCE COMPANY

NOTES TO FINANCIAL STATEMENTS – STATUTORY BASIS

(All dollar amounts in millions unless otherwise stated)

The accounting for changes in the fair value of derivative instruments depends on whether it qualifies and has been designated for hedge accounting. To qualify for hedge accounting treatment, a derivative must be highly effective in mitigating the designated risk of the hedged item. Effectiveness of the hedge is formally assessed at inception and throughout the life of the hedging relationship. Derivative instruments that qualify and are designated for hedge accounting are valued in a manner consistent with the items being hedged. If a derivative instrument does not qualify or is not designated for hedge accounting, it is recognized at fair value with the changes in its fair value recorded as unrealized gains or losses in surplus.

Cross currency swaps and the majority of our interest rate swaps qualify and are designated for hedge accounting and are recognized at amortized cost in the balance sheets. Periodic payments and receipts on these derivatives are recorded on an accrual basis within net investment income. Net realized capital gains (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.

Pursuant to the accounting elections discussed above, the index options for FIA products are accounted for using the amortized cost method, under which the cost is amortized through investment income on the statements of operations. When the options mature, any value received by the Company is reflected as net investment income. Index options for IUL and RILA products are recorded at fair value, with changes in fair value recorded in capital realized gains (losses) on the statements of operations. Other derivatives that do not qualify or are not designated for hedge accounting are recognized at fair value with changes in fair value recorded as net unrealized capital gains (losses) in unassigned funds on the balance sheets.

The maximum length of time over which the Company is hedging its exposure to the variability in future cash flows for forecasted transactions is 22 years.

Under GAAP, derivative instruments are recorded at fair value, and changes in the fair value of derivative instruments are reported through earnings unless they qualify and are designated for hedge accounting. When a derivative is designated as a cash flow hedge and is determined to be highly effective, changes in its fair value are recorded as a component of AOCI and reclassified into net income in the same period during which the hedged transaction affects net income.

Other Invested Assets

Other invested assets consist primarily of investments in alternative investments and tax credit investments. Tax credit investments are limited partnerships that are established to fund low-income housing projects and other qualifying purposes, where the primary return on investment is in the form of income tax credits.

Alternative investments consist of hedge funds primarily held in a segregated portfolio supporting a block of structured settlement annuities in connection with the Income Annuities Inforce Reinsurance Transaction, and they are reported at net asset value (NAV) as a practical expedient to fair value. Pursuant to the permitted practice from the Department related to equity and equity-type investments discussed above, the changes in fair value of those alternative investments are recorded in net realized gains (losses) on the statements of operations.

Under GAAP, alternative investments are recorded at fair value. Changes in the fair value of these investments are recorded in net realized gains (losses) on the consolidated statements of income (loss). The Company elected the fair value option for these investments, regardless of ownership percentage, to standardize the related accounting and reporting.

Tax credit investments primarily consist of low-income housing tax credits (LIHTC) investments. These investments are initially recorded at the present value of all expected contributions, which are considered unconditional and legally binding. Amortization of LIHTC investments is based on the proportion of tax benefits received in the current year to total estimated tax benefits to be allocated to the Company. Write downs for these investments are recorded when the carrying value of the investment exceeds the present value of remaining benefits and it has been determined that future tax benefits will not be received as expected. Write downs are recorded in net realized capital gains (losses).

Under GAAP, tax credit investments are accounted for under the equity method. Typically, the investment is written down over time as partnership losses are allocated to the Company or when the carrying value of the investment exceeds the total amount of remaining benefits. Activity related to these investments is recorded in net realized gains (losses).

Net Realized Capital Gains (Losses)

Net realized capital gains (losses) are determined on a specific-identification basis.

Nonadmitted Assets

Certain assets designated as nonadmitted and other assets not specifically identified as an admitted asset are excluded from the balance sheets and are charged directly to unassigned funds. Nonadmitted assets are composed principally of certain uncollected premiums and agents’ balances, DTAs, accounts and notes receivable, and other assets. Under GAAP, such assets are included in the balance sheets to the extent the assets are recoverable.

12

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SYMETRA LIFE INSURANCE COMPANY

NOTES TO FINANCIAL STATEMENTS – STATUTORY BASIS

(All dollar amounts in millions unless otherwise stated)

Reinsurance

The Company accounts for reinsurance premiums, commissions, expense reimbursements, benefits, and reserves related to reinsured business consistent with those used in accounting for the original policies issued and the terms of the reinsurance contracts. Premiums, benefits, and the reserves for policy and contract liabilities are reported net of reinsured amounts. For modified coinsurance agreements, the Company retains the assets and reserves of the underlying business on the balance sheets. The net impact from activity related to modified coinsurance agreements is shown on the reserve adjustment on reinsurance ceded on the statements of operations. For coinsurance with funds withheld agreements, the Company takes a reserve credit for reserves ceded and retains the assets on its balance sheets. A funds withheld liability is established initially for the amount of reserves that were ceded. The reserves are remeasured each period and changes are recorded as an adjustment to the funds withheld liability on the balance sheets.

Initial gains on reinsurance of existing in-force blocks of business are recorded as an increase to surplus, net of federal income tax. This increase to surplus is amortized into income, net of tax, as profits are recognized on the underlying business.

Under GAAP, future policy benefit reserves and policy and contract claims liabilities are reported gross of any related reinsurance recoverables, which are reported as assets. Certain reinsurance contracts meeting risk transfer requirements under SAP have been accounted for using traditional reinsurance accounting; whereas, such contracts are accounted for using deposit accounting under GAAP. For modified coinsurance agreements that do not qualify for reinsurance accounting under GAAP, the Company establishes a deposit asset, representing ceded reserves, and funds withheld liability, representing the assets supporting ceded reserves. The Company also recognizes an embedded derivative related to the funds withheld assets.

Refer to Note 7 for further discussion.

Benefit Reserves

Aggregate reserves for payment of future life, health, and annuity benefits are based on published tables in accordance with applicable actuarial standards. The reserves are at least as great as the minimum aggregate amounts required by the Department. Liabilities related to other policyholders' funds left on deposit are equal to the account balances. Surrender values on policies do not exceed the corresponding benefit reserves.

Additional reserves are established if the results of cash flow testing under various interest rate scenarios indicate the need for such reserves, or if the net premiums exceed the gross premiums on any insurance in-force. For substandard lives, either extra premium is charged or the gross premium for a rated age is charged; mean reserves are determined by computing the regular mean reserve for the plan at any rated age and, in addition, holding one-half of any extra premium charge for the year. The Company does not use anticipated investment income as a factor in its premium deficiency calculation.

Tabular interest, tabular reserves less actual reserves released, and tabular cost are determined by formula. Tabular interest on funds not involving life contingencies for each valuation rate of interest are calculated as the change in reserves minus premiums plus benefits.

The Company waives deduction of deferred fractional premiums upon the death of the insured and returns any premium beyond the date of death.

Reserves for deposit-type contracts that do not subject the Company to risks arising from policyholder mortality or morbidity are equal to deposits received and interest credited to the benefit of the contract holders, less surrenders or withdrawals that represent a return to the contract holders.

Aggregate reserves on group life and accident and health policies represent the estimated ultimate net cost of all reported and unreported claims at the balance sheet date. For group long-term disability and group life premium waiver, the liabilities for losses and loss/claim adjustment expense on reported claims are classified as Disabled Life Reserves (DLR); these reserves are calculated on a seriatim basis using tabular methods and discounted for interest, with assumptions reviewed on an annual basis. The remaining aggregate reserves on these group benefit products are for unreported claims and are classified as incurred but not reported (IBNR); these reserves are calculated using a blend of completion factors and loss ratio assumptions. Assumptions and adequacy are reviewed quarterly.

Under GAAP, policy reserves are calculated based on estimated expected experience or actual account balances. For traditional individual life policies, policy reserves are estimated as the present value of expected future policy benefits less future net premiums. For group long-term disability and group life premium waiver policies, policy reserves are calculated consistent with the method described above under SAP but with assumptions appropriate for GAAP. Liabilities for fixed deferred annuity contracts, and the fixed account portion of FIA, RILA and UL policies are equal to the account value without regard to any surrender fees. The liability for the indexed account portions of contracts with indexed or index-linked features (indexed products) represent the present value of future estimated guaranteed benefits, as well as embedded derivatives related to expected index

13

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SYMETRA LIFE INSURANCE COMPANY

NOTES TO FINANCIAL STATEMENTS – STATUTORY BASIS

(All dollar amounts in millions unless otherwise stated)

credits on these contracts and policies. The embedded derivatives are recorded at fair value. Indexed products include FIA, RILA, and Indexed UL.

Policy and Contract Claims

Claims reserves on life, and accident and health policies represent the estimated ultimate cost of all reported and unreported claims, net of reinsurance, as of the balance sheet date. The reserves for reported but unpaid claims incurred are estimated using individual valuations and statistical analyses. The liability held for pending life insurance claims is equal to the face amount of the policy. For medical stop-loss, group life and DI policies, and absence management and group voluntary benefits policies, the reserves are for unreported claims and are classified as IBNR and calculated as described above.

Under GAAP, the liability for pending claims for UL policies, including BOLI and variable corporate owned life insurance (COLI) products, equals the net amount at risk, which is the face amount of the policy, less the account value. The IBNR claim liability does not include a provision for adverse deviation.

Asset Valuation Reserve

The asset valuation reserve (AVR) provides a valuation allowance for invested assets and is calculated based on a formula prescribed by the NAIC. This reserve acts to mitigate potential credit-related losses on invested assets. Changes in the AVR are reflected directly in unassigned funds. No such reserve exists under GAAP.

Interest Maintenance Reserve

The IMR defers after-tax realized capital gains (losses) resulting from the effect of changes in the general level of interest rates on the disposal or interest-related impairment of bonds. These deferrals are based on a formula prescribed by the NAIC and are amortized into income over the approximate remaining life of the investment sold or impaired, using the grouped method. Realized interest-related gains or losses that arise from the sale of investments required to provide cash flow to meet "excess withdrawal activity" are excluded from the IMR. Under GAAP, realized investment gains (losses) from sales and impairments are reported in earnings in the period in which the assets are sold, and no such reserve is recorded.

Federal Income Taxes

The Company is included as a member of a consolidated federal income tax return group under the Parent. The method of allocation of current income taxes between the affiliates is subject to a written agreement approved by each respective company’s board of directors. Income tax expense is allocated to those entities within the group as if each individual entity filed a separate return. Current tax credits are determined on the basis of utilization by the consolidated group. The provision for federal income taxes is based on amounts determined to be payable as a result of current year operations. Intercompany balances are settled quarterly.

Deferred federal income taxes are provided for differences between the book and tax bases of assets and liabilities. In determining admissibility, gross DTAs are subject to a statutory valuation allowance if, based on the weight of available evidence, it is more likely than not that some portion or all of the gross DTAs will not be realized. The gross DTAs remaining after the application of a statutory valuation allowance, if any, are admitted subject to admissibility tests. Remaining DTAs after application of the admissibility tests are nonadmitted. Changes in deferred taxes are recorded directly to unassigned funds.

Under GAAP, DTAs are recognized only to the extent that it is more likely than not they will be realized. A valuation allowance is established when DTAs cannot be recognized. Changes in deferred taxes are reported in earnings or as a component of AOCI. Refer to Note 11 for further discussion.

Separate Accounts

Separate account assets represent segregated funds administered and invested for the exclusive benefit of policyholders. For variable separate account products, the assets of these separate accounts consist of designated underlying funds and are reported at fair value. Investment risks associated with fair value changes are borne by the policyholders. Separate account liabilities represent reserves established to meet withdrawal and future benefit payment provisions of contracts with these policyholders. The separate account assets are not subject to liabilities arising out of any other business the Company may conduct.

The Company also administers separate accounts for BOLI policyholders. The assets of these accounts include bonds and mortgage loans. Pursuant to the accounting elections discussed above, bonds are held at amortized cost and mortgage loans are held at outstanding principal loan balance less any recognized impairment. The majority of these assets are legally segregated and are not subject to claims that arise out of the Company’s other business activities. The liabilities of these

14

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SYMETRA LIFE INSURANCE COMPANY

NOTES TO FINANCIAL STATEMENTS – STATUTORY BASIS

(All dollar amounts in millions unless otherwise stated)

separate accounts represent reserves established to meet withdrawal and future benefit payment provisions of contracts with the policyholders.

The Company also administers separate accounts relating to index-linked funds for RILA policyholders. The assets of these accounts include bonds (and bond-like securitizations), mortgage loans, common stock, and derivatives. Pursuant to the accounting elections discussed above, bonds are held at amortized cost, mortgage loans are held at outstanding principal loan balance less any recognized impairment, and common stock and derivatives are carried at fair value. Changes in fair value of index options are reported as net realized capital gains (losses) and as a change in surplus for all other derivative types. Except for contracts issued in Texas, Alaska, and Washington, these assets are not legally segregated and are subject to claims that arise out of the Company's other business activities. The liabilities of these separate accounts represent reserves established to equal the policyholder cash surrender value on index-linked funds.

The operations of all separate accounts, excluding investment gains (losses) allocatable solely to the policyholders, are combined with the general account of the Company on the statements of operations under the appropriate captions. Transactions such as premium deposits, surrenders, and withdrawals are offset by a corresponding increase or decrease in net transfers to the separate accounts.

For variable universal life contracts, the Company offers a secondary guarantee that the policy remains in force even if the policy account value is below zero. For variable annuity contracts with guaranteed minimum death benefits (GMDB), the Company contractually guarantees death benefits that may exceed a policyholder's account balance. The Company reinsures most of the GMDB risk on its variable annuity contracts.

Under GAAP, separate account assets are reported at fair value. Separate account liabilities are set equal to separate account assets. Investment activity accrues directly to the policyholders and are not included in the Company’s revenue. Assets and liabilities associated with BOLI policies and RILA contracts do not qualify for separate account treatment under GAAP, as the Company retains the investment risk.

Subsequent Events

The Company has evaluated the effects of events subsequent to December 31, 2023, and the accounting and disclosure requirements related to subsequent events are included in the financial statements. Management has assessed material subsequent events through March 26, 2024, the date the financial statements were available to be issued.

Reconciliation of Statutory-Basis Amounts to GAAP-Basis Amounts

The following tables present a reconciliation of net income and capital and surplus of the Company, as determined in accordance with SAP to amounts determined in accordance with GAAP:

			Net Income (Loss)
			For the Year Ended December 31,
			2023						2022						2021
Statutory-basis net income (loss), as reported			$	91.6					$	84.5					$	136.8
Add (deduct) adjustments:
Investments			(1,195.1)						321.7						(610.8)
Reserves			644.7						(78.6)						667.9
Policy acquisition costs and VOBA			195.7						142.6						114.8
Goodwill			(56.3)						(56.3)						(56.3)
Other intangible assets			(69.6)						(69.6)						(70.5)
Federal income taxes			197.5						(45.8)						(18.7)
Federal income taxes on net capital gains			(7.2)						(30.8)						(114.7)
Other			21.6						37.1						27.2
Total adjustments			(268.7)						220.3						(61.1)
GAAP-basis net income (loss)			$	(177.1)					$	304.8					$	75.7

15

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SYMETRA LIFE INSURANCE COMPANY

NOTES TO FINANCIAL STATEMENTS – STATUTORY BASIS

(All dollar amounts in millions unless otherwise stated)

			Total Capital and Surplus
			As of December 31,
			2023						2022
Statutory-basis total capital and surplus, as reported			$	2,269.0					$	2,493.6
Add (deduct) adjustments:
Investments			(527.5)						(2,005.0)
Reserves			7,409.8						3,325.2
Policy acquisition costs and VOBA			1,846.2						1,834.0
Goodwill			337.8						394.1
Other intangible assets			791.5						861.1
Federal income taxes			82.5						133.4
Non-admitted assets			267.2						207.6
Reinsurance liabilities			1,194.1						1,087.8
Funds held under coinsurance agreements			(10,901.8)						(6,105.6)
Other			5.3						48.6
Total adjustments			505.1						(218.8)
GAAP-basis shareholder's equity			$	2,774.1					$	2,274.8

Accounting Changes and Correction of Errors

Accounting Changes

In 2023, the Company elected to record the realized capital gains (losses) on terminations or maturities of derivative assets under IAC 191-97 in net investment income. Prior to this election, the realized gains (losses) on terminations or maturities of these derivative assets were reported as realized capital gains (losses) in the statement of operations. This change aligns the reporting of amortization and any realized gains (losses) on such terminations or maturities within net investment income on the statement of operations. This election has no impact to net income or surplus.

Correction of Errors

The Company recorded error corrections through aggregate write-ins for gains and losses in surplus totaling $2.8, $8.5, and $16.1 for the years ended December 31, 2023, 2022, and 2021, respectively.

16

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SYMETRA LIFE INSURANCE COMPANY

NOTES TO FINANCIAL STATEMENTS – STATUTORY BASIS

(All dollar amounts in millions unless otherwise stated)

3. Investments

The book/adjusted carrying value and fair value of investments in bonds, preferred stocks, and common stocks are as follows:

			As of December 31, 2023
			Book/ Adjusted Carrying Value						Gross Unrealized Gains						Gross Unrealized Losses						Fair Value
Bonds:
U.S. government and agencies			$	968.4					$	5.4					$	(6.5)					$	967.3
Foreign governments and agencies			69.1						—						(11.7)						57.4
States, territories, and possessions			4.6						—						(0.1)						4.5
Political subdivisions			48.2						0.1						(3.2)						45.1
Special revenue and assessments			559.2						2.1						(39.5)						521.8
Industrial and miscellaneous			19,170.5						229.4						(1,161.6)						18,238.3
Hybrid securities			322.4						1.4						(22.2)						301.6
Collateralized loan obligations:
Industrial and miscellaneous			7,258.3						7.8						(93.8)						7,172.3
Mortgage- and asset-backed securities:
U.S. government and agencies			34.7						0.1						(2.2)						32.6
Special revenue and assessments			183.4						1.0						(32.0)						152.4
Industrial and miscellaneous			3,364.8						20.8						(173.8)						3,211.8
Total bonds			31,983.6						268.1						(1,546.6)						30,705.1
Preferred stocks			106.4						—						(7.1)						99.3
Unaffiliated common stocks			359.7						7.7						(3.1)						364.3
Total			$	32,449.7					$	275.8					$	(1,556.8)					$	31,168.7

			As of December 31, 2022
			Book/ Adjusted Carrying Value						Gross Unrealized Gains						Gross Unrealized Losses						Fair Value
Bonds:
U.S. government and agencies			$	623.9					$	0.2					$	(8.5)					$	615.6
Foreign governments and agencies			83.8						—						(14.2)						69.6
States, territories, and possessions			6.0						—						(0.2)						5.8
Political subdivisions			54.2						—						(6.1)						48.1
Special revenue and assessments			592.9						0.5						(60.1)						533.3
Industrial and miscellaneous			19,069.6						73.0						(1,754.1)						17,388.5
Hybrid securities			317.5						1.4						(28.2)						290.7
Collateralized loan obligations:
Industrial and miscellaneous			7,170.7						0.4						(320.1)						6,851.0
Mortgage- and asset-backed securities:
U.S. government and agencies			41.7						0.2						(3.0)						38.9
Special revenue and assessments			196.6						0.8						(35.9)						161.5
Industrial and miscellaneous			2,807.1						3.3						(256.7)						2,553.7
Total bonds			30,964.0						79.8						(2,487.1)						28,556.7
Preferred stocks			93.1						—						(8.7)						84.4
Unaffiliated common stocks			419.9						3.2						(20.8)						402.3
Total			$	31,477.0					$	83.0					$	(2,516.6)					$	29,043.4

17

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SYMETRA LIFE INSURANCE COMPANY

NOTES TO FINANCIAL STATEMENTS – STATUTORY BASIS

(All dollar amounts in millions unless otherwise stated)

The Company maintains a diversified investment portfolio. The following table presents the composition of the Company's bonds, preferred stocks, and common stocks by sector:

			As of December 31,
			2023												2022
			Fair Value						% of Total						Fair Value						% of Total
Financials			$	13,906.9					44.6		%				$	12,289.6					42.3		%
Industrials			2,355.5						7.6						2,462.6						8.5
Utilities			2,302.8						7.4						2,000.9						6.9
Consumer staples			1,983.4						6.4						2,015.2						6.9
Consumer discretionary			1,975.2						6.3						1,757.4						6.1
Energy			1,761.8						5.7						1,994.9						6.9
Health care			1,607.8						5.2						1,636.7						5.6
Communications			1,370.2						4.4						1,450.0						5.0
Other			3,905.1						12.4						3,436.1						11.8
Total			$	31,168.7					100.0		%				29,043.4						100.0		%

The following table summarizes the contractual years to maturity of bonds as of December 31, 2023. Actual maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without penalties.

			Book/ Adjusted Carrying Value						Fair Value
Years to maturity:
One or less			$	1,789.9					$	1,771.2
Over one through five			12,021.9						12,030.7
Over five through ten			3,124.3						2,804.9
Over ten			4,206.3						3,529.2
Total with contractual maturity dates			21,142.4						20,136.0
Collateralized loan obligations			7,258.3						7,172.3
Mortgage- and asset-backed securities			3,582.9						3,396.8
Total bonds			$	31,983.6					$	30,705.1

The following table summarizes the Company’s net investment income:

			For the Year Ended December 31,
			2023						2022						2021
Income:
Bonds			$	1,499.7					$	1,176.9					$	1,095.2
Preferred and common stocks			25.7						19.7						16.2
Mortgage loans			338.4						322.3						312.4
Derivatives (1)			(120.3)						(215.9)						(179.5)
Limited partnerships			(5.1)						(7.4)						(20.7)
Cash, cash equivalents, and short-term investments			113.5						10.7						0.7
Other			3.6						3.6						5.0
Total investment income			1,855.5						1,309.9						1,229.3
Investment expenses			(98.3)						(69.2)						(61.0)
Net investment income			$	1,757.2					$	1,240.7					$	1,168.3
____________________

(1)For the years ended 2023, 2022 and 2021, the balance included $(260.3), $(225.9), and $(211.9), respectively, of amortization of option costs under IAC 191-97. Refer to Note 2 for further discussion.

For the years ended December 31, 2023, 2022, and 2021, respectively, the Company sold, redeemed, or otherwise disposed of 10, 65, and 161 securities as a result of a callable feature, resulting in $0.2, $21.9, and $110.4 of investment income generated from a prepayment penalty and/or acceleration fee.

18

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SYMETRA LIFE INSURANCE COMPANY

NOTES TO FINANCIAL STATEMENTS – STATUTORY BASIS

(All dollar amounts in millions unless otherwise stated)

The following table summarizes the realized capital gains (losses) from investment sales, dispositions, and write downs:

			For the Year Ended December 31,
			2023						2022						2021
Bonds			$	(138.0)					$	(139.7)					$	79.9
Preferred and common stocks (1)			32.5						14.5						13.2
Derivatives and other invested assets			87.0						29.2						567.2
Realized capital gains (losses) before federal income taxes and transfer from IMR			(18.5)						(96.0)						660.3
Federal income tax benefit (expense)			19.7						(9.6)						(133.5)
Amount transferred to the IMR			101.3						78.8						(71.0)
Net realized capital gains (losses)			$	102.5					$	(26.8)					$	455.8
____________________

(1)Includes $0.0, $0.0, and $0.0 of losses related to OTTI for the years ended December 31, 2023, 2022, and 2021, respectively.

The following table presents the proceeds from sales of bonds (excluding call and maturity proceeds), and the gross gains and losses realized on those sales:

			For the Year Ended December 31,
			2023						2022						2021
Proceeds from sales of bonds			$	5,079.9					$	2,743.2					$	2,215.7
Gross gains			28.8						49.7						124.1
Gross losses			(137.1)						(121.3)						(22.1)

Unrealized Losses and OTTI

The following tables summarize gross unrealized losses and fair values of the Company’s bonds, preferred stocks, and unaffiliated common stocks, presented by length of time that individual securities have been in a continuous loss position:

			As of December 31, 2023
			Less Than 12 Months																		12 Months or More
			Fair Value						Gross Unrealized Losses						# of Securities						Fair Value						Gross Unrealized Losses						# of Securities
Bonds:
U.S. government and agencies			$	24.3					$	(0.1)					6						$	85.2					$	(6.4)					7
Foreign governments and agencies			1.3						—						1						56.2						(11.7)						5
States, territories, and possessions			—						—						—						4.5						(0.1)						1
Political subdivision			12.0						(0.2)						1						31.6						(3.0)						9
Special revenue and assessments			14.5						(0.1)						4						447.4						(39.4)						69
Industrial and miscellaneous			950.0						(11.4)						197						12,060.2						(1,150.2)						1,508
Hybrid securities			81.0						(2.9)						12						189.1						(19.3)						18
Collateralized loan obligation			639.4						(2.3)						59						4,676.5						(91.5)						438
Mortgage and asset-backed securities			394.6						(6.1)						62						1,762.4						(201.9)						241
Total bonds			2,117.1						(23.1)						342						19,313.1						(1,523.5)						2,296
Preferred stocks			—						—						—						62.5						(7.1)						5
Unaffiliated common stocks			72.1						(2.8)						14						9.0						(0.3)						6
Total			$	2,189.1					$	(25.9)					356						$	19,384.6					$	(1,530.9)					2,307

19

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SYMETRA LIFE INSURANCE COMPANY

NOTES TO FINANCIAL STATEMENTS – STATUTORY BASIS

(All dollar amounts in millions unless otherwise stated)

			As of December 31, 2022
			Less Than 12 Months																		12 Months or More
			Fair Value						Gross Unrealized Losses						# of Securities						Fair Value						Gross Unrealized Losses						# of Securities
Bonds:
U.S. government and agencies			$	405.4					$	(8.5)					16						$	—					$	—					—
Foreign governments and agencies			45.9						(3.7)						4						22.4						(10.5)						3
States, territories, and possessions			5.8						(0.2)						1						—						—						—
Political subdivision			31.1						(3.4)						9						16.9						(2.7)						2
Special revenue and assessments			495.5						(59.5)						85						—						(0.6)						1
Industrial and miscellaneous			14,298.2						(1,283.2)						1,743						1,607.8						(470.9)						359
Hybrid securities			211.4						(17.7)						22						50.6						(10.5)						5
Collateralized loan obligation			4,546.1						(193.1)						355						2,290.8						(127.0)						259
Mortgage- and asset-backed securities			1,846.7						(156.1)						237						646.1						(139.5)						85
Total bonds			21,886.1						(1,725.4)						2,472						4,634.6						(761.7)						714
Preferred stocks			—						—						—						36.6						(8.7)						2
Unaffiliated common stocks			225.0						(20.8)						10						—						—						2
Total			$	22,111.1					$	(1,746.2)					2,482						$	4,671.2					$	(770.4)					718

The Company reviewed its investments with unrealized losses as of December 31, 2023 and 2022 in accordance with its impairment policy. The Company’s evaluation determined, after the recognition of OTTI, that the remaining declines in fair value were temporary and the Company did not intend to sell these securities at an amount below the carrying value prior to maturity (or recovery). For loan-backed bonds and structured securities, the Company expects to recover the entire amortized cost basis.

The Company uses both quantitative and qualitative criteria to review all securities in its holdings. Based on the Company's experience, investments with amortized cost exceeding estimated fair value by less than 20% do not typically represent a significant risk of impairment under normal market conditions. For those with amortized cost exceeding estimated fair value by over 20% and those that were downgraded by a rating agency, the Company compares the security's implied credit spread to the benchmark spread for bonds with significant credit risk. If the security's spread exceeds the defined tolerance compared to this benchmark, the Company further analyzes the decrease in fair value to determine whether it is an other-than-temporary impaired by considering, among other factors, the following:

•Extent of downgrades of the security by a rating agency;

•Extent and duration of the decline in fair value below cost or amortized cost;

•Financial condition and near-term prospects of the issuer of the security, including any specific events that may affect its operations, earnings potential, or compliance with terms and covenants of the security;

•Changes in the financial condition of the security’s underlying collateral;

•Nonpayment of scheduled interest, or the reduction or elimination of dividends; and

•Other indications that a credit loss has occurred.

For bonds and preferred stocks, the Company concludes an OTTI has occurred if a security is underwater and there is an intent to sell the security, or it is more likely than not that the Company will be required to sell the security prior to recovery of its amortized cost, considering any regulatory developments, prepayment or call notifications, and the Company's liquidity needs. For OTTI on bonds other than loan-backed and structured securities, an impairment loss equal to the difference between the bond’s carrying value and its fair value is recognized within the statements of operations.

Loan-backed and structured securities are considered other-than-temporarily impaired when the Company has concluded it does not have the intent and ability to retain the security for sufficient time to recover the amortized cost basis, it intends to sell the security prior to maturity at an amount below the carrying value, or it does not expect to recover the entire amortized cost basis even if it has the intent and ability to hold.

When an OTTI has occurred due to the Company’s intent to sell the security or the Company has assessed it does not have the intent and ability to retain the security until sufficient time to recover the amortized cost basis, an impairment loss equal to the difference between the security's carrying value and its fair value is recognized within the statements of operations.

20

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SYMETRA LIFE INSURANCE COMPANY

NOTES TO FINANCIAL STATEMENTS – STATUTORY BASIS

(All dollar amounts in millions unless otherwise stated)

When an OTTI has occurred because the Company does not expect to recover the entire cost basis, even if the Company has the intent and ability to hold the security, an impairment loss equal to the difference between the security's carrying value and its estimated recovery value is recognized within the statements of operations. The estimated recovery value is calculated as the present value of cash flows expected to be collected, discounted at the effective rate immediately prior to the recognition of the OTTI.

To determine the recovery value of a loan-backed or structured security, the Company performs an analysis related to the underlying issuer including, but not limited to, the following:

•Expected cash flows from the security;

•Creditworthiness;

•Delinquency, debt-service coverage, and loan-to-value ratios on the underlying collateral;

•Underlying collateral values, vintage year, and level of subordination;

•Geographical concentrations; and

•Susceptibility to prepayment due to changes in the interest rate environment.

The Company records OTTI charges on bonds, common stock, and preferred stock as net realized capital losses on the statements of operations. The largest write-downs were from investments in the following sectors:

			For the Year Ended December 31,
			2023												2022												2021
			Amount						% of Total						Amount						% of Total						Amount						% of Total
U.S. government (1)			$	16.5					79.4		%				$	12.5					40.2		%				$	8.6					98.9		%
Industrials			2.1						9.9		%				1.6						5.1						—						—
Consumer discretionary			1.1						5.4		%				8.9						28.6						—						—
Financials			0.8						4.0		%				2.7						8.7						—						—
Utilities			—						—		%				2.1						6.8						—						—
Energy			—						—		%				1.3						4.2						0.1						1.1
Communications			—						—		%				1.0						3.2						—						—
Other			0.3						1.2		%				1.0						3.2						—						—
Impairment losses recognized in earnings			$	20.8					100.0		%				$	31.1					100.0		%				$	8.7					100.0		%
____________________

(1)Impairments on U.S. Federal Government securities are due to the Company's intent to sell and reflect the impact of interest rate movements.

Based on NAIC ratings as of December 31, 2023 and 2022, the Company held below-investment-grade bonds with fair values of $1,173.9 and $994.4, respectively, and book/adjusted carrying values of $1,223.5 and $1,095.6, respectively. These holdings amounted to 3.8% and 3.5% of the Company’s investments in bonds at fair value as of December 31, 2023 and 2022, respectively.

Restricted Assets

The table below provides a summary of restricted assets at book/adjusted carrying value:

			As of December 31,
			2023																		2022
			Total Pledged & Restricted Assets						% of Total Assets						% of Total Admitted Assets						Total Pledged & Restricted Assets						% of Total Assets						% of Total Admitted Assets
Restricted assets in connection with reinsurance transactions (1)			$	13,420.7					25.2		%				25.4		%				$	8,857.8					18.0		%				18.0		%
Federal Home Loan Bank of Des Moines (FHLB DM) capital stock			147.1						0.3						0.3						127.5						0.3						0.3
State deposits			6.9						—						—						6.9						—						—
Pledged collateral to FHLB DM			5,702.1						10.7						10.8						5,112.1						10.4						10.4
Other pledged collateral			184.6						0.3						0.3						193.7						0.4						0.4
Total restricted assets			$	19,461.4					36.6		%				36.8		%				$	14,298.0					29.1		%				29.1		%
____________________

(1)Includes bonds, stocks, mortgage loans, cash, and other assets contractually restricted to use related to the Company's reinsurance transactions.

21

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SYMETRA LIFE INSURANCE COMPANY

NOTES TO FINANCIAL STATEMENTS – STATUTORY BASIS

(All dollar amounts in millions unless otherwise stated)

Funding Agreements with Federal Home Loan Bank of Des Moines

The Company is a member of the Federal Home Loan Bank of Des Moines (FHLB DM). Membership allows access to the FHLB DM's funding services, which provide an alternative liquidity source, including the ability to obtain loans and issue funding agreements that are collateralized by qualifying assets. The Company has issued funding agreements to the FHLB DM to support an institutional spread program, where the Company earns income primarily from the difference between investment income earned and interest paid on the funding agreements. Maximum borrowing capacity varies based on a percentage of total assets, subject to availability of eligible collateral and internal authorization limits. Eligible collateral includes CMBS, RMBS, government or agency securities, and mortgage loans.

The table below presents amounts related to FHLB DM:

			As of December 31,
			2023						2022
Membership stock – Class B (1)			$	10.0					$	10.0
Activity stock			137.1						117.5
Total			$	147.1					$	127.5
Outstanding funding agreements (2)			$	3,047.1					$	2,937.8
Collateral held at FHLB DM, at carrying value (3)			5,702.1						5,112.1
Actual or estimated borrowing capacity as determined by the Company			4,230.8						3,930.3
____________________

(1)Class B membership stock is eligible for redemption in 6 months to less than 1 year.

(2)The outstanding funding agreements as of December 31, 2023 and 2022 represent the total reserves established, which was recorded in liability for deposit-type contracts on the balance sheets. The outstanding funding agreements as of December 31, 2023 and 2022 also represent the maximum amount outstanding during the years ended December 31, 2023 and 2022, respectively. The Company does not have any prepayment obligations related to the outstanding funding agreements.

(3)As of December 31, 2023 and 2022, the fair value of the Company's collateral held at FHLB DM was $5,288.0 and 4,648.3, respectively. The carrying value and fair value also represent the maximum amount pledged during the years ended December 31, 2023 and 2022, respectively.

Low-Income Housing Tax Credits

The Company held LIHTC investments of $81.3 and $55.0 as of December 31, 2023 and 2022, respectively. As of December 31, 2023, the Company had up to 14 remaining years of unexpired credits related to LIHTC investments. The Company's remaining required holding period for these investments was between 1 and 17 years as of December 31, 2023.

The Company recognized LIHTC tax credits of $4.1, $8.0, and $28.0 during the years ended December 31, 2023, 2022, and 2021, respectively. As of December 31, 2023, the Company had remaining commitments of $73.4 to its LIHTC investments. These properties are not currently subject to any regulatory review.

4. Mortgage Loans

The Company's mortgage loan portfolio is secured by first-mortgage liens on income-producing commercial real estate, primarily in the retail, industrial, and office building sectors. The Company's mortgage loan portfolio is considered a single portfolio segment and class of financing receivables, which is consistent with how the Company assesses and monitors the risk and performance of the portfolio. A large majority of these loans have personal guarantees and all mortgaged properties are inspected annually.

The Company's mortgage loan portfolio is diversified by geographic region, loan size, and scheduled maturity. As of December 31, 2023, the state with the largest concentration of the Company's mortgage loans was California, comprising 27.8% of total outstanding principal. Of the loans in California, 62.6% are related to properties located in Southern California.

