As filed with the SEC on April 29, 2025
Registration No. 333‑123884
Registration No. 811‑05315
 
 
 
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 
 
FORM N-4
 
 
REGISTRATION STATEMENT
  UNDER  
  THE SECURITIES ACT OF 1933  
  Pre‑Effective Amendment No.  
  Post-Effective Amendment No. 27   ☒
  REGISTRATION STATEMENT  
  UNDER  
  THE INVESTMENT COMPANY ACT OF 1940  
  Amendment No. 139   ☒
 
 
FIDELITY INVESTMENTS VARIABLE ANNUITY ACCOUNT I
(Exact Name of Registered Separate Account)
 
 
FIDELITY INVESTMENTS LIFE INSURANCE COMPANY
(Name of Insurance Company)
 
 
900 Salem Street
Smithfield, Rhode Island 02917
(Address of Insurance Company’s Principal Executive Offices)
 
 
Insurance Company’s Telephone Number: (800) 544‑8888
 
 
ARI LINDNER
President
Fidelity Investments Life Insurance Company
900 Salem Street
Smithfield, Rhode Island 02917
(Name and Address of Agent for Service)
 
 
Copy to:
MICHAEL BERENSON
MORGAN, LEWIS & BOCKIUS LLP
1111 Pennsylvania Avenue, N.W.
Washington, D.C. 20004
 
 
It is proposed that this filing will become effective (check appropriate box):
 
☐
immediately upon filing pursuant to paragraph (b) of rule 485
 
☒
on April 30, 2025, pursuant to paragraph (b) of rule 485
 
☐
60 days after filing pursuant to paragraph (a)(1) of rule 485
 
☐
on (date) pursuant to paragraph (a)(1) of rule 485 under the Securities Act of 1933 (“Securities Act”).
If appropriate, check the following box:
 
☐
This post-effective amendment designates a new effective date for a previously filed post-effective amendment.
 
 
 
PROSPECTUS
April 30, 2025
Fidelity Personal Retirement Annuity®
Issued by Fidelity Investments Life Insurance Company
(“FILI”)
Introduction:
Fidelity Personal Retirement Annuity® (“FPRA”) is an individual, deferred, flexible premium variable annuity contract issued by Fidelity Investments Life Insurance Company (“FILI”, the “Company”, “we”, or “us”). The Contract is designed to be purchased with after‑tax money by individual investors who desire to accumulate capital on a tax‑deferred basis for retirement or other long-term purposes. Money may be directed to one or more of the Subaccounts of Fidelity Investments Variable Annuity Account I (the “Variable Account”), each of which invests in a single mutual fund portfolio (a “Fund”). Information about the Funds is provided in Appendix A.
You may authorize a third-party investment advisory firm (the “Advisor”) to make asset allocation decisions and request other transactions within the Contract on your behalf. The Advisor may charge an advisory fee for their services, and this fee would be in addition to the Contract’s fees and expenses. If you elect to pay this advisory fee from the Contract, then this deduction will reduce the Contract Value and Death Benefit and may be subject to federal and state income taxes and a 10% federal penalty tax.
Important Disclosures:
The Contract is a complex investment and involves risks, including risk of loss. It is not a short-term investment and is not suitable for an investor who needs ready access to cash. The taxable portion of a distribution will generally be taxed as ordinary income and may be subject to a penalty tax if received before age 591⁄2.
FILI’s obligations and guarantees under the Contract are subject to FILI’s financial strength and claims-paying ability.
Neither the Securities and Exchange Commission nor any state securities commission has approved or disapproved these securities or determined if this prospectus is accurate or complete. Any representation to the contrary is a criminal offense.
Additional information about certain investment products, including variable annuities, has been prepared by the Securities and Exchange Commission’s staff and is available at Investor.gov.
If you are a new investor in the Contract, you may cancel your Contract within 10 days of receiving it without paying fees or penalties. In some states, this “free look” or cancellation period may be longer. Upon cancellation, you will receive either a full refund of the amount you paid with your application or your total Contract Value. You should review this prospectus, or consult with your investment professional, for additional information about the specific cancellation terms that apply.
 
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TABLE OF CONTENTS
 
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GLOSSARY
Accumulation Phase - The Accumulation Phase starts when you purchase your Contract and ends on the Annuity Date, when the Income Phase starts.
Accumulation Unit - A unit of interest in a Subaccount.
Accumulation Unit Value - The value of a particular Accumulation Unit at a particular time.
Annuitant or Annuitants - The person(s) designated by the Owner(s) to receive monthly annuity income payments.
Annuity Date - A date selected by the Owner(s) for annuity income payments to begin. This date can be as late as the first day of the calendar month following the oldest Owner’s 95th birthday. Once annuity income payments begin, Owners have no rights in the Contract.
Base Contract Expenses - also referred to as “Contract Charges” - Expenses that we assess daily at an annual effective rate against the assets of each Subaccount, comprised of a Mortality and Expense Risk Charge and an Administrative Charge.
Beneficiary or Beneficiaries - The person or persons who receive proceeds from the Contract if all the Owners die before the Annuity Date.
Code - The Internal Revenue Code of 1986, as amended.
Contract - The annuity contract described in this prospectus.
Contract Anniversary - The same month and day as the Contract Date in each later year.
Contract Date - The date your Contract becomes effective. We show this date in your Contract.
Contract Value - The total amount attributable to a Contract at any time before annuity income payments begin.
Contract Year - A year that starts on the Contract Date or a Contract Anniversary and ends at the close of business on the day before the next Contract Anniversary.
Death Benefit - A benefit equal to the Contract Value that applies if any Owner (or Annuitant for a trust owned Contract) dies before the Annuity Date.
Exchanges - Transfers of values among the Subaccounts.
Free Look Period - The limited period of time after you purchase your Contract that you can cancel it and return it for a refund.
Funds - The mutual fund portfolios in which the Subaccounts invest.
Income Phase - The Income Phase starts on the Annuity Date and represents the period of time the Contract makes annuity income payments.
Non‑qualified Annuity - An annuity contract that does not qualify as an individual retirement annuity under Section 408(b) of the Code.
 
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Owner(s) - also “You” or “you” - The one or two persons who have the ownership rights and privileges under the Contract before the Annuity Date. In general, two people may purchase a Contract only if they are spouses.
Purchase Payment(s) - The amount(s) you invest in a Contract before any deduction for premium taxes. This term includes the Initial Purchase Payment in return for which we issue your Contract and any additional Purchase Payments you make later.
Subaccounts - The divisions of the Variable Account to which you may allocate Contract Value. Each Subaccount invests exclusively in the shares of one Fund.
Total Return - A measure of the investment performance for a Subaccount from one Valuation Period to the next.
Valuation Period - The period of time between one determination of the value of Accumulation Units to the next determination. We make determinations as of the close of business of the New York Stock Exchange (normally 4 p.m. Eastern Time) each day that the Exchange is open for trading.
Variable Account - Fidelity Investments Variable Annuity Account I.
You or you - The one or two persons who own a Contract. Once the Contract is issued, the Owner(s) may not be changed, except that if a Contract has one Owner at the time of issue, that Owner may add a second Owner.
 
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OVERVIEW OF THE CONTRACT
What is this Contract designed to do and who could it be appropriate for?
FPRA is designed to provide long-term, tax‑deferred accumulation of assets through investments in a variety of Subaccounts during the Accumulation Phase. It can also supplement your retirement income by providing a stream of income payments during the Income Phase. This Contract may be appropriate if you desire to accumulate assets on a tax‑deferred basis, are already maximizing contributions to employer sponsored plans and IRA accounts and have a long-term investment horizon.
If you elect to pay advisory fees from the Contract to a third-party investment advisory firm, then this deduction will reduce the Contract Value and Death Benefit and may be subject to federal and state income taxes and a 10% federal penalty tax. See 1. Principal Risks of Investing in the Contract.
How do I accumulate assets in this contract and receive income from the Contract?
Your Contract has two phases: 1) an Accumulation Phase; and 2) an Income Phase, beginning on the Annuity Date.
 
  •  
Accumulation Phase
To help you accumulate assets, you invest your Purchase Payments in one or more of the Subaccounts. The value of the money you invest in any Subaccount will vary with the performance of the single mutual fund portfolio (the “Fund”) in which the Subaccount invests. Each Fund has its own investment strategies, investment advisers, expense ratios, and returns. Information about the Funds is provided in Appendix A: Funds Available Under the Contract.
 
  •  
Income Phase
During the Income Phase, the Contract pays a stream of guaranteed income payments to the Annuitant(s) beginning on the Annuity Date. For a Contract issued to one Owner, we pay monthly fixed annuity income to the Annuitant(s) beginning on the Annuity Date if the Owner is still alive on the Annuity Date. For a Contract issued to two Owners, we pay monthly fixed annuity income if either (1) both Owners are alive on the Annuity Date or (2) one Owner is alive on the Annuity Date and the surviving Owner was the deceased Owner’s spouse at the time of death and elected to continue the Contract as his or her own. However, Owners have no rights once annuity income payments begin.
Income payments continue until all the Annuitants are no longer living, or for 120 monthly payments, whichever is longer. To provide annuity income, on the Annuity Date all Accumulation Units in the Subaccounts are redeemed and the money is transferred to our general account. Thereafter, the Contract’s Death Benefit terminates and there is no ability to make withdrawals.
What are the other primary features of the Contract?
Other primary contract features:
 
  •  
Accessing your money: During the Accumulation Phase, you have full access to your money. You can choose to withdraw your Contract Value at any time (although certain withdrawals prior to age 591⁄2 may be subject to a tax penalty equal to 10% of the amount treated as taxable income).
 
  •  
Tax treatment: You can Exchange money between Subaccounts without tax implications, and earnings (if any) on your investments are generally tax‑deferred. Earnings, if any, are taxed as ordinary income when received in the form of a withdrawal, annuity income payment, or other form of distribution.
 
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  •  
Death benefit: Your Contract includes a standard Death Benefit that will pay your designated Beneficiaries the Contract Value if all the Owners die during the Accumulation Phase. Please note poor investment performance and withdrawals can significantly reduce this benefit.
 
  •  
Automatic Annuity Builder: At no additional charge, you may use Automatic Annuity Builder to make periodic, pre‑authorized Purchase Payments by electronic funds transfers from your checking or savings account, or by transfers from your Fidelity Investments brokerage account.
 
  •  
Dollar Cost Averaging and Automatic Rebalancing: At no additional charge, you may use Dollar Cost Averaging to make automatic monthly Exchanges from either the Government Money Market Subaccount or the Investment Grade Bond Subaccount (the “Source Option”), but not both, to any of the other Subaccounts you select (the “Destination Options”). Alternatively, at no additional charge, you may use Automatic Rebalancing, which on a periodic basis automatically rebalances the Subaccounts you select to help you maintain your specified allocation mix.
 
  •  
Systematic Withdrawal Program: At no additional charge, you may use our Systematic Withdrawal Program to schedule periodic withdrawals of at least $100 on a monthly, quarterly, semi-annual, or annual basis.
 
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IMPORTANT INFORMATION YOU SHOULD CONSIDER ABOUT THE CONTRACT
 
                   
   
 
FEES, EXPENSES, AND ADJUSTMENTS
  
 
Location in
Prospectus
Are There Charges or Adjustments for Early Withdrawals?
    
 
No
      
Are There Transaction Charges?
       Although we do not currently intend to charge for Exchanges, we reserve the right to impose a charge if you make Exchanges on more than six days during a calendar year. The charge will be not more than $15 for each additional day on which you make an Exchange.       Fee Tables
Are There Ongoing Fees and Expenses?
  
  
  
Yes, the table below describes the fees and expenses that you may pay each year, depending on the investment options you choose. The Annual Charges do not reflect any advisory fees that may be paid by you to a third-party investment advisory firm from your Contract. If such advisory fees were reflected, the fees and expenses disclosed below would be higher. Please refer to your Contract Schedule page for information about the specific fees you will pay each year based on the options you have elected.
 
      
Fee Tables
 
8. Current Charges and Other Deductions
 
Appendix A: Funds Available Under the Contract
     
Annual Fee
 
  
     Minimum     
 
   
Maximum
 
    
   
Base Contract Expenses
   0.25%1,2    0.25%1,2  
   
Subaccounts (Fund fees and expenses)
   0.09%3     2.44%3   
 
  
  
 
1 As a percentage of the average Contract Value.
2   You will be assessed Base Contract Expenses of 0.10% (hereafter referred to as “lower Contract Charges”) if (1) you purchase a Contract on or after September 7, 2010 with an Initial Purchase Payment of $1,000,000 or more, or (2) your Contract Value equals $1,000,000 or more on or after September 7, 2010 and at that time we are offering the Contract to new applicants at the lower Contract Charges.
3 As a percentage of the net assets of each Subaccount.
 
Because your Contract is customizable, the choices you make affect how much you will pay. To help you understand the cost of owning your Contract, the following table shows the lowest and highest cost you could pay each year, based on current charges.
 
  
   
Lowest Annual Cost
$327
  
Highest Annual Cost
$2,312
  
   
 
  
Assumes
 
•  Investment of $100,000
•  5% annual appreciation
•  0.25% Base Contract Expenses
•  Least expensive
combination of Fund fees and expenses
•  No advisory fees paid to third-party investment advisory firms
•  No additional Purchase Payments, transfers or withdrawals
  
Assumes
 
•  Investment of $100,000
•  5% annual appreciation
•  0.25% Base Contract Expenses
•  Most expensive
combination of Fund fees and expenses
•  No advisory fees paid to third-party investment advisory firms
•  No additional Purchase Payments, transfers or withdrawals
         
                     
 
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RISKS   Location in
Prospectus
Is There a Risk of Loss from Poor Performance?  
Yes, an investor can lose money by investing in the Contract.
  
1. Principal Risks of Investing in the Contract
 
2(a). FILI and the Variable Account
 
2(b). The Funds
Is this a
Short-Term Investment?
  
No, the Contract is not suitable as a short-term investment and is not appropriate for an investor who needs ready access to cash. This is because the benefits of tax deferral are more advantageous to investors with a long-time horizon. Investors with a short time horizon may not benefit. Furthermore, the taxable portion of a distribution will generally be taxed as ordinary income and may be subject to a penalty tax if received before age 591⁄2.
  
1. Principal Risks of Investing in the Contract
What Are the Risks Associated with the Investment Options?  
•  An investment in the Contract is subject to the risk of poor performance of the Subaccount(s).
 
•  Performance will vary based on the performance of the Subaccount(s) you select.
 
•  Each Subaccount will have its own unique risks.
 
•  You should review each Fund’s prospectus carefully before making an investment decision.
  
1. Principal Risks of Investing in the Contract
 
2(a). FILI and the Variable Account
 
2(b). The Funds
What Are the Risks Related
to the Insurance Company?
  
The Contract is issued by and subject to the risks related to Fidelity Investments Life Insurance Company (“FILI, “we”, or “us”). The obligations, guarantees, and benefits of the Contract are subject to FILI’s claims-paying ability. FILI has an A+ Financial Strength Rating from AM Best as of February 12, 2025.
  
1. Principal Risks of Investing in the Contract
 
2(a). FILI and the Variable Account
   
RESTRICTIONS   Location in
Prospectus
Are There Restrictions on the Investment Options?  
Yes, the following restrictions may apply:
 
•  During all or part of the Free Look Period, we reserve the right to invest your Purchase Payments in the Government Money Market Subaccount.
 
•  You cannot exchange less than $250 from any Subaccount except that if you have less than $250 in a Subaccount you may exchange the entire amount.
 
•  Contract Owners who engage in frequent Exchanges may be subjected to temporary or permanent restrictions on future purchase or Exchanges.
 
•  We have the right to eliminate Subaccounts, to combine two or more Subaccounts, or to substitute a new mutual fund for the mutual fund in which a Subaccount invests.
  
3(a). Purchase of a Contract
 
5(a). General Procedures for Making Exchanges
 
5(f). FILI Policies Regarding Frequent Trading
 
11(a). Changes in Subaccounts
 
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RESTRICTIONS   Location in
Prospectus
Are There any Restrictions
on Contract Benefits?
  
Yes, there are:
 
•  We will not pay any Beneficiary their portion of the Death Benefit until we have determined the number of Beneficiaries entitled to receive payment and received all required forms in good order.
 
•  We reserve the right to modify or terminate certain benefits available under the Contract.
   4. Benefits Available Under the Contract
   
TAXES   Location in
Prospectus
What Are the Contract’s Tax Implications?
  
•  The Contracts are not offered in connection with Individual Retirement Accounts (“IRAs”) or qualified plans of any kind.
 
•  Consult with a tax professional to determine the tax implications of an investment in and payments received under this Contract.
 
•  Under current law, you will not be taxed on increases in the value of your Contact until a distribution occurs. The taxable portion of a distribution will generally be taxed as ordinary income. A penalty tax equal to 10% of the amount treated as taxable income may be imposed on distributions received before age 591⁄2.
  
1. Principal Risks of Investing in the Contract
 
3(a). Purchase of a Contract
 
9. Tax Considerations
   
CONFLICTS OF INTEREST   Location in
Prospectus
How Are Investment Professionals Compensated?
  
Your investment professional may receive compensation for selling this Contract to you in the form of commissions. This financial incentive may influence your investment professional to recommend this Contract over another investment.
  
2(b). The Funds
 
2(c). Selling the Contracts
Should I Exchange My Contract?
  
Your investment professional may have a financial incentive to offer you a new contract in place of the one you own. You should only exchange your contract if you determine, after comparing the features, fees, and risks of both contracts, and any fees or penalties to terminate the existing contract, that it is better for you to purchase the new contract rather than continue to own your existing contract.
  
“Replacement of Contracts” under
3(a). Purchase of a Contract
 
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FEE TABLES
The following tables describe the fees and expenses that you will pay while you own the Contract. Please refer to your Contract Schedule page for information about the specific fees you will pay each year based on the options you have elected. These tables do not reflect any advisory fees that may be paid by you to a third-party investment advisory firm from the Contract. If such advisory fees were reflected, the fees and expenses disclosed below would be higher.
The first table describes the fees and expenses that you will pay at the time that you transfer Contract Value between Subaccounts. State premium taxes may also be deducted.
 
Transaction Expenses   Current Charge   Maximum Charge
Transfer Fee
   None   $15.00A
 
A 
Although we do not currently intend to charge for Exchanges, we reserve the right to impose a charge if you make Exchanges on more than six days during a calendar year. The charge will be not more than $15 for each additional day on which you make an Exchange. If your only Exchange on a given day results from Dollar Cost Averaging or Automatic Rebalancing, or because of a transfer from the Government Money Market Subaccount at the end of the Free Look Period, this will not count against the six‑day limit.
The next table describes the fees and expenses that you will pay each year during the time that you own the Contract (not including Fund fees and expenses).
 
Annual Contract Expenses   Maximum Charge
Base Contract Expenses1,2
(as a percentage of the average Contract Value)
   0.25%
 
1 
Base Contract Expenses are the total of two separate charges, a Mortality and Expense Risk Charge and an Administrative Charge. You may also see Base Contract Expenses referred to as “Total Separate Account Annual Expenses”.
 
2 
You will be assessed Base Contract Expenses of 0.10% (hereafter referred to as “lower Contract Charges”) if (1) you purchase a Contract on or after September 7, 2010, with an Initial Purchase Payment of $1,000,000 or more, or (2) your Contract Value equals $1,000,000 or more on or after September 7, 2010, and at that time we are offering the Contract to new applicants at the lower Contract Charges (See 8(c). Automatic Contract Charge Reduction). Contracts funded with Purchase Payments from different sources (e.g., other annuity contracts or investments) will be issued with the lower Contract Charges only if the amount of the Initial Purchase Payment applied to the Contract on the Contract Date is $1,000,000 or more and is received by us on or after September 7, 2010.
We reserve the right to terminate the lower Contract Charges for new applicants at any time. We also reserve the right to terminate the availability of the lower Contract Charges to existing Owners in the event we decide to cease offering the lower Contract Charges to new applicants. You should not purchase a Contract based on the expectation that we will still be offering new Contracts at the lower Contract Charges if your Contract Value reaches $1,000,000 or more at some time in the future.
 
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The next item shows the minimum and maximum total operating expenses charged by the Funds that you may pay periodically during the time that you own the Contract. Expenses shown may change over time and may be higher or lower in the future. A complete list of Funds available under the Contract, including their annual expenses, may be found at the back of this document.
 
Annual Portfolio Company Expenses    Minimum     Maximum 
(expenses that are deducted from Fund assets, including management fees, distribution and/or service (12b‑1) fees, and other expenses)
   0.09%   2.44%
(expenses that are deducted from Fund assets, including management fees, distribution and/or service (12b‑1) fees, and other expenses after any waivers or expense reimbursements)
   0.09%   2.28%1
 
1 
This reflects temporary reductions to Fund expenses.
Example
This example is intended to help you compare the cost of investing in the Contract with the cost of investing in other annuity contracts that offer variable options. These costs include annual Contract expenses and annual Fund expenses, but do not reflect any advisory fees that may be paid by you to a third-party investment advisory firm from the Contract. If such fees were reflected, the below expenses would be higher.
This example assumes that you invest $100,000 in the Contract for the time periods indicated. The example also assumes that your investment has a 5% return each year, 0.25% Base Contract Expenses, and the maximum annual Fund expenses. Although your actual costs may be higher or lower, based on these assumptions, your costs would be as shown immediately below, regardless of whether you annuitize, make a full withdrawal, or continue your Contract at the end of each of the periods shown:
 
1 year    3 years    5 years    10 years
$2,721
    $8,353    $14,249    $30,221
1. PRINCIPAL RISKS OF INVESTING IN THE CONTRACT
Risk of Loss: The value of the money you invest in any Subaccount will vary with the investment performance of the single Fund in which the Subaccount invests. There is a risk of loss of the entire amount invested. Values may increase, decrease, or stay the same. You bear the investment risk. You should review each Fund’s prospectus carefully before making an investment decision.
Not A Short-Term Investment: The Contract is not suitable as a short-term investment and is not appropriate for an investor who needs ready access to cash. This is because the benefits of tax deferral are more advantageous to investors with a long-time horizon. Investors with a short time horizon may not benefit. Furthermore, adverse tax consequences may result from withdrawals prior to age 591⁄2.
Possibility of Adverse Tax Consequences: A penalty tax equal to 10% of the amount treated as taxable income may be imposed on distributions received before age 591⁄2.
Not appropriate for Certain Individuals: Investors who may benefit from this Contract are individuals who have maximized contributions to traditional tax‑deferred savings vehicles and are seeking additional opportunities to invest long-term on a tax‑deferred basis. The contract is generally not appropriate for investors who have not maximized contributions to other traditional tax‑deferred savings vehicles available to them, such as individual
 
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retirement accounts (IRAs) and employer sponsored plans. This is because these savings vehicles already provide tax‑deferral, but, unlike annuity contracts, they are not subject to a Base Contract Expense and certain other charges unique to annuity contracts. While there are higher cost annuity contracts that provide insurance benefits not available in traditional tax‑deferred savings vehicles, this annuity Contract provides limited insurance benefits (primarily the ability to annuitize and receive income payments for life).
Potential Harmful Fund Transfer Activity: Frequent Exchanges among Subaccounts by Contract Owners can reduce the long-term returns of the Funds. The reduced returns could adversely affect the owners, annuitants, insureds or beneficiaries of any variable annuity or variable life insurance contract issued by any insurance company with respect to values allocated to the Fund. Frequent Exchanges may reduce a Fund’s performance by increasing costs paid by the Fund (such as brokerage commissions); they can disrupt portfolio management strategies; and they can have the effect of diluting the value of the shares of long-term shareholders in cases in which fluctuations in markets are not fully priced into the Fund’s net asset value. FILI has adopted policies designed to discourage frequent trading. See 5. Making Exchanges among Subaccounts for more information.
Insurance Company Risks: The Contract is issued by and subject to the risks related to Fidelity Investments Life Insurance Company (“FILI, “we”, or “us”). The obligations, guarantees, and benefits of the Contract are subject to FILI’s claims-paying ability. If FILI experiences financial distress, it may not be able to meet its obligations – annuity income payments guaranteed under the Contract could be especially at risk.
Potential Impact of Any Fees You Pay to Third-Party Investment Advisory Firms: You may authorize a third- party investment advisory firm (the “Advisor”) to make asset allocation decisions and request other transactions within the Contract on your behalf. The Advisor may charge an advisory fee for their services, and this fee would be in addition to the Contract’s fees and expenses. If you elect to pay this advisory fee from the Contract, then this deduction will reduce the Contract Value and Death Benefit and may be subject to federal and state income taxes and a 10% federal penalty tax.
Contract Changes Risk: There is the risk that in the future we will exercise our right to change certain fees or features of the Contract, including the following:
 
  •  
We may limit the amount of any Initial or Additional Purchase Payment.
 
  •  
We reserve the right to terminate the availability of the lower Contract Charges (0.10%) to existing Owners in the event we decide to cease offering the lower Contract Charges to new applicants.
 
  •  
We reserve the right to limit exchanges, and to charge as much as $15.00 for each exchange in excess of six per calendar year.
 
  •  
We reserve the right to eliminate Subaccounts, to combine two or more Subaccounts, or to substitute a new mutual fund for the mutual fund in which a Subaccount invests.
 
  •  
We may modify or terminate certain Contract features such as dollar cost averaging, automatic rebalancing, and the systematic withdrawal program.
2. FILI, THE VARIABLE ACCOUNT, THE FUNDS, AND THE DISTRIBUTORS
2(a). FILI and the Variable Account
FILI: The Contract is issued by FILI. We are a wholly-owned subsidiary of FMR LLC, the parent company of the Fidelity Investments companies. The lifetime annuity income payments made under the Contract are subject to our claims-paying ability and financial strength. We issue other annuity contracts and life insurance policies as well, and certain benefits and obligations under these products are also subject to our claims-paying ability and
 
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financial strength. We have an A+ Financial Strength Rating from AM Best as of February 12, 2025.1 Our principal executive offices are located at 900 Salem Street, Smithfield, Rhode Island 02917. The address of our Annuity Service Center is P.O. Box 770001, Cincinnati, Ohio 45277-0050.
The Variable Account: Fidelity Investments Variable Annuity Account I is a separate account used to support the Contract and other forms of variable annuity contracts issued by FILI, and for other purposes permitted by law. We are the legal owner of the assets of the Variable Account. However, income, gains, and losses credited to, or charged against, the Variable Account reflect the Variable Account’s own investment experience and not the investment experience of any of our other assets. The assets of the Variable Account may not be used to pay any of our liabilities other than those arising from the Contracts. The assets in the Variable Account will always be at least equal to the reserves and other liabilities of the Variable Account. If the assets exceed the required reserves and other liabilities, we may transfer the excess to our general account. We are obligated to pay all amounts promised to investors under the Contracts.
Financial Statements: FILI’s financial statements and the financial statements of the Variable Account appear in the Statement of Additional Information (“SAI”).
1 Financial strength ratings are opinions from independent rating agencies of an insurer’s financial strength and ability to pay its insurance policies and contract obligations. They are not recommendations to purchase, hold or terminate any insurance policy or contract issued by an insurer, nor do they address the suitability of any particular policy or contract for a specific purpose or purchaser. AM Best Ratings range from A++ to F and are subject to change.
2(b). The Funds
Each Subaccount in the Variable Account invests exclusively in the shares of a single Fund. Each Fund is part of a trust that is registered with the SEC as an open‑end management investment company under the Investment Company Act of 1940 (the “1940 Act”). This registration does not involve supervision of the management or investment practices or policies of the Funds by the SEC. Each Fund’s assets are held separate from the assets of the other Funds, and each Fund has investment objectives and policies that are different from those of the other Funds. Thus, each Fund operates as a separate investment fund, and the income and losses of one Fund have no effect on the investment performance of any other Fund. In addition, the names and investment objectives of the Funds may be similar to those of other funds available through the same investment advisor; however, the performance of such funds may differ significantly.
FILI or its insurance agency affiliate receives annual compensation of up to 0.45% of assets allocated to the Funds for customer service, distribution, and recordkeeping services with respect to those assets. This compensation is received from the Funds’ advisors or their affiliates. These payments are not contract charges, and do not increase Fund or contract charges.
Investments by the Subaccounts in securities of foreign issuers may result in a foreign investment tax credit which we will claim on our federal income tax filings.
Where to Find More Information on the Funds: Information regarding each Fund including its name, investment objective, investment advisers, subadvisers, current expenses, and performance is available in Appendix A: Funds Available Under the Contract. In addition, each Fund has issued a prospectus that contains more detailed information about the Fund. Investors may obtain paper or electronic copies of a Fund prospectus by calling 1‑800‑634‑9361 or visiting www.dfinview.com/Fidelity/PUFT/FPRA.
2(c). Selling the Contracts
Fidelity Brokerage Services LLC (“FBS”) and Fidelity Insurance Agency, Inc. (“FIA”) distribute the Contracts. FBS is the principal underwriter. Both FBS and FIA are affiliates of us and subsidiaries of FMR LLC, our parent company. Fidelity Distributors Company LLC (“FDC”) is the distributor of the Fidelity family of funds. The principal business address of FBS and FDC is 900 Salem Street, Smithfield, Rhode Island 02917.
 
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We pay FIA compensation of not more than 2% of the Purchase Payments received in the first Contract Year for marketing and distribution. We also pay FIA renewal compensation in later years based on Contract Values and the persistency of the Contracts. Our renewal compensation payments for a Contract for a year will be approximately equal to 0.10% of the Contract Value at the end of the year.
2(d). Legal Proceedings
Neither the Registrant, the Registrant’s principal underwriter nor the Depositor is a party to any material pending legal proceedings.
3. PURCHASING AND CONTRIBUTING TO A CONTRACT
3(a). Purchase of a Contract
Application and Initial Purchase Payment: We offer the Contracts only in states in which we have obtained the necessary approval. You must complete an application to purchase a Contract.
You may purchase a Contract with money from any source, but you should generally not purchase a Contract with money from a plan qualified under section 401(a) of the Code, a 403(b) mutual fund account or a 403(b) tax sheltered annuity, a governmental 457(b) plan or an IRA.
To purchase a Contract, you must generally make an Initial Purchase Payment of at least $10,000. Also, if you are purchasing a Contract by exchanging one or more annuity contracts or life insurance policies, you may purchase the Contract with a combination of (1) a check or other form of immediate payment of at least $250 and
(2) assignment of your existing annuity contract or life insurance policy. The total value of the immediate payment and the existing annuity contract or life insurance policy must be at least $10,000.
For Contracts owned by individuals, all Owners must be age 80 or younger upon purchase, except that if the Contract is purchased in an exchange under section 1035 of the Internal Revenue Code, we may permit Owners to be older than 80 upon purchase. For Contracts owned by either a revocable grantor trust or a charitable remainder trust, the Annuitant must be age 80 or younger upon purchase, except that if the Contract is purchased in an exchange under section 1035 of the Internal Revenue Code, we may permit the Annuitant to be older than 80 upon purchase.
Once we receive your completed application in a form acceptable to us, we will apply the Initial Purchase Payment to the purchase of a Contract within two business days after we receive the application and Initial Purchase Payment at our Annuity Service Center. The address of our Annuity Service Center is P.O. Box 770001, Cincinnati, Ohio 45277-0050. The date that we credit your Initial Purchase Payment and your Contract becomes effective is called the Contract Date.
If we receive an incomplete application, or one that is not in an acceptable form, we will request the information needed to complete the application. If your application remains incomplete or otherwise unacceptable for five business days, we will return your Initial Purchase Payment unless we obtain your specific permission to retain it pending completion or revision of your application.
Replacement of Contracts: You can generally exchange a Non‑qualified Annuity contract for another in a “tax‑ free exchange” under Section 1035 of the Internal Revenue Code. Before making an exchange, you should compare both annuities carefully. Remember that if you exchange or transfer another annuity for the one described in this prospectus, then you may pay a surrender charge on the existing annuity, charges may be higher (or lower), and the benefits may be less (or more) advantageous. You should not exchange another annuity for this one unless you determine, after knowing all the facts, that the exchange or transfer is in your best interest and not just better for the person trying to sell you the Contract (that person will generally be compensated if you buy the Contract through an exchange or otherwise).
 
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Verification of Your Identity: To help the government fight the funding of terrorism and money-laundering activities, federal law requires Fidelity to verify your identity by obtaining your name, date of birth, legal address, and a government-issued identification number before opening your contract. In certain circumstances, Fidelity may obtain and verify this information with respect to any person(s) authorized to effect transactions in a contract. For certain entities, such as trusts, estates, corporations, partnerships, or other organizations, identifying documentation is also required. Your Contract may not be issued if Fidelity cannot verify this information. Fidelity will not be responsible for any losses or damages (including but not limited to lost opportunities) resulting from any failure to provide this information.
Free Look Privilege: The law of the state in which your Contract is issued or delivered provides you with the right to cancel the purchase of your Contract for a limited period of time. The period varies by state but is never less than ten days from the day you receive your Contract. We assume it will take five days from the day we mail the Contract until you receive it.
In some states the length of the Free Look Period may be different depending on the source of funds, the age of the purchaser, or for some other reason. Together with your Contract, we will send you a letter containing the date on which your Free Look Period ends.
If you cancel your Contract during the Free Look Period, we generally return your Contract Value. If you live in a state that requires the return of your Purchase Payment, we will return the greater of your Contract Value and your Purchase Payments less any withdrawals. In order to meet this return of Purchase Payment requirement, we reserve the right to invest your Purchase Payments in the Government Money Market Subaccount during all or part of the Free Look Period. If your Purchase Payments are invested in the Government Money Market Subaccount during all or part of the Free Look Period, we will transfer the Contract Value to the other Subaccounts in accordance with your most recent allocation instructions no later than the first business day after the end of the Free Look Period. If we do not exercise this right then your Purchase Payment will be allocated to your selected Subaccounts beginning on the Contract Date.
To cancel the purchase of your Contract, return the Contract to our Annuity Service Center before the end of the Free Look Period, together with a written cancellation request. You may not do this by telephone. Depending on applicable state and federal law, we will promptly pay you either your Contract Value plus any deductions made for premium taxes, or the greater of your Contract Value and your Purchase Payments less any withdrawals.
3(b). Special Ownership Considerations
1035 Exchanges of Beneficiary Inherited Annuity Contracts: If you are a non‑spouse beneficiary of a non‑ qualified deferred annuity contract issued by another insurance company (“Source Contract”), you may purchase a Fidelity Personal Retirement Annuity Contract via a tax‑free exchange pursuant to Section 1035 of the Code provided:
 
  •  
The original owner of the Source Contract is deceased;
 
  •  
You exchange one hundred percent (100%) of your interest in the Source Contract;
 
  •  
You are eligible to receive payments in accordance with Section 72(s)(2) of the Code and implementing regulations (“Stretch Payments”), and have not yet started such payments; and
 
  •  
You fulfill any other requirements that we require to ensure we can administer the Contract in compliance with the Code.
The non‑spouse beneficiary of the Source Contract becomes, upon issuance, the sole Owner and Annuitant of this Contract, and changes to the Owner and Annuitant are not permitted. Since we issue such Contracts solely to distribute Stretch Payments required by the Code, no additional Purchase Payments are allowed and no annuity
 
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income payments are made on the Annuity Date. Other than the Stretch Payments that we will distribute to you, the only other way you may access your Contract Value is by making a complete withdrawal, at which time the Contract will terminate. Upon your death, your Beneficiary(ies) will be paid his or her share of the Contract Value in a single lump‑sum payment upon receipt in good order at the Annuity Service Center of written proof of death and any other required forms. The Contract will terminate upon such payment(s).
Contracts Owned by Trusts: As a general rule, Contracts owned by “non‑natural persons” such as trusts, are not treated as annuity contracts for federal tax purposes. See Non‑natural Owner under 9(b). Taxation of Non‑ qualified Annuities In General.
If you apply to have the Contract owned by a trust, you should only do so after consulting with a tax advisor to make sure that the trust will be owning the Contract as an agent for a natural person. If, after purchasing the Contract, the trust is changed so that the trust no longer owns the Contract as agent for a natural person, the Contract will no longer be treated as an annuity under the Internal Revenue Code and any income earned by the Contract will be taxable to the trust as ordinary income.
We will issue Contracts to trusts if the trustee represents to us in writing that the trust holds the Contract as agent for one or more natural persons and that the beneficiaries of the trust are natural persons. We will require the trustee to agree in writing to (i) notify us if there are any changes to the trust that would cause the trust to no longer hold the Contract as agent for a natural person or if the trust beneficiaries are changed so that not all trust beneficiaries are natural persons and (ii) authorize us to surrender the Contract since the Contract will no longer be treated as an annuity contract under section 72 of the Internal Revenue Code.
The only other kind of trust we will issue the Contract to is a charitable remainder trust that is established under the Internal Revenue Code and regulations.
Contracts Owned Under UGMA/UTMA Arrangements: A Contract may be purchased pursuant to the provisions of the Uniform Gifts to Minors Act or the Uniform Transfers to Minors Act. For such Contracts, at issue (1) the minor must be the sole Owner, (2) the minor must be the only Annuitant, and (3) the sole Beneficiary must be the minor’s estate. While the custodial arrangement is still in effect, the Annuitant may not be changed and an additional Annuitant may not be added.
When the minor reaches the age at which the applicable UGMA or UTMA statute provides that custodianship terminates, it is the custodian’s responsibility to reregister the Contract, changing the ownership from the custodial arrangement to ownership in the name of the former minor. If the Contract is not reregistered prior to the applicable date, we may restrict activity in the account.
3(c). Purchase Payments
Contributing to a Contract: You may add money to a Contract before the Annuity Date if all the Owners are still living. The smallest additional Purchase Payment we will accept is generally $250. If your Contract is issued to two Owners and one Owner dies before the Annuity Date, we will not accept additional Purchase Payments unless the surviving Owner was the spouse of the deceased Owner at the time of death and elected to continue the Contract as his or her own. You may also make regular monthly additional Purchase Payments of at least $100 by authorizing your bank to make regular transfers to us from your checking or savings account, or by authorizing regular transfers from your Fidelity Investments brokerage account. See Automatic Annuity Builder under 4. Benefits Available Under the Contract.
You may make a telephone, mail, or Internet request to make an additional Purchase Payment by moving money from your Fidelity mutual fund or Fidelity brokerage “core” account, or other eligible Fidelity Investments accounts. You may also request to make an additional Purchase Payment by moving money from your bank account. Any Contracts and accounts between which money will be transferred must have at least one owner’s name in common.
 
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An additional Purchase Payment that you invest in any Subaccount(s) will be credited to your Contract based on the next computed Accumulation Unit Value(s) for those Subaccount(s) after we receive your payment at our Annuity Service Center. See Accumulation Units below.
We may limit the amount of any Initial or Additional Purchase Payment. We also reserve the right to reject Purchase Payments made with cash-like instruments including, but not limited to money orders, cashier’s checks, bank drafts, postal money orders and Traveler’s Express international money orders.
We may also offer Contracts with lower minimum payment requirements to individuals under certain sponsored arrangements that meet our eligibility requirements. See 10(k). Special Provisions for Sales Under Sponsored Arrangements.
Investment Allocation of Your Purchase Payments: You choose how to allocate your Purchase Payments among the Subaccounts and the percentage to be allocated to each.
For the Initial Purchase Payment, you choose the allocation on the application. In order to meet certain regulatory requirements, we reserve the right to invest your Purchase Payments in the Government Money Market Subaccount during all or part of the Free Look Period. See Free Look Privilege above.
For any additional Purchase Payment, you may send written allocation instructions to us at our Annuity Service Center. You may also provide instructions through our website, www.fidelity.com, but only if they are in accordance with our then current rules. We do not accept instructions by fax. You may indicate whether your allocation instructions apply (1) only to the current additional Purchase Payment or (2) to the current additional Purchase Payment and all future additional Purchase Payments. If you do not indicate that your instructions apply to all future additional Purchase Payments then we will apply them only to the current additional Purchase Payment.
Instructions may be expressed in dollars or in percentages. All percentages must be in whole numbers, not decimals or fractions. If you give us instructions that in our judgment are unclear or incomplete, your Purchase Payment and any future Purchase Payments to which those instructions apply will be allocated to the Government Money Market Subaccount until we receive instructions that are clear and complete. Instructions may be unclear or incomplete if percentage allocations do not total 100% or for some other reason. In the case of incomplete or unclear instructions, we will not be responsible for changes in unit values or for lost market opportunities.
You should verify the accuracy of your transaction confirmations and statements immediately after you receive them. If you find a discrepancy with regard to a particular transaction you should notify the Annuity Service Center promptly. We will not be responsible for losses unless you notify us within ten calendar days from the first time we mail a confirmation or statement with details of the transaction.
Accumulation Units: We credit your payments allocated to the Subaccounts in the form of Accumulation Units. The number of Accumulation Units credited to each Subaccount is determined by dividing the net payment allocated to that Subaccount by the Accumulation Unit Value for that Subaccount as of the end of the Valuation Period during which the Purchase Payment is received at our Annuity Service Center. Accumulation Units are adjusted for any exchanges or transfers into or out of a Subaccount. Withdrawals from the Contract, including any withdrawals you take to pay advisory fees to a third-party investment advisory firm, will result in the cancellation of Accumulation Units.
For each Subaccount the Accumulation Unit Value for the first Valuation Period of the Subaccount was set at $10. The Accumulation Unit Value for each subsequent Valuation Period is the Net Investment Factor for that period, multiplied by the Accumulation Unit Value for the immediately preceding Valuation Period. The Accumulation Unit Value may increase or decrease from one Valuation Period to the next.
 
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Each Subaccount has a Net Investment Factor (also referred to as the “Total Return”). The Net Investment Factor is an index that measures the investment performance of a Subaccount from one Valuation Period to the next.
The Net Investment Factor for each Subaccount for a Valuation Period is determined by adding (a) and (b), subtracting (c) and then dividing the result by (a) where:
 
  (a)
Is the value of the assets of the Subaccount at the end of the preceding Valuation Period;
 
  (b)
Is the investment income and capital gains, realized or unrealized, credited to the Subaccount during the current Valuation Period;
 
  (c)
Is the sum of:
 
  (1)
The capital losses, realized or unrealized, charged during the current Valuation Period plus any amount charged or set aside for taxes during the current Valuation Period;
PLUS
 
  (2)
The deduction from the Subaccount during the current Valuation Period representing a daily charge equivalent to an effective annual rate of the Base Contract Expenses as shown in the Fee Tables.
The Net Investment Factor may be greater than or less than one. If it is greater than one, the Accumulation Unit Value will increase; if less than one, the Accumulation Unit Value will decrease.
Shares of the Funds are valued at their net asset values. Any dividends or capital gains distributions from a Fund are reinvested in that Fund.
For administrative purposes, if your Contract qualifies for an Automatic Contract Charge Reduction, we will recalculate the number of Accumulation Units in your Contract on the later of (i) the Valuation Period ending on December 13, 2010 or (ii) the Valuation Period following the Valuation Period in which your Contract qualified for the Automatic Contract Charge Reduction. We do this because the Accumulation Units that were credited to your Contract prior to the Automatic Contract Charge Reduction were determined using the higher Contract Charges. When you qualify for an Automatic Contract Charge Reduction, we will convert the number of Accumulation Units that were credited to your Contract prior to the Automatic Contract Charge Reduction to determine a new number of Accumulation Units to reflect the lower Contract Charges that will apply to your Contract after the Automatic Charge Reduction.
Purchase Payments Made With Returned Checks Or Unfunded Electronic Funds Transfers: If you make a Purchase Payment with a check that is returned to us unpaid due to insufficient funds or for any other reason, or if your Purchase Payment is made by an electronic funds transfer that is later reversed due to lack of funds in the bank account from which the transfer was made or for any other reason, we will (1) reverse the transaction; and
(2) if the reversal results in a loss of more than $1,000 to us, redeem a sufficient number of Accumulation Units from the Subaccounts at the current Accumulation Unit Values to provide us with an amount equal to the loss. Money will be taken proportionately from all of the Subaccounts in which you are invested. If there is not sufficient value in the Subaccounts we may take legal action against you to recover any remaining losses we have incurred. Any redemption we make under this provision may result in a taxable event to you, just as for any other withdrawal.
 
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4. BENEFITS AVAILABLE UNDER THE CONTRACT
The following table summarizes information about the benefits available under the Contract. A detailed description of each benefit follows the table.
Standard Benefits
 
       
Name of Benefit   Purpose   Maximum
Fee		   Brief Description of
Restrictions/Limitations
Death Benefit   Upon death of an Owner (or Annuitant in the case of a trust owned contract) prior to the Annuity Date, provides a benefit to the Beneficiary(ies). The Death Benefit is the then-current Contract Value on the date we receive due proof of death and all of our required forms fully completed.   None  
There is no guaranteed minimum death benefit.
 
We will not pay any Beneficiary until we have determined the number of Beneficiaries entitled to receive payment.
 
Any advisory fees you pay from the Contract to a third- party investment advisory firm will be treated as a withdrawal and, like any other withdrawal, will reduce the Contract Value and Death Benefit.
Automatic Annuity Builder   Allows for periodic, pre‑authorized Purchase Payments from a checking or savings account, or a Fidelity Investments brokerage account.   None  
Minimum transfer amount is $100.
 
We reserve the right to restrict participation if there is insufficient funds to complete a transfer.
Dollar Cost Averaging   Allows for automatic monthly Exchanges from one of two Subaccounts (the Source Options) to any other Subaccount (the Destination Option).   None  
Minimum transfer amount is $250.
 
May not be used at the same time as Automatic Rebalancing.
 
We reserve the right to modify or terminate this benefit.
Automatic Rebalancing   Helps to maintain a specified allocation mix among Subaccounts.   None  
May not be used at the same time as Dollar Cost Averaging.
 
We reserve the right to modify or terminate this benefit.
Systematic Withdrawal Program   Allows for periodic withdrawals of at least $100 on a monthly, quarterly, semi-annual, or annual basis.   None  
Contract Value must be at least
$10,000 to begin this program.
 
We reserve the right to modify or terminate this benefit.
 
 
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Death Benefit:
What is the Death Benefit?
The Death Benefit is a benefit that is triggered if any Owner dies before the Annuity Date. The Death Benefit is the then-current Contract Value on the date we receive due proof of death and all of our required forms fully completed. If the Contract is owned by a trust, then the death of an Annuitant is treated as the death of an Owner. In the event of the death of an Owner who is also an Annuitant, the provisions of the Contract regarding the death of the Owner control and override any inconsistent provisions regarding the death of the Annuitant. The Death Benefit is included in your Contract for no additional charge.
The Contract does not guarantee a minimum Death Benefit.
Any advisory fees you pay from the Contract to a third-party investment advisory firm will be treated as a withdrawal and, like any other withdrawal, will reduce the Contract Value and Death Benefit and may be subject to federal and state income taxes and a 10% federal penalty tax.
Who has the right to the Death Benefit?
The Beneficiary(ies) designated in the Contract has the right to the Death Benefit. The Beneficiary(ies) is the person(s) to whom proceeds of the Contract pass by reason of the death of the Owner(s) (or Annuitant in the case of a trust owned contract). If a Contract has two Owners and one Owner dies before the Annuity Date, the surviving Owner is treated as the Beneficiary over any other Beneficiaries. If the Owner(s) fails to designate a Beneficiary prior to death, in most cases the estate will be deemed the Beneficiary, in which case the Death Benefit must be administered through the probate process.
What are the different options for receiving the Death Benefit?
Listed below are the settlement options that FILI makes available to receive the Death Benefit. The settlement options available are driven primarily by federal tax law that the Contract must comply with to qualify as an annuity for tax purposes.
 
Settlement Option   Description  
Beneficiary
Restrictions
5 Year Distribution  
Entire interest in the Contract must be withdrawn no later than five years from the date of death.
 
In the event state escheatment laws require escheatment to the state before five years from the date of death, a Beneficiary may not have the full five-year distribution period to withdraw the Contract Value as described in the Contract. See 10(f). Abandoned Property.
   No restrictions
Annuitization   Entire interest in the Contract is payable over the Beneficiary’s or surviving Owner’s lifetime by electing annuitization within 60 days of the date of death, with distributions beginning within one year of the date of death. A Beneficiary who elects this option gives up future access to the Contract Value in exchange for a guaranteed stream of income.   Beneficiary must be a natural person
 
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Settlement Option   Description  
Beneficiary
Restrictions
     
Stretch Benefit   Entire interest in the Contract is paid over a period not extending beyond the Beneficiary’s life expectancy in systematic withdrawals with distributions beginning within one year of the date of death. Under this option the Beneficiary cannot make ad hoc partial withdrawals but can make a complete withdrawal of the remaining Contract Value at any time.  
Beneficiary must be:
 
(i). a natural person
 
and
 
(ii). not a spouse of the deceased Owner
Continuation of Contract  
Continue the Contract, or their portion of the Contract, as the Owner.
 
Will be treated as having been the sole Owner from the Contract Date, except that he or she will not be able to add a second Owner.
 
Will be able to change the Annuity Date to a date as late as the first day of the calendar month following his or her 95th birthday.
  
Beneficiary must be spouse of deceased Owner
 
Federal tax law does not allow a civil union partner to continue the Contract as his or her own.
How are Beneficiaries designated in the Contract?
The Owner(s) designate(s) a Beneficiary or Beneficiaries in the application and can change Beneficiaries prior to death.
Owner(s) must indicate in percentages what portion of the Contract each Beneficiary is to receive. If the total does not equal 100%, each Beneficiary’s share will be determined by using a fraction, the numerator of which is the stated percentage for that Beneficiary, and the denominator of which is the total of the percentages indicated by the Owner(s).
Beneficiary designations must be in a form acceptable to us. We reserve the right to reject any Beneficiary designation that we deem unable to administer, which may include designations that contain contingencies that could delay payment or designations that would require us to refer to external documents or the outcome of legal proceedings.
What is the process for claiming the Death Benefit?
Before we make a payment to any Beneficiary, we must receive at our Annuity Service Center due proof of death (generally a death certificate) for each Owner and any required tax withholding and other forms. We may seek to obtain a death certificate directly from the appropriate governmental body if we believe that any Owner may have died.
At the close of the Valuation Period in which we receive the death certificate(s), we will transfer to the Government Money Market Subaccount any portion of the Contract Value that is in the other Subaccounts. Once we have determined the number of Beneficiaries who will share in the Contract Value, a Beneficiary who has returned all required documentation to us (including tax withholding and other forms) will be able to transfer his or her share of the Contract Value among the Subaccounts.
We will not pay any Beneficiary until we have determined the number of Beneficiaries entitled to receive payment. This is to prevent us from overpaying one Beneficiary before making payment to other Beneficiaries.
Once we have received due proof of death and have determined the number of Beneficiaries to be paid, we will, upon request, pay any Beneficiary who has provided us with required tax withholding and/or any other forms we
 
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may require. Upon paying a Beneficiary their entire interest in the Contract, we will have no further obligations to that Beneficiary. If the Contract Value for any one Beneficiary is less than $5,000, then we will send that Beneficiary their entire portion of the Contract Value as soon as we have received all required documentation.
If a Beneficiary has been designated to receive a specified fraction of the Contract Value, we will pay that fraction as determined on the date of payment. For example, if there are two Beneficiaries and each is designated to receive 50%, the first Beneficiary to receive payment would receive 50% of the Contract Value on the date the payment is made, and the other Beneficiary would later receive the remainder, which might be worth more or less than what was paid to the first Beneficiary.
If a Beneficiary survives all the Owners but does not live long enough to receive payment from us, we will pay the Beneficiary’s estate.
Automatic Annuity Builder
An optional benefit you may elect for no additional charge, Automatic Annuity Builder allows you to make periodic, pre‑authorized Purchase Payments by electronic funds transfers from your checking or savings account, or by transfers from your Fidelity Investments brokerage account. Your bank account must be at a banking institution which is a member of the Automated Clearing House. The minimum amount for each periodic transfer is $100. We may reduce this minimum for Contracts issued under certain sponsored arrangements. Transactions pursuant to the Automatic Annuity Builder will be reported in your quarterly statements rather than confirmations. We reserve the right to restrict your participation in Automatic Annuity Builder if on the scheduled date of any pre‑authorized transfer there is not enough money in your checking or brokerage account to complete the transfer. You may select any day of the month from the 1st to the 28th as the day your automatic deductions will take place. If the New York Stock Exchange is not open on a day that is scheduled for an automatic deduction, the transaction will take place on the next day the New York Stock Exchange is open for trading.
Dollar Cost Averaging
An optional benefit you may elect for no additional charge, Dollar Cost Averaging allows you to make automatic monthly Exchanges from either the Government Money Market Subaccount or the Investment Grade Bond Subaccount (the “Source Option”), but not both, to any of the other Subaccounts you select (the “Destination Options”). The minimum monthly transfer to each Destination Option is $250. You may change your Source Option and your Destination Options at any time, by calling us or by sending written notice to our Annuity Service Center.
You may select any day of the month from the 1st to the 28th as the day your Dollar Cost Averaging transactions will take place each month. If the New York Stock Exchange is not open on the scheduled day in a particular month, the Exchange will take place on the next day the New York Stock Exchange is open for trading.
If your balance in the Source Option on a transfer date is less than the amount to be transferred to the Destination Option(s), we will transfer all the money in the Source Option to the Destination Options proportionately, and your participation in the program will automatically terminate.
You may cancel Dollar Cost Averaging at any time by calling us or sending written notice to the Annuity Service Center.
You cannot use Dollar Cost Averaging at the same time that you use Automatic Rebalancing, which is described immediately below. We reserve the right to modify or terminate Dollar Cost Averaging.
 
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Automatic Rebalancing
An optional benefit you may elect for no additional charge, Automatic Rebalancing can help you maintain your specified allocation mix among the Subaccounts. You direct us to readjust your allocations on a quarterly, semi- annual or annual basis to return to the allocations you select on the Automatic Rebalancing instruction form.
You choose one day of the month from the 1st to the 28th for Automatic Rebalancing. If the New York Stock Exchange is not open on the day scheduled for the reallocation, the reallocation will take place on the next day the New York Stock Exchange is open for trading.
Automatic Rebalancing will continue until you notify us to cancel it. We reserve the right to modify or terminate Automatic Rebalancing. You may not use Automatic Rebalancing at the same time you use Dollar Cost Averaging, which is described immediately above.
Systematic Withdrawal Program
An optional benefit you may elect for no additional charge, our Systematic Withdrawal Program allows you to schedule periodic withdrawals of at least $100 on a monthly, quarterly, semi-annual, or annual basis. Your Contract Value must be at least $10,000 to begin this program. Withdrawals under the program will be taken from the Subaccounts in accordance with FILI’s administrative rules, which we may change from time to time. Currently, withdrawals under the program will be taken proportionately from all the Subaccounts.
If a systematic withdrawal would bring the Contract Value below $5,000, the systematic withdrawal will be made only for the amount that will reduce the Contract Value to $5,000, and the systematic withdrawal option will automatically terminate.
You may select any day of the month from the 1st to the 28th as the day your Systematic Withdrawal Program transactions will take place each period. If the New York Stock Exchange is not open on the scheduled day in a particular month, the withdrawal will take place on the next day the New York Stock Exchange is open for trading.
Each systematic withdrawal is subject to federal income taxes, including any penalty tax that may apply, the same as for any other withdrawal. We reserve the right to modify or discontinue the Systematic Withdrawal Program.
5. MAKING EXCHANGES AMONG SUBACCOUNTS
5(a). General Procedures for Making Exchanges
Before the Annuity Date, you may make transfers of money (“Exchanges”) among the Subaccounts by sending us instructions in writing, by calling us, or by using our Internet website. We do not accept instructions by fax or electronic mail. Firms or individuals making telephone exchange requests on behalf of multiple Contract owners may be required to provide additional information about those requests by other means, including via fax, electronic mail, or a web site.
Although we do not currently intend to charge for Exchanges, we reserve the right to impose a charge if you make Exchanges on more than six days during a calendar year. See Transaction Expenses in Fee Tables.
Excessive Exchanges can disrupt the ability of a Fund to achieve its investment objective and increase the Fund’s expenses. We reserve the right to limit the number of days on which you can make Exchanges, but you will always be able to make Exchanges on at least five days each calendar year.
 
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Your request to make an Exchange may be expressed in terms of dollars, such as a request to move $5,000 from one Subaccount to another. You may also request a percentage reallocation among Subaccounts. Percentage requests must be made in whole numbers. You cannot move less than $250 from any Subaccount except that if you have less than $250 in a Subaccount you may move the entire amount.
5(b). Making Exchanges by Telephone or Internet
We reserve the right to revise or terminate your ability to make Exchanges by telephone or through the Internet. We also reserve the right to limit the amount of any telephone or Internet Exchange or to reject any telephone or Internet Exchange.
We will not be responsible for any losses resulting from unauthorized telephone or Internet Exchanges if we follow reasonable procedures designed to verify the identity of the caller or Internet user. We may record telephone calls. You should verify the accuracy of your Exchanges by checking the confirmations and statements we send to you as soon as you receive them. Notify the Annuity Service Center immediately if you find any discrepancies. We will not be responsible for losses unless you notify us within ten calendar days from the first time we mail a confirmation or statement containing details of the transaction.
5(c). Effective Date of Exchanges Among Subaccounts
Any redemption from a Subaccount that is part of an Exchange among Subaccounts will be effected as of the end of the Valuation Period in which we receive the request at our Annuity Service Center, or receive it by telephone or through the Internet. Generally, the purchase of Accumulation Units in other Subaccounts with the proceeds of the redemption will occur at the same time. However, if your Exchange involves (1) moving from a Subaccount that invests in an equity Fund that is in an illiquid position due to substantial redemptions or exchanges that require it to sell portfolio securities in order to make funds available, and (2) moving to a Subaccount that invests in a Fund that accrues dividends on a daily basis and requires federal funds before accepting a purchase order, then there may be a delay in crediting the amount that is moving to the new Subaccount. The delay will last until the Subaccount from which the Exchange is being made obtains liquidity, or for seven days, whichever is shorter. During this period, the amount to be transferred from the illiquid Subaccount will be uninvested.
5(d). Market Timing
Some Owners use firms or individuals who engage in market timing. Such firms or individuals usually obtain authorization from Owners to make Exchanges among the Subaccounts on the basis of perceived market trends. Large Exchanges resulting from market timing activity may disrupt the management of the Funds and become a detriment to other Owners.
To protect Owners not engaging in market timing, we reserve the right to reject Exchanges communicated to us by anyone acting under a power of attorney on behalf of more than one Owner. We also reserve the right to reject Exchange instructions we receive from anyone that any Owner has authorized to make multiple Exchanges. We will exercise these rights only if we believe that doing so will prevent harm to other Owners.
5(e). Short-Term Trading Risk
Frequent Exchanges among Subaccounts by Contract Owners can reduce the long-term returns of the Funds. The reduced returns could adversely affect the owners, annuitants, insureds or beneficiaries of any variable annuity or variable life insurance contract issued by any insurance company with respect to values allocated to the Fund.
Frequent Exchanges may reduce a Fund’s performance by increasing costs paid by the Fund (such as brokerage commissions); they can disrupt portfolio management strategies; and they can have the effect of diluting the value of the shares of long-term shareholders in cases in which fluctuations in markets are not fully priced into the Fund’s net asset value.
 
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The Funds are also available in products issued by other insurance companies. There is a significant risk that short-term trading in the Funds may go undetected. The Funds themselves generally cannot detect individual contract owner exchange activity, because they are owned primarily by insurance company separate accounts that aggregate exchange orders from owners of individual contracts. Accordingly, the Funds are dependent in large part on the rights, ability and willingness of all participating insurance companies to detect and deter short-term trading by contract owners. As a result of the adoption of Rule 22c‑2 of the 1940 Act, all Funds have entered into information sharing agreements with FILI that will require FILI, upon request, to (i) provide the Funds with specific information about Contract Owner transfer activity, and, if so requested by a Fund, (ii) prohibit future transfers into such Fund.
As outlined below, FILI has adopted policies regarding frequent trading, but can provide no assurance that other insurance companies using the same mutual funds have adopted comparable procedures. There is also the risk that these policies and procedures concerning short-term trading will prove ineffective in whole or in part to detect or prevent frequent trading. Please review the Funds’ prospectuses for specific information about the Funds’ short-term trading policies and risks.
5(f). FILI Policies Regarding Frequent Trading
FILI does not authorize market timing. FILI has adopted policies and procedures designed to discourage frequent Exchanges as described below. If requested by a Fund, FILI will consider additional steps to discourage frequent Exchanges in that Fund, not inconsistent with the policies and procedures described below.
Contract Owners who engage in frequent Exchanges may be subjected to temporary or permanent restrictions on future purchases or Exchanges in a Fund, and potentially in all funds managed by Fidelity Management & Research LLC or one of its affiliates. Further, Contract Owners who have engaged in frequent trading in the Funds, or in other mutual funds managed by Fidelity Management & Research LLC or one of its affiliates, may be subjected to temporary or permanent restrictions on purchases or exchanges in those funds. FILI may alter its policies, in any manner not inconsistent with the terms of the Contract, at any time without notice to Owners.
Although there is no minimum holding period and Contract Owners can make withdrawals or Exchanges out of any Subaccount at any time, Contract Owners may ordinarily comply with FILI’s policies regarding frequent trading by allowing 90 days to pass after each purchase or allocation into a Subaccount before they withdraw or make an Exchange out of that Subaccount.
In addition, each Fund reserves the right to reject the Variable Account’s entire purchase or exchange transaction at any time, which would make FILI unable to execute Contract Owner purchase, withdrawal or exchange transactions involving that Fund on that trading day. FILI’s policies and procedures are separate and independent from any policies and procedures of the Funds, and do not guarantee that the Funds will not reject orders placed by the Variable Account.
5(g). Frequent Trading Monitoring and Restriction Procedures
FILI has adopted policies and procedures related to Exchanges among Subaccounts that are set out below. Frequent trading activity is measured by the number of roundtrip transactions by an Owner. A roundtrip transaction occurs when an Owner makes an allocation or Exchange into a Subaccount followed by a withdrawal or Exchange out of the same Subaccount within 30 days. Owners are limited to one roundtrip transaction per Subaccount within any rolling 90‑day period, subject to an overall limit of four roundtrip transactions in the Contract over a rolling 12‑month period.
Owners with two or more roundtrip transactions in one Subaccount within a rolling 90‑day period will be blocked from making additional allocations or exchanges into that Subaccount, through any means, for 85 days.
 
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In addition, Owners who complete a fourth (or higher) roundtrip transaction within any rolling 12‑month period, at least two of which are completed on different business days, will have a U.S. Mail-Only Trade Restriction imposed on all contracts/policies they own that are issued by FILI or its affiliates. This rule will apply even if the four or more round trips occur in two or more different Subaccounts. This restriction will stay in effect for 12 months. If the Owner makes another round trip in a contract that is currently subject to a U.S. Mail-Only Trade Restriction, then the U.S. Mail-Only Trade Restriction period (12 months) is restarted, and all purchase transactions will be permanently blocked in the violated Subaccount across all contracts with common ownership. “U.S. Mail-Only” for purposes of the U.S. Mail-Only Trade Restriction is defined as First-Class Mail delivered via the U.S. Postal Service. Expedited delivery or courier services, including such services performed by the U.S. Postal Service, will not be accepted.
FILI further reserves the right to reject specific transactions or impose restrictions as described above in respect of any Contract owned or controlled commonly with a Contract subject to the above restrictions, or in respect of any Contract owned or controlled commonly by a person who is the subject of a complex-wide block.
Exceptions. FILI has approved the following exceptions to the frequent trading policy:
 
  (1)
Transactions in the Government Money Market Subaccount;
 
  (2)
Dollar Cost Averaging, Automatic Rebalancing, Automatic Annuity Builder, Systematic Withdrawal Program, and annuity payments will not count toward a Subaccount’s roundtrip limits;
 
  (3)
FILI may suspend the frequent trading policy and make exceptions to the policy for transactions made during periods of severe market turbulence or national emergency. There is no assurance that FILI will do so or that, if it does so, the underlying mutual funds will make any necessary exceptions to their frequent trading policies.
FILI may choose not to monitor transactions below certain dollar value thresholds. No other exceptions will be allowed. The frequent trading procedures will be applied consistently to all Owners.
6. MAKING WITHDRAWALS
6(a). General Withdrawal Procedures
Any time before the Annuity Date, you may make a complete withdrawal of your entire Contract Value. We will send you the Contract Value less any taxes withheld. You must send us written instructions from all the Owners to make a complete withdrawal. Your Contract will terminate once the withdrawal has been processed.
You may also make partial withdrawals of $500 or more before the Annuity Date. You may not make a partial withdrawal that would reduce your Contract Value to less than $5,000.
If you request a partial withdrawal in an amount that is less than the total you have in all the Subaccounts, you may choose the dollar amount or percentage to be withdrawn from each Subaccount. If you do not specify where we should take the money for a partial withdrawal, we will take it proportionately from all the Subaccounts.
You may make a telephone, mail, or internet request for a partial withdrawal. Partial withdrawals will reduce the Contract Value and Death Benefit.
Withdrawals by telephone are limited as follows: (1) no withdrawal may be for more than $500,000; (2) total telephone withdrawals in a seven‑day period cannot total more than $500,000; and (3) if we have recorded an address change for an Owner during the past 10 days, the limits in (1) and (2) become $100,000. Limitations for online withdrawals may be lower. We reserve the right to change telephone and online withdrawal requirements
 
27
or limitations. You may also use our Systematic Withdrawal Program to elect to take periodic withdrawals. See Systematic Withdrawal Program under 4. Benefits Available Under the Contract.
The taxable portion of a distribution will generally be taxed as ordinary income. A penalty tax equal to 10% of the amount treated as taxable income may be imposed on distributions received before age 591⁄2. See 9. Tax Considerations.
Complete and partial withdrawals are calculated based on the next computed Accumulation Unit Value(s) after we receive the withdrawal request at the Annuity Service Center. We will normally pay you the net amount of any complete or partial withdrawal within seven days after we receive the withdrawal request at the Annuity Service Center. The net amount is the amount of the withdrawal less any taxes withheld. We may defer payment from the Subaccounts for longer than seven days under certain limited circumstances. See 10(j). Postponement of Payment.
For jointly owned Contracts, all checks will be made payable to both Owners. You may have the money transferred to your Fidelity Investments brokerage or mutual fund account. You may have the money transferred to your bank account if you provide us with the necessary information about the account. Any Contracts and accounts between which money will be transferred must have at least one owner’s name in common.
FILI reserves the right to restrict your Contract from withdrawals and/or exchanges if there is reasonable suspicion of fraud, diminished capacity, or inappropriate activity. FILI also reserves the right to restrict your Contract from withdrawals and/or exchanges if FILI is put on reasonable notice that the ownership of the Contract is in dispute.
7. INCOME PHASE
7(a). Annuity Date
When your Contract is issued we will set the Annuity Date to be the first day of the calendar month following the oldest Owner’s 90th birthday. If after your Contract is issued there is a change in ownership resulting in a new oldest Owner, we reserve the right to reset the Annuity Date to be the first day of the calendar month following the new, oldest Owner’s 90th birthday. You may change the Annuity Date by sending written notice to the Annuity Service Center. We must receive the notice at least 30 days before the Annuity Date you select. The earliest Annuity Date we will permit is the first day of the calendar month after the end of the Free Look Period. The latest Annuity Date we will permit is the first day of the calendar month following the oldest Owner’s 95th birthday. Any Annuity Date you choose must be the first day of a month.
7(b). Annuity Income
Annuity income payments begin on the Annuity Date if no Owner has died before then. Annuity income will also begin on the Annuity Date if an Owner dies before the Annuity Date if (1) the Contract was jointly owned by spouses, and (2) the surviving spouse/ Beneficiary elected to continue the Contract as his or her own. A surviving spouse who elects to continue the Contract as his or her own may change the Annuity Date to be as late as the first day of the calendar month following his or her 95th birthday.
In all other cases involving the death of an Owner, the Contract must be distributed in accordance with the applicable provisions of the Code (see Death Benefit in 4. Benefits Available Under the Contract), and the Annuitant(s) will not receive annuity income even if the Contract Value has not been distributed by the Annuity Date.
 
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The Contract has only one annuity income payout option. Under this option, annuity income payments
 
  •  
are paid on a monthly basis;
 
  •  
are fixed in amount, meaning the payment amount does not fluctuate; and
 
  •  
continue until all Annuitants have died, or for 120 monthly payments, whichever is longer.
Guarantees of annuity income payments are subject to our claims-paying ability and financial strength.
The Owner(s) may change the Annuitant(s) before the Annuity Date. If the Owner is a trust, the Annuitant may not be changed.
Before the Annuity Date you may withdraw all of your Contract Value to make a tax‑free exchange in which you purchase any immediate annuity contract we then offer.
If no Owner dies before the Annuity Date and there has not been a complete withdrawal, we will provide monthly fixed annuity income payments to the Annuitant or Annuitants who are living on the Annuity Date unless the Contract Value on the Annuity Date is not enough to provide an initial monthly annuity income payment of at least $20. In that case we may pay the Annuitant or Annuitants the Contract Value in a lump sum instead of providing monthly annuity income.
To provide annuity income, on the Annuity Date, all Accumulation Units in the Subaccounts will be redeemed and the money will be transferred to our general account. Thereafter, all money used to support annuity income payments will be held in our general account. In addition, the Contract’s Death Benefit will terminate and there will be no ability to make withdrawals.
The first monthly annuity income payment will be made on the Annuity Date, unless the Contract has been inactive and under applicable state law could be considered abandoned property, in which case we will surrender the Contract on the Annuity Date and turn the proceeds over to the state in accordance with applicable state laws. We will determine the amount of monthly annuity income based upon the age(s) and, unless prohibited by applicable state law, sex(es) of the Annuitant(s) living on the Annuity Date and the annuity income purchase rate.
The annuity income purchase rate will be the greater of:
 
  (a)
The guaranteed annuity income purchase rates set forth in your Contract; and
 
  (b)
The annuity rates in effect on the Annuity Date for the same payment option.
The monthly annuity income is determined by applying the applicable annuity income purchase rate to the Contract Value after deductions for any applicable taxes.
Contracts with No Annuitants on the Annuity Date: If no Annuitant is living on the Annuity Date, the oldest Owner will be the Annuitant and the Contract will be administered according to the rules for Contracts with one Annuitant immediately below, unless the Owner is not a natural person.
Contracts with One Annuitant on the Annuity Date: If there is one Annuitant living on the Annuity Date, all annuity income payments will be made to the Annuitant. Annuity income payments will stop at the death of the Annuitant or after 120 monthly payments, whichever is longer. The estate of the Annuitant will be responsible to notify us of the Annuitant’s death and to repay any annuity income payments we have made after that date and before we have been notified of the death of the Annuitant.
 
