As filed with the Securities and Exchange Commission on March 31, 2025

File No. 333-_______

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM S-1

REGISTRATION STATEMENT

UNDER

THE SECURITIES ACT OF 1933

LINCOLN BENEFIT LIFE COMPANY

(Exact name of registrant as specified in its charter)

Nebraska

6300

470221457

(State or Other Jurisdiction
of Incorporation or Organization)

(Primary Standard Industrial
Classification Code Number)

(I.R.S. Employer
Identification Number)

1221 N Street, Suite 200,

Lincoln, Nebraska 68508

(888) 674-3667

(Address, including zip code, and telephone number,

including area code, of registrant’s principal executive offices)

STEVEN FRY

LINCOLN BENEFIT LIFE COMPANY

1221 N Street, Suite 200

Lincoln, NE 68508

(888) 674-3667

(Name, address, including zip code, and telephone number,

including area code, of agent for service)

Approximate date of commencement of proposed sale to the Public: As soon as practicable after the effective date of this registration statement.

If any of the securities being registered on this Form are to be offered on a delayed or continuous basis pursuant to Rule 415 under the Securities Act of 1933, check the following box. x

If this Form is filed to register additional securities for an offering pursuant to Rule 462(b) under the Securities Act, please check the following box and list the Securities Act registration statement number of the earlier effective registration statement for the same offering. ¨

If this Form is a post-effective amendment filed pursuant to Rule 462(c) under the Securities Act, check the following box and list the Securities Act registration statement number of the earlier effective registration statement for the same offering. ¨

If this Form is a post-effective amendment filed pursuant to Rule 462(d) under the Securities Act, check the following box and list the Securities Act registration statement number of the earlier effective registration statement for the same offering.¨

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer

Accelerated filed

Non-accelerated filer

Smaller reporting company

Emerging growth company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 7(a)(2)(B) of the Securities Act.¨

The registrant hereby amends this registration statement on such date or dates as may be necessary to delay its effective date until the registrant shall file a further amendment which specifically states that this registration statement shall thereafter become effective in accordance with Section 8(a) of the Securities Act of 1933 or until the registration statement shall become effective on such date as the Commission, acting pursuant to Section 8(a), may determine.

Market Value Adjusted Fixed Account under Certain Variable Annuity Contracts Issued by Lincoln Benefit Life Company

Lincoln Benefit Life Company

Street Address: 5801 SW 6th Ave., Topeka, KS 66606-00001

Mailing Address: P.O. Box 758561, Topeka, KS 66675-8561

Telephone Number: 1-800-457-7617

Fax Number: 1-785-228-4584

Prospectus dated May 1, 2025

Lincoln Benefit Life Company (“LBL”, the “Company”, or "Lincoln Benefit") issues the market value adjusted Fixed Account Options (the "Guaranteed Maturity Fixed Account Option(s)”) described in this prospectus. The Guaranteed Maturity Fixed Account Options are available only under the following variable annuity contracts that we offer: The LBL Consultant I Variable Annuities ("Consultant I"), the LBL Consultant II Variable Annuities ("Consultant II") and the LBL Premier Planner Variable Annuities ("Premier Planner," and collectively with Consultant I and Consultant II, the "Contracts," and each a "Contract"). None of those Contracts currently is offered for new sales. However, under outstanding Contracts you may be able to make additional purchase payments, and allocate additional purchase payments or transfer amounts of Contract Value to the Guaranteed Maturity Fixed Account Option.

This prospectus is not your contract, although this prospectus provides a description of the material features of the Guaranteed Maturity Fixed Account Option under your Contract. The description of the Guaranteed Maturity Fixed Account Options' material features are current as of the date of this prospectus. If material provisions of the Guaranteed Maturity Fixed Account Options are changed after the date of this prospectus, those changes will be described in a supplement to this prospectus and the supplement will become a part of this prospectus.

The principal underwriter for all of the Contracts is Everlake Distributors, L.L.C., formerly Allstate Distributors, L.L.C. Everlake Distributors, L.L.C. is a registered broker dealer under the Securities Exchange Act of 1934, as amended (the “Exchange Act”), and a member of the Financial Industry Regulatory Authority. Everlake Distributors, L.L.C. is not required to sell any specific number or dollar amount of securities, but will use its best efforts to sell the securities offered.

Please read and keep this prospectus for future reference. You should carefully read this prospectus in conjunction with any applicable supplements before taking any action involving the Guaranteed Maturity Fixed Account Option. This Prospectus supersedes all prior prospectuses. Also, this Prospectus must be read along with the appropriate variable annuity contract prospectus. This prospectus is in addition to the appropriate variable annuity contract prospectus. All information in the appropriate variable annuity contract prospectus continues to apply unless addressed by this Prospectus.

MVA-LBL1


IMPORTANT NOTICES			Neither the Securities and Exchange Commission nor any state securities commission has approved or disapproved of the securities described in this prospectus or passed on the accuracy or the adequacy of this prospectus. Anyone who tells you otherwise is committing a federal crime. The Contracts of which the Guaranteed Maturity Fixed Account Option is a part may have been distributed through broker-dealers that have relationships with banks or other financial institutions or by employees of such banks. However, the Contracts and the Guaranteed Maturity Fixed Account Options are not deposits or obligations of, or guaranteed by such institutions or any federal regulatory agency. Investment in the Guaranteed Maturity Fixed Account Option involves significant risks, including possible loss of principal. See "Risks Related to the Guaranteed Maturity Fixed Account Option" on p.8. This prospectus does not constitute an offering in any jurisdiction in which such offering may not lawfully be made. We do not authorize anyone to provide any information or representations regarding the offering described in this prospectus other than as contained in this prospectus. The Contracts and the Guaranteed Maturity Fixed Account Option are not FDIC insured. The Guaranteed Maturity Fixed Account Option may not be available in all states.


Table of Contents
			Page
Summary			4
Who is Lincoln Benefit Life Company?			4
Important Terms			5
Expenses			5
Description of the Guaranteed Maturity Fixed Account Options			6
Distribution of the Contracts			7
Risks Related to the Guaranteed Maturity Fixed Account Options			8
Reliance on the Company's Financial Strength and Claims-Paying Ability			8
Withdrawals and Transfers May be Subject to Market Value Adjustment			8
Market Value Adjustment Risk			8
Declared Interest Rate Risk			8
Additional Information			8
Experts			8
Legal Matters			8
Administration			8
Reliance on Rule 12h-7			9
Appendix I: Market Value Adjustment Examples			10
Appendix II: Information with Respect to the Registrant			18
Risk Factors Associated with Lincoln Benefit Life and Its Industry			19
Description of Business			30
Description of Property			30
Legal Proceedings			31
Financial Statements and Notes to Financial Statements			32
Selected Financial Data			87
Management's Discussion and Analysis of Financial Condition and Results of Operations			88
Changes in or Disagreements with Accountants			100
Quantitative and Qualitative Disclosures About Market Risk			100
Directors and Executive Officers			100
Executive Compensation			101
Security Ownership of Certain Beneficial Owners and Management			102
Transactions with Related Persons, Promoters and Certain Control Persons			104

Summary: This section tells you about Lincoln Benefit Life Company and describes the Guaranteed Maturity Fixed Account Options, including expense detail and risks related to investing in the contracts.

Who is Lincoln Benefit Life Company?

Lincoln Benefit Life Company is a stock life insurance company organized under the laws of the state of Nebraska in 1938. Our legal domicile and principal business address is 1221 N Street, Suite 200, Lincoln, NE 68508. Lincoln Benefit is a wholly-owned subsidiary of LBL HoldCo II, Inc., a Delaware corporation (“HoldCo”), which is a wholly-owned subsidiary of LBL HoldCo, Inc., a Delaware corporation (“HoldCo Parent”). HoldCo Parent is a wholly-owned subsidiary of Kuvare US Holdings, Inc.

We are authorized to conduct life insurance and annuity business in the District of Columbia, U.S. Virgin Islands and all states except New York. We intend to offer the Guaranteed Maturity Fixed Account Option under variable annuity contracts in those jurisdictions in which we are licensed.

The Contracts offer several investment alternatives, which, depending on the Contract, generally include various variable sub-accounts ("Sub-Accounts") of Lincoln Benefit Life Variable Annuity Account ("Variable Account"), and Fixed account Options which include the Guaranteed Maturity Fixed Account Option described in this prospectus.

The Variable Account and the Sub-Accounts are segregated asset accounts of the Company. The assets of each Sub-Account of the Variable Account are invested in the shares of an underlying mutual fund ("Portfolios"). Values allocated under your Contract to the Variable Account and the amount of Variable Annuity payments under your Contract will rise and fall with the values of shares of the Portfolios and are also reduced by applicable Contract charges. You bear the risk of investment performance of the Portfolios. Please refer to the appropriate variable annuity contract and variable annuity contract prospectus for more information regarding the Variable Account and the Sub-Accounts available under your Contract, and any applicable Contract charges.

This prospectus describes the Guaranteed Maturity Fixed Account Option available under the Contracts. The Guaranteed Maturity Fixed Account Option is part of our General Account. Our General Account consists of general assets other than those in segregated asset accounts, such as the Variable Account. We have sole discretion to invest the assets of the General Account, subject to applicable law. Any money you allocate to the Guaranteed Maturity Fixed Account Option does not entitle you to share in the investment experience of the General Account. Contract Values allocated to the Guaranteed Maturity Fixed Account Options is subject to the Company's financial strength and claims-paying ability. The Guaranteed Maturity Fixed Account Options involves risks. See "Risks Related to the Guaranteed Maturity Fixed Account Options." See also “Appendix II: Information with Respect to the Registrant” below for additional information about the Company, including its financial statements.

Important Terms

LBL (or the Company) – Lincoln Benefit Life Company, the issuer of the variable annuity contracts under which the Guaranteed Maturity Fixed Account Option is available.

Contract Value - During the accumulation phase, the sum of the value of your interest in the variable sub-accounts you have selected under your Contract, plus your value in the fixed account option(s) offered by your Contract, including the Guaranteed Maturity Fixed Account Option.

Contracts (or Contract) – The LBL Consultant I Variable Annuity, the LBL Consultant II Variable Annuity and the LBL Premier Planner Variable Annuity variable annuity contracts issued by LBL under which the Guaranteed Maturity Fixed Account Option is available.

Guarantee Period - A period of years during which we credit a specified amount of interest at a rate that we determine to amounts allocated to the Guaranteed Maturity Fixed Account Option.

Guaranteed Maturity Fixed Account Option or Guaranteed Maturity Fixed Account Options - The fixed interest investment option described in this prospectus that credits a specified amount of interest at a rate that we determine for the duration of each Guarantee Period. The Guaranteed Maturity Fixed Account Option is a part of our General Account.

Income Plan - A series of scheduled payments to you or someone you designate. You may choose and change your choice of Income Plan until 30 days before the Payout Start Date.

Market Value Adjustment - A positive or negative adjustment that we may apply to amounts removed from a Guarantee Period under specified circumstances that reflects changes in interest rates from the time you first allocate money to the Guarantee Period to the time that money is taken out of that Guarantee Period. The Market Value Adjustment may be positive or negative, depending on changes in interest rates. As such, you bear the risk of loss due to a negative Market Value Adjustment associated with changes in interest rates.

Payout Start Date - The day that we apply your Contract Value, adjusted by any Market Value Adjustment and less any applicable taxes, to an Income Plan. The Payout Start Date must be no later than the Annuitant’s 99th birthday, or the 10th Contract Anniversary, if later.

Settlement Value - The amount payable on a full withdrawal of Contract Value.

Treasury Rate - the U.S. Treasury Note Constant Maturity Yield as reported in Federal Reserve Board Statistical Release H.15. If such yields cease to be available, then we will use an alternate source for such information in our discretion.

Expenses

There is no charge that applies specifically to the Guaranteed Maturity Fixed Account Option. However, certain charges under certain base variable annuity contracts and riders added to the base contract are based on (i) the Contract Value, which includes the value held in the Guaranteed Maturity Fixed Account Option, or (ii) net premiums, including premiums allocated to the Guaranteed Maturity Fixed Account Option. With respect to the Consultant I and Premier Planner, these may include Withdrawal Charges. Please refer to the appropriate variable annuity contract for more information as to these charges.

Description of the Guaranteed Maturity Fixed Account Option

Guaranteed Maturity Fixed Account Option. We will credit a specified rate of interest to each amount allocated to the Guaranteed Maturity Fixed Account Option for the duration of each specified Guarantee Period. You select the duration of the Guarantee Period for each amount that you allocate to the Guaranteed Maturity Fixed Account Option. We will declare the interest rate that we will guarantee to credit to that amount for that Guarantee Period. Each amount allocated to a Guarantee Period under this option must be at least $500. We reserve the right to limit the number of additional Purchase Payments that may be allocated to this option.

We will tell you what interest rates and Guarantee Periods we are offering at a particular time. We may offer Guarantee Periods ranging from one to ten years in length. We will decide in our discretion which Guarantee Periods to offer. Currently, we offer Guarantee Periods of one, three, five, seven and ten years in length. In the future we may offer Guarantee Periods of different lengths or stop offering some Guarantee Periods.

We have no specific formula for determining the rate of interest that we will declare initially or in the future. We will set those interest rates based on relevant factors such as then current interest rates, regulatory and tax requirements, our sales commission and administrative expenses, general economic trends, and competitive factors. For current interest rate information, please contact us at 1-800-457-7617.

WE WILL DETERMINE THE INTEREST RATES TO BE DECLARED IN OUR SOLE DISCRETION. WE CAN NEITHER PREDICT NOR GUARANTEE THE INTEREST RATES THAT WILL BE DECLARED FOR FUTURE GUARANTEE PERIODS.

At the end of each Guarantee Period, we will mail you a notice asking you what to do with the amount in the expiring Guarantee Period, including the accrued interest. During the 30-day period after the end of the Guarantee Period, you may take the following actions without incurring a Market Value Adjustment on the amount in the expiring Guarantee Period:

1.take no action. If so, we will automatically allocate (renew) the relevant amount into a new Guarantee Period in the Guaranteed Maturity Fixed Account Option, subject to a new declared interest rate. The new Guarantee Period will be the same length as the expiring Guarantee Period and will begin on the day the previous Guarantee Period ends. The new interest rate will be our then current declared rate for Guarantee Periods of that length; or

2.allocate the relevant Contract Value to one or more available new Guarantee Periods of your choice in the Guaranteed Maturity Fixed Account Option, subject to the applicable declared interest rate. The new Guarantee Period(s) will begin on the day the previous Guarantee Period ends. The new interest rate will be our then current declared rate for those Guarantee Periods; or

3.instruct us to transfer all or a portion of the relevant amount to one or more Sub-Accounts available under your Contract. We will effect the transfer on the day we receive your instructions; or

4.withdraw all or a portion of the relevant amount through a partial withdrawal. You may be required to pay a Withdrawal Charge (except with respect to the Consultant II Contract) and federal and state taxes, including a 10% federal tax penalty if amounts are withdrawn before the age of 59½. The amount withdrawn will be deemed to have been withdrawn on the day the Guarantee Period ends.

Under our Automatic Laddering Program, you may choose, in advance, to use Guarantee Periods of the same length for all renewals in the Guaranteed Maturity Fixed Account Option. You can select this program at any time during the Accumulation Period, including on the Issue Date. We will apply renewals to Guarantee Periods of the selected length until you direct us in writing to stop. We may stop offering this program at any time.

Market Value Adjustment. We may apply a Market Value Adjustment to amounts in the Guarantee Periods that are transferred, withdrawn, or otherwise removed from a Guarantee Period under specified circumstances. A Market Value Adjustment will increase or decrease the amount you receive from the transaction or the amount transferred from the Guarantee Period. The formula for determining Market Value Adjustments reflects changes in interest rates since the beginning of the relevant Guarantee Period to the time of your transaction. As a result, you will bear some of the risk associated with changes in interest rates on amounts allocated to the Guaranteed Maturity Fixed Account Option. If interest rates have increased since the establishment of a Guarantee Period, the Market Value Adjustment, together with any applicable Withdrawal Charges, premium taxes and income tax withholdings could reduce the amount you receive upon a full withdrawal from a Guarantee Period to an amount less than the Contract Value allocated to establish that Guarantee Period. See “Risks Related to the Guaranteed Maturity Fixed Account Option.”

As a general rule, we will apply a Market Value Adjustment to the following transactions involving amounts invested in a Guarantee Period:

1.For Consultant I and Premier Planner, when you withdraw funds from the Guaranteed Maturity Fixed Account Option in an amount greater than the Free Withdrawal Amount, and for Consultant II, when you withdraw funds from the Guaranteed Maturity Fixed Account Option;

2.when you transfer funds from the Guaranteed Maturity Fixed Account Option to the Sub-Accounts;

3.when you allocate part of your balance in the Guaranteed Maturity Fixed Account Option to a new Guarantee Period before the end of the existing Guarantee Period;

4.when you annuitize your Contract; and

5.when we pay a death benefit.

We will not apply a Market Value Adjustment to a transaction, to the extent that:

1.it occurs within 30 days after the end of a Guarantee Period applicable to the funds involved in the transaction;

2.you make a withdrawal to satisfy the IRS’ required minimum distribution rules for this Contract; or

3.it is a transfer that is part of a Dollar Cost Averaging program.

The formula for calculating Market Value Adjustments is set forth in Appendix I to this prospectus, which also contains additional examples of the application of the Market Value Adjustment as it applies to each of the Contracts. This formula primarily compares:

1.the Treasury Rate at the time of the relevant transaction for a maturity equal in length to the relevant Guarantee Period (the current Treasury Rate); and

2.the Treasury Rate at the beginning of the Guarantee Period for a maturity equal in length to the Guarantee Period.

Generally, if the Treasury Rate at the beginning of the Guarantee Period is higher than the corresponding current Treasury Rate, then the Market Value Adjustment will increase the amount payable to you or transferred. Conversely, if the Treasury Rate at the beginning of the Guarantee Period is lower than the corresponding current Treasury Rate, then the Market Value Adjustment will reduce the amount payable to you or transferred.

For example, assume that you purchased a Contract and selected an initial Guarantee Period of five years and the five-year Treasury Rate for that duration is 4.50%. Assume that at the end of three years, you make a partial withdrawal. If, at that later time, the current five-year Treasury Rate is 4.20%, then the Market Value Adjustment will be positive, which will result in an increase in the amount payable to you. Similarly, if the current five-year Treasury Rate is 4.80%, then the Market Value Adjustment will be negative, which will result in a decrease in the amount payable to you.

The formula for calculating Market Value Adjustments is set forth in Appendix I to this prospectus, which also contains additional examples of the application of the Market Value Adjustment.

Distribution of the Contracts

The Guaranteed Maturity Fixed Account Option is available only under certain variable annuity contracts issued by LBL, as identified above. Information about the arrangements for distributing the variable annuity contracts is included under “Distribution” in the appropriate variable annuity contract prospectus and in the statement of additional information that relates to that prospectus. All of that information applies, regardless of whether you choose to allocate Contract Value to the Guaranteed Maturity Fixed Account Option, and there is no additional plan of distribution or sales compensation with respect to the Guaranteed Maturity Fixed Account Option. Also as described in the appropriate variable annuity contract prospectus, the principal underwriter and distributor for all of the Contracts is Everlake Distributors, LLC ("Everlake Distributors"), formerly known as Allstate Distributors, L.L.C., a wholly-owned subsidiary of Everlake Life Insurance Company ("ELIC"), formerly known as Allstate Life Insurance Company ("Allstate Life"). Everlake Distributors is a registered broker-dealer under the Securities and Exchange Act of 1934, as amended ("Exchange Act") and is a member of FINRA. The underwriting agreement with Everlake Distributors provides that we will reimburse Everlake Distributors for any liability to Contract owners arising out of services rendered or Contracts issued.

Risks Related to the Guaranteed Maturity Fixed Account Option

Reliance on the Company's Financial Strength and Claims-Paying Ability. The Company's general obligations such as insurance and annuity obligations and any guaranteed benefits under the Contracts (including Guarantee Periods) are supported by our General Account and are subject to the Company's claims-paying ability. The Guaranteed Maturity Fixed Account Options is part of our General Account. Our General Account consists of our general assets other than those in segregated asset accounts. An Owner should look to the financial strength of the Company for its claims-paying ability. If we experience financial distress, we may not be able to meet our obligations to you. For more information about the Company, including our financial statements and risks related to the Company and its industry, see Appendix II.

Withdrawals and transfers may be subject to Market Value Adjustment. Withdrawals and transfers from Guaranteed Maturity Fixed Account Options may be subject to a Market Value Adjustment as set forth in this prospectus and in the applicable Contract's prospectus, in addition to any applicable Withdrawal Charges and/or federal and state income taxes, including a 10% federal tax penalty for distributions taken before age 59½. A Market Value Adjustment may also apply to amounts in the Guaranteed Maturity Fixed Account Options if we pay Death Proceeds or if the Payout Start Date begins on a day other than during the 30-day period after such Guaranteed Maturity Fixed Account Options expires. The Market Value Adjustment may be positive or negative, depending on changes in interest rates. As such, you bear the risk of loss due to a negative adjustment associated with changes in interest rates. See also "Market Value Adjustment Risk" below.

Market Value Adjustment Risk. A Market Value Adjustment may be positive or negative, depending on changes in interest rates. As such, you bear the risk of loss due to a negative adjustment associated with changes in interest rates. If interest rates increase from the first day of a Guarantee Period, the Market Value Adjustment could reduce the value of your investment to an amount that is less than the amount you invested in a Guarantee Period. Your losses could be significant. Any loss from a negative Market Value Adjustment will be greater if you also have to pay Withdrawal Charges, taxes, and/or tax penalties.

Declared Interest Rate Risk. We may declare new interest rates for new Guarantee Periods. We will not change the interest rate that we credit to a particular allocation until the end of the relevant Guarantee Period. We determine the interest rates to be declared in our sole discretion. We can neither predict nor guarantee what those rates will be in the future. For current interest rate information, please contact your representative or Lincoln Benefit at 1-800-457-7617.

Additional Information

Experts

The financial statements of Lincoln Benefit Life Company at December 31, 2024 and 2023, and for each of the three years in the period ended December 31, 2024, appearing in this Prospectus and Registration Statement have been audited by Ernst & Young LLP, independent registered public accounting firm, as set forth in their report thereon appearing elsewhere herein, and are included in reliance upon such report given on the authority of such firm as experts in accounting and auditing.

Legal Matters

Matters of Nebraska law pertaining to the Contract, including the validity of the Contract and our right to issue the Contract under Nebraska law, have been passed upon by Lamson Dugan & Murray LLP, Omaha, Nebraska.

Administration

We have primary responsibility for all administration of the Contracts and the Variable Account. We entered into an administrative services agreement with ELIC, formerly Allstate Life. ELIC entered into an administrative services agreement with The Prudential Insurance Company of America (“PICA”) pursuant to which PICA or an affiliate provides administrative services to the Variable Account and the Contracts on our behalf. In addition, PICA entered into a master services agreement with Zinnia, formerly SE2, LLC, of 5801 SW 6th Avenue, Topeka, Kansas 66636, whereby Zinnia provides certain business process outsourcing services with respect to the Contracts. Zinnia may engage other service providers to provide certain administrative functions. These service providers may change over time, and as of December 31, 2024, consisted of the following: Donnelley Financial Solutions, formerly an RR Donnelley company (compliance printing and mailing) located at 35 West Wacker Drive, Chicago, IL 60601; Iron Mountain Information Management, LLC (file storage and document destruction) located at 1 Federal Street, Boston, MA 02110; O'Neil Digital Solutions, LLC (printing services) located at 3100 E

Plano Pkwy Plano, TX, 75074-7423; SOVOS Compliance (withholding calculations and tax statement mailing) located at 3650 Annapolis Lane, Suite 190, Plymouth, MN 55447; Records Center of Topeka, a division of Underground Vaults & Storage, Inc. (back-up tapes storage) located at 1540 NW Gage Blvd. #6, Topeka, KS 66618; Venio LLC, d/b/a Keane (lost shareholder search) located at PO Box 1508, Southeastern, PA 19399-1508; Broadridge Customer Communications Central, LLC (printing and mailing anniversary statements, financial confirmations, automated letters and quarterly statements) located at 2600 Southwest Blvd., Kansas City, MO 64108; NTT DATA Inc. (offshore, onshore, and nearshore) information and technology infrastructure support; application development, and application maintenance and support and staff augmentation) located at 7950 Legacy Drive, Suite 900, Plano, TX 75024.

In administering the Contracts, the following services are provided, among others:

•maintenance of Contract Owner records;

•Contract Owner services;

•calculation of unit values;

•maintenance of the Variable Account; and

•preparation of Contract Owner reports.

