Report of Independent Registered Public Accounting Firm

 

 

 

The Board of Directors and Contract Owners of

EquiTrust Life Annuity Account and

EquiTrust Life Insurance Company

 

Opinion on the Financial Statements

 

We have audited the accompanying statements of assets and liabilities of each of the subaccounts listed in the Appendix that comprise EquiTrust Life Annuity Account (the Account), as of December 31, 2024, and the related statements of operations and changes in net assets for the year then ended, and the related notes (collectively, the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each subaccount as of December 31, 2024, and the results of its operations and changes in net assets for the year then ended, in conformity with accounting principles generally accepted in the United States of America.

 

Basis for Opinion

 

These financial statements are the responsibility of the Account’s management. Our responsibility is to express an opinion on each of the subaccounts’ financial statements based on our audit. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Account in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

 

We conducted our audit 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 audit 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 include examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Such procedures also included confirmation of securities owned as of December 31, 2024, by correspondence with the fund companies or their transfer agents, as applicable. Our audit also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audit provides a reasonable basis for our opinion.

 

/s/ Forvis Mazars LLP

 

We have served as the Account’s auditor since 2024.

 

West Des Moines, Iowa

April 29, 2025

 

 

Appendix

 

Subaccounts comprising EquiTrust Life Annuity Account

 

Subaccounts
Product A	Product B
BNY Mellon Sustainable U.S. Equity Portfolio - Service Shares	CVT S&P MidCap 400 Index Portfolio - Class F
BNY Mellon VIF Appreciation Portfolio - Initial Shares	Columbia VP Small Cap Value Fund - Class 2
BNY Mellon VIF Growth & Income Portfolio - Initial Shares	Federated Hermes Quality Bond Fund II - Primary Shares
BNY Mellon VIF Opportunistic Small Cap Portfolio - Initial Shares	Fidelity® VIP Contrafund® Portfolio - Service Class 2
CVT NASDAQ-100 Index Portfolio	Fidelity® VIP Growth Portfolio - Service Class 2
CVT Russell 2000® Small Cap Index Portfolio	Fidelity® VIP High Income Portfolio - Service Class 2
CVT S&P MidCap 400 Index Portfolio	Fidelity® VIP Mid Cap Portfolio - Service Class 2
Federated Hermes Government Money Fund II - Service Shares	Fidelity® VIP Real Estate Portfolio - Service Class 2
Federated Hermes Managed Volatility Fund II - Primary Shares	Franklin Mutual Shares VIP Fund - Class 2
Federated Hermes Quality Bond Fund II - Primary Shares	Franklin U.S. Government Securities VIP Fund - Class 2
Fidelity® VIP Contrafund® Portfolio - Initial Class	Templeton Global Bond VIP Fund - Class 2
Fidelity® VIP Growth & Income Portfolio - Initial Class	T. Rowe Price Equity Income Portfolio
Fidelity® VIP Growth Portfolio - Initial Class	T. Rowe Price International Stock Portfolio
Fidelity® VIP High Income Portfolio - Service Class 2
Fidelity® VIP Index 500 Portfolio - Initial Class
Fidelity® VIP Mid Cap Portfolio - Service Class 2
Fidelity® VIP Overseas Portfolio - Initial Class
Franklin Global Real Estate VIP Fund - Class 2
Franklin Mutual Shares VIP Fund - Class 2
Franklin Small Cap Value VIP Fund - Class 2
Franklin Small-Mid Cap Growth VIP Fund - Class 2
Franklin U.S. Government Securities VIP Fund - Class 2
Templeton Growth VIP Fund - Class 2
LVIP American Century Capital Appreciation Fund – Standard II
LVIP American Century Inflation Protection Fund – Standard II
LVIP American Century Ultra Fund – Standard II
LVIP American Century Value Fund – Standard II
LVIP JPMorgan Mid Cap Value Fund - Standard
LVIP JPMorgan Small Cap Core Fund - Standard
T. Rowe Price All-Cap Opportunities Portfolio
T. Rowe Price Equity Income Portfolio
T. Rowe Price Mid-Cap Growth Portfolio
T. Rowe Price Moderate Allocation Portfolio
T. Rowe Price International Stock Portfolio

 

 

 

Report of Independent Registered Public Accounting Firm

 

 

The Board of Directors and Contract Owners of EquiTrust Life Annuity Account

EquiTrust Life Insurance Company

 

Opinion on the Financial Statements

 

We have audited the accompanying statements of changes in net assets of each of the subaccounts listed in the Appendix that comprise EquiTrust Life Annuity Account (the Separate Account), for the year ended December 31, 2023, and the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the changes in its net assets for the year ended December 31, 2023, in conformity with U.S. generally accepted accounting principles.

 

Basis for Opinion

 

These financial statements are the responsibility of the Separate Account’s management. Our responsibility is to express an opinion on each of the subaccounts’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Separate Account in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

 

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements 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 procedures included confirmation of securities owned as of December 31, 2023, by correspondence with the fund companies or their transfer agents, as applicable. 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. We believe that our audits provide a reasonable basis for our opinion.

 

/s/ Ernst & Young LLP

 

We served as the Separate Account’s auditor from 1998 to 2024.

 

Des Moines, Iowa

April 24, 2024

 

 

Appendix:

Subaccounts comprising EquiTrust Life Annuity Account

 

Subaccounts

Product A BNY Mellon Sustainable U.S. Equity Portfolio – Service Shares BNY Mellon VIF Appreciation Portfolio – Initial Shares BNY Mellon VIF Growth & Income Portfolio – Initial Shares BNY Mellon VIF Opportunistic Small Cap Portfolio – Initial Shares CVT NASDAQ-100 Index Portfolio CVT Russell 2000® Small Cap Index Portfolio CVT S&P MidCap 400 Index Portfolio Federated Hermes Government Money Fund II - Service Shares Federated Hermes Managed Volatility Fund II - Primary Shares Federated Hermes Quality Bond Fund II - Primary Shares Fidelity® VIP Contrafund® Portfolio - Initial Class Fidelity® VIP Growth & Income Portfolio - Initial Class Fidelity® VIP Growth Portfolio - Initial Class Fidelity® VIP High Income Portfolio - Service Class 2 Fidelity® VIP Index 500 Portfolio - Initial Class Fidelity® VIP Mid Cap Portfolio - Service Class 2 Fidelity® VIP Overseas Portfolio - Initial Class Franklin Global Real Estate VIP Fund - Class 2 Franklin Mutual Shares VIP Fund - Class 2 Franklin Small Cap Value VIP Fund - Class 2 Franklin Small-Mid Cap Growth VIP Fund - Class 2 Franklin U.S. Government Securities VIP Fund - Class 2 Templeton Growth VIP Fund - Class 2 LVIP American Century Capital Appreciation Fund – Standard II LVIP American Century Inflation Protection Fund – Standard II LVIP American Century Mid Cap Value Fund – Standard II LVIP American Century Ultra Fund – Standard II LVIP American Century Value Fund – Standard II LVIP JPMorgan Mid Cap Value Fund - Standard LVIP JPMorgan Small Cap Core Fund - Standard T. Rowe Price All-Cap Opportunities Portfolio T. Rowe Price Equity Income Portfolio T. Rowe Price Mid-Cap Growth Portfolio T. Rowe Price Moderate Allocation Portfolio T. Rowe Price International Stock Portfolio

Product B CVT S&P MidCap 400 Index Portfolio - Class F Columbia VP Small Cap Value Fund – Class 2 Federated Hermes Quality Bond Fund II - Primary Shares Fidelity® VIP Contrafund® Portfolio - Service Class 2 Fidelity® VIP Growth Portfolio - Service Class 2 Fidelity® VIP High Income Portfolio - Service Class 2 Fidelity® VIP Mid Cap Portfolio - Service Class 2 Fidelity® VIP Real Estate Portfolio - Service Class 2 Franklin Mutual Shares VIP Fund - Class 2 Franklin U.S. Government Securities VIP Fund - Class 2 Templeton Global Bond VIP Fund - Class 2 T. Rowe Price Equity Income Portfolio T. Rowe Price International Stock Portfolio

 

 

EquiTrust Life Annuity Account

Statements of Assets and Liabilities

December 31, 2024

 

 

						Net assets												Investments in mutual funds
Subaccount		Investments in shares of mutual funds, at fair value				Accumulation units				Contracts in annuitization period				Total net assets				Cost				Shares owned				Accumulation units outstanding				Annuitized units outstanding
Product A
BNY Mellon Sustainable U.S. Equity Portfolio - Service Shares		$	25,866			$	25,866			$	-			$	25,866			$	18,085				476.10				604.58				-
BNY Mellon VIF Appreciation Portfolio - Initial Shares			658,168				658,168				-				658,168				649,769				18,036.95				13,617.04				-
BNY Mellon VIF Growth & Income Portfolio - Initial Shares			334,617				334,617				-				334,617				271,322				8,927.87				5,749.86				-
BNY Mellon VIF Opportunistic Small Cap Portfolio - Initial Shares			625,766				623,293				2,473				625,766				635,519				14,365.62				18,941.67				75.16
CVT NASDAQ-100 Index Portfolio			219,950				219,950				-				219,950				140,691				1,314.39				2,045.45				-
CVT Russell 2000® Small Cap Index Portfolio			176,378				170,689				5,689				176,378				158,620				2,053.29				3,817.59				127.25
CVT S&P MidCap 400 Index Portfolio			74,207				74,207				-				74,207				66,546				577.67				1,150.90				-
Federated Hermes Government Money Fund II - Service Shares			194,546				194,546				-				194,546				194,546				194,546.38				20,493.24				-
Federated Hermes Managed Volatility Fund II - Primary Shares			731,830				731,830				-				731,830				709,225				71,818.44				36,636.60				-
Federated Hermes Quality Bond Fund II - Primary Shares			878,450				878,450				-				878,450				920,619				85,954.02				74,657.85				-
Fidelity® VIP Contrafund® Portfolio - Initial Class			1,679,823				1,679,823				-				1,679,823				1,224,752				28,992.46				20,461.79				-
Fidelity® VIP Growth & Income Portfolio - Initial Class			223,610				223,610				-				223,610				187,382				7,319.48				4,314.06				-
Fidelity® VIP Growth Portfolio - Initial Class			459,239				459,239				-				459,239				438,020				4,737.36				6,086.04				-
Fidelity® VIP High Income Portfolio - Service Class 2			313,459				313,459				-				313,459				341,009				70,125.09				11,326.04				-
Fidelity® VIP Index 500 Portfolio - Initial Class			403,031				396,327				6,704				403,031				225,191				707.67				6,447.96				109.06
Fidelity® VIP Mid Cap Portfolio - Service Class 2			523,153				513,148				10,005				523,153				511,174				14,745.01				7,458.92				145.43
Fidelity® VIP Overseas Portfolio - Initial Class			210,852				210,852				-				210,852				182,851				8,278.45				7,758.24				-
Franklin Global Real Estate VIP Fund - Class 2			110,037				110,037				-				110,037				114,863				8,967.97				6,103.74				-
Franklin Mutual Shares VIP Fund - Class 2			194,253				194,253				-				194,253				184,343				11,851.91				6,557.05				-
Franklin Small Cap Value VIP Fund - Class 2			280,874				280,874				-				280,874				251,509				19,614.12				4,986.01				-
Franklin Small-Mid Cap Growth VIP Fund - Class 2			342,787				342,787				-				342,787				330,157				23,176.98				7,932.34				-
Franklin U.S. Government Securities VIP Fund - Class 2			387,124				387,124				-				387,124				437,719				38,027.92				30,430.71				-
Templeton Growth VIP Fund - Class 2			62,936				62,936				-				62,936				51,575				5,042.97				2,848.33				-
LVIP American Century Capital Appreciation Fund – Standard II			201,880				201,880				-				201,880				170,192				12,041.01				3,821.11				-
LVIP American Century Inflation Protection Fund – Standard II			42,288				42,288				-				42,288				46,117				4,602.50				3,142.93				-
LVIP American Century Ultra Fund – Standard II			138,047				138,047				-				138,047				98,154				4,548.34				1,864.20				-
LVIP American Century Value Fund – Standard II			154,349				154,349				-				154,349				136,407				12,621.58				5,846.00				-
LVIP JPMorgan Mid Cap Value Fund - Standard			373,213				373,213				-				373,213				388,929				38,293.92				5,814.68				-
LVIP JPMorgan Small Cap Core Fund - Standard			190,079				190,079				-				190,079				179,619				8,761.81				4,313.72				-
T. Rowe Price All-Cap Opportunities Portfolio			234,872				234,872				-				234,872				205,819				6,126.04				2,882.54				-
T. Rowe Price Equity Income Portfolio			824,467				820,026				4,441				824,467				791,671				28,999.89				17,245.90				93.40
T. Rowe Price Mid-Cap Growth Portfolio			310,120				301,532				8,588				310,120				306,047				10,712.27				3,138.96				89.40

 

See accompanying notes, including note 6 which includes per unit information.