The maximum and minimum lending rates for mortgage loans issued during 2023, were 8.8% and 4.3%, respectively. The maximum and minimum lending rates for mortgage loans issued during 2022, were 6.8% and 2.6%, respectively. The maximum and minimum lending rates for mortgage loans issued during 2021 were 4.8% and 2.6%, respectively.

Loans are underwritten based on loan-to-value (LTV) ratios and debt-service coverage ratios (DSCR), as well as detailed market, property, and borrower analyses. The LTV and DSCR are used by the Company to determine the internal credit quality of mortgage loans. The LTV ratio compares the carrying value of the loan to the fair value of the underlying collateral. The DSCR compares a property's net operating income to its debt-service payments. Generally, a lower LTV ratio and higher DSCR indicate a higher quality loan. The Company updates each loan's LTV ratio every quarter based on the carrying value of the property, while property information (such as property value and income for DSCR) is updated annually, primarily during the third quarter.

22

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SYMETRA LIFE INSURANCE COMPANY

NOTES TO FINANCIAL STATEMENTS – STATUTORY BASIS

(All dollar amounts in millions unless otherwise stated)

The maximum LTV for any one loan was 70.0%, 70.0%, and 70.0% for loans funded during the years ended December 31, 2023, 2022, and 2021, respectively. The weighted average LTV ratio for the Company’s mortgage loan portfolio was 44.9% and 45.9% as of December 31, 2023 and 2022, respectively.

The following table sets forth the Company's mortgage loans by credit quality indicator:

			As of December 31, 2023																		As of December 31, 2022
			DSCR																		DSCR
LTV ratio			1.50x or Greater						Less Than 1.50x						Total						1.50x or Greater						Less Than 1.50x						Total
Less than 65%			$	6,521.0					$	660.8					$	7,181.8					$	6,139.9					$	442.9					$	6,582.8
Between 65% and 80%			277.1						320.6						597.7						250.7						196.8						447.5
Greater than 80%			—						47.4						47.4						1.7						68.4						70.1
Total commercial mortgage loans			$	6,798.1					$	1,028.8					7,826.9						$	6,392.3					$	708.1					$	7,100.4
Other mortgage loans															24.0																		25.0
Total															$	7,850.9																	$	7,125.4
____________________

Loans are specifically evaluated for impairment if the Company considers it probable that amounts due according to the terms of the loan agreement will not be collected, or the loan is modified in a troubled debt restructuring. As of December 31, 2023 and 2022, no outstanding loans were determined to be non-performing.

5. Derivative Instruments

The Company uses derivative financial instruments to hedge certain portions of its exposure to equity market risk, interest rate risk, and foreign currency exchange risk. Derivative instruments may be exchange-traded or contracted in the over-the-counter (OTC) market. The Company has established policies for managing its derivatives, including prohibitions on derivatives market-making and other speculative derivatives activities.

Derivative Exposures

The following tables present the notional amounts, carrying amounts, and fair values of the Company’s derivative assets and liabilities:

			As of December 31, 2023
									Carrying Amount												Fair Value
			Notional						Assets						Liabilities						Assets						Liabilities
Derivatives designated as cash flow hedges:
Interest rate swaps			$	2,358.3					$	—					$	—					$	16.4					$	127.1
Cross currency swaps			980.4						27.6						8.8						37.8						7.4
Treasury bond forwards			443.6						—						—						0.7						7.9
Treasury locks			141.0						—						—						—						2.3
Derivatives not designated as hedges:
Index options			11,632.4						227.8						3.3						420.7						4.6
Interest rate caps and floors			1,172.7						1.7						24.8						1.7						24.8
Futures			47.5						15.7						—						15.7						—
Total derivatives			$	16,775.9					$	272.8					$	36.9					$	493.0					$	174.1

23

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SYMETRA LIFE INSURANCE COMPANY

NOTES TO FINANCIAL STATEMENTS – STATUTORY BASIS

(All dollar amounts in millions unless otherwise stated)

			As of December 31, 2022
									Carrying Amount												Fair Value
			Notional						Assets						Liabilities						Assets						Liabilities
Derivatives designated as cash flow hedges:
Interest rate swaps			$	2,079.6					$	—					$	—					$	—					$	170.8
Cross currency swaps			688.8						53.7						0.8						82.7						0.1
Derivatives not designated as hedges:
Index Options			11,742.5						160.2						3.2						162.4						9.2
Interest rate caps and floors			1,172.7						3.1						33.8						3.1						33.8
Futures			13.8						2.6						0.3						2.6						0.3
Other (1)			3,300.0						0.1						—						0.1						—
Total derivatives			$	18,997.4					$	219.7					$	38.1					$	250.9					$	214.2
_______________________

(1)Includes free-standing swaptions.

Interest Rate Swaps

The Company uses interest rate swaps as part of its interest rate risk management strategy. In an interest rate swap transaction, the Company agrees with other parties to exchange, at specified intervals, the difference between floating-rate and fixed-rate interest amounts calculated by reference to an agreed upon notional principal amount. The Company primarily uses interest rate swaps to synthetically convert variable rate bonds, including investments in collateralized loan obligations, to fixed-rate bonds. These derivatives qualify and are designated as cash flow hedges.

Cross Currency Swaps

The Company uses cross currency swaps as part of its foreign currency risk management strategy to reduce foreign exchange rate risk with respect to the Company's investments denominated in foreign currencies. In a cross currency swap transaction, the Company agrees with other parties to exchange, at specified intervals, one currency for another at a specified rate of exchange. Generally, the notional amount of each currency is exchanged at the maturity of the currency swap by each party. These derivatives qualify and are designated as cash flow hedges.

Treasury Bond Forwards and Treasury Locks

The Company uses treasury bond forwards and treasury locks as part of its interest rate risk management strategy. In a bond forward, the Company agrees to buy or sell a bond at a fixed price on the maturity date. In a treasury lock, the Company agrees to make or receive a payment based upon the difference between the strike rate and current issuance rates. The Company primarily uses treasury bonds forwards and treasury locks to mitigate fluctuations in expected interest income. These derivatives qualify and are designated as cash flow hedges.

Equity Market Contracts – Indexed and Index-linked Products

The Company uses index call options and futures as part of its equity market risk management strategy. The Company offers indexed and index-linked products that permit the contract holder to allocate all or a portion of their account value to an indexed component that credits interest based on the performance of an index, subject to caps, floors, or performance margins set by the Company. The contract holders may elect to rebalance index options at renewal dates, typically annually. As of each renewal date, the Company has the opportunity to re-price the indexed component by establishing revised cap rates or performance margins, subject to contractual guarantees. The Company transacts in index call options and futures according to the portfolio allocation decisions of the contract holders such that the Company is economically hedged with respect to equity returns for the current interest term. These derivatives are not designated for hedge accounting.

Interest Rate Caps and Floors

The Company uses interest rate caps and floors as part of its interest rate risk management strategy pertaining to floating-rate investments. The Company will generally take a long position using an interest rate floor to hedge against the risk of falling reference rates, and may choose to partially or fully finance such floor by taking a short position using an interest rate cap. When done in combination, the long floor and short cap combination is referred to as a collar. The collar provides protection against reference rates falling below the floor’s strike price, but also results in the Company forfeiting potential gains should the reference rates rise above the cap’s strike price. The Company does not designate these derivatives for hedge accounting.

24

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SYMETRA LIFE INSURANCE COMPANY

NOTES TO FINANCIAL STATEMENTS – STATUTORY BASIS

(All dollar amounts in millions unless otherwise stated)

Collateral Arrangements

The Company’s derivative contracts are primarily non-centrally-cleared OTC instruments that are governed by an International Swaps and Derivatives Association (ISDA) Master Agreement. For each Master Agreement, the Company and the counterparty have also entered into a credit support annex (CSA) to reduce the risk of counterparty default in derivative transactions. The CSA requires either party to post cash collateral or other financial assets in accordance with the net exposure from all derivative contracts between the parties. The amount of net exposure is the difference between the derivative contract's fair value and the fair value of the collateral held for the CSA with each counterparty. Collateral amounts required to be posted or received are determined daily based on the net exposure with each counterparty under a master netting agreement.

The Company does not offset recognized collateral amounts pledged or received against the fair value amounts recognized for derivative contracts.

For certain centrally-cleared instruments, the Company is required to post initial margin, which is determined at contract inception, as well as variation margin, which is based on the fair value of the derivative contracts and generally determined on a daily basis. As of December 31, 2023 and 2022, the Company posted initial margin of $41.3 and $40.4, respectively, related to its centrally-cleared derivatives. These amounts are not reflected in collateral presented in the tables below.

In the balance sheets, the Company recognizes cash collateral received in cash, cash equivalents, and short-term investments and the obligation to return cash collateral as a liability. Non-cash collateral received is not recognized in the balance sheets. In the event of default, the counterparty relinquishes claim to the assets pledged as collateral and the Company recognizes the collateral as its own asset recorded at fair value, or, in the case of cash collateral, derecognizes its obligation to return collateral.

The following table presents the potential effect of netting arrangements on the Company's balance sheets:

			Fair Value						Financial Instruments (1)						Cash Collateral Received (2)						Net Amount						Securities Collateral (3)						Net Amount After Securities Collateral
December 31, 2023
Derivative assets			$	493.0					$	(174.1)					$	(325.9)					$	(7.0)					$	(17.4)					$	(24.4)
Derivative liabilities			174.1						(133.2)						—						40.9						(2.0)						38.9
December 31, 2022
Derivative assets			$	250.9					$	(214.2)					$	(158.5)					$	(121.8)					$	(10.4)					$	(132.2)
Derivative liabilities			214.2						(214.2)						—						—						—						—
____________________

(1)Represents amount of offsetting derivative liabilities that are subject to an enforceable master netting agreement or similar agreement that are not netted against the gross derivative assets for presentation on the balance sheet.

(2)Amounts exclude excess of cash collateral received from the counterparty.

(3)Securities collateral received from counterparties is not reported on the balance sheets and may or may not be sold or re-pledged unless the counter party is in default. Amounts do not include excess of collateral pledged or received.

6. Fair Value of Financial Instruments

The Company determines the fair value of its financial instruments based on the fair value hierarchy, which favors the use of observable inputs over the use of unobservable inputs when measuring fair value. The Company uses the same pricing methodology and sources as utilized for obtaining GAAP fair values.

The Company has categorized its financial instruments into the three-level hierarchy, which gives the highest priority to quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). The level assigned to a fair value measurement is based on the lowest-level input that is significant to the measurement. The fair value measurements for the Company's financial instruments are categorized as follows:

•    Level 1 – Unadjusted quoted prices in active markets for identical instruments.

•    Level 2 – Quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active, model-derived valuations whose inputs are observable, and market corroborated inputs. This category includes those financial instruments that are valued using industry-standard pricing methodologies or models. All significant inputs are observable or derived from observable information in the marketplace.

•    Level 3 – Fair value estimates whose significant inputs are unobservable. This includes financial instruments for which fair value is estimated based on industry-standard pricing methodologies and internally developed models utilizing significant inputs not based on or corroborated by readily available market information. In limited circumstances, this may also utilize estimates based on non-binding broker quotes.

25

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SYMETRA LIFE INSURANCE COMPANY

NOTES TO FINANCIAL STATEMENTS – STATUTORY BASIS

(All dollar amounts in millions unless otherwise stated)

The following tables present financial instruments carried at fair value:

			As of December 31, 2023
			Level 1						Level 2						Level 3						Total
Assets at fair value:
Bonds			$	—					$	0.8					$	—					$	0.8
Preferred stocks			—						43.9						—						43.9
Unaffiliated common stocks			217.2						147.1						—						364.3
Derivatives			15.7						70.5						11.9						98.1
Separate account assets (1)			1,033.8						312.4						13.8						1,360.0
Total assets at fair value (2)			$	1,266.7					$	574.7					$	25.7					$	1,867.1
Liabilities at fair value:
Derivatives			$	—					$	24.9					$	0.3					$	25.3
Separate account liabilities			—						45.3						1.3						46.6
Total liabilities at fair value			$	—					$	70.3					$	1.7					$	71.9
____________________

(1)Does not include amounts related to invested assets that are measured using the net asset value (NAV) as a practical expedient. The fair value of these investments was $15.3 as of December 31, 2023.

(2)Does not include amounts related to alternative investments that are measured using the NAV practical expedient. The fair value of these investments was $505.3 as of December 31, 2023. These investments have varying investment strategies, and redemption terms and conditions.

			As of December 31, 2022
			Level 1						Level 2						Level 3						Total
Assets at fair value:
Bonds			$	—					$	0.2					$	—					$	0.2
Preferred stocks			—						27.4						—						27.4
Unaffiliated common stocks			274.8						127.5						—						402.3
Derivatives			2.6						41.8						11.2						55.6
Separate account assets (1)			1,002.9						111.2						4.4						1,118.5
Total assets at fair value (2)			$	1,280.3					$	308.1					$	15.6					$	1,604.0
Liabilities at fair value:
Derivatives			$	0.3					$	33.8					$	0.4					$	34.6
Separate account liabilities			—						75.8						9.1						84.9
Total liabilities at fair value			$	0.3					$	109.6					$	9.5					$	119.5
____________________

(1)Does not include amounts related to alternative investments that are measured using the NAV practical expedient. The fair value of these investments was $14.0 as of December 31, 2022. These investments have varying investment strategies, and redemption terms and conditions.

(2)Does not include amounts related to alternative investments that are measured using the NAV practical expedient. The fair value of these investments was $488.6 as of December 31, 2022. These investments have varying investment strategies, and redemption terms and conditions.

26

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SYMETRA LIFE INSURANCE COMPANY

NOTES TO FINANCIAL STATEMENTS – STATUTORY BASIS

(All dollar amounts in millions unless otherwise stated)

The following tables present the book/adjusted carrying values and corresponding fair values of financial instruments subject to fair value disclosure requirements, categorized by the fair value hierarchy described above:

			As of December 31, 2023
			Carrying Values						Fair Value						Level 1						Level 2						Level 3
Financial assets:
Bonds			$	31,983.6					$	30,705.1					$	60.8					$	29,943.7					$	700.6
Preferred stocks			106.4						99.3						—						99.3						—
Unaffiliated common stocks			364.3						364.3						217.2						147.1						—
Mortgage loans			7,850.9						7,318.5						—						—						7,318.5
Limited partnerships (1)			81.3						60.9						—						—						60.9
Cash, cash equivalents, and short-term investments			2,258.9						2,156.9						1,294.6						862.3						—
Derivatives			272.8						493.0						15.7						419.2						58.1
Separate account assets (2)			8,052.5						7,375.2						1,095.0						5,556.6						723.7
Financial liabilities:
Derivatives			36.9						174.1						—						173.1						1.0
Separate account liabilities			43.8						46.6						—						45.3						1.3
Deposit-type contracts			4,212.7						4,433.3						—						—						4,433.3
____________________

(1)Does not include amounts related to alternative investments that are measured using the NAV practical expedient. The fair value of these investments was $505.3 as of December 31, 2023. These investments have varying investment strategies, and redemption terms and conditions.

(2)Does not include amounts related to invested assets that are measured using the NAV as a practical expedient. The fair value of these investments was $15.3 as of December 31, 2023.

			As of December 31, 2022
			Carrying Values						Fair Value						Level 1						Level 2						Level 3
Financial assets:
Bonds			$	30,964.0					$	28,556.7					$	—					$	28,129.7					$	427.0
Preferred stocks			93.1						84.4						—						84.4						—
Unaffiliated common stocks			402.3						402.3						274.8						127.5						—
Mortgage loans			7,125.4						6,522.2						—						—						6,522.2
Limited partnerships (1)			55.0						22.9						—						—						22.9
Cash, cash equivalents, and short-term investments			958.6						958.5						585.4						373.1						—
Derivatives			219.7						250.9						2.6						214.8						33.5
Separate account assets (2)			7,457.4						6,592.9						1,039.8						4,972.9						580.2
Financial liabilities:
Derivatives			38.1						214.2						0.3						213.1						0.8
Separate account liabilities			84.9						84.9						—						75.8						9.1
Deposit-type contracts			4,205.6						4,265.0						—						—						4,265.0
____________________

(1)Does not include amounts related to alternative investments that are measured using the NAV practical expedient. The fair value of these investments was $488.6 as of December 31, 2022. These investments have varying investment strategies, and redemption terms and conditions.

(2)Does not include amounts related to invested assets that are measured using the NAV as a practical expedient. The fair value of these investments was $14.0 as of December 31, 2022.

Financial Instruments Measured at Fair Value on a Recurring Basis

Unaffiliated Common Stocks

The Company's unaffiliated common stocks primarily include FHLB DM common stock and publicly traded common stocks. The FHLB DM common stock is based on redeemable par value and is classified as a Level 2 measurement. The publicly traded common stocks are based on quoted market prices in active markets for identical assets and are classified as a Level 1 measurement.

27

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SYMETRA LIFE INSURANCE COMPANY

NOTES TO FINANCIAL STATEMENTS – STATUTORY BASIS

(All dollar amounts in millions unless otherwise stated)

Derivatives

A majority of the derivatives are index options that consist primarily of Standard & Poor's 500 Index® (S&P 500) options. The fair values of these index options were determined using option pricing models. Significant inputs include index implied volatilities, index dividend yields, index prices, a risk-free rate, option term, and strike price. As these inputs are observable, most index options are classified as a Level 2 measurement. Options without public and observable inputs are classified as a Level 3 measurement.

Separate Account Assets and Liabilities

Separate account assets related to the Company's variable products are primarily invested in mutual funds with published NAVs and are classified as a Level 1 measurement. Separate account assets and liabilities related to the Company's RILA products include investments in derivatives, which are valued using the same methodologies described above.

Other Financial Instruments Subject to Fair Value Disclosure Requirements

Bonds

Bonds are primarily classified as Level 2 measurements. To make this assessment, the Company determines whether the market for a security is active and if significant pricing inputs are observable. The Company predominately utilizes third-party independent pricing services that use evaluated pricing models to assist management in determining the fair value of its bonds.

As many of these bonds do not trade on a daily basis, evaluated pricing models apply available information through processes such as benchmark curves, benchmarking of like securities, sector groupings, and matrix pricing to prepare valuations. The significant inputs for these bond valuations include benchmark U.S. Treasury or other yields, spread off the U.S. Treasury yield curve for identical securities, reported trades, broker-dealer quotes, comparable securities that are actively traded, issuer spreads, two-sided markets, benchmark securities, bids, offers, and other reference data, including market research publications. In addition, for mortgage- and asset-backed securities, the pricing services use models and processes to develop prepayment and interest rate scenarios. The pricing services monitor market indicators, industry and economic events, and their models take into account market convention.

In situations where the Company is unable to obtain sufficient market-observable information upon which to estimate the fair value of a particular security, fair values are determined using internal pricing models that typically utilize significant, unobservable market inputs or inputs that are difficult to corroborate with observable market data. Such measurements are classified as Level 3 and typically include private placements and other securities that pricing services are unable to price.

Preferred Stocks

The fair values of preferred stocks are valued by pricing services utilizing evaluated pricing models. These valuations are created based on benchmark curves using industry standard inputs and exchange prices of underlying securities of the same issuer. As these inputs are considered observable, preferred stocks are classified as a Level 2 measurement.

Mortgage Loans

The fair values of the Company’s mortgage loans are determined by discounting the projected future cash flows using a discount rate equal to the risk-free rate plus a valuation spread. The valuation spread is an unobservable input that includes management's assumptions of the impact of credit risks. Significant increases or decreases in this spread results in significant changes in fair value; therefore, mortgage loans are classified as a Level 3 measurement.

Limited Partnerships

The fair value of the Company's investment in limited partnerships involved in tax credit investments is estimated based on the discounted future economic benefits over the remaining life of each investment, using a market rate of return based on similar investments observed by brokers. The future economic benefits are based on assumptions about the partnerships' future performance and related tax benefits passed through to the Company, net of the Company's obligations to make future investment contributions. Because these estimates utilize significant unobservable inputs, investments in limited partnerships are classified as a Level 3 measurement.

Cash, Cash Equivalents, and Short-Term Investments

Cash and cash equivalents consist of demand bank deposits and short-term highly liquid investments with original maturities of three months or less at the time of purchase. Because cash equivalents are readily convertible to known amounts of cash, carrying value generally approximates fair value and are primarily classified as Level 1. Short-term investments consist of investments with a maturity date of less than one year. The majority of these investments are bonds which are classified as a Level 2 measurement.

28

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SYMETRA LIFE INSURANCE COMPANY

NOTES TO FINANCIAL STATEMENTS – STATUTORY BASIS

(All dollar amounts in millions unless otherwise stated)

Derivatives

Cross currency swaps and interest rate swaps are valued using an income approach. These swaps are priced using a discounted cash flow model. The significant inputs for cross currency swaps include the projected cash flows, currency spot rates, swap yield curve, and cross currency basis curve. As these inputs are observable, the cross currency swaps valuation is classified as a Level 2 measurement. The significant inputs for interest rate swaps include the projected cash flows, timing of payments, the discount rate, and the forward rate. As these inputs are observable, the interest rate swaps valuation is classified as a Level 2 measurement.

Separate Account Assets and Liabilities

Separate account assets related to the Company's fixed BOLI and RILA products primarily consist of bonds, commercial mortgage loans, and cash that are valued using the same methodologies described above.

Deposit-type Contracts

Deposit-type contracts consist of FHLB funding agreements and certain annuities with payout provisions which do not include life contingencies within the scope of SSAP 100R - Fair Value. The fair values for these investments are generally derived from the present value of liability cash flows. The significant inputs include the projected liability cash flows from actuarial cash flow testing models and discount rates that are representative of the Company's financial strength ratings. As these inputs are unobservable, they are classified as Level 3 investments.

Rollforward of Assets and Liabilities Measured and Reported as Level 3

The following table presents additional information about assets and liabilities measured and reported at fair value and for which significant unobservable inputs (Level 3) were utilized to determine fair value:

			For the Year Ended December 31,
			2023						2022
Balance, beginning of period			$	5.5					$	7.9
Total gains (losses) included in net income			(6.4)						(3.8)
Total gains (losses) included in surplus			—						(15.1)
Purchases			13.2						13.7
Sales			—						(0.1)
Settlements			(0.4)						8.6
Balance, end of period			$	11.9					$	11.2

7. Reinsurance

The Company uses reinsurance across its businesses to spread risk and limit losses. The Company remains liable to its policyholders to the extent that counterparties to reinsurance contracts do not meet their obligations. The following summarizes the Company's reinsurance coverage by product type:

•Medical Stop-Loss. Starting in 2022, the Company reinsures the excess of $3.25 per individual claim; previously, the Company reinsured $3.0 per individual claim.

The Company has a coinsurance with funds withheld arrangement to manage its risk-based capital position on a majority of its stop-loss policies. This agreement does not qualify for reinsurance accounting under GAAP.

•Group Life & DI. Starting in 2019, the Company primarily reinsures group life mortality risk in excess of $0.35 per individual and line of coverage. The Company reinsures morbidity risk in excess of $8.0 thousand of gross monthly benefit per life. The Company also has catastrophic coverage for group life policies.

•Deferred Annuities. The Company had a reinsurance agreement to manage its statutory capital position related to fixed deferred and fixed indexed annuities that have a guaranteed return of premium feature and were issued beginning in 2017. This agreement does not qualify for reinsurance accounting under GAAP. The Company recaptured the treaty as of October 1, 2023.

The Company has a coinsurance with funds withheld arrangement to manage its statutory capital position on a block of FIA policies with guaranteed lifetime withdrawal benefits issued from January 1, 2021 through December 31, 2023. The amount of reinsurance credit taken under this agreement for policies in-force was $202.7 and $138.3 as of December 31, 2023 and 2022, respectively. This agreement does not qualify for GAAP reinsurance accounting.

29

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SYMETRA LIFE INSURANCE COMPANY

NOTES TO FINANCIAL STATEMENTS – STATUTORY BASIS

(All dollar amounts in millions unless otherwise stated)

The Company has a reinsurance agreement for an 80% quota share of certain fixed indexed annuities and fixed deferred annuities issued beginning January 1, 2022. This agreement does not qualify for reinsurance accounting under GAAP. See Deferred Annuity New Business Reinsurance Transaction discussion below.

•Income Annuities. The Company has a reinsurance agreement to transfer financial responsibility for its in-force block of income annuity contracts, which consists of all of the Company's structured settlements and a smaller block of SPIAs. This agreement does not qualify for reinsurance accounting under GAAP. See Income Annuities Inforce Reinsurance Transaction discussion below.

•Individual Life. The Company's reinsurance coverage varies by product, policy issue year, and issue age of the insured. For fully underwritten policies issued subsequent to April 2017, the Company retains up to a maximum of $5.0 per life. For fully underwritten policies issued between March 2013 and April 2017, the Company retains up to a maximum of $3.0 per life.

The Company has a coinsurance with funds withheld reinsurance arrangement to manage its statutory capital position on a block of term life insurance policies subject to principle-based reserving method issued subsequent to January 1, 2020 and a block of term life insurance policies subject to Regulation XXX issued prior to 2020. The amount of reinsurance credit taken under this agreement for policies in-force was $327.4 and $275.0 as of December 31, 2023 and 2022, respectively. This agreement does not qualify for reinsurance accounting under GAAP.

The Company has a coinsurance with funds withheld and a yearly renewable term reinsurance arrangement to manage its statutory capital position on a block of UL policies with secondary guarantees largely issued between January 2015 and December 2019. This agreement does not qualify for reinsurance accounting under GAAP.

The Company has a coinsurance with funds withheld arrangement with a third party reinsurer, as well as an excess loss reinsurance agreement with its subsidiary, Symetra National Life Insurance Company, to manage its statutory capital position on survivorship guaranteed universal life policies. This agreement does not qualify for reinsurance accounting under GAAP.

In addition, the Company has a funds withheld reinsurance agreement with its wholly-owned subsidiary, Symetra Reinsurance Corporation. The Company ceded all net policy liabilities related to a block of universal life insurance policies with secondary guarantees issued on or before December 31, 2014. The related reinsurance reserve credit taken was $301.2 and $285.8 as of December 31, 2023 and 2022, respectively. The balance of funds withheld was $226.3 and $213.2 as of December 31, 2023 and 2022, respectively. This agreement does not qualify for reinsurance accounting under GAAP.

Reserve credit taken for all ceded reinsurance was $2,073.1 and $1,856.5 as of December 31, 2023 and 2022, respectively.

The Company evaluates the financial condition of its reinsurers to monitor its exposure to losses from reinsurers’ insolvencies. The Company analyzes reinsurance recoverables, net of assets held in trust and funds withheld required by the related reinsurance agreements, according to the credit ratings and financial health of its reinsurers and is not aware of any of its major reinsurers currently experiencing financial difficulties. Excluding the Income Annuities Inforce Reinsurance Transaction and Deferred Annuity New Business Reinsurance Transaction discussed below, as of December 31, 2023, $913.0 of net reinsurance recoverables was related to four reinsurers, representing 91.7% of the total amount due from reinsurers. As of December 31, 2022, $690.8 of net reinsurance recoverables was related to four reinsurers, representing 88.0% of the total amount due from reinsurers. Of the total amounts due from reinsurers, 99.0% and 98.2%, respectively, was with reinsurers rated A- or higher by A.M. Best as of December 31, 2023 and 2022. During 2023, the Company had a write-off of $1.3 due to the settlement of a reinsurance recoverable. The Company had no write-offs or reserves for uncollectible reinsurance in 2022.

Income Annuities Inforce Reinsurance Transaction

The Company has a 100% modified coinsurance agreement (Income Annuities Inforce Reinsurance Transaction), which was effective as of July 1, 2018, for the Company's in-force block of income annuities, which included all of the Company's structured settlement annuities, and a smaller amount of retail SPIA. As of December 31, 2023 and 2022, the related reserves were $4.7 billion and $4.9 billion, respectively. The Company continues to service the reinsured business and hold the associated invested assets and policyholder liabilities on its balance sheets. The reinsurer is responsible for the management of invested assets, subject to investment management guidelines.

Associated with the Income Annuities Inforce Reinsurance Transaction, a portion of the ceding commission was recorded as an adjustment to liability for deposit-type contracts on the Company's balance sheets and is amortized over the life of the contracts into benefits expense. The withheld assets supporting the net statutory reserves of the reinsured business are reported as investments on the balance sheets and are legally owned by the Company.

The Company remains liable to its policyholders to the extent that the reinsurer does not meet its contractual obligations. In the event of the reinsurer's insolvency, the Company would reclaim the withheld assets supporting the reserve liabilities. The

30

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SYMETRA LIFE INSURANCE COMPANY

NOTES TO FINANCIAL STATEMENTS – STATUTORY BASIS

(All dollar amounts in millions unless otherwise stated)

Company has the ability to offset amounts due to the reinsurer with amounts owed from the reinsurer, as well as access to amounts held in trust, which reduces the risk of loss.

Deferred Annuity New Business Reinsurance Transaction

In 2022, the Company entered into a modified coinsurance agreement (Deferred Annuity New Business Reinsurance Transaction) with Symetra Bermuda Re, Ltd. (SBR), an affiliated Bermuda reinsurer wholly-owned by the Parent, to reinsure an 80% quota share of certain fixed indexed annuities and fixed deferred annuities issued beginning January 1, 2022. At inception, the Company paid SBR an initial settlement of $2.1 billion, comprised primarily of $2.3 billion of ceded premium, less a ceding commission of $0.2 billion. The Company continues to write new business and service the reinsured annuities. As of December 31, 2023 and 2022, the related reserves were $7.9 billion and $3.1 billion, respectively. Additionally, the associated invested assets and policyholder liabilities are held on the Company's balance sheets. Symetra Investment Management Company (SIM), an affiliated registered investment advisor wholly-owned by the Parent, is responsible for the management of invested assets, subject to investment management guidelines, as part of the Company's Investment Management Agreement (IMA). Refer to Note 13 for further discussion on the IMA with SIM.

On a quarterly basis, the Company pays premiums, net of surrenders and a ceding and expense allowance, to the reinsurer. The ceded premiums are recorded as premiums and annuity considerations and the ceding and expense allowance received is recorded as commission and expense allowance on reinsurance ceded on the statements of operations. The ceding allowance percentage received changes each quarter as part of the quarterly pricing process. Surrender benefits ceded are recorded as surrender and maturity benefits on the statements of operations. The remaining difference between the assets withheld and reserves ceded is settled with the reinsurer and recorded in reserve adjustment on reinsurance ceded on the statements of operations. The withheld assets supporting the net statutory reserves of the reinsured business are reported as investments on the balance sheets and are legally owned by the Company.

The following table presents significant reinsurance activities between the Company and SBR:

			For the Year Ended December 31,
			2023						2022						2021
Ceded premiums			$	4,767.2					$	2,282.2					$	—
Ceded surrenders			(167.7)						(21.6)						—
Ceding and expense allowance			(304.6)						(165.4)						—

The Company remains liable to its policyholders to the extent that the reinsurer does not meet its contractual obligations. In the event of the reinsurer's insolvency, the Company would reclaim the withheld assets supporting the reserve liabilities. The Company has the ability to offset amounts due to the reinsurer with amounts owed from the reinsurer.

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SYMETRA LIFE INSURANCE COMPANY

NOTES TO FINANCIAL STATEMENTS – STATUTORY BASIS

(All dollar amounts in millions unless otherwise stated)

Premiums and Annuity Considerations

The following table sets forth the effect of reinsurance on premiums and annuity considerations. It is disaggregated by accident and health, and life insurance and annuity products, which are short- and long-duration contracts, respectively.

			For the Year Ended December 31,
			2023						2022						2021
Premiums and annuity considerations
Direct life insurance in-force			$	183,201.0					$	152,116.2					$	141,934.1
Direct:
Accident and health			1,356.7						1,139.1						933.1
Life insurance			990.7						920.6						858.2
Annuity			6,849.3						5,287.8						3,632.6
Total direct premiums			9,196.7						7,347.5						5,423.9
Assumed:
Accident and health			—						—						0.1
Annuity			—						—						0.1
Total assumed premiums			—						—						0.2
Ceded:
Accident and health			(824.8)						(593.8)						(451.4)
Life insurance			(146.4)						(158.8)						(360.1)
Annuity			(4,697.1)						(3,144.6)						(3.6)
Total ceded premiums			(5,668.3)						(3,897.2)						(815.1)
Net premiums and annuity considerations			$	3,528.4					$	3,450.3					$	4,609.0
Percentage of amount assumed to net			—		%				—		%				—		%

Ceded reinsurance reduced the Company’s claims reported on the statements of operations by $816.2, $599.8, and $493.4 for the years ended December 31, 2023, 2022, and 2021, respectively.

8. Life and Annuity Reserves

The following tables present the Company’s annuity reserves and deposit fund liabilities by withdrawal characteristics, including those held in separate account liabilities:

			As of December 31, 2023
Individual Annuities			General Account												Separate Account NonGuaranteed						Total						% of Total
Subject to discretionary withdrawal:
With fair value adjustment			$	8,863.2											$	—					$	8,863.2					27.6		%
At book value less surrender charge of 5% or more (1)			10,088.0												1,870.1						11,958.1						37.2
At fair value			—												291.8						291.8						0.9
Total with adjustment or at fair value			18,951.2												2,161.9						21,113.1						65.7
At book value without adjustment (minimal or no charge or adjustment)			6,346.0												—						6,346.0						19.8
Not subject to discretionary withdrawal			4,656.9												—						4,656.9						14.5
Total gross individual annuity actuarial reserves			29,954.1												2,161.9						32,116.0						100.0		%
Less: reinsurance ceded			205.2												—						205.2
Total net individual annuity actuarial reserves			$	29,748.9											$	2,161.9					$	31,910.8
____________________

(1)Includes $2,434.5 general account and $134.7 non-guaranteed separate account that will have less than 5% surrender charge and thus be reported with the amounts at book value with minimal or no charge or adjustment for the first time within the year subsequent to December 31, 2023.

32

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SYMETRA LIFE INSURANCE COMPANY

NOTES TO FINANCIAL STATEMENTS – STATUTORY BASIS

(All dollar amounts in millions unless otherwise stated)

			As of December 31, 2023
Group Annuities			General Account												Separate Account NonGuaranteed						Total						% of Total
Subject to discretionary withdrawal:
With fair value adjustment			$	54.7											$	—					$	54.7					8.8		%
At fair value			—												141.0						141.0						22.6
Total with adjustment or at fair value			54.7												141.0						195.7						31.3
At book value without adjustment (minimal or no charge or adjustment)			428.3												—						428.3						68.6
Not subject to discretionary withdrawal			0.7												—						0.7						0.1
Total group annuity actuarial reserves			$	483.7											$	141.0					$	624.7					100.0		%

			As of December 31, 2023
Deposit-type Contracts			General Account												Separate Account NonGuaranteed						Total						% of Total
Subject to discretionary withdrawal:
With fair value adjustment			$	61.2											$	—					$	61.2					1.4		%
At fair value			—												0.2						0.2						—
Total with adjustment or at fair value			61.2												0.2						61.4						1.4
At book value without adjustment (minimal or no charge or adjustment)			29.5												—						29.5						0.7
Not subject to discretionary withdrawal			4,211.2												—						4,211.2						97.9
Total gross deposit-fund liabilities			4,301.9												0.2						4,302.1						100.0		%
Less: reinsurance ceded			46.0												—						46.0
Total net deposit-fund liabilities			$	4,255.9											$	0.2					$	4,256.1

			As of December 31, 2022
Individual Annuities			General Account												Separate Account NonGuaranteed						Total						% of Total
Subject to discretionary withdrawal:
With fair value adjustment			$	7,262.4											$	—					$	7,262.4					24.4		%
At book value less surrender charge of 5% or more (1)			9,687.9												1,292.6						10,980.5						36.8
At fair value			—												267.7						267.7						0.9
Total with adjustment or at fair value			16,950.3												1,560.3						18,510.6						62.1
At book value without adjustment (minimal or no charge or adjustment)			6,993.9												—						6,993.9						23.4
Not subject to discretionary withdrawal			4,322.4												—						4,322.4						14.5
Total gross individual annuity actuarial reserves			28,266.6												1,560.3						29,826.9						100.0		%
Less: reinsurance ceded			147.4												—						147.4
Total net individual annuity actuarial reserves			$	28,119.2											$	1,560.3					$	29,679.5
____________________

(1)Includes $2,377.7 that will have less than 5% surrender charge and thus be reported with the amounts at book value with minimal or no charge or adjustment for the first time within the year subsequent to December 31, 2022.

