NYLIAC VARIABLE ANNUITY SEPARATE ACCOUNT II

NYLIAC Variable Annuity Separate Account-I

NYLIAC Variable Annuity Separate Account-II

Financial Statements

NYLIAC Variable Annuity Separate Account-I

Non-Qualified Policies

Statement of Assets and Liabilities

As of December 31, 2024


	NYLI VP American Century Sustainable Equity— Initial Class		NYLI VP Balanced— Service Class			NYLI VP Bond— Initial Class			NYLI VP Candriam Emerging Markets Equity— Initial Class		NYLI VP CBRE Global Infrastructure— Service Class		NYLI VP Conservative Allocation— Service Class			NYLI VP Dimensional U.S. Equity— Initial Class		NYLI VP Epoch U.S. Equity Yield— Initial Class
ASSETS:
Investment at net asset value	$	4,530,172	$	2,302,995		$	2,404,918		$	878,230	$	32,802	$	2,518,447		$	19,306,419	$	15,841,730
Dividends due and accrued		—		—			—			—		—		—			—		—
Net receivable from (payable to) New York Life Insurance and Annuity Corporation		—		(379	)		(1,916	)		—		—		(761	)		—		—
Net receivable from (payable to) the Fund for shares sold or purchased		161		460			2,002			31		1		851			688		561
LIABILITIES:
Liability to New York Life Insurance and Annuity Corporation for:
Mortality and expense risk charges		149		75			79			29		1		83			635		518
Administrative charges		12		6			7			2		—		7			53		43

Total net assets	$	4,530,172	$	2,302,995		$	2,404,918		$	878,230	$	32,802	$	2,518,447		$	19,306,419	$	15,841,730

Total shares outstanding		437,250		166,093			200,388			113,078		4,469		244,740			597,184		878,505

Net asset value per share (NAV)	$	10.36	$	13.87		$	12.00		$	7.77	$	7.34	$	10.29		$	32.33	$	18.03

Total units outstanding		137,574		89,540			100,843			95,584		4,512		127,866			156,380		395,390

Variable accumulation unit value	$	32.93	$	25.73		$	23.86		$	9.19	$	7.27	$	19.70		$	123.50	$	40.08

Identified cost of investment	$	4,341,646	$	2,295,308		$	2,814,711		$	892,992	$	30,797	$	2,615,544		$	15,043,659	$	13,267,182

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

NYLIAC Variable Annuity Separate Account-I

Non-Qualified Policies

Statement of Assets and Liabilities (Continued)

As of December 31, 2024


	NYLI VP Equity Allocation— Service Class		NYLI VP Fidelity Institutional AM^®Utilities— Service Class		NYLI VP Floating Rate— Service Class			NYLI VP Growth Allocation— Service Class			NYLI VP Hedge Multi- Strategy— Service Class		NYLI VP Income Builder— Initial Class			NYLI VP Janus Henderson Balanced— Initial Class		NYLI VP MacKay Convertible— Initial Class
ASSETS:
Investment at net asset value	$	1,270,659	$	6,857,920	$	1,570,323		$	4,999,146		$	76,681	$	16,149,461		$	14,179,785	$	6,368,238
Dividends due and accrued		—		—		—			—			—		—			—		—
Net receivable from (payable to) New York Life Insurance and Annuity Corporation		—		—		(930	)		(270	)		—		(824	)		—		(16,667	)
Net receivable from (payable to) the Fund for shares sold or purchased		45		244		986			448			3		1,398			505		16,893
LIABILITIES:
Liability to New York Life Insurance and Annuity Corporation for:
Mortality and expense risk charges		42		225		52			164			3		530			466		209
Administrative charges		3		19		4			14			—		44			39		17

Total net assets	$	1,270,659	$	6,857,920	$	1,570,323		$	4,999,146		$	76,681	$	16,149,461		$	14,179,785	$	6,368,238

Total shares outstanding		123,455		548,647		183,293			474,023			8,567		1,023,822			881,099		415,548

Net asset value per share (NAV)	$	10.29	$	12.50	$	8.57		$	10.55		$	8.95	$	15.77		$	16.09	$	15.32

Total units outstanding		47,026		265,918		96,046			194,324			8,926		288,899			526,826		95,596

Variable accumulation unit value	$	26.86	$	25.79	$	16.38		$	25.72		$	8.59	$	55.92		$	26.92	$	66.60

Identified cost of investment	$	1,245,998	$	6,354,410	$	1,581,370		$	4,729,003		$	73,207	$	16,133,538		$	11,420,338	$	6,207,777

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

NYLIAC Variable Annuity Separate Account-I

Non-Qualified Policies

Statement of Assets and Liabilities (Continued)

As of December 31, 2024


	NYLI VP MacKay High Yield Corporate Bond— Initial Class			NYLI VP MacKay Strategic Bond— Service Class		NYLI VP MacKay U.S. Infrastructure Bond— Initial Class		NYLI VP Moderate Allocation— Service Class			NYLI VP Natural Resources— Initial Class		NYLI VP PIMCO Real Return— Service Class		NYLI VP PineStone International Equity— Initial Class		NYLI VP S&P 500 Index— Initial Class
ASSETS:
Investment at net asset value	$	19,139,379		$	503,689	$	1,949,078	$	5,372,524		$	1,464,000	$	419,611	$	3,162,179	$	52,003,629
Dividends due and accrued		—			—		—		—			—		—		—		—
Net receivable from (payable to) New York Life Insurance and Annuity Corporation		(27,872	)		—		—		(365	)		—		—		—		(2,265	)
Net receivable from (payable to) the Fund for shares sold or purchased		28,552			18		69		556			52		15		113		4,120
LIABILITIES:
Liability to New York Life Insurance and Annuity Corporation for:
Mortality and expense risk charges		628			17		64		176			48		14		104		1,712
Administrative charges		52			1		5		15			4		1		9		143

Total net assets	$	19,139,379		$	503,689	$	1,949,078	$	5,372,524		$	1,464,000	$	419,611	$	3,162,179	$	52,003,629

Total shares outstanding		2,090,387			52,327		203,432		526,372			124,539		55,007		283,665		495,179

Net asset value per share (NAV)	$	9.16		$	9.63	$	9.58	$	10.21		$	11.76	$	7.63	$	11.15	$	105.02

Total units outstanding		341,718			37,898		92,020		237,874			129,425		41,601		93,060		345,196

Variable accumulation unit value	$	56.03		$	13.30	$	21.19	$	22.58		$	11.31	$	10.09	$	33.99	$	150.70

Identified cost of investment	$	19,891,511		$	512,441	$	2,156,292	$	5,453,361		$	1,472,619	$	483,710	$	3,966,670	$	26,124,222

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

NYLIAC Variable Annuity Separate Account-I

Non-Qualified Policies

Statement of Assets and Liabilities (Continued)

As of December 31, 2024


	NYLI VP Schroders Mid Cap Opportunities— Initial Class			NYLI VP Small Cap Growth— Initial Class		NYLI VP Small Cap Growth— Service Class		NYLI VP U.S. Government Money Market— Initial Class		NYLI VP Wellington Growth— Initial Class			NYLI VP Wellington Small Cap— Initial Class		NYLI VP Winslow Large Cap Growth— Initial Class		AB VPS Relative Value Portfolio— Class B
ASSETS:
Investment at net asset value	$	3,980,676		$	2,613,647	$	443,369	$	3,857,317	$	36,796,125		$	2,313,168	$	7,314,609	$	72,743
Dividends due and accrued		—			—		—		—		—			—		—		—
Net receivable from (payable to) New York Life Insurance and Annuity Corporation		(379	)		—		—		—		(2,500	)		—		—		—
Net receivable from (payable to) the Fund for shares sold or purchased		520			93		16		137		3,818			82		262		2
LIABILITIES:
Liability to New York Life Insurance and Annuity Corporation for:
Mortality and expense risk charges		130			86		15		115		1,217			76		242		2
Administrative charges		11			7		1		11		101			6		20		—

Total net assets	$	3,980,676		$	2,613,647	$	443,369	$	3,857,328	$	36,796,125		$	2,313,168	$	7,314,609	$	72,743

Total shares outstanding		430,893			219,625		39,491		3,856,931		1,193,447			235,550		236,825		2,356

Net asset value per share (NAV)	$	9.24		$	11.90	$	11.23	$	1.00	$	30.83		$	9.82	$	30.89	$	30.87

Total units outstanding		84,450			103,474		19,822		2,817,329		400,775			181,075		81,134		5,920

Variable accumulation unit value	$	47.15		$	25.26	$	22.37	$	1.37	$	91.84		$	12.77	$	90.15	$	12.29

Identified cost of investment	$	3,883,629		$	2,609,802	$	480,652	$	3,857,317	$	30,364,362		$	2,180,354	$	5,969,995	$	66,114

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

NYLIAC Variable Annuity Separate Account-I

Non-Qualified Policies

Statement of Assets and Liabilities (Continued)

As of December 31, 2024


	American Funds IS Asset Allocation Fund— Class 4		American Funds IS Global Small Capitalization Fund— Class 4		American Funds IS Growth Fund— Class 4			American Funds IS New World Fund^®— Class 4		American Funds IS Washington Mutual Investors Fund^SM— Class 4		BlackRock^® Global Allocation V.I. Fund— Class III			BlackRock^®High Yield V.I. Fund— Class III			BNY Mellon IP Technology Growth Portfolio— Initial Shares
ASSETS:
Investment at net asset value	$	1,034,661	$	44,976	$	943,183		$	148,204	$	398,409	$	868,788		$	320,562		$	4,166,328
Dividends due and accrued		—		—		—			—		—		—			1,749			—
Net receivable from (payable to) New York Life Insurance and Annuity Corporation		—		—		(705	)		—		—		(501	)		(564	)		—
Net receivable from (payable to) the Fund for shares sold or purchased		37		1		739			5		14		532			(1,173	)		149
LIABILITIES:
Liability to New York Life Insurance and Annuity Corporation for:
Mortality and expense risk charges		34		1		31			5		13		29			11			138
Administrative charges		3		—		3			—		1		2			1			11

Total net assets	$	1,034,661	$	44,976	$	943,183		$	148,204	$	398,409	$	868,788		$	320,562		$	4,166,328

Total shares outstanding		40,719		2,644		7,707			5,678		24,382		67,400			46,205			118,294

Net asset value per share (NAV)	$	25.41	$	17.01	$	122.38		$	26.10	$	16.34	$	12.89		$	6.90		$	35.22

Total units outstanding		66,139		3,202		33,304			10,308		21,276		53,406			23,340			65,982

Variable accumulation unit value	$	15.64	$	14.04	$	28.32		$	14.38	$	18.73	$	16.27		$	13.74		$	63.14

Identified cost of investment	$	971,203	$	55,095	$	764,091		$	145,074	$	318,812	$	963,280		$	334,092		$	3,246,671

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

NYLIAC Variable Annuity Separate Account-I

Non-Qualified Policies

Statement of Assets and Liabilities (Continued)

As of December 31, 2024


	BNY Mellon Sustainable U.S. Equity Portfolio— Service Shares		ClearBridge Variable Appreciation Portfolio— Class II			Columbia Variable Portfolio— Commodity Strategy Fund— Class 2		Columbia Variable Portfolio— Emerging Markets Bond Fund— Class 2		Columbia Variable Portfolio— Small Cap Value Fund— Class 2		DWS Alternative Asset Allocation VIP— Class B		Fidelity^®VIP Bond Index Portfolio— Service Class 2		Fidelity^®VIP Contrafund^SM Portfolio— Initial Class
ASSETS:
Investment at net asset value	$	36,591	$	80,508		$	1,132	$	70,917	$	987,641	$	89,985	$	37,859	$	28,443,321
Dividends due and accrued		—		—			—		—		—		—		—		—
Net receivable from (payable to) New York Life Insurance and Annuity Corporation		—		(1,230	)		—		—		—		—		—		25,457
Net receivable from (payable to) the Fund for shares sold or purchased		1		1,233			—		2		35		3		1		(24,441	)
LIABILITIES:
Liability to New York Life Insurance and Annuity Corporation for:
Mortality and expense risk charges		1		3			—		2		32		3		1		938
Administrative charges		—		—			—		—		3		—		—		78

Total net assets	$	36,591	$	80,508		$	1,132	$	70,917	$	987,641	$	89,985	$	37,859	$	28,443,321

Total shares outstanding		673		1,270			299		8,943		74,539		6,954		3,998		490,910

Net asset value per share (NAV)	$	54.33	$	63.41		$	3.79	$	7.93	$	13.25	$	12.94	$	9.47	$	57.94

Total units outstanding		2,663		3,479			104		6,421		25,537		7,376		4,438		208,512

Variable accumulation unit value	$	13.74	$	23.14		$	10.89	$	11.04	$	38.69	$	12.20	$	8.53	$	136.47

Identified cost of investment	$	29,147	$	71,775		$	1,152	$	75,606	$	960,309	$	91,114	$	42,185	$	19,811,878

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

NYLIAC Variable Annuity Separate Account-I

Non-Qualified Policies

Statement of Assets and Liabilities (Continued)

As of December 31, 2024


	Fidelity^®VIP Emerging Markets Portfolio— Service Class 2		Fidelity^®VIP Equity- Income Portfolio^SM— Initial Class			Fidelity^®VIP Extended Market Index Portfolio— Service Class 2		Fidelity^®VIP FundsManager^® 60% Portfolio— Service Class		Fidelity^®VIP Growth Opportunities Portfolio— Service Class 2		Fidelity^®VIP Health Care Portfolio— Service Class 2		Fidelity^®VIP International Index Portfolio— Service Class 2		Fidelity^®VIP Investment Grade Bond Portfolio— Service Class 2
ASSETS:
Investment at net asset value	$	45,605	$	5,191,894		$	1,015	$	175,872	$	3,338,604	$	277,284	$	105,508	$	32,393
Dividends due and accrued		—		—			—		—		—		—		—		—
Net receivable from (payable to) New York Life Insurance and Annuity Corporation		—		(632	)		—		—		—		—		—		—
Net receivable from (payable to) the Fund for shares sold or purchased		2		816			—		6		120		10		3		1
LIABILITIES:
Liability to New York Life Insurance and Annuity Corporation for:
Mortality and expense risk charges		2		170			—		6		111		9		3		1
Administrative charges		—		14			—		—		9		1		—		—

Total net assets	$	45,605	$	5,191,894		$	1,015	$	175,872	$	3,338,604	$	277,284	$	105,508	$	32,393

Total shares outstanding		3,976		195,257			71		16,894		41,551		7,787		9,796		3,050

Net asset value per share (NAV)	$	11.47	$	26.59		$	14.29	$	10.41	$	80.35	$	35.61	$	10.77	$	10.62

Total units outstanding		3,789		84,526			91		12,674		64,824		18,889		8,740		3,238

Variable accumulation unit value	$	12.04	$	61.46		$	11.12	$	13.88	$	51.50	$	14.68	$	12.07	$	10.00

Identified cost of investment	$	48,047	$	4,626,535		$	961	$	164,505	$	2,620,686	$	265,068	$	102,787	$	32,750

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

NYLIAC Variable Annuity Separate Account-I

Non-Qualified Policies

Statement of Assets and Liabilities (Continued)

As of December 31, 2024


	Fidelity^®VIP Mid Cap Portfolio— Service Class 2		Franklin Templeton Aggressive Model Portfolio— Class II		Franklin Templeton Conservative Model Portfolio— Class II		Franklin Templeton Moderate Model Portfolio— Class II		Franklin Templeton Moderately Aggressive Model Portfolio— Class II		Franklin Templeton Moderately Conservative Model Portfolio— Class II		Invesco V.I. EQV International Equity Fund— Series II Shares		Invesco V.I. Main Street Small Cap Fund^®— Series II Shares
ASSETS:
Investment at net asset value	$	2,687,869	$	228,265	$	27,208	$	1,172,812	$	234,091	$	230,558	$	252,885	$	128,068
Dividends due and accrued		—		—		—		—		—		—		—		—
Net receivable from (payable to) New York Life Insurance and Annuity Corporation		—		—		—		—		—		—		—		—
Net receivable from (payable to) the Fund for shares sold or purchased		95		9		1		42		9		9		9		4
LIABILITIES:
Liability to New York Life Insurance and Annuity Corporation for:
Mortality and expense risk charges		88		8		1		39		8		8		8		4
Administrative charges		7		1		—		3		1		1		1		—

Total net assets	$	2,687,869	$	228,265	$	27,208	$	1,172,812	$	234,091	$	230,558	$	252,885	$	128,068

Total shares outstanding		75,757		14,832		2,757		93,750		16,988		20,224		7,689		4,495

Net asset value per share (NAV)	$	35.48	$	15.39	$	9.87	$	12.51	$	13.78	$	11.40	$	32.89	$	28.49

Total units outstanding		43,865		13,482		2,509		86,868		15,767		18,631		19,904		6,473

Variable accumulation unit value	$	61.30	$	16.93	$	10.84	$	13.50	$	14.85	$	12.38	$	12.70	$	19.78

Identified cost of investment	$	2,621,037	$	203,135	$	28,878	$	1,085,515	$	245,204	$	220,008	$	265,676	$	126,503

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

NYLIAC Variable Annuity Separate Account-I

Non-Qualified Policies

Statement of Assets and Liabilities (Continued)

As of December 31, 2024


	Janus Henderson Enterprise Portfolio— Service Shares		Janus Henderson Global Research Portfolio— Institutional Shares			Macquarie VIP Small Cap Value Series— Service Class		MFS^®International Intrinsic Value Portfolio— Service Class		MFS^®Investors Trust Series— Initial Class		MFS^®Mid Cap Value Portfolio— Service Class		MFS^®Research Series— Initial Class		Morgan Stanley VIF U.S. Real Estate Portfolio— Class II
ASSETS:
Investment at net asset value	$	439,328	$	8,314,148		$	210,031	$	166,578	$	648,042	$	159,484	$	996,468	$	—
Dividends due and accrued		—		—			—		—		—		—		—		—
Net receivable from (payable to) New York Life Insurance and Annuity Corporation		—		(890	)		—		—		—		—		—		—
Net receivable from (payable to) the Fund for shares sold or purchased		15		1,187			8		5		23		5		36		—
LIABILITIES:
Liability to New York Life Insurance and Annuity Corporation for:
Mortality and expense risk charges		14		274			7		5		21		5		33		—
Administrative charges		1		23			1		—		2		—		3		—

Total net assets	$	439,328	$	8,314,148		$	210,031	$	166,578	$	648,042	$	159,484	$	996,468	$	—

Total shares outstanding		5,880		114,520			5,218		5,711		16,307		15,306		27,999		—

Net asset value per share (NAV)	$	74.72	$	72.60		$	40.25	$	29.17	$	39.74	$	10.42	$	35.59	$	—

Total units outstanding		22,215		149,335			14,992		11,166		14,611		8,126		19,024		—

Variable accumulation unit value	$	19.78	$	55.69		$	14.01	$	14.92	$	44.21	$	19.63	$	52.39		—

Identified cost of investment	$	433,393	$	6,060,340		$	203,701	$	171,265	$	542,422	$	152,568	$	836,269	$	—

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

NYLIAC Variable Annuity Separate Account-I

Non-Qualified Policies

Statement of Assets and Liabilities (Continued)

As of December 31, 2024


	Neuberger Berman AMT Mid Cap Growth Portfolio— Class S			PIMCO VIT Income Portfolio— Advisor Class		PIMCO VIT International Bond Portfolio (U.S. Dollar- Hedged)— Advisor Class		PIMCO VIT Low Duration Portfolio— Advisor Class		PIMCO VIT Short-Term Portfolio— Advisor Class		PIMCO VIT Total Return Portfolio— Advisor Class		Principal VC Real Estate Securities Account— Class 2		Putnam VT International Value Fund— Class IB
ASSETS:
Investment at net asset value	$	1,377,437		$	147,670	$	195,535	$	112,922	$	12,579	$	451,486	$	181,484	$	3,388
Dividends due and accrued		—			—		—		—		—		—		—		—
Net receivable from (payable to) New York Life Insurance and Annuity Corporation		(607	)		—		—		—		—		—		—		—
Net receivable from (payable to) the Fund for shares sold or purchased		657			5		7		4		—		16		6		—
LIABILITIES:
Liability to New York Life Insurance and Annuity Corporation for:
Mortality and expense risk charges		46			5		6		4		—		15		6		—
Administrative charges		4			—		1		—		—		1		—		—

Total net assets	$	1,377,437		$	147,670	$	195,535	$	112,922	$	12,579	$	451,486	$	181,484	$	3,388

Total shares outstanding		51,744			14,931		19,553		11,714		1,219		49,943		9,961		281

Net asset value per share (NAV)	$	26.62		$	9.89	$	10.00	$	9.64	$	10.32	$	9.04	$	18.22	$	12.04

Total units outstanding		23,667			13,075		16,479		11,346		1,225		43,974		15,807		336

Variable accumulation unit value	$	58.20		$	11.29	$	11.87	$	9.95	$	10.27	$	10.27	$	11.48	$	10.10

Identified cost of investment	$	1,399,687		$	147,438	$	205,652	$	114,447	$	12,543	$	527,665	$	190,349	$	3,515

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

NYLIAC Variable Annuity Separate Account-I

Non-Qualified Policies

Statement of Assets and Liabilities (Continued)

As of December 31, 2024


	Voya Growth and Income Portfolio— Class S		Western Asset Core Plus VIT Portfolio— Class II
ASSETS:
Investment at net asset value	$	135,071	$	7,197
Dividends due and accrued		—		—
Net receivable from (payable to) New York Life Insurance and Annuity Corporation		—		—
Net receivable from (payable to) the Fund for shares sold or purchased		4		—
LIABILITIES:
Liability to New York Life Insurance and Annuity Corporation for:
Mortality and expense risk charges		4		—
Administrative charges		—		—

Total net assets	$	135,071	$	7,197

Total shares outstanding		6,791		1,592

Net asset value per share (NAV)	$	19.89	$	4.52

Total units outstanding		11,826		740

Variable accumulation unit value	$	11.42	$	9.72

Identified cost of investment	$	143,700	$	7,638

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

NYLIAC Variable Annuity Separate Account-I

Non-Qualified Policies

Statement of Operations

For the year ended December 31, 2024


	NYLI VP American Century Sustainable Equity— Initial Class			NYLI VP Balanced— Service Class			NYLI VP Bond— Initial Class			NYLI VP Candriam Emerging Markets Equity— Initial Class			NYLI VP CBRE Global Infrastructure— Service Class			NYLI VP Conservative Allocation— Service Class			NYLI VP Dimensional U.S. Equity— Initial Class			NYLI VP Epoch U.S. Equity Yield— Initial Class
INVESTMENT INCOME (LOSS):
Dividend income	$	46,795		$	55,107		$	117,656		$	8,663		$	688		$	36,776		$	152,430		$	429,584
Mortality and expense risk charges		(57,476	)		(29,479	)		(30,819	)		(11,528	)		(507	)		(34,164	)		(230,693	)		(189,961	)
Administrative charges		(4,848	)		(2,487	)		(2,667	)		(1,086	)		(42	)		(2,909	)		(19,772	)		(16,352	)

Net investment income (loss)		(15,529	)		23,141			84,170			(3,951	)		139			(297	)		(98,035	)		223,271

REALIZED AND UNREALIZED GAIN (LOSS):
Proceeds from sale of investments		1,119,899			518,825			492,230			192,547			25,499			766,309			2,544,315			1,925,641
Cost of investments sold		(1,449,063	)		(554,403	)		(573,180	)		(170,617	)		(25,098	)		(820,524	)		(2,061,413	)		(1,607,263	)

Net realized gain (loss) on investments		(329,164	)		(35,578	)		(80,950	)		21,930			401			(54,215	)		482,902			318,378
Realized gain distribution received		110,061			—			—			—			—			—			—			929,722
Change in unrealized appreciation (depreciation) on investments		1,040,535			164,044			5,627			82,139			1,660			191,512			3,391,132			976,997

Net gain (loss) on investments		821,432			128,466			(75,323	)		104,069			2,061			137,297			3,874,034			2,225,097

Net increase (decrease) in net assets resulting from operations	$	805,903		$	151,607		$	8,847		$	100,118		$	2,200		$	137,000		$	3,775,999		$	2,448,368

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

NYLIAC Variable Annuity Separate Account-I

Non-Qualified Policies

Statement of Operations (Continued)

For the year ended December 31, 2024


	NYLI VP Equity Allocation— Service Class			NYLI VP Fidelity Institutional AM^®Utilities— Service Class			NYLI VP Floating Rate— Service Class			NYLI VP Growth Allocation— Service Class			NYLI VP Hedge Multi- Strategy— Service Class			NYLI VP Income Builder— Initial Class			NYLI VP Janus Henderson Balanced— Initial Class			NYLI VP MacKay Convertible— Initial Class
INVESTMENT INCOME (LOSS):
Dividend income	$	—		$	145,830		$	126,140		$	27,829		$	9		$	509,613		$	264,358		$	230,050
Mortality and expense risk charges		(17,450	)		(78,733	)		(19,457	)		(63,053	)		(972	)		(199,640	)		(178,277	)		(78,992	)
Administrative charges		(1,588	)		(6,750	)		(1,773	)		(5,370	)		(86	)		(17,315	)		(15,249	)		(6,730	)

Net investment income (loss)		(19,038	)		60,347			104,910			(40,594	)		(1,049	)		292,658			70,832			144,328

REALIZED AND UNREALIZED GAIN (LOSS):
Proceeds from sale of investments		456,352			974,975			349,758			920,412			22,720			1,994,457			3,051,731			1,396,292
Cost of investments sold		(536,142	)		(869,524	)		(363,005	)		(1,046,557	)		(22,052	)		(2,030,932	)		(2,240,861	)		(1,201,643	)

Net realized gain (loss) on investments		(79,790	)		105,451			(13,247	)		(126,145	)		668			(36,475	)		810,870			194,649
Realized gain distribution received		—			480,837			—			—			—			—			—			100,524
Change in unrealized appreciation (depreciation) on investments		249,174			901,177			8,574			608,204			4,314			1,353,146			1,093,613			9,232

Net gain (loss) on investments		169,384			1,487,465			(4,673	)		482,059			4,982			1,316,671			1,904,483			304,405

Net increase (decrease) in net assets resulting from operations	$	150,346		$	1,547,812		$	100,237		$	441,465		$	3,933		$	1,609,329		$	1,975,315		$	448,733

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

NYLIAC Variable Annuity Separate Account-I

Non-Qualified Policies

Statement of Operations (Continued)

For the year ended December 31, 2024


	NYLI VP MacKay High Yield Corporate Bond— Initial Class			NYLI VP MacKay Strategic Bond— Service Class			NYLI VP MacKay U.S. Infrastructure Bond— Initial Class			NYLI VP Moderate Allocation— Service Class			NYLI VP Natural Resources— Initial Class			NYLI VP PIMCO Real Return— Service Class			NYLI VP PineStone International Equity— Initial Class			NYLI VP S&P 500 Index— Initial Class
INVESTMENT INCOME (LOSS):
Dividend income	$	1,136,954		$	26,775		$	39,176 $			45,083		$	45,556		$	15,154		$	19,624		$	595,416
Mortality and expense risk charges		(237,477	)		(5,970	)		(24,339	)		(67,537	)		(22,112	)		(5,202	)		(41,058	)		(609,556	)
Administrative charges		(20,715	)		(544	)		(2,270	)		(5,705	)		(1,990	)		(438	)		(3,482	)		(52,285	)

Net investment income (loss)		878,762			20,261			12,567			(28,159	)		21,454			9,514			(24,916	)		(66,425	)

REALIZED AND UNREALIZED GAIN (LOSS):
Proceeds from sale of investments		3,540,071			75,398			242,665			767,216			606,504			62,433			323,928			6,920,663
Cost of investments sold		(3,657,866	)		(78,049	)		(273,979	)		(802,221	)		(395,202	)		(70,044	)		(391,160	)		(1,869,164	)

Net realized gain (loss) on investments		(117,795	)		(2,651	)		(31,314	)		(35,005	)		211,302			(7,611	)		(67,232	)		5,051,499
Realized gain distribution received		—			—			—			—			—			—			—			161,310
Change in unrealized appreciation (depreciation) on investments		325,019			8,455			11,218			450,513			(220,625	)		600			204,196			5,273,420

Net gain (loss) on investments		207,224			5,804			(20,096	)		415,508			(9,323	)		(7,011	)		136,964			10,486,229

Net increase (decrease) in net assets resulting from operations	$	1,085,986		$	26,065		$	(7,529	)	$	387,349		$	12,131		$	2,503		$	112,048		$	10,419,804

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

NYLIAC Variable Annuity Separate Account-I

Non-Qualified Policies

Statement of Operations (Continued)

For the year ended December 31, 2024


	NYLI VP Schroders Mid Cap Opportunities— Initial Class			NYLI VP Small Cap Growth— Initial Class			NYLI VP Small Cap Growth— Service Class			NYLI VP U.S. Government Money Market— Initial Class			NYLI VP Wellington Growth— Initial Class			NYLI VP Wellington Small Cap— Initial Class			NYLI VP Winslow Large Cap Growth— Initial Class			AB VPS Relative Value Portfolio— Class B
INVESTMENT INCOME (LOSS):
Dividend income	$	12,602		$	—		$	—		$	204,257		$	—		$	23,788		$	—		$	951
Mortality and expense risk charges		(50,637	)		(30,975	)		(5,394	)		(50,258	)		(431,506	)		(27,364	)		(83,284	)		(922	)
Administrative charges		(4,298	)		(2,735	)		(461	)		(4,506	)		(37,996	)		(2,445	)		(7,199	)		(77	)

Net investment income (loss)		(42,333	)		(33,710	)		(5,855	)		149,493			(469,502	)		(6,021	)		(90,483	)		(48	)

REALIZED AND UNREALIZED GAIN (LOSS):
Proceeds from sale of investments		824,212			177,143			259,898			1,524,392			3,944,293			236,960			805,309			17,798
Cost of investments sold		(1,362,587	)		(176,184	)		(352,251	)		(1,524,392	)		(3,478,128	)		(287,549	)		(666,911	)		(16,052	)

Net realized gain (loss) on investments		(538,375	)		959			(92,353	)		—			466,165			(50,589	)		138,398			1,746
Realized gain distribution received		—			—			—			—			—			—			627,869			2,676
Change in unrealized appreciation (depreciation) on investments		913,773			252,489			125,859			—			7,718,199			334,275			987,342			4,220

Net gain (loss) on investments		375,398			253,448			33,506			—			8,184,364			283,686			1,753,609			8,642

Net increase (decrease) in net assets resulting from operations	$	333,065		$	219,738		$	27,651		$	149,493		$	7,714,862		$	277,665		$	1,663,126		$	8,594

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

NYLIAC Variable Annuity Separate Account-I

Non-Qualified Policies

Statement of Operations (Continued)

For the year ended December 31, 2024


	American Funds IS Asset Allocation Fund— Class 4			American Funds IS Global Small Capitalization Fund— Class 4			American Funds IS Growth Fund— Class 4			American Funds IS New World Fund^®— Class 4			American Funds IS Washington Mutual Investors Fund^SM— Class 4			BlackRock^® Global Allocation V.I. Fund— Class III			BlackRock^® High Yield V.I. Fund— Class III			BNY Mellon IP Technology Growth Portfolio— Initial Shares
INVESTMENT INCOME (LOSS):
Dividend income	$	19,221		$	356		$	1,519		$	1,770		$	5,937		$	12,668		$	22,391		$	—
Mortality and expense risk charges		(12,005	)		(538	)		(10,308	)		(1,853	)		(5,088	)		(10,950	)		(4,042	)		(46,076	)
Administrative charges		(1,001	)		(45	)		(862	)		(159	)		(430	)		(956	)		(337	)		(3,957	)

Net investment income (loss)		6,215			(227	)		(9,651	)		(242	)		419			762			18,012			(50,033	)

REALIZED AND UNREALIZED GAIN (LOSS):
Proceeds from sale of investments		207,449			6,340			158,198			23,448			178,965			171,748			134,041			444,744
Cost of investments sold		(229,318	)		(8,897	)		(163,702	)		(21,869	)		(176,477	)		(182,163	)		(141,534	)		(321,934	)

Net realized gain (loss) on investments		(21,869	)		(2,557	)		(5,504	)		1,579			2,488			(10,415	)		(7,493	)		122,810
Realized gain distribution received		44,869			1,551			21,139			704			4,176			68,666			—			—
Change in unrealized appreciation (depreciation) on investments		104,990			1,598			211,219			5,692			59,790			6,597			10,026			726,742

Net gain (loss) on investments		127,990			592			226,854			7,975			66,454			64,848			2,533			849,552

Net increase (decrease) in net assets resulting from operations	$	134,205		$	365		$	217,203		$	7,733		$	66,873		$	65,610		$	20,545		$	799,519

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

NYLIAC Variable Annuity Separate Account-I

Non-Qualified Policies

Statement of Operations (Continued)

For the year ended December 31, 2024


	BNY Mellon Sustainable U.S. Equity Portfolio— Service Shares			ClearBridge Variable Appreciation Portfolio— Class II			Columbia Variable Portfolio— Commodity Strategy Fund— Class 2			Columbia Variable Portfolio— Emerging Markets Bond Fund— Class 2			Columbia Variable Portfolio— Small Cap Value Fund— Class 2			DWS Alternative Asset Allocation VIP— Class B			Fidelity^®VIP Bond Index Portfolio— Service Class 2			Fidelity^®VIP Contrafund^SM Portfolio— Initial Class
INVESTMENT INCOME (LOSS):
Dividend income	$	117		$	407		$	37		$	3,514		$	5,271		$	2,988		$	1,040		$	50,429
Mortality and expense risk charges		(418	)		(908	)		(132	)		(853	)		(11,484	)		(1,140	)		(513	)		(326,531	)
Administrative charges		(35	)		(76	)		(11	)		(75	)		(968	)		(99	)		(45	)		(27,761	)

Net investment income (loss)		(336	)		(577	)		(106	)		2,586			(7,181	)		1,749			482			(303,863	)

REALIZED AND UNREALIZED GAIN (LOSS):
Proceeds from sale of investments		11,752			5,132			16,988			4,783			135,013			20,382			7,091			3,039,339
Cost of investments sold		(11,030	)		(3,881	)		(21,009	)		(5,682	)		(209,741	)		(19,063	)		(8,195	)		(1,614,343	)

Net realized gain (loss) on investments		722			1,251			(4,021	)		(899	)		(74,728	)		1,319			(1,104	)		1,424,996
Realized gain distribution received		202			8,139			—			—			43,335			53			—			3,204,098
Change in unrealized appreciation (depreciation) on investments		6,937			5,049			4,420			1,647			118,030			638			601			2,946,406

Net gain (loss) on investments		7,861			14,439			399			748			86,637			2,010			(503	)		7,575,500

Net increase (decrease) in net assets resulting from operations	$	7,525		$	13,862		$	293		$	3,334		$	79,456		$	3,759		$	(21	)	$	7,271,637

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

NYLIAC Variable Annuity Separate Account-I

Non-Qualified Policies

Statement of Operations (Continued)

For the year ended December 31, 2024


	Fidelity^®VIP Emerging Markets Portfolio— Service Class 2			Fidelity^®VIP Equity-Income Portfolio^SM— Initial Class			Fidelity^®VIP Extended Market Index Portfolio— Service Class 2(a)			Fidelity^®VIP FundsManager^® 60% Portfolio— Service Class			Fidelity^®VIP Growth Opportunities Portfolio— Service Class 2			Fidelity^®VIP Health Care Portfolio— Service Class 2			Fidelity^®VIP International Index Portfolio— Service Class 2			Fidelity^®VIP Investment Grade Bond Portfolio— Service Class 2
INVESTMENT INCOME (LOSS):
Dividend income	$	643		$	91,136		$	10		$	3,631		$	—		$	—		$	2,885		$	1,017
Mortality and expense risk charges		(645	)		(63,524	)		(8	)		(2,088	)		(36,849	)		(3,765	)		(1,314	)		(356	)
Administrative charges		(57	)		(5,428	)		—			(174	)		(3,100	)		(318	)		(110	)		(30	)

Net investment income (loss)		(59	)		22,184			2			1,369			(39,949	)		(4,083	)		1,461			631

REALIZED AND UNREALIZED GAIN (LOSS):
Proceeds from sale of investments		17,093			770,038			79			20,815			545,060			134,740			24,044			10,591
Cost of investments sold		(21,809	)		(556,827	)		(72	)		(22,870	)		(429,968	)		(145,277	)		(25,116	)		(10,521	)

Net realized gain (loss) on investments		(4,716	)		213,211			7			(2,055	)		115,092			(10,537	)		(1,072	)		70
Realized gain distribution received		—			298,576			—			—			—			—			—			—
Change in unrealized appreciation (depreciation) on investments		9,092			143,255			54			14,296			861,904			27,530			3,558			(561	)

Net gain (loss) on investments		4,376			655,042			61			12,241			976,996			16,993			2,486			(491	)

Net increase (decrease) in net assets resulting from operations	$	4,317		$	677,226		$	63		$	13,610		$	937,047		$	12,910		$	3,947		$	140

(a) For the period May 1, 2024 (commencement of Investment Division) through December 31, 2024.

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

NYLIAC Variable Annuity Separate Account-I

Non-Qualified Policies

Statement of Operations (Continued)

For the year ended December 31, 2024


	Fidelity^®VIP Mid Cap Portfolio— Service Class 2			Franklin Templeton Aggressive Model Portfolio— Class II			Franklin Templeton Conservative Model Portfolio— Class II			Franklin Templeton Moderate Model Portfolio— Class II			Franklin Templeton Moderately Aggressive Model Portfolio— Class II			Franklin Templeton Moderately Conservative Model Portfolio— Class II			Invesco V.I. EQV International Equity Fund— Series II Shares			Invesco V.I. Main Street Small Cap Fund^®— Series II Shares
INVESTMENT INCOME (LOSS):
Dividend income	$	9,188		$	2,714		$	924		$	31,002		$	4,605		$	6,935		$	3,989 $			—
Mortality and expense risk charges		(33,019	)		(2,543	)		(360	)		(16,320	)		(1,374	)		(2,882	)		(3,120	)		(667	)
Administrative charges		(2,828	)		(224	)		(31	)		(1,360	)		(174	)		(260	)		(262	)		(56	)

Net investment income (loss)		(26,659	)		(53	)		533			13,322			3,057			3,793			607			(723	)

REALIZED AND UNREALIZED GAIN (LOSS):
Proceeds from sale of investments		404,203			4,783			6,068			306,764			139,138			59,877			15,230			5,222
Cost of investments sold		(342,323	)		(4,350	)		(6,725	)		(278,900	)		(120,749	)		(64,738	)		(16,850	)		(4,888	)

Net realized gain (loss) on investments		61,880			433			(657	)		27,864			18,389			(4,861	)		(1,620	)		334
Realized gain distribution received		358,623			2,079			—			—			—			—			1,381			1,934
Change in unrealized appreciation (depreciation) on investments		(41	)		28,598			1,584			100,188			(13,746	)		18,509			(2,569	)		(1,270	)

Net gain (loss) on investments		420,462			31,110			927			128,052			4,643			13,648			(2,808	)		998

Net increase (decrease) in net assets resulting from operations	$	393,803		$	31,057		$	1,460		$	141,374		$	7,700		$	17,441		$	(2,201	)	$	275

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

NYLIAC Variable Annuity Separate Account-I

Non-Qualified Policies

Statement of Operations (Continued)

For the year ended December 31, 2024


	Janus Henderson Enterprise Portfolio— Service Shares			Janus Henderson Global Research Portfolio— Institutional Shares			Macquarie VIP Small Cap Value Series— Service Class			MFS^® International Intrinsic Value Portfolio— Service Class			MFS^® Investors Trust Series— Initial Class			MFS^® Mid Cap Value Portfolio— Service Class			MFS^® Research Series— Initial Class			Morgan Stanley VIF U.S. Real Estate Portfolio— Class II
INVESTMENT INCOME (LOSS):
Dividend income	$	2,891		$	61,272		$	2,023		$	1,919		$	4,356		$	1,444		$	5,792		$	4,636
Mortality and expense risk charges		(5,153	)		(98,644	)		(2,462	)		(1,998	)		(7,570	)		(1,720	)		(11,530	)		(2,340	)
Administrative charges		(430	)		(8,638	)		(206	)		(166	)		(636	)		(148	)		(1,001	)		(199	)

Net investment income (loss)		(2,692	)		(46,010	)		(645	)		(245	)		(3,850	)		(424	)		(6,739	)		2,097

REALIZED AND UNREALIZED GAIN (LOSS):
Proceeds from sale of investments		126,176			914,746			15,525			13,467			42,235			44,181			40,844			276,375
Cost of investments sold		(140,013	)		(555,806	)		(14,729	)		(11,879	)		(32,790	)		(44,807	)		(34,792	)		(291,321	)

Net realized gain (loss) on investments		(13,837	)		358,940			796			1,588			9,445			(626	)		6,052			(14,946	)
Realized gain distribution received		20,382			259,846			7,600			7,469			44,321			5,846			55,685			—
Change in unrealized appreciation (depreciation) on investments		47,853			1,009,583			10,523			(325	)		52,036			10,731			94,810			37,402

Net gain (loss) on investments		54,398			1,628,369			18,919			8,732			105,802			15,951			156,547			22,456

Net increase (decrease) in net assets resulting from operations	$	51,706		$	1,582,359		$	18,274		$	8,487		$	101,952		$	15,527		$	149,808		$	24,553

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

NYLIAC Variable Annuity Separate Account-I

Non-Qualified Policies

Statement of Operations (Continued)

For the year ended December 31, 2024


	Neuberger Berman AMT Mid Cap Growth Portfolio— Class S			PIMCO VIT Income Portfolio— Advisor Class			PIMCO VIT International Bond Portfolio (U.S. Dollar- Hedged)— Advisor Class			PIMCO VIT Low Duration Portfolio— Advisor Class			PIMCO VIT Short-Term Portfolio— Advisor Class (a)			PIMCO VIT Total Return Portfolio— Advisor Class			Principal VC Real Estate Securities Account— Class 2 (a)			Putnam VT International Value Fund— Class IB (a)
INVESTMENT INCOME (LOSS):
Dividend income	$	—		$	9,217		$	7,725		$	4,129		$	265		$	18,430		$	—		$	—
Mortality and expense risk charges		(15,696	)		(1,914	)		(2,668	)		(1,278	)		(67	)		(5,658	)		(155	)		(7	)
Administrative charges		(1,326	)		(161	)		(233	)		(109	)		(5	)		(481	)		(13	)		(1	)

Net investment income (loss)		(17,022	)		7,142			4,824			2,742			193			12,291			(168	)		(8	)

REALIZED AND UNREALIZED GAIN (LOSS):
Proceeds from sale of investments		122,601			94,441			60,180			15,104			72			96,677			16,663			387
Cost of investments sold		(124,678	)		(95,576	)		(67,990	)		(16,379	)		(72	)		(120,509	)		(16,942	)		(393	)

Net realized gain (loss) on investments		(2,077	)		(1,135	)		(7,810	)		(1,275	)		—			(23,832	)		(279	)		(6	)
Realized gain distribution received		84,063			—			—			—			—			—			—			—
Change in unrealized appreciation (depreciation) on investments		190,082			565			11,598			1,910			36			17,308			(8,865	)		(127	)

Net gain (loss) on investments		272,068			(570	)		3,788			635			36			(6,524	)		(9,144	)		(133	)

Net increase (decrease) in net assets resulting from operations	$	255,046		$	6,572		$	8,612		$	3,377		$	229		$	5,767		$	(9,312	)	$	(141	)

(a) For the period May 1, 2024 (commencement of Investment Division) through December 31, 2024.

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

NYLIAC Variable Annuity Separate Account-I

Non-Qualified Policies

Statement of Operations (Continued)

For the year ended December 31, 2024


	Voya Growth and Income Portfolio— Class S (a)			Western Asset Core Plus VIT Portfolio— Class II
INVESTMENT INCOME (LOSS):
Dividend income	$	820		$	622
Mortality and expense risk charges		(735	)		(69	)
Administrative charges		(61	)		(6	)

Net investment income (loss)		24			547

REALIZED AND UNREALIZED GAIN (LOSS):
Proceeds from sale of investments		775			6,654
Cost of investments sold		(754	)		(6,364	)

Net realized gain (loss) on investments		21			290
Realized gain distribution received		16,524			—
Change in unrealized appreciation (depreciation) on investments		(8,630	)		(441	)

Net gain (loss) on investments		7,915			(151	)

Net increase (decrease) in net assets resulting from operations	$	7,939		$	396

(a) For the period May 1, 2024 (commencement of Investment Division) through December 31, 2024.

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

NYLIAC Variable Annuity Separate Account-I

Non-Qualified Policies

Statement of Changes in Net Assets

For the years ended December 31, 2024

and December 31, 2023


	NYLI VP American Century Sustainable Equity— Initial Class						NYLI VP Balanced— Service Class						NYLI VP Bond— Initial Class						NYLI VP Candriam Emerging Markets Equity— Initial Class						NYLI VP CBRE Global Infrastructure— Service Class
	2024			2023			2024			2023			2024			2023			2024			2023			2024			2023
INCREASE (DECREASE) IN NET ASSETS:
Operations:
Net investment income (loss)	$	(15,529	)	$	(197	) $		23,141		$	9,730		$	84,170		$	43,049		$	(3,951	)	$	3,607		$	139		$	129
Net realized gain (loss) on investments		(329,164	)		(56,921	)		(35,578	)		(74,274	)		(80,950	)		(149,441	)		21,930			(28,081	)		401			(3,813	)
Realized gain distribution received		110,061			1,497,819			—			—			—			—			—			—			—			—
Change in unrealized appreciation (depreciation) on investments		1,040,535			(503,471	)		164,044			215,290			5,627			228,743			82,139			81,328			1,660			5,036

Net increase (decrease) in net assets resulting from operations		805,903			937,230			151,607			150,746			8,847			122,351			100,118			56,854			2,200			1,352

Contributions and (Withdrawals):
Payments received from policyowners		9,496			12,836			1,739			1,866			6,342			67,654			16,133			5,472			—			—
Policyowners’ surrenders		(684,203	)		(227,355	)		(380,465	)		(182,058	)		(324,589	)		(545,205	)		(129,897	)		(129,726	)		(12,932	)		(209	)
Policyowners’ annuity and death benefits		(152,948	)		(88,962	)		(88,877	)		(158,128	)		(65,565	)		(111,253	)		(31,875	)		(10,610	)		(11,899	)		—
Net transfers from (to) Fixed Account		(342	)		(15,132	)		10,451			(99,219	)		(1,541	)		(68,893	)		1,400			(429	)		—			(3,295	)
Transfers between Investment Divisions		(213,599	)		(222,682	)		28,430			(174,775	)		(2,838	)		44,848			(9,847	)		(11,543	)		594			(708	)

Net contributions and (withdrawals)		(1,041,596	)		(541,295	)		(428,722	)		(612,314	)		(388,191	)		(612,849	)		(154,086	)		(146,836	)		(24,237	)		(4,212	)

Increase (decrease) in net assets		(235,693	)		395,935			(277,115	)		(461,568	)		(379,344	)		(490,498	)		(53,968	)		(89,982	)		(22,037	)		(2,860	)
NET ASSETS:
Beginning of period		4,765,865			4,369,930			2,580,110			3,041,678			2,784,262			3,274,760			932,198			1,022,180			54,839			57,699

End of period	$	4,530,172		$	4,765,865		$	2,302,995		$	2,580,110		$	2,404,918		$	2,784,262		$	878,230		$	932,198		$	32,802		$	54,839

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

NYLIAC Variable Annuity Separate Account-I

Non-Qualified Policies

Statement of Changes in Net Assets (Continued)

For the years ended December 31, 2024

and December 31, 2023


	NYLI VP Conservative Allocation— Service Class						NYLI VP Dimensional U.S. Equity— Initial Class						NYLI VP Epoch U.S. Equity Yield— Initial Class						NYLI VP Equity Allocation— Service Class						NYLI VP Fidelity Institutional AM^®Utilities— Service Class
	2024			2023			2024			2023			2024			2023			2024			2023			2024			2023
INCREASE (DECREASE) IN NET ASSETS:
Operations:
Net investment income (loss)	$	(297	)	$	43,555		$	(98,035	)	$	(62,867	)	$	223,271		$	202,503		$	(19,038	)	$	59,184		$	60,347		$	26,891
Net realized gain (loss) on investments		(54,215	)		(79,232	)		482,902			(271,399	)		318,378			103,168			(79,790	)		(19,074	)		105,451			34,410
Realized gain distribution received		—			108,367			—			—			929,722			948,202			—			146,595			480,837			898,496
Change in unrealized appreciation (depreciation) on investments		191,512			198,413			3,391,132			3,900,144			976,997			(241,889	)		249,174			28,169			901,177			(1,191,052	)

Net increase (decrease) in net assets resulting from operations		137,000			271,103			3,775,999			3,565,878			2,448,368			1,011,984			150,346			214,874			1,547,812			(231,255	)

Contributions and (Withdrawals):
Payments received from policyowners		16,801			1,801			24,813			52,107			74,388			58,520			3,750			95,449			92,893			28,667
Policyowners’ surrenders		(275,789	)		(535,244	)		(1,749,490	)		(2,586,900	)		(1,252,071	)		(1,270,784	)		(422,451	)		(103,414	)		(667,347	)		(652,495	)
Policyowners’ annuity and death benefits		(336,844	)		(163,183	)		(254,294	)		(344,226	)		(245,618	)		(266,259	)		—			—			(48,645	)		(81,076	)
Net transfers from (to) Fixed Account		(61,342	)		292			3,439			(299,255	)		(8,569	)		(10,354	)		—			—			43,458			(25,446	)
Transfers between Investment Divisions		(38,743	)		(22,406	)		(63,825	)		(122,279	)		(173,016	)		(497,119	)		(15,840	)		(8,745	)		(144,035	)		(131,733	)

Net contributions and (withdrawals)		(695,917	)		(718,740	)		(2,039,357	)		(3,300,553	)		(1,604,886	)		(1,985,996	)		(434,541	)		(16,710	)		(723,676	)		(862,083	)

Increase (decrease) in net assets		(558,917	)		(447,637	)		1,736,642			265,325			843,482			(974,012	)		(284,195	)		198,164			824,136			(1,093,338	)
NET ASSETS:
Beginning of period		3,077,364			3,525,001			17,569,777			17,304,452			14,998,248			15,972,260			1,554,854			1,356,690			6,033,784			7,127,122

End of period	$	2,518,447		$	3,077,364		$	19,306,419		$	17,569,777		$	15,841,730		$	14,998,248		$	1,270,659		$	1,554,854		$	6,857,920		$	6,033,784

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

NYLIAC Variable Annuity Separate Account-I

Non-Qualified Policies

Statement of Changes in Net Assets (Continued)

For the years ended December 31, 2024

and December 31, 2023


	NYLI VP Floating Rate— Service Class						NYLI VP Growth Allocation— Service Class						NYLI VP Hedge Multi- Strategy— Service Class						NYLI VP Income Builder— Initial Class						NYLI VP Janus Henderson Balanced— Initial Class
	2024			2023			2024			2023			2024			2023			2024			2023			2024			2023
INCREASE (DECREASE) IN NET ASSETS:
Operations:
Net investment income (loss)	$	104,910		$	105,701		$	(40,594	)	$	102,432		$	(1,049	)	$	2,674		$	292,658		$	322,239		$	70,832		$	16,243
Net realized gain (loss) on investments		(13,247	)		(30,007	)		(126,145	)		(245,826	)		668			622			(36,475	)		(657,377	)		810,870			333,877
Realized gain distribution received		—			—			—			309,003			—			—			—			—			—			543,609
Change in unrealized appreciation (depreciation) on investments		8,574			77,695			608,204			531,128			4,314			6,147			1,353,146			1,666,488			1,093,613			999,386

Net increase (decrease) in net assets resulting from operations		100,237			153,389			441,465			696,737			3,933			9,443			1,609,329			1,331,350			1,975,315			1,893,115

Contributions and (Withdrawals):
Payments received from policyowners		1,368			2,164			86,530			101,544			417			718			66,441			125,724			14,012			89,456
Policyowners’ surrenders		(298,705	)		(338,999	)		(721,606	)		(677,988	)		(20,400	)		(35,783	)		(1,051,163	)		(1,808,344	)		(1,574,237	)		(706,177	)
Policyowners’ annuity and death benefits		(37,872	)		(38,475	)		(61,977	)		(1,178,551	)		(1,586	)		—			(659,159	)		(554,943	)		(613,875	)		(309,556	)
Net transfers from (to) Fixed Account		2,914			15,863			28,417			3,399			—			(9,414	)		11,752			(151,107	)		(22,848	)		16,586
Transfers between Investment Divisions		77,848			299,381			(57,685	)		515,548			2,189			1,091			69,862			(16,415	)		(583,289	)		(15,566	)

Net contributions and (withdrawals)		(254,447	)		(60,066	)		(726,321	)		(1,236,048	)		(19,380	)		(43,388	)		(1,562,267	)		(2,405,085	)		(2,780,237	)		(925,257	)

Increase (decrease) in net assets		(154,210	)		93,323			(284,856	)		(539,311	)		(15,447	)		(33,945	)		47,062			(1,073,735	)		(804,922	)		967,858
NET ASSETS:
Beginning of period		1,724,533			1,631,210			5,284,002			5,823,313			92,128			126,073			16,102,399			17,176,134			14,984,707			14,016,849

End of period	$	1,570,323		$	1,724,533		$	4,999,146		$	5,284,002		$	76,681		$	92,128		$	16,149,461		$	16,102,399		$	14,179,785		$	14,984,707

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

NYLIAC Variable Annuity Separate Account-I

Non-Qualified Policies

Statement of Changes in Net Assets (Continued)

For the years ended December 31, 2024

and December 31, 2023


	NYLI VP MacKay Convertible— Initial Class						NYLI VP MacKay High Yield Corporate Bond— Initial Class						NYLI VP MacKay Strategic Bond— Service Class						NYLI VP MacKay U.S. Infrastructure Bond— Initial Class						NYLI VP Moderate Allocation— Service Class
	2024			2023			2024			2023			2024			2023			2024			2023			2024			2023
INCREASE (DECREASE) IN NET ASSETS:
Operations:
Net investment income (loss)	$	144,328		$	62,371		$	878,762		$	927,586		$	20,261		$	18,725		$	12,567		$	25,604		$	(28,159	)	$	86,614
Net realized gain (loss) on investments		194,649			250,698			(117,795	)		(469,230	)		(2,651	)		(9,637	)		(31,314	)		(135,185	)		(35,005	)		(141,831	)
Realized gain distribution received		100,524			—			—			—			—			—			—			—			—			254,288
Change in unrealized appreciation (depreciation) on investments		9,232			207,246			325,019			1,666,521			8,455			36,515			11,218			184,029			450,513			399,636

Net increase (decrease) in net assets resulting from operations		448,733			520,315			1,085,986			2,124,877			26,065			45,603			(7,529	)		74,448			387,349			598,707

Contributions and (Withdrawals):
Payments received from policyowners		94,946			38,518			121,480			139,164			1,019			1,970			12,529			42,034			57,621			5,920
Policyowners’ surrenders		(732,920	)		(698,184	)		(2,121,947	)		(2,713,563	)		(65,457	)		(106,496	)		(149,769	)		(396,192	)		(585,096	)		(603,816	)
Policyowners’ annuity and death benefits		(195,790	)		(259,586	)		(553,490	)		(1,234,860	)		(5,918	)		—			(44,406	)		(159,618	)		(49,254	)		(42,144	)
Net transfers from (to) Fixed Account		34,035			(46,464	)		(3,987	)		(223,939	)		25,148			203			698			3,795			(3,304	)		(26,041	)
Transfers between Investment Divisions		(318,290	)		(228,611	)		(438,979	)		342,935			10,265			(13,708	)		(2,300	)		(32,389	)		(49,926	)		(48,724	)

Net contributions and (withdrawals)		(1,118,019	)		(1,194,327	)		(2,996,923	)		(3,690,263	)		(34,943	)		(118,031	)		(183,248	)		(542,370	)		(629,959	)		(714,805	)

Increase (decrease) in net assets		(669,286	)		(674,012	)		(1,910,937	)		(1,565,386	)		(8,878	)		(72,428	)		(190,777	)		(467,922	)		(242,610	)		(116,098	)
NET ASSETS:
Beginning of period		7,037,524			7,711,536			21,050,316			22,615,702			512,567			584,995			2,139,855			2,607,777			5,615,134			5,731,232

End of period	$	6,368,238		$	7,037,524		$	19,139,379		$	21,050,316		$	503,689		$	512,567		$	1,949,078		$	2,139,855		$	5,372,524		$	5,615,134

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

NYLIAC Variable Annuity Separate Account-I

Non-Qualified Policies

Statement of Changes in Net Assets (Continued)

For the years ended December 31, 2024

and December 31, 2023


	NYLI VP Natural Resources— Initial Class						NYLI VP PIMCO Real Return— Service Class						NYLI VP PineStone International Equity— Initial Class						NYLI VP S&P 500 Index— Initial Class						NYLI VP Schroders Mid Cap Opportunities— Initial Class
	2024			2023			2024			2023			2024			2023			2024			2023			2024			2023
INCREASE (DECREASE) IN NET ASSETS:
Operations:
Net investment income (loss)	$	21,454		$	14,773		$	9,514		$	31,232		$	(24,916	)	$	(43,819	)	$	(66,425	)	$	24,309		$	(42,333	)	$	(51,956	)
Net realized gain (loss) on investments		211,302			652,049			(7,611	)		(3,004	)		(67,232	)		(160,269	)		5,051,499			5,292,021			(538,375	)		(556,203	)
Realized gain distribution received		—			—			—			—			—			—			161,310			670,798			—			—
Change in unrealized appreciation (depreciation) on investments		(220,625	)		(666,440	)		600			(18,042	)		204,196			301,215			5,273,420			3,893,088			913,773			1,105,958

Net increase (decrease) in net assets resulting from operations		12,131			382			2,503			10,186			112,048			97,127			10,419,804			9,880,216			333,065			497,799

Contributions and (Withdrawals):
Payments received from policyowners		9,588			60,836			441			553			15,174			73,365			321,082			226,878			14,052			14,887
Policyowners’ surrenders		(269,895	)		(203,136	)		(50,957	)		(74,116	)		(227,637	)		(292,840	)		(4,452,198	)		(4,636,051	)		(483,052	)		(396,249	)
Policyowners’ annuity and death benefits		(1,149	)		(377,684	)		(9,358	)		(55,942	)		(20,159	)		(31,333	)		(772,891	)		(947,745	)		—			(122,595	)
Net transfers from (to) Fixed Account		4,575			(6,914	)		293			(1,075	)		(7,054	)		(73,177	)		122,984			(661,283	)		(11,545	)		(1,845	)
Transfers between Investment Divisions		(208,567	)		(865,829	)		33,910			28,811			4,269			16,101			(562,396	)		35,665			(254,164	)		(228,812	)

Net contributions and (withdrawals)		(465,448	)		(1,392,727	)		(25,671	)		(101,769	)		(235,407	)		(307,884	)		(5,343,419	)		(5,982,536	)		(734,709	)		(734,614	)

Increase (decrease) in net assets		(453,317	)		(1,392,345	)		(23,168	)		(91,583	)		(123,359	)		(210,757	)		5,076,385			3,897,680			(401,644	)		(236,815	)
NET ASSETS:
Beginning of period		1,917,317			3,309,662			442,779			534,362			3,285,538			3,496,295			46,927,244			43,029,564			4,382,320			4,619,135

End of period	$	1,464,000		$	1,917,317		$	419,611		$	442,779		$	3,162,179		$	3,285,538		$	52,003,629		$	46,927,244		$	3,980,676		$	4,382,320

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

NYLIAC Variable Annuity Separate Account-I

Non-Qualified Policies

Statement of Changes in Net Assets (Continued)