 

 

EquiTrust Life Annuity Account

Statements of Assets and Liabilities (continued)

December 31, 2024

 

 

						Net assets												Investments in mutual funds
Subaccount		Investments in shares of mutual funds, at fair value				Accumulation units				Contracts in annuitization period				Total net assets				Cost				Shares owned				Accumulation units outstanding				Annuitized units outstanding
T. Rowe Price Moderate Allocation Portfolio		$	547,846			$	542,428			$	5,418			$	547,846			$	542,438				26,162.64				13,908.92				138.93
T. Rowe Price International Stock Portfolio			338,748				338,748				-				338,748				335,459				22,643.57				17,017.45				-
Product B
CVT S&P MidCap 400 Index Portfolio - Class F		$	61,941			$	61,941			$	-			$	61,941			$	51,469				484.33				3,394.83				-
Columbia VP Small Cap Value Fund - Class 2			35,855				35,855				-				35,855				32,710				2,706.06				644.47				-
Federated Hermes Quality Bond Fund II - Primary Shares			86,608				86,608				-				86,608				90,896				8,474.40				6,979.27				-
Fidelity® VIP Contrafund® Portfolio - Service Class 2			82,973				82,973				-				82,973				63,097				1,495.02				1,571.70				-
Fidelity® VIP Growth Portfolio - Service Class 2			78,368				78,368				-				78,368				74,554				845.03				1,923.71				-
Fidelity® VIP High Income Portfolio - Service Class 2			38,920				38,920				-				38,920				42,139				8,707.03				2,614.28				-
Fidelity® VIP Mid Cap Portfolio - Service Class 2			33,325				33,325				-				33,325				31,448				939.27				939.24				-
Fidelity® VIP Real Estate Portfolio - Service Class 2			26,084				26,084				-				26,084				25,477				1,510.37				1,100.79				-
Franklin Mutual Shares VIP Fund - Class 2			97,572				97,572				-				97,572				88,794				5,953.14				2,719.00				-
Franklin U.S. Government Securities VIP Fund - Class 2			84,029				84,029				-				84,029				94,945				8,254.30				7,521.66				-
Templeton Global Bond VIP Fund - Class 2			29,971				29,971				-				29,971				35,766				2,633.66				2,695.06				-
T. Rowe Price Equity Income Portfolio			4,757				4,757				-				4,757				4,395				167.31				142.73				-
T. Rowe Price International Stock Portfolio			86,697				86,697				-				86,697				84,983				5,795.23				4,266.33				-

 

See accompanying notes, including note 6 which includes per unit information.

 

 

EquiTrust Life Annuity Account

Statements of Operations

Year Ended December 31, 2024

 

 

		Income				Expenses								Realized gain (loss) on investments
Subaccount		Dividends				Mortality and expense risk				Net investment income (loss)				Realized gain (loss) on sale of fund shares				Realized gain distributions				Net realized gain (loss) on investments				Change in unrealized appreciation/ depreciation of investments				Net increase (decrease) in net assets from operations
Product A
BNY Mellon Sustainable U.S. Equity Portfolio - Service Shares		$	128			$	(462	)		$	(334	)		$	4,812			$	220			$	5,032			$	2,313			$	7,011
BNY Mellon VIF Appreciation Portfolio - Initial Shares			2,741				(9,004	)			(6,263	)			(1,306	)			45,618				44,312				29,373				67,422
BNY Mellon VIF Growth & Income Portfolio - Initial Shares			1,733				(4,508	)			(2,775	)			3,974				16,095				20,069				43,303				60,597
BNY Mellon VIF Opportunistic Small Cap Portfolio - Initial Shares			4,390				(8,859	)			(4,469	)			(15,012	)			-				(15,012	)			39,312				19,831
CVT NASDAQ-100 Index Portfolio			725				(3,038	)			(2,313	)			20,520				14,254				34,774				12,886				45,347
CVT Russell 2000® Small Cap Index Portfolio			2,129				(2,376	)			(247	)			463				3,444				3,907				12,091				15,751
CVT S&P MidCap 400 Index Portfolio			1,164				(1,377	)			(213	)			5,714				4,197				9,911				2,170				11,868
Federated Hermes Government Money Fund II - Service Shares			8,904				(2,732	)			6,172				-				-				-				-				6,172
Federated Hermes Managed Volatility Fund II - Primary Shares			16,657				(10,206	)			6,451				(18,910	)			-				(18,910	)			105,899				93,440
Federated Hermes Quality Bond Fund II - Primary Shares			29,300				(13,452	)			15,848				(16,184	)			-				(16,184	)			24,995				24,659
Fidelity® VIP Contrafund® Portfolio - Initial Class			2,992				(23,403	)			(20,411	)			139,473				188,394				327,867				141,054				448,510
Fidelity® VIP Growth & Income Portfolio - Initial Class			3,139				(2,770	)			369				10,177				13,968				24,145				10,284				34,798
Fidelity® VIP Growth Portfolio - Initial Class			4				(8,764	)			(8,760	)			135,194				99,829				235,023				(66,507	)			159,756
Fidelity® VIP High Income Portfolio - Service Class 2			19,324				(4,731	)			14,593				(10,715	)			-				(10,715	)			19,377				23,255
Fidelity® VIP Index 500 Portfolio - Initial Class			4,903				(5,630	)			(727	)			61,363				233				61,596				21,877				82,746
Fidelity® VIP Mid Cap Portfolio - Service Class 2			1,761				(7,965	)			(6,204	)			24,594				69,714				94,308				(4,352	)			83,752
Fidelity® VIP Overseas Portfolio - Initial Class			3,726				(3,598	)			128				26,249				10,037				36,286				(22,325	)			14,089
Franklin Global Real Estate VIP Fund - Class 2			2,508				(1,852	)			656				(8,731	)			-				(8,731	)			7,337				(738	)
Franklin Mutual Shares VIP Fund - Class 2			3,837				(2,818	)			1,019				(9,447	)			3,991				(5,456	)			23,257				18,820
Franklin Small Cap Value VIP Fund - Class 2			2,604				(4,005	)			(1,401	)			(8,889	)			6,437				(2,452	)			31,309				27,456
Franklin Small-Mid Cap Growth VIP Fund - Class 2			-				(5,248	)			(5,248	)			(30,854	)			-				(30,854	)			67,918				31,816
Franklin U.S. Government Securities VIP Fund - Class 2			12,591				(5,755	)			6,836				(12,895	)			-				(12,895	)			5,641				(418	)
Templeton Growth VIP Fund - Class 2			880				(1,101	)			(221	)			(2,079	)			301				(1,778	)			5,993				3,994
LVIP American Century Capital Appreciation Fund – Standard II			-				(2,885	)			(2,885	)			7,648				12,211				19,859				27,087				44,061
LVIP American Century Inflation Protection Fund – Standard II			1,679				(595	)			1,084				(83	)			-				(83	)			(832	)			169
LVIP American Century Ultra Fund – Standard II			-				(2,182	)			(2,182	)			15,814				13,449				29,263				9,505				36,586
LVIP American Century Value Fund – Standard II			4,580				(2,242	)			2,338				4,206				9,235				13,441				(3,325	)			12,454
LVIP JPMorgan Mid Cap Value Fund - Standard			4,543				(5,554	)			(1,011	)			32				59,585				59,617				(10,382	)			48,224
LVIP JPMorgan Small Cap Core Fund - Standard			1,537				(2,990	)			(1,453	)			(1,860	)			2,880				1,020				21,796				21,363
T. Rowe Price All-Cap Opportunities Portfolio			166				(3,593	)			(3,427	)			21,969				25,633				47,602				10,178				54,353

 

See accompanying notes.

 

 

EquiTrust Life Annuity Account

Statements of Operations (continued)

Year Ended December 31, 2024

 

 

		Income				Expenses								Realized gain (loss) on investments
Subaccount		Dividends				Mortality and expense risk				Net investment income (loss)				Realized gain (loss) on sale of fund shares				Realized gain distributions				Net realized gain (loss) on investments				Change in unrealized appreciation/ depreciation of investments				Net increase (decrease) in net assets from operations
T. Rowe Price Equity Income Portfolio		$	15,759			$	(12,092	)		$	3,667			$	10,105			$	53,611			$	63,716			$	17,178			$	84,561
T. Rowe Price Mid-Cap Growth Portfolio			-				(4,337	)			(4,337	)			5,204				28,000				33,204				(7,084	)			21,783
T. Rowe Price Moderate Allocation Portfolio			13,220				(8,234	)			4,986				19,383				15,045				34,428				10,456				49,870
T. Rowe Price International Stock Portfolio			3,297				(5,819	)			(2,522	)			11,687				8,531				20,218				(4,708	)			12,988
Product B
CVT S&P MidCap 400 Index Portfolio - Class F		$	903			$	(736	)		$	167			$	1,908			$	3,256			$	5,164			$	3,181			$	8,512
Columbia VP Small Cap Value Fund - Class 2			232				(417	)			(185	)			1,734				1,906				3,640				(244	)			3,211
Federated Hermes Quality Bond Fund II - Primary Shares			2,851				(998	)			1,853				(1,407	)			-				(1,407	)			2,388				2,834
Fidelity® VIP Contrafund® Portfolio - Service Class 2			30				(925	)			(895	)			10,216				11,491				21,707				4,418				25,230
Fidelity® VIP Growth Portfolio - Service Class 2			-				(870	)			(870	)			7,532				19,985				27,517				(5,028	)			21,619
Fidelity® VIP High Income Portfolio - Service Class 2			2,878				(449	)			2,429				(1,631	)			-				(1,631	)			2,473				3,271
Fidelity® VIP Mid Cap Portfolio - Service Class 2			134				(384	)			(250	)			1,612				5,167				6,779				(896	)			5,633
Fidelity® VIP Real Estate Portfolio - Service Class 2			1,251				(316	)			935				276				-				276				596				1,807
Franklin Mutual Shares VIP Fund - Class 2			2,398				(1,184	)			1,214				(3,665	)			2,494				(1,171	)			11,352				11,395
Franklin U.S. Government Securities VIP Fund - Class 2			3,020				(979	)			2,041				(3,282	)			-				(3,282	)			1,639				398
Templeton Global Bond VIP Fund - Class 2			-				(393	)			(393	)			(4,024	)			-				(4,024	)			(595	)			(5,012	)
T. Rowe Price Equity Income Portfolio			86				(47	)			39				2				309				311				108				458
T. Rowe Price International Stock Portfolio			1,057				(1,100	)			(43	)			(2,089	)			2,736				647				1,947				2,551

 

See accompanying notes.