33

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SYMETRA LIFE INSURANCE COMPANY

NOTES TO FINANCIAL STATEMENTS – STATUTORY BASIS

(All dollar amounts in millions unless otherwise stated)

			As of December 31, 2022
Group Annuities			General Account												Separate Account NonGuaranteed						Total						% of Total
Subject to discretionary withdrawal:
With fair value adjustment			$	61.4											$	—					$	61.4					9.5		%
At fair value			—												132.7						132.7						20.5
Total with adjustment or at fair value			61.4												132.7						194.1						30.0
At book value without adjustment (minimal or no charge or adjustment)			452.7												—						452.7						69.9
Not subject to discretionary withdrawal			0.7												—						0.7						0.1
Total group annuity actuarial reserves			514.8												132.7						647.5						100.0		%

			As of December 31, 2022
Deposit-type Contracts			General Account												Separate Account NonGuaranteed						Total						% of Total
Subject to discretionary withdrawal:
With fair value adjustment			$	66.0											$	—					$	66.0					1.5		%
At fair value			—												0.6						0.6						—
Total with adjustment or at fair value			66.0												0.6						66.6						1.5
At book value without adjustment (minimal or no charge or adjustment)			32.1												—						32.1						0.7
Not subject to discretionary withdrawal			4,205.1												—						4,205.1						97.8
Total gross deposit-fund liabilities			4,303.2												0.6						4,303.8						100.0		%
Less: reinsurance ceded			53.2												—						53.2
Total net deposit-fund liabilities			$	4,250.0											$	0.6					$	4,250.6

Total annuity actuarial reserves and deposit fund liabilities were as follows:

			As of December 31,
			2023						2022
Annuity reserves			$	30,232.6					$	28,634.0
Liability for deposit-type contracts			4,255.9						4,250.0
Separate account – annuity reserves and liability for deposit-type contracts			2,302.9						1,693.0
Other			0.2						0.6
Total net annuity actuarial reserves and liability for deposit-type contracts			$	36,791.6					$	34,577.6

34

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SYMETRA LIFE INSURANCE COMPANY

NOTES TO FINANCIAL STATEMENTS – STATUTORY BASIS

(All dollar amounts in millions unless otherwise stated)

The following tables present the Company's life reserves by withdrawal characteristics, including those held in separate account liabilities:

			As of December 31, 2023
			General Account
			Account Value						Cash Value						Reserve
Subject to discretionary withdrawal, surrender values, or policy loans:
Term policies with cash value			$	—					$	3.0					$	9.2
Universal life			1,105.6						1,086.6						1,223.6
Universal life with secondary guarantees			1,157.0						882.3						2,481.4
Indexed universal life with secondary guarantees			1,381.2						968.8						1,075.8
Other permanent cash value life insurance			—						49.1						51.5
Variable universal life			57.8						57.8						66.6
Miscellaneous reserves			—						2.4						2.4
Not subject to discretionary withdrawal or no cash value:
Term policies without cash value			XXX						XXX						433.8
Accidental death benefits			XXX						XXX						0.2
Disability – active lives			XXX						XXX						0.7
Disability – disabled lives			XXX						XXX						43.6
Miscellaneous reserves			XXX						XXX						221.8
Total life insurance reserves			3,701.6						3,050.0						5,610.6
Less: reinsurance ceded			—						—						1,841.4
Total net life insurance reserves			$	3,701.6					$	3,050.0					$	3,769.2

			As of December 31, 2023
			Separate Account with Guarantees																		Separate Account Nonguaranteed
			Account Value						Cash Value						Reserve						Account Value						Cash Value						Reserve
Subject to discretionary withdrawal, surrender values, or policy loans:
Universal life			$	4,919.3					$	4,919.3					$	4,919.3					$	—					$	—					$	—
Variable universal life			—						—						—						604.9						594.8						594.8
Total life insurance reserves			$	4,919.3					$	4,919.3					$	4,919.3					$	604.9					$	594.8					$	594.8

35

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SYMETRA LIFE INSURANCE COMPANY

NOTES TO FINANCIAL STATEMENTS – STATUTORY BASIS

(All dollar amounts in millions unless otherwise stated)

			As of December 31, 2022
			General Account
			Account Value						Cash Value						Reserve
Subject to discretionary withdrawal, surrender values, or policy loans:
Term policies with cash value			$	—					$	2.5					$	8.9
Universal life			1,110.8						1,111.9						1,230.7
Universal life with secondary guarantees			1,132.2						800.3						2,177.2
Indexed universal life with secondary guarantees			1,068.2						782.3						837.3
Other permanent cash value life insurance			—						51.4						54.0
Variable universal life			55.9						55.9						70.4
Miscellaneous reserves			—						3.0						3.0
Not subject to discretionary withdrawal or no cash value:
Term policies without cash value			XXX						XXX						402.7
Accidental death benefits			XXX						XXX						0.2
Disability – active lives			XXX						XXX						0.8
Disability – disabled lives			XXX						XXX						43.3
Miscellaneous reserves			XXX						XXX						230.6
Total life insurance reserves			3,367.1						2,807.3						5,059.1
Less: reinsurance ceded			—						—						1,679.7
Total net life insurance reserves			$	3,367.1					$	2,807.3					$	3,379.4

			As of December 31, 2022
			Separate Account with Guarantees																		Separate Account Nonguaranteed
			Account Value						Cash Value						Reserve						Account Value						Cash Value						Reserve
Subject to discretionary withdrawal, surrender values, or policy loans:
Universal life			$	4,867.3					$	4,867.3					$	4,867.3					$	—					$	—					$	—
Variable universal life			—						—						—						601.4						591.1						591.1
Total life insurance reserves			$	4,867.3					$	4,867.3					$	4,867.3					$	601.4					$	591.1					$	591.1

Total life insurance reserves were as follows:

			As of December 31,
			2023						2022
Life insurance reserves			$	3,614.0					$	3,232.2
Accidental death benefits reserves			0.2						0.2
Disability – active lives reserves			0.7						0.8
Disability – disabled lives reserves			41.0						40.7
Miscellaneous reserves			113.3						105.5
Separate account life insurance reserves			5,514.1						5,458.4
Total net life insurance reserves			$	9,283.3					$	8,837.8

As of December 31, 2023 and 2022, the Company had $8,871.8 and $8,202.0, respectively, of insurance in-force for which the gross premiums were less than the net premiums according to the standard valuation established by the Department. Related reserves of $216.9 and $225.2 as of December 31, 2023 and 2022, respectively, were included in life and annuity reserves.

36

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SYMETRA LIFE INSURANCE COMPANY

NOTES TO FINANCIAL STATEMENTS – STATUTORY BASIS

(All dollar amounts in millions unless otherwise stated)

9. Liability for Unpaid Claims

The following table provides a reconciliation of the beginning and ending liability balances for unpaid claims, net of reinsurance recoverables:

			For the Year Ended December 31,
			2023						2022						2021
Balance, beginning of the year			$	633.2					$	599.5					$	549.4
Less: reinsurance recoverables			214.6						205.3						133.2
Net balance, beginning of the year			418.6						394.2						416.2
Add provision for claims, net of reinsurance, occurring in:
Current year			663.9						630.3						647.1
Prior years			2.5						(18.7)						(44.3)
Net incurred losses during the year			666.4						611.6						602.8
Deduct payments for claims, net of reinsurance, occurring in:
Current year			425.1						408.9						435.3
Prior years			208.5						178.3						189.5
Net claim payments during the current year			633.6						587.2						624.8
Valuation basis change and corrections			(6.5)						—						—
Net balance, end of year			444.9						418.6						394.2
Add: reinsurance recoverables			265.3						214.6						205.3
Balance, end of year			$	710.2					$	633.2					$	599.5

Liabilities for unpaid claims are recorded in policy and contract claims, life and annuity reserves, and accident and health reserves on the balance sheets. The Company uses estimates in determining its liability for unpaid claims. These estimates are primarily based on historical claim payment patterns and expected loss ratios to provide for the inherent variability in claim patterns and severity. For the year ended December 31, 2023, the change in incurred claims related to prior years was primarily due to unfavorable claims experience on the Company's medical stop-loss and individual life policies.

10. Capital and Surplus

The NAIC establishes certain risk-based capital (RBC) requirements for life and health insurance companies. Under those requirements, the amount of capital and surplus to be maintained by a life and health insurance company is determined based on various risk factors. As of December 31, 2023 and 2022, the Company exceeded the minimum capital and surplus and RBC requirements.

Under Iowa law, the Company may pay dividends only from the earned surplus arising from its business and must receive the prior approval of the Department to pay stockholder dividends or make any other distribution if such distributions would exceed certain statutory limitations. Iowa law gives the Department discretion to disapprove requests for distributions in excess of these limits. Extraordinary dividends include those made within the preceding twelve months that exceed the greater of (i) 10% of statutory policyholder surplus as of the previous year-end or (ii) the statutory net gain from operations from the previous calendar year. Based on December 31, 2023 statutory results, the maximum dividend that may be paid without prior approval in 2024 is $226.9.

During 2023, the Company paid $207.0 of dividends to its Parent. During 2022 and 2021, the Company did not pay dividends to its Parent.

The following table presents the cumulative increase (reduction) of unassigned funds related to the following items:

			As of December 31,
			2023						2022
Net unrealized gains (losses)			$	9.6					$	(51.5)
Nonadmitted assets			(267.3)						(207.6)
Separate accounts			244.3						255.7
Asset valuation reserve			(591.6)						(362.6)

37

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SYMETRA LIFE INSURANCE COMPANY

NOTES TO FINANCIAL STATEMENTS – STATUTORY BASIS

(All dollar amounts in millions unless otherwise stated)

11. Income Taxes

The components of DTAs and deferred tax liabilities (DTLs) are as follows:

			As of December 31, 2023																		As of December 31, 2022																		Change
			Ordinary						Capital						Total						Ordinary						Capital						Total						Ordinary						Capital						Total
Gross DTAs			$	435.4					$	11.3					$	446.7					$	353.5					$	20.2					$	373.7					$	81.9					$	(8.9)					$	73.0
DTAs nonadmitted			(177.8)						(6.8)						(184.6)						(131.8)						(9.4)						(141.2)						(46.0)						2.6						(43.4)
Subtotal admitted DTAs			257.6						4.5						262.1						221.7						10.8						232.5						35.9						(6.3)						29.6
Less: DTLs			93.9						15.3						109.2						87.7						2.2						89.9						6.2						13.1						19.3
Net admitted DTAs			$	163.7					$	(10.8)					$	152.9					$	134.0					$	8.6					$	142.6					$	29.7					$	(19.4)					$	10.3

The admission calculation components are as follows:

			As of December 31, 2023																		As of December 31, 2022																		Change
			Ordinary						Capital						Total						Ordinary						Capital						Total						Ordinary						Capital						Total
Federal income taxes paid in prior years recoverable through loss carrybacks			$	—					$	3.3					$	3.3					$	—					$	10.5					$	10.5					$	—					$	(7.2)					$	(7.2)
(1) Adjusted gross DTAs expected to be realized following the balance sheet date			164.7						—						164.7						135.1						—						135.1						29.6						—						29.6
(2) Adjusted gross DTAs allowed per limitation threshold			XXX						XXX						408.9						XXX						XXX						409.1						XXX						XXX						(0.2)
Adjusted gross DTAs expected to be realized after application of the limitation threshold (lesser of (1) and (2))			164.7						—						164.7						135.1						—						135.1						29.6						—						29.6
Adjusted gross DTAs offset by gross DTLs			92.9						1.2						94.1						86.6						0.3						86.9						6.3						0.9						7.2
DTAs admitted			$	257.6					$	4.5					$	262.1					$	221.7					$	10.8					$	232.5					$	35.9					$	(6.3)					$	29.6

As of December 31, 2023 and 2022, the ratio percentage used to determine the recovery period and limitation threshold amount was 724% and 729%, respectively. As of December 31, 2023 and 2022, the amount of adjusted capital and surplus used to determine the recovery period and limitation threshold amounts were $2,726.0 and $2,727.4, respectively. The results of this calculation component enable the Company to admit DTAs expected to reverse within three years, if not previously admitted as a carryback.

The admission calculations for 2023 and 2022 were not significantly impacted by tax-planning strategies. The Company had no unrecognized DTLs as of December 31, 2023 or 2022.

The components of current income tax expense (benefit) are as follows:

			For the Year Ended December 31,
			2023						2022						2021
Federal income tax expense (benefit) (1)			$	96.7					$	59.8					$	(133.5)
Federal income tax expense (benefit) on net capital gains (losses)			(19.7)						9.6						133.5
Federal income tax expense (benefit) incurred			$	77.0					$	69.4					$	—
_______________________

(1)Includes $47.3 and ($26.7) in 2023 and 2022, respectively, of federal income tax expense (benefit) on realized gains and losses arising in the separate accounts which would previously have been presented in net capital gains (losses).

38

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SYMETRA LIFE INSURANCE COMPANY

NOTES TO FINANCIAL STATEMENTS – STATUTORY BASIS

(All dollar amounts in millions unless otherwise stated)

The main components of deferred tax amounts are as follows:

			As of December 31,
			2023						2022						Change
DTAs
Ordinary:
Policyholder reserves			$	201.6					$	147.3					$	54.3
Investments			43.1						48.6						(5.5)
Deferred acquisition costs			148.0						125.1						22.9
Receivables - nonadmitted			17.4						14.0						3.4
Other			25.3						18.5						6.8
Total ordinary DTAs			435.4						353.5						81.9
Total ordinary DTAs – nonadmitted			(177.8)						(131.8)						(46.0)
Net admitted ordinary DTAs			257.6						221.7						35.9
Capital:
Investments			11.3						20.2						(8.9)
Nonadmitted			(6.8)						(9.4)						2.6
Net admitted capital DTAs			4.5						10.8						(6.3)
Net admitted DTAs			262.1						232.5						29.6
DTLs
Ordinary:
Policyholder reserves			60.9						59.0						1.9
Investments			22.1						16.7						5.4
Other			10.9						12.0						(1.1)
Total ordinary DTLs			93.9						87.7						6.2
Capital:
Investments			15.3						2.2						13.1
Total capital DTLs			15.3						2.2						13.1
Total DTLs			109.2						89.9						19.3
Net DTAs/DTLs			$	152.9					$	142.6					10.3
Net change in DTA/DTL															53.7
Surplus adjustments:
Tax effect of change in unrealized capital gains (losses)															7.6
Adjusted change in net deferred income taxes															$	61.3

The Company expects it will fully realize the DTAs and no statutory valuation allowance has been recorded as of December 31, 2023 or 2022.

39

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SYMETRA LIFE INSURANCE COMPANY

NOTES TO FINANCIAL STATEMENTS – STATUTORY BASIS

(All dollar amounts in millions unless otherwise stated)

Differences between the federal income tax provision and the change in deferred taxes computed by applying the U.S. federal income tax rate of 21% to the net gain (loss) from operations before federal income taxes and the realized capital losses and the actual tax provision are as follows:

			For the Year Ended December 31,
			2023						2022						2021
Ordinary income (loss) tax expense (benefit) at federal statutory rate			$	18.0					$	35.9					$	(95.0)
Capital income (loss) tax expense (benefit) at federal statutory rate			(3.9)						(20.2)						138.6
Total expected income tax expense (benefit)			14.1						15.7						43.6
Significant statutory to tax adjustments on taxes:
Tax credits			(4.1)						(8.0)						(18.6)
Change in valuation basis – statutory reserves			(1.9)						2.5						(5.5)
2018 net operating loss carryback – 2020 CARES Act			—						—						(3.3)
Change in liability for unauthorized reinsurance			14.9						(14.9)						—
Other			(7.3)						(14.0)						(1.8)
Total federal income tax expense (benefit)			$	15.7					$	(18.7)					$	14.4
Federal income tax expense (benefit)			$	77.0					$	69.4					$	—
Adjusted change in net deferred income taxes			(61.3)						(88.1)						14.4
Total statutory income tax expense (benefit)			$	15.7					$	(18.7)					$	14.4

As of December 31, 2023, the Company had no tax credit carryforward and no operating loss or capital loss carryforwards to offset against future taxable income.

The amount of federal income taxes incurred that are available for recovery in the event of the carryback of future net capital losses is as follows:

			For the Year Ended December 31,
			2023						2022						2021
Capital gains			$	—					$	—					$	11.1

The Company does not have any deposits admitted under Section 6603 of the Internal Revenue Code. The Company has no tax loss contingencies for which it is reasonably possible that the total liability will significantly increase within twelve months of December 31, 2023.

The Company is included as a member of a consolidated life/non-life federal income tax return under the Parent in the U.S. federal jurisdiction. Prior to 2022, the Company filed a federal income tax return only for its consolidated life group in the U.S. federal jurisdiction. The Company's state income tax filings and filing groups vary based on applicable rules in each state jurisdiction. The Company's federal and state income tax returns are generally open for examination for tax years 2020 through the present. In addition, tax years 2013, 2018, and 2019 remain open for examination due to loss carryback provisions or amended returns.

The Inflation Reduction Act (Act) was enacted on August 16, 2022. The Act includes a new corporate alternative minimum tax (CAMT), which is effective for tax years beginning after 2022 and applies to corporations with average adjusted financial statement income in excess of certain thresholds as defined in the Act. The tax-controlled group of corporations of which the Company is a member has determined that it does not expect to be an applicable corporation that is subject to the CAMT in 2023.

40

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SYMETRA LIFE INSURANCE COMPANY

NOTES TO FINANCIAL STATEMENTS – STATUTORY BASIS

(All dollar amounts in millions unless otherwise stated)

12. Separate Accounts

Separate account assets are attributed to the following products:

			As of December 31, 2023																		As of December 31, 2022
			Legally Insulated						Not Legally Insulated						Total						Legally Insulated						Not Legally Insulated						Total
BOLI (1)			$	4,919.3					$	195.2					$	5,114.5					$	4,867.3					$	202.5					$	5,069.8
RILA			187.1						1,790.7						1,977.8						130.7						1,321.3						1,452.0
Variable annuities			433.1						—						433.1						401.0						—						401.0
Variable COLI			431.2						—						431.2						452.0						—						452.0
Variable life and UL			173.7						—						173.7						149.4						—						149.4
Total			$	6,144.4					$	1,985.9					$	8,130.3					$	6,000.4					$	1,523.8					$	7,524.2
____________________

(1)The Company allows interest income above the required policy account values within the BOLI separate account. The amount accumulated over and above the required policy account values is not considered to be legally insulated.

The fair value of BOLI and RILA invested assets not reported at fair value and related net unrealized gains (losses) are as follows:

			As of December 31,
			2023												2022
			Fair Value						Net Unrealized Gains (Losses)						Fair Value						Net Unrealized Gains (Losses)
BOLI			$	4,466.8					$	(609.6)					$	4,280.2					$	(753.7)
RILA			1,550.2						(68.6)						1,198.0						(107.7)

In accordance with contract provisions relating to the Company’s separate account products, some separate account liabilities are guaranteed by the general account. As of December 31, 2023 and 2022, the separate accounts did not owe the Company for accrued fees or expenses.

The following table provides premium and reserve information for the separate accounts of the Company:

			Nonindexed Guaranteed Less Than/ Equal to 4%						Nonindexed Guaranteed More Than 4%						Nonguaranteed Separate Accounts						Total
Premiums, considerations, or deposits for the year ended December 31, 2023			$	—					$	—					$	415.3					$	415.3
Reserves as of December 31, 2023:
For accounts with assets at:
Fair value			$	—					$	—					$	1,320.5					$	1,320.5
Amortized cost			2,287.4						2,631.9						1,577.4						6,496.7
Total reserves			$	2,287.4					$	2,631.9					$	2,897.9					$	7,817.2
By withdrawal characteristics:
At book value without fair value adjustment and with current surrender charge of 5% or more			$	—					$	—					$	1,577.4					$	1,577.4
At fair value			—						—						1,320.5						1,320.5
At book value without fair value adjustment and with current surrender charge less than 5%			2,287.4						2,631.9						—						4,919.3
Total reserves			$	2,287.4					$	2,631.9					$	2,897.9					$	7,817.2

41

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SYMETRA LIFE INSURANCE COMPANY

NOTES TO FINANCIAL STATEMENTS – STATUTORY BASIS

(All dollar amounts in millions unless otherwise stated)

			Nonindexed Guaranteed Less Than/ Equal to 4%						Nonindexed Guaranteed More Than 4%						Nonguaranteed Separate Accounts						Total
Premiums, considerations or deposits for the year ended December 31, 2022			$	—					$	—					$	725.3					$	725.3
Reserves as of December 31, 2022:
For accounts with assets at:
Fair value			$	—					$	—					$	1,030.8					$	1,030.8
Amortized cost			2,271.2						2,596.1						1,253.9						6,121.2
Total reserves			$	2,271.2		0			$	2,596.1		0			$	2,284.7					$	7,152.0
By withdrawal characteristics:
At book value without fair value adjustment and with current surrender charge of 5% or more			$	—					$	—					$	1,253.9					$	1,253.9
At fair value			—						—						1,030.8						1,030.8
At book value without fair value adjustment and with current surrender charge less than 5%			2,271.2						2,596.1						—						4,867.3
Total reserves			$	2,271.2		0			$	2,596.1		0			$	2,284.7					$	7,152.0

			Nonindexed Guaranteed Less Than/ Equal to 4%						Nonindexed Guaranteed More Than 4%						Nonguaranteed Separate Accounts						Total
Premiums, considerations or deposits for the year ended December 31, 2021			$	—					$	—					$	519.3					$	519.3

The following table provides a reconciliation of amounts transferred to and from the separate accounts as reported on the statements of operations:

			For the Year Ended December 31,
			2023						2022						2021
Transfers to separate accounts			$	572.8					$	1,015.2					$	811.5
Transfers from separate accounts			(435.6)						(467.1)						(525.8)
Net transfers to (from) separate accounts			137.2						548.1						285.7
Deposits in free look period and other timing differences			—						(0.9)						0.7
Net transfers to (from) separate accounts as reported on statements of operations			$	137.2					$	547.2					$	286.4

13. Related Parties

The following discussion relates to transactions entered into by the Company with related parties and affiliates. Refer to Note 7 for further discussion on reinsurance agreements with related parties.

It is the Company's policy to settle amounts due with affiliated companies within 30 days, except for certain long-term compensation liabilities that are settled when the awards are paid and short-term intercompany borrowings. Transactions with related parties recorded in the Company's financial statements were as follows:

			As of December 31,
			2023						2022
Balances with Parent and affiliates:
Receivables			$	1.7					$	7.7
Payables			(2.5)						(10.2)

The Company has entered into various agreements with the Parent and its affiliates for services necessary to conduct its activities. These agreements specify that the parties will provide to and receive from each other certain general services related to sharing common management, personnel, and facilities, and that the related expenses will be shared. These expenses include rent, corporate overhead, payroll, benefits, data processing systems, finance, information technologies, and other

42

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SYMETRA LIFE INSURANCE COMPANY

NOTES TO FINANCIAL STATEMENTS – STATUTORY BASIS

(All dollar amounts in millions unless otherwise stated)

charges, and are included in general insurance expenses on the statement of operations. General service expenses are allocated among legal entities using methodologies that management believes to be reasonable to estimate service utilization, including headcount, time studies, or relevant activity levels.

The Company has an agreement with SIM to provide investment advisory services related to the Company’s invested assets and with Symetra Investment Management Real Estate Investors (SIMREI), a subsidiary of SIM, to provide investment management services related to the Company's mortgage loan portfolio.

The Company also paid concessions, general agent fees, administrative, and underwriting fees for services provided by its affiliates, primarily to Symetra Securities, Inc.

During 2023 and 2021, the Company did not receive cash capital contributions from its Parent. During 2022, the Company received cash capital contributions of $125.0 from its Parent.

The Company has a short-term intercompany borrowing agreement with its Parent, under which the Company periodically loans money to its Parent. As of December 31, 2023, the balance of the loan was $102.0. There were no outstanding borrowings as of December 31, 2022.

During 2023, the Company did not contribute cash capital to its subsidiaries. During 2022 and 2021, the Company contributed $50.0 and $30.0, respectively, of cash capital to its subsidiary, First Symetra National Life Insurance Company of New York.

			For the Year Ended December 31,
			2023						2022						2021
Transactions with Parent and affiliates:
Payments for investment management and support services			$	56.6					$	51.9					$	46.7
Payments related to commutation endorsements (1)			1.6						1.2						1.9
Shared services expenses (allocated) payments, net (2)			(26.8)						(16.4)						(15.1)
Payments for concessions, general agent fees, administrative, and underwriting fees (3)			23.1						34.6						26.3
___________________

(1)Commutation endorsements paid to SABSCO reduce the reserves reported in life and annuity reserves on the balance sheets and surrender and maturity benefits on the statements of operations, net of related payments.

(2)Reported primarily in general insurance expenses on the statements of operations.

(3)Reported primarily in commissions on the statements of operations.

14. Commitments and Contingencies

Litigation

Because of the nature of its business, the Company is subject to legal actions filed or threatened in the ordinary course of its business operations. The Company establishes liabilities for litigation and regulatory actions when it is probable that a loss has been incurred and the amount of the loss can be reasonably estimated. For matters where a loss is believed to be reasonably possible, but not probable, no liability is established. For such matters, the Company may provide an estimate of the possible loss or range of loss or a statement that such an estimate cannot be made. The Company reviews relevant information with respect to litigation and regulatory matters on a quarterly basis and updates its established liabilities, disclosures, and estimates of reasonably possible losses or range of loss based on such reviews.

Although the Company cannot predict the outcome of any litigation or regulatory action, the Company does not believe that any such matters will have an impact on its financial condition or results of operations that differs materially from the Company’s established liabilities. However, given the inherent difficulty in predicting the outcome of such matters, it is possible that an adverse outcome in certain such matters could be material to the Company’s financial condition or results of operations for any particular reporting period.

Other Commitments

The Company has committed to provide future capital contributions to alternative investments in limited partnerships. As of December 31, 2023 and 2022, the amount of these unfunded commitments was $89.5 and $126.5, respectively.

The Company has mortgage loans that have been approved but not yet funded. As of December 31, 2023 and 2022, unfunded mortgage loan commitments were $102.5 and $77.0, respectively.

The Company has purchased investments of private placement securities that have not yet been funded. As of December 31, 2023 and 2022, unfunded private placement securities commitments were $29.0 and $68.1, respectively.

43

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SYMETRA LIFE INSURANCE COMPANY

NOTES TO FINANCIAL STATEMENTS – STATUTORY BASIS

(All dollar amounts in millions unless otherwise stated)

In 2023, the Company executed an IT outsourcing agreement for services provided through April 2028. Under the terms of the service agreement, the Company agreed to pay an annual service fee of approximately $14.6.

The Company had no other material commitments or contingencies as of December 31, 2023 or 2022.

44

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Annual Report

December 31, 2023

Symetra Separate Account C

---

TABLE OF CONTENTS

			Page
Report of Independent Registered Public Accounting Firm			1
Statements of Assets and Liabilities			7
Current Year Statements of Operations and Changes in Net Assets			11
Prior Year Statements of Operations and Changes in Net Assets			19
Notes to Financial Statements:
Note 1. Organization			27
Note 2. Significant Accounting Policies			31
Note 3. Expenses and Related Party Transactions			31
Note 4. Investment Transactions			32
Note 5. Changes in Accumulation Units Outstanding			34
Note 6. Accumulation Unit Values			38
Note 7. Subsequent Events			54

---

Symetra Separate Account C
Report of Independent Registered Public Accounting Firm

To the Board of Directors of Symetra Life Insurance Company and the Contract Owners of Symetra Separate Account C:

Opinion on the Financial Statements

We have audited the accompanying statements of assets and liabilities of the sub-accounts listed in the Appendix that compromise Symetra Separate Account C (the Separate Account), as of December 31, 2023, the related statements of operations and changes in net assets for each of the years in the two‑year period then ended, and the related notes (collectively, the financial statements) and the accumulation unit values in Note 6 (the financial highlights) for each of the years in the four‑year period then ended. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Separate Account as of December 31, 2023, the results of its operations and changes in net assets for each of the years in the two‑year period then ended, and the financial highlights for each of the years in the four‑year period then ended, in conformity with U.S. generally accepted accounting principles.

The financial highlights for the year ended December 31, 2019 were audited by other independent registered public accountants whose report, dated April 30, 2020, expressed an unqualified opinion on those financial highlights.

Basis for Opinion

These financial statements and financial highlights are the responsibility of the Separate Account’s management. Our responsibility is to express an opinion on these financial statements and financial highlights 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 the Separate Account 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 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 and financial highlights 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 and financial highlights, 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 and financial highlights. Such procedures also included confirmation of securities owned as of December 31, 2023, by correspondence with fund companies or their transfer agents; when replies were not received, we performed other auditing procedures. 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 and financial highlights. We believe that our audits provides a reasonable basis for our opinion.

/s/ KPMG LLP

We have served as the auditor of the Separate Account since 2020.

Seattle, Washington

April 24, 2024

1

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Symetra Separate Account C
Report of Independent Registered Public Accounting Firm (Continued)

Appendix

American Century Balanced

American Century Inflation Protection II

American Century International

American Century Large Company Value II

American Century Ultra I

American Century Ultra II

American Century Value

BNY Mellon Appreciation

BNY Mellon MidCap Stock

BNY Mellon Stock Index

BNY Mellon Sustainable U.S. Equity

BNY Mellon Technology Growth

Calvert EAFE International Index F Class

Calvert Investment Grade Bond Index

Calvert Nasdaq 100 Index

Calvert Russell 2000 Small Cap Index F Class

Calvert S&P MidCap 400 Index F Class

Calvert SRI Balanced

Columbia VP Select Mid Cap Value Fund – Class 1

DWS Capital Growth VIP B

DWS CROCI International VIP – Class A

DWS Global Income Builder VIP A

DWS Global Small Cap VIP B

DWS International Growth VIP B Share

DWS Small Cap Index A Share

Federated Hermes High Income Bond

Federated Hermes Managed Volatility II

2

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Symetra Separate Account C
Report of Independent Registered Public Accounting Firm (Continued)

Fidelity Asset Manager

Fidelity Contrafund

Fidelity Contrafund II

Fidelity Equity-Income

Fidelity Freedom Funds 2010 II

Fidelity Freedom Funds 2015 II

Fidelity Freedom Funds 2020 II

Fidelity Freedom Funds 2025 II

Fidelity Freedom Funds 2030 II

Fidelity Freedom Funds 2050 II

Fidelity Freedom Income Fund II

Fidelity Government Money Market Portfolio – Initial Class

Fidelity Government Money Market Portfolio – Service Class II

Fidelity Growth

Fidelity Growth & Income

Fidelity Growth Opportunities

Fidelity Index 500

Fidelity Mid Cap II

Fidelity Overseas II

Franklin Allocation VIP Fund – Class 2

Franklin DynaTech VIP Fund - Class 2

Franklin Income VIP Fund – Class 2

Franklin Mutual Shares VIP Fund – Class 2

Franklin Small Cap Value VIP Fund – Class 2

Franklin Small-Mid Cap Growth VIP Fund – Class 2

Franklin U.S. Government Securities VIP Fund – Class 2

Invesco American Franchise Fund I

Invesco American Franchise Fund II

Invesco Discovery Mid Cap Growth Fund I

3

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Symetra Separate Account C
Report of Independent Registered Public Accounting Firm (Continued)

Invesco Discovery Mid Cap Growth Fund II

Invesco EQV International Equity I

Invesco EQV International Equity II

Invesco Global Real Estate

Invesco Health Care

Invesco Small Cap Equity II

LVIP JPMorgan Mid Cap Value Fund - Standard Class (1)

LVIP JPMorgan U.S. Equity Fund - Standard Class (1)

Morningstar Aggressive Growth ETF Asset Allocation Class I

Morningstar Aggressive Growth ETF Asset Allocation Class II

Morningstar Balanced ETF Asset Allocation Class I

Morningstar Balanced ETF Asset Allocation Class II

Morningstar Conservative ETF Asset Allocation Class I

Morningstar Conservative ETF Asset Allocation Class II

Morningstar Growth ETF Asset Allocation Class I

Morningstar Growth ETF Asset Allocation Class II

Morningstar Income & Growth ETF Asset Allocation Class I

Morningstar Income & Growth ETF Asset Allocation Class II

Neuberger Berman AMT Mid Cap Growth Class S

Neuberger Berman AMT Mid Cap Intrinsic Value Class S

Neuberger Berman AMT Sustainable Equity Class S

PIMCO All Asset Portfolio Advisor

PIMCO CommodityRealReturn Strat. Administrative Class

PIMCO Total Return Portfolio Advisor

Pioneer Bond VCT Class I

Pioneer Equity Income VCT Class II

Pioneer Fund VCT Class I

Pioneer High Yield VCT Class II

4

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Symetra Separate Account C
Report of Independent Registered Public Accounting Firm (Continued)

Pioneer Mid Cap Value VCT Class I

Pioneer Real Estate VCT Class II

Pioneer Select Mid Cap Growth VCT Class I

Pioneer Strategic Income VCT Class II

Templeton Developing Markets VIP Fund – Class 2

Templeton Global Bond VIP Fund – Class 2

Templeton Growth VIP Fund – Class 2

Vanguard Balanced

Vanguard High Yield Bond

Vanguard International

Vanguard Mid-Cap Index

Vanguard Real Estate Index

Vanguard Total Bond Market Index

Vanguard Total Stock Market Index

Voya Global High Dividend Low Volatility Portfolio – Class S

VY JPMorgan Emerging Markets Equity Portfolio Initial

Wanger Acorn

5

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Symetra Separate Account C
Report of Independent Registered Public Accounting Firm (Continued)

The following subaccount had varying audited periods defined in the table below:

Subaccount			Statements of Assets and Liabilities			Statements of Operations and Changes in Net Assets			Financial Highlights
Invesco Discovery Mid Cap Growth Fund I			No difference			No difference			For the period April 30, 2020 through December 31, 2023
Invesco Discovery Mid Cap Growth Fund II			No difference			No difference			For the period April 30, 2020 through December 31, 2023
Columbia VP Select Mid Cap Value Fund – Class 1			Not presented - no net assets at December 31, 2023			No difference			No difference
Fidelity Contrafund II			Not presented - no net assets at December 31, 2023			No difference			No difference
Pioneer Real Estate VCT Class II			Not presented - no net assets at December 31, 2023			No difference			No difference

(1) See Note 1 of the financial statements for the former name of the sub-account

6

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Symetra Separate Account C
Statements of Assets and Liabilities
As of December 31, 2023

