FIDELITY INVESTMENTS VARIABLE ANNUITY ACCOUNT I

/s/ Lance A. Warrick

Ari Lindner

Lance A. Warrick

As filed with the SEC on April 29, 2025

Registration No. 333-141878

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. 20		☒

REGISTRATION STATEMENT

UNDER

THE INVESTMENT COMPANY ACT OF 1940


		Amendment No. 140		☒

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.



RISKS		Location in Prospectus
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: • Additional Purchase Payments are not allowed. • 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. • Exchanges by telephone and/or Internet are limited to four days in each calendar year. • 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 Fund for the Fund in which a Subaccount invests.	3(a). Purchase of a Contract 5. Making Exchanges among Subaccounts 5(f). FILI policies Regarding Frequent Trading 11(a). Changes in Subaccounts
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. • Important conditions and limitations apply to the Guaranteed Withdrawal Benefit for Life feature, including: withdrawals that exceed the GWB Amount or taken before the youngest Annuitant reaches age 59¹⁄₂ may significantly reduce the GWB Amount in future Contract Years. • We reserve the right modify or terminate certain benefits available under the Contract.	4. Benefits Available Under the Contract

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:

•

Tax deferral and the Contract’s Guaranteed Withdrawal Benefit for Life feature are more advantageous to investors with a long-time horizon.

•

Withdrawals that exceed the Guaranteed Withdrawal Benefit Amount or that are taken before the youngest Annuitant reaches age 59¹⁄₂ may significantly reduce the value of the Guaranteed Withdrawal Benefit for Life Feature.

•

Withdrawals during the first five Contract Years may be subject to a 2% Surrender Charge, which would reduce the Contract Value.

•

Adverse tax consequences may result from withdrawals prior to age 59¹⁄₂ (see below).

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.

Another Annuity Contract May Be More Appropriate: It is possible that other annuity contracts, including a contract with lower expenses, may be more appropriate for you. You should have only purchased this Contract for the Guaranteed Withdrawal Benefit for Life feature. If you are not currently using this benefit and do not plan to use it in the future, it is likely a less expensive annuity is more appropriate for you. Note exchanging from one annuity contract to another should only be done after a careful consideration of the benefits, features, and expenses of the existing and proposed annuity. See Replacement of Contracts in 3(a).

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 to you – obligations under the Guaranteed Withdrawal Benefit for Life feature and annuity income payments could be especially at risk.

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 reserve the right to limit exchanges.

•

We have the right to eliminate Subaccounts, to combine two or more Subaccounts, or to substitute a new Fund for the Fund in which a Subaccount invests.

•

We may modify or terminate certain Contract features such as 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 and payments of GWB Amounts in excess of assets in the Variable Account 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 financial strength. We have an A+ Financial Strength Rating from AM Best as of February 12, 2025¹. 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.

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

There are currently two available Subaccounts in the Variable Account. In addition, the Contract also provides for a Government Money Market Subaccount, which your Purchase Payment may be allocated to only during the Free Look Period or following the death of the last surviving Owner or Annuitant. Each Subaccount in the Variable Account invests exclusively in 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 0.40% 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 800-544-2442 or visiting www.dfinview.com/Fidelity/PUFT/FGGI.

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 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.

We pay FIA compensation of not more than 2% of 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. PURCHASE PAYMENT

3(a). Purchase of a Contract

Currently, we do not offer this Contract for sale to new investors. Also, additional purchase payments are not allowed for existing Contracts.

Application and Initial Purchase Payment: You purchased your Contract (1) on a non-qualified basis (“Non- qualified Contract”), or (2) on a qualified basis (“Qualified Contract”) as an Individual Retirement Annuity (“IRA”) under Section 408(b) of the Code. Generally, we issued Qualified Contracts only with money transferred 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 were generally required to make a single Purchase payment of at least $25,000 and complete an application form. We also allowed a Contract to be purchased by exchanging one or more annuity contracts or life insurance policies, and a Contract’s Purchase Payment to be paid from different sources (e.g., personal check and proceeds from a brokerage account).

We applied your Purchase Payment to the purchase of a Contract within two business days of receiving your payment and completed application in a form acceptable to us at our Annuity Service Center. The date that we credited your Purchase Payment and your Contract became effective is called the Contract Date.

Contracts Owned by Trusts: We issued Contracts to revocable grantor trusts. There are special provisions that apply to these Contracts. The trust must be the Owner, and a second Owner cannot be added. At issue, the grantor(s) of the trust must be the Annuitant(s). If the trust has only a single grantor, the grantor’s spouse may be named as a joint Annuitant. The Annuitant(s) may not be changed. At issue, the Annuity Date was the first day of the first calendar month after the oldest Annuitant’s 95^thbirthday, or an earlier date chosen by the Owner. The trust must be the sole Beneficiary. Also, at issue, we required a representation from the grantor(s) that the trust is for the sole benefit of the grantor(s). This is to ensure that the Contract will be respected as an annuity for purposes of federal income tax law.

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 or transfer a qualified annuity contract directly

to another life insurance company as a “trustee-to-trustee transfer”. Before making an exchange or transfer, you should compare both annuities carefully. Remember that if you exchange or transfer one annuity for another annuity, then you may pay a surrender charge on your existing annuity, charges may be higher (or lower), and the benefits may be less (or more) advantageous. You should not exchange or transfer one annuity for another 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 new annuity contract (that person will generally be compensated if you buy the contract through an exchange, transfer or otherwise).

3(b). Investment Allocation of Your Purchase Payment:

You choose how to allocate your Purchase Payment among the two available Subaccounts and the percentage to be allocated to each. As stated above, your Purchase Payment may have been invested in the Government Money Market Subaccount during part or for the entirety of the Free Look Period. Also, we will allocate the value of your Contract to the Government Money Market Subaccount for a limited time following the death of the last surviving Owner or Annuitant. See 10(d) Automatic Transfer To The Government Money Market Subaccount Upon Due Proof Of Death. You may not choose to allocate your Purchase Payment or Contract Value to the Government Money Market Subaccount at any time.