For the years ended December 31, 2024

and December 31, 2023


	NYLI VP Small Cap Growth— Initial Class						NYLI VP Small Cap Growth— Service Class						NYLI VP U.S. Government Money Market— Initial Class						NYLI VP Wellington Growth— Initial Class						NYLI VP Wellington Small Cap— Initial Class
	2024			2023			2024			2023			2024			2023			2024			2023			2024			2023
INCREASE (DECREASE) IN NET ASSETS:
Operations:
Net investment income (loss)	$	(33,710	)	$	(33,787	)	$	(5,855	)	$	(7,795	)	$	149,493		$	142,487		$	(469,502	)	$	(393,070	)	$	(6,021	)	$	(10,914	)
Net realized gain (loss) on investments		959			(69,776	)		(92,353	)		(19,535	)		—			—			466,165			(1,271,583	)		(50,589	)		(213,522	)
Realized gain distribution received		—			9,292			—			2,294			—			—			—			—			—			—
Change in unrealized appreciation (depreciation) on investments		252,489			422,716			125,859			103,373			—			—			7,718,199			11,026,120			334,275			473,033

Net increase (decrease) in net assets resulting from operations		219,738			328,445			27,651			78,337			149,493			142,487			7,714,862			9,361,467			277,665			248,597

Contributions and (Withdrawals):
Payments received from policyowners		17,396			30,707			2,800			2,040			239,164			213,676			91,944			147,199			2,958			3,019
Policyowners’ surrenders		(112,894	)		(207,332	)		(13,819	)		(31,877	)		(1,138,859	)		(2,091,810	)		(2,736,517	)		(2,881,689	)		(154,845	)		(173,279	)
Policyowners’ annuity and death benefits		(22,773	)		(94,023	)		—			—			(89,604	)		(80,123	)		(674,442	)		(505,681	)		—			(103,869	)
Net transfers from (to) Fixed Account		173			102			48			323			117			(30,816	)		(9,502	)		(104,638	)		(7,803	)		(17,267	)
Transfers between Investment Divisions		5,623			(108,412	)		(225,686	)		10,762			850,112			1,434,370			(95,059	)		(404,745	)		(31,758	)		(127,207	)

Net contributions and (withdrawals)		(112,475	)		(378,958	)		(236,657	)		(18,752	)		(139,070	)		(554,703	)		(3,423,576	)		(3,749,554	)		(191,448	)		(418,603	)

Increase (decrease) in net assets		107,263			(50,513	)		(209,006	)		59,585			10,423			(412,216	)		4,291,286			5,611,913			86,217			(170,006	)
NET ASSETS:
Beginning of period		2,506,384			2,556,897			652,375			592,790			3,846,905			4,259,121			32,504,839			26,892,926			2,226,951			2,396,957

End of period	$	2,613,647		$	2,506,384		$	443,369		$	652,375		$	3,857,328		$	3,846,905		$	36,796,125		$	32,504,839		$	2,313,168		$	2,226,951

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

NYLIAC Variable Annuity Separate Account-I

Non-Qualified Policies

Statement of Changes in Net Assets (Continued)

For the years ended December 31, 2024

and December 31, 2023


	NYLI VP Winslow Large Cap Growth— Initial Class						AB VPS Relative Value Portfolio— Class B						American Funds IS Asset Allocation Fund— Class 4						American Funds IS Global Small Capitalization Fund— Class 4						American Funds IS Growth Fund— Class 4
	2024			2023			2024			2023			2024			2023			2024			2023			2024			2023
INCREASE (DECREASE) IN NET ASSETS:
Operations:
Net investment income (loss)	$	(90,483	)	$	(70,903	)	$	(48	)	$	(82	)	$	6,215		$	6,239		$	(227	)	$	(534	)	$	(9,651	)	$	(6,274	)
Net realized gain (loss) on investments		138,398			(134,995	)		1,746			(474	)		(21,869	)		(10,332	)		(2,557	)		(1,615	)		(5,504	)		(9,230	)
Realized gain distribution received		627,869			202,317			2,676			4,197			44,869			22,855			1,551			560			21,139			33,280
Change in unrealized appreciation (depreciation) on investments		987,342			1,890,983			4,220			2,094			104,990			64,054			1,598			7,328			211,219			157,678

Net increase (decrease) in net assets resulting from operations		1,663,126			1,887,402			8,594			5,735			134,205			82,816			365			5,739			217,203			175,454

Contributions and (Withdrawals):
Payments received from policyowners		22,580			26,859			—			—			97,742			11,697			165			179			5,353			10,006
Policyowners’ surrenders		(304,224	)		(435,923	)		—			—			(33,764	)		(35,488	)		(3,376	)		—			(69,397	)		(72,969	)
Policyowners’ annuity and death benefits		(170,872	)		(109,250	)		(7,162	)		—			(80,566	)		—			—			—			(25,734	)		—
Net transfers from (to) Fixed Account		28,669			(3,388	)		(5,891	)		5,000			(11,786	)		488			3,228			3,225			2,445			3,280
Transfers between Investment Divisions		123,126			(342,496	)		(566	)		20,000			38,333			283,765			(1,223	)		(2,252	)		111,746			128,201

Net contributions and (withdrawals)		(300,721	)		(864,198	)		(13,619	)		25,000			9,959			260,462			(1,206	)		1,152			24,413			68,518

Increase (decrease) in net assets		1,362,405			1,023,204			(5,025	)		30,735			144,164			343,278			(841	)		6,891			241,616			243,972
NET ASSETS:
Beginning of period		5,952,204			4,929,000			77,768			47,033			890,497			547,219			45,817			38,926			701,567			457,595

End of period	$	7,314,609		$	5,952,204		$	72,743		$	77,768		$	1,034,661		$	890,497		$	44,976		$	45,817		$	943,183		$	701,567

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

NYLIAC Variable Annuity Separate Account-I

Non-Qualified Policies

Statement of Changes in Net Assets (Continued)

For the years ended December 31, 2024

and December 31, 2023


	American Funds IS New World Fund^®— Class 4						American Funds IS Washington Mutual Investors Fund^SM— Class 4						BlackRock^® Global Allocation V.I. Fund— Class III						BlackRock^® High Yield V.I. Fund— Class III						BNY Mellon IP Technology Growth Portfolio— Initial Shares
	2024			2023			2024			2023			2024			2023			2024			2023			2024			2023
INCREASE (DECREASE) IN NET ASSETS:
Operations:
Net investment income (loss)	$	(242	)	$	(162	)	$	419		$	1,560		$	762		$	10,616		$	18,012		$	18,773		$	(50,033	)	$	(35,114	)
Net realized gain (loss) on investments		1,579			(439	)		2,488			1,863			(10,415	)		(11,355	)		(7,493	)		(4,016	)		122,810			(22,248	)
Realized gain distribution received		704			—			4,176			4,103			68,666			—			—			—			—			—
Change in unrealized appreciation (depreciation) on investments		5,692			22,086			59,790			52,309			6,597			95,759			10,026			26,523			726,742			1,256,966

Net increase (decrease) in net assets resulting from operations		7,733			21,485			66,873			59,835			65,610			95,020			20,545			41,280			799,519			1,199,604

Contributions and (Withdrawals):
Payments received from policyowners		226			347			—			50,000			15,522			531			109			109			110,139			110,875
Policyowners’ surrenders		(11,851	)		(8,870	)		(131,898	)		(20,617	)		(129,409	)		(86,807	)		(71,542	)		(38,722	)		(267,679	)		(237,075	)
Policyowners’ annuity and death benefits		(207	)		(3,277	)		(16,523	)		(12,480	)		(32,305	)		—			—			—			(45,548	)		(145,322	)
Net transfers from (to) Fixed Account		2,133			1,851			8,627			—			10,000			599			—			784			30,948			19,216
Transfers between Investment Divisions		(6,550	)		(15,741	)		60,844			(55,070	)		7,476			18,888			(8,493	)		(9,791	)		337,279			107,941

Net contributions and (withdrawals)		(16,249	)		(25,690	)		(78,950	)		(38,167	)		(128,716	)		(66,789	)		(79,926	)		(47,620	)		165,139			(144,365	)

Increase (decrease) in net assets		(8,516	)		(4,205	)		(12,077	)		21,668			(63,106	)		28,231			(59,381	)		(6,340	)		964,658			1,055,239
NET ASSETS:
Beginning of period		156,720			160,925			410,486			388,818			931,894			903,663			379,943			386,283			3,201,670			2,146,431

End of period	$	148,204		$	156,720		$	398,409		$	410,486		$	868,788		$	931,894		$	320,562		$	379,943		$	4,166,328		$	3,201,670

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

NYLIAC Variable Annuity Separate Account-I

Non-Qualified Policies

Statement of Changes in Net Assets (Continued)

For the years ended December 31, 2024

and December 31, 2023


	BNY Mellon Sustainable U.S. Equity Portfolio— Service Shares						ClearBridge Variable Appreciation Portfolio— Class II						Columbia Variable Portfolio— Commodity Strategy Fund— Class 2						Columbia Variable Portfolio— Emerging Markets Bond Fund— Class 2						Columbia Variable Portfolio— Small Cap Value Fund— Class 2
	2024			2023			2024			2023			2024			2023			2024			2023			2024			2023
INCREASE (DECREASE) IN NET ASSETS:
Operations:
Net investment income (loss)	$	(336	)	$	(249	)	$	(577	)	$	(213	)	$	(106	)	$	3,691		$	2,586		$	2,745		$	(7,181	)	$	(5,725	)
Net realized gain (loss) on investments		722			(156	)		1,251			1,221			(4,021	)		(767	)		(899	)		(4,182	)		(74,728	)		(60,334	)
Realized gain distribution received		202			3,230			8,139			980			—			—			—			—			43,335			44,900
Change in unrealized appreciation (depreciation) on investments		6,937			2,937			5,049			3,929			4,420			(4,903	)		1,647			7,199			118,030			139,114

Net increase (decrease) in net assets resulting from operations		7,525			5,762			13,862			5,917			293			(1,979	)		3,334			5,762			79,456			117,955

Contributions and (Withdrawals):
Payments received from policyowners		—			—			1,180			151			—			313			199			—			53			366
Policyowners’ surrenders		—			—			(1,230	)		(4,026	)		(16,850	)		(5,779	)		(3,526	)		(2,766	)		(51,603	)		(83,332	)
Policyowners’ annuity and death benefits		—			—			—			—			—			—			(205	)		(12,406	)		(12,831	)		(35,590	)
Net transfers from (to) Fixed Account		(9,063	)		8,000			—			1,461			—			—			—			—			9,879			6,345
Transfers between Investment Divisions		285			(612	)		30,252			(1,390	)		193			3			1,224			2,511			293,071			(33,401	)

Net contributions and (withdrawals)		(8,778	)		7,388			30,202			(3,804	)		(16,657	)		(5,463	)		(2,308	)		(12,661	)		238,569			(145,612	)

Increase (decrease) in net assets		(1,253	)		13,150			44,064			2,113			(16,364	)		(7,442	)		1,026			(6,899	)		318,025			(27,657	)
NET ASSETS:
Beginning of period		37,844			24,694			36,444			34,331			17,496			24,938			69,891			76,790			669,616			697,273

End of period	$	36,591		$	37,844		$	80,508		$	36,444		$	1,132		$	17,496		$	70,917		$	69,891		$	987,641		$	669,616

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

NYLIAC Variable Annuity Separate Account-I

Non-Qualified Policies

Statement of Changes in Net Assets (Continued)

For the years ended December 31, 2024

and December 31, 2023


	DWS Alternative Asset Allocation VIP— Class B						Fidelity^®VIP Bond Index Portfolio— Service Class 2						Fidelity^®VIP Contrafund^SM Portfolio— Initial Class						Fidelity^®VIP Emerging Markets Portfolio— Service Class 2						Fidelity^®VIP Equity-Income Portfolio^SM— Initial Class
	2024			2023			2024			2023			2024			2023			2024			2023			2024			2023
INCREASE (DECREASE) IN NET ASSETS:
Operations:
Net investment income (loss)	$	1,749		$	5,191		$	482		$	308		$	(303,863	)	$	(179,681	)	$	(59	)	$	99		$	22,184		$	28,064
Net realized gain (loss) on investments		1,319			(46	)		(1,104	)		(8,746	)		1,424,996			744,635			(4,716	)		(11,177	)		213,211			145,166
Realized gain distribution received		53			937			—			—			3,204,098			762,233			—			—			298,576			141,743
Change in unrealized appreciation (depreciation) on investments		638			(1,452	)		601			10,840			2,946,406			4,703,721			9,092			15,343			143,255			124,232

Net increase (decrease) in net assets resulting from operations		3,759			4,630			(21	)		2,402			7,271,637			6,030,908			4,317			4,265			677,226			439,205

Contributions and (Withdrawals):
Payments received from policyowners		—			—			—			1,001			230,380			118,819			211			181			66,712			13,909
Policyowners’ surrenders		(9,945	)		(4,907	)		(3,084	)		(3,589	)		(2,048,072	)		(2,031,062	)		(14,103	)		(63,607	)		(372,443	)		(406,825	)
Policyowners’ annuity and death benefits		(9,170	)		(23,803	)		—			(24,626	)		(531,423	)		(315,453	)		(349	)		—			(337,370	)		(56,956	)
Net transfers from (to) Fixed Account		—			—			—			(4,545	)		119,050			(603,037	)		—			—			(12,495	)		(123,192	)
Transfers between Investment Divisions		3,537			186			(1,498	)		(8,244	)		81,792			(128,954	)		4,019			4,641			56,219			31,645

Net contributions and (withdrawals)		(15,578	)		(28,524	)		(4,582	)		(40,003	)		(2,148,273	)		(2,959,687	)		(10,222	)		(58,785	)		(599,377	)		(541,419	)

Increase (decrease) in net assets		(11,819	)		(23,894	)		(4,603	)		(37,601	)		5,123,364			3,071,221			(5,905	)		(54,520	)		77,849			(102,214	)
NET ASSETS:
Beginning of period		101,804			125,698			42,462			80,063			23,319,957			20,248,736			51,510			106,030			5,114,045			5,216,259

End of period	$	89,985		$	101,804		$	37,859		$	42,462		$	28,443,321		$	23,319,957		$	45,605		$	51,510		$	5,191,894		$	5,114,045

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

NYLIAC Variable Annuity Separate Account-I

Non-Qualified Policies

Statement of Changes in Net Assets (Continued)

For the years ended December 31, 2024

and December 31, 2023


	Fidelity^®VIP Extended Market Index Portfolio— Service Class 2		Fidelity^®VIP FundsManager^® 60% Portfolio— Service Class						Fidelity^®VIP Growth Opportunities Portfolio— Service Class 2						Fidelity^®VIP Health Care Portfolio— Service Class 2						Fidelity^®VIP International Index Portfolio— Service Class 2
	2024 (a)		2024			2023			2024			2023			2024			2023			2024			2023
INCREASE (DECREASE) IN NET ASSETS:
Operations:
Net investment income (loss)	$	2	$	1,369		$	1,699		$	(39,949	)	$	(23,390	)	$	(4,083	)	$	(5,999	)	$	1,461		$	1,385
Net realized gain (loss) on investments		7		(2,055	)		(313	)		115,092			8,782			(10,537	)		(40,174	)		(1,072	)		(6,886	)
Realized gain distribution received		—		—			—			—			—			—			—			—			—
Change in unrealized appreciation (depreciation) on investments		54		14,296			9,475			861,904			653,788			27,530			48,480			3,558			16,316

Net increase (decrease) in net assets resulting from operations		63		13,610			10,861			937,047			639,180			12,910			2,307			3,947			10,815

Contributions and (Withdrawals):
Payments received from policyowners		—		778			607			68,192			40,390			325			5,370			100			—
Policyowners’ surrenders		—		(16,344	)		—			(317,123	)		(211,547	)		(38,984	)		(79,249	)		(20,844	)		(22,939	)
Policyowners’ annuity and death benefits		—		—			—			(59,126	)		(42,334	)		(15,882	)		(93,096	)		—			(4,276	)
Net transfers from (to) Fixed Account		—		—			—			30,798			8,719			289			14,892			(492	)		4,737
Transfers between Investment Divisions		952		36,485			80,979			472,539			281,114			(56,818	)		5,613			17,429			33,972

Net contributions and (withdrawals)		952		20,919			81,586			195,280			76,342			(111,070	)		(146,470	)		(3,807	)		11,494

Increase (decrease) in net assets		1,015		34,529			92,447			1,132,327			715,522			(98,160	)		(144,163	)		140			22,309
NET ASSETS:
Beginning of period		—		141,343			48,896			2,206,277			1,490,755			375,444			519,607			105,368			83,059

End of period	$	1,015	$	175,872		$	141,343		$	3,338,604		$	2,206,277		$	277,284		$	375,444		$	105,508		$	105,368

(a) For the period May 1, 2024 (commencement of Investment Division) through December 31, 2024.

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

NYLIAC Variable Annuity Separate Account-I

Non-Qualified Policies

Statement of Changes in Net Assets (Continued)

For the years ended December 31, 2024

and December 31, 2023


	Fidelity^®VIP Investment Grade Bond Portfolio— Service Class 2						Fidelity^®VIP Mid Cap Portfolio— Service Class 2						Franklin Templeton Aggressive Model Portfolio— Class II						Franklin Templeton Conservative Model Portfolio— Class II						Franklin Templeton Moderate Model Portfolio— Class II
	2024			2023			2024			2023			2024			2023			2024			2023			2024			2023
INCREASE (DECREASE) IN NET ASSETS:
Operations:
Net investment income (loss)	$	631		$	462		$	(26,659	)	$	(24,730	)	$	(53	)	$	(949	)	$	533		$	589		$	13,322		$	5,694
Net realized gain (loss) on investments		70			(241	)		61,880			49,540			433			(1,721	)		(657	)		(1,767	)		27,864			(9,226	)
Realized gain distribution received		—			—			358,623			72,328			2,079			1,112			—			—			—			3,881
Change in unrealized appreciation (depreciation) on investments		(561	)		384			(41	)		231,835			28,598			33,901			1,584			3,514			100,188			122,866

Net increase (decrease) in net assets resulting from operations		140			605			393,803			328,973			31,057			32,343			1,460			2,336			141,374			123,215

Contributions and (Withdrawals):
Payments received from policyowners		—			—			19,076			5,424			15,041			10,780			—			—			161			150
Policyowners’ surrenders		(9,578	)		(6,061	)		(325,684	)		(337,021	)		—			—			(5,052	)		(260	)		(165,942	)		(85,898	)
Policyowners’ annuity and death benefits		—			—			(11,322	)		(87,493	)		—			—			—			—			(107,531	)		—
Net transfers from (to) Fixed Account		293			5,309			615			(38,336	)		—			(66,710	)		—			(12,267	)		—			—
Transfers between Investment Divisions		13,601			23,185			(21,916	)		7,113			(2,489	)		3,018			(459	)		2,444			50,415			230,975

Net contributions and (withdrawals)		4,316			22,433			(339,231	)		(450,313	)		12,552			(52,912	)		(5,511	)		(10,083	)		(222,897	)		145,227

Increase (decrease) in net assets		4,456			23,038			54,572			(121,340	)		43,609			(20,569	)		(4,051	)		(7,747	)		(81,523	)		268,442
NET ASSETS:
Beginning of period		27,937			4,899			2,633,297			2,754,637			184,656			205,225			31,259			39,006			1,254,335			985,893

End of period	$	32,393		$	27,937		$	2,687,869		$	2,633,297		$	228,265		$	184,656		$	27,208		$	31,259		$	1,172,812		$	1,254,335

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

NYLIAC Variable Annuity Separate Account-I

Non-Qualified Policies

Statement of Changes in Net Assets (Continued)

For the years ended December 31, 2024

and December 31, 2023


	Franklin Templeton Moderately Aggressive Model Portfolio— Class II						Franklin Templeton Moderately Conservative Model Portfolio— Class II						Invesco V.I. EQV International Equity Fund— Series II Shares						Invesco V.I. Main Street Small Cap Fund^®— Series II Shares						Janus Henderson Enterprise Portfolio— Service Shares
	2024			2023			2024			2023			2024			2023			2024			2023			2024			2023
INCREASE (DECREASE) IN NET ASSETS:
Operations:
Net investment income (loss)	$	3,057		$	(109	)	$	3,793		$	3,716		$	607		$	(2,978	)	$	(723	)	$	(58	)	$	(2,692	)	$	(4,627	)
Net realized gain (loss) on investments		18,389			29			(4,861	)		(1,080	)		(1,620	)		(7,287	)		334			(3,405	)		(13,837	)		(9,358	)
Realized gain distribution received		—			321			—			—			1,381			179			1,934			—			20,382			28,741
Change in unrealized appreciation (depreciation) on investments		(13,746	)		10,018			18,509			17,255			(2,569	)		46,201			(1,270	)		7,680			47,853			41,961

Net increase (decrease) in net assets resulting from operations		7,700			10,259			17,441			19,891			(2,201	)		36,115			275			4,217			51,706			56,717

Contributions and (Withdrawals):
Payments received from policyowners		160			300			801			4,799			198			376			401			—			424			329
Policyowners’ surrenders		(478	)		(30,754	)		(56,801	)		(7,542	)		(10,138	)		(5,399	)		(783	)		(2,621	)		(76,629	)		(16,719	)
Policyowners’ annuity and death benefits		—			—			—			—			(403	)		—			—			(2,149	)		—			(9,935	)
Net transfers from (to) Fixed Account		—			—			—			—			—			(5,006	)		391			235			555			1,153
Transfers between Investment Divisions		147,096			14,503			—			82,239			8,371			10,621			78,318			30,791			62,039			2,159

Net contributions and (withdrawals)		146,778			(15,951	)		(56,000	)		79,496			(1,972	)		592			78,327			26,256			(13,611	)		(23,013	)

Increase (decrease) in net assets		154,478			(5,692	)		(38,559	)		99,387			(4,173	)		36,707			78,602			30,473			38,095			33,704
NET ASSETS:
Beginning of period		79,613			85,305			269,117			169,730			257,058			220,351			49,466			18,993			401,233			367,529

End of period	$	234,091		$	79,613		$	230,558		$	269,117		$	252,885		$	257,058		$	128,068		$	49,466		$	439,328		$	401,233

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

NYLIAC Variable Annuity Separate Account-I

Non-Qualified Policies

Statement of Changes in Net Assets (Continued)

For the years ended December 31, 2024

and December 31, 2023


	Janus Henderson Global Research Portfolio— Institutional Shares						Macquarie VIP Small Cap Value Series— Service Class						MFS^® International Intrinsic Value Portfolio— Service Class						MFS^® Investors Trust Series— Initial Class						MFS^® Mid Cap Value Portfolio— Service Class
	2024			2023			2024			2023			2024			2023			2024			2023			2024			2023
INCREASE (DECREASE) IN NET ASSETS:
Operations:
Net investment income (loss)	$	(46,010	)	$	(34,727	)	$	(645	)	$	(1,264	)	$	(245	)	$	(1,312	)	$	(3,850	)	$	(3,961	)	$	(424	)	$	245
Net realized gain (loss) on investments		358,940			1,109,324			796			1,275			1,588			1,366			9,445			31,273			(626	)		(8,097	)
Realized gain distribution received		259,846			235,714			7,600			7,985			7,469			11,123			44,321			34,928			5,846			5,519
Change in unrealized appreciation (depreciation) on investments		1,009,583			439,096			10,523			6,686			(325	)		11,712			52,036			40,163			10,731			16,902

Net increase (decrease) in net assets resulting from operations		1,582,359			1,749,407			18,274			14,682			8,487			22,889			101,952			102,403			15,527			14,569

Contributions and (Withdrawals):
Payments received from policyowners		17,113			53,984			201			—			—			—			335			1,185			161			149
Policyowners’ surrenders		(645,925	)		(610,131	)		—			(1,121	)		(7,174	)		(13,033	)		(29,388	)		(117,450	)		(9,621	)		(20,245	)
Policyowners’ annuity and death benefits		(128,691	)		(1,356,902	)		—			—			(306	)		(3,283	)		—			(15,302	)		—			(2,076	)
Net transfers from (to) Fixed Account		3,164			(63,486	)		—			—			586			221			—			—			489			225
Transfers between Investment Divisions		106,605			(244,070	)		(12,686	)		560			13,775			(7,471	)		(4,147	)		(91,047	)		(715	)		(46,816	)

Net contributions and (withdrawals)		(647,734	)		(2,220,605	)		(12,485	)		(561	)		6,881			(23,566	)		(33,200	)		(222,614	)		(9,686	)		(68,763	)

Increase (decrease) in net assets		934,625			(471,198	)		5,789			14,121			15,368			(677	)		68,752			(120,211	)		5,841			(54,194	)
NET ASSETS:
Beginning of period		7,379,523			7,850,721			204,242			190,121			151,210			151,887			579,290			699,501			153,643			207,837

End of period	$	8,314,148		$	7,379,523		$	210,031		$	204,242		$	166,578		$	151,210		$	648,042		$	579,290		$	159,484		$	153,643

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

NYLIAC Variable Annuity Separate Account-I

Non-Qualified Policies

Statement of Changes in Net Assets (Continued)

For the years ended December 31, 2024

and December 31, 2023


	MFS^® Research Series— Initial Class						Morgan Stanley VIF U.S. Real Estate Portfolio— Class II						Neuberger Berman AMT Mid Cap Growth Portfolio— Class S						PIMCO VIT Income Portfolio— Advisor Class						PIMCO VIT International Bond Portfolio (U.S. Dollar-Hedged)— Advisor Class
	2024			2023			2024			2023			2024			2023			2024			2023			2024			2023
INCREASE (DECREASE) IN NET ASSETS:
Operations:
Net investment income (loss)	$	(6,739	)	$	(6,429	)	$	2,097		$	1,758		$	(17,022	)	$	(12,562	)	$	7,142		$	3,909		$	4,824		$	2,944
Net realized gain (loss) on investments		6,052			2,852			(14,946	)		(30,285	)		(2,077	)		(49,827	)		(1,135	)		(514	)		(7,810	)		(11,264	)
Realized gain distribution received		55,685			43,909			—			—			84,063			—			—			—			—			7,017
Change in unrealized appreciation (depreciation) on investments		94,810			113,880			37,402			58,191			190,082			211,882			565			3,923			11,598			19,137

Net increase (decrease) in net assets resulting from operations		149,808			154,212			24,553			29,664			255,046			149,493			6,572			7,318			8,612			17,834

Contributions and (Withdrawals):
Payments received from policyowners		700			1,199			106			121			14,850			7,602			164			179			600			1,199
Policyowners’ surrenders		(18,549	)		(50,814	)		(16,911	)		(36,767	)		(63,745	)		(118,804	)		(85,609	)		(2,531	)		(28,584	)		(30,423	)
Policyowners’ annuity and death benefits		—			(12,278	)		—			—			(2,450	)		(46,819	)		(228	)		—			(28,559	)		(14,693	)
Net transfers from (to) Fixed Account		48			45			—			—			546			5,011			293			119			673			575
Transfers between Investment Divisions		(7,422	)		(4,452	)		(254,251	)		2,915			142,301			57,226			91,571			41,585			13,000			(3,023	)

Net contributions and (withdrawals)		(25,223	)		(66,300	)		(271,056	)		(33,731	)		91,502			(95,784	)		6,191			39,352			(42,870	)		(46,365	)

Increase (decrease) in net assets		124,585			87,912			(246,503	)		(4,067	)		346,548			53,709			12,763			46,670			(34,258	)		(28,531	)
NET ASSETS:
Beginning of period		871,883			783,971			246,503			250,570			1,030,889			977,180			134,907			88,237			229,793			258,324

End of period	$	996,468		$	871,883		$	—		$	246,503		$	1,377,437		$	1,030,889		$	147,670		$	134,907		$	195,535		$	229,793

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

NYLIAC Variable Annuity Separate Account-I

Non-Qualified Policies

Statement of Changes in Net Assets (Continued)

For the years ended December 31, 2024

and December 31, 2023


	PIMCO VIT Low Duration Portfolio— Advisor Class						PIMCO VIT Short-Term Portfolio— Advisor Class		PIMCO VIT Total Return Portfolio— Advisor Class						Principal VC Real Estate Securities Account— Class 2			Putnam VT International Value Fund— Class IB
	2024			2023			2024 (a)		2024			2023			2024 (a)			2024 (a)
INCREASE (DECREASE) IN NET ASSETS:
Operations:
Net investment income (loss)	$	2,742		$	1,945		$	193	$	12,291		$	10,257		$	(168	)	$	(8	)
Net realized gain (loss) on investments		(1,275	)		(2,279	)		—		(23,832	)		(15,263	)		(279	)		(6	)
Realized gain distribution received		—			—			—		—			—			—			—
Change in unrealized appreciation (depreciation) on investments		1,910			3,248			36		17,308			27,433			(8,865	)		(127	)

Net increase (decrease) in net assets resulting from operations		3,377			2,914			229		5,767			22,427			(9,312	)		(141	)

Contributions and (Withdrawals):
Payments received from policyowners		—			—			—		866			1,378			11			—
Policyowners’ surrenders		(5,502	)		(23,179	)		—		(44,684	)		(24,188	)		(7	)		—
Policyowners’ annuity and death benefits		(8,336	)		—			—		(1,561	)		(24,368	)		(16,498	)		—
Net transfers from (to) Fixed Account		—			—			12,350		—			523			—			—
Transfers between Investment Divisions		40,987			13,309			—		2,268			25,620			207,290			3,529

Net contributions and (withdrawals)		27,149			(9,870	)		12,350		(43,111	)		(21,035	)		190,796			3,529

Increase (decrease) in net assets		30,526			(6,956	)		12,579		(37,344	)		1,392			181,484			3,388
NET ASSETS:
Beginning of period		82,396			89,352			—		488,830			487,438			—			—

End of period	$	112,922		$	82,396		$	12,579	$	451,486		$	488,830		$	181,484		$	3,388

(a) For the period May 1, 2024 (commencement of Investment Division) through December 31, 2024.

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

NYLIAC Variable Annuity Separate Account-I

Non-Qualified Policies

Statement of Changes in Net Assets (Continued)

For the years ended December 31, 2024

and December 31, 2023


	Voya Growth and Income Portfolio— Class S			Western Asset Core Plus VIT Portfolio— Class II
	2024 (a)			2024			2023
INCREASE (DECREASE) IN NET ASSETS:
Operations:
Net investment income (loss)	$	24		$	547		$	—
Net realized gain (loss) on investments		21			290			—
Realized gain distribution received		16,524			—			—
Change in unrealized appreciation (depreciation) on investments		(8,630	)		(441	)		—

Net increase (decrease) in net assets resulting from operations		7,939			396			—

Contributions and (Withdrawals):
Payments received from policyowners		5,475			—			—
Policyowners’ surrenders		—			—			—
Policyowners’ annuity and death benefits		—			—			—
Net transfers from (to) Fixed Account		—			448			—
Transfers between Investment Divisions		121,657			6,353			—

Net contributions and (withdrawals)		127,132			6,801			—

Increase (decrease) in net assets		135,071			7,197			—
NET ASSETS:
Beginning of period		—			—			—

End of period	$	135,071		$	7,197		$	—

(a) For the period May 1, 2024 (commencement of Investment Division) through December 31, 2024.

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

NYLIAC Variable Annuity Separate Account-II

Tax-Qualified Policies

Statement of Assets and Liabilities

As of December 31, 2024


	NYLI VP American Century Sustainable Equity— Initial Class			NYLI VP Balanced— Service Class		NYLI VP Bond— Initial Class			NYLI VP Candriam Emerging Markets Equity— Initial Class			NYLI VP CBRE Global Infrastructure— Service Class		NYLI VP Conservative Allocation— Service Class			NYLI VP Dimensional U.S. Equity— Initial Class			NYLI VP Epoch U.S. Equity Yield— Initial Class
ASSETS:
Investment at net asset value	$	7,421,663		$	3,580,998	$	3,986,446		$	2,350,016		$	108,583	$	4,509,262		$	35,360,617		$	24,647,976
Dividends due and accrued		—			—		—			—			—		—			—			—
Net receivable from (payable to) New York Life Insurance and Annuity Corporation		(3,841	)		—		(3	)		(2,643	)		—		(787	)		(20,511	)		(96,646	)
Net receivable from (payable to) the Fund for shares sold or purchased		4,106			127		145			2,726			4		947			21,771			97,523
LIABILITIES:
Liability to New York Life Insurance and Annuity Corporation for:
Mortality and expense risk charges		245			117		131			77			4		148			1,163			810
Administrative charges		20			10		11			6			—		12			97			67

Total net assets	$	7,421,663		$	3,580,998	$	3,986,446		$	2,350,016		$	108,583	$	4,509,262		$	35,360,617		$	24,647,976

Total shares outstanding		716,335			258,263		332,168			302,580			14,794		438,205			1,093,771			1,366,856

Net asset value per share (NAV)	$	10.36		$	13.87	$	12.00		$	7.77		$	7.34	$	10.29		$	32.33		$	18.03

Total units outstanding		225,384			139,181		167,126			255,768			14,935		229,442			286,381			606,804

Variable accumulation unit value	$	32.93		$	25.74	$	23.86		$	9.19		$	7.27	$	19.65		$	123.50		$	40.62

Identified cost of investment	$	7,102,226		$	3,562,153	$	4,699,854		$	2,497,549		$	102,866	$	4,690,225		$	27,331,623		$	20,526,624

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

NYLIAC Variable Annuity Separate Account-II

Tax-Qualified Policies

Statement of Assets and Liabilities (Continued)

As of December 31, 2024


	NYLI VP Equity Allocation— Service Class		NYLI VP Fidelity Institutional AM^®Utilities— Service Class			NYLI VP Floating Rate— Service Class		NYLI VP Growth Allocation— Service Class			NYLI VP Hedge Multi- Strategy— Service Class		NYLI VP Income Builder— Initial Class			NYLI VP Janus Henderson Balanced— Initial Class			NYLI VP MacKay Convertible— Initial Class
ASSETS:
Investment at net asset value	$	3,636,012	$	11,134,548		$	4,145,230	$	7,157,946		$	386,158	$	25,505,009		$	30,606,324		$	11,113,980
Dividends due and accrued		—		—			—		—			—		—			—			—
Net receivable from (payable to) New York Life Insurance and Annuity Corporation		113		(20,962	)		—		600			—		(706	)		(10,691	)		(1,505	)
Net receivable from (payable to) the Fund for shares sold or purchased		16		21,359			147		(345	)		14		1,613			11,782			1,900
LIABILITIES:
Liability to New York Life Insurance and Annuity Corporation for:
Mortality and expense risk charges		119		366			136		235			13		837			1,007			365
Administrative charges		10		31			11		20			1		70			84			30

Total net assets	$	3,636,012	$	11,134,548		$	4,145,230	$	7,157,946		$	386,158	$	25,505,009		$	30,606,324		$	11,113,980

Total shares outstanding		353,268		890,785			483,843		678,723			43,142		1,616,933			1,901,805			725,224

Net asset value per share (NAV)	$	10.29	$	12.50		$	8.57	$	10.55		$	8.95	$	15.77		$	16.09		$	15.32

Total units outstanding		133,612		431,744			253,298		274,254			44,947		456,185			1,137,127			167,334

Variable accumulation unit value	$	27.09	$	25.79		$	16.38	$	26.09		$	8.59	$	55.92		$	26.92		$	66.42

Identified cost of investment	$	3,636,427	$	10,370,150		$	4,175,418	$	7,000,376		$	369,013	$	25,380,739		$	24,720,577		$	10,746,771

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

NYLIAC Variable Annuity Separate Account-II

Tax-Qualified Policies

Statement of Assets and Liabilities (Continued)

As of December 31, 2024


	NYLI VP MacKay High Yield Corporate Bond— Initial Class			NYLI VP MacKay Strategic Bond— Service Class		NYLI VP MacKay U.S. Infrastructure Bond— Initial Class		NYLI VP Moderate Allocation— Service Class			NYLI VP Natural Resources— Initial Class			NYLI VP PIMCO Real Return— Service Class		NYLI VP PineStone International Equity— Initial Class			NYLI VP S&P 500 Index— Initial Class
ASSETS:
Investment at net asset value	$	25,366,357		$	1,627,834	$	2,712,756	$	8,837,319		$	3,361,354		$	787,090	$	4,294,690		$	93,072,171
Dividends due and accrued		—			—		—		—			—			—		—			—
Net receivable from (payable to) New York Life Insurance and Annuity Corporation		(64,725	)		—		14		700			(22,942	)		—		(19,650	)		(47,120	)
Net receivable from (payable to) the Fund for shares sold or purchased		65,627			57		82		(386	)		23,061			28		19,804			50,442
LIABILITIES:
Liability to New York Life Insurance and Annuity Corporation for:
Mortality and expense risk charges		833			53		89		290			110			26		142			3,066
Administrative charges		69			4		7		24			9			2		12			256

Total net assets	$	25,366,357		$	1,627,834	$	2,712,756	$	8,837,319		$	3,361,354		$	787,090	$	4,294,690		$	93,072,171

Total shares outstanding		2,770,493			169,113		283,139		865,835			285,941			103,180		385,257			886,234

Net asset value per share (NAV)	$	9.16		$	9.63	$	9.58	$	10.21		$	11.76		$	7.63	$	11.15		$	105.02

Total units outstanding		453,307			122,399		128,059		388,531			297,160			78,034		126,308			617,674

Variable accumulation unit value	$	55.96		$	13.30	$	21.19	$	22.74		$	11.31		$	10.09	$	34.01		$	150.70

Identified cost of investment	$	26,342,807		$	1,648,650	$	3,025,541	$	8,887,637		$	2,686,720		$	919,132	$	5,285,113		$	41,538,862

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

NYLIAC Variable Annuity Separate Account-II

Tax-Qualified Policies

Statement of Assets and Liabilities (Continued)

As of December 31, 2024


	NYLI VP Schroders Mid Cap Opportunities— Initial Class			NYLI VP Small Cap Growth— Initial Class		NYLI VP Small Cap Growth— Service Class		NYLI VP U.S. Government Money Market— Initial Class			NYLI VP Wellington Growth— Initial Class			NYLI VP Wellington Small Cap— Initial Class			NYLI VP Winslow Large Cap Growth— Initial Class		AB VPS Relative Value Portfolio— Class B
ASSETS:
Investment at net asset value	$	6,899,705		$	5,544,034	$	783,323	$	6,491,586		$	63,464,053		$	3,275,390		$	14,015,053	$	157,231
Dividends due and accrued		—			—		—		—			—			—			—		—
Net receivable from (payable to) New York Life Insurance and Annuity Corporation		(26,907	)		11		—		(32	)		(7,332	)		(9,453	)		323		—
Net receivable from (payable to) the Fund for shares sold or purchased		27,153			186		28		263			9,606			9,569			179		5
LIABILITIES:
Liability to New York Life Insurance and Annuity Corporation for:
Mortality and expense risk charges		227			182		26		213			2,099			107			463		5
Administrative charges		19			15		2		18			175			9			39		—

Total net assets	$	6,899,705		$	5,544,034	$	783,323	$	6,491,586		$	63,464,053		$	3,275,390		$	14,015,053	$	157,231

Total shares outstanding		746,867			465,866		69,770		6,490,937			2,058,396			333,533			453,764		5,093

Net asset value per share (NAV)	$	9.24		$	11.90	$	11.23	$	1.00		$	30.83		$	9.82		$	30.89	$	30.87

Total units outstanding		146,103			219,488		35,021		4,738,892			691,144			256,398			154,135		12,795

Variable accumulation unit value	$	47.23		$	25.26	$	22.37	$	1.37		$	91.84		$	12.77		$	90.93	$	12.29

Identified cost of investment	$	6,867,232		$	5,587,237	$	784,998	$	6,491,586		$	52,140,908		$	3,018,994		$	11,459,023	$	161,289

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

NYLIAC Variable Annuity Separate Account-II

Tax-Qualified Policies

Statement of Assets and Liabilities (Continued)

As of December 31, 2024


	American Funds IS Asset Allocation Fund— Class 4		American Funds IS The Bond Fund of America^®— Class 4		American Funds IS Global Small Capitalization Fund— Class 4		American Funds IS Growth Fund— Class 4		American Funds IS New World Fund^®— Class 4		American Funds IS U.S. Government Securities Fund^®— Class 4		American Funds IS Washington Mutual Investors Fund^SM— Class 4		BlackRock^® Global Allocation V.I. Fund— Class III
ASSETS:
Investment at net asset value	$	1,915,448	$	68,435	$	178,546	$	1,291,599	$	561,493	$	31,371	$	1,397,743	$	1,219,922
Dividends due and accrued		—		—		—		—		—		—		—		—
Net receivable from (payable to) New York Life Insurance and Annuity Corporation		—		—		—		—		—		—		—		—
Net receivable from (payable to) the Fund for shares sold or purchased		68		2		6		47		21		1		50		43
LIABILITIES:
Liability to New York Life Insurance and Annuity Corporation for:
Mortality and expense risk charges		63		2		6		43		19		1		46		40
Administrative charges		5		—		—		4		2		—		4		3

Total net assets	$	1,915,448	$	68,435	$	178,546	$	1,291,599	$	561,493	$	31,371	$	1,397,743	$	1,219,922

Total shares outstanding		75,382		7,545		10,497		10,554		21,513		3,323		85,541		94,641

Net asset value per share (NAV)	$	25.41	$	9.07	$	17.01	$	122.38	$	26.10	$	9.44	$	16.34	$	12.89

Total units outstanding		122,441		6,961		12,712		45,608		39,054		3,047		74,643		74,991

Variable accumulation unit value	$	15.64	$	9.83	$	14.04	$	28.32	$	14.38	$	10.29	$	18.73	$	16.27

Identified cost of investment	$	1,864,655	$	71,543	$	200,366	$	968,091	$	568,849	$	32,800	$	1,189,108	$	1,362,323

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

NYLIAC Variable Annuity Separate Account-II

Tax-Qualified Policies

Statement of Assets and Liabilities (Continued)

As of December 31, 2024


	BlackRock^® High Yield V.I. Fund— Class III			BNY Mellon IP Technology Growth Portfolio— Initial Shares		BNY Mellon Sustainable U.S. Equity Portfolio— Service Shares		ClearBridge Variable Appreciation Portfolio— Class II		Columbia Variable Portfolio— Commodity Strategy Fund— Class 2		Columbia Variable Portfolio— Emerging Markets Bond Fund— Class 2		Columbia Variable Portfolio— Intermediate Bond Fund— Class 2		Columbia Variable Portfolio— Small Cap Value Fund— Class 2
ASSETS:
Investment at net asset value	$	713,421		$	6,409,555	$	4,840	$	41,689	$	400	$	122,838	$	8,495	$	1,644,708
Dividends due and accrued		3,878			—		—		—		—		—		—		—
Net receivable from (payable to) New York Life Insurance and Annuity Corporation		—			20		—		—		—		—		—		(14,561	)
Net receivable from (payable to) the Fund for shares sold or purchased		(3,853	)		210		—		1		—		4		—		14,620
LIABILITIES:
Liability to New York Life Insurance and Annuity Corporation for:
Mortality and expense risk charges		23			212		—		1		—		4		—		54
Administrative charges		2			18		—		—		—		—		—		5

Total net assets	$	713,421		$	6,409,555	$	4,840	$	41,689	$	400	$	122,838	$	8,495	$	1,644,708

Total shares outstanding		102,832			181,986		89		657		106		15,490		1,023		124,129

Net asset value per share (NAV)	$	6.90		$	35.22	$	54.33	$	63.41	$	3.79	$	7.93	$	8.30	$	13.25

Total units outstanding		51,962			104,586		352		1,801		37		11,123		871		42,501

Variable accumulation unit value	$	13.74		$	61.27	$	13.74	$	23.14	$	10.89	$	11.04	$	9.75	$	38.69

Identified cost of investment	$	729,685		$	5,018,420	$	3,746	$	37,802	$	415	$	126,494	$	8,581	$	1,467,710

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

NYLIAC Variable Annuity Separate Account-II

Tax-Qualified Policies

Statement of Assets and Liabilities (Continued)

As of December 31, 2024


	DWS Alternative Asset Allocation VIP— Class B		Fidelity^®VIP Bond Index Portfolio— Service Class 2		Fidelity^®VIP Contrafund^SM Portfolio— Initial Class			Fidelity^®VIP Emerging Markets Portfolio— Service Class 2		Fidelity^®VIP Equity-Income Portfolio^SM— Initial Class		Fidelity^®VIP FundsManager^® 60% Portfolio— Service Class		Fidelity^®VIP Growth Opportunities Portfolio— Service Class 2		Fidelity^®VIP Health Care Portfolio— Service Class 2
ASSETS:
Investment at net asset value	$	329,875	$	239,782	$	53,530,260		$	122,050	$	11,207,192	$	391,282	$	6,724,335	$	577,789
Dividends due and accrued		—		—		—			—		—		—		—		—
Net receivable from (payable to) New York Life Insurance and Annuity Corporation		—		—		(130,634	)		—		—		—		30		—
Net receivable from (payable to) the Fund for shares sold or purchased		12		9		132,552			4		398		14		212		21
LIABILITIES:
Liability to New York Life Insurance and Annuity Corporation for:
Mortality and expense risk charges		11		8		1,770			4		367		13		223		19
Administrative charges		1		1		148			—		31		1		19		2

Total net assets	$	329,875	$	239,782	$	53,530,260		$	122,050	$	11,207,192	$	391,282	$	6,724,335	$	577,789

Total shares outstanding		25,493		25,320		923,891			10,641		421,481		37,587		83,688		16,225

Net asset value per share (NAV)	$	12.94	$	9.47	$	57.94		$	11.47	$	26.59	$	10.41	$	80.35	$	35.61

Total units outstanding		27,041		28,116		399,987			10,139		183,737		28,198		130,564		39,360

Variable accumulation unit value	$	12.20	$	8.53	$	133.85		$	12.04	$	61.01	$	13.88	$	51.50	$	14.68

Identified cost of investment	$	329,134	$	260,691	$	37,243,352		$	116,704	$	10,009,269	$	364,149	$	5,067,431	$	556,673

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

NYLIAC Variable Annuity Separate Account-II

Tax-Qualified Policies

Statement of Assets and Liabilities (Continued)

As of December 31, 2024


	Fidelity^®VIP International Index Portfolio— Service Class 2		Fidelity^®VIP Investment Grade Bond Portfolio— Service Class 2		Fidelity^®VIP Mid Cap Portfolio— Service Class 2			Franklin Templeton Aggressive Model Portfolio— Class II		Franklin Templeton Conservative Model Portfolio— Class II		Franklin Templeton Moderate Model Portfolio— Class II		Franklin Templeton Moderately Aggressive Model Portfolio— Class II		Franklin Templeton Moderately Conservative Model Portfolio— Class II
ASSETS:
Investment at net asset value	$	70,293	$	6,949	$	5,794,379		$	535,614	$	558,168	$	3,297,468	$	1,121,441	$	1,636,432
Dividends due and accrued		—		—		—			—		—		—		—		—
Net receivable from (payable to) New York Life Insurance and Annuity Corporation		—		—		(1,257	)		—		—		—		—		—
Net receivable from (payable to) the Fund for shares sold or purchased		2		—		1,463			19		20		117		40		58
LIABILITIES:
Liability to New York Life Insurance and Annuity Corporation for:
Mortality and expense risk charges		2		—		190			18		18		108		37		54
Administrative charges		—		—		16			1		2		9		3		4

Total net assets	$	70,293	$	6,949	$	5,794,379		$	535,614	$	558,168	$	3,297,468	$	1,121,441	$	1,636,432

Total shares outstanding		6,527		654		163,314			34,803		56,552		263,587		81,382		143,547

Net asset value per share (NAV)	$	10.77	$	10.62	$	35.48		$	15.39	$	9.87	$	12.51	$	13.78	$	11.40

Total units outstanding		5,823		695		92,943			31,637		51,480		244,236		75,536		132,236

Variable accumulation unit value	$	12.07	$	10.00	$	62.35		$	16.93	$	10.84	$	13.50	$	14.85	$	12.38

Identified cost of investment	$	71,738	$	7,094	$	5,637,178		$	458,048	$	530,530	$	3,048,250	$	989,247	$	1,567,672

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

NYLIAC Variable Annuity Separate Account-II

Tax-Qualified Policies

Statement of Assets and Liabilities (Continued)

As of December 31, 2024


	Invesco V.I. EQV International Equity Fund— Series II Shares		Invesco V.I. Main Street Small Cap Fund^®— Series II Shares		Janus Henderson Enterprise Portfolio— Service Shares		Janus Henderson Global Research Portfolio— Institutional Shares		Macquarie VIP Small Cap Value Series— Service Class		MFS^® International Intrinsic Value Portfolio— Service Class		MFS^® Investors Trust Series— Initial Class		MFS^® Mid Cap Value Portfolio— Service Class
ASSETS:
Investment at net asset value	$	198,833	$	201,058	$	984,193	$	18,993,155	$	108,549	$	368,288	$	1,612,988	$	435,430
Dividends due and accrued		—		—		—		—		—		—		—		—
Net receivable from (payable to) New York Life Insurance and Annuity Corporation		—		—		—		81		—		—		21		—
Net receivable from (payable to) the Fund for shares sold or purchased		8		8		35		597		4		13		36		15
LIABILITIES:
Liability to New York Life Insurance and Annuity Corporation for:
Mortality and expense risk charges		7		7		32		626		4		12		53		14
Administrative charges		1		1		3		52		—		1		4		1

Total net assets	$	198,833	$	201,058	$	984,193	$	18,993,155	$	108,549	$	368,288	$	1,612,988	$	435,430

Total shares outstanding		6,045		7,057		13,172		261,614		2,697		12,626		40,589		41,788

Net asset value per share (NAV)	$	32.89	$	28.49	$	74.72	$	72.60	$	40.25	$	29.17	$	39.74	$	10.42

Total units outstanding		15,650		10,163		49,768		340,425		7,748		24,688		35,432		22,186

Variable accumulation unit value	$	12.70	$	19.78	$	19.78	$	55.80	$	14.01	$	14.92	$	45.43	$	19.63

Identified cost of investment	$	191,335	$	177,239	$	925,775	$	11,787,696	$	97,360	$	347,307	$	1,333,299	$	386,905

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

NYLIAC Variable Annuity Separate Account-II

Tax-Qualified Policies

Statement of Assets and Liabilities (Continued)

As of December 31, 2024


	MFS^® Research International Portfolio— Service Class		MFS^® Research Series— Initial Class			Morgan Stanley VIF U.S. Real Estate Portfolio— Class II		Neuberger Berman AMT Mid Cap Growth Portfolio— Class S		PIMCO VIT Income Portfolio— Advisor Class		PIMCO VIT International Bond Portfolio (U.S. Dollar- Hedged)— Advisor Class		PIMCO VIT Low Duration Portfolio— Advisor Class		PIMCO VIT Total Return Portfolio— Advisor Class
ASSETS:
Investment at net asset value	$	31,810	$	1,189,610		$	—	$	2,995,230	$	734,261	$	610,240	$	163,620	$	981,708
Dividends due and accrued		—		—			—		—		—		—		—		—
Net receivable from (payable to) New York Life Insurance and Annuity Corporation		—		(3	)		—		—		—		—		—		—
Net receivable from (payable to) the Fund for shares sold or purchased		1		45			—		107		26		22		5		35
LIABILITIES:
Liability to New York Life Insurance and Annuity Corporation for:
Mortality and expense risk charges		1		39			—		99		24		20		5		32
Administrative charges		—		3			—		8		2		2		—		3

Total net assets	$	31,810	$	1,189,610		$	—	$	2,995,230	$	734,261	$	610,240	$	163,620	$	981,708

Total shares outstanding		1,887		33,425			—		112,518		74,243		61,024		16,973		108,596

Net asset value per share (NAV)	$	16.86	$	35.59		$	—	$	26.62	$	9.89	$	10.00	$	9.64	$	9.04

Total units outstanding		2,917		23,009			—		53,961		65,012		51,423		16,441		95,635

Variable accumulation unit value	$	10.90	$	51.72			—	$	55.51	$	11.29	$	11.87	$	9.95	$	10.27

Identified cost of investment	$	32,943	$	991,738		$	—	$	2,920,058	$	731,179	$	648,138	$	163,179	$	1,037,848

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

NYLIAC Variable Annuity Separate Account-II

Tax-Qualified Policies

Statement of Assets and Liabilities (Continued)

As of December 31, 2024


	Principal VC Real Estate Securities Account— Class 2		Western Asset Core Plus VIT Portfolio— Class II
ASSETS:
Investment at net asset value	$	217,122	$	10,953
Dividends due and accrued		—		—
Net receivable from (payable to) New York Life Insurance and Annuity Corporation		—		—
Net receivable from (payable to) the Fund for shares sold or purchased		8		—
LIABILITIES:
Liability to New York Life Insurance and Annuity Corporation for:
Mortality and expense risk charges		7		—
Administrative charges		1		—

Total net assets	$	217,122	$	10,953

Total shares outstanding		11,917		2,423

Net asset value per share (NAV)	$	18.22	$	4.52

Total units outstanding		18,911		1,127

Variable accumulation unit value	$	11.48	$	9.72

Identified cost of investment	$	227,681	$	11,785

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

NYLIAC Variable Annuity Separate Account-II

Tax-Qualified Policies

Statement of Operations

For the year ended December 31, 2024


	NYLI VP American Century Sustainable Equity— Initial Class			NYLI VP Balanced— Service Class			NYLI VP Bond— Initial Class			NYLI VP Candriam Emerging Markets Equity— Initial Class			NYLI VP CBRE Global Infrastructure— Service Class			NYLI VP Conservative Allocation— Service Class			NYLI VP Dimensional U.S. Equity— Initial Class			NYLI VP Epoch U.S. Equity Yield— Initial Class
INVESTMENT INCOME (LOSS):
Dividend income	$	75,143		$	91,209		$	195,735		$	22,296		$	2,280		$	67,564		$	277,892		$	674,583
Mortality and expense risk charges		(91,335	)		(46,202	)		(50,762	)		(29,508	)		(1,310	)		(64,029	)		(426,656	)		(302,334	)
Administrative charges		(8,321	)		(4,049	)		(5,128	)		(2,876	)		(121	)		(6,139	)		(41,091	)		(29,406	)

Net investment income (loss)		(24,513	)		40,958			139,845			(10,088	)		849			(2,604	)		(189,855	)		342,843

REALIZED AND UNREALIZED GAIN (LOSS):
Proceeds from sale of investments		1,418,795			1,028,622			628,328			437,912			31,830			1,813,013			4,972,117			3,785,136
Cost of investments sold		(1,908,071	)		(1,052,145	)		(756,374	)		(538,658	)		(28,347	)		(1,999,469	)		(4,023,784	)		(3,161,935	)

Net realized gain (loss) on investments		(489,276	)		(23,523	)		(128,046	)		(100,746	)		3,483			(186,456	)		948,333			623,201
Realized gain distribution received		176,735			—			—			—			—			—			—			1,459,956
Change in unrealized appreciation (depreciation) on investments		1,611,407			219,885			6,026			374,689			2,015			460,219			6,254,626			1,494,755

Net gain (loss) on investments		1,298,866			196,362			(122,020	)		273,943			5,498			273,763			7,202,959			3,577,912

Net increase (decrease) in net assets resulting from operations	$	1,274,353		$	237,320		$	17,825		$	263,855		$	6,347		$	271,159		$	7,013,104		$	3,920,755

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

NYLIAC Variable Annuity Separate Account-II

Tax-Qualified Policies

Statement of Operations (Continued)

For the year ended December 31, 2024


	NYLI VP Equity Allocation— Service Class			NYLI VP Fidelity Institutional AM^®Utilities— Service Class			NYLI VP Floating Rate— Service Class			NYLI VP Growth Allocation— Service Class			NYLI VP Hedge Multi- Strategy— Service Class			NYLI VP Income Builder— Initial Class			NYLI VP Janus Henderson Balanced— Initial Class			NYLI VP MacKay Convertible— Initial Class
INVESTMENT INCOME (LOSS):
Dividend income	$	—		$	241,196		$	335,292		$	43,595		$	46		$	816,209		$	572,953		$	413,657
Mortality and expense risk charges		(45,835	)		(133,279	)		(51,716	)		(97,342	)		(5,012	)		(320,859	)		(379,058	)		(139,836	)
Administrative charges		(4,214	)		(11,982	)		(4,641	)		(8,804	)		(445	)		(32,301	)		(37,705	)		(12,681	)

Net investment income (loss)		(50,049	)		95,935			278,935			(62,551	)		(5,411	)		463,049			156,190			261,140

REALIZED AND UNREALIZED GAIN (LOSS):
Proceeds from sale of investments		543,619			2,478,021			936,900			2,120,525			127,593			3,964,934			5,085,025			2,607,657
Cost of investments sold		(576,256	)		(2,228,144	)		(972,497	)		(2,342,101	)		(124,152	)		(4,441,684	)		(3,876,921	)		(2,214,346	)

Net realized gain (loss) on investments		(32,637	)		249,877			(35,597	)		(221,576	)		3,441			(476,750	)		1,208,104			393,311
Realized gain distribution received		—			795,284			—			—			—			—			—			175,844
Change in unrealized appreciation (depreciation) on investments		452,339			1,479,279			22,700			993,812			21,493			2,615,882			2,812,977			(33,607	)

Net gain (loss) on investments		419,702			2,524,440			(12,897	)		772,236			24,934			2,139,132			4,021,081			535,548

Net increase (decrease) in net assets resulting from operations	$	369,653		$	2,620,375		$	266,038		$	709,685		$	19,523		$	2,602,181		$	4,177,271		$	796,688

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

NYLIAC Variable Annuity Separate Account-II

Tax-Qualified Policies

Statement of Operations (Continued)

For the year ended December 31, 2024


	NYLI VP MacKay High Yield Corporate Bond— Initial Class			NYLI VP MacKay Strategic Bond— Service Class			NYLI VP MacKay U.S. Infrastructure Bond— Initial Class			NYLI VP Moderate Allocation— Service Class			NYLI VP Natural Resources— Initial Class			NYLI VP PIMCO Real Return— Service Class			NYLI VP PineStone International Equity— Initial Class			NYLI VP S&P 500 Index— Initial Class
INVESTMENT INCOME (LOSS):
Dividend income	$	1,546,980		$	94,185		$	55,780		$	76,925		$	98,154 $			28,372		$	26,134		$	1,064,380
Mortality and expense risk charges		(321,807	)		(21,152	)		(35,044	)		(117,125	)		(45,544	)		(10,027	)		(55,421	)		(1,096,921	)
Administrative charges		(30,849	)		(1,877	)		(3,947	)		(10,607	)		(4,522	)		(861	)		(5,025	)		(105,059	)

Net investment income (loss)		1,194,324			71,156			16,789			(50,807	)		48,088			17,484			(34,312	)		(137,600	)

REALIZED AND UNREALIZED GAIN (LOSS):
Proceeds from sale of investments		4,288,565			470,065			456,626			2,606,443			833,926			157,734			758,975			11,903,885
Cost of investments sold		(4,526,418	)		(486,624	)		(528,000	)		(2,930,577	)		(468,730	)		(185,990	)		(951,045	)		(2,411,087	)

Net realized gain (loss) on investments		(237,853	)		(16,559	)		(71,374	)		(324,134	)		365,196			(28,256	)		(192,070	)		9,492,798
Realized gain distribution received		—			—			—			—			—			—			—			288,361
Change in unrealized appreciation (depreciation) on investments		533,842			40,660			46,806			1,053,311			(435,039	)		16,473			381,931			9,149,701

Net gain (loss) on investments		295,989			24,101			(24,568	)		729,177			(69,843	)		(11,783	)		189,861			18,930,860

Net increase (decrease) in net assets resulting from operations	$	1,490,313		$	95,257		$	(7,779	)	$	678,370		$	(21,755	)	$	5,701		$	155,549		$	18,793,260

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

NYLIAC Variable Annuity Separate Account-II

Tax-Qualified Policies

Statement of Operations (Continued)

For the year ended December 31, 2024


	NYLI VP Schroders Mid Cap Opportunities— Initial Class			NYLI VP Small Cap Growth— Initial Class			NYLI VP Small Cap Growth— Service Class			NYLI VP U.S. Government Money Market— Initial Class			NYLI VP Wellington Growth— Initial Class			NYLI VP Wellington Small Cap— Initial Class			NYLI VP Winslow Large Cap Growth— Initial Class			AB VPS Relative Value Portfolio— Class B
INVESTMENT INCOME (LOSS):
Dividend income	$	22,479		$	—		$	—		$	305,745		$	—		$	34,204		$	—		$	115
Mortality and expense risk charges		(86,215	)		(68,398	)		(9,132	)		(75,412	)		(755,654	)		(39,984	)		(162,808	)		(367	)
Administrative charges		(7,625	)		(6,649	)		(814	)		(8,223	)		(78,903	)		(3,697	)		(15,297	)		(30	)

Net investment income (loss)		(71,361	)		(75,047	)		(9,946	)		222,110			(834,557	)		(9,477	)		(178,105	)		(282	)

REALIZED AND UNREALIZED GAIN (LOSS):
Proceeds from sale of investments		1,289,346			839,739			279,350			3,035,632			8,943,717			716,233			2,424,664			735
Cost of investments sold		(2,079,364	)		(873,445	)		(412,893	)		(3,035,632	)		(8,166,656	)		(877,560	)		(2,038,361	)		(648	)

Net realized gain (loss) on investments		(790,018	)		(33,706	)		(133,543	)		—			777,061			(161,327	)		386,303			87
Realized gain distribution received		—			—			—			—			—			—			1,214,617			322
Change in unrealized appreciation (depreciation) on investments		1,460,834			590,374			198,030			—			13,604,650			574,537			1,841,971			(4,055	)

Net gain (loss) on investments		670,816			556,668			64,487			—			14,381,711			413,210			3,442,891			(3,646	)

Net increase (decrease) in net assets resulting from operations	$	599,455		$	481,621		$	54,541		$	222,110		$	13,547,154		$	403,733		$	3,264,786		$	(3,928	)

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

NYLIAC Variable Annuity Separate Account-II

Tax-Qualified Policies

Statement of Operations (Continued)

For the year ended December 31, 2024


	American Funds IS Asset Allocation Fund— Class 4			American Funds IS The Bond Fund of America^®— Class 4			American Funds IS Global Small Capitalization Fund— Class 4			American Funds IS Growth Fund— Class 4			American Funds IS New World Fund^®— Class 4			American Funds IS U.S. Government Securities Fund^®— Class 4 (a)			American Funds IS Washington Mutual Investors Fund^SM— Class 4			BlackRock^® Global Allocation V.I. Fund— Class III
INVESTMENT INCOME (LOSS):
Dividend income	$	37,370		$	2,371		$	1,560		$	1,996		$	6,741		$	1,014		$	19,278		$	18,034
Mortality and expense risk charges		(25,034	)		(388	)		(2,225	)		(13,568	)		(7,200	)		(160	)		(15,902	)		(19,000	)
Administrative charges		(2,138	)		(33	)		(190	)		(1,177	)		(608	)		(14	)		(1,347	)		(1,650	)

Net investment income (loss)		10,198			1,950			(855	)		(12,749	)		(1,067	)		840			2,029			(2,616	)

REALIZED AND UNREALIZED GAIN (LOSS):
Proceeds from sale of investments		1,070,141			410			49,685			329,863			177,538			173			314,709			747,046
Cost of investments sold		(1,011,557	)		(414	)		(91,011	)		(348,515	)		(158,764	)		(173	)		(251,784	)		(773,699	)

Net realized gain (loss) on investments		58,584			(4	)		(41,326	)		(18,652	)		18,774			—			62,925			(26,653	)
Realized gain distribution received		88,403			—			6,860			27,443			2,754			—			10,967			98,898
Change in unrealized appreciation (depreciation) on investments		118,727			(3,087	)		36,480			292,164			9,869			(1,429	)		131,418			55,289

Net gain (loss) on investments		265,714			(3,091	)		2,014			300,955			31,397			(1,429	)		205,310			127,534

Net increase (decrease) in net assets resulting from operations	$	275,912		$	(1,141	)	$	1,159		$	288,206		$	30,330		$	(589	)	$	207,339		$	124,918

(a) For the period May 1, 2024 (commencement of Investment Division) through December 31, 2024.