Sub-Account			Number of Shares Owned			Investments at Cost			Investments at Fair Value			Net Assets			Accumulation Units Outstanding
American Century Balanced			857,430			$	6,331,754		$	6,559,353		$	6,559,353		234,115
American Century Inflation Protection II			171,441			1,755,461			1,606,418			1,606,418			123,704
American Century International			389,933			4,148,404			4,125,494			4,125,494			240,703
American Century Large Company Value II			23,097			358,930			418,056			418,056			15,774
American Century Ultra I			16,335			302,366			418,960			418,960			6,288
American Century Ultra II			17,058			360,058			420,644			420,644			7,878
American Century Value			186,624			2,006,442			2,274,943			2,274,943			58,600
BNY Mellon Appreciation1			96,041			3,529,703			3,363,378			3,363,378			91,002
BNY Mellon MidCap Stock			291,637			5,346,426			5,447,782			5,447,782			145,069
BNY Mellon Stock Index			129,273			6,784,192			8,954,779			8,954,779			169,787
BNY Mellon Sustainable U.S. Equity			50,832			1,882,653			2,286,423			2,286,423			96,671
BNY Mellon Technology Growth			104,653			2,467,156			2,931,320			2,931,320			139,046
Calvert EAFE International Index F Class			3,552			316,344			336,039			336,039			29,807
Calvert Investment Grade Bond Index			44,981			2,401,827			2,178,904			2,178,904			181,072
Calvert Nasdaq 100 Index			19,951			1,701,277			2,856,481			2,856,481			37,743
Calvert Russell 2000 Small Cap Index F Class			9,320			725,985			735,046			735,046			29,023
Calvert S&P MidCap 400 Index F Class			5,634			611,556			672,400			672,400			21,934
Calvert SRI Balanced			146,047			324,414			346,128			346,128			14,643
DWS Capital Growth VIP B			26,978			852,983			1,010,894			1,010,894			24,380
DWS CROCI International VIP - Class A			163,536			1,149,302			1,221,608			1,221,608			59,998
DWS Global Income Builder VIP A			234,348			5,355,100			5,270,483			5,270,483			134,677
DWS Global Small Cap VIP B			8,791			87,994			87,211			87,211			5,487
DWS International Growth VIP B Share			1,325			18,375			20,075			20,075			1,553
DWS Small Cap Index A Share			10,819			178,435			147,454			147,454			5,316
Federated Hermes High Income Bond			144,519			858,847			817,982			817,982			24,938
Federated Hermes Managed Volatility II1			46,411			451,189			418,631			418,631			13,564
Fidelity Asset Manager1			6,289			95,519			98,341			98,341			3,790
Fidelity Contrafund			548,436			20,138,284			26,670,424			26,670,424			390,403
Fidelity Equity-Income			147,716			3,347,383			3,670,753			3,670,753			90,124
Fidelity Freedom Funds 2010 II			40,822			553,126			458,026			458,026			27,881
Fidelity Freedom Funds 2015 II			8,434			116,502			96,220			96,220			5,525

SEE NOTES TO FINANCIAL STATEMENTS

7

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Symetra Separate Account C
Statements of Assets and Liabilities (continued)
As of December 31, 2023

Sub-Account			Number of Shares Owned			Investments at Cost			Investments at Fair Value			Net Assets			Accumulation Units Outstanding
Fidelity Freedom Funds 2020 II			26,946			$	379,942		$	334,128		$	334,128		18,440
Fidelity Freedom Funds 2025 II			50,606			721,883			759,585			759,585			38,798
Fidelity Freedom Funds 2030 II			104,746			1,559,370			1,597,361			1,597,361			78,482
Fidelity Freedom Funds 2050 II			1,262			22,196			28,510			28,510			952
Fidelity Freedom Income Fund II			9,606			109,937			104,892			104,892			7,718
Fidelity Government Money Market Portfolio - Initial Class			86,858			86,858			86,858			86,858			8,994
Fidelity Government Money Market Portfolio - Service Class II			5,841,672			5,841,672			5,841,672			5,841,672			593,880
Fidelity Growth			155,371			11,994,508			14,465,115			14,465,115			391,170
Fidelity Growth & Income			175,312			3,598,620			4,740,420			4,740,420			134,628
Fidelity Growth Opportunities			74,621			3,249,638			4,459,356			4,459,356			84,193
Fidelity Index 500			2,566			1,001,837			1,184,080			1,184,080			34,035
Fidelity Mid Cap II			104,477			3,528,691			3,624,262			3,624,262			92,186
Fidelity Overseas II			6,602			145,178			168,428			168,428			12,230
Franklin Allocation VIP Fund - Class 2			58,024			297,214			284,318			284,318			16,420
Franklin DynaTech VIP Fund - Class 2			142,752			712,082			609,550			609,550			15,129
Franklin Income VIP Fund - Class 2			189,297			2,818,368			2,688,010			2,688,010			119,312
Franklin Mutual Shares VIP Fund - Class 2			193,312			3,289,498			2,963,464			2,963,464			113,436
Franklin Small Cap Value VIP Fund - Class 2			287,069			3,832,352			3,809,407			3,809,407			110,645
Franklin Small-Mid Cap Growth VIP Fund - Class 2			227,098			3,421,721			3,024,939			3,024,939			116,409
Franklin U.S. Government Securities VIP Fund - Class 2			297,371			3,523,038			3,080,763			3,080,763			211,974
Invesco American Franchise Fund I			87,642			5,025,639			5,167,427			5,167,427			167,815
Invesco American Franchise Fund II			12,486			691,708			664,426			664,426			18,213
Invesco Discovery Mid Cap Growth Fund I			2,261			170,497			141,964			141,964			3,139
Invesco Discovery Mid Cap Growth Fund II			4,061			281,944			219,341			219,341			8,672
Invesco EQV International Equity I			11,783			406,040			401,628			401,628			10,809
Invesco EQV International Equity II			109,622			3,781,123			3,669,047			3,669,047			202,048
Invesco Global Real Estate			115,560			1,847,448			1,615,517			1,615,517			47,380
Invesco Health Care			9,256			260,768			239,839			239,839			5,946
Invesco Small Cap Equity II			15,087			247,156			233,675			233,675			9,237
LVIP JPMorgan Mid Cap Value Fund - Standard Class1			404,008			4,200,547			4,109,973			4,109,973			76,501

SEE NOTES TO FINANCIAL STATEMENTS

8

---

Symetra Separate Account C
Statements of Assets and Liabilities (continued)
As of December 31, 2023

Sub-Account			Number of Shares Owned			Investments at Cost			Investments at Fair Value			Net Assets			Accumulation Units Outstanding
LVIP JPMorgan U.S. Equity Fund - Standard Class1			64,758			$	1,896,009		$	2,436,550		$	2,436,550		67,502
Morningstar Aggressive Growth ETF Asset Allocation Class I			10,653			133,481			148,694			148,694			7,756
Morningstar Aggressive Growth ETF Asset Allocation Class II			82,965			1,004,260			1,143,263			1,143,263			57,889
Morningstar Balanced ETF Asset Allocation Class I			67,798			743,544			693,572			693,572			40,459
Morningstar Balanced ETF Asset Allocation Class II			255,370			2,710,193			2,653,294			2,653,294			160,719
Morningstar Conservative ETF Asset Allocation Class I			79,970			883,513			797,299			797,299			59,401
Morningstar Conservative ETF Asset Allocation Class II			11,529			129,135			114,249			114,249			9,517
Morningstar Growth ETF Asset Allocation Class I			8,538			94,409			99,128			99,128			5,394
Morningstar Growth ETF Asset Allocation Class II			167,942			1,842,132			1,904,461			1,904,461			102,756
Morningstar Income & Growth ETF Asset Allocation Class I			7,315			72,115			67,150			67,150			4,504
Morningstar Income & Growth ETF Asset Allocation Class II			55,200			579,833			543,710			543,710			38,335
Neuberger Berman AMT Mid Cap Growth Class S			15,715			394,829			360,184			360,184			12,380
Neuberger Berman AMT Mid Cap Intrinsic Value Class S			952			16,931			18,398			18,398			851
Neuberger Berman AMT Sustainable Equity Class S			3,916			119,928			131,120			131,120			4,166
PIMCO All Asset Portfolio Advisor			24,874			258,833			228,839			228,839			12,591
PIMCO CommodityRealReturn Strat. Administrative Class			142,178			917,574			760,648			760,648			98,606
PIMCO Total Return Portfolio Advisor			35,855			340,449			329,152			329,152			27,962
Pioneer Bond VCT Class I			154,903			1,688,638			1,470,033			1,470,033			38,300
Pioneer Equity Income VCT Class II			216,010			3,236,586			3,257,428			3,257,428			103,485
Pioneer Fund VCT Class I			2,514,244			36,652,208			40,253,044			40,253,044			200,056
Pioneer High Yield VCT Class II			69,364			616,338			567,410			567,410			30,367
Pioneer Mid Cap Value VCT Class I			440,708			5,822,620			4,935,934			4,935,934			82,031
Pioneer Select Mid Cap Growth VCT Class I			1,393,976			35,182,184			30,695,360			30,695,360			217,094
Pioneer Strategic Income VCT Class II			254,922			2,533,863			2,256,052			2,256,052			137,150
Templeton Developing Markets VIP Fund - Class 2			129,427			1,191,347			1,065,185			1,065,185			43,611
Templeton Global Bond VIP Fund - Class 2			147,954			2,307,119			1,899,729			1,899,729			127,604
Templeton Growth VIP Fund - Class 2			208,719			2,472,613			2,502,547			2,502,547			123,469
Vanguard Balanced			10,427			247,094			242,845			242,845			9,369
Vanguard High Yield Bond			81,132			603,282			597,924			597,924			32,331
Vanguard International			31,158			982,915			765,517			765,517			39,408
Vanguard Mid-Cap Index			31,421			738,620			751,851			751,851			26,134

SEE NOTES TO FINANCIAL STATEMENTS

9

---

Symetra Separate Account C
Statements of Assets and Liabilities (continued)
As of December 31, 2023

Sub-Account			Number of Shares Owned			Investments at Cost			Investments at Fair Value			Net Assets			Accumulation Units Outstanding
Vanguard Real Estate Index			18,903			$	248,596		$	225,318		$	225,318		12,470
Vanguard Total Bond Market Index			111,631			1,263,885			1,186,646			1,186,646			96,598
Vanguard Total Stock Market Index			39,931			1,841,889			1,974,628			1,974,628			57,859
Voya Global High Dividend Low Volatility Portfolio - Class S			34,261			338,300			378,575			378,575			8,633
VY JPMorgan Emerging Markets Equity Portfolio Initial			32,391			535,820			407,160			407,160			13,642
Wanger Acorn			2,148			25,289			28,639			28,639			236

1Reference Note 1 of the financial statements for additional information pertaining to this sub-account.

SEE NOTES TO FINANCIAL STATEMENTS

10

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Symetra Separate Account C
Statements of Operations and Changes in Net Assets
Year Ended December 31, 2023

Sub-Account			Net Assets as of January 1, 2023			Dividends			Mortality and Expense Risk Charge			Asset-Related Administration Charge			Net Investment Income (Loss)			Realized Gain (Loss) on Investments			Net Realized Capital Gain Distributions Received			Net Change in Unrealized Appreciation/Depreciation			Net Gain (Loss) on Investments			Net Increase (Decrease) in Net Assets Resulting from Operations			Contract Purchase Payments and Transfers In			Contract Terminations, Transfers and Maintenance Charges			Increase (Decrease) in Net Assets from Contract Transactions			Total Increase (Decrease) In Net Assets			Net Assets  as of December 31,  2023
American Century Balanced			$	6,599,294		$	127,832		$	(83,389)		$	(10,469)		$	33,974		$	(20,751)		$	—		$	893,207		$	872,456		$	906,430		$	108,695		$	(1,055,066)		$	(946,371)		$	(39,941)		$	6,559,353
American Century Inflation Protection II			1,883,910			58,701			(22,357)			(2,777)			33,567			(41,944)			—			36,517			(5,427)			28,140			95,329			(400,961)			(305,632)			(277,492)			1,606,418
American Century International			4,010,112			58,439			(51,863)			(6,362)			214			(1,644)			—			433,568			431,924			432,138			74,399			(391,155)			(316,756)			115,382			4,125,494
American Century Large Company Value II			448,393			10,567			(5,412)			(661)			4,494			7,492			12,255			(16,733)			3,014			7,508			14,030			(51,875)			(37,845)			(30,337)			418,056
American Century Ultra I			341,400			—			(4,928)			(633)			(5,561)			29,030			28,945			81,117			139,092			133,531			2,790			(58,761)			(55,971)			77,560			418,960
American Century Ultra II			383,596			—			(5,276)			(660)			(5,936)			26,855			31,661			93,478			151,994			146,058			44,442			(153,452)			(109,010)			37,048			420,644
American Century Value			2,295,688			53,332			(27,965)			(3,493)			21,874			52,669			175,511			(88,142)			140,038			161,912			50,845			(233,502)			(182,657)			(20,745)			2,274,943
BlackRock Advantage Large Cap Value V.I. Fund1			—			—			—			—			—			—			—			—			—			—			—			—			—			—			—
BNY Mellon Appreciation1			3,130,818			23,097			(40,655)			(4,953)			(22,511)			(78,333)			284,142			395,945			601,754			579,243			33,554			(380,237)			(346,683)			232,560			3,363,378
BNY Mellon MidCap Stock			5,134,671			42,073			(65,014)			(8,217)			(31,158)			(87,852)			169,154			751,696			832,998			801,840			49,422			(538,151)			(488,729)			313,111			5,447,782
BNY Mellon Stock Index			7,972,033			98,731			(105,714)			(13,570)			(20,553)			324,733			318,687			1,193,099			1,836,519			1,815,966			113,096			(946,316)			(833,220)			982,746			8,954,779
BNY Mellon Sustainable U.S. Equity			2,088,333			16,511			(27,499)			(3,325)			(14,313)			42,681			265,137			142,153			449,971			435,658			34,811			(272,379)			(237,568)			198,090			2,286,423
BNY Mellon Technology Growth			1,993,752			—			(31,470)			(3,878)			(35,348)			59,982			—			1,083,649			1,143,631			1,108,283			23,016			(193,731)			(170,715)			937,568			2,931,320
Calvert EAFE International Index F Class			172,621			9,500			(3,427)			(516)			5,557			930			—			25,410			26,340			31,897			151,694			(20,173)			131,521			163,418			336,039

SEE NOTES TO FINANCIAL STATEMENTS

11

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Symetra Separate Account C
Statements of Operations and Changes in Net Assets (continued)
Year Ended December 31, 2023

Sub-Account			Net Assets as of January 1, 2023			Dividends			Mortality and Expense Risk Charge			Asset-Related Administration Charge			Net Investment Income (Loss)			Realized Gain (Loss) on Investments			Net Realized Capital Gain Distributions Received			Net Change in Unrealized Appreciation/Depreciation			Net Gain (Loss) on Investments			Net Increase (Decrease) in Net Assets Resulting from Operations			Contract Purchase Payments and Transfers In			Contract Terminations, Transfers and Maintenance Charges			Increase (Decrease) in Net Assets from Contract Transactions			Total Increase (Decrease) In Net Assets			Net Assets  as of December 31,  2023
Calvert Investment Grade Bond Index			$	1,841,828		$	58,227		$	(26,152)		$	(3,331)		$	28,744		$	(60,974)		$	—		$	100,286		$	39,312		$	68,056		$	632,346		$	(363,326)		$	269,020		$	337,076		$	2,178,904
Calvert Nasdaq 100 Index			2,574,332			9,746			(37,663)			(4,676)			(32,593)			564,720			—			706,186			1,270,906			1,238,313			81,749			(1,037,913)			(956,164)			282,149			2,856,481
Calvert Russell 2000 Small Cap Index F Class			631,352			5,963			(8,263)			(1,103)			(3,403)			(2,075)			380			99,147			97,452			94,049			22,700			(13,055)			9,645			103,694			735,046
Calvert S&P MidCap 400 Index F Class			668,111			7,886			(8,478)			(1,144)			(1,736)			(4,885)			26,610			64,858			86,583			84,847			26,977			(107,535)			(80,558)			4,289			672,400
Calvert SRI Balanced			311,252			5,139			(3,988)			(481)			670			1,947			1,231			42,183			45,361			46,031			29,840			(40,995)			(11,155)			34,876			346,128
Columbia VP Select Mid Cap Value Fund - Class 11			6,786			—			(15)			—			(15)			5,018			—			(4,693)			325			310			—			(7,096)			(7,096)			(6,786)			—
DWS Capital Growth VIP B			963,132			—			(12,913)			(1,576)			(14,489)			42,299			44,836			240,947			328,082			313,593			23,519			(289,350)			(265,831)			47,762			1,010,894
DWS CROCI International VIP - Class A			1,134,673			39,514			(14,903)			(1,795)			22,816			(20,567)			—			183,182			162,615			185,431			3,028			(101,524)			(98,496)			86,935			1,221,608
DWS Global Income Builder VIP A			4,952,286			160,464			(63,139)			(7,720)			89,605			(80,711)			—			624,987			544,276			633,881			225,904			(541,588)			(315,684)			318,197			5,270,483
DWS Global Small Cap VIP B			72,861			454			(969)			(116)			(631)			(3,535)			463			19,860			16,788			16,157			5,238			(7,045)			(1,807)			14,350			87,211
DWS International Growth VIP B Share			16,650			91			(232)			(28)			(169)			9			—			2,573			2,582			2,413			1,027			(15)			1,012			3,425			20,075
DWS Small Cap Index A Share			148,034			1,508			(1,430)			(303)			(225)			(14,611)			3,231			30,820			19,440			19,215			18,897			(38,692)			(19,795)			(580)			147,454
Federated Hermes High Income Bond			1,036,445			62,224			(11,403)			(1,394)			49,427			(96,040)			—			139,535			43,495			92,922			6,812			(318,197)			(311,385)			(218,463)			817,982
Federated Hermes Managed Volatility II1			406,732			7,572			(5,030)			(601)			1,941			(3,941)			—			30,259			26,318			28,259			2,932			(19,292)			(16,360)			11,899			418,631

SEE NOTES TO FINANCIAL STATEMENTS

12

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Symetra Separate Account C
Statements of Operations and Changes in Net Assets (continued)
Year Ended December 31, 2023

Sub-Account			Net Assets as of January 1, 2023			Dividends			Mortality and Expense Risk Charge			Asset-Related Administration Charge			Net Investment Income (Loss)			Realized Gain (Loss) on Investments			Net Realized Capital Gain Distributions Received			Net Change in Unrealized Appreciation/Depreciation			Net Gain (Loss) on Investments			Net Increase (Decrease) in Net Assets Resulting from Operations			Contract Purchase Payments and Transfers In			Contract Terminations, Transfers and Maintenance Charges			Increase (Decrease) in Net Assets from Contract Transactions			Total Increase (Decrease) In Net Assets			Net Assets  as of December 31,  2023
Fidelity Asset Manager1			$	88,276		$	2,215		$	(1,156)		$	(139)		$	920		$	(140)		$	986		$	8,281		$	9,127		$	10,047		$	340		$	(322)		$	18		$	10,065		$	98,341
Fidelity Contrafund			21,896,466			118,599			(305,445)			(37,623)			(224,469)			896,174			862,722			5,150,580			6,909,476			6,685,007			378,840			(2,289,889)			(1,911,049)			4,773,958			26,670,424
Fidelity Contrafund II1			7,016			—			(15)			—			(15)			1,292			73			(1,094)			271			256			—			(7,272)			(7,272)			(7,016)			—
Fidelity Equity-Income			3,786,035			67,742			(45,940)			(5,589)			16,213			140,275			101,684			54,458			296,417			312,630			111,732			(539,644)			(427,912)			(115,282)			3,670,753
Fidelity Freedom Funds 2010 II			571,172			18,495			(6,851)			(822)			10,822			(37,688)			39,777			20,647			22,736			33,558			92			(146,796)			(146,704)			(113,146)			458,026
Fidelity Freedom Funds 2015 II			121,667			3,516			(1,407)			(169)			1,940			(10,511)			2,353			15,626			7,468			9,408			—			(34,855)			(34,855)			(25,447)			96,220
Fidelity Freedom Funds 2020 II			552,382			11,414			(4,461)			(554)			6,399			(37,180)			3,372			68,421			34,613			41,012			25,321			(284,587)			(259,266)			(218,254)			334,128
Fidelity Freedom Funds 2025 II			742,504			19,375			(9,014)			(1,180)			9,181			465			—			71,774			72,239			81,420			8,451			(72,790)			(64,339)			17,081			759,585
Fidelity Freedom Funds 2030 II			1,448,386			34,307			(18,827)			(2,259)			13,221			(2,431)			—			171,314			168,883			182,104			83,032			(116,161)			(33,129)			148,975			1,597,361
Fidelity Freedom Funds 2050 II			24,221			336			(327)			—			9			115			401			3,764			4,280			4,289			—			—			—			4,289			28,510
Fidelity Freedom Income Fund II			105,337			4,205			(1,305)			(184)			2,716			(303)			—			3,759			3,456			6,172			11			(6,628)			(6,617)			(445)			104,892
Fidelity Government Money Market Portfolio - Initial Class			23,794			4,364			(842)			(319)			3,203			—			—			—			—			3,203			120,953			(61,092)			59,861			63,064			86,858
Fidelity Government Money Market Portfolio - Service Class II			4,830,204			244,883			(67,107)			(8,311)			169,465			—			—			—			—			169,465			1,833,803			(991,800)			842,003			1,011,468			5,841,672
Fidelity Growth			11,946,532			16,846			(168,673)			(20,576)			(172,403)			636,304			609,929			2,864,537			4,110,770			3,938,367			96,134			(1,515,918)			(1,419,784)			2,518,583			14,465,115

SEE NOTES TO FINANCIAL STATEMENTS

13

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Symetra Separate Account C
Statements of Operations and Changes in Net Assets (continued)
Year Ended December 31, 2023

Sub-Account			Net Assets as of January 1, 2023			Dividends			Mortality and Expense Risk Charge			Asset-Related Administration Charge			Net Investment Income (Loss)			Realized Gain (Loss) on Investments			Net Realized Capital Gain Distributions Received			Net Change in Unrealized Appreciation/Depreciation			Net Gain (Loss) on Investments			Net Increase (Decrease) in Net Assets Resulting from Operations			Contract Purchase Payments and Transfers In			Contract Terminations, Transfers and Maintenance Charges			Increase (Decrease) in Net Assets from Contract Transactions			Total Increase (Decrease) In Net Assets			Net Assets  as of December 31,  2023
Fidelity Growth & Income			$	4,287,936		$	74,473		$	(56,179)		$	(7,041)		$	11,253		$	99,133		$	168,146		$	430,756		$	698,035		$	709,288		$	72,484		$	(329,288)		$	(256,804)		$	452,484		$	4,740,420
Fidelity Growth Opportunities			3,253,658			—			(48,640)			(5,919)			(54,559)			92,920			—			1,348,391			1,441,311			1,386,752			17,095			(198,149)			(181,054)			1,205,698			4,459,356
Fidelity Index 500			1,015,912			16,022			(11,053)			(2,299)			2,670			31,654			10,206			194,718			236,578			239,248			—			(71,080)			(71,080)			168,168			1,184,080
Fidelity Mid Cap II			3,410,499			13,205			(43,154)			(5,433)			(35,382)			43,870			98,721			324,272			466,863			431,481			41,622			(259,340)			(217,718)			213,763			3,624,262
Fidelity Overseas II			137,665			1,267			(1,923)			(235)			(891)			209			425			26,069			26,703			25,812			7,556			(2,605)			4,951			30,763			168,428
Franklin Allocation VIP Fund - Class 2			323,719			4,506			(3,826)			(459)			221			(46,152)			5,230			77,131			36,209			36,430			7,335			(83,166)			(75,831)			(39,401)			284,318
Franklin DynaTech VIP Fund - Class 2			432,590			—			(6,601)			(791)			(7,392)			(7,123)			—			195,431			188,308			180,916			3,977			(7,933)			(3,956)			176,960			609,550
Franklin Income VIP Fund - Class 2			2,741,385			136,298			(33,452)			(4,217)			98,629			391			165,237			(83,309)			82,319			180,948			71,691			(306,014)			(234,323)			(53,375)			2,688,010
Franklin Mutual Shares VIP Fund - Class 2			2,960,292			54,979			(36,622)			(4,480)			13,877			(102,169)			253,049			163,587			314,467			328,344			36,867			(362,039)			(325,172)			3,172			2,963,464
Franklin Small Cap Value VIP Fund - Class 2			3,819,076			19,601			(46,442)			(5,761)			(32,602)			(244,019)			212,493			453,009			421,483			388,881			104,091			(502,641)			(398,550)			(9,669)			3,809,407
Franklin Small-Mid Cap Growth VIP Fund - Class 2			2,672,460			—			(35,409)			(4,272)			(39,681)			(112,939)			—			786,673			673,734			634,053			54,568			(336,142)			(281,574)			352,479			3,024,939
Franklin U.S. Government Securities VIP Fund - Class 2			3,289,389			87,074			(40,002)			(5,127)			41,945			(101,368)			—			147,025			45,657			87,602			135,676			(431,904)			(296,228)			(208,626)			3,080,763
Invesco American Franchise Fund I			3,892,200			—			(57,424)			(6,950)			(64,374)			93,533			104,192			1,356,209			1,553,934			1,489,560			37,585			(251,918)			(214,333)			1,275,227			5,167,427
Invesco American Franchise Fund II			612,867			—			(8,347)			(1,009)			(9,356)			(46,580)			15,879			257,076			226,375			217,019			32,554			(198,014)			(165,460)			51,559			664,426

SEE NOTES TO FINANCIAL STATEMENTS

14

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Symetra Separate Account C
Statements of Operations and Changes in Net Assets (continued)
Year Ended December 31, 2023

Sub-Account			Net Assets as of January 1, 2023			Dividends			Mortality and Expense Risk Charge			Asset-Related Administration Charge			Net Investment Income (Loss)			Realized Gain (Loss) on Investments			Net Realized Capital Gain Distributions Received			Net Change in Unrealized Appreciation/Depreciation			Net Gain (Loss) on Investments			Net Increase (Decrease) in Net Assets Resulting from Operations			Contract Purchase Payments and Transfers In			Contract Terminations, Transfers and Maintenance Charges			Increase (Decrease) in Net Assets from Contract Transactions			Total Increase (Decrease) In Net Assets			Net Assets  as of December 31,  2023
Invesco Discovery Mid Cap Growth Fund I			$	133,885		$	—		$	(1,698)		$	(208)		$	(1,906)		$	(3,099)		$	—		$	20,240		$	17,141		$	15,235		$	—		$	(7,156)		$	(7,156)		$	8,079		$	141,964
Invesco Discovery Mid Cap Growth Fund II			190,619			—			(2,606)			(321)			(2,927)			(15,626)			—			40,759			25,133			22,206			26,961			(20,445)			6,516			28,722			219,341
Invesco EQV International Equity I			434,999			784			(5,301)			(647)			(5,164)			(8,880)			294			78,442			69,856			64,692			8,947			(107,010)			(98,063)			(33,371)			401,628
Invesco EQV International Equity II			3,628,904			—			(45,453)			(5,541)			(50,994)			(54,077)			2,624			651,091			599,638			548,644			148,975			(657,476)			(508,501)			40,143			3,669,047
Invesco Global Real Estate			1,601,452			23,383			(19,702)			(2,472)			1,209			(39,834)			—			151,270			111,436			112,645			36,889			(135,469)			(98,580)			14,065			1,615,517
Invesco Health Care			240,844			—			(2,942)			(366)			(3,308)			384			—			6,472			6,856			3,548			2,340			(6,893)			(4,553)			(1,005)			239,839
Invesco Small Cap Equity II			215,216			—			(2,761)			(331)			(3,092)			(5,580)			4,519			34,766			33,705			30,613			9,057			(21,211)			(12,154)			18,459			233,675
LVIP JPMorgan Mid Cap Value Fund - Standard Class1			4,087,660			124,467			(49,772)			(6,126)			68,569			(8,646)			349,435			(53,879)			286,910			355,479			72,552			(405,718)			(333,166)			22,313			4,109,973
LVIP JPMorgan U.S. Equity Fund - Standard Class1			2,008,294			34,696			(27,536)			(3,659)			3,501			40,038			102,638			354,789			497,465			500,966			5,513			(78,223)			(72,710)			428,256			2,436,550
Morningstar Aggressive Growth ETF Asset Allocation Class I			133,520			2,609			(1,335)			(532)			742			820			2,839			16,007			19,666			20,408			—			(5,234)			(5,234)			15,174			148,694
Morningstar Aggressive Growth ETF Asset Allocation Class II			1,182,644			17,736			(13,827)			(1,659)			2,250			33,254			22,126			102,514			157,894			160,144			19,592			(219,117)			(199,525)			(39,381)			1,143,263
Morningstar Balanced ETF Asset Allocation Class I			620,941			15,154			(6,149)			(1,936)			7,069			(1,521)			15,514			51,644			65,637			72,706			417			(492)			(75)			72,631			693,572
Morningstar Balanced ETF Asset Allocation Class II			2,758,378			50,453			(33,460)			(4,070)			12,923			(34,666)			58,725			245,768			269,827			282,750			34,987			(422,821)			(387,834)			(105,084)			2,653,294
Morningstar Conservative ETF Asset Allocation Class I			749,440			19,860			(7,253)			(1,923)			10,684			(7,293)			8,992			39,201			40,900			51,584			30,659			(34,384)			(3,725)			47,859			797,299

SEE NOTES TO FINANCIAL STATEMENTS

15

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Symetra Separate Account C
Statements of Operations and Changes in Net Assets (continued)
Year Ended December 31, 2023

Sub-Account			Net Assets as of January 1, 2023			Dividends			Mortality and Expense Risk Charge			Asset-Related Administration Charge			Net Investment Income (Loss)			Realized Gain (Loss) on Investments			Net Realized Capital Gain Distributions Received			Net Change in Unrealized Appreciation/Depreciation			Net Gain (Loss) on Investments			Net Increase (Decrease) in Net Assets Resulting from Operations			Contract Purchase Payments and Transfers In			Contract Terminations, Transfers and Maintenance Charges			Increase (Decrease) in Net Assets from Contract Transactions			Total Increase (Decrease) In Net Assets			Net Assets  as of December 31,  2023
Morningstar Conservative ETF Asset Allocation Class II			$	143,594		$	2,575		$	(1,627)		$	(195)		$	753		$	(9,919)		$	1,299		$	15,012		$	6,392		$	7,145		$	12,908		$	(49,398)		$	(36,490)		$	(29,345)		$	114,249
Morningstar Growth ETF Asset Allocation Class I			88,315			1,891			(881)			(371)			639			181			2,143			9,366			11,690			12,329			—			(1,516)			(1,516)			10,813			99,128
Morningstar Growth ETF Asset Allocation Class II			1,968,562			32,572			(23,865)			(2,864)			5,843			(2,310)			42,167			201,804			241,661			247,504			24,302			(335,907)			(311,605)			(64,101)			1,904,461
Morningstar Income & Growth ETF Asset Allocation Class I			74,651			1,683			(676)			(284)			723			(1,609)			691			6,574			5,656			6,379			—			(13,880)			(13,880)			(7,501)			67,150
Morningstar Income & Growth ETF Asset Allocation Class II			497,674			11,090			(6,466)			(785)			3,839			(1,224)			5,157			37,495			41,428			45,267			11,777			(11,008)			769			46,036			543,710
Neuberger Berman AMT Mid Cap Growth Class S			308,889			—			(4,135)			(497)			(4,632)			(1,830)			—			57,369			55,539			50,907			18,037			(17,649)			388			51,295			360,184
Neuberger Berman AMT Mid Cap Intrinsic Value Class S			23,479			85			(231)			(28)			(174)			(1,392)			733			2,356			1,697			1,523			3,096			(9,700)			(6,604)			(5,081)			18,398
Neuberger Berman AMT Sustainable Equity Class S			102,560			90			(1,400)			(174)			(1,484)			(119)			1,894			25,643			27,418			25,934			2,845			(219)			2,626			28,560			131,120
PIMCO All Asset Portfolio Advisor			227,236			6,402			(2,831)			(332)			3,239			(3,589)			—			14,633			11,044			14,283			7,544			(20,224)			(12,680)			1,603			228,839
PIMCO CommodityRealReturn Strat. Administrative Class			907,549			134,975			(10,324)			(1,259)			123,392			(32,011)			—			(173,807)			(205,818)			(82,426)			96,101			(160,576)			(64,475)			(146,901)			760,648
PIMCO Total Return Portfolio Advisor			1,150,230			21,942			(7,983)			—			13,959			(146,867)			—			171,617			24,750			38,709			144,410			(1,004,197)			(859,787)			(821,078)			329,152
Pioneer Bond VCT Class I			1,500,887			58,341			(18,459)			(2,260)			37,622			(35,636)			—			75,447			39,811			77,433			24,026			(132,313)			(108,287)			(30,854)			1,470,033
Pioneer Equity Income VCT Class II			3,669,161			55,873			(42,243)			(5,092)			8,538			(32,330)			251,936			(53,755)			165,851			174,389			80,819			(666,941)			(586,122)			(411,733)			3,257,428
Pioneer Fund VCT Class I			34,363,200			318,313			(456,799)			(54,895)			(193,381)			(659,609)			1,518,371			8,207,393			9,066,155			8,872,774			157,266			(3,140,196)			(2,982,930)			5,889,844			40,253,044

SEE NOTES TO FINANCIAL STATEMENTS

16

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Symetra Separate Account C
Statements of Operations and Changes in Net Assets (continued)
Year Ended December 31, 2023

Sub-Account			Net Assets as of January 1, 2023			Dividends			Mortality and Expense Risk Charge			Asset-Related Administration Charge			Net Investment Income (Loss)			Realized Gain (Loss) on Investments			Net Realized Capital Gain Distributions Received			Net Change in Unrealized Appreciation/Depreciation			Net Gain (Loss) on Investments			Net Increase (Decrease) in Net Assets Resulting from Operations			Contract Purchase Payments and Transfers In			Contract Terminations, Transfers and Maintenance Charges			Increase (Decrease) in Net Assets from Contract Transactions			Total Increase (Decrease) In Net Assets			Net Assets  as of December 31,  2023
Pioneer High Yield VCT Class II			$	910,709		$	37,639		$	(8,890)		$	(1,113)		$	27,636		$	(68,788)		$	—		$	100,904		$	32,116		$	59,752		$	22,830		$	(425,881)		$	(403,051)		$	(343,299)		$	567,410
Pioneer Mid Cap Value VCT Class I			5,045,119			99,679			(62,271)			(7,475)			29,933			(713,986)			579,105			592,092			457,211			487,144			56,711			(653,040)			(596,329)			(109,185)			4,935,934
Pioneer Real Estate VCT Class II1			1,071,295			4,922			(4,257)			(529)			136			(356,314)			60,736			280,889			(14,689)			(14,553)			30,326			(1,087,068)			(1,056,742)			(1,071,295)			—
Pioneer Select Mid Cap Growth VCT Class I			28,144,504			—			(363,149)			(43,715)			(406,864)			(979,388)			—			6,011,349			5,031,961			4,625,097			142,803			(2,217,044)			(2,074,241)			2,550,856			30,695,360
Pioneer Strategic Income VCT Class II			2,687,174			87,014			(30,453)			(3,787)			52,774			(122,888)			—			220,166			97,278			150,052			95,127			(676,301)			(581,174)			(431,122)			2,256,052
Templeton Developing Markets VIP Fund - Class 2			1,038,729			21,911			(13,278)			(1,619)			7,014			18,092			795			85,049			103,936			110,950			25,102			(109,596)			(84,494)			26,456			1,065,185
Templeton Global Bond VIP Fund - Class 2			2,062,850			—			(24,387)			(3,108)			(27,495)			(71,016)			—			120,069			49,053			21,558			66,908			(251,587)			(184,679)			(163,121)			1,899,729
Templeton Growth VIP Fund - Class 2			2,309,918			82,439			(30,362)			(3,671)			48,406			(30,601)			—			412,981			382,380			430,786			46,560			(284,717)			(238,157)			192,629			2,502,547
Vanguard Balanced			224,407			4,780			(2,336)			(662)			1,782			(1,027)			9,264			18,481			26,718			28,500			—			(10,062)			(10,062)			18,438			242,845
Vanguard High Yield Bond			329,280			16,757			(3,152)			(700)			12,905			(3,099)			—			26,047			22,948			35,853			322,154			(89,363)			232,791			268,644			597,924
Vanguard International			770,456			11,667			(7,523)			(1,524)			2,620			(66,353)			25,157			135,676			94,480			97,100			73,794			(175,833)			(102,039)			(4,939)			765,517
Vanguard Mid-Cap Index			711,435			10,157			(6,918)			(1,964)			1,275			(8,732)			12,745			90,102			94,115			95,390			33,877			(88,851)			(54,974)			40,416			751,851
Vanguard Real Estate Index			205,523			5,062			(2,057)			(455)			2,550			(1,328)			9,552			10,630			18,854			21,404			15,934			(17,543)			(1,609)			19,795			225,318
Vanguard Total Bond Market Index			694,130			30,797			(12,883)			(2,602)			15,312			(29,847)			—			43,082			13,235			28,547			687,474			(223,505)			463,969			492,516			1,186,646

SEE NOTES TO FINANCIAL STATEMENTS

17

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Symetra Separate Account C
Statements of Operations and Changes in Net Assets (continued)
Year Ended December 31, 2023

Sub-Account			Net Assets as of January 1, 2023			Dividends			Mortality and Expense Risk Charge			Asset-Related Administration Charge			Net Investment Income (Loss)			Realized Gain (Loss) on Investments			Net Realized Capital Gain Distributions Received			Net Change in Unrealized Appreciation/Depreciation			Net Gain (Loss) on Investments			Net Increase (Decrease) in Net Assets Resulting from Operations			Contract Purchase Payments and Transfers In			Contract Terminations, Transfers and Maintenance Charges			Increase (Decrease) in Net Assets from Contract Transactions			Total Increase (Decrease) In Net Assets			Net Assets  as of December 31,  2023
Vanguard Total Stock Market Index			$	1,895,012		$	21,185		$	(18,137)		$	(4,186)		$	(1,138)		$	(43,917)		$	103,246		$	345,608		$	404,937		$	403,799		$	272,726		$	(596,909)		$	(324,183)		$	79,616		$	1,974,628
Voya Global High Dividend Low Volatility Portfolio - Class S			414,078			10,539			(4,859)			(588)			5,092			5,051			13,446			(6,543)			11,954			17,046			15,993			(68,542)			(52,549)			(35,503)			378,575
VY JPMorgan Emerging Markets Equity Portfolio Initial			408,911			8,002			(5,130)			(616)			2,256			(18,393)			—			37,335			18,942			21,198			6,740			(29,689)			(22,949)			(1,751)			407,160
Wanger Acorn			42,179			—			(429)			(51)			(480)			(22,192)			—			28,880			6,688			6,208			17,851			(37,599)			(19,748)			(13,540)			28,639

1Reference Note 1 of the financial statements for additional information pertaining to this sub-account.