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If the Annuitant dies before receiving all annuity income due under the Contract, the remaining monthly annuity income payments will be paid to the Annuitant’s estate. The estate may choose instead to receive the present value of the remaining annuity income payments in a lump sum. The lump sum amount will generally be the present value of the remaining guaranteed annuity income payments, if any, at an interest rate that was used to determine the annuity income purchase rate on the Annuity Date.
Contracts with Two Annuitants on the Annuity Date: If there are two living Annuitants on the Annuity Date, we will make annuity income payments jointly to both Annuitants while they are both alive. After the death of one of the Annuitants we will continue to make monthly annuity income payments in the same amount to the surviving Annuitant. The surviving Annuitant is responsible to notify us of the death of the first Annuitant.
Annuity income payments will stop at the death of the surviving Annuitant, or after we have made 120 monthly payments, whichever is longer.
The estate of the last surviving Annuitant will be responsible to notify us of the death of the last surviving Annuitant and to repay any annuity income payments we have made after that date and before we have been notified of the death of the last surviving Annuitant.
If the surviving Annuitant dies before we have made all annuity income payments due under the Contract, any remaining annuity income will be paid to the surviving Annuitant’s estate. The estate may choose instead to receive the present value of the remaining annuity income payments in a lump sum. The lump sum amount will generally be the present value of the remaining guaranteed annuity income payments, if any, at the interest rate that was used to determine the annuity income purchase rate on the Annuity Date.
8. CURRENT CHARGES AND OTHER DEDUCTIONS
8(a). Transaction Charges
Although we do not currently intend to charge for Exchanges, we reserve the right to impose a charge if you make Exchanges on more than six days during a calendar year. See Fee Tables.
8(b). Base Contract Expenses
Base Contract Expenses are the total of two separate charges, a Mortality and Expense Risk Charge and an Administrative Charge.
Mortality and Expense Risk Charge: We assess a daily charge against each Contract’s assets at an effective annual rate of 0.20%. This charge is 0.05% for (1) Contracts purchased on or after September 7, 2010 with an Initial Purchase Payment of $1,000,000 or more, and (2) Contracts that are converted to the lower Contract Charges following the Contract Date. See 8(c) below.
The risks we bear are mortality and expense risks. The mortality risk we bear is the risk that Annuitants who receive annuity income payments guaranteed to last for their lifetimes will live longer than we project. The expense risk we bear is the risk that the costs of issuing and administering the Contracts will be greater than we can collect through the Administrative Charge.
Administrative Charge: We make a daily charge against the assets of each Subaccount equivalent to an effective annual rate of 0.05%. The Administrative Charge compensates us for the expenses we incur in administering the Contracts. These expenses include the cost of issuing the Contract, making electronic funds transfers to your bank account or issuing checks, maintaining necessary systems and records, and providing reports. We guarantee this charge will never increase.
 
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8(c). Automatic Contract Charge Reduction
If your Contract Value equals or exceeds $1,000,000 on any Valuation Period on or after September 7, 2010 and if at that time we are offering the Contract to new applicants at the lower Contract Charges, your Contract will be automatically converted to the lower Contract Charges (“Automatic Contract Charge Reduction”). The Automatic Contract Charge Reduction applies to any Contract that was issued at higher Contract Charges and that had a Contract Value that was equal to or greater than $1,000,000 on or after September 7, 2010 subject to the following conditions:
 
  •  
The Contract at the lower Contract Charges must be available to new applicants at the time we implement the Automatic Contract Charge Reduction for all eligible contract owners; and
 
  •  
The Automatic Contract Charge Reduction is not retroactive. It only applies to Valuation Periods following the implementation date of the Automatic Contract Charge Reduction to your Contract.
 
  •  
We will convert the number of Accumulation Units that were credited to your Contract prior to the Automatic Contract Charge Reduction to a new number of Accumulation Units to reflect the lower Contract Charges that will apply to your Contract after the Automatic Charge Reduction. See Accumulation Units under 3(c). Purchase Payments.
The Automatic Contract Charge Reduction will be applied to your Contract as long as we continue to offer the lower Contract Charges to new applicants on the later of (i) the Valuation Period ending on December 13, 2010 or (ii) the Valuation Period following the Valuation Period in which your Contract Value equaled or exceeded $1,000,000.
8(d). Premium Taxes
We generally deduct a charge equal to any premium taxes that states require us to pay in connection with your Contract at the time we are required to pay it, which is either upon your Purchase Payment or upon commencement of annuity income payments. Note – in many states premium taxes are not imposed in connection with the Contracts. If a premium tax applies, the amount of the tax and when it will be deducted from your Contract depends on the state your Contract was issued in. As of the date of this prospectus, we deduct a charge equal to the premium tax for Contracts issued in the following states – California, Colorado, Maine, Nevada, South Dakota, and Wyoming. State premium taxes currently range from 0% to 3.5%.
8(e). Funds’ Expenses
Fees and expenses are deducted from and paid out of the assets of the Funds. These expenses may vary in amount from year to year and are described in the prospectuses for the Funds.
8(f). Other Taxes
We reserve the right to charge for any other taxes (in addition to premium taxes) that we may have to pay. See 9(d). FILI’s Tax Status.
8(g). Deduction of Advisory Fees
If you have authorized a third-party investment advisory firm (the “Advisor”) to make withdrawals from the Contract of the Advisor’s fees, we will make such withdrawals upon receiving from the Advisor our required Advisor payment form properly completed at our Annuity Service Center. To authorize an Advisor to make withdrawals from the Contract, you must first complete our required authorization form. You or your Advisor can terminate the authorization at any time by notifying us in writing or via phone at our Annuity Service Center. In addition, Fidelity reserves the right to terminate such authorization at any time.
 
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FILI does not pay commissions to any Advisor that you may choose to employ because such Advisors receive compensation in connection with the Contract in the form of advisory fees you agreed to pay to the Advisor.
As with any other withdrawal from your Contract, withdrawals taken from the Contract to pay advisory fees will reduce the Contract Value and Death Benefit and may be subject to federal and state income taxes and a 10% federal penalty tax. We encourage Owners to discuss with their Advisor the impact of deducting advisory fees from the Contract prior to making any election.
We require the Advisor to complete our required payment form each and every time an advisory fee payment is requested from the Contract. We do not allow Advisors to schedule systematic / ongoing advisory fee payments from the Contract.
When requesting a withdrawal from the Contract for advisory fees, we require Advisors to specify the withdrawal amount as a percentage of Contract Value or as a dollar amount. The withdrawal will be taken from the Subaccounts on a prorated basis unless the Advisor specifies the dollar amounts to be withdrawn from each Subaccount. A withdrawal to pay advisory fees will not be permitted if it would reduce the Contract Value below $2,500. Questions about the basis upon which your Advisor calculates their advisory fee should be directed to your Advisor.
Please note that although we permit you to authorize an Advisor to make asset allocation decisions and request other transactions within the Contract on your behalf, including withdrawals to pay the Advisor’s fees, individuals employed by any such Advisor are:
 
  •  
not licensed agents of Fidelity Investments or any of its affiliates, and
 
  •  
do not receive commissions from Fidelity Investments or any of its affiliates in connection with sales of the Contract.
You can purchase and own this Contract without hiring or paying advisory fees to an Advisor.
Pursuant to an IRS Private Letter Ruling issued to Fidelity, advisory fees that are paid directly from the Contract by its Owner(s) to an Advisor should not be considered taxable distributions if:
 
  •  
the fees do not exceed an amount equal to an annual rate of 1.5% of the Contract’s cash value determined as a percentage of the cash value as of the last day of the period in which the advisory services were provided, and
 
  •  
all the other conditions set out in the IRS Private Letter Ruling are met.
However, Fidelity has no responsibility or liability (i) to determine whether the instructions received from the Advisor are in compliance with the agreement between Owner(s) and Advisor, and (ii) to verify that the amount of Fees complies with the IRS Private Letter Ruling. Advisory fees paid from the Contract that are in excess of the maximum amount or that do not meet any of the other conditions set out in the IRS Private Letter Ruling may be subject to federal and state income taxes and a 10% federal penalty tax. See Third-Party Investment Advisory Fees under 9(c) for more information.
 
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9. TAX CONSIDERATIONS
9(a). Introduction
The following discussion of the federal income tax treatment of the Contract is not exhaustive, does not purport to cover all situations, and is not intended as tax advice. The federal income tax treatment of the Contract is unclear in certain circumstances, and you should always consult a qualified tax advisor regarding the application of the law to individual circumstances. This discussion is based on the Internal Revenue Code of 1986, as amended (the “Code”), Treasury Department regulations, and interpretations existing on the date of this Prospectus. Although the discussion is based on our understanding of federal income tax laws as currently interpreted, there is no guarantee that those laws or interpretations will not be changed by Congress, the Treasury Department, and judicial decisions.
This discussion does not address federal gift tax, state or local income tax, or other considerations which may be involved in the purchase, operation, or exercise of any rights or options under the Contract. Also, this discussion does not address estate tax issues that might arise due to the death of an Owner or Annuitant. The particular situation of each Owner, Annuitant, and Beneficiary will determine the federal estate taxes and the state and local estate, inheritance, and other taxes due. You should seek competent tax advice on such matters pertaining to you.
In addition, we make no guarantee regarding any tax treatment — federal, state, or local — of any Contract or of any transaction involving a Contract.
9(b). Taxation of Non‑qualified Annuities in General
Tax Deferral During Accumulation Phase: Under existing provisions of the Internal Revenue Code, provided the below conditions are met, any increase in an Owner’s Contract Value is generally not taxable to the Owner until received, either in the form of annuity income payments or in some other form of distribution. However, as discussed below, this rule applies only if:
 
  (1)
the investments of the Variable Account are “adequately diversified” in accordance with Treasury Department regulations;
 
  (2)
the Company, rather than the Owner, is considered the owner of the assets of the Variable Account for federal income tax purposes; and
 
  (3)
the Owner is an individual (or an individual is treated as the Owner for tax purposes).
Diversification Requirements: The Internal Revenue Code and Treasury Department regulations prescribe the manner in which the investments of a segregated asset account, such as the Subaccount of the Variable Account, are to be “adequately diversified.” If the Variable Account fails to comply with these diversification standards, the Contract will not be treated as an annuity contract for federal income tax purposes and the Owner would generally be taxed currently on the excess of the Contract Value over the Purchase Payments paid for the Contract. The Subaccounts of the Variable Account intend to comply with the diversification requirements. In this regard, we have entered into agreements with the Funds under the Subaccounts that require the Funds to be “adequately diversified” in accordance with the Internal Revenue Code and Treasury Department regulations.
Ownership Treatment: In certain circumstances, variable annuity contract owners may be considered the owners, for federal income tax purposes of the assets of a segregated asset account, such as the Variable Account, used to support their contracts. In those circumstances, income and gains from the segregated asset account would be includible in the contract owners’ gross income. The Internal Revenue Service (the “IRS”) has stated in published rulings that a variable contract owner will be considered the owner of the assets of a segregated asset account if the owner possesses incidents of ownership in those assets, such as the ability to exercise investment control over the assets. As of the date of this Prospectus, no comprehensive guidance has been issued by the IRS
 
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clarifying the circumstances when such investment control by a variable contract owner would exist. As a result, your right to make Exchanges among the Subaccounts may cause you to be considered the owner of the assets of the Variable Account. We therefore reserve the right to modify the Contract as necessary to attempt to prevent Contract Owners from being considered the owners of the assets of the Variable Account. However, there is no assurance such efforts would be successful.
We do not know what limits might be set forth in any guidance that the IRS may issue, or whether any such limits would apply to existing Contracts.
Non‑natural Owner: As a general rule, Contracts held by “non‑natural persons” such as a corporation, trust or other similar entity, as opposed to a natural person, are not treated as annuity contracts for federal tax purposes. The income on such Contracts (as defined in the tax law) is taxed as ordinary income that is received or accrued by the Owner of the Contract during the taxable year. There are several exceptions to this rule for non‑natural Owners. Under one exception, a Contract will generally be treated as held by a natural person if the nominal owner is a trust or other entity that holds the Contract as an agent for a natural person. We do not intend to offer the Contracts to “non‑natural” persons. However, we will offer the Contracts to trusts where a trustee represents that the trust is for the benefit of natural persons such as the grantor of the trust. We will also require the trustee to certify that the Beneficiaries of the trust are natural persons. We will also offer the Contracts to charitable remainder trusts. The following discussion assumes that a Contract will be owned by an individual.
Delayed Annuity Commencement Dates: On the Contract Date, the Annuity Date is automatically set to be the first day of the calendar month following the oldest Owner’s 90th birthday. Federal income tax rules do not expressly identify a particular age by which annuity income payments must begin.
However, if the Contract’s Annuity Date occurs (or is scheduled to occur) at too advanced an age, it is possible that the Contract would not be treated as an annuity for federal income tax purposes. In that event, the income and gains under the Contract could be currently includible in the Owner’s income.
The following discussion assumes that the Contract will be treated as an annuity contract for federal income tax purposes.
9(c). Tax Consequences to Investors
Taxation of Partial and Complete Withdrawals: Partial withdrawals under a Contract are generally includible in income to the extent your Contract Value before the withdrawal exceeds your “investment in the contract.” Amounts received under the Systematic Withdrawal Program are treated as partial withdrawals. In case of a complete withdrawal, amounts received are includible in income to the extent they exceed the “investment in the contract.” For these purposes, the investment in the contract at any time generally equals the total of the Purchase Payments made under the Contract to that time less any amounts previously received from the Contract, which were not included in income. In the case of a Contract purchased in a non‑taxable exchange under section 1035 of the Code, the investment in the exchanged Contract will be carried over to your Contract and will be reduced by the amount of investment gain in the exchanged contract.
If you take a partial withdrawal within 180 days of any prior partial exchange under section 1035 of the Code (“Partial 1035”) from either of the contracts that were involved in the Partial 1035 exchange, the Internal Revenue Service may apply general tax principals to determine if the prior Partial 1035 should be recharacterized as a distribution under section 72(e) of the Code or “boot” under section 1035(d)(1) and 1031(c) of the Code. The only exception to this rule is where the partial withdrawal is used to fund an annuity income option for a period of 10 years or more.
Partial and complete withdrawals may be subject to a 10% penalty tax. See Penalty Tax on Premature Distributions below. Partial and complete withdrawals also may be subject to federal income tax withholding requirements.
 
34
Taxation of Annuity Income Payments: Normally, the portion of each annuity income payment taxable as ordinary income equals the excess of the payment over the exclusion amount. In the case of fixed income payments, like the annuity income payments provided under the Contract, the exclusion amount is determined by multiplying (1) the annuity income payment by (2) the ratio of the investment in the contract, adjusted for any period certain or refund feature, to the total expected amount of annuity income payments for the term of the Contract (as determined under Treasury Department regulations). Once the total amount of the investment in the contract is excluded, annuity income payments will be fully taxable. If annuity income payments cease because of the death of the Annuitant and before the total amount of the investment in the contract is recovered, the unrecovered amount generally will be allowed as a deduction.
Where the Owner and the Annuitant are not the same person and are not married to one another, there are special income tax issues, such as who will be taxed on amounts under the Contract and when such amounts will be taxed. You should consult a tax advisor in those situations.
Annuity income payments may be subject to federal income tax withholding requirements.
Distribution and Taxation of Proceeds: Prior to the Annuity Date, we may distribute amounts from a Contract because of the death of an Owner, or because of the death of the Annuitant in the case of a contract issued to a non‑natural person. Such proceeds are includible in income as follows:
 
  (1)
if distributed in a lump sum, they are taxed in the same manner as a complete withdrawal, as described above; or
 
  (2)
if distributed under an Annuity Income Option, or as systematic withdrawals under the Stretch Benefit Option (see Death Benefit under 4. Benefits Available Under the Contract), they are taxed generally in the same manner as annuity income payments, as described above.
After the Annuity Date, where a guaranteed period exists under an Annuity Income Option, and all the Annuitants die before the end of that period, payments we make to the estate of the last surviving Annuitant for the remainder of that period are includible in income as follows:
 
  (1)
if received in a lump sum, they are included in income to the extent that they exceed the unrecovered investment in the contract at that time; or
 
  (2)
if distributed in accordance with the existing Annuity Income Option selected, they are fully excluded from income until the remaining investment in the contract is deemed to be recovered, and all annuity income payments thereafter are fully includible in income.
Proceeds payable on death may be subject to federal income tax withholding requirements.
3.8% Tax on Net Investment Income: Federal tax law imposes a 3.8% Medicare tax on the lesser of
 
  (1)
the taxpayer’s “net investment income,” (from Non‑qualified Annuities, interest, dividends, etc., offset by specified allowable deductions), or
 
  (2)
the taxpayer’s modified adjusted gross income in excess of a specified income threshold ($250,000 for married couples filing jointly, $125,000 for married couples filing separately, and $200,000 otherwise).
“Net investment income” in item 1 does not include distributions from tax‑qualified plans (i.e., IRAs, Roth IRAs, or arrangements described in Code Sections 401(a), 403(b), or 457(b)) but such income will increase “modified adjusted gross income” in item 2.
 
35
You should consult your tax advisor regarding the applicability of this tax to income you would receive under this annuity contract.
Penalty Tax on Premature Distributions: In general, in the case of a distribution from a Contract, a penalty tax equal to 10% of the portion of the distribution that is includible in gross income may be imposed unless the distribution:
 
  (1)
is made on or after the taxpayer attains age 591⁄2;
 
  (2)
is made on or after the death of the Owner or, if the Owner is not an individual, on or after the death of the primary annuitant (as defined in the tax law);
 
  (3)
is attributable to the Owner’s becoming disabled (as defined in the tax law);
 
  (4)
is part of a series of substantially equal periodic payments (no less frequently than annually) for the life (or life expectancy) of the Owner or the joint lives (or joint life expectancies) of the Owner and his or her designated beneficiary (as defined in the tax law);
 
  (5)
is made under an immediate annuity contract (as defined in the tax law); or
 
  (6)
satisfies some other exception to this 10% penalty tax.
We believe that systematic withdrawals under the Systematic Withdrawal Program would not satisfy the exception to the 10 percent penalty tax described in (4) above. You should consult your tax advisor before electing to take systematic withdrawals commencing prior to age 591⁄2.
Third-Party Investment Advisor Fees: Pursuant to an IRS Private Letter Ruling (“PLR”) issued to Fidelity, advisory fees that are paid directly from the Contract by its Owner(s) to an Advisor should not be considered taxable distributions if all of the following conditions are met:
 
  (1)
The Owner authorizes the fees to be paid to the Advisor from the Contract’s cash value;
 
  (2)
The amount of the fees has been determined from a negotiation between the Owner(s) and the Advisor in which each is acting in its own best interest (i.e., an “arm’s length transaction”);
 
  (3)
The fees do not exceed an amount equal to an annual rate of 1.5% of the Contract’s cash value determined as a percentage of the cash value as of the last day of the period in which the advisory services were provided;
 
  (4)
The fees are only for investment advice provided by the Advisor to the Owner(s) with respect to the Contract;
 
  (5)
The fees do not result in any fee reduction related to any other asset or service;
 
  (6)
The Owner(s) do not direct payment of the fees for any other purpose or to any other person or entity; and
 
  (7)
The Advisor does not receive a commission from Fidelity for the sale of the Contract.
A PLR is based on a specific set of facts and is issued to a specific taxpayer. While a PLR may be an indication of the IRS’s current position on an issue, a PLR can be used as precedent only under limited circumstances.
Note – even if FILI does not treat withdrawals taken to pay advisory fees as taxable distributions, federal and/or
 
36
state taxing authorities could determine such fees should be treated as taxable distributions. If deemed to be a taxable distribution, the withdrawal to pay advisory fees may be subject to federal and state income taxes and a 10% penalty tax. In addition, as with any other withdrawal from your Contract, withdrawals taken from the Contract to pay advisory fees will reduce the Contract Value and Death Benefit. Any legal questions should be directed at your legal counsel as FILI and its affiliates do not provide legal advice.
Aggregation of Contracts: In certain circumstances, the IRS may determine the amount of an annuity income payment or a withdrawal from a Contract that is includible in income by combining some or all of the annuity contracts a person owns. For example, if a person purchases a Contract offered by this Prospectus and also purchases at approximately the same time an immediate annuity issued by us, the IRS might in certain circumstances treat the two contracts as one contract. In addition, if a person purchases two or more deferred annuity contracts from the same insurance company (or its affiliates) during any calendar year, all such contracts will be treated as one contract for purposes of determining the portion of the distribution that is includible in income. The effects of such aggregation are not always clear; however, it could affect the amount of a withdrawal or an annuity income payment that is taxable and the amount which might be subject to the 10% penalty tax described above.
Exchanges of Contracts: We may issue the Contract in exchange for all or part of another annuity or life insurance contract that you own. Such an exchange will be tax free if certain requirements are satisfied. If the exchange is tax free, your investment in the contract immediately after the exchange will generally be the same as that of the contract exchanged, increased by any additional Purchase Payments made as part of the exchange. Your Contract Value immediately after the exchange may exceed your investment in the contract. That excess may be includable in income should amounts subsequently be withdrawn or distributed from the Contract (e.g., as a partial surrender, full surrender, annuity income payment or death benefit). If you exchange part of an existing contract for a Contract, the IRS might treat the two contracts as one annuity contract in certain circumstances. See Aggregation of Contracts under 9(c). Tax Consequences to Investors.
In addition, before the Annuity Date, you may exchange all or a portion of your Contract Value for another annuity contract we then offer. Such an exchange will be tax free if certain requirements are satisfied. You should consult your tax advisor in connection with an exchange for or of a Contract.
You may be able to add a second Owner in certain circumstances. See 10(a). Contract Rights. There may be special income tax issues if you add a second Owner who is not your spouse. You should consult your tax advisor before adding a second Owner.
Transfers of a Contract: A Contract that is transferred by assignment to another person or entity may result in taxable income to the Owner in the year the Contract is transferred. You should consult your tax advisor before making such a transfer.
Taxation of Contracts Owned Under UGMA/UTMA Arrangements: In the case of a Contract held in custody for a minor under the Uniform Gifts to Minors Act or the Uniform Transfers to Minors Act, a distribution under the Contract ordinarily is taxable to the minor. Whether the 10% penalty tax applies to such a distribution ordinarily is determined by the circumstance or characteristics of the minor, not the custodian. Thus, for example, a distribution taxable to a minor will not qualify for the exception to the penalty tax for distributions made on or after age 591⁄2, even if the custodian is 591⁄2 or older.
9(d). FILI’s Tax Status
FILI is taxed as a life insurance company under the Internal Revenue Code. The earnings of the Variable Account are taxed as part of our operations, and thus the Variable Account is not separately taxed as a “regulated investment company” under the Internal Revenue Code. Under the existing federal income tax laws, investment income and capital gains of the Variable Account are not taxed to the extent they are applied under a Contract.
 
37
Therefore, we do not expect to incur federal income taxes on earnings of the Variable Account to the extent the earnings are credited under the Contracts. Based on this, no charge is being made currently to the Variable Account for our federal income taxes. We will periodically review the need for a charge to the Variable Account for company federal income taxes. If FILI is taxed on investment income or capital gains of the Variable Account, then FILI may impose a charge against the Variable Account in order to provide for such taxes.
Under current laws we may incur state and local taxes (in addition to premium taxes) in several states. At present, these taxes are not significant and are not charged against the Contracts or the Variable Account. If the amount of these taxes changes substantially, we may make charges for such taxes against the Variable Account.
10. MORE INFORMATION ABOUT THE CONTRACT
You should also be aware of the following important provisions of your Contract.
10(a). Contract Rights
Owner(s): Owners have rights and privileges as specified in the Contract. Owners own the Contract in accordance with all of its terms. The following forms of ownership, and others, are inconsistent with the terms of the Contract and will not be accepted: “joint tenants in common”, “tenancy by the entirety”, “joint tenants with rights of survivorship” and “joint ownership by husband and wife”.
Before the Contract is issued, the Owners have the right on the application to (a) name the Annuitant(s) and Beneficiary(ies); and (b) allocate the Initial Purchase Payment among the Subaccounts. The Owner(s) can change the Annuitant(s) before annuity income payments begin. If the Owner is a trust, the Annuitant may not be changed.
If you are the only Owner when your Contract is issued, you may later add a second Owner, but you may do this only once and the second Owner must be younger than you, unless the second Owner is your spouse. You may not add a second Owner if the Owner is a trust, or the Contract is held under a UGMA or UTMA arrangement. You may not remove an Owner unless the Owner is a spouse.
After the Contract Date and before annuity income payments begin, the Owners have the right to (a) cancel the Contract during the Free Look Period; (b) allocate Purchase Payments among the Subaccounts; (c) reallocate the Contract Value among the Subaccounts; (d) make withdrawals; (e) name a second Owner (subject to the limitations in the previous paragraph) if the Contract has only one Owner; (f) change Annuitant(s) and Beneficiary(ies) (except that a Beneficiary designated as irrevocable may not be changed without the Beneficiary’s consent); and (g) instruct us how to vote shares of the Funds attributable to the Contract.
For Contracts with two Owners, after the Contract Date and before annuity income payments begin, any withdrawals (including surrenders), changes of the Annuity Date, changes of Owners, Annuitants and Beneficiaries can be made only by both Owners acting together. Either Owner may exercise any other right under the Contract.
Beginning on the first day we provide annuity income to the Annuitant(s), the Owners have no rights.
If a Contract has two Owners who are not spouses, and one dies before the Annuity Date, federal tax law requires that the Contract Value be distributed to the remaining Owner within certain time limits. See Death Benefit under 4. Benefits Available Under the Contract.
Annuitant(s): You name one or two Annuitants in the application for the Contract. You may change the Annuitant(s) by sending us a written notice. A deceased Annuitant may be replaced. You may also add an
 
38
Annuitant, but there can never be more than two Annuitants at the same time. We must receive any notice adding or changing the Annuitant(s) at our Annuity Service Center at least 30 days before the Annuity Date.
If a non‑natural person is the Owner, the Contract can have only one Annuitant and the Annuitant may not be changed. If such non‑natural person is a revocable grantor trust, the grantor of the trust must be the sole Annuitant.
Annuitants have no rights before the Annuity Date. Annuitants have the right to receive monthly annuity income payments beginning on the Annuity Date, unless an Owner has died before the Annuity Date, or unless the amount of annuity income would be less than $20 per month.
The amount of monthly annuity income payments depends on a number of factors, including each Annuitant’s age and, unless prohibited by applicable state law, sex. If an Annuitant’s age or sex has been misstated, we will adjust the amount of monthly annuity income to reflect the actual age and/or sex. If we have previously overpaid monthly annuity income, we will withhold monthly annuity income until we have recovered the amount of the overpayment. If annuity income payments have ended, we will recover the amount of any overpayment from the estate(s) of the Annuitant(s). If we have previously underpaid monthly annuity income, we will make a lump sum payment equal to the amount previously underpaid, plus interest at 6% per annum, compounded annually.
If a Contract has one Owner and that Owner dies before the Annuity Date, then the Beneficiary(ies), not the Annuitant(s), will have the right to the Contract Value, and the Annuitant(s) will not receive any monthly annuity income.
If a Contract has two Owners and one Owner dies before the Annuity Date, then the surviving Owner, not the Annuitants, will have the right to the Contract Value. When the Annuity Date is later reached, the Annuitant(s) will not receive any monthly annuity income, subject to one exception. The exception is that if a surviving spouse/Beneficiary continues the Contract as his or her own, and the Annuity Date is reached, then the Annuitant(s) will receive monthly annuity income.
Beneficiary(ies): The Owner(s) name(s) a Beneficiary or Beneficiaries in the application, and can change Beneficiaries later. If the Contract is owned by a trust, the trust must be the sole Beneficiary. If all the Owners die (or the Annuitant in the case of a trust owned contract) before the Annuity Date, we will pay the Contract Value, less any applicable taxes, to the Beneficiary or Beneficiaries who survive all the Owners. If a Beneficiary survives all the Owners but does not live long enough to receive payment from us, we will pay the Beneficiary’s estate. For more details on the Contract rights and provisions applicable to Beneficiaries, see Death Benefit under 4. Benefits Available Under the Contract.
10(b). Termination
To help protect us against administrative expense risks, we include a provision in the Contracts that allows us to cancel smaller, inactive Contracts before the Annuity Date. If we cancel your Contract under this provision, we will pay you your Contract Value in a lump sum. We have the right to cancel your Contract if your Contract Value falls below $2,000 for any reason. We will give you 30 days’ notice before canceling your Contract, during which you may make an additional Purchase Payment to bring your Contract Value to $2,000 or more. If you do not make such an additional Purchase Payment and your Contract Value remains below $2,000 at the end of the period, we will cancel your Contract and send your Contract Value to you in a lump sum. The $2,000 figure may be reduced for sponsored arrangements and will always be lower than the minimum initial Purchase Payment under such an arrangement.
10(c). Assignment
The Contract may not be sold, gifted, transferred, or assigned, and any purported gift, transfer or assignment will be void, except as follows: (a) the Contract may be assigned to an insurance company, regulated as such under the insurance laws of one of the United States, solely for the purpose of effecting a tax‑free exchange under
 
39
section 1035 of the Internal Revenue Code; (b) a Contract owned by an individual may be transferred to that individual’s spouse; (c) a Contract owned by one or two individual(s) may be transferred to either a trust or a charitable remainder trust of which the individual(s) is(are) the grantor(s); and (d) a contract owned by a trust may be transferred to the trust’s grantor(s) or a beneficiary of the trust. Assignments under (c) and (d) may result in a taxable distribution to the transferor. You should consult your tax advisor before making such a transfer.
10(d). Notification of Death
If there are two Owners, each is responsible for notifying us of the death of the other Owner and the death of any Annuitant if the Annuitant’s death occurs before the Annuity Date. If all the Owners die, the Beneficiaries are responsible for notifying us of the death(s). If there are two Annuitants, each is responsible for notifying us of the death of the other if death occurs after the Annuity Date. The executor of the estate of the last surviving Annuitant is responsible for notifying us of that Annuitant’s death, and to return any overpayment. If we provide too much annuity income because we are not notified of a death, we may take legal action to recover the overpayment.
10(e). Proof of Survival
If any payment under this Contract depends on an Annuitant or other recipient being alive on a given date, we may require proof of survival before making the payment.
10(f). Abandoned Property
State regulations, which can vary, require abandoned property to be escheated to state municipalities. Unclaimed property could come in the form of an outstanding check, unclaimed death benefit, or a matured Contract where the policyholder cannot be located. Please note that some state municipalities require unclaimed property to be escheated to the state within three to five years of the date of death of the Owner. To avoid escheatment, we advise that you promptly respond to requests to contact the insurance company. In the event of the Owner’s death, we advise Beneficiaries to promptly contact the insurance company and provide whatever paperwork the insurance company requests. Beneficiaries who wait too long after the Owner’s death to contact the insurance company run the risk of not having sufficient time to make a distribution election before the company is required to escheat the proceeds to the state municipality. In the event the state escheatment laws require escheatment before five years from date of death, a Beneficiary may not have a full five-year distribution period as described in the Contract to withdraw the Contract Value.
10(g). Reports to Owners
Before the Annuity Date, we will send you a statement showing your Contract Value four times each year. Each quarterly statement will also contain a summary of all transactions in your Contract since the previous statement.
You should immediately verify the accuracy of the information contained in these statements, and in the confirmations you may receive for individual transactions. If you find a discrepancy with respect to any transaction, you should notify us at our Annuity Service Center immediately. We will not be responsible for losses after ten calendar days from the first time we mail any statement or confirmation containing details of the transaction.
Contract owners have access to their contract information online at Fidelity.com.
10(h). Signature Guarantee or Customer Authentication
Certain requests may require a signature guarantee or customer authentication. A signature guarantee or customer authentication is designed to protect you and us from fraud. Your request must be in writing and may require a signature guarantee if any of the following situations apply:
 
  1.
Loss of account ownership;
 
  2.
Any circumstances where we deem it necessary for your protection.
 
40
You should be able to obtain a signature guarantee from a bank, broker dealer, credit union (if authorized under state law), securities exchange or association, clearing agency, or savings association. A notary public cannot provide a signature guarantee. A customer authentication can be obtained only at a Fidelity Investments Investor Center.
10(i). Non‑Participating Contract
The Contract is “non‑participating”, meaning there are no dividends. Investment results of the Subaccounts are reflected in the Contract Value and the other benefits under the Contract.
10(j). Postponement of Payment
In conformity with the 1940 Act, we will generally pay any withdrawal within seven days after we receive the request. We may delay payment if (a) the disposal or valuation of the assets in a Subaccount is not reasonably practicable because the New York Stock Exchange is closed for other than a regular holiday or weekend, trading is restricted by the SEC, or the SEC declares that an emergency exists; or (b) the SEC by order permits the postponement of payment to protect our Owners.
We will generally send: (1) any withdrawal amount on the first business day after the end of the Valuation Period during which we receive the withdrawal request; (2) each annuity income payment on the first business day after the Annuity Income Date; and (3) any lump sum distributions to Beneficiaries within seven days of the day we receive proper notice.
10(k). Special Provisions for Sales Under Sponsored Arrangements
We may reduce the minimum Purchase Payment requirements for Contracts issued under sponsored arrangements. We determine the eligibility of a group for such reduced minimum Purchase Payments, and the minimum Purchase Payment amount for individuals in a particular group, by considering the following factors:
(1) the size of the group; (2) the total amount of Purchase Payments we expect group members to make; (3) the nature of the group and the persistency we expect from the group; (4) the purpose for which the Contracts will be purchased; and (5) any other circumstances which we believe to be relevant in determining the level of expected administrative expenses we will incur.
10(l). Written Requests Received at the Company
Any request that is required to be submitted to the Company in writing must be in accordance with the Company’s then current standards and shall not be effective until the date and time that either:
 
  1.
The original request is physically received at the Annuity Service Center; or
 
  2.
An electronic image of the original request, which has been submitted by an agent of Fidelity, is received at the Annuity Service Center.
All communications to us regarding your Contract should be sent to: Fidelity Investments Life Insurance Company, Annuity Service Center, PO Box 770001, Cincinnati, Ohio 45277-0050.
11. MORE INFORMATION ABOUT THE SUBACCOUNTS AND THE FUNDS
11(a). Changes in Subaccounts
We may make additional Subaccounts available to you from time to time. These Subaccounts will invest in mutual funds that we find suitable for the Contracts.
 
41
We also have the right to eliminate Subaccounts, to combine two or more Subaccounts, or to substitute a new mutual fund for the mutual fund in which a Subaccount invests.
A substitution may become necessary if, in our judgment, a Fund no longer suits the purposes of the Contracts. This may happen due to a change in laws or regulations, a change in a Fund’s investment objectives or restrictions, because the Fund is no longer available for investment, or for some other reason. We would obtain prior approval from the SEC and any other required approvals before making such a substitution.
We also reserve the right to operate the Variable Account as a management investment company under the 1940 Act or any other form permitted by law or to deregister the Variable Account under such Act in the event such registration is no longer required. We would obtain any required approval from the SEC before making such changes.
11(b). Voting Rights
We currently vote shares of the Funds owned by the Variable Account according to your instructions. However, if the 1940 Act or any related regulations or interpretations should change, and we decide that we are permitted to vote the shares of the Funds in our own right, we may decide to do so.
Before the Annuity Date, we calculate the number of shares that you may instruct us to vote by dividing your Contract Value in a Subaccount by the net asset value of one share of the corresponding Fund. Fractional votes are counted. We reserve the right to modify the manner in which we calculate the weight to be given to your voting instructions where such a change is necessary to comply with then current federal regulations or interpretations of those regulations.
We will determine the number of shares you can instruct us to vote 90 days or less before the applicable Fund shareholder meeting. At least 14 days before the meeting we will send you material by mail for providing us with your voting instructions.
If we do not receive your voting instructions in time, we will vote the shares in the same proportion as the instructions we receive from other Owners. We will also vote in the same proportionate manner any shares we hold in the Variable Account that are not attributable to Owners. As a result of proportional voting, the vote of a small number of Owners could determine the outcome of a shareholder vote.
Under certain circumstances, we may be required by state regulatory authorities to disregard voting instructions. This may happen if following such instructions would change the sub‑classification or investment objectives of a Fund, or result in the approval or disapproval of an investment advisory contract.
Under federal regulations, we may also disregard instructions to vote for Owner-initiated changes in investment policies or the investment advisor if we disapprove of the proposed changes. We would disapprove a proposed change only if it were contrary to state law, prohibited by state regulatory authorities, or if we decided that the change would result in overly speculative or unsound investments. If we ever disregard voting instructions, we will include a summary of our actions in the next semiannual report.
11(c). Resolving Material Conflicts
The Funds are available to separate accounts of insurance companies offering variable annuity contracts and variable life insurance policies issued by other insurance companies, as well as to our Variable Account and other separate accounts we may establish.
Although we do not anticipate any disadvantages due to these arrangements, there is a possibility that a material conflict could arise between the interest of the Variable Account and one or more of the other separate accounts or qualified plans that hold shares of the Funds. A conflict may occur due to a change in law affecting the operations of variable life and variable annuity separate accounts, differences in the voting instructions of our Owners and those of other insurance companies, or for some other reason. In the event of a conflict, we will take any steps necessary to protect our Owners and their Beneficiaries.
 
42
APPENDIX A: FUNDS AVAILABLE UNDER THE CONTRACT
The following is a list of Funds available under the Contract. More information about the Funds is available in the prospectuses for the Funds, which may be amended from time to time and can be found online at www.dfinview.com/Fidelity/PUFT/FPRA. You can also request this information at no cost by calling 1‑800‑634‑9361 or by sending an email request to filifunddocuments@fidelity.com.
The current expenses and performance information below reflects fees and expenses of the Funds, but do not reflect the other fees and expenses that your Contract may charge or any advisory fees that you may pay to a third-party investment advisory firm from the Contract. Expenses would be higher and performance would be lower if these other charges were included. Each Fund’s past performance is not necessarily an indication of future performance.
 
       
Investment Objective  
Fund &
Adviser/Subadviser
   Current
Expenses		  
Average Annual
Total Returns (as of
12/31/24)
  1 year   5 year   10 year
Seeks high total investment return  
BlackRock Global Allocation V.I. Fund
 
Adviser: BlackRock Advisors, LLC
 
Subadviser: BlackRock (Singapore) Limited and BlackRock International Limited
   0.91%*   9.09%   5.84%   5.43%
Seeks to obtain high total return with reduced risk over the long-term by allocating its assets among stocks, bonds, and short-term instruments  
Fidelity® Variable Insurance Product (“VIP”) Asset Manager 50% Portfolio†
 
Adviser: Fidelity Management & Research Company LLC
   0.60%   8.36%   5.56%   5.58%
Seeks to maximize total return by allocating its assets among stocks,
bonds, short-term instruments, and other investments
  
Fidelity® VIP Asset Manager 70% Portfolio††
 
Adviser: Fidelity Management & Research Company LLC
   0.71%   10.73%   7.37%   6.98%
Seeks income and capital growth consistent with reasonable risk  
Fidelity® VIP Balanced Portfolio
 
Adviser: Fidelity Management & Research Company LLC
   0.50%   15.83%   10.76%   9.54%
Seeks to provide investment results that correspond to the aggregate price and interest performance of the debt securities in the Bloomberg Barclays U.S. Aggregate Bond Index  
Fidelity® VIP Bond Index Portfolio
 
Adviser: Fidelity Management & Research Company LLC
   0.14%   1.21%   -0.46%   —
Seeks capital appreciation  
Fidelity® VIP Communication Services Portfolio
 
Adviser: Fidelity Management & Research Company LLC
   0.69%   33.89%   15.30%   12.61%
 
43
       
Investment Objective  
Fund &
Adviser/Subadviser
   Current
Expenses		  
Average Annual
Total Returns (as of
12/31/24)
  1 year   5 year   10 year
Seeks capital appreciation  
Fidelity® VIP Consumer Discretionary Portfolio
 
Adviser: Fidelity Management & Research Company LLC
   0.69%   24.59%   13.38%   12.20%
Seeks capital appreciation  
Fidelity® VIP Consumer Staples Portfolio
 
Adviser: Fidelity Management & Research Company LLC
   0.69%   5.45%   6.59%   7.08%
Seeks long-term capital appreciation  
Fidelity® VIP Contrafund® Portfolio
 
Adviser: Fidelity Management & Research Company LLC
   0.63%   33.70%   16.95%   13.53%
Seeks capital appreciation  
Fidelity® VIP Disciplined Small Cap Portfolio
 
Adviser: Fidelity Management & Research Company LLC
   0.40%   16.82%   10.49%   8.54%
Seeks capital appreciation  
Fidelity® VIP Dynamic Capital Appreciation Portfolio
 
Adviser: Fidelity Management & Research Company LLC
   0.70%   25.42%   16.28%   12.96%
Seeks capital appreciation  
Fidelity® VIP Emerging Markets Portfolio
 
Adviser: Fidelity Management & Research Company LLC
   0.96%   9.90%   4.26%   5.96%
Seeks capital appreciation  
Fidelity® VIP Energy Portfolio
 
Adviser: Fidelity Management & Research Company LLC
   0.68%   4.20%   12.33%   4.37%
Seeks reasonable income while also considering the potential for capital appreciation. The fund’s goal is to achieve a yield which exceeds the composite yield on the securities comprising the S&P 500® Index  
Fidelity® VIP Equity-Income Portfolio
 
Adviser: Fidelity Management & Research Company LLC
   0.55%   15.26%   10.00%   9.13%
Seeks to provide investment results that correspond to the total return of stocks of mid- to small-capitalization U.S. companies  
Fidelity® VIP Extended Market Index Portfolio
 
Adviser: Fidelity Management & Research Company LLC
 
Principal Subadviser: Geode Capital Management, LLC
   0.13%   12.31%   8.80%   —
 
44
       
Investment Objective  
Fund &
Adviser/Subadviser
   Current
Expenses		  
Average Annual
Total Returns (as of
12/31/24)
  1 year   5 year   10 year
Seeks capital appreciation  
Fidelity® VIP Financials Portfolio
 
Adviser: Fidelity Management & Research Company LLC
   0.69%   32.74%   13.30%   11.31%
Seeks a high level of current income  
Fidelity® VIP Floating Rate High Income Portfolio
 
Adviser: Fidelity Management & Research Company LLC
   0.77%   8.36%   5.51%   4.85%
Seeks high current income and, as a secondary objective, capital appreciation  
Fidelity® VIP FundsManager® 20% Portfolio
 
Adviser: Fidelity Management & Research Company LLC
   0.51%*   5.53%   2.96%   3.32%
Seeks high current income and, as a secondary objective, capital appreciation  
Fidelity® VIP FundsManager® 30% Portfolio
 
Adviser: Fidelity Management & Research Company LLC
   0.55%*   6.42%   —   —
Seeks current income as well as total return. The fund also considers the potential for capital appreciation  
Fidelity® VIP FundsManager® 40% Portfolio
 
Adviser: Fidelity Management & Research Company LLC
   0.59%*   7.46%   —   —
Seeks high total return  
Fidelity® VIP FundsManager® 50% Portfolio
 
Adviser: Fidelity Management & Research Company LLC
   0.64%*   8.51%   5.75%   5.85%
Seeks high total return  
Fidelity® VIP FundsManager® 60% Portfolio
 
Adviser: Fidelity Management & Research Company LLC
   0.66%*   9.58%   6.57%   6.67%
Seeks high total return  
Fidelity® VIP FundsManager® 70% Portfolio
 
Adviser: Fidelity Management & Research Company LLC
   0.68%*   10.88%   7.55%   7.46%
Seeks high total return  
Fidelity® VIP FundsManager® 85% Portfolio
 
Adviser: Fidelity Management & Research Company LLC
   0.71%*   12.51%   8.73%   8.60%
Seeks as high a level of current income as is consistent with preservation of capital and liquidity  
Fidelity® VIP Government Money Market Portfolio
 
Adviser: Fidelity Management & Research Company LLC
   0.28%   5.08%   2.31%   1.60%
 
45
       
Investment Objective  
Fund &
Adviser/Subadviser
   Current
Expenses		  
Average Annual
Total Returns (as of
12/31/24)
  1 year   5 year   10 year
Seeks to achieve capital appreciation  
Fidelity® VIP Growth Portfolio
 
Adviser: Fidelity Management & Research Company LLC
   0.63%   30.30%   18.84%   16.54%
Seeks high total return through a combination of current income and capital appreciation  
Fidelity® VIP Growth & Income Portfolio
 
Adviser: Fidelity Management & Research Company LLC
   0.56%   22.18%   13.29%   11.31%
Seeks to provide capital growth  
Fidelity® VIP Growth Opportunities Portfolio
 
Adviser: Fidelity Management & Research Company LLC
   0.65%   38.77%   18.67%   18.13%
Seeks capital appreciation  
Fidelity® VIP Health Care Portfolio
 
Adviser: Fidelity Management & Research Company LLC
   0.67%   5.05%   5.38%   7.88%
Seeks capital appreciation  
Fidelity® VIP Hedged Equity
Portfolio**
Adviser: Fidelity Diversifying Solutions LLC
   —   —   —   —
Seeks a high level of current income, while also considering growth of capital  
Fidelity® VIP High Income Portfolio
 
Adviser: Fidelity Management & Research Company LLC
   0.85%*   9.05%   2.74%   4.13%
Seeks investment results that correspond to the total return of common stocks publicly traded in the United States, as represented by the S&P 500® Index  
Fidelity® VIP Index 500 Portfolio
 
Adviser: Fidelity Management & Research Company LLC
 
Principal Subadviser: Geode Capital Management, LLC
   0.09%   24.90%   14.40%   12.99%
Seeks capital appreciation  
Fidelity® VIP Industrials Portfolio
 
Adviser: Fidelity Management & Research Company LLC
   0.69%   23.54%   12.35%   10.23%
Seeks capital appreciation  
Fidelity® VIP International Capital Appreciation Portfolio
 
Adviser: Fidelity Management & Research Company LLC
   0.86%   8.12%   6.80%   8.20%
Seeks to provide investment results that correspond to the total return of foreign developed and emerging stock markets  
Fidelity® VIP International Index Portfolio
 
Adviser: Fidelity Management & Research Company LLC
 
Principal Subadviser: Geode Capital Management, LLC
   0.17%   5.11%   4.10%   —
 
46
       
Investment Objective  
Fund &
Adviser/Subadviser
   Current
Expenses		  
Average Annual
Total Returns (as of
12/31/24)
  1 year   5 year   10 year
Seeks as high a level of current income as is consistent with the preservation of capital  
Fidelity® VIP Investment Grade Bond Portfolio
 
Adviser: Fidelity Management & Research Company LLC
   0.42%   1.75%   0.41%   1.89%
Seeks high total return with a secondary objective of principal preservation as the fund approaches its target date and beyond  
Fidelity® VIP Investor FreedomSM 2010 Portfolio
 
Adviser: Fidelity Management & Research Company LLC
   0.43%   5.27%   3.45%   4.59%
Seeks high total return with a secondary objective of principal preservation as the fund approaches its target date and beyond  
Fidelity® VIP Investor FreedomSM 2015 Portfolio
 
Adviser: Fidelity Management & Research Company LLC
   0.47%   6.43%   4.28%   5.32%
Seeks high total return with a secondary objective of principal preservation as the fund approaches its target date and beyond  
Fidelity® VIP Investor FreedomSM 2020 Portfolio
 
Adviser: Fidelity Management & Research Company LLC
   0.50%   7.65%   5.10%   5.96%
Seeks high total return with a secondary objective of principal preservation as the fund approaches its target date and beyond  
Fidelity® VIP Investor FreedomSM 2025 Portfolio
 
Adviser: Fidelity Management & Research Company LLC
   0.52%   8.46%   5.72%   6.47%
Seeks high total return with a secondary objective of principal preservation as the fund approaches its target date and beyond  
Fidelity® VIP Investor FreedomSM 2030 Portfolio
 
Adviser: Fidelity Management & Research Company LLC
   0.56%   9.40%   6.44%   7.23%
Seeks high total return with a secondary objective of principal preservation as the fund approaches its target date and beyond  
Fidelity® VIP Investor FreedomSM 2035 Portfolio
 
Adviser: Fidelity Management & Research Company LLC
   0.61%   10.94%   —   —
Seeks high total return with a secondary objective of principal preservation as the fund approaches its target date and beyond  
Fidelity® VIP Investor FreedomSM 2040 Portfolio
 
Adviser: Fidelity Management & Research Company LLC
   0.66%   12.93%   —   —
Seeks high total return with a secondary objective of principal preservation as the fund approaches its target date and beyond  
Fidelity® VIP Investor FreedomSM 2045 Portfolio
 
Adviser: Fidelity Management & Research Company LLC
   0.69%   13.74%   —   —
 
47
       
Investment Objective  
Fund &
Adviser/Subadviser
   Current
Expenses		  
Average Annual
Total Returns (as of
12/31/24)
  1 year   5 year   10 year
Seeks high total return with a secondary objective of principal preservation as the fund approaches its target date and beyond  
Fidelity® VIP Investor FreedomSM 2050 Portfolio
 
Adviser: Fidelity Management & Research Company LLC
   0.69%   13.80%   —   —
Seeks high total return with a secondary objective of principal preservation  
Fidelity® VIP Investor Freedom IncomeSM Portfolio
 
Adviser: Fidelity Management & Research Company LLC
   0.40%   4.31%   2.45%   3.41%
Seeks capital appreciation  
Fidelity® VIP Materials Portfolio
 
Adviser: Fidelity Management & Research Company LLC
   0.75%   -2.54%   8.88%   5.44%
Seeks long-term growth of capital  
Fidelity® VIP Mid Cap Portfolio
 
Adviser: Fidelity Management & Research Company LLC
   0.64%   17.40%   11.26%   9.13%
Seeks long-term growth of capital  
Fidelity® VIP Overseas Portfolio
 
Adviser: Fidelity Management & Research Company LLC
   0.81%   4.97%   5.67%   6.24%
Seeks above average income and long-term capital growth, consistent with reasonable investment risk. The fund seeks to provide a yield that exceeds the composite yield of the S&P 500® Index  
Fidelity® VIP Real Estate Portfolio
 
Adviser: Fidelity Management & Research Company LLC
   0.69%   6.40%   2.12%   3.85%
Seeks a high level of current income. The fund may also seek capital appreciation  
Fidelity® VIP Strategic Income Portfolio
 
Adviser: Fidelity Management & Research Company LLC
   0.67%   5.97%   2.77%   3.56%
Seeks capital appreciation  
Fidelity® VIP Technology Portfolio
 
Adviser: Fidelity Management & Research Company LLC
   0.65%   35.49%   23.72%   21.83%
Seeks to provide investment results that correspond to the total return of a broad range of U.S. stocks  
Fidelity® VIP Total Market Index Portfolio
 
Adviser: Fidelity Management & Research Company LLC
 
Principal Subadviser: Geode Capital Management, LLC
   0.12%   23.69%   13.75%   —
 
48
       
Investment Objective  
Fund &
Adviser/Subadviser
   Current
Expenses		  
Average Annual
Total Returns (as of
12/31/24)
  1 year   5 year   10 year
Seeks capital appreciation  
Fidelity® VIP Utilities Portfolio
 
Adviser: Fidelity Management & Research Company LLC
   0.69%   28.89%   9.47%   9.69%
Seeks capital appreciation  
Fidelity® VIP Value Portfolio
 
Adviser: Fidelity Management & Research Company LLC
   0.68%   11.25%   12.00%   9.90%
Seeks capital appreciation  
Fidelity® VIP Value Strategies Portfolio
 
Adviser: Fidelity Management & Research Company LLC
   0.67%   9.37%   12.13%   9.56%
Seeks income  
Franklin U.S. Government Securities VIP Fund
 
Adviser: Franklin Advisers, Inc.
   0.78%   1.37%   -0.52%   0.53%
Seeks long-term capital appreciation by investing primarily in equity securities of issuers throughout the world, including U.S. issuers  
Invesco V.I. Global Core Equity Fund
 
Adviser: Invesco Advisers, Inc.
Subadviser: Invesco Canada, Ltd.
   0.99%   16.85%   7.85%   7.19%
Seeks long-term capital appreciation  
Lazard Retirement Emerging Markets Equity Portfolio
 
Adviser: Lazard Asset Management LLC
   1.15%*   7.68%   3.29%   3.52%
Seeks high total return by investing primarily in fixed income securities of government and government-related issuers and, to a lesser extent, of corporate issuers in emerging market countries  
Morgan Stanley Variable Insurance Fund, Inc. (“Morgan Stanley”) Emerging Markets Debt Portfolio
 
Adviser: Morgan Stanley Investment Management Inc.
   1.10%*   11.23%   0.89%   2.92%
Seeks long-term capital appreciation by investing primarily in growth-oriented equity securities of issuers in emerging market countries  
Morgan Stanley Emerging Markets Equity Portfolio
 
Adviser: Morgan Stanley Investment Management Inc.
   1.25%*   7.82%   1.29%   3.08%
Seeks total return  
Morgan Stanley Global Strategist Portfolio
 
Adviser: Morgan Stanley Investment Management Inc.
   0.90%*   7.47%   4.12%   4.45%
 
49
       
Investment Objective  
Fund &
Adviser/Subadviser
   Current
Expenses		  
Average Annual
Total Returns (as of
12/31/24)
  1 year   5 year   10 year
Seeks maximum real return, consistent with prudent investment management  
PIMCO Variable Insurance Trust (“VIT”) CommodityRealReturn® Strategy Portfolio
 
Adviser: Pacific Investment Management Company LLC
  
2.28%*
  
4.16%
  
7.10%
  
1.65%
Seeks maximum total return, consistent with preservation of capital and prudent investment management  
PIMCO VIT Low Duration Portfolio
 
Adviser: Pacific Investment Management Company LLC
  
0.67%
  
4.50%
  
1.08%
  
1.28%
Seeks maximum real return, consistent with preservation of real capital and prudent investment management  
PIMCO VIT Real Return Portfolio
 
Adviser: Pacific Investment Management Company LLC
  
1.07%
  
2.13%
  
1.93%
  
2.16%
Seeks maximum total return, consistent with preservation of capital and prudent investment management  
PIMCO VIT Total Return Portfolio
 
Adviser: Pacific Investment Management Company LLC
  
0.79%
  
2.53%
  
-0.03%
  
1.53%
Seeks high current income, consistent with preservation of capital, with capital appreciation as a secondary consideration  
Templeton Global Bond VIP Fund
 
Adviser: Franklin Advisers, Inc.
   0.75%*   -11.37%   -4.85%   -2.03%
Each Fidelity Subaccount invests in Investor Class shares of each Fund except for the VIP Index 500 Portfolio, VIP Bond Index Portfolio, VIP Extended Market Index Portfolio, VIP International Index Portfolio and VIP Total Market Index Portfolio which invest in Initial Class shares of each Fund.
 
*
This Fund’s current expenses reflect temporary fee reductions. See the Fund’s prospectus for additional information.
†
Prior to May 1, 2025, the fund was named Fidelity® VIP Asset Manager Portfolio.
††
Prior to May 1, 2025, the fund was named Fidelity® VIP Asset Manager: Growth Portfolio.
**
Effective May 1, 2025, the Fidelity® VIP Hedged Equity Portfolio was added to the Contract.
 
50
We have filed additional information about the Contract and the Variable Account with the Securities and Exchange Commission in a Statement of Additional Information (“SAI”) dated April 30, 2025. The SAI is incorporated by reference in this prospectus and is available, without charge, upon request. To request the SAI, other information about the Contract, or to make investor inquiries, call us at 1‑800‑544‑2442.
Reports and other information about the Variable Account are available on the Securities and Exchange Commission’s website at http://www.sec.gov, and copies of this information may be obtained, upon payment of a duplicating fee, by electronic request at the following email address: publicinfo@sec.gov.
Edgar Contract Identifier: C000024030
FPRA‑PRO‑0425
1.819090.124
 
51

FIDELITY PERSONAL RETIREMENT ANNUITY®

STATEMENT OF ADDITIONAL INFORMATION

April 30, 2025

This Statement of Additional Information supplements the information found in the current Prospectus for the variable annuity contracts (“Contracts”) offered by Fidelity Investments Life Insurance Company (“FILI” or the “Company”) through Fidelity Investments Variable Annuity Account I (the “Variable Account”). You may obtain a copy of the Prospectus dated April 30, 2025, without charge by calling 1-800-544-2442.

THIS STATEMENT OF ADDITIONAL INFORMATION IS NOT A PROSPECTUS.

 

Table of Contents

 

     PAGE  

General Information and History

      2  

Non-Principal Risks of Investing in the Contract

      2  

Unavailability of Annuity Income Options in Certain Circumstances

      2  

Safekeeping of Variable Account Assets

      2  

Distribution of the Contracts

      3  

Underwriting Commissions

      3  

State Regulation

      3  

Legal Matters

      3  

Experts

      3  

Financial Statements

      3  

Variable Account (enclosed)

Fidelity Investments Life Insurance Company (enclosed)

FPRA-PTB-0425

1.819091.124

GENERAL INFORMATION AND HISTORY

Fidelity Investments Life Insurance Company (“FILI”)

FILI is a stock life insurance company that was established in 1981 and exists in accordance with the laws, rules and regulations of the State of Utah. FILI issues life insurance and annuity products in 49 states (not New York) and the District of Columbia; FILI’s wholly-owned subsidiary Empire Fidelity Investments Life Insurance Company (“EFILI”) issues life insurance and annuity products in New York. FILI is part of Fidelity Investments, a group of companies that provides a variety of financial services and products. FILI is a wholly-owned subsidiary of FMR LLC, the parent company of the Fidelity Investments companies. Abigail P. Johnson, certain Johnson family members, and various key employees of FMR LLC own the voting common stock of FMR LLC.

Fidelity Investments Variable Annuity Account I (the “Variable Account”)

The Variable Account is a separate investment account of FILI established on July 22, 1987 and exists in accordance with the laws, rules and regulations of the State of Utah. It is registered with the Securities and Exchange Commission (“SEC”) as a unit investment trust under the Investment Company Act of 1940 (“1940 Act”). It is also a separate account as defined under the federal securities laws.

NON-PRINCIPAL RISKS OF INVESTING IN THE CONTRACT

Considerations Regarding Cybersecurity

With the increased use of technologies such as the Internet to conduct business, our business, including our variable insurance business, is susceptible to operational, information security and related risks. In general, cyber incidents can result from deliberate attacks or unintentional events and may arise from external or internal sources. Cyber attacks include, but are not limited to, gaining unauthorized access to digital systems (e.g., through “hacking” or malicious software coding) for purposes of misappropriating assets or sensitive information; corrupting data, equipment or systems; or causing operational disruption. Cyber attacks may also be carried out in a manner that does not require gaining unauthorized access, such as causing denial-of-service attacks on websites (i.e., efforts to make network services unavailable to intended users). Cyber incidents affecting FILI, the Funds, and any affiliated or unaffiliated vendors or service providers have the ability to cause disruptions and impact business operations, potentially resulting in financial losses, interference with our processing of policy transactions (including surrenders, withdrawals, annuity income payments, and insurance proceeds), our ability to calculate Accumulation Unit Values and Annuity Income Unit Values, destruction to equipment and systems, violations of applicable privacy and other laws, regulatory fines, penalties, reputational damage, reimbursement or other compensation costs, or additional compliance costs. In addition, substantial costs may be incurred in order to prevent any cyber incidents in the future. While FILI has established business continuity plans in the event of, and risk management systems to prevent, such cyber incidents, there are inherent limitations in such plans and systems including the possibility that certain risks have not been identified.

Furthermore, FILI cannot control the cyber security plans and systems put in place by its service providers or any other third parties whose operations may affect its business. A variable insurance product and its Owners, Annuitants, Insureds, and Beneficiaries could be negatively impacted as a result.

UNAVAILABILITY OF ANNUITY INCOME OPTIONS IN CERTAIN CIRCUMSTANCES

We do not offer annuity income options to any corporate beneficiary, partnership or trustee; any assignee; or the executors or administrators of the Annuitant’s estate.

SAFEKEEPING OF VARIABLE ACCOUNT ASSETS

The assets of the Variable Account are held by FILI. The assets of the Variable Account are held apart from our general account assets and any other separate accounts we may establish. We maintain records of all purchases and redemptions of the shares of the Funds held by the Subaccounts. We maintain fidelity bond coverage for the acts of our officers and employees.

 

2

DISTRIBUTION OF THE CONTRACTS

As explained in the Prospectus, the Contract is distributed through Fidelity Brokerage Services LLC (“FBS”) and Fidelity Insurance Agency, Inc. (“FIA”). FBS is the principal underwriter. FIA and FILI are wholly-owned, direct subsidiaries of FMR LLC; and FBS is a wholly-owned, indirect subsidiary of FMR LLC. The principal business address of FBS is 900 Salem Street, Smithfield, Rhode Island 02917. The offering of the Contract is continuous, and we do not anticipate discontinuing offering the Contract. However, we reserve the right to discontinue offering the Contract.

UNDERWRITING COMMISSIONS

 

     
Year  

Underwriting Commissions

Paid to FBS

   Amount of Underwriting
Commissions Retained by FBS
     
2024   $14,744,837   $14,744,837
     
2023   $9,846,381   $9,846,381
     
2022   $8,739,500   $8,739,500

FILI does not pay commissions to any third-party investment advisory firm (the “Advisor”) that you may choose to employ because such Advisors receive compensation in connection with the Contract in the form of advisory fees you agreed to pay to the Advisor. Please note that you can purchase and own this Contract without hiring or paying advisory fees to an Advisor.

STATE REGULATION

FILI is subject to regulation by the Department of Insurance of the State of Utah, which periodically examines our financial condition and operations. We are also subject to the insurance laws and regulations of all jurisdictions where we do business. The Contracts described in the Prospectus and Statement of Additional Information have been filed with and, where required, approved by, insurance officials in those jurisdictions where it is sold.

We are required to submit annual statements of our operations, including financial statements, to the insurance departments of the various jurisdictions where we do business to determine solvency and compliance with applicable insurance laws and regulations.

LEGAL MATTERS

The legal validity of the Contracts described in the Prospectus and Statement of Additional Information has been passed on by Lance A. Warrick, General Counsel of Fidelity Investments Life Insurance Company.

EXPERTS

The consolidated financial statements of the Company as of December 31, 2024 and 2023 and for each of the three years in the period ended December 31, 2024, and the financial statements of each of the subaccounts of Fidelity Investments Variable Annuity Account I as of December 31, 2024 and for each of the periods indicated, included in this Statement of Additional Information constituting part of this Registration Statement, have been so included in reliance on the reports of PricewaterhouseCoopers LLP, an independent registered public accounting firm, given on the authority of said firm as experts in auditing and accounting. The principal business address for PricewaterhouseCoopers LLP is 101 Seaport Boulevard, Boston, Massachusetts 02210.

FINANCIAL STATEMENTS

The consolidated financial statements of Fidelity Investments Life Insurance Company included herein should be distinguished from the financial statements of the Variable Account and should be considered only as bearing upon our ability to meet our obligations under the Contracts.

 

3

 

LOGO

 

 

 

 

 

 

 

This report and the financial statements contained herein are submitted for the general information of Fidelity Investments Life Insurance Company variable annuity owners. This report is not authorized for distribution to prospective investors unless preceded or accompanied by an effective prospectus. Neither Fidelity Investments Life Insurance Company nor Fidelity Brokerage Services LLC is a bank, and neither the annuities nor mutual fund shares are backed or guaranteed by any bank or insured by the FDIC.

 

 

Fidelity Investments Variable Annuity Account I

Statements of Assets and Liabilities

December 31, 2024

 

(In thousands, except per unit data)   Subaccounts Investing In:  
    VIP –
Government
Money
Market
Initial Class		     VIP –
Government
Money
Market
Investor Class		     VIP –
High Income
Initial Class		     VIP –
High Income
Investor Class		     VIP –
Equity-Income
Initial Class		     VIP –
Equity-Income
Investor Class		     VIP –
Growth
Initial Class		     VIP –
Growth
Investor Class		  

Assets:

                

Investments at market value

   $  225,968     $  3,076,396     $  49,189     $  308,630     $  382,706     $  624,856     $  790,830     $  1,288,095  

Receivable from FILI

     19       —       —       —       —       —       —       2  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total assets

   $ 225,987     $ 3,076,396     $ 49,189     $ 308,630     $ 382,706     $ 624,856     $ 790,830     $ 1,288,097  

Liabilities:

                

Payable to FILI

     —       11       26       1       81       —       193       —  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total net assets

   $ 225,987     $ 3,076,385     $ 49,163     $ 308,629     $ 382,625     $ 624,856     $ 790,637     $ 1,288,097  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net Assets:

                

Fidelity Retirement Reserves

   $ 218,490     $ —     $ 40,094     $ —     $ 348,378     $ —     $ 741,060     $ —  

Fidelity Income Advantage

     7,497       —       9,069       —       34,247       —       49,577       —  

Fidelity Personal Retirement

     —       3,063,819       —       308,629       —       624,856       —       1,288,097  

Fidelity Freedom Lifetime Income

     —       157       —       —       —       —       —       —  

Fidelity Growth and Guaranteed Income

     —       12,409       —       —       —       —       —       —  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total net assets

   $ 225,987     $ 3,076,385     $ 49,163     $ 308,629     $ 382,625     $ 624,856     $ 790,637     $ 1,288,097  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Units Outstanding and Unit Value:

                

Fidelity Retirement Reserves:

                

Units Outstanding

     9,554       —       608       —       1,679       —       1,627       —  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Unit Value

   $ 22.87     $ —     $ 65.98     $ —     $ 207.44     $ —     $ 455.54     $ —  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Fidelity Income Advantage:

                

Units Outstanding

     345       —       145       —       174       —       115       —  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Unit Value

   $ 21.72     $ —     $ 62.65     $ —     $ 196.99     $ —     $ 432.60     $ —  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Fidelity Personal Retirement:

                

Units Outstanding

     —       252,090       —       13,919       —       14,341       —       13,634  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Highest Value

   $ —     $ 12.98     $ —     $ 30.88     $ —     $ 66.45     $ —     $ 138.14  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Lowest Value

   $ —     $ 11.39     $ —     $ 19.84     $ —     $ 40.25     $ —     $ 89.28  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Fidelity Freedom Lifetime Income:

                

Units Outstanding

     —       13       —       —       —       —       —       —  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Unit Value

   $ —     $ 12.14     $ —     $ —     $ —     $ —     $ —     $ —  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Fidelity Growth and Guaranteed
Income (Single Annuitant):

                

Units Outstanding

     —       892       —       —       —       —       —       —  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Highest Unit Value

   $ —     $ 10.53     $ —     $ —     $ —     $ —     $ —     $ —  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Lowest Unit Value

   $ —     $ 10.24     $ —     $ —     $ —     $ —     $ —     $ —  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Fidelity Growth and Guaranteed
Income (Joint Annuitant):

                

Units Outstanding

     —       339       —       —       —       —       —       —  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Highest Unit Value

   $ —     $ 9.55     $ —     $ —     $ —     $ —     $ —     $ —  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Lowest Unit Value

   $ —     $ 9.47     $ —     $ —     $ —     $ —     $ —     $ —  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

 

See accompanying notes which are an integral part of the financial statements.

 

  3   Annual Report

Fidelity Investments Variable Annuity Account I

Statements of Assets and Liabilities - continued

December 31, 2024

 

(In thousands, except per unit data)   Subaccounts Investing In:  
    VIP –
Overseas
Initial Class		     VIP –
Overseas
Investor Class		     VIP –
Investment
Grade Bond
Initial Class		     VIP –
Investment
Grade Bond
Investor Class		     VIP –
Asset
Manager
Initial Class		     VIP –
Asset
Manager
Investor Class		     VIP –
Index 500
Initial Class		     VIP –
Asset
Manager
Growth
Initial Class		  

Assets:

                

Investments at market value

   $  59,856     $  213,047     $  103,407     $  708,962     $  154,964     $  198,285     $  6,545,478     $ 58,943  

Receivable from FILI

     —       —       —       —       —       1       —       —  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total assets

   $ 59,856     $ 213,047     $ 103,407     $ 708,962     $ 154,964     $ 198,286     $ 6,545,478     $  58,943  

Liabilities:

                

Payable to FILI

     11       —       46       —       35       —       59       69  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total net assets

   $ 59,845     $ 213,047     $ 103,361     $ 708,962     $ 154,929     $ 198,286     $ 6,545,419     $ 58,874  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net Assets:

                

Fidelity Retirement Reserves

   $ 55,683     $ —     $ 86,873     $ —     $ 139,470     $ —     $ 677,684     $ 50,856  

Fidelity Income Advantage

     4,162       —       16,488       —       15,459       —       57,507       8,018  

Fidelity Personal Retirement

     —       213,047       —       708,962       —       198,286       5,810,228       —  

Fidelity Freedom Lifetime Income

     —       —       —       —       —       —       —       —  

Fidelity Growth and Guaranteed Income

     —       —       —       —       —       —       —       —  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total net assets

   $ 59,845     $ 213,047     $ 103,361     $ 708,962     $ 154,929     $ 198,286     $ 6,545,419     $ 58,874  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Units Outstanding and Unit Value:

                

Fidelity Retirement Reserves:

                

Units Outstanding

     752       —       1,901       —       1,654       —       3,522       796  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Unit Value

   $ 74.03     $ —     $ 45.68     $ —     $ 84.31     $ —     $ 192.39     $ 63.87  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Fidelity Income Advantage:

                

Units Outstanding

     59       —       381       —       194       —       315       133  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Unit Value

   $ 70.30     $ —     $ 43.38     $ —     $ 80.06     $ —     $ 182.70     $ 60.66  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Fidelity Personal Retirement:

                

Units Outstanding

     —       8,240       —       45,622       —       7,223       85,511       —  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Highest Value

   $ —     $ 34.90     $ —     $ 17.91     $ —     $ 35.08     $ 95.36     $ —  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Lowest Value

   $ —     $ 25.57     $ —     $ 14.00     $ —     $ 25.18     $ 65.45     $ —  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Fidelity Freedom Lifetime Income:

                

Units Outstanding

     —       —       —       —       —       —       —       —  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Unit Value

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

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Fidelity Growth and Guaranteed
Income (Single Annuitant):

                

Units Outstanding

     —       —       —       —       —       —       —       —  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Highest Value

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

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Lowest Value

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

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Fidelity Growth and Guaranteed
Income (Joint Annuitant):

                

Units Outstanding

     —       —       —       —       —       —       —       —  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Highest Value

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

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Lowest Value

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

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

 

See accompanying notes which are an integral part of the financial statements.

 

  4   Annual Report

Fidelity Investments Variable Annuity Account I

Statements of Assets and Liabilities - continued

December 31, 2024

 

(In thousands, except per unit data)   Subaccounts Investing In:  
    VIP –
Asset
Manager
Growth
Investor Class		     VIP –
Contrafund
Initial Class		     VIP –
Contrafund
Investor Class		     VIP –
Balanced
Initial Class		     VIP –
Balanced
Investor Class		     VIP –
Dynamic
Capital
Appreciation
Initial Class		     VIP –
Dynamic
Capital
Appreciation
Investor Class		     VIP –
Growth &
Income
Initial Class		  

Assets:

                

Investments at market value

   $  139,412     $  1,283,509     $  2,826,885     $  193,412     $ 4,031,717     $  25,710     $  214,160     $  137,814  

Receivable from FILI

     —       —       1       78       —       12       —       —  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total assets

   $ 139,412     $ 1,283,509     $ 2,826,886     $ 193,490     $  4,031,717     $ 25,722     $ 214,160     $ 137,814  

Liabilities:

                

Payable to FILI

     —       376       —       —       1       —       —       9  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total net assets

   $ 139,412     $ 1,283,133     $ 2,826,886     $ 193,490     $ 4,031,716     $ 25,722     $ 214,160     $ 137,805  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net Assets:

                

Fidelity Retirement Reserves

   $ —     $ 1,192,634     $ —     $ 158,414     $ —     $ 22,254     $ —     $ 121,984  

Fidelity Income Advantage

     —       90,499       —       35,076       —       3,468       —       15,821  

Fidelity Personal Retirement

     139,412       —       2,826,886       —       3,261,770       —       214,160       —  

Fidelity Freedom Lifetime Income

     —       —       —       —       —       —       —       —  

Fidelity Growth and Guaranteed Income

     —       —       —       —       769,946       —       —       —  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total net assets

   $ 139,412     $ 1,283,133     $ 2,826,886     $ 193,490     $ 4,031,716     $ 25,722     $ 214,160     $ 137,805  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Units Outstanding and Unit Value:

                

Fidelity Retirement Reserves:

                

Units Outstanding

     —       4,841       —       2,449       —       269       —       1,447  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Unit Value

   $ —     $ 246.33     $ —     $ 64.67     $ —     $ 82.87     $ —     $ 84.31  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Fidelity Income Advantage:

                

Units Outstanding

     —       388       —       570       —       44       —       198  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Unit Value

   $ —     $ 233.92     $ —     $ 61.41     $ —     $ 79.39     $ —     $ 80.06  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Fidelity Personal Retirement:

                

Units Outstanding

     4,220       —       39,878       —       72,850       —       2,927       —  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Highest Value

   $ 44.79     $ —     $ 103.61     $ —     $ 65.07     $ —     $ 112.05     $ —  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Lowest Value

   $ 31.16     $ —     $ 68.84     $ —     $ 41.35     $ —     $ 71.52     $ —  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Fidelity Freedom Lifetime Income:

                

Units Outstanding

     —       —       —       —       —       —       —       —  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Unit Value

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

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Fidelity Growth and Guaranteed
Income (Single Annuitant):

                

Units Outstanding

     —       —       —       —       13,429       —       —       —  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Highest Value

   $ —     $ —     $ —     $ —     $ 55.41     $ —     $ —     $ —  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Lowest Value

   $ —     $ —     $ —     $ —     $ 32.50     $ —     $ —     $ —  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Fidelity Growth and Guaranteed
Income (Joint Annuitant):

                

Units Outstanding

     —       —       —       —       8,732       —       —       —  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Highest Value

   $ —     $ —     $ —     $ —     $ 54.07     $ —     $ —     $ —  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Lowest Value

   $ —     $ —     $ —     $ —     $ 31.66     $ —     $ —     $ —  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

 

See accompanying notes which are an integral part of the financial statements.