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

NYLIAC Variable Annuity Separate Account-II

Tax-Qualified Policies

Statement of Operations (Continued)

For the year ended December 31, 2024


	BlackRock^® High Yield V.I. Fund— Class III			BNY Mellon IP Technology Growth Portfolio— Initial Shares			BNY Mellon Sustainable U.S. Equity Portfolio— Service Shares			ClearBridge Variable Appreciation Portfolio— Class II			Columbia Variable Portfolio— Commodity Strategy Fund— Class 2			Columbia Variable Portfolio— Emerging Markets Bond Fund— Class 2			Columbia Variable Portfolio— Intermediate Bond Fund— Class 2			Columbia Variable Portfolio— Small Cap Value Fund— Class 2
INVESTMENT INCOME (LOSS):
Dividend income	$	60,818		$	—		$	18		$	211		$	14		$	6,508		$	169		$	9,183
Mortality and expense risk charges		(10,976	)		(75,106	)		(65	)		(707	)		(193	)		(1,662	)		(59	)		(20,814	)
Administrative charges		(927	)		(6,595	)		(6	)		(59	)		(16	)		(151	)		(5	)		(1,775	)

Net investment income (loss)		48,915			(81,701	)		(53	)		(555	)		(195	)		4,695			105			(13,406	)

REALIZED AND UNREALIZED GAIN (LOSS):
Proceeds from sale of investments		338,204			1,282,017			6,753			59,049			40,496			84,996			64			630,607
Cost of investments sold		(346,265	)		(916,568	)		(5,779	)		(50,862	)		(52,157	)		(104,865	)		(61	)		(813,126	)

Net realized gain (loss) on investments		(8,061	)		365,449			974			8,187			(11,661	)		(19,869	)		3			(182,519	)
Realized gain distribution received		—			—			32			4,224			—			—			—			75,500
Change in unrealized appreciation (depreciation) on investments		18,128			1,016,661			263			686			14,323			20,983			(318	)		259,279

Net gain (loss) on investments		10,067			1,382,110			1,269			13,097			2,662			1,114			(315	)		152,260

Net increase (decrease) in net assets resulting from operations	$	58,982		$	1,300,409		$	1,216		$	12,542		$	2,467		$	5,809		$	(210	)	$	138,854

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

NYLIAC Variable Annuity Separate Account-II

Tax-Qualified Policies

Statement of Operations (Continued)

For the year ended December 31, 2024


	DWS Alternative Asset Allocation VIP— Class B			Fidelity^® VIP Bond Index Portfolio— Service Class 2			Fidelity^® VIP Contrafund^SM Portfolio— Initial Class			Fidelity^® VIP Emerging Markets Portfolio— Service Class 2			Fidelity^® VIP Equity-Income Portfolio^SM— Initial Class			Fidelity^® VIP FundsManager^® 60% Portfolio— Service Class			Fidelity^® VIP Growth Opportunities Portfolio— Service Class 2			Fidelity^® VIP Health Care Portfolio— Service Class 2
INVESTMENT INCOME (LOSS):
Dividend income	$	11,122		$	6,454		$	95,811		$	1,186		$	196,845		$	7,943		$	—		$	—
Mortality and expense risk charges		(4,090	)		(2,847	)		(631,749	)		(1,465	)		(140,723	)		(4,416	)		(74,086	)		(8,086	)
Administrative charges		(345	)		(240	)		(58,974	)		(127	)		(13,512	)		(368	)		(6,264	)		(685	)

Net investment income (loss)		6,687			3,367			(594,912	)		(406	)		42,610			3,159			(80,350	)		(8,771	)

REALIZED AND UNREALIZED GAIN (LOSS):
Proceeds from sale of investments		72,727			37,965			8,119,702			101,111			1,936,950			155,754			1,329,245			243,939
Cost of investments sold		(73,237	)		(45,109	)		(4,481,331	)		(130,658	)		(1,359,583	)		(153,284	)		(1,263,866	)		(264,207	)

Net realized gain (loss) on investments		(510	)		(7,144	)		3,638,371			(29,547	)		577,367			2,470			65,379			(20,268	)
Realized gain distribution received		196			—			6,053,549			—			646,938			—			—			—
Change in unrealized appreciation (depreciation) on investments		6,624			4,838			5,123,824			42,585			260,555			20,140			1,866,624			55,812

Net gain (loss) on investments		6,310			(2,306	)		14,815,744			13,038			1,484,860			22,610			1,932,003			35,544

Net increase (decrease) in net assets resulting from operations	$	12,997		$	1,061		$	14,220,832		$	12,632		$	1,527,470		$	25,769		$	1,851,653		$	26,773

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

NYLIAC Variable Annuity Separate Account-II

Tax-Qualified Policies

Statement of Operations (Continued)

For the year ended December 31, 2024


	Fidelity^® VIP International Index Portfolio— Service Class 2			Fidelity^® VIP Investment Grade Bond Portfolio— Service Class 2			Fidelity^® VIP Mid Cap Portfolio— Service Class 2			Franklin Templeton Aggressive Model Portfolio— Class II			Franklin Templeton Conservative Model Portfolio— Class II			Franklin Templeton Moderate Model Portfolio— Class II			Franklin Templeton Moderately Aggressive Model Portfolio— Class II			Franklin Templeton Moderately Conservative Model Portfolio— Class II
INVESTMENT INCOME (LOSS):
Dividend income	$	1,897		$	234		$	19,680		$	6,339		$	18,790		$	84,513		$	24,061		$	48,509
Mortality and expense risk charges		(783	)		(84	)		(70,605	)		(5,760	)		(7,719	)		(35,663	)		(13,217	)		(16,581	)
Administrative charges		(65	)		(8	)		(6,236	)		(540	)		(643	)		(3,013	)		(1,131	)		(1,452	)

Net investment income (loss)		1,049			142			(57,161	)		39			10,428			45,837			9,713			30,476

REALIZED AND UNREALIZED GAIN (LOSS):
Proceeds from sale of investments		5,405			92			920,633			214,278			528,787			117,914			249,377			215,079
Cost of investments sold		(5,731	)		(92	)		(736,257	)		(189,736	)		(548,498	)		(111,460	)		(236,285	)		(231,212	)

Net realized gain (loss) on investments		(326	)		—			184,376			24,542			(19,711	)		6,454			13,092			(16,133	)
Realized gain distribution received		—			—			768,379			4,863			—			—			—			—
Change in unrealized appreciation (depreciation) on investments		1,091			(130	)		(52,281	)		45,375			38,511			232,623			101,638			85,533

Net gain (loss) on investments		765			(130	)		900,474			74,780			18,800			239,077			114,730			69,400

Net increase (decrease) in net assets resulting from operations	$	1,814		$	12		$	843,313		$	74,819		$	29,228		$	284,914		$	124,443		$	99,876

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

NYLIAC Variable Annuity Separate Account-II

Tax-Qualified Policies

Statement of Operations (Continued)

For the year ended December 31, 2024


	Invesco V.I. EQV International Equity Fund — Series II Shares			Invesco V.I. Main Street Small Cap Fund^® — Series II Shares			Janus Henderson Enterprise Portfolio — Service Shares			Janus Henderson Global Research Portfolio— Institutional Shares			Macquarie VIP Small Cap Value Series— Service Class			MFS^®International Intrinsic Value Portfolio— Service Class			MFS^®Investors Trust Series— Initial Class			MFS^® Mid Cap Value Portfolio— Service Class
INVESTMENT INCOME (LOSS):
Dividend income	$	3,148		$	—		$	5,759		$	141,409		$	1,527		$	5,174		$	10,960		$	5,577
Mortality and expense risk charges		(2,557	)		(2,090	)		(10,731	)		(229,978	)		(1,664	)		(5,405	)		(19,119	)		(6,480	)
Administrative charges		(223	)		(191	)		(911	)		(23,143	)		(156	)		(458	)		(1,701	)		(561	)

Net investment income (loss)		368			(2,281	)		(5,883	)		(111,712	)		(293	)		(689	)		(9,860	)		(1,464	)

REALIZED AND UNREALIZED GAIN (LOSS):
Proceeds from sale of investments		54,097			56,877			188,830			2,984,566			133,587			181,126			145,221			262,966
Cost of investments sold		(63,250	)		(54,928	)		(211,635	)		(1,166,480	)		(146,965	)		(208,593	)		(102,731	)		(256,194	)

Net realized gain (loss) on investments		(9,153	)		1,949			(22,805	)		1,818,086			(13,378	)		(27,467	)		42,490			6,772
Realized gain distribution received		1,090			6,649			40,032			605,022			5,734			20,138			111,521			22,576
Change in unrealized appreciation (depreciation) on investments		6,057			9,763			100,497			1,446,778			19,084			38,505			113,317			37,659

Net gain (loss) on investments		(2,006	)		18,361			117,724			3,869,886			11,440			31,176			267,328			67,007

Net increase (decrease) in net assets resulting from operations	$	(1,638	)	$	16,080		$	111,841		$	3,758,174		$	11,147		$	30,487		$	257,468		$	65,543

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

NYLIAC Variable Annuity Separate Account-II

Tax-Qualified Policies

Statement of Operations (Continued)

For the year ended December 31, 2024


	MFS^®Research International Portfolio— Service Class			MFS^®Research Series— Initial Class			Morgan Stanley VIF U.S. Real Estate Portfolio— Class II			Neuberger Berman AMT Mid Cap Growth Portfolio— Class S			PIMCO VIT Income Portfolio— Advisor Class			PIMCO VIT International Bond Portfolio (U.S. Dollar- Hedged)— Advisor Class			PIMCO VIT Low Duration Portfolio— Advisor Class			PIMCO VIT Total Return Portfolio— Advisor Class
INVESTMENT INCOME (LOSS):
Dividend income	$	459		$	7,316		$	5,471		$	—		$	42,675		$	22,140		$	6,569		$	42,779
Mortality and expense risk charges		(313	)		(14,536	)		(2,761	)		(33,509	)		(8,883	)		(7,679	)		(2,044	)		(13,108	)
Administrative charges		(26	)		(1,434	)		(298	)		(2,910	)		(745	)		(654	)		(171	)		(1,131	)

Net investment income (loss)		120			(8,654	)		2,412			(36,419	)		33,047			13,807			4,354			28,540

REALIZED AND UNREALIZED GAIN (LOSS):
Proceeds from sale of investments		377			174,501			356,657			291,846			447,177			180,148			37,100			434,963
Cost of investments sold		(375	)		(144,308	)		(366,144	)		(302,780	)		(456,501	)		(201,331	)		(37,225	)		(544,093	)

Net realized gain (loss) on investments		2			30,193			(9,487	)		(10,934	)		(9,324	)		(21,183	)		(125	)		(109,130	)
Realized gain distribution received		—			70,345			—			185,099			—			—			—			—
Change in unrealized appreciation (depreciation) on investments		(1,133	)		98,905			32,029			400,206			8,500			31,201			811			99,075

Net gain (loss) on investments		(1,131	)		199,443			22,542			574,371			(824	)		10,018			686			(10,055	)

Net increase (decrease) in net assets resulting from operations	$	(1,011	)	$	190,789		$	24,954		$	537,952		$	32,223		$	23,825		$	5,040		$	18,485

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

NYLIAC Variable Annuity Separate Account-II

Tax-Qualified Policies

Statement of Operations (Continued)

For the year ended December 31, 2024


	Principal VC Real Estate Securities Account— Class 2 (a)			Western Asset Core Plus VIT Portfolio— Class II
INVESTMENT INCOME (LOSS):
Dividend income	$	60		$	910
Mortality and expense risk charges		(183	)		(133	)
Administrative charges		(15	)		(11	)

Net investment income (loss)		(138	)		766

REALIZED AND UNREALIZED GAIN (LOSS):
Proceeds from sale of investments		4,702			7,564
Cost of investments sold		(4,870	)		(7,348	)

Net realized gain (loss) on investments		(168	)		216
Realized gain distribution received		85			—
Change in unrealized appreciation (depreciation) on investments		(10,560	)		(1,213	)

Net gain (loss) on investments		(10,643	)		(997	)

Net increase (decrease) in net assets resulting from operations	$	(10,781	)	$	(231	)

(a) For the period May 1, 2024 (commencement of Investment Division) through December 31, 2024.

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

NYLIAC Variable Annuity Separate Account-II

Tax-Qualified Policies

Statement of Changes in Net Assets

For the years ended December 31, 2024

and December 31, 2023


	NYLI VP American Century Sustainable Equity— Initial Class						NYLI VP Balanced— Service Class						NYLI VP Bond— Initial Class						NYLI VP Candriam Emerging Markets Equity— Initial Class						NYLI VP CBRE Global Infrastructure— Service Class
	2024			2023			2024			2023			2024			2023			2024			2023			2024			2023
INCREASE (DECREASE) IN NET ASSETS:
Operations:
Net investment income (loss)	$	(24,513	)	$	(1,094	)	$	40,958		$	11,893		$	139,845		$	66,571		$	(10,088	)	$	10,145		$	849		$	231
Net realized gain (loss) on investments		(489,276	)		(129,356	)		(23,523	)		(222,752	)		(128,046	)		(171,801	)		(100,746	)		(91,464	)		3,483			1,131
Realized gain distribution received		176,735			2,371,431			—			—			—			—			—			—			—			—
Change in unrealized appreciation/ (depreciation) on investments		1,611,407			(762,890	)		219,885			437,547			6,026			290,220			374,689			221,761			2,015			1,270

Net increase (decrease) in net assets resulting from operations		1,274,353			1,478,091			237,320			226,688			17,825			184,990			263,855			140,442			6,347			2,632

Contributions and (Withdrawals):
Payments received from policyowners		72,655			78,658			191,471			128,497			36,481			63,109			15,127			40,126			2,186			2,215
Policyowners’ surrenders		(901,004	)		(936,800	)		(996,427	)		(983,256	)		(573,081	)		(826,397	)		(276,533	)		(193,457	)		(28,698	)		(12,789	)
Policyowners’ annuity and death benefits		(2,248	)		(48,391	)		(584	)		(8,761	)		(31,242	)		(40,824	)		(28,223	)		(8,417	)		—			—
Net transfers from (to) Fixed Account		(20,649	)		(328	)		19,458			53,195			1,367			(1,486	)		(24,346	)		(1,070	)		—			7,490
Transfers between Investment Divisions		(423,643	)		(154,988	)		201,358			(173,666	)		94,218			(7,393	)		(43,237	)		5,877			23,414			4,171

Net contributions and (withdrawals)		(1,274,889	)		(1,061,849	)		(584,724	)		(983,991	)		(472,257	)		(812,991	)		(357,212	)		(156,941	)		(3,098	)		1,087

Increase (decrease) in net assets		(536	)		416,242			(347,404	)		(757,303	)		(454,432	)		(628,001	)		(93,357	)		(16,499	)		3,249			3,719
NET ASSETS:
Beginning of period		7,422,199			7,005,957			3,928,402			4,685,705			4,440,878			5,068,879			2,443,373			2,459,872			105,334			101,615

End of period	$	7,421,663		$	7,422,199		$	3,580,998		$	3,928,402		$	3,986,446		$	4,440,878		$	2,350,016		$	2,443,373		$	108,583		$	105,334

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

NYLIAC Variable Annuity Separate Account-II

Tax-Qualified Policies

Statement of Changes in Net Assets (Continued)

For the years ended December 31, 2024

and December 31, 2023


	NYLI VP Conservative Allocation— Service Class						NYLI VP Dimensional U.S. Equity— Initial Class						NYLI VP Epoch U.S. Equity Yield— Initial Class						NYLI VP Equity Allocation— Service Class						NYLI VP Fidelity Institutional AM^®Utilities— Service Class
	2024			2023			2024			2023			2024			2023			2024			2023			2024			2023
INCREASE (DECREASE) IN NET ASSETS:
Operations:
Net investment income (loss)	$	(2,604	)	$	80,182		$	(189,855	)	$	(110,744	)	$	342,843		$	315,127		$	(50,049	)	$	141,800		$	95,935		$	43,926
Net realized gain (loss) on investments		(186,456	)		(132,025	)		948,333			330,964			623,201			37,184			(32,637	)		(72,392	)		249,877			217,510
Realized gain distribution received		—			200,267			—			—			1,459,956			1,508,801			—			356,134			795,284			1,562,112
Change in unrealized appreciation/ (depreciation) on investments		460,219			362,158			6,254,626			6,182,665			1,494,755			(226,285	)		452,339			114,746			1,479,279			(2,252,144	)

Net increase (decrease) in net assets resulting from operations		271,159			510,582			7,013,104			6,402,885			3,920,755			1,634,827			369,653			540,288			2,620,375			(428,596	)

Contributions and (Withdrawals):
Payments received from policyowners		31,206			32,755			337,421			247,430			323,799			235,320			35,224			43,249			141,998			184,838
Policyowners’ surrenders		(1,381,254	)		(868,020	)		(3,742,506	)		(2,805,408	)		(2,984,967	)		(2,546,064	)		(456,311	)		(562,621	)		(1,728,324	)		(1,387,164	)
Policyowners’ annuity and death benefits		(12,749	)		(99,658	)		(654,666	)		(225,748	)		(133,544	)		(182,395	)		(936	)		(64,616	)		(57,453	)		(116,559	)
Net transfers from (to) Fixed Account		(57,668	)		(24,339	)		(40,331	)		(63,932	)		(161,288	)		(309,826	)		3,524			(9,495	)		(51,401	)		(30,763	)
Transfers between Investment Divisions		(261,324	)		(119,341	)		(211,936	)		(391,716	)		(336,523	)		(245,672	)		(55,887	)		10,033			(542,897	)		(408,223	)

Net contributions and (withdrawals)		(1,681,789	)		(1,078,603	)		(4,312,018	)		(3,239,374	)		(3,292,523	)		(3,048,637	)		(474,386	)		(583,450	)		(2,238,077	)		(1,757,871	)

Increase (decrease) in net assets		(1,410,630	)		(568,021	)		2,701,086			3,163,511			628,232			(1,413,810	)		(104,733	)		(43,162	)		382,298			(2,186,467	)
NET ASSETS:
Beginning of period		5,919,892			6,487,913			32,659,531			29,496,020			24,019,744			25,433,554			3,740,745			3,783,907			10,752,250			12,938,717

End of period	$	4,509,262		$	5,919,892		$	35,360,617		$	32,659,531		$	24,647,976		$	24,019,744		$	3,636,012		$	3,740,745		$	11,134,548		$	10,752,250

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

NYLIAC Variable Annuity Separate Account-II

Tax-Qualified Policies

Statement of Changes in Net Assets (Continued)

For the years ended December 31, 2024

and December 31, 2023


	NYLI VP Floating Rate— Service Class						NYLI VP Growth Allocation— Service Class						NYLI VP Hedge Multi- Strategy— Service Class						NYLI VP Income Builder— Initial Class						NYLI VP Janus Henderson Balanced— Initial Class
	2024			2023			2024			2023			2024			2023			2024			2023			2024			2023
INCREASE (DECREASE) IN NET ASSETS:
Operations:
Net investment income (loss)	$	278,935		$	275,935		$	(62,551	)	$	199,394		$	(5,411	)	$	14,933		$	463,049		$	526,164		$	156,190		$	17,984
Net realized gain (loss) on investments		(35,597	)		(47,751	)		(221,576	)		(189,698	)		3,441			(922	)		(476,750	)		(960,783	)		1,208,104			1,465,186
Realized gain distribution received		—			—			—			553,644			—			—			—			—			—			1,147,163
Change in unrealized appreciation/ (depreciation) on investments		22,700			167,606			993,812			486,326			21,493			26,796			2,615,882			2,592,567			2,812,977			1,466,763

Net increase (decrease) in net assets resulting from operations		266,038			395,790			709,685			1,049,666			19,523			40,807			2,602,181			2,157,948			4,177,271			4,097,096

Contributions and (Withdrawals):
Payments received from policyowners		134,411			95,173			111,860			184,936			3,584			14,138			240,702			289,159			277,551			390,026
Policyowners’ surrenders		(637,125	)		(491,028	)		(1,883,256	)		(792,164	)		(127,138	)		(71,052	)		(2,980,633	)		(2,764,900	)		(4,046,825	)		(4,282,189	)
Policyowners’ annuity and death benefits		(11,077	)		(18,032	)		(24,026	)		(14,269	)		—			(5,407	)		(312,611	)		(526,584	)		(409,045	)		(376,153	)
Net transfers from (to) Fixed Account		12,567			(33,310	)		(117,791	)		(70,558	)		263			157			(26,438	)		(113,513	)		(77,715	)		(367,388	)
Transfers between Investment Divisions		(126,573	)		684,448			(28,495	)		(259,417	)		15,513			(45,575	)		(439,849	)		(491,470	)		(316,942	)		(65,183	)

Net contributions and (withdrawals)		(627,797	)		237,251			(1,941,708	)		(951,472	)		(107,778	)		(107,739	)		(3,518,829	)		(3,607,308	)		(4,572,976	)		(4,700,887	)

Increase (decrease) in net assets		(361,759	)		633,041			(1,232,023	)		98,194			(88,255	)		(66,932	)		(916,648	)		(1,449,360	)		(395,705	)		(603,791	)
NET ASSETS:
Beginning of period		4,506,989			3,873,948			8,389,969			8,291,775			474,413			541,345			26,421,657			27,871,017			31,002,029			31,605,820

End of period	$	4,145,230		$	4,506,989		$	7,157,946		$	8,389,969		$	386,158		$	474,413		$	25,505,009		$	26,421,657		$	30,606,324		$	31,002,029

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

NYLIAC Variable Annuity Separate Account-II

Tax-Qualified Policies

Statement of Changes in Net Assets (Continued)

For the years ended December 31, 2024

and December 31, 2023


	NYLI VP MacKay Convertible— Initial Class						NYLI VP MacKay High Yield Corporate Bond— Initial Class						NYLI VP MacKay Strategic Bond— Service Class						NYLI VP MacKay U.S. Infrastructure Bond— Initial Class						NYLI VP Moderate Allocation— Service Class
	2024			2023			2024			2023			2024			2023			2024			2023			2024			2023
INCREASE (DECREASE) IN NET ASSETS:
Operations:
Net investment income (loss)	$	261,140		$	103,439		$	1,194,324		$	1,198,942		$	71,156		$	62,827		$	16,789		$	30,525		$	(50,807	)	$	158,431
Net realized gain (loss) on investments		393,311			336,108			(237,853	)		(565,238	)		(16,559	)		(15,307	)		(71,374	)		(101,884	)		(324,134	)		(219,131	)
Realized gain distribution received		175,844			—			—			—			—			—			—			—			—			468,211
Change in unrealized appreciation/ (depreciation) on investments		(33,607	)		448,912			533,842			2,072,312			40,660			98,429			46,806			180,195			1,053,311			703,780

Net increase (decrease) in net assets resulting from operations		796,688			888,459			1,490,313			2,706,016			95,257			145,949			(7,779	)		108,836			678,370			1,111,291

Contributions and (Withdrawals):
Payments received from policyowners		213,811			207,902			401,819			292,282			30,257			48,810			48,960			49,085			160,461			133,733
Policyowners’ surrenders		(1,750,901	)		(1,671,100	)		(3,731,278	)		(3,629,913	)		(364,632	)		(156,580	)		(400,039	)		(487,644	)		(2,239,329	)		(1,356,760	)
Policyowners’ annuity and death benefits		(54,886	)		(73,297	)		(375,371	)		(213,583	)		—			(21,506	)		(28,043	)		(32,023	)		(2,454	)		(96,442	)
Net transfers from (to) Fixed Account		(25,005	)		(8,107	)		(43,216	)		(74,087	)		(17,297	)		(6,853	)		1,986			(1,844	)		(73,263	)		(104,585	)
Transfers between Investment Divisions		(251,338	)		(83,802	)		474,836			49,061			29,525			112,439			56,472			(64,498	)		(3,406	)		(248,794	)

Net contributions and (withdrawals)		(1,868,319	)		(1,628,404	)		(3,273,210	)		(3,576,240	)		(322,147	)		(23,690	)		(320,664	)		(536,924	)		(2,157,991	)		(1,672,848	)

Increase (decrease) in net assets		(1,071,631	)		(739,945	)		(1,782,897	)		(870,224	)		(226,890	)		122,259			(328,443	)		(428,088	)		(1,479,621	)		(561,557	)
NET ASSETS:
Beginning of period		12,185,611			12,925,556			27,149,254			28,019,478			1,854,724			1,732,465			3,041,199			3,469,287			10,316,940			10,878,497

End of period	$	11,113,980		$	12,185,611		$	25,366,357		$	27,149,254		$	1,627,834		$	1,854,724		$	2,712,756		$	3,041,199		$	8,837,319		$	10,316,940

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

NYLIAC Variable Annuity Separate Account-II

Tax-Qualified Policies

Statement of Changes in Net Assets (Continued)

For the years ended December 31, 2024

and December 31, 2023


	NYLI VP Natural Resources— Initial Class						NYLI VP PIMCO Real Return— Service Class						NYLI VP PineStone International Equity— Initial Class						NYLI VP S&P 500 Index— Initial Class						NYLI VP Schroders Mid Cap Opportunities— Initial Class
	2024			2023			2024			2023			2024			2023			2024			2023			2024			2023
INCREASE (DECREASE) IN NET ASSETS:
Operations:
Net investment income (loss)	$	48,088		$	32,004		$	17,484		$	60,772		$	(34,312	)	$	(60,865	)	$	(137,600	)	$	43,141		$	(71,361	)	$	(88,926	)
Net realized gain (loss) on investments		365,196			742,097			(28,256	)		(13,100	)		(192,070	)		(164,605	)		9,492,798			6,753,202			(790,018	)		(904,357	)
Realized gain distribution received		—			—			—			—			—			—			288,361			1,211,846			—			—
Change in unrealized appreciation/ (depreciation) on investments		(435,039	)		(730,492	)		16,473			(27,872	)		381,931			341,152			9,149,701			9,506,047			1,460,834			1,849,251

Net increase (decrease) in net assets resulting from operations		(21,755	)		43,609			5,701			19,800			155,549			115,682			18,793,260			17,514,236			599,455			855,968

Contributions and (Withdrawals):
Payments received from policyowners		57,804			134,120			30,798			7,807			181,960			111,396			907,467			770,578			96,571			88,512
Policyowners’ surrenders		(379,089	)		(570,982	)		(145,901	)		(193,860	)		(605,089	)		(401,322	)		(10,203,288	)		(8,581,725	)		(593,391	)		(1,002,725	)
Policyowners’ annuity and death benefits		(547	)		(60,933	)		(577	)		(6,003	)		(11,233	)		(39,918	)		(774,210	)		(707,297	)		(268,565	)		(25,238	)
Net transfers from (to) Fixed Account		(11,392	)		(24,724	)		2,656			(17,121	)		(7,616	)		(25,523	)		(110,588	)		(304,304	)		122			(34,211	)
Transfers between Investment Divisions		(23,678	)		(759,817	)		27,692			(66,262	)		85,772			32,950			249,270			130,825			(335,756	)		(188,256	)

Net contributions and (withdrawals)		(356,902	)		(1,282,336	)		(85,332	)		(275,439	)		(356,206	)		(322,417	)		(9,931,349	)		(8,691,923	)		(1,101,019	)		(1,161,918	)

Increase (decrease) in net assets		(378,657	)		(1,238,727	)		(79,631	)		(255,639	)		(200,657	)		(206,735	)		8,861,911			8,822,313			(501,564	)		(305,950	)
NET ASSETS:
Beginning of period		3,740,011			4,978,738			866,721			1,122,360			4,495,347			4,702,082			84,210,260			75,387,947			7,401,269			7,707,219

End of period	$	3,361,354		$	3,740,011		$	787,090		$	866,721		$	4,294,690		$	4,495,347		$	93,072,171		$	84,210,260		$	6,899,705		$	7,401,269

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

NYLIAC Variable Annuity Separate Account-II

Tax-Qualified Policies

Statement of Changes in Net Assets (Continued)

For the years ended December 31, 2024

and December 31, 2023


	NYLI VP Small Cap Growth— Initial Class						NYLI VP Small Cap Growth— Service Class						NYLI VP U.S. Government Money Market— Initial Class						NYLI VP Wellington Growth— Initial Class						NYLI VP Wellington Small Cap— Initial Class
	2024			2023			2024			2023			2024			2023			2024			2023			2024			2023
INCREASE (DECREASE) IN NET ASSETS:
Operations:
Net investment income (loss)	$	(75,047	)	$	(74,017	)	$	(9,946	)	$	(10,499	)	$	222,110		$	197,273		$	(834,557	)	$	(705,795	)	$	(9,477	)	$	(16,022	)
Net realized gain (loss) on investments		(33,706	)		(17,856	)		(133,543	)		(70,125	)		—			—			777,061			(2,103,512	)		(161,327	)		(251,945	)
Realized gain distribution received		—			20,138			—			3,181			—			—			—			—			—			—
Change in unrealized appreciation/ (depreciation) on investments		590,374			809,737			198,030			187,469			—			—			13,604,650			19,228,127			574,537			649,381

Net increase (decrease) in net assets resulting from operations		481,621			738,002			54,541			110,026			222,110			197,273			13,547,154			16,418,820			403,733			381,414

Contributions and (Withdrawals):
Payments received from policyowners		41,904			75,264			35,096			49,109			1,147,466			86,962			454,369			507,182			116,241			96,099
Policyowners’ surrenders		(676,156	)		(425,488	)		(70,194	)		(86,801	)		(1,803,634	)		(2,549,946	)		(7,608,472	)		(5,147,207	)		(354,477	)		(358,704	)
Policyowners’ annuity and death benefits		(17,571	)		(8,430	)		—			—			(33,914	)		(68,082	)		(396,541	)		(463,008	)		(94,360	)		(58,626	)
Net transfers from (to) Fixed Account		(4,626	)		(18,439	)		1,216			—			32,864			(128,624	)		(168,579	)		(74,875	)		(19,450	)		(4,483	)
Transfers between Investment Divisions		(85,404	)		(18,724	)		(103,321	)		3,829			1,527,734			885,532			(277,871	)		(311,562	)		(195,129	)		(32,002	)

Net contributions and (withdrawals)		(741,853	)		(395,817	)		(137,203	)		(33,863	)		870,516			(1,774,158	)		(7,997,094	)		(5,489,470	)		(547,175	)		(357,716	)

Increase (decrease) in net assets		(260,232	)		342,185			(82,662	)		76,163			1,092,626			(1,576,885	)		5,550,060			10,929,350			(143,442	)		23,698
NET ASSETS:
Beginning of period		5,804,266			5,462,081			865,985			789,822			5,398,960			6,975,845			57,913,993			46,984,643			3,418,832			3,395,134

End of period	$	5,544,034		$	5,804,266		$	783,323		$	865,985		$	6,491,586		$	5,398,960		$	63,464,053		$	57,913,993		$	3,275,390		$	3,418,832

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

NYLIAC Variable Annuity Separate Account-II

Tax-Qualified Policies

Statement of Changes in Net Assets (Continued)

For the years ended December 31, 2024

and December 31, 2023


	NYLI VP Winslow Large Cap Growth— Initial Class						AB VPS Relative Value Portfolio— Class B						American Funds IS Asset Allocation Fund— Class 4						American Funds IS The Bond Fund of America^®— Class 4						American Funds IS Global Small Capitalization Fund— Class 4
	2024			2023			2024			2023			2024			2023			2024			2023			2024			2023
INCREASE (DECREASE) IN NET ASSETS:
Operations:
Net investment income (loss)	$	(178,105	)	$	(142,419	)	$	(282	)	$	(32	)	$	10,198		$	16,028		$	1,950		$	226		$	(855	)	$	(2,678	)
Net realized gain (loss) on investments		386,303			(69,629	)		87			(936	)		58,584			(8,282	)		(4	)		(3	)		(41,326	)		(19,300	)
Realized gain distribution received		1,214,617			407,156			322			652			88,403			91,619			—			—			6,860			2,732
Change in unrealized appreciation/ (depreciation) on investments		1,841,971			3,574,550			(4,055	)		969			118,727			174,126			(3,087	)		(21	)		36,480			45,655

Net increase (decrease) in net assets resulting from operations		3,264,786			3,769,658			(3,928	)		653			275,912			273,491			(1,141	)		202			1,159			26,409

Contributions and (Withdrawals):
Payments received from policyowners		452,378			221,376			—			—			58,825			51,789			—			—			5,774			4,079
Policyowners’ surrenders		(1,965,625	)		(1,634,279	)		(359	)		(321	)		(281,296	)		(151,090	)		—			—			(26,069	)		(14,995	)
Policyowners’ annuity and death benefits		(41,106	)		(49,628	)		—			—			—			—			—			—			—			—
Net transfers from (to) Fixed Account		34,440			12,939			—			—			845			(21,222	)		—			—			(7,873	)		—
Transfers between Investment Divisions		166,233			28,543			153,024			(6,041	)		(531,089	)		14,908			59,397			9,977			(1,503	)		(5,890	)

Net contributions and (withdrawals)		(1,353,680	)		(1,421,049	)		152,665			(6,362	)		(752,715	)		(105,615	)		59,397			9,977			(29,671	)		(16,806	)

Increase (decrease) in net assets		1,911,106			2,348,609			148,737			(5,709	)		(476,803	)		167,876			58,256			10,179			(28,512	)		9,603
NET ASSETS:
Beginning of period		12,103,947			9,755,338			8,494			14,203			2,392,251			2,224,375			10,179			—			207,058			197,455

End of period	$	14,015,053		$	12,103,947		$	157,231		$	8,494		$	1,915,448		$	2,392,251		$	68,435		$	10,179		$	178,546		$	207,058

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

NYLIAC Variable Annuity Separate Account-II

Tax-Qualified Policies

Statement of Changes in Net Assets (Continued)

For the years ended December 31, 2024

and December 31, 2023


	American Funds IS Growth Fund— Class 4						American Funds IS New World Fund^®— Class 4						American Funds IS U.S. Government Securities Fund^®— Class 4			American Funds IS Washington Mutual Investors Fund^SM— Class 4						BlackRock^®Global Allocation V.I. Fund— Class III
	2024			2023			2024			2023			2024 (a)			2024			2023			2024			2023
INCREASE (DECREASE) IN NET ASSETS:
Operations:
Net investment income (loss)	$	(12,749	)	$	(10,724	)	$	(1,067	)	$	(1,161	)	$	840		$	2,029		$	5,036		$	(2,616	)	$	19,084
Net realized gain (loss) on investments		(18,652	)		(41,870	)		18,774			1,335			—			62,925			15,806			(26,653	)		(23,819	)
Realized gain distribution received		27,443			61,075			2,754			—			—			10,967			11,801			98,898			—
Change in unrealized appreciation/ (depreciation) on investments		292,164			274,468			9,869			88,356			(1,429	)		131,418			146,047			55,289			187,731

Net increase (decrease) in net assets resulting from operations		288,206			282,949			30,330			88,530			(589	)		207,339			178,690			124,918			182,996

Contributions and (Withdrawals):
Payments received from policyowners		69,384			25,800			10,212			19,071			—			46,584			26,790			22,960			23,709
Policyowners’ surrenders		(240,328	)		(243,866	)		(143,094	)		(135,921	)		—			(208,414	)		(175,789	)		(669,340	)		(261,396	)
Policyowners’ annuity and death benefits		(34,921	)		(12,777	)		—			(6,452	)		—			—			(1,200	)		(23,886	)		(2,783	)
Net transfers from (to) Fixed Account		(18,280	)		(42,321	)		1,802			(8,684	)		—			(10,562	)		17,642			4,483			(1,947	)
Transfers between Investment Divisions		274,857			159,197			28,616			(13,818	)		31,960			64,619			165,288			16,007			(2,883	)

Net contributions and (withdrawals)		50,712			(113,967	)		(102,464	)		(145,804	)		31,960			(107,773	)		32,731			(649,776	)		(245,300	)

Increase (decrease) in net assets		338,918			168,982			(72,134	)		(57,274	)		31,371			99,566			211,421			(524,858	)		(62,304	)
NET ASSETS:
Beginning of period		952,681			783,699			633,627			690,901			—			1,298,177			1,086,756			1,744,780			1,807,084

End of period	$	1,291,599		$	952,681		$	561,493		$	633,627		$	31,371		$	1,397,743		$	1,298,177		$	1,219,922		$	1,744,780

(a) For the period May 1, 2024 (commencement of Investment Division) through December 31, 2024.

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

NYLIAC Variable Annuity Separate Account-II

Tax-Qualified Policies

Statement of Changes in Net Assets (Continued)

For the years ended December 31, 2024

and December 31, 2023


	BlackRock^®High Yield V.I. Fund— Class III						BNY Mellon IP Technology Growth Portfolio— Initial Shares						BNY Mellon Sustainable U.S. Equity Portfolio— Service Shares						ClearBridge Variable Appreciation Portfolio— Class II						Columbia Variable Portfolio— Commodity Strategy Fund— Class 2
	2024			2023			2024			2023			2024			2023			2024			2023			2024			2023
INCREASE (DECREASE) IN NET ASSETS:
Operations:
Net investment income (loss)	$	48,915		$	47,891		$	(81,701	)	$	(64,662	)	$	(53	)	$	(54	)	$	(555	)	$	(519	)	$	(195	)	$	8,113
Net realized gain (loss) on investments		(8,061	)		(32,616	)		365,449			(120,026	)		974			(58	)		8,187			5,952			(11,661	)		(599	)
Realized gain distribution received		—			—			—			—			32			785			4,224			2,231			—			—
Change in unrealized appreciation/ (depreciation) on investments		18,128			85,502			1,016,661			2,391,929			263			735			686			5,828			14,323			(10,945	)

Net increase (decrease) in net assets resulting from operations		58,982			100,777			1,300,409			2,207,241			1,216			1,408			12,542			13,492			2,467			(3,431	)

Contributions and (Withdrawals):
Payments received from policyowners		9,603			13,103			150,459			149,516			374			—			3,099			441			749			—
Policyowners’ surrenders		(325,856	)		(187,904	)		(549,387	)		(513,083	)		(6,091	)		(234	)		(47,939	)		(48,688	)		(40,289	)		(785	)
Policyowners’ annuity and death benefits		—			—			(83,268	)		(118,511	)		—			—			—			—			—			—
Net transfers from (to) Fixed Account		(8,433	)		(65,014	)		(173,890	)		(38,792	)		—			—			—			—			—			—
Transfers between Investment Divisions		63,120			31,644			(34,286	)		71,188			(548	)		2,794			(5,218	)		(3,871	)		—			—

Net contributions and (withdrawals)		(261,566	)		(208,171	)		(690,372	)		(449,682	)		(6,265	)		2,560			(50,058	)		(52,118	)		(39,540	)		(785	)

Increase (decrease) in net assets		(202,584	)		(107,394	)		610,037			1,757,559			(5,049	)		3,968			(37,516	)		(38,626	)		(37,073	)		(4,216	)
NET ASSETS:
Beginning of period		916,005			1,023,399			5,799,518			4,041,959			9,889			5,921			79,205			117,831			37,473			41,689

End of period	$	713,421		$	916,005		$	6,409,555		$	5,799,518		$	4,840		$	9,889		$	41,689		$	79,205		$	400		$	37,473

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

NYLIAC Variable Annuity Separate Account-II

Tax-Qualified Policies

Statement of Changes in Net Assets (Continued)

For the years ended December 31, 2024

and December 31, 2023


	Columbia Variable Portfolio— Emerging Markets Bond Fund— Class 2						Columbia Variable Portfolio— Intermediate Bond Fund— Class 2						Columbia Variable Portfolio— Small Cap Value Fund— Class 2						DWS Alternative Asset Allocation VIP— Class B						Fidelity^®VIP Bond Index Portfolio— Service Class 2
	2024			2023			2024			2023			2024			2023			2024			2023			2024			2023
INCREASE (DECREASE) IN NET ASSETS:
Operations:
Net investment income (loss)	$	4,695		$	7,571		$	105		$	(7	)	$	(13,406	)	$	(12,236	)	$	6,687		$	18,898		$	3,367		$	1,934
Net realized gain (loss) on investments		(19,869	)		(7,726	)		3			—			(182,519	)		(76,826	)		(510	)		7			(7,144	)		(10,673	)
Realized gain distribution received		—			—			—			—			75,500			92,316			196			3,378			—			—
Change in unrealized appreciation/ (depreciation) on investments		20,983			15,875			(318	)		232			259,279			263,324			6,624			(6,519	)		4,838			17,319

Net increase (decrease) in net assets resulting from operations		5,809			15,720			(210	)		225			138,854			266,578			12,997			15,764			1,061			8,580

Contributions and (Withdrawals):
Payments received from policyowners		1,294			2,184			—			—			6,863			6,477			2,339			4,030			134			7,429
Policyowners’ surrenders		(49,127	)		(25,529	)		—			—			(152,553	)		(153,063	)		(53,343	)		(46,395	)		(34,255	)		(51,966	)
Policyowners’ annuity and death benefits		—			(2,920	)		—			—			(4,802	)		(4,812	)		—			(5,709	)		—			(3,828	)
Net transfers from (to) Fixed Account		—			—			—			—			—			(61	)		3,229			348			11,409			4,039
Transfers between Investment Divisions		(25,172	)		2,736			5,033			3,447			(53,954	)		262,434			(3,321	)		14,560			50,658			29,149

Net contributions and (withdrawals)		(73,005	)		(23,529	)		5,033			3,447			(204,446	)		110,975			(51,096	)		(33,166	)		27,946			(15,177	)

Increase (decrease) in net assets		(67,196	)		(7,809	)		4,823			3,672			(65,592	)		377,553			(38,099	)		(17,402	)		29,007			(6,597	)
NET ASSETS:
Beginning of period		190,034			197,843			3,672			—			1,710,300			1,332,747			367,974			385,376			210,775			217,372

End of period	$	122,838		$	190,034		$	8,495		$	3,672		$	1,644,708		$	1,710,300		$	329,875		$	367,974		$	239,782		$	210,775

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

NYLIAC Variable Annuity Separate Account-II

Tax-Qualified Policies

Statement of Changes in Net Assets (Continued)

For the years ended December 31, 2024

and December 31, 2023


	Fidelity^®VIP Contrafund^SMPortfolio— Initial Class						Fidelity^®VIP Emerging Markets Portfolio— Service Class 2						Fidelity^®VIP Equity-Income Portfolio^SM— Initial Class						Fidelity^®VIP FundsManager^®60% Portfolio— Service Class						Fidelity^®VIP Growth Opportunities Portfolio— Service Class 2
	2024			2023			2024			2023			2024			2023			2024			2023			2024			2023
INCREASE (DECREASE) IN NET ASSETS:
Operations:
Net investment income (loss)	$	(594,912	)	$	(351,508	)	$	(406	)	$	1,015		$	42,610		$	54,583		$	3,159		$	4,012		$	(80,350	)	$	(53,597	)
Net realized gain (loss) on investments		3,638,371			1,072,265			(29,547	)		(32,014	)		577,367			280,629			2,470			(15,188	)		65,379			47,442
Realized gain distribution received		6,053,549			1,497,106			—			—			646,938			306,174			—			—			—			—
Change in unrealized appreciation/ (depreciation) on investments		5,123,824			9,387,764			42,585			45,541			260,555			332,009			20,140			40,545			1,866,624			1,483,012

Net increase (decrease) in net assets resulting from operations		14,220,832			11,605,627			12,632			14,542			1,527,470			973,395			25,769			29,369			1,851,653			1,476,857

Contributions and (Withdrawals):
Payments received from policyowners		315,052			470,940			31,821			3,194			128,242			131,423			1,948			61,868			109,657			114,632
Policyowners’ surrenders		(5,550,217	)		(4,229,729	)		(107,178	)		(51,756	)		(1,489,551	)		(1,724,160	)		(94,141	)		(39,713	)		(574,158	)		(543,093	)
Policyowners’ annuity and death benefits		(400,813	)		(286,287	)		—			—			(34,619	)		(176,488	)		—			—			(36,205	)		(65,576	)
Net transfers from (to) Fixed Account		(151,756	)		63,350			3,190			—			(25,006	)		(48,439	)		4,000			(12,987	)		(296,310	)		(37,779	)
Transfers between Investment Divisions		(982,051	)		(450,000	)		20,322			7,742			50,603			(266,714	)		101,372			170,255			840,674			424,251

Net contributions and (withdrawals)		(6,769,785	)		(4,431,726	)		(51,845	)		(40,820	)		(1,370,331	)		(2,084,378	)		13,179			179,423			43,658			(107,565	)

Increase (decrease) in net assets		7,451,047			7,173,901			(39,213	)		(26,278	)		157,139			(1,110,983	)		38,948			208,792			1,895,311			1,369,292
NET ASSETS:
Beginning of period		46,079,213			38,905,312			161,263			187,541			11,050,053			12,161,036			352,334			143,542			4,829,024			3,459,732

End of period	$	53,530,260		$	46,079,213		$	122,050		$	161,263		$	11,207,192		$	11,050,053		$	391,282		$	352,334		$	6,724,335		$	4,829,024

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

NYLIAC Variable Annuity Separate Account-II

Tax-Qualified Policies

Statement of Changes in Net Assets (Continued)

For the years ended December 31, 2024

and December 31, 2023


	Fidelity^®VIP Health Care Portfolio— Service Class 2						Fidelity^®VIP International Index Portfolio— Service Class 2						Fidelity^®VIP Investment Grade Bond Portfolio— Service Class 2						Fidelity^®VIP Mid Cap Portfolio— Service Class 2						Franklin Templeton Aggressive Model Portfolio— Class II
	2024			2023			2024			2023			2024			2023			2024			2023			2024			2023
INCREASE (DECREASE) IN NET ASSETS:
Operations:
Net investment income (loss)	$	(8,771	)	$	(10,506	)	$	1,049		$	748		$	142		$	69		$	(57,161	)	$	(53,374	)	$	39		$	(1,705	)
Net realized gain (loss) on investments		(20,268	)		(50,985	)		(326	)		(51	)		—			(70	)		184,376			76,531			24,542			878
Realized gain distribution received		—			—			—			—			—			—			768,379			156,651			4,863			2,632
Change in unrealized appreciation/ (depreciation) on investments		55,812			80,881			1,091			6,679			(130	)		(14	)		(52,281	)		525,303			45,375			74,857

Net increase (decrease) in net assets resulting from operations		26,773			19,390			1,814			7,376			12			(15	)		843,313			705,111			74,819			76,662

Contributions and (Withdrawals):
Payments received from policyowners		11,880			16,470			—			—			—			151			74,704			142,697			19,850			10,904
Policyowners’ surrenders		(57,828	)		(102,259	)		(4,488	)		(214	)		—			(281	)		(733,786	)		(780,118	)		(5,000	)		(19,558	)
Policyowners’ annuity and death benefits		—			(47,450	)		—			(2,401	)		—			—			(7,451	)		(29,627	)		—			—
Net transfers from (to) Fixed Account		(11,026	)		(16,762	)		6,743			16			—			—			(2,392	)		(31,809	)		70			3,180
Transfers between Investment Divisions		(133,577	)		(52,045	)		8,538			398			(1	)		6,499			(86,406	)		(36,860	)		(121,486	)		62,742

Net contributions and (withdrawals)		(190,551	)		(202,046	)		10,793			(2,201	)		(1	)		6,369			(755,331	)		(735,717	)		(106,566	)		57,268

Increase (decrease) in net assets		(163,778	)		(182,656	)		12,607			5,175			11			6,354			87,982			(30,606	)		(31,747	)		133,930
NET ASSETS:
Beginning of period		741,567			924,223			57,686			52,511			6,938			584			5,706,397			5,737,003			567,361			433,431

End of period	$	577,789		$	741,567		$	70,293		$	57,686		$	6,949		$	6,938		$	5,794,379		$	5,706,397		$	535,614		$	567,361

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

NYLIAC Variable Annuity Separate Account-II

Tax-Qualified Policies

Statement of Changes in Net Assets (Continued)

For the years ended December 31, 2024

and December 31, 2023


	Franklin Templeton Conservative Model Portfolio— Class II						Franklin Templeton Moderate Model Portfolio— Class II						Franklin Templeton Moderately Aggressive Model Portfolio— Class II						Franklin Templeton Moderately Conservative Model Portfolio— Class II						Invesco V.I. EQV International Equity Fund— Series II Shares
	2024			2023			2024			2023			2024			2023			2024			2023			2024			2023
INCREASE (DECREASE) IN NET ASSETS:
Operations:
Net investment income (loss)	$	10,428		$	18,757		$	45,837		$	16,514		$	9,713		$	(1,848	)	$	30,476		$	17,124		$	368		$	(3,987	)
Net realized gain (loss) on investments		(19,711	)		(7,373	)		6,454			(5,443	)		13,092			(33,750	)		(16,133	)		(29,249	)		(9,153	)		(42,232	)
Realized gain distribution received		—			—			—			7,021			—			3,882			—			—			1,090			201
Change in unrealized appreciation/ (depreciation) on investments		38,511			47,941			232,623			208,339			101,638			151,290			85,533			124,168			6,057			89,697

Net increase (decrease) in net assets resulting from operations		29,228			59,325			284,914			226,431			124,443			119,574			99,876			112,043			(1,638	)		43,679

Contributions and (Withdrawals):
Payments received from policyowners		10,576			36,152			63,629			234,488			78,993			29,853			3,400			104,301			4,258			10,583
Policyowners’ surrenders		(187,193	)		(24,239	)		(52,588	)		(51,679	)		(158,445	)		(269,725	)		(55,195	)		(160,187	)		(39,542	)		(115,348	)
Policyowners’ annuity and death benefits		—			(19,486	)		—			—			—			—			—			(98,277	)		—			(3,735	)
Net transfers from (to) Fixed Account		1,263			(9,512	)		3,034			5,548			5,263			9,422			—			—			(9,421	)		(149	)
Transfers between Investment Divisions		(207,162	)		163,849			477,511			828,522			244,051			97,945			229,148			315,617			3,682			(31,596	)

Net contributions and (withdrawals)		(382,516	)		146,764			491,586			1,016,879			169,862			(132,505	)		177,353			161,454			(41,023	)		(140,245	)

Increase (decrease) in net assets		(353,288	)		206,089			776,500			1,243,310			294,305			(12,931	)		277,229			273,497			(42,661	)		(96,566	)
NET ASSETS:
Beginning of period		911,456			705,367			2,520,968			1,277,658			827,136			840,067			1,359,203			1,085,706			241,494			338,060

End of period	$	558,168		$	911,456		$	3,297,468		$	2,520,968		$	1,121,441		$	827,136		$	1,636,432		$	1,359,203		$	198,833		$	241,494

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

NYLIAC Variable Annuity Separate Account-II

Tax-Qualified Policies

Statement of Changes in Net Assets (Continued)

For the years ended December 31, 2024

and December 31, 2023


	Invesco V.I. Main Street Small Cap Fund^®— Series II Shares						Janus Henderson Enterprise Portfolio— Service Shares						Janus Henderson Global Research Portfolio— Institutional Shares						Macquarie VIP Small Cap Value Series— Service Class						MFS^®International Intrinsic Value Portfolio— Service Class
	2024			2023			2024			2023			2024			2023			2024			2023			2024			2023
INCREASE (DECREASE) IN NET ASSETS:
Operations:
Net investment income (loss)	$	(2,281	)	$	(1,178	)	$	(5,883	)	$	(9,463	)	$	(111,712	)	$	(65,846	)	$	(293	)	$	(1,377	)	$	(689	)	$	(3,549	)
Net realized gain (loss) on investments		1,949			(41,253	)		(22,805	)		(24,106	)		1,818,086			617,042			(13,378	)		1,486			(27,467	)		(5,133	)
Realized gain distribution received		6,649			—			40,032			58,078			605,022			468,159			5,734			8,162			20,138			32,889
Change in unrealized appreciation/ (depreciation) on investments		9,763			69,796			100,497			90,066			1,446,778			2,696,658			19,084			10,250			38,505			42,374

Net increase (decrease) in net assets resulting from operations		16,080			27,365			111,841			114,575			3,758,174			3,716,013			11,147			18,521			30,487			66,581

Contributions and (Withdrawals):
Payments received from policyowners		5,340			2,484			22,708			14,975			198,284			221,997			7,842			7,979			3,546			2,902
Policyowners’ surrenders		(23,881	)		(94,552	)		(116,617	)		(150,452	)		(2,346,516	)		(1,244,011	)		(50,358	)		(58,899	)		(90,299	)		(136,762	)
Policyowners’ annuity and death benefits		—			(1,621	)		—			—			(69,306	)		(100,026	)		—			—			—			(3,613	)
Net transfers from (to) Fixed Account		—			25			1,264			(48,098	)		(177,385	)		(191	)		(1,009	)		1,082			(1,644	)		(2,116	)
Transfers between Investment Divisions		36,895			(5,943	)		218,817			19,212			(274,115	)		(10,148	)		(78,025	)		8,714			(11,713	)		36,762

Net contributions and (withdrawals)		18,354			(99,607	)		126,172			(164,363	)		(2,669,038	)		(1,132,379	)		(121,550	)		(41,124	)		(100,110	)		(102,827	)

Increase (decrease) in net assets		34,434			(72,242	)		238,013			(49,788	)		1,089,136			2,583,634			(110,403	)		(22,603	)		(69,623	)		(36,246	)
NET ASSETS:
Beginning of period		166,624			238,866			746,180			795,968			17,904,019			15,320,385			218,952			241,555			437,911			474,157

End of period	$	201,058		$	166,624		$	984,193		$	746,180		$	18,993,155		$	17,904,019		$	108,549		$	218,952		$	368,288		$	437,911

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

NYLIAC Variable Annuity Separate Account-II

Tax-Qualified Policies

Statement of Changes in Net Assets (Continued)

For the years ended December 31, 2024

and December 31, 2023


	MFS^®Investors Trust Series— Initial Class						MFS^®Mid Cap Value Portfolio— Service Class						MFS^®Research International Portfolio— Service Class						MFS^®Research Series— Initial Class						Morgan Stanley VIF U.S. Real Estate Portfolio— Class II
	2024			2023			2024			2023			2024			2023			2024			2023			2024			2023
INCREASE (DECREASE) IN NET ASSETS:
Operations:
Net investment income (loss)	$	(9,860	)	$	(9,763	)	$	(1,464	)	$	880		$	120		$	(2	)	$	(8,654	)	$	(9,105	)	$	2,412		$	3,214
Net realized gain (loss) on investments		42,490			126,490			6,772			6,456			2			157			30,193			13,765			(9,487	)		(90,114	)
Realized gain distribution received		111,521			95,578			22,576			16,359			—			—			70,345			57,757			—			—
Change in unrealized appreciation/ (depreciation) on investments		113,317			51,140			37,659			30,979			(1,133	)		125			98,905			143,384			32,029			129,036

Net increase (decrease) in net assets resulting from operations		257,468			263,445			65,543			54,674			(1,011	)		280			190,789			205,801			24,954			42,136

Contributions and (Withdrawals):
Payments received from policyowners		9,001			13,681			23,569			47,473			1,472			—			14,495			8,088			4,099			6,866
Policyowners’ surrenders		(111,628	)		(232,705	)		(111,279	)		(46,255	)		(89	)		—			(100,904	)		(144,815	)		(39,352	)		(106,584	)
Policyowners’ annuity and death benefits		(1,684	)		(8,555	)		—			(1,561	)		—			—			—			(11,131	)		—			—
Net transfers from (to) Fixed Account		1,898			(216,849	)		—			(2,993	)		—			—			1,614			174			(8,311	)		(1,628	)
Transfers between Investment Divisions		(18,906	)		(87,764	)		(98,623	)		4,698			31,438			(4,300	)		(50,560	)		(15,451	)		(293,941	)		(56,662	)

Net contributions and (withdrawals)		(121,319	)		(532,192	)		(186,333	)		1,362			32,821			(4,300	)		(135,355	)		(163,135	)		(337,505	)		(158,008	)

Increase (decrease) in net assets		136,149			(268,747	)		(120,790	)		56,036			31,810			(4,020	)		55,434			42,666			(312,551	)		(115,872	)
NET ASSETS:
Beginning of period		1,476,839			1,745,586			556,220			500,184			—			4,020			1,134,176			1,091,510			312,551			428,423

End of period	$	1,612,988		$	1,476,839		$	435,430		$	556,220		$	31,810		$	—		$	1,189,610		$	1,134,176		$	—		$	312,551

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

NYLIAC Variable Annuity Separate Account-II

Tax-Qualified Policies

Statement of Changes in Net Assets (Continued)

For the years ended December 31, 2024

and December 31, 2023


	Neuberger Berman AMT Mid Cap Growth Portfolio— Class S						PIMCO VIT Income Portfolio— Advisor Class						PIMCO VIT International Bond Portfolio (U.S. Dollar-Hedged)— Advisor Class						PIMCO VIT Low Duration Portfolio— Advisor Class						PIMCO VIT Total Return Portfolio— Advisor Class
	2024			2023			2024			2023			2024			2023			2024			2023			2024			2023
INCREASE (DECREASE) IN NET ASSETS:
Operations:
Net investment income (loss)	$	(36,419	)	$	(27,866	)	$	33,047		$	19,312		$	13,807		$	8,783		$	4,354		$	4,728		$	28,540		$	22,982
Net realized gain (loss) on investments		(10,934	)		(119,912	)		(9,324	)		(10,427	)		(21,183	)		(24,261	)		(125	)		(2,825	)		(109,130	)		(87,092	)
Realized gain distribution received		185,099			—			—			—			—			19,511			—			—			—			—
Change in unrealized appreciation/ (depreciation) on investments		400,206			489,847			8,500			26,231			31,201			49,001			811			5,260			99,075			107,887

Net increase (decrease) in net assets resulting from operations		537,952			342,069			32,223			35,116			23,825			53,034			5,040			7,163			18,485			43,777

Contributions and (Withdrawals):
Payments received from policyowners		28,487			82,337			5,105			14,631			11,601			22,826			564			932			30,053			38,371
Policyowners’ surrenders		(237,537	)		(368,593	)		(193,112	)		(6,940	)		(159,736	)		(133,546	)		(35,501	)		(39,595	)		(294,356	)		(175,330	)
Policyowners’ annuity and death benefits		(2,359	)		(4,515	)		—			—			(6,767	)		(6,818	)		—			(1,710	)		(1,962	)		(5,782	)
Net transfers from (to) Fixed Account		29			12			(79,441	)		6,004			(4,994	)		(9,374	)		77			(2	)		5,872			(3,317	)
Transfers between Investment Divisions		318,679			123,228			341,414			114,362			23,094			5,731			6,917			2,336			186,142			69,679

Net contributions and (withdrawals)		107,299			(167,531	)		73,966			128,057			(136,802	)		(121,181	)		(27,943	)		(38,039	)		(74,251	)		(76,379	)

Increase (decrease) in net assets		645,251			174,538			106,189			163,173			(112,977	)		(68,147	)		(22,903	)		(30,876	)		(55,766	)		(32,602	)
NET ASSETS:
Beginning of period		2,349,979			2,175,441			628,072			464,899			723,217			791,364			186,523			217,399			1,037,474			1,070,076

End of period	$	2,995,230		$	2,349,979		$	734,261		$	628,072		$	610,240		$	723,217		$	163,620		$	186,523		$	981,708		$	1,037,474

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

NYLIAC Variable Annuity Separate Account-II

Tax-Qualified Policies

Statement of Changes in Net Assets (Continued)

For the years ended December 31, 2024

and December 31, 2023


	Principal VC Real Estate Securities Account— Class 2			Western Asset Core Plus VIT Portfolio— Class II
	2024 (a)			2024			2023
INCREASE (DECREASE) IN NET ASSETS:
Operations:
Net investment income (loss)	$	(138	)	$	766		$	293
Net realized gain (loss) on investments		(168	)		216			—
Realized gain distribution received		85			—			—
Change in unrealized appreciation/ (depreciation) on investments		(10,560	)		(1,213	)		380

Net increase (decrease) in net assets resulting from operations		(10,781	)		(231	)		673

Contributions and (Withdrawals):
Payments received from policyowners		92			750			—
Policyowners’ surrenders		(28	)		(7,421	)		—
Policyowners’ annuity and death benefits		—			—			—
Net transfers from (to) Fixed Account		—			—			—
Transfers between Investment Divisions		227,839			8,407			8,775

Net contributions and (withdrawals)		227,903			1,736			8,775

Increase (decrease) in net assets		217,122			1,505			9,448
NET ASSETS:
Beginning of period		—			9,448			—

End of period	$	217,122		$	10,953		$	9,448

(a) For the period May 1, 2024 (commencement of Investment Division) through December 31, 2024.