SEE NOTES TO FINANCIAL STATEMENTS

18

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Symetra Separate Account C
Statements of Operations and Changes in Net Assets
Year Ended December 31, 2022

Sub-Account			Net Assets as of January 1, 2022			Dividends			Mortality and Expense Risk Charge			Asset-Related Administration Charge			Net Investment Income (Loss)			Realized Gain (Loss) on Investments			Net Realized Capital Gain Distributions Received			Net Change in Unrealized Appreciation/Depreciation			Net Gain (Loss) on Investments			Net Increase (Decrease) in Net Assets Resulting from Operations			Contract Purchase Payments and Transfers In			Contract Terminations, Transfers and Maintenance Charges			Increase (Decrease) in Net Assets from Contract Transactions			Total Increase (Decrease) In Net Assets			Net Assets  as of December 31,  2022
American Century Balanced			$	8,327,011		$	84,351		$	(87,219)		$	(10,961)		$	(13,829)		$	(9,854)		$	1,087,724		$	(2,572,943)		$	(1,495,073)		$	(1,508,902)		$	348,082		$	(566,897)		$	(218,815)		$	(1,727,717)		$	6,599,294
American Century Inflation Protection II			2,469,777			107,089			(27,113)			(3,356)			76,620			4,829			11,825			(435,039)			(418,385)			(341,765)			196,427			(440,529)			(244,102)			(585,867)			1,883,910
American Century International			6,535,364			72,556			(60,789)			(7,443)			4,324			(37,816)			763,704			(2,389,422)			(1,663,534)			(1,659,210)			126,050			(992,092)			(866,042)			(2,525,252)			4,010,112
American Century Large Company Value II			444,812			8,414			(5,461)			(667)			2,286			1,926			22,442			(34,904)			(10,536)			(8,250)			16,799			(4,968)			11,831			3,581			448,393
American Century Ultra I			531,822			—			(5,043)			(649)			(5,692)			10,374			43,496			(222,315)			(168,445)			(174,137)			3,541			(19,826)			(16,285)			(190,422)			341,400
American Century Ultra II			766,521			—			(6,642)			(862)			(7,504)			(9,204)			63,098			(274,778)			(220,884)			(228,388)			29,217			(183,754)			(154,537)			(382,925)			383,596
American Century Value			2,804,988			53,125			(32,132)			(4,032)			16,961			160,461			214,822			(421,417)			(46,134)			(29,173)			66,876			(547,003)			(480,127)			(509,300)			2,295,688
BlackRock Advantage Large Cap Value V.I. Fund1			—			—			(149)			—			(149)			(730)			—			—			(730)			(879)			42,271			(41,392)			879			—			—
BNY Mellon Appreciation1			4,112,313			22,410			(42,058)			(5,125)			(24,773)			(87,185)			1,007,004			(1,680,810)			(760,991)			(785,764)			57,295			(253,026)			(195,731)			(981,495)			3,130,818
BNY Mellon MidCap Stock			6,675,148			41,494			(69,972)			(8,883)			(37,361)			(80,256)			1,399,623			(2,293,745)			(974,378)			(1,011,739)			81,051			(609,789)			(528,738)			(1,540,477)			5,134,671
BNY Mellon Stock Index			10,824,327			96,159			(111,205)			(14,272)			(29,318)			367,154			772,089			(3,171,905)			(2,032,662)			(2,061,980)			243,330			(1,033,644)			(790,314)			(2,852,294)			7,972,033
BNY Mellon Sustainable U.S. Equity			2,985,431			12,655			(29,851)			(3,608)			(20,804)			57,657			173,323			(907,530)			(676,550)			(697,354)			34,462			(234,206)			(199,744)			(897,098)			2,088,333
BNY Mellon Technology Growth			4,155,363			—			(33,040)			(4,098)			(37,138)			28,716			265,424			(2,165,499)			(1,871,359)			(1,908,497)			23,635			(276,749)			(253,114)			(2,161,611)			1,993,752
Calvert EAFE International Index F Class			248,475			6,236			(2,387)			(339)			3,510			4,395			—			(48,198)			(43,803)			(40,293)			5,114			(40,675)			(35,561)			(75,854)			172,621

SEE NOTES TO FINANCIAL STATEMENTS

19

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Symetra Separate Account C
Statements of Operations and Changes in Net Assets (continued)
Year Ended December 31, 2022

Sub-Account			Net Assets as of January 1, 2022			Dividends			Mortality and Expense Risk Charge			Asset-Related Administration Charge			Net Investment Income (Loss)			Realized Gain (Loss) on Investments			Net Realized Capital Gain Distributions Received			Net Change in Unrealized Appreciation/Depreciation			Net Gain (Loss) on Investments			Net Increase (Decrease) in Net Assets Resulting from Operations			Contract Purchase Payments and Transfers In			Contract Terminations, Transfers and Maintenance Charges			Increase (Decrease) in Net Assets from Contract Transactions			Total Increase (Decrease) In Net Assets			Net Assets  as of December 31,  2022
Calvert Investment Grade Bond Index			$	2,402,666		$	53,082		$	(25,731)		$	(3,119)		$	24,232		$	(23,673)		$	—		$	(319,971)		$	(343,644)		$	(319,412)		$	85,024		$	(326,450)		$	(241,426)		$	(560,838)		$	1,841,828
Calvert Nasdaq 100 Index			4,127,912			5,589			(38,207)			(4,729)			(37,347)			183,582			144,480			(1,626,333)			(1,298,271)			(1,335,618)			82,742			(300,704)			(217,962)			(1,553,580)			2,574,332
Calvert Russell 2000 Small Cap Index F Class			969,336			5,631			(9,248)			(1,227)			(4,844)			11,288			70,710			(280,387)			(198,389)			(203,233)			36,805			(171,556)			(134,751)			(337,984)			631,352
Calvert S&P MidCap 400 Index F Class			875,155			6,499			(9,059)			(1,204)			(3,764)			11,764			73,559			(210,217)			(124,894)			(128,658)			22,800			(101,186)			(78,386)			(207,044)			668,111
Calvert SRI Balanced			362,705			3,966			(4,034)			(486)			(554)			190			31,452			(91,729)			(60,087)			(60,641)			12,015			(2,827)			9,188			(51,453)			311,252
Columbia VP Select Mid Cap Value Fund - Class 11			7,586			—			(86)			—			(86)			61			—			(775)			(714)			(800)			—			—			—			(800)			6,786
DWS Capital Growth VIP B			1,726,405			—			(14,901)			(1,814)			(16,715)			66,537			199,666			(761,946)			(495,743)			(512,458)			82,685			(333,500)			(250,815)			(763,273)			963,132
DWS CROCI International VIP - Class A			1,450,055			38,704			(15,002)			(1,807)			21,895			(13,914)			—			(212,565)			(226,479)			(204,584)			7,961			(118,759)			(110,798)			(315,382)			1,134,673
DWS Global Income Builder VIP A			6,768,984			171,234			(71,600)			(8,770)			90,864			(165,687)			496,798			(1,514,252)			(1,183,141)			(1,092,277)			41,949			(766,370)			(724,421)			(1,816,698)			4,952,286
DWS Global Small Cap VIP B			106,493			222			(1,050)			(126)			(954)			(3,805)			16,206			(38,577)			(26,176)			(27,130)			2,758			(9,260)			(6,502)			(33,632)			72,861
DWS International Growth VIP B Share			91,423			523			(651)			(96)			(224)			(14,843)			920			(8,742)			(22,665)			(22,889)			9,878			(61,762)			(51,884)			(74,773)			16,650
DWS Small Cap Index A Share			223,859			1,445			(1,638)			(336)			(529)			(5,466)			27,180			(66,413)			(44,699)			(45,228)			—			(30,597)			(30,597)			(75,825)			148,034
Federated Hermes High Income Bond			1,399,620			69,187			(14,869)			(1,811)			52,507			(56,239)			—			(171,921)			(228,160)			(175,653)			6,047			(193,569)			(187,522)			(363,175)			1,036,445
Federated Hermes Managed Volatility II1			500,419			8,195			(5,409)			(649)			2,137			(84)			102,745			(178,971)			(76,310)			(74,173)			1,011			(20,525)			(19,514)			(93,687)			406,732

SEE NOTES TO FINANCIAL STATEMENTS

20

---

Symetra Separate Account C
Statements of Operations and Changes in Net Assets (continued)
Year Ended December 31, 2022

Sub-Account			Net Assets as of January 1, 2022			Dividends			Mortality and Expense Risk Charge			Asset-Related Administration Charge			Net Investment Income (Loss)			Realized Gain (Loss) on Investments			Net Realized Capital Gain Distributions Received			Net Change in Unrealized Appreciation/Depreciation			Net Gain (Loss) on Investments			Net Increase (Decrease) in Net Assets Resulting from Operations			Contract Purchase Payments and Transfers In			Contract Terminations, Transfers and Maintenance Charges			Increase (Decrease) in Net Assets from Contract Transactions			Total Increase (Decrease) In Net Assets			Net Assets  as of December 31,  2022
Fidelity Asset Manager1			$	105,170		$	1,946		$	(1,157)		$	(139)		$	650		$	(109)		$	6,127		$	(23,639)		$	(17,621)		$	(16,971)		$	359		$	(282)		$	77		$	(16,894)		$	88,276
Fidelity Contrafund			33,478,685			124,090			(318,426)			(39,175)			(233,511)			655,648			1,190,601			(10,577,086)			(8,730,837)			(8,964,348)			474,540			(3,092,411)			(2,617,871)			(11,582,219)			21,896,466
Fidelity Contrafund II1			9,661			21			(96)			—			(75)			40			384			(2,994)			(2,570)			(2,645)			—			—			—			(2,645)			7,016
Fidelity Equity-Income			4,297,368			72,899			(49,391)			(6,050)			17,458			74,370			128,120			(492,546)			(290,056)			(272,598)			189,107			(427,842)			(238,735)			(511,333)			3,786,035
Fidelity Freedom Funds 2010 II			677,603			11,643			(7,504)			(900)			3,239			(1,552)			36,289			(138,444)			(103,707)			(100,468)			—			(5,963)			(5,963)			(106,431)			571,172
Fidelity Freedom Funds 2015 II			330,706			2,438			(1,715)			(206)			517			14,266			12,755			(55,468)			(28,447)			(27,930)			—			(181,109)			(181,109)			(209,039)			121,667
Fidelity Freedom Funds 2020 II			922,601			10,037			(6,900)			(950)			2,187			21,661			49,821			(185,293)			(113,811)			(111,624)			103,572			(362,167)			(258,595)			(370,219)			552,382
Fidelity Freedom Funds 2025 II			1,112,782			15,679			(10,026)			(1,301)			4,352			40,875			63,423			(276,844)			(172,546)			(168,194)			21,420			(223,504)			(202,084)			(370,278)			742,504
Fidelity Freedom Funds 2030 II			2,175,154			28,498			(19,884)			(2,386)			6,228			80,485			128,106			(563,537)			(354,946)			(348,718)			107,343			(485,393)			(378,050)			(726,768)			1,448,386
Fidelity Freedom Funds 2050 II			30,081			362			(317)			—			45			93			2,123			(8,121)			(5,905)			(5,860)			—			—			—			(5,860)			24,221
Fidelity Freedom Income Fund II			156,441			2,488			(1,527)			(212)			749			954			4,934			(25,654)			(19,766)			(19,017)			768			(32,855)			(32,087)			(51,104)			105,337
Fidelity Government Money Market Portfolio - Initial Class			20,531			540			(321)			(120)			99			—			—			—			—			99			21,260			(18,096)			3,164			3,263			23,794
Fidelity Government Money Market Portfolio - Service Class II			5,394,672			61,830			(63,989)			(7,927)			(10,086)			—			—			—			—			(10,086)			584,572			(1,138,954)			(554,382)			(564,468)			4,830,204
Fidelity Growth			19,636,445			96,538			(194,947)			(23,746)			(122,155)			713,483			1,163,615			(6,682,300)			(4,805,202)			(4,927,357)			122,378			(2,884,934)			(2,762,556)			(7,689,913)			11,946,532

SEE NOTES TO FINANCIAL STATEMENTS

21

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Symetra Separate Account C
Statements of Operations and Changes in Net Assets (continued)
Year Ended December 31, 2022

Sub-Account			Net Assets as of January 1, 2022			Dividends			Mortality and Expense Risk Charge			Asset-Related Administration Charge			Net Investment Income (Loss)			Realized Gain (Loss) on Investments			Net Realized Capital Gain Distributions Received			Net Change in Unrealized Appreciation/Depreciation			Net Gain (Loss) on Investments			Net Increase (Decrease) in Net Assets Resulting from Operations			Contract Purchase Payments and Transfers In			Contract Terminations, Transfers and Maintenance Charges			Increase (Decrease) in Net Assets from Contract Transactions			Total Increase (Decrease) In Net Assets			Net Assets  as of December 31,  2022
Fidelity Growth & Income			$	4,924,982		$	72,554		$	(56,179)		$	(7,055)		$	9,320		$	83,754		$	87,466		$	(492,943)		$	(321,723)		$	(312,403)		$	66,692		$	(391,335)		$	(324,643)		$	(637,046)		$	4,287,936
Fidelity Growth Opportunities			5,588,930			—			(49,473)			(6,025)			(55,498)			79,786			777,926			(2,954,460)			(2,096,748)			(2,152,246)			26,425			(209,451)			(183,026)			(2,335,272)			3,253,658
Fidelity Index 500			1,365,779			16,030			(11,184)			(2,386)			2,460			9,217			8,397			(272,133)			(254,519)			(252,059)			—			(97,808)			(97,808)			(349,867)			1,015,912
Fidelity Mid Cap II			4,740,785			9,697			(48,262)			(6,079)			(44,644)			89,363			256,578			(1,063,399)			(717,458)			(762,102)			78,109			(646,293)			(568,184)			(1,330,286)			3,410,499
Fidelity Overseas II			332,483			1,223			(2,641)			(320)			(1,738)			(10,023)			2,400			(79,215)			(86,838)			(88,576)			8,211			(114,453)			(106,242)			(194,818)			137,665
Franklin Allocation VIP Fund - Class 2			410,911			5,722			(4,349)			(522)			851			(10,385)			34,393			(95,413)			(71,405)			(70,554)			9,822			(26,460)			(16,638)			(87,192)			323,719
Franklin DynaTech VIP Fund - Class 2			784,974			—			(6,741)			(808)			(7,549)			(26,620)			279,003			(562,300)			(309,917)			(317,466)			3,151			(38,069)			(34,918)			(352,384)			432,590
Franklin Income VIP Fund - Class 2			3,334,673			147,917			(37,302)			(4,668)			105,947			28,950			60,040			(419,874)			(330,884)			(224,937)			96,610			(464,961)			(368,351)			(593,288)			2,741,385
Franklin Mutual Shares VIP Fund - Class 2			3,837,690			57,568			(40,970)			(5,005)			11,593			(57,679)			347,661			(621,412)			(331,430)			(319,837)			57,131			(614,692)			(557,561)			(877,398)			2,960,292
Franklin Small Cap Value VIP Fund - Class 2			4,909,084			41,958			(52,112)			(6,450)			(16,604)			(247,496)			791,789			(1,080,844)			(536,551)			(553,155)			91,033			(627,886)			(536,853)			(1,090,008)			3,819,076
Franklin Small-Mid Cap Growth VIP Fund - Class 2			4,354,289			—			(38,202)			(4,610)			(42,812)			(59,168)			795,548			(2,177,197)			(1,440,817)			(1,483,629)			60,107			(258,307)			(198,200)			(1,681,829)			2,672,460
Franklin U.S. Government Securities VIP Fund - Class 2			4,322,065			90,711			(47,146)			(6,053)			37,512			(130,042)			—			(364,591)			(494,633)			(457,121)			151,016			(726,571)			(575,555)			(1,032,676)			3,289,389
Invesco American Franchise Fund I			6,289,410			—			(58,262)			(7,055)			(65,317)			236,728			1,205,760			(3,328,316)			(1,885,828)			(1,951,145)			34,586			(480,651)			(446,065)			(2,397,210)			3,892,200
Invesco American Franchise Fund II			931,861			—			(9,100)			(1,098)			(10,198)			5,553			201,983			(499,330)			(291,794)			(301,992)			39,734			(56,736)			(17,002)			(318,994)			612,867

SEE NOTES TO FINANCIAL STATEMENTS

22

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Symetra Separate Account C
Statements of Operations and Changes in Net Assets (continued)
Year Ended December 31, 2022

Sub-Account			Net Assets as of January 1, 2022			Dividends			Mortality and Expense Risk Charge			Asset-Related Administration Charge			Net Investment Income (Loss)			Realized Gain (Loss) on Investments			Net Realized Capital Gain Distributions Received			Net Change in Unrealized Appreciation/Depreciation			Net Gain (Loss) on Investments			Net Increase (Decrease) in Net Assets Resulting from Operations			Contract Purchase Payments and Transfers In			Contract Terminations, Transfers and Maintenance Charges			Increase (Decrease) in Net Assets from Contract Transactions			Total Increase (Decrease) In Net Assets			Net Assets  as of December 31,  2022
Invesco Discovery Mid Cap Growth Fund I			$	198,017		$	—		$	(1,883)		$	(224)		$	(2,107)		$	(464)		$	40,953		$	(101,641)		$	(61,152)		$	(63,259)		$	—		$	(873)		$	(873)		$	(64,132)		$	133,885
Invesco Discovery Mid Cap Growth Fund II			274,567			—			(2,657)			(330)			(2,987)			(16,176)			69,910			(139,848)			(86,114)			(89,101)			39,596			(34,443)			5,153			(83,948)			190,619
Invesco EQV International Equity I			576,840			7,741			(5,896)			(719)			1,126			(10,557)			49,375			(155,816)			(116,998)			(115,872)			44,721			(70,690)			(25,969)			(141,841)			434,999
Invesco EQV International Equity II			5,126,024			54,654			(49,868)			(6,069)			(1,283)			3,924			427,524			(1,427,457)			(996,009)			(997,292)			232,408			(732,236)			(499,828)			(1,497,120)			3,628,904
Invesco Global Real Estate			2,276,000			52,910			(22,998)			(2,891)			27,021			(6,975)			—			(595,238)			(602,213)			(575,192)			47,945			(147,301)			(99,356)			(674,548)			1,601,452
Invesco Health Care			314,367			—			(3,229)			(412)			(3,641)			2,878			33,551			(79,597)			(43,168)			(46,809)			2,461			(29,175)			(26,714)			(73,523)			240,844
Invesco Small Cap Equity II			293,475			—			(2,899)			(348)			(3,247)			310			45,634			(106,143)			(60,199)			(63,446)			3,762			(18,575)			(14,813)			(78,259)			215,216
JP Morgan Insurance Trust Mid Cap Value I1			4,837,312			41,952			(54,888)			(6,748)			(19,684)			38,750			630,540			(1,103,771)			(434,481)			(454,165)			146,176			(441,663)			(295,487)			(749,652)			4,087,660
JP Morgan Insurance Trust U.S. Equity I1			2,673,140			11,833			(27,860)			(3,709)			(19,736)			65,602			327,481			(897,604)			(504,521)			(524,257)			7,006			(147,595)			(140,589)			(664,846)			2,008,294
Morningstar Aggressive Growth ETF Asset Allocation Class I			158,714			2,459			(1,335)			(534)			590			524			4,963			(28,415)			(22,928)			(22,338)			—			(2,856)			(2,856)			(25,194)			133,520
Morningstar Aggressive Growth ETF Asset Allocation Class II			1,381,293			18,525			(15,327)			(1,839)			1,359			4,017			43,745			(247,511)			(199,749)			(198,390)			15,386			(15,645)			(259)			(198,649)			1,182,644
Morningstar Balanced ETF Asset Allocation Class I			724,260			13,133			(6,144)			(1,937)			5,052			(1,437)			30,273			(133,076)			(104,240)			(99,188)			289			(4,420)			(4,131)			(103,319)			620,941
Morningstar Balanced ETF Asset Allocation Class II			3,437,217			48,991			(37,013)			(4,523)			7,455			(14,205)			133,405			(600,714)			(481,514)			(474,059)			32,572			(237,352)			(204,780)			(678,839)			2,758,378
Morningstar Conservative ETF Asset Allocation Class I			628,586			13,517			(7,241)			(1,924)			4,352			(1,159)			26,686			(131,550)			(106,023)			(101,671)			224,308			(1,783)			222,525			120,854			749,440

SEE NOTES TO FINANCIAL STATEMENTS

23

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Symetra Separate Account C
Statements of Operations and Changes in Net Assets (continued)
Year Ended December 31, 2022

Sub-Account			Net Assets as of January 1, 2022			Dividends			Mortality and Expense Risk Charge			Asset-Related Administration Charge			Net Investment Income (Loss)			Realized Gain (Loss) on Investments			Net Realized Capital Gain Distributions Received			Net Change in Unrealized Appreciation/Depreciation			Net Gain (Loss) on Investments			Net Increase (Decrease) in Net Assets Resulting from Operations			Contract Purchase Payments and Transfers In			Contract Terminations, Transfers and Maintenance Charges			Increase (Decrease) in Net Assets from Contract Transactions			Total Increase (Decrease) In Net Assets			Net Assets  as of December 31,  2022
Morningstar Conservative ETF Asset Allocation Class II			$	230,079		$	2,225		$	(2,032)		$	(247)		$	(54)		$	(1,880)		$	5,152		$	(27,625)		$	(24,353)		$	(24,407)		$	1,210		$	(63,288)		$	(62,078)		$	(86,485)		$	143,594
Morningstar Growth ETF Asset Allocation Class I			102,933			1,694			(869)			(366)			459			102			3,600			(18,701)			(14,999)			(14,540)			—			(78)			(78)			(14,618)			88,315
Morningstar Growth ETF Asset Allocation Class II			2,689,931			32,699			(27,185)			(3,262)			2,252			6,370			82,130			(461,506)			(373,006)			(370,754)			34,031			(384,646)			(350,615)			(721,369)			1,968,562
Morningstar Income & Growth ETF Asset Allocation Class I			99,302			1,716			(796)			(335)			585			(652)			3,666			(16,549)			(13,535)			(12,950)			—			(11,701)			(11,701)			(24,651)			74,651
Morningstar Income & Growth ETF Asset Allocation Class II			639,150			9,051			(6,953)			(862)			1,236			(1,611)			22,708			(108,166)			(87,069)			(85,833)			13,691			(69,334)			(55,643)			(141,476)			497,674
Neuberger Berman AMT Mid Cap Growth Class S			513,901			—			(4,585)			(551)			(5,136)			20,404			70,278			(235,132)			(144,450)			(149,586)			23,759			(79,185)			(55,426)			(205,012)			308,889
Neuberger Berman AMT Mid Cap Intrinsic Value Class S			26,978			38			(302)			(36)			(300)			341			3,055			(6,060)			(2,664)			(2,964)			1,209			(1,744)			(535)			(3,499)			23,479
Neuberger Berman AMT Sustainable Equity Class S			168,281			133			(1,471)			(175)			(1,513)			1,524			10,191			(37,916)			(26,201)			(27,714)			1,824			(39,831)			(38,007)			(65,721)			102,560
PIMCO All Asset Portfolio Advisor			325,091			19,930			(3,352)			(394)			16,184			(4,299)			22,453			(74,586)			(56,432)			(40,248)			4,045			(61,652)			(57,607)			(97,855)			227,236
PIMCO CommodityRealReturn Strat. Administrative Class			1,105,302			244,958			(13,924)			(1,695)			229,339			48,726			—			(164,273)			(115,547)			113,792			54,778			(366,323)			(311,545)			(197,753)			907,549
PIMCO Total Return Portfolio Advisor			279,065			27,707			(13,176)			—			14,531			(21,101)			—			(168,013)			(189,114)			(174,583)			1,158,676			(112,928)			1,045,748			871,165			1,150,230
Pioneer Bond VCT Class I			1,953,351			41,385			(21,374)			(2,633)			17,378			(38,668)			36,451			(314,209)			(316,426)			(299,048)			40,308			(193,724)			(153,416)			(452,464)			1,500,887
Pioneer Equity Income VCT Class II			4,845,571			61,495			(50,428)			(6,070)			4,997			(266,920)			477,392			(648,030)			(437,558)			(432,561)			57,544			(801,393)			(743,849)			(1,176,410)			3,669,161
Pioneer Fund VCT Class I			47,147,541			254,234			(493,938)			(59,351)			(299,055)			(1,377,747)			6,339,445			(14,234,213)			(9,272,515)			(9,571,570)			167,684			(3,380,455)			(3,212,771)			(12,784,341)			34,363,200

SEE NOTES TO FINANCIAL STATEMENTS

24

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Symetra Separate Account C
Statements of Operations and Changes in Net Assets (continued)
Year Ended December 31, 2022

Sub-Account			Net Assets as of January 1, 2022			Dividends			Mortality and Expense Risk Charge			Asset-Related Administration Charge			Net Investment Income (Loss)			Realized Gain (Loss) on Investments			Net Realized Capital Gain Distributions Received			Net Change in Unrealized Appreciation/Depreciation			Net Gain (Loss) on Investments			Net Increase (Decrease) in Net Assets Resulting from Operations			Contract Purchase Payments and Transfers In			Contract Terminations, Transfers and Maintenance Charges			Increase (Decrease) in Net Assets from Contract Transactions			Total Increase (Decrease) In Net Assets			Net Assets  as of December 31,  2022
Pioneer High Yield VCT Class II			$	1,262,575		$	48,583		$	(12,628)		$	(1,662)		$	34,293		$	(17,318)		$	—		$	(161,790)		$	(179,108)		$	(144,815)		$	50,968		$	(258,019)		$	(207,051)		$	(351,866)		$	910,709
Pioneer Mid Cap Value VCT Class I			5,652,538			108,335			(64,802)			(7,781)			35,752			(154,792)			2,094,963			(2,368,220)			(428,049)			(392,297)			54,112			(269,234)			(215,122)			(607,419)			5,045,119
Pioneer Real Estate VCT Class II1			1,979,875			21,585			(17,810)			(2,212)			1,563			(228,972)			90,776			(446,796)			(584,992)			(583,429)			72,548			(397,699)			(325,151)			(908,580)			1,071,295
Pioneer Select Mid Cap Growth VCT Class I			45,246,375			—			(411,716)			(49,548)			(461,264)			(818,640)			6,428,554			(19,370,182)			(13,760,268)			(14,221,532)			166,311			(3,046,650)			(2,880,339)			(17,101,871)			28,144,504
Pioneer Strategic Income VCT Class II			3,353,807			85,371			(37,152)			(4,689)			43,530			(43,492)			112,072			(579,015)			(510,435)			(466,905)			111,808			(311,536)			(199,728)			(666,633)			2,687,174
Templeton Developing Markets VIP Fund - Class 2			1,479,549			30,373			(14,306)			(1,752)			14,315			12,408			87,767			(449,021)			(348,846)			(334,531)			37,846			(144,135)			(106,289)			(440,820)			1,038,729
Templeton Global Bond VIP Fund - Class 2			2,394,001			—			(27,150)			(3,449)			(30,599)			(68,884)			—			(47,199)			(116,083)			(146,682)			60,223			(244,692)			(184,469)			(331,151)			2,062,850
Templeton Growth VIP Fund - Class 2			2,949,599			3,992			(31,153)			(3,766)			(30,927)			(66,301)			—			(273,077)			(339,378)			(370,305)			79,505			(348,881)			(269,376)			(639,681)			2,309,918
Vanguard Balanced			274,949			4,630			(2,480)			(669)			1,481			(4,539)			23,193			(62,548)			(43,894)			(42,413)			15,300			(23,429)			(8,129)			(50,542)			224,407
Vanguard High Yield Bond			1,484,932			15,220			(5,539)			(1,196)			8,485			(37,501)			—			(63,007)			(100,508)			(92,023)			110,689			(1,174,318)			(1,063,629)			(1,155,652)			329,280
Vanguard International			1,212,369			11,228			(8,266)			(1,658)			1,304			(76,738)			166,467			(449,806)			(360,077)			(358,773)			116,728			(199,868)			(83,140)			(441,913)			770,456
Vanguard Mid-Cap Index			1,222,498			10,700			(8,832)			(2,382)			(514)			(50,686)			101,514			(293,063)			(242,235)			(242,749)			396			(268,710)			(268,314)			(511,063)			711,435
Vanguard Real Estate Index			346,854			5,374			(2,690)			(588)			2,096			(7,748)			12,135			(98,734)			(94,347)			(92,251)			294			(49,374)			(49,080)			(141,331)			205,523
Vanguard Total Bond Market Index			949,137			17,197			(7,770)			(1,628)			7,799			(19,332)			6,103			(126,756)			(139,985)			(132,186)			27,164			(149,985)			(122,821)			(255,007)			694,130

SEE NOTES TO FINANCIAL STATEMENTS

25

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Symetra Separate Account C
Statements of Operations and Changes in Net Assets (continued)
Year Ended December 31, 2022

Sub-Account			Net Assets as of January 1, 2022			Dividends			Mortality and Expense Risk Charge			Asset-Related Administration Charge			Net Investment Income (Loss)			Realized Gain (Loss) on Investments			Net Realized Capital Gain Distributions Received			Net Change in Unrealized Appreciation/Depreciation			Net Gain (Loss) on Investments			Net Increase (Decrease) in Net Assets Resulting from Operations			Contract Purchase Payments and Transfers In			Contract Terminations, Transfers and Maintenance Charges			Increase (Decrease) in Net Assets from Contract Transactions			Total Increase (Decrease) In Net Assets			Net Assets  as of December 31,  2022
Vanguard Total Stock Market Index			$	2,908,387		$	30,892		$	(21,810)		$	(4,581)		$	4,501		$	(88,470)		$	165,477		$	(652,609)		$	(575,602)		$	(571,101)		$	379,479		$	(821,753)		$	(442,274)		$	(1,013,375)		$	1,895,012
Voya Global High Dividend Low Volatility Portfolio - Class S			479,145			10,499			(5,282)			(640)			4,577			3,469			14,047			(52,937)			(35,421)			(30,844)			1,501			(35,724)			(34,223)			(65,067)			414,078
VY JPMorgan Emerging Markets Equity Portfolio Initial			602,409			—			(5,635)			(676)			(6,311)			(12,770)			123,906			(265,135)			(153,999)			(160,310)			3,155			(36,343)			(33,188)			(193,498)			408,911
Wanger Acorn			68,374			—			(622)			(75)			(697)			(3,859)			17,396			(36,301)			(22,764)			(23,461)			—			(2,734)			(2,734)			(26,195)			42,179

1Reference Note 1 of the financial statements for additional information pertaining to this sub-account.

SEE NOTES TO FINANCIAL STATEMENTS

26

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Symetra Separate Account C
Notes to Financial Statements

1.   ORGANIZATION

Symetra Separate Account C (the "Separate Account") is registered under the Investment Company Act of 1940, as amended, as a segregated unit investment trust of Symetra Life Insurance Company ("Symetra Life"), a wholly-owned subsidiary of Symetra Financial Corporation. Purchasers of various Symetra Life variable annuity products direct their investment to one or more of the sub-accounts of the Separate Account through the purchase of accumulation units ("Units"). Under the terms of the registration, the Separate Account is authorized to issue an unlimited number of Units. Each sub-account invests in shares of a designated portfolio of open-ended registered investment companies ("Mutual Funds") as indicated below. Not all sub-accounts are available in all Symetra Life variable annuity products. The performance of the underlying portfolios may differ substantially from publicly traded Mutual Funds with similar names and objectives.

Under applicable insurance law, the assets of the Separate Account are legally segregated and are not subject to claims that arise out of Symetra Life's or Symetra Financial Corporation's other business activities.

The Statements of Operations and Changes in Net Assets are reported for the years ended December 31, 2023 and December 31, 2022 for the following sub-accounts, except as noted in footnotes 6 and 7 to the table below.

Following are the sub-accounts and related Mutual Funds.