 

 

EquiTrust Life Annuity Account

Statements of Changes in Net Assets

For the Year Ended December 31, 2024

 

 

						Operations																Contract transactions
Subaccount		Net Assets at December 31, 2023				Net investment income (loss)				Net realized gain (loss) on investments				Change in unrealized appreciation/ depreciation of investments				Net increase (decrease) in net assets from operations				Transfers of net premiums				Transfers of surrenders and death benefits				Transfers of administrative and other charges				Transfers between subaccounts, including Declared Interest Option account				Net increase (decrease) in net assets from contract transactions				Total increase (decrease) in net assets				Net Assets at December 31, 2024
Product A
BNY Mellon Sustainable U.S. Equity Portfolio - Service Shares		$	32,255			$	(334	)		$	5,032			$	2,313			$	7,011			$	-			$	(11,120	)		$	(36	)		$	(2,244	)		$	(13,400	)		$	(6,389	)		$	25,866
BNY Mellon VIF Appreciation Portfolio - Initial Shares			602,410				(6,263	)			44,312				29,373				67,422				13,708				(68,492	)			(531	)			43,651				(11,664	)			55,758				658,168
BNY Mellon VIF Growth & Income Portfolio - Initial Shares			295,839				(2,775	)			20,069				43,303				60,597				694				(18,318	)			(240	)			(3,955	)			(21,819	)			38,778				334,617
BNY Mellon VIF Opportunistic Small Cap Portfolio - Initial Shares			634,544				(4,469	)			(15,012	)			39,312				19,831				8,680				(68,400	)			(219	)			31,330				(28,609	)			(8,778	)			625,766
CVT NASDAQ-100 Index Portfolio			211,098				(2,313	)			34,774				12,886				45,347				-				(31,258	)			(80	)			(5,157	)			(36,495	)			8,852				219,950
CVT Russell 2000® Small Cap Index Portfolio			162,426				(247	)			3,907				12,091				15,751				242				(968	)			207				(1,280	)			(1,799	)			13,952				176,378
CVT S&P MidCap 400 Index Portfolio			98,854				(213	)			9,911				2,170				11,868				156				(37,305	)			(77	)			711				(36,515	)			(24,647	)			74,207
Federated Hermes Government Money Fund II - Service Shares			206,459				6,172				-				-				6,172				833				(27,730	)			(175	)			8,987				(18,085	)			(11,913	)			194,546
Federated Hermes Managed Volatility Fund II - Primary Shares			713,013				6,451				(18,910	)			105,899				93,440				12,276				(91,126	)			(388	)			4,615				(74,623	)			18,817				731,830
Federated Hermes Quality Bond Fund II - Primary Shares			995,655				15,848				(16,184	)			24,995				24,659				15,804				(185,018	)			(654	)			28,004				(141,864	)			(117,205	)			878,450
Fidelity® VIP Contrafund® Portfolio - Initial Class			1,453,353				(20,411	)			327,867				141,054				448,510				14,065				(243,398	)			(470	)			7,763				(222,040	)			226,470				1,679,823
Fidelity® VIP Growth & Income Portfolio - Initial Class			145,794				369				24,145				10,284				34,798				120				(25,318	)			(100	)			68,316				43,018				77,816				223,610
Fidelity® VIP Growth Portfolio - Initial Class			599,085				(8,760	)			235,023				(66,507	)			159,756				1,387				(287,506	)			(174	)			(13,309	)			(299,602	)			(139,846	)			459,239
Fidelity® VIP High Income Portfolio - Service Class 2			365,700				14,593				(10,715	)			19,377				23,255				501				(66,423	)			(246	)			(9,328	)			(75,496	)			(52,241	)			313,459
Fidelity® VIP Index 500 Portfolio - Initial Class			355,937				(727	)			61,596				21,877				82,746				4,765				(82,494	)			27				42,050				(35,652	)			47,094				403,031

 

See accompanying notes.

 

 

EquiTrust Life Annuity Account

Statements of Changes in Net Assets (continued)

For the Year Ended December 31, 2024

 

 

						Operations																Contract transactions
Subaccount		Net Assets at December 31, 2023				Net investment income (loss)				Net realized gain (loss) on investments				Change in unrealized appreciation/ depreciation of investments				Net increase (decrease) in net assets from operations				Transfers of net premiums				Transfers of surrenders and death benefits				Transfers of administrative and other charges				Transfers between subaccounts, including Declared Interest Option account				Net increase (decrease) in net assets from contract transactions				Total increase (decrease) in net assets				Net Assets at December 31, 2024
Fidelity® VIP Mid Cap Portfolio - Service Class 2		$	551,217			$	(6,204	)		$	94,308			$	(4,352	)		$	83,752			$	4,568			$	(116,185	)		$	228			$	(427	)		$	(111,816	)		$	(28,064	)		$	523,153
Fidelity® VIP Overseas Portfolio - Initial Class			260,789				128				36,286				(22,325	)			14,089				180				(67,919	)			(75	)			3,788				(64,026	)			(49,937	)			210,852
Franklin Global Real Estate VIP Fund - Class 2			137,144				656				(8,731	)			7,337				(738	)			140				(27,994	)			(93	)			1,578				(26,369	)			(27,107	)			110,037
Franklin Mutual Shares VIP Fund - Class 2			211,509				1,019				(5,456	)			23,257				18,820				151				(36,497	)			(109	)			379				(36,076	)			(17,256	)			194,253
Franklin Small Cap Value VIP Fund - Class 2			292,433				(1,401	)			(2,452	)			31,309				27,456				253				(42,959	)			(215	)			3,906				(39,015	)			(11,559	)			280,874
Franklin Small-Mid Cap Growth VIP Fund - Class 2			424,055				(5,248	)			(30,854	)			67,918				31,816				1,504				(111,351	)			(118	)			(3,119	)			(113,084	)			(81,268	)			342,787
Franklin U.S. Government Securities VIP Fund - Class 2			431,890				6,836				(12,895	)			5,641				(418	)			904				(55,928	)			(238	)			10,914				(44,348	)			(44,766	)			387,124
Templeton Growth VIP Fund - Class 2			91,233				(221	)			(1,778	)			5,993				3,994				-				(31,600	)			(22	)			(669	)			(32,291	)			(28,297	)			62,936
LVIP American Century Capital Appreciation Fund – Standard II			199,223				(2,885	)			19,859				27,087				44,061				180				(39,930	)			(86	)			(1,568	)			(41,404	)			2,657				201,880
LVIP American Century Inflation Protection Fund – Standard II			42,262				1,084				(83	)			(832	)			169				-				(137	)			(6	)			-				(143	)			26				42,288
LVIP American Century Ultra Fund – Standard II			151,920				(2,182	)			29,263				9,505				36,586				120				(48,828	)			(107	)			(1,644	)			(50,459	)			(13,873	)			138,047
LVIP American Century Value Fund – Standard II			167,052				2,338				13,441				(3,325	)			12,454				148				(25,225	)			(80	)			-				(25,157	)			(12,703	)			154,349
LVIP JPMorgan Mid Cap Value Fund - Standard			408,144				(1,011	)			59,617				(10,382	)			48,224				1,495				(84,988	)			(236	)			574				(83,155	)			(34,931	)			373,213
LVIP JPMorgan Small Cap Core Fund - Standard			208,962				(1,453	)			1,020				21,796				21,363				37				(40,387	)			(53	)			157				(40,246	)			(18,883	)			190,079
T. Rowe Price All-Cap Opportunities Portfolio			242,840				(3,427	)			47,602				10,178				54,353				-				(56,120	)			(174	)			(6,027	)			(62,321	)			(7,968	)			234,872
T. Rowe Price Equity Income Portfolio			828,516				3,667				63,716				17,178				84,561				5,499				(90,094	)			(143	)			(3,872	)			(88,610	)			(4,049	)			824,467

 

See accompanying notes.

 

 

EquiTrust Life Annuity Account

Statements of Changes in Net Assets (continued)

For the Year Ended December 31, 2024

 

 

						Operations																Contract transactions
Subaccount		Net Assets at December 31, 2023				Net investment income (loss)				Net realized gain (loss) on investments				Change in unrealized appreciation/ depreciation of investments				Net increase (decrease) in net assets from operations				Transfers of net premiums				Transfers of surrenders and death benefits				Transfers of administrative and other charges				Transfers between subaccounts, including Declared Interest Option account				Net increase (decrease) in net assets from contract transactions				Total increase (decrease) in net assets				Net Assets at December 31, 2024
T. Rowe Price Mid-Cap Growth Portfolio		$	283,572			$	(4,337	)		$	33,204			$	(7,084	)		$	21,783			$	7,580			$	(33,693	)		$	226			$	30,652			$	4,765			$	26,548			$	310,120
T. Rowe Price Moderate Allocation Portfolio			598,571				4,986				34,428				10,456				49,870				10,703				(133,102	)			(188	)			21,992				(100,595	)			(50,725	)			547,846
T. Rowe Price International Stock Portfolio			436,911				(2,522	)			20,218				(4,708	)			12,988				2,347				(115,384	)			(184	)			2,070				(111,151	)			(98,163	)			338,748
Product B
CVT S&P MidCap 400 Index Portfolio - Class F		$	67,963			$	167			$	5,164			$	3,181			$	8,512			$	1,477			$	(14,123	)		$	(530	)		$	(1,358	)		$	(14,534	)		$	(6,022	)		$	61,941
Columbia VP Small Cap Value Fund - Class 2			40,350				(185	)			3,640				(244	)			3,211				790				(7,856	)			(301	)			(339	)			(7,706	)			(4,495	)			35,855
Federated Hermes Quality Bond Fund II - Primary Shares			94,083				1,853				(1,407	)			2,388				2,834				2,771				(16,440	)			(645	)			4,005				(10,309	)			(7,475	)			86,608
Fidelity® VIP Contrafund® Portfolio - Service Class 2			78,472				(895	)			21,707				4,418				25,230				1,671				(16,232	)			(654	)			(5,514	)			(20,729	)			4,501				82,973
Fidelity® VIP Growth Portfolio - Service Class 2			74,925				(870	)			27,517				(5,028	)			21,619				1,568				(14,663	)			(606	)			(4,475	)			(18,176	)			3,443				78,368
Fidelity® VIP High Income Portfolio - Service Class 2			41,945				2,429				(1,631	)			2,473				3,271				1,065				(8,232	)			(309	)			1,180				(6,296	)			(3,025	)			38,920
Fidelity® VIP Mid Cap Portfolio - Service Class 2			34,528				(250	)			6,779				(896	)			5,633				779				(6,280	)			(258	)			(1,077	)			(6,836	)			(1,203	)			33,325
Fidelity® VIP Real Estate Portfolio - Service Class 2			30,643				935				276				596				1,807				687				(6,264	)			(224	)			(565	)			(6,366	)			(4,559	)			26,084
Franklin Mutual Shares VIP Fund - Class 2			108,769				1,214				(1,171	)			11,352				11,395				2,461				(23,693	)			(862	)			(498	)			(22,592	)			(11,197	)			97,572
Franklin U.S. Government Securities VIP Fund - Class 2			93,320				2,041				(3,282	)			1,639				398				2,771				(16,343	)			(635	)			4,518				(9,689	)			(9,291	)			84,029
Templeton Global Bond VIP Fund - Class 2			39,234				(393	)			(4,024	)			(595	)			(5,012	)			1,065				(7,928	)			(277	)			2,889				(4,251	)			(9,263	)			29,971
T. Rowe Price Equity Income Portfolio			4,318				39				311				108				458				-				-				(19	)			-				(19	)			439				4,757

 

See accompanying notes.

 

 

EquiTrust Life Annuity Account

Statements of Changes in Net Assets (continued)

For the Year Ended December 31, 2024

 

 

						Operations																Contract transactions
Subaccount		Net Assets at December 31, 2023				Net investment income (loss)				Net realized gain (loss) on investments				Change in unrealized appreciation/ depreciation of investments				Net increase (decrease) in net assets from operations				Transfers of net premiums				Transfers of surrenders and death benefits				Transfers of administrative and other charges				Transfers between subaccounts, including Declared Interest Option account				Net increase (decrease) in net assets from contract transactions				Total increase (decrease) in net assets				Net Assets at December 31, 2024
T. Rowe Price International Stock Portfolio		$	103,751			$	(43	)		$	647			$	1,947			$	2,551			$	2,358			$	(22,412	)		$	(784	)		$	1,233			$	(19,605	)		$	(17,054	)		$	86,697

 

See accompanying notes.