We will send you Contract statements at least annually. We will also send you transaction confirmations. You should notify us promptly in writing of any address change. You should read your statements and confirmations carefully and verify their accuracy. You should contact us promptly if you have a question about a periodic statement or a confirmation. We will investigate all complaints and make any necessary adjustments retroactively, but you should notify us of a potential error as soon as possible after the date of the questioned statement. If you wait too long, we will make the adjustment as of the date that we receive notice of the potential error. Correspondence you send by regular mail to our service center should be sent to P.O. Box 758543, Topeka, KS 66675-8566. Your correspondence will be picked up at this address and then delivered to our service center. Your correspondence is not considered received by us until it is received at our service center. Where this prospectus refers to the day when we receive a purchase payment, request, election, notice, transfer or any other transaction request from you, we mean the day on which that item (or the last requirement needed for us to process that item) arrives in Good Order at our service center or via the appropriate telephone or fax number if the item is a type we accept by those means. There are two main exceptions: if the item arrives at our service center (1) on a day that is not a business day, or (2) after the close of a business day, then, in each case, we are deemed to have received that item on the next business day.

We will also provide you with additional periodic and other reports, information and prospectuses as may be required by federal securities laws.

Reliance on Rule 12h-7

Rule 12h-7 under the Exchange Act exempts an insurance company from filing reports under the Exchange Act when the insurance company issues certain types of insurance products that are registered under the Securities Act of 1933 and such products are regulated under state law. The Guaranteed Maturity Fixed Account Options described in this prospectus qualify for the exemption provided under Rule 12h-7. The Company relies on the exemption provided under Rule 12h-7 with respect to the offering of the Guaranteed Maturity Fixed Account Option described in this prospectus and, due to the exemption, does not file reports under the Exchange Act.

Appendix I: Market Value Adjustment Examples

Consultant I Variable Annuities


Purchase Payment:			$40,000.00
Guarantee Period:			5 years
Guaranteed Interest Rate:			5% Annual Effective Rate
5-year Treasury Rate at Time of Purchase Payment:			6%

The following examples illustrate how the Market Value Adjustment and the Withdrawal Charge may affect the values of a Contract upon a withdrawal. The 5% assumed Guaranteed Interest Rate is the rate required to be used in the “Summary of Expenses.” In these examples, the withdrawal occurs one year after the Issue Date. The Market Value Adjustment operates in a similar manner for transfers, except that there is no free amount for transfers. No Withdrawal Charge applies to transfers.

Assuming that the entire $40,000.00 Purchase Payment is allocated to the Guaranteed Maturity Fixed Account for the Guarantee Period specified above, at the end of the five-year Guarantee Period the Contract Value would be $51,051.26. After one year, when the withdrawals occur in these examples, the Contract Value would be $42,000.00. We have assumed that no prior partial withdrawals or transfers have occurred.

The Market Value Adjustment and the Withdrawal Charge only apply to the portion of a withdrawal that is greater than the Free Withdrawal Amount. Accordingly, the first step is to calculate the Free Withdrawal Amount.

The Free Withdrawal Amount is equal to:

(a) the greater of:

• earnings not previously withdrawn; or
• 15% of your total Purchase Payments in the most recent seven years; plus

(b) an amount equal to your total Purchase Payments made more than seven years ago, to the extent not previously withdrawn.

Here, (a) equals $6,000.00, because 15% of the total Purchase Payments in the most recent seven years ($6,000.00 = 15% × $40,000.00) is greater than the earnings not previously withdrawn ($2,000.00). (b) equals $0, because all of the Purchase Payments were made less than seven years age. Accordingly, the Free Withdrawal Amount is $6,000.00.

The formula that we use to determine the amount of the Market Value Adjustment is:

.9 × (I - J) × N

where: I = the Treasury Rate for a maturity equal to the relevant Guarantee Period for the week preceding the beginning of the Guarantee Period;

J = the Treasury Rate for a maturity equal to the relevant Guarantee Period for the week preceding our receipt of your withdrawal request, death benefit request, transfer request, or annuity option request; and

N = the number of whole and partial years from the date we receive your request until the end of the relevant Guarantee Period.

We will base the Market Value Adjustment on the current Treasury Rate for a maturity corresponding in length to the relevant Guarantee Period. These examples also show the Withdrawal Charge (if any), which would be calculated separately from the Market Value Adjustment.

Example of a Downward Market Value Adjustment:

A downward Market Value Adjustment results from a full or partial withdrawal that occurs when interest rates have increased. Assume interest rates have increased one year after the Purchase Payment, such that the five-year Treasury Rate is now 6.5%. Upon a withdrawal, the market value adjustment factor would be:

.9 × (.06 - .065) × 4 = -.0180

The Market Value Adjustment is a reduction of $648.00 from the amount withdrawn:

$ - 648.00 = -.0180 × ($42,000.00 - $6,000.00)

A Withdrawal Charge of 7% would be assessed against the Purchase Payments withdrawn that are less than seven years old and are not eligible for free withdrawal. Under the Contract, earnings are deemed to be withdrawn before Purchase Payments. Accordingly, in this example, the amount of the Purchase Payment eligible for free withdrawal would equal the Free Withdrawal Amount less the interest credited or $4,000.00 ($6,000.00 - $2,000.00).

Therefore, the Withdrawal Charge would be:

$2,520.00 = 7% × (40,000.00 - $4,000.00)

As a result, the net amount payable to you would be:

$38,832.00 = $42,000.00-$648.00 - $2,520.00

Example of an Upward Market Value Adjustment:

An upward Market Value Adjustment results from a withdrawal that occurs when interest rates have decreased. Assume interest rates have decreased one year after the Purchase Payment, such that the five-year Treasury Rate is now 5.5%. Upon a withdrawal, the market value adjustment factor would be:

.9 × (.06 - .055) × 4 = .0180

The Market Value Adjustment would increase the amount withdrawn by $648.00, as follows:

$648.00 = .0180 × ($42,000.00 - $6,000.00)

As above, in this example, the amount of the Purchase Payment eligible for free withdrawal would equal the Free Withdrawal Amount less the interest credited or $4,000.00 ($6,000.00 - $2,000.00). Therefore, the Withdrawal Charge would be:

$2,520.00 = 7% × ($40,000.00 - $4,000.00)

As a result, the net amount payable to you would be:

$40,128.00 = $42,000.00 + $648.00 - $2,520.00

Example of a Partial Withdrawal:

If you request a partial withdrawal from a Guarantee Period, we can either (1) withdraw the specified amount of Contract Value and pay you that amount as adjusted by any applicable Market Value Adjustment or (2) pay you the amount requested, and subtract an amount from your Contract Value that equals the requested amount after application of the Market Value Adjustment and Withdrawal Charge. Unless you instruct us otherwise, when you request a partial withdrawal we will assume that you wish to receive the amount requested. We will make the necessary calculations and on your request provide you with a statement showing our calculations.

For example, if in the first example you wished to receive $20,000.00 as a partial withdrawal, the Market Value Adjustment and

Withdrawal Charge would be calculated as follows:

Let: AW = the total amount to be withdrawn from your Contract Value

MVA = Market Value Adjustment

WC = Withdrawal Charge

AW’ = amount subject to Market Value Adjustment and Withdrawal Charge

Then AW -$20,000.00 = WC - MVA

Since neither the Market Value Adjustment nor the Withdrawal Charge apply to the free withdrawal amount, we can solve directly for

the amount subject to the Market Value Adjustment and the Withdrawal Charge (i.e., AW’), which equals AW - $6,000.00. Then, AW =

AW’ + $6,000, and AW’ + $6,000.00 - $20,000.00 = WC - MVA.


MVA	=	-.018 x AW'
WC	=	.07 x AW'
WC - MVA	=	.088AW'
AW' - $14,000.00	=	.088AW'
AW'	=	$14,000.00 / (1 - .088) = $15,350.88
MVA	=	-.018 x $15,350.88 = - $276.32
WC	=	.07 x $15,350.88 = $1,074.56

AW = Total amount withdrawn = $15,350.88 + $6,000.00 = $21,350.88

You receive $20,000.00; the total amount subtracted from your contract is $21,350.88; the Market Value Adjustment is $276.32; and

the Withdrawal Charge is $1,074.56. Your remaining Contract Value is $20,649.12.

If, however, in the same example, you wished to withdraw $20,000.00 from your Contract Value and receive the adjusted amount, the

calculations would be as follows:

By definition, AW = total amount withdrawn from your Contract Value = $20,000.00


AW'	=	amount that MVA & WC are applied to
	=	amount withdrawn in excess of Free Amount = $20,000.00 - $6,000.00 = $14,000.00
MVA	=	-.018 x $14,000.00 = - $252.00
WC	=	.07 x $14,000.00 = $980.00

You would receive $20,000.00 - $252.00 - $980.00 = $18,768.00; the total amount subtracted from your Contract Value is $20,000.00.

Your remaining Contract Value would be $22,000.00.

Example of Free Withdrawal Amount

Assume that in the foregoing example, after four years $8,620.25 in interest had been credited and that the Contract Value in the Fixed

Account equaled $48,620.25. In this example, if no prior withdrawals have been made, you could withdraw up to $8,620.25 without

incurring a Market Value Adjustment or a Withdrawal Charge. The Free Withdrawal Amount would be $8,620.25, because the interest

credited ($8,620.25) is greater than 15% of the Total Purchase Payments in the most recent seven years ($40,000.00 × .15 = $6,000.00).

Consultant II Variable Annuities


Purchase Payment:			$40,000.00
Guarantee Period:			5 years
Guaranteed Interest Rate:			5% Annual Effective Rate
5-year Treasury Rate at Time of Purchase Payment:			6%

The formula that we use to determine the amount of the Market Value Adjustment is:

.9 × (I - J) × N

where: I = the Treasury Rate for a maturity equal to the relevant Guarantee Period for the week preceding the beginning of the Guarantee Period;

N = the number of whole and partial years from the date we receive your request until the end of the relevant Guarantee Period.

We will base the Market Value Adjustment on the current Treasury Rate for a maturity corresponding in length to the relevant Guarantee Period.

Example of a Downward Market Value Adjustment:

A downward Market Value Adjustment results from a full or partial withdrawal that occurs when interest rates have increased. Assume interest rates have increased one year after the Purchase Payment, such that the five-year Treasury Rate is now 6.5%. Upon a withdrawal, the market value adjustment factor would be:

.9 × (.06 - .065) × 4 = -.0180

The Market Value Adjustment is a reduction of $756.00 from the amount withdrawn:

$ - 756.00 = -.0180 × $42,000.00

As a result, the net amount payable to you would be:

$41,244.00 = $42,000.00-$756.00

.9 × (.06 - .055) × 4 = .0180 (1)

The Market Value Adjustment would increase the amount withdrawn by $756.00, as follows:

$756.00 = .0180 × $42,000.00

(1) Actual calculation utilizes ten decimal places.

Example of a Partial Withdrawal:

If you request a partial withdrawal from a Guarantee Period, we can either (1) withdraw the specified amount of Contract Value and pay you that amount as adjusted by any applicable Market Value Adjustment or (2) pay you the amount requested, and subtract an amount from your Contract Value that equals the requested amount after application of the Market Value Adjustment. Unless you instruct us otherwise, when you request a partial withdrawal we will assume that you wish to receive the amount requested. We will make the necessary calculations and on your request provide you with a statement showing our calculations.

For example, if in the first example you wished to receive $20,000.00 as a partial withdrawal, we would perform the following calculations:


Let:	A	=	the amount to be withdrawn from your Contract Value; and
	B	=	the amount of the applicable Market Value Adjustment
Then	A+B	=	$20,000.00

-.0180 x A = B

A = $20,000.00/(1-.0180) = $20,366.60

Accordingly, we would pay you $20,000.00 and subtract $20,366.60 from your Contract Value. The Market Value Adjustment would be a subtraction of $366.60.

If, however, in the same example, you wished to withdraw $20,000.00 from your Contract Value and receive the adjusted amount, we would perform the following calculations:


Let:	A	=	the amount to be paid to you; and
	B	=	the amount of the applicable Market Value Adjustment
Then $20,000.00 + B = A

-.0180 X $20,000.00 = $-360.00 = B
and A = $20,000.00 - $360.00 = $19,640.00

Accordingly, we would pay you $19,640.00 and subtract $20,000.00 from your Contract Value. The Market Value Adjustment would be a subtraction of $360.00.

Premier Planner Variable Annuities


Purchase Payment:			$40,000.00
Credit Enhancement:			1,600.00
Guarantee Period:			5 years
Guaranteed Interest Rate:			5% Annual Effective Rate
5-year Treasury Rate at Time of Purchase Payment:			6%

The following examples illustrate how the Market Value Adjustment and the Withdrawal Charge may affect the values of a Contract upon a withdrawal. The 5% assumed Guaranteed Interest Rate is the rate required to be used in the “Summary of Expenses.” In these examples, the withdrawal occurs one year after (in the second Contract Year) the Issue Date. The Market Value Adjustment operates in a similar manner for transfers, except that there is no free amount for transfers. No Withdrawal Charge applies to transfers.

Assuming that the entire $40,000.00 Purchase Payment and $1,600.00 Credit Enhancement are allocated to the Guaranteed Maturity Fixed Account for the Guarantee Period specified above, at the end of the five-year Guarantee Period the Contract Value would be $53,093.31. After one year, when the withdrawals occur in these examples, the Contract Value would be $43,680.00. We have assumed that no prior partial withdrawals or transfers have occurred.

The Market Value Adjustment and the Withdrawal Charge only apply to the portion of a withdrawal that is greater than the Free Withdrawal Amount. Accordingly, the first step is to calculate the Free Withdrawal Amount.

The Free Withdrawal Amount is equal to:

(a) the greater of:

• earnings not previously withdrawn; or
• 15% of your total Purchase Payments in the most recent seven years; plus

(b) an amount equal to your total Purchase Payments made more than eight years ago, to the extent not previously withdrawn.

Here, (a) equals $6,000.00, because 15% of the total Purchase Payments in the most recent eight years ($6,000.00 = 15% × $40,000.00) is greater than the earnings not previously withdrawn ($3,680.00). (b) equals $0, because all of the Purchase Payments were made less than eight years age. Accordingly, the Free Withdrawal Amount is $6,000.00.

The formula that we use to determine the amount of the Market Value Adjustment is:

.9 × (I - J) × N

where: I = the Treasury Rate for a maturity equal to the relevant Guarantee Period for the week preceding the beginning of the Guarantee Period;

N = the number of whole and partial years from the date we receive your request until the end of the relevant Guarantee Period.

.9 × (.06 - .065) × 4 = -.0180

The Market Value Adjustment is a reduction of $678.24 from the amount withdrawn:

$ - 678.24 = -.0180 × ($43,680.00 - $6,000.00)

A Withdrawal Charge of 7% (assuming the Withdrawal occurs at the start of the second Contract year) would be assessed against the Purchase Payments withdrawn that are less than eight years old and are not eligible for free withdrawal. Under the Contract, earnings are deemed to be withdrawn before Purchase Payments. Accordingly, in this example, the amount of the Purchase Payment eligible for free withdrawal would equal the Free Withdrawal Amount less the interest credited or $2,320.00 ($6,000.00 - $3,680.00).

Therefore, the Withdrawal Charge would be:

$2,637.60 = 7% × (40,000.00 - $2,320.00)

As a result, the net amount payable to you would be:

$40,364.16 = $43,680.00-$678.24 - $2,637.60

.9 × (.06 - .055) × 4 = .0180

The Market Value Adjustment would increase the amount withdrawn by $648.00, as follows:

$678.24 = .0180 × ($43,680.00 - $6,000.00)

As above, in this example, the amount of the Purchase Payment eligible for free withdrawal would equal the Free Withdrawal Amount less the interest credited or $2,320.00 ($6,000.00 - $3,680.00). Therefore, the Withdrawal Charge would be:

$2,637.60 = 7% × ($40,000.00 - $2,320.00)

As a result, the net amount payable to you would be:

$41,720.64 = $43,680.00 + $678.24 - $2,637.60

For example, if in the first example you wished to receive $20,000.00 as a partial withdrawal, the Market Value Adjustment and

Withdrawal Charge would be calculated as follows:

Let: AW = the total amount to be withdrawn from your Contract Value

MVA = Market Value Adjustment

WC = Withdrawal Charge

AW’ = amount subject to Market Value Adjustment and Withdrawal Charge

Then AW - $20,000.00 = WC - MVA

Since neither the Market Value Adjustment nor the Withdrawal Charge apply to the free withdrawal amount, we can solve directly for the amount subject to the Market Value Adjustment and the Withdrawal Charge (i.e., AW’), which equals AW - $6,000.00. Then, AW = AW’ + $6,000, and AW’ + $6,000.00 - $20,000.00 = WC - MVA.


MVA	=	-.018 x AW'
WC	=	.07 x AW'
WC - MVA	=	.088AW'
AW' - $14,000.00	=	.088AW'
AW'	=	$14,000.00 / (1 - .088) = $15,350.88
MVA	=	-.018 x $15,350.88 = - $276.32
WC	=	.07 x $15,350.88 = $1,074.56

AW = Total amount withdrawn = $15,350.88 + $6,000.00 = $21,350.88

You receive $20,000.00; the total amount subtracted from your contract is $21,350.88; the Market Value Adjustment is $276.32; and the Withdrawal Charge is $1,074.56. Your remaining Contract Value is $20,649.12.

If, however, in the same example, you wished to withdraw $20,000.00 from your Contract Value and receive the adjusted amount, the calculations would be as follows:

By definition, AW = total amount withdrawn from your Contract Value = $20,000.00


AW'	=	amount that MVA & WC are applied to
	=	amount withdrawn in excess of Free Amount = $20,000.00 - $6,000.00 = $14,000.00
MVA	=	-.018 x $14,000.00 = - $252.00
WC	=	.07 x $14,000.00 = $980.00

You would receive $20,000.00 - $252.00 - $980.00 = $18,768.00; the total amount subtracted from your Contract Value is $20,000.00.

Your remaining Contract Value would be $22,000.00.

Example of Free Withdrawal Amount

Assume that in the foregoing example, after four years $10,565.06 in earnings; including the Credit Enhancement had been credited and that the Contract Value in the Fixed Account equaled $50,565.06. In this example, if no prior withdrawals have been made, you could withdraw up to $10,565.06 without incurring a Market Value Adjustment or a Withdrawal Charge. The Free Withdrawal Amount would be $10,565.06, because the interest credited ($10,565.06) is greater than 15% of the Total Purchase Payments in the most recent eight years ($40,000.00 × .15 = $6,000.00).

APPENDIX II. INFORMATION ABOUT LINCOLN BENEFIT LIFE COMPANY

INDEX


	Page
Risk Factors Associated with Lincoln Benefit Life and its Industry		19
Description of Business		30
Description of Property		30
Legal Proceedings		31
Financial Statements and Notes to Financial Statements		32
Selected Financial Data		87
Management's Discussion and Analysis of Financial Condition and Results of Operations		88
Changes in or Disagreements with Accountants		100
Quantitative and Qualitative Disclosures About Market Risk		100
Directors and Executive Officers		100
Executive Compensation		101
Security Ownership of Certain Beneficial Owners and Management		102
Transactions with Related Persons, Promoters and Certain Control Persons		104

Risk Factors Associated with Lincoln Benefit Life and its Industry

LINCOLN BENEFIT LIFE RISK FACTORS

This document contains “forward-looking statements” that anticipate results based on our estimates, assumptions and plans that are subject to uncertainty. These statements are made subject to the safe-harbor provisions of the Private Securities Litigation Reform Act of 1995.

These forward-looking statements do not relate strictly to historical or current facts and may be identified by their use of words like “plans,” “seeks,” “expects,” “will,” “should,” “anticipates,” “estimates,” “intends,” “believes,” “likely,” “targets” and other words with similar meanings. These statements may address, among other things, our strategy for growth, investment results, regulatory approvals, market position, expenses, financial results, litigation and reserves. We believe that these statements are based on reasonable estimates, assumptions and plans. However, if the estimates, assumptions or plans underlying the forward-looking statements prove inaccurate or if other risks or uncertainties arise, actual results could differ materially from those communicated in these forward-looking statements. We assume no obligation to update any forward-looking statements as a result of new information or future events or developments.

In addition to the normal risks of business, we are subject to significant risks and uncertainties, including those listed below, which apply to us as an insurer. These risks constitute our cautionary statements under the Private Securities Litigation Reform Act of 1995 and readers should carefully review such cautionary statements as they identify certain important factors that could cause actual results to differ materially from those in the forward-looking statements and historical trends. These cautionary statements are not exclusive and are in addition to other factors discussed elsewhere in this document, in our filings with the SEC or in materials incorporated therein by reference.

Changes in actual experience could materially and adversely affect the Company’s financial condition.

Our liability pricing includes long-term assumptions regarding investment returns, mortality, morbidity, persistency and operating costs and expenses of our business. We establish target returns based upon these factors and the average amount of capital that we must hold to support in-force contracts taking into account rating agencies and regulatory requirements. Profitability emerges over a period of years depending on the nature and life of the product and is subject to variability as actual results may differ from pricing assumptions. Additionally, many of our products have fixed or guaranteed terms that limit our ability to increase revenues or reduce benefits, including credited interest, once the product has been issued.

Our financial condition depends in part on the adequacy of investment spreads, the management of market and credit risks associated with investments, the sufficiency of premiums and contract charges to cover mortality and morbidity benefits, the persistency of policies, and the management of operating costs and expenses within anticipated pricing allowances. We may face losses if there are significant deviations from our assumptions regarding the future persistency of our insurance policies and annuity contracts. The prices and expected future profitability of our life insurance, deferred annuity and long-term care products are based in part upon assumptions related to persistency. Economic and market dislocations may occur and future consumer persistency behaviors could vary materially from the past. The effect of persistency on profitability varies for different products. For example, continued activity in the viatical, stranger-owned, and/or life settlement industry could cause the Company’s level of lapses to differ from its assumptions, which could negatively impact the Company’s financial condition and cash flow. Assumptions and estimates involve judgment, and by their nature are imprecise and subject to changes and revisions over time. Accordingly, the Company’s results may be affected, positively or negatively, from time to time, by actual results differing from assumptions by changes in estimates, and by changes resulting from implementing new systems and procedures that facilitate the calculation of more precise estimates. Legislation and regulation of the insurance marketplace and products could also affect the profitability of our business, which in turn could adversely affect our financial condition.

Changes in reserve estimates may adversely affect our operating results.

We establish and hold reserves to pay future policy benefits and claims. The reserve for policy benefits is computed on a prescribed basis. Our reserves do not represent an exact calculation of liability, but rather are actuarial or statistical estimates based on data and models that include many assumptions and projections, which are inherently uncertain and involve the exercise of significant judgment. We periodically review the adequacy of these reserves and the underlying assumptions. We cannot, however, determine with precision the amounts that we will pay for, or the timing of payment of, actual benefits, claims and expenses or whether the assets supporting our policy liabilities, together with future premiums, will grow to the level assumed prior to the payment of benefits or claims. If actual experience differs significantly from assumptions or estimates, reserves may not be adequate. If we conclude that our reserves, together with future premiums, are insufficient to cover future policy benefits and claims, we would be required to increase our reserves and incur income statement charges for the period in which we make the determination, which could materially and adversely affect our cash flow, results of

operations and financial condition.

Changes in market interest rates and/or credit spreads may lead to a significant decrease in the profitability of our spread-based products and may adversely impact investment income.

We are subject to the risk that we will incur losses due to adverse changes in interest rates or credit spreads. Adverse changes to these rates and spreads may occur due to changes in fiscal policy and the economic climate, the liquidity of a market or market segment, insolvency or financial distress of key market makers or participants, or changes in market perceptions of creditworthiness and/or risk tolerance. We are subject to risks associated with potential declines in credit quality related to specific issuers or specific industries and a general weakening in the economy, which are typically reflected through credit spreads. Credit spread is the additional yield on fixed income securities above the risk-free rate (typically referenced as the yield on U.S. Treasury securities) that market participants require to compensate them for assuming credit, liquidity and/or prepayment risks. Credit spreads vary (i.e., increase or decrease) in response to the market’s perception of risk and liquidity in a specific issuer or specific sector and are influenced by the credit ratings, and the reliability of those ratings, published by external rating agencies. A decline in the quality of our investment portfolio as a result of changes in interest rates, adverse economic conditions or otherwise could cause additional realized and unrealized losses on securities in our investment portfolio. Similarly, a ratings downgrade affecting a security we hold could indicate the credit quality of that security has deteriorated and could increase the capital we must hold to support that security to maintain our risk-based capital levels. Levels of writedowns and impairments are impacted by intent to sell, or our assessment of the likelihood that we will be required to sell, fixed maturity securities. Realized losses or impairments on these securities may have a material adverse effect on our net income in a particular period, which in turn could materially and adversely affect our cash flow, results of operations and financial condition.