Instructions may be expressed in dollars or in percentages. All instructions 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 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.

At the time your Purchase Payment is invested in a Subaccount, we credit a number of Accumulation Units to your Contract based on each Subaccount’s current Accumulation Unit Value.

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.

3(c). 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.

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.

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;

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?

After the death of all the Owners and Annuitants, each Beneficiary has the right to withdraw their share of the Contract Value, as detailed below.

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 (or for the last surviving Annuitant if the Contract has one Owner and joint Annuitants) 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 any portion of the Contract Value that is in the Subaccounts to the Government Money Market Subaccount. 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 pay any Beneficiary who has provided us with required tax withholding and other forms. Such payment will be net of any applicable taxes and will be paid no later than allowed under the Investment Company Act of 1940 and any applicable state law. After making the payment, we will have no further obligations to that Beneficiary. If the Contract Value for any one Beneficiary is less than $5,000 when we have received all required documentation, then we will send that Beneficiary their entire portion of the Contract Value.

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. All payments will be net any applicable taxes.

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.

4(c). Guaranteed Withdrawal Benefit for Life

Introduction: When the youngest Annuitant reaches age 59¹⁄₂, you are eligible to withdraw a specific amount each Contract Year called the Guaranteed Withdrawal Benefit Amount (“GWB Amount”). The GWB Amount, described below, is available for withdrawal each Contract Year during the Annuitant(s)’ lifetime regardless of the amount of your Contract Value. You may make partial withdrawals up to the GWB Amount during the Contract Year. You are not required to make any withdrawals. However, unused portions of the GWB Amount are not cumulative and do not carry over into future Contract Years.

The GWB Amount is determined each Contract Year by multiplying the Guaranteed Withdrawal Benefit Value (“GWB Value”), described below, by the Withdrawal Percentage, also described below.

For Contracts not owned by a trust, Owner(s) must be Annuitant(s). Because the Code requires certain distributions following the death of an Owner, we limit joint Ownership to spouses only. If the Contract has a single Owner, that Owner may name a spouse as a joint Annuitant at time of application. In the case of a trust owned Contract, the grantor of the trust must be an Annuitant. The grantor’s spouse may also be named as a joint Annuitant at time of application. Federal tax law does not extend the same continuation rights to civil union partners. See 4(b). Death Benefit.

No benefit is payable until the youngest Annuitant reaches age 59¹⁄₂. The Annuitant(s) will be shown on the Contract’s Schedule page. The Annuitant(s) may not be changed after the Contract Date.

GWB Amount: Your first withdrawal after the youngest Annuitant reaches age 59¹⁄₂ will establish a Withdrawal Percentage from the table shown below. The initial GWB Amount is determined by multiplying the applicable Withdrawal Percentage by the GWB Value. Once the GWB Amount is determined for a Contract Year, it will not change for the rest of that Contract Year. On each subsequent Contract Anniversary, the GWB Amount may change as described below.

Before the youngest Annuitant reaches the age of 59¹⁄₂, the GWB Amount is zero.

Once the youngest Annuitant reaches age 59¹⁄₂, your first withdrawal will establish a Withdrawal Percentage that will never change.

If the Contract has two Annuitants on the Contract Date and one Annuitant dies before a Withdrawal Percentage is determined, the age of the surviving Annuitant will be used to determine the applicable Withdrawal Percentage from the Two Annuitants Withdrawal Percentages column shown in the table below.

If you delay taking a first withdrawal until the youngest Annuitant reaches one of the older ages shown below, the Withdrawal Percentage shown for that older age will be used to determine the GWB Amount each Contract Year for the duration of the Contract. If you never take a withdrawal before the latest possible Annuity Date, the Withdrawal Percentage shown for ages 80 and older will be used to establish your eligible GWB Amount on the latest possible Annuity Date.


Youngest Annuitant’s Age at First Withdrawal	One Annuitant Withdrawal Percentage	Two Annuitants Withdrawal Percentage
59 1/2 - 64	5%	4.5%
65 - 69	5%	5.0%
70 - 79	6%	5.5%
80 and older	7%	6.5%

For example, assume there are two Annuitants. Once the youngest Annuitant reaches age 59¹⁄₂, you are eligible to make a withdrawal of the GWB Amount using a Withdrawal Percentage of 4.5%. If you make a withdrawal while the youngest Annuitant is 62, the withdrawal will be considered the first withdrawal and the Withdrawal Percentage of 4.5% will be used to determine the GWB Amount each Contract Year for the duration of the Contract. However, if you choose to wait until the youngest Annuitant turns age 65 to make the first withdrawal, the Withdrawal Percentage of 5% will be used to determine the GWB Amount each Contract Year for the duration of the Contract. On each Contract Anniversary, a new GWB Amount will be calculated by multiplying the Withdrawal Percentage established by your first withdrawal after the youngest Annuitant reaches age 59¹⁄₂ by the GWB Value on that same Contract Anniversary.

Generally, your new GWB Amount will be equal to or greater than the first GWB Amount established following the first withdrawal after the youngest Annuitant reached 59¹⁄₂ as long as total withdrawals in any Contract Year do not exceed the GWB Amount for that same Contract Year.

Each time you make a withdrawal, your Contract Value will be reduced by the amount of the withdrawal. In addition, if total withdrawals in any Contract Year exceed the GWB Amount for that same Contract Year, there will be a proportionate reduction in your GWB Value as described below which may result in a lower GWB Amount in future Contract Years.