 

 

EquiTrust Life Annuity Account

Statements of Changes in Net Assets

For the Year Ended December 31, 2023

 

 

						Operations																Contract transactions
Subaccount		Net Assets at December 31, 2022				Net investment income (loss)				Net realized gain (loss) on investments				Change in unrealized appreciation/ depreciation of investments				Net increase (decrease) in net assets from operations				Transfers of net premiums				Transfers of surrenders and death benefits				Transfers of administrative and other charges				Transfers between subaccounts, including Declared Interest Option account				Net increase (decrease) in net assets from contract transactions				Total increase (decrease) in net assets				Net Assets at December 31, 2023
Product A
BNY Mellon Sustainable U.S. Equity Portfolio - Service Shares		$	26,810			$	(252	)		$	3,542			$	2,471			$	5,761			$	-			$	(745	)		$	(42	)		$	471			$	(316	)		$	5,445			$	32,255
BNY Mellon VIF Appreciation Portfolio - Initial Shares			638,214				(4,204	)			24,083				86,405				106,284				9,181				(125,154	)			(624	)			(25,491	)			(142,088	)			(35,804	)			602,410
BNY Mellon VIF Growth & Income Portfolio - Initial Shares			470,598				(3,169	)			58,371				34,299				89,501				1,360				(262,612	)			(243	)			(2,765	)			(264,260	)			(174,759	)			295,839
BNY Mellon VIF Opportunistic Small Cap Portfolio - Initial Shares			690,370				(6,991	)			4,011				50,291				47,311				4,565				(82,251	)			(262	)			(25,189	)			(103,137	)			(55,826	)			634,544
CVT NASDAQ-100 Index Portfolio			203,090				(2,097	)			36,074				47,012				80,989				7				(7,096	)			(117	)			(65,775	)			(72,981	)			8,008				211,098
CVT Russell 2000® Small Cap Index Portfolio			136,536				(726	)			(58	)			22,027				21,243				236				(733	)			157				4,987				4,647				25,890				162,426
CVT S&P MidCap 400 Index Portfolio			97,066				(180	)			4,358				8,602				12,780				245				(10,301	)			(82	)			(854	)			(10,992	)			1,788				98,854
Federated Hermes Government Money Fund II - Service Shares			244,282				6,599				-				-				6,599				3,056				(30,259	)			(227	)			(16,992	)			(44,422	)			(37,823	)			206,459
Federated Hermes Managed Volatility Fund II - Primary Shares			724,359				3,445				(28,618	)			73,174				48,001				10,631				(53,564	)			(432	)			(15,982	)			(59,347	)			(11,346	)			713,013
Federated Hermes Quality Bond Fund II - Primary Shares			1,049,220				12,451				(25,820	)			59,141				45,772				8,449				(138,425	)			(788	)			31,427				(99,337	)			(53,565	)			995,655
Fidelity® VIP Contrafund® Portfolio - Initial Class			1,382,442				(13,549	)			155,694				255,252				397,397				2,187				(261,245	)			(499	)			(66,929	)			(326,486	)			70,911				1,453,353
Fidelity® VIP Growth & Income Portfolio - Initial Class			340,487				(1,307	)			68,909				(28,562	)			39,040				120				(203,192	)			(115	)			(30,546	)			(233,733	)			(194,693	)			145,794
Fidelity® VIP Growth Portfolio - Initial Class			537,857				(7,170	)			58,151				114,090				165,071				16				(55,295	)			(199	)			(48,365	)			(103,843	)			61,228				599,085
Fidelity® VIP High Income Portfolio - Service Class 2			368,966				15,184				(12,927	)			28,366				30,623				693				(56,816	)			(310	)			22,544				(33,889	)			(3,266	)			365,700
Fidelity® VIP Index 500 Portfolio - Initial Class			297,678				306				12,664				58,032				71,002				15				(13,447	)			(72	)			761				(12,743	)			58,259				355,937

 

See accompanying notes.

 

 

EquiTrust Life Annuity Account

Statements of Changes in Net Assets (continued)

For the Year Ended December 31, 2023

 

 

						Operations																Contract transactions
Subaccount		Net Assets at December 31, 2022				Net investment income (loss)				Net realized gain (loss) on investments				Change in unrealized appreciation/ depreciation of investments				Net increase (decrease) in net assets from operations				Transfers of net premiums				Transfers of surrenders and death benefits				Transfers of administrative and other charges				Transfers between subaccounts, including Declared Interest Option account				Net increase (decrease) in net assets from contract transactions				Total increase (decrease) in net assets				Net Assets at December 31, 2023
Fidelity® VIP Mid Cap Portfolio - Service Class 2		$	676,203			$	(6,667	)		$	15,917			$	65,577			$	74,827			$	140			$	(206,153	)		$	90			$	6,110			$	(199,813	)		$	(124,986	)		$	551,217
Fidelity® VIP Overseas Portfolio - Initial Class			251,517				(890	)			14,621				29,779				43,510				180				(8,737	)			(97	)			(25,584	)			(34,238	)			9,272				260,789
Franklin Global Real Estate VIP Fund - Class 2			123,120				1,828				(10,923	)			23,661				14,566				191				(23,215	)			(98	)			22,580				(542	)			14,024				137,144
Franklin Mutual Shares VIP Fund - Class 2			198,209				983				12,510				9,399				22,892				263				(13,839	)			(144	)			4,128				(9,592	)			13,300				211,509
Franklin Small Cap Value VIP Fund - Class 2			292,045				(2,523	)			(2,704	)			36,324				31,097				853				(23,817	)			(238	)			(7,507	)			(30,709	)			388				292,433
Franklin Small-Mid Cap Growth VIP Fund - Class 2			349,671				(5,263	)			(9,585	)			100,596				85,748				1,796				(9,218	)			(151	)			(3,791	)			(11,364	)			74,384				424,055
Franklin U.S. Government Securities VIP Fund - Class 2			451,124				6,055				(18,676	)			25,234				12,613				1,628				(71,303	)			(299	)			38,127				(31,847	)			(19,234	)			431,890
Templeton Growth VIP Fund - Class 2			97,892				1,679				(6,539	)			21,725				16,865				-				(7,447	)			(37	)			(16,040	)			(23,524	)			(6,659	)			91,233
LVIP American Century Capital Appreciation Fund – Standard II			168,790				(2,529	)			165				34,303				31,939				180				(890	)			(101	)			(695	)			(1,506	)			30,433				199,223
LVIP American Century Inflation Protection Fund – Standard II			38,843				933				(86	)			(31	)			816				-				(135	)			(4	)			2,742				2,603				3,419				42,262
LVIP American Century Mid Cap Value Fund – Standard II			1,847				4				220				(276	)			(52	)			-				(1,792	)			(3	)			-				(1,795	)			(1,847	)			-
LVIP American Century Ultra Fund – Standard II			191,304				(2,076	)			29,702				23,998				51,624				120				(4,596	)			(105	)			(86,427	)			(91,008	)			(39,384	)			151,920
LVIP American Century Value Fund – Standard II			185,032				1,673				21,809				(11,462	)			12,020				230				(26,587	)			(124	)			(3,519	)			(30,000	)			(17,980	)			167,052
LVIP JPMorgan Mid Cap Value Fund - Standard			375,134				6,809				31,655				(2,936	)			35,528				230				(19,264	)			(280	)			16,796				(2,518	)			33,010				408,144
LVIP JPMorgan Small Cap Core Fund - Standard			204,320				(20	)			(8,508	)			31,646				23,118				350				(20,205	)			(87	)			1,466				(18,476	)			4,642				208,962

 

See accompanying notes.

 

 

EquiTrust Life Annuity Account

Statements of Changes in Net Assets (continued)

For the Year Ended December 31, 2023

 

 

						Operations																Contract transactions
Subaccount		Net Assets at December 31, 2022				Net investment income (loss)				Net realized gain (loss) on investments				Change in unrealized appreciation/ depreciation of investments				Net increase (decrease) in net assets from operations				Transfers of net premiums				Transfers of surrenders and death benefits				Transfers of administrative and other charges				Transfers between subaccounts, including Declared Interest Option account				Net increase (decrease) in net assets from contract transactions				Total increase (decrease) in net assets				Net Assets at December 31, 2023
T. Rowe Price All-Cap Opportunities Portfolio		$	193,044			$	(2,450	)		$	18,065			$	36,523			$	52,138			$	652			$	(4,045	)		$	(162	)		$	1,213			$	(2,342	)		$	49,796			$	242,840
T. Rowe Price Equity Income Portfolio			839,522				5,546				49,816				4,844				60,206				4,446				(65,595	)			(241	)			(9,822	)			(71,212	)			(11,006	)			828,516
T. Rowe Price Mid-Cap Growth Portfolio			258,724				(3,610	)			16,697				32,244				45,331				10,412				(32,738	)			121				1,722				(20,483	)			24,848				283,572
T. Rowe Price Moderate Allocation Portfolio			608,599				5,040				(11,623	)			80,637				74,054				3,094				(82,837	)			(284	)			(4,055	)			(84,082	)			(10,028	)			598,571
T. Rowe Price International Stock Portfolio			456,062				(1,936	)			(11,147	)			74,335				61,252				403				(46,264	)			(272	)			(34,270	)			(80,403	)			(19,151	)			436,911
Product B
CVT S&P MidCap 400 Index Portfolio - Class F		$	68,639			$	138			$	2,480			$	6,389			$	9,007			$	993			$	(10,888	)		$	(469	)		$	681			$	(9,683	)		$	(676	)		$	67,963
Columbia VP Small Cap Value Fund - Class 2			38,708				(217	)			75				7,104				6,962				521				(6,026	)			(268	)			453				(5,320	)			1,642				40,350
Federated Hermes Quality Bond Fund II - Primary Shares			100,446				1,663				(1,847	)			4,919				4,735				2,233				(14,721	)			(610	)			2,000				(11,098	)			(6,363	)			94,083
Fidelity® VIP Contrafund® Portfolio - Service Class 2			73,963				(564	)			5,528				15,966				20,930				1,134				(12,356	)			(536	)			(4,663	)			(16,421	)			4,509				78,472
Fidelity® VIP Growth Portfolio - Service Class 2			68,614				(700	)			6,302				15,355				20,957				1,084				(11,161	)			(496	)			(4,073	)			(14,646	)			6,311				74,925
Fidelity® VIP High Income Portfolio - Service Class 2			43,786				1,897				(1,114	)			2,865				3,648				796				(7,203	)			(284	)			1,202				(5,489	)			(1,841	)			41,945
Fidelity® VIP Mid Cap Portfolio - Service Class 2			34,446				(204	)			595				3,872				4,263				563				(4,877	)			(225	)			358				(4,181	)			82				34,528
Fidelity® VIP Real Estate Portfolio - Service Class 2			28,209				384				335				2,033				2,752				472				(3,904	)			(200	)			3,314				(318	)			2,434				30,643
Franklin Mutual Shares VIP Fund - Class 2			112,206				901				2,605				8,890				12,396				1,655				(17,872	)			(767	)			1,151				(15,833	)			(3,437	)			108,769

 

See accompanying notes.