Our ability to manage our fixed annuities and interest-sensitive life products is dependent upon maintaining profitable spreads between investment yields and interest crediting rates. When market interest rates decrease or remain at relatively low levels, cash flows from renewal premium or investments that have matured or have been prepaid or sold may be reinvested at lower yields, reducing investment spread. Lowering interest crediting rates on some products in such an environment can partially offset decreases in investment yield. However, these changes could be limited by market conditions, regulatory minimum rates or contractual minimum rate guarantees on many contracts and may not match the timing or magnitude of changes in investment yields.

Decreases in the interest crediting rates offered on products could make those products less attractive, leading to changes in the level of policy loans, surrenders and withdrawals. This process may lead to a flow of cash out of our business. These outflows may require investment assets to be sold at a time when the prices of those assets are lower because of the increase in market interest rates, which may result in realized investment losses. For certain products, principally fixed annuity and interest-sensitive life products, the earned rate on assets could lag behind rising market yields. We may react to market conditions by increasing crediting rates, which could narrow spreads and reduce profitability on our business. Additionally, an increase in market interest rates or credit spreads could have an adverse effect on the value of our investment portfolio by decreasing the fair values of the fixed income securities that comprise a substantial majority of our investment portfolio. Increases in interest rates can also lead to increased surrenders at a time when fixed income investment asset values are lower due to the increase in interest rates. If the Company has to liquidate investments in order to fund surrenders, it could result in a loss that would adversely impact our financial results.

Guarantees within certain of our products may decrease our earnings, increase the volatility of our results, result in higher risk management costs and expose us to increased counterparty risk.

Certain of our products include guaranteed benefits. These guarantees are designed to protect contractholders against significant downturns in equity markets and interest rates. Any such periods of significant and sustained downturns in equity markets, increased equity volatility or reduced interest rates could result in an increase in the valuation of our liabilities associated with those products. An increase in these liabilities would result in a decrease in our net income. We use hedging and risk management strategies to mitigate the liability exposure and the volatility of net income associated with these liabilities. These strategies involve the use of reinsurance and derivatives, which may not be completely effective. In addition, hedging instruments may not effectively offset the costs of guarantees or may otherwise be insufficient in relation to our obligations. Furthermore, we are subject to the risk that changes in contractholder behavior or mortality, combined with adverse market events, produce economic losses not addressed by the risk management techniques employed. These, individually or collectively, may have a material adverse effect on our results of operations, including net income, cash flow, financial condition or liquidity.

We may not be able to mitigate the capital impact associated with statutory reinsurance reserving requirements, potentially adversely impacting the profitability of our business.

To support statutory reserves for certain term and universal life insurance products with secondary guarantees, we currently utilize reinsurance and capital markets solutions for financing a portion of our statutory reserve requirements deemed to be non-economic. If we are not able to maintain sufficient financing as a result of market conditions or otherwise, this could potentially adversely impact the profitability of our business, which could materially and adversely affect our financial condition, cash flow and results of operations.

Changes in tax laws and the interpretations thereof may decrease the profitability of our products and could adversely affect the Company.

The U.S. Congress has, from time to time, considered legislation that could increase or adversely impact the manner of taxing the products the Company sells and of calculating the amount of taxes paid by life insurance companies or other corporations, including the Company.

The attractiveness to the Company’s customers of many of the Company’s products may be due, in part, to favorable tax treatment. Current U.S. federal income tax laws generally permit the tax-deferred accumulation of earnings on the premiums paid by the holders of life insurance and annuity products. Taxes, if any, are payable generally on income attributable to a distribution under the contract for the year in which the distribution is made. Congress has, from time to time, considered legislation that could have the effect of reducing or eliminating the benefit of such income tax deferral of taxation or otherwise effect the taxation of life insurance or annuity products. As a result, demand for certain of the Company’s life insurance and annuity products that offer income tax deferral could be negatively impacted. To the extent that legislation is enacted in the future to reduce the tax deferred status of life insurance or annuity products, limit the exclusion of death benefits from income, or reduce the taxation of competing products, all life insurance companies, including ours, could be adversely affected. Likewise, reductions in individual tax rates could reduce the attractiveness of tax deferral to the Company’s potential customers.

The Company’s taxes could increase as a result of changes in laws or regulations or in the interpretation of applicable tax laws and regulations, and the value of deferred tax assets could be affected by the Company’s future earnings levels. Furthermore, changes in the taxation of life insurance and annuities could result in the surrender of some existing contracts and policies, which may affect our profitability and financial condition.

Regulations defining fiduciary could cause some changes to the manner in which we deliver products and services, as well as changes in the nature and amount of compensation and fees.

The Company may be impacted by rules regarding the standard of care applicable to sales of our products and the provision of advice to our customers. The U.S. Department of Labor ("DOL"), the Securities and Exchange Commission and the National Association of Insurance Commissioners (“NAIC”) have announced proposals to develop fiduciary standards that would apply to recommendations made by certain financial advisors. On April 25, 2024, the DOL adopted final rule amendments that broaden the circumstances under which fiduciary duties are imposed on financial services professionals under the Employee Retirement Income Security Act of 1974, as amended ("ERISA"), and also impose additional conditions on existing prohibited transaction exemptions (the "2024 Fiduciary Rule"). On July 29, 2024, the 2024 Fiduciary Rule was stayed by the U.S. District Court for the Eastern District of Texas. The DOL has appealed the ruling. Furthermore, several states have either issued their own fiduciary rules or are considering doing so and those rules may extend to certain types of products (e.g. insurance and annuities, financial planning, etc.) or may broadly cover all recommendations made by financial advisors.

Additionally, self-regulatory bodies such as the Certified Financial Planner Board are developing a fiduciary standard that would apply to their members, such as financial advisors who hold a Certified Financial Planner designation.

We cannot predict the final outcome of the pending litigation regarding the 2024 DOL Fiduciary Rule. Depending on the span and substance of any implemented fiduciary rules and regulations and timing of their applicability, the scope of any implementation could negatively impact the way we compensate our advisors or our business. Additionally, compliance with amendments to prohibited transactions exemptions, when fully phased in, would likely require additional supervision with the possibility of overlapping or competing requirements from other regulators and increase litigation risk, all of which could adversely impact our business, results of operations and/or financial condition.

The Company is dependent on the performance of others.

The Company relies on third parties to provide various services that are important to our business operations. Certain of these third parties may act on behalf of the Company or represent the Company in various capacities, including but not limited

to the administration of our contractholders’ activities or the management of our invested assets on a day-to-day basis. If a third party fails to perform its obligations or acts inappropriately with respect to the Company or its products, it could materially adversely affect the Company’s financial condition, results of operations and cash flows. Additionally, the Company’s operations are dependent on various technologies, some of which are provided and/or maintained by third parties. Any of the third parties that the Company depends upon may default on their services or obligations to the Company, including due to bankruptcy, insolvency, lack of liquidity, adverse economic conditions, operational failure, fraud or other reasons. Further, the Company may be held responsible for obligations that arise from the acts or omissions of these third parties. Such defaults could have a material adverse effect on the Company’s financial condition and results of operations.

If our internal controls are ineffective, our operating results could be adversely affected.

Our internal control over financial reporting may not prevent or detect misstatements because of its inherent limitations, including the possibility of human error, the circumvention or overriding of controls or fraud. Even effective internal controls can provide only reasonable assurance with respect to the preparation and fair presentation of financial statements. If we fail to maintain the adequacy of our internal controls, including any failure to implement required new or improved controls, or if we experience difficulties in their implementation, our business and operating results could be harmed and we could fail to meet our financial reporting obligations.

If our estimates or judgments relating to our critical accounting policies prove to be incorrect, our operating results could be adversely affected.

The preparation of financial statements in conformity with statutory accounting principles requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. We base our estimates on historical experience and on various other assumptions that we believe to be reasonable under the circumstances, as provided in “Management’s Discussion and Analysis of Financial Condition and Results of Operations.” The results of these estimates form the basis for making judgments about the carrying values of assets, liabilities and equity, and the amount of revenue and expenses that are not readily apparent from other sources. Our operating results may be adversely affected if our assumptions change or if actual circumstances differ from those in our assumptions, which could cause our operating results to fall below our expectations.

We may be unable to retain our highly qualified employees.

Our business depends on our ability to attract, motivate and retain highly skilled and often highly specialized technical, actuarial, managerial and executive personnel, and there is no assurance that we will be able to do so. We compete with other financial services companies for employees primarily on the basis of compensation and financial position. Our reputation, operations and internal controls could be materially adversely affected if we are unsuccessful in recruiting and retaining highly qualified employees.

Risks Relating to Investments

The determination of the fair value of our fixed income securities is subjective and could materially impact our operating results and financial condition.

In determining fair values, we principally use the market approach which utilizes market transaction data for the same or similar instruments. The degree of management judgment involved in determining fair values is inversely related to the availability of market observable information. The fair value of assets may differ from the actual amount received upon sale of an asset in an orderly transaction between market participants at the measurement date. While we update our assumptions on a regular basis as conditions change and new information becomes available, our conclusions may ultimately prove to be incorrect as circumstances change. Moreover, the use of different valuation assumptions may have a material effect on the assets’ fair values. Changing market conditions could materially affect the determination of the fair value of securities and unrealized net capital gains and losses could vary significantly, which could materially and adversely affect our cash flows.

Concentration of our investment portfolio in any particular segment of the economy may have adverse effects on our operating results and financial condition.

Our investment portfolio is and may in the future be concentrated in a certain industry, collateral type, group of related industries, geographic sector or risk type. See “Management’s Discussion and Analysis of Financial Condition and Results of Operations — Results of Operations — Debt securities by Industry” and “— Commercial Mortgage Loans.” Any such current or future concentrations could have an adverse effect on our investment portfolio and consequently on our results of operations and financial condition. Events or developments that have a negative impact on any particular industry, group of related

industries or geographic region may have a greater adverse effect on the investment portfolio to the extent that the portfolio is concentrated, rather than diversified.

The determination of the amount of other-than-temporary-impairments of our investments is subjective and could materially impact our operating results and financial condition.

The determination of the amount of realized capital losses recorded for impairments varies by investment type and is based on our ongoing evaluation and assessment of known and inherent risks associated with the respective asset class. Such evaluations and assessments are revised as conditions change and new information becomes available. We update our evaluations regularly and reflect changes in other-than-temporary impairments in our results of operations. The assessment of whether other-than-temporary impairments have occurred is based on our case-by-case evaluation of the underlying reasons for the decline in fair value. We define fair value generally as the price that would be received to sell an asset or paid to transfer a liability. Our conclusions on such assessments are judgmental and include assumptions and projections of future cash flows which may ultimately prove to be incorrect as assumptions, facts and circumstances change. Furthermore, historical trends may not be indicative of future impairments and additional impairments may need to be recorded in the future.

Defaults or deteriorating credit of securities collateralized by residential and commercial mortgage loans, and collateralized corporate loans may lead to write-downs and impact our results of operations and financial condition.

Changes in residential or commercial mortgage delinquencies, loss severities or recovery rates, declining residential or commercial real estate prices, corporate loan delinquencies or recovery rates, changes in credit or bond insurer strength ratings and the quality of service provided by service providers on securities in our portfolio could lead us to determine that write-downs are necessary in the future, and could materially adversely affect our cash flow, results of operations and financial condition. See “Management’s Discussion and Analysis of Financial Condition and Results of Operations — Results of Operations — Commercial Mortgage Loans.”

Our investment strategies may not adequately protect against adverse developments in the financial markets.

While our investment management strategies are designed to protect asset value even in challenging market conditions, the Company cannot guarantee that such strategies would be successful, especially if there are unexpected developments in the financial markets. Slowing of global growth, tightening monetary policy in the U.S. (e.g., changes in federal government spending), the imposition of new international trade policies, and increasing political uncertainty remain key challenges for domestic and foreign markets. There may be a limited market for certain investments we hold in our investment portfolio, making them relatively illiquid. These include corporate bonds, privately-placed fixed maturity securities, mortgage loans and policy loans. If we were forced to sell certain of our investments during periods of market volatility or disruption, market prices may be lower than our carrying value in such investments, which may increase the risk of loss on our investments. Even in the absence of a market downturn, we are exposed to substantial risk of loss due to market volatility.

Uncertainty around the discontinuation of the London Inter-bank Offered Rate ("LIBOR") and the adoption of alternative benchmarks may adversely affect the value of the Company’s investment portfolio, the value of embedded derivatives and the Company’s ability to issue funding agreements.

All USD LIBOR rates were discontinued after June 30, 2023, and LIBOR was permanently discontinued on September 30, 2024. This marked the end of a transition period away from LIBOR that began in 2021. The U.S. Federal Reserve, based on the recommendations of the Alternative Reference Rates Committee (constituted of major derivative market participants and their regulators), has identified the Secured Overnight Funding Rate ("SOFR") as the rate that represents best practice for use in certain new USD derivatives and other financial contracts, and replaces U.S. dollar LIBOR. Existing LIBOR obligations have or will transition to another benchmark, such as SOFR, or another reference rate. Following the discontinuation of LIBOR, many of the Company's investments must reset to an alternative rate. Uncertainty as to the nature and use of alternative reference rates or other reforms may adversely affect the trading market for LIBOR-based securities, including those held in the Company’s investment portfolio or used in the valuation of certain embedded derivatives.

The transition from LIBOR represented one of the most complex shifts in the international financial market infrastructure ever required. The full consequences of the LIBOR discontinuation and the adoption of alternative benchmarks, and resulting effect on financial markets may still be unclear. Such reset could adversely affect the Company’s current asset liability strategies. The establishment of alternative reference rates or implementation of any other potential changes relating to the discontinuation of LIBOR may adversely affect the Company’s reserves, net investment income and cost of capital. Furthermore, the Company may experience operational, systems, and other difficulties transitioning our existing business to a replacement rate. The Company is continuing to evaluate the impact of the transition from LIBOR and the establishment of an alternative rate, and the Company cannot predict what impact any such changes may have on the Company’s business, results of operations and financial condition.

Risks Relating to the Insurance Industry

Difficult conditions in the global economy and capital markets generally could adversely affect our business and operating results.

Our business and results of operations are materially affected by conditions in the global capital markets and the economy generally. Stressed conditions, volatility and disruptions in global capital markets, particular markets, or financial asset classes can have an adverse effect on us, in part because we have a large investment portfolio and certain of our insurance liabilities are sensitive to changing market factors. Market factors, including, but not limited to, interest rates, credit spreads, equity prices, real estate markets, consumer spending, business investment, supply chain disruption, government spending, national and international political instability, international trade relations, the volatility and strength of the capital markets, and deflation and inflation, all affect the business and economic environment and, ultimately, the amount and profitability of our business. Disruptions in one market or asset class can also spread to other markets or asset classes. Upheavals in the financial markets can also affect our business through their effects on general levels of economic activity, employment and customer behavior. Financial markets have also been affected periodically by concerns over fiscal policy. These issues could, on their own, or combined with the possible slowing of the global economy generally, have severe repercussions to the U.S. and global credit and financial markets, further exacerbate concerns over sovereign debt of other countries and disrupt economic activity in the U.S. and elsewhere.

General economic conditions could also adversely affect us in the form of consumer behavior and pressure investment results. Holders of some of our interest-sensitive life insurance and annuity products may engage in an elevated level of discretionary withdrawals of contractholder funds. Our contractholders may choose to defer paying insurance premiums or stop paying insurance premiums altogether. Our investment results could be adversely affected as deteriorating financial and business conditions affect the issuers of the securities in our investment portfolio.

Losses from legal and regulatory actions may be material to our operating results or cash flows and may result in harm to our reputation.

We are involved in various legal actions in the ordinary course of business, which may include class action litigation, challenging company practices and challenging policies and contracts issued by the Company. Some of these matters may involve claims for substantial amounts or amounts which cannot be predicted with certainty. We are also subject to various regulatory actions and inquiries, such as information requests, market conduct examinations and books and record examinations from state and federal regulators and other authorities. A substantial legal liability or significant regulatory action against us, as well as regulatory inquiries or investigations, could harm our reputation, result in material fines or penalties, result in significant legal costs and otherwise have a material adverse effect on our business, financial condition and results of operations. Even if we ultimately prevail in the litigation, regulatory actions or investigation, our ability to retain our current contractholders and recruit and retain employees could be materially and adversely impacted. In addition, in some class action and other lawsuits, financial services companies have made material settlement payments. The Company may incur substantial defense costs, settlements or judgments in any such future claims or actions, which could adversely affect the Company’s business and results of operations.

We are subject to extensive regulation and potential further restrictive regulation may increase our operating costs.

As an insurance company, we are subject to extensive laws and regulations.

The extent of regulation varies, but generally the Company is governed by state statutes. These statutes delegate regulatory, supervisory and administrative authority to state insurance departments. This system of supervision and regulation covers, among other things, standards of minimum capital requirements and solvency, including risk-based capital measurements, restrictions on certain transactions, licensing status, reserving, payment of policy benefits, etc. State insurance regulators and the NAIC regularly re-examine existing laws and regulations applicable to insurance companies and their products. Changes in these laws and regulations, or in interpretations thereof, sometimes lead to additional expense for the insurer and, thus, could have a material adverse effect on our financial condition and results of operations.

Regulatory authorities have relatively broad discretion to grant, renew or revoke licenses and approvals. If we do not have the requisite licenses and approvals or do not comply with applicable regulatory requirements, the insurance regulatory authorities could preclude or temporarily suspend us from carrying on some or all of our activities or impose substantial fines. Further, insurance regulatory authorities have relatively broad discretion to issue orders of supervision, which permit such authorities to supervise the business and operations of an insurance company.

Failure of the Company to maintain its licenses in each jurisdiction could have a material adverse effect on our results of operations or financial condition.

As an insurance company with separate accounts that are regulated as investment companies and insurance contracts registered as securities under the federal securities laws, we are also subject to laws and regulations administered and enforced by a number of federal and states governmental authorities, each of which exercises a degree of interpretive latitude, including state insurance regulators, state securities administrators, state attorneys general, and federal agencies including the SEC, FINRA and the U.S. Department of Justice. Failure to comply with these laws and regulations could result in material fines or other penalties, as well as unexpected costs in remedying any such failure. In addition, we are subject to the risk that compliance with any particular regulator’s or enforcement authority’s interpretation of a legal issue may not result in compliance with another’s interpretation of the same issue. Further, there is risk that any particular regulator’s or enforcement authority’s interpretation of a legal issue may change over time to our detriment, or that changes in the overall legal environment may, even absent any particular regulator’s or enforcement authority’s interpretation of a legal issue, result in material fines or penalties or increased costs, which could in turn negatively impact our financial condition, cash flow and results of operations.

Regulatory reforms, and the more stringent application of existing regulations, may make it more expensive for us to conduct our business and increase our capital requirements.

In 2010, the federal government enacted comprehensive regulatory reforms for financial services entities through the Dodd-Frank Wall Street Reform and Consumer Protection Act. As part of a larger effort to strengthen the regulation of the financial services market, certain reforms were applicable to the insurance industry, including the oversight of the Federal Insurance Office (“FIO”) established within the Treasury Department.

We can make no assurances regarding the potential impact of state or federal measures that may change the nature or scope of insurance and financial regulation. Regulatory reforms and legislative changes or regulatory requirements imposed upon us in connection with the federal government’s regulatory reform of the financial services industry, and any more stringent enforcement of existing regulations by federal authorities, may make it more expensive for us to conduct our business.

The Company is subject to insurance guaranty fund laws, rules and regulations that could adversely affect the Company’s financial condition or results of operations.

Under insurance guaranty fund laws in most states, insurance companies doing business therein can be assessed up to prescribed limits for contractholder or policyholder losses incurred by insolvent companies. From time to time, companies may be asked to contribute amounts beyond prescribed limits. It is possible that the Company could be assessed with respect to product lines not offered by the Company. In addition, legislation may be introduced in various states with respect to guaranty fund assessment laws related to insurance products, including long term care insurance and other specialty products, that alters future premium tax offsets received in connection with guaranty fund assessments. The Company cannot predict the amount, nature or timing of any future assessments or legislation, any of which could have a material and adverse impact on the Company’s financial condition or results of operations.

Reinsurance may be unavailable at current levels and prices.

Market conditions beyond our control impact the availability and cost of the reinsurance we secure to lessen our risk with respect to the contracts and policies we have issued. No assurances can be made that reinsurance will remain continuously available to us to the same extent and on the same terms and rates as is currently available. We review retention limits for continued appropriateness and they may be changed in the future. Prolonged or severe adverse mortality or morbidity experience could result in increased reinsurance costs or, ultimately, reinsurers unwilling to offer coverage. If we were unable to renew or purchase reinsurance protection in amounts that we consider sufficient and at prices that we consider acceptable, we may have to accept an increase in risk exposure, seek other alternatives, or accept reduced profitability.

Reinsurance subjects us to the credit risk of our reinsurers and may not be adequate to protect us against losses arising from ceded insurance, which could have a material effect on our operating results.

The collectability of reinsurance recoverables is subject to uncertainty arising from a number of factors, including changes in market conditions, whether insured losses meet the qualifying conditions of the reinsurance contract and whether reinsurers, or their affiliates, have the financial capacity and willingness to make payments under the terms of a reinsurance treaty or contract. While we aim to avoid overexposure by entering into reinsurance agreements with varied counterparties, the liabilities for certain products, including the Contracts, are reinsured exclusively to one or a small group of reinsurers. Our

inability to collect a material recovery from one or more reinsurers could have a material adverse effect on our operating results, financial condition and cash flows.

Adverse capital and credit market conditions may significantly affect our ability to meet liquidity needs or our ability to obtain credit on acceptable terms.

In periods of extreme volatility and disruption in the capital and credit markets, liquidity and credit capacity may be severely restricted. In such circumstances, our ability to obtain capital to fund operating expenses, financing costs, satisfy statutory capital requirements and meet liquidity needs may be limited. Our access to additional financing will depend on a variety of factors such as market conditions, the general availability of credit, the overall availability of credit to our industry, our credit ratings and credit capacity, as well as lenders’ perception of our long- or short-term financial prospects. Similarly, our access to funds may be impaired if regulatory authorities or rating agencies take negative actions against us. If a combination of these factors were to occur, our internal sources of liquidity may prove to be insufficient, and in such case, we may not be able to successfully obtain additional financing on favorable terms. Our results of operations, financial condition, cash flows and statutory capital position could be materially adversely affected by disruptions in the capital markets.

A downgrade or a potential downgrade in our financial strength or credit rating could result in a loss of business and materially affect our financial condition and results of operations.

Financial strength ratings are published by various Nationally Recognized Statistical Rating Organizations (“NRSRO”) and similar entities not formally recognized as NRSROs. They indicate the NRSROs’ opinion regarding an insurance company’s ability to meet contractholder obligations and can be important to maintaining public confidence in our products and our competitive position.

In view of the difficulties experienced by many financial institutions as a result of the 2008 and 2020 financial crises and ensuing global recessions, including certain members in the insurance industry, NRSROs continue to implement changes to their internal models that have the effect of increasing or decreasing the amount of statutory capital we must hold in order to maintain our current ratings. Our ratings could be downgraded at any time and without notice by any NRSRO. In addition, these reforms may also increase our minimum capital requirements.

Downgrades in our financial strength ratings could have a material adverse effect on our financial condition and results of operations in many ways, including materially increasing the number or amount of policy surrenders and withdrawals by contractholders and adversely affecting our ability to obtain reinsurance at reasonable prices or at all.

The occurrence of another pandemic or endemic, natural or man-made catastrophes and disasters, and threats and occurrences of terrorism or military actions may have an adverse effect on the level of claim losses we incur, the value of our investment portfolio, our competitive position, liquidity, operating results and attractiveness of our products.

Catastrophic events, such natural or man-made disasters (including severe weather or geological events, disease, epidemic, or pandemic (such as COVID-19)), as acts of terrorism or war within the United States and abroad, or military and other actions, and heightened security measures in response to these types of threats, may cause significant volatility and losses in our investment portfolio from changes, and result in loss of life, disruptions to commerce and reduced economic activity. Some of the assets in our investment portfolio may be adversely affected by reduced economic activity caused by the threats of terrorism or military actions. Additionally, a military or terrorist act could have a material effect on renewal premium, profitability, competitiveness, liquidity, operating results and attractiveness of product offering. Another global pandemic similar to the Covid-19 pandemic could cause similar disruption to economic activity, increased claims experience, and volatility in response to emergency measures governments take in response to any such future pandemic.