See Appendix B for examples of how your GWB Amount is calculated.

GWB Value: The Contract has two related values; a Contract Value and a GWB Value. The Contract Value is determined by the method described in 3(c). Accumulation Units. The GWB Value is a value that is used to determine the GWB Amount each Contract Year once you make your first withdrawal after the youngest Annuitant reaches age 59¹⁄₂. Your Contract will also have a GWB Value before the date the youngest Annuitant reaches age 59¹⁄₂, and during that time the GWB Value may increase or decrease as described below.

The GWB Value on the Contract Date is equal to the Purchase Payment. If you make withdrawals before the youngest Annuitant reaches age 59¹⁄₂ the GWB Value will be reduced. See Withdrawals Before Youngest Annuitant Reaches Age 59¹⁄₂ below.

If you make withdrawals after the youngest Annuitant reaches age 59¹⁄₂ and the total withdrawals in a Contract Year are greater than the GWB Amount for that Contract Year, then the GWB Value will be reduced.

See Withdrawals in Excess of Annual GWB Amount below.

On each Contract Anniversary prior to the oldest Annuitant turning age 85, the GWB Value is compared to the Contract Value to determine whether the GWB Value should be increased. If the New York Stock Exchange is closed on a Contract Anniversary, the Contract Value as determined as of the end of the next day the New York Stock Exchange is open will be used. If the Contract has joint Annuitants and the oldest Annuitant dies before the Contract Anniversary that falls on or after his or her 85^th birthday, the surviving Annuitant’s age will be used. If the oldest Annuitant dies on or after the Contract Anniversary that falls on or after his or her 85^th birthday, the GWB Value is not compared to the Contract Value and will not increase.

If the Contract Value is lower than the GWB Value, the GWB Value will not change.

If the Contract Value is greater than the GWB Value, the GWB Value will be automatically increased to equal the Contract Value. If you make a withdrawal on the Contract Anniversary, the withdrawal will be deducted from the Contract Value after it is compared to the GWB Value.

Any new GWB Value will be used to determine the GWB Amount for the rest of that Contract Year once the youngest Annuitant has reached age 59¹⁄₂ and a Withdrawal Percentage has been established by your first withdrawal of a GWB Amount.

If you make any withdrawals before you are eligible to withdraw a GWB Amount or if you make total withdrawals in a Contract Year that exceed the GWB Amount for that Contract Year, the GWB Value will decrease as described below.

Withdrawals Before Youngest Annuitant Reaches Age 59¹⁄₂: You are not eligible to withdraw any part of the GWB Amount until the youngest Annuitant reaches age 59¹⁄₂. If you make a withdrawal before the youngest Annuitant reaches age 59¹⁄₂, the GWB Value is reduced by a percentage determined by dividing the Gross Withdrawal amount by the Contract Value at time of the withdrawal. We calculate the new GWB Value as follows.

(1)

At the end of the Valuation Period in which you make the Gross Withdrawal, we divide the Gross Withdrawal by what the Contract Value would have been at the end of the Valuation Period had you not taken the withdrawal. The result is the percentage factor used to calculate the reduction in the GWB Value.

(2)

Multiply the percentage determined in (1) by the GWB Value immediately before the Gross Withdrawal. The result is the amount by which the old GWB Value is reduced.

For example, assume your Contract has one Annuitant who is age 55 and you made a $25,000 Purchase Payment on the Contract Date. If you make no withdrawals during the first Contract Year your GWB Value would be $25,000 for the whole Contract Year. Now assume that you make one $5,000 Gross Withdrawal ($4,900 of which would be paid to you after deduction of a $100 Surrender Charge) during the first Contract Year. If your Contract Value were $30,000 at time of the withdrawal, your GWB Value would be reduced by 16.67% ($5,000 Gross Withdrawal amount divided by $30,000 Contract Value). The result is a new GWB Value of $20,833 ($25,000 GWB Value minus [$25,000 multiplied by 16.67%]).

Withdrawals in Excess of Annual GWB Amount: If you withdraw more than the GWB Amount in any Contract Year after the youngest Annuitant reaches age 59¹⁄₂, the GWB Value is reduced by an amount equal to the percentage determined by dividing the portion of a Gross Withdrawal that is in excess of the GWB Amount for that Contract Year (“excess Gross Withdrawal”) by the Contract Value at time of the excess Gross Withdrawal, as described below. The new GWB Value following an excess Gross Withdrawal is calculated as follows:

(1)

Determine the portion of the most recent Gross Withdrawal in combination with the sum of all Gross Withdrawals taken in the current Contract Year that exceeds the GWB Amount for that Contract Year.

(2)

Determine what the Contract Value would have been at the end of the Valuation Period had you not taken the withdrawal less any portion of the most recent Gross Withdrawal that is eligible to be applied to the GWB Amount in that Contract Year.

(3)

Determine the percentage reduction in GWB Value by dividing the amount determined in (1) by the amount determined in (2).

(4)

Multiply the percentage determined in (3) by the GWB Value prior to the withdrawal.

(5)

Take the GWB Value prior to the Gross Withdrawal and reduce it by the amount determined in (4). This will result in a new GWB Value.

For example, assume your Contract is in its sixth Contract Year, has one Annuitant who is age 60, a Contract Value of $30,000 and a GWB Value of $25,000. If you make a first Gross Withdrawal of $5,000 in the sixth Contract Year, you will establish a Withdrawal Percentage of 5% and be eligible to withdraw up to the GWB Amount of $1,250 ($25,000 multiplied by 5%) without causing a reduction in GWB Value. Because your first Gross Withdrawal is $5,000, $1,250 of the withdrawal is eligible to be applied to the GWB Amount for that Contract Year and $3,750 of the withdrawal is an excess Gross Withdrawal. For purposes of determining the impact on the GWB Value, the Contract Value is first reduced by the GWB Amount ($30,000 minus $1,250) resulting in a Contract Value of $28,750. The $3,750 excess Gross Withdrawal proportionally reduces the Contract Value by 13.04% ($3,750 divided by $28,750) which results in a new GWB Value of $21,740 ($25,000 less [25,000 multiplied by 13.04%]). If there are no further withdrawals in that Contract Year and the GWB Value is not increased on the next Contract Anniversary, the GWB Amount for the next Contract Year will be

$1,087 ($21,740 multiplied by 5%).