 

  5   Annual Report

Fidelity Investments Variable Annuity Account I

Statements of Assets and Liabilities - continued

December 31, 2024

 

(In thousands, except per unit data)   Subaccounts Investing In:  
    VIP –
Growth &
Income
Investor Class		     VIP –
Growth
Opportunities
Initial Class		     VIP –
Growth
Opportunities
Investor Class		     VIP –
Mid Cap
Initial Class		     VIP –
Mid Cap
Investor Class		     VIP – Value
Strategies
Initial Class		     VIP – Value
Strategies
Investor Class		     VIP –
Utilities
Initial Class		  

Assets:

                

Investments at market value

   $ 415,400     $ 212,913     $  1,212,984     $  263,755     $  673,556     $ 42,485     $  184,986     $  30,411  

Receivable from FILI

     —       —       —       —       —       —       —       —  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total assets

   $ 415,400     $ 212,913     $ 1,212,984     $ 263,755     $ 673,556     $  42,485     $ 184,986     $ 30,411  

Liabilities:

                

Payable to FILI

     —       23       —       174       1       113       —       9  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total net assets

   $  415,400     $ 212,890     $ 1,212,984     $ 263,581     $ 673,555     $ 42,372     $ 184,986     $ 30,402  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net Assets:

                

Fidelity Retirement Reserves

   $ —     $  190,175     $ —     $ 230,117     $ —     $ 35,094     $ —     $ 27,699  

Fidelity Income Advantage

     —       22,715       —       33,464       —       7,278       —       2,703  

Fidelity Personal Retirement

     415,400       —       1,212,984       —       673,555       —       184,986       —  

Fidelity Freedom Lifetime Income

     —       —       —       —       —       —       —       —  

Fidelity Growth and Guaranteed Income

     —       —       —       —       —       —       —       —  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total net assets

   $ 415,400     $ 212,890     $ 1,212,984     $ 263,581     $ 673,555     $ 42,372     $ 184,986     $ 30,402  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Units Outstanding and Unit Value:

                

Fidelity Retirement Reserves:

                

Units Outstanding

     —       1,607       —       2,723       —       640       —       531  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Unit Value

   $ —     $ 118.29     $ —     $ 84.45     $ —     $ 54.83     $ —     $ 52.15  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Fidelity Income Advantage:

                

Units Outstanding

     —       202       —       419       —       141       —       55  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Unit Value

   $ —     $ 112.33     $ —     $ 80.35     $ —     $ 52.53     $ —     $ 49.74  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Fidelity Personal Retirement:

                

Units Outstanding

     7,064       —       10,500       —       15,034       —       3,837       —  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Highest Value

   $ 81.77     $ —     $ 196.41     $ —     $ 71.42     $ —     $ 98.06     $ —  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Lowest Value

   $ 55.62     $ —     $ 106.07     $ —     $ 40.63     $ —     $ 46.89     $ —  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Fidelity Freedom Lifetime Income:

                

Units Outstanding

     —       —       —       —       —       —       —       —  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Unit Value

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

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Fidelity Growth and Guaranteed
Income (Single Annuitant):

                

Units Outstanding

     —       —       —       —       —       —       —       —  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Highest Value

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

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Lowest Value

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

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Fidelity Growth and Guaranteed
Income (Joint Annuitant):

                

Units Outstanding

       —       —       —       —       —       —       —  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Highest Value

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

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Lowest Value

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

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

 

See accompanying notes which are an integral part of the financial statements.

 

  6   Annual Report

Fidelity Investments Variable Annuity Account I

Statements of Assets and Liabilities - continued

December 31, 2024

 

(In thousands, except per unit data)   Subaccounts Investing In:  
    VIP –
Utilities
Investor Class		     VIP –
Technology
Initial Class		     VIP –
Technology
Investor Class		     VIP –
Energy
Initial Class		     VIP –
Energy
Investor Class		     VIP –
Health Care
Initial Class		     VIP –
Health Care
Investor Class		     VIP –
Financials
Initial Class		  

Assets:

                

Investments at market value

   $ 248,114     $ 314,736     $ 2,137,374     $ 35,167     $ 187,335     $ 82,134     $ 593,290     $ 30,771  

Receivable from FILI

     —       —       —       —       —       —       —       9  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total assets

   $ 248,114     $ 314,736     $ 2,137,374     $ 35,167     $ 187,335     $ 82,134     $ 593,290     $ 30,780  

Liabilities:

                

Payable to FILI

     —       43       —       —       —       5       —       —  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total net assets

   $ 248,114     $ 314,693     $ 2,137,374     $ 35,167     $ 187,335     $ 82,129     $ 593,290     $ 30,780  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net Assets:

                

Fidelity Retirement Reserves

   $ —     $ 289,626     $ —     $ 31,674     $ —     $ 74,281     $ —     $ 28,148  

Fidelity Income Advantage

     —       25,067       —       3,493       —       7,848       —       2,632  

Fidelity Personal Retirement

     248,114       —       2,137,374       —       187,335       —       593,290       —  

Fidelity Freedom Lifetime Income

     —       —       —       —       —       —       —       —  

Fidelity Growth and Guaranteed Income

     —       —       —       —       —       —       —       —  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total net assets

   $ 248,114     $ 314,693     $ 2,137,374     $ 35,167     $ 187,335     $ 82,129     $ 593,290     $ 30,780  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Units Outstanding and Unit Value:

                

Fidelity Retirement Reserves:

                

Units Outstanding

     —       1,970       —       839       —       992       —       815  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Unit Value

   $ —     $ 147.00     $ —     $ 37.76     $ —     $ 74.93     $ —     $ 34.53  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Fidelity Income Advantage:

                

Units Outstanding

     —       179       —       97       —       109       —       80  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Unit Value

   $ —     $ 140.22     $ —     $ 36.02     $ —     $ 71.47     $ —     $ 32.94  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Fidelity Personal Retirement:

                

Units Outstanding

     4,939       —       14,679       —       8,298       —       8,533       —  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Highest Value

   $ 57.30     $ —     $ 305.68     $ —     $ 31.54     $ —     $ 98.47     $ —  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Lowest Value

   $ 46.59     $ —     $ 133.54     $ —     $ 21.49     $ —     $ 68.14     $ —  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Fidelity Freedom Lifetime Income:

                

Units Outstanding

     —       —       —       —       —       —       —       —  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Unit Value

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

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Fidelity Growth and Guaranteed
Income (Single Annuitant):

                

Units Outstanding

     —       —       —       —       —       —       —       —  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Highest Value

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

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Lowest Value

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

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Fidelity Growth and Guaranteed
Income (Joint Annuitant):

                

Units Outstanding

     —       —       —       —       —       —       —       —  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Highest Value

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

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Lowest Value

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

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

 

See accompanying notes which are an integral part of the financial statements.

 

  7   Annual Report

Fidelity Investments Variable Annuity Account I

Statements of Assets and Liabilities - continued

December 31, 2024

 

(In thousands, except per unit data)   Subaccounts Investing In:  
    VIP –
Financials
Investor Class		     VIP –
Industrials
Initial Class		     VIP –
Industrials
Investor Class		     VIP –
Consumer
Discretionary
Initial Class		     VIP –
Consumer
Discretionary
Investor Class		     VIP –
Real Estate
Initial Class		     VIP –
Real Estate
Investor Class		     VIP –
Strategic
Income
Initial Class		  

Assets:

                

Investments at market value

   $ 235,581     $ 31,244     $ 182,591     $ 19,070     $ 212,935     $ 18,165     $ 134,490     $ 38,094  

Receivable from FILI

     —       —       —       —       —       —       —       —  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total assets

   $ 235,581     $ 31,244     $ 182,591     $ 19,070     $ 212,935     $ 18,165     $ 134,490     $ 38,094  

Liabilities:

                

Payable to FILI

     —       37       —       19       —       1       —       43  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total net assets

   $ 235,581     $ 31,207     $ 182,591     $ 19,051     $ 212,935     $ 18,164     $ 134,490     $ 38,051  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net Assets:

                

Fidelity Retirement Reserves

   $ —     $ 27,611     $ —     $ 16,606     $ —     $ 16,574     $ —     $ 33,928  

Fidelity Income Advantage

     —       3,596       —       2,445       —       1,590       —       4,123  

Fidelity Personal Retirement

     235,581       —       182,591       —       212,935       —       134,490       —  

Fidelity Freedom Lifetime Income

     —       —       —       —       —       —       —       —  

Fidelity Growth and Guaranteed Income

     —       —       —       —       —       —       —       —  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total net assets

   $ 235,581     $ 31,207     $ 182,591     $ 19,051     $ 212,935     $ 18,164     $ 134,490     $ 38,051  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Units Outstanding and Unit Value:

                

Fidelity Retirement Reserves:

                

Units Outstanding

     —       308       —       237       —       381       —       1,422  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Unit Value

   $ —     $ 89.72     $ —     $ 69.92     $ —     $ 43.53     $ —     $ 23.86  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Fidelity Income Advantage:

                

Units Outstanding

     —       42       —       37       —       38       —       182  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Unit Value

   $ —     $ 85.58     $ —     $ 66.69     $ —     $ 41.70     $ —     $ 22.89  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Fidelity Personal Retirement:

                

Units Outstanding

     5,605       —       3,118       —       3,032       —       4,742       —  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Highest Value

   $ 77.22     $ —     $ 93.53     $ —     $ 124.77     $ —     $ 63.43     $ —  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Lowest Value

   $ 30.76     $ —     $ 53.89     $ —     $ 69.01     $ —     $ 26.45     $ —  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Fidelity Freedom Lifetime Income:

                

Units Outstanding

     —       —       —       —       —       —       —       —  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Unit Value

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

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Fidelity Growth and Guaranteed
Income (Single Annuitant):

                

Units Outstanding

     —       —       —       —       —       —       —       —  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Highest Value

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

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Lowest Value

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

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Fidelity Growth and Guaranteed
Income (Joint Annuitant):

                

Units Outstanding

     —       —       —       —       —       —       —       —  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Highest Value

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

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Lowest Value

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

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

 

See accompanying notes which are an integral part of the financial statements.

 

  8   Annual Report

Fidelity Investments Variable Annuity Account I

Statements of Assets and Liabilities - continued

December 31, 2024

 

(In thousands, except per unit data)   Subaccounts Investing In:  
    VIP –
Strategic
Income
Investor Class		     VIP –
International
Capital
Appreciation
Initial Class		     VIP –
International
Capital
Appreciation
Investor Class		     VIP – Value
Initial Class		     VIP – Value
Investor Class		     VIP –
Freedom
Income
Initial Class (C)		     VIP –
Freedom
Income
Investor Class (C)		     VIP –
Freedom 2010
Initial Class		  

Assets:

                

Investments at market value

   $ 733,756     $ 18,040     $ 317,830     $ 26,441     $ 277,870     $ 11,762     $ 71,659     $ 5,331  

Receivable from FILI

     —       3       —       6       —       5       —       —  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total assets

   $ 733,756     $ 18,043     $ 317,830     $ 26,447     $ 277,870     $ 11,767     $ 71,659     $ 5,331  

Liabilities:

                

Payable to FILI

     —       —       —       —       —       —       —       —  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total net assets

   $ 733,756     $ 18,043     $ 317,830     $ 26,447     $ 277,870     $ 11,767     $ 71,659     $ 5,331  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net Assets:

                

Fidelity Retirement Reserves

   $ —     $ 16,602     $ —     $ 24,414     $ —     $ 11,767     $ —     $ 5,331  

Fidelity Income Advantage

     —       1,441       —       2,033       —       —       —       —  

Fidelity Personal Retirement

     733,756       —       317,830       —       277,870       —       71,659       —  

Fidelity Freedom Lifetime Income

     —       —       —       —       —       —       —       —  

Fidelity Growth and Guaranteed Income

     —       —       —       —       —       —       —       —  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total net assets

   $ 733,756     $ 18,043     $ 317,830     $ 26,447     $ 277,870     $ 11,767     $ 71,659     $ 5,331  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Units Outstanding and Unit Value:

                

Fidelity Retirement Reserves:

                

Units Outstanding

     —       518       —       563       —       640       —       226  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Unit Value

   $ —     $ 32.03     $ —     $ 43.39     $ —     $ 18.37     $ —     $ 23.60  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Fidelity Income Advantage:

                

Units Outstanding

     —       47       —       49       —       —       —       —  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Unit Value

   $ —     $ 30.79     $ —     $ 41.72     $ —     $ —     $ —     $ —  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Fidelity Personal Retirement:

                

Units Outstanding

     37,211       —       9,116       —       5,607       —       3,788       —  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Highest Value

   $ 24.67     $ —     $ 66.72     $ —     $ 88.55     $ —     $ 20.55     $ —  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Lowest Value

   $ 17.22     $ —     $ 33.11     $ —     $ 45.75     $ —     $ 16.93     $ —  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Fidelity Freedom Lifetime Income:

                

Units Outstanding

     —       —       —       —       —       —       —       —  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Unit Value

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

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Fidelity Growth and Guaranteed
Income (Single Annuitant):

                

Units Outstanding

     —       —       —       —       —       —       —       —  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Highest Value

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

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Lowest Value

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

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Fidelity Growth and Guaranteed
Income (Joint Annuitant):

                

Units Outstanding

     —       —       —       —       —       —       —       —  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Highest Value

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

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Lowest Value

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

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

(C) Fund Merged (Note 1)

 

See accompanying notes which are an integral part of the financial statements.

 

  9   Annual Report

Fidelity Investments Variable Annuity Account I

Statements of Assets and Liabilities - continued

December 31, 2024

 

(In thousands, except per unit data)   Subaccounts Investing In:  
    VIP –
Investor
Freedom 2010
Investor Class		     VIP –
Freedom 2015
Initial Class		     VIP –
Investor
Freedom 2015
Investor Class		     VIP –
Freedom 2020
Initial Class		     VIP –
Investor
Freedom 2020
Investor Class		     VIP –
Freedom 2025
Initial Class		     VIP –
Investor
Freedom 2025
Investor Class		     VIP –
Freedom 2030
Initial Class		  

Assets:

                

Investments at market value

   $ 48,214     $ 13,921     $ 80,036     $ 14,195     $ 156,670     $ 17,945     $ 188,704     $ 23,456  

Receivable from FILI

     —       —       —       —       —       —       —       —  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total assets

   $ 48,214     $ 13,921     $ 80,036     $ 14,195     $ 156,670     $ 17,945     $ 188,704     $ 23,456  

Liabilities:

                

Payable to FILI

     —       —       —       —       —       —       —       —  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total net assets

   $ 48,214     $ 13,921     $ 80,036     $ 14,195     $ 156,670     $ 17,945     $ 188,704     $ 23,456  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net Assets:

                

Fidelity Retirement Reserves

   $ —     $ 13,921     $ —     $ 14,195     $ —     $ 17,945     $ —     $ 23,456  

Fidelity Income Advantage

     —       —       —       —       —       —       —       —  

Fidelity Personal Retirement

     48,214       —       80,036       —       156,670       —       188,704       —  

Fidelity Freedom Lifetime Income

     —       —       —       —       —       —       —       —  

Fidelity Growth and Guaranteed Income

     —       —       —       —       —       —       —       —  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total net assets

   $ 48,214     $ 13,921     $ 80,036     $ 14,195     $ 156,670     $ 17,945     $ 188,704     $ 23,456  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Units Outstanding and Unit Value:

                

Fidelity Retirement Reserves:

                

Units Outstanding

     —       537       —       512       —       587       —       723  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Unit Value

   $ —     $ 25.91     $ —     $ 27.71     $ —     $ 30.57     $ —     $ 32.44  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Fidelity Income Advantage:

                

Units Outstanding

     —       —       —       —       —       —       —       —  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Unit Value

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

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Fidelity Personal Retirement:

                

Units Outstanding

     1,941       —       2,963       —       5,411       —       5,890       —  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Highest Value

   $ 30.54     $ —     $ 33.64     $ —     $ 38.48     $ —     $ 43.18     $ —  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Lowest Value

   $ 22.27     $ —     $ 24.23     $ —     $ 26.68     $ —     $ 29.56     $ —  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Fidelity Freedom Lifetime Income:

                

Units Outstanding

     —       —       —       —       —       —       —       —  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Unit Value

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

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Fidelity Growth and Guaranteed
Income (Single Annuitant):

                

Units Outstanding

     —       —       —       —       —       —       —       —  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Highest Value

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

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Lowest Value

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

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Fidelity Growth and Guaranteed
Income (Joint Annuitant):

                

Units Outstanding

     —       —       —       —       —       —       —       —  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Highest Value

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

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Lowest Value

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

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

 

See accompanying notes which are an integral part of the financial statements.

 

  10  

Annual Report

Fidelity Investments Variable Annuity Account I

Statements of Assets and Liabilities - continued

December 31, 2024

 

(In thousands, except per unit data)   Subaccounts Investing In:  
    VIP –
Investor
Freedom 2030
Investor Class		     VIP –
Freedom 2035
Initial Class 		     VIP –
Investor
Freedom 2035
Investor Class 		     VIP –
Freedom 2040
Initial Class 		     VIP –
Investor
Freedom 2040
Investor Class 		     VIP –
Freedom 2045
Initial Class 		     VIP –
Investor
Freedom 2045
Investor Class 		     VIP –
Freedom 2050
Initial Class		  

Assets:

                

Investments at market value

   $ 334,565     $ 879     $ 19,469     $ 469     $ 11,377     $ 2     $ 3,432     $ 43  

Receivable from FILI

     —       —       —       —       —       —       —       —  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total assets

   $ 334,565     $ 879     $ 19,469     $ 469     $ 11,377     $ 2     $ 3,432     $ 43  

Liabilities:

                

Payable to FILI

     —       —       —       —       —       —       —       —  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total net assets

   $ 334,565     $ 879     $ 19,469     $ 469     $ 11,377     $ 2     $ 3,432     $ 43  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net Assets:

                

Fidelity Retirement Reserves

   $ —     $ 879     $ —     $ 469     $ —     $ 2     $ —     $ 43  

Fidelity Income Advantage

     —       —       —       —       —       —       —       —  

Fidelity Personal Retirement

     334,565       —       19,469       —       11,377       —       3,432       —  

Fidelity Freedom Lifetime Income

     —       —       —       —       —       —       —       —  

Fidelity Growth and Guaranteed Income

     —       —       —       —       —       —       —       —  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total net assets

   $ 334,565     $ 879     $ 19,469     $ 469     $ 11,377     $ 2     $ 3,432     $ 43  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Units Outstanding and Unit Value:

                

Fidelity Retirement Reserves:

                

Units Outstanding

     —       74       —       38       —       —       —       3  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Unit Value

   $ —     $ 11.94     $ —     $ 12.29     $ —     $ 12.41     $ —     $ 12.42  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Fidelity Income Advantage:

                

Units Outstanding

     —       —       —       —       —       —       —       —  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Unit Value

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

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Fidelity Personal Retirement:

                

Units Outstanding

     9,854       —       1,615       —       917       —       274       —  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Highest Value

   $ 48.17     $ —     $ 12.07     $ —     $ 12.43     $ —     $ 12.55     $ —  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Lowest Value

   $ 32.41     $ —     $ 12.04     $ —     $ 12.40     $ —     $ 12.52     $ —  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Fidelity Freedom Lifetime Income:

                

Units Outstanding

     —       —       —       —       —       —       —       —  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Unit Value

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

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Fidelity Growth and Guaranteed
Income (Single Annuitant):

                

Units Outstanding

     —       —       —       —       —       —       —       —  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Highest Value

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

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Lowest Value

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

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Fidelity Growth and Guaranteed
Income (Joint Annuitant):

                

Units Outstanding

     —       —       —       —       —       —       —       —  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Highest Value

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

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Lowest Value

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

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

 

See accompanying notes which are an integral part of the financial statements.

 

  11   Annual Report

Fidelity Investments Variable Annuity Account I

Statements of Assets and Liabilities - continued

December 31, 2024

 

(In thousands, except per unit data)   Subaccounts Investing In:  
    VIP –
Investor
Freedom 2050
Investor Class		     VIP –
Freedom
Lifetime
Income I		     VIP –
Freedom
Lifetime
Income II		     VIP –
Freedom
Lifetime
Income III		     VIP –
Disciplined
Small Cap
Initial Class		     VIP –
Disciplined
Small Cap
Investor Class		     VIP –
FundsManager
20%
Investor Class		     VIP –
FundsManager
30%
Investor Class		  

Assets:

                

Investments at market value

   $ 5,803     $ 7,467     $ 24,449     $ 26,520     $ 26,832     $ 353,600     $ 614,373     $ 13,227  

Receivable from FILI

     —       12       23       16       7       —       14       1  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total assets

   $ 5,803     $ 7,479     $ 24,472     $ 26,536     $ 26,839     $ 353,600     $ 614,387     $ 13,228  

Liabilities:

                

Payable to FILI

     —       —       —       —       —       —       —       —  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total net assets

   $ 5,803     $ 7,479     $ 24,472     $ 26,536     $ 26,839     $ 353,600     $ 614,387     $ 13,228  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net Assets:

                

Fidelity Retirement Reserves

   $ —     $ —     $ —     $ —     $ 24,705     $ —     $ 28,771     $ 941  

Fidelity Income Advantage

     —       —       —       —       2,134       —       3,660       —  

Fidelity Personal Retirement

     5,803       —       —       —       —       353,600       573,271       12,287  

Fidelity Freedom Lifetime Income

     —       7,479       24,472       26,536       —       —       8,685       —  

Fidelity Growth and Guaranteed Income

     —       —       —       —       —       —       —       —  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total net assets

   $ 5,803     $ 7,479     $ 24,472     $ 26,536     $ 26,839     $ 353,600     $ 614,387     $ 13,228  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Units Outstanding and Unit Value:

                

Fidelity Retirement Reserves:

                

Units Outstanding

     —       —       —       —       728       —       1,681       85  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Unit Value

   $ —     $ —     $ —     $ —     $ 33.94     $ —     $ 17.12     $ 11.06  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Fidelity Income Advantage:

                

Units Outstanding

     —       —       —       —       65       —       222       —  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Unit Value

   $ —     $ —     $ —     $ —     $ 32.69     $ —     $ 16.49     $ —  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Fidelity Personal Retirement:

                

Units Outstanding

     463       —       —       —       —       8,208       31,374       1,100  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Highest Value

   $ 12.54     $ —     $ —     $ —     $ —     $ 68.78     $ 19.67     $ 11.19  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Lowest Value

   $ 12.51     $ —     $ —     $ —     $ —     $ 37.07     $ 16.84     $ 11.16  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Fidelity Freedom Lifetime Income:

                

Units Outstanding

     —       367.00       1,008.00       903.00       —       —       535       —  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Unit Value

   $ —     $ 20.36     $ 24.26     $ 29.36     $ —     $ —     $ 16.23     $ —  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Fidelity Growth and Guaranteed
Income (Single Annuitant):

                

Units Outstanding

     —       —       —       —       —       —       —       —  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Highest Value

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

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Lowest Value

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

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Fidelity Growth and Guaranteed
Income (Joint Annuitant):

                

Units Outstanding

     —       —       —       —       —       —       —       —  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Highest Value

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

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Lowest Value

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

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

 

See accompanying notes which are an integral part of the financial statements.

 

  12   Annual Report

Fidelity Investments Variable Annuity Account I

Statements of Assets and Liabilities - continued

December 31, 2024

 

(In thousands, except per unit data)   Subaccounts Investing In:  
    VIP –
FundsManager
40%
Investor Class		     VIP –
FundsManager
50%
Investor Class		     VIP –
FundsManager
60%
Investor Class		     VIP –
FundsManager
70%
Investor Class		     VIP –
FundsManager
85%
Investor Class		     VIP –
Consumer
Staples
Initial Class		     VIP –
Consumer
Staples
Investor Class		     VIP –
Materials
Initial Class		  

Assets:

                

Investments at market value

   $ 22,777     $ 1,664,204     $ 2,019,049     $ 2,047,216     $ 822,960     $ 13,934     $ 196,058     $ 7,354  

Receivable from FILI

     —       —       67       55       28       5       —       1  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total assets

   $ 22,777     $ 1,664,204     $ 2,019,116     $ 2,047,271     $ 822,988     $ 13,939     $ 196,058     $ 7,355  

Liabilities:

                

Payable to FILI

     —       299       —       —       —       —       —       —  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total net assets

   $ 22,777     $ 1,663,905     $ 2,019,116     $ 2,047,271     $ 822,988     $ 13,939     $ 196,058     $ 7,355  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net Assets:

                

Fidelity Retirement Reserves

   $ 1,471     $ 54,895     $ 31,319     $ 38,360     $ 23,307     $ 12,409     $ —     $ 6,865  

Fidelity Income Advantage

     —       24,911       11,872       17,406       7,805       1,530       —       490  

Fidelity Personal Retirement

     21,306       1,479,382       1,419,661       1,959,312       776,699       —       196,058       —  

Fidelity Freedom Lifetime Income

     —       104,717       123,422       32,193       15,177       —       —       —  

Fidelity Growth and Guaranteed Income

     —       —       432,842       —       —       —       —       —  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total net assets

   $ 22,777     $ 1,663,905     $ 2,019,116     $ 2,047,271     $ 822,988     $ 13,939     $ 196,058     $ 7,355  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Units Outstanding and Unit Value:

                

Fidelity Retirement Reserves:

                

Units Outstanding

     131       2,330       1,310       1,383       760       334       —       246  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Unit Value

   $ 11.25     $ 23.56     $ 23.90     $ 27.72     $ 30.68     $ 37.16     $ —     $ 27.90  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Fidelity Income Advantage:

                

Units Outstanding

     —       1,095       512       650       264       43       —       18  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Unit Value

   $ —     $ 22.69     $ 23.11     $ 26.70     $ 29.55     $ 35.86     $ —     $ 26.92  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Fidelity Personal Retirement:

                

Units Outstanding

     1,875       56,625       51,964       61,878       21,658       —       4,962       —  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Highest Value

   $ 11.38     $ 32.63     $ 38.55     $ 44.09     $ 54.28     $ —     $ 50.55     $ —  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Lowest Value

   $ 11.35     $ 25.13     $ 26.21     $ 30.74     $ 34.02     $ —     $ 38.36     $ —  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Fidelity Freedom Lifetime Income:

                

Units Outstanding

     —       4,705       4,991       1,221       518       —       —       —  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Unit Value

   $ —     $ 22.34     $ 24.72     $ 26.35     $ 29.25     $ —     $ —     $ —  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Fidelity Growth and Guaranteed
Income (Single Annuitant):

                

Units Outstanding

     —       —       9,948       —       —       —       —       —  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Highest Value

   $ —     $ —     $ 32.83     $ —     $ —     $ —     $ —     $ —  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Lowest Value

   $ —     $ —     $ 22.35     $ —     $ —     $ —     $ —     $ —  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Fidelity Growth and Guaranteed
Income (Joint Annuitant):

                

Units Outstanding

     —       —       7,513       —       —       —       —       —  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Highest Value

   $ —     $ —     $ 32.03     $ —     $ —     $ —     $ —     $ —  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Lowest Value

   $ —     $ —     $ 21.80     $ —     $ —     $ —     $ —     $ —  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

 

See accompanying notes which are an integral part of the financial statements.

 

  13   Annual Report

Fidelity Investments Variable Annuity Account I

Statements of Assets and Liabilities - continued

December 31, 2024

 

(In thousands, except per unit data)   Subaccounts Investing In:  
    VIP –
Materials
Investor Class		     VIP –
Communication
Services
Initial Class		     VIP –
Communication
Services
Investor Class		     VIP –
Emerging
Markets
Initial Class		     VIP –
Emerging
Markets
Investor Class		     VIP –
Floating Rate
High Income
Initial Class		     VIP –
Floating Rate
High Income
Investor Class		     VIP –
Bond
Index
Initial Class		  

Assets:

                

Investments at market value

   $ 49,507     $ 21,815     $ 195,828     $ 8,109     $ 110,655     $ 14,154     $ 307,877     $ 499,849  

Receivable from FILI

     —       —       —       1       —       1       —       —  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total assets

   $ 49,507     $ 21,815     $ 195,828     $ 8,110     $ 110,655     $ 14,155     $ 307,877     $ 499,849  

Liabilities:

                

Payable to FILI

     —       10       —       —       —       —       —       7  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total net assets

   $ 49,507     $ 21,805     $ 195,828     $ 8,110     $ 110,655     $ 14,155     $ 307,877     $ 499,842  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net Assets:

                

Fidelity Retirement Reserves

   $ —     $ 18,347     $ —     $ 7,744     $ —     $ 13,304     $ —     $ 20,659  

Fidelity Income Advantage

     —       3,458       —       366       —       851       —       693  

Fidelity Personal Retirement

     49,507       —       195,828       —       110,655       —       307,877       478,490  

Fidelity Freedom Lifetime Income

     —       —       —       —       —       —       —       —  

Fidelity Growth and Guaranteed Income

     —       —       —       —       —       —       —       —  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total net assets

   $ 49,507     $ 21,805     $ 195,828     $ 8,110     $ 110,655     $ 14,155     $ 307,877     $ 499,842  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Units Outstanding and Unit Value:

                

Fidelity Retirement Reserves:

                

Units Outstanding

     —       475       —       561       —       904       —       2,016  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Unit Value

   $ —     $ 38.59     $ —     $ 13.81     $ —     $ 14.71     $ —     $ 10.25  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Fidelity Income Advantage:

                

Units Outstanding

     —       93       —       27       —       59       —       69  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Unit Value

   $ —     $ 37.24     $ —     $ 13.36     $ —     $ 14.40     $ —     $ 10.11  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Fidelity Personal Retirement:

                

Units Outstanding

     1,661       —       3,892       —       6,344       —       19,603       44,793  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Highest Value

   $ 61.48     $ —     $ 101.76     $ —     $ 39.88     $ —     $ 15.79     $ 10.73  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Lowest Value

   $ 28.56     $ —     $ 41.96     $ —     $ 14.95     $ —     $ 15.54     $ 10.62  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Fidelity Freedom Lifetime Income:

                

Units Outstanding

     —       —       —       —       —       —       —       —  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Unit Value

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

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Fidelity Growth and Guaranteed
Income (Single Annuitant):

                

Units Outstanding

     —       —       —       —       —       —       —       —  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Highest Value

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

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Lowest Value

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

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Fidelity Growth and Guaranteed
Income (Joint Annuitant):

                

Units Outstanding

     —       —       —       —       —       —       —       —  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Highest Value

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

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Lowest Value

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

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

 

See accompanying notes which are an integral part of the financial statements.

 

  14   Annual Report

Fidelity Investments Variable Annuity Account I

Statements of Assets and Liabilities - continued

December 31, 2024

 

(In thousands, except per unit data)   Subaccounts Investing In:  
    VIP –
Total
Market
Index
Initial Class		     VIP –
Extended
Market
Index
Initial Class		     VIP –
International
Index
Initial Class		     VIF –
Emerging
Markets
Equity –

Class I		     VIF –
Emerging
Markets Debt –

Class I		     VIF –
Global
Strategist –
Class II		     Lazard –
Retirement
Emerging
Markets
Portfolio –
Investor		     Invesco – VI
Global
Core Equity
Series I		  

Assets:

                

Investments at market value

   $ 850,560     $ 143,844     $ 309,224     $ 36,998     $ 66,975     $ 23,826     $ 62,199     $ 33,414  

Receivable from FILI

     3       2       1       —       —       —       —       —  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total assets

   $ 850,563     $ 143,846     $ 309,225     $ 36,998     $ 66,975     $ 23,826     $ 62,199     $ 33,414  

Liabilities:

                

Payable to FILI

     —       —       —       17       1       3       3       5  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total net assets

   $ 850,563     $ 143,846     $ 309,225     $ 36,981     $ 66,974     $ 23,823     $ 62,196     $ 33,409  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net Assets:

                

Fidelity Retirement Reserves

   $ 39,540     $ 3,896     $ 11,149     $ 12,891     $ 6,534     $ 4,700     $ 4,976     $ 6,705  

Fidelity Income Advantage

     1,154       215       442       1,247       700       1,385       304       1,169  

Fidelity Personal Retirement

     809,869       139,735       297,634       22,843       59,740       17,738       56,916       25,535  

Fidelity Freedom Lifetime Income

     —       —       —       —       —       —       —       —  

Fidelity Growth and Guaranteed Income

     —       —       —       —       —       —       —       —  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total net assets

   $ 850,563     $ 143,846     $ 309,225     $ 36,981     $ 66,974     $ 23,823     $ 62,196     $ 33,409  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Units Outstanding and Unit Value:

                

Fidelity Retirement Reserves:

                

Units Outstanding

     1,857       253       915       396       174       199       270       207  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Unit Value

   $ 21.29     $ 15.38     $ 12.19     $ 32.54     $ 37.48     $ 23.60     $ 18.43     $ 32.42  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Fidelity Income Advantage:

                

Units Outstanding

     55       14       37       41       20       62       17       38  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Unit Value

   $ 21.01     $ 15.17     $ 12.03     $ 30.90     $ 35.59     $ 22.41     $ 17.75     $ 30.79  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Fidelity Personal Retirement:

                

Units Outstanding

     36,458       8,714       23,414       1,498       3,404       831       3,337       996  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Highest Value

   $ 22.30     $ 16.10     $ 12.77     $ 28.65     $ 24.07     $ 31.84     $ 32.21     $ 35.04  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Lowest Value

   $ 22.08     $ 15.93     $ 12.64     $ 14.14     $ 15.41     $ 18.70     $ 15.18     $ 21.84  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Fidelity Freedom Lifetime Income:

                

Units Outstanding

     —       —       —       —       —       —       —       —  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Unit Value

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

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Fidelity Growth and Guaranteed
Income (Single Annuitant):

                

Units Outstanding

     —       —       —       —       —       —       —       —  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Highest Value

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

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Lowest Value

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

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Fidelity Growth and Guaranteed
Income (Joint Annuitant):

                

Units Outstanding

     —       —       —       —       —       —       —       —  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Highest Value

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

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Lowest Value

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

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

 

See accompanying notes which are an integral part of the financial statements.

 

  15   Annual Report

Fidelity Investments Variable Annuity Account I

Statements of Assets and Liabilities - continued

December 31, 2024

 

(In thousands, except per unit data)   Subaccounts Investing In:  
    Allspring – VT
Discovery
SMID Cap
Growth
Class 2		     Allspring – VT
Opportunity
Class 2		     PVIT –
Commodity
Real Return
Portfolio –
Administrative		     PVIT –
Low Duration
Portfolio –
Administrative		     PVIT –
Real Return
Portfolio –
Administrative		     PVIT –
Total Return
Portfolio –
Administrative		     Blackrock –
Global
Allocation V.I.
Fund – Class I		     FTVIP –
Templeton
Global Bond
Fund – Class 2		  

Assets:

                

Investments at market value

   $ 23,547     $ 22,147     $ 21,769     $ 251,288     $ 138,003     $ 353,268     $ 148,007     $ 35,570  

Receivable from FILI

     7       5       —       —       —       —       —       —  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total assets

   $ 23,554     $ 22,152     $ 21,769     $ 251,288     $ 138,003     $ 353,268     $ 148,007     $ 35,570  

Liabilities:

                

Payable to FILI

     —       —       —       1       —       1       2       —  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total net assets

   $ 23,554     $ 22,152     $ 21,769     $ 251,287     $ 138,003     $ 353,267     $ 148,005     $ 35,570  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net Assets:

                

Fidelity Retirement Reserves

   $ 21,256     $ 20,289     $ 81     $ 17,760     $ 6,458     $ 18,318     $ 3,086     $ 1,124  

Fidelity Income Advantage

     2,298       1,863       276       307       604       478       494       152  

Fidelity Personal Retirement

     —       —       21,412       233,220       130,941       334,471       144,425       34,294  

Fidelity Freedom Lifetime Income

     —       —       —       —       —       —       —       —  

Fidelity Growth and Guaranteed Income

     —       —       —       —       —       —       —       —  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total net assets

   $ 23,554     $ 22,152     $ 21,769     $ 251,287     $ 138,003     $ 353,267     $ 148,005     $ 35,570  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Units Outstanding and Unit Value:

                

Fidelity Retirement Reserves:

                

Units Outstanding

     268       215       11       1,533       466       1,398       169       137  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Unit Value

   $ 79.42     $ 94.32     $ 7.56     $ 11.58     $ 13.86     $ 13.11     $ 18.23     $ 8.22  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Fidelity Income Advantage:

                

Units Outstanding

     30       21       37       28       45       38       28       19  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Unit Value

   $ 75.42     $ 89.57     $ 7.37     $ 11.23     $ 13.44     $ 12.71     $ 17.76     $ 8.01  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Fidelity Personal Retirement:

                

Units Outstanding

     —       —       2,611       18,829       9,097       24,243       7,316       3,849  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Highest Value

   $ —     $ —     $ 8.28     $ 12.60     $ 15.08     $ 14.26     $ 19.94     $ 8.99  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Lowest Value

   $ —     $ —     $ 8.12     $ 12.16     $ 13.89     $ 13.31     $ 19.56     $ 8.82  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Fidelity Freedom Lifetime Income:

                

Units Outstanding

     —       —       —       —       —       —       —       —  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Unit Value

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

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Fidelity Growth and Guaranteed
Income (Single Annuitant):

                

Units Outstanding

     —       —       —       —       —       —       —       —  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Highest Value

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

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Lowest Value

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

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Fidelity Growth and Guaranteed
Income (Joint Annuitant):

                

Units Outstanding

     —       —       —       —       —       —       —       —  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Highest Value

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

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Lowest Value

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

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

 

See accompanying notes which are an integral part of the financial statements.

 

  16   Annual Report

Fidelity Investments Variable Annuity Account I

Statements of Assets and Liabilities - continued

December 31, 2024

 

(In thousands, except per unit data)   Subaccounts
Investing In:
    FTVIP –
Franklin
U.S. Government
Securities
Fund – Class 2		  

Assets:

  

Investments at market value

   $ 48,020  

Receivable from FILI

     —  
 

 

 

  

Total assets

   $ 48,020  

Liabilities:

  

Payable to FILI

     —  
 

 

 

  

Total net assets

   $ 48,020  
 

 

 

  

Net Assets:

  

Fidelity Retirement Reserves

   $ 2,244  

Fidelity Income Advantage

     56  

Fidelity Personal Retirement

     45,720  

Fidelity Freedom Lifetime Income

     —  

Fidelity Growth and Guaranteed Income

     —  
 

 

 

  

Total net assets

   $ 48,020  
 

 

 

  

Units Outstanding and Unit Value:

  

Fidelity Retirement Reserves:

  

Units Outstanding

     230  
 

 

 

  

Unit Value

   $ 9.78  
 

 

 

  

Fidelity Income Advantage:

  

Units Outstanding

     6  
 

 

 

  

Unit Value

   $ 9.53  
 

 

 

  

Fidelity Personal Retirement:

  

Units Outstanding

     4,323  
 

 

 

  

Highest Value

   $ 10.69  
 

 

 

  

Lowest Value

   $ 10.49  
 

 

 

  

Fidelity Freedom Lifetime Income:

  

Units Outstanding

     —  
 

 

 

  

Unit Value

   $ —  
 

 

 

  

Fidelity Growth and Guaranteed
Income (Single Annuitant):

  

Units Outstanding

     —  
 

 

 

  

Highest Value

   $ —  
 

 

 

  

Lowest Value

   $ —  
 

 

 

  

Fidelity Growth and Guaranteed
Income (Joint Annuitant):

  

Units Outstanding

     —  
 

 

 

  

Highest Value

   $ —  
 

 

 

  

Lowest Value

   $ —  
 

 

 

  

 

See accompanying notes which are an integral part of the financial statements.

 

  17   Annual Report

Fidelity Investments Variable Annuity Account I

Statements of Operations

For the year ended December 31, 2024

 

(In thousands)   Subaccounts Investing In:  
    VIP –
Government
Money
Market
Initial Class		     VIP –
Government
Money
Market
Investor Class		     VIP –
High Income
Initial Class		     VIP –
High Income
Investor Class		     VIP –
Equity-Income
Initial Class		     VIP –
Equity-Income
Investor Class		  

Income:

            

Dividends

   $ 11,377     $ 143,767     $ 2,927     $ 18,330     $ 6,725     $ 10,731  

Expenses:

            

Fidelity Retirement Reserves:

            

Mortality and expense risk charges

     1,662       —       317       —       2,657       —  

Administrative and other charges

     111       —       21       —       177       —  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total expenses

     1,773       —       338       —       2,834       —  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Fidelity Income Advantage:

            

Mortality and expense risk charges

     59       —       71       —       265       —  

Administrative and other charges

     20       —       24       —       89       —  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total expenses

     79       —       95       —       354       —  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Fidelity Personal Retirement:

            

Mortality and expense risk charges

     —       3,612       —       353       —       697  

Administrative and other charges

     —       1,448       —       149       —       296  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total expenses

     —       5,060       —       502       —       993  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Fidelity Freedom Lifetime Income:

            

Mortality and expense risk charges

     —       1       —       —       —       —  

Administrative and other charges

     —       —       —       —       —       —  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total expenses

     —       1       —       —       —       —  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Fidelity Growth and Guaranteed Income:

            

Mortality and expense risk charges

     —       113       —       —       —       —  

Administrative and other charges

     —       31       —       —       —       —  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total expenses

     —       144       —       —       —       —  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total expenses

     1,852       5,205       433       502       3,188       993  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net investment income (loss)

     9,525       138,562       2,494       17,828       3,537       9,738  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Realized and unrealized gain (loss) on investments:

            

Realized gain (loss) on sale of fund shares

     —       —       (7,995 )      166       4,597       8,365  

Realized gain distributions

     —       —       —       —       22,036       35,811  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net realized gain (loss) on investments

     —       —       (7,995 )      166       26,633       44,176  

Unrealized appreciation (depreciation)

     —       —       9,512       7,354       21,660       25,482  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net increase (decrease) in net assets from operations

   $ 9,525     $ 138,562     $ 4,011     $ 25,348     $ 51,830     $ 79,396  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

 

See accompanying notes which are an integral part of the financial statements.

 

  18   Annual Report

Fidelity Investments Variable Annuity Account I

Statements of Operations - continued

For the year ended December 31, 2024

 

(In thousands)   Subaccounts Investing In:  
    VIP –
Growth
Initial Class		     VIP –
Growth
Investor Class		     VIP –
Overseas
Initial Class		     VIP –
Overseas
Investor Class		     VIP –
Investment
Grade Bond
Initial Class		     VIP –
Investment
Grade Bond
Investor Class		  

Income:

            

Dividends

   $ 7     $ —     $ 1,040     $ 3,488     $ 3,719     $ 24,429  

Expenses:

            

Fidelity Retirement Reserves:

            

Mortality and expense risk charges

     5,378       —       462       —       688       —  

Administrative and other charges

     359       —       31       —       46       —  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total expenses

     5,737       —       493       —       734       —  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Fidelity Income Advantage:

            

Mortality and expense risk charges

     365       —       34       —       132       —  

Administrative and other charges

     122       —       12       —       44       —  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total expenses

     487       —       46       —       176       —  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Fidelity Personal Retirement:

            

Mortality and expense risk charges

     —       1,321       —       276       —       842  

Administrative and other charges

     —       590       —       116       —       349  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total expenses

     —       1,911       —       392       —       1,191  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Fidelity Freedom Lifetime Income:

            

Mortality and expense risk charges

     —       —       —       —       —       —  

Administrative and other charges

     —       —       —       —       —       —  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total expenses

     —       —       —       —       —       —  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Fidelity Growth and Guaranteed Income:

            

Mortality and expense risk charges

     —       —       —       —       —       —  

Administrative and other charges

     —       —       —       —       —       —  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total expenses

     —       —       —       —       —       —  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total expenses

     6,224       1,911       539       392       910       1,191  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net investment income (loss)

     (6,217 )      (1,911 )      501       3,096       2,809       23,238  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Realized and unrealized gain (loss) on investments:

            

Realized gain (loss) on sale of fund shares

     41,461       51,997       937       6,980       (2,279 )      253  

Realized gain distributions

     166,279       269,955       2,850       10,222       —       —  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net realized gain (loss) on investments

     207,740       321,952       3,787       17,202       (2,279 )      253  

Unrealized appreciation (depreciation)

     (11,326 )      (28,960 )      (1,297 )      (8,810 )      450       (13,059 ) 
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net increase (decrease) in net assets from operations

   $ 190,197     $ 291,081     $ 2,991     $ 11,488     $ 980     $ 10,432  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

 

See accompanying notes which are an integral part of the financial statements.

 

  19   Annual Report

Fidelity Investments Variable Annuity Account I

Statements of Operations - continued

For the year ended December 31, 2024

 

(In thousands)   Subaccounts Investing In:  
    VIP –
Asset
Manager
Initial Class		     VIP –
Asset
Manager
Investor Class		     VIP –
Index 500
Initial Class		     VIP –
Asset
Manager
Growth
Initial Class		     VIP –
Asset
Manager
Growth
Investor Class		     VIP –
Contrafund
Initial Class		     VIP –
Contrafund
Investor Class		  

Income:

              

Dividends

   $ 3,775     $ 4,733     $ 77,902     $ 1,036     $ 2,375     $ 2,278     $ 3,640  

Expenses:

              

Fidelity Retirement Reserves:

              

Mortality and expense risk charges

     1,080       —       4,873       387       —       8,567       —  

Administrative and other charges

     72       —       325       26       —       571       —  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total expenses

     1,152       —       5,198       413       —       9,138       —  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Fidelity Income Advantage:

              

Mortality and expense risk charges

     122       —       423       62       —       668       —  

Administrative and other charges

     41       —       141       21       —       222       —  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total expenses

     163       —       564       83       —       890       —  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Fidelity Personal Retirement:

              

Mortality and expense risk charges

     —       279       5,852       —       204       —       3,002  

Administrative and other charges

     —       102       2,645       —       67       —       1,281  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total expenses

     —       381       8,497       —       271       —       4,283  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Fidelity Freedom Lifetime Income:

              

Mortality and expense risk charges

     —       —       —       —       —       —       —  

Administrative and other charges

     —       —       —       —       —       —       —  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total expenses

     —       —       —       —       —       —       —  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Fidelity Growth and Guaranteed Income:

              

Mortality and expense risk charges

     —       —       —       —       —       —       —  

Administrative and other charges

     —       —       —       —       —       —       —  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total expenses

     —       —       —       —       —       —       —  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total expenses

     1,315       381       14,259       496       271       10,028       4,283  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net investment income (loss)

     2,460       4,352       63,643       540       2,104       (7,750 )      (643 ) 
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Realized and unrealized gain (loss) on investments:

              

Realized gain (loss) on sale of fund shares

     (12 )      1,354       329,001       1,809       3,163       61,594       110,888  

Realized gain distributions

     1,015       1,309       3,770       709       1,592       144,516       319,564  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net realized gain (loss) on investments

     1,003       2,663       332,771       2,518       4,755       206,110       430,452  

Unrealized appreciation (depreciation)

     8,314       9,005       889,547       2,581       6,551       137,394       269,271  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net increase (decrease) in net assets from operations

   $ 11,777     $ 16,020     $ 1,285,961     $ 5,639     $ 13,410     $ 335,754     $ 699,080  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

 

See accompanying notes which are an integral part of the financial statements.

 

  20   Annual Report

Fidelity Investments Variable Annuity Account I

Statements of Operations - continued

For the year ended December 31, 2024

 

(In thousands)   Subaccounts Investing In:  
    VIP –
Balanced
Initial Class		     VIP –
Balanced
Investor Class		     VIP –
Dynamic
Capital
Appreciation
Initial Class		     VIP –
Dynamic
Capital
Appreciation
Investor Class		     VIP –
Growth &
Income
Initial Class		     VIP –
Growth &
Income
Investor Class		  

Income:

            

Dividends

   $ 3,439     $ 70,450     $ 55     $ 317     $ 1,938     $ 5,636  

Expenses:

            

Fidelity Retirement Reserves:

            

Mortality and expense risk charges

     1,167       —       163       —       907       —  

Administrative and other charges

     78       —       11       —       60       —  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total expenses

     1,245       —       174       —       967       —  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Fidelity Income Advantage:

            

Mortality and expense risk charges

     245       —       26       —       119       —  

Administrative and other charges

     82       —       9       —       40       —  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total expenses

     327       —       35       —       159       —  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Fidelity Personal Retirement:

            

Mortality and expense risk charges

     —       4,253       —       229       —       472  

Administrative and other charges

     —       1,553       —       101       —       193  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total expenses

     —       5,806       —       330       —       665  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Fidelity Freedom Lifetime Income:

            

Mortality and expense risk charges

     —       —       —       —       —       —  

Administrative and other charges

     —       —       —       —       —       —  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total expenses

     —       —       —       —       —       —  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Fidelity Growth and Guaranteed Income:

            

Mortality and expense risk charges

     —       7,341       —       —       —       —  

Administrative and other charges

     —       1,961       —       —       —       —  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total expenses

     —       9,302       —       —       —       —  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total expenses

     1,572       15,108       209       330       1,126       665  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net investment income (loss)

     1,867       55,342       (154 )      (13 )      812       4,971  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Realized and unrealized gain (loss) on investments:

            

Realized gain (loss) on sale of fund shares

     6,258       111,347       1,037       9,218       6,618       17,146  

Realized gain distributions

     5,881       122,059       1,050       8,272       8,835       26,579  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net realized gain (loss) on investments

     12,139       233,406       2,087       17,490       15,453       43,725  

Unrealized appreciation (depreciation)

     11,856       259,554       3,397       26,294       9,584       25,715  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net increase (decrease) in net assets from operations

   $ 25,862     $ 548,302     $ 5,330     $ 43,771     $ 25,849     $ 74,411  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

 

See accompanying notes which are an integral part of the financial statements.

 

  21   Annual Report

Fidelity Investments Variable Annuity Account I

Statements of Operations - continued

For the year ended December 31, 2024

 

(In thousands)   Subaccounts Investing In:  
    VIP –
Growth
Opportunities
Initial Class		     VIP –
Growth
Opportunities
Investor Class		     VIP –
Mid Cap
Initial Class		     VIP –
Mid Cap
Investor Class		     VIP – Value
Strategies
Initial Class		     VIP – Value
Strategies
Investor Class		  

Income:

            

Dividends

   $ —     $ —     $ 1,411     $ 3,226     $ 440     $ 1,889  

Expenses:

            

Fidelity Retirement Reserves:

            

Mortality and expense risk charges

     1,296       —       1,762       —       275       —  

Administrative and other charges

     86       —       117       —       18       —  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total expenses

     1,382       —       1,879       —       293       —  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Fidelity Income Advantage:

            

Mortality and expense risk charges

     159       —       260       —       58       —  

Administrative and other charges

     53       —       86       —       19       —  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total expenses

     212       —       346       —       77       —  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Fidelity Personal Retirement:

            

Mortality and expense risk charges

     —       1,177       —       743       —       225  

Administrative and other charges

     —       536       —       321       —       98  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total expenses

     —       1,713       —       1,064       —       323  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Fidelity Freedom Lifetime Income:

            

Mortality and expense risk charges

     —       —       —       —       —       —  

Administrative and other charges

     —       —       —       —       —       —  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total expenses

     —       —       —       —       —       —  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Fidelity Growth and Guaranteed Income:

            

Mortality and expense risk charges

     —       —       —       —       —       —  

Administrative and other charges

     —       —       —       —       —       —  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total expenses

     —       —       —       —       —       —  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total expenses

     1,594       1,713       2,225       1,064       370       323  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net investment income (loss)

     (1,594 )      (1,713 )      (814 )      2,162       70       1,566  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Realized and unrealized gain (loss) on investments:

            

Realized gain (loss) on sale of fund shares

     10,765       53,318       5,968       9,601       848       2,565  

Realized gain distributions

     —       —       33,251       83,548       6,018       27,651  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net realized gain (loss) on investments

     10,765       53,318       39,219       93,149       6,866       30,216  

Unrealized appreciation (depreciation)

     51,296       287,817       2,248       3,423       (3,322 )      (14,673 ) 
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net increase (decrease) in net assets from operations

   $ 60,467     $ 339,422     $ 40,653     $ 98,734     $ 3,614     $ 17,109  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

 

See accompanying notes which are an integral part of the financial statements.

 

  22   Annual Report

Fidelity Investments Variable Annuity Account I

Statements of Operations - continued

For the year ended December 31, 2024

 

(In thousands)   Subaccounts Investing In:  
    VIP –
Utilities
Initial Class		     VIP –
Utilities
Investor Class		     VIP –
Technology
Initial Class		     VIP –
Technology
Investor Class		     VIP –
Energy
Initial Class		     VIP –
Energy
Investor Class		  

Income:

            

Dividends

   $ 544     $ 4,192     $ —     $ —     $ 919     $ 4,652  

Expenses:

            

Fidelity Retirement Reserves:

            

Mortality and expense risk charges

     178       —       2,063       —       285       —  

Administrative and other charges

     12       —       137       —       19       —  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total expenses

     190       —       2,200       —       304       —  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Fidelity Income Advantage:

            

Mortality and expense risk charges

     17       —       178       —       31       —  

Administrative and other charges

     6       —       60       —       11       —  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total expenses

     23       —       238       —       42       —  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Fidelity Personal Retirement:

            

Mortality and expense risk charges

     —       226       —       1,994       —       264  

Administrative and other charges

     —       92       —       953       —       112  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total expenses

     —       318       —       2,947       —       376  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Fidelity Freedom Lifetime Income:

            

Mortality and expense risk charges

     —       —       —       —       —       —  

Administrative and other charges

     —       —       —       —       —       —  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total expenses

     —       —       —       —       —       —  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Fidelity Growth and Guaranteed Income:

            

Mortality and expense risk charges

     —       —       —       —       —       —  

Administrative and other charges

     —       —       —       —       —       —  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total expenses

     —       —       —       —       —       —  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total expenses

     213       318       2,438       2,947       346       376  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net investment income (loss)

     331       3,874       (2,438 )      (2,947 )      573       4,276  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Realized and unrealized gain (loss) on investments:

            

Realized gain (loss) on sale of fund shares

     743       5,415       24,595       133,594       (244 )      6,979  

Realized gain distributions

     1,335       9,343       12,110       78,059       —       —  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net realized gain (loss) on investments

     2,078       14,758       36,705       211,653       (244 )      6,979  

Unrealized appreciation (depreciation)

     3,589       22,536       51,431       344,415       1,133       (1,589 ) 
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net increase (decrease) in net assets from operations

   $ 5,998     $ 41,168     $ 85,698     $ 553,121     $ 1,462     $ 9,666  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

 

See accompanying notes which are an integral part of the financial statements.

 

  23   Annual Report

Fidelity Investments Variable Annuity Account I

Statements of Operations - continued

For the year ended December 31, 2024

 

(In thousands)   Subaccounts Investing In:  
    VIP –
Health Care
Initial Class		     VIP –
Health Care
Investor Class		     VIP –
Financials
Initial Class		     VIP –
Financials
Investor Class		     VIP –
Industrials
Initial Class		     VIP –
Industrials
Investor Class		  

Income:

            

Dividends

   $ —     $ —     $ 461     $ 3,457     $ 203     $ 1,132  

Expenses:

            

Fidelity Retirement Reserves:

            

Mortality and expense risk charges

     637       —       163       —       192       —  

Administrative and other charges

     42       —       11       —       13       —  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total expenses

     679       —       174       —       205       —  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Fidelity Income Advantage:

            

Mortality and expense risk charges

     67       —       17       —       25       —  

Administrative and other charges

     22       —       5       —       9       —  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total expenses

     89       —       22       —       34       —  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Fidelity Personal Retirement:

            

Mortality and expense risk charges

     —       766       —       196       —       176  

Administrative and other charges

     —       334       —       92       —       81  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total expenses

     —       1,100       —       288       —       257  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Fidelity Freedom Lifetime Income:

            

Mortality and expense risk charges

     —       —       —       —       —       —  

Administrative and other charges

     —       —       —       —       —       —  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total expenses

     —       —       —       —       —       —  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Fidelity Growth and Guaranteed Income:

            

Mortality and expense risk charges

     —       —       —       —       —       —  

Administrative and other charges

     —       —       —       —       —       —  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total expenses

     —       —       —       —       —       —  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total expenses

     768       1,100       196       288       239       257  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net investment income (loss)

     (768 )      (1,100 )      265       3,169       (36 )      875  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Realized and unrealized gain (loss) on investments:

            

Realized gain (loss) on sale of fund shares

     4,268       29,535       437       3,591       441       4,097  

Realized gain distributions

     —       —       961       7,346       2,154       11,738  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net realized gain (loss) on investments

     4,268       29,535       1,398       10,937       2,595       15,835  

Unrealized appreciation (depreciation)

     886       6,771       4,539       36,125       2,930       13,743  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net increase (decrease) in net assets from operations

   $ 4,386     $ 35,206     $ 6,202     $ 50,231     $ 5,489     $ 30,453  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

 

See accompanying notes which are an integral part of the financial statements.

 

  24   Annual Report

Fidelity Investments Variable Annuity Account I

Statements of Operations - continued

For the year ended December 31, 2024

 

(In thousands)   Subaccounts Investing In:  
    VIP –
Consumer
Discretionary
Initial Class		     VIP –
Consumer
Discretionary
Investor Class		     VIP –
Real Estate
Initial Class		     VIP –
Real Estate
Investor Class		     VIP –
Strategic
Income
Initial Class		     VIP –
Strategic
Income
Investor Class		  

Income:

            

Dividends

   $ 10     $ 81     $ 734     $ 5,460     $ 1,394     $ 26,677  

Expenses:

            

Fidelity Retirement Reserves:

            

Mortality and expense risk charges

     120       —       126       —       268       —  

Administrative and other charges

     8       —       8       —       18       —  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total expenses

     128       —       134       —       286       —  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Fidelity Income Advantage:

            

Mortality and expense risk charges

     19       —       12       —       33       —  

Administrative and other charges

     6       —       4       —       11       —  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total expenses

     25       —       16       —       44       —  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Fidelity Personal Retirement:

            

Mortality and expense risk charges

     —       212       —       164       —       875  

Administrative and other charges

     —       96       —       67       —       366  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total expenses

     —       308       —       231       —       1,241  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Fidelity Freedom Lifetime Income:

            

Mortality and expense risk charges

     —       —       —       —       —       —  

Administrative and other charges

     —       —       —       —       —       —  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total expenses

     —       —       —       —       —       —  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Fidelity Growth and Guaranteed Income:

            

Mortality and expense risk charges

     —       —       —       —       —       —  

Administrative and other charges

     —       —       —       —       —       —  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total expenses

     —       —       —       —       —       —  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total expenses

     153       308       150       231       330       1,241  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net investment income (loss)

     (143 )      (227 )      584       5,229       1,064       25,436  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Realized and unrealized gain (loss) on investments:

            

Realized gain (loss) on sale of fund shares

     1,541       12,735       (930 )      (1,770 )      (341 )      (116 ) 

Realized gain distributions

     53       569       —       —       —       —  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net realized gain (loss) on investments

     1,594       13,304       (930 )      (1,770 )      (341 )      (116 ) 

Unrealized appreciation (depreciation)

     2,379       28,470       1,287       4,436       1,320       15,753  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net increase (decrease) in net assets from operations

   $ 3,830     $ 41,547     $ 941     $ 7,895     $ 2,043     $ 41,073  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

 

See accompanying notes which are an integral part of the financial statements.

 

  25   Annual Report

Fidelity Investments Variable Annuity Account I

Statements of Operations - continued

For the year ended December 31, 2024

 

(In thousands)   Subaccounts Investing In:  
    VIP –
International
Capital
Appreciation
Initial Class		     VIP –
International
Capital
Appreciation
Investor Class		     VIP – Value
Initial Class		     VIP – Value
Investor Class		     VIP –
Freedom
Income
Initial Class(C)		     VIP –
Freedom
Income
Investor Class(C)		  

Income:

            

Dividends

   $ 143     $ 2,178     $ 340     $ 3,314     $ 416     $ 2,609  

Expenses:

            

Fidelity Retirement Reserves:

            

Mortality and expense risk charges

     120       —       192       —       81       —  

Administrative and other charges

     8       —       13       —       5       —  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total expenses

     128       —       205       —       86       —  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Fidelity Income Advantage:

            

Mortality and expense risk charges

     12       —       16       —       —       —  

Administrative and other charges

     4       —       5       —       —       —  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total expenses

     16       —       21       —       —       —  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Fidelity Personal Retirement:

            

Mortality and expense risk charges

     —       360       —       311       —       99  

Administrative and other charges

     —       164       —       141       —       34  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total expenses

     —       524       —       452       —       133  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Fidelity Freedom Lifetime Income:

            

Mortality and expense risk charges

     —       —       —       —       —       —  

Administrative and other charges

     —       —       —       —       —       —  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total expenses

     —       —       —       —       —       —  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Fidelity Growth and Guaranteed Income:

            

Mortality and expense risk charges

     —       —       —       —       —       —  

Administrative and other charges

     —       —       —       —       —       —  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total expenses

     —       —       —       —       —       —  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total expenses

     144       524       226       452       86       133  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net investment income (loss)

     (1 )      1,654       114       2,862       330       2,476  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Realized and unrealized gain (loss) on investments:

            

Realized gain (loss) on sale of fund shares

     783       11,404       765       9,648       29       (109 ) 

Realized gain distributions

     —       —       2,663       27,581       7       38  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net realized gain (loss) on investments

     783       11,404       3,428       37,229       36       (71 ) 

Unrealized appreciation (depreciation)

     421       11,681       (732 )      (9,402 )      26       246  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net increase (decrease) in net assets from operations

   $ 1,203     $ 24,739     $ 2,810     $ 30,689     $ 392     $ 2,651  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

(C) Fund Merged (Note 1)

 

See accompanying notes which are an integral part of the financial statements.

 

  26   Annual Report

Fidelity Investments Variable Annuity Account I

Statements of Operations - continued

For the year ended December 31, 2024

 

(In thousands)   Subaccounts Investing In:  
    VIP –
Freedom 2005
Initial Class(C)		     VIP –
Investor
Freedom 2005
Investor Class(c)		     VIP –
Freedom 2010
Initial Class		     VIP –
Investor
Freedom 2010
Investor Class		     VIP –
Freedom 2015
Initial Class		     VIP –
Investor
Freedom 2015
Investor Class		  

Income:

            

Dividends

   $ 53     $ 190     $ 201     $ 1,763     $ 461     $ 2,579  

Expenses:

            

Fidelity Retirement Reserves:

            

Mortality and expense risk charges

     15       —       45       —       110       —  

Administrative and other charges

     1       —       3       —       7       —  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total expenses

     16       —       48       —       117       —  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Fidelity Income Advantage:

            

Mortality and expense risk charges

     —       —       —       —       —       —  

Administrative and other charges

     —       —       —       —       —       —  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total expenses

     —       —       —       —       —       —  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Fidelity Personal Retirement:

            

Mortality and expense risk charges

     —       12       —       89       —       133  

Administrative and other charges

     —       4       —       25       —       41  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total expenses

     —       16       —       114       —       174  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Fidelity Freedom Lifetime Income:

            

Mortality and expense risk charges

     —       —       —       —       —       —  

Administrative and other charges

     —       —       —       —       —       —  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total expenses

     —       —       —       —       —       —  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Fidelity Growth and Guaranteed Income:

            

Mortality and expense risk charges

     —       —       —       —       —       —  

Administrative and other charges

     —       —       —       —       —       —  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total expenses

     —       —       —       —       —       —  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total expenses

     16       16       48       114       117       174  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net investment income (loss)

     37       174       153       1,649       344       2,405  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Realized and unrealized gain (loss) on investments:

            

Realized gain (loss) on sale of fund shares

     (487 )      (2,355 )      (113 )      128       (33 )      312  

Realized gain distributions

     —       —       5       39       441       311  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net realized gain (loss) on investments

     (487 )      (2,355 )      (108 )      167       408       623  

Unrealized appreciation (depreciation)

     519       2,489       224       720       62       1,865  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net increase (decrease) in net assets from operations

   $ 69     $ 308     $ 269     $ 2,536     $ 814     $ 4,893  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

(C) Fund Merged (Note 1)

 

See accompanying notes which are an integral part of the financial statements.

 

  27   Annual Report

Fidelity Investments Variable Annuity Account I

Statements of Operations - continued

For the year ended December 31, 2024

 

(In thousands)   Subaccounts Investing In:  
    VIP –
Freedom 2020
Initial Class		     VIP –
Investor
Freedom 2020
Investor Class		     VIP –
Freedom 2025
Initial Class		     VIP –
Investor
Freedom 2025
Investor Class		     VIP –
Freedom 2030
Initial Class		     VIP –
Investor
Freedom 2030
Investor Class		  

Income:

            

Dividends

   $ 422     $ 4,631     $ 465     $ 4,880     $ 527     $ 7,541  

Expenses:

            

Fidelity Retirement Reserves:

            

Mortality and expense risk charges

     118       —       145       —       173       —  

Administrative and other charges

     8       —       10       —       11       —  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total expenses

     126       —       155       —       184       —  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Fidelity Income Advantage:

            

Mortality and expense risk charges

     —       —       —       —       —       —  

Administrative and other charges

     —       —       —       —       —       —  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total expenses

     —       —       —       —       —       —  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Fidelity Personal Retirement:

            

Mortality and expense risk charges

     —       263       —       326       —       543  

Administrative and other charges

     —       84       —       102       —       172  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total expenses

     —       347       —       428       —       715  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Fidelity Freedom Lifetime Income:

            

Mortality and expense risk charges

     —       —       —       —       —       —  

Administrative and other charges

     —       —       —       —       —       —  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total expenses

     —       —       —       —       —       —  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Fidelity Growth and Guaranteed Income:

            

Mortality and expense risk charges

     —       —       —       —       —       —  

Administrative and other charges

     —       —       —       —       —       —  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total expenses

     —       —       —       —       —       —  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total expenses

     126       347       155       428       184       715  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net investment income (loss)

     296       4,284       310       4,452       343       6,826  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Realized and unrealized gain (loss) on investments:

            

Realized gain (loss) on sale of fund shares

     (98 )      1,359       347       4,156       333       8,324  

Realized gain distributions

     454       1,834       35       1,458       50       706  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net realized gain (loss) on investments

     356       3,193       382       5,614       383       9,030  

Unrealized appreciation (depreciation)

     434       4,703       765       6,225       1,082       14,319  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net increase (decrease) in net assets from operations

   $ 1,086     $ 12,180     $ 1,457     $ 16,291     $ 1,808     $ 30,175  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

 

See accompanying notes which are an integral part of the financial statements.

 

  28   Annual Report

Fidelity Investments Variable Annuity Account I

Statements of Operations - continued

For the year ended December 31, 2024

 

(In thousands)   Subaccounts Investing In:  
    VIP –
Freedom 2035
Initial Class		     VIP –
Investor
Freedom 2035
Investor Class		     VIP –
Freedom 2040
Initial Class		     VIP –
Investor
Freedom 2040
Investor Class		     VIP –
Freedom 2045
Initial Class		     VIP –
Investor
Freedom 2045
Investor Class		  

Income:

            

Dividends

   $ 15     $ 333     $ 6     $ 145     $ —     $ 40  

Expenses:

            

Fidelity Retirement Reserves:

            

Mortality and expense risk charges

     4       —       3       —       —       —  

Administrative and other charges

     —       —       —       —       —       —  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total expenses

     4       —       3       —       —       —  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Fidelity Income Advantage:

            

Mortality and expense risk charges

     —       —       —       —       —       —  

Administrative and other charges

     —       —       —       —       —       —  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total expenses

     —       —       —       —       —       —  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Fidelity Personal Retirement:

            

Mortality and expense risk charges

     —       19       —       14       —       4  

Administrative and other charges

     —       6       —       4       —       1  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total expenses

     —       25       —       18       —       5  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Fidelity Freedom Lifetime Income:

            

Mortality and expense risk charges

     —       —       —       —       —       —  

Administrative and other charges

     —       —       —       —       —       —  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total expenses

     —       —       —       —       —       —  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Fidelity Growth and Guaranteed Income:

            

Mortality and expense risk charges

     —       —       —       —       —       —  

Administrative and other charges

     —       —       —       —       —       —  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total expenses

     —       —       —       —       —       —  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total expenses

     4       25       3       18       —       5  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net investment income (loss)

     11       308       3       127       —       35  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Realized and unrealized gain (loss) on investments:

            

Realized gain (loss) on sale of fund shares

     1       393       4       160       4       104  

Realized gain distributions

     6       151       5       157       —       47  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net realized gain (loss) on investments

     7       544       9       317       4       151  

Unrealized appreciation (depreciation)

     12       (34 )      22       299       —       90  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net increase (decrease) in net assets from operations

   $ 30     $ 818     $ 34     $ 743     $ 4     $ 276  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

 

See accompanying notes which are an integral part of the financial statements.

 

  29   Annual Report

Fidelity Investments Variable Annuity Account I

Statements of Operations - continued

For the year ended December 31, 2024

 

(In thousands)   Subaccounts Investing In:  
    VIP –
Freedom 2050
Initial Class		     VIP –
Investor
Freedom 2050
Investor Class		     VIP –
Freedom
Lifetime
Income I		     VIP –
Freedom
Lifetime
Income II		     VIP –
Freedom
Lifetime
Income III		     VIP –
Disciplined
Small Cap
Initial Class		     VIP –
Disciplined
Small Cap
Investor Class		  

Income:

              

Dividends

   $ 1     $ 63     $ 293     $ 856     $ 731     $ 269     $ 3,413  

Expenses:

              

Fidelity Retirement Reserves:

              

Mortality and expense risk charges

     —       —       —       —       —       166       —  

Administrative and other charges

     —       —       —       —       —       11       —  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total expenses

     —       —       —       —       —       177       —  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Fidelity Income Advantage:

              

Mortality and expense risk charges

     —       —       —       —       —       15       —  

Administrative and other charges

     —       —       —       —       —       5       —  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total expenses

     —       —       —       —       —       20       —  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Fidelity Personal Retirement:

              

Mortality and expense risk charges

     —       5       —       —       —       —       366  

Administrative and other charges

     —       2       —       —       —       —       159  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total expenses

     —       7       —       —       —       —       525  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Fidelity Freedom Lifetime Income:

              

Mortality and expense risk charges

     —       —       38       126       135       —       —  

Administrative and other charges

     —       —       8       25       27       —       —  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total expenses

     —       —       46       151       162       —       —  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Fidelity Growth and Guaranteed Income:

              

Mortality and expense risk charges

     —       —       —       —       —       —       —  

Administrative and other charges

     —       —       —       —       —       —       —  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total expenses

     —       —       —       —       —       —       —  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total expenses

     —       7       46       151       162       197       525  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net investment income (loss)

     1       56       247       705       569       72       2,888  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Realized and unrealized gain (loss) on investments:

              

Realized gain (loss) on sale of fund shares

     7       214       (13 )      78       235       468       6,896  

Realized gain distributions

     1       61       4       48       287       152       1,998  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net realized gain (loss) on investments

     8       275       (9 )      126       522       620       8,894  

Unrealized appreciation (depreciation)

     (2 )      (21 )      43       397       760       2,623       34,755  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net increase (decrease) in net assets from operations

   $ 7     $ 310     $ 281     $ 1,228     $ 1,851     $ 3,315     $ 46,537  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

 

See accompanying notes which are an integral part of the financial statements.