 

 

EquiTrust Life Annuity Account

Statements of Changes in Net Assets (continued)

For the Year Ended December 31, 2023

 

 

						Operations																Contract transactions
Subaccount		Net Assets at December 31, 2022				Net investment income (loss)				Net realized gain (loss) on investments				Change in unrealized appreciation/ depreciation of investments				Net increase (decrease) in net assets from operations				Transfers of net premiums				Transfers of surrenders and death benefits				Transfers of administrative and other charges				Transfers between subaccounts, including Declared Interest Option account				Net increase (decrease) in net assets from contract transactions				Total increase (decrease) in net assets				Net Assets at December 31, 2023
Franklin U.S. Government Securities VIP Fund - Class 2		$	99,670			$	1,531			$	(3,091	)		$	4,734			$	3,174			$	2,233			$	(14,625	)		$	(606	)		$	3,474			$	(9,524	)		$	(6,350	)		$	93,320
Templeton Global Bond VIP Fund - Class 2			43,517				(387	)			(2,342	)			3,424				695				796				(7,245	)			(272	)			1,743				(4,978	)			(4,283	)			39,234
T. Rowe Price Equity Income Portfolio			3,842				45				171				122				338				-				-				(18	)			156				138				476				4,318
T. Rowe Price International Stock Portfolio			111,197				(50	)			(1,097	)			16,556				15,409				1,606				(17,930	)			(734	)			(5,797	)			(22,855	)			(7,446	)			103,751

 

See accompanying notes.

 

 

EquiTrust Life Annuity Account

 

Notes to Financial Statements

 

December 31, 2024

 

 

1. Organization and Significant Accounting Policies

 

Organization

 

EquiTrust Life Annuity Account (the Account), a unit investment trust registered under the Investment Company Act of 1940, as amended, was established by EquiTrust Life Insurance Company (the Company). The Account is a funding vehicle for individual flexible premium deferred variable annuity contracts (Product A) and variable annuity contracts (Product B) issued by the Company. The Company discontinued sales of all new variable annuity contracts but continues to receive premiums from sales that occurred prior to this change.

 

The assets and liabilities of the Account are clearly identified and distinguished from the Company’s other assets and liabilities. The portion of the Account’s assets applicable to the variable annuity contracts is not available to satisfy liabilities arising out of any other business the Company may conduct.

 

At the direction of eligible contract owners, the Account invests in the following fifty investment subaccounts which, in turn, own open-end mutual fund shares of registered investment companies (the Funds). Eligible contract owners may also allocate funds to the Declared Interest Option (DIO) account. The DIO is funded by the general account of the Company and pays interest at declared rates with a guaranteed minimum. Assets and liabilities associated with funds allocated to the DIO are excluded from the Account as these are included in the Company’s general account.

 

Subaccount / Fund	Product
BNY Mellon Sustainable U.S. Equity Portfolio, Inc.
BNY Mellon Sustainable U.S. Equity Portfolio – Service Shares	A
BNY Mellon Variable Investment Fund
BNY Mellon VIF Appreciation Portfolio - Initial Shares	A
BNY Mellon VIF Growth & Income Portfolio - Initial Shares	A
BNY Mellon VIF Opportunistic Small Cap Portfolio - Initial Shares	A
Calvert Variable Trust, Inc. (4)
CVT EAFE International Index Portfolio - Class F (1) (4)	B
CVT NASDAQ-100 Index Portfolio (1) (4)	A & B
CVT Russell 2000® Small Cap Index Portfolio (4)	A
CVT Russell 2000® Small Cap Index Portfolio - Class F (1) (4)	B
CVT S&P MidCap 400 Index Portfolio (4)	A
CVT S&P MidCap 400 Index Portfolio - Class F (4)	B
Columbia Variable Products, Inc.
Columbia VP Overseas Core Fund - Class 1 (1)	B
Columbia VP Select Mid Cap Value Fund - Class 1 (1)	B
Columbia VP Small Cap Value Fund - Class 2	B
Columbia VP Small Company Growth Fund - Class 2 (1)	B
Deutsche DWS Variable Series I
DWS Global Small Cap VIP - Class A (1)	B
Deutsche DWS Variable Series II
DWS International Growth VIP - Class A (1)	B

 

 

EquiTrust Life Annuity Account

 

Notes to Financial Statements (continued)

 

 

Subaccount / Fund	Product
Federated Hermes Insurance Series
Federated Hermes Government Money Fund II – Service Shares (1)	A & B
Federated Hermes Managed Volatility Fund II - Primary Shares (1)	A & B
Federated Hermes Quality Bond Fund II - Primary Shares	A & B
Fidelity® Variable Insurance Products Funds
Fidelity® VIP Contrafund® Portfolio - Initial Class	A
Fidelity® VIP Contrafund® Portfolio - Service Class 2	B
Fidelity® VIP Growth & Income Portfolio - Initial Class	A
Fidelity® VIP Growth Portfolio - Initial Class	A
Fidelity® VIP Growth Portfolio - Service Class 2	B
Fidelity® VIP High Income Portfolio - Service Class 2	A & B
Fidelity® VIP Index 500 Portfolio - Initial Class	A
Fidelity® VIP Index 500 Portfolio - Service Class 2 (1)	B
Fidelity® VIP Mid Cap Portfolio - Service Class 2	A & B
Fidelity® VIP Overseas Portfolio - Initial Class	A
Fidelity® VIP Real Estate Portfolio - Service Class 2	B
Franklin Templeton Variable Insurance Products Trust
Franklin Global Real Estate VIP Fund - Class 2	A
Franklin Mutual Shares VIP Fund - Class 2	A & B
Franklin Small Cap Value VIP Fund - Class 2 (1)	A & B
Franklin Small-Mid Cap Growth VIP Fund - Class 2	A
Franklin U.S. Government Securities VIP Fund - Class 2	A & B
Templeton Global Bond VIP Fund - Class 2	B
Templeton Growth VIP Fund - Class 2	A
Lincoln Variable Insurance Products Trust
LVIP American Century Capital Appreciation Fund – Standard II (3)	A
LVIP American Century Inflation Protection Bond Fund – Standard II (3)	A
LVIP American Century Mid Cap Value Fund – Standard II (2) (3)	A
LVIP American Century Ultra Fund – Standard II (3)	A
LVIP American Century Value Fund – Standard II (3)	A
LVIP JPMorgan Mid Cap Value Fund – Standard	A
LVIP JPMorgan Small Cap Core Fund – Standard	A
LVIP JPMorgan Small Cap Core Fund – Service (1)	B
T. Rowe Price Equity Series, Inc.
T. Rowe Price All-Cap Opportunities Portfolio (1)	A & B
T. Rowe Price Equity Income Portfolio	A & B
T. Rowe Price Mid-Cap Growth Portfolio	A
T. Rowe Price Moderate Allocation Portfolio (1)	A & B
T. Rowe Price International Series, Inc.
T. Rowe Price International Stock Portfolio	A & B

 

 

EquiTrust Life Annuity Account

 

Notes to Financial Statements (continued)

 

 

(1)	Product B subaccount was inactive during 2024 and 2023; accordingly, a Statement of Assets and Liabilities, a Statement of Operations and a Statement of Changes in Net Assets have not been presented herein.

(2)	Product A subaccount was inactive during 2024; accordingly, a Statement of Assets and Liabilities, a Statement of Operations and a Statement of Changes in Net Assets for the year ended December 31, 2024, have not been presented herein.

(3)

On April 26, 2024, American Century Variable Portfolios, Inc. funds were reorganized into newly formed funds of Lincoln Variable Insurance Products Trust. On that date, assets of each fund were transferred as noted below. In addition, subaccounts that had invested in the American Century Variable Portfolios, Inc. funds transferred their investment into the respective newly formed fund as noted below.

 

Newly formed fund/portfolio	Former fund/portfolio
LVIP American Century Capital Appreciation Fund – Standard II	American Century VP Capital Appreciation Fund
LVIP American Century Inflation Protection Fund – Standard II	American Century VP Inflation Protection Bond Fund
LVIP American Century Mid Cap Value Fund – Standard II	American Century VP Mid Cap Value Fund
LVIP American Century Ultra Fund – Standard II	American Century VP Ultra® Fund
LVIP American Century Value Fund – Standard II	American Century VP Value Fund

 

(4)	On May 1, 2024, Calvert Variable Products, Inc. changed its name to Calvert Variable Trust, Inc. and each fund was renamed as noted below.

 

Current name	Former name
CVT EAFE International Index Portfolio – Class F	Calvert VP EAFE International Index Portfolio – Class F
CVT NASDAQ-100 Index Portfolio	Calvert VP NASDAQ-100 Index Portfolio
CVT Russell 2000® Small Cap Index Portfolio	Calvert VP Russell 2000® Small Cap Index Portfolio
CVT Russell 2000® Small Cap Index Portfolio - Class F	Calvert VP Russell 2000® Small Cap Index Portfolio - Class F
CVT S&P MidCap 400 Index Portfolio	Calvert VP S&P MidCap 400 Index Portfolio
CVT S&P MidCap 400 Index Portfolio – Class F	Calvert VP S&P MidCap 400 Index Portfolio - Class F

 

Investments

 

Investments in shares of the Funds are stated at fair value, which is the closing net asset value per share as determined by the Funds. The first-in, first-out cost basis has been used in determining the net realized gain or loss from investment transactions and unrealized appreciation or depreciation on investments. Investment transactions are accounted for on the trade date.

 

The inputs used in determining the fair value of the Account’s investments are summarized in three broad levels listed below:

Level 1 – quoted prices in active markets for identical securities

Level 2 – other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)

Level 3 – significant unobservable inputs (including the Account’s own assumptions in determining the fair value of the investments)

 

At December 31, 2024, all valuation inputs used to determine the fair value of mutual fund shares owned by the Account were classified as Level 1. There were no transfers into or out of Level 3 during the year.

 

Dividends and realized capital gain distributions are taken into income on an accrual basis as of the ex-dividend date and are automatically reinvested in shares of the Funds on the payable date.

 

 

EquiTrust Life Annuity Account

 

Notes to Financial Statements (continued)

  

 

Contracts in Annuitization Period

 

Net assets allocated to contracts in the annuitization period are computed according to the mortality table indicated in the original contract with an assumed investment return determined at the time of annuitization. The mortality risk is fully borne by the Company and may result in additional amounts being transferred into the variable annuity account by the Company to cover greater longevity of annuitants than expected. Conversely, if amounts allocated exceed amounts required, transfers may be made to the insurance company.

 

Use of Estimates in the Preparation of Financial Statements

 

The preparation of the Account’s financial statements and accompanying notes in accordance with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the amounts reported and disclosed. These estimates and assumptions could change in the future as more information becomes known, which could impact the amounts reported and disclosed in the financial statements and accompanying notes.

 

2. Expense Charges and Related Party Transactions

 

Paid to the Company

 

The Account pays the Company certain amounts relating to the distribution and administration of the contracts funded by the Account and as reimbursement for certain mortality and other risks assumed by the Company. The following summarizes those amounts.

 

Mortality and Expense Risk Charges: The Company deducts a daily mortality and expense risk charge from the Account at an effective annual rate of 1.40% on Product A, and 1.00% on Product B of the average daily net asset value of the Account. These charges are assessed in return for the Company’s assumption of risks associated with adverse mortality experience or excess administrative expenses in connection with contracts issued.

 

Administrative Charge: Prior to the annuity payment period, the Company will deduct an administrative charge of $45 annually on Product A or $4 monthly on Product B to reimburse it for administrative expenses related to the contract. Product B is also assessed an asset-based administrative charge of 0.02% monthly of the variable accumulated value. A portion of this charge may be deducted from funds held in the fixed interest subaccount.

 

Transfer Charge: A transfer charge of $25 for Product A or $10 for Product B may be imposed for the thirteenth and each subsequent transfer between subaccounts in any one contract year.

 

3. Federal Income Taxes

 

The operations of the Account are included in the federal income tax return of the Company, which is taxed as a life insurance company under the provisions of the Internal Revenue Code (IRC). Under the current provisions of the IRC, the Company does not expect to incur federal income taxes on the earnings of the Account to the extent the earnings are credited under the contracts. Based on this, no charge is being made currently to the Account for federal income taxes. The Company will review periodically the status of this policy. In the event of changes in the tax law, a charge may be made in future years for any federal income taxes that would be attributable to the contracts.