If the Contract is a Qualified Contract and you elect to receive your required minimum distributions under the Code through our Systematic Withdrawal Process described in 4(d). Systematic Withdrawal Program, the reference to GWB Amount in (1), (2) and (3) above shall mean “the greater of the GWB Amount or any required minimum distribution under the Code determined exclusively by us from the Contract Value.” If you take a withdrawal to satisfy your required minimum distribution in a way other than through our Systematic Withdrawal Program and your required minimum distribution is in excess of your GWB Amount, the withdrawal may result in Surrender Charges and a reduction in your GWB Value.

treat that part of your RMD that exceeds the GWB Amount as an excess Gross Withdrawal. See Withdrawals in Excess of Annual GWB Amount in 4(c). In order to receive the greater of your eligible GWB Amount or RMD, you must agree to the following conditions.

(1)

You must elect to receive the greater of the GWB Amount and the RMD on a Systematic Withdrawal basis and you authorize us to calculate the RMD for you.

(2)

The RMD for a calendar year will be determined by us.

(3)

No RMD withdrawal may occur until after December 31st of the calendar year in which your Contract was issued (i.e., Contract Date).

(4)

If the Contract was purchased prior to your reaching the age at which you are required to take your first RMD (your “RMD Applicable Age”), your first RMD must be withdrawn in the calendar year in which you reach your Applicable Age even though the Code allows you to delay your first RMD until April 1st of the calendar year following the year you reach your Applicable Age. We require this so that only one calendar year’s RMD will qualify for the exception we allow for withdrawals in excess of the GWB Amount.

(5)

If you make a withdrawal other than through this Systematic Withdrawal Program, you will no longer be eligible to receive the greater of the RMD or GWB Amount and any withdrawals in excess of the GWB Amount will be considered excess Gross Withdrawals and could cause a reduction in GWB Value as described in Withdrawals in Excess of Annual GWB Amount in 4(c).

We reserve the right to limit or modify this Systematic Withdrawal Program if we determine that the program will cause us to distribute, in any Contract Year, an amount more than the greater of the GWB Amount or the RMD for any calendar year that overlaps with a Contract Year.

Each Systematic Withdrawal is subject to federal income taxes, including any penalty tax that may apply, the same as for any other withdrawal. You may also be subject to a Surrender Charge, if applicable. 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 available 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 or a website. It is recommended that you allow 90 days to pass before making a subsequent exchange to avoid triggering the restrictions described below in 5(g). Frequent Trading Monitoring and Restriction Procedures.

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 four days each calendar year unless you have been blocked from trading into all other available Subaccounts as described below in 5(g). Frequent Trading Monitoring and Restriction Procedures.

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

Currently you may make Exchanges by telephone and/or Internet on up to four days in each calendar year. You may make Exchanges on additional days only by a letter to our Annuity Service Center.

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.

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 Investment Company Act of 1940, 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. Further, Contract Owners who have engaged in frequent trading in the Funds, or in other mutual funds managed by FMR 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.

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 by the mutual funds managed by FMR or one of its affiliates.

Exceptions. FILI has approved the following exceptions to the frequent trading policy:

(1)

Transactions in the Government Money Market Subaccount;

(2)

Systematic Withdrawals up to the Guaranteed Withdrawal Benefit Amount 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.

No other exceptions will be allowed. The frequent trading procedures will be applied consistently to all Owners.

6. MAKING WITHDRAWALS

Any time before the Annuity Date, you may make a complete or partial withdrawal of your Contract Value. We will send you the requested withdrawal amount less any applicable Surrender Charge and taxes withheld. You must send us written instructions from all the Owners to make a complete withdrawal. Your Contract will terminate once a complete withdrawal has been processed if the withdrawal causes the Guaranteed Withdrawal Benefit Value to reduce to zero. See 4(c). Guaranteed Withdrawal Benefit For Life.

If you request a partial withdrawal, 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.

Partial withdrawals before the youngest Annuitant reaches age 59¹⁄₂ or withdrawals that exceed the Guaranteed Withdrawal Benefit Amount allowed under the Guaranteed Withdrawal Benefit For Life feature may significantly impact the Guaranteed Withdrawal Benefit Amount by proportionally reducing the value upon which the benefit is determined. See 4(c). Guaranteed Withdrawal Benefit For Life.

You may request partial withdrawals by sending a letter to the Annuity Service Center or calling us there. 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. We reserve the right to change telephone withdrawal requirements or limitations.

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.

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.

We reserve the right to limit the maximum period we will pay guaranteed income to a whole number of years or whole number of months.

The Uniform Lifetime Table may be found in federal income tax regulations section 1.401(a)(9)-9. We reserve the right to use any other life expectancy tables allowed by the Code and federal income tax regulations.

We reserve the right to add to, limit or modify these annuity income options to comply with the Code and offer any other annuity income options that are mutually agreeable to you and us.

7(b). Annuity Income

Annuity income payments begin on the Annuity Date if no Owner has died before then and the Contract Value or annual GWB Amount is sufficient to provide you with an initial monthly income payment of at least $20. 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 at time of death, and (2) the surviving spouse/Annuitant elected to continue the Contract as his or her own. As long as the Owner’s death occurs before the Annuity Date, 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 on or after the Contract Anniversary that falls on or after his or her 95^thbirthday. If the Contract has been inactive and under applicable state law could be considered abandoned property, we will surrender the Contract on the Annuity Date and turn the proceeds over to the state in accordance with applicable state laws.