 

  30   Annual Report

Fidelity Investments Variable Annuity Account I

Statements of Operations - continued

For the year ended December 31, 2024

 

(In thousands)   Subaccounts Investing In:  
    VIP –
FundsManager
20%
Investor Class		     VIP –
FundsManager
30%
Investor Class		     VIP –
FundsManager
40%
Investor Class		     VIP –
FundsManager
50%
Investor Class		     VIP –
FundsManager
60%
Investor Class		     VIP –
FundsManager
70%
Investor Class		     VIP –
FundsManager
85%
Investor Class		  

Income:

              

Dividends

   $ 22,264     $ 349     $ 556     $ 40,175     $ 41,714     $ 35,646     $ 10,920  

Expenses:

              

Fidelity Retirement Reserves:

              

Mortality and expense risk charges

     227       5       10       426       243       296       175  

Administrative and other charges

     15       —       1       28       16       20       12  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total expenses

     242       5       11       454       259       316       187  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Fidelity Income Advantage:

              

Mortality and expense risk charges

     37       —       —       205       92       136       61  

Administrative and other charges

     12       —       —       68       31       46       20  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total expenses

     49       —       —       273       123       182       81  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Fidelity Personal Retirement:

              

Mortality and expense risk charges

     904       15       22       2,281       2,122       2,767       1,049  

Administrative and other charges

     301       4       8       748       699       942       362  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total expenses

     1,205       19       30       3,029       2,821       3,709       1,411  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Fidelity Freedom Lifetime Income:

              

Mortality and expense risk charges

     45       —       —       533       626       162       75  

Administrative and other charges

     9       —       —       106       125       32       15  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total expenses

     54       —       —       639       751       194       90  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Fidelity Growth and Guaranteed Income:

              

Mortality and expense risk charges

     —       —       —       —       4,436       —       —  

Administrative and other charges

     —       —       —       —       1,150       —       —  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total expenses

     —       —       —       —       5,586       —       —  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total expenses

     1,550       24       41       4,395       9,540       4,401       1,769  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net investment income (loss)

     20,714       325       515       35,780       32,174       31,245       9,151  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Realized and unrealized gain (loss) on investments:

              

Realized gain (loss) on sale of fund shares

     (2,749 )      140       224       8,617       8,113       21,881       7,915  

Realized gain distributions

     —       32       80       —       —       —       —  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net realized gain (loss) on investments

     (2,749 )      172       304       8,617       8,113       21,881       7,915  

Unrealized appreciation (depreciation)

     15,417       16       204       88,872       133,928       142,260       68,316  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net increase (decrease) in net assets from operations

   $ 33,382     $ 513     $ 1,023     $ 133,269     $ 174,215     $ 195,386     $ 85,382  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

 

See accompanying notes which are an integral part of the financial statements.

 

  31   Annual Report

 

Fidelity Investments Variable Annuity Account I

Statements of Operations - continued

For the year ended December 31, 2024

 

(In thousands)   Subaccounts Investing In:  
    VIP –
Consumer
Staples
Initial Class		     VIP –
Consumer
Staples
Investor Class		     VIP –
Materials
Initial Class		     VIP –
Materials
Investor Class		     VIP –
Communication
Services
Initial Class		     VIP –
Communication
Services
Investor Class		  

Income:

            

Dividends

   $ 325     $ 4,372     $ 109     $ 638     $ —     $ —  

Expenses:

            

Fidelity Retirement Reserves:

            

Mortality and expense risk charges

     102       —       68       —       135       —  

Administrative and other charges

     7       —       5       —       9       —  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total expenses

     109       —       73       —       144       —  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Fidelity Income Advantage:

            

Mortality and expense risk charges

     12       —       5       —       25       —  

Administrative and other charges

     4       —       2       —       9       —  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total expenses

     16       —       7       —       34       —  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Fidelity Personal Retirement:

            

Mortality and expense risk charges

     —       254       —       69       —       192  

Administrative and other charges

     —       105       —       30       —       89  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total expenses

     —       359       —       99       —       281  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Fidelity Freedom Lifetime Income:

            

Mortality and expense risk charges

     —       —       —       —       —       —  

Administrative and other charges

     —       —       —       —       —       —  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total expenses

     —       —       —       —       —       —  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Fidelity Growth and Guaranteed Income:

            

Mortality and expense risk charges

     —       —       —       —       —       —  

Administrative and other charges

     —       —       —       —       —       —  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total expenses

     —       —       —       —       —       —  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total expenses

     125       359       80       99       178       281  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net investment income (loss)

     200       4,013       29       539       (178 )      (281 ) 
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Realized and unrealized gain (loss) on investments:

            

Realized gain (loss) on sale of fund shares

     64       1,764       62       335       2,410       17,880  

Realized gain distributions

     409       5,471       36       199       448       3,798  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net realized gain (loss) on investments

     473       7,235       98       534       2,858       21,678  

Unrealized appreciation (depreciation)

     54       (373 )      (269 )      (2,261 )      3,317       28,705  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net increase (decrease) in net assets from operations

   $ 727     $ 10,875     $ (142 )    $ (1,188 )    $ 5,997     $ 50,102  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

 

See accompanying notes which are an integral part of the financial statements.

 

  32   Annual Report

Fidelity Investments Variable Annuity Account I

Statements of Operations - continued

For the year ended December 31, 2024

 

(In thousands)   Subaccounts Investing In:  
    VIP –
Emerging
Markets
Initial Class		     VIP –
Emerging
Markets
Investor Class		     VIP –
Floating Rate
High Income
Initial Class		     VIP –
Floating Rate
High Income
Investor Class		     VIP –
Bond
Index
Initial Class		     VIP –
Total
Market
Index
Initial Class		  

Income:

            

Dividends

   $ 120     $ 1,508     $ 1,002     $ 21,127     $ 14,285     $ 10,239  

Expenses:

            

Fidelity Retirement Reserves:

            

Mortality and expense risk charges

     62       —       101       —       157       278  

Administrative and other charges

     4       —       7       —       10       19  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total expenses

     66       —       108       —       167       297  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Fidelity Income Advantage:

            

Mortality and expense risk charges

     4       —       6       —       6       8  

Administrative and other charges

     1       —       2       —       2       3  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total expenses

     5       —       8       —       8       11  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Fidelity Personal Retirement:

            

Mortality and expense risk charges

     —       137       —       298       536       803  

Administrative and other charges

     —       55       —       141       225       356  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total expenses

     —       192       —       439       761       1,159  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Fidelity Freedom Lifetime Income:

            

Mortality and expense risk charges

     —       —       —       —       —       —  

Administrative and other charges

     —       —       —       —       —       —  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total expenses

     —       —       —       —       —       —  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Fidelity Growth and Guaranteed Income:

            

Mortality and expense risk charges

     —       —       —       —       —       —  

Administrative and other charges

     —       —       —       —       —       —  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total expenses

     —       —       —       —       —       —  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total expenses

     71       192       116       439       936       1,467  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net investment income (loss)

     49       1,316       886       20,688       13,349       8,772  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Realized and unrealized gain (loss) on investments:

            

Realized gain (loss) on sale of fund shares

     (84 )      (1,065 )      145       1,513       1,160       35,258  

Realized gain distributions

     —       —       —       —       —       —  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net realized gain (loss) on investments

     (84 )      (1,065 )      145       1,513       1,160       35,258  

Unrealized appreciation (depreciation)

     754       9,259       —       (151 )      (10,441 )      110,435  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net increase (decrease) in net assets from operations

   $ 719     $ 9,510     $ 1,031     $ 22,050     $ 4,068     $ 154,465  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

 

See accompanying notes which are an integral part of the financial statements.

 

  33   Annual Report

Fidelity Investments Variable Annuity Account I

Statements of Operations - continued

For the year ended December 31, 2024

 

(In thousands)   Subaccounts Investing In:  
    VIP –
Extended
Market
Index
Initial Class		     VIP –
International
Index
Initial Class		     VIF –
Emerging
Markets Equity
Class I		     VIF –
Emerging
Markets Debt
Class I		     VIF –
Global
Strategist –
Class II		     Lazard –
Retirement
Emerging
Markets
Portfolio –
Investor		  

Income:

            

Dividends

   $ 1,925     $ 9,153     $ 528     $ 6,943     $ —     $ 2,366  

Expenses:

            

Fidelity Retirement Reserves:

            

Mortality and expense risk charges

     29       87       105       58       37       47  

Administrative and other charges

     2       6       7       4       2       3  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total expenses

     31       93       112       62       39       50  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Fidelity Income Advantage:

            

Mortality and expense risk charges

     1       4       10       5       10       2  

Administrative and other charges

     1       1       3       2       4       1  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total expenses

     2       5       13       7       14       3  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Fidelity Personal Retirement:

            

Mortality and expense risk charges

     147       345       27       68       20       66  

Administrative and other charges

     67       146       13       30       9       30  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total expenses

     214       491       40       98       29       96  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Fidelity Freedom Lifetime Income:

            

Mortality and expense risk charges

     —       —       —       —       —       —  

Administrative and other charges

     —       —       —       —       —       —  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total expenses

     —       —       —       —       —       —  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Fidelity Growth and Guaranteed Income:

            

Mortality and expense risk charges

     —       —       —       —       —       —  

Administrative and other charges

     —       —       —       —       —       —  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total expenses

     —       —       —       —       —       —  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total expenses

     247       589       165       167       82       149  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net investment income (loss)

     1,678       8,564       363       6,776       (82 )      2,217  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Realized and unrealized gain (loss) on investments:

            

Realized gain (loss) on sale of fund shares

     3,880       4,889       (3,732 )      (1,938 )      (471 )      (1,077 ) 

Realized gain distributions

     —       —       —       —       —       —  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net realized gain (loss) on investments

     3,880       4,889       (3,732 )      (1,938 )      (471 )      (1,077 ) 

Unrealized appreciation (depreciation)

     9,415       505       6,056       2,195       2,145       3,769  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net increase (decrease) in net assets from operations

   $ 14,973     $ 13,958     $ 2,687     $ 7,033     $ 1,592     $ 4,909  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

 

See accompanying notes which are an integral part of the financial statements.

 

  34   Annual Report

Fidelity Investments Variable Annuity Account I

Statements of Operations - continued

For the year ended December 31, 2024

 

(In thousands)   Subaccounts Investing In:  
    Invesco V.I. –
Global
Core Equity
Series I		     Allspring –
VT Discovery
SMID Cap
Growth
Class 2		     Allspring –
VT Opportunity
Class 2		     PVIT –
Commodity
Real Return –
Strategy
Portfolio –
Administrative		     PVIT –
Low Duration
Portfolio –
Administrative		     PVIT –
Real Return
Portfolio –
Administrative		  

Income:

            

Dividends

   $ 310     $ —     $ 10     $ 540     $ 10,650     $ 3,821  

Expenses:

            

Fidelity Retirement Reserves:

            

Mortality and expense risk charges

     52       158       153       1       156       51  

Administrative and other charges

     3       11       10       —       10       3  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total expenses

     55       169       163       1       166       54  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Fidelity Income Advantage:

            

Mortality and expense risk charges

     9       17       14       2       2       4  

Administrative and other charges

     3       6       5       1       1       2  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total expenses

     12       23       19       3       3       6  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Fidelity Personal Retirement:

            

Mortality and expense risk charges

     23       —       —       30       310       166  

Administrative and other charges

     9       —       —       13       124       70  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total expenses

     32       —       —       43       434       236  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Fidelity Freedom Lifetime Income:

            

Mortality and expense risk charges

     —       —       —       —       —       —  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Administrative and other charges

     —       —       —       —       —       —  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total expenses

     —       —       —       —       —       —  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Fidelity Growth and Guaranteed Income:

            

Mortality and expense risk charges

     —       —       —       —       —       —  

Administrative and other charges

     —       —       —       —       —       —  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total expenses

     —       —       —       —       —       —  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total expenses

     99       192       182       47       603       296  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net investment income (loss)

     211       (192 )      (172 )      493       10,047       3,525  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Realized and unrealized gain (loss) on investments:

            

Realized gain (loss) on sale of fund shares

     738       528       343       (7,381 )      (2,214 )      (4,594 ) 

Realized gain distributions

     267       —       2,185       —       —       —  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net realized gain (loss) on investments

     1,005       528       2,528       (7,381 )      (2,214 )      (4,594 ) 

Unrealized appreciation (depreciation)

     2,755       3,340       538       7,901       3,258       3,876  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net increase (decrease) in net assets from operations

   $ 3,971     $ 3,676     $ 2,894     $ 1,013     $ 11,091     $ 2,807  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

 

See accompanying notes which are an integral part of the financial statements.

 

  35   Annual Report

Fidelity Investments Variable Annuity Account I

Statements of Operations - continued

For the year ended December 31, 2024

 

(In thousands)   Subaccounts Investing In:  
    PVIT –
Total Return
Portfolio –
Administrative		     Blackrock –
Global
Allocation V.I.
Fund – Class I		     FTVIP –
Templeton
Global Bond
Fund – Class 2		     FTVIP –
Franklin
US Government
Securities
Fund – Class 2		  

Income:

        

Dividends

   $ 14,625     $ 1,798     $ —     $ 1,386  

Expenses:

        

Fidelity Retirement Reserves:

        

Mortality and expense risk charges

     141       26       9       17  

Administrative and other charges

     9       2       1       1  
 

 

 

    

 

 

    

 

 

    

 

 

  

Total expenses

     150       28       10       18  
 

 

 

    

 

 

    

 

 

    

 

 

  

Fidelity Income Advantage:

        

Mortality and expense risk charges

     5       4       2       1  

Administrative and other charges

     1       1       —       —  
 

 

 

    

 

 

    

 

 

    

 

 

  

Total expenses

     6       5       2       1  
 

 

 

    

 

 

    

 

 

    

 

 

  

Fidelity Personal Retirement:

        

Mortality and expense risk charges

     448       189       45       61  

Administrative and other charges

     172       73       19       23  
 

 

 

    

 

 

    

 

 

    

 

 

  

Total expenses

     620       262       64       84  
 

 

 

    

 

 

    

 

 

    

 

 

  

Fidelity Freedom Lifetime Income:

        

Mortality and expense risk charges

     —       —       —       —  

Administrative and other charges

     —       —       —       —  
 

 

 

    

 

 

    

 

 

    

 

 

  

Total expenses

     —       —       —       —  
 

 

 

    

 

 

    

 

 

    

 

 

  

Fidelity Growth and Guaranteed Income:

        

Mortality and expense risk charges

     —       —       —       —  

Administrative and other charges

     —       —       —       —  
 

 

 

    

 

 

    

 

 

    

 

 

  

Total expenses

     —       —       —       —  
 

 

 

    

 

 

    

 

 

    

 

 

  

Total expenses

     776       295       76       103  
 

 

 

    

 

 

    

 

 

    

 

 

  

Net investment income (loss)

     13,849       1,503       (76 )      1,283  
 

 

 

    

 

 

    

 

 

    

 

 

  

Realized and unrealized gain (loss) on investments:

        

Realized gain (loss) on sale of fund shares

     (4,231 )      (85 )      (1,884 )      (627 ) 

Realized gain distributions

     —       9,358       —       —  
 

 

 

    

 

 

    

 

 

    

 

 

  

Net realized gain (loss) on investments

     (4,231 )      9,273       (1,884 )      (627 ) 

Unrealized appreciation (depreciation)

     (1,541 )      1,948       (2,777 )      (270 ) 
 

 

 

    

 

 

    

 

 

    

 

 

  

Net increase (decrease) in net assets from operations

   $ 8,077     $ 12,724     $ (4,737 )    $ 386  
 

 

 

    

 

 

    

 

 

    

 

 

  

 

See accompanying notes which are an integral part of the financial statements.

 

  36   Annual Report

Fidelity Investments Variable Annuity Account I

Statements of Changes in Net Assets

For the years ended December 31, 2024 and 2023

 

(In thousands)   Subaccounts Investing In:  
    VIP – Government
Money Market
Initial Class		     VIP – Government
Money Market
Investor Class		     VIP – High Income
Initial Class		     VIP – High Income
Investor Class		  
    12/31/24     12/31/23     12/31/24     12/31/23     12/31/24     12/31/23     12/31/24     12/31/23  

Operations:

                                                                                        

Net investment income (loss)

   $ 9,525     $ 9,907     $ 138,562     $ 116,102     $ 2,494     $ 2,476     $ 17,828     $ 15,646  

Net realized gain (loss) on investments

     —       —       —       —       (7,995 )      (4,840 )      166       (3,045 ) 

Unrealized appreciation (depreciation)

     —       —       —       —       9,512       7,150       7,354       14,264  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net increase (decrease) in net assets from operations

     9,525       9,907       138,562       116,102       4,011       4,786       25,348       26,865  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Contract Transactions:

                

Payments received from contract owners

     1,889       1,670       1,347,160       997,609       56       65       7,067       1,558  

Transfers between sub-accounts
and the fixed account, net

     27,133       22,232       (441,110 )      35,014       (2,459 )      (1,542 )      (7,484 )      (5,688 ) 

Contract benefits

     (4,579 )      (6,044 )      (192,253 )      (163,094 )      (1,970 )      (1,791 )      (92 )      (120 ) 

Contract terminations

     (41,808 )      (59,756 )      (518,445 )      (568,560 )      (3,008 )      (2,322 )      (10,969 )      (19,780 ) 

Contract maintenance charges

     (46 )      (52 )      —       —       (6 )      (6 )      —       —  

Other transfers (to) from FILI, net

     (310 )      620       (55 )      50       (330 )      (187 )      (2 )      2  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net increase (decrease) in net assets from contract transactions

     (17,721 )      (41,330 )      195,297       301,019       (7,717 )      (5,783 )      (11,480 )      (24,028 ) 
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total increase (decrease) in net assets

     (8,196 )      (31,423 )      333,859       417,121       (3,706 )      (997 )      13,868       2,837  

Net Assets:

                

Beginning of period

     234,183       265,606       2,742,526       2,325,405       52,869       53,866       294,761       291,924  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

End of period

   $  225,987     $  234,183     $  3,076,385     $  2,742,526     $ 49,163     $  52,869     $ 308,629     $  294,761  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  
(In thousands)   Subaccounts Investing In:  
    VIP – Equity-Income
Initial Class		     VIP – Equity-Income
Investor Class		     VIP – Growth
Initial Class		     VIP – Growth
Investor Class		  
    12/31/24     12/31/23     12/31/24     12/31/23     12/31/24     12/31/23     12/31/24     12/31/23  

Operations:

                                                    

Net investment income (loss)

   $ 3,537     $ 3,877     $ 9,738     $ 8,758     $ (6,217 )    $ (4,108 )    $ (1,911 )    $ (790 ) 

Net realized gain (loss) on investments

     26,633       10,096       44,176       17,521       207,740       45,792       321,952       48,488  

Unrealized appreciation (depreciation)

     21,660       19,784       25,482       24,921       (11,326 )      137,976       (28,960 )      191,770  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net increase (decrease) in net assets from operations

     51,830       33,757       79,396       51,200       190,197       179,660       291,081       239,468  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Contract Transactions:

                

Payments received from contract owners

     125       197       6,013       4,699       736       473       13,360       6,114  

Transfers between sub-accounts
and the fixed account, net

     (10,064 )      (8,608 )      18,690       6,585       (16,712 )      (5,413 )      80,245       82,067  

Contract benefits

     (10,786 )      (11,836 )      (66 )      (147 )      (14,420 )      (10,449 )      (4,954 )      (193 ) 

Contract terminations

     (18,907 )      (13,932 )      (23,167 )      (21,094 )      (37,748 )      (23,109 )      (32,042 )      (19,568 ) 

Contract maintenance charges

     (39 )      (43 )      —       —       (86 )      (77 )      —       —  

Other transfers (to) from FILI, net

     (943 )      (915 )      (7 )      13       (1,088 )      (1,021 )      37       (2 ) 
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net increase (decrease) in net assets from contract transactions

     (40,614 )      (35,137 )      1,463       (9,944 )      (69,318 )      (39,596 )      56,646       68,418  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total increase (decrease) in net assets

     11,216       (1,380 )      80,859       41,256       120,879       140,064       347,727       307,886  

Net Assets:

                

Beginning of period

     371,409       372,789       543,997       502,741       669,758       529,694       940,370       632,484  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

End of period

   $ 382,625     $  371,409     $ 624,856     $  543,997     $ 790,637     $  669,758     $  1,288,097     $  940,370  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

 

See accompanying notes which are an integral part of the financial statements.

 

  37   Annual Report

Fidelity Investments Variable Annuity Account I

Statements of Changes in Net Assets - continued

For the years ended December 31, 2024 and 2023

 

(In thousands)   Subaccounts Investing In:  
    VIP – Overseas
Initial Class		     VIP – Overseas
Investor Class		     VIP –
Investment Grade Bond
Initial Class		     VIP –
Investment Grade Bond
Investor Class		  
    12/31/24     12/31/23     12/31/24     12/31/23     12/31/24     12/31/23     12/31/24     12/31/23  

Operations:

                                                    

Net investment income (loss)

   $ 501     $ 130     $ 3,096     $ 1,692     $ 2,809     $ 1,984     $ 23,238     $ 15,804  

Net realized gain (loss) on investments

     3,787       98       17,202       3,014       (2,279 )      (1,898 )      253       (2,979 ) 

Unrealized appreciation (depreciation)

     (1,297 )      11,005       (8,810 )      33,531       450       5,946       (13,059 )      24,961  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net increase (decrease) in net assets from operations

     2,991       11,233       11,488       38,237       980       6,032       10,432       37,786  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Contract Transactions:

                

Payments received from contract owners

     72       85       452       1,170       290       379       10,023       8,875  

Transfers between sub-accounts
and the fixed account, net

     (2,601 )      (2,325 )      (11,175 )      (171 )      (1,603 )      (2,322 )      43,254       5,160  

Contract benefits

     (1,523 )      (1,192 )      (1,457 )      (34 )      (3,816 )      (4,246 )      (213 )      (177 ) 

Contract terminations

     (4,517 )      (1,939 )      (9,483 )      (6,715 )      (7,624 )      (5,046 )      (34,194 )      (37,801 ) 

Contract maintenance charges

     (8 )      (9 )      —       —       (13 )      (15 )      —       —  

Other transfers (to) from FILI, net

     (87 )      (50 )      (4 )      10       (440 )      (535 )      (9 )      1  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net increase (decrease) in net assets
from contract transactions

     (8,664 )      (5,430 )      (21,667 )      (5,740 )      (13,206 )      (11,785 )      18,861       (23,942 ) 
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total increase (decrease) in net assets

     (5,673 )      5,803       (10,179 )      32,497       (12,226 )      (5,753 )      29,293       13,844  

Net Assets:

                

Beginning of period

     65,518       59,715       223,226       190,729       115,587       121,340       679,669       665,825  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

End of period

   $ 59,845     $  65,518     $  213,047     $  223,226     $ 103,361     $  115,587     $  708,962     $  679,669  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  
(In thousands)   Subaccounts Investing In:  
    VIP – Asset Manager
Initial Class		     VIP – Asset Manager
Investor Class		    

VIP – Index 500

Initial Class

     VIP –
Asset Manager Growth
Initial Class		  
    12/31/24     12/31/23     12/31/24     12/31/23     12/31/24     12/31/23     12/31/24     12/31/23  

Operations:

                                                    

Net investment income (loss)

   $ 2,460     $ 2,323     $ 4,352     $ 4,145     $ 63,643     $ 57,234     $ 540     $ 536  

Net realized gain (loss) on investments

     1,003       518       2,663       2,014       332,771       159,397       2,518       1,377  

Unrealized appreciation (depreciation)

     8,314       15,327       9,005       18,112       889,547       833,931       2,581       6,464  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net increase (decrease) in net assets from operations

     11,777       18,168       16,020       24,271       1,285,961       1,050,562       5,639       8,377  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Contract Transactions:

                

Payments received from contract owners

     526       251       1,227       744       54,239       40,380       143       91  

Transfers between sub-accounts
and the fixed account, net

     (4,305 )      (4,774 )      (14,131 )      (12,066 )      219,769       198,785       (1,924 )      (3,072 ) 

Contract benefits

     (6,321 )      (5,948 )      (3 )      (292 )      (16,789 )      (15,239 )      (1,436 )      (1,644 ) 

Contract terminations

     (7,162 )      (6,840 )      (10,170 )      (8,684 )      (173,277 )      (138,972 )      (2,526 )      (2,270 ) 

Contract maintenance charges

     (20 )      (21 )      —       —       (82 )      (76 )      (9 )      (9 ) 

Other transfers (to) from FILI, net

     (418 )      (687 )      1       —       (875 )      (541 )      (227 )      32  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net increase (decrease) in net assets from contract transactions

     (17,700 )      (18,019 )      (23,076 )      (20,298 )      82,985       84,337       (5,979 )      (6,872 ) 
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total increase (decrease) in net assets

     (5,923 )      149       (7,056 )      3,973       1,368,946       1,134,899       (340 )      1,505  

Net Assets:

                

Beginning of period

     160,852       160,703       205,342       201,369       5,176,473       4,041,574       59,214       57,709  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

End of period

   $  154,929     $  160,852     $ 198,286     $  205,342     $  6,545,419     $  5,176,473     $  58,874     $  59,214  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

 

See accompanying notes which are an integral part of the financial statements.

 

  38   Annual Report

Fidelity Investments Variable Annuity Account I

Statements of Changes in Net Assets - continued

For the years ended December 31, 2024 and 2023

 

(In thousands)   Subaccounts Investing In:  
    VIP –
Asset Manager Growth
Investor Class		     VIP – Contrafund
Initial Class		     VIP – Contrafund
Investor Class		     VIP – Balanced
Initial Class		  
    12/31/24     12/31/23     12/31/24     12/31/23     12/31/24     12/31/23     12/31/24     12/31/23  

Operations:

                                                    

Net investment income (loss)

   $ 2,104     $ 1,923     $ (7,750 )    $ (3,183 )    $ (643 )    $ 4,769     $ 1,867     $ 1,476  

Net realized gain (loss) on investments

     4,755       1,391       206,110       60,941       430,452       99,197       12,139       9,982  

Unrealized appreciation (depreciation)

     6,551       14,972       137,394       211,789       269,271       411,889       11,856       20,250  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net increase (decrease) in net assets
from operations

     13,410       18,286       335,754       269,547       699,080       515,855       25,862       31,708  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Contract Transactions:

                

Payments received from contract owners

     1,934       1,529       997       1,200       17,378       11,272       764       440  

Transfers between sub-accounts and the fixed account, net

     1,062       (1,968 )      (26,751 )      (21,656 )      129,957       (14,657 )      2,293       (2,248 ) 

Contract benefits

     (9 )      —       (25,695 )      (19,466 )      (102 )      (1,355 )      (5,997 )      (4,994 ) 

Contract terminations

     (3,937 )      (7,230 )      (59,677 )      (37,490 )      (75,387 )      (57,042 )      (7,619 )      (8,245 ) 

Contract maintenance charges

     —       —       (133 )      (125 )      —       —       (18 )      (17 ) 

Other transfers (to) from FILI, net

     —       3       (2,928 )      (1,931 )      (4 )      23       (384 )      (84 ) 
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net increase (decrease) in net assets from contract transactions

     (950 )      (7,666 )      (114,187 )      (79,468 )      71,842       (61,759 )      (10,961 )      (15,148 ) 
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total increase (decrease) in net assets

     12,460       10,620       221,567       190,079       770,922       454,096       14,901       16,560  

Net Assets:

                

Beginning of period

     126,952       116,332       1,061,566       871,487       2,055,964       1,601,868       178,589       162,029  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

End of period

   $ 139,412     $  126,952     $  1,283,133     $  1,061,566     $  2,826,886     $  2,055,964     $  193,490     $  178,589  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  
(In thousands)   Subaccounts Investing In:  
    VIP – Balanced
Investor Class		     VIP – Dynamic Capital
Appreciation
Initial Class		     VIP – Dynamic Capital
Appreciation
Investor Class		     VIP – Growth & Income
Initial Class		  
    12/31/24     12/31/23     12/31/24     12/31/23     12/31/24     12/31/23     12/31/24     12/31/23  

Operations:

                                                        

Net investment income (loss)

   $ 55,342     $ 42,645     $ (154)     $ (95)     $ (13 )    $ 189     $ 812     $ 983  

Net realized gain (loss) on investments

     233,406       181,026       2,087       1,211       17,490       8,826       15,453       8,777  

Unrealized appreciation (depreciation)

     259,554       420,417       3,397       3,856       26,294       29,306       9,584       10,070  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net increase (decrease) in net assets from operations

     548,302       644,088       5,330       4,972       43,771       38,321       25,849       19,830  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Contract Transactions:

                

Payments received from contract owners

     37,223       23,076       34       33       2,137       938       140       183  

Transfers between sub-accounts
and the fixed account, net

     32,763       (1,432 )      (415 )      351       3,782       3,808       (5,141 )      (2,746 ) 

Contract benefits

     (2,086 )      (1,610 )      (718 )      (1,090 )      (4 )      —       (3,472 )      (3,484 ) 

Contract terminations

     (216,326 )      (201,542 )      (985 )      (505 )      (8,042 )      (4,528 )      (5,670 )      (3,605 ) 

Contract maintenance charges

     —       —       (2 )      (2 )      —       —       (18 )      (19 ) 

Other transfers (to) from FILI, net

     (40 )      18       14       (75 )      4       3       (371 )      (318 ) 
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net increase (decrease) in net assets from contract transactions

     (148,466 )      (181,490 )      (2,072 )      (1,288 )      (2,123 )      221       (14,532 )      (9,989 ) 
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total increase (decrease) in net assets

     399,836       462,598       3,258       3,684       41,648       38,542       11,317       9,841  

Net Assets:

                

Beginning of period

     3,631,880       3,169,282       22,464       18,780       172,512       133,970       126,488       116,647  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

End of period

   $  4,031,716     $  3,631,880     $ 25,722     $  22,464     $ 214,160     $  172,512     $ 137,805     $  126,488  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

 

See accompanying notes which are an integral part of the financial statements.

 

  39   Annual Report

Fidelity Investments Variable Annuity Account I

Statements of Changes in Net Assets - continued

For the years ended December 31, 2024 and 2023

 

(In thousands)   Subaccounts Investing In:  
    VIP – Growth & Income
Investor Class		     VIP –
Growth Opportunities
Initial Class		     VIP –
Growth Opportunities
Investor Class		     VIP – Mid Cap
Initial Class		  
    12/31/24     12/31/23     12/31/24     12/31/23     12/31/24     12/31/23     12/31/24     12/31/23  

Operations:

                                                    

Net investment income (loss)

   $ 4,971     $ 4,641     $ (1,594 )    $ (1,228 )    $ (1,713 )    $ (1,281 )    $ (814 )    $ (604 ) 

Net realized gain (loss) on investments

     43,725       21,679       10,765       2,792       53,318       7,646       39,219       7,503  

Unrealized appreciation (depreciation)

     25,715       27,746       51,296       52,071       287,817       277,772       2,248       26,390  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net increase (decrease) in net assets from operations

     74,411       54,066       60,467       53,635       339,422       284,137       40,653       33,289  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Contract Transactions:

                

Payments received from contract owners

     2,782       2,644       161       136       8,625       4,831       104       123  

Transfers between sub-accounts
and the fixed account, net

     8,876       1,711       (1,802 )      (588 )      (10,701 )      8,797       (10,563 )      (12,400 ) 

Contract benefits

     (336 )      (31 )      (7,003 )      (4,032 )      (487 )      (316 )      (8,542 )      (7,671 ) 

Contract terminations

     (12,449 )      (9,611 )      (7,290 )      (4,459 )      (30,068 )      (25,039 )      (15,595 )      (7,758 ) 

Contract maintenance charges

     —       —       (24 )      (22 )      —       —       (31 )      (32 ) 

Other transfers (to) from FILI, net

     (1 )      (32 )      (141 )      (408 )      4       (44 )      (772 )      (475 ) 
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net increase (decrease) in net assets from contract transactions

     (1,128 )      (5,319 )      (16,099 )      (9,373 )      (32,627 )      (11,771 )      (35,399 )      (28,213 ) 
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total increase (decrease) in net assets

     73,283       48,747       44,368       44,262       306,795       272,366       5,254       5,076  

Net Assets:

                

Beginning of period

     342,117       293,370       168,522       124,260       906,189       633,823       258,327       253,251  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

End of period

   $  415,400     $  342,117     $  212,890     $  168,522     $  1,212,984     $  906,189     $ 263,581     $  258,327  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  
(In thousands)   Subaccounts Investing In:  
    VIP – Mid Cap
Investor Class		     VIP –
Value Strategies
Initial Class		     VIP –
Value Strategies
Investor Class		     VIP – Utilities
Initial Class		  
    12/31/24     12/31/23     12/31/24     12/31/23     12/31/24     12/31/23     12/31/24     12/31/23  

Operations:

                                                    

Net investment income (loss)

   $ 2,162     $ 1,975     $ 70     $ 113     $ 1,566     $ 1,651     $ 331     $ 343  

Net realized gain (loss) on investments

     93,149       17,316       6,866       1,902       30,216       4,424       2,078       1,829  

Unrealized appreciation (depreciation)

     3,423       59,749       (3,322 )      5,291       (14,673 )      26,592       3,589       (3,050 ) 
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net increase (decrease) in net assets from operations

     98,734       79,040       3,614       7,306       17,109       32,667       5,998       (878 ) 
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Contract Transactions:

                

Payments received from contract owners

     4,725       2,040       62       22       1,207       996       12       23  

Transfers between sub-accounts
and the fixed account, net

     2,987       (47,198 )      (1,215 )      (4,087 )      (23,191 )      (17,887 )      2,869       (8,317 ) 

Contract benefits

     (17 )      (40 )      (1,351 )      (1,443 )      (542 )      (139 )      (545 )      (639 ) 

Contract terminations

     (16,974 )      (17,560 )      (2,132 )      (1,266 )      (6,252 )      (7,657 )      (1,589 )      (870 ) 

Contract maintenance charges

     —       —       (5 )      (5 )      —       —       (4 )      (4 ) 

Other transfers (to) from FILI, net

     (5 )      9       (39 )      (25 )      (2 )      1       (20 )      (18 ) 
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net increase (decrease) in net assets
from contract transactions

     (9,284 )      (62,749 )      (4,680 )      (6,804 )      (28,780 )      (24,686 )      723       (9,825 ) 
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total increase (decrease) in net assets

     89,450       16,291       (1,066 )      502       (11,671 )      7,981       6,721        (10,703 ) 

Net Assets:

                

Beginning of period

     584,105       567,814       43,438       42,936       196,657       188,676       23,681       34,384  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

End of period

   $  673,555     $  584,105     $ 42,372     $  43,438     $ 184,986     $  196,657     $  30,402     $ 23,681  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

 

See accompanying notes which are an integral part of the financial statements.

 

  40   Annual Report

Fidelity Investments Variable Annuity Account I

Statements of Changes in Net Assets - continued

For the years ended December 31, 2024 and 2023

 

(In thousands)   Subaccounts Investing In:  
    VIP – Utilities
Investor Class		     VIP – Technology
Initial Class		     VIP – Technology
Investor Class		     VIP – Energy
Initial Class		  
    12/31/24      12/31/23     12/31/24     12/31/23     12/31/24     12/31/23     12/31/24     12/31/23  

Operations:

                                                     

Net investment income (loss)

   $ 3,874      $ 3,317     $ (2,438 )    $ (1,410 )    $ (2,947 )    $ (1,175 )    $ 573     $ 1,018  

Net realized gain (loss) on investments

     14,758        11,298       36,705       16,738       211,653       63,872       (244 )      (465 ) 

Unrealized appreciation (depreciation)

     22,536        (19,493 )      51,431       71,160       344,415       457,743       1,133       (3,781 ) 
 

 

 

     

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net increase (decrease) in net assets from operations

     41,168        (4,878 )      85,698       86,488       553,121       520,440       1,462       (3,228 ) 
 

 

 

     

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Contract Transactions:

                 

Payments received from contract owners

     2,294        1,212       309       495       11,999       8,997       86       46  

Transfers between sub-accounts
and the fixed account, net

     52,173        (48,169 )      (13,961 )      44,197       74,114       202,961       (8,236 )      (40,837 ) 

Contract benefits

     (45 )       (620 )      (9,745 )      (3,739 )      (436 )      (337 )      (954 )      (1,393 ) 

Contract terminations

     (6,010 )       (7,573 )      (10,587 )      (6,524 )      (61,978 )      (33,192 )      (1,658 )      (2,175 ) 

Contract maintenance charges

     —        —       (35 )      (30 )      —       —       (8 )      (11 ) 

Other transfers (to) from FILI, net

     (5 )       1       (276 )      (147 )      (2 )      (21 )      (75 )      (314 ) 
 

 

 

     

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net increase (decrease) in net assets from contract transactions

     48,407        (55,149 )      (34,295 )      34,252       23,697       178,408       (10,845 )      (44,684 ) 
 

 

 

     

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total increase (decrease) in net assets

     89,575        (60,027 )      51,403       120,738       576,818       698,848       (9,383)        (47,912 ) 

Net Assets:

                 

Beginning of period

     158,539        218,566       263,290       142,550       1,560,556       861,708       44,550       92,462  
 

 

 

     

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

End of period

   $  248,114      $  158,539     $  314,693     $  263,290     $  2,137,374     $  1,560,556     $ 35,167     $ 44,550  
 

 

 

     

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  
(In thousands)   Subaccounts Investing In:  
    VIP – Energy
Investor Class		     VIP – Health Care
Initial Class		     VIP – Health Care
Investor Class		     VIP –
Financials
Initial Class (A)		  
    12/31/24      12/31/23     12/31/24     12/31/23     12/31/24     12/31/23     12/31/24     12/31/23  

Operations:

                                                     

Net investment income (loss)

   $ 4,276      $ 7,097     $ (768 )    $ (829 )    $ (1,100 )    $ (1,204 )    $ 265     $ 362  

Net realized gain (loss) on investments

     6,979        19,892       4,268       2,789       29,535       15,251       1,398       (40 ) 

Unrealized appreciation (depreciation)

     (1,589 )       (35,583 )      886       1,093       6,771       11,220       4,539       1,771  
 

 

 

     

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net increase (decrease) in net assets from operations

     9,666        (8,594 )      4,386       3,053       35,206       25,267       6,202       2,093  
 

 

 

     

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Contract Transactions:

                 

Payments received from contract owners

     1,308        1,161       78       108       2,808       3,596       72       12  

Transfers between sub-accounts
and the fixed account, net

     (57,194 )       (128,767 )      (8,277 )      (10,094 )      (102,324 )      (81,858 )      3,917       (6,392 ) 

Contract benefits

     (82 )       (21 )      (2,246 )      (2,286 )      (206 )      (456 )      (606 )      (561 ) 

Contract terminations

     (6,944 )       (11,502 )      (5,750 )      (5,535 )      (18,726 )      (20,493 )      (415 )      (562 ) 

Contract maintenance charges

     —        —       (11 )      (14 )      —       —       (5 )      (4 ) 

Other transfers (to) from FILI, net

     (8 )       8       (243 )      (404 )      (8 )      (2 )      75       5  
 

 

 

     

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net increase (decrease) in net assets from contract transactions

     (62,920 )       (139,121 )      (16,449 )      (18,225 )      (118,456 )      (99,213 )      3,038       (7,502 ) 
 

 

 

     

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total increase (decrease) in net assets

     (53,254)         (147,715 )      (12,063 )      (15,172 )      (83,250 )      (73,946 )      9,240       (5,409 ) 

Net Assets:

                 

Beginning of period

     240,589        388,304       94,192        109,364       676,540       750,486       21,540       26,949  
 

 

 

     

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

End of period

   $ 187,335      $ 240,589     $ 82,129     $ 94,192     $ 593,290     $  676,540     $  30,780     $  21,540  
 

 

 

     

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

(A) Fund Name Change (Note 1)

 

See accompanying notes which are an integral part of the financial statements.

 

  41   Annual Report

Fidelity Investments Variable Annuity Account I

Statements of Changes in Net Assets - continued

For the years ended December 31, 2024 and 2023

 

(In thousands)   Subaccounts Investing In:  
    VIP –
Financials 
Investor Class (A)		     VIP – Industrials
Initial Class		     VIP – Industrials
Investor Class		     VIP – Consumer
Discretionary
Initial Class		  
    12/31/24      12/31/23     12/31/24     12/31/23     12/31/24     12/31/23     12/31/24     12/31/23  

Operations:

                                                     

Net investment income (loss)

   $ 3,169      $ 3,532     $ (36 )    $ (119 )    $ 875     $ 98     $ (143 )    $ (138 ) 

Net realized gain (loss) on investments

     10,937        2,093       2,595       (73 )      15,835       994       1,594       754  

Unrealized appreciation (depreciation)

     36,125        11,167       2,930       4,929       13,743       23,854       2,379       5,296  
 

 

 

     

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net increase (decrease) in net assets from operations

     50,231        16,792       5,489       4,737       30,453       24,946       3,830       5,912  
 

 

 

     

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Contract Transactions:

                 

Payments received from contract owners

     1,882        457       81       15       1,462       693       6       25  

Transfers between sub-accounts
and the fixed account, net

     28,962        (33,242 )      1,767       (327 )      16,098       2,840       (3,160 )      1,816  

Contract benefits

     (40 )       —       (632 )      (806 )      —       (1 )      (711 )      (776 ) 

Contract terminations

     (5,602 )       (4,303 )      (1,349 )      (610 )      (3,708 )      (3,063 )      (1,199 )      (1,145 ) 

Contract maintenance charges

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

Other transfers (to) from FILI, net

     (3 )       12       19       (299 )      —       —       (89 )      (341 ) 
 

 

 

     

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net increase (decrease) in net assets from contract transactions

     25,199        (37,076 )      (117 )      (2,030 )      13,852       469       (5,155 )      (423 ) 
 

 

 

     

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total increase (decrease) in net assets

     75,430        (20,284 )      5,372       2,707       44,305       25,415       (1,325 )      5,489  

Net Assets:

                 

Beginning of period

     160,151        180,435       25,835       23,128       138,286       112,871       20,376       14,887  
 

 

 

     

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

End of period

   $  235,581      $  160,151     $ 31,207     $  25,835     $  182,591     $  138,286     $ 19,051     $  20,376  
 

 

 

     

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  
(In thousands)   Subaccounts Investing In:  
    VIP – Consumer
Discretionary
Investor Class		     VIP – Real Estate
Initial Class		     VIP – Real Estate
Investor Class		    

VIP – Strategic Income

Initial Class

  
    12/31/24      12/31/23     12/31/24     12/31/23     12/31/24     12/31/23     12/31/24     12/31/23  

Operations:

                                                     

Net investment income (loss)

   $ (227 )     $ (265 )    $ 584     $ 303     $ 5,229     $ 2,901     $ 1,064     $ 1,481  

Net realized gain (loss) on investments

     13,304        3,822       (930 )      (230 )      (1,770 )      2,654       (341 )      (503 ) 

Unrealized appreciation (depreciation)

     28,470        55,238       1,287       1,770       4,436       7,988       1,320       2,473  
 

 

 

     

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net increase (decrease) in net assets from operations

     41,547        58,795       941       1,843       7,895       13,543       2,043       3,451  
 

 

 

     

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Contract Transactions:

                 

Payments received from contract owners

     1,326        1,174       26       35       815       1,806       140       47  

Transfers between sub-accounts
and the fixed account, net

     (32,680 )       12,902       (662 )      (1,494 )      (5,915 )      (14,849 )      (1,181 )      (2,415 ) 

Contract benefits

     (14 )       (20 )      (678 )      (630 )      (51 )      (26 )      (1,409 )      (1,045 ) 

Contract terminations

     (5,633 )       (6,599 )      (1,078 )      (884 )      (5,719 )      (3,735 )      (2,534 )      (2,659 ) 

Contract maintenance charges

     —        —       (4 )      (4 )      —       —       (4 )      (5 ) 

Other transfers (to) from FILI, net

     (4 )       (10 )      5       (65 )      (2 )      (4 )      (402 )      (50 ) 
 

 

 

     

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net increase (decrease) in net assets from contract transactions

     (37,005 )       7,447       (2,391 )      (3,042 )      (10,872 )      (16,808 )      (5,390 )      (6,127 ) 
 

 

 

     

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total increase (decrease) in net assets

     4,542        66,242       (1,450 )      (1,199 )      (2,977 )      (3,265 )      (3,347 )      (2,676 ) 

Net Assets:

                 

Beginning of period

     208,393        142,151       19,614       20,813       137,467       140,732       41,398       44,074  
 

 

 

     

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

End of period

   $  212,935      $  208,393     $ 18,164     $  19,614     $  134,490     $  137,467     $  38,051     $  41,398  
 

 

 

     

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

(A) Fund Name Change (Note 1)

 

See accompanying notes which are an integral part of the financial statements.

 

  42   Annual Report

Fidelity Investments Variable Annuity Account I

Statements of Changes in Net Assets - continued

For the years ended December 31, 2024 and 2023

 

(In thousands)   Subaccounts Investing In:  
    VIP – Strategic Income
Investor Class		    

VIP –
International Capital
Appreciation
Initial Class

    

VIP – International
Capital Appreciation
Investor Class

    

VIP – Value

Initial Class

  
    12/31/24     12/31/23     12/31/24     12/31/23     12/31/24     12/31/23     12/31/24     12/31/23  

Operations:

                                                    

Net investment income (loss)

   $ 25,436     $ 30,127     $ (1 )    $ (65 )    $ 1,654     $ 403     $ 114     $ 106  

Net realized gain (loss) on investments

     (116 )      (6,700 )      783       203       11,404       4,614       3,428       1,438  

Unrealized appreciation (depreciation)

     15,753       39,885       421       3,441       11,681       61,815       (732 )      2,928  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net increase (decrease) in net assets from operations

     41,073       63,312       1,203       3,579       24,739       66,832       2,810       4,472  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Contract Transactions:

                

Payments received from contract owners

     7,888       3,514       9       8       1,872       1,655       10       33  

Transfers between sub-accounts
and the fixed account, net

     (9,073 )      (41,932 )      374       1,373       (5,611 )      669       (1,811 )      (3,613 ) 

Contract benefits

     (78 )      (162 )      (370 )      (369 )      (8 )      (185 )      (580 )      (431 ) 

Contract terminations

     (34,441 )      (40,169 )      (573 )      (509 )      (11,634 )      (9,880 )      (1,144 )      (1,133 ) 

Contract maintenance charges

     —       —       (1 )      (1 )      —       —       (2 )      (3 ) 

Other transfers (to) from FILI, net

     (7 )      3       (132 )      (7 )      (1 )      (14 )      (1 )      (113 ) 
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net increase (decrease) in net assets
from contract transactions

     (35,711 )      (78,746 )      (693 )      495       (15,382 )      (7,755 )      (3,528 )      (5,260 ) 
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total increase (decrease) in net assets

     5,362       (15,434 )      510       4,074       9,357       59,077       (718 )      (788 ) 

Net Assets:

                

Beginning of period

     728,394       743,828       17,533       13,459       308,473       249,396       27,165       27,953  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

End of period

   $  733,756     $  728,394     $ 18,043     $  17,533     $  317,830     $  308,473     $ 26,447     $  27,165  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  
(In thousands)   Subaccounts Investing In:  
   

VIP – Value
Investor Class

    

VIP – Freedom Income
Initial Class (C)

    

VIP –
Freedom Income
Investor Class (C)

     VIP – Freedom 2005
Initial Class (C)		  
    12/31/24     12/31/23     12/31/24     12/31/23     12/31/24     12/31/23     12/31/24     12/31/23  

Operations:

               
 
    
 		                            

Net investment income (loss)

   $ 2,862     $ 2,537     $ 330     $ 313     $ 2,476     $ 2,670     $ 37     $ 196  

Net realized gain (loss) on investments

     37,229       12,950       36       (38 )      (71 )      (1,034 )      (487 )      (152 ) 

Unrealized appreciation (depreciation)

     (9,402 )      29,537       26       315       246       3,075       519       353  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net increase (decrease) in net assets
from operations

     30,689       45,024       392       590       2,651       4,711       69       397  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Contract Transactions:

                

Payments received from contract owners

     1,733       1,606       3       19       292       102       —       —  

Transfers between sub-accounts
and the fixed account, net

     (14,024 )      (28,777 )      4,114       104       11,051       (9,598 )      (4,518 )      (1,085 ) 

Contract benefits

     (17 )      (192 )      (683 )      (256 )      (1 )      (16 )      —       (99 ) 

Contract terminations

     (9,556 )      (10,110 )      (1,030 )      (376 )      (2,879 )      (4,495 )      (595 )      (863 ) 

Contract maintenance charges

     —       —       (1 )      (1 )      —       —       —       (1 ) 

Other transfers (to) from FILI, net

     (5 )      (19 )      59       (150 )      2       1       1       —  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net increase (decrease) in net assets from contract transactions

     (21,869 )      (37,492 )      2,462       (660 )      8,465       (14,006 )      (5,112 )      (2,048 ) 
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total increase (decrease) in net assets

     8,820       7,532       2,854       (70 )      11,116       (9,295 )      (5,043 )      (1,651 ) 

Net Assets:

                

Beginning of period

     269,050       261,518       8,913       8,983       60,543       69,838       5,043       6,694  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

End of period

   $ 277,870     $  269,050     $ 11,767     $  8,913     $ 71,659     $ 60,543     $ —     $ 5,043  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

(C) Fund Merged (Note 1)

 

See accompanying notes which are an integral part of the financial statements.

 

  43   Annual Report

Fidelity Investments Variable Annuity Account I

Statements of Changes in Net Assets - continued

For the years ended December 31, 2024 and 2023

 

(In thousands)   Subaccounts Investing In:  
   

VIP – Investor
Freedom 2005
Investor Class (C)

    

VIP – Freedom 2010
Initial Class

    

VIP – Investor
Freedom 2010
Investor Class

     VIP – Freedom 2015
Initial Class		  
    12/31/24     12/31/23     12/31/24     12/31/23     12/31/24     12/31/23     12/31/24     12/31/23  

Operations:

  
 
    
 		    
 
    
 		                            

Net investment income (loss)

   $ 174     $ 721     $ 153     $ 215     $ 1,649     $ 1,991     $ 344     $ 419  

Net realized gain (loss) on investments

     (2,355 )      (504 )      (108 )      400       167       (338 )      408       55  

Unrealized appreciation (depreciation)

     2,489       1,118       224       (4 )      720       3,085       62       986  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net increase (decrease) in net assets from operations

     308       1,335       269       611       2,536       4,738       814       1,460  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Contract Transactions:

                

Payments received from contract owners

     104       10       1       1       116       159       —       —  

Transfers between sub-accounts and the fixed account, net

     (16,683 )      (1,507 )      (796 )      (1,625 )      (4,899 )      (5,944 )      (810 )      (1,920 ) 

Contract benefits

     —       (16 )      (165 )      (136 )      (41 )      (159 )      (184 )      (163 ) 

Contract terminations

     (329 )      (2,908 )      (588 )      (290 )      (1,693 )      (4,335 )      (547 )      (621 ) 

Contract maintenance charges

     —       —       (1 )      (1 )      —       —       (2 )      (2 ) 

Other transfers (to) from FILI, net

     —       1       —       1       —       15       (57 )      5  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net increase (decrease) in net assets
from contract transactions

     (16,908 )      (4,420 )      (1,549 )      (2,050 )      (6,517 )      (10,264 )      (1,600 )      (2,701 ) 
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total increase (decrease) in net assets

     (16,600 )      (3,085 )      (1,280 )      (1,439 )      (3,981 )      (5,526 )      (786 )      (1,241 ) 

Net Assets:

                

Beginning of period

     16,600       19,685       6,611       8,050       52,195       57,721       14,707       15,948  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

End of period

   $ —     $  16,600     $ 5,331     $ 6,611     $ 48,214     $ 52,195     $ 13,921     $  14,707  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  
(In thousands)   Subaccounts Investing In:  
   

VIP – Investor
Freedom 2015
Investor Class

    

VIP – Freedom 2020
Initial Class

    

VIP – Investor
Freedom 2020
Investor Class

     VIP – Freedom 2025
Initial Class		  
    12/31/24     12/31/23     12/31/24     12/31/23     12/31/24     12/31/23     12/31/24     12/31/23  

Operations:

  
 
    
 		    
 
    
 		    
 
    
 		               

Net investment income (loss)

   $ 2,405     $ 2,777     $ 296     $ 402     $ 4,284     $ 5,137     $ 310     $ 376  

Net realized gain (loss) on investments

     623       (619 )      356       (17 )      3,193       (377 )      382       150  

Unrealized appreciation (depreciation)

     1,865       6,401       434       1,470       4,703       15,100       765       1,680  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net increase (decrease) in net assets from operations

     4,893       8,559       1,086       1,855       12,180       19,860       1,457       2,206  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Contract Transactions:

                

Payments received from contract owners

     805       292       10       38       971       1,333       60       104  

Transfers between sub-accounts
and the fixed account, net

     (3,986 )      (6,360 )      (1,909 )      (1,164 )      (19,785 )      (10,060 )      (713 )      (1,437 ) 

Contract benefits

     (12 )      (17 )      (766 )      (302 )      (30 )      (190 )      (249 )      (24 ) 

Contract terminations

     (3,234 )      (10,554 )      (1,035 )      (736 )      (10,337 )      (11,576 )      (1,590 )      (736 ) 

Contract maintenance charges

     —       —       (2 )      (2 )      —       —       (4 )      (4 ) 

Other transfers (to) from FILI, net

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

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net increase (decrease) in net assets
from contract transactions

     (6,429 )      (16,639 )      (3,699 )      (2,164 )      (29,183 )      (20,491 )      (2,496 )      (2,094 ) 
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total increase (decrease) in net assets

     (1,536 )      (8,080 )      (2,613 )      (309 )      (17,003 )      (631 )      (1,039 )      112  

Net Assets:

                

Beginning of period

     81,572       89,652       16,808       17,117       173,673       174,304       18,984       18,872  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

End of period

   $  80,036     $ 81,572     $ 14,195     $  16,808     $  156,670     $  173,673     $ 17,945     $  18,984  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

(C) Fund Merged (Note 1)

 

See accompanying notes which are an integral part of the financial statements.

 

  44   Annual Report

Fidelity Investments Variable Annuity Account I

Statements of Changes in Net Assets – continued

For the years ended December 31, 2024 and 2023

 

(In thousands)   Subaccounts Investing In:  
    VIP – Investor
Freedom 2025
Investor Class		     VIP – Freedom 2030
Initial Class		     VIP – Investor
Freedom 2030
Investor Class		    

VIP –

Freedom 2035

Initial Class (B)

  
    12/31/24     12/31/23     12/31/24     12/31/23     12/31/24     12/31/23     12/31/24     12/31/23  

Operations:

                                                             

Net investment income (loss)

   $ 4,452     $ 5,470     $ 343     $ 349     $ 6,826     $ 7,209     $ 11     $ —  

Net realized gain (loss) on investments

     5,614       1,241       383       277       9,030       3,679       7       —  

Unrealized appreciation (depreciation)

     6,225       19,832       1,082       2,129       14,319       32,766       12       —  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net increase (decrease) in net assets from operations

     16,291       26,543       1,808       2,755       30,175       43,654       30       —  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Contract Transactions:

                

Payments received from contract owners

     1,226       1,836       52       32       5,409       4,644       —       —  

Transfers between sub-accounts and the fixed account, net

     (22,380 )      (17,450 )      689       (940 )      (14,393 )      (18,588 )      766       83  

Contract benefits

     (141 )      (168 )      (61 )      (47 )      —       (20 )      —       —  

Contract terminations

     (14,871 )      (18,130 )      (712 )      (1,260 )      (15,917 )      (19,896 )      —       —  

Contract maintenance charges

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

Other transfers (to) from FILI, net

     (3 )      2       3       1       (5 )      19       8       (8 ) 
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net increase (decrease) in net assets
from contract transactions

     (36,169 )      (33,910 )      (35)       (2,220)       (24,906 )      (33,841 )      774       75  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total increase (decrease) in net assets

     (19,878)       (7,367)       1,773       535       5,269       9,813       804       75  

Net Assets:

                

Beginning of period

     208,582       215,949       21,683       21,148       329,296       319,483       75       —  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

End of period

   $  188,704     $  208,582     $ 23,456     $  21,683     $  334,565     $  329,296     $ 879     $  75  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  
(In thousands)   Subaccounts Investing In:  
   

VIP – Investor

Freedom 2035

Investor Class (B)

    

VIP – Freedom 2040

Initial Class (B)

    

VIP – Investor

Freedom 2040
Investor Class (B)

    

VIP –
Freedom 2045

Initial Class (B)

  
    12/31/24     12/31/23     12/31/24     12/31/23     12/31/24     12/31/23     12/31/24     12/31/23  

Operations:

                                                                                        

Net investment income (loss)

   $ 308     $ 72     $ 3     $ 1     $ 127     $ 64     $ —     $ —  

Net realized gain (loss) on investments

     544       16       9       —       317       1       4       —  

Unrealized appreciation (depreciation)

     (34 )      229       22       4       299       299       —       —  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net increase (decrease) in net assets from operations

     818       317       34       5       743       364       4       —  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Contract Transactions:

                

Payments received from contract owners

     915       1,066       32       44       1,250       223       —       —  

Transfers between sub-accounts
and the fixed account, net

     12,719       3,649       328       26       4,175       4,875       (4 )      2  

Contract benefits

     —       —       —       —       —       —       —       —  

Contract terminations

     (15 )      —       —       —       (251 )      (3 )      —       —  

Contract maintenance charges

     —       —       —       —       —       —       —       —  

Other transfers (to) from FILI, net

     —       —       (8 )      8       1       —       —       —  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net increase (decrease) in net assets
from contract transactions

     13,619       4,715       352       78       5,175       5,095       (4 )      2  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total increase (decrease) in net assets

     14,437       5,032       386       83       5,918       5,459       —       2  

Net Assets:

                

Beginning of period

     5,032       —       83       —       5,459       —       2       —  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

End of period

   $ 19,469     $  5,032     $ 469     $  83     $ 11,377     $  5,459     $ 2     $  2  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

(B) New Fund (Note 1)

 

See accompanying notes which are an integral part of the financial statements.

 

  45   Annual Report

Fidelity Investments Variable Annuity Account I

Statements of Changes in Net Assets - continued

For the years ended December 31, 2024 and 2023

 

(In thousands)    Subaccounts Investing In:  
    

VIP – Investor

Freedom 2045

Investor Class (B)

    

VIP –

Freedom 2050

Initial Class (B)

    

VIP – Investor

Freedom 2050

Investor Class (B)

    

VIP – Freedom Lifetime
Income I

  
     12/31/24     12/31/23     12/31/24     12/31/23     12/31/24     12/31/23     12/31/24     12/31/23  

Operations:

                                                     

Net investment income (loss)

    $ 35     $ 17     $ 1     $ —     $ 56     $ 16     $ 247     $ 293  

Net realized gain (loss) on investments

      151       4       8       (1 )      275       1       (9 )      (57 ) 

Unrealized appreciation (depreciation)

      90       80       (2 )      1       (21 )      96       43       322  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net increase (decrease) in net assets from operations

      276       101       7       —       310       113       281       558  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Contract Transactions:

                 

Payments received from contract owners

      80       6       —       —       186       133       —       —  

Transfers between sub-accounts
and the fixed account, net

      1,462       1,512       35       16       3,537       1,526       —       (130 ) 

Contract benefits

      —       —       —       —       —       —       (679 )      (725 ) 

Contract terminations

      (3 )      —       (13 )      (2 )      —       —       —       (18 ) 

Contract maintenance charges

      —       —       —       —       —       —       —       —  

Other transfers (to) from FILI, net

      (1 )      (1 )      (1 )      1       (2 )      —       (5 )      (16 ) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net increase (decrease) in net assets
from contract transactions

      1,538       1,517       21       15       3,721       1,659       (684 )      (889 ) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total increase (decrease) in net assets

      1,814       1,618       28       15       4,031       1,772       (403 )      (331 ) 

Net Assets:

                 

Beginning of period

      1,618       —       15       —       1,772       —       7,882       8,213  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

End of period

    $ 3,432     $ 1,618     $ 43     $  15     $ 5,803     $  1,772     $ 7,479     $  7,882  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  
(In thousands)    Subaccounts Investing In:  
     VIP – Freedom Lifetime
Income II		    

VIP – Freedom Lifetime
Income III

    

VIP –
Disciplined Small Cap
Initial Class

    

VIP –
Disciplined Small Cap
Investor Class

  
     12/31/24     12/31/23     12/31/24     12/31/23     12/31/24     12/31/23     12/31/24     12/31/23  

Operations:

                                                     

Net investment income (loss)

    $ 705     $ 807     $ 569     $ 632     $ 72     $ 47     $ 2,888     $ 2,095  

Net realized gain (loss) on investments

      126       (45 )      522       80       620       (116 )      8,894       (1,179 ) 

Unrealized appreciation (depreciation)

      397       1,442       760       2,240       2,623       3,652       34,755       46,626  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net increase (decrease) in net assets from operations

      1,228       2,204       1,851       2,952       3,315       3,583       46,537       47,542  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Contract Transactions:

                 

Payments received from contract owners

      —       —       —       —       82       16       4,679       875  

Transfers between sub-accounts
and the fixed account, net

      —       —       50       —       2,680       558       24,381       8,189  

Contract benefits

      (2,232 )      (1,907 )      (1,863 )      (1,814 )      (371 )      (467 )      (92 )      (174 ) 

Contract terminations

      —       —       (54 )      (362 )      (1,095 )      (624 )      (10,965 )      (10,269 ) 

Contract maintenance charges

      —       —       —       —       (3 )      (3 )      —       —  

Other transfers (to) from FILI, net

      1       (246 )      178       (32 )      28       (31 )      (11 )      5  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net increase (decrease) in net assets
from contract transactions

      (2,231 )      (2,153 )      (1,689 )      (2,208 )      1,321       (551 )      17,992       (1,374 ) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total increase (decrease) in net assets

      (1,003 )      51       162       744       4,636       3,032       64,529       46,168  

Net Assets:

                 

Beginning of period

      25,475       25,424       26,374       25,630       22,203       19,171       289,071       242,903  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

End of period

    $ 24,472     $  25,475     $ 26,536     $  26,374     $ 26,839     $  22,203     $  353,600     $  289,071  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

(B) New Fund (Note 1)

 

See accompanying notes which are an integral part of the financial statements.

 

  46   Annual Report

Fidelity Investments Variable Annuity Account I

Statements of Changes in Net Assets - continued

For the years ended December 31, 2024 and 2023

 

(In thousands)   Subaccounts Investing In:  
    VIP –
FundsManager 20%
Investor Class		    

VIP –
FundsManager 30%
Investor Class(B)

    

VIP –
FundsManager 40%
Investor Class(B)

    

VIP –
FundsManager 50%
Investor Class

  
    12/31/24     12/31/23     12/31/24     12/31/23     12/31/24     12/31/23     12/31/24     12/31/23  

Operations:

                

Net investment income (loss)

   $ 20,714     $ 23,414     $ 325     $ 101     $ 515     $ 158     $ 35,780     $ 37,089  

Net realized gain (loss) on investments

     (2,749 )      (7,331 )      172       (9 )      304       22       8,617       (4,408 ) 

Unrealized appreciation (depreciation)

     15,417       36,795       16       174       204       390       88,872       162,504  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net increase (decrease) in net assets from operations

     33,382       52,878       513       266       1,023       570       133,269       195,185  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Contract Transactions:

                

Payments received from contract owners

     3,954       3,425       149       50       311       85       12,168       12,588  

Transfers between sub-accounts
and the fixed account, net

     (45,648 )      (54,824 )      8,292       4,867       10,489       11,353       (52,138 )      (50,370 ) 

Contract benefits

     (2,427 )      (3,391 )      —       —       —       —       (13,520 )      (14,032 ) 

Contract terminations

     (50,941 )      (61,303 )      (906 )      (3 )      (978 )      (75 )      (85,220 )      (90,449 ) 

Contract maintenance charges

     (5 )      (6 )      —       —       —       —       (7 )      (8 ) 

Other transfers (to) from FILI, net

     72       (146 )      —       —       (1 )      —       (752 )      311  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net increase (decrease) in net assets
from contract transactions

     (94,995)        (116,245 )      7,535       4,914       9,821       11,363       (139,469 )      (141,960 ) 
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total increase (decrease) in net assets

     (61,613 )      (63,367 )      8,048       5,180       10,844       11,933       (6,200 )      53,225  

Net Assets:

                

Beginning of period

     676,000       739,367       5,180       —       11,933       —       1,670,105       1,616,880  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

End of period

   $  614,387     $  676,000     $  13,228     $  5,180     $  22,777     $  11,933     $  1,663,905     $  1,670,105  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  
(In thousands)   Subaccounts Investing In:  
    VIP –
FundsManager 60%
Investor Class		    

VIP –
FundsManager 70%
Investor Class

    

VIP –
FundsManager 85%
Investor Class

    

VIP –
Consumer Staples
Initial Class

  
    12/31/24     12/31/23     12/31/24     12/31/23     12/31/24     12/31/23     12/31/24     12/31/23  

Operations:

                

Net investment income (loss)

   $ 32,174     $ 35,067     $ 31,245     $ 31,382     $ 9,151     $ 8,685     $ 200     $ 191  

Net realized gain (loss) on investments

     8,113       (4,397 )      21,881       3,001       7,915       1,400       473       475  

Unrealized appreciation (depreciation)

     133,928       215,198       142,260       217,764       68,316       91,066       54       (286 ) 
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net increase (decrease) in net assets from operations

     174,215       245,868       195,386       252,147       85,382       101,151       727       380  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Contract Transactions:

                

Payments received from contract owners

     19,826       12,821       27,491       19,182       12,275       8,190       1       10  

Transfers between sub-accounts
and the fixed account, net

     (23,814 )      1,050       71,804       26,370       70,115       25,453       (2,244 )      (3,748 ) 

Contract benefits

     (12,181 )      (12,581 )      (6,700 )      (6,380 )      (2,931 )      (3,275 )      (378 )      (762 ) 

Contract terminations

     (128,952 )      (130,637 )      (90,542 )      (94,794 )      (24,309 )      (26,450 )      (802 )      (864 ) 

Contract maintenance charges

     (5 )      (5 )      (6 )      (6 )      (4 )      (4 )      (3 )      (4 ) 

Other transfers (to) from FILI, net

     (257 )      70       (477 )      (158 )      183       (440 )      31       (79 ) 
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net increase (decrease) in net assets from contract transactions

     (145,383 )      (129,282 )      1,570       (55,786 )      55,329       3,474       (3,395 )      (5,447 ) 
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total increase (decrease) in net assets

     28,832       116,586       196,956       196,361       140,711       104,625       (2,668 )      (5,067 ) 

Net Assets:

                

Beginning of period

     1,990,284       1,873,698       1,850,315       1,653,954       682,277       577,652       16,607       21,674  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

End of period

   $  2,019,116     $  1,990,284     $  2,047,271     $  1,850,315     $  822,988     $  682,277     $  13,939     $  16,607  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

 

See accompanying notes which are an integral part of the financial statements.

 

  47   Annual Report

Fidelity Investments Variable Annuity Account I

Statements of Changes in Net Assets - continued

For the years ended December 31, 2024 and 2023

 

(In thousands)    Subaccounts Investing In:  
     VIP –
Consumer Staples
Investor Class		    

VIP – Materials
Initial Class

    

VIP – Materials
Investor Class

    

VIP –
Communication
Services
Initial Class

  
     12/31/24     12/31/23     12/31/24     12/31/23     12/31/24     12/31/23     12/31/24     12/31/23  

Operations:

                                                     

Net investment income (loss)

    $ 4,013     $ 3,853     $ 29     $ 56     $ 539     $ 740     $ (178 )    $ (114 ) 

Net realized gain (loss) on investments

      7,235       5,297       98       (28 )      534       (448 )      2,858       348  

Unrealized appreciation (depreciation)

      (373 )      (3,104 )      (269 )      692       (2,261 )      4,158       3,317       5,122  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net increase (decrease) in net assets
from operations

      10,875       6,046       (142 )      720       (1,188 )      4,450       5,997       5,356  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Contract Transactions:

                 

Payments received from contract owners

      806       1,179       25       3       210       198       16       81  

Transfers between sub-accounts
and the fixed account, net

      (27,673 )      (25,098 )      (1,277 )      (2,320 )      (11,398 )      (13,862 )      (2,833 )      8,032  

Contract benefits

      (10 )      (240 )      (151 )      (267 )      (11 )      (23 )      (638 )      (334 ) 

Contract terminations

      (7,073 )      (7,412 )      (2,100 )      (545 )      (1,413 )      (2,205 )      (697 )      (425 ) 

Contract maintenance charges

      —       —       (4 )      (4 )      —       —       (3 )      (2 ) 

Other transfers (to) from FILI, net

      (2 )      4       (39 )      13       1       (1 )      130       76  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net increase (decrease) in net assets
from contract transactions

      (33,952 )      (31,567 )      (3,546 )      (3,120 )      (12,611 )      (15,893 )      (4,025 )      7,428  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total increase (decrease) in net assets

      (23,077 )      (25,521 )      (3,688 )      (2,400 )      (13,799)        (11,443 )      1,972       12,784  

Net Assets:

                 

Beginning of period

      219,135       244,656        11,043       13,443       63,306       74,749       19,833       7,049  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

End of period

    $  196,058     $  219,135     $ 7,355     $  11,043     $  49,507     $  63,306     $  21,805     $  19,833  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  
(In thousands)    Subaccounts Investing In:  
     VIP –
Communication
Services
Investor Class		    

VIP –
Emerging
Markets
Initial Class

    

VIP –
Emerging
Markets
Investor Class

    

VIP –
Floating Rate
High Income
Initial Class

  
     12/31/24     12/31/23     12/31/24     12/31/23     12/31/24     12/31/23     12/31/24     12/31/23  

Operations:

                 

Net investment income (loss)

    $ (281 )    $ (183 )    $ 49     $ 112     $ 1,316     $ 2,122     $ 886     $ 736  

Net realized gain (loss) on investments

      21,678       3,505       (84 )      (276 )      (1,065 )      (1,099 )      145       56  

Unrealized appreciation (depreciation)

      28,705       42,957       754       750       9,259       7,952       —       274  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net increase (decrease) in net assets
from operations

      50,102       46,279       719       586       9,510       8,975       1,031       1,066  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Contract Transactions:

                 

Payments received from contract owners

      897       795       4       5       820       666       175       37  

Transfers between sub-accounts
and the fixed account, net

      (9,588 )      54,202       (551 )      (551 )      (2,920 )      (5,789 )      154       5,221  

Contract benefits

      (2 )      (98 )      (138 )      (98 )      (4 )      (42 )      (162 )      (162 ) 

Contract terminations

      (4,626 )      (3,523 )      (303 )      (186 )      (4,355 )      (3,580 )      (1,207 )      (336)  

Contract maintenance charges

      —       —       (1 )      (1 )      —       —       (2 )      (2 ) 

Other transfers (to) from FILI, net

      5       —       (121 )      15       (2 )      4       2       (3 ) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net increase (decrease) in net assets
from contract transactions

      (13,314 )      51,376       (1,110 )      (816 )      (6,461 )      (8,741 )      (1,040 )      4,755  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total increase (decrease) in net assets

      36,788       97,655       (391 )      (230 )      3,049       234       (9 )      5,821  

Net Assets:

                 

Beginning of period

      159,040       61,385       8,501       8,731       107,606       107,372       14,164       8,343  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

End of period

    $  195,828     $  159,040     $  8,110     $  8,501     $  110,655     $  107,606     $  14,155     $  14,164  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

 

See accompanying notes which are an integral part of the financial statements.