 

 

EquiTrust Life Annuity Account

 

Notes to Financial Statements (continued)

 

 

4. Purchases and Sales of Investment Securities

 

The aggregate cost of investment securities purchased and proceeds from investment securities sold by subaccount were as follows during the year ended December 31, 2024:

 

		Cost of				Proceeds
Subaccount		Purchases				from Sales
Product A:
BNY Mellon Sustainable U.S. Equity Portfolio, Inc.:
BNY Mellon Sustainable U.S. Equity Portfolio - Service Shares		$	347			$	13,861
BNY Mellon Variable Investment Fund:
BNY Mellon VIF Appreciation Portfolio - Initial Shares			105,845				78,154
BNY Mellon VIF Growth & Income Portfolio - Initial Shares			19,371				27,870
BNY Mellon VIF Opportunistic Small Cap Portfolio - Initial Shares			42,648				75,726
Calvert Variable Trust, Inc.:
CVT NASDAQ-100 Index Portfolio			14,979				39,533
CVT Russell 2000® Small Cap Index Portfolio			6,784				5,386
CVT S&P MidCap 400 Index Portfolio			6,183				38,714
Federated Hermes Insurance Series:
Federated Hermes Government Money Fund II - Service Shares			18,570				30,483
Federated Hermes Managed Volatility Fund II - Primary Shares			34,140				102,312
Federated Hermes Quality Bond Fund II - Primary Shares			71,533				197,549
Fidelity® Variable Insurance Products Funds:
Fidelity® VIP Contrafund® Portfolio - Initial Class			245,556				299,613
Fidelity® VIP Growth & Income Portfolio - Initial Class			83,581				26,226
Fidelity® VIP Growth Portfolio - Initial Class			101,265				309,798
Fidelity® VIP High Income Portfolio - Service Class 2			21,404				82,307
Fidelity® VIP Index 500 Portfolio - Initial Class			62,377				98,523
Fidelity® VIP Mid Cap Portfolio - Service Class 2			77,550				125,856
Fidelity® VIP Overseas Portfolio - Initial Class			17,603				71,464
Franklin Templeton Variable Insurance Products Trust:
Franklin Global Real Estate VIP Fund - Class 2			4,857				30,570
Franklin Mutual Shares VIP Fund - Class 2			8,210				39,276
Franklin Small Cap Value VIP Fund - Class 2			13,354				47,333
Franklin Small-Mid Cap Growth VIP Fund - Class 2			3,278				121,610
Franklin U.S. Government Securities VIP Fund - Class 2			24,972				62,484
Templeton Growth VIP Fund - Class 2			1,181				33,392
Lincoln Variable Insurance Products Trust:
LVIP American Century Capital Appreciation Fund – Standard II			12,387				44,465
LVIP American Century Inflation Protection Fund – Standard II			1,679				738
LVIP American Century Ultra Fund – Standard II			13,495				52,687
LVIP American Century Value Fund – Standard II			13,841				27,425
LVIP JPMorgan Mid Cap Value Fund - Standard			66,489				91,070
LVIP JPMorgan Small Cap Core Fund - Standard			5,715				44,534

 

 

EquiTrust Life Annuity Account

 

Notes to Financial Statements (continued)

 

 

		Cost of				Proceeds
Subaccount		Purchases				from Sales
T. Rowe Price Equity Series, Inc.:
T. Rowe Price All-Cap Opportunities Portfolio		$	25,799			$	65,914
T. Rowe Price Equity Income Portfolio			75,445				106,777
T. Rowe Price Mid-Cap Growth Portfolio			67,238				38,810
T. Rowe Price Moderate Allocation Portfolio			91,896				172,460
T. Rowe Price International Series, Inc.:
T. Rowe Price International Stock Portfolio			15,941				121,083
Product B:
Calvert Variable Trust, Inc.:
CVT S&P MidCap 400 Index Portfolio - Class F		$	6,878			$	17,989
Columbia Variable Products, Inc.:
Columbia VP Small Cap Value Fund - Class 2			4,046				10,031
Federated Hermes Insurance Series:
Federated Hermes Quality Bond Fund II - Primary Shares			9,722				18,178
Fidelity® Variable Insurance Products Funds:
Fidelity® VIP Contrafund® Portfolio - Service Class 2			14,509				24,642
Fidelity® VIP Growth Portfolio - Service Class 2			22,884				21,945
Fidelity® VIP High Income Portfolio - Service Class 2			5,158				9,025
Fidelity® VIP Mid Cap Portfolio - Service Class 2			6,500				8,419
Fidelity® VIP Real Estate Portfolio - Service Class 2			3,453				8,884
Franklin Templeton Variable Insurance Products Trust:
Franklin Mutual Shares VIP Fund - Class 2			8,771				27,655
Franklin U.S. Government Securities VIP Fund - Class 2			10,420				18,068
Templeton Global Bond VIP Fund - Class 2			4,208				8,852
T. Rowe Price Equity Series, Inc.:
T. Rowe Price Equity Income Portfolio			395				66
T. Rowe Price International Series, Inc.:
T. Rowe Price International Stock Portfolio			7,760				24,672

 

 

EquiTrust Life Annuity Account

 

Notes to Financial Statements (continued)

 

 

5. Summary of Changes from Unit Transactions

 

Transactions in units of each subaccount were as follows for the periods ended December 31, 2024 and 2023:

 

		Period Ended December 31,
		2024												2023
										Net												Net
										Increase												Increase
Subaccount		Purchased				Redeemed				(Decrease)				Purchased				Redeemed				(Decrease)
Product A:
BNY Mellon Sustainable U.S. Equity Portfolio, Inc.:
BNY Mellon Sustainable U.S. Equity Portfolio - Service Shares			1				322				(321	)			28				40				(12	)
BNY Mellon Variable Investment Fund:
BNY Mellon VIF Appreciation Portfolio - Initial Shares			1,242				1,489				(247	)			328				3,987				(3,659	)
BNY Mellon VIF Growth & Income Portfolio - Initial Shares			29				431				(402	)			29				6,104				(6,075	)
BNY Mellon VIF Opportunistic Small Cap Portfolio - Initial Shares			1,174				2,050				(876	)			949				4,383				(3,434	)
Calvert Variable Trust, Inc.:
CVT NASDAQ-100 Index Portfolio			-				379				(379	)			62				1,189				(1,127	)
CVT Russell 2000® Small Cap Index Portfolio			32				72				(40	)			175				42				133
CVT S&P MidCap 400 Index Portfolio			15				580				(565	)			4				218				(214	)
Federated Hermes Insurance Series:
Federated Hermes Government Money Fund II - Service Shares			1,053				3,008				(1,955	)			467				5,398				(4,931	)
Federated Hermes Managed Volatility Fund II - Primary Shares			984				5,020				(4,036	)			1,213				4,830				(3,617	)
Federated Hermes Quality Bond Fund II - Primary Shares			3,781				15,807				(12,026	)			5,241				14,175				(8,934	)
Fidelity® Variable Insurance Products Funds:
Fidelity® VIP Contrafund® Portfolio - Initial Class			741				3,635				(2,894	)			297				6,181				(5,884	)
Fidelity® VIP Growth & Income Portfolio - Initial Class			1,363				439				924				64				5,943				(5,879	)
Fidelity® VIP Growth Portfolio - Initial Class			22				4,144				(4,122	)			235				2,341				(2,106	)
Fidelity® VIP High Income Portfolio - Service Class 2			89				2,916				(2,827	)			1,024				2,395				(1,371	)
Fidelity® VIP Index 500 Portfolio - Initial Class			1,008				1,583				(575	)			68				360				(292	)
Fidelity® VIP Mid Cap Portfolio - Service Class 2			96				1,750				(1,654	)			263				3,864				(3,601	)
Fidelity® VIP Overseas Portfolio - Initial Class			141				2,323				(2,182	)			40				1,494				(1,454	)
Franklin Templeton Variable Insurance Products Trust:
Franklin Global Real Estate VIP Fund - Class 2			137				1,511				(1,374	)			2,448				2,347				101
Franklin Mutual Shares VIP Fund - Class 2			17				1,294				(1,277	)			235				616				(381	)
Franklin Small Cap Value VIP Fund - Class 2			89				821				(732	)			258				890				(632	)
Franklin Small-Mid Cap Growth VIP Fund - Class 2			86				2,898				(2,812	)			197				527				(330	)
Franklin U.S. Government Securities VIP Fund - Class 2			1,009				4,513				(3,504	)			3,539				6,123				(2,584	)
Templeton Growth VIP Fund - Class 2			-				1,444				(1,444	)			262				1,465				(1,203	)

 

 

EquiTrust Life Annuity Account

 

Notes to Financial Statements (continued)

 

 

		Period Ended December 31,
		2024												2023
										Net												Net
										Increase												Increase
Subaccount		Purchased				Redeemed				(Decrease)				Purchased				Redeemed				(Decrease)
Lincoln Variable Insurance Products Trust:
LVIP American Century Capital Appreciation Fund – Standard II			6				832				(826	)			6				46				(40	)
LVIP American Century Inflation Protection Fund – Standard II			-				11				(11	)			204				11				193
LVIP American Century Mid Cap Value Fund – Standard II			-				-				-				-				61				(61	)
LVIP American Century Ultra Fund – Standard II			1				743				(742	)			3				2,041				(2,038	)
LVIP American Century Value Fund – Standard II			4				989				(985	)			307				1,617				(1,310	)
LVIP JPMorgan Mid Cap Value Fund - Standard			42				1,393				(1,351	)			367				406				(39	)
LVIP JPMorgan Small Cap Core Fund - Standard			32				942				(910	)			276				749				(473	)
T. Rowe Price Equity Series, Inc.:
T. Rowe Price All-Cap Opportunities Portfolio			1				796				(795	)			43				84				(41	)
T. Rowe Price Equity Income Portfolio			147				2,000				(1,853	)			445				2,262				(1,817	)
T. Rowe Price Mid-Cap Growth Portfolio			416				370				46				167				420				(253	)
T. Rowe Price Moderate Allocation Portfolio			1,688				4,297				(2,609	)			212				2,822				(2,610	)
T. Rowe Price International Series, Inc.:
T. Rowe Price International Stock Portfolio			216				5,546				(5,330	)			342				4,736				(4,394	)
Product B:
Calvert Variable Trust, Inc.:
CVT S&P MidCap 400 Index Portfolio - Class F			163				946				(783	)			213				877				(664	)
Columbia Variable Products, Inc.:
Columbia VP Small Cap Value Fund - Class 2			38				174				(136	)			59				181				(122	)
Federated Hermes Insurance Series:
Federated Hermes Quality Bond Fund II - Primary Shares			573				1,392				(819	)			414				1,365				(951	)
Fidelity® Variable Insurance Products Funds:
Fidelity® VIP Contrafund® Portfolio - Service Class 2			65				457				(392	)			60				536				(476	)
Fidelity® VIP Growth Portfolio - Service Class 2			80				524				(444	)			79				629				(550	)
Fidelity® VIP High Income Portfolio - Service Class 2			164				580				(416	)			164				586				(422	)
Fidelity® VIP Mid Cap Portfolio - Service Class 2			37				227				(190	)			50				201				(151	)
Fidelity® VIP Real Estate Portfolio - Service Class 2			103				362				(259	)			192				207				(15	)

 

 

EquiTrust Life Annuity Account

 

Notes to Financial Statements (continued)

 

 

		Period Ended December 31,
		2024												2023
										Net												Net
										Increase												Increase
Subaccount		Purchased				Redeemed				(Decrease)				Purchased				Redeemed				(Decrease)
Franklin Templeton Variable Insurance Products Trust:
Franklin Mutual Shares VIP Fund - Class 2			117				737				(620	)			171				702				(531	)
Franklin U.S. Government Securities VIP Fund - Class 2			679				1,540				(861	)			530				1,408				(878	)
Templeton Global Bond VIP Fund - Class 2			357				758				(401	)			207				609				(402	)
T. Rowe Price Equity Series, Inc.:
T. Rowe Price Equity Income Portfolio			1				1				-				6				1				5
T. Rowe Price International Series, Inc.:
T. Rowe Price International Stock Portfolio			198				1,151				(953	)			212				1,431				(1,219	)