In all other cases involving the death of an Owner, the Contract must be distributed in accordance with the applicable provisions of the Code described in What are the different distribution options for receiving the Death Benefit? under 4(b).

Under Annuity Income option (1) we will pay you Annuity Income in monthly installments starting on the Annuity Date for the life or lives of the Annuitant(s) and your Contract will no longer have a Contract Value. If on the death of the last surviving Annuitant the total of all annuity income provided on or after the Annuity Date is less than the Contract Value at the end of the Annuity Date Valuation Period, we will refund the difference to your Beneficiary. To provide annuity income, all Accumulation Units in the Subaccounts will be redeemed. The first monthly annuity income payment will be made on the Annuity Date.

If you have been receiving GWB Amounts through our Systematic Withdrawal Program prior to the latest possible Annuity Date, you may continue to receive the greater of your GWB Amount or the amount determined by your Contract Value applied to annuity purchase rates under Annuity Income option (1) as an Annuity Income option on the same periodic basis that you selected under our Systematic Withdrawal Program. However, if you have selected a period other than monthly, the Annuity Income payments must be paid on the Annuity Date which may cause the payment period to fall on different months after the Annuity Date.

You may make a partial withdrawal between the Contract Anniversary following the oldest Owner’s 95^thbirthday and the Annuity Date as long as the Gross Withdrawal is equal to or less than the GWB Amount for that Contract Year. If you do this, we will accelerate your Annuity Date to the date of the withdrawal and pay you your entire GWB Amount for that Contract Year. In future Contract Years, we will pay Annuity Income on an annual basis according to the provisions of Annuity Income option (1) or any other Annuity Income option that enables the Contract to comply with the Code.

If you request a withdrawal in excess of the GWB Amount between the Contract Anniversary following the oldest Owner’s 95^th birthday and the Annuity Date, you are limited to a complete withdrawal, which will terminate any future GWB Amount payments or annuity income.

Under Annuity Income option (2), we will pay you monthly annuity income until there is no longer any living Annuitant or for 120 monthly payments, whichever is longer. To provide annuity income, all Accumulation Units in the Subaccounts will be redeemed and applied to annuity purchase rates that are no less than the guaranteed annuity purchase rates set forth in the Contract and will be based upon the age(s) and, unless prohibited by applicable state law, sex(es) of the Annuitant(s) living on the Annuity Date.

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). Tax Deferral During Accumulation Period

In General: Under existing provisions of the 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 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 Payment 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 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 revocable grantor trusts in cases where the grantor represents that the trust is for the benefit of the grantor annuitant (i.e., the Contract is held by the trust for the benefit of a natural person (an “individual”)). 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 on or after the Contract Anniversary that falls on or after the oldest Owner’s 95^thbirthday. 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.

In addition, to qualify as an annuity for federal tax purposes, the Contract must satisfy certain requirements for distributions in the event of the death of the Owner of the Contract. The Contract contains such required distribution provisions. For further information on these requirements see What are the different distribution options for receiving the Death Benefit? under 4(b).

9(c). Qualified Contracts

You may use the Contract as an Individual Retirement Annuity. Under Section 408(b) of the Code, eligible individuals may contribute to an Individual Retirement Annuity (“IRA”). The Code permits certain “rollover” contributions to be made to an IRA. In particular, certain qualifying distributions from a 401(a) plan, a tax- sheltered annuity, a 403(b) plan, a Governmental 457(b) plan, or an IRA, may be received tax-free if rolled over to an IRA within 60 days of receipt. Because this Contract’s minimum initial payment of $25,000 was greater than the maximum annual contribution permitted to an IRA, a Qualified Contract could be purchased only in connection with a “rollover” of the proceeds from a qualified plan, tax-sheltered annuity, or IRA.

In order to qualify as an IRA under Section 408(b) of the Code, a Contract must contain certain provisions:

(1)

the Owner of the Contract must be the Annuitant and, except for certain transfers incident to a divorce decree, the Owner cannot be changed and the Contract cannot be transferable;

(2)

the Owner’s interest in the Contract cannot be forfeitable; and

(3)

annuity and payments following the death of an Owner must satisfy certain required minimum distributions. Contracts issued on a qualified basis will conform to the requirements for an IRA and will be amended to conform to any future changes in the requirements for an IRA.

9(d). Contract Values and Proceeds

In General: Under current law, you will not be taxed on increases in the value of your Contract until a distribution occurs. The taxable portion of a distribution is taxed as ordinary income.

A distribution may occur in the form of a withdrawal, payments following the death of an Owner and payments under an Annuity Income Option.

The assignment or pledge of any portion of the value of a Contract may also be treated as a distribution, and, therefore, before doing so you should consult a tax advisor. In the case of a Qualified Contract, you may not receive or make any such pledge. Any such pledge will result in disqualification of the Contract as an IRA and inclusion of the value of the entire Contract in income.

Additionally, a transfer of a Non-qualified Contract for less than full and adequate consideration will result in a deemed distribution, unless the transfer is to your spouse (or to a former spouse pursuant to a divorce decree).

Taxes on Surrender of the Contract Before Annuity Income Payments Begin: If you fully surrender your Contract before annuity income payments commence, you will be taxed on the portion of the distribution that exceeds your cost basis in your Contract. In addition, amounts received as the result of the death of the Owner or Annuitant that are in excess of your cost basis will also be taxed.

For Non-qualified Contracts, the cost basis is generally the amount of your Purchase Payment, and the taxable portion of the proceeds is taxed as ordinary income.