ESG matters, including climate change, may adversely affect our results of operations and financial condition.

Global climate change could have an impact on our investment portfolio resulting in realized or unrealized losses which could have a material financial impact on the Company. Additionally, there could be social and/or regulatory impacts in response to climate change which could have a material financial impact on the Company. For example, on March 6, 2024, the SEC adopted final rules to require registrants to disclose certain climate-related business and financial information in registration statements and periodic reports filed with the SEC by certain companies (the "2024 Climate Rule"). The final rules require a registrant to disclose, among other things: material climate-related risks; activities to mitigate or adapt to such risks; information about the registrant's board of directors oversight of climate-related risks and management's role in managing material climate-related risks; and information on any climate-related targets or goals that are material to the registrant's business, results of operations, or financial condition. The 2024 Climate Rule has since faced significant backlash and legal challenges from various industry groups and market stakeholders. In April 2024, the SEC voluntarily stayed the implementation of the final rule pending the outcome of legal challenges against it. We are unable to predict the outcome of

such legal challenges at this time, nor can we predict how the resulting impact of the implementation of any such rules may adversely affect our business and operations.

Changes in accounting standards issued by standard-setting bodies may adversely affect our results of operations and financial condition.

Our financial statements are subject to the application of statutory accounting principles prescribed or permitted by the Nebraska Department of Insurance, which are periodically revised, interpreted and/or expanded. Accordingly, we may be required to adopt new guidance or interpretations, or could be subject to existing guidance as we enter into new transactions, which may have a material effect on our results of operations and financial condition that is either unexpected or has a greater impact than expected.

Any changes in the method of calculating reserves for our life insurance and annuity products under statutory accounting principles may result in increased or decreased reserve requirements. The NAIC has announced focused industry inquiries on certain matters that could have an impact on the Company’s financial condition and results of operations. Such inquiries concern, for example, insurer use of captive reinsurance companies, variable annuity reserves and capital treatment, reinsurance, cybersecurity practices and risk-based capital calculations. In addition, the NAIC continues to consider various initiatives to change and modernize its financial and solvency requirements and regulations. It has adopted principles-based reserving methodologies for life insurance and annuity reserves, but additional formulas and/or guidance relevant to the new standard are being developed. The NAIC is also considering changes to accounting regulations, governance practices of insurers and other items. The Company cannot currently estimate what impact these more focused inquiries or proposed changes, if they occur, will have on reserve and capital requirements, financial condition or results of operations.

For a description of changes in accounting standards that are currently pending and, if known, our estimates of their expected impact, see Note 2 to the financial statements.

The Company depends on the performance of its third-party service providers, and their failure to perform in a satisfactory manner could adversely affect the Company’s business.

A number of elements of the Company’s operations are managed on an outsourced basis, in particular with two counterparties. These arrangements create performance risks for the Company’s business and, to a lesser extent, create the risk that the Company’s operating expenses will increase. Failure in or poor performance by any of the aforementioned third-party service providers, including, for example, if the third party fails to meet contractual requirements, fails to comply with applicable laws and regulations, suffers a cyber-attack or other security breach, fails to provide the Company or its policyholders with timely and accurate information or fails to maintain adequate internal controls, could have a material adverse effect on the Company’s business, results of operations and financial condition. If the Company elects to replace any of these third-party service providers due to such failures or poor performance, the Company may incur costs in connection with finding, retaining and operationalizing suitable replacement providers.

With respect to third-party service providers who perform policy administration services, failures in, or poor performance by, these third-party administrators could result in an increase in customer complaints and regulatory intervention. Poor performance by third-party administrators may also have a negative impact on the Company’s wholesaler, agent and distribution partner relationships. If any of these third-party administrators or their employees are found to have made material misrepresentations to the Insurance Subsidiaries’ policyholders and customers, violated applicable insurance, privacy or other laws and regulations or otherwise engaged in misconduct, the Insurance Subsidiaries could be held liable for their actions, which could adversely affect the Company’s reputation and business prospects, may lead to regulatory sanctions or litigation and could result in financial harm. The precautions taken to prevent and detect this activity may not be effective in all cases. Although the Insurance Subsidiaries employ controls and procedures designed to monitor vendors and to prevent the Company’s or them from taking excessive or inappropriate risks, employees of the Company’s vendors may take such risks regardless of such controls and procedures. Any such failures or poor performance by the Company’s third-party service providers could adversely affect the Company’s business, operating results and financial condition.

Controls and disaster recovery plans surrounding the Company’s information technology (“IT”) systems could fail or security could be compromised, which could damage the Company’s business and adversely affect the Company’s financial condition and results of operations.

The Company’s business is highly dependent upon the effective operation of the Company’s IT systems, data storage networks, and digital communications, as well as those of our third-party service providers. The Company relies on its computer IT systems and those of its service providers and business partners for a variety of functions, including processing claims, transactions and applications, providing information to policyholders and distributors, performing actuarial analyses and maintaining client and financial records. Our business is vulnerable to disruptions from utility outages, and operational and information security risks resulting from information systems failures (e.g., hardware and software malfunctions) and

cyberattacks. A cyberattack could impact our ability to protect our data and systems; as well as the confidentiality (protecting our data from disclosure to unauthorized third parties), integrity (ensuring data is not changed accidentally or without authorization and is accurate) and availability (ensuring our data and systems are accessible to meet our business needs) of our data; or cause other operational disruption. Despite the implementation of security policies, procedures, automation and backup plans designed to prevent or limit the effect of any cyberattack, infiltration, failure or disruption, the Company’s IT systems may be vulnerable to physical or electronic intrusions, computer viruses or other attacks, programming errors, disruptions or breaches as a result of natural disasters, man-made disasters, human error, criminal activity, or other events beyond the Company’s control. The failure of controls and/or disaster recovery plans surrounding the Company’s IT systems or those of our third-party service providers and business partners for any reason could cause significant interruptions to the Company’s operations, which could result in an adverse effect on the Company’s business, financial condition or results of operations. The Company plans to continue to make significant investments in IT to support its business.

The Company collects, uses, stores and transmits a large amount of confidential, proprietary and other information (including personal information of customers or employees) on its IT systems in connection with the operation of our business. Such computer systems may be subject to computer viruses or other malicious codes, unauthorized access, or cyberattacks. IT systems generally are subject to increased attempted cyberattacks and unauthorized access, such as physical and electronic break-ins or unauthorized access and tampering. The Company and its third-party providers rely on sophisticated technologies to maintain the security of such information. We constantly defend against threats to our data and systems, including malware and computer virus attacks. While, to date, the Company is not aware of having experienced a material data breach, administrative, physical and technical controls and other preventive actions taken to reduce the risk of cyber-incidents and protect the Company’s data and technology may be insufficient to prevent physical and electronic break-ins, cyberattacks or other security breaches. In some cases, such physical and electronic break-ins, cyberattacks or other security breaches may not be immediately detected. Systems failures and cyberattacks affecting us, any third-party service provider or business partner may adversely affect our business operations and your account value, and interfere with our ability to process contract transactions and calculate account values, cause the release, misuse, theft, or possible destruction of confidential customer and/or business information, impede or interrupt the Company’s business operations, subject the Company to regulatory fines and enforcement, class action lawsuits or reputational harm, and could adversely affect the Company’s business, financial condition and results of operations. In addition, the availability and cost of insurance for operational and other risks relating to the Company’s business and systems may change and any such change may affect the Company’s results of operations. These risks may increase in the future as threats become more sophisticated and we continue to develop additional remote connectivity solutions to serve our employees and customers. Our increased use of third-party services (e.g., cloud technology and software as a service) can make it more difficult to identify and respond to cyberattacks in any of the above situations. Although we may review and assess third-party vendor cybersecurity controls, our efforts may not be successful in preventing or mitigating the effects of such events.

In the event of a disaster such as a natural catastrophe, epidemic, industrial accident, blackout, computer virus, terrorist attack, cyberattack or war, unanticipated problems with the Company’s disaster recovery systems could have a material adverse impact on the Company’s ability to conduct business and on the Company’s results of operations and financial position, particularly if those problems affect the Company’s computer-based data processing, transmission, storage and retrieval systems and destroy valuable data. In addition, in the event that a significant number of the Company’s managers, or employees were unavailable following a disaster, the Company’s ability to effectively conduct business could be severely compromised. These interruptions also may interfere with the Company’s suppliers’ ability to provide goods and services and the Company’s employees’ ability to perform their job responsibilities.

Any failure to protect the confidentiality of client information could adversely affect the Company’s reputation and have a material adverse effect on the Company’s business, financial condition and results of operations.

Pursuant to U.S. federal and state laws, various government agencies have established rules protecting the privacy and security of personal information, including personally identifiable policyholder information. In addition, most U.S. states and a number of jurisdictions outside the United States, have enacted laws, which vary significantly from jurisdiction to jurisdiction, to safeguard the privacy and security of personal information, including personally identifiable policyholder information. Further, the Gramm-Leach-Bliley Act of 1999 (“GLB Act”), imposes privacy requirements on financial institutions, including obligations to protect and safeguard consumers’ nonpublic personal information and records, and limits the ability to share and reuse such information. Additionally, the NAIC has adopted standards for data security and investigation and notification of a breach of data security for insurance companies, and an increasing number of states require that affected persons be notified if a security breach results in the disclosure of their personally identifiable information. Any compromise of the security of our computer systems that results in the inappropriate disclosure of personally identifiable customer information could damage our reputation in the marketplace, subject us to significant civil and criminal liability and require us to incur significant technical, legal and other expenses. Many regulators have indicated an intention to take more aggressive enforcement actions regarding cybersecurity and data privacy matters, and private litigation resulting from such matters is increasing and resulting in progressively larger judgments and settlements.

Many of the Company’s employees have access to, and routinely process, personal information of clients through a variety of media, including IT systems. The Company relies on various internal processes and controls to protect the confidentiality of client information that is accessible to, or in the possession of, the Company and its employees. It is possible that an employee could, intentionally or unintentionally, disclose or misappropriate confidential client information, including personally identifiable policyholder information, or the Company’s data could be the subject of a cybersecurity attack. If the Company fails to maintain adequate internal controls or if the Company’s employees fail to comply with the Company’s policies and procedures, misappropriation or intentional or unintentional inappropriate disclosure or misuse of client information, including personally identifiable policyholder information, could occur. Such internal control inadequacies or non-compliance could materially damage the Company’s reputation or lead to civil or criminal penalties, which, in turn, could have a material adverse effect on the Company’s business, financial condition and results of operations. Further, the Company’s third-party service providers, including third parties to whom the Company outsources certain of its functions, are also subject to the risks outlined above, any one of which could result in damage to the company’s reputation, or the Company incurring substantial costs or other negative consequences to the Company. If the Company or any of the Company’s third-party service providers fail to protect the confidentiality of client information, it could have a material adverse effect on the Company’s business, financial condition and results of operations.

The technology the Company licenses may subject it to claims of infringement or invalidity from third parties.

The Company’s reliance on technology subjects it to the risk that other parties may assert, rightly or wrongly, that its intellectual property rights are invalid or violate the rights of those parties, as well as the risk that the Company’s intellectual property rights will be infringed upon by third parties. In general, defending intellectual property rights in litigation is expensive. The Company’s involvement in litigation of this type could have a material and adverse effect on its business and results of operation. In addition, any outcome that invalidates its intellectual property rights or otherwise diminishes the competitive advantages obtained, at least in part, through the use of those rights could have a material and adverse effect on the Company’s overall success. The magnitude of this risk to the Company’s business generally rises if and as it become more successful in employing and relying on the technology. Any such claims would be complex and costly, and adverse outcomes could undermine the competitive advantages that the Company seeks to gain.

Our risk management policies and procedures may leave us exposed to unidentified or unanticipated risk, which could negatively affect our business.

We have devoted significant resources to develop and periodically update our risk management policies and procedures to reflect ongoing review of our risks and expect to continue to do so in the future. Nonetheless, our policies and procedures may not be comprehensive and may not identify every risk to which we are exposed. Many of our methods for managing risk and exposures are based upon the use of observed historical market behavior or statistics based on historical models. As a result, these methods may not fully predict future exposures, which can be significantly greater than our historical measures indicate. Other risk management methods depend upon the evaluation of information regarding markets, clients, catastrophe occurrence or other matters that is publicly available or otherwise accessible to us. This information may not always be accurate, complete, up-to-date or properly evaluated. In addition, more extensive and perhaps different risk management policies and procedures might have to be implemented under pending regulations. Any such unforeseen risk, as well as the implementation of any additional risk management policies and procedures may result in material costs to the Company, which could materially adversely affect the Company’s financial condition, cash flow and results of operations.

The effectiveness of our actuarial and other financial models may adversely affect our financial results, capitalization and financial condition.

Actuarial and other financial models are used primarily to determine reserve levels for our in-force block and to provide information to key internal stakeholders for planning, asset / liability management, and risk / stress testing analysis purposes. The models are subject to extensive internal controls which promote repeatability and sustainability, and are also subject to continual review regarding effectiveness, logic, assumptions and underlying product mechanics and refinements may be implemented based on these reviews. Refinements are subject to a rigorous change management process and are agreed upon with key internal stakeholders prior to implementation. While models are continually improving as a result of these refinements, there are still inherent limitations. First, no assurances can be given that all necessary refinements will be identified and/or implemented in our actuarial models. Also, due to the nature of the underlying risks and the uncertainty associated with prospective modeling techniques and the application of such techniques, these models may not accurately capture the evolution of the in-force block, as we cannot determine precisely the actual experience, policyholder behavior and investment income. Variations in any of the foregoing from estimates in our models may result in the need to post additional reserves, which could have a material adverse effect on the Company’s financial condition including by adversely affecting the Company’s capital adequacy ratios utilized by NRSROs to assign credit ratings.

Description of Business

Lincoln Benefit Life Company (referred to in this document as “we,” “Lincoln Benefit,” “our,” “us” or the “Company”) is a stock life insurance company incorporated under the laws of the State of Nebraska in 1938. Lincoln Benefit is a wholly-owned subsidiary of LBL HoldCo II, Inc., a Delaware corporation, which is a wholly-owned subsidiary of LBL HoldCo, Inc. (“HoldCo Parent”). HoldCo Parent is a wholly-owned subsidiary of Kuvare US Holdings, Inc. ("KUS"). Prior to December 31, 2022, HoldCo Parent was a wholly-owned subsidiary of Guaranty Income Life Insurance Company ("GILICO"). KUS is the ultimate parent of GILICO and HoldCo Parent. Prior to December 31, 2019, HoldCo Parent was a subsidiary of RL LP and RL (Parallel) Partnership.

Prior to July 18, 2013, we sold interest-sensitive, traditional and variable life insurance, and fixed annuities including deferred and immediate, through independent master brokerage agencies and the Allstate exclusive agency channel. In July 2013, we ceased soliciting and selling new policies through our independent agent channel. In 2017, we ceased soliciting and selling new policies through the Allstate exclusive agency channel.

In 2015, the administration of our retained deferred annuity and life business was outsourced to unaffiliated third-party service providers, Zinnia, formerly SE2, LLC, and Alliance–One Services, Inc. Everlake Life Insurance Company ("Everlake"), formerly known as Allstate Life Insurance Company (“ALIC”), continues to reinsure and administer business sold through the Allstate exclusive agency channel and certain life, immediate and payout annuity contracts. LifeCare Assurance Company administers the Company’s long-term care business.

Lincoln Benefit’s variable annuity business is reinsured by Everlake under an existing reinsurance agreement between Lincoln Benefit and Everlake, formerly known as ALIC. In 2006, ALIC disposed of substantially all of its variable annuity business through reinsurance agreements with The Prudential Insurance Company of America, a subsidiary of Prudential Financial, Inc. The Company was not a direct party to this agreement and its reinsurance agreement with Everlake remains unchanged.

In our reports, we occasionally refer to statutory financial information. All domestic U.S. insurance companies are required by state law to prepare statutory-basis financial statements. As a result, industry data is available that enables comparisons between insurance companies, including competitors that are not subject to the requirement to prepare financial statements in conformity with accounting principles generally accepted in the United States of America. We frequently use industry publications containing statutory financial information to assess our competitive position.

Regulation

Lincoln Benefit is domiciled in Nebraska and is regulated by the Nebraska Department of Insurance. Lincoln Benefit is subject to extensive regulation, primarily at the state level, with certain products and services also subject to federal securities regulation. Lincoln Benefit is also regulated by each of the insurance regulators in the states where it is authorized to conduct insurance business. In many instances, state laws and regulations originate from the NAIC, which provides standardized insurance industry model laws and regulations, and standardized accounting and reporting guidance. The method, extent and substance of such regulation varies by state but generally has its source in statutes that establish standards and requirements for conducting the business of insurance and that delegate regulatory authority to a state agency. These rules have a substantial effect on our business and relate to a wide variety of matters, including insurer solvency, reserve adequacy, insurance company licensing and examination, agent licensing, policy forms, rate setting, the nature and amount of investments, claims practices, participation in guaranty funds, transactions with affiliates, the payment of dividends, underwriting standards, statutory accounting methods, trade practices and corporate governance.

Certain annuity and variable life insurance contracts offered by Lincoln Benefit, and certain separate accounts supporting such contracts, constitute and are registered as securities under the Securities Act of 1933, as amended and as investment companies under the Investment Company Act of 1940, as amended. As such, these separate accounts and products are subject to the registration and disclosure requirements of these and other federal securities laws, and are subject to regulation by the U.S. Securities and Exchange Commission ("SEC") and the Financial Industry Regulatory Authority, commonly referred to as FINRA.

Description of Property

Lincoln Benefit occupies leased office space in Lincoln, Nebraska and Rosemont, Illinois.

Legal Proceedings

Lincoln Benefit is a party in routine lawsuits in the normal course of its business, which, in management’s judgment, are not of material importance to its total assets or business prospects.

A lawsuit People of the State of California, acting by and through Mara W. Elliott, City Attorney of San Diego v. Am. Gen. Life Ins. Co., Lincoln Benefit Life Co., Everlake Life Ins. Co., Transamerica Life Ins. Co., and Does 1-100 (San Diego Cal. Superior Ct.) was filed on October 17, 2024 against Lincoln Benefit and other non-affiliated life insurers, seeking civil penalties and equitable relief under California Business & Professions Code §§ 17200 et seq. related to the defendants’ alleged violations of certain California statutes addressing contractual grace periods and lapse notice requirements for certain life insurance policies. Lincoln Benefit filed a demurrer and a motion to strike the complaint on January 28, 2025. Those matters are set for a hearing on June 13, 2025. This case is in the early stages, and Lincoln Benefit continues to vigorously defend the case. A reasonable estimate of the likelihood or amount of potential loss is not available at this time.

Financial Statements and Notes to Financial Statements Lincoln Benefit Life Company

(A Wholly-Owned subsidiary of LBL HoldCo II, Inc.) Index

December 31, 2024


			Page(s)
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM			33

STATEMENTS OF ADMITTED ASSETS, LIABILITIES, AND CAPITAL STOCK AND SURPLUS - STATUTORY-BASIS			35

STATEMENTS OF OPERATIONS - STATUTORY-BASIS			36

STATEMENTS OF CHANGES IN CAPITAL STOCK AND SURPLUS - STATUTORY-BASIS			37

STATEMENTS OF CASH FLOWS - STATUTORY-BASIS			38

NOTES TO STATUTORY-BASIS FINANCIAL STATEMENTS			39

FINANCIAL STATEMENTS - STATUTORY-BASIS

Lincoln Benefit Life Company

(A Wholly-Owned Subsidiary of LBL HoldCo II, Inc.)

Years ended December 31, 2024 and 2023
With Reports of Independent Auditors

Report of Independent Auditors

The Board of Directors
Lincoln Benefit Life Company

Opinion

We have audited the statutory-basis financial statements of Lincoln Benefit Life Company (the Company), which comprise the statements of admitted assets, liabilities, and capital stock and surplus as of December 31, 2024 and 2023, and the related statements of operations, changes in capital stock and surplus and cash flows for each of the three years in the period ended December 31, 2024, and the related notes to the financial statements (collectively referred to as the “financial statements”).

Unmodified Opinion on Statutory Basis of Accounting

In our opinion, the accompanying financial statements present fairly, in all material respects, the financial position of the Company at December 31, 2024 and 2023, and the results of its operations and its cash flows for each of the three years in the period ended December 31, 2024, on the basis of accounting described in Note 1.

Adverse Opinion on U.S. Generally Accepted Accounting Principles

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

Basis for Opinion

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

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

As described in Note 1 to the financial statements, the Company prepared these financial statements using accounting practices prescribed or permitted by the Nebraska Department of Insurance, which is a basis of accounting other than accounting principles generally accepted in the United States of America. The effects on the financial statements of the variances between these statutory accounting practices described in Note 1 and accounting principles generally accepted in the United States of America, although not reasonably determinable, are presumed to be material and pervasive.

Responsibilities of Management for the Financial Statements

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

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

Auditor’s Responsibilities for the Audit of the Financial Statements

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

In performing an audit in accordance with GAAS, we:

•Exercise professional judgment and maintain professional skepticism throughout the audit.