 

 

EquiTrust Life Annuity Account

 

Notes to Financial Statements (continued)

 

 

6. Unit Values

 

The following summarizes units outstanding, unit values, and net assets at December 31, 2024, 2023, 2022, 2021 and 2020, and investment income ratios, expense ratios, and total return ratios for the periods then ended:

 

			As of December 31												Investment
							Unit								Income				Expense				Total
Subaccount			Units				Value (A)				Net Assets				Ratio (B)				Ratio (C)				Return (D)
Product A:
BNY Mellon Sustainable U.S. Equity Portfolio - Service Shares:
2024				605			$	42.78			$	25,866				0.39		%		1.40		%		22.83	%
2023				926				34.83				32,255				0.52				1.40				21.83
2022				938				28.59				26,810				0.34				1.40				(24.12	)
2021				1,304				37.68				49,134				0.60				1.40				24.93
2020				1,349				30.16				40,704				0.86				1.40				22.11
BNY Mellon VIF Appreciation Portfolio - Initial Shares:
2024				13,617				48.33				658,168				0.43				1.40				11.23
2023				13,864				43.45				602,410				0.70				1.40				19.30
2022				17,523				36.42				638,214				0.64				1.40				(19.19	)
2021				23,763				45.07				1,071,040				0.44				1.40				25.37
2020				25,346				35.95				911,184				0.79				1.40				21.99
BNY Mellon VIF Growth & Income Portfolio - Initial Shares:
2024				5,750				58.20				334,617				0.54				1.40				21.02
2023				6,152				48.09				295,839				0.60				1.40				24.94
2022				12,227				38.49				470,598				0.79				1.40				(16.00	)
2021				13,070				45.82				598,782				0.47				1.40				23.90
2020				13,414				36.98				496,040				0.77				1.40				22.90
BNY Mellon VIF Opportunistic Small Cap Portfolio - Initial Shares:
2024				19,017				32.91				625,766				0.69				1.40				3.17
2023				19,893				31.90				634,544				0.32				1.40				7.77
2022				23,327				29.60				690,370				-				1.40				(17.75	)
2021				24,796				35.99				892,443				0.11				1.40				14.87
2020				25,706				31.33				805,557				0.69				1.40				18.23
CVT NASDAQ-100 Index Portfolio:
2024				2,045				107.53				219,950				0.33				1.40				23.46
2023				2,424				87.10				211,098				0.31				1.40				52.27
2022				3,551				57.20				203,090				0.17				1.40				(33.57	)
2021				5,539				86.10				476,918				0.28				1.40				25.11
2020				5,974				68.82				411,132				0.44				1.40				46.18
CVT Russell 2000® Small Cap Index Portfolio:
2024				3,945				44.71				176,378				1.26				1.40				9.69
2023				3,985				40.76				162,426				0.89				1.40				14.98
2022				3,852				35.45				136,536				0.82				1.40				(21.61	)
2021				4,188				45.22				189,384				0.74				1.40				12.94
2020				4,752				40.04				190,277				1.09				1.40				18.01

 

 

EquiTrust Life Annuity Account

 

Notes to Financial Statements (continued)

 

 

			As of December 31												Investment
							Unit								Income				Expense				Total
Subaccount			Units				Value (A)				Net Assets				Ratio (B)				Ratio (C)				Return (D)
CVT S&P MidCap 400 Index Portfolio:
2024				1,151			$	64.48			$	74,207				1.19		%		1.40		%		11.94	%
2023				1,716				57.60				98,854				1.20				1.40				14.51
2022				1,930				50.30				97,066				0.94				1.40				(14.53	)
2021				1,979				58.85				116,451				0.93				1.40				22.71
2020				2,264				47.96				108,564				1.01				1.40				11.77
Federated Hermes Government Money Fund II - Service Shares:
2024				20,493				9.49				194,546				4.58				1.40				3.15
2023				22,448				9.20				206,459				4.41				1.40				3.14
2022				27,379				8.92				244,282				1.10				1.40				(0.22	)
2021				31,740				8.94				283,866				-				1.40				(1.43	)
2020				29,563				9.07				268,091				0.10				1.40				(1.20	)
Federated Hermes Managed Volatility Fund II - Primary Shares:
2024				36,637				19.98				731,830				2.29				1.40				13.98
2023				40,673				17.53				713,013				1.88				1.40				7.15
2022				44,290				16.36				724,359				1.86				1.40				(14.92	)
2021				48,375				19.23				930,186				1.77				1.40				16.90
2020				48,747				16.45				802,002				2.73				1.40				(0.48	)
Federated Hermes Quality Bond Fund II - Primary Shares:
2024				74,658				11.77				878,450				3.05				1.40				2.44
2023				86,684				11.49				995,655				2.62				1.40				4.74
2022				95,618				10.97				1,049,220				2.59				1.40				(10.52	)
2021				103,169				12.26				1,265,268				2.38				1.40				(2.78	)
2020				94,992				12.61				1,198,011				2.87				1.40				6.59
Fidelity® VIP Contrafund® Portfolio - Initial Class:
2024				20,462				82.10				1,679,823				0.18				1.40				31.93
2023				23,356				62.23				1,453,353				0.45				1.40				31.62
2022				29,240				47.28				1,382,442				0.48				1.40				(27.33	)
2021				33,257				65.06				2,163,655				0.06				1.40				26.09
2020				35,155				51.60				1,814,179				0.25				1.40				28.74
Fidelity® VIP Growth & Income Portfolio - Initial Class:
2024				4,314				51.83				223,610				1.58				1.40				20.51
2023				3,390				43.01				145,794				0.89				1.40				17.10
2022				9,269				36.73				340,487				1.63				1.40				(6.28	)
2021				10,862				39.19				425,641				2.42				1.40				24.22
2020				11,534				31.55				363,867				2.10				1.40				6.37
Fidelity® VIP Growth Portfolio - Initial Class:
2024				6,086				75.46				459,239				-				1.40				28.57
2023				10,208				58.69				599,085				0.13				1.40				34.36
2022				12,314				43.68				537,857				0.62				1.40				(25.50	)
2021				12,630				58.63				740,457				-				1.40				21.54
2020				14,678				48.24				708,153				0.08				1.40				41.88

 

 

EquiTrust Life Annuity Account

 

Notes to Financial Statements (continued)

 

 

			As of December 31												Investment
							Unit								Income				Expense				Total
Subaccount			Units				Value (A)				Net Assets				Ratio (B)				Ratio (C)				Return (D)
Fidelity® VIP High Income Portfolio - Service Class 2:
2024				11,326			$	27.68			$	313,459				5.73		%		1.40		%		7.12	%
2023				14,153				25.84				365,700				5.52				1.40				8.71
2022				15,524				23.77				368,966				4.71				1.40				(12.87	)
2021				18,128				27.28				494,621				5.20				1.40				2.83
2020				17,491				26.53				464,006				5.01				1.40				1.03
Fidelity® VIP Index 500 Portfolio - Initial Class:
2024				6,557				61.47				403,031				1.22				1.40				23.16
2023				7,132				49.91				355,937				1.48				1.40				24.46
2022				7,424				40.10				297,678				1.32				1.40				(19.33	)
2021				9,165				49.71				455,606				1.24				1.40				26.81
2020				9,970				39.20				390,881				1.78				1.40				16.60
Fidelity® VIP Mid Cap Portfolio - Service Class 2:
2024				7,604				68.80				523,153				0.31				1.40				15.55
2023				9,258				59.54				551,217				0.33				1.40				13.22
2022				12,859				52.59				676,203				0.26				1.40				(16.14	)
2021				15,545				62.71				974,784				0.35				1.40				23.59
2020				17,612				50.74				893,708				0.39				1.40				16.22
Fidelity® VIP Overseas Portfolio - Initial Class:
2024				7,758				27.18				210,852				1.45				1.40				3.58
2023				9,940				26.24				260,789				1.03				1.40				18.84
2022				11,394				22.08				251,517				1.07				1.40				(25.51	)
2021				12,224				29.64				362,342				0.53				1.40				18.04
2020				12,529				25.11				314,615				0.42				1.40				14.03
Franklin Global Real Estate VIP Fund - Class 2:
2024				6,104				18.03				110,037				1.90				1.40				(1.69	)
2023				7,478				18.34				137,144				2.75				1.40				9.89
2022				7,377				16.69				123,120				2.35				1.40				(27.09	)
2021				7,906				22.89				180,940				0.89				1.40				25.08
2020				7,973				18.30				145,928				3.42				1.40				(6.73	)
Franklin Mutual Shares VIP Fund - Class 2:
2024				6,557				29.63				194,253				1.91				1.40				9.74
2023				7,834				27.00				211,509				1.88				1.40				11.89
2022				8,215				24.13				198,209				1.81				1.40				(8.70	)
2021				10,867				26.43				287,202				2.67				1.40				17.52
2020				12,939				22.49				290,971				2.98				1.40				(6.37	)
Franklin Small Cap Value VIP Fund - Class 2:
2024				4,986				56.33				280,874				0.91				1.40				10.15
2023				5,718				51.14				292,433				0.52				1.40				11.20
2022				6,350				45.99				292,045				0.99				1.40				(11.32	)
2021				7,232				51.86				375,025				0.99				1.40				23.65
2020				7,781				41.94				326,362				1.59				1.40				3.73

 

 

EquiTrust Life Annuity Account

 

Notes to Financial Statements (continued)

 

 

			As of December 31												Investment
							Unit								Income				Expense				Total
Subaccount			Units				Value (A)				Net Assets				Ratio (B)				Ratio (C)				Return (D)
Franklin Small-Mid Cap Growth VIP Fund - Class 2:
2024				7,932			$	43.21			$	342,787				-		%		1.40		%		9.48	%
2023				10,744				39.47				424,055				-				1.40				24.98
2022				11,074				31.58				349,671				-				1.40				(34.60	)
2021				11,269				48.29				544,141				-				1.40				8.49
2020				13,065				44.51				581,486				-				1.40				52.96
Franklin U.S. Government Securities VIP Fund - Class 2:
2024				30,431				12.72				387,124				3.07				1.40				(0.08	)
2023				33,935				12.73				431,890				2.74				1.40				3.08
2022				36,519				12.35				451,124				2.41				1.40				(11.02	)
2021				40,877				13.88				567,344				2.59				1.40				(3.21	)
2020				34,843				14.34				499,494				3.45				1.40				2.43
Templeton Growth VIP Fund - Class 2:
2024				2,848				22.10				62,936				1.12				1.40				3.95
2023				4,292				21.26				91,233				3.19				1.40				19.37
2022				5,495				17.81				97,892				0.16				1.40				(12.74	)
2021				6,095				20.41				124,402				1.10				1.40				3.45
2020				6,289				19.73				124,108				2.96				1.40				4.34
LVIP American Century Capital Appreciation Fund – Standard II:
2024				3,821				52.83				201,880				-				1.40				23.23
2023				4,647				42.87				199,223				-				1.40				19.02
2022				4,687				36.02				168,790				-				1.40				(29.09	)
2021				4,720				50.80				239,762				-				1.40				9.62
2020				4,830				46.34				223,849				-				1.40				40.47
LVIP American Century Inflation Protection Fund – Standard II:
2024				3,143				13.45				42,288				3.96				1.40				0.37
2023				3,154				13.40				42,262				3.67				1.40				2.13
2022				2,961				13.12				38,843				5.19				1.40				(14.08	)
2021				2,962				15.27				45,212				3.38				1.40				5.17
2020				2,974				14.52				43,185				1.61				1.40				8.28
LVIP American Century Mid Cap Value Fund – Standard II:
2024				-				-				-				-				-				-
2023				-				-				-				0.82				1.40				(2.86	)
2022				61				30.41				1,847				2.26				1.40				(2.50	)
2021				64				31.19				1,984				0.85				1.40				21.50
2020				314				25.67				8,055				1.89				1.40				(0.19	)
LVIP American Century Ultra Fund – Standard II:
2024				1,864				74.05				138,047				-				1.40				26.99
2023				2,606				58.31				151,920				-				1.40				41.53
2022				4,644				41.20				191,304				-				1.40				(33.30	)
2021				5,440				61.77				336,052				-				1.40				21.45
2020				6,265				50.86				318,635				-				1.40				47.81