For Qualified Contracts, we will report the cost basis as zero, and the entire amount of the surrender payment is taxed as ordinary income. You may want to file an Internal Revenue Service form 8606 if any part of your Purchase Payment has been previously taxed.

Taxes on Partial Withdrawals: Withdrawals of the GWB Amount and withdrawals received under the Systematic Withdrawal Program are treated as partial withdrawals.

Partial withdrawals under a Non-qualified Contract are treated for tax purposes as first being taxable withdrawals of investment income, rather than as return of your Purchase Payment, until all investment income has been withdrawn.

You will be taxed on the amount withdrawn to the extent that your Contract Value at that time exceeds your payments. In the event your GWB Amount in a Contract Year exceeds your Contract Value, you will be taxed on the amount withdrawn to the extent that your GWB Amount exceeds your Purchase Payment.

Partial withdrawals under a Qualified Contract are prorated between taxable income and non-taxable return of investment. We will report the cost basis of a Qualified Contract as zero, and the partial withdrawal will be fully taxed unless you have filed an Internal Revenue Service Form 8606 to identify the part of your Purchase Payment that has been previously taxed.

Partial and complete withdrawals may be subject to a 10% penalty tax (see 10% Penalty Tax on Early Withdrawals below). Partial and complete withdrawals also may be subject to federal income tax withholding requirements.

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.

In the case of a Qualified Contract, the tax law requires for all post-1986 contributions and distributions that all individual retirement accounts and annuities be treated as one Contract.

Taxes on Annuity Income Payments: Although the tax consequences may vary depending on the form of annuity selected under the Contract, the recipient of Annuity Income payments under the Contract generally is taxed on the portion of such income payments that exceed the cost basis in the Contract. 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.

For Qualified Contracts, we report the cost basis as zero and each annuity income payment is fully taxed unless you have filed an Internal Revenue Service Form 8606 to identify the part of your Purchase Payment that has been previously taxed.

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. You should consult your tax advisor regarding the applicability of this tax to income you would receive under this annuity contract.

10% Penalty Tax on Early Withdrawals or Distributions: A penalty tax equal to 10% of the amount treated as taxable income may be imposed on distributions. The penalty tax is not imposed on distributions:

(1)

Made to persons on or after age 59¹⁄₂;

(2)

Made on or after the death of the Owner;

(3)

Attributable to the taxpayer’s becoming “disabled” within the meaning of the Code;

(4)

Which are part of a series of substantially equal periodic payments (not less frequently than annually) made for the life (or life expectancy) of the taxpayer or the joint lives (or joint life expectancies) of such taxpayer and a designated beneficiary;

(5)

Made from a Qualified Contract that meet any of the Code’s additional exceptions to this penalty tax applicable to IRAs (this includes distributions received from the rollover of a Qualified Contract into another qualified contract or IRA); or

(6)

that satisfy another exception to this 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.

9(e). Other Tax Information

In the case of a Qualified Contract, an excise tax of up to 25% is imposed on the amount by which required minimum distributions exceed actual distributions. For taxable years prior to 2023, this excise tax is 50%.

We will withhold and remit to the U.S. Government a part of the taxable portion of each distribution made under the Contract, unless the Owner or Beneficiary files a written election prior to the distribution stating that he or she chooses not to have any amounts withheld. Such an election will not relieve you of the obligation to pay income taxes on the taxable portion of any distribution.

9(f). 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. 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 above.

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.

9(g). FILI’s Tax Status

FILI is taxed as a life insurance company under the 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 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. 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. Joint Owners must be spouses on the Contract Date. 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 Purchase Payment among the Subaccounts.

You may not remove an Owner unless the removal is pursuant to a court order.

After the Contract Date, the Owners have the right to (a) cancel the Contract during the Free Look Period;

(b) allocate the Purchase Payment among the Subaccounts; (c) reallocate the Contract Value among the Subaccounts; (d) make withdrawals, if the Contact has a Contract Value; (e) change Beneficiary(ies) (except that a Beneficiary designated as irrevocable may not be changed without the Beneficiary’s consent); and (f) 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, withdrawals, changes of the Annuity Date and changes of Beneficiaries can be made only by both Owners acting together.

Either Owner may exercise any other right under the Contract.

Annuitant(s): You must be the Annuitant(s). If the Contract is owned by a trust, the grantor of the trust must be an Annuitant. You may name a joint Annuitant as long as the joint Annuitant is the spouse of the Annuitant on the Contract Date.

You may not add or remove the Annuitant(s) after the Contract Date unless the removal is pursuant to a court order.

Your eligibility for benefits under the Guaranteed Withdrawal Benefit For Life feature is determined by the age of the Annuitant(s). The GWB Amount that is available once you are eligible under the Guaranteed Withdrawal Benefit For Life feature depends on a number of factors, including the number of Annuitants on the Contract Date and the age of the youngest Annuitant when your first withdrawal is made. If an Annuitant’s age has been misstated we will adjust the GWB Amount to reflect the actual age. If we have previously overpaid GWB Amounts and the GWB Amounts have been converted to an annuity income option as described under Conversion of GWB Amount Payments in 4(c), we will suspend any future GWB Amounts until we have recovered the amount of the overpayment. If the Contract has terminated, we reserve the right to recover the amount of any overpayment from your estate. If we have previously underpaid GWB Amounts and the GWB Amounts have been converted to an annuity income option as described under Conversion of GWB Amount Payments in 4(c), we will make a lump sum payment equal to the amount previously underpaid plus interest at 6% per annum, compounded annually. The previously underpaid GWB Amount will be deducted from the Contract Value.

If you choose to receive Annuity Income using the Contract Value and annuity purchase rates, 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.

Beneficiary(ies): See 4(b). Death Benefit.