 

  48   Annual Report

Fidelity Investments Variable Annuity Account I

Statements of Changes in Net Assets - continued

For the years ended December 31, 2024 and 2023

 

(In thousands)   Subaccounts Investing In:  
    VIP –
Floating Rate
High Income
Investor Class		    

VIP –
Bond
Index

Initial Class

    

VIP –
Total
Market
Index

Initial Class

    

VIP –
Extended
Market
Index

Initial Class

  
    12/31/24     12/31/23     12/31/24     12/31/23     12/31/24     12/31/23     12/31/24     12/31/23  

Operations:

                

Net investment income (loss)

   $ 20,688     $ 16,593     $ 13,349     $ 9,260     $ 8,772     $ 4,901     $ 1,678     $ 1,834  

Net realized gain (loss) on investments

     1,513       615       1,160       424       35,258       14,583       3,880       261  

Unrealized appreciation (depreciation)

     (151 )      8,277       (10,441 )      10,577       110,435       104,779       9,415       16,782  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net increase (decrease) in net assets from operations

     22,050       25,485       4,068       20,261       154,465       124,263       14,973       18,877  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Contract Transactions:

                

Payments received from contract owners

     11,496       3,692       7,185       3,902       9,738       6,954       1,504       1,343  

Transfers between sub-accounts
and the fixed account, net

     28,143       30,506       78,289       64,491       77,167       68,302       1,126       (4,036 ) 

Contract benefits

     (112 )      (99 )      (268 )      (326 )      (969 )      (492 )      (68 )      (59 ) 

Contract terminations

     (11,305 )      (10,238 )      (24,968 )      (17,719 )      (25,244 )      (17,467 )      (5,461 )      (3,034 ) 

Contract maintenance charges

     —       —       (3 )      (3 )      (4 )      (4 )      (1 )      (1 ) 

Other transfers (to) from FILI, net

     (1 )      —       14       26       34       125       10       8  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net increase (decrease) in net assets
from contract transactions

     28,221       23,861       60,249       50,371       60,722       57,418       (2,890 )      (5,779 ) 
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total increase (decrease) in net assets

     50,271       49,346       64,317       70,632       215,187       181,681       12,083       13,098  

Net Assets:

                

Beginning of period

     257,606       208,260       435,525       364,893       635,376       453,695       131,763       118,665  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

End of period

   $  307,877     $  257,606     $  499,842     $  435,525     $  850,563     $  635,376     $  143,846     $  131,763  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  
(In thousands)   Subaccounts Investing In:  
   

VIP –
International
Index

Initial Class

    

VIF –
Emerging Markets Equity

Class I

    

VIF –
Emerging Markets Debt

Class I

    

VIF –
Global
Strategist –
Class II

  
    12/31/24     12/31/23     12/31/24     12/31/23     12/31/24     12/31/23     12/31/24     12/31/23  

Operations:

                

Net investment income (loss)

   $ 8,564     $ 7,027     $ 363     $ 459     $ 6,776     $ 5,659     $ (82 )    $ 290  

Net realized gain (loss) on investments

     4,889       2,037       (3,732 )      (116 )      (1,938 )      (1,180 )      (471 )      193  

Unrealized appreciation (depreciation)

     505       28,386       6,056       3,775       2,195       2,577       2,145       2,304  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net increase (decrease) in net assets from operations

     13,958       37,450       2,687       4,118       7,033       7,056       1,592       2,787  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Contract Transactions:

                

Payments received from contract owners

     2,321       2,842       164       139       221       185       105       68  

Transfers between sub-accounts
and the fixed account, net

     20,032       25,710       (1,421 )      (3,443 )      (4,468 )      (2,957 )      1,047       (949 ) 

Contract benefits

     (362 )      (608 )      (538 )      (272 )      (104 )      (198 )      (305 )      (228 ) 

Contract terminations

     (10,209 )      (6,936 )      (2,101 )      (1,115 )      (3,504 )      (2,782 )      (1,086 )      (518 ) 

Contract maintenance charges

     (1 )      (1 )      (3 )      (3 )      (1 )      (1 )      (1 )      (1 ) 

Other transfers (to) from FILI, net

     9       42       (54 )      (36 )      (55 )      6       (6 )      (3 ) 
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net increase (decrease) in net assets
from contract transactions

     11,790       21,049       (3,953 )      (4,730 )      (7,911 )      (5,747 )      (246 )      (1,631 ) 
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total increase (decrease) in net assets

     25,748       58,499       (1,266 )      (612 )      (878 )      1,309       1,346       1,156  

Net Assets:

                

Beginning of period

     283,477       224,978       38,247       38,859       67,852       66,543       22,477       21,321  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

End of period

   $  309,225     $  283,477     $  36,981     $  38,247     $  66,974     $  67,852     $  23,823     $  22,477  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

 

See accompanying notes which are an integral part of the financial statements.

 

  49   Annual Report

Fidelity Investments Variable Annuity Account I

Statements of Changes in Net Assets - continued

For the years ended December 31, 2024 and 2023

 

(In thousands)   Subaccounts Investing In:  
   

Invesco – V.I.
Global
Core Equity

Series I

    

Allspring –
VT Discovery

SMID Cap Growth

Class 2 (A)

    

Allspring –
VT Opportunity

Class 2

    

Lazard – Retirement
Emerging Markets

Portfolio – Investor

  
    12/31/24     12/31/23     12/31/24     12/31/23     12/31/24     12/31/23     12/31/24     12/31/23  

Operations:

                                                    

Net investment income (loss)

   $ 211     $ 44     $ (192 )    $ (184 )    $ (172 )    $ (164 )    $ 2,217     $ 3,051  

Net realized gain (loss) on investments

     1,005       303       528       150       2,528       1,794       (1,077 )      43  

Unrealized appreciation (depreciation)

     2,755       4,004       3,340       3,946       538       2,939       3,769       9,405  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net increase (decrease) in net assets from operations

     3,971       4,351       3,676       3,912       2,894       4,569       4,909       12,499  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Contract Transactions:

                

Payments received from contract owners

     91       54       —       —       —       —       103       130  

Transfers between sub-accounts
and the fixed account, net

     7,183       30       (604 )      (1,783 )      (498 )      (421 )      (4,591 )      (2,529 ) 

Contract benefits

     (399 )      (193 )      (440 )      (578 )      (786 )      (340 )      (70 )      (369 ) 

Contract terminations

     (1,801 )      (711 )      (1,290 )      (797 )      (1,093 )      (595 )      (3,906 )      (1,619 ) 

Contract maintenance charges

     (1 )      (1 )      (5 )      (5 )      (2 )      (2 )      (1 )      (1 ) 

Other transfers (to) from FILI, net

     (7 )      21       (65 )      (14 )      (16 )      (4 )      (3 )      (23 ) 
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net increase (decrease) in net assets
from contract transactions

     5,066       (800 )      (2,404 )      (3,177 )      (2,395 )      (1,362 )      (8,468 )      (4,411 ) 
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total increase (decrease) in net assets

     9,037       3,551       1,272       735       499       3,207       (3,559 )      8,088  

Net Assets:

                

Beginning of period

     24,372       20,821       22,282       21,547       21,653       18,446       65,755       57,667  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

End of period

   $  33,409     $  24,372     $ 23,554     $  22,282     $ 22,152     $  21,653     $ 62,196     $  65,755  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  
(In thousands)   Subaccounts Investing In:  
   

PVIT –
Commodity Real Return –

Strategy Portfolio –
Administrative

    

PVIT –
Low Duration

Portfolio – Administrative

    

PVIT –
Real Return

Portfolio – Administrative

    

PVIT –
Total Return

Portfolio – Administrative

  
    12/31/24     12/31/23     12/31/24     12/31/23     12/31/24     12/31/23     12/31/24     12/31/23  

Operations:

                                                    

Net investment income (loss)

   $ 493     $ 7,885     $ 10,047     $ 9,840     $ 3,525     $ 4,720     $ 13,849     $ 12,526  

Net realized gain (loss) on investments

     (7,381 )      (12,953 )      (2,214 )      (4,465 )      (4,594 )      (5,321 )      (4,231 )      (6,207 ) 

Unrealized appreciation (depreciation)

     7,901       317       3,258       7,841       3,876       6,299       (1,541 )      14,061  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net increase (decrease) in net assets from operations

     1,013       (4,751 )      11,091       13,216       2,807       5,698       8,077       20,380  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Contract Transactions:

                

Payments received from contract owners

     58       108       1,380       793       455       389       2,389       1,947  

Transfers between sub-accounts
and the fixed account, net

     (8,687 )      (35,550 )      (11,454 )      (30,462 )      (14,666 )      (16,188 )      (7,402 )      (10,496 ) 

Contract benefits

     (48 )      (127 )      (7,216 )      (317 )      (180 )      (348 )      (167 )      (279 ) 

Contract terminations

     (2,041 )      (3,197 )      (14,884 )      (23,115 )      (8,532 )      (14,203 )      (20,108 )      (27,137 ) 

Contract maintenance charges

     —       —       (1 )      (2 )      (1 )      (1 )      (1 )      (2 ) 

Other transfers (to) from FILI, net

     2       (110 )      (10 )      (24 )      32       24       (21 )      (34 ) 
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net increase (decrease) in net assets
from contract transactions

     (10,716 )      (38,876 )      (32,185 )      (53,127 )      (22,892 )      (30,327 )      (25,310 )      (36,001 ) 
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total increase (decrease) in net assets

     (9,703)        (43,627 )      (21,094 )      (39,911 )      (20,085 )      (24,629 )      (17,233 )      (15,621 ) 

Net Assets:

                

Beginning of period

     31,472       75,099       272,381       312,292       158,088       182,717       370,500       386,121  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

End of period

   $  21,769     $  31,472     $  251,287     $  272,381     $  138,003     $  158,088     $  353,267     $  370,500  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

(A) Fund Name Change (Note 1)

 

See accompanying notes which are an integral part of the financial statements.

 

  50   Annual Report

Fidelity Investments Variable Annuity Account I

Statements of Changes in Net Assets - continued

For the years ended December 31, 2024 and 2023

 

(In thousands)    Subaccounts Investing In:  
    

Blackrock –
Global Allocation
V.I.

Fund – Class I

    

FTVIP – Templeton
Global Bond

Fund – Class 2

    

FTVIP – Franklin US
Government Securities

Fund – Class 2

  
     12/31/24     12/31/23     12/31/24     12/31/23     12/31/24     12/31/23  

Operations:

                                                 

Net investment income (loss)

    $ 1,503     $ 2,685     $ (76 )    $ (88 )    $ 1,283     $ 1,198  

Net realized gain (loss) on investments

      9,273       (2,114 )      (1,884 )      (2,364 )      (627 )      (799 ) 

Unrealized appreciation (depreciation)

      1,948       16,720       (2,777 )      3,430       (270 )      1,525  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net increase (decrease) in net assets from operations

      12,724       17,291       (4,737 )      978       386       1,924  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Contract Transactions:

             

Payments received from contract owners

      258       655       144       108       224       113  

Transfers between sub-accounts and the fixed account, net

      (7,446 )      (11,497 )      (1,159 )      (1,883 )      858       2,618  

Contract benefits

      (131 )      (78 )      (20 )      (97 )      (48 )      (599 ) 

Contract terminations

      (6,847 )      (5,907 )      (1,240 )      (2,105 )      (3,119 )      (4,050 ) 

Contract maintenance charges

      (1 )      (1 )      (1 )      (1 )      —       (1 ) 

Other transfers (to) from FILI, net

      14       7       (3 )      4       4       7  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net increase (decrease) in net assets from contract transactions

      (14,153 )      (16,821 )      (2,279 )      (3,974 )      (2,081 )      (1,912 ) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total increase (decrease) in net assets

      (1,429 )      470       (7,016 )      (2,996 )      (1,695 )      12  

Net Assets:

             

Beginning of period

      149,434       148,964       42,586       45,582       49,715       49,703  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

End of period

    $  148,005     $  149,434     $ 35,570     $  42,586     $ 48,020     $  49,715  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

 

See accompanying notes which are an integral part of the financial statements.

 

  51   Annual Report

Notes to Financial Statements

Fidelity Investments Variable Annuity Account I

 

1. Organization

Fidelity Investments Variable Annuity Account I (the “Account”), a unit investment trust registered under the Investment Company Act of 1940 as amended, was established by Fidelity Investments Life Insurance Company (“FILI”) on July 22, 1987 and exists in accordance with the regulations of the State of Utah Insurance Department. FILI is a wholly-owned subsidiary of FMR LLC. The Account is a funding vehicle of individual Fidelity Retirement Reserves, Fidelity Personal Retirement Annuity, Fidelity Growth and Guaranteed Income, Fidelity Income Advantage and Fidelity Freedom Lifetime Income variable annuity contracts. Fidelity Retirement Reserves, Fidelity Growth and Guaranteed Income, which offered a guaranteed minimum withdrawal benefit, Fidelity Income Advantage, and Fidelity Freedom Lifetime Income were closed to new business. Under applicable insurance law, the assets and liabilities of the Account are clearly identified and distinguished from the other assets and liabilities of FILI. The Account cannot be charged with liabilities arising out of any other business of FILI.

Each subaccount invests exclusively in one of the Funds (“Underlying Funds”) that are part of the following fund groups:

Fund Groups

Fidelity Variable Insurance Product Funds (Initial Class) (“VIP - Initial Class”)

Fidelity Variable Insurance Product Funds (Investor Class) (“VIP - Investor Class”)

Morgan Stanley Variable Insurance Funds, Inc. (Class I) (“VIF”)

Morgan Stanley Variable Insurance Funds, Inc. (Class II) (“VIF”) (“VIF - Class II”)

Allspring Variable Trust Funds (Class 2) (“Allspring”)

Lazard Retirement Series, Inc. (Investor Class) (“Lazard”)

PIMCO Variable Insurance Trust Funds (Administrative Class) (“PVIT”)

Invesco Advisers, Inc. (Series I) (“Invesco”)

Franklin Templeton Variable Insurance Products Trust Funds (Class 2) (“FTVIP”)

Blackrock Variable Series Funds (Class I) (“Blackrock”)

(A) During 2023, the following underlying funds were renamed:

 

Old Name    New Name
Allspring VT Discovery Fund    Allspring - VT Discovery SMID Cap Growth Class 2
VIP Financial Services Initial Class    VIP - Financials Initial Class
VIP Financial Services Investor Class    VIP - Financials Investor Class

(B) During 2023, the following underlying funds were added and commenced operations effective May 1, 2023:

 

VIP - Freedom 2035 Initial Class    VIP - Investor Freedom 2035 Investor Class
VIP - Freedom 2040 Initial Class    VIP - Investor Freedom 2040 Investor Class
VIP - Freedom 2045 Initial Class    VIP - Investor Freedom 2045 Investor Class
VIP - Freedom 2050 Initial Class    VIP - Investor Freedom 2050 Investor Class
VIP - FundsManager 30% Investor Class    VIP - FundsManager 40% Investor Class

(C) The VIP Freedom 2005 Initial Class and VIP Freedom Income Initial Class funds approved a Plan of Reorganization Agreement to transfer all the net assets of the VIP Freedom 2005 Initial Class fund in exchange for shares of the VIP Freedom Income Initial Class fund effective June 7, 2024. The VIP Investor Freedom 2005 Investor Class and VIP Investor Freedom Income Investor Class funds approved a Plan of Reorganization Agreement to transfer all the net assets of the VIP Investor Freedom 2005 Investor Class fund in exchange for shares of the VIP Investor Freedom Income Investor Class fund effective June 7, 2024.

As of December 31, 2024, the net assets and units of Fidelity Retirement Reserve contracts that have annuitized were $67,598,000 and 967,000 respectively.

2. Significant Accounting Policies

The following is a summary of significant accounting policies followed consistently by the Account in preparation of the financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”). The Financial Accounting Standards Board (“FASB”) established the FASB Accounting Standards Codification (“the Codification”) as the source of authoritative GAAP. All guidance contained in the Codification carries an equal level of authority.

 

  52  

Annual Report

Notes to Financial Statements - continued

Fidelity Investments Variable Annuity Account I

 

2. Significant Accounting Policies - continued

 

Investments

Investments are made by the subaccounts in their corresponding mutual fund portfolios and are valued at the reported net asset values of such portfolios. Investment transactions are recorded on the trade date. Income from dividends and realized capital gain distributions are recorded on the ex-dividend date. Realized gains and losses include gains and losses on the sales of investments (computed on the basis of the identified cost of the investment sold) and capital gain distributions from the mutual funds.

Receivable from/Payable to FILI

Receivable from/payable to FILI represents adjustments for contract guarantees, which are the responsibility of FILI, and accruals for daily charges deducted from the net assets of the Account.

Contract Transactions

Other transfers (to) from FILI, net, as reported in the Statement of Changes in Net Assets, represents miscellaneous contract transfers.

Federal Income Taxes

The operations of the Account are included in the federal income tax return of FILI, which is taxed as a life insurance company under the provisions of the Internal Revenue Code (“the Code”).

Under the current provisions of the Code, FILI does not expect to incur federal income taxes on the earnings of the Account to the extent the earnings are credited under the contracts. FILI incurs federal income taxes on the difference between the financial statement carrying value of reserves for contracts in the income stage and those reserves held for federal income tax purposes. The tax effect of this temporary difference is expected to be recovered by FILI when the difference reverses. As such, no charge is being made currently to the Account for federal income taxes. FILI will review periodically the status of such decision based on changes in the tax law. Such a charge may be made in future years for any federal income taxes that would be attributable to the contracts.

Under the provisions of Section 817(h) of the Code, a variable annuity contract will not be treated as an annuity contract for federal income tax purposes for any period for which the investments of the segregated asset account on which the contract is based are not adequately diversified. The Code provides that the “adequately diversified” requirement may be met if the underlying investments satisfy either a statutory safe harbor test or diversification requirements set forth in regulations issued by the Secretary of the Treasury. The Internal Revenue Service has issued regulations under Section 817(h) of the Code. FILI believes that the Separate Account satisfies the current requirements of the regulations, and it intends that it will continue to meet such requirements.

Estimates

The preparation of the 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 related amounts and disclosures in the financial statements. Actual results could differ from those estimates.

Fair Value Measurements

The Financial Accounting Standards Board issued guidance on fair value measurements that establishes a framework for measuring fair value under U.S. GAAP and disclosures about fair value measurements. The definition of fair value focuses on the price that would be received to sell the asset or paid to transfer the liability regardless of whether an observable market price existed (an exit price). In addition, the guidance establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value into three broad levels (“Level 1, 2, and 3”).

The Account carries investments which are made by the subaccounts in their corresponding mutual funds at fair value in the financial statements. The mutual funds are valued at the reported net asset values of such portfolios. The Account categorized the financial assets carried at fair value in the Statement of Assets and Liabilities based upon the guidance’s three-level valuation hierarchy. The hierarchy gives the highest priority to quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable valuation inputs (Level 3). If the inputs used to measure a financial asset or liability cross different levels of the hierarchy, categorization is based on the lowest level input that is significant to the fair value measurement. The assessment of the significance of a particular input to the overall fair value measurement of a financial asset or liability requires judgment, and considers factors specific to the asset or liability. The three levels are described below:

 

•  

Level 1 – Financial assets and liabilities whose values are based on unadjusted quoted prices for identical assets and liabilities in an active market (e.g., active exchange-traded equities).

 

•  

Level 2 – Financial assets and liabilities whose values are based on quoted prices for similar assets and liabilities in active markets, and inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the asset or liability.

 

  53   Annual Report

Notes to Financial Statements - continued

Fidelity Investments Variable Annuity Account I

 

2. Significant Accounting Policies - continued

Fair Value Measurements - continued

 

•  

Level 3 – Financial assets and liabilities whose values are based on prices or valuation techniques that require inputs that are both unobservable in the market and significant to the overall fair value measurement. These inputs reflect judgments about the assumptions that a market participant would use in pricing the asset or liability, and are based on the best available information, some of which is internally developed.

All subaccounts are invested in mutual funds whose value is based on the underlying net asset value of those funds. Open ended mutual funds in the subaccounts produce a daily NAV that is validated with a sufficient level of observable activity to support classification of the fair value measurement as Level 1. There were no transfers between Level 1 and Level 2 during 2024 or 2023. The Account had no Level 3 activity during 2024 or 2023.

Operating Segments

The Account adopted FASB Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures (“ASU 2023-07”) which is effective for public entities for fiscal years beginning after December 15, 2023, and requires retrospective application for all prior periods presented within the financial statements.

Adoption of the new standard impacted financial statement disclosures only and did not affect the Account and its subaccounts’ financial position or the results of its operations. Since its commencement, the Account operates as a funding vehicle for variable life contracts. The Account’s products constitute a single operating segment and therefore, a single reportable segment. The Account is comprised of subaccounts which invest in corresponding Funds. The Account is structured with the sole purpose to record and report the invested funds and activities and performance chosen by variable annuity contract holders. Investment performance of funds may vary based on the underlying fund’s investment objectives as specified in the fund prospectuses.

The chief operating decision maker (“CODM”) is represented by FILI’s management which includes the Head of Operations and Business Development. The CODM oversees the products and the performance of the underlying funds to evaluate the results of the business and make operational decisions. Detailed financial information for the Account and underlying subaccounts are disclosed within these financial statements. The Account generates revenues from investment income on the invested funds and expenses from product charges for mortality and expense risk and administrative and other charges which are reported separately on the Statements of Operations. The measure of segment profit or loss is reported on the Statements of Operations as “Net increase (decrease) in net assets from operations” and the measure of segment assets is reported as “Total net assets” on the Statements of Assets and Liabilities. The accounting policies of the Accounts are consistent with those described in the Notes to the Financial Statements.

3. Expenses and Related Party Transactions

FILI deducts a daily charge, through a reduction in unit values, from the net assets of the Account for the assumption of mortality and expense risks and for administrative charges. FILI also deducts an annual maintenance charge, through a redemption of units, for the Fidelity Retirement Reserves. The maintenance charge, which is waived on certain contracts, is recorded as a contract transaction in the accompanying Statement of Changes in Net Assets.

FILI previously offered Fidelity Retirement Reserves contract holders the opportunity to elect a death benefit rider. The rider allowed the contract holder to lock in their death benefit at the highest contract value at any contract anniversary date before the annuitant reached age 80. Effective January 1, 2003, the rider was no longer available to new contracts. For those contract holders who had elected the rider, FILI continues to deduct a quarterly charge, through a redemption of units. There will be no charges made once the annuitants reach their 85th birthday. The death benefit rider is recorded as a contract transaction in the accompanying Statement of Changes in Net Assets.

The annual mortality and expense and administrative charge for certain contract holders in Fidelity Personal Retirement Annuity is .20% and .05%, respectively. In addition, certain Fidelity Personal Retirement Annuity contract holders are eligible for a lower annual mortality and expense and administrative charge of .05% and .05%, respectively, with an initial purchase or contract value of $1 million or greater.

Effective January 1, 2009, the annual mortality and expense and administrative charges for new contract holders in Fidelity Growth and Guaranteed Income is 1.00% and .25%, respectively for single annuitants and 1.15% and .25%, respectively for joint annuitants. The annual mortality and expense and administrative charge for contract holders in Fidelity Growth and Guaranteed Income prior to January 1, 2009 is .85% and .25%, respectively for single annuitants and 1.00% and .25%, respectively for joint annuitants.

 

  54  

Annual Report

Notes to Financial Statements - continued

Fidelity Investments Variable Annuity Account I

 

3. Expenses and Related Party Transactions - continued

 

The annual rates of mortality and expense risk fees, administrative expense fees, death benefit fees, and the maximum dollar amount of the contract fee for the year ended December 31, 2024 are displayed in the table below.

 

    Fidelity
Retirement
Reserves		     Fidelity
Income
Advantage		     Fidelity
Personal
Retirement		     Fidelity
Freedom Lifetime
Income		     Fidelity
Growth and Guaranteed
Income		  

Variable Account Deductions:

          

Mortality and Expense Risk (Annual Rate)

     0.75 %      0.75 %      0.05%-0.20%       0.50 %      0.85%-1.15%  

Administrative Expense (Annual Rate)

     0.05 %      0.25 %      0.05%       0.10 %      0.25%  

Contract Deductions:

          

Death Benefit Fees (Annual Rate)

     0.20 %      —       —       —       —  

Annual Maintenance Charge (Maximum)

     $30       —       —       —       —  

The disclosures above include charges currently assessed to the policyholder. There are certain other additional charges, such as exchange charges and other taxes which may be assessed in accordance with the terms of the contract in future periods.

FILI charges an amount equal to the state premium taxes it pays, ranging from 0-3.5%, pursuant to provisions in the contracts it issues.

The contracts are distributed through Fidelity Brokerage Services LLC (“FBS”), Fidelity Insurance Agency, Inc. (“FIA”), and Fidelity Investments Institutional Services Company, Inc. (“FIIS”), all of which are subsidiaries of FMR LLC. FBS, FIA, and FIIS are the distributors and FBS is the principal underwriter of the contracts. Fidelity Investments Institutional Operations Company, Inc. (“FIIOC”), a subsidiary of FMR LLC, is the transfer and shareholder servicing agent for the VIP and VIP Investor Class portfolios.

Management fees are paid by certain funds to Fidelity Management & Research Company, a subsidiary of FMR LLC, in its capacity as advisor to the VIP and VIP Investor Class mutual fund portfolios. The total management fees, as a percentage of a fund’s average net assets, for the year ended December 31, 2024 were .045% to .920% depending on the fund.

4. Investments

Purchases and Sales

The following table shows aggregate cost of shares purchased and proceeds from sales of each portfolio for the year ended December 31, 2024:

 

    Purchases
(000s)		     Sales
(000s)		  

VIP - Government Money Market Initial Class

   $ 65,136     $ 73,304  

VIP - Government Money Market Investor Class

     1,000,042       666,176  

VIP - High Income Initial Class

     5,482       10,663  

VIP - High Income Investor Class

     52,907       46,559  

VIP - Equity Income Initial Class

     31,477       46,548  

VIP - Equity Income Investor Class

     120,778       73,766  

VIP - Growth Initial Class

     174,343       83,511  

VIP - Growth Investor Class

     472,172       147,484  

VIP - Overseas Initial Class

     4,225       9,537  

VIP - Overseas Investor Class

     32,016       40,364  

VIP - Investment Grade Bond Initial Class

     10,454       20,786  

VIP - Investment Grade Bond Investor Class

     127,654       85,554  

VIP - Asset Manager Initial Class

     5,764       19,930  

VIP - Asset Manager Investor Class

     19,797       37,213  

VIP - Index 500 Initial Class

     693,887       543,321  

VIP - Asset Manager Growth Initial Class

     2,647       7,288  

VIP - Asset Manager Growth Investor Class

     22,983       20,237  

VIP - Contrafund Initial Class

     156,284       133,554  

VIP - Contrafund Investor Class

     652,249       261,486  

VIP - Balanced Initial Class

     19,187       22,360  

VIP - Balanced Investor Class

     419,518       390,582  

VIP - Dynamic Capital Appreciation Initial Class

     2,641       3,825  

VIP - Dynamic Capital Appreciation Investor Class

     38,894       32,759  

VIP - Growth & Income Initial Class

     12,257       17,045  

 

  55   Annual Report

Notes to Financial Statements - continued

Fidelity Investments Variable Annuity Account I

 

4. Investments - continued

Purchases and Sales - continued

 

    Purchases
(000s)		     Sales
(000s)		  

VIP - Growth & Income Investor Class

   $ 87,583     $ 57,161  

VIP - Growth Opportunities Initial Class

     10,338       28,029  

VIP - Growth Opportunities Investor Class

     125,939       160,279  

VIP - Mid Cap Initial Class

     37,208       39,993  

VIP - Mid Cap Investor Class

     151,928       75,501  

VIP - Value Strategies Initial Class

     8,875       7,353  

VIP - Value Strategies Investor Class

     51,509       51,071  

VIP - Utilities Initial Class

     8,234       5,841  

VIP - Utilities Investor Class

     108,366       46,743  

VIP - Technology Initial Class

     31,035       55,607  

VIP - Technology Investor Class

     385,745       286,936  

VIP - Energy Initial Class

     6,625       16,921  

VIP - Energy Investor Class

     38,597       97,241  

VIP - Health Care Initial Class

     4,045       21,221  

VIP - Heath Care Investor Class

     32,427       151,983  

VIP - Financials Initial Class

    9,701       5,437  

VIP - Financials Investor Class

    72,971       37,256  

VIP - Industrials Initial Class

     6,890       4,871  

VIP - Industrials Investor Class

     65,318       38,853  

VIP - Consumer Discretionary Initial Class

     1,083       6,291  

VIP - Consumer Discretionary Investor Class

     23,193       59,856  

VIP - Real Estate Initial Class

     1,805       3,606  

VIP - Real Estate Investor Class

     23,472       29,115  

VIP - Strategic Income Initial Class

     2,676       6,941  

VIP - Strategic Income Investor Class

     84,343       94,617  

VIP - International Capital Appreciation Initial Class

     3,057       3,747  

VIP - International Capital Appreciation Investor Class

     30,630       44,359  

VIP - Value Initial Class

     4,897       5,644  

VIP - Value Investor Class

     69,883       61,309  

VIP - Freedom Income Initial Class (C)

     4,973       2,171  

VIP - Freedom Income Investor Class (C)

     22,388       11,408  

VIP - Freedom 2005 Initial Class (C)

     53       5,129  

VIP - Investor Freedom 2005 Investor Class (C)

     564       17,298  

VIP - Freedom 2010 Initial Class

     447       1,838  

VIP - Investor Freedom 2010 Investor Class

     2,092       6,921  

VIP - Freedom 2015 Initial Class

     906       1,719  

VIP - Investor Freedom 2015 Investor Class

     6,951       10,664  

VIP - Freedom 2020 Initial Class

     897       3,846  

VIP - Investor Freedom 2020 Investor Class

     16,065       39,130  

VIP - Freedom 2025 Initial Class

     1,277       3,427  

VIP - Investor Freedom 2025 Investor Class

     14,331       44,591  

VIP - Freedom 2030 Initial Class

     2,670       2,312  

VIP - Investor Freedom 2030 Investor Class

     32,956       50,330  

VIP - Freedom 2035 Initial Class

    789       6  

VIP - Investor Freedom 2035 Investor Class

    16,658       2,580  

VIP - Freedom 2040 Initial Class

    409       41  

VIP - Investor Freedom 2040 Investor Class

    6,406       947  

VIP - Freedom 2045 Initial Class

    61       65  

 

 

(C) Fund Merged (Note 1)

 

  56   Annual Report

Notes to Financial Statements - continued

Fidelity Investments Variable Annuity Account I

 

4. Investments - continued

Purchases and Sales - continued

 

    Purchases
(000s)		     Sales
(000s)		  

VIP - Investor Freedom 2045 Investor Class

  $ 2,256     $ 636  

VIP - Freedom 2050 Initial Class

    132       109  

VIP - Investor Freedom 2050 Investor Class

    5,280       1,441  

VIP - Freedom Lifetime Income I

     340       763  

VIP - Freedom Lifetime Income II

     1,086       2,558  

VIP - Freedom Lifetime Income III

     1,306       2,126  

VIP - Disciplined Small Cap Initial Class

     7,398       5,869  

VIP - Disciplined Small Cap Investor Class

     83,252       60,375  

VIP - Funds Manager 20% Investor Class

     39,918       114,174  

VIP - FundsManager 30% Investor Class

     9,428       1,537  

VIP - FundsManager 40% Investor Class

     12,393       1,976  

VIP - Funds Manager 50% Investor Class

     103,335       206,655  

VIP - Funds Manager 60% Investor Class

     149,542       262,679  

VIP - Funds Manager 70% Investor Class

     230,958       198,185  

VIP - Funds Manager 85% Investor Class

     135,416       70,903  

VIP - Consumer Staples Initial Class

     1,222       4,004  

VIP - Consumer Staples Investor Class

     23,387       47,856  

VIP - Materials Initial Class

     765       4,246  

VIP - Materials Investor Class

     10,830       22,703  

VIP - Communication Services Initial Class

     4,269       8,014  

VIP - Communication Services Investor Class

     50,230       60,026  

VIP - Emerging Markets Initial Class

     1,562       2,620  

VIP - Emerging Markets Investor Class

     21,191       26,336  

VIP - Floating Rate High Income Initial Class

     5,866       6,018  

VIP - Floating Rate High Income Investor Class

     105,089       56,181  

VIP - Bond Index Initial Class

     157,487       83,876  

VIP - Total Market Index Initial Class

     173,748       104,254  

VIP - Extended Market Index Initial Class

     33,818       35,031  

VIP - International Index Initial Class

     54,273       33,918  

VIF - Emerging Markets Equity Class I

     5,419       9,003  

VIF - Emerging Markets Debt Class I

     13,391       14,526  

VIF - Global Strategist Class II

     3,116       3,434  

Invesco - V.I. Global Core Equity Series I

     10,456       4,903  

Allspring - VT Discovery SMID Cap Growth Class 2

    69       2,660  

Allspring - VT Opportunity Class 2

     2,268       2,644  

Lazard - Retirement Emerging Markets Portfolio – Investor

     6,746       12,993  

PVIT - Commodity Real Return – Strategy Portfolio – Administrative

     3,735       13,957  

PVIT - Low Duration Portfolio – Administrative

     57,993       80,131  

PVIT - Real Return Portfolio – Administrative

     10,653       30,019  

PVIT - Total Return Portfolio – Administrative

     48,619       60,079  

BlackRock - Global Allocation V.I. Fund – Class I

     19,761       23,053  

FTVIP - Templeton Global Bond Fund – Class 2

     3,797       6,152  

FTVIP - Franklin U.S. Government Securities Fund – Class 2

     16,571       17,368  

 

  57   Annual Report

Notes to Financial Statements - continued

Fidelity Investments Variable Annuity Account I

 

4. Investments - continued

 

Shares, Aggregate Cost and Net Asset Value

The following table shows the number of shares owned, aggregate cost and net asset value per share of each portfolio at December 31, 2024:

 

    Number of
 Shares (000s) 		     Aggregate
Cost (000s)		     Net Asset Value
per Share		  

VIP - Government Money Market Initial Class

     225,968     $  225,968     $  1.00  

VIP - Government Money Market Investor Class

      3,076,396       3,076,396       1.00  

VIP - High Income Initial Class

     10,421       129,152       4.72  

VIP - High Income Investor Class

     65,947       388,175       4.68  

VIP - Equity Income Initial Class

     14,393       370,349       26.59  

VIP - Equity Income Investor Class

     23,714       612,883       26.35  

VIP - Growth Initial Class

     8,158       669,907       96.94  

VIP - Growth Investor Class

     13,436       1,256,238       95.87  

VIP - Overseas Initial Class

     2,350       62,158       25.47  

VIP - Overseas Investor Class

     8,401       215,850       25.36  

VIP - Investment Grade Bond Initial Class

     9,418       128,736       10.98  

VIP - Investment Grade Bond Investor Class

     64,923       863,750       10.92  

VIP - Asset Manager Initial Class

     9,420       160,983       16.45  

VIP - Asset Manager Investor Class

     12,165       205,407       16.30  

VIP - Index 500 Initial Class

     11,493       3,941,119       569.52  

VIP - Asset Manager Growth Initial Class

     2,559       48,999       23.03  

VIP - Asset Manager Growth Investor Class

     6,104       129,458       22.84  

VIP - Contrafund Initial Class

     22,152       890,225       57.94  

VIP - Contrafund Investor Class

     49,292       2,229,940       57.35  

VIP - Balanced Initial Class

     7,859       159,106       24.61  

VIP - Balanced Investor Class

     165,914       3,348,646       24.30  

VIP - Dynamic Capital Appreciation Initial Class

     1,278       20,122       20.12  

VIP - Dynamic Capital Appreciation Investor Class

     10,687       176,533       20.04  

VIP - Growth & Income Initial Class

     4,511       102,184       30.55  

VIP - Growth & Income Investor Class

     13,687       356,723       30.35  

VIP - Growth Opportunities Initial Class

     2,565       163,720       83.00  

VIP - Growth Opportunities Investor Class

     14,796       991,552       81.98  

VIP - Mid Cap Initial Class

     7,022       260,324       37.56  

VIP - Mid Cap Investor Class

     18,131       693,573       37.15  

VIP - Value Strategies Initial Class

     2,739       44,860       15.51  

VIP - Value Strategies Investor Class

     12,067       200,215       15.33  

VIP - Utilities Initial Class

     1,258       27,624       24.17  

VIP - Utilities Investor Class

     10,360       231,406       23.95  

VIP - Technology Initial Class

     7,531       225,100       41.79  

VIP - Technology Investor Class

     52,284       1,540,444       40.88  

VIP - Energy Initial Class

     1,396       39,942       25.19  

VIP - Energy Investor Class

     7,455       200,085       25.13  

VIP - Health Care Initial Class

     2,280       77,592       36.03  

VIP - Heath Care Investor Class

     16,684       569,168       35.56  

VIP - Financials Initial Class

    1,631       27,567       18.87  

VIP - Financials Investor Class

    12,564       208,073       18.75  

VIP - Industrials Initial Class

     1,232       28,160       25.35  

VIP - Industrials Investor Class

     7,295       170,289       25.03  

VIP - Consumer Discretionary Initial Class

     459       15,753       41.52  

VIP - Consumer Discretionary Investor Class

     5,160       176,091       41.27  

VIP - Real Estate Initial Class

     1,028       25,449       17.67  

VIP - Real Estate Investor Class

     7,672       167,155       17.53  

VIP - Strategic Income Initial Class

     3,554       42,177       10.72  

VIP - Strategic Income Investor Class

     68,768       810,957       10.67  

 

  58  

Annual Report

Notes to Financial Statements - continued

Fidelity Investments Variable Annuity Account I

 

4. Investments - continued

Shares, Aggregate Cost and Net Asset Value - continued

 

    Number of
 Shares (000s) 		     Aggregate
Cost (000s)		     Net Asset Value
per Share		  

VIP - International Capital Appreciation Initial Class

     792     $ 16,745     $ 22.77  

VIP - International Capital Appreciation Investor Class

     14,088       288,826       22.56  

VIP - Value Initial Class

     1,392       26,188       19.00  

VIP - Value Investor Class

     14,671       276,261       18.94  

VIP - Freedom Income Initial Class (C)

     1,066       12,452       11.03  

VIP - Freedom Income Investor Class (C)

     6,580       78,644       10.89  

VIP - Freedom 2010 Initial Class

     464       6,224       11.50  

VIP - Investor Freedom 2010 Investor Class

     4,011       52,514       12.02  

VIP - Freedom 2015 Initial Class

     1,213       15,980       11.48  

VIP - Investor Freedom 2015 Investor Class

     6,587       85,037       12.15  

VIP - Freedom 2020 Initial Class

     1,118       15,680       12.70  

VIP - Investor Freedom 2020 Investor Class

     12,221       163,251       12.82  

VIP - Freedom 2025 Initial Class

     1,121       17,796       16.01  

VIP - Investor Freedom 2025 Investor Class

     12,854       189,106       14.68  

VIP - Freedom 2030 Initial Class

     1,431       22,284       16.39  

VIP - Investor Freedom 2030 Investor Class

     21,910       322,563       15.27  

VIP - Freedom 2035 Initial Class

    31       866       27.90  

VIP - Investor Freedom 2035 Investor Class

    1,693       19,274       11.50  

VIP - Freedom 2040 Initial Class

    17       443       27.30  

VIP - Investor Freedom 2040 Investor Class

     959       10,779       11.86  

VIP - Freedom 2045 Initial Class

    —       2       27.81  

VIP - Investor Freedom 2045 Investor Class

     286       3,262       12.02  

VIP - Freedom 2050 Initial Class

     2       45       25.09  

VIP - Investor Freedom 2050 Investor Class

    482       5,728       12.04  

VIP - Freedom Lifetime Income I Initial Class

     726       8,166       10.28  

VIP - Freedom Lifetime Income II Initial Class

     2,060       25,326       11.87  

VIP - Freedom Lifetime Income III Initial Class

     2,011       25,600       13.19  

VIP - Disciplined Small Cap Initial Class

     1,429       26,757       18.77  

VIP - Disciplined Small Cap Investor Class

     18,960       338,777       18.65  

VIP - Funds Manager 20% Investor Class

     57,742       667,492       10.64  

VIP - Funds Manager 30% Investor Class

     1,247       13,038       10.61  

VIP - Funds Manager 40% Investor Class

     2,095       22,183       10.87  

VIP - Funds Manager 50% Investor Class

     138,223       1,734,732       12.04  

VIP - Funds Manager 60% Investor Class

     193,953       2,186,347       10.41  

VIP - Funds Manager 70% Investor Class

     154,274       1,986,702       13.27  

VIP - Funds Manager 85% Investor Class

     60,915       795,001       13.51  

VIP - Consumer Staples Initial Class

     714       14,334       19.52  

VIP - Consumer Staples Investor Class

     10,106       199,973       19.40  

VIP - Materials Initial Class

     445       8,092       16.53  

VIP - Materials Investor Class

     2,997       54,394       16.52  

VIP - Communication Services Initial Class

     929       17,469       23.49  

VIP - Communication Services Investor Class

     8,437       159,460       23.21  

VIP - Emerging Markets Initial Class

     706       10,190       11.48  

VIP - Emerging Markets Investor Class

     9,690       136,426       11.42  

VIP - Floating Rate High Income Initial Class

     1,427       14,426       9.92  

VIP - Floating Rate High Income Investor Class

     31,036       313,400       9.92  

VIP - Bond Index Initial Class

     52,560       564,420       9.51  

VIP - Total Market Index Initial Class

     40,349       661,457       21.08  

VIP - Extended Market Index Initial Class

     10,024       142,075       14.35  

VIP - International Index Initial Class

     28,553       307,268       10.83  

VIF - Emerging Markets Equity Class I

     2,695       59,742       13.73  

 

(C) Fund Merged (Note 1)

 

  59   Annual Report

Notes to Financial Statements - continued

Fidelity Investments Variable Annuity Account I

 

4. Investments - continued

Shares, Aggregate Cost and Net Asset Value - continued

 

    Number of
 Shares (000s) 		     Aggregate
Cost (000s)		     Net Asset Value
per Share		  

VIF - Emerging Markets Debt Class I

     12,200     $ 109,369     $ 5.49  

VIF - Global Strategist Class II

     2,587       33,254       9.21  

Invesco - V.I. Global Core Equity Series I

     3,018       32,749       11.07  

Allspring - VT Discovery SMID Cap Growth Class 2

    974       30,882       24.17  

Allspring - VT Opportunity Class 2

     825       22,870       26.86  

Lazard - Retirement Emerging Markets Portfolio – Investor

     2,908       73,452       21.39  

PVIT - Commodity Real Return – Strategy Portfolio – Administrative

     3,994       46,154       5.45  

PVIT - Low Duration Portfolio – Administrative

     26,067       278,936       9.64  

PVIT - Real Return Portfolio – Administrative

     11,990       175,099       11.51  

PVIT - Total Return Portfolio – Administrative

     39,078       451,250       9.04  

BlackRock - Global Allocation V.I. Fund – Class I

     9,047       164,000       16.36  

FTVIP - Templeton Global Bond Fund – Class 2

     3,126       61,432       11.38  

FTVIP - Franklin U.S. Government Securities Fund – Class 2

     4,717       60,432       10.18  

5. Changes in Units Outstanding

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

 

    Fidelity     Fidelity     Fidelity     Fidelity Freedom  
    Retirement Reserves     Income Advantage     Personal Retirement     Lifetime Income  
(in thousands)   2024     2023     2024     2023     2024     2023     2024     2023  

VIP - Government Money Market Initial Class

                                                                                                        

Units Issued

     4,924       6,593       41       151       —       —       —       —  

Units Redeemed

     (5,672 )      (8,446 )      (89 )      (227 )      —       —       —       —  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net Increase (Decrease)

     (748 )      (1,853 )      (48 )      (76 )      —       —       —       —  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

VIP - Government Money Market Investor Class

                                                                                                        

Units Issued

     —       —       —       —       274,964       241,589       —       15  

Units Redeemed

     —       —       —       —       (258,324 )      (215,064 )      (9 )      (2 ) 
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net Increase (Decrease)

     —       —       —       —       16,640       26,525       (9 )      13  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

VIP - High Income Initial Class

                

Units Issued

     38       46       13       —       —       —       —       —  

Units Redeemed

     (134 )      (121 )      (37 )      (28 )      —       —       —       —  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net Increase (Decrease)

     (96 )      (75 )      (24 )      (28 )      —       —       —       —  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

VIP - High Income Investor Class

                

Units Issued

     —       —       —       —       2,533       3,678       —       —  

Units Redeemed

     —       —       —       —       (2,932 )      (4,938 )      —       —  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net Increase (Decrease)

     —       —       —       —       (399 )      (1,260 )      —       —  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

VIP - Equity-Income Initial Class

                

Units Issued

     32       32       2       3       —       —       —       —  

Units Redeemed

     (207 )      (209 )      (33 )      (34 )      —       —       —       —  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net Increase (Decrease)

     (175 )      (177 )      (31 )      (31 )      —       —       —       —  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

VIP - Equity-Income Investor Class

                

Units Issued

     —       —       —       —       2,802       2,581       —       —  

Units Redeemed

     —       —       —       —       (2,875 )      (2,874 )      —       —  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net Increase (Decrease)

     —       —       —       —       (73 )      (293 )      —       —  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

 

  60  

Annual Report

Notes to Financial Statements - continued

Fidelity Investments Variable Annuity Account I

 

5. Changes in Units Outstanding - continued

 

    Fidelity     Fidelity     Fidelity     Fidelity Freedom  
    Retirement Reserves     Income Advantage     Personal Retirement     Lifetime Income  
(in thousands)   2024     2023     2024     2023     2024     2023     2024     2023  

VIP - Growth Initial Class

                

Units Issued

     49       52       4       6       —       —       —       —  

Units Redeemed

     (199 )      (167 )      (20 )      (22 )      —       —       —       —  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net Increase (Decrease)

     (150 )      (115 )      (16 )      (16 )      —       —       —       —  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

VIP - Growth Investor Class

                

Units Issued

     —       —       —       —       3,852       2,793       —       —  

Units Redeemed

     —       —       —       —       (3,207 )      (1,671 )      —       —  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net Increase (Decrease)

     —       —       —       —       645       1,122       —       —  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

VIP - Overseas Initial Class

                

Units Issued

     12       22       —       7       —       —       —       —  

Units Redeemed

     (117 )      (95 )      (10 )      (17 )      —       —       —       —  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net Increase (Decrease)

     (105 )      (73 )      (10 )      (10 )      —       —       —       —  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

VIP - Overseas Investor Class

                

Units Issued

     —       —       —       —       1,050       1,343       —       —  

Units Redeemed

     —       —       —       —       (1,857 )      (1,578 )      —       —  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net Increase (Decrease)

     —       —       —       —       (807 )      (235 )      —       —  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

VIP - Investment Grade Bond Initial Class

    
 
      
 		    
 
      
 		    
 
      
 		    
 
      
 

Units Issued

     220       182       2       4       —       —       —       —  

Units Redeemed

     (451 )      (381 )      (65 )      (81 )      —       —       —       —  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net Increase (Decrease)

     (231 )      (199 )      (63 )      (77 )      —       —       —       —  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

VIP - Investment Grade Bond Investor Class

                

Units Issued

     —       —       —       —       10,985       8,416       —       —  

Units Redeemed

     —       —       —       —       (9,390 )      (9,973 )      —       —  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net Increase (Decrease)

     —       —       —       —       1,595       (1,557 )      —       —  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

VIP - Asset Manager Initial Class

                                                                                                        

Units Issued

     25       16       —       1       —       —       —       —  

Units Redeemed

     (205 )      (222 )      (37 )      (41 )      —       —       —       —  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net Increase (Decrease)

     (180 )      (206 )      (37 )      (40 )      —       —       —       —  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

VIP - Asset Manager Investor Class

                

Units Issued

     —       —       —       —       611       163       —       —  

Units Redeemed

     —       —       —       —       (1,425 )      (1,013 )      —       —  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net Increase (Decrease)

     —       —       —       —       (814 )      (850 )      —       —  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

VIP - Index 500 Initial Class

                

Units Issued

     215       236       3       10       17,724       12,254       —       —  

Units Redeemed

     (475 )      (445 )      (54 )      (62 )      (15,478 )      (9,864 )      —       —  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net Increase (Decrease)

     (260 )      (209 )      (51 )      (52 )      2,246       2,390       —       —  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

VIP - Asset Manager Growth Initial Class

                

Units Issued

     14       17       1       1       —       —       —       —  

Units Redeemed

     (90 )      (126 )      (20 )      (19 )      —       —       —       —  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net Increase (Decrease)

     (76 )      (109 )      (19 )      (18 )      —       —       —       —  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

VIP - Asset Manager Growth Investor Class

                

Units Issued

     —       —       —       —       684       483       —       —  

Units Redeemed

     —       —       —       —       (704 )      (756 )      —       —  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net Increase (Decrease)

     —       —       —       —       (20 )      (273 )      —       —  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

 

  61   Annual Report

Notes to Financial Statements - continued

Fidelity Investments Variable Annuity Account I

 

5. Changes in Units Outstanding - continued

 

    Fidelity     Fidelity     Fidelity     Fidelity Freedom  
    Retirement Reserves     Income Advantage     Personal Retirement     Lifetime Income  
(in thousands)   2024     2023     2024     2023     2024     2023     2024     2023  

VIP - Contrafund Initial Class

                

Units Issued

     165       115       14       6       —       —       —       —  

Units Redeemed

     (614 )      (542 )      (76 )      (76 )      —       —       —       —  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net Increase (Decrease)

     (449 )      (427 )      (62 )      (70 )      —       —       —       —  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

VIP - Contrafund Investor Class

                

Units Issued

     —       —       —       —       8,595       3,605       —       —  

Units Redeemed

     —       —       —       —       (7,192 )      (5,007 )      —       —  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net Increase (Decrease)

     —       —       —       —       1,403       (1,402 )      —       —  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

VIP - Balanced Initial Class

                

Units Issued

     137       124       77       19       —       —       —       —  

Units Redeemed

     (320 )      (359 )      (76 )      (84 )      —       —       —       —  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net Increase (Decrease)

     (183 )      (235 )      1       (65 )      —       —       —       —  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

VIP - Balanced Investor Class

                

Units Issued

     —       —       —       —       9,825       6,451       —       —  

Units Redeemed

     —       —       —       —       (10,226 )      (8,946 )      —       —  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net Increase (Decrease)

     —       —       —       —       (401 )      (2,495 )      —       —  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

VIP - Dynamic Capital Appreciation Initial Class

                

Units Issued

     22       33       1       2       —       —       —       —  

Units Redeemed

     (43 )      (49 )      (8 )      (10 )      —       —       —       —  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net Increase (Decrease)

     (21 )      (16 )      (7 )      (8 )      —       —       —       —  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

VIP - Dynamic Capital Appreciation Investor Class

                

Units Issued

     —       —       —       —       612       404       —       —  

Units Redeemed

     —       —       —       —       (629 )      (401 )      —       —  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net Increase (Decrease)

     —       —       —       —       (17 )      3       —       —  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

VIP - Growth & Income Initial Class

                                                                                                        

Units Issued

     38       73       1       7       —       —       —       —  

Units Redeemed

     (189 )      (190 )      (35 )      (50 )      —       —       —       —  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net Increase (Decrease)

     (151 )      (117 )      (34 )      (43 )      —       —       —       —  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

VIP - Growth & Income Investor Class

                

Units Issued

     —       —       —       —       1,521       1,594       —       —  

Units Redeemed

     —       —       —       —       (1,575 )      (1,709 )      —       —  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net Increase (Decrease)

     —       —       —       —       (54 )      (115 )      —       —  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

VIP - Growth Opportunities Initial Class

                

Units Issued

     151       142       11       21       —       —       —       —  

Units Redeemed

     (286 )      (244 )      (40 )      (48 )      —       —       —       —  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net Increase (Decrease)

     (135 )      (102 )      (29 )      (27 )      —       —       —       —  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

VIP - Growth Opportunities Investor Class

                

Units Issued

     —       —       —       —       2,178       1,998       —       —  

Units Redeemed

     —       —       —       —       (2,577 )      (2,187 )      —       —  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net Increase (Decrease)

     —       —       —       —       (399 )      (189 )      —       —  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

VIP - Mid Cap Initial Class

                

Units Issued

     58       54       1       2       —       —       —       —  

Units Redeemed

     (431 )      (395 )      (71 )      (89 )      —       —       —       —  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net Increase (Decrease)

     (373 )      (341 )      (70 )      (87 )      —       —       —       —  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

 

  62   Annual Report

Notes to Financial Statements - continued

Fidelity Investments Variable Annuity Account I

 

5. Changes in Units Outstanding - continued

 

    Fidelity     Fidelity     Fidelity     Fidelity Freedom  
    Retirement Reserves     Income Advantage     Personal Retirement     Lifetime Income  
(in thousands)   2024     2023     2024     2023     2024     2023     2024     2023  

VIP - Mid Cap Investor Class

                

Units Issued

     —       —       —       —       2,357       1,408       —       —  

Units Redeemed

     —       —       —       —       (2,413 )      (3,185 )      —       —  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net Increase (Decrease)

     —       —       —       —       (56 )      (1,777 )      —       —  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

VIP - Value Strategies Initial Class

                

Units Issued

     53       89       4       21       —       —       —       —  

Units Redeemed

     (118 )      (222 )      (24 )      (48 )      —       —       —       —  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net Increase (Decrease)

     (65 )      (133 )      (20 )      (27 )      —       —       —       —  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

VIP - Value Strategies Investor Class

                

Units Issued

     —       —       —       —       719       1,168       —       —  

Units Redeemed

     —       —       —       —       (1,336 )      (1,855 )      —       —  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net Increase (Decrease)

     —       —       —       —       (617 )      (687 )      —       —  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

VIP - Utilities Initial Class

                

Units Issued

     143       64       19       4       —       —       —       —  

Units Redeemed

     (144 )      (270 )      (16 )      (47 )      —       —       —       —  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net Increase (Decrease)

     (1 )      (206 )      3       (43 )      —       —       —       —  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

VIP - Utilities Investor Class

                

Units Issued

     —       —       —       —       2,685       1,066       —       —  

Units Redeemed

     —       —       —       —       (1,733 )      (2,510 )      —       —  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net Increase (Decrease)

     —       —       —       —       952       (1,444 )      —       —  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

VIP - Technology Initial Class

                

Units Issued

     257       856       17       51       —       —       —       —  

Units Redeemed

     (493 )      (500 )      (49 )      (45 )      —       —       —       —  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net Increase (Decrease)

     (236 )      356       (32 )      6       —       —       —       —  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

VIP - Technology Investor Class

                                                                                                        

Units Issued

     —       —       —       —       4,430       4,365       —       —  

Units Redeemed

     —       —       —       —       (4,021 )      (2,495 )      —       —  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net Increase (Decrease)

     —       —       —       —       409       1,870       —       —  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

VIP - Energy Initial Class

                

Units Issued

     201       742       6       37       —       —       —       —  

Units Redeemed

     (465 )      (1,941 )      (34 )      (160 )      —       —       —       —  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net Increase (Decrease)

     (264 )      (1,199 )      (280       (123 )      —       —       —       —  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

VIP - Energy Investor Class

                

Units Issued

     —       —       —       —       2,925       4,465       —       —  

Units Redeemed

     —       —       —       —       (5,681 )      (11,483 )      —       —  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net Increase (Decrease)

     —       —       —       —       (2,756 )      (7,018 )      —       —  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

VIP - Health Care Initial Class

                

Units Issued

     82       60       3       2       —       —       —       —  

Units Redeemed

     (274 )      (288 )      (26 )      (39 )      —       —       —       —  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net Increase (Decrease)

     (192 )      (228 )      (23 )      (37 )      —       —       —       —  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

VIP - Health Care Investor Class

                

Units Issued

     —       —       —       —       1,039       873       —       —  

Units Redeemed

     —       —       —       —       (2,685 )      (2,434 )      —       —  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net Increase (Decrease)

     —       —       —       —       (1,646 )      (1,561 )      —       —  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

 

  63   Annual Report

Notes to Financial Statements - continued

Fidelity Investments Variable Annuity Account I

 

5. Changes in Units Outstanding - continued

 

    Fidelity     Fidelity     Fidelity     Fidelity Freedom  
    Retirement Reserves     Income Advantage     Personal Retirement     Lifetime Income  
(in thousands)   2024     2023     2024     2023     2024     2023     2024     2023  

VIP - Financials Initial Class (A)

                

Units Issued

     270       137       28       34       —       —       —       —  

Units Redeemed

     (197 )      (425 )      (29 )      (96 )      —       —       —       —  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net Increase (Decrease)

     73       (288 )      (1 )      (62 )      —       —       —       —  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

VIP - Financials Investor Class (A)

                

Units Issued

     —       —       —       —       2,320       1,518       —       —  

Units Redeemed

     —       —       —       —       (1,906 )      (3,023 )      —       —  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net Increase (Decrease)

     —       —       —       —       414       (1,505 )      —       —  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

VIP - Industrials Initial Class

                

Units Issued

     57       36       5       3       —       —       —       —  

Units Redeemed

     (59 )      (58 )      (9 )      (15 )      —       —       —       —  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net Increase (Decrease)

     (2 )      (22 )      (4 )      (12 )      —       —       —       —  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

VIP - Industrials Investor Class

                

Units Issued

     —       —       —       —       1,316       705       —       —  

Units Redeemed

     —       —       —       —       (1,082 )      (713 )      —       —  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net Increase (Decrease)

     —       —       —       —       234       (8 )      —       —  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

VIP - Consumer Discretionary Initial Class

                

Units Issued

     22       90       1       23       —       —       —       —  

Units Redeemed

     (98 )      (98 )      (13 )      (26 )      —       —       —       —  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net Increase (Decrease)

     (76 )      (8 )      (12 )      (3 )      —       —       —       —  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

VIP - Consumer Discretionary Investor Class

                

Units Issued

     —       —       —       —       616       1,309       —       —  

Units Redeemed

     —       —       —       —       (1,271 )      (1,184 )      —       —  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net Increase (Decrease)

     —       —       —       —       (655 )      125       —       —  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

VIP - Real Estate Initial Class

                                                                                                        

Units Issued

     30       36       1       1       —       —       —       —  

Units Redeemed

     (83 )      (108 )      (7 )      (10 )      —       —       —       —  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net Increase (Decrease)

     (53 )      (72 )      (6 )      (9 )      —       —       —       —  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

VIP - Real Estate Investor Class

                

Units Issued

     —       —       —       —       1,007       708       —       —  

Units Redeemed

     —       —       —       —       (1,379 )      (1,409 )      —       —  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net Increase (Decrease)

     —       —       —       —       (372 )      (701 )      —       —  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

VIP - Strategic Income Initial Class

                

Units Issued

     109       169       2       1       —       —       —       —  

Units Redeemed

     (304 )      (414 )      (38 )      (42 )      —       —       —       —  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net Increase (Decrease)

     (195 )      (245 )      (36 )      (41 )      —       —       —       —  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

VIP - Strategic Income Investor Class

                

Units Issued

     —       —       —       —       5,386       3,149       —       —  

Units Redeemed

     —       —       —       —       (6,839 )      (7,600 )      —       —  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net Increase (Decrease)

     —       —       —       —       (1,453 )      (4,451 )      —       —  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

VIP - International Capital Appreciation Initial Class

                

Units Issued

     96       113       1       18       —       —       —       —  

Units Redeemed

     (109 )      (89 )      (12 )      (25 )      —       —       —       —  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net Increase (Decrease)

     (13 )      24       (11 )      (7 )      —       —       —       —  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

 

(A) Fund Merged (Note 1)

 

  64  

Annual Report

Notes to Financial Statements - continued

Fidelity Investments Variable Annuity Account I

 

5. Changes in Units Outstanding - continued

 

    Fidelity     Fidelity     Fidelity     Fidelity Freedom  
    Retirement Reserves     Income Advantage     Personal Retirement     Lifetime Income  
(in thousands)   2024     2023     2024     2023     2024     2023     2024     2023  

VIP - International Capital Appreciation Investor Class

                

Units Issued

     —       —       —       —       1,350       1,730       —       —  

Units Redeemed

     —       —       —       —       (1,798 )      (1,987 )      —       —  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net Increase (Decrease)

     —       —       —       —       (448 )      (257 )      —       —  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

VIP - Value Initial Class

                

Units Issued

     72       92       3       4       —       —       —       —  

Units Redeemed

     (147 )      (230 )      (11 )      (21 )      —       —       —       —  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net Increase (Decrease)

     (75 )      (138 )      (8 )      (17 )      —       —       —       —  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

VIP - Value Investor Class

                

Units Issued

     —       —       —       —       1,243       1,112       —       —  

Units Redeemed

     —       —       —       —       (1,673 )      (2,084 )      —       —  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net Increase (Decrease)

     —       —       —       —       (430 )      (972 )      —       —  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

VIP - Freedom Income Initial Class (C)

                

Units Issued

     254       33       —       —       —       —       —       —  

Units Redeemed

     (115 )      (73 )      —       —       —       —       —       —  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net Increase (Decrease)

     139       (40 )      —       —       —       —       —       —  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

VIP - Freedom Income Investor Class (C)

                

Units Issued

     —       —       —       —       1,068       227       —       —  

Units Redeemed

     —       —       —       —       (646 )      (1,062 )      —       —  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net Increase (Decrease)

     —       —       —       —       422       (835 )      —       —  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

VIP - Freedom 2005 Initial Class (C)

                

Units Issued

     —       9       —       —       —       —       —       —  

Units Redeemed

     (253 )      (116 )      —       —       —       —       —       —  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net Increase (Decrease)

     (253 )      (107 )      —       —       —       —       —       —  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

VIP - Investor Freedom 2005 Investor Class (C)

                                                                                                        

Units Issued

     —       —       —       —       18       19       —       —  

Units Redeemed

     —       —       —       —       (806 )      (248 )      —       —  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net Increase (Decrease)

     —       —       —       —       (788 )      (229 )      —       —  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

VIP - Freedom 2010 Initial Class

                

Units Issued

     11       3       —       —       —       —       —       —  

Units Redeemed

     (78 )      (98 )      —       —       —       —       —       —  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net Increase (Decrease)

     (67 )      (95 )      —       —       —       —       —       —  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

VIP - Investor Freedom 2010 Investor Class

                

Units Issued

     —       —       —       —       16       40       —       —  

Units Redeemed

     —       —       —       —       (273 )      (493 )      —       —  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net Increase (Decrease)

     —       —       —       —       (257 )      (453 )      —       —  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

VIP - Freedom 2015 Initial Class

                

Units Issued

     —       4       —       —       —       —       —       —  

Units Redeemed

     (62 )      (120 )      —       —       —       —       —       —  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net Increase (Decrease)

     (62 )      (116 )      —       —       —       —       —       —  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

 

(C) Fund Merged (Note 1)

 

  65   Annual Report

Notes to Financial Statements - continued

Fidelity Investments Variable Annuity Account I

 

5. Changes in Units Outstanding - continued

 

    Fidelity     Fidelity     Fidelity     Fidelity Freedom  
    Retirement Reserves     Income Advantage     Personal Retirement     Lifetime Income  
(in thousands)   2024     2023     2024     2023     2024     2023     2024     2023  

VIP - Investor Freedom 2015 Investor Class

                

Units Issued

     —       —       —       —       172       131       —       —  

Units Redeemed

     —       —       —       —       (398 )      (817 )      —       —  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net Increase (Decrease)

     —       —       —       —       (226 )      (686 )      —       —  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

VIP - Freedom 2020 Initial Class

                

Units Issued

     4       24       —       —       —       —       —       —  

Units Redeemed

     (139 )      (113 )      —       —       —       —       —       —  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net Increase (Decrease)

     (135 )      (89 )      —       —       —       —       —       —  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

VIP - Investor Freedom 2020 Investor Class

                

Units Issued

     —       —       —       —       410       279       —       —  

Units Redeemed

     —       —       —       —       (1,447 )      (1,087 )      —       —  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net Increase (Decrease)

     —       —       —       —       (1,037 )      (808 )      —       —  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

VIP - Freedom 2025 Initial Class

                

Units Issued

     31       62       —       —       —       —       —       —  

Units Redeemed

     (112 )      (142 )      —       —       —       —       —       —  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net Increase (Decrease)

     (81 )      (80 )      —       —       —       —       —       —  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

VIP - Investor Freedom 2025 Investor Class

                

Units Issued

     —       —       —       —       310       253       —       —  

Units Redeemed

     —       —       —       —       (1,474 )      (1,481 )      —       —  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net Increase (Decrease)

     —       —       —       —       (1,164 )      (1,228 )      —       —  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

VIP - Freedom 2030 Initial Class

                

Units Issued

     71       75       —       —       —       —       —       —  

Units Redeemed

     (73 )      (154 )      —       —       —       —       —       —  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net Increase (Decrease)

     (2 )      (79 )      —       —       —       —       —       —  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

VIP - Investor Freedom 2030 Investor Class

                                                                                                        

Units Issued

     —       —       —       —       1,007       770       —       —  

Units Redeemed

     —       —       —       —       (1,726 )      (1,917 )      —       —  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net Increase (Decrease)

     —       —       —       —       (719 )      (1,147 )      —       —  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

VIP - Freedom 2035 Initial Class (B)

    
 
      
 		    
 
      
 		    
 
      
 		    
 
      
 

Units Issued

     66       8       —       —       —       —       —       —  

Units Redeemed

     —       —       —       —       —       —       —       —  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net Increase (Decrease)

     66       8       —       —       —       —       —       —  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

VIP - Investor Freedom 2035 Investor Class (B)

                

Units Issued

     —       —       —       —       1,389       462       —       —  

Units Redeemed

     —       —       —       —       (236 )      1       —       —  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net Increase (Decrease)

     —       —       —       —       1,153       463       —       —  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

VIP - Freedom 2040 Initial Class (B)

                

Units Issued

     35       7       —       —       —       —       —       —  

Units Redeemed

     (3 )      —       —       —       —       —       —       —  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net Increase (Decrease)

     32       7       —       —       —       —       —       —  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

 

  66  

Annual Report

(B) New Fund (Note 1)

Notes to Financial Statements - continued

Fidelity Investments Variable Annuity Account I

 

5. Changes in Units Outstanding - continued

 

    Fidelity     Fidelity     Fidelity     Fidelity Freedom  
    Retirement Reserves     Income Advantage     Personal Retirement     Lifetime Income  
(in thousands)   2024     2023     2024     2023     2024     2023     2024     2023  

VIP - Investor Freedom 2040 Investor Class (B)

                

Units Issued

     —       —       —       —       515       496       —       —  

Units Redeemed

     —       —       —       —       (94 )      1       —       —  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net Increase (Decrease)

     —       —       —       —       421       497       —       —  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

VIP - Freedom 2045 Initial Class (B)

                

Units Issued

     5       —       —       —       —       —       —       —  

Units Redeemed

     (5 )      —       —       —       —       —       —       —  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net Increase (Decrease)

     —       —       —       —       —       —       —       —  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

VIP - Investor Freedom 2045 Investor Class (B)

                

Units Issued

     —       —       —       —       183       147       —       —  

Units Redeemed

     —       —       —       —       (56 )      —       —       —  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net Increase (Decrease)

     —       —       —       —       127       147       —       —  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

VIP - Freedom 2050 Initial Class (B)

                

Units Issued

     11       1       —       —       —       —       —       —  

Units Redeemed

     (9 )      —       —       —       —       —       —       —  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net Increase (Decrease)

     2       1       —       —       —       —       —       —  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

VIP - Investor Freedom 2050 Investor Class (B)

                

Units Issued

     —       —       —       —       428       161       —       —  

Units Redeemed

     —       —       —       —       (125 )      —       —       —  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net Increase (Decrease)

     —       —       —       —       303       161       —       —  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

VIP - Freedom Lifetime Income I

                

Units Issued

     —       —       —       —       —       —       —       3  

Units Redeemed

     —       —       —       —       —       —       (34 )      (52 ) 
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net Increase (Decrease)

     —       —       —       —       —       —       (34 )      (49 ) 
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

VIP - Freedom Lifetime Income II

                                                                                                        

Units Issued

     —       —       —       —       —       —       —       —  

Units Redeemed

     —       —       —       —       —       —       (93 )      (100 ) 
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net Increase (Decrease)

     —       —       —       —       —       —       (93 )      (100 ) 
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

VIP - Freedom Lifetime Income III

                

Units Issued

     —       —       —       —       —       —       10       —  

Units Redeemed

     —       —       —       —       —       —       (68 )      (86 ) 
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net Increase (Decrease)

     —       —       —       —       —       —       (58 )      (86 ) 
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

VIP - Disciplined Small Cap Initial Class

    
 
      
 		    
 
      
 		    
 
      
 		    
 
      
 

Units Issued

     256       159       12       18       —       —       —       —  

Units Redeemed

     (212 )      (179 )      (25 )      (26 )      —       —       —       —  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net Increase (Decrease)

     44       (20 )      (13 )      (8 )      —       —       —       —  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

VIP - Disciplined Small CapInvestor Class

                

Units Issued

     —       —       —       —       2,741       1,862       —       —  

Units Redeemed

     —       —       —       —       (2,412 )      (1,962 )      —       —  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net Increase (Decrease)

     —       —       —       —       329       (100 )      —       —  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

VIP - FundsManager 20% Investor Class

                

Units Issued

     55       121       5       —       1,578       1,988       20       —  

Units Redeemed

     (307 )      (500 )      (163 )      (88 )      (6,527 )      (8,413 )      (62 )      (137 ) 
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net Increase (Decrease)

     (252 )      (379 )      (158 )      (88 )      (4,949 )      (6,425 )      (42 )      (137 ) 
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

 

(B) New Fund (Note 1)

 

  67   Annual Report

Notes to Financial Statements - continued

Fidelity Investments Variable Annuity Account I

 

5. Changes in Units Outstanding - continued

 

    Fidelity     Fidelity     Fidelity     Fidelity Freedom  
    Retirement Reserves     Income Advantage     Personal Retirement     Lifetime Income  
(in thousands)   2024     2023     2024     2023     2024     2023     2024     2023  

VIP - FundsManager 30% Investor Class(B)

                

Units Issued

     85       —       —       —       760       492       —       —  

Units Redeemed

     —       —       1       1       (152 )      —       —       —  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net Increase (Decrease)

     85       —       1       1       608       492       —       —  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

VIP - FundsManager 40% Investor Class(B)

                

Units Issued

     47       116       —       —       1,023       1,011       —       —  

Units Redeemed

     (33 )      —       —       —       (159 )      1       —       —  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net Increase (Decrease)

     14       116       —       —       864       1,012       —       —  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

VIP - FundsManager 50% Investor Class

                

Units Issued

     41       135       —       8       4,075       2,962       —       14  

Units Redeemed

     (343 )      (516 )      (283 )      (184 )      (8,683 )      (8,435 )      (374 )      (409 ) 
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net Increase (Decrease)

     (302 )      (381 )      (283 )      (176 )      (4,608 )      (5,473 )      (374 )      (395 ) 
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

VIP - FundsManager 60% Investor Class

                