 

 

EquiTrust Life Annuity Account

 

Notes to Financial Statements (continued)

 

 

			As of December 31												Investment
							Unit								Income				Expense				Total
Subaccount			Units				Value (A)				Net Assets				Ratio (B)				Ratio (C)				Return (D)
LVIP American Century Value Fund – Standard II:
2024				5,846			$	26.40			$	154,349				2.86		%		1.40		%		7.93	%
2023				6,831				24.46				167,052				2.35				1.40				7.61
2022				8,141				22.73				185,032				2.05				1.40				(0.83	)
2021				10,341				22.92				237,038				1.71				1.40				22.76
2020				13,824				18.67				258,062				2.41				1.40				(0.43	)
LVIP JPMorgan Mid Cap Value Fund - Standard:
2024				5,815				64.18				373,213				1.15				1.40				12.70
2023				7,166				56.95				408,144				3.18				1.40				9.37
2022				7,205				52.07				375,134				0.92				1.40				(9.41	)
2021				9,287				57.48				533,878				0.89				1.40				28.10
2020				10,360				44.87				464,914				1.44				1.40				(1.04	)
LVIP JPMorgan Small Cap Core Fund - Standard:
2024				4,314				44.06				190,079				0.72				1.40				10.15
2023				5,224				40.00				208,962				1.38				1.40				11.54
2022				5,697				35.86				204,320				0.44				1.40				(20.47	)
2021				6,141				45.09				276,895				0.49				1.40				19.70
2020				6,471				37.67				243,750				1.22				1.40				12.11
T. Rowe Price All-Cap Opportunities Portfolio:
2024				2,883				81.48				234,872				0.06				1.40				23.42
2023				3,678				66.02				242,840				0.26				1.40				27.18
2022				3,719				51.91				193,044				-				1.40				(22.59	)
2021				4,040				67.06				270,921				-				1.40				19.13
2020				4,253				56.29				239,381				-				1.40				42.40
T. Rowe Price Equity Income Portfolio:
2024				17,339				47.55				824,467				1.83				1.40				10.15
2023				19,192				43.17				828,516				2.08				1.40				8.03
2022				21,009				39.96				839,522				1.86				1.40				(4.68	)
2021				22,572				41.92				946,166				1.57				1.40				23.84
2020				23,051				33.85				780,397				2.36				1.40				(0.24	)
T. Rowe Price Mid-Cap Growth Portfolio:
2024				3,228				96.06				310,120				-				1.40				7.80
2023				3,182				89.11				283,572				-				1.40				18.31
2022				3,435				75.32				258,724				-				1.40				(23.65	)
2021				4,485				98.65				442,501				-				1.40				13.26
2020				4,469				87.10				389,254				-				1.40				22.09
T. Rowe Price Moderate Allocation Portfolio:
2024				14,048				39.00				547,846				2.25				1.40				8.54
2023				16,657				35.93				598,571				2.26				1.40				13.74
2022				19,267				31.59				608,599				1.53				1.40				(19.43	)
2021				22,470				39.21				881,048				0.98				1.40				8.55
2020				23,547				36.12				850,638				1.38				1.40				12.95

 

 

EquiTrust Life Annuity Account

 

Notes to Financial Statements (continued)

 

 

			As of December 31												Investment
							Unit								Income				Expense				Total
Subaccount			Units				Value (A)				Net Assets				Ratio (B)				Ratio (C)				Return (D)
T. Rowe Price International Stock Portfolio:
2024				17,017			$	19.91			$	338,748				0.80		%		1.40		%		1.84	%
2023				22,347				19.55				436,911				0.95				1.40				14.66
2022				26,741				17.05				456,062				0.75				1.40				(16.99	)
2021				27,633				20.54				567,617				0.57				1.40				(0.10	)
2020				30,520				20.56				627,408				0.59				1.40				12.90
Product B:
CVT S&P MidCap 400 Index Portfolio - Class F:
2024				3,395			$	18.25			$	61,941				1.23		%		1.40		%		12.17	%
2023				4,178				16.27				67,963				1.20				1.00				14.74
2022				4,842				14.18				68,639				0.90				1.00				(14.32	)
2021				5,638				16.55				93,329				0.81				1.00				22.96
2020				6,715				13.46				90,412				1.30				1.00				11.89
Columbia VP Small Cap Value Fund - Class 2:
2024				644				55.64				35,855				0.56				1.00				7.60
2023				780				51.71				40,350				0.41				1.00				20.45
2022				902				42.93				38,708				0.47				1.00				(9.87	)
2021				1,051				47.63				50,034				0.47				1.00				27.52
2020				1,427				37.35				53,298				0.36				1.00				7.51
Federated Hermes Quality Bond Fund II - Primary Shares:
2024				6,979				12.41				86,608				2.87				1.00				2.82
2023				7,798				12.07				94,083				2.75				1.00				5.14
2022				8,749				11.48				100,446				2.89				1.00				(10.17	)
2021				10,941				12.78				139,840				2.18				1.00				(2.37	)
2020				8,748				13.09				114,533				2.87				1.00				7.03
Fidelity® VIP Contrafund® Portfolio - Service Class 2:
2024				1,572				52.79				82,973				0.03				1.00				32.11
2023				1,964				39.96				78,472				0.25				1.00				31.79
2022				2,440				30.32				73,963				0.25				1.00				(27.20	)
2021				2,938				41.65				122,374				0.03				1.00				26.25
2020				3,051				32.99				100,646				0.09				1.00				28.92
Fidelity® VIP Growth Portfolio - Service Class 2:
2024				1,924				40.74				78,368				-				1.00				28.80
2023				2,368				31.63				74,925				-				1.00				34.54
2022				2,918				23.51				68,614				0.37				1.00				(25.39	)
2021				3,332				31.51				105,010				-				1.00				21.71
2020				3,635				25.89				94,127				0.05				1.00				42.10
Fidelity® VIP High Income Portfolio - Service Class 2:
2024				2,614				14.89				38,920				6.43				1.00				7.59
2023				3,030				13.84				41,945				5.57				1.00				9.15
2022				3,452				12.68				43,786				4.77				1.00				(12.55	)
2021				4,245				14.50				61,576				5.42				1.00				3.20
2020				3,645				14.05				51,202				5.06				1.00				1.44

 

 

EquiTrust Life Annuity Account

 

Notes to Financial Statements (continued)

 

 

			As of December 31												Investment
							Unit								Income				Expense				Total
Subaccount			Units				Value (A)				Net Assets				Ratio (B)				Ratio (C)				Return (D)
Fidelity® VIP Mid Cap Portfolio - Service Class 2:
2024				939			$	35.48			$	33,325				0.35		%		1.00		%		15.99	%
2023				1,129				30.59				34,528				0.38				1.00				13.68
2022				1,280				26.91				34,446				0.25				1.00				(15.80	)
2021				1,699				31.96				54,308				0.35				1.00				24.07
2020				2,032				25.76				52,355				0.40				1.00				16.72
Fidelity® VIP Real Estate Portfolio - Service Class 2:
2024				1,101				23.70				26,084				3.96				1.00				5.19
2023				1,360				22.53				30,643				2.35				1.00				9.80
2022				1,375				20.52				28,209				1.05				1.00				(28.40	)
2021				1,826				28.66				52,343				0.95				1.00				37.26
2020				1,854				20.88				38,711				2.00				1.00				(7.69	)
Franklin Mutual Shares VIP Fund - Class 2:
2024				2,719				35.89				97,572				2.03				1.00				10.16
2023				3,339				32.58				108,769				1.84				1.00				12.34
2022				3,870				29.00				112,206				1.75				1.00				(8.34	)
2021				4,865				31.64				153,897				2.87				1.00				18.02
2020				5,242				26.81				140,554				3.05				1.00				(6.00	)
Franklin U.S. Government Securities VIP Fund - Class 2:
2024				7,522				11.17				84,029				3.09				1.00				0.36
2023				8,383				11.13				93,320				2.63				1.00				3.44
2022				9,261				10.76				99,670				2.23				1.00				(10.63	)
2021				11,590				12.04				139,599				2.63				1.00				(2.82	)
2020				8,820				12.39				109,294				3.46				1.00				2.82
Templeton Global Bond VIP Fund - Class 2:
2024				2,695				11.12				29,971				-				1.00				(12.23	)
2023				3,096				12.67				39,234				-				1.00				1.85
2022				3,498				12.44				43,517				-				1.00				(5.90	)
2021				4,341				13.22				57,391				-				1.00				(5.91	)
2020				3,246				14.05				45,614				8.78				1.00				(6.27	)
T. Rowe Price Equity Income Portfolio:
2024				143				33.33				4,757				1.84				1.00				10.62
2023				143				30.13				4,318				2.11				1.00				8.46
2022				138				27.78				3,842				1.74				1.00				(4.31	)
2021				345				29.03				10,025				1.57				1.00				24.33
2020				358				23.35				8,356				2.38				1.00				0.17
T. Rowe Price International Stock Portfolio:
2024				4,266				20.32				86,697				0.96				1.00				2.21
2023				5,219				19.88				103,751				0.94				1.00				15.11
2022				6,438				17.27				111,197				0.77				1.00				(16.65	)
2021				6,757				20.72				140,030				0.59				1.00				0.29
2020				6,731				20.66				139,040				0.50				1.00				13.33

 

 

EquiTrust Life Annuity Account

 

Notes to Financial Statements (continued)

 

 

(A)	There are no differences in unit value between accumulation units and units of contracts in annuitization period since there are no differences in charges that result in direct reductions of unit values.

 

(B)

These ratios represent the dividends, excluding distributions of capital gains, received by the subaccount from the underlying mutual fund, net of management fees assessed by the fund manager, divided by the average net assets. These ratios exclude those expenses, such as mortality and expense charges, that result in direct reductions in the unit values. For subaccounts that contained net assets for a period less than the entire reporting period presented, average net assets have been calculated using only the period in which the subaccount contained net assets. The recognition of investment income by the subaccount is affected by the timing of the declaration of dividends by the underlying fund in which the subaccounts invest.

 

(C)

These ratios represent the annualized contract expenses of the separate account, consisting of mortality and expense risk charges, for the period indicated. The ratios include only those expenses that result in a direct reduction to unit values. Charges made directly to contract owner accounts through the redemption of units and expenses of the underlying fund are excluded.

 

(D)

These ratios represent the total return for the period indicated, including changes in the value of the underlying fund, and reflect deductions for all items included in the expense ratio. The total return does not include any expenses assessed through the redemption of units; inclusion of these expenses in the calculation would result in a reduction in the total return presented. For subaccounts that contained net assets for a period less than the entire reporting period presented, total return has been calculated using only the period in which the subaccount contained net assets and has not been annualized.

 

7. Segment Reporting

 

During 2024, the Account adopted FASB Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures. Adoption of the new standard impacted financial statement disclosures only. Each subaccount, as detailed in Note 1, represents a single operating segment. The Chief Operating Officer of the Company acts as the Chief Operating Decision Maker (CODM) and monitors the operating results of each subaccount. The change in net assets resulting from operations, which is used by the CODM to assess the subaccount’s performance, is consistent with that presented within the subaccount’s financial statements. Subaccount assets are reflected on the accompanying Statement of Assets and Liabilities and significant segment expenses are listed on the accompanying Statement of Operations.