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

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

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

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

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

/s/ Ernst & Young LLP

Chicago, Illinois

March 31, 2025


LINCOLN BENEFIT LIFE COMPANY STATEMENTS OF ADMITTED ASSETS, LIABILITIES, AND CAPITAL STOCK AND SURPLUS - STATUTORY-BASIS DECEMBER 31, 2024 AND 2023 ($’S IN THOUSANDS, EXCEPT SHARE AND PER SHARE AMOUNTS)


	December 31, 2024		December 31, 2023

Admitted Assets
Bonds	$	7,350,102	$	8,022,811
Preferred stocks	231,125		222,693
Common stocks	75,689		70,961
Mortgage loans	466,414		484,600
Contract loans	31,338		32,633
Other investments	626,633		564,425
Receivables for securities	56,948		65,846
Cash, cash equivalents and short-term investments	215,813		312,316

Total cash and invested assets	9,054,062		9,776,285

Due and accrued investment income	85,760		83,530
Current income tax recoverable	14,826		28,584
Net deferred tax asset	32,654		33,181
Deferred premium and other assets, net	280,466		240,181
Separate account assets	1,728,171		1,563,409
Total Admitted Assets	$	11,195,939	$	11,725,170

Liabilities, Capital Stock and Surplus
Reserves for policy benefits	3,791,971		4,299,274
Reinsurance payable	14,607		24,416
Interest maintenance reserve	79,167		93,257
Asset valuation reserve	78,537		76,045
Funds held under coinsurance	4,264,670		4,315,280
Other liabilities	93,626		51,419
Repurchase liability	912,537		1,014,403
Separate account liabilities	1,728,171		1,563,409
Total Liabilities	$	10,963,286	$	11,437,503

Capital Stock and Surplus
Common capital stock, $100 par value,
30,000 shares authorized and 25,000 shares outstanding	2,500		2,500
Surplus note	60,000		60,000
Gross paid in and contributed surplus	350,739		320,739
Unassigned deficit	(180,586)		(95,572)
Total Capital Stock and Surplus	$	232,653	$	287,667

Total Liabilities, Capital Stock and Surplus	$	11,195,939	$	11,725,170

See Notes to the Statutory-Basis Financial Statements


LINCOLN BENEFIT LIFE COMPANY STATEMENTS OF OPERATIONS - STATUTORY-BASIS FOR THE YEARS ENDED DECEMBER 31, 2024, 2023 AND 2022 ($'S IN THOUSANDS)


	2024		2023		2022

Revenue
Premiums	$	11,325	$	16,840	$	29,331
Net investment income	363,272		374,326		390,941
Commissions and expense allowance	56,414		63,916		58,001
Reserve adjustments on reinsurance ceded	(78,461)		(49,155)		(31,472)
Other income	22,906		22,154		8,014
Total revenue	375,456		428,081		454,815

Benefits and expenses
Benefit payments to policyholders and beneficiaries	$	447,851	$	505,459	$	372,910
Net change to policy benefit reserves	(282,517)		(327,468)		(217,367)
Net transfers from separate accounts	(88,266)		(39,150)		(16,696)
Commissions and operating expenses	258,131		275,942		264,522
Total benefits and expenses	335,199		414,783		403,369
Gain from operations before dividends and taxes	40,257		13,298		51,446
Policyholder dividends	17		34		29
Gain from operations before taxes	40,240		13,264		51,417
Income tax expense (benefit)	—		10,273		(12,868)
Net gain from operations	40,240		2,991		64,285
Net realized capital losses	(30,343)		(21,390)		(2,585)

Net income (loss)	$	9,897	$	(18,399)	$	61,700

See Notes to the Statutory-Basis Financial Statements


LINCOLN BENEFIT LIFE COMPANY STATEMENTS CHANGE IN CAPITAL STOCK AND SURPLUS - STATUTORY-BASIS FOR THE YEARS ENDED DECEMBER 31, 2024, 2023 AND 2022 ($'S IN THOUSANDS)


						Additional				Total
				Surplus		Paid-In		Unassigned		Capital Stock
	Common Capital Stock			Notes		Capital		Funds		and Surplus
Balance, December 31, 2021	25,000	$	2,500	$	—	$	320,739	$	113,584	$	436,823
Net income	—	—		—		—		61,700		61,700
Change in net unrealized capital gains (losses)	—	—		—		—		(132,691)		(132,691)
Change in net deferred income tax	—	—		—		—		17,523		17,523
Change in nonadmitted assets	—	—		—		—		14,782		14,782
Change in liability for reinsurance in unauthorized and certified companies	—	—		—		—		(847)		(847)
Change in asset valuation reserve	—	—		—		—		16,922		16,922
Change in surplus note	—	—		60,000		—		—		60,000
Dividends to stockholders	—	—		—		—		(43,000)		(43,000)
Change in ceding commission	—	—		—		—		(23,407)		(23,407)
Balance, December 31, 2022	25,000	$	2,500	$	60,000	$	320,739	$	24,566	$	407,805
Net loss	—	—		—		—		(18,399)		(18,399)
Change in net unrealized capital gains (losses)	—	—		—		—		(80,794)		(80,794)
Change in net deferred income tax	—	—		—		—		35,053		35,053
Change in nonadmitted assets	—	—		—		—		(14,295)		(14,295)
Change in liability for reinsurance in unauthorized and certified companies	—	—		—		—		(1,065)		(1,065)
Change in asset valuation reserve	—	—		—		—		(7,892)		(7,892)
Change in ceding commission	—	—		—		—		(32,746)		(32,746)
Balance, December 31, 2023	25,000	$	2,500	$	60,000	$	320,739	$	(95,572)	$	287,667

Net income	—	—		—		—		9,897		9,897
Change in net unrealized capital gains (losses)	—	—		—		—		(107,609)		(107,609)
Change in net deferred income tax	—	—		—		—		7,937		7,937
Change in nonadmitted assets	—	—		—		—		31,812		31,812
Change in liability for reinsurance in unauthorized and certified companies	—	—		—		—		1,911		1,911
Change in asset valuation reserve	—	—		—		—		(2,491)		(2,491)
Change in paid in capital	—	—		—		30,000		—		30,000
Change in ceding commission	—	—		—		—		(26,471)		(26,471)
Balance, December 31, 2024	25,000	$	2,500	$	60,000	$	350,739	$	(180,586)	$	232,653

See Notes to the Statutory-Basis Financial Statements


LINCOLN BENEFIT LIFE COMPANY STATEMENTS OF CASH FLOWS - STATUTORY-BASIS FOR THE YEARS ENDED DECEMBER 31, 2024, 2023 AND 2022 ($'S IN THOUSANDS)


	2024		2023		2022

Cash flows from operating activities:
Premiums and other income received	$	77,746	$	86,462	$	99,639
Investment income received	359,895		367,838		376,724
Benefit payments to policyholders and beneficiaries, including net transfers to/from separate accounts	(499,124)		(539,864)		(331,339)
Commissions, expenses and taxes paid	(249,510)		(278,874)		(238,920)
Net Cash Used in Operating Activities	(310,993)		(364,438)		(93,896)

Cash flows from investing activities:
Proceeds from investments sold, matured, repaid or received
Bonds	$	701,607	$	521,499	$	949,493
Mortgage loans	9,496		88,828		207,886
Repurchase agreements	—		74,743		701,736
Other investments	54,263		76,189		26,785
Subtotal proceeds from investments	765,366		761,259		1,885,900

Cost of investments acquired:
Bonds	119,025		254,641		1,280,319
Stocks	87,106		86,383		21,568
Mortgage loans	3,535		18,645		78,695
Other investments	122,048		129,649		106,238
Subtotal investments acquired	331,714		489,318		1,486,820

Net (Decrease) Increase in Contract Loans	(1,502)		690		(2,467)
Net Cash Provided by Investing Activities	435,154		271,251		401,547

Cash flows from financing and miscellaneous sources:
Net outflows on deposit-type contracts	$	(196,299)	$	(48,493)	$	(30)
Capital and paid in surplus	30,000		—		—
Surplus note	—		—		60,000
Dividend to stockholders	—		—		(43,000)
Funds held under coinsurance	(50,610)		(27,837)		15,914
Other cash applied	(3,755)		(94,166)		(137,443)
Net Cash Used in Financing and Miscellaneous Sources	(220,664)		(170,496)		(104,559)

Net (Decrease) Increase in Cash, Cash Equivalents and Short-term Investments	(96,503)		(263,683)		203,092

Cash, Cash Equivalents and Short-term Investments, Beginning of year	$	312,316	$	575,999	$	372,907

Cash, Cash Equivalents and Short-term Investments, End of Year	$	215,813	$	312,316	$	575,999

Supplemental disclosures of cash flow information for non-cash transactions:
Change of intercompany note payable and receivable	$	10,000	$	—	$	—
Non-cash investment transfers	127,512		303,082		51,760
Non-cash asset transfer for capital contribution	7,795		20,294		—
Capital contribution payable	67,000		10,000		33,276
Non-cash reinsurance settlements	33,889		—		—
Paid-in-kind interest	9,121		571		—

See Notes to the Statutory-Basis Financial Statements

LINCOLN BENEFIT LIFE COMPANY

NOTES TO STATUTORY-BASIS FINANCIAL STATEMENTS

DECEMBER 31, 2024

1. DESCRIPTION OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

GENERAL

Lincoln Benefit Life Company (the “Company” or “Lincoln Benefit”) is a stock insurance company domiciled in the State of Nebraska. It is a wholly-owned subsidiary of LBL HoldCo II, Inc. (“HoldCo”), which in turn is a wholly-owned subsidiary of LBL HoldCo, Inc. (“Holdings”).

On December 31, 2019, Guaranty Income Life Insurance Company (“GILICO”), an Iowa-domiciled insurance company, completed the acquisition (the “Transaction”) of Holdings and its subsidiaries (including the Company). On December 31, 2022, GILICO, also a subsidiary of Kuvare US Holdings ("Kuvare"), transferred its ownership of Holdings and its subsidiaries to Kuvare, the ultimate parent of both.

Lancaster Re Captive Insurance Company (“Lancaster Re”), a Nebraska domiciled captive insurance company, became a wholly-owned subsidiary of Lincoln Benefit on April 1, 2014.

The Company is authorized to sell life insurance and retirement products in all states as well as, in the District of Columbia, the U.S. Virgin Islands and Guam with the exception of New York. Prior to July 18, 2013, the Company sold interest-sensitive, traditional and variable life insurance products through both exclusive agencies (“Allstate Sales channel”) and independent master brokerage agencies. Effective July 17, 2013, sales through the independent master brokerage agencies ceased. Sales through the Allstate Sales channel ceased in 2017.

Allstate Life Insurance Company (“ALIC”), now known as Everlake Life Insurance Company ("Everlake"), continues to administer and reinsure all life insurance business written by Lincoln Benefit through the Allstate Sales channel, all immediate annuities written by Lincoln Benefit prior to April 1, 2014, certain term life policies written by Lincoln Benefit, and Lincoln Benefit’s variable annuity business.

BASIS OF PRESENTATION

The accompanying statutory financial statements of the Company are presented on the basis of accounting principles prescribed or permitted by the Nebraska Department of Insurance (“NE DOI” or the “Department”). The NE DOI requires insurance companies domiciled in the State of Nebraska to prepare their statutory financial statements in accordance with the National Association of Insurance Commissioners (“NAIC”) Accounting Practices and Procedures Manual (“NAIC SAP”). Prescribed statutory accounting practices include a variety of publications of the NAIC, as well as state laws, regulations and general administrative rules. Permitted statutory accounting practices encompass all accounting practices not so prescribed. There are no deviations from NAIC SAP in the Company’s statutory financial statements as presented for December 31, 2024, 2023 or 2022.

DIFFERENCES BETWEEN NAIC SAP AND U.S. GAAP

Accounting principles and procedures of the NAIC as prescribed or permitted by the Department comprise a comprehensive basis of accounting other than accounting principles generally accepted in the United States of America (“U.S. GAAP”). NAIC SAP differs from U.S. GAAP in several respects, which causes differences in reported assets, liabilities, stockholder’s equity (statutory capital and surplus), net income, and cash flows. The principal differences between NAIC SAP and U.S. GAAP include:

•Investments in bonds are generally carried at amortized cost; under U.S. GAAP, investments in bonds, other than those classified as held-to-maturity, are carried at fair value. For bonds held as available-for-sale, changes in fair value are recorded in accumulated other comprehensive income. Other than temporary impairments ("OTTI") of bonds result in a permanent write-down in the carrying value of the investment. For U.S. GAAP, impairments of available-for-sale bonds are reflected in a valuation allowance booked as part of the change of the market value in the income statement.

•The changes in the unrealized gains or losses on certain investments are recorded as increases or decreases in statutory surplus; under U.S. GAAP, such unrealized gains and losses are recorded as a component of comprehensive income.

•Investments in insurance subsidiaries are generally carried on a statutory equity basis with equity in the earnings of subsidiaries reflected in unassigned surplus; under U.S. GAAP, subsidiaries are consolidated and results of operations are included in net income.

•Minority ownership interests in partnerships are generally carried on an equity method basis with changes in equity reflected in unassigned surplus; under U.S. GAAP, minority ownership interests in partnerships are subject to lower thresholds and are generally carried at cost. Larger ownership interests are carried on an equity method basis with changes in equity reflected in net income. Controlling interests may be considered affiliated and require consolidation.

•Derivative instruments used as economic hedges are recorded at fair value and the changes in fair value are recorded as unrealized gains and losses in statutory surplus. Under U.S. GAAP, these derivatives are recorded at fair value and changes in fair value are recorded in net income.

•Embedded derivatives are carried consistently with the host instruments. Under U.S. GAAP, the embedded derivatives that are not clearly and closely related to the host are generally bifurcated and accounted for like any other freestanding derivative.

LINCOLN BENEFIT LIFE COMPANY

NOTES TO STATUTORY-BASIS FINANCIAL STATEMENTS

DECEMBER 31, 2024

•Interest Maintenance Reserve (“IMR”) represents the deferral of interest-related realized gains and losses, net of tax, on primarily fixed maturity investments which are amortized into income over the remaining life of the investment sold. No such reserve is required under U.S. GAAP.

•Asset Valuation Reserve (“AVR”) represents a contingency reserve for credit related risk on most invested assets of the Company and is charged to statutory surplus. No such reserve is required under U.S. GAAP, but mortgage loans are recorded net of allowances for estimated uncollectible amounts.

•Certain assets, principally prepaid expenses, agents’ balances, and certain deferred tax assets have been designated as nonadmitted assets and excluded from assets by a charge to statutory surplus. Under U.S. GAAP, such amounts are carried with an appropriate valuation allowance, when necessary.

•Intangible assets such as present value of future profits and other adjustments, resulting from the Company’s acquisitions, are not recorded for statutory purposes. Intangible assets such as goodwill are recorded for statutory purposes with limitations and amortized. Under U.S. GAAP, the present value of future profits is recorded and amortized and goodwill is recorded at cost and tested for impairment using a fair value methodology at least annually.

•A provision is established for unsecured reinsurance recoverable balances from unauthorized reinsurers. The change in this provision is credited or charged to unassigned statutory surplus. Under U.S. GAAP, a provision is established for potential credit risk associated with reinsurance recoverables with any changes to this provision reflected in earnings for the period.

•Aggregate reserves for a majority of life insurance and fixed annuity contracts are based on statutory mortality and interest requirements without consideration for anticipated withdrawals. Variable annuity contracts are reserved for using a prescribed principles-based approach. Under U.S. GAAP reserves for term life and fixed annuities are based on the present value of future benefits less the present value of future net premiums based on mortality, morbidity and other assumptions, which were appropriate at the time the policies were issued or acquired. Reserves for universal life and deferred annuities are recognized by establishing a liability equal to the current account value of the policyholders’ contracts, with an additional reserve for certain guaranteed benefits.

•Reserves are reported net of ceded reinsurance; under U.S. GAAP, reserves relating to business in which the ceding company is not legally relieved of its liability are reported gross with an offsetting reinsurance receivable.

•Certain annuity contracts which do not pass through all investment gains to the contract holders are maintained in the separate accounts, whereas U.S. GAAP reports these contracts in the general account of the Company.

•Policy acquisition costs are expensed as incurred; under U.S. GAAP, these costs are related to the successful acquisition of new and renewal insurance policies and investment contracts which are deferred and recognized over either the expected premium paying period or the expected gross profits.

•The cumulative effect of changes in accounting principles are recorded as increases or decreases in statutory surplus; under U.S. GAAP, cumulative effects of changes in accounting principles generally affect equity and net income.

•Premiums of universal life and deferred annuity contracts including policy charges are recorded as revenue when due. Under U.S. GAAP, policy charges are recorded as revenue when due, and the premiums are recorded as policyholder account balances.

•Federal income taxes are provided for in the Company’s estimated current and deferred taxes. Income taxes incurred include current year estimates of Federal income taxes due or refundable, based on tax returns for the current year and all prior years to the extent not previously provided. Deferred taxes are provided for differences between the statutory financial statement basis and the tax basis of assets and liabilities. Changes in deferred tax assets ("DTAs") and deferred tax liabilities ("DTLs") are recognized as a separate component of gains and losses in statutory unassigned surplus, while under U.S. GAAP, these changes are included in income tax expense or benefit. Under U.S. GAAP and NAIC SAP, gross deferred tax assets are reduced by a valuation allowance if it is more likely than not that some portion or all of the assets will not be realized. The remaining adjusted gross deferred tax asset not meeting certain criteria outlined in Statement of Statutory Accounting Principle (“SSAP”) No. 101, “Income Taxes” (“SSAP No. 101”), are not admitted.

•The Statutory Statements of Cash Flows differ in certain respects from the presentation required by U.S. GAAP, including the presentation of the changes in cash and short-term investments instead of cash and cash equivalents. Short-term investments include securities with maturities of one year or less at the time of acquisition. For statutory purposes, there is no reconciliation between net income and cash from operations.

•NAIC SAP does not require the presentation of a Statement of Comprehensive Income; under U.S. GAAP such a statement is required.

The effects on the Company’s financial statements attributable to the differences between NAIC SAP and U.S. GAAP are unknown and are presumed to be material.

USE OF ESTIMATES

The preparation of financial statements in conformity with statutory accounting principles prescribed or permitted by the State of Nebraska requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities. It also requires disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of

LINCOLN BENEFIT LIFE COMPANY

NOTES TO STATUTORY-BASIS FINANCIAL STATEMENTS

DECEMBER 31, 2024

revenue and expenses during the period. Actual results could differ from those estimates. The most significant estimates are those used in determining the fair value of financial instruments, allowance for loan losses, aggregate reserves for life policies and contracts, deferred income taxes, provision for income taxes and OTTI of investments.

FINANCIAL INSTRUMENTS

In the normal course of business, the Company enters into transactions involving various types of financial instruments, including cash equivalents, short-term investments, debt and equity securities and mortgage loans. These instruments involve credit risk and also may be subject to risk of loss due to interest rate fluctuations. The Company evaluates and monitors each financial instrument individually and, when appropriate, obtains collateral or other security to minimize losses.

SIGNIFICANT ACCOUNTING POLICIES

The following is a summary of significant accounting policies followed by the Company in preparing the accompanying statutory-based financial statements:

INVESTMENTS

Cash, cash equivalents and short-term investments

Cash, cash equivalents and short-term investments are highly liquid securities. The Company’s cash equivalents primarily include cash, commercial paper and certain money market investments which have an original term to maturity of less than three months. Short-term investments include debt instruments with a term to maturity exceeding three months, but less than one year on the date of acquisition. Cash equivalents and short-term investments are carried at estimated fair value or amortized cost, which approximates fair value.

Bonds

Investments in debt securities including bonds, mortgage-backed securities (“MBS”) and asset-backed securities (“ABS”) are stated at amortized cost using the interest method. Where the NAIC rating has fallen to 6 and the fair value has fallen below amortized cost, they are stated at fair value. The ratings for certain residential mortgage-backed securities (“RMBS”) and commercial mortgage-backed securities (“CMBS”) were determined by comparing the insurer’s carrying value divided by remaining par value to price ranges modeled by a third-party vendor chosen by the NAIC that correspond to each NAIC designation. Comparisons were initially made to the model based on amortized cost. Where the resulting rating was a NAIC 6 per the model, further comparison based on fair value was required which, in some cases, resulted in a higher final NAIC rating.

Amortization of the premium or discount from the purchase of these securities considers the estimated timing and amount of prepayments of the underlying loans. Actual prepayment experience is periodically reviewed and effective yields are recalculated when differences arise between the prepayments originally anticipated and the actual prepayments received and currently anticipated. Prepayment assumptions for single-class and multi-class MBS and ABS are estimated by management using inputs obtained from third-party specialists and based on management's knowledge of the current market. For prepayment-sensitive securities such as interest-only and principal-only strips, inverse floaters and credit-sensitive MBS and ABS securities, which represent beneficial interests in securitized financial assets that are not of high credit quality or that have been credit impaired, the effective yield is recalculated on a prospective basis. For all other MBS and ABS, the effective yield is recalculated on a retrospective basis. If the collection of all contractual cash flows is not probable, an OTTI may be indicated. The process of analyzing securities for an OTTI adjustment is further described in Note 3.

Common Stocks

The Company holds unaffiliated common stock. Common stock is held at fair value, while shares of Federal Home Loan Bank of Chicago (“FHLB”) stock are reported at cost, which approximates fair value.

Preferred Stocks

The Company holds unaffiliated redeemable and non-redeemable preferred stock. Preferred stocks are reported at amortized cost based on credit rating as prescribed in Statement of Statutory Accounting Principle (“SSAP”) No. 32, “Preferred Stock”. In regards to perpetual preferred stocks, for reporting entities that maintain an Asset Valuation Reserve ("AVR"), perpetual preferred stocks are valued at fair value, not to exceed any currently effective call price. This limitation results only when the call is 1) currently exercisable by the issuer, or 2) the issuer has announced that the instruments will be redeemed/called. Previously, these securities were carried based on NAIC credit rating with designations of NAIC 1 to NAIC 3 carried at amortized cost and NAIC 4 to NAIC 6 carried at the lower of amortized cost or fair value.

Investments in Subsidiaries

Investments in insurance subsidiaries are carried based on the underlying statutory equity of the subsidiary. The Company’s investment in Lancaster Re is fully nonadmitted as of December 31, 2024 and 2023. The Company’s book/carrying values and nonadmitted value of its investment in Lancaster Re were $81.3 million and $120.7 million as of December 31, 2024 and 2023, respectively.

LINCOLN BENEFIT LIFE COMPANY

NOTES TO STATUTORY-BASIS FINANCIAL STATEMENTS

DECEMBER 31, 2024

Mortgage Loans

Mortgage loans are stated at unpaid principal balances, net of provisions for estimated losses. Mortgage loans acquired at a premium or discount are stated at amortized cost using the effective interest rate method, net of provisions for estimated losses. Purchases and sales of mortgage loans are recognized or derecognized in the Company’s Statutory Statements of Admitted Assets, Liabilities and Capital Stock on the loan’s settlement date, which is the date that the Company cash settles the purchase or sale of the loan. Transaction costs on mortgage loans are capitalized on initial recognition and are recognized in the Company’s Statutory Statements of Operations using the effective interest rate method. Mortgage loans, which primarily include commercial first lien mortgages, are diversified by property type and geographic area throughout the United States. Mortgage loans are collateralized by the related properties and generally are no more than 75% of the property’s value at the time that the original loan is made. The Company regularly assesses the value of the collateral.

A mortgage loan is considered impaired when it is probable that the principal or interest is not collectible in accordance with the contractual terms of the loan. When a mortgage loan is classified as impaired, allowances for credit losses are established to adjust the carrying value of the loan to its net recoverable amount.

The allowance for credit losses are estimated using the present value of expected cash flows discounted at the loan’s effective interest rate or the fair value of the collateral, if the loan is collateral dependent. A specific allowance for loan loss is established for an impaired loan if the present value of expected cash flows discounted at the loan’s effective interest rate, or the fair value of the collateral less cost to sell, is less than the recorded amount of the loan. The full extent of impairment in the mortgage portfolio cannot be assessed solely by reviewing these loans individually. A general allowance for loan loss is established based on an assessment of past loss experience on groups of loans with similar characteristics and current economic conditions. While management believes that it uses the best information available to establish the loan loss allowances, future adjustments may become necessary if economic conditions differ from the assumptions used in calculating them.

It is the Company's policy to cease to carry accrued interest on commercial mortgage loans in default if deemed uncollectible or over 180 days past due. The Company held one investment in non-accrual status with a value of $11.6 million as of December 31, 2024. The Company held no investments in non-accrual status in 2023. Interest income is recognized on impaired mortgage loans upon receipt.

Changes in allowances for losses are recorded as changes in unrealized gains and losses to surplus. Once the conditions causing impairment improve and future payments are reasonably assured, the mortgages are no longer classified as impaired and the Company resumes accrual of income. However, if the original terms of the contract have been changed resulting in the Company providing an economic concession to the borrower at below market rates, then the mortgage is reclassified as restructured.

If the conditions causing impairment do not improve and future payments remain unassured, the Company typically derecognizes the asset through disposition or foreclosure. Uncollectible collateral-dependent loans are written off through realized losses for any difference between the carrying value and amount received for the underlying property at the time of disposition or foreclosure.

Contract Loans

Contract loans are carried at the amount of outstanding principal balance. Contract loans are collateralized by the related insurance policy and do not exceed the net cash surrender value of such policy.

Other Investments

Other investments include investments in surplus notes, interests in limited partnerships, derivatives and collateral loans. Investments in surplus notes that are rated NAIC 1 or NAIC 2 are carried at amortized cost. Investments in limited partnerships that lack a controlling ownership interest are reported under the equity method. Collateral loans are reported at outstanding balance with a corresponding non-admitted asset for any amounts which are in excess of the fair value of the pledged collateral.

The Company did not report any Low Income House Tax Credit (LIHTC) investments as of December 31, 2024 and 2023.

Derivatives

Derivative instruments used in hedging transactions that meet the criteria of a highly effective hedge are valued and reported consistently with the hedged items. Derivative instruments used in hedging transactions that do not meet or no longer meet the criteria of an effective hedge are valued at fair value with the changes in fair value recorded as unrealized gains and losses in statutory surplus. Realized investment gains and losses from derivatives that qualify for hedge accounting are reduced by amounts transferred to IMR.

Derivative financial instruments acquired by the Company were used to economically hedge the risks with certain assets and liabilities arising from potential adverse impacts from changes in risk-free interest rates and equity markets related to the Company’s equity indexed annuity and life contracts. The Company does not use derivatives for speculative purposes. Derivatives may include index option contracts and futures and interest rate swaps and are included in Other Investments on the Statutory Statements of Admitted Assets, Liabilities and Capital and Surplus. The notional amounts specified in the contracts are

LINCOLN BENEFIT LIFE COMPANY

NOTES TO STATUTORY-BASIS FINANCIAL STATEMENTS

DECEMBER 31, 2024

used to calculate contractual payments under the agreements and are generally not representative of the potential for gain or loss on these contracts.

The Company did not report any derivatives as accounting hedges as of December 31, 2024 and 2023.

ASSET VALUATION RESERVE AND INTEREST MAINTENANCE RESERVE

The AVR is established as a liability based upon a formula prescribed by the NAIC to offset potential credit-related investment losses on all invested assets, with changes in the AVR charged or credited directly to surplus. The IMR is established as a liability to capture realized gains and losses, net of income tax, on the sale of fixed income investments, principally bonds and mortgage loans, resulting from changes in the general level of interest rates, and is amortized into income over the remaining years to expected maturity of the assets sold. Should the deferral of realized losses, net of income tax, result in a debit balance IMR, that amount is presented as an asset and nonadmitted.

INVESTMENT INCOME DUE AND ACCRUED

Accrued investment income consists primarily of interest and dividends. Interest is recognized on an accrual basis and dividends are recorded as earned on the ex-dividend date. Due and accrued income is not recorded on: (a) bonds in default, (b) bonds delinquent more than 90 days or where collection of interest is improbable and (c) mortgage loans in default if deemed uncollectible or over 180 days past due. As of December 31, 2024 and 2023, the Company had $0.6 million and $1.3 million, respectively, of nonadmitted investment income due and accrued.