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

NYLIAC Variable Annuity Separate Accounts-I and -II

Non-Qualified and Tax-Qualified Policies

Notes to Financial Statements

NOTE 1—Organization and Significant Accounting Policies:

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

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

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

NYLI VP American Century Sustainable Equity—Initial Class (formerly MainStay VP American Century Sustainable Equity— Initial Class)

NYLI VP Balanced—Service Class (formerly MainStay VP Balanced—Service Class)

NYLI VP Bond—Initial Class (formerly MainStay VP Bond—Initial Class)

NYLI VP Candriam Emerging Markets Equity—Initial Class (formerly MainStay VP Candriam Emerging Markets Equity—Initial Class)

NYLI VP CBRE Global Infrastructure—Service Class (formerly MainStay VP CBRE Global Infrastructure—Service Class)

NYLI VP Conservative Allocation—Service Class (formerly MainStay VP Conservative Allocation—Service Class)

NYLI VP Dimensional U.S. Equity—Initial Class (formerly MainStay VP Wellington U.S. Equity—Initial Class)

NYLI VP Epoch U.S. Equity Yield—Initial Class (formerly MainStay VP Epoch U.S. Equity Yield—Initial Class)

NYLI VP Equity Allocation—Service Class (formerly MainStay VP Equity Allocation—Service Class)

NYLI VP Fidelity Institutional AM^® Utilities—Service Class (formerly MainStay VP Fidelity Institutional AM^® Utilities—Service Class)

NYLI VP Floating Rate—Service Class (formerly MainStay VP Floating Rate—Service Class)

NYLI VP Growth Allocation—Service Class (formerly MainStay VP Growth Allocation—Service Class)

NYLI VP Hedge Multi-Strategy—Service Class (formerly MainStay VP IQ Hedge Multi-Strategy—Service Class)

NYLI VP Income Builder—Initial Class (formerly MainStay VP Income Builder—Initial Class)

NYLI VP Janus Henderson Balanced—Initial Class (formerly MainStay VP Janus Henderson Balanced—Initial Class)

NYLI VP MacKay Convertible—Initial Class (formerly MainStay VP MacKay Convertible—Initial Class)

NYLI VP MacKay High Yield Corporate Bond—Initial Class (formerly MainStay VP MacKay High Yield Corporate Bond—Initial Class)

NYLI VP MacKay Strategic Bond—Service Class (formerly MainStay VP MacKay Strategic Bond—Service Class)

NYLI VP MacKay U.S. Infrastructure Bond—Initial Class (formerly MainStay VP MacKay Government—Initial Class)

NYLI VP Moderate Allocation—Service Class (formerly MainStay VP Moderate Allocation—Service Class)

NYLIAC Variable Annuity Separate Accounts-I and -II

Non-Qualified and Tax-Qualified Policies

Notes to Financial Statements (Continued)

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

NYLI VP Natural Resources—Initial Class (formerly MainStay VP Natural Resources—Initial Class)

NYLI VP PIMCO Real Return—Service Class (formerly MainStay VP PIMCO Real Return—Service Class)

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

NYLI VP S&P 500 Index—Initial Class (formerly MainStay VP S&P 500 Index—Initial Class)

NYLI VP Schroders Mid Cap Opportunities—Initial Class (formerly MainStay VP Wellington Mid Cap—Initial Class)

NYLI VP Small Cap Growth—Initial Class (formerly MainStay VP Small Cap Growth—Initial Class)

NYLI VP Small Cap Growth—Service Class (formerly MainStay VP Small Cap Growth—Service Class)

NYLI VP U.S. Government Money Market—Initial Class (formerly MainStay VP U.S. Government Money Market—Initial Class)

NYLI VP Wellington Growth—Initial Class (formerly MainStay VP Wellington Growth—Initial Class)

NYLI VP Wellington Small Cap—Initial Class (formerly MainStay VP Wellington Small Cap—Initial Class)

NYLI VP Winslow Large Cap Growth—Initial Class (formerly MainStay VP Winslow Large Cap Growth—Initial Class)

AB VPS Relative Value Portfolio—Class B

American Funds IS Asset Allocation Fund—Class 4

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

American Funds IS Capital World Bond Fund^®—Class 4

American Funds IS Global Small Capitalization Fund—Class 4

American Funds IS Growth Fund—Class 4

American Funds IS New World Fund^®—Class 4

American Funds IS U.S. Government Securities Fund^®—Class 4

American Funds IS Washington Mutual Investors FundSM—Class 4

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

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

BNY Mellon IP Technology Growth Portfolio—Initial Shares

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

ClearBridge Variable Appreciation Portfolio—Class II

Columbia Variable Portfolio—Commodity Strategy Fund—Class 2

Columbia Variable Portfolio—Emerging Markets Bond Fund—Class 2

Columbia Variable Portfolio—Intermediate Bond Fund—Class 2

Columbia Variable Portfolio—Small Cap Value Fund—Class 2

DWS Alternative Asset Allocation VIP—Class B

Fidelity^® VIP Bond Index Portfolio—Service Class 2

Fidelity^® VIP ContrafundSM Portfolio—Initial Class

Fidelity^® VIP Emerging Markets Portfolio—Service Class 2

Fidelity^® VIP Equity-Income PortfolioSM—Initial Class

Fidelity^® VIP Extended Market Index Portfolio—Service Class 2

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

Fidelity^® VIP Growth Opportunities Portfolio—Service Class 2

Fidelity^® VIP Health Care Portfolio—Service Class 2

Fidelity^® VIP International Index Portfolio—Service Class 2

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

Fidelity^® VIP Mid Cap Portfolio—Service Class 2

Franklin Templeton Aggressive Model Portfolio—Class II

Franklin Templeton Conservative Model Portfolio—Class II

Franklin Templeton Moderate Model Portfolio—Class II

Franklin Templeton Moderately Aggressive Model Portfolio—Class II

Franklin Templeton Moderately Conservative Model Portfolio—Class II

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

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

Janus Henderson Enterprise Portfolio—Service Shares

Janus Henderson Global Research Portfolio—Institutional Shares

Macquarie VIP Small Cap Value Series—Service Class (formerly Delaware VIP^® Small Cap Value Series—Service Class)

MFS^® International Intrinsic Value Portfolio—Service Class

MFS^® Investors Trust Series—Initial Class

MFS^® Mid Cap Value Portfolio—Service Class

MFS^® Research International Portfolio—Service Class

MFS^® Research Series—Initial Class

NYLIAC Variable Annuity Separate Accounts-I and -II

Non-Qualified and Tax-Qualified Policies

Notes to Financial Statements (Continued)

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

Neuberger Berman AMT Mid Cap Growth Portfolio—Class S

PIMCO VIT Income Portfolio—Advisor Class

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

PIMCO VIT Low Duration Portfolio—Advisor Class

PIMCO VIT Short-Term Portfolio—Advisor Class

PIMCO VIT Total Return Portfolio—Advisor Class

Principal VC Real Estate Securities Account—Class 2

Putnam VT International Value Fund—Class IB

Voya Growth and Income Portfolio—Class S

Western Asset Core Plus VIT Portfolio—Class II

On December 6, 2024, the Class II shares of the Morgan Stanley VIF U.S. Real Estate Portfolio were substituted into the Class 2 shares of the Principal VC Real Estate Securities Account following approval by the Board of Directors of Morgan Stanley Variable Insurance Fund, Inc. to liquidate the Portfolio.

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

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

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

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

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

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

The authoritative guidance defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The authoritative guidance also establishes a framework for measuring fair value that includes a hierarchy used to classify the inputs used in measuring fair value. The hierarchy prioritizes the inputs to valuation techniques used to measure fair value into three levels. The level in the fair value hierarchy within which the fair value measurement falls is determined based on the lowest level input that is significant to the fair value measurement.

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

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

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

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

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

NYLIAC Variable Annuity Separate Accounts-I and -II

Non-Qualified and Tax-Qualified Policies

Notes to Financial Statements (Continued)

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

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

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

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

In this reporting period, the Separate Account adopted FASB Accounting Standards Update 2023-07, Segment Reporting (Topic 280) – Improvements to Reportable Segment Disclosures (“ASU 2023-07”). Adoption of the new standard impacted financial statement disclosures only and did not affect the financial position of each of the investment divisions of the Separate Account, changes in each of their net assets or the results of each of their operations. The intent of the ASU 2023-07 is, through improved segment disclosures, to enable investors to better understand the Separate Account’s overall performance and to assess its potential future cash flows.

The management of the Retail and Institutional Life Businesses of NYLIAC acts as the Separate Account’s chief operating decision maker (“CODM”) making decisions about investment options as well as associated expenses of the Separate Account. The CODM has determined that each of the investment divisions make up one operating segment of the Separate Account. The Separate Account’s investment options are pre-determined in accordance with the terms of its prospectus. The financial information provided to and reviewed by the CODM is consistent with that presented within the Separate Account’s Statement of Assets and Liabilities, Statement of Operations, Statement of Changes in Net Assets and Financial Highlights.

NYLIAC Variable Annuity Separate Accounts-I and -II

Non-Qualified and Tax-Qualified Policies

Notes to Financial Statements (Continued)

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

The cost of purchases and proceeds from sales of investments for the year ended December 31, 2024 were as follows:


Separate Account-I (Non-Qualified Policies)	Purchases		Sales
NYLI VP American Century Sustainable Equity—Initial Class	$	173		$ 1,120
NYLI VP Balanced—Service Class		113		519
NYLI VP Bond—Initial Class		188		492
NYLI VP Candriam Emerging Markets Equity—Initial Class		35		193
NYLI VP CBRE Global Infrastructure—Service Class		1		25
NYLI VP Conservative Allocation—Service Class		70		766
NYLI VP Dimensional U.S. Equity—Initial Class		407		2,544
NYLI VP Epoch U.S. Equity Yield—Initial Class		1,474		1,926
NYLI VP Equity Allocation—Service Class		3		456
NYLI VP Fidelity Institutional AM^®Utilities—Service Class		792		975
NYLI VP Floating Rate—Service Class		200		350
NYLI VP Growth Allocation—Service Class		153		920
NYLI VP Hedge Multi-Strategy—Service Class		2		23
NYLI VP Income Builder—Initial Class		725		1,994
NYLI VP Janus Henderson Balanced—Initial Class		342		3,052
NYLI VP MacKay Convertible—Initial Class		523		1,396
NYLI VP MacKay High Yield Corporate Bond—Initial Class		1,422		3,540
NYLI VP MacKay Strategic Bond—Service Class		61		75
NYLI VP MacKay U.S. Infrastructure Bond—Initial Class		72		243
NYLI VP Moderate Allocation—Service Class		109		767
NYLI VP Natural Resources—Initial Class		163		607
NYLI VP PIMCO Real Return—Service Class		46		62
NYLI VP PineStone International Equity—Initial Class		64		324
NYLI VP S&P 500 Index—Initial Class		1,672		6,921
NYLI VP Schroders Mid Cap Opportunities—Initial Class		47		824
NYLI VP Small Cap Growth—Initial Class		31		177
NYLI VP Small Cap Growth—Service Class		17		260
NYLI VP U.S. Government Money Market—Initial Class		1,535		1,524
NYLI VP Wellington Growth—Initial Class		51		3,944
NYLI VP Wellington Small Cap—Initial Class		39		237
NYLI VP Winslow Large Cap Growth—Initial Class		1,042		805
AB VPS Relative Value Portfolio—Class B		7		18
American Funds IS Asset Allocation Fund—Class 4		268		207
American Funds IS Global Small Capitalization Fund—Class 4		6		6
American Funds IS Growth Fund—Class 4		194		158
American Funds IS New World Fund^®—Class 4		8		23
American Funds IS Washington Mutual Investors Fund^SM—Class 4		105		179
BlackRock^®Global Allocation V.I. Fund—Class III		112		172
BlackRock^®High Yield V.I. Fund—Class III		72		134
BNY Mellon IP Technology Growth Portfolio—Initial Shares		560		445
BNY Mellon Sustainable U.S. Equity Portfolio—Service Shares		3		12
ClearBridge Variable Appreciation Portfolio—Class II		43		5
Columbia Variable Portfolio—Commodity Strategy Fund—Class 2		—		17
Columbia Variable Portfolio—Emerging Markets Bond Fund—Class 2		5		5
Columbia Variable Portfolio—Small Cap Value Fund—Class 2		410		135
DWS Alternative Asset Allocation VIP—Class B		7		20
Fidelity^®VIP Bond Index Portfolio—Service Class 2		3		7
Fidelity^®VIP Contrafund^SMPortfolio—Initial Class		3,791		3,039

NYLIAC Variable Annuity Separate Accounts-I and -II

Non-Qualified and Tax-Qualified Policies

Notes to Financial Statements (Continued)

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


Separate Account-I (Non-Qualified Policies)	Purchases		Sales
Fidelity^®VIP Emerging Markets Portfolio—Service Class 2	$	7	$	17
Fidelity^®VIP Equity-Income Portfolio^SM—Initial Class		491		770
Fidelity^®VIP Extended Market Index Portfolio—Service Class 2		1		—
Fidelity^®VIP FundsManager^®60% Portfolio—Service Class		43		21
Fidelity^®VIP Growth Opportunities Portfolio—Service Class 2		700		545
Fidelity^®VIP Health Care Portfolio—Service Class 2		20		135
Fidelity^®VIP International Index Portfolio—Service Class 2		22		24
Fidelity^®VIP Investment Grade Bond Portfolio—Service Class 2		16		11
Fidelity^®VIP Mid Cap Portfolio—Service Class 2		397		404
Franklin Templeton Aggressive Model Portfolio—Class II		19		5
Franklin Templeton Conservative Model Portfolio—Class II		1		6
Franklin Templeton Moderate Model Portfolio—Class II		97		307
Franklin Templeton Moderately Aggressive Model Portfolio—Class II		289		139
Franklin Templeton Moderately Conservative Model Portfolio—Class II		8		60
Invesco V.I. EQV International Equity Fund—Series II Shares		15		15
Invesco V.I. Main Street Small Cap Fund^®—Series II Shares		85		5
Janus Henderson Enterprise Portfolio—Service Shares		130		126
Janus Henderson Global Research Portfolio—Institutional Shares		481		915
Macquarie VIP Small Cap Value Series—Service Class		10		16
MFS^®International Intrinsic Value Portfolio—Service Class		28		13
MFS^®Investors Trust Series—Initial Class		50		42
MFS^®Mid Cap Value Portfolio—Service Class		40		44
MFS^®Research Series—Initial Class		65		41
Morgan Stanley VIF U.S. Real Estate Portfolio—Class II		7		276
Neuberger Berman AMT Mid Cap Growth Portfolio—Class S		281		123
PIMCO VIT Income Portfolio—Advisor Class		108		94
PIMCO VIT International Bond Portfolio (U.S. Dollar-Hedged)—Advisor Class		22		60
PIMCO VIT Low Duration Portfolio—Advisor Class		45		15
PIMCO VIT Short-Term Portfolio—Advisor Class		13		—
PIMCO VIT Total Return Portfolio—Advisor Class		66		97
Principal VC Real Estate Securities Account—Class 2		207		17
Putnam VT International Value Fund—Class IB		4		—
Voya Growth and Income Portfolio—Class S		144		1
Western Asset Core Plus VIT Portfolio—Class II		14		7

Total	$	21,092	$	45,994

NYLIAC Variable Annuity Separate Accounts-I and -II

Non-Qualified and Tax-Qualified Policies

Notes to Financial Statements (Continued)

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


Separate Account-II (Tax-Qualified Policies)	Purchases		Sales
NYLI VP American Century Sustainable Equity—Initial Class	$	296	$	1,419
NYLI VP Balanced—Service Class		485		1,029
NYLI VP Bond—Initial Class		296		628
NYLI VP Candriam Emerging Markets Equity—Initial Class		71		438
NYLI VP CBRE Global Infrastructure—Service Class		30		32
NYLI VP Conservative Allocation—Service Class		129		1,813
NYLI VP Dimensional U.S. Equity—Initial Class		470		4,972
NYLI VP Epoch U.S. Equity Yield—Initial Class		2,295		3,785
NYLI VP Equity Allocation—Service Class		19		544
NYLI VP Fidelity Institutional AM^®Utilities—Service Class		1,131		2,478
NYLI VP Floating Rate—Service Class		588		937
NYLI VP Growth Allocation—Service Class		116		2,121
NYLI VP Hedge Multi-Strategy—Service Class		14		128
NYLI VP Income Builder—Initial Class		909		3,965
NYLI VP Janus Henderson Balanced—Initial Class		668		5,085
NYLI VP MacKay Convertible—Initial Class		1,176		2,608
NYLI VP MacKay High Yield Corporate Bond—Initial Class		2,210		4,289
NYLI VP MacKay Strategic Bond—Service Class		219		470
NYLI VP MacKay U.S. Infrastructure Bond—Initial Class		153		457
NYLI VP Moderate Allocation—Service Class		398		2,606
NYLI VP Natural Resources—Initial Class		525		834
NYLI VP PIMCO Real Return—Service Class		90		158
NYLI VP PineStone International Equity—Initial Class		368		759
NYLI VP S&P 500 Index—Initial Class		2,123		11,904
NYLI VP Schroders Mid Cap Opportunities—Initial Class		117		1,289
NYLI VP Small Cap Growth—Initial Class		23		840
NYLI VP Small Cap Growth—Service Class		132		279
NYLI VP U.S. Government Money Market—Initial Class		4,128		3,036
NYLI VP Wellington Growth—Initial Class		112		8,944
NYLI VP Wellington Small Cap—Initial Class		160		716
NYLI VP Winslow Large Cap Growth—Initial Class		2,107		2,425
AB VPS Relative Value Portfolio—Class B		153		1
American Funds IS Asset Allocation Fund—Class 4		416		1,070
American Funds IS The Bond Fund of America^®—Class 4		62		—
American Funds IS Global Small Capitalization Fund—Class 4		26		50
American Funds IS Growth Fund—Class 4		395		330
American Funds IS New World Fund^®—Class 4		77		178
American Funds IS U.S. Government Securities Fund^®—Class 4		33		—
American Funds IS Washington Mutual Investors Fund^SM—Class 4		220		315
BlackRock^®Global Allocation V.I. Fund—Class III		194		747
BlackRock^®High Yield V.I. Fund—Class III		126		338
BNY Mellon IP Technology Growth Portfolio—Initial Shares		510		1,282
BNY Mellon Sustainable U.S. Equity Portfolio—Service Shares		—		7
ClearBridge Variable Appreciation Portfolio—Class II		13		59
Columbia Variable Portfolio—Commodity Strategy Fund—Class 2		1		40
Columbia Variable Portfolio—Emerging Markets Bond Fund—Class 2		17		85
Columbia Variable Portfolio—Intermediate Bond Fund—Class 2		5		—
Columbia Variable Portfolio—Small Cap Value Fund—Class 2		488		631

NYLIAC Variable Annuity Separate Accounts-I and -II

Non-Qualified and Tax-Qualified Policies

Notes to Financial Statements (Continued)

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


Separate Account-II (Tax-Qualified Policies)	Purchases		Sales
DWS Alternative Asset Allocation VIP—Class B	$	29	$	73
Fidelity^®VIP Bond Index Portfolio—Service Class 2		69		38
Fidelity^®VIP Contrafund^SMPortfolio—Initial Class		6,809		8,120
Fidelity^®VIP Emerging Markets Portfolio—Service Class 2		49		101
Fidelity^®VIP Equity-Income Portfolio^SM—Initial Class		1,256		1,937
Fidelity^®VIP FundsManager^®60% Portfolio—Service Class		172		156
Fidelity^®VIP Growth Opportunities Portfolio—Service Class 2		1,293		1,329
Fidelity^®VIP Health Care Portfolio—Service Class 2		45		244
Fidelity^®VIP International Index Portfolio—Service Class 2		17		5
Fidelity^®VIP Investment Grade Bond Portfolio—Service Class 2		—		—
Fidelity^®VIP Mid Cap Portfolio—Service Class 2		877		921
Franklin Templeton Aggressive Model Portfolio—Class II		113		214
Franklin Templeton Conservative Model Portfolio—Class II		157		529
Franklin Templeton Moderate Model Portfolio—Class II		655		118
Franklin Templeton Moderately Aggressive Model Portfolio—Class II		429		249
Franklin Templeton Moderately Conservative Model Portfolio—Class II		423		215
Invesco V.I. EQV International Equity Fund—Series II Shares		15		54
Invesco V.I. Main Street Small Cap Fund^®—Series II Shares		80		57
Janus Henderson Enterprise Portfolio—Service Shares		349		189
Janus Henderson Global Research Portfolio—Institutional Shares		809		2,985
Macquarie VIP Small Cap Value Series—Service Class		17		134
MFS^®International Intrinsic Value Portfolio—Service Class		100		181
MFS^®Investors Trust Series—Initial Class		126		145
MFS^®Mid Cap Value Portfolio—Service Class		98		263
MFS^®Research International Portfolio—Service Class		33		—
MFS^®Research Series—Initial Class		101		175
Morgan Stanley VIF U.S. Real Estate Portfolio—Class II		22		357
Neuberger Berman AMT Mid Cap Growth Portfolio—Class S		548		292
PIMCO VIT Income Portfolio—Advisor Class		554		447
PIMCO VIT International Bond Portfolio (U.S. Dollar-Hedged)—Advisor Class		57		180
PIMCO VIT Low Duration Portfolio—Advisor Class		14		37
PIMCO VIT Total Return Portfolio—Advisor Class		389		435
Principal VC Real Estate Securities Account—Class 2		233		5
Western Asset Core Plus VIT Portfolio—Class II		10		8

Total	$	40,242	$	96,314

NYLIAC Variable Annuity Separate Accounts-I and -II

Non-Qualified and Tax-Qualified Policies

Notes to Financial Statements (Continued)

NOTE 3—Expenses and Related Party Transactions:

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

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

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

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

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

Separate Account-I and Separate Account-II policyowners may pay certain Fund portfolio company operating expenses during the time they own their policy, which are reflected in the daily computation of NAVs for the Funds. NYLIAC may receive payment or compensation from the Funds resulting from certain of these operating expenses in connection with the administration, distribution and other services it provides to the Funds, some of whom may be affiliates of NYLIAC. Management Fees (which may include administration and/or advisory fees) range from 0.00% to 1.00%, distribution (12b-1) fees range from 0.00% to 0.30%, and other expenses range from 0.00% to 0.38%. These ranges are shown as a percentage of average net assets as of December 31, 2023, and approximate the ranges as of December 31, 2024.

NOTE 4—Distribution of Net Income:

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

NYLIAC Variable Annuity Separate Accounts-I and -II

Non-Qualified and Tax-Qualified Policies

Notes to Financial Statements (Continued)

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

The changes in units outstanding for the years ended December 31, 2024 and 2023 were as follows:


	2024								2023
Separate Account-I (Non-Qualified Policies)	Units Issued		Units Redeemed			Net Increase (Decrease)			Units Issued		Units Redeemed			Net Increase (Decrease)
NYLI VP American Century Sustainable Equity—Initial Class		1		(34	)		(33	)		3		(25	)		(22	)
NYLI VP Balanced—Service Class		3		(20	)		(17	)		2		(28	)		(26	)
NYLI VP Bond—Initial Class		4		(20	)		(16	)		6		(33	)		(27	)
NYLI VP Candriam Emerging Markets Equity—Initial Class		3		(20	)		(17	)		6		(24	)		(18	)
NYLI VP CBRE Global Infrastructure—Service Class		1		(4	)		(3	)		—		(1	)		(1	)
NYLI VP Conservative Allocation—Service Class		2		(38	)		(36	)		1		(41	)		(40	)
NYLI VP Dimensional U.S. Equity—Initial Class		2		(20	)		(18	)		1		(38	)		(37	)
NYLI VP Epoch U.S. Equity Yield—Initial Class		3		(46	)		(43	)		32		(94	)		(62	)
NYLI VP Equity Allocation—Service Class		1		(17	)		(16	)		4		(5	)		(1	)
NYLI VP Fidelity Institutional AM^®Utilities—Service Class		7		(38	)		(31	)		10		(53	)		(43	)
NYLI VP Floating Rate—Service Class		5		(21	)		(16	)		27		(32	)		(5	)
NYLI VP Growth Allocation—Service Class		5		(34	)		(29	)		28		(85	)		(57	)
NYLI VP Hedge Multi-Strategy—Service Class		1		(3	)		(2	)		—		(6	)		(6	)
NYLI VP Income Builder—Initial Class		5		(33	)		(28	)		1		(52	)		(51	)
NYLI VP Janus Henderson Balanced—Initial Class		4		(113	)		(109	)		7		(49	)		(42	)
NYLI VP MacKay Convertible—Initial Class		4		(21	)		(17	)		2		(22	)		(20	)
NYLI VP MacKay High Yield Corporate Bond—Initial Class		7		(62	)		(55	)		17		(91	)		(74	)
NYLI VP MacKay Strategic Bond—Service Class		2		(5	)		(3	)		2		(11	)		(9	)
NYLI VP MacKay U.S. Infrastructure Bond—Initial Class		2		(11	)		(9	)		10		(36	)		(26	)
NYLI VP Moderate Allocation—Service Class		4		(32	)		(28	)		4		(40	)		(36	)
NYLI VP Natural Resources—Initial Class		10		(50	)		(40	)		7		(131	)		(124	)
NYLI VP PIMCO Real Return—Service Class		4		(6	)		(2	)		4		(14	)		(10	)
NYLI VP PineStone International Equity—Initial Class		1		(8	)		(7	)		5		(14	)		(9	)
NYLI VP S&P 500 Index—Initial Class		7		(46	)		(39	)		9		(63	)		(54	)
NYLI VP Schroders Mid Cap Opportunities—Initial Class		—		(17	)		(17	)		1		(19	)		(18	)
NYLI VP Small Cap Growth—Initial Class		1		(6	)		(5	)		3		(21	)		(18	)
NYLI VP Small Cap Growth—Service Class		1		(13	)		(12	)		1		(2	)		(1	)
NYLI VP U.S. Government Money Market—Initial Class		1,001		(1,096	)		(95	)		1,799		(2,222	)		(423	)
NYLI VP Wellington Growth—Initial Class		1		(41	)		(40	)		1		(59	)		(58	)
NYLI VP Wellington Small Cap—Initial Class		1		(17	)		(16	)		3		(44	)		(41	)
NYLI VP Winslow Large Cap Growth—Initial Class		6		(9	)		(3	)		1		(16	)		(15	)
AB VPS Relative Value Portfolio—Class B		—		(1	)		(1	)		2		—			2
American Funds IS Asset Allocation Fund—Class 4		14		(13	)		1			26		(6	)		20
American Funds IS Global Small Capitalization Fund—Class 4		—		—			—			—		—			—
American Funds IS Growth Fund—Class 4		7		(6	)		1			7		(4	)		3
American Funds IS New World Fund^®—Class 4		1		(2	)		(1	)		—		(2	)		(2	)
American Funds IS Washington Mutual Investors Fund^SM—Class 4		5		(10	)		(5	)		4		(6	)		(2	)
BlackRock^®Global Allocation V.I. Fund—Class III		1		(10	)		(9	)		2		(6	)		(4	)
BlackRock^®High Yield V.I. Fund—Class III		4		(10	)		(6	)		—		(4	)		(4	)
BNY Mellon IP Technology Growth Portfolio—Initial Shares		10		(7	)		3			9		(12	)		(3	)
BNY Mellon Sustainable U.S. Equity Portfolio—Service Shares		1		(1	)		—			—		—			—
ClearBridge Variable Appreciation Portfolio—Class II		1		—			1			—		—			—
Columbia Variable Portfolio—Commodity Strategy Fund—Class 2		—		(2	)		(2	)		1		(1	)		—

NYLIAC Variable Annuity Separate Account-I

Non-Qualified Policies

Notes to Financial Statements (Continued)

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


	2024								2023
Separate Account-I (Non-Qualified Policies)	Units Issued		Units Redeemed			Net Increase (Decrease)			Units Issued		Units Redeemed			Net Increase (Decrease)
Columbia Variable Portfolio—Emerging Markets Bond Fund—Class 2		—		(1	)		(1	)		1		(2	)		(1	)
Columbia Variable Portfolio—Small Cap Value Fund—Class 2		10		(3	)		7			2		(6	)		(4	)
DWS Alternative Asset Allocation VIP—Class B		—		(2	)		(2	)		1		(3	)		(2	)
Fidelity^®VIP Bond Index Portfolio—Service Class 2		—		(1	)		(1	)		—		(5	)		(5	)
Fidelity^®VIP Contrafund^SMPortfolio—Initial Class		5		(22	)		(17	)		4		(36	)		(32	)
Fidelity^®VIP Emerging Markets Portfolio—Service Class 2		—		(1	)		(1	)		1		(6	)		(5	)
Fidelity^®VIP Equity-Income Portfolio^SM—Initial Class		2		(12	)		(10	)		4		(15	)		(11	)
Fidelity^®VIP Extended Market Index Portfolio—Service Class 2		—		—			—			—		—			—
Fidelity^®VIP FundsManager^®60% Portfolio—Service Class		3		(1	)		2			7		—			7
Fidelity^®VIP Growth Opportunities Portfolio—Service Class 2		17		(11	)		6			11		(9	)		2
Fidelity^®VIP Health Care Portfolio—Service Class 2		2		(9	)		(7	)		3		(15	)		(12	)
Fidelity^®VIP International Index Portfolio—Service Class 2		2		(2	)		—			4		(3	)		1
Fidelity^®VIP Investment Grade Bond Portfolio—Service Class 2		1		(1	)		—			3		(1	)		2
Fidelity^®VIP Mid Cap Portfolio—Service Class 2		—		(6	)		(6	)		1		(10	)		(9	)
Franklin Templeton Aggressive Model Portfolio—Class II		—		—			—			2		(5	)		(3	)
Franklin Templeton Conservative Model Portfolio—Class II		1		(1	)		—			—		(1	)		(1	)
Franklin Templeton Moderate Model Portfolio—Class II		5		(21	)		(16	)		21		(8	)		13
Franklin Templeton Moderately Aggressive Model Portfolio—Class II		19		(9	)		10			1		(2	)		(1	)
Franklin Templeton Moderately Conservative Model Portfolio—Class II		1		(5	)		(4	)		8		(1	)		7
Invesco V.I. EQV International Equity Fund—Series II Shares		1		(1	)		—			2		(2	)		—
Invesco V.I. Main Street Small Cap Fund^®—Series II Shares		3		—			3			3		(1	)		2
Janus Henderson Enterprise Portfolio—Service Shares		6		(7	)		(1	)		—		(2	)		(2	)
Janus Henderson Global Research Portfolio—Institutional Shares		3		(16	)		(13	)		2		(55	)		(53	)
Macquarie VIP Small Cap Value Series—Service Class		—		(1	)		(1	)		—		—			—
MFS^®International Intrinsic Value Portfolio—Service Class		1		(1	)		—			1		(2	)		(1	)
MFS^®Investors Trust Series—Initial Class		1		(1	)		—			—		(7	)		(7	)
MFS^®Mid Cap Value Portfolio—Service Class		1		(2	)		(1	)		2		(6	)		(4	)
MFS^®Research Series—Initial Class		—		(1	)		(1	)		1		(2	)		(1	)
Morgan Stanley VIF U.S. Real Estate Portfolio—Class II		—		(21	)		(21	)		2		(5	)		(3	)
Neuberger Berman AMT Mid Cap Growth Portfolio—Class S		4		(2	)		2			2		(4	)		(2	)
PIMCO VIT Income Portfolio—Advisor Class		9		(8	)		1			3		—			3
PIMCO VIT International Bond Portfolio (U.S. Dollar-Hedged)—
Advisor Class		1		(5	)		(4	)		2		(6	)		(4	)
PIMCO VIT Low Duration Portfolio—Advisor Class		3		(1	)		2			1		(2	)		(1	)
PIMCO VIT Short-Term Portfolio—Advisor Class		1		—			1			—		—			—
PIMCO VIT Total Return Portfolio—Advisor Class		5		(9	)		(4	)		3		(5	)		(2	)
Principal VC Real Estate Securities Account—Class 2		17		(1	)		16			—		—			—
Putnam VT International Value Fund—Class IB		—		—			—			—		—			—
Voya Growth and Income Portfolio—Class S		12		—			12			—		—			—
Western Asset Core Plus VIT Portfolio—Class II		2		(1	)		1			—		—			—

NYLIAC Variable Annuity Separate Account-I

Non-Qualified Policies

Notes to Financial Statements (Continued)

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

The changes in units outstanding for the years ended December 31, 2024 and 2023 were as follows:


	2024						2023
Separate Account-II (Tax-Qualified Policies)	Units Issued		Units Redeemed		Net Increase (Decrease)		Units Issued		Units Redeemed		Net Increase (Decrease)
NYLI VP American Century Sustainable Equity—Initial Class		1		(43)		(42)		8		(50)		(42)
NYLI VP Balanced—Service Class		17		(40)		(23)		17		(60)		(43)
NYLI VP Bond—Initial Class		5		(25)		(20)		3		(39)		(36)
NYLI VP Candriam Emerging Markets Equity—Initial Class		6		(46)		(40)		7		(26)		(19)
NYLI VP CBRE Global Infrastructure—Service Class		4		(4)		—		2		(2)		—
NYLI VP Conservative Allocation—Service Class		3		(90)		(87)		11		(71)		(60)
NYLI VP Dimensional U.S. Equity—Initial Class		2		(39)		(37)		2		(38)		(36)
NYLI VP Epoch U.S. Equity Yield—Initial Class		5		(90)		(85)		8		(102)		(94)
NYLI VP Equity Allocation—Service Class		2		(19)		(17)		2		(28)		(26)
NYLI VP Fidelity Institutional AM^®Utilities—Service Class		5		(102)		(97)		15		(104)		(89)
NYLI VP Floating Rate—Service Class		17		(57)		(40)		58		(42)		16
NYLI VP Growth Allocation—Service Class		4		(79)		(75)		10		(54)		(44)
NYLI VP Hedge Multi-Strategy—Service Class		2		(15)		(13)		2		(16)		(14)
NYLI VP Income Builder—Initial Class		2		(67)		(65)		6		(82)		(76)
NYLI VP Janus Henderson Balanced—Initial Class		4		(183)		(179)		15		(228)		(213)
NYLI VP MacKay Convertible—Initial Class		9		(39)		(30)		7		(34)		(27)
NYLI VP MacKay High Yield Corporate Bond—Initial Class		13		(73)		(60)		6		(78)		(72)
NYLI VP MacKay Strategic Bond—Service Class		10		(35)		(25)		14		(16)		(2)
NYLI VP MacKay U.S. Infrastructure Bond—Initial Class		5		(20)		(15)		2		(28)		(26)
NYLI VP Moderate Allocation—Service Class		16		(113)		(97)		8		(92)		(84)
NYLI VP Natural Resources—Initial Class		36		(68)		(32)		19		(130)		(111)
NYLI VP PIMCO Real Return—Service Class		7		(15)		(8)		4		(32)		(28)
NYLI VP PineStone International Equity—Initial Class		11		(21)		(10)		7		(18)		(11)
NYLI VP S&P 500 Index—Initial Class		7		(78)		(71)		6		(85)		(79)
NYLI VP Schroders Mid Cap Opportunities—Initial Class		3		(27)		(24)		3		(32)		(29)
NYLI VP Small Cap Growth—Initial Class		2		(33)		(31)		2		(21)		(19)
NYLI VP Small Cap Growth—Service Class		6		(13)		(7)		6		(8)		(2)
NYLI VP U.S. Government Money Market—Initial Class		2,851		(2,198)		653		1,057		(2,432)		(1,375)
NYLI VP Wellington Growth—Initial Class		2		(96)		(94)		2		(89)		(87)
NYLI VP Wellington Small Cap—Initial Class		11		(57)		(46)		19		(54)		(35)
NYLI VP Winslow Large Cap Growth—Initial Class		11		(27)		(16)		7		(31)		(24)
AB VPS Relative Value Portfolio—Class B		12		—		12		1		(1)		—
American Funds IS Asset Allocation Fund—Class 4		20		(73)		(53)		12		(20)		(8)
American Funds IS The Bond Fund of America^®—Class 4		6		—		6		1		—		1
American Funds IS Global Small Capitalization Fund—Class 4		1		(3)		(2)		2		(3)		(1)
American Funds IS Growth Fund—Class 4		15		(13)		2		14		(19)		(5)
American Funds IS New World Fund^®—Class 4		5		(12)		(7)		5		(17)		(12)
American Funds IS U.S. Government Securities Fund^®—Class 4		3		—		3		—		—		—
American Funds IS Washington Mutual Investors Fund^SM—Class 4		11		(17)		(6)		19		(17)		2
BlackRock^®Global Allocation V.I. Fund—Class III		6		(46)		(40)		6		(24)		(18)
BlackRock^®High Yield V.I. Fund—Class III		5		(24)		(19)		9		(26)		(17)
BNY Mellon IP Technology Growth Portfolio—Initial Shares		10		(22)		(12)		13		(25)		(12)
BNY Mellon Sustainable U.S. Equity Portfolio—Service Shares		—		(1)		(1)		—		—		—

NYLIAC Variable Annuity Separate Account-I

Non-Qualified Policies

Notes to Financial Statements (Continued)

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


	2024						2023
Separate Account-II (Tax-Qualified Policies)	Units Issued		Units Redeemed		Net Increase (Decrease)		Units Issued		Units Redeemed		Net Increase (Decrease)
ClearBridge Variable Appreciation Portfolio—Class II		1		(3)		(2)		—		(3)		(3)
Columbia Variable Portfolio—Commodity Strategy Fund—Class 2		—		(4)		(4)		—		—		—
Columbia Variable Portfolio—Emerging Markets Bond Fund—Class 2		1		(8)		(7)		1		(3)		(2)
Columbia Variable Portfolio—Intermediate Bond Fund—Class 2		1		—		1		—		—		—
Columbia Variable Portfolio—Small Cap Value Fund—Class 2		13		(17)		(4)		12		(9)		3
DWS Alternative Asset Allocation VIP—Class B		2		(6)		(4)		1		(4)		(3)
Fidelity^®VIP Bond Index Portfolio—Service Class 2		7		(4)		3		5		(6)		(1)
Fidelity^®VIP Contrafund^SMPortfolio—Initial Class		6		(61)		(55)		9		(60)		(51)
Fidelity^®VIP Emerging Markets Portfolio—Service Class 2		3		(8)		(5)		3		(6)		(3)
Fidelity^®VIP Equity-Income Portfolio^SM—Initial Class		8		(30)		(22)		5		(47)		(42)
Fidelity^®VIP FundsManager^®60% Portfolio—Service Class		13		(12)		1		19		(5)		14
Fidelity^®VIP Growth Opportunities Portfolio—Service Class 2		31		(28)		3		24		(28)		(4)
Fidelity^®VIP Health Care Portfolio—Service Class 2		3		(16)		(13)		8		(23)		(15)
Fidelity^®VIP International Index Portfolio—Service Class 2		1		—		1		1		(1)		—
Fidelity^®VIP Investment Grade Bond Portfolio—Service Class 2		—		—		—		1		—		1
Fidelity^®VIP Mid Cap Portfolio—Service Class 2		2		(15)		(13)		4		(19)		(15)
Franklin Templeton Aggressive Model Portfolio—Class II		6		(13)		(7)		5		(1)		4
Franklin Templeton Conservative Model Portfolio—Class II		13		(50)		(37)		20		(5)		15
Franklin Templeton Moderate Model Portfolio—Class II		45		(7)		38		93		(4)		89
Franklin Templeton Moderately Aggressive Model Portfolio—Class II		30		(17)		13		11		(21)		(10)
Franklin Templeton Moderately Conservative Model Portfolio—Class II		29		(16)		13		49		(33)		16
Invesco V.I. EQV International Equity Fund—Series II Shares		1		(4)		(3)		5		(17)		(12)
Invesco V.I. Main Street Small Cap Fund^®—Series II Shares		4		(3)		1		3		(10)		(7)
Janus Henderson Enterprise Portfolio—Service Shares		17		(10)		7		6		(16)		(10)
Janus Henderson Global Research Portfolio—Institutional Shares		2		(53)		(51)		4		(32)		(28)
Macquarie VIP Small Cap Value Series—Service Class		1		(10)		(9)		3		(6)		(3)
MFS^®International Intrinsic Value Portfolio—Service Class		6		(12)		(6)		9		(17)		(8)
MFS^®Investors Trust Series—Initial Class		—		(3)		(3)		—		(15)		(15)
MFS^®Mid Cap Value Portfolio—Service Class		4		(14)		(10)		12		(12)		—
MFS^®Research International Portfolio—Service Class		3		—		3		—		—		—
MFS^®Research Series—Initial Class		—		(3)		(3)		2		(6)		(4)
Morgan Stanley VIF U.S. Real Estate Portfolio—Class II		2		(28)		(26)		7		(21)		(14)
Neuberger Berman AMT Mid Cap Growth Portfolio—Class S		7		(5)		2		6		(10)		(4)
PIMCO VIT Income Portfolio—Advisor Class		47		(40)		7		19		(7)		12
PIMCO VIT International Bond Portfolio (U.S. Dollar-Hedged)—Advisor Class		3		(15)		(12)		5		(17)		(12)
PIMCO VIT Low Duration Portfolio—Advisor Class		1		(4)		(3)		1		(5)		(4)
PIMCO VIT Total Return Portfolio—Advisor Class		36		(42)		(6)		22		(30)		(8)
Principal VC Real Estate Securities Account—Class 2		19		—		19		—		—		—
Western Asset Core Plus VIT Portfolio—Class II		1		(1)		—		1		—		1

NYLIAC Variable Annuity Separate Accounts-I and -II

Non-Qualified and Tax-Qualified Policies

Notes to Financial Statements (Continued)

NOTE 6—Financial Highlights

The following table presents financial highlights for each Investment Division as of December 31, 2024, 2023, 2022, 2021 and 2020:

	$		$		$		$		$			$
			Net Assets (in 000’s)		Units Outstanding (in 000’s)		Variable Accumulation Unit Value		Total Return¹			Investment Income Ratio²
Separate Account-I (Non-Qualified Policies)
NYLI VP American Century Sustainable Equity—Initial Class		2024	$	4,530		138	$	32.93		18.3	%		1.0	%
		2023		4,766		171		27.84		22.8	%		1.3	%
		2022		4,370		193		22.67		(8.9	)%		1.7	%
		2021		5,398		217		24.88		23.9	%		2.5	%
		2020		4,587		228		20.09		(0.3	)%		3.5	%
NYLI VP Balanced—Service Class		2024	$	2,303		90	$	25.73		6.2	%		2.3	%
		2023		2,580		107		24.22		5.9	%		1.7	%
		2022		3,042		133		22.87		(7.2	)%		0.8	%
		2021		3,502		142		24.65		15.5	%		1.1	%
		2020		2,920		137		21.34		6.2	%		1.8	%
NYLI VP Bond—Initial Class		2024	$	2,405		101	$	23.86		0.5	%		4.6	%
		2023		2,784		117		23.73		4.2	%		2.8	%
		2022		3,275		144		22.77		(15.6	)%		1.9	%
		2021		4,529		168		26.97		(2.6	)%		1.8	%
		2020		5,308		192		27.71		6.5	%		2.1	%
NYLI VP Candriam Emerging Markets Equity—Initial Class		2024	$	878		96	$	9.19		11.2	%		0.9	%
		2023		932		113		8.26		5.9	%		1.7	%
		2022		1,022		131		7.81		(29.6	)%		0.9	%
		2021		1,492		134		11.10		(3.3	)%		1.1	%
		2020		1,667		145		11.47		24.1	%		3.3	%
NYLI VP CBRE Global Infrastructure—Service Class		2024	$	33		5	$	7.27		6.2	%		1.7	%
		2023		55		8		6.85		2.5	%		1.5	%
		2022		58		9		6.68		(7.4	)%		1.7	%
		2021		22		3		7.22		13.5	%		0.0	%
		2020		21		3		6.36		(14.2	)%		7.5	%

NYLIAC Variable Annuity Separate Accounts-I and -II

Non-Qualified and Tax-Qualified Policies

Notes to Financial Statements (Continued)

NOTE 6—Financial Highlights (Continued):

	$		$		$		$		$			$
			Net Assets (in 000’s)		Units Outstanding (in 000’s)		Variable Accumulation Unit Value		Total Return¹			Investment Income Ratio²
NYLI VP Conservative Allocation—Service Class		2024	$	2,518		128	$	19.70		4.9	%		1.3	%
		2023		3,077		164		18.79		8.6	%		2.6	%
		2022		3,525		204		17.30		(13.4	)%		4.1	%
		2021		4,650		233		19.98		5.5	%		1.6	%
		2020		5,016		265		18.94		8.6	%		1.8	%
NYLI VP Dimensional U.S. Equity—Initial Class		2024	$	19,306		156	$	123.50		22.3	%		0.8	%
		2023		17,570		174		101.02		23.0	%		0.9	%
		2022		17,304		211		82.14		(21.7	)%		0.6	%
		2021		23,961		228		104.90		27.1	%		0.9	%
		2020		21,307		258		82.53		14.1	%		1.6	%
NYLI VP Epoch U.S. Equity Yield—Initial Class		2024	$	15,842		395	$	40.08		17.0	%		2.7	%
		2023		14,998		438		34.26		7.3	%		2.7	%
		2022		15,972		500		31.93		(3.8	)%		2.1	%
		2021		17,931		541		33.17		21.3	%		2.4	%
		2020		15,570		569		27.35		(1.3	)%		2.7	%
NYLI VP Equity Allocation—Service Class		2024	$	1,271		47	$	26.86		10.1	%		0.0	%
		2023		1,555		63		24.38		15.6	%		5.3	%
		2022		1,357		64		21.09		(18.9	)%		2.9	%
		2021		1,706		65		26.01		18.3	%		1.7	%
		2020		1,567		71		21.99		13.3	%		2.1	%
NYLI VP Fidelity Institutional AM^®Utilities—Service Class		2024	$	6,858		266	$	25.79		27.0	%		2.2	%
		2023		6,034		297		20.31		(3.0	)%		1.7	%
		2022		7,127		340		20.94		4.0	%		1.8	%
		2021		7,351		365		20.14		15.4	%		1.8	%
		2020		6,995		401		17.45		(1.9	)%		2.3	%

NYLIAC Variable Annuity Separate Accounts-I and -II

Non-Qualified and Tax-Qualified Policies

Notes to Financial Statements (Continued)

NOTE 6—Financial Highlights (Continued):

	$		$		$		$		$			$
			Net Assets (in 000’s)		Units Outstanding (in 000’s)		Variable Accumulation Unit Value		Total Return¹			Investment Income Ratio²
NYLI VP Floating Rate—Service Class		2024	$	1,570		96	$	16.38		6.4	%		7.8	%
		2023		1,725		112		15.40		10.1	%		7.9	%
		2022		1,631		117		13.98		(2.8	)%		4.5	%
		2021		1,962		137		14.38		2.1	%		3.0	%
		2020		3,447		245		14.08		0.9	%		3.5	%
NYLI VP Growth Allocation—Service Class		2024	$	4,999		194	$	25.72		8.7	%		0.5	%
		2023		5,284		223		23.66		13.7	%		3.3	%
		2022		5,823		280		20.81		(15.7	)%		3.2	%
		2021		7,474		303		24.69		14.2	%		2.2	%
		2020		6,883		318		21.62		11.2	%		2.6	%
NYLI VP Hedge Multi-Strategy—Service Class		2024	$	77		9	$	8.59		4.9	%		0.0	%
		2023		92		11		8.19		8.6	%		3.6	%
		2022		126		17		7.54		(9.9	)%		1.6	%
		2021		189		23		8.37		(2.1	)%		0.0	%
		2020		256		30		8.55		3.8	%		1.6	%
NYLI VP Income Builder—Initial Class		2024	$	16,149		289	$	55.92		10.2	%		3.1	%
		2023		16,102		317		50.74		8.6	%		3.3	%
		2022		17,176		368		46.71		(14.6	)%		2.7	%
		2021		22,937		419		54.72		9.1	%		2.9	%
		2020		22,571		450		50.16		6.6	%		2.5	%
NYLI VP Janus Henderson Balanced—Initial Class		2024	$	14,180		527	$	26.92		14.2	%		1.8	%
		2023		14,985		636		23.57		14.0	%		1.4	%
		2022		14,017		678		20.67		(17.5	)%		1.1	%
		2021		18,877		754		25.04		15.8	%		1.3	%
		2020		17,390		804		21.62		12.8	%		1.8	%

NYLIAC Variable Annuity Separate Accounts-I and -II

Non-Qualified and Tax-Qualified Policies

Notes to Financial Statements (Continued)

NOTE 6—Financial Highlights (Continued):

	$		$		$		$		$			$
			Net Assets (in 000’s)		Units Outstanding (in 000’s)		Variable Accumulation Unit Value		Total Return¹			Investment Income Ratio²
NYLI VP MacKay Convertible—Initial Class		2024	$	6,368		96	$	66.60		7.2	%		3.5	%
		2023		7,038		113		62.11		7.5	%		2.2	%
		2022		7,712		133		57.80		(13.8	)%		3.4	%
		2021		10,552		157		67.05		7.8	%		1.2	%
		2020		10,744		173		62.18		34.3	%		0.7	%
NYLI VP MacKay High Yield Corporate Bond—Initial Class		2024	$	19,139		342	$	56.03		5.7	%		5.8	%
		2023		21,050		397		52.99		10.4	%		5.6	%
		2022		22,616		471		47.98		(9.2	)%		5.2	%
		2021		29,073		550		52.87		4.1	%		4.7	%
		2020		29,857		588		50.77		4.0	%		5.7	%
NYLI VP MacKay Strategic Bond—Service Class		2024	$	504		38	$	13.30		5.5	%		5.4	%
		2023		513		41		12.61		8.5	%		4.6	%
		2022		585		50		11.62		(8.7	)%		3.2	%
		2021		999		79		12.72		0.4	%		2.2	%
		2020		1,210		96		12.67		4.5	%		2.4	%
NYLI VP MacKay U.S. Infrastructure Bond—Initial Class		2024	$	1,949		92	$	21.19		(0.3	)%		2.0	%
		2023		2,140		101		21.25		3.6	%		2.4	%
		2022		2,608		127		20.50		(12.4	)%		1.9	%
		2021		3,497		149		23.41		(2.8	)%		1.5	%
		2020		4,510		187		24.08		3.6	%		1.4	%
NYLI VP Moderate Allocation—Service Class		2024	$	5,373		238	$	22.58		7.1	%		0.8	%
		2023		5,615		266		21.09		11.3	%		2.8	%
		2022		5,731		302		18.96		(15.0	)%		3.4	%
		2021		7,940		356		22.31		9.7	%		1.0	%
		2020		7,724		380		20.34		9.9	%		2.3	%

NYLIAC Variable Annuity Separate Accounts-I and -II

Non-Qualified and Tax-Qualified Policies

Notes to Financial Statements (Continued)

NOTE 6—Financial Highlights (Continued):

	$		$		$		$		$			$
			Net Assets (in 000’s)		Units Outstanding (in 000’s)		Variable Accumulation Unit Value		Total Return¹			Investment Income Ratio²
NYLI VP Natural Resources—Initial Class		2024	$	1,464		129	$	11.31		(0.6	)%		2.5	%
		2023		1,917		169		11.38		0.6	%		1.9	%
		2022		3,310		293		11.31		34.1	%		1.1	%
		2021		2,079		247		8.43		36.2	%		1.2	%
		2020		1,493		241		6.19		5.5	%		2.7	%
NYLI VP PIMCO Real Return—Service Class		2024	$	420		42	$	10.09		0.6	%		3.5	%
		2023		443		44		10.02		2.1	%		8.1	%
		2022		534		54		9.81		(12.8	)%		5.3	%
		2021		730		65		11.26		3.8	%		0.3	%
		2020		800		74		10.85		10.1	%		1.9	%
NYLI VP PineStone International Equity—Initial Class		2024	$	3,162		93	$	33.99		3.2	%		0.6	%
		2023		3,286		100		32.95		2.9	%		0.0	%
		2022		3,496		109		32.02		(27.4	)%		0.3	%
		2021		5,143		117		44.10		10.8	%		0.1	%
		2020		5,221		131		39.81		19.3	%		0.8	%
NYLI VP S&P 500 Index—Initial Class		2024	$	52,004		345	$	150.70		23.2	%		1.2	%
		2023		46,927		384		122.32		24.5	%		1.3	%
		2022		43,030		438		98.23		(19.2	)%		1.4	%
		2021		60,272		496		121.65		26.9	%		1.2	%
		2020		51,781		540		95.87		16.7	%		1.4	%
NYLI VP Schroders Mid Cap Opportunities—Initial Class		2024	$	3,981		84	$	47.15		8.6	%		0.3	%
		2023		4,382		101		43.43		12.2	%		0.1	%
		2022		4,619		119		38.70		(21.5	)%		0.0	%
		2021		6,444		131		49.33		18.5	%		0.6	%
		2020		6,113		147		41.64		9.8	%		1.0	%

NYLIAC Variable Annuity Separate Accounts-I and -II

Non-Qualified and Tax-Qualified Policies

Notes to Financial Statements (Continued)

NOTE 6—Financial Highlights (Continued):

	$		$		$		$		$			$
			Net Assets (in 000’s)		Units Outstanding (in 000’s)		Variable Accumulation Unit Value		Total Return¹			Investment Income Ratio²
NYLI VP Small Cap Growth—Initial Class		2024	$	2,614		103	$	25.26		9.0	%		0.0	%
		2023		2,506		108		23.18		14.0	%		0.0	%
		2022		2,557		126		20.33		(27.4	)%		0.0	%
		2021		3,721		133		28.02		8.9	%		0.0	%
		2020		3,752		146		25.73		38.7	%		0.0	%
NYLI VP Small Cap Growth—Service Class		2024	$	443		20	$	22.37		8.7	%		0.0	%
		2023		652		32		20.58		13.7	%		0.0	%
		2022		593		33		18.09		(27.6	)%		0.0	%
		2021		876		35		25.00		8.6	%		0.0	%
		2020		1,152		50		23.01		38.3	%		0.0	%
NYLI VP U.S. Government Money Market—Initial Class		2024	$	3,857		2,817	$	1.37		3.7	%		4.9	%
		2023		3,847		2,912		1.32		3.5	%		4.7	%
		2022		4,259		3,335		1.28		0.0	%		1.4	%
		2021		3,172		2,484		1.28		(1.3	)%		0.0	%
		2020		2,926		2,263		1.30		(1.1	)%		0.2	%
NYLI VP Wellington Growth—Initial Class		2024	$	36,796		401	$	91.84		24.5	%		0.0	%
		2023		32,505		441		73.77		36.8	%		0.0	%
		2022		26,893		499		53.92		(34.0	)%		0.0	%
		2021		44,178		541		81.73		18.2	%		0.3	%
		2020		40,298		583		69.14		30.6	%		0.6	%
NYLI VP Wellington Small Cap—Initial Class		2024	$	2,313		181	$	12.77		12.9	%		1.0	%
		2023		2,227		197		11.31		12.4	%		0.8	%
		2022		2,397		238		10.06		(21.9	)%		1.1	%
		2021		3,199		248		12.88		16.5	%		0.4	%
		2020		3,150		285		11.05		8.8	%		0.1	%