Units Issued

     77       90       5       18       6,129       4,434       9       23  

Units Redeemed

     (238 )      (191 )      (81 )      (80 )      (8,246 )      (6,702 )      (447 )      (475 ) 
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net Increase (Decrease)

     (161 )      (101 )      (76 )      (62 )      (2,117 )      (2,268 )      (438 )      (452 ) 
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

VIP - FundsManager 70% Investor Class

                

Units Issued

     49       92       4       5       9,746       5,160       14       54  

Units Redeemed

     (190 )      (344 )      (104 )      (116 )      (9,435 )      (6,798 )      (92 )      (103 ) 
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net Increase (Decrease)

     (141 )      (252 )      (100 )      (111 )      311       (1,638 )      (78 )      (49 ) 
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

VIP - FundsManager 85% Investor Class

                                                                                                        

Units Issued

     3       16       —       —       4,406       2,408       14       11  

Units Redeemed

     (50 )      (112 )      (46 )      (75 )      (2,734 )      (2,075 )      (54 )      (55 ) 
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net Increase (Decrease)

     (47 )      (96 )      (46 )      (75 )      1,672       333       (40 )      (44 ) 
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

VIP - Consumer Staples Initial Class

                

Units Issued

     21       67       1       8       —       —       —       —  

Units Redeemed

     (106 )      (207 )      (10 )      (26 )      —       —       —       —  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net Increase (Decrease)

     (85 )      (140 )      (9 )      (18 )      —       —       —       —  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

VIP - Consumer Staples Investor Class

    
 
      
 		    
 
      
 		    
 
      
 		    
 
      
 

Units Issued

     —       —       —       —       644       1,083       —       —  

Units Redeemed

     —       —       —       —       (1,509 )      (1,947 )      —       —  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net Increase (Decrease)

     —       —       —       —       (865 )      (864 )      —       —  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

VIP - Materials Initial Class

                

Units Issued

     24       45       —       13       —       —       —       —  

Units Redeemed

     (133 )      (153 )      (11 )      (20 )      —       —       —       —  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net Increase (Decrease)

     (109 )      (108 )      (11 )      (7 )      —       —       —       —  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

VIP - Materials Investor Class

                

Units Issued

     —       —       —       —       463       670       —       —  

Units Redeemed

     —       —       —       —       (864 )      (1,223 )      —       —  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net Increase (Decrease)

     —       —       —       —       (401 )      (553 )      —       —  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

VIP - Communication Services Initial Class

                

Units Issued

     138       414       12       83       —       —       —       —  

Units Redeemed

     (230 )      (164 )      (38 )      (27 )      —       —       —       —  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net Increase (Decrease)

     (92 )      250       (26 )      56       —       —       —       —  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

 

  68  

Annual Report

Notes to Financial Statements - continued

Fidelity Investments Variable Annuity Account I

 

5. Changes in Units Outstanding - continued

 

    Fidelity     Fidelity     Fidelity     Fidelity Freedom  
    Retirement Reserves     Income Advantage     Personal Retirement     Lifetime Income  
(in thousands)   2024     2023     2024     2023     2024     2023     2024     2023  

VIP - Communication Services Investor Class

                

Units Issued

     —       —       —       —       1,561       3,095       —       —  

Units Redeemed

     —       —       —       —       (1,934 )      (1,428 )      —       —  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net Increase (Decrease)

     —       —       —       —       (373 )      1,667       —       —  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

VIP - Emerging Markets Initial Class

                

Units Issued

     117       217       3       30       —       —       —       —  

Units Redeemed

     (186 )      (292 )      (20 )      (35 )      —       —       —       —  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net Increase (Decrease)

     (69 )      (75 )      (17 )      (5 )      —       —       —       —  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

VIP - Emerging Markets Investor Class

                

Units Issued

     —       —       —       —       1,646       1,809       —       —  

Units Redeemed

     —       —       —       —       (2,095 )      (2,394 )      —       —  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net Increase (Decrease)

     —       —       —       —       (449 )      (585 )      —       —  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

VIP - Floating Rate High Income Initial Class

                

Units Issued

     371       600       25       25       —       —       —       —  

Units Redeemed

     (454 )      (251 )      (15 )      (17 )      —       —       —       —  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net Increase (Decrease)

     (83 )      349       10       8       —       —       —       —  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

VIP - Floating Rate High Income Investor Class

                                                                                                        

Units Issued

     —       —       —       —       7,543       7,632       —       —  

Units Redeemed

     —       —       —       —       (5,699 )      (5,955 )      —       —  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net Increase (Decrease)

     —       —       —       —       1,844       1,677       —       —  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

VIP - Bond Index Initial Class

                

Units Issued

     839       630       9       14       17,641       12,569       —       —  

Units Redeemed

     (878 )      (440 )      (21 )      (32 )      (11,988 )      (7,870 )      —       —  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net Increase (Decrease)

     (39 )      190       (12 )      (18 )      5,653       4,699       —       —  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

VIP - Total Market Index Initial Class

    
 
      
 		    
 
      
 		    
 
      
 		    
 
      
 

Units Issued

     520       581       9       35       11,240       9,568       —       —  

Units Redeemed

     (512 )      (459 )      (9 )      (33 )      (8,282 )      (6,097 )      —       —  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net Increase (Decrease)

     8       122       —       2       2,958       3,471       —       —  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

VIF - Extended Market Index Initial Class

                

Units Issued

     57       119       1       6       2,664       2,515       —       —  

Units Redeemed

     (88 )      (215 )      (3 )      (21 )      (2,875 )      (2,919 )      —       —  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net Increase (Decrease)

     (31 )      (96 )      (2 )      (15 )      (211 )      (404 )      —       —  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

VIF - International Index Initial Class

                

Units Issued

     155       171       2       11       5,307       5,312       —       —  

Units Redeemed

     (208 )      (151 )      (3 )      (10 )      (4,328 )      (3,459 )      —       —  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net Increase (Decrease)

     (53 )      20       (1 )      1       979       1,853       —       —  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

VIF - Emerging Markets Equity Class I

                

Units Issued

     8       13       —       —       363       210       —       —  

Units Redeemed

     (84 )      (63 )      (6 )      (8 )      (435 )      (433 )      —       —  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net Increase (Decrease)

     (76 )      (50 )      (6 )      (8 )      (72 )      (223 )      —       —  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

 

  69   Annual Report

Notes to Financial Statements - continued

Fidelity Investments Variable Annuity Account I

 

5. Changes in Units Outstanding - continued

 

    Fidelity     Fidelity     Fidelity     Fidelity Freedom  
    Retirement Reserves     Income Advantage     Personal Retirement     Lifetime Income  
(in thousands)   2024     2023     2024     2023     2024     2023     2024     2023  

VIF - Emerging Markets Debt Class I

                

Units Issued

     27       58       —       —       417       470       —       —  

Units Redeemed

     (99 )      (31 )      (3 )      (2 )      (679 )      (927 )      —       —  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net Increase (Decrease)

     (72 )      27       (3 )      (2 )      (262 )      (457 )      —       —  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

VIF - Global Strategist - Class II

                

Units Issued

     1       1       —       2       146       100       —       —  

Units Redeemed

     (31 )      (32 )      (8 )      (10 )      (128 )      (146 )      —       —  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net Increase (Decrease)

     (30 )      (31 )      (8 )      (8 )      18       (46 )      —       —  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Invesco - V.I. Global Core Equity Series I

                

Units Issued

     9       3       —       1       380       137       —       —  

Units Redeemed

     (41 )      (16 )      (4 )      (5 )      (154 )      (162 )      —       —  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net Increase (Decrease)

     (32 )      (13 )      (4 )      (4 )      226       (25 )      —       —  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Allspring - VT Discovery SMID Cap Growth Class 2 (A)

                

Units Issued

     2       2       —       —       —       —       —       —  

Units Redeemed

     (30 )      (46 )      (5 )      (6 )      —       —       —       —  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net Increase (Decrease)

     (28 )      (44 )      (5 )      (6 )      —       —       —       —  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Allspring - VT Opportunity Class 2

                                                                                                        

Units Issued

     1       —       —       —       —       —       —       —  

Units Redeemed

     (25 )      (15 )      (3 )      (4 )      —       —       —       —  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net Increase (Decrease)

     (24 )      (15 )      (3 )      (4 )      —       —       —       —  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Lazard - Retirement Emerging Markets Portfolio - Investor

                

Units Issued

     17       24       —       5       348       294       —       —  

Units Redeemed

     (154 )      (65 )      (5 )      (5 )      (629 )      (552 )      —       —  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net Increase (Decrease)

     (137 )      (41 )      (5 )      —       (281 )      (258 )      —       —  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

PVIT - Commodity Real Return - Strategy Portfolio - Administrative

    
 
      
 		    
 
      
 		    
 
      
 		    
 
      
 

Units Issued

     —       —       —       —       524       685       —       —  

Units Redeemed

     —       —       (17 )      (152 )      (1,842 )      (5,310 )      —       —  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net Increase (Decrease)

     —       —       (17 )      (152 )      (1,318 )      (4,625 )      —       —  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

PVIT - Low Duration Portfolio - Administrative

                

Units Issued

     255       157       2       2       4,662       3,427       —       —  

Units Redeemed

     (840 )      (497 )      (7 )      (8 )      (6,736 )      (7,717 )      —       —  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net Increase (Decrease)

     (585 )      (340 )      (5 )      (6 )      (2,074 )      (4,290 )      —       —  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

PVIT - Real Return Portfolio - Administrative

                

Units Issued

     40       55       3       1       640       761       —       —  

Units Redeemed

     (111 )      (136 )      (6 )      (7 )      (2,159 )      (2,877 )      —       —  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net Increase (Decrease)

     (71 )      (81 )      (3 )      (6 )      (1,519 )      (2,116 )      —       —  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

PVIT - Total Return Portfolio - Administrative

                

Units Issued

     69       290       4       1       3,515       2,326       —       —  

Units Redeemed

     (161 )      (444 )      (13 )      (8 )      (5,245 )      (4,962 )      —       —  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net Increase (Decrease)

     (92 )      (154 )      (9 )      (7 )      (1,730 )      (2,636 )      —       —  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

 

(A) Fund Name Change (Note 1)

 

  70  

Annual Report

Notes to Financial Statements - continued

Fidelity Investments Variable Annuity Account I

 

5. Changes in Units Outstanding - continued

 

    Fidelity     Fidelity     Fidelity     Fidelity Freedom  
    Retirement Reserves     Income Advantage     Personal Retirement     Lifetime Income  
(in thousands)   2024     2023     2024     2023     2024     2023     2024     2023  

Blackrock - Global Allocation V.I. Fund - Class I

                

Units Issued

     18       16       1       2       515       341       —       —  

Units Redeemed

     (55 )      (40 )      (4 )      (5 )      (1,228 )      (1,308 )      —       —  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net Increase (Decrease)

     (37 )      (24 )      (3 )      (3 )      (713 )      (967 )      —       —  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

FTVIP - Templeton Global Bond Fund - Class 2

                

Units Issued

     21       25       —       2       450       506       —       —  

Units Redeemed

     (36 )      (51 )      (3 )      (5 )      (673 )      (899 )      —       —  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net Increase (Decrease)

     (15 )      (26 )      (3 )      (3 )      (223 )      (393 )      —       —  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

FTVIP - Franklin U.S. Government Securities Fund - Class 2

                

Units Issued

     159       127       1       2       1,480       1,723       —       —  

Units Redeemed

     (204 )      (160 )      (7 )      (3 )      (1,646 )      (1,896 )      —       —  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net Increase (Decrease)

     (45 )      (33 )      (6 )      (1 )      (166 )      (173 )      —       —  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

 

                Fidelity Growth and Guaranteed Income  
(in thousands)                 2024         2023    

VIP - Government Money Market Investor Class

                                    

Units Issued

         3,540       3,755  

Units Redeemed

         (3,548 )      (3,768 ) 
     

 

 

    

 

 

  

Net Increase (Decrease)

         (8 )      (13 ) 
     

 

 

    

 

 

  

VIP - Balanced Investor Class

        

Units Issued

         47       63  

Units Redeemed

         (3,473 )      (3,339 ) 
     

 

 

    

 

 

  

Net Increase (Decrease)

         (3,426 )      (3,276 ) 
     

 

 

    

 

 

  

VIP - FundsManager 60% Investor Class

        

Units Issued

         7       6  

Units Redeemed

         (3,164 )      (2,861 ) 
     

 

 

    

 

 

  

Net Increase (Decrease)

         (3,157 )      (2,855 ) 
     

 

 

    

 

 

  

6. Unit Values

A summary of unit values, units outstanding, income and expense ratios, investment income, and total return for each sub account, for each of the five years in the period ended December 31:

 

          Unit value (4)           Expense ratio (1)(4)           Total Return (3)(4)  
    Units
(000s)		     Highest     Lowest     Net assets
(000s)		     Lowest     Highest     Investment
income ratio (2)		      Highest       Lowest   

VIP - Government Money Market Initial Class

                  

2024

     9,899       $22.87       $21.72     $ 225,987       0.80 %      1.00 %      4.99 %      4.26 %      4.07 % 

2023

     10,694       $21.93       $20.87     $ 234,183       0.80 %      1.00 %      4.78 %      4.05 %      3.83 % 

2022

     12,621       $21.08       $20.10     $ 265,606       0.80 %      1.00 %      1.52 %      0.64 %      0.45 % 

2021

     10,312       $20.95       $20.01     $ 215,555       0.80 %      1.00 %      0.01 %      (0.79 %)      (1.00 %) 

2020

     12,602       $21.11       $20.21     $ 265,511       0.80 %      1.00 %      0.29 %      (0.49 %)      (0.69 %) 

 

  71   Annual Report

Notes to Financial Statements - continued

Fidelity Investments Variable Annuity Account I

 

6. Unit Values - continued

 

          Unit value (4)           Expense ratio (1)(4)           Total Return (3)(4)  
    Units
(000s)		     Highest     Lowest     Net assets
(000s)		     Lowest     Highest     Investment
income ratio (2)		      Highest       Lowest   

VIP - Government Money Market Investor Class

                  

2024

     253,334       $11.55       $9.55     $ 3,076,385       0.10 %      1.40 %      4.95 %      4.97 %      3.60 % 

2023

     236,066       $11.04       $9.14     $ 2,742,526       0.10 %      1.40 %      4.78 %      4.78 %      3.37 % 

2022

     209,547       $10.54       $9.03     $ 2,325,405       0.10 %      1.40 %      1.52 %      1.31 %      0.16 % 

2021

     159,019       $10.40       $9.01     $ 1,739,232       0.10 %      1.40 %      0.01 %      (0.09 %)      (1.24 %) 

2020

     164,894       $10.41       $9.13     $ 1,813,259       0.10 %      1.40 %      0.28 %      0.21 %      (0.95 %) 

VIP - High Income Initial Class

                  

2024

     753       $65.98       $62.71     $ 49,163       0.80 %      1.00 %      5.68 %      8.10 %      7.97 % 

2023

     874       $61.04       $58.08     $ 52,869       0.80 %      1.00 %      5.51 %      9.60 %      9.38 % 

2022

     977       $55.69       $53.10     $ 53,866       0.80 %      1.00 %      4.87 %      (12.09 %)      (12.26 %) 

2021

     1,122       $63.35       $60.52     $ 70,393       0.80 %      1.00 %      5.28 %      3.58 %      3.37 % 

2020

     1,187       $61.16       $58.55     $ 71,886       0.80 %      1.00 %      4.96 %      1.92 %      1.72 % 

VIP - High Income Investor Class

                  

2024

     13,919       $19.84       $30.88     $ 308,629       0.10 %      0.25 %      6.13 %      8.94 %      8.78 % 

2023

     14,318       $18.22       $28.39     $ 294,761       0.10 %      0.25 %      5.58 %      10.20 %      10.04 % 

2022

     15,578       $16.53       $25.80     $ 291,924       0.10 %      0.25 %      5.01 %      (11.56 %)      (11.69 %) 

2021

     17,810       $18.69       $29.22     $ 377,064       0.10 %      0.25 %      5.32 %      4.52 %      4.36 % 

2020

     18,126       $17.88       $27.99     $ 370,663       0.10 %      0.25 %      5.07 %      2.64 %      2.48 % 

VIP - Equity-Income Initial Class

                  

2024

     1,853       $207.44       $197.10     $ 382,625       0.80 %      1.00 %      1.73 %      14.42 %      14.21 % 

2023

     2,059       $181.30       $172.57     $ 371,409       0.80 %      1.00 %      1.89 %      9.76 %      9.58 % 

2022

     2,268       $165.17       $157.48     $ 372,789       0.80 %      1.00 %      1.85 %      (5.72 %)      (5.91 %) 

2021

     2,466       $175.18       $167.37     $ 429,819       0.80 %      1.00 %      1.89 %      23.89 %      23.65 % 

2020

     2,624       $141.40       $135.36     $ 369,212       0.80 %      1.00 %      1.80 %      5.84 %      5.62 % 

VIP - Equity-Income Investor Class

                  

2024

     14,341       $45.50       $66.45     $ 624,856       0.10 %      0.25 %      1.81 %      15.14 %      14.97 % 

2023

     14,414       $39.52       $57.80     $ 543,997       0.10 %      0.25 %      1.88 %      10.45 %      10.28 % 

2022

     14,707       $35.78       $52.41     $ 502,741       0.10 %      0.25 %      1.89 %      (5.11 %)      (5.26 %) 

2021

     13,949       $37.71       $55.32     $ 503,315       0.10 %      0.25 %      1.89 %      24.71 %      24.52 % 

2020

     12,577       $30.24       $44.42     $ 362,054       0.10 %      0.25 %      1.79 %      6.47 %      6.31 % 

VIP - Growth Initial Class

                  

2024

     1,742       $455.56       $432.77     $ 790,637       0.80 %      1.00 %      —       29.34 %      29.13 % 

2023

     1,908       $352.21       $335.14     $ 669,758       0.80 %      1.00 %      0.13 %      35.15 %      34.88 % 

2022

     2,039       $260.60       $248.48     $ 529,694       0.80 %      1.00 %      0.62 %      (25.06 %)      (25.21 %) 

2021

     2,209       $347.74       $332.23     $ 765,572       0.80 %      1.00 %      —       22.23 %      21.98 % 

2020

     2,399       $284.50       $272.36     $ 679,861       0.80 %      1.00 %      0.07 %      42.74 %      42.45 % 

VIP - Growth Investor Class

                  

2024

     13,634       $96.86       $138.14     $ 1,288,097       0.10 %      0.25 %      —       30.17 %      29.97 % 

2023

     12,989       $74.41       $106.29     $ 940,370       0.10 %      0.25 %      0.07 %      35.99 %      35.78 % 

2022

     11,867       $54.72       $78.28     $ 632,484       0.10 %      0.25 %      0.53 %      (24.59 %)      (24.70 %) 

2021

     12,313       $72.56       $103.96     $ 871,206       0.10 %      0.25 %      —       23.00 %      22.82 % 

2020

     11,736       $58.99       $84.64     $ 674,257       0.10 %      0.25 %      0.06 %      43.64 %      43.42 % 

VIP - Overseas Initial Class

                  

2024

     811       $74.04       $70.30     $ 59,845       0.80 %      1.00 %      1.58 %      4.21 %      4.01 % 

2023

     926       $71.05       $67.59     $ 65,518       0.80 %      1.00 %      1.02 %      19.57 %      19.29 % 

2022

     1,008       $59.42       $56.66     $ 59,715       0.80 %      1.00 %      1.04 %      (25.09 %)      (25.24 %) 

2021

     1,107       $79.32       $75.78     $ 87,478       0.80 %      1.00 %      0.52 %      18.74 %      18.50 % 

2020

     1,210       $66.80       $63.95     $ 80,458       0.80 %      1.00 %      0.44 %      14.69 %      14.46 % 

VIP - Overseas Investor Class

                  

2024

     8,240       $25.57       $34.90     $ 213,047       0.10 %      0.25 %      1.50 %      4.87 %      4.71 % 

2023

     9,047       $24.38       $33.33     $ 223,226       0.10 %      0.25 %      0.97 %      20.29 %      20.10 % 

2022

     9,282       $20.27       $27.75     $ 190,729       0.10 %      0.25 %      0.99 %      (24.62 %)      (24.73 %) 

2021

     9,733       $26.89       $36.87     $ 265,667       0.10 %      0.25 %      0.48 %      19.51 %      19.33 % 

2020

     9,859       $22.50       $30.89     $ 225,658       0.10 %      0.25 %      0.36 %      15.38 %      15.21 % 

 

  72  

Annual Report

Notes to Financial Statements - continued

Fidelity Investments Variable Annuity Account I

 

6. Unit Values - continued

 

          Unit value (4)           Expense ratio (1)(4)           Total Return (3)(4)  
    Units
(000s)		     Highest     Lowest     Net assets
(000s)		     Lowest     Highest     Investment
income ratio (2)		      Highest       Lowest   

VIP - Investment Grade Bond Initial Class

                  

2024

     2,282       $45.68       $43.40     $ 103,361       0.80 %      1.00 %      3.42 %      0.97 %      0.81 % 

2023

     2,576       $45.25       $43.05     $ 115,587       0.80 %      1.00 %      2.52 %      5.34 %      5.13 % 

2022

     2,851       $42.95       $40.95     $ 121,340       0.80 %      1.00 %      2.10 %      (13.65 %)      (13.82 %) 

2021

     3,369       $49.74       $47.52     $ 166,332       0.80 %      1.00 %      1.99 %      (1.40 %)      (1.60 %) 

2020

     3,816       $50.44       $48.29     $ 191,178       0.80 %      1.00 %      2.24 %      8.52 %      8.30 % 

VIP - Investment Grade Bond Investor Class

                  

2024

     45,622       $14.00       $17.73     $ 708,962       0.10 %      0.25 %      3.51 %      1.64 %      1.49 % 

2023

     44,022       $13.77       $17.47     $ 679,669       0.10 %      0.25 %      2.54 %      6.02 %      5.82 % 

2022

     45,579       $12.99       $16.51     $ 665,825       0.10 %      0.25 %      2.11 %      (13.06 %)      (13.15 %) 

2021

     53,000       $14.94       $19.01     $ 894,402       0.10 %      0.25 %      2.01 %      (0.74 %)      (0.89 %) 

2020

     57,498       $15.05       $19.18     $ 985,291       0.10 %      0.25 %      2.32 %      9.22 %      9.06 % 

VIP - Asset Manager Initial Class

                  

2024

     1,848       $84.31       $80.10     $ 154,929       0.80 %      1.00 %      2.36 %      7.62 %      7.42 % 

2023

     2,064       $78.34       $74.57     $ 160,852       0.80 %      1.00 %      2.28 %      12.04 %      11.87 % 

2022

     2,311       $69.92       $66.66     $ 160,703       0.80 %      1.00 %      1.99 %      (15.61 %)      (15.79 %) 

2021

     2,570       $82.85       $79.16     $ 211,820       0.80 %      1.00 %      1.59 %      9.04 %      8.82 % 

2020

     2,771       $75.99       $72.74     $ 209,493       0.80 %      1.00 %      1.49 %      13.95 %      13.72 % 

VIP - Asset Manager Investor Class

                  

2024

     7,223       $25.18       $35.08     $ 198,286       0.10 %      0.25 %      2.33 %      8.25 %      8.09 % 

2023

     8,037       $23.26       $32.46     $ 205,342       0.10 %      0.25 %      2.22 %      12.80 %      12.63 % 

2022

     8,886       $20.62       $28.82     $ 201,369       0.10 %      0.25 %      1.99 %      (15.10 %)      (15.22 %) 

2021

     9,594       $24.29       $34.00     $ 256,967       0.10 %      0.25 %      1.59 %      9.74 %      9.58 % 

2020

     9,193       $22.13       $31.02     $ 226,257       0.10 %      0.25 %      1.48 %      14.65 %      14.48 % 

VIP - Index 500 Initial Class

                  

2024

     89,348       $68.84       $182.87     $ 6,545,419       0.10 %      1.00 %      1.30 %      24.77 %      23.68 % 

2023

     87,411       $55.17       $147.86     $ 5,176,473       0.10 %      1.00 %      1.50 %      26.08 %      25.02 % 

2022

     85,283       $43.76       $118.27     $ 4,041,574       0.10 %      1.00 %      1.48 %      (18.30 %)      (19.03 %) 

2021

     84,374       $53.56       $146.07     $ 4,944,733       0.10 %      1.00 %      1.29 %      28.45 %      27.29 % 

2020

     78,449       $41.70       $114.75     $ 3,630,663       0.10 %      1.00 %      1.76 %      18.12 %      17.05 % 

VIP - Asset Manager Growth Initial Class

                  

2024

     929       $63.87       $60.66     $ 58,874       0.80 %      1.00 %      1.74 %      9.92 %      9.71 % 

2023

     1,026       $58.11       $55.29     $ 59,214       0.80 %      1.00 %      1.76 %      15.43 %      15.19 % 

2022

     1,154       $50.34       $48.00     $ 57,709       0.80 %      1.00 %      1.79 %      (17.54 %)      (17.70 %) 

2021

     1,243       $61.05       $58.32     $ 75,337       0.80 %      1.00 %      1.40 %      13.05 %      12.82 % 

2020

     1,322       $54.00       $51.70     $ 70,900       0.80 %      1.00 %      1.11 %      16.32 %      16.09 % 

VIP - Asset Manager Growth Investor Class

                  

2024

     4,220       $31.16       $44.79     $ 139,412       0.10 %      0.25 %      1.74 %      10.62 %      10.45 % 

2023

     4,240       $28.17       $40.56     $ 126,952       0.10 %      0.25 %      1.78 %      16.13 %      15.97 % 

2022

     4,513       $24.26       $34.97     $ 116,332       0.10 %      0.25 %      1.79 %      (17.01 %)      (17.15 %) 

2021

     4,547       $29.23       $42.21     $ 141,408       0.10 %      0.25 %      1.41 %      13.77 %      13.60 % 

2020

     4,416       $25.69       $37.15     $ 121,466       0.10 %      0.25 %      1.06 %      17.08 %      16.90 % 

VIP - Contrafund Initial Class

                  

2024

     5,229       $246.33       $234.12     $ 1,283,133       0.80 %      1.00 %      0.19 %      32.72 %      32.47 % 

2023

     5,742       $185.61       $176.74     $ 1,061,566       0.80 %      1.00 %      0.49 %      32.39 %      32.21 % 

2022

     6,239       $140.20       $133.68     $ 871,487       0.80 %      1.00 %      0.50 %      (26.90 %)      (27.05 %) 

2021

     6,806       $191.79       $183.24     $ 1,300,199       0.80 %      1.00 %      0.06 %      26.81 %      26.56 % 

2020

     7,278       $151.24       $144.79     $ 1,096,430       0.80 %      1.00 %      0.25 %      29.52 %      29.26 % 

VIP - Contrafund Investor Class

                  

2024

     39,878       $68.84       $103.61     $ 2,826,886       0.10 %      0.25 %      0.14 %      33.57 %      33.36 % 

2023

     38,487       $51.54       $77.69     $ 2,055,964       0.10 %      0.25 %      0.44 %      33.22 %      33.03 % 

2022

     39,889       $38.69       $58.40     $ 1,601,868       0.10 %      0.25 %      0.43 %      (26.45 %)      (26.57 %) 

2021

     42,408       $52.60       $79.53     $ 2,317,809       0.10 %      0.25 %      0.05 %      27.62 %      27.42 % 

2020

     42,973       $41.22       $62.41     $ 1,851,077       0.10 %      0.25 %      0.18 %      30.35 %      30.15 % 

 

  73   Annual Report

Notes to Financial Statements - continued

Fidelity Investments Variable Annuity Account I

 

6. Unit Values - continued

 

          Unit value (4)           Expense ratio (1)(4)           Total Return (3)(4)  
    Units
(000s)		     Highest     Lowest     Net assets
(000s)		     Lowest     Highest     Investment
income ratio (2)		      Highest       Lowest   

VIP - Balanced Initial Class

                  

2024

     3,019       $64.68       $61.41     $ 193,490       0.80 %      1.00 %      1.83 %      14.99 %      14.76 % 

2023

     3,201       $56.25       $53.51     $ 178,589       0.80 %      1.00 %      1.71 %      20.57 %      20.30 % 

2022

     3,502       $46.65       $44.48     $ 162,029       0.80 %      1.00 %      1.25 %      (18.60 %)      (18.76 %) 

2021

     3,893       $57.31       $54.75     $ 221,126       0.80 %      1.00 %      0.94 %      17.32 %      17.08 % 

2020

     3,966       $48.85       $46.76     $ 192,127       0.80 %      1.00 %      1.45 %      21.41 %      21.16 % 

VIP - Balanced Investor Class

                  

2024

     95,011       $41.35       $31.66     $ 4,031,716       0.10 %      1.40 %      1.81 %      15.72 %      14.20 % 

2023

     98,873       $35.74       $47.35     $ 3,631,880       0.10 %      1.40 %      1.67 %      21.31 %      19.72 % 

2022

     104,644       $29.46       $39.55     $ 3,169,282       0.10 %      1.40 %      1.19 %      (18.12 %)      (19.17 %) 

2021

     112,027       $35.98       $48.93     $ 4,141,613       0.10 %      1.40 %      0.88 %      18.06 %      16.52 % 

2020

     108,982       $30.48       $41.99     $ 3,419,574       0.10 %      1.40 %      1.39 %      22.23 %      20.64 % 

VIP - Dynamic Capital Appreciation Initial Class

                  

2024

     313       $82.87       $79.39     $ 25,722       0.80 %      1.00 %      0.22 %      24.52 %      24.26 % 

2023

     340       $66.55       $63.89     $ 22,464       0.80 %      1.00 %      0.36 %      28.04 %      27.78 % 

2022

     363       $51.98       $50.00     $ 18,780       0.80 %      1.00 %      0.30 %      (21.50 %)      (21.66 %) 

2021

     419       $66.22       $63.82     $ 27,569       0.80 %      1.00 %      0.41 %      23.63 %      23.38 % 

2020

     450       $53.56       $51.73     $ 23,928       0.80 %      1.00 %      0.22 %      32.54 %      32.27 % 

VIP - Dynamic Capital Appreciation Investor Class

                  

2024

     2,927       $71.52       $112.05     $ 214,160       0.10 %      0.25 %      0.16 %      25.30 %      25.11 % 

2023

     2,944       $57.08       $89.56     $ 172,512       0.10 %      0.25 %      0.29 %      28.80 %      28.60 % 

2022

     2,940       $44.32       $69.64     $ 133,970       0.10 %      0.25 %      0.24 %      (20.97 %)      (21.08 %) 

2021

     3,241       $56.08       $88.25     $ 186,787       0.10 %      0.25 %      0.34 %      24.33 %      24.15 % 

2020

     3,139       $45.10       $71.08     $ 146,488       0.10 %      0.25 %      0.16 %      33.40 %      33.20 % 

VIP - Growth & Income
Initial Class

                  

2024

     1,645       $84.31       $80.13     $ 137,805       0.80 %      1.00 %      1.42 %      21.23 %      21.01 % 

2023

     1,829       $69.54       $66.22     $ 126,488       0.80 %      1.00 %      1.64 %      17.77 %      17.62 % 

2022

     1,987       $59.05       $56.30     $ 116,648       0.80 %      1.00 %      1.62 %      (5.71 %)      (5.90 %) 

2021

     2,139       $62.62       $59.83     $ 133,106       0.80 %      1.00 %      2.40 %      24.94 %      24.69 % 

2020

     2,284       $50.12       $47.98     $ 113,765       0.80 %      1.00 %      2.11 %      6.98 %      6.77 % 

VIP - Growth & Income
Investor Class

                  

2024

     7,064       $60.43       $81.77     $ 415,400       0.10 %      0.25 %      1.45 %      22.05 %      21.87 % 

2023

     7,118       $49.51       $67.10     $ 342,117       0.10 %      0.25 %      1.62 %      18.50 %      18.32 % 

2022

     7,234       $41.78       $56.71     $ 293,370       0.10 %      0.25 %      1.70 %      (5.10 %)      (5.24 %) 

2021

     6,293       $44.03       $59.85     $ 269,306       0.10 %      0.25 %      2.48 %      25.67 %      25.48 % 

2020

     5,605       $35.03       $47.69     $ 190,471       0.10 %      0.25 %      2.03 %      7.65 %      7.49 % 

VIP - Growth Opportunities
Initial Class

                  

2024

     1,809       $118.30       $112.36     $ 212,890       0.80 %      1.00 %      —       37.77 %      37.53 % 

2023

     1,974       $85.87       $81.70     $ 168,522       0.80 %      1.00 %      —       44.51 %      44.19 % 

2022

     2,103       $59.42       $56.66     $ 124,260       0.80 %      1.00 %      —       (38.64 %)      (38.76 %) 

2021

     2,566       $96.85       $92.53     $ 247,094       0.80 %      1.00 %      —       11.05 %      10.82 % 

2020

     3,024       $87.21       $83.49     $ 262,165       0.80 %      1.00 %      0.01 %      67.31 %      66.97 % 

VIP - Growth Opportunities Investor Class

                  

2024

     10,500       $120.09       $196.41     $ 1,212,984       0.10 %      0.25 %      —       38.65 %      38.44 % 

2023

     10,899       $86.62       $141.88     $ 906,189       0.10 %      0.25 %      —       45.43 %      45.20 % 

2022

     11,088       $59.56       $97.71     $ 633,823       0.10 %      0.25 %      —       (38.27 %)      (38.36 %) 

2021

     13,573       $96.48       $158.51     $ 1,258,355       0.10 %      0.25 %      —       11.75 %      11.59 % 

2020

     13,926       $86.33       $142.05     $ 1,154,274       0.10 %      0.25 %      0.01 %      68.35 %      68.10 % 

VIP - Mid Cap Initial Class

                  

2024

     3,142       $84.50       $80.40     $ 263,581       0.80 %      1.00 %      0.53 %      16.56 %      16.32 % 

2023

     3,587       $72.50       $69.12     $ 258,327       0.80 %      1.00 %      0.59 %      14.22 %      13.98 % 

2022

     4,016       $63.47       $60.64     $ 253,251       0.80 %      1.00 %      0.49 %      (15.43 %)      (15.59 %) 

2021

     4,322       $75.05       $71.84     $ 322,312       0.80 %      1.00 %      0.60 %      24.60 %      24.35 % 

2020

     4,691       $60.23       $57.77     $ 280,720       0.80 %      1.00 %      0.65 %      17.24 %      17.00 % 

 

  74  

Annual Report

Notes to Financial Statements - continued

Fidelity Investments Variable Annuity Account I

 

6. Unit Values - continued

 

          Unit value (4)           Expense ratio (1)(4)           Total Return (3)(4)  
    Units
(000s)		     Highest     Lowest     Net assets
(000s)		     Lowest     Highest     Investment
income ratio (2)		      Highest       Lowest   

VIP - Mid Cap Investor Class

                  

2024

     15,034       $40.63       $71.42     $ 673,555       0.10 %      0.25 %      0.50 %      17.29 %      17.11 % 

2023

     15,090       $34.64       $60.99     $ 584,105       0.10 %      0.25 %      0.51 %      14.90 %      14.72 % 

2022

     16,866       $30.15       $53.16     $ 567,814       0.10 %      0.25 %      0.46 %      (14.92 %)      (15.04 %) 

2021

     16,577       $35.44       $62.57     $ 658,078       0.10 %      0.25 %      0.55 %      25.41 %      25.23 % 

2020

     16,360       $28.26       $49.97     $ 526,491       0.10 %      0.25 %      0.57 %      17.96 %      17.78 % 

VIP - Value Strategies
Initial Class

                  

2024

     781       $54.83       $52.53     $ 42,372       0.80 %      1.00 %      1.00 %      8.52 %      8.31 % 

2023

     866       $50.52       $48.50     $ 43,438       0.80 %      1.00 %      1.11 %      19.89 %      19.63 % 

2022

     1,025       $42.14       $40.54     $ 42,935       0.80 %      1.00 %      1.01 %      (7.77 %)      (7.94 %) 

2021

     1,215       $45.69       $44.04     $ 55,174       0.80 %      1.00 %      1.51 %      32.53 %      32.26 % 

2020

     1,081       $34.48       $33.30     $ 36,927       0.80 %      1.00 %      1.39 %      7.39 %      7.17 % 

VIP - Value Strategies
Investor Class

                  

2024

     3,837       $48.03       $98.06     $ 184,987       0.10 %      0.25 %      0.96 %      9.26 %      9.09 % 

2023

     4,454       $43.96       $89.88     $ 196,657       0.10 %      0.25 %      1.05 %      20.61 %      20.44 % 

2022

     5,141       $36.45       $74.63     $ 188,676       0.10 %      0.25 %      0.94 %      (7.19 %)      (7.33 %) 

2021

     5,968       $39.27       $80.54     $ 236,505       0.10 %      0.25 %      1.54 %      33.35 %      33.15 % 

2020

     3,903       $29.45       $60.49     $ 116,259       0.10 %      0.25 %      1.53 %      8.16 %      7.99 % 

VIP - Utilities Initial Class

                  

2024

     586       $52.15       $49.74     $ 30,402       0.80 %      1.00 %      2.09 %      27.96 %      27.70 % 

2023

     584       $40.75       $38.95     $ 23,681       0.80 %      1.00 %      2.08 %      (1.83 %)      (2.01 %) 

2022

     833       $41.51       $39.75     $ 34,384       0.80 %      1.00 %      1.64 %      4.59 %      4.36 % 

2021

     651       $39.69       $38.09     $ 25,765       0.80 %      1.00 %      1.85 %      16.56 %      16.32 % 

2020

     732       $34.05       $32.74     $ 24,771       0.80 %      1.00 %      2.46 %      (0.98 %)      (1.18 %) 

VIP - Utilities Investor Class

                  

2024

     4,939       $46.59       $57.30     $ 248,114       0.10 %      0.25 %      2.26 %      28.76 %      28.57 % 

2023

     3,987       $36.18       $44.57     $ 158,539       0.10 %      0.25 %      2.04 %      (1.23 %)      (1.36 %) 

2022

     5,431       $36.63       $45.18     $ 218,566       0.10 %      0.25 %      1.57 %      5.29 %      5.12 % 

2021

     4,028       $34.79       $42.98     $ 154,428       0.10 %      0.25 %      1.83 %      17.25 %      17.08 % 

2020

     4,202       $29.67       $36.71     $ 138,543       0.10 %      0.25 %      2.38 %      (0.36 %)      (0.51 %) 

VIP - Technology Initial Class

                  

2024

     2,149       $147.00       $140.22     $ 314,693       0.80 %      1.00 %      —       34.50 %      34.23 % 

2023

     2,419       $109.29       $104.46     $ 263,290       0.80 %      1.00 %      0.14 %      57.05 %      56.73 % 

2022

     2,055       $69.59       $66.65     $ 142,551       0.80 %      1.00 %      —       (36.37 %)      (36.49 %) 

2021

     2,666       $109.36       $104.95     $ 290,330       0.80 %      1.00 %      —       27.14 %      26.88 % 

2020

     2,901       $86.02       $82.71     $ 248,510       0.80 %      1.00 %      0.08 %      63.63 %      63.30 % 

VIP - Technology Investor Class

                  

2024

     14,679       $133.54       $305.68     $ 2,137,374       0.10 %      0.25 %      —       35.35 %      35.15 % 

2023

     14,270       $98.66       $226.18     $ 1,560,556       0.10 %      0.25 %      0.07 %      57.99 %      57.75 % 

2022

     12,400       $62.45       $143.38     $ 861,708       0.10 %      0.25 %      —       (35.94 %)      (36.03 %) 

2021

     14,315       $97.48       $224.15     $ 1,554,980       0.10 %      0.25 %      —       27.94 %      27.74 % 

2020

     14,515       $76.20       $175.47     $ 1,254,095       0.10 %      0.25 %      0.06 %      64.60 %      64.35 % 

VIP - Energy Initial Class

                  

2024

     936       $37.76       $36.02     $ 35,167       0.80 %      1.00 %      2.19 %      3.46 %      3.27 % 

2023

     1,226       $36.50       $34.88     $ 44,550       0.80 %      1.00 %      2.33 %      0.19 %      (0.03 %) 

2022

     2,549       $36.43       $34.89     $ 92,462       0.80 %      1.00 %      2.75 %      61.87 %      61.55 % 

2021

     1,244       $22.51       $21.60     $ 27,847       0.80 %      1.00 %      3.28 %      54.11 %      53.80 % 

2020

     1,019       $14.60       $14.04     $ 14,829       0.80 %      1.00 %      2.68 %      (33.31 %)      (33.44 %) 

VIP - Energy Investor Class

                  

2024

     8,298       $21.49       $31.54     $ 187,335       0.10 %      0.25 %      2.07 %      4.10 %      3.94 % 

2023

     11,055       $20.65       $30.35     $ 240,589       0.10 %      0.25 %      2.52 %      0.81 %      0.66 % 

2022

     18,072       $20.48       $30.15     $ 388,304       0.10 %      0.25 %      2.55 %      62.96 %      62.72 % 

2021

     11,233       $12.57       $18.53     $ 148,929       0.10 %      0.25 %      2.65 %      55.00 %      54.77 % 

2020

     7,723       $8.11       $11.97     $ 66,258       0.10 %      0.25 %      2.98 %      (32.87 %)      (32.97 %) 

 

  75   Annual Report

Notes to Financial Statements - continued

Fidelity Investments Variable Annuity Account I

 

6. Unit Values - continued

 

          Unit value (4)           Expense ratio (1)(4)           Total Return (3)(4)  
    Units
(000s)		     Highest     Lowest     Net assets
(000s)		     Lowest     Highest     Investment
income ratio (2)		      Highest       Lowest   

VIP - Health Care Initial Class

                  

2024

     1,101       $74.93       $71.47     $ 82,129       0.80 %      1.00 %      —       4.29 %      4.08 % 

2023

     1,317       $71.85       $68.67     $ 94,192       0.80 %      1.00 %      —       3.42 %      3.22 % 

2022

     1,580       $69.47       $66.53     $ 109,365       0.80 %      1.00 %      —       (13.10 %)      (13.28 %) 

2021

     1,811       $79.94       $76.72     $ 144,136       0.80 %      1.00 %      0.09 %      10.84 %      10.62 % 

2020

     2,031       $72.13       $69.36     $ 145,735       0.80 %      1.00 %      0.55 %      20.61 %      20.36 % 

VIP - Health Care Investor Class

                  

2024

     8,533       $68.14       $98.47     $ 593,290       0.10 %      0.25 %      —       4.95 %      4.79 % 

2023

     10,179       $64.93       $93.97     $ 676,540       0.10 %      0.25 %      —       4.11 %      3.95 % 

2022

     11,741       $62.36       $90.40     $ 750,486       0.10 %      0.25 %      —       (12.58 %)      (12.71 %) 

2021

     12,270       $71.33       $103.56     $ 897,989       0.10 %      0.25 %      0.08 %      11.54 %      11.38 % 

2020

     12,809       $63.95       $92.98     $ 844,282       0.10 %      0.25 %      0.50 %      21.37 %      21.18 % 

VIP - Financials Initial Class (A)

                  

2024

     895       $34.53       $32.94     $ 30,780       0.80 %      1.00 %      1.93 %      31.66 %      31.39 % 

2023

     825       $26.23       $25.07     $ 21,540       0.80 %      1.00 %      2.57 %      13.83 %      13.59 % 

2022

     1,175       $23.04       $22.07     $ 26,949       0.80 %      1.00 %      1.85 %      (9.07 %)      (9.24 %) 

2021

     1,283       $25.34       $24.32     $ 32,377       0.80 %      1.00 %      1.82 %      32.13 %      31.86 % 

2020

     929       $19.18       $18.44     $ 17,730       0.80 %      1.00 %      2.33 %      (0.04 %)      (0.25 %) 

VIP - Financials Investor Class (A)

                  

2024

     5,605       $49.91       $77.22     $ 235,581       0.10 %      0.25 %      1.88 %      32.61 %      32.41 % 

2023

     5,190       $37.64       $58.32     $ 160,151       0.10 %      0.25 %      2.50 %      14.44 %      14.28 % 

2022

     6,695       $32.89       $51.03     $ 180,435       0.10 %      0.25 %      1.87 %      (8.46 %)      (8.60 %) 

2021

     7,535       $35.93       $55.83     $ 221,585       0.10 %      0.25 %      1.78 %      33.00 %      32.80 % 

2020

     4,953       $27.01       $42.04     $ 108,409       0.10 %      0.25 %      2.38 %      0.53 %      0.38 % 

VIP - Industrials Initial Class

                  

2024

     350       $89.72       $85.58     $ 31,207       0.80 %      1.00 %      0.70 %      22.64 %      22.40 % 

2023

     355       $73.16       $69.92     $ 25,835       0.80 %      1.00 %      0.31 %      22.28 %      22.02 % 

2022

     389       $59.83       $57.30     $ 23,128       0.80 %      1.00 %      0.17 %      (11.02 %)      (11.20 %) 

2021

     428       $67.24       $64.53     $ 28,598       0.80 %      1.00 %      —       16.15 %      15.92 % 

2020

     479       $57.89       $55.67     $ 27,545       0.80 %      1.00 %      0.56 %      11.41 %      11.19 % 

VIP - Industrials Investor Class

                  

2024

     3,118       $53.89       $93.53     $ 182,592       0.10 %      0.25 %      0.70 %      23.41 %      23.23 % 

2023

     2,885       $43.67       $75.90     $ 138,286       0.10 %      0.25 %      0.24 %      23.07 %      22.90 % 

2022

     2,894       $35.48       $61.76     $ 112,871       0.10 %      0.25 %      0.12 %      (10.50 %)      (10.64 %) 

2021

     2,968       $39.64       $69.11     $ 129,664       0.10 %      0.25 %      —       16.91 %      16.74 % 

2020

     3,186       $33.91       $59.21     $ 121,047       0.10 %      0.25 %      0.50 %      12.08 %      11.91 % 

VIP - Consumer Discretionary Initial Class

                  

2024

     274       $69.92       $66.69     $ 19,051       0.80 %      1.00 %      0.05 %      23.71 %      23.45 % 

2023

     362       $56.52       $54.02     $ 20,376       0.80 %      1.00 %      0.08 %      40.88 %      40.57 % 

2022

     372       $40.12       $38.43     $ 14,887       0.80 %      1.00 %      —       (35.16 %)      (35.28 %) 

2021

     478       $61.88       $59.38     $ 29,441       0.80 %      1.00 %      —       18.45 %      18.21 % 

2020

     493       $52.24       $50.23     $ 25,632       0.80 %      1.00 %      0.11 %      35.06 %      34.79 % 

VIP - Consumer Discretionary
Investor Class

                  

2024

     3,032       $69.59       $124.77     $ 212,935       0.10 %      0.25 %      0.04 %      24.50 %      24.31 % 

2023

     3,687       $55.89       $100.37     $ 208,393       0.10 %      0.25 %      0.01 %      41.79 %      41.56 % 

2022

     3,563       $39.42       $70.90     $ 142,151       0.10 %      0.25 %      —       (34.77 %)      (34.86 %) 

2021

     4,353       $60.43       $108.85     $ 266,806       0.10 %      0.25 %      —       19.20 %      19.02 % 

2020

     4,169       $50.70       $91.45     $ 214,538       0.10 %      0.25 %      0.09 %      35.86 %      35.66 % 

VIP - Real Estate Initial Class

                  

2024

     419       $43.53       $41.70     $ 18,164       0.80 %      1.00 %      4.01 %      5.67 %      5.44 % 

2023

     478       $41.20       $39.55     $ 19,614       0.80 %      1.00 %      2.36 %      10.30 %      10.11 % 

2022

     559       $37.35       $35.92     $ 20,813       0.80 %      1.00 %      1.22 %      (28.09 %)      (28.25 %) 

2021

     664       $51.94       $50.06     $ 34,346       0.80 %      1.00 %      1.16 %      37.88 %      37.60 % 

2020

     668       $37.67       $36.38     $ 25,031       0.80 %      1.00 %      2.09 %      (7.30 %)      (7.49 %) 

 

  76  

Annual Report

Notes to Financial Statements - continued

Fidelity Investments Variable Annuity Account I

 

6. Unit Values - continued

 

          Unit value (4)           Expense ratio (1)(4)           Total Return (3)(4)  
    Units
(000s)		     Highest     Lowest     Net assets
(000s)		     Lowest     Highest     Investment
income ratio (2)		      Highest       Lowest   

VIP - Real Estate Investor Class

                  

2024

     4,742       $26.45       $63.43     $ 134,490       0.10 %      0.25 %      4.07 %      6.29 %      6.13 % 

2023

     5,113       $24.89       $59.76     $ 137,467       0.10 %      0.25 %      2.31 %      11.00 %      10.83 % 

2022

     5,814       $22.42       $53.92     $ 140,732       0.10 %      0.25 %      1.20 %      (27.65 %)      (27.76 %) 

2021

     6,610       $30.99       $74.64     $ 221,152       0.10 %      0.25 %      1.16 %      38.78 %      38.57 % 

2020

     5,564       $22.33       $53.86     $ 136,135       0.10 %      0.25 %      2.04 %      (6.70 %)      (6.85 %) 

VIP - Strategic Income Initial Class

                  

2024

     1,604       $23.86       $22.89     $ 38,051       0.80 %      1.00 %      3.49 %      5.22 %      5.00 % 

2023

     1,833       $22.68       $21.80     $ 41,398       0.80 %      1.00 %      4.28 %      8.56 %      8.35 % 

2022

     2,119       $20.89       $20.12     $ 44,074       0.80 %      1.00 %      3.52 %      (11.98 %)      (12.15 %) 

2021

     2,376       $23.73       $22.90     $ 56,157       0.80 %      1.00 %      2.62 %      2.91 %      2.70 % 

2020

     2,443       $23.06       $22.30     $ 56,046       0.80 %      1.00 %      3.12 %      6.65 %      6.44 % 

VIP - Strategic Income Investor Class

                  

2024

     37,211       $17.22       $24.67     $ 733,756       0.10 %      0.25 %      3.64 %      5.86 %      5.70 % 

2023

     38,664       $16.26       $23.34     $ 728,394       0.10 %      0.25 %      4.31 %      9.29 %      9.16 % 

2022

     43,114       $14.88       $21.38     $ 743,828       0.10 %      0.25 %      3.51 %      (11.40 %)      (11.56 %) 

2021

     47,126       $16.80       $24.18     $ 919,681       0.10 %      0.25 %      2.64 %      3.62 %      3.46 % 

2020

     45,937       $16.21       $23.37     $ 879,413       0.10 %      0.25 %      3.22 %      7.40 %      7.24 % 

VIP - International Capital Appreciation Initial Class

                  

2024

     565       $32.03       $30.79     $ 18,043       0.80 %      1.00 %      0.81 %      7.32 %      7.10 % 

2023

     589       $29.84       $28.75     $ 17,533       0.80 %      1.00 %      0.40 %      26.51 %      26.21 % 

2022

     573       $23.59       $22.78     $ 13,459       0.80 %      1.00 %      0.24 %      (27.00 %)      (27.12 %) 

2021

     701       $32.31       $31.26     $ 22,607       0.80 %      1.00 %      —       11.44 %      11.22 % 

2020

     855       $29.00       $28.10     $ 24,736       0.80 %      1.00 %      0.31 %      21.26 %      21.01 % 

VIP - International Capital Appreciation Investor Class

                  

2024

     9,116       $35.43       $66.72     $ 317,830       0.10 %      0.25 %      0.66 %      8.02 %      7.85 % 

2023

     9,562       $32.80       $61.86     $ 308,473       0.10 %      0.25 %      0.31 %      27.27 %      27.10 % 

2022

     9,819       $25.77       $48.67     $ 249,396       0.10 %      0.25 %      0.18 %      (26.51 %)      (26.63 %) 

2021

     11,161       $35.07       $66.34     $ 386,152       0.10 %      0.25 %      —       12.13 %      11.96 % 

2020

     11,108       $31.27       $59.25     $ 342,612       0.10 %      0.25 %      0.27 %      22.02 %      21.83 % 

VIP - Value Initial Class

                  

2024

     612       $43.39       $41.72     $ 26,447       0.80 %      1.00 %      1.23 %      10.48 %      10.25 % 

2023

     693       $39.28       $37.84     $ 27,165       0.80 %      1.00 %      1.22 %      18.84 %      18.58 % 

2022

     848       $33.05       $31.91     $ 27,953       0.80 %      1.00 %      1.30 %      (4.89 %)      (5.06 %) 

2021

     775       $34.75       $33.61     $ 26,844       0.80 %      1.00 %      1.70 %      29.11 %      28.85 % 

2020

     631       $26.91       $26.08     $ 16,940       0.80 %      1.00 %      1.49 %      5.41 %      5.19 % 

VIP - Value Investor Class

                  

2024

     5,607       $51.29       $88.55     $ 277,870       0.10 %      0.25 %      1.19 %      11.14 %      10.97 % 

2023

     6,036       $46.15       $79.79     $ 269,050       0.10 %      0.25 %      1.15 %      19.56 %      19.39 % 

2022

     7,008       $38.60       $66.83     $ 261,518       0.10 %      0.25 %      1.30 %      (4.22 %)      (4.37 %) 

2021

     5,595       $40.30       $69.89     $ 218,149       0.10 %      0.25 %      1.67 %      29.85 %      29.66 % 

2020

     4,379       $31.04       $53.90     $ 131,011       0.10 %      0.25 %      1.39 %      6.09 %      5.93 % 

VIP -Freedom Income Initial Class (C)

                  

2024

     640       $18.37       $18.37     $ 11,767       0.80 %      0.80 %      3.89 %      3.61 %      3.61 % 

2023

     502       $17.73       $17.73     $ 8,913       0.80 %      0.80 %      4.28 %      7.07 %      7.07 % 

2022

     542       $16.56       $16.56     $ 8,983       0.80 %      0.80 %      2.28 %      (12.76 %)      (12.76 %) 

2021

     597       $18.98       $18.98     $ 11,333       0.80 %      0.80 %      0.99 %      2.52 %      2.52 % 

2020

     672       $18.52       $18.52     $ 12,440       0.80 %      0.80 %      1.34 %      9.59 %      9.59 % 

VIP - Investor Freedom Income Investor Class (C)

                  

2024

     3,788       $16.93       $20.55     $ 71,659       0.10 %      0.25 %      3.90 %      4.21 %      4.05 % 

2023

     3,366       $16.25       $19.75     $ 60,543       0.10 %      0.25 %      4.32 %      7.74 %      7.62 % 

2022

     4,200       $15.08       $18.35     $ 69,838       0.10 %      0.25 %      2.21 %      (12.09 %)      (12.26 %) 

2021

     5,115       $17.15       $20.91     $ 97,092       0.10 %      0.25 %      1.01 %      3.18 %      3.03 % 

2020

     5,031       $16.63       $20.30     $ 92,853       0.10 %      0.25 %      1.35 %      10.29 %      10.12 % 

 

  77   Annual Report

Notes to Financial Statements - continued

Fidelity Investments Variable Annuity Account I

 

6. Unit Values - continued

 

          Unit value (4)           Expense ratio (1)(4)           Total Return (3)(4)  
    Units
(000s)		     Highest     Lowest     Net assets
(000s)		     Lowest     Highest     Investment
income ratio (2)		      Highest       Lowest   

VIP - Freedom 2005 Initial Class (C)

                  

2024

     —       $—       $—     $ —       0.80 %      0.80 %      2.64 %      (100.00 %)      (100.00 %) 

2023

     253       $19.93       $19.93     $ 5,043       0.80 %      0.80 %      4.05 %      7.17 %      7.17 % 

2022

     360       $18.60       $18.60     $ 6,694       0.80 %      0.80 %      2.26 %      (13.09 %)      (13.09 %) 

2021

     409       $21.40       $21.40     $ 8,759       0.80 %      0.80 %      1.07 %      3.26 %      3.26 % 

2020

     434       $20.73       $20.73     $ 9,000       0.80 %      0.80 %      1.31 %      10.36 %      10.36 % 

VIP - Investor Freedom 2005
Investor Class (C)

                  

2024

     —       $—       $—     $ —       0.10 %      0.25 %      2.68 %      (100.00 %)      (100.00 %) 

2023

     787       $18.72       $25.23     $ 16,600       0.10 %      0.25 %      4.29 %      7.81 %      7.64 % 

2022

     1,017       $17.36       $23.44     $ 19,685       0.10 %      0.25 %      2.15 %      (12.49 %)      (12.61 %) 

2021

     1,257       $19.84       $26.82     $ 27,935       0.10 %      0.25 %      0.92 %      3.99 %      3.83 % 

2020

     1,604       $19.08       $25.83     $ 33,642       0.10 %      0.25 %      1.37 %      10.97 %      10.80 % 

VIP - Freedom 2010 Initial Class

                  

2024

     226       $23.60       $23.60     $ 5,331       0.80 %      0.80 %      3.38 %      4.53 %      4.53 % 

2023

     293       $22.58       $22.58     $ 6,611       0.80 %      0.80 %      3.71 %      8.62 %      8.62 % 

2022

     387       $20.79       $20.79     $ 8,050       0.80 %      0.80 %      2.15 %      (14.23 %)      (14.23 %) 

2021

     433       $24.24       $24.24     $ 10,491       0.80 %      0.80 %      1.05 %      5.04 %      5.04 % 

2020

     454       $23.08       $23.08     $ 10,486       0.80 %      0.80 %      1.34 %      11.59 %      11.59 % 

VIP - Investor Freedom 2010
Investor Class

                  

2024

     1,941       $22.27       $30.54     $ 48,214       0.10 %      0.25 %      3.46 %      5.16 %      5.00 % 

2023

     2,198       $21.18       $29.08     $ 52,195       0.10 %      0.25 %      3.88 %      9.27 %      9.14 % 

2022

     2,651       $19.38       $26.65     $ 57,721       0.10 %      0.25 %      2.14 %      (13.57 %)      (13.72 %) 

2021

     3,142       $22.42       $30.89     $ 78,980       0.10 %      0.25 %      1.06 %      5.70 %      5.54 % 

2020

     2,941       $21.21       $29.27     $ 70,453       0.10 %      0.25 %      1.34 %      12.29 %      12.12 % 

VIP - Freedom 2015 Initial Class

                  

2024

     537       $25.91       $25.91     $ 13,921       0.80 %      0.80 %      3.18 %      5.66 %      5.66 % 

2023

     600       $24.52       $24.52     $ 14,707       0.80 %      0.80 %      3.51 %      10.07 %      10.07 % 

2022

     684       $22.28       $22.28     $ 15,948       0.80 %      0.80 %      2.16 %      (15.28 %)      (15.28 %) 

2021

     900       $26.30       $26.30     $ 23,673       0.80 %      0.80 %      1.09 %      6.83 %      6.83 % 

2020

     953       $24.62       $24.62     $ 23,473       0.80 %      0.80 %      1.27 %      12.93 %      12.93 % 

VIP - Investor Freedom 2015 Investor Class

                  

2024

     2,963       $24.23       $33.64     $ 80,036       0.10 %      0.25 %      3.15 %      6.32 %      6.16 % 

2023

     3,188       $22.79       $31.69     $ 81,572       0.10 %      0.25 %      3.50 %      10.86 %      10.67 % 

2022

     3,875       $20.56       $28.63     $ 89,652       0.10 %      0.25 %      2.05 %      (14.76 %)      (14.87 %) 

2021

     4,165       $24.12       $33.63     $ 113,650       0.10 %      0.25 %      1.04 %      7.53 %      7.37 % 

2020

     4,087       $22.43       $31.32     $ 104,884       0.10 %      0.25 %      1.29 %      13.59 %      13.42 % 

VIP - Freedom 2020 Initial Class

                  

2024

     512       $27.71       $27.71     $ 14,195       0.80 %      0.80 %      2.70 %      6.85 %      6.85 % 

2023

     648       $25.94       $25.94     $ 16,808       0.80 %      0.80 %      3.16 %      11.51 %      11.51 % 

2022

     736       $23.26       $23.26     $ 17,117       0.80 %      0.80 %      2.05 %      (16.36 %)      (16.36 %) 

2021

     891       $27.81       $27.81     $ 24,784       0.80 %      0.80 %      1.01 %      8.60 %      8.60 % 

2020

     1,048       $25.61       $25.61     $ 26,850       0.80 %      0.80 %      1.31 %      14.14 %      14.14 % 

VIP - Investor Freedom 2020
Investor Class

                  

2024

     5,411       $26.68       $38.48     $ 156,670       0.10 %      0.25 %      2.77 %      7.54 %      7.38 % 

2023

     6,447       $24.81       $35.84     $ 173,673       0.10 %      0.25 %      3.15 %      12.30 %      12.10 % 

2022

     7,254       $22.09       $31.97     $ 174,304       0.10 %      0.25 %      2.03 %      (15.93 %)      (16.03 %) 

2021

     8,072       $26.27       $38.08     $ 230,961       0.10 %      0.25 %      1.08 %      9.43 %      9.26 % 

2020

     8,110       $24.01       $34.85     $ 213,363       0.10 %      0.25 %      1.28 %      14.84 %      14.67 % 

VIP - Freedom 2025 Initial Class

                  

2024

     587       $30.57       $30.57     $ 17,945       0.80 %      0.80 %      2.41 %      7.59 %      7.59 % 

2023

     668       $28.41       $28.41     $ 18,984       0.80 %      0.80 %      2.84 %      12.71 %      12.71 % 

2022

     749       $25.21       $25.21     $ 18,872       0.80 %      0.80 %      2.02 %      (17.09 %)      (17.09 %) 

2021

     842       $30.41       $30.41     $ 25,612       0.80 %      0.80 %      1.09 %      9.95 %      9.95 % 

2020

     739       $27.66       $27.66     $ 20,442       0.80 %      0.80 %      1.25 %      15.02 %      15.02 % 

 

  78  

Annual Report

Notes to Financial Statements - continued

Fidelity Investments Variable Annuity Account I

 

6. Unit Values - continued

 

          Unit value (4)           Expense ratio (1)(4)           Total Return (3)(4)  
    Units
(000s)		     Highest     Lowest     Net assets
(000s)		     Lowest     Highest     Investment
income ratio (2)		      Highest       Lowest   

VIP- Investor Freedom 2025
Investor Class

                  

2024

     5,890       $29.56       $43.18     $ 188,704       0.10 %      0.25 %      2.42 %      8.35 %      8.18 % 

2023

     7,054       $27.29       $39.92     $ 208,582       0.10 %      0.25 %      2.78 %      13.46 %      13.28 % 

2022

     8,281       $24.05       $35.24     $ 215,949       0.10 %      0.25 %      1.95 %      (16.55 %)      (16.66 %) 

2021

     9,299       $28.82       $42.29     $ 290,411       0.10 %      0.25 %      1.08 %      10.67 %      10.51 % 

2020

     9,292       $26.04       $38.27     $ 263,893       0.10 %      0.25 %      1.27 %      15.76 %      15.59 % 

VIP - Freedom 2030 Initial Class

                  

2024

     723       $32.44       $32.44     $ 23,456       0.80 %      0.80 %      2.31 %      8.53 %      8.53 % 

2023

     725       $29.89       $29.89     $ 21,683       0.80 %      0.80 %      2.44 %      13.77 %      13.77 % 

2022

     805       $26.27       $26.27     $ 21,148       0.80 %      0.80 %      1.95 %      (17.53 %)      (17.53 %) 

2021

     835       $31.85       $31.85     $ 26,611       0.80 %      0.80 %      1.11 %      11.47 %      11.47 % 

2020

     804       $28.57       $28.57     $ 22,983       0.80 %      0.80 %      1.26 %      15.95 %      15.95 % 

VIP - Investor Freedom 2030
Investor Class

                  

2024

     9,854       $32.41       $48.17     $ 334,565       0.10 %      0.25 %      2.21 %      9.29 %      9.12 % 

2023

     10,573       $29.65       $44.14     $ 329,296       0.10 %      0.25 %      2.43 %      14.54 %      14.36 % 

2022

     11,719       $25.89       $38.60     $ 319,483       0.10 %      0.25 %      1.91 %      (17.00 %)      (17.13 %) 

2021

     11,894       $31.19       $46.58     $ 390,824       0.10 %      0.25 %      1.12 %      12.14 %      11.97 % 

2020

     10,341       $27.82       $41.60     $ 305,469       0.10 %      0.25 %      1.27 %      16.70 %      16.53 % 

VIP - Freedom 2035 Initial Class (B)

                  

2024

     74       $11.94       $11.94     $ 879       0.80 %      0.80 %      2.78 %      10.14 %      10.14 % 

2023

     8       $10.84       $10.84     $ 75       0.80 %      0.80 %      —       —       —  

2022

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

2021

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

2020

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

VIP - Investor Freedom 2035 Investor Class (B)

                  

2024

     1,615       $12.07       $12.04     $ 19,469       0.10 %      0.25 %      2.56 %      10.83 %      10.66 % 

2023

     462       $10.89       $10.88     $ 5,032       0.10 %      0.25 %      3.40 %      —       —  

2022

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

2021

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

2020

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

VIP -Freedom 2040 Initial Class (B)

                  

2024

     38       $12.29       $12.29     $ 469       0.80 %      0.80 %      1.70 %      12.19 %      12.19 % 

2023

     7       $10.96       $10.96     $ 83       0.80 %      0.80 %      3.68 %      —       —  

2022

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

2021

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

2020

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

VIP - Investor Freedom 2040 Investor Class (B)

                  

2024

     917       $12.43       $12.40     $ 11,377       0.10 %      0.25 %      1.71 %      12.82 %      12.65 % 

2023

     496       $11.02       $11.00     $ 5,459       0.10 %      0.25 %      3.28 %      —       —  

2022

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

2021

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

2020

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

VIP - Freedom 2045 Initial Class (B)

                  

2024

     —       $12.41       $12.41     $ 2       0.80 %      0.80 %      0.07 %      12.92 %      12.92 % 

2023

     —       $10.99       $10.99     $ 2       0.80 %      0.80 %      9.84 %      —       —  

2022

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

2021

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

2020

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

 

  79   Annual Report

Notes to Financial Statements - continued

Fidelity Investments Variable Annuity Account I

 

6. Unit Values - continued

 

          Unit value (4)           Expense ratio (1)(4)           Total Return (3)(4)  
    Units
(000s)		     Highest     Lowest     Net assets
(000s)		     Lowest     Highest     Investment
income ratio (2)		      Highest       Lowest   

VIP - Investor Freedom 2045 Investor Class (B)

                  

2024

     274       $12.55       $12.52     $ 3,432       0.10 %      0.25 %      1.48 %      13.62 %      13.45 % 

2023

     147       $11.04       $11.03     $ 1,618       0.10 %      0.25 %      3.92 %      —       —  

2022

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

2021

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

2020

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

VIP - Freedom 2050 Initial Class (B)

                  

2024

     3       $12.42       $12.42     $ 43       0.80 %      0.80 %      1.18 %      12.92 %      12.92 % 

2023

     1       $11.00       $11.00     $ 15       0.80 %      0.80 %      1.17 %      —       —  

2022

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

2021

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

2020

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

VIP - Investor Freedom 2050 Investor Class (B)

                  

2024

     463       $12.54       $12.51     $ 5,803       0.10 %      0.25 %      1.66 %      —       —  

2023

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

2022

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

2021

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

2020

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

VIP - Freedom Lifetime Income I

                  

2024

     367       $20.36       $20.36     $ 7,479       0.60 %      0.60 %      3.80 %      3.67 %      3.67 % 

2023

     400       $19.64       $19.64     $ 7,882       0.60 %      0.60 %      4.27 %      7.26 %      7.26 % 

2022

     449       $18.31       $18.31     $ 8,213       0.60 %      0.60 %      2.25 %      (12.54 %)      (12.54 %) 

2021

     497       $20.94       $20.94     $ 10,144       0.60 %      0.60 %      1.01 %      2.64 %      2.64 % 

2020

     537       $20.40       $20.40     $ 10,968       0.60 %      0.60 %      1.31 %      9.78 %      9.78 % 

VIP - Freedom Lifetime Income II

                  

2024

     1,008       $24.26       $24.26     $ 24,472       0.60 %      0.60 %      3.40 %      4.93 %      4.93 % 

2023

     1,101       $23.12       $23.12     $ 25,475       0.60 %      0.60 %      3.78 %      9.16 %      9.16 % 

2022

     1,200       $21.18       $21.18     $ 25,424       0.60 %      0.60 %      2.13 %      (14.34 %)      (14.34 %) 

2021

     1,301       $24.73       $24.73     $ 32,207       0.60 %      0.60 %      1.03 %      5.63 %      5.63 % 

2020

     1,416       $23.41       $23.41     $ 33,150       0.60 %      0.60 %      1.30 %      12.10 %      12.10 % 

VIP - Freedom Lifetime Income III

                  

2024

     903       $29.36       $29.36     $ 26,536       0.60 %      0.60 %      2.72 %      7.15 %      7.15 % 

2023

     962       $27.40       $27.40     $ 26,374       0.60 %      0.60 %      3.04 %      12.07 %      12.07 % 

2022

     1,048       $24.45       $24.45     $ 25,630       0.60 %      0.60 %      2.01 %      (16.54 %)      (16.54 %) 

2021

     1,141       $29.30       $29.30     $ 33,391       0.60 %      0.60 %      1.05 %      9.12 %      9.12 % 

2020

     1,216       $26.85       $26.85     $ 32,659       0.60 %      0.60 %      1.25 %      14.54 %      14.54 % 

VIP - Disciplined Small Cap
Initial Class

                  

2024

     793       $33.94       $32.69     $ 26,839       0.80 %      1.00 %      1.12 %      15.93 %      15.72 % 

2023

     762       $29.28       $28.25     $ 22,203       0.80 %      1.00 %      1.06 %      20.00 %      19.75 % 

2022

     789       $24.40       $23.59     $ 19,171       0.80 %      1.00 %      0.85 %      (18.89 %)      (19.06 %) 

2021

     885       $30.08       $29.15     $ 26,481       0.80 %      1.00 %      0.37 %      19.69 %      19.45 % 

2020

     812       $25.13       $24.40     $ 20,323       0.80 %      1.00 %      0.80 %      17.50 %      17.27 % 

VIP - Disciplined Small Cap Investor Class

                  

2024

     8,208       $47.26       $68.78     $ 353,600       0.10 %      0.25 %      1.07 %      16.70 %      16.52 % 

2023

     7,878       $40.50       $59.03     $ 289,071       0.10 %      0.25 %      0.98 %      20.71 %      20.55 % 

2022

     7,979       $33.55       $48.97     $ 242,903       0.10 %      0.25 %      0.77 %      (18.36 %)      (18.49 %) 

2021

     8,731       $41.10       $60.08     $ 326,811       0.10 %      0.25 %      0.33 %      20.50 %      20.32 % 

2020

     7,586       $34.11       $49.94     $ 233,854       0.10 %      0.25 %      0.74 %      18.21 %      18.03 % 

VIP - FundsManager 20%
Investor Class

                  

2024

     33,812       $16.84       $16.49     $ 614,387       0.10 %      1.00 %      3.45 %      5.42 %      4.50 % 

2023

     39,212       $15.98       $15.78     $ 676,000       0.10 %      1.00 %      3.55 %      8.04 %      7.06 % 

2022

     46,239       $14.79       $14.74     $ 739,367       0.10 %      1.00 %      2.24 %      (9.68 %)      (10.49 %) 

2021

     51,375       $16.38       $16.47     $ 910,064       0.10 %      1.00 %      1.05 %      3.55 %      2.62 % 

2020

     49,915       $15.81       $16.05     $ 858,205       0.10 %      1.00 %      1.17 %      8.10 %      7.12 % 

 

  80   Annual Report

Notes to Financial Statements - continued

Fidelity Investments Variable Annuity Account I

 

6. Unit Values - continued

 

          Unit value (4)           Expense ratio (1)(4)           Total Return (3)(4)  
    Units
(000s)		     Highest     Lowest     Net assets
(000s)		     Lowest     Highest     Investment
income ratio (2)		      Highest       Lowest   