Sub-Account						Mutual Fund
						American Century Variable Portfolios, Inc.
American Century Balanced									VP Balanced Fund
American Century Inflation Protection II									VP Inflation Protection Class II Fund
American Century International									VP International Fund
American Century Large Company Value II									VP Large Company Value Class II Fund
American Century Ultra I									VP Ultra Class I Fund
American Century Ultra II									VP Ultra Class II Fund
American Century Value									VP Value Fund
						BlackRock Variable Series Fund, Inc
BlackRock Advantage Large Cap Value V.I. Fund7									BlackRock Advantage Large Cap Value V.I. Fund, Class III
						BNY Mellon Variable Investment Fund
BNY Mellon Appreciation5									BNY Mellon VIF Appreciation Portfolio — Initial Shares
						BNY Mellon Investment Portfolios
BNY Mellon MidCap Stock									BNY Mellon IP MidCap Stock Portfolio — Initial Shares
BNY Mellon Technology Growth									BNY Mellon IP Technology Growth Portfolio — Initial Shares
						BNY Mellon Stock Index Fund, Inc.
BNY Mellon Stock Index									BNY Mellon Stock Index Fund, Inc. — Service Shares
						BNY Mellon Sustainable U.S. Equity Portfolio, Inc.
BNY Mellon Sustainable U.S. Equity									BNY Mellon Sustainable U.S. Equity Portfolio Inc. — Initial Shares
						Calvert Variable Series, Inc.
Calvert EAFE International Index F Class									Calvert VP EAFE International Index Portfolio — Class F
Calvert Investment Grade Bond Index									Calvert VP Investment Grade Bond Index Portfolio
Calvert Nasdaq 100 Index									Calvert VP Nasdaq — 100 Index Portfolio
Calvert Russell 2000 Small Cap Index F Class									Calvert VP Russell 2000 Small Cap Index Portfolio — Class F
Calvert S&P MidCap 400 Index F Class									Calvert VP S&P MidCap 400 Index Portfolio — Class F
Calvert SRI Balanced									Calvert VP SRI Balanced Portfolio
						Columbia Funds Variable Insurance Trust
Columbia VP Select Mid Cap Value Fund - Class 16									Columbia VP Select Mid Cap Value Fund — Class 1

27

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Symetra Separate Account C
Notes to Financial Statements
1.			ORGANIZATION (continued)

Sub-Account						Mutual Fund
						DWS Variable Series I and II
DWS Capital Growth VIP B									DWS Capital Growth VIP — Class B Shares
DWS CROCI International VIP - Class A									DWS CROCI International VIP — Class A Shares
DWS Global Income Builder VIP A									DWS Global Income Builder VIP — Class A Shares
DWS Global Small Cap VIP B									DWS Global Small Cap VIP — Class B Shares
DWS International Growth VIP B Share									DWS International Growth VIP — Class B Shares
DWS Small Cap Index A Share									DWS Small Cap Index VIP — Class A Shares
						Federated Insurance Series
Federated Hermes High Income Bond									Federated Hermes High Income Bond Fund II
Federated Hermes Managed Volatility II4									Federated Hermes Managed Volatility Fund II
						Fidelity Variable Insurance Products Fund 1 (VIP)
Fidelity Asset Manager4									VIP Asset Manager Portfolio — Initial Class
Fidelity Contrafund									VIP Contrafund® Portfolio — Initial Class
Fidelity Contrafund II6									VIP Contrafund® Portfolio — Service Class 2
Fidelity Equity-Income									VIP Equity-Income Portfolio — Initial Class
Fidelity Freedom Funds 2010 II									VIP Freedom Funds 2010 Portfolio — Service Class 2
Fidelity Freedom Funds 2015 II									VIP Freedom Funds 2015 Portfolio — Service Class 2
Fidelity Freedom Funds 2020 II									VIP Freedom Funds 2020 Portfolio — Service Class 2
Fidelity Freedom Funds 2025 II									VIP Freedom Funds 2025 Portfolio — Service Class 2
Fidelity Freedom Funds 2030 II									VIP Freedom Funds 2030 Portfolio — Service Class 2
Fidelity Freedom Funds 2050 II									VIP Freedom Funds 2050 Portfolio — Service Class 2
Fidelity Freedom Income Fund II									VIP Freedom Income Portfolio — Service Class 2
Fidelity Government Money Market Portfolio - Initial Class									VIP Government Money Market Portfolio — Initial Class
Fidelity Government Money Market Portfolio - Service Class II									VIP Government Money Market Portfolio — Service Class II
Fidelity Growth									VIP Growth Portfolio — Initial Class
Fidelity Growth & Income									VIP Growth & Income Portfolio — Initial Class
Fidelity Growth Opportunities									VIP Growth Opportunities Portfolio — Initial Class
Fidelity Index 500									VIP Index 500 Portfolio — Initial Class
Fidelity Mid Cap II									VIP Mid Cap Portfolio — Service Class II
Fidelity Overseas II									VIP Overseas Portfolio — Service Class 2
						Franklin Templeton Variable Insurance Products Trust
Franklin Allocation VIP Fund - Class 2									Franklin Allocation VIP Fund - Class 2
Franklin DynaTech VIP Fund - Class 2									Franklin DynaTech VIP Fund - Class 2
Franklin Income VIP Fund - Class 2									Franklin Income VIP Fund - Class 2
Franklin Mutual Shares VIP Fund - Class 2									Franklin Mutual shares VIP Fund - Class 2
Franklin Small Cap Value VIP Fund - Class 2									Franklin Small Cap Value VIP Fund - Class 2
Franklin Small-Mid Cap Growth VIP Fund - Class 2									Franklin Small-Mid Cap Growth VIP Fund - Class 2
Franklin U.S. Government Securities VIP Fund - Class 2									Franklin U.S. Government Securities VIP Fund - Class 2

28

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Symetra Separate Account C
Notes to Financial Statements
1.			ORGANIZATION (continued)

Sub-Account						Mutual Fund
						AIM Variable Insurance Funds, Inc (Invesco Variable Insurance Funds)
Invesco American Franchise Fund I									Invesco V.I. American Franchise Fund - Series I
Invesco American Franchise Fund II									Invesco V.I. American Franchise Fund - Series II
Invesco Discovery Mid Cap Growth Fund I									Invesco V.I. Discovery Mid Cap Growth Fund - Series I
Invesco Discovery Mid Cap Growth Fund II									Invesco V.I. Discovery Mid Cap Growth Fund - Series II
Invesco EQV International Equity I									Invesco V.I. EQV International Equity Fund - Series I
Invesco EQV International Equity II									Invesco V.I. EQV International Equity Fund - Series II
Invesco Global Real Estate									Invesco V.I. Global Real Estate Fund - Series I
Invesco Health Care									Invesco V.I. Health Care Fund - Series I
Invesco Small Cap Equity II									Invesco V.I. Small Cap Equity Fund - Series II
						Lincoln Investment Advisors
LVIP JPMorgan Mid Cap Value Fund - Standard Class2									LVIP JPMorgan Mid Cap Value Fund - Standard Class
LVIP JPMorgan U.S. Equity Fund - Standard Class3									LVIP JPMorgan U.S. Equity Fund - Standard Class
						ALPS Variable Investment Trust
Morningstar Aggressive Growth ETF Asset Allocation Class I									Morningstar Aggressive Growth ETF Asset Allocation Portfolio — Class I
Morningstar Aggressive Growth ETF Asset Allocation Class II									Morningstar Aggressive Growth ETF Asset Allocation Portfolio — Class II
Morningstar Balanced ETF Asset Allocation Class I									Morningstar Balanced ETF Asset Allocation Portfolio — Class I
Morningstar Balanced ETF Asset Allocation Class II									Morningstar Balanced ETF Asset Allocation Portfolio — Class II
Morningstar Conservative ETF Asset Allocation Class I									Morningstar Conservative ETF Asset Allocation Portfolio — Class I
Morningstar Conservative ETF Asset Allocation Class II									Morningstar Conservative ETF Asset Allocation Portfolio — Class II
Morningstar Growth ETF Asset Allocation Class I									Morningstar Growth ETF Asset Allocation Portfolio — Class I
Morningstar Growth ETF Asset Allocation Class II									Morningstar Growth ETF Asset Allocation Portfolio — Class II
Morningstar Income & Growth ETF Asset Allocation Class I									Morningstar Income & Growth ETF Asset Allocation Portfolio — Class I
Morningstar Income & Growth ETF Asset Allocation Class II									Morningstar Income & Growth ETF Asset Allocation Portfolio — Class II
						Neuberger Berman Advisers Management Trust
Neuberger Berman AMT Mid Cap Growth Class S									Neuberger Berman AMT Mid Cap Growth Portfolio — Class S
Neuberger Berman AMT Mid Cap Intrinsic Value Class S									Neuberger Berman AMT Mid Cap Intrinsic Value Portfolio — Class S
Neuberger Berman AMT Sustainable Equity Class S									Neuberger Berman AMT Sustainable Equity Portfolio — Class S
						PIMCO Variable Insurance Trust
PIMCO All Asset Portfolio Advisor									PIMCO All Asset Portfolio — Advisor Class Shares
PIMCO CommodityRealReturn Strat.									PIMCO CommodityRealReturn® Strategy Portfolio —
Administrative Class									Administrative Class Shares
PIMCO Total Return Portfolio Advisor									PIMCO Total Return Portfolio — Advisor Class Shares

29

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Symetra Separate Account C
Notes to Financial Statements
1.			ORGANIZATION (continued)

Sub-Account						Mutual Fund
						Pioneer Variable Contracts Trust
Pioneer Bond VCT Class I									Pioneer Bond VCT Portfolio — Class I
Pioneer Equity Income VCT Class II									Pioneer Equity Income VCT Portfolio — Class II
Pioneer Fund VCT Class I									Pioneer Fund VCT Portfolio — Class I
Pioneer High Yield VCT Class II									Pioneer High Yield VCT Portfolio — Class II
Pioneer Mid Cap Value VCT Class I									Pioneer Mid Cap Value VCT Portfolio — Class I
Pioneer Real Estate VCT Class II1									Pioneer Real Estate VCT Portfolio — Class II
Pioneer Select Mid Cap Growth VCT Class I									Pioneer Select Mid Cap Growth VCT Portfolio — Class I
Pioneer Strategic Income VCT Class II									Pioneer Strategic Income VCT Portfolio — Class II
						Franklin Templeton Variable Insurance Products Trust
Templeton Developing Markets VIP Fund - Class 2									Templeton Developing Markets VIP Fund - Class 2
Templeton Global Bond VIP Fund - Class 2									Templeton Global Bond VIP Fund - Class 2
Templeton Growth VIP Fund - Class 2									Templeton Growth VIP Fund - Class 2
						Vanguard Variable Insurance Fund Portfolios
Vanguard Balanced									Vanguard VIF — Balanced Portfolio
Vanguard High Yield Bond									Vanguard VIF — High Yield Bond Portfolio
Vanguard International									Vanguard VIF — International Portfolio
Vanguard Mid-Cap Index									Vanguard VIF — Mid-Cap Index Portfolio
Vanguard Real Estate Index									Vanguard VIF — Real Estate Index Portfolio
Vanguard Total Bond Market Index									Vanguard VIF — Total Bond Market Index Portfolio
Vanguard Total Stock Market Index									Vanguard VIF — Total Stock Market Index Portfolio
						Voya VP Natural Resource Trust
Voya Global High Dividend Low Volatility Portfolio - Class S									Voya Global High Dividend Low Volatility Portfolio - Class S
						Voya Investors Trust
VY JPMorgan Emerging Markets Equity Portfolio Initial									VY JPMorgan Emerging Markets Equity Portfolio Class I
						Wanger Advisors Trust
Wanger Acorn									Wanger Acorn

1 Effective April 28, 2023 Pioneer Real Estate VCT Class II was liquidated and no longer available for sale.

2 LVIP JPMorgan Mid Cap Value Fund – Standard Class was known as JP Morgan Insurance Trust Mid Cap Value I prior to May 1, 2023.     

3 LVIP JPMorgan U.S. Equity Fund - Standard Class was known as JP Morgan Insurance Trust U.S. Equity I prior to May 1, 2023.

4 Effective May 1, 2023 the Sub-account was closed and no longer available in the Spinnaker Advisor Variable Annuity product.

5 Effective May 1, 2023 the Sub-account was closed and no longer available in the Spinnaker Choice Variable Annuity product.

6 There was activity in the current year and no net asset balance to report on the Statements of Assets and Liabilities as of December 31, 2023.    

7 There was activity in the prior year and no activity in the current year and no net asset balance to report on the Statements of Assets and Liabilities as of

December 31, 2023.

                                   

30

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Symetra Separate Account C
Notes to Financial Statements

2.SIGNIFICANT ACCOUNTING POLICIES

BASIS OF PRESENTATION AND USE OF ESTIMATES — The financial statements have been prepared in conformity with U.S. generally accepted accounting principles (GAAP), including the rules and regulations of the Securities and Exchange Commission (SEC).

INVESTMENT VALUATION — Investments in portfolio shares are valued at fair value based on the net asset value (NAV) as reported by the underlying Mutual Fund on the last trading day of the year.

The Separate Account determines the fair value of its financial instruments based on the fair value hierarchy, which requires an entity to maximize its use of observable inputs and minimize the use of unobservable inputs when measuring fair value. This fair value hierarchy prioritizes fair value measurements into the three levels based on the nature of the inputs. Quoted prices in active markets for identical assets or liabilities have the highest priority ("Level 1"), followed by significant observable inputs other than quoted market prices, including prices for similar but not identical assets or liabilities ("Level 2") and significant unobservable inputs, including the reporting entity's estimates of the assumptions that market participants would use, having the lowest priority ("Level 3").

The availability of observable market information is the principal factor in determining the level to which the Separate Account's investments are assigned in the fair value hierarchy. As such, all Separate Account investments have been classified as Level 1 in the fair value hierarchy.

INVESTMENT TRANSACTIONS — Investment transactions are recorded on the trade date. Realized gains and losses on investment transactions are determined using the first-in-first-out (FIFO) method.

INCOME RECOGNITION — Dividend income and realized capital gain distributions are recorded on the ex-dividend date.

DISTRIBUTIONS — The net investment income and realized capital gains of the Separate Account are not distributed, but are retained and reinvested for the benefit of unit owners.

FEDERAL INCOME TAX — Operations of the Separate Account are included in the federal income tax return of Symetra Life, which is taxed as a "Life Insurance Company" under the provisions of the Internal Revenue Code. Under current federal income tax law, no income taxes are payable with respect to the operations of the Separate Account to the extent the earnings are reinvested.

3.     EXPENSES AND RELATED PARTY TRANSACTIONS

Symetra Life assumes mortality and expense ("M&E") risks and incurs asset-related administrative expenses related to the operations of the Separate Account. Optional benefit charges may be elected for a guaranteed minimum death benefit ("GMDB") and an earnings enhancement benefit ("EEB") for certain products. Symetra Life deducts a daily charge from the assets of the Separate Account to cover these expenses. These charges are included in net investment income (loss) in the accompanying Statements of Operations and Changes in Net Assets. Symetra Life also deducts annual contract maintenance charges which are reflected as a contract maintenance charge in the accompanying Statements of Operations and Changes in Net Assets. The table below describes the maximum charges for the fees and expenses charged by product.

Annual Periodic Charges						Mortality and expense risk1						Asset-related administrative1						Optional (GMDB)1						Optional (EEB)1						Contract Maintenance
Spinnaker & Mainsail						1.25%						0.15%						0.20%						0.15%						$30
Spinnaker Advisor						1.25%						0.20%						Not Available						Not Available						$30
Spinnaker Choice						1.40%						0.15%						0.20%						0.15%						No Charge
Focus						0.95%						0.40%						0.10%						Not Available						$40
Retirement Passport						1.25%						No Charge						Not Available						Not Available						$30
Retirement Passport — Calvert sub accounts						1.25%						0.10%						Not Available						Not Available						$30
Retirement Passport — Vanguard sub accounts						1.25%						0.25%						Not Available						Not Available						$30

1 As a percentage of average daily net assets of each sub-account deducted daily.

A withdrawal charge of $25 or 2.00 percent of the withdrawal amount, whichever is less, may be imposed on the owner of the policy for the second and each subsequent withdrawal in any one year. A transfer charge of $10 or 2.00 percent of the amount transferred, whichever is less, may be imposed on transfers that exceed the number of free transfers allowed each year. These charges are reflected as contract maintenance charges in the accompanying Statements of Operations and Changes in Net Assets. A surrender charge may be applicable in the first eight years on withdrawals that

31

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Symetra Separate Account C
Notes to Financial Statements

3.     EXPENSES AND RELATED PARTY TRANSACTIONS (continued)

exceed the free withdrawal amount. The surrender charge is reflected as transfers out in the accompanying Statements of Operations and Changes in Net Assets. These charges do not apply to all products and may vary by contract year and other factors as described in the product prospectuses.

The Retirement Passport product may allow the owner of the policy to take a loan against their account value. A loan application charge of $50 or 2.50 percent of the loan amount, whichever is less, will be deducted from the sub-account with the highest balance at the time the loan is approved. An annual loan maintenance charge of $35 or 2.50 percent of the loan amount, whichever is less, will be deducted from the sub-account with the highest balance. These charges are reflected as transfers out in the accompanying Statements of Operations and Changes in Net Assets.

4.INVESTMENT TRANSACTIONS

The following table summarizes investment purchases and proceeds from sales activity by sub-account for the year ended December 31, 2023.    

Sub-Account			Purchases			Proceeds From Sales
American Century Balanced			$	168,287		$	1,080,684
American Century Inflation Protection II			126,535			398,599
American Century International			99,314			415,857
American Century Large Company Value II			33,319			54,414
American Century Ultra I			30,983			63,569
American Century Ultra II			73,054			156,338
American Century Value			262,938			248,212
BNY Mellon Appreciation1			322,367			407,419
BNY Mellon MidCap Stock			225,322			576,057
BNY Mellon Stock Index			455,426			990,511
BNY Mellon Sustainable U.S. Equity			302,323			289,068
BNY Mellon Technology Growth			11,526			217,588
Calvert EAFE International Index F Class			160,910			23,832
Calvert Investment Grade Bond Index			664,796			367,033
Calvert Nasdaq 100 Index			66,815			1,055,571
Calvert Russell 2000 Small Cap Index F Class			26,716			20,096
Calvert S&P MidCap 400 Index F Class			59,321			115,005
Calvert SRI Balanced			35,138			44,389
Columbia VP Select Mid Cap Value Fund - Class 11			—			7,107
DWS Capital Growth VIP B			62,267			297,752
DWS CROCI International VIP - Class A			39,530			115,209
DWS Global Income Builder VIP A			363,629			589,707
DWS Global Small Cap VIP B			6,033			8,007
DWS International Growth VIP B Share			1,061			218
DWS Small Cap Index A Share			23,634			40,420
Federated Hermes High Income Bond			63,644			325,604
Federated Hermes Managed Volatility II1			9,773			24,193
Fidelity Asset Manager1			3,415			1,490
Fidelity Contrafund			1,203,354			2,476,151
Fidelity Contrafund II1			73			7,285
Fidelity Equity-Income			251,314			561,332
Fidelity Freedom Funds 2010 II			58,341			154,445
Fidelity Freedom Funds 2015 II			5,869			36,429

32

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Symetra Separate Account C
Notes to Financial Statements
4.			INVESTMENT TRANSACTIONS (continued)

Sub-Account			Purchases			Proceeds From Sales
Fidelity Freedom Funds 2020 II			$	39,230		$	288,726
Fidelity Freedom Funds 2025 II			25,495			80,653
Fidelity Freedom Funds 2030 II			104,612			124,520
Fidelity Freedom Funds 2050 II			737			326
Fidelity Freedom Income Fund II			4,206			8,107
Fidelity Government Money Market Portfolio - Initial Class			125,305			62,240
Fidelity Government Money Market Portfolio - Service Class II			1,993,072			981,607
Fidelity Growth			649,034			1,631,291
Fidelity Growth & Income			285,376			362,778
Fidelity Growth Opportunities			5,251			240,865
Fidelity Index 500			26,286			84,496
Fidelity Mid Cap II			136,183			290,565
Fidelity Overseas II			8,614			4,130
Franklin Allocation VIP Fund - Class 2			15,668			86,048
Franklin DynaTech VIP Fund - Class 2			2,176			13,526
Franklin Income VIP Fund - Class 2			355,284			325,749
Franklin Mutual Shares VIP Fund - Class 2			327,117			385,362
Franklin Small Cap Value VIP Fund - Class 2			290,063			508,720
Franklin Small-Mid Cap Growth VIP Fund - Class 2			27,136			348,393
Franklin U.S. Government Securities VIP Fund - Class 2			176,618			430,901
Invesco American Franchise Fund I			117,906			292,419
Invesco American Franchise Fund II			36,312			195,251
Invesco Discovery Mid Cap Growth Fund I			—			9,062
Invesco Discovery Mid Cap Growth Fund II			24,565			20,975
Invesco EQV International Equity I			7,837			110,768
Invesco EQV International Equity II			106,841			663,710
Invesco Global Real Estate			48,141			145,513
Invesco Health Care			2,006			9,867
Invesco Small Cap Equity II			12,344			23,072
LVIP JPMorgan Mid Cap Value Fund - Standard Class1			515,768			430,931
LVIP JPMorgan U.S. Equity Fund - Standard Class1			138,352			104,921
Morningstar Aggressive Growth ETF Asset Allocation Class I			5,447			7,103
Morningstar Aggressive Growth ETF Asset Allocation Class II			53,651			228,799
Morningstar Balanced ETF Asset Allocation Class I			31,082			8,573
Morningstar Balanced ETF Asset Allocation Class II			131,867			448,056
Morningstar Conservative ETF Asset Allocation Class I			59,508			43,558
Morningstar Conservative ETF Asset Allocation Class II			16,394			50,833
Morningstar Growth ETF Asset Allocation Class I			4,034			2,766
Morningstar Growth ETF Asset Allocation Class II			91,597			355,192
Morningstar Income & Growth ETF Asset Allocation Class I			2,374			14,840
Morningstar Income & Growth ETF Asset Allocation Class II			26,151			16,384
Neuberger Berman AMT Mid Cap Growth Class S			16,154			20,399
Neuberger Berman AMT Mid Cap Intrinsic Value Class S			3,881			9,925
Neuberger Berman AMT Sustainable Equity Class S			4,609			1,574
PIMCO All Asset Portfolio Advisor			12,573			22,015
PIMCO CommodityRealReturn Strat. Administrative Class			219,618			160,701
PIMCO Total Return Portfolio Advisor			164,783			1,010,613

33

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Symetra Separate Account C
Notes to Financial Statements
4.			INVESTMENT TRANSACTIONS (continued)

Sub-Account			Purchases			Proceeds From Sales
Pioneer Bond VCT Class I			$	74,914		$	145,577
Pioneer Equity Income VCT Class II			345,395			671,049
Pioneer Fund VCT Class I			1,870,474			3,528,414
Pioneer High Yield VCT Class II			48,752			424,166
Pioneer Mid Cap Value VCT Class I			704,162			691,453
Pioneer Real Estate VCT Class II1			86,704			1,082,573
Pioneer Select Mid Cap Growth VCT Class I			33,242			2,514,347
Pioneer Strategic Income VCT Class II			151,934			680,333
Templeton Developing Markets VIP Fund - Class 2			38,269			114,950
Templeton Global Bond VIP Fund - Class 2			42,092			254,270
Templeton Growth VIP Fund - Class 2			100,916			290,669
Vanguard Balanced			14,043			13,055
Vanguard High Yield Bond			338,713			93,016
Vanguard International			110,419			184,684
Vanguard Mid-Cap Index			56,742			97,695
Vanguard Real Estate Index			30,329			19,838
Vanguard Total Bond Market Index			717,469			238,189
Vanguard Total Stock Market Index			396,994			619,071
Voya Global High Dividend Low Volatility Portfolio - Class S			39,556			73,564
VY JPMorgan Emerging Markets Equity Portfolio Initial			13,963			34,657
Wanger Acorn			17,850			38,080

    1 Reference Note 1 of the financial statements for additional information pertaining to this sub-account.

5.    CHANGES IN ACCUMULATION UNITS OUTSTANDING

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

			2023												2022
Sub-Account			Units Issued			Units Redeemed			Increase (Decrease) in Units						Units Issued			Units Redeemed			Increase (Decrease) in Units
American Century Balanced			4,105			(39,774)			(35,669)						13,578			(22,277)			(8,699)
American Century Inflation Protection II			7,388			(31,596)			(24,208)						14,256			(32,581)			(18,325)
American Century International			4,483			(23,255)			(18,772)						7,679			(61,726)			(54,047)
American Century Large Company Value II			549			(2,086)			(1,537)						651			(197)			454
American Century Ultra I			54			(1,019)			(965)						66			(347)			(281)
American Century Ultra II			981			(3,250)			(2,269)						680			(4,054)			(3,374)
American Century Value			1,392			(6,409)			(5,017)						1,858			(15,320)			(13,462)
BlackRock Advantage Large Cap Value V.I. Fund1			—			—			—						1,493			(1,493)			—
BNY Mellon Appreciation1			1,000			(11,031)			(10,031)						1,759			(7,958)			(6,199)
BNY Mellon MidCap Stock			1,445			(15,998)			(14,553)						2,472			(18,927)			(16,455)
BNY Mellon Stock Index			2,409			(19,907)			(17,498)						5,344			(22,385)			(17,041)
BNY Mellon Sustainable U.S. Equity			1,643			(12,735)			(11,092)						1,623			(10,932)			(9,309)
BNY Mellon Technology Growth			1,397			(10,958)			(9,561)						1,402			(17,249)			(15,847)
Calvert EAFE International Index F Class			14,020			(1,924)			12,096						513			(4,214)			(3,701)
Calvert Investment Grade Bond Index			53,493			(31,318)			22,175						6,732			(26,654)			(19,922)
Calvert Nasdaq 100 Index			1,347			(15,379)			(14,032)						1,462			(4,826)			(3,364)

34

---

Symetra Separate Account C
Notes to Financial Statements
5.			CHANGES IN ACCUMULATION UNITS OUTSTANDING (Continued)

			2023												2022
Sub-Account			Units Issued			Units Redeemed			Increase (Decrease) in Units						Units Issued			Units Redeemed			Increase (Decrease) in Units
Calvert Russell 2000 Small Cap Index F Class			992			(565)			427						1,562			(7,300)			(5,738)
Calvert S&P MidCap 400 Index F Class			967			(3,922)			(2,955)						845			(3,747)			(2,902)
Calvert SRI Balanced			1,386			(1,912)			(526)						555			(130)			425
Columbia VP Select Mid Cap Value Fund - Class 11			—			(205)			(205)						—			—			—
DWS Capital Growth VIP B			702			(7,969)			(7,267)						2,380			(9,380)			(7,000)
DWS CROCI International VIP - Class A			159			(5,457)			(5,298)						432			(7,116)			(6,684)
DWS Global Income Builder VIP A			5,574			(14,030)			(8,456)						1,090			(23,979)			(22,889)
DWS Global Small Cap VIP B			381			(508)			(127)						197			(714)			(517)
DWS International Growth VIP B Share			83			(1)			82						826			(5,061)			(4,235)
DWS Small Cap Index A Share			665			(1,476)			(811)						—			(1,117)			(1,117)
Federated Hermes High Income Bond			215			(10,262)			(10,047)						195			(6,312)			(6,117)
Federated Hermes Managed Volatility II1			102			(661)			(559)						33			(689)			(656)
Fidelity Asset Manager1			14			(13)			1						14			(12)			2
Fidelity Contrafund			6,531			(37,900)			(31,369)						8,456			(55,172)			(46,716)
Fidelity Contrafund II1			—			(213)			(213)						—			—			—
Fidelity Equity-Income			2,967			(14,330)			(11,363)						4,944			(11,463)			(6,519)
Fidelity Freedom Funds 2010 II			6			(9,526)			(9,520)						—			(376)			(376)
Fidelity Freedom Funds 2015 II			—			(2,097)			(2,097)						—			(9,788)			(9,788)
Fidelity Freedom Funds 2020 II			1,487			(16,889)			(15,402)						6,042			(18,982)			(12,940)
Fidelity Freedom Funds 2025 II			460			(4,032)			(3,572)						1,148			(10,954)			(9,806)
Fidelity Freedom Funds 2030 II			4,344			(6,184)			(1,840)						5,797			(24,102)			(18,305)
Fidelity Freedom Income Fund II			1			(508)			(507)						54			(2,389)			(2,335)
Fidelity Government Money Market Portfolio - Initial Class			12,817			(6,374)			6,443						2,286			(1,940)			346
Fidelity Government Money Market Portfolio - Service Class II			189,409			(102,207)			87,202						61,490			(119,963)			(58,473)
Fidelity Growth			3,101			(45,812)			(42,711)						4,017			(101,479)			(97,462)
Fidelity Growth & Income			2,226			(10,144)			(7,918)						2,274			(13,247)			(10,973)
Fidelity Growth Opportunities			380			(4,445)			(4,065)						625			(4,829)			(4,204)
Fidelity Index 500			—			(2,392)			(2,392)						3			(3,086)			(3,083)
Fidelity Mid Cap II			1,142			(7,163)			(6,021)						2,261			(18,522)			(16,261)
Fidelity Overseas II			583			(203)			380						713			(10,115)			(9,402)
Franklin Allocation VIP Fund - Class 2			453			(5,163)			(4,710)						600			(1,687)			(1,087)
Franklin DynaTech VIP Fund - Class 2			124			(218)			(94)						94			(1,226)			(1,132)
Franklin Income VIP Fund - Class 2			3,335			(14,344)			(11,009)						4,452			(21,849)			(17,397)
Franklin Mutual Shares VIP Fund - Class 2			1,516			(14,855)			(13,339)						2,460			(25,692)			(23,232)
Franklin Small Cap Value VIP Fund - Class 2			3,304			(15,988)			(12,684)						2,964			(20,220)			(17,256)
Franklin Small-Mid Cap Growth VIP Fund - Class 2			2,373			(14,493)			(12,120)						2,564			(10,985)			(8,421)
Franklin U.S. Government Securities VIP Fund - Class 2			9,433			(30,489)			(21,056)						9,837			(49,629)			(39,792)
Invesco American Franchise Fund I			1,468			(9,316)			(7,848)						1,343			(18,515)			(17,172)
Invesco American Franchise Fund II			1,079			(6,159)			(5,080)						1,288			(1,990)			(702)
Invesco Discovery Mid Cap Growth Fund I			—			(164)			(164)						1			(22)			(21)
Invesco Discovery Mid Cap Growth Fund II			1,148			(863)			285						1,596			(1,413)			183
Invesco EQV International Equity I			262			(3,180)			(2,918)						1,420			(2,364)			(944)
Invesco EQV International Equity II			8,963			(39,181)			(30,218)						14,139			(45,529)			(31,390)

35

---

Symetra Separate Account C
Notes to Financial Statements
5.			CHANGES IN ACCUMULATION UNITS OUTSTANDING (Continued)

			2023												2022
Sub-Account			Units Issued			Units Redeemed			Increase (Decrease) in Units						Units Issued			Units Redeemed			Increase (Decrease) in Units
Invesco Global Real Estate			1,170			(4,357)			(3,187)						1,397			(4,056)			(2,659)
Invesco Health Care			59			(179)			(120)						64			(772)			(708)
Invesco Small Cap Equity II			394			(910)			(516)						163			(806)			(643)
LVIP JPMorgan Mid Cap Value Fund - Standard Class1			1,457			(8,142)			(6,685)						2,759			(8,713)			(5,954)
LVIP JPMorgan U.S. Equity Fund - Standard Class1			169			(2,425)			(2,256)						228			(4,943)			(4,715)
Morningstar Aggressive Growth ETF Asset Allocation Class I			—			(293)			(293)						—			(173)			(173)
Morningstar Aggressive Growth ETF Asset Allocation Class II			1,082			(12,212)			(11,130)						864			(866)			(2)
Morningstar Balanced ETF Asset Allocation Class I			26			(32)			(6)						16			(293)			(277)
Morningstar Balanced ETF Asset Allocation Class II			2,262			(27,453)			(25,191)						2,110			(15,228)			(13,118)
Morningstar Conservative ETF Asset Allocation Class I			2,451			(2,728)			(277)						15,855			(128)			15,727
Morningstar Conservative ETF Asset Allocation Class II			1,114			(4,318)			(3,204)						102			(5,116)			(5,014)
Morningstar Growth ETF Asset Allocation Class I			—			(87)			(87)						—			(5)			(5)
Morningstar Growth ETF Asset Allocation Class II			1,417			(19,396)			(17,979)						1,966			(22,359)			(20,393)
Morningstar Income & Growth ETF Asset Allocation Class I			—			(979)			(979)						—			(827)			(827)
Morningstar Income & Growth ETF Asset Allocation Class II			879			(816)			63						988			(5,129)			(4,141)
Neuberger Berman AMT Mid Cap Growth Class S			674			(645)			29						832			(2,903)			(2,071)
Neuberger Berman AMT Mid Cap Intrinsic Value Class S			156			(490)			(334)						57			(81)			(24)
Neuberger Berman AMT Sustainable Equity Class S			107			(9)			98						69			(1,354)			(1,285)
PIMCO All Asset Portfolio Advisor			433			(1,159)			(726)						225			(3,457)			(3,232)
PIMCO CommodityRealReturn Strat. Administrative Class			12,016			(20,324)			(8,308)						6,413			(38,948)			(32,535)
PIMCO Total Return Portfolio Advisor			12,625			(86,789)			(74,164)						90,960			(9,783)			81,177
Pioneer Bond VCT Class I			639			(3,426)			(2,787)						960			(6,728)			(5,768)
Pioneer Equity Income VCT Class II			2,702			(22,411)			(19,709)						1,937			(26,437)			(24,500)
Pioneer Fund VCT Class I			901			(17,600)			(16,699)						943			(19,964)			(19,021)
Pioneer High Yield VCT Class II			1,301			(24,403)			(23,102)						2,855			(14,168)			(11,313)
Pioneer Mid Cap Value VCT Class I			1,023			(11,951)			(10,928)						988			(5,236)			(4,248)
Pioneer Real Estate VCT Class II1			1,799			(65,808)			(64,009)						3,892			(20,333)			(16,441)
Pioneer Select Mid Cap Growth VCT Class I			1,094			(17,177)			(16,083)						1,284			(23,173)			(21,889)
Pioneer Strategic Income VCT Class II			6,021			(42,977)			(36,956)						6,653			(19,265)			(12,612)
Templeton Developing Markets VIP Fund - Class 2			1,091			(4,714)			(3,623)						1,595			(6,077)			(4,482)
Templeton Global Bond VIP Fund - Class 2			4,637			(17,561)			(12,924)						4,000			(16,311)			(12,311)
Templeton Growth VIP Fund - Class 2			2,498			(15,021)			(12,523)						4,578			(20,124)			(15,546)
Vanguard Balanced			—			(407)			(407)						642			(990)			(348)
Vanguard High Yield Bond			18,290			(5,278)			13,012						6,621			(67,165)			(60,544)
Vanguard International			3,940			(9,458)			(5,518)						6,355			(10,299)			(3,944)
Vanguard Mid-Cap Index			1,212			(3,355)			(2,143)						16			(10,544)			(10,528)
Vanguard Real Estate Index			957			(1,069)			(112)						20			(2,871)			(2,851)
Vanguard Total Bond Market Index			61,011			(18,502)			42,509						1,841			(11,329)			(9,488)

36

---

Symetra Separate Account C
Notes to Financial Statements
5.			CHANGES IN ACCUMULATION UNITS OUTSTANDING (Continued)

			2023												2022
Sub-Account			Units Issued			Units Redeemed			Increase (Decrease) in Units						Units Issued			Units Redeemed			Increase (Decrease) in Units
Vanguard Total Stock Market Index			8,434			(19,678)			(11,244)						13,224			(28,438)			(15,214)
Voya Global High Dividend Low Volatility Portfolio - Class S			384			(1,658)			(1,274)						34			(880)			(846)
VY JPMorgan Emerging Markets Equity Portfolio Initial			234			(1,023)			(789)						105			(1,210)			(1,105)
Wanger Acorn			165			(347)			(182)						—			(27)			(27)

    1  Reference Note 1 of the financial statements for additional information pertaining to this sub-account.

37

---

Symetra Separate Account C
Notes to Financial Statements

6.ACCUMULATION UNIT VALUES

The following table summarizes the Unit values and Units outstanding for sub-accounts of the Symetra Separate Account C, net investment income ratios and the expense ratios, excluding expenses of the underlying Mutual Funds, and total returns for each of the five years in the period ended December 31, 2023.