NYLIAC Variable Annuity Separate Accounts-I and -II

Non-Qualified and Tax-Qualified Policies

Notes to Financial Statements (Continued)

NOTE 6—Financial Highlights (Continued):

	$		$		$		$		$			$
			Net Assets (in 000’s)		Units Outstanding (in 000’s)		Variable Accumulation Unit Value		Total Return¹			Investment Income Ratio²
NYLI VP Winslow Large Cap Growth—Initial Class		2024	$	7,315		81	$	90.15		27.9	%		0.0	%
		2023		5,952		84		70.47		41.2	%		0.0	%
		2022		4,929		99		49.91		(32.1	)%		0.0	%
		2021		7,845		107		73.45		22.9	%		0.0	%
		2020		7,164		120		59.76		35.4	%		0.0	%
AB VPS Relative Value Portfolio—Class B		2024	$	73		6	$	12.29		11.3	%		1.2	%
		2023		78		7		11.04		10.3	%		1.1	%
		2022		47		5		10.01		0.1	%		0.2	%
American Funds IS Asset Allocation Fund—Class 4		2024	$	1,035		66	$	15.64		14.6	%		1.9	%
		2023		890		65		13.65		12.6	%		2.2	%
		2022		547		45		12.13		(14.8	)%		1.4	%
		2021		1,137		80		14.23		13.4	%		1.4	%
		2020		788		63		12.55		10.7	%		1.5	%
American Funds IS Global Small Capitalization Fund—Class 4		2024	$	45		3	$	14.04		0.8	%		0.8	%
		2023		46		3		13.93		14.3	%		0.0	%
		2022		39		3		12.19		(30.6	)%		0.0	%
		2021		52		3		17.57		5.1	%		0.0	%
		2020		50		3		16.72		27.7	%		0.2	%
American Funds IS Growth Fund—Class 4		2024	$	943		33	$	28.32		29.6	%		0.2	%
		2023		702		32		21.85		36.4	%		0.2	%
		2022		458		29		16.03		(31.0	)%		0.1	%
		2021		680		29		23.23		20.1	%		0.1	%
		2020		485		25		19.34		49.8	%		0.2	%
American Funds IS New World Fund^®—Class 4		2024	$	148		10	$	14.38		5.0	%		1.2	%
		2023		157		11		13.70		14.2	%		1.2	%
		2022		161		13		12.00		(23.3	)%		1.1	%
		2021		200		13		15.63		3.3	%		0.6	%
		2020		262		17		15.14		21.7	%		0.0	%

NYLIAC Variable Annuity Separate Accounts-I and -II

Non-Qualified and Tax-Qualified Policies

Notes to Financial Statements (Continued)

NOTE 6—Financial Highlights (Continued):

	$		$		$		$		$			$
			Net Assets (in 000’s)		Units Outstanding (in 000’s)		Variable Accumulation Unit Value		Total Return¹			Investment Income Ratio²
American Funds IS Washington Mutual Investors Fund^SM—Class 4		2024	$	398		21	$	18.73		17.3	%		1.4	%
		2023		410		26		15.96		15.5	%		1.7	%
		2022		389		28		13.82		(9.9	)%		2.0	%
		2021		278		18		15.34		25.9	%		1.2	%
		2020		289		24		12.19		7.1	%		1.6	%
BlackRock^®Global Allocation V.I. Fund—Class III		2024	$	869		53	$	16.27		7.5	%		1.4	%
		2023		932		62		15.13		11.0	%		2.5	%
		2022		904		66		13.63		(17.2	)%		0.0	%
		2021		1,201		73		16.45		5.0	%		0.8	%
		2020		1,137		73		15.66		19.1	%		1.2	%
BlackRock^®High Yield V.I. Fund—Class III		2024	$	321		23	$	13.74		6.5	%		6.7	%
		2023		380		29		12.91		11.5	%		6.3	%
		2022		386		33		11.58		(11.7	)%		5.1	%
		2021		470		36		13.11		3.9	%		4.2	%
		2020		410		32		12.63		5.7	%		5.2	%
BNY Mellon IP Technology Growth Portfolio—Initial Shares		2024	$	4,166		66	$	63.14		24.1	%		0.0	%
		2023		3,202		63		50.87		57.4	%		0.0	%
		2022		2,146		66		32.33		(47.1	)%		0.0	%
		2021		4,575		75		61.09		11.5	%		0.0	%
		2020		4,651		85		54.80		67.7	%		0.2	%
BNY Mellon Sustainable U.S. Equity Portfolio—Service Shares		2024	$	37		3	$	13.74		23.0	%		0.3	%
		2023		38		3		11.18		21.9	%		0.5	%
		2022		25		3		9.17		(8.3	)%		0.0	%

100

NYLIAC Variable Annuity Separate Accounts-I and -II

Non-Qualified and Tax-Qualified Policies

Notes to Financial Statements (Continued)

NOTE 6—Financial Highlights (Continued):

	$		$		$		$		$			$
			Net Assets (in 000’s)		Units Outstanding (in 000’s)		Variable Accumulation Unit Value		Total Return¹			Investment Income Ratio²
ClearBridge Variable Appreciation Portfolio—Class II		2024	$	81		3	$	23.14		20.8	%		0.5	%
		2023		36		2		19.16		17.9	%		0.7	%
		2022		34		2		16.26		(13.8	)%		0.8	%
		2021		34		2		18.86		21.7	%		0.2	%
		2020		72		5		15.49		13.0	%		0.9	%
Columbia Variable Portfolio—Commodity Strategy Fund—Class 2		2024	$	1		—	$	10.89		5.7	%		0.4	%
		2023		17		2		10.30		(8.3	)%		19.3	%
		2022		25		2		11.24		17.2	%		25.5	%
		2021		21		2		9.59		30.3	%		0.0	%
		2020		15		2		7.36		(2.8	)%		22.9	%
Columbia Variable Portfolio—Emerging Markets Bond Fund—Class 2		2024	$	71		6	$	11.04		4.8	%		5.0	%
		2023		70		7		10.54		8.6	%		5.3	%
		2022		77		8		9.71		(17.2	)%		4.1	%
		2021		97		8		11.73		(3.7	)%		3.7	%
		2020		148		12		12.18		5.8	%		3.0	%
Columbia Variable Portfolio—Small Cap Value Fund—Class 2		2024	$	988		26	$	38.69		7.3	%		0.5	%
		2023		670		19		36.07		20.1	%		0.4	%
		2022		697		23		30.04		(10.1	)%		0.5	%
		2021		775		23		33.43		27.1	%		0.6	%
		2020		518		20		26.29		7.2	%		0.3	%
DWS Alternative Asset Allocation VIP—Class B		2024	$	90		7	$	12.20		3.9	%		3.2	%
		2023		102		9		11.74		4.3	%		6.1	%
		2022		126		11		11.25		(8.9	)%		6.4	%
		2021		151		12		12.36		10.9	%		2.0	%
		2020		257		23		11.14		4.0	%		2.3	%

101

NYLIAC Variable Annuity Separate Accounts-I and -II

Non-Qualified and Tax-Qualified Policies

Notes to Financial Statements (Continued)

NOTE 6—Financial Highlights (Continued):

	$		$		$		$		$			$
			Net Assets (in 000’s)		Units Outstanding (in 000’s)		Variable Accumulation Unit Value		Total Return¹			Investment Income Ratio²
Fidelity^®VIP Bond Index Portfolio—Service Class 2		2024	$	38		4	$	8.53		(0.3	)%		2.5	%
		2023		42		5		8.55		3.8	%		1.9	%
		2022		80		10		8.24		(14.5	)%		1.3	%
		2021		118		12		9.64		(3.5	)%		0.8	%
		2020		136		14		9.99		(0.1	)%		1.0	%
Fidelity^®VIP Contrafund^SMPortfolio—Initial Class		2024	$	28,443		209	$	136.47		32.1	%		0.2	%
		2023		23,320		226		103.34		31.7	%		0.5	%
		2022		20,249		258		78.45		(27.3	)%		0.5	%
		2021		29,474		273		107.85		26.2	%		0.1	%
		2020		25,547		299		85.47		28.9	%		0.2	%
Fidelity^®VIP Emerging Markets Portfolio—Service Class 2		2024	$	46		4	$	12.04		8.3	%		1.2	%
		2023		52		5		11.12		8.1	%		1.5	%
		2022		106		10		10.29		(21.4	)%		1.6	%
		2021		130		10		13.09		(3.7	)%		2.2	%
		2020		101		7		13.58		29.2	%		0.7	%
Fidelity^®VIP Equity-Income Portfolio^SM—Initial Class		2024	$	5,192		85	$	61.46		13.9	%		1.7	%
		2023		5,114		95		53.99		9.2	%		1.8	%
		2022		5,216		106		49.43		(6.2	)%		1.8	%
		2021		6,805		129		52.69		23.3	%		1.9	%
		2020		6,013		141		42.74		5.3	%		1.8	%
Fidelity^®VIP Extended Market Index Portfolio—Service Class 2		2024	$	1		—	$	11.12		11.2	%		1.0	%
Fidelity^®VIP FundsManager^®60% Portfolio—Service Class		2024	$	176		13	$	13.88		8.2	%		2.1	%
		2023		141		11		12.83		12.7	%		3.0	%
		2022		49		4		11.38		(16.2	)%		1.7	%
		2021		132		10		13.58		10.9	%		1.1	%
		2020		51		4		12.24		13.6	%		1.3	%

102

NYLIAC Variable Annuity Separate Accounts-I and -II

Non-Qualified and Tax-Qualified Policies

Notes to Financial Statements (Continued)

NOTE 6—Financial Highlights (Continued):

	$		$		$		$		$			$
			Net Assets (in 000’s)		Units Outstanding (in 000’s)		Variable Accumulation Unit Value		Total Return¹			Investment Income Ratio²
Fidelity^®VIP Growth Opportunities Portfolio—Service Class 2		2024	$	3,339		65	$	51.50		36.8	%		0.0	%
		2023		2,206		59		37.66		43.4	%		0.0	%
		2022		1,491		57		26.26		(39.1	)%		0.0	%
		2021		2,887		67		43.12		10.2	%		0.0	%
		2020		2,484		64		39.12		66.1	%		0.0	%
Fidelity^®VIP Health Care Portfolio—Service Class 2		2024	$	277		19	$	14.68		3.5	%		0.0	%
		2023		375		26		14.18		2.7	%		0.0	%
		2022		520		38		13.81		(13.7	)%		0.0	%
		2021		638		40		16.02		10.0	%		0.1	%
		2020		491		34		14.56		19.7	%		0.7	%
Fidelity^®VIP International Index Portfolio—Service Class 2		2024	$	106		9	$	12.07		3.5	%		2.6	%
		2023		105		9		11.67		14.4	%		2.7	%
		2022		83		8		10.20		(17.3	)%		2.4	%
		2021		80		6		12.33		6.1	%		3.0	%
		2020		42		4		11.63		8.9	%		1.9	%
Fidelity^®VIP Investment Grade Bond Portfolio—Service Class 2		2024	$	32		3	$	10.00		0.2	%		3.4	%
		2023		28		3		9.99		4.6	%		3.8	%
		2022		5		1		9.54		(4.6	)%		2.1	%
Fidelity^®VIP Mid Cap Portfolio—Service Class 2		2024	$	2,688		44	$	61.30		15.7	%		0.3	%
		2023		2,633		50		53.01		13.3	%		0.4	%
		2022		2,755		59		46.77		(16.1	)%		0.3	%
		2021		3,564		64		55.73		23.7	%		0.4	%
		2020		3,160		70		45.05		16.3	%		0.4	%
Franklin Templeton Aggressive Model Portfolio—Class II		2024	$	228		13	$	16.93		16.5	%		1.3	%
		2023		185		13		14.53		16.5	%		0.8	%
		2022		205		16		12.47		(17.9	)%		2.2	%
		2021		194		13		15.19		18.0	%		1.5	%

103

NYLIAC Variable Annuity Separate Accounts-I and -II

Non-Qualified and Tax-Qualified Policies

Notes to Financial Statements (Continued)

NOTE 6—Financial Highlights (Continued):

	$		$		$		$		$			$
			Net Assets (in 000’s)		Units Outstanding (in 000’s)		Variable Accumulation Unit Value		Total Return¹			Investment Income Ratio²
Franklin Templeton Conservative Model Portfolio—Class II		2024	$	27		3	$	10.84		4.8	%		3.1	%
		2023		31		3		10.35		6.9	%		3.3	%
		2022		39		4		9.68		(14.3	)%		2.4	%
		2021		37		3		11.29		3.4	%		1.8	%
Franklin Templeton Moderate Model Portfolio—Class II		2024	$	1,173		87	$	13.50		10.5	%		2.3	%
		2023		1,254		103		12.22		11.7	%		1.8	%
		2022		986		90		10.94		(16.1	)%		2.5	%
		2021		1,173		90		13.03		10.9	%		1.7	%
		2020		923		79		11.76		17.6	%		0.9	%
Franklin Templeton Moderately Aggressive Model Portfolio—Class II		2024	$	234		16	$	14.85		12.8	%		3.7	%
		2023		80		6		13.16		14.0	%		1.2	%
		2022		85		7		11.54		(17.1	)%		2.6	%
		2021		65		5		13.92		13.1	%		1.7	%
		2020		52		4		12.31		23.1	%		1.4	%
Franklin Templeton Moderately Conservative Model Portfolio—Class II		2024	$	231		19	$	12.38		7.9	%		2.9	%
		2023		269		23		11.47		8.9	%		2.9	%
		2022		170		16		10.53		(14.4	)%		2.3	%
		2021		217		18		12.30		7.6	%		1.9	%
		2020		153		13		11.44		14.4	%		1.3	%
Invesco V.I. EQV International Equity Fund—Series II Shares		2024	$	253		20	$	12.70		(1.0	)%		1.5	%
		2023		257		20		12.83		16.3	%		0.0	%
		2022		220		20		11.03		(19.6	)%		1.4	%
		2021		280		20		13.71		4.2	%		1.1	%
		2020		312		24		13.15		12.3	%		2.0	%
Invesco V.I. Main Street Small Cap Fund^®—Series II Shares		2024	$	128		6	$	19.78		10.9	%		0.0	%
		2023		49		3		17.83		16.3	%		1.1	%
		2022		19		1		15.33		(17.1	)%		0.2	%
		2021		24		1		18.50		20.7	%		0.2	%

104

NYLIAC Variable Annuity Separate Accounts-I and -II

Non-Qualified and Tax-Qualified Policies

Notes to Financial Statements (Continued)

NOTE 6—Financial Highlights (Continued):

	$		$		$		$		$			$
			Net Assets (in 000’s)		Units Outstanding (in 000’s)		Variable Accumulation Unit Value		Total Return¹			Investment Income Ratio²
Janus Henderson Enterprise Portfolio—Service Shares		2024	$	439		22	$	19.78		13.8	%		0.7	%
		2023		401		23		17.37		16.3	%		0.1	%
		2022		368		25		14.94		(17.2	)%		0.1	%
		2021		489		27		18.05		15.0	%		0.2	%
		2020		426		27		15.69		17.6	%		0.0	%
Janus Henderson Global Research Portfolio—Institutional Shares		2024	$	8,314		149	$	55.69		22.0	%		0.7	%
		2023		7,380		162		45.66		25.1	%		0.9	%
		2022		7,851		215		36.48		(20.5	)%		1.1	%
		2021		10,412		227		45.86		16.6	%		0.5	%
		2020		9,498		241		39.34		18.5	%		0.7	%
Macquarie VIP Small Cap Value Series—Service Class		2024	$	210		15	$	14.01		9.6	%		1.0	%
		2023		204		16		12.78		7.7	%		0.6	%
		2022		190		16		11.87		(13.5	)%		0.5	%
		2021		226		16		13.72		32.3	%		0.7	%
		2020		124		12		10.37		(3.4	)%		1.0	%
MFS^®International Intrinsic Value Portfolio—Service Class		2024	$	167		11	$	14.92		5.6	%		1.2	%
		2023		151		11		14.13		15.9	%		0.5	%
		2022		152		12		12.20		(24.7	)%		0.5	%
		2021		197		12		16.20		8.9	%		0.1	%
		2020		228		15		14.89		18.7	%		0.9	%
MFS^®Investors Trust Series—Initial Class		2024	$	648		15	$	44.21		18.0	%		0.7	%
		2023		579		15		37.48		17.4	%		0.7	%
		2022		700		22		31.91		(17.6	)%		0.7	%
		2021		922		24		38.71		25.2	%		0.6	%
		2020		983		32		30.93		12.4	%		0.6	%

105

NYLIAC Variable Annuity Separate Accounts-I and -II

Non-Qualified and Tax-Qualified Policies

Notes to Financial Statements (Continued)

NOTE 6—Financial Highlights (Continued):

	$		$		$		$		$			$
			Net Assets (in 000’s)		Units Outstanding (in 000’s)		Variable Accumulation Unit Value		Total Return¹			Investment Income Ratio²
MFS^®Mid Cap Value Portfolio—Service Class		2024	$	159		8	$	19.63		12.0	%		1.0	%
		2023		154		9		17.52		10.9	%		1.4	%
		2022		208		13		15.79		(10.2	)%		0.8	%
		2021		276		16		17.58		28.9	%		0.8	%
		2020		56		4		13.64		36.4	%		0.5	%
MFS^®Research Series—Initial Class		2024	$	996		19	$	52.39		17.3	%		0.6	%
		2023		872		20		44.65		20.8	%		0.5	%
		2022		784		21		36.95		(18.3	)%		0.5	%
		2021		1,044		23		45.22		23.2	%		0.5	%
		2020		928		25		36.70		15.1	%		0.7	%
Morgan Stanley VIF U.S. Real Estate Portfolio—Class II		2024	$	—		—	$	—		—			—
		2023		247		21		11.96		12.7	%		2.0	%
		2022		251		24		10.61		(28.2	)%		1.0	%
		2021		378		26		14.77		37.6	%		1.9	%
		2020		219		20		10.73		(18.2	)%		2.6	%
Neuberger Berman AMT Mid Cap Growth Portfolio—Class S		2024	$	1,377		24	$	58.20		22.2	%		0.0	%
		2023		1,031		22		47.65		16.4	%		0.0	%
		2022		977		24		40.92		(29.7	)%		0.0	%
		2021		1,583		27		58.25		11.3	%		0.0	%
		2020		1,706		33		52.35		37.9	%		0.0	%
PIMCO VIT Income Portfolio—Advisor Class		2024	$	148		13	$	11.29		3.9	%		5.8	%
		2023		135		12		10.87		6.8	%		5.1	%
		2022		88		9		10.18		(9.1	)%		3.6	%
		2021		44		4		11.19		0.6	%		2.7	%
		2020		30		3		11.13		11.3	%		1.0	%

106

NYLIAC Variable Annuity Separate Accounts-I and -II

Non-Qualified and Tax-Qualified Policies

Notes to Financial Statements (Continued)

NOTE 6—Financial Highlights (Continued):

	$		$		$		$		$			$
			Net Assets (in 000’s)		Units Outstanding (in 000’s)		Variable Accumulation Unit Value		Total Return¹			Investment Income Ratio²
PIMCO VIT International Bond Portfolio (U.S. Dollar-Hedged)—Advisor Class		2024	$	196		16	$	11.87		4.0	%		3.5	%
		2023		230		20		11.41		7.5	%		2.5	%
		2022		258		24		10.62		(11.4	)%		1.4	%
		2021		485		40		11.98		(3.3	)%		1.5	%
		2020		560		45		12.39		4.1	%		5.8	%
PIMCO VIT Low Duration Portfolio—Advisor Class		2024	$	113		11	$	9.95		3.0	%		3.8	%
		2023		82		9		9.66		3.5	%		3.5	%
		2022		89		10		9.33		(7.0	)%		1.6	%
		2021		82		8		10.04		(2.3	)%		0.4	%
		2020		103		10		10.28		1.6	%		1.1	%
PIMCO VIT Short-Term Portfolio—Advisor Class		2024	$	13		1	$	10.27		2.7	%		2.3	%
PIMCO VIT Total Return Portfolio—Advisor Class		2024	$	451		44	$	10.27		1.1	%		3.9	%
		2023		489		48		10.15		4.5	%		3.5	%
		2022		487		50		9.72		(15.5	)%		2.5	%
		2021		793		69		11.50		(2.6	)%		1.7	%
		2020		946		80		11.81		7.1	%		2.0	%
Principal VC Real Estate Securities Account—Class 2		2024	$	181		16	$	11.48		14.8	%		0.0	%
Putnam VT International Value Fund—Class IB		2024	$	3		—	$	10.10		1.0	%		0.0	%
Voya Growth and Income Portfolio—Class S		2024	$	135		12	$	11.42		14.2	%		0.6	%
Western Asset Core Plus VIT Portfolio—Class II		2024	$	7		1	$	9.72		(2.1	)%		6.4	%

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

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

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

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

107

NYLIAC Variable Annuity Separate Accounts-I and -II

Non-Qualified and Tax-Qualified Policies

Notes to Financial Statements (Continued)

NOTE 6—Financial Highlights (Continued):

	$		$		$		$		$			$
			Net Assets (in 000’s)		Units Outstanding (in 000’s)		Variable Accumulation Unit Value		Total Return¹			Investment Income Ratio²
Separate Account-II (Tax-Qualified Policies)
NYLI VP American Century Sustainable Equity—Initial Class		2024	$	7,422		225	$	32.93		18.3	%		1.0	%
		2023		7,422		267		27.84		22.8	%		1.3	%
		2022		7,006		309		22.67		(8.9	)%		1.7	%
		2021		9,067		364		24.88		23.9	%		2.5	%
		2020		8,460		421		20.09		(0.3	)%		3.6	%
NYLI VP Balanced—Service Class		2024	$	3,581		139	$	25.74		6.2	%		2.4	%
		2023		3,928		162		24.23		5.9	%		1.6	%
		2022		4,686		205		22.88		(7.2	)%		0.8	%
		2021		5,002		203		24.65		15.5	%		1.1	%
		2020		4,348		204		21.34		6.2	%		1.8	%
NYLI VP Bond—Initial Class		2024	$	3,986		167	$	23.86		0.5	%		4.7	%
		2023		4,441		187		23.73		4.2	%		2.7	%
		2022		5,069		223		22.77		(15.6	)%		1.9	%
		2021		6,734		250		26.97		(2.6	)%		1.8	%
		2020		7,564		273		27.71		6.5	%		2.0	%
NYLI VP Candriam Emerging Markets Equity—Initial Class		2024	$	2,350		256	$	9.19		11.2	%		0.9	%
		2023		2,443		296		8.26		5.9	%		1.7	%
		2022		2,460		315		7.81		(29.6	)%		0.9	%
		2021		3,613		326		11.10		(3.3	)%		1.1	%
		2020		3,989		348		11.47		24.1	%		3.3	%
NYLI VP CBRE Global Infrastructure—Service Class		2024	$	109		15	$	7.27		6.2	%		2.1	%
		2023		105		15		6.85		2.5	%		1.5	%
		2022		102		15		6.68		(7.4	)%		1.5	%
		2021		113		16		7.22		13.5	%		0.0	%
		2020		61		10		6.36		(14.2	)%		9.3	%

108

NYLIAC Variable Annuity Separate Accounts-I and -II

Non-Qualified and Tax-Qualified Policies

Notes to Financial Statements (Continued)

NOTE 6—Financial Highlights (Continued):

	$		$		$		$		$			$
			Net Assets (in 000’s)		Units Outstanding (in 000’s)		Variable Accumulation Unit Value		Total Return¹			Investment Income Ratio²
NYLI VP Conservative Allocation—Service Class		2024	$	4,509		229	$	19.65		4.9	%		1.3	%
		2023		5,920		316		18.74		8.6	%		2.6	%
		2022		6,488		376		17.25		(13.4	)%		4.1	%
		2021		8,721		438		19.92		5.5	%		1.6	%
		2020		8,941		473		18.89		8.6	%		1.8	%
NYLI VP Dimensional U.S. Equity—Initial Class		2024	$	35,361		286	$	123.50		22.3	%		0.8	%
		2023		32,660		323		101.01		23.0	%		1.0	%
		2022		29,496		359		82.14		(21.7	)%		0.6	%
		2021		40,486		386		104.90		27.1	%		0.9	%
		2020		35,098		425		82.53		14.1	%		1.5	%
NYLI VP Epoch U.S. Equity Yield—Initial Class		2024	$	24,648		607	$	40.62		17.0	%		2.7	%
		2023		24,020		692		34.72		7.3	%		2.6	%
		2022		25,434		786		32.36		(3.8	)%		2.1	%
		2021		28,556		849		33.62		21.3	%		2.4	%
		2020		25,565		922		27.72		(1.3	)%		2.8	%
NYLI VP Equity Allocation—Service Class		2024	$	3,636		134	$	27.09		10.1	%		0.0	%
		2023		3,741		151		24.59		15.6	%		5.1	%
		2022		3,784		177		21.28		(18.9	)%		2.9	%
		2021		4,837		184		26.24		18.3	%		1.6	%
		2020		4,632		208		22.18		13.3	%		2.0	%
NYLI VP Fidelity Institutional AM^®Utilities—Service Class		2024	$	11,135		432	$	25.79		27.0	%		2.2	%
		2023		10,752		529		20.31		(3.0	)%		1.7	%
		2022		12,939		618		20.94		4.0	%		1.8	%
		2021		14,545		722		20.14		15.4	%		1.8	%
		2020		14,100		808		17.45		(1.9	)%		2.3	%

109

NYLIAC Variable Annuity Separate Accounts-I and -II

Non-Qualified and Tax-Qualified Policies

Notes to Financial Statements (Continued)

NOTE 6—Financial Highlights (Continued):

	$		$		$		$		$			$
			Net Assets (in 000’s)		Units Outstanding (in 000’s)		Variable Accumulation Unit Value		Total Return¹			Investment Income Ratio²
NYLI VP Floating Rate—Service Class		2024	$	4,145		253	$	16.38		6.4	%		7.9	%
		2023		4,507		293		15.40		10.1	%		8.0	%
		2022		3,874		277		13.98		(2.8	)%		4.5	%
		2021		3,580		249		14.38		2.1	%		2.9	%
		2020		3,179		226		14.08		0.9	%		3.5	%
NYLI VP Growth Allocation—Service Class		2024	$	7,158		274	$	26.09		8.7	%		0.5	%
		2023		8,390		349		24.01		13.7	%		3.7	%
		2022		8,292		393		21.11		(15.7	)%		3.2	%
		2021		11,029		440		25.05		14.2	%		2.2	%
		2020		10,661		486		21.93		11.2	%		2.7	%
NYLI VP Hedge Multi-Strategy—Service Class		2024	$	386		45	$	8.59		4.9	%		0.0	%
		2023		474		58		8.19		8.6	%		4.3	%
		2022		541		72		7.54		(9.9	)%		1.5	%
		2021		773		92		8.37		(2.1	)%		0.0	%
		2020		794		93		8.55		3.8	%		1.9	%
NYLI VP Income Builder—Initial Class		2024	$	25,505		456	$	55.92		10.2	%		3.1	%
		2023		26,422		521		50.74		8.6	%		3.3	%
		2022		27,871		597		46.71		(14.6	)%		2.8	%
		2021		35,692		652		54.72		9.1	%		2.9	%
		2020		34,453		687		50.16		6.6	%		2.5	%
NYLI VP Janus Henderson Balanced—Initial Class		2024	$	30,606		1,137	$	26.92		14.2	%		1.8	%
		2023		31,002		1,316		23.57		14.0	%		1.4	%
		2022		31,606		1,529		20.67		(17.5	)%		1.1	%
		2021		41,651		1,663		25.04		15.8	%		1.3	%
		2020		38,696		1,790		21.62		12.8	%		1.9	%

110

NYLIAC Variable Annuity Separate Accounts-I and -II

Non-Qualified and Tax-Qualified Policies

Notes to Financial Statements (Continued)

NOTE 6—Financial Highlights (Continued):

	$		$		$		$		$			$
			Net Assets (in 000’s)		Units Outstanding (in 000’s)		Variable Accumulation Unit Value		Total Return¹			Investment Income Ratio²
NYLI VP MacKay Convertible—Initial Class		2024	$	11,114		167	$	66.42		7.2	%		3.6	%
		2023		12,186		197		61.94		7.5	%		2.1	%
		2022		12,926		224		57.64		(13.8	)%		3.4	%
		2021		16,683		249		66.87		7.8	%		1.1	%
		2020		16,013		258		62.01		34.3	%		0.7	%
NYLI VP MacKay High Yield Corporate Bond—Initial Class		2024	$	25,366		453	$	55.96		5.7	%		5.8	%
		2023		27,149		513		52.93		10.4	%		5.7	%
		2022		28,019		585		47.93		(9.2	)%		5.3	%
		2021		35,099		665		52.81		4.1	%		4.7	%
		2020		36,481		719		50.71		4.0	%		5.8	%
NYLI VP MacKay Strategic Bond—Service Class		2024	$	1,628		122	$	13.30		5.5	%		5.4	%
		2023		1,855		147		12.61		8.5	%		4.7	%
		2022		1,732		149		11.62		(8.7	)%		3.3	%
		2021		2,332		183		12.72		0.4	%		2.2	%
		2020		2,347		185		12.67		4.5	%		2.4	%
NYLI VP MacKay U.S. Infrastructure Bond—Initial Class		2024	$	2,713		128	$	21.19		(0.3	)%		1.9	%
		2023		3,041		143		21.25		3.6	%		2.3	%
		2022		3,469		169		20.50		(12.4	)%		1.8	%
		2021		4,502		192		23.41		(2.8	)%		1.5	%
		2020		5,367		223		24.08		3.6	%		1.4	%
NYLI VP Moderate Allocation—Service Class		2024	$	8,837		389	$	22.74		7.1	%		0.8	%
		2023		10,317		486		21.24		11.3	%		2.8	%
		2022		10,878		570		19.09		(15.0	)%		3.4	%
		2021		13,545		603		22.46		9.7	%		0.9	%
		2020		13,096		639		20.48		9.9	%		2.3	%

111

NYLIAC Variable Annuity Separate Accounts-I and -II

Non-Qualified and Tax-Qualified Policies

Notes to Financial Statements (Continued)

NOTE 6—Financial Highlights (Continued):

	$		$		$		$		$			$
			Net Assets (in 000’s)		Units Outstanding (in 000’s)		Variable Accumulation Unit Value		Total Return¹			Investment Income Ratio²
NYLI VP Natural Resources—Initial Class		2024	$	3,361		297	$	11.31		(0.6	)%		2.6	%
		2023		3,740		329		11.38		0.6	%		2.1	%
		2022		4,979		440		11.31		34.1	%		1.1	%
		2021		3,504		416		8.43		36.2	%		1.2	%
		2020		2,835		458		6.19		5.5	%		2.6	%
NYLI VP PIMCO Real Return—Service Class		2024	$	787		78	$	10.09		0.6	%		3.4	%
		2023		867		86		10.02		2.1	%		7.7	%
		2022		1,122		114		9.81		(12.8	)%		5.7	%
		2021		1,516		135		11.26		3.8	%		0.3	%
		2020		1,260		116		10.85		10.1	%		1.9	%
NYLI VP PineStone International Equity—Initial Class		2024	$	4,295		126	$	34.01		3.2	%		0.6	%
		2023		4,495		136		32.97		2.9	%		0.0	%
		2022		4,702		147		32.03		(27.4	)%		0.3	%
		2021		6,840		155		44.12		10.8	%		0.1	%
		2020		6,765		170		39.82		19.3	%		0.8	%
NYLI VP S&P 500 Index—Initial Class		2024	$	93,072		618	$	150.70		23.2	%		1.2	%
		2023		84,210		689		122.32		24.5	%		1.4	%
		2022		75,388		768		98.23		(19.2	)%		1.4	%
		2021		101,381		833		121.65		26.9	%		1.2	%
		2020		85,745		894		95.87		16.7	%		1.4	%
NYLI VP Schroders Mid Cap Opportunities—Initial Class		2024	$	6,900		146	$	47.23		8.6	%		0.3	%
		2023		7,401		170		43.51		12.2	%		0.1	%
		2022		7,707		199		38.77		(21.5	)%		0.0	%
		2021		11,085		224		49.41		18.5	%		0.6	%
		2020		10,433		250		41.71		9.8	%		1.0	%

112

NYLIAC Variable Annuity Separate Accounts-I and -II

Non-Qualified and Tax-Qualified Policies

Notes to Financial Statements (Continued)

NOTE 6—Financial Highlights (Continued):

	$		$		$		$		$			$
			Net Assets (in 000’s)		Units Outstanding (in 000’s)		Variable Accumulation Unit Value		Total Return¹			Investment Income Ratio²
NYLI VP Small Cap Growth—Initial Class		2024	$	5,544		219	$	25.26		9.0	%		0.0	%
		2023		5,804		250		23.18		14.0	%		0.0	%
		2022		5,462		269		20.33		(27.4	)%		0.0	%
		2021		8,052		287		28.02		8.9	%		0.0	%
		2020		8,365		325		25.73		38.7	%		0.0	%
NYLI VP Small Cap Growth—Service Class		2024	$	783		35	$	22.37		8.7	%		0.0	%
		2023		866		42		20.58		13.7	%		0.0	%
		2022		790		44		18.09		(27.6	)%		0.0	%
		2021		1,339		54		25.00		8.6	%		0.0	%
		2020		1,124		49		23.01		38.3	%		0.0	%
NYLI VP U.S. Government Money Market—Initial Class		2024	$	6,492		4,739	$	1.37		3.7	%		4.9	%
		2023		5,399		4,086		1.32		3.5	%		4.7	%
		2022		6,976		5,461		1.28		0.0	%		1.3	%
		2021		6,360		4,979		1.28		(1.3	)%		0.0	%
		2020		7,279		5,624		1.30		(1.1	)%		0.2	%
NYLI VP Wellington Growth—Initial Class		2024	$	63,464		691	$	91.84		24.5	%		0.0	%
		2023		57,914		785		73.77		36.8	%		0.0	%
		2022		46,985		872		53.92		(34.0	)%		0.0	%
		2021		77,445		948		81.73		18.2	%		0.3	%
		2020		70,814		1,024		69.14		30.6	%		0.6	%
NYLI VP Wellington Small Cap—Initial Class		2024	$	3,275		256	$	12.77		12.9	%		1.0	%
		2023		3,419		302		11.31		12.4	%		0.8	%
		2022		3,395		337		10.06		(21.9	)%		1.1	%
		2021		4,668		363		12.88		16.5	%		0.4	%
		2020		4,414		399		11.05		8.8	%		0.1	%

113

NYLIAC Variable Annuity Separate Accounts-I and -II

Non-Qualified and Tax-Qualified Policies

Notes to Financial Statements (Continued)

NOTE 6—Financial Highlights (Continued):

	$		$		$		$		$			$
			Net Assets (in 000’s)		Units Outstanding (in 000’s)		Variable Accumulation Unit Value		Total Return¹			Investment Income Ratio²
NYLI VP Winslow Large Cap Growth—Initial Class		2024	$	14,015		154	$	90.93		27.9	%		0.0	%
		2023		12,104		170		71.09		41.2	%		0.0	%
		2022		9,755		194		50.34		(32.1	)%		0.0	%
		2021		15,315		207		74.09		22.9	%		0.0	%
		2020		12,677		210		60.28		35.4	%		0.0	%
AB VPS Relative Value Portfolio—Class B		2024	$	157		13	$	12.29		11.3	%		0.3	%
		2023		8		1		11.04		10.3	%		1.0	%
		2022		14		1		10.01		0.1	%		0.9	%
American Funds IS Asset Allocation Fund—Class 4		2024	$	1,915		122	$	15.64		14.6	%		1.8	%
		2023		2,392		175		13.65		12.6	%		2.0	%
		2022		2,224		183		12.13		(14.8	)%		1.6	%
		2021		2,878		202		14.23		13.4	%		1.4	%
		2020		2,147		171		12.55		10.7	%		1.6	%
American Funds IS The Bond Fund of America^®—Class 4		2024	$	68		7	$	9.83		(0.3	)%		6.6	%
		2023		10		1		9.86		3.4	%		4.4	%
American Funds IS Global Small Capitalization Fund—Class 4		2024	$	179		13	$	14.04		0.8	%		0.8	%
		2023		207		15		13.93		14.3	%		0.0	%
		2022		197		16		12.19		(30.6	)%		0.0	%
		2021		254		14		17.57		5.1	%		0.0	%
		2020		203		12		16.72		27.7	%		0.1	%
American Funds IS Growth Fund—Class 4		2024	$	1,292		46	$	28.32		29.6	%		0.2	%
		2023		953		44		21.85		36.4	%		0.2	%
		2022		784		49		16.03		(31.0	)%		0.1	%
		2021		991		43		23.23		20.1	%		0.1	%
		2020		720		37		19.34		49.8	%		0.2	%

114

NYLIAC Variable Annuity Separate Accounts-I and -II

Non-Qualified and Tax-Qualified Policies

Notes to Financial Statements (Continued)

NOTE 6—Financial Highlights (Continued):

	$		$		$		$		$			$
			Net Assets (in 000’s)		Units Outstanding (in 000’s)		Variable Accumulation Unit Value		Total Return¹			Investment Income Ratio²
American Funds IS New World Fund^®—Class 4		2024	$	561		39	$	14.38		5.0	%		1.1	%
		2023		634		46		13.70		14.2	%		1.1	%
		2022		691		58		12.00		(23.3	)%		1.1	%
		2021		904		58		15.63		3.3	%		0.6	%
		2020		873		58		15.14		21.7	%		0.0	%
American Funds IS U.S. Government Securities Fund^®—Class 4		2024	$	31		3	$	10.29		2.9	%		3.2	%
American Funds IS Washington Mutual Investors Fund^SM—Class 4		2024	$	1,398		75	$	18.73		17.3	%		1.5	%
		2023		1,298		81		15.96		15.5	%		1.7	%
		2022		1,087		79		13.82		(9.9	)%		1.8	%
		2021		1,181		77		15.34		25.9	%		1.3	%
		2020		925		76		12.19		7.1	%		1.7	%
BlackRock^®Global Allocation V.I. Fund—Class III		2024	$	1,220		75	$	16.27		7.5	%		1.2	%
		2023		1,745		115		15.13		11.0	%		2.4	%
		2022		1,807		133		13.63		(17.2	)%		0.0	%
		2021		2,466		150		16.45		5.0	%		0.8	%
		2020		2,414		154		15.66		19.1	%		1.3	%
BlackRock^®High Yield V.I. Fund—Class III		2024	$	713		52	$	13.74		6.5	%		6.7	%
		2023		916		71		12.91		11.5	%		6.3	%
		2022		1,023		88		11.58		(11.7	)%		5.1	%
		2021		1,293		99		13.11		3.9	%		4.3	%
		2020		1,187		94		12.63		5.7	%		5.0	%
BNY Mellon IP Technology Growth Portfolio—Initial Shares		2024	$	6,410		105	$	61.27		24.1	%		0.0	%
		2023		5,800		117		49.37		57.4	%		0.0	%
		2022		4,042		129		31.37		(47.1	)%		0.0	%
		2021		8,027		135		59.28		11.5	%		0.0	%
		2020		7,331		138		53.18		67.7	%		0.2	%

115

NYLIAC Variable Annuity Separate Accounts-I and -II

Non-Qualified and Tax-Qualified Policies

Notes to Financial Statements (Continued)

NOTE 6—Financial Highlights (Continued):

	$		$		$		$		$			$
			Net Assets (in 000’s)		Units Outstanding (in 000’s)		Variable Accumulation Unit Value		Total Return¹			Investment Income Ratio²
BNY Mellon Sustainable U.S. Equity Portfolio—Service Shares		2024	$	5		—	$	13.74		23.0	%		0.3	%
		2023		10		1		11.18		21.9	%		0.5	%
		2022		6		1		9.17		(8.3	)%		0.0	%
ClearBridge Variable Appreciation Portfolio—Class II		2024	$	42		2	$	23.14		20.8	%		0.4	%
		2023		79		4		19.16		17.9	%		0.7	%
		2022		118		7		16.26		(13.8	)%		0.8	%
		2021		144		8		18.86		21.7	%		0.5	%
		2020		82		5		15.49		13.0	%		0.6	%
Columbia Variable Portfolio—Commodity Strategy Fund—Class 2		2024	$	—		—	$	10.89		5.7	%		0.1	%
		2023		37		4		10.30		(8.3	)%		21.9	%
		2022		42		4		11.24		17.2	%		25.6	%
		2021		35		4		9.59		30.3	%		0.0	%
		2020		26		4		7.36		(2.8	)%		20.8	%
Columbia Variable Portfolio—Emerging Markets Bond Fund—Class 2		2024	$	123		11	$	11.04		4.8	%		4.8	%
		2023		190		18		10.54		8.6	%		5.2	%
		2022		198		20		9.71		(17.2	)%		4.1	%
		2021		259		22		11.73		(3.7	)%		3.6	%
		2020		338		28		12.18		5.8	%		3.3	%
Columbia Variable Portfolio—Intermediate Bond Fund—Class 2		2024	$	8		1	$	9.75		0.4	%		3.5	%
		2023		4		—		9.71		4.7	%		0.0	%
Columbia Variable Portfolio—Small Cap Value Fund—Class 2		2024	$	1,645		43	$	38.69		7.3	%		0.5	%
		2023		1,710		47		36.07		20.1	%		0.4	%
		2022		1,333		44		30.04		(10.1	)%		0.5	%
		2021		1,523		46		33.43		27.1	%		0.5	%
		2020		1,124		43		26.29		7.2	%		0.3	%

116

NYLIAC Variable Annuity Separate Accounts-I and -II

Non-Qualified and Tax-Qualified Policies

Notes to Financial Statements (Continued)

NOTE 6—Financial Highlights (Continued):

	$		$		$		$		$			$
			Net Assets (in 000’s)		Units Outstanding (in 000’s)		Variable Accumulation Unit Value		Total Return¹			Investment Income Ratio²
DWS Alternative Asset Allocation VIP—Class B		2024	$	330		27	$	12.20		3.9	%		3.3	%
		2023		368		31		11.74		4.3	%		6.3	%
		2022		385		34		11.25		(8.9	)%		6.2	%
		2021		442		36		12.36		10.9	%		1.7	%
		2020		489		44		11.14		4.0	%		2.6	%
Fidelity^®VIP Bond Index Portfolio—Service Class 2		2024	$	240		28	$	8.53		(0.3	)%		2.7	%
		2023		211		25		8.55		3.8	%		2.3	%
		2022		217		26		8.24		(14.5	)%		1.4	%
		2021		302		31		9.64		(3.5	)%		0.8	%
		2020		313		31		9.99		(0.1	)%		0.9	%
Fidelity^®VIP Contrafund^SMPortfolio—Initial Class		2024	$	53,530		400	$	133.85		32.1	%		0.2	%
		2023		46,079		455		101.36		31.7	%		0.5	%
		2022		38,905		506		76.94		(27.3	)%		0.5	%
		2021		57,843		547		105.78		26.2	%		0.1	%
		2020		51,206		611		83.83		28.9	%		0.2	%
Fidelity^®VIP Emerging Markets Portfolio—Service Class 2		2024	$	122		10	$	12.04		8.3	%		1.0	%
		2023		161		15		11.12		8.1	%		1.9	%
		2022		188		18		10.29		(21.4	)%		1.5	%
		2021		299		23		13.09		(3.7	)%		1.7	%
		2020		382		28		13.58		29.2	%		0.7	%
Fidelity^®VIP Equity-Income Portfolio^SM—Initial Class		2024	$	11,207		184	$	61.01		13.9	%		1.7	%
		2023		11,050		206		53.58		9.2	%		1.8	%
		2022		12,161		248		49.06		(6.2	)%		1.9	%
		2021		14,097		270		52.29		23.3	%		1.9	%
		2020		12,196		288		42.42		5.3	%		1.8	%

117

NYLIAC Variable Annuity Separate Accounts-I and -II

Non-Qualified and Tax-Qualified Policies

Notes to Financial Statements (Continued)

NOTE 6—Financial Highlights (Continued):

	$		$		$		$		$			$
			Net Assets (in 000’s)		Units Outstanding (in 000’s)		Variable Accumulation Unit Value		Total Return¹			Investment Income Ratio²
Fidelity^®VIP FundsManager^®60% Portfolio—Service Class		2024	$	391		28	$	13.88		8.2	%		2.2	%
		2023		352		27		12.83		12.7	%		2.7	%
		2022		144		13		11.38		(16.2	)%		1.4	%
		2021		217		16		13.58		10.9	%		1.0	%
		2020		188		15		12.24		13.6	%		1.1	%
Fidelity^®VIP Growth Opportunities Portfolio—Service Class 2		2024	$	6,724		131	$	51.50		36.8	%		0.0	%
		2023		4,829		128		37.66		43.4	%		0.0	%
		2022		3,460		132		26.26		(39.1	)%		0.0	%
		2021		5,739		133		43.12		10.2	%		0.0	%
		2020		4,698		120		39.12		66.1	%		0.0	%
Fidelity^®VIP Health Care Portfolio—Service Class 2		2024	$	578		39	$	14.68		3.5	%		0.0	%
		2023		742		52		14.18		2.7	%		0.0	%
		2022		924		67		13.81		(13.7	)%		0.0	%
		2021		1,090		68		16.02		10.0	%		0.0	%
		2020		586		40		14.56		19.7	%		0.7	%
Fidelity^®VIP International Index Portfolio—Service Class 2		2024	$	70		6	$	12.07		3.5	%		2.9	%
		2023		58		5		11.67		14.4	%		2.7	%
		2022		53		5		10.20		(17.3	)%		2.1	%
		2021		70		6		12.33		6.1	%		2.4	%
		2020		36		3		11.63		8.9	%		1.2	%
Fidelity^®VIP Investment Grade Bond Portfolio—Service Class 2		2024	$	7		1	$	10.00		0.2	%		3.4	%
		2023		7		1		9.99		4.6	%		2.1	%
		2022		1		—		9.54		(4.6	)%		0.0	%
Fidelity^®VIP Mid Cap Portfolio—Service Class 2		2024	$	5,794		93	$	62.35		15.7	%		0.3	%
		2023		5,706		106		53.91		13.3	%		0.4	%
		2022		5,737		121		47.57		(16.1	)%		0.3	%
		2021		7,374		130		56.68		23.7	%		0.4	%
		2020		6,676		146		45.82		16.3	%		0.4	%

118

NYLIAC Variable Annuity Separate Accounts-I and -II

Non-Qualified and Tax-Qualified Policies

Notes to Financial Statements (Continued)

NOTE 6—Financial Highlights (Continued):

	$		$		$		$		$			$
			Net Assets (in 000’s)		Units Outstanding (in 000’s)		Variable Accumulation Unit Value		Total Return¹			Investment Income Ratio²
Franklin Templeton Aggressive Model Portfolio—Class II		2024	$	536		32	$	16.93		16.5	%		1.3	%
		2023		567		39		14.53		16.5	%		1.0	%
		2022		433		35		12.47		(17.9	)%		3.4	%
		2021		320		21		15.19		18.0	%		1.7	%
		2020		135		11		12.88		28.8	%		1.7	%
Franklin Templeton Conservative Model Portfolio—Class II		2024	$	558		51	$	10.84		4.8	%		3.0	%
		2023		911		88		10.35		6.9	%		3.7	%
		2022		705		73		9.68		(14.3	)%		3.4	%
		2021		449		40		11.29		3.4	%		2.2	%
		2020		290		27		10.93		9.3	%		1.5	%
Franklin Templeton Moderate Model Portfolio—Class II		2024	$	3,297		244	$	13.50		10.5	%		2.8	%
		2023		2,521		206		12.22		11.7	%		2.1	%
		2022		1,278		117		10.94		(16.1	)%		2.4	%
		2021		1,798		138		13.03		10.9	%		1.9	%
		2020		872		74		11.76		17.6	%		1.4	%
Franklin Templeton Moderately Aggressive Model Portfolio—Class II		2024	$	1,121		76	$	14.85		12.8	%		2.2	%
		2023		827		63		13.16		14.0	%		1.1	%
		2022		840		73		11.54		(17.1	)%		2.9	%
		2021		499		36		13.92		13.1	%		2.0	%
		2020		180		15		12.31		23.1	%		1.7	%
Franklin Templeton Moderately Conservative Model Portfolio—Class II		2024	$	1,636		132	$	12.38		7.9	%		3.5	%
		2023		1,359		119		11.47		8.9	%		2.7	%
		2022		1,086		103		10.53		(14.4	)%		2.7	%
		2021		1,178		96		12.30		7.6	%		2.5	%
		2020		645		56		11.44		14.4	%		1.5	%

119

NYLIAC Variable Annuity Separate Accounts-I and -II

Non-Qualified and Tax-Qualified Policies

Notes to Financial Statements (Continued)

NOTE 6—Financial Highlights (Continued):

	$		$		$		$		$			$
			Net Assets (in 000’s)		Units Outstanding (in 000’s)		Variable Accumulation Unit Value		Total Return¹			Investment Income Ratio²
Invesco V.I. EQV International Equity Fund—Series II Shares		2024	$	199		16	$	12.70		(1.0	)%		1.5	%
		2023		241		19		12.83		16.3	%		0.0	%
		2022		338		31		11.03		(19.6	)%		1.5	%
		2021		481		35		13.71		4.2	%		1.0	%
		2020		599		46		13.15		12.3	%		2.1	%
Invesco V.I. Main Street Small Cap Fund^®—Series II Shares		2024	$	201		10	$	19.78		10.9	%		0.0	%
		2023		167		9		17.83		16.3	%		0.8	%
		2022		239		16		15.33		(17.1	)%		0.3	%
		2021		143		8		18.50		20.7	%		0.3	%
		2020		20		1		15.33		53.3	%		0.3	%
Janus Henderson Enterprise Portfolio—Service Shares		2024	$	984		50	$	19.78		13.8	%		0.6	%
		2023		746		43		17.37		16.3	%		0.1	%
		2022		796		53		14.94		(17.2	)%		0.1	%
		2021		953		53		18.05		15.0	%		0.2	%
		2020		888		57		15.69		17.6	%		0.0	%
Janus Henderson Global Research Portfolio—Institutional Shares		2024	$	18,993		340	$	55.80		22.0	%		0.7	%
		2023		17,904		391		45.75		25.1	%		0.9	%
		2022		15,320		419		36.55		(20.5	)%		1.1	%
		2021		20,516		447		45.95		16.6	%		0.5	%
		2020		19,162		486		39.42		18.5	%		0.7	%
Macquarie VIP Small Cap Value Series—Service Class		2024	$	109		8	$	14.01		9.6	%		1.1	%
		2023		219		17		12.78		7.7	%		0.6	%
		2022		242		20		11.87		(13.5	)%		0.5	%
		2021		270		20		13.72		32.3	%		0.4	%
		2020		241		23		10.37		(3.4	)%		1.1	%

120

NYLIAC Variable Annuity Separate Accounts-I and -II

Non-Qualified and Tax-Qualified Policies

Notes to Financial Statements (Continued)

NOTE 6—Financial Highlights (Continued):

	$		$		$		$		$			$
			Net Assets (in 000’s)		Units Outstanding (in 000’s)		Variable Accumulation Unit Value		Total Return¹			Investment Income Ratio²
MFS^®International Intrinsic Value Portfolio—Service Class		2024	$	368		25	$	14.92		5.6	%		1.2	%
		2023		438		31		14.13		15.9	%		0.5	%
		2022		474		39		12.20		(24.7	)%		0.5	%
		2021		647		40		16.20		8.9	%		0.1	%
		2020		500		34		14.89		18.7	%		0.8	%
MFS^®Investors Trust Series—Initial Class		2024	$	1,613		35	$	45.43		18.0	%		0.7	%
		2023		1,477		38		38.51		17.4	%		0.7	%
		2022		1,746		53		32.79		(17.6	)%		0.7	%
		2021		2,308		58		39.78		25.2	%		0.6	%
		2020		1,975		62		31.78		12.4	%		0.6	%
MFS^®Mid Cap Value Portfolio—Service Class		2024	$	435		22	$	19.63		12.0	%		1.0	%
		2023		556		32		17.52		10.9	%		1.5	%
		2022		500		32		15.79		(10.2	)%		0.9	%
		2021		389		22		17.58		28.9	%		0.8	%
		2020		138		10		13.64		36.4	%		0.0	%
MFS^®Research International Portfolio—Service Class		2024	$	32		3	$	10.90		1.4	%		1.7	%
		2023		—		—		—		—			0.0	%
		2022		4		—		9.65		(3.5	)%		0.0	%
MFS^®Research Series—Initial Class		2024	$	1,190		23	$	51.72		17.3	%		0.6	%
		2023		1,134		26		44.08		20.8	%		0.5	%
		2022		1,092		30		36.48		(18.3	)%		0.5	%
		2021		1,445		32		44.63		23.2	%		0.5	%
		2020		1,240		34		36.23		15.1	%		0.7	%
Morgan Stanley VIF U.S. Real Estate Portfolio—Class II		2024	$	—		—	$	—		—			—
		2023		313		26		11.96		12.7	%		2.1	%
		2022		428		40		10.61		(28.2	)%		0.9	%
		2021		703		48		14.77		37.6	%		1.9	%
		2020		372		35		10.73		(18.2	)%		2.5	%

121

NYLIAC Variable Annuity Separate Accounts-I and -II

Non-Qualified and Tax-Qualified Policies

Notes to Financial Statements (Continued)

NOTE 6—Financial Highlights (Continued):

	$		$		$		$		$			$
			Net Assets (in 000’s)		Units Outstanding (in 000’s)		Variable Accumulation Unit Value		Total Return¹			Investment Income Ratio²
Neuberger Berman AMT Mid Cap Growth Portfolio—Class S		2024	$	2,995		54	$	55.51		22.2	%		0.0	%
		2023		2,350		52		45.44		16.4	%		0.0	%
		2022		2,175		56		39.02		(29.7	)%		0.0	%
		2021		3,679		66		55.55		11.3	%		0.0	%
		2020		3,401		68		49.92		37.9	%		0.0	%
PIMCO VIT Income Portfolio—Advisor Class		2024	$	734		65	$	11.29		3.9	%		5.8	%
		2023		628		58		10.87		6.8	%		5.1	%
		2022		465		46		10.18		(9.1	)%		3.6	%
		2021		285		25		11.19		0.6	%		2.7	%
		2020		64		6		11.13		11.3	%		0.5	%
PIMCO VIT International Bond Portfolio (U.S. Dollar-Hedged)—Advisor Class		2024	$	610		51	$	11.87		4.0	%		3.5	%
		2023		723		63		11.41		7.5	%		2.5	%
		2022		791		75		10.62		(11.4	)%		1.4	%
		2021		1,101		92		11.98		(3.3	)%		1.5	%
		2020		1,087		88		12.39		4.1	%		5.8	%
PIMCO VIT Low Duration Portfolio—Advisor Class		2024	$	164		16	$	9.95		3.0	%		3.9	%
		2023		187		19		9.66		3.5	%		3.5	%
		2022		217		23		9.33		(7.0	)%		1.6	%
		2021		379		38		10.04		(2.3	)%		0.4	%
		2020		489		48		10.28		1.6	%		1.0	%
PIMCO VIT Total Return Portfolio—Advisor Class		2024	$	982		96	$	10.27		1.1	%		3.9	%
		2023		1,037		102		10.15		4.5	%		3.5	%
		2022		1,070		110		9.72		(15.5	)%		2.5	%
		2021		1,784		155		11.50		(2.6	)%		1.7	%
		2020	$	2,262		192	$	11.81		7.1	%		2.0	%

122

NYLIAC Variable Annuity Separate Accounts-I and -II

Non-Qualified and Tax-Qualified Policies

Notes to Financial Statements (Continued)

NOTE 6—Financial Highlights (Continued):

	$		$		$		$		$			$
			Net Assets (in 000’s)		Units Outstanding (in 000’s)		Variable Accumulation Unit Value		Total Return¹			Investment Income Ratio²
Principal VC Real Estate Securities Account—Class 2		2024	$	217		19	$	11.48		14.8	%		0.1	%
Western Asset Core Plus VIT Portfolio—Class II		2024	$	11		1	$	9.72		(2.1	)%		8.2	%
		2023		9		1		9.94		5.1	%		3.6	%

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

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

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

NOTE 7—Subsequent Events:

At April 8, 2025, the date the financial statements were available to be issued, there have been no events occurring subsequent to the close of the books or accounts for this statement that would have a material effect on the financial condition of the Account.

123

Report of Independent Registered Public Accounting Firm

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

Opinions on the Financial Statements

We have audited the accompanying statements of assets and liabilities of each of the investment divisions of NYLIAC Variable Annuity Separate Account-I and NYLIAC Variable Annuity Separate Account-II indicated in the table below as of December 31, 2024, and the related statements of operations and of changes in net assets for each of the periods indicated in the table below, including the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the investment divisions of NYLIAC Variable Annuity Separate Account-I and NYLIAC Variable Annuity Separate Account-II as of December 31, 2024, and the results of each of their operations and the changes in each of their net assets for the periods indicated in the table below, in conformity with accounting principles generally accepted in the United States of America.