POLICY AND CONTRACT RESERVES

Policy reserves on annuity and supplementary contracts are calculated using the Commissioners’ Annuity Reserve Valuation Method, except variable annuities which use the Commissioners’ Annuity Reserve Valuation Method for Variable Annuities. The valuation interest assumptions follow the Standard Valuation Law and vary by the contracts’ characteristics and issue year.

Policy reserves on life contracts are based on statutory mortality and valuation interest rates using the Commissioner’s Reserve Valuation Method without consideration of withdrawals. The valuation interest and mortality assumptions follow the Standard Valuation Law and vary by the contracts’ characteristics and issue year.

Valuation methods provide, in the aggregate, reserves that are greater than or equal to the minimum of guaranteed policy cash values or the amount required by law.

Accident and health benefit reserves are developed by actuarial methods and are determined based on published tables using specified statutory interest rates and mortality. Morbidity and lapse assumptions are based on Company experience.

Liability for deposit-type contracts represents contracts without significant mortality or morbidity risk. Payments received from sales of deposit-type contracts are recognized by providing a liability equal to the current value of the policyholders’ contracts. Interest rates credited to these contracts are based on the applicable terms of the respective contract.

LIABILITY FOR POLICY AND CONTRACT CLAIMS

Liabilities for unpaid claims consist of the estimated amount payable for claims reported but not yet settled and an estimate of claims incurred but not reported. The amounts reported are based upon actual pending claim amounts and historical experience, adjusted for trends and current circumstances. Revisions of these estimates are included in the Company’s Statutory Statements of Operations in the year such adjustments are determined to be required.

INCOME TAXES

The Company accounts for current and deferred income taxes and recognizes reserves for income tax contingencies in accordance with SSAP No. 101. Under the applicable asset and liability method for recording deferred income taxes, deferred taxes are recognized when assets and liabilities have different values for financial statement and tax reporting purposes, using enacted tax rates in effect for the year in which the differences are expected to reverse. The effect of a change in tax rates on DTAs and DTLs is recognized in the period that includes the enactment date. Valuation allowances on DTAs are estimated based on the Company’s assessment of the realizability of such amounts. Refer to Note 13 of the Company’s financial statements for further discussion of the Company’s income taxes.

REINSURANCE

Policy and contract liabilities ceded have been reported as a reduction of the related reserves. Premiums, commissions, expense reimbursement, claims, and claim adjustment expenses related to reinsured business are accounted for on a basis consistent with that used in accounting for the original policies issued and with the terms of the reinsurance contracts and are reported net of amounts ceded to other companies.

A liability has been provided for unsecured policy reserves on reinsurance ceded to companies not authorized to assume business in the state of domicile and is included in funds held under reinsurance treaties with unauthorized companies. Changes in this liability are reported directly in unassigned surplus.

LINCOLN BENEFIT LIFE COMPANY

NOTES TO STATUTORY-BASIS FINANCIAL STATEMENTS

DECEMBER 31, 2024

EXPERIENCE REFUNDS

Experience refunds are calculated in accordance with the applicable reinsurance agreements. Experience refunds are primarily determined by claims experience on the ceded blocks, in addition to numerous factors that include profitability of the Company during the period covered by the refund and capitalization levels of the Company. Experience refunds are recorded directly in the Company’s Statutory Statements of Operations.

GUARANTY ASSOCIATION ASSESSMENTS

The Company is required by law to participate in the guaranty associations of the various states in which it is licensed to do business. The state guaranty associations ensure payment of guaranteed benefits, with certain restrictions, to policyholders of impaired or insolvent insurance companies by assessing all other companies involved in similar lines of business. Certain guaranty fund assessments paid by the Company are recoverable through premium tax credits over time.

RECOGNITION OF REVENUE AND RELATED EXPENSES

Scheduled life, accident and health insurance premiums and annuity considerations are recognized as revenue when due. Premiums for universal life and single premium contracts are recognized as revenue when collected. Benefits, surrenders and withdrawals are expensed as incurred. All acquisition costs and maintenance expenses are charged to the Company’s Statutory Statements of Operations as incurred.

OTHER INCOME

Other income primarily consists of various insurance policy charges.

SEPARATE ACCOUNTS

The Company has established unitized Separate Accounts applicable to various classes of contracts providing for variable benefits. Contracts for which funds are invested in the variable Separate Accounts include individual and group life and annuity contracts.

Net investment income, capital gains and losses, and changes in mutual fund asset values on the variable Separate Accounts are allocated to policyholders and therefore do not affect the operating results of the Company. Assets held in the variable Separate Accounts are carried at fair value. The investment risk of such securities is retained by the contractholder. The Company earns separate account fees for providing administrative services and bearing the mortality risks related to contracts for which funds are invested in variable Separate Accounts.

The activity of the variable Separate Accounts is not reflected in the Company’s financial statements except for the following:

•The fees that the Company receives, which are assessed periodically and recognized as revenue when assessed.

•The activity related to the guaranteed minimum death benefit, guaranteed minimum accumulation benefit and guaranteed minimum withdrawal benefit with offsetting transfers to/from the variable Separate Accounts are reflected in the Company’s financial statements.

•Premiums and withdrawals with offsetting transfers to/from the variable Separate Accounts are reflected in the Statutory Company’s Statement of Operations.

•Transfers from the variable Separate Accounts due and accrued, which include accrued expense allowances receivable from the variable Separate Accounts.

•The dividends-received-deduction (“DRD”), which is included in the Company’s income tax expense, is calculated based upon the variable Separate Accounts’ assets held in connection with variable contracts.

The results of variable annuity contracts and certain variable life policies are reinsured to Everlake pursuant to a modified coinsurance agreement.

NONADMITTED ASSETS

Certain assets are designated as “nonadmitted” under NAIC SAP. Such assets, principally related to amounts advanced to or due from financial representatives, prepaid expenses, aged reinsurance recoverables, deferred tax assets in excess of statutory limits and the Company’s investment in Lancaster Re are excluded from assets and deducted from surplus in the Statutory Statements of Admitted Assets, Liabilities and Capital and Surplus as of December 31, 2024 and 2023.

RECLASSIFICATIONS

Certain prior year amounts may have been reclassified to conform with the current year financial statement presentation.

LINCOLN BENEFIT LIFE COMPANY

NOTES TO STATUTORY-BASIS FINANCIAL STATEMENTS

DECEMBER 31, 2024

ACCOUNTING PRONOUNCEMENTS

Effective January 1, 2025, with early adoption permitted, the NAIC revised SSAP No. 2R to further restrict investments that are permitted for reporting as a cash equivalent or short-term investments. The revisions are intended to capture certain investment types on Schedule BA and eliminate the ability to design certain investments to qualify for short-term reporting. Investments for consideration under this revision are collateral loans, non-collateral loans and surplus notes. The Company did not elect to adopt the revisions early. The adoption of this revision is not expected to have a significant impact on the financial statements of the Company.

Effective January 1, 2025, with early adoption permitted, the NAIC revised SSAP No. 26, Bonds, SSAP No. 43, Loan-Backed and Structured Securities, SSAP No. 21, Other Admitted Assets and SSAP No. 86, Derivatives. PBBD clarifies the definition and identification of bonds utilizing a principles-based approach. The Company now must assess the creditor relationship and the substance of the investment agreement, not just the legal form, to determine whether a security qualifies as a bond or other type of investment. The Company did not elect to adopt the revisions early. As of December 31, 2024, the Company is evaluating the impacts of PBBD on its balance sheet and Risk Based Capital.

2.RELATED PARTY TRANSACTIONS

The Company has significant transactions with affiliates. Intercompany revenues and expenses recognized under these agreements may not necessarily be indicative of costs that would be incurred if the Company operated on a stand-alone basis and if these transactions were with unrelated parties. Below is a summary of significant transactions with affiliates.

Capital Contributions and Dividends

During 2024, the Company received capital contributions in the amount of $30.0 million from its parent. The Company received no contributions in 2023 or 2022.

The Company paid no ordinary dividends in 2024 or 2023. The Company paid $43.0 million in ordinary dividends to its former parent, GILICO, on December 30, 2022.

For the year ended December 31, 2024, the Company contributed $77.0 million to Lancaster Re, of which, $67.0 million was recorded as a contribution payable. For the year ended December 31, 2023, the Company contributed $70.0 million to Lancaster Re, of which, $10.0 million was recorded as a contribution payable. For the year ended December 31, 2022, the Company contributed $47.1 million to Lancaster Re, of which, $33.3 million was recorded as a contribution payable.

Reinsurance Related Agreements

As more fully described in Note 8, the Company is party to various reinsurance transactions with affiliates.

Effective October 1, 2020, amended on July 1, 2021 the Company entered into a coinsurance agreement with Kuvare Bermuda Re Ltd., resulting in the transfer of certain fixed annuity contracts. The Company ceded statutory reserves of $1,224.0 million for which amounts are collateralized with a funds withheld account. The Company amended the agreement effective July 1, 2021 to increase the quota share from 35% to 50% on certain annuities ceding an additional $200.4 million of reserves. The Company had a receivable of $24.6 million at December 31, 2024 and a receivable of $1.9 million at December 31, 2023.

On December 31, 2019, the Company entered into a coinsurance agreement with GILICO, resulting in the transfer of certain life and annuity contracts. The Company ceded statutory reserves of $1,253.9 million in return for a ceding commission of $27.0 million, which was recorded in the Statutory Statements of Operations. The Company had a net receivable of $10.5 million and $8.9 million from GILICO under terms of the coinsurance agreement at December 31, 2024 and December 31, 2023, respectively.

Effective April 1, 2014, amended and restated on April 1, 2020, the Company entered into an indemnity reinsurance agreement on a combination coinsurance and coinsurance funds withheld basis with Lancaster Re, resulting in the transfer of XXX and AXXX reserves associated with certain term and universal life policies. In April 2014, the Company ceded statutory reserves of $2,773.2 million in return for a ceding commission, which was deferred net of tax into unassigned surplus in accordance with NAIC SAP. Amortization of $16.5 million, $18.5 million and $16.7 million was recorded during the years ended December 31, 2024, 2023 and 2022, resulting in an unamortized balance in surplus at December 31, 2024, 2023 and 2022 of $146.5 million, $163.0 million, and $181.5 million, respectively. The deferred ceding commission is amortized into income over the period under which earnings emerge from the business reinsured. The Company had a net reinsurance receivable from Lancaster Re of $16.7 million and $38.8 million at December 31, 2024 and 2023, respectively.

There is no reported risk-based capital or primary security shortfall associated with these agreements.

Administrative Service Agreements and Other

Effective January 1, 2023, the Company entered into a Cost Sharing and Services Agreement with Kuvare Corporate Management LLC ("KCM") whereby KCM provides administrative and other services to the Company. Total expenses incurred under this agreement to KCM were $12.4 million and $16.2 million for the year ended December 31, 2024 and 2023 respectively.

LINCOLN BENEFIT LIFE COMPANY

NOTES TO STATUTORY-BASIS FINANCIAL STATEMENTS

DECEMBER 31, 2024

The Company and HoldCo have entered into a Services Agreement to provide certain administrative and other services to each other. Total expenses incurred under this agreement to HoldCo were $0.0 million, $2.3 million and $11.9 million for the years ended December 31, 2024, 2023 and 2022, respectively.

The Company and Lancaster Re have entered into a Services Agreement to provide certain administrative and other services to Lancaster Re. The Company and Lancaster Re also entered into an Investment Services Agreement pursuant to which the Company will provide investment management services with respect to assets of Lancaster Re. The Investment Services Agreement does not apply to the Funds Withheld Account held at Lincoln Benefit. Assets may be added to or withdrawn from the accounts at any time by Lancaster Re. Management and administrative fees are payable quarterly and totaled approximately $1.5 million for year ended December 31, 2024, and $1.4 million for the years ended December 31, 2023 and 2022 respectively.

Effective December 31, 2019, the Company entered into a Cost Sharing and Services Agreement with Kuvare US Holdings, Inc. (“Kuvare”) whereby Kuvare has agreed to provide certain management and administrative services to Lincoln Benefit, including management, reinsurance, legal, audit, administration, financial planning and other services. Lincoln Benefit reimburses Kuvare at cost for services provided by Kuvare pursuant to this agreement. Total expenses incurred under this agreement to the Company were $14.0 million, $13.5 million, and $8.6 million for the year ended December 31, 2024, 2023 and 2022, respectively.

On December 31, 2019, Lincoln Benefit entered into an Investment Management Agreement with KIS, whereby KIS has agreed to provide certain investment advisory and management services to Lincoln Benefit. Total expenses incurred under this agreement to the Company were $12.8 million, $24.4 million and $25.2 million for the year ended December 31, 2024, 2023 and 2022, respectively. Effective July 1, 2024, KIS was sold to an external third party.

The Company and Lancaster Re have entered into a Tax Allocation Agreement. Refer to Note 13 for more information related to this agreement.

Effective April 1, 2014, the Company entered into a Fee Letter (the “Fee Letter”) with Lanis LLC ("Lanis") pursuant to which the Company will pay Lanis the risk spread due on the Credit-Linked Note issued by Lanis to Lancaster Re. The fee letter also provided reimbursement in cash for any risk spread fees paid by the Company.

Effective November 4, 2016, the Company entered into an intercompany note receivable and note payable agreement with Lancaster Re in equal amounts (initially $100 million, and up to $1.0 billion). The consideration for each note is offset, and interest is paid quarterly based on rates defined in the agreement. The gross amounts as of December 31, 2024 and 2023 were $490.0 million and $500.0 million, respectively.

The maturities of the outstanding intercompany note receivable and payable as of December 31, 2024 and 2023 were as follows:


($'s thousands)	December 31, 2024		December 31, 2023


2024	—		149,500
2025	213,000		123,000
2026	30,500		25,000
2027	5,000		15,000
2029	27,500		50,000
2030	15,000		22,500
2031	16,000		16,000

2033	183,000		99,000
Total	$	490,000	$	500,000

Interest expense incurred on the note payable and interest income earned on the note receivable for the year ended December 31, 2024 were $20.5 million and $10.8 million, respectively. Interest expense incurred on the note payable and interest income earned on the note receivable for the year ended December 31, 2023 were $21.2 million and $6.0 million, respectively. Interest expense incurred on the note payable and interest income earned on the note receivable for the year ended December 31, 2022 were $18.0 million and $5.2 million, respectively.

Effective September 30, 2022, the Company established a revolving intercompany note of an amount not to exceed $250.0 million with an affiliated entity, Kuvare Bermuda Re Ltd ("KBR"). The Company had reported, including accrued interest, a $26.8 million receivable and a $36.5 million receivable at December 31, 2024 and 2023, respectively. Interest will be accrued from the date of each draw at a rate equal to Term Secured Overnight Financing Rate ("SOFR") Reference rate, plus 375 basis points.

Amounts Due To or From Affiliates

The Company reported the following receivables/(payables) from/(to) affiliates as of December 31, 2024 and 2023 excluding amounts related to taxes (see Note 13), reinsurance agreements and contributions:

LINCOLN BENEFIT LIFE COMPANY

NOTES TO STATUTORY-BASIS FINANCIAL STATEMENTS

DECEMBER 31, 2024


($'s in thousands)	December 31, 2024		December 31, 2023

HoldCo	$	(1,000)	$	(3,416)
Lancaster Re	(1,553)		(3,656)

United Life Insurance Company	—		4
Guaranty Income Life Insurance Company	—		4
Kuvare	(4,633)		(5,340)

Intercompany receivable and payable balances are evaluated on an individual company basis. Intercompany balances are generally settled quarterly.

3.INVESTMENTS

The statement value and fair value of the Company’s debt securities as of December 31, 2024 and 2023 were as follows:


December 31, 2024
($'s in thousands)	Statement Value		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value

U.S. governments	$	183,332	$	1	$	(73,890)	$	109,443
All other governments	19,748		—		(7,961)		11,787
U.S. political subdivisions	55,187		71		(8,494)		46,764
Special revenue	1,264,450		33		(306,587)		957,896
Industrial and miscellaneous	5,708,131		4,327		(900,386)		4,812,072
Hybrids	119,254		366		(13,919)		105,701
Total bonds	$	7,350,102	$	4,798	$	(1,311,237)	$	6,043,663


December 31, 2023
($'s in thousands)	Statement Value		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value

U.S. governments	$	182,221	$	1	$	(61,771)	$	120,451
All other governments	19,748		—		(6,026)		13,722
U.S. political subdivisions	56,072		406		(7,533)		48,945
Special revenue	1,402,390		60		(274,691)		1,127,759
Industrial and miscellaneous	6,241,077		4,355		(878,867)		5,366,565
Hybrids	121,303		439		(15,845)		105,897
Total bonds	$	8,022,811	$	5,261	$	(1,244,733)	$	6,783,339

LINCOLN BENEFIT LIFE COMPANY

NOTES TO STATUTORY-BASIS FINANCIAL STATEMENTS

DECEMBER 31, 2024

The statement value and estimated fair value as of December 31, 2024 by maturity periods for debt securities, other than ABS and MBS were as shown below:


December 31, 2024

($'s in thousands)	Statement Value		Fair Value

Due in one year or less	$	—	$	—
Due after one through five years	701,908		667,531
Due after five through ten years	584,846		521,259
Due after ten years	4,057,071		3,064,665
Total before asset and mortgage-backed securities	5,343,825		4,253,455
Asset and mortgage-backed securities	2,006,277		1,790,208
Total bonds	$	7,350,102	$	6,043,663

Actual maturities may differ from contractual maturities on ABS and MBS because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties; accordingly, the contractual maturities for those securities are not shown.

Proceeds from sales of investments in debt securities for the years ended December 31, 2024, 2023 and 2022 were $92.2 million, $158.1 million and $553.3 million, respectively; gross gains for the years ended December 31, 2024, 2023 and 2022 were $0.2 million, $0.0 million and $21.3 million, respectively, and gross losses for the years ended December 31, 2024, 2023 and 2022 were $17.0 million, $6.1 million and $39.4 million, respectively. Investment grade debt securities were 96.7% and 96.5% of the Company’s total debt securities as of December 31, 2024 and 2023, respectively.

The Company held the following 5GI securities at December 31, 2024 and December 31, 2023:


($'s in thousands, except # of securities)	Number of 5GI Securities		Aggregate BACV				Aggregate Fair Value
	2024	2023	2024		2023		2024		2023
Bonds - Amortized Cost	1	—	$	5,000	$	—	$	1,700	$	—
Loan Backed and Structured Securities - Amortized Cost	—	—	—		—		—		—
Preferred Stock - Amortized Cost	1	1	17,500		17,500		24,001		20,043
Preferred Stock - Fair Value	—	—	—		—		—		—
Total	2	1	22,500		17,500		25,701		20,043

5GI securities are securities that have an NAIC 5 designation while "GI" refers to General Interrogatory and distinguishes NAIC 5GI securities from an NAIC 5 Designation.

For securities sold, redeemed or otherwise disposed as a result of a callable feature (including make whole call provisions), the number of CUSIPs and amount of investment income for the years ended December 31, 2024, 2023 and 2022 were as follows:


($'s in thousands, except # of securities)
	December 31, 2024				December 31, 2023				December 31, 2022
Type	General Account		Separate Account		General Account		Separate Account		General Account		Separate Account
Number of CUSIPs	—		—		—		—		6		—
Aggregate Amount of Investment Income	$	—	$	—	$	—	$	—	$	1,602	$	—

Pricing

Non-U.S. government fixed income holdings are valued on the basis of the quotes provided by pricing services, which are subject to pricing validation reviews and a pricing vendor challenge process. Valuations provided by vendors are generally based on the actual trade information as substantially all of the Company’s non-U.S. government holdings are traded in a transparent and liquid market.

Corporate debt securities mainly include investment grade positions, which are priced on the basis of quotes provided by third-party pricing vendors and first utilize valuation inputs from actively traded securities, such as bid prices, bid spreads to Treasury

LINCOLN BENEFIT LIFE COMPANY

NOTES TO STATUTORY-BASIS FINANCIAL STATEMENTS

DECEMBER 31, 2024

securities, Treasury curves, and same or comparable issuer curves and spreads. Issuer spreads are determined from actual quotes and traded prices and incorporate considerations of credit/default, sector composition, liquidity and call features. Where market data is not available valuations are developed based on the modeling techniques that utilize observable inputs and option adjusted spreads and incorporate considerations of the security’s seniority, maturity and the issuer’s corporate structure.

Values of RMBS, CMBS and ABS are obtained from third-party pricing vendors and through quoted prices, some of which may be based on the prices of comparable securities with similar structural and collateral features. Pricing inputs for ABS which are primarily comprised of debt securitized by credit card; student loan and auto receivables; focus on capturing collateral quality and performance, payment patterns, and delinquencies. Values of certain ABS for which there are no significant observable inputs are developed using benchmarks to similar transactions or indices.

For both CMBS and RMBS, cash flows are derived based on the transaction-specific information which incorporates priority in the capital structure and are generally adjusted to reflect benchmark yields, market prepayment data, collateral performance (default rates and loss severity) for specific vintage and geography, credit enhancements, and ratings. For certain RMBS and CMBS with low levels of market liquidity, judgments may be required to determine comparable securities based on the loan type and deal-specific performance. CMBS terms may also incorporate lock-out periods that restrict borrowers from prepaying the loans or provide disincentives to prepay and therefore reduce prepayment risk of these securities, as compared to RMBS. The factors specifically considered in valuation of CMBS include borrower-specific statistics in a specific region, such as debt service coverage and loan-to-value ratios, as well as the type of commercial property.

Other-than-temporary impairments (OTTI)

The Company recognizes and measures OTTI for ABS and MBS in accordance with SSAP No. 43R, “Loan-Backed and Structured Securities”. In accordance with SSAP No. 43R, if the fair value of a structured security is less than its amortized cost basis at the balance sheet date, the Company assesses whether the impairment is an OTTI. When an OTTI has occurred, the amount of OTTI recognized in earnings is the difference between the amortized cost basis of the security and the present value of its expected future cash flows discounted at the effective interest rate implicit in the security.

If the Company intends to sell the structured security, or it is more likely than not that it will be required to sell the security before recovery of its amortized cost basis, an OTTI is considered to have occurred. The amount of the OTTI recognized in earnings is the difference between the amortized cost basis and the fair value of the security.

If the Company does not intend to sell the structured security, or it is not more likely than not that it will be required to sell the security before recovery of its amortized cost basis, the Company performs cash flow testing to determine if the present value of its expected future cash flows discounted at the effective interest rate implicit in the security is less than its amortized cost basis.

Estimating future cash flows is a quantitative and qualitative process that incorporates information received from third parties, along with assumptions and judgments about the future performance of the underlying collateral. Losses incurred on the respective portfolios are based on loss models using assumptions about key systemic risks such as unemployment rates and housing prices and loan specific information such as delinquency rates and loan-to-value ratios.

If the fair value of a debt security, other than those subject to SSAP No. 43R, is less than its amortized cost basis at the balance sheet date, the Company assesses whether the impairment is an OTTI. When an OTTI has occurred, the amount of OTTI recognized in earnings is the difference between the amortized cost basis of the security and its fair value.

If the Company intends to sell the debt security, or it is more likely that it will be required to sell the security before recovery of its amortized cost basis, an OTTI is considered to have occurred. If the Company does not intend to sell the debt security, or it is not more likely than not that it will be required to sell the security before recovery of its amortized cost basis, the Company employs a portfolio monitoring process to identify securities that are OTTI.

The Company has an Investment Committee comprised of investment and finance professionals which meets at least quarterly to review individual issues or issuers that may be of concern. In determining whether a security is OTTI, the Investment Committee considers the factors described below. The process involves a quarterly screening of all securities where fair value is less than the amortized cost basis. Discrete credit events, such as a ratings downgrade, are also used to identify securities that may be OTTI. The securities identified are then evaluated based on issuer-specific facts and circumstances, such as the issuer’s ability to meet current and future interest and principal payments, an evaluation of the issuer’s financial position and its near-term recovery prospects, difficulties being experienced by an issuer’s parent or affiliate, and management’s assessment of the outlook for the issuer’s sector.

As a supplement to the qualitative assessment, independent screenings are performed to help identify securities that should be carefully scrutinized for inclusion on the watchlist and in the proper category. These include things like market value to book value ratio, highest unrealized losses, length of time at an unrealized loss and stress test results for structured securities. In making these evaluations, the Credit Committee exercises considerable judgment. Based on this evaluation, issues or issuers are considered for inclusion on one of the Company’s following watchlists: Monitor, Concern, High Concern, or Default.