10(b). Assignment

A Qualified Contract may not be assigned. A Non-qualified 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 section 1035 of the Code; (b) a Contract owned by a person may be transferred to a person’s spouse; (c) a Contract owned by one or two individual(s) may be transferred to a 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(c). 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 all the Owners die, the Beneficiaries are responsible for notifying us of the death(s). If we provide too many GWB Amount payments or annuity income payments because we are not notified of an Annuitant’s death, we may take legal action to recover the overpayment.

APPENDIX B: Guaranteed Withdrawal Benefit for Life Examples

Example 1

Assume your Contract has one Annuitant who is age 65 and you made a $25,000 Purchase Payment on the Contract Date. Assume you make one withdrawal in the first Contract Year equal to your eligible GWB Amount ($1,250 = 5% Withdrawal Percentage multiplied by the $25,000 GWB Value). Your GWB Value would be $25,000 for the entire 1st Contract Year. If your Contract Value is $30,000 at time of the first Contract Anniversary, your GWB Value will be increased to $30,000 and your GWB Amount for the 2nd Contract Year would be increased to $1,500 to reflect the increased GWB Value.

In the same example, if the Contract Value was $20,000 at time of the first Contract Anniversary, the GWB Value would be unchanged on the Contract Anniversary and would remain at $25,000. Similarly, the GWB Amount would also be unchanged and remain $1,250.

Example 2

Assume your Contract has one Annuitant who is age 67 and you made a $100,000 Purchase Payment on the Contract Date. If you make no withdrawals during the first Contract Year your GWB Value would be $100,000 for the whole Contract Year. Further assume that you make a $3,000 Gross Withdrawal during the first Contract Year. This withdrawal will establish the Withdrawal Percentage as 5% and the GWB Amount as $5,000. Because the withdrawal does not exceed your eligible GWB Amount, there are no Surrender Charges applicable to this withdrawal and there is no reduction to the GWB Value. Your Contract Value will be reduced by $3,000, the amount of the withdrawal.

Further assume that later in that first Contract Year, you make a second Gross Withdrawal, this time for $10,000. At the time of this $10,000 withdrawal, the GWB Amount is $5,000 and the sum of all prior withdrawals in this Contract Year is $3,000. Therefore, $2,000 of the withdrawal is treated as a withdrawal of your GWB Amount and the remainder of the withdrawal ($8,000) is treated as an excess withdrawal. Assume your Contract Value would have been $104,000 at the end of the Valuation Period had you not taken the withdrawal. Your GWB Value will be reduced by 7.84%. The 7.84% reduction is determined by dividing the $8,000 Excess Withdrawal by $102,000 ($104,000 – $2,000 determined above) resulting in a new GWB Value of $92,160 ($100,000 GWB Value minus [$100,000 multiplied by .0784]). Additionally, a $160 Surrender Charge is due on the $10,000 Gross Withdrawal (2% of the $8,000 excess withdrawal).

Further assume that you make a third withdrawal in the first Contract Year, this time for $5,000. At the time of this $5,000 withdrawal, the GWB Amount is $5,000 and the sum of all prior withdrawals in this Contract Year is $13,000. Therefore, all $5,000 of the withdrawal is treated as an excess withdrawal. If your Contract Value would have been $90,000 at the end of the Valuation Period had you not taken the withdrawal, your GWB Value will reduce by 5.56% ($5,000 Excess Withdrawal divided by $90,000) resulting in a new GWB Value of $87,036 ($92,160 GWB Value minus [$92,160 multiplied by .0556]). A $100 Surrender Charge is due on the $5,000 Gross Withdrawal (2% of the $5,000 excess withdrawal).

Example 3

Assume your Contract has one Annuitant who is currently age 84 and you made a $100,000 Purchase Payment 18 years ago. Assume also that your GWB Value is still $100,000 and your GWB Amount, which you have been withdrawing every year, is $5,000. Assume you take your first withdrawal of $5,000 in the current Contract Year and that your Contract Value would have been $6,000 at the end of the Valuation Period had you not taken the withdrawal. The Contract Value after the withdrawal is $1,000 which is below the amount which will trigger the conversion of your Contract on the first of the month following your next Contract Anniversary. Assuming you make no further withdrawals prior to the conversion date, we will begin GWB Amount payments of $5,000 each year for so long as any Annuitant is alive.

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.

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*

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*

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.

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

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

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

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

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.

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.

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.

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.

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.

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

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.

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.

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

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.

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.

•

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

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

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

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.

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.

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.

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.

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.

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


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

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 Appliable

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, as amended, 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.



TAXES		Location in Prospectus
What Are the Contract’s Tax Implications?	• Consult with a tax professional to determine the tax implications of an investment in and payments received under this Contract. • If you purchased the Contract through a tax qualified plan or individual retirement account (IRA), you do not get any additional tax benefit from this Contract. • Under current law, you will not be taxed on increases in the value of your Contract 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.	Overview of the Contract 1. Principal Risks of Investing in the 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


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)	0.28%	0.71%
(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)	0.28%	0.66%³


	1 year		3 years		5 years		10 Years
If you surrender Your Contract at the end of the applicable time period⁴		$4,198		$8,787		$13,645		$24,414
If you annuitize at the end of the applicable period or do not surrender your Contract		$2,140		$6,609		$11,339		$24,414


	1 year		3 years		5 years		10 Years
If you surrender Your Contract at the end of the applicable time period⁴		$4,051		$8,341		$12,896		$22,853
If you annuitize at the end of the applicable period or do not surrender your Contract		$1,990		$6,153		$10,573		$22,853


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 equal to 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. Poor investment performance and withdrawals can significantly reduce the benefit. We will not pay any Beneficiary until we have determined the number of Beneficiaries entitled to receive payment.
Guaranteed Withdrawal Benefit for Life	Under this benefit, when the youngest Annuitant reaches age 59¹⁄₂ you are eligible to withdraw a specific amount each Contract Year called the GWB Amount. The GWB Amount is available for withdrawal each Contract Year during the Annuitant(s)’ lifetime regardless of the amount of your Contract Value. The GWB Amount may change each Contract Year.	None	No benefit is payable until the youngest Annuitant reaches age 59¹⁄₂. Withdrawals, including withdrawals of the GWB Amount, will reduce the Contract Value. Withdrawals that exceed the GWB Amount or taken before the youngest Annuitant reaches age 59¹⁄₂ may significantly reduce the GWB Amount in future Contract Years. Unused portions of the GWB Amount are not cumulative and do not carry over into future Contract Years.