NYLI VP American Century Sustainable Equity—Initial Class ⁽¹⁾	NYLI VP Wellington Small Cap—Initial Class ⁽¹⁾	Fidelity^®VIP Investment Grade Bond Portfolio—Service Class 2 ⁽¹⁾

NYLI VP Balanced—Service Class ⁽¹⁾	NYLI VP Winslow Large Cap Growth—Initial Class ⁽¹⁾	Fidelity^®VIP Mid Cap Portfolio— Service Class 2 ⁽¹⁾

NYLI VP Bond—Initial Class ⁽¹⁾	AB VPS Relative Value Portfolio— Class B ⁽¹⁾	Franklin Templeton Aggressive Model Portfolio—Class II ⁽¹⁾

NYLI VP Candriam Emerging Markets Equity—Initial Class ⁽¹⁾	American Funds IS Asset Allocation Fund—Class 4 ⁽¹⁾	Franklin Templeton Conservative Model Portfolio—Class II ⁽¹⁾

NYLI VP CBRE Global Infrastructure—Service Class ⁽¹⁾	American Funds IS The Bond Fund of America^®—Class 4 ⁽¹⁾	Franklin Templeton Moderate Model Portfolio—Class II ⁽¹⁾

NYLI VP Conservative Allocation—Service Class ⁽¹⁾	American Funds IS Global Small Capitalization Fund—Class 4 ⁽¹⁾	Franklin Templeton Moderately Aggressive Model Portfolio— Class II ⁽¹⁾

NYLI VP Dimensional U.S. Equity— Initial Class ⁽¹⁾	American Funds IS Growth Fund— Class 4 ⁽¹⁾	Franklin Templeton Moderately Conservative Model Portfolio— Class II ⁽¹⁾

NYLI VP Epoch U.S. Equity Yield— Initial Class ⁽¹⁾	American Funds IS New World Fund^®—Class 4 ⁽¹⁾	Invesco V.I. EQV International Equity Fund—Series II Shares ⁽¹⁾

NYLI VP Equity Allocation—Service Class ⁽¹⁾	American Funds IS U.S. Government Securities Fund^®—Class 4 ⁽²⁾	Invesco V.I. Main Street Small Cap Fund^®—Series II Shares ⁽¹⁾

NYLI VP Fidelity Institutional AM^®Utilities—Service Class ⁽¹⁾	American Funds IS Washington Mutual Investors Fund^SM—Class 4 ⁽¹⁾	Janus Henderson Enterprise Portfolio—Service Shares ⁽¹⁾

NYLI VP Floating Rate—Service Class ⁽¹⁾	BlackRock^®Global Allocation V.I. Fund—Class III ⁽¹⁾	Janus Henderson Global Research Portfolio—Institutional Shares ⁽¹⁾

NYLI VP Growth Allocation— Service Class ⁽¹⁾	BlackRock^®High Yield V.I. Fund— Class III ⁽¹⁾	Macquarie VIP Small Cap Value Series—Service Class ⁽¹⁾

NYLI VP Hedge Multi-Strategy— Service Class ⁽¹⁾	BNY Mellon IP Technology Growth Portfolio—Initial Shares ⁽¹⁾	MFS^®International Intrinsic Value Portfolio—Service Class ⁽¹⁾

NYLI VP Income Builder—Initial Class ⁽¹⁾	BNY Mellon Sustainable U.S. Equity Portfolio—Service Shares ⁽¹⁾	MFS^®Investors Trust Series—Initial Class ⁽¹⁾

NYLI VP Janus Henderson Balanced—Initial Class ⁽¹⁾	ClearBridge Variable Appreciation Portfolio—Class II ⁽¹⁾	MFS^®Mid Cap Value Portfolio— Service Class ⁽¹⁾

NYLI VP MacKay Convertible— Initial Class ⁽¹⁾	Columbia Variable Portfolio— Commodity Strategy Fund— Class 2 ⁽¹⁾	MFS^®Research International Portfolio—Service Class ⁽¹⁾

124

Report of Independent Registered Public Accounting Firm (Continued)



NYLI VP MacKay High Yield Corporate Bond—Initial Class ⁽¹⁾	Columbia Variable Portfolio— Emerging Markets Bond Fund— Class 2 ⁽¹⁾	MFS^®Research Series—Initial Class ⁽¹⁾

NYLI VP MacKay Strategic Bond—Service Class ⁽¹⁾	Columbia Variable Portfolio— Intermediate Bond Fund—Class 2 ⁽¹⁾	Morgan Stanley VIF U.S. Real Estate Portfolio—Class II ⁽¹⁾

NYLI VP MacKay U.S. Infrastructure Bond—Initial Class ⁽¹⁾	Columbia Variable Portfolio—Small Cap Value Fund—Class 2 ⁽¹⁾	Neuberger Berman AMT Mid Cap Growth Portfolio—Class S ⁽¹⁾

NYLI VP Moderate Allocation— Service Class ⁽¹⁾	DWS Alternative Asset Allocation VIP—Class B ⁽¹⁾	PIMCO VIT Income Portfolio— Advisor Class ⁽¹⁾

NYLI VP Natural Resources—Initial Class ⁽¹⁾	Fidelity^®VIP Bond Index Portfolio— Service Class 2 ⁽¹⁾	PIMCO VIT International Bond Portfolio (U.S. Dollar-Hedged)— Advisor Class ⁽¹⁾

NYLI VP PIMCO Real Return— Service Class ⁽¹⁾	Fidelity^®VIP Contrafund^SMPortfolio—Initial Class ⁽¹⁾	PIMCO VIT Low Duration Portfolio—Advisor Class ⁽¹⁾

NYLI VP PineStone International Equity—Initial Class ⁽¹⁾	Fidelity^®VIP Emerging Markets Portfolio—Service Class 2 ⁽¹⁾	PIMCO VIT Short-Term Portfolio— Advisor Class ⁽²⁾

NYLI VP S&P 500 Index—Initial Class ⁽¹⁾	Fidelity^®VIP Equity-Income Portfolio^SM—Initial Class ⁽¹⁾	PIMCO VIT Total Return Portfolio—Advisor Class ⁽¹⁾

NYLI VP Schroders Mid Cap Opportunities—Initial Class ⁽¹⁾	Fidelity^®VIP Extended Market Index Portfolio—Service Class 2 ⁽²⁾	Principal VC Real Estate Securities Account—Class 2 ⁽²⁾

NYLI VP Small Cap Growth—Initial Class ⁽¹⁾	Fidelity^®VIP FundsManager^®60% Portfolio—Service Class ⁽¹⁾	Putnam VT International Value Fund—Class IB ⁽²⁾

NYLI VP Small Cap Growth— Service Class ⁽¹⁾	Fidelity^®VIP Growth Opportunities Portfolio—Service Class 2 ⁽¹⁾	Voya Growth and Income Portfolio— Class S ⁽²⁾

NYLI VP U.S. Government Money Market—Initial Class ⁽¹⁾	Fidelity^®VIP Health Care Portfolio—Service Class 2 ⁽¹⁾	Western Asset Core Plus VIT Portfolio—Class II ⁽¹⁾

NYLI VP Wellington Growth—Initial Class ⁽¹⁾	Fidelity^®VIP International Index Portfolio—Service Class 2 ⁽¹⁾

⁽¹⁾ Statement of operations for the year ended December 31, 2024 and statement of changes in net assets for the years ended December 31, 2024 and 2023

⁽²⁾ Statement of operations and statement of changes in net assets for the period May 1, 2024 (commencement of operations) through December 31, 2024

Basis for Opinions

These financial statements are the responsibility of the New York Life Insurance and Annuity Corporation management. Our responsibility is to express an opinion on the financial statements of each of the investment divisions of NYLIAC Variable Annuity Separate Account-I and NYLIAC Variable Annuity Separate Account-II based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to each of the investment divisions of NYLIAC Variable Annuity Separate Account-I and NYLIAC Variable Annuity Separate Account-II in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

125

Report of Independent Registered Public Accounting Firm (Continued)

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of investments owned as of December 31, 2024 by correspondence with the custodian and the investee mutual funds. We believe that our audits provide a reasonable basis for our opinions.

/s/ PricewaterhouseCoopers LLP

New York, New York

April 8, 2025

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

126

NEW YORK LIFE INSURANCE AND ANNUITY CORPORATION

(A wholly-owned subsidiary of

New York Life Insurance Company)

STATUTORY FINANCIAL STATEMENTS

AND SUPPLEMENTAL SCHEDULES

December 31, 2024, 2023 and 2022

Table of Contents


	Page Number
Report of Independent Auditors		1
Statutory Statements of Financial Position		3
Statutory Statements of Operations		4
Statutory Statements of Changes in Capital and Surplus		5
Statutory Statements of Cash Flows		6
Notes to Statutory Financial Statements
Note 1 - Nature of Operations		8
Note 2 - Basis of Presentation		8
Note 3 - Significant Accounting Policies		11
Note 4 - Business Risks and Uncertainties		18
Note 5 - Recent Accounting Pronouncements		19
Note 6 - Investments		20
Note 7 - Derivative Instruments and Risk Management		35
Note 8 - Separate Accounts		40
Note 9 - Fair Value Measurements		43
Note 10 - Investment Income and Capital Gains and Losses		53
Note 11 - Related Party Transactions		58
Note 12 - Insurance Liabilities		61
Note 13 - Reinsurance		68
Note 14 - Benefit Plans		69
Note 15 - Commitments and Contingencies		70
Note 16 - Income Taxes		72
Note 17 - Capital and Surplus		76
Note 18 - Dividends to Stockholder		77
Note 19 - Written Premiums		77
Note 20 - Loan-Backed and Structured Security Impairments		78
Note 21 - Subsequent Events		86
Glossary of Terms		87

Supplemental Schedules and Interrogatories
Schedule 1- Supplemental Schedule of Selected Financial Data		89
Schedule 2- Summary Investment Schedule		93
Schedule 3- Investment Risks Interrogatories		95
Schedule 4- Supplemental Schedule of Reinsurance Contracts		101

LOGO

Report of Independent Auditors

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

Opinions

We have audited the accompanying statutory financial statements of New York Life Insurance and Annuity Corporation (the “Company”), which comprise the statutory statements of financial position as of December 31, 2024 and 2023, and the related statutory statements of operations, of changes in capital and surplus, and of cash flows for each of the three years in the period ended December 31, 2024, including the related notes (collectively referred to as the “financial statements”).

Unmodified Opinion on Statutory Basis of Accounting

In our opinion, the accompanying financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2024 and 2023, and the results of its operations and its cash flows for each of the three years in the period ended December 31, 2024, in accordance with the accounting practices prescribed or permitted by the Delaware Department of Insurance described in Note 2.

Adverse Opinion on U.S. Generally Accepted Accounting Principles

In our opinion, because of the significance of the matter discussed in the Basis for Adverse Opinion on U.S. Generally Accepted Accounting Principles section of our report, the accompanying financial statements do not present fairly, in accordance with accounting principles generally accepted in the United States of America, the financial position of the Company as of December 31, 2024 and 2023, or the results of its operations or its cash flows for each of the three years in the period ended December 31, 2024.

Basis for Opinions

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

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

As described in Note 2 to the financial statements, the financial statements are prepared by the Company on the basis of the accounting practices prescribed or permitted by the Delaware Department of Insurance, which is a basis of accounting other than accounting principles generally accepted in the United States of America.

The effects on the financial statements of the variances between the statutory basis of accounting described in Note 2 and accounting principles generally accepted in the United States of America, although not reasonably determinable, are presumed to be material.

Responsibilities of Management for the Financial Statements

Management is responsible for the preparation and fair presentation of the financial statements in accordance with the accounting practices prescribed or permitted by the Delaware Department of Insurance. Management is also responsible for the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error.

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

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

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

LOGO

Auditors’ Responsibilities for the Audit of the Financial Statements

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

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

•

Exercise professional judgment and maintain professional skepticism throughout the audit.

•

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

•

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

•

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

•

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

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

Supplemental Information

Our audit was conducted for the purpose of forming an opinion on the financial statements taken as a whole. The supplemental schedule of selected financial data, summary investment schedule, investment risks interrogatories, and supplemental schedule of reinsurance contracts (collectively referred to as the “supplemental schedules”) of the Company as of December 31, 2024 and for the year then ended are presented to comply with the National Association of Insurance Commissioners’ Annual Statement Instructions and Accounting Practices and Procedures Manual and for purposes of additional analysis and are not a required part of the financial statements. The supplemental schedules are the responsibility of management and were derived from and relate directly to the underlying accounting and other records used to prepare the financial statements. The supplemental schedules have been subjected to the auditing procedures applied in the audit of the financial statements and certain additional procedures, including comparing and reconciling such information directly to the underlying accounting and other records used to prepare the financial statements or to the financial statements themselves and other additional procedures, in accordance with auditing standards generally accepted in the United States of America. In our opinion, the supplemental schedules are fairly stated, in all material respects, in relation to the financial statements taken as a whole.

LOGO

New York, New York

February 28, 2025

NEW YORK LIFE INSURANCE AND ANNUITY CORPORATION

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

STATUTORY STATEMENTS OF FINANCIAL POSITION


	December 31,
	2024			2023

	(in millions)
Assets
Bonds	$	102,133		$	102,056
Common and preferred stocks		775			659
Mortgage loans		17,450			15,484
Policy loans		1,024			928
Other invested assets		3,930			3,583
Cash, cash equivalents and short-term investments		3,363			1,696
Derivatives		1,519			1,196

Total cash and invested assets		130,194			125,602
Investment income due and accrued		1,031			1,005
Admitted disallowed interest maintenance reserve		528			328
Interest in annuity contracts		11,428			10,774
Other assets		1,277			1,201
Separate accounts assets		60,358			55,405

Total assets	$	204,816		$	194,315

Liabilities, capital and surplus
Liabilities:
Policy reserves	$	117,165		$	112,990
Deposit funds		1,968			1,583
Policy claims		1,112			1,041
Separate accounts transfers due and accrued		(1,288	)		(1,114	)
Obligations under structured settlement agreements		11,428			10,774
Amounts payable under security lending agreements		1,004			678
Other liabilities		2,585			2,106
Asset valuation reserve		2,086			1,939
Separate accounts liabilities		60,339			55,388

Total liabilities		196,399			185,385

Capital and Surplus:
Capital stock - par value $10,000 (20,000 shares authorized, 2,500 issued and outstanding)		25			25
Gross paid in and contributed surplus		4,458			4,458
Special surplus for admitted disallowed interest maintenance reserve		528			328
Unassigned surplus		3,406			4,119

Total capital and surplus		8,417			8,930

Total liabilities, capital and surplus	$	204,816		$	194,315

See accompanying notes to financial statements.

NEW YORK LIFE INSURANCE AND ANNUITY CORPORATION

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

STATUTORY STATEMENTS OF OPERATIONS


	Years Ended December 31,
	2024			2023			2022
	(in millions)
Income
Premiums	$	22,044		$	20,726		$	24,742
Net investment income		5,520			5,276			4,304
Other income		1,204			1,129			1,093

Total income		28,768			27,131			30,139

Benefits and expenses
Benefit payments:
Death benefits		2,263			2,275			2,345
Annuity benefits		4,006			3,664			3,431
Surrender benefits		17,393			16,019			12,965
Other benefit payments		125			103			93

Total benefit payments		23,787			22,061			18,834
Additions to policy reserves		4,223			3,334			9,721
Net transfers (from)/to separate accounts		(1,614	)		(648	)		444
Operating expenses		1,816			1,710			1,645

Total benefits and expenses		28,212			26,457			30,644

Gain/(loss) from operations before federal and foreign income taxes		556			673			(505	)
Federal and foreign income taxes		210			268			114

Net gain/(loss) from operations		346			405			(619	)
Net realized capital (losses)/gains, after taxes and transfers to interest maintenance reserve		(71	)		188			(37	)

Net income/(loss)	$	275		$	593		$	(656	)

See accompanying notes to financial statements.

NEW YORK LIFE INSURANCE AND ANNUITY CORPORATION

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

STATUTORY STATEMENTS OF CHANGES IN CAPITAL AND SURPLUS


	Years Ended December 31,
	2024			2023			2022
	(in millions)
Capital and surplus, beginning of year	$	8,930		$	8,537		$	9,734
Net increase/(decrease) due to:
Net income/(loss)		275			593			(656	)
Change in net unrealized capital (losses)/gains on investments		157			(268	)		(153	)
Change in nonadmitted assets		(264	)		(89	)		(300	)
Change in reserve valuation basis		183			31			—
Change in asset valuation reserve		(147	)		(49	)		(16	)
Change in net deferred income tax		167			189			311
Dividends to parent		(890	)		—			(400	)
Prior period corrections		—			—			—
Other adjustments, net		6			(14	)		17

Net (decrease)/increase		(513	)		393			(1,197	)

Capital and surplus, end of year	$	8,417		$	8,930		$	8,537

See accompanying notes to financial statements.

NEW YORK LIFE INSURANCE AND ANNUITY CORPORATION

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

STATUTORY STATEMENTS OF CASH FLOWS


	Years Ended December 31,
	2024			2023			2022
	(in millions)
Cash flows from operating activities:
Premiums received	$	18,059		$	16,730		$	20,995
Net investment income received		5,102			4,878			3,888
Other		1,204			1,130			1,095

Total received		24,365			22,738			25,978

Benefits and other payments		19,657			18,054			15,140
Net transfers (from)/to separate accounts		(1,574	)		(635	)		334
Operating expenses		1,769			1,548			1,580
Federal income taxes		234			235			101

Total paid		20,086			19,202			17,155

Net cash from/(used in) operating activities		4,279			3,536			8,823

Cash flows from investing activities:
Proceeds from investments sold		8,233			4,331			6,998
Proceeds from investments matured or repaid		15,028			9,850			8,889
Cost of investments acquired		(25,514	)		(21,917	)		(20,237	)
Net change in policy loans		(97	)		(66	)		(9	)

Net cash (used in)/from investing activities		(2,350	)		(7,802	)		(4,359	)

Cash flows from financing and miscellaneous activities:
Dividends to New York Life		(890	)		—			(400	)
Other miscellaneous uses		627			(438	)		574

Net cash (used in)/from financing and miscellaneous activities		(263	)		(438	)		174

Net increase/(decrease) in cash, cash equivalents and short-term investments		1,666			(4,704	)		4,638
Cash, cash equivalents and short-term investments, beginning of year		1,697			6,401			1,763

Cash, cash equivalents and short-term investments, end of year	$	3,363		$	1,697		$	6,401

See accompanying notes to financial statements.

NEW YORK LIFE INSURANCE AND ANNUITY CORPORATION

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

STATUTORY STATEMENTS OF CASH FLOWS (supplemental)


	Years Ended December 31,
	2024		2023		2022
	(in millions)
Non-cash activities during the year not included in the Statutory Statements of Cash Flows:
Transfer of bond investment to bond investment	$	914	$	556	$	6,760
Transfer of other invested assets investment to insurance affiliate in exchange for bonds	$	—	$	—	$	250
Transfer of assets between bond investment and other invested assets	$	25	$	23	$	146
Capitalized interest on bonds and mortgage loans	$	79	$	76	$	95
Depreciation/amortization on fixed assets	$	91	$	92	$	73
Low-income housing tax credit future commitments	$	43	$	10	$	68
Transfer of mortgage loans to other invested assets	$	31	$	3	$	44
Transfers between equity investment and equity investment	$	6	$	40	$	34
Bonds to be announced commitments - purchased/sold	$	—	$	—	$	19
Other invested assets stock distribution	$	—	$	—	$	6

See accompanying notes to financial statements.

NEW YORK LIFE INSURANCE AND ANNUITY CORPORATION

NOTES TO STATUTORY FINANCIAL STATEMENTS

December 31, 2024, 2023 and 2022

NOTE 1—NATURE OF OPERATIONS

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

NOTE 2—BASIS OF PRESENTATION

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

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

Changes in Accounting Policy

On September 30, 2024, the Company changed its accounting policy on the reporting of premiums and benefits on internal replacement transactions. Internal replacements refer to transactions whereby a policyholder transfers the cash surrender value from their current policy into a similar policy. Premiums and benefits from these types of exchanges are now reported gross in the statement of operations. Our previous policy, which was discussed with the Department and to which they had no objection, was to net the benefit expense against the premium income in the statement of operations. Premium income and benefit expense include 4,011 million, 3,982 million and 3,709 million from internal replacements for 2024, 2023, and 2022, respectively. The Company’s annual statement does not reflect this change in the 2023 and 2022 reported premium and benefit amounts. Therefore, premium and benefit for 2023 and 2022 are understated in the Company’s annual statement by $3,982 million and $3,709 million, respectively. This change in accounting policy has no net impact on the Company’s profit or loss, nor does it affect surplus, as the gross reporting of premiums and benefits is offset by corresponding amounts in both income and expense.

Change in Reserve Valuation Basis

For the year ended December 31, 2024, the Department granted approval for the Company to change the reserve valuation basis for variable deferred annuities to VM-21. Prior to this change, reserves for these policies were computed in accordance with the minimum statutory reserve standard required under the New York State Department of Financial Services (“NYSDFS”) Regulation 213, which results in reserves that are higher than those computed pursuant to VM-21, which is the Delaware minimum reserve standard. For the index-linked account corresponding to a variable annuity product, the Company still applies Actuarial Guideline XXXV. As of December 31, 2024, the impact of this change in reserve valuation basis resulted in a reduction of policy reserves of $47 million and an increase in expense allowances recognized in reserves (included in Separate Accounts transfers due and accrued) of $136 million, thereby increasing statutory surplus by $183 million. In 2023, there were no changes in reserve valuation basis.

NEW YORK LIFE INSURANCE AND ANNUITY CORPORATION

NOTES TO STATUTORY FINANCIAL STATEMENTS

NOTE 2—BASIS OF PRESENTATION (continued)

Statutory vs. U.S. GAAP Basis of Accounting

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

Investments

•

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

•

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

•

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

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

•

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

•

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

Insurance Contracts

•

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

•

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

•

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

NEW YORK LIFE INSURANCE AND ANNUITY CORPORATION

NOTES TO STATUTORY FINANCIAL STATEMENTS

NOTE 2—BASIS OF PRESENTATION (continued)

•

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

•

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

Taxes

•

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

•

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

Surplus

•

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

•

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

NEW YORK LIFE INSURANCE AND ANNUITY CORPORATION

NOTES TO STATUTORY FINANCIAL STATEMENTS

NOTE 3—SIGNIFICANT ACCOUNTING POLICIES

Use of Estimates

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

Bonds

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

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

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

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

Preferred Stocks

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

Common Stocks

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

NEW YORK LIFE INSURANCE AND ANNUITY CORPORATION

NOTES TO STATUTORY FINANCIAL STATEMENTS

NOTE 3—SIGNIFICANT ACCOUNTING POLICIES (continued)

Other than Temporary Impairments

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

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

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

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

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

Mortgage Loans

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

NEW YORK LIFE INSURANCE AND ANNUITY CORPORATION

NOTES TO STATUTORY FINANCIAL STATEMENTS

NOTE 3—SIGNIFICANT ACCOUNTING POLICIES (continued)

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

Policy Loans

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

Other Invested Assets

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

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

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

Effective October 1, 2024, residual tranches of securitizations are reported using a cost recovery method, which is a practical expedient allowed under statutory accounting rules. Under the cost recovery method, distributions received are treated as a reduction of the residual’s book value. Investment income is not recognized until the book value of the residual has been reduced to zero. An OTTI is recorded when fair value of the residual is below its book value. Prior to October 1, 2024, most residuals were reported at the lower of cost or market and income was accrued using an effective yield method.

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

NEW YORK LIFE INSURANCE AND ANNUITY CORPORATION

NOTES TO STATUTORY FINANCIAL STATEMENTS

NOTE 3—SIGNIFICANT ACCOUNTING POLICIES (continued)

Real Estate

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

Derivative Instruments

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

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

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

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

NEW YORK LIFE INSURANCE AND ANNUITY CORPORATION

NOTES TO STATUTORY FINANCIAL STATEMENTS

NOTE 3—SIGNIFICANT ACCOUNTING POLICIES (continued)

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

The Company reports cash flows from the purchase or termination of derivative instruments as cash flows from investing activities unless there is a significant financing element. Income payments, which include all cash settlements and foreign exchange payments are classified as cash flows from operating activities. Changes in receivables and payables related to collateral are reported in investing activities.

Cash, Cash Equivalents and Short-term Investments

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

AVR and IMR

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

Loaned Securities and Repurchase Agreements

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

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

NEW YORK LIFE INSURANCE AND ANNUITY CORPORATION

NOTES TO STATUTORY FINANCIAL STATEMENTS

NOTE 3—SIGNIFICANT ACCOUNTING POLICIES (continued)

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

Premiums and Related Expenses

Life premiums are recognized as revenue when due. Annuity considerations are recognized as revenue when received. Commissions and other costs associated with acquiring new business are charged to operations as incurred. Amounts received or paid under deposit type contracts without mortality or morbidity risk are not reported as income or benefits but are recorded directly as an adjustment to the liability for deposit funds. Internal replacements refer to transactions whereby a policyholder transfers the surrender value from their current policy into a similar policy. Premiums and benefits from internal replacements are reported gross in the accompanying Statutory Statement of Operations

Net Investment Income

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

Policy Reserves

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

Deposit Funds

Deposit funds relate to contracts that do not subject the Company to mortality and/or morbidity risk. Amounts received as payment for these contracts, benefits paid and interest credited are reported as adjustments to the deposit fund liability. The Company’s deposit fund liability primarily relates to fixed period annuities and supplemental contracts without life contingencies. Refer to Note 12 - Insurance Liabilities for further details on this liability.

Federal Income Taxes

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

NEW YORK LIFE INSURANCE AND ANNUITY CORPORATION

NOTES TO STATUTORY FINANCIAL STATEMENTS

NOTE 3—SIGNIFICANT ACCOUNTING POLICIES (continued)

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

Separate Accounts

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

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

Other Assets and Liabilities

Other assets primarily consist of net DTAs and other receivables.

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

Nonadmitted Assets

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

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

Fair Value of Financial Instruments and Insurance Liabilities

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

NEW YORK LIFE INSURANCE AND ANNUITY CORPORATION

NOTES TO STATUTORY FINANCIAL STATEMENTS

NOTE 3—SIGNIFICANT ACCOUNTING POLICIES (continued)

Contingencies

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

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

Foreign Currency Transactions

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

NOTE 4—BUSINESS RISKS AND UNCERTAINTIES

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

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

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

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

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

The Company continues to monitor the economic environment and other potential impacts that could result from current or future outbreaks of infectious diseases, viruses (including COVID-19), epidemics or pandemics.

NEW YORK LIFE INSURANCE AND ANNUITY CORPORATION

NOTES TO STATUTORY FINANCIAL STATEMENTS

NOTE 5—RECENT ACCOUNTING PRONOUNCEMENTS

Changes in Accounting Principles

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

During 2024, the NAIC adopted changes to SSAP No. 21 “Other Admitted Assets,” which revise the accounting guidance for residual tranches of securitizations. The new guidance provides a practical expedient that allows for the use of a cost recovery method. Under the cost recovery method, distributions received from the investment are treated as a reduction of the residual’s book value. Investment income is not recognized until the book value of the residual has been reduced to zero. The Company early adopted the new guidance on a prospective basis on October 1, 2024. There was no impact to surplus upon adoption. The Company reclassified $1 million from unrealized gains to realized gains upon adoption.

During 2023, the NAIC adopted revisions to SSAP No. 48 “Joint Ventures, Partnerships and Limited Liability Companies”, SSAP No. 30 “Common Stock” and SSAP No. 32 “Preferred Stock” regarding residual investments. The amended guidance clarified that equity investments issued from entities that are in substance securitization vehicles are to be reported as residual investments. The adoption of this guidance had no impact to the Company’s surplus, but required the reclassification of $3 million at December 31, 2023 of investments in limited partnerships as residual investments.

In 2023, the NAIC adopted Interpretation (“INT”) 23-01, which prescribes limited-time, optional, statutory accounting guidance as an exception to the existing guidance detailed in SSAP No. 7 “Asset Valuation Reserve and Interest Maintenance Reserve” and the annual statement instructions that requires non-admittance of a negative IMR. Under the INT, reporting entities are allowed to admit negative IMR if certain criteria are met. The adoption of this guidance allowed the Company to admit $544 million (including $16 million from Separate Accounts) and $328 million of negative IMR at December 31, 2024 and December 31, 2023, respectively, which increased the Company’s total assets. There was no impact to net income from this change. New disclosures required under the INT have been included in Note 6 - Investments.

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

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

NEW YORK LIFE INSURANCE AND ANNUITY CORPORATION

NOTES TO STATUTORY FINANCIAL STATEMENTS

NOTE 5—RECENT ACCOUNTING PRONOUNCEMENTS (continued)

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

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

NOTE 6—INVESTMENTS

Bonds

The carrying value and estimated fair value of bonds by maturity at December 31, 2024 and 2023, were as follows (in millions):

	$		$		$		$
	2024				2023
	Carrying Value		Estimated Fair Value		Carrying Value		Estimated Fair Value
Due in one year or less	$	10,551	$	10,455	$	7,562	$	7,396
Due after one year through five years⁽¹⁾		37,460		36,415		40,965		39,741
Due after five years through ten years		24,871		23,273		25,625		23,810
Due after ten years		29,251		24,372		27,905		24,094

Total	$	102,133	$	94,516	$	102,056	$	95,041

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

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

In addition to the information disclosed above, short-term investments with a carrying value of $150 million and $44 million at December 31, 2024 and 2023, respectively, and cash equivalents with a carrying value of $3,398 million and $1,875 million at December 31, 2024 and 2023, respectively, are due in one year or less. Carrying value approximates fair value for these investments.

NEW YORK LIFE INSURANCE AND ANNUITY CORPORATION

NOTES TO STATUTORY FINANCIAL STATEMENTS

NOTE 6—INVESTMENTS (continued)

At December 31, 2024 and 2023, the distribution of gross unrealized gains and losses on bonds were as follows (in millions):

	$		$		$		$
	2024
	Carrying Value		Unrealized Gains		Unrealized Losses		Estimated Fair Value
U.S. governments	$	5,127	$	2	$	1,412	$	3,717
All other governments		260		1		19		243
U.S. special revenue and special assessment		9,345		23		1,129		8,238
Industrial and miscellaneous unaffiliated		83,183		456		5,550		78,089
Parent, subsidiaries, and affiliates⁽¹⁾		3,298		22		6		3,314
Hybrid securities		358		5		9		353
SVO identified funds		562		—		—		562

Total	$	102,133	$	509	$	8,126	$	94,516

⁽¹⁾ The carrying value includes $267 million of ABS investments that are managed by affiliates of the Company but have no credit risk exposure to those affiliates.

	$		$		$		$
	2023
	Carrying Value		Unrealized Gains		Unrealized Losses		Estimated Fair Value
U.S. governments	$	5,663	$	12	$	1,237	$	4,438
All other governments		247		3		17		233
U.S. special revenue and special assessment		10,509		59		1,011		9,557
Industrial and miscellaneous unaffiliated		81,442		611		5,370		76,683
Parent, subsidiaries, and affiliates⁽¹⁾		3,120		1		34		3,087
Hybrid securities		319		2		31		289
SVO identified funds		755		—		—		755

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

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

Common and Preferred Stocks

The following table presents the carrying value and change in unrealized gains (losses) of common and preferred stocks at December 31, 2024 and 2023 (in millions):

	$		$			$		$
	2024					2023
	Carrying Value		Change in Unrealized Gains (Losses)			Carrying Value		Change in Unrealized Gains (Losses)
Common stocks	$	732	$	(9	)	$	615	$	(172	)
Preferred stocks		43		—			44		(3	)

Total	$	775	$	(9	)	$	659	$	(175	)

NEW YORK LIFE INSURANCE AND ANNUITY CORPORATION

NOTES TO STATUTORY FINANCIAL STATEMENTS

NOTE 6—INVESTMENTS (continued)

Mortgage Loans

The Company’s mortgage loans are diversified by property type, location and borrower, and are collateralized. The maximum and minimum lending rates for new commercial mortgage loans funded during 2024 were 11.5% and 5.0% and funded during 2023 were 12.7% and 5.5%, respectively. For 2024 and 2023, the maximum percentage of any one commercial loan to the value of the collateral at the time of the loan, exclusive of insured or guaranteed or purchase money mortgages, was 92.4% (average percentage was 58.1% and 58.0% at December 31, 2024 and 2023, respectively). For 2024 and 2023, the maximum percentage of any residential loan to the value of the collateral at the time of the loan was 80.0% (average percentage was 43.4% and 46.4% at December 31, 2024 and 2023, respectively). The Company has no significant credit risk exposure to any one individual borrower.

The majority of the Company’s commercial mortgage loans were held in a form of participations with the carrying value of $17,447 million and $15,185 million at December 31, 2024 and 2023, respectively. These loans were originated or acquired by New York Life. Refer to Note 11 - Related Party Transactions for more detail on these transactions.

At December 31, 2024 and 2023, the distribution of the mortgage loan portfolio by property type and geographic location was as follows ($ in millions):

	$		$			$		$
	2024					2023
	Carrying Value		% of Total			Carrying Value		% of Total
Property Type:
Industrial	$	6,162		35.3	%	$	4,713		30.4	%
Apartment buildings		4,968		28.5			4,225		27.3
Office buildings		2,881		16.5			3,304		21.3
Retail facilities		2,627		15.1			2,742		17.7
Hotels		356		2.0			301		1.9
Other		453		2.6			195		1.3
Residential		4		—			4		—

Total	$	17,450		100.0	%	$	15,484		100.0	%

	$		$			$		$
	2024					2023
	Carrying Value		% of Total			Carrying Value		% of Total
Geographic Location:
Central	$	5,086		29.1	%	$	4,331		28.0	%
Pacific		3,956		22.7			3,641		23.5
South Atlantic		4,185		24.0			3,530		22.8
Middle Atlantic		3,516		20.1			3,215		20.8
New England		607		3.5			673		4.3
Other		100		0.6			93		0.6

Total	$	17,450		100.0	%	$	15,484		100.0	%

At December 31, 2024 and 2023, mortgage loans of $82 million and $110 million, respectively, were past due 90 days and over.

NEW YORK LIFE INSURANCE AND ANNUITY CORPORATION

NOTES TO STATUTORY FINANCIAL STATEMENTS

NOTE 6—INVESTMENTS (continued)

The Company maintains a watchlist of commercial mortgage loans that may potentially be impaired. Some of the general guidelines analyzed to include commercial loans within the watchlist are loan-to-value ratio (“LTV”), asset performance such as debt service coverage ratio, lease rollovers, income and expense hurdles, major tenant or borrower issues, the economic climate, and catastrophic events, among others. Collateral securing loans placed on the watchlist generally take priority in being revalued in the Company’s inspection/evaluation commercial loan program that revalues properties securing commercial mortgage loans.

Fair value of the collateral for commercial mortgages (excluding credit loans) over $10 million is generally updated every three years, unless a more current appraisal is warranted. For portfolio loans, which are collateralized by multiple commercial properties, inspections are done every three years for approximately 50% of the property value in the portfolio. Commercial mortgages less than $10 million have an on-site inspection performed by an external inspection service generally every three years. If the loan is determined to be potentially troubled, the loan is more frequently monitored as to its status. Certain properties that serve as collateral for commercial mortgages have been placed on a different schedule to address additional risks that resulted from rising interest rates or distress in the market due to return to work issues. LTV, which is based on collateral values, is deemed as one of the key mortgage loan indicators to assess credit quality and to assist in identifying problem loans. At December 31, 2024 and 2023, LTVs on the Company’s mortgage loans were as follows (in millions):

	$		$		$		$		$		$		$		$
	2024
Loan to Value % (By Class)	Apartment Buildings		Office Buildings		Industrial		Retail Facilities		Hotels		Residential		Other		Total
Above 95%	$	—	$	161	$	—	$	—	$	—	$	—	$	8	$	170
91% to 95%		86		108		—		72		13		—		—		280
81% to 90%		76		346		—		13		—		—		—		434
71% to 80%		486		569		195		345		23		—		16		1,635
Below 70%		4,321		1,696		5,967		2,197		319		4		428		14,932

Total	$	4,968	$	2,881	$	6,162	$	2,627	$	356	$	4	$	453	$	17,450

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

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

NEW YORK LIFE INSURANCE AND ANNUITY CORPORATION

NOTES TO STATUTORY FINANCIAL STATEMENTS

NOTE 6—INVESTMENTS (continued)

At December 31, 2024 and 2023, impaired mortgage loans were as follows (in millions):

	$		$		$		$		$		$
	2024
Type	Impaired Loans with Allowance for Credit Losses		Related Allowance		Impaired Loans Without Allowance for Credit Losses		Average Recorded Investment		Interest Income Recognized		Interest Income on a Cash Basis During the Period
Residential	$	—	$	—	$	—	$	—	$	—	$	—
Commercial		63		15		98		150		5		1

Total	$	63	$	15	$	98	$	150	$	5	$	1

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

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

Other Invested Assets

The carrying value of other invested assets at December 31, 2024 and 2023 consisted of the following (in millions):

	$		$
	2024		2023
Limited partnerships and limited liability companies⁽¹⁾		1,723		1,424
Affiliated non-insurance subsidiaries		1,372		1,238
Other investments		239		324
Derivative collateral		102		137
Residuals		155		139
Tax credit investments		330		308
Loan to affiliates		9		13

Total other invested assets	$	3,930	$	3,583

⁽¹⁾ At December 31, 2024 and 2023, the Company had $7 million and $4 million, respectively, of investments in other invested assets that were nonadmitted, and therefore, excluded from the amounts above.

NEW YORK LIFE INSURANCE AND ANNUITY CORPORATION

NOTES TO STATUTORY FINANCIAL STATEMENTS

NOTE 6—INVESTMENTS (continued)

Net investment income (loss) and change in unrealized gains (losses) for other invested assets for the years ended December 31, 2024 and 2023 consisted of the following (in millions):

	$			$		$			$			$			$
	2024					2023						2022
	Net Investment Income (Loss)			Change in Unrealized Gains (Losses)⁽¹⁾		Net Investment Income (Loss)			Change in Unrealized Gains (Losses)⁽¹⁾			Net Investment Income (Loss)			Change in Unrealized Gains (Losses)⁽¹⁾
Limited partnerships and limited liability companies	$	53		$	10	$	47		$	(58	)	$	41		$	(12	)
Affiliated non-insurance subsidiaries		98			134		345			(79	)		176			29
Other Invested Assets		9			—		8			—			9			—
Real estate investment property		17			—		17			—			22			—
Residuals		11			4		17			(5	)		2			(7	)
Tax credit Investments		(38	)		—		(36	)		—			(40	)		—
Loans to affiliates		1			—		1			—			1			—

Total other invested assets	$	151		$	148	$	399		$	(142	)	$	211		$	10

⁽¹⁾Includes unrealized foreign exchange gains (losses) of $8 million, $2 million and $(18) million in 2024, 2023 and 2022 respectively.

Affiliated non-insurance subsidiaries consist of the Company’s limited liability company investment in (MCF). The Company owns a majority interest in MCF. Dividends are recorded in Net investment income in the accompanying Statutory Statements of Operations when declared and changes in the equity of this investment are recorded in Change in unrealized capital gains on investments in the accompanying Statutory Statements of Financial Position.

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

Effective October 1, 2024, residual tranches of securitizations are reported using a cost recovery method where distributions received are treated as a reduction of the residual’s book/adjusted carrying value. Investment income is not recognized until the book/adjusted carrying value of the residual has been reduced to zero. Prior to October 1, 2024, most residuals were reported at the lower of cost or market and income was accrued using an effective yield method. Interest earned on these investments is included in Net Investment Income in the accompanying Statutory Statement of Operations.

Other investments consist primarily of investments in surplus notes and other investments with characteristics of debt. Interest earned on these investments is included in Net investment income in the accompanying Statutory Statements of Operations. Included are two collateral loans, one backed by the US government and the other backed by US government securities with a total carrying value of $12 million at December 31, 2024. Interest earned on these investments is included in Net investment income in the accompanying Statutory Statements of Operations.

The Company has equity investments in Low Income Housing Tax Credit (“LIHTC”) and wind energy LLCs and debt investments in New Market Tax Credit (“NMTC”) LLCs, which have the primary purpose of generating tax credits for the Company. Investments in LIHTC and NMTC tax credit structures are initially recorded at cost and carried at amortized cost unless considered impaired. The amortization of these investments is reported in Net investment income in the accompanying Statutory Statement of Operations. Wind energy investments are reported under the equity method of accounting and the equity pick up is reported in Net investment income in the accompanying Statutory Statement of Operations. The tax credits received on all tax credit investments are recorded in Income Tax Expense in the accompanying Statutory Statement of Operations.

NEW YORK LIFE INSURANCE AND ANNUITY CORPORATION

NOTES TO STATUTORY FINANCIAL STATEMENTS

NOTE 6—INVESTMENTS (continued)

The Company’s unexpired tax credits on its investments in LIHTC expire within a range of 1 year to 13 years. During 2024, 2023 and 2022, the Company recorded amortization on these investments under the proportional amortized cost method of $22 million, $17 million, and $10 million, respectively. The Company recorded tax credits and other tax benefits on these investments of $25 million, $20 million, and $12 million for 2024, 2023 and 2022, respectively. The minimum holding period required for the Company’s LIHTC investments extends from 1 years to 15 years. The LIHTC investments are periodically subject to regulatory reviews by housing authorities where the properties are located. The Company is not aware of any adverse issues related to such regulatory reviews.

Admitted Goodwill

The following table represents goodwill generated under the statutory purchase method of accounting ($ in millions):

Purchased

Entity

Financial
Statement Line

Acquisition
Date

Cost of
Acquisition

Original
Amount of
Goodwill

Original
Amount of
Goodwill
Admitted

Admitted
Goodwill
at 12/31/24

Amortization
for the Year
Ended
12/31/24

Book
Value

Admitted Goodwill
as a % of Book
Adjusted Carrying
Value, Gross of
Admitted Goodwill

Stone Ridge Holdings Group LLC

Other invested
assets

1/19/2024

250

153

138

254

As required under NAIC SAP, goodwill is limited in the aggregate to 10% of the acquiring entity’s capital and surplus, adjusted to exclude any net positive goodwill, electronic database processing equipment and operating system software, and net deferred tax assets. The table below shows the calculation of the Company’s adjusted surplus for purposes of the goodwill admissibility calculation ($ in millions):

	$		$
	Calculation of Limitation as of
	September 30, 2024		December 31, 2024
Capital and surplus	$	8,282
Less:
Admitted positive goodwill		142
Admitted EDP equipment and operating system software		—
Admitted net deferred taxes		699

Total adjustments		841

Adjusted capital and surplus	$	7,441

Limitation on amount of goodwill (adjusted capital and surplus times 10%)			$	744
Current period reported admitted goodwill			$	138
Current period admitted goodwill as a % of prior period adjusted capital and surplus				2	%

NEW YORK LIFE INSURANCE AND ANNUITY CORPORATION

NOTES TO STATUTORY FINANCIAL STATEMENTS

NOTE 6—INVESTMENTS (continued)

Assets on Deposit or Pledged as Collateral

At December 31, 2024 and 2023, the Company’s restricted assets (including pledged collateral) were as follows ($ in millions):

	$		$		$			$		$		$			$
	2024
	Gross (Admitted and Nonadmitted) Restricted											Percentage
Restricted Asset Category	Total General Account		Total From Prior Year		Increase (Decrease)			Total Nonadmitted Restricted		Total Admitted Restricted		Gross (Admitted and Non-admitted) Restricted to Total Assets			Admitted Restricted to Total Admitted Assets

Collateral held under security lending agreements	$	1,000	$	675	$	325		$	—	$	1,000		0.5	%		0.5	%
Subject to reverse repurchase agreements		460		210		250			—		460		0.2			0.2
Subject to dollar repurchase agreements		—		—		—			—		—		0.0			0.0
Letter stock or securities restricted as to sale - excluding Federal Home Loan Bank (“FHLB”) capital stock		28		37		(9	)		—		28		0.0			0.0
FHLB capital stock		25		25		—			—		25		0.0			0.0
On deposit with states		5		4		1			—		5		0.0			0.0
Pledged as collateral or other restricted assets not captured in other categories		6		10		(4	)		—		6		0.0			0.0

Total restricted assets	$	1,523	$	961	$	563		$	—	$	1,524		0.7	%		0.7	%

	$		$		$			$		$		$			$
	2023
	Gross (Admitted and Nonadmitted) Restricted											Percentage
Restricted Asset Category	Total General Account		Total From Prior Year		Increase (Decrease)			Total Nonadmitted Restricted		Total Admitted Restricted		Gross (Admitted and Non-admitted) Restricted to Total Assets			Admitted Restricted to Total Admitted Assets

Collateral held under security lending agreements	$	675	$	675	$	—		$	—	$	675		0.3	%		0.3	%
Subject to reverse repurchase agreements		210		185		25			—		210		0.1			0.1
Subject to dollar repurchase agreements		—		—		—			—		—		0.0			0.0
Letter stock or securities restricted as to sale - excluding FHLB capital stock		37		38		(1	)		—		37		0.0			0.0
FHLB capital stock		25		25		—			—		25		0.0			0.0
On deposit with states		4		4		—			—		4		0.0			0.0
Pledged as collateral not captured in other categories		10		3		7			—		10		0.0			0.0

Total restricted assets	$	961	$	930	$	31		$	—	$	961		0.5	%		0.5	%

NEW YORK LIFE INSURANCE AND ANNUITY CORPORATION

NOTES TO STATUTORY FINANCIAL STATEMENTS

NOTE 6—INVESTMENTS (continued)

Loaned Securities and Repurchase Agreements

The Company participates in securities lending programs whereby securities, which are included in investments, are loaned to third-parties for the purpose of enhancing income on securities held through reinvestment of cash collateral received upon lending. For securities lending transactions, the Company requires initial collateral, usually in the form of cash, equal to 102% of the fair value of domestic securities loaned. The borrower of the loaned securities is permitted to sell or repledge those securities. At December 31, 2024, the Company recorded cash collateral received under these agreements of $1,000 million, and established a corresponding liability for the same amount, which is included in Amounts payable under security lending agreements in the accompanying Statutory Statements of Financial Position. For securities lending transactions, the carrying value of securities classified as bonds and on loan at December 31, 2024 was $1,010 million with a fair value of $975 million. At December 31, 2023, the carrying value was $688 million, with a fair value of $658 million. The reinvested collateral is reported in bonds, and Cash, cash equivalent and short-term investments in the accompanying Statutory Statements of Financial Position. The total fair value of all reinvested collateral positions was $1,040 million and $707 million at December 31, 2024 and 2023, respectively.

At December 31, 2024, the carrying value and fair value of securities held under agreements to purchase and resell was $460 million, which were classified as tri-party reverse repurchase agreements and included in Cash, cash equivalents, and short-term investments in the accompanying Statutory Statements of Financial Position. The securities had a weighted average maturity of 2 days and a weighted average yield of 4.5%. At December 31, 2023, the carrying value and fair value of securities held under agreements to purchase and resell was $210 million which were classified as tri-party reverse repurchase agreements and included in Cash, cash equivalents, and short-term investments in the accompanying Statutory Statements of Financial Position. The securities had a weighted average maturity of 2 days and a weighted average yield of 5.3%.

The Company participates in dollar repurchase agreements to sell and repurchase securities. The purchaser of the securities is permitted to sell or repledge those securities. The liability for repurchasing the assets is included in Borrowed money in the accompanying Statutory Statements of Financial Position. At December 31, 2024 and 2023, the Company was not a party to any dollar repurchase agreements in the general account. At December 31, 2024 and 2023, the Company was not a party to any dollar repurchase agreements in the separate accounts.

Collateral Received

At December 31, 2024 and 2023, assets received as collateral reflected within the accompanying Statutory Statements of Financial Position, along with a liability to return such collateral, were as follows ($ in millions):

	$		$		$			$
	2024
Cash Collateral Assets	Book/Adjusted Carrying Value		Fair Value		% Total Assets (Admitted and Nonadmitted)			% Total Admitted Assets
Securities lending	$	1,000	$	1,000		0.7	%		0.7	%
Derivatives		1,253		1,253		0.9			0.9

Total	$	2,253	$	2,253		1.5	%		1.6	%


	2023
Cash Collateral Assets	Book/Adjusted Carrying Value		Fair Value		% Total Assets (Admitted and Nonadmitted)			% Total Admitted Assets
Securities lending	$	675	$	675		0.5	%		0.5	%
Derivatives		838		838		0.6			0.6

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

NEW YORK LIFE INSURANCE AND ANNUITY CORPORATION

NOTES TO STATUTORY FINANCIAL STATEMENTS

NOTE 6—INVESTMENTS (continued)

	$		$			$		$
	2024					2023
Recognized Liability to Return Collateral	Amount		% Total Liabilities			Amount		% Total Liabilities
Amounts payable under securities lending agreements	$	1,000		0.7	%	$	675		0.5	%
Other liabilities (derivatives)		1,241		0.9			823		0.6
Separate accounts liabilities (derivatives)		12		—			14		—
Borrowed money (repurchase agreements)		—		—			—		—

Total	$	2,253		1.6	%	$	1,513		1.1	%

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

Composition of Collateral Received

The following tables present the terms and amounts of cash collateral received under security lending transactions and dollar repurchase agreements for the following types of securities loaned at December 31, 2024 and 2023 (in millions):

	$		$		$		$		$		$
	2024
	Remaining Contractual Maturity of the Agreements
	Open		30 days or less		31 to 60 days		61 to 90 days		Greater than 90 days		Total
US. Treasury	$	—	$	—	$	—	$	—	$	—	$	—
U.S. government corporation & agencies		2		—		—		—		—		2
Foreign governments		—		—		—		—		—		—
U.S. corporate		827		—		—		—		—		827
Foreign corporate		171		—		—		—		—		171

Total general account securities lending transactions	$	1,000	$	—	$	—	$	—	$	—	$	1,000

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

Total general account securities lending transactions	$	675	$	—	$	—	$	—	$	—	$	675

At December 31, 2024 and 2023, there were no separate account securities cash collateral received under securities lending agreements.

NEW YORK LIFE INSURANCE AND ANNUITY CORPORATION

NOTES TO STATUTORY FINANCIAL STATEMENTS

NOTE 6—INVESTMENTS (continued)

Reinvestment of Collateral Received

The following tables present the term and aggregate fair value at December 31, 2024 and 2023 from the reinvestment of all collateral received in securities lending and dollar repurchase agreements (in millions):

	$		$		$		$
	2024				2023
Period to Maturity	Amortized Cost		Fair Value		Amortized Cost		Fair Value
Open	$	—	$	—	$	—	$	—
30 days or less		773		773		429		429
31 to 60 days		25		25		37		37
61 to 90 days		84		84		42		42
91 to 120 days		27		27		—		—
121 to 180 days		26		26		6		6
181 to 365 days		35		35		36		36
1 to 2 years		70		71		86		86
2 to 3 years		—		—		70		70
Greater than 3 years		—		—		—		—

Total collateral reinvested	$	1,039	$	1,040	$	706	$	707

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

Reverse Repurchase Agreement Transactions

The following table provides contractual maturity, maximum balance during the year, and ending balance for tri-party reverse repurchase agreements at December 31, 2024 and 2023 (in millions):


	2024				2023
	Maximum Balance		Ending Balance		Maximum Balance		Ending Balance
Open - No Maturity	$	—	$	—	$	—	$	—
Overnight	$	481	$	—	$	—	$	—
2 Days to 1 Week	$	—	$	460	$	221	$	210
> 1 Week to 1 Month	$	—	$	—	$	—	$	—
> 1 Month to 3 Months	$	—	$	—	$	—	$	—
> 3 Months to 1 Year	$	—	$	—	$	—	$	—
> 1 Year	$	—	$	—	$	—	$	—

At December 31, 2024 and 2023, the Company did not have any defaulted reverse repurchase agreements.

NEW YORK LIFE INSURANCE AND ANNUITY CORPORATION

NOTES TO STATUTORY FINANCIAL STATEMENTS

NOTE 6—INVESTMENTS (continued)

The following table presents the fair value of securities acquired under tri-party reverse repurchase agreement transactions, which were all NAIC rating of 1, for all four quarters of 2024 and 2023 (in millions):


	Maximum Balance		Ending Balance
Fourth Quarter 2024	$	476	$	460
Third Quarter 2024	$	481	$	458
Second Quarter 2024	$	477	$	460
First Quarter 2024	$	465	$	465

Fourth Quarter 2023	$	221	$	210
Third Quarter 2023	$	224	$	210
Second Quarter 2023	$	222	$	221
First Quarter 2023	$	221	$	206

The following table presents the securities at fair value pledged as collateral used in tri-party reverse repurchase agreement transactions by remaining contractual maturity for four quarters of 2024 and 2023 (in millions):

	$		$		$		$
	Overnight and Continuous		30 days or Less		31 to 90 Days		> 90 Days
Maximum Amount
Fourth Quarter 2024	$	—	$	—	$	—	$	486
Third Quarter 2024	$	—	$	—	$	—	$	491
Second Quarter 2024	$	—	$	—	$	—	$	486
First Quarter 2024	$	—	$	—	$	—	$	475

Fourth Quarter 2023	$	—	$	—	$	—	$	226
Third Quarter 2023	$	—	$	—	$	—	$	228
Second Quarter 2023	$	—	$	—	$	—	$	226
First Quarter 2023	$	—	$	—	$	—	$	225

Ending Balance
Fourth Quarter 2024	$	—	$	—	$	—	$	469
Third Quarter 2024	$	—	$	—	$	—	$	467
Second Quarter 2024	$	—	$	—	$	—	$	469

First Quarter 2024	$	—	$	—	$	—	$	475
Fourth Quarter 2023	$	—	$	—	$	—	$	215
Third Quarter 2023	$	—	$	—	$	—	$	214
Second Quarter 2023	$	—	$	—	$	—	$	226
First Quarter 2023	$	—	$	—	$	—	$	210

At December 31, 2024, and 2023, the Company had no recognized receivable for return of collateral or a recognized liability to return collateral.

NEW YORK LIFE INSURANCE AND ANNUITY CORPORATION

NOTES TO STATUTORY FINANCIAL STATEMENTS

NOTE 6—INVESTMENTS (continued)

Insurer Self-Certified Securities

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

	$		$		$		$		$		$
General Account	2024						2023
Investments	Number of 5GI Securities		Carrying Value		Estimated Fair Value		Number of 5GI Securities		Carrying Value		Estimated Fair Value
Bonds - amortized cost		1	$	—	$	—		9	$	14	$	13
Loan-backed and structured securities -amortized cost		6		1		2		43		44		47
Preferred stock - amortized cost		—		—		—		—		—		—
Preferred stock - fair value		2		—		—		—		—		—

Total general account		9	$	1	$	2		—	$	58	$	60

Separate account:
Loan-backed and structured securities -amortized cost		—	$	—	$	—		2	$	—	$	1

Total separate account		—	$	—	$	—		2	$	—	$	1

NEW YORK LIFE INSURANCE AND ANNUITY CORPORATION

NOTES TO STATUTORY FINANCIAL STATEMENTS

NOTE 6—INVESTMENTS (continued)

Collateral Loans

The following table presents the aggregate collateral loans by qualifying investment collateral as of December 31, 2024 (in millions):

	$		$		$
Collateral Type	Aggregate Collateral Loan		Admitted		Nonadmitted
Bonds
a. Affiliated	$	—	$	—	$	—
b. Unaffiliated		1		1		—
Other Qualifying Investments
a. Affiliated		—		—		—
b. Unaffiliated⁽¹⁾		10		10		—

Total	$	12	$	12	$	—

⁽¹⁾ Includes a US government guaranteed loan that is guaranteed by the Export-Import Bank (EXIM) of the United States.

Wash Sales

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

The Company did not have any wash sales where securities with an NAIC rating designation of 3 or below, or unrated, were sold during the years ended December 31, 2024, and reacquired within 30 days of the sale date. The details by NAIC designation of 3 or below, or unrated, securities sold during the years ended December 31, 2023, and reacquired within 30 days of the sale date are as follows ($ in millions):

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

				6	$	1	$	1	$	—

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

NEW YORK LIFE INSURANCE AND ANNUITY CORPORATION

NOTES TO STATUTORY FINANCIAL STATEMENTS

NOTE 6—INVESTMENTS (continued)

Admitted Negative IMR

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

	$			$		$		$
	2024
	Total			General Account		Insulated Separate Account		Non- Insulated Separate Account

(1) Net negative (disallowed) IMR	$	544		$	528	$	16	$	—
(2) Negative (disallowed) IMR admitted		544			528		16		—
(3) Calculated adjusted capital and surplus
Prior Period General Account Capital & Surplus		8,282
From Prior Period SAP Financials
Net Positive Goodwill (admitted)		142
EDP Equipment & Operating System Software (admitted)		—
Net DTAs (admitted)		699
Net Negative (disallowed) IMR (admitted)		590

Adjusted Capital & Surplus	$	6,852

(4) Percentage of adjusted capital and surplus
Percentage of Total Net Negative (disallowed) IMR admitted in General Account or recognized in Separate Account to adjusted capital and surplus		7.9	%
(5) Allocated gains/losses to IMR from derivatives

	Gains			Losses
Unamortized Fair Value Derivative Gains & Losses Realized to IMR - Prior Period	$	329		$	397
Fair Value Derivative Gains & Losses Realized to IMR - Added in Current Period	$	65		$	73
Fair Value Derivative Gains & Losses Amortized Over Current Period	$	52		$	50
Unamortized Fair Value Derivative Gains & Losses Realized to IMR - Current Period Total	$	342		$	421

The Company engages in prudent portfolio management that may require sales of its fixed income investments in order to rebalance the portfolio and match the duration of the Company’s insurance liabilities. Proceeds from the sale of fixed income investments made for these purposes are reinvested in similar assets. If sales are executed due to liquidity pressures related to the Company’s insurance contracts (i.e., excess withdrawal activity), any related realized gains and losses are not deferred into the IMR. The Company uses different derivative instruments to manage interest rate risk. Derivatives trading is made in accordance with the Company’s investment management policies and is in accordance with the Company’s derivatives use plan, which is filed with NYSDFS. The Company is allowed to include realized gains and losses arising from the sale of derivatives carried at fair value while held as the Company’s policy has historically been to defer in the IMR realized gains and losses from all of its interest rate hedges where the underlying is subject to the IMR regardless of whether the derivative is reported at fair value or amortized cost.

NEW YORK LIFE INSURANCE AND ANNUITY CORPORATION

NOTES TO STATUTORY FINANCIAL STATEMENTS

NOTE 7—DERIVATIVE INSTRUMENTS AND RISK MANAGEMENT

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

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

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

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

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

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

The Company may be exposed to credit-related losses in the event that an OTC-bilateral counterparty fails to perform its obligations under its contractual terms. In contractual arrangements with OTC-bilateral counterparties that do not include netting provisions, in the event of default, credit exposure is limited to the positive fair value of derivatives at the reporting date. In contractual arrangements with OTC-bilateral counterparties that include netting provisions, in the event of default, credit exposure is limited to the net fair value, if positive, of all derivatives at the reporting date. At December 31, 2024 and 2023, the Company held collateral for derivatives of $942 million and $574 million, respectively, including $105 million and $73 million, respectively, of securities. Fair value of derivatives in a net asset position, net of collateral, was $8 million and $10 million at December 31, 2024 and 2023, respectively.

NEW YORK LIFE INSURANCE AND ANNUITY CORPORATION

NOTES TO STATUTORY FINANCIAL STATEMENTS

NOTE 7—DERIVATIVE INSTRUMENTS AND RISK MANAGEMENT (continued)

Interest Rate Risk Management

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

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

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

Interest rate options are used by the Company to hedge the risk of increasing interest rates on policyholder liabilities. These contracts include Interest Rate Caps and Swaptions. Interest Rate Caps allow the Company to receive payments from counterparties should an agreed upon interest rate level be reached. Interest Rate Swaptions give the Company an option, but not an obligation to take delivery of an interest rate swap at a predetermined fixed rate and tenor or to cash settle for value.

Currency Risk Management

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

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

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

Equity Risk Management

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

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

Replication Transactions

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

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

NEW YORK LIFE INSURANCE AND ANNUITY CORPORATION

NOTES TO STATUTORY FINANCIAL STATEMENTS

NOTE 7—DERIVATIVE INSTRUMENTS AND RISK MANAGEMENT (continued)

The following tables present the notional amount, gross fair value and carrying value of derivative instruments that are qualifying and designated for hedge accounting, by type of hedge designation, and those that are not designated for hedge accounting at December 31, 2024 and 2023 (in millions):

	$		$		$		$		$		$
	2024
	Primary Risk Exposure		Notional Amount⁽¹⁾		Fair Value⁽²⁾				Carrying Value⁽³⁾
Derivative Type	Primary Risk Exposure		Notional Amount⁽¹⁾		Asset		Liability		Asset		Liability
Derivatives qualifying and designated:
Cash flow hedges:
Foreign currency swaps		Currency	$	242	$	21	$	1	$	26	$	1
Interest rate swaps		Interest		262		1		—		—		—

Subtotal cash flow hedges				503		22		1		26		1
Fair value hedges:
Foreign currency swaps		Currency		4,920		511		29		424		12
Replications:
Bond forwards		Interest		—		—		—		—		—
Credit default swaps		Interest		275		5		—		1		—

Subtotal replications				275		5		—		1		—

Total derivatives qualifying and designated				5,698		538		30		451		13

Derivatives not designated:
Foreign currency forwards		Currency		342		15		—		15		—
Foreign currency swaps		Currency		542		80		4		80		4
Futures		Interest		16		—		—		—		—
Equity options		Equity		23,479		336		—		336		—
Interest rate options		Interest		4,915		13		—		13		—
Interest rate swaps		Interest		10,883		624		228		624		228
Bond forwards		Interest		225		—		27		—		27

Total derivatives not designated				40,401		1,068		259		1,068		259

Total derivatives			$	46,100	$	1,606	$	289	$	1,519	$	271

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

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

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

NEW YORK LIFE INSURANCE AND ANNUITY CORPORATION

NOTES TO STATUTORY FINANCIAL STATEMENTS

NOTE 7—DERIVATIVE INSTRUMENTS AND RISK MANAGEMENT (continued)

	$		$		$		$		$		$
	2023
	Primary Risk Exposure		Notional Amount⁽¹⁾		Fair Value⁽²⁾				Carrying Value⁽³⁾
Derivative Type	Primary Risk Exposure		Notional Amount⁽¹⁾		Asset		Liability		Asset		Liability
Derivatives qualifying and designated:
Cash flow hedges:
Foreign currency swaps		Currency	$	265	$	15	$	3	$	16	$	2
Interest rate swaps		Interest		12		1		—		—		—

Subtotal cash flow hedges				276		15		3		16		2
Fair value hedges:
Foreign currency swaps		Currency		1,025		36		36		32		26
Bond forwards		Interest		250		—		82		—		—
Interest rate swaps		Interest
Credit default swaps		Interest		275		5		—		2		—

Subtotal replications				525		5		82		2		—

Total derivatives qualifying and designated				1,826		56		122		49		28

Derivatives not designated:
Foreign currency forwards		Currency		238		2		3		2		3
Foreign currency swaps		Currency		3,828		410		28		410		28
Futures		Interest		459		1		—		1		—
Equity options		Equity		14,281		222		—		222		—
Interest rate swaps		Interest		8,633		492		162		492		162
Bond forwards		Interest		225		—		11		—		11
Total return swaps		Equity		—		—		—		—		—

Total derivatives not designated				32,237		1,147		205		1,147		205

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

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

Derivatives Qualifying and Designated

Cash Flow Hedges

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

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

NEW YORK LIFE INSURANCE AND ANNUITY CORPORATION

NOTES TO STATUTORY FINANCIAL STATEMENTS

NOTE 7—DERIVATIVE INSTRUMENTS AND RISK MANAGEMENT (continued)

The following table presents the effects of derivatives in cash flow hedging relationships for the years ended December 31, 2024, 2023 and 2022 (in millions):

	$		$			$		$		$		$		$			$		$
	Surplus⁽¹⁾							Net Realized Capital Gains (Losses)						Net Investment Income
Derivative Type	2024		2023			2022		2024		2023		2022		2024			2023		2022
Foreign currency swaps	$	12	$	(12	)	$	20	$	1	$	2	$	1	$	3		$	3	$	3
Interest rate swaps		—		—			—		—		—		—		(3	)		—		—

Total	$	12	$	(12	)	$	20	$	1	$	2	$	1	$	—		$	3	$	3

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

Fair Value Hedges

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

The Company excludes the cross-currency basis spread in its foreign currency swaps from the assessment of effectiveness as allowed under SSAP No. 86. The fair value of the cross-currency basis spread on the Company’s foreign currency swaps, which was excluded from the assessment of effectiveness at December 31, 2024 was $72 million.