VIP - FundManager 30%
Investor Class (B)

                  

2024

     1,185       $11.19       $11.06     $ 13,228       0.10 %      0.80 %      3.66 %      6.31 %      5.56 % 

2023

     492       $10.53       $10.48     $ 5,180       0.10 %      0.80 %      5.87 %      —       —  

2022

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

2021

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

2020

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

VIP - FundsManager 40%
Investor Class (B)

                  

2024

     2,006       $11.38       $11.25     $ 22,777       0.10 %      0.80 %      3.34 %      7.36 %      6.60 % 

2023

     1,127       $10.60       $10.55     $ 11,933       0.10 %      0.80 %      6.28 %      —       —  

2022

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

2021

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

2020

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

VIP - FundsManager 50%
Investor Class

                  

2024

     64,755       $25.13       $22.69     $ 1,663,905       0.10 %      1.00 %      2.38 %      8.40 %      7.43 % 

2023

     70,321       $23.19       $21.12     $ 1,670,105       0.10 %      1.00 %      2.53 %      12.83 %      11.81 % 

2022

     76,745       $20.55       $18.89     $ 1,616,880       0.10 %      1.00 %      1.99 %      (14.01 %)      (14.78 %) 

2021

     80,254       $23.90       $22.17     $ 1,969,415       0.10 %      1.00 %      1.15 %      9.91 %      8.92 % 

2020

     78,076       $21.74       $20.35     $ 1,748,196       0.10 %      1.00 %      1.16 %      13.87 %      12.84 % 

VIP - FundsManager 60%
Investor Class

                  

2024

     76,238       $28.55       $32.03     $ 2,019,116       0.10 %      1.40 %      2.06 %      9.47 %      8.03 % 

2023

     82,187       $26.08       $29.65     $ 1,990,284       0.10 %      1.40 %      2.31 %      14.05 %      12.57 % 

2022

     87,935       $22.87       $26.34     $ 1,873,698       0.10 %      1.40 %      1.79 %      (15.14 %)      (16.25 %) 

2021

     92,505       $26.95       $31.45     $ 2,330,241       0.10 %      1.40 %      1.12 %      12.23 %      10.77 % 

2020

     92,792       $24.01       $28.39     $ 2,089,299       0.10 %      1.40 %      1.07 %      15.01 %      13.51 % 

VIP - FundsManager 70%
Investor Class

                  

2024

     65,132       $32.14       $26.70     $ 2,047,271       0.10 %      1.00 %      1.81 %      10.77 %      9.79 % 

2023

     65,140       $29.02       $24.32     $ 1,850,315       0.10 %      1.00 %      2.03 %      15.61 %      14.55 % 

2022

     67,188       $25.10       $21.23     $ 1,653,954       0.10 %      1.00 %      1.61 %      (15.75 %)      (16.51 %) 

2021

     67,644       $29.79       $25.43     $ 1,979,722       0.10 %      1.00 %      1.06 %      14.41 %      13.38 % 

2020

     64,145       $26.04       $22.43     $ 1,642,730       0.10 %      1.00 %      0.94 %      15.98 %      14.93 % 

VIP - FundsManager 85%
Investor Class

                  

2024

     23,200       $37.73       $29.55     $ 822,988       0.10 %      1.00 %      1.42 %      12.39 %      11.38 % 

2023

     21,661       $33.57       $26.53     $ 682,277       0.10 %      1.00 %      1.64 %      17.55 %      16.51 % 

2022

     21,544       $28.56       $22.77     $ 577,654       0.10 %      1.00 %      1.11 %      (17.15 %)      (17.90 %) 

2021

     21,204       $34.47       $27.74     $ 686,925       0.10 %      1.00 %      0.99 %      17.71 %      16.65 % 

2020

     20,203       $29.29       $23.78     $ 555,416       0.10 %      1.00 %      0.85 %      17.34 %      16.28 % 

VIP - Consumer Staples
Initial Class

                  

2024

     377       $37.16       $35.86     $ 13,939       0.80 %      1.00 %      2.14 %      4.72 %      4.52 % 

2023

     469       $35.48       $34.31     $ 16,607       0.80 %      1.00 %      1.83 %      2.31 %      2.11 % 

2022

     627       $34.68       $33.60     $ 21,674       0.80 %      1.00 %      1.77 %      (1.41 %)      (1.61 %) 

2021

     554       $35.17       $34.15     $ 19,382       0.80 %      1.00 %      1.90 %      13.33 %      13.10 % 

2020

     606       $31.04       $30.19     $ 18,751       0.80 %      1.00 %      1.88 %      10.88 %      10.66 % 

VIP - Consumer Staples
Investor Class

                  

2024

     4,962       $38.36       $50.55     $ 196,058       0.10 %      0.25 %      2.10 %      5.35 %      5.19 % 

2023

     5,828       $36.41       $48.06     $ 219,135       0.10 %      0.25 %      1.84 %      2.97 %      2.83 % 

2022

     6,691       $35.36       $46.74     $ 244,656       0.10 %      0.25 %      1.75 %      (0.78 %)      (0.94 %) 

2021

     5,911       $35.64       $47.18     $ 218,322       0.10 %      0.25 %      1.81 %      13.99 %      13.82 % 

2020

     6,349       $31.26       $41.46     $ 206,315       0.10 %      0.25 %      1.84 %      11.65 %      11.48 % 

 

  81  

Annual Report

Notes to Financial Statements - continued

Fidelity Investments Variable Annuity Account I

 

6. Unit Values - continued

 

          Unit value (4)           Expense ratio (1)(4)           Total Return (3)(4)  
    Units
(000s)		     Highest     Lowest     Net assets
(000s)		     Lowest     Highest     Investment
income ratio (2)		      Highest       Lowest   

VIP - Materials Initial Class

                  

2024

     264       $27.90       $26.92     $ 7,355       0.80 %      1.00 %      1.11 %      (3.22 %)      (3.44 %) 

2023

     384       $28.83       $27.88     $ 11,043       0.80 %      1.00 %      1.26 %      6.73 %      6.53 % 

2022

     498       $27.01       $26.17     $ 13,443       0.80 %      1.00 %      1.06 %      (10.50 %)      (10.69 %) 

2021

     610       $30.18       $29.30     $ 18,354       0.80 %      1.00 %      0.78 %      32.36 %      32.09 % 

2020

     409       $22.80       $22.18     $ 9,321       0.80 %      1.00 %      0.74 %      20.52 %      20.27 % 

VIP - Materials Investor Class

                  

2024

     1,661       $28.56       $61.48     $ 49,507       0.10 %      0.25 %      1.07 %      (2.64 %)      (2.79 %) 

2023

     2,063       $29.34       $63.25     $ 63,306       0.10 %      0.25 %      1.21 %      7.46 %      7.31 % 

2022

     2,616       $27.30       $58.94     $ 74,749       0.10 %      0.25 %      1.01 %      (10.00 %)      (10.13 %) 

2021

     2,748       $30.33       $65.59     $ 87,337       0.10 %      0.25 %      0.62 %      33.26 %      33.06 % 

2020

     1,837       $22.76       $49.29     $ 44,230       0.10 %      0.25 %      0.73 %      21.33 %      21.15 % 

VIP - Communication Services Initial Class

                  

2024

     568       $38.59       $37.24     $ 21,805       0.80 %      1.00 %      —       32.96 %      32.67 % 

2023

     687       $29.02       $28.07     $ 19,833       0.80 %      1.00 %      —       56.13 %      55.86 % 

2022

     381       $18.59       $18.01     $ 7,049       0.80 %      1.00 %      —       (38.63 %)      (38.76 %) 

2021

     534       $30.29       $29.41     $ 16,122       0.80 %      1.00 %      —       14.72 %      14.49 % 

2020

     454       $26.40       $25.68     $ 11,925       0.80 %      1.00 %      —       34.51 %      34.24 % 

VIP - Communication Services Investor Class

                  

2024

     3,892       $54.55       $101.76     $ 195,828       0.10 %      0.25 %      —       33.76 %      33.56 % 

2023

     4,265       $40.78       $76.20     $ 159,040       0.10 %      0.25 %      —       57.10 %      56.85 % 

2022

     2,598       $25.96       $48.58     $ 61,385       0.10 %      0.25 %      —       (38.24 %)      (38.32 %) 

2021

     3,256       $42.03       $78.76     $ 124,109       0.10 %      0.25 %      —       15.48 %      15.31 % 

2020

     2,843       $36.40       $68.31     $ 93,182       0.10 %      0.25 %      —       35.26 %      35.06 % 

VIP - Emerging Markets
Initial Class

                  

2024

     588       $13.81       $13.36     $ 8,110       0.80 %      1.00 %      1.38 %      9.15 %      8.97 % 

2023

     673       $12.66       $12.26     $ 8,501       0.80 %      1.00 %      2.07 %      8.82 %      8.59 % 

2022

     752       $11.63       $11.29     $ 8,731       0.80 %      1.00 %      1.72 %      (20.77 %)      (20.94 %) 

2021

     812       $14.68       $14.28     $ 11,899       0.80 %      1.00 %      1.80 %      (3.02 %)      (3.22 %) 

2020

     1,020       $15.14       $14.75     $ 15,423       0.80 %      1.00 %      0.88 %      30.21 %      29.95 % 

VIP - Emerging Markets
Investor Class

                  

2024

     6,344       $19.41       $39.88     $ 110,655       0.10 %      0.25 %      1.36 %      9.79 %      9.62 % 

2023

     6,793       $17.68       $36.38     $ 107,606       0.10 %      0.25 %      2.08 %      9.50 %      9.32 % 

2022

     7,379       $16.15       $33.28     $ 107,372       0.10 %      0.25 %      1.63 %      (20.27 %)      (20.39 %) 

2021

     7,768       $20.26       $41.80     $ 142,609       0.10 %      0.25 %      1.97 %      (2.37 %)      (2.52 %) 

2020

     6,862       $20.75       $42.88     $ 127,810       0.10 %      0.25 %      0.85 %      31.03 %      30.83 % 

VIP - Floating Rate High Income
Initial Class

                  

2024

     963       $14.71       $14.40     $ 14,155       0.80 %      1.00 %      7.06 %      7.63 %      7.38 % 

2023

     1,036       $13.67       $13.41     $ 14,164       0.80 %      1.00 %      8.15 %      11.32 %      11.10 % 

2022

     680       $12.28       $12.07     $ 8,343       0.80 %      1.00 %      3.93 %      (1.34 %)      (1.52 %) 

2021

     662       $12.45       $12.26     $ 8,228       0.80 %      1.00 %      2.65 %      4.36 %      4.15 % 

2020

     568       $11.93       $11.77     $ 6,768       0.80 %      1.00 %      4.42 %      2.00 %      1.79 % 

VIP - Floating Rate High Income Investor Class

                  

2024

     19,603       $15.79       $15.54     $ 307,877       0.10 %      0.25 %      7.52 %      8.25 %      8.09 % 

2023

     17,759       $14.59       $14.38     $ 257,606       0.10 %      0.25 %      7.54 %      12.15 %      11.99 % 

2022

     16,083       $13.01       $12.84     $ 208,260       0.10 %      0.25 %      4.11 %      (0.68 %)      (0.85 %) 

2021

     15,963       $13.10       $12.95     $ 208,166       0.10 %      0.25 %      2.87 %      4.97 %      4.82 % 

2020

     11,620       $12.48       $12.35     $ 144,396       0.10 %      0.25 %      4.56 %      2.68 %      2.53 % 

VIP - Bond Index Initial Class

                  

2024

     46,878       $10.73       $10.11     $ 499,842       0.10 %      1.00 %      3.03 %      1.11 %      0.20 % 

2023

     41,272       $10.61       $10.09     $ 435,525       0.10 %      1.00 %      2.53 %      5.39 %      4.45 % 

2022

     36,405       $10.07       $9.66     $ 364,893       0.10 %      1.00 %      1.78 %      (13.30 %)      (14.10 %) 

2021

     36,022       $11.61       $11.25     $ 416,868       0.10 %      1.00 %      0.96 %      (2.05 %)      (2.93 %) 

2020

     38,053       $11.86       $11.59     $ 449,910       0.10 %      1.00 %      1.12 %      7.42 %      6.45 % 

 

  82   Annual Report

Notes to Financial Statements - continued

Fidelity Investments Variable Annuity Account I

 

6. Unit Values - continued

 

          Unit value (4)           Expense ratio (1)(4)           Total Return (3)(4)  
    Units
(000s)		     Highest     Lowest     Net assets
(000s)		     Lowest     Highest     Investment
income ratio (2)		      Highest       Lowest   

VIP - Total Market Index Initial Class

                  

2024

     38,370       $22.30       $21.01     $ 850,563       0.10 %      1.00 %      1.37 %      23.57 %      22.44 % 

2023

     35,404       $18.05       $17.16     $ 635,376       0.10 %      1.00 %      1.11 %      25.94 %      24.80 % 

2022

     31,807       $14.33       $13.75     $ 453,695       0.10 %      1.00 %      1.44 %      (19.30 %)      (20.02 %) 

2021

     27,617       $17.76       $17.19     $ 488,620       0.10 %      1.00 %      1.18 %      25.56 %      24.43 % 

2020

     16,791       $14.14       $13.82     $ 236,733       0.10 %      1.00 %      1.66 %      20.18 %      19.09 % 

VIP - Extended Market Index Initial Class

                  

2024

     8,981       $16.10       $15.17     $ 143,846       0.10 %      1.00 %      1.40 %      12.19 %      11.14 % 

2023

     9,226       $14.35       $13.65     $ 131,763       0.10 %      1.00 %      1.74 %      17.35 %      16.27 % 

2022

     9,739       $12.23       $11.74     $ 118,665       0.10 %      1.00 %      1.43 %      (18.23 %)      (18.93 %) 

2021

     9,437       $14.96       $14.48     $ 140,720       0.10 %      1.00 %      1.30 %      21.12 %      20.03 % 

2020

     5,895       $12.35       $12.06     $ 72,634       0.10 %      1.00 %      1.36 %      16.34 %      15.29 % 

VIP - International Index Initial Class

                  

2024

     24,366       $12.77       $12.03     $ 309,225       0.10 %      1.00 %      2.99 %      5.00 %      4.07 % 

2023

     23,442       $12.16       $11.56     $ 283,477       0.10 %      1.00 %      2.95 %      16.01 %      15.02 % 

2022

     21,570       $10.48       $10.05     $ 224,978       0.10 %      1.00 %      2.36 %      (16.08 %)      (16.88 %) 

2021

     19,348       $12.49       $12.09     $ 240,814       0.10 %      1.00 %      2.83 %      7.61 %      6.64 % 

2020

     12,936       $11.61       $11.34     $ 149,743       0.10 %      1.00 %      1.84 %      10.58 %      9.58 % 

VIF - Emerging Markets Equity Class I

                  

2024

     1,935       $14.14       $30.90     $ 36,981       0.10 %      1.00 %      1.36 %      7.71 %      6.74 % 

2023

     2,089       $13.13       $28.95     $ 38,247       0.10 %      1.00 %      1.63 %      11.82 %      10.88 % 

2022

     2,371       $11.74       $26.11     $ 38,859       0.10 %      1.00 %      0.43 %      (25.13 %)      (25.84 %) 

2021

     2,801       $15.68       $35.21     $ 60,655       0.10 %      1.00 %      0.85 %      2.88 %      1.96 % 

2020

     3,068       $15.24       $34.53     $ 65,240       0.10 %      1.00 %      1.35 %      14.32 %      13.29 % 

VIF - Emerging Markets Debt Class I

                  

2024

     3,598       $15.41       $35.59     $ 66,974       0.10 %      1.00 %      10.26 %      11.12 %      10.12 % 

2023

     3,936       $13.87       $32.32     $ 67,852       0.10 %      1.00 %      8.67 %      11.76 %      10.72 % 

2022

     4,370       $12.41       $29.19     $ 66,543       0.10 %      1.00 %      7.48 %      (18.84 %)      (19.56 %) 

2021

     5,026       $15.29       $36.29     $ 94,360       0.10 %      1.00 %      5.09 %      (2.12 %)      (3.00 %) 

2020

     5,359       $15.62       $37.41     $ 104,004       0.10 %      1.00 %      4.38 %      5.44 %      4.49 % 

VIF - Global Strategist - Class II

                  

2024

     1,092       $22.35       $22.44     $ 23,823       0.10 %      1.00 %      —       7.36 %      6.50 % 

2023

     1,109       $20.82       $21.07     $ 22,477       0.10 %      1.00 %      1.68 %      13.96 %      12.92 % 

2022

     1,194       $18.27       $18.66     $ 21,321       0.10 %      1.00 %      —       (17.03 %)      (17.75 %) 

2021

     1,298       $22.02       $22.69     $ 28,012       0.10 %      1.00 %      1.86 %      8.26 %      7.28 % 

2020

     1,372       $20.34       $21.15     $ 27,284       0.10 %      1.00 %      1.46 %      10.81 %      9.81 % 

Invesco - V.I. Global Core Equity Series I

                  

2024

     1,241       $27.90       $30.83     $ 33,409       0.10 %      1.00 %      1.14 %      16.73 %      15.82 % 

2023

     1,053       $23.90       $26.62     $ 24,372       0.10 %      1.00 %      0.58 %      21.58 %      20.51 % 

2022

     1,095       $19.66       $22.09     $ 20,821       0.10 %      1.00 %      0.35 %      (21.94 %)      (22.65 %) 

2021

     1,100       $25.19       $28.56     $ 26,966       0.10 %      1.00 %      0.99 %      15.86 %      14.81 % 

2020

     1,044       $21.74       $24.87     $ 22,296       0.10 %      1.00 %      1.34 %      13.11 %      12.09 % 

Allspring - VT Discovery SMID Cap Growth Class 2 (5)(A)

                  

2024

     298       $79.42       $75.53     $ 23,554       0.80 %      1.00 %      —       17.18 %      17.12 % 

2023

     330       $67.78       $64.49     $ 22,282       0.80 %      1.00 %      —       19.18 %      18.94 % 

2022

     380       $56.87       $54.22     $ 21,547       0.80 %      1.00 %      —       (38.35 %)      (38.47 %) 

2021

     422       $92.24       $88.12     $ 38,705       0.80 %      1.00 %      —       (5.80 %)      (5.99 %) 

2020

     458       $97.92       $93.74     $ 44,568       0.80 %      1.00 %      —       61.35 %      61.02 % 

Allspring - VT Opportunity
Class 2 (5)

                  

2024

     236       $94.32       $89.57     $ 22,152       0.80 %      1.00 %      0.05 %      14.12 %      13.90 % 

2023

     263       $82.64       $78.64     $ 21,653       0.80 %      1.00 %      —       25.49 %      25.24 % 

2022

     281       $65.86       $62.79     $ 18,446       0.80 %      1.00 %      —       (21.44 %)      (21.60 %) 

2021

     309       $83.83       $80.09     $ 25,802       0.80 %      1.00 %      0.04 %      23.78 %      23.53 % 

2020

     338       $67.73       $64.84     $ 22,777       0.80 %      1.00 %      0.44 %      20.03 %      19.79 % 

 

  83  

Annual Report

Notes to Financial Statements - continued

Fidelity Investments Variable Annuity Account I

 

6. Unit Values - continued

 

          Unit value (4)           Expense ratio (1)(4)           Total Return (3)(4)  
    Units
(000s)		     Highest     Lowest     Net assets
(000s)		     Lowest     Highest     Investment
income ratio (2)		      Highest       Lowest   

Lazard - Retirement Emerging Markets Portfolio - Investor

                  

2024

     3,624       $15.18       $17.76     $ 62,196       0.10 %      1.00 %      3.57 %      7.57 %      6.67 % 

2023

     4,049       $14.11       $16.65     $ 65,755       0.10 %      1.00 %      5.13 %      22.49 %      21.44 % 

2022

     4,349       $11.52       $13.71     $ 57,667       0.10 %      1.00 %      3.60 %      (15.04 %)      (15.84 %) 

2021

     4,501       $13.56       $16.29     $ 70,888       0.10 %      1.00 %      2.13 %      5.69 %      4.74 % 

2020

     4,881       $12.83       $15.55     $ 73,684       0.10 %      1.00 %      2.83 %      (1.13 %)      (2.03 %) 

PVIT - Commodity Real Return - Strategy Portfolio - Administrative

                  

2024

     2,659       $8.28       $7.37     $ 21,769       0.10 %      1.00 %      2.10 %      4.06 %      3.08 % 

2023

     3,995       $7.95       $7.15     $ 31,472       0.10 %      1.00 %      17.79 %      (7.95 %)      (8.80 %) 

2022

     8,773       $8.64       $7.84     $ 75,099       0.10 %      1.00 %      23.16 %      8.52 %      7.76 % 

2021

     5,037       $7.96       $7.29     $ 39,782       0.10 %      1.00 %      4.54 %      33.21 %      32.01 % 

2020

     2,187       $5.98       $5.52     $ 12,978       0.10 %      1.00 %      6.15 %      1.25 %      0.34 % 

PVIT - Low Duration Portfolio - Administrative

                  

2024

     20,390       $12.16       $11.23     $ 251,287       0.10 %      1.00 %      3.99 %      4.39 %      3.41 % 

2023

     23,054       $11.65       $10.86     $ 272,381       0.10 %      1.00 %      3.59 %      4.88 %      3.92 % 

2022

     27,687       $11.11       $10.45     $ 312,292       0.10 %      1.00 %      1.66 %      (5.85 %)      (6.65 %) 

2021

     30,927       $11.80       $11.19     $ 371,025       0.10 %      1.00 %      0.52 %      (1.03 %)      (1.92 %) 

2020

     36,538       $11.92       $11.41     $ 442,946       0.10 %      1.00 %      1.17 %      2.89 %      1.96 % 

PVIT - Real Return Portfolio - Administrative

                  

2024

     9,608       $13.89       $13.44     $ 138,003       0.10 %      1.00 %      2.61 %      2.03 %      1.13 % 

2023

     11,201       $13.61       $13.29     $ 158,088       0.10 %      1.00 %      2.99 %      3.57 %      2.63 % 

2022

     13,406       $13.14       $12.95     $ 182,717       0.10 %      1.00 %      7.06 %      (12.00 %)      (12.78 %) 

2021

     15,686       $14.93       $14.85     $ 243,177       0.10 %      1.00 %      4.97 %      5.48 %      4.53 % 

2020

     14,177       $14.16       $14.20     $ 208,969       0.10 %      1.00 %      1.42 %      11.60 %      10.59 % 

PVIT - Total Return Portfolio - Administrative

                  

2024

     25,679       $13.31       $12.71     $ 353,267       0.10 %      1.00 %      4.04 %      2.43 %      1.52 % 

2023

     27,508       $13.00       $12.52     $ 370,500       0.10 %      1.00 %      3.56 %      5.84 %      4.86 % 

2022

     30,305       $12.28       $11.94     $ 386,121       0.10 %      1.00 %      2.60 %      (14.39 %)      (15.14 %) 

2021

     34,594       $14.34       $14.07     $ 515,196       0.10 %      1.00 %      1.82 %      (1.37 %)      (2.25 %) 

2020

     37,789       $14.54       $14.39     $ 572,699       0.10 %      1.00 %      2.12 %      8.54 %      7.56 % 

Blackrock - Global Allocation V.I. Fund - Class I

                  

2024

     7,513       $19.94       $17.76     $ 148,005       0.10 %      1.00 %      1.20 %      11.19 %      10.17 % 

2023

     8,264       $17.93       $16.12     $ 149,434       0.10 %      1.00 %      2.01 %      10.22 %      9.21 % 

2022

     9,256       $16.27       $14.76     $ 148,964       0.10 %      1.00 %      —       (16.05 %)      (16.81 %) 

2021

     10,006       $19.38       $17.74     $ 192,033       0.10 %      1.00 %      0.77 %      6.44 %      5.48 % 

2020

     10,357       $18.21       $16.82     $ 186,847       0.10 %      1.00 %      1.15 %      20.68 %      19.59 % 

FTVIP - Templeton Global Bond Fund - Class 2

                  

2024

     4,005       $8.99       $8.01     $ 35,570       0.10 %      1.00 %      —       (11.46 %)      (12.27 %) 

2023

     4,245       $10.15       $9.13     $ 42,586       0.10 %      1.00 %      —       2.77 %      1.90 % 

2022

     4,665       $9.88       $8.96     $ 45,582       0.10 %      1.00 %      —       (5.04 %)      (5.90 %) 

2021

     5,309       $10.40       $9.52     $ 54,714       0.10 %      1.00 %      —       (5.09 %)      (5.94 %) 

2020

     5,909       $10.96       $10.13     $ 64,178       0.10 %      1.00 %      8.47 %      (5.38 %)      (6.23 %) 

FTVIP - Franklin U.S. Government Securities Fund - Class 2

                  

2024

     4,559       $10.69       $9.53     $ 48,021       0.10 %      1.00 %      2.91 %      1.27 %      0.32 % 

2023

     4,776       $10.56       $9.50     $ 49,715       0.10 %      1.00 %      2.70 %      4.36 %      3.49 % 

2022

     4,982       $10.12       $9.18     $ 49,703       0.10 %      1.00 %      2.22 %      (9.84 %)      (10.49 %) 

2021

     7,244       $11.22       $10.28     $ 80,278       0.10 %      1.00 %      2.39 %      (1.92 %)      (2.81 %) 

2020

     9,311       $11.44       $10.57     $ 105,237       0.10 %      1.00 %      3.80 %      3.73 %      2.79 % 

 

(1)

These amounts represent annualized contract expenses of the separate account, consisting primarily of mortality and expense charges, for each period indicated. The ratios include only those expenses that result in a direct reduction to unit values. Charges made directly to contract owner accounts through the redemption of units and expenses of the underlying fund are excluded.

 

  84   Annual Report

Notes to Financial Statements - continued

Fidelity Investments Variable Annuity Account I

 

6. Unit Values - continued

 

(2)

These amounts represent the dividends, excluding distributions of capital gains, received by the subaccount from the underlying mutual fund, divided by the average net assets. These ratios exclude those expenses, such as mortality and expense charges, that result in direct reductions in the unit values. The recognition of investment income by the subaccount is affected by the timing of the declaration of dividends by the underlying fund in which the subaccounts invest.

(3)

These amounts represent the total return for the periods indicated, including changes in the value of the underlying fund, which includes expenses assessed through the reduction of unit values. The ratio does not include 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 return is calculated for the period indicated or from the effective date through the end of the reporting period.

(4)

The unit value and total return columns labeled “Highest” correspond with the product with the lowest expense ratio. The unit value and total return columns labeled “Lowest” correspond with the product with the highest expense ratio. Please see Footnote 3 for additional information regarding total return.

(5)

During 2021, the following underlying funds were renamed:

 

Old Name    New Name
Wells Fargo VT Discovery Fund    Allspring VT Discovery Fund
Wells Fargo VT Opportunity Fund    Allspring VT Opportunity Fund

 

(A)

Fund Name Change. See Note 1

 

(B)

New Fund. See Note 1

 

(C)

Fund Merged. See Note 1

7. Subsequent Events

Effective May 1, 2025, the VIP Asset Manager Growth Initial Class and VIP Asset Manager Initial Class will be renamed to VIP Asset Manager 70% Initial Class and VIP Asset Manager 50% Initial Class, respectively.

Effective May 1, 2025, the VIP Asset Manager Growth Investor Class and VIP Asset Manager Investor Class will be renamed to VIP Asset Manager 70% Investor Class and VIP Asset Manager 50% Investor Class, respectively.

Effective May 1, 2025, the VIP Hedged Equity fund will be added as a new subaccount.

The Account has evaluated subsequent events from the balance sheet date through the date of this report and no other events have occurred that would require disclosure.

 

  85   Annual Report

 

Report of Independent Registered Public Accounting Firm

To the Board of Directors of Fidelity Investments Life Insurance Company and the Contract Owners of Fidelity Investments Variable Annuity Account I

Opinions on the Financial Statements

We have audited the accompanying statements of assets and liabilities of each of the subaccounts of Fidelity Investments Variable Annuity Account I 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 (other than the subaccounts denoted with footnote (2), which only includes a statement of operations and statement of changes in net assets for the period January 1, 2024 to June 7, 2024 (date of merger)), 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 subaccounts of Fidelity Investments Variable Annuity Account I (other than the subaccounts denoted with footnote (2)) 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.

 

Fidelity VIP Government Money Market - Initial Class (1)   Fidelity VIP Government Money Market - Investor Class (1)   Fidelity VIP High Income - Initial Class (1)
     
Fidelity VIP High Income - Investor Class (1)   Fidelity VIP Equity-Income - Initial Class (1)   Fidelity VIP Equity-Income - Investor Class (1)
     
Fidelity VIP Growth - Initial Class (1)   Fidelity VIP Growth - Investor Class (1)   Fidelity VIP Overseas - Initial Class (1)
     
Fidelity VIP Overseas - Investor Class (1)   Fidelity VIP Investment Grade Bond - Initial Class (1)   Fidelity VIP Investment Grade Bond - Investor Class (1)
     
Fidelity VIP Asset Manager - Initial Class (1)   Fidelity VIP Asset Manager - Investor Class (1)   Fidelity VIP Index 500 - Initial Class (1)
     
Fidelity VIP Asset Manager Growth - Initial Class (1)   Fidelity VIP Asset Manager Growth - Investor Class (1)   Fidelity VIP Contrafund - Initial Class (1)
     
Fidelity VIP Contrafund - Investor Class (1)   Fidelity VIP Balanced - Initial Class (1)   Fidelity VIP Balanced - Investor Class (1)
     
Fidelity VIP Dynamic Capital Appreciation - Initial Class (1)   Fidelity VIP Dynamic Capital Appreciation - Investor Class (1)   Fidelity VIP Growth & Income - Initial Class (1)
     
Fidelity VIP Growth & Income - Investor Class (1)   Fidelity VIP Growth Opportunities - Initial Class (1)   Fidelity VIP Growth Opportunities - Investor Class (1)
     
Fidelity VIP Mid Cap - Initial Class (1)   Fidelity VIP Mid Cap - Investor Class (1)   Fidelity VIP Value Strategies - Initial Class (1)
     
Fidelity VIP Value Strategies - Investor Class (1)   Fidelity VIP Utilities - Initial Class (1)   Fidelity VIP Utilities - Investor Class (1)
     
Fidelity VIP Technology - Initial Class (1)   Fidelity VIP Technology - Investor Class (1)   Fidelity VIP Energy - Initial Class (1)
     
Fidelity VIP Energy - Investor Class (1)   Fidelity VIP Health Care - Initial Class (1)   Fidelity VIP Health Care - Investor Class (1)
     
Fidelity VIP Financials - Initial Class (1)   Fidelity VIP Financials - Investor Class (1)   Fidelity VIP Industrials - Initial Class (1)
     
Fidelity VIP Industrials - Investor Class (1)   Fidelity VIP Consumer Discretionary - Initial Class (1)   Fidelity VIP Consumer Discretionary - Investor Class (1)
     
Fidelity VIP Real Estate - Initial Class (1)   Fidelity VIP Real Estate - Investor Class (1)   Fidelity VIP Strategic Income - Initial Class (1)
     
Fidelity VIP Strategic Income - Investor Class (1)   Fidelity VIP International Capital Appreciation - Initial Class (1)   Fidelity VIP International Capital Appreciation - Investor Class (1)
     
Fidelity VIP Value - Initial Class (1)   Fidelity VIP Value - Investor Class (1)   Fidelity VIP Freedom Income - Initial Class (1)
     
Fidelity VIP Investor Freedom Income - Investor Class (1)   Fidelity VIP Freedom 2005 - Initial Class (2)   Fidelity VIP Investor Freedom 2005 - Investor Class (2)
Fidelity VIP Freedom 2010 - Initial Class (1)   Fidelity VIP Investor Freedom 2010 - Investor Class (1)   Fidelity VIP Freedom 2015 - Initial Class (1)
     
Fidelity VIP Investor Freedom 2015 - Investor Class (1)   Fidelity VIP Freedom 2020 - Initial Class (1)   Fidelity VIP Investor Freedom 2020 - Investor Class (1)
     
Fidelity VIP Freedom 2025 - Initial Class (1)   Fidelity VIP Investor Freedom 2025 - Investor Class (1)   Fidelity VIP Freedom 2030 - Initial Class (1)
     
Fidelity VIP Investor Freedom 2030 - Investor Class (1)   Fidelity VIP Freedom 2035 - Initial Class (1)   Fidelity VIP Investor Freedom 2035 - Investor Class (1)

 

  86   Annual Report

     
Fidelity VIP Freedom 2040 – Initial Class (1)   Fidelity VIP Investor Freedom 2040 - Investor Class (1)   Fidelity VIP Freedom 2045 - Initial Class (1)
     
Fidelity VIP Investor Freedom 2045 - Investor Class (1)   Fidelity VIP Freedom 2050 - Initial Class (1)   Fidelity VIP Investor Freedom 2050 - Investor Class (1)
     
Fidelity VIP Freedom Lifetime Income I   Fidelity VIP Freedom Lifetime Income II   Fidelity VIP Freedom Lifetime Income III
     
Fidelity VIP Disciplined Small Cap - Initial Class (1)   Fidelity VIP Disciplined Small Cap - Investor Class (1)   Fidelity VIP FundsManager 20% - Investor Class (1)
     
Fidelity VIP FundsManager 30% - Investor Class (1)   Fidelity VIP FundsManager 40% - Investor Class (1)   Fidelity VIP FundsManager 50% - Investor Class (1)
     
Fidelity VIP FundsManager 60% - Investor Class (1)   Fidelity VIP FundsManager 70% - Investor Class (1)   Fidelity VIP FundsManager 85% - Investor Class (1)
     
Fidelity VIP Consumer Staples - Initial Class (1)   Fidelity VIP Consumer Staples - Investor Class (1)   Fidelity VIP Materials - Initial Class (1)
     
Fidelity VIP Materials - Investor Class (1)   Fidelity VIP Communication Services - Initial Class (1)   Fidelity VIP Communication Services - Investor Class (1)
     
Fidelity VIP Emerging Markets - Initial Class (1)   Fidelity VIP Emerging Markets - Investor Class (1)   Fidelity VIP Floating Rate High Income - Initial Class (1)
     
Fidelity VIP Floating Rate High Income - Investor Class (1)   Fidelity VIP Bond Index – Initial Class (1)   Fidelity VIP Total Market Index – Initial Class (1)
     
Fidelity VIP Extended Market Index - Initial Class (1)   Fidelity VIP International Index – Initial Class (1)   Morgan Stanley Variable Insurance Fund, Inc. Emerging Markets Equity Portfolio - Class I (1)
     
Morgan Stanley Variable Insurance Fund, Inc. Emerging Markets Debt Portfolio - Class I (1)   Morgan Stanley Variable Insurance Fund, Inc. Global Strategist Portfolio - Class II (1)   Invesco V.I. Global Core Equity Fund - Series I (1)
     
Allspring VT Discovery SMID Cap Growth - Class 2 (1)   Allspring VT Opportunity Fund - Class 2 (1)   Lazard Retirement Emerging Markets Equity Portfolio – Investor (1)
     
PIMCO Commodity Real Return Strategy Portfolio – Administrative (1)   PIMCO Low Duration Portfolio – Administrative (1)   PIMCO Real Return Portfolio – Administrative (1)
     
PIMCO Total Return Portfolio – Administrative (1)   Blackrock Global Allocation V.I. Fund - Class I (1)   Templeton Global Bond VIP Fund - Class 2 (1)
     
Franklin U.S. Government Securities VIP Fund - 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 for the period January 1, 2024 to June 7, 2024 (date of merger) and statement of changes in net assets for the period January 1, 2024 to June 7, 2024 (date of merger)

Basis for Opinions

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included

 

  87   Annual Report

 

confirmation of investments owned as of December 31, 2024 by correspondence with the custodians or the transfer agents of the investee mutual funds. We believe that our audits provide a reasonable basis for our opinions.

/s/ PricewaterhouseCoopers LLP

Boston, Massachusetts

April 29, 2025

We have served as the auditor of one or more of the subaccounts of Fidelity Investments Variable Annuity Account I since 1987.

 

  88   Annual Report

 

 

 

 

LOGO

Fidelity Retirement Reserves, Fidelity Income Advantage, Fidelity Personal Retirement, Fidelity Freedom Lifetime Income and Fidelity Growth and Guaranteed Income are issued by Fidelity Investments Life Insurance Company.

Fidelity Brokerage Services LLC, member NYSE, SIPC, Fidelity Insurance Agency, Inc.,

and Fidelity Investments Institutional Services Company, Inc. are the distributors.

900 Salem Street, Smithfield, RI 02917

N. NRR/FIA-ANN-0221

1.xxxxxx.xxx

 

 

FIDELITY INVESTMENTS LIFE INSURANCE COMPANY

(A Wholly-Owned Subsidiary of FMR LLC)

CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEARS ENDED DECEMBER 31, 2024, 2023 AND 2022

FIDELITY INVESTMENTS LIFE INSURANCE COMPANY

(A Wholly-Owned Subsidiary of FMR LLC)

CONSOLIDATED FINANCIAL STATEMENTS

for the years ended December 31, 2024, 2023 and 2022

 

TABLE OF CONTENTS    PAGE

Report of Independent Auditors

    1

Consolidated Balance Sheets

    3

Consolidated Statements of Comprehensive Income

    4

Consolidated Statements of Stockholder’s Equity

    5

Consolidated Statements of Cash Flows

    6

Notes to Consolidated Financial Statements

    7

Report of Independent Auditors

To the Board of Directors and Management of Fidelity Investments Life Insurance Company

Opinion

We have audited the accompanying consolidated financial statements of Fidelity Investments Life Insurance Company and its subsidiaries (the “Company”), which comprise the consolidated balance sheets as of December 31, 2024 and 2023, and the related consolidated statements of comprehensive income, of stockholder’s equity, 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 “consolidated financial statements”).

In our opinion, the accompanying consolidated 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 accounting principles generally accepted in the United States of America.

Basis for Opinion

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 Consolidated 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 opinion.

Responsibilities of Management for the Consolidated Financial Statements

Management is responsible for the preparation and fair presentation of the consolidated financial statements in accordance with accounting principles generally accepted in the United States of America, and for the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of consolidated financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the consolidated 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 consolidated financial statements are available to be issued.

Auditors’ Responsibilities for the Audit of the Consolidated Financial Statements

Our objectives are to obtain reasonable assurance about whether the consolidated 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 consolidated financial statements.

 

1

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

 

  a.

Exercise professional judgment and maintain professional skepticism throughout the audit.

  b.

Identify and assess the risks of material misstatement of the consolidated 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 consolidated financial statements.

  c.

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.

  d.

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 consolidated financial statements.

  e.

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

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

/s/ PricewaterhouseCoopers LLP

Boston, Massachusetts

April 29, 2025

 

2

FIDELITY INVESTMENTS LIFE INSURANCE COMPANY

(A Wholly-Owned Subsidiary of FMR LLC)

CONSOLIDATED BALANCE SHEETS

(in thousands, except share data)

 

     December 31,
     2024   2023

ASSETS

     
Investments:     
Debt securities, available-for-sale, at fair value (amortized cost of $1,534,304 in 2024 and $1,580,809 in 2023)     $ 1,488,171      $ 1,529,445  
Equity securities      99       —  
Other investment      106       178  
Policy loans      1,305       1,500  
  

 

 

 

  

 

 

 

Total Investments

      1,489,681       1,531,123  
  

 

 

 

  

 

 

 

Cash and cash equivalents      205,897       148,479  
Restricted cash and cash equivalents      34,742       34,704  
Accrued investment income      17,873       17,640  
Deferred policy acquisition costs      79,281       79,097  
Reinsurance deposit and receivables      741,199       761,801  
Other assets      19,171       19,391  
Net deferred tax asset      63,813       63,035  
Income taxes receivable      12,654       —  
Separate account assets      49,277,696       43,222,664  
  

 

 

 

  

 

 

 

Total Assets

      51,942,007       45,877,934  
  

 

 

 

  

 

 

 

LIABILITIES

     
Future contract and policy benefits      487,110       529,151  
Contract holder deposit funds      496,937       501,602  
Funds withheld payable      406,882       398,702  
Other liabilities and accrued expenses      91,730       80,688  
Income taxes payable      —       38,889  
Payable to parent and affiliates, net      16,471       6,367  
Separate account liabilities      49,277,696       43,222,664  
  

 

 

 

  

 

 

 

Total Liabilities

      50,776,826       44,778,063  
  

 

 

 

  

 

 

 

Commitments and Contingencies (Note 12)     

STOCKHOLDER’S EQUITY

     

Common stock, par value $10 per share - 1,000,000 shares authorized; 300,000 shares issued and outstanding

      3,000       3,000  
Additional paid-in capital      71,378       71,378  
Accumulated other comprehensive (loss) income      (35,564 )      (39,339 ) 
Retained earnings      1,126,239       1,064,699  
  

 

 

 

  

 

 

 

Total Fidelity Investments Life Insurance Company Stockholder’s Equity

      1,165,053       1,099,738  
Noncontrolling interest      128       133  
  

 

 

 

  

 

 

 

Total Stockholder’s Equity

      1,163,307       1,099,871  

Total Liabilities and Equity

     $  51,942,007      $  45,877,934  
  

 

 

 

  

 

 

 

 

The accompanying notes are an integral part of the consolidated financial statements

 

3

FIDELITY INVESTMENTS LIFE INSURANCE COMPANY

(A Wholly-Owned Subsidiary of FMR LLC)

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(in thousands)

 

    For the years ended December 31,
    2024   2023   2022

REVENUES

      

Fees charged to contract holders

    $ 141,622      $ 126,024      $  130,159  

Fund administration fees (1)

     62,249       56,475       56,474  

Net investment income (2)

     51,504       54,931       51,989  

Interest on reinsurance deposit

     13,360       13,327       17,296  

Premiums, net

     5,206       4,051       3,603  

Gain on reinsurance recapture

     —       —       35,431  

Net realized investment (losses) gains:

      

Net realized investment (losses) (2)

     (4,888 )      (28,306 )      (18,822 ) 

Net realized investment gain (loss) on funds withheld embedded derivative

     4,359       (28,731 )      —  
 

 

 

 

  

 

 

 

  

 

 

 

Total net realized investment (losses) gains

     (529 )      (57,037 )      (18,822 ) 

Total Revenues

     273,412       197,771       276,130  
 

 

 

 

  

 

 

 

  

 

 

 

BENEFITS AND EXPENSES:

      

Underwriting, acquisition and insurance expenses (1)

     109,769       95,480       97,180  

Contract and policy benefits and expenses (2)

     19,571       30,194       89,321  

Other expenses

     421       424       296  
 

 

 

 

  

 

 

 

  

 

 

 

Total Benefits and Expenses

     129,761       126,098       186,797  
 

 

 

 

  

 

 

 

  

 

 

 

Income before income taxes

     143,651       71,673       89,333  

Income tax expense

     (17,884 )      6,457       15,704  
 

 

 

 

  

 

 

 

  

 

 

 

Net Income

     161,535       65,216       73,629  

Less: Net gain (loss) attributable to noncontrolling interest

     (5 )      53       5  
 

 

 

 

  

 

 

 

  

 

 

 

Net Income Attributable to Fidelity Investments Life Insurance Company

    $ 161,540      $ 65,163      $ 73,624  
 

 

 

 

  

 

 

 

  

 

 

 

Net Income

    $ 161,535      $ 65,216      $ 73,629  
 

 

 

 

  

 

 

 

  

 

 

 

Other comprehensive income (loss), before tax:

      

Net unrealized investment gains (losses) during the period

     (63 )      58,539       (176,234 ) 

Reclassification adjustment for net realized losses (gains) included in net income

     4,843       28,306       18,822  

(Provision) benefit for income taxes related to items of other comprehensive income (loss)

     (1,005 )      (18,440 )      33,387  
 

 

 

 

  

 

 

 

  

 

 

 

Other comprehensive income (loss), net of tax

     3,775       68,405       (124,025 ) 
 

 

 

 

  

 

 

 

  

 

 

 

Comprehensive Income (Loss)

     165,310       133,621       (50,396 ) 

Less: Comprehensive income (loss) attributable to noncontrolling interest

     (5 )      53       5  
 

 

 

 

  

 

 

 

  

 

 

 

Comprehensive Income (Loss) Attributable to Fidelity Investments Life Insurance Company    $  165,315      $  133,568      $ (50,401 ) 
 

 

 

 

  

 

 

 

  

 

 

 

 

(1) 

Includes affiliated company transactions (Note 9)

(2) 

Includes affiliated company reinsurance transactions (Note 11)

 

The accompanying notes are an integral part of the consolidated financial statements

 

4

FIDELITY INVESTMENTS LIFE INSURANCE COMPANY

(A Wholly-Owned Subsidiary of FMR LLC)

CONSOLIDATED STATEMENTS OF STOCKHOLDER’S EQUITY

(in thousands)

For the years ended December 31, 2024, 2023, and 2022

 

    Common
Stock		   Additional
Paid-In
Capital		   Accumulated
Other
Comprehensive
Income (Loss)		   Retained
Earnings		   Noncontrolling
Interest		   Total
Stockholder’s
Equity
   

 

  

 

  

 

  

 

  

 

  

 

Balance at December 31, 2021

    $ 3,000      $ 71,378      $     16,281      $ 1,125,912      $ 50      $ 1,216,621  
 

 

 

 

  

 

 

 

  

 

 

 

  

 

 

 

  

 

 

 

  

 

 

 

Comprehensive income:

            

Other contributions

     —        —       —       —       25       25  

Net income (loss)

     —       —       —       73,624       5       73,629  

Dividends paid to parent

     —       —       —       (125,000 )      —       (125,000 ) 

Other comprehensive income (loss)

     —       —       (124,025 )      —       —       (124,025 ) 
 

 

 

 

  

 

 

 

  

 

 

 

  

 

 

 

  

 

 

 

  

 

 

 

Balance at December 31, 2022

    $ 3,000      $ 71,378       $ (107,744 )     $ 1,074,536      $ 80      $ 1,041,250  
 

 

 

 

  

 

 

 

  

 

 

 

  

 

 

 

  

 

 

 

  

 

 

 

Comprehensive income:

            

Net income (loss)

     —       —       —       65,163       53       65,216  

Dividends paid to parent

     —       —       —       (75,000 )      —       (75,000 ) 

Other comprehensive income (loss)

     —       —       68,405       —       —       68,405  
 

 

 

 

  

 

 

 

  

 

 

 

  

 

 

 

  

 

 

 

  

 

 

 

Balance at December 31, 2023

    $ 3,000      $ 71,378      $ (39,339 )     $ 1,064,699      $ 133      $ 1,099,871  
 

 

 

 

  

 

 

 

  

 

 

 

  

 

 

 

  

 

 

 

  

 

 

 

Comprehensive income:

            

Net income (loss)

     —       —       —       161,540       (5 )      161,535  

Dividends paid to parent

     —       —       —       (100,000 )      —       (100,000 ) 

Other comprehensive income (loss)

     —       —       3,775       —       —       3,775  
 

 

 

 

  

 

 

 

  

 

 

 

  

 

 

 

  

 

 

 

  

 

 

 

Balance at December 31, 2024

    $  3,000      $   71,378      $ (35,564 )     $ 1,126,239      $     128      $   1,165,181  
 

 

 

 

  

 

 

 

  

 

 

 

  

 

 

 

  

 

 

 

  

 

 

 

 

The accompanying notes are an integral part of the consolidated financial statements

 

5

FIDELITY INVESTMENTS LIFE INSURANCE COMPANY

(A Wholly-Owned Subsidiary of FMR LLC)

CONSOLIDATED STATEMENTS OF CASH FLOWS

(in thousands)

 

    For the years ended December 31,
    2024   2023   2022

Cash flows provided by (used for) operating activities:

      

Net income

     161,535      $ 65,216      $ 73,629  

Adjustments to reconcile net income to cash provided by operating activities:

      

Gain from reinsurance recapture

     —       —       (35,431 ) 

Amortization and depreciation

     1,966       5,603       5,399  

Net realized investment (gains) losses

     4,888       28,306       18,822  

Net realized investment losses on funds withheld embedded derivative

     (4,359 )      28,731       —  

Provision for deferred taxes

     (1,785 )      7,874       3,539  

Equity loss from investee company

     72       105       296  

Changes in assets and liabilities:

      

Accrued investment income

     (233 )      (1,079 )      (6,515 ) 

Funds withheld payable

     8,180       1,068       —  

Deferred policy acquisition costs, net of amortization

     (635 )      (505 )      6,181  

Future contract and policy benefits, net

     39,579       47,054       102,408  

Reinsurance deposit and receivables

     20,601       17,118       40,195  

Payable (receivable) to parent and affiliates, net

     10,104       (3,472 )      373  

Income taxes payable

     (51,543 )      (14,442 )      2,986  

Other assets and other (liabilities), net

     16,165       3,243       5,775  
 

 

 

 

  

 

 

 

  

 

 

 

Net cash provided by operating activities

     204,535       184,820       217,657  
 

 

 

 

  

 

 

 

  

 

 

 

Cash flows provided by (used for) investing activities:

      

Purchase of debt securities

     (399,049 )      (616,294 )      (515,910 ) 

Purchase of equity securities

     (52 )      —       —  

Proceeds from sales of debt securities

     348,425       575,513       365,376  

Proceeds from maturities and calls of debt securities

     89,685       76,637       150,773  

Investment in investee company

     —       —       (1,000 ) 

Accrued (distributions) contributions in investee company

     —       —       772  

Investment trades payable/ receivable, net

     —       —       (3,036 ) 

Change in policy loans

     196       211       (32 ) 
 

 

 

 

  

 

 

 

  

 

 

 

Net cash provided by (used for) investing activities

     39,205       36,067       (3,057 ) 
 

 

 

 

  

 

 

 

  

 

 

 

Cash flows provided by (used for) financing activities:

      

Deposits credited to fixed and variable annuity contracts

     1,834,944       1,326,591       1,230,644  

Net transfers from separate accounts

     1,102,891       1,440,092       1,087,878  

Withdrawals from variable annuity contracts

     (2,943,043 )      (2,822,566 )      (2,350,668 ) 

Withdrawals from fixed annuity contracts

     (81,076 )      (81,336 )      (92,420 ) 

Dividend paid to parent

     (100,000 )      (75,000 )      (125,000 ) 
 

 

 

 

  

 

 

 

  

 

 

 

Net cash used for financing activities

     (186,284 )      (212,219 )      (249,566 ) 
 

 

 

 

  

 

 

 

  

 

 

 

Net increase (decrease) in cash, cash equivalents, and restricted cash and cash equivalents

     57,456       8,668       (34,966 ) 

Cash, cash equivalents, and restricted cash and cash equivalents:

      

Beginning of year

     183,183       174,515       209,481  
 

 

 

 

  

 

 

 

  

 

 

 

End of year

    $ 240,639      $ 183,183      $ 174,515  
 

 

 

 

  

 

 

 

  

 

 

 

Supplemental Disclosure of cash flow for non-cash transactions

      

Assets deposited for funds withheld account

    $ —      $ (384,544 )     $ —  

Reinsurance deposit and receivables under funds withheld

    $ —      $ 375,535      $ —  

Proceeds from reinsurance recapture

    $ —      $ —      $ 406,242  
 

 

 

 

 

The accompanying notes are an integral part of the consolidated financial statements

 

6

FIDELITY INVESTMENTS LIFE INSURANCE COMPANY

(A Wholly-Owned Subsidiary of FMR LLC)

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Dollars in thousands)

1.  ORGANIZATION AND NATURE OF OPERATIONS:

The consolidated financial statements include the accounts of Fidelity Investments Life Insurance Company (“FILI”), a Utah domiciled insurance company, and Empire Fidelity Investments Life Insurance Company (“EFILI”), FILI’s wholly-owned insurance company subsidiary operating exclusively in the State of New York (collectively, the “Company”). In addition, the accounts also include Feedstock Investments VII, LLC (“Feedstock”), a special purpose entity (“SPE”) that makes tax advantaged investments in certain refined coal transactions under Section 45 of the Internal Revenue Code (“IRC 45”). FILI is a wholly-owned subsidiary of FMR LLC.

The Company issues and services certain variable and fixed annuity contracts and variable universal life (“VUL”) policies. Amounts invested in the fixed option of the annuity contracts and VUL contracts are allocated to the general account of the Company. Amounts invested in the variable option of the annuity contracts and variable universal life policies are allocated to the Variable Annuity Account and Variable Life Account respectively which are separate accounts of the Company. The assets of the Variable Annuity Account and Variable Life Account are invested in certain portfolios of the Fidelity Variable Insurance Product Funds (Initial Class), the Fidelity Variable Insurance Product Funds (Investor Class), the Morgan Stanley Variable Insurance Funds, Inc., the Allspring Variable Trust Funds, the Lazard Retirement Series, Inc., Invesco Advisers Inc., the PIMCO Variable Insurance Trust Funds, the Franklin Templeton Variable Insurance Products Trust Funds and the Blackrock Variable Series Funds. Separate account assets are reported at the net asset value of such portfolios.

The Company offers a term life insurance product with level premium paying periods of ten, fifteen, twenty, twenty-five, and thirty years.

2.  SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES:

Basis of Presentation

The accompanying consolidated financial statements of the Company have been prepared on the basis of accounting principles generally accepted in the United States of America (“GAAP”).

The preparation of the consolidated financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the related amounts and disclosures in the financial statements. Actual results could differ from those estimates.

Investments

Investments in debt securities are classified as available-for-sale and are reported at fair value. Fair values for debt securities are obtained from independent pricing sources. Unrealized gains or losses on securities are reported as a component of other comprehensive income, net of income taxes. The discount or premium on debt securities, excluding loan-backed bonds and structured securities, is amortized using the effective interest method. Such amortization is included in investment income. Prepayment assumptions for loan-backed bonds and structured securities are obtained from broker-dealer survey values. Amortization of loan-backed bonds and structured securities includes anticipated prepayments over the estimated economic life of the security. When actual prepayments differ significantly from anticipated prepayments, the effective yield is recalculated to reflect actual payments to date and anticipated future payments and any resulting adjustment is included in investment income.

 

7

FIDELITY INVESTMENTS LIFE INSURANCE COMPANY

(A Wholly-Owned Subsidiary of FMR LLC)

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Dollars in thousands)

2.  SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED):

Investments (continued)

 

The Company evaluates available-for-sale investments that experience declines in fair value for impairment.

Impairment related to credit losses on available-for-sale investments is recorded in the consolidated Statements of Comprehensive Income with an offsetting allowance for credit losses, and the portion that is related to other factors is recorded as a component of other comprehensive income (“OCI”). The Company considers many factors, including the extent to which the fair value is less than amortized cost and reasons for the decline in value (e.g., general credit spreads, the financial condition of the issuer, information from industry analyst reports and external credit ratings). If analysis of these factors results in a security needing to be impaired, the credit loss is measured as the extent amortized cost exceeds the present value of expected future cash flows. In addition to these factors, if the Company has the intent to sell an investment whose fair value is below amortized cost, or it is more likely than not that the Company will be required to sell an investment before recovery, the Company will write down the amortized cost to fair value and record an impairment in earnings.

Investment income is recognized on the accrual basis. Debt securities that are delinquent are placed on a non-accrual status, and thereafter interest income is recognized only when cash payments are received. Realized gains or losses on investments sold are determined by the specific identification method.

Equity securities include common stock which is reported at fair value where changes in fair value is reflected in net realized investment gains and losses.

Cash and Cash Equivalents

The Company considers highly liquid instruments purchased with an original maturity date of three months or less to be cash equivalents. Cash and cash equivalents comprise amounts in demand deposit accounts and money market mutual funds, and are reported at cost which approximates fair value. Money market mutual funds used to hold cash prior to reinvestment and to meet operating cash requirements were $166,361 and $118,780 at December 31, 2024, and 2023, respectively. The Company reclassifies cash overdrafts to Other liabilities and accrued expenses. Cash overdrafts were $12,836 and $21,603 at December 31, 2024, and 2023, respectively.

Other Investment

Other investment includes an investment in which the Company has the ability to influence (but not control) the financial or operating policies of the investee entity and is accounted for using the equity method of accounting. In applying the equity method, the Company uses financial information provided by the investee. The Company reports its share of the equity method investee earnings and losses in Other expenses in the Consolidated Statements of Comprehensive Income.

Separate Accounts

Separate account assets represent funds held for the exclusive benefit of variable annuity and variable life insurance contract holders and are reported at fair value based on the net asset value (“NAV”) of the underlying mutual fund portfolios. Since the contract holders receive the full benefit and bear the full risk of the separate account investments, the income and realized and unrealized gains and losses from such investments are offset by an increase or decrease in the amount of liabilities related to the separate account.

 

8

FIDELITY INVESTMENTS LIFE INSURANCE COMPANY

(A Wholly-Owned Subsidiary of FMR LLC)

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Dollars in thousands)

2.  SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED):

 

Revenue Recognition

Fees charged to contract holders include mortality and expense risk, administrative charges for variable annuity and life contract holders, and the cost of providing insurance protection for variable life contract holders. Fund administration fees represent administrative fees charged to investment managers and recordkeeping fees earned by the Company for administering a third party insurance product. Fees charged to contract holders and fund administration fees are recognized ratably throughout the year as a percentage of the related separate account assets. Premiums for term life insurance products are recognized as revenues over the premium-paying period. Interest accretion on the reinsurance deposit related to the fixed income annuity product and the fixed portion of the variable income annuity product is recognized over the remaining term of the underlying contracts.

Future Contract and Policy Benefits

Future contract and policy benefits include the guaranteed minimum death benefit (“GMDB”) and the guaranteed minimum withdrawal benefit features (“GMWB”) (see Note 3 – Guaranteed Benefits) on three types of products including certain variable annuity products, the majority of the 100% fixed life contingent fixed income annuity product and life products. Such liabilities are established in amounts sufficient to meet the estimated future obligations of policies in force, taking into consideration the future premiums and assessments. Future contract and policy benefit liabilities are computed using certain assumptions including mortality, lapse, investment performance and expense based on the Company’s experience, industry results, emerging trends and future expectations. With the exception of the GMDB and GMWB features, assumptions are locked in at the time of issuance and are not changed unless there are adverse changes in experience or assumptions which may require the Company to provide for expected future losses by establishing premium deficiency reserves.

The Company evaluates future contract and policy benefit liabilities annually to determine if a premium deficiency exists. If the future contract and policy benefit liabilities plus the present value of future gross premiums are insufficient to provide for the current present value of future contract and policy benefits then a charge to earnings is recorded against unamortized deferred policy acquisition costs and, if necessary, a premium deficiency reserve is established. Premium deficiency for certain products is adjusted for the impact of unrealized gains and losses on investments as if the gains and losses have been realized with a corresponding credit or charge to accumulated other comprehensive income, net of income taxes.

Contract Holder Deposit Funds

Contract holder deposit funds consist of annuity deposits received from customers for the fixed portion of the variable deferred annuity product, for the fixed income annuity product with no life contingencies and for the fixed portion of life contingent income annuity products not included in Future Contract and Policy Benefits. Liabilities are established in amounts sufficient to meet the estimated future obligations of policies in force and represent accumulated account deposits plus interest credited, less contract holder withdrawals and other charges assessed against the account balance.

Reinsurance Deposit and Receivables

The Company reinsures a substantial portion of its life insurance and annuity product risks with other companies. As a result, when the Company records liabilities that are subject to reinsurance, reinsurance deposits and receivables are recorded. The Company remains contingently liable for claims reinsured in the event the reinsurer is unable to meet its obligations. Failure of reinsurers to honor their obligations could result in losses to the Company. The Company evaluates the financial condition of its reinsurers and monitors concentration of credit risk arising from similar activities or economic characteristics of the reinsurers to minimize its exposure to significant losses from reinsurer insolvencies. The largest reinsurance counterparty exposure is partially held in collateral accounts which offers the Company additional protection and reduces the risk of loss to the Company that could result from failure of a reinsurer. The Company is subject to concentration of risk with respect to these reinsurance agreements.

 

9

FIDELITY INVESTMENTS LIFE INSURANCE COMPANY

(A Wholly-Owned Subsidiary of FMR LLC)

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Dollars in thousands)

2.  SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED):

Reinsurance Deposit and Receivables (continued)

 

Reinsurance deposits and receivables are recorded net of the allowance for credit losses. The allowance for credit losses represents management’s estimate of credit losses and considers the quality of the reinsurance counterparty using probability-of-default (“PD”) / loss-given-default (“LGD”) models. The PD estimate is determined based on similarly rated companies and the LGD estimate is based on management’s estimate assigned to each reinsurer. The estimate represents the expected economic loss of a reinsurer’s default. There are two primary factors which affect LGD, (i) the presence and amount of collateral backing the reinsurance counterparty credit, and (ii) whether the reinsurer is also a direct writer of insurance. Overall, the allowance for credit losses are affected by changes in the underlying reinsurance reserve credit which can fluctuate with market returns, policy persistency and policyholder mortality. The allowance for credit losses may vary due to (i) updates in assumed probabilities of default, (ii) the value of any collateral, (iii) changes in financial strength ratings of the reinsurance counterparty by various statistical rating agencies and (iv) other risk factors. Changes in the allowance for credit losses are recorded in the provision for credit losses in the Company’s Consolidated Statements of Comprehensive Income.

Funds Withheld

The Company entered into a coinsurance with funds withheld reinsurance agreement under which the Company withholds the funds rather than transferring the underlying investments to the reinsurer. The funds withheld liability represents the amount of assets withheld by the Company in accordance with the terms of the reinsurance agreement. The assets in the funds withheld account are required to remain at a value sufficient to support the policy benefit liabilities reinsured on a statutory basis. While the Company legally owns the assets in the funds withheld account and managed in accordance with guidelines to ensure investment risk is appropriately managed, the economic benefits of the funds withheld assets are transferred to the reinsurer.

Embedded Derivative

The funds withheld payable contains an embedded derivative that is considered a total return swap as the Company is obligated to pay the total return on the funds withheld assets. The embedded derivative is carried at fair value which is based on the fair value of the assets supporting the funds withheld payable. The change in fair value of the funds withheld embedded derivative is separately reported on the Consolidated Statements of Comprehensive Income. The fair value of the embedded derivative is classified based on valuation methods used for the assets held supporting the reinsurance agreement.

Deferred Policy Acquisition Costs

Costs that vary with and are primarily associated with acquiring new and renewal business are deferred. The costs consist principally of first-year commissions paid to Fidelity Insurance Agency, Inc. in accordance with contractual agreements as described in Note 9 – Affiliated Company Transactions, and certain expenses for traditional life policy issuance and underwriting. These deferred policy acquisition costs (“DAC”) are amortized over the lifetime of the policy, generally estimated as the level term period for the term insurance product and either a 30-year or 50-year period for the variable deferred and immediate annuity products in proportion to expected gross profits.

The amortization process requires the use of various assumptions, estimates and judgments about the future. The primary assumptions are expenses, investment performance, mortality, and contract cancellations (i.e., lapses, withdrawals, internal replacements and surrenders). These assumptions are reviewed on a regular basis and are generally based on the Company’s past experience, industry studies, and judgments about the future. Finally, analyses are performed periodically to assess whether there are sufficient gross profits to amortize the remaining DAC balances. See Note 10 – Underwriting, Acquisition and Insurance Expenses for additional information regarding amortization of deferred policy acquisition costs.

 

10

FIDELITY INVESTMENTS LIFE INSURANCE COMPANY

(A Wholly-Owned Subsidiary of FMR LLC)

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Dollars in thousands)

2.  SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED):

Deferred Policy Acquisition Costs (continued)

 

A significant assumption for the projection of estimated gross profits is the investment return on separate account fund balances. The Company assumes a long-term return of 6.5% before fund expenses and other charges. The Company also applies a “Reversion to the Mean” assumption in setting the projected return for the next seven years. The projected return over the next seven years is developed such that the combination of actual and projected returns equals the long term return, and the long term return is projected for the eighth year and beyond. The Company limits the projected return to no greater than 11.5% (before fund expenses and other charges) and no less than approximately 5% (before fund expenses and other charges).

GAAP provides guidance for DAC on internal replacements of insurance and investment contracts. An internal replacement is a modification in product benefits, features, rights or coverages that occurs by the exchange of a contract for a new contract, or by amendment, endorsement, or rider to a contract, or by the election of a feature or coverage within a contract. Modifications that result in a permanent contract that is substantially changed from the replaced contract is accounted for as an extinguishment of the replaced contract. DAC, unearned revenue liabilities and deferred sales inducements from contracts materially changed or replaced are written-off in the period changed or replaced. Modifications that result in a contract that is substantially unchanged from the replaced contract are accounted for as a continuation of the replaced contract.

The Company defines an internal replacement as a modification in product benefits, features, rights or coverages that occurs by the exchange of a contract, by amendment, endorsement or rider to the contract. Contract modifications resulting in a replacement contract that is substantially changed from the replaced contract is accounted for as an extinguishment of the replaced contract and any unamortized deferred acquisition costs are written off. There were no changes to the Company’s definition of internal replacements or changes in product benefits, features, rights or coverage during 2024, 2023, or 2022.

DAC for certain products is adjusted for the impact of unrealized gains and losses on investments as if the gains and losses have been realized with a corresponding credit or charge to accumulated other comprehensive income, net of income taxes.

Property and Equipment

Property, equipment, and computer software are stated at cost less accumulated depreciation or amortization. Software includes certain costs incurred for purchasing and developing software for internal use. Depreciation or amortization is provided using the straight-line method over the estimated useful lives of the asset, generally three years.

Income Taxes

The Company files a consolidated federal income tax return with its subsidiary, EFILI. Under a tax sharing agreement, each company is charged or credited its share of taxes as determined on a separate company basis. Tax benefits are credited with respect to taxable losses to the extent such losses are utilized by the consolidated group. Intercompany tax balances are settled within 30 days of the actual tax payment.

The asset and liability method is used in accounting for income taxes. Under this method, deferred tax assets and liabilities are determined based on differences between financial reporting and tax basis of assets and liabilities and are measured using the current enacted tax rates.

 

11

FIDELITY INVESTMENTS LIFE INSURANCE COMPANY

(A Wholly-Owned Subsidiary of FMR LLC)

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Dollars in thousands)

2.  SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED):

Income Taxes (continued)

 

The Company evaluates the recoverability of deferred tax assets and establishes a valuation allowance if necessary to reduce the deferred tax assets to an amount that is more likely than not expected to be realized. Considerable judgment is required in determining whether a valuation allowance is necessary, and if so, the amount of such valuation allowance. In evaluating the need for a valuation allowance, the Company considers available positive and negative evidence including nature and tax characteristic of taxable temporary differences and the timing of their reversal, projected future taxable income, tax planning strategies, and results of recent operations. Although realization is not assured, management believes it is more likely than not that the deferred tax assets, net of valuation allowances, will be realized. The Company adjusts the valuation allowance if there is a change in management’s assessment of the amount of the deferred tax assets that are more likely than not to be realized.

The Company recognizes the benefit of uncertain tax positions only when the position is more-likely-than-not to be sustained upon review by taxing authorities.

Future Adoption of Accounting Pronouncements

The Financial Accounting Standards Board (“FASB”) issued new guidance for insurance companies that issue long-duration insurance and annuity contracts. The guidance makes several changes including amendments to the assumptions used to measure liabilities for future policy benefits, measurement of market-based risk benefits, amortization of deferred acquisition costs and additional disclosures. The guidance will be effective for the Company in the year beginning January 1, 2025 and early adoption is permitted. The Company is currently evaluating the impact this guidance will have on the consolidated financial statements which is expected to be material.

The FASB issued new guidance that improves income tax disclosures primarily related to a company’s effect tax rate reconciliation and income taxes paid. The guidance will be effective for the Company in the year beginning January 1, 2025. The Company is currently evaluating the impact this guidance will have on the consolidated financial statements.

3.  GUARANTEED BENEFITS:

The Company establishes a liability for death or withdrawal benefit guarantees contained in variable annuity contracts.

Guaranteed Minimum Death Benefits (GMDB)

The Company has certain variable annuity contracts with a GMDB feature. The GMDB feature provides annuity contract holders with a default guarantee that the benefit received at death will be no less than a prescribed minimum amount. Upon death of the annuitant prior to age 85, the death benefit is the greater of the contract value and total premiums, adjusted for withdrawals. For an additional charge, the death benefit is the greater of the default guaranteed death benefit and the highest contract value as of any prior anniversary, prior to age 80, adjusted for any additional payments or withdrawals. The optional rider is no longer offered to new customers, effective January 1, 2003. If the GMDB is higher than the current account value at the time of death, the Company incurs a cost equal to the difference. The Company’s current variable annuity contract does not offer a GMDB feature.

 

12

FIDELITY INVESTMENTS LIFE INSURANCE COMPANY

(A Wholly-Owned Subsidiary of FMR LLC)

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Dollars in thousands)

3.  GUARANTEED BENEFITS (CONTINUED):

 

The following summarizes the liability for GMDB contracts reflected in the general account:

 

     Years Ended December 31,
    

2024

  

2023

Beginning Balance

    $ 5     $ 93  

Change in benefit ratio estimate

      (3 )      (137 ) 

Interest on reserve

      —       (3 ) 

Claims paid

      —       —  

Accrual of benefit ratio

      1       52  
  

 

 

 

  

 

 

 

Ending Balance

     $      3      $      5  
  

 

 

 

  

 

 

 

The reinsurance recoverables associated with the GMDB were $2 and $3 at December 31, 2024 and 2023, respectively.

The following information relates to the reserving methodology and assumptions for developing the GMDB policy benefit liability.

 

  •  

The projection model uses 100 pairs of stochastically generated market return scenarios for equity and bond returns.

 

  •  

The projection period is 30 years from issue.

 

  •  

The mean investment performance assumptions, prior to the consideration of mortality and expense fees, are 3.5% for money market funds, 6.3% for bond funds, and 11.5% for equity funds.

 

  •  

The projection model employs a mean reversion adjustment that is based on historical performance from 1997 to the present and the long-term rate assumption.

 

  •  

The volatility assumption is 20% for equity funds; 9% for bond funds; and 0% for money market funds.

 

  •  

The mortality assumption is 86%/80% for males/females, respectively, of the 2012 IAM Basic Mortality Table with Scale G2.

 

  •  

The lapse rate assumption is 5.7% for all policy durations. The partial withdrawal assumption is 1.8% for all policy durations.

 

  •  

The discount rate is 6.83%.

 

13

FIDELITY INVESTMENTS LIFE INSURANCE COMPANY

(A Wholly-Owned Subsidiary of FMR LLC)

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Dollars in thousands)

3.  GUARANTEED BENEFITS (CONTINUED):

 

The table below represents the account value, net amount at risk and average attained age of underlying contract holders for GMDB as of December 31, 2024 and 2023. The net amount at risk is the death benefit coverage in force or the amount that the Company would have to pay if all contract holders had died as of the specified date, and represents the excess of the guaranteed benefit over the fair value of the underlying investments.

 

     Years Ended December 31,  
(in thousands, except for contract holder data)   

2024

    

2023

Net deposits paid

     

Account value

      $  5,252,243      $  4,805,070   

Net amount at risk

      $ 40,668      $ 48,420  

Average attained age of contract holders

      71       71  

Ratchet (highest historical account value at specified anniversary dates)

     

Account value

      $ 225,189      $ 213,186  

Net amount at risk

      $ 4,642      $ 7,659  

Average attained age of contract holders

      74       74  

Guaranteed Minimum Withdrawal Benefits (GMWB)

The Company issued a variable annuity contract with a GMWB feature. The GMWB feature provides annuity contract holders with withdrawal payments that are guaranteed for life. The withdrawal feature allows for guaranteed withdrawals beginning with age 591⁄2 for the life of the contract holder based on a preset withdrawal percentage of the guaranteed withdrawal benefit (“GWB”) value as defined in the contract. The contract holder is eligible to take the withdrawal benefit each year until there is no longer any living annuitant. The GWB value is initially set equal to the purchase payment and is ratcheted up to the contract value on each anniversary until the oldest annuitant’s 85th birthday. The GWB value is reduced by (i) withdrawals if the youngest annuitant is under age 591⁄2 or (ii) withdrawals in excess of the GWB amount if the youngest annuitant has reached age 591⁄2.