LINCOLN BENEFIT LIFE COMPANY

NOTES TO STATUTORY-BASIS FINANCIAL STATEMENTS

DECEMBER 31, 2024

“Monitor List”- Management has concluded that the Company’s amortized cost will be recovered through timely collection of all contractually specified cash flows, but that changes in issuer-specific facts and circumstances require monitoring on a quarterly basis. The likelihood of future non‐repayment is considered not probable. For loan‐backed and structured securities, a principal loss would be projected under a significant stress model scenario. No OTTI charge is recorded in the Company’s Statutory Statements of Operations for unrealized loss on securities related to these issuers.

“Concern List”- Management has concluded that the Company’s amortized cost will be recovered through timely collection of all contractually specified cash flows, but that changes in issuer-specific facts and circumstances require monitoring on a quarterly basis. The likelihood of future non‐repayment is considered above average but not probable. For loan‐backed and structured securities, a principal loss would be projected under a stress model scenario. No OTTI charge is recorded in the Company’s Statutory Statements of Operations for unrealized loss on securities related to these issuers.

“High Concern”- Management has concluded that the Company’s amortized cost will be recovered through timely collection of all contractually specified cash flows, but that changes in issuer-specific facts and circumstances require continued monitoring. A security is moved from the Concern List to the High Concern List when changes in issuer-specific facts and circumstances increase the possibility that a security may become impaired. The likelihood of future non‐repayment is considered probable. For loan‐backed and structured securities, a principal loss would be projected under a base case model scenario. No OTTI charge is recorded in the Company’s Statutory Statements of Operations for unrealized loss on securities related to these issuers.

“Default List”- A security that is not current with respect to principal and interest or was issued by a company that has entered bankruptcy subsequent to acquisition or experienced a significant credit downgrade. Management has concluded the amortized cost basis of the security may not be recovered due to expected delays or shortfalls in the contractually specified cash flows. For these investments, the amount of OTTI recognized in the Company’s Statutory Statements of Operations is the difference between the amortized cost basis of the security and its fair value or present value of discounted cash flows dependent on the degree of impairment.

Should it be determined that a security is other than temporarily impaired, the Company records a loss through an appropriate adjustment in carrying value. During the year ended December 31, 2024, December 31, 2023, and December 31, 2022, the Company incurred $15.7 million, $29.4 million and $0.1 million of OTTI, respectively. See Footnote 5 for additional discussion surrounding OTTI.

There are inherent risks and uncertainties in management’s evaluation of securities for OTTI. These risks and uncertainties include factors both external and internal to the Company, such as general economic conditions, an issuer’s financial condition or near-term recovery prospects, market interest rates, unforeseen events which affect one or more issuers or industry sectors, and portfolio management parameters, including asset mix, interest rate risk, portfolio diversification, duration matching, and greater than expected liquidity needs. All of these factors could impact management’s evaluation of securities for OTTI.

The gross unrealized losses and fair value of investments carried at amortized cost aggregated by investment category, number of securities and length of time that securities have been in an unrealized loss position at December 31, 2024 and 2023 were as follows:


December 31, 2024	Less than 12 months					12 months or more					Total
($'s in thousands, except # of securities)	#	Fair Value		Unrealized Losses		#	Fair Value		Unrealized Losses		#	Fair Value		Unrealized Losses

U.S. governments	3	$	8,111	$	(218)	20	$	101,281	$	(73,672)	23	$	109,392	$	(73,890)
All other governments	—	—		—		3	11,787		(7,961)		3	11,787		(7,961)
U.S. political subdivisions	1	239		(15)		14	37,398		(8,479)		15	37,637		(8,494)
Special revenue	21	11,218		(726)		256	946,297		(305,861)		277	957,515		(306,587)
Industrial and miscellaneous	87	311,528		(13,823)		1,074	4,021,024		(886,563)		1,161	4,332,552		(900,386)
Hybrids	6	34,311		(1,201)		19	66,491		(12,718)		25	100,802		(13,919)
Total bonds	118	$	365,407	$	(15,983)	1,386	$	5,184,278	$	(1,295,254)	1,504	$	5,549,685	$	(1,311,237)

Total preferred stocks	—	$	—	$	—	4	$	12,877	$	(1,128)	4	$	12,877	$	(1,128)
Total bonds and stocks	118	$	365,407	$	(15,983)	1,390	$	5,197,155	$	(1,296,382)	1,508	$	5,562,562	$	(1,312,365)

LINCOLN BENEFIT LIFE COMPANY

NOTES TO STATUTORY-BASIS FINANCIAL STATEMENTS

DECEMBER 31, 2024


December 31, 2023	Less than 12 months					12 months or more					Total
($'s in thousands, except # of securities)	#	Fair Value		Unrealized Losses		#	Fair Value		Unrealized Losses		#	Fair Value		Unrealized Losses

U.S. governments	4	$	8,907	$	(165)	21	$	111,490	$	(61,607)	25	$	120,397	$	(61,772)
All other governments	—	—		—		3	13,722		(6,026)		3	13,722		(6,026)
U.S. political subdivisions	2	426		(18)		13	38,876		(7,515)		15	39,302		(7,533)
Special revenue	27	137,066		(2,620)		277	983,874		(272,070)		304	1,120,940		(274,690)
Industrial and miscellaneous	57	177,185		(5,835)		1,201	4,837,095		(873,033)		1,258	5,014,280		(878,868)
Hybrids	2	12,400		(140)		24	90,525		(15,704)		26	102,925		(15,844)
Total bonds	92	$	335,984	$	(8,778)	1,539	$	6,075,582	$	(1,235,955)	1,631	$	6,411,566	$	(1,244,733)

Total preferred stocks	—	$	—	$	—	4	$	15,275	$	(1,230)	4	$	15,275	$	(1,230)
Total bonds and stocks	92	$	335,984	$	(8,778)	1,543	$	6,090,857	$	(1,237,185)	1,635	$	6,426,841	$	(1,245,963)

Repurchase Agreements

In 2021, the Company entered into repurchase agreements. Repurchase agreements are accounted for as secured borrowings within the liabilities section of the financial statements. In a repurchase agreement, the company receives cash and incurs a liability to return those funds, plus interest, at a specified future date. These agreements are normally short term in nature and assets are restricted as collateral. All transactions are documented under Master Repurchase Agreements (MRA) or Global MRA and are accounted for in the Company's books and records.

In order to mitigate the credit risk and replacement risk associated with such agreements, repurchase transactions are diversified across multiple counterparties. Each counterparty is approved through a formal credit process, monitored daily, and reviewed periodically via Goldman Sachs Asset Management (GSAM) Counterparty Risk Committee.

Repurchase transactions are generally collateralized by Treasuries, Agency Debentures, Agency MBS, IG Corporates and Municipals with a haircut at or below 5% in favor of the counterparties. The securities posted as collateral are priced daily and if the need arises margin is moved the same day to maintain a proper collateralization. The holdings of the investment portfolio are monitored closely to ensure adequate excess of eligible collateral for the margining process.

These repurchase agreements are Tri-party between Lincoln Benefit, GSAM, and bank counterparties. The following table describes the maximum and ending balance for each maturity time frame:


($'s in thousands)	Unaudited First Quarter		Unaudited Second Quarter		Unaudited Third Quarter		Fourth Quarter
At December 31, 2024
Maximum Amount
Open – No Maturity	$	—	$	—	$	—	$	—
Overnight	—		—		—		—
2 Days to 1 Week	—		—		—		—
> 1 Week to 1 Month	—		—		—		—
> 1 Month to 3 Months	—		—		—		—
> 3 Months to 1 Year	989,647		978,173		951,528		1,209,518
> 1 Year	—		—		—		—

Ending Balance
Open – No Maturity	$	—	$	—	$	—	$	—
Overnight	—		—		—		—
2 Days to 1 Week	—		—		—		—
> 1 Week to 1 Month	—		—		—		—
> 1 Month to 3 Months	—		—		—		—
> 3 Months to 1 Year	977,279		904,537		887,956		909,124
> 1 Year	—		—		—		—
Total Ending Balance	$	977,279	$	904,537	$	887,956	$	909,124

LINCOLN BENEFIT LIFE COMPANY

NOTES TO STATUTORY-BASIS FINANCIAL STATEMENTS

DECEMBER 31, 2024


($'s in thousands)	Unaudited First Quarter		Unaudited Second Quarter		Unaudited Third Quarter		Fourth Quarter
At December 31, 2023
Maximum Amount
Open – No Maturity	$	—	$	—	$	—	$	—
Overnight	—		—		—		—
2 Days to 1 Week	—		—		—		—
> 1 Week to 1 Month	—		—		—		—
> 1 Month to 3 Months	—		—		—		—
> 3 Months to 1 Year	1,004,034		1,002,441		1,005,068		1,083,933
> 1 Year	—		—		—		—

Ending Balance
Open – No Maturity	$	—	$	—	$	—	$	—
Overnight	—		—		—		—
2 Days to 1 Week	—		—		—		—
> 1 Week to 1 Month	—		—		—		—
> 1 Month to 3 Months	—		—		—		—
> 3 Months to 1 Year	995,477		992,914		912,288		1,011,515
> 1 Year	—		—		—		—
Total Ending Balance	$	995,477	$	992,914	$	912,288	$	1,011,515

The following table details the securities "sold" under repurchase agreements:


($'s in thousands)	Unaudited First Quarter		Unaudited Second Quarter		Unaudited Third Quarter		Fourth Quarter
At December 31, 2024
Maximum Amount:
Book Adjusted Carry Value	XXX		XXX		XXX		$	1,274,548
Non-admitted	XXX		XXX		XXX		XXX
Fair Value	$	1,011,837	$	954,554	$	971,993	$	1,025,663

Ending Balance:
Book Adjusted Carry Value	XXX		XXX		XXX		$	1,144,834
Non-admitted	XXX		XXX		XXX		XXX
Fair Value	$	949,031	$	929,183	$	922,722	$	901,060

($'s in thousands)

Unaudited First Quarter

Unaudited Second Quarter

Unaudited Third Quarter

Fourth
Quarter

At December 31, 2023

Maximum Amount:

Book Adjusted Carry Value

XXX

Non-admitted

XXX

Fair Value

1,044,852

1,062,174

1,046,080

1,015,550

Ending Balance:

Book Adjusted Carry Value

XXX

Non-admitted

XXX

Fair Value

1,044,852

1,061,043

948,091

982,728

LINCOLN BENEFIT LIFE COMPANY

NOTES TO STATUTORY-BASIS FINANCIAL STATEMENTS

DECEMBER 31, 2024

The following table details the type and designation for securities "sold" under repurchase agreements:


	NAIC 1		NAIC 2		NAIC 3		Total
At December 31, 2024
Bonds – Book Adjusted Carry Value	$	563,504	$	581,331	$	—	$	1,144,835
Bonds – FV	$	431,657	$	469,403	$	10,247	$	911,307


	NAIC 1		NAIC 2		NAIC 3		Total
At December 31, 2023
Bonds – Book Adjusted Carry Value	$	618,527	$	559,390	$	10,439	$	1,188,356
Bonds – FV	$	491,357	$	481,124	$	10,247	$	982,728

Collateral Loans

The following is the amount admitted and nonadmitted, aggregated by the type of qualifying investment that secures the loan for the Company:


Collateral Type		Aggregate Collateral Loan		Admitted		Nonadmitted
(1)	Loan-Backed and Structured Securities
a.	Affiliated	$	—	$	—	$	—
b.	Unaffiliated	69,818		69,818		—
(2)	Real Estate
a.	Affiliated	—		—		—
b.	Unaffiliated	16,044		16,044		—
(3)	Joint Ventures, Partnerships, LLC
a.	Affiliated	31,065		31,065		—
b.	Unaffiliated	—		—		—
	Total	$	116,927	$	116,927	$	—

LINCOLN BENEFIT LIFE COMPANY

NOTES TO STATUTORY-BASIS FINANCIAL STATEMENTS

DECEMBER 31, 2024

4. MORTGAGE LOANS

The Company invests in first lien commercial mortgage loans throughout the United States. Investments are diversified by property type and geographic area. The Company monitors the condition of the mortgage loans in its portfolio. In those cases where mortgages have been restructured, appropriate allowances for losses have been made. In those cases where, in management’s judgment, the mortgage loans’ values are impaired, appropriate losses are recorded.

The geographical distribution of the statement value of the mortgage loans portfolio as of December 31, 2024 and 2023 was as follows:


($'s in thousands)	December 31, 2024		December 31, 2023

Arizona	$	14,834	$	15,163
California	61,709		61,980
Florida	36,326		36,644
Georgia	80,808		94,385
Illinois	38,113		38,826
Massachusetts	12,991		13,549
Minnesota	23,250		23,250
Nevada	5,990		6,650
New Jersey	54,885		54,974
New York	74,958		88,376
North Carolina	—		15,907
Ohio	—		22,484
Pennsylvania	16,113		12,412
South Carolina	22,034		—
Texas	10,408		—
Virginia	13,995		—
Total mortgage loans	$	466,414	$	484,600

Outstanding commitments on certain mortgage loans held in the investment portfolio to finance property improvements on underlying real estate totaled $27.7 million and $28.7 million at December 31, 2024 and 2023, respectively.

During 2024 and 2023, the Company did not originate any commercial loans therefore the maximum and minimum lending rates were 0.00%, respectively. During the years ended December 31, 2024 and 2023, the Company did not reduce interest rates on any outstanding mortgage loans. Mortgage loans are collateralized by the related properties and did not exceed 72% and 76% of the properties’ value at the time the original loan was made in 2024 and 2023, respectively.

A loan is considered impaired when it is probable that the principal or interest is not collectible in accordance with the contractual terms of the loan. The allowance for credit losses is estimated using the present value of expected cash flows discounted at the loan’s effective interest rate or the fair value of the collateral, if the loan is collateral dependent. A specific allowance for loan loss is established for an impaired loan if the present value of expected cash flows discounted at the loan’s effective interest rate, or the fair value of the loan collateral, less cost to sell, is less than the recorded amount of the loan. The Company had one office property which became impaired in the third quarter of 2024 and was subsequently restructured resulting in the recognition of a $15.7 million realized loss. During the years ended December 31, 2023 and 2022, no loans were impaired or past due.

A general allowance for loan loss is established based on an assessment of past loss experience on groups of loans with similar characteristics and current economic conditions. While management believes that it uses the best information available to establish the allowances, future adjustments may become necessary if economic conditions differ from the assumptions used in calculating them. There was no general allowance for loan loss at December 31, 2024 or 2023.

As of December 31, 2024, the Company restructured one loan, Alpine Summit Collateral Loan. The underlying collateral value exceeded the outstanding loan value when it was restructured and the Company did not recognize any loss for the restructure. During 2023, the Company held no restructured loans. Should the Company hold any other troubled debt, the Company may modify the terms of a loan by adjusting the interest rate, extending the maturity date, or both.

The Company accrues interest income on impaired loans to the extent it is deemed collectible, assuming it is delinquent less than 180 days and the loan continues to perform under its original or restructured contractual terms. Interest income is recognized on impaired mortgage loans upon receipt. The Company has one loan for $11.6 million where interest is over 180 days delinquent and is in non-accrual status.

LINCOLN BENEFIT LIFE COMPANY

NOTES TO STATUTORY-BASIS FINANCIAL STATEMENTS

DECEMBER 31, 2024

The credit quality indicator for the Company’s mortgage loans is a risk-rated measure based on the borrowers’ ability to pay and the value of the underlying collateral. The commercial mortgage loan risk rating is related to an increasing likelihood of loss, with lower quality ratings representing the category in which losses may be expected. It is used in measuring relative risk for the Asset Valuation Reserve calculation. The statement value of the Company’s mortgage loans, net of allowances for credit losses, by credit quality indicator as of December 31, 2024 and 2023 was as follows:


($'s in thousands)	December 31, 2024		December 31, 2023

CM1 - Highest Quality	$	264,008	$	272,406
CM2 - High Quality	116,897		136,266
CM3 - Medium Quality	73,928		50,928

Overdue and not in process of foreclosure	11,581		25,000
Total commercial mortgage loans	$	466,414	$	484,600

Residential mortgage loans	—		—
Total mortgage loans	$	466,414	$	484,600

5. INVESTMENT GAINS AND LOSSES

Realized capital gains and losses on debt securities, mortgages and derivatives which relate to changes in levels of interest rates are charged or credited to the IMR, net of tax, and amortized into income over the remaining contractual life of the security sold. Realized gains and losses from the remaining investments are reported, net of tax, on the Statutory Statements of Operations, but are not included in the computation of net gain from operations. Realized capital gains and losses are recognized on a specific identification basis.

Net realized gains and losses recognized through the Statutory Statements of Operations for the years ended December 31, 2024, 2023 and 2022 were comprised of the following:


($'s in thousands)		2024		2023		2022

Debt securities		$	(27,679)	$	(13,120)	$	(20,402)
Preferred stock		(286)		(23,098)		—
Mortgage loans		(13,419)		137		—

Derivative instruments		2,070		2,892		(6,093)
Other invested assets		(3,060)		(23)		—
Subtotal		(42,374)		(33,212)		(26,495)
Capital gains tax benefit		(4,185)		(6,575)		(6,217)
Net realized losses		(38,189)		(26,637)		(20,278)
Losses transferred to IMR (net of taxes)		7,846		5,247		17,693
	Total	$	(30,343)	$	(21,390)	$	(2,585)

Realized capital gains and losses for 2024 included the following related to OTTI:


($'s in thousands)
(1)	(2)	(3)	(4)	(5)	(6)	(7)
CUSIP	Book/Adjusted Carrying Value Amortized Cost Before Current Period OTTI	Present Value of Projected Cash Flows	Recognized OTTI	Amortized Cost After OTTI	Fair Value at Time of OTTI	Date of Financial Statement Where Reported
LN2164070LBLC	$15,000	$6,949	$8,051		LN2164070LBLC	12/31/24
LN2164070LBL	10,000	4,633	5,367		LN2164070LBL	12/31/24
BKI1KUKS2	2,315	—	2,315		BKI1KUKS2	12/31/24
Total			$15,733

LINCOLN BENEFIT LIFE COMPANY

NOTES TO STATUTORY-BASIS FINANCIAL STATEMENTS

DECEMBER 31, 2024

Realized capital gains and losses for 2023 included the following related to OTTI:


($'s in thousands)
(1)	(2)	(3)	(4)	(5)	(6)	(7)
CUSIP	Book/Adjusted Carrying Value Amortized Cost Before Current Period OTTI	Present Value of Projected Cash Flows	Recognized OTTI	Amortized Cost After OTTI	Fair Value at Time of OTTI	Date of Financial Statement Where Reported
33616C761	$2,500	$50	$2,450	$50	$50	06/30/23
33616C746	20,673	413	20,260	413	413	06/30/23
225401AR9	6,675	334	6,341	334	334	06/30/23
33616C761	50	—	$50	—	—	12/31/23
33616C746	413	74	$339	74	74	12/31/23
Total			$29,440

Realized capital gains and losses for 2022 included the following related to OTTI:


($'s in thousands)
(1)	(2)	(3)	(4)	(5)	(6)	(7)
CUSIP	Book/Adjusted Carrying Value Amortized Cost Before Current Period OTTI	Present Value of Projected Cash Flows	Recognized OTTI	Amortized Cost After OTTI	Fair Value at Time of OTTI	Date of Financial Statement Where Reported
00037U-AF-7	$149	$17	$131	$17	$17	12/31/22
Total			$131

Changes in unrealized gains and losses from investments are reported as a component of Capital and Surplus, net of deferred income taxes, and were as follows for the years ended December 31, 2024, 2023 and 2022:


($'s in thousands)	2024		2023		2022

Common stock	$	(3,241)	$	(751)	$	(741)
Common stocks of affiliates	(116,401)		(91,101)		(79,783)
Preferred stock	8,073		7,771		(51,358)
Derivative instruments	(445)		999		(1,511)
Other invested assets	4,886		2,288		702
Bonds	(481)		—		—
Total	$	(107,609)	$	(80,794)	$	(132,691)

LINCOLN BENEFIT LIFE COMPANY

NOTES TO STATUTORY-BASIS FINANCIAL STATEMENTS

DECEMBER 31, 2024

6.NET INVESTMENT INCOME

Net investment income for the years ended December 31, 2024, 2023 and 2022 consisted of:


($'s in thousands)	2024		2023		2022

Debt securities	$	343,786	$	381,488	$	354,952
Equity securities	29,175		18,006		16,635
Mortgage loans	21,053		28,937		38,141
Contract loans	1,601		1,692		1,589
Cash, cash equivalents and short-term investments	15,418		11,078		14,097
Other invested assets	44,131		31,643		23,562
Gross investment income	455,164		472,844		448,976
Interest expenses	76,962		81,445		40,993
Third party administration costs	20,873		28,426		30,557
Other investment expenses	201		57		74
Net investment income before IMR amortization	357,128		362,916		377,352
IMR amortization	6,244		11,410		13,589
Total net investment income	$	363,372	$	374,326	$	390,941

The Company’s policy is to exclude investment income due and accrued with amounts that are over 90 days past due for investments other than mortgage loans and over 180 days past due for mortgage loans or where the collection of interest is uncertain. Investment income due and accrued of $0.6 million and $1.3 million was excluded from surplus at December 31, 2024 and December 31, 2023, respectively. Gross investment income due and accrued was $86.4 million and $84.8 million at December 31, 2024 and December 31, 2023, respectively.

LINCOLN BENEFIT LIFE COMPANY

NOTES TO STATUTORY-BASIS FINANCIAL STATEMENTS

DECEMBER 31, 2024

Included in investment income due and accrued is paid-in-kind ("PIK") interest. The cumulative amount of PIK interest at December 31, 2024 is as follows:


($'s In thousands)	PIK Interest (Cumulative):
CUSIP:	2024	2023
8002932C1	$877	$401
95218#AA2LBL	—	355
BKI17EJT3	—	1,136
95218#AD6	239	70
95218#AE4	499	127
BKI1KB650	2,443	—
Hunterpoint-KUV	89	—
BGH9H2RD7	229	—
BGH9H2RP0	884	—
BGH9H2RR6	1,056	—
BGH9H2RT2	216	—
122249AA3	146	116
178694AA3	45	34
3136BMAH1	44	28
3137FY7H3	292	212
38379G2S5	1,861	1,648
38379PBV8	1,768	1,557
38380U2K8	1,046	1,125
38380VQ53	1,569	1,316
38380YAC9	334	277
38381TFA8	579	470
43037BAA0	62	44
59171UAA0	285	221
65619CAA7	617	368
76927TAB2	150	118
88430LAA6KUV	59	42
Total:	$15,389	$9,665

7. DERIVATIVES

Derivative financial instruments utilized by the Company included index options, futures contracts and interest rate swaps. The notional amounts specified in the contracts are used to calculate contractual payments under the agreements and are generally not representative of the potential for gain or loss on these contracts.

Market risk is the risk that the Company will incur losses due to adverse changes in market prices or rates. Market risk exists for all of the derivatives that the Company holds. To limit this risk, the Company's senior management has established risk control limits.

Counterparty credit risk relates to the Company's potential loss if counterparties concurrently fail to perform under the contractual terms of the contracts. The Company manages its exposure to counterparty credit risk by utilizing highly rated counterparties, establishing risk control limits, executing legally enforceable master agreements and obtaining collateral where appropriate. The Company has not incurred any losses on derivative financial instruments due to counterparty nonperformance. The derivatives are traded on organized exchanges, which require margin deposits and guarantee the execution of trades, thereby mitigating potential credit risk. At December 31, 2024, the Company had $0.1 million in cash collateral from counterparties related to organized exchanges. At December 31, 2023, the Company had $0.8 million in cash collateral from counterparties related to organized exchanges.

The Company uses derivatives to economically hedge the risks with certain assets and liabilities arising from potential adverse impacts from changes in risk-free interest rates and equity markets. The Company does not use derivatives for speculative purposes.

LINCOLN BENEFIT LIFE COMPANY

NOTES TO STATUTORY-BASIS FINANCIAL STATEMENTS

DECEMBER 31, 2024

The paragraphs below describe the derivatives the Company uses, including the objectives, cash requirements and accounting policies.

Futures

The Company utilizes equity index futures contracts. Futures contracts are defined as commitments to buy or sell designated financial instruments based on specified prices, yields or indexes. Futures contracts provide returns based upon a specified index or interest rate applied to a notional amount. The Company uses futures to hedge exposures in annuity and life contracts. Daily cash settlement of variation margins is required for futures contracts and is based on the changes in daily prices. The final settlement of futures contracts is in cash.