	$		$			$		$			$		$		$		$		$
	Gain or (Loss) Recognized in Surplus⁽¹⁾							Gain or (Loss) Recognized in Net Realized Capital Gains (Losses)							Gain or (Loss) Recognized in Net Investment Income
Derivative Type	2024		2023			2022		2024			2023		2022		2024		2023		2022
Foreign currency swaps	$	102	$	(37	)	$	—	$	(10	)	$	1	$	—	$	63	$	7	$	—

Total	$	102	$	(37	)	$	—	$	(10	)	$	1	$	—	$	63	$	7	$	—

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

Derivatives Replications

The following table presents the effects of derivatives in replication relationships for the years ended December 31, 2024, 2023 and 2022 (in millions):

	$		$		$		$			$			$			$		$		$
	Gain or (Loss) Recognized in Surplus⁽¹⁾						Gain or (Loss) Recognized in Net Realized Capital Gains (Losses)									Gain or (Loss) Recognized in Net Investment Income
Derivative Type	2024		2023		2022		2024			2023			2022			2024		2023		2022
Bond forwards	$	—	$	—	$	—	$	(117	)	$	(227	)	$	(29	)	$	1	$	7	$	12
Credit default swaps		—		—		—		—			—			—			2		—		1

Total	$	—	$	—	$	—	$	(117	)	$	(227	)	$	(29	)	$	4	$	7	$	13

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

NEW YORK LIFE INSURANCE AND ANNUITY CORPORATION

NOTES TO STATUTORY FINANCIAL STATEMENTS

NOTE 7—DERIVATIVE INSTRUMENTS AND RISK MANAGEMENT (continued)

Derivatives Not Designated

The following table summarizes the surplus and net income impact on derivative instruments not designated for the years ended December 31, 2024, 2023 and 2022 (in millions):

	$			$			$			$			$			$			$		$			$
	Surplus⁽¹⁾									Net Realized Capital Gains (Losses)									Net Investment Income
Derivative Type	2024			2023			2022			2024			2023			2022			2024		2023			2022
Equity options	$	8		$	61		$	(14	)	$	101		$	23		$	(8	)	$	—	$	—		$	—
Foreign currency forwards		15			6			(13	)		4			(12	)		39			—		—			—
Foreign currency swaps		(2	)		(293	)		420			16			42			(12	)		7		52			61
Futures		7			(8	)		—			10			(11	)		(5	)		—		—			—
Interest rate options		(5	)		(54	)		40			(27	)		(10	)		1			2		1			(3	)
Interest rate swaps		68			152			(59	)		2			6			—			58		(102	)		(3	)
Bond forwards		(16	)		(11	)		—			—			—			—			—		—			—
Total return swap		—			—			—			—			—			—			—		—			—

Total	$	76		$	(146	)	$	374		$	105		$	37		$	15		$	66	$	(48	)	$	55

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

NOTE 8—SEPARATE ACCOUNTS

Separate Accounts Activity

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

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

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

NEW YORK LIFE INSURANCE AND ANNUITY CORPORATION

NOTES TO STATUTORY FINANCIAL STATEMENTS

NOTE 8—SEPARATE ACCOUNTS (continued)

The assets legally and not legally insulated from the general account at December 31, 2024 and 2023 are attributed to the following products or transactions (in millions):

	$		$		$		$
	2024				2023
Product/Transaction	Legally Insulated Assets		Separate Accounts Assets (Not Legally Insulated)⁽¹⁾		Legally Insulated Assets		Separate Accounts Assets (Not Legally Insulated)⁽²⁾
VA products non-guaranteed	$	39,072	$	33	$	35,691	$	37
VUL insurance products non-guaranteed		14,924		8		13,116		—
UL insurance products guaranteed		5,922		167		6,313		39
VUL insurance products guaranteed		207		26		189		20

Total	$	60,125	$	234	$	55,309	$	96

⁽¹⁾ Separate accounts assets classified as not legally insulated support $190 million of remittances and items not allocated and other transfers to the general account due or accrued (net), $19 million of surplus, $13 million of derivatives, $10 million of other liabilities, and $2 million of payable for securities.

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

Guaranteed Separate Accounts

The Company maintains five guaranteed separate accounts for UL insurance policies and one guaranteed separate account for a private placement VUL policy, with assets of $6,321 million and $6,562 million at December 31, 2024 and 2023, respectively. These accounts provide a guarantee of principal and interest with a market value adjustment imposed upon certain surrenders. A transfer adjustment charge is imposed upon certain transfers. Interest rates on these contracts may be adjusted periodically. The assets of these separate accounts are stated at amortized cost up to the value of policyholder reserves and at fair value thereafter. Certain derivatives not qualifying for hedge accounting are stated at fair value.

Non-Guaranteed Separate Accounts

The Company maintains non-guaranteed separate accounts for its VA and VUL products, some of which are registered with the SEC. Assets in non-guaranteed separate accounts were $54,037 million and $48,844 million at December 31, 2024 and 2023, respectively. The assets of these separate accounts represent investments in shares of New York Life Investments Funds Trust and other non-proprietary insurance-dedicated funds.

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

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

	$
Year	Amount
2024	$	62
2023	$	65
2022	$	67
2021	$	62
2020	$	57

NEW YORK LIFE INSURANCE AND ANNUITY CORPORATION

NOTES TO STATUTORY FINANCIAL STATEMENTS

NOTE 8—SEPARATE ACCOUNTS (continued)

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

	$
Year	Amount
2024	$	3
2023	$	12
2022	$	12
2021	$	4
2020	$	5

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

Information regarding the separate accounts of the Company at and for the years ended December 31, 2024 and 2023 is as follows (in millions):

	$		$		$		$
	2024
	Non-Indexed Guarantee Less than / Equal to 4%		Non-Indexed Guarantee More than 4%		Non- Guaranteed Separate Accounts		Total
Premiums, considerations or deposits	$	14	$	—	$	3,472	$	3,486

Reserves at 12/31:
For accounts with assets at:
Fair value	$	—	$	—	$	52,743	$	52,743
Amortized cost		5,398		731		—		6,129

Total reserves	$	5,398	$	731	$	52,743	$	58,872

By withdrawal characteristics:
With fair value adjustment	$	5,398	$	731	$	—	$	6,129
At fair value		—		—		52,743		52,743

Total reserves	$	5,398	$	731	$	52,743	$	58,872

	$		$		$		$
	2023
	Non-Indexed Guarantee Less than / Equal to 4%		Non-Indexed Guarantee More than 4%		Non- Guaranteed Separate Accounts		Total
Premiums, considerations or deposits	$	—	$	—	$	3,046	$	3,046

Reserves at 12/31:
For accounts with assets at:
Fair value	$	—	$	—	$	47,728	$	47,728
Amortized cost		5,792		710		—		6,502

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

By withdrawal characteristics:
With fair value adjustment	$	5,792	$	710	$	—	$	6,502
At fair value		—		—		47,728		47,728

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

NEW YORK LIFE INSURANCE AND ANNUITY CORPORATION

NOTES TO STATUTORY FINANCIAL STATEMENTS

NOTE 8—SEPARATE ACCOUNTS (continued)

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

	$			$			$
	2024			2023			2022
Transfers to separate accounts	$	3,486		$	3,046		$	2,540
Transfers from separate accounts		(5,100	)		(3,694	)		(2,096	)

Net transfers (from)/to separate accounts	$	(1,614	)	$	(648	)	$	444

Reconciling Adjustment:
Change in reserve valuation basis⁽¹⁾	$	—		$	—		$	—

Net transfers (from)/to separate accounts	$	(1,614	)	$	(648	)	$	444

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

NOTE 9—FAIR VALUE MEASUREMENTS

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

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


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

Level 2		Observable inputs other than level 1 prices, such as quoted prices in active markets for similar assets or liabilities; quoted prices in markets that are not active for identical or similar assets or liabilities, or other model driven inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. Valuations are generally obtained from third-party pricing services for identical or comparable assets or liabilities or through the use of valuation methodologies using observable market inputs.

Level 3		Instruments whose values are based on prices or valuation techniques that require inputs that are both unobservable and significant to the overall fair value measurement. These inputs reflect management’s own assumptions in pricing the asset or liability. Pricing may also be based upon broker quotes that do not represent an offer to transact. Prices are determined using valuation methodologies such as option pricing models, discounted cash flow models and other similar techniques. Non-binding broker quotes, which are utilized when pricing service information is not available, are reviewed for reasonableness based on the Company’s understanding of the market, and are generally considered Level 3. To the extent the internally developed valuations use significant unobservable inputs, they are classified as Level 3.

NEW YORK LIFE INSURANCE AND ANNUITY CORPORATION

NOTES TO STATUTORY FINANCIAL STATEMENTS

NOTE 9—FAIR VALUE MEASUREMENTS (continued)

Determination of Fair Value

The Company has an established and well-documented process for determining fair value. Security pricing is applied using a hierarchy approach whereby publicly available prices are first sought from nationally recognized third-party pricing services. For most private placement securities, the Company applies a matrix-based pricing methodology, which uses spreads derived from third-party benchmark bond indices. For private placement securities that cannot be priced through these processes, the Company uses internal models and calculations. All other securities are submitted to independent brokers for prices. The Company performs various analyses to ascertain that the prices represent fair value. Examples of procedures performed include, but are not limited to, back testing recent trades, monitoring trading volumes, and performing variance analysis of monthly price changes using different thresholds based on asset type. The Company also performs an annual review of all third-party pricing services. During this review, the Company obtains an understanding of the process and sources used by the pricing service to ensure that they maximize the use of observable inputs, the pricing service’s frequency of updating prices, and the controls that the pricing service uses to ensure that their prices reflect market assumptions. The Company also selects a sample of securities and obtains a more detailed understanding from each pricing service regarding how they derived the price assigned to each security. Where inputs or prices do not reflect market participant assumptions, the Company will challenge these prices and apply different methodologies that will enhance the use of observable inputs and data. The Company may use non-binding broker quotes or internal valuations to support the fair value of securities that go through this formal price challenge process. At December 31, 2024 and 2023, the Company did not have any price challenges on general account and separate account securities for what it received from third party pricing services.

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

NEW YORK LIFE INSURANCE AND ANNUITY CORPORATION

NOTES TO STATUTORY FINANCIAL STATEMENTS

NOTE 9—FAIR VALUE MEASUREMENTS (continued)

The following tables present the estimated fair value and carrying value of the Company’s financial instruments at December 31, 2024 and 2023 (in millions):

	$		$		$		$		$		$
	2024
	Fair Value		Carrying Value		Level 1		Level 2		Level 3		NAV as a Practical Expedient
Assets:
Bonds	$	94,516	$	102,133	$	562	$	89,173	$	4,780	$	—
Preferred stocks		43		43		—		15		28		—
Common stocks⁽¹⁾		732		732		707		—		25		—
Mortgage loans		16,595		17,450		—		—		16,595		—
Cash, cash equivalents and short-term investments		3,363		3,363		141		3,222		—		—
Derivatives		1,606		1,519		—		1,606		—		—
Derivatives collateral		101		101		—		101		—		—
Other invested assets⁽¹⁾		606		576		—		142		464		—
Investment income due and accrued		1,031		1,031		—		1,031		—		—
Separate accounts assets		59,746		60,342		51,777		4,506		1,133		2,329

Total assets	$	178,339	$	187,290	$	53,187	$	99,796	$	23,026	$	2,329

Liabilities:
Deposit fund contracts:
Annuities certain	$	1,582	$	1,625	$	—	$	—	$	1,582	$	—
Derivatives		289		271		—		289		—		—
Derivatives collateral		1,241		1,241		—		1,241		—		—
Amounts payable under securities lending agreements		1,004		1,004		—		1,004		—		—
Payable to parent and affiliates		170		170		—		170		—		—
Separate accounts liabilities		16		13		—		16		—		—

Total liabilities	$	4,301	$	4,324	$	—	$	2,719	$	1,582	$	—

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

NEW YORK LIFE INSURANCE AND ANNUITY CORPORATION

NOTES TO STATUTORY FINANCIAL STATEMENTS

NOTE 9—FAIR VALUE MEASUREMENTS (continued)

	$		$		$		$		$		$
	2023
	Fair Value		Carrying Value		Level 1		Level 2		Level 3		NAV as a Practical Expedient
Assets:
Bonds	$	95,041	$	102,056	$	755	$	89,789	$	4,497	$	—
Preferred stocks		44		44		—		16		28		—
Common stocks⁽¹⁾		615		615		590		—		25		—
Mortgage loans		14,534		15,484		—		—		14,534		—
Cash, cash equivalents and short-term investments		1,696		1,696		217		1,479		—		—
Derivatives		1,203		1,196		—		1,203		—		—
Derivatives collateral		137		137		—		137		—		—
Other invested assets⁽¹⁾		598		593		—		126		472		—
Investment income due and accrued		1,005		1,005		—		1,005		—		—
Separate accounts assets		54,822		55,405		47,291		5,012		934		1,585

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

Liabilities:
Deposit fund contracts:
Annuities certain	$	1,219	$	1,257	$	—	$	—	$	1,219	$	—
Derivatives		327		233		—		327		—		—
Derivatives collateral		823		823		—		823		—		—
Amounts payable under securities lending agreements		678		678		—		678		—		—
Payable to parent and affiliates		131		131		—		131		—		—
Separate accounts liabilities		22		18		—		18		4		—

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

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

Bonds

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

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

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

NEW YORK LIFE INSURANCE AND ANNUITY CORPORATION

NOTES TO STATUTORY FINANCIAL STATEMENTS

NOTE 9—FAIR VALUE MEASUREMENTS (continued)

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

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

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

Included in bonds are affiliated bonds from MCF and NYL Investments. The affiliated bond from MCF had a carrying value of $2,269 million and a fair value of $2,289 million at December 31, 2024, and a carrying value of $2,117 million and a fair value of $2,106 million at December 31, 2023. The fair value of this security is calculated internally and may include inputs that may not be observable. Therefore, this security is classified as Level 3. Also included in bonds is an affiliated bond from NYL Investments which had a carrying value of $762 million and fair value of $756 million at December 31, 2024, and a carrying value of $762 million and a fair value of $740 million at December 31, 2023. The fair value of this security is calculated internally using observable inputs and is therefore classified as Level 2.

Preferred Stocks

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

Common Stocks

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

Mortgage Loans

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

NEW YORK LIFE INSURANCE AND ANNUITY CORPORATION

NOTES TO STATUTORY FINANCIAL STATEMENTS

NOTE 9—FAIR VALUE MEASUREMENTS (continued)

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

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

Derivatives (including Separate Accounts Liabilities – Derivatives)

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

Derivatives Collateral (including Separate Accounts Liabilities – Collateral)

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

Other Invested Assets

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

Separate Accounts Assets (including Collateral)

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

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

NEW YORK LIFE INSURANCE AND ANNUITY CORPORATION

NOTES TO STATUTORY FINANCIAL STATEMENTS

NOTE 9—FAIR VALUE MEASUREMENTS (continued)

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

2024

Category of

Investment

Strategy

NAV

Unfunded
Commitments

Redemption Frequency

Redemption Notice Period

Hedge Fund

Multi-Strategy

2,025

—

Monthly, Quarterly, Semi Annually and Annually

180 days or less

Hedge Fund

Fixed Income Arbitrage

—

Quarterly

100 days or less

Hedge Fund

Sector Investing

—

Monthly

30 days

Hedge Fund

Long/Short Equity

—

Monthly

30 days

Private Equity

Venture Capital

233

—

Quarterly

95 days

2,329

—

2023

Category of

Investment

Strategy

NAV

Unfunded
Commitments

Redemption Frequency

Redemption Notice Period

Hedge Fund

Multi-Strategy

1,474

—

Monthly, Quarterly, Semi Annually and Annually

180 days or less

Hedge Fund

Fixed Income Arbitrage

—

Quarterly

100 days or less

Hedge Fund

Sector Investing

—

Monthly

30 days

Hedge Fund

Long/Short Equity

—

Monthly

30 days

Private Equity

Venture Capital

—

Quarterly

95 days

Mutual Fund

Multi Strategy, Global Allocation

—

Quarterly, Weekly

5 days - 45 days (Assets subject to lock up periods)

1,585

—

Annuities Certain

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

NEW YORK LIFE INSURANCE AND ANNUITY CORPORATION

NOTES TO STATUTORY FINANCIAL STATEMENTS

NOTE 9—FAIR VALUE MEASUREMENTS (continued)

The following tables present the balances of assets and liabilities measured at fair value at December 31, 2024 and 2023 (in millions):

	$		$		$		$		$
	2024
	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		NAV as a Practical Expedient		Total
Assets at fair value
Bonds
SVO-identified bond ETF	$	562	$	—	$	—	$	—	$	562
U.S. corporate		—		10		—		—		10
Foreign corporate		—		3		—		—		3
Non-agency RMBS		—		—		—		—		—
Non-agency CMBS		—		23		—		—		23
Non-agency ABS		—		—		—		—		—

Total bonds		562		36		—		—		599
Preferred stocks		—		15		28		—		43
Common stocks		707		—		25		—		732
Derivatives		—		1,068		—		—		1,068
Separate accounts assets		51,708		8		—		2,329		54,045
Other invested assets		—		—		73		—		73

Total assets at fair value	$	52,978	$	1,127	$	127	$	2,329	$	56,561

Liabilities at fair value
Derivatives	$	—	$	259	$	—	$	—	$	259
Separate accounts liabilities - derivatives⁽¹⁾		—		1		—		—		1

Total liabilities at fair value	$	—	$	260	$	—	$	—	$	260

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

NEW YORK LIFE INSURANCE AND ANNUITY CORPORATION

NOTES TO STATUTORY FINANCIAL STATEMENTS

NOTE 9—FAIR VALUE MEASUREMENTS (continued)

	$		$		$		$		$
	2023
	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		NAV as a Practical Expedient		Total
Assets at fair value
Bonds
SVO-identified bond ETF	$	755	$	—	$	—	$	—	$	755
Non-agency CMBS		—		13		—		—		13
Non-agency ABS		—		—		—		—		—

Total bonds		755		13		—		—		768
Preferred stocks		—		15		28		—		43
Common stocks		590		—		25		—		615
Derivatives		1		1,146		—		—		1,147
Separate accounts assets		47,260		9		—		1,585		48,854
Other invested assets		—		—		158		—		158

Total assets at fair value	$	48,606	$	1,183	$	211	$	1,585	$	51,585

Liabilities at fair value
Derivatives	$	—	$	205	$	—	$	—	$	205
Separate accounts liabilities - derivatives⁽¹⁾		—		2		—		—		2

Total liabilities at fair value	$	—	$	207	$	—	$	—	$	207

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

The tables below present a rollforward of Level 3 assets and liabilities for the years ended December 31, 2024 and 2023 (in millions):

	$		$		$			$			$		$		$		$			$		$
2024
	Balance at 1/1		Transfers into Level 3		Transfers out of Level 3			Total Gains (Losses) Included in Net Income			Total Gains (Losses) Included in Surplus		Purchases		Issuances		Sales			Settlements		Balance at 12/31
Bonds:
U.S. corporate	$	—	$	—	$	—		$	—		$	—	$	—	$	—	$	—		$	—	$	—
Non-agency ABS		—		1		—			—			—		—		—		—			—		—

Total bonds		—		1		—			—			—		—		—		—			—		—
Preferred Stocks		28		—		—			—			—		—		—		—			—		28
Common stocks		25		—		—			—			—		—		—		—			—		25
Derivatives		—		—		—			—			—		—		—		—			—		—
Separate accounts assets		—		—		—			—			—		—		—		—			—		—
Other invested assets		158		9		(9	)		(16	)		10		13		—		(92	)		—		73

Total	$	211	$	9	$	(9	)	$	(16	)	$	10	$	13	$	—	$	(92	)	$	—	$	127

NEW YORK LIFE INSURANCE AND ANNUITY CORPORATION

NOTES TO STATUTORY FINANCIAL STATEMENTS

NOTE 9—FAIR VALUE MEASUREMENTS (continued)

	$		$		$			$			$			$		$		$			$		$
2023
	Balance at 1/1		Transfers into Level 3		Transfers out of Level 3			Total Gains (Losses) Included in Net Income			Total Gains (Losses) Included in Surplus			Purchases		Issuances		Sales			Settlements		Balance at 12/31
Bonds:
U.S. corporate	$	—	$	—	$	—		$	—		$	—		$	—	$	—	$	—		$	—	$	—
Non-agency ABS		6		—		(6	)		—			—			—		—		—			—		—

Total bonds		6		—		(6	)		—			—			—		—		—			—		—
Preferred stocks		34		—		—			(1	)		(5	)		—		—		—			—		28
Common stocks		116		—		—			67			(79	)		—		—		(79	)		—		25
Derivatives		4		—		(4	)		—			—			—		—		—			—		—
Separate accounts assets		17		—		(3	)		11			(13	)		—		—		(12	)		—		—
Other invested assets		87		38		—			(30	)		(6	)		78		—		(9	)		—		158

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

Transfers Between Levels

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

Transfers into and out of Level 3

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

Transfers into Level 3 totaled $9 million for the year ended December 31, 2024 which primarily relates to residual tranches of securitizations that were measured at amortized cost at the beginning of the period and measured at fair value at the end of the period; $1 million of non-agency asset backed securities that were measured at amortized cost at the beginning of the period and measured at fair value at the end of the period Transfers out of Level 3 totaled $9 million for the year ended December 31, 2024, which primarily relates to residual tranches of securitizations measured at fair value at the beginning of the period and measured at amortized cost at the end of the period;.

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

There were no liabilities measured at fair value at December 31, 2024 and 2023.

NEW YORK LIFE INSURANCE AND ANNUITY CORPORATION

NOTES TO STATUTORY FINANCIAL STATEMENTS

NOTE 10—INVESTMENT INCOME AND CAPITAL GAINS AND LOSSES

The components of net investment income for the years ended December 31, 2024, 2023, and 2022 were as follows (in millions):

	$			$			$
	2024			2023			2022
Bonds	$	4,476		$	4,091		$	3,361
Common and preferred stocks		16			33			23
Mortgage loans		809			757			638
Policy loans		56			53			53
Other invested assets¹		170			419			221
Short-term investments		150			156			55
Derivative instruments		133			(30	)		71

Gross investment income		5,809			5,479			4,422
Investment expenses		(307	)		(266	)		(192	)

Net investment income		5,502			5,213			4,230
Net gain from separate accounts		46			60			46
Amortization of IMR		(28	)		3			28

Net investment income, including net gain from separate accounts and amortization of IMR	$	5,520		$	5,276		$	4,304

⁽¹⁾ Includes real estate net investment income of $17 million, $17 million, and $22 million for the years ended December 31, 2024, 2023, and 2022, respectively. Includes dividend received from MCF of $98 million, $345 million, and $176 million for the years ended December 31, 2024, 2023, and 2022, respectively. Refer to Note 11 – Related Party Transactions.

Due and accrued investment income is excluded from surplus when amounts are over 90 days past due or collection is uncertain. At December 31, 2024 and 2023, the Company reported admitted due and accrued investment income of $1,031 million and $1,005 million, respectively. At December 31, 2024 the company had $2 million of nonadmitted due and accrued investment income on bonds. At December 31, 2023 the Company did not have any nonadmitted due and accrued investment income on bonds. For certain fixed income instruments, the contractual agreement allows the issuer/borrower to defer interest (Paid-in-Kind interest). When interest is deferred, it is capitalized into principal. At December 31, 2024, the Company had paid-in-kind interest of $454 million, which has been included in the principal amount of the Company’s bonds of $412 million and mortgage loans of $42 million.

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

	$		$		$		$		$		$
	2024				2023				2022
	General Account⁽¹⁾		Separate Account		General Account⁽¹⁾		Separate Account		General Account⁽¹⁾		Separate Account
Number of cusips		88		30		30		11		146		77
Investment income	$	5	$	—	$	4	$	1	$	39	$	3

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

NEW YORK LIFE INSURANCE AND ANNUITY CORPORATION

NOTES TO STATUTORY FINANCIAL STATEMENTS

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

For the years ended December 31, 2024, 2023, and 2022, net realized capital gains (losses) were as follows (in millions):

	$			$			$
	2024			2023			2022
Bonds	$	(221	)	$	(167	)	$	(110	)
Mortgage loans		(161	)		(3	)		(12	)
Common and preferred stocks		75			305			45
Other invested assets		(26	)		(61	)		18
Derivatives		(21	)		(186	)		(12	)

Net realized capital losses before tax and transfers to the IMR		(354	)		(112	)		(71	)
Less:
Capital gains tax (benefit)/expense		(54	)		(41	)		16
Net realized capital losses after tax transferred to IMR		(229	)		(259	)		(50	)

Net realized capital gains/(losses) after tax and transfers to the IMR	$	(71	)	$	188		$	(37	)

Proceeds from investments in bonds sold were $6,477 million, $3,342 million, and $3,940 million for the years ended December 31, 2024, 2023, and 2022, respectively. Gross gains of $52 million, $19 million, and $42 million in 2024, 2023 and 2022, respectively, and gross losses of $210 million, $130 million, and $78 million in 2024, 2023, and 2022, respectively, were realized on these sales. The Company computes gains and losses on sales under the specific identification method.

The following table provides a summary of OTTI losses included as realized capital losses for the years ended December 31, 2024, 2023 and 2022 (in millions):

	$		$		$
	2024		2023		2022
Bonds	$	43	$	22	$	72
Common and preferred stocks		4		33		14
Other invested assets		46		59		27
Mortgage Loans		161		3		12

Total	$	254	$	117	$	125

The Company restructured $60 million and $1 million debt securities and mortgage loans for the years ended December 31, 2024 and 2023, respectively with an associated $32 million and $225 thousand of OTTI.

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

NEW YORK LIFE INSURANCE AND ANNUITY CORPORATION

NOTES TO STATUTORY FINANCIAL STATEMENTS

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

The following tables present the Company’s gross unrealized losses and fair values for bonds and equity securities aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position, at December 31, 2024 and 2023 (in millions):

	$		$		$		$		$		$
	2024
	Less than 12 Months				12 Months or Greater				Total
	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses⁽¹⁾
Bonds
U.S. governments	$	806	$	95	$	2,772	$	1,318	$	3,578	$	1,412
All other governments		121		7		82		12		204		19
U.S. Special Revenue and Special Assessment		1,896		267		5,373		862		7,269		1,129
Industrial and miscellaneous unaffiliated		19,239		1,442		36,473		4,136		55,712		5,578
Parent, subsidiaries, and affiliates⁽²⁾		14		—		156		6		170		6
Hybrid Securities		13		—		190		9		203		9
SVO identified Funds		—		—		5		—		5		—

Total bonds		22,089		1,811		45,052		6,343		67,141		8,154

Equity securities (unaffiliated)
Common stocks		587		8		1		—		588		8
Preferred stocks		—		—		—		—		—		—

Total equity securities		587		8		1		—		588		8

Total	$	22,676	$	1,819	$	45,053	$	6,343	$	67,729	$	8,162

⁽¹⁾ Includes unrealized losses related to NAIC 6 bonds of $28 million and less than a million of Bond ETF MTM losses included in the statutory carrying amount.

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

NEW YORK LIFE INSURANCE AND ANNUITY CORPORATION

NOTES TO STATUTORY FINANCIAL STATEMENTS

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

	$		$		$		$		$		$
	2023
	Less than 12 Months				12 Months or Greater				Total
	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses⁽¹⁾
Bonds
U.S. governments	$	636	$	113	$	3,222	$	1,124	$	3,858	$	1,237
All other governments		22		1		142		16		164		17
U.S. Special Revenue and Special Assessment		881		68		7,013		943		7,894		1,011
Industrial and miscellaneous unaffiliated		6,502		421		51,195		4,966		57,697		5,388
Parent, subsidiaries, and affiliates⁽²⁾		139		1		2,839		33		2,978		34
Hybrid Securities		55		9		154		23		209		31
SVO identified Funds		—		—		212		18		212		18

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

Equity securities (unaffiliated)
Common stocks		67		8		1		—		68		8
Preferred stocks		—		—		—		—		—		—

Total equity securities		67		8		1		—		68		8

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

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

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

At December 31, 2024, the gross unrealized loss on bonds and equity securities was comprised of approximately 10,145 and 320 different securities, respectively, which are included in the table above. Of the total amount of bond unrealized losses, $7,873 million or 97% is related to unrealized losses on investment grade securities and $282 million or 4% is related to below investment grade securities. At December 31, 2023, the gross unrealized loss on bonds and equity securities was comprised of approximately 10,211 and 371 different securities, respectively, which are included in the table above. Of the total amount of bond unrealized losses, $7,443 million, or 96%, is related to unrealized losses on investment grade securities and $293 million, or 4%, is related to below investment grade securities. Investment grade is defined as a security having a credit rating from the NAIC of 1 or 2; a rating of Aaa, Aa, A or Baa from Moody’s or a rating of AAA, AA, A or BBB from Standard & Poor’s (“S&P”); or a comparable internal rating if an externally provided rating is not available.

The amount of gross unrealized losses for bonds where fair value had declined by 20% or more of the amortized cost, totaled $4,085 million. The period of time that each of these securities has continuously been below amortized cost by 20% or more consists of $1,181 million for six months or less, $104 million for greater than six months through 12 months, and $2,800 million for greater than 12 months. In accordance with the Company’s impairment policy, the Company performed quantitative and qualitative analysis to determine if the decline was temporary. For those securities where the decline was considered temporary, the Company did not recognize an impairment when it had the ability and intent to hold until recovery.

NEW YORK LIFE INSURANCE AND ANNUITY CORPORATION

NOTES TO STATUTORY FINANCIAL STATEMENTS

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

The change in unrealized capital gains (losses) for the years ended December 31, 2024, 2023 and 2022 were as follows (in millions):

	$			$			$			$			$		$			$			$			$
	Change in Unrealized Gains (Losses)									Change in Unrealized Foreign Exchange Gains (Losses)								Total Change in Unrealized Gains (Losses)
	2024			2023			2022			2024			2023		2022			2024			2023			2022
Bonds	$	(12	)	$	27		$	(42	)	$	(210	)	$	236	$	(351	)	$	(222	)	$	263		$	(393	)
Preferred Stocks		—			(3	)		(2	)		—			—		—			—			(3	)		(2	)
Common stocks unaffiliated		—			(182	)		(210	)		(9	)		11		(7	)		(9	)		(172	)		(217	)
Mortgage loans		58			(72	)		4			—			—		—			58			(72	)		4
Other invested assets		139			(144	)		28			8			2		(18	)		148			(142	)		10
Cash, cash equivalents and short-term investments		—			—			—			(1	)		2		2			(1	)		2			2
Derivatives		190			(195	)		393			—			—		—			190			(195	)		393

Total change in unrealized on investments		375			(569	)		171			(212	)		251		(374	)		163			(319	)		(203	)

Capital gains tax (benefit) expense		6			(50	)		(49	)		—			—		—			6			(50	)		(49	)

Total change in unrealized gains (losses), net of tax	$	369		$	(519	)	$	220		$	(212	)	$	251	$	(374	)	$	157		$	(268	)	$	(154	)

NEW YORK LIFE INSURANCE AND ANNUITY CORPORATION

NOTES TO STATUTORY FINANCIAL STATEMENTS

NOTE 11—RELATED PARTY TRANSACTIONS

Capital Contributions

For the years ended December 31, 2024, 2023, and 2022, the Company made no capital contribution to MCF.

Dividend Distributions

For the years ended December 31, 2024, 2023 and 2022, the Company received dividend distributions from MCF of $98 million, $345 million and $176 million, respectively. For information on dividend payments made to New York Life, refer to Note 18 - Dividends to Stockholder.

Material Transactions

The following table presents material related party transactions between the Company, its parent, and its affiliates, for the years ended December 31, 2024 and 2023:


Date of Transaction	Name of Related Party	Nature of Relationship	Type of Transaction	Description
Loans and Credit Agreements:
12/31/2015 (last amended as of 12/31/2022)	MCF	Non-insurance affiliate	Note funding agreement	The Company and New York Life entered into a note funding agreement with MCF (as amended from time to time, the “MCF Note Agreement”) and acquired a variable funding note issued by MCF thereunder (the “Note”). The Note was most recently reissued on December 31, 2022 due to the Company’s transfer of a portion of its interest to Life Insurance Company of North America (“LINA”), a direct wholly owned subsidiary of New York Life. The Note is reported as a bond, with an outstanding balance, including accrued interest, for the Company of $2,312 million and $2,162 million at December 31, 2024 and 2023, respectively. The funding limit is determined using 2.25% multiplied by the cash and invested assets amount, as of such date of determination. Cash and invested assets amount means, as of any date of determination, the sum of (x) the net admitted cash and invested assets of the Company and LINA (y) the net admitted cash and invested assets of New York Life (excluding any portion thereof attributable to New York Life’s investment in the Company) and LINA, in each case, based on the most recently available quarterly or annual financial statements of New York Life, LINA or the Company, as applicable. All outstanding advances made to MCF under the MCF Note Agreement will be due in full on December 31, 2025.

12/23/2004 (last amended as of 12/30/2022)	New York Life Capital Corporation (“NYLCC”)	Non-insurance affiliate	Revolving credit agreement	NYLCC has agreed to make loans to the Company in an amount up to, but not exceeding, $3,500 million from proceeds from the issuance of commercial paper. During 2024 and 2023, the revolving credit facility was not used, no interest was paid and no outstanding balance was due.

9/30/1993 (last amended on 12/30/2022)	New York Life	Parent	Revolving credit agreement	The Company has a revolving credit agreement with New York Life whereby the Company may borrow up to $3,500 million. At December 31, 2024 and 2023, the Company has not borrowed under this agreement.

4/1/1999 (last amended as of 12/30/2022)	New York Life	Parent	Revolving credit agreement	The Company has a revolving credit agreement with New York Life, whereby the Company may lend up to $900 million. At December 31, 2024 and 2023, the credit facility was not used, no interest was paid and there was no outstanding balance.

Service Agreements:

4/27/2006 (amended from time to time	NYLIFE Distributors, LLC.	Non-insurance affiliate	Variable product distribution agreement	The Company has appointed NYLIFE Distributors, LLC as the underwriter and/or wholesale distributor of the Company’s variable products. For the years ended December 31, 2024 and 2023, the Company received service fees of $43 million and $40 million, respectively, under a 12b-1 Plan Services Agreement, in consideration for providing 12b-1 Plan services attributable to the variable products.

Amended and restated at 10/1/2022	New York Life	Parent	Administration agreement	New York Life provides the Company with certain services and facilities, including, but not limited to, accounting, tax and audit services, legal services, actuarial services, electronic data processing operations and communications operations. New York Life charges the Company for the identified costs associated with these services and facilities under the terms of a service agreement between New York Life and the Company. For the years ended December 31, 2024 and 2023, the fees incurred associated with these services and facilities, amounted to $1,024 million and $983 million, respectively. These amounts need to be settled in cash within 90 days.

NEW YORK LIFE INSURANCE AND ANNUITY CORPORATION

NOTES TO STATUTORY FINANCIAL STATEMENTS

NOTE 11—RELATED PARTY TRANSACTIONS (continued)


Date of Transaction	Name of Related Party	Nature of Relationship	Type of Transaction	Description
Various	New York Life	Parent	Participation in mortgage loans, Real estate owned and real estate	The Company’s interests in commercial mortgage loans are primarily held in the form of participations in mortgages` originated or acquired by New York Life. A real estate property acquired through foreclosure is called REO Portfolio. The Company’s interests in the ownership of REO Portfolio is called REO Ownership Interest. Certain real estate investments acquired may have similar ownership interests through a participation. Under the participation agreement for the mortgage loans, it is agreed between the Company and New York Life that the Company’s proportionate interest (as evidenced by a participation certificate) in the underlying mortgage loan, including without limitation, the principal balance thereof, all interest which accrues thereon, and all proceeds generated therefrom, will be pari passu with New York Life’s and pro rata based upon the respective amounts funded by New York Life and the Company in connection with the applicable mortgage loan origination or acquisition. Consistent with the participation arrangement, all mortgage loan documents name New York Life (and not both New York Life and the Company) as the lender but are held for the benefit of both the Company and New York Life pursuant to the applicable participation agreement. New York Life retains general decision making authority with respect to each mortgage loan, although certain decisions require the Company’s approval. The Company’s mortgage loans, REOs and certain real estate investments acquired through a participation from New York Life had a carrying value of $16,885 million and $15,221 million as of December 31, 2024 and 2023, respectively. There’s no REO in the form of participations owned by the Company as of December 31, 2024 and 2023.

1/1/2005 (amended 3/28/2014)	New York Life Investment Management LLC (“NYLIM”)	Non-insurance affiliate	Administrative service agreement	NYLIM has a management agreement with the New York Life Investments VP Funds Trust, f/k/a MainStay VP Funds Trust (‘‘the Fund’’), a registered investment company whose shares are sold to various separate accounts of the Company. Under the terms of the agreement, NYLIM pays the Company administrative fees for providing services to the Fund.

4/1/2000, as amended from time to time	NYL Investors, LLC	Non-insurance affiliate	Investment advisory agreement	The Company is a party to an investment advisory agreement with NYL Investors, LLC, as amended from time to time, to receive investment advisory and administrative services from NYL Investors, LLC. The payments are required to be made within 90 days from the time of billing.

6/30/2008, as amended from time to time	NYLIFE Securities, LLC	Non-insurance affiliate	Service fee agreement	The Company pays NYLIFE Securities LLC a service fee for supervisory services based on a determined revenue factor based on sales and in-force business.

Other Agreements:

Various	New York Life	Parent	Sale of corporate owned life insurance policies (“COLI”)	The Company sold various COLI policies to New York Life for the purpose of informally funding certain benefits for New York Life employees and agents. These policies were issued on the same terms as policies sold to unrelated customers. At December 31, 2024 and 2023, policyholder reserve balances for these policies amounted to $4,452 million and $4,308 million, respectively, and were included in Policy reserves and Separate accounts liabilities in the accompanying Statutory Statements of Financial Position.

6/11/2012	New York Life	Parent	Tenancy in common agreement	In connection with a $150 million land acquisition of a fee simple estate in land underlying an office building and related improvements and encumbered by a ground lease located at 1372 Broadway, New York, NY by New York Life (73.8% interest) and the Company (26.2% interest), the Company and New York Life entered into a Tenancy in Common Agreement in which the agreement sets forth the terms that govern, in part, each entity’s interest in the property.

Various	New York Life	Parent	Structured settlement agreements	The Company has sold certain annuity contracts to New York Life in order that New York Life may satisfy its third-party obligations under certain structured settlement agreements. The Company has been directed by New York Life to make the payments under the annuity contracts directly to the beneficiaries under these structured settlement agreements. At December 31, 2024 and 2023, the policyholder reserves related to these contracts amounted to $145 million and $148 million, respectively, and are included in Policy reserves in the accompanying Statutory Statements of Financial Position.

Various	New York Life	Parent	Structured settlement agreements	The Company is the assumed obligor for certain structured settlement agreements with unaffiliated insurance companies, beneficiaries and other non-affiliated entities. To satisfy its obligations under these agreements, the Company owns all rights, title and interest in and to certain structured settlement annuity contracts issued by New York Life. The obligations are based upon the actuarially determined present value of expected future payments. Interest rates used in establishing such obligations ranged from 3.50% to 7.65%. The Company has directed New York Life to make the payments under the annuity contracts directly to the beneficiaries under the structured settlement agreements. At December 31, 2024 and 2023, the carrying value of the interest in annuity contracts and the corresponding obligations under structured settlement agreements amounted to $11,428 million and $10,774 million, respectively.

NEW YORK LIFE INSURANCE AND ANNUITY CORPORATION

NOTES TO STATUTORY FINANCIAL STATEMENTS

NOTE 11—RELATED PARTY TRANSACTIONS (continued)


Date of Transaction	Name of Related Party	Nature of Relationship	Type of Transaction	Description
Various	New York Life	Parent	Premiums settlement agreement	The Company has an agreement in place with New York Life to settle premiums associated with the Company’s products sold at field offices. These premiums are typically settled within 1-2 business days. The Company had a receivable of $10 million and $11 million, respectively, for the years ended December 31, 2024 and 2023.

12/31/2024	NYLIM	Non-insurance subsidiary	Note purchase agreement	The Company entered into a Note Purchase Agreement with NYLIM Holdings. On December 31, 2024, the Company purchased a $600 million in aggregate principal amount of NYLIM Holdings 5.17% senior note due 2029.

Significant Transactions:

12/31/2022	LINA	Insurance affiliate	Transfer of assets	Bond asset and cash transfers between the Company and LINA were executed to strengthen duration alignment between asset and liability profiles amongst the insurance companies. The Company acquired a $250 million of bonds from LINA in exchange for transferring a $250 million equity interest in MCF.

12/31/2020	LINA	Insurance Affiliate	Reinsurance agreement	The Company has an affiliated reinsurance agreement to reinsure mortality risk arising under LINA’s group term life insurance business on a yearly renewable term basis. Additional details of this agreement are included in Note 13 “Reinsurance”.

Various	NYLARC	Insurance Affiliate	Reinsurance agreement	The Company has reinsurance agreements with New York Life Agents Reinsurance Company (“NYLARC”). Additional details of this agreement are included in Note 13 “Reinsurance”.

Various	LINA	Insurance Affiliate	Reinsurance agreement	The Company entered into a coinsurance reinsurance agreement with LINA, whereby LINA will reinsure on a coinsurance basis 100% of all policies issued by the Company associated with Critical Illness Insurance, Accidental Indemnity Insurance, and Hospital Indemnity Insurance policies (“Group Voluntary” policies). The Company has ceded to LINA the morbidity risk and any other key risk in the policies. This agreement was effective January 1, 2025. Therefore, there was no financial impact associated with this agreement at or for the year ended December 31, 2024.

9/26/2024	NYLIC	Insurance subsidiary	Transfer of assets	Bond asset and cash transfers between the Company and NYLIC were executed on September 26, 2024. The Company received $468 million of cash from NYLIC in exchange for bonds.

At December 31, 2024 and 2023, the Company reported a net amount of $129 million and $94 million, respectively, as amounts payable to parent and affiliates. The terms of the underlying agreements generally require that these amounts be settled in cash within 90 days.

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

NEW YORK LIFE INSURANCE AND ANNUITY CORPORATION

NOTES TO STATUTORY FINANCIAL STATEMENTS

NOTE 12—INSURANCE LIABILITIES

Insurance liabilities at December 31, 2024 and 2023 were as follows (in millions):

	$		$
	2024		2023
Life insurance reserves	$	28,669	$	29,546
Annuity reserves and supplementary contracts with life contingencies		88,494		83,406
Asset adequacy and special reserves		2		38

Total policy reserves		117,165		112,990
Deposit funds		1,968		1,583
Policy claims		1,112		1,041

Total insurance liabilities	$	120,245	$	115,614

Life Insurance Reserves

Reserves for life insurance policies are maintained principally using the 1958 Commissioners’ Extended Term Mortality Table and the 1958, 1980, 2001 and 2017 Commissioners’ Standard Ordinary Mortality Tables under the Commissioners’ Reserve Valuation Method or Net Level Premium Reserve Method with valuation interest rates ranging from 3.0% to 6.0%. Reserves for universal life secondary guarantee products with multiple sets of cost of insurance are determined using the methodology outlined in the November 2011 Life Actuarial Task Force Statement.

For the year ended December 31, 2024, there were no changes in reserve basis for life insurance reserves. For the year ended December 31, 2023, the Company recorded a net change in reserve valuation basis of $31 million, which was reported as a direct increase in surplus in the accompanying Statutory Statements of Changes in Surplus.

The Company has established policy reserves on contracts issued January 1, 2001 and later that exceed the minimum amounts determined under Appendix A-820, “Minimum Life and Annuity Reserve Standards” of NAIC SAP by approximately $64 million and $244 million at December 31, 2024 and 2023, respectively.

At December 31, 2024 and 2023, the Company’s liabilities for GMDB reserves, which are associated with certain variable life products, amounted to $7 million and $9 million, respectively, and were recorded in Policy reserves in the accompanying Statutory Statements of Financial Position.

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

At December 31, 2024 and 2023, the Company had $9,542 million and $9,739 million, respectively, of insurance in-force for which the gross premiums were less than the net premiums according to the standard of valuation set by the state of Delaware. Reserves to cover the above insurance totaled the net amount of $265 million and $268 million in 2024 and 2023, respectively.

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

NEW YORK LIFE INSURANCE AND ANNUITY CORPORATION

NOTES TO STATUTORY FINANCIAL STATEMENTS

NOTE 12—INSURANCE LIABILITIES (continued)

Annuity Reserves and Supplementary Contracts with Life Contingencies

Reserves for single premium immediate annuities and guaranteed future income annuities are based principally on A2000, 2012 IAR and the Commissioners’ Annuity Reserve Valuation Method (“CARVM”), with assumed interest rates ranging from 3.75% to 6.0%. Purchases in 2018 and later years are reserved with valuation interest rates satisfying both the valuation manual requirements for maximum valuation interest rates for income annuities (“VM-22”) and the NYSDFS Regulation 213 maximum valuation rate requirements, applying the 2012 IAR Table. The VM-22 rates range from 1.0% to 5.25%.

Reserves for fixed deferred annuities are based principally on 1971 Individual Annuity Mortality, 1983 Table A, A2000, 2012 IAR and CARVM, with assumed interest rates ranging from 3.0% to 10.0%. Reserves for variable deferred annuities are based principally on VM-21 and NYSDFS Regulation 213, where the VM-21 deficiencies are discounted applying scenario specific net asset earned rates ranging from 1.35% to 10.0%. For the index-linked account corresponding to a VA product, we also apply Actuarial Guideline XXXV, with assumed interest rates ranging from 3.0% to 5.25%. Generally, owners of the Company’s deferred annuities are able, at their discretion, to withdraw funds from their policies. The withdrawals in excess of the surrender charge-free withdrawal amount may be subject to surrender charges in the early years.

At December 31, 2024 and 2023, the Company’s liabilities for GMDB, GMAB, guaranteed future income benefit, and enhanced beneficiary benefits reserves, which are associated with VA products, amounted to $2 million and $38 million, respectively, and were recorded in Policy reserves in the accompanying Statutory Statements of Financial Position.

For the year ended December 31, 2024, the Department granted approval for the Company to change the reserve valuation basis for the variable deferred annuities to VM-21. For the index-linked account corresponding to a variable annuity product, the Company still applies Actuarial Guideline XXXV. Refer to Note 2 - Basis of Presentation, for more detailed information about the impact of this change.

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

Deposit Funds

Deposit funds at December 31, 2024 and 2023 were as follows (in millions):

	$		$
	2024		2023
Fixed period annuities	$	1,625	$	1,271
Supplemental contracts without life contingencies		277		300
Continued interest accounts		11		12

Total deposit funds	$	1,913	$	1,583

NEW YORK LIFE INSURANCE AND ANNUITY CORPORATION

NOTES TO STATUTORY FINANCIAL STATEMENTS

NOTE 12—INSURANCE LIABILITIES (continued)

Withdrawal Characteristics of Annuity Reserves and Deposit Funds

The following table reflects the withdrawal characteristics of annuity reserves and deposit fund liabilities at December 31, 2024 and 2023 ($ in millions):

Individual Annuities

	$		$		$		$		$
	2024
	General Account		Separate Accounts with Guarantees		Separate Accounts Non- guaranteed		Total		% of Total
Subject to discretionary withdrawal:
With fair value adjustment	$	29,055	$	—	$	—	$	29,055		23	%
At book value less current surrender charge of 5% or more		20,207		—		—		20,207		16
At fair value		—		—		38,030		38,030		30

Total with adjustment or at fair value		49,262		—		38,030		87,292		69
At book value without adjustment		16,098		—		—		16,098		13
Not subject to discretionary withdrawal		22,738		—		—		22,738		18

Total	$	88,098	$	—	$	38,030	$	126,128		100	%

Amount with current surrender charge of 5% or more that will have less than a 5% surrender charge in the following year	$	4,403	$	—	$	—	$	4,403

	$		$		$		$		$
	2023
	General Account		Separate Accounts with Guarantees		Separate Accounts Non- guaranteed		Total		% of Total
Subject to discretionary withdrawal:
With fair value adjustment	$	30,270	$	—	$	—	$	30,270		26	%
At book value less current surrender charge of 5% or more		12,128		—		—		12,128		10
At fair value		—		—		34,793		34,793		30

Total with adjustment or at fair value		42,399		—		34,793		77,191		66
At book value without adjustment		20,213		—		—		20,213		17
Not subject to discretionary withdrawal		20,350		—		—		20,350		17

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

Amount with current surrender charge of 5% or more that will have less than a 5% surrender charge in the following year	$	78	$	—	$	—	$	78

NEW YORK LIFE INSURANCE AND ANNUITY CORPORATION

NOTES TO STATUTORY FINANCIAL STATEMENTS

NOTE 12—INSURANCE LIABILITIES (continued)

Group Annuities

	$		$		$		$		$
	2024
	General Account		Separate Accounts with Guarantees		Separate Accounts Non- guaranteed		Total		% of Total
Subject to discretionary withdrawal:
With fair value adjustment	$	17	$	—	$	—	$	17		4	%
At book value less current surrender charge of 5% or more		—		—		—		—		—
At fair value		—		—		—		—		—

Total with adjustment or at fair value		17		—		—		17		4
At book value without adjustment		29		—		—		29		7
Not subject to discretionary withdrawal		350		—		—		350		89

Total	$	396	$	—	$	—	$	396		100	%

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

	$		$		$		$		$
	2023
	General Account		Separate Accounts with Guarantees		Separate Accounts Non- guaranteed		Total		% of Total
Subject to discretionary withdrawal:
With fair value adjustment	$	24	$	—	$	—	$	24		5	%
At book value less current surrender charge of 5% or more		—		—		—		—		—
At fair value		—		—		—		—		—

Total with adjustment or at fair value		24		—		—		24		5
At book value without adjustment		32		—		—		32		7
Not subject to discretionary withdrawal		388		—		—		388		88

Total	$	444	$	—	$	—	$	444		100	%

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

NEW YORK LIFE INSURANCE AND ANNUITY CORPORATION

NOTES TO STATUTORY FINANCIAL STATEMENTS

NOTE 12—INSURANCE LIABILITIES (continued)

Deposit-Type Contracts

	$		$		$		$		$
	2024
	General Account		Separate Accounts with Guarantees		Separate Accounts Non- guaranteed		Total		% of Total
Subject to discretionary withdrawal:
With fair value adjustment	$	—	$	—	$	—	$	—		—	%
At book value less current surrender charge of 5% or more		—		—		—		—		—
At fair value		—		—		—		—		—

Total with adjustment or at fair value		—		—		—		—		—
At book value without adjustment		184		—		—		184		9
Not subject to discretionary withdrawal		1,784		—		—		1,784		91

Total	$	1,968	$	—	$	—	$	1,968		100	%

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

	$		$		$		$		$
	2023
	General Account		Separate Accounts with Guarantees		Separate Accounts Non- guaranteed		Total		% of Total
Subject to discretionary withdrawal:
With fair value adjustment	$	—	$	—	$	—	$	—		—	%
At book value less current surrender charge of 5% or more		—		—		—		—		—
At fair value		—		—		—		—		—

Total with adjustment or at fair value		—		—		—		—		—
At book value without adjustment		162		—		—		162		10
Not subject to discretionary withdrawal		1,421		—		—		1,421		90

Total	$	1,583	$	—	$	—	$	1,583		100	%

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

NEW YORK LIFE INSURANCE AND ANNUITY CORPORATION

NOTES TO STATUTORY FINANCIAL STATEMENTS

NOTE 12—INSURANCE LIABILITIES (continued)

Withdrawal Characteristics of Life Insurance Reserves

The following tables reflect the withdrawal characteristics of life insurance reserves at December 31, 2024 and 2023 ($ in millions):

	$		$		$		$	$		$		$
	2024
	General Account							Separate Accounts Guaranteed and Non-guaranteed
	Account Value		Cash Value		Reserve			Account Value		Cash Value		Reserve
Subject to discretionary withdrawal, surrender, or policy loans:
Term policies with cash value	$	—	$	—	$	—		$	—	$	—	$	—
Universal life		17,837		17,837		18,067			5,922		5,922		5,922
Universal life with secondary guarantees		6,031		5,614		8,828			—		—		—
Indexed universal life		—		—		—			—		—		—
Indexed universal life with secondary guarantees		—		—		—			—		—		—
Indexed life		—		—		—			—		—		—
Other permanent cash value life insurance		—		—		—			—		—		—
Variable life		10		10		18			65		65		65
Variable universal life		1,760		1,755		1,753			15,062		14,829		14,854
Miscellaneous reserves		—		—		—			—		—		—
Not subject to discretionary withdrawal or no cash values:
Term policies without cash value		—		—		—			—		—		—
Accidental death benefits		—		—		—			—		—		—
Disability - active lives		—		—		3			—		—		—
Disability - disabled lives		—		—		75			—		—		—
Miscellaneous reserves		—		—		627			—		—		—

Total life insurance (gross)		25,638		25,216		29,371			21,049		20,816		20,841
Reinsurance ceded		—		—		702			—		—		—

Total life insurance (net)	$	25,638	$	25,216	$	28,669		$	21,049	$	20,816	$	20,841

NEW YORK LIFE INSURANCE AND ANNUITY CORPORATION

NOTES TO STATUTORY FINANCIAL STATEMENTS

NOTE 12—INSURANCE LIABILITIES (continued)

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

Total life insurance (gross)		26,419		26,263		30,275			19,603		19,400		19,436
Reinsurance ceded		—		—		728			—		—		—

Total life insurance (net)	$	26,419	$	26,263	$	29,547		$	19,603	$	19,400	$	19,436

NEW YORK LIFE INSURANCE AND ANNUITY CORPORATION

NOTES TO STATUTORY FINANCIAL STATEMENTS

NOTE 13—REINSURANCE

The effects of reinsurance on the accompanying Statutory Statements of Financial Position at December 31, 2024 and 2023 were as follows (in millions):

	$			$
	2024			2023
Policy reserves:
Direct	$	117,867		$	113,718
Assumed		—			—
Ceded		(702	)		(728	)

Policy reserves	$	117,165		$	112,990

Policy claims:
Direct	$	571		$	552
Assumed		658			673
Ceded⁽¹⁾		(116	)		(184	)

Policy claims	$	1,113		$	1,041

Reinsurance recoverable⁽²⁾	$	55		$	39

⁽¹⁾ Includes reinsurance recoverable related to unpaid losses of $84 million and $145 million at December 31, 2024 and 2023, respectively.

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

The effects of reinsurance on the accompanying Statutory Statements of Operations for the years ended December 31, 2024, 2023 and 2022 were as follows (in millions):

	$			$			$
	2024			2023			2022
Premiums:
Direct⁽¹⁾	$	21,381		$	20,072		$	24,088
Assumed		1,218			1,208			1,185
Ceded		(555	)		(554	)		(531	)

Premiums	$	22,044		$	20,726		$	24,742

Benefit payments:
Direct	$	23,136		$	21,447		$	18,096
Assumed		1,246			1,266			1,344
Ceded		(595	)		(652	)		(606	)

Benefit payments	$	23,787		$	22,061		$	18,834

⁽¹⁾ Includes considerations for supplementary contracts with life contingencies of $58 million, $47 million and $42 million for the years ended December 31, 2024, 2023 and 2022, respectively.

Reinsurance Assumed

The Company has an affiliated reinsurance agreement to reinsure mortality risk arising under LINA’s group term life insurance business on a yearly renewable term basis. This transfer of life insurance mortality risk allows the Company to diversify its overall risk profile, as the Company’s risk profile was previously weighted more heavily toward interest rate and asset risk. Entry into the yearly renewable term treaty also reduces LINA’s exposure to mortality risk. At December 31, 2024 and 2023, the Company held assumed liabilities for policy claims relating to this reinsurance agreement of $657 million and $667 million, respectively, which are included in policy claims in the accompanying Statutory Statements of Financial Position.

NEW YORK LIFE INSURANCE AND ANNUITY CORPORATION

NOTES TO STATUTORY FINANCIAL STATEMENTS

NOTE 13—REINSURANCE (continued)

Reinsurance Ceded

The Company enters into ceded reinsurance agreements in the normal course of its insurance business to reduce overall risk and to be able to issue individual life insurance policies in excess of its retention limits. Currently, the Company primarily reinsures the mortality risk on life insurance policies on a quota share yearly renewable term basis, except for custom guarantee UL, asset flex, and certain VUL products. Most of the reinsurance ceded on new and inforce business is established on an automatic basis. The quota share currently ceded on new business generally ranges from 10% to 90%. All products are ceded from first dollar with the exception of reinsured VUL, which has a minimum size policy ceded of $1 million. Cases in excess of the Company’s retention and certain substandard cases are ceded on a facultative reinsurance basis. The majority of the Company’s facultative reinsurance is for substandard cases in which it typically cedes 90%.

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

Life insurance ceded was 39% and 43% of total life insurance in-force at December 31, 2024 and 2023.

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

NOTE 14—BENEFIT PLANS

The Company shares in the cost of the following plans sponsored by New York Life: (1) certain defined benefit pension plans for eligible employees and agents, (2) certain defined contribution plans for substantially all employees and agents, (3) certain postretirement life and health benefits for retired employees and agents including their eligible dependents, and (4) postemployment benefits. The expense for these plans is allocated to the Company in accordance with an intercompany cost sharing agreement. The liabilities for these plans are included with the liabilities for the corresponding plan of New York Life. The cost allocated to the Company related to benefit plans is recorded under Operating expenses in the accompanying Statutory Statements of Operations. The Company’s share of the cost of these plans was as follows for the years ended December 31, 2024, 2023 and 2022 (in millions):

	$		$		$
	2024		2023		2022
Defined benefit pension	$	27	$	25	$	31
Defined contribution		11		10		10
Postretirement life and health		4		4		5
Postemployment		2		2		2

Total	$	44	$	41	$	48

NEW YORK LIFE INSURANCE AND ANNUITY CORPORATION

NOTES TO STATUTORY FINANCIAL STATEMENTS

NOTE 15—COMMITMENTS AND CONTINGENCIES

Guarantees

As stated in Note 3 - Significant Accounting Policies, at the inception of a guarantee (except unlimited guarantees), the Company recognizes an initial liability at fair value for the obligations it has undertaken, regardless of the probability of performance under the guarantee. This includes guarantees made on behalf of affiliates unless the guarantee is deemed unlimited. At December 31, 2024 and 2023, the Company had no such guarantees.