The following summarizes the liability for GMWB contracts reflected in the general account:

 

     Years Ended December 31,
    

2024

  

2023

Beginning Balance

     $ 15,585      $ 11,067  

 Change in benefit ratio estimate

      (1,198 )      3,304  

 Interest on reserve

      742       741  

 Accrual of benefit ratio

      439       473  
  

 

 

 

  

 

 

 

Ending Balance

     $    15,568      $    15,585  
  

 

 

 

  

 

 

 

For contracts issued prior to January 1, 2009, the Company has reinsurance coverage for 100% of its GMWB provisions. Effective January 1, 2009, the Company entered into a reinsurance agreement to reinsure 90% of GMWB product sales during the first quarter of 2009. Effective March 31, 2009, the GMWB was no longer offered.

 

14

FIDELITY INVESTMENTS LIFE INSURANCE COMPANY

(A Wholly-Owned Subsidiary of FMR LLC)

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Dollars in thousands)

3.  GUARANTEED BENEFITS (CONTINUED):

 

The reinsurance recoverables associated with the GMWB were $15,077 and $15,127 at December 31, 2024, and 2023, respectively.

The following information relates to the reserve methodology and assumptions for developing the GMWB policy benefit liability:

 

  •  

The projection model uses 100 pairs of stochastically generated market return scenarios for equity and bond returns.

 

  •  

The projection period is 50 years from issue.

 

  •  

The mean investment performance assumptions, prior to the consideration of mortality and expense fees, are 3.5% for money market funds, 6.3% for bond funds, and 11.5% for equity funds.

 

  •  

The projection model employs a mean reversion adjustment that is based on historical performance from 1997 to the present and the long-term rate assumption.

 

  •  

The volatility assumption is 20% for equity funds; 9% for bond funds; and 0% for money market funds.

 

  •  

Separate benefit ratios were calculated for single life and joint life policies.

 

  •  

For contract holders not yet taking withdrawals, the GMWB withdrawal waiting period is defined as the later of 171⁄2 years from issue and age 591⁄2.

 

  •  

The mortality assumption is 86% of the 2012 IAM Basic Mortality Table with projection scale G2.

 

  •  

The lapse rate assumption is 4.8%, with dynamic lapse reduction for contracts in the money.

 

  •  

The discount rate is 6.425%, adjusted for maintenance and expense charges.

The table below displays the account value and guaranteed withdrawal values at December 31, 2024, and 2023:

 

     Years Ended December 31,  
    

2024

    

2023

  

Account value

     $ 1,315,554     $ 1,367,030  

GWB value

     $  1,392,098     $  1,529,737  

Average attained age of contract holders

      81       80  

4.  INVESTMENTS:

The components of net investment income were as follows:

 

     Years Ended December 31,  
    

2024

    

2023

    

2022

  

Debt securities

     $ 47,383       $ 52,784       $ 53,067   

Cash and cash equivalents

      5,469        4,540        2,105   

Other income

      725        1,205        263   
  

 

 

    

 

 

    

 

 

  

Total investment income

      53,577        58,529        55,435   

Less: investment expenses

      2,073        3,598        3,446   
  

 

 

    

 

 

    

 

 

  

Net investment income

     $   51,504       $   54,931       $   51,989   
  

 

 

    

 

 

    

 

 

  

 

15

FIDELITY INVESTMENTS LIFE INSURANCE COMPANY

(A Wholly-Owned Subsidiary of FMR LLC)

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Dollars in thousands)

4.  INVESTMENTS (CONTINUED):

 

Gross realized gains and losses from sales of debt securities were as follows:

 

     Years Ended December 31,
    

2024

  

2023

  

2022

Debt securities:

       

Gross realized gains

     $    3,618      $     636      $    1,031  

Gross realized losses

      (8,461 )      (28,942 )      (19,853 ) 
  

 

 

 

  

 

 

 

  

 

 

 

Total realized investment gains (losses)

      (4,843 )     $ (28,306 )     $ (18,822 ) 
  

 

 

 

  

 

 

 

  

 

 

 

Gross realized losses from changes in fair value of equity securities was ($45) and $0 for the years ended December 31, 2024 and 2023, respectively.

The Company recorded realized investment losses as a result of impairments of $0, $231, and $0 for 2024, 2023 and 2022, respectively. The Company recorded debt securities of $0, $16, and $0 that were non-income producing for 2024, 2023 and 2022, respectively. Interest foregone by non-income producing securities was $0, $16, and $0 for 2024, 2023, and 2022, respectively.

Net unrealized investment gains (losses) on debt securities carried at fair value and the related impact on DAC and deferred income taxes as of December 31 were as follows:

 

     December 31,
    

2024

  

2023

Debt securities

     $ (46,133 )     $ (51,364 ) 

DAC

      995       1,446  

Deferred income tax benefit (expense)

         9,574          10,579  
  

 

 

 

  

 

 

 

    $ (35,564 )     $ (39,339 ) 
  

 

 

 

  

 

 

 

 

16

FIDELITY INVESTMENTS LIFE INSURANCE COMPANY

(A Wholly-Owned Subsidiary of FMR LLC)

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Dollars in thousands)

4.  INVESTMENTS (CONTINUED):

 

Debt securities, without an allowance for credit losses, that have been in a continuous unrealized loss position as of December 31, 2024 were as follows:

 

    2024
    Less than twelve months   Twelve months or more   Total
    Estimated
Fair Value		   Gross
Unrealized
Losses		   Number of
Securities		   Estimated
Fair Value		   Gross
Unrealized
Losses		   Number of
Securities		   Estimated
Fair Value		   Gross
Unrealized
Losses		   Number of
Securities
 

 

 

  

 

 

  

 

 

    (in thousands)
Investment grade debt securities:                  

U.S. Treasury securities

   $  181,959     $  (4,400 )    22   $ 47,704     $ (4,654 )    9   $ 229,663     $ (9,054 )    31

States and political subdivisions

     —       —     —     1,234       (249 )    5     1,234       (249 )    5

Corporate debt securities

     159,293       (2,591 )    95     563,933       (44,656 )    412     723,226       (47,247 )    507

Mortgage and asset-backed securities

     11,183       (189 )    12     30       (4 )    1     11,213       (193 )    13
 

 

 

  

 

 

  

 

 

Total

   $ 352,435     $ (7,180 )    129   $  612,901     $  (49,563 )    427   $  965,336     $  (56,743 )    556
 

 

 

  

 

 

  

 

 

Below Investment grade debt securities:                  

U.S. Treasury securities

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

States and political subdivisions

     —       —     —     —       —     —     —       —     —

Corporate debt securities

     14,551       (206 )    91     36,343       (2,741 )    183     50,894       (2,947 )    274

Mortgage and asset-backed securities

     —       —     —     —       —     —     —       —     —
 

 

 

  

 

 

  

 

 

Total

   $ 14,551     $ (206 )    91   $ 36,343     $ (2,741 )    183   $ 50,894     $ (2,947 )    274
 

 

 

  

 

 

  

 

 

The Company believes that declines in the fair value of the securities above were not indicative of credit impairment as of December 31, 2024. The Company did not intend to sell these securities, and it was not more likely than not that the Company would be required to sell these securities before the anticipated recovery of the remaining amortized cost basis. The majority of the securities are investment grade debt securities with average fair values of 94% of amortized cost at December 31, 2024. Investments in below investment grade securities have an average fair value of 94% of amortized cost as of December 31, 2024.

 

17

FIDELITY INVESTMENTS LIFE INSURANCE COMPANY

(A Wholly-Owned Subsidiary of FMR LLC)

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Dollars in thousands)

4.  INVESTMENTS (CONTINUED):

 

Debt securities that have been in a continuous unrealized loss position as of December 31, 2023, were as follows:

 

    2023
    Less than twelve months   Twelve months or more   Total
    Estimated
Fair Value		   Gross
Unrealized
Losses		   Number of
Securities		     Estimated
Fair Value		   Gross
Unrealized
Losses		   Number of
Securities		     Estimated
Fair Value		   Gross
Unrealized
Losses		   Number of
Securities		  
 

 

 

 

  

 

 

 

  

 

 

 

    (in thousands)
Investment grade debt securities:                  

U.S. Treasury securities

   $ 54,048     $ (1,009 )      8     $ 47,345     $ (5,231 )      9     $ 101,393     $ (6,240 )      17  

State and political subdivisions

     —       —       —       1,297       (204 )      5       1,297       (204 )      5  

Corporate debt securities

   $ 65,345     $ (1,986 )      28     $ 834,449     $ (60,794 )      532       899,794       (62,780 )      560  

Mortgage and asset-backed securities

     7,444       (56 )      2       1,548       (67 )      3       8,992       (123 )      5  
 

 

 

 

  

 

 

 

  

 

 

 

Total

   $  126,837     $  (3,051 )      38     $  884,639     $  (66,296 )      549     $  1,011,476     $  (69,347 )      587  
 

 

 

 

  

 

 

 

  

 

 

 

Below Investment grade debt securities:                  

U.S. Treasury securities

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

State and political subdivisions

     —       —       —       —       —       —       —       —       —  

Corporate debt securities

     1,578       (93 )      14       48,617       (4,077 )      236       50,195       (4,170 )      250  

Mortgage and asset-backed securities

     —       —       —       —       —       —       —       —       —  
 

 

 

 

  

 

 

 

  

 

 

 

Total

   $ 1,578     $ (93 )      14     $ 48,617     $ (4,077 )      236     $ 50,195     $ (4,170 )      250  
 

 

 

 

  

 

 

 

  

 

 

 

The Company believes that declines in the fair value of the securities above were not indicative of credit impairment as of December 31, 2023. The Company did not intend to sell these securities, and it was not more likely than not that the Company would be required to sell these securities before the anticipated recovery of the remaining amortized cost basis. The majority of the securities are investment grade debt securities with average fair values of 94% of amortized cost at December 31, 2023. Investments in below investment grade securities have an average fair value 92% of amortized cost as of December 31, 2023.

There were no additions, write-offs, and recoveries during 2024, 2023, and 2022, respectively.

 

18

FIDELITY INVESTMENTS LIFE INSURANCE COMPANY

(A Wholly-Owned Subsidiary of FMR LLC)

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Dollars in thousands)

4.  INVESTMENTS (CONTINUED):

 

The amortized cost and fair value of debt securities by type of issuer as of December 31, 2024, were as follows:

 

    December 31, 2024
    Amortized
Cost		  

Gross
Unrealized
Gains

 

   Gross
Unrealized
Losses		  

Gross
Unrealized
Losses -

Allowance

   Estimated
Fair Value
 

 

 

 

  

 

 

 

  

 

 

 

  

 

 

 

  

 

 

 

Debt securities:

          

U.S. Treasury securities

    $ 266,199       $ 160       $ (9,054 )     $ —       $ 257,305   

States and political subdivisions

     1,483       —       (249 )      —       1,234  

Corporate and other debt securities

     1,186,093       11,760       (50,194 )      —       1,147,659  

Mortgage and asset-backed securities

     80,529       1,637       (193 )      —       81,973  
 

 

 

 

  

 

 

 

  

 

 

 

  

 

 

 

  

 

 

 

Total debt securities

    $  1,534,304      $   13,557      $   (59,690 )     $     —      $  1,488,171  
 

 

 

 

  

 

 

 

  

 

 

 

  

 

 

 

  

 

 

 

The amortized cost and fair value of debt securities by type of issuer as of December 31, 2023, were as follows:

 

    December 31, 2023
    Amortized
Cost		   Gross
Unrealized
Gains		   Gross
Unrealized
Losses		  

Gross
Unrealized
Losses -

Allowance

   Estimated
Fair Value
 

 

 

 

  

 

 

 

  

 

 

 

  

 

 

 

  

 

 

 

Debt securities:

          

U.S. Treasury securities

    $ 184,788        $ 2,552       $ (6,240 )      —       $ 181,100   

States and political subdivisions

     1,501       —       (204 )      —      $ 1,297  

Corporate and other debt securities

     1,339,674       17,792       (66,939 )      —      $ 1,290,527  

Mortgage and asset-backed securities

     54,846       1,809       (134 )      —       56,521  
 

 

 

 

  

 

 

 

  

 

 

 

  

 

 

 

  

 

 

 

Total debt securities

    $  1,580,809      $   22,153      $   (73,517 )          —      $  1,529,445  
 

 

 

 

  

 

 

 

  

 

 

 

  

 

 

 

  

 

 

 

The allowance for credit losses was zero as of December 31, 2024 and 2023, respectively.

The amortized cost and fair value of debt securities at December 31, 2024, by contractual maturity are shown below. Expected maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties.

 

     December 31, 2024
     Amortized Cost   Estimated Fair Value

Due in 1 year or less

    $ 83,533      $ 83,169   

Due after 1 year through 5 years

      723,581       705,619  

Due after 5 years through 10 years

      441,645       420,738  

Due after 10 years

      205,016       196,672  

Mortgage and asset-backed securities

      80,529       81,973  
  

 

 

 

  

 

 

 

   $      1,534,304     $      1,488,171  
  

 

 

 

  

 

 

 

 

19

FIDELITY INVESTMENTS LIFE INSURANCE COMPANY

(A Wholly-Owned Subsidiary of FMR LLC)

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Dollars in thousands)

4.  INVESTMENTS (CONTINUED):

 

At December 31, 2024, there were contractual investment commitments of $10,234. At December 31, 2023, there were no contractual investment commitments. There were no significant concentrations of debt securities by issuer or by industry, other than U.S. Treasury securities and the financial services industry.

At December 31, 2024, the amortized cost and fair value of securities on deposit with various state and governmental authorities was $2,845 and $2,863 respectively. At December 31, 2023, the amortized cost and fair value of securities on deposit with various state and governmental authorities was $2,795 and $2,758 respectively.

5.  VARIABLE INTEREST ENTITIES:

Effective April 1, 2014, FMR LLC contributed a 100% wholly owned subsidiary, Feedstock, to the Company at its carrying value of $1,796. Feedstock makes tax advantaged investments in certain refined coal transactions under Section 45 of the Internal Revenue Code. IRC 45 provides a tax credit for the production of certain refined energy resources at a qualified facility during a ten year period beginning on the date the facility was originally placed in service and the refined energy is sold to an unrelated party.

Feedstock entered into certain operating agreements to provide operational funding of a qualified energy facility through 2021. Feedstock is required to provide 90% of these operational fundings to LRC Holdings LLC (“LRCH”) through a membership interest agreement. LRCH ultimately funds the qualified facility through a 60% membership interest agreement. These funding obligations are tied to the production of the qualified energy resource and eligibility to receive the expected tax credit pursuant to the operating agreements. The Company is expected to make funding payments on behalf of Feedstock and receive the benefits of the tax credits generated. The Company provided cash funding payments of $0, $0 and $1,000, respectively for the years ended December 31, 2024, 2023, and 2022 respectively.

FMR LLC provides certain guarantees of Feedstock to third parties which are contingent upon Feedstock’s eligibility to receive the expected tax credits. FMR LLC continues to provide such guarantees subsequent to its contribution of Feedstock to the Company.

Feedstock and LRCH are deemed to be variable interest entities (“VIEs”). A VIE is an entity that either (i) has equity investors that lack controlling financial interest or (ii) does not have sufficient equity to finance its own activities without financial support provided by another entity. If the Company determines that it is the VIE’s “primary beneficiary,” it consolidates the VIE. The primary beneficiary has the power to direct the activities of a VIE that most significantly impact its economic performance and either the obligation to absorb the losses of the entity or the right to receive the benefits from the entity that could be potentially significant to the VIE.

The Company determined that its interest in Feedstock and in turn Feedstock’s 90% membership interest in LRCH qualifies as a variable interest, and that Feedstock and LRCH are both VIEs. The Company has determined that it is the primary beneficiary as it has both the power to direct the activities of the VIE that most significantly impact the entity’s economic performance and the obligation to absorb losses or receive benefits of the entity that could potentially be significant to the VIE as a result of the operational funding provided and the return in the form of income tax credits. Accordingly, the Company consolidates Feedstock and LRCH. The consolidated balances include restricted cash and cash equivalents of $34,742 and $34,704 as of December 31, 2024, and 2023, respectively. These balances are restricted for withdrawal or use under the terms of certain contractual agreements and are recorded as restricted cash and cash equivalents in the Consolidated Balance Sheets.

 

20

FIDELITY INVESTMENTS LIFE INSURANCE COMPANY

(A Wholly-Owned Subsidiary of FMR LLC)

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Dollars in thousands)

5.  VARIABLE INTEREST ENTITIES (CONTINUED):

 

The following is the incremental impact of consolidating LRCH in the Company’s consolidated financial statements at December 31, 2024, and 2023 and for the years ended December 31, 2024, 2023, and 2022:

 

     December 31,
     2024   2023

Total Assets

     $ 3,534       $ 3,539   

Total Liabilities

      3,406       3,406  
  

 

 

 

  

 

 

 

Noncontrolling equity interest

     $    128      $    133  
  

 

 

 

  

 

 

 

 

    Years Ended December 31,
   

2024

  

2023

  

2022

Total Revenues

   $ 1,538     $ 995     $ 25  

Total Expenses

     (1,543 )      (942 )      (20 ) 
 

 

 

 

  

 

 

 

Net loss before income taxes

     (5 )      53       5  

Income tax expense

     —       —       —  
 

 

 

 

  

 

 

 

Net Income (Loss)

     (5 )      53       5  

Less: Net loss attributable to noncontrolling interest

     (5 )      53       5  
 

 

 

 

  

 

 

 

Net Income Attributable to Fidelity Investments Life Insurance Company   $     —     $     —     $     —  
 

 

 

 

  

 

 

 

Noncontrolling interest represents ownership interests in LRCH that is not attributable to the Company.

6.  FAIR VALUE MEASUREMENTS:

The Company categorizes the financial assets and liabilities carried at fair value in its balance sheets based upon a three-level valuation hierarchy. The Company carries the following financial instruments at fair value in the Company’s financial statements: debt securities, cash equivalents such as money market funds, and separate account assets. The hierarchy gives the highest priority to quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable valuation inputs (Level 3). If the inputs used to measure a financial asset or liability cross different levels of the hierarchy, categorization is based on the lowest level input that is significant to the fair value measurement. Management’s assessment of the significance of a particular input to the overall fair value measurement of a financial asset or liability requires judgment, and considers factors specific to the asset or liability. The three levels are described below:

 

  •  

Level 1 – Financial assets and liabilities whose values are based on unadjusted quoted prices for identical assets and liabilities in an active market.

 

  •  

Level 2 – Financial assets and liabilities whose values are based on quoted prices for similar assets and liabilities in active markets, and inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the asset or liability.

 

21

FIDELITY INVESTMENTS LIFE INSURANCE COMPANY

(A Wholly-Owned Subsidiary of FMR LLC)

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Dollars in thousands)

6.  FAIR VALUE MEASUREMENTS (CONTINUED):

 

  •  

Level 3 – Financial assets and liabilities whose values are based on prices or valuation techniques that require inputs that are both unobservable in the market and significant to the overall fair value measurement. These inputs reflect management’s judgment about the assumptions that a market participant would use in pricing the asset or liability and are based on the best available information, some of which is internally developed.

The Company’s available-for-sale debt securities generally use Level 2 inputs for the determination of fair value. These fair values are obtained primarily from industry-standard pricing methodologies based on market observable information. The fair value of U.S. Treasury debt securities is based on quoted prices in active markets that are readily and regularly obtainable and are reflected in Level 1. While the Company obtains values for the debt securities it holds from independent pricing services, it is ultimately management’s responsibility to determine whether the value obtained and recorded to the financial statements are representative of fair value.

Equity securities are reported at fair value on a recurring basis. Fair value is obtained from public quotations which are reflected in Level 1.

Cash equivalents are reported at fair value on a recurring basis and include money market instruments. Fair values of these cash equivalents may be determined using public quotations which are reflected in Level 1.

Separate account assets are invested in mutual funds whose value is based on the underlying net asset value of these funds. Open ended mutual funds in the Separate Account produce a daily NAV that is validated with a sufficient level of observable activity to support classification of the fair value measurement as Level 1.

The funds withheld payable includes an embedded derivative that has been bifurcated from the host contract and is measured at fair value on a recurring basis. The fair value is determined based on the change in the estimated fair value of the underlying funds withheld investments which is reflected in Level 2.

There were no Level 3 assets held by the Company during 2024 or 2023. There were no transfers into or out of Level 3 during 2024 or 2023.

 

22

FIDELITY INVESTMENTS LIFE INSURANCE COMPANY

(A Wholly-Owned Subsidiary of FMR LLC)

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Dollars in thousands)

6.  FAIR VALUE MEASUREMENTS (CONTINUED):

 

The following fair value hierarchy table presents information about the Company’s assets measured at fair value on a recurring basis as of:

 

    December 31, 2024
    Quoted Market
Prices in Active
Markets (Level 1)		   Pricing Methods
with Significant
Observable Market
Inputs (Level 2)		   Pricing Methods with
Significant
Unobservable Market
Inputs (Level 3)		   Total
Estimated
Fair Value

Assets:

        

Available-for-sale debt securities:

        

U.S. Treasury securities

    $     257,305       $ —       $        —       $ 257,305   

States and political subdivisions

     —       1,234       —       1,234  

Corporate and other debt securities

     —       1,147,659       —       1,147,659  

Mortgage and asset-backed securities

     —       81,973       —       81,973  
 

 

 

 

  

 

 

 

  

 

 

 

  

 

 

 

Total available-for-sale debt securities

     257,305       1,230,866       —       1,488,171  

Equity securities

     99       —       —       99  

Cash equivalents

     166,361       —       —       166,361  

Restricted cash equivalents

     34,742       —       —       34,742  
 

 

 

 

  

 

 

 

  

 

 

 

  

 

 

 

Subtotal excluding separate account assets

     458,507       1,230,866       —       1,689,373  

Separate account assets

     49,277,696       —       —       49,277,696  
 

 

 

 

  

 

 

 

  

 

 

 

  

 

 

 

Total

    $ 49,736,203      $ 1,230,866      $ —     $ 50,967,069  
 

 

 

 

  

 

 

 

  

 

 

 

  

 

 

 

Liabilities:

        

Funds withheld payable

    $ —      $ 406,882      $ —      $ 406,882  
 

 

 

 

  

 

 

 

  

 

 

 

  

 

 

 

Total

    $ —      $     406,882      $ —      $  406,882  
 

 

 

 

  

 

 

 

  

 

 

 

  

 

 

 

 

23

FIDELITY INVESTMENTS LIFE INSURANCE COMPANY

(A Wholly-Owned Subsidiary of FMR LLC)

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Dollars in thousands)

6.  FAIR VALUE MEASUREMENTS (CONTINUED):

 

    December 31, 2023
    Quoted Market
Prices in Active
Markets (Level 1)		   Pricing Methods
with Significant
Observable Market
Inputs (Level 2)		   Pricing Methods with
Significant
Unobservable Market
Inputs (Level 3)		   Total
Estimated
Fair Value

Assets:

        

Available-for-sale debt securities:

        

U.S. Treasury securities

    $ 181,100       $ —      $ —       $ 181,100   

States and political subdivisions

     —       1,297        —       1,297  

Corporate and other debt securities

     —       1,290,527       —       1,290,527  

Mortgage and asset-backed securities

     —       56,521       —       56,521  
 

 

 

 

  

 

 

 

  

 

 

 

  

 

 

 

Total available-for-sale debt securities

     181,100       1,348,345       —       1,529,445  
Cash equivalents     118,780       —       —       118,780  
Restricted cash equivalents     34,704       —       —       34,704  
 

 

 

 

  

 

 

 

  

 

 

 

  

 

 

 

Subtotal excluding separate account assets

     334,584       1,348,345       —       1,648,225  

Separate account assets

     43,222,664           43,222,664  
 

 

 

 

  

 

 

 

  

 

 

 

  

 

 

 

Total

    $   43,557,248      $ 1,348,345      $ —      $ 44,905,593  

Liabilities:

        

Funds withheld payable

    $ —      $ 398,702      $ —      $ 398,702  
 

 

 

 

  

 

 

 

  

 

 

 

  

 

 

 

Total

    $ —      $      398,702      $        —      $ 398,702  
 

 

 

 

  

 

 

 

  

 

 

 

  

 

 

 

Financial Instruments Not Carried at Fair Value

Certain financial instruments are not required to be measured at fair value in the financial statements but are disclosed if it is practicable to estimate such values.

The following include disclosures for other financial instruments not carried at fair value and not included in the above discussion:

 

    December 31, 2024   December 31, 2023
    Carrying
Amount		   Estimated Fair
Value		   Carrying
Amount		   Estimated Fair
Value

Financial Assets:

        

Other investment

    $ 106       $ 106       $ 178       $ 178   

Policy loans

     1,305       1,305       1,500       1,500  

Reinsurance deposit and receivables

     741,199       740,730       761,801       762,979  
 

 

 

 

  

 

 

 

  

 

 

 

  

 

 

 

Total

    $ 742,610      $ 742,141      $ 763,479      $ 764,657  
 

 

 

 

  

 

 

 

  

 

 

 

  

 

 

 

Financial Liabilities:

        

Contract holder deposit funds

    $    496,937      $    487,003      $    501,602      $    493,267  
 

 

 

 

  

 

 

 

  

 

 

 

  

 

 

 

 

24

FIDELITY INVESTMENTS LIFE INSURANCE COMPANY

(A Wholly-Owned Subsidiary of FMR LLC)

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Dollars in thousands)

6.  FAIR VALUE MEASUREMENTS (CONTINUED):

 

The following methods and assumptions were used to estimate the fair value of each class of financial instruments:

Other Investment

Fair value for the other investment is based on the Company’s share of the investee based on the underlying financial statements of the investee.

Policy Loans

Policy loans are carried at outstanding principal balances, not in excess of policy cash surrender value. These loans are an integral part of the insurance products and have no maturity dates. Consequently, the outstanding principal balance is considered to be a reasonable estimate of the fair value of policy loans.

Reinsurance Deposit and Receivables

Fair values for certain of the Company’s reinsurance deposits for the fixed portion of the variable annuities contracts in payout and the fixed immediate annuity contracts are estimated using discounted cash flow calculations based on expected current offering interest rates versus contract rates.

Contract Holder Deposit Funds

Fair value for the fixed portion of the variable annuity contracts in payout and the fixed immediate annuity contracts are estimated using discounted cash flow calculations based on expected current offering interest and mortality rates versus contract rates.

The fixed portion of variable deferred annuity products is carried at account value and can be withdrawn without prior notice pursuant to the terms of the annuity contract. The fixed portion of variable deferred annuity products is an integral part of the contract, and consequently the account value is considered to be a reasonable estimate of the fair value of the contract.

7.  INCOME TAXES:

The components of the provision for income taxes attributable to operations were as follows:

 

    Years Ended December 31,
   

2024

  

2023

  

2022

Current:

      

Federal

    $ (16,366 )     $ (1,766 )     $ 11,858  

State

     267       349       307  
 

 

 

 

  

 

 

 

  

 

 

 

   $    16,099      $    (1,417 )     $    12,165  
 

 

 

 

  

 

 

 

  

 

 

 

Deferred:

      

Federal

    $ (1,800 )     $ 7,734      $ 3,749  

State

     15       140       (210 ) 
 

 

 

 

  

 

 

 

  

 

 

 

   $ (1,785 )     $ 7,874      $ 3,539  
 

 

 

 

  

 

 

 

  

 

 

 

Income tax expense

    $ (17,884 )     $ 6,457      $ 15,704  
 

 

 

 

  

 

 

 

  

 

 

 

 

25

FIDELITY INVESTMENTS LIFE INSURANCE COMPANY

(A Wholly-Owned Subsidiary of FMR LLC)

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Dollars in thousands)

7.  INCOME TAXES (CONTINUED):

 

Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. Life insurance corporations in New York remain subject to a franchise tax. However, for tax years beginning on or after January 1, 2003, in no event may the franchise tax on life insurance corporations, computed prior to the application of tax credits, be less than 1.5% of premiums or more than 2.0% of premiums. Accordingly, state deferred taxes are no longer recorded for EFILI, as EFILI believes that the reversal of temporary differences will have no impact on the state income tax that EFILI will pay in the future. State deferred taxes are recorded for FILI for the impact of its reversing temporary differences on its future state income tax liability.

Significant components of the Company’s net deferred tax asset were as follows:

 

    December 31,
   

2024

  

2023

Deferred income tax assets (liabilities):

    

Deferred policy acquisition costs

    $ 27,051      $ 24,272  

Contract holder reserves

     35,941       34,246  

Contract holder reserves - Tax Cuts and Jobs Act (“TCJA”)

    

Transition Adjustment

     (1,471 )      (2,943 ) 

Unrealized gains on available-for-sale securities

     9,804       10,908  

Deferred revenue

     676       672  

Deferred compensation and retirement benefit plans

     359       1,277  

Capital loss carryforward

     6,819       5,657  

Embedded derivative

     (577 )      2,194  

Other, net

     1,834       3,317  
 

 

 

 

  

 

 

 

Net deferred tax asset before valuation allowance

     80,436       79,600  
 

 

 

 

  

 

 

 

Valuation allowance

     (16,623 )      (16,565 ) 
 

 

 

 

  

 

 

 

Net deferred tax asset after valuation allowance

    $     63,813      $     63,035  
 

 

 

 

  

 

 

 

The Company recorded a deferred tax asset of approximately $16,623 and $16,565 related to net unrealized losses on available-for-sale securities and capital loss carryforwards as of December 31, 2024 and 2023, respectively. The capital loss carryforwards can be used to offset taxable capital gains income in the future but will expire if they are not used within certain prescribed periods. The Company concluded that it was more likely than not that it will not have sufficient taxable capital gains income in the future to realize the net unrealized losses on available-for-sale securities and capital loss carryforwards. Accordingly, the Company recorded a valuation allowance of $16,623 and $16,565 as of December 31, 2024 and 2023, respectively.

 

26

FIDELITY INVESTMENTS LIFE INSURANCE COMPANY

(A Wholly-Owned Subsidiary of FMR LLC)

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Dollars in thousands)

7.  INCOME TAXES (CONTINUED):

 

A reconciliation of the tax provision at the U.S. Federal statutory rate to the provision for income taxes is as follows:

 

    Years Ended December 31,
   

2024

  

2023

  

2022

Tax provision at U.S. Federal statutory rate

    $ 30,140      $ 15,052      $ 18,759  

Unrecognized tax benefits

     (27,961 )      (27,711 )      3,901  

Provision to return adjustment

     (8,737 )      6,122       2,174  

Dividends received deduction

     (11,777 )      (3,805 )      (9,028 ) 

IRC 45 tax credit

     —       —       (217 ) 

Increase in valuation allowance

     64       16,565       —  

Other, net

     387       234       115  
 

 

 

 

  

 

 

 

  

 

 

 

Income tax (benefit) expense

    $    (17,884)      $    6,457      $    15,704  
 

 

 

 

  

 

 

 

  

 

 

 

The Company paid net federal and state income taxes of $35,445, $13,024, and $9,180 in 2024, 2023, and 2022, respectively.

Currently, the Company only files income tax returns in the United States. The Company is not currently under examinations and is no longer subject to U.S. federal or state tax examinations for years before 2021. The Company is not currently under examination for the income tax filings in any other jurisdictions.

The Inflation Reduction Act of 2022 (“IRA”) was enacted by the U.S. Government on August 16, 2022 and includes a new corporate alternative minimum tax (“CAMT”) effective January 1, 2023. The CAMT applies to corporations based on their affiliated group basis and requires computing the U.S. federal income tax liability under the regular corporate tax system and the CAMT. The Company determined that it is subject to the CAMT.

The effects of tax legislation are recognized in the period of enactment. In addition, companies are required to consider the impact of the new tax law on the realizability of deferred tax assets. The Company did not have any CAMT liability as of December 31, 2024.

In 2017, an affiliate received notification from the Internal Revenue Service (“IRS”) that challenged its eligibility to claim certain tax credits under Internal Revenue Code Section 45, and certain operating losses, for tax years 2011 and 2012. During 2023, the statute of limitations expired for certain tax years under the IRS challenge. In 2024, the IRS completed its review and closed its challenge of the remaining years. Accordingly, the Company decreased its liability for unrecognized tax benefits by $29,210 and $28,300 for the years ended December 31, 2024 and 2023, respectively. The Company classifies all interest and penalties as income tax expense.

8.  STOCKHOLDER’S EQUITY AND DIVIDEND RESTRICTIONS:

Generally, the net assets of the Company available for payment as dividends to FMR LLC are limited to the excess of FILI’s net assets, as determined in accordance with statutory accounting practices, over minimum statutory capital requirements; however, payments of such amounts as dividends may be subject to approval by regulatory authorities. Under the Insurance Code of the State of Utah for FILI and New York State Insurance Laws for EFILI, dividends to shareholders are limited to the lesser of the Company’s net gain from operations for the year ended on the preceding December 31, or 10% of the Company’s surplus held for policyholders as of the preceding December 31. The Company paid cash dividends to FMR LLC of $100,000, $75,000, and $125,000 in 2024, 2023 and 2022, respectively.

 

27

FIDELITY INVESTMENTS LIFE INSURANCE COMPANY

(A Wholly-Owned Subsidiary of FMR LLC)

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Dollars in thousands)

8.  STOCKHOLDER’S EQUITY AND DIVIDEND RESTRICTIONS (CONTINUED):

 

The Company prepares its statutory financial statements in accordance with accounting practices prescribed or permitted by the applicable state insurance department which vary with GAAP in certain respects. Prescribed statutory accounting practices include publications of the National Association of Insurance Commissioners, as well as state laws, regulations and general administrative rules. The principal differences with GAAP are that statutory financial statements do not reflect DAC, recognition of deferred income tax assets are limited, bonds are generally carried at amortized cost, insurance liabilities are presented net of reinsurance assets, a wholly-owned insurance subsidiary is reported at statutory equity and future policy benefit liabilities are estimated using different actuarial assumptions. The Company does not rely on the use of any permitted statutory accounting practices.

Net income and capital and surplus as determined in accordance with statutory accounting practices were as follows:

 

    Years Ended December 31,  
   

(Unaudited)

    

(Audited)

    

(Audited)

  
   

2024

    

2023

    

2022

  

FILI

      

Statutory net income

   $ 148,122     $ 112,731     $ 101,546  

Statutory surplus

   $  1,061,834     $  1,007,887     $  1,003,195  

EFILI

      

Statutory net income

   $ 14,547     $ 9,151     $ 13,186  

Statutory surplus

   $ 113,865     $ 108,768     $ 112,281  

9.  AFFILIATED COMPANY TRANSACTIONS:

The Company has a services agreement with Fidelity Investments Institutional Operations Company LLC and Fidelity Distributors Company LLC, both wholly-owned subsidiaries of FMR LLC, under which the Company provides certain shareholder account services (recordkeeping and customer reporting, customer support, and preparing/distributing marketing materials) with respect to Investor Class shares of the Fidelity Variable Insurance Product Funds. The Company earned fees of $50,223, $43,524 and $41,730 in 2024, 2023 and 2022, respectively, under these agreements. These fees are included in Fund administration fees in the Consolidated Statements of Comprehensive Income.

The Company’s insurance contracts are distributed through Fidelity Brokerage Services LLC, Fidelity Insurance Agency, Inc. (“FIA”), and Fidelity Distributors Company LLC, all of which are wholly-owned subsidiaries of FMR LLC. FILI and EFILI have agreements with FIA under which FILI pays FIA renewal sales compensation based on the variable annuity contract value each year and compensation for each new first year contract. In addition FILI pays FIA based on annuity payments received for fixed deferred annuity contracts. EFILI pays FIA sales compensation based on annuity payments received for its variable deferred and immediate annuity contracts. The Company pays FIA based on term life insurance first-year premiums. The Company compensated FIA in the amount of $49,099, $40,878, and $40,968 in 2024, 2023 and 2022, respectively.

The Company has an administrative services agreement with FIA whereby the Company provides certain administrative and accounting functions. The Company was reimbursed $40,962, $35,354, and $24,220 in 2024, 2023 and 2022, respectively, for such services. The reimbursements are accounted for as a direct reduction of the Company’s expenses.

The Company entered into agreements with FIAM LLC whereby investment and managerial advice is provided to the Company. During 2023, the Company entered into an agreement with Soteria Reinsurance Holdings LLC to provide investment and managerial advice for the assets supporting the Funds withheld account. The Company incurred charges of $2,058, $2,482, and $2,348 in 2024, 2023 and 2022, respectively, for such services.

 

28

FIDELITY INVESTMENTS LIFE INSURANCE COMPANY

(A Wholly-Owned Subsidiary of FMR LLC)

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Dollars in thousands)

9.  AFFILIATED COMPANY TRANSACTIONS (CONTINUED):

 

The Company has an administrative services agreement with FMR LLC and its subsidiaries whereby certain administrative and other services are provided for the Company. The Company incurred charges from FMR LLC and its subsidiaries of $30,655, $27,188, and $22,180 in 2024, 2023 and 2022, respectively, for such services. Intercompany balances with FMR LLC and its subsidiaries are settled in accordance with the terms of the respective agreements.

FMR LLC sponsors a Profit-Sharing Plan covering substantially all eligible Company employees. Payments are made to the trustee by FMR LLC annually for the Profit-Sharing Plan. FMR LLC’s policy is to fund all costs accrued and to charge each subsidiary for its share of the cost. The costs charged to the Company were $2,513, $2,877 and $2,000 in 2024, 2023 and 2022, respectively.

The Company participates in various share-based compensatory plans sponsored by FMR LLC and is allocated a compensation charge from FMR LLC that is amortized over the period in which it is earned. These share-based compensation arrangements generally provide holders with participation in changes in FMR LLC’s Net Asset Value per share (as defined) over their respective terms. All plans are settled in cash or promissory notes at the end of their defined term or when plan participants are no longer employees. The aggregate expenses related to these plans charged to the Company were $5,852, $6,074, and $4,996 in 2024, 2023 and 2022, respectively.

The Company participates in FMR LLC’s Retiree Health Reimbursement Plan (“RHRP”), a defined benefit health reimbursement arrangement covering eligible employees. FMR LLC has established the Fidelity Welfare Benefit Plans VEBA Trust (the “Trust”) to provide a funding vehicle for certain benefits related to FMR LLC’s benefit plans, including the RHRP. FMR LLC accrued a benefit to participants under the RHRP based on awards to employees that are subject to ten year cliff vesting with consideration given for prior service. Future awards under the RHRP are at the discretion of FMR LLC and participant contributions are not required. The Company is allocated an expense from FMR LLC associated with the actuarial derived annual cost of providing these benefits to the Company’s employees. For the years ended December 31, 2024, 2023 and 2022, compensation expense related to the RHRP was $305, $175 and $210, respectively.

The Company issued a $300 million unsecured revolving line of credit facility (“LOC Agreement”) to FMR LLC which matures on March 14, 2025. The LOC Agreement may be extended for successive one year periods by mutual agreement of the parties and prior notice to and a lack of objection by the Utah Insurance Department. Under the terms of the LOC Agreement, the Company receives a facility fee per year based on the unused amounts. In addition, the Company receives annual interest on any advances made under the LOC Agreement where the spread may change from time to time based on the terms of the LOC Agreement. There were no amounts advanced by the Company as of December 31, 2024. The Company earned interest of $0 and facility fees of $122 for each of the years ended December 31, 2024, 2023, and 2022 respectively. Effective March 15, 2025, the Company and FMR LLC extended the LOC Agreement for one year.

 

29

FIDELITY INVESTMENTS LIFE INSURANCE COMPANY

(A Wholly-Owned Subsidiary of FMR LLC)

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Dollars in thousands)

 

10.  UNDERWRITING, ACQUISITION AND INSURANCE EXPENSES:

Underwriting, acquisition and insurance expenses were as follows:

 

    Years Ended December 31,
   

2024

  

2023

  

2022

Underwriting, acquisition and insurance expenses:

      

Commissions, gross

    $ 49,100      $ 40,878      $ 40,968  

Compensation and benefits

     25,932       25,318       24,198  

Capitalization of deferred policy acquisition costs

     (4,494 )      (3,712 )      (3,518 ) 

Amortization (accretion) of deferred policy acquisition costs

     3,859       3,208       9,699  

Rent expense

     1,074       1,939       1,629  

Taxes, licenses and fees

     3,203       2,700       3,163  

General insurance expenses

     31,095       25,149       21,041  
 

 

 

 

  

 

 

 

  

 

 

 

Total underwriting, acquisition and insurance expenses

    $   109,769      $   95,480      $   97,180  
 

 

 

 

  

 

 

 

  

 

 

 

Amortization of deferred policy acquisition costs is adjusted periodically as estimates of future gross profits are revised to reflect actual and expected future experience. The Company increased (decreased) amortization by $(2,247), $(1,868), and $3,510 in 2024, 2023 and 2022, respectively, to reflect actual and expected future experience for investment performance, persistency (including internal replacements), administrative expenses and inflation assumptions. This adjustment has been reflected in amortization expense.

11.  REINSURANCE:

The Company retains a maximum coverage per individual life of $25 plus 30% of the excess over $25 with a maximum initial retention not to exceed $100 for its life insurance business issued before March 1, 2008. The Company retains a flat $100 per individual life for its life business issued on and after March 1, 2008. The Company reinsures certain guarantee provisions and mortality on its annuity contracts and portions of annuity income that are fixed. The Company reinsures substantially all of its GMDB provisions for business issued prior to July 1, 2001. The Company reinsures 100% of its GMWB provisions issued prior to January 1, 2009, and 90% for business issued in the first quarter of 2009. The GMWB product and associated reinsurance contract were discontinued for new business effective March 31, 2009.

The Company has entered into a coinsurance agreement for substantially all of the fixed portion of the variable income annuity product and the fixed income annuities which arise through the annuitization of deferred annuity products if annuitization is prior to June 1, 2009. The Company retains 100% of the risk for annuitizations of deferred annuity products where annuitization occurs on or after June 1, 2009. Sales of the variable income annuity product with a fixed payment option were discontinued in May 2008. The reinsurance receivable is accounted for as a deposit asset and is recorded in reinsurance deposit and receivables on the consolidated balance sheets. Under this reinsurance agreement, the Company receives a front end ceding expense allowance ranging from 2.5% to 3.5% of premiums and an annual allowance of a percentage of assets ranging from 0.30% to 0.60%. Revenue from the reinsurance agreements and benefit expense from the underlying annuity contracts are recognized over the lives of the underlying contracts.

 

30

FIDELITY INVESTMENTS LIFE INSURANCE COMPANY

(A Wholly-Owned Subsidiary of FMR LLC)

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Dollars in thousands)

11.  REINSURANCE: (CONTINUED)

 

The Company is subject to concentration risk related to this coinsurance agreement. Financial information related to the coinsurance agreement for the years ended December 31 were as follows:

 

    As of December 31,
   

2024

  

2023

Reinsurance deposits and receivables:

    

Principal Life Insurance Company

    $   318,393      $   339,598  
 

 

 

 

  

 

 

 

Reinsurance deposits and receivables

    $ 318,393      $ 339,598  
 

 

 

 

  

 

 

 

Contract holder deposit funds and future contract and policy benefits

    $ 318,393      $ 339,598  
 

 

 

 

  

 

 

 

Interest on reinsurance deposit

    $ 13,253      $ 12,561  
 

 

 

 

  

 

 

 

Contract and policy benefits and expenses

    $ 9,882      $ 10,522  
 

 

 

 

  

 

 

 

The Company’s deposit assets under the reinsurance agreements with Principal Life Insurance Company are partially secured by investments held in a collateral account which offers the Company additional protection and reduces the risk of loss to the Company that could result from failure of the reinsurer.

The Company entered into a 100% coinsurance agreement for its fixed guaranteed income annuity product with Genworth Life Insurance Company (“GLIC”). Sales of this product were discontinued in May 2008. The reinsurance receivable has been accounted for as a deposit asset and was recorded in reinsurance deposit and receivables, while the liability related to the underlying annuity contracts with no life contingencies has been accounted for as a deposit liability and recorded in contract holder deposit funds on the consolidated balance sheets. Under the reinsurance agreement, the Company received a front end ceding expense allowance ranging from 2.5% to 3.5% of premiums and an annual allowance of a percentage of assets ranging from 0.12% to 0.60%. Revenue from the reinsurance agreement and benefit expense from the underlying annuity contracts has been recognized over the lives of the underlying contracts.

Effective April 1, 2022, the Company recaptured its 100% coinsurance agreement with GLIC that reinsured a fixed guaranteed income annuity product. Pursuant to the recapture agreement, the Company received approximately $409,979 in net cash and debt securities as consideration which was partially offset by the recaptured policy and contract reserves of $368,381. The Company recognized a one-time gain of approximately $35,431, before-tax, as the difference between the assets received and the recaptured reserves. As a result of loss recognition testing, the Company recognized premium deficiency reserves as a charge to the Statement of Comprehensive Income of $0, $0, and $46,193 for the years ended December 31, 2024, 2023, and 2022, respectively.

Effective July 1, 2023, the Company entered into a 100% coinsurance with funds withheld reinsurance agreement (“Funds Withheld Agreement”) with an affiliate, Soteria Reinsurance, Ltd. (“Soteria Re”), to reinsure the fixed guaranteed income annuity product previously recaptured from GLIC. Soteria Re is a Bermuda based reinsurer who is wholly-owned by Soteria Reinsurance Holdings LLC (“Soteria Holdings”) who in turn is wholly-owned by FMR LLC. In connection with the Funds Withheld Agreement, the Company entered into an investment management agreement with Soteria Holdings to provide investment and managerial advice for the assets supporting the reinsured liabilities. Effective October 21, 2024, the Funds Withheld Agreement was amended to reinsure a fixed deferred annuity on a flows basis. Under the Funds Withheld Agreement, the Company receives a ceding expense allowance and an upfront distribution allowance. The Company recorded total reinsurance allowances of $1,636 and $268 for the years ended December 31, 2024 and 2023, respectively.

 

31

FIDELITY INVESTMENTS LIFE INSURANCE COMPANY

(A Wholly-Owned Subsidiary of FMR LLC)

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Dollars in thousands)

11.  REINSURANCE: (CONTINUED)

 

The Company recorded a cost of reinsurance asset at the inception of the Funds Withheld Agreement, which is reported in Reinsurance Deposit and Receivables. The cost of reinsurance asset represents the difference between the assets transferred and liabilities reinsured and is amortized over the expected life of the reinsured policies. As of December 31, 2024 and 2023, the cost of reinsurance asset was $5,095 and $5,611, respectively. Accretion for the cost of reinsurance asset was $516 and $144 for the years ended December 31, 2024 and 2023, respectively.

The Company established a funds withheld account, which is recorded in funds withheld payable, equal to the associated assets at fair value to support the policy liabilities reinsured on a statutory basis. The assets in the funds withheld account are trued up on a quarterly basis to the policy liabilities on a statutory basis.

The Company held the following assets under the coinsurance under the Funds Withheld Agreement, which are reported in the line items shown on the Consolidated Balance Sheet:

 

    As of December 31,
   

2024

  

2023

Debt securities, available-for-sale

    

Corporate and other debt securities

    $ 286,956      $ 314,452  

CLO, mortgage and asset-backed securities

     81,685       54,972  
 

 

 

 

  

 

 

 

Total Debt Securities

     368,641       369,424  

Cash equivalents

     26,919       13,947  

Accrued investment income

     5,556       5,776  

Pending securities receivable

     —       9,990  
 

 

 

 

  

 

 

 

Total

    $      401,116      $      399,137  
 

 

 

 

  

 

 

 

Certain assets in the funds withheld payable are reported at fair value. As of December 31, 2024, the funds withheld payable balance was $406,882, which was net of a derivative asset of $2,886. As of December 31, 2023, the funds withheld payable balance was $398,702 which was net of a derivative liability of $1,447. The change in fair value of the embedded derivative was a gain of $4,359 and a loss of ($28,731) for the years ended December 31, 2024 and 2023, respectively and is reported as Net Realized Investment Losses on Funds Withheld Embedded Derivative on the Consolidated Statements of Comprehensive Income.

 

32

FIDELITY INVESTMENTS LIFE INSURANCE COMPANY

(A Wholly-Owned Subsidiary of FMR LLC)

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Dollars in thousands)

11.  REINSURANCE: (CONTINUED)

 

The net investment income and net realized capital gains (losses) related to the assets under the coinsurance with funds withheld agreement are reported net of the amounts in the line items shown on the Consolidated Statements of Comprehensive Income. The following are the components of net investment income and net realized capital gains (losses) on the funds withheld assets that were transferred to Soteria Re:

 

    Year Ended December 31,
    2024   2023

Debt securities

    $ 20,171      $ 6,926  

Cash equivalents

     1,149       486  
 

 

 

 

  

 

 

 

Total investment income

     21,320       7,412  

Less: investment expenses

     (298 )      (184 ) 
 

 

 

 

  

 

 

 

Net investment income

    $        21,022     $        7,228  
 

 

 

 

  

 

 

 

    Year Ended December 31,
    2024   2023

Debt securities

    $ (638 )     $ (12,387 ) 
 

 

 

 

  

 

 

 

Net realized investment (losses)

    $ (638 )     $ (12,387 ) 
 

 

 

 

  

 

 

 

The Company evaluates the financial condition of its reinsurers and monitors concentration of credit risk arising from similar activities or economic characteristics of the reinsurers to minimize its exposure to significant losses from reinsurer insolvencies. Any expected credit losses are reflected in the allowance for credit losses, after considering any collateral. The Company did not record an allowance for credit loss on reinsurance deposits and receivables as of December 31, 2024 and 2023 , respectively.

Additional information on direct business written and reinsurance ceded for the years ended December 31, was as follows:

 

    Years Ended December 31,
   

2024

  

2023

  

2022

Direct life premiums

    $ 14,385      $ 12,435      $ 11,103  

Reinsurance ceded, net of ceding expense allowance

     (9,179 )      (8,384 )      (7,500 ) 
 

 

 

 

  

 

 

 

  

 

 

 

Net premiums

    $    5,206      $    4,051      $    3,603  
 

 

 

 

  

 

 

 

  

 

 

 

Direct contract and policy benefits

    $ 99,628      $ 52,867      $ 105,133  

Reinsurance ceded benefits incurred

     (72,013 )      (404,038 )      (29,623 ) 

Reinsurance costs

     (8,044 )      381,365       13,811  
 

 

 

 

  

 

 

 

  

 

 

 

Net contract and policy benefits

    $ 19,571      $ 30,194      $ 89,321  
 

 

 

 

  

 

 

 

  

 

 

 

 

33

FIDELITY INVESTMENTS LIFE INSURANCE COMPANY

(A Wholly-Owned Subsidiary of FMR LLC)

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Dollars in thousands)

 

12.  COMMITMENTS AND CONTINGENCIES:

The Company is, from time to time, involved in various legal actions concerning policy benefits and certain other matters. Those actions are considered by the Company in estimating policy reserves and other liabilities. The Company believes that the resolution of those actions should not have a material adverse effect on stockholder’s equity or net income.

Regulatory Matters

Under existing guaranty fund laws in all states, insurers licensed to do business in those states can be assessed for certain obligations of insolvent insurance companies to policyholders and claimants. The actual amount of such assessments will depend upon the final outcome of rehabilitation proceedings and will be paid over several years.

13.  SUBSEQUENT EVENTS:

The Company has evaluated subsequent events from the balance sheet date through April 29, 2025 and did not identify any events that would require adjustments to, or disclosure in, the consolidated financial statements.

 

34

PART C

OTHER INFORMATION

Item 27. Exhibits

 

(a)

Board of Directors Resolution

 

  (1)

Resolution of Board of Directors of Fidelity Investments Life Insurance Company (“Fidelity Investments Life”) establishing the Fidelity Investments Variable Annuity Account I incorporated by reference to Registration Statement on Form N-4, Reg. No. 33-24400, on behalf of Fidelity Investments Variable Account I filed on April 25, 1997.

 

  (2)

Board of Directors Resolution of Fidelity Investments Life Insurance Company incorporated by reference from Post-Effective Amendment No. 24 to Registration Statement on Form N-4, Reg. No. 333-123884, on behalf of Fidelity Investments Variable Annuity Account I, filed electronically on April 29, 2022.

 

(b)

Custodian Agreements - Not Applicable

 

(c)

Underwriting Contracts

 

  (1)

Distribution Agreement between Fidelity Investments Life, Fidelity Insurance Agency and Fidelity Brokerage Services LLC incorporated herein by reference to original Registration Statement on Form N-4, Reg. No. 33-16966, on behalf of Fidelity Investments Variable Account I filed on September 2, 1987 (Filed in Paper).

 

  (2)

Second Amendment to the Distribution Agreement incorporated by reference to Registration Statement on Form N-4, Reg. No. 33-24400, on behalf of Fidelity Investments Variable Account I filed on April 25, 1997.

 

(d)

Contracts

 

  (1)

Variable Annuity Policy incorporated by reference from Pre-Effective Amendment No. 1 to Registration Statement on Form N-4, Reg. No. 333-123884, on behalf of Fidelity Investments Variable Annuity Account I, filed electronically on April 6, 2005.

 

(e)

Applications

 

  (1)

Application for Deferred Variable Annuity incorporated by reference from Pre-Effective Amendment No. 2 to Registration Statement on Form N-4, Reg. No. 333-123884, on behalf of Fidelity Investments Variable Annuity Account I, filed electronically on July 20, 2005.

 

(f)

Insurance Company’s Certification of Incorporation and By-Laws

 

  (1)

Articles of Domestication of Fidelity Investments Life incorporated by reference from Post-Effective Amendment No. 10 to Registration Statement on Form N-4, Reg. No. 33-24400, on behalf of Fidelity Investments Variable Annuity Account I filed on April 26, 1996.

 

  (2)

Amended By-laws of Fidelity Investments Life incorporated by reference from Post-Effective Amendment No. 10 to Registration Statement on Form N-4, Reg. No. 33-24400, on behalf of Fidelity Investments Variable Annuity Account I filed on April 26, 1996.

 

(g)

Reinsurance Contracts - Not Applicable

 

(h)

Participation Agreements

 

  (1)

Participation Agreement between Fidelity Investments Life Insurance Company and MORGAN STANLEY UNIVERSAL FUNDS, INC. (the “Fund”), and MORGAN STANLEY INVESTMENT MANAGEMENT INC. (the “Adviser”). incorporated by reference from Post-Effective Amendment No. 13 to Registration Statement on Form N-4, Reg. No. 33-24400, on behalf of Fidelity Investments Variable Annuity Account I filed on April 29, 1998.

 

  (2)

Participation Agreement between Fidelity Investments Life Insurance Company and LAZARD ASSET MANAGEMENT SECURITIES LLC (“Adviser”) and LAZARD RETIREMENT SERIES, INC. (“Fund”).

  (3)

Participation Agreement between Fidelity Investments Life Insurance Company and PIMCO Variable Insurance Trust (the “Fund”), a Delaware statutory trust, and Allianz Global Investors Distributors LLC (the “Underwriter”), a Delaware limited liability company.

 

  (4)

Participation Agreement between Fidelity Investments Life Insurance Company and AIM Variable Insurance Funds, a Delaware Trust, and Invesco Distributors, Inc., a Delaware corporation, and Invesco Advisers, Inc.

 

  (5)

Participation Agreement between Fidelity Investments Life Insurance Company and Fidelity Distributors Corporation and each of Variable Insurance Products Fund, Variable Insurance Products Fund II, Variable Insurance Products Fund III, Variable Insurance Products Fund IV, and Variable Insurance Products Fund V incorporated by reference from Post-Effective Amendment No. 24 to Registration Statement on Form N-4, Reg. No. 333-123884, on behalf of Fidelity Investments Variable Account I, filed electronically on April 29, 2022.

 

  (6)

Participation Agreement among Fidelity Investments Life Insurance Company and Fidelity Distributors Company LLC and Variable Insurance Products Fund VI. Filed herein as Exhibit (h)(6).

 

(i)

Administrative Contracts - Not Applicable

 

(j)

Other Material Contracts - Not Applicable

 

(k)

Legal Opinion

Legal opinion and consent of Lance A. Warrick filed herein as Exhibit (k)

 

(l)

Other Opinions

Written consent of PricewaterhouseCoopers LLP filed herein as Exhibit (l)

 

(m)

Omitted Financial Statements - Not Applicable

 

(n)

Initial Capital Agreements - Not Applicable

 

(o)

Form of Initial Summary Prospectuses

 

  (1)

Form of Initial Summary Prospectus incorporated by reference from Post-Effective Amendment No. 24 to Registration Statement on Form N-4, Reg. No. 333-123884, on behalf of Fidelity Investments Variable Annuity Account I, filed electronically on April 29, 2022.

 

(p)

Power of Attorney

 

  (1)

Power of Attorney for William J. Johnson, Jr. incorporated by reference from Post-Effective Amendment No. 15 to Registration Statement on Form N-4, Reg. No. 333-123884, on behalf of Fidelity Investments Variable Annuity Account I, filed electronically on April 29, 2016.

 

  (2)

Power of Attorney for Miles Mei incorporated by reference from Post-Effective Amendment No. 15 to Registration Statement on Form N-4, Reg. No. 333-123884, on behalf of Fidelity Investments Variable Annuity Account I, filed electronically on April 29, 2016.

 

  (3)

Power of Attorney for Nancy D. Prior incorporated by reference from Post-Effective Amendment No. 17 to Registration Statement on Form N-4, Reg. No. 333-123884, on behalf of Fidelity Investments Variable Annuity Account I, filed electronically on April 27, 2018.

 

  (4)

Power of Attorney for David J. Vargo incorporated by reference from Post-Effective Amendment No. 19 to Registration Statement on Form N-4, Reg. No. 333-123844, on behalf of Fidelity Investments Variable Annuity Account I, filed electronically on April 30, 2020.

 

  (5)

Power of Attorney for Kathryn A. Dunn incorporated by reference from Post-Effective Amendment No. 25 to Registration Statement on Form N-4, Reg. No. 333-123844, on behalf of Fidelity Investments Variable Annuity Account I, filed electronically on April 28, 2023.

  (6)

Power of Attorney for Robert W. Litle incorporated by reference from Post-Effective Amendment No. 25 to Registration Statement on Form N-4, Reg. No. 333-123844, on behalf of Fidelity Investments Variable Annuity Account I, filed electronically on April 28, 2023.

 

  (7)

Power of Attorney for Ari Lindner filed herein as Exhibit (p)(7)

 

  (8)

Power of Attorney for Thomas J. Tesauro filed herein as Exhibit (p)(8)

 

(q)

Letter Regarding Change in Certifying Account - Not Applicable

 

(r)

Historical Current Limits on Index Gains - Not Applicable

Item 28. Directors and Officers of the Insurance Company

 

Name and Principal Business Address

   

Positions and Offices with Insurance Company

Ari Lindner    Director and President
Kathryn A. Dunn    Director
William J. Johnson, Jr.    Director
Robert W. Litle    Director
Nancy D. Prior    Director
Thomas J. Tesauro    Director
David J. Vargo    Director
James F. Andrea, Jr.    Head of Client Services & Operations
Kerri Bellantoni    Vice President, Human Resources
Jason Heath    Chief Investment Officer
Maxine Hensel    Chief Operating Officer
Andrew McIntosh    Illustration Actuary
John McLaughlin    Chief Financial Officer
Sara Liane Latham    Appointed Actuary
Brian N. Leary    Vice President, Consumer Services Officer & Chief Compliance Officer
Miles Mei    Treasurer
Robert G. Regan    Chief Risk Officer
Deepa Rao Trivedi    Vice President, Technology Management
Lance A. Warrick    Vice President, General Counsel and Secretary

The principal business address for each person named in Item 28 is 900 Salem Street, Smithfield, Rhode Island 02917.

Item 29. Persons Controlled By or Under Common Control with the Insurance Company or the Registered Separate Account

The Depositor, Fidelity Investments Life Insurance Company, a Utah Corporation, is 100% owned by FMR LLC. FMR LLC has numerous subsidiaries, including the following financial services providers:

 

  •  

Fidelity Brokerage Services LLC, a Delaware limited liability Company

 

  •  

Fidelity Distributors Company LLC, a Delaware limited liability Company

 

  •  

Fidelity Workplace Investing LLC, a Delaware limited liability Company

 

  •  

Fidelity Insurance Agency, Inc., a Massachusetts Corporation

 

  •  

Fidelity Investments Institutional Operations Company LLC, a Delaware limited liability Company

 

  •  

Fidelity Management & Research Company LLC, a Delaware limited liability Company (advisor to the Fidelity Funds including the Variable Insurance Product Funds named in the prospectus)

 

  •  

Digital Brokerage Services, LLC, a Delaware limited liability Company

 

  •  

Fidelity Prime Financing LLC, a Delaware limited liability Company

 

  •  

Green Pier Fintech LLC, a Delaware limited liability Company

 

  •  

National Financial Services LLC, a Delaware limited liability Company

Item 30. Indemnification

FMR LLC and its subsidiaries own a directors’ and officers’ liability reimbursement contract (the “Policies”), issued by National Union Fire Insurance Company, that provides coverage for “Loss” (as defined in the Policies) arising from any claim or claims by reason of any breach of duty, neglect, error, misstatement, misleading statement, omission or other act done or wrongfully attempted by a person while he or she is acting in his or her capacity as a director or officer. The coverage is provided to these insureds, including Fidelity Investments Life, to the extent required or permitted by applicable law, common or statutory, or under their respective charters or by-laws, to indemnify directors or officers for Loss arising from the above-described matters. Coverage is also provided to the individual directors or officers for such Loss, for which they shall not be indemnified, subject to relevant contract exclusions. Loss is essentially the legal liability on claims against a director or officer, including damages, judgements, settlements, costs, charges and expenses (excluding salaries of officers or employees) incurred in the defense of actions, suits or proceedings and appeals therefrom.

There are a number of exclusions from coverage. Among the matters excluded are Losses arising as the result of (1) fines or penalties imposed by law or other matters that may be deemed uninsurable under the law pursuant to which the Policy is construed, (2) claims brought about or contributed to by the fraudulent, dishonest, or criminal acts of a director or officer, (3) any claim made against the directors or officers for violation of any of the responsibilities, obligations, or duties imposed upon fiduciaries by the Employee Retirement Income Security Act of 1974 or amendments thereto, (4) professional errors or omissions, and (5) claims for an accounting of profits in fact made from the purchase or sale by a director or officer of any securities of the insured corporations within the meaning of Section 16(b) of the Securities Exchange Act of 1934 and amendments thereto or similar provisions of any state statutory law.

A $100 million limit (policy aggregate limit) and a $500,000 deductible apply to Loss for which the directors and officers are indemnified by Fidelity Investments Life Insurance Company. A $10 million limit (policy aggregate) and a $0 deductible apply to Loss for which the directors and officers are not indemnified by Fidelity Investments Life Insurance Company.

Utah law (Revised Business Corporation Act §16-10a-901 et seq.) provides, in substance, that a corporation may indemnify a director, officer, employee or agent against liability if he acted in good faith and in a manner he reasonably believed to be in, or not opposed to, the best interest of the corporation, and, with respect to any criminal action or proceeding, had no reasonable cause to believe his conduct was unlawful.

The Text of Article XIV of Fidelity Investments Life Insurance Company’s By-Laws, which relates to indemnification of the directors and officers, is as follows:

INDEMNIFICATION OF DIRECTORS, OFFICERS AND PERSONS

ADMINISTERING EMPLOYEE BENEFIT PLANS

Each officer or Director or former officer or Director of the Corporation, and each person who shall, at the Corporation’s request, have served as an officer or Director of another corporation or as trustee, partner or officer of a trust, partnership or association, and each person who shall, at the Corporation’s request, have served in any capacity with respect to any employee benefit plan, whether or not then in office or then serving with respect to such employee benefit plan, and the heirs, executors, administrators, successors and assigns of each of them, shall be indemnified by the Corporation against all liabilities, costs and expenses, including amounts paid in satisfaction of judgments, in compromise and or as fines or reasonably incurred by him or them in connection with or arising out of any action, suit, or proceeding, civil or criminal, in which he or they may be involved, or incurred in anticipation of any action, suit or proceeding, by reason of his being or having any alleged act or omission by him in such capacity or in serving with respect to an employee benefit plan, including the cost of reasonable settlements (other than amounts paid to the Corporation itself) made with a view to curtailment of costs of litigation.

The Corporation shall not, however, indemnify any such person, or his heirs, executors, administrators, successors, or assigns, with respect to any matter as to which his conduct shall be finally adjudged in any such action, suit, or proceeding to constitute willful misconduct or recklessness or to the extent that such matter relates to service with respect to an employee benefit plan, to be not in the best interests of the participants or beneficiaries of such employee benefit plan.

Such indemnification may include payment by the Corporation of expenses incurred in defending any such action, suit, or proceeding in advance of the final disposition thereof, upon receipt of an undertaking by or on behalf of the person indemnified to repay such payment if it shall ultimately be determined that he is not entitled to be indemnified by the Corporation. Such undertaking may be accepted by the Corporation without reference to the financial ability of such person to make repayment.

The foregoing rights of indemnification shall not be exclusive of other rights to which any such Director, officer, trustee, partner or person serving with respect to an employee benefit plan may be entitled as a matter of law. These indemnity provisions shall be separable, and if any portion thereof shall be finally adjudged to be invalid, such invalidity shall not affect any other portion which can be given effect.

The Board of Directors may purchase and maintain insurance on behalf of any persons who is or was a Director, officer, trustee, partner, employee or other agent of the Corporation, or is or was serving at the request of the Corporation as a director, officer, trustee, partner, employee or other agent of another corporation, association, trust or partnership, against any liability incurred by him in any such capacity or arising out of his status as such, whether or not the Corporation would have the power to indemnify him against such liability.

Insofar as indemnification for liability arising under the Securities Act of 1933 may be permitted to directors, officers, and controlling persons of the Registrant pursuant to the foregoing provisions, or otherwise, the Registrant has been advised that in the opinion of the Securities and Exchange Commission such indemnification is against public policy as expressed in the Act and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the Registrant of expenses incurred or paid by a director or officer, or controlling persons of the Registrant in the successful defense of any action, suit, or proceeding) is asserted by such director, officer, or controlling person in connection with the securities being registered, the Registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the Act and will be governed by the final adjudication of such issue.

Item 31. Principal Underwriters

 

(a)

Fidelity Brokerage Services LLC acts as distributor for other variable life and variable annuity contracts registered by separate accounts of Fidelity Investments Life, and Empire Fidelity Investments Life Insurance Company.

 

(b)

Management

 

Name and Principal Business Address

   

Positions and Offices with Underwriter

Robert R. Mascialino    Director, Chief Executive Officer, and President
Lisa D. Krieser    Assistant Secretary
Kevin M. McLaughlin    Chief Financial Officer
Gail R. Merken    Chief Compliance Officer
Rohit Mahna    Director
Michael Shulman    Assistant Treasurer
Charles Sturdy    Secretary and Chief Legal Officer

The address for each person named in Item 31(b) is 900 Salem Street, Smithfield, Rhode Island 02917.

 

(c)

Compensation to the Distributor:

The following aggregate amount of commissions and other compensation was received by the principal underwriter, directly or indirectly, from the Registrant for this and other variable annuity contracts issued by the Depositor, during the Registrant’s last fiscal year:

 

(1)

Name of Principal

Underwriter

    (2)
Net Underwriting
Discounts and
Commissions		      (3)
Compensation on
Redemption		      (4)
Brokerage
Commissions		      (5)
Other
Compensation		  

Fidelity Brokerage Services LLC

    $ 14,744,837      $ 0      $ 0      $ 0  

Item 31A. Information about Contracts with Index-Linked Options and Fixed Options Subject to a Contract Adjustment

 

(a)

For any Contract with Index-Linked Options and/or Fixed Options subject to a Contract Adjustment offered through this registration statement, provide the information required by the following table as of December 31 of the prior calendar year:

 

Name of Contract

   

Number of
Contracts
outstanding

   

Total value
attributable to
the Index-
Linked Option
and/or Fixed
Option subject
to a Contract
Adjustment

   

Number of
Contracts sold
during the prior
calendar year

   

Gross
premiums
received during
the prior
calendar year

   

Amount of
Contract value
redeemed
during the prior
calendar year

   

Combination
Contract
(Yes/No)

Not Applicable    Not Applicable    Not Appliable    Not Applicable    Not Applicable    Not Applicable    Not Applicable

Item 32. Location of Accounts and Records

The records regarding the Account required to be maintained by Section 31(a) of the Investment Company Act of 1940, and Rules 31a-1 to 31a-3 promulgated thereunder, are maintained at Fidelity Investments Life Insurance Company at 900 Salem Street, Smithfield, Rhode Island 02917.

Item 33. Management Services

Not Applicable

Item 34. Fee Representation and Undertakings

Fidelity Investments Life Insurance Company hereby represents that the aggregate charges under the variable annuity policy (“the contract”) offered by Fidelity Investments Life Insurance Company, under this registration statement, are reasonable in relation to services rendered, the expenses expected to be incurred, and the risks assumed by Fidelity Investments Life Insurance Company.

SIGNATURES

Pursuant to the requirements of the Securities Act of 1933 and the Investment Company Act of 1940, the Registrant, Fidelity Investments Variable Annuity Account I, certifies that it meets all of the requirements for effectiveness of this registration statement under rule 485(b) under the Securities Act and has duly caused this registration statement to be signed on its behalf by the undersigned, duly authorized, in the City of Smithfield, and State of Rhode Island, on this 29th day of April, 2025.

 

FIDELITY INVESTMENTS VARIABLE ANNUITY ACCOUNT I
(Registered Separate Account)
By: FIDELITY INVESTMENTS LIFE INSURANCE COMPANY

 

By:

   /s/ *     Attest:   /s/ Lance A. Warrick
  Ari Lindner       Lance A. Warrick
  President       Secretary

FIDELITY INVESTMENTS LIFE INSURANCE COMPANY

(Insurance Company)

 

By:

   /s/ *     Attest:   /s/ Lance A. Warrick
  Ari Lindner       Lance A. Warrick
  President       Secretary

Pursuant to the requirements of the Securities Act of 1933, this registration statement has been signed by the following persons in the capacities and on this 29th day of April 2025.

 

Signature

   

Title

  

Date

            

/s/ *

        )    
Ari Lindner    President and Director   April 29, 2025   )    
       )    

/s/ *

        )    
Miles Mei    Treasurer   April 29, 2025   )    
       )    

/s/ *

        )    
Kathryn A. Dunn    Director   April 29, 2025   )   By:  

/s/ Lance A. Warrick

       )     Lance A. Warrick

/s/ *

        )     (Attorney-in-Fact)*
William J. Johnson, Jr.    Director   April 29, 2025   )    
       )    

/s/ *

        )    
Robert W. Litle    Director   April 29, 2025   )    
       )    

/s/ *

        )    
Nancy D. Prior    Director   April 29, 2025   )    
       )    

/s/ *

        )    
Thomas J. Tesauro    Director   April 29, 2025   )    
       )    

/s/ *

        )    
David J. Vargo    Director   April 29, 2025   )    
ATTACHMENTS / EXHIBITS

ATTACHMENTS / EXHIBITS

PARTICIPATION AGREEMENT AMONG FIDELITY INVESTMENTS LIFE INSURANCE COMPANY AND FI

LEGAL OPINION AND CONSENT OF LANCE A. WARRICK

WRITTEN CONSENT OF PRICEWATERHOUSECOOPERS LLP

POWER OF ATTORNEY FOR ARI LINDNER

POWER OF ATTORNEY FOR THOMAS J. TESAURO

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