									As of December 31,																					For the Year Ended December 31,
Sub-account			Year Ended						Unit Fair Value Corresponding to Lowest to Highest Expense Ratio												Units Outstanding			Net Assets						Net Investment Income Ratio2						Expense Ratio Lowest to Highest3												Total Return Corresponding to Lowest to Highest Expense Ratio4
American Century Balanced
			2023						$	28.738		to			$27.629						234,115			$	6,559,353					1.91		%				1.40		%	to			1.60		%				14.80		%	to			14.56		%
			2022						25.034			to			24.117						269,784			6,599,294						1.21						1.40			to			1.60						(18.41)			to			(18.58)
			2021						30.684			to			29.619						278,483			8,327,011						0.72						1.40			to			1.60						14.16			to			13.93
			2020						26.878			to			25.997						300,616			7,874,353						1.16						1.40			to			1.60						10.96			to			10.74
			2019						24.223			to			23.475						328,611			7,755,438						1.53						1.40			to			1.60						18.19			to			17.95
American Century Inflation Protection II
			2023						12.999			to			12.640						123,704			1,606,418						3.28						1.40			to			1.55						1.96			to			1.81
			2022						12.749			to			12.415						147,912			1,883,910						4.94						1.40			to			1.55						(14.28)			to			(14.41)
			2021						14.873			to			14.506						166,237			2,469,777						3.06						1.40			to			1.55						4.79			to			4.64
			2020						14.193			to			13.863						189,130			2,681,490						1.31						1.40			to			1.55						8.03			to			7.87
			2019						13.138			to			12.852						220,991			2,900,440						2.27						1.40			to			1.55						7.39			to			7.23
American Century International
			2023						17.386			to			16.716						240,703			4,125,494						1.41						1.40			to			1.60						11.01			to			10.79
			2022						15.662			to			15.088						259,475			4,010,112						1.50						1.40			to			1.60						(25.80)			to			(25.95)
			2021						21.108			to			20.375						313,522			6,535,364						0.16						1.40			to			1.60						7.24			to			7.03
			2020						19.683			to			19.037						353,297			6,830,302						0.49						1.40			to			1.60						24.13			to			23.88
			2019						15.857			to			15.367						417,971			6,482,799						0.88						1.40			to			1.60						26.63			to			26.38
American Century Large Company Value II
			2023						26.543			to			25.570						15,774			418,056						2.45						1.40			to			1.60						2.34			to			2.13
			2022						25.937			to			25.036						17,311			448,393						1.93						1.40			to			1.60						(1.84)			to			(2.03)
			2021						26.422			to			25.556						16,858			444,812						1.27						1.40			to			1.60						19.84			to			19.60
			2020						22.048			to			21.367						16,267			358,381						1.57						1.40			to			1.60						1.06			to			0.86
			2019						21.816			to			21.185						15,848			345,430						1.90						1.40			to			1.60						25.54			to			25.29
American Century Ultra I
			2023						66.880			to			51.519						6,288			418,960						—						1.40			to			1.75						41.52			to			41.03
			2022						47.258			to			36.531						7,253			341,400						—						1.40			to			1.75						(33.31)			to			(33.55)
			2021						70.867			to			54.973						7,534			531,822						—						1.40			to			1.75						21.45			to			21.02
			2020						58.351			to			45.423						7,936			461,163						—						1.40			to			1.75						47.77			to			47.26
			2019						39.487			to			30.846						9,257			364,294						—						1.40			to			1.75						32.71			to			32.24
American Century Ultra II
			2023						53.460			to			53.013						7,878			420,644						—						1.40			to			1.45						41.28			to			41.21
			2022						37.839			to			37.541						10,147			383,596						—						1.40			to			1.45						(33.40)			to			(33.43)
			2021						56.815			to			56.396						13,521			766,521						—						1.40			to			1.45						21.29			to			21.22
			2020						46.844			to			46.522						13,056			611,387						—						1.40			to			1.45						47.47			to			47.40
			2019						31.765			to			31.562						21,688			688,887						—						1.40			to			1.45						32.59			to			32.52

38

---

Symetra Separate Account C
Notes to Financial Statements
6.			ACCUMULATION UNIT VALUES (Continued)

									As of December 31,																					For the Year Ended December 31,
Sub-account			Year Ended						Unit Fair Value Corresponding to Lowest to Highest Expense Ratio												Units Outstanding			Net Assets						Net Investment Income Ratio2						Expense Ratio Lowest to Highest3												Total Return Corresponding to Lowest to Highest Expense Ratio4
American Century Value
			2023						$	38.872		to			$33.081						58,600			$	2,274,943					2.37		%				1.40		%	to			1.55		%				7.59		%	to			7.43		%
			2022						36.131			to			30.794						63,617			2,295,688						2.06						1.40			to			1.55						(0.85)			to			(1.00)
			2021						36.442			to			31.106						77,079			2,804,988						1.73						1.40			to			1.55						22.78			to			22.59
			2020						29.681			to			25.373						88,554			2,625,186						2.32						1.40			to			1.55						(0.43)			to			(0.58)
			2019						29.808			to			25.520						93,450			2,782,716						2.10						1.40			to			1.55						25.27			to			25.09
BlackRock Advantage Large Cap Value V.I. Fund1
			2023						30.870			to			30.870						—			—						—						1.25			to			1.25						11.97			to			11.97
			2022						27.571			to			27.571						—			—						—						1.25			to			1.25						(9.54)			to			(9.54)
			2021						30.480			to			30.480						—			—						—						1.25			to			1.25						24.65			to			24.65
			2020						24.452			to			24.452						—			—						—						1.25			to			1.25						2.14			to			2.14
			2019						23.940			to			23.940						—			—						—						1.25			to			1.25						23.05			to			23.05
BNY Mellon Appreciation1
			2023						37.059			to			35.630						91,002			3,363,378						0.71						1.40			to			1.60						19.29			to			19.06
			2022						31.066			to			29.927						101,033			3,130,818						0.67						1.40			to			1.60						(19.20)			to			(19.36)
			2021						38.449			to			37.114						107,232			4,112,313						0.43						1.40			to			1.60						25.36			to			25.11
			2020						30.670			to			29.664						123,064			3,764,084						0.79						1.40			to			1.60						21.97			to			21.73
			2019						25.145			to			24.369						131,948			3,306,938						1.16						1.40			to			1.60						34.21			to			33.93
BNY Mellon MidCap Stock
			2023						38.075			to			36.606						145,069			5,447,782						0.81						1.40			to			1.60						16.67			to			16.44
			2022						32.634			to			31.438						159,622			5,134,671						0.74						1.40			to			1.60						(15.27)			to			(15.44)
			2021						38.515			to			37.178						176,077			6,675,148						0.64						1.40			to			1.60						24.13			to			23.89
			2020						31.027			to			30.010						205,588			6,268,108						0.85						1.40			to			1.60						6.60			to			6.39
			2019						29.106			to			28.207						237,858			6,799,461						0.66						1.40			to			1.60						18.51			to			18.27
BNY Mellon Stock Index
			2023						52.870			to			50.830						169,787			8,954,779						1.16						1.40			to			1.60						23.86			to			23.61
			2022						42.685			to			41.120						187,285			7,972,033						1.08						1.40			to			1.60						(19.65)			to			(19.82)
			2021						53.127			to			51.282						204,326			10,824,327						0.82						1.40			to			1.60						26.34			to			26.08
			2020						42.052			to			40.673						226,188			9,484,699						1.31						1.40			to			1.60						16.08			to			15.84
			2019						36.228			to			35.110						271,395			9,803,608						1.44						1.40			to			1.60						29.03			to			28.77
BNY Mellon Sustainable U.S. Equity
			2023						23.692			to			39.349						96,671			2,286,423						0.75						1.40			to			1.55						22.10			to			21.92
			2022						19.403			to			32.274						107,763			2,088,333						0.53						1.40			to			1.55						(23.94)			to			(24.06)
			2021						25.511			to			42.498						117,072			2,985,431						0.76						1.40			to			1.55						25.23			to			25.05
			2020						20.371			to			33.986						129,185			2,630,663						1.18						1.40			to			1.55						22.41			to			22.23
			2019						16.641			to			27.804						155,877			2,579,312						1.51						1.40			to			1.55						32.49			to			32.29
BNY Mellon Technology Growth
			2023						21.278			to			19.146						139,046			2,931,320						—						1.40			to			1.45						57.21			to			57.14
			2022						13.535			to			12.184						148,607			1,993,752						—						1.40			to			1.45						(47.13)			to			(47.16)
			2021						25.601			to			23.059						164,454			4,155,363						—						1.40			to			1.45						11.36			to			11.30
			2020						22.990			to			20.717						206,399			4,632,904						0.26						1.40			to			1.45						67.57			to			67.48
			2019						13.720			to			12.370						255,500			3,429,202						—						1.40			to			1.45						24.06			to			24.01

39

---

Symetra Separate Account C
Notes to Financial Statements
6.			ACCUMULATION UNIT VALUES (Continued)

									As of December 31,																					For the Year Ended December 31,
Sub-account			Year Ended						Unit Fair Value Corresponding to Lowest to Highest Expense Ratio												Units Outstanding			Net Assets						Net Investment Income Ratio2						Expense Ratio Lowest to Highest3												Total Return Corresponding to Lowest to Highest Expense Ratio4
Calvert EAFE International Index F Class
			2023						$	11.346		to			$11.257						29,807			$	336,039					3.43		%				1.40		%	to			1.45		%				15.91		%	to			15.84		%
			2022						9.789			to			9.718						17,711			172,621						3.27						1.40			to			1.45						(15.93)			to			(15.97)
			2021						11.644			to			11.565						21,411			248,475						1.47						1.40			to			1.45						9.12			to			9.06
			2020						10.671			to			10.604						27,607			293,447						3.42						1.40			to			1.45						6.06			to			6.01
			2019						10.061			to			10.003						27,867			279,353						2.69						1.40			to			1.45						19.32			to			19.27
Calvert Investment Grade Bond Index
			2023						12.058			to			11.964						181,072			2,178,904						2.77						1.40			to			1.45						4.01			to			3.96
			2022						11.593			to			11.508						158,897			1,841,828						2.58						1.40			to			1.45						(13.74)			to			(13.78)
			2021						13.440			to			13.348						178,819			2,402,666						2.24						1.40			to			1.45						(3.18)			to			(3.23)
			2020						13.882			to			13.794						203,232			2,820,837						2.96						1.40			to			1.45						5.85			to			5.79
			2019						13.115			to			13.039						207,236			2,717,455						3.09						1.40			to			1.45						6.90			to			6.85
Calvert Nasdaq 100 Index
			2023						75.760			to			75.169						37,743			2,856,481						0.32						1.40			to			1.45						52.26			to			52.19
			2022						49.756			to			49.393						51,774			2,574,332						0.18						1.40			to			1.45						(33.58)			to			(33.61)
			2021						74.911			to			74.401						55,138			4,127,912						0.27						1.40			to			1.45						25.11			to			25.05
			2020						59.876			to			59.498						64,930			3,885,296						0.42						1.40			to			1.45						46.17			to			46.10
			2019						40.964			to			40.725						83,522			3,418,624						0.49						1.40			to			1.45						36.85			to			36.78
Calvert Russell 2000 Small Cap Index F Class
			2023						25.395			to			25.196						29,023			735,046						0.90						1.40			to			1.45						14.75			to			14.68
			2022						22.131			to			21.970						28,596			631,352						0.76						1.40			to			1.45						(21.77)			to			(21.81)
			2021						28.289			to			28.097						34,335			969,336						0.77						1.40			to			1.45						12.71			to			12.66
			2020						25.098			to			24.940						34,645			868,196						1.07						1.40			to			1.45						17.74			to			17.69
			2019						21.316			to			21.192						40,786			868,258						0.86						1.40			to			1.45						23.09			to			23.02
Calvert S&P MidCap 400 Index F Class
			2023						30.757			to			30.517						21,934			672,400						1.16						1.40			to			1.45						14.28			to			14.23
			2022						26.913			to			26.716						24,889			668,111						0.90						1.40			to			1.45						(14.71)			to			(14.75)
			2021						31.554			to			31.339						27,791			875,155						0.84						1.40			to			1.45						22.45			to			22.38
			2020						25.769			to			25.607						29,590			761,199						1.24						1.40			to			1.45						11.52			to			11.47
			2019						23.107			to			22.972						29,923			690,432						1.04						1.40			to			1.45						23.82			to			23.75
Calvert SRI Balanced
			2023						23.639			to			23.455						14,643			346,128						1.61						1.40			to			1.45						15.20			to			15.14
			2022						20.520			to			20.370						15,169			311,252						1.23						1.40			to			1.45						(16.59)			to			(16.63)
			2021						24.601			to			24.433						14,745			362,705						1.10						1.40			to			1.45						13.52			to			13.46
			2020						21.671			to			21.535						23,654			512,584						1.54						1.40			to			1.45						13.66			to			13.61
			2019						19.067			to			18.956						23,108			440,616						1.55						1.40			to			1.45						22.67			to			22.61
Columbia VP Select Mid Cap Value Fund - Class 11
			2023						36.112			to			36.112						—			—						—						1.25			to			1.25						8.93			to			8.93
			2022						33.151			to			33.151						205			6,786						—						1.25			to			1.25						(10.56)			to			(10.56)
			2021						37.064			to			37.064						205			7,586						—						1.25			to			1.25						30.69			to			30.69
			2020						28.361			to			28.361						205			5,805						—						1.25			to			1.25						6.15			to			6.15
			2019						26.719			to			26.719						205			5,468						—						1.25			to			1.25						29.99			to			29.99

40

---

Symetra Separate Account C
Notes to Financial Statements
6.			ACCUMULATION UNIT VALUES (Continued)

									As of December 31,																					For the Year Ended December 31,
Sub-account			Year Ended						Unit Fair Value Corresponding to Lowest to Highest Expense Ratio												Units Outstanding			Net Assets						Net Investment Income Ratio2						Expense Ratio Lowest to Highest3												Total Return Corresponding to Lowest to Highest Expense Ratio4
DWS Capital Growth VIP B
			2023						$	41.484		to			$41.161						24,380			$	1,010,894					—		%				1.40		%	to			1.45		%				36.26		%	to			36.19		%
			2022						30.445			to			30.223						31,646			963,132						—						1.40			to			1.45						(31.87)			to			(31.90)
			2021						44.684			to			44.380						38,646			1,726,405						—						1.40			to			1.45						20.75			to			20.69
			2020						37.004			to			36.771						41,732			1,543,899						0.27						1.40			to			1.45						36.77			to			36.71
			2019						27.055			to			26.898						51,228			1,385,653						0.17						1.40			to			1.45						34.89			to			34.82
DWS CROCI International VIP - Class A
			2023						20.636			to			9.623						59,998			1,221,608						3.30						1.40			to			1.45						17.30			to			17.24
			2022						17.593			to			8.208						65,295			1,134,673						3.22						1.40			to			1.45						(14.39)			to			(14.44)
			2021						20.550			to			9.593						71,979			1,450,055						2.51						1.40			to			1.45						7.72			to			7.67
			2020						19.078			to			8.910						84,248			1,580,215						3.51						1.40			to			1.45						1.19			to			1.14
			2019						18.854			to			8.810						91,086			1,690,650						3.04						1.40			to			1.45						20.08			to			20.03
DWS Global Income Builder VIP A
			2023						42.302			to			17.496						134,677			5,270,483						3.17						1.40			to			1.45						13.30			to			13.24
			2022						37.336			to			15.450						143,133			4,952,286						2.99						1.40			to			1.45						(16.16)			to			(16.20)
			2021						44.534			to			18.437						166,022			6,768,984						2.33						1.40			to			1.45						9.41			to			9.35
			2020						40.703			to			16.860						177,146			6,598,060						3.20						1.40			to			1.45						6.77			to			6.72
			2019						38.121			to			15.798						196,412			6,886,224						3.82						1.40			to			1.45						18.49			to			18.43
DWS Global Small Cap VIP B
			2023						15.895			to			15.771						5,487			87,211						0.58						1.40			to			1.45						22.48			to			22.42
			2022						12.978			to			12.883						5,614			72,861						0.26						1.40			to			1.45						(25.28)			to			(25.32)
			2021						17.368			to			17.250						6,131			106,493						0.07						1.40			to			1.45						13.06			to			13.00
			2020						15.362			to			15.265						6,755			103,766						0.59						1.40			to			1.45						15.31			to			15.26
			2019						13.322			to			13.244						7,031			93,670						—						1.40			to			1.45						19.39			to			19.34
DWS International Growth VIP B Share
			2023						12.928			to			12.827						1,553			20,075						0.49						1.40			to			1.45						14.16			to			14.11
			2022						11.324			to			11.241						1,470			16,650						0.71						1.40			to			1.45						(29.70)			to			(29.73)
			2021						16.107			to			15.997						5,705			91,423						0.02						1.40			to			1.45						6.38			to			6.32
			2020						15.141			to			15.141						5,992			90,718						1.20						1.40			to			1.40						20.59			to			20.59
			2019						12.556			to			12.556						5,908			74,183						1.01						1.40			to			1.40						29.02			to			29.02
DWS Small Cap Index A Share
			2023						28.888			to			26.922						5,316			147,454						0.95						1.00			to			1.45						15.60			to			15.08
			2022						24.990			to			23.394						6,128			148,034						0.90						1.00			to			1.45						(21.42)			to			(21.78)
			2021						31.804			to			29.907						7,244			223,859						0.68						1.00			to			1.45						13.36			to			12.85
			2020						28.055			to			26.501						11,828			324,163						1.03						1.00			to			1.45						18.25			to			17.71
			2019						23.726			to			22.513						13,378			311,121						1.12						1.00			to			1.45						23.97			to			23.42
Federated Hermes High Income Bond
			2023						33.293			to			27.044						24,938			817,982						6.82						1.40			to			1.45						11.15			to			11.10
			2022						29.953			to			24.343						34,984			1,036,445						5.81						1.40			to			1.45						(13.00)			to			(13.05)
			2021						34.430			to			27.995						41,101			1,399,620						5.06						1.40			to			1.45						3.39			to			3.34
			2020						33.301			to			27.091						45,633			1,491,426						6.00						1.40			to			1.45						4.12			to			4.07
			2019						31.983			to			26.032						49,700			1,561,957						6.16						1.40			to			1.45						12.95			to			12.90

41

---

Symetra Separate Account C
Notes to Financial Statements
6.			ACCUMULATION UNIT VALUES (Continued)

									As of December 31,																					For the Year Ended December 31,
Sub-account			Year Ended						Unit Fair Value Corresponding to Lowest to Highest Expense Ratio												Units Outstanding			Net Assets						Net Investment Income Ratio2						Expense Ratio Lowest to Highest3												Total Return Corresponding to Lowest to Highest Expense Ratio4
Federated Hermes Managed Volatility II1
			2023						$	30.864		to			$17.406						13,564			$	418,631					1.89		%				1.40		%	to			1.45		%				7.17		%	to			2.05		%
			2022						28.798			to			17.056						14,123			406,732						1.89						1.40			to			1.45						(14.95)			to			(14.99)
			2021						33.860			to			20.064						14,779			500,419						1.84						1.40			to			1.45						16.86			to			16.81
			2020						28.974			to			17.177						17,654			511,498						2.64						1.40			to			1.45						(0.47)			to			(0.53)
			2019						29.111			to			17.268						19,445			566,072						2.10						1.40			to			1.45						18.55			to			18.50
Fidelity Asset Manager1
			2023						25.947			to			24.352						3,790			98,341						2.39						1.40			to			1.45						11.38			to			5.57
			2022						23.296			to			23.068						3,789			88,276						2.10						1.40			to			1.45						(16.12)			to			(16.16)
			2021						27.772			to			27.514						3,787			105,170						1.57						1.40			to			1.45						8.39			to			8.34
			2020						25.622			to			25.397						4,563			116,909						1.41						1.40			to			1.45						13.27			to			13.22
			2019						22.620			to			22.432						5,305			119,995						1.69						1.40			to			1.45						16.60			to			16.55
Fidelity Contrafund
			2023						68.561			to			65.917						390,403			26,670,424						0.48						1.40			to			1.60						31.60			to			31.34
			2022						52.097			to			50.187						421,772			21,896,466						0.49						1.40			to			1.60						(27.34)			to			(27.48)
			2021						71.696			to			69.206						468,488			33,478,685						0.06						1.40			to			1.60						26.06			to			25.81
			2020						56.875			to			55.010						517,569			29,344,223						0.25						1.40			to			1.60						28.75			to			28.50
			2019						44.174			to			42.811						591,497			26,049,303						0.44						1.40			to			1.60						29.75			to			29.49
Fidelity Contrafund II1
			2023						43.231			to			43.231						—			—						—						1.25			to			1.25						31.47			to			31.47
			2022						32.883			to			32.883						213			7,016						0.27						1.25			to			1.25						(27.40)			to			(27.40)
			2021						45.294			to			45.294						213			9,661						0.03						1.25			to			1.25						25.93			to			25.93
			2020						35.968			to			35.968						213			7,689						0.08						1.25			to			1.25						28.62			to			28.62
			2019						27.965			to			27.965						213			5,981						0.22						1.25			to			1.25						29.64			to			29.64
Fidelity Equity-Income
			2023						40.767			to			39.194						90,124			3,670,753						1.84						1.40			to			1.60						9.11			to			8.90
			2022						37.362			to			35.992						101,487			3,786,035						1.84						1.40			to			1.60						(6.28)			to			(6.46)
			2021						39.864			to			38.479						108,006			4,297,368						1.87						1.40			to			1.60						23.16			to			22.91
			2020						32.368			to			31.306						119,227			3,852,454						1.74						1.40			to			1.60						5.21			to			5.00
			2019						30.765			to			29.815						142,969			4,390,575						1.97						1.40			to			1.60						25.67			to			25.42
Fidelity Freedom Funds 2010 II
			2023						16.428			to			16.428						27,881			458,026						3.37						1.40			to			1.40						7.57			to			7.57
			2022						15.272			to			15.272						37,400			571,172						1.94						1.40			to			1.40						(14.86)			to			(14.86)
			2021						17.937			to			17.937						37,776			677,603						0.82						1.40			to			1.40						4.13			to			4.13
			2020						17.226			to			17.226						19,535			336,512						2.28						1.40			to			1.40						10.68			to			10.68
			2019						15.564			to			15.564						383			5,959						2.22						1.40			to			1.40						14.14			to			14.14
Fidelity Freedom Funds 2015 II
			2023						17.415			to			17.415						5,525			96,220						3.12						1.40			to			1.40						9.11			to			9.11
			2022						15.961			to			15.961						7,623			121,667						1.79						1.40			to			1.40						(15.97)			to			(15.97)
			2021						18.995			to			18.995						17,410			330,706						0.84						1.40			to			1.40						5.90			to			5.90
			2020						17.937			to			17.937						8,412			150,888						1.05						1.40			to			1.40						11.99			to			11.99
			2019						16.017			to			16.017						8,825			141,341						1.81						1.40			to			1.40						16.33			to			16.33

42

---

Symetra Separate Account C
Notes to Financial Statements
6.			ACCUMULATION UNIT VALUES (Continued)

									As of December 31,																					For the Year Ended December 31,
Sub-account			Year Ended						Unit Fair Value Corresponding to Lowest to Highest Expense Ratio												Units Outstanding			Net Assets						Net Investment Income Ratio2						Expense Ratio Lowest to Highest3												Total Return Corresponding to Lowest to Highest Expense Ratio4
Fidelity Freedom Funds 2020 II
			2023						$	18.121		to			$17.979						18,440			$	334,128					3.21		%				1.40		%	to			1.45		%				10.67		%	to			10.61		%
			2022						16.374			to			16.255						33,842			552,382						1.82						1.40			to			1.45						(17.14)			to			(17.18)
			2021						19.760			to			19.626						46,782			922,601						0.85						1.40			to			1.45						7.74			to			7.69
			2020						18.340			to			18.224						34,846			637,624						0.99						1.40			to			1.45						13.13			to			13.07
			2019						16.212			to			16.117						39,984			646,965						1.74						1.40			to			1.45						18.21			to			18.15
Fidelity Freedom Funds 2025 II
			2023						19.620			to			19.467						38,798			759,585						2.68						1.40			to			1.45						11.75			to			11.70
			2022						17.557			to			17.428						42,370			742,504						1.95						1.40			to			1.45						(17.79)			to			(17.84)
			2021						21.357			to			21.212						52,176			1,112,782						0.86						1.40			to			1.45						9.01			to			8.96
			2020						19.592			to			19.468						54,918			1,074,599						1.00						1.40			to			1.45						14.07			to			14.01
			2019						17.175			to			17.075						57,380			984,428						1.90						1.40			to			1.45						19.82			to			19.77
Fidelity Freedom Funds 2030 II
			2023						20.353			to			20.194						78,482			1,597,361						2.27						1.40			to			1.45						12.87			to			12.82
			2022						18.032			to			17.900						80,322			1,448,386						1.79						1.40			to			1.45						(18.24)			to			(18.28)
			2021						22.054			to			21.904						98,627			2,175,154						0.87						1.40			to			1.45						10.51			to			10.46
			2020						19.956			to			19.830						91,743			1,830,866						1.00						1.40			to			1.45						15.02			to			14.96
			2019						17.350			to			17.249						92,478			1,604,503						1.83						1.40			to			1.45						22.39			to			22.32
Fidelity Freedom Funds 2050 II
			2023						29.942			to			29.942						952			28,510						1.28						1.25			to			1.25						17.72			to			17.72
			2022						25.436			to			25.436						952			24,221						1.43						1.25			to			1.25						(19.48)			to			(19.48)
			2021						31.590			to			31.590						952			30,081						0.71						1.25			to			1.25						16.05			to			16.05
			2020						27.220			to			27.220						952			25,919						0.77						1.25			to			1.25						17.52			to			17.52
			2019						23.162			to			23.162						952			22,055						1.57						1.25			to			1.25						26.62			to			26.62
Fidelity Freedom Income Fund II
			2023						13.647			to			13.540						7,718			104,892						4.02						1.40			to			1.45						6.16			to			6.10
			2022						12.855			to			12.761						8,225			105,337						2.04						1.40			to			1.45						(13.48)			to			(13.52)
			2021						14.858			to			14.756						10,560			156,441						0.71						1.40			to			1.45						1.60			to			1.54
			2020						14.624			to			14.532						12,486			182,174						1.14						1.40			to			1.45						8.75			to			8.70
			2019						13.447			to			13.369						10,839			145,398						1.89						1.40			to			1.45						10.08			to			10.02
Fidelity Government Money Market Portfolio - Initial Class
			2023						9.998			to			9.434						8,994			86,858						4.88						1.10			to			1.45						3.76			to			3.39
			2022						9.636			to			9.125						2,551			23,794						1.59						1.10			to			1.45						0.32			to			(0.02)
			2021						9.605			to			9.127						2,204			20,531						—						1.10			to			1.45						(1.08)			to			(1.43)
			2020						9.710			to			9.259						2,354			22,160						0.33						1.10			to			1.45						(0.78)			to			(1.13)
			2019						9.786			to			9.365						2,416			22,977						2.13						1.10			to			1.45						0.90			to			0.55
Fidelity Government Money Market Portfolio - Service Class II
			2023						9.245			to			9.477						593,880			5,841,672						4.55						1.25			to			1.60						3.34			to			2.98
			2022						8.946			to			9.203						506,678			4,830,204						1.21						1.25			to			1.60						0.01			to			(0.34)
			2021						8.945			to			9.234						565,152			5,394,672						0.01						1.25			to			1.60						(1.24)			to			(1.58)
			2020						9.057			to			9.382						660,525			6,370,522						0.21						1.25			to			1.60						(1.01)			to			(1.36)
			2019						9.149			to			9.511						592,477			5,792,449						1.76						1.25			to			1.60						0.49			to			0.15

43

---

Symetra Separate Account C
Notes to Financial Statements
6.			ACCUMULATION UNIT VALUES (Continued)

									As of December 31,																					For the Year Ended December 31,
Sub-account			Year Ended						Unit Fair Value Corresponding to Lowest to Highest Expense Ratio												Units Outstanding			Net Assets						Net Investment Income Ratio2						Expense Ratio Lowest to Highest3												Total Return Corresponding to Lowest to Highest Expense Ratio4
Fidelity Growth
			2023						$	37.100		to			$55.642						391,170			$	14,465,115					0.12		%				1.40		%	to			1.75		%				34.35		%	to			33.88		%
			2022						27.614			to			41.561						433,881			11,946,532						0.62						1.40			to			1.75						(25.51)			to			(25.76)
			2021						37.069			to			55.985						531,343			19,636,445						—						1.40			to			1.75						21.50			to			21.08
			2020						30.509			to			46.239						583,153			17,725,931						0.07						1.40			to			1.75						41.90			to			41.40
			2019						21.501			to			32.701						642,769			13,768,061						0.26						1.40			to			1.75						32.44			to			31.98
Fidelity Growth & Income
			2023						35.429			to			34.063						134,628			4,740,420						1.65						1.40			to			1.60						17.07			to			16.84
			2022						30.262			to			29.153						142,545			4,287,936						1.61						1.40			to			1.60						(6.27)			to			(6.46)
			2021						32.286			to			31.165						153,518			4,924,982						2.32						1.40			to			1.60						24.20			to			23.95
			2020						25.995			to			25.143						175,639			4,524,711						2.08						1.40			to			1.60						6.35			to			6.14
			2019						24.444			to			23.689						206,823			5,012,179						3.60						1.40			to			1.60						28.25			to			27.99
Fidelity Growth Opportunities
			2023						53.263			to			47.006						84,193			4,459,356						—						1.40			to			1.45						43.63			to			43.56
			2022						37.083			to			32.743						88,257			3,253,658						—						1.40			to			1.45						(39.01)			to			(39.04)
			2021						60.801			to			53.712						92,461			5,588,930						—						1.40			to			1.45						10.39			to			10.33
			2020						55.080			to			48.683						120,294			6,561,153						0.01						1.40			to			1.45						66.31			to			66.23
			2019						33.118			to			29.286						129,597			4,252,485						0.15						1.40			to			1.45						38.88			to			38.82
Fidelity Index 500
			2023						34.987			to			33.567						34,035			1,184,080						1.47						1.20			to			1.45						24.70			to			24.38
			2022						28.058			to			26.987						36,427			1,015,912						1.46						1.20			to			1.45						(19.19)			to			(19.39)
			2021						34.720			to			33.477						39,510			1,365,779						1.00						1.20			to			1.45						27.04			to			26.73
			2020						27.329			to			26.417						44,602			1,203,862						1.76						1.20			to			1.45						16.83			to			16.54
			2019						23.392			to			22.668						44,990			1,040,805						1.98						1.20			to			1.45						29.78			to			29.46
Fidelity Mid Cap II
			2023						39.372			to			37.929						92,186			3,624,262						0.38						1.40			to			1.60						13.21			to			12.98
			2022						34.778			to			33.570						98,207			3,410,499						0.25						1.40			to			1.60						(16.15)			to			(16.32)
			2021						41.475			to			40.115						114,468			4,740,785						0.36						1.40			to			1.60						23.57			to			23.32
			2020						33.565			to			32.529						122,477			4,105,808						0.40						1.40			to			1.60						16.23			to			16.00
			2019						28.879			to			28.043						147,985			4,268,024						0.65						1.40			to			1.60						21.46			to			21.21
Fidelity Overseas II
			2023						13.778			to			13.670						12,230			168,428						0.82						1.40			to			1.45						18.55			to			18.49
			2022						11.622			to			11.537						11,850			137,665						0.58						1.40			to			1.45						(25.72)			to			(25.76)
			2021						15.647			to			15.541						21,252			332,483						0.33						1.40			to			1.45						17.73			to			17.67
			2020						13.291			to			13.207						29,339			389,894						0.22						1.40			to			1.45						13.73			to			13.68
			2019						11.686			to			11.618						29,753			347,675						1.50						1.40			to			1.45						25.72			to			25.67
Franklin Allocation VIP Fund - Class 2
			2023						17.315			to			17.315						16,420			284,318						1.47						1.40			to			1.40						13.02			to			13.02
			2022						15.320			to			15.320						21,131			323,719						1.64						1.40			to			1.40						(17.17)			to			(17.17)
			2021						18.495			to			18.495						22,218			410,911						1.70						1.40			to			1.40						10.13			to			10.13
			2020						16.794			to			16.794						25,930			435,455						1.51						1.40			to			1.40						10.19			to			10.19
			2019						15.241			to			15.241						29,068			443,017						3.51						1.40			to			1.40						18.19			to			18.19

44

---

Symetra Separate Account C
Notes to Financial Statements
6.			ACCUMULATION UNIT VALUES (Continued)

									As of December 31,																					For the Year Ended December 31,
Sub-account			Year Ended						Unit Fair Value Corresponding to Lowest to Highest Expense Ratio												Units Outstanding			Net Assets						Net Investment Income Ratio2						Expense Ratio Lowest to Highest3												Total Return Corresponding to Lowest to Highest Expense Ratio4
Franklin DynaTech VIP Fund - Class 2
			2023						$	40.293		to			$39.180						15,129			$	609,550					—		%				1.40		%	to			1.55		%				41.78		%	to			41.57		%
			2022						28.419			to			27.675						15,223			432,590						—						1.40			to			1.55						(40.79)			to			(40.88)
			2021						47.998			to			46.812						16,355			784,974						—						1.40			to			1.55						14.53			to			14.36
			2020						41.908			to			40.934						16,311			683,550						—						1.40			to			1.55						42.87			to			42.66
			2019						29.333			to			28.694						14,946			438,372						—						1.40			to			1.55						29.35			to			29.15
Franklin Income VIP Fund - Class 2
			2023						22.565			to			21.720						119,312			2,688,010						5.08						1.40			to			1.60						7.12			to			6.91
			2022						21.065			to			20.317						130,321			2,741,385						4.95						1.40			to			1.60						(6.79)			to			(6.97)
			2021						22.599			to			21.840						147,718			3,334,673						4.74						1.40			to			1.60						15.13			to			14.91
			2020						19.629			to			19.007						175,385			3,439,598						5.86						1.40			to			1.60						(0.70)			to			(0.91)
			2019						19.768			to			19.181						204,277			4,034,189						5.42						1.40			to			1.60						14.44			to			14.22
Franklin Mutual Shares VIP Fund - Class 2
			2023						26.149			to			23.885						113,436			2,963,464						1.87						1.40			to			1.55						11.89			to			11.73
			2022						23.370			to			21.378						126,775			2,960,292						1.76						1.40			to			1.55						(8.71)			to			(8.86)
			2021						25.601			to			23.455						150,007			3,837,690						2.86						1.40			to			1.55						17.51			to			17.34
			2020						21.786			to			19.989						166,862			3,633,025						2.80						1.40			to			1.55						(6.37)			to			(6.51)
			2019						23.267			to			21.380						189,440			4,405,015						1.79						1.40			to			1.55						20.87			to			20.69
Franklin Small Cap Value VIP Fund - Class 2
			2023						34.460			to			33.197						110,645			3,809,407						0.53						1.40			to			1.60						11.18			to			10.96
			2022						30.994			to			29.918						123,329			3,819,076						1.01						1.40			to			1.60						(11.31)			to			(11.49)
			2021						34.948			to			33.801						140,586			4,909,084						1.01						1.40			to			1.60						23.62			to			23.37
			2020						28.270			to			27.397						166,052			4,689,782						1.52						1.40			to			1.60						3.73			to			3.52
			2019						27.254			to			26.465						190,298			5,181,492						1.07						1.40			to			1.60						24.59			to			24.34
Franklin Small-Mid Cap Growth VIP Fund - Class 2
			2023						26.005			to			36.861						116,409			3,024,939						—						1.40			to			1.55						24.98			to			24.80
			2022						20.807			to			29.537						128,528			2,672,460						—						1.40			to			1.55						(34.61)			to			(34.71)
			2021						31.821			to			45.240						136,949			4,354,289						—						1.40			to			1.55						8.49			to			8.32
			2020						29.332			to			41.765						151,122			4,429,856						—						1.40			to			1.55						52.94			to			52.71
			2019						19.179			to			27.349						178,294			3,418,001						—						1.40			to			1.55						29.61			to			29.41
Franklin U.S. Government Securities VIP Fund - Class 2
			2023						14.751			to			14.322						211,974			3,080,763						2.72						1.40			to			1.55						3.02			to			2.87
			2022						14.319			to			13.923						233,030			3,289,389						2.41						1.40			to			1.55						(11.00)			to			(11.14)
			2021						16.089			to			15.668						272,822			4,322,065						2.40						1.40			to			1.55						(3.19)			to			(3.34)
			2020						16.620			to			16.209						343,768			5,464,967						3.39						1.40			to			1.55						2.39			to			2.23
			2019						16.232			to			15.855						336,678			5,385,469						2.95						1.40			to			1.55						3.77			to			3.61
Invesco American Franchise Fund I
			2023						30.800			to			30.529						167,815			5,167,427						—						1.40			to			1.45						38.98			to			38.91
			2022						22.162			to			21.978						175,663			3,892,200						—						1.40			to			1.45						(32.07)			to			(32.10)
			2021						32.625			to			32.370						192,835			6,289,410						—						1.40			to			1.45						10.37			to			10.32
			2020						29.559			to			29.343						210,971			6,234,553						0.07						1.40			to			1.45						40.38			to			40.30
			2019						21.057			to			20.914						226,664			4,771,769						—						1.40			to			1.45						34.85			to			34.79