Litigation

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

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

Borrowed Money

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

Assessments

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

The Company recorded guaranty fund receivables of $4 million and $43 million at December 31, 2024 and 2023, respectively. The Company recorded guaranty fund liabilities of $10 million and $56 million at December 31, 2024 and 2023, respectively.

Other Commitments and Contingencies

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

NEW YORK LIFE INSURANCE AND ANNUITY CORPORATION

NOTES TO STATUTORY FINANCIAL STATEMENTS

NOTE 15—COMMITMENTS AND CONTINGENCIES (continued)

At December 31, 2024 and 2023, the Company and its guaranteed separate accounts had contractual commitments to extend credit for commercial mortgage loans at both fixed and variable rates of interest, which amounted to approximately $1,075 million and $1,100 million, respectively. These commitments are diversified by property type and geographic location. There were no contractual commitments to extend credit under residential loan agreements at December 31, 2024 and 2023.

At December 31, 2024 and 2023, the Company and its guaranteed separate accounts had outstanding contractual obligations to acquire additional private placement securities amounting to $1,179 million and $1,109 million, respectively.

Unfunded commitments on limited partnerships, limited liability companies and other invested assets amounted to $790 million and $904 million at December 31, 2024 and 2023, respectively. Unfunded commitments on LIHTC amounted to $120 million and $163 million at December 31, 2024 and 2023, respectively. At December 31, 2024 and 2023, unfunded commitments on LIHTC are included in Other invested assets, with an offset in Other liabilities in the accompanying Statutory Statements of Financial Position.

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

FHLB Agreement

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

The amount of FHLB of Pittsburgh common stock held, in aggregate exclusively in the Company’s general account at December 31, 2024 and 2023 was as follows (in millions):

	$		$
	2024		2023
Membership stock - Class B⁽¹⁾	$	25	$	25
Activity stock		—		—

Aggregate total	$	25	$	25

Actual or estimated borrowing capacity as determined by the insurer	$	7,223	$	6,945

⁽¹⁾Membership stock is not eligible for redemption.

At December 31, 2024 and 2023, the Company did not have an outstanding balance due to the FHLB of Pittsburgh. The maximum amount borrowed and collateral pledged to the FHLB of Pittsburgh during the years ended December 31, 2024 and 2023 was as follows (in millions):

	$		$		$		$
	2024				2023
	General Account		Separate Account		General Account		Separate Account
Fair Value	$	2,535	$	—	$	3,018	$	—
Carrying Value	$	2,535	$	—	$	3,018	$	—
Maximum Amount Borrowed During the Year	$	—	$	—	$	5	$	—

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

NEW YORK LIFE INSURANCE AND ANNUITY CORPORATION

NOTES TO STATUTORY FINANCIAL STATEMENTS

NOTE 16—INCOME TAXES

The components of the net DTAs and DTLs were as follows at December 31, 2024 and 2023 (in millions):

	$		$			$		$		$			$		$		$			$
	2024							2023							Change
	Ordinary		Capital			Total		Ordinary		Capital			Total		Ordinary		Capital			Total
Gross DTAs	$	1,923	$	338		$	2,261	$	1,725	$	356		$	2,081	$	198	$	(18	)	$	180

Adjusted gross DTAs		1,923		338			2,261		1,725		356			2,081		198		(18	)		180
Nonadmitted DTAs ⁽¹⁾		789		—			789		712		—			712		77		—			77

Subtotal net admitted DTAs		1,134		338			1,472		1,013		356			1,369		121		(18	)		103
Gross DTLs		261		506			767		255		493			748		6		13			19

Net admitted DTAs ⁽²⁾	$	873	$	(168	)	$	705	$	758	$	(137	)	$	621	$	115	$	(31	)	$	84

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

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

The admission calculation components for the years ended December 31, 2024 and 2023 were as follows (paragraph references throughout Note 16 are to paragraphs of SSAP No. 101 “Income Taxes, A Replacement of SSAP No. 10R and SSAP No. 10”) (in millions):


	December 31, 2024						December 31, 2023						Change
	Ordinary		Capital		Total		Ordinary		Capital		Total		Ordinary		Capital			Total
Federal income taxes paid in prior years recoverable through loss carrybacks (Paragraph 11.a)	$	—	$	15	$	15	$	—	$	22	$	22	$	—	$	(7	)	$	(7	)
Adjusted gross DTAs expected to be realized (excluding the amount of DTAs from paragraph 11.a above) after application of the threshold limitation (the lesser of paragraph 11.b.i and 11.b.ii below)		686		5		691		597		2		599		89		3			92
Adjusted gross DTAs expected to be realized following the balance sheet date. (Paragraph 11.b.i)		686		5		691		597		2		599		89		3			92
Adjusted gross DTAs allowed per limitation threshold (Paragraph 11.b.ii)		N/A		N/A		1,157		N/A		N/A		1,246		N/A		N/A			(89	)
Adjusted gross DTAs (excluding the amount of DTAs from paragraphs 11.a and 11.b above) offset by gross DTLs (Paragraph 11.c)		448		318		766		416		332		748		32		(14	)		18

DTAs admitted as the result of application of SSAP 101 (Total of paragraphs 11.a, 11.b, 11.c).	$	1,134	$	338	$	1,472	$	1,013	$	356	$	1,369	$	121	$	(18	)	$	103

The ratio used to determine the applicable period used in paragraph 11.b.i above and the amount of adjusted capital and surplus used to determine the percentage threshold limitation in paragraph 11.b.ii above are as follows at December 31, 2024 and 2023 ($ in millions):

	$			$
	2024			2023
Ratio percentage used to determine recovery period and threshold limitation amount.		774	%		877	%
Amount of adjusted capital and surplus used to determine recovery period and threshold limitation in paragraph 11.b.ii above.	$	7,711		$	8,308

NEW YORK LIFE INSURANCE AND ANNUITY CORPORATION

NOTES TO STATUTORY FINANCIAL STATEMENTS

NOTE 16—INCOME TAXES (continued)

There was no impact on the Company’s adjusted gross and net admitted DTAs or corporate alternative minimum tax (“CAMT”) DTAs, if any, due to tax planning strategies at December 31, 2024 and 2023. The Company did not use reinsurance in its tax planning strategies.

The Company had no unrecognized DTLs at December 31, 2024 and 2023. Additionally, the Company had no adjustments to gross DTAs because of a change in circumstances that causes a change in judgment about the realizability of the related DTAs.

Significant components of the current federal and foreign income taxes for the years ended December 31, 2024, 2023 and 2022 were as follows (in millions):

	$			$			$		$			$
	2024			2023			2022		Change 2024-2023			Change 2023-2022
Federal⁽¹⁾	$	210		$	247		$	114	$	(37	)	$	133
Foreign		—			21			—		(21	)		21

Subtotal		210			268			114		(58	)		154

Federal income tax on net capital gains (losses)		(54	)		(41	)		16		(13	)		(57	)
Other		—			—			—		—			—

Total federal and foreign income taxes	$	156		$	227		$	130	$	(71	)	$	97

⁽¹⁾ The Company had investment tax credits of $40 million, $33 million and $28 million for the years ended December 31, 2024, 2023 and 2022, respectively.

NEW YORK LIFE INSURANCE AND ANNUITY CORPORATION

NOTES TO STATUTORY FINANCIAL STATEMENTS

NOTE 16—INCOME TAXES (continued)

The tax effects of temporary differences that give rise to DTAs and DTLs for the years ended December 31, 2024 and 2023 were as follows (in millions):

	$		$		$
	2024		2023		Change
DTAs
Ordinary:
Policyholder reserves	$	1,155	$	1,026	$	129
Deferred acquisition costs		435		411		24
Investments		252		234		18
Pension accrual		19		20		(1	)
Receivables - nonadmitted		55		17		38
Fixed assets		1		2		(1	)
Other		6		15		(9	)

Subtotal		1,923		1,725		198
Nonadmitted		789		712		77

Admitted ordinary DTAs		1,134		1,013		121

Capital:
Investments		338		356		(18	)

Subtotal		338		356		(18	)
Nonadmitted		—		—		—

Admitted capital DTAs		338		356		(18	)

Total admitted DTAs		1,472		1,369		103

DTLs
Ordinary:
Policyholder reserves		44		80		(36	)
Investments		208		166		42
Other		9		9		—

Subtotal		261		255		6

Capital:
Investments		506		493		13

Subtotal		506		493		13

Total DTLs		767		748		19

Net admitted DTAs	$	705	$	621	$	84

Change in deferred income tax on change in net unrealized capital gains/losses					$	(6	)
Change in net deferred taxes related to other items						167
Change in DTAs nonadmitted						(77	)

Change in net admitted DTAs					$	84

NEW YORK LIFE INSURANCE AND ANNUITY CORPORATION

NOTES TO STATUTORY FINANCIAL STATEMENTS

NOTE 16—INCOME TAXES (continued)

The Company’s income tax expense and change in net DTAs for the years ended December 31, 2024, 2023 and 2022 differs from the amount obtained by applying the statutory rate of 21% to net gain from operations after dividends to policyholders and before federal income taxes for the following reasons (in millions):

	$			$			$			$			$
	2024			2023			2022			Change 2024-2023			Change 2023-2022
Net gain from operations after dividends to policyholders and before federal and foreign income taxes at statutory rate	$	117		$	141		$	(106	)	$	(24	)	$	247
Net realized capital (losses)/gains at statutory rate		(74	)		(24	)		(15	)		(50	)		(9	)
Tax exempt income		(38	)		(33	)		(35	)		(5	)		2
Tax credits, net of withholding		(47	)		(41	)		(40	)		(6	)		(1	)
Amortization of IMR		6			(1	)		(6	)		7			5
Dividend from MCF		(21	)		(72	)		(37	)		51			(35	)
Partnership income from MCF		49			57			54			(8	)		3
Prior year audit liability and settlement		(3	)		4			1			(7	)		3
Non-admitted assets		(40	)		4			(6	)		(44	)		10
Other items impacting surplus		40			4			4			36			—
Other		—			(1	)		5			1			(6	)

Federal and foreign income taxes incurred and change in net deferred taxes during the year	$	(11	)	$	38		$	(181	)	$	(49	)	$	219

Federal and foreign income tax expense reported in the Company’s Statutory Statements of Operations	$	210		$	268		$	114		$	(58	)	$	154
Capital gains tax (benefit)/expense incurred		(54	)		(41	)		16			(13	)		(57	)
Change in net DTAs		(167	)		(189	)		(311	)		22			122
Change in current and deferred income taxes reported in surplus		—			—			—			—			—

Federal and foreign income taxes incurred and change in net deferred taxes during the year	$	(11	)	$	38		$	(181	)	$	(49	)	$	219

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

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

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

NEW YORK LIFE INSURANCE AND ANNUITY CORPORATION

NOTES TO STATUTORY FINANCIAL STATEMENTS

NOTE 16—INCOME TAXES (continued)

The Company did not have any operating loss, tax credit or CAMT credit carry forwards available for tax purposes. For the years ended December 2024, 2023, and 2022, the Company’s income taxes incurred in current and prior years that will be available for recoupment in the event of future net losses were as follows (in millions):

	$
Year
2024	$	—
2023	$	—
2022	$	21

The Inflation Reduction Act (“IRA”) of 2022 was enacted on August 16, 2022. The IRA includes a new Federal CAMT, effective in 2023, that is based on the adjusted financial statement income set forth on the applicable financial statement of an applicable corporation. The NAIC adopted Interpretation (“INT”) 23-03 to apply to December 31, 2023 and subsequent years. The Company has determined as of the reporting date that it will be an applicable corporation but will not be liable for CAMT for the reporting year. The reporting entity has made an accounting policy election to disregard CAMT when evaluating the need for valuation allowance for its non-CAMT DTA’s. As the subsidiary that is a member of a controlled group of corporations that file a consolidated return, any CAMT liability will be borne by the parent.

At December 31, 2024 and 2023, the Company recorded a current income tax receivable of $55 million and tax payable of $23 million, respectively, which is included in Other liabilities in the accompanying Statutory Statements of Financial Position.

At December 31, 2024, the Company had no protective tax deposits on deposit with the IRS under Section 6603 of the Internal Revenue Code.

NOTE 17—CAPITAL AND SURPLUS

Capitalization

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

The Company did not receive a capital contribution from New York Life for the years ended December 31, 2024, 2023, and 2022.

Other Surplus Adjustments

Other adjustments, net in the accompanying Statutory Statements of Changes in Surplus at December 31, 2024, 2023 and 2022, principally include the effects of the following (in millions):

	$			$			$
	2024			2023			2022
Surplus withdrawn from separate accounts	$	47		$	58		$	48
Changes in surplus relating to separate accounts		(44	)		(74	)		(29	)
Change in liability for reinsurance in unauthorized companies		3			2			(2	)

Total	$	6		$	(14	)	$	17

NEW YORK LIFE INSURANCE AND ANNUITY CORPORATION

NOTES TO STATUTORY FINANCIAL STATEMENTS

NOTE 17—CAPITAL AND SURPLUS (continued)

Nonadmitted Assets

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

Special Surplus Funds

At December 31, 2024, the Company had special surplus funds of $544 million (includes $528 million in the General Account and $16 million from Separate Accounts) due to the admittance of negative IMR. Refer to Note 6 - Investments for a more detailed discussion on Admitted Negative IMR.

NOTE 18—DIVIDENDS TO STOCKHOLDER

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

At December 31, 2024, the amount of earned surplus of the Company available for the payment of dividends was $3,406 million. The maximum amount of dividends that may be paid in 2025 without prior notice to or approval of the Commissioner is $842 million.

Dividends may be declared by the Board of Directors of the Company from available surplus, as it deems appropriate, on a non-cumulative basis. For the years ended December 31, 2024, 2023 and 2022, the Company paid cash dividends to its sole stockholder, New York Life, of $890 million, $0 million, and $400 million, respectively.

NOTE 19—WRITTEN PREMIUMS

Deferred and uncollected life insurance premiums and annuity considerations at December 31, 2024 and 2023 were as follows (in millions):

	$		$		$	$		$
	2024					2023
	Gross		Net of Loading			Gross		Net of Loading
Group life⁽¹⁾	$	417	$	417		$	441	$	441

Total	$	417	$	417		$	441	$	441

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

NEW YORK LIFE INSURANCE AND ANNUITY CORPORATION

NOTES TO STATUTORY FINANCIAL STATEMENTS

NOTE 19—WRITTEN PREMIUMS (continued)

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

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

Based upon the Company experience, the amount of premiums that may become uncollectible and result in a potential loss is not material to the Company’s financial position. At December 31, 2024 and 2023, the Company had less than $1 million of uncollected premiums, respectively, that were nonadmitted as they were over 90 days past due.

The Company did not have any direct premium written/produced by a single managing general agent/third-party administrator that was equal to or greater than 5% of surplus for the years ended December 31, 2024 and 2023, respectively.

NOTE 20—LOAN-BACKED AND STRUCTURED SECURITY IMPAIRMENTS

The Company does not have any loan-backed and structured securities, which are other-than-temporarily impaired where the Company intends to sell, or does not have the intent and ability to hold until recovery, at December 31, 2024.

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


IMPAIRMENTS TAKEN ON CURRENT HOLDINGS DURING THE CURRENT YEAR
(1)	(2)	(3)	(4)	(5)	(6)	(7)
CUSIP^(1,2)	Amortized Cost Before Current Period OTTI	Projected Cash Flows	Current Period Recognized OTTI	Amortized Cost After OTTI	Fair Value	Financial Statement Reporting Period
General Account
059469AF3	$388	$379	$9	$379	$351	12/31/2024
05953YAA9	1,978	1,971	7	1,971	1,824	12/31/2024
1248MBAJ4	2,277	2,264	13	2,264	1,956	12/31/2024
1248MBAL9	637	633	4	633	550	12/31/2024
12628KAF9	389	374	16	374	330	12/31/2024
12628LAJ9	70	66	4	66	62	12/31/2024
126384AQ9	11	11	0	11	10	12/31/2024
12638PAE9	658	653	6	653	529	12/31/2024
12667FJ55	549	546	3	546	492	12/31/2024
12667G6W8	672	666	6	666	596	12/31/2024
12667GXM0	609	596	13	596	544	12/31/2024
12667GXN8	214	209	5	209	194	12/31/2024
12668AMN2	718	711	7	711	633	12/31/2024
126694DT2	169	166	3	166	138	12/31/2024
17309YAF4	301	300	1	300	267	12/31/2024
225470S95	245	243	2	243	181	12/31/2024
3622E8AC9	1,419	1,391	29	1,391	1,273	12/31/2024
3622E8AF2	672	656	17	656	610	12/31/2024

NEW YORK LIFE INSURANCE AND ANNUITY CORPORATION

NOTES TO STATUTORY FINANCIAL STATEMENTS

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


IMPAIRMENTS TAKEN ON CURRENT HOLDINGS DURING THE CURRENT YEAR
(1)	(2)	(3)	(4)	(5)	(6)	(7)
CUSIP^(1,2)	Amortized Cost Before Current Period OTTI	Projected Cash Flows	Current Period Recognized OTTI	Amortized Cost After OTTI	Fair Value	Financial Statement Reporting Period
3622ELAG1	144	141	3	141	130	12/31/2024
3622EUAB2	260	259	2	259	244	12/31/2024
3622EUAC0	563	560	4	560	533	12/31/2024
3622MPAT5	12	12	0	12	11	12/31/2024
362334MD3	32	32	0	32	28	12/31/2024
362375AF4	312	308	4	308	300	12/31/2024
36244SAC2	1,950	1,922	28	1,922	1,713	12/31/2024
36244SAF5	1,187	1,172	15	1,172	1,064	12/31/2024
45660LSY6	1,516	1,416	100	1,416	1,361	12/31/2024
466247ZQ9	235	233	2	233	199	12/31/2024
46627MEA1	506	489	17	489	442	12/31/2024
46628BBD1	97	95	1	95	72	12/31/2024
46628SAE3	1,059	1,029	30	1,029	979	12/31/2024
46628SAG8	752	731	21	731	705	12/31/2024
46630MAG7	225	222	3	222	189	12/31/2024
53947LAG3	15,033	12,287	2,746	12,287	15,033	12/31/2024
57643MCG7	64	64	0	64	63	12/31/2024
61749EAD9	1,230	1,213	17	1,213	1,085	12/31/2024
61749EAE7	352	347	5	347	313	12/31/2024
61749EAH0	387	382	5	382	338	12/31/2024
61750YAD1	757	741	16	741	719	12/31/2024
61750YAE9	106	104	2	104	103	12/31/2024
61750YAJ8	204	200	4	200	195	12/31/2024
61751DAE4	220	211	9	211	185	12/31/2024
61751JAH4	623	610	13	610	570	12/31/2024
61751JAJ0	620	607	13	607	570	12/31/2024
61752RAJ1	427	418	9	418	406	12/31/2024
61752RAM4	416	408	9	408	397	12/31/2024
65537BAC4	1,201	1,179	22	1,179	1,091	12/31/2024
65537BAF7	782	768	14	768	713	12/31/2024
69336RBS8	8	6	2	6	1	12/31/2024
75970HAD2	30	30	0	30	29	12/31/2024
76110VSU3	9	8	0	8	8	12/31/2024
76114CAD8	167	166	1	166	151	12/31/2024
76114QAC9	49	48	1	48	43	12/31/2024
007034BN0	179	160	19	160	157	9/30/2024
059469AF3	397	392	5	392	376	9/30/2024
12627HAK6	340	339	1	339	306	9/30/2024
12628KAF9	401	392	9	392	353	9/30/2024
12628LAJ9	73	70	3	70	65	9/30/2024
12629EAD7	550	533	17	533	425	9/30/2024

NEW YORK LIFE INSURANCE AND ANNUITY CORPORATION

NOTES TO STATUTORY FINANCIAL STATEMENTS

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


IMPAIRMENTS TAKEN ON CURRENT HOLDINGS DURING THE CURRENT YEAR
(1)	(2)	(3)	(4)	(5)	(6)	(7)
CUSIP^(1,2)	Amortized Cost Before Current Period OTTI	Projected Cash Flows	Current Period Recognized OTTI	Amortized Cost After OTTI	Fair Value	Financial Statement Reporting Period
126384AQ9	11	11	0	11	11	9/30/2024
12667FJ55	565	551	13	551	506	9/30/2024
12667G6W8	691	685	7	685	621	9/30/2024
12667GXM0	625	614	11	614	562	9/30/2024
12667GXN8	219	215	4	215	200	9/30/2024
126694DT2	141	139	2	139	113	9/30/2024
17309BAB3	75	73	2	73	70	9/30/2024
225470S95	247	245	2	245	187	9/30/2024
36228F3Q7	1	1	0	1	1	9/30/2024
3622ELAG1	147	144	3	144	134	9/30/2024
3622MPAT5	12	12	0	12	11	9/30/2024
362334MD3	33	33	0	33	30	9/30/2024
362375AF4	316	313	3	313	309	9/30/2024
36242DD26	259	258	1	258	254	9/30/2024
36244SAC2	2,012	1,968	44	1,968	1,795	9/30/2024
36244SAF5	1,225	1,198	27	1,198	1,115	9/30/2024
466247ZQ9	240	235	5	235	207	9/30/2024
46627MEA1	520	515	5	515	466	9/30/2024
46628BBD1	100	97	3	97	73	9/30/2024
46628SAE3	1,081	1,072	10	1,072	1,040	9/30/2024
46628SAG8	768	761	7	761	749	9/30/2024
46630MAG7	230	228	2	228	200	9/30/2024
53947LAG3	15,891	15,054	836	15,054	15,054	9/30/2024
53948TAD2	10,182	0	10,182	0	0	9/30/2024
61749EAD9	1,269	1,241	28	1,241	1,150	9/30/2024
61749EAE7	363	355	8	355	332	9/30/2024
61749EAH0	399	392	7	392	358	9/30/2024
61750YAB5	30	29	0	29	29	9/30/2024
61750YAD1	769	757	12	757	739	9/30/2024
61750YAE9	108	106	2	106	105	9/30/2024
61750YAJ8	208	204	3	204	201	9/30/2024
61751JAH4	630	630	0	630	590	9/30/2024
61751JAJ0	626	626	0	626	590	9/30/2024
61752RAH5	217	212	4	212	205	9/30/2024
61752RAJ1	480	470	9	470	458	9/30/2024
61752RAM4	462	452	11	452	441	9/30/2024

NEW YORK LIFE INSURANCE AND ANNUITY CORPORATION

NOTES TO STATUTORY FINANCIAL STATEMENTS

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


IMPAIRMENTS TAKEN ON CURRENT HOLDINGS DURING THE CURRENT YEAR
(1)	(2)	(3)	(4)	(5)	(6)	(7)
CUSIP^(1,2)	Amortized Cost Before Current Period OTTI	Projected Cash Flows	Current Period Recognized OTTI	Amortized Cost After OTTI	Fair Value	Financial Statement Reporting Period
65537BAC4	1,224	1,210	14	1,210	1,135	9/30/2024
65537BAF7	797	788	9	788	742	9/30/2024
69336RBS8	9	8	2	8	3	9/30/2024
75970HAD2	65	64	1	64	65	9/30/2024
76110VSU3	11	9	2	9	9	9/30/2024
76114QAC9	49	49	0	49	44	9/30/2024
L2287*AA5	3,871	3,417	454	3,417	3,596	9/30/2024
L2287*AB3	2,688	2,302	386	2,302	2,422	9/30/2024
L2287*AC1	9,264	7,944	1,319	7,944	8,360	9/30/2024
12544TAH7	296	224	72	224	293	6/30/2024
12628KAF9	407	404	3	404	355	6/30/2024
12628LAJ9	75	74	1	74	68	6/30/2024
12667FJ55	566	565	1	565	493	6/30/2024
12667G6W8	711	705	6	705	617	6/30/2024
12668AMN2	771	769	2	769	679	6/30/2024
126694DT2	151	142	9	142	111	6/30/2024
17029PAA3	619	607	13	607	607	6/30/2024
17309BAB3	77	76	1	76	69	6/30/2024
17309YAF4	311	309	1	309	270	6/30/2024
36228F3Q7	2	2	0	2	2	6/30/2024
3622E8AC9	1,493	1,442	51	1,442	1,245	6/30/2024
3622E8AF2	706	680	26	680	602	6/30/2024
3622ELAG1	149	148	1	148	131	6/30/2024
3622EUAB2	266	262	4	262	249	6/30/2024
3622EUAC0	575	567	8	567	543	6/30/2024
362334MD3	34	33	1	33	29	6/30/2024
36242DD26	288	262	26	262	246	6/30/2024
36244SAC2	2,047	2,044	3	2,044	1,801	6/30/2024
36244SAF5	1,272	1,244	28	1,244	1,119	6/30/2024
45660LSY6	1,615	1,594	21	1,594	1,465	6/30/2024
46628SAE3	1,112	1,085	27	1,085	1,016	6/30/2024
46628SAG8	790	771	19	771	732	6/30/2024
46630MAG7	233	232	1	232	197	6/30/2024
57643MCG7	66	66	0	66	66	6/30/2024
61749EAD9	1,312	1,280	32	1,280	1,139	6/30/2024
61749EAE7	375	366	9	366	329	6/30/2024

NEW YORK LIFE INSURANCE AND ANNUITY CORPORATION

NOTES TO STATUTORY FINANCIAL STATEMENTS

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


IMPAIRMENTS TAKEN ON CURRENT HOLDINGS DURING THE CURRENT YEAR
(1)	(2)	(3)	(4)	(5)	(6)	(7)
CUSIP^(1,2)	Amortized Cost Before Current Period OTTI	Projected Cash Flows	Current Period Recognized OTTI	Amortized Cost After OTTI	Fair Value	Financial Statement Reporting Period
61749EAH0	413	403	10	403	354	6/30/2024
61750YAB5	30	30	0	30	29	6/30/2024
61750YAD1	776	772	4	772	721	6/30/2024
61750YAE9	109	108	1	108	103	6/30/2024
61750YAJ8	210	208	1	208	196	6/30/2024
61751DAE4	225	225	1	225	192	6/30/2024
61751JAH4	642	634	8	634	579	6/30/2024
61751JAJ0	638	630	8	630	579	6/30/2024
61752RAH5	221	219	2	219	202	6/30/2024
61752RAJ1	490	485	4	485	450	6/30/2024
61752RAM4	471	467	4	467	435	6/30/2024
65537BAC4	1,233	1,232	1	1,232	1,037	6/30/2024
65537BAF7	803	802	1	802	678	6/30/2024
69336RBS8	10	9	1	9	4	6/30/2024
75970HAD2	96	95	1	95	93	6/30/2024
76110VSU3	12	11	1	11	10	6/30/2024
76114QAC9	49	49	0	49	43	6/30/2024
059469AF3	497	403	93	403	376	3/31/2024
059515AE6	384	383	0	383	373	3/31/2024
05953YAA9	2,202	2,084	118	2,084	1,894	3/31/2024
1248MBAJ4	2,678	2,416	262	2,416	2,129	3/31/2024
1248MBAL9	754	675	78	675	598	3/31/2024
12627HAK6	443	345	98	345	306	3/31/2024
12628KAF9	563	413	150	413	372	3/31/2024
12628LAJ9	112	76	37	76	70	3/31/2024
12629EAD7	651	567	84	567	448	3/31/2024
126384AQ9	15	12	3	12	11	3/31/2024
12638PAE9	754	668	87	668	542	3/31/2024
12667FJ55	677	583	94	583	519	3/31/2024
12667G6W8	744	722	22	722	643	3/31/2024
12667G7X5	350	325	25	325	315	3/31/2024
12667GXM0	686	660	26	660	587	3/31/2024
12667GXN8	240	231	9	231	209	3/31/2024
12668AMN2	800	782	18	782	696	3/31/2024
126694DT2	284	225	60	225	194	3/31/2024
161546GK6	1,184	1,184	0	1,184	1,117	3/31/2024

NEW YORK LIFE INSURANCE AND ANNUITY CORPORATION

NOTES TO STATUTORY FINANCIAL STATEMENTS

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


IMPAIRMENTS TAKEN ON CURRENT HOLDINGS DURING THE CURRENT YEAR
(1)	(2)	(3)	(4)	(5)	(6)	(7)
CUSIP^(1,2)	Amortized Cost Before Current Period OTTI	Projected Cash Flows	Current Period Recognized OTTI	Amortized Cost After OTTI	Fair Value	Financial Statement Reporting Period
17029PAA3	636	619	16	619	619	3/31/2024
17309BAB3	86	78	8	78	71	3/31/2024
17309YAF4	326	314	12	314	275	3/31/2024
225470S95	266	249	17	249	178	3/31/2024
3622E8AC9	1,751	1,507	245	1,507	1,268	3/31/2024
3622E8AF2	868	713	156	713	614	3/31/2024
3622ELAG1	191	150	41	150	136	3/31/2024
3622EUAB2	334	268	66	268	253	3/31/2024
3622EUAC0	733	580	153	580	551	3/31/2024
3622MPAT5	13	13	0	13	11	3/31/2024
362334MD3	417	351	66	351	364	3/31/2024
362375AF4	440	321	119	321	321	3/31/2024
36244SAC2	2,280	2,075	205	2,075	1,836	3/31/2024
36244SAF5	1,419	1,290	129	1,290	1,141	3/31/2024
45660LSY6	1,659	1,631	28	1,631	1,504	3/31/2024
466247ZQ9	261	244	17	244	210	3/31/2024
46627MEA1	546	535	11	535	487	3/31/2024
46628SAE3	1,342	1,126	216	1,126	1,048	3/31/2024
46628SAG8	966	800	166	800	755	3/31/2024
46630MAG7	256	239	17	239	205	3/31/2024
57643MCG7	83	82	1	82	83	3/31/2024
61749EAD9	1,565	1,321	244	1,321	1,219	3/31/2024
61749EAE7	435	378	57	378	350	3/31/2024
61749EAH0	468	415	53	415	378	3/31/2024
61750YAB5	539	442	97	442	454	3/31/2024
61750YAD1	949	784	166	784	738	3/31/2024
61750YAE9	134	110	24	110	105	3/31/2024
61750YAJ8	256	212	45	212	200	3/31/2024
61751DAE4	254	227	26	227	196	3/31/2024
61751JAH4	824	652	173	652	598	3/31/2024
61751JAJ0	819	648	171	648	598	3/31/2024
61752RAH5	255	223	32	223	206	3/31/2024
61752RAJ1	569	495	75	495	459	3/31/2024
61752RAM4	561	476	85	476	443	3/31/2024
61946UAA0	5,332	5,330	2	5,330	5,085	3/31/2024
61947DAA7	2,956	2,921	35	2,921	2,464	3/31/2024

NEW YORK LIFE INSURANCE AND ANNUITY CORPORATION

NOTES TO STATUTORY FINANCIAL STATEMENTS

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


IMPAIRMENTS TAKEN ON CURRENT HOLDINGS DURING THE CURRENT YEAR
(1)	(2)	(3)	(4)	(5)	(6)	(7)
CUSIP^(1,2)	Amortized Cost Before Current Period OTTI	Projected Cash Flows	Current Period Recognized OTTI	Amortized Cost After OTTI	Fair Value	Financial Statement Reporting Period
65537BAC4	1,449	1,249	200	1,249	1,067	3/31/2024
65537BAF7	949	813	136	813	697	3/31/2024
69336QAL6	398	352	46	352	387	3/31/2024
69336RBS8	16	10	6	10	5	3/31/2024
69337VAE0	1,049	774	276	774	826	3/31/2024
75970HAD2	94	89	5	89	88	3/31/2024
76110VSU3	135	12	123	12	11	3/31/2024
76114CAD8	181	177	3	177	153	3/31/2024
76114QAC9	52	49	3	49	44	3/31/2024
87222PAD5	186	124	63	124	139	3/31/2024

Subtotal - General Account	XXX	XXX	$22,261	XXX	XXX

Guaranteed Separate Accounts
059469AF3	65	63	1	63	59	12/31/2024
1248MBAL9	98	97	1	97	85	12/31/2024
12628KAF9	51	49	2	49	43	12/31/2024
126384AQ9	11	11	0	11	10	12/31/2024
17309YAF4	196	196	0	196	174	12/31/2024
3622E8AC9	30	30	1	30	27	12/31/2024
3622MPAT5	12	12	0	12	11	12/31/2024
36244SAC2	107	105	2	105	94	12/31/2024
36244SAF5	98	97	1	97	89	12/31/2024
61749EAD9	55	54	1	54	48	12/31/2024
61749EAE7	27	27	0	27	24	12/31/2024
61749EAH0	83	82	1	82	72	12/31/2024
61750YAE9	26	26	1	26	26	12/31/2024
61750YAJ8	77	75	2	75	73	12/31/2024
61751DAE4	31	30	1	30	26	12/31/2024
75970HAD2	4	4	0	4	4	12/31/2024
76110VSU3	0	0	0	0	0	12/31/2024
059469AF3	66	65	1	65	63	9/30/2024
12627HAK6	60	60	0	60	54	9/30/2024
12628KAF9	52	51	1	51	46	9/30/2024
126384AQ9	11	11	0	11	11	9/30/2024
3622MPAT5	12	12	0	12	11	9/30/2024
36244SAC2	110	108	2	108	98	9/30/2024
36244SAF5	101	99	2	99	93	9/30/2024
61749EAD9	56	55	1	55	51	9/30/2024
61749EAE7	28	27	1	27	26	9/30/2024
61749EAH0	85	84	1	84	77	9/30/2024
61750YAE9	27	26	0	26	26	9/30/2024

NEW YORK LIFE INSURANCE AND ANNUITY CORPORATION

NOTES TO STATUTORY FINANCIAL STATEMENTS

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


IMPAIRMENTS TAKEN ON CURRENT HOLDINGS DURING THE CURRENT YEAR
(1)	(2)	(3)	(4)	(5)	(6)	(7)
CUSIP^(1,2)	Amortized Cost Before Current Period OTTI	Projected Cash Flows	Current Period Recognized OTTI	Amortized Cost After OTTI	Fair Value	Financial Statement Reporting Period
61750YAJ8	78	77	1	77	75	9/30/2024
75970HAD2	7	7	0	7	7	9/30/2024
76110VSU3	0	0	0	0	0	9/30/2024
12628KAF9	53	53	0	53	46	6/30/2024
17309YAF4	202	202	1	202	176	6/30/2024
3622E8AC9	32	31	1	31	26	6/30/2024
36244SAC2	112	112	0	112	99	6/30/2024
36244SAF5	106	103	3	103	93	6/30/2024
61749EAD9	58	57	1	57	51	6/30/2024
61749EAE7	29	28	1	28	25	6/30/2024
61749EAH0	88	86	2	86	76	6/30/2024
61750YAE9	27	27	0	27	26	6/30/2024
61750YAJ8	79	78	0	78	73	6/30/2024
61751DAE4	32	32	0	32	27	6/30/2024
75970HAD2	11	11	0	11	11	6/30/2024
059469AF3	82	67	15	67	63	3/31/2024
059515AE6	49	49	0	49	48	3/31/2024
1248MBAL9	116	104	12	104	92	3/31/2024
12627HAK6	78	61	17	61	54	3/31/2024
12628KAF9	73	54	20	54	49	3/31/2024
126384AQ9	15	12	3	12	11	3/31/2024
17309YAF4	213	205	8	205	179	3/31/2024
3622E8AC9	37	32	5	32	27	3/31/2024
3622MPAT5	13	13	0	13	11	3/31/2024
362334MD3	29	24	5	24	25	3/31/2024
36244SAC2	124	114	11	114	101	3/31/2024
36244SAF5	118	107	10	107	95	3/31/2024
61749EAD9	69	59	11	59	54	3/31/2024
61749EAE7	33	29	4	29	27	3/31/2024
61749EAH0	100	89	11	89	81	3/31/2024
61750YAB5	62	51	11	51	53	3/31/2024
61750YAE9	33	27	6	27	26	3/31/2024
61750YAJ8	96	79	16	79	75	3/31/2024
61751DAE4	36	32	4	32	28	3/31/2024
61946UAA0	346	346	0	346	330	3/31/2024
61947DAA7	602	595	7	595	502	3/31/2024
75970HAD2	12	11	1	11	11	3/31/2024
76110VSU3	1	0	1	0	0	3/31/2024

Subtotal - Guaranteed Separate Accounts	XXX	XXX	$ 215	XXX	XXX
Grand Total	XXX	XXX	$22,476	XXX	XXX

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

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

NEW YORK LIFE INSURANCE AND ANNUITY CORPORATION

NOTES TO STATUTORY FINANCIAL STATEMENTS

NOTE 21—SUBSEQUENT EVENTS

At February 28, 2025, the date the financial statements were available to be issued, there have been no events occurring subsequent to the close of the Company’s books or accounts for the accompanying statutory financial statements that would have a material effect on the financial condition of the Company.

NEW YORK LIFE INSURANCE AND ANNUITY CORPORATION

NOTES TO STATUTORY FINANCIAL STATEMENTS

GLOSSARY OF TERMS


Term		Description
ABS		Asset-backed securities
AG 43		Actuarial Guideline 43 CARVM for variable annuities
AVR		Asset valuation reserve
CARES Act		Coronavirus Aid, Relief, and Economic Security Act
CAMT		Corporate Alternative Minimum Tax
CARVM		Commissioners’ Annuity Reserve Valuation Method
COLI		Corporate owned life insurance
CRVM		Commissioners’ Reserve Valuation Method
CSAs		Credit support annexes
DTA(s)		Deferred tax asset(s)
DTL(s)		Deferred tax liability(ies)
ETFs		Exchange traded funds
FHLB		Federal Home Loan Bank
GMAB		Guaranteed minimum accumulation benefit
GMDB		Guaranteed minimum death benefit
IMR		Interest maintenance reserve
INT		Interpretation 23-01 adopted by the NAIC
IRA		The Inflation Reduction Act of 2022
IRS		Internal Revenue Service
LIHTC		Low-income housing tax credit
LINA		Life Insurance Company of North America
LTV		Loan to value ratio
MCF		Madison Capital Funding LLC
MCF Note Agreement		New York Life note funding agreement with MCF
NAIC		National Association of Insurance Commissioners
NAIC SAP		National Association of Insurance Commissioners’ Accounting Practices and Procedures
NAV		Net asset value
New York Life		New York Life Insurance Company
NYLARC		New York Life Agents Reinsurance Company
NYLAZ		NYLIFE Insurance Company of Arizona
NYLCC		New York Life Capital Corporation
NYLGICNY		New York Life Group Insurance Company of NY
NYLIM		New York Life Investment Management LLC
NYL Investments		New York Life Investment Management Holdings LLC
NYSDFS		New York State Department of Financial Services
OTC		Over-the-counter
OTC-bilateral		Over-the-counter bilateral agreements
OTC-cleared		Over-the-counter clearinghouse
OTTI		Other-than-temporary impairment(s)

NEW YORK LIFE INSURANCE AND ANNUITY CORPORATION

NOTES TO STATUTORY FINANCIAL STATEMENTS


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

NEW YORK LIFE INSURANCE AND ANNUITY CORPORATION

SCHEDULE 1—SUPPLEMENTAL SCHEDULE OF SELECTED FINANCIAL DATA

At and for the Year Ended December 31, 2024

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


Investment Income Earned:
U.S. government bonds	$	154,996,752
Other bonds (unaffiliated)		4,096,099,869
Bonds of affiliates		224,579,068
Preferred stocks (unaffiliated)		297,593
Preferred stocks of affiliates		—
Common stocks (unaffiliated)		15,843,650
Common stocks of affiliates		—
Mortgage loans		808,506,316
Real estate		17,216,456
Premium notes, policy loans and liens		55,958,955
Cash on hand and on deposit		9,340,448
Short-term investments		149,800,467
Derivative instruments		132,772,019
Other invested assets		133,934,943
Aggregate write-ins for investment income		9,558,202

Gross investment income	$	5,808,904,738

Real Estate Owned - Book Value less Encumbrances	$	88,883,285

Mortgage Loans - Book Value:
Residential mortgages	$	3,700,493
Commercial mortgages		17,127,628,851
Mezzanine real estate loans		318,881,363

Total mortgage loans	$	17,450,210,707

Mortgage Loans by Standing - Book Value:
Good standing	$	17,351,596,853

Good standing with restructured terms	$	16,627,560

Interest overdue more than 90 days, not in foreclosure	$	78,086,294

Foreclosures in process	$	3,900,000

Other Invested Assets - Statement Value	$	3,739,246,706

Collateral Loans	$	—

NEW YORK LIFE INSURANCE AND ANNUITY CORPORATION

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


Bonds and Stocks of Parent, Subsidiaries and Affiliates - Book Value:
Bonds	$	3,297,517,367

Preferred stocks	$	—

Common stocks	$	—

Bonds and Short-Term Investments by Maturity and NAIC Designation:
Bonds by maturity - statement value:
Due within one year or less	$	13,961,345,484
Over one year through five years		37,459,791,690
Over five years through 10 years		24,870,504,035
Over 10 years through 20 years		10,903,477,350
Over 20 years		18,347,977,375

Total by maturity	$	105,543,095,934

Bonds by NAIC designation - statement value
NAIC 1	$	64,325,997,168
NAIC 2		36,018,092,870
NAIC 3		3,212,437,336
NAIC 4		1,682,781,142
NAIC 5		261,983,718
NAIC 6		41,803,700

Total by NAIC designation	$	105,543,095,934

Total bonds publicly traded	$	54,035,765,861

Total bonds privately placed	$	51,507,330,073

Preferred Stocks - Statement Value	$	43,090,425

Common Stocks - Fair Value	$	732,344,920

Short-Term Investments - Book Value	$	149,971,684

Options, Caps and Floors Owned - Statement Value	$	349,742,102

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

Collar, Swap and Forward Agreements Open - Statement Value	$	898,007,186

Future Contracts Open - Current Value	$	(45,675	)

Cash on Deposit	$	(184,274,598	)

NEW YORK LIFE INSURANCE AND ANNUITY CORPORATION

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


Life Insurance In-Force (in thousands):
Industrial	$	—

Ordinary	$	183,615,071

Credit life	$	—

Group life	$	752,804,079

Amount of Accidental Death Insurance In-Force Under Ordinary Policies (in thousands):	$	741,272

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

Ordinary	$	14,473,088

Credit life	$	—

Group life	$	—

Supplementary Contracts In-Force:
Ordinary - not involving life contingencies
Amount on deposit	$	288,184,521

Income payable	$	53,254,933

Ordinary - involving life contingencies
Income payable	$	53,465,292

Group - not involving life contingencies
Amount on deposit	$	—

Income payable	$	—

Group - involving life contingencies
Income payable	$	—

Annuities:
Ordinary
Immediate - amount of income payable	$	2,263,782,716

Deferred - fully paid account balance	$	57,002,887,362

Deferred - not fully paid - account balance	$	38,845,709,942

Group
Amount of income payable	$	78,082,654

Fully paid account balance	$	962,527

Not fully paid - account balance	$	—

NEW YORK LIFE INSURANCE AND ANNUITY CORPORATION

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


Accident and Health Insurance - Premiums In-Force
Ordinary	$	—

Group	$	—

Credit	$	—

Deposit Funds and Dividend Accumulations:
Deposit funds - account balance	$	353,014,976

Dividend accumulations - account balance	$	—

Claim Payments 2024 (in thousands):
Group accident and health - year ended December 31, 2024
2024	$	—

2023	$	—

2022	$	—

2021	$	—

2020	$	—

Prior	$	—

Other accident and health
2024	$	—

2023	$	—

2022	$	—

2021	$	—

2020	$	—

Prior	$	—

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

2024	$	964

2023	$	938

2022	$	1,010

2021	$	926

2020	$	956

Prior	$	69

NEW YORK LIFE INSURANCE AND ANNUITY CORPORATION

SCHEDULE 2—SUMMARY INVESTMENT SCHEDULE

At and for the Year Ended December 31, 2024



Investment Categories	Gross Investment Holdings*					Admitted Assets as Reported in the Annual Statement
	Amount		Percentage			Amount		Securities Lending Reinvested Collateral Amount		Total Amount		Percentage
Bonds:
U.S. governments	$	5,127,012,624		3.937	%	$	5,127,012,624			$	5,127,012,624		3.938	%
All other governments		260,306,826		0.200			260,306,826				260,306,826		0.200
U.S. states, territories and possessions, etc. guaranteed				—							—		—
U.S. political subdivisions of states, territories, and possessions, guaranteed				—							—		—
U.S. special revenue and special assessment obligations, etc. non-guaranteed		9,344,754,153		7.176			9,344,754,153				9,344,754,153		7.178
Industrial and miscellaneous		82,956,864,530		63.704			82,956,864,530				82,956,864,530		63.718
Hybrid securities				—							—		—
Parent, subsidiaries and affiliates		3,297,517,367		2.532			3,297,517,367				3,297,517,367		2.533
SVO identified funds		562,434,306		0.432			562,434,306				562,434,306		0.432
Unaffiliated Bank loans		583,712,531		0.448			583,712,531				583,712,531		0.448
Unaffiliated Certificates of deposit				—							—		—
Total long-term bonds		102,132,602,337		78.429			102,132,602,337		—		102,132,602,337		78.446
Preferred Stocks:				—									—
Industrial and miscellaneous (Unaffiliated)		43,090,425		0.033			43,090,425				43,090,425		0.033
Parent, subsidiaries and affiliates				—							—		—
Total preferred stocks		43,090,425		0.033			43,090,425		—		43,090,425		0.033
Common Stock:
Industrial and miscellaneous
Publicly traded (Unaffiliated)		336,811,186		0.259			336,811,186				336,811,186		0.259
Industrial and miscellaneous Other (Unaffiliated)		34,445,537		0.026			34,445,537				34,445,537		0.026
Parent, subsidiaries and affiliates Publicly traded				—							—		—
Parent, subsidiaries and affiliates Other				—							—		—
Mutual funds		100,628,975		0.077			100,628,975				100,628,975		0.077
Unit investment trusts				—							—		—
Closed-end funds				—							—		—
Exchange traded funds		260,459,229		0.200			260,459,229				260,459,229		0.200
Total common stocks		732,344,927		0.562			732,344,927		—		732,344,927		0.563
Mortgage loans:
Farm mortgages				—							—		—
Residential mortgages		3,700,493		0.003			3,700,493				3,700,493		0.003
Commercial mortgages		17,127,628,851		13.153			17,127,628,851				17,127,628,851		13.155
Mezzanine real estate loans		318,881,363		0.245			318,881,363				318,881,363		0.245
Total valuation allowance				—							—		—
Total mortgage loans		17,450,210,707		13.400			17,450,210,707		—		17,450,210,707		13.403

NEW YORK LIFE INSURANCE AND ANNUITY CORPORATION

SCHEDULE 2—SUMMARY INVESTMENT SCHEDULE (continued)



Investment Categories	Gross Investment Holdings*						Admitted Assets as Reported in the Annual Statement
	Amount			Percentage			Amount			Securities Lending Reinvested Collateral Amount		Total Amount			Percentage
Real Estate:
Properties occupied by company					—								—			—
Properties held for production of income		88,883,285			0.068			88,883,285					88,883,285			0.068
Properties held for sale					—								—			—
Total real estate		88,883,285			0.068			88,883,285			—		88,883,285			0.068
Cash, cash equivalents and short-term investments:
Cash		(184,274,598	)		(0.142	)		(184,274,598	)				(184,274,598	)		(0.142	)
Cash equivalents		3,397,559,803			2.609			3,397,559,805					3,397,559,805			2.610
Short-term investments		149,971,683			0.115			149,971,684					149,971,684			0.115
Total cash, cash equivalents and short-term investments		3,363,256,888			2.583			3,363,256,891			—		3,363,256,891			2.583
Contract loans		1,045,509,995			0.803			1,024,304,990					1,024,304,990			0.787
Derivatives		1,519,143,792			1.167			1,519,143,792					1,519,143,792			1.167
Other invested assets		3,746,378,080			2.877			3,739,246,706					3,739,246,706			2.872
Receivables for securities		107,878			—			107,878					107,878			—
Securities lending					—								—			—
Other invested assets		100,785,016			0.077			100,785,016					100,785,016			0.077

Total invested assets	$	130,222,313,330			100.000	%	$	130,193,976,954		$	—	$	130,193,976,954			100.000	%

NEW YORK LIFE INSURANCE AND ANNUITY CORPORATION

SCHEDULE 3 – INVESTMENT RISKS INTERROGATORIES

At and for the Year Ended December 31, 2024


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

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

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

1. Reporting entity’s total admitted assets as reported on Page 2 of this annual statement. $144,458,065,137

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


Issuer	Description of Exposure	Amount		Percentage of Admitted Assets
MADISON CAPITAL FUNDING LLC	Affiliated Bonds/Limited Partnerships	$	3,641,046,901		2.52	%
WELLS FARGO	Bonds/Equity	$	1,087,239,209		0.75	%
JP MORGAN	Bonds/Equity	$	958,568,597		0.66	%
EXETER PROPERTY GROUP, LLC	Mortgage Loans	$	799,965,730		0.55	%
MORGAN STANLEY	Bonds/Equity	$	787,492,882		0.55	%
NYLIM HOLDINGS NOTE	Affiliated Bonds	$	762,000,000		0.53	%
CITI GROUP	Bonds/Equity	$	728,842,478		0.50	%
GIC REAL ESTATE	Mortgage Loans	$	612,342,481		0.42	%
BLACKSTONE	Mortgage Loans/Bonds	$	499,562,110		0.35	%
GS MORTGAGE	Bonds	$	478,952,007		0.33	%

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


Rating	Bonds		Percentage of Total Admitted Assets			Preferred Stocks				Percentage of Total Admitted Assets
NAIC – 1	$	64,325,997,169		44.53	%		P/RP - 1	$	—		—	%
NAIC – 2	$	36,018,092,871		24.93	%		P/RP - 2	$	14,852,000		0.01	%
NAIC – 3	$	3,212,437,336		2.22	%		P/RP - 3	$	—		—	%
NAIC – 4	$	1,682,781,142		1.16	%		P/RP - 4	$	—		—	%
NAIC – 5	$	261,983,718		0.18	%		P/RP - 5	$	138,543		—	%
NAIC – 6	$	41,803,700		0.03	%		P/RP - 6	$	28,099,882		0.02	%

NEW YORK LIFE INSURANCE AND ANNUITY CORPORATION

SCHEDULE 3 – INVESTMENT RISKS INTERROGATORIES (continued)

4. Assets held in foreign investments:

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

Yes [ ] No [X]


If response to 4.01 above is Yes, responses are not required for interrogatories 5-10
Total admitted assets held in foreign investments	$	18,186,160,258	12.59	%
Foreign-currency-denominated investments	$	—	—	%
Insurance liabilities denominated in that same foreign currency	$	—	—	%
5. Aggregate foreign investment exposure categorized by NAIC sovereign rating:
Countries rated NAIC-1	$	17,104,853,188	11.84	%
Countries rated NAIC-2	$	829,858,811	0.57	%
Countries rated NAIC-3 or below	$	251,448,260	0.17	%
6. Largest foreign investment exposures by country, categorized by NAIC sovereign rating:
Countries rated NAIC-1:
UNITED KINGDOM	$	4,901,108,250	3.39	%
CAYMAN ISLANDS	$	3,491,295,634	2.42	%
Countries rated NAIC-2:
MEXICO	$	282,342,775	0.20	%
INDONESIA	$	127,741,415	0.09	%
Countries rated NAIC-3 or below:
COLOMBIA	$	72,753,786	0.05	%
BARBADOS	$	40,581,633	0.03	%
7. Aggregate unhedged foreign currency exposure	$	186,833,780	0.12	%
8. Aggregate unhedged foreign currency exposure categorized by the country’s NAIC sovereign rating:
Countries rated NAIC-1:	$	175,696,599	0.12	%
Countries rated NAIC-2:	$	9,581,303	0.01	%
Countries rated NAIC-3 or below:	$	1,555,878	0.00	%
9. Largest unhedged foreign currency exposures by country, categorized by the country’s NAIC sovereign rating:
Countries rated NAIC-1:
LUXEMBOURG	$	60,505,571	0.04	%
AUSTRALIA	$	37,526,791	0.03	%
Countries rated NAIC-2:
INDIA	$	4,560,425	—	%
ITALY	$	3,723,087	—	%
Countries rated NAIC-3 or below:
BRAZIL	$	909,831	—	%
SOUTH AFRICA	$	646,047	—	%
10. Ten largest non-sovereign (i.e. non-governmental) foreign issues:

NEW YORK LIFE INSURANCE AND ANNUITY CORPORATION

SCHEDULE 3 – INVESTMENT RISKS INTERROGATORIES (continued)


Issuer	NAIC Rating
UBS GROUP AG	1.G	$	179,594,589	0.12	%
BARCLAYS PLC	2.A FE	$	150,513,062	0.10	%
INTERTEK GROUP PLC	2.A	$	149,550,005	0.10	%
OCP CLO LTD OCP_24-31	1.A FE	$	141,158,000	0.10	%
BALLYROCK CLO LTD BALLY_23-23A	1.A FE	$	140,000,000	0.10	%
MITSUBISHI UFJ FINANCIAL GROUP	1.G	$	133,457,497	0.09	%
BPCE SA	1.G	$	133,225,620	0.09	%
BANCO SANTANDER SA	2.A	$	129,672,726	0.09	%
BASF SE	1.G FE	$	127,116,206	0.09	%
TRITAX BIG BOX REIT PLC	2.A	$	125,553,091	0.09	%

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

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

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

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

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

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

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

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

Yes [] No [X]

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


Issuer
NEW YORK LIFE INS CO (MADISON CAPITAL FUNDING LLC)	$	1,372,047,379	0.95	%
STONE RIDGE HOLDINGS GROUP LLC	$	254,252,043	0.18	%
TRISTAN INCOME PLUS STRATEGY ONE SCSP	$	96,810,583	0.07	%
CURZON CAPITAL PARTNERS 5 LONG-LIFE LP	$	82,580,206	0.06	%
MSSDF MEMBER LLC	$	80,567,538	0.06	%
MACKAY SHIELDS EMERGING MARKETS DEBT PORTFOLIO	$	52,578,665	0.04	%
NYLIC HKP MEMBER LLC	$	48,374,880	0.03	%
FLYBRIDGE CAPITAL PARTNERS IV, L.P.	$	47,464,947	0.03	%
GOLDPOINT MEZZANINE PARTNERS IV, LP	$	43,442,442	0.03	%
REEP-RTL NPM GA LLC	$	39,992,455	0.03	%

NEW YORK LIFE INSURANCE AND ANNUITY CORPORATION

SCHEDULE 3 – INVESTMENT RISKS INTERROGATORIES (continued)

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

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

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

Ten largest fund managers:


Fund Manager	Total Invested		Diversified		Nondiversified
STONE RIDGE	$	916,246,008	$	—	$	916,246,008
BLACKROCK ADVISORS, LLC	$	563,142,134	$	563,142,134	$	—
THE VANGUARD GROUP, INC.	$	234,027,813	$	234,027,813	$	—
APOGEM CAPITAL	$	164,116,441	$	—	$	164,116,441
NYL INVESTORS LLC - REAL ESTATE INVESTORS	$	112,365,114	$	—	$	112,365,114
CANDRIAM LUXEMBOURG	$	101,976,317	$	—	$	101,976,317
MACKAY	$	84,107,066	$	—	$	84,107,066
FIDELITY MANAGEMENT & RESEARCH COMPANY	$	30,000,100	$	30,000,100	$	—
EQT	$	26,218,604	$	—	$	26,218,604
INDEXIQ ADVISORS LLC	$	25,823,588	$	25,823,588	$	—

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

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

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

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

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

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

NEW YORK LIFE INSURANCE AND ANNUITY CORPORATION

SCHEDULE 3 – INVESTMENT RISKS INTERROGATORIES (continued)


Type ( Residential, Commercial, Agricultural)
COMMERCIAL	$	306,245,000	0.21	%
COMMERCIAL	$	257,320,000	0.18	%
COMMERCIAL	$	247,100,000	0.17	%
COMMERCIAL	$	245,825,204	0.17	%
COMMERCIAL	$	245,426,985	0.17	%
COMMERCIAL	$	229,022,481	0.16	%
COMMERCIAL	$	224,516,000	0.16	%
COMMERCIAL	$	221,730,000	0.15	%
COMMERCIAL	$	219,484,000	0.15	%
COMMERCIAL	$	180,800,000	0.13	%

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


Construction loans	$	631,903,120	0.44	%
Mortgage loans over 90 days past due	$	37,067,063	0.03	%
Mortgage loans in the process of foreclosure	$	3,900,000	—	%
Mortgage loans foreclosed	$	30,600,000	0.02	%
Restructured mortgage loans	$	57,646,791	0.04	%

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


Loan-to-Value	Residential				Commercial				Agricultural
above 95%	$	—	—	%	$	169,625,018	0.12	%	$	—	—	%
91% to 95%	$	—	—	%	$	280,338,392	0.19	%	$	—	—	%
81% to 90%	$	—	—	%	$	433,909,306	0.30	%	$	—	—	%
71% to 80%	$	—	—	%	$	1,634,614,378	1.13	%	$	—	—	%
Below 70%	$	3,700,493	—	%	$	14,928,023,120	10.33	%	$	—	—	%

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

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

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

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

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

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

NEW YORK LIFE INSURANCE AND ANNUITY CORPORATION

SCHEDULE 3 – INVESTMENT RISKS INTERROGATORIES (continued)

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


	At End of Each Quarter
	At Year End				1st Qtr		2nd Qtr		3rd Qtr
Securities lending agreements (do not include assets held as collateral for such transactions)	$	1,010,289,236	0.70	%	$	1,023,526,289	$	1,025,442,627	$	990,942,208
Repurchase agreements	$	—	—	%	$	—	$	—	$	—
Reverse repurchase agreements	$	459,711,000	0.32	%	$	465,344,000	$	460,189,000	$	457,511,000
Dollar repurchase agreements	$	—	—	%	$	—	$	—	$	—
Dollar reverse repurchase agreements	$	—	—	%	$	—	$	—	$	—

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


	Owned				Written
Hedging	$	349,742,102	0.24	%	$	—	—	%
Income generation	$	—	—	%	$	—	—	%
Other	$	—	—	%	$	—	—	%

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


	At End of Each Quarter
	At Year End				1st Qtr		2nd Qtr		3rd Qtr
Hedging	$	253,683,306	0.18	%	$	234,566,592	$	257,510,485	$	254,590,474
Income generation	$	—	—	%	$	—	$	—	$	—
Replications	$	276,311,225	0.19	%	$	276,979,696	$	276,583,500	$	276,453,767
Other	$	—	—	%	$	—	$	—	$	—

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


	At End of Each Quarter
	At Year End				1st Qtr		2nd Qtr		3rd Qtr
Hedging	$	832,817	—	%	$	15,609,113	$	870,500	$	1,066,000
Income generation	$	—	—	%	$	—	$	—	$	—
Replications	$	—	—	%	$	—	$	—	$	—
Other	$	—	—	%	$	—	$	—	$	—

100

NEW YORK LIFE INSURANCE AND ANNUITY CORPORATION

SCHEDULE 4—SUPPLEMENTAL SCHEDULE OF REINSURANCE CONTRACTS

At and for the Year Ended December 31, 2024

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

None

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

None

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

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

None

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

None

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

None

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

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

None

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

None

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