Options

The Company also uses equity index options. Index option contracts provide returns at specified or optional dates based on a specified index applied to the option's notional amount. The Company purchases and writes (sells) option contracts primarily to reduce market risk associated with certain annuity and life contracts. When the Company purchases/sells option contracts at specific prices, it is required to pay/receive a premium to/from the counterparties. The amount of premium paid/received is based on the number of contracts purchased/sold, the specified price and the maturity date of the contract. The Company pays/receives cash equal to the premium of purchased/written options when the contract is established. Premiums paid are reported as a derivative asset and premiums received are reported as a derivative liability. The change in the fair value of option contracts is reported as change in surplus, with an adjustment to derivatives. If the option is exercised, the Company receives/pays cash equal to the product of the number of contracts and the specified price in the contract with the gain or loss on settlement reported in realized gain or loss. If the options are not exercised and the contracts expire, then no additional cash is exchanged and the remaining book value is offset to realized gain or loss.

The Company did not report any derivatives as accounting hedges as of December 31, 2024 or 2023.

All derivative transactions are covered under standardized contractual agreements with counterparties, all of which include credit-related contingent features. Certain counterparty relationships also may include supplementary agreements with tailored terms, such as additional triggers for early terminations, acceptable practices related to cross-transaction netting, and minimum thresholds for determining collateral. Credit-related triggers include failure to pay or deliver on an obligation past certain grace periods, bankruptcy or the downgrade of credit ratings to below a stipulated level. These triggers apply to both the Company and its counterparty.

Derivatives are carried in accordance with SSAP No. 86, “Derivatives.” The Company’s underlying notional or principal amounts and gross fair values as of December 31, 2024 and 2023 were as follows:


		December 31, 2024								December 31, 2023
		Notional				Gross Fair Value				Notional				Gross Fair Value

($'s in thousands)		Assets		Liabilities		Assets		Liabilities		Assets		Liabilities		Assets		Liabilities


	Options and Futures	$	—	$	—	$	—	$	—	$	11,605	$	—	$	1,285	$	—

8. REINSURANCE

Reinsurance ceded contracts do not relieve the Company from its obligations to policyholders. The Company remains liable to its policyholders for the portion reinsured to the extent that any reinsurer does not meet the obligations assumed under the reinsurance agreement. To minimize its exposure to significant losses from reinsurer insolvencies, the Company regularly evaluates the financial condition of its reinsurers and monitors concentrations of credit risk. Management believes that any liability arising from this contingency is unlikely. Everlake represents over 40% of the Company’s ceded reserves as of December 31, 2024 and December 31, 2023, respectively.

The Company has agreements with several unrelated companies, which provide for reinsurance of portions of the net-amount-at-risk under certain policies. These amounts are reinsured on either a yearly renewable term, coinsurance or modified coinsurance basis. The Company’s modified coinsurance reserves (general account only) were $0 and $58.2 million as of December 31, 2024 and 2023, respectively.

The existing reinsurance agreements are subject to risk transfer as defined under SSAP No. 61R Life, Deposit-Type and Accident and Health Reinsurance and supplemented by A-791 Life and Health Reinsurance Agreements. The Company has not entered into any reinsurance contracts that would limit the reinsurer’s assumption of significant risk or contain provisions that delay recording or reimbursement of losses. All contracts settle quarterly, at a minimum. There is one modified coinsurance – monthly renewable term agreement with Hannover covering certain life and annuity business that provides protection over excess losses effectuated through an experience refund mechanism. Reinsurance accounting has been applied with a credit recorded for reserves. In establishing the reserve credit, the Company has considered all underlying business assumptions including contract terms that could limit the assumed liability by the reinsurer. While there is sufficient risk transfer for SAP, the likelihood of GAAP net risk transfer is small enough to merit the differential accounting treatment with GAAP reporting this treaty under

LINCOLN BENEFIT LIFE COMPANY

NOTES TO STATUTORY-BASIS FINANCIAL STATEMENTS

DECEMBER 31, 2024

deposit accounting and is in the process of being recaptured. The Company fully recaptured the Hannover agreement effective April 1, 2024.

On December 10, 2020, the Company recorded the receipt of an initial ceding commission of $82.3 million (before taxes of $17.3 million) as a result of an indemnity reinsurance agreement between the Company and COUNTRY Life Insurance Company, a life insurance company domiciled in Illinois. This amount was deferred in surplus in accordance with statutory accounting principles as defined in Account Practices and Procedures Manual Appendix A-791, paragraph 3 which limits the first year of recognition to the effective tax rate or 21%, resulting in an unamortized balance of $65.0 million in surplus at December 31, 2020. Amortization of $9.9 million, $14.2 million, and $6.7 million was recorded in 2024, 2023 and 2022, respectively, resulting in an unamortized balance in surplus of $30.1 million, $40.0 million, and $54.2 million at December 31, 2024, December 31, 2023, and December 31, 2022, respectively. The deferred ceding commission is amortized over the period under which earnings emerge from the business reinsured.

The effects of reinsurance were as follows for the years ended December 31, 2024, 2023 and 2022:


($'s in thousands)	2024		2023		2022

Insurance and other individual policy benefits and claims*:
Direct	$	1,369,491	$	1,285,312	$	1,324,960
Assumed	50,867		49,982		53,702
Ceded - affiliated	(431,884)		(336,096)		(302,459)
Ceded - other non-affiliated	(869,979)		(864,068)		(937,074)
Net policy benefits and claims	$	118,495	$	135,130	$	139,129

*Excludes surrender benefits

($'s in thousands)	2024		2023		2022
Premiums and annuity considerations:
Direct	$	934,730	$	966,902	$	1,057,444
Assumed	19,681		23,790		38,722
Ceded - affiliated	(124,002)		(61,900)		(38,330)
Ceded - other non-affiliated	(819,084)		(911,952)		(1,028,505)
Net premiums and annuity considerations	$	11,325	$	16,840	$	29,331

On March 6, 2019, Scottish Re (“SRUS”) was put into receivership by the Delaware Department of insurance (“the Receiver”). The Receiver filed a petition for approval of a rehabilitation plan for SRUS as of June 30, 2020; this plan was superceded by the Modified Plan of the Rehabilitation of Scottish Re effective June 30, 2022. Effective July 18, 2023, the Receiver filed a Motion for Entry of a Liquidation and Injunction Order with the recognition that SRUS was impaired and of unsound condition and that the rehabilitation was no longer viable. SRUS and the majority of its directors consented to the entry of this order which was deemed to be in the best interest of SRUS, its creditors and the general public. The Company released ceded reserves of $2.7 million to reflect the cancellation of the agreements per the terms of the liquidation order as of September 30, 2023. For claim recoverables, the Company had offset due premium against the outstanding settlements. Also, the Company received a $2.0 million partial payment in May 2022 under the court’s directive. As of December 31, 2023, the Company has written-off $1.5 million of ceded benefits with future action dependent on the manner of distribution of the SRUS assets. There were no additional write-offs in 2024. The Company has fully non-admitted the remaining $6.2 million, in 2023, of unpaid settlements in accordance with recent interpretative accounting guidance issued by the NAIC under SSAP No. 61R which requires assets to be held in trust or supported by other collateral for admission.

LINCOLN BENEFIT LIFE COMPANY

NOTES TO STATUTORY-BASIS FINANCIAL STATEMENTS

DECEMBER 31, 2024

For the years ended December 31, 2024, 2023 and 2022, the Company had the following experience as a result of the commutation/recapture of ceded reinsurance:


($'s in thousands)	2024		2023		2022
(1) Claims incurred	$	18,218	$	13,521	$	15,400
(2) Claims adjustment expenses incurred	—		—		—
(3) Premiums earned	(16,038)		(11,141)		(14,141)
(4) Other			—		—
Reserve Adjustment on Reinsurance Ceded	(2,241)		(2,447)		(1,335)
Commission and expense allowance	39		43		49
	$	(22)	$	(24)	$	(27)

(5) Company
Hannover Life Reassurance Company of America	$	(22)	$	(24)	$	(27)
SCOR SE	—		—		—
	$	(22)	$	(24)	$	(27)

9.RESERVES FOR LIFE CONTRACTS AND DEPOSIT TYPE CONTRACTS

The reserves for life insurance and annuity contracts are computed in accordance with presently accepted actuarial standards, and are based on actuarial assumptions and methods (including use of published mortality tables and prescribed interest rates and methodologies) which produce reserves at least as great as those required by law and contract provisions.

Deduction of deferred fractional premiums upon death of the insured and return of any portion of the final premium for the period beyond the date of death are not applicable to the business of the Company. Surrender values are not promised in excess of reserves legally computed.

For traditional life contracts, the cost of additional mortality for each policy is assumed to equal the additional premium charged for that policy period and is reserved accordingly. Additional premiums are collected for policies issued on substandard lives. Reserves are held in a manner consistent with traditional policies. For interest-sensitive policies, substandard mortality is reflected in the cost of insurance charges.

As of December 31, 2024, 2023 and 2022, the Company had $3,683.9 million, $3,826.5 million and $3,934.7 million of direct insurance in force for which gross premiums were less than the net premiums according to the standard of valuation required by the State of Nebraska, respectively. Deficiency reserves above base contract reserves as of December 31, 2024 and 2023 totaled $65.8 million and $68.6 million, respectively.

The Tabular Interest has been determined by formula as described in the NAIC instructions, except for some business for which the Tabular Interest is determined from basic policy data for reserving. The Tabular less Actual Reserve Released has been determined by formula as described in the NAIC instructions. The Tabular Cost has been determined by formula as described in the NAIC instructions, except for universal life products which use cost of insurance and some business which uses basic policy data for reserving. The Tabular Interest on funds not involving life contingencies was determined from the interest credited to the deposits, except for certain guaranteed interest contracts for which Tabular Interest on funds is determined by formula as described in the instructions.

The Company recorded no premium deficiency reserves related to accident and health contracts for the years ended December 31, 2024 and 2023.

Additional reserve changes in 2024 were as follows:

LINCOLN BENEFIT LIFE COMPANY

NOTES TO STATUTORY-BASIS FINANCIAL STATEMENTS

DECEMBER 31, 2024


2024					Ordinary								Group
Item	Total		Industrial Life		Life Insurance		Individual Annuities		Supplementary Contracts		Credit Life Group and Individual		Life Insurance		Annuities
Traditional Life - model refinements	$	2,200	$	—	$	2,200	$	—	$	—	$	—	$	—	$	—

3106999 Total	$	2,200	$	—	$	2,200	$	—	$	—	$	—	$	—	$	—

Other reserve changes in 2023 were as follows:


2023					Ordinary								Group
Item	Total		Industrial Life		Life Insurance		Individual Annuities		Supplementary Contracts		Credit Life Group and Individual		Life Insurance		Annuities
Annuity Reserve C3 Phase 1 Testing	$	20,000	$	—			$	20,000	$	—	$	—	$	—	$	—

3106999 Total	$	20,000	$	—	$	—	$	20,000	$	—	$	—	$	—	$	—

There were no other reserve changes or additional reserves recorded in 2022.

LINCOLN BENEFIT LIFE COMPANY

NOTES TO STATUTORY-BASIS FINANCIAL STATEMENTS

DECEMBER 31, 2024

The withdrawal characteristics of general account and separate account life reserves and deposits as of December 31, 2024 and 2023 were as follows:


	December 31, 2024
	($'s in thousands)
A.	General Account			Account Value		Cash Value		Reserve
	(1)	Subject to discretionary withdrawal, surrender values or policy loans:
		a.	Term policies with cash value	$	—	$	22,811	$	85,219
		b.	Universal life	766,254		766,245		771,543
		c.	Universal life with secondary guarantees	3,575,929		3,247,802		7,006,877
		d.	Indexed universal life	66,027		60,178		63,535
		e.	Indexed universal life with secondary guarantees	784,326		646,435		699,292
		f.	Indexed life	—		—		—
		g.	Other permanent cash value life insurance	—		59,199		75,517
		h.	Variable life	—		—		—
		i.	Variable universal life	117,573		117,041		122,507
		j.	Miscellaneous reserves	—		—		44,007
	(2)	Not subject to discretionary withdrawal or no cash values
		a.	Term policies without cash value	XXX		XXX		2,593,952
		b.	Accidental death benefits	XXX		XXX		80
		c.	Disability - active lives	XXX		XXX		1,121
		d.	Disability - disabled lives	XXX		XXX		27,034
		e.	Miscellaneous reserves	XXX		XXX		88,460
	(3)	Total (gross: direct + assumed)		5,310,109		4,919,711		11,579,144
	(4)	Reinsurance ceded		5,051,101		4,659,290		11,285,973
	(5)	Total (net) (3 minus 4)		$	259,008	$	260,421	$	293,171

B.	Separate Account with Guarantees			Account Value		Cash Value		Reserve
	(1)	Subject to discretionary withdrawal, surrender values or policy loans:
		a.	Term policies with cash value	$	—	$	—	$	—
		b.	Universal life	—		—		—
		c.	Universal life with secondary guarantees	—		—		—
		d.	Indexed universal life	—		—		—
		e.	Indexed universal life with secondary guarantees	—		—		—
		f.	Indexed life	—		—		—
		g.	Other permanent cash value life insurance	—		—		—
		h.	Variable life	—		—		—
		i.	Variable universal life	—		—		—
		j.	Miscellaneous reserves	—		—		—
	(2)	Not subject to discretionary withdrawal or no cash values
		a.	Term policies without cash value	XXX		XXX		—
		b.	Accidental death benefits	XXX		XXX		—
		c.	Disability - active lives	XXX		XXX		—
		d.	Disability - disabled lives	XXX		XXX		—
		e.	Miscellaneous reserves	XXX		XXX		—
	(3)	Total (gross: direct + assumed)		—		—		—
	(4)	Reinsurance ceded		—		—		—
	(5)	Total (net) (3 minus 4)		$	—	$	—	$	—

LINCOLN BENEFIT LIFE COMPANY

NOTES TO STATUTORY-BASIS FINANCIAL STATEMENTS

DECEMBER 31, 2024


C.	Separate Account Nonguaranteed			Account Value		Cash Value		Reserve
	(1)	Subject to discretionary withdrawal, surrender values or policy loans:
		a.	Term policies with cash value	$	—	$	—	$	—
		b.	Universal life	—		—		—
		c.	Universal life with secondary guarantees	—		—		—
		d.	Indexed universal life	—		—		—
		e.	Indexed universal life with secondary guarantees	—		—		—
		f.	Indexed life	—		—		—
		g.	Other permanent cash value life insurance	—		—		—
		h.	Variable life	—		—		—
		i.	Variable universal life	1,326,289		1,320,309		1,327,896
		j.	Miscellaneous reserves	—		—		—
	(2)	Not subject to discretionary withdrawal or no cash values
		a.	Term policies without cash value	XXX		XXX		—
		b.	Accidental death benefits	XXX		XXX		—
		c.	Disability - active lives	XXX		XXX		—
		d.	Disability - disabled lives	XXX		XXX		—
		e.	Miscellaneous reserves	XXX		XXX		—
	(3)	Total (gross: direct + assumed)		1,326,289		1,320,309		1,327,896
	(4)	Reinsurance ceded		—		—		—
	(5)	Total (net) (3 minus 4)		$	1,326,289	$	1,320,309	$	1,327,896

D.				Amount
	Life and Accident and Health Annual Statement:
	1.	Exhibit 5, Life Insurance Section, Total (net)		$	270,417
	2	Exhibit 5, Accidental Death Benefits Section, Total (net)		3
	3	Exhibit 5, Disability - Active Lives Section, Total (net)		—
	4	Exhibit 5, Disability - Disabled Lives Section, Total (net)		491
	5	Exhibit 5, Miscellaneous Reserves Section, Total (net)		22,260
	6	Subtotal		293,171

	Separate Accounts Annual Statement:
	7	Exhibit 3,line 0199999, Column 2		1,327,896
	8	Exhibit 3,line 0499999, Column 2		—
	9	Exhibit 3,line 0599999, Column 2		—
	10	Subtotal (Lines 7 through 9)		1,327,896
	11	Combined Total (Lines 6 plus 10)		$	1,621,067

LINCOLN BENEFIT LIFE COMPANY

NOTES TO STATUTORY-BASIS FINANCIAL STATEMENTS

DECEMBER 31, 2024


	December 31, 2023
	($'s in thousands)
A.	General Account			Account Value		Cash Value		Reserve
	(1)	Subject to discretionary withdrawal, surrender values or policy loans:
		a.	Term policies with cash value	$	—	$	21,322	$	82,337
		b.	Universal life	795,111		795,089		800,909
		c.	Universal life with secondary guarantees	3,636,494		3,184,409		6,902,503
		d.	Indexed universal life	66,894		59,814		63,715
		e.	Indexed universal life with secondary guarantees	733,695		572,825		635,344
		f.	Indexed life	—		—		—
		g.	Other permanent cash value life insurance	—		55,176		68,700
		h.	Variable life	—		—		—
		i.	Variable universal life	111,223		107,243		117,684
		j.	Miscellaneous reserves	—		—		47,672
	(2)	Not subject to discretionary withdrawal or no cash values
		a.	Term policies without cash value	XXX		XXX		2,866,121
		b.	Accidental death benefits	XXX		XXX		85
		c.	Disability - active lives	XXX		XXX		680
		d.	Disability - disabled lives	XXX		XXX		27,438
		e.	Miscellaneous reserves	XXX		XXX		92,614
	(3)	Total (gross: direct + assumed)		5,343,417		4,795,878		11,705,802
	(4)	Reinsurance ceded		5,077,645		4,569,770		11,408,559
	(5)	Total (net) (3 minus 4)		$	265,772	$	226,108	$	297,243

B.	Separate Account with Guarantees			Account Value		Cash Value		Reserve
	(1)	Subject to discretionary withdrawal, surrender values or policy loans:
		a.	Term policies with cash value	$	—	$	—	$	—
		b.	Universal life	—		—		—
		c.	Universal life with secondary guarantees	—		—		—
		d.	Indexed universal life	—		—		—
		e.	Indexed universal life with secondary guarantees	—		—		—
		f.	Indexed life	—		—		—
		g.	Other permanent cash value life insurance	—		—		—
		h.	Variable life	—		—		—
		i.	Variable universal life	—		—		—
		j.	Miscellaneous reserves	—		—		—
	(2)	Not subject to discretionary withdrawal or no cash values
		a.	Term policies without cash value	XXX		XXX		—
		b.	Accidental death benefits	XXX		XXX		—
		c.	Disability - active lives	XXX		XXX		—
		d.	Disability - disabled lives	XXX		XXX		—
		e.	Miscellaneous reserves	XXX		XXX		—
	(3)	Total (gross: direct + assumed)		—		—		—
	(4)	Reinsurance ceded		—		—		—
	(5)	Total (net) (3 minus 4)		$	—	$	—	$	—

C.	Separate Account Nonguaranteed			Account Value		Cash Value		Reserve
	(1)	Subject to discretionary withdrawal, surrender values or policy loans:
		a.	Term policies with cash value	$	—	$	—	$	—
		b.	Universal life	—		—		—
		c.	Universal life with secondary guarantees	—		—		—
		d.	Indexed universal life	—		—		—
		e.	Indexed universal life with secondary guarantees	—		—		—
		f.	Indexed life	—		—		—
		g.	Other permanent cash value life insurance	—		—		—
		h.	Variable life	—		—		—
		i.	Variable universal life	1,166,850		1,159,129		1,167,387
		j.	Miscellaneous reserves	—		—		—
	(2)	Not subject to discretionary withdrawal or no cash values
		a.	Term policies without cash value	XXX		XXX		—
		b.	Accidental death benefits	XXX		XXX		—
		c.	Disability - active lives	XXX		XXX		—
		d.	Disability - disabled lives	XXX		XXX		—
		e.	Miscellaneous reserves	XXX		XXX		—
	(3)	Total (gross: direct + assumed)		1,166,850		1,159,129		1,167,387
	(4)	Reinsurance ceded		—		—		—
	(5)	Total (net) (3 minus 4)		$	1,166,850	$	1,159,129	$	1,167,387

LINCOLN BENEFIT LIFE COMPANY

NOTES TO STATUTORY-BASIS FINANCIAL STATEMENTS

DECEMBER 31, 2024


D.			Amount
	Life and Accident and Health Annual Statement:
	1.	Exhibit 5, Life Insurance Section, Total (net)	$	275,332
	2	Exhibit 5, Accidental Death Benefits Section, Total (net)	2
	3	Exhibit 5, Disability - Active Lives Section, Total (net)	—
	4	Exhibit 5, Disability - Disabled Lives Section, Total (net)	448
	5	Exhibit 5, Miscellaneous Reserves Section, Total (net)	21,461
	6	Subtotal	297,243

	Separate Accounts Annual Statement:
	7	Exhibit 3,line 0199999, Column 2	1,167,387
	8	Exhibit 3,line 0499999, Column 2	—
	9	Exhibit 3,line 0599999, Column 2	—
	10	Subtotal (Lines 7 through 9)	1,167,387
	11	Combined Total (Lines 6 plus 10)	$	1,464,630

LINCOLN BENEFIT LIFE COMPANY

NOTES TO STATUTORY-BASIS FINANCIAL STATEMENTS

DECEMBER 31, 2024

10.WITHDRAWAL CHARACTERISTICS OF ANNUITY RESERVES AND DEPOSIT LIABILITIES

The withdrawal characteristics of general account and separate account annuity reserves and deposits as of December 31, 2024 and 2023 were as follows:


December 31, 2024
($'s in thousands)
				General Account		Separate Accounts with Guarantees		Separate Accounts Nonguaranteed		Total		% of Total
A.		INDIVIDUAL ANNUITIES:

	1.	Subject to discretionary withdrawal:
		a.	With market value adjustment	$	148,695	$	26,487	$	—	$	175,182	4.4	%
		b.	At book value less current surrender charge of 5% or more	3,514		—		—		3,514		0.1	%
		c.	At fair value	15,049		—		369,291		384,340		9.7	%
		d.	Total with market value adjustment or at fair value (Total of a through c)	167,258		26,487		369,291		563,036		14.2	%
		e.	At book value without adjustment (minimal or no charge or adjustment)	3,130,570		—		—		3,130,570		79.1	%
	2.	Not subject to discretionary withdrawal		257,337		—		5,251		262,588		6.6	%
	3.	Total (gross: direct + assumed)		3,555,165		26,487		374,542		3,956,194		100.0	%
	4.	Reinsurance ceded		1,847,302		26,487		—		1,873,789
	5.	Total (net) (line 3 minus 4)		$	1,707,863	$	—	$	374,542	$	2,082,405
	6.	Amount included in A.1.b. above that will move to A.1.e.
		for the first time within the year after the statement date		$	818	$	—	$	—	$	818

				General Account		Separate Accounts with Guarantees		Separate Accounts Nonguaranteed		Total		% of Total
B.		GROUP ANNUITIES:

	1.	Subject to discretionary withdrawal:
		a.	With market value adjustment	$	140,370	$	19	$	—	$	140,389	62.0	%
		b.	At book value less current surrender charge of 5% or more	17		—		—		17		0.0	%
		c.	At fair value	—		—		26,929		26,929		12.0	%
		d.	Total with market value adjustment or at fair value (Total of a through c)	140,387		19		26,929		167,335		74.0	%
		e.	At book value without adjustment (minimal or no charge or adjustment)	37,147		—		—		37,147		16.3	%
	2.	Not subject to discretionary withdrawal		21,877		—		63		21,940		9.7	%
	3.	Total (gross: direct + assumed)		199,411		19		26,992		226,422		100.0	%
	4.	Reinsurance ceded		40,205		19		—		40,224
	5.	Total (net) (line 3 minus 4)		$	159,206	$	—	$	26,992	$	186,198
	6.	Amount included in B.1.b. above that will move to B.1.e.
		for the first time within the year after the statement date		$	14	$	—	$	—	$	14

				General Account		Separate Accounts with Guarantees		Separate Accounts Nonguaranteed		Total		% of Total
C.		DEPOSIT TYPE CONTRACTS

	1.	Subject to discretionary withdrawal:
		a.	With market value adjustment	$	—	$	—	$	—	$	—	0.0	%
		b.	At book value less current surrender charge of 5% or more	—		—		—		—		0.0	%
		c.	At fair value	652		—		—		652		0.1	%
		d.	Total with market value adjustment or at fair value (Total of a through c)	652		—		—		652		0.1	%
		e.	At book value without adjustment (minimal or no charge or adjustment)	31,878		—		—		31,878		2.7	%
	2.	Not subject to discretionary withdrawal		1,155,853		—		—		1,155,853		97.2	%
	3.	Total (gross: direct + assumed)		1,188,383		—		—		1,188,383		100.0	%
	4.	Reinsurance ceded		45,053		—		—		45,053
	5.	Total (net) (line 3 minus 4)		$	1,143,330	$	—	$

LINCOLN BENEFIT LIFE CO S-1