45

---

Symetra Separate Account C
Notes to Financial Statements
6.			ACCUMULATION UNIT VALUES (Continued)

									As of December 31,																					For the Year Ended December 31,
Sub-account			Year Ended						Unit Fair Value Corresponding to Lowest to Highest Expense Ratio												Units Outstanding			Net Assets						Net Investment Income Ratio2						Expense Ratio Lowest to Highest3												Total Return Corresponding to Lowest to Highest Expense Ratio4
Invesco American Franchise Fund II
			2023						$	36.490		to			$35.482						18,213			$	664,426					—		%				1.40		%	to			1.55		%				38.65		%	to			38.44		%
			2022						26.318			to			25.629						23,292			612,867						—						1.40			to			1.55						(32.25)			to			(32.35)
			2021						38.846			to			37.886						23,994			931,861						—						1.40			to			1.55						10.10			to			9.93
			2020						35.283			to			34.464						25,117			885,968						—						1.40			to			1.55						40.02			to			39.81
			2019						25.198			to			24.650						33,507			844,146						—						1.40			to			1.55						34.53			to			34.33
Invesco Discovery Mid Cap Growth Fund I
			2023						45.248			to			44.783						3,139			141,964						—						1.40			to			1.45						11.58			to			11.53
			2022						40.551			to			40.154						3,303			133,885						—						1.40			to			1.45						(31.94)			to			(31.97)
			2021						59.582			to			59.028						3,324			198,017						—						1.40			to			1.45						17.44			to			17.38
			2020						50.733			to			50.286						3,403			172,590						—						1.40			to			1.45						46.89			to			46.84
Invesco Discovery Mid Cap Growth Fund II
			2023						25.312			to			24.427						8,672			219,341						—						1.40			to			1.60						11.29			to			11.07
			2022						22.745			to			21.993						8,387			190,619						—						1.40			to			1.60						(32.09)			to			(32.22)
			2021						33.492			to			32.450						8,204			274,567						—						1.40			to			1.60						17.14			to			16.91
			2020						28.591			to			27.757						9,515			271,858						—						1.40			to			1.60						46.53			to			45.31
Invesco EQV International Equity I
			2023						37.217			to			27.193						10,809			401,628						0.19						1.40			to			1.55						16.51			to			16.33
			2022						31.944			to			23.375						13,727			434,999						1.64						1.40			to			1.55						(19.44)			to			(19.56)
			2021						39.652			to			29.060						14,671			576,840						1.25						1.40			to			1.55						4.42			to			4.26
			2020						37.975			to			27.872						15,196			571,874						2.31						1.40			to			1.55						12.41			to			12.24
			2019						33.782			to			24.832						16,781			561,883						1.45						1.40			to			1.55						26.79			to			26.60
Invesco EQV International Equity II
			2023						18.168			to			17.071						202,048			3,669,047						—						1.40			to			1.75						16.23			to			15.83
			2022						15.631			to			14.738						232,265			3,628,904						1.37						1.40			to			1.75						(19.63)			to			(19.92)
			2021						19.450			to			18.404						263,655			5,126,024						1.03						1.40			to			1.75						4.14			to			3.78
			2020						18.677			to			17.734						299,492			5,591,308						2.06						1.40			to			1.75						12.15			to			11.77
			2019						16.653			to			15.867						359,782			5,988,978						1.24						1.40			to			1.75						26.46			to			26.01
Invesco Global Real Estate
			2023						34.332			to			21.727						47,380			1,615,517						1.48						1.40			to			1.75						7.53			to			7.16
			2022						31.927			to			20.275						50,567			1,601,452						2.88						1.40			to			1.75						(25.98)			to			(26.24)
			2021						43.131			to			27.486						53,225			2,276,000						2.64						1.40			to			1.75						23.96			to			23.53
			2020						34.793			to			22.251						64,995			2,238,534						4.84						1.40			to			1.75						(13.54)			to			(13.84)
			2019						40.241			to			25.825						78,101			3,111,051						4.33						1.40			to			1.75						21.29			to			20.87
Invesco Health Care
			2023						40.386			to			39.970						5,946			239,839						—						1.40			to			1.45						1.59			to			1.54
			2022						39.752			to			39.363						6,066			240,844						—						1.40			to			1.45						(14.52)			to			(14.56)
			2021						46.505			to			46.072						6,773			314,367						0.20						1.40			to			1.45						10.74			to			10.68
			2020						41.995			to			41.626						8,059			337,884						0.32						1.40			to			1.45						12.87			to			12.81
			2019						37.207			to			36.898						8,468			314,516						0.04						1.40			to			1.45						30.66			to			30.59
Invesco Small Cap Equity II
			2023						25.297			to			25.100						9,237			233,675						—						1.40			to			1.45						14.65			to			14.59

46

---

Symetra Separate Account C
Notes to Financial Statements
6.			ACCUMULATION UNIT VALUES (Continued)

									As of December 31,																					For the Year Ended December 31,
Sub-account			Year Ended						Unit Fair Value Corresponding to Lowest to Highest Expense Ratio												Units Outstanding			Net Assets						Net Investment Income Ratio2						Expense Ratio Lowest to Highest3												Total Return Corresponding to Lowest to Highest Expense Ratio4
Invesco Small Cap Equity II (continued)
			2022						$	22.065		to			$21.904						9,753			$	215,216					—		%				1.40		%	to			1.45		%				(21.83)		%	to			(21.87)		%
			2021						28.228			to			28.036						10,396			293,475						—						1.40			to			1.45						18.43			to			18.37
			2020						23.836			to			23.686						11,911			283,925						0.03						1.40			to			1.45						25.10			to			25.04
			2019						19.053			to			18.942						12,750			242,719						—						1.40			to			1.45						24.57			to			24.50
LVIP JPMorgan Mid Cap Value Fund - Standard Class1
			2023						54.255			to			52.162						76,501			4,109,973						3.13						1.40			to			1.60						9.37			to			9.16
			2022						49.605			to			47.786						83,186			4,087,660						0.96						1.40			to			1.60						(9.43)			to			(9.61)
			2021						54.771			to			52.869						89,141			4,837,312						0.90						1.40			to			1.60						28.08			to			27.83
			2020						42.763			to			41.360						101,880			4,319,531						1.48						1.40			to			1.60						(1.03)			to			(1.23)
			2019						43.206			to			41.873						109,986			4,714,716						1.61						1.40			to			1.60						25.00			to			24.75
LVIP JPMorgan U.S. Equity Fund - Standard Class1
			2023						36.582			to			35.110						67,502			2,436,550						1.57						1.40			to			1.45						25.40			to			25.33
			2022						29.172			to			28.013						69,757			2,008,294						0.53						1.40			to			1.45						(19.82)			to			(19.86)
			2021						36.385			to			34.956						74,472			2,673,140						0.78						1.40			to			1.45						27.55			to			27.48
			2020						28.527			to			27.421						91,419			2,565,836						0.78						1.40			to			1.45						23.52			to			23.46
			2019						23.095			to			22.210						107,423			2,436,547						0.88						1.40			to			1.45						29.92			to			29.85
Morningstar Aggressive Growth ETF Asset Allocation Class I
			2023						19.582			to			18.787						7,756			148,694						1.85						1.20			to			1.45						15.71			to			15.42
			2022						16.924			to			16.277						8,050			133,520						1.75						1.20			to			1.45						(13.96)			to			(14.17)
			2021						19.669			to			18.965						8,223			158,714						1.31						1.20			to			1.45						17.18			to			16.89
			2020						16.785			to			16.225						8,227			135,689						2.09						1.20			to			1.45						9.03			to			8.75
			2019						15.395			to			14.919						9,058			137,161						1.77						1.20			to			1.45						20.98			to			20.68
Morningstar Aggressive Growth ETF Asset Allocation Class II
			2023						19.749			to			19.749						57,889			1,143,263						1.60						1.40			to			1.40						15.26			to			15.26
			2022						17.135			to			17.135						69,019			1,182,644						1.51						1.40			to			1.40						(14.38)			to			(14.38)
			2021						20.012			to			20.012						69,022			1,381,293						1.01						1.40			to			1.40						16.69			to			16.69
			2020						17.150			to			17.150						95,314			1,634,661						1.77						1.40			to			1.40						8.43			to			8.43
			2019						15.817			to			15.817						105,697			1,671,820						1.47						1.40			to			1.40						20.47			to			20.47
Morningstar Balanced ETF Asset Allocation Class I
			2023						17.283			to			16.582						40,459			693,572						2.33						1.20			to			1.45						11.77			to			11.49
			2022						15.463			to			14.873						40,465			620,941						2.03						1.20			to			1.45						(13.65)			to			(13.86)
			2021						17.907			to			17.266						40,741			724,260						1.59						1.20			to			1.45						9.68			to			9.40
			2020						16.326			to			15.782						43,202			700,043						2.38						1.20			to			1.45						8.10			to			7.84
			2019						15.102			to			14.635						44,373			665,279						2.26						1.20			to			1.45						15.18			to			14.89
Morningstar Balanced ETF Asset Allocation Class II
			2023						16.513			to			16.384						160,719			2,653,294						1.88						1.40			to			1.45						11.26			to			11.20
			2022						14.842			to			14.734						185,910			2,758,378						1.65						1.40			to			1.45						(14.09)			to			(14.14)
			2021						17.277			to			17.160						199,028			3,437,217						1.26						1.40			to			1.45						9.25			to			9.20
			2020						15.814			to			15.715						242,662			3,836,036						1.94						1.40			to			1.45						7.60			to			7.56
			2019						14.697			to			14.611						290,410			4,266,779						1.83						1.40			to			1.45						14.64			to			14.59

47

---

Symetra Separate Account C
Notes to Financial Statements
6.			ACCUMULATION UNIT VALUES (Continued)

									As of December 31,																					For the Year Ended December 31,
Sub-account			Year Ended						Unit Fair Value Corresponding to Lowest to Highest Expense Ratio												Units Outstanding			Net Assets						Net Investment Income Ratio2						Expense Ratio Lowest to Highest3												Total Return Corresponding to Lowest to Highest Expense Ratio4
Morningstar Conservative ETF Asset Allocation Class I
			2023						$	13.427		to			$12.883						59,401			$	797,299					2.59		%				1.20		%	to			1.45		%				6.90		%	to			6.65		%
			2022						12.560			to			12.080						59,677			749,440						1.77						1.20			to			1.45						(12.67)			to			(12.89)
			2021						14.382			to			13.867						43,951			628,586						1.55						1.20			to			1.45						1.30			to			1.03
			2020						14.198			to			13.725						36,843			517,825						1.97						1.20			to			1.45						5.52			to			5.26
			2019						13.455			to			13.039						36,963			492,673						2.27						1.20			to			1.45						8.44			to			8.17
Morningstar Conservative ETF Asset Allocation Class II
			2023						12.004			to			11.911						9,517			114,249						1.98						1.40			to			1.45						6.34			to			6.30
			2022						11.288			to			11.205						12,721			143,594						1.30						1.40			to			1.45						(13.04)			to			(13.09)
			2021						12.981			to			12.892						17,736			230,079						1.30						1.40			to			1.45						0.85			to			0.81
			2020						12.871			to			12.789						9,400			120,857						1.36						1.40			to			1.45						5.02			to			4.96
			2019						12.256			to			12.185						12,193			149,350						1.73						1.40			to			1.45						8.00			to			7.95
Morningstar Growth ETF Asset Allocation Class I
			2023						18.838			to			18.074						5,394			99,128						2.03						1.20			to			1.45						14.23			to			13.95
			2022						16.491			to			15.862						5,482			88,315						1.85						1.20			to			1.45						(14.00)			to			(14.21)
			2021						19.176			to			18.490						5,487			102,933						1.37						1.20			to			1.45						13.72			to			13.44
			2020						16.863			to			16.300						6,584			108,792						2.32						1.20			to			1.45						8.95			to			8.67
			2019						15.478			to			14.999						6,764			102,737						2.04						1.20			to			1.45						18.71			to			18.41
Morningstar Growth ETF Asset Allocation Class II
			2023						18.534			to			18.389						102,756			1,904,461						1.70						1.40			to			1.45						13.67			to			13.61
			2022						16.305			to			16.186						120,735			1,968,562						1.50						1.40			to			1.45						(14.45)			to			(14.50)
			2021						19.060			to			18.930						141,128			2,689,931						1.16						1.40			to			1.45						13.28			to			13.23
			2020						16.825			to			16.718						171,952			2,893,026						1.87						1.40			to			1.45						8.48			to			8.42
			2019						15.510			to			15.420						205,808			3,192,073						1.61						1.40			to			1.45						18.10			to			18.04
Morningstar Income & Growth ETF Asset Allocation Class I
			2023						15.284			to			14.664						4,504			67,150						2.36						1.20			to			1.45						9.66			to			9.39
			2022						13.937			to			13.405						5,483			74,651						2.05						1.20			to			1.45						(13.36)			to			(13.57)
			2021						16.086			to			15.510						6,310			99,302						1.67						1.20			to			1.45						5.39			to			5.12
			2020						15.264			to			14.754						7,172			107,256						2.44						1.20			to			1.45						7.43			to			7.16
			2019						14.208			to			13.768						8,009			112,336						2.39						1.20			to			1.45						11.84			to			11.56
Morningstar Income & Growth ETF Asset Allocation Class II
			2023						14.186			to			14.076						38,335			543,710						2.14						1.40			to			1.45						9.06			to			9.01
			2022						13.007			to			12.912						38,272			497,674						1.63						1.40			to			1.45						(13.76)			to			(13.80)
			2021						15.082			to			14.979						42,413			639,150						1.35						1.40			to			1.45						4.99			to			4.93
			2020						14.365			to			14.275						46,818			672,093						1.89						1.40			to			1.45						6.92			to			6.87
			2019						13.435			to			13.357						55,343			743,140						2.01						1.40			to			1.45						11.33			to			11.28
Neuberger Berman AMT Mid Cap Growth Class S
			2023						29.095			to			28.868						12,380			360,184						—						1.40			to			1.45						16.33			to			16.27
			2022						25.011			to			24.828						12,350			308,889						—						1.40			to			1.45						(29.82)			to			(29.85)
			2021						35.636			to			35.393						14,421			513,901						—						1.40			to			1.45						11.16			to			11.10
			2020						32.059			to			31.857						16,288			522,186						—						1.40			to			1.45						37.77			to			37.70
			2019						23.270			to			23.135						28,734			668,531						—						1.40			to			1.45						30.63			to			30.57

48

---

Symetra Separate Account C
Notes to Financial Statements
6.			ACCUMULATION UNIT VALUES (Continued)

									As of December 31,																					For the Year Ended December 31,
Sub-account			Year Ended						Unit Fair Value Corresponding to Lowest to Highest Expense Ratio												Units Outstanding			Net Assets						Net Investment Income Ratio2						Expense Ratio Lowest to Highest3												Total Return Corresponding to Lowest to Highest Expense Ratio4
Neuberger Berman AMT Mid Cap Intrinsic Value Class S
			2023						$	21.622		to			$21.453						851			$	18,398					0.46		%				1.40		%	to			1.45		%				9.15		%	to			9.10		%
			2022						19.809			to			19.664						1,185			23,479						0.16						1.40			to			1.45						(11.20)			to			(11.24)
			2021						22.307			to			22.155						1,209			26,978						0.24						1.40			to			1.45						30.67			to			30.61
			2020						17.071			to			16.963						1,661			28,357						0.66						1.40			to			1.45						(4.18)			to			(4.23)
			2019						17.816			to			17.713						2,232			39,766						0.19						1.40			to			1.45						14.82			to			14.76
Neuberger Berman AMT Sustainable Equity Class S
			2023						31.484			to			31.239						4,166			131,120						0.08						1.40			to			1.45						24.81			to			24.75
			2022						25.225			to			25.041						4,068			102,560						0.12						1.40			to			1.45						(19.78)			to			(19.82)
			2021						31.446			to			31.231						5,353			168,281						0.17						1.40			to			1.45						21.45			to			21.39
			2020						25.892			to			25.728						5,633			145,836						0.39						1.40			to			1.45						17.62			to			17.56
			2019						22.013			to			21.885						5,514			121,371						0.30						1.40			to			1.45						28.76			to			28.70
PIMCO All Asset Portfolio Advisor
			2023						16.306			to			17.723						12,591			228,839						2.82						1.25			to			1.55						6.68			to			6.36
			2022						15.285			to			16.663						13,317			227,236						7.43						1.25			to			1.55						(12.97)			to			(13.22)
			2021						17.562			to			19.202						16,549			325,091						10.76						1.25			to			1.55						14.60			to			14.26
			2020						15.324			to			16.806						22,669			389,385						4.87						1.25			to			1.55						6.56			to			6.25
			2019						14.380			to			15.817						22,953			370,519						2.64						1.25			to			1.55						10.35			to			10.02
PIMCO CommodityRealReturn Strat. Administrative Class
			2023						7.718			to			7.505						98,606			760,648						16.33						1.40			to			1.55						(9.14)			to			(9.26)
			2022						8.494			to			8.271						106,914			907,549						21.97						1.40			to			1.55						7.11			to			6.94
			2021						7.930			to			7.734						139,449			1,105,302						4.19						1.40			to			1.55						31.49			to			31.29
			2020						6.031			to			5.891						170,676			1,028,652						6.52						1.40			to			1.55						(0.05)			to			(0.20)
			2019						6.034			to			5.903						193,055			1,164,252						4.44						1.40			to			1.55						9.87			to			9.72
PIMCO Total Return Portfolio Advisor
			2023						11.771			to			11.771						27,962			329,152						3.47						1.25			to			1.25						4.51			to			4.51
			2022						11.263			to			11.263						102,127			1,150,230						2.60						1.25			to			1.25						(15.45)			to			(15.45)
			2021						13.321			to			13.321						20,950			279,065						1.71						1.25			to			1.25						(2.59)			to			(2.59)
			2020						13.675			to			13.675						24,611			336,553						1.94						1.25			to			1.25						7.20			to			7.20
			2019						12.757			to			12.757						20,840			265,858						2.86						1.25			to			1.25						6.91			to			6.91
Pioneer Bond VCT Class I
			2023						40.718			to			19.787						38,300			1,470,033						3.94						1.40			to			1.45						5.47			to			5.42
			2022						38.605			to			18.769						41,087			1,500,887						2.42						1.40			to			1.45						(15.39)			to			(15.44)
			2021						45.628			to			22.195						46,855			1,953,351						2.21						1.40			to			1.45						(1.02)			to			(1.07)
			2020						46.097			to			22.434						50,373			2,126,892						3.03						1.40			to			1.45						7.19			to			7.14
			2019						43.004			to			20.939						56,582			2,226,805						3.26						1.40			to			1.45						7.76			to			7.70
Pioneer Equity Income VCT Class II
			2023						31.481			to			30.303						103,485			3,257,428						1.65						1.40			to			1.60						5.69			to			5.48
			2022						29.787			to			28.729						123,194			3,669,161						1.52						1.40			to			1.60						(9.22)			to			(9.40)
			2021						32.812			to			31.710						147,694			4,845,571						1.21						1.40			to			1.60						23.59			to			23.34
			2020						26.549			to			25.709						187,564			4,978,801						2.39						1.40			to			1.60						(1.65)			to			(1.85)
			2019						26.995			to			26.193						220,582			5,953,542						2.35						1.40			to			1.60						23.49			to			23.24

49

---

Symetra Separate Account C
Notes to Financial Statements
6.			ACCUMULATION UNIT VALUES (Continued)

									As of December 31,																					For the Year Ended December 31,
Sub-account			Year Ended						Unit Fair Value Corresponding to Lowest to Highest Expense Ratio												Units Outstanding			Net Assets						Net Investment Income Ratio2						Expense Ratio Lowest to Highest3												Total Return Corresponding to Lowest to Highest Expense Ratio4
Pioneer Fund VCT Class I
			2023						$	206.077		to			$32.119						200,056			$	40,253,044					0.87		%				1.40		%	to			1.45		%				27.14		%	to			27.08		%
			2022						162.083			to			25.275						216,755			34,363,200						0.64						1.40			to			1.45						(20.61)			to			(20.65)
			2021						204.167			to			31.853						235,776			47,147,541						0.32						1.40			to			1.45						26.20			to			26.14
			2020						161.775			to			25.252						255,858			40,603,711						0.77						1.40			to			1.45						22.55			to			22.49
			2019						132.005			to			20.615						275,500			35,681,898						1.01						1.40			to			1.45						29.51			to			29.44
Pioneer High Yield VCT Class II
			2023						18.693			to			18.166						30,367			567,410						5.32						1.40			to			1.55						9.46			to			9.29
			2022						17.078			to			16.622						53,469			910,709						4.82						1.40			to			1.55						(12.67)			to			(12.80)
			2021						19.556			to			19.061						64,782			1,262,575						4.88						1.40			to			1.55						3.98			to			3.82
			2020						18.807			to			18.359						81,880			1,534,871						5.16						1.40			to			1.55						0.56			to			0.41
			2019						18.702			to			18.284						93,705			1,747,072						4.66						1.40			to			1.55						12.70			to			12.54
Pioneer Mid Cap Value VCT Class I
			2023						60.298			to			23.731						82,031			4,935,934						2.00						1.40			to			1.45						10.90			to			10.84
			2022						54.373			to			21.410						92,960			5,045,119						2.09						1.40			to			1.45						(6.95)			to			(6.99)
			2021						58.434			to			23.020						97,208			5,652,538						0.96						1.40			to			1.45						27.87			to			27.80
			2020						45.699			to			18.012						116,844			5,158,869						1.22						1.40			to			1.45						0.72			to			0.67
			2019						45.374			to			17.893						126,231			5,548,133						1.31						1.40			to			1.45						26.65			to			26.59
Pioneer Real Estate VCT Class II1
			2023						16.506			to			16.090						—			—						0.47						1.40			to			1.55						(1.47)			to			(1.52)
			2022						16.752			to			16.338						64,009			1,071,295						1.52						1.40			to			1.55						(31.98)			to			(32.09)
			2021						24.629			to			24.057						80,451			1,979,875						1.01						1.40			to			1.55						38.79			to			38.59
			2020						17.745			to			17.358						93,143			1,651,463						1.51						1.40			to			1.55						(8.91)			to			(7.70)
			2019						19.480			to			19.084						113,134			2,201,174						1.88						1.40			to			1.55						26.13			to			25.94
Pioneer Select Mid Cap Growth VCT Class I
			2023						145.508			to			33.915						217,094			30,695,360						—						1.40			to			1.45						17.13			to			17.07
			2022						124.233			to			28.971						233,177			28,144,504						—						1.40			to			1.45						(32.02)			to			(32.05)
			2021						182.740			to			42.636						255,066			45,246,375						—						1.40			to			1.45						6.57			to			6.51
			2020						171.479			to			40.029						281,608			46,843,906						—						1.40			to			1.45						37.24			to			37.17
			2019						124.951			to			29.182						311,821			37,590,076						—						1.40			to			1.45						31.23			to			31.17
Pioneer Strategic Income VCT Class II
			2023						16.502			to			16.037						137,150			2,256,052						3.61						1.40			to			1.55						6.55			to			6.40
			2022						15.487			to			15.072						174,106			2,687,174						2.89						1.40			to			1.55						(14.05)			to			(14.18)
			2021						18.018			to			17.563						186,718			3,353,807						3.04						1.40			to			1.55						0.31			to			0.17
			2020						17.962			to			17.534						215,812			3,866,009						3.27						1.40			to			1.55						5.88			to			5.72
			2019						16.964			to			16.585						265,034			4,485,610						3.10						1.40			to			1.55						8.00			to			7.83
Templeton Developing Markets VIP Fund - Class 2
			2023						24.395			to			21.668						43,611			1,065,185						2.06						1.40			to			1.55						11.06			to			10.89
			2022						21.965			to			19.540						47,235			1,038,729						2.66						1.40			to			1.55						(23.07)			to			(23.18)
			2021						28.551			to			25.436						51,717			1,479,549						0.88						1.40			to			1.55						(7.05)			to			(7.19)
			2020						30.717			to			27.407						57,398			1,765,879						4.16						1.40			to			1.55						15.56			to			15.38
			2019						26.582			to			23.753						64,093			1,707,234						1.03						1.40			to			1.55						24.93			to			24.75

50

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Symetra Separate Account C
Notes to Financial Statements
6.			ACCUMULATION UNIT VALUES (Continued)

									As of December 31,																					For the Year Ended December 31,
Sub-account			Year Ended						Unit Fair Value Corresponding to Lowest to Highest Expense Ratio												Units Outstanding			Net Assets						Net Investment Income Ratio2						Expense Ratio Lowest to Highest3												Total Return Corresponding to Lowest to Highest Expense Ratio4
Templeton Global Bond VIP Fund - Class 2
			2023						$	14.932		to			$13.988						127,604			$	1,899,729					—		%				1.40		%	to			1.75		%				1.45		%	to			1.11		%
			2022						14.718			to			13.835						140,528			2,062,850						—						1.40			to			1.75						(6.27)			to			(6.60)
			2021						15.702			to			14.812						152,839			2,394,001						—						1.40			to			1.75						(6.31)			to			(6.64)
			2020						16.760			to			15.866						185,962			3,108,252						8.60						1.40			to			1.75						(6.60)			to			(6.92)
			2019						17.944			to			17.046						212,223			3,799,281						7.15						1.40			to			1.75						0.59			to			0.24
Templeton Growth VIP Fund - Class 2
			2023						20.275			to			18.670						123,469			2,502,547						3.38						1.40			to			1.55						19.33			to			19.16
			2022						16.990			to			15.668						135,992			2,309,918						0.16						1.40			to			1.55						(12.73)			to			(12.86)
			2021						19.469			to			17.981						151,538			2,949,599						1.13						1.40			to			1.55						3.41			to			3.26
			2020						18.827			to			17.414						177,612			3,343,134						2.97						1.40			to			1.55						4.33			to			4.18
			2019						18.045			to			16.716						199,177			3,593,620						2.82						1.40			to			1.55						13.55			to			13.38
Vanguard Balanced
			2023						26.145			to			26.878						9,369			242,845						2.05						1.20			to			1.50						12.97			to			12.63
			2022						23.144			to			23.864						9,776			224,407						1.82						1.20			to			1.50						(15.32)			to			(15.58)
			2021						27.332			to			28.267						10,124			274,949						1.46						1.20			to			1.50						17.60			to			17.24
			2020						23.242			to			24.110						10,556			242,810						2.94						1.20			to			1.50						9.36			to			9.04
			2019						21.253			to			22.112						12,320			258,951						3.32						1.20			to			1.50						21.02			to			20.66
Vanguard High Yield Bond
			2023						19.325			to			18.073						32,331			597,924						5.37						1.10			to			1.50						10.45			to			10.01
			2022						17.497			to			16.429						19,319			329,280						3.00						1.10			to			1.50						(10.35)			to			(10.71)
			2021						19.517			to			18.399						79,863			1,484,932						3.86						1.10			to			1.50						2.54			to			2.13
			2020						19.033			to			18.015						32,504			593,351						1.96						1.10			to			1.50						4.51			to			4.10
			2019						18.211			to			17.305						68,349			1,190,013						4.87						1.10			to			1.50						14.41			to			13.95
Vanguard International
			2023						19.817			to			22.985						39,408			765,517						1.51						1.00			to			1.50						13.51			to			12.95
			2022						17.458			to			20.350						44,927			770,456						1.32						1.00			to			1.50						(30.82)			to			(31.16)
			2021						25.234			to			29.561						48,871			1,212,369						0.29						1.00			to			1.50						(2.52)			to			(3.01)
			2020						25.886			to			30.478						70,949			1,804,092						1.19						1.00			to			1.50						56.01			to			55.24
			2019						16.592			to			19.633						82,229			1,342,700						1.51						1.00			to			1.50						29.91			to			29.27
Vanguard Mid-Cap Index
			2023						29.991			to			39.220						26,134			751,851						1.43						1.00			to			1.50						14.68			to			14.11
			2022						26.152			to			34.370						28,277			711,435						1.18						1.00			to			1.50						(19.63)			to			(20.03)
			2021						32.538			to			42.978						38,805			1,222,498						1.06						1.00			to			1.50						23.12			to			22.51
			2020						26.428			to			35.082						45,834			1,171,792						1.48						1.00			to			1.50						16.90			to			16.31
			2019						22.608			to			30.162						52,321			1,147,514						1.52						1.00			to			1.50						29.57			to			28.92
Vanguard Real Estate Index
			2023						18.368			to			27.939						12,470			225,318						2.42						1.10			to			1.50						10.48			to			10.04
			2022						16.626			to			25.390						12,583			205,523						1.94						1.10			to			1.50						(27.10)			to			(27.39)
			2021						22.807			to			34.969						15,434			346,854						1.73						1.10			to			1.50						38.68			to			38.12
			2020						16.446			to			25.318						16,358			262,741						2.63						1.10			to			1.50						(5.90)			to			(6.27)
			2019						17.477			to			27.012						17,268			295,127						2.76						1.10			to			1.50						27.40			to			26.89

51

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Symetra Separate Account C
Notes to Financial Statements
6.			ACCUMULATION UNIT VALUES (Continued)

									As of December 31,																					For the Year Ended December 31,
Sub-account			Year Ended						Unit Fair Value Corresponding to Lowest to Highest Expense Ratio												Units Outstanding			Net Assets						Net Investment Income Ratio2						Expense Ratio Lowest to Highest3												Total Return Corresponding to Lowest to Highest Expense Ratio4
Vanguard Total Bond Market Index
			2023						$	13.793		to			$11.084						96,598			$	1,186,646					2.58		%				1.00		%	to			1.50		%				4.53		%	to			4.01		%
			2022						13.195			to			10.657						54,088			694,130						2.13						1.00			to			1.50						(14.07)			to			(14.50)
			2021						15.356			to			12.465						63,576			949,137						1.82						1.00			to			1.50						(2.70)			to			(3.18)
			2020						15.782			to			12.874						59,772			914,655						2.39						1.00			to			1.50						6.51			to			5.98
			2019						14.817			to			12.148						65,608			945,278						2.81						1.00			to			1.50						7.60			to			7.06
Vanguard Total Stock Market Index
			2023						34.757			to			43.840						57,859			1,974,628						1.13						1.00			to			1.50						24.70			to			24.08
			2022						27.872			to			35.332						69,103			1,895,012						1.37						1.00			to			1.50						(20.39)			to			(20.79)
			2021						35.011			to			44.603						84,317			2,908,387						1.22						1.00			to			1.50						24.39			to			23.77
			2020						28.146			to			36.038						118,403			3,285,582						1.56						1.00			to			1.50						19.35			to			18.76
			2019						23.582			to			30.345						134,801			3,140,220						1.71						1.00			to			1.50						29.45			to			28.80
Voya Global High Dividend Low Volatility Portfolio - Class S
			2023						44.024			to			37.353						8,633			378,575						2.71						1.40			to			1.45						4.95			to			4.90
			2022						41.947			to			35.608						9,907			414,078						2.48						1.40			to			1.45						(6.43)			to			(6.48)
			2021						44.829			to			38.074						10,754			479,145						2.29						1.40			to			1.45						18.89			to			18.83
			2020						37.707			to			32.041						11,944			447,805						2.26						1.40			to			1.45						(2.47)			to			(2.52)
			2019						38.661			to			32.868						13,909			535,053						2.54						1.40			to			1.45						19.73			to			19.66
VY JPMorgan Emerging Markets Equity Portfolio Initial
			2023						29.846			to			29.846						13,642			407,160						1.95						1.40			to			1.40						5.33			to			5.33
			2022						28.336			to			28.336						14,430			408,911						—						1.40			to			1.40						(26.92)			to			(26.92)
			2021						38.776			to			38.776						15,535			602,409						—						1.40			to			1.40						(11.10)			to			(11.10)
			2020						43.617			to			43.617						15,820			690,009						0.60						1.40			to			1.40						31.88			to			31.88
			2019						33.072			to			33.072						17,297			572,062						0.14						1.40			to			1.40						30.28			to			30.28
Wanger Acorn
			2023						121.129			to			121.129						236			28,639						—						1.40			to			1.40						20.05			to			20.05
			2022						100.900			to			100.900						418			42,179						—						1.40			to			1.40						(34.39)			to			(34.39)
			2021						153.782			to			153.782						445			68,374						0.74						1.40			to			1.40						7.39			to			7.39
			2020						143.206			to			143.206						464			66,449						—						1.40			to			1.40						22.50			to			22.50
			2019						116.901			to			116.901						952			111,253						0.26						1.40			to			1.40						29.28			to			29.28

1 Reference Note 1 of the financial statements for additional information pertaining to this sub-account.

2These amounts represent the dividends, excluding distributions of capital gains, received by the sub-account from the underlying Mutual Fund, net of management fees assessed by the Mutual Fund manager, divided by the trading days' average net assets. These ratios exclude those expenses, such as mortality and expense risk charges, that result in direct reductions in the Unit values. The recognition of investment income by the sub-account is affected by the timing of the declaration of dividends by the underlying Mutual Fund in which the sub-accounts invest.

3These amounts represent the annualized contract expenses of the Separate Account, consisting primarily of mortality and expense risk charges, for the period indicated. The ratios include only those expenses that result in a direct reduction to Unit values. Charges made directly to contract owner accounts through the redemption of Units and expenses of the underlying Mutual Fund are excluded.

4These amounts represent the total return for the periods indicated, including changes in the value of the underlying Mutual Funds, and reflect deductions for all items included in the expense ratio with the exception of Mutual Fund reorganization. Mutual Funds that have reorganized during the year present information through the time of the reorganization. The total return ratio does not

52

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Symetra Separate Account C
Notes to Financial Statements
6.			ACCUMULATION UNIT VALUES (Continued)

include any expenses assessed through the redemption of Units; inclusion of these expenses in the calculation would result in a reduction in the total return presented. The total return is calculated for the period indicated or from the effective commencement date through the end of the reporting period.

53

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Symetra Separate Account C
Notes to Financial Statements

7.SUBSEQUENT EVENTS

The Separate Account has evaluated subsequent events through April 24, 2024, the date which the Separate Account’s financial statements were available to be issued.

54

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