Glossary			4

Overview of the Contract			6

Important Information You Should Consider About the Contract			8

Fee Tables			12

1. Principal Risks of Investing in the Contract			14

2. FILI, the Variable Account, the Funds, and the Distributors			15

(a). FILI and The Variable Account			15
(b). The Funds			15
(c). Selling the Contracts			16
(d). Legal Proceedings			16

3. Purchase Payment			16

(a). Purchase of a Contract			16
(b). Investment Allocation of your Purchase Payment			17
(c). Accumulation Units			17

4. Benefits Available Under the Contract			18

(a). Overview of Benefits			18
(b). Death Benefit			19
(c). Guaranteed Withdrawal Benefit for Life			21
(d). Systematic Withdrawal Program			25

5. Making Exchanges among Subaccounts			26

(a). General Procedures for Making Exchanges			26
(b). Making Exchanges by Telephone or Internet			27
(c). Effective Date of Exchanges Among Subaccounts			27
(d). Market Timing			27
(e). Short-Term Trading Risk			27
(f). FILI Policies Regarding Frequent Trading			28
(g). Frequent Trading Monitoring and Restriction Procedures			28

6. Making Withdrawals			29

7. Income Phase			30

(a). Annuity Date			30
(b). Annuity Income			31

8. Current Charges and Other Deductions			32

(a). Base Contract Expenses			32
(b). Surrender Charges			33
(c). Premium Taxes			33
(d). Funds’ Expenses			33
(e). Other Taxes			33

9. Tax Considerations			33

(a). Introduction			33
(b). Tax Deferral During Accumulation Period			34


(c). Qualified Contracts		35
(d). Contract Values and Proceeds		35
(e). Other Tax Information		37
(f). Exchanges of Contracts		38
(g). FILI’s Tax Status		38

10. More Information about the Contract		38

(a). Contract Rights		38
(b). Assignment		39
(c). Notification of Death		39
(d). Automatic Transfer to the Government Money Market Subaccount Upon Due Proof of Death		40
(e). Proof of Survival		40
(f). Abandoned Property		40
(g). Reports to Owners		40
(h). Signature Guarantee or Customer Authentication		40
(i). Non-Participating Contract		41
(j). Postponement of Payment		41
(k). Special Provisions for Sales Under Sponsored Arrangements		41
(l). Written Requests Received at the Company		41

11. More Information about the Subaccounts and the Funds		42

(a). Changes in Subaccounts		42
(b). Voting Rights		42
(c). Resolving Material Conflicts		43

Appendix A: Funds Available Under the Contract		44

Appendix B: Guaranteed Withdrawal Benefit for Life Examples		45


Settlement Option	Description	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
Continuation of Contract without Guaranteed Withdrawal Benefit for Life	Continue the Contract, or their portion of the Contract, as the Owner. Note: since the Guaranteed Withdrawal Benefit for Life feature and any payments under it cease but the Contract’s expenses continue, it may not be in a Beneficiary’s best interest to continue the Contract for a significant length of time.	Only available upon the death of all Annuitants, and Beneficiary is spouse of the last surviving Annuitant at time of death. Federal tax law does not allow a civil union partner to continue the Contract as his or her own.
Continuation of Contract with Guaranteed Withdrawal Benefit for Life	Continue the Contract as the Owner with all terms and conditions of the Contract remaining in force. Will be treated as having been the sole Owner from the Contract Date. Allowed to change the Annuity Date to a date as late as first day of the calendar month on or after the Contract Anniversary that falls on or after his or her 95^th birthday Note: for Contracts with 2 Annuitants, the Contract defaults to this option upon the first death of an Annuitant before the Annuity Date.	Applies to Contracts with 2 Annuitants upon first death of an Annuitant. Surviving Annuitant must be the spouse of deceased Annuitant at time of death. Federal tax law does not allow a civil union partner to continue the Contract as his or her own.


Investment Objective	Fund & Adviser/Subadviser	Current Expenses	Average Annual Total Returns (as of 12/31/24)
Investment Objective	Fund & Adviser/Subadviser	Current Expenses	1 year	5 year	10 year
Seeks income and capital growth consistent with reasonable risk	Fidelity^® Variable Insurance Product (“VIP”) Balanced Portfolio Adviser: Fidelity Management & Research Company LLC	0.50%	15.83%	10.76%	9.54%
Seeks high total return	Fidelity^® VIP FundsManager^® 60% Portfolio Adviser: Fidelity Management & Research Company LLC	0.66%*	9.58%	6.57%	6.67%
Seeks as high a level of current income as is consistent with preservation of capital and liquidity	Fidelity^® VIP Government Money Market Portfolio¹ Adviser: Fidelity Management & Research Company LLC	0.28%	5.08%	2.31%	1.60%


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)


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


*Old Name*		New Name

Wells Fargo VT Discovery Fund		Allspring VT Discovery Fund

Wells Fargo VT Opportunity Fund		Allspring VT Opportunity Fund


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


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


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
/s/ *			) )		Lance A. Warrick (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	)